Norfund’s operations fall into five segments: Funds, Financial Inclusion, Renewable Energy, Green Infrastructure and Scalable Enterprises. The Climate Investment Fund is additionally presented in a separate column. 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 mandate | ||||||
|---|---|---|---|---|---|---|---|---|
| Funds | Financial Inclusion | Renewable Energy | Green Infrastructure | Scalable Enterprises | Administration etc. | Climate Investment Fund | ||
| Operating income | ||||||||
| Interest – invested portfolio | 679 886 | 483 | 485 949 | 137 105 | 959 | 55 390 | 0 | 0 |
| Realised gains | 467 210 | 42 958 | 12 878 | 197 889 | 0 | 213 484 | 0 | 0 |
| Dividends received | 370 154 | 7 226 | 306 201 | 46 804 | 0 | 2 242 | 0 | 7 682 |
| Other project revenues | 37 121 | 385 | 16 684 | 10 730 | 0 | 5 703 | 3 619 | 0 |
| Total operating income | 1 554 371 | 51 051 | 821 712 | 392 528 | 959 | 276 819 | 3 619 | 7 682 |
| Operating expenses | ||||||||
| Payroll expenses | -218 575 | -11 614 | -34 939 | -49 211 | -5 090 | -36 387 | -81 320 | -15 |
| Depreciation fixed assets | -2 745 | 0 | 0 | 0 | 0 | 0 | -2 745 | 0 |
| Other operating expenses | -147 897 | -2 962 | -13 058 | -24 560 | -2 360 | -22 581 | -59 387 | -25 651 |
| Total operating expenses | -369 218 | -14 576 | -47 996 | -73 771 | -7 450 | -58 968 | -143 452 | -25 666 |
| 0 | ||||||||
| Gain/loss (-) on FX, project loans | 109 601 | 292 | 147 388 | -25 461 | 383 | -657 | 0 | -12 347 |
| Realised losses and net changes in value, | -460 316 | -174 489 | 44 543 | -208 930 | -2 210 | -121 380 | 3 828 | -1 678 |
| Profit/loss on operations | 834 439 | -137 722 | 965 647 | 84 366 | -8 317 | 95 813 | -136 005 | -32 009 |
| Net financial items** | 1 073 371 | 0 | 0 | 0 | 0 | 0 | 1 073 371 | 3 528 |
| Profit/loss before tax | 1 907 809 | -137 722 | 965 647 | 84 366 | -8 317 | 95 813 | 937 366 | -28 481 |
| Taxes | -11 922 | 0 | 0 | 0 | 0 | 0 | -11 922 | 0 |
| Profit/loss for the year | 1 895 887 | -137 722 | 965 647 | 84 366 | -8 317 | 95 813 | 925 444 | -28 481 |
*Indirect costs have been allocated in proportion to the Climate Investment Fund’s share of Norfund’s total investments. | ||||||||
| 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 | 8 876 500 | 3 550 991 | 46 218 | 2 088 171 |
| 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 | 8 460 959 | 3 064 990 | 44 008 | 2 086 494 |
| Segment information by geographical region | ||||||
|---|---|---|---|---|---|---|
| Balance sheet | Africa | Asia | America | Global | Accumulated loan loss provisions | 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 |