2013 Highlights

K e y fi g u r e s

2013

- HEADQUARTERS

PROPARCO operates in 70 countries on four continents, from major emerging countries to the poorest countries, in both politically stable and fragile environments, in order to promote inclusive and sustainable growth.

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PROPARCO, a development finance institution, is a subsidiary of the Agence Française de Développement (AFD) dedicated to financing the private sector.

€3.4bn

Its mandate is to promote private investment in the Southern Hemisphere with the aim of supporting growth and sustainable development. PROPARCO offers a wide range of long-term, non-concessional financing solutions in the form of loans, equity investments and guarantees to further private-sector projects with a major impact on development. Its operations cover the financial sector, infrastructure, mining, agriculture, manufacturing and services.

350

PROPARCO works to supplement the activity of commercial banks, stepping in where market forces prove insufficient. Its goal is to demonstrate that private sector financing solutions can be viable, both in innovative fields and in sectors and geographies that investors consider too risky.

PROPARCO strives to uphold responsible financing principles in all projects. The objective is to assist clients in improving their environmental and social performance and contributing more fully to local development.

In-depth knowledge of Africa, a solid track record of financing renewable energy and energy efficiency projects, a vast network of public- and private-sector partners, environmental and social expertise, and a unique model of governance are the strengths that have made PROPARCO a partner of choice in efforts to promote sustainable growth in the South.

PROPARCO continued to grow in 2013, with a 10% increase in its portfolio.

clients

A wide range of private sector organizations benefit from PROPARCO financing.

7O

countries

PROPARCO operates through 13 local representations and the AFD network.

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Governance

PROPARCO has a unique model of governance that distinguishes it from other development finance institutions. It brings together some 30 private- and public-sector shareholders from North and South committed to development. Over time, the shareholder base has developed a distinctive identity that faithfully reflects the institution’s purpose.

A mixed shareholder base

57% 26%

3%

AGENCE FRANÇAISE DE DÉVELOPPEMENT

CORPORATES Bolloré Africa Logistics Bouygues Group DMC GDF Suez Saur International SIPH Socotec International Somdiaa Veolia Eau

FRENCH FINANCIAL ORGANIZATIONS BNP Paribas BPCE IOM CDC Entreprises ELAN PME (Bpifrance) Coface Crédit Agricole SA Natixis Société Générale

13%

INTERNATIONAL FINANCIAL ORGANIZATIONS Aga Khan Fund for Economic Development (AKFED) BMCE Bank Bank of Africa Group (BOA Group SA) West African Development Bank (BOAD) Corporación Andina de Fomento (CAF) Development Bank of Southern Africa (DBSA) DEG

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Share capital breakdown (€420m)

1%

FUNDS AND ETHICAL FOUNDATIONS Xavier de BAYSER Amundi AFD Avenirs Durables Natixis Solidaire

highlights

BOARD OF DIRECTORS Chairwoman

Observers and advisors

Anne PAUGAM

Statutory observers: Ministry of the Economy and Finance

Vice-Chairman Jean-Jacques MOINEVILLE

Directors Jean-Marc GRAVELLINI Jean-Yves GROSCLAUDE Philippe BAUDUIN Odile LAPIERRE Philippe SÉCHAUD Agence Française de Développement

Colette GROSSET BNP Paribas

Philippe TARTELIN BMCE Bank

Brahim BENJELLOUN-TOUIMI BPCE International et Outre-mer

Patricia LANTZ Corporación Andina de Fomento (CAF)

Gustavo ARDILA

Frédéric CHOBLET Ministry of Foreign Affairs

Vincent JACOB Non-statutory observers: Aga Khan Fund for Economic Development (AKFED)

Lutaf KASSAM West African Developement Bank (BOAD)

Éric BIO BPCE

Josiane LANCELLE Coface

Pascale LEFÈVRE GDF Suez

Denis SIMONNEAU Veolia Eau

Patrice FONLLADOSA

Isabelle BÉBÉAR

Government Commissioner

Crédit Agricole SA

Claude WARNET

CDC Entreprises Élan PME (Bpifrance)

Éric HOTTELART Development Bank of Southern Africa (DBSA)

