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ST R Ø M M E

F O U N DAT I O N

M I C R O F I NAN C E

D E PARTM E N T

ANNUAL REPORT 2008


Contents

Foreword – 2008 Planning and structuring

Foreword

3

Strømme Foundation Microfinance Department in brief

4

Strategic guidelines Governance Structure

5 6

Main activities 5.1 Financial Services 5.2 Non-financial services 5.3 Networking

7

Activities by geographical distribution, incl. financial statements 6.1 East Africa - SMF EA Ltd 6.2 Asia 6.2.1 SMAGL 6.2.2 Bangladesh 6.3 SMF Dept. including West Africa end South America 6.4 Summarizing statistics and comments 6.5 Global Statistics

9 9 10

11 12 13

Highlights and achievements from 2008

14

Challenges in the year to come

14

Appendix I Consolidated Financial Report Appendix II Personnel in SMF Appendix III Abbreviations

15 15 15

Every now and then it is about time to stop, check whether things are working as they as planned and whether the expected results are achieved by the ways and means of interventions. 2008 was such a year and filled with processes of evaluation and strategically planning for the future. 2008 started with an organizational review of Strømme Foundation from Norad. The five year agreement with Norad had come to an end and before signing a new one, the internal systems and organizational set-up for working in the development sector were to be evaluated. The evaluation confirmed that the interventions in Microfinance are professionally taken care of, and that the set-up with local competence and delegation is one of the factors for success. Further, the discussions and the process was a valuable source of input for further development and strategies for the future. Strømme Foundation also developed the new Master Plan for its work the 5 years to come; more focused geographically and determined to measure results. From now on the focus is not the service delivery and the activities carried out, but rather the change in the lives of the target groups. Change in life of our target group - long-term and sustainable change. This is a real challenge. But if we are serious about what we do, we owe our target group to make sure that we reach them and that we actually provide the services they need and demand. Still, the poor is doing the work themselves. They are the ones creating the change in their lives and a whole new world of opportunities for the women and men directly involved, their families and their children. In November the dormant company Strømme Microfinance AS was awakened and from 1st January 2009, Strømme Microfiance Department becomes Strømme Micorfinance AS, a company limited by shares where Strømme Foundation owns 100 %. The vision will not change and the purpose of poverty eradication is not weakened. The new company opens new possibilities for funding and further growth.

Kristiansand, 1 June 2009

Lars Erik Harv Microfinance Director

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Øyvind Aadland Secretary General

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2] Strømme Microfinance Department (SMF-Dept) in Brief:

3] Strategic guidelines.

Strømme Foundation (SF) has organised all its involvement in Microfinance (MF) through the Microfinance Department (SMF Dept.). The global MF activity will further be named as SMF, meaning the MF sector in SF including both the SMF Dept. as well as all Apex institutions. SMF Dept. in Norway serves as a coordinator of all MF activities within SF worldwide and to be a liaison office between the SF microfinance bodies, the funding partners (like Norad etc) and other stakeholders in the Global North. SMF Dept. is working according to the development policy and vision of SF; Eradicating Poverty.

The SF Board of Directors discussed and approved the adjusted Microfinance strategy in January 2007 and decided to promote the following basic guidelines for its MF involvement:

Aiming for long term partnerships, the SMF relationship to one partner may change and vary from time to time. But generally the partnerships consist of both technical assistance/ capacity building often callend non-financial services and financial services such as loans, guarantees, equity holdings or grants. This long term partnership and involvement both financially and non-financially is what we call our holistic approach. The essential parts of the SMF strategy within conventional MF are: 1) Financial services – i.e. loans, equity holdings, guarantees etc. 2) Non-Financial Services/ Technical Assistance (TA) – i.e. Facilitate and promote training, fund equipment, workshops and participate in developing appropriate tools such as Management Information Systems, reporting standards etc. 3) Networking – i.e. partnering and working with appropriate stakeholders, nationally, internationally and both vertically and horizontally to promote best practices etc. and efficient ways of involving in MF. SMF’s involvement in Microfinance is contextualized to each region and generally interventions are split between conventional MF and Community Managed Microfinance (CMMF) as approaches.

