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									Business Credit and Consulting


L o a n   G u a r a n t e e s   B u s i n e s s   C o n s u l t i n g   FIRST EDITION 2010

                           OUR PRESENCE IN ITALY

                              Headquarter                                      Savona
            Via Perugia, 56 | 10152 Torino        Via Fiume, 2/a int. 3 | 17100 Savona
            T 011 24191 | F 011 238283               T 019 8338215 | F 019 850645

                                                                         LOMBARDIA                                          Florence
                               PIEDMONT                                                            Viale Volta, 127/a | 50131 Firenze
                                                                          Bergamo                 T 055 4089094 | F 055.5001491
                               Alessandria                        Via Fiume Po, 947                     
Via Cardinal Massaia, 2/a | 15121 Alessandria                  24040 Stezzano (BG)
         T 0131 443474 | F 0131 232616               T 035 205041 | F 035 4540740                                                 Pisa
                              Via Sterpulino, 1/g, località Ospedaletto
                                                                                                                            56121 Pisa
                                    Asti                                                             T 050 977501 | F 050 984048
                                                        Via Cipro, 1 | 25124 Brescia
      Corso Don Minzoni, 72 | 14100 Asti         T 030 22193265 | F 030 22193202                           
       T 0141 210783 | F 0141 353839                  
                                                                            Brianza                                         UMBRIA
                                    Biella         Via Stephenson, 94 | 20157 Milano
            Via Maestri del Commercio, 4/d         T 02 332778811 | F 02 39002997                                          Perugia
                               13900 Biella                     in partnership with Api Fidi Perugia
         T 015 8497633 | F 015 406209                                                       Via Bruno Simonucci, 3 | 06135 Perugia
                                              Gallarate                       Ponte San Giovanni (PG)
                                                           Piazza Francesco Buffoni, 5            T 075 7920880 | F 075 7920877
                         Borgomanero                             21013 Gallarate (VA)
                       Viale Kennedy, 87            T 0331 790621 | F 0331 793484
               28021 Borgomanero (NO)                 
        T 0322 834255 | F 0322 835411                                                                               THE MARCHES
                                                                    Viale Milano, 71
                                                                        26900 Lodi                                         Ancona
                                                     T 0371 61631 | F 0371 476048                 Via I Maggio, 150 | 60131 Ancona
    Via E.Gallo, 27 | 10034 Chivasso (TO)
                                                                       T 071 2868147 | F 071 2916929
         T 011 9195674 | F 011 9195567
                                         North Milan
                                                   Via Stephenson, 94 | 20157 Milano                                         Pesaro
                                 Cuneo             T 02 332778811 | F 02 39002997
           Corso Nizza, 2 | 12100 Cuneo                                                     in partnership with Api Industria Pesaro
        T 0171 694646 | F 0171 696402                                                            Via degli Abeti, 152 | 61100 Pesaro
                                               South Milan             T 0721 405443 | F 0721 458193
                                                  Viale Milanofiori, Strada 1, Palazzo F1               
                                   Rivoli                             20090 Assago (MI)
     Corso Susa, 299 | 10098 Rivoli (TO)             T 02 57501399 | F 02 8240153
       T 011 9550490 | F 011 9550254                                                      ABRUZZO
                                                                               Pavia                                         Pescara
                                    Turin           Viale Brambilla, 60 | 27100 Pavia                      Viale Vittoria Colonna, 97
           Via Perugia, 62 | 10152 Torino          T 0382 383911 | F 0382 528469                                      65127 Pescara
         T 011 2405550 | F 011 856674                                 T 085 6922802 | F 085 4531279
                           Turin Mirafiori
          Corso Unione Sovietica, 612/15b                                    Bologna                                           LAZIO
                             10135 Torino       Via Piero Gobetti, 52 | 40129 Bologna
        T 011 3402911 | F 011 3471120                  T 051 371993 | F 051 352894                                            Rome
                                        Via del Poggio Laurentino, 118
                                                                                                                       00144 Roma
                                                                                                   T 06 54550206 | F 06 5920924
                                  LIGURIA                                    TUSCANY                   

                                 Genoa                                        Arezzo
                         Via Bombrini, 16             in partnership with Api Arezzo
                          16149 Genova           Via Calamandrei, 183 | 52100 Arezzo
         T 010 6435308 | F 010 6435252              T 0575 250806 | F 0575 250798                                  We also operate in
                                                Valle d’Aosta and Molise.       Our profession: to help SMEs grow   Business Credit and Consulting































ING ThE COMPANIES.                                         Our profession: to help SMEs grow   Business Credit and Consulting
                                                                                                                     6                                                                                                                                  7                                      


                   Thanks to the credit guarantee and consulting                                                     Access to credit, procurement of loans and financial con-         monte with the participation of the Chamber of Commerce          FUTURE GROwTh
                                              activities which characterise Eurogroup,                               cessions, balance sheet adequacy control, company re-             network, Banks and business associations, both Fidipie-          The demand for credit guarantee and consulting services
                                                         small and medium-sized enterprises                          organisation, quality and safety certification, personnel         monte and Artigianfidi were originally founded on a highly       characterised by the Eurogroup trademark is in constant
                                                                                                                     training and the application of alternative energy sources        focussed corporate object which in the initial years caused      growth. For this reason, and to avoid being caught unpre-
                                         are able to benefit from the most favourable
                                                                                                                     - through the activities of Eurofidi and Eurocons, Euro-          their growth to be limited. For this reason, Finpiemonte (the    pared by the challenges of the market, both Eurofidi and
                                                         opportunities for their development.
                                                                                                                     group offers itself as a landmark for each of these sub-          financial institute of Regione Piemonte) approved in 1986        Eurocons are undertaking an ambitious process of growth.
                                                                                                                     jects. It offers a broad and integrated range of activities, in   a plan for the development of the two institutions, thereby      Eurofidi has qualified as a Financial Intermediary under Ar-
                                                                                                                     fact, which are capable of supporting SMEs both during            enabling them in the following years to increase consider-       ticle 107 of the Italian Banking Act and supervised by Bank
                                                                                                         43,158      periods of growth (with services dedicated to dealing with        ably their activity in favour of SMEs.                           of Italy.. The evolution of Eurofidi towards ‘107 Credit
                                          40,000                                                    40,012
                                                                                                                     all aspects of the same) and during periods of crisis (with       1994 marked the beginning of Eurocons, a consortium              Guarantee Corporations’, recognised as a suitable guaran-

                                                                                                                     financial products and a consulting activity geared to coun-      promoted by Fidipiemonte and Artigianfidi with the aim of        tor for the purposes of Basel II, will have positive effects not
                                                                                                                     teracting the effects).                                           providing small and medium-sized enterprises with qualified      only for the company itself but also for member companies.

                                          20,000                     20,369                                                                                                            consulting in the sector of financial incentives. Eurocons       While safeguarding its original general principles, particu-

                                                         15,941                                                      TwO COmPANIES, A wIDE RANGE OF SERVICES                           was born as a response to the specific needs of enter-           larly its consortium character and non profit aims, Euro-

                                          10,000                                                                     The aim of Eurofidi, a share consortium for collective            prises for assistance in the complex field of the procure-       cons is pursuing its project of transformation from consorti-
                                                                                                                     credit guarantee, is to allow companies better access to          ment of contributions and subsidised loans.                      um, the juridical form used since it was founded, to limited
                                              0                                                                      bank loans. With regard to size, organisation and business        Eurofidi was established in 1999 in the context of a merger      liability consortium. After fifteen years of activity, it had
                                                        99 000 001 002 003 004 005 006 007 008 009
                                                          2    2  2   2   2   2   2   2   2   2                      capacity, Eurofidi is one of the top names in Europe and          incorporating Artigianfidi in Fidipiemonte. In the same year,    become necessary for Eurocons to develop into a juridical
                                                                                                                     one of the leading Italian credit guarantee corporations          with the aim of organising, rationalising and making more        form that is more suited to its current size and better able to
                                                                                                                     (CGCs), structures which have proved to be indispensa-            recognisable the now broad variety of services to SMEs,          cater to development towards important new goals.
                                                    TUSCANy 4%
                                                                                                                     ble in relations between banks and companies, especially          Eurogroup was founded, representing “a great new op-

