Notes to the Financial Statements
92
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19. Reserves and accumulated losses
(a) Reserves
2013 
$’000
2012 
$’000
Foreign currency translation reserve 13,997 (26,458)
Available-for-sale investment revaluation reserve – 91
Share-based payment reserve 8,702 10,340
General reserve (4,380) (4,380)
Total reserves 18,319 (20,407)
Movements:
Foreign currency translation reserve
At the beginning of the financial year (26,458) (28,763)
Exchange differences on translation of foreign controlled entities (net of tax) 40,455 2,305
At the end of the financial year 13,997 (26,458)
Available-for-sale investment revaluation reserve
At the beginning of the financial year 91 791
Net change (91) (700)
At the end of the financial year – 91
Share-based payment reserve
At the beginning of the financial year 10,340 1,422
Options issued to financial institution – 4,177
Options issued to preference shareholder – 3,543
Performance rights issued to preference shareholder – 4,536
Performance rights to preference shareholder exercised (1,512) (3,024)
Employee long term incentive performance rights issued 918 –
Transfer to share capital (options lapsed) (1,044) –
Transfer to share capital (options exercised) – (314)
At the end of the financial year 8,702 10,340
General reserve
At the beginning of the financial year (4,380) 23
Net change – (4,403)
At the end of the financial year (4,380) (4,380)
Foreign currency translation reserve
Exchange differences arising on translation of the foreign controlled entities are taken to the foreign currency translation reserve, as described in Note 2b.
Available-for-sale investment revaluation reserve
Changes in the fair value of investments classified as available-for-sale financial assets are taken to the available-for-sale investment revaluation reserve as  
described in Note 2j (iii).
Share-based payment reserve
The share-based payments reserve is used to recognise the fair value of options, deferred rights and performance rights issued but not exercised.
General reserve
The general reserve represents changes in equity as a result of changes in non-controlling interests in prior periods.