45 AGL Energy Limited Annual Report 2011 The consolidated profit after income tax attributable to shareholders was $558.7 million (2009/2010 $356.1 million). The Underlying Profit  was $431.1 million (2009/2010 $428.9 million). A review of the operations and of the results of those operations of the consolidated  entity during the financial year are contained on pages 24 to 31 of this Annual Report. In the opinion of the Directors there were no significant changes in the state of affairs of the AGL consolidated entity that occurred during  the financial year other than those included in the front section of this Annual Report. The following dividends have been paid or declared by the  Directors since 30 June 2010: Final dividend of 30.0 cents per share (unfranked) referred to  in the previous Directors’ Report and paid on 30 September 2010 $135.3 million Interim dividend of 29.0 cents per share (unfranked) paid on  14 April 2011  $133.1 million Final dividend of 31.0 cents per share (100% franked) payable on 29 September 2011 $143.0 million Apart from matters discussed elsewhere in this Annual Report, the  Directors are not aware of any other matter or circumstance which  has arisen since 30 June 2011 that has significantly affected or  may significantly affect the operations of the consolidated entity,  the results of those operations, or the state of affairs of the  consolidated entity in the future. Further information about likely developments in the operations of  AGL and its consolidated entity and the expected results of those  operations in the future has not been included in this Annual Report  because disclosure of the information would be likely to result in  unreasonable prejudice to the consolidated entity. AGL businesses are subject to a range of environmental laws,  regulations and policies as well as project and site–specific  environmental permits and approvals issued at both Federal and  State Government levels. Table 1 on pages 46 and 47  sets out  environmental issues and non–compliances against these  requirements that occurred during the reporting period. 1 Underlying Profit has been prepared with reference to the guidance issued by the Australian Institute of Company Directors and the Financial Services Institute of Australasia. AGL’s policy for  reporting Underlying Profit is consistent with this guidance and the Directors have had the presentation of AGL’s Underlying Profit in accordance with this policy independently assessed. Review and Results of Operations Changes in State of Affairs Principal Activities Dividends Reconciliation of Underlying Profi t 1 30 June 2011 $m 30 June 2010 $m Profit after tax attributable to shareholders 558.7 356.1 Adjust for the following after tax items:  Significant items 27.3 (49.9) Changes in fair value of financial instruments (154.9) 122.7 Underlying Profit after tax 431.1 428.9 > Buying and selling of gas and electricity; > Construction and/or operation of power generation and energy  processing infrastructure; > Development of natural gas production facilities; and > Exploration, extraction, production and sale of coal seam  gas (CSG). Events Subsequent to Balance Date Likely Developments, Strategies and Prospects Environmental Regulation