Notes to the consolidated balance sheet: assets

1. Banks

 

2019

2018

Banks

64,626

54,642

Balance at December 31

64,626

54,642

The cash on bank accounts can be freely disposed of.

2. Current accounts with State funds and other programs (assets)

 

2019

2018

Current account MASSIF

-

264

Current account EIB

230

230

Current account Building Prospects

-

-

Current account Access to Energy Fund

568

-

Current account Land Use Facility

396

-

Balance at December 31

1,194

494

Current accounts can be freely disposed of.

3. Short-term deposits

 

2019

2018

Collateral delivered (related to derivative financial instruments)

95,176

66,531

Dutch central bank

350,122

324,615

Mandatory reserve deposit with Dutch central bank

1,410

489

Call Deposits

-

-

Short term deposits measured at AC

446,708

391,635

Commercial paper

796,725

590,350

Money market funds

130,044

165,866

Short term deposits measured at FVPL

926,769

756,216

Balance at December 31

1,373,477

1,147,851

Mandatory reserve deposits are not available for use in FMO’s day-to-day operations.

Fair value gain on money market funds and commercial paper portfolio recorded in the profit and loss amounts to €32 (2018: €93 loss). The amount attributable to change in credit risk is limited.

Short term deposits generally have a maturity of less than three months however a small portfolio of commercial paper has a longer maturity. Commercial paper with maturity of more than three months amounts to €0 (2018: €297,884).

4. Interest-bearing securities

This portfolio contains marketable bonds with fixed interest rates. All interest-bearing securities (credit quality of AA+ or higher) are classified as Stage 1. An amount of €68 (2018: €64) is calculated for the ECL of both asset classes as per December 31, 2019.

 


2019


2018

Bonds (listed)

350,237

402,380

Balance at December 31

350,237

402,380

All interest-bearing securities are classified as amortized cost. The movements can be summarized as follows:

 


2019


2018

Balance at January 1

402,380

361,298

Amortization premiums/discounts

33

-802

Purchases

-

54,826

Redemptions

-54,505

-18,976

Changes in ECL allowances

-

-18

Changes in accrued income

-231

95

Exchange rate differences

2,560

5,957

Balance at December 31

350,237

402,380

5. Derivative financial instruments and hedge accounting

Use of derivatives and hedge accounting

Derivatives are held for both economic hedging purposes and for hedge accounting. FMO uses derivatives for hedging purposes in the management of its asset and liability portfolios and structural risk positions. These risks are hedged with interest rate swaps, cross currency swaps and cross currency interest rate swaps. The objective of hedging is to enter into positions with an opposite risk profile to an identified exposure to reduce that exposure. The objective of FMO hedging activities is to optimize the overall cost to the bank of accessing debt capital markets and to mitigate the risk which would otherwise arise from structural imbalances in the duration and other profiles of its assets and liabilities. The accounting treatment of hedge transactions varies according to the nature of the instrument hedged and whether the hedge qualifies under the IFRS hedge accounting rules.

Derivatives that qualify for hedge accounting under IFRS are classified and accounted for in accordance with the nature of the instrument hedged and the type of IFRS hedge model that is applicable. FMO applies fair value hedge accounting to the funding portfolio with interest rate swaps as hedging instruments. To qualify for hedge accounting under IFRS, strict criteria must be met. Certain hedges that are economically effective from a risk management perspective do not qualify for hedge accounting under IFRS. The fair value changes of derivatives relating to such non-qualifying hedges are taken to the statement of profit or loss and recorded under the line results from financial transactions. If hedge accounting is applied under IFRS, it is possible that during the hedge a hedge relationship no longer qualifies for hedge accounting and hedge accounting cannot be continued, even if the hedge remains economically effective. As a result, the volatility arising from undertaking economic hedging in the statement of profit or loss may be higher than would be expected from an economic point of view. With respect to exchange rate and interest rate derivative contracts, the notional or contractual amount of these instruments is indicative of the nominal value of transactions outstanding at the balance sheet date; how-ever they do not represent amounts at risk.

For the year ended December 31, 2019, FMO recognized net gain for €0.3 million for hedge ineffectiveness on the micro fair value hedges (2018: €4.1 million net gain). The profit on the hedging instruments amounts to €46.7 million (2018: €10.2 million gain). The loss on hedged items attributable to the hedged risk amounts to €46.4 million (2018: €6.1 million loss). The result is mainly attributed to change of spreads between 3-month reference rates and Overnight-Index-Swap rates (OIS).

