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Note 11 - Financial instruments

Financial assets, Group      
  Financial assets measured at
fair value in profit and loss
       
SEK million, 31 December 2013 Holdings for trading   Classified
on the initial
recognition date
Investments
held to
maturity
Loan
and trade
receivables
Available-
for-sale
financial assets
Total
fair
value
Inflation-indexed bonds   1,417 1,417
Treasury bonds   168 168
Zero-coupon bonds, commercial paper and deposits   800 800
Trade and other current receivables   750 750
Set off, National Debt Office   1,200 1,200
Cash and cash equivalents   3,039 3,039
Total             7,374
               
  Financial assets measured at
fair value in profit and loss
       
SEK million, 31 December 2012 Holdings for trading   Classified
on the initial
recognition date
Investments
held to
maturity
Loan
and trade
receivables
Available-
for-sale
financial assets
Total
fair
value
Inflation-indexed bonds   1,657 1,657
Treasury bonds   22 22
Zero-coupon bonds, commercial paper and deposits   2,180 2,180
Trade and other current receivables   608 608
Set off, National Debt Office   1,200 1,200
Cash and cash equivalents   1,692 1,692
Total             7,358
               
  2013   2012
Fair value hierarchy, SEK million Level 1 Level 2 Level 3 Total    Level 1 Level 2 Level 3 Total
Financial assets recognised at fair value                  
Inflation-indexed bonds 1,417 1,417   1,657 1,657
Treasury bonds 168 168   22 22
Financial assets recognised at accrued cost                  
Trade and other current receivables  750 750   608 608
Set off, National Debt Office  1200 1,200   1,200 1,200
Cash and cash equivalents 3,039 3,039   1,692 1,692
                   
                   

For financial investments in the categories investments held to maturity, loan receivables and trade receivables, as well as available-for-sale financial assets, the fair value is deemed to match the carrying amount. The calculation of fair value based on discounted future cash flows, where a discount rate reflecting the counterparty’s credit risk comprises the key input data, is not assessed as giving rise to any material difference compared with the carrying amount for financial assets included in level 2.

Svenska Spel measures its inflation-indexed bonds and treasury bonds at fair value in profit and loss. Inflation-indexed and treasury bonds are classified under value hierarchy 1 since they are measured at market prices.

The Group’s security holdings in inflation-indexed bonds and treasury bonds pertaining to investments for the Triss Månadsklöver lottery, amounted to SEK 1,585 million (1,678), of which SEK 1,489 million (1,592) comprises the non-current portion and SEK 96 million (86) the current portion. Investments and sales totalled an expense of SEK 25 million (expense: 30) and change in value was a negative amount of SEK 68 ­million (pos: 23).

 

Interest-rate risk, SEK million  Nominal value Maturity date Coupon rate, %
       
Swedish inflation-indexed treasury bonds      
1575 3 2014-06-18 6.00
3001 62 2014-04-01 0.00
3105 190 2015-12-01 3.50
3107 315 2017-06-01 0.50
3102 165 2020-12-01 4.00
3108 268 2022-06-01 0.25
3104 144 2028-12-01 3.50
Total  1,148    
       
Swedish treasury bonds      
1041 11 2014-05-05 6.75
1049 12 2015-08-12 4.50
1050 13 2016-07-12 3.00
1051 19 2017-08-12 3.75
1052 24 2019-03-12 4.25
1047 24 2020-06-01 5.00
1054 24 2022-06-01 3.50
1057 22 2023-11-13 1.50
1056 7 2032-06-01 2.25
1053 1 2039-03-30 3.50
Total 155    
  Nominal value Maturity date  Effective interest rate, %
Investments in zero-coupon bonds, commercial paper and deposits      
Zero-coupon bonds  44 2014-02-18 2.40
Commercial paper  100 2014-03-06 1.47
Commercial paper  100 2014-04-22 1.46
Zero-coupon bonds  57 2015-10-12 2.63
Zero-coupon bonds  200 2016-09-19 Stibor + 0.50
Zero-coupon bonds  200 2016-09-19 Stibor + 0.50
Zero-coupon bonds  100 2017-02-17 Stibor + 0.50
Total 801    
       
Cash and cash equivalents 3,039   1.50
       
Financial liabilities, Group      
  Financial liabilities measured
at fair value in profit and loss
   
SEK million, 31 December 2013 Holdings
for trading
Classified
on the initial
recognition date
Other
financial
liabilities
Total
fair
value
Unpaid winnings  1,472 397 1,869
   of which Triss Månadsklöver 1,472 1,472
Trade payables and other current liabilities 474 474
Settlement funds 198 198
Funded winnings 442 442
Other non-current liabilities 15 15
Total       3,000
         
  Financial liabilities measured
at fair value in profit and loss
   
SEK million, 31 December 2012 Holdings
for trading
Classified
on the initial
recognition date
Other
financial
liabilities
Total
fair
value
Unpaid winnings  1,572 359 1,931
   of which Triss Månadsklöver 1,572 1,572
Trade payables and other current liabilities  504 504
Settlement funds  243 243
Funded winnings  441 441
Other non-current liabilities  32 32
Total       3,151
         
  2013   2012
Fair value hierarchy, SEK million Level 1 Level 2 Level 3 Total   Level 1 Level 2 Level 3 Total
Financial liabilities recognised at fair value                  
Unpaid winnings, Triss Månadsklöver 1,472 1,472   1,572 1,572
Financial liabilities recognised at accrued cost                  
Trade payables and other current liabilities 474 474   504 504
Unpaid winnings  397 397   359 359
Settlement funds  198 198   243 243
Funded winnings  442 442   441 441
Other non-current liabilities 15 15   32 32

 

For financial investments in the other financial liabilities category, the fair value is deemed to match the carrying amount. The calculation of fair value based on discounted future cash flows, where a discount rate reflecting the counterparty’s credit risk comprises the key input data, is not assessed as giving rise to any material difference compared with the carrying amount for financial liabilities included in level 2.

The Group’s unpaid winnings pertaining to Triss Månadsklöver are ­valued under value hierarchy 2 since they are measured using observable market data. Unpaid winnings pertain to liabilities to winners in the Triss Månadsklöver lottery for future payments that Svenska Spel is obliged to perform. Cash flow is discounted with a yield curve that is calculated based on existing liquid, market-valued nominal Swedish treasury bonds.

Where Svenska Spel has guaranteed winners in the Triss Månadsklöver lottery inflation-indexed payments, the future cash flow is indexed up with the actual consumer price index (CPI) and the discount curve used is an inflation-indexed curve calculated based on existing liquid, market-valued inflation-indexed Swedish treasury bonds.

Interest-rate risk, SEK million Nominal value, SEK million Present value weighted real discount rate, %
Unpaid winnings, Triss Månadsklöver, debt portfolio1    
Within 1 year  149 0.060
Within 1–5 years  533 0.080
More than 5 years  689 0.380
Unpaid winnings, Triss Månadsklöver, debt portfolio2    
Within 1 year  17 0.069
Within 1–5 years  67 0.451
More than 5 years  97 1.252
Total  1,552  
     

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