XML 468 R55.htm IDEA: XBRL DOCUMENT v3.25.0.1
Earnings per share (Tables)
 12 Months Ended
Dec. 31, 2024
Earnings per share [abstract]  
Summary of Reconciliation of Earnings Used To Calculate Earnings Per Share Earnings used in the basic, diluted and headline earnings per share calculation represent the profit attributable to the ordinary equity
shareholders after deducting amounts representing the coupon on perpetual hybrid bonds on a pro-rata basis regardless of whether or
not coupons have been declared and paid in the period. Below is a reconciliation of the earnings used to calculate earnings per share:
2024
£m
2023
£m
2022
£m
Earnings/(loss) attributable to owners of the parent
3,068
(14,367)
6,666
Coupon on perpetual hybrid bonds
(56)
(59)
(60)
Tax on coupon on perpetual hybrid bonds
14
14
11
Earnings/(loss)
3,026
(14,412)
6,617
Summary of Reconciliation from Basic to Diluted Earnings Per Share Below is a reconciliation from basic to diluted
earnings per share for 2024 and 2022:
2024
2023
2022
Earnings
£m
Weighted
average
number of
shares
m
Earnings
per share
pence
Loss
£m
Weighted
average
number of
shares
m
Loss
per share
pence
Earnings
£m
Weighted
average
number of
shares
m
Earnings
per share
pence
Basic earnings/(loss) per share
(ordinary shares of 25p each)
3,026
2,214
136.7
(14,412)
2,229
(646.6)
6,617
2,256
293.3
Share options
—
11
(0.7)
—
—
—
—
11
(1.4)
Diluted earnings/(loss) per share*
3,026
2,225
136.0
(14,412)
2,229
(646.6)
6,617
2,267
291.9
Note:
*In 2023, the Group reported a loss for the year. Following the requirements of IAS 33, the impact of share options would be antidilutive and is therefore excluded, for 2023, from the
calculation of diluted earnings per share, calculated in accordance with IFRS. For remuneration purposes, and reflective of the Group's positive earnings on an adjusted basis,
Management  included the dilutive effect of share options in calculating adjusted diluted earnings per share. There were 8 million share options on a weighted average basis in 2023.
Summary of Adjusted Earnings Per Share Adjusted earnings per share calculation
Earnings have been affected by a number of adjusting items, which are described in notes 3 to 10. Adjusting items are significant items
in the profit from operations, net finance costs, taxation and the Group’s share of the post-tax results of associates and joint ventures
which individually or, if of a similar type, in aggregate, are relevant to an understanding of the Group’s underlying financial performance.
The Group believes that these items are useful to users of the Group financial statements in helping them to understand the underlying
business performance. To illustrate the impact of these items, an adjusted earnings per share calculation is shown below.
Basic
2024
2023
2022
Notes
Earnings
£m
Earnings
per share
pence
(Loss)/
earnings
£m
(Loss)/
Earnings
per share
pence
Earnings
£m
Earnings
per share
pence
Basic earnings/(loss) per share
3,026
136.7
(14,412)
(646.6)
6,617
293.3
Effect of amortisation and impairment of
goodwill, trademarks and similar intangibles
4
2,318
104.7
27,816
1,247.9
285
12.6
Tax and non-controlling interests on
amortisation and impairment of goodwill,
trademarks and similar intangibles
10(e)
(522)
(23.6)
(5,390)
(241.8)
(67)
(3.0)
Effect of impairment charges in respect
of property, plant and equipment
4
149
6.7
—
—
—
—
Tax and non-controlling interests on
impairment charges in respect of property,
plant and equipment
10(e)
(48)
(2.2)
—
—
—
—
Effect of settlement of historical litigation
in relation to the Fox River
5(c)
(132)
(6.0)
—
—
—
—
Tax on settlement of historical litigation
in relation to the Fox River
10(e)
22
1.0
—
—
—
—
Net effect of excise and VAT cases
5(b), 6(k)
—
—
(167)
(7.5)
(460)
(20.4)
Tax on excise and VAT cases
10(e)
—
—
41
1.8
72
3.2
Effect of the ongoing litigation in Canada
6(c)
6,203
280.2
—
—
—
—
Tax on the ongoing litigation in Canada
10(e)
(1,644)
(74.3)
—
—
—
—
Effect of disposal of subsidiaries
6(f)
—
—
546
24.5
(6)
(0.3)
Effect of Romania and Brazil other taxes
6(k)
449
20.3
47
2.1
—
—
Tax on Romania and Brazil other taxes
10(e)
(2)
(0.1)
(16)
(0.7)
—
—
Effect of charges in respect of DOJ and OFAC
investigations
6(h)
4
0.2
75
3.4
450
19.9
Effect of planned disposal of subsidiaries
6(j)
—
—
(195)
(8.7)
612
27.2
Tax on planned disposal of subsidiaries
10(e)
—
—
—
—
(10)
(0.4)
