2011 IFU project portfolio - definitions
The project list comprises all projects with direct or indirect IFU financing from the establishment of IFU until 31 December 2011 - active projects as well as exited projects .
A project is considered to be exited when the following two conditions have been met: 1.a. All loans have been fully repaid incl. interest, and 1.b. IFU’s shares have been sold according to a legal binding agreement without any conditions precedent or 2. A bankruptcy/liquidation procedure has formally been initiated by appointment of a liquidator/receiver. Until these criteria have been met, projects will appear in the list of active projects, even if the operation is discontinued. Furthermore, indirectly IFU financed, majority owned subsidiaries of projects with direct financial participation from IFU (indirect projects) are named directly under the relevant parent company, whereas all financial data related to indirect projects are included in the data shown for the parent company. Historical figures and information in the portfolio list are adjusted if deviations to the underlying documentation are found.
IFU’s contracted participation is the accumulated sum in DKK of IFU’s contracted investments in the project companies since project start. Investments denominated in foreign currency are stated in the DKK equivalent at the exchange rate prevailing at the time of signing of the investment agreement. Share capital participation includes overrun commitments and amounts converted from loans. Loan participation includes guarantees and interest converted to principal. The figures for IFU’s total contracted participation, which is a historical aggregation of all contracted investments, active and exited, do not relate to the figures for outstanding investments in the balance sheet in IFU’s Annual Report for 2011, as these figures only relate to active projects.
Total disbursements are the total sum in DKK of share capital and loans at 31 December 2011 disbursed to projects as at 31 December 2011. Disbursements in foreign currencies are stated in the DKK equivalent at the exchange rate prevailing at the time of disbursement. Disbursed amounts are on an aggregated level normally smaller than the amount for contracted investments due primarily to the following factors:
In addition, disbursement figures can be different from the figures for IFU’s contracted participation due to changes in the exchange rate for the currency in question or if the stated participation includes amounts originating from conversions.
Total outstanding is the outstanding amount of share capital and loans stated in DKK at cost and can be reconciled with the figures in the balance sheet in IFU’s Annual Report for 2010. Total outstanding may include outstanding amounts originating from conversions, and the total may therefore be larger than the disbursed amount.
Expected total investment is the expected total investment in the project company in DKK as foreseen at the most recent appraisal stage (the original appraisal stage or a later appraisal stage, if additional financing has been provided by IFU, and the figure for the expected total investment has risen). The figure for expected total investment is not directly comparable to the figures for IFU’s contracted participation. This is primarily because IFU’s contracted participation may include amounts originating from conversions, overrun commitments on share capital, and/or contracted participations that are guaranteed by IFU’s partners.
Expected direct employment is the number of persons expected to be employed directly in the project company once full capacity utilisation is achieved, as foreseen at the appraisal stage (either at the original appraisal stage, or at a later appraisal stage, if additional financing has been provided, and the figure for expected employment has risen). For greenfield projects the figures indicate the number of jobs expected to be created, while for brown field projects the figures indicate the number of jobs to be created and/or preserved.
Actual direct employment shown for the active projects is the actual total number of persons employed directly in the project companies, including subsidiaries, typically calculated in the final part of the year, as reported to IFU by the project company. In case part of the company’s activities is run by an external contractor, the persons employed by the external contractor are included. There may be figures for actual employment, even if IFU has not made any disbursements to the project. This will typically be the case when IFU’s participation takes place in the form of a guarantee, or in case IFU invests in a brown field project, and disbursements have not yet been made. This also means that in some cases actual direct employment may be shown for projects, where IFU’s participation is subsequently cancelled. No adjustments have been made for seasonal variation in the number of employees or for part-time employees. No figures for actual employment are shown for projects established in 2011. The figures for actual employment for active projects are typically lower than the figures for expected (full capacity) employment, because a number of the projects are under implementation.
* Operation discontinued # Investment through a holding company ¤ The Fund’s participation cancelled