Table:
|  | € million | € million |
| --- | --- | --- |
|  | 2019 | 2018 |
|  |  | (Restated)(a) |
| Underlying profit attributable to shareholders’ equity(b) | 6,688 | 6,345 |
| Impact of translation from current to constant exchange rates and translational hedges | 13 | 46 |
| Impact of price growth in excess of 26% per year in hyperinflationary economies(c) | (108) | (10) |
| Constant underlying earnings attributable to shareholders’ equity | 6,593 | 6,381 |
| Diluted combined average number of share units (millions of units) | 2,626.7 | 2,694.8 |
| Constant underlying EPS (€) | 2.51 | 2.37 |
Paragraphs:
Constant underlying earnings per share
Constant underlying earnings per share (constant underlying EPS) is calculated as underlying profit attributable to shareholders’ equity at constant exchange rates and excluding the impact of both translational hedges and price growth in excess of 26% per year in hyperinflationary economies divided by the diluted average number of ordinary share units. This measure reflects the underlying earnings for each ordinary share unit of the Group in constant exchange rates.
The reconciliation of underlying profit attributable to shareholders’ equity to constant underlying earnings attributable to shareholders’ equity and the calculation of constant underlying EPS is as follows:
(a) Restated following adoption of IFRS 16. See note 1 and note 24 for further details.
(b) See note 7.
(c) See pages 28 and 29 for further details.
Question:
What does the constant underlying earnings per share reflect?
Answer: underlying earnings for each ordinary share unit of the Group in constant exchange rates