16. Other comprehensive income

 
Disclosure of tax effects relating to each component of
other comprehensive income
Year ended 31 December 2014 Year ended 31 December 2013

Before-tax
amount

Tax (expense)
benefit

Net amount Before-tax
amount
Tax (expense)
benefit
Net amount
Items that may be reclassified subsequently to the the
income statement
326 427 (93 066) 233 361 (209 715) 44 482 (165 233)
Exchange differences on translation of foreign operations 245 - 245 (2 116) - (2 116)
Change in valuation of available for sale financial assets 321 174 (92 114) 229 060 (207 599) 44 482 (163 117)
Cash flow hedges (net) 5 008 (952) 4 056 - - -
Items that will not be reclassified to the income
statement
(2 352) 447 (1 905) (875) 166 (709)
Actuarial gains and losses relating to post-employment benefits (2 352) 447 (1 905) (875) 166 (709)
Total other comprehensive income 324 075 (92 619) 231 456 (210 590) 44 648 (165 942)
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The table below presents detailed information concerning other comprehensive income for the years 2014 and 2013.

 
  Year ended 31 December
  2014 2013
Items that may be reclassified subsequently to the the income statement 233 361 (165 233)
Exchange differences on translating foreign operations 245 (2 116)
Unrealised gains (positive differences) arising during the year (net) 2 157 6 378
Unrealised losses (negative differences) arising during the year (net) (1 912) (8 494)
Available-for-sale financial assets 229 060 (163 117)
Unrealised gains on debt instruments arising during the year (net) 259 643 33 149
Unrealised losses on debt instruments arising during the year (net) - (158 616)
Reclassification adjustments of gains (losses) on debt instruments to the income statement (net) (36 524) (37 794)
Unrealised gains on equity instruments arising during the year (net) 14 272 9 718
Reclassification adjustments of gains (losses) on equity instruments to the income statement (net) (8 331) (9 574)
Cash flow hedges 4 056 -
Unrealized gains arising during the year (net) 4 056 -
Items that will not be reclassified to the income statement (1 905) (709)
Actuarial gains and losses relating to post-employment benefits (1 905) (709)
Actuarial gains - 35
Actuarial losses (1 905) (744)
Total other comprehensive income (net) 231 456 (165 942)
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In 2014 and 2013, a change in the valuation of treasury bonds had a considerable impact on other components of equity.

Positive change in valuation of debt instruments at the end of 2014 in relation to the end of 2013 was driven by a decrease in the bond market yield curve, resulting in an increase in the price of bonds held by the Bank at the end of 2013 as well as acquired in 2014.

In 2014, the unrealized gains on equity instruments include positive valuation of shares in PZU S.A. in amount PLN 17 531 thousand, (in 2013, the unrealized loss of PLN 5 655 thousand).