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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 below table shows the weighted average numbers of shares outstanding before and after adjustments for the effect of potentially dilutive shares. The Group issued shares on 22 February 2021 (see note 24).

 

 

Weighted average number of ordinary shares

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

Issued shares as of 1 January 2021

 

320,053,240

Effect of issue of shares on 22 February 2021

 

14,979,092

Effect of treasury shares held

 

(147,880)

Weighted average number of shares as of 31 December 2021 – basic

 

334,884,452

Effect of share-based payment plans and arrangements

 

777,937

Weighted average number of shares as of 31 December 2021 – diluted

 

335,662,389

The following table shows the calculation of basic and diluted earnings per share.

(In € million unless indicated)

 

Year ended
31 Dec. 2021

 

Year ended
31 Dec. 2020

Profit for the period

 

172.1

 

68.0

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

 

334,884,452

 

320,044,880

Basic earnings per share (in €)

 

0.51

 

0.21

Profit for the period

 

172.1

 

68.0

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

 

335,662,389

 

320,079,253

Diluted earnings per share (in €)

 

0.51

 

0.21

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 note 9).

The below table shows the calculation of basic and diluted adjusted earnings per share.

(In € million unless indicated)

 

Year ended
31 Dec. 2021

 

Year ended
31 Dec. 2020

Adjusted net income

 

252.4

 

232.3

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

 

334,884,452

 

320,044,880

Adjusted earnings per share – basic (in €)

 

0.75

 

0.73

Adjusted net income

 

252.4

 

232.3

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

 

335,662,389

 

320,079,253

Adjusted earnings per share – diluted (in €)

 

0.75

 

0.73