| € millions | 31.12.2023 | 31.12.2022 | 31.12.2021 |
|---|---|---|---|
| Cash flow hedges – foreign exchange | |||
| Reserve at beginning of period | Reserve at beginning of period 31.12.2023257.3 |
Reserve at beginning of period 31.12.2022-29.8 |
Reserve at beginning of period 31.12.2021173.8 |
| Changes in fair value over period | Changes in fair value over period 31.12.2023- 184.6 |
Changes in fair value over period 31.12.2022686.3 |
Changes in fair value over period 31.12.2021-75.2 |
| Changes in fair value recorded through other comprehensive income | Changes in fair value recorded through other comprehensive income 31.12.202355.8 |
Changes in fair value recorded through other comprehensive income 31.12.2022-399.2 |
Changes in fair value recorded through other comprehensive income 31.12.2021-128.4 |
| Deconsolidation and other | Deconsolidation and other 31.12.2023-0.1 |
Deconsolidation and other 31.12.2022— |
Deconsolidation and other 31.12.2021— |
| RESERVE AT END OF PERIOD | RESERVE AT END OF PERIOD31.12.2023128.5 | RESERVE AT END OF PERIOD31.12.2022257.3 | RESERVE AT END OF PERIOD31.12.2021-29.8 |
The table below shows the impact of an increase or decrease of over 10% in the euro and US dollar against other currencies on the foreign exchange cash flow hedging reserve and the market value of the hedging instruments:
| € millions | 31.12.2023 | 31.12.2022 | 31.12.2021 |
|---|---|---|---|
| Impact of a 10% increase in the EUR against all other Group currencies | |||
| Impact of a 10% decrease in the EUR against all other Group currencies | Impact of a 10% decrease in the EUR against all other Group currencies 31.12.2023-457.2 |
Impact of a 10% decrease in the EUR against all other Group currencies 31.12.2022-432.8 |
Impact of a 10% decrease in the EUR against all other Group currencies 31.12.2021-344.9 |
| Impact of a 10% increase in the USD against key Group currencies | Impact of a 10% increase in the USD against key Group currencies 31.12.2023-143.7 |
Impact of a 10% increase in the USD against key Group currencies 31.12.2022-196.5 |
Impact of a 10% increase in the USD against key Group currencies 31.12.2021-80.4 |
| Impact of a 10% decrease in the USD against key Group currencies | Impact of a 10% decrease in the USD against key Group currencies 31.12.2023157.9 |
Impact of a 10% decrease in the USD against key Group currencies 31.12.2022206.4 |
Impact of a 10% decrease in the USD against key Group currencies 31.12.202190.7 |
| € millions | 31.12.2023 | 31.12.2022 | 31.12.2021 |
|---|---|---|---|
| Cash flow hedges – interest rates | |||
| Reserve at beginning of period | Reserve at beginning of period 31.12.2023+1.4 |
Reserve at beginning of period 31.12.2022— |
Reserve at beginning of period 31.12.2021— |
| Changes in fair value over period | Changes in fair value over period 31.12.2023-8.5 |
Changes in fair value over period 31.12.2022— |
Changes in fair value over period 31.12.2021— |
| Changes in fair value recorded through other comprehensive income | Changes in fair value recorded through other comprehensive income 31.12.2023— |
Changes in fair value recorded through other comprehensive income 31.12.2022+1.4 |
Changes in fair value recorded through other comprehensive income 31.12.2021— |
| RESERVE AT END OF PERIOD | RESERVE AT END OF PERIOD31.12.2023-7.1 | RESERVE AT END OF PERIOD31.12.2022+1.4 | RESERVE AT END OF PERIOD31.12.2021— |
| € millions | 31.12.2023 | 31.12.2022 | 31.12.2021 |
|---|---|---|---|
| Actuarial gains/(losses) and impact of asset ceiling | |||
| Reserve at beginning of period | Reserve at beginning of period 31.12.2023-302.8 |
Reserve at beginning of period 31.12.2022-698.3 |
Reserve at beginning of period 31.12.2021-1,283.7 |
| Actuarial gains/(losses) over the period | Actuarial gains/(losses) over the period 31.12.2023-116.7 |
Actuarial gains/(losses) over the period 31.12.2022404.9 |
Actuarial gains/(losses) over the period 31.12.2021584.1 |
| Impact of asset ceiling | Impact of asset ceiling 31.12.2023-2.5 |
Impact of asset ceiling 31.12.2022-9.4 |
Impact of asset ceiling 31.12.20211.1 |
| Deconsolidation and other | Deconsolidation and other 31.12.2023-0.2 |
Deconsolidation and other 31.12.2022— |
Deconsolidation and other 31.12.20210.2 |
| RESERVE AT END OF PERIOD | RESERVE AT END OF PERIOD31.12.2023-422.2 | RESERVE AT END OF PERIOD31.12.2022-302.8 | RESERVE AT END OF PERIOD31.12.2021-698.3 |
| € millions | 31.12.2023 | 31.12.2022 | 31.12.2021 |
|---|---|---|---|
| Other comprehensive income | |||
| Gross reserve | Gross reserve 31.12.20236,260.5 |
Gross reserve 31.12.20226,592.4 |
Gross reserve 31.12.20215,757.4 |
| Associated tax effect | Associated tax effect 31.12.2023-136.8 |
Associated tax effect 31.12.2022-188.1 |
Associated tax effect 31.12.2021-18.8 |
| RESERVE NET OF TAX | RESERVE NET OF TAX31.12.20236,123.7 | RESERVE NET OF TAX31.12.20226,404.4 | RESERVE NET OF TAX31.12.20215,738.6 |
Earnings per share are calculated in accordance with the rules set out in IAS 33.
Basic earnings per share are obtained on the basis of the weighted average number of shares outstanding during the year, less the average number of treasury shares held deducted from equity.
Where applicable, diluted earnings per share take into account dilutive stock options and free shares in accordance with the “treasury share method”, under which sums collected on exercise or purchase are assumed to be allocated firstly to share buybacks at market price.