Countries of SMF activity BANGLADESH MALI

SUDAN UGANDA RWANDA

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• Promote building of inclusive financial systems, based on Best Practice Microfinance, re CGAPs 11 principles of microfinance. • To emphasize demand-led and pro-poor financial systems. • To work as whole sale lending institutions through partner Micro Finance Institutions (MFI) • To support established and promising partner MFIs through loans and grants for TA. • To aim for the total field structure of entities within Strømme Microfinance to reach operational sustainability by end of year 2008. • Create and support a structure of strong regional wholesale lenders / Apex companies in which Strømme Foundation plays the role of majority stakeholder. • Promote a ”holistic approach” implying close, long term responsible relationship with the partners. • Encourage and support strong partnerships and networks, both vertical and horizontal. • Keep a clear poverty orientation, focusing on underserved, rural and other vulnerable groups • Aim to stimulate innovations, find special niches and promote new methods and tools – i.e. provide ”cutting edge” microfinance.

CAMBODIA

BURKINA FASO

PERU

BURMA

Principles The basic principles of Strømme Foundation Microfinance are:

KENYA

SRI LANKA

TANZANIA

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4] Governance Structure

5] Microfinance approach

The organisational chart illustrates the MF organisation of Strømme Foundation. SF has organised its work in the microfinance sector through a department at the head quarter in Norway. The manager of the SMF Dept. is called “Director of Microfinance”. He/she represents the Secretary General in issues concerning MF. As the total MF activities differ in size and complexity in the four southern regions of SF, the microfinance work has been contextualized to meet needs of our partners. In the regions of South America and West Africa, as well as in a few other cases, the MF portfolio is managed in collaboration between the regional director and the SMF Dept. The latter is serving as credit committee for new loans, while the regional office staffs is responsible for identifying, supporting and monitoring MF partners. The activities in East Africa, Sri Lanka and in Bangladesh are organised as separate legal and administrative entities. The entity in Bangladesh is not yet fully implemented legally. These enities are called Apex institutions providing whole-sale lending according to the holistic and contextualized approach. Each Apex has its own Board of Directors.

5.1 Conventional MF I) Financial Services SMF’s main means of financial intervention have so far been:

THE STRUCTURE OF MICROFINANCE WITHIN STRØMME FOUNDATION

SF COUNCIL Entity with separate Board SF BOARD OF DIRECTORS Regional MF-activities SECRETARY GENERAL

SMF EAST AFRICA LTD BY SHARES (UGANDA)

PARTNER MFI

PARTNER MFI

SMF ASIA LTD BY GUARANTEE (SRI LANKA)

PARTNER MFI

PARTNER MFI

MICROENTERPRISE DEVELOPMENT FOUNDATION (BANGLADESH)

PARTNER MFI

PARTNER MFI

MF-ACTIVITIES WEST AFRICA

PARTNER MFI

PARTNER MFI

MF-ACTIVITIES SOUTH AMERICA

PARTNER MFI

PARTNER MFI

MF-ACTIVITIES ASIA (OUTSIDE BANGLADESH & SRI LANKA

PARTNER MFI

PARTNER MFI

This is the organisational chart functioning per end 2008. The dormant company limited by shares, SMF AS, will replace the SMF Dept. as umbrella institution for all SMF activities from 1st January 2009. This will not change the chart apart from the legal aspects of being an AS rather than part of Strømme Foundation. To avoid mission drift and to stay in close relationship with Strømme Foundation, the Board for Directors of Strømme Foundation is automatically elected as BoD of SMF AS. In addition to this, there will be a Finance and Credit Committee functioning with delegated power from the BoD to further maintain financial issues and govern the new company.

