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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)