21. Interest
Interest income
|
|
2011
|
2010
|
|
Interest on loans valued at amortized cost
|
173,491
|
159,556
|
|
Interest on banks
|
-235
|
316
|
|
Interest on short-term deposits
|
2,245
|
928
|
|
Interest on available for sale interest-bearing securities
|
19,200
|
19,898
|
|
Total interest income
|
194,701
|
180,698
|
Included in the interest on loans is €9,455 (2010: €11,760) related to loans for which value adjustments have been recorded.
Interest expense
|
|
2011
|
2010
|
|
Interest on debt securities valued at fair value
|
-1,512
|
-2,116
|
|
Interest on debt securities valued at amortized cost
|
-699
|
-452
|
|
Interest on debentures and notes valued at fair value
|
-38,511
|
-42,023
|
|
Interest on debentures and notes valued at amortized cost
|
-14,098
|
-8,715
|
|
Interest on derivatives
|
10,011
|
6,391
|
|
Interest on short-term credits
|
-2,924
|
-683
|
|
Total interest expense
|
-47,733
|
-47,598
|
22. Net fee and commission income
|
|
2011
|
2010
|
|
Prepayment fees
|
823
|
291
|
|
Other fees (like arrangement, cancellation and waiver fees)
|
5,825
|
6,413
|
|
Total fee and commission income
|
6,648
|
6,704
|
|
Charges for the early repayment of debt securities
|
-165
|
-119
|
|
Total fee and commission expense
|
-165
|
-119
|
|
Net fee and commission income
|
6,483
|
6,585
|
23. Results from equity investments
|
|
2011
|
2010
|
|
Result from the sale of equity investments at cost
|
8,440
|
9,597
|
|
Result from the sale of equity investments at fair value
|
23,831
|
17,524
|
|
Result from the sale of associates
|
-143
|
9,219
|
|
Total results from equity investments
|
32,128
|
36,340
|
The carrying amount of the equity investments valued at cost at the time of sale was €18,717 (2010: €18,207). The carrying amount of the equity investments valued at fair value at the time of sale was €67,804 (2010: €34,254). The release from the available for sale reserve at the time of the sale of equity investments at fair value was €22,103 (2010: €15,963); as a result the net result from sale of equity investments at fair value amounted to a gain of €1,728 (2010: gain of €1,561).
24. Results from financial transactions
|
|
2011
|
2010
|
|
Result on valuation of hedged items
|
-19,605
|
13,792
|
|
Result on sale and valuation of derivatives designated at fair value (hedging instruments)
|
19,857
|
-12,770
|
|
|
252
|
1,022
|
|
Result on sale and valuation of derivatives designated at fair value
|
41
|
3,429
|
|
Result on sale and valuation of medium-term notes
|
65
|
-2,402
|
|
|
106
|
1,027
|
|
Result on sale and valuation of derivatives held for trading1)
|
2,712
|
-2,786
|
|
Result on sale and valuation of embedded derivatives related to asset portfolio
|
9,064
|
7,935
|
|
Result on sale of interest-bearing securities
|
-
|
1,043
|
|
Foreign exchange results
|
1,256
|
-2,207
|
|
Other
|
-108
|
-27
|
|
Total results from financial transactions
|
13,282
|
6,007
|
25. Remuneration for services rendered
|
|
2011
|
2010
|
|
Funds and programs managed on behalf of the State:
|
|
|
|
|
10,508
|
9,531
|
- Infrastructure Development Fund
|
3,696
|
3,488
|
|
|
900
|
1,900
|
|
|
1,836
|
1,506
|
|
NIO
|
-
|
650
|
|
Syndication fees, remuneration from directorships and others
|
1,495
|
2,181
|
|
Total remuneration for services rendered
|
18,435
|
19,256
|
Remuneration for managing funds and programs is expressed in gross amounts. Related management expenses are included in operating expenses.
26. Other operating income
|
|
2011
|
2010
|
|
Interest on corporate tax
|
1,981
|
287
|
|
Other operating income
|
4,992
|
8,435
|
|
Total other operating income
|
6,973
|
8,722
|
Other operating income mainly consists of received payments on written-off loans.
27. Staff costs
|
|
2011
|
2010
|
|
Salaries
|
-23,822
|
-23,107
|
|
Social security costs
|
-2,486
|
-2,210
|
|
Pension costs
|
-3,999
|
-3,409
|
|
Temporaries
|
-1,398
|
-1,407
|
|
Travel and subsistence allowances
|
-3,079
|
-2,802
|
|
Other personnel expenses
|
-4,290
|
-4,308
|
|
Total staff costs
|
-39,074
|
-37,243
|
The number of FTEs at December 31, 2011 amounted to 294 (2010: 274 FTEs).
28. Other administrative expenses
|
|
2011
|
2010
|
|
Other administrative expenses
|
-10,393
|
-9,681
|
These expenses consist of services from third parties and other operational expenses. The remuneration paid to the Supervisory Board is included in these expenses. At December 31, 2011, the Supervisory Board consisted of six members (2010: seven). The members of the Supervisory Board were paid a total remuneration of €125 (2010: €130).
With reference to Section 2:382a(1) and (2) of the Netherlands Civil Code, the following fees for the financial year have been charged by KPMG Accountants N.V. to the company, its subsidiaries and other consolidated entities.
|
Fee charged by auditors
|
2011
|
2010
|
|
Statutory audit of annual accounts
|
209
|
214
|
|
Other assurance services
|
105
|
80
|
|
Tax advisory services
|
-
|
-
|
|
Other non-audit services
|
10
|
-
|
|
Total
|
324
|
294
|
29. Other operating expenses
|
|
2011
|
2010
|
|
Other operating expenses
|
-140
|
-70
|
The other operating expenses relate mainly to bank
charges.
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
|