36. Reserves (continued) Property Cash flow Revenue Merger revaluation hedge Translation reserve reserve reserve reserve reserve Total HK$M HK$M HK$M HK$M HK$M HK$M At 1st January 2021 – as originally stated 276,245 (1,108) 1,915 41 1,194 278,287 – impact of adjustments in note 1(c) (513) – – – (7) (520) – as restated 275,732 (1,108) 1,915 41 1,187 277,767 Profit for the year (restated) 7,112 – – – – 7,112 Other comprehensive income Revaluation of properties previously occupied by the Group – gains recognised during the year – – 94 – – 94 – deferred tax – – (4) – – (4) Defined benefit plans – remeasurement losses recognised during the year (26) – – – – (26) – deferred tax 4 – – – – 4 Cash flow hedges – losses recognised during the year – – – (38) – (38) – transferred to net finance charges – – – 14 – 14 – deferred tax – – – 4 – 4 Share of other comprehensive income of joint venture and associated companies – – – 7 554 561 Net translation differences on foreign operations recognised during the year (restated) – – – – 1,070 1,070 Total comprehensive income for the year (restated) 7,090 – 90 (13) 1,624 8,791 2020 second interim dividend (note 13) (3,569) – – – – (3,569) 2021 first interim dividend (note 13) (1,814) – – – – (1,814) At 31st December 2021 (restated) 277,439 (1,108) 2,005 28 2,811 281,175 (a) The Group’s revenue reserve includes retained revenue reserves from joint venture companies amounting to HK$14,219 million (2021 (Restated): HK$13,071 million) and retained revenue reserves from associated companies amounting to HK$160 million (2021: HK$148 million). (b) The Group’s revenue reserve includes HK$3,978 million (2021: HK$3,744 million) representing the declared second interim dividend for the year (note 13). (c) The Group adopted merger accounting in accordance with Accounting Guideline 5, Merger Accounting for Common Control Combinations (issued by the HKICPA) to account for the acquisition of all the shares of Swire Properties US Inc and Swire Properties One LLC in January 2010. These companies were wholly-owned subsidiaries of the immediate holding company of Swire Properties Limited. (d) At 31st December 2022, the Group’s cash flow hedge reserve includes HK$5 million (net of tax) (2021: a credit of HK$25 million) relating to the currency basis element of the Group’s derivatives which is recognised separately as a cost of hedging. SWIRE PROPERTIES ANNUAL REPORT 2022 189