R eserv es T he f or eign curr enc y tr ansla tion r eserv e c omprises al l f or eign e x change dif f er enc es arising fr om the tr ansla tion o f the fnancial s t a t emen ts o f f or eign oper a tions wher e their func tional curr enc y is dif f er en t t o the pr esen t a tion curr enc y o f the r epor ting en tit y as w el l as t o the tr ansla tion o f liabil ities or changes in f air v alue o f deriv a tiv es tha t hedge the C ompan y s ne t in v es tmen t in a f or eign subsidiary T he emplo y ee shar e based a w ar ds r eserv e c omprises the cumula tiv e amoun t r ec ognised as an emplo y ee e xpense t o da t e o f the f air v alue a t gr an t da t e o f shar e based shar e se ttled a w ar ds gr an t ed t o emplo y ees R e f er t o no t es 1d and 8a Other r eserv es c omprise the e f f ec tiv e por tion o f the cu mula tiv e ne t change in the f air v alue o f cash fo w hedging ins trumen ts r ela t ed t o hedged tr ans ac tions tha t ha v e no t y e t oc curr ed In the prior y e ar it also included amoun ts aris ing fr om the ac c oun ting f or a put and cal l op tion arr ange men t en t er ed with a non c on tr ol ling in t er es t o f a c on tr ol led en tit y Dividends Dividends r ec ognised in the curr en t y e ar b y the C ompan y ar e In mil lions o f A UD C en ts per shar e F r ank ed amoun t c en ts To t a l amoun t D ate of pa ymen t 2019 In t erim 2019 or dinary 110 22 535 18 Dec 18 Final 2018 or dinary 90 36 440 02 Jul 18 975 2018 In t erim 2018 or dinary 80 32 404 18 Dec 17 Final 2017 or dinary 80 32 404 03 Jul 17 808 Dividend declar ed a f t er the end o f the fnancial y e ar Final 2019 or dinary 115 40 558 01 Jul 19 T he fnancial e f f ec t o f this dividend has no t been br ough t t o ac c oun t in the fnancial s t a t emen ts f or the y e ar ended 31 M ar ch 2019 and wil l be r ec ognised in subsequen t fnancial r epor ts T he fr ank ed c omponen ts o f al l dividends paid or declar ed sinc e the end o f the pr e vious fnancial y e ar w er e fr ank ed based on a t a x r a t e o f 30 per c en t In mil lions o f A UD C onsolida t ed Dividend fr anking ac c oun t 2019 2018 30 fr anking cr edits a v ailable t o shar eholders o f ALS Limit ed f or subsequen t fnancial y e ars 19 31 T he abo v e a v ailable amoun ts ar e based on the balanc e o f the dividend fr anking ac c oun t a t y e ar end ad jus t ed f or fr anking cr edits debits tha t wil l arise fr om the pa ymen t r ec eip t o f curr en t t a x liabilities as se ts fr anking debits tha t wil l arise fr om the pa ymen t o f divi dends r ec ognised as a liabilit y a t the y e ar end fr anking cr edits tha t wil l arise fr om the r ec eip t o f divi dends r ec ognised as r ec eiv ables b y the t a x c onsolida t ed gr oup a t the y e ar end and fr anking cr edits tha t the en tit y ma y be pr e v en t ed fr om dis tributing in subsequen t y e ars T he fnal FY2019 dividend declar ed a f t er balanc e da t e wil l be fr ank ed t o 35 per c en t using fr anking cr edits in e xis t enc e a t balanc e da t e and arising fr om the C ompan y s t a x ins t al men ts t o be paid during the y e ar ending 31 M ar ch 2019 Ac c oun ting polic y T r ans ac tion c os ts T r ans ac tion c os ts o f an equit y tr ans ac tion ar e ac c oun t ed f or as a deduc tion fr om equit y ne t o f an y r ela t ed inc ome t a x bene ft Dividends Dividends ar e r ec ognised as a liabilit y in the period in which the y ar e declar ed 64 ALS LIMITED AND IT S SUBSIDIARIES A NNU AL F INANCIAL R EPOR T F OR THE Y EAR E NDED 31 M AR CH 2019 F INANCIAL REPOR T F INANCIAL S T A TEMENT S N O TES T O THE FINANCIAL S T A TEMENT S Risk capit al managemen t