1. Banks
|
|
2011
|
2010
|
|
Banks
|
38,909
|
14,744
|
|
Mandatory reserve deposit with Dutch central bank
|
3,205
|
3,954
|
|
Total
|
42,114
|
18,698
|
Mandatory reserve deposits are not available for use in FMO's day-to-day operations.
2. Short-term deposits
| |
2011 |
2010 |
| Collateral delivered |
15,750 |
2,190 |
| Commercial paper |
69,246 |
- |
| Money market funds |
113,794 |
280,990 |
| Dutch central bank |
299,997 |
49,995 |
| Total |
498,787 |
333,175 |
3. Derivative financial instruments
FMO utilizes the following derivative instruments for both hedging and non-hedging purposes:
- (Cross-currency) interest rate swaps are commitments to exchange one set of cash flows for another. Swaps result in an economic currency exchange or interest rate exposure (for example fixed rate or floating rate) or a combination of all these (i.e. cross-currency interest rate swaps).
- Currency forwards represent commitments to purchase foreign and domestic currency, including undelivered spot transactions.
The following table summarizes the notional amounts and the fair values of the 'derivatives other than hedging instruments'. These derivatives are held to reduce interest rate risks and currency risks but do not meet the specified criteria to apply hedge accounting. The following table also includes derivatives related to the asset portfolio.
|
At December 31, 2011
|
Notional amounts
|
Fair value assets
|
Fair value liabilities
|
|
Derivatives other than hedging instruments:
|
|
|
|
|
|
35,495
|
360
|
-806
|
|
|
544,583
|
524
|
-2,029
|
- Cross-currency interest rate swaps
|
2,880,657
|
258,014
|
-63,069
|
|
|
385,460
|
-
|
-134
|
|
Sub-total
|
3,846,195
|
258,898
|
-66,038
|
|
Embedded derivatives related to asset portfolio
|
-
|
14,539
|
-
|
|
Total derivative assets (/liabilities) other than hedging instruments
|
3,846,195
|
273,437
|
-66,038
|
The increased notionals of derivatives other than hedging instruments are due to the hedging of interest rate and foreign exchange risks for loans in local currencies and funding in currencies other than euros and US dollars. FMO does not apply hedge accounting for these derivatives. FMO does not hold derivatives for trading purposes.
At December 31, 2011, FMO had no structured funding anymore.
The following table summarizes the notional amounts and the fair values of the derivatives designated as fair value hedges.
|
At December 31, 2011
|
Notional amounts
|
Fair value
assets
|
Fair value
Liabilities
|
|
Derivatives designated as fair value hedges:
|
|
|
1,883,788
|
60,625
|
-
|
|
Total derivatives designated as fair value hedges
|
1,883,788
|
60,625
|
-
|
|
Total derivative financial instruments assets (/liabilities)
|
5,729,983
|
334,062
|
-66,038
|
|
|
For the year ended December 31, 2011, FMO recognized an ineffectiveness of €0.3 million net profit (2010: €1.0 million net profit) on the fair value hedges. The profit on the hedging instruments amounted to €19.9 million (2010: €12.8 million loss). The loss on hedged items attributable to the hedged risk amounted to €19.6 million (2010: €13.8 million profit).
The comparative figures for derivatives have been included in the following tables.
