11 Income tax
Income tax of €16 million decreased compared to 2017 due to lower profit before tax whilst the average weighted annual rate of 12.5% increased (first half year 2017: 11.5%).
12 Events after the end of the reporting period
In the first half of August 2018 the local Turkish currency has shown accelerated depreciation and caused upset in international markets. For more details we refer to section 3.2 Country risk.
13 Related parties
FMO defines the Dutch State, subsidiaries, associated companies, the Management Board and Supervisory Board as related parties. This is in line with the Annual Report 2017.