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<br /> ANNUAL REPORT<br /> 2015<br /> IFU IN BRIEF<br /> IFU – Investment Fund for Developing Countries provides 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 projects with a Danish investor<br /> or Danish economic interest. The purpose is to promote economic and social development in the invest-<br /> ment countries and assist Danish companies in entering new markets.<br /> One point of access – five funds<br /> IFU also acts as a fund manager for a number of investment funds based on public or public-private<br /> capital: the Danish Climate Investment Fund (DCIF), the Danish Agribusiness Fund (DAF), the Arab<br /> Investment Fund (AIF), and IFU Investment Partners (IIP). IFU also manages the Investment Fund for<br /> Central and Eastern Europe (IØ), which is in a process of being phased out.<br<a title="IFU Annual Report 2015 page 1" href="http://viewer.zmags.com/publication/a5b5d078?page=1"> ANNUAL REPORT 2015</a> <a title="IFU Annual Report 2015 page 2" href="http://viewer.zmags.com/publication/a5b5d078?page=2"> IFU IN BRIEF IFU – Investment Fund for Developi</a> <a title="IFU Annual Report 2015 page 3" href="http://viewer.zmags.com/publication/a5b5d078?page=3"> CONTENTS PAGE INTRODUCTION </a> <a title="IFU Annual Report 2015 page 4" href="http://viewer.zmags.com/publication/a5b5d078?page=4"> 2015 was a good year for IFU and IFU managed fund</a> <a title="IFU Annual Report 2015 page 5" href="http://viewer.zmags.com/publication/a5b5d078?page=5"> LETTER FROM THE CEO DEAR READER 2015 was a g</a> <a title="IFU Annual Report 2015 page 6" href="http://viewer.zmags.com/publication/a5b5d078?page=6"> EXECUTIVE SUMMARY 2015 IFU ƨɢ ɢ!.-31 !3#"ɢ(-</a> <a title="IFU Annual Report 2015 page 7" href="http://viewer.zmags.com/publication/a5b5d078?page=7"> FINANCIAL HIGHLIGHTS FINANCIAL HIGHLIGHTS 2011 </a> <a title="IFU Annual Report 2015 page 8" href="http://viewer.zmags.com/publication/a5b5d078?page=8"> In 2015, IFU and IFU managed funds contracted inv</a> <a title="IFU Annual Report 2015 page 9" href="http://viewer.zmags.com/publication/a5b5d078?page=9"> IFU's new investments are expected to employ more</a> <a title="IFU Annual Report 2015 page 10" href="http://viewer.zmags.com/publication/a5b5d078?page=10"> IFU AS A FUND MANAGER IFU carries out more and </a> <a title="IFU Annual Report 2015 page 11" href="http://viewer.zmags.com/publication/a5b5d078?page=11"> In 2015, IØ repaid an additional DKK 100m to the </a> <a title="IFU Annual Report 2015 page 12" href="http://viewer.zmags.com/publication/a5b5d078?page=12"> INVESTMENTS CONTRACTED IN 2015 IFU INVESTMENTS C</a> <a title="IFU Annual Report 2015 page 13" href="http://viewer.zmags.com/publication/a5b5d078?page=13"> IIP investments contracted in 2015 1.)#!3ɪ- ,# </a> <a title="IFU Annual Report 2015 page 14" href="http://viewer.zmags.com/publication/a5b5d078?page=14"> IFU CAN INVEST IN MORE COUNTRIES AND IN PROJECTS </a> <a title="IFU Annual Report 2015 page 15" href="http://viewer.zmags.com/publication/a5b5d078?page=15"> SUSTAINABLE GROWTH AND DEVELOPMENT IMPACT The</a> <a title="IFU Annual Report 2015 page 16" href="http://viewer.zmags.com/publication/a5b5d078?page=16"> -5#23,#-32ɢ!1# 3#ɢ#!.