| 2020 | 2019 | ||||||
|---|---|---|---|---|---|---|---|
| 6. | Earnings per share | ||||||
| Weighted average number of shares ('000) | |||||||
| Weighted average number of shares in issue for basic earnings per share and headline earnings per share calculations | 339 264 | 337 245 | |||||
| Potential dilutive impact of outstanding staff share appreciation rights and conditional awards | 464 | 919 | |||||
| Number of outstanding staff share appreciation right equivalent shares | 2 326 | 4 048 | |||||
| Number of shares deemed to be issued at fair value | (1 892) | (3 255) | |||||
| Contingent issuable shares in terms of conditional share plan to be issued at fair value | 30 | 126 | |||||
| Weighted average number of shares in issue used for the calculation of diluted earnings and diluted headline earnings per share | 339 728 | 338 164 | |||||
| Attributable earnings | |||||||
| Basic earnings per share and diluted earnings per share are based on profit attributable to shareholders of the Company (R'000) – continuing operations | 168 981 | 3 823 768 | |||||
| Basic earnings per share and diluted earnings per share are based on (loss) profit attributable to shareholders of the Company (R'000) – Group | (463 286) | 3 775 282 | |||||
| Basic earnings per share – continuing operations | 49.8 | 1 133.8 | |||||
| Basic earnings per share – Group | (136.6) | 1 119.4 | |||||
| Diluted basic earnings per share – continuing operations | 49.7 | 1 130.7 | |||||
| Diluted basic earnings per share – Group | (136.4) | 1 116.4 | |||||
| Dilution (%) – continuing operations | 0.1 | 0.3 | |||||
| Dilution (%) – Group | 0.1 | 0.3 | |||||
| Headline earnings | R'000 | R'000 | |||||
| Profit attributable to shareholders of the Company – continuing operations | 168 981 | 3 823 768 | |||||
| Impairment of property plant and equipment, right-of-use assets goodwill and intangible assets | 990 164 | 10 299 | |||||
| Property, plant and equipment | 222 463 | 9 580 | |||||
| Right-of-use assets | 145 144 | – | |||||
| Goodwill | 496 850 | – | |||||
| Intangible assets | 322 124 | 1 648 | |||||
| Taxation effect | (141 865) | (196) | |||||
| Non-controlling interest | (54 552) | (733) | |||||
| Net loss on disposal of interests in subsidiaries and disposal and closure of businesses | 247 181 | 175 030 | |||||
| Loss on disposal and closure | 278 944 | 202 250 | |||||
| Taxation effect | (18 482) | (23 947) | |||||
| Non-controlling interest | (13 281) | (3 273) | |||||
| Net loss on disposal and impairment of associates | 485 711 | 622 900 | |||||
| Net change in shareholding in associates | 693 | (1 041) | |||||
| Impairment of associates | 523 279 | 623 941 | |||||
| Taxation effect | (38 261) | - | |||||
| Net gain on disposal of property, plant and equipment and intangible assets | (8 963) | (19 016) | |||||
| Property, plant and equipment | 29 981 | (28 192) | |||||
| Intangible assets | (30 681) | (4 249) | |||||
| Taxation effect | (8 263) | 11 554 | |||||
| Non-controlling interest | – | 1 871 | |||||
| Compensation received on loss or impairment of property plant and equipment | (11 267) | (13 630) | |||||
| Compensation received | (15 648) | (16 835) | |||||
| Taxation effect | 4 381 | 3 205 | |||||
| Non-headline earnings items included in equity accounted earnings of associated companies | 5 121 | 8 906 | |||||
| Headline earnings – continuing operations | 1 876 928 | 4 608 257 | |||||
| Loss attributable to shareholders of the Company – discontinued operations | (632 267) | (48 486) | |||||
| Impairment of property plant and equipment, right-of-use assets goodwill and intangible assets | 92 094 | – | |||||
| Property, plant and equipment | 48 927 | – | |||||
| Right-of-use assets | 52 790 | – | |||||
| Intangible assets | 26 583 | – | |||||
| Taxation effect | (36 206) | – | |||||
| Headline earnings – Group | 1 336 755 | 4 559 771 | |||||
| Headline earnings per share (cents) – continuing operations | 553.2 | 1 366.4 | |||||
| Headline earnings per share (cents) – Group | 394.0 | 1 352.1 | |||||
| Diluted headline earnings per share (cents) – continuing operations | 552.5 | 1 362.7 | |||||
| Diluted headline earnings per share (cents) – Group | 393.5 | 1 348.4 | |||||
| Dilution (%) – continuing operations | 0.1 | 0.3 | |||||
| Dilution (%) – Group | 0.1 | 0.3 | |||||
|
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 earnings 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 and COVID-19 pandemic expenses (refer note 43 Accounting estimates and judgements for further details) relating to abnormal receivables provisioning, inventory obsolescence, restructuring costs and COVID-19 compliance regulatory costs have been excluded for the first time as a change in policy in the calculation of normalised headline earnings in the current period. The presentation of normalised headline earnings is not an IFRS requirement. |
|||||||
| 2020 R'000 |
2019 R'000 |
||||||
|---|---|---|---|---|---|---|---|
| Headline earnings – continuing operations | 1 876 928 | 4 608 257 | |||||
| Acquisition costs | 178 179 | 22 940 | |||||
| Amortisation of acquired customer contracts | 70 120 | 42 918 | |||||
| Fair value uplift of Adcock Ingram inventory | 96 930 | - | |||||
| Non-cash share of Comair's SAA travel agent incentive scheme settlement | 122 191 | (167 950) | |||||
| COVID-19 pandemic expenses (refer note 43) | 1 200 644 | – | |||||
| COVID-19 pandemic impact on MIAL investment (refer note 43) | 351 442 | – | |||||
| Taxation effect | (333 513) | (5 883) | |||||
| Non-controlling interest | (74 193) | – | |||||
| Normalised headline earnings – continuing operations | 3 488 728 | 4 500 282 | |||||
| Normalised headline earnings – discontinued operations | (540 173) | (48 486) | |||||
| Normalised headline earnings – Group | 2 948 555 | 4 451 796 | |||||
| Normalised headline earnings per share (cents) – continuing operations | 1 028.3 | 1 334.4 | |||||
| Normalised headline earnings per share (cents) – Group | 869.1 | 1 320.0 | |||||