Första AP-Fonden Annual report 2008

SEK million	Note	2008	2007
Operating income
Net interest income	1	4 557	2 914
Interest income
Bonds and other fixed income secur		4 036	3 827
Derivatives		1 575	931
Other interest income		109	355
Total interest income		5 720	5 113
Interest expenses
Derivatives		-1 158	-2 166
Other interest expenses		-5	-33
Total interest expenses		-1 163	-2 199
Dividends received		4 204	3 960
Net gains/losses, listed shares and participations	2	-66 890	2 616
Investment gains/losses		-66 773	2 698
Less brokerage commissions		-117	-82
Net gains/losses, unlisted shares and participations	3	-1 331	493
Capital gains/losses		11	29
Unrealized changes in value		-1 342	464
Net gains/losses, fixed income assets		937	727
Net gains/losses, derivatives		282	-388
Net gains/losses, foreign exchange movements		10 513	-338
Commission costs	4	-139	-153
External management fees, listed assets		-127	-141
External management fees, unlisted assets		-4	-5
Other commision costs, incl. fees for custody services		-8	-7
Total operating income		-47 867	9 831
Operating expenses
Personnel costs	5	-116	-102
Salaries and remuneration¹
Chairman of the Board		0	-0,100
Managing Director		-3	-2,886
Board members excl. Chairman (8 persons)		0	-0,379
Executive management excl. Managing Director (6 persons at end of 2008)		-8	-7,580
Other employees		-52	-46,195
Total salaries and remuneration		-64	-57,140
Remuneration to Board other that directors' fees		0	-0,025

Variable remuneration**
Managing Director		-	-
Executive management excl. Managing Director (6 persons at end of 2008)		-	-
Other employees		-2	-
Total variable remuneration		-2	0,000

Pension costs²
Managing Director		-1	-0,599
Executive management excl. Managing Director (6 persons at end of 2008)		-2	-2,475
Other employees		-18	-11,831
Total pension costs		-21	-14,905
Social security expenses
Chairman of the Board		0	-0,032
Managing Director		-1	-1,083
Board members excl. Chairman (8 persons)		0	-0,131
Executive management excl. Managing Director (6 persons at end of 2008)		-3	-3,012
Other employees		-18	-17,831
Total personnel costs		-21	-22,089
Other personnel costs		-8	-7,655
Other administrative expenses	6	-64	-62
Costs for premises		-13	-12,406
Purchased services		-8	-9,982
Information and data expenses		-33	-32,344
Other administrative expenses		-9	-7,234
Total operating expenses		-180	-164
Net investment income for the year		-48 047	9 667

Income statement