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Notes to the consolidated accounts Unilever Group
96 Unilever Annual Report and Accounts 2008
Financial statements
7 Combined earnings per share
€€€
Combined earnings per share 2008 2007 2006
From continuing operations
Basic earnings per share 1.79 1.32 1.19
Diluted earnings per share 1.73 1.28 1.15
From discontinued operations
Basic earnings per share –0.03 0.46
Diluted earnings per share –0.03 0.45
From total operations
Basic earnings per share 1.79 1.35 1.65
Diluted earnings per share 1.73 1.31 1.60
Basis of calculation
The calculations of combined earnings per share are based on the net profit attributable to ordinary capital divided by the average number of
share units representing the combined ordinary share capital of NV and PLC in issue during the year, after deducting shares held as treasury
stock. Earnings per share are calculated on the basis of the revised nominal share values which have been applied since 22 May 2006 and which
resulted in a one-to-one equivalence of ordinary shares of NV and PLC as regards their economic interest in the Group. For further information
please refer to note 22 on page 122.
The calculations of diluted earnings per share are based on: (i) conversion into PLC ordinary shares of the shares in a group company which are
convertible in the year 2038, as described in Corporate governance on page 54; and (ii) the effect of share-based compensation plans, details of
which are set out in note 29 on pages 133 to 134.
Millions of share units
Calculation of average number of share units 2008 2007 2006
Average number of shares: NV 1 714.7 1 714.7 1 714.7
PLC 1 310.2 1 310.2 1 310.2
Less shares held by employee share trusts and companies (215.3) (150.3) (141.6)
Combined average number of share units for all bases except diluted earnings per share 2 809.6 2 874.6 2 883.3
Add shares issuable in 2038 70.9 70.9 70.9
Add dilutive effect of share-based compensation plans and forward equity contract 25.4 30.6 18.3
Adjusted combined average number of share units for diluted earnings per share basis 2 905.9 2 976.1 2 972.5
€ million € million € million
Calculation of earnings 2008 2007 2006
For earnings per share from total operations:
Net profit attributable to ordinary capital for total operations 5 027 3 888 4 745
For earnings per share from continuing operations:
Net profit from continuing operations 5 285 4 056 3 685
Minority interest in continuing operations (258) (248) (266)
Net profit attributable to ordinary capital for continuing operations 5 027 3 808 3 419
The numbers of shares included in the calculation of earnings per share is an average for the period. These numbers are influenced by the share
buy-back programmes that we undertook during 2007 and 2008. During those periods the following movements in shares took place:
Millions of share units
2008 2007
Number of shares at 1 January (net of treasury stock) 2 853.1 2 889.9
Net movements in shares under incentive schemes 11.4 29.7
Share buy-back (75.4) (66.5)
Number of shares at 31 December 2 789.1 2 853.1