1. Banks
|
|
2011
|
2010
|
|
Banks
|
38,909
|
14,744
|
|
Mandatory reserve deposit with Dutch central bank
|
3,205
|
3,954
|
|
Total
|
42,114
|
18,698
|
Mandatory reserve deposits are not available for use in FMO's day-to-day operations.
2. Short-term deposits
| |
2011 |
2010 |
| Collateral delivered |
15,750 |
2,190 |
| Commercial paper |
69,246 |
- |
| Money market funds |
113,794 |
280,990 |
| Dutch central bank |
299,997 |
49,995 |
| Total |
498,787 |
333,175 |
3. Derivative financial instruments
FMO utilizes the following derivative instruments for both hedging and non-hedging purposes:
- (Cross-currency) interest rate swaps are commitments to exchange one set of cash flows for another. Swaps result in an economic currency exchange or interest rate exposure (for example fixed rate or floating rate) or a combination of all these (i.e. cross-currency interest rate swaps).
- Currency forwards represent commitments to purchase foreign and domestic currency, including undelivered spot transactions.
The following table summarizes the notional amounts and the fair values of the 'derivatives other than hedging instruments'. These derivatives are held to reduce interest rate risks and currency risks but do not meet the specified criteria to apply hedge accounting. The following table also includes derivatives related to the asset portfolio.
|
At December 31, 2011
|
Notional amounts
|
Fair value assets
|
Fair value liabilities
|
|
Derivatives other than hedging instruments:
|
|
|
|
|
|
35,495
|
360
|
-806
|
|
|
544,583
|
524
|
-2,029
|
- Cross-currency interest rate swaps
|
2,880,657
|
258,014
|
-63,069
|
|
|
385,460
|
-
|
-134
|
|
Sub-total
|
3,846,195
|
258,898
|
-66,038
|
|
Embedded derivatives related to asset portfolio
|
-
|
14,539
|
-
|
|
Total derivative assets (/liabilities) other than hedging instruments
|
3,846,195
|
273,437
|
-66,038
|
The increased notionals of derivatives other than hedging instruments are due to the hedging of interest rate and foreign exchange risks for loans in local currencies and funding in currencies other than euros and US dollars. FMO does not apply hedge accounting for these derivatives. FMO does not hold derivatives for trading purposes.
At December 31, 2011, FMO had no structured funding anymore.
The following table summarizes the notional amounts and the fair values of the derivatives designated as fair value hedges.
|
At December 31, 2011
|
Notional amounts
|
Fair value
assets
|
Fair value
Liabilities
|
|
Derivatives designated as fair value hedges:
|
|
|
1,883,788
|
60,625
|
-
|
|
Total derivatives designated as fair value hedges
|
1,883,788
|
60,625
|
-
|
|
Total derivative financial instruments assets (/liabilities)
|
5,729,983
|
334,062
|
-66,038
|
|
|
For the year ended December 31, 2011, FMO recognized an ineffectiveness of €0.3 million net profit (2010: €1.0 million net profit) on the fair value hedges. The profit on the hedging instruments amounted to €19.9 million (2010: €12.8 million loss). The loss on hedged items attributable to the hedged risk amounted to €19.6 million (2010: €13.8 million profit).
The comparative figures for derivatives have been included in the following tables.
|
At December 31, 2010
|
Notional amounts
|
Fair value assets
|
Fair value liabilities
|
|
Derivatives other than hedging instruments:
|
|
|
272,116
|
779
|
-7,909
|
|
|
265,845
|
343
|
-621
|
- Cross-currency interest rate swaps
|
2,220,792
|
246,881
|
-35,744
|
|
Sub-total
|
2,758,753
|
248,003
|
-44,274
|
|
Derivatives related to asset portfolio
|
-
|
5,644
|
-
|
|
Total derivative assets (/liabilities) other than hedging instruments
|
2,758,753
|
253,647
|
-44,274
|
|
At December 31, 2010
|
Notional amounts
|
Fair value
assets
|
Fair value liabilities
|
|
Derivatives structured:
|
|
|
3,738
|
-
|
-157
|
- Cross-currency interest rate swaps
|
9,196
|
1,142
|
-
|
|
Total derivative assets (/liabilities) structured
|
12,934
|
1,142
|
-157
|
|
At December 31, 2010
|
Notional amounts
|
Fair value
assets
|
Fair value
liabilities
|
|
Derivatives designated as fair value hedges:
|
|
|
1,627,121
|
62,190
|
-
|
|
Total derivatives designated as fair value hedges
|
1,627,121
|
62,190
|
-
|
|
Total derivative financial instruments assets (/liabilities)
|
4,398,808
|
316,979
|
-44,431
|
4. Loans to the private sector
These loans to the private sector in developing countries are for FMO's account and risk. The movements of the loans to the private sector can be summarized as follows:
|
|
2011
|
2010
|
|
Balance at January 1
|
2,509,157
|
2,180,567
|
|
Disbursements
|
867,363
|
586,623
|
|
Re-class from equity investments
|
-4,787
|
794
|
|
Repayments
|
-545,421
|
-394,095
|
|
Write-offs
|
-18,433
|
-5,830
|
|
Changes in amortizable fees
|
-896
|
-7,797
|
|
Changes in fair value
|
856
|
-
|
|
Exchange rate differences
|
30,290
|
148,895
|
|
|
|
|
|
Balance at December 31
|
2,838,129
|
2,509,157
|
|
Value adjustments
|
-316,017
|
-296,444
|
|
Net balance at December 31
|
2,522,112
|
2,212,713
|
The following table summarizes the loans segmented by sector.
