| 42 | RESERVES |
| Share premium |
Capital reserve (note (a)) |
Hedging reserve |
Statutory reserve (note (b)) |
Other reserves |
Retained profits |
Total | ||||||||||||||||||||||
| RMB million | RMB million | RMB million | RMB million | RMB million | RMB million | RMB million | ||||||||||||||||||||||
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At 1 January 2016 |
22,327 | (778 | ) | (51 | ) | 184 | (2,579 | ) | 5,168 | 24,271 | ||||||||||||||||||
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Unrealized gains on cash flow hedges (note 39) |
— | — | 107 | — | — | — | 107 | |||||||||||||||||||||
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Fair value movements in available-for-sale investments |
— | — | — | — | 36 | — | 36 | |||||||||||||||||||||
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Fair value changes of available-for-sale investments held by an associate |
— | — | — | — | (1 | ) | — | (1 | ) | |||||||||||||||||||
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Actuarial gains on post-retirement benefit obligations |
— | — | — | — | (403 | ) | — | (403 | ) | |||||||||||||||||||
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Transfer from retained profits |
— | — | — | 144 | — | (144 | ) | — | ||||||||||||||||||||
|
Issue of shares |
7,213 | — | — | — | — | — | 7,213 | |||||||||||||||||||||
|
Profit for the year |
— | — | — | — | — | 4,498 | 4,498 | |||||||||||||||||||||
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Interim 2016 dividend (note 48) |
— | — | — | — | — | (738 | ) | (738 | ) | |||||||||||||||||||
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At 31 December 2016 |
29,540 | (778 | ) | 56 | 328 | (2,947 | ) | 8,784 | 34,983 | |||||||||||||||||||
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At 1 January 2017 |
29,540 | (778 | ) | 56 | 328 | (2,947 | ) | 8,784 | 34,983 | |||||||||||||||||||
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Unrealized gains on cash flow hedges (note 39) |
— | — | 35 | — | — | — | 35 | |||||||||||||||||||||
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Fair value movements in available-for-sale investments |
— | — | — | — | 110 | — | 110 | |||||||||||||||||||||
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Fair value changes of available-for-sale investments held by an associate |
— | — | — | — | 10 | — | 10 | |||||||||||||||||||||
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Actuarial gains on post-retirement benefit obligations |
— | — | — | — | 122 | — | 122 | |||||||||||||||||||||
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Transfer from retained profits |
— | — | — | 212 | — | (212 | ) | — | ||||||||||||||||||||
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Issue of shares |
— | — | — | — | — | — | — | |||||||||||||||||||||
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Profit for the year |
— | — | — | — | — | 6,342 | 6,342 | |||||||||||||||||||||
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Final 2016 dividend |
— | — | — | — | — | (709 | ) | (709 | ) | |||||||||||||||||||
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At 31 December 2017 |
29,540 | (778 | ) | 91 | 540 | (2,705 | ) | 14,205 | 40,893 | |||||||||||||||||||
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Notes:
| (a) | Capital reserve |
Capital reserve represents the difference between the fair value of the net assets injected and the nominal amount of the Company’s share capital issued in respect of a group restructuring carried out in June 1996 for the purpose of the Company’s listing.
| (b) | Reserve funds |
According to the PRC Company Law, the Company is required to transfer a portion of the profits to the statutory reserve. The transfer to this reserve must be made before distribution of dividends to shareholders and when there are retained profits at the end of the financial year.