Notes on the Accounts
22. RESERVES
Hong Kong Ferry (Foldings) oli
Investment
Other
property property Securities
Share revaluation revaluation revaluation
Other
capital Retained
premium reserve
reserve
reserve
reserves
profits
Total
HK$'000 HK$'000 HK$'000
HK$'000
HK$'000 HK$'000
HK$'000
Group
At 1 January 1998
1,398,527
1,590,325 2,031,094
16,136 716,560
5,752,642
Revaluation deficit
Realisation of inter-company profits
(627,500) (737,108)
-
(7,669)
-
(1,364,608) (7,669)
Loss for the year
(275,140) (275,140)
Dividends
(99,757) (99,757)
At 31 December 1998
1,398,527
962,825 1.293.986
8,467
341,663 4,005,468
At 1 January 1999
1,398,527
962,825 1,293,986
8,467
341,663
4,005,468
Diminution in value prior to
transfer to properties
under development
Reclassification
Revaluation surplus
(195,433) (238,862)
(775,585)
775,585
1,000
6,924
(434,295)
7,924
Net deficit on revaluation
charged to the profit and
loss account
7,193
7,193
Realisation of revaluation reserve
(64,552)
(64,552)
Realisation of inter-company profits
(511)
(511)
Profit for the year
121,140 121,140
Dividends
(99,757)
(99,757)
At 31 December 1999
1,398,527
1,766,157
6,924
7,956
363,046 3,542,610
Company
At 1 January 1998 Revaluation deficit Reclassification
Loss for the year Dividends
1,398,527 1,569,518 2,031,094
(598,500) (734,212) (971,018) 971,018
992,069 5,991,208
(1,332,712)
(254,201) (254,201) (99,757) (99,757)
At 31 December 1998
1,398,527
2,267,900
638,111 4,304,538
At 1 January 1999
1,398,527
Realisation of revaluation reserve
2,267,900 (2,267,900)
638,111
―
4,304,538 (2,267,900)
Profit for the year
Dividends
2,546,996
(99,757)
2,546,996
(99,757)
At 31 December 1999
1,398,527
3,085,350 4,483,877
The distributable reserves of the Company at 31 December 1999 amounted to HK$566,223,000 (1998: HK$638,111,000), representing part of its retained profits at that date. The Company's other reserves are not distributable.
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