                                                        UMBRIA 3%
                                                          ThE MARChES 4%                                             during times of crisis. The consortium Eurocons provides          portunity for the world of Piedmontese companies”, as
                                                              EMILIA ROMAGNA 5%
                                                                   ABRUzzO 1%
                                                                                                                     SMEs with high value-added consulting services. Its ac-           Regione Piemonte explained at the time. “As of today (Ed.
                                                                    LAzIO 2%                                         tivities are concentrated in six main areas: financial con-       Note: 17 September 1999) Regione Piemonte, Finpiemon-
                                                                        OThER REGIONS 1%
                                                                                                                     cessions and internationalisation, management consulting,         te and Eurogroup will be able to work with greater energy
                                                                                                                     special financing, quality systems, training and human re-        in fulfilling the regional development policies in favour of
                                                                                                                     sources, and energy.                                              small and medium-sized enterprises. In addition, this new

                                                                                                                                                                                       association will be able to act as a qualified and tangible
                                                                                                                     A LONG ROAD BEhIND US                                             observatory of the actual needs of small and medium-sized
                                                                                                                     For Eurogroup, Eurofidi and Eurocons 2009 was a special           enterprises. The work carried out to date has without a
                                                                                                                     year, not only from a financial/economic point of view but        doubt been positive. But what we are accomplishing today
                                                          LIGURIA 4%               PIEDMONT 56%                      also with regard to its commitment to small and medium-           is truly a remarkable turning point, a massive leap in quality
                                                   LOMBARDy 20%                                                      sized enterprises. Last year, in fact, marked the thirtieth       and efficiency with regard to the credit guarantee activity.
                                                                                                                     year of business for Eurofidi in the field of credit guarantee    The small and medium-sized enterprises of Piedmont can
                                                                                                                     for SMEs, the fifteenth for Eurocons in business consult-         thus rely on an incomparable and innovative tool geared to
                                                                                                                     ing and the tenth for Eurogroup as the trademark created          furthering their growth and development”.
                                                         INDUSTRy 28%               COMMERCE 25%
                                                                                                                     to identify the products dedicated to company development.

                                                                                                                     An outstanding history (in just ten years of business the Eu-     PRESENT EVOLUTION

                                                                                                                                                                                                                                                        Detail of work realised by artist Francesco Musante to celebrate
                                                                                                                     rogroup trademark has gained the trust of a total of over         Today Eurogroup is a recognised trademark of high-               the anniversaries of Eurofidi, Eurocons and Eurogroup.
                                                                                                    AGRICOLTURE 2%   60 thousand Italian small and medium-sized enter-                 value products for SMEs. Thanks to the development of a
                                                                                                                     prises) for an even more outstanding present and future.          widespread network of branches (28 in Piedmont, Liguria,
                                                                                                                     All three entities, therefore, have a rich background which       Lombardy, Emilia Romagna, Umbria, the Marches, Tuscany                  OUR GREAT EXPERIENCE
                                                                                                                     is worth tracing. Eurofidi was born of the merger between         and Lazio and a range of activity which extends also to Valle
                                                                                                                                                                                                                                                            HELPS US TO LEAD COMPANIES
                                                                                                                     the two CGCs Fidipiemonte (created in 1979) and Ar-               d’Aosta and Molise), the consultants of Eurofidi and Euro-
                                                         SERVICES 24%              hANDICRAFTS 21%                   tigianfidi (established in 1980). Promoted by Regione Pie-        cons are able to satisfy all types of request from companies.           TOWARDS THEIR FUTURE
                                                                8                                                                                                                                 9                                  

In addition to a network of Eurofidi and Eurocons opera-        outlines the financial products, factoring services and loans   reports focus on subjects of practical interest to those who      tomatically publish informative content on our news website.
tional units which are today well-established throughout the    for orientating the investments of the companies, proposed      operate in a small or medium-sized enterprise. For easy con-      The homepage also features a special section called ‘Find
country and constantly expanding, in using the products of      by Eurofidi in partnership with the main Italian banking es-    sultation the section includes an archive of past editions and    trade fairs in Italy and worldwide’. This is an up-to-date
the Eurogroup trademark Italian SMEs are also supported         tablishments; a specific search engine makes it possible        a search area (based on specific subjects or keywords).           database on national and international trade fair events, that
by a virtual branch: The website rep-         to find information on loans by sector, geographical area                                                                         can be consulted on the basis of time horizon, geographic
resents a portal for access to the world of Eurogroup and,      or user profile. ‘Management Consulting’ offers several                                                                           area and commodity sector.
at the same time, a showcase for the initiatives and            tools for identifying the best strategy for company growth.                                                                       The area also offers news and reports dedicated to the
opportunities reserved for SMEs for the purpose of              ‘quality Systems’ provides useful information on how to                                                                           trade fair sector.
increasing their Internet visibility and online business. The   obtain environmental, quality and product certification, as
website counts 300 thousand visits and over 700 thousand        well as EC marking and conformity to standards. ‘Excep-
pages viewed every year.                                        tional Financing’ offers a company assistance service
                                                                for structured finance, including in the event of downturns.
                                                                Lastly, the section ‘Training & Human Resources’ gives
                                                                information on the most relevant training events (company
                                                                training courses in finance, IT, languages, marketing and
                                                                sales) for the development of human resources.

                                                                                                                                Lastly, Company News Bulletins is also present on YouTube,
                                                                       ‘My Eurogroup’ is a special area
                                                                                                                                the leading video sharing website.
                                                                    dedicated to the Eurogroup community,
                                                                                                                                On the homepage of, in the sections ‘Latest
                                                                          where registered companies
                                                                                                                                News’ and ‘Latest Reports’ the leading financial newspaper
                                                                       may access customised services.
                                                                                                                                ‘Il Sole 24 Ore’ guarantees up-to-date information on the
NUmEROUS INDIVIDUALS, ONE SINGLE SPACE                                                                                          various subjects, along with other authors giving qualified
For those who are unacquainted with Eurogroup, the por-                                                                         information relating to the corporate world, such as financial
tal’s section “About us” gives full information: from a pres-   FOR INCREASINGLY wELL-INFORmED SmES                             concessions, taxation, commercial law, the internationalisa-
entation of the group to the addresses of its 28 branches,      In addition to these services, the website also    tion of companies, certification, Internet and new technolo-
from the online ‘Press Room’ with press releases regarding      provides companies with useful detailed reports. First of all   gies, and market performance.                                     A PRIVILEDGED SPACE FOR PREmIUm COmPANIES
the activities to an up-to-date review of what the press says   is TG Impresa (Company News Bulletins), a multimedia            ‘Company News Reports’, the newsletter sent out eve-              On an especially important space is
about us.                                                       news bulletin dedicated to the sector of SMEs, which at         ry fifteen days by e-mail, also keeps companies informed          dedicated to companies with a Premium Pass: the area
The section ‘Financial Concessions’ offers free of charge       the beginning of 2010 underwent a complete remake. Each         on the applicability of the main laws regarding financial         ‘Find Companies’ includes mini-sites in which each
a complete and constantly updated database of financial         news edition, available every week free of charge, offers       concessions, keeps them up-to-date on relevant sub-               company presents its products and services. Tracing the
concessions, contributions, tax bonuses and incentives          both newsflashes (‘Breaking News’, which deals with cur-        jects and presents the new editions of Company News               companies is extremely easy: searches may be made by
to support company development schemes, both those              rent events on the subjects of company culture, market sce-     Bulletins.                                                        keyword (company name, product or service), geographi-
already underway and those planned for the near future.         narios and economic/financial events) and detailed reports      Thanks to the quality of the information and the frequency        cal area (region) or commodity sector. ‘Find Companies’
In so doing, companies may obtain the necessary informa-        (with features by qualified experts on specific questions).     with which it is updated, is one of the Google       represents, therefore, an online showcase where even the
tion for identifying the most suitable solution for financing   Both these sections were designed and created to cater          News websites, a limited selection of sources considered to       smallest companies can be protagonists in the world of In-
investments for growth. The section ‘Credit Guarantee’          to the company context: for this reason, news bulletins and     be reliable and authoritative and, therefore, authorised to au-   ternet.
                                                                           10                                                                                                                               11                                 

