| 31. |
EARNINGS PER SHARE |
| |
Basic earnings per share |
| |
Basic earnings per share is calculated by dividing the net profit attributable to equity holders of the parent by the weighted average number of ordinary shares in issue during the year, excluding ordinary shares purchased by a subsidiary of Aspen and held as treasury shares. |
| |
Weighted average number of shares in issue is calculated as the number of shares in issue at the beginning of the year, increased by shares issued during the year, weighted on a time basis for the period during which they have participated in the net profit of the Group. Shares which were subject to a specific share buy-back and which are held by a subsidiary company as treasury shares have been adjusted on a time basis in determining the weighted average number of shares in issue. |
| |
|
|
Continuing operations |
|
Discontinued operations |
|
Total |
| |
|
|
2009
R’million |
|
2008
R’million |
|
2009
R’million |
|
2008
R’million |
|
2009
R’million |
|
2008
R’million |
| |
Profit attributable to equity holders of the parent |
|
1 329,5 |
|
843,2 |
|
10,9 |
|
19,7 |
|
1 340,4 |
|
862,9 |
| |
Weighted average number of shares in issue (’000)* |
|
357 860 |
|
351 792 |
|
357 860 |
|
351 792 |
|
357 860 |
|
351 792 |
| |
Earnings per share (cents) |
|
371,5 |
|
239,7 |
|
3,1 |
|
5,6 |
|
374,6 |
|
245,3 |
|
| |
Diluted earnings per share
The diluted earnings per share are calculated by adjusting the weighted average number of ordinary shares outstanding to assume conversion of all dilutive potential ordinary shares. The company has three categories of dilutive potential ordinary shares, namely share options, share appreciation rights and convertible preference shares. A calculation is performed to determine the number of shares that could have been acquired at fair value based on the monetary value of the subscription rights attached to the outstanding share options and appreciation rights. Fair value is calculated as the average share price for the year for share options. The closing price is used for share appreciation rights, as these are classified as contingently issuable shares in terms of IAS 33, Earnings per share. The number of shares calculated as above is compared with the number of shares that would have been issued assuming the exercise of the share options. |
| |
The difference is added to the denominator as an issue of ordinary shares for no consideration. Earnings were adjusted by the preference share dividend paid and the notional interest on the liability component of preference shares. |
|
| |
|
|
Continuing operations |
|
Discontinued operations |
|
Total |
| |
|
|
2009
R’million |
|
2008
R’million |
|
2009
R’million |
|
2008
R’million |
|
2009
R’million |
|
2008
R’million |
| |
Profit attributable to equity holders of the parent |
|
1 329,5 |
|
843,2 |
|
10,9 |
|
19,7 |
|
1 340,4 |
|
862,9 |
| |
Adjusted for: |
|
|
|
|
|
|
|
|
|
|
|
|
| |
– Preference share dividends paid |
|
38,3 |
|
38,1 |
|
— |
|
— |
|
38,3 |
|
38,1 |
| |
– Notional interest – liability component
of preference shares |
|
9,9 |
|
(1,4) |
|
— |
|
— |
|
9,9 |
|
(1,4) |
| |
|
|
1 377,7 |
|
879,9 |
|
10,9 |
|
19,7 |
|
1 388,6 |
|
899,6 |
| |
Weighted average number of shares for diluted earnings per share (’000) |
|
382 662 |
|
374 702 |
|
382 662 |
|
374 702 |
|
382 662 |
|
374 702 |
| |
Adjustment for share options and appreciation rights (’000) |
|
7 202 |
|
5 310 |
|
7 202 |
|
5 310 |
|
7 202 |
|
5 310 |
| |
Total number of convertible preference shares (’000) |
|
17 600 |
|
17 600 |
|
17 600 |
|
17 600 |
|
17 600 |
|
17 600 |
| |
Weighted number of shares in issue (’000)* |
|
