28. Guarantees and contingent liabilities
M€ | 31 Dec 2015 | 31 Dec 2014 |
Loans covered by pledges on property | | |
and shares as a collateral | 1 849,7 | 1 787,0 |
Mortgages | 2 551,5 | 2 554,4 |
Shares | 213,6 | 212,5 |
Pledged collaterals total | 2 765,1 | 2 766,9 |
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Other collaterals given | | |
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Pledges given | 12,8 | 12,9 |
Guarantees given*) | 433,3 | 346,2 |
Other collaterals total | 446,1 | 359,1 |
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*) The guarantees granted are mainly absolute guarantees granted as collateral for liabilities contracted by Group companies
The figures for 31 December 2015 include liabilities related to Non-current assets held for sale:
Liabilities with EUR 493.0 million of pledges given as a guarantee; the guarantees given total EUR 816.3 million.
Other liabilities
The most significant unrecognised acquisition agreements related to work in progress:
Other liabilities | | |
M€ | 31 Dec 2015 | 31 Dec 2014 |
New construction | 253,9 | 265,9 |
Renovation | 22,5 | 35,0 |
Total | 276,4 | 300,9 |
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The figures for 31 December 2015 include a total of EUR 0.7 million of renovation liabilities related to Non-current assets held for sale.
Value added tax refund liabilities | | |
M € | 31 Dec 2015 | 31 Dec 2014 |
Value added tax refund liabilities | 3,1 | 2,5 |
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Land purchase liabilities | | |
M € | 31 Dec 2015 | 31 Dec 2014 |
Purchase prices for target building rights and | | |
draft plans | 14,3 | 15,3 |
Liabilities for municipal infrastructure | 4,4 | 5,5 |
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Construction liability
The land use agreement related to the zoned areas Suurpelto I and II in Espoo is subject to schedules for construction sanctioned with delay penalties.
The zoned areas are divided into three execution areas in the agreement. VVO holds building rights in these areas as follows: area 2 – 18,217 (18,217) floor sq m; and area 3 – 16,125 (16,125) floor sq m. The agreement stipulates that all of the residential building rights have to be used up by November 2013 in area 2 and by November 2016 in area 3. This schedule has not been fully met. The delay penalty is graded based on the period of delay and can at most, if the delay has contin-ued for at least five years, be equal to half of the land use payments in accordance with the agreement. According to the agreement, the City of Espoo may, should circumstances change, lower the penalty or waive it altogether.
The land use agreement related to quarters 62007 and 62025 in Jokiniemi, Vantaa is subject to schedules for construction sanctioned with delay penalties. The construction liability is divided into various forms of financing and ownership.
A plot located in the City of Espoo (49-12-220-1) is subject to a schedule for construction sanc-tioned with delay penalties.
A plot located in the City of Helsinki (91-40-176-8) is subject to a schedule for construction sanc-tioned with delay penalties.
VVO Group has some individual disputes pending, but the company considers these to be of negligible value.
Group companies have made commitments restricting the assignment and pledging of shares owned by them.
