8Earnings and dividends per share

	2019	2018	2017
for the year ended 30 June	Rand	Rand	Rand

Attributable to owners of Sasol Limited
Basic earnings per share	6,97	14,26	33,36
Headline earnings per share	30,72	27,44	35,15
Diluted earnings per share	6,93	14,18	33,27
Diluted headline earnings per share	30,54	27,27	35,05
Dividends per share	5,90	12,90	12,60
interim	5,90	5,00	4,80
final*	—	7,90	7,80

*	Declared subsequent to 30 June and has been presented for information purposes only.

Earnings per share (EPS)

Earnings per share is derived by dividing attributable earnings by the weighted average number of shares, after taking the long-term incentives (LTIs), the Sasol Inzalo and Sasol Khanyisa share transactions into account. Appropriate adjustments are made in calculating diluted, headline and diluted headline earnings per share.

for the year ended 30 June		2019	2018	2017

Weighted average number of shares	million	616,6	612,2	610,7
Earnings attributable to owners of Sasol Limited	Rm	4 298	8 729	20 374
Basic earnings per share	Rand	6,97	14,26	33,36

Headline earnings per share (HEPS)

	2019	2018	2017
for the year ended 30 June	million	million	million

Weighted average number of shares	616,6	612,2	610,7

		2019		2018		2017
for the year ended 30 June	Note	Rm		Rm		Rm

Headline earnings is determined as follows:
Earnings attributable to owners of Sasol Limited		4 298		8 729		20 374
Adjusted for:
Effect of remeasurement items for subsidiaries and joint operations, net of tax	9	14 628		8 058		1 077
gross remeasurement items		18 645		9 901		1 616
tax effect and non-controlling interest effect		(4 017	)	(1 843	)	(539	)
Effect of remeasurement items for equity accounted investments	9	15		11		14

Headline earnings		18 941		16 798		21 465

	2019	2018	2017
for the year ended 30 June	Rand	Rand	Rand

Headline earnings attributable to owners of Sasol Limited
Headline earnings per share	30,72	27,44	35,15

Diluted earnings per share (DEPS) and diluted headline earnings per share (DHEPS)

DEPS and DHEPS are calculated considering the potential dilution that could occur if all of the group’s long-term incentives (LTIs) had vested, if all outstanding share options were exercised and the effect of all dilutive potential ordinary shares resulting from the Sasol Inzalo and Sasol Khanyisa Tier 1 share transactions.

The number of shares outstanding is adjusted to show the potential dilution if the LTI’s and Sasol Khanyisa Tier 1 were settled in Sasol Limited shares.

The Sasol Inzalo share transaction is anti-dilutive for EPS and HEPS in 2019, 2018 and 2017.

The Sasol Khanyisa Tier 2 and Khanyisa Public are anti-dilutive for EPS and HEPS in 2019 and 2018.

	Number of shares

	2019	2018	2017
for the year ended 30 June	million	million	million


Weighted average number of shares	616,6	612,2	610,7
Potential dilutive effect of long-term incentive scheme*	2,9	3,7	1,7
Potential dilutive effect of Sasol Khanyisa Tier 1	0,8	—	—


Diluted weighted average number of shares for DEPS and DHEPS	620,3	615,9	612,4

*	On 25 November 2016, the cash-settled LTI scheme was converted to an equity-settled share scheme.

	2019	2018	2017
for the year ended 30 June	Rm	Rm	Rm

Diluted earnings is determined as follows:
Earnings attributable to owners of Sasol Limited	4 298	8 729	20 374

Diluted earnings attributable to owners of Sasol Limited	4 298	8 729	20 374

Diluted headline earnings is determined as follows:
Headline earnings attributable to owners of Sasol Limited	18 941	16 798	21 465

Diluted headline earnings attributable to owners of Sasol Limited	18 941	16 798	21 465

	2019	2018	2017
for the year ended 30 June	Rand	Rand	Rand

Diluted earnings per share	6,93	14,18	33,27
Diluted headline earnings per share	30,54	27,27	35,05