|
|
2011
|
2010
|
|
Financial institutions
|
1,164,891
|
932,725
|
|
Energy
|
341,462
|
284,307
|
|
Housing
|
213,308
|
185,187
|
|
Agribusiness, food & water
|
218,709
|
196,886
|
|
Diverse sectors
|
583,742
|
613,608
|
|
Net balance at December 31
|
2,522,112
|
2,212,713
|
|
|
|
|
|
|
2011
|
2010
|
|
Gross amount of loans to companies in which FMO has equity investments
|
189,896
|
174,634
|
|
Gross amount of subordinated loans
|
496,712
|
466,736
|
|
Gross amount of non-performing loans
|
97,350
|
58,571
|
A loan is classified as non-performing when payments of interest or principal are past due by 90 days or more.
5. Loans guaranteed by the State
These loans in developing countries are individually guaranteed by the Dutch State for 80% to 95%. Any losses will be compensated by the State up to the guaranteed percentage.
The loan portfolio guaranteed by the State comprises the loans issued under the FOM program. The movements can be summarized as follows:
|
|
2011
|
2010
|
|
Balance at January 1
|
62,475
|
51,050
|
|
Disbursements
|
14,821
|
32,831
|
|
Repayments
|
-8,465
|
-11,277
|
|
Write-offs
|
-526
|
-10,897
|
|
Changes in amortizable fees
|
200
|
185
|
|
Exchange rate differences
|
849
|
583
|
|
Balance at December 31
|
69,354
|
62,475
|
|
Value adjustments
|
-6,804
|
-6,183
|
|
Net balance at December 31
|
62,550
|
56,292
|
The following table summarizes the loans guaranteed by the State segmented by sector.
|
|
2011
|
2010
|
|
Financial institutions
|
-
|
-
|
|
Energy
|
-
|
-
|
|
Housing
|
-
|
-
|
|
Agribusiness, food & water
|
44,050
|
38,064
|
|
Diverse sectors
|
18,500
|
18,228
|
|
Net balance at December 31
|
62,550
|
56,292
|
|
|
|
|
|
Gross amount of subordinated loans
|
40,479
|
40,132
|
|
Gross amount of non-performing loans
|
6,139
|
6,303
|
6. Equity investments
These equity investments in developing countries are for FMO's account and risk. The movements in net book value of the equity investments are summarized in the following table.
|
|
2011
|
2010
|
|
Net balance at January 1
|
637,802
|
489,232
|
|
Purchases and contributions
|
179,488
|
150,153
|
|
Re-class to loans
|
4,787
|
-794
|
|
Re-class from/to associates
|
-
|
1,709
|
|
Decrease due to loss deconsolidation BanyanTree Growth Capital L.C.C.
|
-
|
-1,166
|
|
Sales
|
-86,521
|
-52,460
|
|
Value adjustments
|
-36,298
|
-10,967
|
|
Changes in fair value
|
54,108
|
62,095
|
|
Net balance at December 31
|
753,366
|
637,802
|
|
|
2011
|
2010
|
|
Equity investments at fair value
|
581,853
|
476,437
|
|
Equity investments at cost less impairment
|
171,513
|
161,365
|
|
Net balance at December 31
|
753,366
|
637,802
|
The following table summarizes the equity investments segmented by sector.
|
|
2011
|
2010
|
|
Financial institutions - of which investment funds: €519,136 (2010: €430,218
|
607,371
|
521,892
|
|
Energy
|
70,320
|
50,113
|
|
Housing
|
429
|
176
|
|
Agribusiness, food & water
|
21,709
|
16,579
|
|
Diverse sectors
|
53,537
|
49,042
|
|
Net balance at December 31
|
753,366
|
637,802
|
7. Investments in associates
The movements in net book value of the associates are summarized in the following table.