Micro fair value hedge accounting

FMO only applies micro-hedging strategies, hence at hedge inception the test is conducted. FMO’s micro fair value hedges consist of interest rate swaps that are used to protect against changes in the fair value of fixed-rate instruments due to movements in market interest rates. Gains and losses on derivatives designated under fair value hedge accounting and hedged items are recognized in the statement of profit or loss.

The amounts relating to derivatives designated as fair value hedging instruments and hedge ineffectiveness were as follows:

  

Carrying amount

   

December 31, 2019

Notional amount

Assets

Liabilities

Change in fair value used for calculating hedge ineffectiveness

Ineffectiveness recorded in profit or loss

Line item in P&L that includes hedge ineffectiveness

Interest rate swaps

3,653,162

144,061

12,724

46,692

317

Results from financial transactions

       

December 31, 2018

      

Interest rate swaps

2,633,664

75,221

6,965

10,210

4,057

Results from financial transactions

At December 31, 2019, FMO held the following interest rate swaps as hedging instruments in fair value hedges of interest rate risk.

Hedge of debentures and notes December 31, 2019

Maturity

Risk category (interest rate)

Less than 1 month

1-3 months

3 months - 1 year

1-5 years

more than 5 years

Nominal amount (in millions of euro)

-

-

675.0

2,245.4

732.7

Average fixed interest rate (%)

-

-

0.5

1.3

2.6

      

Hedge of debentures and notes December 31, 2018

     

Nominal amount (in millions of euro)

-

5.0

136.0

1,961.0

560.0

Average fixed interest rate (%)

-

1.8

2.8

1.7

3.7

The amounts relating to items designated as hedged items were as follows:

December 31, 2019

Carrying amount of the hedged item

Accumulated amount of fair value hedge adjustments on the hedged item included in the carrying amount of the hedged item

  

Balance sheet line item

Liabilities

Assets

Liabilities

Change in fair value used for calculating hedge ineffectiveness

Accumulated amount remaining in the balance sheet for any hedged items that have ceased to be adjusted for hedging gains and losses

Debentures and notes

3,773,180

-

-

-46,375

-

      

December 31, 2018

     

Debentures and notes

2,697,095

-

3

-6,153

-

Derivatives other than hedge accounting instruments

The following table summarizes the notional amounts and the fair values of the ‘derivatives other than hedge accounting instruments’. These derivatives are held to reduce interest rate risks and currency risks but do not meet the specified criteria to apply hedge accounting at reporting period. The following table also includes derivatives related to the asset portfolio.

December 31, 2019

 

Notional amounts

Fair value assets

Fair value liabilities

Derivatives other than hedge accounting instruments:

    

ˑ

Currency swaps

324,015

428

869

ˑ

Interest rate swaps

1,745,060

34,159

44,255

ˑ

Cross-currency interest rate swaps

3,061,803

116,801

197,625

Subtotal

 

5,130,878

151,388

242,749

Embedded derivatives related to asset portfolio

 

-

5,789

1,698

Total derivative assets (/liabilities) other than hedge accounting instruments

 

5,130,878

157,177

244,447

December 31, 2018

 

Notional amounts

Fair value assets

Fair value liabilities

Derivatives other than hedge accounting instruments:

    

ˑ

Currency swaps

44,638

-166

1,794

ˑ

Interest rate swaps

700,112

12,261

6,122

ˑ

Cross-currency interest rate swaps

3,353,655

155,883

202,293

Subtotal

 

4,098,405

167,978

210,209

Embedded derivatives related to asset portfolio

 

-

4,624

-

Total derivative assets (/liabilities) other than hedge accounting instruments

 

4,098,405

172,602

210,209

6. Loans to the private sector

These loans to the private sector include:

  • Loans to the private sector in developing countries are for the account and risk of FMO;

  • Loans in developing countries which are individually guaranteed by the Dutch State for 80% to 95% or other financial guarantors. Any losses will be compensated by the guarantors up to the guaranteed amount. Refer to our Credit Risk Management Chapter for details of these guarantees received. 

