2020 Annual Financial Report

/Headline earnings per share (basic and diluted)

(in millions of euros, except for share data)		2020	2019
Net income used to calculate headline earnings per share⁽¹⁾	Net income used to calculate headline earnings per share⁽¹⁾	Net income used to calculate headline earnings per share⁽¹⁾ 2020	Net income used to calculate headline earnings per share⁽¹⁾ 2019
Net income share attributable to equity holders of the parent company	Net income share attributable to equity holders of the parent company	Net income share attributable to equity holders of the parent company 2020 576	Net income share attributable to equity holders of the parent company 2019 841
Items excluded:	Items excluded:	Items excluded: 2020	Items excluded: 2019
Amortization of intangibles from acquisitions, net of tax	Amortization of intangibles from acquisitions, net of tax	Amortization of intangibles from acquisitions, net of tax 2020 254	Amortization of intangibles from acquisitions, net of tax 2019 153
Impairment loss⁽²⁾, net of tax	Impairment loss⁽²⁾, net of tax	Impairment loss⁽²⁾, net of tax 2020 185	Impairment loss⁽²⁾, net of tax 2019 163
Main capital gains and losses on disposal of assets and fair value adjustment of financial assets, net of tax	Main capital gains and losses on disposal of assets and fair value adjustment of financial assets, net of tax	Main capital gains and losses on disposal of assets and fair value adjustment of financial assets, net of tax 2020 (9)	Main capital gains and losses on disposal of assets and fair value adjustment of financial assets, net of tax 2019 (21)
Epsilon acquisition-related costs, net of tax	Epsilon acquisition-related costs, net of tax	Epsilon acquisition-related costs, net of tax 2020 -	Epsilon acquisition-related costs, net of tax 2019 30
Early unwinding of swaps (see note 8)	Early unwinding of swaps (see note 8)	Early unwinding of swaps (see note 8) 2020 11	Early unwinding of swaps (see note 8) 2019 -
Revaluation of earn-out payments	Revaluation of earn-out payments	Revaluation of earn-out payments 2020 17	Revaluation of earn-out payments 2019 22
Headline Groupe net income	Headline Groupe net income E	Headline Groupe net income 2020 1,034	Headline Groupe net income 2019 1,188
Impact of dilutive instruments:	Impact of dilutive instruments:	Impact of dilutive instruments: 2020	Impact of dilutive instruments: 2019
Savings in financial expenses related to the conversion of debt instruments, net of tax	Savings in financial expenses related to the conversion of debt instruments, net of tax	Savings in financial expenses related to the conversion of debt instruments, net of tax 2020 -	Savings in financial expenses related to the conversion of debt instruments, net of tax 2019 -
Headline Groupe net income, diluted	Headline Groupe net income, diluted F	Headline Groupe net income, diluted 2020 1,034	Headline Groupe net income, diluted 2019 1,188
Number of shares used to calculate earnings per share	Number of shares used to calculate earnings per share	Number of shares used to calculate earnings per share 2020	Number of shares used to calculate earnings per share 2019
Number of shares at January 1	Number of shares at January 1	Number of shares at January 1 2020 240,437,061	Number of shares at January 1 2019 235,249,801
Shares created over the year	Shares created over the year	Shares created over the year 2020 1,974,862	Shares created over the year 2019 2,457,867
Treasury shares to be deducted (average for the year)	Treasury shares to be deducted (average for the year)	Treasury shares to be deducted (average for the year) 2020 (2,573,576)	Treasury shares to be deducted (average for the year) 2019 (3,414,634)
Average number of shares used for the calculation	Average number of shares used for the calculation C	Average number of shares used for the calculation 2020 239,838,347	Average number of shares used for the calculation 2019 234,293,034
Impact of dilutive instruments:	Impact of dilutive instruments:	Impact of dilutive instruments: 2020	Impact of dilutive instruments: 2019
Free shares and dilutive stock options	Free shares and dilutive stock options	Free shares and dilutive stock options 2020 1,977,939	Free shares and dilutive stock options 2019 1,951,354
Equity warrants (BSA)	Equity warrants (BSA)	Equity warrants (BSA) 2020 110,267	Equity warrants (BSA) 2019 364,209
Number of diluted shares	Number of diluted shares D	Number of diluted shares 2020 241,926,553	Number of diluted shares 2019 236,608,597
(in euros)	(in euros)	(in euros) 2020	(in euros) 2019
Headline earnings per share⁽¹⁾	Headline earnings per share⁽¹⁾ E/C	Headline earnings per share⁽¹⁾ 2020 4.31	Headline earnings per share⁽¹⁾ 2019 5.07
Headline earnings per share – diluted⁽¹⁾	Headline earnings per share – diluted⁽¹⁾ .F/D	Headline earnings per share – diluted⁽¹⁾ 2020 4.27	Headline earnings per share – diluted⁽¹⁾ 2019 5.02

(1) EPS after elimination of the impairment losses, amortization of intangibles from acquisitions, the main capital gains and losses on disposal of assets, the fair value adjustment of financial assets, the revaluation of earn-out payments and the cost of the Epsilon acquisition.

(2) This amount includes impairment losses on right-of-use assets related to leases for euro 170 million in 2020 and euro 95 million in 2019.