annual report 2020 - Flipbook - Side 42
INDUSTRIENS PENSIONSFORSIKRING A/S ANNUAL REPORT 2020
Note 17 - Collateral and contingent liabilities
Note 18 - Related parties
Deposits with credit institutions
Derivative financial instruments
Cash and cash equivalents and bonds issued as collateral for clearing and
for fair value of derivative financial instruments
Cash and cash equivalents and bonds received as collateral for fair value
of derivative financial instruments
As collateral for the technical provisions, assets have been registered at a
carrying amount of:
Total registered assets
Pledges to invest in property, infrastructure and unlisted equity investments
etc. incl. warranties for pledges in associated undertakings.
Industriens Pensionsforsikring A/S is fully owned by the parent company IndustriPension Holding A/S,
which also owns Industriens Pension Service A/S. Consequently, these two companies are closely
related to Industriens Pensionsforsikring A/S. The same applies to group undertakings and associated
undertakings, see notes 11 and 12, as well as the members of the Board of Directors and the Board of
Transactions with related parties are entered into and settled on market terms or on a cost-recovery
basis. In 2020, the company had the following transactions and balances with related parties:
- Supply of administrative services for the parent, IndustriPension Holding A/S, as well as to the fellow
subsidiary, Industriens Pension Service A/S, and the fully owned subsidiaries. Assets management
services are also supplied to the subsidiaries. The fees for these services are set on a cost-recovery
- Loans provided (approx. EUR 73 mill.) and guarantees for equivalent lines of credit to the subsidiary
IP Finans 1 ApS in connection with financing the wind farm Butendiek Wind II. Interest and guarantees
have been set on market terms.
No transactions have been entered into with the company’s Board of Directors or Board of
Management in addition to the salaries and other remuneration described in note 6.
The company has joint VAT (moms) registration with a number of group companies. The joint registration entails
joint and several liability for VAT and payroll tax.