Volume 2 - IFC

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INTERNATIONAL FINANCE CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS NOTE J – BORROWINGS Market borrowings and associated derivatives IFC's borrowings outstanding from market sources and currency and interest rate swaps, net of unamortized issue premiums and discounts, are summarized below: June 30, 2009 Interest rate swaps Currency swaps notional principal Market borrowings payable (receivable) payable (receivable) Net currency obligation Weighted Weighted Notional Weighted Weighted Amount (US average Amount (US average amount (US average Amount (US average $ millions) cost (%) $ millions) cost (%) $ millions) cost (%) $ millions) cost (%) US dollar $ 13,319 3.6 $ 12,413 1.2 $ 16,379 1.6 $ 25,401 1.4 (16,710) (3.3) Japanese yen 4,757 2.6 (4,757) (2.6) - - - - Australian dollar 2,964 6.0 (2,964) (6.0) - - - - South African rand 1,492 9.1 (1,492) (9.1) - - - - New Turkish lira 927 12.6 (927) (12.6) - - - - New Zealand dollar 824 7.1 (824) (7.1) - - - - Pound sterling 800 5.6 (800) (5.6) - - - - Canadian dollar 702 4.6 (702) (4.6) - - - - Euro 358 6.0 (358) (6.0) - - - - Chinese renminbi 293 3.3 - - - - 293 3.3 Brazilian real 250 10.6 (148) (9.7) - - 102 12.0 Hong Kong dollar 244 5.1 (244) (5.1) - - - - Moroccan dirham 125 4.5 (125) (4.5) - - - - Swiss franc 94 4.8 (94) (0.2) 93 0.2 - (93) (4.8) C.F.A. franc 48 4.8 (44) (4.8) - - 4 4.8 Mexican peso 15 7.0 (15) (7.0) - - - - Principal at face value 27,212 $ (1,081) $ (331) $ 25,800 1.4 Less: Unamortized discounts, net (677) Total market borrowings 26,535 Fair value adjustments (875) Carrying value of market borrowings $ 25,660 56
INTERNATIONAL FINANCE CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS June 30, 2008 Interest rate swaps Currency swaps notional principal Market borrowings payable (receivable) payable (receivable) Net currency obligation Weighted Weighted Notional Weighted Weighted Amount (US average Amount (US average amount (US average Amount (US average $ millions) cost (%) $ millions) cost (%) $ millions) cost (%) $ millions) cost (%) US dollar $ 7,818 4.4 $ 11,853 2.6 $ 7,154 2.8 $ 19,209 2.7 (7,616) (4.4) Japanese yen 4,416 4.4 (4,416) (4.4) - - - - Australian dollar 2,626 6.4 (2,626) (6.4) - - - - Pound sterling 1,805 5.5 (1,805) (5.5) - - - - South African rand 1,418 8.8 (1,418) (8.8) - - - - New Zealand dollar 974 7.2 (974) (7.2) - - - - Canadian dollar 805 4.6 (805) (4.6) - - - - Euro 463 5.3 (463) (5.3) - - - - Chinese renminbi 291 3.3 - - - - 291 3.3 Hong Kong dollar 242 5.1 (242) (5.1) - - - - New Turkish lira 203 14.5 (203) (14.5) - - - - Moroccan dirham 137 4.5 (137) (4.5) - - - - Brazilian real 126 12.0 - - - - 126 12.0 Swiss franc 110 2.1 (110) (2.5) 97 2.7 - (97) (2.2) C.F.A. franc 53 4.8 (48) (4.8) - - 5 4.8 Mexican peso 19 7.0 (19) (7.0) - - - - Principal at face value 21,506 $ (1,413) $ (462) $ 19,631 2.8 Less: Unamortized discounts, net (639) Total market borrowings 20,867 Fair value adjustments (660) Carrying value of market borrowings $ 20,207 The net currency obligation in Chinese renminbi, Brazilian real and C.F.A. franc at June 30, 2009 has funded on-balance sheet loans with similar characteristics in such currencies. The weighted average cost of IFC’s borrowings outstanding from market sources after currency and interest rate swap transactions was 1.4% at June 30, 2009 (2.8% - June 30, 2008). The weighted average remaining maturity of IFC’s borrowings from market sources was 7.3 years at June 30, 2009 (8.7 years - June 30, 2008). Charges on borrowings for the year ended June 30, 2009 include $7 million of interest expense on secured borrowings ($11 million - year ended June 30, 2008; $8 million - year ended June 30, 2007) and is net of $61 million of gains on buybacks of market borrowings, net ($2 million - June 30, 2008; $1 million - year ended June 30, 2007). The net nominal amount receivable from currency swaps of $1,081 million and the net notional amount receivable from interest rate swaps of $331 million at June 30, 2009 ($1,413 million and $462 million - June 30, 2008), shown in the above table, are represented by currency and interest rate swap assets at fair value of $1,300 million and currency and interest rate swap liabilities at fair value of $896 million ($1,313 million and $575 million - June 30, 2008), included in derivative assets and derivative liabilities, respectively, on the consolidated balance sheet. Short term Borrowings In the year ended June 30, 2009 IFC implemented a Discount Note program which provides for issuances with maturities ranging from overnight to one year. There were no issuances outstanding at June 30, 2009. Borrowings from IBRD Borrowings outstanding from IBRD are summarized below: June 30, 2009 June 30, 2008 Principal Weighted Principal Weighted amount average amount average (US$ millions) cost (%) (US$ millions) cost (%) Saudi Arabian riyal $ 50 4.5 $ 50 4.5 US dollar 1 8.0 4 7.7 Total borrowings outstanding from IBRD $ 51 $ 54 The weighted average remaining maturity of borrowings from IBRD was 7.8 years at June 30, 2009 (8.4 years - June 30, 2008). Charges on borrowings for the year ended June 30, 2009, includes $2 million ($3 million - year ended June 30, 2008; $3 million - year ended June 30, 2007) in respect of IBRD borrowings. 57
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ifc 2009 financials, projects, and
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INTERNATIONAL FINANCE CORPORATION I
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The table below presents selected f
Page 8 and 9: MANAGING TROUBLED ASSETS IFC is wor
Page 10 and 11: Debt securities accounted for 7% of
Page 12 and 13: In addition, a P6 portfolio was cre
Page 14 and 15: V. ENTERPRISE RISK MANAGEMENT In ex
Page 16 and 17: investments, provides guarantees an
Page 18 and 19: FY09 FUNDING RISK HIGHLIGHTS During
Page 20 and 21: VI. CRITICAL ACCOUNTING POLICIES Th
Page 22 and 23: VII. RESULTS OF OPERATIONS OVERVIEW
Page 24 and 25: INCOME FROM LIQUID ASSET TRADING AC
Page 26 and 27: write-downs of $140 million in FY08
Page 28 and 29: The net change in unrealized gains
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Page 33 and 34: MANAGEMENT’S DISCUSSION AND ANALY
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Page 75 and 76: PROJECT COMMITMENTS PROJECT COMMITM
Page 77 and 78: PROJECT COMMITMENTS FISCAL YEAR 200
Page 105 and 106: INVESTMENT PORTFOLIO STATEMENT OF C
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INVESTMENT PORTFOLIO COMPANY LISTIN
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2121 Pennsylvania Avenue, NW Washin
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