Notes to the annual accounts

1. Banks

	2024	2023
Banks	6,276	5,431
Balance at December 31	6,276	5,431

The cash on bank accounts can be freely disposed of. All banks are classified as Stage 1.

2. Current account with FMO

	2024	2023
Current account with FMO	-118	-48
Balance at December 31	-118	-48

The current account which can be freely disposed of.

3. Short-term deposits

Short-term deposits are very liquid accounts with high credit ratings and are subject to an insignificant risk of changes in fair value. The Fund has on demand full access to the carrying amounts.

	2024	2023
Money market funds	42,957	25,200
Balance at December 31	42,957	25,200

4. Derivatives

The following tables present the fair value of derivatives which are related to the loan portfolio.

At December 31, 2024	Notional amounts	Fair value assets	Fair value liabilities
Derivatives related to asset portfolio	-	10,338	-

At December 31, 2023	Notional amounts	Fair value assets	Fair value liabilities
Derivatives related to asset portfolio	-	11,302	-

5. Loan portfolio

Loans originated by the Fund include loans to the private sector in developing countries for the account and risk of the Fund. The tables below present the movement in loans during 2023 and 2024.

	Loan portfolio measured at AC	Loan portfolio measured at FVPL	Total 2024
Balance at January 1	169,754	29,473	199,227
Disbursements	26,497	6,419	32,916
Interest capitalization	2,611	1,543	4,154
Conversion from Loans versus Equity	-	-	-
Repayments	-33,088	-241	-33,329
Write-offs	-	-4,681	-4,681
Derecognized and/or restructured loans	77	-	77
Changes in amortizable fees	74	-	74
Changes in fair value	-	6,418	6,418
Changes in accrued income	-21,721	-45	-21,766
Exchange rate differences	10,201	2,194	12,395
Balance at December 31	154,405	41,080	195,485
Impairment	-22,898	-	-22,898
Net balance at December 31	131,507	41,080	172,587

	Loan portfolio measured at AC	Loan portfolio measured at FVPL	Total 2023
Balance at January 1	172,142	69,076	241,218
Disbursements	25,160	646	25,806
Interest capitalization	-	1,139	1,139
Conversion from Loans versus Equity	-	-7,285	-7,285
Sale of loans	-	-	-
Repayments	-12,522	-24,198	-36,720
Write-offs	-9,487	-181	-9,668
Derecognized and/or restructured loans	-	-	-
Changes in amortizable fees	-306	-	-306
Changes in fair value	10	-3,532	-3,522
Changes in accrued income	241	-4,591	-4,350
Exchange rate differences	-5,484	-1,601	-7,085
Balance at December 31	169,754	29,473	199,227
Impairment	-38,913	-	-38,913
Net balance at December 31	130,841	29,473	160,314

The contractual amount of assets that were written off during the period (2024: 4.7 million, 2023: 9.7 million) are still subject to enforcement activity. There were no recoveries from written off loans (2023: €0.0 million).

The following tables summarize the loans segmented by sector and by geographical area:

			2024
Loans segmented by sector	Stage 1	Stage 2	Stage 3	Fair value	Total 2024	Total 2023
Financial Institutions	-	-	-	1,589	1,589	660
Energy	22,335	1,733	37,622	17,262	78,952	77,701
Agribusiness	48,795	16,156	1,488	22,229	88,668	74,431
Infrastructure, Manufacturing and Services	-	-	3,378	-	3,378	7,522
Net balance at December 31	71,130	17,889	42,488	41,080	172,587	160,314


			2024
Loans segmented by geographical area	Stage 1	Stage 2	Stage 3	Fair value	Total 2024	Total 2023
Africa	30,081	5,179	38,882	16,901	91,043	87,891
Asia	14,922	12,710	228	4,437	32,297	32,463
Latin America & the Carribbean	-154	-	3,378	7,168	10,392	21,937
Europe & Central Asia	6,630	-	-	-	6,630	-64
Non - region specific	19,651	-	-	12,574	32,225	18,087
Net balance at December 31	71,130	17,889	42,488	41,080	172,587	160,314


