{"id":2536,"date":"2021-05-21T07:57:17","date_gmt":"2021-05-21T05:57:17","guid":{"rendered":"https:\/\/norfund.wpenginepowered.com\/annualreport-2020\/?page_id=2536"},"modified":"2023-05-22T16:58:26","modified_gmt":"2023-05-22T14:58:26","slug":"note-11","status":"publish","type":"page","link":"https:\/\/reports.norfund.no\/annualreport-2022\/annual-report\/notes\/note-11\/","title":{"rendered":"Note 11 – Loans and investments"},"content":{"rendered":"
\n\t\t\t\t\n\t\t\t\t\t

Note 11<\/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 policies<\/a><\/li>\n
  2. Segment information<\/a><\/li>\n
  3. Exited investments<\/a><\/li>\n
  4. Payroll expenses<\/a><\/li>\n
  5. Fixed assets<\/a><\/li>\n
  6. Other operating expenses<\/a><\/li>\n
  7. Net financial items<\/a><\/li>\n
  8. Taxes<\/a><\/li>\n
  9. Capital movements<\/a><\/li>\n
  10. Other receivables<\/a><\/li>\n
  11. Loans and investments<\/a><\/li>\n
  12. Bank deposits and other short-term placements<\/a><\/li>\n
  13. Unused resources (Norfund’s grant schemes)<\/a><\/li>\n
  14. Current liabilities and guarantees<\/a><\/li>\n
  15. Risk management and use of financial instruments<\/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>4 673 149<\/td>4 159 546<\/td>-28 313<\/td>4 131 233<\/td><\/tr>
    Green Infrastructure<\/td>19 715<\/td>9 857<\/td><\/td>9 857<\/td><\/tr>
    Renewable Energy<\/td>1 828 148<\/td>1 450 193<\/td>-48 634<\/td>1 401 559<\/td><\/tr>
    Scalable Enterprises<\/td>1 213 632<\/td>982 755<\/td>-64 601<\/td>918 155<\/td><\/tr>
    Funds<\/td>9 857<\/td>9 857<\/td><\/td>9 857<\/td><\/tr>
    Climate Investment Fund<\/td>991 266<\/td><\/td><\/td><\/td><\/tr>
    Total loans<\/td>8 735 767<\/td>6 612 209<\/td>-141 548<\/td>6 470 661<\/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 31.12.2022 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 and known loan losses<\/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 6 (12 in 2021) non-performing loans with total interest and repayments due of NOK 126 million (NOK 115 million in 2021) and a total outstanding amount of NOK 157 million (NOK 275 million in 2021). 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>7 288<\/td><\/tr>
    61\u2013120<\/td>4 963<\/td><\/tr>
    121<\/td>113 589<\/td><\/tr>
    Total<\/td>125 840<\/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

    Three loans were considered partially lost, with a total loss of NOK 6.4 million.<\/p>\n\n\n\n

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

    Eight loans were repaid in the course of the year (12 in 2021), while one was converted into equity.<\/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>1 001 002<\/td>606 937<\/td>-41 963<\/td>564 974<\/td><\/tr>
    Green Infrastructure<\/td>139 704<\/td><\/td><\/td>0<\/td><\/tr>
    Renewable Energy<\/td>772 376<\/td>177 872<\/td>-5 696<\/td>172 176<\/td><\/tr>
    Scalable Enterprises<\/td>189 516<\/td>98 400<\/td>-22 637<\/td>75 763<\/td><\/tr>
    Funds<\/td>5 628 742<\/td>2 890 109<\/td>-518 234<\/td>2 371 875<\/td><\/tr>
    Total invested in funds<\/td>7 731 340<\/td>3 773 318<\/td>-588 530<\/td>3 184 788<\/td><\/tr><\/tbody><\/table><\/div><\/div>\n\n
    Equity investments in companies<\/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>5 112 299<\/td>4 781 782<\/td>-530 864<\/td>4 250 919<\/td><\/tr>
    Renewable Energy<\/td>6 888 852<\/td>5 976 355<\/td>-258 916<\/td>5 717 439<\/td><\/tr>
    Scalable Enterprises<\/td>1 907 151<\/td>1 561 461<\/td>-286 914<\/td>1 274 547<\/td><\/tr>
    Funds<\/td>131 391<\/td>91 330<\/td>-6 387<\/td>84 942<\/td><\/tr>
    Climate Investment Fund<\/td>1 143 827<\/td>427 981<\/td><\/td>427 981<\/td><\/tr>
    Total invested in equity<\/td>15 183 520<\/td>12 838 908<\/td>-1 083 081<\/td>11 755 828<\/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 31.12.2022 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\n\n

    <\/thead><\/tbody><\/table><\/div><\/div>","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 31.12.2022 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":10,"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 11 - Loans and investments | Annual Report 2022<\/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-2022\/annual-report\/notes\/note-11\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Note 11 - Loans and investments | Annual Report 2022\" \/>\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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