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<br /> ANNUAL REPORT<br /> 2011<br /> CONTENTS<br /> Operational framework 2<br /> Letter from the CEO 3<br /> Executive summary 2011 4<br /> Financial highlights 2007 - 2011 5<br /> Management's review 7<br /> Investments in 2011 7<br /> Investments contracted in 2011 9<br /> Development impact 10<br /> IFU increases focus on emerging markets 12<br /> IFU as a fund manager 13<br /> New investment fund to target Arab countries 14<br /> Pension funds invest DKK 500 million<br /> in IFU projects <a title="IFU Annual Report 2011 page 1" href="http://viewer.zmags.com/publication/d5afa97d?page=1"> ANNUAL REPORT 2011</a> <a title="IFU Annual Report 2011 page 2" href="http://viewer.zmags.com/publication/d5afa97d?page=2"> CONTENTS Operational framework </a> <a title="IFU Annual Report 2011 page 3" href="http://viewer.zmags.com/publication/d5afa97d?page=3"> LETTER FROM THE CEO DEAR READER Demand for I</a> <a title="IFU Annual Report 2011 page 4" href="http://viewer.zmags.com/publication/d5afa97d?page=4"> EXECUTIVE SUMMARY 2011 ƨɢ.-31 !3#"ɢ(-5#23,#-32</a> <a title="IFU Annual Report 2011 page 5" href="http://viewer.zmags.com/publication/d5afa97d?page=5"> FINANCIAL HIGHLIGHTS FINANCIAL HIGHLIGHTS 2007 </a> <a title="IFU Annual Report 2011 page 6" href="http://viewer.zmags.com/publication/d5afa97d?page=6"> In 2011, IFU's investments reached DKK 510m 6 </a> <a title="IFU Annual Report 2011 page 7" href="http://viewer.zmags.com/publication/d5afa97d?page=7"> MANAGEMENT'S REVIEW INVESTMENTS IN 2011 The </a> <a title="IFU Annual Report 2011 page 8" href="http://viewer.zmags.com/publication/d5afa97d?page=8"> Up to the end of 2011, IFU had co-financed a total</a> <a title="IFU Annual Report 2011 page 9" href="http://viewer.zmags.com/publication/d5afa97d?page=9"> INVESTMENTS CONTRACTED IN 2011 1.)#!3ɢ- ,# </a> <a title="IFU Annual Report 2011 page 10" href="http://viewer.zmags.com/publication/d5afa97d?page=10"> DEVELOPMENT IMPACT The purpose of IFU is to p</a> <a title="IFU Annual Report 2011 page 11" href="http://viewer.zmags.com/publication/d5afa97d?page=11"> score of the project. Moreover, IFU estimates the</a> <a title="IFU Annual Report 2011 page 12" href="http://viewer.zmags.com/publication/d5afa97d?page=12"> IFU INCREASES FOCUS ON EMERGING MARKETS In 2</a> <a title="IFU Annual Report 2011 page 13" href="http://viewer.zmags.com/publication/d5afa97d?page=13"> IFU AS A FUND MANAGER In addition to managing</a> <a title="IFU Annual Report 2011 page 14" href="http://viewer.zmags.com/publication/d5afa97d?page=14"> NEW INVESTMENT FUND TO TARGET ARAB COUNTRIES </a> <a title="IFU Annual Report 2011 page 15" href="http://viewer.zmags.com/publication/d5afa97d?page=15"> #6ɢ.̐!#ɢ(-ɢ%8/3ɢ On 1 March 2012, IFU opened a re</a> <a title="IFU Annual Report 2011 page 16" href="http://viewer.zmags.com/publication/d5afa97d?page=16"> Coman, port terminal in Cotonou, Benin. PEN</a> <a title="IFU Annual Report 2011 page 17" href="http://viewer.zmags.com/publication/d5afa97d?page=17"> AFRICA ON THE MOVE Seven out of the ten count</a> <a title="IFU Annual Report 2011 page 18" href="http://viewer.zmags.com/publication/d5afa97d?page=18"> ɢɢ ɢ 4!!#22$4+ɢ -(2'ɢ̎2'ɢ$ 1,ɢ(-ɢ' - .4-318</a> <a title="IFU Annual Report 2011 page 19" href="http://viewer.zmags.com/publication/d5afa97d?page=19"> #6ɢ'# "ɢ.