NOTES
Consolidated financial statements •87
SECTION 4: CAPITAL STRUCTURE AND NET FINANCIALS, CONTINUED
4.2 EARNINGS PER SHAREANDDIVIDEND
DKKmillion
2014
2013
Profit attributable to the equity holders of PANDORAA/S
3,098
2,220
Weighted average number of ordinary shares
124,092,966 129,120,685
Effect of share options
1,382,800
1,372,577
Weighted average number of ordinary shares adjusted for the effect of dilution
125,475,766 130,493,262
Basic earnings per share, DKK
25.0
17.2
Diluted earnings per share, DKK
24.7
17.0
There have been no transactions between the reporting date and the date of completionof these financial statements involving shares that would have signifi-
cantly changed the number of shares or potential shares in PANDORAA/S.
Dividend
At the end of 2014, proposed dividend (not yet declared)
wasDKK 9.0 per share (2013: DKK 6.5 per share),
corresponding toDKK 1,088million. Declared dividend of
DKK 6.5 per share, corresponding toDKK 823million in
2013, was paid to the shareholders in 2014. Nodividend
was paidon treasury shares.
Distributable reserves
When calculating the amount available for distribution
of dividends, treasury shares are to be deducted from
distributable reserves.
Accounting policies
Proposeddividends are included in equityuntil they are
recognised as a liability at thedateof their adoption at the
AnnualGeneralMeeting (declarationdate). Extraordinary
dividends are recognised as a liability at thedeclarationdate.
