| NOTES TO THE GROUP ANNUAL FINANCIAL STATEMENTS l NOTE 22 |
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2014 |
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2013 |
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| 22. |
EARNINGS PER SHARE |
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| (a) |
Basic |
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Basic earnings per share are calculated by dividing the profit attributable to equity holders of the Company by the weighted average number of ordinary shares in issue during the year. |
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Profit attributable to equity holders of the Company (R’000) |
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450 230 |
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424 841 |
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Weighted average number of ordinary shares in issue (thousands) |
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663 298 |
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661 578 |
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Basic earnings per share (cents per share) |
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67.88 |
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64.22 |
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| (b) |
Headline |
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Headline earnings are calculated applying the principles contained in SAICA circular 2/2013. |
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The weighted average number of ordinary shares used is the same as that used for the basic earnings per share. |
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2014 |
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Profit
before tax
and non-controlling
interest
R’000 |
Tax
R’000 |
Non-controlling
interest
R’000 |
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Headline
earnings
R’000 |
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Profit attributable to equity holders of the Company |
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655 357 |
(206 442) |
1 315 |
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450 230 |
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Profit on disposal of property, plant and equipment |
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(287) |
80 |
— |
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(207) |
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Impairment of property, plant and equipment |
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129 |
(36) |
— |
|
93 |
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Impairment of intangible assets |
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1 073 |
(300) |
— |
|
773 |
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Headline earnings |
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450 889 |
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Weighted average number of ordinary shares in issue (thousands) |
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663 298 |
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Headline earnings per share (cents per share) |
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67.98 |
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2013 |
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Profit
before tax
and non-controlling
interest
R’000 |
Tax
R’000 |
Non-controlling
interest
R’000 |
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Headline
earnings
R’000 |
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Profit attributable to equity holders of the Company |
|
604 509 |
(196 404) |
16 736 |
|
424 841 |
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Profit on disposal of property, plant and equipment |
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(789) |
221 |
6 |
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(562) |
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Profit on disposal of subsidiaries |
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(120) |
— |
— |
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(120) |
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Profit on disposal of joint ventures |
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(2 273) |
— |
166 |
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(2 107) |
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Impairment of property, plant and equipment |
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3 408 |
(954) |
— |
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2 454 |
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Headline earnings |
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424 506 |
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Weighted average number of ordinary shares in issue (thousands) |
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661 578 |
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Headline earnings per share (cents per share) |
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64.17 |
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| (c) |
Diluted – basic and headline |
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Diluted earnings per share are calculated by adjusting the number of ordinary shares outstanding to assume conversion of all dilutive potential ordinary shares. The dilutive potential ordinary shares of the Company are the forfeitable shares granted. For this calculation, an adjustment is made for the number of shares that would be issued on vesting under the forfeitable share plan. |
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2014
R’000 |
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2013
R’000 |
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Basic earnings (R’000) |
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450 230 |
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424 841 |
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Dilutive instrument (R’000) |
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(695) |
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— |
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Dilutive earnings (R’000) |
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449 535 |
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424 841 |
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Weighted average number of ordinary shares in issue (thousands) |
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663 298 |
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661 578 |
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Adjusted for forfeitable shares (thousands) |
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9 014 |
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10 727 |
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Weighted average number of ordinary shares for dilutive earnings (thousands) |
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672 312 |
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672 305 |
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Dilutive basic earnings per share (cents per share) |
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66.86 |
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63.19 |
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Headline earnings (R’000) |
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450 889 |
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424 506 |
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Dilutive instrument (R’000) |
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(695) |
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— |
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Dilutive headline earnings (R’000) |
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450 194 |
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424 506 |
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Weighted average number of ordinary shares for dilutive headline earnings (thousands) |
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672 312 |
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672 305 |
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Dilutive headline earnings per share (cents) |
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66.96 |
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63.14 |
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| (d) |
Core |
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Core earnings per share is calculated after adding back the amortisation of intangible assets as a consequence of the purchase price allocations completed in terms of IFRS 3(R) – Business Combinations. |
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Reconciliation between net profit for the period and core net profit for the period: |
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Net profit for the period (R’000) |
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450 230 |
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424 841 |
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Amortisation on intangibles raised through business combinations net of tax and non-controlling interest (R’000) |
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10 372 |
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12 675 |
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Core net profit for the period (R’000) |
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460 602 |
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437 516 |
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Weighted average number of ordinary shares in issue (thousands) |
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663 298 |
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661 578 |
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Core earnings per share (cents per share) |
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69.44 |
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66.13 |
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| NOTES TO THE GROUP ANNUAL FINANCIAL STATEMENTS l NOTE 22 |
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