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Statement of changes in equity for the year ended 30 June 2008
Amounts recognised directly in equity for the years ended 30 June 2007 and 2008 are:
| Group | Group | Budget (Unaudited) |
Parent | Parent | ||
| Notes | 2008 ($m) |
2007 ($m) |
2008 ($m) |
2008 ($m) |
2007 ($m) | |
| Balance at 1 July | 11,864 | 10,075 | 11,572 | 3,759 | 3,598 | |
| Property, plant and equipment | ||||||
| Revaluation gains/(losses/transfers) taken to equity | 267 | 1,502 | 0 | (68) | 18 | |
| Deferred tax on asset revalutions (at 30%) | 30 | (0*) | (1,364) | 1 | 3 | |
| Financial assets at fair value through equity | ||||||
| Revaluation gains/(losses) taken to equity | 4 | (27) | 61 | 0 | (2) | 3 |
| Deferred tax on financial derivatives | 4 | 9 | (18) | 0 | 1 | (1) |
| 279 | 1,545 | (1,346) | (68) | 23 | ||
| Net surplus/(deficit) for the year | 46 | 42 | 44 | 12 | 2 | |
| Total recognised income and expense | 325 | 1,587 | (1,302) | (56) | 25 | |
| Retained earnings | 21 | 73 | 0 | 9 | 7 | |
| Capital contributions | 99 | 149 | 102 | 99 | 149 | |
| Repayment of dividends to the Crown | 5 | (13) | (20) | (10) | (13) | (20) |
| Balance at 30 June | 12,296 | 11,864 | 10,362 | 3,798 | 3,759 | |
| Capital contributions | ||||||
| Opening balance | 3,488 | 3,339 | 3,488 | 3,339 | ||
| Contributions from the Crown | 99 | 149 | 99 | 149 | ||
| Closing balance | 3,587 | 3,488 | 3,587 | 3,488 | ||
| Retained earnings | ||||||
| Opening balance | (131) | (226) | 55 | 66 | ||
| Net surplus | 46 | 42 | 12 | 2 | ||
| Other transfers directly taken to equity | (13) | 48 | (1) | 5 | ||
| Net transfer from asset revaluation reserve on disposal | 34 | 25 | 10 | 2 | ||
| Dividends paid to the Crown | (13) | (20) | (13) | (20) | ||
| Closing balance | (77) | (131) | 63 | 55 | ||
| Asset revaluation reserve | ||||||
| Opening balance | 8,465 | 6,963 | 213 | 192 | ||
| Revaluations | 331 | 1,527 | (57) | 23 | ||
| Net transfer from revaluation reserve on disposal | (34) | (25) | (10) | (2) | ||
| Closing balance | 8,762 | 8,465 | 146 | 213 | ||
| Hedging reserve | ||||||
| Opening balance | 42 | (1) | 3 | 1 | ||
| Revaluation gains/(losses) taken to equity | (18) | 43 | (1) | 2 | ||
| Closing balance | 24 | 42 | 2 | 3 |
* Deferred tax increased in 2007, as a result of asset revaluations, by $102.56 million for the Group (Parent, $2.28 million). In the same year the reduction in the corporate tax rate resulted in an offsetting reduction in deferred tax of $102.54 million (Parent, $1.15 million). The net movement in whole millions in 2007 for deferred tax was therefore zero.
The above statement should be read in conjunction with the accompanying notes.
