21. Other reserves


(in thousands of euros)

Exchange differences reserve

Hedge
reserve

Share in OCI of associates

Actuarial gains and losses

Total

Carrying amount as at 1 January 2017

18,201

-57,003

-16,777

-7,351

-62,930

Movements in 2017

Exchange differences

-12,278

-

-

-

-12,278

Currency and interest hedge JPY loan payable

Exchange differences on hedged borrowings

-

14,800

-

-

14,800

Deferred tax on fair value changes on hedged borrowings

-

-3,700

-

-

-3,700

Fair value movements on derivatives

-

-21,164

-

-

-21,164

Deferred tax on fair value movements on derivatives

-

5,291

-

-

5,291

Hedging of cash flow interest-rate risk

Recycling of cash flow hedges to profit and loss

-

9,725

-

-

9,725

Deferred tax on recycling of cash flow hedges

-

-2,358

-

-

-2,358

Currency hedge AUD loan receivable

Exchange differences on hedged loans to associates

-

-2,395

-

-

-2,395

Fair value movements on derivatives

-

2,481

-

-

2,481

Deferred tax on fair value movements

-

-1,570

-

-

-1,570

Other comprehensive income associates

-

-

-6,586

-

-6,586

Actuarial gains and revaluations

-

-

-

-704

-704

Tax effect on actuarial results

-

-

-

176

176

Other

-

-

-

33

33

Total movements in the year

-12,278

1,110

-6,586

-495

-18,249

Balance as at 31 December 2017

5,923

-55,893

-23,363

-7,846

-81,179

Movements in 2018

Exchange differences

-5,928

-

-

-

-5,928

Currency and interest hedge JPY loan payable

Exchange differences on hedged borrowings

-

-11,103

-

-

-11,103

Deferred tax on fair value changes on hedged borrowings

-

2,776

-

-

2,776

Fair value movements on derivatives

-

23,089

-

-

23,089

Deferred tax on fair value movements on derivatives

-

-5,772

-

-

-5,772

Hedging of cash flow interest-rate risk

Recycling of cash flow hedges to profit and loss

-

9,725

-

-

9,725

Deferred tax on recycling of cash flow hedges

-

-2,358

-

-

-2,358

Currency hedge AUD loan receivable

Exchange differences on hedged loans to associates

-

-2,261

-

-

-2,261

Fair value movement derivative

-

2,125

-

-

2,125

Deferred tax on fair value movements

89

-

-

89

Other comprehensive income associates

-

-

-2,015

-

-2,015

Equity movement associates

-

-

-480

-

-480

Actuarial gains and revaluations

-

-

-

-1,845

-1,845

Tax effect on actuarial results

-

-

-

461

461

Other

Impact decrease corporate income taxes

-

-1,374

-

-554

-1,928

Total movements in the year

-5,928

14,934

-2,495

-1,938

4,573

Balance as at 31 December 2018

-5

-40,959

-25,858

-9,784

-76,606

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.

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 effective. In cash flow hedging relationships, only the change in fair value of the spot element of forward exchange contracts is designated as the hedging instrument. The change in fair value of the forward element is accounted for as a cost of hedging and is part of the hedging transactions reserve. The cost of hedging included as part of the hedging reserve is 1.6 million euros at 31 December 2018 (31 December 2017: 2.0 million euros).

Further information on the restrictions on the distribution of reserves can be found in note 32. Shareholders' equity in the company balance sheet. The tax effects of the movements in equity, via other comprehensive income, are explained in note 12. Income taxes.

In the hedging reserve the following hedging instruments and relationships are recognised. If the hedging has an impact on the income statement this is indicated in the table below.

(in thousands of euros)

Reclassification to profit or loss in next periods

Total 2018

< 1 year

> 1 year

> 1 and < 5 years

> 5 years

Forward Starting Rate Swap - refinancing 2013/2014

35,919

7,075

28,844

28,844

-

Lehman derivative - settlement 2008

5,694

291

5,403

1,163

4,240

Exchange difference on hedged JPY loan

30,961

-

30,961

-

30,961

CCIRS derivative hedge Yen loan

-32,302

-

-32,302

-

-32,302

AUD derivative

616

616

-

-

-

Other

71

71

-

-

-

Total

40,959

8,053

32,906

30,007

2,899

(in thousands of euros)

Reclassification to profit or loss in next periods

Total 2017

< 1 year

> 1 year

> 1 and < 5 years

> 5 years

Forward Starting Rate Swap - refinancing 2013/2014

41,544

7,077

34,467

28,307

6,160

Lehman derivative - settlement 2008

5,984

291

5,693

1,163

4,530

Exchange difference on hedged JPY loan

20,881

-

20,881

-

20,881

CCIRS derivative hedge Yen loan

-13,156

-

-13,156

-

-13,156

AUD derivative

569

569

-

-

-

Other

71

71

-

-

-

Total

55,893

8,008

47,885

29,470

18,415

Next:

22. Non-controlling interests