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<br /> ANNUAL REPORT 2009<br /> INVESTMENTS FOR DEVELOPMENT<br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> THE INDUSTRIALISATION FUND FOR DEVELOPING COUNTRIES<br /> CONTENTS<br /> <br /> ANNUAL REPORT 2009<br /> <br /> Legal mandate 2<br /> Mission, vision and strategy 2<br /> Welcome note from the CEO 3<br /> Statement by the Management 4<br /> Independent auditors’ report 5<br /> Executive summary 2009 6<br /> Financial highlights 7<br /> Management&rsquo<a title="IFU Annual Report 2009.pdf page 1" href="http://viewer.zmags.com/publication/261ff12d?page=1">ANNUAL REPORT 2009INVESTMENTS FOR DEVELOPMENT</a> ANNUAL REPORT 2009INVESTMENTS FOR DEVELOPMENT<a title="IFU Annual Report 2009.pdf page 2" href="http://viewer.zmags.com/publication/261ff12d?page=2">CONTENTSANNUAL REPORT 2009Legal mandate </a> CONTENTSANNUAL REPORT 2009Legal mandate <a title="IFU Annual Report 2009.pdf page 3" href="http://viewer.zmags.com/publication/261ff12d?page=3">WELCOME NOTE •Welc</a> WELCOME NOTE •Welc<a title="IFU Annual Report 2009.pdf page 4" href="http://viewer.zmags.com/publication/261ff12d?page=4">• STATEMENTStatement by t</a> • STATEMENTStatement by t<a title="IFU Annual Report 2009.pdf page 5" href="http://viewer.zmags.com/publication/261ff12d?page=5">AUDITORS´ REPORT •Ind</a> AUDITORS´ REPORT •Ind<a title="IFU Annual Report 2009.pdf page 6" href="http://viewer.zmags.com/publication/261ff12d?page=6">INVESTMENTS FOR DEVELOPMENTEXECUTIVE SUMMARY</a> INVESTMENTS FOR DEVELOPMENTEXECUTIVE SUMMARY<a title="IFU Annual Report 2009.pdf page 7" href="http://viewer.zmags.com/publication/261ff12d?page=7">HIGHLIGHTS •Fi</a> HIGHLIGHTS •Fi<a title="IFU Annual Report 2009.pdf page 8" href="http://viewer.zmags.com/publication/261ff12d?page=8">INVESTMENTS FOR DEVELOPMENTMANAGEMENT’S REVIE</a> INVESTMENTS FOR DEVELOPMENTMANAGEMENT’S REVIE<a title="IFU Annual Report 2009.pdf page 9" href="http://viewer.zmags.com/publication/261ff12d?page=9">MANAGEMENT’S REVIEW </a> MANAGEMENT’S REVIEW <a title="IFU Annual Report 2009.pdf page 10" href="http://viewer.zmags.com/publication/261ff12d?page=10">capita income of less than USD 3,084 (2010) plus </a> capita income of less than USD 3,084 (2010) plus <a title="IFU Annual Report 2009.pdf page 11" href="http://viewer.zmags.com/publication/261ff12d?page=11">Investments contracted in 2009Project name </a> Investments contracted in 2009Project name <a title="IFU Annual Report 2009.pdf page 12" href="http://viewer.zmags.com/publication/261ff12d?page=12">MANAGEMENT’S REVIEWFig 1 Number of active proje</a> MANAGEMENT’S REVIEWFig 1 Number of active proje<a title="IFU Annual Report 2009.pdf page 13" href="http://viewer.zmags.com/publication/261ff12d?page=13">INVESTMENTS FOR DEVELOPMENTincome, with </a> INVESTMENTS FOR DEVELOPMENTincome, with <a title="IFU Annual Report 2009.pdf page 14" href="http://viewer.zmags.com/publication/261ff12d?page=14">range from USD 6,725 to nearly USD 12,000, thereb</a> range from USD 6,725 to nearly USD 12,000, thereb<a title="IFU Annual Report 2009.pdf page 15" href="http://viewer.zmags.com/publication/261ff12d?page=15">INVESTMENTS FOR DEVELOPMENTThe environme</a> INVESTMENTS FOR DEVELOPMENTThe environme<a title="IFU Annual Report 2009.pdf