English - DFDS

98 NOTEs
DFDS annual report 2009
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Parent Company
(DKK ‘000)
CARRYING
AMOUNT
CONTRACTUAL
CASH FLOW
1 YEAR
OR LESS 1-3 YEARS 3-5 YEARS
MORE THAN
5 YEARS
2008
Non-derivative financial assets
Liquidity in banks 87,409 87,409 87,409 0 0 0
Non-derivative financial liabilities
Mortgages on ships -2,462,746 -2,801,705 -624,992 -645,291 -802,866 -728,556
Bank loans -179,376 -217,198 -94,566 -122,632 0 0
Bank overdrafts -118,959 -118,959 -118,959 0 0 0
Other interest-bearing loans -37,254 -40,923 -20,342 -20,581 0 0
Financial lease liabilities -11,662 -13,673 -13,673 0 0 0
Trade and other payables -88,917 -88,917 -88,917 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 -65,355 -104,657 -20,320 -57,242 -22,384 -4,711
Forward exchange contracts used for hedging -18,555 -18,555 -18,555 0 0 0
Oil contracts -35,472 -35,472 -35,472 0 0 0
-2,902,628 -3,323,650 -917,745 -847,388 -825,250 -733,267
2009
Non-derivative financial assets
Liquidity in banks 8,529 8,529 8,529 0 0 0
Non-derivative financial liabilities
Mortgages on ships -2,958,380 -3,101,222 -502,476 -1,214,745 -1,224,704 -159,297
Bank loans -119,626 -122,298 -61,784 -60,514 0 0
Bank overdrafts -440,003 -440,003 -440,003 0 0 0
Other interest-bearing loans -19,401 -20,403 -20,403 0 0 0
Trade and other payables -85,311 -85,311 -85,311 0 0 0
Derivative financial assets
Forward exchange contracts used for hedging 472 472 472 0 0 0
Oil contracts 10,420 10,420 10,420 0 0 0
Derivative financial liabilities
Interest swaps -74,745 -88,590 -36,602 -37,581 -13,844 -563
Forward exchange contracts used for hedging -1,747 -1,747 -1,747 0 0 0
-3,679,792 -3,840,153 -1,128,905 -1,312,840 -1,238,548 -159,860
Assumptions for the maturity table:
The maturity analysis is based on undiscounted cash flows including estimated interest payments. Interest payments are estimated based on existing market conditions.
The undiscounted cash flows related to derivative financial liabilities are presented at gross amounts unless the parties according to the contract have a right or obligation
to settle at net amount.
Credit risks
DFDS’s primary financial assets are trade receivables, other receivables, cash at bank and in hand and derivative financial instruments..
The credit risk is primarily attributable to trade receivables and other receivables.
The amounts in the balance sheet are stated net of reservation for bad debts, which has been estimated based on a specific assessment of the present economic situation.
DFDS’s risks regarding trade receivables are not considered unusual and no material risk is attached to a single customer or cooperative partner. According to the Group’s
policy of undertaking credit risks, current credit ratings of all major customers and other cooperative partners are performed. A few customers have provided guarantees
for payment. These guarantees constitutes totally DKK 3.3 million in 2009 (2008: DKK 62.5 million, 2007: 4,4 million). Besides the reservations mentioned in Note 15 no
other reservations on receivables have been done and no insurance cover has been taken out on any of the receivables.
The credit risk of cash at bank and in hand and derivative financial instruments is limited, because DFDS and 100% owned group enterprises uses financial partners, which
at a minimum have a solid credit rating (P-1 from Moody’s). The financial partners are monitored continuously throughout the year.
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