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Volume 2: Financials, Projects, and Portfolio

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Volume 2: Financials, Projects, and Portfolio ВОЗДЕЙСТВИЕ ИННОВАЦИИ ВЛИЯНИЕ ДЕМОНСТРАЦИЯ IFC 2012 F IFC 2012 IMPACTO INNOVACIÓN INFLUENCIA DEMOSTRACIÓN I NAN IMPACT ci INNOVATION INFLUENCE ALS AND PROJE DÉMONSTRATION 效益 创新 影响 示范 CreATING OPPORTUNITY IMPACT WHere IT’S NeeDED MosT INNOVATION influence demonstration インパクト 2121 PeNNSYLVANIA AVENUE, NW C イノベ ー ション WASHINGTON, DC 20433 USA TS 影響力 デモンストレーション 202 473 3800 IMPACTO INOVAÇÃO INFLUÊNCIA DEMONSTRAÇÃO WWW.IFC.orG ВОЗДЕЙСТВИЕ ИННОВАЦИИ ВЛИЯНИЕ ДЕМОНСТРАЦИЯ IMPACTO INNOVACIÓN INFLUENCIA DEMOSTRACIÓN IMPACT INNOVATION INFLUENCE DÉMONSTRATION 效益 创新 影响 示范 INNOVATION INFLUENCE DEMONSTRation インパクト イノベ ー ション I M 影響力 P デモンストレーション A IMPACT / RESULTS IMPACTO C INOVAÇÃO T INFLUÊNCIA / RESULTS DEMONSTRAÇÃO ВОЗДЕЙСТВИЕ ИННОВАЦИИ ВЛИЯНИЕ ДЕМОНСТРАЦИЯ IMPACTO INNOVACIÓN INFLUENCIA DEMOSTRACIÓN IMPACT INNOVATION INFLUENCE DÉMONSTRATION 效益 创新 影响 示范 IMPACT INNOVATION influence demonstration インパクト イノベ ー ション 影響力 デモンストレーション IMPACTO INOVAÇÃO INFLUÊNCIA DEMONSTRAÇÃO ВОЗДЕЙСТВИЕ ИННОВАЦИИ ВЛИЯНИЕ ДЕМОНСТРАЦИЯ IMPACTO INNOVACIÓN INFLUENCIA DEMOSTRACIÓN IMPACT INNOVATION INFLUENCE DÉMONSTRATION 效益 创新 影响 示范 IMPACT INNOVATION influence FPO demonstration インパクト イノベ ー ション 影響力 デモンストレーション IMPACTO INOVAÇÃO IFC FINANCIALS AND PROJECTS 2012 INFLUÊNCIA DEMONSTRAÇÃO Design by Addison www.addison.com TABLE OF Management’s Discussion and Analysis 2 Overview of Financial Results 2 CONTENTS Client Services 5 Liquid Assets 11 Funding Resources 12 Enterprise Risk Management 13 Critical Accounting Policies 20 Results of Operations 21 Governance and Control 27 Consolidated Financial Statements and Internal Control Reports 30 Management’s Report Regarding Effectiveness of Internal Control over External Financial Reporting 30 Independent Auditors’ Report on Management’s Assertion Regarding Effectiveness of Internal Control over External Financial Reporting 32 Consolidated Balance Sheets 34 Consolidated Income Statements 35 Consolidated Statements of Comprehensive Income 36 Consolidated Statements of Changes in Capital 37 Consolidated Statements of Cash Flows 38 Consolidated Statement of Capital Stock and Voting Power 40 Notes to Consolidated Financial Statements 41 Independent Auditors’ Report 94 Project Commitments 95 Investment Portfolio—Statement of Cumulative Gross Commitments 120 Notes and Defi nitions 124 MANAGEMENT’S 2 DISCUSSION AND ANALYSIS The Management’s Discussion and Analysis contains forward Management’s Discussion looking statements which may be identifi ed by such terms as “antici- and Analysis pates,” “believes,” “expects,” “intends,” “plans” or words of similar meaning. Such statements involve a number of assumptions and estimates that are based on current expectations, which are subject to risks and uncertainties beyond IFC’s control. Consequently, actual I. Overview of Financial Results future results could differ materially from those currently anticipated. BASIS OF PREPARATION OF IFC’S CONSOLIDATED International Finance Corporation (IFC or the Corporation) is an FINANCIAL STATEMENTS international organization, established in 1956, to further economic growth in its developing member countries by promoting private The accounting and reporting policies of IFC conform to account- sector development. IFC is a member of the World Bank Group, ing principles generally accepted in the United States (US GAAP). which also comprises the International Bank for Reconstruction and IFC’s accounting policies are discussed in more detail in Section Development (IBRD), the International Development Association VI. Critical Accounting Policies and in Note A to IFC’s Consolidated (IDA), the Multilateral Investment Guarantee Agency (MIGA), and Financial Statements as of and for the year ended June 30, 2012 the International Centre for Settlement of Investment Disputes (FY12 Consolidated Financial Statements). (ICSID). It is a legal entity separate and distinct from IBRD, IDA, MIGA, and ICSID, with its own Articles of Agreement, share capital, FINANCIAL PERFORMANCE SUMMARY fi nancial structure, management, and staff. Membership in IFC is open only to member countries of IBRD. As of June 30, 2012, IFC’s From year to year, IFC’s net income is affected by a number of fac- entire share capital was held by 184 member countries. tors that can result in volatile fi nancial performance. Such factors are IFC helps developing countries achieve sustainable growth by detailed more fully in Section VII, Results of Operations. fi nancing private sector investment, mobilizing capital in international IFC reported income before grants to IDA of $1,658 million in fi nancial markets, and providing advisory services to businesses and FY12, as compared to $2,179 million in the year ended June 30, 2011 governments. IFC’s