Annual Report 2023

Notes to the Consolidated Financial Statements For the year ended 31 December 2023 164 CHINA MERCHANTS PORT HOLDINGS COMPANY LIMITED 29. OTHER RESERVES (CONTINUED) Capital Investment revaluation Translation Statutory reserve reserve reserve reserve Total HK$’million HK$’million HK$’million HK$’million HK$’million (Note) As at 1 January 2022 898 709 3,507 3,318 8,432 OTHER COMPREHENSIVE EXPENSE Exchange differences from retranslation of investments in subsidiaries, associates and joint ventures — — (8,151) — (8,151) Release of reserves upon disposal of a subsidiary (28) — 24 — (4) Share of reserves of associates — (67) — — (67) Other comprehensive expense for the year, net of tax (28) (67) (8,127) — (8,222) TRANSACTIONS WITH OWNERS Transfer from retained earnings — — — 163 163 Contribution from immediate holding company 8 — — — 8 Reversal of contribution from immediate holding company (15) — — — (15) Share of other changes in equity attributable to equity holders of associates and joint ventures 108 — — — 108 Total transactions with owners for the year 101 — — 163 264 As at 31 December 2022 971 642 (4,620) 3,481 474 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.