Spark Infrastructure - Notes to the Financial Statements

Annual Report

CONSOLIDATED COMPANY
2008 2007 2008 2007
$’000 $’000 $’000 $’000
12. Loan Notes Attributable to Stapled
Security Holders
Loan notes a 1,231,515 1,231,515 – –
a Loan notes (100 year term) carry an interest rate of 10.85% per annum for the period to
30 November 2010 and for periods thereafter interest is based on a five year swap rate
plus a credit margin to be determined.
13. Other Interest Bearing Liabilities
Syndicated bank loans at amortised cost a 423,623 224,221 – –
a $200 million expires on 31 December 2010, with the remainder on 15 June 2011.
14. Other Financial Liabilities
Fair value of interest rate swaps 17,596 – – –
15. Issued Capital
Balance at beginning of the Financial Year 506,162 536,926 182,983 182,983
Capital distribution (52,046) (30,764) – –
Balance at end of the Year 454,116 506,162 182,983 182,983
Fully paid securities No.’000 No.’000 No.’000 No.’000
Balance at beginning and end of the Financial Year 1,008,651 1,008,651 1,008,651 1,008,651
The ordinary shares and units carry one vote per share and the
right to distributions.
Each share in SIH No. 1 is “stapled” to one share in SIH No. 2, one unit
in Spark Trust, one loan note issued by the responsible entity of Spark Trust
and one CDI representing one share in Spark International. The stapled
securities are quoted as if they are a single security.
16. Reserves
Hedging Reserve
Balance at beginning of the Financial Year 46,416 20,480 – –
(Loss)/gain recognised:
Interest rate swaps a (30,062) 5,909 – –
Deferred tax 9,019 (1,773) – –
(21,043) 4,136 – –
Share of associates’ (loss)/gains on hedges a (122,330) 33,353 – –
Deferred tax 26,089 (11,553) – –
Balance at end of the Financial Year (70,868) 46,416 – –
Attributable to Stapled Security Holders as:
Equity holders of the parent entity (35,507) 30,273 – –
Minority interests in other Stapled entities (35,361) 16,143 – –
a The hedging reserve represents hedging gains and losses recognised on the effective portion
of cash flow hedges. The cumulative deferred gain or loss on the hedge is recognised in profit
or loss when the hedged transaction impacts the profit or loss.
17. Retained Earnings
Balance at beginning of the Financial Year 110,885 50,481 (969) (372)
Net profit after tax for the Financial Year 9,453 56,932 (668) (597)
Share of associates’ actuarial (loss)/gain recognised directly in retained earnings a (135,462) 13,590 – –
Related tax 22,545 (10,118) – –
Balance at end of the Financial Year 7,421 110,885 (1,637) (969)
a Actuarial gains or losses on defined benefit superannuation plans operated by CHEDHA and ETSA (the Associates) are recognised directly in Retained Earnings.

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