APC 2005 Annual Report Download - page 104

Download and view the complete annual report

Please find page 104 of the 2005 APC annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 164

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149
  • 150
  • 151
  • 152
  • 153
  • 154
  • 155
  • 156
  • 157
  • 158
  • 159
  • 160
  • 161
  • 162
  • 163
  • 164

102
20.5 - Carrying amount and market value of financial instruments excluding derivatives
Dec. 31, 2005
Notional amount (1) Market value
Available-for-sale financial assets 315.4 315.4
Other non-current financial assets 281.4 281.4
Marketable securities 754.8 754.8
Bonds (2,691.1) (2,729.2)
Other short and long-term debt (316.5) (316.5)
Financial instruments excluding derivatives (1,656.0) (1,694.1)
(1) Notional amount corresponds to amortized cost or fair value.
20.6 - Currency hedges
Forward hedging positions by currency
Dec. 31, 2005
Sales Purchases Net
USD 1,439.6 (355.8) 1,083.8
AUD 376.9 (3.4) 373.5
JPY 202.4 (12.3) 190.1
DKK 145.3 (16.2) 129.1
HKD 50.5 - 50.5
Other 168.9 (285.4) (116.5)
Total 2,383.6 (673.1) 1,710.4
Forward currency hedging positions include 1,446
million in hedges of intragroup loans and borrowings
and 264 million in hedges of operating cash flows.
20.4 - Carrying amount and nominal value of hedging instruments
Jan. 1, 2005 Dec. 31, 2005 Dec. 31, 2005
IFRS Carrying Other financial Equity Cash Carrying Nominal value
designation amount income (2) and cash amount Purchase Sales
and expense (1) equivalents
Foreign currency
Futures contracts (3) CFH* 10.0 - (4.1) - 5.9 317.9 -
Other futures contracts to
hedge balance sheet items Trading 31.1 (56.8) - - (25.7) 355.3 2,383.6
Options and other Trading
hedging instruments and CFH*4.1 (2.3) (2.2) - (0.3) 45.1 53.6
Metal prices
Futures and options CFH* 7.7 - 5.3 - 13.1 54.2 9.4
Interest rates
Swaps on credit lines Trading (3.3) 3.3 - - - - -
Other interest rate swaps (4) Trading (56.0) - - 35.9 (20.1) N/A N/A
Hedging instruments (6.4) (55.7) (1.0) 35.9 (27.1) - -
* Cash flow hedge.
(1) Hedging gains and losses are offset by fair value adjustments in an equal amount to the underlying hedged item also
recorded under "Finance costs and other financial income and expense, net".
(2) Recorded under "Other reserves".
(3) Expire January 2006.
(4) Other interest rate swaps represent a nominal value of
515.4 million and expire in less than one year.
The market value of financial instruments, which corresponds to carrying amount, is estimated either internally,
by discounting the future differential cash flows at current market interest rate, or by third party banks.