Our performance in 2009 - Sappi

7. Earnings per share and headline earnings per share continued
Headline earnings per share*
2009 annual report
Headline earnings per share is based on the group’s headline earnings divided by the weighted average number of shares
in issue during the year. This is a JSE Limited required measure.
Reconciliation between (loss) profit for the year and headline earnings:
2009 2008 2007
Gross Tax Net Gross Tax Net Gross Tax Net
Attributable (loss)
earnings to ordinary
shareholders
Profit on sale and
write-off of property,
plant and
(218) (41) (177) 188 86 102 249 47 202
equipment
Impairment of plant
(1) – (1) (5) – (5) (24) (6) (18)
and equipment 79 – 79 119 – 119 2 – 2
Headline (loss)
earnings (140) (41) (99) 302 86 216 227 41 186
Basic weighted
average number of
ordinary shares in
issue (millions)
Headline (loss)
earnings per share
482.6 362.2 360.6
(US cents)
Diluted weighted
average number of
(21) 60 52
shares (millions)
Diluted headline
(loss) earnings per
482.6 365.8 364.9
share (US cents) (21) 59 51
* Headline earnings – as defined in circular 3/2009 issued by the South African Institute of Chartered Accountants, separates from earnings all separately
identifiable remeasurements. It is not necessarily a measure of sustainable earnings. It is a Listings Requirement of the JSE Limited to disclose headline earnings
per share.
US$ million 2009 2008 2007
8. Dividends
Dividend number 85 paid on 28 November 2008: 16 US cents per share
(2008: 32 US cents per share; 2007: 30 US cents per share), net of
dividends attributable to treasury shares (37) (73) (68)
The board decided not to declare a dividend in respect of the 2009
financial year.
125
financials