(i)
Asset revaluation reserve
The property, plant and equipment revaluation reserve is used to record increments and decrements on the revaluation
of non-current infrastructure assets.
(ii) Hedge reserve - cash flow hedges
The hedging reserve comprises the effective portion of the cumulative net change in the fair value of cash flow hedging
instruments related to hedged transactions that have not yet occurred. Amounts are reclassified to income statement
when the associated hedged transaction settles.
(c) Retained earnings
Movements in retained earnings were as follows:
NOTE 09
EQUITY (CONTINUED)
Consolidated
2014
$’000
Restated
2013
$’000
Balance at 1 July
(133,493)
65,705
Net profit/(loss) for the year after tax
163,643
(202,034)
Actuarial (losses)/gains on defined benefit plans
(2,145)
3,874
Asset revaluation reserve - asset disposal
111
124
Tax effect on defined benefit fund (note 8(d)(i))
644
(1,162)
Transfer to profit reserve
(163,643)
-
Balance as at 30 June
(134,883)
(133,493)
(b) Reserves (continued)
75
