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1.5 Earnings per share

Core headline

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.

Use of adjusted measures

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