Committed portfolio

The committed portfolio grew by 11% to €5,874 million, of which €912 million (including FOM) represented the funds managed on behalf of the Dutch State.

Of the gross outstanding portfolio (State funds excluded) the local currency financing share remained stable at more than 14%. Of the remainder, 72% of the facilities are in US dollars and 14% in euros. 

Loan portfolio developments

FMO concluded the year with a loan portfolio of €2,871 million representing a portfolio increase of about €330 million over 2011.

In 2011 our portfolio quality decreased, visible in the non-performing loan (NPL) ratio increasing from 2.3% to 3.4%. Of the non-performing loans as per December 31, 2011 an amount of €13,432 is guaranteed by a third party. When the guaranteed amount is included the NPL ratio will decrease to 2.9%. In general, the non-performing loans represent a fair cross section of our portfolio and no correlation with respect to specific sector or geographic region has been identified.

In 2011, our (partial) write-offs were limited to three loans, corresponding to 0.6% of our portfolio. Looking at our overall portfolio and the limited number of non-performing loans, we see no trend that would indicate a material deterioration of asset quality.

Developments of the loan portfolio


2011

2010

2009

Gross portfolio loans

2,870,781

2,540,913

2,204,526

Written off amounts

18,433

5,830

8,497

NPL (Principals with arrears > 90 days)

97,350

58,571

78,633

NPLs as % of gross portfolio

3.4%

2.3%

3.6%

 

Equity portfolio developments

As to the private equity portfolio, the positive excess value of the portfolio in relation to its cost price has remained as it was in the previous three years, with disbursements keeping pace and a moderate value growth in the portfolio.

2011 brought full exits and several partial exits of direct investments. Fund investments also continue to realize exits and return capital to their investors. In general, the carrying amount to cost ratio increased from 118% to 122%. Foreign exchange effects had no material impact on the overall portfolio in 2011.

Developments of the equity portfolio

at December 31

2011

2010

Total carrying amount (€x1,000)

795,439

688,187

Total cost price (outstanding amount) (€x1,000)

653,471

582,888

Difference carrying amount and cost prices (€x1,000)

141,968

105,299

Carrying amount / cost price in %

122

118

Impairment % on portfolio

10.6

7.6

 

Committed portfolio 2011 per product per region (€xmln)

COMMERCIAL LOANS

EQUITY

GUARANTEE

MEZZANINE

Total

Africa

875

526

49

298

1,748

Asia

724

302

47

445

1,518

Latin America & the Caribbean

897

175

17

150

1,239

Eastern Europe & Central Asia

539

177

50

315

1,081

Non-region specific

25

135

31

97

288

Total

3,060

1,315

194

1,305

5,874

 

Committed portfolio 2011 per product per sector (€xmln)

COMMERCIAL LOANS

EQUITY

GUARANTEE

MEZZANINE

Total

Financial Institutions excl. investment funds

1,122

182

117

463

1,884

Financial Institutions - Investment funds

2

806

16

279

1,103

Energy

682

159

6

170

1,017

Housing

261

11

8

140

420

Agribusiness, food & water

208

41

5

76

330

Diverse sectors

785

116

42

177

1,120

Total

3,060

1,315

194

1,305

5,874