ANNUAL REPORT 2011 - DONG Energy
ANNUAL REPORT 2011 - DONG Energy
ANNUAL REPORT 2011 - DONG Energy
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notes<br />
33 Financial instruments<br />
trading portfolio, economic hedging and cash fl ow hedging<br />
<strong>2011</strong><br />
Total<br />
Trading portfolio<br />
and economic hedging<br />
DKK million Notional amount Fair value Notional amount Fair value<br />
commodities:<br />
Oil swaps 6,129 303 6,129 303<br />
Oil options 1,192 413 1,192 413<br />
Gas swaps 22,032 1,545 22,032 1,545<br />
Electricity swaps 19,006 1,835 19,006 1,835<br />
Electricity options 444 (506) 444 (506)<br />
CO2 emissions allowances 512 287 512 287<br />
Coal forwards<br />
Currency:<br />
1,636 (82) 1,636 (82)<br />
Forward exchange contracts 9,240 300 3,751 467<br />
Currency swaps<br />
interest:<br />
7,014 352 6,177 367<br />
Interest rate swaps 10,033 (929) 550 (83)<br />
total derivative fi nancial instruments 77,238 3,518 61,429 4,546<br />
Cash fl ow hedging<br />
DKK million Notional<br />
amount<br />
Fair value<br />
Recognised<br />
in equity<br />
Expected date<br />
of transfer to profi t for the year<br />
2012 2013 2014<br />
commodities:<br />
Oil swaps - - (184) (90) (39) (55) -<br />
Oil options - - 317 208 109 - -<br />
Gas swaps - - - - - - -<br />
Electricity swaps - - (69) (65) (4) - -<br />
Electricity options - - - - - - -<br />
CO2 emissions allowances - - - - - - -<br />
Coal forwards<br />
Currency:<br />
- - 56 45 11 - -<br />
Forward exchange contracts 5,489 (167) (1,457) (392) (486) (477) (102)<br />
Currency swaps<br />
interest:<br />
837 (15) 153 20 34 64 35<br />
Interest rate swaps 9,483 (846) (848) (6) (25) (5) (812)<br />
total derivative fi nancial<br />
instruments 15,809 (1,028) (2,032) (280) (400) (473) (879)<br />
114 118 COnsOliDatED finanCial statEmEnts – <strong>DONG</strong> ENERGY GROUP <strong>ANNUAL</strong> <strong>ANNUAL</strong> <strong>REPORT</strong> <strong>REPORT</strong> <strong>2011</strong><br />
<strong>2011</strong><br />
After<br />
2014