Auditors

Moe SHAIK Natixis

Max DONGAR Guillaume POTEL

Jean-Claude GARDETTE

Société KPMG

Executive officers

Société MAZARS

Arnaud BOURDEILLE Malcolm MC LARTY

Chief Executive Officer

Claude PÉRIOU Deputy CEOs

Ghislain DE VALON Marie-Hélène LOISON

AFD works council representative Benoît VERDEAUX

AUDIT COMMITTEE Chairman

Jean-Claude GARDETTE Jean-Michel LATY Bernard DIGUET

THE INVESTMENT ADVISORY COMMITTEE The PROPARCO Investment Advisory Committee has 16 members, at least one third of whom are Board members. It is called upon by PROPARCO senior management to issue an opinion on all financing facilities of less than €30m, which do not require prior Board approval. The Committee is responsible for assessing the consistency of projects with PROPARCO’s strategic direction, with the mission assigned to the AFD Group, as well as the associated financing terms and risks. As the last body to examine projects prior to a decision by senior management, it performs a crucial function in the PROPARCO project cycle. It holds monthly meetings.

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2013 key figures

PROPARCO achieved greater scope in 2013, with €850m in new commitments – up 15% compared with 2012 – and a portfolio totaling €3.4bn. This growth was coupled with enhanced financial performance and impact on development.

2013: reaffirming a successful business model Commitments by sector in 2013

Commitments by region in 2013

(% of total commitments)

(% of total commitments)

Investment funds

Financial sector

2%

24%

Multi-country

5%

Mediterranean and Middle East

6%

French Overseas Territories

3%

14% 46%

45%

Corporate

29%

Infrastructure

Sub-Saharan Africa

26%

Asia

Latin America and the Caribbean

Commitments by product in 2013

(€m) 2013 €850m

533

25 4 36

2012 €740m

552

13

2011 €865m

553

9

2010 €944m

586

2009 €893m

570

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67

199 58

66 5

45 8

39 11 206 125

30 10 54

PROPARCO loans and guarantees

Equity investments

Loans to French Overseas Territories

AFD sub-participations

Other

Third-party loans

12 19

156 202

FISEA

24 48 27

highlights

TOTAL PORTFOLIO BY product, 2009-2013

(€m) 2,385

2,500 2,000

3,045

2,785

3,000 1,871 1,396

1,500 1,000 500

259

405

2009

2010

494

443

493

Loans and other instruments Paid-in and unpaid equity investments 2011

2012

2013

BALANCE SHEET, 2009-2013

BAD DEBT, 2009-2013

(€m)

(% of outstanding loans)

2013

2013

3,720

2012 2011

1.3%

2010

2,538

2009

1.8%

2011

3,062

2010

1.6%

2012

3,493

1.6%

2009

1,985

2.6%

Financial results, 2009-2013

(€m)

97.1 90.7

100 80

66.8

60

51.6

40

28.9

40.7

75.1 57

58.6

45.6

Net banking income

39.3

20 23.6

18.4

21.6

2009

2010

2011

34.5

Gross operating income Net income

2012

2013

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Sustainable development

Promoting responsible financing For nearly 40 years, the PROPARCO leitmotiv has been to reconcile economic growth with environmental balance and social impact. Upholding consistenly the principles of responsible finance is part of our DNA. Claude PÉRIOU Chief Executive Officer, PROPARCO

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T

he private sector is a significant driver of sustainable development, acting increasingly as a trend-setter for environmental and social (E&S) best practices. PROPARCO intends to support this trend in the emerging and developing countries.

ENCOURAGING RESPONSIBLE BUSINESS MODELS PROPARCO has been engaged in a formal approach to evaluating and improving its clients’ E&S practices. This ensures that they are committed to mitigating and, if need be, offsetting the attendant risks. Beyond this risk management approach, PROPARCO helps its clients improve their E&S performance and enhance their impact on development.

PROMOTING RESPONSIBLE FINANCING PROPARCO makes sure that its clients, and more broadly their suppliers and subcontractors, offer working conditions that comply with international labor standards on such issues as consultation with workers, occupational health and safety and non-discrimination.

