183
9.
CASH AND CASH EQUIVALENTS
These are detailed as follows:
Cash and cash equivalents, deposited with major financial
institutions, are managed centrally through the Group’s
treasury companies or in its various operating units.
Cash and cash equivalents managed by Group treasury
The early repayment of the Credit Agreement 2010 has led to discontinuance of the related interest rate cash flow hedges,
resulting in the recognition of Euro 10 million in net losses for hedge ineffectiveness, net of Euro 5 million in tax effects.
The following table shows movements in both reporting periods in the cash flow hedge reserve for designated hedging
derivatives:
companies amount to Euro 208 million at 31 December 2013,
compared with Euro 354 million at 31 December 2012.
For additional details about the change in cash and cash
equivalents, please refer to Note 37. Statement of cash flows.
(in millions of Euro)
31 December 2013 31 December 2012
Cash and cheques
-
7
Bank and postal deposits
561
805
Total
561
812
(in millions of Euro)
2013
2012
Gross reserve
Tax effect
Gross reserve
Tax effect
Opening balance
(34)
11
(25)
8
Changes in fair value
3
(1)
(15)
5
Reserve for other finance income/(costs)
11
(4)
11
(3)
Reserve for exchange gains/(losses)
(1)
-
(1)
-
Release to finance costs/(income)
1
-
-
-
Discontinued hedge accounting for interest rate swaps
15
(5)
-
-
Release to construction contract costs/(revenues)
(5)
1
(4)
1
Closing balance
(10)
2
(34)
11
