Total income (excluding results from subsidiaries and associates) increased by 6% to €238 million. The main driver for the increased total income was the net interest income, which grew by €14 million in comparison with 2010 as a result of the portfolio growth.

The disbursed portfolio grew by €316 million to €2,585 million. Both disbursements and repayments increased substantially compared to 2010. In 2011, disbursements totaled €882 million (2010: €619 million) and repayments rose to €554 million (2010: €405 million).

Although the funding portfolio increased, interest expenses remained stable due to lower base rates and slightly lower spreads. FMO's credit quality, reflected in the Standard and Poor's AAA rating, contributed to our access to global funding markets.

Market conditions diminished exit opportunities for equity investments and consequently results from equity investments decreased by €6 million to €46 million. The results from equity investments comprised exits and dividend income. Dividend income decreased with approximately 10% in comparison with 2010.

The fair value of our equity investments showed a further increase, which is reflected in the available for sale reserve.

Results from financial transactions more than doubled, from €6 million in 2010 to €13.3 million in 2011, thanks to the increased value of embedded derivatives in the emerging markets portfolio.

FMO receives fees for the management of government funds. The remuneration, which is related to the State funds, amounted to €16.9 million (2010: €16.4 million) and is based on a fixed fee.

Compared to 2010, the €0.8 million decrease in the total remuneration for services rendered related to syndication fees and fees received in 2010 for the management of De Nederlandse Investeringsbank voor Ontwikkelingslanden (NIO). In 2010, FMO transferred its 100% share in NIO's capital to the Dutch Ministry of Finance.

Results from associates and subsidiaries declined sharply from €5.4 million gain to a loss of Є9.3 million.