|
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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2013
|
2012
|
|||||||
|
NOK 1 000
|
Interest rate swaps
|
Currency futures
|
Commodity swaps
|
Total
|
Interest rate swaps
|
Currency futures
|
Commodity swaps
|
Total
|
|
Opening balance
|
- 27 989
|
- 8 482
|
640
|
- 35 830
|
- 23 938
|
11 050
|
- 19 011
|
- 31 899
|
|
Gain/loss on cash flow hedges
|
54 115
|
- 10 546
|
- 4 679
|
38 890
|
11 394
|
59 593
|
- 56 202
|
13 315
|
|
Income/expense recognised in the income statement
|
- 25 922
|
- 7 855
|
593
|
- 33 185
|
- 16 379
|
- 83 635
|
80 390
|
- 19 624
|
|
Currency translation
|
- 162
|
- 3 673
|
- 743
|
- 4 579
|
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|
Deferred tax (note 14)
|
- 7 770
|
5 555
|
1 192
|
- 1 023
|
935
|
4 510
|
- 4 537
|
2 378
|
|
Effect of cash flow hedging in comprehensive income
|
20 423
|
- 12 847
|
- 2 894
|
4 683
|
- 4 051
|
- 19 532
|
19 651
|
- 3 931
|
|
Closing balance
|
- 7 728
|
- 25 002
|
- 2 997
|
- 35 726
|
- 27 989
|
- 8 482
|
640
|
- 35 830
|
|
Negative amounts represent a liability and a reduction in equity.
|
||||||||
|
Gain/loss transferred from other income and expenses in the income statement of the period is included in the following items in the income statement:
|
||||||||
|
NOK 1 000
|
2013
|
2012
|
||||||
|
Revenue
|
- 727
|
|||||||
|
Commodity costs
|
9 060
|
8 486
|
||||||
|
Other operating expenses
|
- 1 179
|
375
|
||||||
|
Net finance result
|
25 304
|
11 490
|
||||||
|
Total
|
33 185
|
19 624
|
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|
Negative amounts represent income.
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