At year-end 2011, Akzo Nobel N.V. had outstanding foreign exchange contracts to buy currencies for a total of €1.6 billion (year-end 2010: €1.6 billion), while contracts to sell currencies totaled €1.9 billion (year-end 2010: €1.5 billion). The contracts mainly related to US Dollars, Pound sterling and Swedish krona, and all have maturities within one year. These contracts offset the foreign exchange contracts concluded by the subsidiaries, and the fair value changes are recognized in the statement of income to offset the fair value changes on the contracts with the subsidiaries. For information on risk exposure and risk management, see Note 24 of the notes to the consolidated financial statements.
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