With next to nothingchange practically everything!

AnnuAlRepoRt2011

S o c i a l m i c r o f i n a n c e17 mfis* in 11 countries

€9.8 million loans outstanding139,000 borrowers and savers

123,000 loans granted at an average amount of €147 270,000 taken part in training courses

140,000 b e n e f i c i a r i e s

budget achieved €3.2 m

i n12 c o u n t r i e s

36 f u l l-t i m e p e r m a n e n t s t a f f

c o n t e n t S

4Social

microfinance

15financial

report

Business creation

12

Socialentrepreneurship

9

18main Sponsors

Haiti

Ghana

BeninBeninBeninBeninBeninBenin

TogoTogoTogoTogoTogo

IndiaIndiaIndiaIndiaIndiaIndiaIndiaBurma

MongoliaMongoliaMongoliaMongoliaMongoliaMongoliaMongolia

PhilippinesPhilippinesPhilippinesPhilippinesPhilippinesPhilippinesPhilippinesPhilippinesPhilippines

VietnamVietnamLaosLaos

CambodiaCambodiaCambodiaCambodiaCambodiaCambodia

Burkina FasoBurkina FasoBurkina FasoBurkina FasoBurkina FasoBurkina FasoBurkina FasoBurkina FasoBurkina FasoBurkina Faso

14Strategy &

plans for the futureS o c i a l e n t r e p r e n e u r S h i p

4 programmes in 3 countries1,415 gas stoves sold

3,051 improved stoves sold933 gas credits granted

6,670 25g spirulina sachets sold3 earthquake and cyclone resistant model homes built

22 craftsmen trained in building these houses

B u S i n e S S c r e at i o n 2 programmes in 1 country

27 small businesses set-up/strengthened80 business operators trained

1 business incubator set-up

*Microfinance Institution

looking back over 2011, i am proud to say out loud what a

unique, innovative and successful organisation entrepreneurs

du monde is.

entrepreneurs du monde is unique because its pragmatic

approach is based on experience in the field, rather than concepts

dictated by head office. We do not believe in “one-size-fits-all”

solutions.

entrepreneurs du monde is innovative because it fights for a decidedly social microfinance, and

is constantly on the lookout for any solutions which can contribute to a way out of extreme

poverty through economic initiative. even in the most extreme conditions, such as in the

aftermath of the earthquake in haiti where requests for help greatly increased, we manage

to adapt and break new ground.

entrepreneurs du monde is successful in that it proves that it is possible to achieve both

real socio-economic progression for families and economic viability for its partners. a great

example of this is chamroeun, an nGo set-up by entrepreneurs du monde in cambodia in

2006. chamroeun became a company in 2009 before setting up its own foundation to finance

social initiatives.

it is thanks to this dynamic that the entrepreneurs du monde teams are able to comprehend

the needs of the micro-entrepreneurs and meet them with services adapted to their needs.

Social microfinance, social entrepreneurship, the creation of small businesses: these are the

domains where, year after year, entrepreneurs du monde consolidates its expertise. however,

we can only continue to help enterprising populations, who are denied the most fundamental

of services, if the necessary funds can be raised. During this time of cutbacks, raising funds

is particularly difficult.

i would like to thank you for your support of the teams of entrepreneurs du monde, and the

brave micro-entrepreneurs who they support in turn.

We need your support more than ever!

thank you,

Sabine roux de BézieuxChairwoman

e D i t o r i a l

entrepreneurs du monde - annual report 2011 4Social microfinance

Offering people living in extreme poverty access to small amounts of credit in order to develop businesses,

helping them with the development of such business activities and encouraging them to save.

In BenIn Séverine sells

second-hand clothes Séverine knows the stakes of her work perfectly, and makes 3,000 CFA francs (€4) per day. She needs this income to

add to that of her husband, a motorcycle taxi driver, and to take care of their five children. The three micro-loans granted

by our partner ALIDé (including two kick-start loans of 10,000 and 20,000

CFA francs, €15 and €30) have enabled Séverine to increase and rationalise her buying. She now hopes to reach another financial milestone to be able to buy her

merchandise in full batches. She will then be able to afford genuinely good articles

and so, her sales will improve. Determined and hard-working, Séverine

is a good role model for her children. Despite not being able to go to school

every month, due to the lack of regular income for the time being, they are

well-motivated, studying at the black-board which fills an entire section of one of the four walls of their house.

Serving the poorest small-businesspeoplethe organisation supports micro-entrepreneurs (saleswomen, grocers, seamstresses, tailors, motorcycle taxi drivers, farmers etc.) who on the whole do not have access to other microfinance initiatives. indeed, these people live under very precarious economic circumstances, can give few guarantees and often have little experience of business manage-ment.

