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1 Hivos-Triodos Fund Foundation Annual Report 2013 TLIM

2 Microfinance is the provision of financial services to people on low incomes. An inclusive financial sector in which everyone has access to these services provides a sustainable basis for balanced socioeconomic development.

3 Hivos-Triodos Fund Foundation Annual Report 2013 Hivos-Triodos Fund Foundation is a joint initiative of Hivos and Triodos Bank. Triodos Investment Management is a 100% subsidiary of Triodos Bank and is also the fund manager of the Hivos-Triodos Fund.

4 Key figures amounts in euros At year-end 2013 Ultimo 2012 Participations (managed for third parties) 32,080,049 36,015,039 Number of contracts Cumulative preference shares (excluding provisions) 44,556 51,123 Number of contracts 1 1 Loans provided 33,513,094 33,886,552 Number of contracts Subordinated loans provided 660, ,088 Number of contracts 2 2 Total portfolio before deduction of specific provisions and including receivables from loans and assets managed for third parties 66,298,131 70,614,802 Committed investments 4,620,678 2,506,879 Equity 9,190,448 9,190,448 Result For 2013 For 2012 Income 3,872,985 3,740,467 Expenditure -2,301,196-2,192,747 Operating profit 1,571,789 1,547,720 Exchange rate result -2,101, ,455 Deficit in the Exchange Equalisation Reserve made up by Hivos 529,219 Result 0 711,265 4

5 Contents Page General information 6 Report of the Supervisory Board 7 Annual report of the Board of Management 8 Annual Accounts 2013 Hivos-Triodos Fund 22 Appendix: Hivos-Triodos Fund Portfolio 42 Spanish translation 47 Board of Management and Supervisory Board 65 Sustainability report 66 Address and publication details 67 5

6 General information Objective Hivos-Triodos Fund Foundation (Hivos-Triodos Fund) was formed on 22 December 1994 by the Hivos Foundation and the Triodos Fund Foundation. Its objective is described as follows in the articles of association (article 2): The Foundation s objective is to provide guarantees and loans to enterprises and institutions involved in development cooperation, as well as to bear the risk of participating in projects, all in the broadest sense. The Foundation is a non-profit organisation. Governance The Board of Management comprises Peter Blom and Pierre Aeby, both of whom are members of the Executive Board of Triodos Bank NV. The Board of Management is appointed, suspended and removed from office by the Supervisory Board; the latter also supervises the policies pursued and adopts the annual accounts. The Supervisory Board is appointed by Hivos and comprises Natasja van den Berg (chair), Marcel Karman, Peter Valks, Han de Groot, Elsbeth Aubel-Bezemer (since April 2013) and Edwin Huizing (since November 2013). The Hivos Foundation, Triodos Bank NV, Triodos Investment Management BV and Hivos-Triodos Fund Foundation have entered into a Cooperation Agreement to implement the practical aspects of the policy. Triodos Investment Management BV is managed by Marilou van Golstein Brouwers and Michael Jongeneel. The Fund Manager of Hivos-Triodos Fund is Willem Enklaar. Mode of operation New applications for investments to the fund are assessed based on their financial criteria and the social and environmental impact of the organisations business activities. The staff of Hivos and Triodos Investment Management use their expertise to play a specific role in this process. Hivos assesses the development relevance of the applications. Its positive recommendation is a basic condition for providing credit or making an investment. Triodos Investment Management staff then assess the applications on the basis of financial and institutional criteria. Both the intake by Hivos and the financing proposal made by Triodos Investment Management are submitted to the Hivos-Triodos Fund credit committee. Representatives of Hivos and Triodos Investment Management are members of this committee. Final responsibility lies with the Board of Management of Hivos-Triodos Fund. Triodos Investment Management is responsible for managing the Fund s portfolio. Borrowers are reviewed at least once a year to assess whether or not their individual profile still satisfies the criteria of the Fund. The management and further development of the portfolio takes place in close consultation with Hivos. The regional offices in Harare (Zimbabwe), Nairobi (Kenya), Bangalore (India), Jakarta (Indonesia), La Paz (Bolivia) and San José (Costa Rica) play an important role in this, as do the responsible members of staff at the Hivos head office. 6

