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25 Derivative financial instruments
Nominal values of interest rate and currency derivative contracts and share forward contracts
2013 2012
Remaining maturities Remaining maturities
< 1 year 1–6 years Total < 1 year 1–7 years Total
Derivative financial instruments designated as cash flow hedges
Interest rate swaps 1) - 50 50 - 50 50
Forward foreign exchange contracts 657 - 657 646 - 646
Currency options
- Purchased 196 - 196 113 - 113
- Written 192 - 192 92 - 92
1,045 50 1,095 851 50 901
Derivative financial instruments designated as fair value hedges
Interest rate swaps 1) - 700 700 - 700 700
- 700 700 - 700 700
Non-hedge accounting derivative financial instruments
Interest rate swaps 1) 50 - 50 230 50 280
Forward foreign exchange contracts 391 - 391 993 - 993
441 - 441 1,223 50 1,273
1) Interest rate swaps mature in 6 years.
Volumes of commodity derivative contracts
2013 2012
Volume million bbl Volume million bbl
Remaining maturities Remaining maturities
< 1 year 1–3 years Total < 1 year 1–3 years Total
Commodity derivative contracts designated as cash flow hedges 2)
Futures and forwards
- Sales contracts - - - 14 - 14
- - - 14 - 14
Non-hedge accounting commodity derivative contracts excl. electricity derivatives 3)
Futures and forwards
- Sales contracts 7 - 7 7 - 7
- Purchase contracts 9 - 9 17 - 17
16 - 16 24 - 24
Volume GWh Volume GWh
Remaining maturities Remaining maturities
< 1 year 1–3 years Total < 1 year 1–3 years Total
Non-hedge accounting electricity derivative contracts
Futures and forwards
- Purchase contracts 957 670 1,627 - - -
957 670 1,627 - - -
2) Commodity derivative contracts with hedge accounting status are oil derivatives.
3) Commodity derivative contracts with non-hedge accounting status include oil, freight, vegetable oil and electricity derivative contracts. They consist of trading derivative contracts and cash flow hedges without hedge accounting status.
Fair values of derivative financial instruments
Fair value 2013 Fair value 2012
Positive Negative Positive Negative
Interest rate and currency derivative contracts and share forward contracts < 1 year 1–6 years < 1 year 1–6 years < 1 year 1–7 years < 1 year 1–7 years
Derivative financial instruments designated as cash flow hedges
Interest rate swaps 1) - - - 4 - - - 6
Forward foreign exchange contracts 13 - 8 - 18 - 1 -
Currency options
- Purchased 2 - 0 - 1 - 1 -
- Written 3 - - - 1 - - -
18 - 8 4 20 - 2 6
Derivative financial instruments designated as fair value hedges
Interest rate swaps 1) - 22 - 1 - 37 - -
- 22 - 1 - 37 - -
Non-hedge accounting derivative financial instruments
Interest rate swaps 1) - - 0 - - - 4 0
Forward foreign exchange contracts 3 - 1 - 8 - 5 -
3 - 1 - 8 - 9 0
1) Interest rate swaps mature in 6 years.
MEUR Fair value 2013 Fair value 2012
Positive Negative Positive Negative
Commodity derivative contracts < 1 year 1–3 years < 1 year 1–3 years < 1 year 1–3 years < 1 year 1–3 years
Commodity derivative contracts designated as cash flow hedges 2)
Futures and forwards
- Sales contracts - - - - 10 - 11 -
- - - - 10 - 11 -
Non-hedge accounting commodity
derivative contracts 3)
Futures and forwards
- Sales contracts 1 - 9 - 7 - 7 -
- Purchase contracts 12 - 7 2 12 - 18 -
13 - 16 2 19 - 25 -
2) Commodity derivative contracts with hedge accounting status are oil derivatives.
3) Commodity derivative contracts with non-hedge accounting status include oil, freight, vegetable oil and electricity derivative contracts. They consist of trading derivative contracts and cash flow hedges without hedge accounting status.
2013 2012
Assets Liabilities Assets Liabilities
Balance sheet reconciliation Current Non−current Current Non−current Current Non−current Current Non−current
Derivative financial instruments 34 22 25 7 57 37 47 6
Fair value estimations
Derivative financial instruments are initially recognized and subsequently re-measured at their fair values i.e. at the price which could be used if market participants made an orderly transaction at the measurement date. The fair values are determined using a variety of methods and financial valuation techniques, and assumptions are based on market quotations on the relevant balance sheet date.

The fair values of the interest rate swaps and their variations are the present values of the estimated future cash flows. Changes in the fair value of interest rate swaps and their variations are reported either in equity or in the income statement depending on whether they qualify for hedge accounting. Foreign exchange forward contracts are calculated using the valuation model and the market rates at the balance sheet date. The fair value of currency options are calculated using market rates at the balance sheet date and by using the Black and Scholes option valuation model. Changes in the fair value of foreign currency derivative contracts are reported either in equity or in income statement depending on whether they qualify for hedge accounting.

The fair value of exchange traded oil commodity futures and option contracts is determined using the forward exchange market quotations as per 31 December 2013. The fair value of over-the-counter oil and freight derivative contracts is calculated using the net present value of the forward derivative contracts quoted market prices as per 31 December 2013. Changes in the fair value of oil commodity derivative contracts are reported either in equity or in the income statement depending on whether they qualify for hedge accounting.