Whenever infrastructure projects cause population displacement or disrupt existing economic activities, PROPARCO demands that its clients devise concerted plans for resettling the affected communities.

operations

Compliance with E&S standards of projects signed in 2013

Projects compliant with E&S standards

27% 56% 17%

Non-compliant projects and E&S action plan

Non-compliant projects and no E&S action plan

REDUCING ECOLOGICAL FOOTPRINT

TO PROPARCO, promoting responsible financing also means encouraging clients to lower their pollution levels, limit their use of natural resources – water and energy in particular – and cut their greenhouse gas emissions. More specifically, PROPARCO urges clients to undertake energy efficiency projects. To preserve biodiversity, PROPARCO does its utmost to keep agribusiness, infrastructure and other projects from destroying natural environments with high ecological values or, if need be, to ensure compensation for any such destruction.

PERU

Quality education for all Acquiring knowledge and skills – from primary school through university – is essential for ensuring both a place in the world of work for the young and sustainable economic growth.

In this area, the private sector effec-

FOSTERING MORE INCLUSIVE DEVELOPMENT AND GREATER TRANSPARENCY

tively supplements government

PROPARCO pays special attention to ensuring access for local

opportunities.

communities to the services provided by its clients, especially in health and education. Examples include encouraging clients to develop scholarships or study grants and to offer special healthcare rates to more vulnerable social strata.

Moreover, PROPARCO measures positive spillover from its clients’ business and their contribution to tax revenue. In the mining industry, PROPARCO carefully tracks financial transparency at client firms and the amount of tax they pay in the country.

provision of education and training In 2013, PROPARCO gave the Pontifical Catholic University of Peru (PUCP), the country’s leading private university, a loan of USD 25m to upgrade its campus in Lima.

This investment will allow the construction of a new eco-certified building, which houses a center for digital learning as well as a library.

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sectors

Multi-sector expertise

INFRASTRUCTURE

With ITS LONG-TERM RESOURCES, PROPARCO co-finances large-scale infrastructure projects in Southern countries: energy, telecommunications, transport, water supply and sanitation. The aim is to build and upgrade infrastructure, as well as to make it as widely accessible as possible. In the emerging countries, the focus is on financing renewable energy sources.

BANKS AND FINANCIAL MARKETS

PROPARCO supports financial institutions to help build sustainable local long-term financing capacity. It offers clients credit lines and equity financing. In the emerging countries, the emphasis is on credit lines dedicated to specific sectors like renewable energy, agriculture or health. In addition, it has been branching out into insurance, reinsurance and leasing.

SOCIAL ISSUES

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PROPARCO works to enhance the availability of private sector education and healthcare by financing private schools, vocational training organizations, private hospitals and pharmaceutical companies. Its goal is to contribute to the emergence of high-quality education and healthcare systems and to make them as accessible as possible.

operations

MICROFINANCE offers a means to have a greater impact on local economies and increase access to finance for the underprivileged.

To foster a responsible microfinance sector, PROPARCO supports those institutions that successfully combine financial and social performance. Special emphasis is placed on client protection policies.

PROPARCO supports private-sector investment across the entire agribusiness value chain: from farming and agricultural inputs upstream to processing, marketing and distribution downstream. Higher agricultural productivity, greater emphasis on local products and investment in postharvest handling can help resolve the food security equation in the South.

PROPARCO finances industries with a significant, lasting impact on growth in the South, from manufacturing and mining to construction and more. This involves helping industrial companies to reduce their carbon footprint, particularly by financing energy efficiency projects.

MICROFINANCE

AGRICULTURE

INDUSTRY

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CLIMATE

Encouraging low-carbon development

870,000

teq CO2 per year

reduced or avoided thanks to PROPARCO financing in 2013.

475 MW

The power produced by renewable energy projects financed in 2013.

26%

The share of energy efficiency and renewable energy projects in 2013.

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limate change is a core focus for PROPARCO, as attested by its efforts to promote low-carbon business models. There is a dual rationale behind this strategy: combating climate change and optimizing the use of resources.

MEASURING THE CARBON FOOTPRINT OF PROJECTS PROPARCO has adapted the AFD’s Climate Development strategy to the private sector, selecting projects that will have a positive impact on climate change. The carbon footprint of projects is systematically measured on the basis of ex ante estimates of how much greenhouse gas will be emitted, avoided or reduced each year.

