Artículo 47. IAS 33 Paragraph 47

Options and warrants have a dilutive effect only when the average market price of ordinary shares during the period [ Refer: paragraphs A4 and A5 ] exceeds the exercise price of the options or warrants (ie they are ‘in the money’). Previously reported earnings per share are not retroactively adjusted to reflect changes in prices of ordinary shares. [ Refer: Illustrative Examples, examples 9 and 12 ]