Company Balance Sheet
|
(before profit appropriation) |
Notes |
2011 |
2010 |
Assets |
|
|
|
|
Banks |
|
29,987 |
16,352 |
|
Short-term deposits |
|
498,633 |
333,025 |
|
Derivative financial instruments |
|
334,062 |
316,979 |
|
Loans to the private sector |
|
2,530,564 |
2,218,451 |
|
Loans guaranteed by the State |
|
62,550 |
56,292 |
|
Equity investments |
753,366 |
630,205 |
|
|
Investments in associates |
41,061 |
49,503 |
|
|
Interest-bearing securities |
|
671,578 |
563,710 |
|
Subsidiaries |
15,438 |
11,727 |
|
|
Tangible fixed assets |
|
3,599 |
3,466 |
|
Deferred income tax assets |
|
3,682 |
4,197 |
|
Current income tax receivables |
|
4,560 |
8 |
|
Current accounts with State funds and other programs |
|
- |
- |
|
Other receivables |
|
27,216 |
27,528 |
|
Accrued income |
|
82,116 |
71,150 |
Total assets |
|
5,058,412 |
4,302,593 |
|
|
|
|
|
Liabilities |
|
|
|
|
Short-term credits |
|
557,660 |
278,590 |
|
Derivative financial instruments |
|
66,038 |
44,431 |
|
Debt securities |
|
22,429 |
49,118 |
|
Debentures and notes |
|
2,656,111 |
2,313,600 |
|
Other liabilities |
|
15,051 |
29,904 |
|
Current accounts with State funds and other programs |
|
624 |
1,248 |
|
Wage tax liabilities |
|
1,846 |
1,795 |
|
Deferred income tax liabilities |
|
4,501 |
3,256 |
|
Accrued liabilities |
|
53,909 |
50,012 |
|
Provisions |
|
16,074 |
17,021 |
|
Total liabilities |
|
3,394,243 |
2,788,975 |
|
|
|
|
|
Shareholders' equity |
|
|
|
|
Share capital |
|
9,076 |
9,076 |
|
Share premium reserve |
|
29,272 |
29,272 |
|
Contractual reserve |
|
753,989 |
665,173 |
|
Development fund |
|
657,981 |
657,981 |
|
Available for sale reserve |
|
176,201 |
118,097 |
|
Translation reserve |
|
3,504 |
2,295 |
|
Other reserves |
|
29,860 |
25,515 |
|
Undistributed profit |
|
4,286 |
6,209 |
|
Total shareholders' equity |
1,664,169 |
1,513,618 |
|
|
|
|
|
|
Total liabilities and shareholders' equity |
|
5,058,412 |
4,302,593 |
|
|
|
|
|
|
Contingent liabilities |
|
115,301 |
114,826 |
|
Irrevocable facilities |
|
1,188,756 |
1,136,918 |
1. Equity investments
|
|
2011 |
2010 |
|
Balance at January 1 |
630,205 |
480,288 |
|
Purchases and contributions |
179,488 |
150,134 |
|
Re-class to loans |
4,787 |
-794 |
|
Re-class from/to associates |
- |
1,709 |
|
Sales |
-78,924 |
-52,260 |
|
Value adjustments |
-36,298 |
-10,967 |
|
Changes in fair value |
54,108 |
62,095 |
|
Balance at December 31 |
753,366 |
630,205 |
|
|
2011 |
2010 |
|
Equity investments at fair value |
581,853 |
476,437 |
|
Equity investments at cost less impairment |
171,513 |
153,768 |
|
Balance at December 31 |
753,366 |
630,205 |
2. Investments in associates
|
|
2011 |
2010 |
|
Balance at January 1 |
49,503 |
40,695 |
|
Purchases and contributions |
9,775 |
7,420 |
|
Re-class to/from equity investments |
- |
-1,709 |
|
Re-class from subsidiaries |
- |
12,346 |
|
Sales |
-10,134 |
-15,316 |
|
Share in net results |
-9,248 |
4,363 |
|
Translation differences |
1,165 |
1,704 |
|
Balance at December 31 |
41,061 |
49,503 |
3. Subsidiaries
|
|
2011 |
2010 |
|
Balance at January 1 |
11,727 |
18,342 |
|
Purchases and contributions |
- |
4,238 |
|
Sales and repayment of capital |
- |
-396 |
|
Share in results |
3,667 |
1,450 |
|
Re-class to associates |
- |
-12,346 |
|
Dividends declared |
- |
-30 |
|
Share in available for sale reserve |
- |
241 |
|
Translation differences |
44 |
228 |
|
Balance at December 31 |
15,438 |
11,727 |
The investments in subsidiaries consist of the following interests in the share capital of:
- Nuevo Banco Comercial Holding B.V.: 100%.
