|
NOTE 28
|
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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|
2016
|
2015
|
|||||||
|
NOK 1 000
|
Opening balance
|
Change during
the year
|
Closing
balance
|
Opening
balance
|
Change during
the year
|
Closing balance
|
||
|
Commodity swaps
|
49 488
|
- 27 773
|
21 715
|
- 12 882
|
62 370
|
49 488
|
||
|
Currency futures
|
- 13 626
|
11 218
|
- 2 408
|
- 39 446
|
25 820
|
- 13 626
|
||
|
Interest rate swaps
|
- 17 314
|
3 362
|
- 13 952
|
- 27 553
|
10 239
|
- 17 314
|
||
|
Currency translation
|
- 1 769
|
487
|
- 1 282
|
21 715
|
- 23 484
|
- 1 769
|
||
|
Deferred tax
|
- 4 304
|
3 270
|
- 1 034
|
- 874
|
- 3 430
|
- 4 304
|
||
|
Total
|
12 475
|
- 9 436
|
3 039
|
- 59 040
|
71 515
|
12 475
|
||
|
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
|
|
2016 | 2015 | |||||
|
Commodity costs
|
|
|
- 10 030 | - 15 528 | ||||
|
Other operating expenses
|
|
|
6 363 | - 9 308 | ||||
|
Net finance result
|
|
|
- 16 341 | - 14 606 | ||||
|
Total
|
|
|
- 20 008 | - 39 442 | ||||
|
Negative amounts represent income.
|
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