Page 82 - Annual Report 2010

ANNUAL REPORT 2010

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3.2.3 Significance of financial instruments for financial position and performance

Activities

In terms of EIF’s PE own-risk portfolio activities, 2010 shows an increase in commitments, disbursements and reflows:

Commitments

Funds 31.12.2010 31.12.2009 Variation

Not impaired 366.9 328.8 11.6% Impaired 123.6 101.3 22.0% Impairment (%) 25.2% 23.6%

EIF yearly cash flow activity (EUR m)

PE assets not impaired vs. impaired (EUR m)

The proportion of funds considered as impaired has increased from 23.6% to 25.2% of the EIF portfolio based on committed funds.

Diversification

As of 31 December 2010, EIF has committed EUR 490.5m in 189 PE funds with the biggest exposure amounting to EUR 12.9m (2.6% of total commitments). These PE funds have invested in more than 2 600 underlying portfolio companies.

In terms of vintage year, sector and stage, the portfolio is well balanced, as illustrated by the following breakdown by commitment as of 31 December 2010 (historical information translated at the current exchange rate):

Reflows

Commitments Disbursements Capital Repayments Dividends

31.12.2010 60.1 38.9 14.8 10.9 31.12.2009 31.1 23.5 6.2 0.9

Commitments by vintage year (in EURm)

I I I I I I I I I I I I I

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

90

80

70

60

50

40

30

20

10

0