Revenue of

Increase in
gross profit
of 16% to

Increase in
gross profit margin
from 8.54% to

* On inclusion of the gross amount generated on "PINless top-ups", prepaid electricity and ticketing, the effective increase equated to 10% from R52.7 billion to R57.8 billion

More on highlights



Core headline earnings for the year ended 31 May 2019 equated to a negative 304.77 cents per share. Although the core businesses of the Blue Label Group continued to generate profit, the predominant negative contributions to Group earnings were attributable to:

  • Cell C's trading losses, impairment of certain of its property, plant and equipment, the impact of the de-recognition of its deferred tax asset and the impairment of Blue Label's total investment in Cell C;
  • Fair value downward adjustments of the exposure relating to SPV1 and SPV2 pertaining to the initial recapitalisation of Cell C (the structure of SPV1 and SPV2 as detailed in the trading statement published on SENS on 22 February 2019) and the Glocell loan;
  • An impairment of Blue Label's total investment in the Oxigen India group, including 2Dfine Holdings Mauritius, (collectively, "OSI") as well as providing for loan impairments and guarantees payable therein;
  • Partial impairments of goodwill and an investment in a joint venture.

Detailed commentary

Financial statements