CONTENTS FINANCIAL STATEMENTS YEAR IN REVIEW DIRECTORS’ REPORT CORPORATE DIRECTORY SHAREHOLDER INFORMATION 19. Loss per share Basic earnings per share is determined by dividing the profit after income tax by the weighted average number of ordinary shares outstanding during the year. Diluted earnings per share adjusted the figures used in the determination of basic earnings per share by taking into account amounts unpaid on ordinary shares and any reduction in earnings per share that will probably arise from the exercise of partly paid shares or options outstanding during the year. The conversion of options and performance rights to shares for purposes of dilutive calculation is not required when the Group is in a loss position because the conversion would cause the loss position to decrease. The Company’s basic and diluted loss per share are as follows: 2024 Cents per share 2023 Cents per share From continuing operations Basic earnings per share (8.19) (2.39) Diluted earnings per share1 (8.19) (2.39) Note 1: The potential ordinary shares are anti-dilutive so no change was made to the basic earnings per share. The loss after income tax used in the calculation is as follows: 2024 $’000 2023 $’000 Earnings used in calculating earnings per share – continuing operations Loss after income tax (32,191) (8,610) The weighted average number of shares used in the calculation is as follows: 2024 Number (‘000) 2023 Number (‘000) Weighted average number of shares used as denominator Weighted average number of ordinary shares for basic earnings per share 392,952 360,573 Effects of dilution from: - Options 226 249 - Performance rights 4,185 4,401 Weighted average number of ordinary shares for diluted earnings per share 397,363 365,223 20. Related parties Loans to subsidiaries Loans made by Sheffield to its controlled entities are made to meet required expenditure. The loans are payable on demand and are not interest bearing. Transactions with other related parties Farview Solutions Limited (Farview) provides consultancy services to the Group. Mr Griffin is a director and controlling shareholder of Farview and also serves as Executive Chair of Sheffield. The total amount paid to Farview during the year was $574,561 (2023: $395,000). The payment was disclosed in the Key Management Personnel remuneration disclosure table, which forms part of the Directors’ Report. Ozscot Trust (Ozscot) provides general consultancy services to the Group. Mr Cowe is a director of Ozscot and also serves as Non-Executive Director of Sheffield. The total amount paid to Ozscot during the year was $40,000 (2023: $40,000). The payment was disclosed in the Key Management Personnel remuneration disclosure table, which forms part of the Directors’ Report. 69 Sheffield Resources Limited Annual Report 2024
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