Notes to the consolidated statement of financial position: assets

1. Banks

	2024	2023
Banks	43,087	49,273
Balance at December 31	43,087	49,273

The cash on bank accounts can be freely disposed of. All bank accounts are classified as Stage 1.

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

	2024	2023
Current account EIB	231	231
Current account MFF	292	204
Current account BP	118	48
Current account MASSIF	695	5
Balance at December 31	1,336	488

These are bank accounts held for State Funds' administration, and these are classified as Stage 1.

3. Short-term deposits

	2024	2023
Collateral delivered (related to derivative financial instruments)	381,245	331,546
Dutch Central Bank	702,745	863,825
Mandatory reserve deposit with Dutch Central Bank	8,211	6,352
Collateral delivered to European Central Bank	2,946	2,946
Other short-term deposits	16,739	15,690
Short-term deposits measured at AC	1,111,886	1,220,359
Commercial paper	240,726	457,794
Money market funds	128,755	155,237
Short-term deposits measured at FVPL	369,481	613,031
Balance at December 31	1,481,367	1,833,390

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 statement of profit or loss amounts to a profit of €9k (2023: €52k profit). The amount attributable to change in credit risk is limited.

Short-term deposits have a maturity of less than three months. Other short-term deposits consist of an amount FMO deposited with Invest International with a maturity of 1 year. FMO holds an equity stake in Invest International that has been recorded as an associate.

Short term deposits at amortized cost are classified as Stage 1.

4. Other receivables

	2024	2023
Receivables related to equity disposals	-	20,563
Taxes and social premiums	564	671
To be declared on State guaranteed loans	-	18
Transaction fee receivables and prepayments	17,757	12,425
Balance at December 31	18,321	33,677

Other receivables are classified as Stage 1.

5. Interest-bearing securities

This portfolio contains marketable bonds with fixed interest rates. Interest-bearing securities (credit quality of AA+ or higher) recognized at Amortized Cost are classified as Stage 1. An amount of 60k (2023: €82k) is calculated for the ECL as per December 31, 2024.

During the current period FMO acquired new interest bearing securities. Interest rate swaps are entered into to manage the risk associated with the securities and these swaps are measured at fair value through profit and loss. Therefore, to eliminate a possible accounting mismatch, the interest bearing securities are designated at fair value through profit and loss. The interest bearing securities are initially measured at fair value and subsequent changes in fair value are recognized immediately in profit and loss. The maximum credit exposure of the securities is €106 million and the cumulative change in fair value for the period is a gain of €0.4 million. The notional value of the swaps is €105 million, and the cumulative change in fair value for the period is a loss of €1.6 million. The movements in fair value are attributable to market risk.

	2024	2023
Bonds Amortised Cost (listed)	481,798	539,708
Bonds Fair Value (listed)	107,596	-
Balance at December 31	589,394	539,708

The movements can be summarized as follows:

	Bonds measured at AC	Bonds measured at FV	Total
Movement
Balance at January 1	539,708	-	539,708
Amortization premiums/discounts	534	-	534
Purchases	26,567	105,000	131,567
Redemptions	-93,422	-	-93,422
Changes in ECL allowances	23	-	23
Changes in fair value	-	283	283
Changes in accrued income	99	2,313	2,412
Exchange rate differences	8,289	-	8,289
Balance at December 31, 2024	481,798	107,596	589,394

	Bonds measured at AC	Bonds measured at FV	Total
Movement
Balance at January 1	537,825	-	537,825
Amortization premiums/discounts	647	-	647
Purchases	137,391	-	137,391
Redemptions	-132,602	-	-132,602
Changes in ECL allowances	-4	-	-4
Changes in fair value	-	-	-
Changes in accrued income	2,009	-	2,009
Exchange rate differences	-5,558	-	-5,558
Balance at December 31, 2023	539,708	-	539,708

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 that 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 statement of financial position date. However, they do not represent amounts at risk.

For the year ended December 31, 2024, FMO recognized a profit of €7.3 million for hedge ineffectiveness on the micro fair value hedges (2023: €4.5 million loss). The gain on the hedging instruments amounts to €48.7 million (2023: €134.2 million gain). The loss on hedged items attributable to the hedged risk amounts to €41.4 million (2023: €138.7 million loss). The result is mainly attributed to the mismatch in the valuation curves.

