SWIRE PROPERTIES ANNUAL REPORT 2023 34. Reserves 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 2023 280,008 (1,108) 2,007 9 (2,154) 278,762 Profit for the year 2,637 – – – – 2,637 Other comprehensive income Revaluation of properties previously occupied by the Group – gains recognised during the year – – 46 – – 46 – deferred tax – – (11) – – (11) Defined benefit plans – remeasurement losses recognised during the year (56) – – – – (56) – deferred tax 9 – – – – 9 Cash flow hedges – losses recognised during the year – – – (38) – (38) – transferred to net finance charges – – – (41) – (41) – deferred tax – – – 13 – 13 Share of other comprehensive income of joint venture and associated companies – recognised during the year – – – – (103) (103) – reclassified to profit or loss on deemed disposal – – – – 228 228 Net translation differences on foreign operations recognised during the year – – – – (904) (904) Total comprehensive income for the year 2,590 – 35 (66) (779) 1,780 2022 second interim dividend (note 13) (3,978) – – – – (3,978) 2023 first interim dividend (note 13) (1,931) – – – – (1,931) At 31st December 2023 276,689 (1,108) 2,042 (57) (2,933) 274,633 195