The 2010 Pass is the fast way to access our services - cus-                sent directly to the companies; the cover stories and sum-        mAxImUm VISIBILITY FOR mAxImUm SUCCESS                         ‘PREmIUm IN ThE TRADE FAIR’
tomised consulting, dedicated information, advantageous                    maries of the latest issues may be viewed online at www.          Beginning from this year, the Premium Pass offers sub-         A PRICELESS OPPORTUNITY FOR VISIBILITY
agreements and concrete solutions for helping companies           or holders         scribers an exclusive and even more improved system of         A brand new initiative for 2010, ‘Premium in the Trade
to grow. The Pass must be kept all year in order to benefit                of the 2010 Pass may read, or download, the entire maga-          visibility to help them present themselves to other compa-     Fair’ gives companies the possibility of participating free of
from the opportunities for saving offered through agree-                   zine at, in the section ‘My Eurogroup’.          nies and promote and publicise their activity. Thanks to the   charge in the most important international trade fairs of the
ments established with prestigious partners.                                                                                                 Premium Pass, companies can have a free dedicated space        sector. here, at a stand set up specifically for the purpose,
                                                                                                                                             on ‘Premium Pages’, the brochure which presents all the        companies can display material for promoting themselves
                                                                                                                                             best companies, organised by commodity sector with the         and their business to potential new customers. The initiative
                                                                                                                                             relative contact information.                                  was tested last year, with success, at the International
                                                                                                                                             On the Web also the companies are at the centre of at-         Building Exhibition (SAIE) in Bologna, where around
                                                                                                                                             tention, through the creation of a free mini-site which        fifty companies of the building sector displayed their pro-
                                                                                                                                             includes a reserved and therefore directly accessible          motional material. In 2010 ‘Premium in the Trade Fair’ ac-
                                                                                                                                             domain/address; if the visitor knows the name of the           companied almost one hundred companies at ‘Enolitech
                                                                                                                                             company he/she only has to type in trovaimprese.euro-          2010’ in Verona, the 13th International Exhibition of Viticul-
                                                                                                                                    The mini-site can also be reached        ture Techniques, Oenology and Olive Growing and Oil Pro-
                                                                                                                                             from the ‘Find Company’ section on www.eurogroup.              duction Technologies. Another very important opportunity is
                                                                                                                                             it, in which potential new customers may discover and          ‘BI-MU 2010’, the biennial fair dedicated to metal forming
                                                                                                                                             choose the companies also by region or commodity sector.       and metal cutting machines, robots, automation and aux-
                                                                                                                                             The ads on Premium Pages and on the mini-site are created      iliary technologies, which will be held at the ultra-moderm
                                                                           SmE DOSSIER 24
                    A B B O N A M E N T O E U R O G R O U P PA S S 2 010
                                                                                                                                             simultaneously and are inter-dependent.                        trade fair ‘FieraMilano’ (Rho) in October. In the section
                  VIA LIBERA AL TUO SUCCESSO.                              Reserved for Extra and Premium companies, SME Dossier
                                                                                                                                             The Premium Pass also gives the holder access to a dedi-       Company News Bulletins it is possible to view the special
                                                                           24 represents a useful tool of research on the main eco-
                                                                                                                                             cated space in the magazine ‘Eureka!’ and the bi-monthly       editions dedicated to past exhibitions.
                                                                           nomic/financial subjects regarding their daily activities. The
                                                                                                                                             newsletter ‘Newsimpresa’, which is sent out by e-mail.
                                                                           periodical is produced exclusively by the editorial staff of Il
ThE ADVANTAGES OF ThE PREmIUm PASS                                         Sole 24 Ore, the leading Italian financial newspaper, and
AND ThE ExTRA PASS                                                         sent by post to the companies. Again, the cover features of
Through the 2010 Pass, Premium companies and Extra                         SME Dossier 24 may be viewed at
companies can receive tangible solutions for increasing                    cazioni/ or and the hold-                                    PAGINE
their business and obtaining dedicated information and cus-                ers of the 2010 Pass may read, or download, the entire mag-                                 PREMIUM
tomised consulting – all thanks to a network of 28 branches                azine at, in the section ‘My Eurogroup’.
in nine regions with constantly available professionals.

Each month the magazine Eureka! offers its readers a
vast choice of current affairs articles regarding the world
of companies, and gives constant updates on our news.
The magazine, which is produced by a specialised edito-                                                                                                                                                     GUARANTEED SAVINGS FOR COmPANIES
rial team, represents a useful tool not only for obtaining in-                                                                                                                                              Thanks to a great number of top companies, leaders in their
formation but also for learning about all available financial                                                                                                      PROTAGONISTA: LA TUA AZIENDA             respective sectors, which have chosen to be our partners,
                                                                                                                                                                     OBIETTIVO: IL TUO SUCCESSO
opportunities and how to benefit from them. Eureka! out-                                                                                                                                                    the Eurogroup Pass is able to guarantee exclusive benefits
lines in advance the main laws on regional, national and EC                                                                                                                                                 and privileges for businesses. All the details on how to ac-
financial concessions. The pages dedicated to interviews                                                                                                                                                    cess the savings dedicated to the companies with the Pass
with entrepreneurs give voice to those who run and grow                                                                                                                                                     2010 can be found at in the section ‘My
the small and medium-sized enterprises. The magazine is                                                                                                                                                     Eurogroup’ under Conventions.

A solid bridge between the company and the banking system   L o a n   G u a r a n t e e s
                                                                                                                       14                                                                                                                                                                                                                                                                                                          15                                                                        


                                           Eurofidi allows member companies                                            Credit Guarantee Corporations are structures which,                                                                                                                                                                       EUROFIDI mEmBERS                                                                  EUROFIDI 2010: FINANCIAL INTERmEDIARY
                                                to increase their credit capacity                                      operating on the basis of the principles of mutuality and                                                                                                                                                                            REGIONE PIEMONTE                                                       At the end of April 2010, Banca d’Italia officially announced
                                                                                                                       solidarity, offer guarantees for aiding companies in access-                                                                                                                                                                         Finpiemonte Partecipazioni                                             the inclusion of Eurofidi in the special list referred to in
                                                                                                                       ing loans (short, medium and long term) for the develop-                                                                                                                                                                                                                                                    Article 107 of the Consolidated Banking Law (Leg. Dec.
                                                                                                                                                                                                                                                                                                                                                            BANKING SYSTEMS
                                                                                                                       ment of economic and productive activities.                                                                                                                                                                                          UniCredit Corporate Banking                                            385/93). This concluded the process of the company’s
                                                                                                                                                                                                                                                                                                                                                            Banca Popolare di Novara                                               transformation into supervised financial intermediary,
                                                                                                                                                                                                                                                                                                                                                            Intesa Sanpaolo
                                                                                                                       Established in the ‘50s in the handicraft sector, the activ-                                                                                                                                                                                                                                                i.e. an organism subject to the control of Banca d’Italia.
                                                                                                                                                                                                                                                                                                                                                            Banca Regionale Europea
                                                                                                                       ity of the CGCs has undergone constant development                                                                                                                                                                                   Cassa di Risparmio di Alessandria                                      Guarantees issued by ‘Eurofidi Financial Intermediary’
                                                                                                                       and, due to the current negative situation, has assumed                                                                                                                                                                              Cassa di Risparmio di Biella e Vercelli                                now have special value for companies, as they transmit the
                                                                                                                       an increasingly crucial role in lessening the impact of the                                                                                                                                                                          Cassa di Risparmio di Asti
                                                                                                                                                                                                                                                                                                                                                                                                                                   weightage recognised by Banca d’Italia to the guaranteed
                                                                                                                                                                                                                                                                                                                                                            Cassa di Risparmio di Bra
                                                                                                                       crisis for craftsmen and small companies with regard to                                                                                                                                                                              Cassa di Risparmio di Fossano
                                                                                                                                                                                                                                                                                                                                                                                                                                   party, allowing it to increase its credit access capacity. This
                                                                                                                       access to credit. In all, the Italian CGC system has guar-                                                                                                                                                                           Cassa di Risparmio di Saluzzo                                          transformation also involves tangible advantages for banks,
                                                                                                                       anteed loans amounting to approximately 45 billion euro                                                                                                                                                                              Cassa di Risparmio di Savigliano                                       generally enabling them to reduce the absorption of capital
                                                                                                                       (of which 20 in 2009 alone), while the volume of existing                                                                                                                                                                                                                                                   and benefit from a more solid and organised guarantor.
                                                                                                                                                                                                                                                                                                                                                            CHAMBERS OF COMMERCE
                                                                                                                       guarantees amounts to around 22 billion (of which 9.4                                                                                                                                                                                Unioncamere Piemonte                                                   During the process of transformation to financial interme-
                                                                                                                       issued last year).                                                                                                                                                                                                                   Camera di Commercio di Torino                                          diar, in November of 2009 the Board of Directors of Eu-
                                                                                                                                                                                                                                                                                                                                                                                                                                   rofidi approved the 2010-2012 development plan and,
                                                                                                                                                                                                                                                                                                                                                            CATEGORY ASSOCIATIONS
                                                                                                                       In this scenario, for its size, structure and service capac-                                                                                                                                                                         Ascom - Associazione del Commercio del Turismo e dei Servizi           on the basis of the delegation assigned by the Sharehold-
                                                                                                                       ity Eurofidi represents not only one of the largest Italian                                                                                                                                                                          Api - Associazione Piccole e Medie Imprese di Torino e Provincia       ers’ meeting, proposed an capital increase. Regione Pie-
                                                                                                                                                                                                                                                                                                                                                            Ance - Unione Edilizia Piemonte e Valle d’Aosta
                    35,000                                                                  34,056                     CGC but also one of the major guarantee entities in Eu-                                                                                                                                                                                                                                                     monte has already authorised Finpiemonte Partecipazioni,
                                                                                   31,299                                                                                                                                                                                                                                                                   Confesercenti
                    30,000                                                28,250                                       rope. In 2009 its members counted almost 41 thousand                                                                                                                                                                                 Unionfidi Piemonte                                                     a key institutional partner of the company, to underwrite the

