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<br /> ANNUAL REPORT 2009<br /> INVESTMENTS FOR DEVELOPMENT<br /> THE INDUSTRIALISATION FUND FOR DEVELOPING COUNTRIES<br /> CONTENTS<br /> ANNUAL REPORT 2009<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’s review 9<br /> Main activities 9<br /> Operational framework 9<br /> Project portfolio 2009 12<br /> Capital extraction <a title="IFU Annual Report 2009.pdf page 1" href="http://viewer.zmags.com/publication/261ff12d?page=1"> ANNUAL REPORT 2009 INVESTMENTS FOR DEVELOPMENT </a> <a title="IFU Annual Report 2009.pdf page 2" href="http://viewer.zmags.com/publication/261ff12d?page=2"> CONTENTS ANNUAL REPORT 2009 Legal mandate </a> <a title="IFU Annual Report 2009.pdf page 3" href="http://viewer.zmags.com/publication/261ff12d?page=3"> WELCOME NOTE • Welc</a> <a title="IFU Annual Report 2009.pdf page 4" href="http://viewer.zmags.com/publication/261ff12d?page=4"> • STATEMENT Statement by t</a> <a title="IFU Annual Report 2009.pdf page 5" href="http://viewer.zmags.com/publication/261ff12d?page=5"> AUDITORS´ REPORT • Ind</a> <a title="IFU Annual Report 2009.pdf page 6" href="http://viewer.zmags.com/publication/261ff12d?page=6"> INVESTMENTS FOR DEVELOPMENT EXECUTIVE SUMMARY </a> <a title="IFU Annual Report 2009.pdf page 7" href="http://viewer.zmags.com/publication/261ff12d?page=7"> HIGHLIGHTS • Fi</a> <a title="IFU Annual Report 2009.pdf page 8" href="http://viewer.zmags.com/publication/261ff12d?page=8"> INVESTMENTS FOR DEVELOPMENT MANAGEMENT’S REVIE</a> <a title="IFU Annual Report 2009.pdf page 9" href="http://viewer.zmags.com/publication/261ff12d?page=9"> MANAGEMENT’S REVIEW </a> <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> <a title="IFU Annual Report 2009.pdf page 11" href="http://viewer.zmags.com/publication/261ff12d?page=11"> Investments contracted in 2009 Project name </a> <a title="IFU Annual Report 2009.pdf page 12" href="http://viewer.zmags.com/publication/261ff12d?page=12"> MANAGEMENT’S REVIEW Fig 1 Number of active proje</a> <a title="IFU Annual Report 2009.pdf page 13" href="http://viewer.zmags.com/publication/261ff12d?page=13"> INVESTMENTS FOR DEVELOPMENT income, with </a> <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> <a title="IFU Annual Report 2009.pdf page 15" href="http://viewer.zmags.com/publication/261ff12d?page=15"> INVESTMENTS FOR DEVELOPMENT The environme</a> <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> <a title="IFU Annual Report 2009.pdf page 17" href="http://viewer.zmags.com/publication/261ff12d?page=17"> INVESTMENTS FOR DEVELOPMENT Likewise, Ind</a> <a title="IFU Annual Report 2009.pdf page 18" href="http://viewer.zmags.com/publication/261ff12d?page=18"> MANAGEMENT’S REVIEW Corporate social responsibil</a> <a title="IFU Annual Report 2009.pdf page 19" href="http://viewer.zmags.com/publication/261ff12d?page=19"> INVESTMENTS FOR DEVELOPMENT IFU’s CSR pol</a> <a title="IFU Annual Report 2009.pdf page 20" href="http://viewer.zmags.com/publication/261ff12d?page=20"> MANAGEMENT’S REVIEW rights of its employees to e</a> <a title="IFU Annual Report 2009.pdf page 21" href="http://viewer.zmags.com/publication/261ff12d?page=21"> INVESTMENTS FOR DEVELOPMENT from the Fund</a> <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> <a title="IFU Annual Report 2009.pdf page 23" href="http://viewer.zmags.com/publication/261ff12d?page=23"> INVESTMENTS FOR DEVELOPMENT nish Financia</a> <a title="IFU Annual Report 2009.pdf page 24" href="http://viewer.zmags.com/publication/261ff12d?page=24"> INVESTMENTS FOR DEVELOPMENT ACCOUNTING POLICIE</a> <a title="IFU Annual Report 2009.pdf page 25" href="http://viewer.zmags.com/publication/261ff12d?page=25"> ACCOUNTING POLICIES </a> <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> <a title="IFU Annual Report 2009.pdf page 27" href="http://viewer.zmags.com/publication/261ff12d?page=27"> INVESTMENTS FOR DEVELOPMENT Unquoted shar</a> <a title="IFU Annual Report 2009.pdf page 28" href="http://viewer.zmags.com/publication/261ff12d?page=28"> Long-term debt Long-term debt is measured at amor</a> <a title="IFU Annual Report 2009.pdf page 29" href="http://viewer.zmags.com/publication/261ff12d?page=29"> Income statement 2009 2008 NOTE </a> <a title="IFU Annual Report 2009.pdf page 30" href="http://viewer.zmags.com/publication/261ff12d?page=30"> Balance sheet at 31 December Assets 2009 2008 N</a> <a title="IFU Annual Report 2009.pdf page 31" href="http://viewer.zmags.com/publication/261ff12d?page=31"> Balance sheet at 31 December Liabilities and equi</a> <a title="IFU Annual Report 2009.pdf page 32" href="http://viewer.zmags.com/publication/261ff12d?page=32"> Cash flow statement 2009 2008 DKK 1,000 </a> <a title="IFU Annual Report 2009.pdf page 33" href="http://viewer.zmags.com/publication/261ff12d?page=33"> Notes 2009 2008 NOTE </a> <a title="IFU Annual Report 2009.pdf page 34" href="http://viewer.zmags.com/publication/261ff12d?page=34"> Notes 2009 2008 NOTE </a> <a title="IFU Annual Report 2009.pdf page 35" href="http://viewer.zmags.com/publication/261ff12d?page=35"> Notes 2009 2008 NOTE </a> <a title="IFU Annual Report 2009.pdf page 36" href="http://viewer.zmags.com/publication/261ff12d?page=36"> Notes 2009 2008 NOTE </a> <a title="IFU Annual Report 2009.pdf page 37" href="http://viewer.zmags.com/publication/261ff12d?page=37"> Notes 2009 2008 NOTE </a> <a title="IFU Annual Report 2009.pdf page 38" href="http://viewer.zmags.com/publication/261ff12d?page=38"> Notes 2009 2008 NOTE </a> <a title="IFU Annual Report 2009.pdf page 39" href="http://viewer.zmags.com/publication/261ff12d?page=39"> Notes 2009 2008 NOTE </a> <a title="IFU Annual Report 2009.pdf page 40" href="http://viewer.zmags.com/publication/261ff12d?page=40"> Notes 2009 2008 NOTE </a> <a title="IFU Annual Report 2009.pdf page 41" href="http://viewer.zmags.com/publication/261ff12d?page=41"> Notes 2009 2008 NOTE </a> <a title="IFU Annual Report 2009.pdf page 42" href="http://viewer.zmags.com/publication/261ff12d?page=42"> INVESTMENTS FOR DEVELOPMENT MANAGEMENT “ Th</a> <a title="IFU Annual Report 2009.pdf page 43" href="http://viewer.zmags.com/publication/261ff12d?page=43"> MANAGEMENT </a> <a title="IFU Annual Report 2009.pdf page 44" href="http://viewer.zmags.com/publication/261ff12d?page=44"> INVESTMENTS FOR DEVELOPMENT Beate Bentzen</a> <a title="IFU Annual Report 2009.pdf page 45" href="http://viewer.zmags.com/publication/261ff12d?page=45"> INVESTMENTS FOR DEVELOPMENT Christina Ras</a> <a title="IFU Annual Report 2009.pdf page 46" href="http://viewer.zmags.com/publication/261ff12d?page=46"> Staff and advisers Executive Board Communication </a> <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> <a title="IFU Annual Report 2009.pdf page 48" href="http://viewer.zmags.com/publication/261ff12d?page=48"> DANISH INTERNATIONAL INVESTMENT FUNDS Danish Int</a> <a title="IFU Annual Report 2009.pdf page 49" href="http://viewer.zmags.com/publication/261ff12d?page=49"> Offices HEAD OFFIC</a> <a title="IFU Annual Report 2009.pdf page 50" href="http://viewer.zmags.com/publication/261ff12d?page=50"> INVESTMENTS FOR DEVELOPMENT</a> <a title="IFU Annual Report 2009.pdf page 51" href="http://viewer.zmags.com/publication/261ff12d?page=51"> INVESTMENTS FOR DEVELOPMENT</a> <a title="IFU Annual Report 2009.pdf page 52" href="http://viewer.zmags.com/publication/261ff12d?page=52"> THE INDUSTRIALISATION FUND FOR DEVELOPING COUNTRI</a>