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 StatementsIndependent Auditors’ ReportTo the Board of RepresentativesAuditors' report on the consolidated financial statements and parentcompany financial statementsWe have audited the consolidated financial statements of the ATP Groupand the financial statements of the ATP Parent Company for the financialyear 1 January to 31 December 2012, which comprise the income statement,statement of comprehensive income, balance sheet, statement ofchanges in equity, cash flow statement and notes, including the accountingpolicies for the Group as well as the Parent Company. The consolidatedfinancial statements and parent company financial statements have beenprepared in accordance with the International Financial Reporting Standards(IFRS) as adopted by the EU and in accordance with additional Danishdisclosure requirements as set out in 'Executive Order on Financial Reportingby the Danish Labour Market Supplementary Pension Scheme and theSupplementary Labour Market Pension Scheme for Disability Pensioners'(available in Danish only).depend on the auditors' judgment, including an assessment of the risks ofmaterial misstatement in the consolidated financial statements and parentcompany financial statements, whether due to fraud or errors. In makingthose risk assessments, the auditors consider internal controls relevant tothe entity’s preparation and fair presentation of the consolidated financialstatements and parent company financial statements. The objective is todesign audit procedures that are appropriate in the circumstances, but notfor the purpose of expressing an opinion on the effectiveness of the entity’sinternal controls. An audit also includes evaluating the appropriateness ofthe accounting policies applied and the reasonableness of the accountingestimates made by Management, as well as evaluating the overall presentationof the consolidated financial statements and parent company financialstatements.We believe that the audit evidence obtained is sufficient and appropriate toprovide a basis for our audit opinion.Management's responsibility for the consolidated financial statementsand parent company financial statementsManagement is responsible for the preparation and fair presentation ofthe consolidated financial statements and parent company financial statementsin accordance with the International Financial Reporting Standardsas adopted by the EU and in accordance with additional Danish disclosurerequirements as set out in 'Executive Order on Financial Reporting by theDanish Labour Market Supplementary Pension Scheme and the SupplementaryLabour Market Pension Scheme for Disability Pensioners' (availablein Danish only). Management is also responsible for the internal controlsconsidered necessary by Management to prepare consolidated financialstatements and parent company financial statements that are free frommaterial misstatement, whether due to fraud or error.Auditors' responsibilityOur responsibility is to express an opinion on the consolidated financialstatements and parent company financial statements based on our audit.We conducted our audit in accordance with International Auditing Standardsand additional requirements in accordance with Danish auditing legislation.This requires that we comply with ethical requirements and plan andperform our audit to obtain reasonable assurance that the consolidated financialstatements and parent company financial statements are free frommaterial misstatement.An audit involves performing audit procedures to obtain audit evidenceabout the amounts and disclosures in consolidated financial statementsand parent company financial statements. The audit procedures selectedOur audit did not result in any qualification.OpinionIn our opinion, the consolidated financial statements and parent companyfinancial statements give a true and fair view of the Group’s and the ParentCompany’s assets, liabilities and financial position at 31 December 2012,and of the financial performance and cash flows of the Group and the ParentCompany for the financial year 1 January to 31 December 2012 in accordancewith the International Financial Reporting Standards (IFRS) asadopted by the EU and in accordance with additional Danish disclosurerequirements as set out in ’Executive Order on Financial Reporting by theDanish Labour Market Supplementary Pension Scheme and the SupplementaryLabour Market Pension Scheme for Disability Pensioners’ (availablein Danish only).Statement on the management's reviewPursuant to 'Executive Order on Financial Reporting by the Danish LabourMarket Supplementary Pension Scheme and the Supplementary LabourMarket Pension Scheme for Disability Pensioners' (available in Danishonly), we have read the management's review. We have not performedany further procedures in addition to the audit of the consolidated financialstatements and parent company financial statements.On this basis, it is our opinion that the information provided in the management'sreview is consistent with the consolidated financial statements andparent company financial statements.Copenhagen, 30 January 2013DeloitteStatsautoriseret RevisionspartnerselskabAnders O. GjelstrupState Authorised Public AccountantHenrik WellejusState Authorised Public AccountantThe ATP Group – Annual Report 201270
Management's Review Business Model Risk Pension Hedging and Investment Hedging Investment Administration Social Responsibility The ATP Group Financial StatementsStatement of comprehensive income for 2012Group ATPDKKmillion 2012 2011 2012 2011NoteInvestment activities5 Income from subsidiaries - - 6,153 5,3436 Income from associates 647 471 515 2957 Income from investment properties 621 604 392 387Consulting fee 155 88 0 08 Interest income and dividends, etc., related to investment activities 12,417 16,346 10,664 14,392Fee income 57 80 57 808 Market-value adjustments related to investment activities 9 4,135 (4,352) 1,0268 Interest expenses related to investment activities (1,362) (4,941) (1,362) (5,005)9 Investment-activity expenses (598) (527) (247) (255)10 Tax on pension-savings returns in respect of investment activities (1,755) (2,183) (1,734) (2,189)Investment activity-results 10,191 14,073 10,086 14,074Hedging activities8 Interest income and dividends, etc., related to hedging activities 13,554 14,393 13,554 14,3938 Market-value adjustments related to hedging activities 31,900 94,136 31,900 94,1368 Interest expenses related to hedging activities (37) (640) (37) (640)10 Tax on pension-savings returns in respect of hedging activities (6,949) (16,183) (6,949) (16,183)Change in guaranteed benefits due to change in discount rate (26,624) (91,186) (26,624) (91,186)Change in guaranteed benefits due to maturity reduction (10,394) (12,017) (10,394) (12,017)Hedging-activity results 1,450 (11,497) 1,450 (11,497)Pension activities11 Contributions 8,554 8,602 8,554 8,602Fees 24 20 2 212 Benefit payouts (11,903) (11,080) (11,903) (11,080)Change in claims-outstanding provisions (16) (10) (16) (10)Change in guaranteed benefits due to contributions and pension benefits 2,809 4,479 2,809 4,4798 Interest income related to pension activities 12 14 12 168 Interest expenses related to pension activities (14) (1) (14) (2)9 Pension-activity expenses (351) (336) (325) (327)10 Tax on pension-savings returns in respect of pension activities 0 (2) 0 (2)Results before change in life expectancy (885) 1,686 (881) 1,678Change in guaranteed benefits due to life-expectancy update (557) (248) (557) (248)Pension-activity results (1,442) 1,438 (1,438) 1,43033 Transferred to unit-linked contracts (132) (17) 0 (1)The ATP Group – Annual Report 201271
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Hovedtræk ATP Koncernens hovedtal
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