The following table provides an overview of the most significant Investments in associates and joint ventures as at 31 December.
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|
|
2007 |
2006 |
2005 |
|
|
Carrying |
Carrying |
Carrying |
|
|
amount |
amount |
amount |
|
Joint ventures |
|
|
|
|
Caifor |
|
7 |
9 |
|
Banque de La Poste |
67 |
78 |
129 |
|
Deltafort |
145 |
151 |
168 |
|
Associates |
|
|
|
|
BAFB |
990 |
|
|
|
BGL Investment Partners |
150 |
133 |
176 |
|
Caipora International Finance Cooperatiëve UA |
107 |
107 |
107 |
|
Debra International Finance Cooperatiëve UA |
210 |
210 |
210 |
|
Mayban Fortis Holding |
141 |
129 |
108 |
|
Muang Thai Holdings |
104 |
80 |
71 |
|
NIB Capital Foreign Debt fund V |
150 |
526 |
346 |
|
Tai Ping Life |
69 |
48 |
33 |
|
ABN AMRO |
24,201 |
|
|
|
Leyden Bay B.V. |
1,376 |
|
|
|
Other |
398 |
385 |
349 |
|
Total |
28,108 |
1,854 |
1,706 |
Of the investments mentioned above, only BGL Investment Partners has a stock exchange listing. The market value of BGL Investment Partners was EUR 118 million as at 31 December 2007 (2006: EUR 99 million; 2005: EUR 132 million).
Fortis group’ interests in its principal associates for the year ended 31 December are as follows:
| Download XLS |
|
|
Total |
Total |
Total |
Total |
|
|
assets |
liabilities |
income |
expenses |
|
2007 |
|
|
|
|
|
BGL Investment Partners |
591 |
10 |
83 |
(11) |
|
Caipora International Finance Cooperatieve UA |
429 |
|
35 |
(18) |
|
Debra International Finance Cooperatieve UA |
838 |
|
64 |
(34) |
|
Mayban Fortis Holding |
4,150 |
3,673 |
61 |
(16) |
|
Muang Thai Holdings |
1,071 |
913 |
382 |
(355) |
|
NIB Capital Foreign Debt fund V |
200 |
|
21 |
(2) |
|
BAFB |
1,008 |
|
21 |
|
|
Leyden Bay B.V. |
1,831 |
|
23 |
(7) |
|
Tai Ping Life |
4,377 |
4,094 |
2,165 |
(2,055) |
|
|
|
|
|
|
|
2006 |
|
|
|
|
|
BGL Investment Partners |
511 |
2 |
81 |
(10) |
|
Caipora International Finance Cooperatieve UA |
429 |
|
17 |
|
|
Debra International Finance Cooperatieve UA |
838 |
|
37 |
|
|
Mayban Fortis Holding |
3,389 |
2,960 |
327 |
(276) |
|
Muang Thai Holdings |
853 |
729 |
288 |
(265) |
|
NIB Capital Foreign Debt fund V |
702 |
|
15 |
|
|
Tai Ping Life |
3,163 |
2,960 |
1,268 |
(1,292) |
|
|
|
|
|
|
|
2005 |
|
|
|
|
|
BGL Investment Partners |
342 |
3 |
67 |
(15) |
|
Caipora International Finance Cooperatieve UA |
429 |
|
15 |
|
|
Debra International Finance Cooperatieve UA |
838 |
|
43 |
|
|
Mayban Fortis Holding |
2,595 |
2,261 |
199 |
(172) |
|
Muang Thai Holdings |
707 |
614 |
237 |
(219) |
|
NIB Capital Foreign Debt fund V |
462 |
|
20 |
|
|
Tai Ping Life |
1,267 |
1,129 |
824 |
(906) |
Investments in joint ventures
Companies that Fortis owns and controls jointly with other companies (joint ventures) are measured at net asset value. The most significant joint ventures in which Fortis participates are Banque de La Poste and Deltafort. Financial data about Fortis principal joint ventures for the year ended 31 December is shown below.
Banque de La Poste
Banque de La Poste, a jointly owned subsidiary of Fortis Bank and the Belgian Post Office, provides standard financial products and services, i.e. retail banking products, savings products, investments and credit facilities to individuals and businesses and insurance products via post offices in Belgium. Fortis has a 50% economic interest in this joint venture.
| Download XLS |
|
|
2007 |
2006 |
2005 |
|
Joint venture Banque de La Poste (on a 100% basis) |
|
|
|
|
Income |
290 |
272 |
266 |
|
Expenses |
(280) |
(266) |
(265) |
|
Total assets |
6,440 |
6,591 |
6,253 |
|
Total liabilities |
6,313 |
6,436 |
5,994 |
Deltafort
Fortis has established a joint venture together with Delta Lloyd with a view to optimise the management of certain investments. Each partner has contributed its investments and receives revenues on these investments. Fortis has a 50% economic interest in this joint venture.
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|
|
2007 |
2006 |
2005 |
|
Deltafort - joint venture (Fortis share) |
|
|
|
|
Income |
12 |
11 |
9 |
|
Total assets |
149 |
171 |
175 |
