Notes forming part of the financial statements
9. EARNINGS PER ORDINARY SHARE
Denominator computations
2020 Number | 2019 Number | |
|---|---|---|
‘000 | ‘000 | |
Number of shares at beginning of year | 320,354 | 317,876 |
Shares issued in lieu of dividend | 4,624 | 3,055 |
Shares issued in respect of options exercised | 142 | - |
Share repurchased and subsequently cancelled | (5,625) | (577) |
Number of shares at end of year | 319,495 | 320,354 |
Weighted average number of ordinary shares (basic)* | 308,906 | 308,460 |
Adjustment for the effect of conversion of options | 1,690 | 1,075 |
Weighted average number of ordinary shares, including options (diluted) | 310,596 | 309,535 |
* Excludes 10.8m treasury shares (2019: 10.9m).
Profit attributable to ordinary shareholders
2020 | 2019 | |
|---|---|---|
€m | €m | |
Group profit for the financial year | 9.1 | 72.1 |
Loss attributable to non-controlling interest | - | 0.2 |
Profit attributable to equity holders of the parent | 9.1 | 72.3 |
Adjustment for exceptional items, net of tax (note 5) | 82.7 | 10.0 |
Earnings as adjusted for exceptional items, net of tax and non-controlling interest | 91.8 | 82.3 |
Cent | Cent | |
|---|---|---|
Basic earnings per share | ||
Basic earnings per share | 2.9 | 23.4 |
Adjusted basic earnings per share | 29.7 | 26.7 |
Diluted earnings per share | ||
Diluted earnings per share | 2.9 | 23.4 |
Adjusted diluted earnings per share | 29.6 | 26.6 |
Basic earnings per share is calculated by dividing the profit attributable to the equity holders of the parent by the weighted average number of ordinary shares in issue during the year, excluding ordinary shares purchased/issued by the Company and accounted for as treasury shares (at 29 February 2020: 10.8m shares; at 28 February 2019: 10.9m shares).
Diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares outstanding to assume conversion of all potential dilutive ordinary shares. The average market value of the Company’s shares for purposes of calculating the dilutive effect of share options was based on quoted market prices for the period of the year that the options were outstanding.
Employee share awards (excluding awards which were granted under plans where the rules stipulate that obligations must be satisfied by the purchase of existing shares (note 4)), which are performance-based are treated as contingently issuable shares because their issue is contingent upon satisfaction of specified performance conditions in addition to the passage of time. In accordance with IAS 33 Earnings per Share, these contingently issuable shares are excluded from the computation of diluted earnings per share where the vesting conditions would not have been satisfied as at the end of the reporting period (175,492 at 29 February 2020 and 1,222,812 at 28 February 2019). If dilutive other contingently issuable ordinary shares are included in diluted EPS based on the number of shares that would be issuable if the end of the reporting period was the end of the contingency period.