Condensed consolidated income statement
for the
Download Excel| Half-year ended 31 December | Year ended 30 June |
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| 2020 | 2019 | % | 2020 | ||||||
|---|---|---|---|---|---|---|---|---|---|
| R000s | Unaudited |
ºRestated Unaudited |
Change | Audited | |||||
| Continuing operations | |||||||||
| Revenue | 44 448 758 | 43 002 347 | 3.4 | 76 542 581 | |||||
| Cost of revenue | (31 033 160) | (29 956 270) | 3.6 | (53 101 006) | |||||
| Gross profit | 13 415 598 | 13 046 077 | 2.8 | 23 441 575 | |||||
| Operating expenses | (9 300 613) | (9 183 637) | 1.3 | (18 079 797) | |||||
| Net impairment losses on financial assets | (41 847) | (74 571) | (245 401) | ||||||
| Other income | 84 109 | 124 947 | 266 807 | ||||||
| Income from investments | (88 961) | 17 386 | (43 482) | ||||||
| Trading profit | 4 068 286 | 3 930 202 | 3.5 | 5 339 702 | |||||
| Share-basedpayment expense | (120 907) | (116 804) | (202 494) | ||||||
| Acquisition costs and customer contracts amortisation | (143 754) | (43 318) | (345 229) | ||||||
| Net capital items | (134 005) | (300 080) | (1 973 149) | ||||||
| Profit before finance charges and associate income | 3 669 620 | 3 470 000 | 5.8 | 2 818 830 | |||||
| Net finance charges | (734 400) | (709 169) | 3.6 | (1 429 627) | |||||
| Finance income | 45 907 | 67 578 | 80 253 | ||||||
| Finance charges | (780 307) | (776 747) | (1 509 880) | ||||||
| Share of profit of associates and joint ventures | 63 137 | (97 267) | (164.9) | (92 250) | |||||
| Current period earnings | 63 137 | (91 639) | (168.9) | (87 129) | |||||
| Net capital items | – | (5 628) | (5 121) | ||||||
| Profit before taxation | 2 998 357 | 2 663 564 | 12.6 | 1 296 953 | |||||
| Taxation | (939 947) | (843 364) | 11.5 | (851 589) | |||||
| Profit for the period from continuing operations | 2 058 410 | 1 820 200 | 13.1 | 445 364 | |||||
| Discontinued operations | |||||||||
| Loss after tax from discontinued operations | (25 365) | (10 165) | (632 267) | ||||||
| Profit (loss) for the period | 2 033 045 | 1 810 035 | (186 903) | ||||||
| Attributable to | |||||||||
| Shareholders of the Company – continuing operations | 1 910 663 | 1 625 931 | 17.5 | 168 981 | |||||
| Shareholders of the Company – discontinued operations | (25 365) | (10 165) | (632 267) | ||||||
| Non-controlling interest | 147 747 | 194 269 | (23.9) | 276 383 | |||||
| 2 033 045 | 1 810 035 | 12.3 | (186 903) | ||||||
| Basic earnings per share (cents) – continuing operations | 562.3 | 479.9 | 17.2 | 49,8 | |||||
| Diluted basic earnings per share (cents) – continuing operations | 561.9 | 478.7 | 17.4 | 49,7 | |||||
| Basic earnings per share (cents) – discontinued operations | (7.5) | (3.0) | (186,4) | ||||||
| Diluted basic earnings per share (cents) – discontinued operations | (7.5) | (3.0) | (186,1) | ||||||
| Basic earnings per share (cents) – Group | 554.8 | 476.9 | (136,6) | ||||||
| Diluted basic earnings per share (cents) – Group | 554.4 | 475.8 | (136,4) | ||||||
| º | refer Restatement of comparatives note for details of restatement |
| Half-year ended 31 December | Year ended 30 June |
|||||||
| 2020 | 2019 | % | 2020 | |||||
|---|---|---|---|---|---|---|---|---|
| R000s | Unaudited | ºRestated Unaudited |
Change | Audited | ||||
| Supplementary Information | ||||||||
| Headline earnings per share (cents) – continuing operations | 601.7 | 566.2 | 6.3 | 553,2 | ||||
| Normalised headline earnings per share (cents) – continuing operations* | 651.6 | 613.9 | 6.1 | 1 028,3 | ||||
| Diluted headline earnings per share (cents) – continuing operations | 601.3 | 564.9 | 6.4 | 552,5 | ||||
| Headline earnings per share (cents) – discontinued operations | (7.5) | (3.0) | (159,2) | |||||
| Diluted headline earnings per share (cents) – discontinued operations | (7.5) | (3.0) | (159,0) | |||||
| Normalised headline earnings per share (cents) – Group* | 644.1 | 610.9 | 869,1 | |||||
| Headline earnings per share (cents) – Group | 594.2 | 563.2 | 394,0 | |||||
| Diluted headline earnings per share (cents) – Group | 593.8 | 561.9 | 393,5 | |||||
| Shares in issue | ||||||||
| Total ('000) | 339 888 | 339 679 | 339 770 | |||||
| Weighted ('000) | 339 807 | 338 826 | 339 264 | |||||
| Diluted weighted ('000) | 340 037 | 339 621 | 339 728 | |||||
| Dividends per share (cents) | 290.0 | 282.0 | 2.8 | 282,0 | ||||
| º | refer Restatement of comparatives note for details of restatement |
