| Income Statement | ||
|---|---|---|
| (Figures in 1000s of NOK) | Note | 2022 |
| Dividends received | 2 | 0 |
| Total operating income | 0 | |
| Operating expenses | ||
| Payroll expenses | 0 | |
| Management costs | 3 | 4 714 |
| Other operating expenses | 0 | |
| Operating expenses | 4 714 | |
| Profit/loss (-) on operations | -4 714 | |
| Net financial items | 0 | |
| Profit/loss for the year | -4 714 | |
| Allocations | ||
| Transferred to / from surplus fund | 5 | -4 714 |
| Total allocations | -4 714 | |
| Balance Sheet | ||
|---|---|---|
| (Figures in 1000s of NOK) | ||
| Assets | ||
| Investments in equities and funds | 4 | 0 |
| Total investments | 0 | |
| Bank deposits, cash and cash equivalents | 1 567 180 | |
| Total current assets | 1 567 180 | |
| Total assets | 1 567 180 | |
| Equity | ||
| Called and fully paid capital | ||
| Primary capital | 5 | 0 |
| Reserve capital | 5 | 0 |
| Total called and fully paid capital | 0 | |
| Retained earnings | ||
| Surplus fund | 5 | -4 714 |
| Total retained earnings | -4 714 | |
| Total equity | ||
| Liabilities | 0 | |
| Total equity and liabilities | -4 714 | |
Note 1
These accounts for the Climate Investment Fund (CIF) follow the same principles as Norfund’s annual accounts.
Note 2
Dividend received from our first investment of NOK 601 thousand in H1 Capital, South Africa.
Note 3
Management fees are calculated on the basis of the CIF’s share of Norfund’s total portfolio and total expenses. The portfolio share is based on the historical cost of the investments. In 2022 the CIF accounted for 1.84% of Norfund’s total investments.
We also refer to the above in the board’s report under the section “Organisation and operational efficiency”.
Note 4
The CIF made the following investments in 2022. Additional information can be found in the Climate Investment Fund’s report under “Climate Mandate – Investments 2022”:
| Committed amount | Current cost | |
|---|---|---|
| KNI INDIA AS | 738 000 | 215 235 |
| H1 Capital* | 805 000 | 212 745 |
| SAEL Industries | 593 000 | 0 |
| Total | 2 136 000 | 427 981 |
*One of the investments with H1 Capital (213 MNOK) was committed under the Development Mandate in December 2021 and transferred to the Climate Investment Fund in 2022.
Note 5
| Equity | ||||
|---|---|---|---|---|
| Primary capital | Reserve capital | Surplus fund | Equity | |
| Transferred from Ministry of Foreign Affairs | 750 000 | 250 000 | 0 | |
| Earmarking of Norfund's surplus fund | 1 000 000 | |||
| Profit/loss for the year | -4 714 | |||
| Capital at 31.12.2022 | 750 000 | 250 000 | 995 286 | 1 995 286 |