18. Other reserves
Actuarial and other gains or losses recognized through other comprehensive income
|
31 December |
|
(thousands of €) |
2018 |
2017 |
On 1 January |
(1,260) |
(1,000) |
Change in accounting policy (modified retrospective application IFRS 9) |
619 |
|
Restated other reserves at 1 January 2018 |
(641) |
|
Loss on defined benefit obligation recognized through OCI |
(94) |
(40) |
Reclassification of loss on financial asset available for sale to income statement (after disposal) |
|
55 |
Loss on financial asset available for sale recognized through OCI |
|
(275) |
Other reserves on 31 December |
(735) |
(1,260) |
Other reserves consisted of a negative of €0.7 million, compared to a negative of €0.6 million in 2017, which was related to the re-measurement of defined benefit obligations recognized through OCI in line with IAS19R Employee Benefits. The negative of €0.6 million at 31 December 2017, related to the fair value adjustment on the available-for-sale equity investment, was transferred to retained earnings following the first adoption of IFRS 9 (see note 13).
There were no tax effects applicable to the amounts included in other reserves.
Derivative financial instruments: currency derivatives
We do 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 we have committed are nil (2017: nil).
On 31 December 2018 the fair value of our currency derivatives was nil (2017: nil).
See note 31 for further information on how we manage financial risks.