Notes to the Income Statement
36. Net income from investments
| HVB Group new | 2006 € millions |
2005 € millions |
|---|---|---|
| Gains on the disposal of | ||
| placements, loans and advances | – | – |
| available-for-sale investments | 381 | 353 |
| held-to-maturity investments | 2 | 10 |
| companies accounted for using the equity method | – | – |
| shares in affiliated companies | 527 | 6 |
| land and buildings | 9 | (1) |
| Write-downs and value adjustments on | ||
| available-for-sale investments | (27) | (4) |
| held-to-maturity investments | – | – |
| companies accounted for using the equity method | (30) | (42) |
| shares in affiliated companies | (8) | (29) |
| land and buildings | (183) | (224) |
| Total | 671 | 69 |
Gains of €217 million on the disposal of our holding in Münchener Rückversicherungs-Gesellschaft AG (2005: €208 million) represent the biggest item in the gains on the disposal of available-for-sale investments. Also included in the year under review are significant gains on the disposal of Babcock & Brown Limited (€55 million) and Deutsche Lufthansa AG (€40 million). In the previous year, we realised gains on the disposal of our holdings in Premiere AG (€63 million) and Rhön-Klinikum AG (€36 million). The gain on deconsolidation arising from the sale of the Activest companies (Activest Investmentgesellschaft mbH, Activest Investmentgesellschaft Schweiz AG and Activest Investmentgesellschaft Luxembourg S. A.) to Pioneer Global Asset Management S.p.A. totalled €543 million. The write-downs and value adjustments on land and buildings in 2006 include valuation expenses of €130 million arising from the disposal of a portfolio of non-strategic real estate announced by the Management Board of HVB AG on December 13, 2006.