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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2016
90 Independence Group NL
Notes to the consolidated financial statements
30 June 2016
(continued)
17 Contributed equity (continued)
(a) Share capital (continued)
(b) Movements in ordinary share capital
Details
2016
Number of shares
2016
$'000
2015
Number of shares
2015
$'000
Balance at beginning of financial year
234,256,573
737,324
233,323,905
735,060
Issue of shares under the Employee
Performance Rights Plan
1,323,614
3,505
932,668
2,264
Acquisition of subsidiary
275,842,684
860,629
-
-
Balance at end of financial year
511,422,871
1,601,458
234,256,573
737,324
(c) Capital management
The Board’s policy is to maintain a strong capital base so as to maintain investor, creditor and market confidence and to
sustain future development of the business.
The capital structure of the Group consists of debt, which includes the borrowings, cash and cash equivalents and
equity, comprising issued capital, reserves and retained earnings.
Operating cash flows are used to maintain and expand the Group’s operating and exploration assets, as well as to
make dividend payments. The Board and management assess various financial ratios to determine the Group’s debt
levels and capital structure prior to making any major investment or expansion decisions.
None of the Group’s entities are currently subject to externally imposed capital requirements.
There were no changes in the Group’s approach to capital management during the year.
(d) Recognition and measurement
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or options are
shown in equity as a deduction, net of tax, from the proceeds. Ordinary shares entitle the holder to participate in
dividends and the proceeds on winding up of the Company in proportion to the number of and amounts paid on the
shares held. Every holder of ordinary shares present at a meeting in person or by proxy, is entitled to one vote, and
upon a poll each share is entitled to one vote.
18 Reserves
2016
$'000
2015
$'000
Hedging reserve
(632)
-
Share-based payments reserve
10,371
13,057
Foreign currency translation
(8)
(8)
Acquisition reserve
3,142
3,142
12,873
16,191
(a) Movements in reserves
The following table shows a breakdown of the movements in these reserves during the year. A description of the nature
and purpose of each reserve is provided below the table.
Independence Group NL
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