Real estate companies and other diversifications Explanatory notes Combined balance sheet Participations Participations Receivables 1981 1980 75.938.000 41.986.000 59.702.000 43.611.000 f 117.924,000 f 103.313.000 These participations relate to enterprises in whose capital we have a 50% participation or less. The participations figure at cost. The valuation is however not more than their intrinsic value on the basis of the valuation principles applied by FGH. In accordance with these, the sum of 9.4 million guilders under the heading 'Participations'was written off in 1981 and set against 'Depreciation of project costs' on the profit and loss account. The intrinsic value at the beginning of the financial year in accordance with the principles of valuation applied by FGH amounted to Movements: Acquisition of new and extension of existing participations 68.558.000 29.824.000 72.321.000 7 565 000 Depreciation project costs 7. 7.233.000 7 9 7f?n nnn Non-activated interest 7. 4.154.000 7. 4.143 000 Other results 7. 6.623.000 2 445 000 Distribution of profit 7. 790.000 5 560 000 Sale of participations By consolidation after 7. 34.000 7. 310.000 acquisition of majority interest 7. 3.610.000 7. 1.000.000 Intrinsic value at the end of the fiscal year Loans and credits f 75.938.000 f 68.558.000 Receivables covered by mortgages Other receivables f 14.705.000 52.384.000 f 15.657.000 25.135.000 67.089.000 40.792.000 50

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Annual Reports FGH Bank | 1981 | | pagina 52