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