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Core headline earnings per share are calculated by adding back to headline earnings, the amortisation of intangible assets net of deferred taxation and non-controlling interests as a consequence of the purchase price allocations completed in terms of IFRS 3(R) – Business Combinations.
The measures listed below are presented as management believes it to be relevant to the understanding of the Group's financial performance. These measures are used for internal performance analysis and provide additional useful information on underlying trends to equity holders. These measures are not defined terms under IFRS and may therefore not be comparable with similarly titled measures reported by other entities. It is not intended to be
a substitute for, or superior to, measures as required by IFRS.
(a) Headline earnings, earnings and core headline earnings per share
Attributable earnings | Cents per share | |||||||
2024 R’000 |
2023 R’000 |
2024 | 2023 | |||||
---|---|---|---|---|---|---|---|---|
Headline earnings per share | ||||||||
Basic | 657 699 | 370 356 | 73.64 | 41.97 | ||||
Diluted | 657 699 | 370 356 | 73.17 | 41.41 | ||||
Core | 679 488 | 401 961 | 76.08 | 45.55 | ||||
Earnings attributable to ordinary equity holders | ||||||||
Basic | 647 386 | 268 966 | 72.49 | 30.48 | ||||
Diluted | 647 386 | 268 966 | 72.03 | 30.07 |
(b) Weighted average number of shares
Weighted average number of shares | 2024 R’000 |
2023 R’000 |
||
---|---|---|---|---|
Weighted average number of ordinary shares | 893 117 | 882 530 | ||
Adjusted for conditional shares | 5 693 | 11 835 | ||
Weighted average number of ordinary shares for diluted earnings1 | 898 810 | 894 365 |
1 | The same weighted average number of shares for basic earnings per share is used for core headline earnings per share. |
(c) Analysis of headline earnings
Profit/(loss) before tax and non- controlling interest R’000 |
Tax R’000 |
Non- controlling interest R’000 |
Headline earnings R’000 |
||
---|---|---|---|---|---|
2024 | |||||
Profit attributable to equity holders of the parent | 857 540 | (197 955) | (12 199) | 647 386 | |
Net loss on disposal of property, plant and equipment | 966 | (261) | 34 | 739 | |
Impairment of property, plant and equipment | 12 417 | (3 353) | — | 9 064 | |
Impairment of intangible assets | 1 500 | (405) | — | 1 095 | |
Net profit on disposal of property, plant and equipment in associate/joint venture | (585) | — | — | (585) | |
Headline earnings | 657 699 | ||||
2023 | |||||
Profit attributable to equity holders of the parent | 488 211 | (200 038) | (19 207) | 268 966 | |
Net profit on disposal of property, plant and equipment | (1 919) | 518 | 27 | (1 374) | |
Impairment of property, plant and equipment | 12 145 | (3 280) | — | 8 865 | |
Reversal of impairment of investment in associate | (962 531) | — | — | (962 531) | |
Net loss on disposal of property, plant and equipment in associate/joint venture | 6 403 | — | — | 6 403 | |
Impairment of property, plant and equipment in associate | 330 129 | — | — | 330 129 | |
Impairment of intangible assets in associate | 516 009 | — | — | 516 009 | |
Impairment of leased assets in associate | 203 889 | — | — | 203 889 | |
Headline earnings | 370 356 |
(d) Analysis of core headline earnings
2024 R’000 |
2023 R’000 |
|||
---|---|---|---|---|
Reconciliation between net profit and core headline earnings for the year: | ||||
Net profit for the year | 647 386 | 268 966 | ||
Amortisation of intangibles raised through business combinations net of tax and non-controlling interest | 21 791 | 31 605 | ||
Core net profit for the year | 669 177 | 300 571 | ||
Headline earnings adjustments | 10 311 | 101 390 | ||
Core headline earnings | 679 488 | 401 961 |