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• Loans • Guarantees • Equity holdings As such, SMF conducts wholesale lending as one of its main interventions. (Promotion of clients’ savings, however, is of essential importance for the funding and security of the MFIs)

MICROFINANCE DEPARTMENT MF Director

OTHER DEPARTMENTS

SMF’s involvement in and approach to Microfinance can be categorized as conventional institutionalised MF and Community Managed Microfinance (CMMF). The conventional MF is used as name for partnership with MFIs and other financial institutions. In such partnerships SMF provides both financial and non-financial support. Community Managed Microfinance is based on the principle of the participant’s ownership and the loan fund is funded by the savings of the participants. When involved in CMMF, SMF’s role is only providing non-financial services, especially training.

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The lending activities have increased significantly over the last years. SMF aims at offering competitive facilities for our partner MFIs, yet without compromising the local financial markets. SMF thus should not subsidize the interest rate, as we believe one of our missions is to promote inclusive, financial markets. Having that said, SMF must also aim at promoting business between local banks and national MFIs. Guarantees have become more common over the years. It is of great importance for the MFIs to have access to local capital. This is all the more possible since commercial banks in most of the SMF countries of intervention are over liquid. A guarantee is needed when there is too much asymmetry between the lender (Bank) and the borrower. This is frequently the case when MFIs want to access the commercial financial markets. The conventional financing institutions have very limited knowledge of the MF sector. Hence a guarantee from an accepted institution can help the MFI access commercial capital. In this process it is essential that the guarantee should decrease over time (or the loan amount increase) so that the guarantee amount may be leveraged. Thus a certain amount in guarantee will leverage a higher amount in loans. An Apex institution could play a key role in this context. That is what SMF wants to do.

As a way of supporting the MF sector and build external relationships, SMF has chosen to make direct investments. These equity instruments, when invested in stakeholder companies in the North, open doors of collaboration with international players in the field, give access to information and new networks and let SMF become an international, recognised MF player. When investing in partner MFIs in the South, the rationale could be a need for closer monitoring by having a seat on the Board, a symbolic support to an interesting, growing partner or a financial investment in a strong MFI. SMF also aims at exploring various quasi equity instruments, such as subordinated loans when involved in this sector. Acknowledging the inadequate capital structure of most NGOs / MF players, the latter is a challenge calling for innovations.

I I) Non-financial services / technical assistance (TA): By non-financial services and technical assistance, SMF is promoting a number of different services. To SMF this is part of the holistic approach and integrated in MF. Capacity building and non-financial services can be funding of product development, developing manuals and plans for the institutions, institutional capacity building, market development support, applied research, provision of equipment for the MFI etc. Where applicable and functional, SMF offers grants to cover deficits and one-time investments in the MFIs. By building up a strong structure for the MF entities in the regions, concentrating on conducting MF services to MFIs with good governance, strong management, transparency and accountability. The grants are increasingly directed at the emerging MFIs in the early part of their life cycle. Since all parties should strive to reach at least operational sustainability, the grant element should be limited accordingly and reducing.

I I I) Networking The involvement in Networking can be further divided according to two categories: a) Networks for capacity building SMF acknowledges the importance of strong, national networks within MF, be it on MFI level, Apex level, between different donor agencies or collaboration with governmental bodies, both in the Global South as well as in Norway. These networks vary in quality, functionality and in some countries they are non existent. Uganda and

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Association of Microfinance Institutions in Uganda (AMFIU), is an example of how the structure of networks can be built and what an important role such networks play in securing a sound, vital development of the MF field. SMF believes, through financial and managerial support, one should support these structures in the chosen countries of intervention. b) Networks for funding and co-operation In line with the increasing professionalism and commercialisation of the MF industry, SMF sees an ever growing need to partner up with other, strong entities involved in our playfield. Reasons for partnering is both co-funding, sharing of recourses and responsibility in a project as well as strategic co-operation and knowledge sharing. Partners are both traditional donor communities, such as Norad as well as other actors like Oikocredit from The Netherlands, SIDI in France etc. Below is a list of some of the networks where we are affiliated: Internationally: Microcredit Summit and CGAP, Opportunity International

