{"id":2524,"date":"2021-05-21T07:54:42","date_gmt":"2021-05-21T05:54:42","guid":{"rendered":"https:\/\/norfund.wpenginepowered.com\/annualreport-2020\/?page_id=2524"},"modified":"2022-05-24T16:29:03","modified_gmt":"2022-05-24T14:29:03","slug":"note-3","status":"publish","type":"page","link":"https:\/\/reports.norfund.no\/annualreport-2021\/annual-report\/notes\/note-3\/","title":{"rendered":"Note 3 – Loans and Investments"},"content":{"rendered":"
\n\t\t\t\t\n\t\t\t\t\t

Note 3<\/h4>\n\t\t\t\t\t

Loans and Investments<\/h3>\n\t\t\t\t<\/span>\n\t\t\t\t<\/span>\n\t\t\t<\/a>
  1. Accounting principles<\/a><\/li>\n
  2. Segment Information<\/a><\/li>\n
  3. Loans and Investments<\/a><\/li>\n
  4. Exited Investments<\/a><\/li>\n
  5. Payroll Expenses<\/a><\/li>\n
  6. Other Operating Expenses<\/a><\/li>\n
  7. Net financial income\/expense<\/a><\/li>\n
  8. Fixed Assets<\/a><\/li>\n
  9. Other Receivables<\/a><\/li>\n
  10. Tax<\/a><\/li>\n
  11. Bank Deposits, Cash and Cash Equivalents<\/a><\/li>\n
  12. Capital Movements<\/a><\/li>\n
  13. Unused Resources<\/a><\/li>\n
  14. Information on financial market risk and the use of financial instruments<\/a><\/li>\n
  15. Current liabilities and guarantees<\/a><\/li>\n
  16. Events after balance-sheet date<\/a><\/li>\n<\/ol><\/div><\/div><\/div><\/div>\n\n
    Loans to Companies<\/th><\/tr>
    (Figures in 1000s of NOK)<\/th>Committed investment<\/th>Historical cost<\/th>Accumulated loan loss provision<\/th>Book value<\/th><\/tr><\/thead>
    Financial Institutions<\/td>5 299 723<\/td>3 184 618<\/td>-18 227<\/td>3 166 391<\/td><\/tr>
    Green Infrastructure<\/td>17 639<\/td>8 819<\/td>0<\/td>8 819<\/td><\/tr>
    Clean Energy<\/td>2 087 955<\/td>1 024 433<\/td>-58 631<\/td>965 802<\/td><\/tr>
    Scalable Enterprises<\/td>1 252 530<\/td>711 728<\/td>-64 750<\/td>646 978<\/td><\/tr>
    Funds<\/td>35 463<\/td>20 135<\/td>-4 260<\/td>15 875<\/td><\/tr>
    Total loans<\/td>8 693 311<\/td>4 949 732<\/td>-145 867<\/td>4 803 865<\/td><\/tr><\/tbody><\/table><\/div><\/div>\n\n\n

    By \u2018committed investment\u2019 is meant that there is an external commitment for a specific amount. For conversions to NOK, the exchange rate on the disbursement date is used for the part of the amount that is disbursed. The exchange rate at 31.12.2021 is used for the part that has not been disbursed.<\/p>\n\n\n\n

    Norfund makes a semi-annual assessment of each of the loans in the loan portfolio, including provisions for losses.<\/p>\n\n\n\n

    Loan loss provision<\/h3>\n\n\n\n

    A loan is regarded as non-performing when borrower has not made due payments within 60 days of the due date. On balance sheet date Norfund had 12 (14 in 2020) non-performing loans with total interest and repayments due of NOK 114.6 million (NOK 125 million in 2020) and a total outstanding amount of NOK 274.8 million (410 million in 2020). Examples of default or losses are significant financial problems on the part of debtor, restrictions on foreign exchange transfers in countries in which debtor operates, debt settlement proceedings or winding up of a business.<\/p>\n\n\n

    Days past due date<\/th>Amount due<\/th><\/tr><\/thead>
    0-60<\/td>5 984<\/td><\/tr>
    61-120<\/td>6 212<\/td><\/tr>
    121<\/td>102 409<\/td><\/tr>
    Total<\/td>114 605<\/td><\/tr><\/tbody><\/table><\/div><\/div>\n\n\n

