Notes to the company statement of financial position

The company financial statements of FMO should be read in conjunction with the consolidated financial statements including the risk management information, segment information and the notes to the consolidated financial statements. The FMO company financial statements are, due to the limited investments activities of our consolidated subsidiaries almost the same as the consolidated financial statements. Therefore, for notes of specific items of the statement of financial position and the statement of profit or loss, we refer to the consolidated financial statements to the extent these are not specifically disclosed hereafter.

For information related to the maturity of the assets and liabilities recorded in the statement of financial position of the company financial statements, we refer to the table with the categorization of principal cash flow per maturity bucket in the section 'Liquidity risk' of the 'Risk management' chapter.

A. Banks

2024

2023

Banks

30,827

43,280

Balance at December 31

30,827

43,280

The cash on bank accounts can be freely disposed of.

B. Other Receivables

2024

2023

Receivables related to equity disposals

-

20,563

Taxes and social premiums

546

659

To be declared on State guaranteed loans

-

18

Transaction fee receivables and prepayments

16,860

11,731

Intercompany receivables from subsidiaries

-

6,767

Balance at December 31

17,406

39,738

C. Equity investments

Equity measured at FVOCI

Equity measured at FVPL


Total

Balance at January 1, 2024

167,074

2,033,302

2,200,377

Purchases and contributions

120

301,358

301,478

Reclassification from loans

-

289

289

Reclassification associate/FVPL

-

-

-

Sales

-

-329,899

-329,899

Changes in fair value

34,093

184,047

218,140

Balance at December 31, 2024

201,287

2,189,097

2,390,385

Equity measured at FVOCI

Equity measured at FVPL


Total

Balance at January 1, 2023

150,733

1,942,125

2,092,858

Purchases and contributions

-

321,066

321,066

Reclassification from loans

-

1,879

1,879

Reclassification associate/FVPL

-

-

-

Sales

-

-224,192

-224,192

Changes in fair value

16,341

-7,575

8,766

Balance at December 31, 2023

167,074

2,033,303

2,200,377

D. Other financial assets

Other financial assets reflect FMO's investment in FMO's Ventures Program. The Program is a structured entity and is a co-investment between FMO, the Dutch Government and the European Commission. FMO has not inserted any share capital in the program and invests cash when purchasing underlying assets.

Amounts attributable to FMO are based on a predefined value sharing waterfall that utilizes the values of the underlying equity investments in FMO's Ventures Program and are carried at FVPL. The underlying investments in the program are valued using the existing equity investment fair valuation techniques described in the fair value. The waterfall calculation defines the timing and amount of distributions to the various co-investors.

2024

2023

Balance at January 1

87,767

91,484

Purchases and contributions

20,964

9,772

Return of Capital (including sales)

-

-311

Changes in fair value

-1,610

-13,178

Balance at December 31

107,121

87,767

E. Subsidiaries

2024

2023

Balance at January 1

11,114

14,771

Share in net results

-6,256

-3,657

Balance at December 31

4,858

11,114

The investments in subsidiaries consist of the following interests in the share capital of:

  1. Asia Participations B.V.: 100 percent;

  2. FMO Investment Management B.V.: 100 percent;

  3. FMO Representative Office LAC Limitada: 100 percent;

FMO also has investment stakes in some structured entities namely, FMO Ventures Program and Land Use Facility. FMO Ventures Program is a co-investment between FMO, the Dutch Government and the European Commission. Similar to FMO Ventures Program, the Land Use Facility is a co-investment between FMO and the Dutch Government, with partial guarantee provided by the European Commission.

The following table summarizes the carrying amount of the subsidiaries.

2024

2023

Asia Participations B.V.

-1,185

5,179

FMO Investment Management B.V.

6,377

6,081

FMO Representative Office: Costa Rica

-306

-119

Equis DFI Feeder L.P.

-28

-27

Balance at December 31

4,858

11,114

F. Shareholders’ equity

Share capital

The authorized capital amounts to €45,380k, consisting of A shares of €22.69 each, which are held by the Dutch Government, and B shares of €22.69 each, which are for held by commercial banks and private investors. The Dutch Government holds 51 percent of the total shares of FMO, while commercial banks and private investors hold the remaining 49 percent . The voting rights for A shares and B shares are equal. 

Authorized share capital

2024

2023

1,020,000 A shares x €22.69

23,144

23,144

980,000 B shares x €22.69

22,236

22,236

Balance at December 31

45,380

45,380

In addition, the shareholders' equity of the company comprises three reserves, in line with the Agreement State-FMO of July 1, 2023. These are the share premium reserve, the development fund and the contractual reserve. As long as the company continues its activities, these reserves are not available to the shareholders. Upon liquidation of FMO these reserves fall to the Dutch Government, after settlement of the contractual return to the shareholders.

Issued and paid-up share capital

2024

2023

204,000 A shares x €22.69

4,629

4,629

196,000 B shares x €22.69

4,447

4,447

Balance at December 31

9,076

9,076

Share premium reserve

Share premium reserve is sole contributed by Shareholders of A shares on the transfer to the company of investments administrated on behalf of the State at the time of the financial restructuring and amounts to €29,272k (2023: €29,272k).

2024

2023

Share premium reserve shareholder A, contributed on the transfer to the company of investments administered on behalf of the State on the financial restructuring

8,061

8,061

Share premium reserve shareholder B, contributed on the transfer to the company of investments administered on behalf of the State on the financial restructuring

21,211

21,211

Balance at December 31

29,272

29,272

Statutory reserves

Development fund

This special purpose reserve contains the annual budgetary allocations made by the Dutch Government to finance the portfolio of loans and equity investments. 

