Notes

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 TotalSME FundsFinancial InstitutionsClean EnergyGreen InfrastructureScalable EnterprisesShared Functions and Other Activity
Operating income
Interest – invested portfolio322 143371226 56943 297051 9060
Realised gains0000000
Dividends received597 5855 57847 473544 535000
Other project revenues22 067711 0687 90102 655436
Total operating income941 7955 956285 109595 733054 560436
Operating expenses
Payroll expenses-135 253-9 888-27 147-26 329-722-23 910-47 257
Depreciation tangible fixed assets-2 33100000-2 331
Other operating expenses-80 115-2 253-5 207-8 753-1-15 040-48 862
Allocation of shared expenses1-11 174-24 750-25 4910-34 90796 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 7020-17 8350
Provision for (-)/reversal of (+) loss on projects-717 923-230 530-195 104-81 9860-210 3030
Profit/loss on operations-237 069-248 578-162 114423 472-723-247 435-1 690
Net financial items**115 298-6482848190-366115 209
Profit/loss before tax-121 770-249 226-161 830424 291-723-247 801113 519
– Taxes-6 3890-6 3890000
Profit/loss for the year-128 161-249 226-168 220424 291-723-247 801113 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.
**Financial items include gain/loss on FX bank deposits and current liabilities”

Balance Sheet (Investments and Loans) Net Book Values
Norfund TotalFundsFinancial InstitutionsClean EnergyScalable Enterprises
Investments223848491 879 0698 156 61010 503 8441 845 326
Write-downs-1 414 731-544 326-231 405-231 954-407 046
Total investments business area20 970 1191 334 7437 925 20510 271 8901 438 280
Balance SheetAfricaAsiaAmericaEurope / AsiaGlobalAccumulated DepreciationTotal
Loans to investments1 453 3361 292 7221 954 92810 5710-164 9384 546 618
Equity investments11 977 2894 984 160692 00912 9786 856-1 249 79216 423 501
Total balance sheet13 430 6256 276 8822 646 93823 5486 856-1 414 73120 970 119
Interest income loans116 04889 118116 33064600322 143
Realised gain on shares0000000
Dividends received282 188303 98211 415000597 585
Other project revenues9 2865 8436 00547886022 067
Total operating income407 521398 944133 7506938860941.795
Gain/loss on FX, project loans65 31541 997135 8349600243 243

LOSS ON PROJECTS
The losses for the year include NOK 102 000 in connection with the fraud suffered by Norfund in March 2020.