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Note 11 - Financial instruments

Financial assets, Group      
  Financial assets measured at fair value in profit and loss        
SEK million, 31 Dec. 2014 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   1,338 1,338
Treasury bonds   294 294
Zero-coupon bonds, commercial paper and deposits   558 558
Trade and other current receivables   611 611
Set off, National Debt Office   1,150 1,150
Cash and cash equivalents   3,116 3,116
Total           7,068
             
  Financial assets measured at fair value in profit and loss        
SEK million, 31 Dec. 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
             
  2014   2013
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 1,338 1,338   1,417 1,417
Treasury bonds 294 294   168 168
                   
Financial assets recognised at accrued cost                  
Trade and other current receivables 611 611   750 750
Set off, National Debt Office 1,150 1,150   1,200 1,200
Cash and cash equivalents 3,116 3,116   3,039 3,039
                   

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 1,632 million (1,585), of which SEK 1,433 million (1,489) comprises the non-current portion and SEK 200 million (96) the current portion. Investments and sales totalled an expense of SEK 55 million (expense: 25) and change in value was SEK 103 million (neg: 68).

Interest-rate risk, SEK million Nominal value Maturity date Coupon rate, %
Swedish inflation-indexed treasury bonds      
1576 7 2015-03-18 6.00
3105 136 2015-12-01 3.50
3107 337 2017-06-01 0.50
3102 162 2020-12-01 4.00
3108 157 2022-06-01 0.25
3109 146 2025-06-01 1.00
3104 116 2028-12-01 3.50
Total 1,061    
       
Swedish treasury bonds      
1049 18 2015-08-12 4.50
1050 19 2016-07-12 3.00
1051 29 2017-08-12 3.75
1052 37 2019-03-12 4.25
1047 36 2020-12-01 5.00
1054 35 2022-06-01 3.50
1057 20 2023-11-13 1.50
1058 36 2025-05-12 2.50
1056 16 2032-06-01 2.25
1053 5 2039-03-30 3.50
Total 251    
       
  Nominal value Maturity date Effective interest
rate, %
Investments in zero-coupon bonds, commercial paper and deposits      
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 + 0.40
Total 557    
       
Cash and cash equivalents 3,116   0.97
       
Financial liabilities, Group      
  Financial liabilities measured at fair value in profit and loss    
SEK million, 31 Dec. 2014 Holdings
for trading
Classified on
the initial
recognition date
Other financial liabilities Total
fair value
Unpaid winnings 1,505 462 1,967
    of which Triss Månadsklöver 1,505 1,505
Trade payables and other current liabilities 456 456
Settlement funds 227 227
Funded winnings 611 611
Other non-current liabilities 13 13
Total       3,274
         
  Financial liabilities measured at fair value in profit and loss    
SEK million, 31 Dec. 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
         
  2014   2013
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 1,505 1,505   1,472 1,472
                   
Financial liabilities recognised at accrued cost                  
Trade payables and other current liabilities 456 456   474 474
Unpaid winnings 462 462   397 397
Settlement funds 227 227   198 198
Funded winnings 611 611   442 442
Other non-current liabilities 13 13   15 15
                   

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 pertains to liabilities to winners in the Triss Månadsklöver game 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 by 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 portfolio 1    
Within 1 year 143 0.020
Within 1–5 years 491 –0.090
More than 5 years 579 –0.100
Unpaid winnings, Triss Månadsklöver, debt portfolio 2    
Within 1 year 26 0.006
Within 1–5 years 105 0.021
More than 5 years 160 0.409
Total 1,505  
     

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