Annual Report 1997/1998 - Munich Re
Annual Report 1997/1998 - Munich Re
Annual Report 1997/1998 - Munich Re
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<strong>Munich</strong> <strong>Re</strong> Group Notes on the accounts<br />
Book values<br />
<strong>Re</strong>allocations Disposals Appreciation Depreciation 30.6.<strong>1998</strong><br />
TDM TDM TDM TDM TDM<br />
– – – 321,910 3,936,475<br />
–13 12,445 – 64,185 191,651<br />
–13 12,445 – 386,095 4,128,126<br />
– 222,926 55 290,177 10,994,110<br />
– 31,760 – 306 258,391<br />
– 3,524 – – 45,753<br />
– – – – 243,690<br />
660,860 226,315 – 178 8,535,250<br />
–93 17,080 – 13 60,418<br />
660,767 278,679 – 497 9,143,502<br />
85<br />
30.6.<strong>1998</strong><br />
Current market value Book value<br />
TDM TDM<br />
<strong>Re</strong>al estate 17,291,341 10,994,110<br />
Equity investments 131,408,848 57,457,091<br />
Fixed-interest securities 21,986,102 20,309,428<br />
For the current market values of real estate, the capitalized earnings<br />
value is generally used; new buildings are valued at cost at the<br />
balance sheet date. Equity investments consist of shares, investment<br />
fund certificates and shareholdings in affiliated companies and other<br />
participations. Where the companies concerned are listed on the stock<br />
market, the share price at the balance sheet date is used; in the case of<br />
unlisted companies, the net asset value according to the DVFA method<br />
is used or – for new acquisitions – the acquisition cost. The current<br />
market value of fixed-interest securities is determined on the basis of<br />
the stock market price at the balance sheet date.
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