UNDERWRITING RENEWABLE ENERGY TODAY’S ENERGY SYSTEMS rely mainly on the use of fossil fuels with high greenhouse gas emissions. Replacing them with clean energy addresses not only the problem of climate change, but also the lack of secure energy for countries in the South. The private sector has a vital role to play in meeting the large investment requirements in this area. PROPARCO supports the development of projects using wind, water, solar and geothermal power, biomass and biogas.

operations

PROMOTING ENERGY EFFICIENCY ENERGY EFFICIENCY is the second pillar of a sustainable energy policy, a way of reducing the rate at which world energy consumption increases. It also leads to substantial savings on infrastructure and holds major potential for reducing greenhouse gas emissions. Yet there is still too little funding for energy efficiency, despite the high returns it offers. PROPARCO supports energy efficiency projects in such high energy-using sectors as manufacturing, construction materials and agribusiness. It also finances biomass recovery projects.

EXPANDING THE RANGE OF FINANCING TOOLS RENEWABLE ENERGY and energy efficiency projects require appropriate financing tools. Private financial flows are essential in view of the scale of needs and the budget constraints that increasingly weigh on public finance. To make greater long-term resources available for such projects, PROPARCO extends dedicated credit lines. With this kind of support, the banks involved need to possess the right capabilities and ongoing analytical tools, and an adequate legal and regulatory framework has to be in place. In 2013, for example, PROPARCO extended several credit lines dedicated to clean energy financing to banks, notably in Latin America.

SOUTHEAST ASIA

Promoting green energies To promote green or clean energy that is less dependent on fossil fuels, PROPARCO supports the development of renewable energies and energy efficiency in Asia.

Alongside its Dutch counterpart FMO, PROPARCO has allocated a USD 30m loan to a leading company for clean energies in Southeast Asia, Sindicatum Sustainable Resources.

This financing will contribute to recovering waste for energy and producing energy from landfill gas in India, Thailand, the Philippines and Indonesia.

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geographies

Differentiated partnerships

SUB-SAHARAN AFRICA

MEDITERRANEAN AND MIDDLE EAST

32%

24%

S ub -S a ha ra n A fr ica has always been a primary focus of PROPARCO’s work, and still is. In this region, PROPARCO concentrates its funding in the main areas of sustainable and shared growth: developing financial markets, building infrastructure and modernizing agriculture and agribusiness.

Financing for SMEs is also a prominent feature of the institution’s activities.

To accompany the region’s political shifts and build inclusive growth, PROPARCO has chosen to focus its efforts on job creation.

It backs initiatives in the higher education and land-use planning sectors and stimulates the development of SMEs, notably through financial intermediation. It also supports the development of renewable energy infrastructure.

of the portfolio At December 31, 2013

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of the portfolio At December 31, 2013

operations

PROPARCO operates on four continents, from major emerging countries to the poorest countries. It catalyzes private investment, in support of sustainable development, particularly in regions that are unstable, in crisis or emerging from crisis.

Ghislain DE VALON Deputy Chief Executive Officer in charge of the General Secretariat, PROPARCO

LATIN AMERICA AND THE CARIBBEAN

AsiA

FRANCE OVERSEAS

20%

18%

4%

In this high-growth region still facing a broad range of social and environmental challenges, PROPARCO promotes green and inclusive growth. It supports the expansion of education and healthcare infrastructures, microfinance, renewable energy growth and financing for agribusiness, where major environmental issues are involved. In the Caribbean, PROPARCO also supports banks and infrastructure projects.

PROPARCO has been working in Asia to promote sustainable growth models that are designed to protect the environment while reducing inequality.

It targets specific business sectors like healthcare, higher education, renewable energy and microfinance. In the Mekong region, it operates in three main areas: promoting the banking sector, developing infrastructure and providing support to businesses.

I n the Fr en ch O ver seas Territories, PROPARCO supports sustainable land-use planning and the development of small and medium-sized enterprises, using equity financing tools that are not readily available in this region. In addition, with its thorough knowledge of the neighboring countries, PROPARCO helps overseas private enterprises to better integrate with the regional economy.

of the portfolio At December 31, 2013

of the portfolio At December 31, 2013

of the portfolio At December 31, 2013

Multi-country, 2% of the portfolio, at December 31, 2013.

