Page 99 - Annual Report 2010

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Financial Statements

EUR 2010 2009

Investment at cost at 1 January 205 499 005 191 515 919 Disbursements 38 850 610 23 424 940 Capital repayments (14 802 596) (6 127 778) Terminated deals (1 710 648) (3 314 076)

Investment at cost at 31 December 227 836 371 205 499 005

Fair value adjustment and foreign exchange adjustment at 1 January (40 471 268) (32 801 096) Terminated deals 1 710 648 3 142 765 Adjustments to Fair value reserve 9 842 310 (5 616 070) Impairment (4 533 526) (5 196 867)

Value adjustment and foreign exchange adjustment at 31 December (33 451 836) ( 40 471 268)

194 384 535 165 027 737

The total fair value reserve recognised in equity at the end of 2010 is EUR (42 709 617) (2009: EUR 7 607 165).

Debt securities and other fixed income securities include accrued interest of EUR 16 467 775 (2009: EUR 14 413 983) and are classified as Level 1.

In 2010, there was no impairment on the portfolio (2009: EUR 0).

Gains and losses on disposals of debt securities and other fixed income securities amounts to EUR 2 002 257 (2009: EUR (1 328 508)), of which none relates to Level 3.

4.3 Shares and other variable income securities

Shares and other variable income securities are analysed as follows:

Investments in PE funds generated total capital repay-ments of EUR 10 878 493 (2009: EUR 932 384), which relates to Level 3.

Terminated deals include deals matured during 2010. They represent EUR 1 710 648 (2009: EUR 3 142 765) which includes the remaining net paid in of EUR 1 710 648 (2009: EUR 2 919 212) and the foreign exchange impact of EUR 0 (2009: EUR 223 553).

The fair value changes recorded in the fair value reserve amount to EUR 9 842 310 (2009: EUR (5 616 070)) and include the impact of changes in the value of investments EUR 7 547 903 (2009: EUR (6 936 671)) and in the

foreign exchange rates on the investments EUR 2 294 407 (2009: EUR 1 320 601).

A por t ion of the total fair value of shares and other variable income securities amounting to EUR 873 058 (2009: 832 763) is classified as Level 1.

Inves tments belonging to Categor y I I I amount to EUR 3 377 259 (2009: EUR 132 938).

The fair value as of 31 December 2010 includes an amount of EUR 3 375 484 (2009: EUR 2 759 064) related to Investment in joint ventures.