1. Annual report 2014
  2. Board of Directors' Report
  3. Financial statements
  4. Notes to the Financial Statements
  5. Notes 19–21
  • Supervisory Board
  • Risk management
  • Insider administration
  • Audit
  • Internal audit
  • Remuneration
  • VR City Traffic
  • Properties
  • Conductor
  • For the investor
    • 19 Liabilities (1 000 €)
    Long-term liabilities
    Group Parent company
    2014 2013 2014 2013
    Loans from financial insitutions 7 33 0 0
    Other long-term loans 398 658 398 388
    Long-term liabilities, total 405 691 398 388
    Liabilities due aftern five years
    Group Parent company
    2014 2013 2014 2013
    Loans from financial institutes 0 0 0 0
    Short-term liabilities
    Group Parent company
    2014 2013 2014 2013
    To other companies
    Loans from financial institutions 27 52 0 0
    Account payable 57,703 60,429 33,535 38,099
    Accured expenses and prepaid income 146,666 130,068 98,263 86,187
    Other liabilities 31,460 24,390 14,876 6,670
    Advances received 20,288 20,016 5,988 9,003
    Liabilities ot other companies, total 256,144 234,954 152,661 139,959
    To group companies
    Accounts payable 0 0 2,939 2,363
    Accured expenses and prepaid income 0 0 738 529
    Other liabilities 0 0 52,552 44,924
    Liabilities to group companies, total 0 0 56,230 47,815
    To associated companies
    Accounts payable 23 32 23 32
    Short-term liabilities, total 256,167 234,986 208,915 187,806
    The main item in the Group's accrued expenses and prepaid income is salaries and wages M€ 104.3 (M€ 103.7).
    20 Contingent liabilities (1000 €)
    Grouop Parent company
    2014 2013 2014 2013
    Debt covered by mortgages
    Loans from financial institutions 0 0 0 0
    Mortgages 7,600 1,500 6100 0
    Other contingent liabilities 144,152 155,661 134,903 141,414
    Debt covered by mortgages, total 151,752 157,161 141,003 141,414
    Commitments given on
    Own behalf 70,647 76,508 0 0
    Group companies behalf 0 0 59,898 60,761
    Others behalf 75,005 80,653 75,005 80,653
    Commitments given, total 145,652 157,161 134,903 141,414
    Leasing commitments
    Due in next financial year 27,978 20,602 16,930 12,279
    Due in later financial year 254,137 147,705 198,711 105,176
    Leasing commitments, total 282,115 168,307 215,641 117,455
    Rental commitments
    Due in next financial year 6,641 3,297 1,679 684
    Due in later financial years 8,084 2,987 0 0
    Rental commitments, total 14,725 6,284 1,679 684
    21 Johdannaiset (1 000 €)
    Group Parent company
    Interest rater swaps 2014 2013 2014 2013
    Value of underlying asset 271,974 296,111 271,974 296,111
    Market value -49,428 -14,035 -49,428 -14,035
    The principal amount of the payment installments for leasing agreements made for rolling stock, transport equipment and working machinery are hedged with interest rate swaps of which the last mature in 2034. The value of underlying asset is given as the total sum of the principal amount of the lease payments in the leasing agreements.
    The market value of the interest rate swaps is t€ -49 428 at the balance sheet date. The market value is the difference between the interest rate swaps on the balance sheet date and transaction date discounted is not recorded in the financial statements. to the balance sheet date. The market value of the interest rate swaps
    Group Parent company
    Diesel oil derivatives 2014 2013 2014 2013
    Swap
    Market value -1,315 160 -1,315 188
    Value of underlying assets (Metric Tons) 6,000 29,360 6,000 27,032
    Derivatives are used to hedge the price risk for diesel fuel. The hedging period ends in 2015. The market value of the diesel oil swaps is t€ -1 315 at the balance sheet date. The market value is determined by information at the balance sheet date. The market value of the diesel oil swaps is not recorded in the financial statements. using commonly used valuation methods based on market
    Group Parent company
    Electircity hedging 2014 2013 2014 2013
    Market value -9,442 -11,660 -9,442 -11,660
    The hedged volyme (MWh) 1,816,373 2,256,538 1,816,373 2,256,538
    Derivatives are used to hedge the price risk for electricity. The market value of the electricity derivatives is not recorded in the financial statements.
    Group Parent company
    Foreign currency forwards 2014 2013 2014 2013
    Foreign currency swaps 5,031 10,025 5,031 10,025
    VR-Group has made a EUR/DKK deposit that had a value of M€ 5 at the transaction date. At the balance sheet date the value of the exchange rate changes was t€ -3.3, which has not been recorded in the financial statements.