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<br /> ANNUAL REPORT<br /> 2014<br /> THIS IS IFU<br /> IFU – Investment Fund for Developing Countries offers risk capital and advice to Danish companies<br /> wanting to set up business in developing countries and emerging markets. Investments are made on<br /> commercial terms in the form of share capital, loans and guarantees for the purpose of promoting<br /> economic and social development in the investment countries and assist Danish companies in entering<br /> new markets.<br /> One access – five funds<br /> IFU also acts as fund manager for a number of investment funds based on public and private capital:<br /> the Danish Climate Investment Fund (KIF), the Arab Investment Fund (AIF), the Investment Fund for<br /> Central and Eastern Europe (IØ) and IFU Investment Partners (IIP).<br /> Over time, IFU and IFU managed funds have invested in close to 1,200 projects covering more than 100<br /> countries in Africa, Asia, Latin America and Europe. The total expected inve<a title="IFU Annual Report 2014 page 1" href="http://viewer.zmags.com/publication/75a51162?page=1"> ANNUAL REPORT 2014</a> <a title="IFU Annual Report 2014 page 2" href="http://viewer.zmags.com/publication/75a51162?page=2"> THIS IS IFU IFU – Investment Fund for Developin</a> <a title="IFU Annual Report 2014 page 3" href="http://viewer.zmags.com/publication/75a51162?page=3"> CONTENTS PAGE INTRODUCTION </a> <a title="IFU Annual Report 2014 page 4" href="http://viewer.zmags.com/publication/75a51162?page=4"> Going forward, IFU's ambition is to increase the </a> <a title="IFU Annual Report 2014 page 5" href="http://viewer.zmags.com/publication/75a51162?page=5"> LETTER FROM THE CEO DEAR READER Operating f</a> <a title="IFU Annual Report 2014 page 6" href="http://viewer.zmags.com/publication/75a51162?page=6"> EXECUTIVE SUMMARY 2014 IFU ƨɢ ɢ!.-31 !3#"ɢ(-</a> <a title="IFU Annual Report 2014 page 7" href="http://viewer.zmags.com/publication/75a51162?page=7"> FINANCIAL HIGHLIGHTS FINANCIAL HIGHLIGHTS 2010 </a> <a title="IFU Annual Report 2014 page 8" href="http://viewer.zmags.com/publication/75a51162?page=8"> In 2014, IFU continued to be profitable with a net</a> <a title="IFU Annual Report 2014 page 9" href="http://viewer.zmags.com/publication/75a51162?page=9"> New investments are expected to employ more than </a> <a title="IFU Annual Report 2014 page 10" href="http://viewer.zmags.com/publication/75a51162?page=10"> IFU AS A FUND MANAGER IFU carries out more and </a> <a title="IFU Annual Report 2014 page 11" href="http://viewer.zmags.com/publication/75a51162?page=11"> In 2014, IIP entered into its third project; inve</a> <a title="IFU Annual Report 2014 page 12" href="http://viewer.zmags.com/publication/75a51162?page=12"> INVESTMENTS CONTRACTED IN 2014 IFU INVESTMENTS C</a> <a title="IFU Annual Report 2014 page 13" href="http://viewer.zmags.com/publication/75a51162?page=13"> ASIA Haldor TopsØe Catalyst Scandina</a> <a title="IFU Annual Report 2014 page 14" href="http://viewer.zmags.com/publication/75a51162?page=14"> DEVELOPMENT IMPACT The purpose of IFU is to pro</a> <a title="IFU Annual Report 2014 page 15" href="http://viewer.zmags.com/publication/75a51162?page=15"> Lighting of traditional lamp at factory opening i</a> <a title="IFU Annual Report 2014 page 16" href="http://viewer.zmags.com/publication/75a51162?page=16"> TAKE-OFF FOR CLIMATE INVESTMENTS In 2014, the D</a> <a title="IFU Annual Report 2014 page 17" href="http://viewer.zmags.com/publication/75a51162?page=17"> ɢɢ ɢ #"4!