13.

EARNINGS PER SHARE

The directors are of the view that the disclosure of earnings per share, while obligatory in terms of IAS 33 Earnings per share, and the JSE Listings Requirements, is not meaningful to investors as the basic profit includes fair value adjustments, as well as other non-distributable items. In terms of Circular 2/2013, issued by SAICA, the fair value adjustment on investment property is added back in the calculation of headline earnings per share. The circular does not make provision for the fair value adjustment on non-current financial liabilities, accounting adjustments required to account for lease income on a straight-line basis, as well as certain non-cash accounting adjustments that do not affect distributable earnings, to be added back. The calculation of distributable earnings and dividend per share (note 12) is more meaningful.

		2015 Number of shares		2014 Number of shares
	Total shares in issue at end of the year (including treasury shares)	2 711 056 264		2 284 908 257
	Total shares in issue at end of the year (excluding treasury shares)	2 680 424 437		2 252 501 622
	Weighted average number of shares in issue (WANS)	2 359 724 314		1 996 917 123
	Diluted weighted average number of shares in issue (DWANS)	2 376 322 805		2 010 214 510

		cents		cents
	Dividends per share	173.40		161.30
	Basic earnings per share	294.74		279.38
	Diluted earnings per share	292.68		277.53
	Headline earnings per share	149.42		154.24
	Diluted headline earnings per share	148.38		153.22

		2015 Rm		2014 Rm
	Basic profit is reconciled to headline earnings as follows:
	Profit after taxation — attributable to equity holders	6 955		5 579
	Impairment of goodwill/(bargain purchase)	1 558		(28)
	Realised profit on sale of listed investment	(1 097)		–
	Add back: net fair value adjustment – investment property	(3 890)		(2 471)
	— Fair value adjustment	(2 817)		(2 272)
	— Fair value adjustment (V&A Waterfront and other equity-accounted investments)	(486)		(98)
	— NCI portion of fair value adjustment	(587)		(101)
	Headline earnings attributable to shareholders	3 526		3 080
	The dilution is as a result of the financial impact of 22 952 790 (FY14: 13 297 387) share options allocated to employees in terms of the share schemes, that have not yet vested.