357 860 |
|
351 792 |
|
357 860 |
|
351 792 |
|
357 860 |
|
351 792 |
 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Diluted earnings per share (cents) |
|
360,0 |
|
234,8 |
|
2,9 |
|
5,3 |
|
362,9 |
|
240,1 |
|
| |
*After deduction of weighted number of treasury shares. |
|
| |
|
|
Continuing operations |
|
Discontinued operations |
|
Total |
| |
|
|
2009
R’million |
|
2008
R’million |
|
2009
R’million |
|
2008
R’million |
|
2009
R’million |
|
2008
R’million |
| |
Headline earnings per share |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Reconciliation of headline earnings |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Profit attributable to equity holders of the parent |
|
1 329,5 |
|
843,2 |
|
10,9 |
|
19,7 |
|
1 340,4 |
|
862,9 |
| |
Adjusted for:** |
|
|
|
|
|
|
|
|
|
|
|
|
| |
– Profit on disposal of property, plant and equipment (net of tax) |
|
3,1 |
|
0,5 |
|
0,3 |
|
— |
|
3,4 |
|
0,5 |
| |
– Impairment of intangible assets (net of tax) |
|
24,8 |
|
8,2 |
|
— |
|
— |
|
24,8 |
|
8,2 |
| |
– Loss/(profit) on disposal of intangible assets (net of tax) |
|
0,7 |
|
(37,0) |
|
— |
|
— |
|
0,7 |
|
(37,0) |
| |
– Profit on sale of 51% of Co-pharma Ltd |
|
— |
|
(16,6) |
|
— |
|
— |
|
— |
|
(16,6) |
| |
– Reversal of impairment losses on intangible assets (net of tax) |
|
0,1 |
|
— |
|
— |
|
— |
|
0,1 |
|
— |
| |
– Profit on sale of Shimoda shares (net of tax) |
|
— |
|
(4,3) |
|
— |
|
— |
|
— |
|
(4,3) |
| |
– Loss on sale of Astrix Laboratories Ltd (net of tax) |
|
— |
|
— |
|
24,1 |
|
— |
|
24,1 |
|
— |
| |
Headline earnings |
|
1 358,2 |
|
794,0 |
|
35,3 |
|
19,7 |
|
1 393,5 |
|
813,7 |
| |
Weighted number of shares in issue (’000)* |
|
357 860 |
|
351 792 |
|
357 860 |
|
351 792 |
|
357 860 |
|
351 792 |
| |
Headline earnings per share (cents) |
|
379,5 |
|
225,7 |
|
9,9 |
|
5,6 |
|
389,4 |
|
231,3 |
|
| |
* After deduction of weighted number of treasury shares.
**None of the headline earnings adjustments include minority interest. |
|
| |
|
|
Continuing operations |
|
Discontinued operations |
|
Total |
| |
|
|
2009
R’million |
|
2008
R’million |
|
2009
R’million |
|
2008
R’million |
|
2009
R’million |
|
2008
R’million |
| |
Diluted headline earnings per share |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Diluted headline earnings per share is calculated on the same basis used for calculating diluted earnings per share, other than headline earnings being the numerator. |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Headline earnings |
|
1 358,2 |
|
794,0 |
|
35,3 |
|
19,7 |
|
1 393,5 |
|
813,7 |
| |
Adjusted for: |
|
|
|
|
|
|
|
|
|
|
|
|
| |
– Preference share dividends paid |
|
38,3 |
|
38,1 |
|
— |
|
— |
|
38,3 |
|
38,1 |
| |
– Notional interest – liability component of preference shares |
|
9,9 |
|
(1,4) |
|
— |
|
— |
|
9,9 |
|
(1,4) |
| |
Adjusted headline earnings |
|
1 406,4 |
|
830,7 |
|
35,3 |
|
19,7 |
|
1 441,7 |
|
850,4 |
| |
Weighted average number of shares for diluted headline earnings per share (’000) |
|
382 662 |
|
374 702 |
|
382 662 |
|
374 702 |
|
382 662 |
|
374 702 |
| |
Adjustment for share options and appreciation rights (’000) |
|
7 202 |
|
5 310 |
|
7 202 |
|
5 310 |
|
7 202 |
|
5 310 |
| |
Total number of convertible preference shares (’000) |
|
17 600 |
|
17 600 |
|
17 600 |
|
17 600 |
|
17 600 |
|
17 600 |
| |
Weighted number of shares in issue (’000)* |
|
357 860 |
|
351 792 |
|
357 860 |
|
351 792 |
|
357 860 |
|
351 792 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Diluted headline earnings per share (cents) |
|
367,5 |
|
221,7 |
|
9,2 |
|
5,3 |
|
376,7 |
|
227,0 |
| |
*After deduction of weighted number of treasury shares. |
|
|
