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| Translation Reserve |
Hedging Reserve |
Total |
||||
| €m | €m | €m | ||||
| At 1 January 2006 | (7.8) | (0.9) | (8.7) | |||
| Cash flow hedges: | ||||||
| – net fair value losses | – | (11.1) | (11.1) | |||
| – transfers to Income Statement | – | 5.4 | 5.4 | |||
| Exchange differences on translation of foreign operations | (1.2) | – | (1.2) | |||
| Taxation (see Note 7) | (0.6) | 1.7 | 1.1 | |||
| At 31 December 2006 | (9.6) | (4.9) | (14.5) | |||
| At 1 January 2007 | (9.6) | (4.9) | (14.5) | |||
| Cash flow hedges: | ||||||
| – net fair value losses | – | (5.8) | (5.8) | |||
| – transfers to Income Statement | – | 7.9 | 7.9 | |||
| Exchange differences on translation of foreign operations | (2.8) | – | (2.8) | |||
| Taxation (see Note 7) | 0.9 | (0.6) | 0.3 | |||
| At 31 December 2007 | (11.5) | (3.4) | (14.9) |
The translation reserve reflects exchange movements arising from the retranslation at closing rates of the Group’s net investment in subsidiaries, joint ventures and associates. Cumulative translation differences recycled into the Income Statement upon disposal of the Greece business were immaterial.
The hedging reserve reflects changes in the fair value of derivative financial instruments that are designated and effective as hedges of future cash flows.
