|
NOTE 27
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HEDGE ACCOUNTING - OPERATIONS
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The hedging reserve comprises the effective portion of the cumulative net change in fair value of cash flow hedges related to hedged transactions that have not yet taken place. Movements in the hedging reserve are described in the table below.
|
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|
2012
|
2011
|
|||||||||
|
NOK 1 000
|
Interest rate swaps
|
Currency futures
|
Commodity derivatives
|
Total
|
Interest rate swaps
|
Currency futures
|
Commodity derivatives
|
Total
|
||
|
Opening balance
|
- 23 938
|
11 050
|
- 19 011
|
- 31 899
|
- 16 705
|
13 037
|
19 721
|
16 053
|
||
|
Gain/loss on cash flow hedges
|
11 394
|
59 593
|
- 56 202
|
13 315
|
- 19 512
|
14 064
|
- 22 205
|
- 27 653
|
||
|
Income/expense recognised in the income statement
|
- 16 379
|
- 83 635
|
80 390
|
- 19 624
|
10 527
|
- 15 661
|
- 25 623
|
- 30 757
|
||
|
Deferred tax (note 14)
|
935
|
4 510
|
- 4 537
|
2 378
|
1 752
|
- 390
|
9 096
|
10 458
|
||
|
Effect of cash flow hedging in comprehensive income
|
- 4 051
|
- 19 532
|
19 651
|
- 3 931
|
- 7 233
|
- 1 987
|
- 38 732
|
- 47 952
|
||
|
Closing balance
|
- 27 989
|
- 8 482
|
640
|
- 35 830
|
- 23 938
|
11 050
|
- 19 011
|
- 31 899
|
||
|
Negative amounts represent a liability and a reduction in equity.
|
||||||||||
|
Gain/loss transferred from other income and expenses in the income statement is included in the following items in the income statement:
|
||||||||||
|
NOK 1 000
|
2012
|
2011
|
||||||||
|
Sales revenue
|
- 727
|
2 485
|
||||||||
|
Raw material costs and changes in inventories
|
8 486
|
28 801
|
||||||||
|
Other operating expenses
|
375
|
10 498
|
||||||||
|
Net financial result
|
11 490
|
- 11 027
|
||||||||
|
Total
|
19 624
|
30 757
|
||||||||
|
Negative amounts represent income.
|
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