The Investment Fund for Central and Eastern Europe (IØ) invested DKK 203m in 12 project companies in 2008. DKK 137m was invested in seven new projects, while additional financing for existing projects amounted to DKK 66m.
All investments except one were made in Ukraine and Russia.
IØ invests in collaboration with Danish companies, contributing only part of total investments. In 2008, total expected investments in new projects thus amounted to DKK 850m.
– Taking the economic crisis into account, we have realised a satisfactory number of investments, and the investment volume was higher in 2008 than in 2007, says Managing Director Finn Jønck.
IØ incurred a loss of DKK 132m in 2008, which was primarily due to negative value adjustments of IØ’s portfolio.
– IØ’s investment countries have been hit hard by the economic crisis, and it has affected our results for 2008. There are no signs of an early recovery, and we have to face the fact that we have a tough year ahead of us. However, we still believe that it is realistic to turn the red figures of 2008 into black figures for 2009, says Finn Jønck.
IØ has repaid more than DKK two billion to the Danish state
IØ’s capital repayments continued in 2008 with the transfer of DKK 600m to the Danish state. Total repayments now amount to DKK two billion, which is DKK 150m more than originally contributed by the state to IØ.
– It shows that IØ has been a success and that it is possible to invest with Danish companies, to promote economic and social development in the investment countries and to make a profit without any expense to the state, says Finn Jønck.
IØ’s Annual Summary and accounts.
For further information, please contact Rune Nørgaard, Head of Communications,
tel +45 33 63 75 60
Copenhagen, 30 April 2009