20 – Other comprehensive income

audited

Translation adjustments

The decline in the value of the euro, especially relative to the ruble and the U.S. dollar, in 2016 led to an increase of €824 million in the translation adjustment to €1,476 million.

Cash flow hedges

Hedging future cash flows at Nord Stream AG, Zug, Switzerland, a company accounted for using the equity method, resulted in a change of minus €7 million in 2016 and of €16 million in 2015.

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.

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 its partner, Solvay, of parts of the pharmaceutical ingredient 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 transferred from other comprehensive income into retained earnings in 2015. There were no transfers in 2016.

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