# 20. Reserves

<table><tr><td rowspan="2"></td><td rowspan="2">Note</td><td>Capital
reserve</td><td>Goodwill on
consolidation</td><td>Exchange
reserve</td><td>Share-based
employee
compensation
reserve</td><td>Hedging
reserve</td><td>Miscellaneous
*reserves </td><td>Retained
earnings</td><td>Total</td></tr><tr><td>US$’000</td><td>US$’000</td><td>US$’000</td><td>US$’000</td><td>US$’000</td><td>US$’000</td><td>US$’000</td><td>US$’000</td></tr><tr><td>As of 31 March 2020</td><td></td><td>17,338</td><td>(233,885)</td><td>78,241</td><td>11,411</td><td>24,434</td><td>(11,260)</td><td>1,930,426</td><td>1,816,705</td></tr><tr><td>Hedging instruments</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>– raw material commodity contracts</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>– fair value gains, net</td><td></td><td>–</td><td>–</td><td>–</td><td>–</td><td>92,988</td><td> –</td><td>–</td><td>92,988</td></tr><tr><td>– transferred to inventory and 
subsequently recognized in 
the income statement</td><td>7(f)</td><td>–</td><td>–</td><td>–</td><td>–</td><td>(4,748)</td><td> –</td><td>–</td><td>(4,748)</td></tr><tr><td>– deferred income tax effect</td><td></td><td>–</td><td>–</td><td>–</td><td>–</td><td>(14,560)</td><td> –</td><td>–</td><td>(14,560)</td></tr><tr><td>– forward foreign currency exchange 
contracts</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>– fair value gains, net</td><td></td><td>–</td><td>–</td><td>–</td><td>–</td><td>67,140</td><td> –</td><td>–</td><td>67,140</td></tr><tr><td>– transferred to income statement</td><td></td><td>–</td><td>–</td><td>–</td><td>–</td><td>(30,227)</td><td> –</td><td>–</td><td>(30,227)</td></tr><tr><td>– deferred income tax effect</td><td></td><td>–</td><td>–</td><td>–</td><td>–</td><td>(6,839)</td><td> –</td><td>–</td><td>(6,839)</td></tr><tr><td>– net investment hedge</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>– fair value (losses), net</td><td></td><td>–</td><td>–</td><td>(28,250)</td><td> –</td><td>–</td><td> –</td><td>–</td><td>(28,250)</td></tr><tr><td>Defined benefit plans</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>– remeasurements</td><td>15</td><td>–</td><td>–</td><td>–</td><td>–</td><td>–</td><td> –</td><td>11,296</td><td>11,296</td></tr><tr><td>– deferred income tax effect</td><td>17</td><td>–</td><td>–</td><td>–</td><td>–</td><td>–</td><td> –</td><td>(1,555)</td><td>(1,555)</td></tr><tr><td>Long service payment</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>– remeasurements</td><td>15</td><td>–</td><td>–</td><td>–</td><td>–</td><td>–</td><td> –</td><td>13</td><td>13</td></tr><tr><td>– deferred income tax effect</td><td>17</td><td>–</td><td>–</td><td>–</td><td>–</td><td>–</td><td> –</td><td>(11)</td><td>(11)</td></tr><tr><td>Currency translations of subsidiaries</td><td></td><td>–</td><td>–</td><td>111,207</td><td>–</td><td>(211)</td><td> –</td><td>–</td><td>110,996</td></tr><tr><td>Currency translations of associate</td><td></td><td>–</td><td>–</td><td>160</td><td>–</td><td>–</td><td> –</td><td>–</td><td>160</td></tr><tr><td>Net comprehensive income recognized 
directly in equity</td><td></td><td>–</td><td>–</td><td>83,117</td><td>–</td><td>103,543</td><td> –</td><td>9,743</td><td>196,403</td></tr><tr><td>Profit for the year</td><td></td><td>–</td><td>–</td><td>–</td><td>–</td><td>–</td><td> –</td><td>212,035</td><td>212,035</td></tr><tr><td>Total comprehensive income for the year</td><td></td><td>–</td><td>–</td><td>83,117</td><td>–</td><td>103,543</td><td> –</td><td>221,778</td><td>408,438</td></tr><tr><td>Appropriation of retained earnings to 
statutory reserve</td><td></td><td>–</td><td>–</td><td>–</td><td>–</td><td>–</td><td>1,867</td><td>(1,867)</td><td> –</td></tr><tr><td>Incentive share schemes</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>– shares vested</td><td></td><td>–</td><td>–</td><td>–</td><td>(6,552)</td><td> –</td><td> –</td><td>–</td><td>(6,552)</td></tr><tr><td>– vested by cash settlement</td><td></td><td>–</td><td>–</td><td>–</td><td>(1,515)</td><td> –</td><td> –</td><td>–</td><td>(1,515)</td></tr><tr><td>– value of employee services</td><td></td><td>–</td><td>–</td><td>–</td><td>9,536</td><td>–</td><td> –</td><td>–</td><td>9,536</td></tr><tr><td>FY20/21 interim dividend paid</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>– cash paid</td><td></td><td>–</td><td>–</td><td>–</td><td>–</td><td>–</td><td> –</td><td>(17,034)</td><td>(17,034)</td></tr><tr><td>– shares issued in respect of 
scrip dividend</td><td></td><td>–</td><td>–</td><td>–</td><td>–</td><td>–</td><td> –</td><td>(2,760)</td><td>(2,760)</td></tr><tr><td>– scrip dividend for shares held for 
the incentive share schemes</td><td></td><td>–</td><td>–</td><td>–</td><td>–</td><td>–</td><td> –</td><td>236</td><td>236</td></tr><tr><td></td><td></td><td>–</td><td>–</td><td>83,117</td><td>1,469</td><td>103,543</td><td>1,867</td><td>200,353</td><td>390,349</td></tr><tr><td>As of 31 March 2021</td><td></td><td>17,338</td><td>(233,885)</td><td>161,358</td><td>12,880</td><td>127,977</td><td>(9,393)</td><td>2,130,779</td><td>2,207,054</td></tr><tr><td>Final dividend proposed</td><td>27</td><td>–</td><td>–</td><td>–</td><td>–</td><td>–</td><td> –</td><td>39,019</td><td>39,019</td></tr><tr><td>Others</td><td></td><td>17,338</td><td>(233,885)</td><td>161,358</td><td>12,880</td><td>127,977</td><td>(9,393)</td><td>2,091,760</td><td>2,168,035</td></tr><tr><td>As of 31 March 2021</td><td></td><td>17,338</td><td>(233,885)</td><td>161,358</td><td>12,880</td><td>127,977</td><td>(9,393)</td><td>2,130,779</td><td>2,207,054</td></tr></table>