					2024	2023
Gross amount of loans to companies in which the Fund has equity investments					30,606	28,730
Gross amount of subordinated loans					44,626	52,172

The movements in the gross carrying amounts and ECL for the loan porfolio at AC are as follows:

Changes in loans to the private sector at AC in 2024	Stage 1		Stage 2		Stage 3		Total
	Gross amount	ECL allowance	Gross amount	ECL allowance	Gross amount	ECL allowance	Gross amount	ECL allowance
At December 31, 2023	63,925	-905	23,359	-2,183	82,470	-35,825	169,754	-38,913
Additions	25,333	-457	567	-319	597	-	26,497	-776
Exposures derecognised or matured / lapsed (excluding write-offs and modifications)	-7,627	66	-16,147	1,872	-9,314	5,439	-33,088	7,377
Transfers to Stage 1	-71	-	71	-	-	-	-	-
Transfers to Stage 2	-11,399	348	11,399	-348	-	-	-	-
Transfers to Stage 3	-2,704	129	-	-	2,704	-129	-	-
Modifications of financial assets (including derecognition)	-	-	77	-	2,611	-	2,688	-
Changes in risk profile not related to transfers	-	139	-	-1,353	-	12,852	-	11,638
Amounts written off	-	-	-	-	-	-	-	-
Changes in amortizable fees	-39	-	43	-	70	-	74	-
Changes in accrued income	699	-	-434	-	-21,986	-	-21,721	-
Foreign exchange adjustments	3,739	-46	1,440	-155	5,022	-2,023	10,201	-2,224
At December 31, 2024	71,856	-726	20,375	-2,486	62,174	-19,686	154,405	-22,898

Changes in loans to the private sector at AC in 2023	Stage 1		Stage 2		Stage 3		Total
	Gross amount	ECL allowance	Gross amount	ECL allowance	Gross amount	ECL allowance	Gross amount	ECL allowance
At December 31, 2022	48,988	-803	25,888	-1,686	97,266	-82,718	172,142	-85,207
Additions	24,933	-692	-	-	-	-	24,933	-692
Exposures derecognised or matured / lapsed (excluding write-offs and modifications)	-4,221	14	-1,425	55	-6,855	1,688	-12,501	1,757
Transfers to Stage 1	-	-	-	-	-	-	-	-
Transfers to Stage 2	-4,751	326	4,751	-326	-	-	-	-
Transfers to Stage 3	-	-	-1,145	442	1,145	-442	-	-
Modifications of financial assets (including derecognition)	-	-	-3,471	-	3,678	-	207	-
Changes in risk profile not related to transfers	-	240	-	-768	-	34,125	-	33,597
Amounts written off	-	-	-	-	-9,487	9,487	-9,487	9,487
Changes in amortizable fees	-382	-	27	-	48	-	-307	-
Changes in accrued income	790	-	-412	-	-137	-	241	-
Foreign exchange adjustments	-1,432	10	-854	100	-3,188	2,035	-5,474	2,145
At December 31, 2023	63,925	-905	23,359	-2,183	82,470	-35,825	169,754	-38,913

Total impairments on loans in the profit and loss account
	2024	2023
Additions / exposure derecognised or matured/lapsed (excluding write - offs)	6,601	1,065
Changes in risk profile (including changes in accounting estimates)¹	11,638	33,597
Other	16,120	4,629
Balance at December 31	34,359	39,291

1 The changes in risk profile amount for 2024 includes the reversal of a total of €33.4 million of previously recorded impairments on a non-performing exposure which has shown significantly improved prospects of recovery due to a positive court ruling.

The table below shows the values of the IMF GDP forecasts used in each of the economic scenarios for the ECL calculations of the top 10 countries where the Fund operates. The upside and downside scenario calculations are derived from the base case scenario, adjusted based on an indicator of public debt to GDP in emerging markets.

