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E1 Contributed equity

As at 30 June 2019, a total of $29.5 billion (2018: $29.5 billion) had been provided to the Company.

NBN Co Limited

NBN Co Limited

30 June 2019

30 June 2018

30 June 2019

30 June 2018

Number of shares

Number of shares

$m

$m

Ordinary shares fully paid

29,500,000,000

29,500,000,000

29,500

29,500

Total

29,500,000,000

29,500,000,000

29,500

29,500

Recognition and measurement
Issued and paid up capital is recognised at the fair value of the consideration received by the Company. Transactions with the Commonwealth of Australia, as owner, that are designated as equity injections for the financial period, are recognised directly in contributed equity and do not form part of comprehensive income in that financial period.

Ordinary shares
Ordinary shares entitle the holder to participate in dividends and the proceeds on the winding up of the Company in proportion to the number and amounts paid on the shares held. Ordinary shares have no par value and the Company does not have a limited amount of authorised capital.

Movements in ordinary share capital

NBN Co Limited

Number of shares

Issue price

Value of shares

$

$m

Closing balance at 30 June 2017

27,465,445,092

1.00

27,465

Equity injections

2,034,554,908

1.00

2,035

Closing balance at 30 June 2018

29,500,000,000

1.00

29,500

Equity injections

-

1.00

-

Closing balance at 30 June 2019

29,500,000,000

1.00

29,500

Capital risk management
The Group’s objectives when managing capital are to safeguard the ability of the Group to continue as a going concern while maximising the return to the Commonwealth Government and maintaining an optimal capital structure. The capital structure of the Group consists of cash and cash equivalents disclosed in Note C1, borrowings and contributed equity.

Dividends declared
No dividends were declared or paid during the year (2018: nil).