MISSION STATEMENT SMEs in Central and Eastern Europe lack long term financing, or face inappropriate banking offer. This is even more striking for social

MISSION STATEMENT

SMEs in Central and Eastern Europe lack long term financing, or face inappropriate banking offer. This is even more striking for social enterprises such as cooperatives, mutual societies, or economic initiatives promoted by associations and foundations.

Based in Brussels, CoopEst is an investment company set up in 2006 to support and finance socially responsible projects in Central and Eastern Europe.

CoopEst promotes both social and economic development in Central and Eastern Europe.

CoopEst is a professional, innovative and committed long-term financial partner.

1. MISSION STATEMENT

2. PORTFOLIO

3. INVESTORS

4. INVESTMENT MODALITIES

5. CORPORATE GOVERNANCE

6. FACILITY STRUCTURE

7. CONTACTS

PORTFOLIO

BY COUNTRIES*

ROMANIA € 2,900,000 35%

POLAND € 1,870,000 23%

BULGARIA € 1,500,000 18%

KOSOVO € 1,500,000 18%

LITHUANIA € 500,000 6%

Total € 8,270,000

BY SECTORS

MICROFINANCE

€ 4,630,000 56%

SAVINGS AND CREDIT UNIONS

€ 3,000,000 36%

COOPERATIVE BANKS

€ 640,000 8%

Total€

8,270,000RO - PL - BG - KS - LT * Click on blank countries for detailed information

POLAND

RO - BG - KS - LT

INVESTMENTS

Cooperative Bank ŁOWICZ

INICIJATYWA MIKRO (KRAKÓW)

Total committed €

1,230,000

Total committed € 640,000

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ROMANIA

PL - BG - KS - LT

INVESTMENTS

ROMCOM (Oradea)

OMRO (Targu Mures)

Total committed € 1,000,000


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FAER (Reghin)


LAM (Sfantu Gheorghe)


BULGARIA

PL - RO - KS - LT

INVESTMENTS

NACHALA (Sofia)

MIKROFUND (Sofia)


Total committed €

1,000,000

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KOSOVO

PL - RO - BG - LT

INVESTMENTS

KRK (Pristina)

Total committed €

1,500,000

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LITHUANIA

PL - RO - BG - KS

INVESTMENTS

LCCU


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INVESTORSCOOPEST FOUNDING MEMBERS

OTHER INVESTORS

FRANCE

Crédit Coopératif IDES Investissements MACIF Participations

BELGIUM

SOFICATRA ITALY

CFI

SEFEA

POLAND

TISE

INVESTORS

COOPEST FOUNDING MEMBERS

CULTURA Bank

OTHER INVESTORS

FRANCE

Crédit Mutuel MAIF Insurance Group

ITALY

The Co-operative Federation of Trentin

MALTA

APS Bank

USA

IFC, World Bank Group

NORWAY

Crédit Coopératif is a diversified French banking-group which offers its clients an extensive range of products and services.

As a co-operative, its clients hold the capital. They are essentially corporate bodies: businesses and social economy organisations, associations, cooperatives, mutual bene fit associations, unions, works councils, housing associations, companies affiliated to organisations, small and medium-sized businesses and industries. It also serves private individuals who are closely associated with these businesses and organisations.

While it has remained independent since its creation, it has recently joined the Banque Populaire Group as a parent company. Its mission within this group is to be the centre of excellence with regard to social and solidarity-based economy.

