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Value adjustments of fair value hedges and financial derivatives not designated as hedging instruments in the financial year are recognised in the income statement. The adjustments are included in financial income and financial expenses (cf. section 4.1). In 2013, fair value adjustments amounted to DKK -17m (2012: DKK 189m). 

The ineffective portion of hedge in 2013 relates to the ineffective portion of the Group’s aluminium hedging scheme (DKK -3m). 

## FAIR VALUE HEDGES AND FINANCIAL DERIVATIVES NOT DESIGNATED AS HEDGING INSTRUMENTS (ECONOMIC HEDGES) 

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The fair value of the entire derivative classi- fied as a cash flow hedge is presented in the cash flow hedge section below. Other instru- ments are primarily aluminium hedges, which were not classified as cash flow hedges. 

The value of fair value hedges recognised at 31 December amounted to DKK 262m (2012: DKK 437m). 

## CASH FLOW HEDGES 

Cash flow hedges comprise interest rate swaps where the hedged item is the underly- ing (floating-rate) borrowing (EUR 400m maturing June 2015), aluminium hedges where the hedged item is aluminium cans that will be used in a number of Group enti- ties in Western Europe and Eastern Europe during 2014 and 2015, and currency swaps to cover the foreign exchange risk on transac- tions expected to take place in 2014. 

Fair value adjustments of cash flow hedges in the financial year are recognised in other comprehensive income and amounted to DKK 128m (2012: DKK 327m). 

The fair value of cash flow hedges recog- nised at 31 December amounted to DKK -275m (2012: DKK -449m). This includes the 

## CASH FLOW HEDGES 

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ineffective portion reclassified to the income statement, but does not include the value of cash flow hedges closed and not yet trans- ferred to the income statement. 

The impact on other comprehensive income from exchange rate instruments relates to hedges of Group entities’ purchases and sales in currencies other than their functional cur- rencies. The impact on other comprehensive income from other instruments relates to hedges of Group entities’ exposure to changes in aluminium prices. 

