22. Other reserves
Actuarial gains or losses recognized through other comprehensive income |
||
|
|
|
|
Year ended 31 December, |
|
(thousands of €) |
2014 |
2013 |
On 1 January |
47 |
|
Actuarial gains or losses (–) recognised through OCI |
(267) |
47 |
Other reserves on 31 December |
(220) |
47 |
The other reserves amount to a negative of €220 thousand (2013: €47 thousand) and relate to remeasurement of defined benefit obligation booked through OCI in line with IAS19R.
Derivative financial instruments: currency derivates
The Group does not actively use currency derivatives to hedge planned future cash flows. On the balance sheet date, total notional amount of outstanding forward foreign exchange contracts that the Group has committed are nil (2013: nil).
On 31 December 2014 the fair value of the Group’s currency derivatives is estimated to be nil (2013: nil).
The Group does not designate its foreign currency denominated debt as a hedge instrument for the purpose of hedging the translation of its foreign operations.
See note 38 for further information on how the Group manages financial risks.