VINCI - 2005 annual report

9. EARNINGS PER SHARE
Earnings per share is calculated on the basis of the weighted average
number of shares outstanding during the period, reduced by the weighted
average number of treasury shares held.
Diluted earnings per share is calculated on the basis of the weighted average
number of shares that would have been outstanding had all potentially
dilutive instruments (convertible bonds, share subscription options) been
converted. Also, the profit is corrected for the changes in income and
expenses that would result from the conversion into shares of potentially
dilutive instruments (for example in financial expenses, net of tax, if bonds
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VINCI 2005 ANNUAL REPORT
were to be converted to shares).
The dilution resulting from the exercise of share subscription and purchase
options is determined using the method defined in IAS 33.
At 31 December 2005 there are no financial instruments with an accretive
effect.
The following tables show the reconciliation between earnings per share
and diluted earnings per share:
2005 Net profit (*) Number of shares Earnings per share (**)
Total shares 177,094,311
Treasury shares (5,660,745)
Earnings per share 871 171,433,566 5.08
Convertible bonds (Oceane) 14 16,829,305
Share subscription options 8,309,424
Share purchase options and Group Savings Scheme 1,872,023
Diluted earnings per share 885 198,444,318 4.46
(*) in millions of euros.
(**) in euros.
2004 Net profit (*) Number of shares (**) Earnings per share (***)
Total shares 170,036,496
Treasury shares (9,544,936)
Earnings per share 732 160,491,560 4.56
Convertible bonds (Oceane) 42 22,616,668
Share subscription options 6,682,160
Share purchase options and Group Savings Scheme 2,830,216
Diluted earnings per share 774 192,620,604 4.02
(*) in millions of euros.
(**) restated following the two-for-one share split in May 2005.
(***) in euros.
The amount of dividends that were either recognised during the period or
are subject to approval by the shareholders’ general meeting (unrecognised)
and the corresponding amount per share breaks down as follows:
(in € millions) 2005 2004
Interim dividend
Amount (in € millions) (I) 132.8 97.9
Dividend per share (*) 0.70 0.60 (***)
Final dividend proposed to the Shareholders General Meeting
called to approve the financial statements of the period
Amount (in € millions) (II) 249.0 (**) 188.9
Dividend per share 1.30 1.15 (***)
Total net dividend payable per share
Amount (in € millions) (I) + (II) 381.8 286.8
Dividend per share 2.00 1.75 (***)
(*) Before tax credit.
(**) On the basis of the number of shares that gave a right to the interim dividend and/or give a right to dividends at the date of the Board Meeting (28/02/2006) i.e. 191,558,323 shares.
(***) Restated following the two-for-one share split in May 2005.