| Loans to companies | ||||
|---|---|---|---|---|
| (Figures in 1000s of NOK) | Committed investment | Historical cost | Accumulated loan loss provision | Carrying value |
| Financial Inclusion | 5 656 364 | 4 864 740 | -35 112 | 4 829 627 |
| Green Infrastructure | 20 345 | 15 767 | 0 | 15 767 |
| Renewable Energy | 2 132 701 | 1 753 893 | -179 865 | 1 574 027 |
| Scalable Enterprises | 1 526 213 | 1 411 952 | -86 893 | 1 325 059 |
| Funds | 10 172 | 10 172 | 0 | 10 172 |
| Climate Investment Fund | 835 210 | 392 194 | 0 | 392 194 |
| Total loans | 10 337 061 | 8 448 718 | -301 871 | 8 146 847 |
By ‘committed investment’ is meant that there is an external commitment for a specific amount. For conversions to NOK, the exchange rate on the disbursement date is used for the part of the amount that is disbursed. The exchange rate at 31.12.2023 is used for the part that has not been disbursed.
Norfund makes a semi-annual assessment of each of the loans in the loan portfolio, including provisions for losses.
Loan loss provision and known loan losses
A loan is regarded as non-performing when borrower has not made due payments within 60 days of the due date. On balance sheet date Norfund had 10 (6 in 2022) non-performing loans with total interest and repayments due of NOK 188 million (NOK 126 million in 2022) and a total outstanding amount of NOK 255 million (157 million in 2022). Examples of default or losses are significant financial problems on the part of debtor, restrictions on foreign exchange transfers in countries in which debtor operates, debt settlement proceedings or winding up of a business.
| Days past due date | Amount due in 1000s of NOK |
|---|---|
| 0-60* | 4 |
| 61–120 | 3 |
| Over 121 | 182 |
| Total | 189 |
*Amounts due that are less than 60 days late are associated with loan agreements where there are also claims that are more than 60 days past the due date.
Loans are written down by up to 100% of the outstanding principal and accumulated interest, depending on the likelihood of the amount being repaid. Four loans were considered partially lost, with a total loss of NOK 28.3 million in 2023.
Repayment
Sixteen loans were repaid in the course of the year (8 in 2022), while two were converted into equity.
| Equity investments in funds | ||||
|---|---|---|---|---|
| (Figures in 1000s of NOK) | Committed investment | Historical cost | Accumulated write-downs | Carrying value |
| Financial Inclusion | 1 027 838 | 773 709 | -60 115 | 713 594 |
| Green Infrastructure | 139 285 | 30 451 | -2 210 | 28 241 |
| Renewable Energy | 781 889 | 342 943 | -36 387 | 306 555 |
| Scalable Enterprises | 943 100 | 712 547 | -36 581 | 675 966 |
| Funds | 6 034 467 | 3 672 711 | -662 103 | 3 010 608 |
| Total invested in funds | 8 926 579 | 5 532 361 | -797 397 | 4 734 964 |
| Equity investments in companies | ||||
|---|---|---|---|---|
| (Figures in 1000s of NOK) | Committed investment | Historical cost | Accumulated write-downs | Carrying value |
| Financial Inclusion | 5 043 652 | 4 732 750 | -469 474 | 4 263 277 |
| Renewable Energy | 7 365 589 | 7 779 664 | -199 289 | 6 580 375 |
| Scalable Enterprises | 1 612 717 | 1 426 492 | -362 526 | 1 063 966 |
| Funds | 184 245 | 101 156 | -9 918 | 91 238 |
| Climate Investment Fund | 2 657 139 | 1 695 977 | -1 678 | 1 694 299 |
| Total invested in equity and funds | 24 276 608 | 20 268 401 | -1 840 281 | 18 428 121 |
By ‘committed investment’ is meant that there is an external commitment for a specific amount. For conversions to NOK, the exchange rate on the disbursement date is used for the part of the amount that is disbursed. The exchange rate as at 31.12.2023 is used for the part that is not disbursed. As at 31.12 there is a committed, not yet disbursed commitment of NOK 5 897 million to our partners.
Accumulated write-downs are accrued, not realized losses on portfolio investments.