- 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
- Intangible assets
- Property, plant and equipment
- Investment property
- Investments in associates
Financial assets 7
- Reinsurers' share of technical provisions
- Receivables
- Other assets
- Cash and cash equivalents
- Non-current assets held for sale
- Equity
- Subordinated liabilities
- Insurance technical provisions and insurance technical provisions for unit-linked insurance contracts
- Employee benefits
- Other provisions
- Deferred tax assets and liabilities
- Other financial liabilities
- Operating liabilities
- Other liabilities
- Notes to the Income Statement
- Other Information
- Appendix
6.5 Financial assets 7
Financial assets
|
|
|
in EUR |
|
|
2011 |
2010 |
|
Held to maturity |
245,218,283 |
253,578,582 |
|
At fair value through profit and loss |
83,543,191 |
91,013,031 |
|
- designated |
77,743,543 |
81,585,831 |
|
- held for trading |
5,799,648 |
9,427,200 |
|
Available for sale |
1,192,865,726 |
1,195,021,035 |
|
Loans and receivables |
439,712,248 |
364,944,602 |
|
Unit-linked insurance assets |
364,684,374 |
377,892,260 |
|
- at fair value through profit and loss |
357,924,243 |
373,707,231 |
|
- loans and receivables |
6,760,131 |
4,185,029 |
|
- available for sale |
0 |
0 |
|
TOTAL |
2,326,023,820 |
2,282,449,510 |
The table above shows the carrying amount of financial assets (without operating receivables and cash or cash equivalents).
7 For presentational ease, abbreviations of individual categories of financial assets are used in the disclosures:
- HTM – financial assets held to maturity
- FVTPL – financial assets at fair value through profit and loss
- AFS – financial assets available for sale
- L&R – loans and deposits
Overview of financial assets by type
|
in EUR |
||||||
|
2011 |
HTM |
FVTPL - Held for trading |
FVTPL - Classified into this group |
AFS |
L&R |
TOTAL |
|
Debt and other fixed-return securities |
245,218,283 |
2,022,004 |
74,189,892 |
988,511,242 |
60,612,127 |
1,370,553,548 |
|
Investments in shares, other floating-rate securities and fund coupons |
0 |
4,676,545 |
357,017,737 |
199,399,442 |
0 |
561,093,724 |
|
Financial derivatives |
0 |
257,549 |
1,211,095 |
0 |
0 |
1,468,644 |
|
Loans and receivables |
0 |
0 |
2,092,612 |
4,955,042 |
382,145,634 |
389,193,288 |
|
- deposits with banks |
0 |
0 |
0 |
1,023 |
310,976,269 |
310,977,292 |
|
- loans given |
0 |
0 |
0 |
0 |
69,170,879 |
69,170,879 |
|
- other financial investments |
0 |
0 |
2,092,612 |
4,954,019 |
1,998,486 |
9,045,117 |
|
Financial investments of reinsurance companies in reinsurance contracts |
0 |
0 |
0 |
0 |
3,714,618 |
3,714,618 |
|
TOTAL |
245,218,283 |
6,956,098 |
434,511,336 |
1,192,865,726 |
446,472,379 |
2,326,023,820 |
Overview of financial assets by type
|
in EUR |
||||||
|
2010 |
HTM |
FVTPL - held for trading |
FVTPL - Classified into this group |
AFS |
L&R |
TOTAL |
|
Debt and other fixed-return securities |
253,578,582 |
2,308,074 |
78,516,404 |
989,014,816 |
71,759,013 |
1,395,176,889 |
|
Investments in shares, other floating-rate securities and fund coupons |
0 |
5,989,574 |
374,049,663 |
205,608,225 |
50,000 |
585,697,461 |
|
Financial derivatives |
0 |
2,266,585 |
20,907 |
0 |
0 |
2,287,492 |
|
Loans and receivables |
0 |
0 |
1,569,057 |
397,993 |
294,217,633 |
296,184,684 |
|
- deposits with banks |
0 |
0 |
0 |
0 |
235,132,827 |
235,132,827 |
|
- loans given |
0 |
0 |
0 |
0 |
56,559,564 |
56,559,564 |
|
