Summarised reconciliation – headline earnings

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   Audited 
Year ended 
30 June 2019 
R’000 
Audited 
Year ended 
30 June 2018 
R’000
 
  
Earnings – profit for the year attributable to shareholders of the company  164 922  2 529 466    
Headline earnings adjustments  406 040  (638 616)   
   Change in fair value of investment property  425 125  (646 359)   
   Profit on disposal of investment property  (2 825) (2 697)   
   Other impairments  29 964  10 102    
   Non-controlling interest  (46 224)  338    
Headline earnings (1) 570 962   1 890 850    
Total number of shares in issue  255 894 516  255 894 516    
Weighted average number of ordinary shares in issue  255 495 272  249 024 221    
Fully diluted weighted average number of ordinary shares in issue  255 610 315  249 207 302    
Total shares in issue for dividend per share (excludes treasury shares) 255 309 759  255 448 256    
Basic earnings per share (cents) 64,5  1 015,8    
Headline earnings per share (cents) 223,5  759,3    
Fully diluted basic earnings per share (cents) 64,5  1 015,0    
Fully diluted headline earnings per share (cents) 223,4  758,7    

(1)

Restatement of previous version of Summarised Consolidated Audited Results

The Summarised reconciliation – headline earnings and the calculations of headline earnings per share and diluted headline earnings per share have been restated from those contained in the Summarised Consolidated Audited Results for the year ended 30 June 2019 which was originally approved by the board of directors and dated 5 September 2019 (“the previous financial statements”).

The reason for the restatement is that the Summarised reconciliation – headline earnings in the previous financial statements erroneously included an adjustment adding back the non-controlling interest portion of the change in the fair value of investment property adjustment, when it should have been deducted. The consolidated audited financial statements for the year ended 30 June 2019 have been corrected to reflect this change.

The aforementioned restatement does not affect the calculation of Distributable income for the year ended 30 June 2019 or the Statements of Financial Position, Statements of Comprehensive Income, Statements of Changes in Equity or Statements of Cash Flows, all of which remain unchanged from the previous financial statements.