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Funding

Budget

In 2015, GRET’s production continued to grow compared to the previous year. Production in 2015 amounted to 28.2 million euros. As well as a significant number of studies and expert evaluation missions, approximately thirty projects above one million euros were implemented and 46 new projects were launched. The balance sheet shows that the overall volume of work in progress increased significantly.

Despite having progressed, the activity gross margin increased less sharply than production, making it difficult to cover all our costs; hence a negative gross operating surplus. In fi ne, the annual balance is positive; this is due to the cash received by GRET following the transfer of its shares in a microfinance institution during the year. This transfer had a positive impact on cash flow and equity in the balance sheet.

The portion of field projects in GRET’s activity remains dominant, and increased between 2014 and 2015. Geographical analysis of GRET’s activity in 2015 demonstrates growth of activity in most countries of operation, especially in Madagascar and Haiti.