|
Type of investment |
Fluctuation in value not affecting income |
Accumulated value adjustments |
Foreign currency differences affecting income |
Market values | ||||||
|
|
31 Dec. 2010 |
31 Dec. 2009 |
31 Dec. 2010 |
31 Dec. 2009 |
31 Dec. 2010 |
31 Dec. 2009 |
31 Dec. 2010 |
31 Dec. 2009 |
31 Dec. 2010 |
31 Dec. 2009 |
|
Shares in affiliated companies |
21,235 |
19,820 |
0 |
0 |
0 |
0 |
0 |
0 |
21,235 |
19,820 |
|
Shares |
799,655 |
628,161 |
197,862 |
107,072 |
–139,796 |
–145,979 |
0 |
0 |
857,721 |
589,254 |
|
Equity funds |
356,651 |
240,373 |
29,634 |
13,260 |
–24,826 |
–29,945 |
0 |
0 |
361,459 |
223,688 |
|
Debenture bonds not capital-guaranteed |
252,986 |
244,448 |
2,044 |
–4,823 |
–17,471 |
–14,326 |
–3,379 |
–4,109 |
234,180 |
221,190 |
|
Other variable-yield securities |
41,875 |
41,870 |
–352 |
–359 |
–3,400 |
–3,400 |
0 |
0 |
38,123 |
38,110 |
|
Participating interests and other investments |
237,222 |
240,534 |
36,298 |
25,125 |
–34,718 |
–36,579 |
0 |
0 |
238,802 |
229,079 |
|
Fixed-interest securities |
11,943,303 |
10,615,617 |
–415,099 |
–117,183 |
–288,634 |
–501,477 |
–41,030 |
–117,338 |
11,198,539 |
9,879,620 |
|
Total |
13,652,927 |
12,030,821 |
–149,614 |
23,092 |
–508,845 |
–731,705 |
–44,409 |
–121,446 |
12,950,059 |
11,200,762 |
Valuations based on internal calculations are included in the market values of shares. The effect of the internal valuation for 2010 results in a value reduction not affecting income in the amount of € 33,546,000 (2009: value reduction of € 113,938,000).
|
Type of investment |
Accumulated value adjustments |
Of which accumulated from previous years |
Of which from current year | |||
|
|
31 Dec. 2010 |
31 Dec. 2009 |
31 Dec. 2010 |
31 Dec. 2009 |
31 Dec. 2010 |
31 Dec. 2009 |
|
Shares in affiliated companies |
0 |
0 |
0 |
0 |
0 |
0 |
|
Shares |
–139,796 |
–145,979 |
–113,763 |
–80,437 |
–26,033 |
–65,542 |
|
Equity funds |
–24,826 |
–29,945 |
–24,567 |
–18,855 |
–259 |
–11,091 |
|
Debenture bonds |
–17,471 |
–14,326 |
–14,326 |
–65,900 |
–3,145 |
51,574 |
|
Other variable-yield securities |
–3,400 |
–3,400 |
–3,400 |
0 |
0 |
–3,400 |
|
Participating interests and other investments |
–34,718 |
–36,579 |
–34,475 |
–20,229 |
–243 |
–16,350 |
|
Fixed-interest securities |
–288,634 |
–501,477 |
–280,351 |
–307,869 |
–8,283 |
–193,608 |
|
Total |
–508,845 |
–731,705 |
–470,882 |
–493,290 |
–37,963 |
–238,415 |
|
Type of investment |
Change in value adjustment current year |
of which write-off/write-up affecting income |
of which changes due to disposal |
Write-up of equity |
|
|
31 Dec. 2010 |
31 Dec. 2010 |
31 Dec. 2010 |
31 Dec. 2010 |
|
Shares in affiliated companies |
0 |
0 |
0 |
0 |
|
Shares |
6,183 |
–26,033 |
32,216 |
0 |
|
Equity funds |
5,119 |
–259 |
5,378 |
0 |
|
Debenture bonds not capital-guaranteed |
–3,145 |
–3,145 |
0 |
0 |
|
Other variable-yield securities |
0 |
0 |
0 |
0 |
|
Participating interests and other investments |
1,861 |
–243 |
2,104 |
0 |
|
Fixed-interest securities |
212,843 |
–8,283 |
221,125 |
0 |
|
Total |
222,860 |
–37,963 |
260,824 |
0 |
|
Change in equity |
Allocation not affecting income |
Withdrawal1) due to disposals affecting income |
Change in unrealised gains/losses | |||||||
|
|
31 Dec. 2010 |
31 Dec. 2009 |
31 Dec. 2010 |
31 Dec. 2009 |
31 Dec. 2010 |
31 Dec. 2009 | ||||
| ||||||||||
|
Other securities - |
|
|
|
|
|
| ||||
|
Gross |
–90,086 |
231,601 |
–67,425 |
–10,533 |
–157,511 |
221,068 | ||||
|
Deferred tax |
11,863 |
–21,962 |
3,631 |
7,576 |
15,494 |
–14,386 | ||||
|
Deferred profit participation |
53,072 |
–170,142 |
52,850 |
–16,362 |
105,922 |
–186,504 | ||||
|
5,980 |
–14,362 |
3,875 |
–6,784 |
9,856 |
–21,147 | |||||
|
Net |
–19,171 |
25,134 |
–7,069 |
–26,103 |
–26,240 |
–969 | ||||
Hierarchy for instruments that are reported in the balance sheet at current market value
The table below depicts the financial instruments for which subsequent valuation is performed at the current market value. These are divided into levels 1 to 3, depending on the extent to which the current market value can be observed.
