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<br /> ANNUAL REPORT<br /> 2010<br /> CONTENTS<br /> Legal mandate 2<br /> Mission, vision and strategy 2<br /> Welcome note from the CEO 3<br /> Executive summary 2010 4<br /> Financial highlights 2006-2010 5<br /> Management’s review 7<br /> Investments in 2010 7<br /> Operational framework 8<br /> Investments contracted in 2010 9<br /> IFU’s investments generate economic<br /> and social development 10<br /> Developing countries on the rise 13<br /> IFU – much more than investment capital 14<br /> Capital extraction 15<br /> IFU as fund manager <a title="IFU-AR-2010.pdf page 1" href="http://viewer.zmags.com/publication/e1059378?page=1"> ANNUAL REPORT 2010</a> <a title="IFU-AR-2010.pdf page 2" href="http://viewer.zmags.com/publication/e1059378?page=2"> CONTENTS Legal mandate </a> <a title="IFU-AR-2010.pdf page 3" href="http://viewer.zmags.com/publication/e1059378?page=3"> WELCOME NOTE FROM THE CEO DEAR READER, A new t</a> <a title="IFU-AR-2010.pdf page 4" href="http://viewer.zmags.com/publication/e1059378?page=4"> In 2010, IFU’s investments reached DKK 559m ExECU</a> <a title="IFU-AR-2010.pdf page 5" href="http://viewer.zmags.com/publication/e1059378?page=5"> FINANCIAL HIGHLIGHTS FINANCIAL HIGHLIGHTS 2006-2</a> <a title="IFU-AR-2010.pdf page 6" href="http://viewer.zmags.com/publication/e1059378?page=6"> IFU generated net income of DKK 67m in 2010 </a> <a title="IFU-AR-2010.pdf page 7" href="http://viewer.zmags.com/publication/e1059378?page=7"> MANAGEMENT’S REvIEW INvESTMENTS IN 2010 In 201</a> <a title="IFU-AR-2010.pdf page 8" href="http://viewer.zmags.com/publication/e1059378?page=8"> Investments in 2010 – an overview Number of new p</a> <a title="IFU-AR-2010.pdf page 9" href="http://viewer.zmags.com/publication/e1059378?page=9"> INvESTMENTS CONTRACTED IN 2010 Project name </a> <a title="IFU-AR-2010.pdf page 10" href="http://viewer.zmags.com/publication/e1059378?page=10"> IFU’S INvESTMENTS GENERATE ECONOMIC AND SOCIAL DE</a> <a title="IFU-AR-2010.pdf page 11" href="http://viewer.zmags.com/publication/e1059378?page=11"> Greenfield projects have a greater impact Accordin</a> <a title="IFU-AR-2010.pdf page 12" href="http://viewer.zmags.com/publication/e1059378?page=12"> Developmental and environmental highlights weig</a> <a title="IFU-AR-2010.pdf page 13" href="http://viewer.zmags.com/publication/e1059378?page=13"> DEvELOPING COUNTRIES ON THE RISE After a devasta</a> <a title="IFU-AR-2010.pdf page 14" href="http://viewer.zmags.com/publication/e1059378?page=14"> IFU – MUCH MORE THAN INvESTMENT CAPITAL It is IF</a> <a title="IFU-AR-2010.pdf page 15" href="http://viewer.zmags.com/publication/e1059378?page=15"> CAPITAL ExTRACTION IFU made no repayments to the</a> <a title="IFU-AR-2010.pdf page 16" href="http://viewer.zmags.com/publication/e1059378?page=16"> PROMISING BUSINESS IN AFRICA IFU continued its s</a> <a title="IFU-AR-2010.pdf page 17" href="http://viewer.zmags.com/publication/e1059378?page=17"> Aureos Africa Fund A large number of small and m</a> <a title="IFU-AR-2010.pdf page 18" href="http://viewer.zmags.com/publication/e1059378?page=18"> BREAKDOWN OF IFU’S PROJECT PORTFOLIO Up to the e</a> <a title="IFU-AR-2010.pdf page 19" href="http://viewer.zmags.com/publication/e1059378?page=19"> INvESTMENTS IN CHINA In 2010, IFU contracted sev</a> <a title="IFU-AR-2010.pdf page 20" href="http://viewer.zmags.com/publication/e1059378?page=20"> BEHIND THE SCENES – A REPORT FROM IFU’S REGIONAL </a> <a title="IFU-AR-2010.pdf page 21" href="http://viewer.zmags.com/publication/e1059378?page=21"> IFU investments in India DKKm 400 350 300 250 2</a> <a title="IFU-AR-2010.pdf page 22" href="http://viewer.zmags.com/publication/e1059378?page=22"> CLIMATE AND ENERGy – A vAST POTENTIAL IN DEvELOPI</a> <a title="IFU-AR-2010.pdf page 23" href="http://viewer.zmags.com/publication/e1059378?page=23"> IFU ENGAGES IN MICROFINANCE In 2010, IFU signed </a> <a title="IFU-AR-2010.pdf page 24" href="http://viewer.zmags.com/publication/e1059378?page=24"> CORPORATE SOCIAL RESPONSIBILITy REPORTING IFU’s </a> <a title="IFU-AR-2010.pdf page 25" href="http://viewer.zmags.com/publication/e1059378?page=25"> Ngoro Ngoro Mountain Coffee Shangri-La Estate is</a> <a title="IFU-AR-2010.pdf page 26" href="http://viewer.zmags.com/publication/e1059378?page=26"> The board meets regularly to discuss key issues l</a> <a title="IFU-AR-2010.pdf page 27" href="http://viewer.zmags.com/publication/e1059378?page=27"> IFU FOCUS SEMINARS </a> <a title="IFU-AR-2010.pdf page 