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General Data |
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The financial developments of FAF-DC
(ex. MAFF) during the last three years may be
illustrated by the following highlights: |
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Main highlights of FAF-DC/MAFF
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DESCRIPTION |
Ultimo 2008 |
Ultimo 2007
(000 ALL) |
Ultimo 2006
(000 ALL) |
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(000 USD) |
(000 ALL) |
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Total Outstanding Loan Portfolio |
16,577.8 |
1,457,358 |
1,383,035 |
1,363,253 |
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No. of active borrowers |
5,163.0 |
5,163 |
4,752 |
5,354 |
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Average Loan Balance/Borrower |
3.2 |
282 |
291 |
255 |
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Profit/Loss |
526.8 |
46,314 |
53,534 |
21,602 |
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Total Assets/Liabilities |
17,764.8 |
1,561,705 |
1,404,149 |
1,334,077 |
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Equity |
12,111.5 |
1,064,718 |
1,030,162 |
980,100 |
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Arrears >30 days |
4.1% |
2.4% |
11.6% |
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Operational self-sustainability |
113.7% |
127.46% |
133.22% |
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No. of Outlets |
27 |
25 |
19 |
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Total
No. of staff:
Head Office
Branches |
100
33
67 |
91
28
63 |
79
24
55 |
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Sector
distribution of Loans:
Agriculture/Livestock
Trade
Production
Services
Others |
38%
29%
10%
17%
6% |
37%
30%
11%
12%
10% |
38%
26%
12%
10%
14% |
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FAF-DC starts up with a respectable lending
background and gets underway with low level of
portfolio at risk, and with high quality assets
because of sustainable customers. The diversity
in loan size, in borrowers’ businesses and loans
size has created a balanced and cost-effective
portfolio.
Below is a summary of Income Statements and
Balance Sheets from the years 2006 to 2008: |
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Balance Sheet and
Income Statement Indicators: |
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INDICATORS |
%Average
Change |
%Change
2008/2005 |
2008 |
2007 |
2006 |
2005 |
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Balance Sheet |
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Total assets |
129.5% |
134.7% |
1,749,066,000 |
1,404,148,000 |
1,334,077,000 |
1,298,304,000 |
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Total liabilities |
143.6% |
155.4% |
493,350,000 |
373,986,000 |
294,510,000 |
317,379,000 |
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Total equity |
125% |
128% |
1,255,716,000 |
1,030,162,000 |
1,039,567,000 |
980,925,000 |
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Income Statement |
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Total Revenue |
138.2% |
146% |
282,425,000 |
216,611,000 |
213,780,000 |
193,514,000 |
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Total Expenses |
146.6% |
140% |
249,957,000 |
163,077,000 |
192,178,000 |
178,756,000 |
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Net Operat. Income |
140.3% |
220% |
32,468,000 |
53,534,000 |
21,602,000 |
14,758,000 |
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Asset Utilization Ratio% |
+4.3% |
+7.5% |
16.15% |
15.4% |
16% |
15% |
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Based on 2005-2008 years scenario, by
adjusting in the balance sheet IFAD funds as
equity, it is a satisfactory equity growth
rate and net operating income growth
rate. According to the Rule of 72 the
above data show the following positive trends: |
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In the Balance Sheet:
1) The
Assets are increased averagely by 29.5% and by
34.7% on 2008. The assets propense to be doubled
within 2.3 – 2.6 years;
2) The
Equity is increased averagely by 25% and by 28%
on 2008. The equity propenses to be doubled
within
2.6
– 3.1 years; |
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In the Income Statement:
3)
The net operating incomes are increased
averagely by 40% and by 120% on 2008.
4)
Asset Utilization ratio is very stable with an
increase by 7.5%. |
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Important Growth Milestones for 2009, 2010 and
2011 |
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Actual Level of Financial Year 2008:
►Leverage with USD 1,5 million [40 years
maturity, 10 years grace period, 1%
interest rate];
►Loan portfolio USD 16,58 million
►5,169 customers with a mixture of loan
portfolio 20%/80% first time
borrowers/repetitive borrowers
►Diversify portfolio of borrowers to
74%/26% respectively the ratio: micro
borrowers/medium, large borrowers
[number]
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Forecast Year 2009:
►Raise Leverage with:
■Euro
2 million [40% of Euro 5
million, 10 years maturity term, 5 years
grace period, Euribor+0,32% interest
rate].
■USD
2,5 million [40 years maturity
term, 10 years grace period, 1% interest
rate].
