20 – Other comprehensive income

audited

Translation adjustments

The strong decline in the value of the euro relative to the U.S. dollar in the 2015 business year was the main factor leading to an increase of €911 million in the translation adjustment to €652 million.

Cash flow hedges

The significant decline in the hedging of future cash flows in 2015 was primarily a result of the disposal of the negative fair values of commodity derivatives at WINGAS GmbH, Kassel, Germany, in connection with the asset swap with Gazprom.

Hedging future cash flows at Nord Stream AG, Zug, Switzerland, a company accounted for using the equity method, resulted in a change of €16 million in 2015 and of minus €29 million in 2014.

For more information on cash flow hedge accounting, see Note 27.4

Remeasurement of defined benefit plans

Due to the disposal of the 25% share in SolVin to partner Solvay, parts of the pharmaceutical ingredients and services business to Siegfried Holding AG, Zofingen, Switzerland, and the asset swap with Gazprom, an amount of €68 million resulting from the remeasurement of defined benefit plans was reclassified from other comprehensive income into retained earnings.

For more information on the remeasurement of defined benefit plans, see Note 22