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Best regards
Zmags
ANNUAL REPORT
2011
CONTENTS
Operational framework 2
Letter from the CEO 3
Executive summary 2011 4
Financial highlights 2007 - 2011 5
Management's review 7
Investments in 2011 7
Investments contracted in 2011 9
Development impact 10
IFU increases focus on emerging markets 12
IFU as a fund manager 13
New investment fund to target Arab countries 14
Pension funds invest DKK 500 million
in IFU projects
ANNUAL REPORT 2011
CONTENTS Operational framework
LETTER FROM THE CEO DEAR READER Demand for I
EXECUTIVE SUMMARY 2011 ƨɢ.-31 !3#"ɢ(-5#23,#-32
FINANCIAL HIGHLIGHTS FINANCIAL HIGHLIGHTS 2007
In 2011, IFU's investments reached DKK 510m 6
MANAGEMENT'S REVIEW INVESTMENTS IN 2011 The
Up to the end of 2011, IFU had co-financed a total
INVESTMENTS CONTRACTED IN 2011 1.)#!3ɢ- ,#
DEVELOPMENT IMPACT The purpose of IFU is to p
score of the project. Moreover, IFU estimates the
IFU INCREASES FOCUS ON EMERGING MARKETS In 2
IFU AS A FUND MANAGER In addition to managing
NEW INVESTMENT FUND TO TARGET ARAB COUNTRIES
#6ɢ.̐!#ɢ(-ɢ%8/3ɢ On 1 March 2012, IFU opened a re
Coman, port terminal in Cotonou, Benin. PEN
AFRICA ON THE MOVE Seven out of the ten count
ɢɢ ɢ 4!!#22$4+ɢ -(2'ɢ̎2'ɢ$ 1,ɢ(-ɢ' - .4-318
#6ɢ'# "ɢ.$ɢ1#%(.- +ɢ.̐!#ɢ(-ɢ #-8 "6 1"ɢ 4-% (
IFU BECOMES A SHAREHOLDER OF NEW NORSAD FUND
IFU ASSISTING DANISH SMEs IN BECOMING GLOBALISED
ASIA IS DEVELOPING FAST IFU has been investin
ɢɢ ɢ (+/#3#1ɢ#7/ -"(-%ɢ(-ɢ -"( .4-318ƣ Indi
ɢɢ ɢ (--#1ɢ.$ɢ ƴ2ɢɢ -5#23,#-3ɢ 6 1"ɢƋƉƊƊɢ -
STRONG FOCUS ON LATIN AMERICA The increase in
DEVELOPING COUNTRIES NEED CLIMATE INVESTMENTS
CORPORATE SOCIAL RESPONSIBILITY REPORTING Acc
ƣɢ ɢ Mr Arne H Berg, chairman af Danper, Peru
munication, due diligence tools, supply chain dil
ɢɢ ɢ ! -.,ɢ(#3- , .4-318ƣ Vietnam A CSR iss
IFU FOCUS IFU Focus ran for a second year in
HUMAN RESOURCES IFU is a knowledge-based orga
-5#23,#-3ɢ, - %#12ɢ -"ɢ "5(2#12 "(231( 43#"ɢ 8ɢ1#
FINANCIAL REVIEW 2011 IFU recorded net income
IFU had equity of DKK 2,396m at 31 December 2011,
STATEMENT STATEMENT BY THE MANAGEMENT ON THE AN
AUDITORS' REPORT INDEPENDENT AUDITORS' REPORT
IFU investments have contributed to more than 3
ACCOUNTING POLICIES This annual report has b
#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
related to guarantee agreements are recognised in
Income statement 2011 2010 Note
IBnacloanmcesthaetemt aetn3t1 December Assets 201
IBnacloanmcesthaetemt aetn3t1 December Liabilitie
Cash flow statement 2011 2010 DKK 1,000
Notes 2011 2010 Note
Notes 2011 2010 Note
Notes 2011 2010 Note
Notes 2011 2010 Note
Notes 2011 2010 Note
Notes 2011 2010 Note
Notes 2011 2010 Note
Notes 2011 2010 Note
Notes 2011 2010 Note
IFU recorded net income of DKK 122m in 2011
MANAGEMENT SUPERVISORY BOARD The Danish
Beate Bentzen, board member since 2009. Business
Susan Ulbæk, board member since 2009. MSc (Econom
STAFF AND ADVISERS Executive Board Communication
IFU offices ACCRA - GHANA
LEGAL MANDATE IFU was established in 1967 under
OFFICES HEA
THE INDUSTRIALISATION FUND FOR DEVELOPING COUNTRI