BUSINESS OPERATIONS AND VALUE CREATION
SUSTAINABILITY REPORT
FINANCIAL DEVELOPMENT
GOVERNANCE
17. Financial Instruments
Financial derivatives 2022
Nominal value
Fair value
Fair value
Fair value through profit and loss
Fair value through fair value reserve 3,147,221.92 3,147,221.92
Derivative assets 3,147,221.92 3,147,221.92
Derivative liabilities
EUR
Total
Interest rate swaps
100,000,000.00 100,000,000.00
0.00 0.00
3,147,221.92 3,147,221.92
0.00 0.00
Total interest rate derivatives
Currency forward agreements Currency option agreements
1,790,092,903.51 281,267,579.22 2,071,360,482.73
31,341,614.74 25,038,675.12 6,302,939.62
1,378,520.10 4,924,419.66
2,200,385.60
137,976.17
2,062,409.43
0.00 2,062,409.43
Currency derivates total
33,542,000.34 25,176,651.29 8,365,349.05
1,378,520.10 6,986,829.09
Oil derivatives
27,484,187.40 32,698,452.00 60,182,639.40
538,987.95
3,877,616.12 -3,338,628.17
0.00 -3,338,628.17
Other commodity derivatives
6,195,460.90 1,164,398.84 5,031,062.06 6,734,448.85 5,042,014.96 1,692,433.89
2,089,620.00 2,941,442.06
Commodity derivatives
2,089,620.00
-397,186.11
Derivatives total
2,231,543,122.13
43,423,671.11
30,218,666.25 13,205,004.86
3,468,140.10 9,736,864.90
Financial derivatives 2021
Nominal value
Fair value
Fair value
Fair value through profit and loss
Fair value through fair value reserve
Derivative assets
Derivative liabilities 1,691,108.57 1,691,108.57
EUR
Total
Interest rate swaps
100,000,000.00 100,000,000.00
-1,691,108.57 -1,691,108.57
0.00 -1,691,108.43 0.00 -1,691,108.43
Total interest rate derivatives
Currency forward agreements Currency option agreements
1,066,871,526.94
2,033,435.72 18,507,293.72 -16,473,858.00
-157,510.75 -16,316,347.25
0.00
0.00
0.00
0.00
0.00
0.00
Currency derivates total
1,066,871,526.94
2,033,435.72 18,507,293.72 -16,473,858.00
-157,510.75 -16,316,347.25
Oil derivatives
17,103,868.80 14,030,062.80 31,133,931.60
3,658,212.43 23,229,041.72 26,887,254.15
4,129.93 3,654,082.50 78,346.70 23,150,695.02 82,476.63 26,804,777.52
0.00 3,654,082.50 0.00 23,150,695.02 0.00 26,804,777.52
Other commodity derivatives
Commodity derivatives
Derivatives total
1,198,005,458.54
28,920,689.87 20,280,878.92
8,639,810.95
-157,510.75
8,797,321.84
All derivative agreements of Metsä Board Oyj have been entered into for hedging purpose, and cash flow hedge accounting according to IFRS 9 has been applied in major part of the agreements within IFRS financial statements. Only the part of currency derivatives designated as hedges of accounts receivables and accounts payables is not directed to hedge ac- counting. Interest rate derivatives are interest rate swaps maturing in 1–3 years and entered into to hedge the floating rate interest payments. Currency derivatives contracts concluded to hedge currency cash flows mature fully during 2022. Commodity derivatives are natural gas forwards and fuel oil forwards directed to hedge the cash flows arising from purchases of these commodities. Commodity forwards mature fully during 2023. A more detailed description of financial risk management and the principles applied to derivative contracts is includ- ed in note 5.6 and 5.7 of the concolidated Group accounts.
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