Micro fair value hedge accounting

FMO only applies a 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.

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 for the reporting period. The following table also includes derivatives related to the asset portfolio. These derivatives are used to manage FMO interest rate and foreign exchange risks within the risk appetite and are subject to the risk governance and policy framework.

The table below presents the amounts relating to derivatives designated as fair value hedging instruments, hedge ineffectiveness, as well as balances related to derivatives not applied as hedge accounting instruments:

	2024
	Carrying amount
	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
Derivatives hedge accounting instruments:
Interest rate swaps	5,541,648	27,739	131,728	48,680	7,254	Results from financial transactions

Derivatives other than hedge accounting instruments:
Currency swaps	319,791	2,687	389
Interest rate swaps	3,055,885	41,008	5,537
Cross-currency interest rate swaps	3,349,386	54,905	321,490
Subtotal	6,725,062	98,600	327,416
Embedded derivatives related to asset portfolio		-	12,242
Total derivative assets /(liabilities) other than hedge accounting instruments	6,725,062	98,600	339,658
Balance at December 31	12,266,710	126,339	471,386

	2023
	Carrying amount
	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
Derivatives hedge accounting instruments:
Interest rate swaps	5,438,525	36,638	186,929	134,237	-4,462	Results from financial transactions

Derivatives other than hedge accounting instruments:
Currency swaps	609,876	355	10,498
Interest rate swaps	1,810,968	48,057	6,610
Cross-currency interest rate swaps	3,030,180	112,100	203,931
Subtotal	5,451,024	160,512	221,039
Embedded derivatives related to asset portfolio		-	10,871
Total derivative assets /(liabilities) other than hedge accounting instruments	5,451,024	160,512	231,910
Balance at December 31	10,889,549	197,150	418,839

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

	2024
	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	5,472,577	-	-	-41,426	-
Balance at December 31	5,472,577	-	-	-41,426	-


	2023
	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	5,301,915	-	-	-138,699	-
Balance at December 31	5,301,915	-	-	-138,699	-

Hedge of debentures and notes:

	2024
Risk category: Interest rate	Maturity
	Less than 1 month	1-3 months	3 months - 1 year	1-5 years	more than 5 years
Nominal amount (in millions of euro)	-	-	1,221	4,224	97
Average fixed interest rate (%)	-	-	3.7	2.6	2.0

	2023
Risk category: Interest rate	Maturity
	Less than 1 month	1-3 months	3 months - 1 year	1-5 years	more than 5 years
Nominal amount (in millions of euro)	-	542	539	4,209	149
Average fixed interest rate (%)	-	2.4	2.2	2.6	1.8

7. Loans to the private sector

These loans to the private sector include:

Loans to the private sector in developing economies are for the account and risk of FMO;
Loans in developing economies that are individually guaranteed by financial guarantors for 80 percent to 95 percent. Any losses will be compensated by the guarantors up to the guaranteed amount. Refer to the Credit risk section in the 'Risk Management' chapter for details of these guarantees received.

The movements in the loans to the private sector are as follows:

Loan movements
	Loans measured at AC	Loans measured at FVPL	Total
Balance at January 1, 2024	4,295,723	587,940	4,883,663
Disbursements	1,672,784	67,267	1,740,051
Interest capitalization	7,060	2,252	9,312
Conversion from loan to equity	-7,887	-289	-8,176
Part sold	-57,159	-	-57,159
Repayments	-1,007,359	-55,088	-1,062,447
Write-offs / disposals	-53,283	-1,603	-54,886
Consolidation of group entities	21,212	3,730	24,942
Derecognized and /or restructured loans	-182	-	-182
Changes in amortizable fees	-708	-48	-756
Amortized premium / discount	-44	-	-44
Changes in fair value	-	9,126	9,126
Changes in accrued income	1,334	4,312	5,646
Exchange rate differences	270,805	34,462	305,267
Movement of impairments	48,222	-	48,222
Balance at December 31, 2024	5,190,518	652,061	5,842,579

