Annual report 2015

NOTE 28
HEDGE ACCOUNTING - OPERATIONS
                 
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.
 
2015
2014
NOK 1 000
Interest rate swaps
Currency futures
Commodity swaps
Total
Interest rate swaps
Currency futures
Commodity swaps
Total
Opening balance
- 21 834
- 30 132
- 11 700
- 63 666
- 7 728
- 25 002
- 2 997
- 35 726
Gain/loss on cash flow hedges
- 4 367
15 537
47 818
58 987
- 27 090
- 15 161
- 13 583
- 55 834
Income/expense recognised in the income statement
14 606
10 283
14 552
39 441
10 884
7 226
3 550
21 660
Currency translation
- 886
- 6 766
- 15 832
- 23 484
- 1 238
921
- 733
- 1 050
Deferred tax (note 9)
53
- 3 745
262
- 3 430
3 337
1 885
2 062
7 284
Effect of cash flow hedging in comprehensive income
9 405
15 309
46 800
71 514
- 14 106
- 5 130
- 8 703
- 27 940
Closing balance
- 12 429
- 14 823
35 100
7 848
- 21 834
- 30 132
- 11 700
- 63 666
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
2015
2014
           
Commodity costs
- 15 528
- 6 307
           
Other operating expenses
- 9 308
- 5 947
           
Net finance result
- 14 606
- 9 406
           
Total
- 39 441
- 21 660
           
Negative amounts represent income.

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