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NOTE 29
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LIQUIDITY RISK
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Liquidity risk - operations
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Liquidity risk concerning operations relates primarily to the risk that Elopak, Seco (parent company of TeleComputing), Mestergruppen, Servi and Swix will not be able to service their financial obligations as they fall due. This risk is managed by maintaining adequate cash reserves and overdraft opportunities in banking and credit facilities, as well as continuously monitoring future and actual cash flows.
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The following tables provide an overview of the Group's contractual maturities of financial liabilities. The tables are compiled based on the earliest date the Group can be required to pay.
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31 Deember 2015
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NOK 1 000
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Less than 1 year
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1-3 years
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3-5 years
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Total
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Finance institutions
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661 164
|
320 253
|
3 715 594
|
4 697 011
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Accounts payable
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1 764 385
|
1 764 385
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Other non-current liabilities
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86 776
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60 410
|
147 186
|
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Public taxes and other current liabilities
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1 279 343
|
1 279 343
|
||
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Total 1)
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3 704 892
|
407 029
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3 776 004
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7 887 925
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31 December 2014
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NOK 1 000
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Less than 1 year
|
1-3 years
|
3-5 years
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Total
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Finance institutions
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1 331 032
|
324 828
|
2 359 894
|
4 015 754
|
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Accounts payable
|
1 500 253
|
1 500 253
|
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Other non-current liabilities
|
151 847
|
162 703
|
314 550
|
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Public taxes and other current liabilities
|
1 247 394
|
1 247 394
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Total 1)
|
4 078 679
|
476 675
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2 522 597
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7 077 951
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1) The table does not include lease obligations, guarantees and off-balance sheet liabilities, cf. notes 26 and 30 respectively.
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The table below shows the anticipated receipts and payments on derivatives:
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|
31 December 2015
|
||||
|
NOK 1 000
|
Less than 1 year
|
1-3 years
|
More than 3 years
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Total
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|
Net settlement
|
|
|||
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Interest rate swaps
|
- 16 409
|
- 13 204
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- 317
|
- 29 930
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Currency futures
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- 72 289
|
- 874
|
- 73 163
|
|
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Commodity derivatives
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51 309
|
51 309
|
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Total
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- 37 389
|
- 14 078
|
- 317
|
- 51 784
|
|
31 December 2014
|
||||
|
NOK 1 000
|
Less than 1 year
|
1-3 years
|
More than 3 years
|
Total
|
|
Net settlement
|
|
|||
|
Interest rate swaps
|
- 1 202
|
22 313
|
- 2 088
|
19 023
|
|
Currency futures
|
- 38 659
|
- 22 761
|
- 61 420
|
|
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Commodity derivatives
|
- 14 634
|
- 14 634
|
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Total
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- 54 495
|
- 448
|
- 2 088
|
- 57 031
|
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Credit facilities
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The table below shows a summary of used and unused credit facilities at 31 December:
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2015
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2014
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Used
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Unused
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Used
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Unused
|
|
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Overdraft
|
||||
|
Secured
|
34 003
|
6 297 600
|
175 351
|
251 149
|
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Unsecured
|
48 015
|
384 120
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114 813
|
694 233
|
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Credit facilities
|
||||
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Secured
|
632 947
|
314 894
|
2 701 490
|
7 578 816
|
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Unsecured
|
2 045 439
|
1 939 806
|
||
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Factoring
|
||||
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Secured
|
57 618
|
19 206
|
20 376
|
4 149
|
|
Unsecured
|
480 150
|
547 371
|
703 872
|
236 412
|
|
Total secured
|
724 569
|
6 631 700
|
2 897 217
|
7 834 114
|
|
Total unsecured
|
2 573 604
|
2 871 297
|
818 685
|
930 645
|