6 Financial Instruments
The following table shows the carrying amounts of financial assets and financial liabilities.
7 Commitments and contingent liabilities
During the first half year of 2018 the irrevocable facilities decreased mainly as a result of disbursements and lower production of new contracts.
8 Debentures and notes
Debentures and notes decreased with €200 million to €4.9 billion (December 31, 2017: €5.1 billion). During the first half of 2018 an amount of €295 million was issued and €495 million was redeemed.
9 Results from equity investments
In the first six months our results from equity investments decreased with €48 million to €44 million (2017: €92 million). The higher results in 2017 were predominantly driven by two private equity investment exits.
10 Dividends
In the General Meeting of Shareholders in May 2018 the proposal for appropriation of profit 2017 was approved. The distributable amount of the net profit amounts to €5.6 million which has been fully distributed as cash dividend.
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.
Review report
To: the Management Board of Nederlandse Financierings- Maatschappij voor Ontwikkelingslanden N.V.