Tiger Brands | Annual Financial Statements 2023 - Calculation of weighted average number of shares and headline earnings per share

11	CALCULATION OF WEIGHTED AVERAGE NUMBER OF SHARES AND HEADLINE EARNINGS PER SHARE

		GROUP
		2023	2022
11.1	Weighted average number of shares in issue	156 390 363	162 552 439
	– Opening balance of number of ordinary shares	170 001 222	179 492 168
	– Weighted number of shares held for B-BBEE deal	(13 610 859)	(13 676 994)
	– Weighted number of ordinary shares repurchased	–	(3 262 735)
11.2	Diluted weighted average number of shares in issue	158 661 854	164 844 665
	– Weighted average number of shares in issue – per 11.1 above	156 390 363	162 552 439
	– Dilutive number of shares	2 271 491	2 292 226
11.3	Headline earnings (R’million)	2 712,8	2 767,3
11.4	Headline earnings per share
	Headline earnings per ordinary share (cents)	1 734,7	1 702,4
	Diluted headline earnings per ordinary share (cents)	1 709,8	1 678,7
11.5	Reconciliation between profit for the year and headline earnings

(R’million)	Gross	Taxation	Non- controlling interest	Net
2023
Profit attributable to shareholders of the parent				2 697,2
Adjusted for:
Impairment of property, plant and equipment	50,9	(13,7)	–	37,2
Profit on disposal of property, plant and equipment	(24,2)	2,6	–	(21,6)
Headline earnings for the year	26,7	(11,1)	–	2 712,8
There was no headline earning adjustments for associates during the current year.
2022
Profit attributable to shareholders of the parent				2 864,5
Adjusted for:
Impairment of property, plant and equipment	12,9	(3,6)	–	9,3
Loss on disposal of property, plant and equipment	3,7	(1,0)	–	2,7
Insurance proceeds on property, plant and equipment	(28,3)	7,9	–	(20,4)
Headline earnings adjustment – associate
– Profit on disposal of investment	(100,7)	12,2	–	(88,5)
– Profit on disposal of property, plant and equipment	(0,4)	0,1	–	(0,3)
Headline earnings for the year	(112,8)	15,6	–	2 767,3