|
At December 31, 2010
|
Notional amounts
|
Fair value assets
|
Fair value liabilities
|
|
Derivatives other than hedging instruments:
|
|
|
272,116
|
779
|
-7,909
|
|
|
265,845
|
343
|
-621
|
- Cross-currency interest rate swaps
|
2,220,792
|
246,881
|
-35,744
|
|
Sub-total
|
2,758,753
|
248,003
|
-44,274
|
|
Derivatives related to asset portfolio
|
-
|
5,644
|
-
|
|
Total derivative assets (/liabilities) other than hedging instruments
|
2,758,753
|
253,647
|
-44,274
|
|
At December 31, 2010
|
Notional amounts
|
Fair value
assets
|
Fair value liabilities
|
|
Derivatives structured:
|
|
|
3,738
|
-
|
-157
|
- Cross-currency interest rate swaps
|
9,196
|
1,142
|
-
|
|
Total derivative assets (/liabilities) structured
|
12,934
|
1,142
|
-157
|
|
At December 31, 2010
|
Notional amounts
|
Fair value
assets
|
Fair value
liabilities
|
|
Derivatives designated as fair value hedges:
|
|
|
1,627,121
|
62,190
|
-
|
|
Total derivatives designated as fair value hedges
|
1,627,121
|
62,190
|
-
|
|
Total derivative financial instruments assets (/liabilities)
|
4,398,808
|
316,979
|
-44,431
|
4. Loans to the private sector
These loans to the private sector in developing countries are for FMO's account and risk. The movements of the loans to the private sector can be summarized as follows:
|
|
2011
|
2010
|
|
Balance at January 1
|
2,509,157
|
2,180,567
|
|
Disbursements
|
867,363
|
586,623
|
|
Re-class from equity investments
|
-4,787
|
794
|
|
Repayments
|
-545,421
|
-394,095
|
|
Write-offs
|
-18,433
|
-5,830
|
|
Changes in amortizable fees
|
-896
|
-7,797
|
|
Changes in fair value
|
856
|
-
|
|
Exchange rate differences
|
30,290
|
148,895
|
|
|
|
|
|
Balance at December 31
|
2,838,129
|
2,509,157
|
|
Value adjustments
|
-316,017
|
-296,444
|
|
Net balance at December 31
|
2,522,112
|
2,212,713
|
The following table summarizes the loans segmented by sector.
|
|
2011
|
2010
|
|
Financial institutions
|
1,164,891
|
932,725
|
|
Energy
|
341,462
|
284,307
|
|
Housing
|
213,308
|
185,187
|
|
Agribusiness, food & water
|
218,709
|
196,886
|
|
Diverse sectors
|
583,742
|
613,608
|
|
Net balance at December 31
|
2,522,112
|
2,212,713
|
|
|
|
|
|
|
2011
|
2010
|
|
Gross amount of loans to companies in which FMO has equity investments
|
189,896
|
174,634
|
|
Gross amount of subordinated loans
|
496,712
|
466,736
|
|
Gross amount of non-performing loans
|
97,350
|
58,571
|
A loan is classified as non-performing when payments of interest or principal are past due by 90 days or more.
5. Loans guaranteed by the State
These loans in developing countries are individually guaranteed by the Dutch State for 80% to 95%. Any losses will be compensated by the State up to the guaranteed percentage.
The loan portfolio guaranteed by the State comprises the loans issued under the FOM program. The movements can be summarized as follows:
|
|
2011
|
2010
|
|
Balance at January 1
|
62,475
|
51,050
|
|
Disbursements
|
14,821
|
32,831
|
|
Repayments
|
-8,465
|
-11,277
|
|
Write-offs
|
-526
|
-10,897
|
|
Changes in amortizable fees
|
200
|
185
|
|
Exchange rate differences
|
849
|
583
|
|
Balance at December 31
|
69,354
|
62,475
|
|
Value adjustments
|
-6,804
|
-6,183
|
|
Net balance at December 31
|
62,550
|
56,292
|
The following table summarizes the loans guaranteed by the State segmented by sector.
|
|
2011
|
2010
|
|
Financial institutions
|
-
|
-
|
|
Energy
|
-
|
-
|
|
Housing
|
-
|
-
|
|
Agribusiness, food & water
|
44,050
|
38,064
|
|
Diverse sectors
|
18,500
|
18,228
|
|
Net balance at December 31
|
62,550
|
56,292
|
|
|
|
|
|
Gross amount of subordinated loans
|
40,479
|
40,132
|
|
Gross amount of non-performing loans
|
6,139
|
6,303
|
6. Equity investments
These equity investments in developing countries are for FMO's account and risk. The movements in net book value of the equity investments are summarized in the following table.
