Condensed consolidated income statement

for the

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R’000                      
    Half-year ended
31 December  		     Year ended
30 June		  
    2016
Unaudited		       2015
Unaudited
Re-presented#		   % change   2016
Audited		  
Turnover   47 198 870       46 277 924   2,0   91 755 042  
Revenue   36 035 871       34 610 933   4,1   68 241 101  
Cost of revenue   (25 955 901)       (24 892 996)   4,3   (48 342 240)  
Gross income   10 079 970       9 717 937   3,7   19 898 861  
Operating expenses   (7 252 262)       (7 101 665)   2,1   (14 602 043)  
  Sales and distribution expenses   (4 574 668)       (4 557 257)       (9 361 693)  
  Administration expenses   (1 726 309)       (1 704 102)       (3 683 769)  
  Other expenses   (951 285)       (840 306)       (1 556 581)  
Other income   77 350       85 089       299 967  
Trading result   2 905 058       2 701 361   7,5   5 596 785  
Income from investments   (98 247)       17 708       156 694  
Trading profit   2 806 811       2 719 069   3,2   5 753 479  
Share-based payment expense   (69 659)       (60 861)       (139 698)  
Acquisition costs   (14 546)       (5 051)       (8 416)  
Net capital items   229 306       (227 874)       (1 175 240)  
Operating profit   2 951 912       2 425 283   21,7   4 430 125  
Net finance charges   (521 289)       (451 784)   15,4   (922 114)  
  Finance income   23 355       16 874       194 617  
  Finance charges   (544 644)       (468 658)       (1 116 731)  
Share of profit of associates   200 883       93 823   114,1   149 983  
Profit before taxation   2 631 506       2 067 322   27,3   3 657 994  
Taxation   (638 248)       (619 135)   3,1   (1 215 487)  
Profit for the period from continuing operations   1 993 258       1 448 187   37,6   2 442 507  
Profit after tax from discontinued operations   –       1 661 576       79 253 352  
Profit for the period   1 993 258       3 109 763       81 695 859  
Attributable to:                      
  Shareholders of the Company – continuing operations   1 955 364       1 384 934   41,2   2 285 850  
  Shareholders of the Company – discontinued operations   –       1 644 170       79 215 705  
  Non-controlling interest – continuing operations   37 894       63 253   (40,1)   156 657  
  Non-controlling interest – discontinued operations   –       17 406       37 647  
    1 993 258       3 109 763   (35,9)   81 695 859  
Shares in issue                      
  Total#   333 603       330 451       332 672  
  Weighted (’000)#   332 897       329 013       330 036  
  Diluted weighted (’000)#   333 208       330 797       331 210  
Basic earnings per share (cents) – continuing operations   587,4       420,9   39,6   692,6  
Diluted basic earnings per share (cents) – continuing operations   586,8       418,7   40,1   690,2  
Headline earnings per share (cents) – continuing operations   510,3       489,0   4,4   1 054,1  
Diluted headline earnings per share (cents) – continuing operations   509,8       486,4   4,8   1 050,4  
Basic earnings per share (cents) – discontinued operations           499,7       24 002,2  
Diluted basic earnings per share (cents) – discontinued operations           497,0       23 917,0  
Dividends per share (cents)*   227,0       482,0   (52,9)   714,0  
  Interim   227,0       482,0   (52,9)   482,0  
  Final   –       –       232,0  
Dividend in specie per share (cents)                   27 818,0  
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 (from continuing operations)   1 955 364       1 384 934   41,2   2 285 850  
Impairment (reversal) of property, plant and equipment; goodwill and intangible assets   (190)       146       153 475  
  Property, plant and equipment   (264)       203       34 995  
  Goodwill   –       –       52 111  
  Intangible assets   –       –       102 021  
  Tax charge (relief)   74       (57)       (35 652)  
Net loss (profit) on disposal of interests in subsidiaries and disposal and closure of businesses   6 338       –       139 001  
  Loss on disposal and closure   11 782       –       178 176  
  Tax relief   (5 444)       –       (39 175)  
Net loss (profit) on disposal, impairment and reversal of impairment of investments in associates   (220 646)       230 080       810 759  
  Impairment of investments in associates   103 267       216 916       760 764  
  Reversal of impairment of investments in associates   (319 830)       –       –  
  Net loss (profit) on change in shareholding in associates   (4 083)       13 164       49 995  
Net loss (profit) on disposal of property, plant and equipment and intangible assets   (5 335)       (4 807)       2 265  
  Property, plant and equipment   57       (2 409)       5 601  
  Intangible assets   (9 000)       –       887  
  Tax relief   (18)       (4 231)       (2 843)  
  Non-controlling interest   3 626       1 833       (1 380)  
Gain on bargain purchase   (11 235)       –       (9 310)  
Non-headline items included in equity accounted earnings of associate companies   (25 659)       (1 478)       96 961  
Headline earnings   1 698 637       1 608 875   5,6   3 479 001  

# Refer to re-presentation of comparative information in basis of presentation of condensed consolidated financial statements on Basis of presentation of condensed consolidated financial statements.
* H1 2016 dividend paid pre-unbundling of foodservice businesses.