| * | refer Normalised headline earnings per share note for a detailed definition |
| Half-year ended 31 December | Year ended 30 June |
||||||||
| 2020 | 2019 | % | 2020 | ||||||
|---|---|---|---|---|---|---|---|---|---|
| R000s | Unaudited |
ºRestated Unaudited |
Change | 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 – continuing operations | 1 910 663 | 1 625 931 | 17.5 | 168 981 | |||||
| Impairment of property, plant and equipment, right-of-use assets, goodwill and | |||||||||
| intangible assets | – | – | 990 164 | ||||||
| Property, plant and equipment# | – | – | 222 463 | ||||||
| Right-of-use assets# | – | – | 145 144 | ||||||
| Goodwill# | – | – | 496 850 | ||||||
| Intangible assets# | – | – | 322 124 | ||||||
| Taxation effect | – | – | (141 865) | ||||||
| Non-controlling interest | – | – | (54 552) | ||||||
| Net loss on disposal of interests in subsidiaries and disposal and closure of businesses | 114 539 | 155 676 | 247 181 | ||||||
| Loss on disposal and closure# | 120 897 | 169 244 | 278 944 | ||||||
| Taxation effect | (6 358) | (13 568) | (18 482) | ||||||
| Non-controlling interest | – | – | (13 281) | ||||||
| Net loss on disposal and impairment of associates | 36 147 | 136 049 | 485 711 | ||||||
| Impairment of associates# | 36 147 | 135 356 | 523 279 | ||||||
| Net change in shareholding in associates# | – | 693 | 693 | ||||||
| Taxation effect | – | – | (38 261) | ||||||
| Net gain on disposal of property, plant and equipment and intangible assets | (2 690) | (4 706) | (8 963) | ||||||
| Property, plant and equipment# | (3 354) | (2 263) | 29 981 | ||||||
| Intangible assets# | – | (2 950) | (30 681) | ||||||
| Taxation effect | 664 | 507 | (8 263) | ||||||
| Compensation received on loss or impairment of property plant and equipment | (14 173) | – | (11 267) | ||||||
| Compensation received# | (19 685) | – | (15 648) | ||||||
| Taxation effect | 5 512 | – | 4 381 | ||||||
| Non-headline items included in equity accounted earnings of associated | |||||||||
| companies | – | 5 628 | 5 121 | ||||||
| Headline earnings – continuing operations | 2 044 486 | 1 918 578 | 6.6 | 1 876 928 | |||||
| Loss attributable to shareholders of the Company – discontinued operations | (25 365) | (10 165) | (632 267) | ||||||
| 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 | 2 019 121 | 1 908 413 | 1 336 755 | ||||||
| º | Items above included as capital items on condensed consolidated income statement |
| º | refer Restatement of comparatives note for details of restatement |
Normalised headline earnings per share
Normalised headline earnings per share is a measurement used by the chief operating decision-makers, Mpumi Madisa and the Group executive directors. The calculation of normalised headline earnings per share excludes acquisition costs, amortisation of acquired customer contracts, the Group’s non-cash share of Comair’s SAA travel agent incentive scheme settlement, COVID-19 pandemic expenses relating to abnormal receivables provisioning, inventory obsolescence, restructuring and COVID-19 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.
| Half-year ended 31 December | Year ended 30 June |
||||||||
| 2020 | 2019 | % | 2020 | ||||||
|---|---|---|---|---|---|---|---|---|---|
| R000s | Unaudited |
ºRestated Unaudited |
Change | Audited | |||||
| Headline earnings – continuing operations | 2 044 486 | 1 918 578 | 1 876 928 | ||||||
| Acquisition costs | 7 580 | 16 465 | 178 179 | ||||||
| Amortisation of acquired customer contracts | 136 174 | 26 853 | 70 120 | ||||||
| Fair value uplift of Adcock Ingram inventory | – | – | 96 930 | ||||||
| Non-cash share of Comair's SAA travel agent incentive scheme settlement | – | 122 191 | 122 191 | ||||||
| COVID-19 pandemic expenses (refer Significant accounting policies and judgements) | 83 878 | – | 1 200 644 | ||||||
| COVID-19 pandemic impact on MIAL (refer Significant accounting policies and judgements) | – | – | 351 442 | ||||||
| Taxation effect | (48 195) | (4 013) | (333 513) | ||||||
| Non-controlling interest | (9 876) | (74 193) | |||||||
| Normalised headline earnings – continuing operations | 2 214 047 | 2 080 0746.4 | 6.4 | 3 488 728 | |||||
| Normalised headline earnings – discontinued operations | (25 365) | (10 165) | (540 173) | ||||||
| Normalised headline earnings – Group | 2 188 682 | 2 069 909 | 2 948 555 | ||||||
| º | refer Restatement of comparatives note for details of restatement |