VVO Annual Report 2013 - Guarantees and contingent liabilities

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Guarantees and contingent liabilities

EUR 1,000			Group 2013	Group 2012	Parent company 2013	Parent company 2012
Guarantees given
Loans that mature in more than five years
	Capital loans		2,355	2,355
	Loans from financial institutions
		State-subsidised loans	257,880	275,964
		Interest subsidy loans	401,882	408,297
		Third-sector loans	1,577	1,968
		Other non-current loans	592,834	472,357	102,481	6,532
		Total	1,256,527	1,160,941	102,481	6,532

Loans for which mortgage on and shares in property have been given as a guarantee
	Loans from financial institutions		1,716,709	1,584,084	2,839	8,877
	Mortgages given		2,398,045	2,240,287	4,870	4,955
	Security deposit		849
	Shares		161,515	140,525
	Total value of pledged guarantees		2,560,409	2,380,813	4,870	4,955

	Land holding company loans from financial institutions		24,483	29,576
	Mortgages given		38,102	45,327

	Shares of loans allocated to unsold apartments owned by VVO Kodit Oy (VVO Rakennuttaja Oy)		1,874	3,176

EUR 1,000			Group 2013	Group 2012	Parent company 2013	Parent company 2012
Pledges given as guarantees for rent payment and street maintenance
	Real estate mortgages given		8,215	7,635

Guarantees given
	Absolute guarantee		250,691	230,539

Counter-guarantee for received external guarantees
	Counter-guarantee for guarantees		14,564	5,833	8,587	1,811

EUR 1,000					Parent company 2013	Parent company 2012
Guarantees for Group companies
Guarantees
	Guarantees given on behalf of Group companies				199,059	208,373

EUR 1,000			Group 2013	Group 2012
Other guarantees given
Guarantees given on behalf of others
		Pledged deposits	18	18
		Total	18	18

Guarantees given on behalf of others
		Counter-guarantees	3,727	4,032
		Guarantees given	1,800	1,800
		Total	5,527	5,832

EUR 1,000			Group 2013	Group 2012	Parent company 2013	Parent company 2012
Other liabilities

Leasing liabilities
	Cars
		Payable during the next financial year	857	910	126	122
		Payable later	1,263	1,195	237	93
		Total	2,119	2,105	364	215

	Phones
		Payable during the next financial year		46		46
		Payable later		1		1
		Total		47		47

Rent liabilities
		Rent liabilities on commercial premises	786	1,145
		Rent liabilities on plots	189,419	181,595

Most notable procurement commitments relating to investments in progress, which are not entered in the accounts
		New construction	68,132	37,742
		Renovations	25,977	13,623
		Total	94,109	51,365

Other liabilities
		VVO-group plc has a few individual disputes pending, but the company estimates these to be of negligible value. Group companies have made commitments restricting the assignment and pledging of shares owned by them.

VAT liabilities
		VAT repayment liabilities	3,163	3,082

Land purchase liabilities
		Transaction prices based on target construction rights and the draft local plan	8,659	7,263	3,813	3,813
		Liabilities for building public services	5,974	4,622		972

Construction liability
	The land use agreement related to the zoned areas Suurpelto I and II in Espoo includes schedules for construction sanctioned with delay penalties. In the agreement, the zoned areas are divided into three execution areas, in which VVO holds building rights as follows: area 2 - 18,217 (18,717) floor square metres and area 3 - 16,125 (16,125) floor square metres. The agreement stipulates that all of the residential building rights must be exercised by November 2013 in area 2 and by November 2016 in area 3. The schedules for building activities were not met in full. The delay penalty is graded based on the period of delay and can, if the delay has continued for at least five years, be up to half of the land use payments specified in the agreement. According to the agreement, the City of Espoo may, if circumstances change, lower the penalty or waive it altogether. The plot located in the City of Tampere (837-102-11-6) is subject to a schedule for construction sanctioned with delay penalties. The plots located in the City of Lahti (398-25-253-23 and 398-25-253-24) are subject to a schedule for construction, sanctioned with delay penalties. The land use agreement for blocks 62007 and 62025 in Jokiniemi, Vantaa includes schedules for construction sanctioned with delay penalties. The construction liability is divided into various forms of financing and ownership.