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EIF CORPORATE OPERATIONAL PLAN 2011-2013 Important notices: The Corporate Operational Plan 2011-2013 was discussed and approved by the Board of Directors of the European Investment Fund at its meeting of 13 December 2010. Attention is drawn to the fact that data provided on 2010 activity are estimates only which were made prior to the 2010 year-end. This document also contains other forward-looking statements such as projections of financial performance. Such statements and projections may, by their nature, prove to be inaccurate. Data or statements that are confidential and/or financially sensitive in nature have been removed from this publication. 1 Table of Contents Introduction ........................................................................................................3 1 Vision, Values and Strategy of EIF....................................................................4 2 2010 Activities..............................................................................................6 3 Business Environment ..................................................................................10 4 Value Added of EIF Operations.....................................................................12 5 Business Planning and Operations: 2011–2013..............................................14 5.1 Business Development, Strategic Imperatives and Key Action Items............... 14 5.1.1 Equity Investments............................................................................... 14 5.1.2 Guarantees and Credit Enhancement.................................................... 21 5.1.3 Microfinance...................................................................................... 24 5.1.4 Regional Support and Advisory Business................................................ 26 5.1.5 Strategic Product and Mandate Development......................................... 28 5.2 Operational Excellence........................................................................... 29 5.2.1 IT development................................................................................... 29 5.2.2 Finance, Risk and Control.................................................................... 29 5.3 Employer of Choice................................................................................ 30 Annex 1: Acronyms 2 Introduction European Investment Fund The European Investment Fund (EIF) is the EIB Group’s specialist provider of risk finance to small and medium-sized enterprises (SME) across Europe, delivering a full spectrum of financing solutions for selected intermediaries. It promotes the implementation of Community policies, notably in the fields of entrepreneurship, technology, innovation and regional development. Its unique structure also requires the generation of an appropriate return for its shareholders. The EIB Group The EIB Group consists of the European Investment Bank (EIB) and the European Investment Fund (EIF). The range of products offered within the EIB Group extends from equity to senior loans. The principal area of cooperation between EIB and EIF is support of SMEs. The Group will continue to develop joint risk sharing solutions and to systematically develop joint client relationships. The Corporate Operational Plan The Corporate Operational Plan (COP) covers the major priorities and activities of EIF including risk management, budget, and staff matters. A separate COP is prepared by the EIB to further detail information relevant to its operations. Executive Summary The COP 2011-2013 presents a comprehensive plan to maximise the impact of EIF for the benefit of the SME market in Europe. This will be achieved through an increase of venture and growth capital investment of 40% to EUR 1.3bn in 2011, leveraging over EUR 3.5bn of equity funding. A sharp increase of guarantee volumes is also planned from EUR 611m to EUR 1.3bn (+100%) with a leveraged impact of EUR 7.8bn. The microfinance activity will accelerate to a level of EUR 100m as a result of the Progress fund, again leveraging EUR 230m for this vital sector. EIF will sustain its operating profit in 2011 at EUR 59m despite flat treasury and guarantee income. Costs will rise by 9% reflecting a slow down in recruitment but increased investment in IT. The resultant cost to income ratio of 46% is in line with last year`s COP figure for 2011. Weak economies in most of Europe will mean continued challenges for SMEs and a high level of insolvencies. This factor is reflected in the planned exceptional provisions and impairments of EUR 28m in 2011, down from the full year charge for 2010 of EUR 58.1m. Nevertheless, the capital adequacy ratio of EIF will remain strong at 25-30% (under the currently approved methodology) and management is confident to be able to maintain the AAA rating going forward. 3 1 Vision, Values and Strategy of EIF Vision “Europe’s leading developer of risk financing for entrepreneurship and innovation” Values Excellence * Teamwork * Integrity * Responsibility * Accountability * Customer-driven Medium-term objectives “Maximise impact on the smart, sustainable and inclusive growth of medium, small and microenterprises in the EU Accession and EFTA Countries” o Segment the market in line with the EU 2020 strategy; o Work intensively with the European Commission (EC) on the most effective instruments; o Maximise EIF’s value added and catalytic effect; o Expand the Fund-of-Funds activity through development of relations with a broader range of EU and Accession Member States in order to assist them in developing their risk capital markets; o Mobilize EUR 1.1bn under the JEREMIE Holding Funds; o Work with the EC to adapt the Structural Funds regulation to align it better with the constraints of market based financial instruments, ensuring that convergence funds can be efficiently deployed. “Cornerstone European Growth and Venture Capital and catalyse a maximum level of new SME lending” o Deliver on the renewed EIF Equity and Guarantee strategies to better respond to market needs; o Become the leading investor in Europe in Microfinance over the next three years. “Leverage own capital and mandator’s risk capacity to catalyse EUR 10bn to 13bn Equity, Mezzanine and Debt annually” o Optimise the usage of available resources in the circumstances of limited capital and budgetary resources at EU and national levels; o Leverage EUR 10bn by 2011 with a new target of EUR 13bn for the following two years (2012-2013); o Ensure a high catalytic role on all segments of the market (Guarantees and Securitisation, Venture and Growth Capital, Mezzanine) with an increasing role of EIF as cornerstone investor (increased stakes and added value at earlier stage of the transaction). “Generate EUR 70-80m operating profit at 40 – 45% cost to income and at a long run ROE of 5 to 6%” o Increase efficiency and staff productivity through investments in IT; 4 o Decentralize budget ownership to give more responsibility to teams; o Implement cost saving measures and specific recommendations in a number of cost lines (travel expenses, consultancy, etc). “Establish value creating Risk Management – AAA rating” o Manage actively the relationship with all three rating agencies to maintain AAA rating; o Optimise own capital and better assess the balance sheet impact of new volumes of activities; o Enhance continuously stress testing processes and proactive monitoring; o Build further excellence in fund management and administration in order to mitigate operational risk. “Build integrated, stable, scaleable systems and processes” o Develop the Long-Term Information Strategy; main initiatives include: Enhance the different systems and, more specifically, the guarantee platform. Development of a tool specific to the microfinance activity; Leverage the existing infrastructure at EIB Group level, in particular for Group-wide solutions like PeopleSoft, Data-Warehouse and the Collaboration tools. “Promote and enhance an excellent internal and external reputation” o Enhance internal and external communication (intranet fully operational complemented by quarterly all staff meetings; new head of communication recruited); o Manage proactively the relationships with mandators and stakeholders, adhere to EU policy objectives and EIB Group goals; o Develop initiatives towards the goal of being employer of choice. 5 ... - --nqh--
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