35636706 2021-01-01 2021-12-31 35636706 2021-01-01 2021-12-31 0 35636706 2021-01-01 2021-12-31 1 35636706 2021-01-01 2021-12-31 2 35636706 2021-01-01 2021-12-31 cmn:PreviousYearMember 35636706 2021-01-01 2021-12-31 cmn:TwoYearsAgoMember 35636706 2021-01-01 2021-12-31 cmn:ThreeYearsAgoMember 35636706 2021-01-01 2021-12-31 cmn:FourYearsAgoMember 35636706 2021-12-31 35636706 2021-12-31 cmn:PreviousYearMember 35636706 2021-12-31 cmn:TwoYearsAgoMember 35636706 2021-12-31 cmn:ThreeYearsAgoMember 35636706 2021-12-31 cmn:FourYearsAgoMember 35636706 2021-01-01 2021-12-31 0 35636706 2021-01-01 2021-12-31 cmn:PreviousYearMember 1 35636706 2021-01-01 2021-12-31 cmn:TwoYearsAgoMember 2 35636706 2021-01-01 2021-12-31 cmn:ThreeYearsAgoMember 3 35636706 2021-01-01 2021-12-31 cmn:FourYearsAgoMember 4 35636706 2021-01-01 2021-12-31 5 35636706 2021-01-01 2021-12-31 cmn:PreviousYearMember 6 35636706 2021-01-01 2021-12-31 cmn:TwoYearsAgoMember 7 35636706 2021-01-01 2021-12-31 cmn:ThreeYearsAgoMember 8 35636706 2021-01-01 2021-12-31 cmn:FourYearsAgoMember 9 35636706 2020-01-01 2020-12-31 35636706 2021-01-01 2021-12-31 fsa:RetainedEarningsMember 35636706 2020-01-01 2020-12-31 fsa:RetainedEarningsMember 35636706 2020-12-31 35636706 2021-01-01 2021-12-31 0 35636706 2020-01-01 2020-12-31 1 35636706 2021-01-01 2021-12-31 2 35636706 2020-01-01 2020-12-31 3 35636706 2021-01-01 35636706 2020-01-01 35636706 2021-01-01 fsa:OtherInvestmentsMember 35636706 2020-01-01 fsa:OtherInvestmentsMember 35636706 2021-01-01 2021-12-31 fsa:OtherInvestmentsMember 35636706 2020-01-01 2020-12-31 fsa:OtherInvestmentsMember 35636706 2021-12-31 fsa:OtherInvestmentsMember 35636706 2020-12-31 fsa:OtherInvestmentsMember 35636706 2021-01-01 2021-12-31 fsa:AssociateMember 0 35636706 2021-12-31 fsa:AssociateMember 0 35636706 2021-01-01 2021-12-31 fsa:AssociateMember 1 35636706 2021-12-31 fsa:AssociateMember 1 35636706 2021-01-01 2021-12-31 fsa:AssociateMember 2 35636706 2021-12-31 fsa:AssociateMember 2 35636706 2021-01-01 2021-12-31 fsa:AssociateMember 3 35636706 2021-12-31 fsa:AssociateMember 3 35636706 2021-01-01 2021-12-31 fsa:AssociateMember 4 35636706 2021-12-31 fsa:AssociateMember 4 35636706 2021-01-01 2021-12-31 fsa:AssociateMember 5 35636706 2021-12-31 fsa:AssociateMember 5 35636706 2021-01-01 2021-12-31 fsa:AssociateMember 6 35636706 2021-12-31 fsa:AssociateMember 6 35636706 2021-01-01 2021-12-31 fsa:AssociateMember 7 35636706 2021-12-31 fsa:AssociateMember 7 35636706 2021-01-01 2021-12-31 fsa:AssociateMember 8 35636706 2021-12-31 fsa:AssociateMember 8 35636706 2021-01-01 2021-12-31 fsa:AssociateMember 9 35636706 2021-12-31 fsa:AssociateMember 9 35636706 2021-01-01 2021-12-31 fsa:AssociateMember 10 35636706 2021-12-31 fsa:AssociateMember 10 35636706 2021-01-01 2021-12-31 fsa:AssociateMember 11 35636706 2021-01-01 fsa:OtherReceivablesMember 35636706 2020-01-01 fsa:OtherReceivablesMember 35636706 2021-01-01 2021-12-31 fsa:OtherReceivablesMember 35636706 2020-01-01 2020-12-31 fsa:OtherReceivablesMember 35636706 2021-12-31 fsa:OtherReceivablesMember 35636706 2020-12-31 fsa:OtherReceivablesMember 35636706 2021-01-01 2021-12-31 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 on the annual 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">Today, the undersigned have discussed and approved the annual report of Danish Climate Investment Fund I 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">In our opinion, 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 auditor's 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 Climate Investment Fund I 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 financial statements of Danish Climate Investment Fund I K/S for the financial year 1 January – 31 December 2021, which comprise an income statement, balance sheet, statement of changes in equity, cash flow statement and notes, including accounting policies. The financial statements are prepared in accordance with the Danish Financial Statements Act.</td></tr><tr><td colspan="1">In our opinion, 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 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 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 Company in accordance with the International Ethics Standards Board for Accountants' International Code of Ethics for Professional Accountants (IESBA Code) and additional ethical requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code.</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 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 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 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 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 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 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">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 Climate Investment Fund I K/S c/o IFU, Fredericiagade 27, 1310 Copenhagen K, Denmark 35636706 2014-01-13 Copenhagen Nicolai Boserup 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">Financial Highlights</td></tr><tr><td colspan="1">Seen over a five-year period, the development of the fund is described by the following financial highlights.</td></tr><tr><td colspan="1">Key figures</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">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> -43594000 91000 -43503000 -4676000 9288000 -9166000 1 -0.038 <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 Climate Investment Fund I K/S 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 January 2014, the Danish Climate Investment I Fund K/S (DCIF) was established as a public private partnership. Including a subsequent second close in July 2014, total capital committed to DCIF reached DKK 1,290 million. Five institutional investors committed DKK 775 million and the Danish Government and IFU committed DKK 515 million.</td></tr><tr><td colspan="1">The purpose of DCIF is to undertake investments with a positive climate impact in developing countries in order to reduce the emission of greenhouse gasses. Such investments will include commercially viable private sector projects within sustainable energy production, energy efficiency and production of related components, as well as in other areas such as transport and other activities with a substantial positive climate impact. Furthermore, DCIF can invest in adaption projects, i.e. projects that are primarily aimed at responding to the adverse consequences of climate change. Projects co-financed by DCIF must be commercially viable and offer an attractive return to its investors.</td></tr><tr><td colspan="1">DCIF is managed by IFU.</td></tr><tr><td colspan="1">DCIF’s investment period ended early 2018. The fund can continue to make follow-up investments in projects in the active portfolio.</td></tr><tr><td colspan="1">At the end of 2021, DCIF had co-financed a total of 18 projects. Of these, DCIF was still participating in 12 investments, while six had been exited or cancelled. Total commitment to the 18 projects amounts to DKK 1,063m or 77 per cent of the total fund.</td></tr><tr><td colspan="1">Investments in 2021</td></tr><tr><td colspan="1">DCIF made no investments in 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">Sustainability reporting</td></tr><tr><td colspan="1">SUSTAINABILITY IN IFU’S INVESTMENT PROCESS</td></tr><tr><td colspan="1">DCIF 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 economy 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 DCIF, 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">DCIF climate change contribution</td></tr><tr><td colspan="1">IFU has established a methodology for assessing the GHG emissions from its investments based on internationally recognised methodologies. All GHG in the Kyoto Protocol are taken into account as applicable, and the scope of the assessment will be based on the principles in the GHG Protocol. GHG emissions avoided by a project will be calculated as the difference between baseline emissions and project emissions.</td></tr><tr><td colspan="1">The baseline emissions refer to the emissions that would probably occur in a reference scenario if the project was not implemented. The reference scenario is chosen on a case-by-case basis using the most appropriate methodology for each project which can be justified.</td></tr><tr><td colspan="1">In 2021, no assessments were made as DCIF did not make any new investments.</td></tr><tr><td colspan="1">In total, the estimated GHG emission avoidance during project lifetime in the 18 contracted projects in DCIF is 25,6m tCO2e.</td></tr><tr><td colspan="1">The fund has not invested in any adaptation projects.</td></tr><tr><td colspan="1">IFU has used UK based consultant Trucost to set up the methodology and to make the specific assessment of GHG emission avoidance at project level.</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">In order to create sustainable societies in the developing world, private capital and investments are vital. This is the reason for IFU and IFU managed funds to offer risk capital to private investors and companies wishing to do business in developing countries.</td></tr><tr><td colspan="1">IFU and IFU managed funds contributes to the realisation of the 17 UN Sustainable Development Goals by promoting investments which support sustainable development in its three dimensions – economic, social and environmental – in a balanced and integrated manner.</td></tr><tr><td colspan="1">To get funding, projects must have measurable, beneficial development impact in the investment country and be deemed commercially viable. Commercial viability ensures that the business is making a profit on invested capital and can continue to operate, creating decent jobs, producing important goods and services and paying taxes to society.</td></tr><tr><td colspan="1">The spin-off is increased income for workers, transfer of knowledge, company-sponsored employee training, interaction with local business and funding for the public sector in the host country, which can be invested in for example education, healthcare and infrastructure.</td></tr><tr><td colspan="1">Projects contracted by DCIF are included in the impact reporting in IFU’s Annual Report 2021.</td></tr><tr><td colspan="1">Actual direct employment in the projects included in DCIF’s active portfolio was 1,224people.</td></tr><tr><td colspan="1">In 2021, the eight renewable energy projects in DCIF’s portfolio produced 2,130 GWh and avoided GHG emissions of a total of 1.36 million tco2e.</td></tr><tr><td colspan="1">Operational framework</td></tr><tr><td colspan="1">As a minority investor, DCIF is prepared to participate with risk capital in the range of typically EUR 2m to EUR 15m in a single project.</td></tr><tr><td colspan="1">For projects to qualify for co-investment by DCIF, Danish investors or Danish know-how, services or technology must be included.</td></tr><tr><td colspan="1">DCIF's 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">DCIF recorded a net loss of DKK (44) million in 2021 compared to DKK (53) million in 2020. The loss for the year is not satisfactory and was in particular due to a negative development for an investment in a company developing solar energy projects due to a challenging tariff environment. At the gross level, the portfolio contributed negatively with DKK (34)m in 2021, a small improvement compared to DKK (41)m in 2020. The 2020 result was especially marked by the severe depreciation of the BRL against DKK in 2020, affecting the value of DCIF‘s solar park investment in Brazil. Operating expenses in the form of management fees and other expenses fell in 2021 to DKK (9) million from DKK (12)m in 2020.</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 825 million corresponding to 64 per cent of the capital commitment of DKK 1,290 million. The undisbursed commitment is DKK 465 million.</td></tr><tr><td colspan="1">At year-end 2021, DCIF's equity was DKK 649 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">DCIF 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 DCIF measures its investments at fair market value or recoverable amount, DCIF's future results may fluctuate considerably. The risk exposure of DCIF 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">DCIF had one portfolio of investments in Ukraine at end of 2021 being a wind energy project located at the westernmost part of the country with a book exposure of DKK 74m. The degree of impairment is at this stage very difficult to quantify, but the effect on DCIF’s equity could easily 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">DCIF has no exposure towards either Russia or Belarus.</td></tr><tr><td colspan="1">Outlook for 2022</td></tr><tr><td colspan="1">DCIF may make follow-up investments. Before the Ukraine war broke out, a positive result was expected in 2022, however given the relatively large exposure to Ukraine, the result is now subject to increased uncertainty and downside risk, also considering possible wider implications for the global economy.</td></tr></table> -34174000 9420000 -43594000 91000 -43503000 <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="3" align="left" valign="middle" >.