                                                                                                                       companies, in favour of which the banking system granted                                                                                                                                                                             Confapi Piemonte                                                       increase, and the leading banking partners have confirmed
                    20,000                                                                                                                                                                                                                                                                                                                                  Confindustria Piemonte
                                                                                                                       loans for an overall sum of 8.3 billion euro (2.7 billion in                                                                                                                                                                                                                                                their subscription.
                    15,000                                                                                                                                                                                                                                                                                                                                  Unione Industriale di Torino
                                                                                                                       2009 alone), with over 5.2 billion euro’ worth of guar-                                                                                                                                                                              Italia Com-Fidi                                                        The presence of Regione Piemonte and several of the most
                                                                                                                       antees issued by Eurofidi (1.9 billion during last year).                                                                                                                                                                            Unione Industriale del Vercellese e della Valsesia                     important banking groups gives Eurofidi solidity and reliabil-
                                                                                                                       Approximately one fifth of the loans and guarantees                                                                                                                                                                                  Casartigiani di Torino - Confederazione Autonoma Sindacati Artigiani
                                                                                                                                                                                                                                                                                                                                                                                                                                   ity (the company’s Total Capital Ratio, the main indica-
                                                                                                                                                                                                                                                                                                                                                            Unione Industriale della Provincia di Cuneo
                               00       01       02       03       04       05       06      00
                                                                                               7       08       09     from Italian CGCs, therefore, are granted in the context of                                                                                                                                                                          Acai - Associazione Cristiana Artigiani Italiani                       tor of company solidity, is 10.55%, much higher than that
                             20       20     20         20       20       20       20       2        20       20
                                                                                                                       Eurofidi operations.                                                                                                                                                                                                                 Cna di Torino - Confederazione Nazionale dell’Artigianato e            required by Banca d’Italia). These are the same qualities
                                                                                                                                                                                                                                                                                                                                                            della Piccola e Media Impresa
                                                                                                                                                                                                                                                                                                                                                            Confartigianato Imprese Piemonte
                                                                                                                                                                                                                                                                                                                                                                                                                                   which the company undertakes to transmit to its partners.

                                  EMILIA ROMAGNA 6%                                                                                                                                                                                                                                                                                                         COMPANIES
                                    TUSCANy 5%                                                                                                                                                                                                                                                                                                              40,892 companies
                                           ThE MARChES 4%
                                                  UMBRIA 3%                                                                                                                                                                                                                                                                                                                                                                                              16%                                                 15.44%*

   LIGURIA 4%                                           LAzIO 2%
                                                                                                                                                                                                                                                                                                                                                                                FINPIEMONTE                    ChAMBER                                                                             13.82%
                                                         ABRUzzO 1%                                                                                                                                                                                                                                                                                                                                            OF COMMERCE                               14%
                                                                                                                                                                                                                                                                                                                                                                          PARTICIPATIONS 18%
                                                             OThER REGIONS 2%                                                                                                                                                                                                                                                                                                                                  NETWORK 2%

                                                                                                                                                                         9,000                                                                                                                                                                                        BANKING                                                                            12%
                                                                                                                                                                                                                                                                                                                                                                  NETWORK 30%
                                                                                                                                 FINANCING AND GUARANTEES
                                                                                                                                 (end-of-year total value - €/000,000)

                                                                                                                                                                                                                                                                                                                                                                                                               NETWORK                                   10%                                                      11.23%

                                                                                                                                                                         7,000                                                                                                                                                                                                                                 OF CATEGORy                                                                 8.45%                        10.55%
                                                                                                                                                                                                                                                                                                                                                                                                               ASSOCIATIONS 1%
                                                                                                                                                                                                                                                                                                                                               EUROFIDI MEMBERS


                                                                                                                                                                                                                                                                                                                                                                                                                                                         8%                        7.05%             8.03%

                                                                                                                                                                         6,000                                                                                                                                                                                                                                                                                       6.56% 6.38%


                                                                                                                                                                                                                                                                                                                                                                                                                                        SOLVENCY INDEX

                                                                                                                                                                         5,000                                                                                                                                                                                                                                                                           6%

                                                                                                                                                                                                                                                                                                                                                                                                                                                                    Bank of Italy Index 6%







                                                                                                                                                                         1,000                                                                                                                                                                                                                                                                           0%
                                                                                                                                                                                                                                                                                                                                                                                                                                                               2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
                                                                                                                                                                                                                                                                                                                                                                                                                                                               * The figure for 2007 was calculated using the ‘Building Block’
                                                                                                                                                                                    00            01         02               03               04                05              06                07          08                09
                              LOMBARDy 20%                              PIEDMONT 53%                                                                                             20             20         20               20               20               20               20               20           20               20                                     ASSOCIATED COMPANIES 49%                                                                  method
                                                                    16                                                                                                                                    17                                            

A NEw CREDIT POLICY                                                 CREDIT INSTITUTES hAVING AGREEmENTS wITh EUROFIDI
Over the last few months Eurofidi has set up an anti-cycli-              Artigiancassa - Cassa per il Credito alle Imprese Artigiane
cal credit policy to provide the economic system with the
                                                                         Banca Alpi Marittime - Credito Cooperativo Carrù                     Banca Monte Parma                                                Cassa di Risparmio di Città di Castello
financial means for overcoming the current difficult situation.
                                                                         Banca Antoniana Popolare Veneta                                      Banca Nazionale del Lavoro                                       Cassa di Risparmio di Civitavecchia
In support of SMEs new guarantees have been issued on
credit lines that are already existing but not yet guaranteed.           Banca Caripe                                                         Banca Popolare Commercio & Industria                             Cassa di Risparmio di Fano

This involves the following opportunities: roll over with an             Banca Centropadana - Credito Cooperativo                             Banca Popolare dell’Emilia Romagna                               Cassa di Risparmio di Ferrara
increase in short term lines of credit (roll over of maturing            Banca Cesare Ponti                                                   Banca Popolare dell’Etruria e del Lazio                          Cassa di Risparmio di Firenze
lines); consolidation (short term lines of credit which are              Banca del Canavese - Credito Cooperativo di Vische                   Banca Popolare di Ancona                                         Cassa di Risparmio di Foligno
‘transformed’ into loans); renegotiation (providing of new               e del Verbano Cusio Ossola                                           Banca Popolare di Bari                                           Cassa di Risparmio di Fossano
loans substituting those already existing, for the purpose of            Banca della Bergamasca - Credito Cooperativo                         Banca Popolare di Bergamo                                        Cassa di Risparmio di Genova e Imperia
decreasing the instalment by lengthening the life of the loan
                                                                         Banca del Piemonte                                                   Banca Popolare di Cremona                                        Cassa di Risparmio di Orvieto
payable by the company). This new credit policy has been pos-
                                                                         Banca dell’Adriatico                                                 Banca Popolare di Intra                                          Cassa di Risparmio di Parma e Piacenza
sible thanks to the opportunities offered by the risk mitigation.
                                                                         Banca dell’Artigianato e dell’Industria                              Banca Popolare di Lodi                                           Cassa di Risparmio di Pistoia e Pescia
SUPPORTING COmPANIES ThROUGh                                             Banca delle Marche                                                   Banca Popolare di Milano                                         Cassa di Risparmio di Rieti
                                                                         Banca di Caraglio, del Cuneese e della Riviera dei Fiori -           Banca Popolare di Monza e Brianza                                Cassa di Risparmio di Saluzzo
Eurofidi collaborates with the local authorities (regional, pro-
                                                                         Credito Cooperativo                                                  Banca Popolare di Novara                                         Cassa di Risparmio di Savigliano
vincial and municipal councils) and the chambers of com-
merce to allow member companies to use the funds provid-                 Banca di Credito Cooperativo Agrobresciano                           Banca Popolare di Sondrio                                        Cassa di Risparmio di Savona

