If you are visually impaired or blind, you can visit the PDF version by Pressing CONTROL + ALT + 4
You need a JavaScript-enabled browser to view this Publication
Please follow these steps to view the Publication:
Enable JavaScript in your browser
Refresh this page
Best regards
Zmags
ANNUAL REPORT
2014
THIS IS IFU
IFU – Investment Fund for Developing Countries offers risk capital and advice to Danish companies
wanting to set up business in developing countries and emerging markets. Investments are made on
commercial terms in the form of share capital, loans and guarantees for the purpose of promoting
economic and social development in the investment countries and assist Danish companies in entering
new markets.
One access – five funds
IFU also acts as fund manager for a number of investment funds based on public and private capital:
the Danish Climate Investment Fund (KIF), the Arab Investment Fund (AIF), the Investment Fund for
Central and Eastern Europe (IØ) and IFU Investment Partners (IIP).
Over time, IFU and IFU managed funds have invested in close to 1,200 projects covering more than 100
countries in Africa, Asia, Latin America and Europe. The total expected inve
ANNUAL REPORT 2014
THIS IS IFU IFU – Investment Fund for Developin
CONTENTS PAGE INTRODUCTION
Going forward, IFU's ambition is to increase the
LETTER FROM THE CEO DEAR READER Operating f
EXECUTIVE SUMMARY 2014 IFU ƨɢ ɢ!.-31 !3#"ɢ(-
FINANCIAL HIGHLIGHTS FINANCIAL HIGHLIGHTS 2010
In 2014, IFU continued to be profitable with a net
New investments are expected to employ more than
IFU AS A FUND MANAGER IFU carries out more and
In 2014, IIP entered into its third project; inve
INVESTMENTS CONTRACTED IN 2014 IFU INVESTMENTS C
ASIA Haldor TopsØe Catalyst Scandina
DEVELOPMENT IMPACT The purpose of IFU is to pro
Lighting of traditional lamp at factory opening i
TAKE-OFF FOR CLIMATE INVESTMENTS In 2014, the D
ɢɢ ɢ #"4!(-%ɢ6 3#1ɢ6 23#ɢ(-ɢ1 9(+ AVK, a w
A BROADER MANDATE The new public-private funds
ENHANCED FOCUS ON SMES IFU makes more than hal
PHOTO: WIEGAARDEN MEDIA IFU participated in the
ɢɢ ɢ (%ɢ$##"ɢ(-ɢ'(- The growing income lev
AFRICA Expected total investment: s DKK 5
ɢɢ ɢ 43ɢ/1."4!3(.-ɢ(-ɢ#23ɢ$1(! 1.
ASIA Expected total investment: s DKK 46.
ɢɢ ɢ ,#1%#-!8ɢ,#"(! +ɢ2#15(!#2ɢ(-ɢ1(ɢ
LATIN AMERICA Expected total investment: s DK
ɢɢ ɢ -#1ɢ!.-3(-4#2ɢ3.ɢ#7/ -" 1.)
SUSTAINABILITY REPORTING #6ɢ2423 (- (+(38ɢ/.+
A grant from the Danida CSR Training Fund, manage
#, #12ɢ.$ɢ3'#ɢ ɢ423 (- (+(38ɢ"5(2.18ɢ. 1"ƣ
ɢɢ ɢ 4234ɢDŽɢ ɢ2.!( +ɢ(,/ !3ɢ 42(-#22ɢǃɢ+(5(-
HUMAN RESOURCES In the beginning of 2014, IFU’s
IFU investment seminar 2014. FINANCIAL REVIE
In percentage terms the 2014 yield on the average
ject commitments (the sum of outstanding investme
STATEMENT STATEMENT BY THE MANAGEMENT ON THE AN
AUDITORS’ REPORT INDEPENDENT AUDITORS’ REPORT
Gross yield from share capital investments was 11
FINANCIAL STATEMENTS ACCOUNTING POLICIES Th
#1(5 3(5#ɢ̎- -!( +ɢ(-2314,#-32 IFU has establishe
' 1#ɢ! /(3 +ɢ(-5#23,#-3ɢ(-ɢ/1.)#!32ơɢ-#3 If IFU r
# 2#ɢ!.,,(3,#-32 Lease commitments relating to as
Income statement 2014 2013 Note
IBnacloanmcesthaetemt aetn3t1 December Assets 201
IBnacloanmcesthaetemt aetn3t1 December Liabilitie
ICnacsohmfleoswtasteamtemnet nt 20104 200139 DK
Notes 2014 2013 Note
Notes 2014 2013 Note
Notes 2014 2013 Note
Notes 2014 2013 Note
Notes 2014 2013 Note
Notes 2014 2013 Note
Notes 2014 2013 Note
INnoctoems e statement 20104 200139 Note
INnoctoems e statement 20104 200139 Note
IFU has seven offices abroad covering Asia, Afric
MANAGEMENT BOARD OF DIRECTORS The Danish
Beate Bentzen, board member since 2009 Business e
Morten Elkjær, board observer since 2013 MSc (Eco
STAFF - COPENHAGEN EXECUTIVE BOARD LEGAL COMMUNIC
STAFF - REGIONAL OFFICES WEST AFRICA
IFU ADVISERS IFU’s advisers have special knowledg
OFFICES IFU INVESTMENT FUND FOR DEVELOPING COUNTR
L E B A IC ECOL INVESTMENT FUND FOR DEVELOP