ANNUAL REPORT

38Middle East Development Singapore ltdannual report 2007STATEMENTS OF CHANGES INEQUITYYear ended 30 June 2007GroupForeignShare currencyShare Statutory option translation Retainedcapital reserves reserve reserves Earnings Total$ $ $ $ $ $Balance at 1 July 2005 4,311,012 262,778 80,470 (510,018) 1,009,007 5,153,249Exchange differences on translating – – – (113,118) – (113,118)foreign operationsTransfer to statutory reserves – 22,101 – – (22,101) –Net income/ (loss) recognised directly – 22,101 – (113,118) (22,101) (113,118)in equityNet loss for the year – – – – (193,695) (193,695)Total recognised income/ (loss) for the year – 22,101 – (113,118) (215,796) (306,813)Balance at 30 June 2006 4,311,012 284,879 80,470 (623,136) 793,211 4,846,436Balance at 1 July 2006 4,311,012 284,879 80,470 (623,136) 793,211 4,846,436Exchange differences on translating – – – 101,976 – 101,976foreign operationsTransfer to share capital upon exercise 70,956 – (70,956) – – –of share option (Note 15)Transfer to statutory reserves – 41,352 – – (41,352) –Net income/ (loss) recognised directly 70,956 41,352 (70,956) 101,976 (41,352) 101,976in equityIssuance of share capital (Note 14) 14,254,375 – – – – 14,254,375Share issue expenses (Note 14) (659,418) – – – – (659,418)Exercise of share options (Note 14) 319,200 – – – – 319,200Net loss for the year – – – – (316,651) (316,651)Total recognised income/ (loss) for the year 13,985,113 41,352 (70,956) 101,976 (358,003) 13,699,482Balance at 30 June 2007 18,296,125 326,231 9,514 (521,160) 435,208 18,545,918(a) & (b) (a) (a)(a)(b)Not available for distribution as cash dividendsRefer to Note 16 for details.See accompanying notes to financial statements.