for the year ended 30 September

Notes to the annual financial statements

 
        Group
    Notes     2011  
Rm  
  2010  
Rm  
9.   Headline earnings and normalised headline earnings            
  Headline earnings per share (cents)  9.1     598,3     505,5  
  Diluted headline earnings per share (cents)  9.1     594,1     501,1  
  Normalised headline earnings per share (cents)  9.2     590,0     515,7  
  Diluted normalised headline earnings per share (cents)  9.2     585,9     511,1  
9.1   Headline earnings            
  Profit attributable to equity holders of Reunert – IAS 33 – Earnings per Share       1 337,1     899,4  
  Headline earnings are determined by eliminating the effect of the following items in attributable earnings:       (348,2)    4,0  
  Gain on disposal of investment in NSN (after a tax credit of R0,3 million)      (346,7)    –  
  Net (gain)/loss on disposal of property, plant and equipment and intangible assets (after tax charge of R0,6 million (2010: Rnil))      (1,5)    0,1  
  Non-controlling interests in loss on disposal of property, plant and equipment and intangible assets       –     0,1  
  Net surplus on dilution in and disposal of business (after tax of Rnil)      –     (0,2) 
  Impairment charge recognised for property, plant and equipment (after tax charge of R1,6 million)      –     4,0  
  Headline earnings attributable to equity holders of Reunert       988,9     903,4  
9.2   Normalised headline earnings            
  Headline earnings attributable to equity holders of Reunert (basic and diluted)  9.1     988,9     903,4  
  Normalised headline earnings are determined by eliminating the effect of the following items in attributable headline earnings:       –     27,0  
  BEE transaction expense (after tax of Rnil)      –     34,0  
  IFRS 3 profit on acquisition of Nashua Communications (Pty) Limited (after tax charge of Rnil)      –     (8,2) 
  Rate portion of revaluation of interest rate swap derivative assets and liabilities (after tax charge of R3,1 million)      –     8,1  
  BEE share of headline and normalised headline earnings adjustments       –     (6,9) 
  Net economic interest in profit attributable to all BEE partners   9.3     (13,8)    (8,8) 
  Normalised headline earnings attributable to equity holders of Reunert       975,1     921,6  
9.3   Black economic empowerment transactions            
  Interest in profit that is economically attributable to BEE partners            
  Certain BEE transactions involving the disposal of equity interests have not been recognised as non-controlling interests because the significant risks and rewards of ownership of the equity have not passed to the BEE partners under IFRS.

Accordingly, their equity interests in subsidiaries have not been recognised in the group income statement and balance sheet.

The effect of this has been to not recognise the following:

         
  Net economic interest in current year profit attributable to all BEE partners   9.2     13,8     8,8  
  Balance sheet interest that is economically attributable to all BEE partners       77,3     154,1