Avocet Mining PLC Prospectus December 2011

c105718pu050 Proof 5: 7.12.11_13:41 B/L Revision:
15. EARNINGS PER SHARE
Earnings per share are analysed in the table below, which also shows earnings per share after
adjusting for exceptional items.
31 March
2009
31 December
2009
31 December
2010
30 June
2011
(12 months) (9 months) (12 months) (6 months)
US$000 US$000 US$000 US$000
Weighted average number of shares
– number of shares with voting rights 120,696,804 170,883,476 195,802,466 198,891,154
– effect of share options in issue 1,015,604 158,123 2,231,799 3,879,369
Total used in calculation of diluted earnings per
share 121,712,408 171,041,599 198,034,265 202,770,523
Earnings per share from continuing operations
Profit/(loss) for the period from continuing
operations 9,279 (8,224) 5,454 22,830
Adjustments:
Less non-controlling interest — — (1,457) (1,355)
Profit/(loss) for the period attributable to equity
shareholders of the parent 9,279 (8,224) 3,997 21,475
Earnings per share
– Basic (cents per share) 7.69 (4.81) 2.04 10.80
– Diluted (cents per share) 7.62 (4.81) 2.02 10.59
Earnings per share from continuing operations
before exceptional items
Profit/(loss) for the period attributable to equity
shareholders of the parent 9,279 (8,224) 3,997 21,475
Adjustments:
Less exceptional profit on disposal (2,332) — (2,669) (8,990)
Add back exploration impairment 5,470 3,363 — —
Add Expenses of listing on Oslo Bors — — 2,363 —
Less gain on gold collar (24,768) — — —
Add deferred tax on gold collar 6,935 — — —
(Loss)/profit for the period attributable to equity
shareholders of the parent before exceptionals (5,416) (4,861) 3,691 12,485
Earnings per share
– Basic (cents per share) (4.49) (2.84) 1.89 6.28
– Diluted (cents per share) (4.49) (2.84) 1.86 6.16
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