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Multi-Page.Pdf 21383 Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized International Finance Corporation Annual Report 1982 Public Disclosure Authorized l~~~~~~~~~~ -ql -A International Finance Corporation Annual Report 1982 MI Contents Summaryof Operations 4 InvestmentClimate 8 The Year in Review 17 Fiscal 1982 Investments 27 Appendices 43 FinancialStatements 47 2 June 30, 1982 To the Board of Governors: The Board of Directors of the International Finance Corporation has had this Annual Report prepared for the fiscal year ending June 30, 1982, in accordance with the By-Laws of the Corporation. Mr. A. W. Clausen, President of the Corporation and Chairman of the Board of Directors, has submitted this Report, together with accompanying audited financial statements, to the Board of Governors. IFC continued to expand its promotional and investment activities in the developing countries. The number of projects approved by the Board of Directors increased and the amount of investment approved for IFC's own account was about the same as the previous year. The Corporation maintained its profitability and its sound financial position and is well on the way to achieving the overall goals established by the current five-year program. The Board expresses its appreciation to the staff of IFC for the high standards of their performance during the year and their dedication to the purposes of the Corporation. Directors Alternates Y. S. M. Abdulai William Smith John Anson Derek F. Smith David Blanco Alberto Sola Jacques de Groote Turan S. Kivanc Bruno de Maulde Robert Hudry Earl G. Drake Reno J. Brown Said E. El-Naggar Abdulrahman M. Sehaibani Jaime Garcia-Parra Jos6-German Cardenas Ismail Khelil Saad M. Zerhouni Anthony IJ. A. Looijen Miodrag M. Stojiljkovi6 Hans Lundstrom Ole L. Poulsen Stanley A. McLeod Anthony S. Cole Joaquin Muns Roberto Mayorga-Cortes Reinhard Munzberg Norbert Schmidt-Gerritzen Giorgio Ragazzi Rodrigo M. Guimaraes H. N. Ray M. Syeduz-Zaman Armand Razafindrabe Nic6phore Soglo Wang Liansheng Chen Hui Kenji Yamaguchi Kimiaki Nakajima Zain Azraai Aung Pe 3 Officers of the Corporation A. W. Clausen ............... President HansA. Wuttke .............. ExecutiveVice President Judhvir Parmar ..... ........................ ... Vice President Jose E. Camacho ............ Vice Presidentand GeneralCounsel Makarand V. Dehejia . ............. Vice President Jose M. Ruisanchez ... ........... Vice President Timothy T. Thahane .... ..... ................... ... Secretary MarshallBurkes .......... DepartmentDirector AdvisoryPanel IFC's internationaladvisory panel meets regularlywith the Corporation's managementand frequently discusses with the ExecutiveVice President the bankingactivities of the Corporation. Membersof the panel are: Jan Ekman,President SvenskaHandelsbanken Stockholm Dr. WilfriedGuth, Speakerof the ManagingBoard DeutscheBank, A.G., Frankfurt Jean-YvesHaberer, President and ManagingDirector Banquede Paris et des Pays-Bas,S.A. Paris YusukeKashiwagi, Chairman The Bank of Tokyo, Ltd. Tokyo Lord Roll of lpsden, Chairman S. G. Warburgand Co. Ltd. London RobertV. Roosa, Partner Brown BrothersHarriman and Co. New York 4 Summaryof Operations The Corporation further increased its activities and continued to diversify into new types of businesses during the fiscal year. The number of projects undertaken rose 16 percent from 56 during the previous year to 65. At the same time, by increasing its investment promotion work by 15 percent, the Corporation built a solid base for future expansion. The number of ventures currently under consideration, especially in the lower-income countries, is at an all-time high. In spite of the lackluster economic growth that prevailed in many countries, the dollar volume of approved investments for the Corporation's own account of $424.2 million was about the same as last year's. The Past Five Years (US$ millions) 1978 1979 1980 1981 1982 OPERATIONS ApprovedInvestments number of projects 41 48 55 56 65 number of countries 31 33 30 34 31 amount (gross $'s) 338 425 681 811 612 total project costs 1,872 1,714 2,377 3,340 2,936 Cumulative Approvals number of projects 429 477 532 588 653 amount (gross $'s) 2,146 2,571 3,252 4,063 4,675 total project costs 11,062 12,776 15,153 18,493 21,429 syndications 688 890 1,157 1,559 1,747 InvestmentsHeld number of firms 225 253 288 314 333 loans 799 889 1,159 1,374 1,551 equity 184 223 245 273 284 total 983 1,112 1,404 1,647 1,835 RESOURCES AND INCOME Capitalization borrowings (cumulative) 462 455 438 509 531 paid-in capital 144 229 307 392 497 accumulated earnings 100 119 140 159 181 Earnings net income 12.5 19.2 20.7 19.5 21.6 The total dollar volume of approved investments of $611.8 million was lower 5 than the previous year. This was