</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >.Statement of changes in equity</td></tr><tr><td colspan="3"></td></tr><tr><td width="91%" colspan="1" align="left" valign="middle" >DKK’000</td><td width="4%" align="right" valign="middle" >2021</td><td width="5%" align="right" valign="middle" >2020</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Total equity</td></tr><tr><td width="91%" colspan="1" align="left" valign="middle" >Paid-in capital beginning of year</td><td width="4%" align="right" valign="middle" >814269</td><td width="5%" align="right" valign="middle" >789174</td></tr><tr><td width="91%" colspan="1" align="left" valign="middle" >Paid-in capital during the year</td><td width="4%" align="right" valign="middle" >10580</td><td width="5%" align="right" valign="middle" >25095</td></tr><tr><td width="91%" colspan="1" align="left" valign="middle" ></td><td width="4%" align="right" valign="middle" >824849</td><td width="5%" align="right" valign="middle" >814269</td></tr><tr><td width="91%" colspan="1" align="left" valign="middle" >Undisbursed commitments</td><td width="4%" align="right" valign="middle" >465151</td><td width="5%" align="right" valign="middle" >475731</td></tr><tr><td width="91%" colspan="1" align="left" valign="middle" >Total committed capital</td><td width="4%" align="right" valign="middle" >1290000</td><td width="5%" align="right" valign="middle" >1290000</td></tr><tr><td width="91%" colspan="1" align="left" valign="middle" >Repaid capital beginning of year</td><td width="4%" align="right" valign="middle" >-86956</td><td width="5%" align="right" valign="middle" >-75664</td></tr><tr><td width="91%" colspan="1" align="left" valign="middle" >Repaid capital during the year</td><td width="4%" align="right" valign="middle" >-19746</td><td width="5%" align="right" valign="middle" >-11292</td></tr><tr><td width="91%" colspan="1" align="left" valign="middle" >Repaid capital end of year</td><td width="4%" align="right" valign="middle" >-106702</td><td width="5%" align="right" valign="middle" >-86956</td></tr><tr><td width="91%" colspan="1" align="left" valign="middle" >Total capital end of year, net</td><td width="4%" align="right" valign="middle" >1183298</td><td width="5%" align="right" valign="middle" >1203044</td></tr><tr><td width="91%" colspan="1" align="left" valign="middle" >Retained earnings beginning of the year</td><td width="4%" align="right" valign="middle" >-25145</td><td width="5%" align="right" valign="middle" >27782</td></tr><tr><td width="91%" colspan="1" align="left" valign="middle" >Transferred from net income for the year</td><td width="4%" align="right" valign="middle" >-43503</td><td width="5%" align="right" valign="middle" >-52927</td></tr><tr><td width="91%" colspan="1" align="left" valign="middle" >Retained earnings end of year</td><td width="4%" align="right" valign="middle" >-68648</td><td width="5%" align="right" valign="middle" >-25145</td></tr><tr><td width="91%" colspan="1" align="left" valign="middle" ></td><td width="4%" align="right" valign="middle" >1114650</td><td width="5%" align="right" valign="middle" >1177899</td></tr><tr><td colspan="3"></td></tr></table> 69052000 -30225000 10580000 19746000 -4554000 <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 Climate Investment Fund I K/S for 2021 has been prepared in accordance with the provisions in 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></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 DCIF’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 DCIF’s special character as a limited partnership (long-term investments), the financial statements hereby provide the reader with the best possible clarity of DCIF’s activities. The deviation is in concurrence 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">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 DCIF, and provided that the value of the assets can be measured reliably.</td></tr><tr><td colspan="1">Liabilities are recognised in the balance sheet when DCIF 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 DCIF, and the value of the liabilities 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">Information brought to DCIF’s attention before the time of finalising the presentation of the annual report, and which confirms or invalidates affairs and conditions existing at the balance sheet date, is considered 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, DCIF 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 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 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 and contributions from 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, 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 fee to 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></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">Tax on profit for the year</td></tr><tr><td colspan="1">As a limited partnership, DCIF is not an independent entity liable to taxation, which is why no current or deferred tax has been recognised in the financial statements. DCIF’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></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">Share capital investment in projects</td></tr><tr><td colspan="1">Share capital investments are recognised when they are disbursed. Share capital investments are measured both at initial recognition and throughout the investment period at fair value with changes recognised through profit or loss as contribution from share capital investments.</td></tr><tr><td colspan="1">Share capital investments where DCIF 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 an 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 DCIF. 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">Other receivables</td></tr><tr><td colspan="1">Other receivables include interest receivable 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.</td></tr><tr><td colspan="1">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></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 DCIF’s cash flow from operating, investing and financing activities as well as DCIF’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><tr><td colspan="1">Contingent liabilities</td></tr><tr><td colspan="1">Undisbursed commitments to investments are comprised of 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 DCIF’s control.</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 x 100 / Total assets</td></tr><tr><td>Solvency ratio</td><td>Equity at year end x 100 / Total assets at year end</td></tr><tr><td>Return on equity</td><td>Net profit for the year x 100 / 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 width="100%" colspan="3" align="left" valign="middle" >Notes</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Contingent liabilities and other financial obligations</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Contingent liabilities</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >DCIF has entered into the following commitments to investments</td></tr><tr><td width="45%" colspan="1" align="left" valign="middle" >DKK’000</td><td width="45%" align="right" valign="middle" >2021</td><td width="10%" align="right" valign="middle" >2020</td></tr><tr><td width="45%" colspan="1" align="left" valign="middle" >Undisbursed contracted commitments</td><td width="45%" align="right" valign="middle" >96561</td><td width="10%" align="right" valign="middle" >102541</td></tr><tr><td width="45%" colspan="1" align="left" valign="middle" >Guarantees</td><td width="45%" align="right" valign="middle" >37877</td><td width="10%" align="right" valign="middle" >59490</td></tr><tr><td width="45%" colspan="1" align="left" valign="middle" >Total undisbursed to investments</td><td width="45%" align="right" valign="middle" >134438</td><td width="10%" align="right" valign="middle" >162031</td></tr><tr><td colspan="3"></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >DCIF har signed a management agreement with IFU, whereby IFU performs administration, monitoring and investment advice for DCIF. The management agreement cannot be cancelled. For 2021, the payment amounts to DKK 9,029 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 width="100%" colspan="1" align="left" valign="middle" >Related parties and ownership</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The following are recorded in DCIF'S register of limited partners</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >PensionDanmark</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >PKA</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Paedagogernes Pensionskasse</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Dansk Vaekstkapital</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Aage V. Jensens Fonde</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" >DCIF I GP P/S</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >DCIF I GP Komplementar ApS</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>284761</td><td>287621</td></tr><tr><td /><td>Accumulated value adjustments end of year</td><td>-61965</td><td>-58106</td></tr><tr><td /><td /><td>222796</td><td>229515</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="3" align="left" valign="middle" >Provisions for losses</td></tr><tr><td width="45%" colspan="1" align="left" valign="middle" >Allowance for impairment on remaining commitments, beginning of the year</td><td width="45%" colspan="1" align="left" valign="middle" >-</td><td width="10%" align="right" valign="middle" >175</td></tr><tr><td width="45%" colspan="1" align="left" valign="middle" >Allowance for impairment on remaining commitments on loans</td><td width="45%" colspan="1" align="left" valign="middle" >-</td><td width="10%" align="right" valign="middle" >-46</td></tr><tr><td width="45%" colspan="1" align="left" valign="middle" >Allowance for impairment on remaining commitments on guarantees</td><td width="45%" colspan="1" align="left" valign="middle" >-</td><td width="10%" align="right" valign="middle" >-129</td></tr><tr><td width="45%" colspan="1" align="left" valign="middle" >Allowance for impairment on remaining commitments end of year</td><td width="45%" colspan="1" align="left" valign="middle" >-</td><td width="10%" colspan="1" align="left" valign="middle" >-</td></tr><tr><td colspan="3"></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="3" align="left" valign="middle" >Cash flow statement - adjustments</td></tr><tr><td width="45%" colspan="1" align="left" valign="middle" >Value adjustments</td><td width="45%" align="right" valign="middle" >69052</td><td width="10%" align="right" valign="middle" >68018</td></tr><tr><td width="45%" ></td><td width="45%" align="right" valign="middle" >69052</td><td width="10%" align="right" valign="middle" >68018</td></tr><tr><td colspan="3"></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="3" align="left" valign="middle" >Cash flow statement – changes in working capital</td></tr><tr><td width="45%" colspan="1" align="left" valign="middle" >Change in current assets</td><td width="45%" align="right" valign="middle" >-30344</td><td width="10%" align="right" valign="middle" >-22582</td></tr><tr><td width="45%" colspan="1" align="left" valign="middle" >Change in payables, etc.</td><td width="45%" align="right" valign="middle" >119</td><td width="10%" align="right" valign="middle" >115</td></tr><tr><td width="45%" ></td><td width="45%" align="right" valign="middle" >-30225</td><td width="10%" align="right" valign="middle" >-22467</td></tr><tr><td colspan="3"></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" >Though investments, DCIF 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 dilligence procedures, DCIF 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 width="100%" colspan="9" align="left" valign="middle" >Equity and credit risk</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 value 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 DCIF 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 risk</td></tr><tr><td width="100%" colspan="9" align="left" valign="middle" >At the portfolio level, DCIF mitigates equity risk and credit risk by investing in a variety of countries and by limiting the investment in a single project. DCIF assesses concentration of risk on the basis of total commitments to the Fund. Furthermore, DCIF assesses, through the due dilligence process, the specific risks for each share capital investment and project loan and seeks to mitigate associated equity and credit risks. For some of DCIF's share capital investments, DCIF has the opportunity to sell the shares through pre-agreed exit agreements. In this way, DCIF mitigates the risk of not being able to exit the investments. 