|
|
|
|
Loans from financial institutions |
33 |
75 |
|
|
|
Other long-term loans |
658 |
969 |
388 |
355 |
|
Advances received |
|
|
|
|
|
Long-term liabilities, total |
691 |
1,044 |
388 |
355 |
|
|
|
|
|
|
|
|
|
|
|
Loans from financial institutions |
0 |
0 |
0 |
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt to other companies |
|
|
|
|
|
|
Loans from financial institutions |
|
52 |
85 |
|
|
|
Accounts payable |
|
60,429 |
71,958 |
38,099 |
50,317 |
|
Accrued expenses and prepaid income |
|
130,068 |
132,125 |
86,187 |
93,864 |
|
Other liabilities |
|
24,389 |
26,660 |
6,670 |
9,536 |
|
Advances received |
|
20,016 |
22,902 |
9,003 |
9,739 |
|
|
|
|
|
|
|
|
Debt payable to Group companies |
|
|
|
|
|
|
Accounts payable |
|
0 |
0 |
2,363 |
3,609 |
|
Accrued expenses and prepaid income |
|
0 |
0 |
529 |
1277 |
|
Other liabilities |
|
0 |
0 |
44,924 |
38,565 |
|
Advances received |
|
0 |
0 |
|
|
|
|
|
|
|
|
|
|
Debt payable to associated companies |
|
|
|
|
|
|
Accounts payable |
|
32 |
28 |
32 |
28 |
|
|
|
|
|
|
|
|
Current liabilities, total |
234,986 |
253,759 |
187,806 |
206,935 |
|
The largest item in accrued expenses and prepaid income is salaries and wages of M€ 103.7 (92.3). |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt covered by mortgages |
|
|
|
|
|
|
Loans from financial institutions |
0 |
0 |
0 |
0 |
|
|
Mortgages |
1,500 |
1,500 |
0 |
0 |
|
Other contingent liabilities |
155,661 |
161,068 |
141,414 |
161,848 |
|
Contingent liabilities, total |
157,161 |
162,568 |
141,414 |
161,848 |
|
|
|
|
|
|
|
|
Commitments given on behalf of |
|
|
|
|
|
|
VR Group |
76,508 |
76,976 |
|
|
|
|
VR Group subsidiaries |
0 |
0 |
60,761 |
69,889 |
|
|
Others |
80,653 |
85,592 |
80,653 |
85,592 |
|
|
|
157,161 |
162,568 |
141,414 |
154,481 |
|
|
|
|
|
|
|
|
Leasing commitments |
|
|
|
|
|
|
Due for payment in next financial year |
20,602 |
21,371 |
12,279 |
9,972 |
|
|
Due for payment in later years |
147,705 |
129,773 |
105,176 |
99,872 |
|
|
Total |
168,307 |
151,144 |
117,455 |
109,844 |
|
|
|
|
|
|
|
|
Rental commitments |
|
|
|
|
|
|
Due for payment in next financial year |
3,297 |
3,828 |
684 |
684 |
|
|
Due for payment in later years |
2,987 |
5,054 |
0 |
684 |
|
|
Total |
6,284 |
8,882 |
684 |
1,368 |
|
|
|
|
|
|
|
|
The parent company has concluded long-term leases on rolling stock purchases with a number of different financial institutions. |
|
Train leases account for EUR 111.9 million of the leasing liabilities. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Value of underlying asset |
296,111 |
301,675 |
296,111 |
301,675 |
|
Fair value |
-14,035 |
-27,328 |
-14,035 |
-27,328 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The principal of the payment instalments for the leasing agreements made for the rail coaches is hedged with interest rate swaps, the last of which mature in 2034. |
|
The value of the underlying instrument is given as the combined total of the share of the capital for the leases and the capital invested in the future rolling stock purchases. |
|
The interest rate swaps have a fair value on the closing date of EUR -14,035,000. The fair value is the difference between the interest cash flows on the interest rate swaps relating to the leasing agreements on the balance sheet date and on the transaction date, discounted to the closing date. |
|
The fair value of the interest rate swaps is not recorded in the financial statements. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Put options |
|
|
|
|
|
|
Fair value |
|
0 |
0 |
0 |
0 |
|
Value of underlying asset (MT) |
|
0 |
15,804 |
0 |
9,504 |
|
|
|
|
|
|
|
|
Call options |
|
|
|
|
|
|
Fair value |
|
0 |
79 |
0 |
39 |
|
Value of underlying asset (MT) |
|
0 |
15,804 |
0 |
9,504 |
|
|
|
|
|
|
|
|
Swap |
|
|
|
|
|
|
Fair value |
|
160 |
-406 |
188 |
-406 |
|
Value of underlying asset in both options (MT) |
|
29,360 |
15,000 |
27,032 |
15000 |
|
|
|
|
|
|
|
|
Total |
|
|
|
|
|
|
Fair value |
|
160 |
-327 |
188 |
-367 |
|
Value of underlying asset in both options (MT) |
|
29,360 |
30,804 |
27,032 |
24504 |
|
|
|
|
|
|
|
|
Oil derivatives are used to hedge the price risk for diesel fuel. The hedging period ends in 2014. |
|
The oil options had a fair value on the closing date of 160,000 €. The fair values of oil options are determined using commonly used valuation methods. |
|
The fair values are based on market information on the closing date. |
|
The fair value of the oil options is not recorded in the financial statements. |
|
|
|
|
|
|
|
|
Electricity derivatives (2 075 milj. Mwh) |
2013 |
2012 |
2013 |
2012 |
|
|
|
|
|
|
|
|
Fair value |
-11,660 |
-12,647 |
-11,660 |
-12,647 |
|
Value of underlying asset |
2,257 |
2,228 |
2,257 |
2,228 |
|
|
|
|
|
|
|
|
Electricity derivatives are used to hedge the price risk for electricity. The fair value of the electricity options is not recorded in the financial statements. |
|
|
|
|
|
|
|
|
Foreign currency forwards |
2013 |
2012 |
2013 |
2012 |
|
|
|
|
|
|
|
|
Foreign currency swap |
10,025 |
0 |
10,025 |
0 |
|
|
|
|
|
|
|
|
VR Group has made a EUR/DKK deposit that had a value of EUR 10 million at the time of the conclusion of the agreement. |
|
On the balance sheet date, the value of the exchange rate changes in the agreement totals EUR 3.3 million, which has not been entered in the financial statements. |