Euroopan Investointipankin ja ESIR:n keinot pk-yrityksille. Kimmo Lehto, Inspira

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1 Euroopan Investointipankin ja ESIR:n keinot pk-yrityksille Kimmo Lehto, Inspira

2 Globaali talous- ja finanssikriisi on vähentänyt investointeja Euroopassa: investointitaso on 15 prosenttia matalampi kuin ennen kriisiä. Taloutta uudistavia investointeja tarvitaan Euroopassa merkittävästi nykyistä enemmän. Myös Suomi tarvitsee investointeja talouden uudistumiseen ja kasvuun.

3 Investointineuvonnan tehtäviä 1. ESIR tietoisuuden lisääminen ja ESIR:n jalkauttaminen Jakaa tietoa ESIRistä ja rahoitusprosessin käynnistämisestä Sidosryhmätapaamiset (mm. Kauppakamareja, Maakuntaliittoja, teknologia- ja teollisuusyhdistykset, Energiateollisuus) 2. Investointihankkeiden neuvonta 1. ESIR-investointineuvontapuhelin 2. Workshopit (esim. innovaatiot, PPP) 3. ESIR-rahoitusvälineiden kehittäminen 4. ESIRin kansainvälisen kehityksen seuraaminen, tiedottaminen ja yhteydenpito Toimii TEM:n ohjauksessa, yhteistyössä Rahoituksen neuvontapalvelut Inspira Oy:n kanssa.

4 The EIB Group in 2015 EIB in 2015: EUR 77.5bn Record for the EIB Group: EUR 84.5bn EIF in 2015: EUR 7bn

5 KEY PRIORITIES ENVIRONMENT INFRASTRUCTURE INNOVATION SME EUR 19.6bn EUR 18.9bn EUR 18.7bn EUR 29.2bn

6 ESIR-RAHOITUS

7 ESIR rakenne EIB / EIF rahoituskapasiteetin kasvu noin 63 MRD

8 Key areas Targeting strategic public and private investment Infrastructure: including transport, energy and digital Innovation: Education and training, health, research, development and innovation Renewable energy: Expansion of renewable energy generation and support of energy and resource efficiency Environment: Projects in the environmental, urban development and social fields SMEs and midcaps: Financing support through local partner banks and institutions 8

9 Results dashboard 9

10 ESIR-aikajana Tavoite 315 MRD euroa kesällä 2018 Viimeiset rahoituspäätökset kesällä 2019, ja viimeisten rahoitussopimusten takaraja kesällä 2020 EIB:n luottoprosessiin syytä varata 6kk

11 PK-YRITYSTEN RAHOITUS

12 ESIR-rahoituskanavat Suora EIB-rahoitus (yli +25 MEUR) Välittäjärahoitus (alle 25 MEUR sekä Euroopan investointirahaston tuotteet)

13 PK-yritysten rahoitus välittäjien kautta

14 EU programmes helping businesses at every stage Guarantees and Debt programmes Equity programmes COSME Equity Facility for Growth Public Stocks InnovFin SME Guarantee SME Initiative COSME Loan Guarantee Facility Cultural and Creative Sector Guarantee Facility* InnovFin SME Venture Capital EaSI (Employment & Social Entrepreneurship) * Not yet signed InnovFin Tech Transfer* PRE-SEED PHASE SEED PHASE START-UP PHASE EMERGING GROWTH DEVELOPMENT ERASMUS+ Student loans SME Development Stages HIGHER RISK LOWER RISK 14

15 InnovFin Product Overview

16 STAGES OF DEVELOPMENT INNOVFIN DEBT PRODUCTS InnovFin Overview (>2014) InnovFin builds on the success of the RSFF and provides both direct and indirect lending solutions Indirect finance to SMEs Direct & indirect finance to Mid-Caps Direct lending to Large Caps Managed by EIF and rolled out via a network of commercial banking partners Covering loans from EUR 25k to EUR 7.5m Local banks benefitting from 50% guarantee on individual exposures Direct loans and guarantees to local banks from EIB Loans from EUR 7.5m to EUR 25m Providing flexible financing (from senior secured to junior debt) Funded (direct debt) and unfunded (guarantee to banks) structures Direct loans from EIB Loans from EUR 25m to EUR 300m Flexible but typically senior, pari-passu ranking Funded (direct debt) and unfunded (guarantee to banks) structures EUR 25k EUR 7.5m EUR 25m 2 nd Valley of Death 1 st Valley of Death Start-up / Mezzanine/Growth Commercialization / Industrialization Growth / Stability

17 INNOVFIN SME GUARANTEE - INSTRUMENTTI

18 InnovFin SME Guarantee Responsible EC Service/Timeframe: DG Research & Innovation / Target over EUR 10bn of financing to benefit innovative SMEs and Small Mid-Caps over the next 7 years Purpose: improve access to finance for innovative SMEs and Small Mid-Caps EIF provides direct (and indirect) financial uncapped guarantees to selected Financial Intermediaries (FIs) Guarantee Rate: up to 50% of losses incurred in each loan Thanks to EIF Multilateral Development Bank status (MDB) and pursuant to Basel II, no capital charge expected on the covered part of the Portfolio Transfer of benefit and acceptable portfolio risk profile Capacity of InnovFin has been boosted during in anticipation of the implementation of the European Fund for Strategic Investment (EFSI) EUR 2.9bn guarantees signed as of March 2016, covering SME and small-midcap portfolio volume of EUR 6.7bn spread across 27 countries 4

