Annual Report 200468
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 December 2004
Consolidated Santos Ltd
2004 2003 2004 2003
19. Foreign Currency Translation Reserve $million $million $million $million
Balance at the end of the year (9.0) (8.8) – –
Movements during the year
Balance at the beginning of the year (8.8) (4.1) – –
Exchange difference on net investment in foreign operations and related hedges:
Gross hedges 17.3 123.5 – –
Related income tax (5.2) (37.1) – –
Overseas net assets (12.3) (91.1) – –
Net translation adjustment (0.2) (4.7) – –
Balance at the end of the year (9.0) (8.8) – –
The foreign currency translation reserve records the foreign currency differences arising from the translation of self-sustaining foreign operations, the
translation of transactions that hedge the Company’s net investment in a foreign operation or the translation of foreign currency monetary items
forming part of the net investment in a self-sustaining operation.
Consolidated Santos Ltd
2004 2003 2004 2003
20. Retained Profits $million $million $million $million
Balance at the end of the year 1,368.3 1,203.6 1,299.8 871.9
Movements during the year
Balance at the beginning of the year 1,203.6 983.2 871.9 795.5
Effect of initial adoption of revised AASB 1028 “Employee Benefits” – (1.9) – (1.8)
Effect of initial adoption of AASB 1044 “Provisions, Contingent Liabilities and 
Contingent Assets” – 93.3 – 93.3
Net profit after income tax attributable to the shareholders of Santos Ltd 379.9 327.0 643.1 182.9
Dividends recognised during the year (212.8) (198.0) (212.8) (198.0)
Premium paid on buy-back of reset convertible preference share (2.4) – (2.4) –
Balance at the end of the year 1,368.3 1,203.6 1,299.8 871.9
Dividends provided for and paid by the Company
Special dividend of $5.00 per redeemable convertible preference share paid on 
7 October 2004 on 2,865,821 shares, fully franked 14.3 – 14.3 –
Preferential, non-cumulative dividend of $3.2940 per reset convertible preference 
share paid on 31 March 2004, fully franked (2003: $3.2760 per share provided 
and paid on 31 March 2003, fully franked)11.5 11.5 11.5 11.5
Preferential, non-cumulative dividend of $3.2940 per reset convertible preference 
share paid on 30 September 2004, fully franked (2003: $3.2940 per share paid on
30 September 2003, fully franked)11.5 11.5 11.5 11.5
Final 2003 dividend of 15.0 cents per ordinary share paid on 31 March 2004, 
fully franked (2003: 15.0 cents per share, fully franked) 87.7 87.4 87.7 87.4
Interim dividend of 15.0 cents per ordinary share paid on 30 September 2004, 
fully franked (2003: 15.0 cents per share, fully franked) 87.8 87.6 87.8 87.6
212.8 198.0 212.8 198.0
Subsequent to reporting date
Since the end of the financial year, the Directors have declared the following 
dividends payable on 31 March 2005:
Final 2004 dividend of 18.0 cents per ordinary share, fully franked 105.4 105.4
Preferential, non-cumulative floating rate dividend of $2.4497 per redeemable 
convertible preference share, fully franked 14.7 14.7
120.1 120.1
The financial effect of these dividends has not been brought to account in the 
consolidated financial statements for the year ended 31 December 2004.
Franking credits
Balance of franking account credits at 30% available for future distribution, 
after adjusting for franking credits which will arise from the payment of the 
current income tax provision at 31 December 2004 394.7 358.3
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