7 Report of the Supervisory Board The Supervisory Board held two meetings in In these meetings, the Supervisory Board assessed developments within Hivos-Triodos Fund Foundation (Hivos-Triodos Fund) with regard to policy and adopted the annual financial statements for 2012 and the budget for In its meeting on 10 April 2013, the Supervisory Board addressed the format of the annual financial statements. In 2012, Hivos-Triodos Fund removed the participations and the financing facilities made available by the Hivos Foundation (Hivos) from the balance sheet. They are now presented under off-balance sheet liabilities, assets and rulings. This change brings the balance sheet more into line with prevailing agreements between Hivos and Hivos-Triodos Fund. In 2013, the Supervisory Board also discussed the Hivos-Triodos Fund strategy after The Supervisory Board was informed of the fact that Hivos and Triodos Investment Management were discussing the Hivos- Triodos Fund strategy after In the course of 2014, more certainty in this respect is expected. In its meeting on 9 April 2014, the Supervisory Board adopted the annual report and financial statements for 2013 of Hivos-Triodos Fund. The result for 2013 was EUR 0 after Hivos had made up the deficit (2012: EUR 711,265). This amount comprises the operating result of EUR 1,571,789 (2012: EUR 1,547,720), a negative price performance of EUR 2,101,008 (2012: EUR 836,455 negative) and Hivos making up the deficit of the Exchange Equalisation Reserve amounting to EUR 529,219. Hivos making up the deficit follows from a contractual agreement between Hivos and Hivos-Triodos Fund. After settlement of the result, equity in 2013 amounted to EUR 9,190,448. This is well above the agreed minimum of EUR 2,500,000 and consequently no appeal will be made to the guarantors. At her own request, Pauline Bieringa resigned during the Supervisory Board meeting of 10 April At the same meeting, she handed over the chairmanship to Natasja van den Berg while Elsbeth Aubel-Bezemer joined the Supervisory Board. Due to her departure from Hivos as managing director, Manuela Monteiro stepped down on 30 June Edwin Huizing, the current managing director of Hivos, has taken over her position. Zeist, the Netherlands, 17 April 2014 Elsbeth Aubel-Bezemer (since 10 April 2013) Natasja van den Berg (chair since 10 April 2013) Han de Groot Edwin Huizing (since 1 September 2013) Marcel Karman Peter Valks 7

8 Annual report of the Board of Management Hivos-Triodos Fund was set up with the aim of contributing to sustainable socioeconomic development in developing countries. Because access to financial services is an essential aspect of this, Hivos-Triodos Fund finances microfinance institutions (MFIs) that provide financial services to people in the lower income strata of society. Giving people access to loans, savings products, payment services and micro-insurance enables them to make a living, to utilise their talents and to create employment. An accessible, well-functioning financial sector thus forms an important foundation for building a solid local economy. Hivos-Triodos Fund gives priority to financing MFIs that are chiefly active in rural areas where access to microfinance is still limited. Since 2011, Hivos-Triodos Fund has been expanding its activities to include renewable energy and sustainable agriculture. By investing in these sectors, Hivos-Triodos Fund wants to promote access to renewable energy and contribute to sustainable development of the agricultural sector in developing countries. As such, Hivos-Triodos Fund is building on the knowledge and experience of Hivos and Triodos Bank in these areas. Investments preferably take place through local financial institutions, such as MFIs and funds that focus on small and medium-sized enterprises. In addition, Hivos-Triodos Fund is explicitly interested in investing directly in businesses and organisations active in the sustainable agriculture or renewable energy sectors. Market developments Fragile global economy The global economy remains fragile. Many industrialised countries have modest growth figures, but contend with increasing unemployment and government cuts. They also face the challenge of dealing with the problems and vulnerabilities in the financial sector and its supervision. In 2013, developing countries and emerging markets had to deal with lower growth figures (on average) and a stronger euro compared with their currencies. And yet, these countries still have on average a 5% positive growth figure (source: IMF, World Economic Outlook). Thanks to the economic growth, the demand for financial products and services in these countries and markets continues to go up. Not least because of this, the MFIs and banks, also in the Hivos-Triodos Fund portfolio, continued to grow in In most countries, these institutions show stabilisation or improvement of their credit portfolio. Growth and recognition Between 2006 and 2009, the investments in the microfinance sector grew significantly and tempestuously by an average of over 70% per year. The figures for the last three years, being 15 to 20% growth per year, are more stable and more realistic. This growth is seen in all regions, the highest growth being in Latin America (24%) and East Asia and Pacific (23%), followed by South Asia (12%), Africa (12%) and Eastern Europe/Central Asia (10%) (Source: Microrate, the state of Microfinance Investment 2013, Survey and Analysis of MIVs 8th edition ). This growth means that more and more people throughout the world are getting access to financial services. The World Bank also drew this conclusion in its Global Financial Development Report 2014 of November The World Bank also concluded that it is more widely recognised that access to financial services plays an important role in the economic 32.0% percentage of the portfolio invested in Africa 8

