Annual Report 2019

207 ANNUAL REPORT 2019 32. OTHER RESERVES Investment Capital revaluation Translation Statutory reserve reserve reserve reserves Total HK$’million HK$’million HK$’million HK$’million HK$’million (Note) As at 1 January 2019 (9) 263 (59) 2,773 2,968 OTHER COMPREHENSIVE INCOME/(EXPENSE) Exchange differences from retranslation of investments in subsidiaries, associates and joint ventures — — (3,103) — (3,103) Release the fair value of equity instruments at FVTOCI, net of deferred taxation — (5) — — (5) Share of reserves of associates and a joint venture — 21 — — 21 Other comprehensive income/(expense) for the year, net of tax — 16 (3,103) — (3,087) TRANSACTIONS WITH OWNERS Transfer from retained earnings — — — 207 207 Disposal of interests in subsidiaries to non-controlling equity holders without losing control therein 249 — 326 (3) 572 Share of other changes in equity attributable to equity holders of associates 329 — — — 329 Contribution from a non-controlling equity holder of a subsidiary 28 — — — 28 Total transactions with owners for the year 606 — 326 204 1,136 As at 31 December 2019 597 279 (2,836) 2,977 1,017 As at 1 January 2018 (1,250) 404 3,408 2,481 5,043 OTHER COMPREHENSIVE INCOME/(EXPENSE) Exchange differences from retranslation of investments in subsidiaries, associates and joint ventures — — (3,369) — (3,369) Increase in fair value of equity instruments at FVTOCI, net of deferred taxation — 44 — — 44 Share of reserves of associates and a joint venture — (146) — — (146) Release of reserves upon disposal of subsidiaries 1,218 (39) (98) (26) 1,055 Other comprehensive income/(expense) for the year, net of tax 1,218 (141) (3,467) (26) (2,416) TRANSACTIONS WITH OWNERS Transfer from retained earnings — — — 318 318 Share of other changes in equity attributable to equity holders of associates 23 — — — 23 Total transactions with owners for the year 23 — — 318 341 As at 31 December 2018 (9) 263 (59) 2,773 2,968 Note: Amount mainly represents statutory reserve of the Group’s subsidiaries in the PRC. According to the relevant laws in the PRC, the Group’s subsidiaries established in the PRC are required to transfer at least 10% of their net profit after taxation, as determined under the PRC accounting regulations, to a non-distributable reserve fund until the reserve balance reaches 50% of their registered capital. The transfer to this reserve must be made before the distribution of a dividend to equity owners. Such reserve fund can be used to offset the previous years’ losses, if any, and is non-distributable other than upon liquidation.