Annual Report 2013

ANNUAL REPORT 2013 CONTENTS HIGHLIGHT ON KEY ACHIEVEMENTS ......................................................................................................................................................................... MESSAGE FROM CHAIRPERSON ...................................................................................................................................................................................... MESSAGE FROM CHIEF EXECUTIVE OFFICER ......................................................................................................................................................... CHAMROEUN AT A GLANCE ............................................................................................................................................................................................ VISION, MISSION,AND COREVALUES ..................................................................................................................................................... OPERATIONAL PERFORMANCE ....................................................................................................................................................................................... 134589OPERATIONAL COVERAGE ............................................................................................................................................................................. SCALING UP OUTREACHTO MORE POOR HOUSEHOLDS ................................................................................................. NEW FINANCING INITIATIVESTO HELPTHE POOR ADDRESSTHEIRVULNERABILITIES ................................. NEW MICROINSURANCE SCHEME FOR BETTER HEALTHTREATMENT ...................................................................... 910 11 13 SOCIAL PERFORMANCE ........................................................................................................................................................................................................ 14 SOCIO-ECONOMIC SERVICES FOR MORE MEANINGFUL IMPACTS ............................................................................... SOCIAL PERFORMANCE MONITORING ............................................................................................................................................... EXTENDING CHAMROEUN’S ACTIVITIES BEYOND SOCIAL MICROFINANCE ....................................................... 14 16 17 REVISED STRATEGIC PLAN FOR 2013-2017 ............................................................................................................................................................. GOVERNANCE .............................................................................................................................................................................................................................. 18 19 SHAREHOLDERS AND SHAREHOLDING STRUCTURE .............................................................................................................. BOARD OF DIRECTORS ...................................................................................................................................................................................... KEY ACTIVITIES OF OUR SPECIALIZED COMMITTEES ................................................................................................................. EXECUTIVETEAM .................................................................................................................................................................................................... EXPANDING STRUCTURE FOR BETTER SERVICE QUALITY AND INNOVATIONS ............................................... 