Nationally: Norway: Bistandstorget (Norwegian Development Network) Uganda: Uganda Association of Microfinance Institutions (AMFIU). Kenya: Association of Microfinance Institutions (AMFI) Tanzania: Tanzania Association of Microfinance Institutions (TAMFI). Mali: Association des Praticiens et institutions de la Microfinance (APIM) Sri Lanka: Donor MF Coordination Network, Microfinance Practitioners’ Network in Sri Lanka Bangladesh: INAFI Bangladesh

6) Conventional MF Activities by geographical involvement 6.1 SMF Dept. including West Africa, South America and parts of Asia

The MF involvement in West Africa, South America and parts of Asia, is governed by the SMF structure through the SMF Dept.’s supervision and managed by the Regional Director. The regional office is doing the due diligence and all assessments where the SMF Dept. serves as credit committee and whole-sale lender. SMF Department has for various reasons decided to acquire ownership parts in external companies abroad. Overview of investments can be found in Appendix II. The loans and equity holdings in the Apexes will appear in the balance of SMF Dept.

5.2 Community Managed Microfinance Community Managed Microfinance (CMMF), savings led microfinance, is microfinance based on groups where the members save together and by their own savings build the loan fund where the members of the group can ask for loans. In the partnerships and methods where SMF is involved, there is no external capital entering the groups and the loan fund. SMF only support partners with capacity building and funds for training new groups and expansion of the model. CMMF is used in East and West Africa.

European level: The European Microfinance Platform in Luxembourg ICCO, Oikocredit, Terrafina Microfinance, SIDI, OIKOS, EQUITY FOUNDATION

BALANCE SHEET (All numbers in NOK) 31.12.08 Assets Total current assets: 118.340.268 Total non-current assets. 8.544.955 Total assets 126.885.223

89.046.389 7.489.400 96.535.789

Total current liabilities: Total non-current liabilities: Total equity: Total Liabilities and Equity:

433.372 4.466.603 121.985.248 126.885.223

593.690 3.209.166 92.732.933 96.535.789

3.392.293 -179.255 -5.636.838 -2.994.757 - 5.418.557

3.009.082 -252.175 -920.256 -2.741.905 -905.254

19.604.032 15.066.841 29.252.316

-10.050.150 12.012.029 1.056.625

12 270 613 5,19% 3,04% 39%

13 254 502 3,32% 3,06% 77%

Income and Expenses statement Total operating income Total financing expenses Provision for loan losses and write-offs Total operating expenses Net income from operations Income tax Currency (loss)/gain Total grants received Net income after grants for the period

I am now eating 3 meals a day 8

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Key performance indicators: Total number of active partners: Total number of clients of partners*: Portfolio yield Assets yield OSS (Operational sustainability)**

31.12.07

*)Total number of clients is partly an estimated number **)OSS is exceptionnaly low in 2008 due to exceptionally high LLPR

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6.2 East Africa - Strømme Microfinance East Africa Ltd (SMF EA Ltd)

6.3 Sri Lanka - Strømme Microfinance Asia Guarantee Limited (SMAGL) SMF EA Ltd is a company limited by shares, incorporated in 2004. The company is located in Kampala, Uganda and including the activities of MF for the East African region (Uganda, Kenya, Tanzania, Rwanda and Sudan). SMF EA is a complete Apex organisation with a local Board of directors, a full set of manuals covering including a Business Plan, and policies for the Board, Accounting, Human Resources management and Operational & Financial issues. SF holds the majority of shares in the company and the Regional Director serves as chairperson of the Board. BALANCE SHEET (All numbers in NOK) 31.12.08 Assets Total current assets: 55.022..390 Total non-current assets. 152.118 Total assets 55.174.507

37.468.710 127.698 37.596.408

Total current liabilities: Total non-current liabilities: Total equity: Total Liabilities and Equity:

673.131 22.122.281 14.800.996 37.596.408

Income and Expenses statement Total operating income Total financing expenses Provision for loan losses and write-offs Total operating expenses Net income from operations Income tax Currency (loss)/gain Total grants received Net income after grants for the period Key performance indicators: Total number of active partners: Total number of clients of partners: Portfolio yield Assets yield OSS (Operational sustainability)

