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<br /> The Industrialisation Fund for Developing<br /> Countries (IFU)<br /> Annual Report 2008<br /> 2<br /> Legal mandate<br /> “For the purpose of promoting economic activity in developing countries, IFU has<br /> been created to promote investments in these countries in collaboration with<br /> Danish trade and industry.”<br /> The Act on International Development Cooperation,<br /> The Danish Parliament, 7 June 1967.<br /> Mission, Vision & Strategy<br /> Mission:<br /> To enhance global economic growth, development and more equitable income distribution<br /> through increased global flow of socially and environmentally responsible, productive<br /> investments making optimal use of comparative advantages.<br /> Vision:<br /> To contribute through information and advice in connection with co-investments to enhance<br /> Danish enterprises' active participation in the global flo<a title="IFU Annual report 2008 page 1" href="http://viewer.zmags.com/publication/f46cd8b9?page=1"> The Industrialisation Fund for Developing </a> <a title="IFU Annual report 2008 page 2" href="http://viewer.zmags.com/publication/f46cd8b9?page=2"> 2 Legal mandate “For the purpose of promot</a> <a title="IFU Annual report 2008 page 3" href="http://viewer.zmags.com/publication/f46cd8b9?page=3"> 3 Welcome note from the CEO Dear Reader, 2008 </a> <a title="IFU Annual report 2008 page 4" href="http://viewer.zmags.com/publication/f46cd8b9?page=4"> 4 Changes to the Executive Board Torben Huss Ne</a> <a title="IFU Annual report 2008 page 5" href="http://viewer.zmags.com/publication/f46cd8b9?page=5"> 5 Statement by the Management on the Annual Rep</a> <a title="IFU Annual report 2008 page 6" href="http://viewer.zmags.com/publication/f46cd8b9?page=6"> 6 Independent Auditors' Report To the Supervis</a> <a title="IFU Annual report 2008 page 7" href="http://viewer.zmags.com/publication/f46cd8b9?page=7"> 7 Summary 2008 • 36 new projects with an expe</a> <a title="IFU Annual report 2008 page 8" href="http://viewer.zmags.com/publication/f46cd8b9?page=8"> 8 Financial and developmental highlights 2</a> <a title="IFU Annual report 2008 page 9" href="http://viewer.zmags.com/publication/f46cd8b9?page=9"> 9 Management's review Main activities IFU gene</a> <a title="IFU Annual report 2008 page 10" href="http://viewer.zmags.com/publication/f46cd8b9?page=10"> </a> <a title="IFU Annual report 2008 page 11" href="http://viewer.zmags.com/publication/f46cd8b9?page=11"> 11 </a> <a title="IFU Annual report 2008 page 12" href="http://viewer.zmags.com/publication/f46cd8b9?page=12"> 12 </a> <a title="IFU Annual report 2008 page 13" href="http://viewer.zmags.com/publication/f46cd8b9?page=13"> </a> <a title="IFU Annual report 2008 page 14" href="http://viewer.zmags.com/publication/f46cd8b9?page=14"> 14 Changes in eligible countries IFU's geograph</a> <a title="IFU Annual report 2008 page 15" href="http://viewer.zmags.com/publication/f46cd8b9?page=15"> 15 Strategy considerations During 2008, extensi</a> <a title="IFU Annual report 2008 page 16" href="http://viewer.zmags.com/publication/f46cd8b9?page=16"> 16 Continued focus on Africa In 2008, IFU conti</a> <a title="IFU Annual report 2008 page 17" href="http://viewer.zmags.com/publication/f46cd8b9?page=17"> </a> <a title="IFU Annual report 2008 page 18" href="http://viewer.zmags.com/publication/f46cd8b9?page=18"> </a> <a title="IFU Annual report 2008 page 19" href="http://viewer.zmags.com/publication/f46cd8b9?page=19"> 19 Strategic approach to climate projects IFU </a> <a title="IFU