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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 2012. 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

2012

2012

2011

2011

 

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

380,497

380,497

51,631

51,631

Goverment paper

15,000

15,000

Banks

561,167

561,927

670,649

670,452

Loans

3,285,359

3,325,547

2,837,818

2,907,188

Interest-bearing securities including premiums/discounts

918,985

964,325

586,170

600,476

Shares

4

4

4

4

Participating interests

7,594

7,594

3,166

3,166

Other

134,269

122,371*

125,315

110,925*

 

 

 

 

 

 

 

 

 

 

 

5,287,875

5,362,265

4,289,753

4,358,842

 

 

 

 

 

Liabilities

 

 

 

 

Banks

62,799

62,799

34,902

34,902

Funds entrusted

4,593,501

4,632,197

3,730,708

3,758,084

Other

66,306

66,306

72,977

71,521

Equity

565,269

565,269

451,166

451,166

Revaluation

35,694

43,169

 

 

 

 

 

 

 

 

 

 

 

5,287,875

5,362,265

4,289,753

4,358,842

 

 

 

 

 

Download XLS

Amounts in thousands of EUR

2012

2012

2011

2011

 

Contract value

Fair value

Contract value

Fair value

 

 

 

 

 

Derivatives

 

 

 

 

 

 

 

 

 

Currency forward contracts (sale of foreign currencies)

223,097

228,070

195,641

208,462

Currency forward contracts (purchase of foreign currencies)

224,447

228,608

196,701

208,986

 

 

 

 

 

 

 

 

 

 

 

447,544

456,678

392,342

417,448

 

 

 

 

 

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.