Integrated
Report

2019

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Reconciliation between earnings and headline earnings

for the year ended 30 June 2019

Audited 
30 June 
2019 
R'000
 
Restated 
Audited 
30 June 
2018 
R'000 
  
Loss (profit) for the year  (602 588)  2 703 280     
Headline earnings adjustments  1 124 202   (426 561)    
    Profit on disposal of subsidiary  –   (5 633)    
    Loss on disposal of associate  (14 550)  –     
    Loss on disposal of other investments  –   2 612     
    Profit on disposal of investment property  (11 095)  (14 947)    
    Impairment of associates and other investments  550 023   51 197     
    Realisation of available-for-sale financial assets  –   (35 750)    
    Impairment of intangible asset  61 871   –     
    Fair value adjustments  665 974   (420 886)    
    Net income from associates and joint ventures  (46 995)  (7 959)    
    Tax effect of adjustments  (81 026)  4 805     
Headline earnings  521 614   2 276 719     
Number of shares in issue*  703 495 224   703 155 224     
Weighted average number of shares in issue*  703 311 279   702 989 909     
Diluted weighted average number of shares in issue*  710 613 023   708 584 902     
Headline earnings per share  
Basic (cents)  74.2   323.9     
Diluted (cents)  73.4   321.3     

* Adjusted for 46 427 553 treasury shares.