Financial and
ESG report 2020

39b. Accumulated other comprehensive income

Other comprehensive income arises on the recognition of:

  • effect of valuation (at fair value) of financial assets FVTOCI in the net amount, i.e. after having accounted for deferred tax. These values are taken off revaluation reserve at the moment of excluding the valued assets from the books of account – in full or in part or at the moment of recognising impairment (the effect of valuation is then put through the profit and loss account), the effect on capital instruments valuation is not transferred to the profit and loss account
  • effect of valuation (at fair value) of derivatives hedging cash flows in the net amount, i.e. having accounted for deferred tax. Revaluation reserve records such part of profits or losses connected with the derivatives hedging cash flows which is an effective hedge, while the ineffective part of the profits or losses connected with such hedging instrument is recognised in the profit and loss account,
  • actuarial gains (losses) at their net value, i.e. after deferred tax. Aforementioned gains or losses result from the discounting of future liabilities arising from a provision created for retirement benefits. Valuation is done using the projected unit cost method. The parameters that have a significant impact on the amount of current liabilities are: the rate of mobility (rotation) of employees, the discount rate, the rate of wage growth. These values are not reclassified to the profit and loss account.

Accumulated other comprehensive income

31.12.2020 31.12.2019
Effect of valuation (gross) 246 737 86 535
Deferred income tax (46 880) (16 442)
Net effect of valuation 199 857 70 093

The sources of revaluation reserve are as follows (data in PLN thousand):

Revaluation reserve on FVTOCI assets 1.01.2020 – 31.12.2020

Gross value Deferred tax Total
Revaluation reserve at the beginning of the period 118 729 (22 558) 96 171
Transfer to income statement of the period as a result of sale (131 653) 25 014 (106 639)
Change connected with maturity of securities (794) 151 (643)
Profit/loss on revaluation of FVTOCI debt securities, recognized in equity 308 729 (58 659) 250 070
Profit/loss on revaluation of FVTOCI shares, recognized in equity (130) 25 (105)
Revaluation reserve at the end of the period 294 881 (56 027) 238 854

Revaluation reserve on available for sale financial assets 1.01.2019 – 31.12.2019

Gross value Deferred tax Total
Revaluation reserve at the beginning of the period 162 122 (30 803) 131 319
Transfer to income statement of the period as a result of sale (39 743) 7 551 (32 192)
Change connected with maturity of securities (1 676) 318 (1 358)
Profit/loss on revaluation of FVTOCI debt securities, recognized in equity (2 165) 412 (1 753)
Profit/loss on revaluation of FVTOCI shares, recognized in equity 191 (36) 155
Revaluation reserve at the end of the period 118 729 (22 558) 96 171

Revaluation reserve on cash flows hedge financial instruments 1.01.2020 – 31.12.2020

Gross value Deferred tax Total
Revaluation reserve at the beginning of the period (28 886) 5 487 (23 399)
Gains or losses on valuation of financial instruments recognized in equity (24 787) 4 710 (20 077)
Transfer to income statement during period 9 253 (1 758) 7 495
Revaluation reserve at the end of the period (44 420) 8 439 (35 981)

Revaluation reserve on cash flows hedge financial instruments 1.01.2019 – 31.12.2019

Gross value Deferred tax Total
Revaluation reserve at the beginning of the period (68 571) 13 028 (55 543)
Gains or losses on valuation of financial instruments recognized in equity 20 494 (3 894) 16 600
Transfer to income statement during period 19 191 (3 646) 15 545
Revaluation reserve at the end of the period (28 886) 5 488 (23 398)

Revaluation reserve due to actuarial gains (losses) 1.01.2020 – 31.12.2020

Gross value Deferred tax Total
Revaluation reserve at the beginning of the period (3 308) 629 (2 679)
Change in the obligations arising from the provision for retirement benefits (416) 79 (337)
Revaluation reserve at the end of the period (3 724) 708 (3 016)

Revaluation reserve due to actuarial gains (losses) 1.01.2019 – 31.12.2019

Gross value Deferred tax Total
Revaluation reserve at the beginning of the period (2 573) 489 (2 084)
Change in the obligations arising from the provision for retirement benefits (735) 140 (595)
Revaluation reserve at the end of the period (3 308) 629 (2 679)

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