ed for the purpose of facilitating access to credit. On a local          Banca di Credito Cooperativo Camuna                                  Banca Popolare di Spoleto                                        Cassa di Risparmio di Spoleto
level, some chambers of commerce or local authorities also               Banca di Credito Cooperativo Colli Morenici del Garda                Banca Popolare di Verona - S. Geminano e S. Prospero             Cassa di Risparmio di Terni e Narni
have facilitating measures (e.g. low-interest loans or non-re-           Banca di Credito Cooperativo del Basso Sebino                        Banca Popolare di Vicenza                                        Cassa Rurale - Banca di Credito Cooperativo di Treviglio
fundable contributions), destined exclusively for supporting             Banca di Credito Cooperativo di Alba, Langhe e Roero                 Banca Regionale Europea                                          Cassa Rurale ed Artigiana di Binasco - Credito Cooperativo
the investments made by SMEs, which are financed by the                  Banca di Credito Cooperativo di Boves                                Banca Sai                                                        Centro Leasing
banking system thanks to the support of the CGCs.
                                                                         Banca di Credito Cooperativo di Calcio e di Covo                     Banca Sella                                                      Centrobanca - Banca Centrale di Credito Popolare
EUROFIDI: ‘CERTIFIED’ VALUE                                              Banca di Credito Cooperativo di Caravaggio                           Banco Desio e della Brianza                                      Credito Bergamasco
Eurofidi is the only Italian credit guarantee corporation rated          Banca di Credito Cooperativo di Carugate                             Banco Desio Lazio                                                Credito Emiliano
by two international rating agencies Standard & Poor’s                   Banca di Credito Cooperativo di Casalgrasso e di Sant’Albano Stura   Banco di Brescia San Paolo Cab                                   Credito Piemontese
and Fitch (the latter has already confirmed its rating in
                                                                         Banca di Credito Cooperativo di Cernusco sul Naviglio                Banco di Credito P. Azzoaglio                                    CrediUmbria - Banca di Credito Cooperativo
March 2010). In spite of the current difficult national and
                                                                         Banca di Credito Cooperativo di Cherasco                             Banco di San Giorgio                                             Deutsche Bank
worldwide economic/financial situation, in March this year
                                                                         Banca di Credito Cooperativo di Inzago                               Banco di Sardegna                                                Deutsche Leasing Italia
Fitch confirmed for the fifth consecutive year a positive rat-
ing of BBB+. More cautiously, Standard & Poor’s decided                  Banca di Credito Cooperativo di Pianfei e Rocca de’ Baldi            Bene Banca - Credito Cooperativo di Bene Vagienna                Etruria Leasing
in April to lower it to BBB.                                             Banca di Credito Cooperativo di Pompiano e della Franciacorta        Biella Leasing                                                   Fin-Eco Leasing
  Agencies                Fitch Ratings     Standard & Poor’s            Banca di Credito Cooperativo di Sesto San Giovanni                   Carichieti - Cassa di Risparmio della provincia di Chieti        Flashbank
  Short-term debt         F2                A-2
  Medium/long-term debt   BBB+              BBB
                                                                         Banca di Credito Cooperativo di Sorisole e Lepreno                   Cariprato - Cassa di Risparmio di Prato                          hypo Alpe-Adria-Bank
  Outlook                 Stable            Negative                     Banca di Credito Cooperativo Laudense Lodi                           Carisbo - Cassa di Risparmio di Bologna                          Intesa Sanpaolo
  Last report             marzo 2010        april 2010
                                                                         Banca di Credito Cooperativo Valdostana                              Cassa dei Risparmi di Forlì e della Romagna                      Leasint
To ensure the constant improvement of company process-                   Banca di Credito Cooperativo Valle Seriana                           Cassa dei Risparmi di Milano e della Lombardia                   Mediocredito Centrale
es and, therefore, greater satisfaction on the part of mem-              Banca di Credito Sardo                                               Cassa di Risparmio del Veneto                                    Mediocredito Italiano
ber companies, for a number of years the Eurofidi quality
                                                                         Banca di Legnano                                                     Cassa di Risparmio della Provincia di Viterbo                    Mercantile Leasing
management system has been certified in accordance with
                                                                         Banca di Mantignana - Credito Cooperativo Umbro                      Cassa di Risparmio della Spezia                                  Monte dei Paschi di Siena
standard Iso 9001:2008. Certification represents recogni-
tion for a company which has succeeded in optimising its                 Banca di Piacenza                                                    Cassa di Risparmio di Alessandria                                Mps Capital Services - Banca per le Imprese
organisation and guaranteeing an efficient management                    Banca Emilveneta                                                     Cassa di Risparmio di Ascoli                                     SelmaBipiemme Leasing
system, suitable structures and adequate skills.                         Banca Etica                                                          Cassa di Risparmio di Asti                                       UniCredit Banca
                                                                         Banca Federico Del Vecchio                                           Cassa di Risparmio di Biella e Vercelli                          UniCredit Banca di Roma
                                                                         Banca Ifis                                                           Cassa di Risparmio di Bra                                        UniCredit Corporate Banking
                                                                         Banca Modenese                                                       Cassa di Risparmio di Cento                                      UniCredit Leasing
                                                                                                                                                                                                           (list updated in April 2010)
                                                                18                                                               19                                   

GROwTh OPPORTUNITIES FOR COmPANIES                              ThE ANTICRISIS DECREE                                            FACTORING AND LEASING:
The guarantees provided to member companies by Eu-              AND ThE CENTRAL ROLE OF ThE CGCS                                 PROPOSALS FOR EVERY NEED
rofidi represent an important support for their development;    The so-called ‘Anti-crisis Decree’ (decree law 185/2008)         Factoring is a special type of contract with which a com-
by increasing their credit capacity, in fact, these companies   was finally approved by the Senate on 27 january, 2009,          pany undertakes to transfer its receivables to a ‘factor’
are able to finance all their investments. Additionally, the    shortly afterwards becoming Law 2/2009: «Urgent meas-            which, against payment, provides a series of services: the
rates applied by credit institutes to loans guaranteed by       ures to support families, work, employment and business          accounting, management and collection of the receiva-
the Eurofidi are in line with the most favourable market con-   and to restructure the national strategic framework for          bles transferred; guaranteeing against debtor default;
ditions. Member companies are entitled to the intervention      fighting the crisis». The law introduces the reinforcement       financing of the transferring entrepreneur through the
of Eurofidi for:                                                of the Central Guarantee Fund (CGF) with the tem-                granting of loans, and advance payment of the transferred
  lines of credit for overdrafts, advances on invoices, bills   porary recognition of the Italian government as a last re-       receivables.
  and receipts subject to collection, imports and exports,      sort guarantor. The implications were very important to          Factoring privileges a long-term relationship with the com-
  working capital, VAT loans and surety bonds                   the world of SME credit: among other things, the CGF             pany, in order that it may be assisted in the administrative,
  leasing operations                                            has the task of providing counter guarantees to CGCs             organisational and financial functions relating to the man-
  factoring operations                                          on the guarantees issued by the latter in favour of credit       agement of the receivables generated in the carrying on of
  financial concessions as regulated under regional, na-        lines extended by the banking system to small and me-            company business.
  tional or EC laws                                             dium-sized enterprises. Thanks to the counter guarantee          On the basis of agreements signed by Eurocons with
  medium and long term loans for investments (real estate,      provided by the Fund, the CGC guarantee soar to 60%              Banca Ifis and Ifitalia, companies may obtain factoring
  instrumental and subsidised)                                  (possibly even 80% in the case of enterprises run by             services at favourable conditions. In the case of Banca
  structured loans, i.e. loans in the form of specific cam-     women). Eurofidi is the main user of the Central Guar-           Ifis, moreover, Eurofidi may provide the guarantee, thus
  paigns subject to particular conditions of pricing, dura-     antee Fund: as of 31st December 2009, in fact, Eurofidi          allowing a further increase in the credit capacity of the
  tion and percentage of guarantee                              received counter guarantees amounting to 1.7 billion             companies. The service consists in: final purchase | do-
  venture capital operations                                    euro, the equivalent of approximately 30% of the total           mestic factoring | export factoring | factoring maturity
  operations for energy saving and safety in the company        operations of the Fund.                                          | full factoring | advance payment services | guarantee
                                                                                                                                 services | management services.
The European Investment Fund (EIF) was established              On its part, to counteract the crisis Regione Piemonte has       Leasing is a flexible and functional instrument which of-
in 1994 to support small and medium-sized enterprises.          set up a Regional Reinsurance Fund for the SMEs of               fers many advantages. With this type of contract a subject
Its major shareholder is the European Investment Bank,          the region.                                                      transfers to another the right to use certain goods against
with which the Fund formed the ‘EIB Group’. In the con-         The aim of this fund, which has been operating since last        the payment of a periodic rent. On expiry of the contract
text of the Competitiveness and Innovation Framework            summer, is to help increase the percentage of guarantees         the user may purchase the goods by exercising the option
Programme (CIP), EIF and FidiGar, a temporary as-               offered by CGCs to enterprises originating from an indus-        of purchase by payment of the residual amount. For com-
sociation of companies including three CGCs (Eurofidi,          trially sound recent past, which have been hit by a drop in      panies the benefits may be financial (e.g. the immediate
Sardafidi and Apiveneto Fidi) have signed an agreement          sales due to the crisis. The Fund reinsures the guarantees       availability of the property without excessive initial spend-
based on which a portfolio of guarantee for small and me-       that the CGCs offer to banks for:                                ing) or management-related (e.g. setting the life of the
dium-sized enterprises of a value of 560 million euro                financing for up to 72 consecutive months for a period of   contract to suit company needs and allowing a more rapid
has been activated. The agreement provides a reinsur-                preamortisation of up to 12 months, for the purpose of      amortisation).
ance, on the part of the EIF, of 50% of the guarantee of-            consolidating the debt within a short term and renegoti-    Thanks to Eurocons companies may access the products
fered by the temporary association of companies for the              ating the loans;                                            of almost all the leasing firms. In this case also, Eurofidi
purpose of covering a large part of the risks relating to            the granting (o roll over) of short term lines.             supports them by issuing guarantees.
SME loans. The guarantee offered by FidiGar corre-              The guarantee of the CGCs may cover up to 80% for fi-            To cater to all needs, companies have access to both op-
sponds to 70% of the value of the loans granted by the          nancing and 60% for short term.                                  erating leasing and all types of financial leasing: real
credit institutes. Eurofidi is the co-ordinator both of the     In its first months of operation, Eurofidi guaranteed loans      estate | nautical | instrumental | leasing of light vehi-
entire initiative and of FidiGar.                               for a total of 11.65 million euro.                               cles and industrial vehicles | special products.

