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1 EUROPEAN INVESTMENT BANK SB/06/15 4 December 2015 Document FOR DECISION E U R O P E A N F U N D F O R S T R A T E G I C I N V E S T M E N T S S T E E R I N G B O A R D EIF- EFSI MULTIPLIER CALCULATION METHODOLOGY Joint proposal by EC and EIB
2 Questions concerning this note should be referred to EFSI Secretariat: tel: ;
3 EIF- EFSI Multiplier Calculation Methodology The purpose of this note is to describe the EIF multiplier calculation methodology outlined below, in order to assess ex ante and monitor subsequently the investment impact of EIF financing in the framework of EFSI under IPE-SMEW. EIF targets a global multiplier effect of 15x on the EFSI contribution (EUR 5bn), aiming at mobilising SME investments in excess of EUR 75bn. This note should be read in conjunction with the related EFSI Multiplier Calculation Methodology prepared by the EIB 1, which highlights the specificities between EIB/EIF due to the nature of EIF financing instruments under IPE-SMEW. Nonetheless, the rationale and principles significantly converge, enabling to transpose them into the aggregated figures to be reported by the EIB in line with the processing of Key Performance Indicators (KPIs) and Key Monitoring Indicators (KMIs) foreseen under Schedule II, section A, Paragraph 3 complemented by Schedule VII Annex II of the EFSI Agreement. In addition, the elements, concepts and definitions forming part of the EIF Multiplier Calculation Methodology are widely known by EIF stakeholders as outlined in the EIF Leverage Methodology 2 currently under review. They have been extensively used and discussed notably with EC representatives during the design of EIF products to be deployed under the IPE-SMEW. 1 EFSI Steering Board Meeting of 26/10/2015; Document Ref: Note the EIF Board of Directors dated 31/01/2011; BD/168/11 Document 11/240. 1
4 KEY ELEMENTS The EIF multiplier calculation methodology is comprised of 2 main factors: 1. Internal Multiplier (IM) The IM represents the ratio between the EFSI Financing Volume (corresponding to the EIF financing) and the EFSI contribution (respectively corresponding to the portion of the EU Guarantee allocated to the support of the relevant operation or the investments of the RCR Mandate in the relevant operations as applicable), the latter being the EFSI contribution complemented by the cofinancing of other internal resources under EIF management (EIF own resources, mandates). 3 Products EFSI Contribution (a) RCR RCR Commitment + + co-financing (b) 5% EIF own resources / Other mandates COSME LGF Cap Amount signed + None Estimate using 20% EIF second loss coverage = InnovFin SMEG of the guaranteed + 80% of the guaranteed portfolio portfolio (c)=(a)+(b) IM (c)/(a) = x 2.5 EFSI Financing Volume x 1 x 5 The IM for the Equity product (RCR) is an average. The minimum value is 1.05 as a result of EIF co-investment obligation under the RCR mandate. For COSME LGF, the value is systematically set at 1, as this capped guarantee product does not require any internal co-financing. The uncapped guarantee offered through the InnovFin SMEG product requires an EIF Second Loss coverage on top of the estimated First Loss (20%) temporarily partially covered by the EFSI guarantee but eventually fully absorbed by the EU budget under InnovFin SMEG. By construction, the IM for this product is systematically at 5. 3 In line with Schedule VII Annex II KMI3 definition to be computed as the (i) EIF financing divided by the sum of the portion of the EU Guarantee allocated to the support of the relevant operations and in the case of RCR (ii) EIF financing divided by the investment from the RCR Mandate in the relevant operations. 2
5 2. External Multiplier (EM) The EM 4 is a ratio representing the leverage on the EFSI Financing Volume leading to the Mobilised Investments of a transaction. It is calculated using 3 sub-items as follows: a. External Multiplier due to financing provided by Financial Intermediaries to SMEs directly due to EIF support (EM1) EM1 is the first step of the calculation: it represents the ratio between the total Mobilised Financing Volume (respectively corresponding to maximum of financing available to final recipients 5 ) and the EFSI Financing Volume (corresponding to EIF Financing) resulting from the transaction signed by EIF with the Financial Intermediary, i.e. the Fund Size for Equity transactions, the Maximum Portfolio Volume 6 (MPV) for guarantee instruments. Product EM1 Comments RCR 2.4 to 3.2 COSME LGF min 20 InnovFin SMEG min 2 The EIF is expected to take on average with RCR resources 15% into the investment vehicle (fund size) at final closing. The average capped guarantee is 5% of the SME loan portfolio generated by the Financial Intermediary (see NB below) At least 50% of the loan portfolio s exposure remains at the Financial Intermediary level (see NB below) While EM1 is set at 2 by construction for InnovFin SMEG transactions, RCR and COSME LGF multipliers result from investment limits and / or various analyses carried out during the longstanding experience of EIF in deploying these instruments over the past two decades. NB: COSME LGF and InnovFin SMEG also envisage the use of counter-guarantees. In such a case, the MPV corresponding to a guaranteed SME loan portfolio such type of guarantees, is adjusted using the counter-guarantee rate the MPV is divided in practice by the counterguarantee rate, in order to calculate the target SME loan portfolio to be covered. Consequently, counter-guarantee transactions show higher EM1 multipliers. 4 In line with Schedule VII Annex II KMI3 definition : total SMEW investment (defined as KPI 3) divided by the EIF financing 5 It is understood that past closings where EIF has not participated are not considered under this calculation 6 Being the target SME loan portfolio to be generated by the Financial Intermediary 3