Other contractual reserve

The addition relates to that part of the net result, which FMO is obliged to reserve under the Agreement State-FMO of July 1, 2023 (see section ‘Additional information’). 

Legal reserves

Legal reserves include the fair value, other revaluation, and translation reserves.

2024

2023

Fair value reserve

86,758

65,208

Other revaluation reserve

1,451,034

1,171,620

Translation reserve

31,030

8,092

Total legal reserves

1,568,822

1,244,920

Fair value reserve

The fair value reserve is the part of the revaluation reserve and includes gains and losses of equity investment measured at FVOCI. Gains and losses on such equity investments are never reclassified to profit or loss. Cumulative gains and losses recognized in this reserve are transferred to other reserves on disposal of the investment.

Other revaluation reserve

The Other revaluation reserve (as a part of the total contractual reserve) includes unrealized gains related to financial assets measured at FVPL. The revaluation reserve in the company financial statements follows from differences in presentation requirements between IFRS and Part 9 of the Dutch Civil Code. This revaluation reserve has been created against the other reserves. At the same time, a same amount is added to the Other reserves and compensated by the contractual reserve.

The Other revaluation reserve includes the unrealized fair value gains of our equity investments, loans to the private sector at FVPL, derivatives for which the valuations are not determined based on quoted market prices and the internally developed software.

2024

2023

Equity investment FVPL

1,338,931

1,009,272

Loans to private sector FVPL

12,968

28,313

Derivatives other than hedge accounting instruments

73,950

120,384

Legal reserve internally developed software

25,186

13,651

Total other revaluation reserve

1,451,035

1,171,620

Translation reserve

The assets, liabilities, income and expenses of foreign subsidiaries and associates are translated using the closing and weighted average exchange rates. Differences resulting from the translation are recognized in the translation reserve.

  At December 31, 2024 the translation reserve (as a part of the legal reserve) has a balance of €31.030 (2023: €8.092).

Other reserves

Pursuant to Dutch reporting requirements in Part 9 of Book 2 the Dutch Civil Code, the table reflects the other reserves included in the total Shareholders' equity. According to the Support Agreement with the Dutch Government, FMO allocates the net results after dividend pay-out to the contractual reserve. The contractual reserve is a statutory reserve, against which no legal reserves can be created. The Other revaluation reserve is recorded through Other reserves. At the same time Other reserves are compensated via the contractual reserve.

2024

2023

Actuarial gain/loss on defined benefit plans

-4,380

-9,670

Retained earnings

26,887

28,850

Total other reserves

22,507

19,180

Changes in Shareholders' equity

The table below presents changes in Shareholders' equity for line items that are only relevant to the company-only equity. Remaining line items are reflected in the FMO's consolidated financial statements.

Legal reserve - Other revaluation reserve

Other reserves

Balance at January 1, 2023

999,077

36,805

Actuarial gains/(loss) on defined benefit plans net of tax¹

-

-3,137

Addition/(release) to other reserves

-

-14,488

Addition/(release) to other revaluation reserve

172,543

-172,543

Addition/(release) from contractual reserve

-

172,543

Balance at December 31, 2023

1,171,620

19,180

Actuarial (gain)/(loss) on defined benefit plans net of tax

-

5,290

Addition/(release) to other reserves

-

-1,963

Addition/(release) to other revaluation reserve

279,415

-279,415

Addition/(release) from contractual reserve

-

279,415

Balance at December 31, 2024

1,451,035

22,507

1 This item refers to line item Actuarial result pension in the consolidated statement of changes in Shareholders' equity.

G. Result of financial transactions

2024

2023

Gains/(losses) on remeasurement of on valuation of hedged items

-41,426

-138,699

Gains/(losses) on remeasurement of hedging instruments

48,680

134,237

Result on hedge accounting

7,254

-4,462

Result on sale and valuation of treasury derivatives not under hedge accounting

-20,929

-23,096

Result on sale and valuation of derivatives related to asset portfolio

-5,878

2,933

Result on sale and valuation of loans at FVPL

11,666

14,662

Result on sale and valuation of securities at FVPL

1,791

-

Result on financial instruments mandatory at FVPL

-13,350

-5,501

Foreign exchange results loans at FVPL

34,198

-15,705

Foreign exchange results Derivatives

-102,932

57,500

Foreign exchange results on other financial assets/liabilities

72,109

-35,500

Foreign exchange results

3,375

6,295

Other financial results

-19

56

Other changes

-1,570

-25,679

Total result from financial transactions

-4,310

-29,291

Other changes relate to consolidation of FMO's Ventures Program (refer to section Group accounting and consolidation in the accounting policies chapter).

Proposal for appropriation of the net result

A company net profit of €297.2 million is recorded in 2024. Under the Agreement State-FMO of July 1, 2023, FMO is required to add €286.6 million to the contractual reserve. Therefore the 2024 profit is not completely distributable. The distributable element of the net profit amounts to €10.6 million (2023: €2.1 million). The Management Board and the Supervisory Board propose distributing a sum of €10.6 million as cash dividend equaling €26.48 per A and B share. This proposal for dividend distribution can be withdrawn if FMO's economical and financial conditions deteriorate significantly in the period up to the moment of distribution of the dividend. This reservation is the result of the recommendation of the European Central Bank and adopted by the Dutch Central Bank.

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