Note to 2012 project portfolio - definitions
The project list comprises all projects with direct or indirect financing by the funds until 31 December 2012 - 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. Majority-owned subsidiaries of projects with direct financial participation from the funds are indirectly being financed by the funds and, hence classified as indirect projects and named under the relevant parent company. All financial data related to such 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.
The contracted participation is the accumulated sum in DKK of the funds’ 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 the funds’ 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 2012, as these figures only relate to active projects.
Total disbursements are the total sum in DKK of share capital and loans at 31 December 2012 disbursed to projects as at 31 December 2012. 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 the funds’ 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 of the relevant fund(s) Annual Report(s) for 2012. 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 the fund, and the figure for the expected total investment has risen). The figure for expected total investment is not directly comparable to the figures for the funds’ contracted participation. This is primarily because the contracted participation may include amounts originating from conversions, overrun commitments on share capital, and/or contracted participations that are guaranteed by the funds’ 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 when reaching full capacity, 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 quarter of the year, as reported to the fund 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 the fund has not made any disbursements to the project. This will typically be the case when the participation takes place in the form of a guarantee, or in cases where the project company has not yet requested disbursement or the fund’s participation is cancelled before any disbursement has been made. Even if no disbursements are made, the fund will have contributed with advisory and financial services. 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 2012. 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. Actual direct employment shown for exited projects is the last recorded figure before the fund has exited the project company, thus showing the employment level reached during fund engagement.
* Operation discontinued# Investment through a holding company§ The Fund’s participation cancelled