132 Consolidated  Notes to the  Financial  Statements Note 54 – Parent Entity information Net tangible assets are defined as net assets of the consolidated entity less intangible assets. The number of AGL shares on issue at the end  of the reporting period was 461.3 million (2010: 450.1 million) The accounting policies of the Parent Entity, which have been applied in determining the financial information shown below, are the same as  those applied in the consolidated financial statements. Refer to Note 1 for a summary of the significant accounting policies relating to the  consolidated entity. The Directors are of the opinion that provisions are not required in respect of the following matters, as it is either not probable that a future sacrifice of  economic benefits will be required or the amount is not capable of reliable measurement. The Parent Entity has entered into a Deed of Cross Guarantee with the effect that it guarantees the debts in respect of its wholly-owned subsidiaries. Further details of the Deed of Cross Guarantee and the subsidiaries subject to the deed, are disclosed in Notes 45 and 41 respectively. The Parent Entity has various contingent liabilities arising in connection with the sale of certain subsidiaries and a jointly controlled entity. Under the various  sale agreements the Parent Entity has given warranties and indemnities in relation to tax related matters, environmental and other specific liabilities. The Parent Entity is a party to various other legal actions and claims which have arisen in the ordinary course of business. Any liabilities arising from such  legal actions and claims are not expected to have a material adverse effect on the Parent Entity. The Parent Entity has provided warranties and indemnities to certain third parties in relation to the performance of contracts by various wholly-owned  subsidiaries. 2011 2010 $m $m Financial position Assets Current assets  738.7 514.3 Non-current assets  8,305.7 7,831.0 Total assets 9,044.4 8,345.3 Liabilities Current liabilities  1,278.6 257.9 Non-current liabilities  2,429.0 2,542.2 Total liabilities 3,707.6 2,800.1 Equity Issued capital  4,244.6 4,066.7 Reserves Employee equity benefits  0.6 4.7  Hedging  (18.6) (5.0) Retained earnings  1,110.2 1,478.8 Total equity 5,336.8 5,545.2 Financial performance (Loss)/profit for the year  (101.8) 120.4 Other comprehensive income  (12.0) 11.9 Total comprehensive income (113.8) 132.3 2011 2010 $ $ Note 55 – Net tangible asset backing Net tangible asset backing per ordinary share  6.95 5.89 Contingent liabilities Guarantees entered into by the parent entity in relation to the debts of its subsidiaries Capital expenditure commitments Plant and equipment No longer than one year  – 9.8 Longer than one year and not longer than five years  – – Longer than five years  – – – 9.8