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fsa:OtherReceivablesMember cmn:ConsolidatedMember 39585529 2020-01-01 fsa:OtherReceivablesMember cmn:ConsolidatedMember 39585529 2021-01-01 fsa:OtherReceivablesMember 39585529 2020-01-01 fsa:OtherReceivablesMember 39585529 2021-01-01 2021-12-31 fsa:OtherReceivablesMember cmn:ConsolidatedMember 39585529 2020-01-01 2020-12-31 fsa:OtherReceivablesMember cmn:ConsolidatedMember 39585529 2021-01-01 2021-12-31 fsa:OtherReceivablesMember 39585529 2020-01-01 2020-12-31 fsa:OtherReceivablesMember 39585529 2021-12-31 fsa:OtherReceivablesMember cmn:ConsolidatedMember 39585529 2020-12-31 fsa:OtherReceivablesMember cmn:ConsolidatedMember 39585529 2021-12-31 fsa:OtherReceivablesMember 39585529 2020-12-31 fsa:OtherReceivablesMember 39585529 2021-01-01 2021-12-31 cmn:ConsolidatedMember 0 iso4217:DKK xbrli:pure 2021-01-01 2021-12-31 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Statement by Management</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">The undersigned have today discussed and approved the annual report of Danish Sustainable Development Goals Investment Fund K/S for the financial year 1 January – 31 December 2021.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">The annual report has been prepared in accordance with the Danish Financial Statements Act.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">It is our opinion that the financial statements give a true and fair view of the financial position of the Company at 31 December 2021 and of the results of the Company's operations and cash flows for the financial year 1 January – 31 December 2021.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Further, in our opinion, the Management's review gives a fair review of the matters discussed in the Management's review.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">We recommend that the annual report be approved at the annual general meeting.</td></tr></table> Copenhagen 2022-04-29 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Independent Auditors report</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">To the limited partners of Danish Sustainable Development Goals Investment Fund K/S</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Opinion</td></tr><tr><td colspan="1">We have audited the consolidated financial statements and the parent company financial statements of Danish Sustainable Development Goals Investment Fund K/S for the financial year 1 January – 31 December 2021, which comprise income statement, balance sheet, statement of changes in equity and notes, including accounting policies, for the Group and the Parent Company, and a consolidated cash flow statement. The consolidated financial statements and the parent company financial statements are prepared in accordance with the Danish Financial Statements Act.</td></tr><tr><td colspan="1">In our opinion, the consolidated financial statements and the parent company financial statements give a true and fair view of the financial position of the Group and the Parent Company at 31 December 2021 and of the results of the Group's and the Parent Company's operations as well as the consolidated cash flows for the financial year 1 January – 31 December 2021 in accordance with the Danish Financial Statements Act.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Basis for opinion</td></tr><tr><td colspan="1">We conducted our audit in accordance with International Standards on Auditing (ISAs) and additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the "Auditor's responsibilities for the audit of the consolidated financial statements and the parent company financial statements" (hereinafter collectively referred to as "the financial statements") section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Independence</td></tr><tr><td colspan="1">We are independent of the Group in accordance with the International Ethics Standards Board for Accountants' Code of Ethics for Professional Accountants (IESBA Code) and additional requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these rules and requirements.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Management's responsibilities for the financial statements</td></tr><tr><td colspan="1">Management is responsible for the preparation of consolidated financial statements and parent company financial statements that give a true and fair view in accordance with the Danish Financial Statements Act and for such internal control as Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.</td></tr><tr><td colspan="1">In preparing the financial statements, Management is responsible for assessing the Group's and the Parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the financial statements unless Management either intends to liquidate the Group or the Parent Company or to cease operations, or has no realistic alternative but to do so.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Auditor's responsibilities for the audit of the financial statements</td></tr><tr><td colspan="1">Our objectives are to obtain reasonable assurance as to whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements.</td></tr><tr><td colspan="1">As part of an audit conducted in accordance with ISAs and additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit. We also</td></tr><tr><td colspan="1">Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal control.</td></tr><tr><td colspan="1">Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group's and the Parent Company's internal control.</td></tr><tr><td colspan="1">Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management.</td></tr><tr><td colspan="1">Conclude on the appropriateness of Management's use of the going concern basis of accounting in preparing the financial statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group's and the Parent Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Group and the Parent Company to cease to continue as a going concern.</td></tr><tr><td colspan="1">Evaluate the overall presentation, structure and contents of the financial statements, including the note disclosures, and whether the financial statements represent the underlying transactions and events in a manner that gives a true and fair view.</td></tr><tr><td colspan="1">Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion.</td></tr><tr><td colspan="1">We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Statement on the Management's review</td></tr><tr><td colspan="1">Management is responsible for the Management's review.</td></tr><tr><td colspan="1">Our opinion on the financial statements does not cover the Management's review, and we do not express any form of assurance conclusion thereon.</td></tr><tr><td colspan="1">In connection with our audit of the financial statements, our responsibility is to read the Management's review and, in doing so, consider whether the Management's review is materially inconsistent with the financial statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated.</td></tr><tr><td colspan="1">Moreover, it is our responsibility to consider whether the Management's review provides the information required under the Danish Financial Statements Act.</td></tr><tr><td colspan="1">Based on the work we have performed, we conclude that the Management's review is in accordance with the financial statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any material misstatement of the Management's review.</td></tr></table> Copenhagen 2022-04-29 Danish Sustainable Development Goals Investment Fund K/S c/o IFU, Fredericiagade 27, 1310 Copenhagen K, Denmark 39585529 2018-05-18 Copenhagen 2022-04-29 Nicolai Boserup -1267000 -426000 -55121000 -696664000 760327000 0.997 0 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">The ratios have been prepared in accordance with the recommendations and guidelines issued by the Danish Society of Financial Analysts. For definitions, see Note 1 Accounting policies.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Management’s review</td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Operating review</td></tr><tr><td colspan="1">The Annual Report of the Danish Sustainable Development Goals Investment Fund K/S (the DSDG Fund) for 2021 has been prepared in accordance with the provisions of the Danish Financial Statements Act applying to enterprises of reporting class B.</td></tr></table> Regnskabsklasse B <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Main activity</td></tr><tr><td colspan="1">In June 2018, the DSDG Fund was established as a public private partnership. Including a subsequent second close in December 2018, total capital committed to the DSDG Fund reached DKK 4,858 million. Ten institutional and private investors committed DKK 2,915 million and IFU committed DKK 1,943 million.</td></tr><tr><td colspan="1">The purpose of the DSDG Fund is to undertake private sector investments in developing countries with a positive impact on the 17 UN Sustainable development Goals e.g. within renewable energy, agribusiness, industry and service, the financial sector and infrastructure including water and sanitation. Projects co-financed by the DSDG Fund must be commercially viable and offer an attractive return to its investors.</td></tr><tr><td colspan="1">The DSDG Fund is managed by IFU.</td></tr><tr><td colspan="1">Investments in 2021</td></tr><tr><td colspan="1">In 2021, the DSDG Fund made six investments at a total of close to DKK 500 million.</td></tr><tr><td colspan="1">Investments contracted in 2021</td></tr><tr><td colspan="1">At year-end 2021, the DSDG Fund had contracted investments of a total of DKK 2.3bn in 20 projects corresponding to 47 pct. of the total committed capital to the fund.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">SUSTAINABILITY IN IFU’S INVESTMENT PROCESS</td></tr><tr><td colspan="1">The DSDG Fund is applying IFU’s sustainability policy and offering advice to project companies on how to implement it. IFU’s sustainability policy can be found on IFU’s website.</td></tr><tr><td colspan="1">IFU has a comprehensive framework for managing sustainability risks and impacts as an integral part of the investment process for both direct investments and investments in funds and financial institutions. This ensures that the investments contribute to building a green, just and inclusive societies, and that environmental and social (E&amp;S) risks and adverse impacts are mitigated.</td></tr><tr><td colspan="1">Sustainability policy framework</td></tr><tr><td colspan="1">IFU’s Sustainability Policy is the foundation that sets out IFU’s commitment to invest in sustainable development and to contribute to the realisation of the Sustainable Development Goals (SDGs). The policy highlights sustainability issues that IFU considers particularly relevant in order for investments to contribute to the SDGs. Furthermore, the policy has annexes with specific sustainability requirements for IFU’s direct investments in the form of equity and loans to project companies, as well as investments in private equity funds, financial institutions and other financial intermediaries. IFU’s commitments in relation to major global sustainability issues are clarified in underlying policies, which further explain how IFU implements responsible business conduct measures.</td></tr><tr><td colspan="1">This section describes IFU’s current sustainability policy. Since the inception of the DSDG Fund, IFU’s sustainability policy has gradually been developed to included new requirements, standards and policies. Accordingly, the policies forming the basis for the due diligence of the individual investments were those applicable at the time the investments were made.</td></tr><tr><td colspan="1">Sustainability in the investment process</td></tr><tr><td colspan="1">IFU’s investment process follows four main phases that are aligned with the standards adopted by the European Development Finance Institutions (EDFIs). The process will therefore be applied in a similar way when co-financing among EDFIs occurs.</td></tr><tr><td colspan="1">During appraisal, IFU assesses and approves investments according to a gradually increased engagement level passing several approval stages from the initial screening phase, through a thorough due diligence phase to final approval.</td></tr><tr><td colspan="1">The DSDG Fund climate change contribution</td></tr><tr><td colspan="1">IFU has established a methodology for assessing absolute and avoided GHG emissions from its investments based on internationally recognised methodologies, such as the GHG protocol.</td></tr><tr><td colspan="1">Absolute emissions will be calculated for all investments above DKK 25 million with an expected significant emission level above 10,000 tonnes CO2 equivalents per year (tCO2e/year). The calculation will be based on the GHG protocol scope 1 and 2 as a minimum and scope 3 where feasible.</td></tr><tr><td colspan="1">The avoided emissions will be calculated based on the net GHG emission reductions resulting from an investment when compared to a baseline.</td></tr><tr><td colspan="1">The current renewable energy investments in the portfolio produced a total of 2,434 GWh, in 2021. The avoided GHG emissions was approximately 1.2 million tCO2e.</td></tr><tr><td colspan="1">In 2021, the assessment of avoided emissions was made for two new DSDG Fund investments, which is expected to represent a GHG emission avoidance of approximately 3.3 million tCO2e, annually.</td></tr><tr><td colspan="1">When all renewable energy investments are fully commissioned the level of annually avoided GHG emissions is expected to reach approximately 4.8 tCO2e.</td></tr><tr><td colspan="1">In 2020, IFU has used the UNEP DTU partnership as consultant to set up the methodology and to make the specific assessment of absolute and avoided GHG emissions for each investment.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Development impact</td></tr><tr><td colspan="1">The assessment of investment proposals under the DSDG Fund follows IFU’s procedures for ex-ante impact assessment. From January 2020 these include a project screening at first gate, including an identification of impact areas related to specific SDG targets, and a due diligence process analysing the potential impact on people and planet. For projects selected for funding, a project-specific results framework is prepared with indicators and targets for each potential impact area related to the SDGs. To the extent possible, standardised indicators (HIPSO indicators) agreed among Development Finance Institutions (DFIs) are used.</td></tr><tr><td colspan="1">The new investments will impact ten out of the 17 SDG goals. All investments contribute to goal 8, decent work and economic growth with SDG target 8.5, full and productive employment and decent work for all women and men, as most prominent. Three investments in renewable energy production contribute to access to affordable and clean energy (goal 7), and climate action (goal 13). Furthermore, one investment in student accommodation contributes to supporting quality education (goal 4), by providing access to safe and affordable student housing (SDG 11.1).</td></tr><tr><td colspan="1">Projects contracted by the fund are included in the impact reporting in IFU’s Annual Report 2021.</td></tr><tr><td colspan="1">Expected direct employment in the new investments contracted in 2021 amounts to3,588.</td></tr><tr><td colspan="1">Local corporate tax from the fund’s investments is collected annually and published on an aggregated level across IFU and IFU managed funds in IFU’s Annual Report 2021. New investments contracted during the reporting year are not included but will be accounted for the following year.</td></tr><tr><td colspan="1">Operational framework</td></tr><tr><td colspan="1">As a minority investor, the DSDG Fund is prepared to participate with risk capital in the range of typically DKK 100 million to DKK 300 million in a single project.</td></tr><tr><td colspan="1">The DSDG Fund revenues will consist of interest, dividends and profit from sale of shares.</td></tr><tr><td colspan="1">Financial review 2021</td></tr><tr><td colspan="1">Due to the establishment of a wholly owned subsidiary to the DSDG Fund, the accounts include both consolidated group accounts and accounts for the parent company. The following comments are given for the group accounts.</td></tr><tr><td colspan="1">The DSDG Fund recorded a net loss of DKK (2) million in 2021 compared to DKK (80) million in 2020. The result reflects that the portfolio, even with many investments being recent and still measured at acquisition cost as a basis for fair value, is now starting to make a significant contribution, DKK 78m against DKK (2)m in 2021, balancing out management fees. In terms of yield, the portfolio provided a gross return before expenses and fees of 6.8 % in 2021 measured against average fair value of the portfolio during the year.</td></tr><tr><td colspan="1">Capital position and capital resources</td></tr><tr><td colspan="1">As at 31 December 2021, the investors had paid in DKK 1,759 million corresponding to 36 per cent of the capital commitment of DKK 4,858 million. The undisbursed commitment is DKK 3,099 million.</td></tr><tr><td colspan="1">At year-end 2021, the DSDG Fund equity was DKK 1,536 million, excluding the undisbursed commitment.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Financial risks</td></tr><tr><td colspan="1">The DSDG Fund makes investments in developing countries, where political and economic conditions may be volatile, and the investments are often subject to high commercial risks. As a result, and as the DSDG Fund measures its investments at fair market value or recoverable amount, the fund's future results may fluctuate considerably. The risk exposure of DSDG Fund is further elaborated in the notes to the financial statements.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Uncertainty regarding recognition and measurement</td></tr><tr><td colspan="1">In preparing the financial statements, Management makes a number of estimates and assumptions of future events that will affect the carrying amount of assets and liabilities. The area where estimates and assumptions are most critical to the financial statements is the fair value measurement of share capital investments and the assessment of the need for specific allowances for impairment on project loans. The notes to the financial statements provide more details.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Events after the balance sheet date</td></tr><tr><td colspan="1">The tragic Russian invasion of Ukraine on 24 February 2022 has caused high uncertainty regarding the future implications for especially investments in that country.</td></tr><tr><td colspan="1">The DSDG Fund had one investment in Ukraine at end of 2021 being a solar power project located west of Kyiv having a book value of DKK 40m. The degree of impairment is at this stage very difficult to quantify, but the effect on the DSDG Funds equity could be material. In addition, there may be wider negative macroeconomic impacts on portfolio companies in other countries due to the war in Ukraine, e.g. following increasing food and fuel prices.</td></tr><tr><td colspan="1">The DSDG Fund has no exposure towards either Russia or Belarus.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Outlook for 2022</td></tr><tr><td colspan="1">The DSDG Fund will continue to make new investments in 2022. A positive result is expected in 2022, however with added uncertainty and downside risk due to the war in Ukraine and possible wider implications for the global economy.</td></tr></table> 78001000 79268000 -426000 -1693000 -1693000 -62333000 8905000 711597000 760327000 8542000 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Accounting policies</td></tr><tr><td colspan="1">The annual report of Danish Sustainable Development Goals Investment Fund K/S (DSDG) for 2021 has been prepared in accordance with the provisions of the Danish Financial Statements Act applying to reporting class B entities and elective choice of certain provisions applying to reporting class C entities.</td></tr><tr><td colspan="1">Effective from the financial year 2020, the Group has prepared a consolidated financial statement in order to comply with the provisions of the Danish Financial Statements Act.</td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Contingent liabilities</td></tr><tr><td colspan="1">Undisbursed commitments to investments comprise undisbursed contractual commitments and binding commitments not yet contracted. The existence of such liabilities will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within DSDG's control.</td></tr></table> true <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Presentation and classification</td></tr><tr><td colspan="1">To better reflect DSDG's activities, the presentation of the income statement and balance sheet as well as the order of the line items in the income statement deviate from the standard tables in the Danish Financial Statements Act. By presenting the primary statements on the basis of DSDG's special character as a limited partnership (long-term investments), the financial statements hereby provide the reader with the best possible clarity of DSDG's activities. The deviation is in accordance with section 23(4) of the Danish Financial Statements Act.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Consolidated financial statements</td></tr><tr><td colspan="1">Control</td></tr><tr><td colspan="1">The consolidated financial statements comprise the Parent Company, DSDG K/S, and the subsidiary controlled by DSDG K/S.</td></tr><tr><td colspan="1">Control means the power to exercise decisive influence over a subsidiary's financial and operating decisions. Moreover, the possibility of yielding a return from the investment is required.</td></tr><tr><td colspan="1">In assessing whether the Parent Company controls an entity, de facto control is also taken into consideration.</td></tr><tr><td colspan="1">The existence of potential voting rights that may currently be exercised or converted into additional voting rights is considered when assessing whether an entity may become empowered to exercise decisive influence over another entity's financial and operating decisions.</td></tr><tr><td colspan="1">Significant influence</td></tr><tr><td colspan="1">Entities over whose financial and operating decisions the Group can exercise significant influence are classified as associates. Significant influence is deemed to exist when the Parent Company holds or controls, directly or indirectly, more than 20% of the voting rights of an entity but does not control it.</td></tr><tr><td colspan="1">The existence of potential voting rights that may currently be exercised or converted into voting rights is considered when assessing whether significant influence exists.</td></tr><tr><td colspan="1">Preparation of consolidated financial statements</td></tr><tr><td colspan="1">The consolidated financial statements are prepared as a consolidation of the Parent Company's and the individual subsidiary’s financial statements, which are prepared according to the Group's accounting policies. On consolidation, intra-group income and expenses, shareholdings, intra-group balances and dividends as well as realised and unrealised gains on intra-group transactions are eliminated. Unrealised gains on transactions with associates are eliminated in proportion to the Group's interest in the entity. Unrealised losses are eliminated in the same way as unrealised gains unless they do not reflect impairment.</td></tr><tr><td colspan="1">The subsidiary’s financial statement items are included 100% in the consolidated financial statements. Non-controlling interests' share of the profit/loss for the year and of the equity of subsidiaries that are not wholly-owned are included in the Group's profit/loss and equity, respectively, but are presented separately.</td></tr><tr><td colspan="1">Acquisitions and disposals of non-controlling interests that are still controlled are recognised directly in equity as a transaction between shareholders.</td></tr><tr><td colspan="1">Share capital investments where DSDG has significant influence are associates and are accounted for as share capital investments.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Recognition and measurement</td></tr><tr><td colspan="1">Assets are recognised in the balance sheet when it is probable that future economic benefits will flow to DSDG, and provided that the value of the asset can be measured reliably.</td></tr><tr><td colspan="1">Liabilities are recognised in the balance sheet when DSDG has a legal or constructive obligation as a result of a prior event, and it is probable that future economic benefits will flow out of DSDG, and the value of the liability can be measured reliably.</td></tr><tr><td colspan="1">On initial recognition, financial assets and liabilities are measured at fair value, which is generally equivalent to cost. Adjustment subsequent to initial recognition is affected as described below for each item.</td></tr><tr><td colspan="1">In accordance with Section 37 (5) in the Danish Financial Statements Act, DSDG applies the International Financial Reporting Standards (IFRS) as regards measurement of financial assets and financial liabilities (IFRS 9) and related disclosures (IFRS 7).</td></tr><tr><td colspan="1">Information brought to DSDG's attention before the time of finalising the presentation of the annual report that evidence affairs and conditions existing at the balance sheet date is taken into consideration at recognition and measurement.</td></tr><tr><td colspan="1">Income other than value adjustments is recognised in the income statement when earned, just as costs are recognised by the amounts attributable to this financial year. Value adjustments of financial assets and liabilities are recognised in the income statement as value adjustments.</td></tr><tr><td colspan="1">Danish kroner is used as the measurement currency. All other currencies are regarded as foreign currencies.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Fair value measurement</td></tr><tr><td colspan="1">Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest. A fair value measurement of a non-financial asset takes into account a market participant's ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use.</td></tr><tr><td colspan="1">The fair value for financial instruments traded in active markets at the reporting date is based on their quoted price, without any deduction for transaction costs.</td></tr><tr><td colspan="1">For all other financial instruments not traded in an active market, the fair value is determined by using valuation techniques deemed to be appropriate in the circumstances.</td></tr><tr><td colspan="1">For assets and liabilities that are measured at fair value on a recurring basis, DSDG identifies transfers to and from the three levels of the fair value hierarchy by re-assessing the categorisation, and deems transfers to have occurred at the beginning of each reporting period.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Foreign currency adjustment</td></tr><tr><td colspan="1">Foreign currency transactions are initially recognised in DKK using the exchange rate at the transaction date. Loans, receivables, payables and other monetary items denominated in foreign currencies which have not been settled at the balance sheet date are converted into DKK using the exchange rate at the balance sheet date. All exchange rate adjustments, including those that arise at the payment date, are recognised in the income statement as contribution from investments or financial income and financial expenses, depending on their nature.</td></tr><tr><td colspan="1">Non-monetary items</td></tr><tr><td colspan="1">Monetary balance sheet items are translated at the exchange rates prevailing at the balance sheet date, whereas non-monetary items are translated at transaction date rates.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Income statement</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Contribution from investments</td></tr><tr><td colspan="1">Contribution from investments consists of contribution from share capital investments, project loans and contribution from binding commitments on loans.</td></tr><tr><td colspan="1">Contribution from share capital investments includes declared dividends (after tax), contributions from divested share capital investments and value adjustments in relation to the outstanding portfolio at year-end.</td></tr><tr><td colspan="1">Contribution from loans includes interest, value adjustments, including provisions for impairment,</td></tr><tr><td colspan="1">exchange rate adjustments in relation to the portfolio and other value adjustments, principally of interest receivables.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Operating expenses, net</td></tr><tr><td colspan="1">The Investment Fund for Developing Countries (IFU) manages the administration and accounting of the Company. Operating expenses, net, comprise fees to the Manager and external costs.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Financial income, net</td></tr><tr><td colspan="1">Financial income, net, comprises interest income on cash, interest expenses, exchange rate adjustments on cash and bank charges.</td></tr><tr><td colspan="1">Tax for the year</td></tr><tr><td colspan="1">As a limited partnership, DSDG is not an independent entity liable to taxation, which is why no current or deferred tax has been recognised in the financial statements. DSDG’s profit/loss is taxed at the partners of this limited partnership in accordance with applicable taxation rules.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Balance sheet</td></tr><tr><td colspan="1">Share capital investments in projects</td></tr><tr><td colspan="1">Share capital investments are recognised when they are disbursed. Share capital investments are measured at fair value both at initial recognition and throughout the investment period with changes recognised through profit or loss as contribution from share capital investments.</td></tr><tr><td colspan="1">Share capital investments where DSDG has significant influence are associates and are accounted for as share capital investments.