- Statement of Management's Responsibilities
- Independent Auditor's Report
- The consolidated financial statements
- Notes to the Consolidated Financial Statements
- General Information
- Main Accounting Policies
- Main Assumptions
- Risk Report
- Segment Reporting
- Notes to the Statement of Financial Position
- Notes to the Income Statement
- Premium income
- Income from financial assets
- Expenses from financial assets and liabilities
- Fair value gains and losses
- Realised gains and losses
- Other insurance income
- Other income
- Claims
- Change in other insurance-technical provisions
- Expenses for bonuses and discounts
- Acquisition costs and other operating expenses
- Other expenses from insurance operations
- Other expenses
- Income tax expense
- Other Information
- Appendix
7.3 Expenses from financial assets and liabilities
Expenses from financial assets and liabilities
|
|
|
in EUR |
|
|
2011 |
2010 |
|
Interest expense from derivative financial instruments held for trading |
1,961,257 |
2,877,972 |
|
Interest expense from current debt: |
881,704 |
1,304,127 |
|
- on bank loans |
737,344 |
1,010,650 |
|
- other loans |
742 |
0 |
|
- other interest expense |
143,618 |
293,477 |
|
Interest expense from noncurrent debt: |
678,052 |
591,865 |
|
- bank loans |
312 |
0 |
|
- other loans |
0 |
334,119 |
|
- other interest expense |
677,740 |
257,746 |
|
Interest expense from bonds issued |
2,328,793 |
2,346,817 |
|
TOTAL INTEREST EXPENSE |
5,849,806 |
7,120,781 |
|
FAIR VALUE LOSSES |
88,422,449 |
40,987,067 |
|
REALISED LOSS ON DISPOSALS |
17,368,136 |
9,414,307 |
|
LOSS ON EQUITY INVESTMENTS IN ASSOCIATES ACCOUNTED FOR USING THE EQUITY METHOD |
16,977,661 |
1,504,027 |
|
LOSS ON IMPAIRMENT OF FINANCIAL ASSETS |
63,188,577 |
51,052,283 |
|
OTHER FINANCE COSTS |
10,203,797 |
11,475,789 |
|
TOTAL EXPENSES FROM FINANCIAL ASSETS AND LIABILITIES |
202,010,426 |
121,554,254 |
Fair value losses are described in detail in Section 7.4 and realised loss on disposals of financial assets in Section 7.5.
Loss on equity investments in associates, accounted for by using the equity method in the amount of EUR 14.5 million refer to Abanka Vipa d.d. which at 31 December 2010 was recognized as an associate and in 2011 was carried as investment available for sale (as explained in Section 1.6). The loss amount refers to profits from previous years recognised under the equity method.
The largest impairment loss of financial assets in the amount of EUR 59.8 million refers to impairment of investments available for sale. As much as 81.5% of the impairment loss of financial assets refers to the impairment of shares of Abanka Vipa d.d. and NLB d.d., and of Greek bonds.