Southern African-German Chamber of Commerce and Industry Enterprise and Supplier Development Fund

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1 Southern African-German Chamber of Commerce and Industry Enterprise and Supplier Development Fund 1

2 2

3 NEF MANDATE Grow black economic participation Financial & non-financial support Culture of savings & investment FUND MANAGEMENT 1. Fund black business 2. Pre-Investment Support 3. Post Investment Mentorship ASSET MANAGEMENT 1. Investor Education 2. BEE Repository 3. Public Share Offers 4. Enterprise Development 3

4 NEF Act: Objectives Alignment of Mandate to Government Objectives Broad Based Black Economic Empowerment The Codes of Good Practice The dti Objectives Sectors NEF BPOs; Tourism; Biofuels; Construction; Agri-processing; Transport; ICT & Media; Mining services; Franchising Industrial Policy Action Plan: Automotives, components, medium and heavy commercial vehicles Plastics, pharmaceuticals and chemicals Clothing, textiles, footwear and leather Biofuels Forestry, paper, pulp and furniture Strengthening linkages between cultural industries and tourism Business process servicing Government Apex Priorities: 1) Acceleration of economic growth and development 2) Infrastructure development to achieve social and economic goals 3) Effective second economy interventions and eradication of poverty 4) Enhanced impact in areas of education and training 5) Strengthening the capacity and machinery of government 6) Enhancing focus on international relations The NEF s priority sectors are set in terms of the alignment of the NEF s strategy to that of the dti, NDP and IPAP, which have identified arts and culture, rural development agro-processing, and labour intensive sectors. Also constituting a key focus for the NEF is the area of construction, which is in line with the government s national infrastructure development plans NEF Sectors in line with national industrial objectives 4

5 Element Weighting Points (Amended Codes) Weighting Points (Current Codes) Ownership plus 3 bonus points Management control 15 plus 4 bonus points Management control - 10 plus 1 bonus point Employment equity 15 plus 3 bonus points Skills development 20 plus 5 bonus points Skills development 15 Enterprise and supplier development Socio-economic development 40 plus 4 bonus points Preferential procurement Total Enterprise and Supplier Development 15 5

6 Asset Management Department Through the Asset Management Division, NEF: provides black people with direct and indirect opportunities to acquire shares in State Owned and private business enterprises. A prime example of this is the NEF Asonge share scheme; promotes the understanding of equity ownership among black people; encourages and promote investments, savings and meaningful economic participation amongst black people; and Performs a B-BEE advisory role. 6

7 NEF BEE Facilitator Status NEF is a facilitator of the Codes of Good Practice of the Broad-Based Black Economic Empowerment Act, 2003 ( Codes ); This means if NEF buys equity in a Company, the company is allowed to claim BEE points on the following: 100% Black ownership; 40% Black Women; and 10% Designated Group, without any acquisition of debts This will be verified pro-rata according to NEF s shareholding in that company. 7

8 NEF Funding Products Rural & Community Development Franchising Procurement Entrepreneurship Expansion Acquisition 8

9 Empowerment Dividend Broad Based Black Economic Empowerment: Ownership, Management Control, Skills Development, preferential Procurement, Enterprise and Supplier Development; Black Women Participation; Geographic Spread across all provinces; Job Creation; Entrenchment of BEE rights in early stages of projects aligned to the NDP and IPAP strategy; and Investment Return. 9

10 NEF Invested Process Report 10

11 NEF Investment by Sector 11

12 NEF investment by province NEF Invested Portfolio by province by value for since inception - 31 March 2013 MP 3% NC NW 1% 1% WC 9% EC 8% FS 1% LP 5% KN 22% GP 50% 12

13 SAGCC Enterprise and Supplier Development Initiative Initiative aimed at assisting German Multinational Companies integrate seamlessly with the current B-BBEE dispensation, in relation to Enterprise and Supplier development and contribute towards the development and growth of South African SMME s. 13

14 SAGCC Opportunity NEF (Fund Facilitator) Joint Steer Co SAGCC Measured Entities German Multinationals SAGCC Enterprise and Supplier Development Fund Supply / Offtake Agreement Mentorship SA German Training Services SME s NEF Applicants Measured Entity value chain Setting up of local suppliers German Training Services 14 Preferential Procurement

