55
2017 WEL Networks
|
Annual Report
wel.co.nz
WEL NETWORKS LIMITED
Notes to the financial statements
For the year-ended 31 March 2017
(continued)
17 RESERVES AND RETAINED EARNINGS
2017
$’000
2016
$’000
(a)
Reserves
Property, plant and equipment revaluation reserve
156,537
157,995
Hedging reserve – cash flow hedges
(3,287)
(5,739)
153,250
152,256
Movements
Property, plant and equipment revaluation reserve
Opening balance
157,995
159,982
Disposal of distribution network assets
(2,024)
(2,760)
Deferred tax
566
773
Net fair value gains/(losses) recognised in revaluation reserve
(1,458)
(1,987)
Closing balance
156,537
157,995
Hedging reserve – cash flow hedges
Opening balance
(5,739)
(1,300)
Fair value gains/(losses) in year
3,406
(6,165)
Deferred tax
(954)
1,726
Net fair value gains/(losses) recognised in cash flow hedge reserve
2,452
(4,439)
Closing balance
(3,287)
(5,739)
(b)
Retained earnings
Movements in retained earnings were as follows
Opening balance
112,928
100,462
Net profit for the year
93,745
12,513
Dividends
(1,127)
(351)
Convertible note interest
(2,449)
(2,456)
Disposal of distribution network assets
2,024
2,760
Closing balance
205,121
112,928