</td></tr><tr><td colspan="1">Project loans</td></tr><tr><td colspan="1">Project loans are designated as loans and receivables and are recognised when they are disbursed. Project loans are initially recognised at fair value and are subsequently measured at amortised cost less any allowance for impairment.</td></tr><tr><td colspan="1">The allowance for impairment is measured in accordance with IFRS 9 by applying the simplified approach, whereby the expected loss in the remaining life of the loan is recognised irrespective of whether the loan is allocated to stage 3 (credit impaired), stage 2 (significant increase in credit risk) or stage 1 (all other loans).</td></tr><tr><td colspan="1">The expected loss is measured loan by loan by applying an estimated loss percentage based on IFU’s past experience, current expectations and internal rating of the individual project loans.</td></tr><tr><td colspan="1">Provisions for losses on guarantees and loan commitments are calculated in the same way as the allowance for impairment of project loans.</td></tr><tr><td colspan="1">Impaired project loans, together with the associated allowance amount, are written off when there is no realistic prospect of future recovery, and all collateral has been realised or has been transferred to DSDG. If a previous write-off is later recovered, the recovery is credited to “Contribution from project loans and guarantees”.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Investments in subsidiaries</td></tr><tr><td colspan="1">Investments in subsidiaries are included in the balance sheet at cost less accumulated impairment losses.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Other receivables</td></tr><tr><td colspan="1">Other receivables include interest receivables on loans, other project related receivables and administrative receivables.</td></tr><tr><td colspan="1">Interest receivables related to investments and other receivables are designated as receivables and are recognised over the period when they are earned. Interest receivables related to investments and other receivables are recognised at nominal value less any allowance for impairment.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Current liabilities</td></tr><tr><td colspan="1">Current liabilities are initially recognised at fair value and are subsequently measured at amortised cost.</td></tr><tr><td colspan="1">Current liabilities primarily consist of payable management fees.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Cash flow statement</td></tr><tr><td colspan="1">The cash flow statement has been prepared in accordance with the indirect method and shows DSDG's cash flow from operating, investing and financing activities as well as DSDG's cash position at the beginning and end of the year.</td></tr><tr><td colspan="1">Cash comprises cash at hand less short-term bank debt.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="2">Financial ratios</td></tr><tr><td colspan="2">The financial ratios stated in the survey of financial highlights have been calculated as follows</td></tr><tr><td>Return on assets</td><td>Profit before financials x100/total assets</td></tr><tr><td>Solvency ratio</td><td>Equity at year end x100/total assets at year end</td></tr><tr><td>Return on equity</td><td>Net profit for the year x100/average equity</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Undisbursed contracted commitments</td><td>756300</td><td colspan="2">934927</td></tr><tr><td /><td>Guarantees</td><td>3858</td><td colspan="2">-</td></tr><tr><td /><td>Binding commitments</td><td>195635</td><td colspan="2">526753</td></tr><tr><td /><td>Total undisbursed to investments</td><td>955793</td><td colspan="2">1461680</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="1" align="left" valign="middle" >Related parties and ownership</td></tr><tr><td colspan="1"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="20">Alle beløb er angivet i  'x1000'</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Provisions for losses</td></tr><tr><td colspan="5"></td></tr><tr><td width="20%" colspan="1" align="left" valign="middle" >DKK'000</td><td width="20%" align="right" valign="middle" >2021</td><td width="20%" align="right" valign="middle" >2020</td><td width="20%" ></td><td width="20%" ></td></tr><tr><td width="20%" colspan="1" align="left" valign="middle" >Allowance for impairment on remaining commitments begining of year</td><td width="20%" colspan="1" align="left" valign="middle" >-</td><td width="20%" align="right" valign="middle" >187</td><td width="20%" ></td><td width="20%" ></td></tr><tr><td width="20%" colspan="1" align="left" valign="middle" >Allowance for impairment on remaining commitments on loans</td><td width="20%" colspan="1" align="left" valign="middle" >-</td><td width="20%" align="right" valign="middle" >-187</td><td width="20%" ></td><td width="20%" ></td></tr><tr><td width="20%" colspan="1" align="left" valign="middle" >Allowance for impairment on remaining commitments end of year</td><td width="20%" colspan="1" align="left" valign="middle" >-</td><td width="60%" colspan="3" align="left" valign="middle" >-</td></tr><tr><td colspan="5"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="20">Alle beløb er angivet i  'x1000'</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Cash flow statement – adjustments</td></tr><tr><td colspan="5"></td></tr><tr><td width="20%" colspan="1" align="left" valign="middle" >DKK'000</td><td width="20%" align="right" valign="middle" >2021</td><td width="20%" align="right" valign="middle" >2020</td><td width="20%" ></td><td width="20%" ></td></tr><tr><td width="20%" colspan="1" align="left" valign="middle" >Value adjustments</td><td width="20%" align="right" valign="middle" >-62333</td><td width="20%" align="right" valign="middle" >10371</td><td width="20%" ></td><td width="20%" ></td></tr><tr><td width="20%" ></td><td width="20%" align="right" valign="middle" >-62333</td><td width="20%" align="right" valign="middle" >10371</td><td width="20%" ></td><td width="20%" ></td></tr><tr><td colspan="5"></td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="20">Alle beløb er angivet i  'x1000'</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Cash flow statement - changes in working capital</td></tr><tr><td colspan="5"></td></tr><tr><td width="20%" colspan="1" align="left" valign="middle" >DKK'000</td><td width="20%" align="right" valign="middle" >2021</td><td width="20%" align="right" valign="middle" >2020</td><td width="20%" ></td><td width="20%" ></td></tr><tr><td width="20%" colspan="1" align="left" valign="middle" >Change in current assets</td><td width="20%" align="right" valign="middle" >8821</td><td width="20%" align="right" valign="middle" >720</td><td width="20%" ></td><td width="20%" ></td></tr><tr><td width="20%" colspan="1" align="left" valign="middle" >Change in payables, etc.</td><td width="20%" align="right" valign="middle" >84</td><td width="20%" align="right" valign="middle" >325</td><td width="20%" ></td><td width="20%" ></td></tr><tr><td width="20%" ></td><td width="20%" align="right" valign="middle" >8905</td><td width="20%" align="right" valign="middle" >1045</td><td width="20%" ></td><td width="20%" ></td></tr><tr><td colspan="5"></td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="1" align="left" valign="middle" >Financial risk management</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Introduction</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Through investments, DSDG is exposed to financial risks such as equity and credit risk on investments, currency risk, interest rate risk and liquidity risk.</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >A number of limits have been established to avoid excessive concentration of risks, and through its investment policy and due diligence procedures, DSDG further seeks to identify and mitigate the equity and credit risk.</td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="20">Alle beløb er angivet i  'x1000'</td></tr><tr><td width="100%" colspan="8" align="left" valign="middle" >Currency risk</td></tr><tr><td width="100%" colspan="8" align="left" valign="middle" >Currency risk is the risk that the value of a financial instrument fluctuates due to changes in foreign exchange rates.</td></tr><tr><td width="100%" colspan="8" align="left" valign="middle" >DSDG is exposed to currency risk through its investments that are denominated in currencies other than the functional currency (DKK). DSDG does not hedge currency exposure in share capital investments, as the timing of cash flow is uncertain, and investments are typically exposed to local currencies where hedging costs are normally very high. By way of operation, some investments may have a natural built-in hedge, e.g. export-oriented businesses. Normally, DSDG does not hedge commitments to disburse either, as timing and amounts are often difficult to foresee.</td></tr><tr><td width="100%" colspan="8" align="left" valign="middle" >Currency exposure and sensitivity</td></tr><tr><td width="100%" colspan="8" align="left" valign="middle" >The following table indicates the currencies to which DSDG had significant exposure as of 31 December on its financial assets and liabilities, excluding share capital investments. The analysis calculates the effect of a reasonably likely movement of the currency rate against DKK on profit or loss with all other variables held constant. There is no sensitivity effect on equity as DSDG has no assets classified as available-for-sale.</td></tr><tr><td colspan="8"></td></tr><tr><td width="13%" align="right" valign="middle" >2021</td><td width="13%" ></td><td width="13%" ></td><td width="13%" ></td><td width="13%" ></td><td width="9%" ></td><td width="13%" ></td><td width="13%" ></td></tr><tr><td width="13%" colspan="1" align="left" valign="middle" >DKK’000</td><td width="13%" colspan="1" align="left" valign="middle" >Project loans</td><td width="13%" colspan="1" align="left" valign="middle" >Interest receivables</td><td width="13%" colspan="1" align="left" valign="middle" >Other project related receivables</td><td width="13%" colspan="1" align="left" valign="middle" >Other project related debt</td><td width="9%" colspan="1" align="left" valign="middle" >Net exposure</td><td width="13%" colspan="1" align="left" valign="middle" >Increase in foreign exchange rates</td><td width="13%" colspan="1" align="left" valign="middle" >Effect on profit or loss</td></tr><tr><td width="13%" colspan="1" align="left" valign="middle" >EUR</td><td width="13%" align="right" valign="middle" >109940</td><td width="13%" align="right" valign="middle" >573</td><td width="13%" align="right" valign="middle" >1063</td><td width="13%" colspan="1" align="left" valign="middle" >-</td><td width="9%" align="right" valign="middle" >111576</td><td width="13%" align="right" valign="middle" >1,00%</td><td width="13%" align="right" valign="middle" >1116</td></tr><tr><td width="13%" colspan="1" align="left" valign="middle" >DKK</td><td width="13%" align="right" valign="middle" >48564</td><td width="13%" align="right" valign="middle" >1</td><td width="13%" colspan="1" align="left" valign="middle" >-</td><td width="13%" colspan="1" align="left" valign="middle" >-</td><td width="9%" align="right" valign="middle" >48565</td><td width="13%" colspan="1" align="left" valign="middle" >N/A</td><td width="13%" colspan="1" align="left" valign="middle" >-</td></tr><tr><td width="13%" colspan="1" align="left" valign="middle" >Other</td><td width="13%" colspan="1" align="left" valign="middle" >-</td><td width="13%" colspan="1" align="left" valign="middle" >-</td><td width="13%" colspan="1" align="left" valign="middle" >-</td><td width="13%" colspan="1" align="left" valign="middle" >-</td><td width="9%" colspan="1" align="left" valign="middle" >-</td><td width="13%" align="right" valign="middle" >10,00%</td><td width="13%" colspan="1" align="left" valign="middle" >-</td></tr><tr><td width="13%" ></td><td width="13%" align="right" valign="middle" >158504</td><td width="13%" align="right" valign="middle" >574</td><td width="13%" align="right" valign="middle" >1063</td><td width="13%" colspan="1" align="left" valign="middle" >-</td><td width="9%" align="right" valign="middle" >160141</td><td width="13%" ></td><td width="13%" ></td></tr><tr><td colspan="8"></td></tr><tr><td width="13%" align="right" valign="middle" >2020</td><td width="13%" ></td><td width="13%" ></td><td width="13%" ></td><td width="13%" ></td><td width="9%" ></td><td width="13%" ></td><td width="13%" ></td></tr><tr><td width="13%" colspan="1" align="left" valign="middle" >DKK’000</td><td width="13%" colspan="1" align="left" valign="middle" >Project loans</td><td width="13%" colspan="1" align="left" valign="middle" >Interest receivables</td><td width="13%" colspan="1" align="left" valign="middle" >Other project related receivables</td><td width="13%" colspan="1" align="left" valign="middle" >Other project related debt</td><td width="9%" colspan="1" align="left" valign="middle" >Net exposure</td><td width="13%" colspan="1" align="left" valign="middle" >Increase in foreign exchange rates</td><td width="13%" colspan="1" align="left" valign="middle" >Effect on profit or loss</td></tr><tr><td width="13%" colspan="1" align="left" valign="middle" >EUR</td><td width="13%" align="right" valign="middle" >59514</td><td width="13%" align="right" valign="middle" >654</td><td width="13%" colspan="1" align="left" valign="middle" >-</td><td width="13%" colspan="1" align="left" valign="middle" >-</td><td width="9%" align="right" valign="middle" >60168</td><td width="13%" align="right" valign="middle" >1,00%</td><td width="13%" align="right" valign="middle" >602</td></tr><tr><td width="13%" colspan="1" align="left" valign="middle" >DKK</td><td width="13%" colspan="1" align="left" valign="middle" >-</td><td width="13%" colspan="1" align="left" valign="middle" >-</td><td width="13%" colspan="1" align="left" valign="middle" >-</td><td width="13%" align="right" valign="middle" >204</td><td width="9%" align="right" valign="middle" >204</td><td width="13%" colspan="1" align="left" valign="middle" >N/A</td><td width="13%" colspan="1" align="left" valign="middle" >-</td></tr><tr><td width="13%" colspan="1" align="left" valign="middle" >Other</td><td width="13%" align="right" valign="middle" >4140</td><td width="13%" colspan="1" align="left" valign="middle" >-</td><td width="13%" colspan="1" align="left" valign="middle" >-</td><td width="13%" colspan="1" align="left" valign="middle" >-</td><td width="9%" align="right" valign="middle" >4140</td><td width="13%" align="right" valign="middle" >10,00%</td><td width="13%" align="right" valign="middle" >414</td></tr><tr><td width="13%" ></td><td width="13%" align="right" valign="middle" >63654</td><td width="13%" align="right" valign="middle" >654</td><td width="13%" colspan="1" align="left" valign="middle" >-</td><td width="13%" align="right" valign="middle" >204</td><td width="9%" align="right" valign="middle" >64512</td><td width="13%" ></td><td width="13%" ></td></tr><tr><td colspan="8"></td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="20">Alle beløb er angivet i  'x1000'</td></tr><tr><td width="100%" colspan="8" align="left" valign="middle" >Liquidity risk</td></tr><tr><td width="100%" colspan="8" align="left" valign="middle" >Liquidity risk is defined as the risk that DSDG will encounter difficulty in meeting financial obligations.</td></tr><tr><td width="100%" colspan="8" align="left" valign="middle" >DSDG's primary exposure to liquidity risk arises from commitments to disburse share capital investments.</td></tr><tr><td width="100%" colspan="8" align="left" valign="middle" >To meet these and other obligations, DSDG depends on its limited partners being able to honour their commitments to DSDG. A credit facility of DKK 100 million is in place to cover unexpected negative short-term fluctuations in cash flows. At year-end, DKK 88 million was available for drawing.</td></tr><tr><td width="100%" colspan="8" align="left" valign="middle" >For information on commitments from the limited partners, see note 2.</td></tr><tr><td width="100%" colspan="8" align="left" valign="middle" >Contractual maturities</td></tr><tr><td width="100%" colspan="8" align="left" valign="middle" >The contractual maturities based on undiscounted contractual cash flows are shown below for financial assets, liabilities, guarantees and commitments.</td></tr><tr><td colspan="8"></td></tr><tr><td width="13%" align="right" valign="middle" >2021</td><td width="13%" ></td><td width="13%" ></td><td width="13%" ></td><td width="13%" ></td><td width="9%" ></td><td width="13%" ></td><td width="13%" ></td></tr><tr><td width="13%" colspan="1" align="left" valign="middle" >DKK'000</td><td width="13%" colspan="1" align="left" valign="middle" >Carrying amount</td><td width="13%" colspan="1" align="left" valign="middle" >Contractual cash flows</td><td width="13%" colspan="1" align="left" valign="middle" >On demand</td><td width="13%" colspan="1" align="left" valign="middle" >0-1 year</td><td width="9%" colspan="1" align="left" valign="middle" >1-5 years</td><td width="13%" colspan="1" align="left" valign="middle" >Over 5 years</td><td width="13%" colspan="1" align="left" valign="middle" >No fixed maturity</td></tr><tr><td width="100%" colspan="8" align="left" valign="middle" >Assets</td></tr><tr><td width="13%" colspan="1" align="left" valign="middle" >Project loans</td><td width="13%" align="right" valign="middle" >166089</td><td width="13%" align="right" valign="middle" >158504</td><td width="13%" colspan="1" align="left" valign="middle" >-</td><td width="13%" align="right" valign="middle" >14873</td><td width="9%" align="right" valign="middle" >78310</td><td width="13%" align="right" valign="middle" >65321</td><td width="13%" colspan="1" align="left" valign="middle" >-</td></tr><tr><td width="13%" colspan="1" align="left" valign="middle" >Interest receivable related to projects</td><td width="13%" align="right" valign="middle" >573</td><td width="13%" align="right" valign="middle" >490</td><td width="13%" align="right" valign="middle" >573</td><td width="13%" colspan="1" align="left" valign="middle" >-</td><td width="9%" colspan="1" align="left" valign="middle" >-</td><td width="13%" colspan="1" align="left" valign="middle" >-</td><td width="13%" colspan="1" align="left" valign="middle" >-</td></tr><tr><td width="13%" colspan="1" align="left" valign="middle" >Other receivables</td><td width="13%" align="right" valign="middle" >8788</td><td width="13%" align="right" valign="middle" >8788</td><td width="13%" align="right" valign="middle" >1064</td><td width="13%" align="right" valign="middle" >7724</td><td width="9%" colspan="1" align="left" valign="middle" >-</td><td width="13%" colspan="1" align="left" valign="middle" >-</td><td width="13%" colspan="1" align="left" valign="middle" >-</td></tr><tr><td width="13%" colspan="1" align="left" valign="middle" >Cash and cash equivalents</td><td width="13%" align="right" valign="middle" >18115</td><td width="13%" align="right" valign="middle" >18115</td><td width="13%" align="right" valign="middle" >18115</td><td width="13%" colspan="1" align="left" valign="middle" >-</td><td width="9%" colspan="1" align="left" valign="middle" >-</td><td width="13%" colspan="1" align="left" valign="middle" >-</td><td width="13%" colspan="1" align="left" valign="middle" >-</td></tr><tr><td width="13%" colspan="1" align="left" valign="middle" >Total assets</td><td width="13%" align="right" valign="middle" >193565</td><td width="13%" align="right" valign="middle" >185897</td><td width="13%" align="right" valign="middle" >19752</td><td width="13%" align="right" valign="middle" >22597</td><td width="9%" align="right" valign="middle" >78310</td><td width="13%" align="right" valign="middle" >65321</td><td width="13%" colspan="1" align="left" valign="middle" >-</td></tr><tr><td colspan="8"></td></tr><tr><td width="100%" colspan="8" align="left" valign="middle" >Liabilities</td></tr><tr><td width="13%" colspan="1" align="left" valign="middle" >Other current liabilities</td><td width="13%" align="right" valign="middle" >13704</td><td width="13%" align="right" valign="middle" >13704</td><td width="13%" colspan="1" align="left" valign="middle" >-</td><td width="13%" align="right" valign="middle" >13704</td><td width="9%" colspan="1" align="left" valign="middle" >-</td><td width="13%" colspan="1" align="left" valign="middle" >-</td><td width="13%" colspan="1" align="left" valign="middle" >-</td></tr><tr><td width="13%" colspan="1" align="left" valign="middle" >Total liabilities</td><td width="13%" align="right" valign="middle" >13704</td><td width="13%" align="right" valign="middle" >13704</td><td width="13%" colspan="1" align="left" valign="middle" >-</td><td width="13%" align="right" valign="middle" >13704</td><td width="9%" colspan="1" align="left" valign="middle" >-</td><td width="13%" colspan="1" align="left" valign="middle" >-</td><td width="13%" colspan="1" align="left" valign="middle" >-</td></tr><tr><td colspan="8"></td></tr><tr><td width="100%" colspan="8" align="left" valign="middle" >Off-balance</td></tr><tr><td width="13%" colspan="1" align="left" valign="middle" >Guarantees</td><td width="13%" colspan="1" align="left" valign="middle" >-</td><td width="13%" align="right" valign="middle" >3858</td><td width="13%" colspan="1" align="left" valign="middle" >-</td><td width="13%" colspan="1" align="left" valign="middle" >-</td><td width="9%" colspan="1" align="left" valign="middle" >-</td><td width="13%" colspan="1" align="left" valign="middle" >-</td><td width="13%" align="right" valign="middle" >3858</td></tr><tr><td width="13%" colspan="1" align="left" valign="middle" >Amounts payable on share capital and loan agreements</td><td width="13%" colspan="1" align="left" valign="middle" >-</td><td width="13%" align="right" valign="middle" >756300</td><td width="13%" align="right" valign="middle" >756300</td><td width="13%" colspan="1" align="left" valign="middle" >-</td><td width="9%" colspan="1" align="left" valign="middle" >-</td><td width="13%" colspan="1" align="left" valign="middle" >-</td><td width="13%" colspan="1" align="left" valign="middle" >-</td></tr><tr><td width="13%" colspan="1" align="left" valign="middle" >Binding commitments</td><td width="13%" colspan="1" align="left" valign="middle" >-</td><td width="13%" align="right" valign="middle" >195635</td><td width="13%" colspan="1" align="left" valign="middle" >-</td><td width="13%" align="right" valign="middle" >195635</td><td width="9%" colspan="1" align="left" valign="middle" >-</td><td width="13%" colspan="1" align="left" valign="middle" >-</td><td width="13%" colspan="1" align="left" valign="middle" >-</td></tr><tr><td width="13%" colspan="1" align="left" valign="middle" >Total off-balance</td><td width="13%" colspan="1" align="left" valign="middle" >-</td><td width="13%" align="right" valign="middle" >955793</td><td width="13%" align="right" valign="middle" >756300</td><td width="13%" align="right" valign="middle" >195635</td><td width="9%" colspan="1" align="left" valign="middle" >-</td><td width="13%" colspan="1" align="left" valign="middle" >-</td><td width="13%" align="right" valign="middle" >3858</td></tr><tr><td colspan="8"></td></tr><tr><td width="13%" align="right" valign="middle" >2020</td><td width="13%" ></td><td width="13%" ></td><td width="13%" ></td><td width="13%" ></td><td width="9%" ></td><td width="13%" ></td><td width="13%" ></td></tr><tr><td width="13%" colspan="1" align="left" valign="middle" >DKK'000</td><td width="13%" colspan="1" align="left" valign="middle" >Carrying amount</td><td width="13%" colspan="1" align="left" valign="middle" >Contractual cash flows</td><td width="13%" colspan="1" align="left" valign="middle" >On demand</td><td width="13%" colspan="1" align="left" valign="middle" >0-1 year</td><td width="9%" colspan="1" align="left" valign="middle" >1-5 years</td><td width="13%" colspan="1" align="left" valign="middle" >Over 5 years</td><td width="13%" colspan="1" align="left" valign="middle" >No fixed maturity</td></tr><tr><td width="100%" colspan="8" align="left" valign="middle" >Assets</td></tr><tr><td width="13%" colspan="1" align="left" valign="middle" >Project loans</td><td width="13%" align="right" valign="middle" >63166</td><td width="13%" align="right" valign="middle" >63654</td><td width="13%" colspan="1" align="left" valign="middle" >-</td><td width="13%" align="right" valign="middle" >14879</td><td width="9%" align="right" valign="middle" >48775</td><td width="13%" colspan="1" align="left" valign="middle" >-</td><td width="13%" colspan="1" align="left" valign="middle" >-</td></tr><tr><td width="13%" colspan="1" align="left" valign="middle" >Interest receivable related to projects</td><td width="13%" align="right" valign="middle" >654</td><td width="13%" align="right" valign="middle" >654</td><td width="13%" align="right" valign="middle" >654</td><td width="13%" colspan="1" align="left" valign="middle" >-</td><td width="9%" colspan="1" align="left" valign="middle" >-</td><td width="13%" colspan="1" align="left" valign="middle" >-</td><td width="13%" colspan="1" align="left" valign="middle" >-</td></tr><tr><td width="13%" colspan="1" align="left" valign="middle" >Other receivables</td><td width="13%" align="right" valign="middle" >17435</td><td width="13%" align="right" valign="middle" >17435</td><td width="13%" colspan="1" align="left" valign="middle" >-</td><td width="13%" align="right" valign="middle" >17435</td><td width="9%" colspan="1" align="left" valign="middle" >-</td><td width="13%" colspan="1" align="left" valign="middle" >-</td><td width="13%" colspan="1" align="left" valign="middle" >-</td></tr><tr><td width="13%" colspan="1" align="left" valign="middle" >Cash and cash equivalents</td><td width="13%" align="right" valign="middle" >3351</td><td width="13%" align="right" valign="middle" >3351</td><td width="13%" align="right" valign="middle" >3351</td><td width="13%" colspan="1" align="left" valign="middle" >-</td><td width="9%" colspan="1" align="left" valign="middle" >-</td><td width="13%" colspan="1" align="left" valign="middle" >-</td><td width="13%" colspan="1" align="left" valign="middle" >-</td></tr><tr><td width="13%" colspan="1" align="left" valign="middle" >Total assets</td><td width="13%" align="right" valign="middle" >84606</td><td width="13%" align="right" valign="middle" >85094</td><td width="13%" align="right" valign="middle" >4005</td><td width="13%" align="right" valign="middle" >32314</td><td width="9%" align="right" valign="middle" >48775</td><td width="13%" colspan="1" align="left" valign="middle" >-</td><td width="13%" colspan="1" align="left" valign="middle" >-</td></tr><tr><td colspan="8"></td></tr><tr><td width="100%" colspan="8" align="left" valign="middle" >Liabilities</td></tr><tr><td width="13%" colspan="1" align="left" valign="middle" >Other current liabilities</td><td width="13%" align="right" valign="middle" >7389</td><td width="13%" align="right" valign="middle" >7389</td><td width="13%" colspan="1" align="left" valign="middle" >-</td><td width="13%" align="right" valign="middle" >7389</td><td width="9%" colspan="1" align="left" valign="middle" >-</td><td width="13%" colspan="1" align="left" valign="middle" >-</td><td width="13%" colspan="1" align="left" valign="middle" >-</td></tr><tr><td width="13%" colspan="1" align="left" valign="middle" >Total liabilities</td><td width="13%" align="right" valign="middle" >7389</td><td width="13%" align="right" valign="middle" >7389</td><td width="13%" colspan="1" align="left" valign="middle" >-</td><td width="13%" align="right" valign="middle" >7389</td><td width="9%" colspan="1" align="left" valign="middle" >-</td><td width="13%" colspan="1" align="left" valign="middle" >-</td><td width="13%" colspan="1" align="left" valign="middle" >-</td></tr><tr><td colspan="8"></td></tr><tr><td width="100%" colspan="8" align="left" valign="middle" >Off-balance</td></tr><tr><td width="13%" colspan="1" align="left" valign="middle" >Amounts payable on share capital and loan agreements</td><td width="13%" colspan="1" align="left" valign="middle" >-</td><td width="13%" align="right" valign="middle" >934927</td><td width="13%" align="right" valign="middle" >934927</td><td width="13%" colspan="1" align="left" valign="middle" >-</td><td width="9%" colspan="1" align="left" valign="middle" >-</td><td width="13%" colspan="1" align="left" valign="middle" >-</td><td width="13%" colspan="1" align="left" valign="middle" >-</td></tr><tr><td width="13%" colspan="1" align="left" valign="middle" >Binding commitments</td><td width="13%" colspan="1" align="left" valign="middle" >-</td><td width="13%" align="right" valign="middle" >526753</td><td width="13%" colspan="1" align="left" valign="middle" >-</td><td width="13%" align="right" valign="middle" >526753</td><td width="9%" colspan="1" align="left" valign="middle" >-</td><td width="13%" colspan="1" align="left" valign="middle" >-</td><td width="13%" colspan="1" align="left" valign="middle" >-</td></tr><tr><td width="13%" colspan="1" align="left" valign="middle" >Total off-balance</td><td width="13%" colspan="1" align="left" valign="middle" >-</td><td width="13%" align="right" valign="middle" >1461680</td><td width="13%" align="right" valign="middle" >934927</td><td width="13%" align="right" valign="middle" >526753</td><td width="9%" colspan="1" align="left" valign="middle" >-</td><td width="13%" colspan="1" align="left" valign="middle" >-</td><td width="13%" colspan="1" align="left" valign="middle" >-</td></tr><tr><td colspan="8"></td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="20">Alle beløb er angivet i  'x1000'</td></tr><tr><td width="100%" colspan="6" align="left" valign="middle" >Classification of financial instruments</td></tr><tr><td width="100%" colspan="6" align="left" valign="middle" >The following table provides a reconciliation between line items in the balance sheet and categories of financial instruments.