|
|
2011
|
2010
|
|
Net balance at January 1
|
50,385
|
41,577
|
|
Purchases and contributions
|
9,886
|
7,420
|
|
Re-class to/from equity investments
|
-
|
-1,709
|
|
Re-class from subsidiaries
|
-
|
12,346
|
|
Sales
|
-10,134
|
-15,316
|
|
Share in net results
|
-9,253
|
4,291
|
|
Translation differences
|
1,189
|
1,776
|
|
Net balance at December 31
|
42,073
|
50,385
|
|
|
2011
|
2010
|
|
Associates at cost
|
12
|
4,175
|
|
Associates at equity method
|
42,061
|
46,210
|
|
Net balance at December 31
|
42,073
|
50,385
|
The following table summarizes FMO's share in the total assets, liabilities, total income and total net profit/loss of the associates.
|
|
Associates at equity method
|
Associates at cost less impairment
|
Total
|
|
Total assets
|
106,681
|
12
|
106,693
|
|
Total liabilities
|
64,620
|
-
|
64,620
|
|
Total income
|
4,643
|
-
|
4,643
|
|
Total profit/loss
|
-9,253
|
-
|
-9,253
|
The associates valued at cost less impairment have incurred no cumulative impairment losses (2010: €0).
8. Movement in value adjustments
Movement in value adjustments FMO portfolio
|
|
Guarantees
|
Loans
|
Total
|
|
Balance at January 1, 2010
|
16,237
|
275,264
|
291,501
|
|
Additions
|
11,708
|
45,551
|
57,259
|
|
Reversals
|
-1,924
|
-38,112
|
-40,036
|
|
Exchange rate differences
|
1,474
|
19,571
|
21,045
|
|
Write-offs
|
-
|
-5,830
|
-5,830
|
|
Balance at December 31, 2010
|
27,495
|
296,444
|
323,939
|
|
Additions
|
-
|
59,592
|
59,592
|
|
Reversals
|
-13,791
|
-22,877
|
-36,668
|
|
Exchange rate differences
|
-160
|
1,291
|
1,131
|
|
Write-offs
|
-
|
-18,433
|
-18,433
|
|
Balance at December 31, 2011
|
13,544
|
316,017
|
329,561
|
Movement in value adjustments on loans guaranteed by the State
|
|
2011
|
2010
|
|
Balance at January 1
|
6,183
|
14,494
|
|
Additions
|
1,287
|
3,000
|
|
Reversals
|
-140
|
-414
|
|
Write-offs
|
-526
|
-10,897
|
|
Balance at December 31
|
6,804
|
6,183
|
FMO's own risk participation with regard to FOM (5% to 20%) is not guaranteed. The guaranteed part is recorded under other receivables (see note 11), and this amounts to €961 (2010: €2,161) for the value adjustment recognized in 2011.
9. Interest-bearing securities
This portfolio contains marketable bonds and private loans with fixed interest rates.
|
|
2011
|
2010
|
|
Bonds (listed)
|
666,660
|
558,709
|
|
Private loans
|
4,918
|
5,001
|
|
Balance at December 31
|
671,578
|
563,710
|
All interest-bearing securities are classified as available for sale assets. The movements can be summarized as follows:
|
|
2011
|
2010
|
|
Balance at January 1
|
563,710
|
629,567
|
|
Amortization premiums/discounts
|
-2,089
|
-1,042
|
|
Purchases
|
130,845
|
152,424
|
|
Sale and redemption
|
-26,129
|
-220,346
|
|
Revaluation
|
5,241
|
3,107
|
|
Balance at December 31
|
671,578
|
563,710
|
The interest-bearing securities have been issued by.
|
|
2011
|
2010
|
|
Private parties:
|
|
|
|
|
521,169
|
471,041
|
|
|
41,821
|
43,350
|
|
Public bodies
|
108,588
|
49,319
|
|
Balance at December 31
|
671,578
|
563,710
|
10. Tangible fixed assets
The land, buildings and equipment due to business combinations (€5,784) relate to Blauser S.A.
11. Other receivables
|
|
2011
|
2010
|
|
Debtors related to sale of equity investments
|
2,231
|
997
|
|
Taxes and social premiums
|
380
|
378
|
|
To be declared on State guaranteed loans
|
5,948
|
6,707
|
|
Accrued management fees State funds
|
4,235
|
4,106
|
|
Other receivables
|
20,102
|
19,273
|
|
Balance at December 31
|
32,896
|
31,461
|
12. Accrued income
|
|
2011
|
2010
|
|
Accrued interest on loans
|
37,828
|
31,464
|
|
Accrued interest on swaps and other assets
|
43,983
|
39,686
|
|
Other accrued income
|
305
|
-
|
|
Balance at December 31
|
82,116
|
71,150
|