IMF GDP % Growth Forecasts	2024	2025
Sudan (The)	-20.3%	8.3%
Benin	6.5%	6.5%
Kenya	5.0%	5.0%
Togo	5.3%	5.3%
India	7.0%	6.5%
Sri Lanka ¹	n/a	n/a
Myanmar	1.0%	1.1%
Uganda	5.9%	7.5%
Moldova	2.6%	3.7%
Ghana	3.1%	4.4%

1 IMF had no forecasts of GDP growth rates available for Sri Lanka.

The following tables outline the impact of multiple scenarios on the ECL allowance. Note that macroeconomic scenarios have been updated by using the latest available information by the IMF, as published in October 2024.

ECL allowance
December 31, 2024	Total unweighted amount per ECL scenario	Probability	Loans to the private sector ¹	Total
ECL Scenario:
Upside	43,831	2%	877	877
Base case	45,081	50%	22,540	22,540
Downside	47,356	48%	22,731	22,731
Total		100%	46,148	46,148

1 Loans to the private sector include amounts related to ECL allowances for off balance loan commitments

ECL allowance
December 31, 2023	Total unweighted amount per ECL scenario	Probability	Loans to the private sector 1	Total
ECL Scenario:
Upside	38,012	2%	760	760
Base case	39,322	50%	19,661	19,661
Downside	40,823	48%	19,595	19,595
Total		100%	40,016	40,016

1 Loans to the private sector include amounts related to ECL allowances for off balance loan commitments

The table below represents sensitivity of ECL stage 2 allowance for the loan portfolio and loan commitments.

December 31, 2024
ECL allowance - Stage 2 trigger assessment	Loan portfolio	Loan commitments	Total

More than 30 days past due	-	-	-
Deterioration in credit risk rating - financial difficulties	-2,486	-	-2,486
Total	-2,486	-	-2,486

December 31, 2023
ECL allowance - Stage 2 trigger assessment	Loan portfolio	Loan commitments	Total

More than 30 days past due	-	-	-
Deterioration in credit risk rating - financial difficulties	-2,183	-	-2,183
Total	-2,183	-	-2,183

We also refer to our accounting policy on macro-economic scenarios on PD estimates.

6. Equity investments

The equity investments in developing countries are for the Fund's account and risk. The movements in fair value of the equity investments are summarized in the following table.

	Equity investments measured at FVPL
Net balance at January 1, 2024	120,891
Purchases and contributions	27,220
Conversion from loans or development contributions	-
Return of Capital	-4,169
Changes in fair value	-8,555
Net balance at December 31, 2024	135,387

	Equity investments measured at FVPL
Net balance at January 1, 2023	118,323
Purchases and contributions	15,453
Conversion from loans or development contributions	7,285
Return of Capital	-1,815
Changes in fair value	-18,355
Net balance at December 31, 2023	120,891

The following table summarizes the equity investments segmented by sector:

	2024	2023
Financial Institutions	5,080	-
Energy	29,087	35,416
Agribusiness	50,702	41,340
Multi-Sector Fund Investments	20,891	17,977
Infrastructure, Manufacturing, Services	29,627	26,158
Net balance at December 31	135,387	120,891

7. Other receivables

Fee receivables primarily relate to front-end fees.

	2024	2023
Fee receivables	252	1,351
Balance at December 31	252	1,351

8. Accrued liabilities

Accrued liabilities relate mainly to CD expenses.

	2024	2023
Suspense account	599	27
Accrued costs capacity development	3,630	3,196
Balance at December 31	4,229	3,223

9. Provisions

	2024	2023
Allowance for loan commitments	488	409
Balance at December 31	488	409

10. Contributed fund capital and other reserves

	2024	2023
Contributed Fund Capital
Contribution DGIS previous years	414,516	414,516
Contribution DGIS current year	10,000	-
Balance at December 31	424,516	414,516

	2024	2023
Other reserves	6,505	6,505
Balance at 31 December	6,505	6,505

Undistributed results	2024	2023
Balance at January 1	-75,611	-69,178
Addition: Net profit/loss	28,839	-6,433
Balance at December 31	-46,772	-75,611

11. Net interest income

Interest income

	2024	2023
Interest income related to banks	160	296
Interest on loans measured at AC	-1,223	11,165
Total interest income from financial instruments measured at AC	-1,063	11,461
Interest on loans measured at FVPL	3,335	-1,682
Interest on short-term deposits	1,450	516
Total interest income from financial instruments measured at FVPL	4,785	-1,166
Total net interest income	3,722	10,295

Interest on loans measured at AC in 2024 contains a deduction of € 1.2 million relating to contractually waived penalty interest upon repayment by a specific borrower.

