20. Interest-bearing liabilities



Carrying amount Fair value Carrying amount Fair value
EUR million, 31 Dec 2012 2012 2011 2011
Loans from financial institutions 106.0 103.5 64.1 63.3
Finance lease liabilities 1.5 1.7 1.9 2.2
Non-current liabilities total 107.4 105.2 66.0 65.5






Carrying amount Fair value Carrying amount Fair value
EUR million, 31 Dec 2012 2012 2011 2011
Repayments of non-current loans 28.0 29.0 21.1 19.8
Finance lease liabilities 0.9 1.0 1.1 1.1
Other interest-bearing liabilities 0.3 0.3 0.5 0.5
Current liabilities total 29.3 30.4 22.7 21.5





Other current interest-bearing liabilities comprise mainly a loan from Tutkimussäätiö (Research Foundation) and repayments of Tekes loans.


The fair values of the liabilities have been determined by discounting future cash flows to present value using the market interest rate applicable to a Group loan at the end of the reporting period. At the end of the reporting period, market interest rates were 0.3–0.8%, to which a company-specific margin has been added in discounting.


Most of the interest-bearing liabilities are euro-denominated or fully hedged against currency risk.


Maturities of finance lease liabilities


Minimum lease payments


EUR million, 31 Dec

2012 2011
No later than 1 year

1.0 1.2
Later than 1 year but no later than 5 years

1.1 1.6
Later than 5 years

0.5 0.6
Total

2.6 3.3

Present value of minimum lease payments


EUR million, 31 Dec

2012 2011
No later than 1 year

0.9 1.1
Later than 1 year but no later than 5 years

1.0 1.3
Later than 5 years

0.5 0.6
Present value of minimum lease payments

2.4 3.0
Future finance charges

0.3 0.4
Minimum lease payments, total

2.6 3.3


The official financial statement documents including notes to the parent company financial statements and unrounded figures are available in Finnish at www.orion.fi.