BEE Calculations contents
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1 BEE Calculations contents How to score in the BEE scorecard Basic Calculation of Ownership using the following methods 1. Control principal 2. Strict flow through principal 3. Modified flow through principal Sale of business example.. Procurement example....
2 How the Scorecard works This is a general calculation that is used throughout the scorecard. In this example the ownership element is used. A company cannot earn points above the maximum set, however they can earn proportional points to that of the set targets. Assume you are measuring the ownership element in the BEE scorecard. And further assume the following information: No of shares in Company Shares currently held by white owners New shares issued to black people 500 Assume the split Black men 400 Black women 100 Therefore the number of shares held by black people will be 500 out of a new total of An excerpt of the scorecard for ownership looks as follows; Therefore the following will happen. Exercisable voting rights in the hands of black people = 500 / = 33,3% The target is set at 25% plus one vote.
3 In this example the company scores 33,3% black ownership and therefore will score the full 3 points. (Remember there is no bonus points awarded for scoring over the targets.) Then of the black shareholders, black women hold 100 shares out of = 6,7% The target is set at 10%. Therefore in this example the company will score the following points. In this example black women represented only 6,7% of the total company s ownership and therefore did not score full points. Control Principal Remember in this method the control that black people can exercise on a company is measured. If black people control over 50% of a company it is considered to be 100% controlled by black people. The measurement is the ultimate control that resides with a black person. A typical example is shown below: The application of a trust is difficult to record for the control principal as it is the trustees whom control the trust for the benefit of the beneficiary. In this example the black person is the beneficiary of 90% of the trust. Therefore a flat 90% is used in the control percentage. This only applies if the fiduciaries cannot change the identity of the beneficiaries. As it can be seen in this example 23,4% is controlled by black people.
4 Strict flow through principal In this method the actual benefits that black people receive from the company is measured. The best way to understand the principal is for every R100 that the underlying company declares as a dividend, what is the ultimate cash received by black people. An example is shown below: In other words the measured company declares a R100 dividend. R26 is paid to Co B. 65% of R26 is paid to Co A = R % of R16.9 is paid to the Trust = R % of R15.21 is paid to black people = R13.7 So 13,7% is the ultimate benefit to black people. Modified flow through principal This is similar to the strict flow through principal, however relief is given once to the chain of ownership. Where the chain that is owned by black people is still above 50% relief will be allowed to be used to view the ownership as being 100%. Note: This only happens once so logically the relief will be used at the lowest possible level to achieve maximum benefits. An example is shown below: Relief is used on this link of the chain as it is the lowest level where black people still have more than 50% For the calculation 100% has been used
5 On the same structure the following results are obtained: Control principal 23,4% Strict flow through 13,7% Modified flow through 21,1% Sale of Business Example On transaction date: Assume Company A sells a business unit Division C to a BEE company for R195m. Before the transaction occurs Co A is valued at R1 000m (A,B & C) Further assume that the BEE company is 51% owned by black people. Often in practice the other 49% is owned by a funder, it could be Co A or a third party finance house. Voting rights calculation target = 25% + 1 vote As noted above division C will be compared to that of Co A in order to calculate the scores. If Co A were to sell R200m shares to the BEE company it would have the same effect of having 10.2% voting rights. Therefore the score attributed to voting rights is:
6 Similarly if the BEE company had black women a score for that element in the scorecard will also be calculated. Economic interest calculation target = 25% Therefore the score is Again a similar calculation would be performed for black women and black designated groups. Net equity calculation target = 25% graduation
7
8 Note: Statement 101 (Sale of assets) only allows for the use of Formula A for the calculation of net equity (Formula B can only be used when applying Statement 100) One year later: Assume the following has happened Co A used its proceeds to purchase/create another asset Division D. The total fair value of Co A is now R1 200 (A,B & D) Further assume that Division C is now valued at R300m. The calculations are performed again; Voting rights Points scored
9 Economic interest Same as above Net equity interest Graduation target at the end of Yr 1 = 10% of the target = 10% x 25% = 2.5% Therefore A full 7 points will be awarded to Co A. Procurement Example Assume a Co makes the following purchases from the following suppliers
10 Assume all purchases from the local suppliers meet the definition of procurement. The imported goods also meet the definition of procurement and is not excluded. BEE procurement spend Therefore R is recognised as being the BEE procurement spend. This equates to a 40% procurement spend. (R3m / R7,5m) Therefore the points awarded are as follows:
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Arrangement of this statement
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