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Consolidated Financial Statements as of December 31, 2015
Notes to the Consolidated Financial Statements
Earnings per share (Group share)
11.6
Accounting policies
Dilutive potential ordinary shares correspond exclusively to the
employee stock options presented in Note 10.2.1. The dilutive effect of
In accordance with IAS
33 –
Earnings Per Share
, basic earnings per
stock options is calculated by the treasury stock method provided for in
share is calculated by dividing consolidated income – Group share by
IAS
33 whereby the proceeds from the exercise of stock options are
the weighted average number of shares outstanding during the period.
considered as being used to purchase shares at market price (defined
Treasury stock, including shares held indirectly through the equity
as the average share price for the period). In accordance with this
swap described in Note
11.2.2, are not considered as outstanding and
method, stock options are considered as potentially dilutive if they are
are therefore deducted from the number of shares used for earnings
in the money (based on the sum of the exercise price and the fair value
per share calculations. Contingently issuable shares are treated as
of the services rendered by the grantee, in accordance with IFRS
2 –
outstanding and included in the calculation only from the date when
Share-based Payment
).
all necessary conditions are satisfied.
Diluted earnings per share is calculated by adjusting consolidated
income – Group share and the weighted average number of shares
outstanding for the effects of all dilutive potential ordinary shares.
Basic earnings per share
2015
2014
Net income from continuing operations
977
1,182
Net income from discontinued operations
4
67
Net income for the year
980
1,249
Weighted average number of shares outstanding
(1)
723,322,791
707,397,621
Basic earnings from continuing operations per share
(in euros)
1.35
1.67
Basic earnings from discontinued operations per share
(in euros)
0.00
0.09
Basic earnings per share
(in euros)
1.36
1.77
In accordance with IAS 33, the weighted average number of shares used to calculate 2014 earnings per share was adjusted to take into account the effect of
(1)
the 2014 dividends paid in shares on July 17, 2015 (retrospective adjustment of the effect of the 5% discount on shares issued in payment of dividends,
determined by the treasury stock method).
Diluted earnings per share
2015
2014
Net income from continuing operations
977
1,182
Net income from discontinued operations
4
67
Net income for the year
980
1,249
Weighted average number of shares outstanding, before dilution
723,322,791
707,397,621
Potential dilutive shares
0
0
Stock grants
0
0
Stock options
0
0
Diluted weighted average number of shares outstanding
723,322,791
707,397,621
Diluted earnings from continuing operations per share
(in euros)
1.35
1.67
Diluted earnings from discontinued operations per share
(in euros)
0.00
0.09
Diluted earnings per share (in euros)
1.36
1.77
No stock options were taken into account for the calculation of diluted earnings per share as they were out of the money in 2015 (
i.e.
, their exercise
price was greater than the average share price for the year). See Note 10.2.1 for details of the plans.
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2015 REGISTRATION DOCUMENT