For the year ended 30 June 2008
|
2008 |
2007 |
Total equity at the beginning of the year |
43.1 |
43.1 |
Profit |
23.5 |
33.8 |
Total income and expense |
23.5 |
33.8 |
Less: Dividends payable |
(23.5) |
(33.8) |
Total equity at the end of the year |
43.1 |
43.1 |
The accompanying discussion and analysis, and notes form part of these concise financial statements.
Discussion and Analysis of the Concise Consolidated Statement of Changes in Equity
The New South Wales Government is not required under legislation to contribute equity to the Corporation. Retained profits are held in lieu of contributed equity and provide a capital base commensurate with the risks inherent in the Corporation’s business. The Board approved an increase in the Corporation’s capital base to $50 million to take effect over the next financial year.