The content in this section of our website is not intender for, and is not to be made available to, persons in the United States, Canada, Japan and Australia, No announcements regarding securities offerings or references to securities, that are contained in this section constitute an offering of those securities. Any offering of securities will be made by means of a prospectus or disclosure document that contains detailed information about the issuer or the fund and the offered securities, including a discussion of risks, the issuer's or fund's business, and relevant financial information.

I certify that I am not located in, and I am not accessing this information on behalf of, a person in the United States, Canada, Japan or Australia

11. Earnings per share      
       
Basic earnings per share is calculated by dividing the distributable retained profit for the financial year by the average share issue adjusted number of shares, excluding shares that have been purchased by the Company and are presented as the Company's own shares. Diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares outstanding to assume conversion of all dilutive potential ordinary shares.
       
€ ('000)   2011 2010
       
Attributable to the equity holders of the Company, € ('000)   10,899 17,328
Interest expense on hybrid bond (net of tax)   -2,414 -2,414
Profit/loss used determine diluted earnings per share   8,485 14,914
       
Weighted average number of shares ('000)   84,281 84,281
Own shares ('000)   -26 -26
Weighted average number of shares ('000)   84,255 84,255
       
Effect of options ('000)   0 0
Weighted average number of shares adjusted for the effect      
of dilution ('000)   84,255 84,255
       
       
Earnings per share (basic), cents   10.1 17.7
Earnings per share (diluted), cents   10.1 17.7