L IQUIDIT Y REP OR T AS PER D ECEMBER 31, 2010–2012 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 -15 964 -6 285 -6 718 -2 961 Deriv ativ es outfo ws -12 157 -12 132 -24 -1 f inance leases -83 -47 -36 – Accounts pa y able -1 033 -1 033 – – T ot al outfo ws 3 -29 237 -19 497 -6 778 -2 962 In v es tments 3 656 3 656 – – Deriv ativ es receipts 12 411 12 241 150 20 Accounts receiv able 10 490 10 490 – – T ot al info ws 3 26 557 26 387 150 20 Net cash fo ws, tot al 1, 2 -2 680 6 890 -6 628 -2   942 December 31, 2011 Borro win g s -13 641 -4 763 -8 530 -348 Deriv ativ es outfo ws -6 741 -6 708 -33 – f inance leases -88 -49 -39 – Accounts pa y able -915 -915 – – T ot al outfo ws 3 -21 385 -12 435 -8 602 -348 In v es tments 1 123 1 123 – – Deriv ativ es receipts 6 769 6 713 56 – Accounts receiv able 10 965 10 965 – – T ot al info ws 3 18 857 18 801 56 – Net cash fo ws, tot al 1, 2 -2 528 6 366 -8 546 -348 December 31, 2010 Borro win g s -11 910 -2 502 -9 408 – Deriv ativ es outfo ws -6 043 -5 987 -56 – f inance leases -83 -48 -35 – Accounts pa y able -854 -854 – – T ot al outfo ws 3 -18 890 -9 391 -9 499 – In v es tments 1 394 1 394 – – Deriv ativ es receipts 6 144 6 041 103 – Accounts receiv able 9 724 9 724 – – T ot al info ws 3 17 262 17 159 103 – Net cash fo ws, tot al 1, 2 -1 628 7 768 -9 396 – 1 All contr actual cash fo ws per the balance sheet date are included, includin g future interes t pa yments. 2 V ariable r ate cash fo ws ha v e been es timated usin g the rele v ant yield cur v e . 3 R efer s to gross cash fo ws. Lon g -term commit ted loan facilities consis t of a Multi Currenc y R e v olvin g Credit F acilit y comprisin g t w o respectiv e tr anches of M U SD 550 and ME UR 420. It w as signed in Januar y 2011 with a syndicate of 12 international banks and matures in Januar y 2016. Dr a win g s under this facilit y are priced at the rele v ant pre v ailin g mark et interes t r ate for the term selected. Securit as also has a Euro M edium T erm Note Progr am (EM TN) with a limit of m E u R 2 000 under which public and priv ate fundin g can be r aised on international capit al mark ets. As of December 31, 2012 there w ere 12 outs t andin g bond loans with maturities r an g in g from 2013 to 2018. In Januar y 2002, Securit as es t ablished a short -term S w edish commercial paper progr am in the amount of M SEK 5 000. The objectiv e is to obt ain access to short -term fnancin g at competitiv e prices. Pricin g is based on the pre v ailin g mark et r ates at time of issuance . The t able belo w sho ws a summar y of the credit facilities as of December 31, 2012: CREDIT F A CILITIE S AS PER DECEMBER 31, 2012 T ype Currenc y F acilit y amount (million) A v ailable amount (million) M aturit y Multi Currenc y R e v olvin g Credit F acilit y U SD (or equiv alent) 550 475 2016 Multi Currenc y R e v olvin g Credit F acilit y E UR (or equiv alent) 420 420 2016 EM TN Eurobond, 2.25% fx ed E u R 300 0 2018 EM TN Eurobond, 2.75% fx ed E u R 350 0 2017 EM TN Eurobond, 6.50% fx ed E u R 500 0 2013 E m TN f RN Priv ate Placement E u R 45 0 2014 E m TN f RN Priv ate Placement SEK 500 0 2014 E m TN f RN Priv ate Placement SEK 500 0 2014 E m TN f RN Priv ate Placement SEK 1   000 0 2013 E m TN f RN Priv ate Placement SEK 600 0 2015 E m TN f RN Priv ate Placement SEK 400 0 2015 E m TN f RN Priv ate Placement u S D 62 0 2015 E m TN f RN Priv ate Placement u S D 40 0 2015 E m TN f RN Priv ate Placement u S D 50 0 2018 Commercial Paper (uncommit ted) SEK 5   000 5   000 n / a In combination with Securit as ’ s tron g cash fo w , these sources of fnancin g pro vide liquidit y on a short and lon g -term basis as w ell as fe xibilit y to fnance the Group ’ s e xpansion. Credit / counterpart y risk Counterpart y risk – accounts receiv able Securit as has g ener ally lo w risk in the accounts receiv ables for a number of reasons. A lar g e proportion of sales are based on contr acts with w ell kno wn lar g e and medium siz ed cus tomer s with an es t ablished and lon g -term relationship . This pro vides for tr ansparent and safe collection of in v oices. New cus tomer s are duly re view ed in terms of credit w orthiness. The contr act portfolio sales are also div er sifed in se v er al w a ys, of which the mos t import ant is that there are few / no clients that represent a signifcant portion of tot al sales. Default b y a sin g le cus tomer then has lit tle o v er all efect . In addition, Securit as pro vides its ser vices to g eogr aphically disper sed cus tomer s in a lar g e number of sector s includin g g o v ernments, utilities, fnancial sector , tr a v el, log is tic s and indus trial. Hence , the e xposure to fnancial dis tress in an y particular sector or re g ion is relativ ely limited. Securit as ’ ser vices are also , althoug h vit al in man y aspects, mos tly ancillar y to the business of the cus tomer s. This means that the cos t of securit y ser - vices represents a small fr action of tot al cos ts of runnin g clients ’ business, makin g Securit as less e xposed to pa yment defaults than supplier s of ser vices or g oods more directly in v olv ed in the v alue chain. All of this pro vides for secure collection of the sales g ener ated, which is e videnced b y lo w bad debt losses a v er a g in g belo w 0.2 percent of sales o v er the pas t three y ear s. 88 Annual R eport Notes and comments to the consolidated fnancial s t atements Securit as Annual R eport 2012