Offering full supportentrepreneurs du monde focuses on these micro-entrepreneurs gaining permanent access to various services: small loans for them to develop their businesses and flexible, rewarding savings schemes to allow for restocking the business and to help cope with household expendi-ture, whether planned or otherwise (schooling, health etc.) 

Average loan granted in 2011: €147

Average initial loan: €107

BeninALIDéBeninese microfinance institution created in 1998• cotonou, allada, calavi, cocotomey and

porto novo• technical and financial support since its

creation• 24,293 entrepreneurs supported in 2011• average loan: €208ALIDé became financially sustainable in 2011. Entrepreneurs du Monde will continue to support ALIDé on projects aimed at reinforcing its social mission.

BurmaSOTHentrepreneurs du monde programme initiated in 2011• Dala, in the southern suburbs of rangoonHaving obtained the first level of agreement in February 2011, the authorities withdrew this agreement in October and requested all organisations present in the country to proceed anew with their registration. Activities are therefore on hold.

Yadana Subooprogramme created in 1997 by total• province of thanintaryi• technical support since 2007Entrepreneurs du Monde’s support is gradually being reduced as the programme becomes more self-sufficient.

Burkina Faso

AsIenABurkinabè non-profit organisation created in January 2008• ouagadougou and the South-West• technical, operational and financial support

since 2009• 12,430 entrepreneurs in 2011• average loan: €70After 3 years of cross-functional support, Entrepreneurs du Monde will concentrate its contribution to several specific projects as of 2012.

LSKBurkinabè savings and loans cooperative institution created in January 2005• ouagadougou, Koudougou• technical and financial support restricted

to selective projectsThe partnership between LSK and Entrepreneurs du Monde ended in December 2011.

the organisation also provides business and agricultural training, adapted for each country, and works to raise awareness on social issues such as hygiene, health and the environment. it offers families strong individual support when needed, and with some of its programmes, facilitates these families’ access to health insurance.

Aid through local structuresin 2011, entrepreneurs du monde actioned in social microfinance in 11 countries:

supporting local partners, either: • pre-existing: icDc, philippines; paDetc, laos, Sovann phoum, cambodia; Yadana Suboo, Burma; aliDé, Benin; iD Ghana and VeG, Ghana; asiena, lSK and micro Start, Burkina faso • or started by entrepreneurs du Monde: Seed, philippines; ncrc, india

directly, when no local partner sharing a similar social vision of microfinance could be found: chamroeun, cambodia; Soth, Burma; anh chi em, Vietnam; iD microfinance, haiti; a new programme currently being started in togo.

Bringing technical and financial supporton the whole, entrepreneurs du monde brings technical and financial support, the extent of which varies from one partner organisation to another.

This technical support involves structuring and equipping local programmes and partners, in order to enable them to develop the adapted services they offer and to extend their activities to thousands of families in an efficient manner. [cont’d on page 8]

In total, 17 programmes and partners benefitted from the support of Entrepreneurs du

Monde in 2011

entrepreneurs du monde - annual report 2011

Burkina Faso

Micro StartBurkinabè savings and loans cooperative institution created in february 2000• ouagadougou, Koubri, mogtedo• technical and financial support since 2009• 28,777 entrepreneurs in 2011MicroStart is an already well structured and self-financed partner to which Entrepreneurs du Monde provides support on specific projects, at the request of the MFI.

CamBodia ChamroeunSubsidiary of entrepreneurs du monde incorporated in cambodia, created in 2006• phnom penh & main provincial cities• 34,897 entrepreneurs supported in 2011• average loan: €124Chamroeun is financially self-sufficient since mid-2010. Its main aim today is to mobilise extra resources for its loan fund.

Sovann Phoumcambodian non-profit organisation created in march 2004• phnom penh and its suburbs• technical and financial support from

entrepreneurs du monde since 2006• 899 entrepreneurs supported in 2011• average loan: €143After several years of support, Entrepreneurs du Monde will limit its involvement in 2012 to a seat on the board of trustees.

Ghana

ID GhanaGhanaian financial nGo created in July 1998• accra and its suburbs• technical, operational and financial support

since 2007• 8,982 entrepreneurs supported in 2011• average loan: €209ID Ghana reached financial stability at the end of 2011. Support from Entrepreneurs du Monde continues for specific projects, to strengthen its professionalisation, social mission and shareholders’ equity.

6

to enable very poor micro-entrepre-neurs and their families to achieve real and sustainable socio-economic progress, our programmes and part-ners offer them not only financial serv-ices (loans, savings) but also services of other kinds (training, individual-ised monitoring, and access to useful products such as health insurance or improved stoves).

Special care for marginalised communitiesentrepreneurs du monde encourages its partners to support those communities which are deemed non-creditworthy or are marginalised. for example, our new programme in togo is directed first and foremost at those living with hiV and will then be extended to include those with disabilities.

