Annual Report

38 Earnings per share
Notes to Group Financial Statements
HUBER+SUHNER Annual Report 2010 · Part 2
2010 2009
Net income 79 010 48 356
Average number of outstanding shares 19 271 836 19 236 964
Earnings per share (CHF) 4.10 2.51
Diluted earnings per share (CHF) 4.10 2.51
The average number of outstanding shares is calculated based on issued shares less the weighted average of treasury
shares. There are no conversion or option rights outstanding; therefore, there is no dilution of earnings per share.
39 Free cash flow
Free cash flow is calculated based on the net cash from operating activities, net cash used from investing activities (excluding
changes of marketable securities and derivative financial instruments), less payments to shareholders and considering
purchase or sale of treasury shares.
Free cash flow 2010 2009
Net cash from operating activities 58 408 94 691
Net cash from investing activities
(excluding changes of marketable securities and derivative financial instruments) (23 846) (30 658)
Free operating cash flow 34 562 64 033
Dividend paid (15 219) (19 318)
Purchase/(sale) of treasury shares 13 541 (9 203)
Free cash flow 32 884 35 512
40 Commitments
The Group companies have committed to various capital expenditures essential to the ordinary conduct of their business.
At year-end there were commitments for property, plant and equipment and intangible assets of CHF 6.6 million (previous
year, CHF 12.7 million).
41 Events after the balance sheet date
There were no events after the balance sheet date which affect the annual results or require any adjustments to the
Group’s assets and liabilities.
49