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52
note 22. Trade and other receivables
Group
31/12/2010 31/12/2009
Trade receivables – net 731,230 749,303
Advance payments to suppliers 975 725
Prepaid expenses 74,872 77,893
Accrued interest income 500 52
Other accrued income 18,305 28,050
Receivables from Parent Company – non interest-bearing 37
Other receivables – interest-bearing 19,112 31,245
Other receivables – non interest-bearing 30,843 44,971
Total 875,837 932,276
whereof non-current portion 14,787 20,910
whereof current portion 861,050 911,366
Credit risk
There is no concentration of credit risks for trade receivables, as the Group has a
large number of customers who are well dispersed internationally. Receivables
are tested for impairment at the company level after individual assessment of
each customer. In the impairment test, the financial position and solvency of each
customer is considered.
The Group has recognised losses on trade receivables for the year amounting
to SEK 8,302 thousand (19,830). The losses are recognised in other expenses in
the income statement. The table below shows the age structure of outstanding
trade receivables:
31/12/2010 Not due
Between
Within 61 days-
60 days 1 year
Later
than
1 year Total
Trade receivables 589,575 124,331 23,419 18,844 756,169
Provision for impairment
of receivables -1,003 -2,282 -6,362 -15,292 -24,939
Trade receivables – net 588,572 122,049 17,057 3,552 731,230
31/12/2009 Not due
Between
Within 61 days-
60 days 1 year
Later
than
1 year Total
Trade receivables 579,091 145,338 31,946 22,247 778,622
Provision for impairment
of receivables -2,151 -2,202 -8,069 -16,897 -29,319
Trade receivables – net 576,940 143,136 23,877 5,350 749,303
The other categories within trade and other receivables do not contain impaired
assets.
The credit quality of trade and other receivables that are neither past due nor
impaired is good since the receivables relate to customers with high credit ratings
and/or good solvency.
The carrying amounts of trade and other receivables are equal to their fair values.
The maximum exposure to credit risk at the reporting date is the fair value of each
class of Trade and other receivables. The Group does not hold any collateral as
security for trade receivables past due.
note 23. inventories
Group
31/12/2010 31/12/2009
Raw materials 211
Work in progress 4,843 10,158
Finished goods 802 1,338
Total 5,856 11,496
note 24. cash and cash equivalents
Group
31/12/2010 31/12/2009
Cash at bank and on hand 259,167 367,844
Total 259,167 367,844
note 25. Borrowings
Group
Non-current borrowings 31/12/2010 31/12/2009
Bank borrowings 1,891,051 2,287,314
Loans from shareholders 1,228,608 1,137,600
Borrowings for finance leases 74,574 88,806
Other borrowings 9,382 15,243
Subtotal 3,203,615 3,528,963
Current borrowings
Bank borrowings 336,006 323,120
Borrowings for finance leases 3,699 3,461
Other borrowings 7,570 5,770
Subtotal 347,275 332,351
Total 3,550,890 3,861,314
Bank borrowings mature until 31 January 2013 and carry interest equal to current
3-month STIBOR plus 1.25%. 85% of the variable interest is converted to fixed
interest until the maturity date through the use of interest rate swaps. Bank borrowings
are secured by shares in subsidiaries of the Parent Company.
The Group has granted bank overdraft amounting to SEK 100 million (100). In
addition, the Group has a revolving credit facility of SEK 300 million. At the end of
the year, SEK 25 million of the revolving credit had been utilised.
Interest rate risks
The exposure of the Group’s borrowings to changes in interest rates and contractual
dates for interest rate conversion is as follows:
Date for interest rate conversion
or maturity date
31/12/2010
Carrying
amount
Within
1 year
Between
1–5 years
Later than
5 years
Bank borrowings 2,227,057 336,006 1,891,051
Loans from shareholders 1,228,608 1,228,608
Borrowings for finance leases 78,273 3,699 15,307 59,267
Other borrowings 16,952 7,570 9,382
Date for interest rate conversion
or maturity date
Carrying Within Between Later than
31/12/2009
amount 1 year 1–5 years 5 years
Bank borrowings 2,610,434 323,120 2,287,314
Loans from shareholders 1,137,600 1,137,600
Borrowings for finance leases 92,267 3,461 15,936 72,870
Other borrowings 21,013 5,770 15,243
The fair values of the Group’s borrowings are equal to their carrying amounts. The
carrying amounts of the borrowings are denominated in the following currencies:
31/12/2010 31/12/2009
SEK 2,888,495 3,002,430
EUR 647,198 837,683
USD 15,152 21,013
Other currencies 45 188
Total 3,550,890 3,861,314