18. Equity

The equity stated on the consolidated balance sheet is equal to that stated on the parent company balance sheet. For a breakdown, please see the Notes to the company Annual Accounts.

Fair values

The following table sets out the fair value of the financial instruments held as at 31 December 2011. The fair value of interest-bearing securities is the market value. The fair value of banks, loans, funds entrusted with a fixed interest term and the subordinated loan has been determined by calculating the net present value of expected interest and redemption cashflows, taken into account market interest rates as at the end of the year. The fair value of the other items is assumed to be equal to the balance sheet value.

The fair value of the remaining assets also includes the deferred tax item for the difference between the balance sheet value and fair value. The premium and discount not yet written off for the interest-bearing securities has been included on the balance sheet value of the interest-bearing securities.

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Amounts in thousands of EUR

2011

2011

2010

2010

 

Balance sheet
value

Fair value

Balance sheet
value

Fair value

*

The fair value is negatively impacted by the tax effect of all fair value adjustments which has been posted as other.

 

 

 

 

 

Assets

 

 

 

 

Cash

51,631

51,631

44,814

44,814

Goverment paper

15,000

15,000

Banks

670,649

670,452

595,800

595,901

Loans

2,837,818

2,907,188

2,127,643

2,169,387

Interest-bearing securities including premiums/discounts

586,170

600,476

604,727

613,162

Shares

4

4

4

4

Participating interests

3,166

3,166

2,623

2,623

Other

125,315

110,925*

118,505

109,109*

 

 

 

 

 

 

 

 

 

 

 

4,289,753

4,358,842

3,494,116

3,535,000

 

 

 

 

 

Liabilities

 

 

 

 

Banks

34,902

34,902

23,983

23,983

Funds entrusted

3,730,708

3,758,084

3,038,676

3,049,258

Other

72,977

71,521

69,341

71,456

Equity

451,166

451,166

362,116

362,116

Revaluation

43,169

28,187

 

 

 

 

 

 

 

 

 

 

 

4,289,753

4,358,842

3,494,116

3,535,000

 

 

 

 

 

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Amounts in thousands of EUR

2011

2011

2010

2010

 

Contract value

Fair value

Contract value

Fair value

 

 

 

 

 

Derivatives

 

 

 

 

 

 

 

 

 

Currency forward contracts (sale of foreign currencies)

195,641

208,462

175,488

181,211

Currency forward contracts (purchase of foreign currencies)

196,701

208,986

175,079

181,237

 

 

 

 

 

 

 

 

 

 

 

392,342

417,448

350,567

362,448

 

 

 

 

 

The estimated fair values provided by financial institutions are not comparable on an individual basis, due to the major differences in valuation methods and the many estimated values. The lack of an objective method of valuation means that estimated fair values are highly subjective in respect of the assumed maturity and interest rates used. For this reason readers should be wary of using the information in this part of the Notes to compare the fair values of different financial institutions with one another.