NOTES TO THE FINANCIAL STATEMENTS
For the Financial Year Ended 31 December 2014
30 RESERVES (CONT’D)
(d)
Revaluation Reserve
Revaluation reserve is used to record increases in the fair value of land and buildings and decreases to the extent
that such decrease relates to an increase on the same asset previously recognised in equity. The movements in
the revaluation reserve are as follows:
Group
Company
2014
2013
2014
2013
$’000
$’000
$’000
$’000
At 1 January
1,893
132,319
202
191
Net changes in the reserve
6,141
(130,426)
6
11
At 31 December
8,034
1,893
208
202
Net changes in the reserve:
– Surplus on revaluation of land and buildings
745
287
6
11
– Realisation of revaluation reserve
–
(130,007)
–
–
– Attributable to disposal group classified
as held for sale
–
(927)
–
–
– Sale of a subsidiary
(41)
–
–
–
– Share of reserve of associate
5,437
221
–
–
6,141
(130,426)
6
11
(e)
Translation Reserve
Translation reserve is used to record exchange differences arising from the translation of the financial statements of
foreign operations whose functional currencies are different from that of the Group’s and Company’s presentation
currency. It is also used to record the effect of exchange differences arising from monetary items which form part
of the Group’s net investments in foreign operations. The movements in the translation reserve are as follows:
Group
Company
2014
2013
2014
2013
$’000
$’000
$’000
$’000
At 1 January
(25,901)
(7,277)
(7,323)
(5,292)
Net effect of exchange adjustments
(1,464)
(18,624)
(1,059)
(2,031)
At 31 December
(27,365)
(25,901)
(8,382)
(7,323)
Net effect of exchange adjustments:
– Translation of foreign operations
1,031
(12,416)
(1,059)
(2,031)
– Net investments in foreign operations
(305)
(8,770)
–
–
– Transfer to profit or loss on disposal/
liquidation of subsidiaries/associates
(719)
(4,675)
–
–
– Attributable to disposal group classified as
held for sale
(761)
6,160
–
–
– Share of reserve of associates
(710)
1,077
–
–
(1,464)
(18,624)
(1,059)
(2,031)
131
THE STRAITS TRADING COMPANY LIMITED ANNUAL REPORT 2014
