Selected notes to the consolidated income statement
Net financial income / expenses
Financial expenses rose by €17.8 million year on year. This increase was attributable to one-off expenses in connection with the repayment of the syndicated loan dated 23 December 2006 that took the form of a revolving credit facility of €1,243.0 million and the €450.0 million corporate bond, which had been issued in 2013 and was due to mature in 2020. An amount of €5.4 million representing the deferred borrowing costs relating to the corporate bond at the time of early repayment and a cash payment of €15.2 million representing early repayment charges were recognised as financial expenses. In addition, an amount of €5.1 million representing the deferred borrowing costs relating to the previous syndicated loan at the time of early repayment was included in financial expenses. There was a countervailing effect from the savings on interest payments resulting from the optimised funding structure.
In the consolidated interim financial statements, income taxes for the current 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 – Q3 2016: 101,444,877 no-par-value shares; Q1 – Q3 2015: 98,733,926 no-par-value shares; Q3 2016: 104,753,429 no-par-value shares; Q3 2015: 98,728,983 no-par-value shares). In the first three quarters of 2016, the KION Group generated net income accruing to the shareholders of KION GROUP AG of €161.8 million (Q1 – Q3 2015: €142.5 million). Information about determining the net income (loss) accruing to the KION GROUP AG shareholders can be found in the consolidated income statement. Basic earnings per share for the reporting period came to €1.59 (Q1 – Q3 2015: €1.44). The 210,050 no-par-value treasury shares repurchased by KION GROUP AG were not included in this figure as at 30 September 2016 (30 September 2015: 233,562).
Diluted earnings per share are calculated by adding the potential dilutive no-par-value shares that employees can obtain for free under the employee share option programme to the weighted average number of shares outstanding during the reporting period. The calculation of diluted earnings per share was based on a weighted average for the first three quarters of 2016 of 101,478,992 no-par-value shares issued (Q1 – Q3 2015: 98,749,594 no-par-value shares; Q3 2016: 104,788,501 no-par-value shares; Q3 2015: 98,745,013 no-par-value shares). Diluted earnings per share for the reporting period came to €1.59 (Q1 – Q3 2015: €1.44).