Strategic & Practical Value-Chain
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1 Strategic & Practical Value-Chain Financing Project Approach Thailand Case Reuben Jessop ICON Institute GmbH, Private Sector GTZ Thailand 12 November 2008 Page 1
2 Pro-Poor Sector Choice Based on Largest Number SMEs/Farmers and Geographical Spread VC Finance is Not a Stand- Alone Project but Integrated BFS Component Programme Director Shrimps Sector Manager Oil Palm Sector Manager Mulberry (Saa) Paper Sector Manger Tapioca Sector Manager Fruits & Veggies Sector Manager EES Component Thai-German Programme for Enterprise Competitiveness Service Projects: Risk Management Project Manager Technology Advice Project Manager Certification Project Manager MIS Project Manager Energy Efficiency Project Manager Finance Project Manager Value-Chain Approach (Analysis, Constraints, Service Solutions, Interventions) Cross-Cutting Service Market Development Methodology 12 November 2008 Page 2
3 Programme Director Component Dir. Agro Component Dir. Sector Managers Projects with Business & Financial Services SM SM I - SM SM SM Finance Energy Efficiency Fruits & Vegetables Certification MIS Palm Oil Fruit and Veggies Tapioca Risk Management Technology Advice Shrimps Palm Oil Shrimp Saa Mulberry (Saa) Paper Projects with Eco- Efficiency Services 12 November 2008 Page 3
4 Services for Improving Financial Access (SIFA) Project Logic Increase SMEs Competitiveness New Products Loans and credits (demand from sector/service projects) Savings and investments Transactional services and others Strengthen the SME Financial Services Market Lenders Capacities Institutionalize new product development Promote value chain financing and other approaches Promote development and use of ancillary services Project Works with Public and Private Banks Framework Conditions Promote business security (all assets) legislation Improve equipment registration and mortgage process Promote SME credit information/scoring services 12 November 2008 Page 4
5 Financing Primary Producers/Farmers If Subsistence Farmers with Necessary Additional Income Activities, then a Microfinance Approach Appropriate. If Smaller to Medium-Size Farmers without Subsistence Need for Additional Income Activities, then a Value-Chain Financing Approach is Needed. 12 November 2008 Page 5
6 Financing Value-Chain SME/Processors A Financiers View Is An Accounting View What are the assets financed that will produce the cash flow to repay the loan? Loan(s) Lower Equity Means Higher Leverage and More Risk Equity Retained earnings PROFIT & LOSS Revenues Expenses Net Profit Financial institutions will finance enterprises with several asset classes providing consistent cash flows. Low-risk, low-return bankers are cautious toward higher-risk, risk, uncertain and low cash flow businesses. 12 November 2008 Page 6
7 Typical Enterprise Capital Structure Liabilities and Equity Fund Assets Short-Term Assets Financed with ST Liabilities and Working Capital Long-Term Assets Financed with LT Liabilities and Equity i Total LTAssets Total LT Liabilities (+Profit/-Loss) WC Working Capital ST Assets minus ST Liabilities (should be positive) Minimum Equity Amount Depends Upon Operating Flow of Business (EBITDA) 12 November 2008 Page 7
8 Typical Business Value Chain Transactions No Financial Institutions Supplier Grower Buyer Supplier sells to Grower sells to Buyer sells or Grower on Buyer on Credit Consumes Credit 12 November 2008 Page 8
9 Possible Collateral Types for Third-Party Financial Institution Supplier Grower Buyer (Wants Sales) (Maybe Willing to Give Off- Balance Sheet Guarantee or Advance Financing) (Needs Financing) (Other Assets Available to Pledge as Collateral) (Needs Input Supplies) (Maybe Willing to Give Off- Balance Sheet Guarantee or Advance Financing) Grower Loan Grower Loan X 12 November 2008 Page 9