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 DCIF'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="34%" align="right" valign="middle" >2021</td><td width="41%" colspan="2" align="left" valign="middle" >Share capital investments</td><td width="9%" colspan="2" align="left" valign="middle" >Project loans</td><td width="7%" colspan="2" align="left" valign="middle" >Total</td><td width="9%" colspan="2" align="left" valign="middle" >Commitments</td></tr><tr><td width="34%" colspan="1" align="left" valign="middle" >OECD</td><td width="34%" colspan="1" align="left" valign="middle" >DKK’000</td><td width="7%" colspan="1" align="left" valign="middle" >%</td><td width="4%" colspan="1" align="left" valign="middle" >DKK’000</td><td width="5%" colspan="1" align="left" valign="middle" >%</td><td width="2%" colspan="1" align="left" valign="middle" >DKK’000</td><td width="5%" colspan="1" align="left" valign="middle" >%</td><td width="3%" colspan="1" align="left" valign="middle" >DKK’000</td><td width="6%" colspan="1" align="left" valign="middle" >%</td></tr><tr><td width="34%" align="right" valign="middle" >0</td><td width="34%" align="right" valign="middle" >32077</td><td width="7%" align="right" valign="middle" >9</td><td width="4%" align="right" valign="middle" >20097</td><td width="5%" align="right" valign="middle" >6</td><td width="2%" align="right" valign="middle" >52174</td><td width="5%" align="right" valign="middle" >8</td><td width="3%" align="right" valign="middle" >1</td><td width="6%" colspan="1" align="left" valign="middle" >-</td></tr><tr><td width="34%" align="right" valign="middle" >2</td><td width="34%" align="right" valign="middle" >131345</td><td width="7%" align="right" valign="middle" >37</td><td width="4%" colspan="1" align="left" valign="middle" >-</td><td width="5%" colspan="1" align="left" valign="middle" >-</td><td width="2%" align="right" valign="middle" >131345</td><td width="5%" align="right" valign="middle" >19</td><td width="3%" align="right" valign="middle" >230</td><td width="6%" colspan="1" align="left" valign="middle" >-</td></tr><tr><td width="34%" align="right" valign="middle" >3</td><td width="34%" align="right" valign="middle" >17940</td><td width="7%" align="right" valign="middle" >5</td><td width="4%" colspan="1" align="left" valign="middle" >-</td><td width="5%" colspan="1" align="left" valign="middle" >-</td><td width="2%" align="right" valign="middle" >17940</td><td width="5%" align="right" valign="middle" >3</td><td width="3%" align="right" valign="middle" >11677</td><td width="6%" align="right" valign="middle" >9</td></tr><tr><td width="34%" align="right" valign="middle" >5</td><td width="34%" align="right" valign="middle" >29</td><td width="7%" colspan="1" align="left" valign="middle" >-</td><td width="4%" align="right" valign="middle" >260374</td><td width="5%" align="right" valign="middle" >76</td><td width="2%" align="right" valign="middle" >260403</td><td width="5%" align="right" valign="middle" >37</td><td width="3%" align="right" valign="middle" >39914</td><td width="6%" align="right" valign="middle" >30</td></tr><tr><td width="34%" align="right" valign="middle" >6</td><td width="34%" align="right" valign="middle" >68514</td><td width="7%" align="right" valign="middle" >19</td><td width="4%" align="right" valign="middle" >54606</td><td width="5%" align="right" valign="middle" >16</td><td width="2%" align="right" valign="middle" >123120</td><td width="5%" align="right" valign="middle" >18</td><td width="3%" align="right" valign="middle" >18249</td><td width="6%" align="right" valign="middle" >14</td></tr><tr><td width="34%" align="right" valign="middle" >7</td><td width="34%" align="right" valign="middle" >87081</td><td width="7%" align="right" valign="middle" >25</td><td width="4%" align="right" valign="middle" >2858</td><td width="5%" align="right" valign="middle" >1</td><td width="2%" align="right" valign="middle" >89939</td><td width="5%" align="right" valign="middle" >13</td><td width="3%" align="right" valign="middle" >21717</td><td width="6%" align="right" valign="middle" >16</td></tr><tr><td width="34%" colspan="1" align="left" valign="middle" >DAC</td><td width="34%" align="right" valign="middle" >16289</td><td width="7%" align="right" valign="middle" >5</td><td width="4%" align="right" valign="middle" >3944</td><td width="5%" align="right" valign="middle" >1</td><td width="2%" align="right" valign="middle" >20233</td><td width="5%" align="right" valign="middle" >3</td><td width="3%" align="right" valign="middle" >42650</td><td width="6%" align="right" valign="middle" >32</td></tr><tr><td width="34%" ></td><td width="34%" align="right" valign="middle" >353275</td><td width="7%" align="right" valign="middle" >100</td><td width="4%" align="right" valign="middle" >341879</td><td width="5%" align="right" valign="middle" >100</td><td width="2%" align="right" valign="middle" >695154</td><td width="5%" align="right" valign="middle" >100</td><td width="3%" align="right" valign="middle" >134438</td><td width="6%" align="right" valign="middle" >100</td></tr><tr><td colspan="9"></td></tr><tr><td width="34%" align="right" valign="middle" >2020</td><td width="41%" colspan="2" align="left" valign="middle" >Share capital investments</td><td width="9%" colspan="2" align="left" valign="middle" >Project loans</td><td width="7%" colspan="2" align="left" valign="middle" >Total</td><td width="9%" colspan="2" align="left" valign="middle" >Commitments</td></tr><tr><td width="34%" colspan="1" align="left" valign="middle" >OECD</td><td width="34%" colspan="1" align="left" valign="middle" >DKK’000</td><td width="7%" colspan="1" align="left" valign="middle" >%</td><td width="4%" colspan="1" align="left" valign="middle" >DKK’000</td><td width="5%" colspan="1" align="left" valign="middle" >%</td><td width="2%" colspan="1" align="left" valign="middle" >DKK’000</td><td width="5%" colspan="1" align="left" valign="middle" >%</td><td width="3%" colspan="1" align="left" valign="middle" >DKK’000</td><td width="6%" colspan="1" align="left" valign="middle" >%</td></tr><tr><td width="34%" align="right" valign="middle" >0</td><td width="34%" align="right" valign="middle" >34937</td><td width="7%" align="right" valign="middle" >10</td><td width="4%" align="right" valign="middle" >18554</td><td width="5%" align="right" valign="middle" >6</td><td width="2%" align="right" valign="middle" >53491</td><td width="5%" align="right" valign="middle" >8</td><td width="3%" colspan="1" align="left" valign="middle" >-</td><td width="6%" colspan="1" align="left" valign="middle" >-</td></tr><tr><td width="34%" align="right" valign="middle" >2</td><td width="34%" align="right" valign="middle" >131346</td><td width="7%" align="right" valign="middle" >37</td><td width="4%" align="right" valign="middle" >229325</td><td width="5%" align="right" valign="middle" >72</td><td width="2%" align="right" valign="middle" >360671</td><td width="5%" align="right" valign="middle" >53</td><td width="3%" align="right" valign="middle" >230</td><td width="6%" colspan="1" align="left" valign="middle" >-</td></tr><tr><td width="34%" align="right" valign="middle" >3</td><td width="34%" align="right" valign="middle" >17940</td><td width="7%" align="right" valign="middle" >5</td><td width="4%" colspan="1" align="left" valign="middle" >-</td><td width="5%" colspan="1" align="left" valign="middle" >-</td><td width="2%" align="right" valign="middle" >17940</td><td width="5%" align="right" valign="middle" >3</td><td width="3%" align="right" valign="middle" >10950</td><td width="6%" align="right" valign="middle" >7</td></tr><tr><td width="34%" align="right" valign="middle" >5</td><td width="34%" align="right" valign="middle" >29</td><td width="7%" colspan="1" align="left" valign="middle" >-</td><td width="4%" colspan="1" align="left" valign="middle" >-</td><td width="5%" colspan="1" align="left" valign="middle" >-</td><td width="2%" align="right" valign="middle" >29</td><td width="5%" colspan="1" align="left" valign="middle" >-</td><td width="3%" align="right" valign="middle" >67907</td><td width="6%" align="right" valign="middle" >42</td></tr><tr><td width="34%" align="right" valign="middle" >6</td><td width="34%" align="right" valign="middle" >70131</td><td width="7%" align="right" valign="middle" >20</td><td width="4%" align="right" valign="middle" >61371</td><td width="5%" align="right" valign="middle" >19</td><td width="2%" align="right" valign="middle" >131502</td><td width="5%" align="right" valign="middle" >19</td><td width="3%" align="right" valign="middle" >18265</td><td width="6%" align="right" valign="middle" >11</td></tr><tr><td width="34%" align="right" valign="middle" >7</td><td width="34%" align="right" valign="middle" >87081</td><td width="7%" align="right" valign="middle" >24</td><td width="4%" align="right" valign="middle" >1400</td><td width="5%" colspan="1" align="left" valign="middle" >-</td><td width="2%" align="right" valign="middle" >88481</td><td width="5%" align="right" valign="middle" >13</td><td width="3%" align="right" valign="middle" >21289</td><td width="6%" align="right" valign="middle" >13</td></tr><tr><td width="34%" colspan="1" align="left" valign="middle" >DAC</td><td width="34%" align="right" valign="middle" >16289</td><td width="7%" align="right" valign="middle" >5</td><td width="4%" align="right" valign="middle" >9680</td><td width="5%" align="right" valign="middle" >3</td><td width="2%" align="right" valign="middle" >25969</td><td width="5%" align="right" valign="middle" >4</td><td width="3%" align="right" valign="middle" >43390</td><td width="6%" align="right" valign="middle" >27</td></tr><tr><td width="34%" ></td><td width="34%" align="right" valign="middle" >357753</td><td width="7%" align="right" valign="middle" >100</td><td width="4%" align="right" valign="middle" >320330</td><td width="5%" align="right" valign="middle" >100</td><td width="2%" align="right" valign="middle" >678083</td><td width="5%" align="right" valign="middle" >100</td><td width="3%" align="right" valign="middle" >162031</td><td width="6%" 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 the year but without specific allowance for impairment.</td></tr><tr><td width="100%" colspan="9" align="left" valign="middle" >Stage 3 includes credit impaired project loans with a specific allowance for impairment.</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="34%" colspan="1" align="left" valign="middle" >DKK’000</td><td width="34%" align="right" valign="middle" >2021</td><td width="7%" align="right" valign="middle" >2020</td><td width="4%" ></td><td width="5%" ></td><td width="2%" ></td><td width="5%" ></td><td width="3%" ></td><td width="6%" ></td></tr><tr><td width="34%" colspan="1" align="left" valign="middle" >Project loans (stage 1)</td><td width="34%" align="right" valign="middle" >61048</td><td width="7%" align="right" valign="middle" >72452</td><td width="4%" ></td><td width="5%" ></td><td width="2%" ></td><td width="5%" ></td><td width="3%" ></td><td width="6%" ></td></tr><tr><td width="34%" colspan="1" align="left" valign="middle" >Project loans (stage 3)</td><td width="34%" align="right" valign="middle" >280471</td><td width="7%" align="right" valign="middle" >247878</td><td width="4%" ></td><td width="5%" ></td><td width="2%" ></td><td width="5%" ></td><td width="3%" ></td><td width="6%" ></td></tr><tr><td width="34%" ></td><td width="34%" align="right" valign="middle" >341879</td><td width="7%" align="right" valign="middle" >320330</td><td width="4%" ></td><td width="5%" ></td><td width="2%" ></td><td width="5%" ></td><td width="3%" ></td><td width="6%" ></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="34%" colspan="1" align="left" valign="middle" >DKK’000</td><td width="34%" align="right" valign="middle" >2021</td><td width="7%" align="right" valign="middle" >2020</td><td width="4%" ></td><td width="5%" ></td><td width="2%" ></td><td width="5%" ></td><td width="3%" ></td><td width="6%" ></td></tr><tr><td width="34%" colspan="1" align="left" valign="middle" >OECD 6</td><td width="34%" align="right" valign="middle" >54606</td><td width="7%" align="right" valign="middle" >61372</td><td width="4%" ></td><td width="5%" ></td><td width="2%" ></td><td width="5%" ></td><td width="3%" ></td><td width="6%" ></td></tr><tr><td width="34%" colspan="1" align="left" valign="middle" >OECD 7</td><td width="34%" align="right" valign="middle" >2858</td><td width="7%" align="right" valign="middle" >1400</td><td width="4%" ></td><td width="5%" ></td><td width="2%" ></td><td width="5%" ></td><td width="3%" ></td><td width="6%" ></td></tr><tr><td width="34%" colspan="1" align="left" valign="middle" >DAC</td><td width="34%" align="right" valign="middle" >3944</td><td width="7%" align="right" valign="middle" >9680</td><td width="4%" ></td><td width="5%" ></td><td width="2%" ></td><td width="5%" ></td><td width="3%" ></td><td width="6%" ></td></tr><tr><td width="34%" ></td><td width="34%" align="right" valign="middle" >61408</td><td width="7%" align="right" valign="middle" >72452</td><td width="4%" ></td><td width="5%" ></td><td width="2%" ></td><td width="5%" ></td><td width="3%" ></td><td width="6%" ></td></tr><tr><td colspan="9"></td></tr><tr><td width="100%" colspan="9" align="left" valign="middle" >The table below shows the distribution according to stages.