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10. Equity

(a) Share capital

Ordinary shares are classified as equity.

(i) Movements in ordinary share

Number of shares

$’000

Opening balance 1 July 2018

566,222,826

566,223

Equity injection from Shareholders

301,450,000

301,450

Balance 30 June 2019

867,672,826

867,673

Opening balance 1 July 2019

867,672,826

867,673

Equity injection from Shareholders

320,750,000

320,750

Balance 30 June 2020

1,188,422,826

1,188,423

(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 (2019: Nil).

(b) Revaluation surplus

Revaluation surplus

$’000

Opening balance at 1 July 2018

31,039

Revaluation - gross

-

Deferred tax

-

Other comprehensive income

-

Closing balance at 30 June 2019

31,039

Opening balance at 1 July 2019

31,039

Revaluation - gross

49,857

Deferred tax

(14,957)

Other comprehensive income

34,900

Closing balance at 30 June 2020

65,939

The property, plant and equipment revaluation surplus is used to record increments and decrements on the revaluation of land and buildings. Further detail of current year impacts of the 30 June 2020 external valuation is outlined in Note 8(a).

June 2020

June 2019

$’000

$’000

Revaluation surplus

Land

1,544

7,685

Buildings

64,395

23,354

65,939

31,039

(c) Accumulated losses

Movements in accumulated losses were as follows:

June 2020

June 2019

$’000

$’000

Opening balance 1 July

(54,173)

(45,936)

IFRS 16 transition - lease incentive, net of tax

79

-

Net (loss) / profit for the period

(18,095)

(8,237)

Closing balance 30 June

(72,189)

(54,173)