10 Possible Collateral Assets and Advance Rates and/or /Deposits (90%) (60%) (40%) Seeds Fertilizers Pesticides Crops (10%) (already mortgaged) (secured by ST Assets) or Other Innovative Collateral Arrangements 12 November 2008 Page 10 Off Bal lance Sheet Guarantees Company & Individua l
11 Value Chain Group Borrowing Joint and Several Guarantees Supplier Grower Buyer Loan Repay Loan Repay Loan Repay Three Borrowers But Credit Risk Is Not Sum of All Three 12 November 2008 Page 11
12 Public-Sector Bank VC Financing Model Sales Direction Company A SME Borrowing Group in Value Chain/Custer Company B Company C Company D Company E Sell to Larger Corporates Seviced by Commercial Banks Syndicated Loans Transactional Information as Collateral SME BAAC GSB SME SME SME SME BAAC BAAC BAAC BAAC GSB GSB GSB GSB Syndicated Bank Lending Group SME BAAC GSB Bank Loans to Individual id SMEs But Guaranteed by Other SMEs in Borrowing Group. Cross Default Loan Clause. 12 November 2008 Page 12
13 Oil Palm Replanting Enhances Sector Competitiveness % OER FFB Quality 1 Mill Productivity Mill Efficiency Energy Costs Reduction from Eco-Efficiency Eco-efficient energy Overall Competitiveness Additional Income from Power Sold to Grid Genetic/ Variety 2 ation Productivity FFB Yield Farm Management Age of Palm 4 3 Opportunities for enhancing competitiveness to the palm oil sub-sector in the following dimensions: 1) FFB Quality - Replacing new oil palm seedlings which yield better quality of FFB, also embedded the post-harvesting practice 2) Genetic - Replacing new seedlings with genuine genetic/ variety 3) Farm Management - Embedding the best practices in farm management from land preparation, irrigation, fertilizer application together with soil & frond analyses 4) Ageing - Removal old palm tree with the new higher FFB-yielding trees 12 November 2008 Page 13
14 An Overview of the Oil Palm s Production Life Cycle Seeds Seedlings Oil-yielding Palms Old Palms End of Life Cycle 1 year 2.5 year 20 year Low-yield period (7-10 yrs) Field ing Harvesting Possible Suggest Removal &Re-planting 12 November 2008 Page 14
15 Financial Package for Oil Palm Replanting Program: Tranche A - Palm Tree Leasing Tranche B - Reverse Lease Payment Year 1 Year 2 Year 3 Investment THB 4,800/rai (THB 218/ tree) A Palm Tree Leasing B Reverse Lease Payment Asset Ownership as Collateral THB 4,000/rai (THB 182/ tree) THB 5,000/rai (THB 227/tree) THB 5,500/rai (THB250/tree) Working Capital (2,788) plus Loan Repayment (1,072) Working Capital (3,088) plus Loan Repayment (1,572) Working capital (3,376) plus Loan Repayment (2,072) 12 November 2008 Page 15
16 ER & Co-op Master On-lend in-kind & in-cash Farming Contracts Ethanol (A, B, C, D, E) Pricing of Refinery (ER) Co-op A A Farming (KER Monitor A) Contracts is Loan based on Co-op B (KER Monitor B) Starch+ at Delivery BANK Collateral Co-op C (KER Monitor C) ER Monitor is ER Co-op D (KER Monitor D) Employee sitting at Co-op op Short-term t who monitors contract Working Capital compliance, coordinates Loans tapioca delivery to ER, and Co-op op E E provides advice through (KER Monitor D) soil testing (70% advance rate against individual farming contracts) Farming Contract 1a Farming Contract 2a Farming Contract 3a Farming Contract 4a Farming Contract 5a Farming Contract 1b Farming Contract t 2b Farming Contract 3b Farming Contract 4b Farming Contract 5b Farming Contract t 1c Farming Contract 2c Farming Contract 3c Farming Contract 4c Farming Contract t 5c Farming Contract 1d Farming Contract 2d Farming Contract 3d Farming Contract 4d Farming Contract 5d Farming Contract 1e Farming Contract 2e Farming Contract 3e Farming Contract 4e Farming Contract 5e 12 November 2008 Page 16
17 Thank You for Your Attention 12 November 2008 Page 17
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