Condensed consolidated income statement
for the half-year ended 31 December 2019
| Download (EXCEL) |
| Half-year ended 31 December | |||||||||||||||
| R000s | 2019 Unaudited |
IFRS 16 adjustment Unaudited |
2019 ^ Pro forma Unaudited |
2018 Unaudited |
% change |
% change Pro forma |
Year ended 30 June 2019 Audited |
||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 43 677 636 | – | 43 677 636 | 40 002 674 | 9.2 | 9.2 | 77 152 384 | ||||||||
| Cost of revenue | (30 345 538) | – | (30 345 538) | (28 291 821) | 7.3 | 7.3 | (54 142 671) | ||||||||
| Gross profit | 13 332 098 | – | 13 332 098 | 11 710 853 | 13.8 | 13.8 | 23 009 713 | ||||||||
| Operating expenses | (9 475 506) | (99 630) | (9 575 136) | (8 596 279) | 10.2 | 11.4 | (16 952 252) | ||||||||
| Other income | 125 845 | – | 125 845 | 137 833 | 310 208 | ||||||||||
| Income from investments | 17 386 | – | 17 386 | 86 538 | 368 258 | ||||||||||
| Trading profit | 3 999 823 | (99 630) | 3 900 193 | 3 338 945 | 19.8 | 16.8 | 6 735 927 | ||||||||
| Share-based payment expense | (117 497) | – | (117 497) | (92 483) | (190 109) | ||||||||||
| Acquisition costs and customer contracts amortisation | (43 318) | – | (43 318) | (25 194) | (65 858) | ||||||||||
| Operating profit | 3 839 008 | (99 630) | 3 739 378 | 3 221 268 | 19.2 | 16.1 | 6 479 960 | ||||||||
| Net capital items# | (300 080) | – | (300 080) | 112 479 | (787 102) | ||||||||||
| Net finance charges | (791 262) | 228 782 | (562 480) | (524 025) | 51.0 | 7.3 | (1 054 933) | ||||||||
| Finance income | 67 707 | – | 67 707 | 87 181 | 180 461 | ||||||||||
| Finance charges | (858 969) | 228 782 | (630 187) | (611 206) | (1 235 394) | ||||||||||
| Share of profit of associates and joint ventures | (97 267) | (5 837) | (103 104) | 198 429 | (149.0) | (152.0) | 583 198 | ||||||||
| Current period earnings | (91 639) | (5 837) | (97 476) | 201 081 | (145.6) | (148.5) | 592 104 | ||||||||
| Net capital items | (5 628) | – | (5 628) | (2 652) | (8 906) | ||||||||||
| Profit before taxation | 2 650 399 | 123 315 | 2 773 714 | 3 008 151 | (11.9) | (7.8) | 5 221 123 | ||||||||
| Taxation | (840 364) | (36 163) | (876 527) | (751 221) | 11.9 | 16.7 | (1 417 193) | ||||||||
| Profit for the period | 1 810 035 | 87 152 | 1 897 187 | 2 256 930 | 3 803 930 | ||||||||||
| Attributable to: | |||||||||||||||
| Shareholders of the Company | 1 615 766 | 86 837 | 1 702 603 | 2 223 239 | (27.3) | (23.4) | 3 775 282 | ||||||||
| Non-controlling interest | 194 269 | 315 | 194 584 | 33 691 | 476.6 | 477.6 | 28 648 | ||||||||
| 1 810 035 | 87 152 | 1 897 187 | 2 256 930 | (19.8) | (15.9) | 3 803 930 | |||||||||
| Basic earnings per share (cents) | 476.9 | 502.5 | 660.0 | (27.7) | (23.9) | 1 119.4 | |||||||||
| Diluted basic earnings per share (cents) | 475.8 | 501.3 | 657.5 | (27.6) | (23.8) | 1 116.4 | |||||||||
| Supplementary Information | |||||||||||||||
| Headline earnings per share (cents) | 563.2 | 588.9 | 629.1 | (10.5) | (6.4) | 1 352.1 | |||||||||
| Diluted headline earnings per share (cents) | 561.9 | 587.5 | 626.7 | (10.3) | (6.3) | 1 348.4 | |||||||||
| Normalised headline earnings per share* (cents) | 610.9 | 636.5 | 635.7 | (3.9) | 0.1 | 1 320.0 | |||||||||
| Shares in issue | 338 382 | ||||||||||||||
| Total ('000) | 339 679 | 339 679 | 337 072 | 337 245 | |||||||||||
| Weighted ('000) | 338 826 | 338 826 | 336 843 | 338 164 | |||||||||||
| Diluted weighted ('000) | 339 621 | 339 621 | 338 125 | ||||||||||||
| Dividends per share (cents) | 282.0 | 282.0 | 282.0 | 0.0 | 0.0 | 600.0 | |||||||||
| * | Normalised headline earnings per share excludes acquisition costs, amortisation of acquired customer contracts and non-cash share of SAA claim |
| ^ | Pro forma Unaudited applies IAS 17 to operating leases for the half year ending 31 December 2019 |
| # | Refer to headline earnings calculations for further details |