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OFFER

A wide range of financial tools LONG-TERM DEBT caucasus

Supporting responsible microfinance For its first operation in Azerbaijan, PROPARCO allocated a USD 15m loan to Access Bank, a leading institution in the microfinance sector. This support will allow it to develop its lending activity for micro and small enterprises.

Access Bank pays close attention to its financial performance and is also committed to its social mission. It has adhered to the Client Protection Principles of the international initiative Smart Campaign: special attention is given to preventing over-indebtedness, fair and respectful treatment of clients, and to mechanisms for complaint resolution.

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PROPARCO offers a variety of loan products, including senior loans, mezzanine financing and convertibles. Denominated in foreign or local currencies, its loans range from €3m to €100m, with tenors of between 5 and 20 years. Thanks to a sub-participation agreement with the Agence Française de Développement (AFD), PROPARCO can increase its lending capacity. It also leverages co-financing arrangements with other development finance institutions.

EQUITY PROPARCO can directly mobilize equity instruments from its clients that include capital contributions, shareholder current accounts, convertible bonds, etc. It also acquires stakes in generalist and sector-specific investment funds. These direct and indirect equity investments range in size from €0.5m to €20m. All are minority interests intended for sale within five to eight years. Held by the AFD and managed by PROPARCO, the Investment and Support Fund for Businesses in Africa (FISEA) likewise gives it access to equity instruments.

FINANCIAL GUARANTEES THE PROPARCO SIGNATURE provides clients with a solvency guarantee that may take a variety of forms: bond guarantees, interbank loan guarantees and local currency loan guarantees.

model

Comprehensive support DEVELOPING CAPACITY THE PRIVATE SECTOR requires more than just funding. To innovate and grow, it also needs support in a broad range of areas that include corporate governance, finance management, human resources and environmental and social management. Along with its multiple financing tools, PROPARCO offers technical assistance to help clients improve the viability of their projects, deliver innovations and adopt responsible, high-impact business models. To date, technical assistance resources from FISEA have been used to finance such projects. They include consulting assignments at companies in the portfolio and technical assistance projects carried out by investment funds. PROPARCO also assists its clients in improving their environmental and social performance, mainly drawing on the resources of AFD’s Support Fund for Governance Capacity Building (FRCG). PROPARCO also launched an innovation assistance service and a financial consulting service.

OPENING UP NEW OPPORTUNITIES IN ADDITION to access to financing, PROPARCO provides its clients with access to its extensive network of partners, as well as to the AFD Group’s expertise and network. Clients also benefit from widespread recognition for PROPARCO’s high environmental, social and governance standards.

In addition to financing, PROPARCO offers its clients more qualitative support, which ranges from technical assistance to access to its business network.

This makes it a real partner for the private sector.

Marie-Hélène LOISON Deputy Chief Executive Officer in charge of Operations, PROPARCO

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Risk management

Effective risk management GLOBAL RISK MANAGEMENT

FINANCIAL SECURITY POLICY PROPARCO has developed a set of procedures and contractual provisions to fight corruption, fraud, anti-competitive practices, money laundering and terrorism financing. These measures, which align with the AFD Group’s financial security policy, are designed to prevent, detect, monitor and manage non-compliance risk related to PROPARCO’s activities and the regions where it operates. Projects undergo multiple checkpoints during their lifecycle. Before a financing decision is made, counterparty quality (reliability of accounts, governance, anti-terrorism due diligence, etc.) is assessed. Other safeguards include clauses in financing agreements, close monitoring of implementation and funding procedures.

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PROPARCO’S RISK MONITORING SYSTEM meets the highest international quality standards. It is based on a set of operational limits for each region, sector, counterparty and product combined with a prudent provisioning methodology and quarterly portfolio reviews for investments that the Risk Committee has identified as sensitive. The Risk Committee also monitors financial risks (interest rate, exchange rate, liquidity) that could erode PROPARCO’s profitability or financial strength.

RISK ASSESSMENT DURING THE PROJECT CYCLE RISK ASSESSMENT is an integral component of the project cycle.