The movements of these loans can be summarized as follows: 

 

Loans measured at AC

Loans measured at FVPL


Total 2019

Balance at January 1, 2019

4,240,526

685,799

4,926,325

Disbursements

1,033,835

145,749

1,179,584

Conversion from loan to equity

-8,102

-11,110

-19,212

Repayments

-757,323

-113,463

-870,786

Write-offs

-7,640

-10,498

-18,138

Derecognized and/or restructured loans

35,513

612

36,125

Changes in amortizable fees

-4,618

-44

-4,662

Changes in fair value

-

-14,620

-14,620

Changes in accrued income

-103

2,888

2,785

Exchange rate differences

41,962

11,200

53,162

Balance at December 31, 2019

4,574,050

696,513

5,270,563

Impairment

-239,941

-

-239,941

Net balance at December 31, 2019

4,334,109

696,513

5,030,622

 

Loans measured at AC

Loans measured at FVPL


Total 2018

Balance at January 1, 2018

3,777,197

608,382

4,385,579

Disbursements

1,285,450

88,113

1,373,563

Conversion from loan to equity

-

-4,814

-4,814

Repayments

-854,289

-81,345

-935,634

Write-offs

-18,308

-

-18,308

Derecognized and/or restructured loans

-56,520

56,520

-

Changes in amortizable fees

-2,762

105

-2,657

Changes in fair value

-

-9,828

-9,828

Changes in accrued income

5,840

4,935

10,775

Exchange rate differences

103,918

23,731

127,649

Balance at December 31, 2018

4,240,526

685,799

4,926,325

Impairment

-155,504

-

-155,504

Net balance at December 31, 2018

4,085,022

685,799

4,770,821

The contractual amount of assets that were written off during the period are still subject to enforcement activity. Recoveries from written off loans amount to €1,846 (2018:€3,613)

The following tables summarize the loans segmented by sector and areas of geography.

Loans segmented by sector

2019

 
 

Stage 1

Stage 2

Stage 3

Fair value

Total 2019


2018

Financial Institutions

1,751,417

131,199

4,007

270,202

2,156,825

2,013,628

Energy

1,109,218

261,229

66,544

137,241

1,574,232

1,453,960

Agribusiness

467,155

31,837

43,047

131,712

673,751

572,404

Multi-Sector Fund Investments

26,275

-

-

42,610

68,885

62,250

Infrastructure, Manufacturing and Services

279,503

77,573

85,105

114,748

556,929

668,579

Net balance at December 31

3,633,568

501,838

198,703

696,513

5,030,622

4,770,821

       
       

Loans segmented by geographical area

2019

 
 

Stage 1

Stage 2

Stage 3

Fair value

Total 2019


2018

Africa

1,049,620

130,106

17,647

139,813

1,337,186

1,197,322

Asia

769,022

49,262

15,918

194,601

1,028,803

991,434

Latin America & the Carribbean

912,293

139,017

112,230

95,259

1,258,799

1,256,423

Europe & Central Asia

824,248

134,888

52,908

161,532

1,173,576

1,094,037

Non - region specific

78,385

48,565

-

105,308

232,258

231,605

Net balance at December 31

3,633,568

501,838

198,703

696,513

5,030,622

4,770,821

       
       
 


2019


2018

    

Gross amount of loans to companies in which FMO has equity investments

187,944

91,993

    

Gross amount of subordinated loans

273,685

300,356

    

Gross amount of non-performing loans (EBA definition)

524,104

416,836

    

Gross amount of loans covered by guarantees received

485,756

520,279

    

For definition and more details on non-performing loans, reference is made to section 'Credit Risk' within the Risk Management chapter.

The movements in the gross amounts and ECL allowances for loans to the private sector at AC are as follows:

Changes in Loans to the private sector at AC in 2019

Stage 1

Stage 2

Stage 3

Total

 

Gross amount

ECL allowance

Gross amount

ECL allowance

Gross amount

ECL allowance

Gross amount

ECL allowance

At December 31, 2018

3,519,157

-30,582

442,675

-16,765

278,694

-108,157

4,240,526

-155,504

Additions

964,726

-10,171

57,879

-5,534

11,232

-1,166

1,033,837

-16,871

Exposure derecognised or matured/lapsed (excluding write offs)

-616,324

1,606

-94,149

408

-47,850

6,874

-758,323

8,888

Transfers to Stage 1

41,421

-3,933

-41,421

3,933

-

-

-

-

Transfers to Stage 2

-205,110

2,401

205,110

-2,401

-

-

-

-

Transfers to Stage 3

-69,765

1,042

-50,486

2,858

120,251

-3,900

-

-

Modifications of financial assets (including derecognition)

-597

-

159

-

27,849

-11,938

27,411

-11,938

Changes in risk profile not related to transfers

 

7,570

 

