35Derivative financial instruments

 

Replacement values

Replacement values

CHF thousand

positive

negative

positive

negative

 

31.12.2022

31.12.2021

 

 

 

 

 

On-balance-sheet derivatives

 

 

 

 

 

 

 

 

 

Held for trading

 

 

 

 

Currency derivatives

4,542

722

5,363

323

Energy derivatives

4,090,236

4,039,009

10,673,875

10,670,456

Total on-balance-sheet derivatives

4,094,778

4,039,731

10,679,238

10,670,779

Netting

–3,100,376

–3,100,376

–8,898,678

–8,898,678

Net value on balance sheet

994,402

939,355

1,780,560

1,772,101

 

 

 

 

 

Off-balance-sheet derivatives

 

 

 

 

 

 

 

 

 

Held for cash flow hedges

 

 

 

 

Interest derivatives

8,559

-

-

1,662

Energy derivatives

226,236

441,829

940,626

1,325,558

Total off-balance-sheet derivatives

234,795

441,829

940,626

1,327,220

 

 

 

 

 

Total derivative financial instruments

1,229,197

1,381,184

2,721,186

3,099,321

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.

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