N O TE 40 T ransactions with relat ed partie s T r ansactions bet w een the Parent Compan y and subsidiaries are priced in accor dance with business principles T h E P ARENT C O m P AN y S TRANSA CTIONS WIT h REL A TED P AR TIE S C O m PRISE M SEK 2012 2011 2010 License fees and other income from subsidiaries 9772 8360 9427 R esult of sale of shares in subsidiaries 91 963 1 Dividends from subsidiaries 2 11 8755 4 6791 6 0359 Group contributions from subsidiaries 2 4981 3486 578 Group contributions to subsidiaries 37 299 4974 Interes t income from subsidiaries 1629 1490 1197 Interes t e xpenses to subsidiaries 2673 3465 1457 Guar antees issued on behalf of subsidiaries 1 5917 1 4627 1 5788 Guar antees issued on behalf of associated companies 49 732 630 1 Included on the line other oper atin g income in the s t atement of income Comprises dividend of M SEK 293 from the Group s disposed joint v enture Securit as Direct S A in S witz erland and a capit al gain from the sale of the shares in this compan y of M SEK 670 2 Group contributions from subsidiaries w ere pre vious y ear s included in dividends from subsidiaries N O TE 41 Financial risk management The Parent Compan y follo ws as s t ated in note 39 IAS 39 Financial ins truments R ecognition and measurement R efer to note 2 and note 6 for further information about fnancial risks that are applicable also for the Parent Compan y LIQUIDIT Y REP OR T AS PER DECEMBER 31 20112012 M SEK T ot al 1 y ear Bet w een 1 y ear and 5 y ear s 5 y ear s December 31 2012 Borro win g s 18 000 8 321 6 718 2 961 Deriv ativ es outfo ws 16 255 16 230 24 1 Accounts pa y able 11 11 T ot al outfo ws 34 266 24 562 6 742 2 962 In v es tments 4 871 4 692 179 Deriv ativ es receipts 16 415 16 245 150 20 T ot al info ws 21 286 20 937 329 20 Net cash fo ws tot al 1 12 980 3 625 6 413 2 942 December 31 2011 Borro win g s 22 099 13 221 8 530 348 Deriv ativ es outfo ws 11 923 11 890 33 Accounts pa y able 12 12 T ot al outfo ws 34 034 25 123 8 563 348 In v es tments 3 561 3 259 302 Deriv ativ es receipts 11 933 11 877 56 T ot al info ws 15 494 15 136 358 Net cash fo ws tot al 1 18 540 9 987 8 205 348 1 V ariable r ate cash fo ws ha v e been es timated usin g the rele v ant yield cur v e 124 Securit as Annual R eport 2012 Annual R eport Notes and comments to the Parent Compan y fnancial s t atements