</td></tr><tr><td colspan="6"></td></tr><tr><td width="17%" align="right" valign="middle" >2021</td><td width="17%" ></td><td width="17%" ></td><td width="17%" ></td><td width="17%" ></td><td width="15%" ></td></tr><tr><td width="17%" colspan="1" align="left" valign="middle" >DKK'000</td><td width="17%" colspan="1" align="left" valign="middle" >Designated</td><td width="17%" colspan="1" align="left" valign="middle" >Loans and receivables</td><td width="17%" colspan="1" align="left" valign="middle" >Loans and</td><td width="17%" colspan="1" align="left" valign="middle" >Other liabilities at amortised cost</td><td width="15%" colspan="1" align="left" valign="middle" >Total</td></tr><tr><td width="17%" ></td><td width="17%" colspan="1" align="left" valign="middle" >at fair value through profit</td><td width="17%" colspan="1" align="left" valign="middle" >at amortised cost</td><td width="49%" colspan="3" align="left" valign="middle" >receivables at fair value</td></tr><tr><td width="17%" ></td><td width="83%" colspan="5" align="left" valign="middle" >and loss</td></tr><tr><td width="100%" colspan="6" align="left" valign="middle" >Financial assets</td></tr><tr><td width="17%" colspan="1" align="left" valign="middle" >Share capital investment in projects</td><td width="17%" align="right" valign="middle" >1356111</td><td width="17%" colspan="1" align="left" valign="middle" >-</td><td width="17%" colspan="1" align="left" valign="middle" >-</td><td width="17%" colspan="1" align="left" valign="middle" >-</td><td width="15%" align="right" valign="middle" >1356111</td></tr><tr><td width="17%" colspan="1" align="left" valign="middle" >Project loans</td><td width="17%" colspan="1" align="left" valign="middle" >-</td><td width="17%" align="right" valign="middle" >113885</td><td width="17%" align="right" valign="middle" >52204</td><td width="17%" colspan="1" align="left" valign="middle" >-</td><td width="15%" align="right" valign="middle" >166089</td></tr><tr><td width="17%" colspan="1" align="left" valign="middle" >Interest receivable related to projects</td><td width="17%" colspan="1" align="left" valign="middle" >-</td><td width="17%" colspan="1" align="left" valign="middle" >-</td><td width="17%" align="right" valign="middle" >573</td><td width="17%" colspan="1" align="left" valign="middle" >-</td><td width="15%" align="right" valign="middle" >573</td></tr><tr><td width="17%" colspan="1" align="left" valign="middle" >Other receivables</td><td width="17%" colspan="1" align="left" valign="middle" >-</td><td width="17%" align="right" valign="middle" >8788</td><td width="17%" colspan="1" align="left" valign="middle" >-</td><td width="17%" colspan="1" align="left" valign="middle" >-</td><td width="15%" align="right" valign="middle" >8788</td></tr><tr><td width="17%" colspan="1" align="left" valign="middle" >Cash and cash equivalents</td><td width="17%" colspan="1" align="left" valign="middle" >-</td><td width="17%" align="right" valign="middle" >18115</td><td width="17%" colspan="1" align="left" valign="middle" >-</td><td width="17%" colspan="1" align="left" valign="middle" >-</td><td width="15%" align="right" valign="middle" >18115</td></tr><tr><td width="17%" colspan="1" align="left" valign="middle" >Total financial assets</td><td width="17%" align="right" valign="middle" >1356111</td><td width="17%" align="right" valign="middle" >140788</td><td width="17%" align="right" valign="middle" >52777</td><td width="17%" colspan="1" align="left" valign="middle" >-</td><td width="15%" align="right" valign="middle" >1549676</td></tr><tr><td colspan="6"></td></tr><tr><td width="100%" colspan="6" align="left" valign="middle" >Financial liabilities</td></tr><tr><td width="17%" colspan="1" align="left" valign="middle" >Current liabilities</td><td width="17%" colspan="1" align="left" valign="middle" >-</td><td width="17%" colspan="1" align="left" valign="middle" >-</td><td width="17%" colspan="1" align="left" valign="middle" >-</td><td width="17%" colspan="1" align="left" valign="middle" >-</td><td width="15%" colspan="1" align="left" valign="middle" >-</td></tr><tr><td width="17%" colspan="1" align="left" valign="middle" >Other current liabilities</td><td width="17%" colspan="1" align="left" valign="middle" >-</td><td width="17%" colspan="1" align="left" valign="middle" >-</td><td width="17%" colspan="1" align="left" valign="middle" >-</td><td width="17%" align="right" valign="middle" >13704</td><td width="15%" align="right" valign="middle" >13704</td></tr><tr><td width="17%" colspan="1" align="left" valign="middle" >Total financial liabilities</td><td width="17%" colspan="1" align="left" valign="middle" >-</td><td width="17%" colspan="1" align="left" valign="middle" >-</td><td width="17%" colspan="1" align="left" valign="middle" >-</td><td width="17%" align="right" valign="middle" >13704</td><td width="15%" align="right" valign="middle" >13704</td></tr><tr><td colspan="6"></td></tr><tr><td width="17%" align="right" valign="middle" >2020</td><td width="17%" ></td><td width="17%" ></td><td width="17%" ></td><td width="17%" ></td><td width="15%" ></td></tr><tr><td width="17%" colspan="1" align="left" valign="middle" >DKK'000</td><td width="17%" colspan="1" align="left" valign="middle" >Designated</td><td width="17%" colspan="1" align="left" valign="middle" >Loans and receivables</td><td width="17%" colspan="1" align="left" valign="middle" >Loans and</td><td width="17%" colspan="1" align="left" valign="middle" >Other liabilities at amortised cost</td><td width="15%" colspan="1" align="left" valign="middle" >Total</td></tr><tr><td width="17%" ></td><td width="17%" colspan="1" align="left" valign="middle" >at fair value through profit</td><td width="17%" colspan="1" align="left" valign="middle" >at amortised cost</td><td width="49%" colspan="3" align="left" valign="middle" >receivables at fair value</td></tr><tr><td width="17%" ></td><td width="83%" colspan="5" align="left" valign="middle" >and loss</td></tr><tr><td width="100%" colspan="6" align="left" valign="middle" >Financial assets</td></tr><tr><td width="17%" colspan="1" align="left" valign="middle" >Share capital investment in projects</td><td width="17%" align="right" valign="middle" >700121</td><td width="17%" colspan="1" align="left" valign="middle" >-</td><td width="17%" colspan="1" align="left" valign="middle" >-</td><td width="17%" colspan="1" align="left" valign="middle" >-</td><td width="15%" align="right" valign="middle" >700121</td></tr><tr><td width="17%" colspan="1" align="left" valign="middle" >Project loans</td><td width="17%" colspan="1" align="left" valign="middle" >-</td><td width="17%" align="right" valign="middle" >63166</td><td width="17%" colspan="1" align="left" valign="middle" >-</td><td width="17%" colspan="1" align="left" valign="middle" >-</td><td width="15%" align="right" valign="middle" >63166</td></tr><tr><td width="17%" colspan="1" align="left" valign="middle" >Interest receivable related to projects</td><td width="17%" colspan="1" align="left" valign="middle" >-</td><td width="17%" align="right" valign="middle" >654</td><td width="17%" colspan="1" align="left" valign="middle" >-</td><td width="17%" colspan="1" align="left" valign="middle" >-</td><td width="15%" align="right" valign="middle" >654</td></tr><tr><td width="17%" colspan="1" align="left" valign="middle" >Other receivables</td><td width="17%" colspan="1" align="left" valign="middle" >-</td><td width="17%" align="right" valign="middle" >17435</td><td width="17%" colspan="1" align="left" valign="middle" >-</td><td width="17%" colspan="1" align="left" valign="middle" >-</td><td width="15%" align="right" valign="middle" >17435</td></tr><tr><td width="17%" colspan="1" align="left" valign="middle" >Cash and cash equivalents</td><td width="17%" colspan="1" align="left" valign="middle" >-</td><td width="17%" align="right" valign="middle" >3351</td><td width="17%" colspan="1" align="left" valign="middle" >-</td><td width="17%" colspan="1" align="left" valign="middle" >-</td><td width="15%" align="right" valign="middle" >3351</td></tr><tr><td width="17%" colspan="1" align="left" valign="middle" >Total financial assets</td><td width="17%" align="right" valign="middle" >700121</td><td width="17%" align="right" valign="middle" >84606</td><td width="17%" colspan="1" align="left" valign="middle" >-</td><td width="17%" colspan="1" align="left" valign="middle" >-</td><td width="15%" align="right" valign="middle" >784727</td></tr><tr><td colspan="6"></td></tr><tr><td width="100%" colspan="6" align="left" valign="middle" >Financial liabilities</td></tr><tr><td width="17%" colspan="1" align="left" valign="middle" >Current liabilities</td><td width="17%" colspan="1" align="left" valign="middle" >-</td><td width="17%" colspan="1" align="left" valign="middle" >-</td><td width="17%" colspan="1" align="left" valign="middle" >-</td><td width="17%" colspan="1" align="left" valign="middle" >-</td><td width="15%" colspan="1" align="left" valign="middle" >-</td></tr><tr><td width="17%" colspan="1" align="left" valign="middle" >Other current liabilities</td><td width="17%" colspan="1" align="left" valign="middle" >-</td><td width="17%" colspan="1" align="left" valign="middle" >-</td><td width="17%" colspan="1" align="left" valign="middle" >-</td><td width="17%" align="right" valign="middle" >7389</td><td width="15%" align="right" valign="middle" >7389</td></tr><tr><td width="17%" colspan="1" align="left" valign="middle" >Total financial liabilities</td><td width="17%" colspan="1" align="left" valign="middle" >-</td><td width="17%" colspan="1" align="left" valign="middle" >-</td><td width="17%" colspan="1" align="left" valign="middle" >-</td><td width="17%" align="right" valign="middle" >7389</td><td width="15%" align="right" valign="middle" >7389</td></tr><tr><td colspan="6"></td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="20">Alle beløb er angivet i  'x1000'</td></tr><tr><td width="14%" ></td><td width="86%" colspan="6" align="left" valign="middle" >Fair value measurement basis</td></tr><tr><td width="14%" ></td><td width="86%" colspan="6" align="left" valign="middle" >The calculation of fair value is based on a fair value hierarchy that reflects the level of judgement associated with the inputs used to measure the fair value. The fair value hierarchy has the following levels</td></tr><tr><td width="14%" ></td><td width="86%" colspan="6" align="left" valign="middle" >Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that can be accessed at the measurement date</td></tr><tr><td width="14%" ></td><td width="86%" colspan="6" align="left" valign="middle" >Level 2 inputs are inputs other than quoted prices included within level 1 that are observable for the assets or liabilities, either directly or indirectly</td></tr><tr><td width="14%" ></td><td width="86%" colspan="6" align="left" valign="middle" >Level 3 inputs are unobservable inputs that have been applied in valuing the respective assets or liabilities.</td></tr><tr><td width="14%" ></td><td width="86%" colspan="6" align="left" valign="middle" >In the following sections, a short description of the overall principle for DSDG's calculation of fair value is provided. For all investments, the value determined by using the methods described below will be adjusted, if considered necessary and appropriate, by taking the following factors into account</td></tr><tr><td width="14%" ></td><td width="86%" colspan="6" align="left" valign="middle" >Current and expected operating results of the project company</td></tr><tr><td width="14%" ></td><td width="86%" colspan="6" align="left" valign="middle" >Risk of remittance, if any</td></tr><tr><td width="14%" ></td><td width="86%" colspan="6" align="left" valign="middle" >Specific circumstances relating to the partners, project, country, region and/or sector</td></tr><tr><td width="14%" ></td><td width="86%" colspan="6" align="left" valign="middle" >Current market conditions</td></tr><tr><td width="14%" ></td><td width="86%" colspan="6" align="left" valign="middle" >Tax issues</td></tr><tr><td width="14%" ></td><td width="86%" colspan="6" align="left" valign="middle" >Share capital investments</td></tr><tr><td width="14%" ></td><td width="86%" colspan="6" align="left" valign="middle" >All of DSDG's fair value estimates are based on unobservable market data (level 3).</td></tr><tr><td width="14%" ></td><td width="86%" colspan="6" align="left" valign="middle" >Investments are valued as follows</td></tr><tr><td width="14%" ></td><td width="86%" colspan="6" align="left" valign="middle" >In the initial phase, all investments are valued at cost price less any impairment adjustment, as this is deemed to provide a good indication of fair value. Hereafter investments will be valued at either the Discounted Cash Flow method (DCF), by an earnings multiple if appropriate and reliable transaction/earnings multiples are available, or by the net assets methodology, if appropriate.</td></tr><tr><td width="14%" ></td><td width="86%" colspan="6" align="left" valign="middle" >If during the 12-month period prior to the reporting date DSDG has received a binding offer in writing from a third party or a significant transaction has taken place, the shares will normally be valued based on the offer or the recent transaction.</td></tr><tr><td width="14%" ></td><td width="86%" colspan="6" align="left" valign="middle" >The following general assumptions are applied when performing DCF or earnings multiple calculations</td></tr><tr><td width="14%" ></td><td width="86%" colspan="6" align="left" valign="middle" >For DCF calculations, budgets and forecasts for the investments form the basis for the valuation.</td></tr><tr><td width="14%" ></td><td width="86%" colspan="6" align="left" valign="middle" >A weighted average cost of capital based on the cost of equity and the cost of debt weighted by the targeted financial leverage from the industry. Growth in terminal period is based on the estimated long-term inflation rate of the country.</td></tr><tr><td width="14%" ></td><td width="86%" colspan="6" align="left" valign="middle" >An illiquidity discount is applied and other specific adjustments may be applied where relevant for both DCF and earnings multiple calculations.</td></tr><tr><td width="14%" ></td><td width="86%" colspan="6" align="left" valign="middle" >Valuing private investments in developing countries at fair values involves a large inherent uncertainty. Due to these uncertainties, a degree of caution is applied when exercising judgements and making the necessary estimates.</td></tr><tr><td width="14%" ></td><td width="86%" colspan="6" align="left" valign="middle" >Some share capital investments include a pre-agreed exit agreement. In these cases, the value of the exit agreements is taken into consideration as part of the fair value calculation. Investments valued according to exit agreements are disclosed in the table below together with investments valued based on a recent binding offer or transaction.</td></tr><tr><td width="14%" ></td><td width="86%" colspan="6" align="left" valign="middle" >Project loans</td></tr><tr><td width="14%" ></td><td width="86%" colspan="6" align="left" valign="middle" >Project loans, which do not meet the “SPPI” test (solely payments of principal and interest), e.g. loans which include equity features such as profit participation or equity conversion options, are measured at fair value.</td></tr><tr><td width="14%" ></td><td width="86%" colspan="6" align="left" valign="middle" >In the initial phase all loans valued at cost price less any impairment adjustment, as this is deemed to provide a good indication of fair value. Hereafter loans will be valued by the DCF method based on updated assumptions for future cash flow including equity features.</td></tr><tr><td width="14%" ></td><td width="86%" colspan="6" align="left" valign="middle" >Valuing project loans in developing countries at fair value involves a large inherent uncertainty. For smaller project loans (cost price of loan below DKK 25m) uncertainties are deemed to be even higher and therefore these will be valued at amortised cost less an allowance for impairment These project loans constitute a minor part of DSDG’s portfolio.</td></tr><tr><td width="14%" ></td><td width="86%" colspan="6" align="left" valign="middle" >Fair value measurements and reconciliation</td></tr><tr><td width="14%" ></td><td width="86%" colspan="6" align="left" valign="middle" >The following table shows financial instruments recognised at fair value by level in the fair value hierarchy and a reconciliation of all movements in the fair value of items categorised within level 3.</td></tr><tr><td colspan="7"></td></tr><tr><td width="14%" ></td><td width="14%" align="right" valign="middle" >2021</td><td width="14%" ></td><td width="14%" ></td><td width="14%" ></td><td width="14%" ></td><td width="16%" ></td></tr><tr><td colspan="7"></td></tr><tr><td width="14%" ></td><td width="14%" colspan="1" align="left" valign="middle" >DKK'000</td><td width="14%" colspan="1" align="left" valign="middle" >Level 1</td><td width="14%" colspan="1" align="left" valign="middle" >Level 2</td><td width="14%" colspan="1" align="left" valign="middle" >Level 3</td><td width="30%" colspan="2" align="left" valign="middle" >Total</td></tr><tr><td width="14%" ></td><td width="86%" colspan="6" align="left" valign="middle" >Share capital investments</td></tr><tr><td width="14%" ></td><td width="14%" colspan="1" align="left" valign="middle" >Opening balance</td><td width="14%" colspan="1" align="left" valign="middle" >-</td><td width="14%" colspan="1" align="left" valign="middle" >-</td><td width="14%" align="right" valign="middle" >700121</td><td width="14%" align="right" valign="middle" >700121</td><td width="16%" ></td></tr><tr><td width="14%" ></td><td width="14%" colspan="1" align="left" valign="middle" >Total gains/ losses for the period included in profit or loss1</td><td width="14%" colspan="1" align="left" valign="middle" >-</td><td width="14%" colspan="1" align="left" valign="middle" >-</td><td width="14%" align="right" valign="middle" >49723</td><td width="14%" align="right" valign="middle" >49723</td><td width="16%" ></td></tr><tr><td width="14%" ></td><td width="14%" colspan="1" align="left" valign="middle" >Paid-in share capital in projects</td><td width="14%" colspan="1" align="left" valign="middle" >-</td><td width="14%" colspan="1" align="left" valign="middle" >-</td><td width="14%" align="right" valign="middle" >606267</td><td width="14%" align="right" valign="middle" >606267</td><td width="16%" ></td></tr><tr><td width="14%" ></td><td width="14%" colspan="1" align="left" valign="middle" >Disposal</td><td width="14%" colspan="1" align="left" valign="middle" >-</td><td width="14%" colspan="1" align="left" valign="middle" >-</td><td width="14%" colspan="1" align="left" valign="middle" >-</td><td width="30%" colspan="2" align="left" valign="middle" >-</td></tr><tr><td width="14%" ></td><td width="14%" colspan="1" align="left" valign="middle" >Closing balance</td><td width="14%" colspan="1" align="left" valign="middle" >-</td><td width="14%" colspan="1" align="left" valign="middle" >-</td><td width="14%" align="right" valign="middle" >1356111</td><td width="14%" align="right" valign="middle" >1356111</td><td width="16%" ></td></tr><tr><td width="14%" ></td><td width="86%" colspan="6" align="left" valign="middle" >Project loans at fair value</td></tr><tr><td width="14%" ></td><td width="14%" colspan="1" align="left" valign="middle" >Opening balance</td><td width="14%" colspan="1" align="left" valign="middle" >-</td><td width="14%" colspan="1" align="left" valign="middle" >-</td><td width="14%" colspan="1" align="left" valign="middle" >-</td><td width="30%" colspan="2" align="left" valign="middle" >-</td></tr><tr><td width="14%" ></td><td width="14%" colspan="1" align="left" valign="middle" >Transfers into the level</td><td width="14%" colspan="1" align="left" valign="middle" >-</td><td width="14%" colspan="1" align="left" valign="middle" >-</td><td width="14%" align="right" valign="middle" >44619</td><td width="14%" align="right" valign="middle" >44619</td><td width="16%" ></td></tr><tr><td width="14%" ></td><td width="14%" colspan="1" align="left" valign="middle" >Transfers out of the level</td><td width="14%" colspan="1" align="left" valign="middle" >-</td><td width="14%" colspan="1" align="left" valign="middle" >-</td><td width="14%" colspan="1" align="left" valign="middle" >-</td><td width="30%" colspan="2" align="left" valign="middle" >-</td></tr><tr><td width="14%" ></td><td width="14%" colspan="1" align="left" valign="middle" >Exchange rate adjustments</td><td width="14%" colspan="1" align="left" valign="middle" >-</td><td width="14%" colspan="1" align="left" valign="middle" >-</td><td width="14%" colspan="1" align="left" valign="middle" >-</td><td width="30%" colspan="2" align="left" valign="middle" >-</td></tr><tr><td width="14%" ></td><td width="14%" colspan="1" align="left" valign="middle" >Total gains/ losses for the period included in profit or loss</td><td width="14%" colspan="1" align="left" valign="middle" >-</td><td width="14%" colspan="1" align="left" valign="middle" >-</td><td width="14%" align="right" valign="middle" >7585</td><td width="14%" align="right" valign="middle" >7585</td><td width="16%" ></td></tr><tr><td width="14%" ></td><td width="14%" colspan="1" align="left" valign="middle" >Disbursement of project loans</td><td width="14%" colspan="1" align="left" valign="middle" >-</td><td width="14%" colspan="1" align="left" valign="middle" >-</td><td width="14%" colspan="1" align="left" valign="middle" >-</td><td width="30%" colspan="2" align="left" valign="middle" >-</td></tr><tr><td width="14%" ></td><td width="14%" colspan="1" align="left" valign="middle" >Closing balance</td><td width="14%" colspan="1" align="left" valign="middle" >-</td><td width="14%" colspan="1" align="left" valign="middle" >-</td><td width="14%" align="right" valign="middle" >52204</td><td width="14%" align="right" valign="middle" >52204</td><td width="16%" ></td></tr><tr><td width="14%" ></td><td width="14%" colspan="1" align="left" valign="middle" >Total recurring fair value measurements</td><td width="14%" colspan="1" align="left" valign="middle" >-</td><td width="14%" colspan="1" align="left" valign="middle" >-</td><td width="14%" align="right" valign="middle" >1408315</td><td width="14%" align="right" valign="middle" >1408315</td><td width="16%" ></td></tr><tr><td colspan="7"></td></tr><tr><td width="14%" ></td><td width="14%" align="right" valign="middle" >2020</td><td width="14%" ></td><td width="14%" ></td><td width="14%" ></td><td width="14%" ></td><td width="16%" ></td></tr><tr><td colspan="7"></td></tr><tr><td width="14%" ></td><td width="14%" colspan="1" align="left" valign="middle" >DKK'000</td><td width="14%" colspan="1" align="left" valign="middle" >Level 1</td><td width="14%" colspan="1" align="left" valign="middle" >Level 2</td><td width="14%" colspan="1" align="left" valign="middle" >Level 3</td><td width="30%" colspan="2" align="left" valign="middle" >Total</td></tr><tr><td width="14%" ></td><td width="86%" colspan="6" align="left" valign="middle" >Share capital investments</td></tr><tr><td width="14%" ></td><td width="14%" colspan="1" align="left" valign="middle" >Opening balance</td><td width="14%" colspan="1" align="left" valign="middle" >-</td><td width="14%" colspan="1" align="left" valign="middle" >-</td><td width="14%" align="right" valign="middle" >192324</td><td width="14%" align="right" valign="middle" >192324</td><td width="16%" ></td></tr><tr><td width="14%" ></td><td width="14%" colspan="1" align="left" valign="middle" >Total gains/ losses for the period included in profit or loss1</td><td width="14%" colspan="1" align="left" valign="middle" >-</td><td width="14%" colspan="1" align="left" valign="middle" >-</td><td width="14%" align="right" valign="middle" >-9472</td><td width="14%" align="right" valign="middle" >-9472</td><td width="16%" ></td></tr><tr><td width="14%" ></td><td width="14%" colspan="1" align="left" valign="middle" >Paid-in share capital in projects</td><td width="14%" colspan="1" align="left" valign="middle" >-</td><td width="14%" colspan="1" align="left" valign="middle" >-</td><td width="14%" align="right" valign="middle" >517269</td><td width="14%" align="right" valign="middle" >517269</td><td width="16%" ></td></tr><tr><td width="14%" ></td><td width="14%" colspan="1" align="left" valign="middle" >Disposal</td><td width="14%" colspan="1" align="left" valign="middle" >-</td><td width="14%" colspan="1" align="left" valign="middle" >-</td><td width="14%" colspan="1" align="left" valign="middle" >-</td><td width="30%" colspan="2" align="left" valign="middle" >-</td></tr><tr><td width="14%" ></td><td width="14%" colspan="1" align="left" valign="middle" >Closing balance</td><td width="14%" colspan="1" align="left" valign="middle" >-</td><td width="14%" colspan="1" align="left" valign="middle" >-</td><td width="14%" align="right" valign="middle" >700121</td><td width="14%" align="right" valign="middle" >700121</td><td width="16%" ></td></tr><tr><td width="14%" ></td><td width="86%" colspan="6" align="left" valign="middle" >Project loans at fair value</td></tr><tr><td width="14%" ></td><td width="14%" colspan="1" align="left" valign="middle" >Opening balance</td><td width="14%" colspan="1" align="left" valign="middle" >-</td><td width="14%" colspan="1" align="left" valign="middle" >-</td><td width="14%" colspan="1" align="left" valign="middle" >-</td><td width="30%" colspan="2" align="left" valign="middle" >-</td></tr><tr><td width="14%" ></td><td width="14%" colspan="1" align="left" valign="middle" >Transfers into the level</td><td width="14%" colspan="1" align="left" valign="middle" >-</td><td width="14%" colspan="1" align="left" valign="middle" >-</td><td width="14%" colspan="1" align="left" valign="middle" >-</td><td width="30%" colspan="2" align="left" valign="middle" >-</td></tr><tr><td width="14%" ></td><td width="14%" colspan="1" align="left" valign="middle" >Transfers out of the level</td><td width="14%" colspan="1" align="left" valign="middle" >-</td><td width="14%" colspan="1" align="left" valign="middle" >-</td><td width="14%" colspan="1" align="left" valign="middle" >-</td><td width="30%" colspan="2" align="left" valign="middle" >-</td></tr><tr><td width="14%" ></td><td width="14%" colspan="1" align="left" valign="middle" >Exchange rate adjustments</td><td width="14%" colspan="1" align="left" valign="middle" >-</td><td width="14%" colspan="1" align="left" valign="middle" >-</td><td width="14%" colspan="1" align="left" valign="middle" >-</td><td width="30%" colspan="2" align="left" valign="middle" >-</td></tr><tr><td width="14%" ></td><td width="14%" colspan="1" align="left" valign="middle" >Total gains/ losses for the period included in profit or loss</td><td width="14%" colspan="1" align="left" valign="middle" >-</td><td width="14%" colspan="1" align="left" valign="middle" >-</td><td width="14%" colspan="1" align="left" valign="middle" >-</td><td width="30%" colspan="2" align="left" valign="middle" >-</td></tr><tr><td width="14%" ></td><td width="14%" colspan="1" align="left" valign="middle" >Disbursement of project loans</td><td width="14%" colspan="1" align="left" valign="middle" >-</td><td width="14%" colspan="1" align="left" valign="middle" >-</td><td width="14%" colspan="1" align="left" valign="middle" >-</td><td width="30%" colspan="2" align="left" valign="middle" >-</td></tr><tr><td width="14%" ></td><td width="14%" colspan="1" align="left" valign="middle" >Closing balance</td><td width="14%" colspan="1" align="left" valign="middle" >-</td><td width="14%" colspan="1" align="left" valign="middle" >-</td><td width="14%" colspan="1" align="left" valign="middle" >-</td><td width="30%" colspan="2" align="left" valign="middle" >-</td></tr><tr><td width="14%" ></td><td width="14%" colspan="1" align="left" valign="middle" >Total recurring fair value measurements</td><td width="14%" colspan="1" align="left" valign="middle" >-</td><td width="14%" colspan="1" align="left" valign="middle" >-</td><td width="14%" align="right" valign="middle" >700121</td><td width="14%" align="right" valign="middle" >700121</td><td width="16%" ></td></tr><tr><td colspan="7"></td></tr><tr><td width="14%" ></td><td width="14%" ></td><td width="72%" colspan="5" align="left" valign="middle" >Recognised in Contribution from share capital investments. Hereof DKK 50 million (2020: DKK (9) million) is attributable to assets held at 31 December for level 3.