►Loan portfolio up to USD 21,5 million,
Equity Position becomes 13,9 million
[without strategic investor]
►5,500 customers with a mixture of loan
portfolio 17%/83% first time
borrowers/repetitive borrowers
►Diversify portfolio of borrowers to
66%/34% respectively the ratio: micro
borrowers/medium, large borrowers
[number]
►100% Accounting Software BOS and
on/line operating network
►Covering 100% nationwide territory
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Forecast Year 2010:
►Raise Leverage with Euro 3 million [60%
x Euro 5 million, 10 years maturity, 5
years grace period, Euribor+0,32%
interest rate];
►Loan portfolio USD 23,16 million
►6000 customers with a mixture of loan
portfolio 20%/80% first time
borrowers/repetitive borrowers
►Diversify portfolio of borrowers to
60%/40% respectively the ratio: micro
borrowers/medium, large borrowers
[number]
►Diversify product portfolio 30% new
products/70% existing ones
►Starting up with loans under the
segment USD 100 000 – USD 200 000 |
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Forecasted Year 2011:
►Raise Leverage with Euro 5 million
[Private Equity Funds, Corporate Bonds,
etc.];
►Loan portfolio USD 28 million, Equity
position 16 million [without Strategic
Investor]
►7000 customers with a mixture of loan
portfolio 20%/80% first time
borrowers/repetitive borrowers
►Diversify portfolio of borrowers to
60%/40% respectively the ratio: micro
borrowers/medium, large borrowers
[number]
►Diversify product portfolio 30% new
products/70% existing ones
►Starting up with loans under the
segment USD 100 000 – USD 200 000
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Consolidated Data on Projected Indicators: |
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Set of Indicators |
YEARS |
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Balance Sheet Items |
2011 |
2010 |
2009 |
2008 |
2007 |
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Cash |
1 025 774 |
575 376 |
338 693 |
1 379 316 |
317 964 |
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Loans |
24 854 395 |
23 164 040 |
21 476 635 |
17 856 045 |
16 685 189 |
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Fixed Assets |
460 000 |
460 000 |
460 000 |
461 928 |
465 572 |
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Total Assets |
26 340 169 |
24 199 416 |
22 275 328 |
19 697 289 |
17 468 725 |
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Current Liabilities |
170 000 |
150 000 |
145 000 |
124 400 |
1 950 |
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Noncurrent Liabilities |
10 422 748 |
9 319 539 |
8 216 330 |
6 268 628 |
5 038 706 |
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―Total Liabilities |
10 592 748 |
9 469 539 |
8 361 330 |
6 393 028 |
5 040 656 |
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=Equity |
15 747 421 |
14 729 877 |
13 913 998 |
13 304 261 |
12 428 069 |
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Income Statement Items |
2011 |
2010 |
2009 |
2008 |
2007 |
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Income |
4,486,430 |
4,183,555 |
3,842,892
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3,568,997 |
2,998,001 |
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Expenses |
3,468,886 |
3,367,676 |
3,233,155 |
2,692,805 |
2,352,155 |
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Net Operating Income |
1,017,544 |
815,879 |
609,737 |
876,192 |
645,846 |
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Core
Financial Ratios |
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Financing Structure |
2011 |
2010 |
2009 |
2008 |
2007 |
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Capital/Asset Ratio |
59.78 |
60.87 |
62.46 |
67.54 |
71.14 |
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Debt/Equity Ratio |
56.44 |
52.85 |
48.02 |
35.59 |
26.27 |
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Liability/Equity Ratio |
67.27 |
64.29 |
60.09 |
48.05 |
40.56 |
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Gross Loan to Total Assets |
94.36 |
95.72 |
96.41 |
90.65 |
95.51 |
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Overall Financial Performance |
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ROA |
3.86 |
3.37 |
2.74 |
4.45 |
3.70 |
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ROE |
6.46 |
5.54 |
4.38 |
6.59 |
5.20 |
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Operational Self-Sufficiency |
129.33 |
124.23 |
118.86 |
132.54 |
127.46 |
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Financial Efficiency |
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FFR=financial revenue ratio |
17.03 |
17.29 |
17.25 |
18.12 |
17.16 |
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FER=financial expense ratio |
0.36 |
0.35 |
0.32 |
0.26 |
0.21 |
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Expense Ratio |
13.17 |
13.92 |
14.51 |
13.67 |
13.46 |
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Operating Expense Ratio |
10.85 |
11.56 |
12.15 |
11.44 |
11.12 |
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