Notes to the annual financial statements
for the year ended 28 February 2010
| GROUP | ||||
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| 2010 | 2009 | |||
| Cents | Cents | |||
| per share | per share* | |||
| 4. | Basic, headline and diluted earnings/(losses) per share | |||
| Basic (note 4.1) | 125.38 | 111.79 | ||
| Continuing operations | 136.73 | 124.34 | ||
| Discontinued operation | (11.35) | (12.55) | ||
| Headline (note 4.1) | 106.72 | 104.78 | ||
| Continuing operations | 117.93 | 116.92 | ||
| Discontinued operation | (11.21) | (12.14) | ||
| Diluted basic (note 4.2) | 121.99 | 109.45 | ||
| Continuing operations | 133.21 | 121.87 | ||
| Discontinued operation | (11.22) | (12.42) | ||
| Diluted headline (note 4.2) | 103.84 | 102.58 | ||
| Continuing operations | 114.92 | 114.59 | ||
| Discontinued operation | (11.08) | (12.01) | ||
| Rm | Rm* | |||
| 4.1 | Basic and headline earnings per share | |||
| The calculation of basic earnings (profit for the year) per share and headline earnings per share is based on: | ||||
| Basic earnings | 646.0 | 575.4 | ||
| Headline earnings | 549.9 | 539.3 | ||
| Number of | Number of | |||
| shares | shares | |||
| and: | 000’s | 000’s | ||
| The weighted average number of ordinary shares in issue during the year | 515 255.4 | 514 732.0 | ||
| Rm | Rm* | |||
| Reconciliation between basic and headline earnings: | ||||
| Basic earnings (profit for the year) | 646.0 | 575.4 | ||
| Adjustments: | (100.0) | (36.1) | ||
| Loss on sale of equipment and vehicles | 3.1 | 7.5 | ||
| Loss on sale of equipment and vehicles – discontinued operation | 0.7 | 2.1 | ||
| Profit on sale of property | (103.8) | (37.5) | ||
| Profit on sale of stores | — | (8.2) | ||
| Tax effect of the adjustments | 3.9 | — | ||
| Headline earnings | 549.9 | 539.3 | ||
| Number of | Number of | |||
| shares | shares | |||
| 000’s | 000’s | |||
| Movement in the weighted average number of ordinary shares in issue comprises: | ||||
| At 1 March | 514 732.0 | 512 644.5 | ||
| Net sale of treasury shares by the share trust, pursuant to the take-up of share options | 523.4 | 2 087.5 | ||
| At 28 February | 515 255.4 | 514 732.0 | ||
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| *Restated – refer note 31 of Pick n Pay Stores Limited’s financial statements. | ||||
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| 2010 Rm |
2009 Rm* |
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| 4.2 | Diluted basic and headline earnings per share | |||
| The calculation of diluted basic earnings per share and diluted headline earnings per share is based on: | ||||
| Diluted basic earnings | 635.5 | 569.6 | ||
| Diluted headline earnings | 541.0 | 533.8 | ||
| and: | ||||
| Number of | Number of | |||
| shares | shares | |||
| 000’s | 000’s | |||
| The diluted weighted average number of ordinary shares in issue during the year | 520 977.6 | 520 391.5 | ||
| Rm | Rm* | |||
| Reconciliation between basic and diluted basic earnings: | ||||
| Basic earnings (profit for the year) | 646.0 | 575.4 | ||
| Pick n Pay Stores Limited’s dilution effect | (10.5) | (5.8) | ||
| Diluted basic earnings | 635.5 | 569.6 | ||
| Headline earnings adjustments, after tax (note 4.1) | (96.1) | (36.1) | ||
| Pick n Pay Stores Limited’s dilution effect | 1.6 | 0.3 | ||
| Diluted headline earnings | 541.0 | 533.8 | ||
| Number of | Number of | |||
| shares | shares | |||
| 000’s | 000’s | |||
| Reconciliation of the weighted average number of ordinary shares in issue for diluted earnings per share: | ||||
| Weighted average number of ordinary shares in issue (note 4.1) | 515 255.4 | 514 732.0 | ||
| Outstanding options | 5 722.2 | 5 659.5 | ||
| Weighted average number of ordinary shares in issue for purposes of calculating diluted earnings per share | 520 977.6 | 520 391.5 | ||
| Refer to note 7 for the number of shares in issue. | ||||
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| *Restated – refer note 31.1 of Pick n Pay Stores Limited’s financial statements. | ||||