Annual and interim reports

Consolidated statement of cash flows

For the year ended December 31, 2021

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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

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Risk management

This chapter provides an overview of FMO's risk governance and risk management approach. The sections describe the key risk domains relevant for FMO and developments throughout 2021.

Capital Adequacy

FMO aims to maintain a strong capital position that exceeds regulatory requirements and supports its AAA rating.

Financial Risk

Investment risk is defined as the risk that actual investment returns will be lower than expected returns, and includes credit, equity, concentration and counterparty credit risks.

Business risk

Environmental & Social (E&S) risk refers to risk posed by (potential) adverse impacts of the FMO investments on the environment, their employees and workers, communities, and other stakeholders.

Non-Financial Risk

Operational risk is defined as the risk of loss resulting from inadequate or failed internal processes, people and systems, or from external events, including legal risks, excluding strategic risks. This is the ‘Basel’ definition of operational risk.

Segment reporting by operating segments

The Management Board sets performance targets, approves and monitors the budgets prepared by servicing units. Servicing units are not identical to the strategic sectors.

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Information about geographical areas

FMO operates in the following four geographical regions: Africa, Asia, Europe & Central Asia, Latin America & the Caribbean.

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Disaggregation of revenue

The following table sets out the disaggregation of the Remuneration for services rendered based on the primary geographical areas and strategic sector.