Corporate information
The 2011 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 Supervisory Board on March 8, 2012 and will be submitted
for adoption in the General Meeting of Shareholders on May 9,
2012.
FMO was incorporated in 1970 as a public limited company
and is located at Anna van Saksenlaan 71, The Hague, the
Netherlands. FMO finances activities in developing countries to
stimulate private sector development. In addition, FMO provides
services in relation to government funds and programs.
Financing activities
FMO's main activity consists of providing loans,
guarantees and equity capital to the private sector in developing
countries. A minor part of the investment financing is guaranteed
by the Dutch State under the Faciliteit Opkomende Markten (FOM), in
which FMO itself participates as a 5% to 20% risk
partner. Any losses claimed under the guarantee are reported under
'other receivables'.
Services in relation to government funds and
programs
Apart from financing activities from its own resources,
FMO provides loans, guarantees and equity finance from special
government funds, within the conditions and objectives of those
facilities. The funds consist of subsidies provided under the
General Administrative Law Act regarding the Infrastructure
Development Fund, MASSIF and Access to Energy Fund. FMO also
executed the subsidy scheme Capacity Development (hereafter
referred to as CD) until December 31,
2011.
FMO incurs a risk in MASSIF as it has an equity share of
2.66% (2010: 2.66%). With respect to the remaining interest in
MASSIF, and the full risk in the remaining government funds, FMO
has a contractual right and obligation to settle the results
arising from the funds' activities with the State. The economic
risks related to these funds are predominantly taken by the State,
and FMO has limited control over policy issues regarding these
funds. FMO receives a remuneration for managing the funds.
Therefore, with the exception of FMO's equity share in MASSIF, the
funds' assets and the funds' liabilities are not included in the
annual accounts. The segment information paragraph provides more
detail on the loans and equity investments managed for the risk of
the State.