Note

Currency derivatives

As at 31 December 2016, the nominal value of short positions in open currency derivatives (forward contracts) amounted to EUR 110.4 million (with maturity in 2017: January – EUR 7.9 million, February – EUR 9.4 million, March – EUR 9.9 million, April – EUR 11.3 million, May– EUR 12.8 million, June – EUR 12.4 million, July – EUR 11.3 million, August – EUR 9.7 million, September – EUR 9.7 million, EUR October– 8.1 million, November – EUR 7.4 million, December – EUR 0.5 million) and USD 34.4 million (with maturity in 2017: January– USD 3.6 million, February– USD 5.9 million, March – USD 4.5 million, April – USD 6.3 million, May– USD 3.8 million, June – USD 3.4 million, July – USD 0.6 million, August – USD 0.8 million, September – USD 1.3 million, October – USD 1.9 million, November – USD 2.3 million). As at 31 December 2015, the nominal value of open derivatives to sell currencies amounted to EUR 99.3 million and USD 12.4 million.

Transactions are entered only with reliable banks and are based on framework agreements. All derivative transactions reflect the real transactions affecting the currency cash flows. Currency derivatives are entered in accordance with the net currency exposure of the Group and are aimed to reduce the impact of exchange rate fluctuations on profit or loss.

Derivatives for emission rights

As at 31 December 2016, the nominal value of open positions in forwards and futures for emission allowances (amounting to 1 190 thousand EUA units) amounted to EUR 6.86 million (with maturities in December 2017 - 863 thousand units with a nominal value of EUR 4.93 million, in March 2018 - 10 thousand units with a nominal value of EUR 0.05 million and in December 2018 - 317 thousand units with a nominal value of EUR 1.88 million). As at 31 December 2015, the Group had open futures contracts for the purchase of emission allowances in the amount of 848 thousand of EUA units.

All the transactions reflect the physical transactions resulting from the actual greenhouse gases emission. Futures contracts are entered in accordance with the Group’s exposure resulting from shortage of emission rights (EUA) and are aimed to reduce the impact of emission allowances prices fluctuations on profit or loss.