Annual Report 2010 - Scana Industrier ASA

90Annual Report 2010 Scana Industrier ASANote 13. Long-term interest-bearing debtLoans in Loans in NOK Loans in NOK Average interestlocal currency at rate 31.12.10 at rate 31.12.09 rate at 31.12.10Syndicated loans in SEK 335 753 292 340 290 144 2,27 %Syndicated loans in EUR 45 000 45 000 0 5,61 %Total 337 340 290 1442011 2012Sinking fund long-term interest-bearing debt: -46 800 -337 340Note 14. Pledged assets2010 2009Interest-bearing debt secured by pledge 384 140 336 944Book value of pledge objectsShares 417 514 500 530Property, plant and equipment 2 602 120Total 420 116 500 650For further details with regards to pledged assets reference is made to note 26 to the group accounts.Note 15. Financial instrumentsCurrency contractsBelow is a summary of all open currency contracts at 31.12.10UnrealisedCurrency Net Nominal value Maturity profit/loss ( - )EUR Sale 17 919 2011 1 066GBP Sale 950 2011 77PLN Purchase 400 2011 2SEK Sale 51 000 2011 -71USD Sale 24 495 2011 1 545EUR Sale 1 700 2012 -92USD Sale 6 450 2012 170Total 2 697The forward contracts form part of the group’s currency risk management.Interest rate swapThe group believes that having parts of its debt at fixed interest rates minimises the risk in the long term. Interest rate swaps aretherefore used to swap floating interest rates with fixed rates. When the fixed rate is lower than the floating rate, Scana receivesand recognises the difference as income. When the fixed rate is higher than the floating rate, Scana pays and recognises thedifference as cost.The income / cost is accrued over the relevant interes period.As at 31 December 2010, the company has one interest rate swap totalling SEK 200 million, where the company pays a fixed interest rate andreceives a floating rate. The floating rate is set each quarter based on the 3-month STIBOR interest rate.Currency Amount Fixed rate Maturity Fair valueSEK 200 000 3.21 % 25-04-14 -2 904