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APN
annual report
2011
notes to the financial statements
APN News & Media Limited and Controlled Entities
19. RESERVES AND RETAINED PROFITS (continued)
(c) Nature and purpose of reserves
(i) Asset revaluation reserve
The asset revaluation reserve is used to record increments and decrements on the revaluation of non-current assets, as described in the
accounting policies. The balance standing to the credit of the reserve may be used to satisfy the distribution of bonus shares to shareholders
and is only available for the payment of cash dividends in limited circumstances as permitted by law.
(ii) Foreign currency translation reserve
Exchange differences arising on translation of any foreign controlled entities are taken to the foreign currency translation reserve,
as described in the accounting policies.
(iii) Share-based payments reserve
The share-based payments reserve is used to recognise the fair value of options issued.
(iv) Hedging reserve
The hedging reserve is used to record unrealised gains/losses on cash flow hedging instruments.
(iv) Transactions with non–controlling interests
This reserve is used to record the differences described in note 1 (b)(i) which may arise as a result of transactions with non-controlling
interests that do not result in a loss of control
(d) Non-controlling interests
2011
$’000
2010
$’000
Share capital
210,393
208,767
Reserves
(7,521)
(5,457)
Retained profits
13,485
4,699
Other
17,470
18,163
Non-controlling interests
233,827
226,172
20. DIVIDENDS
2011
$’000
2010
$’000
Final dividend for the year ended 31 December 2010 of 7.0 cents per share of which 2.0 cents was franked,
paid on 31 March 2011 (2009: 4.0 cents per share franked paid on 30 March 2010)
42,426
23,812
Franked interim dividend for the year ended 31 December 2011 of 3.5 cents per share paid on 28 September
2011 (2010: unfranked interim dividend of 5.0 cents per share paid on 28 September 2010.)
21,650
29,942
Total dividends
64,076
53,754
Franking credits available for subsequent financial years at the 30% corporate tax rate after allowing for tax
payable in respect of the current year’s profit and tax refunds due
2,644
13,067
Dividends not recognised at year end
In addition to the above dividends, since year the Directors have declared the payment of a final dividend of
5.0 cents (2010: 7.0 cents) per share partly franked to 1.5 cents (2010: franked to 2.0 cents). The aggregate
amount of the dividend expected to be paid 30 March 2012 out of retained profits at 31 December 2011, but
not recognised as a liability at year end, is:
31,511
42,426
21. CONTINGENT LIABILITIES
(a) Guarantees
For information about guarantees given by entities within the Group, including the parent entity, refer to Note 35.
(b) Claims
Claims for damages are made against the consolidated entity from time to time in the ordinary course of business. The Directors are
not aware of any claim that is expected to result in material costs or damages.
The company is involved in a dispute with the New Zealand Inland Revenue Department regarding certain financing transactions.
Refer to note 5 for further details.