NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 149 26 Income (net) from investments in affiliated enter- prises, joint ventures, and associated enterprises 28 Trading income 2003 2002 2001 ¤ mn ¤ mn ¤ mn Income Current income 35 736 657 Write-ups 5 3 27 Realized gains from investments in affiliated enterprises, joint ven- tures, and associated companies 3,966 4,381 1,319 Total 4,006 5,120 2,003 Expenses Depreciation – 237 – – 243 Realized losses on investments in  affiliated enterprises, joint ven- tures, and associated enterprises – 727 – 708 – 119 Miscellaneous expenses – 12 – 14 – 53 Total – 976 – 722 – 415 Income (net) 3,030 4,398 1,588 2003 2002 2001 ¤ mn ¤ mn ¤ mn Realized gains on securities held-to-maturity – 2 2 securities available-for-sale 7,373 7,972 7,738 real estate used by third parties 494 670 303 other investments 12 10 72 Subtotal 7,879 8,654 8,115 Income from revaluations of securities held-to-maturity 3 2 7 securities available-for-sale 2,030 679 184 real estate used by third parties 2 14 87 other investments – 6 109 Subtotal 2,035 701 387 Income 9,914 9,355 8,502 2003 2002 2001 ¤ mn ¤ mn ¤ mn Trading in interest products 632 738 131 Trading in equity products 178 – 49 – 72 Foreign exchange/precious metals  trading 358 301 49 Other trading activities 317 91 136 Total 1,485 1,081 244 27 Other income from investments Associated enterprises account for  ¤ 2,774 (2002: 3,432; 2001: 1,388) mn of the income (net) from investments in affiliated enterprises, joint ventures, and associated companies. Trading income includes expenses amounting to  ¤ 1,359 mn (2002: income  ¤ 412 mn; 2001: income  ¤ 1,385 mn) from derivative finan- cial instruments used by insurance companies for which hedge ac- counting is not applied under IAS 39. These include gains on deriv- ative financial instruments embedded in exchangeable bonds issued amounting to  ¤ 2 (2002: 387; 2001: 880) mn. In fiscal 2003, equity exposure was substantially reduced through the use of derivatives and direct sales. Futures and put options on indexes were used for hedging. The change in the market value of the derivatives of this macro hedge are recognized as trading income in the income state- ment, while the corresponding changes in the fair value of the un- derlying equities are directly recognized in shareholders’ equity with no impact on the income statement. They are recognized in the in- come statement only at the time of their realization in the capital mar- ket. The use of derivatives for macro hedges resulted in a loss of ¤ 1,351 mn. Also included are losses totaling  ¤ 10 mn (2002: income ¤ 25 mn; 2001:  losses  ¤ 461 mn) arising from the use of other deriv- ative financial instruments by insurance companies.  Trading income amounting to  ¤ 243 (2002: 1,507; 2001: 1,592) mn includes income from trading activities of banking business *) tota- ling  ¤ 1,485 (2002: 1,081; 2001: 244) mn.  This is comprised as follows: Income from revaluations includes income from the reversal of im- pairment charges. *) After eliminating intra Group transactions between segments