25
15 RESERVES
15.1 SHARE PREMIUM ACCOUNT
In S’million 2002
2001
Balance at January 1 8,944
4,273 Issue of shares
1,190 4,673
Expenses arising from issue of shares 2
Balance at December 31 10,134
8,944
Amount under S500,000
15.2 CAPITAL RESERVE
The capital reserve comprises net exchange translation adjustments arising from translation differences on opening net investments in foreign subsidiary companies and branches, and the
related foreign currency borrowings designated as a hedge. Prior to January 1, 2002, goodwill or reserve arising from acquisition of subsidiary companies and other business undertakings has
also been included in this account.
In S’million 2002
2001
Balance at January 1 - as previously reported
12 138
- effect of restating long term investments at historical costs
92 206
Balance at January 1 as restated 104
68 Net exchange translation adjustments during the year
214 191
Goodwill written back on disposal of subsidiary companies -
19 Balance at December 31
110 104
15.3 GENERAL RESERVE
The movement in general reserve relates to the amounts transferred to the Reserve Fund to comply with the Banking Act, and the other statutory regulations. This reserve is non-
distributable.
In S’million 2002
2001 RESERVE FUND
Balance at January 1 1,728
1,523 Reserves arising from folding in of subsidiary companies
- 138
Appropriation from profit and loss account Note 15.4 223
67 Balance at December 31
1,951 1,728
26
15.4 REVENUE RESERVE
In S’million 2002
2001
Balance at January 1 - as previously reported
2,248 1,014
- effect of adopting SAS 12 in connection with deferred
taxation 94
82 Balance at January 1 as restated
2,342 1,096
Net profit after taxation 891
1,356 Goodwill transferred from capital reserve on disposal of
subsidary companies -
19 Transfer to general reserve Note 15.3
223 67
223 86
Amount available for distribution 3,010
2,366 Less:Dividend on ordinary shares of 104 net of 22
income tax 2001 : nil paid for the financial year ended December 31, 2002
1,500 -
Dividends on preference shares of 6 net of 22 income tax 2001 : 6 paid for the financial year
51 24
Balance at December 31 1,459
2,342 Total Reserves
13,654 12,910
15.5 DIVIDEND PROPOSED