Annual and interim reports

6 Commitments and contingent liabilities

To meet the financial needs of borrowers, FMO enters into various irrevocable commitments (loan commitments, equity commitments and guarantee commitments) and contingent liabilities.

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7 Debentures and notes

Debentures and notes includes issued debt instruments in various currencies under FMO's Debt Issuance Programmes. In addition, a subordinated note of EUR 175 million is also included in the Debenture and Notes.

8 Other liabilities

The increase in other liabilities is result of implementation of IFRS 16 standard as per January 1, 2019 and deposits placed by customers.

9 Net fee and commission income

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10 Results from equity investments

The results from equity investments also contain the fair value changes of equity investments including currency exchange effects.

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11 Dividends

In the General Meeting of Shareholders in May 2019 the proposal for the appropriation of profit for the 2018 financial year was approved.

12 Remuneration for services rendered

Remuneration for managing funds and programs is assessed for market conformity. Related management expenses are included in operating expenses.

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13 Income tax

Income tax of EUR 8 million decreased compared to 2018 due to lower profit before tax whilst the average weighted annual rate of 13.5% increased (H1 2018: 12.5%).

14 Events after the end of the reporting period

In first half of August 2019 the Argentinian Peso has shown accelerated depreciation and caused tension in financial markets. For more details, reference is made to section 3.4 Concentration Risk.

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15 Related parties

FMO defines the Dutch State, subsidiaries, associated companies, the Management Board and Supervisory Board as related parties. This is in line with the Annual Report 2018.