Exclusive consulting for SMEs   B u s i n e s s    C o n s u l t i n g
                                                                                                                             22                                                                                                                              23                                                                                                             

  CONSULTING SERVICES                                                                                                                                                                        CONTRIBUTIONS AND CONCESSIONS
  BUILT AROUND COmPANY NEEDS                                                                                                                                                                 FOR SUPPORTING DEVELOPmENT
           In the course of over fifteen years of business,                                                                  To provide tangible solutions to specific company needs         The Financial Concessions Division places at the di-
                                                                                                                                                                                                                                                                  SOME OF THE MAIN GRANTS AND CONCESSIONS
                                         the consortium Eurocons has become                                                  – this is the fundamental principle on which the consor-        sposal of companies its consolidated expertise and                           OPERATED BY THE FINANCIAL
                         a specialised consulting company for SMEs                                                           tium Eurocons has developed over the years. Dedicated           experiece in the field of public grants or interest subsidies                  CONCESSIONS DIVISION
                                                                                                                             since 1994 to offering companies consulting on the finan-       and low-interest loans to companies.                                 Regional Operational Programmes (Por) 2007-2013
                                                                                                                             cial concessions provided for by regional and national laws     The Eurocons specialists help SMEs to identify the most
                                                                                                                                                                                                                                                                  Rural Development Programmes (Psr) 2007-2013
                                                                                                                             and, in later years, by EC directives and regulations, the      suitable solutions for the type of investment to be made,
                                                                                                                                                                                                                                                                  Regional laws of Piedmont, Valle d’Aosta, Liguria, Lombardy, Tuscany,
                                                                                                                             corporation has gradually extended its range of activities.     monitoring deadlines and furnishing constant information.
                                                                                                                                                                                                                                                                  Umbria, the Marches, Emilia-Romagna, Abruzzo and Lazio
                                                                                                                             Today Eurocons represents a structured consulting               The service ranges from the free assessment of the feasi-
                                                                                                                                                                                                                                                                  Law 598/94 - Innovation - Precompetitive research and development
                                                                                                                             corporation geared to SMEs, to which it provides di-            bility of the operation to the preparation of all the neces-
                                                                                                                                                                                                                                                                  Law 1329/65 – Sabatini
                                                                                                                             versified services with high added value. In 2009, almost       sary documents, from the drafting and presentation of the
                                                                                                                             34 thousand companies sought the assistance of the              request to the competent organs to the drawing up of the             Law 949/52 and Law 240/81 - Artigiancassa

                                                                                                                             consortium.                                                     final expense report.                                                Concessions promoted by the Chamber of Commerce

                                                                                                                             The consulting service of Eurocons is concentrated in six       Thanks to its background and experience gained over the              Law 46/82 - Technological Innovation Fund (Fit)
                                                                                                                             main areas:                                                     years, the Financial Concessions Division is continual-              Tax credit for research and development expenditure
                                                                                                                                                                                             ly up to date on regulatory developments and the opening
                                                                                                                                                                                                                                                                  D.M. 19/02/07 – Feed-in tariffs
                                                                                                                             Low-interest financing and internationalisation: to             dates for presenting applications, to ensure prompt confor-
                                                                                                                                                                                                                                                                  D.M. 136/00 and Law 394/81 - Internationalisation
                                                                                                                             support companies in all the stages of the process for ac-      mity to the constantly numerous changes in standards and

                                                                                                             34,247 33,925
                                                                                                                             cessing funds allocated by the competent organs; to assist      regulations.
                         30,000                                                            29,936                            SMEs in the strategic processes towards new markets.            Thanks to this reliable and efficient method, the percentage

                                                                         23,664                                                                                                              of success of the applications is higher than 95%. In over
                                              17,635                                                                         Management consulting: to support SMEs in all stages            fifteen years of business more than 4 billion euro’ wor-
                                                                                                                             of their growth, from verification of the adequacy and relia-   th of concessions have been intermediated in favour of
                                                                                                                             bility of the company accounts to the development of their      member SMEs.
                                                                                                                             planning strategies.
                                                                                                                         9                                                                   The Financial Concessions Division also proposes to
                                     2        2        2        2        2        2        2        2        2       2
                                                                                                                             quality systems: to support companies intending to              companies a series of services geared to supporting and
                                                                                                                             improve and certify their Quality, Environment and Safety       assisting them in their internationalisation initiatives. The
                                                                                                                             management systems based on a method suited to the dif-         consulting activity is directed to companies (exporters and                                                                           FIN
                                                                                                                                                                                                                                                                                                                                  SOS N ZA A
                                                                                                                                                                                                                                                                                                                                       TEG   G
                                                                                                                                                                                                                                                                                                                                           NO EVOLATA
                                                                                                                                                                                                                                                                                                                                             ALLO      .
                                                                                                                             ferent needs of each company.                                   non) intending to approach or expand into other markets,                                                                                                  U   PPO

                                             UMBRIA 3%                                                                                                                                       particularly those that are complex and more difficult for
                                                  ThE MARChES 4%                                                             Training and human resources: to ensure that the hu-            small and medium-sized enterprises to enter. The main ser-
                                                       TUSCANy 5%
                                                                                                                             man resources within the companies are constantly up to         vices offered are:
                                                               EMILIA ROMAGNA 4%
                   LIGURIA 5%                                       LAzIO 2%
                                                                                                                             date and prepared to face the challenges of the market.         Consulting and assistance for financial concessions,

                                                                                                                                                                                                                                                                             FINANCIAL CONCESSIONS CONSULTING
                                                                         ABRUzzO 1%                                                                                                          through a preliminary control of the availability of conces-                                                            4,500
                                                                             OThER REGIONS 1%
                                                                                                                             Business and strategic consulting: to support the               sions, whether of EC or local origin, supporting the invest-                                                            4,000

