B. PERFORMANCE ANALYSES
B1 DIVIDEND PER SHARE
 
Group Company
Dividends declared/paid June 2020
R'000
  June 2019
R'000
  June 2020
R'000
  June 2019
R'000
 
Total dividends declared (1) 1 705 815   1 956 467 1 709 572   1 959 628  
  Interim dividend in respect of the six months ended 31 December 2019 (31 December 2018)(2) 788 348   985 139 790 041   986 603  
  Final dividend in respect of the six months ended 30 June 2019 (30 June 2018) 917 467   971 328 919 531   973 025  
Total dividend per share declared (cents) 668.0   765.8 668.0   765.8  
Dividend declared in February 2020/February 2019 308.7   385.6 308.7   385.6  
Dividend declared in August 2019/August 2018 359.3   380.2 359.3   380.2  
 
(1) This amount is reflected in the statement of changes in equity
(2) Refer to note I3 – Dividend payable
 
Group and Company
June 2020
Cents
  June 2019
Cents
 
Distributable income per share for the year 493.4   744.9  
  Six months ended 30 June 157.8   359.3  
  Six months ended 31 December 335.6   385.6  

B2 EARNINGS PER SHARE
  Earnings – The calculation of basic and headline earnings per share is based on the total profit attributable to shareholders of the Company, adjusted as shown in the reconciliation below.
  Number of shares – The weighted average number of ordinary shares in issue is based on the actual number of ordinary shares in issue adjusted for the treasury shares held by the Group and has been used to calculate basic earnings per share and headline earnings per share.
 

Diluted number of shares – The fully diluted weighted average number of ordinary shares in issue is calculated after taking into account the effect of all potentially dilutive shares which may be issued under the Hyprop Share Scheme.

B2.1 Earnings reconciliation – basic to headline earnings
 
   Group     Company 
Note    June 2020 
R'000 
   June 2019 
R'000 
June 2020 
R'000 
   June 2019 
R'000 
  
(Loss)/profit for the year attributable to shareholders of the Company (basic earnings) (3 401 849)    164 922  (3 107 020)    320 362    
Headline earnings adjustments  4 450 404     406 040  4 151 218     237 406    
   Change in fair value of investment property  E1.5  4 550 133     425 125  4 151 218     240 231    
   Non-controlling interests share of change in fair value of investment property  (99 729)    (46 224) –     –    
   Profit on disposal of investment property  –     (2 825) –     (2 825)   
   Other impairments  –     29 964  –     –    
Headline earnings  1 048 555     570 962  1 044 198     557 768    

B2.2 Weighted average number of ordinary shares
 
   June 2020 
Number of 
shares 
   June 2019 
Number of 
shares 
   June 2020 
Number of 
shares 
   June 2019 
Number of 
shares 
  
Shares in issue at the end of the year  255 894 516     255 894 516     255 894 516     255 894 516    
Issued shares at 1 July  255 894 516     255 894 516  255 894 516     255 894 516    
Effect of treasury shares held  (575 687)    (399 244)    –     –    
Weighted average number of ordinary shares in issue  255 318 829     255 495 272  255 894 516     255 894 516    
Effect of dilutive shares  170 846     115 043     170 846     115 044    
Fully diluted weighted average number of ordinary shares in issue  255 489 675     255 610 315     256 065 362     256 009 560    

B2.3 Earnings per share (cents per share)
 
Group     Company    
   June 2020 
cents 
   June 2019 
cents 
   June 2020 
cents 
   June 2019 
cents 
  
Basic (loss)/earnings per share (EPS) (1 332.4)    64.5  (1 214.2)    125.2    
(Loss)/profit for the year attributable to shareholders of the Company (basic earnings) divided by the weighted average number of ordinary shares in issue. 
Fully diluted (loss)/earnings per share (DEPS) (1 331.5)    64.5  (1 213.4)    125.1    
(Loss)/profit for the year attributable to shareholders of the Company (basic earnings) divided by the fully diluted weighted average number of ordinary shares in issue. 
Headline earnings per share (HEPS) 410.7     223.5  408.1     218.0    
Headline earnings divided by the weighted average number of ordinary shares in issue. 
Fully diluted headline earnings per share (DHEPS) 410.4     223.4  407.8     217.9    
Headline earnings divided by the fully diluted weighted average number of ordinary shares in issue.