Annual Report 2021

165 Notes to the Financial Statements Miramar Hotel and Investment Company, Limited Annual Report 2021 22 Total equity (Continued) (a) Movements in components of equity (continued) The Company (continued) Share capital Capital reserve General reserve Retained profits Total HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 Balance at 1 January 2021 2,227,024 1,019,874 300,000 4,353,216 7,900,114 Changes in equity for 2021: Profit and total comprehensive income for the year – – – 670,042 670,042 Final dividends approved in respect of the previous year (note 7(b)) – – – (193,469) (193,469) Interim dividends declared in respect of the current year (note 7(a)) – – – (138,192) (138,192) Balance at 31 December 2021 2,227,024 1,019,874 300,000 4,691,597 8,238,495 (b) Share capital Issued share capital 2021 2020 No. of shares Amount No. of shares Amount HK$’000 HK$’000 Ordinary shares, issued and fully paid: At 1 January and 31 December 690,959,695 2,227,024 690,959,695 2,227,024 (c) Nature and purpose of reserves The capital reserve represents positive goodwill arose from acquisition of subsidiaries and associates prior to 1 January 2001 which was taken directly to equity on acquisition. The exchange reserve comprises all foreign exchange differences arising from the translation of the financial statements of foreign operations. The reserve is dealt with in accordance with the accounting policy set out in note 1(v). The application of the general reserve is in accordance with Article 117 of the Company’s Articles of Association. The investment revaluation reserve (non-recycling) comprises the cumulative net change in the fair value of equity investments designated at FVOCI under HKFRS 9 that are held at the end of the reporting period (see note 1(g)).