26. Reserves
The reconciliation of the movements in reserves is as follows:
|
In millions of euro |
Other reserves |
Hedging reserve |
Share-based payment reserve |
Total reserves |
|---|---|---|---|---|
|
Balance at 31 December 2023 |
(28.1) |
1.1 |
- |
(27.0) |
|
Translation movements |
3.3 |
- |
(1.2) |
2.1 |
|
Hedging reserve |
- |
(6.1) |
- |
(6.1) |
|
Balance at 31 December 2024 |
(24.8) |
(5.0) |
(1.2) |
(31.0) |
|
In millions of euro |
Other reserves |
Hedging reserve |
Share-based payment reserve |
Total reserves |
|
Balance at 31 December 2024 |
(24.8) |
(5.0) |
(1.2) |
(31.0) |
|
Translation movements |
(37.0) |
- |
(0.8) |
(37.8) |
|
Hedging reserve |
- |
4.8 |
- |
4.8 |
|
Balance at 31 December 2025 |
(61.8) |
(0.2) |
(2.0) |
(64.0) |
The reserves are not available for distribution to shareholders.
Other reserves
Other reserves comprise all foreign currency differences arising from the translation of the financial statements of foreign operations.
Hedging reserve
Hedging reserves comprise the effective portion of the cumulative net change in the fair value of hedging instruments used in cash flow hedges, pending their subsequent recognition in profit or loss.
Merger reserve
TMF Group restructured its legal entities and redomiciled to Jersey with effect from 2 January 2025. As part of this restructure, a wholly owned subsidiary of the Abu Dhabi Investment Authority (“ADIA”) transferred all shares held in TMF Group Holding B.V. to TMF Group Limited, and at the same time acquired shares in TMF Group Limited itself. Following this transfer, TMF Group Limited holds 100% of the shares issued by TMF Group Holding B.V.. Resulting from equity restructuring, the opening balances in the statement of changes in equity are determined as if the restructuring had occurred prior to the earliest comparative period presented, and comparative figures are restated on the assumption that the transactions were completed before 1 January 2024. As a result, no equity movements are recognised in the 2025 financial year in respect of these transactions. The merger reserve represents the difference arising from the Group’s equity restructuring, which was accounted for using the pooling‑of‑interests method.