Annual report 2012

14. 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 777 777
Total other investments 4,333 4,721
Loans to group companies and to others 160,013 164,581
Loans to employees 1,164 1,434
Loans to telecommunication services subscribers 1,375 1,560
Total loans given 162,552 167,575
Other non-current financial assets 0 365
Total other investments 166,885 172,661

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 recognised at fair value. Investments in equity securities of banks were in 2012 impaired in the amount of EUR 793 thousand of which EUR 422 thousand was recorded in the income statement, while EUR 371 thousand refers to the decrease in revaluation reserves for the fair value of available-for-sale financial assets. Effects of revaluation are disclosed in Note 9 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 162,552   167,575
Loans given  160,013  164,581
Loans to employees  1,164  1,434
Loans to telecommunication services subscribers  1,375  1,560
Short-term loans 34,120 32,396
Portion of long-term loans due within 12 months – loans given  12,076  10,902
Portion of long-term loans due within 12 months – loans to employees  236  296
Short-term loans  21,808  21,198
Balance of loans given as at 31 December 196,672  199,971 


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 196,672 0 0 0 0 196,672


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 given 199,971 0 0 0 0 199,971


Maturity of loans given

EUR thousand 2012 2011
- up to 3 months 10,407 3,569
- 3 to 12 months 23,757 26,432
- 1 to 5 years 136,481 100,147
- more than 5 years 26,027 69,823
Total 196,672 199,971


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 in determining 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 Dec 2012 Level 1 Level 2 Level 3
Available-for-sale financial assets        
Equity securities 4,333 1,301 0 3,032
Derivatives        
Cash flow hedge -1,118 0 -1,118 0
Assets at fair value – restated 31 Dec 2011 Level 1 Level 2 Level 3
Available-for-sale financial assets        
Equity securities 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.