Annual report 2008 page 20" href="http://viewer.zmags.com/publication/f46cd8b9?page=20"> </a> <a title="IFU Annual report 2008 page 21" href="http://viewer.zmags.com/publication/f46cd8b9?page=21"> </a> <a title="IFU Annual report 2008 page 22" href="http://viewer.zmags.com/publication/f46cd8b9?page=22"> </a> <a title="IFU Annual report 2008 page 23" href="http://viewer.zmags.com/publication/f46cd8b9?page=23"> 23 Occupational health and safety review In 2008</a> <a title="IFU Annual report 2008 page 24" href="http://viewer.zmags.com/publication/f46cd8b9?page=24"> 24 Human resources IFU is an organisation with </a> <a title="IFU Annual report 2008 page 25" href="http://viewer.zmags.com/publication/f46cd8b9?page=25"> 25 Common platform During 2008, we completed the</a> <a title="IFU Annual report 2008 page 26" href="http://viewer.zmags.com/publication/f46cd8b9?page=26"> 26 Financial review 2008 IFU recorded a profit </a> <a title="IFU Annual report 2008 page 27" href="http://viewer.zmags.com/publication/f46cd8b9?page=27"> 27 IFU's part of the overall operating expenses </a> <a title="IFU Annual report 2008 page 28" href="http://viewer.zmags.com/publication/f46cd8b9?page=28"> </a> <a title="IFU Annual report 2008 page 29" href="http://viewer.zmags.com/publication/f46cd8b9?page=29"> 29 Accounting policies This Annual Report has </a> <a title="IFU Annual report 2008 page 30" href="http://viewer.zmags.com/publication/f46cd8b9?page=30"> </a> <a title="IFU Annual report 2008 page 31" href="http://viewer.zmags.com/publication/f46cd8b9?page=31"> 31 Share capital investment in projects, net Sha</a> <a title="IFU Annual report 2008 page 32" href="http://viewer.zmags.com/publication/f46cd8b9?page=32"> </a> <a title="IFU Annual report 2008 page 33" href="http://viewer.zmags.com/publication/f46cd8b9?page=33"> 33 INCOME STATEMENT </a> <a title="IFU Annual report 2008 page 34" href="http://viewer.zmags.com/publication/f46cd8b9?page=34"> 34 BALANCE SHEET AT</a> <a title="IFU Annual report 2008 page 35" href="http://viewer.zmags.com/publication/f46cd8b9?page=35"> 35 BALANCE SHEET AT</a> <a title="IFU Annual report 2008 page 36" href="http://viewer.zmags.com/publication/f46cd8b9?page=36"> 36 CASH FLOW STATEMENT </a> <a title="IFU Annual report 2008 page 37" href="http://viewer.zmags.com/publication/f46cd8b9?page=37"> 37 NOTES 2008 </a> <a title="IFU Annual report 2008 page 38" href="http://viewer.zmags.com/publication/f46cd8b9?page=38"> 38 2008 2007 D</a> <a title="IFU Annual report 2008 page 39" href="http://viewer.zmags.com/publication/f46cd8b9?page=39"> 39 2008 2007 D</a> <a title="IFU Annual report 2008 page 40" href="http://viewer.zmags.com/publication/f46cd8b9?page=40"> 40 2008 2007 D</a> <a title="IFU Annual report 2008 page 41" href="http://viewer.zmags.com/publication/f46cd8b9?page=41"> 41 2008 2007 D</a> <a title="IFU Annual report 2008 page 42" href="http://viewer.zmags.com/publication/f46cd8b9?page=42"> 42 2008 2007 D</a> <a title="IFU Annual report 2008 page 43" href="http://viewer.zmags.com/publication/f46cd8b9?page=43"> 43 2008 2007 D</a> <a title="IFU Annual report 2008 page 44" href="http://viewer.zmags.com/publication/f46cd8b9?page=44"> 44 2008 2007 D</a> <a title="IFU Annual report 2008 page 45" href="http://viewer.zmags.com/publication/f46cd8b9?page=45"> 45 2008 2007 D</a> <a title="IFU Annual report 2008 page 46" href="http://viewer.zmags.com/publication/f46cd8b9?page=46"> 46 Management: Supervisory Board The Danish Min</a> <a title="IFU Annual report 2008 page 47" href="http://viewer.zmags.com/publication/f46cd8b9?page=47"> </a>