Adapted loansthe amount of each microcredit is adapted precisely to the needs of each income-generating venture. in all the countries concerned, the average amount of these credits is €147, and €107 in the case of initial loans. Some partners, such as aliDé in Benin, iD Ghana and iD microfinance in haiti have developed kick-start loans (only €15 in Benin) for the particularly vulnerable. in many cases, no set-up fees nor interest are incurred on these loans.  after two or three of these loans, the borrower can access more traditional types of loan.

Training and individualised monitoringin all cases, our partners provide training and enhanced support where required. in rural areas, such as in Vietnam, the instructors focus on technical support for agriculture and livestock breeding.

in Ghana, specialist instructors conduct activities to raise awareness on social and health issues. in india, the individu-alised social monitoring of families is bearing fruit. in haiti, 13 social workers and psychologists assist more than 3,000 families whose special needs are often earthquake-related. in the case of aliDé in Benin, social workers refer families to specialised partner organi-sations, if deemed necessary.

Health insurance and improved stovesiD Ghana offers its borrowers the opportunity to subscribe to a national health insurance system and partially subsidises contributions for the first three years. in Burkina faso, asiena, lSK and micro Start encourage members to save up to buy a roumdé* improved wood or coal stove so as to reduce their expenditure and help cut defor-estation and harmful smoke emissions.

each programme and partner adopts an innovative approach and is always looking to do more to provide inclusive microfinance for the most disadvan-taged.

A comprehensive approach for the particularly vulnerable or marginalised

*Roumdé stove: a stove, designed and popularised by the FAFASO programme run by GIZ (German Agency for International Cooperation), which can cut wood consumption by 40%.

Ghana

VeGassociation governed by Ghanaian law created in 2002• ho, in the Volta region• technical, operational and financial support

since 2010• 73 entrepreneurs supported in 2011• average loan: €90In the years to come, the support of Entrepreneurs du Monde will be limited to a participation of VEG at regular exchange and capitalisation meetings between MFIs supported in Africa.

haitiID Microfinanceentrepreneurs du monde programme created in 1998 by initiative Développement• port-au-prince, cabaret, léogane• 10,195 entrepreneurs supported in 2011• average loan: €221Despite a still complicated post-earthquake situation, ID Microfinance has experienced strong growth qualitatively and quantitatively in 2011.

indianCRCnon-profit indian company created in June 2006• calcutta and howrah• technical, operational and financial support

from entrepreneurs du monde since the beginning

• 5,326 entrepreneurs supported in 2011• average loan: €78NCRC was initiated by Entrepreneurs du Monde and is today financially self-sufficient. Entrepreneurs du Monde continues to support it on specific projects.

Laos

PADeTCtraining institute created in 1996• Situated in Vientiane, with activities in

different provinces of laos• technical and financial support in 2011Entrepreneurs du Monde trained the PADETC team to set up social microfinance activities. Support from Entrepreneurs du Monde is restricted to this training.

achieving financial sustainability is often perceived as an unrealistic and some-times utopian goal for those involved in microfinance with a highly developed social approach. many people think, in fact, that the cost of services which generate no income is too great to be met by the activity’s revenue.

however, not only can entrepreneurs du monde proudly confirm from now on that financial sustainability and social mission are compatible; we can also say that on the contrary, strengthening the social mission sometimes hastens the achievement of financial sustainability.

not counting partners like micro Start, who had already gained financial sustainability when entrepreneurs du monde chose to support them, five programmes and partners focusing on the most impoverished people have today achieved financial sustainability, at the same time having a particularly well-developed social approach. these five are: uplift in the philip-pines (whom we no longer support), chamroeun in cambodia, ncrc in india and, most recently, aliDé in Benin and iD Ghana.

the common factors among all these programmes, from the very beginning of their activities, are their targeting of extremely impoverished families, their not requiring a guarantee, and the back-up services, training and aware-ness-raising that they offer in addition to a loan and a savings account.

Granted, the return on the investment is very small when these families are taking out their first loan and borrow no more than a few dozen euros. But when the borrowers are pleased with the services and care they receive, they take out further loans.

their loyalty contributes to the programmes’ financial viability, in spite of interest rates which are generally at the lower end of the sector. for entrepreneurs du monde, these financial achievements are of equal importance as social achievements.

A social approach, compatible with financial sustainability, and sustainability of actions

entrepreneurs du monde - annual report 2011

Given that nothing can be taken for granted in the contexts in which we operate, we value pragmatism and meaningful discussion between those involved in development, in order to improve the services we offer, and to build our developments.

each year, therefore, entrepreneurs du monde brings together its part-ners, continent by continent, for a week’s meeting, one in africa, one in asia.

