AECM Scoreboard. Figures of the European Guarantee Sector. Proving a half-yearly trend indication on the evolution of the Guarantee activity in Europe

Transcription

1 AECM Scoreboard Figures of the European Guarantee Sector Proving a half-yearly trend indication on the evolution of the Guarantee activity in Europe H H2 2014

2 Contents AECM Scoreboard: GLOBAL RESULTS... 1 H1 & H New production... 4 Half-yearly Scoreboard: New production H1 & H in terms of volumes... 5 Half-yearly Scoreboard: New production H1 & H in terms of numbers... 6 Half-yearly Scoreboard: New production H1 & H in terms of number of new SME beneficiaries... 7 H & H New production... 9 Half-yearly Scoreboard: New production H & H in terms of volumes Half-yearly Scoreboard: New production H & H in terms of numbers Half-yearly Scoreboard: New production H2 14 & H2 13 in terms of number of new SME beneficiaries H1 & H Outstanding guarantees in portfolio Half-yearly Scoreboard: H & H in terms of volume of outstanding guarantees in portfolio Half-yearly Scoreboard: H & H in terms of number of outstanding guarantees in portfolio Half-yearly Scoreboard: Comparing H & H in terms of SME beneficiaries in portfolio H & H Outstanding guarantees in portfolio Half-yearly Scoreboard: H & H in terms of outstanding volumes in portfolio Half-yearly Scoreboard: H & H in terms of outstanding numbers in portfolio Half-yearly Scoreboard: H & H in terms of number of SME beneficiaries in portfolio & 2014 New production Half-yearly Scoreboard: New production 2014 & 2013 in terms of volumes Half-yearly Scoreboard: New production 2014 & 2013 in terms of numbers Half-yearly Scoreboard: New production 2014 & 2013 in terms of number of new SME beneficiaries H & H New production Half-yearly Scoreboard: New production H1 14 & H in terms of volumes Half-yearly Scoreboard: New production H1 14 & H1 13 in terms of numbers Half-yearly Scoreboard: New production H1 14 & H1 13 in terms of number of new SME beneficiaries Comments + Answers to Questions... 34

3 AECM Scoreboard: GLOBAL RESULTS The table below contains a detailed overview of the data provided by AECM members and the information which is still missing: Denomination Scheme Country Comments on available data aws Austria Wirtschaftsservice Austria Credit Guarantee & Equity Investment NöBEG Society of Lower Austria Austria Wallonian Network Wallonian Network Belgium H1 & H and H1 & H H1 & H and H1 & H H1 & H and H1 & H Fond Bruxellois de Garantie Guarantee Fund of Brussels Belgium No half-yearly data PMV Waarborgregeling Flemish Guarantee Fund Belgium NGF National Guarantee Fund EAD Bulgaria Croatian Agency forsmes and HAMAG - BICRO Investments Croatia Czech-Moravian Guarantee and CMZRB Development Bank Czech Rep. Estonian Export credit and Guarantee KredEx - Fund Fund Estonia Socama La Fédération Nationale des SOCAMA France Société Interprofessionnelle Artisanale Siagi de Garantie France d Investissements Banque publique d'investissement de Bpifrance France France 1 H1 & H and H1 & H2-2014

4 VDB - Bürgschaftsbanken Verband Deutscher Bürgschaftbanken e.v. Germany ETEAN S.A. Greek Credit Guarantee Fund Greece No Garantiqa GARANTIQA HITELGARANCIA ZRT. Hungary AVHGA Rural Credit Guarantee Foundation Hungary Hungarian Foundation for Enterprise MVA Promotion Hungary H1 & H and H1& H has only a counter-guarantee activity Assoconfidi Umbrella association for the Italian Confidis Italy No SGFA - ISMEA Society for the management of funds for the agricultural and food sector Italy H and H1 & H Kyrgyz Assoc Association of the Guarantee Funds of the Kyrgyz Republic Kyrgyz Republic No LGA Latvian Guarantee Agency Latvia Invega Investiciju ir verslo Garantijos Lithuania Garfondas Agricultural Credit Guarantee Fund Lithuania Mutualité de Cautionnement et d'aide MCAC aux Commerçants Luxembourg Netherlands Enterprise Agency Guarantee fund of the Netherlands Netherlands BGK Bank Gospodarstwa Krajowego Poland H 1 & H and H1 & H

