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Annual Statements

Financial reporting

Price winner 2012 in the category non-listed

Home Annual Statements Financial Statements 2012 Notes to the consolidated financial statements Notes to the consolidated balance sheet Other reserves

30. Other reserves

(in thousands of euros)

Exchange differences reserve

Other financial interests reserve

Hedging transactions reserve

Total

Balance as at 31 December 2010

18,175

3,701

9,097

30,973

Movements in 2011

Exchange differences

3,795

-

-

3,795

Fair value movements

-

- 4,617

-

- 4,617

Exchange differences on hedged borrowings

-

-

- 16,283

- 16,283

Exchange differences on hedged loans to associates

-

-

3,017

3,017

Fair value movements on derivative financial instruments

-

-

- 51,284

- 51,284

Of which are reported through the profit and loss account

-

-

4,664

4,664

Deferred tax on fair value movements on derivative financial instruments

-

-

15,679

15,679

Deferred tax on fair value changes borrowings

-

-

3,840

3,840

Settlement of hedge transactions

-

-

- 15,076

- 15,076

Total movements in the year

3,795

- 4,617

- 55,443

- 56,265

Balance as at 31 December 2011

21,970

- 916

- 46,346

- 25,292

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

Total movements in the year

- 646

916

- 70,714

- 70,444

Balance as at 31 December 2012

21,324

-

- 117,060

- 95,736

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

- 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 2012

- 91,514

21,121

- 70,393

Translation differences

3,795

-

3,795

Changes in fair value on hedge transactions

- 74,837

19,519

- 55,318

Changes in fair value on other financial interests

- 4,617

-

- 4,617

Other Comprehensive income 2011

- 75,659

19,519

- 56,140

See note 44, Equity for further information on the restrictions on the distribution of reserves.