Annual report 2012

16. Other investments

EUR thousand 2012 2011
Investments in equity securities of banks 1,335 2,128
Investments in other shares and interests 2,221 1,816
Investments in equity interests 779 777
Total other investments 4,335 4,721
Loans to other companies 1,884 1,598
Loans to employees 1,297 1,592
Loans to telecommunication service subscribers 1,375 1,560
Total loans given 4,556 4,750
Other non-current financial assets 0 366
Total other investments 8,891 9,837

All investments in equity securities are classified as available-for-sale investments. Of the total amount of EUR 4,333 thousand, EUR 1,301 thousand (2011: EUR 1,689 thousand) relates to financial instruments quoted on the stock market, which are recognized at fair value. Effects of revaluation are disclosed in Note 10 i.e. tables which outline the revaluation effects are included in the income statement and statement of comprehensive income.

Other financial assets that are not listed, are recognised at cost. Investments are not pledged as collateral and are free of encumbrances.


Loans given

EUR thousand 2012 2011
Long-term loans 4,556 4,750
Loans given 1,884 1,598
Loans to employees 1,297 1,592
Loans to telecommunication services subscribers 1,375 1,560
Short-term loans 11,120 10,465
Portion of long-term loan that is due within 12 months – loans given 678 3,252
Portion of long-term loan that is due within 12 months – loans to employees 265 330
Short-term loans 10,177 6,883
Balance of loans given as at 31 December 15,676 15,215

The interest rate applied for loans extended ranges between 3.70% and 4.04%.

Loans extended are secured by blank bills of exchange, by the assignment of existing and future receivables or by liens on movable property and real estate.


Maturity of loans as at 31 December 2012

  undue

due

 
EUR thousand   up to 3 months from 3 to 12 months from 1 to 5 years in excess of 5 years Total
Loans given 15,440 20 216 0 0 15,676


Maturity of loans as at 31 December 2011

  undue

due

 
EUR thousand   up to 3 months from 3 to 12 months from 1 to 5 years in excess of 5 years Total
Loans 14,919 25 271 0 0 15,215


Maturity of loans given

EUR thousand 2012 2011
- up to 3 months 10,433 6,703
- 3 to 12 months 759 1,382
- 1 to 5 years 4,117 5,770
- more than 5 years 367 1,360
Total 15,676 15,215


Fair value hierarchy

In the recognition and disclosure of the fair value of financial instruments using the assessed value model, we applied the following hierarchy:

  1. Level 1: determination of fair value directly by referencing the official published price on an active market;
  2. Level 2: other models used to determine fair value based on assumptions and significant impact on fair value in line with observed current market transactions with the same instruments either directly or indirectly; and
  3. Level 3: other models used to determine fair value based on assumptions and significant impact on fair value that are not in line with observed current market transactions with the same instruments and investments recognised at cost.
Assets at fair value 31. 12. 2012 Level 1 Level 2 Level 3
Available-for-sale financial assets        
Equity securities and other financial assets 4,335 1,301 0 3,034
Derivatives        
Cash flow hedge -1,118 0 -1,118 0
Assets at fair value 31. 12. 2011 Level 1 Level 2 Level 3
Available-for-sale financial assets        
Equity securities and other financial assets 4,721 1,689 0 3,032
Derivatives        
Cash flow hedge -1,257 0 -1,257 0

All Level 3 securities are carried at cost.