Cash flow hedging reserve comprises changes in the valuation of foreign-currency bank borrowings used as cash flow hedges for USD- denominated sales, less the effect of deferred income tax.

Changes in the fair value of derivative financial instruments designated as cash flow hedges are charged to the cash flow hedging reserve to the extent they represent an effective hedge, while the ineffective portion is charged to finance income or costs in the reporting period.

Note 2021 2020
At beginning of period (24.4) (203.6)
Valuation of cash flow hedging instruments 11.1.3 (35.7) 221.2
– effective portion (35.7) 221.2
– ineffective portion
Income tax on valuation of cash flow hedging instruments 9.9.1 6.8 (42.0)
At end of period (53.3) (24.4)

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