NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2022 (CURRENCY - SINGAPORE DOLLARS UNLESS OTHERWISE STATED) E9 Other reserves (continued) Other reserves are non-distributable. Type of reserve Nature Foreign currency translation reserve Comprises foreign exchange differences arising from the translation of the financial statements of foreign entities, effective portion of the hedging instrument which is used to hedge against the Group’s net investment in foreign currencies as well as from the translation of foreign currency loans used to hedge or form part of the Group’s net investments in foreign entities. Statutory reserve Statutory reserve comprises transfers from revenue reserve in accordance with the regulations of the foreign jurisdiction in which the Group’s subsidiaries and joint ventures operate, principally in the People’s Republic of China where the subsidiaries and joint ventures are required to make appropriation to a Statutory Reserve Fund and Enterprise Expansion Fund. The laws of the countries restrict the distribution and use of these statutory reserves. Fair value reserve Fair value reserve comprises the cumulative fair value changes of financial instruments at FVOCI and the effective portion of hedging instruments, until they are disposed or impaired. Share-based payment reserve Represents the cumulative value of services received for the issuance of the options and shares under the share plans of the Company issued to employees and non-executive directors. Premium paid on acquisition of noncontrolling interests Difference between the consideration paid on acquisition of non-controlling interests and the carrying value of the proportionate share of the net assets acquired. E10 Dividends Company 2022 $’000 2021 $’000 Final dividend paid in respect of the previous financial year of 10.0 cents (2021: 10.0 cents) per share 311,806 311,922 Interim dividend paid in respect of the current financial year of 12.0 cents (2021: 5.0 cents) per share 373,819 155,969 685,625 467,891 The Directors propose a final dividend of 4.0 cents (2021: 10.0 cents) per share amounting to $124.9 million (2021: $312.2 million) in respect of the financial year ended 31 December 2022. These dividends have not been recognised as a liability as at year end as they are subject to the approval by shareholders at the Annual General Meeting of the Company. 238 ST ENGINEERING ANNUAL REPORT 2022
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