- other financial investments |
0 |
0 |
1,569,057 |
397,993 |
2,525,242 |
4,492,293 |
|
Financial investments of reinsurance companies in reinsurance contracts |
0 |
0 |
0 |
0 |
3,102,985 |
3,102,985 |
|
TOTAL |
253,578,582 |
10,564,232 |
454,156,031 |
1,195,021,034 |
369,129,631 |
2,282,449,510 |
Movements of financial assets
|
|
|
|
|
|
in EUR |
|
FINANCIAL ASSETS |
HTM |
FVTPL |
AFS |
L&R |
TOTAL |
|
As at 1 January 2010 |
261,587,909 |
393,482,832 |
1,075,559,517 |
401,519,598 |
2,132,149,856 |
|
Acquisitions |
10,497,069 |
99,625,459 |
1,030,165,418 |
2,765,558,525 |
3,905,846,471 |
|
Maturity |
-30,357,309 |
-6,066,818 |
-121,633,559 |
-2,763,143,301 |
-2,921,200,987 |
|
Disposal |
-1,055,742 |
-45,524,921 |
-776,908,944 |
-44,688,591 |
-868,178,198 |
|
Amounts transferred from equity at disposal |
0 |
0 |
19,852,857 |
0 |
19,852,857 |
|
Valuation through profit and loss |
0 |
16,750,562 |
0 |
4,708 |
16,755,270 |
|
Valuation through equity |
0 |
0 |
-29,380,399 |
0 |
-29,380,399 |
|
Impairments |
0 |
0 |
-39,653,222 |
-2,697,276 |
-42,350,498 |
|
Premiums and discounts |
3,661,252 |
0 |
786,810 |
523,170 |
4,971,232 |
|
Interest income |
9,318,343 |
6,304,021 |
35,460,943 |
12,107,875 |
63,191,182 |
|
Foreign exchange differences |
-72,941 |
149,128 |
771,613 |
-55,077 |
792,723 |
|
As at 31 December 2010 |
253,578,582 |
464,720,263 |
1,195,021,034 |
369,129,632 |
2,282,449,511 |
|
Acquisitions |
16,988,229 |
90,760,762 |
805,679,902 |
2,377,432,569 |
3,290,861,462 |
|
Maturity |
-34,083,032 |
-19,983,636 |
-103,642,427 |
-2,176,143,634 |
-2,333,852,729 |
|
Disposal |
0 |
-44,489,822 |
-599,233,086 |
-138,285,335 |
-782,008,243 |
|
Amounts transferred from equity at disposal |
0 |
0 |
-3,644,673 |
0 |
-3,644,673 |
|
Valuation through profit and loss |
0 |
-53,287,155 |
-2,718,777 |
-129,965 |
-56,135,897 |
|
Valuation through equity |
0 |
-283,920 |
-86,383,053 |
0 |
-86,666,973 |
|
Impairments |
-2,975,085 |
27,417 |
-56,353,893 |
-702,346 |
-60,003,907 |
|
Premiums and discounts |
3,696,131 |
0 |
-225,379 |
608,147 |
4,078,899 |
|
Interest income |
8,013,971 |
3,997,574 |
37,293,315 |
14,375,385 |
63,680,245 |
|
Changes in the Group |
0 |
0 |
5,050,615 |
502,692 |
5,553,307 |
|
Foreign exchange differences |
-513 |
5,951 |
2,022,147 |
-314,767 |
1,712,818 |
|
As at 31 December 2011 |
245,218,283 |
441,467,434 |
1,192,865,726 |
446,472,378 |
2,326,023,820 |
Fair value of financial assets held to maturity
|
|
|
in EUR |
|
|
2011 |
2010 |
|
Financial assets held to maturity |
|
|
|
- amortised cost |
245,218,283 |
253,578,582 |
|
- fair value |
218,481,530 |
239,736,184 |
Financial assets according to valuation levels
|
|
|
in EUR |
|
|
2011 |
2010 |
|
Financial assets available for sale |
1,192,865,726 |
1,195,021,035 |
|
- Level 1 |
1,084,482,228 |
1,075,041,003 |
|
- Level 2 |
53,658,357 |
49,632,988 |
|
- Level 3 |
54,725,140 |
70,347,043 |
| Financial assets measured at fair value through profit and loss |
441,467,434 |
464,720,263 |
|
- Level 1 |
293,999,138 |
314,000,502 |
|
- Level 2 |
147,468,296 |
150,719,761 |
|
- Level 3 |
0 |
0 |
In valuing financial assets at fair value the Group applied the following price hierarchy:
- Level 1: valuation through market prices quoted for identical assets in an active market (stock exchange prices and Bloomberg generic prices). This group includes financial assets with available market prices in an active market, as well as listed derivative financial instruments.
