19 Reserves

Other reserves
US$'000 Share(a)
premium
Merger(b)
reserve
Convertible
bonds
reserve
Staff
benefits
reserve
Hedging
reserve
Investment
valuation
reserve
Exchange
reserve
Contributed(c)
surplus
Subtotal Retained
profits
Total
At 1 January 2018 224,567 (56,606) 13,772 (3,716) 5,854 (306) (309) 779,938 963,194 154,387 1,117,581
Change in accounting policy                      
(Note 2.2(a)(i)) - - - - - (1,619) - - (1,619) (7,165) (8,784)
Restated total equity                      
at 1 January 2018 224,567 (56,606) 13,772 (3,716) 5,854 (1,925) (309) 779,938 961,575 147,222 1,108,797
Profit attributable to shareholders - - - - - - - - - 72,284 72,284
Shares issued as Vessel                      
Consideration Shares, net of issuing
expenses (Note 18(a))
17,379 - - - - - - - 17,379 - 17,379
Dividend paid (Note 23) - - - - - - - - - (14,315) (14,315)
Cash flow hedges                      
- transferred to income statement - - - - 4,346 - - - 4,346 - 4,346
- fair value losses - - - - (5,744) - - - (5,744) - 5,744)
Share-based compensation
(see Remuneration Report)
- - - 5,265 - - - - 5,265 - 5,265
Share awards granted (Note 18(b)) - - - (461) - - - - (461) (729) (1,190)
Share awards lapsed (Note 18(b)) - - - 338 - - - - 338 - 338
Shares issued upon grant of                      
restricted share awards (Note 18(b)) 5,347 - - (5,559) - - - - (212) - (212)
Share awards fully vested 2,658 - - (2,658) - - - - - - -
Currency translation differences - - - - - - (669) - (669) - (669)
Fair value losses on FVOCI - - - - - (275) - - (275) - (275)
Derecognition of FVOCI - - - - - 2,200 - - 2,200 (2,200) -
At 31 December 2018 249,951 (56,606) 13,772 (6,791) 4,456 - (978) 779,938 983,742 202,262 1,186,004
(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.
(c) Contributed surplus represents the amount of the capital reduction transferred from the share capital and share premium accounts as a result of the capital reorganisation of the Company that took effect on 27 May 2016. Under the Company Act 1981 of Bermuda (as amended), the contributed surplus is available for distribution, but the Company cannot make a distribution out of the contributed surplus if: (i) it is, or would after the payment be, unable to pay its liabilities as they become due; or (ii) the realisable value of its assets would thereby be less than its liabilities.
Other reserves
US$'000 Share(a)
premium
Merger(b)
reserve
Convertible
bonds
reserve
Staff
benefits
reserve
Hedging reserve Investment
valuation
reserve
Exchange reserve Contributed(c) surplus Subtotal Retained profits Total
At 1 January 2017 139,887 (56,606) 13,772 (2,368) (22,295) - (2,386) 779,938 849,942 150,783 1,000,725
Shares issued as Vessel                      
Consideration Shares, net of issuing expenses (Note 18(a)) 43,905 - - - - - - - 43,905 - 43,905
Share issued for new share placement,                      
net of issuing expenses (Note 18(c)) 35,761 - - - - - - - 35,761 - 35,761
Cash flow hedges                      
- exchange adjustment to reserve - - - - 25,849 - - - 25,849 - 25,849
- transferred to income statement - - - - (10,356) - - - (10,356) - (10,356)
- fair value gains - - - - 12,656 - - - 12,656 - 12,656
Share-based compensation
(see Remuneration Report)
- - - 4,301 - - - - 4,301 - 4,301
Share awards granted (Note 18(b)) - - - (1,411) - - - - (1,411) (914) (2,325)
Share awards lapsed (Note 18(b)) - - - 1,853 - - - - 1,853 - 1,853
Shares issued upon grant of                      
restricted share awards (Note 18(b)) 5,014 - - (5,245) - - - - (231) - (231)
Share awards fully vested - - - (846) - - - - (846) 846 -
Profit attributable to shareholders - - - - - - - - - 3,610 3,610
Release of exchange losses                  
upon disposal of towage assets - - - - - - 1,306 - 1,306 - 1,306
Currency translation differences - - - - - - 771 - 771 - 771
Fair value losses on AFS - - - - - (306) - - (306) - (306)
Unclaimed dividends forfeited - - - - - - - - - 62 62
At 31 December 2017 224,567 (56,606) 13,772 (3,716) 5,854 (306) (309) 779,938 963,194 154,387 1,117,581

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19 Reserves

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