page 16" href="http://viewer.zmags.com/publication/261ff12d?page=16">The Regional Office for West Africa is headed by </a> The Regional Office for West Africa is headed by <a title="IFU Annual Report 2009.pdf page 17" href="http://viewer.zmags.com/publication/261ff12d?page=17">INVESTMENTS FOR DEVELOPMENTLikewise, Ind</a> INVESTMENTS FOR DEVELOPMENTLikewise, Ind<a title="IFU Annual Report 2009.pdf page 18" href="http://viewer.zmags.com/publication/261ff12d?page=18">MANAGEMENT’S REVIEWCorporate social responsibil</a> MANAGEMENT’S REVIEWCorporate social responsibil<a title="IFU Annual Report 2009.pdf page 19" href="http://viewer.zmags.com/publication/261ff12d?page=19">INVESTMENTS FOR DEVELOPMENTIFU’s CSR pol</a> INVESTMENTS FOR DEVELOPMENTIFU’s CSR pol<a title="IFU Annual Report 2009.pdf page 20" href="http://viewer.zmags.com/publication/261ff12d?page=20">MANAGEMENT’S REVIEWrights of its employees to e</a> MANAGEMENT’S REVIEWrights of its employees to e<a title="IFU Annual Report 2009.pdf page 21" href="http://viewer.zmags.com/publication/261ff12d?page=21">INVESTMENTS FOR DEVELOPMENTfrom the Fund</a> INVESTMENTS FOR DEVELOPMENTfrom the Fund<a title="IFU Annual Report 2009.pdf page 22" href="http://viewer.zmags.com/publication/261ff12d?page=22">The expectations for future improvements at compa</a> The expectations for future improvements at compa<a title="IFU Annual Report 2009.pdf page 23" href="http://viewer.zmags.com/publication/261ff12d?page=23">INVESTMENTS FOR DEVELOPMENTnish Financia</a> INVESTMENTS FOR DEVELOPMENTnish Financia<a title="IFU Annual Report 2009.pdf page 24" href="http://viewer.zmags.com/publication/261ff12d?page=24">INVESTMENTS FOR DEVELOPMENTACCOUNTING POLICIE</a> INVESTMENTS FOR DEVELOPMENTACCOUNTING POLICIE<a title="IFU Annual Report 2009.pdf page 25" href="http://viewer.zmags.com/publication/261ff12d?page=25">ACCOUNTING POLICIES </a> ACCOUNTING POLICIES <a title="IFU Annual Report 2009.pdf page 26" href="http://viewer.zmags.com/publication/261ff12d?page=26">are recognised in the income statement as either </a> are recognised in the income statement as either <a title="IFU Annual Report 2009.pdf page 27" href="http://viewer.zmags.com/publication/261ff12d?page=27">INVESTMENTS FOR DEVELOPMENTUnquoted shar</a> INVESTMENTS FOR DEVELOPMENTUnquoted shar<a title="IFU Annual Report 2009.pdf page 28" href="http://viewer.zmags.com/publication/261ff12d?page=28">Long-term debtLong-term debt is measured at amor</a> Long-term debtLong-term debt is measured at amor<a title="IFU Annual Report 2009.pdf page 29" href="http://viewer.zmags.com/publication/261ff12d?page=29">Income statement20092008NOTE </a> Income statement20092008NOTE <a title="IFU Annual Report 2009.pdf page 30" href="http://viewer.zmags.com/publication/261ff12d?page=30">Balance sheet at 31 DecemberAssets20092008N</a> Balance sheet at 31 DecemberAssets20092008N<a title="IFU Annual Report 2009.pdf page 31" href="http://viewer.zmags.com/publication/261ff12d?page=31">Balance sheet at 31 DecemberLiabilities and equi</a> Balance sheet at 31 DecemberLiabilities and equi<a title="IFU Annual Report 2009.pdf page 32" href="http://viewer.zmags.com/publication/261ff12d?page=32">Cash flow statement20092008DKK 1,000 </a> Cash flow statement20092008DKK 1,000 <a title="IFU