-.,(!ɢ%1.63' IFU projects al</a> <a title="IFU Annual Report 2015 page 17" href="http://viewer.zmags.com/publication/a5b5d078?page=17"> IFU´s mission is in line with the Sustainable Dev</a> <a title="IFU Annual Report 2015 page 18" href="http://viewer.zmags.com/publication/a5b5d078?page=18"> SUSTAINABILITY REPORTING 423 (- (+(38ɢ/.+(!8</a> <a title="IFU Annual Report 2015 page 19" href="http://viewer.zmags.com/publication/a5b5d078?page=19"> ject company to achieve satisfactory long-term re</a> <a title="IFU Annual Report 2015 page 20" href="http://viewer.zmags.com/publication/a5b5d078?page=20"> --4 +ɢ 22#22,#-3ɢ.$ɢ2423 (- (+(38ɢ/#1$.1, -!# 4</a> <a title="IFU Annual Report 2015 page 21" href="http://viewer.zmags.com/publication/a5b5d078?page=21"> 3 *#'.+"#1ɢ#-% %#,#-3ɢ IFU participates in severa</a> <a title="IFU Annual Report 2015 page 22" href="http://viewer.zmags.com/publication/a5b5d078?page=22"> HUMAN RESOURCES 1#2#-!#ɢ -"ɢ3# ,6.1* Establishi</a> <a title="IFU Annual Report 2015 page 23" href="http://viewer.zmags.com/publication/a5b5d078?page=23"> IFU FOCUS seminar at Radisson Blu Nairobi, Kenya.</a> <a title="IFU Annual Report 2015 page 24" href="http://viewer.zmags.com/publication/a5b5d078?page=24"> Interest and fee income measured against the aver</a> <a title="IFU Annual Report 2015 page 25" href="http://viewer.zmags.com/publication/a5b5d078?page=25"> Commercial risk for each project is evaluated at </a> <a title="IFU Annual Report 2015 page 26" href="http://viewer.zmags.com/publication/a5b5d078?page=26"> STATEMENT STATEMENT BY THE MANAGEMENT ON THE AN</a> <a title="IFU Annual Report 2015 page 27" href="http://viewer.zmags.com/publication/a5b5d078?page=27"> AUDITORS' REPORT INDEPENDENT AUDITORS' REPORT </a> <a title="IFU Annual Report 2015 page 28" href="http://viewer.zmags.com/publication/a5b5d078?page=28"> Total capital under management by IFU is DKK 5.8b</a> <a title="IFU Annual Report 2015 page 29" href="http://viewer.zmags.com/publication/a5b5d078?page=29"> FINANCIAL STATEMENTS ACCOUNTING POLICIES Th</a> <a title="IFU Annual Report 2015 page 30" href="http://viewer.zmags.com/publication/a5b5d078?page=30"> #1(5 3(5#ɢ̎- -!( +ɢ(-2314,#-32 IFU has establishe</a> <a title="IFU Annual Report 2015 page 31" href="http://viewer.zmags.com/publication/a5b5d078?page=31"> ƨɢɢ(2*ɢ.$ɢ1#,(33 -!#ơɢ($ɢ -8Ơ ƨɢɢɢ /#!(̎!ɢ!(1!4,2</a> <a title="IFU Annual Report 2015 page 32" href="http://viewer.zmags.com/publication/a5b5d078?page=32"> 2'ɢ -"ɢ .