(37) Non-current assets held for sale and disposal groups
|All figures in €’000||2008||2007|
|Special assets/shares in funds|
|“X of the Best”||729||–|
|“Vermögensmanagement Rendite OP”||–||4,478|
|“Vermögensmanagement Chance OP”||–||4,136|
|Discontinued operation MLP Finanzdienstleistungen AG, Vienna, Austria||2,552||–|
The balance sheet item includes shares in funds held for sale to the tune of € 729 thsd on December 31, 2008. These special assets handled in euros are mixed funds according to the German Investment Act (InvG). The special asset “X of the Best” disclosed on December 31, 2008, is managed by Sal. Oppenheim Jr. & Cie. S.C.A., Luxembourg. Unrealised losses of € 271 thsd with no effect on the operating result were included for “X of the Best” in 2008 under the equity item “Securities marked to market”.
Due to the financial crisis, the anticipated sale of the shares in funds could not be realised within the twelve-month period following the classification of the assets as “held for sale”, as stipulated by IFRS 5. The retained assets in funds were therefore reclassified under the balance sheet item “Financial investments”. Due to the lack of control, no consolidation is required. No significant profit or loss to be recognised in the income statement was made as a result of the reclassification as financial investments.