FGV Audited Financial Statements 2019

181 01 S E C T I O N NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2019 AUDITED FINANCIAL STATEMENTS 2019 40 TREASURY SHARES During the financial year, the Company purchased 2,317,600 (2018: 3,115,900) of its issued ordinary shares listed on the Main Market of Bursa Malaysia Securities Berhad from the open market at an average price of approximately RM1.28 (2018: RM1.62 per share). The total consideration paid was RM3,186,000 (2018: RM4,920,000) including transaction costs of RM10,634 (2018: RM33,702). The purchase transactions were financed by internally generated funds. The shares purchased are retained as treasury shares. None of the treasury shares held were resold or cancelled during the financial year. In the current financial year, 2,653,100 (2018: 3,452,600) of its treasury shares of RM3,589,000 (2018: RM5,699,000) vested to the employees and employees of the subsidiaries within the Group as part of equity settled share based compensation plan (Note 55). 41 FOREIGN EXCHANGE RESERVE The foreign exchange reserve is used to record exchange difference 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 represents the share of foreign exchange differences in the cumulative net investment of foreign associates and joint ventures. 42 REORGANISATION RESERVE The reorganisation reserve represents the difference between the fair value of the purchase consideration and carrying value of the net assets acquired arising from the acquisition of plantation estates. 43 OTHER RESERVES Group Other comprehensive income reserve RM’000 LTIP reserve RM’000 Cash flow hedge reserve RM’000 Total RM’000 2019 At 1 January 2019 (31,288) - 285 (31,003) Fair value changes 13,140 - - 13,140 Cash flow hedges - - (2,819) (2,819) Employee share grant - 3,589 - 3,589 Transfer from treasury shares - (3,589) - (3,589) At 31 December 2019 (18,148) - (2,534) (20,682) 2018 At 1 January 2018 (12,811) 416 366 (12,029) Fair value changes (18,477) - - (18,477) Cash flow hedges - - (81) (81) Employee share grant - 5,283 - 5,283 Transfer from treasury shares - (5,699) - (5,699) At 31 December 2018 (31,288) - 285 (31,003)