10. Equity
(a) Share capital
Ordinary shares are classified as equity.
(i) Movements in ordinary shares
Details |
Number of shares |
$’000 |
Opening balance 1 July 2017 |
286,722,826 |
286,723 |
Equity injection from shareholder |
279,500,000 |
279,500 |
Balance 30 June 2018 |
566,222,826 |
566,223 |
Opening balance 1 July 2018 |
566,222,826 |
566,223 |
Equity injection from shareholder |
301,450,000 |
301,450 |
Balance 30 June 2019 |
867,672,826 |
867,673 |
(ii) Recognition and measurement
Issued and paid up capital is recognised at the fair value of consideration received by the Company. Transactions with the Commonwealth Government, as owner that are designated as equity injections for the financial year are recognised directly in contributed equity and do not form part of the Company’s comprehensive income in the financial year.
(iii) Ordinary shares
Ordinary shares entitle the holder to participate in dividends and the proceeds on winding up of the Company in proportion to the number of and amounts paid on the shares held.
No dividends were declared or paid during the period (2018: Nil).
(b) Revaluation surplus
Revaluation surplus |
|
$’000 |
|
Balance at 1 July 2017 |
26,616 |
Revaluation - gross |
6,318 |
Deferred tax |
(1,895) |
Other comprehensive income |
4,423 |
At 30 June 2018 |
31,039 |
Balance at 1 July 2018 |
31,039 |
Revaluation - gross |
- |
Deferred tax |
- |
Other comprehensive income |
- |
At 30 June 2019 |
31,039 |
(i) Nature and purpose of Revaluation surplus - property, plant and equipment
The property, plant and equipment revaluation surplus is used to record increments and decrements on the revaluation of land and buildings.
June 2019 |
June 2018 |
|
$’000 |
$’000 |
|
Revaluation surplus |
||
Land |
7,685 |
7,685 |
Buildings |
23,354 |
23,354 |
31,039 |
31,039 |
(c) Accumulated losses
Movements in accumulated losses were as follows:
June 2019 |
June 2018 |
|
$’000 |
$’000 |
|
Balance 1 July |
(45,936) |
(42,140) |
Net (loss) / profit for the period |
(8,237) |
(3,796) |
Balance 30 June |
(54,173) |
(45,936) |
Visit
https://www.transparency.gov.au/annual-reports/australian-naval-infrastructure-pty-ltd/reporting-year/2018-2019-62