The analyses on pages 59 to 68 of the annual report deal with the Group's profitability after excluding the impact of exceptional items from the underlying performance of the Group's operations. Exceptional items are nevertheless important in understanding the overall results of the Group and are analysed in the following table:
Gains and losses on disposal of subsidiaries and associates are accounted for after reinstating goodwill previously eliminated against reserves.
Exceptional profits in 1995 were attributable principally to the gains achieved from the dilution of the Company's equity interest in Hagemeyer upon its acquisition of Borsumij; the dilution of the Company's stake in Smart upon the issuance of new capital to Nippon Telegraph and Telephone; the sale of an 85 per cent interest in USB; and gains from the divestment of certain of Metro Pacific's distribution businesses. Provisions have been established for the reorganisation, restructuring and closure of certain businesses principally within the Group's marketing and distribution division and to reflect the permanent diminution in value of certain of the Group's investments. Provisions have also been established to cover the closedown of analogue telecommunication networks in Hong Kong which will facilitate the full utilisation of the available spectrum for the rapidly expanding digital network.
The earnings per share statistics in the table below include an additional set of numbers, which exclude the effect of net exceptional items, and are intended to give a clearer measure and to facilitate comparison of the underlying profit performance of the Group on a recurrent basis.
Basic earnings per share is the amount of profit for the period that is attributable to each ordinary share which is outstanding during the year. For this purpose the number of shares is the weighted average number of ordinary shares outstanding during the year which represents the amount of equity capital used to generate profit. Fully diluted earnings per share further attributes profit to each share that would have been outstanding assuming the conversion of dilutive instruments into ordinary shares during the year.
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