| 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
|
|
|
|
|
|
| |
2017 |
|
|
2016 |
|
| Profit attributable to equity holders of the parent (R’000) |
786 965 |
|
|
691 590 |
|
| Weighted average number of ordinary shares in issue (thousands) |
667 349 |
|
|
665 950 |
|
| Basic earnings per share (cents per share) |
117.92 |
|
|
103.85 |
|
|
| |
|
| (b) |
Headline
| |
|
|
|
|
|
|
| |
Profit
before tax
and non- controlling
interest
R’000 |
Tax
R’000 |
Non-
controlling
interest
R’000 |
|
Headline
earnings
R’000 |
|
| 2017 |
|
|
|
|
|
|
| Profit attributable to equity holders of the parent |
1 152 898 |
(332 037) |
(33 896) |
|
786 965 |
|
| Loss on disposal of property, plant and equipment |
30 |
(8) |
1 |
|
23 |
|
| Impairment of intangible assets in joint venture |
339 |
— |
— |
|
339 |
|
| Headline earnings |
|
|
|
|
787 327 |
|
| Weighted average number of ordinary shares in issue (thousands) |
|
|
|
|
667 349 |
|
| Headline earnings per share (cents per share) |
|
|
|
|
117.98 |
|
| 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 |
|
|
| (c) |
Diluted – basic and headline
|
|
|
|
|
|
| |
2017
R’000 |
|
|
2016
R’000 |
|
| Basic earnings (R’000) |
786 965 |
|
|
691 590 |
|
| Weighted average number of ordinary shares in issue (thousands) |
667 349 |
|
|
665 950 |
|
| Adjusted for forfeitable shares (thousands) |
5 813 |
|
|
6 570 |
|
| Weighted average number of ordinary shares for diluted earnings (thousands) |
673 162 |
|
|
672 520 |
|
| Diluted basic earnings per share (cents per share) |
116.91 |
|
|
102.84 |
|
| Headline earnings (R’000) |
787 327 |
|
|
668 261 |
|
| Weighted average number of ordinary shares for diluted headline earnings (thousands) |
673 162 |
|
|
672 520 |
|
| Diluted headline earnings per share (cents) |
116.96 |
|
|
99.37 |
|
|
| (d) |
Core headline
| Reconciliation between net profit for the period and core headline earnings for the period: |
|
|
|
|
|
| Net profit for the period (R’000) |
786 965 |
|
|
691 590 |
|
| Amortisation on intangibles raised through business combinations net of tax and non-controlling interest (R’000) |
14 069 |
|
|
16 650 |
|
| Core net profit for the period (R’000) |
801 034 |
|
|
708 240 |
|
| Headline earnings adjustments (R’000) |
362 |
|
|
(23 329) |
|
| Core headline earnings (R’000) |
801 396 |
|
|
684 911 |
|
| Weighted average number of ordinary shares in issue (thousands) |
667 349 |
|
|
665 950 |
|
| Core headline earnings per share (cents per share) |
120.09 |
|
|
102.85 |
|
|
| Notes to the Group annual financial statements l Note 1.5 |
|
|