In 2009, IØ contracted investments of DKK 134m. The Fund invested DKK 82m in seven new projects, while DKK 52m was invested in an existing project company. Four of the seven new projects were made in Ukraine.
Since 2006, IØ has only made investments in Russia, Ukraine and Belarus, however, IØ’s portfolio still includes projects covering large parts of central and eastern Europe. IØ thus manages a portfolio of just below 100 active investments.
In 2009, IØ’s investment level was lower than in 2008. The reason is that IØ is being phased out as a result of a Government decision and will make its last investments in 2012. Therefore, the investment level is expected to be reduced in 2010 as well.
Profit of DKK 58 million
IØ’s financial result for 2009 showed a profit of DKK 58m, which is a significant improvement compared to 2008 when IØ’s financial result showed a loss of DKK 132m. Central and eastern Europe has been severely hit by the financial crisis, but the large income fluctuations in 2008 and 2009 are primarily a result of value adjustments on a few large investments.
DKK 100 million more repaid to the government
IØ repaid an additional DKK 100m to the Danish government in 2009. This brought the total capital repayment made by IØ to DKK 2,125m, which is DKK 250m more than originally paid in by the government to IØ. The Fund’s equity end of 2009 was just under DKK 1.2bn.
Annual Report 2009 on IØ’s homepage
If you want further information about IØ’s activities, the Annual Report 2009 can be downloaded here.