Summarised consolidated income statement
| R'000 | Year ended 30 June 2019 Audited |
Year ended 30 June 2018 Audited |
% Change |
|||||
| Revenue | 77 152 384 | 76 963 472 | 0.2 | |||||
| Cost of revenue | (54 142 671) | (54 716 818) | (1.0) | |||||
| Gross profit | 23 009 713 | 22 246 654 | 3.4 | |||||
| Operating expenses | (16 952 252) | (16 199 932) | 4.6 | |||||
| Other income | 310 208 | 319 558 | (2.9) | |||||
| Income from investments | 368 258 | 142 795 | 157.9 | |||||
| Trading profit | 6 735 927 | 6 509 075 | 3.5 | |||||
| Share-based payment expense | (190 109) | (154 986) | 22.7 | |||||
| Acquisition costs and customer contracts amortisation | (65 858) | (82 901) | (20.6) | |||||
| Net capital items# | (787 102) | (351 977) | 123.6 | |||||
| Profit before finance charges and associate income | 5 692 858 | 5 919 211 | (3.8) | |||||
| Net finance charges | (1 054 933) | (1 020 730) | 3.4 | |||||
| Finance income | 180 461 | 158 709 | ||||||
| Finance charges | (1 235 394) | (1 179 439) | ||||||
| Share of profit of associates | 583 198 | 423 729 | 37.6 | |||||
| Current year earnings | 592 104 | 431 857 | 37.1 | |||||
| Net capital items | (8 906) | (8 128) | ||||||
| Profit before taxation | 5 221 123 | 5 322 210 | (1.9) | |||||
| Taxation | (1 417 193) | (1 436 597) | (1.4) | |||||
| Profit for the year | 3 803 930 | 3 885 613 | ||||||
| Attributable to: | ||||||||
| Shareholders of the Company | 3 775 282 | 3 817 996 | (1.1) | |||||
| Non-controlling interest | 28 648 | 67 617 | (57.6) | |||||
| 3 803 930 | 3 885 613 | (2.1) | ||||||
| Basic earnings per share (cents) | 1 119.4 | 1 137.3 | (1.6) | |||||
| Diluted basic earnings per share (cents) | 1 116.4 | 1 132.4 | (1.4) | |||||
| #Refer to the headline earnings calculation for further details. | ||||||||
| Supplementary information | ||||||||
| Normalised headline earnings per share (cents)* | 1 320.0 | 1 254.9 | 5.2 | |||||
| Headline earnings per share (cents) | 1 352.1 | 1 231.6 | 9.8 | |||||
| Diluted headline earnings per share (cents) | 1 348.4 | 1 226.3 | 10.0 | |||||
| Shares in issue | ||||||||
| Total (‘000) | 338 382 | 336 766 | ||||||
| Weighted (‘000) | 337 245 | 335 718 | ||||||
| Diluted weighted (‘000) | 338 164 | 337 161 | ||||||
| Dividends per share (cents) | 600.0 | 556.0 | 7.9 | |||||
| Interim | 282.0 | 255.0 | 10.6 | |||||
| Final | 318.0 | 301.0 | 5.6 | |||||
* Normalised headline earnings per share excludes acquisition cost, amortisation of acquired customer contracts and the non-cash share of Comair’s SAA settlement.
| R'000 | Year ended 30 June 2019 Audited |
Year ended 30 June 2018 Audited |
% Change |
|||||
| Headline earnings | ||||||||
| The following adjustments to profit attributable to shareholders were taken into account in the calculation of headline earnings: | ||||||||
| Profit attributable to shareholders of the Company | 3 775 282 | 3 817 996 | (1.1) | |||||
| Impairment of property, plant and equipment; goodwill and intangible assets | 10 299 | 12 840 | ||||||
| Property, plant and equipment# | 9 580 | 3 311 | ||||||
| Goodwill# | – | 15 258 | ||||||
| Intangible assets# | 1 648 | 1 115 | ||||||
| Taxation effect | (196) | – | ||||||
| Non-controlling interest | (733) | (6 844) | ||||||
| Net loss on disposal of interests in subsidiaries and disposal and closure of businesses | 175 030 | 155 828 | ||||||
| Loss on disposal and closure# | 202 250 | 188 635 | ||||||
| Impairment of disposal group assets held for sale# | – | 39 323 | ||||||
| Taxation effect | (23 947) | (37 407) | ||||||
| Non-controlling interest | (3 273) | (34 723) | ||||||
| Net loss on disposal and remeasurement to recoverable fair value of associates | 622 900 | 234 338 | ||||||
| Remeasurement to recoverable fair value of associate# | 623 941 | 248 709 | ||||||
| Net (gain)/loss on change in shareholding in associates# | (1 041) | (2 981) | ||||||
| Non-controlling interest | – | (11 390) | ||||||
| Net gain on disposal of property, plant and equipment and intangible assets | (19 016) | (24 185) | ||||||
| Property, plant and equipment# | (28 192) | (39 796) | ||||||
| Intangible assets# | (4 249) | (15 895) | ||||||
| Taxation effect | 11 554 | 1 400 | ||||||
| Non-controlling interest | 1 871 | 30 106 | ||||||
| Compensation received on loss or impairment of property, plant and equipment | (13 630) | (70 263) | ||||||
| Compensation received# | (16 835) | (85 702) | ||||||
| Taxation effect | 3 205 | 15 439 | ||||||
| Non-headline items included in equity accounted earnings of associated companies | 8 906 | 8 128 | ||||||
| Headline earnings | 4 559 771 | 4 134 682 | 10.3 |
# Items above included as capital items on summarised consolidated income statement.
| R'000 | Year ended 30 June 2019 Audited |
Year ended 30 June 2018 Audited |
|||
| Normalised headline earnings per share | |||||
| Normalised headline earnings per share is a measurement used by the chief operating decision-maker, Lindsay Ralphs. The calculation of normalised headline earnings per share excludes acquisition costs and amortisation of acquired customer contracts and is based on the normalised headline profit attributable to ordinary shareholders, divided by the weighted average number of ordinary shares in issue during the year. The Group’s non-cash share of Comair’s SAA travel agent incentive scheme settlement has been included in the calculation of normalised headline earnings in the current period. The presentation of normalised headline earnings is not an IFRS requirement. | |||||
| Headline earnings | 4 559 771 | 4 134 682 | |||
| Acquisition costs | 22 940 | 50 190 | |||
| Amortisation of customer contracts | 42 918 | 32 711 | |||
| Non-cash share of Comair's SAA travel agent incentive scheme settlement | (167 950) | – | |||
| Taxation effect | (5 883) | (4 522) | |||
| Normalised headline earnings | 4 451 796 | 4 213 061 |