KPMG Auditor's report
To the General Meeting of Shareholders of Nederlandse
Financierings-Maatschappij voor Ontwikkelingslanden N.V.
Independent auditor's and assurance reports We have been engaged by
Nederlandse Financieringsmaatschappij voor Ontwikkelingslanden N.V.
(hereinafter also referred to as FMO) to conduct (1) an audit on
the annual accounts 2010 and (2) a limited assurance engagement of
the Report of the Management Board 2010. The audit and the limited
assurance engagement are conducted in accordance with Dutch law,
including the Dutch Auditing Standards for the audit and the Dutch
Assurance Standaard 3000 for the limited review.
Auditor's report on the Annual Accounts
Assurance report on the Report of the Management Board
Introduction
We have audited the accompanying annual accounts 2010 of
Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden
N.V., The Hague on pages 58 to 122. The annual accounts include the
consolidated financial statements and the company financial
statements. The consolidated financial statements comprise the
consolidated balance sheet as at December 31, 2010, the
consolidated profit and loss account, the consolidated statements
of comprehensive income, changes in equity and cash flows for the
year then ended, and notes, comprising a summary of the significant
accounting policies and other explanatory information. The company
financial statements comprise the company balance sheet as at
December 31, 2010, the company profit and loss account for the year
then ended and the notes, comprising a summary of the accounting
policies and other explanatory information.
We have provided limited assurance on whether the Report of the
Management Board 2010 on pages 7 to 43 (further referred to as The
Report) is presented, in all material respects, in accordance with
the requirements of section 2:391 of the Netherlands Civil
Code.
Management responsibility & reporting criteria
Management Responsibility annual accounts
Management is responsible for the preparation and fair
presentation of the financial statements in accordance with
International Financial Reporting Standards as adopted by the
European Union and with Part 9 of Book 2 of the Netherlands Civil
Code, and for the preparation of the Report of the Management Board
in accordance with Part 9 of Book 2 of the Netherlands Civil Code.
Furthermore, management is responsible for such internal control as
it determines is necessary to enable the preparation of the
financial statements that are free from material misstatement,
whether due to fraud or error.
Management responsibility Report of the Management Board
Management is responsible for the preparation of The Report in
accordance with Part 9 of Book 2 of the Netherlands Civil Code. In
The Report, FMO presents the state of affairs within the company
and the strategy and policy pursued following the requirements as
set out in section 2:391 of the Netherlands Civil Code.
Auditor's responsibility & work done
Auditor's responsibility annual accounts
Our responsibility is to express an opinion on the financial
statements based on our audit. We conducted our audit in accordance
with Dutch law, including the Dutch Standards on Auditing. This
requires that we comply with ethical requirements and plan and
perform the audit to obtain reasonable assurance whether the
financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence
about the amounts and disclosures in the financial statements. The
procedures selected depend on the auditor's judgment, including the
assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those
risk assessments, the auditor considers internal control
relevant to the entity's preparation
and fair presentation of the financial statements in order to
design audit procedures that are appropriate in the circumstances,
but not for the purpose of expressing an opinion on the
effectiveness of the entity's internal control. An audit also
includes evaluating the appropriateness of accounting policies used
and the reasonableness of accounting estimates made by management,
as well as evaluating the overall presentation of the financial
statements.
We believe that the audit evidence we have obtained is
sufficient and appropriate to provide a basis for our audit
opinion.
Auditor's responsibility Report of the Management Board
Our responsibility is to provide limited assurance on whether
the information in The Report is, in all material respects,
prepared in accordance with section 2:391 of the Netherlands Civil
Code. We do not provide any assurance on the feasibility of the
targets, expectations, policy and ambitions of FMO. Procedures
performed to obtain a limited level of assurance are aimed at
determining the plausibility of information and are less extensive
than those for a reasonable level of assurance. The following
procedures were performed:
- a review of the content of The Report in relation to the
specific requirements as set out in section 2:391 of the
Netherlands Civil Code;
- a review of the underlying principles of information management
and
reporting used in drawing up The Report;
- interviews with relevant staff responsible for the information
in The Report;
- a review of internal and external documentation such as minutes
of meetings, reports and intranet sources;
- a review of the underlying systems and procedures used to
collect and process the reported information, including the
aggregation of data into the information in The Report;
- a review of the reliability of the quantitative information in
The Report based on sampling.
Conclusions
Opinion with respect to the consolidated financial
statements
In our opinion, the consolidated financial statements give a
true and fair
view of the financial position of Nederlandse
Financierings-Maatschappij
voor Ontwikkelingslanden N.V. as at December 31, 2010, and of its
result and its cash flows for the year then ended in accordance
with International Financial Reporting Standards as adopted by the
European Union and with Part 9 of Book 2 of the Netherlands Civil
Code.
Opinion with respect to the company financial statements
In our opinion, the company financial statements give a true and
fair view
of the financial position of Nederlandse
Financierings-Maatschappij
voor Ontwikkelingslanden N.V. as at December 31, 2010, and of
its
result for the year then ended in accordance with Part 9 of Book 2
of
the Netherlands Civil Code.
Report on other legal and regulatory requirements
Pursuant to the legal requirements under section 2:393 sub 5 at
e and f of the Netherlands Civil Code, we have no deficiencies to
report as a result of our examination whether the Report of the
Management Board, to the extent we can assess, has been prepared in
accordance with part 9 of Book 2 of this Code, and if the
information as required under section 2:392 sub 1 at b - h has been
annexed. Further, we report that the Report of the Management
Board, to the extent we can assess, is consistent with the
financial statements as required by section 2:391 sub 4 of the
Netherlands Civil Code.
Conclusion with respect to The Report of the Management
Board
Based on the work described in the previous paragraph, nothing
has come to our attention that causes us to believe that the
information in The Report on pages 7 to 43 is not, in all material
respects, presented in accordance with the requirements included in
section 2:391 of the Netherlands Civil Code.
Amstelveen, March 10, 2011 KPMG Accountants N.V. M. Frikkee RA