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Notes to the consolidated financial
statements, REC Group
REC Annual Report 2011
2010
The tables below for 2010 are similar to tables above for 2011, refer to the descriptions above for more information.
Contractual cash flows in foreign exchange forward contracts at December 31, 2010
2011
2012
(CURRENCY INMILLION)
FX FORWARD
FX FORWARD
BOUGHT CURRENCY
SEK/NOK
200
0
SGD/NOK
200
100
USD/NOK
35
0
SOLD CURRENCY
SEK/NOK
-100
0
EUR/NOK
-609
-425
USD/NOK
-250
-200
The SEK, EUR, SGD andUSD currencies noted in the table above have spot rates to NOK of 0.87, 7.81, 4.56 and 5.86 at December 31, 2010.
REC increased SGD forward purchases significantly from the beginning of 2010 towards June 2010 for the repayment of a SGD loan.
Compared to December 31, 2009 REC ASA increased USD, EUR and SGD future contracts in accordance with currency forecasts and the
finance policy.
Fair value of foreign exchange forward contracts at December 31, 2010
2011
2012
(NOK INMILLION)
FX FORWARD
FX FORWARD
BOUGHT CURRENCY
SEK/NOK
8
0
SGD/NOK
-16
-3
USD/NOK
2
0
SOLD CURRENCY
SEK/NOK
1
0
EUR/NOK
381
131
USD/NOK
187
45
Total
562
173
The main reason for the unrealized gains on FX Forwards at December 31, 2010 was the appreciation of NOK versus EUR and USD
compared to the time the contracts were entered into.
Principal amounts and fair value of interest rate swaps at December 31, 2010
2014
PRINCIPAL AMOUNT
(CURRENCY INMILLION)
2014
FAIR VALUE
(NOK INMILLION)
PAY FIXED RATE
USD
100
-38
RECEIVE FIXED RATE
NOK
1250
16
Total
-22
The interest rate swap of NOK 1,250million, where REC is paying floating interest rate, was hedge of the fixed interest rate in a NOK bond
and the USD fixed rate swap was general interest hedging of floating rate.