{"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":"2025-06-04T13:46:35","modified_gmt":"2025-06-04T11:46:35","slug":"note-12-2","status":"publish","type":"page","link":"https:\/\/reports.norfund.no\/annualreport-2024\/annual-report\/notes\/note-12-2\/","title":{"rendered":"Note 12 – Investments"},"content":{"rendered":"
\n\t\t\t\t\n\t\t\t\t\t

Note 12<\/h4>\n\t\t\t\t\t

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. Realized losses and value changes<\/a><\/li>\n
  5. Personnel and pension costs<\/a><\/li>\n
  6. Fixed assets<\/a><\/li>\n
  7. Other operating expenses<\/a><\/li>\n
  8. Net financial items<\/a><\/li>\n
  9. Taxes<\/a><\/li>\n
  10. Equity<\/a><\/li>\n
  11. Other receivables<\/a><\/li>\n
  12. Investments<\/a><\/li>\n
  13. Liquidity placements<\/a><\/li>\n
  14. Bank deposits<\/a><\/li>\n
  15. Unused resources<\/a><\/li>\n
  16. Current liabilities and guarantees<\/a><\/li>\n
  17. Risk management and use of financial instruments<\/a><\/li>\n
  18. Events after balance-sheet date<\/a><\/li>\n<\/ol><\/div><\/div><\/div><\/div>\n\n
    Loans to investment projects per investment area<\/th><\/tr>
    (Figures in 1000s of NOK)<\/th>Historical cost<\/th>Accumulated write-downs<\/th>Carrying value<\/th><\/tr><\/thead>
    Financial Inclusion<\/td>5,730,205<\/td>-80,189<\/td>5,650,016<\/td><\/tr>
    Green Infrastructure<\/td>1,299<\/td>0<\/td>1,299<\/td><\/tr>
    Renewable Energy<\/td>1,822,362<\/td>-159,753<\/td>1,662,609<\/td><\/tr>
    Agribusiness and Manufacturing<\/td>1,442,190<\/td>-67,512<\/td>1,374,678<\/td><\/tr>
    Funds<\/td>46,705<\/td>0<\/td>46,705<\/td><\/tr>
    Climate Investment Fund<\/td>778,184<\/td>0<\/td>778,184<\/td><\/tr>
    Frontier Facility<\/td>23,895<\/td>0<\/td>23,895<\/td><\/tr>
    Total loans<\/td>9,844,839<\/td>-307,453<\/td>9,537,386<\/td><\/tr><\/tbody><\/table><\/div><\/div>\n\n\n

    Repayment of loans<\/strong><\/p>\n\n\n\n

    In the course of 2024, 19 loans were repaid (16 in 2023) while three were converted into equity.<\/p>\n\n\n\n

    Write-downs and known loan losses<\/strong><\/p>\n\n\n\n

    A loan is assessed for possible non-performance when borrower has not made payments within 60 days of the due date. Examples of circumstances that indicate non-performance 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. Key considerations when assessing whether the client will be able to repay the loan are for example the general market situation, company-specific factors, the risk of bankruptcy and associated collateral. See specification by age below. Depending on the assessed probability of repayment, the individual loan is wholly or partly written down. This applies to both outstanding principal and accumulated interest.<\/p>\n\n\n\n

    On balance sheet day, Norfund had 8 loans (10 in 2023) which were regarded as non-performing. The total amount of interest and payments due on these was NOK 152 million (NOK 188 million in 2023) and the total amount outstanding was NOK 221 million (NOK 255 million in 2023). Two loans were considered to be wholly or partly lost in 2024, with a total loss of NOK 2 million.<\/p>\n\n\n

