DNRF Annual Report 2013

Page 65

16C EXPECTED DISTRIBUTIONS 2014-2018 In addition to the distribution obligations listed in notes 16a and 16b, new centers will be established in 2015 and 2017 as a result of the current 8th application round and the 9th application round, which will be announced in 2015. In the period 2014-2018, total distributions are expected to be as follows: MDKK

2014

430

2015

498

2016

453

2017

474

2018

456 2,311

17 CONTINGENT LIABILITIES The foundation has to give six months’ notice to terminate the tenancy agreement. The obligation amounts to DKK 323,274. The foundation has entered into forward currency contracts for the purchase and sale of the following currencies (amounts calculated in the currencies in question): 2013 Currency

Purchase

Sale

AUD

126,000

2,440,628

USD

12,208,810

145,923,807

0

2,057,440,802

JPY CAD

0

3,800,000

EUR

2,635,000

79,104,857

GBP

4,200,000

21,075,000

SEK

202,000

20,000,000

2012 Currency

USD

Purchase

Sale

392,000

125,480,852

0

1,478,428,145

CAD

45,000

3,810,000

EUR

100,000

88,481,000

GBP

0

21,828,000

SEK

0

11,000,000

JPY

The market price of the forward currency contracts as of December 31 is set at the value of the securities in question, see notes 12 and 13.

The foundation has entered into interest-rate futures for the purchase and sale of the following, calculated in the currencies in question: 2013 Currency

Purchase

Sale

USD

0

500,000

EUR

5,500,000

1,000,000

2012 Currency

Purchase

Sale

USD

0

400,000

EUR

6,800,000

0

The market price of the interest-rate futures as of December 31 is set at the value of the securities in question, see note 12. 65


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