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<br /> ANNUAL REPORT<br /> 2012<br /> CONTENTS<br /> Operational framework 2<br /> Letter from the CEO 3<br /> Executive summary 2012 4<br /> Financial highlights 5<br /> Management's review 7<br /> Investments in 2012 7<br /> IFU as a fund manager 8<br /> Investments contracted in 2012 8<br /> Development impact 10<br /> IFU to manage new climate investment fund 12<br /> AIF moves ahead 14<br /> IFU Investment Partners on track 15<br /> Prom<a title="IFU Annual Report 2012 page 1" href="http://viewer.zmags.com/publication/208833e6?page=1"> ANNUAL REPORT 2012</a> <a title="IFU Annual Report 2012 page 2" href="http://viewer.zmags.com/publication/208833e6?page=2"> CONTENTS Operational framework </a> <a title="IFU Annual Report 2012 page 3" href="http://viewer.zmags.com/publication/208833e6?page=3"> LETTER FROM THE CEO DEAR READER </a> <a title="IFU Annual Report 2012 page 4" href="http://viewer.zmags.com/publication/208833e6?page=4"> EXECUTIVE SUMMARY 2012 ƨɢ ɢ -"ɢ ɢ, - %#"ɢ$4-</a> <a title="IFU Annual Report 2012 page 5" href="http://viewer.zmags.com/publication/208833e6?page=5"> FINANCIAL HIGHLIGHTS IFU FINANCIAL HIGHLIGHTS 2</a> <a title="IFU Annual Report 2012 page 6" href="http://viewer.zmags.com/publication/208833e6?page=6"> IFU and IFU managed funds invested DKK 581m in 20</a> <a title="IFU Annual Report 2012 page 7" href="http://viewer.zmags.com/publication/208833e6?page=7"> ɢ' 2ɢ!' -%#"ɢ(32ɢ- ,#ɢ As part of the modernisa</a> <a title="IFU Annual Report 2012 page 8" href="http://viewer.zmags.com/publication/208833e6?page=8"> ɢ1#!#(5#2ɢ ""(3(.- +ɢ! /(3 + In 2011, the Ministr</a> <a title="IFU Annual Report 2012 page 9" href="http://viewer.zmags.com/publication/208833e6?page=9"> 20 Nissen ETK China China 1.0 1.0 </a> <a title="IFU Annual Report 2012 page 10" href="http://viewer.zmags.com/publication/208833e6?page=10"> DEVELOPMENT IMPACT The purpose of IFU is to p</a> <a title="IFU Annual Report 2012 page 11" href="http://viewer.zmags.com/publication/208833e6?page=11"> 90 per cent of new projects expect to </a> <a title="IFU Annual Report 2012 page 12" href="http://viewer.zmags.com/publication/208833e6?page=12"> IFU TO MANAGE NEW CLIMATE INVESTMENT FUND The</a> <a title="IFU Annual Report 2012 page 13" href="http://viewer.zmags.com/publication/208833e6?page=13"> ɢɢ ɢ #"4!(-%ɢ%+. +ɢ6 1,(-% Around 25 – 3</a> <a title="IFU Annual Report 2012 page 14" href="http://viewer.zmags.com/publication/208833e6?page=14"> Helnan Marina Sharm, hotel in Egypt. AIF MOV</a> <a title="IFU Annual Report 2012 page 15" href="http://viewer.zmags.com/publication/208833e6?page=15"> IFU INVESTMENT PARTNERS ON TRACK In 2012, the t</a> <a title="IFU Annual Report 2012 page 16" href="http://viewer.zmags.com/publication/208833e6?page=16"> HIGH GROWTH IN AFRICA Since the turn of the m</a> <a title="IFU Annual Report 2012 page 17" href="http://viewer.zmags.com/publication/208833e6?page=17"> #6ɢ'# "ɢ.$ɢ1#%(.- +ɢ.̐!