    Write-downs and known loan losses<\/th><\/tr>
    Days past due date<\/th>Amounts due in NOK millions<\/th><\/tr><\/thead>
    0-60*<\/td>1<\/td><\/tr>
    61\u2013120<\/td>2<\/td><\/tr>
    Over 121<\/td>149<\/td><\/tr>
    Total<\/td>152<\/td><\/tr><\/tbody><\/table><\/div><\/div>\n\n
    Equity investments in funds per investment area<\/th><\/tr>
    (Figures in 1000s of NOK)<\/th>Historical cost<\/th>Accumulated write-downs<\/th>Carrying value<\/th><\/tr><\/thead>
    Financial Inclusion<\/td>1,053,668<\/td>-63,766<\/td>989,902<\/td><\/tr>
    Green Infrastructure<\/td>95,425<\/td>-10,701<\/td>84,725<\/td><\/tr>
    Renewable Energy<\/td>447,771<\/td>-15,376<\/td>432,395<\/td><\/tr>
    Scalable Enterprises<\/td>841,507<\/td>-176,533<\/td>664,974<\/td><\/tr>
    Funds<\/td>4,286,144<\/td>-713,849<\/td>3,572,295<\/td><\/tr>
    Climate Investment Fund<\/td>25,586<\/td>-3,586<\/td>22,000<\/td><\/tr>
    Frontier Facility<\/td>27,302<\/td>-487<\/td>26,815<\/td><\/tr>
    Total invested in funds<\/td>6,777,403<\/td>-984,298<\/td>5,793,105<\/td><\/tr><\/tbody><\/table><\/div><\/div>\n\n
    Equity investments in shares per investment area<\/th><\/tr>
    (Figures in 1000s of NOK)<\/th>Historical cost<\/th>Accumulated write-downs<\/th>Carrying value<\/th><\/tr><\/thead>
    Financial Inclusion<\/td>4,941,005<\/td>-487,550<\/td>4,453,455<\/td><\/tr>
    Renewable Energy<\/td>7,752,434<\/td>-259,880<\/td>7,492,555<\/td><\/tr>
    Agribusiness and Manufacturing<\/td>1,644,869<\/td>-147,840<\/td>1,497,029<\/td><\/tr>
    Funds<\/td>50,879<\/td>-24,608<\/td>26,271<\/td><\/tr>
    Climate Investment Fund<\/td>2,711,499<\/td>-5,070<\/td>2,706,429<\/td><\/tr>
    Frontier Facility<\/td>20,221<\/td>-1,845<\/td>18,376<\/td><\/tr>
    Total invested in equity and funds<\/td>17,120,907<\/td>-926,793<\/td>16,194,114<\/td><\/tr>
    <\/td><\/td><\/td><\/td><\/tr>
    Total invested in equities and funds<\/td>23,898,311<\/td>-1,911,091<\/td>21,987,220<\/td><\/tr><\/tbody><\/table><\/div><\/div>\n\n\n

    Pursuant to Norfund\u2019s Statute 12, Norfund\u2019s injection of capital into a portfolio company shall not exceed 35% of the company\u2019s total equity. Norfund’s share of the equity may be higher in special cases, but nonetheless such that the Fund’s total equity holding does not exceed 49% of the portfolio company’s total equity.<\/p>\n\n\n\n

    Accumulated write-downs are expected, not yet realized, losses on investments based on the most recent valuation. <\/p>\n\n\n\n

    As at 31.12.24 Norfund had a total contractual outstanding investment commitment of NOK 9 606 million, based on the closing rate on the balance sheet date. <\/p>\n\n\n\n

    Accounting principles – Loans to investment projects<\/h2>\n\n\n\n

    Recognition and exclusion:<\/strong> Financial assets and liabilities are recognized on the balance sheet when Norfund becomes a party to the contractual terms of the instrument. Financial assets are excluded when the contractual rights to the cash flows expire, or when the financial assets and the majority of risk factors and of advantages associated with ownership of the assets are transferred (Notes 2 and 12). Financial assets are excluded when they are terminated, i.e. when the obligations specified in the contracts have been fulfilled, cancelled or expired. Acquisition or disposal of a financial asset pursuant to a contract with settlement in line with normal market conditions is recorded at the time of making the agreement.<\/p>\n\n\n\n

    Presentation and measurement (incl. write-downs):<\/strong> Loans to investment projects form part of Norfund’s investment portfolio. They are regarded as current assets and carried at amortized cost according to the straight-line allocation method. When estimating necessary write-down of loans, both the current and the anticipated future financial position of borrowers are considered. Valuations and write-downs, if relevant, are made for the individual loans. Group write-downs are not made on the company’s loan portfolio. There will be uncertainty associated with valuation of loans and associated collateral. Write-downs for financial assets measured at amortized cost are recognized as a negative value change in the item \u201cValue changes investments and receivables\u201d in the operating results.<\/p>\n\n\n\n

    Recognition of interest income and other operating income:<\/strong> Interest income on loans is recognized as it is accrued. Measurement of interest income is based on contractual conditions. When loans to development projects are classified as problem loans, a decision is taken as to whether interest should continue to be recorded. When loans are written down, no interest is taken to income. In the event of known losses, recorded interest is reversed. Front-end fees invoiced when a loan is set up are recognized over the life of the loan. If the loan is redeemed, any residual of the fee recorded on the balance sheet is taken to income. Other operating income consists of front-end fees, directors\u2019 fees and other project income associated with the investment portfolio.<\/p>\n\n\n\n

    Realized losses:<\/strong> Losses on loans to investment projects as a result of insolvency, the winding-up of a company and the like, are recognized as known losses and presented under \u201cRealized losses\u201d.<\/p>\n\n\n\n

    Converting foreign exchange to NOK: The exchange rate at the time of the transaction is used when keeping accounts of transactions in foreign currency. Assets and liabilities in foreign currency are translated into NOK at the exchange rate prevailing at the balance sheet date. In the income statement, the forex factor associated with realized losses is presented under \u201cRealized losses\u201d and the forex element of realized gains is presented under \u201cRealized gains\u201d. The currency effects associated with value changes are presented under \u201cValue investments and receivables\u201d and classified as part of the operating results.<\/p>\n\n\n\n