Effect of restructuring and integration costs
7
—
—
(2)
(0.1)
771
34.2
Tax and non-controlling interests on
restructuring and integration costs
10(e)
—
—
(3)
(0.1)
(116)
(5.1)
Other adjusting items
3, 6(d),6(g),6(i)
163
7.4
96
4.3
233
10.3
Tax effect on other adjusting items
10(e)
(44)
(2.0)
(22)
(1.0)
(37)
(1.6)
Effect of early repurchase of bonds
8(b)
(590)
(26.6)
29
1.3
—
—
Tax effect of early repurchase of bonds
10(e)
141
6.4
(8)
(0.4)
—
—
Effect of interest on FII GLO settlement
and other
8(b)
99
4.5
67
3.0
34
1.5
Tax effect of interest on FII GLO settlement
and other
10(e)
(26)
(1.2)
(18)
(0.8)
(6)
(0.3)
Effect of gains related to the partial
divestment of shares held in ITC
9(a)
(1,361)
(61.5)
—
—
—
—
Capital gains tax and deferred tax associated
with the partial divestment of shares held in ITC
10(e)
36
1.6
2
—
—
—
—
Effect of associates' adjusting items net of tax
9(a)
(18)
(0.8)
—
(8)
(0.4)
92
4.1
Deferred tax relating to changes in tax rates
10(d)
(267)
(12.1)
(97)
(4.4)
(44)
(2.0)
Adjusting items in tax
10(d)
110
5.0
24
1.2
—
—
Adjusted earnings per share (basic)
8,066
364.3
8,403
377.0
8,420
373.2
Diluted
2024
2023
2022
Notes
Earnings
£m
Earnings
per share
pence
(Loss)/
earnings
£m
(Loss)/
earnings
per share
pence
Earnings
£m
Earnings
per share
pence
Diluted earnings/(loss) per share
3,026
136.0
(14,412)
(646.6)
6,617
291.9
Effect of amortisation and impairment of
goodwill, trademarks and similar intangibles
4
2,318
104.2
27,816
1,247.9
285
12.6
Tax and non-controlling interests on
amortisation and impairment of goodwill,
trademarks and similar intangibles
10(e)
(522)
(23.5)
(5,390)
(241.8)
(67)
(3.0)
Effect of impairment charges in respect
of property, plant and equipment
4
149
6.7
—
—
—
—
Tax and non-controlling interests on
impairment charges in respect of property,
plant and equipment
10(e)
(48)
(2.2)
—
—
—
—
Effect of settlement of historical litigation
in relation to the Fox River
5(c)
(132)
(5.9)
—
—
—
—
Tax on settlement of historical litigation
in relation to the Fox River
10(e)
22
1.0
—
—
—
—
Net effect of excise and VAT cases
5(b), 6(k)
—
—
(167)
(7.5)
(460)
(20.3)
Tax on excise and VAT cases
10(e)
—
—
41
1.8
72
3.2
Effect of the ongoing litigation in Canada
6(c)
6,203
278.9
—
—
—
—
Tax on the ongoing litigation in Canada
10(e)
(1,644)
(73.9)
—
—
—
—
Effect of disposal of subsidiaries
6(f)
—
—
546
24.5
(6)
(0.3)
Effect of Romania and Brazil other taxes
6(k)
449
20.2
47
2.1
—
—
Tax on Romania and Brazil other taxes
10(e)
(2)
(0.1)
(16)
(0.7)
—
—
Effect of charges in respect of DOJ and OFAC
investigations
6(h)
4
0.2
75
3.4
450
19.9
Effect of planned disposal of subsidiaries
6(j)
—
—
(195)
(8.7)
612
26.8
Tax on planned disposal of subsidiaries
10(e)
—
—
—
—
(10)
(0.4)
Effect of restructuring and integration costs
7
—
—
(2)
(0.1)
771
34.0
Tax and non-controlling interests on
restructuring and integration costs
10(e)
—
—
(3)
(0.1)
(116)
(5.1)
Other adjusting items
3, 6(d)6(g),6(i)
163
7.3
96
4.3
233
10.3
Tax effect on other adjusting items
10(e)
(44)
(2.0)
(22)
(1.0)
(37)
(1.6)
Effect of early repurchase of bonds
8(b)
(590)
(26.5)
29
1.3
—
—
Tax effect of early repurchase of bonds
10(e)
141
6.3
(8)
(0.4)
—
—
Effect of interest on FII GLO settlement and other
8(b)
99
4.4
67
3.0
34
1.5
Tax effect of interest on FII GLO settlement
and other
10(e)
(26)
(1.2)
—
(18)
(0.8)
—
(6)
(0.3)
Effect of gains related to the partial
divestment of shares held in ITC
9(a)
(1,361)
(61.1)
1
—
—
1
—
—
Capital gains tax and deferred tax associated with
the partial divestment of shares held in ITC
10(e)
36
1.6
2
—
—
2
—
—
Effect of associates' adjusting items net of tax
9(a)
(18)
(0.8)
—
(8)
(0.4)
—
92
4.1
Deferred tax relating to changes in tax rates
10(d)
(267)
(12.0)
1
(97)
(4.4)
1
(44)
(1.9)
Adjusting items in tax
10(d)
110
4.9
24
1.2
—
—
Impact of dilution*
—
—
—
(1.4)
Adjusted diluted earnings per share
8,066
362.5
8,403
375.6
8,420
371.4
Note:
*In 2023, the Group reported a loss for the year. Following the requirements of IAS 33, the impact of share options would be antidilutive and is therefore excluded, for 2023, from the
calculation of diluted earnings per share, calculated in accordance with IFRS. For remuneration purposes, and reflective of the Group's positive earnings on an adjusted basis,
Management  included the dilutive effect of share options in calculating adjusted diluted earnings per share.
