Note 35 Classification and valuation of financial assets and liabilities

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 2023 Group contingent considerations were SEK 6 million (20).

When calculating the fair value of interest-bearing receivables and liabilities, 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 derivatives and commodity derivatives. 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.

Classification of financial instruments and fair value

Valued at fair value via the income statement Derivatives used in hedge accounting Accrued acquisition value Total recognized value Fair value 1)
Group, MSEK 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022
Värderade till verkligt värde via resultaträkningen Derivat som används i säkringsredovisning Upplupet anskaffningsvärde Summa redovisat värde Verkligt värde 1)
Koncernen, Mkr 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022
Financial assets Finansiella tillgångar
Securities held as fixed assets Långfristiga värdepappersinnehav 46 67 46 67 46 67
Interest-bearing long-term receivables Räntebärande långfristiga fordringar 1,293 1,233 1,293 1,233 1,286 1,233
Other long-term receivables Övriga långfristiga fordringar 1 3 22 3 23 3 23
Accounts receivable Kundfordringar 6,854 8,454 6,854 8,454 6,854 8,454
Interest-bearing current receivables Räntebärande kortfristiga fordringar 1,345 384 1,345 384 1,345 384
Prepaid expenses and accrued income Förutbetalda kostnader och upplupna intäkter 451 3 451 3 451 3
Other current receivables Övriga kortfristiga fordringar 4 10 6 3 282 443 292 456 292 456
Cash and bank Likvida medel 1,243 1,506 1,243 1,506 1,243 1,506
Total financial assets Summa finansiella tillgångar 50 78 6 3 11,471 12,045 11,527 12,126 11,520 12,126
Financial liabilities Finansiella skulder
Interest-bearing long-term liabilities Räntebärande långfristiga skulder 7,046 7,665 7,046 7,665 7,015 7,593
Interest-bearing long-term liabilities, project financing Räntebärande långfristiga skulder, projektfinansiering 193 440 193 440 193 440
Other long-term liabilities Övriga långfristiga skulder 19 204 197 204 216 204 216
Interest-bearing current liabilities Räntebärande kortfristiga skulder 4,246 1,897 4,246 1,897 4,244 1,897
Interest-bearing current liabilities, project financing Räntebärande kortfristiga skulder, projektfinansiering 6,933 9,802 6,933 9,802 6,933 9,802
Accounts payable Leverantörsskulder 4,897 5,131 4,897 5,131 4,897 5,131
Accrued expenses and prepaid income Upplupna kostnader och förutbetalda intäkter 26 14 26 14 26 14
Other current liabilities Övriga kortfristiga skulder 17 6 5 1 32 104 54 111 54 111
Total financial liabilities Summa finansiella skulder 17 25 5 1 23,577 25,250 23,599 25,276 23,566 25,204

 

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 derivatives at fair value was included in the Group’s income statement for a total of SEK -2 million (9). The effects of valuing unlisted shares, participations and funds including received dividends amounted to SEK -26 million (2).

Valued at fair value via the income statement Accrued acquisition value Total recognized value Fair value
Parent company, MSEK 2023 2022 2023 2022 2023 2022 2023 2022
Värderade till verkligt värde via resultaträkningen Upplupet anskaffningsvärde Summa redovisat värde Verkligt värde
Moderbolaget, Mkr 2023 2022 2023 2022 2023 2022 2023 2022
Financial assets Finansiella tillgångar
Securities held as fixed assets Långfristiga värdepappersinnehav 0 0 0 0 0 0
Accounts receivable Kundfordringar 0 1 0 1 0 1
Current receivables Group companies Kortfristiga fordringar koncernföretag 4,940 2,274 4,940 2,274 4,940 2,274
Cash and bank Likvida medel 0 0 0 0 0 0
Total financial assets Summa finansiella tillgångar 0 0 4,940 2,275 4,940 2,275 4,940 2,275
Financial liabilities Finansiella skulder
Long-term liabilities Group companies Långfristiga skulder till koncernföretag 1,500 – 1,500 – 1,500
Accounts payable Leverantörsskulder 19 20 19 20 19 20
Current liabilities Group companies Kortfristiga skulder till koncernföretag 645 375 645 375 645 375
Total financial liabilities Summa finansiella skulder – – 664 1,895 664 1,895 664 1,895

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
   2023 2022 2023 2022 2023 2022
    Nivå 2 Nivå 3 Summa
Koncernen, Mkr 2023 2022 2023 2022 2023 2022
Financial assets Finansiella tillgångar
Securities held as fixed assets Långfristiga värdepappersinnehav 46 67 46 67
Of which unlisted shareholdings and participations Varav onoterade aktier och andelar 41 41 41 41
Of which unlisted funds Varav onoterade fonder 5 26 5 26
Other long-term receivables Övriga långfristiga fordringar 1 – 1
Of which commodity hedging with futures Varav råvarusäkring med termin 1 – 1
Other current receivables Övriga kortfristiga fordringar 10 13 10 13
Of which currency derivatives Varav valutaderivat 1 9 1 9
Of which commodity hedging with futures Varav råvarusäkring med termin 9 4 9 4
Total financial assets Summa finansiella tillgångar 10 14 46 67 56 81
Financial liabilities Finansiella skulder
Other long-term liabilities Övriga långfristiga skulder 19 – 19
Of which contingent consideration Varav villkorad köpeskilling 19 – 19
Other current liabilities Övriga kortfristiga skulder 16 6 6 1 22 7
Of which currency derivatives Varav valutaderivat 3 3 –
Of which commodity hedging with futures Varav råvarusäkring med termin 13 6 13 6
Of which contingent consideration Varav villkorad köpeskilling 6 1 6 1
Total financial liabilities Summa finansiella skulder 16 6 6 20 22 26

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 2023 2022 2023 2022
Långfristiga värdepappersinnehav
Onoterade fonder Onoterade aktier och andelar
Koncernen, Mkr 2023 2022 2023 2022
Opening balance Ingående balans 26 32 41 23
Investments Investeringar 5 2 18
Sales Försäljningar -1
Dividends received Erhållen utdelning -10
Reported in profit/loss for the year Redovisat i årets resultat
Other operating costs (+) / other operating income (-) Övriga rörelsekostnader (+) / övriga rörelseintäkter (-) 1
Net finance Finansnetto -26 2
Closing balance Utgående balans 5 26 41 41

 

    Contingent consideration
Group, MSEK
   2023 2022
    Villkorad köpeskilling
Koncernen, Mkr 2023 2022
Opening balance Ingående balans 20 2
Aquisitions during the year Årets förvärv 19
Payments during the year Årets utbetalningar -1
Reported in profit/loss for the year Redovisat i årets resultat
Other operating costs (+) / other operating income (-) Övriga rörelsekostnader (+) / övriga rörelseintäkter (-) -13
Reported in other comprehensive income Redovisat i övrigt totalresultat -1
Closing balance Utgående balans 6 20

 

Contingent consideration will be paid to the previous owner based on the a share of the profit as well as the outcome of certain specified projects. An agreement has been reached with the previous owner and amounts to SEK 6 million.