</td></tr><tr><td width="34%" align="right" valign="middle" >2021</td><td width="34%" ></td><td width="7%" ></td><td width="4%" ></td><td width="5%" ></td><td width="2%" ></td><td width="5%" ></td><td width="3%" ></td><td width="6%" ></td></tr><tr><td width="68%" colspan="2" align="left" valign="middle" >DKK’000</td><td width="7%" colspan="1" align="left" valign="middle" >Allowance for impairment %</td><td width="4%" colspan="1" align="left" valign="middle" >Project loans at cost</td><td width="5%" colspan="1" align="left" valign="middle" >Accumulated allowance for impairment</td><td width="16%" colspan="4" align="left" valign="middle" >Project loans carrying amount 2021</td></tr><tr><td width="68%" colspan="2" align="left" valign="middle" >Project loans (stage 1)</td><td width="7%" align="right" valign="middle" >-2,7</td><td width="4%" align="right" valign="middle" >61408</td><td width="5%" align="right" valign="middle" >-1638</td><td width="2%" align="right" valign="middle" >59770</td><td width="5%" ></td><td width="3%" ></td><td width="6%" ></td></tr><tr><td width="68%" colspan="2" align="left" valign="middle" >Project loans (stage 3)</td><td width="7%" align="right" valign="middle" >-36,9</td><td width="4%" align="right" valign="middle" >280471</td><td width="5%" align="right" valign="middle" >-103463</td><td width="2%" align="right" valign="middle" >177008</td><td width="5%" ></td><td width="3%" ></td><td width="6%" ></td></tr><tr><td width="34%" ></td><td width="34%" ></td><td width="7%" ></td><td width="4%" align="right" valign="middle" >341879</td><td width="5%" align="right" valign="middle" >-105101</td><td width="2%" align="right" valign="middle" >236778</td><td width="5%" ></td><td width="3%" ></td><td width="6%" ></td></tr><tr><td colspan="9"></td></tr><tr><td width="34%" align="right" valign="middle" >2020</td><td width="34%" ></td><td width="7%" ></td><td width="4%" ></td><td width="5%" ></td><td width="2%" ></td><td width="5%" ></td><td width="3%" ></td><td width="6%" ></td></tr><tr><td width="68%" colspan="2" align="left" valign="middle" >DKK’000</td><td width="7%" colspan="1" align="left" valign="middle" >Allowance for impairment %</td><td width="4%" colspan="1" align="left" valign="middle" >Project loans at cost</td><td width="5%" colspan="1" align="left" valign="middle" >Accumulated allowance for impairment</td><td width="16%" colspan="4" align="left" valign="middle" >Project loans carrying amount 2020</td></tr><tr><td width="68%" colspan="2" align="left" valign="middle" >Project loans (stage 1)</td><td width="7%" align="right" valign="middle" >-2,5</td><td width="4%" align="right" valign="middle" >72452</td><td width="5%" align="right" valign="middle" >-1829</td><td width="2%" align="right" valign="middle" >70623</td><td width="5%" ></td><td width="3%" ></td><td width="6%" ></td></tr><tr><td width="68%" colspan="2" align="left" valign="middle" >Project loans (stage 3)</td><td width="7%" align="right" valign="middle" >-27,4</td><td width="4%" align="right" valign="middle" >247878</td><td width="5%" align="right" valign="middle" >-67855</td><td width="2%" align="right" valign="middle" >180023</td><td width="5%" ></td><td width="3%" ></td><td width="6%" ></td></tr><tr><td width="34%" ></td><td width="34%" ></td><td width="7%" ></td><td width="4%" align="right" valign="middle" >320330</td><td width="5%" align="right" valign="middle" >-69684</td><td width="2%" align="right" valign="middle" >250646</td><td width="5%" ></td><td width="3%" ></td><td width="6%" ></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 colspan="9"></td></tr><tr><td width="34%" align="right" valign="middle" >2021</td><td width="34%" ></td><td width="7%" ></td><td width="4%" ></td><td width="5%" ></td><td width="2%" ></td><td width="5%" ></td><td width="3%" ></td><td width="6%" ></td></tr><tr><td width="34%" colspan="1" align="left" valign="middle" >DKK’000</td><td width="34%" colspan="1" align="left" valign="middle" >Stage 1</td><td width="7%" colspan="1" align="left" valign="middle" >Stage 2</td><td width="4%" colspan="1" align="left" valign="middle" >Stage 3</td><td width="21%" colspan="5" align="left" valign="middle" >Total</td></tr><tr><td width="34%" colspan="1" align="left" valign="middle" >Project loans beginning of the year at cost</td><td width="34%" align="right" valign="middle" >72452</td><td width="7%" colspan="1" align="left" valign="middle" >-</td><td width="4%" align="right" valign="middle" >247878</td><td width="5%" align="right" valign="middle" >320330</td><td width="2%" ></td><td width="5%" ></td><td width="3%" ></td><td width="6%" ></td></tr><tr><td width="34%" colspan="1" align="left" valign="middle" >Disbursements during the year</td><td width="34%" align="right" valign="middle" >1293</td><td width="7%" colspan="1" align="left" valign="middle" >-</td><td width="4%" align="right" valign="middle" >6377</td><td width="5%" align="right" valign="middle" >7670</td><td width="2%" ></td><td width="5%" ></td><td width="3%" ></td><td width="6%" ></td></tr><tr><td width="34%" colspan="1" align="left" valign="middle" >Interest and fees converted into project loans during the year</td><td width="34%" colspan="1" align="left" valign="middle" >-</td><td width="7%" colspan="1" align="left" valign="middle" >-</td><td width="4%" align="right" valign="middle" >24749</td><td width="5%" align="right" valign="middle" >24749</td><td width="2%" ></td><td width="5%" ></td><td width="3%" ></td><td width="6%" ></td></tr><tr><td width="34%" colspan="1" align="left" valign="middle" >Repayments during the year</td><td width="34%" align="right" valign="middle" >-12478</td><td width="7%" colspan="1" align="left" valign="middle" >-</td><td width="4%" colspan="1" align="left" valign="middle" >-</td><td width="5%" align="right" valign="middle" >-12478</td><td width="2%" ></td><td width="5%" ></td><td width="3%" ></td><td width="6%" ></td></tr><tr><td width="34%" colspan="1" align="left" valign="middle" >Exchange rate adjustments, project loans</td><td width="34%" align="right" valign="middle" >141</td><td width="7%" colspan="1" align="left" valign="middle" >-</td><td width="4%" align="right" valign="middle" >1467</td><td width="5%" align="right" valign="middle" >1608</td><td width="2%" ></td><td width="5%" ></td><td width="3%" ></td><td width="6%" ></td></tr><tr><td width="34%" colspan="1" align="left" valign="middle" >Project loans end of year at cost before change of stages</td><td width="34%" align="right" valign="middle" >61408</td><td width="7%" colspan="1" align="left" valign="middle" >-</td><td width="4%" align="right" valign="middle" >280471</td><td width="5%" align="right" valign="middle" >341879</td><td width="2%" ></td><td width="5%" ></td><td width="3%" ></td><td width="6%" ></td></tr><tr><td width="34%" colspan="1" align="left" valign="middle" >Change in loan value from stage 1</td><td width="34%" colspan="1" align="left" valign="middle" >-</td><td width="7%" colspan="1" align="left" valign="middle" >-</td><td width="4%" colspan="1" align="left" valign="middle" >-</td><td width="21%" colspan="5" align="left" valign="middle" >-</td></tr><tr><td width="34%" colspan="1" align="left" valign="middle" >Change in loan value from stage 2</td><td width="34%" colspan="1" align="left" valign="middle" >-</td><td width="7%" colspan="1" align="left" valign="middle" >-</td><td width="4%" colspan="1" align="left" valign="middle" >-</td><td width="21%" colspan="5" align="left" valign="middle" >-</td></tr><tr><td width="34%" colspan="1" align="left" valign="middle" >Change in loan value from stage 3</td><td width="34%" colspan="1" align="left" valign="middle" >-</td><td width="7%" colspan="1" align="left" valign="middle" >-</td><td width="4%" colspan="1" align="left" valign="middle" >-</td><td width="21%" colspan="5" align="left" valign="middle" >-</td></tr><tr><td width="34%" colspan="1" align="left" valign="middle" >Project loans end of year at cost</td><td width="34%" align="right" valign="middle" >61408</td><td width="7%" colspan="1" align="left" valign="middle" >-</td><td width="4%" align="right" valign="middle" >280471</td><td width="5%" align="right" valign="middle" >341879</td><td width="2%" ></td><td width="5%" ></td><td width="3%" ></td><td width="6%" ></td></tr><tr><td colspan="9"></td></tr><tr><td width="100%" colspan="9" align="left" valign="middle" >Accumulated value adjustments including allowance for impairment</td></tr><tr><td colspan="9"></td></tr><tr><td width="34%" align="right" valign="middle" >2021</td><td width="34%" ></td><td width="7%" ></td><td width="4%" ></td><td width="5%" ></td><td width="2%" ></td><td width="5%" ></td><td width="3%" ></td><td width="6%" ></td></tr><tr><td width="34%" colspan="1" align="left" valign="middle" >DKK’000</td><td width="34%" colspan="1" align="left" valign="middle" >Stage 1</td><td width="7%" colspan="1" align="left" valign="middle" >Stage 2</td><td width="4%" colspan="1" align="left" valign="middle" >Stage 3</td><td width="21%" colspan="5" align="left" valign="middle" >Total</td></tr><tr><td width="34%" colspan="1" align="left" valign="middle" >Accumulated value adjustments including allowance for impairment beginning of year</td><td width="34%" align="right" valign="middle" >-1829</td><td width="7%" colspan="1" align="left" valign="middle" >-</td><td width="4%" align="right" valign="middle" >-67855</td><td width="5%" align="right" valign="middle" >-69684</td><td width="2%" ></td><td width="5%" ></td><td width="3%" ></td><td width="6%" ></td></tr><tr><td width="34%" colspan="1" align="left" valign="middle" >Value adjustments including allowance for impairment</td><td width="34%" align="right" valign="middle" >191</td><td width="7%" colspan="1" align="left" valign="middle" >-</td><td width="4%" align="right" valign="middle" >-35608</td><td width="5%" align="right" valign="middle" >-35417</td><td width="2%" ></td><td width="5%" ></td><td width="3%" ></td><td width="6%" ></td></tr><tr><td width="34%" colspan="1" align="left" valign="middle" >Accumulated value adjustments including allowance for impairment end of year before changes of stages</td><td width="34%" align="right" valign="middle" >-1638</td><td width="7%" colspan="1" align="left" valign="middle" >-</td><td width="4%" align="right" valign="middle" >-103463</td><td width="5%" align="right" valign="middle" >-105101</td><td width="2%" ></td><td width="5%" ></td><td width="3%" ></td><td width="6%" ></td></tr><tr><td width="34%" colspan="1" align="left" valign="middle" >Change in loan value from stage 1</td><td width="34%" colspan="1" align="left" valign="middle" >-</td><td width="7%" colspan="1" align="left" valign="middle" >-</td><td width="4%" colspan="1" align="left" valign="middle" >-</td><td width="21%" colspan="5" align="left" valign="middle" >-</td></tr><tr><td width="34%" colspan="1" align="left" valign="middle" >Change in loan value from stage 2</td><td width="34%" colspan="1" align="left" valign="middle" >-</td><td width="7%" colspan="1" align="left" valign="middle" >-</td><td width="4%" colspan="1" align="left" valign="middle" >-</td><td width="21%" colspan="5" align="left" valign="middle" >-</td></tr><tr><td width="34%" colspan="1" align="left" valign="middle" >Change in loan value from stage 3</td><td width="34%" colspan="1" align="left" valign="middle" >-</td><td width="7%" colspan="1" align="left" valign="middle" >-</td><td width="4%" colspan="1" align="left" valign="middle" >-</td><td width="21%" colspan="5" align="left" valign="middle" >-</td></tr><tr><td width="34%" colspan="1" align="left" valign="middle" >Accumulated value adjustments including allowance for impairment end of year</td><td width="34%" align="right" valign="middle" >-1638</td><td width="7%" colspan="1" align="left" valign="middle" >-</td><td width="4%" align="right" valign="middle" >-103463</td><td width="5%" align="right" valign="middle" >-105101</td><td width="2%" ></td><td width="5%" ></td><td width="3%" ></td><td width="6%" ></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 colspan="9"></td></tr><tr><td width="34%" align="right" valign="middle" >2020</td><td width="34%" ></td><td width="7%" ></td><td width="4%" ></td><td width="5%" ></td><td width="2%" ></td><td width="5%" ></td><td width="3%" ></td><td width="6%" ></td></tr><tr><td width="34%" colspan="1" align="left" valign="middle" >DKK’000</td><td width="34%" colspan="1" align="left" valign="middle" >Stage 1</td><td width="7%" colspan="1" align="left" valign="middle" >Stage 2</td><td width="4%" colspan="1" align="left" valign="middle" >Stage 3</td><td width="21%" colspan="5" align="left" valign="middle" >Total</td></tr><tr><td width="34%" colspan="1" align="left" valign="middle" >Project loans beginning of the year at cost</td><td width="34%" align="right" valign="middle" >276657</td><td width="7%" align="right" valign="middle" >20448</td><td width="4%" colspan="1" align="left" valign="middle" >-</td><td width="5%" align="right" valign="middle" >297105</td><td width="2%" ></td><td width="5%" ></td><td width="3%" ></td><td width="6%" ></td></tr><tr><td width="34%" colspan="1" align="left" valign="middle" >Disbursements during the year</td><td width="34%" align="right" valign="middle" >10255</td><td width="7%" colspan="1" align="left" valign="middle" >-</td><td width="4%" colspan="1" align="left" valign="middle" >-</td><td width="5%" align="right" valign="middle" >10255</td><td width="2%" ></td><td width="5%" ></td><td width="3%" ></td><td width="6%" ></td></tr><tr><td width="34%" colspan="1" align="left" valign="middle" >Interest and fees converted into project loans during the year</td><td width="34%" align="right" valign="middle" >21386</td><td width="7%" colspan="1" align="left" valign="middle" >-</td><td width="4%" colspan="1" align="left" valign="middle" >-</td><td width="5%" align="right" valign="middle" >21386</td><td width="2%" ></td><td width="5%" ></td><td width="3%" ></td><td width="6%" ></td></tr><tr><td width="34%" colspan="1" align="left" valign="middle" >Repayments during the year</td><td width="34%" align="right" valign="middle" >-5371</td><td