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AAK Annual Report 2015

57 Disclosure of financial liabilities by maturity date, December 31, 2014 Total amount Less than 1 year Between 1 and 2 years Between 2 and 5 years More than 5 years Non-current liabilities Financial liabilities Liabilities to banks and credit institutions 2,538 - 32 2,099 407 Other non-current liabilities 24 - - - 24 Total non-current liabilities 2,562 - 32 2,099 431 Interest on liabilities to banks and credit institutions 439 76 76 226 61 Total non-current liabilities and interest 3,001 76 108 2,325 492 Current liabilities Financial liabilities Liabilities to banks and credit institutions 89 89 - - - Accounts payables 2,244 2,244 - - - Derivative financial instruments 281 281 - - - Accrued expenses 587 587 - - - Other current liabilities 161 161 - - - Total current liabilities 3,362 3,362 - - - Interest on liabilities to banks and credit institutions 1 1 - - - Total current liabilities and interest 3,363 3,363 - - - Unused credit facilities available to the Group at the 2014 year-end Total amount Less than 1 year Between 1 and 2 years Between 2 and 5 years More than 5 years Unused credit facilities 3,428 - - 3,428 - The Group’s cash and cash equivalents of SEK 459 million, available credit facilities of SEK 3,766 million and future cash generated by the business are together deemed sufficient for the Group to meet its financial commitments. Credit risk The Company is exposed to credit risk primarily in relation to accounts receivables and customer contracts. Risk in the latter case is represented by customers’ failure to meet their commitments due to changes in market prices.   Generally, AAK’s credit risks are significantly limited due to the stable, long-term business relationships we have with our customers and suppliers.   The customer structure for the Group is such that its single-largest customer is responsible for less than 5 percent of its total sales, and the average customer corresponds to less than 1 percent.   Nearly a quarter of the Group’s sales occur in countries where the political and commercial risks are deemed to be higher than in Western economies. However, we experience only a limited need for impairments even in these countries. This is largely due to the fact that a significant portion of our business in these countries is with large multinational companies that also do business worldwide. The partners with whom we do business are also primarily companies with which we have stable, long-term relationships.   Each business segment is responsible for managing its customer credit risks, while our large production facilities are responsible for managing their counterparty risk in relation to raw material procurement. Provisions for doubtful accounts receivables 2015 2014 Provisions at January 1 23 23 Provisions for potential losses 2 3 Unused amount reversed 0 -3 Exchange differences 0 0 Provisions at December 31 25 23 Provisions for impairments are entirely related to accounts receivables. Total accounts receivables excluding provisions were SEK 2,401 million (2,497). Past due assets not considered impaired SEK million 2015 2014 1-30 days 334 335 31-120 days 52 115 121-360 days 1 2 Over 360 days 0 0 387 452


AAK Annual Report 2015
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