Corporate information

The 2017 financial statements of Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden N.V. (hereafter referred to as ‘FMO’ or ‘the company’) were prepared by the Management Board and signed by all members of the Management Board and the

Consolidated balance sheet

As at 31 December 2017

Consolidated profit and loss account

For the year ended 31 December 2017

Consolidated statement of comprehensive income

For the year ended 31 December 2017

Consolidated statement of changes in shareholders' equity

Consolidated statement of cash flows

For the year ended 31 December 2017

Significant accounting policies

The consolidated annual accounts (the ‘annual accounts’) have been prepared in accordance with International Financial Reporting Standards (‘IFRS’) as endorsed by the European Union and with Part 9 of Book 2 of the Dutch Civil Code for the financial


This chapter provides an overview of FMO's risk governance and risk management approach. The different sections describe the key risk domains according to applicable disclosure requirements and developments that took place in 2017.

Capital management

FMO aims to optimize development impact. This can only be achieved with a sound financial framework in place, combining healthy long-term profitability and sound capital adequacy.

Investment risk

Investment risk is defined as the risk that the actual return on an investment will be lower than the expected return. At FMO this includes both Credit Risk (Loan Portfolio) and Equity Risk.