Summary of Headline Earnings Per Share Headline earnings per share as required by the JSE Limited
The presentation of headline earnings per share, as an alternative measure of earnings per share, is mandated under the JSE Listing
Requirements. It is calculated in accordance with Circular 1/2023 ‘Headline Earnings’, as issued by the South African Institute of
Chartered Accountants.
Basic
2024
2023
2022
Earnings
£m
Earnings
per share
pence
(Loss)/
earnings
£m
(Loss)/
earnings
per share
pence
Earnings
£m
Earnings
per share
pence
Basic earnings/(loss) per share
3,026
136.7
(14,412)
(646.6)
6,617
293.3
Effect of impairment of intangibles, property, plant and
equipment, associates and assets held-for-sale
875
39.5
27,800
1,247.2
429
19.0
Tax and non-controlling interests on intangibles, property,
plant and equipment, associates and assets held-for-sale
(203)
(9.2)
(5,430)
(243.6)
(77)
(3.4)
Effect of gains on disposal of property, plant and equipment,
trademarks, held-for-sale assets, partial/full termination of
IFRS 16 leases, and sale and leaseback
(129)
(5.8)
(125)
(5.6)
(21)
(0.9)
Tax and non-controlling interests on disposal of property,
plant and equipment, held-for-sale assets, partial/full
termination of IFRS 16 leases, and sale and leaseback
32
1.4
27
1.2
5
0.2
Effect of impairment of subsidiaries transferred to held-for-
sale and associated costs
—
—
(203)
(9.1)
548
24.2
Tax on impairment of subsidiaries and associated costs
—
—
—
—
(10)
(0.4)
Effect of foreign exchange reclassification from reserves to
the income statement
- Subsidiaries
—
—
552
24.8
6
0.3
- Associates
—
—
—
—
(1)
—
Issue of shares and change in shareholding of an associate
(18)
(0.8)
(40)
(1.8)
3
0.1
Gain on partial disposal of an associate and associated
capital gains tax, including foreign exchange recycled
(1,307)
(59.0)
—
—
—
—
Headline earnings per share (basic)
2,276
102.8
8,169
366.5
7,499
332.4
Diluted
2024
2023
2022
Earnings
£m
Earnings
per share
pence
(Loss)/
earnings
£m
(Loss)/
earnings
per share
pence
Earnings
£m
Earnings
per share
pence
Diluted earnings/(loss) per share
3,026
136.0
(14,412)
(646.6)
6,617
291.9
Effect of impairment of intangibles, property, plant and
equipment, associates and assets held-for-sale
875
39.3
27,800
1,247.2
429
18.9
Tax and non-controlling interests on intangibles, property,
plant and equipment, associates and assets held-for-sale
(203)
(9.1)
(5,430)
(243.6)
(77)
(3.4)
Effect of gains on disposal of property, plant and equipment,
trademarks, held-for-sale assets, partial/full termination of
IFRS 16 leases, and sale and leaseback
(129)
(5.8)
(125)
(5.6)
(21)
(0.9)
Tax and non-controlling interests on disposal of property,
plant and equipment, held-for-sale assets, partial/full
termination of IFRS 16 leases, and sale and leaseback
32
1.4
27
1.2
5
0.2
Effect of impairment of subsidiaries transferred to held-for-
sale and associated costs
—
—
(203)
(9.1)
548
24.1
Tax on impairment of subsidiaries and associated costs
—
—
—
—
(10)
(0.4)
Effect of foreign exchange reclassification from reserves to
the income statement
- Subsidiaries
—
—
552
24.8
6
0.3
- Associates
—
—
—
—
(1)
—
Issue of shares and change in shareholding of an associate
(18)
(0.8)
(40)
(1.8)
3
0.1
Gain on partial disposal of an associate and associated
capital gains tax, including foreign exchange recycled
(1,307)
(58.7)
—
—
—
—
Headline earnings per share (diluted)
2,276
102.3
8,169
366.5
7,499
330.8