Changes in Equity 2015 - Havfisk ASA Konsern

Changes in Equity, HAVFISK ASA Group

NOK million	Note	Paid-in capital	Hedging and other reserves	Total translation and other reserves	Retained earnings	Total reserves and retained earnings	Total equity	Minority interests	Total equity
Balance as of 01 January 2014	18	783	(25)	(25)	(47)	(72)	710	4	714

Profit for the year					195	195	195	1	197
Other profit elements (see below)			(34)	(34)		(34)	(34)	-	(34)
Comprehensive income			(34)	(34)	195	162	162	1	163
Dividends								(1)	(1)
Balance as of 31 December 2014	18	783	(59)	(59)	148	89	872	4	876

Profit for the year					171	171	171	2	173
Other profit elements (see below)			-	-		-	-	-	-
Comprehensive income									173
Dividends	17				(64)	(64)	(64)		(64)
Balance as of 31 December 2015	18	783	(59)	(59)	255	197	980	6	986

Hedging and other reserves
The hedging reserve applies to so-called cash flow hedging transactions entered into to hedge against changes in income and expenses as a result of changes in interest rates and oil prices. Changes in the present value of hedging agreements that mature in the future are recognised in comprehensive income under changes in fair value of cash flow hedges. The contra entry is hedging and other reserves under equity.

NOK million		Translation differences	Fair value reserves	Hedging reserves	Total translation and other reserves	Retained equity	Total	Minority interests	Total equity
2014
Change in fair value of cash flow hedges				(31)	(31)	-	(31)	-	(31)
Actuarial gains and losses in pension schemes			(2)		(2)	-	(2)	-	(2)
Other comprehensive income, net of tax 2014		-	(2)	(31)	(34)	-	(34)	-	(34)

NOK million		Translation differences	Fair value reserves	Hedging reserves	Total translation and other reserves	Retained equity	Total	Minority interests	Total equity
2015
Change in fair value of cash flow hedges				1	1	-	1	-	1
Actuarial gains and losses in pension schemes			(1)		(1)	-	(1)	-	(1)
Other comprehensive income, net of tax 2015		-	(1)	1	-	-	-	-	-

Hedging 2014
							Balance as of January 1.	Changes in fair value	Balance as of 42735
NOK million
Currency hedging reserve in HAVFISK							(28)	(21)	(49)
Interest rate hedging in HAVFISK							5	(22)	(17)
Bunker hedging in HAVFISK							6	12	18
Provision for deferred tax							(17)	(31)	(48)
Total entered against comprehensive income and equity

Hedging 2015							Balance as of January 1.	Changes in fair value	Balance as of 42735

NOK million							(49)	9	(40)
Currency hedging reserve in HAVFISK							(17)	(8)	(24)
Interest rate hedging in HAVFISK							18	-	17
Bunker hedging in HAVFISK							(48)	1	(47)

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