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<br /> ANNUAL REPORT<br /> 2013<br /> CONTENTS<br /> Operational framework 2<br /> Letter from the CEO 3<br /> Executive summary 2013 4<br /> Financial highlights 5<br /> Management's review 7<br /> Investments in 2013 7<br /> IFU as a fund manager 8<br /> New executive board 9<br /> Investments contracted in 2013 10<br /> Development impact 12<br /> Public-private partnership to support<br /> climate investments 14<br /> New strateg<a title="IFU Annual Report 2013 page 1" href="http://viewer.zmags.com/publication/d4b8a4af?page=1"> ANNUAL REPORT 2013</a> <a title="IFU Annual Report 2013 page 2" href="http://viewer.zmags.com/publication/d4b8a4af?page=2"> CONTENTS Operational framework </a> <a title="IFU Annual Report 2013 page 3" href="http://viewer.zmags.com/publication/d4b8a4af?page=3"> LETTER FROM THE CEO DEAR READER Since its </a> <a title="IFU Annual Report 2013 page 4" href="http://viewer.zmags.com/publication/d4b8a4af?page=4"> EXECUTIVE SUMMARY 2013 IFU ƨɢ ɢ!.-31 !3#"ɢ(-</a> <a title="IFU Annual Report 2013 page 5" href="http://viewer.zmags.com/publication/d4b8a4af?page=5"> FINANCIAL HIGHLIGHTS FINANCIAL HIGHLIGHTS 2009 </a> <a title="IFU Annual Report 2013 page 6" href="http://viewer.zmags.com/publication/d4b8a4af?page=6"> In 2013, IFU and IFU managed funds contracted inv</a> <a title="IFU Annual Report 2013 page 7" href="http://viewer.zmags.com/publication/d4b8a4af?page=7"> In total, IFU has made 812 investments in 88 deve</a> <a title="IFU Annual Report 2013 page 8" href="http://viewer.zmags.com/publication/d4b8a4af?page=8"> IFU AS A FUND MANAGER In addition to its own </a> <a title="IFU Annual Report 2013 page 9" href="http://viewer.zmags.com/publication/d4b8a4af?page=9"> In 2013, IØ repaid additional DKK 200m to the Dan</a> <a title="IFU Annual Report 2013 page 10" href="http://viewer.zmags.com/publication/d4b8a4af?page=10"> INVESTMENTS CONTRACTED IN 2013 1.)#!3ɢ- ,# </a> <a title="IFU Annual Report 2013 page 11" href="http://viewer.zmags.com/publication/d4b8a4af?page=11"> 37 Conveyor Teknik India India 1.0 </a> <a title="IFU Annual Report 2013 page 12" href="http://viewer.zmags.com/publication/d4b8a4af?page=12"> Production of cocoa at Ingemann Food in Nicaragua</a> <a title="IFU Annual Report 2013 page 13" href="http://viewer.zmags.com/publication/d4b8a4af?page=13"> Almost two thirds of the new projects contracted </a> <a title="IFU Annual Report 2013 page 14" href="http://viewer.zmags.com/publication/d4b8a4af?page=14"> Press conference at IFU to launch the Danish Clim</a> <a title="IFU Annual Report 2013 page 15" href="http://viewer.zmags.com/publication/d4b8a4af?page=15"> ɢɢ ɢ 1."4!(-%ɢ (.$4#+ɢ(-ɢ'(- A greater foc</a> <a title="IFU Annual Report 2013 page 16" href="http://viewer.zmags.com/publication/d4b8a4af?page=16"> NEW STRATEGY - "SHIFTING GEARS FOR HIGHER IMPACT"</a> <a title="IFU Annual Report 2013 page 17" href="http://viewer.zmags.com/publication/d4b8a4af?page=17"> Denmark has a strong agricultural sector, and foo</a> <a title="IFU Annual Report 2013 page 18" href="http://viewer.zmags.com/publication/d4b8a4af?page=18"> AIF CONTINUES TO INVEST The political situati</a> <a title="IFU Annual Report 2013 page 19" href="http://viewer.zmags.com/publication/d4b8a4af?page=19"> Rockwool Thailand, production of stone wool. </a> <a title="IFU Annual Report 2013 page 20" href="http://viewer.zmags.com/publication/d4b8a4af?page=20"> AFRICA Expected total investment: s DKK 5</a> <a title="IFU Annual Report 2013 page 21" href="http://viewer.zmags.com/publication/d4b8a4af?page=21"> ɢɢ ɢ $1(! ƴ2ɢ+ 1%#23ɢ6(-"ɢ$ 1, 1.