| NOTES TO THE GROUP ANNUAL FINANCIAL STATEMENTS l NOTE 1.5 |
|
| 1.5 |
Earnings per share
(a) Basic
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.
(b) Headline
Headline earnings are calculated by applying the principles contained in Circular 2/2015 as issued by the South African Institute of Chartered Accountants, as required by JSE Limited.
The weighted average number of ordinary shares used is the same as that used for the basic earnings per share.
(c) Diluted – basic and headline
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.
(d) Core headline
Core headline earnings per share are calculated by adding back to headline earnings, the amortisation of intangible assets net of deferred taxation and non-controlling interests as a consequence of the purchase price allocations completed in terms of IFRS 3(R) – Business Combinations. |
|
| (a) |
Basic
| |
2016
|
|
2015
|
|
| Profit attributable to equity holders of the parent (R’000) |
691 590 |
|
577 617 |
|
| Weighted average number of ordinary shares in issue (thousands) |
665 950 |
|
665 030 |
|
| Basic earnings per share (cents per share) |
103.85 |
|
86.86 |
|
|
| |
|
| (b) |
Headline
| |
Profit
before tax
and non-
controlling
interest
R’000 |
Tax
R’000 |
Non-
controlling
interest
R’000 |
Headline
earnings
R’000 |
|
| 2016 |
|
|
|
|
|
| Profit attributable to equity holders of the parent |
1 050 395 |
(318 783) |
(40 022) |
691 590 |
|
| Profit on disposal of property, plant and equipment |
(500) |
140 |
— |
(360) |
|
| Loss on disposal of intangible assets |
4 |
(1) |
— |
3 |
|
| Impairment of intangible assets |
2 568 |
(719) |
(300) |
1 549 |
|
| Loss on disposal of subsidiary |
3 885 |
1 569 |
— |
5 454 |
|
| Profit on dilution/disposal of associate and joint venture |
(29 975) |
— |
— |
(29 975) |
|
| Headline earnings |
|
|
|
668 261 |
|
| Weighted average number of ordinary shares in issue (thousands) |
|
|
|
665 950 |
|
| Headline earnings per share (cents per share) |
|
|
|
100.35 |
|
| 2015 |
|
|
|
|
|
| Profit attributable to equity holders of the parent |
846 690 |
(265 497) |
(3 576) |
577 617 |
|
| Profit on disposal of property, plant and equipment |
(1 707) |
478 |
4 |
(1 225) |
|
| Impairment of property, plant and equipment in joint venture |
3 264 |
— |
— |
3 264 |
|
| Profit on disposal of subsidiary |
(3 962) |
— |
— |
(3 962) |
|
| Profit on disposal of associate |
(37 238) |
8 595 |
— |
(28 643) |
|
| Headline earnings |
|
|
|
547 051 |
|
| Weighted average number of ordinary shares in issue (thousands) |
|
|
|
665 030 |
|
| Headline earnings per share (cents per share) |
|
|
|
82.26 |
|
|
| (c) |
Diluted - basic and headline
| |
2016
R’000 |
|
2015
R’000 |
|
| Basic earnings (R’000) |
691 590 |
|
577 617 |
|
| Dilutive instrument (R’000) |
— |
|
(5 603) |
|
| Diluted earnings (R’000) |
691 590 |
|
572 014 |
|
| Weighted average number of ordinary shares in issue (thousands) |
665 950 |
|
665 030 |
|
| Adjusted for forfeitable shares (thousands) |
6 570 |
|
7 672 |
|
| Weighted average number of ordinary shares for diluted earnings (thousands) |
672 520 |
|
672 702 |
|
| Diluted basic earnings per share (cents per share) |
102.84 |
|
85.03 |
|
| Headline earnings (R’000) |
668 261 |
|
547 051 |
|
| Dilutive instrument (R’000) |
— |
|
(5 603) |
|
| Diluted headline earnings (R’000) |
668 261 |
|
541 448 |
|
| Weighted average number of ordinary shares for diluted headline earnings (thousands) |
672 520 |
|
672 702 |
|
| Diluted headline earnings per share (cents) |
99.37 |
|
80.49 |
|
|
| (d) |
Core headline
| |
2016
R’000 |
|
2015
R’000 |
|
| Reconciliation between net profit for the period and core headline earnings for the period: |
|
|
|
|
| Net profit for the period (R’000) |
691 590 |
|
577 617 |
|
| Amortisation on intangibles raised through business combinations net of tax and non-controlling interest (R’000) |
16 650 |
|
18 961 |
|
| Core net profit for the period (R’000) |
708 240 |
|
596 578 |
|
| Headline earnings adjustments (R’000) |
(23 329) |
|
(30 566) |
|
| Core headline earnings (R’000) |
684 911 |
|
566 012 |
|
| Weighted average number of ordinary shares in issue (thousands) |
665 950 |
|
665 030 |
|
| Core headline earnings per share (cents per share) |
102.85 |
|
85.11 |
|
|
| NOTES TO THE GROUP ANNUAL FINANCIAL STATEMENTS l NOTE 1.5 |
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