Consolidated Resolute Mining Limited 2004 2003 2004 2003 $’000 $’000 $’000 $’000 - Share capital 770 770 - - - Reserves (345) (313) - - - Retained profits 1,085 895 - - 1,510 1,352 - - Balance at the beginning of the year 1,352  882  -  -  - Add share of operating profit 190  647  -  -  - Add share of foreign currency translation reserve (32) (177) -  -  Balance at the end of the year 1,510  1,352  -  -  Reconciliation of outside equity interest in controlled entities: Analysis of outside equity interest in controlled entities: Retained profits/(loss) at the beginning of the year 29,141  13,860  (350) 1,376  Net profit/(loss) attributable to members 31,895  15,281  908  (1,726) Retained profits/(loss) at the end of the financial year 61,036  29,141  558  (350) Foreign currency translation reserve (a) (18,810) (14,794) -  -  (a) Movements in foreign currency translation reserve Balance at the beginning of the year (14,794) (4,513) -  -  Translation of foreign entities Statements of Financial Position (4,016) (10,281) -  -  Balance at the end of the year (18,810) (14,794) -  -  NOTE 24 - RESERVES NOTE 25 - RETAINED PROFITS NOTE 26 - OUTSIDE EQUITY INTERESTS NOTE 23 - EQUITY (continued) (d) Employee share options (continued) (e) Other options Subsequent to year end, 35,000 employee options have been converted to ordinary shares at an issue price of 81 cents each and 25,000 employee options have lapsed. In addition to the employee share options noted above there are 51,131,536 listed options with an exercise price of 80 cents and a further 2,460,000 unlisted options issued with an exercise price of $2.20 outstanding at year end. The relevant expiry date of these options is 11 June 2005 and 4 January 2005 respectively. Subsequent to year end, 6,347 listed options have been converted  to ordinary shares at an issue price of 80 cents each. notes to and forming part of the financial statements  for the year ended 30 June 2004 (continued) 54 RESOLUTE MINING LIMITED 2004 ANNUAL REPORT