Earning per Share

Earnings per share (EPS) are calculated:

  • by dividing the net profit attributable to the holders of ordinary shares by the average number of ordinary shares for the period, less treasury shares (basic EPS);
  • by dividing the net result by the average number of ordinary shares and the shares that potentially result from the exercise of all the options under stock option plans, less treasury shares (diluted EPS).

Basic EPS 31.12.2010 31.12.2009
Average shares during the period 119,921,623 119,862,765*
Net profit 94,908 87,800
Profit from continuing operations - -
Basic EPS and diluted EPS 0.79 0.73*
* Redetermined following the free share capital increase of 5 July 2010.

For comparative purposes, the EPS index has been redetermined for the 2009 financial year and in particular the average number of ordinary shares pertaining to the year has been recalculated.
It turned out to be necessary following the first tranche of the share capital increase dated 5 July 2010, when no. 20,000,000 newlyissued shares with a par value of EUR 0.50 were put into circulation and assigned freely to the Shareholders existing on that date, on the basis of one newly-issued share every five shares already owned.