	Loans measured at AC	Loans measured at FVPL	Total
Balance at January 1, 2023	4,623,568	486,067	5,109,635
Disbursements	1,251,260	145,046	1,396,306
Interest capitalization	8,936	4,266	13,202
Conversion from loan to equity	-	-1,879	-1,879
Part sold	-138,783	-2,700	-141,483
Repayments	-1,249,673	-48,029	-1,297,702
Write-offs / disposals	-41,359	-42,200	-83,559
Derecognized and /or restructured loans	935	-	935
Changes in amortizable fees	824	-495	329
Amortized premium / discount	-44	-	-44
Changes in fair value	-	56,863	56,863
Changes in accrued income	5,939	6,706	12,645
Exchange rate differences	-167,874	-15,705	-183,579
Movement of impairments	1,994	-	1,994
Balance at December 31, 2023	4,295,723	587,940	4,883,663

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

The line item "Consolidation of group entities" in the above movement schedule and used elsewhere in these notes relates to the consolidation in 2024 of the Land Use Facility part of the Dutch Fund for Climate Development.

Loans segmented by sector

	2024
	Stage 1	Stage 2	Stage 3	Fair value	Total
Financial Institutions	2,741,998	25,093	23,067	419,947	3,210,105
Energy	864,504	413,932	129,418	58,578	1,466,432
Agribusiness, Food and Water	742,222	73,749	41,462	112,746	970,179
Multi-Sector Fund Investments	27,381	-	-	1,820	29,201
Infrastructure, Manufacturing and Services	34,815	67,155	5,722	58,970	166,662
Balance at December 31	4,410,920	579,929	199,669	652,061	5,842,579


	2023
	Stage 1	Stage 2	Stage 3	Fair value	Total
Financial Institutions	2,259,763	30,305	15,292	353,658	2,659,018
Energy	745,478	402,029	148,523	66,001	1,362,031
Agribusiness, Food and Water	442,259	13,817	53,485	104,596	614,157
Multi-Sector Fund Investments	32,721	-	-	4,213	36,934
Infrastructure, Manufacturing and Services	96,813	29,640	25,598	59,472	211,523
Balance at December 31	3,577,034	475,791	242,898	587,940	4,883,663


Loans segmented by geographical area

	2024
	Stage 1	Stage 2	Stage 3	Fair value	Total
Africa	899,900	363,592	72,411	190,949	1,526,852
Asia	921,067	113,888	12,644	66,095	1,113,694
Latin America & the Caribbean	1,357,619	40,021	72,107	116,291	1,586,038
Europe & Central Asia	994,880	58,481	42,507	226,466	1,322,334
Non - region specific	237,454	3,947	-	52,260	293,661
Balance at December 31	4,410,920	579,929	199,669	652,061	5,842,579


	2023
	Stage 1	Stage 2	Stage 3	Fair value	Total
Africa	843,793	208,854	123,257	174,334	1,350,238
Asia	692,757	112,446	9,216	68,921	883,340
Latin America & the Caribbean	1,033,829	152,815	67,062	98,554	1,352,260
Europe & Central Asia	897,315	1,676	43,363	192,349	1,134,703
Non - region specific	109,340	-	-	53,782	163,122
Balance at December 31	3,577,034	475,791	242,898	587,940	4,883,663

Loans to private sector - other information
	2024	2023
Gross amount of loans to companies in which FMO has equity investments	224,660	216,192
Gross amount of subordinated loans	331,146	342,031

The analysis of the changes in the gross carrying 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 2024	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
Balance at January 1, 2024	3,603,340	-26,306	508,602	-32,811	438,186	-195,288	4,550,128	-254,405
Additions	1,629,433	-11,276	36,858	-8,294	-	-	1,666,291	-19,570
Exposure derecognised or lapsed	-924,954	2,385	-92,211	7,658	-52,613	36,836	-1,069,778	46,879
Transfers to Stage 1	191,123	-15,336	-191,123	15,336	-	-	-	-
Transfers to Stage 2	-247,643	6,026	304,347	-10,986	-56,704	4,960	-	-
Transfers to Stage 3	-21,092	410	-16,480	2,078	37,572	-2,488	-	-
Modifications of financial assets (including derecognition)	-29,004	-	33,400	-	6,348	-	10,744	-
Changes in risk profile (including changes in accounting estimates)	-	15,272	-	-3,086	-	-29,329	-	-17,143
Consolidation of group entities	18,216	-211	-	-	2,996	-651	21,212	-862
Amounts written off/disposals	-	-	-	-	-53,283	53,283	-53,283	53,283
Changes in amortizable fees	-2,819	-	1,138	-	972	-	-709	-
Premium / discount	-26	-	-18	-	-	-	-44	-
Changes in accrued income	6,230	-	-1,905	-	-2,992	-	1,333	-
Foreign exchange adjustments	218,839	-1,687	29,015	-1,589	22,953	-11,089	270,807	-14,365
Balance at December 31, 2024	4,441,643	-30,723	611,623	-31,694	343,435	-143,766	5,396,701	-206,183

