Computation of normalised earnings

The group believes that normalised earnings more accurately reflect operational performance. Headline earnings are adjusted to take into account non-operational items and accounting anomalies for segmental reporting purposes.

    Restated  
  Year ended   Period ended  
  30 June 2012   30 June 2011  
R million   Audited   Audited  
Headline earnings attributable to equity holders   2 410   542  
RMIs’ share of normalised adjustments      
made by associates:   230   134  
    Amortisation of intangible assets relating to      
    business combinations   152   50  
    Basis and other changes and investment variances   76   52  
    Finance costs raised on puttable non-controlling      
    interest financial liability   38   8  
    STC   37   16  
    Net realised and fair value (gains)/losses on excess   (65)  19  
    Other   (8)  (11) 
Recognition of deferred tax asset on assessed losses   (214)  5  
Earnings of subsidiary held for sale   (10)  (2) 
STC   7   (7) 
Change in homeowners cover profit share      
arrangement   –   (3) 
Group treasury shares   (53)  (18) 
Normalised earnings attributable      
to equity holders   2 370   651