Notes to the consolidated balance sheet: assets

1. Banks

 

2020

2019

Banks

46,775

64,626

Balance at December 31

46,775

64,626

The cash on bank accounts can be freely disposed of.

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

 

2020

2019

Current account EIB

231

230

Current account Access to Energy Fund

-

568

Current account Land Use Facility

447

396

Balance at December 31

678

1,194

Current accounts can be freely disposed of.

3. Short-term deposits

 

2020

2019

Collateral delivered (related to derivative financial instruments)

59,128

95,176

Dutch central bank

932,747

350,122

Mandatory reserve deposit with Dutch central bank

2,939

1,410

Call Deposits

-

-

Short term deposits measured at AC

994,814

446,708

Commercial paper

159,425

796,725

Money market funds

143,122

130,044

Short term deposits measured at FVPL

302,547

926,769

Balance at December 31

1,297,361

1,373,477

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

Fair value results on money market funds and commercial paper portfolio recorded in the profit and loss amounts to a loss of €59k (2019: €32k loss). The amount attributable to change in credit risk is limited.

Short term deposits have a maturity of less than three months.

4. Other receivables

 

2020

2019

Receivables related to equity disposals

1,504

7,508

Taxes and social premiums

703

1,037

To be declared on State guaranteed loans

2,428

3,264

Transaction fee receivables and prepayments

12,735

14,015

Balance at December 31

17,370

25,824

5. 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 €101k (2019: €68k) is calculated for the ECL as per December 31, 2020.

 

2020

2019

Bonds (listed)

371,076

350,237

Balance at December 31

371,076

350,237

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

 

2020

2019

Balance at January 1

350,237

402,380

Amortization premiums/discounts

4,075

33

Purchases

104,234

-

Redemptions

-77,463

-54,505

Changes in ECL allowances

-36

-5

Changes in accrued income

-1,183

-231

Exchange rate differences

-8,788

2,565

Balance at December 31

371,076

350,237

6. 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, 2020, FMO recognized net gain for €2.9 million for hedge ineffectiveness on the micro fair value hedges (2019: €0.3 million net gain). The profit on the hedging instruments amounts to €72.4 million (2019: €46.7 million gain). The loss on hedged items attributable to the hedged risk amounts to €69.6 million (2019: €46.4 million loss). The result is mainly attributed to lower USD average libor rates.

Micro fair value hedge accounting

FMO only applies micro-hedging strategy, 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, 2020

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

3,792,072

207,289

364

72,346

2,776

Results from financial transactions

       

December 31, 2019

      

Interest rate swaps

3,653,162

144,061

12,724

46,692

317

Results from financial transactions

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

December 31, 2020

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

4,015,469

-

-

-69,571

-

      

December 31, 2019

     

Debentures and notes

3,773,180

-

-

-46,375

-

Hedge of debentures and notes December 31, 2020

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)

-

-

47.7

2,350.2

1,394.2

Average fixed interest rate (%)

-

-

2.7

1.5

0.9

      

Hedge of debentures and notes December 31, 2019

     

Nominal amount (in millions of euro)

-

-

675.0

2,245.4

732.7

Average fixed interest rate (%)

-

-

0.5

1.3

2.6

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, 2020

 

Notional amounts

Fair value assets

Fair value liabilities

Derivatives other than hedge accounting instruments:

    

ˑ

Currency swaps

99,773

50

1,570

ˑ

Interest rate swaps

697,241

10,091

24,182

ˑ

Cross-currency interest rate swaps

3,306,196

240,798

101,782

Subtotal

 

4,103,210

250,939

127,534

Derivatives related to asset portfolio

 

-

4,041

1,694

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

 

4,103,210

254,980

129,228

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

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

7. 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 Government 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 2020

