Currency derivatives

As at 31 December 2015, the nominal value of short positions in open currency derivatives (forward contracts) amounted to EUR 99.3 million (with maturity in 2016: January – 9.7 million EUR, February – 9.4 million EUR, March – 9.8 million EUR, April – 11.7 million EUR, May– 11.1 million EUR, June – 11.9 million EUR, July – 7.6 million EUR, August – 6.6 million EUR, September – 7.8 million EUR, October– 6.3 million EUR, November – 5.4 million EUR, December – 2 million EUR) and USD 12.4 million (with maturity in 2016: January– 2.4 million USD, February– 3.3 million USD, March – 3.8 million USD, April – 0.5 million USD, May– 1.9 million USD and June – 0.5 million USD). As at 31 December 2014, the nominal value of open derivatives to sell currencies amounted to EUR 28.7 million and USD 6.7 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 2015, the Group had had open positions in forwards and futures for emission rights amounting to 848 thousand EUA units with the total nominal value of EUR 6.38 million (with maturity in March 2016 – 250 thousand units with a nominal value of EUR 1.82 million, in December 2016 – 445 thousand units with a nominal value of EUR 3.30 million and December 2017 – 153 thousand units with a nominal value of EUR 1.25 million). As at 31 December 2014, the Group had open futures contracts for the purchase of emission rights in the amount of 769 thousand of EUA units.

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 rights prices fluctuations on profit or loss.