-7,539

-

-69,655

-

-69,624

Amounts written off

-

-

-

-

-7,640

7,640

-7,640

7,640

Changes in amortizable fees

-5,441

-

31

-

792

-

-4,618

-

Changes in accrued income

4,753

-

4,619

-

-8,476

-

896

-

Foreign exchange adjustments

33,273

-457

2,648

-187

6,040

-1,888

41,961

-2,532

At December 31, 2019

3,666,093

-32,524

527,065

-25,227

380,892

-182,190

4,574,050

-239,941

Changes in Loans to the private sector at AC in 2018

Stage 1

Stage 2

Stage 3

Total

 

Gross amount

ECL allowance

Gross amount

ECL allowance

Gross amount

ECL allowance

Gross amount

ECL allowance

At January 1, 2018

3,112,742

-29,821

464,729

-18,910

199,726

-102,052

3,777,197

-150,783

Additions

1,217,916

-11,624

55,136

-3,669

12,398

-296

1,285,450

-15,589

Exposure derecognised or matured/lapsed (excluding write offs)

-706,066

5,954

-115,451

2,264

-32,772

9,566

-854,289

17,784

Transfers to Stage 1

102,937

-4,921

-102,937

4,921

-

-

-

-

Transfers to Stage 2

-209,885

2,071

220,871

-5,107

-10,986

3,036

-

-

Transfers to Stage 3

-58,237

1,931

-84,449

4,523

142,686

-6,454

-

-

Modifications of financial assets (including derecognition)

-26,161

695

-

-

-30,359

5,547

-56,520

6,242

Changes in risk profile not related to transfers

-

5,824

-

-72

-

-33,047

-

-27,295

Amounts written off

-

-

-

-

-18,308

18,308

-18,308

18,308

Changes in amortizable fees

-3,528

-

730

-

36

-

-2,762

-

Changes in accrued income

2,464

-

-4,588

-

7,964

-

5,840

-

Foreign exchange adjustments

86,975

-691

8,634

-715

8,309

-2,765

103,918

-4,171

At December 31, 2018

3,519,157

-30,582

442,675

-16,765

278,694

-108,157

4,240,526

-155,504

Total impairments on loans in the consolidated profit and loss account

  
 


2019


2018

Additions and reversals loans FMO portfolio

-96,121

-31,794

Guaranteed part additions and reversals loans guaranteed by the State

3,237

628

Recoveries (writen - off loans)1

1,846

3,613

Balance at December 31

-91,038

-27,553

  • 1 Recoveries from written-off loans have been reclassified from 'Other operating income'. Comparative amount of €3,613 has been adjusted as per December 31, 2018.

7. ECL allowances - assessment

According to IFRS 9, FMO calculates ECL allowances for Interest bearing Securities, Loans at private sector at AC (including off balance loan commitments) and Guarantees Given to customers. The movement in ECL allowances for each of these items is presented in their relevant notes. 

In order to demonstrate the sensitivity of the SICR criteria, the tables below present the distribution of stage 2 impairments by the criteria that triggered the migration to stage 2 versus stage 2 impairments triggered by the 30 day past due backstop.

December 31, 2019

    

ECL allowance Stage 2 - Trigger assessment

Loans to private Sector

Guarantees

Loan Commitments

Total

     

More than 30 days past due

-43

-

-853

-896

Forbearance

-5,646

-

-525

-6,171

Deterioration in credit risk rating

-19,538

-483

-1,709

-21,730

Total

-25,227

-483

-3,087

-28,797

December 31, 2018

    

ECL allowance Stage 2 - Trigger assessment

Loans to private Sector

Guarantees

Loan Commitments

Total

     

More than 30 days past due

-203

-

-

-203

Forbearance

-7,519

-

-

-7,519

Deterioration in credit risk rating

-9,043

-297

-435

-9,775

Total

-16,765

-297

-435

-17,497

The table show the values of the IMF GDP forecasts used in each of the economic scenarios for the ECL calculations for 2019 and 2020. The upside and downside scenario calculations are derived from the base case scenario, adjusted based on an indicator of public debt to GDP in emerging markets.

