Reconciliation to distributable earnings
| Audited 12 months 30 June 2015 R000 |
Audited 12 months 30 June 2014 R000 |
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| Abridged reconciliation — headline earnings and distributable earnings | ||||||
| Net income after taxation | 3 779 576 | 1 948 487 | ||||
| Debenture interest | 1 147 443 | |||||
| Earnings | 3 779 576 | 3 095 930 | ||||
| Headline earnings adjustments | (2 457 065) | (1 870 232) | ||||
| Change in fair value of investment property | (2 467 113) | (1 650 419) | ||||
| (Loss)/profit on disposal: Investment in subsidiary | 30 011 | |||||
| Investment property | (24 243) | (4 460) | ||||
| Associate company (Mantrablox) | (17 431) | |||||
| Amortisation of debenture premium | (102 806) | |||||
| Gain on bargain purchase (African Land) | (102 895) | |||||
| Impairment of goodwill | 4 280 | 7 779 | ||||
| Headline earnings | 1 322 511 | 1 225 698 | ||||
| Distributable earnings adjustments | (2 892) | (77 098) | ||||
| Change in fair value: Derivative instruments | (19 556) | (4 276) | ||||
| Listed property securities | 82 266 | |||||
| Profit on disposal of listed property securities | (168 869) | |||||
| Investments in sub-Saharan Africa (excluding SA) | (35) | (3 441) | ||||
| Investments in SA subsidiaries | (2 945) | |||||
| Capital items | 620 | 1 325 | ||||
| Taxation | 12 387 | |||||
| Deferred taxation | 6 637 | 15 897 | ||||
| Distributable earnings | 1 319 619 | 1 148 600 | ||||
| Total shares in issue | 243 256 092 | 243 256 092 | ||||
| Weighted average shares in issue | 243 256 092 | 243 195 790 | ||||
| Total shares in issue for distribution per share (excluding treasury shares) | 242 990 433 | 243 102 433 | ||||
| Basic and diluted earnings per share (cents) | 1 553,7 | 1 273,0 | ||||
| Basic and diluted headline earnings per share (cents) | 543,7 | 504,0 | ||||
| Distribution details | ||||||
| Total distribution for the year (cents) | 543,0 | 472,0 | ||||
| Six months ended 30 June (cents) | 280,3 | 241,0 | ||||
| Six months ended 31 December (cents) | 262,7 | 231,0 | ||||