|
|
2011
|
2010
|
|
Net balance at January 1
|
637,802
|
489,232
|
|
Purchases and contributions
|
179,488
|
150,153
|
|
Re-class to loans
|
4,787
|
-794
|
|
Re-class from/to associates
|
-
|
1,709
|
|
Decrease due to loss deconsolidation BanyanTree Growth Capital L.C.C.
|
-
|
-1,166
|
|
Sales
|
-86,521
|
-52,460
|
|
Value adjustments
|
-36,298
|
-10,967
|
|
Changes in fair value
|
54,108
|
62,095
|
|
Net balance at December 31
|
753,366
|
637,802
|
|
|
2011
|
2010
|
|
Equity investments at fair value
|
581,853
|
476,437
|
|
Equity investments at cost less impairment
|
171,513
|
161,365
|
|
Net balance at December 31
|
753,366
|
637,802
|
The following table summarizes the equity investments segmented by sector.
|
|
2011
|
2010
|
|
Financial institutions - of which investment funds: €519,136 (2010: €430,218
|
607,371
|
521,892
|
|
Energy
|
70,320
|
50,113
|
|
Housing
|
429
|
176
|
|
Agribusiness, food & water
|
21,709
|
16,579
|
|
Diverse sectors
|
53,537
|
49,042
|
|
Net balance at December 31
|
753,366
|
637,802
|
7. Investments in associates
The movements in net book value of the associates are summarized in the following table.
|
|
2011
|
2010
|
|
Net balance at January 1
|
50,385
|
41,577
|
|
Purchases and contributions
|
9,886
|
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
|
-9,253
|
4,291
|
|
Translation differences
|
1,189
|
1,776
|
|
Net balance at December 31
|
42,073
|
50,385
|
|
|
2011
|
2010
|
|
Associates at cost
|
12
|
4,175
|
|
Associates at equity method
|
42,061
|
46,210
|
|
Net balance at December 31
|
42,073
|
50,385
|
The following table summarizes FMO's share in the total assets, liabilities, total income and total net profit/loss of the associates.
|
|
Associates at equity method
|
Associates at cost less impairment
|
Total
|
|
Total assets
|
106,681
|
12
|
106,693
|
|
Total liabilities
|
64,620
|
-
|
64,620
|
|
Total income
|
4,643
|
-
|
4,643
|
|
Total profit/loss
|
-9,253
|
-
|
-9,253
|
The associates valued at cost less impairment have incurred no cumulative impairment losses (2010: €0).
8. Movement in value adjustments
Movement in value adjustments FMO portfolio
|
|
Guarantees
|
Loans
|
Total
|
|
Balance at January 1, 2010
|
16,237
|
275,264
|
291,501
|
|
Additions
|
11,708
|
45,551
|
57,259
|
|
Reversals
|
-1,924
|
-38,112
|
-40,036
|
|
Exchange rate differences
|
1,474
|
19,571
|
21,045
|
|
Write-offs
|
-
|
-5,830
|
-5,830
|
|
Balance at December 31, 2010
|
27,495
|
296,444
|
323,939
|
|
Additions
|
-
|
59,592
|
59,592
|
|
Reversals
|
-13,791
|
-22,877
|
-36,668
|
|
Exchange rate differences
|
-160
|
1,291
|
1,131
|
|
Write-offs
|
-
|
-18,433
|
-18,433
|
|
Balance at December 31, 2011
|
13,544
|
316,017
|
329,561
|
Movement in value adjustments on loans guaranteed by the State
|
|
2011
|
2010
|
|
Balance at January 1
|
6,183
|
14,494
|
|
Additions
|
1,287
|
3,000
|
|
Reversals
|
-140
|
-414
|
|
Write-offs
|
-526
|
-10,897
|
|
Balance at December 31
|
6,804
|
6,183
|
FMO's own risk participation with regard to FOM (5% to 20%) is not guaranteed. The guaranteed part is recorded under other receivables (see note 11), and this amounts to €961 (2010: €2,161) for the value adjustment recognized in 2011.
