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Foreign currency reserve
The reserve is used to recognise exchange differences arising from translation of the financial statements of foreign
operations to Australian dollars.

Hedging reserve - cash flow hedges
The reserve is used to recognise the effective portion of the gain or loss of cash flow hedge instruments that is
determined to be an effective hedge.

Share-based payments reserve
The reserve is used to recognise the value of equity benefits provided to employees and directors as part of their
remuneration, and other parties as part of their compensation for services.

Movements in reserves
Movements in each class of reserve during the current and previous financial year are set out below:

Consolidated

Foreign Hedging Share-based Total
currency $’000 payments $’000
$’000 3,455
$’000 (8,467)
Balance at 1 July 2013 (375) 3,572 258 2,540

Revaluation - gross - (8,467) - 335
-
Deferred tax 2,540 - (197)
Currency translation differences arising 335 (2,334)
during the year -- 10,682
Performance share rights credit - (3,204)
(40) - (197)
Balance at 30 June 2014 (2,355) 61 (261)
- 10,682 -
Revaluation - gross - (3,204) - 4,883

Deferred tax (261) --
Currency translation differences arising
during the year (301) 5,123 61
Balance at 30 June 2015

Note 28. Equity - accumulated losses

Consolidated

2015 2014
$’000 $’000

Accumulated losses at the beginning of the financial year (65,605) (70,390)
(Loss)/profit after income tax (benefit)/expense for the year
Dividends paid (note 29) (4,462) 12,475
Accumulated losses at the end of the financial year
(3,845) (7,690)

(73,912) (65,605)

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