10   Earnings per share

 

 

1st half-year 2012

 

1st half-year 2011

 

 

 

 

 

 

13,651

 

13,654

 

–5

 

–70

 

2 277

 

0

 

15 923

 

13 584

 

14 708

 

13 892

 

 

64.4

 

65.5

 

4.38

 

4.72

 

 

49.9

 

53.1

 

3.40

 

3.83

 

 

 

 

 

 

4.15

 

4.44

 

3.26

 

3.64

As a result of the capital increase implemented with a rights offer in May 2012 and the adjusted values owing to the change in the realisation of gains on development real estate (see Note 2), the net profit per share for the first half of 2011 was recalculated in order to enable comparability with the current reporting period.

Of the reduction in net earnings per share (including revaluation effect for the first half of 2011) from the previously published CHF 4.89 to the present CHF 4.72, CHF –0.10 is attributable to effects stemming from the capital increase and CHF –0.07 is due to the change in the realisation of gains on development real estate (diluted earnings per share including revaluation effect for the first half of 2011 from the previous CHF 4.60 to the current CHF 4.44; CHF –0.09 capital increase and CHF –0.07 change in realisation of gains on development real estate).

In line with IAS 33, the issuing of convertible bonds has the effect of diluting the earnings per share. To calculate the dilution, the net profit was corrected for the effects resulting from the convertible bonds (financial expense, deferred and current taxes). This results in a diluted net profit of CHF 67.2 million including revaluation effect and CHF 52.7 million excluding revaluation effect. The average number of outstanding shares increases by the maximum number of equity securities to be issued on conversion (time-weighted) from 14 707 742 to 16 189 407 shares.

If all the conversion rights arising from the 2009–2014 2.125% bond issue were exercised at a conversion price of CHF 135.89 per registered share, this would result in the creation of 1 471 410 new shares from conditional capital.

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