15 Enterprise and Supplier Development Paragraph of Statement 400, Amended Code Series 400 states that payments made by the Measured Entity to suitably qualified and experienced third parties to perform Enterprise and Supplier Development and Supplier Development on the Measured Entity s behalf. Annexure 400(B) of Statement 400, Amended Code Series 400 states that grant contributions made by a Measured Entity receive 100% recognition on the benefit factor matrix. 15

16 Does the GCOCI ESD Fund comply with Code 400 stipulations? Code 400 stipulations Companies can pay their ED (1% NPAT) contributions to a suitably qualified and experienced third party to perform Enterprise Development on its behalf; and Companies can pay their SD (2% NPAT) contributions to a suitably qualified and experienced third party to perform Supplier Development on its behalf. NEF ESD Fund characteristic Utilise E&SD contributions to provide financial and nonfinancial support to beneficiaries over time; NEF enters into agreements with Measured Entity for this purpose thus enabling Measured Entity full recognition for E&SD upon receipt by the beneficiary of the financial or non-financial support; Contributions shall be monetary and non-recoverable against the NEF, which shall in turn act as a conduit to the beneficiaries. 16

17 Does the GCOCI ESD Fund comply with Code 400 stipulations? Code 400 Stipulations SAGCC ESD Fund Characteristics Paragraph 3.7 of Statement 400, Amended Code Series 400 states that E&SD beneficiaries are EME s or QSE s which are at least either 51% black-owned or 51% black women owned. Provides funding to beneficiaries who meet the minimum criteria of the NEF Act and B-BBEE Act. The existing database of Imbewu (SME s) and RCF (agriculture) as dictated to by the NEF mandate demonstrates black ownership levels of in excess of 50%. 17

18 Funding Products in Detail On average, business loans are repayable over 4 to 7 years, and up to 15 years where marked with an asterisk (*) below: Product / Fund Description Funding amounts Entrepreneurship Finance For starting a new business R R 10 million Procurement Finance For tenders and contracts R R 10 million Franchise Finance For pre-approved franchise licenses R R 10 million Acquisition Finance For black investors acquiring a stake in medium to large companies R 2 million R 50 million Expansion Capital For growing an existing business R R 50 million Project Finance * Participation in green-field projects R 5 million R 50 million Capital Markets Listing on the JSE or its junior Altx markets R 2 million R 50 million Liquidity and Warehousing Rural and Community Development Fund * Strategic Projects Fund * The NEF has Black Facilitator status, which can help black shareholders and companies wishing to sell a stake while keeping the shareholding black for agri-processing, tourism, mining & beneficiation, manufacturing etc Venture-capital fund investing in early-stage projects for the purpose of developing strategic industrial capacity in poverty nodes, in renewable energy etc... R 2 million R 50 million R 1 million R 50 million R 1 million R 50 million 18

19 Qualifying Monetary Contributions as per Code 400 Contribution Type Benefit Factor Tax Benefits to Measured Entity Grant Contributions (100%) Contribution to NEF is tax deductible Interest Free Loans (70%) No donations tax deduction Lower interest rate loans Prime rate Actual rate None - interest is taxable Standard loan to Black owned EME and QSE (50%) None - interest is taxable 19

20 Investment Proposal Grant funding from Measured Entity (100% recognition); Investment as risk capital through existing NEF products within Imbewu, umnotho and Rural & Community Funds; Investments will utilise debt and quasi equity instruments; 40% of beneficiary funding will flow from ESD Funds and 60% from NEF funds; ESD funds are priced at a fixed rate of 5% while the NEF funds are priced using a matrix which incorporates all elements of the Empowerment Dividend; Key driver is joint investment with ESD Fund leveraging up on NEF funding. 20

21 Benefits to Measured Entity If sector focused, Measured Entity to assist with pipeline through establishment of a Fund Steering Committee; Tax deduction of contribution to NEF; High Impact development finance transactions in advancement of B-BEE; Ability of SAGCC with NEF as a suitably qualified and experienced third parties to advance the financial or non-financial support to identified beneficiaries within the verification window period (12 months). 21

