195 348
195
The following table shows movements in both reporting periods in the cash flow hedge reserve for designated hedging deriva-
tives:
2014
2013 (*)
Gross reserve
Tax effect
Gross reserve
Tax effect
Opening balance
(10)
2
(34)
11
Changes in fair value
(11)
3
3
(1)
Reserve for other finance costs/(income)
4
(1)
11
(4)
Reserve for exchange losses/(gains)
(5)
1
(1)
-
Reclassification to other reserves
-
-
-
-
Release to finance costs/(income)
-
-
1
-
Discontinued hedge accounting for interest rate swaps
4
(1)
15
(5)
Release to construction contract costs/(revenues)
4
(1)
(5)
1
Closing balance
(14)
3
(10)
2
(*) The previously published prior year consolidated financial statements have been restated following the adoption of IFRS 10 and IFRS 11. Further details can
be found in Section C. Restatement of comparative figures.
The early repayment of the remaining balance on the Term
Loan Facility 2010 has led to discontinuance of the related
interest rate cash flow hedges, resulting in the recognition of
Euro 3 million in net losses for hedge ineffectiveness, net of
Euro 1 million in tax effects.
9.
CASH AND CASH EQUIVALENTS
These are detailed as follows:
31 December 2014
31 December 2013 (*)
Cash and cheques
1
-
Bank and postal deposits
493
510
Total
494
510
(*) The previously published prior year consolidated financial statements have been restated following the adoption of IFRS 10 and IFRS 11. Further details can
be found in Section C. Restatement of comparative figures.
Cash and cash equivalents, deposited with major financial in-
stitutions, are managed centrally through the Group’s treasury
company or in its various operating units.
Cash and cash equivalents managed by the Group’s treasury
company amount to Euro 226 million at 31 December 2014,
compared with Euro 208 million at 31 December 2013.
Further details about the change in cash and cash equivalents
can be found in Note 37. Statement of cash flows.
(in millions of Euro)
(in millions of Euro)