The ATP Group Annual Report 2012

Management's Review Business Model Risk Pension Hedging and Investment Hedging Investment Administration Social Responsibility The ATP Group Financial StatementsNote 43 Breakdown of ATP's assets and their returns at market valueCarrying amount Net Return p.a.DKK millioninvestment before tax onpension-savingsreturnsBeginning ofyearEnd ofyearDKKmillionper centLand and buildings directly owned 7,551 8,202 604 9Property companies 13,847 14,565 722 5Total land and buildings 21,398 22,767 1,326 6Other subsidiaries 32,237 35,184 2,483 13Listed domestic equity investments 15,017 13,828 (4,499) 31Unlisted domestic equity investments 1,342 1,939 271 25Listed foreign equity investments 5,033 3,399 143 (39)Unlisted foreign equity investments 9,783 10,212 324 6Total other equity investments 31,175 29,378 (3,761) 9Government bonds (Zone A) 396,385 430,367 23,915 5Mortgage bonds 61,499 58,663 (2,373) (3)Index-linked bonds 11,748 7,391 (4,608) 5Credit bonds, investment grade 26,966 23,486 (3,740) 1Credit bonds, non-investment grade, and emerging-markets bonds 15,470 17,043 (5) 10Other bonds 18,181 19,468 2,010 3Total bonds 530,249 556,418 15,199 6Other financial investment assets (495) 5,260 - -Financial derivatives entered into for the purpose of hedging the netchange of assets and liabilities42,496 37,016 (21,077) -Total investment assets 657,060 686,023 (5,830) 10The specification includes financial derivatives at a negative market value of DKK 40,817m at end-2011 and DKK 46,825m at end-2012,respectively.The ATP Group Annual Report 2012129