140 Consolidated  Notes to the  Financial  Statements Note 55 – Parent Entity information 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. 2012  $m  2011  $m  Financial position Assets Current assets 1,373.5  738.7  Non-current assets 9,641.0  8,305.7  Total assets 11,014.5  9,044.4  Liabilities Current liabilities 274.7  1,278.6  Non-current liabilities 4,841.8  2,429.0  Total liabilities 5,116.5  3,707.6  Equity Issued capital 5,227.3  4,244.6  Reserves Employee equity benefits 2.6  0.6  Hedging (41.3) (18.6) Retained earnings 709.4  1,110.2  Total equity 5,898.0  5,336.8  Financial performance Loss for the year (111.9) (101.8) Other comprehensive income (33.4) (12.0) Total comprehensive income for the year (145.3) (113.8) Guarantees entered into by the parent entity in relation to the debts of its subsidiaries Contingent liabilities Note 56 – Net tangible asset backing 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 545.9 million (2011: 461.3 million). 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 42 and 46 respectively. 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 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. No longer than one year –  –  Longer than one year and not longer than five years  –  –  Longer than five years  –  –  –  – Capital expenditure commitments Plant and equipment Net tangible asset backing per ordinary share $7.26  $6.95