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

 

Documents

 
 
 

The table above shows the carrying amount of financial assets (without operating receivables and cash or cash equivalents).

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

 

Documents

 
 
 

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

 

Documents

 
 
 

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

 

 

Documents

 
 
 

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

 

Documents

 
 
 

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

 

Documents

 
 
 

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

 
 
 

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

 
 
 

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

 
 
 
 
 
 
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