| (Figures in 1000s of NOK) | Primary capital | Reserve capital | Surplus fund | Total equity |
|---|---|---|---|---|
| Equity as at 31.12.2023 | 19,793,717 | 6,840,790 | 15,014,835 | 41,649,341 |
| Capital supplied in 2024 | 2,114,864 | 813,288 | 0 | 2,928,152 |
| Correction previous years’ earmarked reserve capital Frontier Facility | 0 | 137,449 | 0 | 137,449 |
| Actuarial gains/losses, pensions | 0 | 0 | 12,446 | 12,446 |
| Net surplus for the year | 0 | 9,918 | 4,088,817 | 4,098,735 |
| Equity at 31.12.2024 | 21,908,581 | 7,801,445 | 19,116,097 | 48,826,124 |
| Of which the Climate Investment Fund | 2,250,000 | 750,000 | 3,023,009 | 6,023,009 |
| of which Frontier Facility | 0 | 245,568 | 0 | 245,568 |
| of which Ukraine Fund | 125,000 | 125,000 | 0 | 250,000 |
Of the capital received in 2024, 75% was allocated to primary capital and 25% to reserve capital, NOK 1 billion of which belongs to Climate Fund investments. In December 2024 Norfund was assigned a mandate to invest in Ukraine through a separate Ukraine Fund. The Norwegian Government granted NOK 250 million to the mandate in 2024. Of the capital supplied to the Ukraine Fund, 50% was allocated to primary capital and 50% to reserve capital.
Frontier Facility (FF)
In 2019 the Storting established a special scheme, the Frontier Facility (formerly the Norwegian Investment Fund for Developing Countries). The scheme enables Norfund to make risk capital available in the most demanding markets. This applies to especially vulnerable states and the least developed countries (LDCs), where access to risk capital is limited. Resources for the FF are transferred to Norfund as an earmarked portion of the reserve capital. The use of this earmarked portion is explained in the table below. Interest, fees, return and unused resources that revert to Norfund are to be used to top up the scheme.
In 2024, the Storting granted NOK 25 million to the scheme. The total received in the period 2019 to 2023 was NOK 210.6 million. At the end of 2024, NOK 52.4 million remained to be allocated, while NOK 124.1 million of allocated capital (committed and approved projects) had not yet been disbursed. The scheme was previously explained in Note 15, and entered as current debt to the Foreign Office. In 2024 it was moved in its entirety to equity. The overview below shows total resources received, invested and paid in.
| Frontier Facility | ||||
|---|---|---|---|---|
| (in 1000s of NOK) | Earmarked portion of reserve capital for FF | Investments (disbursements) | Receipts (interest/charges/return) | Outstanding amounts |
| Opening balance 31.12.23 | 210,649 | -66,194 | 26,820 | 171,276 |
| Movements 2024 | 25,000 | -21,452 | 1,234 | 4,782 |
| Other interest income | 0 | 0 | 425 | 0 |
| Reserve capital 31.12.24 | 235,649 | -87,646 | 28,479 | 176,483 |
| (in 1000s of NOK) | Profit/loss 2024 |
|---|---|
| Other operating income | 1,234 |
| Other interest income | 425 |
| Realized gains | 8,633 |
| Exchange rate adjustment of loans | 0 |
| Value change portfolio | -373 |
| Net profit 31.12.24 | 9,918 |
| (in 1000s of NOK) | Reserve capital | Period / year |
|---|---|---|
| Earmarked grant recorded reclassified from debt to FO 2023 | 137,449 | 2019-2020 |
| Earmarked grant recorded under reserve capital 2023 | 73,200 | 2021-2023 |
| Earmarked grant FF 2024 | 25,000 | 2024 |
| Earmarked share of reserve capital FF 31.12.24 | 235,649 | |
With effect from 2024 we have classified earmarked grants to FF as equity. We have reclassified NOK 137.5 million of earmarked grants from the period 2019 to 2020 from debt to FO (Note 15) to reserve capital. The net profit as at 31.12.24 was NOK 9.9 million of which NOK 8.6 million is related to the realized gains of previous years. The cash flow element of effects on results is taken into account in outstanding amounts. | ||