35 Derivative financial instruments
|
|
Replacement values |
Replacement values |
||
|
CHF thousand |
positive |
negative |
positive |
negative |
|
|
31.12.2020 |
31.12.2019 |
||
|
|
|
|
|
|
|
On-balance-sheet derivatives |
|
|
|
|
|
|
|
|
|
|
|
Held for trading |
|
|
|
|
|
Interest derivatives |
- |
- |
- |
13,228 |
|
Currency derivatives |
305 |
1,894 |
4,596 |
186 |
|
Energy derivatives |
697,945 |
688,193 |
837,020 |
814,329 |
|
Total on-balance-sheet derivatives |
698,250 |
690,087 |
841,616 |
827,743 |
|
Netting |
–593,405 |
–593,405 |
–750,329 |
–750,329 |
|
Net value on balance sheet |
104,845 |
96,682 |
91,287 |
77,414 |
|
|
|
|
|
|
|
Off-balance-sheet derivatives |
|
|
|
|
|
|
|
|
|
|
|
Held for cash flow hedges |
|
|
|
|
|
Interest derivatives |
- |
5,614 |
- |
2,804 |
|
Energy derivatives |
63,163 |
75,753 |
130,549 |
120,398 |
|
Total off-balance-sheet derivatives |
63,163 |
81,367 |
130,549 |
123,202 |
|
|
|
|
|
|
|
Total derivative financial instruments |
168,008 |
178,049 |
221,836 |
200,616 |
In 2020 the interest derivatives in held for trading were liquidated (Note 29).
The line “netting” refers to the netting of energy derivatives transactions entered into with the same counterparty and with whom there are enforceable netting agreements.
Cash flow hedges used as hedging transactions are not recognised on the balance sheet and therefore do not yet impact the balance sheet. Off-balance-sheet energy and interest derivatives are used to hedge future cash flows with a high probability of occurrence.