</td></tr><tr><td colspan="7"></td></tr><tr><td width="14%" ></td><td width="14%" align="right" valign="middle" >2021</td><td width="14%" ></td><td width="14%" ></td><td width="14%" ></td><td width="14%" ></td><td width="16%" ></td></tr><tr><td width="14%" ></td><td width="14%" colspan="1" align="left" valign="middle" >Type of investment</td><td width="14%" colspan="1" align="left" valign="middle" >Fair value at 31/12/2021</td><td width="14%" colspan="1" align="left" valign="middle" >Valuation technique</td><td width="14%" colspan="1" align="left" valign="middle" >Unobservable inputs</td><td width="14%" colspan="1" align="left" valign="middle" >Reasonable possible shift in %</td><td width="16%" colspan="1" align="left" valign="middle" >Change in fair value</td></tr><tr><td colspan="7"></td></tr><tr><td width="14%" ></td><td width="86%" colspan="6" align="left" valign="middle" >Investments</td></tr><tr><td width="14%" ></td><td width="14%" ></td><td width="14%" align="right" valign="middle" >631568</td><td width="58%" colspan="4" align="left" valign="middle" >Cost</td></tr><tr><td colspan="7"></td></tr><tr><td width="14%" ></td><td width="14%" ></td><td width="14%" align="right" valign="middle" >348140</td><td width="58%" colspan="4" align="left" valign="middle" >Binding offers/ transactions/exit terms</td></tr><tr><td colspan="7"></td></tr><tr><td width="14%" ></td><td width="14%" ></td><td width="14%" align="right" valign="middle" >114989</td><td width="14%" colspan="1" align="left" valign="middle" >Discounted cash flow</td><td width="14%" colspan="1" align="left" valign="middle" >WACC</td><td width="14%" align="right" valign="middle" >10,00%</td><td width="16%" align="right" valign="middle" >-17594</td></tr><tr><td colspan="7"></td></tr><tr><td width="14%" ></td><td width="14%" ></td><td width="14%" ></td><td width="14%" ></td><td width="14%" colspan="1" align="left" valign="middle" >Growth in terminal value</td><td width="14%" align="right" valign="middle" >-20,00%</td><td width="16%" align="right" valign="middle" >-1632</td></tr><tr><td colspan="7"></td></tr><tr><td width="14%" ></td><td width="14%" ></td><td width="14%" align="right" valign="middle" >261414</td><td width="14%" colspan="1" align="left" valign="middle" >Multiple valuation</td><td width="14%" colspan="1" align="left" valign="middle" >EV/EBITDA</td><td width="14%" align="right" valign="middle" >-10,00%</td><td width="16%" align="right" valign="middle" >-21642</td></tr><tr><td colspan="7"></td></tr><tr><td width="14%" ></td><td width="14%" ></td><td width="14%" ></td><td width="14%" ></td><td width="14%" colspan="1" align="left" valign="middle" >Price/Book</td><td width="14%" align="right" valign="middle" >-10,00%</td><td width="16%" align="right" valign="middle" >-9764</td></tr><tr><td width="14%" ></td><td width="14%" colspan="1" align="left" valign="middle" >Share capital investments</td><td width="14%" align="right" valign="middle" >1356111</td><td width="14%" ></td><td width="14%" ></td><td width="14%" ></td><td width="16%" ></td></tr><tr><td colspan="7"></td></tr><tr><td width="14%" ></td><td width="14%" colspan="1" align="left" valign="middle" >Project loans at fair value</td><td width="14%" align="right" valign="middle" >52204</td><td width="14%" colspan="1" align="left" valign="middle" >Discounted Cash Flow</td><td width="14%" colspan="1" align="left" valign="middle" >Discount rate</td><td width="14%" align="right" valign="middle" >10,00%</td><td width="16%" align="right" valign="middle" >-608</td></tr><tr><td colspan="7"></td></tr><tr><td width="14%" ></td><td width="14%" colspan="1" align="left" valign="middle" >Total investment at fair value</td><td width="14%" align="right" valign="middle" >1408315</td><td width="14%" ></td><td width="14%" ></td><td width="14%" ></td><td width="16%" ></td></tr><tr><td colspan="7"></td></tr><tr><td width="14%" ></td><td width="14%" align="right" valign="middle" >2020</td><td width="14%" ></td><td width="14%" ></td><td width="14%" ></td><td width="14%" ></td><td width="16%" ></td></tr><tr><td width="14%" ></td><td width="14%" colspan="1" align="left" valign="middle" >Type of investment</td><td width="14%" colspan="1" align="left" valign="middle" >Fair value at 31/12/2020</td><td width="14%" colspan="1" align="left" valign="middle" >Valuation technique</td><td width="14%" colspan="1" align="left" valign="middle" >Unobservable inputs</td><td width="14%" colspan="1" align="left" valign="middle" >Reasonable possible shift in %</td><td width="16%" colspan="1" align="left" valign="middle" >Change in fair value</td></tr><tr><td colspan="7"></td></tr><tr><td width="14%" ></td><td width="86%" colspan="6" align="left" valign="middle" >Investments</td></tr><tr><td width="14%" ></td><td width="14%" ></td><td width="14%" align="right" valign="middle" >372032</td><td width="58%" colspan="4" align="left" valign="middle" >Cost</td></tr><tr><td colspan="7"></td></tr><tr><td width="14%" ></td><td width="14%" ></td><td width="14%" align="right" valign="middle" >252065</td><td width="58%" colspan="4" align="left" valign="middle" >Binding offers/ transactions/exit terms</td></tr><tr><td colspan="7"></td></tr><tr><td width="14%" ></td><td width="14%" ></td><td width="14%" align="right" valign="middle" >76024</td><td width="14%" colspan="1" align="left" valign="middle" >Discounted cash flow</td><td width="14%" colspan="1" align="left" valign="middle" >WACC</td><td width="14%" align="right" valign="middle" >10,00%</td><td width="16%" align="right" valign="middle" >-15109</td></tr><tr><td colspan="7"></td></tr><tr><td width="14%" ></td><td width="14%" ></td><td width="14%" ></td><td width="14%" ></td><td width="14%" colspan="1" align="left" valign="middle" >Growth in terminal value</td><td width="14%" align="right" valign="middle" >-20,00%</td><td width="16%" align="right" valign="middle" >-2707</td></tr><tr><td colspan="7"></td></tr><tr><td width="14%" ></td><td width="14%" colspan="1" align="left" valign="middle" >Share capital investments</td><td width="14%" align="right" valign="middle" >700121</td><td width="14%" ></td><td width="14%" ></td><td width="14%" ></td><td width="16%" ></td></tr><tr><td colspan="7"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="20">Alle beløb er angivet i  'x1000'</td></tr><tr><td width="100%" colspan="9" align="left" valign="middle" >Equity and credit risks</td></tr><tr><td width="100%" colspan="9" align="left" valign="middle" >Equity risk</td></tr><tr><td width="100%" colspan="9" align="left" valign="middle" >Equity risk arises from changes in the fair values of share capital investments in projects.</td></tr><tr><td width="100%" colspan="9" align="left" valign="middle" >Credit risk</td></tr><tr><td width="100%" colspan="9" align="left" valign="middle" >Credit risk is the risk that DSDG will incur a financial loss due to a counterparty not fulfilling its obligations. These credit exposures occur from project loans and other transactions.</td></tr><tr><td width="100%" colspan="9" align="left" valign="middle" >Managing equity and credit risks</td></tr><tr><td width="100%" colspan="9" align="left" valign="middle" >At the portfolio level, DSDG mitigates equity and credit risks by investing in a variety of countries and by limiting investments in a single project.</td></tr><tr><td width="100%" colspan="9" align="left" valign="middle" >DSDG assesses the concentration of risk on the basis of total commitments to the Fund. Furthermore, DSDG assesses, through the due diligence process, the specific risks for each share capital investment and seeks to mitigate associated equity risks.</td></tr><tr><td width="100%" colspan="9" align="left" valign="middle" >For some of DSDG's share capital investments, DSDG has the opportunity to sell the shares through pre-agreed exit agreements. In this way, DSDG mitigates the risk of not being able to exit the investments.</td></tr><tr><td width="100%" colspan="9" align="left" valign="middle" >See note 14 for fair value measurement basis.</td></tr><tr><td width="100%" colspan="9" align="left" valign="middle" >On an ongoing basis, the credit quality of the projects is assessed based on among other things</td></tr><tr><td width="100%" colspan="9" align="left" valign="middle" >Specific terms as agreed</td></tr><tr><td width="100%" colspan="9" align="left" valign="middle" >Current and expected operational results of the Company</td></tr><tr><td width="100%" colspan="9" align="left" valign="middle" >Expected sales value and pledges, if any</td></tr><tr><td width="100%" colspan="9" align="left" valign="middle" >Historical records of debt service</td></tr><tr><td width="100%" colspan="9" align="left" valign="middle" >The table below shows the distribution of the cost of DSDG's investments by the OECD country risk classification.</td></tr><tr><td width="100%" colspan="9" align="left" valign="middle" >This classification takes into account the political and economic environment of each country, including risk of force majeure such as war, etc. The classification of each country is updated twice a year.</td></tr><tr><td width="12%" ></td><td width="24%" colspan="2" align="left" valign="middle" >Share capital investments</td><td width="24%" colspan="2" align="left" valign="middle" >Project loans</td><td width="20%" colspan="2" align="left" valign="middle" >Total</td><td width="20%" colspan="2" align="left" valign="middle" >Commitments (off balance)</td></tr><tr><td width="12%" align="right" valign="middle" >2021</td><td width="12%" ></td><td width="12%" ></td><td width="12%" ></td><td width="12%" ></td><td width="8%" ></td><td width="12%" ></td><td width="9%" ></td><td width="11%" ></td></tr><tr><td width="12%" colspan="1" align="left" valign="middle" >OECD</td><td width="12%" colspan="1" align="left" valign="middle" >DKK’000</td><td width="12%" colspan="1" align="left" valign="middle" >%</td><td width="12%" colspan="1" align="left" valign="middle" >DKK’000</td><td width="12%" colspan="1" align="left" valign="middle" >%</td><td width="8%" colspan="1" align="left" valign="middle" >DKK’000</td><td width="12%" colspan="1" align="left" valign="middle" >%</td><td width="9%" colspan="1" align="left" valign="middle" >DKK’000</td><td width="11%" colspan="1" align="left" valign="middle" >%</td></tr><tr><td width="12%" align="right" valign="middle" >3</td><td width="12%" align="right" valign="middle" >405184</td><td width="12%" align="right" valign="middle" >31</td><td width="12%" align="right" valign="middle" >113885</td><td width="12%" align="right" valign="middle" >72</td><td width="8%" align="right" valign="middle" >519069</td><td width="12%" align="right" valign="middle" >35</td><td width="9%" align="right" valign="middle" >93834</td><td width="11%" align="right" valign="middle" >10</td></tr><tr><td width="12%" align="right" valign="middle" >4</td><td width="12%" align="right" valign="middle" >22075</td><td width="12%" align="right" valign="middle" >2</td><td width="12%" align="right" valign="middle" >44619</td><td width="12%" align="right" valign="middle" >28</td><td width="8%" align="right" valign="middle" >66694</td><td width="12%" align="right" valign="middle" >5</td><td width="9%" align="right" valign="middle" >67408</td><td width="11%" align="right" valign="middle" >7</td></tr><tr><td width="12%" align="right" valign="middle" >5</td><td width="12%" align="right" valign="middle" >203297</td><td width="12%" align="right" valign="middle" >15</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="8%" align="right" valign="middle" >203297</td><td width="12%" align="right" valign="middle" >14</td><td width="9%" align="right" valign="middle" >416117</td><td width="11%" align="right" valign="middle" >44</td></tr><tr><td width="12%" align="right" valign="middle" >6</td><td width="12%" align="right" valign="middle" >275673</td><td width="12%" align="right" valign="middle" >21</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="8%" align="right" valign="middle" >275673</td><td width="12%" align="right" valign="middle" >19</td><td width="9%" align="right" valign="middle" >289685</td><td width="11%" align="right" valign="middle" >30</td></tr><tr><td width="12%" align="right" valign="middle" >7</td><td width="12%" align="right" valign="middle" >135344</td><td width="12%" align="right" valign="middle" >10</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="8%" align="right" valign="middle" >135344</td><td width="12%" align="right" valign="middle" >9</td><td width="9%" align="right" valign="middle" >18065</td><td width="11%" align="right" valign="middle" >2</td></tr><tr><td width="12%" colspan="1" align="left" valign="middle" >Africa regional</td><td width="12%" align="right" valign="middle" >107241</td><td width="12%" align="right" valign="middle" >8</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="8%" align="right" valign="middle" >107241</td><td width="12%" align="right" valign="middle" >7</td><td width="9%" align="right" valign="middle" >70684</td><td width="11%" align="right" valign="middle" >7</td></tr><tr><td width="12%" colspan="1" align="left" valign="middle" >DAC</td><td width="12%" align="right" valign="middle" >163123</td><td width="12%" align="right" valign="middle" >12</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="8%" align="right" valign="middle" >163123</td><td width="12%" align="right" valign="middle" >11</td><td width="9%" colspan="1" align="left" valign="middle" >-</td><td width="11%" colspan="1" align="left" valign="middle" >-</td></tr><tr><td width="12%" ></td><td width="12%" align="right" valign="middle" >1311937</td><td width="12%" align="right" valign="middle" >100</td><td width="12%" align="right" valign="middle" >158504</td><td width="12%" align="right" valign="middle" >100</td><td width="8%" align="right" valign="middle" >1470441</td><td width="12%" align="right" valign="middle" >100</td><td width="9%" align="right" valign="middle" >955793</td><td width="11%" align="right" valign="middle" >100</td></tr><tr><td colspan="9"></td></tr><tr><td width="12%" ></td><td width="24%" colspan="2" align="left" valign="middle" >Share capital investments</td><td width="24%" colspan="2" align="left" valign="middle" >Project loans</td><td width="20%" colspan="2" align="left" valign="middle" >Total</td><td width="20%" colspan="2" align="left" valign="middle" >Commitments (off balance)</td></tr><tr><td width="12%" align="right" valign="middle" >2020</td><td width="12%" ></td><td width="12%" ></td><td width="12%" ></td><td width="12%" ></td><td width="8%" ></td><td width="12%" ></td><td width="9%" ></td><td width="11%" ></td></tr><tr><td width="12%" colspan="1" align="left" valign="middle" >OECD</td><td width="12%" colspan="1" align="left" valign="middle" >DKK’000</td><td width="12%" colspan="1" align="left" valign="middle" >%</td><td width="12%" colspan="1" align="left" valign="middle" >DKK’000</td><td width="12%" colspan="1" align="left" valign="middle" >%</td><td width="8%" colspan="1" align="left" valign="middle" >DKK’000</td><td width="12%" colspan="1" align="left" valign="middle" >%</td><td width="9%" colspan="1" align="left" valign="middle" >DKK’000</td><td width="11%" colspan="1" align="left" valign="middle" >%</td></tr><tr><td width="12%" align="right" valign="middle" >2</td><td width="12%" align="right" valign="middle" >122614</td><td width="12%" align="right" valign="middle" >17</td><td width="12%" align="right" valign="middle" >4140</td><td width="12%" align="right" valign="middle" >7</td><td width="8%" align="right" valign="middle" >126754</td><td width="12%" align="right" valign="middle" >16</td><td width="9%" align="right" valign="middle" >249892</td><td width="11%" align="right" valign="middle" >17</td></tr><tr><td width="12%" align="right" valign="middle" >3</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="12%" align="right" valign="middle" >59514</td><td width="12%" align="right" valign="middle" >93</td><td width="8%" align="right" valign="middle" >59514</td><td width="12%" align="right" valign="middle" >8</td><td width="9%" colspan="1" align="left" valign="middle" >-</td><td width="11%" colspan="1" align="left" valign="middle" >-</td></tr><tr><td width="12%" align="right" valign="middle" >5</td><td width="12%" align="right" valign="middle" >209264</td><td width="12%" align="right" valign="middle" >30</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="8%" align="right" valign="middle" >209264</td><td width="12%" align="right" valign="middle" >27</td><td width="9%" align="right" valign="middle" >512421</td><td width="11%" align="right" valign="middle" >35</td></tr><tr><td width="12%" align="right" valign="middle" >6</td><td width="12%" align="right" valign="middle" >106374</td><td width="12%" align="right" valign="middle" >15</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="8%" align="right" valign="middle" >106374</td><td width="12%" align="right" valign="middle" >14</td><td width="9%" align="right" valign="middle" >437059</td><td width="11%" align="right" valign="middle" >30</td></tr><tr><td width="12%" align="right" valign="middle" >7</td><td width="12%" align="right" valign="middle" >61661</td><td width="12%" align="right" valign="middle" >9</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="8%" align="right" valign="middle" >61661</td><td width="12%" align="right" valign="middle" >8</td><td width="9%" align="right" valign="middle" >18459</td><td width="11%" align="right" valign="middle" >1</td></tr><tr><td width="12%" colspan="1" align="left" valign="middle" >Africa regional</td><td width="12%" align="right" valign="middle" >71060</td><td width="12%" align="right" valign="middle" >10</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="8%" align="right" valign="middle" >71060</td><td width="12%" align="right" valign="middle" >9</td><td width="9%" align="right" valign="middle" >94781</td><td width="11%" align="right" valign="middle" >6</td></tr><tr><td width="12%" colspan="1" align="left" valign="middle" >DAC</td><td width="12%" align="right" valign="middle" >134697</td><td width="12%" align="right" valign="middle" >19</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="8%" align="right" valign="middle" >134697</td><td width="12%" align="right" valign="middle" >18</td><td width="9%" align="right" valign="middle" >27916</td><td width="11%" align="right" valign="middle" >2</td></tr><tr><td width="12%" colspan="1" align="left" valign="middle" >Not rated</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="8%" colspan="1" align="left" valign="middle" >-</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="9%" align="right" valign="middle" >121152</td><td width="11%" align="right" valign="middle" >8</td></tr><tr><td width="12%" ></td><td width="12%" align="right" valign="middle" >705670</td><td width="12%" align="right" valign="middle" >100</td><td width="12%" align="right" valign="middle" >63654</td><td width="12%" align="right" valign="middle" >100</td><td width="8%" align="right" valign="middle" >769324</td><td width="12%" align="right" valign="middle" >100</td><td width="9%" align="right" valign="middle" >1461680</td><td width="11%" align="right" valign="middle" >100</td></tr><tr><td colspan="9"></td></tr><tr><td width="12%" ></td><td width="24%" colspan="2" align="left" valign="middle" >Share capital investments</td><td width="24%" colspan="2" align="left" valign="middle" >Project loans</td><td width="20%" colspan="2" align="left" valign="middle" >Total</td><td width="20%" colspan="2" align="left" valign="middle" >Commitments (off balance)</td></tr><tr><td colspan="9"></td></tr><tr><td width="100%" colspan="9" align="left" valign="middle" >The table below shows the project loans at cost according to stages.</td></tr><tr><td width="12%" colspan="1" align="left" valign="middle" >DKK’000</td><td width="12%" align="right" valign="middle" >2021</td><td width="12%" align="right" valign="middle" >2020</td><td width="12%" ></td><td width="12%" ></td><td width="8%" ></td><td width="12%" ></td><td width="9%" ></td><td width="11%" ></td></tr><tr><td width="12%" colspan="1" align="left" valign="middle" >Project loans (stage 1)</td><td width="12%" align="right" valign="middle" >113885</td><td width="12%" align="right" valign="middle" >63654</td><td width="12%" ></td><td width="12%" ></td><td width="8%" ></td><td width="12%" ></td><td width="9%" ></td><td width="11%" ></td></tr><tr><td width="12%" colspan="1" align="left" valign="middle" >Total</td><td width="12%" align="right" valign="middle" >113885</td><td width="12%" align="right" valign="middle" >63654</td><td width="12%" ></td><td width="12%" ></td><td width="8%" ></td><td width="12%" ></td><td width="9%" ></td><td width="11%" ></td></tr><tr><td colspan="9"></td></tr><tr><td width="100%" colspan="9" align="left" valign="middle" >The table below illustrates the credit quality by OECD Country risk for project loans in stage 1.</td></tr><tr><td width="12%" colspan="1" align="left" valign="middle" >DKK’000</td><td width="12%" align="right" valign="middle" >2021</td><td width="12%" align="right" valign="middle" >2020</td><td width="12%" ></td><td width="12%" ></td><td width="8%" ></td><td width="12%" ></td><td width="9%" ></td><td width="11%" ></td></tr><tr><td width="12%" colspan="1" align="left" valign="middle" >OECD 3</td><td width="12%" align="right" valign="middle" >113885</td><td width="12%" align="right" valign="middle" >4140</td><td width="12%" ></td><td width="12%" ></td><td width="8%" ></td><td width="12%" ></td><td width="9%" ></td><td width="11%" ></td></tr><tr><td width="12%" colspan="1" align="left" valign="middle" >OECD 4</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="12%" align="right" valign="middle" >59514</td><td width="12%" ></td><td width="12%" ></td><td width="8%" ></td><td width="12%" ></td><td width="9%" ></td><td width="11%" ></td></tr><tr><td colspan="9"></td></tr><tr><td width="12%" ></td><td width="12%" align="right" valign="middle" >113885</td><td width="12%" align="right" valign="middle" >63654</td><td width="12%" ></td><td width="12%" ></td><td width="8%" ></td><td width="12%" ></td><td width="9%" ></td><td width="11%" ></td></tr><tr><td colspan="9"></td></tr><tr><td width="100%" colspan="9" align="left" valign="middle" >The table below shows the project loans according to stages.</td></tr><tr><td width="12%" align="right" valign="middle" >2021</td><td width="12%" ></td><td width="12%" ></td><td width="12%" ></td><td width="12%" ></td><td width="8%" ></td><td width="12%" ></td><td width="9%" ></td><td width="11%" ></td></tr><tr><td width="12%" colspan="1" align="left" valign="middle" >DKK’000</td><td width="12%" colspan="1" align="left" valign="middle" >Value adjustments %</td><td width="12%" colspan="1" align="left" valign="middle" >Project loans at cost</td><td width="12%" colspan="1" align="left" valign="middle" >Accumulated allowance for impairment</td><td width="52%" colspan="5" align="left" valign="middle" >Project loans carrying amount 2021</td></tr><tr><td width="12%" colspan="1" align="left" valign="middle" >Project loans (stage 1)</td><td width="12%" align="right" valign="middle" >0</td><td width="12%" align="right" valign="middle" >113885</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="12%" align="right" valign="middle" >113885</td><td width="8%" ></td><td width="12%" ></td><td width="9%" ></td><td width="11%" ></td></tr><tr><td width="12%" ></td><td width="12%" ></td><td width="12%" align="right" valign="middle" >113885</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="12%" align="right" valign="middle" >113885</td><td width="8%" ></td><td width="12%" ></td><td width="9%" ></td><td width="11%" ></td></tr><tr><td colspan="9"></td></tr><tr><td width="12%" align="right" valign="middle" >2020</td><td width="12%" ></td><td width="12%" ></td><td width="12%" ></td><td width="12%" ></td><td width="8%" ></td><td width="12%" ></td><td width="9%" ></td><td width="11%" ></td></tr><tr><td width="12%" colspan="1" align="left" valign="middle" >DKK’000</td><td width="12%" colspan="1" align="left" valign="middle" >Value adjustments %</td><td width="12%" colspan="1" align="left" valign="middle" >Project loans at cost</td><td width="12%" colspan="1" align="left" valign="middle" >Accumulated allowance for impairment</td><td width="52%" colspan="5" align="left" valign="middle" >Project loans carrying amount 2020</td></tr><tr><td width="12%" colspan="1" align="left" valign="middle" >Project loans (stage 1)</td><td width="12%" align="right" valign="middle" >-0,8</td><td width="12%" align="right" valign="middle" >63654</td><td width="12%" align="right" valign="middle" >-488</td><td width="12%" align="right" valign="middle" >63166</td><td width="8%" ></td><td width="12%" ></td><td width="9%" ></td><td width="11%" ></td></tr><tr><td width="12%" ></td><td width="12%" ></td><td width="12%" align="right" valign="middle" >63654</td><td width="12%" align="right" valign="middle" >-488</td><td width="12%" align="right" valign="middle" >63166</td><td width="8%" ></td><td width="12%" ></td><td width="9%" ></td><td width="11%" ></td></tr><tr><td colspan="9"></td></tr><tr><td width="100%" colspan="9" align="left" valign="middle" >Project loans at amortised cost before allowance for impairment</td></tr><tr><td width="12%" align="right" valign="middle" >2021</td><td width="12%" ></td><td width="12%" ></td><td width="12%" ></td><td width="12%" ></td><td width="8%" ></td><td width="12%" ></td><td width="9%" ></td><td width="11%" ></td></tr><tr><td width="12%" colspan="1" align="left" valign="middle" >DKK’000</td><td width="12%" colspan="1" align="left" valign="middle" >Stage 1</td><td width="12%" colspan="1" align="left" valign="middle" >Stage 2</td><td width="12%" colspan="1" align="left" valign="middle" >Stage 3</td><td width="52%" colspan="5" align="left" valign="middle" >Total</td></tr><tr><td width="12%" colspan="1" align="left" valign="middle" >Project loans beginning of year at cost</td><td width="12%" align="right" valign="middle" >63654</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="12%" align="right" valign="middle" >63654</td><td width="8%" ></td><td width="12%" ></td><td width="9%" ></td><td width="11%" ></td></tr><tr><td width="12%" colspan="1" align="left" valign="middle" >Disbursements during the year</td><td width="12%" align="right" valign="middle" >105331</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="12%" align="right" valign="middle" >105331</td><td width="8%" ></td><td width="12%" ></td><td width="9%" ></td><td width="11%" ></td></tr><tr><td width="12%" colspan="1" align="left" valign="middle" >Repayments during the year</td><td width="12%" align="right" valign="middle" >-14874</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="12%" align="right" valign="middle" >-14874</td><td width="8%" ></td><td width="12%" ></td><td width="9%" ></td><td width="11%" ></td></tr><tr><td width="12%" colspan="1" align="left" valign="middle" >Exchange rate adjustments, project loans</td><td width="12%" align="right" valign="middle" >4393</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="12%" align="right" valign="middle" >4393</td><td width="8%" ></td><td width="12%" ></td><td width="9%" ></td><td width="11%" ></td></tr><tr><td width="12%" colspan="1" align="left" valign="middle" >Transferred to loans at fair value</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="12%" align="right" valign="middle" >-44619</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="12%" align="right" valign="middle" >-44619</td><td width="8%" ></td><td width="12%" ></td><td width="9%" ></td><td width="11%" ></td></tr><tr><td width="12%" colspan="1" align="left" valign="middle" >Project loans end of year at cost before change of stages</td><td width="12%" align="right" valign="middle" >158504</td><td width="12%" align="right" valign="middle" >-44619</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="12%" align="right" valign="middle" >113885</td><td width="8%" ></td><td width="12%" ></td><td width="9%" ></td><td width="11%" ></td></tr><tr><td width="12%" colspan="1" align="left" valign="middle" >Change in loan value from stage 1</td><td width="12%" align="right" valign="middle" >-44619</td><td width="12%" align="right" valign="middle" >44619</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="52%" colspan="5" align="left" valign="middle" >-</td></tr><tr><td width="12%" colspan="1" align="left" valign="middle" >Change in loan value from stage 2</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="52%" colspan="5" align="left" valign="middle" >-</td></tr><tr><td width="12%" colspan="1" align="left" valign="middle" >Change in loan value from stage 3</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="52%" colspan="5" align="left" valign="middle" >-</td></tr><tr><td width="12%" colspan="1" align="left" valign="middle" >Project loans end of year at cost</td><td width="12%" align="right" valign="middle" >113885</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="12%" align="right" valign="middle" >113885</td><td width="8%" ></td><td width="12%" ></td><td width="9%" ></td><td width="11%" ></td></tr><tr><td colspan="9"></td></tr><tr><td width="100%" colspan="9" align="left" valign="middle" >Accumulated allowance for impairment</td></tr><tr><td width="12%" align="right" valign="middle" >2021</td><td width="12%" ></td><td width="12%" ></td><td width="12%" ></td><td width="12%" ></td><td width="8%" ></td><td width="12%" ></td><td width="9%" ></td><td width="11%" ></td></tr><tr><td width="12%" colspan="1" align="left" valign="middle" >DKK’000</td><td width="12%" colspan="1" align="left" valign="middle" >Stage 1</td><td width="12%" colspan="1" align="left" valign="middle" >Stage 2</td><td width="12%" colspan="1" align="left" valign="middle" >Stage 3</td><td width="52%" colspan="5" align="left" valign="middle" >Total</td></tr><tr><td width="12%" colspan="1" align="left" valign="middle" >Accumulated allowance for impairment beginning of year</td><td width="12%" align="right" valign="middle" >-488</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="12%" align="right" valign="middle" >-488</td><td width="8%" ></td><td width="12%" ></td><td width="9%" ></td><td width="11%" ></td></tr><tr><td width="12%" colspan="1" align="left" valign="middle" >Allowance for impairment for the year</td><td width="12%" align="right" valign="middle" >488</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="12%" align="right" valign="middle" >488</td><td width="8%" ></td><td width="12%" ></td><td width="9%" ></td><td width="11%" ></td></tr><tr><td width="12%" colspan="1" align="left" valign="middle" >Accumulated allowance for impairment end of year before change of stages</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="52%" colspan="5" align="left" valign="middle" >-</td></tr><tr><td width="12%" colspan="1" align="left" valign="middle" >Change in loan value from stage 1</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="52%" colspan="5" align="left" valign="middle" >-</td></tr><tr><td width="12%" colspan="1" align="left" valign="middle" >Change in loan value from stage 2</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="52%" colspan="5" align="left" valign="middle" >-</td></tr><tr><td width="12%" colspan="1" align="left" valign="middle" >Change in loan value from stage 3</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="52%" colspan="5" align="left" valign="middle" >-</td></tr><tr><td width="12%" colspan="1" align="left" valign="middle" >Accumulated allowance for impairment end of year</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="52%" colspan="5" align="left" valign="middle" >-</td></tr><tr><td colspan="9"></td></tr><tr><td width="100%" colspan="9" align="left" valign="middle" >Project loans at amortised cost before allowance for impairment</td></tr><tr><td width="12%" align="right" valign="middle" >2020</td><td width="12%" ></td><td width="12%" ></td><td width="12%" ></td><td width="12%" ></td><td width="8%" ></td><td width="12%" ></td><td width="9%" ></td><td width="11%" ></td></tr><tr><td width="12%" colspan="1" align="left" valign="middle" >DKK’000</td><td width="12%" colspan="1" align="left" valign="middle" >Stage 1</td><td width="12%" colspan="1" align="left" valign="middle" >Stage 2</td><td width="12%" colspan="1" align="left" valign="middle" >Stage 3</td><td width="52%" colspan="5" align="left" valign="middle" >Total</td></tr><tr><td width="12%" colspan="1" align="left" valign="middle" >Project loans beginning of year at cost</td><td width="12%" align="right" valign="middle" >44818</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="12%" align="right" valign="middle" >44818</td><td width="8%" ></td><td width="12%" ></td><td width="9%" ></td><td width="11%" ></td></tr><tr><td width="12%" colspan="1" align="left" valign="middle" >Disbursements during