N O TE 33 Short -t erm loan liabilitie s 1 M SEK 2012 2011 2010 EM TN Nom ME UR 500, 2009 / 2013, Annual 6.50% 2 4 302.4 – – EM TN Nom M SEK 1 000, 2011 / 2013 FRN Quarterly 999.9 – – EM TN Nom M SEK 1 000, 2011 / 2012 FRN Quarterly – 999.8 – Commercial paper issued 2 – 2 788.6 2 139.3 f inance leases 46.8 48.4 48.4 Other short -term loans 3 581.0 626.5 1 661.4 T ot al short -term loan liabilities e x cludin g deriv ativ es 5 930.1 4 463.3 3 849.1 Cash fo w hed g es 4 Deriv ativ es with ne gativ e fair v alue , short -term 7.5 4.0 8.7 Other deriv ativ e positions 5 Deriv ativ es with ne gativ e fair v alue , short -term 48.4 21.2 9.4 T ot al short -term loan liabilities 5 986.0 4 488.5 3 867.2 1 F or further information re gar din g fnancial ins truments refer to note 6. 2 Commercial paper is issued b y the Parent Compan y within the fr amew ork of a M SEK 5 000 S w edish commercial paper progr am. Commercial paper is accounted for at the issued amount , that is belo w par . 3 Other short -term loans 2012 and 2011 include loans r aised within the fr amew ork of the Group ’ s 2016 Multi Currenc y R e v olvin g Credit F acilit y . Other short -term loans 2010 include loans r aised within the fr amew ork of the Group ’ s 2012 Multi Currenc y R e v olvin g Credit F acilit y 4 R elated to deriv ativ es designated for hed g in g. 5 R elated to fnancial liabilities at fair v alue throug h proft or loss. N O TE 34 O ther current liabilitie s M SEK 2012 2011 2010 Emplo y ee-related items 5 840.5 5 810.8 5 443.7 Accrued interes t and fnancial e xpenses 282.9 239.9 219.3 Other accrued e xpenses and deferred income 645.0 681.7 656.2 Adv ance pa yments from cus tomer s 427.4 239.2 214.9 v alue added t ax 1 093.1 1 054.2 1 020.5 Deferred consider ations 224.7 166.7 97.7 Other items 594.6 601.1 575.0 T ot al other current liabilities 9 108.2 8 793.6 8 227.3 N O TE 35 Short -t erm pro visions D ECEMBER 31, 2012 M SEK Claims reser v es Spain – o v ertime compensation Cos t sa vin g s progr am 1 Other pro visions T ot al Openin g balance 662.8 – – 116.2 779.0 R eclassifcation -7.6 73.2 -5.3 115.1 175.4 New / increased pro visions 309.1 – 458.0 24.0 791.1 u tiliz ed pro visions -339.6 -10.5 -152.4 -27.6 -530.1 R e v er sal of unutiliz ed pro visions -3.7 -22.7 – -53.8 -80.2 T r anslation diferences -34.8 – – -5.9 -40.7 Closin g balance 586.2 40.0 300.3 168.0 1 094.5 1 f urther information re gar din g the cos t sa vin g s progr am is pro vided in note 11. Claims reser v es Liabilit y insur ance-related claims reser v es primarily consis t of pro visions for the portion of claims pa y able b y the Group , that is its self -retention. Spain – o v ertime compensation All ma jor securit y companies in Spain ha v e been compensatin g their emplo y - e e s in respect of o v ertime w ork in accor dance with a labor a greement co v erin g the period 2005 to 2008. In F ebruar y 2007, the Spanish Supreme Court ruled that the o v ertime compensation under the e xis tin g labor a greement w as not in compliance with Spanish la w . The potential e xposure in respect of o v ertime compensation pa y able to emplo y ees of the securit y ser vices and guar din g companies in Spain his tori - cally increased due to the failure of the ma jor securit y companies and the local unions to ne g otiate a set tlement a greement on the o v ertime compensation. A petition w as lod g ed with a lo w er court in Spain seekin g specifc guidance as to ho w o v ertime compensation should be calculated. A jud gment w as rendered in Januar y 2008 g ivin g guidelines on calculation of o v ertime p a y , w h i c h s u b - s t antially accepted the views of the emplo y er s. This jud gment w a s a p p e a l e d b y the local unions. In December 2009 the Spanish Supreme Court o v erruled the court decision from Januar y 2008. The Supreme Court confrmed its decision from F ebruar y 2007 which meant that each claim for o v ertime pa y should be tried on a case b y case basis. The Supreme Court thereb y chan g ed the basis for the comput ation of o v ertime compensation. The Supreme Court jud gment cannot be appealed. The Court’ s decision meant that Securit as had to prepare for se v er al suits from emplo y ees and former emplo y ees in respect of his toric o v ertime compensation. In the absence of fnal guidance on o v ertime compensation, Securit as has chosen to apply the guidelines g iv en b y the court in Januar y 2008 for salar y pa yments paid in 2008 and 2009. These guidelines ha v e durin g 2012 been confrmed b y a new decision b y the Supreme Court in Spain and Securit as will continue to apply these guidelines. A le gal opinion, r e q u e s t e d b y the indus tr y association in Spain in which Securit as is a member , h a s c o n - cluded that the time for flin g a claim for the subject o v ertime mat ter s e n d e d on December 4, 2010 due to the s t atute of limit ation. Durin g 2011–2012 more than 7 500 cases for o v ertime pa y has been adjudicated b y court . In cases where Securit as has los t the cases compensation has been paid. As a result of the increased number of claims ha vin g been decided in court and subsequently set tled durin g the cour se of 2012 Group M ana g ement has obt ained a bet ter visibilit y re gar din g the e xposure and the probable outfo w that will be necessar y in or der to set tle the o v ertime compensation claims. Group M ana g ement has based on this decided to release M SEK 22.7 (ME UR 2.6) from the pro vision at the end of 2012. The remainin g pro vision amounts to M SEK 40.0 (ME UR 4.7) which is deemed sufcient for the remainin g e xposure . B ased on the number of claims decided and set tled durin g 2012, mana g ement’ s es timate is that mos t of the pro vision will be utiliz ed within the comin g 12 months. The pro vision has consequently been reclassifed from lon g -term pro visions at the end of 2012. T ot al cash pa yments for the o v ertime compensation amounted to M SEK -37.9 durin g 2012, whereof M SEK -27.4 is accounted for under lon g -term pro visions (note 35) and M SEK -10.5 is accounted for under short -term pro visions in the t able abo v e . 116 Annual R eport Notes and comments to the consolidated fnancial s t atements Securit as Annual R eport 2012