12. Fee and commission income

	2024	2023
Prepayment fees	-137	1,178
Administration fees	72	68
Other fees (like arrangement, cancellation and waiver fees)	103	10
Total fee and commission income	38	1,256

13. Dividend income

	2024	2023
Dividend income direct investments	4,150	-
Dividend income fund investments	489	82
Total dividend income	4,639	82

14. Results from equity investments

	2024	2023
Results from equity investments
Unrealized results from FX conversions - cost price	12,016	-5,763
Unrealized results from FX conversions - capital results	-3,937	1,954
Unrealized results from capital results	-16,634	-14,546
Results from Fair value re-measurements	-8,555	-18,355

Results from sales
Realized results	-2,209	3
Release unrealized results	2,210	-4
Net results from sales	1	-1
Total results from equity investments	-8,554	-18,356

15. Results from financial transactions

	2024	2023
Results on sales and valuations of FVPL loans	1,738	-8,240
Results on sales and valuations of AC loans	-	-
Results on sale and valuation of embedded derivatives related to asset portfolio	-1,600	-275
Foreign exchange results	12,568	-6,017
Results on Ventures Program	-5,639	-9,435
Total results from financial transactions	7,067	-23,967

16. Operating expenses

Remuneration FMO concerns the management fees paid to FMO. Capacity development expenses relate to development contributions contracted with beneficiaries in terms of the fund's objectives. Advisory costs are related to consultancy services provided by legal advisors. Evaluation costs are expenses made during frequent investigations and controls of existing investments and costs related to due diligence of new projects.

	2024	2023
Remuneration FMO	-9,594	-9,456
Capacity development expenses	-1,401	-4,338
Advisory costs	-501	-900
Evaluation expenses	-385	-183
Total expenses	-11,881	-14,877

17. Off-Balance Sheet information

To meet the financial needs of borrowers, the Fund enters into various irrevocable commitments (loan commitments, equity commitments). Though these obligations are not recognized on the balance sheet, they do obtain Credit Risk similar to the loan portfolio. Therefore, provisions are calculated for loan commitments according to ECL measurement methodology. Refer to the 'Accounting Policy' chapter.

Nominal amounts for irrevocable facilities is as follows:

	2024	2023
Irrevocable facilities
Contractual commitments for disbursements of:
Loans	55,158	63,786
Equity investments	65,350	65,841
Total irrevocable facilities	120,508	129,627

The movement in exposure and ECL allowances for commitments of AC loans is as follows:

Movement of loan commitments in 2024	Stage 1		Stage 2		Stage 3		Total
	Nominal amount	ECL allowance	Nominal amount	ECL allowance	Nominal amount	ECL allowance	Nominal amount	ECL allowance
At January 1, 2024	52,316	-409	-	-	-	-	52,316	-409
Additions	26,323	-231	1,478	-	8,526	-109	36,327	-340
Exposures derecognised or matured (excluding write-offs)	-34,900	203	-3,584	98	-8,103	109	-46,587	410
Transfers to Stage 1	-	-	-	-	-	-	-	-
Transfers to Stage 2	-2,106	46	2,106	-46	-	-	-	-
Transfers to Stage 3	-	-	-	-	-	-	-	-
Changes to models and inputs used for ECL calculations	-	-67	-	-52	-	-	-	-119
Amounts written off	-	-	-	-	-	-	-	-
Foreign exchange adjustments	3,631	-30	-	-	8	-	3,639	-30
At December 31, 2024	45,264	-488	-	-	431	-	45,695	-488
								-