$ɢ1#%(.- +ɢ.̐!#ɢ(-ɢ #-8 "6 1"ɢ 4-% ( </a> <a title="IFU Annual Report 2011 page 20" href="http://viewer.zmags.com/publication/d5afa97d?page=20"> IFU BECOMES A SHAREHOLDER OF NEW NORSAD FUND </a> <a title="IFU Annual Report 2011 page 21" href="http://viewer.zmags.com/publication/d5afa97d?page=21"> IFU ASSISTING DANISH SMEs IN BECOMING GLOBALISED </a> <a title="IFU Annual Report 2011 page 22" href="http://viewer.zmags.com/publication/d5afa97d?page=22"> ASIA IS DEVELOPING FAST IFU has been investin</a> <a title="IFU Annual Report 2011 page 23" href="http://viewer.zmags.com/publication/d5afa97d?page=23"> ɢɢ ɢ (+/#3#1ɢ#7/ -"(-%ɢ(-ɢ -"( .4-318ƣ Indi</a> <a title="IFU Annual Report 2011 page 24" href="http://viewer.zmags.com/publication/d5afa97d?page=24"> ɢɢ ɢ (--#1ɢ.$ɢ ƴ2ɢɢ -5#23,#-3ɢ 6 1"ɢƋƉƊƊɢ -</a> <a title="IFU Annual Report 2011 page 25" href="http://viewer.zmags.com/publication/d5afa97d?page=25"> STRONG FOCUS ON LATIN AMERICA The increase in</a> <a title="IFU Annual Report 2011 page 26" href="http://viewer.zmags.com/publication/d5afa97d?page=26"> DEVELOPING COUNTRIES NEED CLIMATE INVESTMENTS </a> <a title="IFU Annual Report 2011 page 27" href="http://viewer.zmags.com/publication/d5afa97d?page=27"> CORPORATE SOCIAL RESPONSIBILITY REPORTING Acc</a> <a title="IFU Annual Report 2011 page 28" href="http://viewer.zmags.com/publication/d5afa97d?page=28"> ˆ ƣɢ ɢ Mr Arne H Berg, chairman af Danper, Peru</a> <a title="IFU Annual Report 2011 page 29" href="http://viewer.zmags.com/publication/d5afa97d?page=29"> munication, due diligence tools, supply chain dil</a> <a title="IFU Annual Report 2011 page 30" href="http://viewer.zmags.com/publication/d5afa97d?page=30"> ɢɢ ɢ ! -.,ɢ(#3- , .4-318ƣ Vietnam A CSR iss</a> <a title="IFU Annual Report 2011 page 31" href="http://viewer.zmags.com/publication/d5afa97d?page=31"> IFU FOCUS IFU Focus ran for a second year in </a> <a title="IFU Annual Report 2011 page 32" href="http://viewer.zmags.com/publication/d5afa97d?page=32"> HUMAN RESOURCES IFU is a knowledge-based orga</a> <a title="IFU Annual Report 2011 page 33" href="http://viewer.zmags.com/publication/d5afa97d?page=33"> -5#23,#-3ɢ, - %#12ɢ -"ɢ "5(2#12 "(231( 43#"ɢ 8ɢ1#</a> <a title="IFU Annual Report 2011 page 34" href="http://viewer.zmags.com/publication/d5afa97d?page=34"> FINANCIAL REVIEW 2011 IFU recorded net income</a> <a title="IFU Annual Report 2011 page 35" href="http://viewer.zmags.com/publication/d5afa97d?page=35"> IFU had equity of DKK 2,396m at 31 December 2011,</a> <a title="IFU Annual Report 2011 page 36" href="http://viewer.zmags.com/publication/d5afa97d?page=36"> STATEMENT STATEMENT BY THE MANAGEMENT ON THE AN</a> <a title="IFU Annual Report 2011 page 37" href="http://viewer.zmags.com/publication/d5afa97d?page=37"> AUDITORS' REPORT INDEPENDENT AUDITORS' REPORT </a> <a title="IFU Annual Report 2011 page 38" href="http://viewer.zmags.com/publication/d5afa97d?page=38"> IFU investments have contributed to more than 3</a> <a title="IFU Annual Report 2011 page 39" href="http://viewer.zmags.com/publication/d5afa97d?page=39"> ACCOUNTING POLICIES This annual report has b</a> <a title="IFU Annual Report 2011 page 40" href="http://viewer.zmags.com/publication/d5afa97d?page=40"> #1(5 3(5#ɢ̎- -!( +ɢ(-2314,#-32 IFU has establishe</a> <a title="IFU Annual Report 2011 page 41" href="http://viewer.zmags.com/publication/d5afa97d?page=41"> ' 1#ɢ! /(3 +ɢ(-5#23,#-3ɢ(-ɢ/1.)