width="7%" colspan="1" align="left" valign="middle" >-</td><td width="4%" colspan="1" align="left" valign="middle" >-</td><td width="5%" align="right" valign="middle" >-5371</td><td width="2%" ></td><td width="5%" ></td><td width="3%" ></td><td width="6%" ></td></tr><tr><td width="34%" colspan="1" align="left" valign="middle" >Exchange rate adjustments, project loans</td><td width="34%" align="right" valign="middle" >-1151</td><td width="7%" align="right" valign="middle" >-1894</td><td width="4%" colspan="1" align="left" valign="middle" >-</td><td width="5%" align="right" valign="middle" >-3045</td><td width="2%" ></td><td width="5%" ></td><td width="3%" ></td><td width="6%" ></td></tr><tr><td width="34%" colspan="1" align="left" valign="middle" >Project loans end of year at cost before change of stages</td><td width="34%" align="right" valign="middle" >301776</td><td width="7%" align="right" valign="middle" >18554</td><td width="4%" colspan="1" align="left" valign="middle" >-</td><td width="5%" align="right" valign="middle" >320330</td><td width="2%" ></td><td width="5%" ></td><td width="3%" ></td><td width="6%" ></td></tr><tr><td width="34%" colspan="1" align="left" valign="middle" >Change in loan value from stage 1</td><td width="34%" align="right" valign="middle" >-229324</td><td width="7%" colspan="1" align="left" valign="middle" >-</td><td width="4%" align="right" valign="middle" >229324</td><td width="21%" colspan="5" align="left" valign="middle" >-</td></tr><tr><td width="34%" colspan="1" align="left" valign="middle" >Change in loan value from stage 2</td><td width="34%" colspan="1" align="left" valign="middle" >-</td><td width="7%" align="right" valign="middle" >-18554</td><td width="4%" align="right" valign="middle" >18554</td><td width="21%" colspan="5" align="left" valign="middle" >-</td></tr><tr><td width="34%" colspan="1" align="left" valign="middle" >Change in loan value from stage 3</td><td width="34%" colspan="1" align="left" valign="middle" >-</td><td width="7%" colspan="1" align="left" valign="middle" >-</td><td width="4%" colspan="1" align="left" valign="middle" >-</td><td width="21%" colspan="5" align="left" valign="middle" >-</td></tr><tr><td width="34%" colspan="1" align="left" valign="middle" >Project loans end of year at cost</td><td width="34%" align="right" valign="middle" >72452</td><td width="7%" colspan="1" align="left" valign="middle" >-</td><td width="4%" align="right" valign="middle" >247878</td><td width="5%" align="right" valign="middle" >320330</td><td width="2%" ></td><td width="5%" ></td><td width="3%" ></td><td width="6%" ></td></tr><tr><td colspan="9"></td></tr><tr><td width="100%" colspan="9" align="left" valign="middle" >Accumulated value adjustments including allowance for impairment</td></tr><tr><td colspan="9"></td></tr><tr><td width="34%" align="right" valign="middle" >2020</td><td width="34%" ></td><td width="7%" ></td><td width="4%" ></td><td width="5%" ></td><td width="2%" ></td><td width="5%" ></td><td width="3%" ></td><td width="6%" ></td></tr><tr><td width="34%" colspan="1" align="left" valign="middle" >DKK’000</td><td width="34%" colspan="1" align="left" valign="middle" >Stage 1</td><td width="7%" colspan="1" align="left" valign="middle" >Stage 2</td><td width="4%" colspan="1" align="left" valign="middle" >Stage 3</td><td width="21%" colspan="5" align="left" valign="middle" >Total</td></tr><tr><td width="34%" colspan="1" align="left" valign="middle" >Accumulated value adjustments including allowance for impairment beginning of year</td><td width="34%" align="right" valign="middle" >-746</td><td width="7%" align="right" valign="middle" >-204</td><td width="4%" colspan="1" align="left" valign="middle" >-</td><td width="5%" align="right" valign="middle" >-950</td><td width="2%" ></td><td width="5%" ></td><td width="3%" ></td><td width="6%" ></td></tr><tr><td width="34%" colspan="1" align="left" valign="middle" >Value adjustments including allowance for impairment</td><td width="34%" align="right" valign="middle" >-1083</td><td width="7%" align="right" valign="middle" >204</td><td width="4%" colspan="1" align="left" valign="middle" >-</td><td width="5%" align="right" valign="middle" >-879</td><td width="2%" ></td><td width="5%" ></td><td width="3%" ></td><td width="6%" ></td></tr><tr><td width="34%" colspan="1" align="left" valign="middle" >Accumulated value adjustments including allowance for impairment end of year before changes of stages</td><td width="34%" align="right" valign="middle" >-1829</td><td width="7%" colspan="1" align="left" valign="middle" >-</td><td width="4%" colspan="1" align="left" valign="middle" >-</td><td width="5%" align="right" valign="middle" >-1829</td><td width="2%" ></td><td width="5%" ></td><td width="3%" ></td><td width="6%" ></td></tr><tr><td width="34%" colspan="1" align="left" valign="middle" >Change in loan value from stage 1</td><td width="34%" colspan="1" align="left" valign="middle" >-</td><td width="7%" colspan="1" align="left" valign="middle" >-</td><td width="4%" align="right" valign="middle" >-61917</td><td width="5%" align="right" valign="middle" >-61917</td><td width="2%" ></td><td width="5%" ></td><td width="3%" ></td><td width="6%" ></td></tr><tr><td width="34%" colspan="1" align="left" valign="middle" >Change in loan value from stage 2</td><td width="34%" colspan="1" align="left" valign="middle" >-</td><td width="7%" colspan="1" align="left" valign="middle" >-</td><td width="4%" align="right" valign="middle" >-5938</td><td width="5%" align="right" valign="middle" >-5938</td><td width="2%" ></td><td width="5%" ></td><td width="3%" ></td><td width="6%" ></td></tr><tr><td width="34%" colspan="1" align="left" valign="middle" >Change in loan value from stage 3</td><td width="34%" colspan="1" align="left" valign="middle" >-</td><td width="7%" colspan="1" align="left" valign="middle" >-</td><td width="4%" colspan="1" align="left" valign="middle" >-</td><td width="21%" colspan="5" align="left" valign="middle" >-</td></tr><tr><td width="34%" colspan="1" align="left" valign="middle" >Accumulated value adjustments including allowance for impairment end of year</td><td width="34%" align="right" valign="middle" >-1829</td><td width="7%" colspan="1" align="left" valign="middle" >-</td><td width="4%" align="right" valign="middle" >-67855</td><td width="5%" align="right" valign="middle" >-69684</td><td width="2%" ></td><td width="5%" ></td><td width="3%" ></td><td width="6%" ></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 DCIF.</td></tr><tr><td width="34%" ></td><td width="34%" align="right" valign="middle" >2021</td><td width="7%" ></td><td width="4%" align="right" valign="middle" >2020</td><td width="5%" ></td><td width="2%" ></td><td width="5%" ></td><td width="3%" ></td><td width="6%" ></td></tr><tr><td width="34%" colspan="1" align="left" valign="middle" >DKK’000</td><td width="34%" colspan="1" align="left" valign="middle" >Carrying amount</td><td width="7%" colspan="1" align="left" valign="middle" >Maximum credit exposure (contractual cash flow)</td><td width="4%" colspan="1" align="left" valign="middle" >Carrying amount</td><td width="21%" colspan="5" align="left" valign="middle" >Maximum credit exposure (contractual cash flow)</td></tr><tr><td width="34%" colspan="1" align="left" valign="middle" >Project loans</td><td width="34%" align="right" valign="middle" >236778</td><td width="7%" align="right" valign="middle" >341879</td><td width="4%" align="right" valign="middle" >250646</td><td width="5%" align="right" valign="middle" >320330</td><td width="2%" ></td><td width="5%" ></td><td width="3%" ></td><td width="6%" ></td></tr><tr><td width="34%" colspan="1" align="left" valign="middle" >Interest receivable related to projects</td><td width="34%" align="right" valign="middle" >28939</td><td width="7%" align="right" valign="middle" >28939</td><td width="4%" align="right" valign="middle" >24919</td><td width="5%" align="right" valign="middle" >24919</td><td width="2%" ></td><td width="5%" ></td><td width="3%" ></td><td width="6%" ></td></tr><tr><td width="34%" colspan="1" align="left" valign="middle" >Other receivables</td><td width="34%" align="right" valign="middle" >2555</td><td width="7%" align="right" valign="middle" >2555</td><td width="4%" align="right" valign="middle" >2691</td><td width="5%" align="right" valign="middle" >2691</td><td width="2%" ></td><td width="5%" ></td><td width="3%" ></td><td width="6%" ></td></tr><tr><td width="34%" colspan="1" align="left" valign="middle" >Cash</td><td width="34%" align="right" valign="middle" >3711</td><td width="7%" align="right" valign="middle" >3711</td><td width="4%" align="right" valign="middle" >8264</td><td width="5%" align="right" valign="middle" >8264</td><td width="2%" ></td><td width="5%" ></td><td width="3%" ></td><td width="6%" ></td></tr><tr><td width="34%" colspan="1" align="left" valign="middle" >Commitments</td><td width="34%" colspan="1" align="left" valign="middle" >-</td><td width="7%" align="right" valign="middle" >40167</td><td width="4%" colspan="1" align="left" valign="middle" >-</td><td width="5%" align="right" valign="middle" >69042</td><td width="2%" ></td><td width="5%" ></td><td width="3%" ></td><td width="6%" ></td></tr><tr><td width="34%" ></td><td width="34%" align="right" valign="middle" >271983</td><td width="7%" align="right" valign="middle" >417251</td><td width="4%" align="right" valign="middle" >286520</td><td width="5%" align="right" valign="middle" >425246</td><td width="2%" ></td><td width="5%" ></td><td width="3%" ></td><td width="6%" ></td></tr><tr><td colspan="9"></td></tr><tr><td width="100%" colspan="9" align="left" valign="middle" >Description of collateral held and fair value hereof (accessibility of pledged assets for project loans)</td></tr><tr><td width="100%" colspan="9" align="left" valign="middle" >In a number of cases DCIF has received securities to minimise credit exposure. DCIF has received the following types of securities</td></tr><tr><td width="100%" colspan="9" align="left" valign="middle" >Pledges</td></tr><tr><td width="100%" colspan="9" align="left" valign="middle" >The fair value of the pledges is DKK 17 million (2020: DKK 24 million).</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="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" >DCIF is exposed to currency risk through its investments that are denominated in currencies other than the functional currency (DKK). DCIF does not hedge currency exposure in share capital investments, as 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, DCIF does not hedge its foreign currency loan investments as these are typically provided pro rata with share capital investments or otherwise carries risk associated with share capital. DCIF 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 DCIF had significant direct 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 DCIF has no assets classified as available-for-sale.</td></tr><tr><td colspan="8"></td></tr><tr><td width="35%" align="right" valign="middle" >2021</td><td width="35%" ></td><td width="7%" ></td><td width="4%" ></td><td width="5%" ></td><td width="3%" ></td><td width="5%" ></td><td width="6%" ></td></tr><tr><td width="35%" colspan="1" align="left" valign="middle" >DKK’000</td><td width="35%" colspan="1" align="left" valign="middle" >Project loans</td><td width="7%" colspan="1" align="left" valign="middle" >Interest receivables</td><td width="4%" colspan="1" align="left" valign="middle" >Other project related receivables</td><td width="5%" colspan="1" align="left" valign="middle" >Other project related debt</td><td width="3%" colspan="1" align="left" valign="middle" >Net exposure</td><td width="5%" colspan="1" align="left" valign="middle" >Increase in foreign exchange rates</td><td width="6%" colspan="1" align="left" valign="middle" >Effect on profit or loss</td></tr><tr><td width="35%" colspan="1" align="left" valign="middle" >USD</td><td width="35%" align="right" valign="middle" >22954</td><td width="7%" align="right" valign="middle" >1555</td><td width="4%" colspan="1" align="left" valign="middle" >-</td><td width="5%" colspan="1" align="left" valign="middle" >-</td><td width="3%" align="right" valign="middle" >24509</td><td width="5%" align="right" valign="middle" >10,00%</td><td width="6%" align="right" valign="middle" >2451</td></tr><tr><td width="35%" colspan="1" align="left" valign="middle" >EUR</td><td width="35%" align="right" valign="middle" >296754</td><td width="7%" align="right" valign="middle" >21394</td><td width="4%" colspan="1" align="left" valign="middle" >-</td><td width="5%" colspan="1" align="left" valign="middle" >-</td><td width="3%" align="right" valign="middle" >318148</td><td width="5%" align="right" valign="middle" >1,00%</td><td width="6%" align="right" valign="middle" >3181</td></tr><tr><td width="35%" colspan="1" align="left" valign="middle" >DKK</td><td width="35%" align="right" valign="middle" >22171</td><td width="7%" align="right" valign="middle" >5990</td><td width="4%" colspan="1" align="left" valign="middle" >-</td><td width="5%" colspan="1" align="left" valign="middle" >-</td><td width="3%" align="right" valign="middle" >28161</td><td width="5%" colspan="1" align="left" valign="middle" >N/A</td><td width="6%" colspan="1" align="left" valign="middle" >-</td></tr><tr><td width="35%" ></td><td width="35%" align="right" valign="middle" >341879</td><td