(-%ɢ6 3#1ɢ6 23#ɢ(-ɢ1 9(+ AVK, a w</a> <a title="IFU Annual Report 2014 page 18" href="http://viewer.zmags.com/publication/75a51162?page=18"> A BROADER MANDATE The new public-private funds </a> <a title="IFU Annual Report 2014 page 19" href="http://viewer.zmags.com/publication/75a51162?page=19"> ENHANCED FOCUS ON SMES IFU makes more than hal</a> <a title="IFU Annual Report 2014 page 20" href="http://viewer.zmags.com/publication/75a51162?page=20"> PHOTO: WIEGAARDEN MEDIA IFU participated in the </a> <a title="IFU Annual Report 2014 page 21" href="http://viewer.zmags.com/publication/75a51162?page=21"> ɢɢ ɢ (%ɢ$##"ɢ(-ɢ'(- The growing income lev</a> <a title="IFU Annual Report 2014 page 22" href="http://viewer.zmags.com/publication/75a51162?page=22"> AFRICA Expected total investment: s DKK 5</a> <a title="IFU Annual Report 2014 page 23" href="http://viewer.zmags.com/publication/75a51162?page=23"> ɢɢ ɢ 43ɢ/1."4!3(.-ɢ(-ɢ#23ɢ$1(! 1.</a> <a title="IFU Annual Report 2014 page 24" href="http://viewer.zmags.com/publication/75a51162?page=24"> ASIA Expected total investment: s DKK 46.</a> <a title="IFU Annual Report 2014 page 25" href="http://viewer.zmags.com/publication/75a51162?page=25"> ɢɢ ɢ ,#1%#-!8ɢ,#"(! +ɢ2#15(!#2ɢ(-ɢ1(ɢ</a> <a title="IFU Annual Report 2014 page 26" href="http://viewer.zmags.com/publication/75a51162?page=26"> LATIN AMERICA Expected total investment: s DK</a> <a title="IFU Annual Report 2014 page 27" href="http://viewer.zmags.com/publication/75a51162?page=27"> ɢɢ ɢ -#1ɢ!.-3(-4#2ɢ3.ɢ#7/ -" 1.)</a> <a title="IFU Annual Report 2014 page 28" href="http://viewer.zmags.com/publication/75a51162?page=28"> SUSTAINABILITY REPORTING #6ɢ2423 (- (+(38ɢ/.+</a> <a title="IFU Annual Report 2014 page 29" href="http://viewer.zmags.com/publication/75a51162?page=29"> A grant from the Danida CSR Training Fund, manage</a> <a title="IFU Annual Report 2014 page 30" href="http://viewer.zmags.com/publication/75a51162?page=30"> #, #12ɢ.$ɢ3'#ɢ ɢ423 (- (+(38ɢ"5(2.18ɢ. 1"ƣ </a> <a title="IFU Annual Report 2014 page 31" href="http://viewer.zmags.com/publication/75a51162?page=31"> ɢɢ ɢ 4234ɢDŽɢ ɢ2.!( +ɢ(,/ !3ɢ 42(-#22ɢǃɢ+(5(-</a> <a title="IFU Annual Report 2014 page 32" href="http://viewer.zmags.com/publication/75a51162?page=32"> HUMAN RESOURCES In the beginning of 2014, IFU’s</a> <a title="IFU Annual Report 2014 page 33" href="http://viewer.zmags.com/publication/75a51162?page=33"> IFU investment seminar 2014. FINANCIAL REVIE</a> <a title="IFU Annual Report 2014 page 34" href="http://viewer.zmags.com/publication/75a51162?page=34"> In percentage terms the 2014 yield on the average</a> <a title="IFU Annual Report 2014 page 35" href="http://viewer.zmags.com/publication/75a51162?page=35"> ject commitments (the sum of outstanding investme</a> <a title="IFU Annual Report 2014 page 36" href="http://viewer.zmags.com/publication/75a51162?page=36"> STATEMENT STATEMENT BY THE MANAGEMENT ON THE AN</a> <a title="IFU Annual Report 2014 page 37" href="http://viewer.zmags.com/publication/75a51162?page=37"> AUDITORS’ REPORT INDEPENDENT AUDITORS’ REPORT </a> <a title="IFU Annual Report 2014 page 38" href="http://viewer.zmags.com/publication/75a51162?page=38"> Gross yield from share capital investments was 11</a> <a title="IFU Annual Report 2014 page 39" href="http://viewer.zmags.com/publication/75a51162?page=39"> FINANCIAL STATEMENTS ACCOUNTING POLICIES Th</a> <a title="IFU Annual Report 2014 page 40" href="http://viewer.zmags.com/publication/75a51162?page=40"> #1(5 3(5#ɢ̎- -!