Download annual report 2011 here - Dantherm

INDEX INDEXNotesNotesDKK '000 31.12.11 31.12.1014. Payables to credit institutionsPayables to credit institutions are recognised as follows:Short-term payables 68,145 39,383Total payables to credit institutions 68,145 39,38316. contingent liabilitiesUsual guarantees have been furnished in connection with the divestment of companies in 2010. At the end of 2011, the only outstanding guaranteeswere usual guarantees relating to tax and environment in connection with the divestment of Dantherm Filtration in 2010.The parent is jointly and severally liable with other consolidated companies for the group's debt with the main banks which totals DKK 98,210k, includingthe company's own debt. (2010: DKK 74,875k).The parent's risk management policyAs a result of its operations, investments and financing, the parent is exposed to changes in interest rate levels. It is group policy to identify and hedgeall significant financial risks in an expedient manner and not to engage in active speculation in financial risks.Currency risksThe parent is not exposed to any currency risks in relation to loans as these are all arranged in DKK.The parent has guaranteed the subsidiaries' balances with FIH which total DKK 99,723k (2010: DKK 105,234k).The parent is jointly and severally liable with the jointly registered consolidated enterprises Dantherm Air Handling A/S, Dantherm Air Handling HoldingA/S and ERO A/S for the total VAT commitment of DKK 2,598k.The shares in Dantherm Air Handling Holding A/S have been pledged with the group's banks.Interest rate risksThe parent's bank financing carries a floating interest rate. This involves a risk of changes in interest payments, both in the short and in the long term.The company regularly assesses the expediency of entering into agreements fully or partly hedging the interest rate risk.All else being equal, an increase in interest rate levels of 1% per year relative to the interest rate levels at the balance sheet date would have had a negativeeffect of approx. DKK 0.7m on the results and equity. Similarly, a fall in interest rate levels would have had a positive effect.effective interest rate Carrying amountLoan/maturity Fixed/floating 31.12.11 31.12.10 31.12.11 31.12.10DKK Floating 4-6% 5-6% 68,145 39,383Total 68,145 39,383DKK '000 31.12.11 31.12.1017. Contractual obligationsObligations in respect of lease and operating lease payments constitute:Next year 421 5192-5 years 1,331 1,436After 5 years 766 766Total contractual obligations 2,518 2,721Operating leases and leases recognised in the income statement 608 668The carrying amount corresponds to the fair value of all loans.At the end of 2011, the group had unutilised liquidity reserves of DKK 47m under the agreement by which the parent is comprised. At the end of 2010,the unutilised liquidity reserves amounted to DKK 59m.18. related partiesSee note 30 in the consolidated financial statements for a description of related parties.The parent's balances with group enterprises are stated in note 12 and note 15 and carry floating market interest rates.DKK '000 31.12.11 31.12.1015. Trade payables and other payablesPayables to group enterprises 5,109 5,584Payables to associates 0 430Trade payables 954 6,136Other payables 11,933 8,444Trade payables and other payables, total 17,996 20,594Transactions with associates comprise only loans, as can be seen from note 12.Interest on balances with group enterprises is stated in note 6 and note 7.A management fee of DKK 6,158k has been invoiced to the subsidiaries.19. Events occurring after the balance sheet dateNo important events have occurred after the balance sheet date.90 Dantherm Annual Report 2011 Annual Report 2011 Dantherm 91