Earnings (losses) per share

12 Months Ended

Dec. 31, 2018

37	Earnings (losses) per share

Basic and diluted earnings (losses) per share is following analysed:


	2018		2017
Weighted average number of ordinary shares		54,853,045		54,853,045

Basic earnings (losses) per share		0.61		(0.55	)

Diluted earnings (losses) per share		0.61		(0.55	)

Basic earnings (losses) per share is calculated by dividing earnings (losses) for the year attributable to ordinary equity holders of the Parent Company by the weighted average number of ordinary shares outstanding during the year.

The weighted-average number of ordinary shares equals the number of ordinary shares issued as at December 31, 2018 and 2017 since there have been no transactions involving ordinary shares both in 2018 and 2017.

Diluted earnings (losses) per share as at December 31, 2018 and 2017 equals the basic losses per share since the Parent Company has not issued any financial instruments convertible to ordinary shares, and there are therefore no dilutive impacts.

On February 8, 2019 the Company has announced a change in the ratio of its American Depositary Receipts (ADRs) to ordinary shares, from 1 ADR representing 1 share to 1 ADR representing 5 shares. The effective date of the ratio change is February 21, 2019. No new shares have been issued in connection with the ratio change.