Notes to the Accounts
10. (Loss)/earnings per share
In order to show results from operating activities on a comparable basis two adjusted earnings per equity share are presented. First, an adjusted earnings per share is presented which excludes items of an unusual nature and goodwill amortisation as set out below. Due to a significant level of expenditure on internet enterprises, a second adjusted earnings per equity share is presented in which the results of these are also excluded from earnings. The companys definition of adjusted earnings per share may not be comparable to other similarly titled measures reported by other companies.
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| 2001 | 2000 | ||||
| note | £m | earnings per share (p) |
£m | earnings per share (p) |
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| (Loss)/profit for the financial year | (391) | (49.2) | 179 | 24.6 | |
| Adjustments: | |||||
| Group loss on sale of fixed assets and investments: continuing operations | 4 | 12 | 1.5 | 4 | 0.5 |
| Group loss/(profit) on sale of subsidiary undertakings and associates: continuing operations | 5 | 58 | 7.3 | (30) | (4.0) |
| Loss on sale of subsidiary undertakings and associates by an associate: continuing operations | 15 | 36 | 4.5 | 3 | 0.4 |
| Group profit on sale of subsidiary undertakings and associates: discontinued operations | 5 | | | (231) | (31.7) |
| Loss on sale of subsidiary undertakings and associates by an associate | 15 | 17 | 2.1 | | |
| Internet enterprises | 2b | 137 | 17.1 | 196 | 26.9 |
| Interest on internet enterprises | 14 | 1.8 | 9 | 1.2 | |
| Goodwill amortisation | 2b | 382 | 48.2 | 239 | 32.9 |
| Integration costs | 2b | 74 | 9.3 | 40 | 5.5 |
| Goodwill impairment | 2b | 61 | 7.7 | | |
| Amounts written off investments | 16 | 92 | 11.6 | | |
| Other net finance costs | 7b | | | 24 | 3.3 |
| Taxation on above items | (174) | (21.9) | (18) | (2.5) | |
| Minority interest share of above items | (6) | (0.8) | (18) | (2.5) | |
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| Adjusted earnings before internet enterprises | 312 | 39.2 | 397 | 54.6 | |
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| Internet enterprises | (137) | (17.1) | (196) | (26.9) | |
| Interest on internet enterprises | (14) | (1.8) | (9) | (1.2) | |
| Taxation on internet enterprises | 16 | 2.0 | 37 | 5.0 | |
| Minority interest share of internet enterprises | 2 | 0.2 | 3 | 0.4 | |
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| Adjusted earnings after internet enterprises | 179 | 22.5 | 232 | 31.9 | |
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| (Loss)/profit for the financial year | (391) | n/a | 179 | 24.3 | |
| Taxation on the conversion of ordinary shares | (1) | n/a | (2) | (0.3) | |
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| Diluted (loss)/earnings | (392) | n/a | 177 | 24.0 | |
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| Weighted average number of shares (millions) for earnings and adjusted earnings | 795.4 | 727.7 | |||
| Effect of dilutive share options | n/a | 8.4 | |||
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| Weighted average number of shares (millions) for diluted earnings | n/a | 736.1 | |||
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note 
In 2001 the Group made a loss for the financial
year, consequently the effect of share options is anti-dilutive and a
diluted earnings per share has not been shown.
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