9. Interest-bearing securities
This portfolio contains marketable bonds and private loans with fixed interest rates.
|
|
2011
|
2010
|
|
Bonds (listed)
|
666,660
|
558,709
|
|
Private loans
|
4,918
|
5,001
|
|
Balance at December 31
|
671,578
|
563,710
|
All interest-bearing securities are classified as available for sale assets. The movements can be summarized as follows:
|
|
2011
|
2010
|
|
Balance at January 1
|
563,710
|
629,567
|
|
Amortization premiums/discounts
|
-2,089
|
-1,042
|
|
Purchases
|
130,845
|
152,424
|
|
Sale and redemption
|
-26,129
|
-220,346
|
|
Revaluation
|
5,241
|
3,107
|
|
Balance at December 31
|
671,578
|
563,710
|
The interest-bearing securities have been issued by.
|
|
2011
|
2010
|
|
Private parties:
|
|
|
|
|
521,169
|
471,041
|
|
|
41,821
|
43,350
|
|
Public bodies
|
108,588
|
49,319
|
|
Balance at December 31
|
671,578
|
563,710
|
10. Tangible fixed assets
The land, buildings and equipment due to business combinations (€5,784) relate to Blauser S.A.
11. Other receivables
|
|
2011
|
2010
|
|
Debtors related to sale of equity investments
|
2,231
|
997
|
|
Taxes and social premiums
|
380
|
378
|
|
To be declared on State guaranteed loans
|
5,948
|
6,707
|
|
Accrued management fees State funds
|
4,235
|
4,106
|
|
Other receivables
|
20,102
|
19,273
|
|
Balance at December 31
|
32,896
|
31,461
|
12. Accrued income
|
|
2011
|
2010
|
|
Accrued interest on loans
|
37,828
|
31,464
|
|
Accrued interest on swaps and other assets
|
43,983
|
39,686
|
|
Other accrued income
|
305
|
-
|
|
Balance at December 31
|
82,116
|
71,150
|
13. Short-term credits
|
|
2011
|
2010
|
|
Collateral received
|
296,880
|
231,431
|
|
Deposits placed by financial institutions
|
260,780
|
47,159
|
|
Short-term credits
|
557,660
|
278,590
|
14. Debt securities
Debt securities include all non-subordinated debt, not identified as debentures or other notes payable to banks. Debt securities do not include savings deposits.
Debt securities consist of loans and deposits raised in the international capital market from professional counterparties. The movements of debt securities are summarized as follows:
|
|
2011
|
2010
|
|
Balance at January 1
|
51,667
|
50,937
|
|
Amortization of premiums/discounts
|
-2,631
|
1,253
|
|
Proceeds from issuance
|
681
|
3,910
|
|
Redemptions
|
-27,335
|
-3,415
|
|
Changes in fair value
|
-887
|
-1,018
|
|
Exchange rate differences
|
934
|
-
|
|
Balance at December 31
|
22,429
|
51,667
|
The following table summarizes the carrying value of the debt securities.
|
|
2011
|
2010
|
|
Debt securities valued at fair value under hedge accounting
|
15,622
|
42,311
|
|
Debt securities valued at amortized costs
|
6,807
|
9,356
|
|
Balance at December 31
|
22,429
|
51,667
|
The nominal amounts of the debt securities are as follows:
|
|
2011
|
2010
|
|
Debt securities valued at fair value under hedge accounting
|
10,289
|
34,140
|
|
Debt securities valued at amortized costs
|
6,807
|
9,356
|
|
Balance at December 31
|
17,096
|
43,496
|
15. Debentures and notes
Debentures and notes consist of medium-term notes under the GMTN program and public issues in the Swiss franc (CHF) public market, the Japanese yen (JPY) Samurai market, the Australian dollar (AUD) market, and the Canadian dollar (CAD) market. The movements can be summarized as follows:
|
|
2011
|
2010
|
|
Balance at January 1
|
2,313,600
|
2,129,554
|
|
Amortization of premiums/discounts
|
2,964
|
7,248
|
|
Proceeds from issuance
|
460,556
|
432,888
|
|
Redemptions
|
-247,969
|
-484,348
|
|
Changes in fair value
|
22,193
|
-4,162
|
|
Exchange rate differences
|
104,767
|
232,420
|
|
Balance at December 31
|
2,656,111
|
2,313,600
|
The following table summarizes the carrying value of the debentures and notes.