28" href="http://viewer.zmags.com/publication/e1059378?page=28"> HUMAN RESOURCES The development and success of I</a> <a title="IFU-AR-2010.pdf page 29" href="http://viewer.zmags.com/publication/e1059378?page=29"> FINANCIAL REvIEW 2010 IFU recorded net income of</a> <a title="IFU-AR-2010.pdf page 30" href="http://viewer.zmags.com/publication/e1059378?page=30"> RISK MANAGEMENT IFU invests in projects located </a> <a title="IFU-AR-2010.pdf page 31" href="http://viewer.zmags.com/publication/e1059378?page=31"> policy is implemented in order to limit this sens</a> <a title="IFU-AR-2010.pdf page 32" href="http://viewer.zmags.com/publication/e1059378?page=32"> STATEMENT STATEMENT By THE MANAGEMENT ON THE ANN</a> <a title="IFU-AR-2010.pdf page 33" href="http://viewer.zmags.com/publication/e1059378?page=33"> AUDITORS’ REPORT INDEPENDENT AUDITORS’ REPORT T</a> <a title="IFU-AR-2010.pdf page 34" href="http://viewer.zmags.com/publication/e1059378?page=34"> IFU investments have contributed to more than 350</a> <a title="IFU-AR-2010.pdf page 35" href="http://viewer.zmags.com/publication/e1059378?page=35"> ACCOUNTING POLICIES This Annual Report has bee</a> <a title="IFU-AR-2010.pdf page 36" href="http://viewer.zmags.com/publication/e1059378?page=36"> Derivative financial instruments IFU has establish</a> <a title="IFU-AR-2010.pdf page 37" href="http://viewer.zmags.com/publication/e1059378?page=37"> Share capital investment in projects, net If the </a> <a title="IFU-AR-2010.pdf page 38" href="http://viewer.zmags.com/publication/e1059378?page=38"> Lease commitments Lease commitments relating to a</a> <a title="IFU-AR-2010.pdf page 39" href="http://viewer.zmags.com/publication/e1059378?page=39"> Income statement 2010 2009 Note </a> <a title="IFU-AR-2010.pdf page 40" href="http://viewer.zmags.com/publication/e1059378?page=40"> IBnacloanmcesthaetemt aetn3t1 December Assets 201</a> <a title="IFU-AR-2010.pdf page 41" href="http://viewer.zmags.com/publication/e1059378?page=41"> IBnacloanmcesthaetemt aetn3t1 December Liabilitie</a> <a title="IFU-AR-2010.pdf page 42" href="http://viewer.zmags.com/publication/e1059378?page=42"> Cash flow statement 2010 2009 DKK 1,000 </a> <a title="IFU-AR-2010.pdf page 43" href="http://viewer.zmags.com/publication/e1059378?page=43"> Notes 2010 2009 Note </a> <a title="IFU-AR-2010.pdf page 44" href="http://viewer.zmags.com/publication/e1059378?page=44"> Notes 2010 2009 Note </a> <a title="IFU-AR-2010.pdf page 45" href="http://viewer.zmags.com/publication/e1059378?page=45"> Notes 2010 2009 Note </a> <a title="IFU-AR-2010.pdf page 46" href="http://viewer.zmags.com/publication/e1059378?page=46"> Notes 2010 2009 Note </a> <a title="IFU-AR-2010.pdf page 47" href="http://viewer.zmags.com/publication/e1059378?page=47"> Notes 2010 2009 Note </a> <a title="IFU-AR-2010.pdf page 48" href="http://viewer.zmags.com/publication/e1059378?page=48"> Notes 2010 2009 Note </a> <a title="IFU-AR-2010.pdf page 49" href="http://viewer.zmags.com/publication/e1059378?page=49"> Notes 2010 2009 Note </a> <a title="IFU-AR-2010.pdf page 50" href="http://viewer.zmags.com/publication/e1059378?page=50"> Notes 2010 2009 Note </a> <a title="IFU-AR-2010.pdf page 51" href="http://viewer.zmags.com/publication/e1059378?page=51"> Notes 2010 2009 Note </a> <a title="IFU-AR-2010.pdf page 52" href="http://viewer.zmags.com/publication/e1059378?page=52"> Over the years, IFU has entered into more than 70</a> <a title="IFU-AR-2010.pdf page 53" href="http://viewer.zmags.com/publication/e1059378?page=53"> MANAGEMENT SUPERvISORy BOARD AND ExECUTIvE BOARD</a> <a title="IFU-AR-2010.pdf page 54" href="http://viewer.zmags.com/publication/e1059378?page=54"> Beate Bentzen (1956), member since 2009. Business</a> <a title="IFU-AR-2010.pdf page 55" href="http://viewer.zmags.com/publication/e1059378?page=55"> Christina Rasmussen (1967), member since 2008. MS</a> <a title="IFU-AR-2010.pdf page 56" href="http://viewer.zmags.com/publication/e1059378?page=56"> STAFF AND ADvISERS Executive Board Communication </a> <a title="IFU-AR-2010.pdf page 57" href="http://viewer.zmags.com/publication/e1059378?page=57"> IFU Offices (Reporting to IMD) ACCRA </a> <a title="IFU-AR-2010.pdf page 58" href="http://viewer.zmags.com/publication/e1059378?page=58"> Compact India, therapeutical food. EUROPEAN COO</a> <a title="IFU-AR-2010.pdf page 59" href="http://viewer.zmags.com/publication/e1059378?page=59"> OFFICES HEAD OFFICE</a> <a title="IFU-AR-2010.pdf page 60" href="http://viewer.zmags.com/publication/e1059378?page=60"> THE INDUSTRIALISATION FUND FOR DEVELOPING COUNTRI</a>