VVO Annual Report 2013 - 10. Non-current liabilities

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10. Non-current liabilities

EUR 1,000			Group 2013	Group 2012
Deferred tax assets and liabilities
	Due to appropriations
	Calculated on depreciation difference
		Value as at 1 Jan	31,037	27,055
		Increases	0	4,006
		Decreases	-3,106	-23
		Value as at 31 Dec	27,932	31,037

	Calculated on residential housing reserve
		Value as at 1 Jan	74,745	72,656
		Increases	508	4,462
		Decreases	-14,478	-2,373
		Value as at 31 Dec	60,775	74,745

	Calculated on consolidation measures
		Deferred tax liabilities
		Value as at 1 Jan	7,790	7,965
		Increases	9,607	5
		Decreases	-1,689	-180
		Value as at 31 Dec	15,709	7,790

		Deferred tax assets due to consolidation measures and other timing differences between accounting and taxation
		Value as at 1 Jan	-5,403	-4,919
		Increases	-527	-1,758
		Decreases	1,997	1,273
		Value as at 31 Dec	-3,933	-5,403

	Total deferred tax liabilities as at 31 Dec		100,482	108,169

EUR 1,000			Group 2013	Group 2012	Parent company 2013	Parent company 2012
Non-current liabilities
	Deferred tax liabilities		100,482	108,169
	Capital loans		2,355	2,355
	Loans from financial institutions
		Primary loans	22	431
		Mortgages	1,248	2,211
		State-subsidised loans	301,214	315,184
		Interest subsidy loans	597,980	597,286
		Third-sector loans	3,144	3,701
		Other non-current loans	774,432	638,653	107,819	8,248
	Received advance payments		6	14
	Trade payables		2
	Debts to Group companies
		Promissory notes				5,229
	Other debts		8,739	7,369
	Total non-current liabilities		1,789,625	1,675,371	107,819	13,477

EUR 1,000			Group 2013	Group 2012	Parent company 2013	Parent company 2012
Derivatives
	Interest rate swaps *)
		Nominal value	311,513	317,050	7,637	8,040
		Valuation	-25,702	-36,445	-659	-935
		*) The bank may change the interest rate for some swaps in certain situations.

	Interest rate swaps to be dissolved **)
		Nominal value	10,000	10,000
		Valuation	-1,573	-2,167
		**) The bank may dissolve the interest rate hedging in certain situations.

	Interest rate options bought and written
		Nominal value	23,398	24,990
		Valuation	-308	-572

	Total
		Nominal value	344,911	352,040	7,637	8,040
		Fair value	-27,583	-39,185	-659	-935

	Swaptions
		Nominal value	28,010	28,010
		Fair value	-1,551	-2,422
Of the above-mentioned valuation differences, only swaptions have been recognised through profit or loss. The average maturity of derivatives is 6.6 (6) years.

Capital loans

Subordinated loan of Suomen Vuokratalot Oy, 2001

Suomen Vuokratalot Oy received a subordinated loan of EUR 2,354,630.97 from the City of Tampere in 2001, on the following essential loan terms:
The loan shall be repaid in 20 years. The interest rate is fixed at 5.5% per annum for the first five years, and thereafter the six-month Euribor rate plus 0.75 percentage points. The loan interest will be paid only if the amount to be paid is available for profit distribution in accordance with the company's latest confirmed balance sheet. The interest rates are accrued in the financial statements. Suomen Vuokratalot Oy has merged with VVO Kodit Oy, and the subordinated loan was transferred to VVO Kodit Oy under the same terms and conditions.