width="7%" align="right" valign="middle" >28939</td><td width="4%" colspan="1" align="left" valign="middle" >-</td><td width="5%" colspan="1" align="left" valign="middle" >-</td><td width="3%" align="right" valign="middle" >370818</td><td width="5%" ></td><td width="6%" ></td></tr><tr><td colspan="8"></td></tr><tr><td width="35%" align="right" valign="middle" >2020</td><td width="35%" ></td><td width="7%" ></td><td width="4%" ></td><td width="5%" ></td><td width="3%" ></td><td width="5%" ></td><td width="6%" ></td></tr><tr><td width="35%" colspan="1" align="left" valign="middle" >DKK’000</td><td width="35%" colspan="1" align="left" valign="middle" >Project loans</td><td width="7%" colspan="1" align="left" valign="middle" >Interest receivables</td><td width="4%" colspan="1" align="left" valign="middle" >Other project related receivables</td><td width="5%" colspan="1" align="left" valign="middle" >Other project related debt</td><td width="3%" colspan="1" align="left" valign="middle" >Net exposure</td><td width="5%" colspan="1" align="left" valign="middle" >Increase in foreign exchange rates</td><td width="6%" colspan="1" align="left" valign="middle" >Effect on profit or loss</td></tr><tr><td width="35%" colspan="1" align="left" valign="middle" >USD</td><td width="35%" align="right" valign="middle" >19954</td><td width="7%" align="right" valign="middle" >1327</td><td width="4%" colspan="1" align="left" valign="middle" >-</td><td width="5%" colspan="1" align="left" valign="middle" >-</td><td width="3%" align="right" valign="middle" >21281</td><td width="5%" align="right" valign="middle" >10,00%</td><td width="6%" align="right" valign="middle" >2128</td></tr><tr><td width="35%" colspan="1" align="left" valign="middle" >EUR</td><td width="35%" align="right" valign="middle" >261296</td><td width="7%" align="right" valign="middle" >17137</td><td width="4%" colspan="1" align="left" valign="middle" >-</td><td width="5%" colspan="1" align="left" valign="middle" >-</td><td width="3%" align="right" valign="middle" >278433</td><td width="5%" align="right" valign="middle" >1,00%</td><td width="6%" align="right" valign="middle" >2784</td></tr><tr><td width="35%" colspan="1" align="left" valign="middle" >DKK</td><td width="35%" align="right" valign="middle" >39080</td><td width="7%" align="right" valign="middle" >6455</td><td width="4%" colspan="1" align="left" valign="middle" >-</td><td width="5%" colspan="1" align="left" valign="middle" >-</td><td width="3%" align="right" valign="middle" >45535</td><td width="5%" colspan="1" align="left" valign="middle" >N/A</td><td width="6%" colspan="1" align="left" valign="middle" >-</td></tr><tr><td width="35%" ></td><td width="35%" align="right" valign="middle" >320330</td><td width="7%" align="right" valign="middle" >24919</td><td width="4%" colspan="1" align="left" valign="middle" >-</td><td width="5%" colspan="1" align="left" valign="middle" >-</td><td width="3%" align="right" valign="middle" >345249</td><td width="5%" ></td><td width="6%" ></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 DCIF'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></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="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 DCIF will encounter difficulty in meeting financial obligations.</td></tr><tr><td width="100%" colspan="8" align="left" valign="middle" >DCIF's primary exposure to liquidity risk arises from commitments to disburse share capital investments and project loans.</td></tr><tr><td width="100%" colspan="8" align="left" valign="middle" >To meet these and other obligations, DCIF depends on its limited partners being able to honour their commitments to DCIF. A DKK 50 million credit facility is in place to cover unexpected negative short-term fluctuations in cash flows. At year-end, DKK 50 million was available for drawing.</td></tr><tr><td width="100%" colspan="8" align="left" valign="middle" >For information of 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="35%" align="right" valign="middle" >2021</td><td width="35%" ></td><td width="7%" ></td><td width="4%" ></td><td width="5%" ></td><td width="3%" ></td><td width="5%" ></td><td width="6%" ></td></tr><tr><td width="35%" colspan="1" align="left" valign="middle" >DKK’000</td><td width="35%" colspan="1" align="left" valign="middle" >Carrying amount</td><td width="7%" colspan="1" align="left" valign="middle" >Contractual cash flows</td><td width="4%" colspan="1" align="left" valign="middle" >On demand</td><td width="5%" colspan="1" align="left" valign="middle" >0-1 year</td><td width="3%" colspan="1" align="left" valign="middle" >1-5 years</td><td width="5%" colspan="1" align="left" valign="middle" >Over 5 years</td><td width="6%" 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="35%" colspan="1" align="left" valign="middle" >Project loans</td><td width="35%" align="right" valign="middle" >236778</td><td width="7%" align="right" valign="middle" >341879</td><td width="4%" align="right" valign="middle" >24612</td><td width="5%" align="right" valign="middle" >42900</td><td width="3%" align="right" valign="middle" >267287</td><td width="5%" align="right" valign="middle" >7080</td><td width="6%" colspan="1" align="left" valign="middle" >-</td></tr><tr><td width="35%" colspan="1" align="left" valign="middle" >Interest receivables related to projects</td><td width="35%" align="right" valign="middle" >28939</td><td width="7%" align="right" valign="middle" >28939</td><td width="4%" align="right" valign="middle" >28939</td><td width="5%" colspan="1" align="left" valign="middle" >-</td><td width="3%" colspan="1" align="left" valign="middle" >-</td><td width="5%" colspan="1" align="left" valign="middle" >-</td><td width="6%" colspan="1" align="left" valign="middle" >-</td></tr><tr><td width="35%" colspan="1" align="left" valign="middle" >Other receivables</td><td width="35%" align="right" valign="middle" >2555</td><td width="7%" align="right" valign="middle" >2555</td><td width="4%" colspan="1" align="left" valign="middle" >-</td><td width="5%" align="right" valign="middle" >2555</td><td width="3%" colspan="1" align="left" valign="middle" >-</td><td width="5%" colspan="1" align="left" valign="middle" >-</td><td width="6%" colspan="1" align="left" valign="middle" >-</td></tr><tr><td width="35%" colspan="1" align="left" valign="middle" >Cash and cash equivalents</td><td width="35%" align="right" valign="middle" >3711</td><td width="7%" align="right" valign="middle" >3711</td><td width="4%" align="right" valign="middle" >3711</td><td width="5%" colspan="1" align="left" valign="middle" >-</td><td width="3%" colspan="1" align="left" valign="middle" >-</td><td width="5%" colspan="1" align="left" valign="middle" >-</td><td width="6%" colspan="1" align="left" valign="middle" >-</td></tr><tr><td width="35%" colspan="1" align="left" valign="middle" >Total assets</td><td width="35%" align="right" valign="middle" >271983</td><td width="7%" align="right" valign="middle" >377085</td><td width="4%" align="right" valign="middle" >57262</td><td width="5%" align="right" valign="middle" >45456</td><td width="3%" align="right" valign="middle" >267287</td><td width="5%" align="right" valign="middle" >7080</td><td width="6%" 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="35%" colspan="1" align="left" valign="middle" >Drawn on bank credit facility</td><td width="35%" align="right" valign="middle" >2</td><td width="7%" align="right" valign="middle" >2</td><td width="4%" colspan="1" align="left" valign="middle" >-</td><td width="5%" align="right" valign="middle" >2</td><td width="3%" colspan="1" align="left" valign="middle" >-</td><td width="5%" colspan="1" align="left" valign="middle" >-</td><td width="6%" colspan="1" align="left" valign="middle" >-</td></tr><tr><td width="35%" colspan="1" align="left" valign="middle" >Other current liabilities</td><td width="35%" align="right" valign="middle" >119</td><td width="7%" align="right" valign="middle" >119</td><td width="4%" colspan="1" align="left" valign="middle" >-</td><td width="5%" align="right" valign="middle" >119</td><td width="3%" colspan="1" align="left" valign="middle" >-</td><td width="5%" colspan="1" align="left" valign="middle" >-</td><td width="6%" colspan="1" align="left" valign="middle" >-</td></tr><tr><td width="35%" colspan="1" align="left" valign="middle" >Total liabilities</td><td width="35%" align="right" valign="middle" >121</td><td width="7%" align="right" valign="middle" >121</td><td width="4%" colspan="1" align="left" valign="middle" >-</td><td width="5%" align="right" valign="middle" >121</td><td width="3%" colspan="1" align="left" valign="middle" >-</td><td width="5%" colspan="1" align="left" valign="middle" >-</td><td width="6%" 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="35%" colspan="1" align="left" valign="middle" >Guarantees</td><td width="35%" colspan="1" align="left" valign="middle" >-</td><td width="7%" align="right" valign="middle" >37877</td><td width="4%" colspan="1" align="left" valign="middle" >-</td><td width="5%" colspan="1" align="left" valign="middle" >-</td><td width="3%" colspan="1" align="left" valign="middle" >-</td><td width="5%" colspan="1" align="left" valign="middle" >-</td><td width="6%" align="right" valign="middle" >37877</td></tr><tr><td width="35%" colspan="1" align="left" valign="middle" >Amounts payable on share capital and loan agreements</td><td width="35%" colspan="1" align="left" valign="middle" >-</td><td width="7%" align="right" valign="middle" >96561</td><td width="4%" align="right" valign="middle" >96561</td><td width="5%" colspan="1" align="left" valign="middle" >-</td><td width="3%" colspan="1" align="left" valign="middle" >-</td><td width="5%" colspan="1" align="left" valign="middle" >-</td><td width="6%" colspan="1" align="left" valign="middle" >-</td></tr><tr><td width="35%" colspan="1" align="left" valign="middle" >Total off-balance</td><td width="35%" colspan="1" align="left" valign="middle" >-</td><td width="7%" align="right" valign="middle" >134438</td><td width="4%" align="right" valign="middle" >96561</td><td width="5%" colspan="1" align="left" valign="middle" >-</td><td width="3%" colspan="1" align="left" valign="middle" >-</td><td width="5%" colspan="1" align="left" valign="middle" >-</td><td width="6%" align="right" valign="middle" >37877</td></tr><tr><td colspan="8"></td></tr><tr><td width="35%" align="right" valign="middle" >2020</td><td width="35%" ></td><td width="7%" ></td><td width="4%" ></td><td width="5%" ></td><td width="3%" ></td><td width="5%" ></td><td width="6%" ></td></tr><tr><td width="35%" colspan="1" align="left" valign="middle" >DKK’000</td><td width="35%" colspan="1" align="left" valign="middle" >Carrying amount</td><td width="7%" colspan="1" align="left" valign="middle" >Contractual cash flows</td><td width="4%" colspan="1" align="left" valign="middle" >On demand</td><td width="5%" colspan="1" align="left" valign="middle" >0-1 year</td><td width="3%" colspan="1" align="left" valign="middle" >1-5 years</td><td width="5%" colspan="1" align="left" valign="middle" >Over 5 years</td><td width="6%" 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="35%" colspan="1" align="left" valign="middle" >Project loans</td><td width="35%" align="right" valign="middle" >250646</td><td width="7%" align="right" valign="middle" >320330</td><td width="4%" align="right" valign="middle" >17913</td><td width="5%" align="right" valign="middle" >7772</td><td width="3%" align="right" valign="middle" >274953</td><td width="5%" align="right" valign="middle" >19692</td><td width="6%" colspan="1" align="left" valign="middle" >-</td></tr><tr><td width="35%" colspan="1" align="left" valign="middle" >Interest receivables related to projects</td><td width="35%" align="right" valign="middle" >24919</td><td width="7%" align="right" valign="middle" >24919</td><td width="4%" align="right" valign="middle" >24919</td><td width="5%" colspan="1" align="left" valign="middle" >-</td><td width="3%" colspan="1" align="left" valign="middle" >-</td><td width="5%" colspan="1" align="left" valign="middle" >-</td><td width="6%" colspan="1" align="left" valign="middle" >-</td></tr><tr><td width="35%" colspan="1" align="left" valign="middle" >Other receivables</td><td width="35%" align="right" valign="middle" >2691</td><td width="7%" align="right" valign="middle" >2691</td><td width="4%" colspan="1" align="left" valign="middle" >-</td><td width="5%" align="right" valign="middle" >2691</td><td width="3%" colspan="1" align="left" valign="middle" >-</td><td width="5%" colspan="1" align="left" valign="middle" >-</td><td width="6%" colspan="1" align="left" valign="middle" >-</td></tr><tr><td width="35%" colspan="1" align="left" valign="middle" >Cash and cash equivalents</td><td width="35%" align="right" valign="middle" >8264</td><td width="7%" align="right" valign="middle" >8264</td><td width="4%" align="right" valign="middle" >8264</td><td width="5%" colspan="1" align="left" valign="middle" >-</td><td width="3%" colspan="1" align="left" valign="middle" >-</td><td width="5%" colspan="1" align="left" valign="middle" >-</td><td width="6%" colspan="1" align="left" valign="middle" >-</td></tr><tr><td width="35%" colspan="1" align="left" valign="middle" >Total assets</td><td width="35%" align="right" valign="middle" >286520</td><td