( +ɢ(-2314,#-32 IFU has establishe</a> <a title="IFU Annual Report 2014 page 41" href="http://viewer.zmags.com/publication/75a51162?page=41"> ' 1#ɢ! /(3 +ɢ(-5#23,#-3ɢ(-ɢ/1.)#!32ơɢ-#3 If IFU r</a> <a title="IFU Annual Report 2014 page 42" href="http://viewer.zmags.com/publication/75a51162?page=42"> # 2#ɢ!.,,(3,#-32 Lease commitments relating to as</a> <a title="IFU Annual Report 2014 page 43" href="http://viewer.zmags.com/publication/75a51162?page=43"> Income statement 2014 2013 Note </a> <a title="IFU Annual Report 2014 page 44" href="http://viewer.zmags.com/publication/75a51162?page=44"> IBnacloanmcesthaetemt aetn3t1 December Assets 201</a> <a title="IFU Annual Report 2014 page 45" href="http://viewer.zmags.com/publication/75a51162?page=45"> IBnacloanmcesthaetemt aetn3t1 December Liabilitie</a> <a title="IFU Annual Report 2014 page 46" href="http://viewer.zmags.com/publication/75a51162?page=46"> ICnacsohmfleoswtasteamtemnet nt 20104 200139 DK</a> <a title="IFU Annual Report 2014 page 47" href="http://viewer.zmags.com/publication/75a51162?page=47"> Notes 2014 2013 Note </a> <a title="IFU Annual Report 2014 page 48" href="http://viewer.zmags.com/publication/75a51162?page=48"> Notes 2014 2013 Note </a> <a title="IFU Annual Report 2014 page 49" href="http://viewer.zmags.com/publication/75a51162?page=49"> Notes 2014 2013 Note </a> <a title="IFU Annual Report 2014 page 50" href="http://viewer.zmags.com/publication/75a51162?page=50"> Notes 2014 2013 Note </a> <a title="IFU Annual Report 2014 page 51" href="http://viewer.zmags.com/publication/75a51162?page=51"> Notes 2014 2013 Note </a> <a title="IFU Annual Report 2014 page 52" href="http://viewer.zmags.com/publication/75a51162?page=52"> Notes 2014 2013 Note </a> <a title="IFU Annual Report 2014 page 53" href="http://viewer.zmags.com/publication/75a51162?page=53"> Notes 2014 2013 Note </a> <a title="IFU Annual Report 2014 page 54" href="http://viewer.zmags.com/publication/75a51162?page=54"> INnoctoems e statement 20104 200139 Note </a> <a title="IFU Annual Report 2014 page 55" href="http://viewer.zmags.com/publication/75a51162?page=55"> INnoctoems e statement 20104 200139 Note </a> <a title="IFU Annual Report 2014 page 56" href="http://viewer.zmags.com/publication/75a51162?page=56"> IFU has seven offices abroad covering Asia, Afric</a> <a title="IFU Annual Report 2014 page 57" href="http://viewer.zmags.com/publication/75a51162?page=57"> MANAGEMENT BOARD OF DIRECTORS The Danish</a> <a title="IFU Annual Report 2014 page 58" href="http://viewer.zmags.com/publication/75a51162?page=58"> Beate Bentzen, board member since 2009 Business e</a> <a title="IFU Annual Report 2014 page 59" href="http://viewer.zmags.com/publication/75a51162?page=59"> Morten Elkjær, board observer since 2013 MSc (Eco</a> <a title="IFU Annual Report 2014 page 60" href="http://viewer.zmags.com/publication/75a51162?page=60"> STAFF - COPENHAGEN EXECUTIVE BOARD LEGAL COMMUNIC</a> <a title="IFU Annual Report 2014 page 61" href="http://viewer.zmags.com/publication/75a51162?page=61"> STAFF - REGIONAL OFFICES WEST AFRICA </a> <a title="IFU Annual Report 2014 page 62" href="http://viewer.zmags.com/publication/75a51162?page=62"> IFU ADVISERS IFU’s advisers have special knowledg</a> <a title="IFU Annual Report 2014 page 63" href="http://viewer.zmags.com/publication/75a51162?page=63"> OFFICES IFU INVESTMENT FUND FOR DEVELOPING COUNTR</a> <a title="IFU Annual Report 2014 page 64" href="http://viewer.zmags.com/publication/75a51162?page=64"> L E B A IC ECOL INVESTMENT FUND FOR DEVELOP</a>