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NOTE 9 (CONTINUED)
EQUITY
(b) Reserves
Consolidated
2016
$’000
2015
$’000
Asset revaluation reserve
792,678
930,938
Cash flow hedging reserve - interest rate swap
-
(884)
Cash flow hedging reserve - foreign exchange
19
-
Profit reserves
231,148
204,841
1,023,845
1,134,895
Movements:
Revaluation surplus - Property, plant and equipment
Opening balance at 1 July
930,938
974,633
Revaluation on asset revaluation reserve - (net of tax)
(138,260)
(43,695)
Balance as at 30 June
792,678
930,938
Profit reserve
Opening balance at 1 July
204,841
127,643
Profit transferred into the reserve
117,566
134,598
Dividend paid
(91,259)
(57,400)
Balance as at 30 June
231,148
204,841
Cash flow hedges
Opening balance at 1 July
(884)
(2,183)
Hedge liability - interest rate swap
884
1,277
Hedge reserve - foreign exchange
19
22
Balance as at 30 June
19
(884)
1,023,845
1,134,895
78