Pro forma Reconciliation
Unaudited reconciliation between group net profit and group pro forma net profit:
The table below sets out the unaudited pro forma information of BLT. The unaudited group pro forma income
statement has been prepared for illustrative purposes only.
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Restructuring |
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31 May 2008 |
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and |
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Cash |
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31 May 2008 |
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Actual(1) |
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acquisitions(2) |
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effects(3) |
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Pro forma (4) |
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audited |
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unaudited |
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unaudited |
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unaudited |
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R’000 |
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R’000 |
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R’000 |
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R’000 |
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Revenue |
12 545 471 |
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385 138 |
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– |
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12 930 609 |
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Other income |
69 545 |
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(1 403) |
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– |
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68 142 |
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Changes in inventories of |
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finished goods |
(11 875 606) |
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(335 901) |
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– |
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(12 211 507) |
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Employee compensation and |
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benefit expense |
(265 003) |
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(10 626) |
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– |
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(275 629) |
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Depreciation, amortisation |
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and impairment charges |
(58 670) |
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(15 005) |
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– |
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(73 675) |
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Other expenses |
(146 240) |
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(18 446) |
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– |
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(164 686) |
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Operating profit |
269 497 |
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3 757 |
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– |
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273 254 |
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Finance income |
193 281** |
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(215) |
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46 404 |
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239 470 |
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Finance expense |
(147 704)** |
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(1 433) |
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42 533 |
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(106 604) |
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Share of loss from associates |
(17 441) |
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(2 220) |
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– |
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(19 661) |
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Profit for the year before |
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taxation |
297 633 |
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(111) |
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88 937 |
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386 459 |
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Taxation |
(89 841) |
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(1 785) |
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(24 903) |
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(116 529) |
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Net profit |
207 792 |
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(1 896) |
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64 034 |
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269 930 |
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Net profit attributable to: |
207 792 |
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(1 896) |
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64 034 |
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269 930 |
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Equity holders of parent |
180 891 |
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24 498 |
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64 034 |
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269 423 |
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Minority interest |
26 901 |
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(26 394) |
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– |
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507 |
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Unaudited reconciliation between net profit |
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and core net profit for the year: |
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Net profit |
180 891 |
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24 498 |
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64 034 |
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269 423 |
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Management bonus settlement |
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net of tax |
57 600 |
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– |
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– |
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57 600 |
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Amortisation on intangibles raised |
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through business combinations |
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net of tax and minority interest |
22 937 |
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11 982 |
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– |
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34 919 |
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Cancellation of onerous contract |
9 000 |
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– |
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– |
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9 000 |
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Core net profit |
270 428 |
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36 480 |
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64 034 |
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370 942 |
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Core net profit attributable to: |
301 409 |
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7 650 |
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64 034 |
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373 093 |
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Equity holders of parent |
270 428 |
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36 480 |
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64 034 |
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370 942 |
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Minority interest |
30 981 |
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(28 830) |
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– |
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2 151 |
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** Included in finance expense is an amount of R101 million that relates to the imputed interest on creditor’s balances. Similarly,
R16 million is included in the finance income for the imputed interest on debitor’s balances.
Notes
| 1. |
Extracted from the audited group income statement of BLT for the year ended 31 May 2008. |
| 2. |
Represents the effects of the group restructure based on the assumption that minority acquisitions occurred on 1 June 2007. |
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The following subsidiaries are therefore consolidated as wholly owned for the full year: |
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– The Prepaid Company |
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– Kwikpay SA |
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– Matragon |
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– Blue Label One |
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Similarly, the following associates are consolidated as subsidiaries for the full year: |
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– 72% Africa Prepaid Services |
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– 100% Virtual Voucher |
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– 100% Cellfind SA |
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– 100% Datacel |
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– 100% House of Business Solutions |
| 3. |
Represents the positive impact on finance income and expense assuming cash raised on listing was received 1 June 2007. |
| 4. |
Represents the pro forma unaudited group income statement of BLT on the assumption that the restructuring, listing and minority acquisitions were effective 1 June 2007. |
| 5. |
All adjustments are expected to have a continuing effect on BLT. |
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