Notes to the Group annual financial statements | Note 1.5

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) — 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

Total Continuing operations Discontinued operations
Attributable earnings Cents per share Attributable earnings Cents per share Attributable earnings Cents per share
2022
R'000		 2021
R'000		 2022 2021 2022
R'000		 2021
R'000		 2022 2021 2022
R'000		 2021
R'000		 2022 2021
Headline earnings per share
Basic 1 028 911 756 917 117.34 86.16 1 028 911 731 936 117.34 83.32 — 24 981 — 2.84
Diluted 1 028 911 756 917 114.34 83.26 1 028 911 731 936 114.34 80.51 — 24 981 — 2.75
Core 1 061 080 787 580 121.01 89.65 1 061 080 762 599 121.01 86.81 — 24 981 — 2.84
Earnings attributable to ordinary equity holders
Basic 1 027 079 830 607 117.13 94.55 1 027 079 805 286 117.13 91.67 — 25 321 — 2.88
Diluted 1 027 079 830 607 114.14 91.36 1 027 079 805 286 114.14 88.57 — 25 321 — 2.79

(b) Weighted average number of shares

Weighted average number of shares 2022
'000		 2021
'000
Weighted average number of ordinary shares 876 857 878 463
Adjusted for forfeitable shares 23 006 31 334
Weighted average number of ordinary shares for diluted earnings1 899 863 909 797
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

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

(d) Analysis of core headline earnings

   Total  Continuing operations  Discontinued operations 
2022 
R'000 		 2021 
R'000 		 2022 
R'000 		 2021 
R'000 		 2022 
R'000 		 2021 
R'000 
Reconciliation between net profit for the period and core headline earnings for the period: 
Net profit for the period  1 027 079  830 607  1 027 079  805 286  —  25 321 
Amortisation of intangibles raised through business combinations net of tax and non-controlling interest  32 169  30 663  32 169  30 663  —  — 
Core net profit for the period  1 059 248  861 270  1 059 248  835 949  —  25 321 
Headline earnings adjustments  1 832  (73 690) 1 832  (73 350) —  (340)
Core headline earnings  1 061 080  787 580  1 061 080  762 599  —  24 981