Norfund’s operations fall into five segments: Funds, Financial Institutions, Clean Energy, Green Infrastructure and Scalable Enterprises. The table below provides an overview of the results in each segment. The costs of shared functions have largely been allocated according to the number of employees in each segment and are recorded as part of other operating expenses.
| Norfund total | Development mandate | Climate Investment Fund | ||||||
|---|---|---|---|---|---|---|---|---|
| Funds | Financial Institutions | Renewable Energy | Green Infrastructure | Scalable Enterprises | Administration etc. | |||
| Operating income | ||||||||
| Interest – invested portfolio | 474 888 | 368 | 288 038 | 143 077 | 890 | 42 515 | 0 | 0 |
| Realised gains | 136 065 | 13 484 | 18 898 | 93 608 | 0 | 10 075 | 0 | 0 |
| Dividends received | 421 255 | 12 811 | 61 678 | 346 164 | 0 | 0 | 0 | 601 |
| Other project revenues | 38 251 | 135 | 17 271 | 18 595 | 0 | 1 950 | 300 | 0 |
| Total operating income | 1 070 459 | 26 798 | 385 887 | 601 443 | 890 | 54 540 | 300 | 601 |
| Operating expenses | ||||||||
| Payroll expenses | -181 587 | -5 078 | -33 099 | -35 071 | -4 601 | -39 562 | -64 176 | 0 |
| Depreciation fixed assets | -3 639 | 0 | 0 | 0 | 0 | 0 | -3 639 | 0 |
| Other operating expenses | -131 309 | -1 220 | -12 875 | -26 929 | -1 820 | -29 772 | -58 693 | 0 |
| Allocation Climate Investment Fund* | 0 | 4 714 | -4 714 | |||||
| Total operating expenses | -316 535 | -6 298 | -45 974 | -62 000 | -6 422 | -69 334 | -121 793 | -4 714 |
| 0 | ||||||||
| Gain/loss (-) on FX, project loans | 791 555 | 4 867 | 389 710 | 312 454 | -2 668 | 87 193 | 0 | 0 |
| Realised losses and net changes in value, | -242 788 | 30 804 | -168 817 | -46 433 | 0 | -58 343 | 0 | 0 |
| Profit/loss on operations | 1 302 691 | 56 171 | 560 805 | 805 465 | -8 200 | 14 056 | -121 493 | -4 113 |
| Net financial items** | 948 402 | 0 | 0 | 0 | 0 | 0 | 948 402 | 0 |
| Profit/loss before tax | 2 251 093 | 56 171 | 560 805 | 805 465 | -8 200 | 14 056 | 826 909 | -4 113 |
| Taxes | -7 777 | 0 | 0 | 0 | 0 | 0 | -7 777 | 0 |
| Profit/loss for the year | 2 243 316 | 56 171 | 560 805 | 805 465 | -8 200 | 14 056 | 819 132 | -4 113 |
*Indirect costs have been allocated in proportion to the Climate Investment Fund’s share of total investment in Norfund. | ||||||||
| Balance sheet (investments and loans) net book values | ||||||
|---|---|---|---|---|---|---|
| Norfund total | Funds | Financial Institutions | Renewable Energy | Scalable Institutions | Climate Investment Fund | |
| Investments | 23 224 484 | 2 991 296 | 9 548 265 | 7 604 469 | 2 652 473 | 427 981 |
| Write-downs | -1 813 207 | -524 627 | -601 139 | -313 289 | -374 152 | 0 |
| Total investments per segment | 21 411 277 | 2 466 669 | 8 947 126 | 7 291 180 | 2 278 321 | 427 981 |
| Segment information by geographical region: | ||||||
| Balance sheet | Africa | Asia | America | Global | Accumulated write-downs | Total |
| Loans to investments | 2 670 337 | 1 070 210 | 2 460 252 | 411 410 | -141 548 | 6 470 661 |
| Equity investment in Climate Investment Fund | 212 745 | 215 235 | 0 | 0 | 0 | 427 980 |
| Equity investments | 10 497 314 | 2 519 180 | 808 982 | 2 358 818 | -1 671 659 | 14 512 635 |
| Total balance sheet | 13 380 396 | 3 804 625 | 3 269 234 | 2 770 228 | -1 813 206 | 21 411 277 |
| Interest income loans | 211 152 | 97 079 | 145 245 | 21 412 | 0 | 474 888 |
| Realised gain on shares | 68 944 | 12 829 | 14 427 | 39 865 | 0 | 136 065 |
| Dividends received | 144 652 | 453 | 44 435 | 231 714 | 0 | 421 254 |
| Other project revenues | 22 574 | 6 075 | 6 001 | 3 601 | 0 | 38 251 |
| Total operating income | 447 322 | 116 436 | 210 108 | 296 592 | 0 | 1 070 458 |
| Gain/loss on FX, project loans | 174 391 | 126 244 | 226 684 | 264 236 | 0 | 791 555 |