Outstanding loans

Swedish Match's sources of loans and their maturity profiles as of December 31, 2009.

Swedish Match’s aggregated sources of loans, including interest payments, negative derivatives (derivatives with positive market values are excluded), trade payables and their maturity profiles are distributed as follows:

Table data
Year	MTN loans incl. Interest	Negative derivatives	Trade payables	Total cash flows	Total booked value
2010	1,155	102	653	1,910	1,718
2011	738	58	-	796	636
2012	2,273	31	-	2,304	2,179
2013	3,165	77	-	3,242	3,145
2014	1,410	-	-	1,410	1,410
2015-	1,060	-	-	1,060	998
Total	9,801	268	653	10,722	10,086

At December 31, 2009, the average interest maturity period for Group loans was 2.8 years (2.3 years), taking into account interest rate swaps. The interest maturity structure on December 31, 2009 was as follows:

Table data
Year	Loans, fixed	Loans, variable	Loans incl. derivatives, fixed	Loans incl. derivatives, variable
2010	409	603	-	1,012
2011	-	583	206	377
2012	850	1,280	1,667	463
2013	3,121	-	3,121	-
2014	638	772	1,153	257
2015-	998	-	998	-
Total	6,016	3,238	7,145	2,109

Under the Swedish bond program, Swedish Match has issued bonds in SEK, and under the global program, in EUR and SEK. Borrowing in EUR is hedged by currency swaps and currency interest rate swaps. The average interest costs for outstanding borrowings (including derivative instruments) on December 31, 2009 were as follows:

Table data
	2009	2008
Swedish MTN	3.0%	4.5%
Global MTN	4.2%	5.0%
Other loans*	-	3.5%

*Relates mainly to loans in the Group´s US subsidiaries.

Liquidity within Swedish Match is handled centrally through local cash pools. Group companies are required to deposit liquid funds in cash pool accounts or, if these are not available, with the Parent Company’s treasury units. Exceptions are only allowed when regulations prohibit cash pools or internal deposits.