</a> <a title="IFU Annual Report 2013 page 22" href="http://viewer.zmags.com/publication/d4b8a4af?page=22"> ASIA Expected total investment: s DKK 43.</a> <a title="IFU Annual Report 2013 page 23" href="http://viewer.zmags.com/publication/d4b8a4af?page=23"> ɢɢ ɢ #"4!(-%ɢ2,.%ɢ(-ɢ'(- 1.)#!3ɢ-</a> <a title="IFU Annual Report 2013 page 24" href="http://viewer.zmags.com/publication/d4b8a4af?page=24"> LATIN AMERICA Expected total investment: </a> <a title="IFU Annual Report 2013 page 25" href="http://viewer.zmags.com/publication/d4b8a4af?page=25"> ɢɢ ɢ .42(-%ɢ$.1ɢ.+., ( Ȇ2ɢ,(""+#ɢ!+ 2</a> <a title="IFU Annual Report 2013 page 26" href="http://viewer.zmags.com/publication/d4b8a4af?page=26"> Beekeepers being trained at the Ingemann Beekeepi</a> <a title="IFU Annual Report 2013 page 27" href="http://viewer.zmags.com/publication/d4b8a4af?page=27"> Implementing these objectives in a company's busi</a> <a title="IFU Annual Report 2013 page 28" href="http://viewer.zmags.com/publication/d4b8a4af?page=28"> </a> <a title="IFU Annual Report 2013 page 29" href="http://viewer.zmags.com/publication/d4b8a4af?page=29"> ɢɢ ɢ ɢ(,/1.5#,#-32ɢ+# "ɢ3. (-!1# 2#"ɢ/1."4!3</a> <a title="IFU Annual Report 2013 page 30" href="http://viewer.zmags.com/publication/d4b8a4af?page=30"> Øivind Ramberg, managing director of GC Rieber Co</a> <a title="IFU Annual Report 2013 page 31" href="http://viewer.zmags.com/publication/d4b8a4af?page=31"> Participants in IFU FOCUS China in 2013. IFU</a> <a title="IFU Annual Report 2013 page 32" href="http://viewer.zmags.com/publication/d4b8a4af?page=32"> HUMAN RESOURCES IFU welcomed eight new people</a> <a title="IFU Annual Report 2013 page 33" href="http://viewer.zmags.com/publication/d4b8a4af?page=33"> GOGLOBAL COOPERATION The collaboration within</a> <a title="IFU Annual Report 2013 page 34" href="http://viewer.zmags.com/publication/d4b8a4af?page=34"> investments yielded a 2013 return before operatin</a> <a title="IFU Annual Report 2013 page 35" href="http://viewer.zmags.com/publication/d4b8a4af?page=35"> (231( 43(.-ɢ.$ɢ/1.)#!3ɢ!.,,(3,#-32ɢ 2ɢ 3ɢƌƊɢ#!#, </a> <a title="IFU Annual Report 2013 page 36" href="http://viewer.zmags.com/publication/d4b8a4af?page=36"> STATEMENT STATEMENT BY THE MANAGEMENT ON THE AN</a> <a title="IFU Annual Report 2013 page 37" href="http://viewer.zmags.com/publication/d4b8a4af?page=37"> AUDITORS' REPORT INDEPENDENT AUDITORS' REPORT </a> <a title="IFU Annual Report 2013 page 38" href="http://viewer.zmags.com/publication/d4b8a4af?page=38"> Close to 35,000 people work in companies where IF</a> <a title="IFU Annual Report 2013 page 39" href="http://viewer.zmags.com/publication/d4b8a4af?page=39"> ACCOUNTING POLICIES This annual report has</a> <a title="IFU Annual Report 2013 page 40" href="http://viewer.zmags.com/publication/d4b8a4af?page=40"> #1(5 3(5#ɢ̎- -!( +ɢ(-2314,#-32 IFU has establishe</a> <a title="IFU Annual Report 2013 page 41" href="http://viewer.zmags.com/publication/d4b8a4af?page=41"> ' 1#ɢ! /(3 +ɢ(-5#23,#-3ɢ(-ɢ/1.)