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23. Assets pledged, commitments and other liabilities

Pledges given for Group companies 2013 2012
Guarantees 135,168,257.00 120,558,504.00
Total 135,168,257.00 120,558,504.00

Pledges given for others

Guarantees - 21,917.00
Others 100,000.00 100,000.00
Total 100,000.00 121,917.00

Lease contracts unpaid amounts

Payable within one year 515,073.67 1,305,247.07
Payable in later years 348,301.38 906,024.58
Total 863,375.05 2,211,271.65

Rental liabilities 815.00 815.00

Other commitments 181,741.00 181,741.00

Derivative contracts

Currency forward contracts

Fair value -200,976.62 -1,251,430.31
Nominal value 95,646,067.09 121,426,933.76

Interest rate swaps

Fair value 4,797,213.52 6,854,198.24
Nominal value 70,000,000.00 70,000,000.00

Derivative instruments are used for hedging the foreign exchange rate risk and they are valued at the market rates available on the balance sheet date. Currency forward contracts are used to hedge against currency-denominated receivables and payables. Generally, transaction positions arising from subsidiary financing are hedged fully. A portion of the company’s fixed-interest loan has been converted to variable-interest loan with an interest-rate swap.

Other commitments

Itella corporation and Itella Posti has received claims from its contract customers to refund the value added taxes they have paid amounting to a total of EUR 94 million. The decision given by the Helsinki District Court in summer 2011 was positive to Itella. The decision was however nullified by the Helsinki Court of Appeal and thus returned to the district court in which the proceedings began in 2012. Itella considers the customers’ claims to be unfounded in their entirety.