Deutsche Post DHL - Annual Report 2009

40 Other reserves


€m
	2008	2009
Capital reserve	2,142	2,147
Revaluation reserve in accordance with IAS 39	–254	7
Hedging reserve in accordance with IAS 39	–60	–77
Revaluation reserve in accordance with IFRS 3	8	7
Currency translation reserve	–1,397	–1,215
Other reserves	439	869

40.1 Capital reserve


€m
	2008	2009
Capital reserve as at 1 January	2,119	2,142
Additions	23	0
of which Share Matching Scheme	0	5
of which exercise of stock option plans	19	0
of which issuance of stock option plans	4	0
Capital reserve as at 31 December	2,142	2,147

The exercise period for the 2004 tranche of the 2003 Stock Option Plan ended on 30 June 2009. Under the plan’s terms, all options and stock appreciation rights or SAR of this tranche not exercised until 30 June 2009 were forfeited. As such, no options or SAR have been outstanding under the 2003 Stock Option Plan since 1 July 2009.

A new system to grant variable remuneration components for some of the Group’s executives was implemented in the reporting year, which is accounted for as an equity-settled share-based payment in accordance with IFRS 2. Accordingly, the amount of €5 million was recognised in capital reserves as at 31 December 2009. Further details can be found in Note 54.

40.2 Revaluation reserve in accordance with IAS 39

The revaluation reserve contains gains and losses from changes in the fair values of available-for-sale financial instruments that have been taken directly to equity. This reserve is reversed to income either when the assets are sold or otherwise disposed of, or if the fair value of the assets falls permanently below their cost.


€m
	2008	2009
As at 1 January	–251	–254
Currency translation differences	2	–5
Unrecognised gains/losses	–484	455
Deferred taxes recognised directly in equity	29	32
Share of associates	0	130
Recognised gains/losses	450	–351
Revaluation reserve in accordance with IAS 39 as at 31 December	–254	7

The reclassifications of €351 million recognised in profit or loss and the addition to the reserve of €455 million mainly relate to the sale of Deutsche Postbank AG shares.

40.3 Hedging reserve in accordance with IAS 39

The hedging reserve is adjusted by the effective portion of a cash flow hedge. The hedging reserve is released to income when the hedged item is settled.


€m
	2008	2009
As at 1 January	–97	–32
Additions	–97	–1
Disposals in balance sheet (basis adjustment)	9	4
Disposals in income statement	153	–49
Hedging reserve as at 31 December	–32	–78
Deferred taxes	–28	1
Hedging reserve as at 31 December	–60	–77

The change in the hedging reserve is mainly the result of the receipt of previously unrecognised gains and losses from hedging future operating currency transactions. Unrecognised gains of €54 million (previous year: € –148 million) were taken in the financial year from the hedging reserve and recognised in operating profit in other operating income; unrecognised losses of €5 million (previous year: € –5 million) were transferred to net finance cost/net financial income. Another €4 million (previous year: €9 million) relate to recognised losses from hedging transactions to acquire non-current non-financial assets. The losses were attributed to the cost of the assets. Deferred taxes on fair values also affected the hedging reserve.

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