Annual Report 2021

221 2021 Annual Report Transport International Holdings Limited NOTES TO THE FINANCIAL STATEMENTS (Expressed in Hong Kong dollars unless otherwise indicated) 29 Provision for long service payments Details of the provision for long service payments of the Group are as follows: 2021 2020 $’000 $’000 At 1 January 1,049 2,554 Movements charged to profit or loss (note 5(a)) 3,280 5,241 Payments made during the year (3,410) (6,746) At 31 December 919 1,049 Under the Hong Kong Employment Ordinance, the Group is obliged to make lump sum payments on cessation of employment in certain circumstances to employees who have completed at least five years of service with the Group. The amount payable is dependent on the employees’ final salary and years of service, and is reduced by entitlements accrued under the Group’s retirement schemes that are attributable to contributions made by the Group. The Group does not set aside any assets to fund the above remaining obligations. 30 Capital and reserves (a) Movements in components of equity The reconciliation between the opening and closing balances of each component of the Group’s consolidated equity is set out in the consolidated statement of changes in equity. Details of the changes in the Company’s individual components of equity between the beginning and the end of the year are set out below: Share capital Share premium Capital reserve Contributed surplus Retained profits Total equity Note $’000 $’000 $’000 $’000 $’000 $’000 Balance at 1 January 2020 446,941 947,739 4,216 1,300,000 1,005,392 3,704,288 Changes in equity for 2020 Shares issued in respect of scrip dividend – 2019 final dividend 30(b) 10,880 152,751 – – – 163,631 Forfeiture of share options – – (1,508) – 1,508 – Equity-settled share-based transaction 5(a) – – 600 – – 600 Dividends approved in respect of the previous year 11(b) – – – – (312,859) (312,859) Profit and total comprehensive income for the year – – – – 310,002 310,002 Balance at 31 December 2020 457,821 1,100,490 3,308 1,300,000 1,004,043 3,865,662