19 21 22 23 24 STAFF DEVELOPMENT ............................................................................................................................................................................................................. 26 26 27 28 29 BUILDING UP OUR HUMAN CAPITAL:A KEY PRIORITY ........................................................................................................... MOTIVATION, INSPIRATION,AND EMPOWERMENTTHROUGH REWARDS AND - SUCCESSION PLANNING ................................................................................................................................................................................. RECOGNITION AND AWARDS ........................................................................................................................................................................................ AUDITED FINANCIAL STATEMENTS ............................................................................................................................................................................. REPORT OF BOARD OF DIRECTORS ....................................................................................................................................................... REPORT OFTHE INDEPENDENT AUDITORS ..................................................................................................................................... BALANCE SHEET ..................................................................................................................................................................................................... INCOME STATEMENT .......................................................................................................................................................................................... STATEMENT OF CASH FLOW ........................................................................................................................................................................ STATEMENT OF CHANGES IN EQUITY .................................................................................................................................................. 29 33 35 36 37 38 RATIONALE BEHIND OUR CHOSEN CORPORATE “PINK” COLOR AND LOGO ...................................................................... NETWORKS AND PARTNERSHIPS ................................................................................................................................................................................... OFFICE ADDRESSES...................................................................................................................................................................................................................... 39 41 42 HIGHLIGHT ON KEY ACHIEVEMENTS OPERATIONAL PERFORMANCE Operating Provinces Operating Districts 2011 92012 13 2013 14 <ul style="display: flex;"><li style="flex:1">51 </li><li style="flex:1">72 </li></ul>83 Operating Communes OperatingVillages <ul style="display: flex;"><li style="flex:1">341 </li><li style="flex:1">505 </li></ul>577 1,936 12 2,969 14 3,620 15 Main Branches <ul style="display: flex;"><li style="flex:1">District Branches </li><li style="flex:1">3</li><li style="flex:1">7</li></ul>24 7EXIPPMXIꢀ3J½GIW <ul style="display: flex;"><li style="flex:1">9</li><li style="flex:1">14 </li></ul>-<ul style="display: flex;"><li style="flex:1">Active Borrowers </li><li