This is the amount of new equity funds raised during the period. Generally it is the result of an issue of shares to existing and/or new shareholders and also includes shares issued through dividend reinvestment plans and those issued to executives through the exercise of options. Normalised Earnings: Normalised earnings is calculated as: Grossed Up Dividends + Retained Earnings + Changes in Reserves – Abnormals. Unlike ordinary profit, normalised earnings takes into account the franking of dividends, changes in reserves and abnormals.