Computation of headline and normalised earnings

  for the period ended
  31 December   30 June  
   2011   2011  
R million Unaudited   Audited  
Earnings attributable to equity holders   934   570  
Share of adjustments made by associates:   (17)  (45) 
 Realised profit on sale of available-for-sale financial assets   (22)  (1) 
 Goodwill and other impairments   5   –  
 Realised profit on intellectual property   –   (15) 
 Realised profit on investment property   –   (29) 
   
Headline earnings attributable to equity holders   917   525  
Share of normalised adjustments made by associates:   136   129  
 Amortisation of intangible assets relating        
   to business combinations   79   50  
 Basis changes and investment variances   40   47  
 Finance costs raised on puttable non-controlling        
   interest financial liability   19   –  
 BEE costs and share based expenses   6   1  
 Net realised and fair value (gains)/losses on excess   (24)  19  
 Other   16   12  
Share of normalised adjustments made by subsidiaries   –   (3)*  
Group treasury shares   (26)  (18) 
Normalised earnings attributable to equity holders**   1 027   633  
Normalised earnings from:        
Discovery   281   165  
MMI   323   223  
OUTsurance   441   200*  
RMBSI   4   48  
   1 049   636  
Funding and holding company costs   (22)  (3) 
Normalised earnings attributable to equity holders**   1 027   633  
   
   
* The normalised earnings of OUTsurance for the period ended 30 June 2011 have been restated to take into account the effect of a change in a profit sharing arrangement with FNB.
** Unaudited.