P16. Long-term and short-term borrowings

Open-market financing programs

For information on TeliaSonera AB’s open-market financing programs, see Notes to consolidated financial statements (corresponding section in Note C20).

Borrowings

Long-term and short-term borrowings were distributed as follows.

SEK in millions

Dec 31, 2015

Dec 31, 2014

Carrying value

Fair value

Carrying value

Fair value

Long-term borrowings

       

Open-market financing program borrowings in fair value hedge relationships

37,672

41,021

26,955

34,726

Interest rate swaps at fair value

621

621

283

283

of which designated as hedging instruments

591

591

244

244

of which held-for-trading

30

30

39

39

Cross currency interest rate swaps at fair value

1,694

1,694

1,577

1,577

of which hedging net investments

1,334

1,334

of which designated as hedging instruments

171

171

220

220

of which held-for-trading

190

190

1,357

1,357

Subtotal (see Fair value hierarchy levels – Note P19)

39,988

43,337

28,814

36,585

Open-market financing program borrowings at amortized cost

47,908

53,577

57,861

63,534

Subtotal (see Categories – Note P19)

87,896

96,914

86,675

100,118

Borrowings from subsidiaries

190

 

490

 

of which other borrowings

190

 

490

 

Total long-term borrowings

88,086

 

87,165

 

Short-term borrowings

       

Open-market financing program borrowings in fair value hedge relationships

7,414

7,414

Interest rate swaps designated as hedging instruments

43

43

0

0

Interest rate swaps designated as held-for trading

7

7

0

0

Cross currency interest rate swaps as held-for trading

329

329

Subtotal (see Fair value hierarchy levels – Note P19)

51

51

7,743

7,743

Open-market financing program borrowings at amortized cost

5,627

5,648

725

726

of which hedging net investments

1,584

1,589

0

0

of which at amortized cost

4,043

4,059

725

726

Other borrowings at amortized cost

3,354

3,354

1,043

1,043

Subtotal (see Categories – Note P19)

9,031

9,052

9,511

9,423

Borrowings from subsidiaries

28,506

 

26,776

 

of which cash pool balances

26,603

 

24,886

 

of which other borrowings

1,903

 

1,890

 

Total short-term borrowings

37,537

 

36,287

 

As of December 31, 2015 and 2014, fully unutilized bank overdraft facilities had a total limit of SEK 973 million and SEK 990 million, respectively.

For additional information on financial instruments classified by category/fair value hierarchy level, refer to Note P19 “Financial assets and liabilities by category and level,” and for information on maturities and liquidity risks, refer to section “Liquidity risk management” in Note P20 “Financial risk management.” Refer to Notes to consolidated financial statements (corresponding section in Note C20) for further information on borrowings and the swap portfolio. Conventional commercial terms apply for borrowings from subsidiaries, which comprise cash-pool balances and other borrowings.

© TeliaSonera 2015
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