Note 34 Valuation of financial assets and liabilities at fair value

Group financial instruments are valued either at accrued acquisition value or fair value depending on how the instrument is classified according to IFRS 9. Items which have been the object of valuation at fair value are unlisted shareholdings and participations, different types of derivatives, unlisted funds and contingent consideration.

Group unlisted shareholdings are valued at fair value. The fair value of the Group’s shares in unlisted funds is based on the valuation received from the managing institute. The valuation belongs to level 3 in the fair value hierarchy. However, the Group does not have access to the information about the input data used by the institute for the valuation and therefore no information about such data is given. The fair value of the Group’s contingent considerations has been calculated as the current value of the amount expected to be paid according to each respective contract. At the end of 2021 Group contingent considerations were SEK 2 million (–).

When calculating the fair value of interest-bearing receivables and liabilities and interest rate swaps, future cash flows were discounted to the listed market interest rate for the remaining terms of maturity. Spot rates on the balance sheet date were used to calculate the fair value of currency swaps. The recognized value of non-interest-bearing asset and liability items such as accounts receivable and accounts payable with a remaining maturity of less than six months is believed to reflect the fair value. The tables below show the recognized values compared to the estimated fair value per type of financial asset and liability.

Valued at fair value via the income statement Derivatives used in hedge accounting Accrued acquisition value Total recognized value Fair value
Group, MSEK 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020
Värderade till verkligt värde via resultaträkningen Derivat som används i säkringsredovisning Upplupet anskaffningsvärde Summa redovisat värde Verkligt värde
Koncernen, Mkr 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020
Financial assets Finansiella tillgångar
Securities held as fixed assets Långfristiga värdepappersinnehav 55 60 55 60 55 60
Interest-bearing long-term receivables Räntebärande långfristiga fordringar 1,208 1,257 1,208 1,257 1,211 1,259
Other long-term receivables Övriga långfristiga fordringar 0 69 72 69 72 69 72
Accounts receivable Kundfordringar 7,802 7,482 7,802 7,482 7,802 7,482
Interest-bearing current receivables Räntebärande kortfristiga fordringar 342 85 342 85 342 85
Prepaid expenses and accrued income Förutbetalda kostnader och upplupna intäkter 0 2 0 2 0 2
Other current receivables Övriga kortfristiga fordringar 8 5 748 510 756 515 756 515
Liquid funds Likvida medel 2,951 968 2,951 968 2,951 968
Total financial assets Summa finansiella tillgångar 63 65 – – 13,120 10,376 13,183 10,441 13,186 10,443
Financial liabilities Finansiella skulder
Interest-bearing long-term liabilities Räntebärande långfristiga skulder 5,281 4,289 5,281 4,289 5,281 4,289
Interest-bearing long-term liabilities, project financing Räntebärande långfristiga skulder, projektfinansiering 346 75 346 75 346 75
Other long-term liabilities Övriga långfristiga skulder 0 8 188 80 188 88 188 88
Interest-bearing current liabilities Räntebärande kortfristiga skulder 2,386 2,647 2,386 2,647 2,386 2,647
Interest-bearing current liabilities, project financing Räntebärande kortfristiga skulder, projektfinansiering 7,003 4,981 7,003 4,981 7,003 4,981
Accounts payable Leverantörsskulder 4,992 4,687 4,992 4,687 4,992 4,687
Accrued expenses and deferred income Upplupna kostnader och förutbetalda intäkter 7 6 7 6 7 6
Other current liabilities Övriga kortfristiga skulder 4 4 2 287 115 293 119 293 119
Total financial liabilities Summa finansiella skulder 4 4 2 8 20,490 16,880 20,496 16,892 20,496 16,892
Unrecognized profit/loss 1) Oredovisade vinster/förluster 1) 3 2

 

1) In all cases where there is a difference between recognized value and fair value the valuation belongs to level 3 in the fair value hierarchy.

The effect of valuing currency swaps at fair value was included in the Group’s income statement for a total of SEK 0 million (0). The effects of valuing unlisted shares and funds including received dividends amounted to SEK 4 million (16).