22 Tax Effects NEF is exempt from tax payment in terms of s10(1)(ca) of the Income Tax Act 1962; All grant contributions to NEF (donations) will not attract donations tax (s56(1)(h)) and are tax deductible (s18a deduction limited to 10% of taxable income before donation) in the hands of the Measured Entity; However donations may be subject to VAT if there's a direct valuable benefit to the Measured Entity. 22

23 Next Steps for SAGCC 1. Identify Measured Entities for E&SD support and focus; 2. Develop these opportunities in partnership with the SAGCC and NEF; 3. Calculate E&SD contributions as a Measured Entity; and 4. Enter into MOU and/or Participation Agreement. 23

24

25 Modular Innovative Building Technologies (MIBT) Project Description Empowerment Dividend Project Size NEF Investment Project Stage Province MIBT is constructing a 400 panels per shift (2 shifts per day) full-scale manufacturing plant in Lyttleton, Pretoria, which will produce Modular Innovative ( MI ) panels used in the construction of energy efficient and environmentally friendly green buildings. The pilot phase will enable MIBT to commission the plant, which will operate at up to 50% capacity, and will reach COD* in January MIBT will pioneer the green building materials manufacturing industry in Southern Africa 188 jobs (60 direct jobs / 128 indirect jobs) Pioneering the Southern Africa alternative construction industry Supporting a BEE project promoter (SME to industrialist advancement) R35 million BFS: R15 million (35% JV participation interest, to be maintained at Financial Close) Financial Close: R20 million debt funding (to be raised on successful completion of pilot) Pilot phase (proof of concept and off-take expansion) Gauteng (Pretoria) * COD Commercial Operation Date

26 KC ENERGY

27 KC Energy (Pty) Ltd Project Description KC Energy is constructing a Combined Heat and Power (CHP) plant in Newcastle with a production capacity of 60 tph (steam) and 6 MW (electricity), which outputs will be sold to Karbochem, a synthetic rubber manufacturer. The project will break ground in December 2012 and reach COD in September The project benefits include; (a) technology and production processes that are environmentally friendly, (b) easing of Eskom s grid capacity constraints, and (c) discard coal dump alleviation and a closed loop production process with the cementitious waste ash used to produce bricks via an integrated brick manufacturing plant Empowerment Dividend Project Size NEF Investment 221 jobs (47 direct jobs / 174 indirect jobs) Pioneering the South African cogeneration industry Creating new industrial capacity by establishing a BEE KC Energy plant O&M company and an integrated BEE-owned brick manufacturing plant R150 million Equity (NEF): R48 million (R12 million for 40% ordinary equity / R36 million shareholder loan) Debt (IDC): R102 million senior debt (excl. cost overrun facility) Project Stage Construction (COD: September 2013) Province KwaZulu Natal (Newcastle) * tph tonnes per hour * O&M Operation and Maintenance * COD Commercial Operation Date

28 Jozini Tiger Lodge The community owns this 4-Star hotel! Jozini Tiger Lodge and Spa is a R50 million project; The NEF invested R28,3 million; The Trust represents beneficiaries in the Jozini area (Northern Kwa-Zulu Natal); Overlooks the third largest lake in South Africa; The hotel has 60 rooms; and Accommodates 144 guests. 28

29 BUSA Hospital Group Development of a black owned and operated hospital group; Black partner successfully awarded 4 licenses to build 480 beds nationally; Project Partners have extensive experience in building & hospitals from Greenfield's level; NEF has secured 40% equity in the project vehicle from inception. To date NEF has invested R84 million while Standard Bank have approved a facility of R1 billion and To date BUSA has established one hospital in Western Cape (Strand) while construction is underway on the hospital in Gauteng. 29

30 Ma-Afrika Films Provid ED Funding of R30 million for the production of A million Colours and Winnie Ma-Afrika Films main business is the acquisition of film rights and production. Ma-Afrika Films vision is to develop local stories that are of international quality and which can be marketed internationally.

31 THANK YOU 31

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