5 KSFP - NAGF National Association of Polish Guarantee Funds Poland have no half-yearly data IAPMEI Public Agency for SME and Innovation Portugal No SPGM / SCM Sociedade de investimento Portugal FGCR - Rural Romanian Rural Credit Guarantee Fund Romania Romanian Loan Guarantee Fund for FRGC - RLGF Private Entrepreneurs IFN SA Romania National Credit Guarantee Fund for NCGFSME (FNGCIMM) SMEs Romania The Romanian Counter-Guarantee Fund FRC - Counter-guar. (Fondul Român de Contragarantare Romania S.A.) Fund of Small Enterprise Credit FSECA Assistance of Moscow Russia Confederation of Spanish Mutual SGR / CESGAR Guarantee Societies Spain Network of Slovene Regional RRA-GIZ Development Agencies Slovenia SEF Slovene Enterprise Fund Slovenia Guarantee Fund of the Republic of Bosnia GARANTNIFONDRS Srpska Herzegovina Turkish national guarantee scheme for Teskomb craft sector and small enterprises Turkey Kredi Garanti Fonu - Credit Guarantee KGF Fund Turkey H1 & H and H No has only a counter-guarantee activity no 3

6 H1 & H New production Number of AECM members participating in the Scoreboard and having provided figures for both semesters H1 and H are: 32 out of 41 in total The following pages give you an overview of the evolution of the new guarantee production comparing the growth rate between the two half-years of

7 Half-yearly Scoreboard: New production H1 & H in terms of volumes H & H As at: 16/06/2015 TO TAL Short term and 5 Long term of New produc tion H Volume of guarantees granted per half-y ear (in '000EUR) TO TAL Short term and Long term of New produc tion H Volume of guarantees granted per half-y ear (in '000EUR) period 01/07/ /12/2014 period 31/12/ /06/2014 aws 85, NöBEG -40, Walloon Network 6, PMV -5, NG F 19, HAMAG - BICRO 2, CMZRB 3, KredEx - Fund -3, Soc ama 11, Siagi -1, Bpifranc e 1, VDB - Bürgs c hafts bank en 11, ETEAN 11, G arantiqa -4, AVHG A 9, SG FA - ISMEA -11, G uarantee Fund of the Republic of Srps k a -75, LG A 119, Inv ega -6, G arfondas -24, MCAC 90, N etherlands Enterprise A gency - B M KB Guarantee scheme AECM Half-yearly Scoreboard: Guarantee activity barom eter Comparison of the NEW guarantee production Variation in terms of v olumes (in %) TOTAL Short term and Long term H & H , BG K -3, SPG M / SCM 14, FG CR - Rural 37, FRG C - RLG F -5, NCG FSME (FNG CIMM) -16, FSECA -28, SG R / CESG AR 13, SEF 73, Tes k omb -7, KG F 35, ,

8 Half-yearly Scoreboard: New production H1 & H in terms of numbers H & H As at: 23/05/2015 AECM Half-yearly Scoreboard: Guarantee activity barom eter Comparison of the New guarantee production TOTAL Short term and Long term H & H TO TAL Short term and Long term of New produc tion H TO TAL Short term and Long term of New produc tion H Variation Number of guarantees granted per half-y ear Number of guarantees granted per half-y ear (in %) period 01/07/ /12/2014 period 31/12/ /06/2014 aws - 0, NöBEG - 47, Walloon Network 10, PMV 2, NG F 244, HAMAG - BICRO 8, CMZRB 9, KredEx - Fund 84, Soc ama - 14, Siagi - 3, Bpifranc e - 2, VDB - Bürgs c hafts bank en 5, ETEAN - 4, G arantiqa - 6, AVHG A 4, SG FA - ISMEA 1, G uarantee Fund of the Republic of Srps k a 0, LG A 63, Inv ega 2, G arfondas - 51, MCAC 80, Netherlands Enterpris e Agenc y - BMKB G uarantee 14, BG K - 16, SPG M / SCM 11, FG CR - Rural 63, FRG C - RLG F -5, NCG FSME ( FNG CIMM)* - 17, FSECA 28, SG R / CESG AR 26, SEF 74, Tes k omb - 11, KG F 9, ,

