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Escher Group Holdings plc
Annual report 2011
54
for the year ended 31 December 2011
Notes to the consolidated financial statements
continued
27. Earnings per share
Basic earnings per share amounts are calculated by dividing profit for the year attributable to ordinary equity holders
of the parent by the weighted average number of ordinary shares outstanding during the year.
Diluted earnings per share amounts are calculated by dividing the profit attributable to ordinary equity holders of the parent
by the weighted average number of ordinary shares outstanding during the year plus the weighted average number of ordinary
shares that would be issued on the conversion of all the dilutive potential ordinary shares into ordinary shares.
The following reflects the income and share data used in the basic and diluted earnings per share computations.
A 3 for 1 bonus issue of shares was made on 15 July 2011 through a capitalisation of reserves. This brought the issued share
capital to €40,000, to meet the minimum requirements (€38,094) for a public limited company under Irish company law.
On 15 July 2011, the Company subdivided its share capital into €0.005 shares. On 2 August 2011, 428,000 B ordinary shares
were re-designated as ordinary shares. On 8 August 2011, 9,033,097 new shares were issued as part of the IPO. In accordance
with, IAS 33 “Earnings per Share”, this bonus issue of shares and share split has been reflected in the current year and the
comparative EPS calculations.
Before
exceptional
items
2011
US$’000
After
exceptional
items
2011
US$’000
2010
US$’000
Profit attributable to equity holders of the parent
1,431
603
1,467
Number
Number
Number
Basic weighted average number of shares
11,311,633 11,311,633
7,521,567
Dilutive potential ordinary shares
Convertible ordinary shares
—
—
410,247
Diluted weighted average number of shares
11,311,633 11,311,633
7,931,814
Basic earnings per share (in US$ cent per share)
12.7
5.3
19.5
Diluted earnings per share (in US$ cent per share)
12.7
5.3
18.5
28. Recent accounting pronouncements
The following new and amended IFRS and IFRIC interpretations became effective as of 1 January 2011; however, they either
do not have an effect on the Group financial statements or they are not currently relevant for the Group:
Amendment to IAS 24 “Related Party Disclosures” –
Amendment to IAS 24 to revise the definition of a related party and to additionally
include specific guidance for government related entities;
Amendments to IAS 32 “Financial Instruments: Presentation”, on classification of rights issues –
The amendment allows rights
issues denominated in foreign currency, that are issued to all shareholders, to be classified as equity. This amendment therefore
creates an exception to the “fixed for fixed” rule in IAS 32;
Amendment to IFRIC 14 “IAS 19” –
The limit on a defined benefit asset, minimum funding requirements and their interaction; and
IFRS improvements –
In developing IFRS, the IASB follows a due process handbook with allows for fast track annual improvements.
Under this process amendments are made to existing IFRS to clarify guidance and wording, or to correct for relatively minor
unintended consequences, conflicts or oversights. A number of annual improvements to IFRSs are effective from 2012, however,
none of these had or expected to have a material effect of the annual Group financial statements.