9 and social development in developing countries. The financial inclusion theme therefore is high on the agenda of many governments and international forums, including the G-20. Infrastructure This recognition contributes towards realising a solid infrastructure in which microfinance can develop in a sustainable way. Specific legislation plays an extremely important role in this respect. For example, more and more institutions undergo the transformation process to a regulated financial institution or bank. That is an important step, because that enables them to offer a wider range of products and services, including savings products, insurance policies and payment services. In that way, institutions attract local funding and microfinance will become more firmly embedded in the financial sector. Hivos-Triodos Fund believes this is a positive development. Credit bureaus also play an important role in this infrastructure. Lending MFI clients too much remains a major concern. Central credit registration will make it clear for MFIs what financial liabilities clients already have. This will prevent an excessive debt burden for these MFI clients. Cambodia and Uganda are countries in which credit bureaus were recently set up. Capital and distribution channels Thanks to all these developments, the need for funding by MFIs and banks remains high. Local funding alone is not enough to meet this need; international investors, including Hivos-Triodos Fund, will continue to play a significant and catalysing role. The challenge for MFIs and banks in attracting capital is to do so in a way that their mission statement, vision and long-term strategy are secured. During the international meeting which Triodos Investment Management organized in November 2013, directors of MFIs and banks discussed this extremely important and current theme at great length. The development and deployment of alternative distribution channels was also addressed during this meeting. Examples are mobile telephony and service points at drug stores, supermarkets, petrol stations and the like. Thanks to these alternative channels, more people, also in areas that are difficult to reach, get access to financial services at lower charges. Over the past few years, many millions of people - in particular in Africa - have for example been able to get access to transfer money by mobile phone. Thanks to the use of the mobile phone, renewable energy products effectively find their way to the client. Hivos-Triodos Fund wants to make a specific contribution towards this development with its investments. Wide impact The microfinance sector is changing fast and remains a challenge. Worldwide, 2.5 billion people are still unable to open a bank or savings account or obtain a loan for starting or expanding a business. So this is a major opportunity for growth for MFIs and banks. Hivos-Triodos Fund wants to continue to play its active role as investor. The total investments of funds in the microfinance sector amount to EUR 6.2 billion (Source: Microrate: the State of Microfinance Investment 2013, Survey and Analysis of MIVs 8th edition ). Approximately 8% of this total investment is extended by microfinance funds managed by Triodos Investment Management, including Hivos-Triodos Fund. However, growth is not a means to an end for Hivos-Triodos Fund. It is important that MFIs and banks offer transparent and affordable products that are in line with the needs and repayment capacity of their clients. Hivos-Triodos Fund considers the institutions in which it invests agents of change which, thanks to their mission statement, product range and service provision make a significant contribution towards a sustainable society. In addition, Hivos-Triodos Fund focuses explicitly on businesses and organisations that are active in the sustainable agriculture or renewable energy sectors. The next chapter will discuss this in more detail. 9

