The project list comprises all projects with direct or indirect financing from IFU and IFU managed funds: the Danish SDG Investment Fund, the Danish Climate Investment Fund, the Danish Agribusiness Fund, the Investment Fund for Central and Eastern Europe, the Investment Fund for Emerging Markets and IFU Investment Partners from the establishment of the funds until the report day – active projects as well as exited projects. When used in this note, the term IFU covers all funds.
A project is considered to be exited, when one of the following two conditions has been met: 1. All loans have been fully repaid incl. interest, and IFU’s shares have been sold according to a legally binding agreement without any conditions precedent, or 2. A bankruptcy/liquidation procedure has formally been initiated by appointment of a liquidator/receiver. Until one of these criteria has been met, projects will appear in the list of active projects, even if the operation is discontinued.
A number of projects are shown in italic without financing. These have received indirect financing from IFU and are as such classified as indirect projects. When relevant, indirect projects are included in the portfolio list to better reflect IFU’s activity in cases where more projects in different countries are financed through the same company or through a dedicated loan facility. All financial data related to indirect projects are included in the data shown for the parent company. Indirect projects are not included in the overall count of IFU projects.
If a project is the sole project being financed through a holding company, the project is shown as receiving the financing directly, but it is indicated by a hashtag (#) that the financing is made through a holding 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.
Total disbursements are the total sum in DKK of share capital and loans disbursed to projects as at the report date. 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:
- A number of projects are not implemented.
- Contracted investments in share capital normally include a commitment of 25 per cent overrun. Most often this commitment is not disbursed.
- Part of the contracted investments is in the form of guarantees, which are normally not disbursed.
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.
Expected total investment is the expected total investment provided by IFU and all other investors and lenders 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 typically excludes overrun commitments and amounts originating from conversions and is therefore not fully comparable to the figure for IFU’s contracted participation in cases where such financing has been provided by IFU (see definition of IFU’s contacted participation above). Further, the figure for expected total investment does not reflect that IFU’s participation in some cases may be partly or fully guaranteed by IFU’s partners, making a direct comparison more difficult.
From 2021, IFU as a general principle applies the incremental approach to the calculation of expected total investment in brownfield projects and in case IFU provides additional financing to existing projects. The method has initially been applied for new projects made since 2019 and all projects made by the SDG Fund. Accordingly, only new capital from IFU and other investors in the financing round in which IFU directly participates is included in the figure stated for expected total investment. The method is deemed to provide a more precise reflection of the capital mobilised.
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 when reaching full capacity, while for brownfield projects the figures indicate the number of jobs to be created and/or preserved. For some investments, it is not possible to estimate the expected direct employment at the appraisal stage. This is typically the case for investment funds where employment is created at the portfolio level. For these kinds of investments only figures for actual direct employment are stated.
Actual direct employment shown for the active projects is the actual total number of persons – full-time equivalent (FTE) – employed directly in the project companies, including subsidiaries, as reported to IFU by the project company. For investments in projects where employment is registered at a secondary level – for example in a fund’s portfolio company – the figure for actual direct employment reflects the actual total number of persons employed directly in the companies at the secondary level. Figures are collected once a year and are trailing one year to ensure a more comprehensive data set for the period reported, i.e. actual employment data in this report is typically valid as per end 2021. In case some of the company’s activities are run by an external contractor, the persons employed by the external contractor are included, when on-site services are provided. 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 cases where the project company has not yet requested disbursement or IFU’s participation is cancelled before any disbursement has been made. Even if no disbursements are made, IFU will have contributed with advisory and financial services. No figures for actual employment are shown for projects established in the most recent calendar year. The aggregated 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. From 2005 and onwards, actual direct employment shown for exited projects is the last recorded figure before IFU exited the project company, thus showing the employment level reached during IFU’s engagement.
Totals for expected and actual employment for countries and continents may not always be comparable as project specific figures in a number of cases do not include both figures due to either type of investment and/or time of exit of investment. Totals for actual employment may in some cases include double counting if more than one investment fund, in which IFU has invested, has invested in the same portfolio company.
Comparable grand total figures for employment across the portfolio can be found at the end of this portfolio report.
An ESG categorisation is made for all projects during the due diligence phase to assess the sustainability risk. Projects are categorised as A, B+, B or C projects, where A are projects with the highest environmental and social risk. More information about the ESG categorisation and how it is implemented can be found in IFU’s Annual Report.
Notes and symbols
* Operation discontinued
** Covers all ACP countries, but is primarily active in Africa
# Investment through a holding company
^ Initial investment via the Project Development Programme (PDP)
F Investment through a fund
A number of investments are made through a holding company or in a fund, which is not domiciled in the country of operation. These investments are shown with a number attached showing the domicile country of the holding company or fund. The numbers reflect the following countries:
1: Denmark, 2: Cyprus, 3: Germany, 4: Hong-Kong, 5: Luxembourg, 6: Sweden, 7: United Kingdom, 8 Virgin Islands (British), 9: Mauritius, 10: Cayman Islands, 11: France, 12: Norway, 13: Botswana, 14: Zambia, 15: India, 16: United States, 17: Bahrain, 18: Vietnam, 19: Canada, 20: Singapore, 21: Kenya, 22: Malaysia, 23: Netherlands, 24: Nicaragua, 25: Panama, 26: Serbia, 27: South Africa 28: Finland 29: Brazil 30: United Arab Emirates 31: Chile
Totals may not add up due to rounded figures.