                                                                                                                                                                                                                                                                             (end-of-year total value - €/000,000)
                                                                                                                             SMEs in defining and applying the best strategy for growth      ment programmes of Italian companies in foreign markets;                                                                3,500                                                             3,400
                                                                                                                             or recovery from the crisis.                                    commercial consulting, which has the primary aim of                                                                                                                     2,893

                                                                                                                                                                                                                                                                                                                     2,500                                  2,390
                                                                                                                                                                                             seeking partners on target markets to support the company
             DIVIDED BY REGION

                                                                                                                             Energy: to respond to all company needs regarding ener-         in its development on a distributive level.                                                                             1,500
                                                                                                                             gy conservation and renewable sources.                          The geographical context of the activity proposed includes                                                              1,000        840

                                                                                                                                                                                             Europe, Turkey, North Africa, China, India, the United Arab                                                              500

                                                                                                                                                                                             Emirates, South Africa and the bordering areas and several                                                                 0

                                                                                                                                                                                                                                                                                                                               00         01      02         03       04       05       06       07      08       09
                                          LOMBARDy 17%                                PIEDMONT 58%                                                                                           South American countries.                                                                                                       20         20      20       20         20       20       20       20      20       20
                                                                                                      24                                                                                                                                    25                                                   

INSTRUmENTS FOR ImPROVED                                                                                                                                                  STRATEGIC CONSULTING
COmPANY mANAGEmENT                                                                                                                                                        FOR RESTRUCTURING ThE DEBT
Analyses and interventions traditionally reserved for large                                           The Division develops its offer along these lines of action, in     The Business and Strategic Consulting Division was                     the capacity to work in close collaboration with credit in-
companies are finally available to SMEs, thanks to the                                                the form of the following services:                                 established in 2009 to provide specialised consulting on               stitutes and CGCs;
Management Consulting Division, which gives support                                                                                                                       company aspects which heavily influence the profit and loss            the speed of implementation in business contexts suffe-
to small and medium-sized enterprises in company man-                                                 Economic/financial analysis: the aim is to support the              account, the growth and the survival of the company. The               ring difficulty and therefore frequently disorientated;
agement, placing at their disposal professional experience                                            entrepreneur in the analysis of historical data, integrated         last sector, in chronological order, to be created, the new
in financial matters to help them improve their performance.                                          by comparative evaluations with competitors and sector              Division completes the range of Eurocons high added value         To guarantee the correct defining of crisis recovery strate-
In an increasingly competitive context, the analysis of eco-                                          data, in order to emphasise its strengths and weaknesses            services with an activity, carried out in a joint-venture basis   gies the service is broken down into three stages:
nomic and equity-related data, the accurate verification of                                           in an equity-based, economic and financial balance. The             with ESCP, a prestigious European Business School, in the
profitability for each strategic area of business (product,                                           balance sheet is regarded as an instrument of ‘self-analy-          field of exceptional financing.                                   debt restructuring check-up: to assess the status of
market or client), and medium and short term financial and                                            sis’ (an initial ‘rudimentary’ form of management control)                                                                            company crisis (economic or structural) and define the gui-
operative planning represent not only an opportunity for im-                                          and responsible communication with third parties, i.e.              In this context, the Business and Strategic Consulting fo-        delines for recovery from the crisis;
provement but also an effective condition of survival. high                                           banks, leasing companies, potential partners, suppliers             cusses its attention on the activity of debt restructuring. A
competition, the flexibility of the demand and the narrowing                                          and clients.                                                        team of consultants support companies and creditors in            preparation of the debt restructuring plan: to analyse
of the margins, in fact, reduce the space for errors.                                                                                                                     defining and putting into effect the best strategies for reco-    and determine in detail the company’s crisis situation and
                                                                                                      Business plan: makes it possible to calculate critical areas        vering from the crisis. Experience has shown how much the         define the measures for recovery. The activity consists in
In this context it becomes extremely important to:                                                    analytically and identify the opportunities of the processes        success of the restructuring operations depends not only          carrying out economic/equity and financial evaluations (of
  establish correct relations with the credit institutes;                                             individuated in the strategic planning stage. Guarantees            on the willingness of the credit institutes to support com-       the debt position and the consistency of expected cash
  anticipate the problems of the strategies undertaken, and                                           to the entrepreneur, first of all, and then to third parties        panies in difficulty but also, and to a greater degree, on the    flows) and the objective defining of the recovery plan based
  keep financial partners correctly informed regarding the                                            (engaged in the support of the process individuated) the            capacity of the companies affected to manage a complex            on sustainability logic.
  growth process of the company;                                                                      prior verification of the feasibility and sustainability of their   process involving a great number of entities (shareholders,
            monitor the profitability of company business, accurately                                 choices, pointing out the advantages of and requisites for          management, banks, credit guarantee corporations, sup-            sharing of the restructuring plan with the creditors:
            scheduling in economic, financial and equity terms the                                    the success of the initiatives undertaken.                          pliers, clients and employees).                                   the plan prepared is shared with financial institutes, modi-
            necessary resources for developing its final objectives.                                                                                                                                                                        fying and redrafting it where necessary to accommodate
                                                                                                      Management control – analysis of margins/budget: to                 Some of the critical factors in the activity of debt restruc-     requests and improvements, in order to establish a com-
                                                                                                      define, measure and manage their performance in order to            turing are:                                                       mon position.
                                                                                                      maximise results. The reorganisation of accounting data and
                                                                                                      the implementation of certain of the industrial accounting           the identifying of the actual causes producing the financial     During its first year of life the Business and Strategic Con-
                                                                                                      instruments allow the entrepreneur to simply and directly            tension;                                                         sulting Division provided its services to 23 companies.
                                                                                                      individuate, on the basis of set data, profitable business op-       the definition of viable plans based on the sustainability of
                                                                                                      portunities and the objective responsibilities of the company.       business and the capacity to pay back the debt;
                                                                                                      The formulation of the budget (economic, financial and eq-
                                                                                                      uity-related) based on the analyses carried out (status quo)
                                                                                                      and the strategies defined by the entrepreneur (business
                                                                                                      plan) becomes a fundamental stage of the process of plan-
                                                                                                      ning and management control, guaranteeing an accurate

                                                                                                      calculation of the resources necessary for achieving goals
                                  1,800                                                     1,694
                                                                                                      relating to turnover, profitability and financial balance.                                                                                                                            30

                                                                                                                                                                                                                                                              BY THE BUSINESS & STRATEGIC
                                                                                                                                                                                                                                                                                            25        23
                                  1,400                                          1,266
                                                                                                      Treasury management: an operative instrument - online

                                                                                                                                                                                                                                                              COMPANIES ASSISTED
                                  1,200                                                                                                                                                                                                                                                     20

                                                                                                                                                                                                                                                              CONSULTING DIVISION
                                                                          944                         platform, in a private, protected environment – for control-
                                   800                                                                ling and optimising the use of credit lines. The activity is
(end-of-year total)

                                   600                                                                                                                                                                                                                                                      10
                                                                                                      made up of an initial analysis activity to support the imple-
                                   400                 301
                                   200       91
                                                                                                      mentation of the instrument and an on-going professional
                                     0                                                                consulting activity to ensure an effective and profitable use                                                                                                                          0

                                                 4       5          6      07          8          9                                                                                                                                                                                                09
                                                                        20      20
                                                                                                      of the same.                                                                                                                                                                               20
                                                                 26                                                                                                                                                                                                                27                                   