width="7%" align="right" valign="middle" >356204</td><td width="4%" align="right" valign="middle" >51096</td><td width="5%" align="right" valign="middle" >10463</td><td width="3%" align="right" valign="middle" >274953</td><td width="5%" align="right" valign="middle" >19692</td><td width="6%" 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="35%" colspan="1" align="left" valign="middle" >Drawn on bank credit facility</td><td width="35%" align="right" valign="middle" >1</td><td width="7%" align="right" valign="middle" >1</td><td width="4%" colspan="1" align="left" valign="middle" >-</td><td width="5%" align="right" valign="middle" >1</td><td width="3%" colspan="1" align="left" valign="middle" >-</td><td width="5%" colspan="1" align="left" valign="middle" >-</td><td width="6%" colspan="1" align="left" valign="middle" >-</td></tr><tr><td width="35%" colspan="1" align="left" valign="middle" >Other current liabilities</td><td width="35%" align="right" valign="middle" >135</td><td width="7%" align="right" valign="middle" >135</td><td width="4%" align="right" valign="middle" >135</td><td width="5%" colspan="1" align="left" valign="middle" >-</td><td width="3%" colspan="1" align="left" valign="middle" >-</td><td width="5%" colspan="1" align="left" valign="middle" >-</td><td width="6%" colspan="1" align="left" valign="middle" >-</td></tr><tr><td width="35%" colspan="1" align="left" valign="middle" >Total liabilities</td><td width="35%" align="right" valign="middle" >136</td><td width="7%" align="right" valign="middle" >136</td><td width="4%" align="right" valign="middle" >135</td><td width="5%" align="right" valign="middle" >1</td><td width="3%" colspan="1" align="left" valign="middle" >-</td><td width="5%" colspan="1" align="left" valign="middle" >-</td><td width="6%" 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="35%" colspan="1" align="left" valign="middle" >Guarantees</td><td width="35%" colspan="1" align="left" valign="middle" >-</td><td width="7%" align="right" valign="middle" >59490</td><td width="4%" colspan="1" align="left" valign="middle" >-</td><td width="5%" colspan="1" align="left" valign="middle" >-</td><td width="3%" colspan="1" align="left" valign="middle" >-</td><td width="5%" colspan="1" align="left" valign="middle" >-</td><td width="6%" align="right" valign="middle" >59490</td></tr><tr><td width="35%" colspan="1" align="left" valign="middle" >Amounts payable on share capital and loan agreements</td><td width="35%" colspan="1" align="left" valign="middle" >-</td><td width="7%" align="right" valign="middle" >102541</td><td width="4%" align="right" valign="middle" >102541</td><td width="5%" colspan="1" align="left" valign="middle" >-</td><td width="3%" colspan="1" align="left" valign="middle" >-</td><td width="5%" colspan="1" align="left" valign="middle" >-</td><td width="6%" colspan="1" align="left" valign="middle" >-</td></tr><tr><td width="35%" colspan="1" align="left" valign="middle" >Total off-balance</td><td width="35%" colspan="1" align="left" valign="middle" >-</td><td width="7%" align="right" valign="middle" >162031</td><td width="4%" align="right" valign="middle" >102541</td><td width="5%" colspan="1" align="left" valign="middle" >-</td><td width="3%" colspan="1" align="left" valign="middle" >-</td><td width="5%" colspan="1" align="left" valign="middle" >-</td><td width="6%" align="right" valign="middle" >59490</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="5" align="left" valign="middle" >Classification of financial instruments</td></tr><tr><td width="100%" colspan="5" 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="5"></td></tr><tr><td width="39%" align="right" valign="middle" >2021</td><td width="39%" ></td><td width="8%" ></td><td width="5%" ></td><td width="9%" ></td></tr><tr><td width="39%" colspan="1" align="left" valign="middle" >DKK’000</td><td width="39%" colspan="1" align="left" valign="middle" >Designated at fair value through profit and loss</td><td width="8%" colspan="1" align="left" valign="middle" >Loans and receivables at amortised cost</td><td width="5%" colspan="1" align="left" valign="middle" >Other liabilities at amortised cost</td><td width="9%" colspan="1" align="left" valign="middle" >Total</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Financial assets</td></tr><tr><td width="39%" colspan="1" align="left" valign="middle" >Share capital investment in projects</td><td width="39%" align="right" valign="middle" >377637</td><td width="8%" colspan="1" align="left" valign="middle" >-</td><td width="5%" colspan="1" align="left" valign="middle" >-</td><td width="9%" align="right" valign="middle" >377637</td></tr><tr><td width="39%" colspan="1" align="left" valign="middle" >Project loans</td><td width="39%" colspan="1" align="left" valign="middle" >-</td><td width="8%" align="right" valign="middle" >236778</td><td width="5%" colspan="1" align="left" valign="middle" >-</td><td width="9%" align="right" valign="middle" >236778</td></tr><tr><td width="39%" colspan="1" align="left" valign="middle" >Interest receivables related to projects</td><td width="39%" colspan="1" align="left" valign="middle" >-</td><td width="8%" align="right" valign="middle" >28939</td><td width="5%" colspan="1" align="left" valign="middle" >-</td><td width="9%" align="right" valign="middle" >28939</td></tr><tr><td width="39%" colspan="1" align="left" valign="middle" >Other receivables</td><td width="39%" colspan="1" align="left" valign="middle" >-</td><td width="8%" align="right" valign="middle" >2555</td><td width="5%" colspan="1" align="left" valign="middle" >-</td><td width="9%" align="right" valign="middle" >2555</td></tr><tr><td width="39%" colspan="1" align="left" valign="middle" >Cash and cash equivalents</td><td width="39%" colspan="1" align="left" valign="middle" >-</td><td width="8%" align="right" valign="middle" >3711</td><td width="5%" colspan="1" align="left" valign="middle" >-</td><td width="9%" align="right" valign="middle" >3711</td></tr><tr><td width="39%" colspan="1" align="left" valign="middle" >Total financial assets</td><td width="39%" align="right" valign="middle" >377637</td><td width="8%" align="right" valign="middle" >271983</td><td width="5%" colspan="1" align="left" valign="middle" >-</td><td width="9%" align="right" valign="middle" >649620</td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Financial liabilities</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Current liabilities</td></tr><tr><td width="39%" colspan="1" align="left" valign="middle" >Other current liabilities</td><td width="39%" colspan="1" align="left" valign="middle" >-</td><td width="8%" colspan="1" align="left" valign="middle" >-</td><td width="5%" align="right" valign="middle" >121</td><td width="9%" align="right" valign="middle" >121</td></tr><tr><td width="39%" colspan="1" align="left" valign="middle" >Total financial liabilities</td><td width="39%" colspan="1" align="left" valign="middle" >-</td><td width="8%" colspan="1" align="left" valign="middle" >-</td><td width="5%" align="right" valign="middle" >121</td><td width="9%" align="right" valign="middle" >121</td></tr><tr><td colspan="5"></td></tr><tr><td width="39%" align="right" valign="middle" >2020</td><td width="39%" ></td><td width="8%" ></td><td width="5%" ></td><td width="9%" ></td></tr><tr><td width="39%" colspan="1" align="left" valign="middle" >DKK’000</td><td width="39%" colspan="1" align="left" valign="middle" >Designated at fair value through profit and loss</td><td width="8%" colspan="1" align="left" valign="middle" >Loans and receivables at amortised cost</td><td width="5%" colspan="1" align="left" valign="middle" >Other liabilities at amortised cost</td><td width="9%" colspan="1" align="left" valign="middle" >Total</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Financial assets</td></tr><tr><td width="39%" colspan="1" align="left" valign="middle" >Share capital investment in projects</td><td width="39%" align="right" valign="middle" >415784</td><td width="8%" colspan="1" align="left" valign="middle" >-</td><td width="5%" colspan="1" align="left" valign="middle" >-</td><td width="9%" align="right" valign="middle" >415784</td></tr><tr><td width="39%" colspan="1" align="left" valign="middle" >Project loans</td><td width="39%" colspan="1" align="left" valign="middle" >-</td><td width="8%" align="right" valign="middle" >250646</td><td width="5%" colspan="1" align="left" valign="middle" >-</td><td width="9%" align="right" valign="middle" >250646</td></tr><tr><td width="39%" colspan="1" align="left" valign="middle" >Interest receivables related to projects</td><td width="39%" colspan="1" align="left" valign="middle" >-</td><td width="8%" align="right" valign="middle" >24919</td><td width="5%" colspan="1" align="left" valign="middle" >-</td><td width="9%" align="right" valign="middle" >24919</td></tr><tr><td width="39%" colspan="1" align="left" valign="middle" >Other receivables</td><td width="39%" colspan="1" align="left" valign="middle" >-</td><td width="8%" align="right" valign="middle" >2691</td><td width="5%" colspan="1" align="left" valign="middle" >-</td><td width="9%" align="right" valign="middle" >2691</td></tr><tr><td width="39%" colspan="1" align="left" valign="middle" >Cash and cash equivalents</td><td width="39%" colspan="1" align="left" valign="middle" >-</td><td width="8%" align="right" valign="middle" >8264</td><td width="5%" colspan="1" align="left" valign="middle" >-</td><td width="9%" align="right" valign="middle" >8264</td></tr><tr><td width="39%" colspan="1" align="left" valign="middle" >Total financial assets</td><td width="39%" align="right" valign="middle" >415784</td><td width="8%" align="right" valign="middle" >286520</td><td width="5%" colspan="1" align="left" valign="middle" >-</td><td width="9%" align="right" valign="middle" >702304</td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Financial liabilities</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Current liabilities</td></tr><tr><td width="39%" colspan="1" align="left" valign="middle" >Other current liabilities</td><td width="39%" colspan="1" align="left" valign="middle" >-</td><td width="8%" colspan="1" align="left" valign="middle" >-</td><td width="5%" align="right" valign="middle" >136</td><td width="9%" align="right" valign="middle" >136</td></tr><tr><td width="39%" colspan="1" align="left" valign="middle" >Total financial liabilities</td><td width="39%" colspan="1" align="left" valign="middle" >-</td><td width="8%" colspan="1" align="left" valign="middle" >-</td><td width="5%" align="right" valign="middle" >136</td><td width="9%" align="right" valign="middle" >136</td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >The carrying amount of project loans with fixed interest terms amounts to DKK 198 million (2020</td></tr><tr><td width="39%" ></td><td width="61%" colspan="4" align="left" valign="middle" >196 million). The fair value of these project loans amount to DKK 196 million (2020: DKK 200 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 3 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 width="100%" colspan="6" align="left" valign="middle" >Fair value measurement basis</td></tr><tr><td width="100%" 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="100%" 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="100%" 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="100%" 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="100%" colspan="6" align="left" valign="middle" >In the following sections, a short description of the overall principle for DCIF’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="100%" colspan="6" align="left" valign="middle" >Current and expected operational results of the project company</td></tr><tr><td width="100%" colspan="6" align="left" valign="middle" >Risk of remittance, if any</td></tr><tr><td width="100%" colspan="6" align="left" valign="middle" >Specific circumstances relating to the partners, project, country, region and/or sector</td></tr><tr><td width="100%" colspan="6" align="left" valign="middle" >Current market conditions</td></tr><tr><td width="100%" colspan="6" align="left" valign="middle" >Tax issues</td></tr><tr><td width="100%" colspan="6" align="left" valign="middle" >Share capital investments</td></tr><tr><td width="100%" colspan="6" align="left" valign="middle" >All of DCIF’s fair value estimates are based on unobservable market data (level 3).