Level 1 valuations at current market value are ones that result from listed prices (unadjusted) on the active markets for identical financial assets and liabilities.
Level 2 valuations at current market value are those based on parameters that do not correspond to listed prices for assets and liabilities as in level 1 (data) and are derived either directly (i.e. as prices) or indirectly (i.e. derived from prices).
Level 3 valuations at current market value are those arising from models using parameters for the valuation of assets and liabilities that are not based on observable market data (unobservable prices, assumptions).
|
Investments at fair value |
Level 1 |
Level 2 |
Level 3 |
Group total |
|
|
31 Dec. 2010 |
31 Dec. 2010 |
31 Dec. 2010 |
31 Dec. 2010 |
|
9,692,736 |
2,613,378 |
643,945 |
12,950,059 | |
|
Shares in affiliated companies |
0 |
21,235 |
0 |
21,235 |
|
Shares |
439,962 |
417,436 |
322 |
857,721 |
|
Equity funds |
238,264 |
123,193 |
2 |
361,459 |
|
Debenture bonds not capital-guaranteed |
34,101 |
200,079 |
0 |
234,180 |
|
Other variable-yield securities |
0 |
38,123 |
0 |
38,123 |
|
Participating interests and other investments |
0 |
238,802 |
0 |
238,802 |
|
Fixed-interest securities |
8,980,409 |
1,574,508 |
643,621 |
11,198,539 |
|
At fair value through profit and loss |
179,913 |
819,081 |
12,813 |
1,011,807 |
|
Derivative financial instruments |
425 |
24,163 |
0 |
24,589 |
|
Total |
9,873,074 |
3,456,621 |
656,758 |
13,986,454 |
No transfers between levels 1 and 2 took place during the reporting period. The entire portfolio of asset-backed securities was classified as level 3. No other level 3 assets existed as at 31 December 2010.
Transition of the level 3 valuations at current market value of financial assets:
|
Level 3 Investments at fair value |
Securities available for sale |
At fair value through profit and loss |
Derivative financial instruments |
Total |
|
|
31 Dec. 2010 |
31 Dec. 2010 |
31 Dec. 2010 |
31 Dec. 2010 |
|
As at 1 Jan. 2010 |
592,185 |
20,174 |
0 |
612,359 |
|
Exchange rate differences |
291 |
0 |
0 |
291 |
|
Total gains or losses for the period recognised in profit or loss |
44,484 |
–1,192 |
0 |
43,292 |
|
Total gains or losses for the period recognised in other comprehensive income (revaluation reserve) |
49,314 |
0 |
0 |
49,314 |
|
Purchase |
27,442 |
6 |
0 |
27,448 |
|
Sales |
–83,086 |
–6,175 |
0 |
–89,261 |
|
Issues |
0 |
0 |
0 |
0 |
|
Settlements |
13,315 |
0 |
0 |
13,315 |
|
Transfers |
0 |
0 |
0 |
0 |
|
As at 31 Dec. 2010 |
643,945 |
12,813 |
0 |
656,758 |
|
Contractual remaining term |
Acquisition costs |
Market values | ||
|
|
31 Dec. 2010 |
31 Dec. 2009 |
31 Dec. 2010 |
31 Dec. 2009 |
|
Infinite |
103,414 |
57,667 |
88,908 |
58,489 |
|
Up to 1 year |
1,542,452 |
1,984,978 |
1,374,544 |
1,709,230 |
|
more than 1 year up to 5 years |
3,731,367 |
2,518,608 |
3,634,209 |
2,454,377 |
|
More than 5 years up to 10 years |
4,396,211 |
3,182,603 |
4,233,496 |
3,074,097 |
|
More than 10 years |
2,464,720 |
3,158,079 |
2,139,685 |
2,842,728 |
|
Total |
12,238,163 |
10,901,934 |
11,470,842 |
10,138,921 |
The remaining maturities stipulated by contract refer to fixed-interest securities, other variable yield securities and bonds without capital guarantee.
|
Risk of default rating |
31 Dec. 2010 |
|
Fixed-interest securities |
|
|
Rating AAA |
2,997,688 |
|
Rating AA |
1,904,314 |
|
Rating A |
2,934,754 |
|
Rating BBB |
1,887,992 |
|
Rating < BBB |
1,513,125 |
|
Not assigned |
232,970 |
|
Rating total of fixed-interest securities |
11,470,842 |
|
|
|
|
Issuer countries |
|
|
Share securities |
|
|
IE, NL, UK, US |
392,828 |
|
AT, BE, CH, DE, DK, FR, IT |
623,043 |
|
ES, FI, NO, SE |
33,288 |
|
Remaining EU |
108,889 |
|
Other countries |
167,619 |
|
Issuer countries total of share securities |
1,325,666 |
|
Other shareholdings |
132,315 |
|
Total variable-yield securities |
1,457,981 |