Movement of loan commitments in 2023	Stage 1		Stage 2		Stage 3		Total
	Nominal amount	ECL allowance	Nominal amount	ECL allowance	Nominal amount	ECL allowance	Nominal amount	ECL allowance
At January 1, 2023	15,081	-231	-	-	-	-	15,081	-231
Additions	64,184	-456	-	-	-	-21	64,184	-477
Exposures derecognised or matured (excluding write-offs)	-25,229	370	-	-	-	21	-25,229	391
Transfers to Stage 1	-	-	-	-	-	-	-	-
Transfers to Stage 2	-	-	-	-	-	-	-	-
Transfers to Stage 3	-	-	-	-	-	-	-	-
Changes to models and inputs used for ECL calculations	-	-100	-	-	-	-	-	-100
Amounts written off	-	-	-	-	-	-	-	-
Foreign exchange adjustments	-1,720	8	-	-	-	-	-1,720	8
At December 31, 2023	52,316	-409	-	-	-	-	52,316	-409

18. Analysis of financial assets and liabilities by measurement basis

The significant accounting policies summary describes how financial instruments are measured and how income and expenses, including fair value gains and losses, are recognized. The following table gives a breakdown of the carrying amounts of the financial assets and financial liabilities by category as defined by balance sheet heading.

December 31, 2024	FVPL - mandatory	Amortized cost	Total
Financial assets measured at fair value
Short-term deposits	42,957	-	42,957
Derivative financial instruments	10,338	-	10,338
Loan portfolio	41,080	-	41,080
Equity investments	135,387	-	135,387
Other financial assets at FV	21,875	-	21,875
Total	251,637	-	251,637
Financial assets not measured at fair value
Banks	-	6,276	6,276
Loan portfolio	-	131,507	131,507
Current accounts with FMO	-	-	-
Other receivables	-	252	252
Total	-	138,035	138,035
Financial liabilities not measured at fair value
Current accounts with FMO	-	118	118
Provisions	-	488	488
Accrued liabilities	-	4,229	4,229
Total	-	4,835	4,835

December 31, 2023	FVPL - mandatory	Amortized cost	Total
Financial assets measured at fair value
Short-term deposits	25,200	-	25,200
Derivative financial instruments	11,302	-	11,302
Loan portfolio	29,473	-	29,473
Equity investments	120,891	-	120,891
Other financial assets at FV	24,601	-	24,601
Total	211,467	-	211,467
Financial assets not measured at fair value
Banks	-	5,431	5,431
Loan portfolio	-	130,841	130,841
Current accounts with FMO	-	-	-
Other receivables	-	1,351	1,351
Total	-	137,623	137,623
Financial liabilities not measured at fair value
Current accounts with FMO	-	48	48
Provisions	-	409	409
Accrued liabilities	-	3,223	3,223
Total	-	3,680	3,680

Fair value hierarchy

All financial instruments for which fair value is recognized or disclosed are categorized within the fair value hierarchy, based on lowest level input that is significant to the fair value measurement as a whole, as follows:
Level 1 – Quoted (unadjusted) market prices in active markets for identical assets or liabilities;
Level 2 – Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable;
Level 3 – Valuation technique for which the lowest level input that is significant to the fair value measurement is unobservable.

Valuation process

For recurring and non-recurring fair value measurements categorized within Level 3 of the fair value hierarchy, the Fund has a valuation process in place to decide its valuation policies and procedures and analyze changes in fair value measurement from period to period.

The Fund’s fair value methodology and governance over its methods includes a number of controls and other procedures to ensure appropriate safeguards are in place to ensure its quality and adequacy. The responsibility of ongoing measurement resides with the relevant departments. Once submitted, fair value estimates are also reviewed and challenged by the Financial Risk Committee (FRC). The FRC approves the fair values measured including the valuation techniques and other significant input parameters used.

Valuation technique

When available, the fair value of an instrument is measured by using the quoted price in an active market for that instrument (level 1). A market is regarded as active if transactions of the asset or liability take place with sufficient frequency and volume to provide pricing information on an ongoing basis.

