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2011
2011 2010
Income tax on dividends (27,750,000) (23,684,211)
Special tax contribution 0 (26,326,312)
Deferred income tax (11,985,785)
2,203,367
Total income tax expense for the year (61,996,308)
(25,546,633)
The following is the reconciliation between income taxes as presented in the income statement, with those resulting
from the application of the enacted tax rates:
Reconciliation of effective Rate 2011 Rate 2010
income tax rate
158,546,314
Profit before tax for the year 129,528,119
(38,051,115)
Income tax 20.00% (25,905,624) 24.00% (1,534,028)
Expenses not deductible for tax purposes 0.99% (1,275,953) 0.97% 57,044
Revenues relieved from income tax 54,619
Special tax contribution (0.04)% 0 (0.04)% (26,326,312)
Adjustments in respect of prior years 0.00% 4,083,556 16.60% 0
Effect of lower income tax rates (2,503,231)
(3,15)% 0.00% 3,858,103
1.93% (2.43)%
(61,996,308)
Total income tax expense for the year 19.73% (25.546,633) 39.10%
Income tax rates are based on the Tax Law enacted by the Parliament in 2011, by which from 2011 onwards the income
tax rate will be at 20%. Refer further to notes 5.22 and 5.28.
5.6 Basic earnings per share
Basic earnings per share are calculated by dividing the Company’s net profits after taxes by the weighted average
number of shares during the year as follows:
Analysis of earnings per share 2011 2010
Profit of the year attributable to shareholders 103,981,486 96,550,006
Average No of shares during the year 30,000,000 30,000,000
Earnings per share for the year 3.47 3.22
There were no new shares issued or existing shares repurchased during the year. The average number of shares remained
unchanged. The Company does not have any potential dilutive instruments.
Financial Statements as at 31 December 2011 (Amounts in Euros unless otherwise stated) Page 34 of 50
2011 2010
Income tax on dividends (27,750,000) (23,684,211)
Special tax contribution 0 (26,326,312)
Deferred income tax (11,985,785)
2,203,367
Total income tax expense for the year (61,996,308)
(25,546,633)
The following is the reconciliation between income taxes as presented in the income statement, with those resulting
from the application of the enacted tax rates:
Reconciliation of effective Rate 2011 Rate 2010
income tax rate
158,546,314
Profit before tax for the year 129,528,119
(38,051,115)
Income tax 20.00% (25,905,624) 24.00% (1,534,028)
Expenses not deductible for tax purposes 0.99% (1,275,953) 0.97% 57,044
Revenues relieved from income tax 54,619
Special tax contribution (0.04)% 0 (0.04)% (26,326,312)
Adjustments in respect of prior years 0.00% 4,083,556 16.60% 0
Effect of lower income tax rates (2,503,231)
(3,15)% 0.00% 3,858,103
1.93% (2.43)%
(61,996,308)
Total income tax expense for the year 19.73% (25.546,633) 39.10%
Income tax rates are based on the Tax Law enacted by the Parliament in 2011, by which from 2011 onwards the income
tax rate will be at 20%. Refer further to notes 5.22 and 5.28.
5.6 Basic earnings per share
Basic earnings per share are calculated by dividing the Company’s net profits after taxes by the weighted average
number of shares during the year as follows:
Analysis of earnings per share 2011 2010
Profit of the year attributable to shareholders 103,981,486 96,550,006
Average No of shares during the year 30,000,000 30,000,000
Earnings per share for the year 3.47 3.22
There were no new shares issued or existing shares repurchased during the year. The average number of shares remained
unchanged. The Company does not have any potential dilutive instruments.
Financial Statements as at 31 December 2011 (Amounts in Euros unless otherwise stated) Page 34 of 50
