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 condensed consolidated interim financial statements as at June 30, 2025 have been prepared in accordance with IAS 34 of the IFRS Accounting Standards as issued by the International Accounting Standards Board (IASB), as adopted by the European Read more about 2 Basis of preparation and changes to accounting policies .
3 Segment information
The Management Board sets performance targets, approves and monitors the budgets prepared by servicing units. Servicing units are not identical to the strategic sectors. Read more about 3 Segment information .
4 Financial Instruments
The following table shows the carrying amounts of financial assets and financial liabilities. Read more about 4 Financial Instruments .
6 Debentures and notes
Debentures and notes includes issued debt instruments in various currencies under FMO's Debt Issuance Programs. In addition, two subordinated notes, totaling €550 million are also included in the Debenture and Notes line item. Read more about 6 Debentures and notes .
7 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 7 Commitments and contingent liabilities .
8 Interest Income
Interest income remained largely unchanged during the current financial period, as the growth of the loan portfolio was largely offset by the lower interest rates on the variable loan portfolio. Read more about 8 Interest Income .
9 Interest Expense
Interest expense decreased due to lower SOFR rate on FMO's variable rate funding portfolio. Read more about 9 Interest Expense .
11 Results from equity investments
Refer to Note 4.4 for details of the movements in results from equity investments. Read more about 11 Results from equity investments .
13 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 13 Results from financial transactions .
14 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 14 Remuneration for services rendered .
15 Tax
Current income tax receivables amount to €17.4 million (December 31, 2024: €13.3 million). Read more about 15 Tax .
16 Related parties
FMO considers the Dutch Government, subsidiaries, associates, the Management Board and the Supervisory Board as related parties. Read more about 16 Related parties .
17 Dividends
At December 2024, the Management Board and the Supervisory Board proposed distributing a sum of €10.6 million (2023: €2.1 million) as cash dividend to shareholders. Read more about 17 Dividends .
18 Events after the end of the reporting period
There have been no significant subsequent events between the balance sheet date and the date of approval of these accounts which would impact the condensed consolidated interim financial statements as per June 30, 2025. Read more about 18 Events after the end of the reporting period .