We work on two or three important themes through searching discus-sions, sometimes enlightened by expertise from outside, and visits into the field, because each of these weeks provides an opportunity to explore another partner’s realities and innovations.

these exchanges also have the advan-tage of developing the links between teams from different cultures who are all driven by the same desire: to fight against extreme poverty.

in order to maintain these reflec-tions and the sharing of good prac-tice the whole year round, and to save time for all those who want to make use of tried and tested tools and methods, entrepreneurs du monde runs the website pratiques*. this references the main tools and procedure handbooks used by the partner programmes.access to this site is free, because we consider that where fighting against poverty is concerned, the sharing of expertise is a duty.

CaPitaLisationConstant self-appraisal, capitalisation, exchange: leitmotifs at Entrepreneurs du Monde

*www.entrepreneursdumonde.org/pratiques

8in this way, entrepreneurs du monde assists in diversifying services, making use of the most appropriate loan method-ology, using management tools adapted to the activity, and strengthening and measuring social performance.

We also offer advice on the choice of the most suitable legal structure, and the improvement of governance. lastly, we help to seek funding.

Depending upon the stage of develop-ment of the programmes and the scope of the partnership, technical support from entrepreneurs du monde is provided via a full-time presence on site, or during short-term missions.

for most programmes and partners, our financial support involves covering a programme’s operating deficit until it achieves financial sustain-ability. on average, it takes 5 years for a programme to become viable. Support from entrepreneurs du monde is crucial during these early years.

for those who have already achieved financial sustainability, support from entrepreneurs du monde revolves around a particular theme (strength-ening the social mission, developing a new service, setting up a new informa-tion system, etc.).

PhiLiPPines

ICDCfilipino cooperative created in 2005• Quezon city, northern suburbs of manila• financial support since 2006• 1,212 entrepreneurs supported in 2011• average loan: €163ICDC is going through a difficult period, emphasized by Typhoon Ondoy of September 2009 which completely devastated the area.

SeeDfilipino non-profit organisation created in September 2005• cavite province, southern suburbs of

manila• technical, operational and financial support

since its creation• 7,556 entrepreneurs supported in 2011• average loan: €98Initiated by Entrepreneurs du Monde, SEED is strengthening its self-sufficiency year after year.

toGoedM Togoentrepreneurs du monde programme initiated in 2011• loméEdM Togo is working towards creating an MFI which will be dedicated to helping populations excluded from the traditional financial and microfinance circuits, in particular people living with HIV.

VietnamAnh Chi ementrepreneurs du monde programme created in october 2007• province of Dien Bien, districts of Dien

Bien and muong ang• 3,714 entrepreneurs supported in 2011• average loan: €91The challenge for this programme is to attain economic balance while the interest rates are set at very low levels.A strong quantitative development will be necessary to obtain it.

8[end of page 5]

Social entrepreneurshipUsing microfinance to provide access

to essential goods and services, preferably locally produced

and environmentally-friendly ones, to improve the living conditions of beneficiaries and enable

them to make considerable savings.

In BURKInA FASO, Roseline cooks and sells fish, and brews

Dolo, a local beerIn 2009, thanks to Entrepreneurs

du Monde, she became the first woman in Dano to obtain

a Roumdé improved stove and later used credit granted

by our local partner AsIEnA to buy two gas stoves.

Now, Roseline no longer has to endure the smoke and heat

which used to hurt her eyes and make her cough, and she makes

monthly savings of 5,500 CFA francs (€8.4) on her fuel bill. Her

revenue-generating business is clearly on the right track. She has just invested in extra cooking pots and has bought herself a bicycle

for covering the 10km or so from Dano to where she sources the fish.

Social entrepreneurship activities started in Burkina faso before spreading to mongolia, haiti, and now togo. in 2011, entrepreneurs du monde took action on three issues: • energy (Burkina faso)• Housing (Burkina faso, haiti)• nutrition: the promotion and distri-

bution of spirulina (Burkina faso); the manufacture and sale of mare’s milk products (mongolia).

Access to energyin countries such as Burkina faso or haiti, the majority of families still use wood or charcoal as their main source of energy for cooking. this dependence on biomass only serves to exacerbate the already dramatic deforestation. it also takes its toll on people’s health and household resources, with fami-lies spending up to a quarter of their income on fuel and inhaling the toxic

entrepreneurs du monde - annual report 2011 1010fumes emitted when wood is burned. Simple and accessible solutions are available, such as improved or gas stoves which can reduce or completely put an end to wood consumption and its detrimental side-effects. unfortunately, the too high cost has deterred families from acquiring these stoves.

in partnership with microfinance insti-tutions, entrepreneurs du monde has developed a loans and savings service to enable families in Burkina faso to buy a gas or roumdé improved metal stove which has been made locally as part of the fafaSo project run by GiZ (German agency for international cooperation). it has also enabled the construction of a number of banco (clay) stoves.

in 2011 market research was carried out and an action plan implemented prior to the launch of similar activi-ties in haiti. these will be introduced at some time in 2012.

