Page 93 - MPA ANNUAL REPORT 2016-2017

DRIVEN BY PASSION AND PRIDE

MAURITIUS PORTS AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2017

15. RESERVES

Capital Reserve Revaluation Investment Total
reserve fund surplus fair value Rs’000
Rs’000 reserve
Rs’000 Rs’000
Rs’000

At 01 January 2016 9,781,376 4,015,496 7,344,566 247,719 21,389,157
Transfer to reserve fund - 420,000 - - 420,000
Release on disposal of property, plant and
equipment - - (285) - (285)
Increase in fair value of available-for-sale
financial assets (Note 9(b)) - - - 55,752 55,752

At 30 June 2017 9,781,376 4,435,496 7,344,281 303,471 21,864,624

At 01 January 2015 9,781,376 3,335,496 7,347,072 309,588 20,773,532
Transfer to reserve fund - 680,000 - - 680,000
Release on disposal of property, plant and - - - (2,506)
equipment (2,506)
Reclassification adjustment on impairment - - (15,410) (15,410)
of available-for-sale financial assets in - - - (46,459) (46,459)
profit or loss 9,781,376 4,015,496 - 247,719 21,389,157
Decrease in fair value of available-for-sale 7,344,566
financial assets (Note 9(b))

At 31 December 2015

(a) Capital reserve

Capital reserve includes an amount of Rs 7.08 billion representing initial valuation of properties held to earn rentals.

(b) Reserve fund 30 June 2017 31 December 2015

Rs’000 Rs’000
Port Development Reserve
General Reserve 2,256,500 2,046,500
Insurance Reserve 1,009,638 883,638
1,169,358
1,085,358
4,435,496
4,015,496

As per Clause 16(3) of the Ports Act 1998, the net surplus of the Authority shall be applied for the creation of a general
reserve, specific reserves or the payment of dividends as the Authority may think fit and as the financial situation of
the Authority will permit.

(c) Revaluation surplus
Revaluation surplus represents surplus on revaluation of certain property, plant and equipment. A revaluation exercise
was carri ed out by Mega Design, Consulting engineers to revalue certain property, plant and equipment in 2014.
(d) Investment fair value reserve
Investment fair value reserve represents the net surplus of fair value of investments over their costs.

MAURITIUS PORTS AUTHORITY | ANNUAL REPORT 2016-17 91