If there is no quoted price in an active market, valuation techniques are used that maximize the use of relevant observable inputs and minimize the use of unobservable inputs.

Valuation techniques include:

Recent broker / price quotations
Discounted cash flow model
Option-pricing models

The techniques incorporate current market and contractual prices, time to expiry, yield curves and volatility of the underlying instrument. Inputs used in pricing models are market observable (level 2) or are not market observable (level 3). A substantial part of fair value (level 3) is based on net asset values.

Equity investments are measured at fair value when a quoted market price in an active market is available or when fair value can be estimated reliably by using a valuation technique. The main part of the fair value measurement related to equity investments (level 3) is based on net asset values of investment funds as reported by the fund manager and are based on advanced valuation methods and practices. When available, these fund managers value the underlying investments based on quoted prices, if not available multiples are applied as input for the valuation. For the valuation process of the equity investments we further refer to the accounting policies within these Annual Accounts as well as section 'Equity Risk', part of the Risk Management chapter. The determination of the timing of transfers is embedded in the quarterly valuation process, and is therefore recorded at the end of each reporting period.

Other financial assets carried at FVPL represent amounts attributable to the Dutch State in return for their co-investment in the FMO Ventures Program. The amount attributable to co-investors is based on a predefined value sharing waterfall which utilizes the values of the underlying investments in the program. The underlying investments in the program are valued using the existing equity investment fair valuation techniques described in the paragraphs above. The waterfall calculation defines the timing and amount of distributions to respective co-investors and is therefore applied to estimate the fair values of the related financial asset.

The table below presents the carrying value and estimated fair value of non fair value financial assets and liabilities.

	2024		2023
At December 31	Carrying value	Fair value	Carrying value	Fair value
Banks	6,276	6,276	5,431	5,431
Loan portfolio	131,507	123,711	130,841	126,902
Total non fair value financial assets	137,783	129,987	136,272	132,333

The following table gives an overview of the financial instruments measured at fair value using a fair value hierarchy that reflects the significance of the inputs used in making the measurements.

December 31, 2024	Level 1	Level 2	Level 3	Total
Financial assets at FVPL
Short-term deposits mandatory at FVPL	42,957	-	-	42,957
Derivative financial instruments	-	-	10,338	10,338
Loan portfolio mandatory at FVPL	-	-	41,080	41,080
Equity investments	-	-	135,387	135,387
Other financial assets at FV ¹	-	-	21,875	21,875
Total financial assets at FVPL	42,957	-	208,680	251,637

December 31, 2023	Level 1	Level 2	Level 3	Total
Financial assets at FVPL
Short-term deposits mandatory at FVPL	25,200	-	-	25,200
Derivative financial instruments	-	-	11,302	11,302
Loan portfolio mandatory at FVPL	-	-	29,473	29,473
Equity investments	-	-	120,891	120,891
Other financial assets at FV ¹	-	-	24,601	24,601
Total financial assets at FVPL	25,200	-	186,267	211,467

1 The valuation of the Other financial assets is related to VC and the valuation is derived from the waterfall.

The following table shows the movements of financial assets measured at fair value based on level 3.

	Derivative financial instruments	Loan portfolio	Equity investments	Total
Balance at January 1, 2024	11,302	29,473	120,891	161,666
Total gains or losses
ˑ In profit and loss (changes in fair value)		6,418	-16,633	-10,215
Purchases/disbursements	1,368	6,419	27,219	35,006
Sales/repayments	-3,152	-241	-4,169	-7,562
Interest Capitalization	-	1,543	-	1,543
Write-offs	-	-4,681	-
Accrued income	-	-45	-	-45
Exchange rate differences	820	2,194	8,079	11,093
Conversion from loans to equity	-	-	-	-
Balance at December 31, 2024	10,338	41,080	135,387	186,805


