Net financial expenses
Interest expenses arising from loan liabilities decreased by a substantial €19.0 million owing to the vastly improved funding structure and funding conditions compared with the first quarter of 2013.
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 (Q1 2014: 98,700,000 no-par-value shares; Q1 2013: 63,950,000 no-par-value shares). In the first three months of 2014, the KION Group generated net income accruing to the shareholders of KION GROUP AG of €27.4 million (Q1 2013: €28.0 million). Diluted and basic earnings per share for the reporting period came to €0.28 (Q1 2013: €0.44). Due to the additional capital increases carried out during the second quarter of 2013, the number of shares to be taken into account in accordance with IAS 33 advanced from 63,950,000 no-par-value shares as at 31 March 2013 to 98,700,000 no-par-value shares as at 31 March 2014. This did not include 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.
As at 31 March 2014, there were no equity instruments that diluted the earnings per share for the number of shares issued.