9 Half-yearly Scoreboard: New production H1 & H in terms of number of new SME beneficiaries H & H As at: 23/05/2015 AECM Half-yearly Scoreboard: Guarantee activity barom eter Comparison of the New guarantee production TOTAL Short term and Long term H & H TO TAL Short term and Long term of New produc tion H TO TAL Short term and Long term of New produc tion H Variation Total number of new SME*- beneficiaries per half-y ear Total number of new SME*- beneficiaries per half-y ear (in %) period 01/07/ /12/2014 period 31/12/ /06/2014 aws - 8, NöBEG - 58, Walloon Network 38, PMV NA NA NG F 264, HAMAG - BICRO 13, CMZRB 9, KredEx - Fund 6, Soc ama - 14, Siagi - 7, Bpifranc e NA NA VDB - Bürgs c hafts bank en 8, ETEAN - 4, G arantiqa - 2, AVHG A 1, SG FA - ISMEA - 1, G uarantee Fund of the Republic of Srps k a 8, LG A 67, Inv ega 2, G arfondas - 51, MCAC 80, Netherlands Enterpris e Agenc y - BMKB 13, BG K - 16, SPG M / SCM 97, FG CR - Rural 30, FRG C - RLG F 7, NCG FSME ( FNG CIMM)* 23, FSECA 11, SG R / CESG AR - 15, SEF 74, Tes k omb - 3, KG F 5, ,

10 When excluding those members having either not provided their figures for the first or the second semester, the results are: New production in terms of volumes increased to approx. 9 Billion Euros, a growth of 2,58% compared to H (approx. 8.7 Billion). Overall, the majority of AECM members (1 out of 32) experienced a growth in their new production in terms of volumes. The number of guarantees granted in new production has decreased by 6.37% to guarantees in H compared to in H AECM Members provided their figures for the new production in SME beneficiaries. Similarly to the evolutions of the number of guarantees, the number of new SME beneficiaries was lower in H2-2014, amounting to units in H and units in H In this instance the decrease was slightly stronger than in terms of the number of guarantees granted, amounting to approx. 4.5%. From the above figures, we can also deduct, that the average size of guarantees has increased to a great extent. While in H1 2014, the average size of an AECM members guarantee amounted to approximately , it increased by about 19% to about Furthermore, one can conclude, that the average amount per SME beneficiary has slightly decreased to about 3.02 guarantees per beneficiary, a decrease of about 2%. Please note: For comments on the development of the individual AECM members, please see page 34. 8

11 H & H New production Number of AECM members participating in the Scoreboard and having provided figures for both semesters H and H are: 32 out of 41 in total. 9

12 Half-yearly Scoreboard: New production H & H in terms of volumes H & H As at: 16/06/2015 AECM Half-yearly Scoreboard: Guarantee activity barom eter Comparison of the NEW guarantee production TOTAL Short term and Long term H & H TO TAL Short term and TO TAL Short term and Long term Long term of New production of New production H H Variation (in %) Volume of guarantees granted per half- year (in '000EUR) Volume of guarantees granted per half- year (in '000EUR) period 01/07/ /12/2014 period 30/06/2013 until 31/12/2013 aws 52, NöBEG -51, Walloon Network 19, PMV -7, NG F 12393, HAMAG - BICRO -6, CMZRB 16, KredEx - Fund 60, Soc ama 1, Siagi 4, Bpifranc e 13, VDB - Bürgs c hafts bank en -2, ETEAN 55, G arantiqa -19, AVHG A -14, SG FA - ISMEA -15, Guarantee F und o f the Republic of Srpska -83, LG A 115, Inv ega -8, G arfondas -61, MCAC 507, N etherlands Enterprise A gency - B M KB Guarantee scheme 20, BG K -16, SPG M / SCM -15, FG CR - Rural -19, FRG C - RLG F 3, NCG FSME (FNG CIMM)* -26, FSECA -64, SG R / CESG AR 2, SEF 81, Tes k omb 86, KG F 69, ,

