Company Profit & Loss Account

Notes

2011

2010

Profit after taxation

89,435

124,605

Income from subsidiaries, after tax

(3)

3,667

1,450

Net profit

93,102

126,055


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:

  1. Nuevo Banco Comercial Holding B.V.: 100%.
  2. FMO Antillen N.V.: 100%.
  3. 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%.