10 Added value of Hivos-Triodos Fund Hivos-Triodos Fund clearly distinguishes itself from other market players by funding primarily MFIs that are active in underdeveloped markets and areas that are difficult to reach. Furthermore, Hivos- Triodos Fund focuses specifically on MFIs that offer financial products that increase access to renewable energy and promote the development of a sustainable agricultural sector. Examples of this include the use of solar power or small-scale biogas systems and agricultural loans tailored to the operations of small-scale farmers. In December 2012, Hivos-Triodos Fund set up a special programme in collaboration with Hivos and Enclude, which will run up to Under this programme, MFIs in the portfolio are granted access to technical support to further develop products focusing on the agricultural sector. In 2013, agreements were concluded with three organisations from the Hivos- Triodos Fund portfolio to provide this technical support. Hivos-Triodos Fund also wants to play a catalysing role by financing organisations or companies (that are not MFIs) that focus on renewable energy and agriculture. Hivos-Triodos Fund applies a number of criteria when investing in sustainable agriculture. For example, the company must promote small-scale agriculture and pursue sustainable agricultural practices and fair trade. Hivos-Triodos Fund analyses the extent to which the methods used actually result in cost savings and the protection of the environment when investing in businesses that are active in the field of renewable energy. Another important criterion is that local poor communities benefit from the renewable energy generated. 10

11 RUNA ECUADOR The company called RUNA works together with 2300 tea farmers from Ecuador and exports the dried leaves of the guayusa tree to the United States. This means income for the farmers, conservation of biodiversity and respect for their culture. RUNA forms part of the portfolio of EcoEnterprisesFund II. Hivos-Triodos Fund is one of the incorporating shareholders of this investment fund that finances sustainable businesses in Latin America. 11

12 An example from the portfolio is Caspian Impact Investments in India, an investment fund of which Hivos-Triodos Fund is a shareholder. Caspian Impact Investments aims to invest 25% of its portfolio in the agricultural sector and explicitly selects organisations that meet a number of sustainability criteria. One such criterion is the extent to which an organisation uses pesticides and herbicides. In addition, Caspian Impact Investments invests in MFIs, financing organisations focusing on small and medium-sized businesses and affordable housing for the poor population of India. In 2013, Hivos- Triodos Fund also increased its existing investment in IDEPRO in Bolivia. This institution extends loans to producer-organisations in the agricultural sector. Hivos-Triodos Fund aims to have used 25% of the portfolio in 2015 for financing and promoting sustainable agriculture and renewable energy. Life Cycle Model The partnership between Hivos and Triodos Bank enables Hivos-Triodos Fund to support an organisation at an early stage until it reaches a level of independence. To that end, Hivos-Triodos Fund has developed a life cycle model in tandem with Hivos. That model is based on the needs of organisations in the various stages of their development. In the first stage, an organisation primarily needs donations to create institution capacity. At that point, the income earned is not enough to fund that. In the next stage of growth, Hivos-Triodos Fund can finance the organisation. At the same time, Hivos can, where necessary, continue to support the organisation in specific respect with funds for technical support. Even in that stage, financing the organisation is still risky. Once the organisation has grown more and has become more professional, it will be increasingly able to raise money on the capital market. For that purpose, Triodos Fair Share Hivos seed capital Life Cycle Model Hivos-Triodos Fund Capital market Financial sustainability* Triodos Investment Management advice Loans Participations Hivos technical assistance *Financial sustainability is the extent to which an organisation is able to meet its total expenditure from the income it generates (excluding donations). 12