the year</td><td width="12%" align="right" valign="middle" >34456</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="12%" align="right" valign="middle" >34456</td><td width="8%" ></td><td width="12%" ></td><td width="9%" ></td><td width="11%" ></td></tr><tr><td width="12%" colspan="1" align="left" valign="middle" >Repayments during the year</td><td width="12%" align="right" valign="middle" >-14919</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="12%" align="right" valign="middle" >-14919</td><td width="8%" ></td><td width="12%" ></td><td width="9%" ></td><td width="11%" ></td></tr><tr><td width="12%" colspan="1" align="left" valign="middle" >Exchange rate adjustments, project loans</td><td width="12%" align="right" valign="middle" >-701</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="12%" align="right" valign="middle" >-701</td><td width="8%" ></td><td width="12%" ></td><td width="9%" ></td><td width="11%" ></td></tr><tr><td width="12%" colspan="1" align="left" valign="middle" >Project loans end of year at cost before change of stages</td><td width="12%" align="right" valign="middle" >63654</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="12%" align="right" valign="middle" >63654</td><td width="8%" ></td><td width="12%" ></td><td width="9%" ></td><td width="11%" ></td></tr><tr><td width="12%" colspan="1" align="left" valign="middle" >Change in loan value from stage 1</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="52%" colspan="5" align="left" valign="middle" >-</td></tr><tr><td width="12%" colspan="1" align="left" valign="middle" >Change in loan value from stage 2</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="52%" colspan="5" align="left" valign="middle" >-</td></tr><tr><td width="12%" colspan="1" align="left" valign="middle" >Change in loan value from stage 3</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="52%" colspan="5" align="left" valign="middle" >-</td></tr><tr><td width="12%" colspan="1" align="left" valign="middle" >Project loans end of year at cost</td><td width="12%" align="right" valign="middle" >63654</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="12%" align="right" valign="middle" >63654</td><td width="8%" ></td><td width="12%" ></td><td width="9%" ></td><td width="11%" ></td></tr><tr><td colspan="9"></td></tr><tr><td width="100%" colspan="9" align="left" valign="middle" >Accumulated allowance for impairment</td></tr><tr><td width="12%" align="right" valign="middle" >2020</td><td width="12%" ></td><td width="12%" ></td><td width="12%" ></td><td width="12%" ></td><td width="8%" ></td><td width="12%" ></td><td width="9%" ></td><td width="11%" ></td></tr><tr><td width="12%" colspan="1" align="left" valign="middle" >DKK’000</td><td width="12%" colspan="1" align="left" valign="middle" >Stage 1</td><td width="12%" colspan="1" align="left" valign="middle" >Stage 2</td><td width="12%" colspan="1" align="left" valign="middle" >Stage 3</td><td width="52%" colspan="5" align="left" valign="middle" >Total</td></tr><tr><td width="12%" colspan="1" align="left" valign="middle" >Accumulated allowance for impairment beginning of year</td><td width="12%" align="right" valign="middle" >-90</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="12%" align="right" valign="middle" >-90</td><td width="8%" ></td><td width="12%" ></td><td width="9%" ></td><td width="11%" ></td></tr><tr><td width="12%" colspan="1" align="left" valign="middle" >Allowance for impairment for the year</td><td width="12%" align="right" valign="middle" >-398</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="12%" align="right" valign="middle" >-398</td><td width="8%" ></td><td width="12%" ></td><td width="9%" ></td><td width="11%" ></td></tr><tr><td width="12%" colspan="1" align="left" valign="middle" >Accumulated allowance for impairment end of year before change of stages</td><td width="12%" align="right" valign="middle" >-488</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="12%" align="right" valign="middle" >-488</td><td width="8%" ></td><td width="12%" ></td><td width="9%" ></td><td width="11%" ></td></tr><tr><td width="12%" colspan="1" align="left" valign="middle" >Change in loan value from stage 1</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="52%" colspan="5" align="left" valign="middle" >-</td></tr><tr><td width="12%" colspan="1" align="left" valign="middle" >Change in loan value from stage 2</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="52%" colspan="5" align="left" valign="middle" >-</td></tr><tr><td width="12%" colspan="1" align="left" valign="middle" >Change in loan value from stage 3</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="52%" colspan="5" align="left" valign="middle" >-</td></tr><tr><td width="12%" colspan="1" align="left" valign="middle" >Accumulated allowance for impairment end of year</td><td width="12%" align="right" valign="middle" >-488</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="12%" align="right" valign="middle" >-488</td><td width="8%" ></td><td width="12%" ></td><td width="9%" ></td><td width="11%" ></td></tr><tr><td colspan="9"></td></tr><tr><td width="12%" colspan="1" align="left" valign="middle" >DKK’000</td><td width="12%" colspan="1" align="left" valign="middle" >Carrying amount</td><td width="12%" colspan="1" align="left" valign="middle" >Maximum credit exposure (contractual cash flow)</td><td width="12%" colspan="1" align="left" valign="middle" >Carrying amount</td><td width="52%" colspan="5" align="left" valign="middle" >Maximum credit exposure (contractual cash flow)</td></tr><tr><td width="12%" colspan="1" align="left" valign="middle" >Project loans</td><td width="12%" align="right" valign="middle" >166089</td><td width="12%" align="right" valign="middle" >158504</td><td width="12%" align="right" valign="middle" >63166</td><td width="12%" align="right" valign="middle" >63654</td><td width="8%" ></td><td width="12%" ></td><td width="9%" ></td><td width="11%" ></td></tr><tr><td width="12%" colspan="1" align="left" valign="middle" >Interest receivable related to projects</td><td width="12%" align="right" valign="middle" >573</td><td width="12%" align="right" valign="middle" >490</td><td width="12%" align="right" valign="middle" >654</td><td width="12%" align="right" valign="middle" >654</td><td width="8%" ></td><td width="12%" ></td><td width="9%" ></td><td width="11%" ></td></tr><tr><td width="12%" colspan="1" align="left" valign="middle" >Other receivables</td><td width="12%" align="right" valign="middle" >8788</td><td width="12%" align="right" valign="middle" >8788</td><td width="12%" align="right" valign="middle" >17435</td><td width="12%" align="right" valign="middle" >17435</td><td width="8%" ></td><td width="12%" ></td><td width="9%" ></td><td width="11%" ></td></tr><tr><td width="12%" colspan="1" align="left" valign="middle" >Cash</td><td width="12%" align="right" valign="middle" >18115</td><td width="12%" align="right" valign="middle" >18115</td><td width="12%" align="right" valign="middle" >3351</td><td width="12%" align="right" valign="middle" >3351</td><td width="8%" ></td><td width="12%" ></td><td width="9%" ></td><td width="11%" ></td></tr><tr><td width="12%" colspan="1" align="left" valign="middle" >Commitments</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="12%" align="right" valign="middle" >239228</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="12%" align="right" valign="middle" >136378</td><td width="8%" ></td><td width="12%" ></td><td width="9%" ></td><td width="11%" ></td></tr><tr><td width="12%" ></td><td width="12%" align="right" valign="middle" >193565</td><td width="12%" align="right" valign="middle" >425125</td><td width="12%" align="right" valign="middle" >84606</td><td width="12%" align="right" valign="middle" >221472</td><td width="8%" ></td><td width="12%" ></td><td width="9%" ></td><td width="11%" ></td></tr><tr><td colspan="9"></td></tr><tr><td width="12%" ></td><td width="12%" align="right" valign="middle" >2021</td><td width="12%" ></td><td width="12%" ></td><td width="12%" ></td><td width="8%" ></td><td width="12%" ></td><td width="9%" ></td><td width="11%" ></td></tr><tr><td width="12%" ></td><td width="12%" ></td><td width="12%" ></td><td width="12%" align="right" valign="middle" >2020</td><td width="12%" ></td><td width="8%" ></td><td width="12%" ></td><td width="9%" ></td><td width="11%" ></td></tr><tr><td colspan="9"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="20">Alle beløb er angivet i  'x1000'</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Statement of changes in equity</td></tr><tr><td colspan="5"></td></tr><tr><td width="20%" colspan="1" align="left" valign="middle" >DKK'000</td><td width="20%" align="right" valign="middle" >2021</td><td width="20%" align="right" valign="middle" >2020</td><td width="20%" ></td><td width="20%" ></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Total equity</td></tr><tr><td width="20%" colspan="1" align="left" valign="middle" >Paid-in capital beginning of year</td><td width="20%" align="right" valign="middle" >999009</td><td width="20%" align="right" valign="middle" >377528</td><td width="20%" ></td><td width="20%" ></td></tr><tr><td width="20%" colspan="1" align="left" valign="middle" >Paid-in capital during the year</td><td width="20%" align="right" valign="middle" >760327</td><td width="20%" align="right" valign="middle" >621481</td><td width="20%" ></td><td width="20%" ></td></tr><tr><td width="20%" colspan="1" align="left" valign="middle" >Paid-in capital end of year</td><td width="20%" align="right" valign="middle" >1759336</td><td width="20%" align="right" valign="middle" >999009</td><td width="20%" ></td><td width="20%" ></td></tr><tr><td width="20%" colspan="1" align="left" valign="middle" >Undisbursed commitments</td><td width="20%" align="right" valign="middle" >3098998</td><td width="20%" align="right" valign="middle" >3859325</td><td width="20%" ></td><td width="20%" ></td></tr><tr><td width="20%" colspan="1" align="left" valign="middle" >Total committed capital</td><td width="20%" align="right" valign="middle" >4858334</td><td width="20%" align="right" valign="middle" >4858334</td><td width="20%" ></td><td width="20%" ></td></tr><tr><td width="20%" colspan="1" align="left" valign="middle" >Repaid capital beginning of year</td><td width="20%" align="right" valign="middle" >-30061</td><td width="20%" align="right" valign="middle" >-6519</td><td width="20%" ></td><td width="20%" ></td></tr><tr><td width="20%" colspan="1" align="left" valign="middle" >Repaid capital during the year</td><td width="20%" colspan="1" align="left" valign="middle" >-</td><td width="20%" align="right" valign="middle" >-23542</td><td width="20%" ></td><td width="20%" ></td></tr><tr><td width="20%" colspan="1" align="left" valign="middle" >Repaid capital end of year</td><td width="20%" align="right" valign="middle" >-30061</td><td width="20%" align="right" valign="middle" >-30061</td><td width="20%" ></td><td width="20%" ></td></tr><tr><td width="20%" colspan="1" align="left" valign="middle" >Total capital end of year, net</td><td width="20%" align="right" valign="middle" >4828273</td><td width="20%" align="right" valign="middle" >4828273</td><td width="20%" ></td><td width="20%" ></td></tr><tr><td width="20%" colspan="1" align="left" valign="middle" >Retained earnings beginning of year</td><td width="20%" align="right" valign="middle" >-191610</td><td width="20%" align="right" valign="middle" >-111359</td><td width="20%" ></td><td width="20%" ></td></tr><tr><td width="20%" colspan="1" align="left" valign="middle" >Establishment expenses</td><td width="20%" colspan="1" align="left" valign="middle" >-</td><td width="20%" align="right" valign="middle" >5</td><td width="20%" ></td><td width="20%" ></td></tr><tr><td width="20%" colspan="1" align="left" valign="middle" >Transferred from net income for the year</td><td width="20%" align="right" valign="middle" >-1693</td><td width="20%" align="right" valign="middle" >-80256</td><td width="20%" ></td><td width="20%" ></td></tr><tr><td width="20%" colspan="1" align="left" valign="middle" >Retained earnings end of year</td><td width="20%" align="right" valign="middle" >-193303</td><td width="20%" align="right" valign="middle" >-191610</td><td width="20%" ></td><td width="20%" ></td></tr><tr><td width="20%" colspan="1" align="left" valign="middle" >Total equity end of year</td><td width="20%" align="right" valign="middle" >4634970</td><td width="20%" align="right" valign="middle" >4636663</td><td width="20%" ></td><td width="20%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >At 31 December 2021, the investors had paid in DKK 1,759 million corresponding to nearly 36% of the capital commitment of DKK 4,858 million. Thus, the remaining commitment is DKK 3,099 million.</td></tr></table> Årsrapport 30700228 EY Godkendt Revisionspartnerselskab Cortex Park Vest 3 5230 Odense M xWizard version 1.1.1121.0, by EasyX Aps. www.easyx.eu 2020-01-01 2020-12-31 Revisionspåtegning Grundlag for konklusion Konklusion Nicolai Boserup Chairman Torben Huss Lars Krogsgaard -79765000 -491000 -68840000 -536792000 597944000 0.998 -0.017 -67580000 -316000 -83241000 -195996000 283773000 1 -0.014 -41556000 -82000 -47543000 -37246000 85411000 0.998 -0.017 4648674000 4634970000 1356111000 166089000 0 1522200000 3100644000 7715000 18115000 3126474000 1759336000 3098998000 -30061000 -193303000 0 12103000 1405000 196000 13704000 13704000 4648674000 6012000 12103000 4664052000 4636663000 4741881000 4740456000 4826824000 4815063000 Change in the year 8542000 Change in the year -7688000 Change in the year 4536000 Change in the year 622000 Return on assets 0 Return on assets -0.017 Return on assets -0.014 Return on assets -0.009 -3807000 3780000 -248947000 -514218000 760327000 0.997 0 69212000 73019000 3780000 -27000 -27000 -59548000 -189372000 254151000 760327000 -2838000 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Contingent liabilities and other financial obligations</td></tr><tr><td /><td>DSDG has entered into the following commitments to investments</td></tr></table><br><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Undisbursed contracted commitments</td><td>545118</td><td colspan="2">921811</td></tr><tr><td /><td>Guarantees</td><td>-</td><td colspan="2">-</td></tr><tr><td /><td>Binding commitments</td><td>84639</td><td colspan="2">521410</td></tr><tr><td /><td>Total undisbursed to investments</td><td>629757</td><td colspan="2">1443221</td></tr><tr><td /><td>DSDG has signed a management agreement with IFU, whereby IFU performs administration, monitoring and investment advice for DSDG. The management agreement cannot be cancelled. For 2021, the payment amounts to DKK 70,475 thousand incl. VAT.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The following are recorded in DSDG’s register of limited partners</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Pensionskassen for Sygeplejersker og Lægesekretærer</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Pensionskassen for Sundhedsfaglige</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Pensionskassen for Socialrådgivere, Socialpædagoger og Kontorpersonale</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Pensionskassen for Farmakonomer</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >PensionDanmark Pensionsforsikringsaktieselskab</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >PFA Pension, forsikringsaktieselskab</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Arbejdsmarkedets Tillægspension</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >P+, Pensionskassen for Akademikere</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >PenSam Pension Forsikringsaktieselskab</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Jabami ApS</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Webco Invest ApS</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Futura Shipping og Invest ApS</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >SEB Pension och Försäkring AB (FOP3)</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >SEB Pension och Försäkring AB (FOP4)</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Secure SDG Fund K/S</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Chr. Augustinus Fabrikker Akts.</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >IFU</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >.Other related parties</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >DSDG GP P/S</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >DSDG GP Komplementar ApS</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >DSDG Holding ApS</td></tr></table><br><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Nærtstående parter</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Hereof associated companies</td></tr><tr><td /><td>Share capital investment in projects end of year, at cost</td><td>415062</td><td>194746</td><td>311712</td><td>133085</td></tr><tr><td /><td>.Accumulated value adjustments end of year</td><td>4217</td><td>5972</td><td>4216</td><td>5972</td></tr><tr><td /><td /><td>419279</td><td>200718</td><td>315928</td><td>139057</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="20">Alle beløb er angivet i  'x1000'</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Provisions for losses</td></tr><tr><td colspan="5"></td></tr><tr><td width="60%" colspan="3" align="left" valign="middle" >DKK'000</td><td width="20%" align="right" valign="middle" >2021</td><td width="20%" align="right" valign="middle" >2020</td></tr><tr><td width="60%" colspan="3" align="left" valign="middle" >Allowance for impairment on remaining commitments begining of year</td><td width="20%" colspan="1" align="left" valign="middle" >-</td><td width="20%" align="right" valign="middle" >187</td></tr><tr><td width="60%" colspan="3" align="left" valign="middle" >Allowance for impairment on remaining commitments on loans</td><td width="20%" colspan="1" align="left" valign="middle" >-</td><td width="20%" align="right" valign="middle" >-187</td></tr><tr><td width="60%" colspan="3" align="left" valign="middle" >Allowance for impairment on remaining commitments end of year</td><td width="20%" colspan="1" align="left" valign="middle" >-</td><td width="20%" colspan="1" align="left" valign="middle" >-</td></tr><tr><td colspan="5"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="20">Alle beløb er angivet i  'x1000'</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Cash flow statement – adjustments</td></tr><tr><td colspan="5"></td></tr><tr><td width="60%" colspan="3" align="left" valign="middle" >DKK'000</td><td width="20%" align="right" valign="middle" >2021</td><td width="20%" align="right" valign="middle" >2020</td></tr><tr><td width="60%" colspan="3" align="left" valign="middle" >Value adjustments</td><td width="20%" align="right" valign="middle" >-59548</td><td width="20%" align="right" valign="middle" >10371</td></tr><tr><td width="20%" ></td><td width="20%" ></td><td width="20%" ></td><td width="20%" align="right" valign="middle" >-59548</td><td width="20%" align="right" valign="middle" >10371</td></tr><tr><td colspan="5"></td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="20">Alle beløb er angivet i  'x1000'</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Cash flow statement - changes in working capital</td></tr><tr><td colspan="5"></td></tr><tr><td width="60%" colspan="3" align="left" valign="middle" >DKK'000</td><td width="20%" align="right" valign="middle" >2021</td><td width="20%" align="right" valign="middle" >2020</td></tr><tr><td width="60%" colspan="3" align="left" valign="middle" >Change in current assets</td><td width="20%" align="right" valign="middle" >8821</td><td width="20%" align="right" valign="middle" >720</td></tr><tr><td width="60%" colspan="3" align="left" valign="middle" >Change in payables, etc.</td><td width="20%" align="right" valign="middle" >-198193</td><td width="20%" align="right" valign="middle" >-541</td></tr><tr><td width="20%" ></td><td width="20%" ></td><td width="20%" ></td><td width="20%" align="right" valign="middle" >-198372</td><td width="20%" align="right" valign="middle" >179</td></tr><tr><td colspan="5"></td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="1" align="left" valign="middle" >Financial risk management</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Introduction</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Through investments, DSDG is exposed to financial risks such as equity and credit risk on investments, currency risk, interest rate risk and liquidity risk.</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >A number of limits have been established to avoid excessive concentration of risks, and through its investment policy and due diligence procedures, DSDG further seeks to identify and mitigate the equity and credit risk.</td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="20">Alle beløb er angivet i  'x1000'</td></tr><tr><td width="100%" colspan="8" align="left" valign="middle" >Currency risk</td></tr><tr><td width="100%" colspan="8" align="left" valign="middle" >Currency risk is the risk that the value of a financial instrument fluctuates due to changes in foreign exchange rates.</td></tr><tr><td width="100%" colspan="8" align="left" valign="middle" >DSDG is exposed to currency risk through its investments that are denominated in currencies other than the functional currency (DKK). DSDG does not hedge currency exposure in share capital investments, as the timing of cash flow is uncertain, and investments are typically exposed to local currencies where hedging costs are normally very high. By way of operation, some investments may have a natural built-in hedge, e.g. export-oriented businesses. Normally, DSDG does not hedge commitments to disburse either, as timing and amounts are often difficult to foresee.</td></tr><tr><td width="100%" colspan="8" align="left" valign="middle" >Currency exposure and sensitivity</td></tr><tr><td width="100%" colspan="8" align="left" valign="middle" >The following table indicates the currencies to which DSDG had significant exposure as of 31 December on its financial assets and liabilities, excluding share capital investments. The analysis calculates the effect of a reasonably likely movement of the currency rate against DKK on profit or loss with all other variables held constant. There is no sensitivity effect on equity as DSDG has no assets classified as available-for-sale.</td></tr><tr><td colspan="8"></td></tr><tr><td width="13%" align="right" valign="middle" >2021</td><td width="13%" ></td><td width="13%" ></td><td width="13%" ></td><td width="13%" ></td><td width="9%" ></td><td width="13%" ></td><td width="13%" ></td></tr><tr><td width="13%" colspan="1" align="left" valign="middle" >DKK’000</td><td width="13%" colspan="1" align="left" valign="middle" >Project loans</td><td width="13%" colspan="1" align="left" valign="middle" >Interest receivables</td><td width="13%" colspan="1" align="left" valign="middle" >Other project related receivables</td><td width="13%" colspan="1" align="left" valign="middle" >Other project related debt</td><td width="9%" colspan="1" align="left" valign="middle" >Net exposure</td><td width="13%" colspan="1" align="left" valign="middle" >Increase in foreign exchange rates</td><td width="13%" colspan="1" align="left" valign="middle" >Effect on profit or loss</td></tr><tr><td width="13%" colspan="1" align="left" valign="middle" >EUR</td><td width="13%" align="right" valign="middle" >44619</td><td width="13%" align="right" valign="middle" >573</td><td width="13%" align="right" valign="middle" >1063</td><td width="13%" colspan="1" align="left" valign="middle" >-</td><td width="9%" align="right" valign="middle" >46255</td><td width="13%" align="right" valign="middle" >1,00%</td><td width="13%" align="right" valign="middle" >463</td></tr><tr><td width="13%" colspan="1" align="left" valign="middle" >DKK</td><td width="13%" align="right" valign="middle" >48564</td><td width="13%" align="right" valign="middle" >1</td><td width="13%" colspan="1" align="left" valign="middle" >-</td><td width="13%" colspan="1" align="left" valign="middle" >-</td><td width="9%" align="right" valign="middle" >48565</td><td width="13%" colspan="1" align="left" valign="middle" >N/A</td><td width="13%" colspan="1" align="left" valign="middle" >-</td></tr><tr><td width="13%" colspan="1" align="left" valign="middle" >Other</td><td width="13%" colspan="1" align="left" valign="middle" >-</td><td width="13%" colspan="1" align="left" valign="middle" >-</td><td width="13%" colspan="1" align="left" valign="middle" >-</td><td width="13%" colspan="1" align="left" valign="middle" >-</td><td width="9%" colspan="1" align="left" valign="middle" >-</td><td width="13%" align="right" valign="middle" >10,00%</td><td width="13%" colspan="1" align="left" valign="middle" >-</td></tr><tr><td width="13%" ></td><td width="13%" align="right" valign="middle" >93183</td><td width="13%" align="right" valign="middle" >574</td><td width="13%" align="right" valign="middle" >1063</td><td width="13%" colspan="1" align="left" valign="middle" >-</td><td width="9%" align="right" valign="middle" >94820</td><td width="13%" ></td><td width="13%" ></td></tr><tr><td colspan="8"></td></tr><tr><td width="13%" align="right" valign="middle" >2020</td><td width="13%" ></td><td width="13%" ></td><td width="13%" ></td><td width="13%" ></td><td width="9%" ></td><td width="13%" ></td><td width="13%" ></td></tr><tr><td width="13%" colspan="1" align="left" valign="middle" >DKK’000</td><td width="13%" colspan="1" align="left" valign="middle" >Project loans</td><td width="13%" colspan="1" align="left" valign="middle" >Interest receivables</td><td width="13%" colspan="1" align="left" valign="middle" >Other project related receivables</td><td width="13%" colspan="1" align="left" valign="middle" >Other project related debt</td><td width="9%" colspan="1" align="left" valign="middle" >Net exposure</td><td width="13%" colspan="1" align="left" valign="middle" >Increase in foreign exchange rates</td><td width="13%" colspan="1" align="left" valign="middle" >Effect on profit or loss</td></tr><tr><td width="13%" colspan="1" align="left" valign="middle" >EUR</td><td width="13%" align="right" valign="middle" >59514</td><td width="13%" align="right" valign="middle" >654</td><td width="13%" colspan="1" align="left" valign="middle" >-</td><td width="13%" colspan="1" align="left" valign="middle" >-</td><td width="9%" align="right" valign="middle" >60168</td><td width="13%" align="right" valign="middle" >1,00%</td><td width="13%" align="right" valign="middle" >602</td></tr><tr><td width="13%" colspan="1" align="left" valign="middle" >DKK</td><td width="13%" colspan="1" align="left" valign="middle" >-</td><td width="13%" colspan="1" align="left" valign="middle" >-</td><td width="13%" colspan="1" align="left" valign="middle" >-</td><td width="13%" align="right" valign="middle" >204</td><td width="9%" align="right" valign="middle" >204</td><td width="13%" colspan="1" align="left" valign="middle" >N/A</td><td width="13%" colspan="1" align="left" valign="middle" >-</td></tr><tr><td width="13%" colspan="1" align="left" valign="middle" >Other</td><td width="13%" align="right" valign="middle" >4140</td><td width="13%" colspan="1" align="left" valign="middle" >-</td><td width="13%" colspan="1" align="left" valign="middle" >-</td><td width="13%" colspan="1" align="left" valign="middle" >-</td><td width="9%" align="right" valign="middle" >4140</td><td width="13%" align="right" valign="middle" >10,00%</td><td width="13%" align="right" valign="middle" >414</td></tr><tr><td width="13%" ></td><td width="13%" align="right" valign="middle" >63654</td><td width="13%" align="right" valign="middle" >654</td><td width="13%" colspan="1" align="left" valign="middle" >-</td><td width="13%" align="right" valign="middle" >204</td><td width="9%" align="right" valign="middle" >64512</td><td width="13%" ></td><td width="13%" ></td></tr><tr><td colspan="8"></td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="1" align="left" valign="middle" >Interest rate risk</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Interest rate risk arises from the possibility that changes in interest rates will affect future cash flows or the fair values of financial instruments.</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >None of DSDG's investments in project loans carry variable interbank interest rates, thus changes in interest rates will not affect future cash flows and income.</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Interest rate exposure and sensitivity</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The annual effect of changes in the interest rate only affects the fair value of fixed rate loans.</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The annual effect of an increase in the interest rate of 100 basis points is shown in the table above for fixed and variable interest rate loans.</td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="20">Alle beløb er angivet i  'x1000'</td></tr><tr><td width="100%" colspan="8" align="left" valign="middle" >Liquidity risk</td></tr><tr><td width="100%" colspan="8" align="left" valign="middle" >Liquidity risk is defined as the risk that DSDG will encounter difficulty in meeting financial obligations.</td></tr><tr><td width="100%" colspan="8" align="left" valign="middle" >DSDG's primary exposure to liquidity risk arises from commitments to disburse share capital investments.</td></tr><tr><td width="100%" colspan="8" align="left" valign="middle" >To meet these and other obligations, DSDG depends on its limited partners being able to honour their commitments to DSDG. A credit facility of DKK 100 million is in place to cover unexpected negative short-term fluctuations in cash flows. At year-end, DKK 88 million was available for drawing.</td></tr><tr><td width="100%" colspan="8" align="left" valign="middle" >For information on commitments from the limited partners, see note 2.</td></tr><tr><td width="100%" colspan="8" align="left" valign="middle" >Contractual maturities</td></tr><tr><td width="100%" colspan="8" align="left" valign="middle" >The contractual maturities based on undiscounted contractual cash flows are shown below for financial assets, liabilities, guarantees and commitments.