2011年-世界发展银行全球_IFC_Annual_Report_2011___Volume_2_Financials_and_Projects_118页_2mb

IFC 2011 Financials and Projects Summary

Core Content

The International Finance Corporation (IFC) is an international organization established in 1956, part of the World Bank Group, focused on promoting private sector development in developing member countries. It operates as a separate legal entity from other World Bank Group members like IBRD, IDA, MIGA, and ICSID.

IFC's primary financial activities include loans, equity investments, and debt securities, with a smaller guarantee portfolio. It also mobilizes capital from other investors and lenders through mechanisms such as loan participations, parallel loans, and sales of loans. In addition, IFC provides advisory services to support private sector growth and investment in developing countries.

Financial Highlights

Income and Net Earnings

• Income before grants to IDA: $2,179 million in FY11, up from $1,946 million in FY10 and $299 million in FY09.
• Grants to IDA: $600 million in FY11, $200 million in FY10, and $450 million in FY09.
• Net income (loss): $1,579 million in FY11, $1,746 million in FY10, and a net loss of $151 million in FY09.

Financial Ratios

• Return on average assets (GAAP basis): 2.4% in FY11, 3.1% in FY10, and (0.3)% in FY09.
• Return on average capital (GAAP basis): 8.2% in FY11, 10.1% in FY10, and (0.9)% in FY09.
• Cash and liquid investments as a percentage of next three years' estimated net cash requirements: 83% in FY11, 71% in FY10.
• Debt to equity ratio: 2.6:1 in FY11, 2.2:1 in FY10.
• Total reserves against losses on loans to total disbursed portfolio: 6.6% in FY11, 7.4% in FY10.

Investment Program

Commitments

• Total commitments in FY11: $12,186 million, compared to $12,664 million in FY10.
• Core Mobilization: $6,474 million in FY11, $5,378 million in FY10.
• Core Mobilization Ratio: 0.53 in FY11, 0.42 in FY10.

Disbursements

• Total disbursements in FY11: $6,715 million, compared to $6,793 million in FY10.
• Disbursements by category:
  • Loans: $4,519 million in FY11, $4,907 million in FY10
  • Equity investments: $1,884 million in FY11, $1,617 million in FY10
  • Debt securities: $312 million in FY11, $269 million in FY10

Disbursed Investment Portfolio

• Total disbursed investment portfolio: $28,731 million in FY11, $25,400 million in FY10.
• Breakdown:
  • Disbursed loan portfolio: $19,884 million in FY11, $18,197 million in FY10
  • Disbursed equity portfolio: $6,732 million in FY11, $5,431 million in FY10
  • Disbursed debt security portfolio: $2,115 million in FY11, $1,772 million in FY10

Loan Portfolio

• Loan composition:
  • Loans make up 69% of the disbursed investment portfolio in FY11 (72% in FY10)
  • Loans make up 62% of the carrying value of the investment portfolio in FY11 (64% in FY10)
  • 71% (74% in FY10) of the loan portfolio is denominated in US dollars.
• Loan currencies (FY11): US dollars, Russian rubles, Indian rupees, Chinese renminbi, Philippine pesos, Colombian pesos, Indonesian rupiah, South African rand, Brazilian reais, Mexican pesos, and New Turkish lira.
• Carrying value of loan portfolio: $18,455 million in FY11, up from $16,660 million in FY10.

Equity Investment Portfolio

• Disbursed equity portfolio: $6,732 million in FY11, up from $5,431 million in FY10.
• Carrying value of equity portfolio: $9,313 million in FY11, up from $7,469 million in FY10.
• Fair value of equity portfolio: $14,060 million in FY11, up from $11,029 million in FY10.
• Equity investments in disbursed portfolio: 24% in FY11 (21% in FY10)
• Equity investments in carrying value: 31% in FY11 (29% in FY10)

Strategic Priorities

IFC focuses on five strategic priorities:

• Strengthening the focus on frontier markets
• Addressing climate change and ensuring environmental and social sustainability
• Addressing constraints to private sector growth in infrastructure, health, education, and the food-supply chain
• Developing local financial markets
• Building long-term client relationships in emerging markets

Investment Services

IFC offers a variety of investment products and services, including:

• Loans (7–12 years, up to 20 years for some)
• Equity investments (5–20% of a company's equity)
• Trade finance
• Loan participations
• Structured finance
• Client risk management services

Advisory Services

IFC's advisory services aim to improve the business environment for the private sector and enhance the capabilities of private firms and service providers. These services are organized into four business lines:

• Access to finance
• Investment climate
• Public-private partnerships
• Sustainable business

Asset Management Company (AMC)

AMC, a wholly-owned subsidiary of IFC, manages third-party funds for investment in developing and frontier markets. As of June 30, 2011, AMC managed four funds:

• IFC Capitalization (Equity) Fund
• IFC Capitalization (Subordinated Debt) Fund
• IFC African, Latin American and Caribbean Fund
• Africa Capitalization Fund

These funds are part of IFC's strategy to support systemic banks in emerging markets.

Summary of Financial Statements

IFC's financial statements are prepared in accordance with US GAAP. The consolidated financial statements include:

• Consolidated Balance Sheets
• Consolidated Income Statements
• Consolidated Statements of Comprehensive Income
• Consolidated Statements of Changes in Capital
• Consolidated Statements of Cash Flows
• Consolidated Statement of Capital Stock and Voting Power

Notes to the financial statements provide additional details on accounting policies, investments, and other financial aspects.

Key Financial Metrics

• Total assets: $68,490 million in FY11, up from $61,075 million in FY10.
• Liquid assets, net of derivatives: $24,517 million in FY11, up from $21,001 million in FY10.
• Total capital: $20,279 million in FY11, up from $18,359 million in FY10.
• Capital to risk-weighted assets ratio: n/a in FY11, 44% in FY09, 48% in FY08, 57% in FY07.
• Total resources required: $14.4 billion in FY11, up from $12.8 billion in FY10.
• Total resources available: $17.9 billion in FY11, up from $16.8 billion in FY10.
• Strategic capital: $3.6 billion in FY11, up from $4.0 billion in FY10.
• Deployable strategic capital: $1.8 billion in FY11, up from $2.3 billion in FY10.
• Deployable strategic capital as a percentage of total resources available: 10% in FY11, 14% in FY10.

Conclusion

IFC's financial performance in FY11 was marked by an increase in income before grants to IDA and a significant rise in total assets and capital. The organization continued to expand its investment program, with a focus on sustainable development and private sector growth. IFC's strategic initiatives and diversified investment portfolio reflect its commitment to supporting economic development in developing and frontier markets.