Annual Report 2009.pdf page 33" href="http://viewer.zmags.com/publication/261ff12d?page=33">Notes20092008NOTE </a> Notes20092008NOTE <a title="IFU Annual Report 2009.pdf page 34" href="http://viewer.zmags.com/publication/261ff12d?page=34">Notes20092008NOTE </a> Notes20092008NOTE <a title="IFU Annual Report 2009.pdf page 35" href="http://viewer.zmags.com/publication/261ff12d?page=35">Notes20092008NOTE </a> Notes20092008NOTE <a title="IFU Annual Report 2009.pdf page 36" href="http://viewer.zmags.com/publication/261ff12d?page=36">Notes20092008NOTE </a> Notes20092008NOTE <a title="IFU Annual Report 2009.pdf page 37" href="http://viewer.zmags.com/publication/261ff12d?page=37">Notes20092008NOTE </a> Notes20092008NOTE <a title="IFU Annual Report 2009.pdf page 38" href="http://viewer.zmags.com/publication/261ff12d?page=38">Notes20092008NOTE </a> Notes20092008NOTE <a title="IFU Annual Report 2009.pdf page 39" href="http://viewer.zmags.com/publication/261ff12d?page=39">Notes20092008NOTE </a> Notes20092008NOTE <a title="IFU Annual Report 2009.pdf page 40" href="http://viewer.zmags.com/publication/261ff12d?page=40">Notes20092008NOTE </a> Notes20092008NOTE <a title="IFU Annual Report 2009.pdf page 41" href="http://viewer.zmags.com/publication/261ff12d?page=41">Notes20092008NOTE </a> Notes20092008NOTE <a title="IFU Annual Report 2009.pdf page 42" href="http://viewer.zmags.com/publication/261ff12d?page=42">INVESTMENTS FOR DEVELOPMENTMANAGEMENT“ Th</a> INVESTMENTS FOR DEVELOPMENTMANAGEMENT“ Th<a title="IFU Annual Report 2009.pdf page 43" href="http://viewer.zmags.com/publication/261ff12d?page=43">MANAGEMENT </a> MANAGEMENT <a title="IFU Annual Report 2009.pdf page 44" href="http://viewer.zmags.com/publication/261ff12d?page=44">INVESTMENTS FOR DEVELOPMENTBeate Bentzen</a> INVESTMENTS FOR DEVELOPMENTBeate Bentzen<a title="IFU Annual Report 2009.pdf page 45" href="http://viewer.zmags.com/publication/261ff12d?page=45">INVESTMENTS FOR DEVELOPMENTChristina Ras</a> INVESTMENTS FOR DEVELOPMENTChristina Ras<a title="IFU Annual Report 2009.pdf page 46" href="http://viewer.zmags.com/publication/261ff12d?page=46">Staff and advisersExecutive BoardCommunication</a> Staff and advisersExecutive BoardCommunication<a title="IFU Annual Report 2009.pdf page 47" href="http://viewer.zmags.com/publication/261ff12d?page=47">IFU Offices (Reporting to IMD)ACCRA</a> IFU Offices (Reporting to IMD)ACCRA<a title="IFU Annual Report 2009.pdf page 48" href="http://viewer.zmags.com/publication/261ff12d?page=48">DANISH INTERNATIONAL INVESTMENT FUNDSDanish Int</a> DANISH INTERNATIONAL INVESTMENT FUNDSDanish Int<a title="IFU Annual Report 2009.pdf page 49" href="http://viewer.zmags.com/publication/261ff12d?page=49">OfficesHEAD OFFIC</a> OfficesHEAD OFFIC<a title="IFU Annual Report 2009.pdf page 50" href="http://viewer.zmags.com/publication/261ff12d?page=50">INVESTMENTS FOR DEVELOPMENT</a> INVESTMENTS FOR DEVELOPMENT<a title="IFU Annual Report 2009.pdf page 51" href="http://viewer.zmags.com/publication/261ff12d?page=51">INVESTMENTS FOR DEVELOPMENT</a> INVESTMENTS FOR DEVELOPMENT<a title="IFU Annual Report 2009.pdf page 52" href="http://viewer.zmags.com/publication/261ff12d?page=52">THE INDUSTRIALISATION FUNDFOR DEVELOPING COUNTRI</a> THE INDUSTRIALISATION FUNDFOR DEVELOPING COUNTRI