Notes to the Group annual financial statements | Note 1.5

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
  2023
R’000 		2022
R’000 		2023 2022
 
Headline earnings per share
Basic		 370 356 1 028 911 41.97 117.34
Diluted 370 356 1 028 911 41.41 114.34
Core 401 961 1 061 080 45.55 121.01
Earnings attributable to ordinary equity holders        
Basic 268 966 1 027 079 30.48 117.13
Diluted 268 966 1 027 079 30.07 114.14
(b) Weighted average number of shares
Weighted average number of shares 2023
'000 		2022
'000
Weighted average number of ordinary shares 882 530 876 857
Adjusted for forfeitable shares 11 835 23 006
Weighted average number of ordinary shares for diluted earnings1 894 365 899 863
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
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
2022
Profit attributable to equity holders of the parent		  1 412 259 (320 262) (64 918)  1 027 079
Profit on disposal of property, plant and equipment (1 383)  387  27 (969)
Profit on disposal of property, plant and equipment  in joint venture (32) — — (32)
Impairment of property, plant and equipment 3 580 (1 003) — 2 577
Remeasurement of non-current assets held-for-sale  157 (44) (29)  84
Profit on disposal of intangible assets in joint venture (270) — — (270)
Dilution of holding in joint venture  545 — (103)  442
Headline earnings        1 028 911
(d) Analysis of core headline earnings
  2023
R’000 		2022
R’000
Reconciliation between net profit for the period and core headline earnings for  the year:
Net profit for the year		 268 966 1 027 079
Amortisation of intangibles raised through business combinations net of tax and non-controlling interest 31 605 32 169
Core net profit for the year 300 571 1 059 248
Headline earnings adjustments 101 390 1 832
Core headline earnings 401 961 1 061 080