Committed portfolio

The committed portfolio grew by 11% to €5,874 million, of which €912 million (including FOM) represented the funds managed on behalf of the Dutch State.

Of the gross outstanding portfolio (State funds excluded) the local currency financing share remained stable at more than 14%. Of the remainder, 72% of the facilities are in US dollars and 14% in euros. 

Loan portfolio developments

FMO concluded the year with a loan portfolio of €2,871 million representing a portfolio increase of about €330 million over 2011.

In 2011 our portfolio quality decreased, visible in the non-performing loan (NPL) ratio increasing from 2.3% to 3.4%. Of the non-performing loans as per December 31, 2011 an amount of €13,432 is guaranteed by a third party. When the guaranteed amount is included the NPL ratio will decrease to 2.9%. In general, the non-performing loans represent a fair cross section of our portfolio and no correlation with respect to specific sector or geographic region has been identified.

In 2011, our (partial) write-offs were limited to three loans, corresponding to 0.6% of our portfolio. Looking at our overall portfolio and the limited number of non-performing loans, we see no trend that would indicate a material deterioration of asset quality.

Developments of the loan portfolio

	2011	2010	2009
Gross portfolio loans	2,870,781	2,540,913	2,204,526
Written off amounts	18,433	5,830	8,497
NPL (Principals with arrears > 90 days)	97,350	58,571	78,633
NPLs as % of gross portfolio	3.4%	2.3%	3.6%

As to the private equity portfolio, the positive excess value of the portfolio in relation to its cost price has remained as it was in the previous three years, with disbursements keeping pace and a moderate value growth in the portfolio.

2011 brought full exits and several partial exits of direct investments. Fund investments also continue to realize exits and return capital to their investors. In general, the carrying amount to cost ratio increased from 118% to 122%. Foreign exchange effects had no material impact on the overall portfolio in 2011.

Developments of the equity portfolio

at December 31	2011	2010
Total carrying amount (€x1,000)	795,439	688,187
Total cost price (outstanding amount) (€x1,000)	653,471	582,888
Difference carrying amount and cost prices (€x1,000)	141,968	105,299
Carrying amount / cost price in %	122	118
Impairment % on portfolio	10.6	7.6