Our FMO on balance equity portfolio showed a growth of 15% to €914 million. This growth is mainly driven by new investments of €190 million (equity investments and associates). We realized a number of successful exits this year, with gross proceeds amounting to €131 million, of which €72 million was recognized in the income statement.
The realized results from equity investments (consisting of exits, dividend, share in the results of associates and value adjustments on equity investments and associates) amounted to €70 million in 2012 (2011: €1 million). The high level of realized results reflects both the improved appetite for equity as well as the increasing size and maturity of the portfolio, When including the unrealized capital gains, the total performance of the equity portfolio was €74 million (2011: €55 million).
Cumulative impairments as a percentage of the portfolio decreased from 10.6% to 8.5% which indicates the good quality of our equity portfolio.
Performance Equity & Associates (*mln)
|Results from equity investments||72||32|
|Share in the result from associates||4||-9|
|Realized performance profit before taxation||70||1|
|Available for sale movements||4||54|
|Total comprehensive income before taxation||74||55|
|Realized performance average outstanding portfolio (%)||8.3||0.0|
|Total performance average outstanding portfolio (%)||8.8||7.3|
|Value adjustments on portfolio (%)||8.5||10.6|
|Carrying amount / cost price minus impairments (%)||121||122|