#ɢ(-ɢ (1. (ơɢ #-8 -4"ɢ 4</a> <a title="IFU Annual Report 2012 page 18" href="http://viewer.zmags.com/publication/208833e6?page=18"> ɢɢ ɢ 4#++(-%ɢ2423 (- +#ɢ"#5#+./,#-3ɢ 3 13</a> <a title="IFU Annual Report 2012 page 19" href="http://viewer.zmags.com/publication/208833e6?page=19"> Construction site of new factory for Nilpeter, In</a> <a title="IFU Annual Report 2012 page 20" href="http://viewer.zmags.com/publication/208833e6?page=20"> 2ɢ! -ɢ #-#̎3 The majority of Danish companies </a> <a title="IFU Annual Report 2012 page 21" href="http://viewer.zmags.com/publication/208833e6?page=21"> Vineyard at DanPer Agricola La Venturosa in north</a> <a title="IFU Annual Report 2012 page 22" href="http://viewer.zmags.com/publication/208833e6?page=22"> IFU – A PARTNER FOR BUSINESS GROWTH In 2012, </a> <a title="IFU Annual Report 2012 page 23" href="http://viewer.zmags.com/publication/208833e6?page=23"> ɢɢ ɢ (+ɢ6(-"ɢ(-ɢ -"( 3 13ƣ 2009 .4-318ƣ In</a> <a title="IFU Annual Report 2012 page 24" href="http://viewer.zmags.com/publication/208833e6?page=24"> Panel discussion at IFU Day 2012. IFU DAY 20</a> <a title="IFU Annual Report 2012 page 25" href="http://viewer.zmags.com/publication/208833e6?page=25"> CUSTOMERS SATISFIED WITH IFU IFU's aim is to </a> <a title="IFU Annual Report 2012 page 26" href="http://viewer.zmags.com/publication/208833e6?page=26"> DANISH PIONEERS IN THE EAST For more than 20 </a> <a title="IFU Annual Report 2012 page 27" href="http://viewer.zmags.com/publication/208833e6?page=27"> KBC safari camp in Kenya. CORPORATE SOCIAL RE</a> <a title="IFU Annual Report 2012 page 28" href="http://viewer.zmags.com/publication/208833e6?page=28"> </a> <a title="IFU Annual Report 2012 page 29" href="http://viewer.zmags.com/publication/208833e6?page=29"> /" 3#"ɢɢ' -" ..* In 2012, IFU re-published its CS</a> <a title="IFU Annual Report 2012 page 30" href="http://viewer.zmags.com/publication/208833e6?page=30"> ɢɢ ɢ *(-%ɢ.43'ɢ$1(! -ɢ!.,,4-(38ɢ +.22., 3 1</a> <a title="IFU Annual Report 2012 page 31" href="http://viewer.zmags.com/publication/208833e6?page=31"> IFU FOCUS IFU FOCUS ran for the third straigh</a> <a title="IFU Annual Report 2012 page 32" href="http://viewer.zmags.com/publication/208833e6?page=32"> HUMAN RESOURCES IFU and IFU managed funds had</a> <a title="IFU Annual Report 2012 page 33" href="http://viewer.zmags.com/publication/208833e6?page=33"> IFU staff and advisers at IFU's board of director</a> <a title="IFU Annual Report 2012 page 34" href="http://viewer.zmags.com/publication/208833e6?page=34"> FINANCIAL REVIEW 2012 IFU recorded net income</a> <a title="IFU Annual Report 2012 page 35" href="http://viewer.zmags.com/publication/208833e6?page=35"> (2*ɢ, - %#,#-3 IFU invests in projects located i</a> <a title="IFU Annual Report 2012 page 36" href="http://viewer.zmags.com/publication/208833e6?page=36"> STATEMENT STATEMENT BY THE MANAGEMENT ON THE AN</a> <a title="IFU Annual Report 2012 page 37" href="http://viewer.zmags.com/publication/208833e6?page=37"> AUDITORS' REPORT INDEPENDENT AUDITORS' REPORT </a> <a title="IFU Annual Report 2012 page 38" href="http://viewer.zmags.com/publication/208833e6?page=38"> IFU investments have contributed to more than 3</a> <a title="IFU Annual Report 2012 page 39" href="http://viewer.zmags.com/publication/208833e6?page=39"> ACCOUNTING POLICIES This annual report has b</a> <a title="IFU Annual Report 2012 page 40" href="http://viewer.zmags.com/publication/208833e6?page=40"> #1(5 3(5#ɢ̎- -!( +ɢ(-2314,#-32 IFU has establishe</a> <a title="IFU Annual Report 2012 page 41" href="http://viewer.zmags.com/publication/208833e6?page=41"> ' 1#ɢ! /(3 +ɢ(-5#23,#-3ɢ(-ɢ/1.)