Hydro Annual Report 2011b
Hydro Annual Report 2011b
Hydro Annual Report 2011b
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Amounts in NOK million 2011 Level 1 Level 2 Level 3 2010 Level 1 Level 2 Level 3<br />
Assets<br />
Commodity derivatives 1 067 556 124 387 1 166 840 169 156<br />
Currency derivatives 49 49 73 7 66 <br />
Cash flow hedges 21 21 <br />
Securities held for trading 1 301 425 855 22 1 321 391 905 25<br />
Available for sale financial assets 1 052 1 052 1 509 1 509<br />
Total 3 469 981 1 028 1 461 4 090 1 259 1 141 1 690<br />
Liabilities<br />
Commodity derivatives (2 224) (337) (123) (1 764) (3 051) (248) (606) (2 197)<br />
Currency derivatives (22) (22) (61) (61) <br />
Cash flow hedges (75) (75) <br />
Total (2 246) (337) (145) (1 764) (3 188) (323) (667) (2 197)<br />
The following is an overview in which changes in level 3 measurements are specified:<br />
Amounts in NOK million Assets Liabilities<br />
Securities<br />
held for<br />
trading<br />
Available for<br />
sale<br />
financial<br />
assets<br />
December 31, 2009 7 (1 765) 51 1 483<br />
Total gains (losses)<br />
in income statement 149 (847) (24) 101<br />
in Other comprehensive income 85<br />
Purchases 9<br />
Settlements 149 (3) (138)<br />
Currency translation difference (4) (32)<br />
December 31, 2010 156 (2 468) 25 1 509<br />
Change in accounting policy 271<br />
December 31, 2010 restated 156 (2 197) 25 1 509<br />
Total gains (losses)<br />
in income statement (206) 202 (7) (13)<br />
in Other comprehensive income (411)<br />
Acquisition through business combination 482 <br />
Purchases 7 1<br />
Issues (8) <br />
Settlements (37) 240 (2) <br />
Currency translation difference (8) (34)<br />
December 31, 2011 387 (1 764) 22 1 052<br />
Total gains (losses) for the period<br />
Total gains (losses) for the period included in the income<br />
statement for assets held at the end of the reporting period<br />
FINANCIAL STATEMENTS<br />
Note 40 - Financial instruments F57<br />
Commodity derivatives Investments<br />
(206) 202 (7) (13)<br />
(244) 441 (7) (12)<br />
Gains or losses relating to level 3 commodity derivatives appearing in the above are included in the income statement in Raw<br />
material and energy expense. Changes in fair value for embedded derivatives are reported as gains or losses for the period.<br />
Losses relating to available for sale assets are included in Financial income.<br />
Certain measurements classified as level 3 are highly sensitive to changes in assumptions, the effects of which would be<br />
material. Sensitivities relating to commodity derivatives are based on models utilized in the calculation of position balance as of<br />
December 31, adjusted for alternate assumptions. Please see note 6 Financial and commercial risk management for more detail<br />
on valuation methodology and limitations inherent in the analysis. The following is an overview of such sensitivity:
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