NWG // FINANCIAL INFORMATION // THE GROUP
Note 20 - Net assets in foreign currencies
The table shows currency exposed equity distributed by each currency before Group adjustments .
SEK million Net assets 2020 2019 Euro , EUR 947.0 914.2 Canadian dollar , CAD 155.8 156.7 Swiss franc , CHF 206.7 259.4 US dollar , USD 1 311.1 1 456.6 Norwegian krone , NOK 95.8 80.4 Danish krone , DKK 68.3 61.1 Chinese yuan , CNY 30.7 46.4 Polish zloty , PLN 48.8 30.5 Hong Kong dollar , HKD 89.7 85.8 British pound , GBP 55.7 62.0 Icelandic krona , ISK 2.6 4.2 Total net assets in foreign currencies 3 012.3 3 157.4
Contingent liabilities
Accounting policies
A contingent liability is recognized for a possible obligation , for which it is not yet confirmed that a present obligation exists that could lead to an outflow of resources . Alternatively , there is a present obligation that does not meet the definitions of a provision or a liability as it is not probable that an outflow of resources will be required to settle the obligation or a sufficiently reliable estimate of the amount of the obligation cannot be made .
SEK million 2020 2019 Duty guarantees 12.2 11.4 Rent guarantees 151.5 177.7 Other guarantees 0.0 1.0 Guarantees for associated companies 6.0 6.0
Total 169.7 196.1
Note 21 - Pledged assets and contingent liabilities
Pledged assets
The Group ' s pledged assets consist of collateral for the Group ' s interest-bearing liabilities to credit institutions which amounted to SEK 1,400.9 ( 2,512.3 ) million at year-end . Security for the main financing agreement is made up of floating charges , property mortgages , and net assets in Group companies . Trademarks have been specifically pledged and are included in the net assets of the Group companies . Parts of the Group ’ s inventory and accounts receivable constitute security for Group companies ’ local funding . See further note 16 , section Liquidity risk , for maturity analysis and information regarding the conditions for the Group ’ s financing .
Note 22 - Other current liabilities
SEK million |
2020 |
2019 |
VAT |
109.6 |
83.9 |
Employee withholding taxes |
20.0 |
11 . 5 |
Liabilities to employees |
9.2 |
8.4 |
Repayment liabilities , returns |
8.6 |
11.6 |
Currency futures |
4.7 |
2.2 |
Social security contributions |
3.4 |
1.7 |
Other wage deductions |
2.4 |
1.3 |
Purchase price not paid |
0.0 |
2.3 |
Other items |
19.7 |
17.0 |
Total |
177.6 |
139.8 |
SEK million |
2020 |
2019 |
Floating charges |
690.5 |
690.5 |
Property mortgages |
172.0 |
178.0 |
Net assets in Group companies |
3 201.5 |
3 143.5 |
Shares in associated companies |
8.3 |
8.3 |
Inventory and accounts receivable |
321.7 |
613.5 |
Total |
4 394.1 |
4 633.9 |
102 // ANNUAL REPORT