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Notes to the consolidated financial statements Unilever Group
92 Unilever Annual Report and Accounts 2009
Financial statements
7 Combined earnings per share
€€€
Combined earnings per share 2009 2008 2007
From continuing operations
Basic earnings per share 1.21 1.79 1.32
Diluted earnings per share 1.17 1.73 1.28
From discontinued operations
Basic earnings per share –– 0.03
Diluted earnings per share –– 0.03
From total operations
Basic earnings per share 1.21 1.79 1.35
Diluted earnings per share 1.17 1.73 1.31
From total operations before RDIs (see below)
Basic earnings per share 1.33 1.43 1.42
Diluted earnings per share 1.29 1.38 1.37
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.
The calculations of diluted earnings per share are based on: (i) conversion into PLC ordinary shares of those shares in a group company which are
convertible in the year 2038, as described in Corporate governance on page 58; and (ii) the effect of share-based compensation plans, details of
which are set out in note 29 on pages 126 to 127.
Millions of share units
Calculation of average number of share units 2009 2008 2007
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 (228.6) (215.3) (150.3)
Combined average number of share units for all bases except diluted earnings per share 2,796.3 2,809.6 2,874.6
Add shares issuable in 2038 70.9 70.9 70.9
Add dilutive effect of share-based compensation plans 22.8 25.4 30.6
Adjusted combined average number of share units for diluted earnings per share basis 2,890.0 2,905.9 2,976.1
€ million € million € million
Calculation of earnings 2009 2008 2007
For earnings per share from total operations:
Net profit attributable to ordinary capital for total operations 3,370 5,027 3,888
For earnings per share from continuing operations:
Net profit from continuing operations 3,659 5,285 4,056
Minority interest in continuing operations (289) (258) (248)
Net profit attributable to ordinary capital for continuing operations 3,370 5,027 3,808
For earnings per share before restructuring, business disposals and other one-off items (RDIs)
Net profit attributable to ordinary capital for total operations 3,370 5,027 3,888
RDIs included in operating profit 3868 (1,269) 569
Tax impact of RDIs in operating profit (249) 333 (242)
Other RDIs within income statement(a) (264) (82) (141)
Net profit attributable to ordinary capital before RDIs 3,725 4,009 4,074
(a) In 2009 this included a gain of €327 million from the disposal of the majority of our equity interest in JohnsonDiversey.
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
2009 2008 2007
Number of shares at 1 January (net of treasury stock) 2,789.1 2,853.1 2,889.9
Net movements in shares under incentive schemes 15.1 11.4 29.7
Share buy-back –(75.4) (66.5)
Number of shares at 31 December 2,804.2 2,789.1 2,853.1