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Result of Management Company business


M€     2011    2010
Turnover 32.4 38.2
   Management fees 27.1 32.9
   Real estate consulting 1.0 1.6
   Carried interest 3.1 2.6
   Other income 1.2 1.1
   Operating profit / loss -1.1 18.9
Profit / loss -1.7 14.1