utilisation of previously unrecognised temporary differences (129.2) (63.8) (169.5) 0 Zakat 38.9 34.5 27.4 33.4 Utilisation of reinvestment allowance* (607.3) (612.2) (604.2) (612.2) Prosperity Tax# 0 340.8 0 177.4 Tax and zakat charge 770.0 1,791.2 381.0 894.1 Average effective tax rate (%) 22.8 33.5 11.4 26.9 * The reinvestment allowance incentive was enacted by the Government through the Finance Act 2020 for YA 2020 to YA 2022 and subsequently extended to YA 2024 under the Finance Act 2021. # Prosperity Tax is a one-off imposed by the Government for Year Assessment 2022. NOTES TO THE FINANCIAL STATEMENTS 31 December 2023 FINANCIAL STATEMENTS Sec 5 295 38 TAXATION AND ZAKAT (CONTINUED) The tax charge relating to components of OCI is as follows: 2023 2022 Before tax RM’million Tax charged RM’millionAfter tax RM’million Before tax RM’million Tax charged RM’million After tax RM’million Group Defined benefit plan actuarial (loss)/ gain (Note 24) (867.3) 208.7 (658.6) 727.1 (73.7) 653.4 Effect of changes in foreign currencies 427.8 0 427.8 (222.3) 0 (222.3) Fair value changes of financial assets at FVOCI (15.6) 0 (15.6) 7.9 0 7.9 Share of OCI of associates accounted for using the equity method 133.0 0 133.0 (55.2) 0 (55.2) (322.1) 208.7 (113.4) 457.5 (73.7) 383.8 Company Defined benefit plan actuarial (loss)/ gain (Note 24) (770.1) 184.8 (585.3) 650.5 (156.1) 494.4 Fair value changes of financial assets at FVOCI (15.7) 0 (15.7) 7.9 0 7.9 (785.8) 184.8 (601.0) 658.4 (156.1) 502.3 39 EARNINGS PER SHARE (‘EPS’) (a) Basic earnings per share Basic earnings per share is calculated by dividing the profit attributable to owners of the Company for the financial year by the weighted average number of ordinary shares issued during the financial year. Group 2023 2022 Profit attributable to owners of the Company (RM’million) 2,770.3 3,463.3 Weighted average number of ordinary shares in issue (’000) 5,771,843 5,738,438 Basic earnings per share (sen) 48.00 60.35 NOTES TO THE FINANCIAL STATEMENTS 31 December 2023 TENAGA NASIONAL