SYDNEY PORTS CORPORATION ANNUAL REPORT 12
SYDNEY PORTS CORPORATION ANNUAL REPORT 12
SYDNEY PORTS CORPORATION ANNUAL REPORT 12
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note 14. eQUity<br />
note<br />
CorPoration CorPoration<br />
Contributed equity <strong>12</strong>5,542 <strong>12</strong>5,542<br />
Reserves 14(c) 508,708 472,705<br />
Retained earnings 14(a) 489,332 458,069<br />
1,<strong>12</strong>3,582 1,056,316<br />
(a) Movements in retained earnings<br />
note<br />
20<strong>12</strong><br />
$000<br />
2011<br />
$000<br />
CorPoration CorPoration<br />
Balance at 1 July 458,069 384,089<br />
Net profit for the year<br />
Other comprehensive income/expenses<br />
52,445 74,300<br />
Transfer from revaluation reserve to retained earnings on assets disposed of 89 –<br />
Superannuation actuarial losses (31,864) (458)<br />
Income tax equivalent expense on items of other comprehensive income 9,558 138<br />
Total other comprehensive expense (22,217) (320)<br />
Net assets of Regional Ports transferred from Roads and Maritime Services 25 1,035 –<br />
Balance at 30 June 489,332 458,069<br />
(b) Nature and purpose of reserves<br />
Asset revaluation reserve<br />
The asset revaluation reserve is used to record increments and decrements, to the extent that they offset one another, in<br />
the fair value of property, plant and equipment.<br />
Cash-flow hedge reserve<br />
This reserve records the portion of the gain or loss on a hedging instrument in a cash-flow hedge that is determined to be<br />
an effective hedge. Amounts taken to equity are transferred out of equity and included in the measurement of the hedged<br />
transaction (finance costs) when the forecast transaction occurs.<br />
(c) Movements in asset revaluation reserve and cash-flow hedge reserve<br />
aSSet CaSh-flow<br />
revalUation hedge<br />
reServe reServe total<br />
note<br />
$000 $000 $000<br />
Balance at 30 June 2010 429,930 (9,763) 420,167<br />
Fair value revaluation of property, plant and equipment 73,361 – 73,361<br />
Transfer to finance costs – profit or loss – 61 61<br />
Transferred to finance costs – construction in progress<br />
Income tax equivalent expense on items of other<br />
– 1,655 1,655<br />
comprehensive income 5(b) (22,024) (515) (22,539)<br />
Total Other comprehensive income 51,337 1,201 52,538<br />
Balance at 30 June 2011 481,267 (8,562) 472,705<br />
Fair value revaluation of property, plant and equipment<br />
Transfer from revaluation reserve to retained earnings<br />
49,704 – 49,704<br />
on assets disposed of (89) – (89)<br />
Transfer to finance costs – profit or loss – 1,777 1,777<br />
Transferred to finance costs – construction in progress<br />
Income tax equivalent expense on items of other<br />
– 53 53<br />
comprehensive income 5(b) (14,893) (549) (15,442)<br />
Total Other comprehensive income 34,722 1,281 36,003<br />
Balance at 30 June 20<strong>12</strong> 515,989 (7,281) 508,708<br />
20<strong>12</strong><br />
$000<br />
2011<br />
$000<br />
Sydney PortS CorPoration finanCial rePort 2011/<strong>12</strong> 69
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