19 Liabilities (1,000 €)
Long-term liabilities Group Parent company
2013 2012 2013 2012
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
Group Parent company
Liabilities due after five years 2013 2012 2013 2012
Loans from financial institutions 0 0 0 0
Current liabilities Group Parent company
2013 2012 2013 2012
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).
20 Contingent liabilities (1,000 €) Group Parent company
2013 2012 2013 2012
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.
21 Derivative instruments (1,000 €)
Group Parent company
Interest rate swaps 2013 2012 2013 2012
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.
Group Parent company
Oil derivatives (29 360 Metric Tons) 2013 2012 2013 2012
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.