principal investment products are loans and (FY11) and $1,946 million in the year ended June 30, 2010 (FY10). equity investments, with smaller debt securities and guarantee port- The decrease in income before grants to IDA in FY12 when com- folios. IFC also plays an active and direct role in mobilizing additional pared to FY11 was principally as a result of: (i) lower unrealized funding from other investors and lenders through a variety of means. income from non-trading investments and other non- trading fi nan- Such means principally comprise: loan participations, parallel loans, cial instruments accounted for at fair value; (ii) higher other-than- sales of loans, the non- IFC portion of structured fi nance transactions temporary impairment losses on equities and debt securities; (iii) which meet core mobilization criteria, the non-IFC portion of com- lower income from liquid assets; (iv) higher provisions for losses mitments in IFC’s initiatives, and the non-IFC investment portion of on loans and guarantees; and (v) higher administrative expenses commitments in funds managed by IFC’s wholly owned subsidiary, partially offset by: (i) higher realized gains on equity investments IFC Asset Management Company LLC (AMC), (collectively Core and gains on non-monetary exchanges; (ii) lower advisory services Mobilization). Unlike most other development institutions, IFC does expenses, net of advisory services income; and (iii) higher foreign not accept host government guarantees of its exposures. IFC raises currency transaction gains and losses on non-trading activities. IFC’s virtually all of the funds for its lending activities through the issuance fi nancial performance is detailed more fully in Section VII, Results of debt obligations in the international capital markets, while main- of Operations. taining a small borrowing window with IBRD. Equity investments are Grants to IDA totaled $330 million in FY12, as compared to funded from net worth. For the year ended June 30, 2012 (FY12), $600 million in FY11 and $200 million in FY10. Accordingly, net IFC had an authorized borrowing program of up to $10 billion, and income totaled $1,328 million in FY12, as compared with $1,579 mil- up to $2 billion to allow for possible prefunding during FY12 of the lion in FY11 and $1,746 million in FY10. funding program for the year ending June 30, 2013 (FY13). For FY13, IFC’s net income (loss) for each of the past fi ve fi scal years ended IFC has an authorized borrowing program of up to $10 billion, and June 30, 2012 is presented below (US$ millions): up to $2 billion to allow for possible prefunding during FY13 of the funding program for the year ending June 20, 2014. Fiscal Year Ended June 30 IFC’s capital base and its assets and liabilities, other than its equity 2008 investments, are primarily denominated in US dollars. IFC seeks to 2009 minimize foreign exchange and interest rate risks by closely matching 2010 the currency and rate bases of its assets in various currencies with 2011 liabilities having the same characteristics. IFC generally manages 2012 non-equity investment related and certain lending related residual -250 0 250 500 750 1,000 1,250 1,500 currency and interest rate risks by utilizing currency and interest rate swaps and other derivative instruments. IFC Financials and Projects 2012 3 The table below presents selected fi nancial data for the last fi ve fi scal years (in millions of US dollars, except where otherwise stated): AS OF AND FOR THE YEARS ENDED JUNE 30 2012 2011 2010 2009 2008 Net income highlights: Income from loans and guarantees $ 938 $ 877 $ 801 $ 871 $ 1,065 (Provision) release of provision for losses on loans & guarantees (117) 40 (155) (438) (38) Income (loss) from equity investments 1,457 1,464 1,638 (42) 1,688 Of which: Realized gains on equity investments 2,000 737 1,290 990 1,219 Gains on non- monetary exchanges 3 217 28 14 177 Unrealized (losses) gains on equity investments accounted for at fair value (128) 454 240 (299) 12 Dividends and profi t participations 274 280 285 311 428 Other- than-temporary impairment losses (692) (218) (203) (1,058) (140) Fees and other – (6) (2) – (8) Income from debt securities 81 46 108 71 163 Income from liquid asset trading activities 313 529 815 474 473 Charges on borrowings (181) (140) (163) (488) (782) Other income Service fees 60 88 70 39 58 Advisory services income 269 – – – – Other 119 134 106 114 55 Other expenses Administrative expenses (798) (700) (664) (582) (549) Advisory services expenses (290) (153) (108) (134) (150) Expense from pension and other postretirement benefi t plans (96) (109) (69) (34) (3) Other (23) (19) (12) (14) (3) Foreign currency transaction gains (losses) on non- trading activities 145 (33) (82) 10 (39) Income (loss) before net gains and losses on other non- trading fi nancial instruments accounted
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