| Half-year ended 31 December | |||||||||||||
| R000s | 2019 Unaudited |
IFRS 16 adjustment Unaudited |
^Pro forma 2019 Unaudited |
2018 Unaudited |
% change |
2019 Audited |
|||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 | 1 615 766 | 86 837 | 1 702 603 | 2 223 239 | (27.3) | 3 775 282 | |||||||
| Impairment of property, plant and equipment, goodwill and intangible assets | – | – | – | – | 10 299 | ||||||||
| Property, plant and equipment# | – | – | – | – | 9 580 | ||||||||
| Intangible assets# | – | – | – | – | 1 648 | ||||||||
| Taxation effect | – | – | – | – | (196) | ||||||||
| Non-controlling interest | – | – | – | – | (733) | ||||||||
| Net loss on disposal of interests in subsidiaries and disposal and closure of businesses | 155 676 | – | 155 676 | 10 817 | 175 030 | ||||||||
| Loss on disposal and closure# | 169 244 | – | 169 244 | 12 449 | 202 250 | ||||||||
| Taxation effect | (13 568) | – | (13 568) | (1 632) | (23 947) | ||||||||
| Non-controlling interest | – | – | – | – | (3 273) | ||||||||
| Net loss (gain) on disposal and remeasurement to recoverable fair value of associates | 136 049 | – | 136 049 | (100 896) | 622 900 | ||||||||
| Remeasurement to recoverable fair value of associate# | 135 356 | – | 135 356 | (100 618) | 623 941 | ||||||||
| Net loss (gain) on change in shareholding in associates# | 693 | – | 693 | (278) | (1 041) | ||||||||
| Net gain on disposal of property, plant and equipment and intangible assets | (4 706) | – | (4 706) | (5 977) | (19 016) | ||||||||
| Property, plant and equipment# | (2 263) | – | (2 263) | (4 652) | (28 192) | ||||||||
| Intangible assets# | (2 950) | – | (2 950) | (4 380) | (4 249) | ||||||||
| Taxation effect | 507 | – | 507 | 1 303 | 11 554 | ||||||||
| Non-controlling interest | – | – | 1 752 | 1 871 | |||||||||
| Compensation received on loss or impairment of property plant and equipment | – | – | – | (10 800) | (13 630) | ||||||||
| Compensation received# | – | – | – | (15 000) | (16 835) | ||||||||
| Taxation effect | – | – | – | 4 200 | 3 205 | ||||||||
| Non-headline items included in equity accounted earnings of associated companies | 5 628 | – | 5 628 | 2 652 | 8 906 | ||||||||
| Headline earnings | 1 908 413 | 8 906 | 1 995 250 | 2 119 035 | (9.9) | 4 559 771 | |||||||
| # | Items above included as capital items on summarised consolidated income statement |
| ^ | Pro forma Unaudited applies IAS 17 to operating leases for the half year ending 31 December 2019 |
Normalised headline earnings per share
Normalised headline earnings per share is a measurement used by Lindsay Ralphs, the chief operating decision maker. The calculation of normalised headline earnings per share excludes acquisition costs, amortisation of acquired customer contracts and non-cash share of SAA claim 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 period. The presentation of normalised headline earnings is not an IFRS requirement.
| Half-year ended 31 December | ||||||||||||
| 2019 | IFRS 16 adjustment |
^ Pro forma 2019 |
2018 | % | 2019 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| R000s | Unaudited | Unaudited | Unaudited | Unaudited | change | Audited | ||||||
| Headline earnings | 1 908 413 | 86 837 | 1 995 250 | 2 119 035 | 4 559 771 | |||||||
| Acquisition costs | 16 465 | – | 16 465 | 3 222 | 22 940 | |||||||
| Amortisation of customer contracts | 26 853 | – | 26 853 | 21 972 | 42 918 | |||||||
| Non-cash share of Comair’s SAA travel agent incentive scheme settlement | 122 191 | – | 122 191 | – | (167 950) | |||||||
| Taxation effect | (4 013) | – | (4 013) | (2 883) | (5 883) | |||||||
| Normalised headline earnings | 2 069 909 | 86 837 | 2 156 746 | 2 141 346 | (3.3) | 4 451 796 | ||||||
| ^ | Pro forma Unaudited applies IAS 17 to operating leases for the half year ending 31 December 2019 |