IMF GDP % Growth Forecasts

2019

2020

Turkey

0.4

3.0

India

7.4

7.0

Georgia

4.8

4.8

Argentina

-1.6

-1.3

Nigeria

2.3

2.5

Uganda

6.1

6.2

Bangladesh

7.1

7.4

Ghana

7.6

5.6

Armenia

4.8

4.8

Costa Rica

3.3

2.5

The following tables outline the impact of multiple scenarios on the ECL allowance

December 31, 2019

Total unweighted amount per ECL scenario

Probability

Loans to the private Sector

Guarantees

Bonds and Cash

Total

ECL Scenario:

      

Upside

222,318

5%

11,035

77

4

11,116

Base case

248,376

50%

123,107

1,046

35

124,188

Downside

288,068

45%

128,199

1,401

31

129,631

Total

  

262,341

2,524

70

264,935

December 31, 2018

Total unweighted amount per ECL scenario

Probability

Loans to the private Sector

Guarantees

Bonds and Cash

Total

ECL Scenario:

      

Upside

154,984

5%

7,612

136

2

7,750

Base case

156,839

50%

77,004

1,393

22

78,419

Downside

170,877

45%

75,373

1,480

41

76,894

Total

  

159,989

3,009

65

163,063

Refer to our 'Accounting policies' chapter on macro-economic scenarios on PD estimates.

8. Equity investments

These equity investments in developing countries are for FMO’s account and risk. The movements in fair value of the equity investments are summarized in the following table. Equity investments of FMO are measured at FVPL or measured at FVOCI.

 

Equity measured at FVOCI

Equity measured at FVPL

2019

Net balance at January 1, 2019

77,553

1,504,427

1,581,980

Purchases and contributions

27,223

269,370

296,593

Conversion of loans to equity

-

11,312

11,312

Return of Capital (including sales)

-

-89,173

-89,173

Impairments

-

-

-

Write-offs

-

-

-

Changes in fair value

18,145

60,708

78,853

Net balance at December 31, 2019

122,921

1,756,644

1,879,565

 

Equity measured at FVOCI

Equity measured at FVPL


Total 2018

Net balance at January 1, 2018

77,798

1,425,465

1,503,263

Purchases and contributions

-

296,090

296,090

Conversion of loans to equity

-

4,814

4,814

Return of Capital (including sales)

-

-167,300

-167,300

Impairments

-

-

-

Write-offs

-

-4,268

-4,268

Changes in fair value

-245

-50,374

-50,619

Net balance at December 31, 2018

77,553

1,504,427

1,581,980

The following table summarizes the equity investments segmented by sector:

 


2019


2018

Financial Institutions

480,936

378,075

Energy

265,709

216,357

Agribusiness

122,670

127,913

Multi-Sector Fund Investments

678,424

617,725

Infrastructure, Manufacturing and Services

331,826

241,910

Net balance at December 31

1,879,565

1,581,980

FMO has designated three investments as shown in the following table as equity investments at FVOCI.  The FVOCI designation was made because the investments are expected to be held for long-term strategic purposes.

  

Fair value at December 31, 2019

Dividend income recognized during 2019

Fair value at December 31, 2018

Dividend income recognized during 2018

TCX Investment Company

 

29,276

-

23,451

-

The Currency Exchanged Fund N.V.

 

83,050

-

43,551

-

Seed Capital

 

10,595

-

10,551

-

Balance at December 31

 

122,921

-

77,553

-

None of these strategic investments were disposed of during 2019, and there were no transfers of any cumulative gain or loss within equity relating to these investments. The change in fair value for The Currency Exchanged Fund N.V. is mainly driven by capital increase.
 

9. Investments in associates

The movements in the carrying amounts of the associates are summarized in the following table.

 

2019

2018

Net balance at January 1

215,539

207,482

Purchases and contributions

58,075

3,251

Conversion from loans to equity

-

-

Return of capital (including sales)

-2,840

-3,330

Share in net results

11,077

-1,802

Exchange rate differences

4,016

9,938

Net balance at December 31

285,867

215,539

All investments in associates from FMO are measured based on the equity accounting method.

Arise B.V. is a private limited liability company incorporated in the Netherlands whose statutory seat is registered at Croeselaan 18, 3521 CB Utrecht, the Netherlands and registered in the Dutch commercial register under number 64756394. FMO’s share and voting rights in Arise B.V. is 27%.

In 2016 FMO signed an agreement to set up an investment vehicle, Arise B.V., together with Norfund and Rabobank. This investment vehicle is set up to invest in African financial institutions. FMO's initial commitment amounts to US$211 million. As of 31 December 2019 our remaining commitment towards Arise B.V. amounts to US$23 million.

The following table summarizes the associates segmented by sector.