|
|
2011
|
2010
|
|
Debentures and notes valued at fair value under the fair value option
|
-
|
36,011
|
|
Debentures and notes valued at fair value under hedge accounting
|
1,919,296
|
1,636,883
|
|
Debentures and notes valued at amortized costs
|
736,815
|
640,706
|
|
Balance at December 31
|
2,656,111
|
2,313,600
|
The nominal amounts of the debentures and notes are as follows:
|
|
2011
|
2010
|
|
Debentures and notes valued at fair value under the fair value option
|
-
|
35,923
|
|
Debentures and notes valued at fair value under hedge accounting
|
1,845,135
|
1,566,404
|
|
Debentures and notes valued at amortized costs
|
736,815
|
640,706
|
|
Balance at December 31
|
2,581,950
|
2,243,033
|
16. Other liabilities
|
|
2011
|
2010
|
|
Amortized costs related to guarantees
|
644
|
881
|
|
Liabilities for guarantees
|
13,544
|
27,495
|
|
Other liabilities
|
-
|
262
|
|
Balance at December 31
|
14,188
|
28,638
|
17. Current accounts with State funds and other programs
|
|
2011
|
2010
|
|
Current account MASSIF
|
-
|
4
|
|
Current account European Investment Bank
|
624
|
1,244
|
|
Balance at December 31
|
624
|
1,248
|
18. Accrued liabilities
|
|
2011
|
2010
|
|
Accrued interest on banks, debt securities and debentures and notes
|
45,049
|
40,292
|
|
Other accrued liabilities
|
10,050
|
10,666
|
|
Balance at December 31
|
55,099
|
50,958
|
19. Provisions
The amounts recognized in the balance sheet are as follows.
|
|
2011
|
2010
|
|
Pension schemes
|
16,141
|
16,704
|
|
Other provisions
|
52
|
383
|
|
Balance at December 31
|
16,193
|
17,087
|
Pension schemes
FMO has established a number of pension schemes covering all its employees. Most of the pension schemes are average salary-defined benefit plans. FMO has outsourced the management of the pension assets to an asset manager. FMO has agreed strict guidelines with the asset manager. The assets of the funded plans are held independently of FMO's assets by the insurance company in separately administered funds. Independent actuaries value the schemes every year using the projected unit credit method. The latest actuarial valuations were carried out as per December 31, 2011.
The amounts recognized in the balance sheet are as follows:
|
|
2011
|
2010
|
|
Present value of funded defined benefit obligations
|
88,224
|
83,344
|
|
Fair value of plan assets
|
-88,531
|
-74,023
|
|
|
-307
|
9,321
|
|
Unrecognized actuarial gains/(losses)
|
16,448
|
7,383
|
|
Liability in the balance sheet
|
16,141
|
16,704
|
The movements in the fair value of plan assets can be summarized as follows:
|
|
2011
|
2010
|
|
Fair value at January 1
|
-74,023
|
-61,087
|
|
Expected return on plan assets
|
-3,795
|
-3,520
|
|
Employer contribution
|
-3,924
|
-4,529
|
|
Plan participants' contributions
|
-906
|
-860
|
|
Actuarial (gains) / losses
|
-7,670
|
-5,673
|
|
Benefits paid
|
1,787
|
1,646
|
|
Fair value at December 31
|
-88,531
|
-74,023
|
Determination of expected return on assets
An important element for financial reporting is the assumption for return on assets (ROA). The ROA is updated at least annually, taking into consideration the pension plan's asset allocation, historical returns on the types of assets held in the fund and the current economic environment. Based on these factors, it is expected that the fund's assets will earn an average percentage per year over the long term. This estimate takes into account a deduction for administrative expenses and investment manager's fees paid from the fund. For estimation purposes, it is assumed the long-term asset mix will be consistent with the current mix. Changes in the asset mix could impact the amount of recorded pension income or expense, the funded status of the plan, and the need for future cash contributions. The actual return on plan assets was 14.4% (2010: 14.3%).
