Yinson Annual Report 2020

283 Annual Report 2020 29. Employees’ Share Scheme (CONTINUED) Movements in the number of share options over ordinary shares outstanding and their related weighted average exercise prices are as follows: (continued) 2019 Average exercise price per share option At start of the financial year Granted Exercised Lapsed At end of the financial year Grant date RM ‘000 ‘000 ‘000 ‘000 ‘000 23.12.2016 2.80 3,790 - (437) (157) 3,196 30.3.2018 3.65 - 6,048 - (265) 5,783 3,790 6,048 (437) (422) 8,979 For the financial year ended 31 January 2020, the weighted average share price at the time of exercise of 1,047,000 (2019: 437,000) share options under the first offer of options on 23 December 2016 and 453,000 (2019: Nil) share options under the second offer of options on 30 March 2018 was RM5.91 (2019: RM4.22) per share and RM6.48 (2019: Nil) per share respectively. 30. Reserves (a) Foreign currency translation reserve The foreign currency translation reserve represents exchange differences arising from the translation of the financial statements of foreign operations whose functional currencies are different from that of the Group’s presentation currency. It also included the exchange differences arising from monetary items which form part of the Group’s net investment in foreign operations, where the monetary item is denominated in currency different from that of the Group’s presentation currency. (b) Cash flows hedge reserve The cash flow hedge reserve represents cumulative fair value gain or loss arising from derivatives recognised. The effective portion of cash flow hedges is recognised in reserve while the ineffective portion will be reclassified to profit or loss. (c) Share-based option reserve The share-based option reserve comprises the cumulative value of employee services received for the issue of share options by the Company. The fair value, measured at grant date of the share options granted to these employees is recognised as an employee expense in profit or loss and a corresponding increase in equity, over the period that the employees become unconditionally entitled to the options. (d) Capital reserve Capital reserve arising from step-up acquisition of a subsidiary, which pertains to convertible note instruments which are to be settled via issuance of equity shares of the subsidiary upon the occurrence of conditions set out in the convertible note agreement.