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1.098.358 32.026.060 22.050.089 55.174.507

31.12.07

5.566.643 -1.335.835 -1.510.671 -2.194.052 526.086

3.736.295 -997.365 -862.510 -1.739.922 136.498

-287.737 4.947.298 238.349

-62.726 3.840.047 3.913.819

22 396.427 13% 11,44% 110%

25 501.225 11,67% 11,22% 104%

In the Asian region, SMF has set up two different legal entities. Local legislation hinders either one of these from granting loans to other countries in the region. Loans to partners in Myanmar, Cambodia, India, East Timor etc. are therefore included in SMF Dept. Norway.

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SMAGL is incorporated under the Companies’ Act no 17 at the Registrar of Companies on January 6th 2006 with SF as the Founding Member. The company has taken over all MF activities in Sri Lanka and has its seat in Colombo. A professional board with local resource persons in addition to two members form SMF is governing the processes. The SF Regional Director is chairing the board. BALANCE SHEET (All numbers in NOK) 31.12.08 Assets Total current assets: 29.023.872 Total non-current assets. 47.211 Total assets 29.071.083

20.017.555 6.053.413 26.070.968

Total current liabilities: Total non-current liabilities: Total equity: Total Liabilities and Equity:

569.541 28.311.015 190.527 29.071.083

632.038 25.250.300 188.630 26.070.968

2.063.516 -268.076 -1.503.216 -1.263.777 -971.553 -202.982

1.542.880 -178.763 - 566.889 -1.115.894 -318.667 -30.727

-1.174.535

174.359 -175.035

25 225.297 7,94% 7,37% 75%

27 231.967 7,80% 7,53% 83%

Income and Expenses statement Total operating income Total financing expenses Provision for loan losses and write-offs Total operating expenses Net income from operations Income tax Currency (loss)/gain Total grants received Net income after grants for the period

Key performance indicators: Total number of active partners: Total number of clients of partners: Portfolio yield Assets yield OSS (Operational sustainability)

31.12.07

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6.4 Bangladesh - Microenterprise Development Foundation (MDF)

6.5 Global statistics The Apex in Bangladesh is still to be legally approved as a company. The virtual Apex is at the time functioning as an Apex governed as a division within the Regional Office in Sri Lanka. BALANCE SHEET (All numbers in NOK)

31.12.08

When consolidating the numbers in SMF, The SMF Dept. and including all the Apexes and correcting for internal transactions, we may present the following information as per December 31st 2008. The financial report is found in Appendix 1:

31.12.07 FINANCIAL EXTRACTS ( in NOK)

Assets Total current assets: Total non-current assets. Total asset

47.589.783

32.208.236

47.589.783

32.208.236

Total current liabilities: Total non-current liabilities: Total equity: Total Liabilities and Equity:

142.574 47.949.272 -502.063 47.589.783

144.062 32.342.400 -278.226 32.208.236

3.010.818 -1.281.258 -1.107.643 -767.102 -145.185

1.933.347 -932.015 -895.508 -385.184 -279.360

Income and Expenses statement Total operating income Total financing expenses Provision for loan losses and write-offs Total operating expenses Net income from operations Income tax Currency (loss)/gain Total grants received Net income after grants for the period Key performance indicators: Total number of active partners: Total number of clients of partners: Portfolio yield Assets yield OSS (Operational sustainability)

Total assets Total equity Gross Loan Portfolio Total operating income Total administrative expenses Total number of MF partners Total disbursement to partners since inception (2000)

31.12.08

31.12.07

151.532.647 143.149.893 123.407.408 11.220.163 7.219.688 69

106.997.279 102.538.152 89.829.050 7.874.213 5.777.640 88

314.264.131

218.562.614

Outstanding balance per 31.12.2008 (

*0 ,-

East Africa West Africa Asia South America

48.010.147 4.457.376 68.807.792 1.058.850

East Africa West Africa Asia South America Total

596 427 50 936 1 663 756 10 000 2 321 119

East Africa West Africa Asia South America Total

64 936 5 094 170 359 1 361 241 750

+

-145.185

-279.360

Outreach by our partners 0

10 1.428.782 7,05% 6,33% 95%

500000 1000000 1500000

2000000

10 1.090295 7,89% 6,47% 87%

Outreach by our funding 0

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50000

100000

150000

200000

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7) Highlights and achievements in 2008

