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 carrying values | |||||||
---|---|---|---|---|---|---|---|
Norfund total | Funds | Financial Inclusion | Renewable Energy | Scalable Enterprises | Green Infrastructure | Climate Investment Fund | |
Investments | 28 717 119 | 3 784 040 | 10 371 199 | 9 308 014 | 3 550 991 | 46 218 | 1 656 656 |
Accumulated loan loss provision | -2 142 150 | -672 021 | -564 701 | -415 540 | -486 000 | -2 210 | -1 678 |
Total investments per segment | 37 443 968 | 3 112 019 | 9 806 499 | 8 892 474 | 3 064 990 | 44 008 | 1 654 979 |
Segment information by geographical region: | |||||||
Balance sheet | Africa | Asia | America | Global | Accumulated loan loss provision | Total | |
Loans to investments | 3 656 374 | 1 144 349 | 3 097 599 | 158 201 | -301 871 | 7 754 653 | |
Equity investments | 11 636 029 | 3 336 603 | 1 242 678 | 2 788 629 | -1 838 602 | 17 165 337 | |
Loans for investment in the Climate Investment Fund | 321 278 | 70 916 | 0 | 0 | 0 | 392 194 | |
Equity investment in Climate Investment Fund | 212 745 | 1 051 716 | 0 | 0 | -1 678 | 1 262 784 | |
Total Balance Sheet | 15 826 426 | 5 603 585 | 4 340 277 | 2 946 830 | -2 142 149 | 26 574 969 | |
Interest income loans | 268 001 | 108 475 | 281 760 | 21 650 | 0 | 679 886 | |
Realized gain on shares | 427 883 | 19 772 | 18 696 | 859 | 0 | 467 210 | |
Dividends received | 286 944 | 2 562 | 33 084 | 57 624 | 0 | 380 213 | |
Other project income | 15 423 | 8 594 | 7 337 | 5 765 | 0 | 37 120 | |
Total operating income | 998 251 | 139 403 | 340 877 | 85 898 | 0 | 1 564 430 | |
Gain/loss on FX, project loans | 174 391 | 23 211 | 124 045 | 7 393 | 0 | 109 601 | |
Realized losses and net changes in value | 344 071 | 123 757 | 4 914 | -12 427 | 0 | 460 316 |