style="flex:1">27,900 </li></ul>12,980 667,300 163 41,480 20,269 727,300 213 52,419 25,199 784,100 333 Gross Loan Portfolio (KHR’Million) Average Loan Disbursed (KHR) Staff 0SERꢀ3J½GIVW <ul style="display: flex;"><li style="flex:1">84 </li><li style="flex:1">102 </li></ul>164 &SVVS[IVWꢀTIVꢀ0SERꢀ3J½GIV Portfolio at Risk (30 Days) Write-off Ratio <ul style="display: flex;"><li style="flex:1">332 </li><li style="flex:1">407 </li></ul>320 0.05% 0.06% 0.05% 0.02% 0.33% 0.05% ANNUAL REPORT 2013 1SOCIAL PERFORMANCE Female Borrower Ratio 2011 81.2% 12.6% 75.2% 19.0% 22.2% 0.6% 2012 85.4% 12.6% 70.8% 26.3% 18.2% 1.9% 2013 83.5% 12.4% 72.3% 22.4% 23.3% 1.7% Average Loan Portfolio as % GNI per Capita Partner Loyalty Rate % Female Staff % Female Management % Staff with Disability <ul style="display: flex;"><li style="flex:1">Staff Turnover Ratio </li><li style="flex:1">9.9% </li><li style="flex:1">10.8% </li></ul>44,148 37,933 16.5% 11,080 1,952 Participants to Financial Literacy and BusinessTraining Participants toTraining on SocialTopics. 44,663 49,701 FINANCIAL PERFORMANCE Total Asset (KHR’Million) Total Equity (KHR’Million) 2IXꢀ4VS½XꢀEJXIVꢀ8E\IW (KHR’000) PorfolioYield <ul style="display: flex;"><li style="flex:1">2011 </li><li style="flex:1">2012 </li><li style="flex:1">2013 </li></ul>31,041 7,034 17,627 2,914 24,874 5,535 465,826 49.8% 108.1% 2.4% 149,790 43.5% 103.5% 0.4% 373,486 47.1% 104.2% 1.6% 3TIVEXMSREPꢀ7IPJꢁWYJ½GMIRG]2 Return on Assets2 <ul style="display: flex;"><li style="flex:1">Return on Equity2 </li><li style="flex:1">11.6% </li><li style="flex:1">2.2% </li></ul>6.8% 2ꢀ)\GPYHMRKꢀKVERXWꢂꢀ*<ꢀGSRZIVWMSRꢂꢀERHꢀRSRꢁSTIVEXMRKꢀI\TIRWIW 2ANNUAL REPORT 2013 MESSAGE MS. HÉLÈNE KERAUDREN FROM CHAIRPERSON Chamroeun continued to serve strong social objectives in 2013 by combining growth in outreach with new products and services to better address its partners’ needs. By I\TERHMRKꢀ MXWꢀ RIX[SVOꢀ GPSWIVꢀ XSꢀ XLIꢀ GSQQYRMXMIWꢀ MXꢀ serves, the institution now reaches out to more than 52,000 active borrowers in 14 provinces of Cambodia. The focus remains, as always, on poorer households, with a range of affordable and adapted products and services. All these developments and achievements will be further consolidated in 2014 as Chamroeun remains committed XSꢀTVSZMHMRKꢀMRRSZEXMZIꢀWSGMEPꢀQMGVS½RERGIꢀWIVZMGIWꢀXSꢀMXWꢀ partners to help them succeed in their ventures. I-ꢀ[SYPHꢀPMOIꢀXSꢀI\XIRHꢀQ]ꢀXLEROWꢀXSꢀXLIꢀXIEQꢀJSVꢀXLIMVꢀ I\IQTPEV]ꢀGSQQMXQIRXꢀERHꢀXSꢀEPPꢀWXEOILSPHIVWꢀJSVꢀXLIMVꢀ active support; I trust that the strong social values shared at all levels of the organisation will continue to make 'LEQVSIYRꢀEꢀOI]ꢀWSGMEPꢀQMGVS½RERGIꢀTPE]IVꢀMRꢀ'EQFSHMEꢃ New developments in 2013 have allowed Chamroeun to bring innovative and ever more complete services to its partners: access to a microinsurance provider to cover YRI\TIGXIHꢀ LIEPXLꢀ I\TIRWIWꢀ ERHꢀ VIHYGIꢀ ZYPRIVEFMPMX]ꢄꢀ ½RERGMRKꢀERHꢀEHZMGIꢀJSVꢀGPIERꢀIRIVK]ꢀWSPYXMSRWꢀXSꢀEHHVIWWꢀ daily lighting and cooking needs; access to USD loans to save on transaction and conversion costs. Yours sincerely Socio-economic services have also been further developed with a community based approach, bringing training to the doorsteps of our partners. More socio- IGSRSQMGꢀ SJ½GIVWꢀ ERHꢀ MRXIVEGXMZIꢀ XVEMRMRKꢀ QSHYPIWꢀ have boosted the outreach of these services, as well as satisfaction from partners who enjoy these workshops. HÉLÈNE KERAUDREN Board Chairperson <ul style="display: flex;"><li style="flex:1">ꢀ</li><li style="flex:1">'LEQVSIYRꢀ1MGVS½RERGIꢀ0MQMXIH </li></ul>The success and very identity of Chamroeun lie in its strong social mission and the will to make a difference MRꢀ XLIꢀ [SVPHꢀ SJꢀ QMGVS½RERGIꢃꢀ8LIꢀ WSGMEPꢀ TIVJSVQERGIꢀ diagnosis conducted with Entrepreneurs du Monde, as [IPPꢀEWꢀXLIꢀWSGMEPꢀVEXMRKꢀF]ꢀ1MGVS½RERÊꢂꢀTVSZMHIꢀEꢀGPIEVꢀ picture on the achievements and remaining improvements for the institution. Moreover, in its will to always place TEVXRIVWꢀ ½VWXꢂꢀ 'LEQVSIYRꢀ EPWSꢀ MRMXMEXIHꢀ Eꢀ GIVXM½GEXMSRꢀ process on the Client Protection Principles. 