Contact: Ms Yaël Zlotowski • 33 rue des Trois-Fontanot • 92002 Nanterre • France Tel. +33 -1- 47 24 83 39 • [email protected] • www.credit-cooperatif.coop


INVESTORS

OTHER INVESTORS

FRANCE


BELGIUM

SOFICATRA ITALY

CFI

SEFEA

POLAND

TISE

IDES, the Institute for the Development of Social Economy, was set-up by actors of the Social Economy in 1983 in order to foster the development of social economy enterprises by providing equity finance support.Contact: Mr Marcel Hipszman • La Defense 5, Immeuble Lafayette, 2 Place des Vosges • 92400 Courbevoie • France Tel. +33 -1- 55 23 07 18 • [email protected] • www.esfin-ides.com


INVESTORS

OTHER INVESTORS

FRANCE


BELGIUM

SOFICATRA ITALY

CFI

SEFEA

POLAND

TISE

MACIF is a mutual insurance company, which activities and financing supports are guided by sustainable development and socially responsible approach. In that way MACIF, through a Participatory Governance, places its members in the centre of the enterprise matters and gives an essential role to its delegates.

Contact: Mr Hughes Fournier • 17-19 Place Etienne Pernet • 75015 Paris • France Tel. +33 -1- 55 31 62 28 • Email [email protected] • www.macif.fr


INVESTORS

OTHER INVESTORS

FRANCE


BELGIUM

SOFICATRA ITALY

CFI

SEFEA

POLAND

TISE

With more than 15 years of experience in financing Social Economy enterprises through out Europe, Soficatra is a key player for equity or quasi-equity investments in small and medium sized enterprises associated with the co-operative, mutual and associative economy as well to participative enterprises (companies with direct partici pation of the personnel in the management and shareholding or employee-buy out).

Contact: Mr Bruno Dunkel • Av. Jules César 2/7 • 1150 Brussels • BelgiumTel. +32 -2- 770 1562 • Email [email protected] • www.soficatra.org


INVESTORS

OTHER INVESTORS

FRANCE


BELGIUM

SOFICATRA

ITALY

CFI

SEFEA

POLAND

TISE

The Compagnia Finanziaria Industriale is an institutional investor that has been dedi cated to work with social and worker cooperatives for more than 20 years. It participates in company risks, supports investments and provides management with constant support for their strategic decisions and operational choices.

Contact: Mr Alberto Zevi • Via Vicenza • 5A, 00185 Roma • ItalyTel. +39 - 06 - 444 02 84 • Email [email protected] • www.cfi.it


INVESTORS

OTHER INVESTORS

FRANCE


BELGIUM

SOFICATRA ITALY

CFI

SEFEA

POLAND

TISE

The European Ethical and Alternative Financing Company is the first European alternative financing company to have the know-how and the operational tools, capable of strengthening and multiplying the ethical and solidarity-based financial ventures in all European countries. It was founded in 2002 by the members of the Federation of European Ethical and Alternative Banks and Financiers.Contact: Ms Marianna Calabro • Via N. Tommaseo 7 • 35131 Padova, ItalyTel. +39 -049- 8771176 • Email [email protected]


INVESTORS

OTHER INVESTORS

FRANCE


BELGIUM

SOFICATRA ITALY

CFI

SEFEA

POLAND

TISE

TISE is a venture capital provider for the micro-entreprise sector in Poland. Founded in 1992, just after the collapse of the communist system in Poland, it is one of the first actors on the venture capital market in the region.Contact: Mr. Michał Radziwiłł, ulica Nalewki 8/27, 00-158 Warszawa, Poland Tel. +48 -22- 636 0740 • Email [email protected] • www.tise.com.pl

OTHER INVESTORS


INVESTORS

FRANCE


BELGIUM

SOFICATRA ITALY

CFI

SEFEA

POLAND

TISE

Crédit Mutuel is a co-operative bank with a strong local and regional focus. It is a large French retail banking group. Its three major services – banking, insurance and tech nology – are offered to all of its clients: individuals, SME, as well as to businesses of all sizes.

INVESTORSOTHER INVESTORS


CULTURA Bank

FRANCE

Crédit Mutuel

MAIF Insurance Group

ITALY


MALTA

APS Bank

USA


NORWAY

Mutuelle Assurance Instituteur France offers insurance services. The company offers life, health, accident, automobile, and property insurance. Mutuelle Assurance Instituteur France also provides online insurance as well as advisory services. The company is based in Niort, France.

INVESTORS


OTHER INVESTORS

CULTURA Bank

FRANCE

Crédit Mutuel


ITALY


MALTA

APS Bank

USA


NORWAY

The Co-operative Federation of the Trentino region (Northern Italy) was created in 1881 and counts today more than 200 000 members among the half a million inhabitants of the region. It is a network of co-operatives, which includes credit, agricultural, retail and labour, social services and building co-operatives who employ in total over 13 000 persons

INVESTORS


OTHER INVESTORS

CULTURA Bank

FRANCE


ITALY

The Co-operative Federation of TrentinMALTA

APS Bank

USA


NORWAY

APS Bank is an institution wholly owned by the Catholic Church in Malta. Over the years the Bank has sought to identify sectors in which it can contribute to their development. Areas like housing, agriculture, heritage, education, have all been strongly assisted by the Bank. The APS Bank is specialised in retail and community banking.



CULTURA Bank

FRANCE


ITALY


MALTA

APS Bank

USA


NORWAY



CULTURA Bank

FRANCE

Crédit Mutuel


ITALY


MALTA

APS Bank

USA


NORWAY

Cultura Bank is a fully licensed savings bank incorporated in 1996. The bank had its first full operational year in 1997. The by-laws of Cultura states that the bank’s purpose is to finance projects that represent a value beyond the pure economical, like ecological balance, social conditions and cultural diversity. The embryo of Cultura Bank was a credit union, founded in 1984. Following a long process, the banking licence was granted in August 1996. The bank started out with a fully paid equity of NOK 10 mill (€ 1.25 mill) and loans amounting to NOK 20 mill, taken over from the credit union.



CULTURA Bank

FRANCE


ITALY


MALTA

APS Bank

USA


NORWAYThe IFC (International Finance Corporation) is the private sector arm of the World Bank Group. Founded in 1956, IFC finances private sector investments in the developing world, mobilizes capital in the international financial markets, helps clients improve social and environmental sustainability, and provides technical assistance and advice to governments and businesses.

INVESTMENT MODALITIES

CoopEst aims to provide long-term financial support both in terms of equity (subordinated loan), long-term loans and guarantees to sustainable and socially responsible projects in the target countries enabling them to leverage further funding for the development of their activities.

Target sectors

Support to financial

institutions

Size of investment

Investment products

Duration of investment

Currency

Decision making process


CoopEst invests in financial intermediaries like banks, credit unions, savings cooperatives, microfinance institutions ... CoopEst can also innovate with tailored-made financing tools created in close cooperation with local institutions and banking partners.


Target sectors


institutions

Size of investment

Investment products


Currency



CoopEst is a financial facility aiming at initiating and fostering the development of co-operatives, mutual societies, associations, foundations and social enterprises (which together can be referred to as Social Economy).


Target sectors


institutions

Size of investment

Investment products


Currency


CoopEst aims to provide long-term financial support both in terms of equity (subordinated loan), long-term loans and guarantees to sustainable and socially responsible projects in the target countries enabling them to leverage further funding for the development of their activities. CoopEst provides long term debt and quasi-equity.

Global Loans, Subordinated Loans, Subscriptions to Bond Issues; Co-investments (Syndicated Loans); Interventions in providing Guarantees are also possible so as to help final beneficiaries to get better access to local and international (especially European) Loan Bank financing


Target sectors


institutions

Size of investment

Investment products


Currency




Target sectors


institutions

Size of investment

Investment products


Currency


Approx. between 500.000 € and 2.000.000 €



Target sectors


institutions

Size of investment

Investment products

Duration of

investment Currency


Up to 9 years



Target sectors


institutions

Size of investment

Investment products


Currency


Usually CoopEst invest in euro currency but investments in local currencies are also possible provided that a specific hedging solution is added to the investment modalities.