Changes in Loans to the private sector at AC in 2023	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
Balance at January 1, 2023	4,019,439	-32,579	338,766	-17,223	521,762	-206,597	4,879,967	-256,399
Additions	1,158,476	-8,839	92,904	-9,840	-	-	1,251,380	-18,679
Exposure derecognised or lapsed	-1,216,793	3,162	-85,688	1,605	-85,975	61,637	-1,388,456	66,404
Transfers to Stage 1	42,060	-1,673	-33,812	738	-8,248	935	-	-
Transfers to Stage 2	-225,869	5,116	287,726	-15,003	-61,857	9,887	-	-
Transfers to Stage 3	-38,567	209	-82,672	5,314	121,239	-5,523	-	-
Modifications of financial assets (including derecognition)	-8,059	-	4,743	-	13,069	-	9,753	-
Changes in risk profile (including changes in accounting estimates)	-	7,281	-	674	-	-102,521	-	-94,566
Amounts written off/disposals	-	-	-	-	-41,359	41,359	-41,359	41,359
Changes in amortizable fees	-911	-	703	-	1,032	-	824	-
Premium / discount	-44	-	-	-	-	-	-44	-
Changes in accrued income	11,414	-	1,345	-	-6,821	-	5,938	-
Foreign exchange adjustments	-137,806	1,017	-15,413	924	-14,656	5,535	-167,875	7,476
Balance at December 31, 2023	3,603,340	-26,306	508,602	-32,811	438,186	-195,288	4,550,128	-254,405

Total impairments on loans in the consolidated profit and loss account
	2024	2023
Additions	-19,570	-18,679
Exposure derecognized or matured / lapsed (excluding write - offs)	46,879	66,404
Changes in risk profile (including changes in accounting estimates)	-17,143	-94,566
Recoveries (written off loans)	-9,205	-11,181
Other	16,472	19,400
Total at December 31	17,433	-38,622

During 2024, ECL allowances reduced, which resulted in a net release to the profit and loss account. The reduction in ECL allowances is primarily the result of the reduction in the non-performing exposures, as also described in Credit risk section in the 'Risk Management' chapter.

8. ECL allowances - assessment

FMO calculates ECL allowances for interest-bearing securities, loans to the 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 'Significant Increase in Credit Risk' criteria, the tables below present the distribution of Stage 2 impairments by the criteria that triggered the migration to Stage 2.

	Loans to private Sector	Guarantees	Loan Commitments	Total

More than 30 days past due	-	-	-	-
Deterioration in credit risk - financial difficulties	-31,694	-296	-5,443	-37,433
Total at December 31, 2024	-31,694	-296	-5,443	-37,433

	Loans to private Sector	Guarantees	Loan Commitments	Total

More than 30 days past due	-	-	-	-
Deterioration in credit risk - financial difficulties	-32,811	-507	-6,458	-39,776
Total at December 31, 2023	-32,811	-507	-6,458	-39,776

The table below shows the values of the IMF GDP forecasts used in each of the economic scenarios for the ECL calculations for 2023 and 2024. 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.

The macro-economic scenarios’ model was updated following the publication of the new macro- economic outlook data by the IMF in October 2024. The updates of the model based on more recent GDP forecast, caused new point-in-time adjustments to probability of defaults in the impairment model, leading to a slight increase in combined Stage-1 and Stage-2 impairment charge.