1 Chamroeun calls its clients « partners » to underline its concern for the success of its clients in improving their livelihoods. 3ANNUAL REPORT 2013 MESSAGE MR. SUON SOPHEA FROM CHIEF EXECUTIVE OFFICER “2013 was a wonderful year for us. Even some major YRTVIHMGXIHꢀIZIRXWꢀWYGLꢀEWꢀWIVMSYWꢀ¾SSHꢂꢀPEFSVꢀYRVIWXꢀMRꢀ the garment sector, and political deadlock, we survived Eꢀ WMKRM½GERXꢀ KVS[XLꢀ ERHꢀ QEMRXEMRIHꢀ SYVꢀ TIVJSVQERGIꢃꢀ 3TIVEXMSRWꢀ [IVIꢀ I\XIRWMZIP]ꢀ I\TERHIHꢀ XSꢀ YVFERꢀ ERHꢀ semi-urban areas of some more provinces such as Pursat, Kampong Chhnang, and Prey Veng in addition to the I\MWXMRKꢀ GSZIVEKIꢀ XSꢀ WIVZIꢀ QSVIꢀ TSSVꢀ TSTYPEXMSRꢃꢀ 4IVꢀ the results, active borrowers and gross loan portfolio increased by 26% and 24% respectively whereas PAR 30 was still in a good condition at 0.33%.The service points also grew up to 40 with 333 committed staff serving more than 52,000 poor households.We remained focus SRꢀXLIꢀTSSVꢀF]ꢀTVSZMHMRKꢀXLIꢀWQEPPIWXꢀPSERꢀWMÎꢀGSQTEVIHꢀ to other MFIs in Cambodia-120 USD per partner. Furthermore,we are also proud of recent developments our complementary socio-economic services as a re- EHETXIHꢀFYWMRIWWꢀERHꢀ½RERGMEPꢀPMXIVEG]ꢀXVEMRMRKꢀ[EWꢀJYPP]ꢀ rolled out across all service points with the support of ꢅꢆꢀ WTIGMEPMÎHꢀ WSGMSꢁIGSRSQMGꢀ SJ½GIVWꢃꢀ %Xꢀ XLIꢀ IRHꢀ SJꢀ 2013, more than 10,000 partners and non-partners [IRXꢀ XLVSYKLꢀ ZEVMSYWꢀ XVEMRMRKꢀ XSTMGWꢀ SJꢀ FEWMGꢀ ½RERGMEPꢀ and business management, and we strongly hope that the application of these topics will contribute to an MQTVSZIQIRXꢀ SJꢀ XLIMVꢀ ½RERGMEPꢀ ERHꢀFYWMRIWWꢀ GSRHMXMSRWꢀ VIWYPXIHꢀMRꢀFIXXIVꢀPMZMRKꢀGSRHMXMSRWꢃꢀ&I]SRHꢀQMGVS½RERGIꢀ and complementary socio-economic services, we started providing scholarship awards to 84 students from partner LSYWILSPHWꢀXLVSYKLꢀSYVꢀ*SYRHEXMSRꢀXSꢀLIPTꢀXLIMVꢀRI\Xꢀ generations to have more access to education. With ꢅꢇꢈꢆꢀ½RERGMEPꢀVIWYPXWꢂꢀ[IꢀI\TIGXIHꢀXLEXꢀ[Iꢀ[MPPꢀFIꢀEFPIꢀ <ul style="display: flex;"><li style="flex:1">to scale up this program in the upcoming years. </li><li style="flex:1">To meet the needs of our partners along with the </li></ul>efforts to help them reduce vulnerabilities, new products and services were developed, tested, and introduced. With the support of its Foundation which was created late 2011, we were able to introduce a new health microinsurance scheme, under a partnership with PRÉVOIR (KAMPUCHEA) MICRO-LIFE INSURANCE PLC, PKMI. As of December 2013, 1,924 partners and 455 of their household members were insured by this program.Also, USD loan were also made available to the institution’s partners, who are transacting in USD, to help reduce transaction and coversion costs. *MREPP]ꢂꢀ-ꢀ[SYPHꢀPMOIꢀXSꢀI\TVIWWꢀQ]ꢀWMRGIVIꢀXLEROWꢀXSꢀEPPꢀ stakeholders, board of directors, lenders, regulators, and beloved staff for their contribution to help Chamroeun GSRXMRYIꢀERHꢀI\TERHꢀMXWꢀWSGMEPꢀFYWMRIWWꢀEGXMZMXMIWꢀXSꢀLIPTꢀ the poor liberate themselves from poverty, and I hope you will strongly support us in the upcoming years.Your ½RERGMEPꢀERHꢀXIGLRMGEPꢀWYTTSVXWꢀEVIꢀZIV]ꢀIWWIRXMEPꢀJSVꢀYWꢀ to make positive and lasting changes to the poor. Financing clean energy solutions such as solar kits and IJ½GMIRXꢀGSSOꢀWXSZIWꢀMWꢀEPWSꢀMRꢀXLIꢀHIZIPSTQIRXꢀTVSGIWWꢀ under a project called“Access to Clean Energy Program”, ERHꢀ[IꢀI\TIGXIHꢀXSꢀWXEVXꢀIEVP]ꢀꢅꢇꢈꢉꢃꢀ8LMWꢀTVSNIGXꢀ[MPPꢀ IREFPIꢀ'LEQVSIYR´WꢀTEVXRIVWꢀXSꢀLEZIꢀERꢀEGGIWWꢀXSꢀIJ½GMIRXꢀ ERHꢀ GPIERꢀ IRIVK]ꢀ WSPYXMSRWꢀ ERHꢀ QMRMQMÎꢀ I\TIRWIWꢀ SRꢀ daily energy consumption, and it also contributes to the promotion of environmentally friendly products. Yours Sincerely, SUON SOPHEA 'LMIJꢀ)\IGYXMZIꢀ3J½GIV <ul style="display: flex;"><li style="flex:1">ꢀ</li><li style="flex:1">'LEQVSIYRꢀ1MGVS½RERGIꢀ0MQMXIH </li></ul>4ANNUAL REPORT 2013 CHAMROEUN AT A GLANCE Chamroeun was founded by Entrepreneurs du Monde, a French NGO, as a development program in early 2006 with a focus on serving the poor within and surrounding Phnom Penh areas through the provision of adapted loans, savings, and microinsurance services. The very ½VWXꢀFVERGLIWꢀ[IVIꢀIWXEFPMWLIHꢀRIEVF]ꢀXLIꢀQEMRꢀQEVOIXꢀ places in the capital city to address the needs of the small market stallholders, ambulant vendors, and other small scale business activities. 2005 Noting the large underserved poor communities in Phnom Penh, Entrepreneurs du Monde, a French NGO, signed an agreement with Phnom Penh Municipality and Cambodian Ministry of Foreign Affairs to start up a WSGMEPꢀQMGVS½RERGIꢀTVSNIGXꢃꢀ8LIꢀTVSNIGXꢀ[EWꢀIWXEFPMWLIHꢀ namely as “Chamroeun” (“prosperity” in Khmer) to aim EXꢀTVSZMHMRKꢀQMGVS½RERGIꢀWIVZMGIWꢀERHꢀGSQTPIQIRXEV]ꢀ socio-economic services to poor households living in Phnom Penh’s urban depressed areas. 8LIꢀ½VWXꢀ]IEVWꢀSJꢀ'LEQVSIYRꢀ[IVIꢀWTIRXꢀSRꢀWIXXMRKꢀYTꢀ the institution’s operational and institutional sustainability. The institution opened an average 3 branches per year MRꢀXLIꢀ½VWXꢀJI[ꢀ]IEVWꢀSJꢀMXWꢀSTIVEXMSRWꢂꢀHVMZIRꢀF]ꢀEꢀWXVSRKꢀ HIQERHꢀJSVꢀWSGMEPꢀQMGVS½RERGIꢀMRꢀ4LRSQꢀ4IRLꢃ To comply with regulations, in 2009, Chamroeun was SJ½GMEPP]ꢀVIKMWXIVIHꢀEWꢀEꢀGSQTER]ꢀERHꢀ[EWꢀGIVXM½IHꢀF]ꢀ the National Bank of Cambodia as a registered credit STIVEXSVꢃꢀ 'LEQVSIYRꢀ FIGEQIꢀ WIPJꢁ½RERGMRKꢀ MRꢀ ꢅꢇꢈꢇꢀ and successfully achieved all requirements to become EꢀPMGIRWIHꢀQMGVS½RERGIꢀMRWXMXYXMSRꢀF]ꢀ2EXMSREPꢀ&EROꢀSJꢀ Cambodia in 2011. 2006 'LEQVSIYRꢀSTIRIHꢀMXWꢀ½VWXꢀFVERGLIWꢀRIEVF]ꢀXLIꢀQEMRꢀ market places in Phnom Penh to address the needs of small market stallholders, ambulant vendors, and other small scale business activities.The institution also started a partnership with GRET’s SKY project to provide health microinsurance to its partners. This scheme offered a complete health coverage to Chamroeun’s partners and their household members, to insure access to doctors, hospitals, and pharmaceutical drugs. 6IEPM^MRKꢀXLEXꢀXLIVIꢀEVIꢀYVFERꢀHITVIWWIHꢀEVIEWꢀFI]SRHꢀ 4LRSQꢀ 4IRLꢂꢀ 'LEQVSIYRꢀ WXEVXIHꢀ I\TERHMRKꢀ MXWꢀ operational activities to some main provincial towns in 2009. Currently, the institution is covering 14 provinces across Cambodia mainly in areas surrounding Tonle Sap 0EOIꢀXLVSYKLꢀMXWꢀꢉꢇꢀFVERGLIWꢀERHꢀSJ½GIWꢃ ANNUAL REPORT 2013 52007 2009 Chamroeun launched a wide range of complementary socio-economic services, including various business and WSGMEPꢀXVEMRMRKꢀGSYVWIWꢂꢀGSYRWIPPMRKꢂꢀERHꢀVIJIVVEPWꢃꢀ6IEPM^MRKꢀ that there are urban depressed areas beyond Phnom 4IRLꢂꢀXLIꢀMRWXMXYXMSRꢀWXEVXIHꢀI\TERHMRKꢀMXWꢀSTIVEXMSRWꢀXSꢀ Kandal province through a new branch set up. To comply with regulations, Chamroeun was registered with the Ministry of Commerce as a company with two shareholders namely Entrepreneurs du Monde and Mr. Humbert Garreau de Labarre. The institution was EPWSꢀGIVXM½IHꢀEWꢀEꢀGVIHMXꢀSTIVEXSVꢀJVSQꢀXLIꢀ2EXMSREPꢀ&EROꢀ of Cambodia. Furthermore, Chamroeun also established two more new branches in Battambang and Siem Reap provinces. 