- Level 2: valuation through comparable market data (other than prices of identical listed assets), acquired directly or indirectly for an identical or similar asset.
- Level 3: valuation through valuation models mostly using unobservable market inputs. This group includes shares in companies with no active market, valued through valuation models using unobservable market inputs, and security holding measured at historical cost, since their fair value cannot be reliably measured. Valuation models used for the measurement of financial assets are described in Section 3.5.
Reclassification of financial assets
In accordance with amendments to IFRS (IAS 39.50) and IAS 39.54, individual members of the Group opted for a reclassification of financial assets already in 2008. In 2011 and 2010, additional reclassifications of financial assets were performed. The effects of reclassifications are disclosed below.
Reclassifications from financial assets »available for sale« (AFS) category to »loans and receivables« (L&R) category
|
|
|
in EUR |
|
|
2011 |
2010 |
|
Amount of reclassified financial assets |
6,339,066 |
0 |
|
Effective interest rate at the date of reclassification % |
14% |
0 |
|
Carrying amount of reclassified as at 31 December |
44,763,595 |
54,672,139 |
|
Fair value of reclassified assets as at 31 December |
44,708,640 |
54,672,139 |
|
Impact on comprehensive income if not reclassified |
21,640 |
0 |
|
Impact on net profit if not reclassified |
144,641 |
11,761 |
|
Loss at disposal of reclassified financial assets |
350,245 |
164,460 |
|
Estimated cash flows |
62,747,215 |
77,217,669 |
Documents
Reclassifications from the financial assets »available for sale« (AFS) category to the »held to maturity« (HTM) category
|
|
|
in EUR |
|
|
2011 |
2010 |
|
Amount of reclassified financial assets |
31,054,332 |
0 |
|
Effective interest rate at the date of reclassification % |
6% |
- |
|
Carrying amount of reclassified assets as at 31 December |
81,585,780 |
71,753,486 |
|
Fair value of reclassified financial assets as at 31 December |
80,040,798 |
75,789,089 |
|
Impact on comprehensive income if not reclassified |
-1,574,884 |
4,035,603 |
|
Impact on net profit if not reclassified |
1,402,846 |
0 |
|
Profit from disposal of reclassified financial assets |
0 |
81,063 |
|
Estimated cash flows |
110,725,011 |
91,513,556 |
Documents
Reclassifications from the financial assets “measured at fair value through profit and loss” (FVTPL) category to the financial assets “available for sale” (AFS) category
|
|
|
in EUR |
|
|
2011 |
2010 |
|
Amount of reclassified financial assets |
930,985 |
0 |
|
Effective interest rate at the date of reclassification % |
0 |
0 |
|
Carrying amount of reclassified assets as at 31 December |
648,297 |
0 |
|
Fair value of reclassified financial assets as at 31 December |
648,297 |
0 |
|
Impact on comprehensive income if not reclassified |
0 |
0 |
|
Impact on net profit if not reclassified |
-214,367 |
0 |
|
Profit from disposal of reclassified financial assets |
0 |
0 |
|
Estimated cash flows |
648,297 |
0 |