attributable to the lack of a few larger projects which, due to the unattractive investment climate that prevailed in many developing countries throughout the year, could be realized jointly with other investors. The Corporation syndicated $187.6 million and thus maintained its objective of syndicating about one-third of its loans with commercial financial institutions. The Corporation continued to concentrate greater promotional efforts in its smaller and poorer member countries, particularly in Africa, where projects tend to be smaller. As a result of this effort, almost half of the projects approved by the Board of Directors were in countries with per capita incomes of less than $760 per year. CumulativeIFC Investments Fiscal1982 Investments US$ Millions CountryDistribution Numberof Investments 5,000 30 25 4,000 20 3,000 15 2,000 FC Investments 10 1,000 5 ° Lower Middle Upper '78 '79 '80 '81 Income Income Income Although in many cases the least developed will be particularly hard pressed in the coming year, the Corporation believes there continues to be investment opportunities in these countries which can be promoted and financed. IFC continued to broaden its investmentactivities. Manufacturing, which in the past has accounted for about two-thirds of the number of projects, was about half of the total for the year. Investments in agribusinesses and financial institutions were proportionally higher. 6 Disbursements during the year were $530.2 million. Of this, $506.9 million was for loans, including amounts disbursed for participants in IFC loans, and $23.3 million was for equity. Repayments and sales were $97 million, so that net disbursements equaled $433.2 million. Net earnings were $21.6 million compared with $19.5 million the previous fiscal year. IFC's investment portfolio is well diversified in terms of both industry and country. At the end of the year, the Corporation's investment portfolio (including undisbursed balances) held for its own account was $1,835 million, up $188 million from the previous year. In addition, $1,066.8 million was being held and administered for participants in IFC financing. Because of IFC's rapid growth in recent years, much of the portfolio is not yet mature. Of the 333 companies in the portfolio, 70 have been added within the past three years. A number of these projects are still under construction, and the loans to these companies are still within the grace periods; in many cases they are just beginning to provide the Corporation with a return on its equity investment. As was the case during the previous year, a number of companies in which the Corporation has invested faced operating and debt servicing problems attributable in part to foreign exchange shortages and other economic problems in their countries. Recognizing these circumstances, the Corporation added $22.5 million to its Reserve Against Losses; $250,000 was written off as unrecoverable. This brought the Reserve to $84 million which is considered adequate. In order to maintain a strong portfolio, the Corporation continues to increase its portfolio supervision efforts. 7 The terminal date for subscriptionsand paymentsto the capital increase approvedby the Board of Governorsin November1977 is August 1, 1982.One hundredand six countrieswere allocated468,800 shares ($468.8 million). By the end of the fiscal year, 80 of the countrieshad subscribedto 412,500 shares ($412.5 million). Paymentsof $105.3 million were received during the year, bringingthe total paid-in capital to $497.4 million. The Corporation borrowed $390 million equivalentfrom the International Bank for Reconstructionand Development(The World Bank)during the year. A total of $48.2 millionwas drawn down. In line with the recent policy changeto provide funds in other than U.S. dollars, $230 million equivalentwas made availablein Swissfrancs, Deutschemarks and Japaneseyen. Three countries,Belize, St. Lucia and Vanuatu,took up membershipin IFC duringthe year, bringingthe total to 122. As noted in this Report, the global investmentclimate continues to be affected by sluggishgrowth, inflation, and volatile interest rates. These economic conditionsseriously complicate the task of developingcountries to gain access to the various sources of external capital neededto finance their growth and development.The IFC, establishedprecisely for the purpose of serving as a catalyst for privateinvestment in developingcountries, has a vital role to play in these difficult circumstances.Not only will the Corporation continue in its traditionalrole of providingtechnical assistance and capitalto viablebusinesses in the privatesector, it alsowill developnew vehicles for mobilizingother sources of capital for private enterprisesin the Corporation's membercountries.
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