84 / 170
2016
%
2015
%
5.
TAXATION
(continued)
The reconciliation of the effective tax rate with the South African company tax rate is:
Taxation for the year as a percentage of profit before taxation
25,0
25,2
Associates
0,2
0,1
Effective rate excluding associate income
25,2
25,3
Dividend and exempt income
0,5
0,7
Foreign taxation rate differential
2,6
3,3
Non-deductible expenses
(2,2)
(1,6)
Deferred taxation assets not previously raised
0,8
–
Exempt portion of capital gains
0,1
–
Changes in prior years’ estimation
0,5
0,3
Change in rate of taxation
0,5
–
Rate of South African company taxation
28,0
28,0
R’000
R’000
Estimated tax losses available for offset against future taxable income
579 744
290 841
Utilised in the computation of deferred taxation
(471 785)
(191 655)
Not accounted for in deferred taxation
107 959
99 186
Deferred taxation assets have not been recognised in respect of certain tax losses as the directors
believe it is not probable that the relevant companies will generate taxable profit in the near future,
against which the benefits can be utilised.
6.
EARNINGS PER SHARE
Weighted average number of shares (’000)
Weighted average number of shares in issue for basic earnings per share and headline earnings per
share calculations
82 405
10
Potential dilutive impact of outstanding share options and conditional awards
764
–
Number of outstanding staff share options
3 133
–
Number of share options deemed to be issued at fair value
(2 397)
–
Contingent issuable shares in terms of conditional share plan to be issued at fair value
28
–
Diluted weighted average number of shares
83 169
10
Attributable earnings (R’000)
Basic earnings per share and diluted earnings per share are based on profit attributable to
shareholders of the company
3 279 576
2 514 858
Basic earnings per share (cents)
3 979,8
24 899 584,2
Diluted basic earnings per share (cents)
3 943,3
24 899 584,2
Dilution (%)
0,9
–
Notes to the consolidated financial statements
for the year ended June 30
Page 80
| Bidcorp Limited Annual integrated report 2016