Notes to the Consolidated and Separate Annual Financial Statements | Note 25

25. Earnings per share
25.1 Basic earnings per share
 

Basic earnings per share is determined by dividing earnings attributable to the ordinary equity holders of the parent by the weighted average number of ordinary shares outstanding during the year.

   Group  Company 
   2023 
R '000 		 2022 
R '000 		 2023 
R '000 		 2022 
R '000 
Basic earnings per share            
From operations (c per share) 70.1   56.4   –  – 

The calculation of basic earnings per share is based on earnings attributable to ordinary shareholders of R1 753m (2022: R1 410m) and a weighted average number of ordinary shares outstanding during the year of 2 499 126 870 (2022: 2 499 126 870).
25.2 Diluted earnings per share
 

In determining diluted earnings per share, the earnings attributable to the equity holders of the parent and the weighted average number of ordinary shares are adjusted for the effects of all potentially dilutive ordinary shares.

   Group Company 
   2023 
R '000 		 2022 
R '000 		 2023 
R '000 		 2022 
R '000 
Diluted earnings per share            
From operations (c per share) 70.1   56.4   –  – 
Reconciliation of shares in issue to weighted average number of shares in issue ('000)        
Total number of shares in issue at the beginning and end of the year 2,499,127 2,499,127 – –
Weighted average number of shares in issue for the year 2,499,127 2,499,127 – –

The calculation of diluted earnings per share is based on earnings attributable to ordinary shareholders of R1 753m (2022: R1 410m) and a weighted average number of shares outstanding during the year of 2 499 126 870 (2022: 2 499 126 870).
25.3 Headline earnings and diluted headline earnings per share
 

Headline earnings per share and diluted headline earnings per share are determined by dividing headline earnings and diluted headline earnings by the weighted average number of ordinary shares outstanding during a period.

The calculation of headline earnings per share is based on earnings attributable to ordinary shareholders of R1 503m (2022: R1 410m) and a weighted average number of shares outstanding during the year of 2 499 126 870 (2022: 2 499 126 870).

   Group  Company 
   2023 
R '000 		 2022 
R '000 		 2023 
R '000 		 2022 
R '000 
Headline earnings per share (c) 60.1   56.4   –  – 
Diluted headline earnings per share (c) 60.1   56.4   –  – 
  2023
Group		 2022
Group
  Gross Net of
taxation		 Net of
taxation
Earnings for the year attributable to equity holders of the parent – 1,752,964 1,410,010
IAS 33 earnings – (249,888) (302)
IFRS 3 Gain on acquisition of joint operation (249,909) (249,909) –
IAS 16 impairment of property, plant and equipment – – 236
IAS 16 loss (profit) on sale of property, plant and equipment 29 21 (650)
Tax effect – – 112
Headline earnings   1,503,076 1,409,708
   Group  Company 
   2023 
R '000 		 2022 
R '000 		 2023 
R '000 		 2022 
R '000 
Reconciliation of weighted average number of ordinary shares used for the earnings per share to weighted average number of shares used for diluted earnings per share ('000)        
Weighted average number of shares used for the diluted earnings per share 2,499,127   2,499,127   –  –