Balance at January 1, 2020

4,574,050

696,513

5,270,563

Disbursements

1,286,275

25,360

1,311,635

Loan Consolidation1

12,574

-322

12,252

Interest Capitalization1

5,074

8,808

13,882

Conversion from loan to equity

-

-

-

Part sold1

-143,291

-4,793

-148,084

Repayments

-882,127

-85,287

-967,414

Write-offs / disposals

-62,673

-1,610

-64,283

Derecognized and/or restructured loans

1,325

29

1,354

Changes in amortizable fees

3,144

-

3,144

Changes in fair value

-

-7,486

-7,486

Changes in accrued income

6,900

-1,981

4,919

Exchange rate differences

-395,282

-43,515

-438,797

Balance at December 31, 2020

4,405,969

585,716

4,991,685

Impairment

-233,221

-

-233,221

Total balance at December 31, 2020

4,172,748

585,716

4,758,464

  • 1 New categories to the movement table have been added as per December 2020 for reconciliation purposes with cashflow statement and for improved presentation. Presentation according to these categories do not change the the balances for current and prior year. Presentation change does not relate to misstatements. For better understanding, comparative figures have been adjusted.
 

Loans measured at AC

Loans measured at FVPL


Total 2019

Balance at January 1, 2019

4,240,526

685,799

4,926,325

Disbursements

1,110,744

139,163

1,249,907

Loan Consolidation

299

4,342

4,641

Interest Capitalization

1,271

8,080

9,351

Reclassification Loans versus Equity

-5,458

-11,154

-16,612

Part sold

-82,175

-4,389

-86,564

Repayments

-761,159

-113,463

-874,622

Write-offs / disposals

-7,638

-10,500

-18,138

Restructuring- Gain/Loss

40,432

-

40,432

Changes in amortizable fees

-4,618

-44

-4,662

Changes in fair value

 

-10,819

-10,819

Changes in accrued income

-140

-1,708

-1,848

Exchange rate differences

41,966

11,206

53,172

Gross carrying amount at December 31, 2019

4,574,050

696,513

5,270,563

Impairment

-239,941

-

-239,941

Total balance at December 31, 2019

4,334,109

696,513

5,030,622

The contractual amount of assets that were written off during the period are still subject to enforcement activity.

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

Loans segmented by sector

2020

  
 

Stage 1

Stage 2

Stage 3

Fair value

Total 2020


2019

Financial Institutions

1,491,118

336,364

23,890

212,729

2,064,101

2,156,825

Energy

1,008,764

250,165

70,369

115,014

1,444,312

1,574,232

Agribusiness

542,220

73,915

17,894

119,433

753,462

673,751

Multi-Sector Fund Investments

15,171

5,764

-

40,047

60,982

68,885

Infrastructure, Manufacturing and Services

191,865

102,284

42,965

98,493

435,607

556,929

Total balance at December 31

3,249,138

768,492

155,118

585,716

4,758,464

5,030,622

       
       

Loans segmented by geographical area

2020

  
 

Stage 1

Stage 2

Stage 3

Fair value

Total 2020


2019

Africa

911,401

177,169

18,661

145,095

1,252,326

1,337,186

Asia

706,644

83,678

40,925

165,708

996,955

1,028,803

Latin America & the Carribbean

694,880

334,639

67,493

66,768

1,163,780

1,258,799

Europe & Central Asia

776,409

129,801

28,039

142,426

1,076,675

1,173,576

Non - region specific

159,804

43,205

-

65,719

268,728

232,258

Total balance at December 31

3,249,138

768,492

155,118

585,716

4,758,464

5,030,622

       
       

Loans to private sector - other information


2020


2019

    

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

202,327

187,944

    

Gross amount of subordinated loans

272,588

273,685

    

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 2020

Stage 1

Stage 2

Stage 3

Total

 

Gross carrying amount

ECL allowance

Gross carrying amount

ECL allowance

Gross carrying amount

ECL allowance

Gross carrying amount

ECL allowance

At January 1, 2020

3,666,093

-32,524

527,065

-25,227

380,892

-182,190

4,574,050

-239,941

Additions

1,199,867

-15,555

98,982

-9,513

-

-

1,298,849

-25,068

Exposure derecognised or matured/lapsed (excluding write offs)

-833,313

7,360

-150,523

3,838

-41,582

6,009

-1,025,418

17,207

Transfers to Stage 1

60,029

-1,257

-60,029

1,257

-

-

-

-

Transfers to Stage 2

-476,239

5,734

521,281

-9,520

-45,042

3,786

-

-

Transfers to Stage 3

-41,592

593

-46,441

4,600

88,033

-5,193

-

-

Modifications of financial assets (including derecognition)

