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