Summarised consolidated income statement for the year ended 30 June

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R000s  2022
Audited 
2022
Audited 
%
Change 
Continuing operations          
Revenue  99 929 074  88 314 806  13.2 
Non-interest revenue  99 480 106  87 881 064    
Interest revenue  448 968  433 742    
Cost of revenue  (69 966 260) (61 140 027) 14.4 
Gross profit  29 962 814  27 174 779  10.3 
Operating expenses  (20 268 608) (19 278 934) 5.1 
Net impairment losses on financial assets  (182 912) (252 164) (27.5)
Other income  218 744  247 244  (11.5)
Trading profit  9 730 038  7 890 925  23.3 
Share-based payment expense  (294 156) (246 096)   
Acquisition costs and customer contracts amortisation  (341 567) (305 025)   
Net capital items  176 628  (179 663)   
Profit before finance charges and associate income  9 270 943  7 160 141  29.5 
Net finance charges  (1 592 489) (1 470 534) 8.3 
Finance income  132 184  57 367    
Finance charges  (1 724 673) (1 527 901)   
Share of profit of associates and joint ventures  101 101  100 095  1.0 
Current year earnings  101 317  100 208    
Net capital items  (216) (113)   
Profit before taxation  7 779 555  5 789 702  34.4 
Taxation  (2 332 248) (1 670 774) 39.6 
Profit for the year from continuing operations  5 447 307  4 118 928  32.3 
Discontinued operations          
Profit after tax from discontinued operations  –  3 789    
Profit for the year  5 447 307  4 122 717    
Attributable to          
Shareholders of the Company – continuing operations  5 071 735  3 840 933  32.0 
Shareholders of the Company – discontinued operations  –  3 789  (100.0)
Non-controlling interest  375 572  277 995  35.1 
   5 447 307  4 122 717  32.1 
Basic earnings per share (cents) – continuing operations  1 492.2  1 130.2  32.0 
Diluted basic earnings per share (cents) – continuing operations  1 490.0  1 129.4  31.9 
Basic earnings per share (cents) – discontinued operations  –  1.1    
Diluted basic earnings per share (cents) – discontinued operations  –  1.1    
Basic earnings per share (cents) – Group  1 492.2  1 131.3  31.9 
Diluted basic earnings per share (cents) – Group  1 490.0  1 130.5  31.8 
Supplementary Information          
Normalised headline earnings per share (cents) – continuing operations*  1 601.5  1 292.0  24.0 
Headline earnings per share (cents) – continuing operations  1 442.0  1 183.3  21.9 
Diluted headline earnings per share (cents) – continuing operations  1 439.9  1 182.4  21.8 
Headline earnings per share (cents) – discontinued operations  –  15.2    
Diluted headline earnings per share (cents) – discontinued operations  –  15.2    
Normalised headline earnings per share (cents) – Group*  1 601.5  1 307.2  22.5 
Headline earnings per share (cents) – Group  1 442.0  1 198.4  20.3 
Diluted headline earnings per share (cents) – Group  1 439.9  1 197.5  20.2 
Shares in issue          
Total ('000) 339 888  339 888    
Weighted ('000) 339 888  339 847    
Diluted weighted ('000) 340 376  340 096    
* Refer normalised headline earnings note for detailed definition.

 

R000s  2022
Audited 
2021
Audited 
%
Change 
Supplementary Information continued          
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 – continuing operations  5 071 735  3 840 933  32.0 
Impairment of property, plant and equipment, right-of-use assets, goodwill and intangible assets  17 351  71 872    
Property, plant and equipment#  5 121  48 976    
Right-of-use assets reversal#  (9 230) (12 950)   
Intangible assets#  21 454  44 395    
Taxation effect  (8 549)   
Net (profit)/loss on disposal of interests in subsidiaries and disposal and closure of businesses  (155 532) 62 821    
(Profit)/loss on disposal and closure#  (155 532) 64 722    
Taxation effect  –  (1 901)   
Net loss on disposal and impairment of associates and joint ventures  (16 604) 77 448    
Impairment of associates and joint ventures#  –  77 448    
Net profit on change in shareholding in associates and joint ventures#  (17 218) –    
Non-controlling interest  614  –    
Net profit on disposal of property, plant and equipment and intangible assets  (15 892) (2 270)   
Property, plant and equipment#  (36 516) (8 503)   
Intangible assets#  15 293  6 259    
Taxation effect  5 290  375    
Non-controlling interest  41  (401)   
Compensation received on loss or impairment of property plant and equipment  –  (29 667)   
Compensation received#  –  (40 684)   
Taxation effect  –  11 017    
Non-headline items included in equity accounted earnings of associated and joint venture companies  125  113    
Non-headline items  216  113    
Non-controlling interest  (91) –    
Headline earnings – continuing operations  4 901 183  4 021 250  21.9 
Profit attributable to shareholders of the Company – discontinued operations  –  3 789    
Loss on disposal of discontinued operations  –  85 224    
Impairment reversal of property, plant and equipment, right-of-use assets, goodwill and intangible assets  –  (37 478)   
Property, plant and equipment  –  (28 782)   
Intangible assets  –  (23 271)   
Taxation effect  –  14 575    
Headline earnings – Group  4 901 183  4 072 785  20.3 
# Items above included as capital items on summarised consolidated income statement.

Normalised headline earnings per share

Normalised headline earnings per share is a measurement used by the chief operating decision-maker, Mpumi Madisa and the executive board. The calculation of normalised headline earnings per share excludes acquisition costs, amortisation of acquired customer contracts, the impact of changes in deferred tax rates (included for the first time in the current year), and COVID-19 pandemic expenses relating to abnormal receivables provisioning, inventory obsolescence, restructuring costs and COVID-19 compliance regulatory costs 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 presentation of normalised headline earnings is not an IFRS requirement.

R000s  2022 
Audited 
2021 
Audited 

Change 
Headline earnings – continuing operations  4 901 183  4 021 250    
Acquisition costs  58 517  33 509    
Amortisation of acquired customer contracts  283 050  271 516    
COVID-19 pandemic expenses  –  182 466    
Taxation effect  (52 266) (101 433)   
Change in deferred tax rates  255 637  –    
Non-controlling interest  (2 724) (16 474)   
Normalised headline earnings – continuing operations  5 443 397  4 390 834  24.0 
Normalised headline earnings – discontinued operations  –  51 535    
Normalised headline earnings – Group  5 443 397  4 442 369  22.5