1. RESULTS OF OPERATIONS
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) Ė Business Combinations.

(a) Headline earnings, earnings and core headline earnings per share
 
Total  Continuing operations   
Attributable
earnings
 
  Cents per share  Attributable
earnings
 
  Cents per share   
2020 
Rí000 
  2019*
Rí000 
  2020    2019*  2020 
Rí000 
  2019*
Rí000 
  2020    2019*   
Headline earnings per share 
Basic  521 313    (2 853 640)   58.16    (312.49) 436 747    (2 948 883)   48.73    (322.92)  
Diluted1  521 313    —    57.44    —  436 747    —    47.83    —   
Core  562 132    (2 783 155)   62.71    (304.77) 469 113    (2 904 973)   52.33    (318.11)  
Earnings attributable to ordinary equity holders 
Basic  124 481    (6 646 383)   13.89    (727.81) 226 786    (6 672 923)   25.30    (730.72)  
Diluted1  124 481    —    13.89    —  226 786    —    24.84    —   

 

Discontinued operations   
Attributable
earnings
 
  Cents per share   
2020 
Rí000 
  2019*
Rí000 
  2020    2019*   
Headline earnings per share 
Basic  84 566    95 243    9.43    10.43   
Diluted1  84 566    —    9.43    —   
Core  93 019    121 818    10.38    13.34   
Earnings attributable to ordinary equity holders  —   
Basic  (102 305)   26 540    (11.41)   2.91   
Diluted1  (102 305)   —    (11.41)   —   
1 There are no dilutive instruments in the prior year. As a result of the anti-dilutive instruments in discontinued operations, the total cents per share will not cast.
* As a result of the discontinued operations, the Group has restated its comparative financial information. Refer to note 11 for details.
(b) Weighted average number of shares
 
Weighted average number of shares 2020
’000
  2019
’000
 
Weighted average number of ordinary shares 896 409   913 208  
Adjusted for forfeitable shares 16 683    
Weighted average number of ordinary shares for diluted earnings1 913 092   913 208  
1 There were no dilutive instruments in the prior year.

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
 
  Total Continuing operations
  Profit/(loss)
before tax 
and  non-
controlling 
interest 
Rí000 
Tax 
Rí000 
Non- 
controlling 
interest 
Rí000 
Headline 
earnings 
Rí000 
Profit/(loss)
before tax 
and  non-
controlling 
interest 
Rí000 
Tax 
Rí000 
Non- 
controlling 
interest 
Rí000 
Headline 
earnings 
Rí000 
2020 
Profit/(loss) attributable to equity holders of the parent  518 349  (299 242)  (94 626)  124 481   500 835  (219 752)  (54 297)  226 786   
Profit on disposal of property, plant and equipment and intangible assets  (13 460)  3 769   280   (9 411)  (12 589)  3 525   183   (8 881)   
Impairment of property, plant and equipment  65 701   (2 044)  —   63 657   7 303   (2 044)  —   5 259    
Impairment of leased assets  30 712   —   —   30 712   —   —   —   —    
Profit on disposal of subsidiary  (528)  —   —   (528)  —   —   —   —    
Impairment of disposal groups  53 232   —   —   53 232   —   —   —   —    
Impairment of goodwill  259 170   —   —   259 170   213 583   —   —   213 583    
Headline earnings  521 313   436 747   
2019* 
(Loss)/profit attributable to equity holders of the parent  (6 307 074)  (315 122)  (24 187)  (6 646 383)  (6 384 164)  (278 449)  (10 310)  (6 672 923)   
Profit on disposal of property, plant and equipment  (1 155)  323   74   (758)  (1 159)  324   70   (765)   
Impairment of property, plant and equipment  2 002   (561)  —   1 441   2 002   (561)  —   1 441    
Impairment of intangible assets  5 111   (1 431)  —   3 680   5 111   (1 431)  —   3 680    
Foreign currency translation reserve recycled to profit or loss  (144)  —   —   (144)  (144)  —   —   (144)   
Impairments on investments  2 669 376   —   (7 378)  2 661 998   2 639 864   —   —  2 639 864    
Fair value uplift on conversion from an associate to a subsidiary  (27 741)  —   —   (27 741)  —  —   —   —   
Profit on disposal of property, plant and equipment in associate  (5 524)  —   —   (5 524)  (5 524)  —   —   (5 524)   
Impairment of goodwill  124 400   —   —   124 400   50 397   —   —   50 397    
Impairment of investment within associate equity-accounted earnings  47 174   —   —   47 174   46 874   —   —   46 874    
Impairment of property, plant and equipment in associate  801 049   —   —   801 049   801 049   —   —   801 049    
Impairment of intangible assets in associate  187 168   —   —   187 168   187 168   —   —   187 168    
Headline earnings  (2 853 640)  (2 948 883)   

 

  Discontinued operations
  Profit/(loss)
before tax 
and  non-
controlling 
interest 
Rí000 
Tax 
Rí000 
Non- 
controlling 
interest 
Rí000 
Headline 
earnings 
Rí000 
2020 
Profit/(loss) attributable to equity holders of the parent  17 514  (79 490) (40 329) (102 305)  
Profit on disposal of property, plant and equipment and intangible assets  (871) 244  97  (530)   
Impairment of property, plant and equipment  58 398  —  —  58 398   
Impairment of leased assets  30 712  —  —  30 712   
Profit on disposal of subsidiary  (528) —  —  (528)  
Impairment of disposal groups  53 232  —  —  53 232   
Impairment of goodwill  45 587  —  —  45 587   
Headline earnings  84 566   
2019* 
(Loss)/profit attributable to equity holders of the parent  77 091  (36 674) (13 877) 26 540   
Profit on disposal of property, plant and equipment  (1)  
Impairment of property, plant and equipment  —  —  —  —   
Impairment of intangible assets  —  —  —  —   
Foreign currency translation reserve recycled to profit or loss  —  —  —  —   
Impairments on investments  29 512  (7 378) 22 134   
Fair value uplift on conversion from an associate to a subsidiary  (27 741) —  —  (27 741)  
Profit on disposal of property, plant and equipment in associate  —  —  —  —   
Impairment of goodwill  74 003   —  —  74 003   
Impairment of investment within associate equity-accounted earnings  300  —  —  300   
Impairment of property, plant and equipment in associate  —  —  —  —   
Impairment of intangible assets in associate  —  —  —  —   
Headline earnings    95 243   
* As a result of the discontinued operations, the Group has restated its comparative financial information. Refer to note 11 for details.
(d) Analysis of core headline earnings
 
Total    Continuing
operations
 
  Discontinued
operations
 
 
2020 
Rí000 
  2019*
Rí000  
  2020 
Rí000 
  2019*
Rí000 
  2020 
Rí000 
  2019*
Rí000 
 
Reconciliation between net profit for the period and core headline earnings for the period: 
Net profit for the period  124 481    (6 646 383)   226 786    (6 672 923)   (102 305)   26 540   
Amortisation of intangibles raised through business combinations net of tax and non-controlling interest  40 819    70 485    32 366    43 910    8 453    26 575   
Core net profit for the period  165 300    (6 575 898)   259 152    (6 629 013)   (93 852)   53 115   
Headline earnings adjustments  396 832    3 792 743    209 961    3 724 040    186 871    68 703   
Core headline earnings  562 132    (2 783 155)   469 113    (2 904 973)   93 019    121 818   
* As a result of the discontinued operations, the Group has restated its comparative financial information. Refer to note 11 for details.