    Accounting principles – Investments in equities and funds<\/h2>\n\n\n\n

    Recognition and exclusions:<\/strong> Investments in equities and funds are recorded on the balance sheet when Norfund becomes a party to the contractual terms of the instrument. Financial assets are excluded when the contractual rights to the cash flows expire, or when the financial assets and the majority of risk factors and of advantages associated with ownership of the assets are transferred (Notes 2 and 12).<\/p>\n\n\n\n

    Presentation and measurement (incl. write-downs): Norfund\u2019s investments consist almost exclusively of non-listed equities or equities that are traded in non-liquid markets. Placing a value on these therefore implies very considerable uncertainty. Investments in equities and funds (equity investments in companies ) are valued at the lower of historical cost or assumed fair value in Norwegian kroner (NOK) on the basis of a concrete evaluation of each investment. Norfund makes individual valuations of all its investments, and adjusts the value according to assumed fair value of the assets. Because of the nature and volume of the investment portfolio, the management calculates estimates, makes discretionary assessments and makes assumptions that affect the carrying values of the investments. Estimates of fair value are calculated continuously and are based on historical experience, known information and other factors that are regarded as probable and relevant on balance sheet date. No group write-downs are made on the company’s equity investments.<\/p>\n\n\n\n

    When investments are exited wholly or in part, the gain\/loss is calculated on the basis of the original cost in NOK compared with the exchange rate on the date of the exiting transaction. This means that gain or loss presented in the accounts will be a function of changes in exchange rates and the change in the value of the investment expressed in foreign currency. See also the section on conversion of foreign currency to NOK.<\/p>\n\n\n\n

    Taking dividends to income: <\/strong>Dividend is recognized on the date when the General Meeting of equivalent decision-making body formally declares a dividend. The item \u201dDividends\u201d is presented as part of operating income. Operating income includes gain on sale of shares\/ownership interests in other companies, interest on loans made to other companies, directors\u2019 fees and other project income.<\/p>\n\n\n\n

    Changes in the value of investments in funds are calculated for the individual fund as they arise. Disbursements from funds are regarded as repayment of investments or dividend based on the value added to the investments. The calculation is based on the last known valuation. When Norfund receives fund reflows, the share in excess of historic cost is entered against the fair value as dividend. The amount in excess of fair value is regarded as repayment of paid-in capital. If the valuation shows, for example, that Norfund has 20% value added of the historical cost paid, 20% of the reflow from the fund is taken to income as dividend. The remainder is entered against historic cost (equity investment).<\/p>\n\n\n\n

    Realized gain \/ loss: <\/strong>Realized gain \/ loss mainly consists of amounts realized when assets or commitments are excluded. In the event of exclusion, average cost of acquisition is assigned. Realized gain\/loss includes transaction costs, which are charged against income as they accrue. Transaction costs are defined as all costs that are directly attributable to the transaction carried out. For investments in equities and bonds these consist of normal broker\u2019s commissions and stamp tax.<\/p>\n\n\n\n

    Gains on disposals of equities\/ownership interests in other companies are recognized in the year in which the disposal takes place and presented under \u201cRealized gains\u201d.<\/p>\n\n\n\n

    Known losses on equity investments as a result of insolvency, the winding up of a company and the like, and losses on sale of equities, are presented under \u201cRealized losses\u201d.<\/p>\n\n\n\n

    Converting foreign exchange to NOK: <\/strong>The exchange rate at the time of the transaction is used when keeping accounts of transactions in foreign currency. In the income statement, the forex element associated with realized losses is presented under \u201cRealized losses\u201d and the forex element of realized gains is presented under \u201cRealized gains\u201d. The currency effects associated with value changes are presented under \u201cValue changes investments and receivables\u201d and classified as part of the operating results.<\/p>\n\n\n\n

    Equity instruments are carried at historical cost in original currency and converted to NOK at the exchange rate on the transaction date. The currency effect is carried in the income statement as currency effects.<\/p>\n\n\n\n

    Unrealized losses on exchange will be recorded if the exchange rate is lower on balance sheet day than on the transaction date. Unrealized loss on exchange is recorded as unrealized currency effects in the income statement and as an adjustment to the value of the equity investment.<\/p>\n\n\n\n

    Unrealized losses on exchange will be recorded if the exchange rate on balance sheet day is higher than the exchange rate on the transaction date. Unrealized gain on exchange is recorded as an unrealized currency effect in the income statement and as an adjustment of the value of the equity investment with an upper limit of historic cost price according to the lowest value principle. If the upper limit is exceeded, unrealized gain on exchange is not recorded.<\/p>\n\n\n

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    Repayment of loans In the course of 2024, 19 loans were repaid (16 in 2023) while three were converted into equity. Write-downs and known loan losses A loan is assessed for possible non-performance when borrower has not made payments within 60 days of the due date. 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