</td></tr><tr><td width="100%" colspan="6" align="left" valign="middle" >Investments are valued as follows</td></tr><tr><td width="100%" 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="100%" colspan="6" align="left" valign="middle" >If during the 12-month period prior to the reporting date, DCIF 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="100%" colspan="6" align="left" valign="middle" >The following general assumptions are applied when performing DCF or earnings multiple calculations</td></tr><tr><td width="100%" 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="100%" 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="100%" 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="100%" 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="100%" 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="100%" colspan="6" align="left" valign="middle" >Fair value measurements and reconciliation</td></tr><tr><td width="100%" 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="6"></td></tr><tr><td width="38%" align="right" valign="middle" >2021</td><td width="38%" ></td><td width="7%" ></td><td width="5%" ></td><td width="6%" ></td><td width="6%" ></td></tr><tr><td colspan="6"></td></tr><tr><td width="38%" colspan="1" align="left" valign="middle" >DKK’000</td><td width="38%" colspan="1" align="left" valign="middle" >Level 1</td><td width="7%" colspan="1" align="left" valign="middle" >Level 2</td><td width="5%" colspan="1" align="left" valign="middle" >Level 3</td><td width="12%" colspan="2" align="left" valign="middle" >Total</td></tr><tr><td width="100%" colspan="6" align="left" valign="middle" >Share capital investments</td></tr><tr><td width="38%" colspan="1" align="left" valign="middle" >Opening balance</td><td width="38%" colspan="1" align="left" valign="middle" >-</td><td width="7%" colspan="1" align="left" valign="middle" >-</td><td width="5%" align="right" valign="middle" >415784</td><td width="6%" align="right" valign="middle" >415784</td><td width="6%" ></td></tr><tr><td width="38%" colspan="1" align="left" valign="middle" >Total gains/losses for the period included in profit or loss1</td><td width="38%" colspan="1" align="left" valign="middle" >-</td><td width="7%" colspan="1" align="left" valign="middle" >-</td><td width="5%" align="right" valign="middle" >-33669</td><td width="6%" align="right" valign="middle" >-33669</td><td width="6%" ></td></tr><tr><td width="38%" colspan="1" align="left" valign="middle" >Paid-in share capital in projects</td><td width="38%" colspan="1" align="left" valign="middle" >-</td><td width="7%" colspan="1" align="left" valign="middle" >-</td><td width="5%" align="right" valign="middle" >10</td><td width="6%" align="right" valign="middle" >10</td><td width="6%" ></td></tr><tr><td width="38%" colspan="1" align="left" valign="middle" >Disposal</td><td width="38%" colspan="1" align="left" valign="middle" >-</td><td width="7%" colspan="1" align="left" valign="middle" >-</td><td width="5%" align="right" valign="middle" >-4488</td><td width="6%" align="right" valign="middle" >-4488</td><td width="6%" ></td></tr><tr><td width="38%" colspan="1" align="left" valign="middle" >Closing balance</td><td width="38%" colspan="1" align="left" valign="middle" >-</td><td width="7%" colspan="1" align="left" valign="middle" >-</td><td width="5%" align="right" valign="middle" >377637</td><td width="6%" align="right" valign="middle" >377637</td><td width="6%" ></td></tr><tr><td width="38%" colspan="1" align="left" valign="middle" >Total recurring fair value measurements</td><td width="38%" colspan="1" align="left" valign="middle" >-</td><td width="7%" colspan="1" align="left" valign="middle" >-</td><td width="5%" align="right" valign="middle" >377637</td><td width="6%" align="right" valign="middle" >377637</td><td width="6%" ></td></tr><tr><td colspan="6"></td></tr><tr><td width="38%" align="right" valign="middle" >2020</td><td width="38%" ></td><td width="7%" ></td><td width="5%" ></td><td width="6%" ></td><td width="6%" ></td></tr><tr><td colspan="6"></td></tr><tr><td width="38%" colspan="1" align="left" valign="middle" >DKK’000</td><td width="38%" colspan="1" align="left" valign="middle" >Level 1</td><td width="7%" colspan="1" align="left" valign="middle" >Level 2</td><td width="5%" colspan="1" align="left" valign="middle" >Level 3</td><td width="12%" colspan="2" align="left" valign="middle" >Total</td></tr><tr><td width="100%" colspan="6" align="left" valign="middle" >Share capital investments</td></tr><tr><td width="38%" colspan="1" align="left" valign="middle" >Opening balance</td><td width="38%" colspan="1" align="left" valign="middle" >-</td><td width="7%" colspan="1" align="left" valign="middle" >-</td><td width="5%" align="right" valign="middle" >413541</td><td width="6%" align="right" valign="middle" >413541</td><td width="6%" ></td></tr><tr><td width="38%" colspan="1" align="left" valign="middle" >Total gains/losses for the period included in profit or loss1</td><td width="38%" colspan="1" align="left" valign="middle" >-</td><td width="24%" colspan="4" align="left" valign="middle" >-</td></tr><tr><td width="38%" ></td><td width="38%" ></td><td width="7%" ></td><td width="5%" ></td><td width="6%" align="right" valign="middle" >6668</td><td width="6%" ></td></tr><tr><td width="38%" colspan="1" align="left" valign="middle" >Paid-in share capital in projects</td><td width="38%" colspan="1" align="left" valign="middle" >-</td><td width="7%" colspan="1" align="left" valign="middle" >-</td><td width="5%" align="right" valign="middle" >3184</td><td width="6%" align="right" valign="middle" >3184</td><td width="6%" ></td></tr><tr><td width="38%" colspan="1" align="left" valign="middle" >Disposal</td><td width="38%" colspan="1" align="left" valign="middle" >-</td><td width="7%" colspan="1" align="left" valign="middle" >-</td><td width="5%" align="right" valign="middle" >-7609</td><td width="6%" align="right" valign="middle" >-7609</td><td width="6%" ></td></tr><tr><td width="38%" colspan="1" align="left" valign="middle" >Closing balance</td><td width="38%" colspan="1" align="left" valign="middle" >-</td><td width="7%" colspan="1" align="left" valign="middle" >-</td><td width="5%" align="right" valign="middle" >415784</td><td width="6%" align="right" valign="middle" >415784</td><td width="6%" ></td></tr><tr><td width="38%" colspan="1" align="left" valign="middle" >Total recurring fair value measurements</td><td width="38%" colspan="1" align="left" valign="middle" >-</td><td width="7%" colspan="1" align="left" valign="middle" >-</td><td width="5%" align="right" valign="middle" >415784</td><td width="6%" align="right" valign="middle" >415784</td><td width="6%" ></td></tr><tr><td colspan="6"></td></tr><tr><td width="100%" colspan="6" align="left" valign="middle" >1)Recognised in contribution from share capital investments. Hereof DKK (34) million (2020: DKK 7 million) is attributable to assets held at 31 December for level 3.</td></tr><tr><td width="100%" colspan="6" align="left" valign="middle" >Valuation techniques and unobservable inputs used measuring fair value of level 3 fair value measurements.</td></tr><tr><td colspan="6"></td></tr><tr><td width="38%" align="right" valign="middle" >2021</td><td width="38%" ></td><td width="7%" ></td><td width="5%" ></td><td width="6%" ></td><td width="6%" ></td></tr><tr><td width="38%" colspan="1" align="left" valign="middle" >Type of investment</td><td width="38%" colspan="1" align="left" valign="middle" >Fair value at 31/12/2021</td><td width="7%" colspan="1" align="left" valign="middle" >Valuation technique</td><td width="5%" colspan="1" align="left" valign="middle" >Unobservable inputs</td><td width="6%" colspan="1" align="left" valign="middle" >Reasonable possible shift in %</td><td width="6%" colspan="1" align="left" valign="middle" >Change in fair value</td></tr><tr><td width="100%" colspan="6" align="left" valign="middle" >Investments</td></tr><tr><td width="38%" ></td><td width="38%" colspan="1" align="left" valign="middle" >-</td><td width="24%" colspan="4" align="left" valign="middle" >Cost</td></tr><tr><td colspan="6"></td></tr><tr><td width="38%" ></td><td width="38%" align="right" valign="middle" >211036</td><td width="24%" colspan="4" align="left" valign="middle" >Binding offers/ transaction/exit terms</td></tr><tr><td colspan="6"></td></tr><tr><td width="38%" ></td><td width="38%" align="right" valign="middle" >155277</td><td width="7%" colspan="1" align="left" valign="middle" >Discounted cash flow</td><td width="5%" colspan="1" align="left" valign="middle" >WACC</td><td width="6%" align="right" valign="middle" >10,00%</td><td width="6%" align="right" valign="middle" >-23471</td></tr><tr><td colspan="6"></td></tr><tr><td width="38%" ></td><td width="38%" ></td><td width="7%" ></td><td width="5%" colspan="1" align="left" valign="middle" >Growth in terminal value</td><td width="6%" align="right" valign="middle" >-20,00%</td><td width="6%" align="right" valign="middle" >-5210</td></tr><tr><td colspan="6"></td></tr><tr><td width="38%" ></td><td width="38%" align="right" valign="middle" >11324</td><td width="24%" colspan="4" align="left" valign="middle" >Net assets value</td></tr><tr><td width="38%" colspan="1" align="left" valign="middle" >Share capital investments</td><td width="38%" align="right" valign="middle" >377637</td><td width="7%" ></td><td width="5%" ></td><td width="6%" ></td><td width="6%" ></td></tr><tr><td colspan="6"></td></tr><tr><td width="38%" align="right" valign="middle" >2020</td><td width="38%" ></td><td width="7%" ></td><td width="5%" ></td><td width="6%" ></td><td width="6%" ></td></tr><tr><td width="38%" colspan="1" align="left" valign="middle" >Type of investment</td><td width="38%" colspan="1" align="left" valign="middle" >Fair value at 31/12/2020</td><td width="7%" colspan="1" align="left" valign="middle" >Valuation technique</td><td width="5%" colspan="1" align="left" valign="middle" >Unobservable inputs</td><td width="6%" colspan="1" align="left" valign="middle" >Reasonable possible shift in %</td><td width="6%" colspan="1" align="left" valign="middle" >Change in fair value</td></tr><tr><td colspan="6"></td></tr><tr><td width="100%" colspan="6" align="left" valign="middle" >Investments</td></tr><tr><td width="38%" ></td><td width="38%" align="right" valign="middle" >29</td><td width="24%" colspan="4" align="left" valign="middle" >Cost</td></tr><tr><td colspan="6"></td></tr><tr><td width="38%" ></td><td width="38%" align="right" valign="middle" >78008</td><td width="24%" colspan="4" align="left" valign="middle" >Binding offers/ transaction/exit terms</td></tr><tr><td colspan="6"></td></tr><tr><td width="38%" ></td><td width="38%" align="right" valign="middle" >328788</td><td width="7%" colspan="1" align="left" valign="middle" >Discounted cash flow</td><td width="5%" colspan="1" align="left" valign="middle" >WACC</td><td width="6%" align="right" valign="middle" >10,00%</td><td width="6%" align="right" valign="middle" >-38801</td></tr><tr><td colspan="6"></td></tr><tr><td width="38%" ></td><td width="38%" ></td><td width="7%" ></td><td width="5%" colspan="1" align="left" valign="middle" >Growth in terminal value</td><td width="6%" align="right" valign="middle" >-20,00%</td><td width="6%" align="right" valign="middle" >-5698</td></tr><tr><td colspan="6"></td></tr><tr><td width="38%" ></td><td width="38%" align="right" valign="middle" >8959</td><td width="24%" colspan="4" align="left" valign="middle" >Net assets value</td></tr><tr><td width="38%" colspan="1" align="left" valign="middle" >Share capital investments</td><td width="38%" align="right" valign="middle" >415784</td><td width="7%" ></td><td width="5%" ></td><td width="6%" ></td><td width="6%" ></td></tr><tr><td colspan="6"></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 0 Nicolai Boserup Chairman Torben Huss Lars Krogsgaard -52822000 -105000 -52927000 -7376000 -420000 13803000 1 -0.044 38426000 -66000 38360000 807000 -63468000 66069000 1 0.031 18120000 21000 18141000 5263000 -100012000 83025000 0.998 0.015 24300000 -293000 24007000 -7241000 -232825000 247558000 0.993 0.032 1114771000 1114650000 377637000 236778000 614415000 494090000 2555000 3711000 500356000 824849000 465151000 -106702000 -68648000 0 2000 43000 76000 121000 121000 1114771000 3709000 2000 1178035000 1177899000 1242456000 1242118000 1230205000 1228243000 1259053000 1249652000 Change in the year -4554000 Change in the year 6007000 Change in the year 3408000 Change in the year -11724000 Change in the year 7492000 Return on assets -0.039 Return on assets -0.045 Return on assets 0.031 Return on assets 0.015 Return on assets 0.019 -41169000 11653000 -52822000 -105000 -52927000 -52927000 68018000 -22467000 -7376000 -420000 25095000 11292000 13803000 6007000 -43503000 -52927000 415784000 250646000 666430000 500650000 2691000 8264000 511605000 1178035000 814269000 475731000 -86956000 -25145000 1177899000 0 1000 99000 36000 136000 136000 1178035000 8263000 1000 Received from projects 16968000 Received from projects 12969000 Paid-out to investments and loans -7680000 Paid-out to investments and loans -13439000 8263000 2256000 357753000 58031000 362178000 51363000 10000 4488000 -33669000 3184000 7609000 6668000 353275000 24362000 377637000 357753000 58031000 415784000 ACC Founders Limited Virgin Islands (British) Ltd. 39092000 0 -33590000 Danish Energy Efficiency Partners P/S Denmark P/S -116000 0 19998000 Nordic Power Partners P/S Denmark P/S -24927000 0 -922000 NPP Brazil 1 K/S Denmark K/S -62065000 0 -69145000 NPP Brazil 2 K/S Denmark K/S -62065000 0 -69145000 Pampa Elvira Solar SpA Chile SpA 1824000 0 31153000 Parque Solar Luna del Norte SpA Chile SpA -529000 0 3583000 Parque Solar Sol del Norte SpA Chile SpA -618000 0 3822000 Roserve Enviro Private Limited India Ltd. 1189000 0 36309000 Sainshand Windpark Holding GmbH* Germany GmbH 2826000 0 155272000 WPT China Holding A/S Denmark A/S -9248000 0 89588000 *) DCIF has joint control through Joint Venture Agreement. 320330000 -69684000 297105000 7670000 24749000 12480000 1610000 -35417000 10255000 21386000 5359000 -3057000 -68734000 341879000 -105101000 236778000 320330000 250646000 EY Godkendt Revisionspartnerselskab 30700228 Lars Rhod Søndergaard State Authorised Public Accountant mne28632