Varma

Annual Report 2014

VARMA_tilinpaatos
30. Guarantees and liabilities, Parent Company
31 Dec., € million20142013
Contingent liabilities and liabilities not included in the balance sheet
Derivatives
Derivatives for hedging purposes
Currency derivatives
Forward contracts
Underlying instrument, absolute value331.63,137.5
Underlying instrument, risk-adjusted value143.5-2,953.6
Fair value0.3-7.3
Currency swap contracts
Underlying instrument, absolute value18,045.310,245.5
Underlying instrument, risk-adjusted value-17,406.2-10,245.5
Fair value-417.556.8
Other derivatives
Interest rate derivatives
Forward and futures contracts
Underlying instrument, absolute value439.6818.2
Underlying instrument, risk-adjusted value-202.4-896.7
Fair value-0.21.5
Option contracts
Bought
Underlying instrument, absolute value20,000.025,000.0
Underlying instrument, risk-adjusted value0.0-6,849.9
Fair value-7.6-4.4
Sold
Underlying instrument, absolute value20,000.035,000.0
Underlying instrument, risk-adjusted value0.05,695.8
Fair value6.53.9
Credit risk derivatives
Underlying instrument, absolute value200.0
Underlying instrument, risk-adjusted value200.0
Fair value3.9
Interest rate swap contracts
Underlying instrument, absolute value0.064.8
Underlying instrument, risk-adjusted value0.064.8
Fair value0.00.2
Currency derivatives
Option contracts
Bought
Underlying instrument, absolute value660.0438.1
Underlying instrument, risk-adjusted value56.4260.2
Fair value1.2-2.3
Sold
Underlying instrument, absolute value794.8577.8
Underlying instrument, risk-adjusted value-57.9-244.3
Fair value-3.54.8
Forward and futures contracts
Underlying instrument, absolute value931.289.9
Underlying instrument, risk-adjusted value410.5-22.4
Fair value16.60.6
Currency swap contracts
Underlying instrument, absolute value383.987.1
Underlying instrument, risk-adjusted value7.9-87.1
Fair value-1.23.0
Equity derivatives
Forward and futures contracts
Underlying instrument, absolute value1,006.5202.9
Underlying instrument, risk-adjusted value62.0202.9
Fair value-16.06.7
Option contracts
Bought
Underlying instrument, absolute value465.6259.4
Underlying instrument, risk-adjusted value116.824.0
Fair value2.7-4.8
Sold
Underlying instrument, absolute value420.6639.0
Underlying instrument, risk-adjusted value28.0-24.9
Fair value3.26.6
Other derivatives
Forward and futures contracts
Underlying instrument, absolute value534.4506.6
Underlying instrument, risk-adjusted value68.0-16.0
Fair value-27.0-0.3
Option contracts
Bought
Underlying instrument, absolute value63.315.4
Underlying instrument, risk-adjusted value18.41.7
Fair value0.4-0.3
Sold
Underlying instrument, absolute value63.315.4
Underlying instrument, risk-adjusted value-45.5-4.5
Fair value-2.51.0
Commodity swaps
Underlying instrument, absolute value288.3217.5
Underlying instrument, risk-adjusted value288.3217.5
Fair value0.90.6
Total
Underlying instrument, absolute value64,628.377,315.3
Underlying instrument, risk-adjusted value-16,312.3-14,878.1
Fair value-439.866.2
The fair values of quoted derivatives have been calculated using the price quoted on the stock exchange. The fair values of other derivatives are based on calculations of market quotes or on estimates of the fair values presented by outside parties.