Access to housing

in 2011, entrepreneurs du monde set up a programme to train professionals from the building trade in an earth-quake and cyclone resistant construc-tion technique which can reuse rubble from the earthquake. this approach was developed and tested in partner-ship with the craterre laboratory at the ecole nationale supérieure d’architecture in Grenoble.

the aim is to popularise this construc-tion method to enable large numbers of builders and carpenters to develop it themselves, and to provide a lasting and affordable housing solution for families who have been homeless since January 2010. entrepreneurs du monde is also working alongside international organisations to offer financing schemes which, through mechanisms combining savings, credit and subsidies, will provide access to this housing for the poorest families.at the end of 2011, entrepreneurs du monde received an order from the unDp (united nations Development programme) for fifteen community buildings and houses to be built in the centre of port-au-prince during the first quarter of 2012.

in Burkina faso, the pilot project with the Voûte nubienne association has continued. it aims to use microcredit to provide access for the most impov-erished to a house made of earth, and without any wood or metalwork. the partnership is being hindered by the lack of purchasing power of the extremely needy families with whom we are working and by the heavy workload which involvement in the construction means for the benefici-aries.

Burkina Faso

Facebook/L’Occitane Operation

a huge awareness-raising campaign was organised to mark international Women’s Day, with the proceeds going to a cooperative of producers of shea butter products in the west of Burkina faso.

the “1 fan = 1 euro” information campaign organised on facebook by the occitane foundation succeeded in raising from internet users the funds necessary to provide a one-off subsidy of 50% on the purchase price of improved wood and coal stoves.

on the ground, entrepreneurs du monde and the fafaSo (improved Stoves in faso) project run by GiZ (German agency for international cooperation) have held awareness-raising sessions in six villages in houet province.

more than 2,000 women have been convinced of the benefits of roumdé improved stoves which bring savings of up to 40% on wood and coal, allow the women to cook indoors in rainy weather, and reduce smoke emis-sions which stain cooking pots and, above all, are very harmful to health.

4,559 improved and gas stoves were sold in 2011

the construction method developed by entrepreneurs du monde takes its inspiration from the traditional rural architecture of haiti. it is based on a light and flexible wooden framework which, in the event of an earthquake, bends without breaking.

the originality of entrepreneurs du monde’s chosen model lies in the use of rubble from the earthquake to fill the walls.

the pieces of rubble are packed tightly into small spaces marked out by wooden lattice girders.this means that in the event of an earthquake, different areas of the wall can crumble without whole sections collapsing. a 40m2 building can reuse about 30m3 of rubble. the average cost of a house of this type is $275/m2.

haitiHouses made from earthquake rubble

Burkina Fasonafa naanaa social enterprise, currently under construction. Successor to the “Save for a Stove” set up in 2010.• ouagadougou and rural areas• Distribution of products to improve access

to energy for the most impoverished households and small businesses, awareness-raising on the issue of environmental protection.

• 6,334 improved and gas stoves sold and 3,911 people made aware since 2010.

In 2012, Nafa Naana will seek to gain accreditation and sell the carbon credits generated by its activities.

Spirulina & Healthprogramme initiated in 2008• ouagadougou and rural areas • promotion and distribution of spirulina

amongst the most vulnerable populations• 51 dealers employed, 6,670 25g sachets

of spirulina sold in 2011, a total of 402 kg since the project began.

This programme is to be repeated in Togo in 2012.

haitiHousingan entrepreneurs du monde project initiated in 2011• port-au-prince and its outskirts• Support for the building trade to provide

access to disaster-proof housing for the most destitute.

• 22 craftsmen trained, 3 buildings constructed, 60 m3 of rubble recycled.

At their own request, an association bringing together all the craftsmen will be set up in 2012.

monGoLia GUMI UB LLCcompany set up in 2010 and registered according to mongolian law, and a subsidiary of entrepreneurs du monde. • ulan Bator and north West mongolia.• 41 nomadic stock breeders contracted in

2011• 6 staff members working on a yearly basis,

10 employed during the production season• 1,831 kg of cheese produced and sold in

20112011 was another year of major investment and training. Summer 2012 will be the first production season during which the full capacity of production facilities and hundreds of stock breeders will be mobilised.

Dairy products: production and sale in the mongolian province of Bulgan, the construction of a dairy has been completed and it is now producing airag, a national drink made from mare’s milk, and edam-type cheeses. the cheese, butter and cream from the first production season received a very favourable reaction in ulan Bator, which confirms the vast potential for sales to the restaurant trade.

the Gumi project covers the whole supply chain, from milk collection to marketing. it offers a number of serv-ices to the nomadic stock breeders (veterinary care, training, disease prevention, fodder cultivation, etc.).

