NOTES TO THE FINANCIAL STATEMENTS — NOTE 28

28. Earnings per share
 

The calculation of basic and headline earnings per share has been based on profit attributable to ordinary shareholders, amended as shown in the reconciliation below. The weighted average number of ordinary shares outstanding has been used for both basic and headline earnings, with adjustments for treasury shares held. The effect of all dilutive potential ordinary shares is shown in both the earnings (diluted) and the weighted average number of shares outstanding (diluted).

   Total 
GROUP 
June 2017 
R000 
   Total 
GROUP 
June 2016 
R000 
   Diluted 
GROUP 
June 2017 
R000 
   Diluted 
GROUP 
June 2016 
R000 
  
Reconciliation – basic to headline earnings                  
Profit for the year attributable to: Shareholders of the company  2 767 652     2 767 160     2 767 652     2 767 160    
Dilutive earnings adjustments          (16 090)    (14 542)   
   Retention share scheme              (6 754)    (5 507)   
   Performance share scheme              (9 336)    (9 034)   
Profit attributable to shareholders of the company (basic/diluted earnings) 2 767 652     2 767 160     2 751 562     2 752 619    
Headline earnings adjustments  (1 173 228)    (1 372 032)    (1 173 228)    (1 372 032)   
   Change in fair value of investment property  (1 181 786)    (1 382 134)    (1 181 786)    (1 382 134)   
   (Reversal of impairment)/impairment of investment in joint venture  (10 102)    10 102     (10 102)    10 102    
   Loss on disposal of investment in subsidiary  2 557         2 557         
   Profit on disposal of investment property  (2 031)        (2 031)        
   Impairment of goodwill  18 134           18 134          
Headline earnings/diluted headline earnings  1 594 424     1 395 128     1 578 334     1 380 587    
Weighted average number of ordinary shares (basic and headline)                 
At 30 June 2017, the company had 248 441 278 shares in issue  (2016: 243 256 092).                  
Issued shares at 1 July  243 256 092     243 256 092     243 256 092     243 256 092    
Effect of shares issued  4 645 358         4 645 358         
Effect of treasury shares held  (460 050)    (335 011)    (460 050)    (335 011)   
Effect of dilutive shares              279 131     446 677    
Weighted average shares in issue  247 441 400     242 921 081     247 720 531     243 367 758    
                         
   Cents     Cents     Cents     Cents    
Earnings and headline earnings per share                  
Basic earnings per share  1 118,5     1 139,1     1 110,8     1 131,1    
Headline earnings per share  644,4     574,3     637,1     567,3    

NOTES TO THE FINANCIAL STATEMENTS — NOTE 28