Derivatives Power contracts Non-financial commodity contracts where the relevant commodity is readily convertible to cash and where the contracts are not for own use, fall within the scope of IFRS 9 Financial instruments - recognition and measurement. Fiven Norge's current power contracts have two elements to the agreement, one being the sale of power and the other to hedge the fluctuation of the price. The two elements have distinct separate purposes, and do not form a single contract. The contract is settled in net cash. Such contracts are therefore measured at fair value through profit or loss and classified as derivatives. The full fair value of a derivative is classified as "Other non-current assets or "Other non-current liabilities" if the remaining maturity of the derivative is more than 12 months and, as "Other current financial assets" or "Other current liabilities", if the maturity of the derivative is less than 12 months. The fair value estimation of the power contracts (CfD derivative) has been arrived at by applying a level 1 valuation methodology which inputs are quoted prices (unadjusted) in active marked, being the spot price in the Norwegian power marked (NASDAQ OMX). The current contacts are for the period until end 2024. CHANGE IN POWER DERIVATIVES Amounts in EUR thousand 2022 Opening Balance power derivatives 5 699 Changes in unrealised value of power derivatives (other gains and losses) 22 388 Closing balance power derivatives 28 088 Effects before tax of Power derivatives in statement of income: 2022 Realized derivatives recognized as other income (volume not used) 15 141 Realized effect from power contracts recognized in raw materials, energy and change in inventory 23 265 Changes in unrealised value of power derivatives (other gains and losses) 22 388 Foreign exchange forward contracts The foreign exchange forward contracts in Brazil are used as hedging instruments for revenues in USD and EURO. The forward contracts are measured at fair value’ Fiven Annual Report 2022 68 Financial statements
RkJQdWJsaXNoZXIy NTYyMDE=