1 Corporate information

FMO was incorporated in 1970 as a public limited company with 51% of shares held by the Dutch Government and 49% held by commercial banks, state unions and other members of the private sector. Read more about 1 Corporate information .

2 Basis of preparation and changes to accounting policies

These 2023 condensed consolidated interim accounts as at June 30, 2023 have been prepared in accordance with IAS 34 of the International Financial Reporting Standards (IFRS), as endorsed by the EU. Read more about 2 Basis of preparation and changes to accounting policies .

3 Risk developments

For a detailed overview of FMO’s risk governance and risk management approach please refer to the "Risk Management" section in FMO’s 2022 annual report. The risk developments in the first half year of 2023 are described below. Read more about 3 Risk developments .

4 Segment information

The Management Board sets performance targets, approves and monitors the budgets prepared by operating segments. Operating segments are not identical to the strategic sectors. Read more about 4 Segment information .

5 Financial Instruments

The following table shows the carrying amounts of financial assets and financial liabilities. Read more about 5 Financial Instruments .

7 Debentures and notes

Debentures and notes includes issued debt instruments in various currencies under FMO's Debt Issuance Programs. In addition, a subordinated note of €250 million is also included in the Debenture and Notes. Read more about 7 Debentures and notes .

8 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. Read more about 8 Commitments and contingent liabilities .

9 Interest Income

Interest income increased during the current financial period due to increases in interest rates on FMO's variable rate loan portfolio. This is driven by increases in the reference rates observed in the market. Read more about 9 Interest Income .

10 Interest Expense

Interest expense increased due to increases in the reference rates on FMO's variable rate funding portfolio. Read more about 10 Interest Expense .

12 Results from equity investments

Refer to Note 3.3 for details of the movements in results from equity investments. Read more about 12 Results from equity investments .

14 Results from financial transactions

The movement for results from financial transactions can be mainly explained by changes in valuations for derivatives and FX results. Read more about 14 Results from financial transactions .

15 Remuneration for services rendered

Remuneration for managing funds and programs is assessed for market conformity. Related management expenses are included in operating expenses. Read more about 15 Remuneration for services rendered .

16 Tax 

Current income tax receivables amount to €32.0 million (December 31, 2022: €20.9 million). Read more about 16 Tax  .

17 Related parties

FMO considers the Dutch Government, subsidiaries, associated companies, the Management Board (MB) and the Supervisory Board (SB) as related parties. Read more about 17 Related parties .

18 Dividends

At December 2022, the Management Board and the Supervisory Board proposed no dividend (2021: €12.8 million). The proposal was approved during the General Meeting of Shareholders of April 26, 2023. Read more about 18 Dividends .

19 Events after the end of the reporting period

In July 2023 the material outstanding conditions on a new debt fund were satisfied resulting in a US$ 750 million commitment from the anchor investors to the new fund. Read more about 19 Events after the end of the reporting period .