-"2 Bonds are stated at the official pr</a> <a title="IFU Annual Report 2015 page 33" href="http://viewer.zmags.com/publication/a5b5d078?page=33"> Income statement 2015 2014 Note </a> <a title="IFU Annual Report 2015 page 34" href="http://viewer.zmags.com/publication/a5b5d078?page=34"> IBnacloanmcesthaetemt aetn3t1 December Assets 201</a> <a title="IFU Annual Report 2015 page 35" href="http://viewer.zmags.com/publication/a5b5d078?page=35"> IBnacloanmcesthaetemt aetn3t1 December Liabilitie</a> <a title="IFU Annual Report 2015 page 36" href="http://viewer.zmags.com/publication/a5b5d078?page=36"> ICnacsohmfleoswtasteamtemnet nt 20105 201049 DK</a> <a title="IFU Annual Report 2015 page 37" href="http://viewer.zmags.com/publication/a5b5d078?page=37"> Notes 2015 2014 Note </a> <a title="IFU Annual Report 2015 page 38" href="http://viewer.zmags.com/publication/a5b5d078?page=38"> Notes 2015 2014 Note </a> <a title="IFU Annual Report 2015 page 39" href="http://viewer.zmags.com/publication/a5b5d078?page=39"> Notes 2015 2014 Note </a> <a title="IFU Annual Report 2015 page 40" href="http://viewer.zmags.com/publication/a5b5d078?page=40"> Notes 2015 2014 Note </a> <a title="IFU Annual Report 2015 page 41" href="http://viewer.zmags.com/publication/a5b5d078?page=41"> Notes 2015 2014 Note </a> <a title="IFU Annual Report 2015 page 42" href="http://viewer.zmags.com/publication/a5b5d078?page=42"> Notes 2015 2014 Note </a> <a title="IFU Annual Report 2015 page 43" href="http://viewer.zmags.com/publication/a5b5d078?page=43"> Notes 2015 2014 Note </a> <a title="IFU Annual Report 2015 page 44" href="http://viewer.zmags.com/publication/a5b5d078?page=44"> Notes 2015 2014 Note </a> <a title="IFU Annual Report 2015 page 45" href="http://viewer.zmags.com/publication/a5b5d078?page=45"> Notes 2015 2014 Note </a> <a title="IFU Annual Report 2015 page 46" href="http://viewer.zmags.com/publication/a5b5d078?page=46"> INnoctoems e statement 20105 201049 Note </a> <a title="IFU Annual Report 2015 page 47" href="http://viewer.zmags.com/publication/a5b5d078?page=47"> INnoctoems e statement 20105 201049 Note </a> <a title="IFU Annual Report 2015 page 48" href="http://viewer.zmags.com/publication/a5b5d078?page=48"> The Danish Climate Investment Fund made five new i</a> <a title="IFU Annual Report 2015 page 49" href="http://viewer.zmags.com/publication/a5b5d078?page=49"> MANAGEMENT BOARD OF DIRECTORS The Danish</a> <a title="IFU Annual Report 2015 page 50" href="http://viewer.zmags.com/publication/a5b5d078?page=50"> Jens JØrgen Kollerup, board member since 2009 MSc</a> <a title="IFU Annual Report 2015 page 51" href="http://viewer.zmags.com/publication/a5b5d078?page=51"> EXECUTIVE BOARD The Danish Minister for Forei</a> <a title="IFU Annual Report 2015 page 52" href="http://viewer.zmags.com/publication/a5b5d078?page=52"> STAFF - COPENHAGEN EXECUTIVE MANAGEMENT LEGAL INV</a> <a title="IFU Annual Report 2015 page 53" href="http://viewer.zmags.com/publication/a5b5d078?page=53"> STAFF - GLOBAL INVESTMENTS INVESTMENTS </a> <a title="IFU Annual Report 2015 page 54" href="http://viewer.zmags.com/publication/a5b5d078?page=54"> GLOBAL PRESENCE IFU INVESTMENT FUND FOR DEVELOPIN</a> <a title="IFU Annual Report 2015 page 55" href="http://viewer.zmags.com/publication/a5b5d078?page=55"> IFU has ten offices abroad, covering Africa, Asia</a> <a title="IFU Annual Report 2015 page 56" href="http://viewer.zmags.com/publication/a5b5d078?page=56"> INVESTMENT FUND FOR DEVELOPING COUNTRIES Frede</a>