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Finance Day – booth 208 1/06/2013 - p. 1
Achieve financial performance through ethical investments
by Alex Tack,
Credit Manager Africa and Latin America
Finance Day – booth 208 1/06/2013 - p. 2
Creation & Mission
Alterfin cvba-scrl is a cooperative society created in 1994 by:
• NGO’s: 11.11.11, Vredeseilanden, Oxfam WW &
Solidariteit, FOS, ...
• Banks: Triodos, HBK Spaarbank
• Meanwhile more than 3.500 private shareholders
have joined the cooperative.
Mission :
Mobilise capital in the North to support the development of a
financial network that is accessible to poor people in the
South
Finance Day – booth 208 1/06/2013 - p. 3
Capital
0
500
1.000
1.500
2.000
2.500
3.000
3.500
4.000
0
5.000.000
10.000.000
15.000.000
20.000.000
25.000.000
30.000.000
2005 2006 2007 2008 2009 2010 2011 2012
on Dec. 31st 2012
Finance Day – booth 208 1/06/2013 - p. 4
Board of Directors
Organisation / Group Represented by
Independent director Dominique Morel (Chairwoman)
Triodos Frederick De Gryse
SOS Faim Belgique Marc Mees
Vredeseilanden Chris Claes
Private persons Klaartje Vandersypen
Private persons Vincent de Brouwer
Private persons Jean Matton
Independent director Mark Lambrechts
Finance Day – booth 208 1/06/2013 - p. 5
What happens with our share capital?
Alterfin supports 2 sectors in the South:
Microfinance
• example of investment: loan / 400.000 USD /
36 months / 8,50%
• the organisations dispatch our funding into small
(micro)credits
• sectors: agriculture, trade, services, production,
housing, ...
Fair Trade • example of investment: credit line / 250.000 EUR /
8 months / 7,00%
• working capital for prefinancing, gathering, processing
and commercialisation of produce
• sectors: coffee, cocoa, wine, banana, honey, sesame,…
Finance Day – booth 208 1/06/2013 - p. 6
Characteristics of our financing
• local initiatives
• efficiency
Investments ↔ Gifts
• types: loan, guarantee, participation
• gifts: dependence, disturbance of market, not scalable
Intermediaries ↔ Final beneficiaries
Finance Day – booth 208 1/06/2013 - p. 7
Credit Committee
Social criteria
• Marginalised groups of society
• Involvement of clients and decision making process
• Ownership/property and profit question
Financial criteria
• Balance sheet, Profit & Loss, Cash flows
• Specific:
• Microfinance portfolio of micro-credits
• Fair Trade sales
T
im D
irve
n
Finance Day – booth 208 1/06/2013 - p. 8
Fund manager for third parties
Alterfin finances organisations in the South
• With own ressources = with share capital of the cooperative Alterfin
• With other ressources = with funds of third parties
• Calvert Foundation (USA)
• Fefisol
• Fopepro
• responsAbility Social Investments (CH)
Alterfin builds up portfolio and monitors investments
Only for existing clients of Alterfin
Commission
Finance Day – booth 208 1/06/2013 - p. 9
Portfolio
0
20
40
60
80
100
120
0
5.000.000
10.000.000
15.000.000
20.000.000
25.000.000
30.000.000
2005 2006 2007 2008 2009 2010 2011 2012
EUR
Portfolio Alterfin and number of partners
Portfolio Alterfin Nb. Active partners
Nb
. Act
ive
par
tner
s
on Dec. 31st 2012
Finance Day – booth 208 1/06/2013 - p. 10
Geographical scope
79
4
12 2
81,6%
10,1%
7,3%
Latin America
Asia
Africa
International
Number of partners
Volume
on Dec. 31st 2012
Finance Day – booth 208 1/06/2013 - p. 11
Geographical distribution on Dec. 31st 2012
0%
5%
10%
15%
20%
15%
11% 11%
9% 9%
7% 7%
5% 4% 3% 3% 3% 3% 3%
2% 1% 1% 1% 1%
Distribution by country
Finance Day – booth 208 1/06/2013 - p. 12
Distribution by sector on Dec. 31st 2012
Finance Day – booth 208 1/06/2013 - p. 13
Outreach on Dec. 31st 2012
Finance Day – booth 208 1/06/2013 - p. 14
Average loan microcredit
231
579
827
1.297
935
€ -
€ 200
€ 400
€ 600
€ 800
€ 1.000
€ 1.200
€ 1.400
Africa Asia Central America South America Overall
2010 2011 Average loan amount 2012
on Dec. 31st 2012
Finance Day – booth 208 1/06/2013 - p. 15
Your share
Price
• Private persons: 62,50 EUR per share
• Organisations: 250 EUR per share
Characteristics of your investment
• Social return
• Accessible and flexible
• Financial return: dividend
• Fiscal stimulus
Finance Day – booth 208 1/06/2013 - p. 16
Dividend since 2005
1,50 1,75
2,75
4,00 4,00
3,50 3,75
3,35
2005 2006 2007 2008 2009 2010 2011 2012
190 € vrijgesteld van roerende voorheffing, daarna 25%
190 € exonérés du précompte mobilier, ensuite 25%
Finance Day – booth 208 1/06/2013 - p. 17
Fiscal stimulus
• Only for private investors
• Tax reduction: 5% of invested money in Alterfin for 5 years (~ extra return of 1% per year)
• Min. investment 437,5 EUR (7 shares) 21,88 EUR tax benefit
• Investment 6.437,5 EUR (103 shares) 320 EUR maximum tax benefit
Finance Day – booth 208 1/06/2013 - p. 18
Alterfin Team
Managing Director Kris Goossenaerts
Financial Manager Jan De Grande
Portfolio Manager Sofie Desmet
Compliance & Reporting Manager Audrey Timmermans
Account & Finance Officer Julie Depelchin
Marketing & Communication Officer Georges Karras
Marketing & Communication Officer Karin Huffer
Senior Advisor Hugo Couderé
Portfolio Manager Latin America Saúl Castro
Credit Manager Latin America & Africa Alex Tack
Credit Manager Latin America Bernard Ornilla
Credit Manager Latin America Mauricio Duran
Credit Manager Africa Caterina Giordano
