1. Annual report 2015
  2. Board of Directors' report
  3. Notes to the Financial Statements
  4. 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 €)
    Group Parent company
    2015 2014 2015 2014
    Long-term liabilities
    Liabilities to others
    Loans from financial insitutions 0 7 0 0
    Deferred tax liabilities 84,904 80,291 0 0
    Other liabilities 430 398 430 398
    Liabilities to others, total 85,335 80,695 430 398
    Long-term liabilities, total 85,335 80,695 430 398
    Liabilities due after five years
    Loans from financial insitutions 0 0 0 0
    Short-term liabilities
    Liabilities to group companies
    Accounts payable 2,144 2,939
    Accured expenses and prepaid income 1,043 738
    Other liabilities 66,181 51,788
    Advances received 0 765
    Liabilities to group companies, total 69,368 56,230
    Liabilities to associated companies
    Accounts payable 251 23 3 23
    Liabilities to associated companies, total 251 23 3 23
    Liabilities to others
    Loans from financial insitutions 0 27 0 0
    Accounts payable 50,314 57,703 30,355 33,535
    Accured expenses and prepaid income 129,990 146,666 85,860 98,263
    Other liabilities 23,022 31,460 9,642 14,876
    Advances received 24,498 20,288 6,212 5,988
    Liabilities to others, total 227,824 256,144 132,069 152,661
    Short-term liabilities, total 228,076 256,167 201,440 208,915
    Main items in accrued expenses and prepaid income
    The main items in the Group's accured expenses and prepaid income are salaries and wages M€ 89.7 (M€ 104.3).
    The main items in the parent company's accured expenses and prepaid income are salaries and wages M€ 56.3 (M€ 63.1).
    20 Contingent liabilities (1 000 €)
    Group Parent company
    2015 2014 2015 2014
    Commitments given
    Rental commitments 0 0 137 263
    Mortgages 6,100 7,600 6,100 6,100
    Leasing commitments 0 0 8,240 9,108
    Other commitments given 98,123 144,152 81,132 125,795
    Commitments given, total 104,223 151,752 95,609 141,266
    Commitments given on
    Own behalf 55,642 76,747 8,942 8,942
    Group companies behalf 0 0 38,086 57,319
    Others behalf 48,581 75,005 48,581 75,005
    Commitments given, total 104,223 151,752 95,609 141,266
    Leasing commitments
    Due in next financial year 30,075 27,978 19,134 16,930
    Due in later financial year 236,757 254,137 186,693 198,711
    Leasing commitments, total 266,832 282,115 205,827 215,641
    Leasing agreements typically include provisions of purchase option and/or obligation to nominate the purchaser.
    Rental commitments
    Due in next financial year 3,189 6,641 995 1,679
    Due in later financial years 6,124 8,084 1,979 0
    Rental commitments, total 9,313 14,725 2,974 1,679
    Pension commitments
    The pension liability in VR Pension Fund was 471.0 M€ at year end 2015. The Pension Fund has more assets than liabilities. VR Group has leased two land areas from VR Pension Fund with ten year lease contracts.
    Other commitments
    VR-Group Ltd and co-operation group Siemens Finland and Siemens AG signed an agreement 12.2.2014, where VR-Group orders 80 electric locomotives, their documentation, spare parts, tools and training. The commitment was worth 314.5 M€ at signing. The locomotives are delivered in years 2017-2026.
    In addition VR-Group Ltd and Transtech Oy signed an agreement 31.3.2014, where VR-Group orders 27 passenger wagons, their documentation, spare parts, tools and training. The commitment was worth 86.8 M€ at signing. The wagons are delivered in years 2016-2017.
    21 Derivative instruments (1 000 €)
    Group Parent company
    Interest rate swaps 2015 2014 2015 2014
    Value of underlying asset 274,798 280,386 274,798 280,386
    Market value -42,535 -51,359 -42,535 -51,359
    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€ -42,535 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 to the balance sheet date. The market value of the interest rate swaps is not recorded in the financial statements.
    8.1 M€ of the underlying value of the interest rate swaps, 274.8 M€, has been counted as non-hedging agreements and their market value of -0.96 M€ has been booked in the result.
    Group Parent company
    Diesel oil derivatives 2015 2014 2015 2014
    Swap
    Market value -1,227 -1,315 -1,227 -1,315
    Value of underlying assets (Metric Tons) 7,200 6,000 7,200 6,000
    Derivatives are used to hedge the price risk for diesel fuel. The hedging period ends in 2016. The market value of the diesel oil swaps is t€ -1,227 at the balance sheet date. The market value is determined by using commonly used valuation methods based on market information at the balance sheet date. The market value of the diesel oil swaps is not recorded in the financial statements.
    Group Parent company
    Electricity hedging 2015 2014 2015 2014
    Market value -17,120 -9,442 -17,120 -9,442
    The hedged volume (MWh) 1,582,694 1,816,373 1,582,694 1,816,373
    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 2015 2014 2015 2014
    Foreign currency swaps 0 5,031 0 5,031
    The Group has no foreign currency forwards at the balance sheet date.