General
For general information on financial risk management relevant to TeliaSonera AB, see “Notes to Consolidated Financial Statements” (Note 28).
Credit risk management
TeliaSonera's exposure to credit risk arises from default of the counterparty, with a maximum exposure equal to the carrying amount of these instruments (detailed in the respective note and excluding receivables from subsidiaries), as follows.
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|
December 31, | ||
|---|---|---|---|
| SEK in millions | Note | 2008 | 2007 |
| Other financial assets | 11 | 4,437 | 772 |
| Trade and other receivables | 13 | 1,845 | 1,890 |
| Short-term investments, cash and cash equivalents | 14 | 6,202 | 2,790 |
| Total |
|
12,484 | 5,452 |
For additional information on credit risk management relevant to TeliaSonera AB, see “Notes to Consolidated Financial Statements” (corresponding section in Note 28).
Liquidity risk management
As of December 31, 2008, contractual undiscounted cash flows for interest-bearing borrowings and non-interest-bearing currency derivatives represented the following expected maturities, including estimated interest payments. The balances due within 12 months equal their carrying values as the impact of discounting is insignificant. Corresponding information on non-interest-bearing liabilities are presented in Note 20 “Short-term Provisions, Trade Payables and Other Current Liabilities.”
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Expected maturity SEK in millions |
2009 | 2010 | 2011 | 2012 | 2013 | Later years | Total |
|---|---|---|---|---|---|---|---|
| Open-market financing program borrowings | 4,592 | 8,949 | 6,129 | 8,433 | 7,646 | 25,990 | 61,739 |
| Other borrowings | 6,264 | 121 | 1,576 | 519 | 377 | – | 8,857 |
| Cross currency interest rate swaps and interest rate swaps |
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|
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| Payables | 1,507 | 3,625 | 2,442 | 6,156 | 4,470 | 8,794 | 26,994 |
| Receivables | -1,678 | -4,165 | -2,656 | -7,254 | -5,201 | -10,538 | -31,492 |
| Currency swaps and forward exchange contracts |
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|
|
|
|
|
|
| Payables | 36,528 | – | – | – | – | – | 36,528 |
| Receivables | -36,386 | – | – | – | – | – | -36,386 |
| Total, net | 10,827 | 8,530 | 7,491 | 7,854 | 7,292 | 24,246 | 66,240 |
For additional information on liquidity risk management relevant to TeliaSonera AB, see “Notes to Consolidated Financial Statements” (corresponding section in Note 28).