The ATP Group Annual Report 2012

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Management's Review Business Model Risk Pension Hedging and Investment Hedging Investment Administration Social Responsibility The ATP Group Financial StatementsTable of contentsIntroduction3 The ATP Group in 20124 Financial highlights of ATP and the ATPGroup5 Financial highlights of the ATP Group6 Vision and valuesManagement’s review8 Management’s reviewHedging38 Strong protection against interest-ratefluctuationsInvestment42 Low risk and risk diversification ensureresilience45 Positive returns in four out of five riskclasses48 Interest RatesFinancial statements68 Statement by the Supervisory and ExecutiveBoards69 Internal Auditors' Report70 Independent Auditors’ Report71 Statement of comprehensive income for201273 Balance sheet for 201275 Cash flow statement for 2012Business Model17 ATP's business model and activitiesRisk20 Risk and risk managementPension26 Pension-activity results49 Credit50 Equities52 Inflation54 Commodities55 SUPPAdministration57 Administration activities76 NotesThe ATP Management133 Supervisory Board134 Board of Representatives135 Executive Committee, Audit Committee,Executive Board and Appeals Board136 Other directorships held by members ofthe Supervisory Board28 Predictable pension – for life31 Improved options for disability pensioners32 Low expenses translate into higher pensionHedging and InvestmentSocial Responsibility61 Social responsibility 2012Group64 Overview of the ATP Group137 General ManagementFurther Information138 Overview of further information on the ATPGroup Annual Report 2012 at www.atp.dk35 Hedging and investment-activity resultsand performance targetThe ATP Group – Annual Report 20122
Management's Review Business Model Risk Pension Hedging and Investment Hedging Investment Administration Social Responsibility The ATP Group Financial StatementsThe ATP Group 2012• The ATP Group recorded a profit of DKK 10.1bn in 2012.• The DKK 10.1bn profit was driven by a positive return ofDKK 58.0bn and contribution income of DKK 8.6bn.• ATP’s investment-activity results corresponded to intereston the bonus potential of 13.6 per cent. Credit bonds,listed domestic equities and private equities in particularmade significant contributions to the profit for the year.• A DKK 34.8bn provision was made to safeguard thepensions promised to members, while DKK 11.9bn waspaid out to the pensioners during the year. Tax on pension-savingsreturns totalled DKK 8.7bn, with costs totallingDKK 0.9bn being incurred.• The profit for the year meant that ATP’s reserves – itsbonus potential – amounted to DKK 84.2bn at the endof 2012.• Hedging activities met the objective of ensuring thatchanges in interest rates do not affect ATP’s ability tomeet its pension liabilities to members.• At year-end, 879,400 pensioners were receiving a currentATP Lifelong Pension.• Administration expenses related to the ATP schemeamounted to DKK 68 for each member, while investment-activityexpenses totalled DKK 248 per member.The ATP Group – Annual Report 20123
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The ATP Group Annual Report 2012

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