1,541

-

1,209

-

3,649

-1,751

6,399

-1,751

Changes in risk profile not related to transfers

-

-8,849

-

-16,917

-

-42,305

-

-68,071

Amounts written off/disposals

-

-

-

-

-62,673

62,673

-62,673

62,673

Changes in amortizable fees

1,549

-

984

-

611

-

3,144

-

Changes in accrued income

3,268

-

-101

-

3,733

-

6,900

-

Foreign exchange adjustments

-291,457

3,890

-78,065

5,612

-25,760

12,228

-395,282

21,730

At December 31, 2020

3,289,746

-40,608

814,362

-45,870

301,861

-146,743

4,405,969

-233,221

Changes in Loans to the private sector at AC in 2019

Stage 1

Stage 2

Stage 3

Total

 

Gross carrying amount

ECL allowance

Gross carrying amount

ECL allowance

Gross carrying amount

ECL allowance

Gross carrying 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/disposals

-

-

-

-

-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

Total impairments on loans in the consolidated profit and loss account

  
 


2020


2019

Additions and reversals loans FMO portfolio

-79,683

-96,121

Guaranteed part additions and reversals loans guaranteed by the State

604

3,237

Recoveries (writen - off loans)

2,674

1,846

Balance at December 31

-76,405

-91,038

8. ECL allowances - assessment

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. 

To demonstrate the sensitivity of the SICR criteria, the tables below presents 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, 2020

    

ECL allowance Stage 2 - Trigger assessment

Loans to private Sector

Guarantees

Loan Commitments

Total

     

More than 30 days past due

-

-

-

-

Forbearance

-11,785

-

-886

-12,671

Deterioration in credit risk rating

-34,085

-2,630

-862

-37,577

Total

-45,870

-2,630

-1,748

-50,248

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

The table show the values of the IMF GDP forecasts used in each of the economic scenarios for the ECL calculations for 2020 and 2021. 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 (the figures are based on the latest forecast in October 2020)

2020

2021

Turkey

-4.99

5.00

India

-10.29

8.80

Georgia

-5.00

4.99

Argentina

-11.78

4.89

Nigeria

-4.28

1.70

Uganda

-0.29

4.93

Bangladesh

3.80

4.40

Ghana

0.93

4.20

Armenia

-4.46

3.55

Costa Rica

-5.50

2.30

The following tables outline the impact of multiple scenarios on the ECL allowance. Given the developments due to COVID -19 in 2020 leading to modified macroeconomic forecasts, the probabilities of macroeconomic scenarios (making point-in-time adjusted probability of default) were updated using the data provided by the International Monetary Fund (IMF).

December 31, 2020

Total unweighted amount per ECL scenario

Probability

Loans to the private Sector1)

Guarantees

Bonds and Cash

Total

ECL Scenario:

      

Upside

204,023

2%

4,021

58

2

4,080

Base case

242,737

50%

119,065

2,252

51

121,368

Downside

296,666

48%

139,413

2,938

49

142,400

Total

  

262,499

5,248

102

267,849

  • 1 Loans to private sector in this table include amounts related to ECL allowances for off balance loan commitments (refer to note 31)

December 31, 2019

Total unweighted amount per ECL scenario

Probability

Loans to the private Sector1)

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

  • 1 Loans to private sector in this table include amounts related to ECL allowances for off balance loan commitments (refer to note 31

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

9. Equity investments

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 at FVOCI.

 

Equity measured at FVOCI

Equity measured at FVPL


Total 2020

Total balance at January 1, 2020

122,921

1,756,644

1,879,565

Purchases and contributions

40

230,366

230,406

Conversion of loans to equity

-

-

-

Conversion Associate/FVPL

-

17,066

17,066

Return of Capital (including sales)

-

-112,982

-112,982

Changes in fair value

-7,457

-202,657

-210,114

Total balance at December 31, 2020

115,504

1,688,437

1,803,941

 

Equity measured at FVOCI

Equity measured at FVPL

2019

Total balance at January 1, 2019

77,553

1,504,427

1,581,980

Purchases and contributions

27,223

269,321

296,544

Conversion of loans to equity

-

11,312

11,312

Return of Capital (including sales)

