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              [html]<thead><tr><tdcolspan="5">20. Retained Profits</td></tr><tr><td>Co2004Smillion</td><tdcolspan="2">ated2003 $ million</td><tdcolspan="2">Sa2004Smillion</td></tr><tr><td>Ltd2003 $ million</td><td>Balance at the end of the year</td><td>1.368.3</td><td>1.203.6</td><td>1.299.8</td></tr></thead><tbody><tr><tdrowspan="2">871.9</td><td>Movements during the year</td><td>Balance at the beginning of the year</td><td>1.203.6</td><td>983.2</td></tr><tr><td></td><td></td><td></td><td></td></tr><tr><td>871.9</td><td>795.5</td><td>Effect of irritial adoption of revised AASB 1028 “ Employee Benefits ”</td><td>−</td><td>( 1.9 )</td></tr><tr><td>-</td><td>( 1.8 )</td><td>Effect of initial adoption of AASB 1044 “ Provisions, Contingent Liabilities and</td><td>Contingent Assets *</td><td>−</td></tr><tr><td>93.3</td><td>-</td><td>93.3</td><td>Net profit after income tax attributable to the shareholders of Santos Ltd</td><td>379.9</td></tr><tr><td>327.0</td><td>643.1</td><td>182.9</td><td>Dividends recognised during the year</td><td>( 212.8 )</td></tr><tr><td>( 198.0 )</td><td>( 212.8 )</td><td>( 198.0 )</td><td>Premium paid on buy - back of reset convertible preference share</td><td>( 2.4 )</td></tr><tr><td>–</td><td>( 2.4 )</td><td>–</td><td>Balance at the end of the year</td><td>1.368.3</td></tr><tr><td>1.203.6</td><td>1.299.8</td><td>871.9</td><td>Dividends provided for and paid by the Company</td><td>Special dividend of $ 5.00 per redeemable convertible preference share paid on</td></tr><tr><tdcolspan="5">7 October 2004 on 2.865.821 shares, fully franked</td></tr><tr><tdcolspan="5">14.3</td></tr><tr><td>–</td><td>14.3</td><td>–</td><td>Preferential, non - cumulative dividend of $ 3.2940 per reset convertible preference share paid on 31 March 2004, fully franked ( 2003 : 53.2760 per share provided</td><td>and paid on 31 March 2003, fully franked )</td></tr><tr><td>11.5</td><td>11.5</td><td>11.5</td><td>11.5</td><td>Preferential, non - cumulative dividend of $ 3.2940 per reset convertible preference share paid on 30 September 2004, fully franked ( 2003 : $ 3.2940 per share pald on</td></tr><tr><td>30 September 2003, fully franked )</td><td>11.5</td><td>11.5</td><td>11.5</td><td>11.5</td></tr><tr><td>Final 2003 dividend of 15.0 cents per ordinary share paid on 31 March 2004,</td><td>fully franked ( 2003 : 15.0 cents per share, fully franked )</td><td>87.7</td><td>87.4</td><td>87.7</td></tr><tr><tdcolspan="5">87.4</td></tr><tr><tdcolspan="5">Interim dividend of 15.0 cents per ordinary share paid on 30 September 2004,</td></tr><tr><tdcolspan="5">fully franked ( 2003 : 15.0 cents per share, fully franked )</td></tr><tr><td>87.8</td><td>87.6</td><td></td><td>87.8</td><td></td></tr><tr><td>87.6</td><td>212.8</td><td></td><td>198.0</td><td></td></tr><tr><td></td><td>212.8</td><td></td><td>198.0</td><td></td></tr><tr><tdcolspan="5">Subsequent to reporting date</td></tr><tr><tdcolspan="5">Since the end of the financial year, the Directors have declared the following dividends payable on 31 March 2005 :</td></tr><tr><td>Final 2004 dividend of 18.0 cents per ordinary share, fully franked</td><td></td><td></td><td>105.4</td><td>105.4</td></tr></tbody>
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