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Annual Statements

Home Annual Statements Financial Statements 2013 Notes to the consolidated financial statements Notes to the consolidated balance sheet Other reserves

28. Other reserves

(in thousands of euros)

Exchange differences reserve

Other financial interests reserve

Hedging transactions reserve

Reserve other comprehensive income

Actuarial gains and losses

Total

Balance as at 31 December 2011

21,970

- 916

- 46,346

-

- 1,194

- 26,486

Movements in 2012

Exchange differences

- 646

2

-

-

-

- 644

Fair value movements

-

914

-

-

-

914

Exchange differences on hedged borrowings

-

-

26,186

-

-

26,186

Exchange differences on hedged loans to associates

-

-

- 344

-

-

- 344

Fair value movements on derivative financial instruments

-

-

- 113,267

-

-

- 113,267

Of which are reported through the profit and loss account

-

-

4,530

-

-

4,530

Deferred tax on fair value movements on derivative financial instruments

-

-

27,667

-

-

27,667

Deferred tax on fair value changes borrowings

-

-

- 6,546

-

-

- 6,546

Settlement of hedge transactions

-

-

- 8,940

-

-

- 8,940

Other comprehensive income associates

-

-

-

- 1,617

-

- 1,617

Change in accounting policy

-

-

-

-

- 2,000

- 2,000

Total movements in the year

- 646

916

- 70,714

- 1,617

- 2,000

- 74,061

Balance as at 31 December 2012

21,324

-

- 117,060

- 1,617

- 3,194

- 100,547

Movements in 2013

Exchange differences

- 18,565

-

-

-

-

- 18,565

Exchange differences on hedged borrowings

-

-

36,763

-

-

36,763

Exchange differences on hedged loans to associates

-

-

- 14,110

-

-

- 14,110

Fair value movements on derivative financial instruments

-

-

68,445

-

-

68,445

Of which are reported through the profit and loss account

-

-

4,449

-

-

4,449

Deferred tax on fair value movements on derivative financial instruments

-

-

- 17,151

-

-

- 17,151

Deferred tax on fair value changes borrowings

-

-

- 9,244

-

-

- 9,244

Settlement of hedge transactions

-

-

- 62,709

-

-

- 62,709

Other comprehensive income associates

-

-

-

1,375

-

1,375

Change in accounting policy

-

-

-

-

- 480

- 480

Total movements in the year

- 18,565

-

6,443

1,375

- 480

- 11,227

Balance as at 31 December 2013

2,759

-

- 110,617

- 242

- 3,674

- 111,774

Exchange differences reserve

The exchange differences reserve recognises exchange differences arising on the translation of the net investments in subsidiaries, joint ventures and associates outside the euro zone.

Other financial interests reserve

This reserve recognises movements in the fair value of Schiphol Group’s other financial interests over which it has neither control nor significant influence. In 2012 this related to the financial interest in Vienna, which is been sold.

Hedging transactions reserve

This reserve recognises movements in the fair value of derivative financial instruments used in cash flow hedges, net of deferred tax assets and liabilities. It also includes the differences arising on the translation of loans at closing rates. In both cases, recognition in the hedging transactions reserve requires that the hedge is determined to be highly effective.

The tax effects of the movements recognised directly in equity through total comprehensive income were as follows:

(in thousands of euros)

Before tax

Tax

After tax

Translation differences

- 18,565

-

- 18,565

Changes in fair value on hedge transactions

32,991

- 26,395

6,596

Other comprehensive income associates

1,375

-

1,375

Other Comprehensive income 2013

15,801

- 26,395

- 10,594

Translation differences

- 646

-

- 646

Changes in fair value on hedge transactions

- 91,782

21,121

- 70,661

Changes in fair value on other financial interests

914

-

914

Other comprehensive income associates

- 1,617

-

- 1,617

Other Comprehensive income 2012

- 93,131

21,121

- 72,010

See note 41, Equity for further information on the restrictions on the distribution of reserves.