IMF GDP % Growth Forecasts (the figures are based on the latest forecast in October 2024)

	2024	2023
Turkey	3.01	3.18
India	7.02	6.33
Georgia	7.55	5.20
Argentina	-3.48	3.25
Nigeria	2.86	3.06
Uganda	5.88	7.47
Bangladesh	5.40	6.60
Ghana	3.12	4.59
Armenia	6.04	4.50
Costa Rica	4.00	3.19

The following tables outline the impact of multiple scenarios on the ECL allowance. The probabilities of macro-economic scenarios (making point-in-time adjusted probability of default) were updated using the data provided by the IMF, as published in October 2024.

	Total unweighted amount per ECL scenario	Probability	Loans to the private Sector	Guarantees	Bonds and cash	Total
ECL scenario:
Upside	194,826	2%	3,852	43	1	3,897
Base case	219,653	50%	108,382	1,410	34	109,826
Downside	261,515	48%	123,646	1,848	33	125,527
Total at December 31, 2024			235,880	3,301	68	239,250

	Total unweighted amount per ECL scenario	Probability	Loans to the private Sector	Guarantees	Bonds and cash	Total
ECL scenario:
Upside	249,680	2%	4,778	213	2	4,994
Base case	275,327	50%	131,977	5,640	47	137,664
Downside	307,082	48%	141,513	5,840	45	147,399
Total at December 31, 2023			277,397	11,693	94	289,186

The total unweighted amount for the base scenario of €219 million (2023: €275 million) is an aggregation of €206million (2023: €254 million) ECL allowances related to Loans to private sector (refer to Note 7), €3 million (2023: €11 million) ECL off balance items for financial guarantees (refer to Note 34), €10 million (2023: €10 million) ECL off balance for loan commitments (refer to Note 34).

Loans to private sector in the tables above include amounts related to ECL allowances for off balance loan commitments (refer to Note 34 - 'Off-balance sheet information').

Reference is made 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
Balance at January 1, 2024	167,074	2,193,771	2,360,845
Purchases and contributions	120	329,824	329,944
Conversion of loans to equity	-	289	289
Transfer associate/FVPL	-	-	-
Return of capital (including sales)	-	-329,927	-329,927
Changes in fair value	34,093	161,669	195,762
Balance at December 31, 2024	201,287	2,355,626	2,556,913

	Equity measured at FVOCI	Equity measured at FVPL	Total
Balance at January 1, 2023	150,733	2,130,903	2,281,636
Purchases and contributions	-	333,825	333,825
Conversion of loans to equity	-	1,879	1,879
Transfer associate/FVPL	-	-	-
Return of capital (including sales)	-	-224,513	-224,513
Changes in fair value	16,341	-48,323	-31,982
Balance at December 31, 2023	167,074	2,193,771	2,360,845

Equity investments segmented by sector
	2024	2023
Financial Institutions	754,872	682,684
Energy	329,313	287,203
Agribusiness	193,227	142,965
Multi-Sector Fund Investments	1,029,960	966,915
Infrastructure, Manufacturing and Services	249,541	281,078
Balance at December 31	2,556,913	2,360,845

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.

	2024		2023
	Fair value	Dividend income	Fair value	Dividend income
The Currency Exchange Fund N.V.	191,215	-	157,118	-
Seed Capital	9,911	-	9,916	-
EDFI Management Company	161	-	40	-
Total at December 31	201,287	-	167,074	-

10. Investments in associates and joint ventures

Movements carrying amounts of the Associates and Joint ventures
	2024	2023
Balance at January 1	308,179	297,960
Purchases and contributions	7,338	14,260
Conversion from loans to equity	7,887	-
Conversion Associates/FVPL	-	-
Return of capital (including sales)	-	-6,657
Share in net results	39,483	26,065
Exchange rate differences	9,186	-23,449
Balance at December 31	372,073	308,179

All investments in associates and joint ventures are measured based on the equity accounting method. Cash dividends received from associates amount to €13.8 million (2023: €12.4 million).

The following tables summarize FMO’s share in the total assets, liabilities, total income and total net profit/loss of the associates and segments the associates by sector.