For each project, PROPARCO gathers independent opinions to analyze and assess both credit risks and legal, environmental, social and compliance risks. No financing decision is made without an indepth study of all risk factors by PROPARCO’s governance bodies. Each financed project is monitored for as long as it is held in the portfolio.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE RISK MANAGEMENT PROPARCO ensures that its clients make a commitment to assess environmental, social and governance (ESG) risks and to take the necessary measures to eliminate them or, if they are unavoidable, to reduce or offset them. Once the project has been appraised, actions that aim to improve the E&S aspects of the project or its governance are negotiated with the client and translated into commitments in the legal documentation.

model PARTNERSHIP

An extensive network of partners EUROPEAN COOPERATION PROPARCO is an active member of the EDFI, the association of European Development Finance Institutions. The EDFI’s purpose is to foster technical and financial cooperation between its members.

EDFI members created two co-financing facilities: the EFP (European Financing Partners) to finance projects in Africa, the Caribbean and the Pacific regions (ACP), and the ICCF (Interact Climate Change Facility) to support projects designed to combat climate change.

These initiatives make it possible for PROPARCO to mobilize greater funding and reduce project examination costs. A co-financing facility involving PROPARCO and its peers, Germany’s DEG and the Netherland’s FMO, has also been put in place.

PARTNERING WITH SHAREHOLDERS PROPARCO also maintains close ties with its shareholders, including cooperation on projects or in specific sectors. For example, PROPARCO and AKFED have co-financed tourism and infrastructure projects.

Broader partnerships can likewise been established with the AFD Group.

COOPERATING WITH THE IFC PROPARCO has entered into a Master Partnership Agreement with the International Finance Corporation (IFC), DEG and FMO. The aim is to facilitate co-financing for projects in developing regions that commercial banks tend to bypass.

AFRICA

Outlets for producers Through co-financing facilities like the European Financing Partners (EFP), PROPARCO can get involved in larger-scale deals. In 2013, for example, PROPARCO coordinated a US$ 75m loan that included an AFD sub-participation of US$ 25m and an EFP financing of US$ 30m to support the expansion of Export Trading Group (ETG).

With a network spanning 30 African countries, ETG operates the entire agribusiness supply chain – harvesting and procuring crops (primarily from small farmers), processing, storing and packing them, and distributing the products in international markets.

This financing will enable ETG to build additional processing units and warehouses in eight different countries, thereby developing outlets for Africa’s agricultural output.

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ReSULTS

PROPARCO sustained the momentum in 2013. With €850m in new commitments (up 15% over the previous year) and a portfolio totaling €3.4bn (up 10% over the previous year) , PROPARCO has reaffirmed its status as a leading development finance institution focusing on the private sector.

Financial results

TOTAL PORTFOLIO BY SECTOR

TOTAL PORTFOLIO BY REGION

(€m) at December 31, 2013

(€m) at December 31, 2013

Investment funds

Financial sector

153

French Overseas Territories

616

137

Multi-country

65

609

Asia

1 760

1 109

Sub-Saharan Africa

687

Corporate

897

Infrastructure

Latin America and the Caribbean

819

BAD DEBT, 2009-2013

COST/INCOME RATIO, 2009-2013

(% of outstanding loan amounts) 1.6% 2013 1.8% 2012 1.3% 2011 1.6% 2010 2.6% 2009

(%) 2013 2012 2011 2010 2009

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Mediterranean and Middle East

39.7% 37.2% 39.5% 39% 44%

appendices

BALANCE SHEET AT DECEMBER 31. 2013

(€m)

ASSETS Receivables (short- and long-term) Total loans outstanding Loans to financial institutions Loans to other clients

Bonds and other fixed-income securities

31/12/13 180.9

31/12/12 215.2

3,011.7

2,751.9

1,641.7

1,432.5

1,370

1,319.4

37.9

33.8

Investments

477.3

480.5

Other assets TOTAL ASSETS

12.1 3,719.9

11.8 3,493.2

31/12/13 2,855

31/12/12 2,603.5

Other liabilities

208

251.9

Provisions

54.5

53.5

602 3,719.9

584.3 3,493.2

31/12/13 4

31/12/12 4.8

64.9

61.7

8.5

5.4

19.1

19.7

LIABILITIES AND EQUITY Debt

Equity TOTAL LIABILITIES AND EQUITY

INCOME STATEMENT AT DECEMBER 31, 2013

(€m)