Target sectors


institutions

Size of investment

Investment products


Currency

Decision making

process

The Board of Directors takes the final decision for investment by relying on the recommendation of the Executive Committee which is in charge of the assessment of each investment project

CORPORATE GOVERNANCE

BOARD OF DIRECTORS

EXECUTIVE COMMITTTEE

The method of operating and of appoint-ment of the various bodies intervening in the decision-making process is set out in a Charter of Corporate Governance which ensures compliance with the rules of Corporate Governance as stipulated at the European and national levels.

GENERAL ASSEMBLY

The GA represents all the shareholders of the company. In accordance with companylaw, the Shareholders Assembly is the sovereign body of the company.

BOARD OF DIRECTORS

The Board of Directors establishes the global strategy of the company, the priority guidelines for investment and the annual budget. The Board of Directors meets a minimum of 3 times per year (5 times in 2007). Representation of the bonds subscribers is stipulated.

GENERAL ASSEMBLY

EXECUTIVE COMMITTTEE

Mr François SOULAGE, Chairman (IDES

Investissements) Mr Karol SACHS, vice-Chairman (Crédit Coopératif) Mr Jacques COLIN (Macif Participations)Mr Jean Paul FELDBUSCH (Soficatra) Mr Hughes FOURNIER (Macif Participations) Mr Marcel HIPSZMAN (IDES Investissements) Mr André LAUDE (IFC)Mr Pierre VALENTIN (Crédit Coopératif) Mr Alberto ZEVI (CFI)


GENERAL ASSEMBLY

BOARD OF DIRECTORS

EXECUTIVE COMMITTEE

The daily management of the Company and the Facility is delegated by the Board to the Executive Committee.

It is responsible for : Supervising the constitution of the financial applications to the Facility by using the assistance and expertise necessarySubmitting these financial requests to the Board of Directors for decision.The finalisation of and reporting on the investment.

Furthermore, the Facility relies on decentralised contacts and experts, both in the assessment and the constitution of the financial requests to submit to the Credit Committee and in the reporting on the investments

Members: Mr Michał RADZIWIŁŁ Chairman

Ms Yaël ZLOTOWSKI vice-Chairman

Mr Bruno DUNKEL Corporate Secretary

Chargé de Missions: Mr Ralph BÖHLKE

Assistant: Ms Monika CZERWINSKA


EUR% of total

Subscribed to

Tenor

Capital Shares 3,000,000 20 100%

Mezzanine Bonds (B)

4,500,000 30 100%12 years - up to 2018

Senior Bonds (C) 7,500,000 50 72%12 years - up to 2018

Total15,000,00

0100 86%

The Founding Partners have contributed directly for € 6.5 million to the Capital Shares,

the B and C Bonds according to the following table:

EUR

Capital Shares 3,000,000

Mezzanine Bonds (B)

1,000,000

Senior Bonds (C)

2,500,000

IFC (World Bank Group) subscribed in Mezzanine B Bonds for € 3.5 million.

2nd tranche

COOPEST issued a first tranche of € 15,000,000 with the following structure:

Total size of tranche 1:


TOTAL FACILITY:

€

15,000,000

€

15,000,000

€

30,000,000

FACILITY STRUCTURE

CoopEst Facility2nd tranche: € 15

million

Capital Shares€ 3 million (20%)

Mezzanine B bonds € 4.5 million (30%) – 10

years

Senior C bonds € 7.5 million (50%) – 6

years

50 %

50 %

Tranche 2 (to be issued end 2008)



TOTAL FACILITY:

€

15,000,000

€

15,000,000

€

30,000,000

1st tranche

INVESTMENT OPPORTUNITY

CONTACTS

COOPEST S.A.

Av. Jules César 2, box 7 B-1150 Brussels TEL: +32 (2) 770 15 62 FAX: +32 (2) 230 75 41

www.coopest.eu

Mr. Michał Radziwiłł

[email protected]

u Ms. Yaël Zlotowski

[email protected]

Mr. Bruno Dunkel

[email protected]

Mr. Ralph Böhlke

[email protected]

http://www.coopest.eu/

Documents

MISSION STATEMENT SMEs in Central and Eastern Europe lack long term financing, or face inappropriate banking offer. This is even more striking for social