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10 Earnings per share

Basic and diluted earnings per share

Basic earnings per share are calculated by dividing the consolidated profit for the period by the weighted average number of shares in issue during the period, excluding the weighted average number of treasury shares. Diluted earnings per share reflects the effect of potentially dilutive shares under the Group’s share-based payment plans and arrangements.

The following table shows the weighted average numbers of shares outstanding before and after adjustments for the effect of potentially dilutive shares.

 

 

Weighted average number of ordinary shares

Issued shares as of 1 January 2019

 

320,053,240

Effect of treasury shares held

 

(10,732)

Weighted average number of shares as of 31 December 2019 – basic

 

320,042,508

Effect of share-based payment plans and arrangements

 

15,552

Weighted average number of shares as of 31 December 2019 – diluted

 

320,058,060

Issued shares as of 1 January 2020

 

320,053,240

Effect of treasury shares held

 

(8,360)

Weighted average number of shares as of 31 December 2020 – basic

 

320,044,880

Effect of share-based payment plans and arrangements

 

34,373

Weighted average number of shares as of 31 December 2020 – diluted

 

320,079,253

The below table shows the profit attributable to shareholders and the weighted average number of outstanding shares used in the calculation of basic and diluted earnings per share.

(In € million unless indicated)

 

Year ended
31 Dec. 2020

 

Year ended
31 Dec. 2019

Profit for the period

 

68.0

 

106.9

Weighted average number of shares for the period – basic (in numbers)

 

320,044,880

 

320,042,508

Basic earnings per share (in €)

 

0.21

 

0.33

Profit for the period

 

68.0

 

106.9

Weighted average number of shares for the period – diluted (in numbers)

 

320,079,253

 

320,058,060

Diluted earnings per share (in €)

 

0.21

 

0.33

Adjusted earnings per share

Adjusted earnings per share is defined by the Group as adjusted net income divided by the weighted average number of shares. Management believes that (basic) adjusted earnings per share is a useful measure as adjusted net income is used to measure performance. Adjusted net income and adjusted earnings per share are not defined performance measures in IFRS (see further note 9).

The following table shows the adjusted net income and the weighted average number of outstanding shares used in the calculation of basic and diluted adjusted earnings per share.

(In € million unless indicated)

 

Year ended
31 Dec. 2020

 

Year ended
31 Dec. 2019

Adjusted net income

 

232.3

 

217.4

Weighted average number of shares for the period – basic (in numbers)

 

320,044,880

 

320,042,508

Adjusted earnings per share – basic (in €)

 

0.73

 

0.68

Adjusted net income

 

232.3

 

217.4

Weighted average number of shares for the period – diluted (in numbers)

 

320,079,253

 

320,058,060

Adjusted earnings per share – diluted (in €)

 

0.73

 

0.68