Income from deposits Income from loans, guarantees and other securities (net) Income from equity investments Net fee income Other

0.6

-0.9

NET BANKING INCOME Other administrative expenses

97.1 -38.5

90.7 -33.7

GROSS OPERATING INCOME Cost of risk

58.6 -6.4

57 -7.5

OPERATING INCOME Income from sale of assets

52.2 -0.6

49.5 7.3

INCOME FROM ORDINARY ACTIVITIES BEFORE TAX Exceptional items

51.6 0.0

56.8 0.4

Corporate income tax

-17.1

-17.9

NET INCOME

34.5

39.3

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appendices Organization chart

Executive team Executive team Claude PÉRIOU

Marie-Hélène LOISON

Ghislain DE VALON

Chief Executive Officer periouc@proparco.fr

Deputy Chief Executive Officer in charge of Operations loisonmh@proparco.fr

Deputy Chief Executive Officer in charge of the General Secretariat devalong@proparco.fr

Jérôme BERTRAND-HARDY

Jean-Baptiste SABATIÉ

Deputy Chief Operating Officer bertrand-hardyj@proparco.fr

Deputy General Secretary sabatiej@proparco.fr

Operations

Emmanuelle MATZ Head of Infrastructure and Mining Division matze@proparco.fr

General Secretariat

Cécile COUPRIE Finance and Administrative Director coupriec@proparco.fr

Thomas ELOY Amaury MULLIEZ Head of Banking and Capital Markets Division mullieza@proparco.fr

Laurent KLEIN Head of Private Equity Division kleinl@proparco.fr

Stéphanie LANFRANCHI Head of Corporate Division lanfranchis@proparco.fr At June 30, 2014

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Risk Director eloyt@proparco.fr

Yazid SAFIR Portfolio Director safiry@proparco.fr

Catherine BAREYRE Legal Director bareyrec@proparco.fr

Odile CONCHOU Head of the Environment, Social and Impact Division conchouo@proparco.fr

Publications

Private Sector & Development Private Sector & Development (PS&D) is a unique quarterly publication that provides analysis and insights into the mechanisms through which the private sector can contribute to the development of countries in the Southern Hemisphere.

Each issue presents a variety of opinions and focuses expressed by authors from different backgrounds, working in research, the private sector, development institutions and civil society. Through the diversity of the topics covered, e.g., access to water, mobile telecommunications, financial markets, PS&D has gradually emerged as a benchmark publication on the role of the private sector in developing the Southern Hemisphere.

Subscribe to Private Sector & Development at registration@proparco.fr To access the publication’s blog, go to http://blog.private-sector-and-development.com

Institutional website Our website features information on PROPARCO’s offer, approach and work with the private sector. Clear, straightforward and user-friendly, the website includes factsheets, photos, videos and testimonials about PROPARCO projects. Periodic press releases also keep website visitors up to date on what PROPARCO is doing on four continents. In addition, all it takes is one click to access our regional portals for detailed information about PROPARCO in each region. The aim of the website is to provide content that consistently highlights the significance and purpose of PROPARCO’s work.

Feel free to discover our website and find out the latest about PROPARCO at www.proparco.fr

Institutional brochures

FISEA

INVEST AND SUPPORT FUND FOR BUSINESSES IN AFRICA

PROPARCO publishes a range of institutional brochures on its work in the various regions and sectors.

Geographical brochures: Available for the Mekong region, Sub-Saharan Africa region, the Mediterranean and the Middle East region.

Sectoral brochures: Available for microfinance and sustainable energy.

