Notes to the consolidated financial statements

Basic

Basic earnings per share is calculated by dividing the profit attributable to equity holders of the Company by the weighted average number of ordinary shares in issue during the year, excluding ordinary shares purchased by the Company and held in the Employee Share Ownership Trust or in Treasury.

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Year to 31 March 2010

Year to 31 March 2009

 

Continuing operations

Discontinued operations

Total

Continuing operations

Discontinued operations

Total

Profit/(loss) attributable to equity holders of the Company (£million)

19

(4)

15

89

(24)

65

Weighted average number of ordinary shares in issue (millions)

457.0

457.0

457.0

456.5

456.5

456.5

Basic earnings/(loss) per share

4.2p

(0.9)p

3.3p

19.5p

(5.3)p

14.2p

Diluted

Diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares in issue to assume conversion of all potential dilutive ordinary shares. Potential dilutive ordinary shares arise from share options. For these, a calculation is performed to determine the number of shares that could have been acquired at fair value (determined as the average annual market share price of the Company’s shares) based on the monetary value of the subscription rights attached to outstanding share options.

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Year to 31 March 2010

Year to 31 March 2009

 

Continuing operations

Discontinued operations

Total

Continuing operations

Discontinued operations

Total

Profit/(loss) attributable to equity holders of the Company (£million)

19

(4)

15

89

(24)

65

Weighted average number of diluted shares in issue (millions)

459.3

459.3

459.3

459.8

459.8

459.8

Diluted earnings/(loss) per share

4.2p

(0.9)p

3.3p

19.4p

(5.3)p

14.1p

The adjustment for the dilutive effect of share options at 31 March 2010 was 2.3 million shares (2009 – 3.3 million shares).

Adjusted earnings per share

Adjusted earnings per share is stated excluding exceptional items and amortisation of acquired intangible assets as follows:

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Year to 31 March

Continuing operations

Notes

2010

2009

Profit attributable to equity holders of the Company (£million)

 

19

89

Adjustments (£million):

 

 

 

– exceptional items

7

276

119

– amortisation of acquired intangible assets

15

14

15

– tax effect of the above adjustments

 

(116)

(49)

– exceptional tax credit

11

(15)

Adjusted profit (£million)

 

178

174

 

 

 

 

Adjusted basic earnings per share from continuing operations

 

39.1p

38.2p

Adjusted diluted earnings per share from continuing operations

 

38.9p

38.0p