| NOTES TO THE GROUP ANNUAL FINANCIAL STATEMENTS l NOTE 24 |
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2013 |
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2012 |
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| 24. |
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 from continuing operations attributable to
equity holders of the Company (R’000) |
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424 841 |
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443 597 |
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Loss from discontinued operations attributable to
equity holders of the Company (R000) |
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— |
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(5 493) |
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Profit attributable to equity holders of the
Company (R’000) |
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424 841 |
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438 104 |
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Weighted average number of ordinary shares in
issue (thousands) |
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Basic earnings per share (cents per share) |
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661 578 |
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708 060 |
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From continuing operations (cents per share) |
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64.22 |
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62.65 |
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From discontinued operations (cents per share) |
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— |
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(0.78) |
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64.22 |
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61.87 |
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| (b) |
Headline
Headline earnings are calculated applying the principles contained in SAICA circular
3/2012.
The weighted average number of ordinary shares used, is the same as that used for the
basic earnings per share.
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2013 |
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Profit
before tax
and non-controlling
interest
R’000 |
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Tax
R’000
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Non-
controlling
interest
R’000 |
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Non-controlling
interest
R’000 |
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| Profit attributable to equity
holders of the Company |
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604 509 |
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(196 404) |
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16 736 |
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424 841 |
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| Profit on disposal of
property, plant and
equipment |
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(789) |
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221 |
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6 |
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(562) |
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| Profit on disposal of
subsidiaries |
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(120) |
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— |
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— |
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(120) |
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| Profit on disposal of joint
ventures |
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(2 273) |
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— |
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166 |
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(2 107) |
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| Impairment of property,
plant and equipment |
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3 408 |
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(954) |
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— |
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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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2012 |
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Profit
before tax
and non-controlling
interest
R’000 |
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Tax
R’000 |
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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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613 911 |
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(194 437) |
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18 630 |
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438 104 |
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| Profit on disposal of
property, plant and
equipment |
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(90) |
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25 |
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— |
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(65) |
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| Loss on disposal of
subsidiary |
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3 014 |
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— |
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— |
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3 014 |
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| Loss on disposal of
associate |
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3 025 |
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— |
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— |
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3 025 |
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| Impairment of property,
plant and equipment |
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12 787 |
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(3 580) |
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— |
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9 207 |
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| Impairment of intangible
asset |
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204 |
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(57) |
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— |
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147 |
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| Impairment of goodwill |
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4 684 |
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— |
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— |
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4 684 |
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| Profit on disposal of
investment |
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(615) |
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115 |
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139 |
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(361) |
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| Headline earnings |
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457 755 |
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| Weighted average number
of ordinary shares in issue
(thousands) |
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708 060 |
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| Headline earnings per
share (cents per share) |
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64.65 |
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| (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 only 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.
There are no potential dilutive instruments relating to the discontinued operations. |
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2013 |
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2012 |
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Basic earnings (R’000) |
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424 841 |
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438 104 |
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Issued number of ordinary shares (thousands) |
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661 578 |
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708 060 |
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Adjusted for forfeitable shares (thousands) |
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10 727 |
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10 518 |
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Weighted average number of ordinary shares
for dilutive earnings (thousands) |
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672 305 |
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718 578 |
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Dilutive basic earnings per share (cents per
share) |
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63.19 |
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60,97 |
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Headline earnings (R’000) |
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424 506 |
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457 755 |
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Weighted average number of ordinary shares
for dilutive headline earnings (thousands) |
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672 305 |
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718 578 |
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Dilutive headline earnings per share (cents) |
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63.14 |
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63.70 |
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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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424 841 |
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438 104 |
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Amortisation on intangibles raised through
business combinations net of tax and non-controlling
interest (R’000) |
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12 675 |
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17 693 |
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Core net profit for the period (R’000) |
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437 516 |
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455 797 |
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Weighted average number of ordinary shares in
issue (thousands) |
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661 578 |
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708 060 |
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Core earnings per share (cents per share) |
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66.13 |
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64.37 |
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| NOTES TO THE GROUP ANNUAL FINANCIAL STATEMENTS l NOTE 24 |
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