Notes to the financial statements

12.Earnings per share

 Basic

Basic earnings per share is calculated by dividing the net profit attributable to equity holders of the Company by the weighted average number of ordinary shares in issue during the year, excluding ordinary shares purchased by the Group and held as own shares (note 27).

 Diluted

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. Share options are dilutive potential ordinary shares. In respect of share options, a calculation is done to determine the number of shares that could have been acquired at fair value (determined as the average annual market share price of the Company's shares) based on the monetary value of the subscription rights attached to outstanding share options. The number of shares calculated as above is compared with the number of shares that would have been issued assuming the exercise of the share options.

 Adjusted

Adjusted earnings per share is calculated on the net profit attributable to equity holders of the Company, pre exceptional and before intangible asset amortisation (net of related tax). Adjusted earnings per share is considered to be more reflective of the Group's underlying trading performance. Adjusted EPS as reported in 2007 was stated after amortisation on intangible assets €5,964,000 (net of related tax).