The table below shows changes in Unrealised gains and losses included in Shareholders’ equity.
 Download XLS |
|
|
Available |
Revaluation |
|
|
|
|
|
for sale |
of |
Cash-flow |
DPF- |
|
|
|
investments |
associates |
hedges |
component |
Total |
|
31 December 2007 |
|
|
|
|
|
|
Gross |
109 |
49 |
(4) |
|
154 |
|
Related tax |
243 |
|
|
|
243 |
|
Shadow accounting |
210 |
|
|
|
210 |
|
Related tax |
(44) |
|
|
|
(44) |
|
Minority interests |
39 |
|
|
|
39 |
|
Discretionary Participation Feature (DPF) |
(47) |
|
|
47 |
|
|
Total |
510 |
49 |
(4) |
47 |
602 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
31 December 2006 |
|
|
|
|
|
|
Gross |
4,793 |
149 |
3 |
|
4,945 |
|
Related tax |
(672) |
|
|
|
(672) |
|
Shadow accounting |
(321) |
|
|
|
(321) |
|
Related tax |
79 |
|
|
|
79 |
|
Minority interests |
(2) |
|
|
|
(2) |
|
Discretionary Participation Feature (DPF) |
(79) |
|
|
79 |
|
|
Total |
3,798 |
149 |
3 |
79 |
4,029 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
31 December 2005 |
|
|
|
|
|
|
Gross |
7,369 |
280 |
11 |
|
7,660 |
|
Related tax |
(1,811) |
|
|
|
(1,811) |
|
Shadow accounting |
(948) |
|
|
|
(948) |
|
Related tax |
256 |
|
|
|
256 |
|
Minority interests |
(10) |
|
|
|
(10) |
|
Discretionary Participation Feature (DPF) |
(99) |
|
|
99 |
|
|
Total |
4,757 |
280 |
11 |
99 |
5,147 |
Unrealised gains and losses on Available for sale investments are discussed in detail in note 19.2. Changes in the fair value of derivatives that are designated and qualify as cash-flow hedge are recognised as an unrealised gain or loss in Shareholders’ equity. Any hedge ineffectiveness is immediately recognised in the income statement. Exchange differences arising on instruments designated as hedges of a net investment in a foreign entity are recorded in Shareholders' equity, until the disposal of the net investment, except for any hedge ineffectiveness which is immediately recognised in the income statement.
Fortis enters into insurance contracts that feature not only a guaranteed part but also other benefits of which the amounts and the timing of declaration and payment are solely at the discretion of Fortis. Depending on the contractual and statutory terms and conditions, unrealised changes in the fair value of the asset mix related to such contracts are after the application of shadow accounting, reported as part of Shareholders’ equity under separate discretionary participation features (DPF) and in Unrealised gains and losses related to Available for sale investments.
The table below shows changes in gross Unrealised gains and losses included in Shareholders’ equity for 2006 and 2007.
| Download XLS |
|
|
Available |
Revaluation |
|
|
|
|
|
for sale |
of |
Cash-flow |
DPF- |
|
|
|
investments |
associates |
hedges |
component |
Total |
|
|
|
|
|
|
|
|
Gross unrealised gains (losses) |
7,369 |
280 |
11 |
|
7,660 |
|
Changes in unrealised gains (losses) during the year |
(1,691) |
(78) |
(8) |
|
(1,777) |
|
Reversal unrealised gains (losses) because of sales |
(885) |
|
|
|
(885) |
|
Foreign exchange differences |
(6) |
(9) |
|
|
(15) |
|
Divestment of associates |
|
(36) |
|
|
(36) |
|
Other |
6 |
(8) |
|
|
(2) |
|
Gross unrealised gains (losses) |
4,793 |
149 |
3 |
|
4,945 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Changes in unrealised gains (losses) during the year |
(3,164) |
(44) |
(7) |
|
(3,215) |
|
Reversal unrealised gains (losses) because of sales |
(1,504) |
|
|
|
(1,504) |
|
Foreign exchange differences |
18 |
(2) |
|
|
16 |
|
Divestments of associates |
|
(54) |
|
|
(54) |
|
Other |
(34) |
|
|
|
(34) |
|
Gross unrealised gains (losses) |
109 |
49 |
(4) |
|
154 |