Appendix 1 Consolidated financial report

The constant strive for identifying and implementing better solutions, working efficiently and developing the industry further will never stop. In a year filled with processes where we are planning for the future, it has been time to revise some reporting formats, implement new indicators for Result Based Management and work on the strategy for the future. 7.1 SMF AS is awakened. In the Board of Directors meeting of SF in November, the until then dormant company Stromme Microfinance AS was awakened. The company is first and foremost a tool for risk management in SF. Further it can open new sources of funding and further expansion of the Microfinance intervention. 7.2 Agreement for Core funding with Norad After ending the evaluation process from Norad concluding that the structure and set-up of Stromme Foundation is an efficient tool for intervention in development work, Norad decided to increase the yearly amount donated to SF each year. Given the constraints in Norad’s budget, SF is quite satisfied with this increase. The evaluation process was a learning process giving good directions for the future as well as confirming some of the choises that have been taken in the past. The new agreement with Norad is also new in the terms of reporting and structure. SF will now report the results of interventions and not so much from the activities as earlier. Further, the core funding means that Norad is focusing on the greater picture and not asking for the details of each country and partner. The follow-up of this level is left to SF. 7.3 Result Based Management The definition of successfully implemented development work is not standardized. However, there is a shift in the direction of focussing and measuring change in the target groups’ lives. The input and activities are measured directly by outcome and outreach. But the real result is beyond this when we measure change. In 2008 all reporting systems have been geared towards such measures and development of indicators. Measuring change is not done only to prove that the MF is eradicating poverty, but more important to make sure that the intervention is targeted towards the right group of people and that the products offered are the ones demanded. Result Based management is a useful framework in where to measure results and to improve the intervention. 7.4 Social Performance The Microfinance industry is focusing more and more on Social Performance. In 2008 The MiX launced the agreed upon indicators for Social Performance Management alongside with the financial indicators. SMF is following the work and imple-

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menting social indicators as part of our on-going monitoring and reporting efforts . 7.5 Financial Reporting Financial reporting and control is a necessity for long-term sustainability. As 2008 has been the time for structuring for the future, also the financial reporting schemes have been revised. The new template includes financial reporting, portfolio reporting and social reporting in one. The new format gives more information and tools for measuring the performance of SMF’s work, the work of partners and it has also links to the end clients.

8) Challenges in the year to come As mentioned in chapter 7, Achievements and highlights, some issues are ever relevant and we should never stop striving for better solutions, more efficient tools and means to eradicate poverty as well as being part of the development of the MF industry. Even though the industry is focusing more and more on the Social Performance, there is still some way to go when it comes to implementing the tools. The balance between what we need to have and what is nice to have and whom to target with the information, is a challenge to solve. SMF is continuing to search for good indicators to measure the change, outcome. The standardization with The MiX has given some good output indicators. However, the change in the target groups’ lives should be our main focus and SMF will continue to work for improved measurement of this. The new agreement with Norad challenges SMF on reporting and implies new reporting formats and routines. These have to be developed and implemented in 2009. This is a chance to improve, but it is very time consuming. In 2006 SF were on the way to establishing a new Apex, together with another partner in Bangladesh. Unfortunately this failed. In 2007 and 2008 SF have been going over alternatives of co-operation and regulations. Even though the process is progressing, there are still issues to be dealt with as there is no similar institution in Bangladesh and the present legal framework does not directly accommodate our version of a wholesale lending institution.. The process continues and SF is aiming at finishing as soon as possible with the third, fully legal Apex established for wholesale lending. The Apex in East Africa, SMF EA ltd. has been consolidating their work as an Apex for some years now. They have reached the point where they both face increased demand from partners for more funding as well as increased capacity internally to take on more portfolio and grow further. This is a challenge to SMF AS since we are the majority owners of the company. Searching for funding, not only for East Africa, but for all our interventions in the microfinance field will be challenge in the year to come. SMF AS will have to develop progressively its role as a facilitator of commercial funding of its partners.

