267 NOTES TO THE FINANCIAL STATEMENTS (CONT’D) For the financial year ended 31 January 2023 ACCOUNTABILITY (FINANCIAL STATEMENTS) 29. Share-based compensation plans (continued) (d) During the financial year, the Company had modified its ESS and LTIP awards in accordance with the completion of the Bonus Issue and Rights Issue on 14 April 2022 and 28 June 2022 respectively to ensure that the awards granted to the employees are maintained at the equivalent fair value of the original awards granted. Accordingly, there is no difference in the total fair value of the ESS and LTIP awards before and after the Bonus Issue and Rights Issue. 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 currencies 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) Share grant reserve The share grant reserve represents the cumulative value of employee services rendered for the issue of share awards under the LTIP by the Company. The fair value of the expected share awards, measured at grant date of the LTIP, is recognised as an expense in profit or loss with a corresponding increase in equity, over the expected period that the employees become unconditionally entitled to the Yinson Shares. (e) Put option reserve Put option reserve arises from the disposal of 26% equity interest in a subsidiary, where an option was granted to a non-controlling interest to sell its equity stake back to the Group at their original consideration less dividends and proceeds from capital reduction received by them upon occurence of conditions set out in the shareholders agreement. (f) Warrants reserve Warrants reserve arises from the issuance of free detachable warrants together with the Rights Issue, and represents the allocation of the proceeds from the Rights Issue based on the fair value of the warrants at issuance date. The fair value of warrants is credited to a warrants reserve which is part of the Company’s equity. 31. Retained earnings The Company may distribute dividends out of its entire retained earnings as at 31 January 2023 under the single tier system.
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