#!32ơɢ-#3 If the F</a> <a title="IFU Annual Report 2011 page 42" href="http://viewer.zmags.com/publication/d5afa97d?page=42"> related to guarantee agreements are recognised in</a> <a title="IFU Annual Report 2011 page 43" href="http://viewer.zmags.com/publication/d5afa97d?page=43"> Income statement 2011 2010 Note </a> <a title="IFU Annual Report 2011 page 44" href="http://viewer.zmags.com/publication/d5afa97d?page=44"> IBnacloanmcesthaetemt aetn3t1 December Assets 201</a> <a title="IFU Annual Report 2011 page 45" href="http://viewer.zmags.com/publication/d5afa97d?page=45"> IBnacloanmcesthaetemt aetn3t1 December Liabilitie</a> <a title="IFU Annual Report 2011 page 46" href="http://viewer.zmags.com/publication/d5afa97d?page=46"> Cash flow statement 2011 2010 DKK 1,000 </a> <a title="IFU Annual Report 2011 page 47" href="http://viewer.zmags.com/publication/d5afa97d?page=47"> Notes 2011 2010 Note </a> <a title="IFU Annual Report 2011 page 48" href="http://viewer.zmags.com/publication/d5afa97d?page=48"> Notes 2011 2010 Note </a> <a title="IFU Annual Report 2011 page 49" href="http://viewer.zmags.com/publication/d5afa97d?page=49"> Notes 2011 2010 Note </a> <a title="IFU Annual Report 2011 page 50" href="http://viewer.zmags.com/publication/d5afa97d?page=50"> Notes 2011 2010 Note </a> <a title="IFU Annual Report 2011 page 51" href="http://viewer.zmags.com/publication/d5afa97d?page=51"> Notes 2011 2010 Note </a> <a title="IFU Annual Report 2011 page 52" href="http://viewer.zmags.com/publication/d5afa97d?page=52"> Notes 2011 2010 Note </a> <a title="IFU Annual Report 2011 page 53" href="http://viewer.zmags.com/publication/d5afa97d?page=53"> Notes 2011 2010 Note </a> <a title="IFU Annual Report 2011 page 54" href="http://viewer.zmags.com/publication/d5afa97d?page=54"> Notes 2011 2010 Note </a> <a title="IFU Annual Report 2011 page 55" href="http://viewer.zmags.com/publication/d5afa97d?page=55"> Notes 2011 2010 Note </a> <a title="IFU Annual Report 2011 page 56" href="http://viewer.zmags.com/publication/d5afa97d?page=56"> IFU recorded net income of DKK 122m in 2011 </a> <a title="IFU Annual Report 2011 page 57" href="http://viewer.zmags.com/publication/d5afa97d?page=57"> MANAGEMENT SUPERVISORY BOARD The Danish </a> <a title="IFU Annual Report 2011 page 58" href="http://viewer.zmags.com/publication/d5afa97d?page=58"> Beate Bentzen, board member since 2009. Business </a> <a title="IFU Annual Report 2011 page 59" href="http://viewer.zmags.com/publication/d5afa97d?page=59"> Susan Ulbæk, board member since 2009. MSc (Econom</a> <a title="IFU Annual Report 2011 page 60" href="http://viewer.zmags.com/publication/d5afa97d?page=60"> STAFF AND ADVISERS Executive Board Communication</a> <a title="IFU Annual Report 2011 page 61" href="http://viewer.zmags.com/publication/d5afa97d?page=61"> IFU offices ACCRA - GHANA </a> <a title="IFU Annual Report 2011 page 62" href="http://viewer.zmags.com/publication/d5afa97d?page=62"> LEGAL MANDATE IFU was established in 1967 under </a> <a title="IFU Annual Report 2011 page 63" href="http://viewer.zmags.com/publication/d5afa97d?page=63"> OFFICES HEA</a> <a title="IFU Annual Report 2011 page 64" href="http://viewer.zmags.com/publication/d5afa97d?page=64"> THE INDUSTRIALISATION FUND FOR DEVELOPING COUNTRI</a>