2008 2010 'LEQVSIYRꢀ GSRXMRYIHꢀ I\TERHMRKꢀ MXWꢀ STIVEXMSRWꢀ [MXLMRꢀ and surrounding Phnom Penh areas through additional FVERGLIWꢀERHꢀSJ½GIWꢂꢀHVMZIRꢀF]ꢀEꢀWXVSRKꢀHIQERHꢀWSGMEPꢀ QMGVS½RERGIꢃꢀ -Rꢀ EHHMXMSRꢂꢀ )RXVITVIRIYVWꢀ HYꢀ 1SRHIꢀ VIGVYMXIHꢀEꢀ'EQFSHMERꢀ)\IGYXMZIꢀ(MVIGXSVꢀXSꢀXEOIꢀSZIVꢀ VIWTSRWMFMPMXMIWꢀJVSQꢀXLIꢀI\TEXVMEXIꢀ1EREKIVꢃ 'LEQVSIYRꢀ GSRXMRYIHꢀ I\TERHMRKꢀ MXWꢀ STIVEXMSRWꢀ XSꢀ Kampong Cham province with an additional new branch set up. Further, to address our partner’s challenges in relation to distance between their destinations and the MRWXMXYXMSR´Wꢀ FVERGLꢀ PSGEXMSRWꢂꢀ ꢊꢀ WEXIPPMXIꢀ SJ½GIWꢀ [IVIꢀ created to bring the available services closer to them. The institution also brought on board another new WLEVILSPHIVꢂꢀ1MGVS½RERGIꢀ7SPMHEMVIꢃꢀ*SYVꢀ]IEVWꢀEJXIVꢀXLIꢀ WXEVXꢁYTꢂꢀ'LEQVSIYRꢀFIGEQIHꢀWIPJꢁ½RERGMRKꢃ ANNUAL REPORT 2013 62011 2013 )\TERWMSRWꢀ WXMPPꢀ GSRXMRYIHꢀ XSꢀ FIRI½Xꢀ QSVIꢀ TSSVꢀ Two additional new branches were launched in Banteay Meanchey and KampongThom provinces aligned with the institution’s strategic plan. Chamroeun fully complied with all requirements from the National Bank of Cambodia and FIGEQIꢀEꢀPMGIRWIHꢀQMGVS½RERGIꢀMRWXMXYXMSRꢃꢀ8LMWꢀQEVOIHꢀ an important step within the institutional development. A Foundation was initiated to create more synergy with the institution to help the poor address their challenges ERHꢀHMJ½GYPXMIWꢃꢀ TSTYPEXMSRꢀ [MXLMRꢀ FSXLꢀ I\MWXMRKꢀ STIVEXMSREPꢀ EVIEWꢀ and a new provincial town of Pursat. Chamroeun also HIZIPSTIHꢀRI[ꢀ½RERGMRKꢀMRMXMEXMZIWꢀWYGLꢀEWꢀEꢀRI[ꢀLIEPXLꢀ microinsurance scheme, USD loans, and clean energy loan to help its partners address their vulnerabilities. &I]SRHꢀ QMGVS½RERGIꢂꢀ XLIꢀ MRWXMXYXMSRꢀ WXEVXIHꢀ TVSZMHMRKꢀ scholarship awards to 84 children of the partners through its Foundation. Moreover, additional paid-up GETMXEPꢀF]ꢀI\MWXMRKꢀWLEVILSPHIVWꢀ[EWꢀWYGGIWWJYPP]ꢀMRNIGXIHꢀ to continue sustaining the growth of the institution’s activities. 2012 To sustain the growth of Chamroeun’s activities, a capital increase was done early 2012 bringing three new shareholders with whom Chamroeun already has GPSWIꢀXMIWꢀSRꢀFSEVHꢃꢀ1SVISZIVꢂꢀSTIVEXMSREPꢀI\TERWMSRꢀWXMPPꢀ continued to two additional new provinces, Takeo and Kampot. Socio-economic services were also re-adapted to the needs of Chamroeun’s partners. Particularly, the training method was initially changed from compulsory ERHꢀHIWGVMTXMZIꢀEXꢀXLIꢀMRWXMXYXMSR´WꢀSJ½GIWꢀXSꢀZSPYRXEV]ꢀERHꢀ participatory at the community level with the modules mainly focused on Financial Literacy. ANNUAL REPORT 2013 7<ul style="display: flex;"><li style="flex:1">Vision </li><li style="flex:1">Mission </li></ul>±%ꢀ PIEHMRKꢀ 'EQFSHMERꢀ WSGMEPꢀ QMGVS½RERGIꢀ MRWXMXYXMSRꢀ working to achieve positive and lasting changes in the livelihoods of economically active poor families in a socially responsible manner ” ±8Sꢀ MQTVSZIꢀ XLIꢀ PMZIPMLSSHWꢂꢀ WOMPPWꢂꢀ ERHꢀ WIPJꢁGSR½HIRGIꢀ of poor families in Cambodia by providing them a wide VERKIꢀSJꢀVIWTSRWMFPIꢀQMGVS½RERGIꢀERHꢀGSQTPIQIRXEV]ꢀ socio-economic services” CoreValues Integrity:ꢀ 'LEQVSIYRꢀ TVSZMHIWꢀ QMGVS½RERGIꢀ ERHꢀ complementary socio-economic services to the poor to enhance their well-being. It achieves this ethically and with transparent, fair, and cost effective methods. Fair practices: At Chamroeun, we ensure that the services we provide to our partners as well as the interactions we have with other stakeholders are not unethical or deceptive. We are committed to building relationships that are based on respect, fair treatments, and courtesy.

Annual Report 2013

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