Notes to the annual financial statements

Pick n Pay Stores Limited
 
     
 
      GROUP
      2011  
Cents  
per share  		     2010*
Cents  
per share  
6.   Basic, headline and diluted earnings/(losses) per share            
  Basic (note 6.1)    164.99       251.25  
  Continuing operations     190.92       270.53  
  Discontinued operations     (25.93)      (19.28) 
  Headline (note 6.1)    164.90       213.90  
  Continuing operations     189.35       231.71  
  Discontinued operations     (24.45)      (17.81) 
  Diluted basic (note 6.2)    162.20       247.40  
  Continuing operations     187.68       266.38  
  Discontinued operations     (25.48)      (18.98) 
  Diluted headline (note 6.2)    162.10       210.62  
  Continuing operations     186.14       228.16  
  Discontinued operations     (24.04)      (17.54) 
             
6.1   Basic and headline earnings per share     Rm       Rm  
  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)    784.9       1 188.9  
  Headline earnings     784.4       1 012.1  
             
  and:     Number of  
shares  
000's  		     Number of  
shares  
000's  
  The weighted average number of ordinary shares in issue during the year     475 770.3       473 199.8  
             
  Reconciliation between basic and headline earnings:     Rm       Rm  
  Basic earnings (profit for the year)    784.9       1 188.9  
  Adjustments:     (0.5)      (184.0) 
  Loss on sale of equipment and vehicles – discontinued operations     7.0       6.9  
  Profit on sale of property     —       (190.9) 
  Gain on recognition of investment in associate     (7.5)      —  
  Tax effect of adjustments     —       7.2  
  Headline earnings     784.4       1 012.1  
             
      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     473 199.8       471 728.2  
  Effect of current year share repurchases by the share trust     (885.3)      (896.8) 
  Effect of share sales on the take-up of share options     3 038.8       1 313.8  
  Prior year net share sales/repurchases now fully weighted     417.0       1 054.6  
  At 28 February     475 770.3       473 199.8  
  *Restated – refer note 18.1.            
      GROUP
      2011  
Rm  		     2010*
Rm  
6.2   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     784.9       1 188.9  
  Diluted headline earnings     784.4       1 012.1  
             
  and:     Number of  
shares  
000’s  		     Number of  
shares  
000’s  
  The diluted weighted average number of ordinary shares in issue during the year     483 980.6       480 572.8  
  No reconciliation between basic and diluted earnings is presented as there are no dilutive effects on earnings.            
  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 6.1)    475 770.3       473 199.8  
  Dilutive effect of share options     8 210.3       7 373.0  
  Weighted average number of ordinary shares in issue for purposes of calculating diluted earnings per share     483 980.6       480 572.8  
  Refer to note 19 for the number of shares in issue.            
  *Restated – refer note 18.1.    
 
 

 

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