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Assets Total current assets: Total non-current assets. Total assets

31-12-2008 147.773.752 3.758.894 151.532.647

31-12-2007 103.703.370 3.293.909 106.997.279

Total current liabilities: Total non-current liabilities: Total equity: Total Liabilities and Equity:

782.499 7.600.256 143.149.893 151.532.647

1.249.962 3.209.165 102.538.152 106.997.277

Income and Expenses statement Total operating income Total financing expenses Provision for loan losses and write-offs Total operating expenses Net income from operations Income tax Currency (loss)/gain Total grants received Net income after grants for the period

11.220.163 -251.315 -5.145.833 -7.219.688 -1.396.674 -202.982 19.618.288 1.201.987 19.220.619

7.874.213 -335.456 -3.090.564 -5.777.640 -1.329.446 - 28.407 -10.109.535 6.116.439 -5.350.949

Appendix II Equity Holdings Name of Company Country of orig. Descript. Amount in NOK Oikos Denmark Co-operative bank that collects 133.769 deposits to relend to MFIs in developing countries. Oikocredit Holland Wholesale lending Institution – 99.296 one of the largest worldwide SIDI France Wholesale lender 452.790 MF part of the Jamii Bora Group 2.509.710 Jamii Bora Kenya Ltd Kenya Jamii Bora Scandinavia. Ltd Sweden Investment fund with purpose of 364.000 channelling funds for Jamii Bora Kolibri Kapital Norway Investment fund 20.400 SMF EA Ltd Uganda SMF Apex 4.985.388

Appendix II Personnel

Appendix III Abbreviations:

The executive staff involved in Microfinance in 2008 are composed of the four Regional Directors (RD) as well as a number of Microfinance specialists:

BOD:

Board of Directors

CEO:

Chief Executive Officer

SMAGL Nimal Martinus (RD Asia), Chairpers. Upul Batagoda, CEO Nadeera Sumudu, MF Officer Priyantha Saman Bankara, Oper. Coordinator Savarimuththu Gnanapragasam, Adm. and Fin. Officer

CGAP: Consultative Group to Assist the Poorest

SMF EA Ltd Priscilla Mirembe Serukka (RD East Africa), Chairpers. Paul Mayanja, CEO Elizabeth Naiga, MF Officer Daniel Sentumbwe, MF Officer Denis Okaba, Accountant Badru Lubega, Driver Bangladesh Zahirul Islam, MF specialist Shakawat Hussam Majumber, MF Officer Daniel Mondal, Accountant West Africa Zakariya Abdou, RD West Africa Samuel Dao, MF Officer

CMMF: Community Managed Microfinance MF:

Microfinance

MIS :

Management Information Systems

MFI :

Microfinance Institutions

NGO: Non Governmental Organisation RD:

Regional Director (in SF)

SF:

Strømme Foundation

SMF:

Strømme Foundation Microfinance

SMF Dept.: Strømme Microfinance Department TA:

Technical Assistance

South America Susana Tapia, RD South America SMF Dept. Lars Erik Harv, MF Director Anja Elise Ø. Husebø, MF Advisor Johannes Sannesmoen, MF Advisor Heidi Prestbakmo Holtskog, Acc., (1/5 position).

Microfinance Department • Strømme Foundation, June 2009 • Lay-out and graphic design: Strømme Foundation • All photos: Strømme Foundation The Strømme Foundation is member of The Norwegian Control Comittee for Fundraising STRØM M E M ICROFI NANCE DE PARTM E NT \\ AN N UAL R E PORT 2008

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Skippergaten 3 • Box 414 • N-4664 Kristiansand Norway Tel +47 38 12 75 00 • Fax +47 38 02 57 10 • Org. no 952 002 139 E-mail: post@stromme.org • www.stromme.org


Strømme Foundation Microfinance AS Annual Report 2008