Access to nutrition

Spirulina: promotion and distributionthe campaign to promote and distribute spirulina has continued and is becoming increasingly independent in Burkina faso. today, a network of 51 vendors is active in ioba province in the South-West of the country and in the towns of tenkodogo and Koudougou.

in 2011, this network achieved sales of 166 kg of spirulina, that is 2.5 times more than in 2010. that represents 6,670 25g sachets of spirulina (enough to treat 2,225 children for 15 days).this programme is to be repeated in togo from the beginning of 2012, in partnership with antenna technologies.

entrepreneurs du monde - annual report 2011 1212

Support for the creation of small businesses

entrepreneurs du monde would like to prioritise the creation or rebuilding of small businesses whose needs exceed the loan capacity of iD microfinance, our microfinance programme in the area.

at the moment, it has access to two funds:- firstly, through the fondation de france: the fil enterprises (funding for local initiatives),- Secondly, through the french embassy

in haiti and private partners: Say Yes! to Business.in 2011, a total of 27 small businesses were created and consolidated through a loan mechanism (from €1,000 to €13,500) or a subsidy (up to €19,000) for some of them. each entrepreneur benefits from in-depth support in preparing the launch of their project.

all the businesses make products or provide services and have capacity to create value-added and employment. they differ from micro businesses with purely commercial aims, centred

Business creationFollowing the earthquake, provision of support for the

creation of businesses is well established in Haiti.

Jean Decheny relaunches his bakery shop, thanks

to his knowledge, and support from FIL.

Jean Decheny Beaublanc’s bakery was destroyed in the earthquake. As well as being a skilled baker, he also has good

knowledge of business management and has studied accountancy. The FIL Enterprises (Funding for Local

Initiatives) team decided to help him rebuild his business. They granted a loan of €8,000 to buy the required material (work surfaces, a propane

oven to avoid using coal, etc.)Jean Decheny wants to offer superior

quality bread at a low price to inhabitants and small businesses in the district. Decheny’s Boulangerie

offers beautiful well-risen golden-brown bread, which contrasts with the flat

white bread sold by other bakers.Jean Decheny is very attentive

in welcoming his clients: a porch and a bench at the front of the shop means that you can avoid

having to wait in the hot sun.Extra bread is added, free of

charge, according to the quantities purchased. These innovative ideas

allow this skilled and prudent baker to build up customer loyalty.

His business is developing rapidly and Jean Decheny has

already created three jobs.

Funds from Say Yes! to Business have made it possible for Lesly to

restart papita production

Lesly is a papita (banana chips) producer in Corail. When the earthquake struck,

his business was destroyed. He contacted Entrepreneurs du Monde to rebuild it.

Lesly’s two years' experience in papita production, his contacts with

papita sellers and the fact that there is no other producer in Corail

encouraged the Entrepreneurs du Monde team to support him.

Now, he works with his wife and his cousin: the banana must be grated

into thin strips, then fried, salted and packed, and finally sold to the

papita sellers or to individuals.Three sellers with whom Lesly Renald

had previously worked in his first business, travel all over Corail and its

outskirts selling papita on commission. The high consumption of this product,

by people of all ages, promises good business growth for Lesly.

haitiFIL enterprisesentrepreneurs du monde programme initiated in 2011 under the impetus of the fondation de france.• port-au-prince and surrounding areas.• Support for the creation or rebuilding of

businesses through access to loans, grants and a personal advisor.

• 17 businesses supported in 2011, 40 jobs created.

By the end of 2012, more than fifty businesses will have benefited from these funds.

Say Yes! to Businessentrepreneurs du monde programme initiated in January 2011.• croix-des-Bouquets• helping residents to create small

businesses in the rehousing district of corail

• 10 businesses supported in 2011, 25 jobs created

The services of this programme will be extended to neighbouring areas in 2012.

Creating rubble recycling businessesentrepreneurs du monde programme initiated in June 2011.• District of carrefour feuilles in port-au-

prince• incubation of businesses producing

construction materials by recycling earthquake rubble

• 70 artisans in trainingIn 2012, the artisans will form an association to promote their activities and those who are able will be assisted in setting themselves up as self-employed.

around buy-sell activity which currently forms the focus of the majority of microfinance institutions.

Creating rubble recycling businesses

the rubble recycling programme, launched in october 2011, was set up by entrepreneurs du monde, in conjunc-tion with the international labour organisation (ilo). the programme is made up of artisans, both experienced and new comers, who create innova-tive construction materials from recy-cled rubble inside workshops that are regarded as real business incubators.

in addition to technical support, the entrepreneurs have access to equip-ment to set up their own production. they also benefit from support in canvassing for their first clients, and advice about business management.

the aim of the programme is to develop a construction materials industry with high value-added. this will promote job creation and at the same time contribute to reusing waste which takes up public space and impedes rebuilding.thereafter, entrepreneurs will continue with their work using standard mate-rials within the sector.

