Annual and interim reports

11 Net fee and commission income

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12 Dividend income

13 Results from equity investments

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14 Results from financial transactions

The movement for results from financial transactions can be mainly explained by changes in valuations for derivatives. This movement is primarily driven by changes in cross currency basis spreads and yield curves of various underlying currencies (e.

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15 Dividends

In 2020, the General Meeting of Shareholders approved the non-binding proposal by the Management Board and Supervisory Board to not pay out the distributable part of the profit of €2.7 million related to financial results of 2019.

16 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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17 Tax

Current income tax liabilities amount to €31.0 million (December 31, 2020: €3.9 million).

18 Events after the end of the reporting period

Following approval from the Dutch Senate on July 13, 2021, Invest International will be fully operational on October 1, 2021. From this date, FMO's NL business activities will transfer to this new entity.

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19 Related parties

FMO considers the Dutch Government, subsidiaries, associated companies, the Management Board (MB) and the Supervisory Board (SB) as related parties.