Selected notes to the consolidated income statement
Net financial expenses
Interest expenses arising from loan liabilities decreased by a substantial €31.5 million in the first six months of 2014 because the IPO resulted in a vastly improved funding structure and funding conditions compared with the first half of 2013. There was a countervailing effect on net financial expenses from the early redemption in April 2014 of the fixed-rate tranche of the corporate bond issued in 2011, which was due to mature in 2018 and had a volume of €325.0 million, and the floating-rate tranche of the corporate bond issued in 2013, which was due to mature in 2020 and had a volume of €200.0 million. An amount of €8.4 million representing the pro-rata deferred borrowing costs and a payment of €14.8 million representing early repayment charges were recognised as financial expenses.
In the consolidated interim financial statements, current income taxes for the reporting period are calculated on the basis of the expected income tax rate for the full year.
Earnings per share
Basic earnings per share are calculated by dividing the net income (loss) accruing to the KION GROUP AG shareholders by the weighted average number of shares outstanding during the reporting period (H1 2014: 98,700,000 no-par-value shares; H1 2013: 64,707,912 no-par-value shares; Q2 2014: 98,700,000 no-par-value shares; Q2 2013: 65,457,496 no-par-value shares). In the first six months of 2014, the KION Group generated net income accruing to the shareholders of KION GROUP AG of €59.6 million (H1 2013: €69.3 million). Diluted and basic earnings per share for the reporting period came to €0.60 (H1 2013: €1.07). The 200,000 no-par-value treasury shares which were repurchased by KION GROUP AG in the third quarter of 2013 as part of a buy-back programme were not included in this figure as at 30 June 2014.
As at 30 June 2014, there were no equity instruments that diluted the earnings per share for the number of shares issued.