The ATP Group Annual Report 2012

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Management's Review Business Model Risk Pension Hedging and Investment Hedging Investment Administration Social Responsibility The ATP Group Financial StatementsNote 39 Liquidity risksLiquidity risk is the risk that the ATP Group will not have sufficient fundsavailable to meet its contractual obligations when they fall due.Liquidity management at the ATP Group is conducted through continuousmonitoring and management of the Group's liquidity risk, e.g. throughpreparation of current cash budgets. The primary objective of the Group'sliquidity management is to ensure that the Group has a cash buffer whichis sufficient to enable it to meet its contractual obligations.Liquidity risk is associated primarily with contribution payments, pensionbenefitpayouts and payment of tax on pension-savings returns.Tax on pension-savings returns is settled twice a year in the followingaccounting period, with a payment on account in February and final settlementin May. In connection with the calculation and settlement of taxon pension-savings returns, it is ensured that ATP has sufficient cash, e.g.through sale of financial assets.The Group's cash reserves are comprised of cash and cash equivalentsand other financial assets and unutilised credit facilities.In the table below, the Group’s and ATP’s financial assets and liabilitiesare broken down by contractual maturity including interest. Equity investmentsare placed in the 0-1-year category.The net liquidity effect on contribution payments and pension payoutsover the year is very modest.Financial assets2012 Group 0-1 years 1-5 years 6-15 years 16-20 yearsMore than 20yearsTotalDKK millionEquity investments 64,813 0 0 0 0 64,813Bonds 95,493 178,035 128,571 45,865 267,530 715,494Financial derivatives 188,715 71,272 145,875 65,767 129,944 601,573Loans to portfolio companies 382 103 191 86 0 762Other loans 2 21 0 0 0 23Contributions receivable 2,300 0 0 0 0 2,300Other receivables 2,751 21 0 0 0 2,772Interest receivable 5,699 0 0 0 0 5,699Receivables from credit institutions 46,273 0 0 0 0 46,273Cash and demand deposits 4,991 0 0 0 0 4,991Total 411,419 249,452 274,637 111,718 397,474 1,444,7002011 Group 0-1 years 1-5 years 6-15 years 16-20 yearsMore than 20yearsTotalDKK millionEquity investments 64,370 0 0 0 0 64,370Bonds 117,120 162,716 132,865 42,072 233,340 688,113Financial derivatives 138,905 84,492 189,723 74,577 157,316 645,013Loans to portfolio companies 54 439 333 125 0 951Other loans 18 25 0 0 0 43Contributions receivable 2,291 0 0 0 0 2,291Other receivables 10,456 0 0 0 0 10,456Interest receivable 5,337 0 0 0 0 5,337Receivables from credit institutions 57,630 0 0 0 0 57,630Cash and demand deposits 2,688 0 0 0 0 2,688Total 398,869 247,672 322,921 116,774 390,656 1,476,892The ATP Group – Annual Report 2012120
Management's Review Business Model Risk Pension Hedging and Investment Hedging Investment Administration Social Responsibility The ATP Group Financial StatementsNote 39, Liquidity risks, continued2012 ATP 0-1 years 1-5 years 6-15 years 16-20 yearsMore than 20yearsTotalDKK millionEquity investments 29,068 0 0 0 0 29,068Bonds 92,491 169,584 116,934 44,083 263,465 686,557Financial derivatives 186,329 71,272 145,875 65,767 129,944 599,187Loans to portfolio companies 117 103 191 86 0 497Contributions receivable 2,253 0 0 0 0 2,253Receivables from subsidiaries 27,664 0 0 0 0 27,664Other receivables 2,710 0 0 0 0 2,710Interest receivable 5,427 0 0 0 0 5,427Receivables from credit institutions 46,273 0 0 0 0 46,273Cash and demand deposits 3,363 0 0 0 0 3,363Total 395,695 240,959 263,000 109,936 393,409 1,402,9992011 ATP 0-1 years 1-5 years 6-15 years 16-20 yearsMore than 20yearsTotalDKK millionEquity investments 29,776 0 0 0 0 29,776Bonds 116,088 154,804 121,025 40,192 230,255 662,364Financial derivatives 138,886 84,492 189,723 74,577 157,316 644,994Loans to portfolio companies 54 178 327 125 0 684Contributions receivable 2,249 0 0 0 0 2,249Receivables from subsidiaries 43,807 0 0 0 0 43,807Other receivables 10,095 0 0 0 0 10,095Interest receivable 5,038 0 0 0 0 5,038Receivables from credit institutions 57,630 0 0 0 0 57,630Cash and demand deposits 2,014 0 0 0 0 2,014Total 405,637 239,474 311,075 114,894 387,571 1,458,651The ATP Group – Annual Report 2012121
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The ATP Group Annual Report 2012

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