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 15 TaxGroup ATPDKK million 2012 2011 2012 2011Current tax (3) 0 - -Deferred tax 3 (4) - -Prior year adjustments 0 0 - -Total tax for the year 0 (4) - -ATP is liable to corporation tax only on the activities of the following subsidiaries: ATP PensionService A/S, ATP Alpha Fondsmæglerselskab A/S,Private Equity Advisors ApS, ATP PE GP ApS, ATP TIM GP ApS and NOW: Pensions Investment A/S Fondsmæglerselskab.Against this background, tax on the results for the year can be broken down as follows:Results before tax, ATP PensionService A/S 10 6 - -Results before tax, ATP Alpha Fondsmæglerselskab A/S (2) 9 - -Resultat before tax,NOW: Pensions Investment A/S Fondsmæglerselskab (9) (2) - -Results before tax, Private Equity Advisors ApS 0 0 - -Results before tax, ATP PE GP ApS 0 0 - -Results before tax, ATP Tim Gp ApS ApS 0 0 - -Results before tax in subsidiaries liable to tax (1) 13 - -Of which calculated tax 0 (3) - -Tax effect of non-deductible expenses 0 (1) - -Total tax for the year 0 (4) - -Portion of tax falling due after more than one year 0 0 - -Taxes falling due within 1 year 3 0 - -Taxes falling due after 1 year 0 0 - -Note 16 Equity investmentsGroup ATPDKK million 2012 2011 2012 2011Listed domestic equity investments:Fair value at 31 December 13,828 15,017 13,828 15,017Unlisted domestic equity investments:Fair value at 31 December 2,761 3,404 1 1Listed foreign equity investments:Fair value at 31 December 4,582 5,425 2,916 2,636Unlisted foreign equity investments:Fair value at 31 December 43,642 40,524 12,323 12,122Total:Fair value at 31 December 64,813 64,370 29,068 29,776Listed foreign equity investments lent at 31 December 2012 at fair value total DKK 0bn (2011: DKK 0bn).The ATP Group – Annual Report 201294