Notes

Loans to Companies
(Figures in 1000s of NOK)Committed investmentHistorical costAccumulated loan loss provisionBook value
Financial Institutions5 299 7233 184 618-18 2273 166 391
Green Infrastructure17 6398 81908 819
Clean Energy2 087 9551 024 433-58 631965 802
Scalable Enterprises1 252 530711 728-64 750646 978
Funds35 46320 135-4 26015 875
Total loans8 693 3114 949 732-145 8674 803 865

By ‘committed investment’ is meant that there is an external commitment for a specific amount. For conversions to NOK, the exchange rate on the disbursement date is used for the part of the amount that is disbursed. The exchange rate at 31.12.2021 is used for the part that has not been disbursed.

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 12 (14 in 2020) non-performing loans with total interest and repayments due of NOK 114.6 million (NOK 125 million in 2020) and a total outstanding amount of NOK 274.8 million (410 million in 2020). 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 settlement proceedings or winding up of a business.

Days past due dateAmount due
0-605 984
61-1206 212
121102 409
Total114 605

Loans are written down by up to 100% of the outstanding principal and accumulated interest, depending on the likelihood of the amount being repaid.

Repayment

Twelve loans (6 in 2020) were repaid in the course of the year, while no loans were converted to equity capital and one loan of NOK 42.2 million was recognised as lost.

Equity investments in funds
(Figures in 1000s of NOK)Committed InvestmentHistorical costAccumulated loan lossBook value
Financial Institutions1 029 169695 753-33 548662 205
Clean Energy719 7931 206 763-80 1811 126 583
Scalable Enterprises172 78777 460077 460
Funds4 875 8722 230 863-556 1411 674 722
Total invested in funds6 797 6214 210 839-669 8693 540 970
Equity Investments in Companies
(Figures in 1000s NOK)Committed investmentHistorical costAccumulated loan loss provisionBook value
Financial Institutions7 104 2314 243 820-377 2053 866 614
Clean Energy4 794 7403 555 341-145 7753 409 567
Scalable Enterprises1 322 4321 311 490-261 3841 050 106
Funds94 42964 917-25 79239 125
Total invested in equity13 315 8329 175 568-810 1568 365 413

By ‘committed investment’ is meant that there is an external commitment for a specific amount. For conversions to NOK, the exchange rate on the disbursement date is used for the part of the amount that is disbursed. The exchange rate as of 31.12.2021 is used for the part that is not disbursed.

Accumulated loan loss provisions are accrued, not realised losses on portfolio investments.