Annual Report 2008 – Financial Section - Quilvest

Notes to the Consolidated Financial Statements (continued)
7) Investments and Derivatives
7.1) Global overview on investments
Financial assets designated at fair value through profit and loss
In $ ‘000 2008 2007
Debt securities 1,339 16
Equity securities 235,636 228,464
Third party funds 329,747 535,979
Convertible loans 5,611 9,265
Total 572,333 773,724
Financial assets held for trading - Derivatives 5,532 6,919
Loans and receivables - Investment-related loans 4,397 11,925
Total Investments 582,262 792,568
7.2) Investments designated at fair value through profit and loss
7.2.1) Schedule of changes in investments designated at fair value through profit and loss in 2008
In $ ‘000 Equity, Debt securities Third party Total
and convertible loans funds
Fair value at opening balance 237,745 535,979 773,724
Additions 82,176 117,610 199,786
Disposals (30,738) (249,686) (280,424)
Net losses on financial assets (42,538) (72,921) (115,459)
Currency differences (4,059) (1,235) (5,294)
Fair value at closing balance 242,586 329,747 572,333
The acquisitions of Private Equity investments generated a cash-outflow of USD 167 million (USD 292 million in 2007) and
the disposals from the investments a cash-inflow of USD 249 million (USD 221 million in 2007) as stated in the corresponding
lines of the consolidated cash flow statement.
7.2.2) Schedule of changes in investments designated at fair value through profit and loss in 2007
In $ ‘000 Equity, Debt securities Third party Total
and convertible loans funds
Fair value at opening balance 196,277 354,769 551,046
Additions 62,357 243,639 305,996
Disposals (107,832) (142,089) (249,921)
Net gains on financial assets 80,527 74,557 155,084
Currency differences 6,416 5,103 11,519
Fair value at closing balance 237,745 535,979 773,724
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