Download our brochures at www.proparco.fr

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HEADQUARTERS

Paris 151, rue Saint-Honoré – 75001 Paris Tel.: +33 1 53 44 31 08 – Fax: +33 1 53 44 38 38 Mail : proparco@proparco.fr AsiA

SUB-SAHARAN AFRICA

MEDITERRANEAN AND MIDDLE EAST

North and Southeast Asia

West Africa

Mediterranean

Bangkok

Exchange Tower, Unit 3501-02, 35th floor 388 Sukhumvit Road, Klongtoey Bangkok 10110, Thaïland Tel.: +66 2 663 60 90 Fax: +66 2 663 60 77 afdbangkok@afd.fr Pierre-Alain Pacaud South Asia

Delhi

1A Janpath Delhi, 110 011 India Tel.: +91 11 23 79 3747 Fax: +91 11 23 79 3738 afdnewdelhi@afd.fr Sébastien Fleury China

BEIJING

7th Floor, Block C, East Lake Villas, 35 Dongzhimenwai Dajie, Dongcheng District 100027 Beijing, China Tel.: +86 10 84 51 12 00 Fax: +86 10 84 51 13 00 afdpekin@afd.fr

Abidjan

Boulevard François Mitterrand 01 BP 1814 Abidjan, Côte d’Ivoire Tel.: +225 22 40 70 14 Fax: +225 22 44 21 78 proparcoabidjan@proparco.fr Julien Lefilleur Central Africa Douala

96, rue Flatters Immeuble Flatters, 2e étage, Suite 201 BP 2283 Douala, Cameroun Tel.: +237 33 42 06 26 Fax: +237 33 42 06 25 Ludovic Joncheray

Casablanca

15, avenue Mers-Sultan 20130 Casablanca, Maroc Tel.: +212 522 29 53 97 Fax: +212 522 29 53 98 afdcasablanca@afd.fr Olivier Luc Middle East, Central Asia and Caucasus ISTANBUL

Yapi Kredi Plaza C Block, Levent, Istanbul, Turkey Tel.: +902 122 833 111 Guillaume Barberousse

Southern Africa and Madagascar Johannesburg

Ballywoods Office Park Ironwood House, 1st Floor 29 Ballyclare Drive, Bryanston P.O. Box 130067 - Bryanston 2021 Johannesburg South Africa Tel.: +27 11 540 71 26 Fax: +27 11 540 71 17 proparcojohannesbourg@afd.fr Christophe Blanchot Nigeria Lagos

C/o Consulate General of France 1, Oyinkan Abayomi Drive, Ikoyi, Lagos, Nigeria Tel.: +234 81 60 54 65 50 afdlagos@afd.fr Olivier Follin East Africa Nairobi

Top Plaza – Kindaruma Road – Off Ngong Road P.O. BOX 45955 – 00100 Nairobi, Kenya Tel.: +254 20 259 29 09 +254 20 259 29 13 +254 20 271 12 34 Fax: +254 20 259 29 08 afdnairobi@afd.fr Guédi Aïnaché

ATIN AMERICA L AND THE CARIBBEAN

Central America and the Caribbean Mexico

Torre Omega – Campos Eliseos 345, piso 5, Col. Chapultepec Polanco, 11560 México D.F., México Tel.: +52 55 91 38 89 53 afdmexico@afd.fr Matthew Saville South America SÃO Paulo

Edificio Çiragan Office Alameda Ministro Rocha de Azevedo, 38 – 11° andar 01410-000 – São Paulo, SP – Brasil Tel.: +55 11 2532 - 4751 Fax: +55 11 3142 - 9884 afdsaopaulo@groupe-afd.org Myriam Bouslama Dominican Republic, Haiti and the Caribbean Santo Domingo

C/ Andrés J. Aybar No. 204 Torre Malaga II, 4to piso Santo Domingo República Dominicana Gilles Genre-Grandpierre

Credits

Directors of Publication

Fanette Bardin, Karim Bourtel, Marie Guillo Translator

Larry Cohen Design and production Photo credits

Armand Doug /Getty images (p. 11) Austin Daniel/Flickr (p. 13) BartCo/Istock (p. 16) Chungking/Fotolia (p. 14-15) Churchill R./Getty Images (p. 17) Phalinn Ooi/Flickr (p. 11) Gentilhomme D./AFD (p. 19) Glowimages/Getty Images (couverture) Knudsen Jens Schott/Flickr (p. 10-11) Mike Watson Images/Thinkstock (p. 18) Moura Joseph (p. 08) Pashabo/Fotolia (p. 2-3) Pgiam/Istock (p. 12,10) Rastoin P.-E. (p. 22) Renliyuan/Istock (p. 05) Sunset Avenue Productions/ Getty Images (p.10)

This report is eco-friendly and has been printed using vegetal and non-mineral inks.

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