\* Miscellaneous reserves mainly represent property revaluation reserve, statutory reserve and reserve arising from put option written to a non-controlling interest

# 20. Reserves (Cont’d)

<table><tr><td rowspan="2"></td><td rowspan="2">Note</td><td>Capital
reserve</td><td>Goodwill on
consolidation</td><td>Exchange
reserve</td><td>Share-based
employee
compensation
reserve</td><td>Hedging
reserve</td><td>Miscellaneous
*reserves </td><td>Retained
earnings</td><td>Total</td></tr><tr><td>US$’000</td><td>US$’000</td><td>US$’000</td><td>US$’000</td><td>US$’000</td><td>US$’000</td><td>US$’000</td><td>US$’000</td></tr><tr><td>As of 31 March 2019</td><td></td><td>17,338</td><td>(233,885)</td><td>116,896</td><td>19,587</td><td>114,562</td><td>(9,984)</td><td>2,488,138</td><td>2,512,652</td></tr><tr><td>Hedging instruments</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>– raw material commodity contracts</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>– fair value (losses), net</td><td></td><td>–</td><td>–</td><td>–</td><td>–</td><td>(35,654)</td><td> –</td><td>–</td><td>(35,654)</td></tr><tr><td>– transferred to inventory and 
subsequently recognized in 
the income statement</td><td>7(f)</td><td>–</td><td>–</td><td>–</td><td>–</td><td>(4,751)</td><td> –</td><td>–</td><td>(4,751)</td></tr><tr><td>– deferred income tax effect</td><td></td><td>–</td><td>–</td><td>–</td><td>–</td><td>6,667</td><td> –</td><td>–</td><td>6,667</td></tr><tr><td>– forward foreign currency exchange 
contracts</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>– fair value (losses), net</td><td></td><td>–</td><td>–</td><td>–</td><td>–</td><td>(43,380)</td><td> –</td><td>–</td><td>(43,380)</td></tr><tr><td>– transferred to income statement</td><td></td><td>–</td><td>–</td><td>–</td><td>–</td><td>(21,482)</td><td> –</td><td>–</td><td>(21,482)</td></tr><tr><td>– deferred income tax effect</td><td></td><td>–</td><td>–</td><td>–</td><td>–</td><td>8,891</td><td> –</td><td>–</td><td>8,891</td></tr><tr><td>– net investment hedge
– fair value gains, net</td><td></td><td>–</td><td>–</td><td>31,011</td><td>–</td><td>–</td><td> –</td><td>–</td><td>31,011</td></tr><tr><td>Defined benefit plans</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>– remeasurements</td><td>15</td><td>–</td><td>–</td><td>–</td><td>–</td><td>–</td><td> –</td><td>(7,483)</td><td>(7,483)</td></tr><tr><td>– deferred income tax effect</td><td>17</td><td>–</td><td>–</td><td>–</td><td>–</td><td>–</td><td> –</td><td>(175)</td><td>(175)</td></tr><tr><td>Long service payment</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>– remeasurements</td><td>15</td><td>–</td><td>–</td><td>–</td><td>–</td><td>–</td><td> –</td><td>(122)</td><td>(122)</td></tr><tr><td>– deferred income tax effect</td><td>17</td><td>–</td><td>–</td><td>–</td><td>–</td><td>–</td><td> –</td><td>8</td><td>8</td></tr><tr><td>Currency translations of subsidiaries</td><td></td><td>–</td><td>–</td><td>(69,544)</td><td> –</td><td>(419)</td><td> –</td><td>–</td><td>(69,963)</td></tr><tr><td>Currency translations of associate</td><td></td><td>–</td><td>–</td><td>(122)</td><td> –</td><td>–</td><td> –</td><td>–</td><td>(122)</td></tr><tr><td>Net comprehensive (expenses) recognized
