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) |
Visit
https://www.transparency.gov.au/annual-reports/australian-naval-infrastructure-pty-ltd/reporting-year/2019-20-49