19 Distribution of InnovFin across EU Status of InnovFin implementation: (as of March-16) 72 applications Overview of signed contracts across Europe (as of March 2016) 63 for the direct guarantee 9 applications for the counter-guarantee 46 guarantee contracts signed covering 27 countries for a total guarantee amount of EUR 2.9bn Enabling over EUR 6.7bn of loans/ leases to innovative SMEs and small mid-caps 5

20 InnovFin - Focus Eligible financing: New loans, credit lines, bonds (such as mini-bonds) and/or financial leases; to be originated within a two-year period by the selected intermediary (up to Dec under H2020 programme) Eligible debtors: SMEs (EC definition) and Small Mid-caps (< 500 FTE employees); Operating in EU-28 and H2020 Associated Countries; and Innovative invest in producing or developing innovative products, processes and/or services and where there is a risk of technological or industrial failure; or innovative SMEs/Small Mid-caps, i.e. satisfying at least one of a list of predefined criteria; fast growing enterprises, measured by employment or by turnover: annual increase > 20% Can be combined with EIB funding facilities (subject to specific criteria and transfer of benefit requirements) 7

21 Underlying Transaction Criteria Purpose of Financing (Term Loans/Leases + Revolving Credit Facilities): Tangible & Intangible Assets Working Capital Business Transfers Loan amount: min EUR 25k - max EUR 7.5 m (only Senior Debt) Loan maturity: min 1 year - max 10 years Currency: EUR and local currency Max (counter-)guarantee amount is EUR 200m per intermediary (EUR 500m per intermediary group) 8

22 Key Guarantee Terms Up to 50% loss coverage (Principal + Interest 90D) Full Delegation to Financial Intermediaries Automatic Coverage/ Inclusion Attractive Guarantee Terms Favourable Capital Treatment

23 MIDCAP GROWTH FINANCE

24 InnovFin Product Overview

25 How does MGF work? EIF Growth Finance / Mezzanine EUR 25m Innovative Mid-Caps 3,000 Employees Direct long term debt and mezzanine finance: EUR 7.5m EUR 25m Loans can be structured as economic equity (silent participation) For innovative Mid-Caps and SMEs (eligible counterparty concept) EIB can finance up to 50% of all investments over 3 years Streamlined EIB approval process & English law

26 Mid-Cap Growth Finance: Key benefits An attractive alternative source of funding for innovative European Mid-Caps Competitive pricing Long maturities Loan size and structure fitted to the borrower No cross-selling of other financial products Buy-and-hold policy with no disposal on secondary market Strong technology and sector competence in-house Signaling effect Funding diversification

27 MidCap Growth Finance Signed transactions (2013 Jan. 2016)* * In 2016 further signatures: NewIcon (FI), MamBaby (HU), Archos (FR) and System (IT) EVS (2013) EUR 12m Senior term loan PRAMAC (2014) EUR 8m Senior term loan SAES (2015) EUR 10m Senior term loan DOPPELMAYR (2015) EUR 25m Senior Term Loan MARPOSS (2013) EUR 25m Senior term loan MAIER (2014) EUR 7.5m Senior term loan PLANON (2015) EUR 12m Senior term loan GIGACLEAR (2015) EUR 25.0m Senior term loan ROVIO (2014) EUR 25m Senior term loan 4 MANZ (2014) EUR 20m Mezzanine loan 5 PHARMATHEN (2014) EUR 25m Senior term loan 6 enet (2014) EUR 12m Subordinated loan 10 NOVABASE (2014) EUR 14m Senior term loan 11 MARANGONI (2014) EUR 10m Senior term loan 12 KIOSKED (2015) EUR 15m Quasi-equity 16 DANOBAT (2015) EUR 10m Senior term loan 17 BIOSURFIT (2015) EUR 12m Quasi-equity 18 PUNCH (2015) EUR 25m Senior Term Loan 22 FIGEAC (2015) EUR 25m Senior Term Loan 23 QWANT (2015) EUR 25m Quasi-equity 26 Signature pipeline for H WELLTEC (2014) EUR 25m Senior term loan INNOCOLL (2015) EUR 25m Quasi-equity JENNEWEIN (2015) EUR 12m Quasi-equity eviision (2016) EUR 13.5m Quasi-equity

28 ESIR-investointineuvonta Jakaa tietoa ESIRistä ja rahoitusprosessin käynnistämisestä. Toimii linkkinä EIP:n, kaupallisten pankkien, kansallisten kehityspankkien ja muiden välittäjäorganisaatioiden kesken. Toimii TEM:n ohjauksessa, yhteistyössä Rahoituksen neuvontapalvelut Inspira Oy:n kanssa. Euroopan investointipankin yhteydessä toimii neuvonantajaorganisaatio (European Investment Advisory Hub/ EIAH) joka voi mahdollistaa suoran hankeneuvonnan

29 YHTEYSTIEDOT ESIR-investointineuvonta Euroopan investointipankki helsinki@eib.org