Norfund’s operations fall into five segments: Funds, Financial Inclusion, Renewable Energy, Green Infrastructure and Agribusiness and Manufacturing. The Climate Investment Fund is additionally presented in a separate column. The table below provides an overview of the results in each area. The costs of shared functions have largely been allocated according to the number of employees, and are recorded as part of other operating expenses.
| Norfund total | Development mandate | Climate mandate | ||||||
|---|---|---|---|---|---|---|---|---|
| (Figures in 1000s of NOK) | Funds | Financial Inclusion | Renewable Energy | Green Infrastructure | Agribusiness & Manufacturing | Administration etc.*** | Climate Investment Fund | |
| Operating income | ||||||||
| Interest income | 1,355,503 | 430 | 532,986 | 179,131 | 1,153 | 120,654 | 465,664 | 55,484 |
| Dividends received | 578,105 | 7,373 | 261,588 | 293,517 | 0 | 7,264 | 0 | 8,363 |
| Realized gains | 108,784 | 24,229 | 58,314 | 4,004 | 66 | 21,849 | 323 | 0 |
| Other operating income | 43,916 | 19 | 20,671 | 10,598 | 520 | 2,140 | 7,880 | 2,087 |
| Total operating income | 2,086,308 | 32,051 | 873,559 | 487,250 | 1,740 | 151,907 | 473,867 | 65,935 |
| Operating expenses | ||||||||
| Value changes investments and receivables | 2,155,084 | -64,624 | 467,704 | 150,786 | -6,670 | 236,559 | 1,337,150 | 34,179 |
| Realized losses | -226,131 | -6,814 | -13,367 | -15,582 | 0 | -185,873 | -4,495 | 0 |
| Total realized losses and value change | 1,928,954 | -71,438 | 454,337 | 135,204 | -6,670 | 50,686 | 1,332,655 | 34,179 |
| Payroll expenses | -246,094 | -10,513 | -40,010 | -52,652 | -7,326 | -38,358 | -97,136 | -100 |
| Depreciation fixed assets | -5,247 | 0 | 0 | 0 | 0 | 0 | -5,247 | 0 |
| Other operating expenses* | -178,190 | -4,962 | -19,439 | -36,296 | -3,327 | -18,854 | -51,751 | -43,561 |
| Total other operating expenses | -429,531 | -15,476 | -59,449 | -88,948 | -10,652 | -57,211 | -154,134 | -43,661 |
| Operating results | 3,585,731 | -54,863 | 1,268,447 | 533,506 | -15,582 | 145,382 | 1,652,388 | 56,454 |
| Net financial items** | 513,716 | -60 | 11,958 | 207 | 0 | -22,820 | 524,554 | -124 |
| Profit before tax | 4,099,447 | -54,923 | 1,280,405 | 533,713 | -15,582 | 122,562 | 2,176,942 | 56,329 |
| Taxes | -712 | 0 | 0 | 0 | 0 | -113 | -599 | 0 |
| Profit for the year | 4,098,735 | -54,923 | 1,280,405 | 533,713 | -15,582 | 122,449 | 2,176,344 | 56,329 |
* Indirect costs have been allocated in proportion to the Climate Investment Fund’s share of Norfund’s total investments. | ||||||||
| Exchange rate effects | |
|---|---|
| Exchange rate effects (in 1000s of NOK) | Norfund total |
| Realized gains | 44,622 |
| Realized losses | 165,140 |
| Value changes overall investments | 2,366,747 |
| Valuation differences “Other receivables” | 242,609 |
| Net financial items | 175,917 |
| Total currency effects | 2,995,035 |
| Profit for the year excluding currency effects | 1,103,700 |
* Excludes liquidity placements | |
| Balance sheet (investments and loans) net carrying values* | |||||||
|---|---|---|---|---|---|---|---|
| – | Development mandate | Climate Investment Fund | |||||
| (in 1000s of NOK) | Norfund total | Funds | Financial Inclusion | Renewable Energy | Green Infrastructure | Agribusiness & Manufacturing | Climate Investment Fund |
| Investments | 33,632,592 | 4,392,234 | 11,696,563 | 10,050,267 | 107,998 | 3,870,261 | 3,515,269 |
| Accumulated loan loss provision | -2,107,986 | -738,611 | -603,192 | -417,209 | -10,710 | -329,607 | -8,656 |
| Total investments per segment | 31,524,606 | 3,653,623 | 11,093,370 | 9,633,057 | 97,288 | 3,540,654 | 3,506,613 |
* Excludes liquidity placements | |||||||
| Segment information by geographical region | |||||
|---|---|---|---|---|---|
| (in 1000s of NOK) | Africa | Asia | America | Unspecified | Total |
| Loans to investments | 3,922,956 | 1,179,263 | 3,375,597 | 281,386 | 8,759,202 |
| Equity investments | 12,183,761 | 2,564,335 | 1,264,461 | 3,246,233 | 19,258,790 |
| Loans for investment in the Climate Investment Fund | 411,067 | 367,116 | 0 | 0 | 778,184 |
| Equity investment in Climate Investment Fund | 369,057 | 2,145,430 | 0 | 213,942 | 2,728,430 |
| Total balance sheet | 16,886,842 | 6,256,145 | 4,640,058 | 3,741,561 | 31,524,606 |
| Interest income | 505,142 | 105,674 | 346,640 | 398,047 | 1,355,503 |
| Dividends received | 329,168 | 11,296 | 58999.73643 | 178,641 | 578,105 |
| Realized gains | 40,222 | 5,942 | 59,123 | 3,497 | 108,784 |
| Other operating income | 17,483 | 6,977 | 12,130 | 7,325 | 43,916 |
| Total operating income | 892,016 | 129,889 | 476,893 | 587,510 | 2,086,308 |
| Value changes investments and receivables | 527,053 | 111,320 | 324,665 | 1,192,046 | 2,155,084 |
| Realized losses | -196,021 | -6,917 | -18,991 | -4,202 | -226,131 |