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Six once-large groups, and what the prognosis looks like for each.
By Keith McLachlan
29 Apr 2021 00:26
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Excluding the property and construction sectors, below is a table of formerly-large groups that have collapsed:
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Source: Profile Media (intra-day, April 22, 2021)
How are these fallen giants doing right now?
Blue Label Telecoms: Core remains strong
Blue Label Telecomsâ challenges started with its acquisition and recapitalisation of Cell C.
Although one can understand why Blue Label invested into a failing Cell C (the groupâs bottom line is materially exposed to the telcos), the investment didn’t just bring debt onto the groupâs normally cash-rich balance sheet, it has also been impaired to zero.
Blue Label expects slight uplift in headline earnings
Blue Label co-CEOs Mark and Brett Levy
Blue Label Telecoms will report slight growth in headline earnings per share of between 0% an 4% for the six-month reporting period ended 30 November 2020.
In a trading statement on Wednesday, the group – which owns 45% of Cell C, and to which it has attached a nil carrying value – said basic earnings per share will rise by between 41% and 45%, mainly because of the sale of its 47.6% stake in Blue Label Mexico and its decision a year ago to cease operations of its WiConnect retail stores.
Core headline earnings will come in at R376-million, of which R351-million is related to continuing operations and R25-million to discontinued operations. Excluding non-recurring income from foreign exchange gains of R22-million, core headline earnings from continued operations amounted to R329-million, equating to core headline earnings of 37.35c/share, a decline of 13.5% compared to a year ag