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Note 14 Available-for-Sale Investments
The Group classifies its investments into the three categories of trading, held-to-maturity and available-for-sale; at the Balance Sheet date the Group held only available-for-sale investments. All available-for-sale investments are considered to be non-current assets unless they are expected to be realised within twelve months.
Summary of Values
| Year Ended 31 December | |||
| EUR million | 2002 | 2003 | 2004 |
| Acquisition cost at 1 January | |||
| Listed - Listed securities | 138.9 | 145.2 | 147.2 |
| Unlisted - Shares in other companies | 181.0 | 148.5 | 140.8 |
| Investments reclassified as available-for-sale | 319.9 | 293.7 | 288.0 |
| Effect of IAS 39: OCI | 58.5 | 24.0 | 80.5 |
| Available-for-Sale investments at 1 January | 378.4 | 317.7 | 368.5 |
| Translation difference | 0.8 | 0.1 | 0.1 |
| Additions | 12.8 | 28.4 | 13.2 |
| Change in fair values (OCI) | -34.5 | 56.5 | 2.5 |
| Disposal proceeds | -44.4 | -33.3 | -32.8 |
| Income Statement - Profit/loss on disposal | 2.8 | -0.9 | 1.4 |
| Transfer from Associated Companies | 1.8 | - | - |
| Carrying Amount at 31 December | 317.7 | 368.5 | 352.9 |
Unrealised Gains and Losses in Marketable Equity Securities
| Year Ended 31 December | |||
| EUR million | 2002 | 2003 | 2004 |
| Unrealised holding gains | 68.4 | 92.9 | 111.2 |
| Unrealised holding losses | -44.4 | -12.4 | -28.2 |
| Net unrealised holding gains (OCI) | 24.0 | 80.5 | 83.0 |
| Cost | 293.7 | 288.0 | 269.9 |
| Market value | 317.7 | 368.5 | 352.9 |
| Net unrealised holding gains (OCI) | 24.0 | 80.5 | 83.0 |
| Deferred tax | -7.6 | -24.1 | -28.2 |
| Unrealised holding gains shown in equity as OCI | 16.4 | 56.4 | 54.8 |
| Change for the year in unrealised holding gains shown in equity as OCI | -24.3 | 40.0 | -1.6 |
The fair value of publicly traded securities are based on quoted market prices at the Balance Sheet date whereas the fair value of other securities are assessed using a variety of methods and assumptions based on market conditions existing at each Balance Sheet date; quoted market prices or dealer quotes for similar or identical securities may be obtained, alternatively, other techniques such as option pricing models and estimated discounted values of future cash flows, may also be used.
Principal Available-for-Sale Investments
| As at 31 December 2004 | ||||
| EUR million | Holding % |
Number of Shares |
Acquisition Cost |
Market Value |
| Listed Securites | ||||
| Advance Agro PCL, Thailand | 18.9 | 100 536 328 | 69.1 | 46.5 |
| Alfred Berg Global B (growth), Finland | 9.91 | 5 414 836 | 4.5 | 3.1 |
| Alfred Berg Euro Obligaatio Pro B (growth), Finland | 1.7 | 503 917 | 1.3 | 1.5 |
| Alfred Berg Europe (growth), Finland | 7.4 | 6 357 793 | 4.0 | 4.3 |
| Billerud AB, Sweden | 0.5 | 300 000 | 1.8 | 2.9 |
| CA-AM Dynarbitrage VaR4, France | 0.1 | 390 000 | 2.0 | 2.1 |
| CPI Group Ltd, Australia (11.5% of voting rights) | 8.5 | 4 784 142 | 5.0 | 2.2 |
| Finnlines Oyj, Finland | 5.5 | 2 209 340 | 1.9 | 28.3 |
| FIM Russia (growth), Finland | 1.3 | 61 637 | 2.0 | 2.4 |
| Nordea AB, Sweden | 0.1 | 3 091 213 | 7.3 | 23.0 |
| Nordea Foresta (growth), Finland | 4.3 | 5 000 000 | 0.8 | 1.8 |
| Nordea Europa Plus (growth), Finland | 10.5 | 2 991 | 2.0 | 2.2 |
| Nordea Pro Euro Korko, Finland | 0.2 | 329 000 | 2.9 | 3.0 |
| Sampo Plc, A series, Finland, | 1.6 | 8 911 140 | 25.7 | 90.5 |
| Sea Containers Ltd, Bermuda | 1.1 | 195 904 | 3.2 | 2.8 |
| Others | - | N/A | 3.6 | 3.5 |
| Total Listed Securities | 137.1 | 220.1 | ||
| Unlisted Shares | 132.8 | 132.8 | ||
| Total Available-for-Sale Investments at 31 December 2004 | 269.9 | 352.9 | ||
| Total Available-for-Sale Investments at 31 December 2003 | 288.0 | 368.5 | ||
| Total Available-for-Sale Investments at 31 December 2002 | 293.7 | 317.7 | ||
The difference of EUR 83.0 (EUR 80.5) million between the acquisition cost and market value of the available-for-sale
investments represents the OCI Reserve as shown in
Note 24
.
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