2001 Annual Report - OneSteel

Notes to the Financial StatementsNOTE 23. RESERVES:ConsolidatedParent2001 2000 2001 2000$m $m $m $mForeign Currency Translation ReserveOpening balance (1.4) (3.4) – –Exchange fluctuations on overseas net assets 3.2 2.0 – –Closing balance 1.8 (1.4) – –NOTE 24. RETAINED PROFITS AND DIVIDENDS:ConsolidatedParent2001 2000 2001 2000$m $m $m $mRetained profits at the beginning of the financial year 123.6 178.0 15.5 65.0Dividends provided for or paid (27.5) (90.4) (27.5) (90.4)Net profit/(loss) (28.8) 36.0 179.6 40.9Retained profits at the end of the financial year 67.3 123.6 167.6 15.5Retained profits and reserves that could be distributedas dividends and franked out of existing franking credits. 3.6 – 0.1 –The following dividends have been paid, declared or recommendedsince the end of the preceding financial year:On ordinary Dividend pershares ordinary share$m $Interim fully franked dividend for 2001 paid 26 April 2001 13.7 0.03Final fully franked dividend for 2001 as recommended anddeclared by the directors, payable 18 October 2001 13.8 0.03Dividend FrankingAll dividends paid or provided for will be fully franked.NOTE 25. OUTSIDE EQUITY INTERESTS IN CONTROLLED ENTITIES:Outside equity interests in controlled entities at balance dateConsolidated2001 2000$m $mShare capital – ordinary 27.5 27.5Retained profits 24.6 20.0Total outside equity interests in controlled entities 52.1 47.519