BLUE LABEL AUDITED RESULTS FOR THE YEAR ENDED 31 MAY 2020

Share performance

for the year ended 31 May 2020

(a) Headline earnings, earnings and core headline earnings per share

	Total
	Attributable earnings			Cents per share
	2020 R’000		2019* R’000	2020		2019*
Headline earnings per share
Basic	521 313		(2 853 640)	58.16		(312.49)
Diluted1	521 313		—	57.44		—
Core	562 132		(2 783 155)	62.71		(304.77)
Earnings attributable to ordinary equity holders
Basic	124 481		(6 646 383)	13.89		(727.81)
Diluted1	124 481		—	13.89		—

¹ There were 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 the note on discontinued operations for details.

	Continuing operations						Discontinued operations
	Attributable earnings			Cents per share			Attributable earnings			Cents per share
	2020 R’000		2019* R’000	2020		2019*	2020 R’000		2019* R’000	2020		2019*
Headline earnings per share
Basic	436 747		(2 948 883)	48.73		(322.92)	84 566		95 243	9.43		10.43
Diluted1	436 747		—	47.83		—	84 566		—	9.43		—
Core	469 113		(2 904 973)	52.33		(318.11)	93 019		121 818	10.38		13.34
Earnings attributable to ordinary equity holders
Basic	226 786		(6 672 923)	25.30		(730.72)	(102 305)		26 540	(11.41)		2.91
Diluted1	226 786		—	24.84		—	(102 305)		—	(11.41)		—

¹ There were 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 the note on discontinued operations 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
	Profit/  (loss) before tax  and non-  controlling  interest  R’000	Tax  R’000	Non-  controlling  interest  R’000	Headline  earnings  R’000
2020
Profit/(loss) attributable to equity holders of the parent	518 349	(299 242)	(94 626)	124 481
Profit on disposal of property, plant and equipment and intangible assets	(13 460)	3 769	280	(9 411)
Impairment of property, plant and equipment	65 701	(2 044)	—	63 657
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
Headline earnings				521 313

	Continuing operations				Discontinued operations
	Profit/  (loss) before tax  and non-  controlling  interest  R’000	Tax  R’000	Non-  controlling  interest  R’000	Headline  earnings  R’000	Profit/  (loss) before tax  and non-  controlling  interest  R’000	Tax  R’000	Non-  controlling  interest  R’000	Headline  earnings  R’000
2020
(Loss)/profit attributable to equity holders of the parent	500 835	(219 752)	(54 297)	226 786	17 514	(79 490)	(40 329)	(102 305)
Profit on disposal of property, plant and equipment and intangible assets	(12 589)	3 525	183	(8 881)	(871)	244	97	(530)
Impairment of property, plant and equipment	7 303	(2 044)	—	5 259	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	213 583	—	—	213 583	45 587	—	—	45 587
Headline earnings				436 747				84 566

	Total
	Profit/  (loss) before tax  and non-  controlling  interest  R’000	Tax  R’000	Non-  controlling  interest  R’000	Headline  earnings  R’000
2019*
(Loss)/profit attributable to equity holders of the parent	(6 307 074)	(315 122)	(24 187)	(6 646 383)
Profit on disposal of property, plant and equipment	(1 155)	323	74	(758)
Impairment of property, plant and equipment	2 002	(561)	—	1 441
Impairment of intangible assets	5 111	(1 431)	—	3 680
Foreign currency translation reserve recycled to profit or loss	(144)	—	—	(144)
Impairments on investments	2 669 376	—	(7 378)	2 661 998
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)
Impairment of goodwill	124 400	—	—	124 400
Impairment of investment within associate equity accounted earnings	47 174	—	—	47 174
Impairment of property, plant and equipment in associate	801 049	—	—	801 049
Impairment of intangible assets in associate	187 168	—	—	187 168
Headline earnings				(2 853 640)

	Continuing operations				Discontinued operations
	Profit/  (loss) before tax  and non-  controlling  interest  R’000	Tax  R’000	Non-  controlling  interest  R’000	Headline  earnings  R’000	Profit/  (loss) before tax  and non-  controlling  interest  R’000	Tax  R’000	Non-  controlling  interest  R’000	Headline  earnings  R’000
2019*
(Loss)/profit attributable to equity holders of the parent	(6 384 164)	(278 449)	(10 310)	(6 672 923)	77 091	(36 674)	(13 877)	26 540
Profit on disposal of property, plant and equipment	(1 159)	324	70	(765)	4	(1)	4	7
Impairment of property, plant and equipment	2 002	(561)	—	1 441	—	—	—	—
Impairment of intangible assets	5 111	(1 431)	—	3 680	—	—	—	—
Foreign currency translation reserve recycled to profit or loss	(144)	—	—	(144)	—	—	—	—
Impairments on investments	2 639 864	—	—	2 639 864	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	(5 524)	—	—	(5 524)	—	—	—	—
Impairment of goodwill	50 397	—	—	50 397	74 003	—	—	74 003
Impairment of investment within associate equity accounted earnings	46 874	—	—	46 874	300	—	—	300
Impairment of property, plant and equipment in associate	801 049	—	—	801 049	—	—	—	—
Impairment of intangible assets in associate	187 168	—	—	187 168	—	—	—	—
Headline earnings				(2 948 883)				95 243

(d) Analysis of core headline earnings

	Total			Continuing operations			Discontinued operations
	2020 R’000		2019* R’000	2020 R’000		2019* R’000	2020  R’000		2019* R’000
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 the note on discontinued operations for details.