	Derivative financial instruments	Loan portfolio	Equity investments	Total
Balance at January 1, 2023	12,154	69,076	118,323	199,553
Total gains or losses
ˑ In profit and loss (changes in fair value)	-	-3,522	-14,546	-18,068
Purchases/disbursements	-	646	15,453	16,099
Sales/repayments	-469	-24,198	-1,815	-26,482
Interest Capitalization	-	1,139	-	1,139
Write-offs		-181	-
Accrued income	-	-4,591	-	-4,591
Exchange rate differences	-383	-1,611	-3,809	-5,803
Conversion from loans to equity	-	-7,285	7,285	-
Balance at December 31, 2023	11,302	29,473	120,891	161,666

Type of debt investment	Fair value at December 31, 2024	Valuation technique	Range (weighted average) of significant unobservable inputs	Fair value measurement sensitivity to unobservable inputs

Loans	10,064	Discounted cash flow model	Based on client spread	A decrease/increase of the used spreads with 1% will result is a higher/lower fair value of approx €0.1m.
	10,587	ECL measurement	Based on client rating	not applicable
	9,514	Credit impairment	n/a	n/a
Debt Funds	10,915	Net Asset Value	n/a	n/a
Total	41,080

There are no amounts for development contributions which are recognized as loans in 2024 (2023: €0.0 million).

Type of equity investment	Fair value at December 31, 2024	Valuation technique	Range (weighted average) of significant unobservable inputs	Fair value measurement sensitivity based on the significant unobservable inputs

Private equity fund investments	65,470	Net Asset Value	n/a	n/a
Private equity direct investments	8,222	Recent transactions	Based on at arm’s length recent transactions	n/a
	39,153	Book multiples	1.0 – 1.0	A decrease/increase of the book multiple with 10% will result in a lower/higher fair value of €4 million.
	3,090	Earning Multiples	Depends on several unobservable data such as EBITDA multiples (range 1.0 - 10.0)	A decrease/increase of the used unobservable data with 10% will result in a lower/higher fair value of €0 million.
	11,375	Discounted Cash Flow (DCF)	Based on discounted cash flows	A decrease/increase of the used unobservable data with 10% will result in a lower/higher fair value of €1 million.
	5,394	Put option	The guaranteed floor depends on several unobservable data such as IRR, EBITDA multiples, book multiples and Libor rates	A decrease/increase of the used unobservable data with 10% will result in a lower/higher fair value of €1 million.
	2,683	Firm offer	Based on offers received from external parties	n/a
Total	135,387

19. Related party information

The Fund defines the Dutch Government, FMO and its Management Board and Supervisory Board as related parties.

Dutch Government

The Dutch Ministry of Foreign Affairs, Directoraat-Generaal Internationale Samenwerking (DGIS) sets up and administers the Building Prospects fund, according to the Dutch Government’s development agenda. DGIS is the main contributor to Building Prospects, providing funding upon FMO’s request (2024: €10.0 million; 2023: €0.0 million).

Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden N.V. (“FMO”)

The Dutch development bank FMO supports sustainable private sector growth in developing and emerging markets by leveraging its expertise in agribusiness, food & water, energy, financial institutions and Dutch business focus areas to invest in impactful businesses. FMO is a public-private partnership, with 51% of FMO’s shares held by the Dutch State and 49% held by commercial banks, trade unions and other members of the private sector. FMO has a triple A rating from both Fitch and Standard & Poor’s.

FMO has been entrusted by the Dutch Government to execute the mandates of the Funds. Currently MASSIF (including the Market Creation Platform (MCP)), Building Prospects, Access to Energy – I and the Land Use Facility of the Dutch Fund for Climate and Development (DFCD) are under FMO’s direct management; the execution of Access to Energy – II and the other facilities of DFCD are performed by third parties under FMO’s supervision.

FMO charges a management fee to the Dutch Ministry of Foreign Affairs and it is reimbursed accordingly from the subsidy amount of Building Prospects. The management fee amounts up to €9.6 million in 2024 (2023: €9.5 million). BP has sold no loan or equity exposure to FMO in 2024 or 2023.

20. Subsequent events

There have been no significant subsequent events between the balance sheet date and the date of approval of these accounts which would be reported by the Fund.