The categories of the plan assets can be summarized as follows:
|
|
2011
(%)
|
2010
(%)
|
|
Equities
|
19
|
23
|
|
Fixed income
|
81
|
77
|
|
|
100
|
100
|
The movements in the present value of the defined benefit obligations can be summarized as follows:
|
|
2011
|
2010
|
|
Present value at January 1
|
83,344
|
69,115
|
|
Service cost
|
4,442
|
3,817
|
|
Interest cost
|
3,883
|
3,620
|
|
Actuarial (gains) / losses
|
-1,658
|
8,438
|
|
Benefits paid
|
-1,787
|
-1,646
|
|
Present value at December 31
|
88,224
|
83,344
|
The amounts recognized in the profit and loss account as net periodic pension cost are as follows:
|
|
2011
|
2010
|
|
Current service cost
|
4,817
|
4,597
|
|
Interest cost
|
3,883
|
3,620
|
|
Actuarial (gains) / losses
|
-
|
-428
|
|
Expected return on plan assets
|
-3,795
|
-3,520
|
|
|
4,905
|
4,269
|
|
Contribution by plan participants
|
-906
|
-860
|
|
Total annual expense
|
3,999
|
3,409
|
The movement in the liability recognized in the balance sheet is as follows:
|
|
2011
|
2010
|
|
Balance at January 1
|
16,704
|
18,545
|
|
Annual expense
|
3,999
|
3,409
|
|
Contributions paid
|
-4,092
|
-4,706
|
|
Other payments
|
-470
|
-544
|
|
Balance at December 31
|
16,141
|
16,704
|
The principal assumptions used for the purpose of the actuarial valuations at year-end were as follows:
|
|
2011
(%)
|
2010
(%)
|
|
Discount rate
|
4.5
|
4.5
|
|
Expected return on plan assets
|
4.9
|
5.0
|
|
Expected long-term wage inflation
|
2.0
|
2.0
|
|
Future pension increases
|
2.1
|
2.0
|
The assumption for future pension increases is based on all pension schemes included in FMO's pension liability.
Other provisions
The other provisions are provisions for severance arrangements. This provision is determined using present value calculations.
|
|
2011
|
2010
|
|
Balance at January 1
|
383
|
120
|
|
Addition
|
52
|
383
|
|
Release
|
-8
|
-74
|
|
Paid out
|
-375
|
-46
|
|
Balance at December 31
|
52
|
383
|
20. Shareholders’ equity
Share capital
The authorized capital amounts to €45,380, consisting of 51% A shares of €22.69 each, which can only be held by the State, and 49% B shares, also of €22.69 each, which can be held by private investors. The voting rights for A shares and B shares are equal. In addition, the equity of the company comprises of 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 long 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
|
|
Balance at December 31
|
45,380
|
45,380
|
|
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
|
|
Balance at December 31
|
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 at the time of 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
|
|
Balance at December 31
|
29,272
|
29,272
|
Other reserves
Dividend distributed in 2011 to shareholders of A shares and B shares was equal and amounted to €4.66 (2010: €3.81) per share.
Contractual reserve
The addition relates to that part of the annual profit that 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 allocation of risk capital provided 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
|
|
Equity
investments
|
Interest-
bearing
securities
|
Total
available
for sale reserve
|
|
Balance at January 1, 2010
|
46,494
|
7,194
|
53,688
|
|
Fair value changes
|
54,591
|
3,960
|
58,551
|
|
Foreign exchange differences
|
18,436
|
-
|
18,436
|
|
Transfers due to sale
|
-15,963
|
-853
|
-16,816
|
|
Transfers due to impairment
|
5,031
|
-
|
5,031
|
|
Tax effect
|
-
|
-793
|
-793
|
|
Balance at December 31, 2010
|
108,589
|
9,508
|
118,097
|
|
Fair value changes
|
60,201
|
5,241
|
65,442
|
|
Foreign exchange differences
|
12,224
|
-
|
12,224
|
|
Transfers due to sale
|
-22,103
|
-
|
-22,103
|
|
Transfers due to impairment
|
3,786
|
-
|
3,786
|
|
Tax effect
|
-
|
-1,245
|
-1,245
|
|
Balance at December 31, 2011
|
162,697
|
13,504
|
176,201
|
Included in the available for sale reserve is an amount of €10,136 (2010: €178) for fair value changes in equity investments that were previously impaired.