	Carrying amount	Economic ownership %	Total assets	Total liabilities	Total income	Total profit/loss
Banyantree Growth Capital LLC	2,614	27%	-	-	-	-
Arise BV	284,723	27%	292,455	7,733	2,706	41,409
JCM Power Corporation	15,951	24%	-	-	-	-
BE C&I Solutions Holding Pte. Ltd.	37,251	25%	76,728	39,367	10,296	-4,446
Invest International B.V.	2,494	49%	2,512	37	52	21
Balance at December 31, 2024	343,033

	Carrying amount	Economic ownership %	Total assets	Total liabilities	Total income	Total profit/loss
Banyantree Growth Capital LLC	2,781	27%	-	-	-	-
Arise BV	234,985	27%	241,349	6,364	2,661	46,562
JCM Power Corporation	14,172	24%	-	-	-	-
BE C&I Solutions Holding Pte. Ltd.	32,564	24%	58,039	25,488	-	-
Invest International B.V.	2,040	49%	161,197	-	-	70
Balance at December 31, 2023	286,542

	2024	2023
Financial Institutions	287,217	237,026
Energy	53,202	46,735
Multi-Sector Fund Investments	2,614	2,781
Net balance at December 31	343,033	286,542

Invest International was established on July 28, 2021. Share capital is split between A-shares where the Dutch Government owns 51 percent and FMO 49 percent and B-shares which are owned 100 percent by the Dutch Government.

At year end the deposit with Invest International amounted to €16.7 million (2023: €15.6 million). The deposit has a 1-year maturity and accrues interest at a market-based rate after adjusting for non-applicable internal costs. Expected credit loss is not expected to be material taking into account the support offered to Invest International from the Dutch State. The deposit is presented in the short-term deposits statement of financial position line item, refer to Note 3.

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 commitment amounts to US$266 million. As of December 31, 2024, our remaining commitment towards Arise B.V. amounts to US$10.5 million.

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 is registered in the Dutch commercial register under number 64756394. FMO’s share and voting rights in Arise B.V. is 27 percent.

The following tables summarize FMO’s share in the total assets, liabilities, total income and total net profit/loss in joint ventures.

	Carrying amount	Economic ownership %	Total assets	Total liabilities	Total income	Total profit/loss
Climate Fund Managers B.V.	10,368	50%	17,281	6,913	15,288	3,320
SDG Loan Fund S.C.A SICAV-SIF	18,672	10%	15,161	344	128	87
Balance at December 31, 2024	29,040

	Carrying amount	Economic ownership %	Total assets	Total liabilities	Total income	Total profit/loss
Climate Fund Managers B.V.	9,946	50%	15,051	5,105	12,876	2,363
SDG Loan Fund S.C.A SICAV-SIF	11,691	10%	11,954	186	11	-5
Balance at December 31, 2023	21,637

During the current financial year FMO made an investment of EUR 5 million into the SDG Loan Fund S.C.A. SICAV SIF. This investment is treated as a joint venture in accordance with IAS 28 and IFRS 11 as FMO exercises joint control over the Fund, in cooperation with the other co-investors via the Fund investment committee and shareholders advisory committee. FMO also has rights to the net assets of the Fund. FMO's share of the capital of the Fund is 10 percent. FMO's total commitment to the Fund is US$111 million.

For material joint ventures, the above amounts of assets and liabilities include the following:

	SDG Loan Fund S.C.A SICAV SIF
	2024	2023
Cash and cash equivalents	35,845	28,440
Current financial liabilities (excluding trade and other payables and provisions)	-	-
Non-current financial liabilities (excluding trade and other payables and provisions)	-	-

For material joint ventures, the above profit and loss amounts include the following:

	SDG Loan Fund S.C.A SICAV SIF
	2024	2023
Interest income	1,232	122
interest expense	-	-
Income tax expense	-	-

Reconciliation of summarized financial information to carrying amount for material joint ventures:

	SDG Loan Fund S.C.A SICAV SIF
	2024	2023
Net assets of joint venture	153,357	130,161
Economic ownership	10%	10%
Carrying amount	18,671	11,691

The Fund is an investment fund which co-invests with FMO in loans in emerging markets. It is incorporated under the laws of the Grand Duchy of Luxembourg, having its registered office at 6A, route de Trèves, L-2633 Senningerberg, Luxembourg and registered under number B259701 with the Luxembourg Trade and Companies’ Register.

11. Property, plant and equipment

Property, plant and equipment (PP&E) includes tangible assets that are used by FMO. These assets include buildings, office equipment and vehicles that are rented by FMO from third parties. These leases have been recognized on the statement of financial position following the implementation of IFRS 16.

