Norfund’s operations fall into the segments Funds, Financial Institutions, Clean Energy, Green Infrastructure and Scalable Enterprises. The table below provides an overview of results in each area. The costs of shared functions have largely been allocated according to the number of employees in each area, and are recorded as part of other operating expenses.
| 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|
| (Figures in 1000s of NOK.) | Nofund Total | SME Funds | Financial Institutions | Clean Energy | Green Infrastructure | Scalable Enterprises | Shared Functions and Other Activity | |
| Operating income | ||||||||
| Interest – invested portfolio | 322 143 | 371 | 226 569 | 43 297 | 0 | 51 906 | 0 | |
| Realised gains | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Dividends received | 597 585 | 5 578 | 47 473 | 544 535 | 0 | 0 | 0 | |
| Other project revenues | 22 067 | 7 | 11 068 | 7 901 | 0 | 2 655 | 436 | |
| Total operating income | 941 795 | 5 956 | 285 109 | 595 733 | 0 | 54 560 | 436 | |
| Operating expenses | ||||||||
| Payroll expenses | -135 253 | -9 888 | -27 147 | -26 329 | -722 | -23 910 | -47 257 | |
| Depreciation tangible fixed assets | -2 331 | 0 | 0 | 0 | 0 | 0 | -2 331 | |
| Other operating expenses | -80 115 | -2 253 | -5 207 | -8 753 | -1 | -15 040 | -48 862 | |
| Allocation of shared expenses | 1 | -11 174 | -24 750 | -25 491 | 0 | -34 907 | 96 323 | |
| Total operating expenses | -217 698 | -23 315 | -57 103 | -60 573 | -723 | -73 857 | -2 127 | |
| Gain/loss (-) on FX, project loans | -243 243 | -689 | -195 016 | -29 702 | 0 | -17 835 | 0 | |
| Provision for (-)/reversal of (+) loss on projects | -717 923 | -230 530 | -195 104 | -81 986 | 0 | -210 303 | 0 | |
| Profit/loss on operations | -237 069 | -248 578 | -162 114 | 423 472 | -723 | -247 435 | -1 690 | |
| Net financial items** | 115 298 | -648 | 284 | 819 | 0 | -366 | 115 209 | |
| Profit/loss before tax | -121 770 | -249 226 | -161 830 | 424 291 | -723 | -247 801 | 113 519 | |
| – Taxes | -6 389 | 0 | -6 389 | 0 | 0 | 0 | 0 | |
| Profit/loss for the year | -128 161 | -249 226 | -168 220 | 424 291 | -723 | -247 801 | 113 519 | |
*Income is directly attributable. Expenses that are not directly attributable are shared costs which are allocated in accordance with distribution formulae based on employee numbers. | ||||||||
| Balance Sheet (Investments and Loans) Net Book Values | |||||
|---|---|---|---|---|---|
| Norfund Total | Funds | Financial Institutions | Clean Energy | Scalable Enterprises | |
| Investments | 22384849 | 1 879 069 | 8 156 610 | 10 503 844 | 1 845 326 |
| Write-downs | -1 414 731 | -544 326 | -231 405 | -231 954 | -407 046 |
| Total investments business area | 20 970 119 | 1 334 743 | 7 925 205 | 10 271 890 | 1 438 280 |
| Balance Sheet | Africa | Asia | America | Europe / Asia | Global | Accumulated Depreciation | Total |
|---|---|---|---|---|---|---|---|
| Loans to investments | 1 453 336 | 1 292 722 | 1 954 928 | 10 571 | 0 | -164 938 | 4 546 618 |
| Equity investments | 11 977 289 | 4 984 160 | 692 009 | 12 978 | 6 856 | -1 249 792 | 16 423 501 |
| Total balance sheet | 13 430 625 | 6 276 882 | 2 646 938 | 23 548 | 6 856 | -1 414 731 | 20 970 119 |
| Interest income loans | 116 048 | 89 118 | 116 330 | 646 | 0 | 0 | 322 143 |
| Realised gain on shares | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends received | 282 188 | 303 982 | 11 415 | 0 | 0 | 0 | 597 585 |
| Other project revenues | 9 286 | 5 843 | 6 005 | 47 | 886 | 0 | 22 067 |
| Total operating income | 407 521 | 398 944 | 133 750 | 693 | 886 | 0 | 941.795 |
| Gain/loss on FX, project loans | 65 315 | 41 997 | 135 834 | 96 | 0 | 0 | 243 243 |
LOSS ON PROJECTS
The losses for the year include NOK 102 000 in connection with the fraud suffered by Norfund in March 2020.