#!32ơɢ-#3 If the F</a> <a title="IFU Annual Report 2012 page 42" href="http://viewer.zmags.com/publication/208833e6?page=42"> income statement as Other value adjustments under</a> <a title="IFU Annual Report 2012 page 43" href="http://viewer.zmags.com/publication/208833e6?page=43"> Income statement 2012 2011 Note </a> <a title="IFU Annual Report 2012 page 44" href="http://viewer.zmags.com/publication/208833e6?page=44"> IBnacloanmcesthaetemt aetn3t1 December Assets 201</a> <a title="IFU Annual Report 2012 page 45" href="http://viewer.zmags.com/publication/208833e6?page=45"> IBnacloanmcesthaetemt aetn3t1 December Liabilitie</a> <a title="IFU Annual Report 2012 page 46" href="http://viewer.zmags.com/publication/208833e6?page=46"> Cash flow statement 2012 2011 DKK 1,000 </a> <a title="IFU Annual Report 2012 page 47" href="http://viewer.zmags.com/publication/208833e6?page=47"> Notes 2012 2011 Note </a> <a title="IFU Annual Report 2012 page 48" href="http://viewer.zmags.com/publication/208833e6?page=48"> Notes 2012 2011 Note </a> <a title="IFU Annual Report 2012 page 49" href="http://viewer.zmags.com/publication/208833e6?page=49"> Notes 2012 2011 Note </a> <a title="IFU Annual Report 2012 page 50" href="http://viewer.zmags.com/publication/208833e6?page=50"> Notes 2012 2011 Note </a> <a title="IFU Annual Report 2012 page 51" href="http://viewer.zmags.com/publication/208833e6?page=51"> Notes 2012 2011 Note </a> <a title="IFU Annual Report 2012 page 52" href="http://viewer.zmags.com/publication/208833e6?page=52"> Notes 2012 2011 Note </a> <a title="IFU Annual Report 2012 page 53" href="http://viewer.zmags.com/publication/208833e6?page=53"> Notes 2012 2011 Note </a> <a title="IFU Annual Report 2012 page 54" href="http://viewer.zmags.com/publication/208833e6?page=54"> INnoctoems e statement 20102 20191 Note </a> <a title="IFU Annual Report 2012 page 55" href="http://viewer.zmags.com/publication/208833e6?page=55"> INnoctoems e statement 20102 20191 Note </a> <a title="IFU Annual Report 2012 page 56" href="http://viewer.zmags.com/publication/208833e6?page=56"> IFU recorded net income of DKK 84m in 2012 </a> <a title="IFU Annual Report 2012 page 57" href="http://viewer.zmags.com/publication/208833e6?page=57"> MANAGEMENT BOARD OF DIRECTORS The Danish</a> <a title="IFU Annual Report 2012 page 58" href="http://viewer.zmags.com/publication/208833e6?page=58"> Beate Bentzen, board member since 2009 Business e</a> <a title="IFU Annual Report 2012 page 59" href="http://viewer.zmags.com/publication/208833e6?page=59"> Dorrit Vanglo, board member since 2012 MSc (Econo</a> <a title="IFU Annual Report 2012 page 60" href="http://viewer.zmags.com/publication/208833e6?page=60"> STAFF Executive Board Communication </a> <a title="IFU Annual Report 2012 page 61" href="http://viewer.zmags.com/publication/208833e6?page=61"> GHANA EGYPT CHINA ACCRA </a> <a title="IFU Annual Report 2012 page 62" href="http://viewer.zmags.com/publication/208833e6?page=62"> IFU ADVISERS </a> <a title="IFU Annual Report 2012 page 63" href="http://viewer.zmags.com/publication/208833e6?page=63"> MISSION, VISION AND STRATEGY Mission: To enhan</a> <a title="IFU Annual Report 2012 page 64" href="http://viewer.zmags.com/publication/208833e6?page=64"> INVESTMENT FUND FOR DEVELOPING COUNTRIES Frede</a>