- FMO Antillen N.V.: 100%.
- Blauser S.A.: 70.5%.
The following table summarizes the carrying value of the subsidiaries.
|
|
2011 |
2010 |
|
Nuevo Banco Comercial Holding B.V. |
12,272 |
9,282 |
|
FMO Antillen N.V. |
2,159 |
2,149 |
|
Blauser S.A. |
1,007 |
296 |
|
Balance at December 31 |
15,438 |
11,727 |
During 2011, FMO's stake in Blauser S.A. increased from 63.125% to 70.5%.
4. Shareholders’ equity
Share capital
The authorized capital amounts to €45,380, consisting of 51% A shares of €22.69 each, which are held only by the State, and 49% B shares, also of €22.69 each, which are held by private investors. The voting rights for A shares and B shares are equal.
The equity of the company comprises three reserves, which result from the Agreement State-FMO of November 16, 1998. These are the share premium reserve, the development fund and the contractual reserve. As the company continues its activities, these reserves are not available to the shareholders. Upon liquidation of FMO, these reserves fall to the State, after settlement of the contractual return to the shareholders.
|
|
2011 |
2010 |
|
Authorized share capital |
|
|
|
1,020,000 A shares x €22.69 |
23,144 |
23,144 |
|
980,000 B shares x €22.69 |
22,236 |
22,236 |
|
|
45,380 |
45,380 |
|
|
2011 |
2010 |
|
Issued and paid-up share capital |
|
|
|
204,000 A shares x €22.69 |
4,629 |
4,629 |
|
196,000 B shares x €22.69 |
4,447 |
4,447 |
|
|
9,076 |
9,076 |
Share premium reserve
|
|
2011 |
2010 |
|
Share premium reserve shareholder A, contributed on the transfer to the company of investments administered on behalf of the State on the financial restructuring |
8,061 |
8,061 |
|
Share premium reserve shareholder B, contributed on the transfer to the company of investments administered on behalf of the State on the financial restructuring |
21,211 |
21,211 |
|
|
29,272 |
29,272 |
Contractual reserve
The addition relates to that part of the net profit, which FMO is obliged to reserve under the Agreement State-FMO of November 16, 1998 (see 'other information').
Development fund
This special purpose reserve contains the annual budgetary allocations made by the State to finance the portfolio of loans and equity investments. In 2005, FMO received the final contribution (€37,260) to the development fund under the Agreement State-FMO of November 16, 1998.
Available for sale reserve (AFS reserve)
The available for sale reserve includes net revaluations of financial instruments classified as available for sale that have not been reported through the profit and loss account.
The following table shows the components of the available for sale reserve at December 31, 2011 and December 31, 2010.
|
|
2011 |
2010 |
Gross gains and losses in the AFS reserve |
|
|
|
Equity investments at fair value |
162,697 |
108,589 |
|
Share in AFS reserve subsidiary |
- |
- |
|
Interest-bearing securities at fair value |
21,269 |
12,768 |
|
|
183,966 |
121,357 |
Deferred taxes on gains and losses |
|
|
|
Equity investments at fair value |
- |
- |
|
Share in AFS reserve subsidiary |
- |
- |
|
Interest-bearing securities at fair value |
-7,765 |
-3,260 |
|
-7,765 |
-3,260 |
|
Net gains and losses in the AFS reserve |
|
|
|
Equity investments at fair value |
162,697 |
108,589 |
|
Share in AFS reserve subsidiary |
- |
- |
|
Interest-bearing securities at fair value |
13,504 |
9,508 |
|
|
176,201 |
118,097 |
The statement of changes in the shareholders' equity details the movements in the available for sale reserve during 2011. The statement is included in the consolidated annual accounts.