Valued at fair value via the income statement Accrued acquisition value Total recognized value Fair value
Parent company, MSEK 2021 2020 2021 2020 2021 2020 2021 2020
Värderade till verkligt värde via resultaträkningen Upplupet anskaffningsvärde Summa redovisat värde Verkligt värde
Moderbolaget, Mkr 2021 2020 2021 2020 2021 2020 2021 2020
Financial assets Finansiella tillgångar
Other securities held as fixed assets Långfristiga värdepappersinnehav 0 0 0 0 0 0
Accounts receivable Kundfordringar 0 0 0 0 0 0
Current receivables Group companies Kortfristiga fordringar koncernföretag 2,271 1,655 2,271 1,655 2,271 1,655
Other current receivables Övriga kortfristiga fordringar 1 3 1 3 1 3
Cash and bank Likvida medel 0 0 0 0 0 0
Total financial assets Summa finansiella tillgångar  0  0 2,272 1,658 2,272 1,658 2,272 1,658
Financial liabilities Finansiella skulder
Long-term liabilities Group companies Långfristiga skulder till koncernföretag 2,281 2,697 2,281 2,697 2,281 2,697
Accounts payable Leverantörsskulder 20 36 20 36 20 36
Current liabilities Group companies Kortfristiga skulder till koncernföretag 269 129 269 129 269 129
Total financial liabilities Summa finansiella skulder 0 0 2,570 2,862 2,570 2,862 2,570 2,862

Fair value

Measurement of fair value is based on a three-level hierarchy;

Level 1: prices that reflect quoted prices on an active market for identical assets
Level 2: based on direct or indirect observable inputs not included in level 1
Level 3: based on inputs unobservable to the market

The table below shows the allocated level of financial assets and financial liabilities recognized at fair value in the Group balance sheet.

    Level 2
 Level 3
 Total
Group, MSEK
   2021 2020 2021 2020 2021 2020
    Nivå 2 Nivå 3 Summa
Koncernen, Mkr 2021 2020 2021 2020 2021 2020
Financial assets Finansiella tillgångar
Securities held as fixed assets Långfristiga värdepappersinnehav 55 60 55 60
Whereof unlisted shareholdings and participations Varav onoterade aktier och andelar 23 23 23 23
Whereof unlisted funds Varav onoterade fonder 32 37 32 37
Other current receivables Övriga kortfristiga fordringar 8 5 8 5
Whereof currency derivatives Varav valutaderivat 1 1 –
Whereof commodity hedging with futures Varav råvarusäkring med termin 7 5 7 5
Total financial assets Summa finansiella tillgångar 8 5 55 60 63 65
Financial liabilities Finansiella skulder
Other long-term liabilities Övriga långfristiga skulder 8 – 8
Whereof interest rate swaps Varav ränteswappar 8 – 8
Other current liabilities Övriga kortfristiga skulder 6 4 6 4
Whereof interest rate swaps Varav ränteswappar 2  2 –
Whereof currency derivatives Varav valutaderivat 1 2 1 2
Whereof commodity hedging with futures Varav råvarusäkring med termin 1 2 1 2
Whereof contingent consideration Varav villkorad köpeskilling 2 2 –
Total financial liabilities Summa finansiella skulder 6 12 – – 6 12

The tables below shows reconciliation between the opening and closing balance for assets and liabilities included in level 3.

Securities held as fixed assets
Unlisted funds Unlisted shares and participations
Group, MSEK Dec 31, 2021 Dec 31, 2020 Dec 31, 2021 Dec 31, 2020
Långfristiga värdepappersinnehav
Onoterade fonder Onoterade aktier och andelar
Koncernen, Mkr 31 dec 2021 31 dec 2020 31 dec 2021 31 dec 2020
Opening balance Ingående balans 37 58 23 24
Investments Investeringar 4 4
Sales Försäljningar -1
Dividends received Erhållen utdelning -12 -21
Reported in profit/loss for the period Redovisat i periodens resultat
Net finance Finansnetto 3 -4
Closing balance Utgående balans 32 37 23 23

 

    Contingent consideration
Group, MSEK
   Dec 31, 2021 Dec 31, 2020
    Villkorad köpeskilling
Koncernen, Mkr 31 dec 2021 31 dec 2020
Opening balance Ingående balans – 1
Aquisitions during the period Periodens förvärv 2 –
Payments during the year Årets utbetalningar – -1
Closing balance Utgående balans 2 –

 

1) Recognized in net financial items.

The contingent consideration will amount from SEK 0 million to maximum of SEK 6 million.