WEST AFRICA’S NEWEST LARGE GOLD PRODUCER Notes to the Consolidated Financial Statements 27. RECONCILIATION OF PROFIT AFTER INCOME TAX TO  NET CASHFLOW FROM OPERATING ACTIVITIES For the year ended 30 June 2011 CONSOLIDA TED 2011  2010 $  $ (a) Reconciliation of the loss from ordinary activities to net cash used in  operating activities  (Loss)/profit from ordinary activities after income tax  (51,176,313)  (9,781,000) Add back non-cash items :  Depreciation 249,967  294,601 Provision for non-recovery of investments in associates -  (212,435) Employee benefits provision  -  109,414 Foreign currency loss/(gain)  10,380,480  (3,822,487) Employee options 5,484,684  3,594,491 Impairment reversal of investment in associate  (3,118,384)  - Loss on disposal of investment  932,840  - Share of associates’ net loss  867,504  326,647 Exploration costs written-off  -  844,972 Change in operating assets and liabilities:  (Increase)/decrease in receivables  15,766  490,354 (Increase) in other assets and inventories  (518,877)  (684,583) (Increase)/decrease in financial assets at fair value through profit and loss  7,615,133  5,041,788 Increase/(decrease) in payables  92,992  742,137 Increase/(decrease) in provision  758,952  - Increase/(decrease) in hedge liabilities  22,588,975  - Net cash used in operating activities  (5,826,281)  (3,056,101) (b) Non-Cash Financing and Investing Activities  During the year, the Company issued options to employees, consultants and  directors for nil consideration. 28. EARNINGS PER SHARE Loss attributable to ordinary shareholders ($)  (51,176,314)  (9,781,000) Weighted average number of ordinary shares (number of shares)  422,516,636  332,557,987 Basic loss per share (cents)  (12.11)  (2.94) The Group’s potential ordinary shares, being its options granted, are not  considered dilutive as the conversion of these options would result in a  decrease in the net loss per share. 82