23. Cash flow hedging reserve


Cash flow hedging reserve comprises changes in the valuation of foreign-currency denominated bank borrowings used as hedging instruments designated to hedge cash flows, less the effect of income tax.

PLN '000 Note Year ended
Dec 31 2013
Year ended
Dec 31 2012
At beginning of the period   (36,801) (419,281)
Valuation of cash flow hedging instruments   120,765 472,197
Income tax on valuation of cash flow hedging instruments 10.1 (22,945) (89,717)
At end of the period   61,019 (36,801)