Furthermore, PP&E includes furniture owned by FMO and costs related to leasehold improvements.

	Furniture	Leasehold improvement	Other	Right-of-use assets	Total

Cost at December 31, 2023	9,655	8,695	38	29,875	48,263
Accumulated amortization at December 31, 2023	-8,931	-3,080	-10	-16,383	-28,404
Balance at December 31, 2023	724	5,615	28	13,492	19,859

Carrying amount at January 1, 2024	724	5,615	28	13,492	19,859
Investments	345	-	-	568	913
Depreciation	-335	-853	-	-3,216	-4,404
Disposals	-	-	-	-3	-3
Accumulated depreciation on disposals	-	-	-	-	-
Balance at December 31, 2024	734	4,762	28	10,841	16,365

Cost at December 31, 2024	10,000	8,695	38	30,440	49,173
Accumulated amortization at December 31, 2024	-9,266	-3,933	-10	-19,599	-32,808
Balance at December 31, 2024	734	4,762	28	10,841	16,365

Right-of-use assets consist of operational leases and include buildings, vehicles and office equipment.

	Buildings	Office equipment	Vehicles	Total right-of-use assets	Lease liabilities

Balance at January 1, 2023	13,987	249	1,678	15,914	16,144
Additions	474	24	382	880	880
Disposals	-	-	-29	-29	-29
Depreciation	-2,428	-122	-723	-3,273	-
Finance costs	-	-	-	-	122
Payments	-	-	-	-	-3,385
Balance at December 31, 2023	12,033	151	1,308	13,492	13,732
Additions	-	279	289	568	568
Disposals	-	-	-3	-3	-3
Depreciation	-2,414	-139	-663	-3,216	-
Finance costs	-	-	-	-	97
Payments	-	-	-	-	-3,325
Balance at December 31, 2024	9,619	291	931	10,841	11,069

Maturity breakdown of the leases
	< 1 year	1-5 years	>5 years	Total
Buildings	2,440	7,393	-	9,833
Office Equipment	111	167	18	296
Vehicles	527	413	-	940
Total at December 31, 2024	3,078	7,973	18	11,069


	< 1 year	1-5 years	>5 years	Total
Buildings	2,422	9,832	-	12,254
Office Equipment	76	61	20	157
Vehicles	620	701	-	1,321
Total at December 31, 2023	3,118	10,594	20	13,732

12. Intangible assets

Intangible assets include costs associated with identifiable and unique software products or internally developed software, controlled by FMO. For internally developed software, only costs related to the development phase are capitalized. Expenses related to the research phase are immediately recognized in the statement of profit or loss under 'Temporary staff expenses'.

	ICT software	Internally developed software	Total

Cost at December 31, 2023	7,998	40,909	48,907
Accumulated amortization at December 31, 2023	-6,324	-27,258	-33,582
Balance at December 31, 2023	1,674	13,651	15,325

Carrying amount at January 1, 2024	1,674	13,651	15,325
Investments	323	16,576	16,899
Amortization	-738	-4,326	-5,064
Impairment/disposals		-1,565	-1,565
Accumulated depreciation on disposals		850	850
Accumulated amortisation at December 31, 2024	1,259	25,186	26,445

Cost at December 31, 2024	8,321	55,920	64,241
Accumulated amortization at December 31, 2024	-7,062	-30,734	-37,796
Balance at December 31, 2024	1,259	25,186	26,445

	ICT software	Internally developed software	Total

Cost at December 31, 2022	7,195	33,130	40,325
Accumulated amortization at December 31, 2022	-5,606	-22,764	-28,370
Balance at December 31, 2022	1,589	10,366	11,955

Carrying amount at January 1, 2023	1,589	10,366	11,955
Investments	803	7,839	8,642
Amortization	-718	-4,494	-5,212
Impairment/disposals	-	-60	-60
Accumulated depreciation on disposals	-	-	-
Accumulated amortisation at December 31, 2023	1,674	13,651	15,325

Cost at December 31, 2023	7,998	40,909	48,907
Accumulated amortization at December 31, 2023	-6,324	-27,258	-33,582
Balance at December 31, 2023	1,674	13,651	15,325

Impairment relates to software that is not in use anymore.