Project number:


Business sector:

Manufacturing and Services

Notice type:


Environmental category:


Approval date:

01 Dec 1998



PSD disclosed:

10 Sep 1998

Project Description

The main goal of the project is to carry out operational and financial restructuring of the largest Slovenian footwear manufacturer, Alpina.
Project objectives: The EBRD’s financing will support a restructuring and turn-around plan, which aims to increase the competitiveness and the profitability of the company. Proceeds will be used for capital expenditure, working capital and refinancing of existing short-term loans.

Transition Impact

The EBRD’s involvement is intended to demonstrate the beneficial effects of foreign direct investments in the restructuring of domestic companies. The equity participation will also have an impact on the country's transition by setting standards for corporate governance and business conduct.

The Client

Alpina is the largest shoe manufacturer in Slovenia, with revenues in 1997 in excess of DM 81 million. The company produces two ranges of products: fashion shoes (56 per cent of sales) and sport shoes (44 per cent). Alpina also distributes through its own retail network, comprising 41 outlets located in all major towns in Slovenia, 22 outlets in Croatia and seven in Bosnia and Herzegovina.

EBRD Finance

The EBRD will provide total funds of DM 12 million (Euro 6.1 million), DM 8 million (Euro 4.1 million) as a five-year loan; DM 4 million (Euro 2.0) as an equity investment.

Project Cost

DM 12 million (Euro 6.1 million).

Environmental Impact

The operation has been screened as C/1, requiring an environmental audit of the existing facilities. The audit has been carried out by independent consultants according to the terms of reference prepared by the EBRD. The audit showed that the company was generally in compliance with the Slovenian environmental legislation and had obtained all required environmental, health and safety permits. There were no records of any fines, penalties or enforcement action against the company.
The audit identified several individual issues, in particular air emissions from vapours and organic solvents, which exceeded the permitted national and EU concentrations. An Environmental Action Plan (EAP) has been developed on the basis of the findings and recommendations of the audit. The EAP sets out details of future action to improve environmental health and safety management systems and to bring the company into compliance with Slovenian and EU legal requirements within a one-year period.
The proposed action under the EAP include: improvements to the occupational health and safety conditions through modernisation of ventilation systems, installation of filtering systems and provision of protective equipment; modernisation of storage areas; and improvements to the corporate environmental management system. The company will be reporting annually to the Bank on environmental, health and safety matters.

Technical Cooperation

A Profit Improvement Plan is to be implemented with the help of an external expert financed through the EU Bangkok facility fund.

Company Contact


Business opportunities

For business opportunities or procurement, contact the client company.

For state-sector projects, visit EBRD Procurement: Tel: +44 20 7338 6794

General enquiries

EBRD project enquiries not related to procurement:
Tel: +44 20 7338 7168

Public Information Policy (PIP)

The PIP sets out how the EBRD discloses information and consults with its stakeholders so as to promote better awareness and understanding of its strategies, policies and operations. Please visit the Public Information Policy page below to find out how to request a Public Sector Board Report.
Text of the PIP

Share this page: