104 / 132
(c) Retained earnings
Movements in retained earnings were as follows:
Consolidated
2017
$’000
2016
$’000
Balance at 1 July
(136,642)
(131,205)
Net profit/(loss) for the year after tax
122,481
117,566
Re-measurement gains/(losses) on defined
benefit plans - (net of tax)
2,117
(5,437)
Asset revaluation reserve - asset disposal
317
Transfer to profit reserve
(122,481)
(117,566)
Balance as at 30 June
(134,208)
(136,642)
Consolidated
2017
$’000
2016
$’000
Net profit/(loss) for the year after tax
122,481
117,566
Adjustments for:
Depreciation
181,110
184,538
Amortisation
7,472
6,952
Recognition of impairment (reversal)/expense
1,101
(3,015)
Recognition of government grant income attributable to financing
activities
(11,594)
(32,367)
Net loss/(gain) on sale of non-current assets
183
(371)
Finance costs
30,759
42,141
Income tax expense
27,078
74,212
Operating profit before changes in working capital
and provisions
358,590
389,656
Change in operating assets and liabilities:
Change in trade debtors and other receivables
(7,953)
(4,681)
Change in inventories
(438)
1,459
Change in other current assets
(934)
(486)
Change in trade and other payables
9,220
(2,727)
Change in other liabilities
36,242
72,787
Change in provisions
7,951
(10,688)
Net cash inflow from operating activities
402,678
445,320
Reconciliation of profit after income tax to net cash inflow from operating activities
102
NOTE 9
CASH FLOW INFORMATION
NOTE 8
EQUITY (CONTINUED)