ANNUAL REPORT 2011 - DONG Energy
ANNUAL REPORT 2011 - DONG Energy
ANNUAL REPORT 2011 - DONG Energy
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trading portfolio, economic hedging and cash fl ow hedging<br />
2010 Total<br />
Trading portfolio<br />
and economic hedging<br />
DKK million Notional amount Fair value Notional amount Fair value<br />
commodities:<br />
Oil swaps 11,603 175 9,794 557<br />
Oil options 8,148 829 - -<br />
Gas swaps 1,272 (111) 1,272 (111)<br />
Electricity swaps 13,848 442 8,689 1,257<br />
CO2 emissions allowances 258 34 258 34<br />
Coal forwards<br />
Currency:<br />
1,959 244 71 14<br />
Forward exchange contracts 7,563 (141) - -<br />
Currency swaps<br />
interest:<br />
10,778 221 5,305 53<br />
Interest rate swaps 18,494 (386) 13,650 (126)<br />
total derivative fi nancial instruments 73,923 1,307 39,039 1,678<br />
Cash fl ow hedging<br />
DKK million Notional<br />
commodities:<br />
amount<br />
Fair value<br />
Recognised<br />
in equity<br />
Expected date of transfer<br />
to profi t for the year<br />
<strong>2011</strong> 2012 2013<br />
Oil swaps 1,809 (382) (370) (186) (90) (39) (55)<br />
Oil options 8,148 829 493 176 208 109 -<br />
Gas swaps - - - - - - -<br />
Electricity swaps 5,159 (815) (552) (482) (65) (4) (1)<br />
CO 2 emissions allowances - - - - - - -<br />
Coal forwards 1,888 230 144 70 63 11 -<br />
Currency:<br />
Forward exchange contracts 7,563 (141) (1,280) (64) (220) (423) (573)<br />
Currency swaps<br />
interest:<br />
5,473 168 339 163 73 (3) 106<br />
Interest rate swaps 4,844 (260) (265) - - (26) (239)<br />
total derivative fi nancial<br />
instruments 34,884 (371) (1,491) (323) (31) (375) (762)<br />
After<br />
2013<br />
<strong>DONG</strong> ENERGY <strong>DONG</strong> ENERGY GROUP <strong>ANNUAL</strong> <strong>REPORT</strong> <strong>2011</strong> – COnsOliDatED finanCial statEmEnts<br />
119 115<br />
notes