Annual Report 2023

203 ANNUAL REPORT 2023 43. STATEMENT OF FINANCIAL POSITION AND RESERVES OF THE COMPANY (CONTINUED) Note: The reserves of the Company at 31 December 2023 and 2022 are as follows: Capital Retained reserve earnings Total HK$’million HK$’million HK$’million (Note) As at 1 January 2023 2,347 3,480 5,827 Profit and total comprehensive income for the year — 3,065 3,065 Contribution from immediate holding company 1 — 1 Dividends — (3,311) (3,311) As at 31 December 2023 2,348 3,234 5,582 Retained earnings as at 31 December 2023 representing: Reserves 1,219 Proposed dividend 2,015 3,234 As at 1 January 2022 2,352 3,391 5,743 Profit and total comprehensive income for the year — 3,681 3,681 Contribution from immediate holding company 6 — 6 Reversal of contribution from immediate holding company (11) — (11) Dividends — (3,592) (3,592) As at 31 December 2022 2,347 3,480 5,827 Retained earnings as at 31 December 2022 representing: Reserves 1,078 Proposed dividend 2,402 3,480 Note: The Company’s capital reserve, which arose in 1998 upon reduction of share premium as confirmed by the order of the High Court of the Hong Kong Special Administrative Region, is a non-distributable reserve and may be applied by the Company in paying up its unissued shares to be allotted to members of the company as fully paid bonus shares. 44. EVENT AFTER THE REPORTING PERIOD Other than disclosed in note 38 (b), there is no other material event after the reporting period noted.