annual report 2012  kAThMANdu 62 (B) retAIneD eArnInGS Group pArent 2012 nZ$’000 2011 nZ$’000 2012 nZ$’000 2011 nZ$’000 Opening retained earnings 62,418 43,352 (13,943) (12,359) Profit for the year 34,852 39,066 18,281 18,416 Share Options/Performance Rights lapsed 8 - 8 - Less dividends paid (20,000) (20,000) (20,000) (20,000) Balance at 31 July 77,278 62,418 (15,654) (13,943) 21 dIVIdENdS Group pArent 2012 nZ$’000 2011 nZ$’000 2012 nZ$’000 2011 nZ$’000 Prior year final dividend paid 14,000 14,000 14,000 14,000 Current year interim dividend paid 6,000 6,000 6,000 6,000 Dividends paid ($0.10 per share (2011; $0.10)) 20,000 20,000 20,000 20,000 Group pArent Audit services - pricewaterhouseCoopers 2012 nZ$’000 2011 nZ$’000 2012 nZ$’000 2011 nZ$’000 Statutory audit 122 106 59 57 Half year review 28 25 28 25 Other assurance services 5 7 - - Total remuneration for audit services 155 138 87 82 Group pArent 2012 nZ$’000 2011 nZ$’000 2012 nZ$’000 2011 nZ$’000 Liabilities outstanding under letters of credit 1,542 2,497 - - Rent guarantees 9,848 8,530 - - Financial guarantees 1,713 1,188 - - Financial guarantees cover internal overdrafts and credit card limits between banks across the Group. during the year the following fees were paid or payable for services provided by the auditor of the parent entity, its related  practices and other network audit firms: 22 REMuNERATION OF AudITORS 23 CONTINGENT LIABILITIES