Share performance

for the year ended 31 May 2019

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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.

Headline earnings, earnings and core headline earnings per share

  Attributable earnings Cents per share
Notes 2019 
R’000 		 Restated*
2018  
R’000  		 2019 
R’000 		 Restated*
2018  
Headline earnings per share
Basic (2 853 640) 1 116 131   (312.49) 130.44  
Diluted1 1 052 737   122.34  
Core (2 783 155) 1 160 477   (304.77) 135.62  
Earnings attributable to ordinary equity holders
Basic (6 646 383) 1 122 085   (727.81) 131.13  
Diluted1 1 058 691   123.03  

1. There are no dilutive instruments in the current year.
* As a result of the prior year errors the Group has restated their comparative information.

Weighted average number of shares

2019
’000		   2018 
’000 		  
Weighted average number of ordinary shares 913 208   855 687   
Adjusted for forfeitable shares –   4 801   
Weighted average number of ordinary shares for diluted earnings1 913  208 860 488   

1. There are no dilutive instruments in the current year.

The same weighted average number of shares for basic earnings per share is used for core headline earnings per share.

Analysis of headline earnings

  
(Loss)/profit 
before tax 
and non-
controlling 
interest 
R'000 		   Tax 
R'000 		   Non- 
controlling 
interest 
R'000 		   Headline 
earnings 
R'000 
2019               
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)
2018 – restated*                
Profit attributable to equity holders of the parent  1 506 839     (331 069)    (53 685)    1 122 085 
Profit on disposal of property, plant and equipment  (1 784)    499     13     (1 272)
Impairment of property, plant and equipment  3 800     (1 064)    –     2 736 
Impairment of intangible assets  338     (95)    –     243 
Foreign currency translation reserve recycled to profit or loss  (3 098)    –     –     (3 098)
Profit on disposal of subsidiary  (2 824)    –     –     (2 824)
Profit on disposal of property, plant and equipment in associate  (16 771)    4 696     –     (12 075)
Impairment of intangible assets in associate  14 355     (4 019)    –     10 336 
Headline earnings              1 116 131 

* As a result of the prior year errors the Group has restated their comparative information.

Analysis of core headline earnings

2019 
R’000 		 Restated*
2018  
R’000  
Reconciliation between net profit for the period and core headline earnings for the period:
Net profit for the period (6 646 383) 1 122 085  
Amortisation on intangibles raised through business combinations net of tax and non–controlling interest 70 485  44 345  
Core net profit for the period (6 575 898) 1 166 430  
Headline earnings adjustments 3 792 743  (5 953) 
Core headline earnings (2 783 155) 1 160 477  

* As a result of the prior year errors the Group has restated their comparative financial information.