annual report 2020 - Flipbook - Side 48
INDUSTRIENS PENSIONSFORSIKRING A/S ANNUAL REPORT 2020
NOTES
Note 22 - Breakdown by valuation of investment assets and financial liabilities, continued
For assets and liabilities measured at fair value using unobservable input, the following valuation techniques and input have been applied:
DKK mill.
Group undertakings, properties
Group undertakings, wind turbines
Associated undertakings, properties
Associated undertakings, infrastructure
Associated undertakings, other
Equity investments, unlisted
Investment units, unlisted
Bonds, unlisted
Other loans
Total
Fair value 2020
Fair value 2019
Valuation technique
Key input
Measurement uncertainty
If the required rate of return for individual
properties is increased by 0.25 percentage points,
the value changes by DKK -171 (DKK -141 mill.)
5,536
4,258
DCF model*
Required rate of return from
4.0% to 5.5% (4.0% to 5.75%)
928
1,333
DCF model*
WACC from 4.47% to 4.96%
(3.83%)
If the WACC is increased by 1 percentage point,
the value changes by DKK -88 (DKK -137 mill.)
4
34
Reported fair value**
-
-
69
-
Reported fair value**
-
-
3
2
Reported fair value**
-
-
41,837
44,310
Reported fair value**
-
-
7,226
6,495
Reported fair value**
-
-
522
589
Reported fair value**
-
-
83
65
Reported fair value**
-
-
56,208
57,086
*See note 1 for a more detailed description.
**Reported fair value based on reports received from relevant companies in which underlying assets and liabilities are measured at fair value. See note 1 for a more detailed description.
47