OUTSTANDING SYSTEm                                                                                                                                                                                               OBJECTIVE: GREATER SAFETY
AND PRODUCT CERTIFICATIONS                                                                                                                                                                                       IN ThE wORKPLACE
The quality Systems Division places at the disposal of                                                                                                                                                                                                                                  may benefit from a reduction in the INAIL premium.
                                                                              SOME CONSULTING SERVICES
companies a team of highly qualified experts with full com-             OFFERED BY THE QUALITY SYSTEMS DIVISION                                                                                                                                                                         Consulting on conformity to the company organisational
petence in the various specific fields, to provide consulting         QUALITy                                                                                                                                                                                                           model provided for by Leg. Dec. 231/01.
                                                                      ISO 9001 - Quality Management System
geared to achieving the most important system and product             ISO TS 16949 - Quality Systems - Automotive Sector
                                                                                                                                                                                                                 ‘Safety’ is a specific complete and integrated consulting
certifications in the areas of:                                       EN 9100 - Quality Systems - Aeronautical Sector                                                                                            service on the subject of company safety proposed by              Furthermore, in support of investments relating to safety,
                                                                      IRIS - Quality Systems - Railway Sector
  quality                                                                                                                                                                                                        the quality Systems Division. Its aim is to help compa-           controls are always carried out to determine whether there
  environment                                                         ISO 14001 - Environment Management System                                                                                                  nies reach the high standards set in this field. The consult-     are any financial concessions to which the company may
  safety                                                              EMAS - European Regulations - Environment Management System                                                                                ing activity aims at identifying and managing risks relating to   be entitled; if so, the service includes the preparation of the
                                                                      ECOLABEL - European Regulations – Ecological quality
  ethical responsibility                                              of products & services                                                                                                                     health and safety in the workplace and the relative drawing       application. Lastly, Eurofidi has allocated a ceiling of 50
                                                                      FSC - PEFC - Chain of Custody FSC - Timber sector
                                                                                                                                                                                                                 up of analysis reports, and establishing company adminis-         million euro in guarantees to make it easier for compa-
In addition, the quality Systems Division guarantees full             Leg.D. 81/08 & further amendments - Occupational health and Safety                                                                         trative responsibility and staff training.                        nies investing in occupational safety to access credit.
                                                                      Act & further amendments
assistance in consulting in relation to conformity to provi-          UNI –INAIL Guidelines - Occupational health and safety management
                                                                                                                                                                                                                 Specifically, the service is broken down as follows:
sions required by law. The companies are also supported in                                                                                                                                                         complete consulting on conformity to the Occupational
                                                                      BS OhSAS 18001 - Occupational health and safety management
their requests for contributions and financial concessions
                                                                      system                                                                                                                                       Health and Safety Act (Leg. Dec. 81/2008).
                                                                      ADMINISTRATIVE RESPONSIBILITy                                                                                                                Consulting on BS OHSAS 18001 certification.
reserved for those who certify their business.                        Leg.D. 231/01 & further amendments - Company administrative
                                                                      responsibility                                                                                                                               It is also possible to conform the company organisational
                                                                      SOCIAL RESPONSIBILITy
                                                                      SA 8000 - Staff ethics management system                                                                                                     system to the INAIL guidelines, which involve voluntary
The Division’s method of work is composed of:
                                                                      FOOD                                                                                                                                         adoption through the introduction of an occupational
                                                                      hACCP - Food safety management system
                                                                                                                                                                                                                   health and safety management system (OhSMS). Com-
preliminary study: analysis of the company situation,                 ISO 22000 - Food safety management system
                                                                      BRC - BRC/IoP - IFS - Food safety management system                                                                                          panies deciding of their own accord to adopt an OhSMS
the sharing of goals to be achieved and the defining of the
                                                                      PRIVACy                                                                                                                                      (based on OhSAS certification or the INAIL guidelines)
project;                                                              Leg.D. 196/03 - Personal Data Protection Code

consulting and training of staff: individuation and defi-             PRODUCT
                                                                      EC markings - Declaration of conformity of products to EDC Directives
nition of processes, development and formalisation of the
project, training of staff and checking and application of the

                                                                                                                                                                                                                 TRAINING GEARED TO hELPING GROwTh
on-going assistance: planning of support activities at
the end of the project.

The benefits for companies profiting from consulting in the
                                                                                                                                                                                                                                                                                   and measurable applicability of the contents taught in the
field of certification are many. They may be summed up as
                                                                                                                                                                                                                                                                                   classroom, using teaching methods which encourage par-
follows:                                                                                                                                                                                                                                                                           ticipants to compare and exchange their experience. The
- improvement in the effectiveness and efficiency of the com-                                                                                                                                                    To fully recover from the crisis companies need to focus          training opportunities offered by Eurofocus are based on
 pany through the optimisation of company processes;                                                                                                                                                             even more on the valorisation of human resources. Con-            highly professional collaborations, flexible and effective
- reorganisation of internal resources;                                                                                                                                                                          centrating only on limiting costs may produce negative ef-        training methods, and contents scaled to suit small and
- greater competitiveness on the market, with the possibility                                                                                                                                                    fects for the future; when the economy picks up, in fact,         medium-sized enterprises. The courses and seminars pro-
 of standing out from unqualified competitors;
                                                                               CASES HANDLED BY THE qUALITY

                                                                                                              4,000                                                                                      3,931   there will not be room for everyone, but only those who are       posed are held both on a company and an inter-company
- improvement in internal and external communications;                                                        3,500                                                                              3,348           prepared. In this context, the Training Division, through         basis. Where possible, they make use of public funding.
- guarantees on the product or service offered through con-                                                   3,000                                                                      2,901
                                                                                                                                                                                                                 the Eurofocus trademark, offers companies professional            Over 1,300 companies have chosen Eurofocus to give
                                                                                                              2,500                                                              2,462
 trols and improvements of the process of planning, pro-                                                                                                                                                         growth processes geared to satisfying all business needs.         value to their human resources, and the courses have
                                                                               SYSTEMS DIVISION

                                                                                                              2,000                                                      1,973
 duction or supply;                                                                                                                                             1,565                                            Training maintains a tangible and operative profile guar-         been attended by almost 4,400 participants. The follow-
                                                                               (end-of-year total)

- constant monitoring of the company’s process of con-                                                        1,000
                                                                                                                                                                                                                 anteed by the formula ‘RT’ (Remote Training), which com-          ing training courses are offered: managerial methods
 formity to applicable laws.                                                                                   500                    326                                                                        bines traditional classroom lessons with free exercises           | marketing and sales | finance, accounting and
To date, a total of almost 4,000 consultancies have been                                                         0                                                                                               available on the portal The aim is to           taxation | languages | production and quality | en-
                                                                                                                        00         01         02         03      04       05       06      07      08      09
provided by the Quality Systems Division.                                                                             20         20         20         20      20       20       20      20      20      20      ‘learn and test’, verifying directly in the company the actual    vironment and safety | Information Technology.

                                                                  business plans;
                                                                  specific training;
                                                                  financial, technical, insurance-related due diligence;
Energy conservation and the use of renewable energy               energy audits.
sources – these are increasingly recurring themes aiming        Companies choosing the Energy Division, therefore, can
towards the sustainable development not only of the econ-       benefit from a single point of contact for all needs relat-
omy in general but also that of each individual company. In     ing to investments in the field of energy. They also have
order to get the most out of each opportunity offered on the    the guarantee of a fair assessment of the actual profitabil-
basis of the most recent developments in the field of energy    ity and technological sustainability of the investment and
conservation and the most advanced technologies for the         may count on the transversality of the skills and a project
use of renewable energy sources, Eurocons has set up a          financing approach. With regard to the granting of credit,
specialised business unit, the Energy Division. The sector      Eurofidi has allocated a special ceiling of guarantees of
offers integrated technical and financial consulting services   one hundred million euro. To date, 363 operations have
geared to providing companies with the most suitable solu-      been handled by the Energy Division.
tions in these fields.
The consulting activity, carried out by a team of specialists
of the sector, is organised into two parts.
1. Preliminary check-up: based on the results of an ini-
tial operative analysis the entrepreneur is provided with a
detailed technical description of the financial flows of the
investment, a project report and graphic simulations relat-
ing to the overall scope of the system.
2. Customised proposal: based on the results of the pre-
liminary analysis the entrepreneur receives a customised of-
fer, integrating technical and financial components:
  cover sources (financing, leasing, guarantees);
  concessions (EC, national, regional, etc.);
  certifications (ISO 14000, EMAS, building energy rating
  certification pursuant to Leg. Dec. 311/96);


The extensive economic/financial consulting experience of       provides businesses throughout Italy with turnkey sys-
Eurocons in the field of energy, combined with the tech-        tem solutions in the field of renewable energy (solar
nical system planning and creating skills of Energheia          panels, biomass and other sources). Euroenergy, there-
Italia, a company specialising in the sector of renewable       fore, effectively completes the chain of activities in favour
energy, has given birth to Euroenergy, a company which          of SMEs.
                                                                                                                                                                    EUROFIDI Credit Guarantee

                                                                                                                                     EUROCONS Business Consulting
                                                                                                                                                                                                                                                                                                                                                                                                                    Business Credit and Consulting

sede centrale | Via Perugia, 56 | 10152 Torino (Italy) | T +39 011 24191 | F +39 011 238283 | |
                                                                                                                                                                                                This brochure is also published online at the addresses:,, | The information given in these pages was last updated on 31 December 2009 – Printed in March 2010 by Mariogros, Turin, Italy – Graphic design by Pennoadvertising, Turin, Italy

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