</td></tr><tr><td colspan="8"></td></tr><tr><td width="13%" align="right" valign="middle" >2021</td><td width="13%" ></td><td width="13%" ></td><td width="13%" ></td><td width="13%" ></td><td width="9%" ></td><td width="13%" ></td><td width="13%" ></td></tr><tr><td width="13%" colspan="1" align="left" valign="middle" >DKK'000</td><td width="13%" colspan="1" align="left" valign="middle" >Carrying amount</td><td width="13%" colspan="1" align="left" valign="middle" >Contractual cash flows</td><td width="13%" colspan="1" align="left" valign="middle" >On demand</td><td width="13%" colspan="1" align="left" valign="middle" >0-1 year</td><td width="9%" colspan="1" align="left" valign="middle" >1-5 years</td><td width="13%" colspan="1" align="left" valign="middle" >Over 5 years</td><td width="13%" colspan="1" align="left" valign="middle" >No fixed maturity</td></tr><tr><td width="100%" colspan="8" align="left" valign="middle" >Assets</td></tr><tr><td width="13%" colspan="1" align="left" valign="middle" >Project loans</td><td width="13%" align="right" valign="middle" >100768</td><td width="13%" align="right" valign="middle" >93183</td><td width="13%" colspan="1" align="left" valign="middle" >-</td><td width="13%" align="right" valign="middle" >14873</td><td width="9%" align="right" valign="middle" >78310</td><td width="13%" colspan="1" align="left" valign="middle" >-</td><td width="13%" colspan="1" align="left" valign="middle" >-</td></tr><tr><td width="13%" colspan="1" align="left" valign="middle" >Interest receivable related to projects</td><td width="13%" align="right" valign="middle" >573</td><td width="13%" align="right" valign="middle" >490</td><td width="13%" align="right" valign="middle" >573</td><td width="13%" colspan="1" align="left" valign="middle" >-</td><td width="9%" colspan="1" align="left" valign="middle" >-</td><td width="13%" colspan="1" align="left" valign="middle" >-</td><td width="13%" colspan="1" align="left" valign="middle" >-</td></tr><tr><td width="13%" colspan="1" align="left" valign="middle" >Other receivables</td><td width="13%" align="right" valign="middle" >207595</td><td width="13%" align="right" valign="middle" >207595</td><td width="13%" align="right" valign="middle" >1065</td><td width="13%" align="right" valign="middle" >206530</td><td width="9%" colspan="1" align="left" valign="middle" >-</td><td width="13%" colspan="1" align="left" valign="middle" >-</td><td width="13%" colspan="1" align="left" valign="middle" >-</td></tr><tr><td width="13%" colspan="1" align="left" valign="middle" >Cash and cash equivalents</td><td width="13%" align="right" valign="middle" >3392</td><td width="13%" align="right" valign="middle" >3392</td><td width="13%" align="right" valign="middle" >3392</td><td width="13%" colspan="1" align="left" valign="middle" >-</td><td width="9%" colspan="1" align="left" valign="middle" >-</td><td width="13%" colspan="1" align="left" valign="middle" >-</td><td width="13%" colspan="1" align="left" valign="middle" >-</td></tr><tr><td width="13%" colspan="1" align="left" valign="middle" >Total assets</td><td width="13%" align="right" valign="middle" >312328</td><td width="13%" align="right" valign="middle" >304660</td><td width="13%" align="right" valign="middle" >5030</td><td width="13%" align="right" valign="middle" >221403</td><td width="9%" align="right" valign="middle" >78310</td><td width="13%" colspan="1" align="left" valign="middle" >-</td><td width="13%" colspan="1" align="left" valign="middle" >-</td></tr><tr><td colspan="8"></td></tr><tr><td width="100%" colspan="8" align="left" valign="middle" >Liabilities</td></tr><tr><td width="13%" colspan="1" align="left" valign="middle" >Other current liabilities</td><td width="13%" align="right" valign="middle" >13408</td><td width="13%" align="right" valign="middle" >13408</td><td width="13%" colspan="1" align="left" valign="middle" >-</td><td width="13%" align="right" valign="middle" >13408</td><td width="9%" colspan="1" align="left" valign="middle" >-</td><td width="13%" colspan="1" align="left" valign="middle" >-</td><td width="13%" colspan="1" align="left" valign="middle" >-</td></tr><tr><td colspan="8"></td></tr><tr><td width="13%" colspan="1" align="left" valign="middle" >Total liabilities</td><td width="13%" align="right" valign="middle" >13408</td><td width="13%" align="right" valign="middle" >13408</td><td width="13%" colspan="1" align="left" valign="middle" >-</td><td width="13%" align="right" valign="middle" >13408</td><td width="9%" colspan="1" align="left" valign="middle" >-</td><td width="13%" colspan="1" align="left" valign="middle" >-</td><td width="13%" colspan="1" align="left" valign="middle" >-</td></tr><tr><td colspan="8"></td></tr><tr><td width="74%" colspan="6" align="left" valign="middle" >Off-balance</td><td width="13%" colspan="1" align="left" valign="middle" >-</td><td width="13%" colspan="1" align="left" valign="middle" >-</td></tr><tr><td width="13%" colspan="1" align="left" valign="middle" >Amounts payable on share capital and loan agreements</td><td width="13%" colspan="1" align="left" valign="middle" >-</td><td width="13%" align="right" valign="middle" >545118</td><td width="13%" align="right" valign="middle" >545118</td><td width="13%" colspan="1" align="left" valign="middle" >-</td><td width="9%" colspan="1" align="left" valign="middle" >-</td><td width="13%" colspan="1" align="left" valign="middle" >-</td><td width="13%" colspan="1" align="left" valign="middle" >-</td></tr><tr><td width="13%" colspan="1" align="left" valign="middle" >Binding commitments</td><td width="13%" colspan="1" align="left" valign="middle" >-</td><td width="13%" align="right" valign="middle" >84639</td><td width="13%" colspan="1" align="left" valign="middle" >-</td><td width="13%" align="right" valign="middle" >84639</td><td width="9%" colspan="1" align="left" valign="middle" >-</td><td width="13%" colspan="1" align="left" valign="middle" >-</td><td width="13%" colspan="1" align="left" valign="middle" >-</td></tr><tr><td colspan="8"></td></tr><tr><td width="13%" colspan="1" align="left" valign="middle" >Total off-balance</td><td width="13%" colspan="1" align="left" valign="middle" >-</td><td width="13%" align="right" valign="middle" >629757</td><td width="13%" align="right" valign="middle" >545118</td><td width="13%" align="right" valign="middle" >84639</td><td width="9%" colspan="1" align="left" valign="middle" >-</td><td width="13%" colspan="1" align="left" valign="middle" >-</td><td width="13%" colspan="1" align="left" valign="middle" >-</td></tr><tr><td colspan="8"></td></tr><tr><td width="13%" align="right" valign="middle" >2020</td><td width="13%" ></td><td width="13%" ></td><td width="13%" ></td><td width="13%" ></td><td width="9%" ></td><td width="13%" ></td><td width="13%" ></td></tr><tr><td width="13%" colspan="1" align="left" valign="middle" >DKK'000</td><td width="13%" colspan="1" align="left" valign="middle" >Carrying amount</td><td width="13%" colspan="1" align="left" valign="middle" >Contractual cash flows</td><td width="13%" colspan="1" align="left" valign="middle" >On demand</td><td width="13%" colspan="1" align="left" valign="middle" >0-1 year</td><td width="9%" colspan="1" align="left" valign="middle" >1-5 years</td><td width="13%" colspan="1" align="left" valign="middle" >Over 5 years</td><td width="13%" colspan="1" align="left" valign="middle" >No fixed maturity</td></tr><tr><td width="100%" colspan="8" align="left" valign="middle" >Assets</td></tr><tr><td width="13%" colspan="1" align="left" valign="middle" >Project loans</td><td width="13%" align="right" valign="middle" >63166</td><td width="13%" align="right" valign="middle" >63654</td><td width="13%" colspan="1" align="left" valign="middle" >-</td><td width="13%" align="right" valign="middle" >14879</td><td width="9%" align="right" valign="middle" >48775</td><td width="13%" colspan="1" align="left" valign="middle" >-</td><td width="13%" colspan="1" align="left" valign="middle" >-</td></tr><tr><td width="13%" colspan="1" align="left" valign="middle" >Interest receivable related to projects</td><td width="13%" align="right" valign="middle" >654</td><td width="13%" align="right" valign="middle" >654</td><td width="13%" align="right" valign="middle" >654</td><td width="13%" colspan="1" align="left" valign="middle" >-</td><td width="9%" colspan="1" align="left" valign="middle" >-</td><td width="13%" colspan="1" align="left" valign="middle" >-</td><td width="13%" colspan="1" align="left" valign="middle" >-</td></tr><tr><td width="13%" colspan="1" align="left" valign="middle" >Other receivables</td><td width="13%" align="right" valign="middle" >18261</td><td width="13%" align="right" valign="middle" >18261</td><td width="13%" colspan="1" align="left" valign="middle" >-</td><td width="13%" align="right" valign="middle" >18261</td><td width="9%" colspan="1" align="left" valign="middle" >-</td><td width="13%" colspan="1" align="left" valign="middle" >-</td><td width="13%" colspan="1" align="left" valign="middle" >-</td></tr><tr><td width="13%" colspan="1" align="left" valign="middle" >Cash and cash equivalents</td><td width="13%" align="right" valign="middle" >8</td><td width="13%" align="right" valign="middle" >8</td><td width="13%" align="right" valign="middle" >8</td><td width="13%" colspan="1" align="left" valign="middle" >-</td><td width="9%" colspan="1" align="left" valign="middle" >-</td><td width="13%" colspan="1" align="left" valign="middle" >-</td><td width="13%" colspan="1" align="left" valign="middle" >-</td></tr><tr><td width="13%" colspan="1" align="left" valign="middle" >Total assets</td><td width="13%" align="right" valign="middle" >82089</td><td width="13%" align="right" valign="middle" >82577</td><td width="13%" align="right" valign="middle" >662</td><td width="13%" align="right" valign="middle" >33140</td><td width="9%" align="right" valign="middle" >48775</td><td width="13%" colspan="1" align="left" valign="middle" >-</td><td width="13%" colspan="1" align="left" valign="middle" >-</td></tr><tr><td colspan="8"></td></tr><tr><td width="100%" colspan="8" align="left" valign="middle" >Liabilities</td></tr><tr><td width="13%" colspan="1" align="left" valign="middle" >Other current liabilities</td><td width="13%" align="right" valign="middle" >7389</td><td width="13%" align="right" valign="middle" >7389</td><td width="13%" colspan="1" align="left" valign="middle" >-</td><td width="13%" align="right" valign="middle" >7389</td><td width="9%" colspan="1" align="left" valign="middle" >-</td><td width="13%" colspan="1" align="left" valign="middle" >-</td><td width="13%" colspan="1" align="left" valign="middle" >-</td></tr><tr><td width="13%" colspan="1" align="left" valign="middle" >Total liabilities</td><td width="13%" align="right" valign="middle" >7389</td><td width="13%" align="right" valign="middle" >7389</td><td width="13%" colspan="1" align="left" valign="middle" >-</td><td width="13%" align="right" valign="middle" >7389</td><td width="9%" colspan="1" align="left" valign="middle" >-</td><td width="13%" colspan="1" align="left" valign="middle" >-</td><td width="13%" colspan="1" align="left" valign="middle" >-</td></tr><tr><td colspan="8"></td></tr><tr><td width="100%" colspan="8" align="left" valign="middle" >Off-balance</td></tr><tr><td width="13%" colspan="1" align="left" valign="middle" >Amounts payable on share capital and loan agreements</td><td width="13%" colspan="1" align="left" valign="middle" >-</td><td width="13%" align="right" valign="middle" >921811</td><td width="13%" align="right" valign="middle" >921811</td><td width="13%" colspan="1" align="left" valign="middle" >-</td><td width="9%" colspan="1" align="left" valign="middle" >-</td><td width="13%" colspan="1" align="left" valign="middle" >-</td><td width="13%" colspan="1" align="left" valign="middle" >-</td></tr><tr><td width="13%" colspan="1" align="left" valign="middle" >Binding commitments</td><td width="13%" colspan="1" align="left" valign="middle" >-</td><td width="13%" align="right" valign="middle" >521410</td><td width="13%" colspan="1" align="left" valign="middle" >-</td><td width="13%" align="right" valign="middle" >521410</td><td width="9%" colspan="1" align="left" valign="middle" >-</td><td width="13%" colspan="1" align="left" valign="middle" >-</td><td width="13%" colspan="1" align="left" valign="middle" >-</td></tr><tr><td width="13%" colspan="1" align="left" valign="middle" >Total off-balance</td><td width="13%" colspan="1" align="left" valign="middle" >-</td><td width="13%" align="right" valign="middle" >1443221</td><td width="13%" align="right" valign="middle" >921811</td><td width="13%" align="right" valign="middle" >521410</td><td width="9%" colspan="1" align="left" valign="middle" >-</td><td width="13%" colspan="1" align="left" valign="middle" >-</td><td width="13%" colspan="1" align="left" valign="middle" >-</td></tr><tr><td colspan="8"></td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="20">Alle beløb er angivet i  'x1000'</td></tr><tr><td width="100%" colspan="6" align="left" valign="middle" >Classification of financial instruments</td></tr><tr><td width="100%" colspan="6" align="left" valign="middle" >The following table provides a reconciliation between line items in the balance sheet and categories of financial instruments.</td></tr><tr><td colspan="6"></td></tr><tr><td width="17%" align="right" valign="middle" >2021</td><td width="17%" ></td><td width="17%" ></td><td width="17%" ></td><td width="17%" ></td><td width="15%" ></td></tr><tr><td width="17%" colspan="1" align="left" valign="middle" >DKK'000</td><td width="17%" colspan="1" align="left" valign="middle" >Designated</td><td width="17%" colspan="1" align="left" valign="middle" >Loans and receivables</td><td width="17%" colspan="1" align="left" valign="middle" >Loans and</td><td width="17%" colspan="1" align="left" valign="middle" >Other liabilities at amortised cost</td><td width="15%" colspan="1" align="left" valign="middle" >Total</td></tr><tr><td width="17%" ></td><td width="17%" colspan="1" align="left" valign="middle" >at fair value through profit</td><td width="17%" colspan="1" align="left" valign="middle" >at amortised cost</td><td width="49%" colspan="3" align="left" valign="middle" >receivables at fair value</td></tr><tr><td width="17%" ></td><td width="83%" colspan="5" align="left" valign="middle" >and loss</td></tr><tr><td width="100%" colspan="6" align="left" valign="middle" >Financial assets</td></tr><tr><td width="17%" colspan="1" align="left" valign="middle" >Share capital investment in projects</td><td width="17%" align="right" valign="middle" >899540</td><td width="17%" colspan="1" align="left" valign="middle" >-</td><td width="17%" colspan="1" align="left" valign="middle" >-</td><td width="17%" colspan="1" align="left" valign="middle" >-</td><td width="15%" align="right" valign="middle" >899540</td></tr><tr><td width="17%" colspan="1" align="left" valign="middle" >Project loans</td><td width="17%" colspan="1" align="left" valign="middle" >-</td><td width="17%" align="right" valign="middle" >48564</td><td width="17%" align="right" valign="middle" >52204</td><td width="17%" colspan="1" align="left" valign="middle" >-</td><td width="15%" align="right" valign="middle" >100768</td></tr><tr><td width="17%" colspan="1" align="left" valign="middle" >Interest receivable related to projects</td><td width="17%" colspan="1" align="left" valign="middle" >-</td><td width="17%" colspan="1" align="left" valign="middle" >-</td><td width="17%" align="right" valign="middle" >573</td><td width="17%" colspan="1" align="left" valign="middle" >-</td><td width="15%" align="right" valign="middle" >573</td></tr><tr><td width="17%" colspan="1" align="left" valign="middle" >Other receivables</td><td width="17%" colspan="1" align="left" valign="middle" >-</td><td width="17%" align="right" valign="middle" >347595</td><td width="17%" colspan="1" align="left" valign="middle" >-</td><td width="17%" colspan="1" align="left" valign="middle" >-</td><td width="15%" align="right" valign="middle" >347595</td></tr><tr><td width="17%" colspan="1" align="left" valign="middle" >Cash and cash equivalents</td><td width="17%" colspan="1" align="left" valign="middle" >-</td><td width="17%" align="right" valign="middle" >3392</td><td width="17%" colspan="1" align="left" valign="middle" >-</td><td width="17%" colspan="1" align="left" valign="middle" >-</td><td width="15%" align="right" valign="middle" >3392</td></tr><tr><td width="17%" colspan="1" align="left" valign="middle" >Total financial assets</td><td width="17%" align="right" valign="middle" >899540</td><td width="17%" align="right" valign="middle" >399551</td><td width="17%" align="right" valign="middle" >52777</td><td width="17%" colspan="1" align="left" valign="middle" >-</td><td width="15%" align="right" valign="middle" >1351868</td></tr><tr><td colspan="6"></td></tr><tr><td width="100%" colspan="6" align="left" valign="middle" >Financial liabilities</td></tr><tr><td width="17%" colspan="1" align="left" valign="middle" >Current liabilities</td><td width="17%" colspan="1" align="left" valign="middle" >-</td><td width="17%" colspan="1" align="left" valign="middle" >-</td><td width="17%" colspan="1" align="left" valign="middle" >-</td><td width="17%" colspan="1" align="left" valign="middle" >-</td><td width="15%" colspan="1" align="left" valign="middle" >-</td></tr><tr><td width="17%" colspan="1" align="left" valign="middle" >Other current liabilities</td><td width="17%" colspan="1" align="left" valign="middle" >-</td><td width="17%" colspan="1" align="left" valign="middle" >-</td><td width="17%" colspan="1" align="left" valign="middle" >-</td><td width="17%" align="right" valign="middle" >13408</td><td width="15%" align="right" valign="middle" >13408</td></tr><tr><td width="17%" colspan="1" align="left" valign="middle" >Total financial liabilities</td><td width="17%" colspan="1" align="left" valign="middle" >-</td><td width="17%" colspan="1" align="left" valign="middle" >-</td><td width="17%" colspan="1" align="left" valign="middle" >-</td><td width="17%" align="right" valign="middle" >13408</td><td width="15%" align="right" valign="middle" >13408</td></tr><tr><td colspan="6"></td></tr><tr><td width="17%" align="right" valign="middle" >2020</td><td width="17%" ></td><td width="17%" ></td><td width="17%" ></td><td width="17%" ></td><td width="15%" ></td></tr><tr><td width="17%" colspan="1" align="left" valign="middle" >DKK'000</td><td width="17%" colspan="1" align="left" valign="middle" >Designated</td><td width="17%" colspan="1" align="left" valign="middle" >Loans and receivables</td><td width="17%" colspan="1" align="left" valign="middle" >Loans and</td><td width="17%" colspan="1" align="left" valign="middle" >Other liabilities at amortised cost</td><td width="15%" colspan="1" align="left" valign="middle" >Total</td></tr><tr><td width="17%" ></td><td width="17%" colspan="1" align="left" valign="middle" >at fair value through profit</td><td width="17%" colspan="1" align="left" valign="middle" >at amortised cost</td><td width="49%" colspan="3" align="left" valign="middle" >receivables at fair value</td></tr><tr><td width="17%" ></td><td width="83%" colspan="5" align="left" valign="middle" >and loss</td></tr><tr><td width="100%" colspan="6" align="left" valign="middle" >Financial assets</td></tr><tr><td width="17%" colspan="1" align="left" valign="middle" >Share capital investment in projects</td><td width="17%" align="right" valign="middle" >638460</td><td width="17%" colspan="1" align="left" valign="middle" >-</td><td width="17%" colspan="1" align="left" valign="middle" >-</td><td width="17%" colspan="1" align="left" valign="middle" >-</td><td width="15%" align="right" valign="middle" >638460</td></tr><tr><td width="17%" colspan="1" align="left" valign="middle" >Project loans</td><td width="17%" colspan="1" align="left" valign="middle" >-</td><td width="17%" align="right" valign="middle" >63166</td><td width="17%" colspan="1" align="left" valign="middle" >-</td><td width="17%" colspan="1" align="left" valign="middle" >-</td><td width="15%" align="right" valign="middle" >63166</td></tr><tr><td width="17%" colspan="1" align="left" valign="middle" >Interest receivable related to projects</td><td width="17%" colspan="1" align="left" valign="middle" >-</td><td width="17%" align="right" valign="middle" >654</td><td width="17%" colspan="1" align="left" valign="middle" >-</td><td width="17%" colspan="1" align="left" valign="middle" >-</td><td width="15%" align="right" valign="middle" >654</td></tr><tr><td width="17%" colspan="1" align="left" valign="middle" >Other receivables</td><td width="17%" colspan="1" align="left" valign="middle" >-</td><td width="17%" align="right" valign="middle" >18261</td><td width="17%" colspan="1" align="left" valign="middle" >-</td><td width="17%" colspan="1" align="left" valign="middle" >-</td><td width="15%" align="right" valign="middle" >18261</td></tr><tr><td width="17%" colspan="1" align="left" valign="middle" >Cash and cash equivalents</td><td width="17%" colspan="1" align="left" valign="middle" >-</td><td width="17%" align="right" valign="middle" >8</td><td width="17%" colspan="1" align="left" valign="middle" >-</td><td width="17%" colspan="1" align="left" valign="middle" >-</td><td width="15%" align="right" valign="middle" >8</td></tr><tr><td width="17%" colspan="1" align="left" valign="middle" >Total financial assets</td><td width="17%" align="right" valign="middle" >638460</td><td width="17%" align="right" valign="middle" >82089</td><td width="17%" colspan="1" align="left" valign="middle" >-</td><td width="17%" colspan="1" align="left" valign="middle" >-</td><td width="15%" align="right" valign="middle" >720549</td></tr><tr><td colspan="6"></td></tr><tr><td width="100%" colspan="6" align="left" valign="middle" >Financial liabilities</td></tr><tr><td width="17%" colspan="1" align="left" valign="middle" >Current liabilities</td><td width="17%" colspan="1" align="left" valign="middle" >-</td><td width="17%" colspan="1" align="left" valign="middle" >-</td><td width="17%" colspan="1" align="left" valign="middle" >-</td><td width="17%" colspan="1" align="left" valign="middle" >-</td><td width="15%" colspan="1" align="left" valign="middle" >-</td></tr><tr><td width="17%" colspan="1" align="left" valign="middle" >Other current liabilities</td><td width="17%" colspan="1" align="left" valign="middle" >-</td><td width="17%" colspan="1" align="left" valign="middle" >-</td><td width="17%" colspan="1" align="left" valign="middle" >-</td><td width="17%" align="right" valign="middle" >7389</td><td width="15%" align="right" valign="middle" >7389</td></tr><tr><td width="17%" colspan="1" align="left" valign="middle" >Total financial liabilities</td><td width="17%" colspan="1" align="left" valign="middle" >-</td><td width="17%" colspan="1" align="left" valign="middle" >-</td><td width="17%" colspan="1" align="left" valign="middle" >-</td><td width="17%" align="right" valign="middle" >7389</td><td width="15%" align="right" valign="middle" >7389</td></tr><tr><td width="100%" colspan="6" align="left" valign="middle" >The carrying amount of project loans with fixed interest terms amounts to DKK 114 million (2020: 4 million). The fair value of these project loans amount to DKK 114 million (2021: DKK 4 million) measured as the net present value of the future cash flow. The inputs used to measure the fair value for project loans are all level 2 inputs in the fair value hierarchy, for more information see disclosure on fair value measurement, note 14. For other loans and receivables and other liabilities, the carrying amount is measured at amortised cost.</td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="20">Alle beløb er angivet i  'x1000'</td></tr><tr><td width="14%" ></td><td width="86%" colspan="6" align="left" valign="middle" >Fair value measurement basis</td></tr><tr><td width="14%" ></td><td width="86%" colspan="6" align="left" valign="middle" >The calculation of fair value is based on a fair value hierarchy that reflects the level of judgement associated with the inputs used to measure the fair value. The fair value hierarchy has the following levels</td></tr><tr><td width="14%" ></td><td width="86%" colspan="6" align="left" valign="middle" >Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that can be accessed at the measurement date</td></tr><tr><td width="14%" ></td><td width="86%" colspan="6" align="left" valign="middle" >Level 2 inputs are inputs other than quoted prices included within level 1 that are observable for the assets or liabilities, either directly or indirectly</td></tr><tr><td width="14%" ></td><td width="86%" colspan="6" align="left" valign="middle" >Level 3 inputs are unobservable inputs that have been applied in valuing the respective assets or liabilities.</td></tr><tr><td width="14%" ></td><td width="86%" colspan="6" align="left" valign="middle" >In the following sections, a short description of the overall principle for DSDG's calculation of fair value is provided. For all investments, the value determined by using the methods described below will be adjusted, if considered necessary and appropriate, by taking the following factors into account</td></tr><tr><td width="14%" ></td><td width="86%" colspan="6" align="left" valign="middle" >Current and expected operating results of the project company</td></tr><tr><td width="14%" ></td><td width="86%" colspan="6" align="left" valign="middle" >Risk of remittance, if any</td></tr><tr><td width="14%" ></td><td width="86%" colspan="6" align="left" valign="middle" >Specific circumstances relating to the partners, project, country, region and/or sector</td></tr><tr><td width="14%" ></td><td width="86%" colspan="6" align="left" valign="middle" >Current market conditions</td></tr><tr><td width="14%" ></td><td width="86%" colspan="6" align="left" valign="middle" >Tax issues</td></tr><tr><td width="14%" ></td><td width="86%" colspan="6" align="left" valign="middle" >Share capital investments</td></tr><tr><td width="14%" ></td><td width="86%" colspan="6" align="left" valign="middle" >All of DSDG's fair value estimates are based on unobservable market data (level 3).</td></tr><tr><td width="14%" ></td><td width="86%" colspan="6" align="left" valign="middle" >Investments are valued as follows</td></tr><tr><td width="14%" ></td><td width="86%" colspan="6" align="left" valign="middle" >In the initial phase, all investments are valued at cost price less any impairment adjustment, as this is deemed to provide a good indication of fair value. Hereafter investments will be valued at either the Discounted Cash Flow method (DCF), by an earnings multiple if appropriate and reliable transaction/earnings multiples are available, or by the net assets methodology, if appropriate.</td></tr><tr><td width="14%" ></td><td width="86%" colspan="6" align="left" valign="middle" >If during the 12-month period prior to the reporting date DSDG has received a binding offer in writing from a third party or a significant transaction has taken place, the shares will normally be valued based on the offer or the recent transaction.</td></tr><tr><td width="14%" ></td><td width="86%" colspan="6" align="left" valign="middle" >The following general assumptions are applied when performing DCF or earnings multiple calculations</td></tr><tr><td width="14%" ></td><td width="86%" colspan="6" align="left" valign="middle" >For DCF calculations, budgets and forecasts for the investments form the basis for the valuation.</td></tr><tr><td width="14%" ></td><td width="86%" colspan="6" align="left" valign="middle" >A weighted average cost of capital based on the cost of equity and the cost of debt weighted by the targeted financial leverage from the industry. Growth in terminal period is based on the estimated long-term inflation rate of the country.</td></tr><tr><td width="14%" ></td><td width="86%" colspan="6" align="left" valign="middle" >An illiquidity discount is applied and other specific adjustments may be applied where relevant for both DCF and earnings multiple calculations.</td></tr><tr><td width="14%" ></td><td width="86%" colspan="6" align="left" valign="middle" >Valuing private investments in developing countries at fair values involves a large inherent uncertainty. Due to these uncertainties, a degree of caution is applied when exercising judgements and making the necessary estimates.</td></tr><tr><td width="14%" ></td><td width="86%" colspan="6" align="left" valign="middle" >Some share capital investments include a pre-agreed exit agreement. In these cases, the value of the exit agreements is taken into consideration as part of the fair value calculation. Investments valued according to exit agreements are disclosed in the table below together with investments valued based on a recent binding offer or transaction.</td></tr><tr><td width="14%" ></td><td width="86%" colspan="6" align="left" valign="middle" >Project loans</td></tr><tr><td width="14%" ></td><td width="86%" colspan="6" align="left" valign="middle" >Project loans, which do not meet the “SPPI” test (solely payments of principal and interest), e.g. loans which include equity features such as profit participation or equity conversion options, are measured at fair value.</td></tr><tr><td width="14%" ></td><td width="86%" colspan="6" align="left" valign="middle" >In the initial phase all loans valued at cost price less any impairment adjustment, as this is deemed to provide a good indication of fair value. Hereafter loans will be valued by the DCF method based on updated assumptions for future cash flow including equity features.</td></tr><tr><td width="14%" ></td><td width="86%" colspan="6" align="left" valign="middle" >Valuing project loans in developing countries at fair value involves a large inherent uncertainty. For smaller project loans (cost price of loan below DKK 25m) uncertainties are deemed to be even higher and therefore these will be valued at amortised cost less an allowance for impairment These project loans constitute a minor part of DSDG’s portfolio.</td></tr><tr><td width="14%" ></td><td width="86%" colspan="6" align="left" valign="middle" >Fair value measurements and reconciliation</td></tr><tr><td width="14%" ></td><td width="86%" colspan="6" align="left" valign="middle" >The following table shows financial instruments recognised at fair value by level in the fair value hierarchy and a reconciliation of all movements in the fair value of items categorised within level 3.