13 Fund and Triodos Microfinance Fund, which are also managed by Triodos Investment Management, are available. This means for Hivos-Triodos Fund that financial resources become available on a regular basis that can be used for innovative initiatives. Hivos-Triodos Fund sees the growth of clients as an important objective. In 2013, four MFIs from the Hivos-Triodos Fund portfolio grew fast enough to switch to the other microfinance funds managed by Triodos Investment Management. Banco D-Miro in Ecuador is just one example. In 2008, Hivos-Triodos Fund extended an initial loan to Fundación D-Miro. Not least thanks to this loan, this institution realised a strong growth. Fundación D-Miro underwent the transformation process to become a regulated financial institution and received a banking licence in As a bank, the organisation can offer a wider range of products and services that are tailored to the needs of its clients, including savings accounts. Given the higher professional level, the bigger scale and sustainable development of Banco D-Miro, the bank was eligible for financing by Triodos Fair Share Fund in Sustainability as a core value Hivos-Triodos Fund only finances those financial institutions that seek to balance people, planet and profit. This basis of the investment policy of Hivos- Triodos Fund is embedded in the analysis and decision-making process. An extensive analysis and monitoring system is used for that process. The fund focuses on the best interests of microfinance clients with a varied product range and attention for the environment as major themes. How Hivos-Triodos Fund analyses and assesses this is described below, using examples from the portfolio. Focus on the client Transparency Hivos-Triodos Fund analyses how the MFI handles transparency and overindebtedness. The Fund also evaluates how the MFI aligns the loans with the repayment capacity of its clients, what policy the MFI pursues in respect of interest rates and how products and related obligations are communicated to the clients. The Client Protection Principles describe these aspects in great detail. 88% of the MFIs in the portfolio (2012: 82%) has endorsed these principles. Responsible interest rates Profit can never be the only goal in trying to strike a balance between people, planet and profit. Therefore, Hivos-Triodos Fund analyses the interest rates charged by an MFI and the profit the institution envisages to make. In 2013, this analysis was further tightened to make more transparent what our vision and expectations are in respect of this theme for the institutions financed by the fund. Hivos-Triodos Fund tests the interest rates and the profit which each MFI has in mind against a number of criteria. In doing so, the fund looks at the products offered by the MFI, the economic context and market in which the institution operates and how the MFI relates to other providers. Financial literacy Financial literacy and training of clients and prospective clients is becoming increasingly important for MFIs and banks. An example from the Hivos-Triodos Fund portfolio is INSOTEC in Ecuador, which offers its clients a training course focusing on all facets of enterprise. Another example is Kenya Women Finance Trust in Kenya, which informs 64%percentage of MFIs that has extended >15% of the loans to businesses in the agricultural sector 13

14 viewers of a popular soap opera about matters regarding money and banking. Varied product range Microfinance clients want more than just take out a loan. They also want to be able to save money, take out insurance and transfer money. A growing number of MFIs is meeting these demands. Target groups that are difficult to reach Women often have more trouble accessing financial services. The same goes for people living in rural areas. For that reason, Hivos-Triodos Fund works together with innovative MFIs that are interested in precisely the target groups that are difficult to reach. An example from the Hivos-Triodos Fund portfolio is KOMIDA in Indonesia. This MFI is primarily active in those areas of Java where access to microfinance is extremely limited. Product diversification (percentage of MFIs in the portfolio that offers other financial services) Insurance products 82% Payment services 58% Savings products 55% Diversification in the size of the loans (as a percentage of the total loan portfolio of the MFIs) Micro loans 48% SME loans 33% Consumer credit 15% Other loans 4% Alternative distribution channels The role of alternative distribution channels, such as mobile telephony and service points (at for example petrol stations or supermarkets) is becoming more and more important. Thanks to these technologies, more people, especially those in remote areas, get access to financial services at lower cost. For example, clients of Kenya Women Finance Trust in Kenya can repay their loans by mobile phone. Agriculture and renewable energy In developing countries, many people earn their living in the agricultural sector. It is precisely in this sector that access to adequate financial products is highly restricted. The uncertain cash flow and risks of crop failure and natural disasters make MFIs unresponsive. Hivos-Triodos Fund encourages MFIs to operate exactly in this vital sector and makes use of its international network to support them. In doing so, the fund also focuses on the importance of sustainable agricultural practices. A good example is Ugafode in Uganda: about 44% of the portfolio of this MFI consists of loans to farmers. The institutions has made the conscious choice to extend loans only to farmers that do not use artificial fertilizers. Sembrar Sartawi in Bolivia has 70% of its loan portfolio out in the agricultural sector. This institution works closely together with local producer organisations in the agricultural sector and offers the members of those organisations a suitable credit facility. Besides the agricultural sector, Hivos-Triodos Fund focuses specifically on MFIs that offer products increasing access to renewable energy. COMIXMUL in Honduras, for example, extends loans for the purchase of solar panels that clients can use for their power supply. Small and medium-sized businesses Hivos-Triodos Fund has analysed whether or not the MFIs extend loans to small and medium-sized businesses. Thanks to the employment created by those businesses and the taxes they pay, they directly contribute towards the development of the local economy. A growing number of MFIs in the 14

