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noteS TO THE CONSolidated FINANCIAL StatementS
conSolidated FINANCIAL StatementS FOR THE Year ENDED 31 DECEMBER 2011
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(40) EARNINGS PER Share
According to IAS 33, earnings per share are calculated by dividing the consolidated net result for the period by
the weighted average number of shares outstanding. In the 2011 financial year, the weighted average number of
shares outstanding amounted to 35,400,683 shares (previous year: 35,402,000 shares).
On the basis of the consolidated net result for the period, to the amount of EUR 41,955 thousand (previous year:
EUR 24,225 thousand), undiluted earnings per share were EUR 1.19 (previous year: EUR 0.68). Due to the low
dilutive effect of the stock option programme, diluted earnings per share were identical with undiluted earnings
per share.
Dividend per share
At the Annual General Meeting on 8 March 2012, it will be proposed that a dividend of EUR 0.38 per share or
EUR 13,437 thousand be distributed (previous year: EUR 0.22 per share or EUR 7,788 thousand).
(41) VALUATION REServeS ACCORDING TO IAS 39
As in the pervious year, the valuation reserves according to IAS 39 only contain cash flow hedging reserves.
Changes in the cash flow hedging reserve are presented in the statement of comprehensive income.
(42) NON-current FINANCIAL LIABILITIES
Deferred interest expenses are contained in current financial liabilities.
The average interest rate is the average interest burden in per cent relating to the average carrying amount in the
financial year, after interest and currency hedging have been taken into account. In 2011 this value amounted to
4.2 per cent (previous year: 4.9 per cent).
(43) NON-current PROVISionS
The following table shows non-current provisions:
EUR thousand 31 Dec 2011 31 Dec 2010
Pension provisions 5,835 6,402
Provisions for severance payments 11,653 11,136
Anniversary bonus provisions 3,265 3,084
Other non-current provisions 26,704 20,015
Total 47,457 40,637
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palfinger Annual Report 2011