Management's Review Business Model Risk Pension Hedging and Investment Hedging Investment Administration Social Responsibility <strong>The</strong> <strong>ATP</strong> <strong>Group</strong> Financial StatementsNote 15 Tax<strong>Group</strong> <strong>ATP</strong>DKK million <strong>2012</strong> 2011 <strong>2012</strong> 2011Current tax (3) 0 - -Deferred tax 3 (4) - -Prior year adjustments 0 0 - -Total tax for the year 0 (4) - -<strong>ATP</strong> is liable to corporation tax only on the activities of the following subsidiaries: <strong>ATP</strong> PensionService A/S, <strong>ATP</strong> Alpha Fondsmæglerselskab A/S,Private Equity Advisors ApS, <strong>ATP</strong> PE GP ApS, <strong>ATP</strong> 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, <strong>ATP</strong> PensionService A/S 10 6 - -Results before tax, <strong>ATP</strong> 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, <strong>ATP</strong> PE GP ApS 0 0 - -Results before tax, <strong>ATP</strong> 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 investments<strong>Group</strong> <strong>ATP</strong>DKK million <strong>2012</strong> 2011 <strong>2012</strong> 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 <strong>2012</strong> at fair value total DKK 0bn (2011: DKK 0bn).<strong>The</strong> <strong>ATP</strong> <strong>Group</strong> – <strong>Annual</strong> <strong>Report</strong> <strong>2012</strong>94
Management's Review Business Model Risk Pension Hedging and Investment Hedging Investment Administration Social Responsibility <strong>The</strong> <strong>ATP</strong> <strong>Group</strong> Financial StatementsNote 17 Financial derivativesDKK million <strong>2012</strong> 2011<strong>Group</strong> Fair value Fair valuePrincipal Positive Negative Principal Positive NegativeInterest-rate contractsInterest-rate swaps 806,846 82,212 (44,720) 755,269 75,569 (34,430)806,846 82,212 (44,720) 755,269 75,569 (34,430)Interest-rate swaptions 190,627 968 (1,068) 224,829 3,911 (2,358)190,627 968 (1,068) 224,829 3,911 (2,358)Interest-rate futures, purchase 0 0 0 3,407 27 0Interest-rate futures, sale 102,576 18 (321) 106,889 0 (474)102,576 18 (321) 110,296 27 (474)Equity contractsEquity futures, purchase 150 0 0 0 0 0Equity futures, sale 150 2 0 0 0 0300 2 0 0 0 0Equity-indexed options, purchase 13,618 286 0 33,449 2,397 0Equity-indexed options, sale 0 0 0 0 013,618 286 0 33,449 2,397 0Inflation contractsInflation swaps 3,738 0 -376 3,724 0 (188)Total return swaps 6 0 0 0 0 06 0 0 0 0 0<strong>The</strong> <strong>ATP</strong> <strong>Group</strong> – <strong>Annual</strong> <strong>Report</strong> <strong>2012</strong>95