Today, Wavin - Jaarverslag.com

Wavin Annual Report 2010 | page 107Reconciliation of effective tax rate2010 2009% € × 1,000 % € × 1,000Profi t before tax 6,000 601Share of profi t of associates (2,196) (3,073)Adjusted profit before tax 3,804 (2,472)Income tax using the Dutch tax rate 25.5% (970) 25.5% 630Effect of taxes in foreign jurisdictions (8.6%) 326 14.6% 362Non-taxable income / (non-deductibleexpenses) (16.2%) 617 (56.4%) (1,393)Tax rate adjustments (32.7%) 1,244 0.6% 16Utilisation of / (addition to) not capitalisedcompensable losses 20.9% (794) 21.1% 522Recognition of previously not recognised taxlosses (2.9%) 112 (0.8%) (20)Other effects (14.9%) 565 44.5% 1,101Total (28.9%) 1,100 49.3% 1,218Other effects in 2010 comprise amongst others the retroactive application of a fi scal facility in the Netherlands for taxreduction to stimulate R&D activities for the years 2007-2009 and liquidation losses related to the closure of foreignoperations. Further an addition to the tax provision for identifi ed tax exposures in the Group is included in the other effectsas well as other income related taxes in France, Italy and Hungary.16. Earnings per shareBasic earnings per shareDue to a reverse stock split of 8 ordinary shares with a nominal value of € 0.05 each into 1 ordinary share with a nominalvalue of € 0.40 the number of shares decreased from 406,257,050 to 50,782,132.The basic earnings per share and diluted earnings per share are based on the profi t attributable to ordinary shareholdersof € 5.8 million (2009: € 0.2 million) and the average number of outstanding shares in 2010 of 50,690,035 (2009 on acomparable basis: 36,299,484) respectively the diluted average number of outstanding shares in 2010 of 50,815,227(2009 on a comparable basis: 36,324,005). The number of ordinary shares outstanding per 31 December 2010 is50,668,360 (2009 on a comparable basis: 50,711,388).The earnings per share are as follows:(€ x 1, unless stated otherwise) 2010 2009Net profi t attributable to ordinary shareholders (€ x 1,000) 5,825 187Recurring net profi t attributable to ordinary shareholders (€ x 1,000) 7,564 10,109Basic earnings per share (weighted average) 0.11 0.00Diluted earnings per share (weighted average) 0.11 0.00Basic recurring earnings per share (weighted average) 0.15 0.02Diluted recurring earnings per share (weighted average) 0.15 0.02Basic earnings per share (year end) 0.11 0.00Diluted earnings per share (year end) 0.11 0.00Basic recurring earnings per share (year end) 0.15 0.02Diluted recurring earnings per share (year end) 0.15 0.02