 

2019

2018

Financial Institutions

241,354

191,862

Energy

37,789

14,499

Infrastructure, Manufacturing and Services

-

1,528

Multi-Sector Fund Investments

6,724

7,650

Net balance at December 31

285,867

215,539

The following table summarizes FMO’s share in the total assets, liabilities, total income and total net profit/loss of the associates.

 

Arise B.V.

Other associates

Total assets

226,712

104,958

Total liabilities

3,518

56,950

Total income

124

12,568

Total profit/loss

14,282

-4,522

10. Other receivables

 

2019

2018

Receivables related to equity disposals

7,508

6,224

Taxes and social premiums

1,037

1,006

To be declared on State guaranteed loans

3,264

894

Transaction fee receivables and prepayments

14,015

12,473

Balance at December 31

25,824

20,597

11. Property, plant and equipment

Property, plant and equipment (PP&E) includes tangible assets which are used by FMO. These assets include buildings, office equipment and vehicles which are rented by FMO from third parties. These leases have been recognized on the balance sheet following the implementation of IFRS 16 as per January 1, 2019

Furthermore, PPE includes furniture owned by FMO and expenses related to leasehold improvements.

In prior reporting years, intangible assets were also recorded under this line item, however as per 2019 intangibles are now presented on a separate line item. Comparatives as per December 31, 2018 have been restated. Refer to note 'Intangible assets'.

 

Furniture

Leasehold improvement

Right use-of-assets

Total

     

Cost at December 31, 2018

10,380

218

-

10,598

Accumulated depreciation at December 31, 2018

-8,820

-101

-

-8,921

Balance at December 31, 2018

1,560

117

-

1,677

Adjustments from adoption of IFRS 16

-

-

15,353

15,353

Cost at January 1, 2019

1,560

117

15,353

17,030

Investments

33

3,965

11,364

15,362

Depreciation

-475

-81

-3,293

-3,849

Divestments cost

-760

-208

-

-968

Accumulated depreciation on divestments

584

130

-

714

Balance at December 31, 2019

942

3,923

23,424

28,289

     

Cost at December 31, 2019

9,653

3,972

26,717

40,342

Accumulated depreciation at December 31, 2019

-8,711

-49

-3,293

-12,053

Balance at December 31, 2019

942

3,923

23,424

28,289

Right-of-use assets consists of operational leases and include building, vehicles and office equipment. Following the implementation of IFRS 16, these leases have been recognized on the balance sheet as per January 1, 2019. Refer to the 'Accounting policies' section for more information and transition disclosure. 

 

Buildings

Office equipment

Vehicles

Total right-of-use assets

Lease liabilities

      

January 1, 2019

13,121

466

1,766

15,353

15,353

Additions

10,285

268

811

11,364

11,364

Depreciation

-2,346

-132

-815

-3,293

-

Finance costs

-

-

-

-

185

Payments

-

-

-

-

-3,393

December 31, 2019

21,060

602

1,762

23,424

23,509

The following table presents the maturity breakdown of the leases

 

< 1 year

1-5 years

>5 years

Total

Buidlings

2,316

9,305

9,516

21,137

Office Equipment

125

396

82

603

Vehicles

739

1,030

 

1,769

Total

3,180

10,731

9,598

23,509

12. Intangible assets

Intangible assets include expenditures associated with identifiable and unique software products or internally developed software, controlled by FMO. For internally developed software, only expenses related to development phase are capitalized. Expenses related to research phase are immediately recognized in the P&L under 'Temporary Staff Expenses'.

In prior years, intangible assets were recorded under 'Property Plant and Equipment'. As per December 2019, comparatives have been adjusted. The change is related to presentation and does not impact the accounting treatment

 

ICT software

Internally developed software

Total

    

Cost at December 31, 2018

5,562

17,365

22,927

Accumulated amortization at December 31, 2018

-3,357

-6,065

-9,422

Balance at December 31, 2018

2,205

11,300

13,505

   

-

Cost at January 1, 2019

2,205

11,300

13,505

Investments

824

8,174

8,998

Amortization

-920

-3,040

-3,960

Accumulated depreciation on divestments

181

565

746

Impairment

-234

-1,470

-1,704

Balance at December 31, 2019

2,056

15,529

17,585

   

-

Cost at December 31, 2019

6,152

24,069

30,221

Accumulated amortization at December 31, 2019

-4,096

-8,540

-12,636

Balance at December 31, 2019

2,056

15,529

17,585

Impairment relates to software which is not in use anymore.