-

-103,354

-103,354

Changes in fair value

18,145

74,938

93,083

Total balance at December 31, 2019

122,921

1,756,644

1,879,565

The following table summarizes the equity investments segmented by sector:

 


2020


2019

Financial Institutions

459,922

480,936

Energy

271,626

265,709

Agribusiness

119,132

122,670

Multi-Sector Fund Investments

635,006

678,424

Infrastructure, Manufacturing and Services

318,255

331,826

Net balance at December 31

1,803,941

1,879,565

FMO has designated the investments 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, 2020

Dividend income recognized during 2020

Fair value at December 31, 2019

Dividend income recognized during 2019

TCX Investment Company

 

27,552

-

29,276

-

The Currency Exchanged Fund N.V.

 

78,153

-

83,050

-

Seed Capital

 

9,759

-

10,595

-

EDFI Management Company

 

40

-

-

-

Balance at December 31

 

115,504

-

122,921

-

None of these strategic investments were disposed of during 2020, and there were no transfers of any cumulative gain or loss within equity relating to these investments. In 2020, FMO invested in EDFI Management Company. 
 

10. Investments in associates

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

 

2,020

2,019

Net balance at January 1

285,867

215,539

Purchases and contributions

13,977

58,075

Conversion from loans to equity

-

-

Conversion Associates/FVPL

-17,066

-

Return of capital (including sales)

-20,779

-2,840

Share in net results

-66,416

11,077

Exchange rate differences

-15,628

4,016

Net balance at December 31

179,955

285,867

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 2020 our remaining commitment towards Arise B.V. amounts to US$36 million.

The following table summarizes the associates segmented by sector.

 

2020

2019

Financial Institutions

158,083

241,354

Energy

16,732

37,789

Multi-Sector Fund Investments

5,140

6,724

Net balance at December 31

179,955

285,867

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

218,126

30,213

Total liabilities

4,265

2,893

Total income

123

7,976

Total profit/loss

3,103

1,775

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.

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

 

Furniture

Leasehold improvement

Right-of-use assets

Total

     

Cost at December 31, 2019

9,653

3,972

26,717

40,342

Accumulated amortization at December 31, 2019

-8,711

-49

-3,293

-12,053

Balance at December 31, 2019

942

3,923

23,424

28,289

     

Carrying amount at January 1, 2020

942

3,923

23,424

28,289

Investments

127

4,962

640

5,729

Depreciation

-315

-415

-3,299

-4,029

Disposals

-1,283

-241

-

-1,524

Accumulated depreciation on disposals

984

55

-

1,039

Balance at December 31, 2020

455

8,284

20,765

29,504

     

Cost at December 31, 2020

8,497

8,695

27,357

44,549

Accumulated amortization at December 31, 2020

-8,042

-411

-6,592

-15,045

Balance at December 31, 2020

455

8,284

20,765

29,504

Right-of-use assets consists of operational leases and include building, vehicles and office equipment. 

 

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

Additions

80

-

1,113

641

641

Disposals

-503

-

-49

-

-

Depreciation

-2,327

-127

-845

-3,299

-

Finance costs

-

-

-

-

168

Payments

-

-

-

-

-3,402

December 31, 2020

18,310

475

1,981

20,766

20,916

The following table presents the maturity breakdown of the leases

December 31, 2020

< 1 year

1-5 years

>5 years

Total

Buildings

2,283

9,145

7,017

18,445

Office Equipment

127

325

26

478

Vehicles

672

1,321

-

1,993

Total

3,082

10,791

7,043

20,916

     
     

December 31, 2019

< 1 year

1-5 years

>5 years

Total

Buildings

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'.

 

ICT software

Internally developed software

Total

    

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

    

Carrying amount at January 1, 2020

2,056

15,529

17,585

Investments

517

10,914

11,431

Amortization

-907

-4,786

-5,693

Impairment/disposals

-1,046

-6,866

-7,912

Accumulated depreciation on disposals

898

4,558

5,456

Balance at December 31, 2020

1,518

19,349

20,867

    

Cost at December 31, 2020

5,622

28,116

33,738

Accumulated amortization at December 31, 2020

-4,104

-8,767

-12,871

Balance at December 31, 2020

1,518

19,349

20,867

Impairment relates to software which is not in use anymore.