annual report 2011

IOOF | annual report 2011
Notes to the financial statements (cont’d)
For the year ended 30 June 2011
The Group has applied AASB 127 (2008) for the acquisition of non-controlling interests. Under the new accounting policy, acquisitions
of non-controlling interests are accounted for as transactions with equity holders in their capacity as equity holders and therefore no
goodwill is recognised as a result of such transactions, movements are instead recorded in the business combinations reserve.
Consolidated Parent
2011 2010 2011 2010
$’000 $’000 $’000 $’000
Share buy back revaluation reserve
Balance at 1 July (9,124) 15 - -
Valuation gain/(loss) recognised (10,112) (9,139) - -
Derecognition of non-controlling interest subject to buy-back 139 - - -
Balance at 30 June (19,097) (9,124) - -
Refer to note 4 to the financial statements for further information on the change in accounting policy and restatement.
Consolidated Parent
2011 2010 2011 2010
$’000 $’000 $’000 $’000
Share-based payments reserve
Balance at 1 July 3,278 4,658 5,903 7,642
Share-based payments expense recognised (note 9) 3,232 2,027 - -
Share-based payment expense recognised in controlled entities - - 3,098 1,895
Transfer of lapsed share options - - 1,077 -
Transfer to issued capital on exercise of options (note 31) (440) (120) (1,049) (347)
Adviser performance rights vested during the year (note 26) (453) (234) (453) (234)
Performance rights vested during the year (note 31) (330) (3,053) (330) (3,053)
Balance at 30 June 5,287 3,278 8,246 5,903
The equity-settled employee benefits reserve arises on the grant of performance rights and share options to executives and senior
employees under the employee share plan. Amounts are transferred out of the reserve and into issued capital when the shares are
transferred to employees or options are exercised.
Further information about share-based payments to employees is made in note 31 to the financial statements.
28 Retained earnings
Consolidated Parent
2011 2010 2011 2010
$’000 $’000 $’000 $’000
Balance at 1 July 15,583 14,388 2,120 13,569
Profit for the period attributable to owners of the Company 99,489 77,371 131,328 66,747
Profit/(loss) for the period attributable to policyholders of the IOOF Life
(11) 171 - -
Statutory Fund
Dividends paid (89,935) (77,841) (89,935) (78,196)
Profit on treasury shares sold on-market - 1,494 - -
Balance at 30 June 25,126 15,583 43,513 2,120
Retained earnings has been restated as a result of the change in accounting policy for share buy-back liabilities. Refer to note 4 for
further information.
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