The calculation of basic earnings per share for the Group is based on profit and loss attributable to the parent for the year of
R117.7 million (June 2016 restated: net profit of R140.3 million), and a weighted average number of shares of 554.4 million
(June 2016: 553.0 million) shares in issue. The calculation of headline earnings per share for the Group is calculated on
adjusted headline earnings of R123.8 million (June 2016 restated: R145.6 million), and a weighted average number of shares
of 554.4 million (June 2016: 553.0 million) shares in issue.
Under the contingent consideration arrangement, AfroCentric Investment Corporation Limited is required to issue WAD
Holdings Proprietary Limited an additional 31 366 977 shares (2016: 26 192 902 shares) based on management’s best
estimate as per the Acquisition of Shares agreement. WAD Holdings Proprietary Limited has now elected to receive the
contingent consideration in cash and not shares. This no longer has an impact on the weighted average number of shares
for diluted earnings per share in the current financial year.
| |
| |
June 2016
Restated*
R’000 |
|
| Reconciliation of headline earnings |
|
|
|
|
| Total profit and loss attributable to the parent |
117 669 |
|
140 349 |
|
| Basic earnings |
117 669 |
|
140 349 |
|
| Adjusted for: |
|
|
|
|
| Impairment/(reversal of impairment) |
16 640** |
|
10 217 |
|
| Tax effect of impairment/(reversal of impairment) |
– |
|
(1 360) |
|
| Loss on disposal of assets |
681 |
|
245 |
|
| Tax effect of loss on disposal of asset |
(191) |
|
(69) |
|
| Fair value gain on investment property |
(418) |
|
– |
|
| Tax effect of fair value gain on Investment property |
94 |
|
– |
|
| Total non-controlling interest effect of adjustments |
(10 637) |
|
(3 815) |
|
| Headline earnings |
123 838 |
|
145 567 |
|
| Earnings per share (cents) |
|
|
|
|
| Basic |
21.23 |
|
25.38 |
|
| Diluted |
21.23 |
|
24.23 |
|
| Headline earnings per share (cents) |
|
|
|
|
| Basic |
22.34 |
|
26.33 |
|
| Diluted |
22.34 |
|
25.13 |
|
| Cash earnings per share (cents)*** |
|
|
|
|
| Basic |
81.33 |
|
71.23 |
|
| Diluted |
81.33 |
|
68.00 |
|
| Weighted average number of shares |
554 377 328 |
|
552 958 931 |
|
| Adjusted for: |
|
|
|
|
| – dilutionary impact of contingent shares |
– |
|
26 192 902 |
|
| Weighted average number of shares for diluted earnings per share |
554 377 328 |
|
579 151 833 |
|
|
|
|
|
|
| * See Note 39 for details regarding the restatement of the June 2016 results. |
|
|
|
|
| ** This relates to impairment of Goodwill relating to IE Business which is currently dormant as it ceased operations. |
|
|
|
|
| *** The cash generated from operations was used to arrive at this figure. |
|
|
|
|
| Normalised earnings (non-IFRS information)¹ |
|
|
|
|
| Headline earnings |
123 838 |
|
145 567 |
|
| Adjusted by: |
120 275 |
|
24 960 |
|
| – Finance costs: conditional obligation |
45 906 |
|
24 960 |
|
| – Fair value of contingent consideration |
59 582 |
|
– |
|
| – Sanlam indemnity expense |
14 787 |
|
– |
|
| Normalised headline earnings |
244 113 |
|
170 527 |
|
| Normalised headline earnings per share (cents) |
|
|
|
|
| Basic |
44.03 |
|
30.84 |
|
| Diluted |
44.03 |
|
29.44 |
|
|
|
|