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Best regards
Zmags
ANNUAL REPORT
2013
CONTENTS
Operational framework 2
Letter from the CEO 3
Executive summary 2013 4
Financial highlights 5
Management's review 7
Investments in 2013 7
IFU as a fund manager 8
New executive board 9
Investments contracted in 2013 10
Development impact 12
Public-private partnership to support
climate investments 14
New strateg
ANNUAL REPORT 2013
CONTENTS Operational framework
LETTER FROM THE CEO DEAR READER Since its
EXECUTIVE SUMMARY 2013 IFU ƨɢ ɢ!.-31 !3#"ɢ(-
FINANCIAL HIGHLIGHTS FINANCIAL HIGHLIGHTS 2009
In 2013, IFU and IFU managed funds contracted inv
In total, IFU has made 812 investments in 88 deve
IFU AS A FUND MANAGER In addition to its own
In 2013, IØ repaid additional DKK 200m to the Dan
INVESTMENTS CONTRACTED IN 2013 1.)#!3ɢ- ,#
37 Conveyor Teknik India India 1.0
Production of cocoa at Ingemann Food in Nicaragua
Almost two thirds of the new projects contracted
Press conference at IFU to launch the Danish Clim
ɢɢ ɢ 1."4!(-%ɢ (.$4#+ɢ(-ɢ'(- A greater foc
NEW STRATEGY - "SHIFTING GEARS FOR HIGHER IMPACT"
Denmark has a strong agricultural sector, and foo
AIF CONTINUES TO INVEST The political situati
Rockwool Thailand, production of stone wool.
AFRICA Expected total investment: s DKK 5
ɢɢ ɢ $1(! ƴ2ɢ+ 1%#23ɢ6(-"ɢ$ 1, 1.
ASIA Expected total investment: s DKK 43.
ɢɢ ɢ #"4!(-%ɢ2,.%ɢ(-ɢ'(- 1.)#!3ɢ-
LATIN AMERICA Expected total investment:
ɢɢ ɢ .42(-%ɢ$.1ɢ.+., ( Ȇ2ɢ,(""+#ɢ!+ 2
Beekeepers being trained at the Ingemann Beekeepi
Implementing these objectives in a company's busi
ɢɢ ɢ ɢ(,/1.5#,#-32ɢ+# "ɢ3. (-!1# 2#"ɢ/1."4!3
Øivind Ramberg, managing director of GC Rieber Co
Participants in IFU FOCUS China in 2013. IFU
HUMAN RESOURCES IFU welcomed eight new people
GOGLOBAL COOPERATION The collaboration within
investments yielded a 2013 return before operatin
(231( 43(.-ɢ.$ɢ/1.)#!3ɢ!.,,(3,#-32ɢ 2ɢ 3ɢƌƊɢ#!#,
STATEMENT STATEMENT BY THE MANAGEMENT ON THE AN
AUDITORS' REPORT INDEPENDENT AUDITORS' REPORT
Close to 35,000 people work in companies where IF
ACCOUNTING POLICIES This annual report has
#1(5 3(5#ɢ̎- -!( +ɢ(-2314,#-32 IFU has establishe
' 1#ɢ! /(3 +ɢ(-5#23,#-3ɢ(-ɢ/1.)#!32ơɢ-#3 If the F
# 2#ɢ!.,,(3,#-32 Lease commitments relating to as
Income statement 2013 2012 Note
IBnacloanmcesthaetemt aetn3t1 December Assets 201
IBnacloanmcesthaetemt aetn3t1 December Liabilitie
ICnacsohmfleoswtasteamtemnet nt 20103 200192 DK
Notes 2013 2012 Note
Notes 2013 2012 Note
Notes 2013 2012 Note
Notes 2013 2012 Note
Notes 2013 2012 Note
Notes 2013 2012 Note
Notes 2013 2012 Note
INnoctoems e statement 20103 200192 Note
INnoctoems e statement 20103 200192 Note
In 2013, IFU's net income was DKK 72m
MANAGEMENT BOARD OF DIRECTORS The Dan
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
IC ECOL D A R B O E N L INVESTMENT FUND