26. Derivatives


Nominal values and maturity of derivatives


EUR million, 31 Dec


2012
2011
Currency derivatives¹






Currency forward contracts and currency swaps 52.0
40.7

Currency options 51.3
63.1
Interest rate swaps²


22.3

Cross currency swaps³


9.6
19.1








Nominal value of electricity derivatives, GWh 110
153








EUR million, 31 Dec


2012
2011
Maturity of electricity derivatives






No later than 1 year


2.5
2.7

Later than 1 year but not later than 2 years


1.6
2.3

Later than 2 years


0.9
1.8
Total


5.0
6.7








¹ Currency derivatives with maturity less than one year.


² Interest rate swaps with maturity within four years.


² Cross currency swaps with maturity less than two years.

Fair values of derivatives





2012
2011
EUR million, 31 Dec
Positive Negative Net
Net
Non-hedge-accounting derivatives





Currency forward contracts and currency swaps 0.4 -0.1 0.3
-0.4
Currency options
0.2 -0.1 0.2
-0.2








Hegde-accounting derivatives





Interest rate swaps
-0.3 -0.3

Cross currency swaps
0.3 -0.1 0.2
0.3
Electricity derivatives
0.1 -0.6 -0.6
-0.4








Derivative categories using fair value hierarchy


EUR million, 31 Dec
Level 1 Level 2 Level 3
Total
Currency forward contracts and currency swaps 0.3
0.3
Currency options
0.2
0.2
Interest rate swaps
-0.3
-0.3
Cross currency swaps

0.2
0.2
Electricity derivatives
-0.6
-0.6








All derivatives are OTC derivatives, and market quotations at the end of the reporting period have been used for determining their fair value.


The official financial statement documents including notes to the parent company financial statements and unrounded figures are available in Finnish at www.orion.fi.