for the year ended
|Reconciliation of normalised earnings|
|Headline earnings attributable to owners of Kumba||8,724||3,792|
|Gain on lease receivable||–||(418)|
|(Recognition)/derecognition of deferred tax asset||(86)||801|
|Taxation effect of adjustments||–||117|
|Non-controlling interest in adjustments||20||(115)|
|Normalised earnings (Rand per share)|
|The calculation of basic and diluted normalised earnings per share is based on the weighted average number of ordinary shares in issue as follows:|
|Weighted average number of ordinary shares||319,520,658||320,817,364|
|Diluted weighted average number of ordinary shares||321,163,523||320,817,364|
This measure of earnings is specific to Kumba and is not required in terms of International Financial Reporting Standards or the JSE Listings Requirements. Normalised earnings represents earnings from the recurring activities of the group.
This is determined by adjusting the headline earnings attributable to the owners of Kumba for non-recurring expense or income items incurred during the year. The recognition of the deferred tax asset is a non-recurring item and has therefore been adjusted in determining normalised earnings.