Ø Operating results before disposals and changes in fair value in net progress at EUR 35.6 million (vs 25.9 million in 2010)
Ø Net result, group's share, totals EUR 31.1 million
INTRINSIC VALUE
Ø Intrinsic value stands at
o EUR 280 per share on 31 December 2011 compared to EUR 326 on 31 December 2010, a drop of 6.7% after reduction of capital by EUR 26 per share in 2011
o EUR 295 per share on 2 March 2012
DIVIDEND AND CAPITAL REDUCTION
Ø Proposed gross dividend of EUR 7.00 per share (+3% versus 2010)
Ø Proposal to reduce the capital by EUR 25 per share
]]>