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BRADKEN LIMITED ANNUAL REPORT 2013 73
Notes to the consolidated financial statements
30 June 2013
(continued)
23 Reserves and retained profits
2013
2012
$'000
$'000
(a)
Hedging reserve - cash flow hedges
(1,575)
(2,383)
Share based payments reserve
11,386
8,014
Foreign currency translation reserve
19,898
(18,074)
Revaluation reserve
-
-
Transactions with non-controlling interests
(564)
(564)
29,145
(13,007)
Movements:
Mvts
Hedging reserve - cash flow hedges
Balance 1 July
(2,383)
(16)
Revaluation-gross (note 11)
1,154
(3,382)
Deferred tax (note 13)
808
(346)
1,015
Balance 30 June
(1,575)
(2,383)
Share-based payments reserve
Balance 1 July
8,014
5,975
Rights expense
3,597
2,064
Transfer to share capital (Rights exercised)
3,372
(225)
(25)
Balance 30 June
11,386
8,014
Foreign currency translation reserve
Balance 1 July
(18,074)
(34,924)
Currency translation differences arising during the year
37,972
37,972
16,850
Balance 30 June
19,898
(18,074)
Available-for-sale financial assets reserve
Balance 1 July
-
23,143
Revaluation-gross (note 15)
-
(33,061)
Deferred tax (note 21)
-
-
9,918
Balance 30 June
-
-
Transactions with non-controlling interests
Balance 1 July
(564)
(564)
Balance 30 June
(564)
(564)
(b)
Balance 1 July
193,895
168,206
Net profit for the year
66,937
100,533
Dividends
(70,103)
(66,480)
Actuarial (losses) / gains on retirement benefit obligations, net of tax
3,365
(8,364)
Balance 30 June
166,798
194,094
193,895
(c)
(i)
Hedging reserve - cash flow hedges
(ii) Share-based payments reserve
(iii) Foreign currency translation reserve
Reserves
Retained profits
The share based payments reserve is used to recognise the fair value of rights issued but not exercised.
Exchange differences arising on translation of the foreign controlled entity are taken to the foreign currency translation reserve,
as described in note 1(d). The reserve is recognised in profit and loss when the net investment is disposed of.
Nature and purpose of reserves
The hedging reserve is used to record gains or losses on a hedging instrument in a cash flow hedge that are recognised directly
in equity, as described in note 1(n). Amounts are recognised in profit and loss when the associated hedged transaction affects
profit and loss.
Page 73
Bradken Limited