English - DFDS

96 NOTEs
DFDS annual report 2009
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Liquidity risks
DFDS aims to maintain a minimum cash resource of DKK 300 million, which is regarded as sufficient for the current operation. The cash resources are managed at Group
level, and 12-months rolling cash forecasts are prepared on a monthly basis. The cash resources at 31 December 2009 is DKK 466 million (2008: DKK 913 million, 2007:
DKK 1,181 million). The central treasury department manages excess liquidity and cash resources. Cash at bank and in hand are primarily placed in the short money
market and due to banks are drawn mostly on money market lines.
The following are the contractual maturities of financial liabilities, including estimated interest payments and excluding the impact of netting agreements:
Consolidated
(DKK ‘000)
CARRYING
AMOUNT
CONTRACTUAL
CASH FLOW
1 YEAR
OR LESS 1-3 YEARS 3-5 YEARS
MORE THAN
5 YEARS
2007
Non-derivative financial assets
Liquidity in banks 104,952 104,952 104,952 0 0 0
Non-derivative financial liabilities
Mortgages on ships -3,773,088 -4,065,594 -699,662 -1,129,014 -731,076 -1,505,842
Bank loans -327,726 -350,991 -89,389 -201,016 -60,586 0
Other interest-bearing loans -165,080 -176,864 -41,558 -83,220 -18,514 -33,572
Financial lease liabilities -86,531 -93,528 -36,519 -57,009 0 0
Trade and other payables -411,484 -411,484 -411,484 0 0 0
Derivative financial assets
Interest swaps 21,602 28,049 8,279 12,454 5,566 1,750
Forward exchange contracts used for hedging 2,843 2,843 2,778 65 0 0
Derivative financial liabilities
Interest swaps -33,244 -41,860 -8,471 -14,448 -11,352 -7,589
Forward exchange contracts used for hedging -16,130 -16,130 -16,130 0 0 0
-4,683,886 -5,020,607 -1,187,204 -1,472,188 -815,962 -1,545,253
2008
Non-derivative financial assets
Liquidity in banks 87,409 87,409 87,409 0 0 0
Non-derivative financial liabilities
Mortgages on ships -3,155,435 -3,614,317 -886,864 -828,491 -974,066 -924,896
Bank loans -252,441 -262,190 -94,566 -167,624 0 0
Bank overdrafts -124,469 -124,469 -124,469 0 0 0
Other interest-bearing loans -134,453 -160,561 -50,123 -40,694 -13,120 -56,624
Financial lease liabilities -54,373 -57,009 -35,341 -21,668 0 0
Trade and other payables -308,317 -308,317 -308,317 0 0 0
Derivative financial assets
Interest swaps 1,257 1,998 3,640 -1,642 0 0
Forward exchange contracts used for hedging 27,002 27,002 27,002 0 0 0
Derivative financial liabilities
Interest swaps -69,495 -110,188 -20,950 -61,675 -22,852 -4,711
Forward exchange contracts used for hedging -44,022 -44,022 -44,022 0 0 0
Oil contracts -35,472 -35,472 -35,472 0 0 0
-4,062,809 -4,600,136 -1,482,073 -1,121,794 -1,010,038 -986,231
Note 28 continued on the next page >>>