Other notes to the Group’s Financial Statements 1–40

The tables for the Financial Statements are also available in Excel format and the complete Financial Statements in Pdf format.
27 Financial liabilities
The segment financial liabilities include derivatives, debt securities and other financial liabilities.
If
EURm 2017 2016
Derivative financial instruments (note 14) 11 67
Subordinated debt securities
Subordinated loans Maturity Interest
Preferred capital note, 2011 (nominal value EURm 110) 30 years 6.00% 110 109
Preferred capital note, 2013 (nominal value EURm 90) perpetual 4.70% - 92
Preferred capital note, 2016 (nominal value 1,500 MSEK) 30 years 3 month Stibor + 2.25% 152 154
Preferred capital note, 2016 (nominal value 500 MSEK) 30 years 2.42% 51 52
Total subordinated debt securities 312 407
If, total financial liabilities 322 474
The loan 2011 was issued with fixed interest rates for the first ten years, after which it becomes subject to variable interest rates. The subordinated loan issued in 2013 has a fixed interest rate for the first 5.5 years afther which it becomes subject to variable interest rates. At the point of change, there is the possibility of redemption for all the loans.
The loan 2013 was prematurely repaid in September 2017.
The loan of 1,500 MSEK issued in 2016 is issued with variable interest rate terms. After ten years the margin is increased by one percentage point. It includes terms stating the right of redemption after five years and at any interest payment date thereafter.
The loan of 500 MSEK issued in 2016 is issued with fixed interest rate terms for the first five years. After that period, the loan becomes subject to variable interest rate but it also includes terms stating the right of redemption at this point in time or at any interest payment date thereafter.
All the loans are listed on the Luxembourg Exchange.
The purpose of the loans is to secure the good financial standing. All loans and their terms are approved by supervisory authorities and they are utilised for solvency purposes.
Topdanmark
EURm 2017 2016
Derivative financial instruments (note 14) 69 -
Subordinated debt securities
Subordinated loans Maturity Interest
Preferred capital note, 2017 (nominal value 400 MDKK) bullet 3 month Cibor + 2.75% 53 -
Preferred capital note, 2015 (nominal value 500 MDKK) 12/2025 2.92% until 2020 67 -
Preferred capital note, 2015 (nominal value 850 MDKK) 06/2026 3 month Cibor +270 bp 114 -
Total subordinated debt securities 234 -
Topdanmark, total financial liabilities 303 -
Subordinated loans are wholly included in Topdanmark's own funds.
Mandatum
EURm 2017 2016
Derivative financial instruments (note 14) 6 11
Subordinated debt securities
Subordinated loans 100 100
Mandatum, total financial liabilities 106 111
Mandatum Life issued in 2002 EURm 100 Capital Notes. The loan is perpetual and pays floating rate interest. The interest is payable only from distributable capital. The loan is repayable only with the consent of the Insurance Supervisory Authority and at the earliest on 2012 or any interest payment date after that. The loans is wholly subscribed by Sampo Plc.
Holding
EURm 2017 2016
Derivative financial instruments (note 14) 10 3
Debt securities in issue
Commercial papers 293 671
Bonds *) 2,884 2,877
Total 3,177 3,548
Holding, total financial liabilities 3,187 3,551
*) The determination and hierarchy of financial assets and liabilities at fair value is disclosed in note 17. Based on the principles of this determination, the bonds of the Holding Company fall under level 2.
Elimination items between segments -269 -289
EURm
Group, total financial liabilities 3,649 3,847
Change in liabilities from financing activities
EURm 1.1.2017 Cash flows Exchange differences Other 31.12.2017
Commercial papers 671 -378 - 0 293
Bonds 2,877 25.1 -16 -2 2,884
Total liabilities from financing activities 3,548 -353 -16 -2 3,177
EURm 1.1.2016 Cash flows Exchange differences Other 31.12.2016
Commercial papers 305 366 - 0 671
Bonds 1,997 903 -21 -3 2,877
Total liabilities from financing activities 2,302 1,269 -21 -2 3,548