directly in equity</td><td></td><td>–</td><td>–</td><td>(38,655)</td><td> –</td><td>(90,128)</td><td> –</td><td>(7,772)</td><td>(136,555)</td></tr><tr><td>(Loss) for the year</td><td></td><td>–</td><td>–</td><td>–</td><td>–</td><td>–</td><td> –</td><td>(493,657)</td><td>(493,657)</td></tr><tr><td>Total comprehensive (expenses) for the 
year</td><td></td><td>–</td><td>–</td><td>(38,655)</td><td> –</td><td>(90,128)</td><td> –</td><td>(501,429)</td><td>(630,212)</td></tr><tr><td>Appropriation of retained earnings to 
statutory reserve</td><td></td><td>–</td><td>–</td><td>–</td><td>–</td><td>–</td><td>(582)</td><td>582</td><td>–</td></tr><tr><td>Convertible bonds</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>– release of equity component upon 
redemption / repurchase</td><td></td><td>–</td><td>–</td><td>–</td><td>–</td><td>–</td><td>(694)</td><td>500</td><td>(194)</td></tr><tr><td>Incentive share schemes</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>– shares vested</td><td></td><td>–</td><td>–</td><td>–</td><td>(11,222)</td><td> –</td><td> –</td><td>–</td><td>(11,222)</td></tr><tr><td>– vested by cash settlement</td><td></td><td>–</td><td>–</td><td>–</td><td>(2,427)</td><td> –</td><td> –</td><td>–</td><td>(2,427)</td></tr><tr><td>– value of employee services</td><td></td><td>–</td><td>–</td><td>–</td><td>5,473</td><td>–</td><td> –</td><td>–</td><td>5,473</td></tr><tr><td>FY18/19 final dividend paid</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>– cash paid</td><td></td><td>–</td><td>–</td><td>–</td><td>–</td><td>–</td><td> –</td><td>(13,565)</td><td>(13,565)</td></tr><tr><td>– shares issued in respect of scrip 
dividend</td><td></td><td>–</td><td>–</td><td>–</td><td>–</td><td>–</td><td> –</td><td>(24,797)</td><td>(24,797)</td></tr><tr><td>– scrip dividend for shares held for the 
incentive share schemes</td><td></td><td>–</td><td>–</td><td>–</td><td>–</td><td>–</td><td> –</td><td>374</td><td>374</td></tr><tr><td>FY19/20 interim dividend paid</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>– cash paid</td><td></td><td>–</td><td>–</td><td>–</td><td>–</td><td>–</td><td> –</td><td>(12,084)</td><td>(12,084)</td></tr><tr><td>– shares issued in respect of scrip 
dividend</td><td></td><td>–</td><td>–</td><td>–</td><td>–</td><td>–</td><td> –</td><td>(7,495)</td><td>(7,495)</td></tr><tr><td>– scrip dividend for shares held for the 
incentive share schemes</td><td></td><td>–</td><td>–</td><td>–</td><td>–</td><td>–</td><td> –</td><td>202</td><td>202</td></tr><tr><td></td><td></td><td>–</td><td>–</td><td>(38,655)</td><td>(8,176)</td><td>(90,128)</td><td>(1,276)</td><td>(557,712)</td><td>(695,947)</td></tr><tr><td>As of 31 March 2020</td><td></td><td>17,338</td><td>(233,885)</td><td>78,241</td><td>11,411</td><td>24,434</td><td>(11,260)</td><td>1,930,426</td><td>1,816,705</td></tr><tr><td>Final dividend proposed</td><td>27</td><td>–</td><td>–</td><td>–</td><td>–</td><td>–</td><td> –</td><td>–</td><td>–</td></tr><tr><td>Others</td><td></td><td>17,338</td><td>(233,885)</td><td>78,241</td><td>11,411</td><td>24,434</td><td>(11,260)</td><td>1,930,426</td><td>1,816,705</td></tr><tr><td>As of 31 March 2020</td><td></td><td>17,338</td><td>(233,885)</td><td>78,241</td><td>11,411</td><td>24,434</td><td>(11,260)</td><td>1,930,426</td><td>1,816,705</td></tr></table>

\* Miscellaneous reserves mainly represent property revaluation reserve, equity component of convertible bonds (net of tax), statutory reserve and reserve arising from put option written to a non-controlling interest