97 / 166
2017
%
2016
%
5.
TAXATION
(continued)
The reconciliation of the effective taxation rate with the South African company taxation rate is:
Taxation for the year as a percentage of profit before taxation
23,7
25,0
Associates
0,1
0,2
Effective rate excluding associate income
23,8
25,2
Dividend and exempt income
1,2
0,5
Foreign taxation rate differential
3,1
2,6
Details of non-deductible expenses
(2,8)
(2,2)
Deferred taxation assets not previously raised
1,9
0,8
Exempt portion of capital gains
0,7
0,1
Changes in prior years’ estimation
–
0,5
Change in rate of taxation
0,1
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
431 854
579 744
Utilised in the computation of deferred taxation
(290 954)
(471 785)
Not accounted for in deferred taxation
140 900
107 959
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.
Non-deductible expenses comprise impairments relating to goodwill (refer note 15), property, plant
and equipment (refer note 13), intangible assets (refer note 14) and other non-deductible expenses
individually insignificant across the Bidcorp group.
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
332 065
82 405
Potential dilutive impact of outstanding share options and conditional awards
730
764
Number of outstanding staff share options
4 228
3 133
Number of share options deemed to be issued at fair value
(3 554)
(2 397)
Contingent issuable shares in terms of conditional share plan to be issued at fair value
56
28
Dilutive weighted average number of shares
332 795
83 169
Attributable earnings (R’000)
Basic earnings per share and diluted earnings per share are based on profit attributable to
shareholders of the company
4 008 287
3 279 576
There were no reconciling items for the profit attributable to shareholders of the company.
Basic earnings per share (cents)
1 207,1
3 979,8
Diluted basic earnings per share (cents)
1 204,4
3 943,3
Dilution (%)
0,2
0,9
93
Annual integrated report 2017
Bid Corporation Limited