</td></tr><tr><td colspan="7"></td></tr><tr><td width="14%" ></td><td width="14%" align="right" valign="middle" >2021</td><td width="14%" ></td><td width="14%" ></td><td width="14%" ></td><td width="14%" ></td><td width="16%" ></td></tr><tr><td colspan="7"></td></tr><tr><td width="14%" ></td><td width="14%" colspan="1" align="left" valign="middle" >DKK’000</td><td width="14%" colspan="1" align="left" valign="middle" >Level 1</td><td width="14%" colspan="1" align="left" valign="middle" >Level 2</td><td width="14%" colspan="1" align="left" valign="middle" >Level 3</td><td width="30%" colspan="2" align="left" valign="middle" >Total</td></tr><tr><td width="14%" ></td><td width="86%" colspan="6" align="left" valign="middle" >Share capital investments</td></tr><tr><td width="14%" ></td><td width="14%" colspan="1" align="left" valign="middle" >Opening balance</td><td width="14%" colspan="1" align="left" valign="middle" >-</td><td width="14%" colspan="1" align="left" valign="middle" >-</td><td width="14%" align="right" valign="middle" >638460</td><td width="14%" align="right" valign="middle" >638460</td><td width="16%" ></td></tr><tr><td width="14%" ></td><td width="14%" colspan="1" align="left" valign="middle" >Total gains/ losses for the period included in profit or loss1</td><td width="14%" colspan="1" align="left" valign="middle" >-</td><td width="14%" colspan="1" align="left" valign="middle" >-</td><td width="14%" align="right" valign="middle" >49723</td><td width="14%" align="right" valign="middle" >49723</td><td width="16%" ></td></tr><tr><td width="14%" ></td><td width="14%" colspan="1" align="left" valign="middle" >Paid-in share capital in projects</td><td width="14%" colspan="1" align="left" valign="middle" >-</td><td width="14%" colspan="1" align="left" valign="middle" >-</td><td width="14%" align="right" valign="middle" >211357</td><td width="14%" align="right" valign="middle" >211357</td><td width="16%" ></td></tr><tr><td width="14%" ></td><td width="14%" colspan="1" align="left" valign="middle" >Disposal</td><td width="14%" colspan="1" align="left" valign="middle" >-</td><td width="14%" colspan="1" align="left" valign="middle" >-</td><td width="14%" colspan="1" align="left" valign="middle" >-</td><td width="30%" colspan="2" align="left" valign="middle" >-</td></tr><tr><td width="14%" ></td><td width="14%" colspan="1" align="left" valign="middle" >Closing balance</td><td width="14%" colspan="1" align="left" valign="middle" >-</td><td width="14%" colspan="1" align="left" valign="middle" >-</td><td width="14%" align="right" valign="middle" >899540</td><td width="14%" align="right" valign="middle" >899540</td><td width="16%" ></td></tr><tr><td width="14%" ></td><td width="86%" colspan="6" align="left" valign="middle" >Project loans at fair value</td></tr><tr><td width="14%" ></td><td width="14%" colspan="1" align="left" valign="middle" >Opening balance</td><td width="14%" colspan="1" align="left" valign="middle" >-</td><td width="14%" colspan="1" align="left" valign="middle" >-</td><td width="14%" colspan="1" align="left" valign="middle" >-</td><td width="30%" colspan="2" align="left" valign="middle" >-</td></tr><tr><td width="14%" ></td><td width="14%" colspan="1" align="left" valign="middle" >Transfers into the level</td><td width="14%" colspan="1" align="left" valign="middle" >-</td><td width="14%" colspan="1" align="left" valign="middle" >-</td><td width="14%" align="right" valign="middle" >44619</td><td width="14%" align="right" valign="middle" >44619</td><td width="16%" ></td></tr><tr><td width="14%" ></td><td width="14%" colspan="1" align="left" valign="middle" >Transfers out of the level</td><td width="14%" colspan="1" align="left" valign="middle" >-</td><td width="14%" colspan="1" align="left" valign="middle" >-</td><td width="14%" colspan="1" align="left" valign="middle" >-</td><td width="30%" colspan="2" align="left" valign="middle" >-</td></tr><tr><td width="14%" ></td><td width="14%" colspan="1" align="left" valign="middle" >Exchange rate adjustments</td><td width="14%" colspan="1" align="left" valign="middle" >-</td><td width="14%" colspan="1" align="left" valign="middle" >-</td><td width="14%" colspan="1" align="left" valign="middle" >-</td><td width="30%" colspan="2" align="left" valign="middle" >-</td></tr><tr><td width="14%" ></td><td width="14%" colspan="1" align="left" valign="middle" >Total gains/ losses for the period included in profit or loss</td><td width="14%" colspan="1" align="left" valign="middle" >-</td><td width="14%" colspan="1" align="left" valign="middle" >-</td><td width="14%" align="right" valign="middle" >7585</td><td width="14%" align="right" valign="middle" >7585</td><td width="16%" ></td></tr><tr><td width="14%" ></td><td width="14%" colspan="1" align="left" valign="middle" >Disbursement of project loans</td><td width="14%" colspan="1" align="left" valign="middle" >-</td><td width="14%" colspan="1" align="left" valign="middle" >-</td><td width="14%" colspan="1" align="left" valign="middle" >-</td><td width="30%" colspan="2" align="left" valign="middle" >-</td></tr><tr><td width="14%" ></td><td width="14%" colspan="1" align="left" valign="middle" >Closing balance</td><td width="14%" colspan="1" align="left" valign="middle" >-</td><td width="14%" colspan="1" align="left" valign="middle" >-</td><td width="14%" align="right" valign="middle" >52204</td><td width="14%" align="right" valign="middle" >52204</td><td width="16%" ></td></tr><tr><td width="14%" ></td><td width="14%" colspan="1" align="left" valign="middle" >Total recurring fair value measurements</td><td width="14%" colspan="1" align="left" valign="middle" >-</td><td width="14%" colspan="1" align="left" valign="middle" >-</td><td width="14%" align="right" valign="middle" >951744</td><td width="14%" align="right" valign="middle" >951744</td><td width="16%" ></td></tr><tr><td colspan="7"></td></tr><tr><td width="14%" ></td><td width="14%" align="right" valign="middle" >2020</td><td width="14%" ></td><td width="14%" ></td><td width="14%" ></td><td width="14%" ></td><td width="16%" ></td></tr><tr><td colspan="7"></td></tr><tr><td width="14%" ></td><td width="14%" colspan="1" align="left" valign="middle" >DKK’000</td><td width="14%" colspan="1" align="left" valign="middle" >Level 1</td><td width="14%" colspan="1" align="left" valign="middle" >Level 2</td><td width="14%" colspan="1" align="left" valign="middle" >Level 3</td><td width="30%" colspan="2" align="left" valign="middle" >Total</td></tr><tr><td width="14%" ></td><td width="86%" colspan="6" align="left" valign="middle" >Share capital investments</td></tr><tr><td width="14%" ></td><td width="14%" colspan="1" align="left" valign="middle" >Opening balance</td><td width="14%" colspan="1" align="left" valign="middle" >-</td><td width="14%" colspan="1" align="left" valign="middle" >-</td><td width="14%" align="right" valign="middle" >192324</td><td width="14%" align="right" valign="middle" >192324</td><td width="16%" ></td></tr><tr><td width="14%" ></td><td width="14%" colspan="1" align="left" valign="middle" >Total gains/ losses for the period included in profit or loss1</td><td width="14%" colspan="1" align="left" valign="middle" >-</td><td width="14%" colspan="1" align="left" valign="middle" >-</td><td width="14%" align="right" valign="middle" >-9472</td><td width="14%" align="right" valign="middle" >-9472</td><td width="16%" ></td></tr><tr><td width="14%" ></td><td width="14%" colspan="1" align="left" valign="middle" >Paid-in share capital in projects</td><td width="14%" colspan="1" align="left" valign="middle" >-</td><td width="14%" colspan="1" align="left" valign="middle" >-</td><td width="14%" align="right" valign="middle" >455608</td><td width="14%" align="right" valign="middle" >455608</td><td width="16%" ></td></tr><tr><td width="14%" ></td><td width="14%" colspan="1" align="left" valign="middle" >Disposal</td><td width="14%" colspan="1" align="left" valign="middle" >-</td><td width="14%" colspan="1" align="left" valign="middle" >-</td><td width="14%" colspan="1" align="left" valign="middle" >-</td><td width="30%" colspan="2" align="left" valign="middle" >-</td></tr><tr><td width="14%" ></td><td width="14%" colspan="1" align="left" valign="middle" >Closing balance</td><td width="14%" colspan="1" align="left" valign="middle" >-</td><td width="14%" colspan="1" align="left" valign="middle" >-</td><td width="14%" align="right" valign="middle" >638460</td><td width="14%" align="right" valign="middle" >638460</td><td width="16%" ></td></tr><tr><td colspan="7"></td></tr><tr><td width="14%" ></td><td width="86%" colspan="6" align="left" valign="middle" >Project loans at fair value</td></tr><tr><td width="14%" ></td><td width="14%" colspan="1" align="left" valign="middle" >Opening balance</td><td width="14%" colspan="1" align="left" valign="middle" >-</td><td width="14%" colspan="1" align="left" valign="middle" >-</td><td width="14%" colspan="1" align="left" valign="middle" >-</td><td width="30%" colspan="2" align="left" valign="middle" >-</td></tr><tr><td width="14%" ></td><td width="14%" colspan="1" align="left" valign="middle" >Transfers into the level</td><td width="14%" colspan="1" align="left" valign="middle" >-</td><td width="14%" colspan="1" align="left" valign="middle" >-</td><td width="14%" colspan="1" align="left" valign="middle" >-</td><td width="30%" colspan="2" align="left" valign="middle" >-</td></tr><tr><td width="14%" ></td><td width="14%" colspan="1" align="left" valign="middle" >Transfers out of the level</td><td width="14%" colspan="1" align="left" valign="middle" >-</td><td width="14%" colspan="1" align="left" valign="middle" >-</td><td width="14%" colspan="1" align="left" valign="middle" >-</td><td width="30%" colspan="2" align="left" valign="middle" >-</td></tr><tr><td width="14%" ></td><td width="14%" colspan="1" align="left" valign="middle" >Exchange rate adjustments</td><td width="14%" colspan="1" align="left" valign="middle" >-</td><td width="14%" colspan="1" align="left" valign="middle" >-</td><td width="14%" colspan="1" align="left" valign="middle" >-</td><td width="30%" colspan="2" align="left" valign="middle" >-</td></tr><tr><td width="14%" ></td><td width="14%" colspan="1" align="left" valign="middle" >Total gains/ losses for the period included in profit or loss</td><td width="14%" colspan="1" align="left" valign="middle" >-</td><td width="14%" colspan="1" align="left" valign="middle" >-</td><td width="14%" colspan="1" align="left" valign="middle" >-</td><td width="30%" colspan="2" align="left" valign="middle" >-</td></tr><tr><td width="14%" ></td><td width="14%" colspan="1" align="left" valign="middle" >Disbursement of project loans</td><td width="14%" colspan="1" align="left" valign="middle" >-</td><td width="14%" colspan="1" align="left" valign="middle" >-</td><td width="14%" colspan="1" align="left" valign="middle" >-</td><td width="30%" colspan="2" align="left" valign="middle" >-</td></tr><tr><td width="14%" ></td><td width="14%" colspan="1" align="left" valign="middle" >Closing balance</td><td width="14%" colspan="1" align="left" valign="middle" >-</td><td width="14%" colspan="1" align="left" valign="middle" >-</td><td width="14%" colspan="1" align="left" valign="middle" >-</td><td width="30%" colspan="2" align="left" valign="middle" >-</td></tr><tr><td width="14%" ></td><td width="14%" colspan="1" align="left" valign="middle" >Total recurring fair value measurements</td><td width="14%" colspan="1" align="left" valign="middle" >-</td><td width="14%" colspan="1" align="left" valign="middle" >-</td><td width="14%" align="right" valign="middle" >638460</td><td width="14%" align="right" valign="middle" >638460</td><td width="16%" ></td></tr><tr><td colspan="7"></td></tr><tr><td width="100%" colspan="7" align="left" valign="middle" >Recognised in Contribution from share capital investments. Hereof DKK 50 million (2020: DKK (9) million) is attributable to assets held at 31 December for level 3.</td></tr><tr><td width="100%" colspan="7" align="left" valign="middle" >Valuation techniques and unobservable inputs used measuring fair value of level 3 fair value measurements.</td></tr><tr><td colspan="7"></td></tr><tr><td width="14%" ></td><td width="14%" align="right" valign="middle" >2021</td><td width="14%" ></td><td width="14%" ></td><td width="14%" ></td><td width="14%" ></td><td width="16%" ></td></tr><tr><td width="14%" ></td><td width="14%" colspan="1" align="left" valign="middle" >Type of investment</td><td width="14%" colspan="1" align="left" valign="middle" >Fair value at 31/12/2021</td><td width="14%" colspan="1" align="left" valign="middle" >Valuation technique</td><td width="14%" colspan="1" align="left" valign="middle" >Unobservable inputs</td><td width="14%" colspan="1" align="left" valign="middle" >Reasonable possible shift in %</td><td width="16%" colspan="1" align="left" valign="middle" >Change in fair value</td></tr><tr><td colspan="7"></td></tr><tr><td width="14%" ></td><td width="86%" colspan="6" align="left" valign="middle" >Investments</td></tr><tr><td width="14%" ></td><td width="14%" ></td><td width="14%" align="right" valign="middle" >174997</td><td width="58%" colspan="4" align="left" valign="middle" >Cost</td></tr><tr><td colspan="7"></td></tr><tr><td width="14%" ></td><td width="14%" ></td><td width="14%" align="right" valign="middle" >384140</td><td width="58%" colspan="4" align="left" valign="middle" >Binding offers/ transactions/exit terms</td></tr><tr><td colspan="7"></td></tr><tr><td width="14%" ></td><td width="14%" ></td><td width="14%" align="right" valign="middle" >114989</td><td width="14%" colspan="1" align="left" valign="middle" >Discounted cash flow</td><td width="14%" colspan="1" align="left" valign="middle" >WACC</td><td width="14%" align="right" valign="middle" >10,00%</td><td width="16%" align="right" valign="middle" >-17594</td></tr><tr><td colspan="7"></td></tr><tr><td width="14%" ></td><td width="14%" ></td><td width="14%" ></td><td width="14%" ></td><td width="14%" colspan="1" align="left" valign="middle" >Growth in terminal value</td><td width="14%" align="right" valign="middle" >-20,00%</td><td width="16%" align="right" valign="middle" >-1632</td></tr><tr><td colspan="7"></td></tr><tr><td width="14%" ></td><td width="14%" ></td><td width="14%" align="right" valign="middle" >261414</td><td width="14%" colspan="1" align="left" valign="middle" >Multiple valuation</td><td width="14%" colspan="1" align="left" valign="middle" >EV/EBITDA</td><td width="14%" align="right" valign="middle" >-10,00%</td><td width="16%" align="right" valign="middle" >-21642</td></tr><tr><td colspan="7"></td></tr><tr><td width="14%" ></td><td width="14%" ></td><td width="14%" ></td><td width="14%" ></td><td width="14%" colspan="1" align="left" valign="middle" >Price/Book</td><td width="14%" align="right" valign="middle" >-10,00%</td><td width="16%" align="right" valign="middle" >-9764</td></tr><tr><td colspan="7"></td></tr><tr><td width="14%" ></td><td width="14%" colspan="1" align="left" valign="middle" >Share capital investments</td><td width="14%" align="right" valign="middle" >889540</td><td width="14%" ></td><td width="14%" ></td><td width="14%" ></td><td width="16%" ></td></tr><tr><td colspan="7"></td></tr><tr><td width="14%" ></td><td width="14%" colspan="1" align="left" valign="middle" >Project loans at fair value</td><td width="14%" align="right" valign="middle" >52204</td><td width="14%" colspan="1" align="left" valign="middle" >Discounted Cash Flow</td><td width="14%" colspan="1" align="left" valign="middle" >Discount rate</td><td width="14%" align="right" valign="middle" >10,00%</td><td width="16%" align="right" valign="middle" >-608</td></tr><tr><td colspan="7"></td></tr><tr><td width="14%" ></td><td width="14%" colspan="1" align="left" valign="middle" >Total investment at fair value</td><td width="14%" align="right" valign="middle" >951744</td><td width="14%" ></td><td width="14%" ></td><td width="14%" ></td><td width="16%" ></td></tr><tr><td colspan="7"></td></tr><tr><td width="14%" ></td><td width="14%" align="right" valign="middle" >2020</td><td width="14%" ></td><td width="14%" ></td><td width="14%" ></td><td width="14%" ></td><td width="16%" ></td></tr><tr><td width="14%" ></td><td width="14%" colspan="1" align="left" valign="middle" >Type of investment</td><td width="14%" colspan="1" align="left" valign="middle" >Fair value at 31/12/2020</td><td width="14%" colspan="1" align="left" valign="middle" >Valuation technique</td><td width="14%" colspan="1" align="left" valign="middle" >Unobservable inputs</td><td width="14%" colspan="1" align="left" valign="middle" >Reasonable possible shift in %</td><td width="16%" colspan="1" align="left" valign="middle" >Change in fair value</td></tr><tr><td colspan="7"></td></tr><tr><td width="14%" ></td><td width="86%" colspan="6" align="left" valign="middle" >Investments</td></tr><tr><td width="14%" ></td><td width="14%" ></td><td width="14%" align="right" valign="middle" >310371</td><td width="58%" colspan="4" align="left" valign="middle" >Cost</td></tr><tr><td colspan="7"></td></tr><tr><td width="14%" ></td><td width="14%" ></td><td width="14%" align="right" valign="middle" >252065</td><td width="58%" colspan="4" align="left" valign="middle" >Binding offers/ transactions/exit terms</td></tr><tr><td colspan="7"></td></tr><tr><td width="14%" ></td><td width="14%" ></td><td width="14%" align="right" valign="middle" >76024</td><td width="14%" colspan="1" align="left" valign="middle" >Discounted cash flow</td><td width="14%" colspan="1" align="left" valign="middle" >WACC</td><td width="14%" align="right" valign="middle" >10,00%</td><td width="16%" align="right" valign="middle" >-15109</td></tr><tr><td colspan="7"></td></tr><tr><td width="14%" ></td><td width="14%" ></td><td width="14%" ></td><td width="14%" ></td><td width="14%" colspan="1" align="left" valign="middle" >Growth in terminal value</td><td width="14%" align="right" valign="middle" >-20,00%</td><td width="16%" align="right" valign="middle" >-2707</td></tr><tr><td colspan="7"></td></tr><tr><td width="14%" ></td><td width="14%" colspan="1" align="left" valign="middle" >Share capital investments</td><td width="14%" align="right" valign="middle" >638460</td><td width="14%" ></td><td width="14%" ></td><td width="14%" ></td><td width="16%" ></td></tr><tr><td colspan="7"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="20">Alle beløb er angivet i  'x1000'</td></tr><tr><td width="100%" colspan="9" align="left" valign="middle" >Equity and credit risks</td></tr><tr><td width="100%" colspan="9" align="left" valign="middle" >Equity risk</td></tr><tr><td width="100%" colspan="9" align="left" valign="middle" >Equity risk arises from changes in the fair values of share capital investments in projects.</td></tr><tr><td width="100%" colspan="9" align="left" valign="middle" >Credit risk</td></tr><tr><td width="100%" colspan="9" align="left" valign="middle" >Credit risk is the risk that DSDG will incur a financial loss due to a counterparty not fulfilling its obligations. These credit exposures occur from project loans and other transactions.</td></tr><tr><td width="100%" colspan="9" align="left" valign="middle" >Managing equity and credit risks</td></tr><tr><td width="100%" colspan="9" align="left" valign="middle" >At the portfolio level, DSDG mitigates equity and credit risks by investing in a variety of countries and by limiting investments in a single project.</td></tr><tr><td width="100%" colspan="9" align="left" valign="middle" >DSDG assesses the concentration of risk on the basis of total commitments to the Fund. Furthermore, DSDG assesses, through the due diligence process, the specific risks for each share capital investment and seeks to mitigate associated equity risks.</td></tr><tr><td width="100%" colspan="9" align="left" valign="middle" >For some of DSDG's share capital investments, DSDG has the opportunity to sell the shares through pre-agreed exit agreements. In this way, DSDG mitigates the risk of not being able to exit the investments.</td></tr><tr><td width="100%" colspan="9" align="left" valign="middle" >See note 14 for fair value measurement basis.</td></tr><tr><td width="100%" colspan="9" align="left" valign="middle" >On an ongoing basis, the credit quality of the projects is assessed based on among other things</td></tr><tr><td width="100%" colspan="9" align="left" valign="middle" >Specific terms as agreed</td></tr><tr><td width="100%" colspan="9" align="left" valign="middle" >Current and expected operational results of the Company</td></tr><tr><td width="100%" colspan="9" align="left" valign="middle" >Expected sales value and pledges, if any</td></tr><tr><td width="100%" colspan="9" align="left" valign="middle" >Historical records of debt service</td></tr><tr><td width="100%" colspan="9" align="left" valign="middle" >The table below shows the distribution of the cost of DSDG's investments by the OECD country risk classification.</td></tr><tr><td width="100%" colspan="9" align="left" valign="middle" >This classification takes into account the political and economic environment of each country, including risk of force majeure such as war, etc. The classification of each country is updated twice a year.</td></tr><tr><td width="12%" ></td><td width="24%" colspan="2" align="left" valign="middle" >Share capital investments</td><td width="24%" colspan="2" align="left" valign="middle" >Project loans</td><td width="20%" colspan="2" align="left" valign="middle" >Total</td><td width="20%" colspan="2" align="left" valign="middle" >Commitments (off balance)</td></tr><tr><td colspan="9"></td></tr><tr><td width="12%" align="right" valign="middle" >2021</td><td width="12%" ></td><td width="12%" ></td><td width="12%" ></td><td width="12%" ></td><td width="8%" ></td><td width="12%" ></td><td width="9%" ></td><td width="11%" ></td></tr><tr><td width="12%" colspan="1" align="left" valign="middle" >OECD</td><td width="12%" colspan="1" align="left" valign="middle" >DKK’000</td><td width="12%" colspan="1" align="left" valign="middle" >%</td><td width="12%" colspan="1" align="left" valign="middle" >DKK’000</td><td width="12%" colspan="1" align="left" valign="middle" >%</td><td width="8%" colspan="1" align="left" valign="middle" >DKK’000</td><td width="12%" colspan="1" align="left" valign="middle" >%</td><td width="9%" colspan="1" align="left" valign="middle" >DKK’000</td><td width="11%" colspan="1" align="left" valign="middle" >%</td></tr><tr><td width="12%" align="right" valign="middle" >3</td><td width="12%" align="right" valign="middle" >177064</td><td width="12%" align="right" valign="middle" >21</td><td width="12%" align="right" valign="middle" >48564</td><td width="12%" align="right" valign="middle" >52</td><td width="8%" align="right" valign="middle" >225628</td><td width="12%" align="right" valign="middle" >24</td><td width="9%" align="right" valign="middle" >56002</td><td width="11%" align="right" valign="middle" >9</td></tr><tr><td width="12%" align="right" valign="middle" >4</td><td width="12%" align="right" valign="middle" >22075</td><td width="12%" align="right" valign="middle" >3</td><td width="12%" align="right" valign="middle" >44619</td><td width="12%" align="right" valign="middle" >48</td><td width="8%" align="right" valign="middle" >66694</td><td width="12%" align="right" valign="middle" >7</td><td width="9%" align="right" valign="middle" >67408</td><td width="11%" align="right" valign="middle" >11</td></tr><tr><td width="12%" align="right" valign="middle" >5</td><td width="12%" align="right" valign="middle" >36507</td><td width="12%" align="right" valign="middle" >4</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="8%" align="right" valign="middle" >36507</td><td width="12%" align="right" valign="middle" >4</td><td width="9%" align="right" valign="middle" >285412</td><td width="11%" align="right" valign="middle" >45</td></tr><tr><td width="12%" align="right" valign="middle" >6</td><td width="12%" align="right" valign="middle" >275673</td><td width="12%" align="right" valign="middle" >32</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="8%" align="right" valign="middle" >275673</td><td width="12%" align="right" valign="middle" >29</td><td width="9%" align="right" valign="middle" >150251</td><td width="11%" align="right" valign="middle" >24</td></tr><tr><td width="12%" align="right" valign="middle" >7</td><td width="12%" align="right" valign="middle" >73683</td><td width="12%" align="right" valign="middle" >9</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="8%" align="right" valign="middle" >73683</td><td width="12%" align="right" valign="middle" >8</td><td width="9%" colspan="1" align="left" valign="middle" >-</td><td width="11%" colspan="1" align="left" valign="middle" >-</td></tr><tr><td width="12%" colspan="1" align="left" valign="middle" >Africa regional</td><td width="12%" align="right" valign="middle" >107241</td><td width="12%" align="right" valign="middle" >13</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="8%" align="right" valign="middle" >107241</td><td width="12%" align="right" valign="middle" >11</td><td width="9%" align="right" valign="middle" >70684</td><td width="11%" align="right" valign="middle" >11</td></tr><tr><td width="12%" colspan="1" align="left" valign="middle" >DAC</td><td width="12%" align="right" valign="middle" >163123</td><td width="12%" align="right" valign="middle" >19</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="8%" align="right" valign="middle" >163123</td><td width="12%" align="right" valign="middle" >17</td><td width="9%" colspan="1" align="left" valign="middle" >-</td><td width="11%" colspan="1" align="left" valign="middle" >-</td></tr><tr><td width="12%" ></td><td width="12%" align="right" valign="middle" >855366</td><td width="12%" align="right" valign="middle" >100</td><td width="12%" align="right" valign="middle" >93183</td><td width="12%" align="right" valign="middle" >100</td><td width="8%" align="right" valign="middle" >948549</td><td width="12%" align="right" valign="middle" >100</td><td width="9%" align="right" valign="middle" >629757</td><td width="11%" align="right" valign="middle" >100</td></tr><tr><td colspan="9"></td></tr><tr><td width="12%" ></td><td width="24%" colspan="2" align="left" valign="middle" >Share capital investments</td><td width="24%" colspan="2" align="left" valign="middle" >Project loans</td><td width="20%" colspan="2" align="left" valign="middle" >Total</td><td width="20%" colspan="2" align="left" valign="middle" >Commitments (off balance)</td></tr><tr><td width="12%" align="right" valign="middle" >2020</td><td width="12%" ></td><td width="12%" ></td><td width="12%" ></td><td width="12%" ></td><td width="8%" ></td><td width="12%" ></td><td width="9%" ></td><td width="11%" ></td></tr><tr><td width="12%" colspan="1" align="left" valign="middle" >OECD</td><td width="12%" colspan="1" align="left" valign="middle" >DKK’000</td><td width="12%" colspan="1" align="left" valign="middle" >%</td><td width="12%" colspan="1" align="left" valign="middle" >DKK’000</td><td width="12%" colspan="1" align="left" valign="middle" >%</td><td width="8%" colspan="1" align="left" valign="middle" >DKK’000</td><td width="12%" colspan="1" align="left" valign="middle" >%</td><td width="9%" colspan="1" align="left" valign="middle" >DKK’000</td><td width="11%" colspan="1" align="left" valign="middle" >%</td></tr><tr><td width="12%" align="right" valign="middle" >2</td><td width="12%" align="right" valign="middle" >122614</td><td width="12%" align="right" valign="middle" >19</td><td width="12%" align="right" valign="middle" >4140</td><td width="12%" align="right" valign="middle" >7</td><td width="8%" align="right" valign="middle" >126754</td><td width="12%" align="right" valign="middle" >18</td><td width="9%" align="right" valign="middle" >249892</td><td width="11%" align="right" valign="middle" >17</td></tr><tr><td width="12%" align="right" valign="middle" >3</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="12%" align="right" valign="middle" >59514</td><td width="12%" align="right" valign="middle" >93</td><td width="8%" align="right" valign="middle" >59514</td><td width="12%" align="right" valign="middle" >8</td><td width="9%" colspan="1" align="left" valign="middle" >-</td><td width="11%" colspan="1" align="left" valign="middle" >-</td></tr><tr><td width="12%" align="right" valign="middle" >5</td><td width="12%" align="right" valign="middle" >209264</td><td width="12%" align="right" valign="middle" >32</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="8%" align="right" valign="middle" >209264</td><td width="12%" align="right" valign="middle" >30</td><td width="9%" align="right" valign="middle" >512421</td><td width="11%" align="right" valign="middle" >36</td></tr><tr><td width="12%" align="right" valign="middle" >6</td><td width="12%" align="right" valign="middle" >106374</td><td width="12%" align="right" valign="middle" >17</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="8%" align="right" valign="middle" >106374</td><td width="12%" align="right" valign="middle" >15</td><td width="9%" align="right" valign="middle" >437059</td><td width="11%" align="right" valign="middle" >30</td></tr><tr><td width="12%" colspan="1" align="left" valign="middle" >Africa regional</td><td width="12%" align="right" valign="middle" >71060</td><td width="12%" align="right" valign="middle" >11</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="8%" align="right" valign="middle" >71060</td><td width="12%" align="right" valign="middle" >10</td><td width="9%" align="right" valign="middle" >94781</td><td width="11%" align="right" valign="middle" >7</td></tr><tr><td width="12%" colspan="1" align="left" valign="middle" >DAC</td><td width="12%" align="right" valign="middle" >134697</td><td width="12%" align="right" valign="middle" >21</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="8%" align="right" valign="middle" >134697</td><td width="12%" align="right" valign="middle" >19</td><td width="9%" align="right" valign="middle" >27916</td><td width="11%" align="right" valign="middle" >2</td></tr><tr><td width="12%" colspan="1" align="left" valign="middle" >Not rated</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="8%" colspan="1" align="left" valign="middle" >-</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="9%" align="right" valign="middle" >121152</td><td width="11%" align="right" valign="middle" >8</td></tr><tr><td width="12%" ></td><td width="12%" align="right" valign="middle" >644009</td><td width="12%" align="right" valign="middle" >100</td><td width="12%" align="right" valign="middle" >63654</td><td width="12%" align="right" valign="middle" >100</td><td width="8%" align="right" valign="middle" >707663</td><td width="12%" align="right" valign="middle" >100</td><td width="9%" align="right" valign="middle" >1443221</td><td width="11%" align="right" valign="middle" >100</td></tr><tr><td colspan="9"></td></tr><tr><td width="100%" colspan="9" align="left" valign="middle" >Credit quality/impairment</td></tr><tr><td width="100%" colspan="9" align="left" valign="middle" >All outstanding project loans have been classified into three stages</td></tr><tr><td width="100%" colspan="9" align="left" valign="middle" >Stage 1 includes project loans with no credit deterioration and no specific allowance for impairment. The allowance for impairment according to IFRS 9 are based on IFU's historical annual credit loss.