normalised earnings

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 and accounting anomalies.

R million   Year ended  
30 June  
2012  
  Restated  
Period  
Ended  
30 June  
2011  
Headline earnings attributable to equity holders   2 410     542  
RMI Holdings’ share of normalised adjustments made by associates:   230     134  
    Amortisation of intangible assets relating to business combinations   152     50  
    Basis 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 capital   (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  



Sources of normalised earnings

R million   Year ended  
30 June  
2012  
Restated  
Period  
Ended  
30 June  
2011  
Normalised earnings from:        
Discovery   579   165  
MMI   746   228  
OUTsurance   1 010   220  
RMBSI   74   48  
   2 409   661  
Funding and holding company costs   (39)  (10) 
Normalised earnings   2 370   651  



Computation of normalised earnings per share

   Year ended 
30 June 
2012  
Restated 
Period 
Ended 
30 June  
2011  
% change  
Weighted average number of shares in issue (millions)   1 486   495   >100  
Normalised earnings per share (cents)   159.5   131.5   21  
Diluted normalised earnings per share (cents)   157.8   128.6   23  

 

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