| Loans to Companies | ||||
|---|---|---|---|---|
| (Figures in 1000s of NOK.) | Commited Investment | Historical Cost Price | Accumulated Loan Loss Provision | Recorded Value |
| Financial Institutions | 3 439 808 | 3 522 778 | -13 011 | 3 509 767 |
| Clean Energy | 1 252 197 | 592 447 | -43 868 | 548 579 |
| Scalable Enterprises | 1 126 190 | 572 585 | -103 938 | 468 647 |
| Funds | 38 576 | 23 746 | -4 121 | 19 625 |
| Total loans | 5 856 771 | 4 711 556 | -164 938 | 4 546 618 |
By ‘committed investment’ is meant an external commitment for a specific amount. When converting to NOK, the exchange rate at the time of disbursement is used for the part of the amount that is disbursed. The exchange rate at 31.12.2020 is used for the part that is not disbursed.
In addition to the loans specified above, Norfund made three loans that are charged to unused resources Balkans, and which are recorded at NOK 0 in accordance with the requirements of NRS.
4 concerning net recording of government grants received; see note 14. Norfund makes a semi-annual assessment of each of the loans in the loan portfolio, including provisions for losses.
Loan loss provision
A loan is regarded as non-performing when borrower has not made due payments within 60 days of the due date. On balance sheet date Norfund had 14 (10 in 2019) non-performing loans with total interest and repayments due of NOK 125 million (NOK 103 million in 2019) and a total outstanding amount of NOK 410 million (235 million in 2019). Examples of default or losses are significant financial problems on the part of debtor, restrictions on foreign exchange transfers in countries in which debtor operates, debt negotiations or winding up of a business.
These loans are written down by up to 100% of the outstanding principal and accumulated interest, depending on the probability of reflow.
Repayment
Six loans were repaid in the course of the year (11 in 2019), while 3 were converted into equity.
| Equity Investments in Funds | ||||
|---|---|---|---|---|
| (Figures in 1000s of NOK.) | Committed Investment | Historical Cost Price | Accumulated Loan Loss Provision | Recorded Value |
| Financial Institutions | 829 631 | 660 554 | -35 675 | 624 879 |
| Clean Energy | 641 240 | 182 534 | -37 372 | 145 163 |
| Funds | 3 818 980 | 1 802 132 | -518 648 | 1 283 484 |
| Total invested in funds | 5 289 851 | 2 645 220 | -591 694 | 2 053 526 |
| Equity Investments in Companies | ||||
|---|---|---|---|---|
| (Figures in 1000s NOK.) | Committed Investment | Historical Cost Price | Accumulated Loan Loss Provision | Recorded Value |
| Financial Institutions | 4 805 722 | 3 973 278 | -182 719 | 3 790 559 |
| Clean Energy | 10 974 603 | 9 728 863 | -150 714 | 9 578 149 |
| Scalable Enterprises | 1 282 340 | 1 272 741 | -303 108 | 969 633 |
| Funds | 53 406 | 53 191 | -21 557 | 31 634 |
| Total invested in equity | 17 116 071 | 15 028 073 | -658 098 | 14 369 975 |
By ‘committed investment’ is meant that there is an external commitment for a specific amount. For conversions to NOK, the exchange rate at the time of disbursement is used for the part of the amount that is disbursed. The exchange rate at 31 December 2020 is used for the part that is not disbursed.
Accumulated loan loss provisions are accrued, not realised losses on portfolio investments.