</td></tr><tr><td width="100%" colspan="9" align="left" valign="middle" >Stage 2 includes project loans where payments are delayed with more than 30 days at the end of year but without specific allowance for impairment.</td></tr><tr><td width="100%" colspan="9" align="left" valign="middle" >Stage 3 includes project loans with only specific allowance for impairment.</td></tr><tr><td colspan="9"></td></tr><tr><td width="100%" colspan="9" align="left" valign="middle" >The table below shows the project loans at cost according to stages.</td></tr><tr><td width="12%" colspan="1" align="left" valign="middle" >DKK’000</td><td width="12%" align="right" valign="middle" >2021</td><td width="12%" align="right" valign="middle" >2020</td><td width="12%" ></td><td width="12%" ></td><td width="8%" ></td><td width="12%" ></td><td width="9%" ></td><td width="11%" ></td></tr><tr><td width="12%" colspan="1" align="left" valign="middle" >Project loans (stage 1)</td><td width="12%" align="right" valign="middle" >48564</td><td width="12%" align="right" valign="middle" >63654</td><td width="12%" ></td><td width="12%" ></td><td width="8%" ></td><td width="12%" ></td><td width="9%" ></td><td width="11%" ></td></tr><tr><td width="12%" colspan="1" align="left" valign="middle" >Total</td><td width="12%" align="right" valign="middle" >48564</td><td width="12%" align="right" valign="middle" >63654</td><td width="12%" ></td><td width="12%" ></td><td width="8%" ></td><td width="12%" ></td><td width="9%" ></td><td width="11%" ></td></tr><tr><td colspan="9"></td></tr><tr><td width="100%" colspan="9" align="left" valign="middle" >The table below illustrates the credit quality by OECD Country risk for project loans in stage 1.</td></tr><tr><td width="12%" colspan="1" align="left" valign="middle" >DKK’000</td><td width="12%" align="right" valign="middle" >2021</td><td width="12%" align="right" valign="middle" >2020</td><td width="12%" ></td><td width="12%" ></td><td width="8%" ></td><td width="12%" ></td><td width="9%" ></td><td width="11%" ></td></tr><tr><td width="12%" colspan="1" align="left" valign="middle" >OECD 3</td><td width="12%" align="right" valign="middle" >48564</td><td width="12%" align="right" valign="middle" >4140</td><td width="12%" ></td><td width="12%" ></td><td width="8%" ></td><td width="12%" ></td><td width="9%" ></td><td width="11%" ></td></tr><tr><td width="12%" colspan="1" align="left" valign="middle" >OECD 4</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="12%" align="right" valign="middle" >59514</td><td width="12%" ></td><td width="12%" ></td><td width="8%" ></td><td width="12%" ></td><td width="9%" ></td><td width="11%" ></td></tr><tr><td colspan="9"></td></tr><tr><td width="12%" ></td><td width="12%" align="right" valign="middle" >48564</td><td width="12%" align="right" valign="middle" >63654</td><td width="12%" ></td><td width="12%" ></td><td width="8%" ></td><td width="12%" ></td><td width="9%" ></td><td width="11%" ></td></tr><tr><td colspan="9"></td></tr><tr><td width="100%" colspan="9" align="left" valign="middle" >The table below shows the project loans according to stages.</td></tr><tr><td width="12%" align="right" valign="middle" >2021</td><td width="12%" ></td><td width="12%" ></td><td width="12%" ></td><td width="12%" ></td><td width="8%" ></td><td width="12%" ></td><td width="9%" ></td><td width="11%" ></td></tr><tr><td width="12%" colspan="1" align="left" valign="middle" >DKK’000</td><td width="12%" colspan="1" align="left" valign="middle" >Value adjustments %</td><td width="12%" colspan="1" align="left" valign="middle" >Project loans at cost</td><td width="12%" colspan="1" align="left" valign="middle" >Accumulated allowance for impairment</td><td width="52%" colspan="5" align="left" valign="middle" >Project loans carrying amount 2021</td></tr><tr><td width="12%" colspan="1" align="left" valign="middle" >Project loans (stage 1)</td><td width="12%" align="right" valign="middle" >0</td><td width="12%" align="right" valign="middle" >48564</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="12%" align="right" valign="middle" >48564</td><td width="8%" ></td><td width="12%" ></td><td width="9%" ></td><td width="11%" ></td></tr><tr><td width="12%" ></td><td width="12%" ></td><td width="12%" align="right" valign="middle" >48564</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="12%" align="right" valign="middle" >48564</td><td width="8%" ></td><td width="12%" ></td><td width="9%" ></td><td width="11%" ></td></tr><tr><td colspan="9"></td></tr><tr><td width="12%" align="right" valign="middle" >2020</td><td width="12%" ></td><td width="12%" ></td><td width="12%" ></td><td width="12%" ></td><td width="8%" ></td><td width="12%" ></td><td width="9%" ></td><td width="11%" ></td></tr><tr><td width="12%" colspan="1" align="left" valign="middle" >DKK’000</td><td width="12%" colspan="1" align="left" valign="middle" >Value adjustments %</td><td width="12%" colspan="1" align="left" valign="middle" >Project loans at cost</td><td width="12%" colspan="1" align="left" valign="middle" >Accumulated allowance for impairment</td><td width="52%" colspan="5" align="left" valign="middle" >Project loans carrying amount 2020</td></tr><tr><td width="12%" colspan="1" align="left" valign="middle" >Project loans (stage 1)</td><td width="12%" align="right" valign="middle" >-0,8</td><td width="12%" align="right" valign="middle" >63654</td><td width="12%" align="right" valign="middle" >-488</td><td width="12%" align="right" valign="middle" >63166</td><td width="8%" ></td><td width="12%" ></td><td width="9%" ></td><td width="11%" ></td></tr><tr><td width="12%" ></td><td width="12%" ></td><td width="12%" align="right" valign="middle" >63654</td><td width="12%" align="right" valign="middle" >-488</td><td width="12%" align="right" valign="middle" >63166</td><td width="8%" ></td><td width="12%" ></td><td width="9%" ></td><td width="11%" ></td></tr><tr><td colspan="9"></td></tr><tr><td width="100%" colspan="9" align="left" valign="middle" >Project loans at amortised cost before allowance for impairment</td></tr><tr><td width="12%" align="right" valign="middle" >2021</td><td width="12%" ></td><td width="12%" ></td><td width="12%" ></td><td width="12%" ></td><td width="8%" ></td><td width="12%" ></td><td width="9%" ></td><td width="11%" ></td></tr><tr><td width="12%" colspan="1" align="left" valign="middle" >DKK’000</td><td width="12%" colspan="1" align="left" valign="middle" >Stage 1</td><td width="12%" colspan="1" align="left" valign="middle" >Stage 2</td><td width="12%" colspan="1" align="left" valign="middle" >Stage 3</td><td width="52%" colspan="5" align="left" valign="middle" >Total</td></tr><tr><td width="12%" colspan="1" align="left" valign="middle" >Project loans beginning of year at cost</td><td width="12%" align="right" valign="middle" >63654</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="12%" align="right" valign="middle" >63654</td><td width="8%" ></td><td width="12%" ></td><td width="9%" ></td><td width="11%" ></td></tr><tr><td width="12%" colspan="1" align="left" valign="middle" >Disbursements during the year</td><td width="12%" align="right" valign="middle" >42795</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="12%" align="right" valign="middle" >42795</td><td width="8%" ></td><td width="12%" ></td><td width="9%" ></td><td width="11%" ></td></tr><tr><td width="12%" colspan="1" align="left" valign="middle" >Repayments during the year</td><td width="12%" align="right" valign="middle" >-14874</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="12%" align="right" valign="middle" >-14874</td><td width="8%" ></td><td width="12%" ></td><td width="9%" ></td><td width="11%" ></td></tr><tr><td width="12%" colspan="1" align="left" valign="middle" >Exchange rate adjustments, project loans</td><td width="12%" align="right" valign="middle" >1608</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="12%" align="right" valign="middle" >1608</td><td width="8%" ></td><td width="12%" ></td><td width="9%" ></td><td width="11%" ></td></tr><tr><td width="12%" colspan="1" align="left" valign="middle" >Transferred to loans at fair value</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="12%" align="right" valign="middle" >-44619</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="12%" align="right" valign="middle" >-44619</td><td width="8%" ></td><td width="12%" ></td><td width="9%" ></td><td width="11%" ></td></tr><tr><td width="12%" colspan="1" align="left" valign="middle" >Project loans end of year at cost before change of stages</td><td width="12%" align="right" valign="middle" >93183</td><td width="12%" align="right" valign="middle" >-44619</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="12%" align="right" valign="middle" >48564</td><td width="8%" ></td><td width="12%" ></td><td width="9%" ></td><td width="11%" ></td></tr><tr><td width="12%" colspan="1" align="left" valign="middle" >Change in loan value from stage 1</td><td width="12%" align="right" valign="middle" >-44619</td><td width="12%" align="right" valign="middle" >44619</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="52%" colspan="5" align="left" valign="middle" >-</td></tr><tr><td width="12%" colspan="1" align="left" valign="middle" >Change in loan value from stage 2</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="52%" colspan="5" align="left" valign="middle" >-</td></tr><tr><td width="12%" colspan="1" align="left" valign="middle" >Change in loan value from stage 3</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="52%" colspan="5" align="left" valign="middle" >-</td></tr><tr><td width="12%" colspan="1" align="left" valign="middle" >Project loans end of year at cost</td><td width="12%" align="right" valign="middle" >48564</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="12%" align="right" valign="middle" >48564</td><td width="8%" ></td><td width="12%" ></td><td width="9%" ></td><td width="11%" ></td></tr><tr><td colspan="9"></td></tr><tr><td width="100%" colspan="9" align="left" valign="middle" >Accumulated allowance for impairment</td></tr><tr><td width="12%" align="right" valign="middle" >2021</td><td width="12%" ></td><td width="12%" ></td><td width="12%" ></td><td width="12%" ></td><td width="8%" ></td><td width="12%" ></td><td width="9%" ></td><td width="11%" ></td></tr><tr><td width="12%" colspan="1" align="left" valign="middle" >DKK’000</td><td width="12%" colspan="1" align="left" valign="middle" >Stage 1</td><td width="12%" colspan="1" align="left" valign="middle" >Stage 2</td><td width="12%" colspan="1" align="left" valign="middle" >Stage 3</td><td width="52%" colspan="5" align="left" valign="middle" >Total</td></tr><tr><td width="12%" colspan="1" align="left" valign="middle" >Accumulated allowance for impairment beginning of year</td><td width="12%" align="right" valign="middle" >-488</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="12%" align="right" valign="middle" >-488</td><td width="8%" ></td><td width="12%" ></td><td width="9%" ></td><td width="11%" ></td></tr><tr><td width="12%" colspan="1" align="left" valign="middle" >Allowance for impairment for the year</td><td width="12%" align="right" valign="middle" >488</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="12%" align="right" valign="middle" >488</td><td width="8%" ></td><td width="12%" ></td><td width="9%" ></td><td width="11%" ></td></tr><tr><td width="12%" colspan="1" align="left" valign="middle" >Accumulated allowance for impairment end of year before change of stages</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="52%" colspan="5" align="left" valign="middle" >-</td></tr><tr><td width="12%" colspan="1" align="left" valign="middle" >Change in loan value from stage 1</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="52%" colspan="5" align="left" valign="middle" >-</td></tr><tr><td width="12%" colspan="1" align="left" valign="middle" >Change in loan value from stage 2</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="52%" colspan="5" align="left" valign="middle" >-</td></tr><tr><td width="12%" colspan="1" align="left" valign="middle" >Change in loan value from stage 3</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="52%" colspan="5" align="left" valign="middle" >-</td></tr><tr><td width="12%" colspan="1" align="left" valign="middle" >Accumulated allowance for impairment end of year</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="52%" colspan="5" align="left" valign="middle" >-</td></tr><tr><td colspan="9"></td></tr><tr><td width="100%" colspan="9" align="left" valign="middle" >Project loans at amortised cost before allowance for impairment</td></tr><tr><td width="12%" align="right" valign="middle" >2020</td><td width="12%" ></td><td width="12%" ></td><td width="12%" ></td><td width="12%" ></td><td width="8%" ></td><td width="12%" ></td><td width="9%" ></td><td width="11%" ></td></tr><tr><td width="12%" colspan="1" align="left" valign="middle" >DKK’000</td><td width="12%" colspan="1" align="left" valign="middle" >Stage 1</td><td width="12%" colspan="1" align="left" valign="middle" >Stage 2</td><td width="12%" colspan="1" align="left" valign="middle" >Stage 3</td><td width="52%" colspan="5" align="left" valign="middle" >Total</td></tr><tr><td width="12%" colspan="1" align="left" valign="middle" >Project loans beginning of year at cost</td><td width="12%" align="right" valign="middle" >44818</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="12%" align="right" valign="middle" >44818</td><td width="8%" ></td><td width="12%" ></td><td width="9%" ></td><td width="11%" ></td></tr><tr><td width="12%" colspan="1" align="left" valign="middle" >Disbursements during the year</td><td width="12%" align="right" valign="middle" >34456</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="12%" align="right" valign="middle" >34456</td><td width="8%" ></td><td width="12%" ></td><td width="9%" ></td><td width="11%" ></td></tr><tr><td width="12%" colspan="1" align="left" valign="middle" >Repayments during the year</td><td width="12%" align="right" valign="middle" >-14919</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="12%" align="right" valign="middle" >-14919</td><td width="8%" ></td><td width="12%" ></td><td width="9%" ></td><td width="11%" ></td></tr><tr><td width="12%" colspan="1" align="left" valign="middle" >Exchange rate adjustments, project loans</td><td width="12%" align="right" valign="middle" >-701</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="12%" align="right" valign="middle" >-701</td><td width="8%" ></td><td width="12%" ></td><td width="9%" ></td><td width="11%" ></td></tr><tr><td width="12%" colspan="1" align="left" valign="middle" >Project loans end of year at cost before change of stages</td><td width="12%" align="right" valign="middle" >63654</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="12%" align="right" valign="middle" >63654</td><td width="8%" ></td><td width="12%" ></td><td width="9%" ></td><td width="11%" ></td></tr><tr><td width="12%" colspan="1" align="left" valign="middle" >Change in loan value from stage 1</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="52%" colspan="5" align="left" valign="middle" >-</td></tr><tr><td width="12%" colspan="1" align="left" valign="middle" >Change in loan value from stage 2</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="52%" colspan="5" align="left" valign="middle" >-</td></tr><tr><td width="12%" colspan="1" align="left" valign="middle" >Change in loan value from stage 3</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="52%" colspan="5" align="left" valign="middle" >-</td></tr><tr><td width="12%" colspan="1" align="left" valign="middle" >Project loans end of year at cost</td><td width="12%" align="right" valign="middle" >63654</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="12%" align="right" valign="middle" >63654</td><td width="8%" ></td><td width="12%" ></td><td width="9%" ></td><td width="11%" ></td></tr><tr><td colspan="9"></td></tr><tr><td width="100%" colspan="9" align="left" valign="middle" >Accumulated allowance for impairment</td></tr><tr><td width="12%" align="right" valign="middle" >2020</td><td width="12%" ></td><td width="12%" ></td><td width="12%" ></td><td width="12%" ></td><td width="8%" ></td><td width="12%" ></td><td width="9%" ></td><td width="11%" ></td></tr><tr><td width="12%" colspan="1" align="left" valign="middle" >DKK’000</td><td width="12%" colspan="1" align="left" valign="middle" >Stage 1</td><td width="12%" colspan="1" align="left" valign="middle" >Stage 2</td><td width="12%" colspan="1" align="left" valign="middle" >Stage 3</td><td width="52%" colspan="5" align="left" valign="middle" >Total</td></tr><tr><td width="12%" colspan="1" align="left" valign="middle" >Accumulated allowance for impairment beginning of year</td><td width="12%" align="right" valign="middle" >-90</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="12%" align="right" valign="middle" >-90</td><td width="8%" ></td><td width="12%" ></td><td width="9%" ></td><td width="11%" ></td></tr><tr><td width="12%" colspan="1" align="left" valign="middle" >Allowance for impairment for the year</td><td width="12%" align="right" valign="middle" >-398</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="12%" align="right" valign="middle" >-398</td><td width="8%" ></td><td width="12%" ></td><td width="9%" ></td><td width="11%" ></td></tr><tr><td width="12%" colspan="1" align="left" valign="middle" >Accumulated allowance for impairment end of year before change of stages</td><td width="12%" align="right" valign="middle" >-488</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="12%" align="right" valign="middle" >-488</td><td width="8%" ></td><td width="12%" ></td><td width="9%" ></td><td width="11%" ></td></tr><tr><td width="12%" colspan="1" align="left" valign="middle" >Change in loan value from stage 1</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="52%" colspan="5" align="left" valign="middle" >-</td></tr><tr><td width="12%" colspan="1" align="left" valign="middle" >Change in loan value from stage 2</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="52%" colspan="5" align="left" valign="middle" >-</td></tr><tr><td width="12%" colspan="1" align="left" valign="middle" >Change in loan value from stage 3</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="52%" colspan="5" align="left" valign="middle" >-</td></tr><tr><td width="12%" colspan="1" align="left" valign="middle" >Accumulated allowance for impairment end of year</td><td width="12%" align="right" valign="middle" >-488</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="12%" align="right" valign="middle" >-488</td><td width="8%" ></td><td width="12%" ></td><td width="9%" ></td><td width="11%" ></td></tr><tr><td colspan="9"></td></tr><tr><td width="100%" colspan="9" align="left" valign="middle" >Maximum exposure to credit risk</td></tr><tr><td width="100%" colspan="9" align="left" valign="middle" >The following table shows the maximum exposure to credit risk for DSDG.</td></tr><tr><td width="12%" ></td><td width="12%" align="right" valign="middle" >2021</td><td width="12%" ></td><td width="12%" align="right" valign="middle" >2020</td><td width="12%" ></td><td width="8%" ></td><td width="12%" ></td><td width="9%" ></td><td width="11%" ></td></tr><tr><td colspan="9"></td></tr><tr><td width="12%" colspan="1" align="left" valign="middle" >DKK’000</td><td width="12%" colspan="1" align="left" valign="middle" >Carrying amount</td><td width="12%" colspan="1" align="left" valign="middle" >Maximum credit exposure (contractual cash flow)</td><td width="12%" colspan="1" align="left" valign="middle" >Carrying amount</td><td width="52%" colspan="5" align="left" valign="middle" >Maximum credit exposure (contractual cash flow)</td></tr><tr><td width="12%" colspan="1" align="left" valign="middle" >Project loans</td><td width="12%" align="right" valign="middle" >100768</td><td width="12%" align="right" valign="middle" >93183</td><td width="12%" align="right" valign="middle" >63166</td><td width="12%" align="right" valign="middle" >63654</td><td width="8%" ></td><td width="12%" ></td><td width="9%" ></td><td width="11%" ></td></tr><tr><td width="12%" colspan="1" align="left" valign="middle" >Interest receivable related to projects</td><td width="12%" align="right" valign="middle" >573</td><td width="12%" align="right" valign="middle" >490</td><td width="12%" align="right" valign="middle" >654</td><td width="12%" align="right" valign="middle" >654</td><td width="8%" ></td><td width="12%" ></td><td width="9%" ></td><td width="11%" ></td></tr><tr><td width="12%" colspan="1" align="left" valign="middle" >Other receivables</td><td width="12%" align="right" valign="middle" >207595</td><td width="12%" align="right" valign="middle" >270595</td><td width="12%" align="right" valign="middle" >18261</td><td width="12%" align="right" valign="middle" >18261</td><td width="8%" ></td><td width="12%" ></td><td width="9%" ></td><td width="11%" ></td></tr><tr><td width="12%" colspan="1" align="left" valign="middle" >Cash</td><td width="12%" align="right" valign="middle" >3392</td><td width="12%" align="right" valign="middle" >3392</td><td width="12%" align="right" valign="middle" >8</td><td width="12%" align="right" valign="middle" >8</td><td width="8%" ></td><td width="12%" ></td><td width="9%" ></td><td width="11%" ></td></tr><tr><td width="12%" colspan="1" align="left" valign="middle" >Commitments</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="12%" align="right" valign="middle" >124374</td><td width="12%" colspan="1" align="left" valign="middle" >-</td><td width="12%" align="right" valign="middle" >131035</td><td width="8%" ></td><td width="12%" ></td><td width="9%" ></td><td width="11%" ></td></tr><tr><td width="12%" ></td><td width="12%" align="right" valign="middle" >312328</td><td width="12%" align="right" valign="middle" >429034</td><td width="12%" align="right" valign="middle" >82089</td><td width="12%" align="right" valign="middle" >213612</td><td width="8%" ></td><td width="12%" ></td><td width="9%" ></td><td width="11%" ></td></tr><tr><td colspan="9"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="20">Alle beløb er angivet i  'x1000'</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Statement of changes in equity</td></tr><tr><td colspan="5"></td></tr><tr><td width="60%" colspan="3" align="left" valign="middle" >DKK'000</td><td width="20%" align="right" valign="middle" >2021</td><td width="20%" align="right" valign="middle" >2020</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Total equity</td></tr><tr><td width="60%" colspan="3" align="left" valign="middle" >Paid-in capital beginning of year</td><td width="20%" align="right" valign="middle" >999009</td><td width="20%" align="right" valign="middle" >377528</td></tr><tr><td width="60%" colspan="3" align="left" valign="middle" >Paid-in capital during the year</td><td width="20%" align="right" valign="middle" >760327</td><td width="20%" align="right" valign="middle" >621481</td></tr><tr><td width="60%" colspan="3" align="left" valign="middle" >Paid-in capital end of year</td><td width="20%" align="right" valign="middle" >1759336</td><td width="20%" align="right" valign="middle" >999009</td></tr><tr><td width="60%" colspan="3" align="left" valign="middle" >Undisbursed commitments</td><td width="20%" align="right" valign="middle" >3098998</td><td width="20%" align="right" valign="middle" >3859325</td></tr><tr><td width="60%" colspan="3" align="left" valign="middle" >Total committed capital</td><td width="20%" align="right" valign="middle" >4858334</td><td width="20%" align="right" valign="middle" >4858334</td></tr><tr><td width="60%" colspan="3" align="left" valign="middle" >Repaid capital beginning of year</td><td width="20%" align="right" valign="middle" >-30061</td><td width="20%" align="right" valign="middle" >-6519</td></tr><tr><td width="60%" colspan="3" align="left" valign="middle" >Repaid capital during the year</td><td width="20%" colspan="1" align="left" valign="middle" >-</td><td width="20%" align="right" valign="middle" >-23542</td></tr><tr><td width="60%" colspan="3" align="left" valign="middle" >Repaid capital end of year</td><td width="20%" align="right" valign="middle" >-30061</td><td width="20%" align="right" valign="middle" >-30061</td></tr><tr><td width="60%" colspan="3" align="left" valign="middle" >Total capital end of year, net</td><td width="20%" align="right" valign="middle" >4828273</td><td width="20%" align="right" valign="middle" >4828273</td></tr><tr><td width="60%" colspan="3" align="left" valign="middle" >Retained earnings beginning of year</td><td width="20%" align="right" valign="middle" >-190748</td><td width="20%" align="right" valign="middle" >-111359</td></tr><tr><td width="60%" colspan="3" align="left" valign="middle" >Establishment expenses</td><td width="20%" colspan="1" align="left" valign="middle" >-</td><td width="20%" align="right" valign="middle" >5</td></tr><tr><td width="60%" colspan="3" align="left" valign="middle" >Transferred from net income for the year</td><td width="20%" align="right" valign="middle" >-27</td><td width="20%" align="right" valign="middle" >-79394</td></tr><tr><td width="60%" colspan="3" align="left" valign="middle" >Retained earnings end of year</td><td width="20%" align="right" valign="middle" >-190775</td><td width="20%" align="right" valign="middle" >-190748</td></tr><tr><td width="60%" colspan="3" align="left" valign="middle" >Total equity end of year</td><td width="20%" align="right" valign="middle" >4637498</td><td width="20%" align="right" valign="middle" >4637525</td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >At 31 December 2021, the investors had paid in DKK 1,759 million corresponding to nearly 36% of the capital commitment of DKK 4,858 million. Thus, the remaining commitment is DKK 3,099 million.</td></tr></table> 0 -78939000 -455000 -68844000 -540131000 597944000 0.998 -0.017 -67580000 -316000 -83241000 -195996000 283773000 1 -0.014 -41556000 -82000 -47543000 -37246000 85411000 0.998 -0.017 4650906000 4637498000 899540000 100768000 200040000 140000000 1340348000 3299451000 7715000 3392000 3310558000 1759336000 3098998000 -30061000 -190775000 0 12103000 1237000 68000 13408000 13408000 4650906000 -8711000 12103000 4664914000 4637525000 4741881000 4740456000 4826824000 4815063000 Change in the year -2838000 Change in the year -11031000 Change in the year 4536000 Change in the year 622000 Return on assets 0.001 Return on assets -0.017 Return on assets -0.014 Return on assets -0.009 -1986000 77779000 -491000 -80256000 -80256000 10371000 1045000 -68840000 551725000 -536792000 621481000 597944000 -7688000 -1986000 76953000 -455000 -79394000 -79394000 10371000 179000 -68844000 490064000 -540131000 621481000 597944000 -11031000 -1693000 -80256000 -27000 -79394000 700121000 63166000 0 763287000 3859979000 17435000 3351000 3880765000 4644052000 999009000 3859325000 -30061000 -191610000 4636663000 0 5881000 1246000 262000 7389000 7389000 4644052000 -2530000 5881000 638460000 63166000 65040000 766666000 3860805000 17435000 8000 3878248000 4644914000 999009000 3859325000 -30061000 -190748000 4637525000 0 5881000 1246000 262000 7389000 7389000 4644914000 -5873000 5881000 Received from projects 14933000 Received from projects 14933000 Received from projects 14933000 Received from projects 14933000 Paid-in investments in subsidiaries 0 Paid-in investments in subsidiaries 0 Paid-in investments in subsidiaries -135000000 Paid-in investments in subsidiaries -65000000 Loan to DSDG Holding ApS -140000000 Establishment expenses 0 Establishment expenses 5000 Establishment expenses 0 Establishment expenses 5000 Repaid capital to partners 0 Repaid capital to partners -23542000 Repaid capital to partners 0 Repaid capital to partners -23542000 -2530000 5158000 -5873000 5158000 705670000 -5549000 188401000 3923000 644009000 -5549000 188401000 3923000 606267000 49723000 517269000 -9472000 211357000 -49723000 455608000 -9472000 1311937000 44174000 1356111000 705670000 -5549000 700121000 855366000 44174000 899540000 644009000 -5549000 638460000 Better Energy Energo P/S Denmark P/S 3701000 0 77355000 JMC Power Europe B.V. Netherlands B.V. -4345000 0 261383000 Danica Rentals Fundo de investimento em Participacoes - Empresas Emergentes Brazil FIP fund 21000 0 72000 Beauty Noble Limited Virgin Island (British) Ltd. 176309000 0 431047000 DCDC Health Services Pvt. Ltd. India Ltd. -4081000 0 67985000 Global Tea Limited Africa Ltd. 0 0 0 Acme Aklera Power Technology Pvt Ltd India Ltd. -13000 0 -18000 Daystar Power Group Mauritius Ltd. -45223000 0 -33281000 South Africa Student Acc. Inv. Limited South Africa Ltd. 6187000 0 24553000 Better Energy Energo P/S Denmark P/S 3701000 0 77355000 Danica Rentals Fundo de investimento em Participacoes - Empresas Emergentes Brazil FIP fund 21000 0 72000 Beauty Noble Limited Virgin Island (British) Ltd. 176309000 0 431047000 DCDC Health Services Pvt. Ltd. India Ltd. -4081000 0 67985000 Global Tea Limited Africa Ltd. 0 0 0 Daystar Power Group Mauritius Ltd. -45223000 0 -33281000 South Africa Student Acc. Inv. Limited South Africa Ltd. 6187000 0 24553000 63654000 -488000 44818000 -90000 63654000 -488000 44818000 -90000 105330000 14933000 4453000 8073000 34456000 14933000 -687000 -398000 42794000 14933000 1668000 8073000 34456000 14933000 -687000 -398000 158504000 7585000 166089000 63654000 -488000 63166000 93183000 7585000 100768000 63654000 -488000 63166000 EY Godkendt Revisionspartnerselskab 30700228 Lars Rhod Søndergaard State Authorised Public Accountant mne28632