Notes to the annual financial statements

Pick n Pay Holdings Limited
 
     
 
      GROUP
      2011  
Cents  
per share  		     2010*
Cents  
per share  
4.   Basic, headline and diluted earnings/(losses) per share            
  Basic (note 4.1)    82.13       125.38  
  Continuing operations     95.07       135.01  
  Discontinued operations     (12.94)      (9.63) 
  Headline (note 4.1)    82.08       106.72  
  Continuing operations     94.29       115.62  
  Discontinued operations     (12.21)      (8.90) 
  Diluted basic (note 4.2)    79.73       121.99  
  Continuing operations     92.56       131.52  
  Discontinued operations     (12.83)      (9.53) 
  Diluted headline (note 4.2)    79.68       103.84  
  Continuing operations     91.78       112.64  
  Discontinued operations     (12.10)      (8.80) 
             
      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 (profit for the year)    423.7       646.0  
  Headline earnings     423.4       549.9  
             
  and:     Number of  
shares  
000’s  		     Number of  
shares  
000’s  
  The weighted average number of ordinary shares in issue during the year     515 857.7       515 255.4  
             
      Rm       Rm  
  Reconciliation between basic and headline earnings:            
  Basic earnings (profit for the year)    423.7       646.0  
  Adjustments:     (0.3)      (100.0) 
  Loss on sale of equipment and vehicles – discontinued operations     3.7       3.8  
  Profit on sale of property     —       (103.8) 
  Gain on recognition of investment in associate     (4.0)      —  
  Tax effect of adjustments     —       3.9  
  Headline earnings     423.4       549.9  
             
      Number of  
shares  
000’s  		     Number of  
shares  
000’s  
  Movement in the weighted average number of ordinary shares in issue comprises:            
  At 1 March     515 255.4       514 732.0  
  Net sale of treasury shares by the share trust, pursuant to the take-up of share options     602.3       523.4  
  At 28 February     515 857.7       515 255.4  
 
* Restated – refer note 18.1 of Pick n Pay Stores Limited’s annual financial statements.
      GROUP
      2011  
Rm  		     2010*
Rm  
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     415.0       635.5  
  Diluted headline earnings     414.7       541.0  
             
  and:     Number of  
shares  
000’s  		     Number of  
shares  
000’s  
  The diluted weighted average number of ordinary shares in issue during the year     520 520.0       520 977.6  
             
      Rm       Rm  
  Reconciliation between basic and diluted basic earnings:            
  Basic earnings (profit for the year)    423.7       646.0  
  Pick n Pay Stores Limited’s dilution effect     (8.7)      (10.5) 
  Diluted basic earnings     415.0       635.5  
  Headline earnings adjustments (note 4.1)    (0.3)      (96.1) 
  Pick n Pay Stores Limited’s dilution effect     —       1.6  
  Diluted headline earnings     414.7       541.0  
             
      Number of  
shares  
000’s  		     Number of  
shares  
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)    515 857.7       515 255.4  
  Outstanding options     4 662.3       5 722.2  
  Weighted average number of ordinary shares in issue for purposes of calculating diluted earnings per share     520 520.0       520 977.6  
  Refer to note 7 for the number of shares in issue.            
 
* Restated – refer note 18.1 of Pick n Pay Stores Limited’s annual financial statements.
         
 
 

 

  
 
Integrated Annual Report 2011|www.picknpay.co.za