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Last update : January 2006
CFI participates in the share capital of co-operatives set up by workers expelled from
the production process or employees from companies in difficulties.
By law, CFI is allowed to finance Italian co-operatives only.
Background
The CFI was set up in 1986 as a result of a specific Italian Law, the Marcora Law(*).
It is an institutional investor dedicated for over twenty years now to the growth and affirmation of production and work cooperative enterprises and social cooperatives; it adheres to the three principal associations: AGCI, CONFCOOPERATIVE-LEGACOOP and AIFI, the Italian private equity and venture capital association.
On 5 July 2006, CFI officially adopted its new logo and changed its company title from COMPAGNIA FINANZIARIA INDUSTRIALE S.c.p.a. to CFI – COOPERAZIONE FINANZA IMPRESA S.c.p.a..
CFI participates in entrepreneurial risk and grants financing.
According to act no. 57 of 2001, CFI has modified the terms of its intervention, bringing them in line with the EC rules.
Structure
The Board of Directors of CFI – Cooperazione Finanza Impresa, consists of
10 members: Chairman, Vice Chairman, Managing Director and 7 directors, one
of whom is appointed by the Ministry of Economic Development.
The Auditing Board comprises 3 members; the Chairman is appointed by the
Ministry of Economic Development.
Activities
CFI was created in 1986 from the three foremost cooperative associations to manage the Marcora Fund intended for safeguarding employment through the creation of enterprise.
In the first phase of its activity, CFI invested about 80
million Euro in the risk capital of 160 production and work cooperatives set
up by employees of firms in difficulties (workers’ operations / employment
buy-out) and altogether has promoted the stable employment of some 6 000
workers.
In an altered economic-industrial situation, as from 2003, CFI has
re-defined and extended its employment strategy: in fact it now finances
operations of start-up, development, consolidation and repositioning of
enterprises set up as cooperatives.
The operational instruments by means of which it steps in
are not only risk capital, but also financing for sustaining fixed
investments.
In addition, CFI makes available to enterprise a team of human resources
that is based on a mix of experiences and know-how acquired in the framework
of financial planning and management control.
CFI has a total wealth of 108 million Euro and a
portfolio as at 31.12.2005 consisting of 55 firms.
The partners are over 270 cooperatives, plus the Company Sviluppo Italia and
the Ministry of Economic Development.
The activities of CFI observe the following procedure: acquiring the
necessary elements for the examination of applications, monitoring to ensure
ongoing control of the corporate situation, and administration.
During last year CFI obtained quality certification Uni
En ISO 9001 by KIWA Italia and this is a new element for our commercial
strategy and on the other hand this is a new garancy for our clients and for
the internal standards.
(*) What is the Marcora Law ?
The purpose of the Marcora Law is to help workers from failing enterprises, provided a
co-operative status is adopted. Help from the Marcora Law is organised through a special
government fund, set up and managed by CFI in agreement with the main Italian trade union
organisations and co-operative associations. This form of co-operation is an unique
example with regard to co-operative financing.
Key Figures
| in EURO | 31/12/2005 |
21/12/2004 |
| Balance sheet total | 109 237 161 | 86 785 318 |
| Capital | 83 775 724 | 59 276 566 |
| Number of customers |
11 842 176 |
7 213 226 |
At 31/12/2005 our company financed 36 co-operatives with the new Marcora
Law (L. 57/2001) for the total amount of 51 710 981 EUR, 25 245 981 EUR with
equity and 26 465 000 EUR through loans.
At 31/12/2005 our equity consisted of 268 members.
During the year 2006 our board authorized CFI company to finance 16
co-operatives for a total amount of 18 190 364 EUR, 5 905 364 EUR as equity
funds and 12 285 000 EUR as loans.
