Calculation of headline and core headline earnings
for the year ended 31 March 2011

  31 March  
2011  
R’m  
31 March  
2010  
R’m  
Net profit attributable to shareholders   5 260   3 257  
Adjusted for:      
insurance proceeds  
(51)  (369) 
impairment of property, plant, equipment and other assets  
25   225  
impairment and derecognition of goodwill and intangible assets  
1 035   384  
profit on sale of property, plant and equipment and intangible assets  
(407)  (229) 
profit on sale of investments  
(152)  (120) 
dilution gains on equity-accounted investments  
(1 461)  —  
remeasurements included in equity-accounted earnings  
(28)  30  
impairment of equity-accounted investments  
23   62  
  4 244   3 240  
Total tax effects of adjustments   (27)  7  
Total adjustment for non-controlling interest   (4)  50  
Headline earnings   4 213   3 297  
Adjusted for:      
treasury-settled share scheme charges  
488   418  
prior year withholding taxes  
—   121  
reversal of deferred tax assets  
13   253  
amortisation of intangible assets  
1 052   922  
Welkom Yizani refinancing  
—   330  
fair value adjustments and currency translation differences  
18   (22) 
RCF – accelerated amortisation of costs  
128   —  
acquisition-related costs  
124   —  
Core headline earnings   6 036   5 319