70 people in training12 businesses

in the process of setting up

entrepreneurs du monde - annual report 2011 14

Social microfinance: services where they are neededin terms of social microfinance, entre-preneurs du monde wants to continue to consolidate its social achievements and to undertake new developments in order to reach families with little, or no, access to microfinance services.

Strategyplans for the future

In 2012,entrepreneurs du

Monde will continue to develop the 3 most important strands of its aid

programme: social microfinance, social

entrepreneurship, and support for the

creation of very small businesses.

the association therefore wants to start supporting activities through new partnerships in rural areas in the phil-ippines; to continue to extend cham-roeun’s activities in the main towns in cambodia; to recommence activities in Burma as soon as possible; to open new branches in calcutta in india; to support a new partner in the east of Burkina faso; to assist with the setting up of a new project for people living with hiV in togo, etc.

in Vietnam, Benin, Ghana and haiti, the association will continue with its quan-titative and qualitative developments in current intervention areas.

Social entrepreneurship: energy, housing, healthaction linked with social entrepreneur-ship will play an increasingly signifi-cant role, thanks to developments underway in Burkina faso, togo, haiti and mongolia.

the structuring of industries producing clean cooking stoves and gas stoves in Burkina faso and haiti will facilitate the emergence of the first social busi-nesses specialising in these products.

in haiti, if the “housing credit” plan is finalised and obtains the necessary funding, the housing programme will progress beyond its pilot stage, and use of its ecological house design will become widespread.

as far as nutrition is concerned, Spir-ulina will be promoted in togo, in the same way as in Burkina faso. in mongolia, a study will evaluate the suit-ability of developing access to micro-credit for people who make their living from dairy produce.

The creation of very small businesses: a need for specific fundingplans for supporting the creation of businesses in haiti will allow us to reach a greater number of people setting up businesses, provided that sources of finance are maintained. this concerns the fund for local initiatives financed by the ‘fondation de france’, the ‘Say Yes! to Business’ fund and the rubble recycling programme, the latter two having little visibility beyond mid-2012.

USE OF rESOUrCESIncoming resources We raised €3,107,174 as against €3,931,644 in 2010 (-21%).

the proportion from foundations and business organisations (€1,329,921) represents 43% of this revenue.

the proportion from public funds continues to increase, thanks to the signing of long-term partnerships with organisations like the french Develop-ment agency, the monegasque coop-eration, the unDp and the ilo. these public funds rose in 2011 to €1,146,519, and make up 37% of the total incoming resources.

Private individuals are still lending their faithful support to our work through sponsorship or one-off dona-tions. this support amounts to €344,917, which constitutes 11% of the total funds raised in 2011.

Use of resourcesoperational expenditure in 2011 rose to €3,233,680 as against €3,001,537 (+8%) in 2010.

Social missions, that is, support given directly to work in the field, managed or supported by entrepreneurs du monde, accounted for the majority of this expenditure (89%).

Social missions €2,985,909

91% of our social missions take place in the countries where we operate. the rest have been carried out in france at a cost of €269,787. this is made up partly by the expenses of headquarters staff when out giving direct support to the field staff, and partly by the support we provide to awareness-raising initiatives in educational establishments via the Kurioz association(www.kurioz.org).

The volume of work undertaken by

entrepreneurs du Monde in 2011 was

slightly greater than in 2010. However,

our total incoming resources were less than in 2010, a year

marked by the surge of support following the

earthquake in Haiti. We were able to use some of the

surplus funds from 2010 to finance our

work in 2011.

financial report

A detailed financial report, audited by our char-tered accountant, KPMG, is available on request (French version).

entrepreneurs du monde - annual report 2011 16

aSSetS 2011 2010 liaBilitieS 2011 2010

Fixed assets 903,815 900,775 equity 330,064 309,054

Intangible fixed assets 3,159 3,159 Reserves 309,054 92,849

Tangible fixed assets 89,344 88,244 Retained earnings brought forward 94,537

Depreciation of fixed assets (47,345) (39,904) Operating surplus/deficit 21,010 121,668

Investments and related receivables 429,406 447,383 Provisions 80,000 110,000

Loans to programmes 427,151 401,893 Dedicated funds 811,821 929,336

Debts and guarantees paid 2,100 Liabilities 874,181 857,726

Current assets 1,140,541 1,242,132 Long-term financial liabilities 501,126 499,346

Receivables from users and related accounts 8,954 Short-term financial liabilities 20,207 661

State subsidies receivable 67,500 437,122 Tax and social security liability 88,759 75,005

