NOTES TO THE ANNUAL FINANCIAL STATEMENTS | NOTE 32

    2015
Number of shares
  2014
Number of shares
 
32. NET ASSET VALUE        
  Shares issued during the year:        
  Issued ordinary shares at 1 July 2014 (FY14: 1 July 2013) 2 284 908 257   1 891 558 328  
  Effect of treasury shares held (30 631 827)   (32 406 635)  
  Effect of shares issued 104 985 827   284 217 452  
  Effect of shares issued relating to business combinations 321 162 180   109 132 477  
  Shares in issue at end of year (excluding treasury shares) 2 680 424 437   2 252 501 622  

    cents   cents  
  Net asset value per share 2 364   2 215  
  Tangible net asset value per share 2 328   2 223  
    2015
Rm
  2014
Rm
 
  Net asset value per share is reconciled to tangible net asset value per share as follows:        
  Net asset value attributable to shareholders 63 369   49 895  
  Less: net effect of business acquisitions and other intangibles (2 388)   (1 038)  
  — intangible assets (2 580)   (1 258)  
  — deferred tax liability 192   220  
  Less: other deferred tax liability 1 425   1 205  
  Tangible net asset value 62 406   50 062