    Loans are written down by up to 100% of the outstanding principal and accumulated interest, depending on the likelihood of the amount being repaid.<\/p>\n\n\n\n

    Repayment<\/h3>\n\n\n\n

    Twelve loans (6 in 2020) were repaid in the course of the year, while no loans were converted to equity capital and one loan of NOK 42.2 million was recognised as lost.<\/p>\n\n\n

    Equity investments in funds<\/th><\/tr>
    (Figures in 1000s of NOK)<\/th>Committed Investment<\/th>Historical cost<\/th>Accumulated loan loss<\/th>Book value<\/th><\/tr><\/thead>
    Financial Institutions<\/td>1 029 169<\/td>695 753<\/td>-33 548<\/td>662 205<\/td><\/tr>
    Clean Energy<\/td>719 793<\/td>1 206 763<\/td>-80 181<\/td>1 126 583<\/td><\/tr>
    Scalable Enterprises<\/td>172 787<\/td>77 460<\/td>0<\/td>77 460<\/td><\/tr>
    Funds<\/td>4 875 872<\/td>2 230 863<\/td>-556 141<\/td>1 674 722<\/td><\/tr>
    Total invested in funds<\/td>6 797 621<\/td>4 210 839<\/td>-669 869<\/td>3 540 970<\/td><\/tr><\/tbody><\/table><\/div><\/div>\n\n
    Equity Investments in Companies<\/th><\/tr>
    (Figures in 1000s NOK)<\/th>Committed investment<\/th>Historical cost<\/th>Accumulated loan loss provision<\/th>Book value<\/th><\/tr><\/thead>
    Financial Institutions<\/td>7 104 231<\/td>4 243 820<\/td>-377 205<\/td>3 866 614<\/td><\/tr>
    Clean Energy<\/td>4 794 740<\/td>3 555 341<\/td>-145 775<\/td>3 409 567<\/td><\/tr>
    Scalable Enterprises<\/td>1 322 432<\/td>1 311 490<\/td>-261 384<\/td>1 050 106<\/td><\/tr>
    Funds<\/td>94 429<\/td>64 917<\/td>-25 792<\/td>39 125<\/td><\/tr>
    Total invested in equity<\/td>13 315 832<\/td>9 175 568<\/td>-810 156<\/td>8 365 413<\/td><\/tr><\/tbody><\/table><\/div><\/div>\n\n\n

    By \u2018committed investment\u2019 is meant that there is an external commitment for a specific amount. For conversions to NOK, the exchange rate on the disbursement date is used for the part of the amount that is disbursed. The exchange rate as of 31.12.2021 is used for the part that is not disbursed.<\/p>\n\n\n\n

    Accumulated loan loss provisions are accrued, not realised losses on portfolio investments.<\/p>\n","protected":false},"excerpt":{"rendered":"

    By \u2018committed investment\u2019 is meant that there is an external commitment for a specific amount. For conversions to NOK, the exchange rate on the disbursement date is used for the part of the amount that is disbursed. The exchange rate at 31.12.2021 is used for the part that has not been disbursed. Norfund makes a […]<\/p>\n","protected":false},"author":5,"featured_media":0,"parent":2101,"menu_order":2,"comment_status":"closed","ping_status":"closed","template":"","meta":{"norfund_header_layout":"","norfund_header_layout_image_id":0,"norfund_header_layout_image_focal_point_x":0,"norfund_header_layout_image_focal_point_y":0,"norfund_header_layout_suptitle":"","norfund_header_layout_subtitle":"","norfund_header_layout_title":"Notes","teft_cards_image_id":0,"teft_cards_image_focal_point_x":0,"teft_cards_image_focal_point_y":0,"teft_cards_title":"","teft_cards_excerpt":""},"acf":[],"yoast_head":"\nNote 3 - Loans and Investments | Report on Operations 2021<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/reports.norfund.no\/annualreport-2021\/annual-report\/notes\/note-3\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Note 3 - Loans and Investments | Report on Operations 2021\" \/>\n<meta property=\"og:description\" content=\"By \u2018committed investment\u2019 is meant that there is an external commitment for a specific amount. 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