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

Total
Attributable earnings Cents per share
  2021
R’000
2020
R’000
2021 2020
Headline earnings per share   
Basic   756 917 521 313 86.16 58.16
Diluted    756 917 521 313 83.26 57.44
Core   787 580 562 132 89.65 62.71
Earnings attributable to ordinary equity holders  
Basic   830 607 124 481 94.55 13.89
Diluted   830 607 124 481 91.36 13.89
Continuing operations
  Attributable earnings Cents per share
2021
R’000
2020
R’000
2021 2020
Headline earnings per share   
Basic   731 936 436 747 83.32 48.73
Diluted   731 936 436 747 80.51 47.83
Core   762 599 469 113 86.81 52.33
Earnings attributable to ordinary equity holders  
Basic   805 286 226 786 91.67 25.30
Diluted   805 286 226 786 88.58 24.84
Discontinued operations
Attributable earnings Cents per share
   2021
R’000
2020 
R’000 
2021 2020 
Headline earnings per share    
Basic     24 981 84 566  2.84 9.43 
Diluted     24 981 84 566  2.75 9.43 
Core     24 981 93 019  2.84 10.38 
Earnings attributable to ordinary equity holders            
Basic     25 321 (102 305) 2.88 (11.41)
Diluted     25 321 (102 305) 2.79 (11.41)

(b) Weighted average number of shares

2021
’000
2020
’000
Weighted average number of ordinary shares    878 463 896 409
Adjusted for forfeitable shares 31 334 16 683
Weighted average number of ordinary shares for diluted earnings 909 797 913 092

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
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
2021  
Profit attributable to equity holders of the parent   1 136 968 (258 952) (47 409) 830 607 1 102 111 (249 416) (47 409) 805 286
Profit on disposal of property, plant and equipment    (1 016) 284 (732) (544) 152 (392)
Impairment of property, plant and equipment   5 559 (1 557) 4 002 5 559 (1 557) 4 002
Impairment of intangible assets   754 (211) 543 754 (211) 543
Profit on disposal of joint venture   (26 955) (26 955) (26 955) (26 955)
Loss on disposal of joint venture   1 990 1 990 1 990 1 990
Foreign currency translation reserve (FCTR) recycled on the disposal of investment in joint venture   (52 538) (52 538) (52 538) (52 538)
Headline earnings   756 917 731 936
Discontinued operations
  Profit/ 
(loss) 
before tax 
and  non- 
controlling 
interest 
R’000 
Tax
R’000
Non-
controlling
interest
R’000
Headline 
earnings 
R’000 
2021  
Profit attributable to equity holders of the parent    34 857  (9 536) 25 321 
Profit on disposal of property, plant and equipment   (472) 132  (340)
Impairment of property, plant and equipment   –  –  – 
Impairment of intangible assets   –  –  – 
Profit on disposal of joint venture   –  –  – 
Loss on disposal of joint venture   –  –  – 
Foreign currency translation reserve (FCTR) recycled on the disposal of investment in joint venture   –  –  – 
Headline earnings   24 981 
  Total Continuing 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
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 
  Discontinued operations
  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 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 

(d) Analysis of core headline earnings

Total Continuing
operations
Discontinued
operations
2021 
R’000 
2020
R’000
2021 
R’000 
2020
R’000
2021 
R’000 
2020 
R’000 
Reconciliation between net profit for the period and core headline earnings for the period:
Net profit/(loss) for the period 830 607  124 481 805 286  226 786 25 321  (102 305)
Amortisation of intangibles raised through business combinations net of tax and non-controlling interest 30 663  40 819 30 663  32 366 8 453  
Core net profit/(loss) for the period    861 270  165 300 835 949  259 152 25 321  (93 852)
Headline earnings adjustments (73 690) 396 832 (73 350) 209 961 (340) 186 871 
Core headline earnings 787 580  562 132 762 599  469 113 24 981  93 019