Notes

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 totalDevelopment mandateClimate Investment Fund
FundsFinancial InstitutionsRenewable EnergyGreen InfrastructureScalable EnterprisesAdministration etc.
Operating income
Interest – invested portfolio474 888368288 038143 07789042 51500
Realised gains136 06513 48418 89893 608010 07500
Dividends received421 25512 81161 678346 164000601
Other project revenues38 25113517 27118 59501 9503000
Total operating income1 070 45926 798385 887601 44389054 540300601
Operating expenses
Payroll expenses-181 587-5 078-33 099-35 071-4 601-39 562-64 1760
Depreciation fixed assets-3 63900000-3 6390
Other operating expenses-131 309-1 220-12 875-26 929-1 820-29 772-58 6930
Allocation Climate Investment Fund*04 714-4 714
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 loans791 5554 867389 710312 454-2 66887 19300
Realised losses and net changes in value,-242 78830 804-168 817-46 4330-58 34300
Profit/loss on operations1 302 69156 171560 805805 465-8 20014 056-121 493-4 113
Net financial items**948 40200000948 4020
Profit/loss before tax2 251 09356 171560 805805 465-8 20014 056826 909-4 113
Taxes-7 77700000-7 7770
Profit/loss for the year2 243 31656 171560 805805 465-8 20014 056819 132-4 113

*Indirect costs have been allocated in proportion to the Climate Investment Fund’s share of total investment in Norfund.
**Financial items include gain/loss on FX bank deposits and current liabilities.

Balance sheet (investments and loans) net carrying values
Norfund totalFundsFinancial InclusionRenewable EnergyScalable EnterprisesGreen InfrastructureClimate Investment Fund
Investments28 717 1193 784 04010 371 1999 308 0143 550 99146 2181 656 656
Accumulated loan loss provision-2 142 150-672 021-564 701-415 540-486 000-2 210-1 678
Total investments per segment37 443 9683 112 0199 806 4998 892 4743 064 99044 0081 654 979
Segment information by geographical region:
Balance sheetAfricaAsiaAmericaGlobalAccumulated loan loss provisionTotal
Loans to investments3 656 3741 144 3493 097 599158 201-301 8717 754 653
Equity investments11 636 0293 336 6031 242 6782 788 629-1 838 60217 165 337
Loans for investment in the Climate Investment Fund321 27870 916000392 194
Equity investment in Climate Investment Fund212 7451 051 71600-1 6781 262 784
Total Balance Sheet15 826 4265 603 5854 340 2772 946 830-2 142 14926 574 969
Interest income loans268 001108 475281 76021 6500679 886
Realized gain on shares427 88319 77218 6968590467 210
Dividends received286 9442 56233 08457 6240380 213
Other project income15 4238 5947 3375 765037 120
Total operating income998 251139 403340 87785 89801 564 430
Gain/loss on FX, project loans174 39123 211124 0457 3930109 601
Realized losses and net changes in value344 071123 7574 914-12 4270460 316