13 Half-yearly Scoreboard: New production H & H in terms of numbers H & H As at: 23/05/2015 AECM Half-yearly Scoreboard: Guarantee activity barom eter Comparison of the NEW guarantee production TOTAL Short term and Long term H & H TO TAL Short term TO TAL Short term and and Long term Long term of New production of New production H H Number of guarantees Number of guarantees granted granted per half- year Variation per half- year (in %) period 01/07/ /12/2014 period 30/06/2013 until 31/12/2013 aws 1, NöBEG - 46, Walloon Network 8, PMV 12, NG F 8720, HAMAG - BICRO - 17, CMZRB 26, KredEx - Fund 101, Soc ama - 8, Siagi - 3, Bpifranc e 26, VDB - Bürgschaftsbanken - 0, ETEAN 32, G arantiqa - 12, AVHG A 7, SGFA - ISMEA - 12, Guarantee F und o f the R epublic o f Srpska -44, LG A 81, Inv ega 13, G arfondas - 57, MCAC 350, N etherlands Enterprise A gency - B M KB Guarantee scheme 12, BG K - 15, SPGM / SCM - 3, FGCR - Rural - 87, FRGC - RLGF 19, NCGFSME ( FNGCIMM)* - 24, FSECA - 25, SGR / CESGAR 13, SEF 62, Tes k omb - 4, KG F 127, ,

14 Half-yearly Scoreboard: New production H2 14 & H2 13 in terms of number of new SME beneficiaries H & H As at: 23/05/2015 AECM Half-yearly Scoreboard: Guarantee activity barom eter Comparison of the NEW guarantee production TOTAL Short term and Long term H & H TO TAL Short term and Long term of New production H TO TAL Short term and Long term of New production H Variation (in %) Total number of new SME*- beneficiaries per half- year Total number of new SME*- beneficiaries per half- year period 01/07/ /12/2014 period 30/06/2013 until 31/12/2013 aws 9, NöBEG - 72, Walloon Network 40, PMV NA NA NG F 42500, HAMAG - BICRO - 17, CMZRB 26, KredEx - Fund 4, Soc ama - 8, Siagi - 7, Bpifranc e NA NA VDB - Bürgschaftsbanken 1, ETEAN 32, G arantiqa - 30, AVHG A - 28, SGFA - ISMEA - 13, Guarantee F und o f the R epublic o f Srpska -45, LG A 90, Inv ega 13, G arfondas - 57, MCAC 350, N etherlands Enterprise A gency - B M KB Guarantee scheme 14, BG K - 15, SPGM / SCM 6, FGCR - Rural - 65, FRGC - RLGF 7, NCGFSME ( FNGCIMM)* - 37, FSECA - 29, SGR / CESGAR 1, SEF 62, Tes k omb - 56, KG F - 21, ,

15 When excluding those members having either not provided their figures, the results are as follows: Comparing H and H2 2013, we find an increase of 6.57%; of about 8.5 Billion to 9 Billion Euros. Generally, on the one hand, half of the participating AECM members have experienced a moderate to high growth. On the other hand, 14 members have experienced a decrease above - 5% in new production in terms of volumes, while one member (VDB- Burgschaftsbanken) has experienced a slight decrease of minus 2.95%. The new production of guarantees in terms of numbers between H2 14 and H2 13 decreased to units, a reduction by about %. 16 members have experienced a growth above 3%, while one member has increased a small growth below +3%. Notwithstanding, 11 members have experienced a decrease below - 3% in new production in terms of volume in the period during question. In terms of SME beneficiaries, the decrease has been asymmetrically compared to the growth in numbers of guarantees. The new production in terms of SME beneficiaries has starkly decreased by approximately -16%. Corresponding to the decrease, 14 members have experienced an average reduction of -33% in the new production in terms of SME beneficiaries. Contrary, 12 AECM members have experienced a growth above 3 % in terms of SME beneficiaries. From the above figures, we can deduct, that the average size of guarantees has increased by approximately 13 percent, from an average of 37,556 to an average of 42,272. Furthermore, we have seen an increase of about 12 percent in the average number of guarantees per SME beneficiaries, which have grown to an average of approx. 3 guarantees per beneficiary. Please note: For comments of the individual AECM members, please see page 34. *KGF numbers are also including passive SME beneficiaries. Therefore, the numbers were not included in the AECM total 13

16 H1 & H Outstanding guarantees in portfolio Number of AECM members participating in the Scoreboard and having provided figures for both semesters H1 and H are: 32 out of 41 in total 14

