Blue Label Telecoms - Reviewed interim results for the half year ended 30 November 2008

Segmental Summary

for the six months ended 30 November 2008

	30 November				30 November	30 November		30 November
	2007		Cash	Core	2007	2008	Core	2008
	Actual⁽¹⁾	Restructuring⁽²⁾	effects⁽³⁾	Adjustments⁽⁴⁾	Core pro forma⁽⁵⁾	Actual	Adjustments⁽⁶⁾	Core
	Reviewed	Unaudited	Unaudited	Unaudited	Unaudited	Reviewed	Unaudited	Unaudited
	R’000	R’000	R’000	R’000	R’000	R’000	R’000	R’000
Revenue
South African Distribution*	5 623 868	232 789	–	–	5 856 657	7 088 140	–	7 088 140
International Distribution*	103 364	109 023	–	–	212 387	282 944	–	282 944
Technology*	14 542	424	–	–	14 966	10 300	–	10 300
Value added services*	55 486	35 063	–	–	90 549	192 074	–	192 074
Corporate*	–	–	–	–	–	–	–	–
Total	5 797 260	377 299	–	–	6 174 559	7 573 458	–	7 573 458
EBITDA
South African Distribution	115 376	14 199	–	80 000	209 575	296 965	–	296 965
International Distribution	8 752	3 597	–	–	12 349	18 823	–	18 823
Technology	(3 961)	4 305	–	–	344	(22 114)	–	(22 114)
Value added services	13 301	10 133	–	–	23 434	47 176	–	47 176
Corporate	(23 041)	(1 120)	–	9 000	(15 161)	(45 254)	–	(45 254)
Total	110 427	31 114	–	89 000	230 541	295 596	–	295 596
Net profit for the period attributable to equity holders
South African Distribution	34 079	32 714	52 542	61 406	180 741	255 856	5 002	260 858
International Distribution	(2 767)	(1 206)	–	2 198	(1 775)	(8 341)	2 575	(5 766)
Technology	(6 097)	4 690	–	–	(1 407)	(24 407)	371	(24 036)
Value added services	9 429	(2 290)	–	9 031	16 170	21 967	9 820	31 787
Corporate	(20 265)	(1 757)	–	9 000	(13 022)	(46 917)	–	(46 917)
Total	14 379	32 151	52 542	81 635	180 707	198 158	17 768	215 926

	30 November 2008	31 May 2008
	Actual	Actual
	Reviewed	Audited
	R’000	R’000
Net operating assets/(liabilities)
South African distribution	1 364 683	1 292 236
International distribution	50 506	22 807
Technology	(6 831)	(739)
Value added services	25 990	4 098
Corporate	(36 257)	(55 161)
Total	1 398 091	1 263 241

* Although segment names have changed, the composition of the underlying segments have remained the same.

Notes:

Extracted from the reviewed group income statement of BLT for the half year ended 30 November 2007.
Represents the effects of the group restructure based on the assumption that minority acquisitions occurred on 1 June 2007.
(See pro forma reconciliation for details of companies part of the restructure).
Represents the positive impact on finance income and expense assuming cash raised on listing was received 1 June 2007.
Represents the adding back of the amortisation of intangible assets as a consequence of the purchase price allocations exercise in terms of IFRS 3: Business Combinations, the costs incurred in terms of the Management Bonus Settlement Agreement and the termination of the Otter Mist Trading CC consulting agreement, as explained in the pre-listing statement.
Represents the core pro forma unaudited group income statement of BLT on the assumption that the restructuring, listing and minority acquisitions were effective 1 June 2007.
Represents the adding back of the amortisation of intangible assets as a consequence of the purchase price allocations exercise in terms of IFRS 3: Business Combinations.
All adjustments are expected to have a continuing effect on BLT.