{"id":9920,"date":"2025-06-04T09:34:36","date_gmt":"2025-06-04T07:34:36","guid":{"rendered":"https:\/\/norfund.wpenginepowered.com\/annualreport-2024\/?page_id=9920"},"modified":"2025-06-04T10:36:14","modified_gmt":"2025-06-04T08:36:14","slug":"note-4-realized-losses-and-value-changes","status":"publish","type":"page","link":"https:\/\/reports.norfund.no\/annualreport-2024\/annual-report\/notes\/note-4-realized-losses-and-value-changes\/","title":{"rendered":"Realized losses and value changes"},"content":{"rendered":"
\n\t\t\t\t\n\t\t\t\t\t

Note 4<\/h4>\n\t\t\t\t\t

Realized losses and value changes<\/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\n

    Value changes include the effect on earnings of updated valuations (write-down and reversal of previous write-downs) and currency effects associated with Norfund investments and receivables. Norfund’s profit has been substantially affected by currency effects due to a weaker Norwegian krone against Norfund’s primary currency, USD. In the table below, all currency effects associated with the various investments and other receivables are presented. Other receivables are mainly associated with vendor credit (see Note 11).<\/p>\n\n\n

    Realized losses and value changes<\/th><\/tr>
    Value changes (in 1000s of NOK)<\/th>2024<\/th>2023<\/th><\/tr><\/thead>
    Total change in value investments<\/td> 1,915,244 <\/td> 226,431 <\/td><\/tr>
    Total change in value other receivables<\/td> 239,841 <\/td> 61,410 <\/td><\/tr>
    Total value changes<\/td> 2,155,084 <\/td> 287,840 <\/td><\/tr>
    <\/td><\/td><\/td><\/tr>
    Value change investments excl. forex<\/td> -451,503 <\/td> -225,373 <\/td><\/tr>
    Value change other receivables excl. forex<\/td> -2,768 <\/td> -1,199 <\/td><\/tr>
    Total change in value excl. forex<\/td> -454,271 <\/td> -226,572 <\/td><\/tr>
    <\/td><\/td><\/td><\/tr>
    Currency effects investments<\/td> 2,366,747 <\/td> 451,803 <\/td><\/tr>
    Currency effects \u201cOther receivables\u201d<\/td> 242,609 <\/td> 62,609 <\/td><\/tr>
    Total change in value due to currency effects<\/td> 2,609,356 <\/td> 514,412 <\/td><\/tr>
    <\/td><\/td><\/td><\/tr>
    Realized losses (in 1000s of NOK)<\/td><\/td><\/td><\/tr>
    Realized loss on investments excl. forex<\/td> -391,271 <\/td> -121,101 <\/td><\/tr>
    Realized currency effects<\/td> 165,140 <\/td> -213 <\/td><\/tr>
    Total realized loss incl. forex<\/td> -226,131 <\/td> -121,313 <\/td><\/tr>
    <\/td><\/td><\/td><\/tr>
    Total value changes and realized losses<\/td> 1,928,954 <\/td> 166,527 <\/td><\/tr><\/tbody><\/table><\/div><\/div>\n\n\n

    <\/p>\n","protected":false},"excerpt":{"rendered":"

