Annual Report 2010 - Enel.com

36. Current financial liabilities - €1,672 million
Millions of euro
at Dec. 31, at Dec. 31, 2009
2010 restated 2010-2009
Deferred financial liabilities 711 869 (158)
Derivative contracts 776 859 (83)
Other items 185 56 129
Total 1,672 1,784 (112)
The following table shows the notional amount and fair value of the derivative contracts.
Millions of euro Notional amount Fair value
at Dec. 31,
2010
at Dec. 31,
2009
224 Enel Annual Report 2010 Consolidated financial statements
at Dec. 31,
2010
at Dec. 31,
2009 2010-2009
Cash flow hedge derivatives:
- interest rates 244 153 3 3 -
- exchange rates 1,972 1,316 45 50 (5)
- commodities 609 1,150 19 120 (101)
Total
Fair value hedge derivatives:
2,825 2,619 67 173 (106)
- interest rates - 360 - 8 (8)
- exchange rates 36 - 2 - 2
Total
Derivatives hedging net investment in a foreign
operation:
36 360 2 8 (6)
- exchange rates - 319 - 9 (9)
Total - 319 - 9 (9)
Trading derivatives:
- interest rates 284 190 33 18 15
- exchange rates 2,804 1,055 124 30 94
- commodities 2,637 2,944 550 621 (71)
Total 5,725 4,189 707 669 38
TOTAL 8,586 7,487 776 859 (83)
Trading derivatives on exchange rates essentially include
derivatives transactions used to hedge the exchange rate
risk in respect of commodity prices. Even though the transactions
were carried out for hedging purposes, they do not
meet the requirements to qualify for hedge accounting.
Commodity derivates are mainly related to:
> cash flow hedge derivatives on coal and energy, with a
fair value of €19 million;
> commodity derivatives on fuels, with a fair value of
€333 million;
> trading transactions on energy and other commodities,
with a fair value of €99 million;
> embedded derivatives related to energy sale and purchase
contracts in Slovakia, with a fair value of €118
million.