#!32ơɢ-#3 If the F</a> <a title="IFU Annual Report 2013 page 42" href="http://viewer.zmags.com/publication/d4b8a4af?page=42"> # 2#ɢ!.,,(3,#-32 Lease commitments relating to as</a> <a title="IFU Annual Report 2013 page 43" href="http://viewer.zmags.com/publication/d4b8a4af?page=43"> Income statement 2013 2012 Note </a> <a title="IFU Annual Report 2013 page 44" href="http://viewer.zmags.com/publication/d4b8a4af?page=44"> IBnacloanmcesthaetemt aetn3t1 December Assets 201</a> <a title="IFU Annual Report 2013 page 45" href="http://viewer.zmags.com/publication/d4b8a4af?page=45"> IBnacloanmcesthaetemt aetn3t1 December Liabilitie</a> <a title="IFU Annual Report 2013 page 46" href="http://viewer.zmags.com/publication/d4b8a4af?page=46"> ICnacsohmfleoswtasteamtemnet nt 20103 200192 DK</a> <a title="IFU Annual Report 2013 page 47" href="http://viewer.zmags.com/publication/d4b8a4af?page=47"> Notes 2013 2012 Note </a> <a title="IFU Annual Report 2013 page 48" href="http://viewer.zmags.com/publication/d4b8a4af?page=48"> Notes 2013 2012 Note </a> <a title="IFU Annual Report 2013 page 49" href="http://viewer.zmags.com/publication/d4b8a4af?page=49"> Notes 2013 2012 Note </a> <a title="IFU Annual Report 2013 page 50" href="http://viewer.zmags.com/publication/d4b8a4af?page=50"> Notes 2013 2012 Note </a> <a title="IFU Annual Report 2013 page 51" href="http://viewer.zmags.com/publication/d4b8a4af?page=51"> Notes 2013 2012 Note </a> <a title="IFU Annual Report 2013 page 52" href="http://viewer.zmags.com/publication/d4b8a4af?page=52"> Notes 2013 2012 Note </a> <a title="IFU Annual Report 2013 page 53" href="http://viewer.zmags.com/publication/d4b8a4af?page=53"> Notes 2013 2012 Note </a> <a title="IFU Annual Report 2013 page 54" href="http://viewer.zmags.com/publication/d4b8a4af?page=54"> INnoctoems e statement 20103 200192 Note </a> <a title="IFU Annual Report 2013 page 55" href="http://viewer.zmags.com/publication/d4b8a4af?page=55"> INnoctoems e statement 20103 200192 Note </a> <a title="IFU Annual Report 2013 page 56" href="http://viewer.zmags.com/publication/d4b8a4af?page=56"> In 2013, IFU's net income was DKK 72m</a> <a title="IFU Annual Report 2013 page 57" href="http://viewer.zmags.com/publication/d4b8a4af?page=57"> MANAGEMENT BOARD OF DIRECTORS The Dan</a> <a title="IFU Annual Report 2013 page 58" href="http://viewer.zmags.com/publication/d4b8a4af?page=58"> Beate Bentzen, board member since 2009 Business e</a> <a title="IFU Annual Report 2013 page 59" href="http://viewer.zmags.com/publication/d4b8a4af?page=59"> Morten Elkjær, board observer since 2013 MSc (Eco</a> <a title="IFU Annual Report 2013 page 60" href="http://viewer.zmags.com/publication/d4b8a4af?page=60"> STAFF - COPENHAGEN EXECUTIVE BOARD LEGAL COMMUNIC</a> <a title="IFU Annual Report 2013 page 61" href="http://viewer.zmags.com/publication/d4b8a4af?page=61"> STAFF - REGIONAL OFFICES WEST AFRICA </a> <a title="IFU Annual Report 2013 page 62" href="http://viewer.zmags.com/publication/d4b8a4af?page=62"> IFU ADVISERS IFU's advisers have special knowledg</a> <a title="IFU Annual Report 2013 page 63" href="http://viewer.zmags.com/publication/d4b8a4af?page=63"> OFFICES IFU INVESTMENT FUND FOR DEVELOPING COUNTR</a> <a title="IFU Annual Report 2013 page 64" href="http://viewer.zmags.com/publication/d4b8a4af?page=64"> IC ECOL D A R B O E N L INVESTMENT FUND </a>