Accrued income 843,900 557,182 Accrued expenses 150,551 258,030

Other receivables 23,088 48,793 Deferred income 15,000

Prepaid expenses 197,099 199,035 Other liabilities 98,538 24,684

Cash and bank 51,710 63,209

TOTAL ASSeTS 2,096,066 2,206,116 TOTAL LIABILITIeS 2,096,066 2,206,116

reSourceS expenDeD Financial year

Allocated use of funding from

individual donors

incominG reSourceS Financial year

Of which funding from

individual donors

Funding from individual donors unallocated and unused at start of year 0

Social missions 2,985,909 435,430

Activities in France 269,787 funding from individual donors 361,774 361,774

Overseas Programmes 2,716,122 435,430 other private funding 1,329,921

fundraising expenses 88,173 21,140 Subsidies and other public funding 1,146,519

operating expenses 159,598 31,719 other incoming resources 268,960

TOTAL ReSOURCeS exPenDeD 3,233,680 488,289 TOTAL InCOMInG

ReSOURCeS 3,107,174 361,774

allocation to provisions recovery of provisions 30,000

programme income pending allocation 811,820 12,961 resources from previous years brought

forward 929,336 126,515

Surplus of incoming resources for the year 21,010 Variation in dedicated funds 12,961

GRAnD TOTAL 4,066,510 501,250 GRAnD TOTAL 4,066,510 501,250

total financed by funding from individuals 488,289 total financed by funding from individuals 488,289

Balance of incoming resources from individuals unused and unallocated at end of year

eVALUATIOn OF VOLUnTARY COnTRIBUTIOnS In KInD

Social missions 1,042 Voluntary work

fundraising expenses 10,415 Benefit in kind 10,415

operating costs and other expenses Donation in kind 1,042

TOTAL 11,457 TOTAL 11,457

STATeMenT OF ReSOURCeS AnD exPenDITURe 2011 (€)

BALAnCe SHeeT AT 31 DeCeMBeR 2011

Fundraising expenses €88,173fundraising expenses include salaries for the team in charge of communica-tions and relations with sponsors and donors, as well as the production of marketing materials. 26% of these costs (€23,301) were spent for the organisa-tion of a gala to raise funds for haiti. the gala brought in €29,470 making a gain of €6,169.

Variation of appropriated resourcesthe dedicated funds from 2010 (€929,000) were used to the amount of €711,000. at the end of 2011 the dedicated funds to carry over to 2012 amounted to €811,821. these corre-spond to the balance of unspent funding from several sponsors such as the fonda-tion de france, Secours catholique français, caritas italie, the united nations Development programme etc.

Surplus of incoming resources for the yearWe have recorded a positive income of €21,010. this has increased our equity to €330,000

Balance Sheet at 31 December 2011Investments and related receivablesin 2009 and 2010, chamroeun in cambodia and Gumi in mongolia who had been supported by entrepreneurs du monde since their inception, became private companies. our contributions were thus valued as shares. in addi-tion entrepreneurs du monde made a contribution of capital for the develop-ment of microfinance Solidaire SaS, a french company similar to a limited company. the company contributes additional loan funds to partner micro-finance institutions.

Loans to programmesentrepreneurs du monde grants loans to its partners to increase their loan funds until microfinance Solidaire or other credit organisations take over. these loans are in turn financed by loans taken out with banks, foundations and private individuals.

Receivable incomeSigned commitments from public and private sponsors not paid by 31 December 2011 amount to €911,400. these receiva-bles need to be settled in 2012.

Shareholders’ equityfor the past three years entrepre-neurs du monde has pursued a policy of strengthening shareholders’ equity with operating surplus. these equity funds allow us to honour commit-ments towards partners, salaried staff and creditors; to finance the working capital requirement associated with the sometimes long delay in payment of state subsidies; to cope with the difficulties of cash management when unexpected financing problems arise.

our shareholder equity has risen from €93,000 in 2008 to €330,000 in 2011. however this is not sufficient as, at the same time, our budget has risen from €1,300,000 in 2008 to €3,200,000 in 2011.

entrepreneurs du monde wants to achieve shareholders’ equity equivalent to three months of operations. Based on the current budget, this means an objective of €750,000 in shareholders’ equity by the end of 2014, compared to the current equity of €330,000.

Long-term financial liabilitiesthe long-term financial liabilities enable us to grant loans to our partners.

in K€

foundations and businesses individual donations public funds other sources1.942

2009

15%

42%

33%

10%

3.96220

10

13%

50%

35%

2%

3.107

2011

12%

42%

37%

9%

USe OF ReSOURCeS BY COUnTRY SOURCe OF InCOMInG ReSOURCeS

internationaL orGanisations

Foundations & assoCiations

our main sponsors

Businesses

PuBLiC Funds

29, rue ladmirault - f-86000 poitiers - +33 (0)5 49 60 73 63 contact@entrepreneursdumonde.org orname.surname@entrepreneursdumonde.orgwww.entrepreneursdumonde.org D

esig

ner:

vron

y.fr

- pr

inte

r: Sc

ript

or, p

oitie

rs o

n ec

o-fr

iend

ly p

efc

pap

er