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21 Reserves

Other reserves
US$'000 Share(a)
premium
Merger(b)
reserve
Convertible
bonds
reserve
Staff
benefits
reserve
Hedging
reserve
Exchange
reserve
Contributed
surplus
Subtotal Retained profits Total
At 1 January 2016 604,821 (56,606) 47,920 (2,580) (25,145) (5,185) - 563,225 213,233 776,458
Capital reduction (Note 20(a)) (604,821) - - - - - 779,938 175,117 - 175,117
Rights issue, net of issuing
     expenses (Note 20(b))
123,304 - - - - - - 123,304 - 123,304
Loss attributable to shareholders - - - - - - - - (86,547) (86,547)
Shares issued to compensate
     the shipowners for the
     Charter Hire Reduction (Note 20(c))
11,736 - - - - - - 11,736 - 11,736
Derecognition of equity
     component upon CB redemption/buyback
- - (34,148) - - - - (34,148) 26,182 (7,966)
Share-based compensation
     (see Remuneration Report)
- - - 4,207 - - - 4,207 - 4,207
Share awards granted (Note 20(d)) - - - (1,257) - - - (1,257) 75 (1,182)
Shares issued due to the
    adjustment for rights issue and
     upon grant of restricted
     share awards (Note 20(d))
4,500 (2,757) 1,743 (2,160) (417)
Share awards lapsed (Note 20(d)) - - - 366 - - - 366 - 366
Share awards fully vested 347 - - (347) - - - - - -
Cash flow hedges
     - transferred to finance costs
       in income statement
     - fair value losses
- - - - 3,549 (699) - - 3,549 (699) 3,549 (699)
Release of exchange reserve upon disposal of towage assets - - - - - 2,815 - 2,815 - 2,815
Currency translation differences - - - - - (16) - (16) - (16)
At 31 December 2016 139,887 (56,606) 13,772 (2,368) (22,295) (2,386) 779,938 849,942 150,783 1,000,725
(a)     Share premium mainly represents the net share issuance proceeds in excess of the nominal value credited to share capital
(b)     Merger reserve represents the difference between the nominal value of the shares of subsidiaries acquired and the nominal value of
          the Company's shares issued pursuant to the transfer of PB Vessels Holding Limited and its subsidiaries into the Company through
          an exchange of shares prior to the listing of the shares of the Company on the Stock Exchange in 2004.
Other reserves
US$'000 Share(a) premium Merger(b) reserve Convertible bonds reserve Staff benefits reserve Hedging reserve Investment valuation reserve Exchange reserve Subtotal Retained profits Total
At 1 January 2015 604,104 (56,606) 48,755 (4,373) (12,439) 1,102 (1,664) 578,879 231,086 809,965
Cash flow hedges
- fair value losses

- transferred to finance costs
in income statement
-


-
-


-
-


-
-


-
(18,885)


6,179
-


-
-


-
(18,885)


6,179
-


-
(18,885)


6,179
Loss attributable to shareholders ------- - (18,540) (18,540)
Equity component of CB issued - - 13,772 - - - - 13,772 - 13,772
Derecognition of equity
component upon exercise of
CB put options


-


-


(14,607)


-


-


-


-


(14,607)


14,045


(562)
Dividends paid (Note 25)------- - (12,368) (12,368)
Share-based compensation
(see Remuneration Report)
- - - 4,749 - - - 4,749 - 4,749
Share awards granted (Note 20(d)) - - - (2,463) - - - (2,463) - (2,463)
Shares issued upon grant of
restricted share awards
(Note 20(d))


-


-


-


(985)


-


-


-


(985)


-


(985)
Share awards lapsed (Note 20(d)) - - - 219 - - - 219 - 219
Share awards fully vested 717 - - 273 - - - 990 (990) -
Currency translation differences - - - - - - (2,497) (2,497) - (2,497)
Fair value losses on available-
for-sale financial assets
- - - - - (1,102) - (1,102) - (1,102)
Release of exchange
reserve upon:
- repayment of shareholder
loans by subsidiaries
- disposal of a joint venture
-
-
-
-
-
-
-
-
-
-
-
-
(669) (355) (669) (355) -
-
(669) (355)
At 31 December 2015 604,821 (56,606) 47,920 (2,580) (25,145) - (5,185) 563,225 213,233 776,458

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