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.