    Value changes include the effect on earnings of updated valuations (write-down and reversal of previous write-downs) and currency effects associated with Norfund investments and receivables. Norfund’s profit has been substantially affected by currency effects due to a weaker Norwegian krone against Norfund’s primary currency, USD. In the table below, all currency effects associated with the […]<\/p>\n","protected":false},"author":31,"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":"\nRealized losses and value changes | Annual Report 2024<\/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-2024\/annual-report\/notes\/note-4-realized-losses-and-value-changes\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Realized losses and value changes | Annual Report 2024\" \/>\n<meta property=\"og:description\" content=\"Value changes include the effect on earnings of updated valuations (write-down and reversal of previous write-downs) and currency effects associated with Norfund investments and receivables. Norfund’s profit has been substantially affected by currency effects due to a weaker Norwegian krone against Norfund’s primary currency, USD. In the table below, all currency effects associated with the […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/reports.norfund.no\/annualreport-2024\/annual-report\/notes\/note-4-realized-losses-and-value-changes\/\" \/>\n<meta property=\"og:site_name\" content=\"Annual Report 2024\" \/>\n<meta property=\"article:modified_time\" content=\"2025-06-04T08:36:14+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/reports.norfund.no\/annualreport-2024\/wp-content\/uploads\/sites\/7\/2025\/06\/Shared_image_norfund_2024-scaled.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"2560\" \/>\n\t<meta property=\"og:image:height\" content=\"1338\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/reports.norfund.no\/annualreport-2024\/annual-report\/notes\/note-4-realized-losses-and-value-changes\/\",\"url\":\"https:\/\/reports.norfund.no\/annualreport-2024\/annual-report\/notes\/note-4-realized-losses-and-value-changes\/\",\"name\":\"Realized losses and value changes | Annual Report 2024\",\"isPartOf\":{\"@id\":\"https:\/\/reports.norfund.no\/annualreport-2024\/#website\"},\"datePublished\":\"2025-06-04T07:34:36+00:00\",\"dateModified\":\"2025-06-04T08:36:14+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/reports.norfund.no\/annualreport-2024\/annual-report\/notes\/note-4-realized-losses-and-value-changes\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/reports.norfund.no\/annualreport-2024\/annual-report\/notes\/note-4-realized-losses-and-value-changes\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/reports.norfund.no\/annualreport-2024\/annual-report\/notes\/note-4-realized-losses-and-value-changes\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/reports.norfund.no\/annualreport-2024\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Board of Directors’ Report and Annual Financial Accounts\",\"item\":\"https:\/\/reports.norfund.no\/annualreport-2024\/annual-report\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"Notes\",\"item\":\"https:\/\/reports.norfund.no\/annualreport-2024\/annual-report\/notes\/\"},{\"@type\":\"ListItem\",\"position\":4,\"name\":\"Realized losses and value changes\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/reports.norfund.no\/annualreport-2024\/#website\",\"url\":\"https:\/\/reports.norfund.no\/annualreport-2024\/\",\"name\":\"Annual Report 2024\",\"description\":\"\",\"publisher\":{\"@id\":\"https:\/\/reports.norfund.no\/annualreport-2024\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/reports.norfund.no\/annualreport-2024\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/reports.norfund.no\/annualreport-2024\/#organization\",\"name\":\"Norfund\",\"url\":\"https:\/\/reports.norfund.no\/annualreport-2024\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/reports.norfund.no\/annualreport-2024\/#\/schema\/logo\/image\/\",\"url\":\"\",\"contentUrl\":\"\",\"caption\":\"Norfund\"},\"image\":{\"@id\":\"https:\/\/reports.norfund.no\/annualreport-2024\/#\/schema\/logo\/image\/\"}}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Realized losses and value changes | Annual Report 2024","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/reports.norfund.no\/annualreport-2024\/annual-report\/notes\/note-4-realized-losses-and-value-changes\/","og_locale":"en_US","og_type":"article","og_title":"Realized losses and value changes | Annual Report 2024","og_description":"Value changes include the effect on earnings of updated valuations (write-down and reversal of previous write-downs) and currency effects associated with Norfund investments and receivables. Norfund’s profit has been substantially affected by currency effects due to a weaker Norwegian krone against Norfund’s primary currency, USD. In the table below, all currency effects associated with the […]","og_url":"https:\/\/reports.norfund.no\/annualreport-2024\/annual-report\/notes\/note-4-realized-losses-and-value-changes\/","og_site_name":"Annual Report 2024","article_modified_time":"2025-06-04T08:36:14+00:00","og_image":[{"width":2560,"height":1338,"url":"https:\/\/reports.norfund.no\/annualreport-2024\/wp-content\/uploads\/sites\/7\/2025\/06\/Shared_image_norfund_2024-scaled.jpg","type":"image\/jpeg"}],"twitter_card":"summary_large_image","twitter_misc":{"Est. reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/reports.norfund.no\/annualreport-2024\/annual-report\/notes\/note-4-realized-losses-and-value-changes\/","url":"https:\/\/reports.norfund.no\/annualreport-2024\/annual-report\/notes\/note-4-realized-losses-and-value-changes\/","name":"Realized losses and value changes | Annual Report 2024","isPartOf":{"@id":"https:\/\/reports.norfund.no\/annualreport-2024\/#website"},"datePublished":"2025-06-04T07:34:36+00:00","dateModified":"2025-06-04T08:36:14+00:00","breadcrumb":{"@id":"https:\/\/reports.norfund.no\/annualreport-2024\/annual-report\/notes\/note-4-realized-losses-and-value-changes\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/reports.norfund.no\/annualreport-2024\/annual-report\/notes\/note-4-realized-losses-and-value-changes\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/reports.norfund.no\/annualreport-2024\/annual-report\/notes\/note-4-realized-losses-and-value-changes\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/reports.norfund.no\/annualreport-2024\/"},{"@type":"ListItem","position":2,"name":"Board of Directors’ Report and Annual Financial Accounts","item":"https:\/\/reports.norfund.no\/annualreport-2024\/annual-report\/"},{"@type":"ListItem","position":3,"name":"Notes","item":"https:\/\/reports.norfund.no\/annualreport-2024\/annual-report\/notes\/"},{"@type":"ListItem","position":4,"name":"Realized losses and value changes"}]},{"@type":"WebSite","@id":"https:\/\/reports.norfund.no\/annualreport-2024\/#website","url":"https:\/\/reports.norfund.no\/annualreport-2024\/","name":"Annual Report 2024","description":"","publisher":{"@id":"https:\/\/reports.norfund.no\/annualreport-2024\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/reports.norfund.no\/annualreport-2024\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/reports.norfund.no\/annualreport-2024\/#organization","name":"Norfund","url":"https:\/\/reports.norfund.no\/annualreport-2024\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/reports.norfund.no\/annualreport-2024\/#\/schema\/logo\/image\/","url":"","contentUrl":"","caption":"Norfund"},"image":{"@id":"https:\/\/reports.norfund.no\/annualreport-2024\/#\/schema\/logo\/image\/"}}]}},"_links":{"self":[{"href":"https:\/\/reports.norfund.no\/annualreport-2024\/wp-json\/wp\/v2\/pages\/9920"}],"collection":[{"href":"https:\/\/reports.norfund.no\/annualreport-2024\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/reports.norfund.no\/annualreport-2024\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/reports.norfund.no\/annualreport-2024\/wp-json\/wp\/v2\/users\/31"}],"replies":[{"embeddable":true,"href":"https:\/\/reports.norfund.no\/annualreport-2024\/wp-json\/wp\/v2\/comments?post=9920"}],"version-history":[{"count":0,"href":"https:\/\/reports.norfund.no\/annualreport-2024\/wp-json\/wp\/v2\/pages\/9920\/revisions"}],"up":[{"embeddable":true,"href":"https:\/\/reports.norfund.no\/annualreport-2024\/wp-json\/wp\/v2\/pages\/2101"}],"wp:attachment":[{"href":"https:\/\/reports.norfund.no\/annualreport-2024\/wp-json\/wp\/v2\/media?parent=9920"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}