Review report
To: The shareholders and supervisory board of Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden N.V.
Our conclusion
We have reviewed the condensed consolidated interim account included in interim report of Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden N.V. (FMO) based in The Hague for the period from 1 January 2020 to 30 June 2020.
Based on our review, nothing has come to our attention that causes us to believe that the condensed consolidated interim account of FMO N.V. for the period from 1 January 2020 to 30 June 2020, is not prepared, in all material respects, in accordance with IAS 34, “Interim Financial Reporting” as adopted by the European Union.
The condensed consolidated interim account comprises:
The condensed consolidated statement balance sheet as at 30 June 2020.
The following condensed consolidated statements for the period from 1 January 2020 to 30 June 2020: the statements of profit and loss, other comprehensive income, changes in shareholder’s equity and cash flows.
The consolidated notes, comprising a summary of the significant accounting policies and other explanatory information.
Basis for our conclusion
We conducted our review in accordance with Dutch law, including the Dutch Standard 2410, “Het beoordelen van tussentijdse financiële informatie door de accountant van de entiteit” (Review of interim financial information performed by the independent auditor of the entity). A review of interim financial information in accordance with the Dutch Standard 2410 is a limited assurance engagement. Our responsibilities under this standard are further described in the Our responsibilities for the review of the condensed interim financial information section of our report.
We are independent of FMO in accordance with the Verordening inzake de onafhankelijkheid van accountants bij assurance-opdrachten (ViO, Code of Ethics for Professional Accountants, a regulation with respect to independence) and other relevant independence regulations in the Netherlands. Furthermore we have complied with the Verordening gedrags- en beroepsregels accountants (VGBA, Dutch Code of Ethics).
We believe the assurance evidence we have obtained is sufficient and appropriate to provide a basis for our conclusion.
Emphasis of matter relating to uncertainty about Corona
The developments around the Corona (Covid-19) pandemic have a profound impact on people, society and on the economy. This impacts operational and financial performance of organizations and the assessment of the ability to continue as a going concern. The impact may continue to evolve, giving rise to complexity and inherent uncertainty. FMO N.V. is confronted with this uncertainty as well. The condensed consolidated interim account and our review report thereon reflect the conditions at the time of preparation, including the uncertainty and the impact on significant assumptions and estimations, that are disclosed in the disclosure about Estimates and assumptions in section 2.6 and note Risk developments in section 3. We draw attention to these disclosures. Our conclusion is not modified in respect of this matter.
Responsibilities of management and the supervisory board for the condensed consolidated interim account
Management is responsible for the preparation and presentation of the condensed consolidated interim account in accordance with IAS 34, “Interim Financial Reporting” as adopted by the European Union. Furthermore, management is responsible for such internal control as it determines is necessary to enable the preparation of the condensed interim financial information that is free from material misstatement, whether due to fraud or error.
The supervisory board is responsible for overseeing FMO their financial reporting process.
Our responsibilities for the review of the condensed consolidated interim account
Our responsibility is to plan and perform the review in a manner that allows us to obtain sufficient and appropriate assurance evidence for our conclusion.
The level of assurance obtained in a review engagement is substantially less than the level of assurance obtained in an audit conducted in accordance with the Dutch Standards on Auditing. Accordingly, we do not express an audit opinion.
We have exercised professional judgement and have maintained professional skepticism throughout the review, in accordance with Dutch Standard 2410.
Our review included among others:
Updating our understanding of FMO and its environment, including its internal control, and the applicable financial reporting framework, in order to identify areas in the condensed interim financial information where material misstatements are likely to arise due to fraud or error, designing and performing analytical and other review procedures to address those areas, and obtaining assurance evidence that is sufficient and appropriate to provide a basis for our conclusion
Obtaining an understanding of internal control as it relates to the preparation of interim financial information
Making inquiries of management and others within FMO
Applying analytical procedures with respect to information included in the condensed interim financial information
Obtaining assurance evidence that the condensed consolidated interim account agrees with, or reconciles to, FMO’s underlying accounting records
Evaluating the assurance evidence obtained
Considering whether there have been any changes in accounting principles or in the methods of applying them and whether any new transactions have necessitated the application of a new accounting principle
Considering whether management has identified all events that may require adjustment to or disclosure in the condensed interim financial information
Considering whether the condensed consolidated interim account has been prepared in accordance with the applicable financial reporting framework and represents the underlying transactions free from material misstatement.
Amsterdam, 20 August 2020
Ernst & Young Accountants LLP
Signed by J.G. Kolsters