Annual report 2015

NOTE 29
LIQUIDITY RISK
         
Liquidity risk - operations
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.
         
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.
         
31 Deember 2015
       
NOK 1 000
Less than 1 year
1-3 years
3-5 years
Total
Finance institutions
661 164
320 253
3 715 594
4 697 011
Accounts payable
1 764 385
   
1 764 385
Other non-current liabilities
 
86 776
60 410
147 186
Public taxes and other current liabilities
1 279 343
   
1 279 343
Total 1)
3 704 892
407 029
3 776 004
7 887 925
         
31 December 2014
       
NOK 1 000
Less than 1 year
1-3 years
3-5 years
Total
Finance institutions
1 331 032
324 828
2 359 894
4 015 754
Accounts payable
1 500 253
   
1 500 253
Other non-current liabilities
 
151 847
162 703
314 550
Public taxes and other current liabilities
1 247 394
   
1 247 394
Total 1)
4 078 679
476 675
2 522 597
7 077 951
1) The table does not include lease obligations, guarantees and off-balance sheet liabilities, cf. notes 26 and 30 respectively.
         
The table below shows the anticipated receipts and payments on derivatives:
31 December 2015
       
NOK 1 000
Less than 1 year
1-3 years
More than 3 years
Total
Net settlement
     
 
Interest rate swaps
- 16 409
- 13 204
- 317
- 29 930
Currency futures
- 72 289
- 874
 
- 73 163
Commodity derivatives
51 309
   
51 309
Total
- 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
Commodity derivatives
- 14 634
   
- 14 634
Total
- 54 495
- 448
- 2 088
- 57 031
         
Credit facilities
The table below shows a summary of used and unused credit facilities at 31 December:
 
2015
2014
 
Used
Unused
Used
Unused
Overdraft
       
Secured
34 003
6 297 600
175 351
251 149
Unsecured
48 015
384 120
114 813
694 233
Credit facilities
       
Secured
632 947
314 894
2 701 490
7 578 816
Unsecured
2 045 439
1 939 806
   
Factoring
       
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

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Fax 67 10 80 01

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