6 b. Adjustments a. Top-ups of existing Equity investments Where EIF commits EFSI Contribution in an existing Equity transaction through a top-up, EIF limits the fund size attributable to EFSI to the additional commitments from investors in or after this new closing. b. Non-EFSI eligible components EIF computes only 75% (i.e. a 0.75x adjustment on) of the target fund size (or final fund size, as applicable) being the result, inter alia in the case of RCR under EFSI, of the combination of the following EFSI-specific adjustments: a 0.88x adjustment (i.e. a 12% discount) is applied for management fees and reflows: indeed, out of all commitments from investors, a portion is dedicated to pay the management fees to the Equity fund managers which is consequently not invested into SMEs. Furthermore, the industry practices have introduced the possibility for Equity fund managers to use reflows either to pay the management fees / costs or to make new investments. An analysis performed on the RCR portfolio, using a sample of almost 100 funds signed over 5 matured vintage years from 2000 to 2005, shows that 88% of commitments have been invested on average in SMEs. a 0.85x conservative adjustment for the geographical repartition: this EFSI-specific adjustment is introduced in order to consider the possible investments in SMEs outside the EU28. A recent analysis on the RCR portfolio performed in the framework of the EFSI negotiations shows that the actual portion amounts to 10%. c. Joint EIF / EIB transactions In case of counterparts financed jointly by EIF and EIB, a discount of 25% - applied on the smaller Mobilised Investments calculated reduces the estimated Mobilised Investments on both EIF and EIB sides. This assumes a 50% overlap of respective portfolios. Example: 4
7 c. External Multiplier due to additional investments / financing in the SMEs (EM2) EM2 is the final step of the calculation: it represents the ratio between the Mobilised Financing volume and the resulting Mobilised Investments (respectively corresponding to maximum of financing available to final recipients multiplied by 1.4 or target fund size or final fund size multiplied by 0.75 multiplied by 2.5 as applicable) made by SMEs, small Mid-caps, etc. Product EM2 Comments RCR 2.5 EM2 is the measure of the total amount of equity investment into investee companies, both from the fund and from co-investors. The Multiplier is measured from the time of the fund's investment through any subsequent financing rounds for the investee companies (not including any equity investments into the company before the fund invested). Prior analyses 7 have resulted in a Multiplier by 3.9 for a sample of investment vehicles, 5.1 in the Venture Capital segment and 1.9 in the LMM space 8 averaging prudently to 2.5 for RCR. 7 Value Added Methodology and Impact Assessment annual review - BD/197/12-17 December Document 12/617 8 Note that for investments in SMEs through fund-of funds such a factor could be doubled 5
8 COSME LGF InnovFin SMEG This component is calculated assuming that the Financial Intermediary finances 70% of the SME investment, thus this factor is set at 1.4 for both COSME LGF and InnovFin SMEG. Prior analyses validated this factor EFSI New Products As from 2016 EIF will deploy additional products under EFSI (see Annex D). The principles described above will apply and respective multipliers will be derived for each of them, leading to an update of this document. 4. Reporting and Documentation For each operation under EFSI, EIF systems store necessary data for the calculation of the multiplier. The detailed and aggregated multiplier factors per transaction / mandate portfolios, are monitored regularly by EIF Services. In view of EIB s reporting obligations under the EFSI agreement, EIF Services will provide the EIB with the required information in order to calculate the aggregated multipliers on a regular basis notably for the calculation of EFSI Key Performance / Monitoring Indicators. EIF Services will be responsible for initiating the amendment process for any methodology in relation to IPE- SMEW. 9 In case of counter-guarantee arrangements, this factor could be doubled 6
9 Annexes - Detailed Multipliers per IPE-SMEW instruments A. EIB Risk Capital Resources for SMEs (RCR) B. COSME Loan Guarantee Facility (COSME LGF) C. InnovFin SME Guarantee Facility (InnovFin SMEG) - D. IPE-SMEW expected contribution to EFSI 7
10 Annex A EIB Risk Capital Resources for SMEs (RCR) The EFSI contribution in the transactions corresponds to the RCR Commitment into the investment vehicle (excluding EIF 5% co-investment). The additional commitments from EIF own resources and/or mandates (including Funds of funds, regional mandates.) will form the EFSI Financing volume. IM EM Total Multiplier = 2.5 x EM1 Adjustments EM2 2.4 to 3.2 x 88% x 85% x 2.5 = 11 to 15 8
11 Annex B COSME Loan Guarantee Facility (COSME LGF) The EFSI contribution in the transactions corresponds to the cap amount signed. EIF does not add additional resources, the cap amount signed will form the EFSI Financing volume. IM EM EM1 Adjustments EM2 Total Multiplier = 1 x 20 x 1 CGR if any * x 1.4 = min 28 * Counter-guarantee rate 9
12 Annex C InnovFin SME Guarantee Facility (InnovFin SMEG) The EFSI contribution in the transactions corresponds to the estimated First Loss for the guaranteed portfolio. It is set at 20%. Including the EIF s coverage of the remaining 80% of the guaranteed portfolio it will form the EFSI Financing volume. IM EM EM1 Adjustments EM2 Total Multiplier = 5 x 2 x 1 CGR if any * x 1.4 = min 14 * Counter-guarantee rate 10
13 EIF EFSI Multiplier Calculation Methodology Meeting SB/06/2015 Annex D IPE-SMEW expected contribution to EFSI The overall target of investment triggered through the EFSI is EUR 315bn. Out of this EIF has been required to deliver at least EUR 75bn thanks to an EFSI contribution by EUR 5bn as follows: EURm Plan Target Expected Multiplier Backed by EIB RCR 2,500 30, Backed by EFSI * COSME LGF , InnovFin SMEG , Uncapped Guarantee 150 4, Securitisation 100 1, Equity Growth 1,000 10, Release of EFSI (2017- ) Amended InnovFin Equity 270 8, bn min 75bn 15 Information on multipliers related to new products to be deployed as from 2016 onwards is purely indicative. 11
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