15 Core indicators of the MFIs in the Hivos-Triodos Fund portfolio* Total number of loan clients reached by MFIs in the portfolio 3,383,141 3,497,915 Total number of savings clients reached by MFIs in the portfolio 3,136,318 2,535,540 Average amount borrowed EUR 787 EUR 769 Percentage of female loan clients 73% 75% Percentage of clients from rural areas 57% 55% Number of employees of the MFIs in the portfolio 24,875 26,679 * Customers reached via investments in Bank Andara, AfriCap Microfinance Investment Company, MFX Solutions, EcoEnterprises Fund II, Leapfrog Financial Inclusion Fund, Caspian Impact Investments and Aldea Global are not included in the core indicators. fund s portfolio focuses on this target group. For example, Akiba Commercial Bank in Tanzania has extended 50% of the loans in its portfolio to small and medium-sized businesses. Attention for the environment Hivos-Triodos Fund also charts the activities which the MFI initiates to bring the environment to the attention of its clients. Awareness is a first step. Many MFIs in the fund s portfolio organise training courses and other activities to inform their clients of the importance of caring for the environment, sustainable agricultural practices and the role they can play in that respect. In 2013, 64% of the MFIs in the portfolio used procedures to exclude sectors that are not good for the environment from financing (2012: 74%). One of these MFIs is INSOTEC in Ecuador, which also offers training courses in the field of organic farming. 42% of the MFIs in the portfolio offers financing products that aim at improving the environment (2012: 41%). An example from the portfolio is Fondesurco from Peru that offers specific products to clients active in sustainable agriculture and ecotourism. The table in the Appendix on pages 42 to 45 of this report shows for each MFI in the Hivos-Triodos Fund portfolio a number of core indicators, such as the number of savings clients or loan clients, the average amount borrowed, and the percentage of female loan clients and clients in rural areas. The following table shows these and other indicators at fund level. Regional spread Hivos-Triodos Fund has a highly diversified portfolio, specifically being different from other investors in the sector by its comparatively high share of the portfolio in Africa. Risk classification Hivos-Triodos Fund uses a risk classification system, classifying credit risks in an objective way. The total portfolio is divided into risk classes 1 (low risk) to 5 (high risk). The fund assesses several factors, including the country risk, the level of maturity of the financial sector and supervision by the regulator. Risk class 5 covers clients for which a provision has been made or of which the business continuity is at risk. The graph below shows that Hivos-Triodos Fund primarily extends loans in the higher risk classes, with the aim of supporting organisations in their early stages of development. At year-end, 76% of the portfolio had risk profile 3, 4 or 5. 15

16 Percentage of the MFI portfolio per risk class Risk Risk Risk 3 Portfolio development Risk Risk 5 * This table is based on the valuation of participations at acquisition price. Investments in Bank Andara, AfriCap Microfinance Investment Company, MFX Solutions, EcoEnterprises Fund II, Leapfrog Financial Inclusion Fund, Caspian Impact Investments and Aldea Global are not included in this table. The total portfolio of Hivos-Triodos Fund, including assets managed for third parties, fell by 6.1% to EUR 66.3 million. The main reasons for the drop are the changes in value of the participations, the repayment of various loans and the effect of depreciation of various exchange rates of currencies in which Hivos-Triodos Fund has extended loans. In 2013, Hivos-Triodos Fund financed in total 48 clients. These are listed in the Appendix starting on page 42. The short description of each client is also available on under Know where your money goes. Participations In 2013, Hivos-Triodos Fund did not acquire new participations. However, Hivos-Triodos Fund increased its existing participations in Leapfrog Financial Inclusion Fund and Eco-Enterprises Fund II. In addition, the participation in Bellwether Microfinance Fund was restructured. A new mandate has been agreed upon with Caspian Advisors, the Fund Manager. Bellwether Microfinance Fund will continue its operations under the name of Caspian Impact Investments and will extend loans to producer organisations in the Five biggest positions* 2013 Centenary Bank, Uganda 20.4% Mibanco, Peru 15.2% AMK, Cambodia 4.9% Bellwether Microfinance Fund, India 4.3% Bank Andara, Indonesia 3.1% *as a percentage of the outstanding portfolio, based on the market value Portfolio per region (amounts in thousands of euros) Number of clients % of the Number of portfolio clients % of the portfolio Latin America % % East Asia and Pacific % % Eastern Europe and Central Asia 1 1.0% 1 1.0% Africa and Middle East % % South Asia 2 4.3% 3 6.1% Other 2 2.3% 2 2.1% Total % % 16

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