Translation reserve
|
2011
|
2010
|
|
Balance at January 1
|
2,295
|
552
|
|
Change
|
1,209
|
1,565
|
|
Release due to sale
|
-
|
178
|
|
Balance at December 31
|
3,504
|
2,295
|
Non-controlling interests
|
Blauser S.A.
|
2011
|
2010
|
|
Balance at January 1
|
174
|
-
|
|
Acquisition by third party of non-controlling share
|
-13
|
8
|
|
Share in net profit
|
289
|
166
|
|
Currency translation movement
|
-29
|
-
|
|
Balance at December 31
|
421
|
174
|
30. Income taxes
Income tax by type
|
|
2011
|
2010
|
|
Current income taxes
|
-23,847
|
-24,872
|
|
Deferred income taxes
|
-515
|
-278
|
|
Total income tax
|
-24,362
|
-25,150
|
The reconciliation of the statutory income tax rate to the effective income tax rate is as follows:
|
|
2011
|
2010
|
|
Profit before taxation
|
117,753
|
151,371
|
|
Income taxes at statutory rate of 25.0% (2010: 25.5%)
|
-29,438
|
-38,600
|
|
Increase/decrease resulting from:
|
|
|
- Settlement with local withholding taxes
|
1,434
|
1,147
|
- Non-taxable income and expense (participation exemption facility)
|
3,867
|
11,702
|
- Tax adjustments to prior periods
|
-52
|
615
|
|
|
-173
|
-14
|
|
Income tax
|
-24,362
|
-25,150
|
|
Effective income tax rate
|
20.7%
|
16.6%
|
Current income tax receivables
The company paid €28,246 (2010: €2,525) to tax authorities. The remaining current income tax receivables amount to €4,560 (2010: €8). Per year-end 2011 there were no unused tax losses and unused tax credits amount to €496 (2010: €849).
Deferred tax
FMO's deferred income tax assets and liabilities are summarized as follows:
|
|
2011
|
2010
|
|
Deferred tax assets
|
|
|
|
Pension provision
|
3,204
|
3,371
|
|
Depreciation fixed assets
|
478
|
826
|
|
Total deferred tax assets
|
3,682
|
4,197
|
|
|
|
|
|
Deferred tax liabilities
|
|
|
|
Fair value measurement of interest-bearing securities
|
-4,501
|
-3,256
|
|
Total deferred tax liabilities
|
-4,501
|
-3,256
|
|
Net balance at December 31
|
-819
|
941
|
31. Commitments and contingent liabilities
The company issued guarantees regarding principal and interest repayments for a number of projects. The nominal amount of the guarantees is valued at the exchange rate as per December 31, 2011 and December 31, 2010.
|
|
2011
|
2010
|
|
Contingent liabilities
|
|
|
|
Effective guarantees issued
|
129,489
|
143,202
|
|
Less: provisions, amortized costs and obligations for guarantees (presented under other liabilities)
|
-14,188
|
-28,376
|
|
Total contingent liabilities
|
115,301
|
114,826
|
|
Effective guarantees received
|
-97,407
|
-59,964
|
|
Total net contingent liabilities
|
17,894
|
54,862
|
Of the liabilities for guarantees €0 (2010: €0) is covered by a counter guarantee of the State.
|
|
2011
|
2010
|
|
Irrevocable facilities
|
|
|
|
Contractual commitments for disbursements of:
|
|
|
|
|
738,348
|
646,137
|
|
|
380,468
|
408,916
|
- Contractual commitments for guarantees
|
69,940
|
81,865
|
|
Total irrevocable facilities
|
1,188,756
|
1,136,918
|