Financial statements

Income Statement
(Figures in 1000s of NOK)Note2022
Dividends received20
Total operating income0
Operating expenses
Payroll expenses0
Management costs34 714
Other operating expenses0
Operating expenses4 714
Profit/loss (-) on operations-4 714
Net financial items0
Profit/loss for the year-4 714
Transferred to / from surplus fund5-4 714
Total allocations-4 714
Balance Sheet
(Figures in 1000s of NOK)
Investments in equities and funds40
Total investments0
Bank deposits, cash and cash equivalents1 567 180
Total current assets1 567 180
Total assets1 567 180
Called and fully paid capital
Primary capital50
Reserve capital50
Total called and fully paid capital0
Retained earnings
Surplus fund5-4 714
Total retained earnings-4 714
Total equity
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 amountCurrent cost
KNI INDIA AS738 000215 235
H1 Capital*805 000212 745
SAEL Industries593 0000
Total2 136 000427 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

Primary capitalReserve capitalSurplus fundEquity
Transferred from Ministry of Foreign Affairs750 000250 0000
Earmarking of Norfund's surplus fund1 000 000
Profit/loss for the year-4 714
Capital at 31.12.2022750 000250 000995 2861 995 286