17 Half-yearly Scoreboard: H & H in terms of volume of outstanding guarantees in portfolio H & H As at: 23/05/2015 AECM Half-yearly Scoreboard: Guarantee activity barom eter Comparison of the Outstanding guarantee amount TO TAL Short term and Long term TO TAL Short term and TO TAL Short term and Long term Long term O uts tanding amount in O uts tanding amount in portfolio portfolio Volume of guarantees in Volume of guarantees in portfolio portfolio as at 31 Dec ember as at 30 J une 2014 Variation 2014 (in '000EUR) (in %) (in '000EUR) 01/07/ /12/ /12/ /06/2014 aws 139, NöBEG -3, Walloon Network 3, PMV -1, NG F 27, HAMAG - BICRO 61, CMZRB 0, KredEx - Fund 6, Soc ama -3, Siagi -2, Bpifranc e 18, VDB - Bürgs c hafts bank en -0, ETEAN -9, G arantiqa 2, AVHG A 7, SG FA - ISMEA 14, Guarantee F und o f the Republic of Srpska -12, LG A 19, Inv ega 2, G arfondas -6, MCAC -21, N etherlands Enterprise A gency - B M KB Guarantee Scheme -5, SPG M / SCM -1, BG K 3, FG CR - Rural -1, FRG C - RLG F 4, NCG FSME (FNG CIMM) -6, FSECA -43, SG R / CESG AR -3, SEF 16, Tes k omb 11, KG F 10, ,

18 Half-yearly Scoreboard: H & H in terms of number of outstanding guarantees in portfolio H & H As at: 23/05/2015 AECM Half-yearly Scoreboard: Guarantee activity barom eter Comparison of the Outstanding guarantee amount TO TAL Short term and Long term TO TAL Short term and Long term O uts tanding amount in portfolio TO TAL Short term and Long term O uts tanding amount in portfolio Variation (in %) Number of guarantees in portfolio as at 31 Dec ember 2014 Number of guarantees in portfolio as at 30 J une 2014 period 01/07/ /12/2014 period 31/12/ /06/2014 aws 3, NöBEG - 4, Walloon Network 13, PMV - 0, NG F 9, HAMAG - BICRO - 2, CMZRB 8, KredEx - Fund - 3, Soc ama 0, Siagi - 9, Bpifranc e 31, VDB - Bürgschaftsbanken - 0, ETEAN - 7, G arantiqa - 1, AVHG A 8, SGFA - ISMEA 19, G uarantee Fund of the Republic of Srpska 1, LG A 19, Inv ega - 1, G arfondas - 8, MCAC - 18, Netherlands Enterpris e Agenc y - BMKB -2, SPGM / SCM - 1, BG K 17, FGCR - Rural 43, FRGC - RLGF 2, NCGFSME ( FNGCIMM) - 5, FSECA - 4, SGR / CESGAR - 23, SEF 17, Tes k omb 4, KG F 9, ,

19 Half-yearly Scoreboard: Comparing H & H in terms of SME beneficiaries in portfolio H & H As at: 23/05/2015 AECM Half-yearly Scoreboard: Guarantee activity barom eter Comparison of the Outstanding guarantee amount TO TAL Short term and Long term TO TAL Short term and Long TO TAL Short term and Long term O uts tanding amount in portfolio term O uts tanding amount in portfolio Variation (in %) Total number of SME*- beneficiaries in portfolio as at 31 Dec ember 2014 Total number of SME*- beneficiaries in portfolio as at 30 J une 2014 period 01/07/ /12/2014 period 31/12/ /06/2014 aws - 3, NöBEG - 4, Walloon Network 11, PMV NA NA NG F 11, HAMAG - BICRO 10, CMZRB - 18, KredEx - Fund - 0, Soc ama 0, Siagi - 5, Bpifranc e 33, VDB - Bürgschaftsbanken - 0, ETEAN - 7, G arantiqa - 2, AVHG A 9, SGFA - ISMEA 18, G uarantee Fund of the Republic of Srpska -3, LG A 19, Inv ega 3, G arfondas - 8, MCAC - 18, Netherlands Enterpris e Agenc y - BMKB -2, SPGM / SCM - 2, BG K 17, FGCR - Rural 7, FRGC - RLGF 0, NCGFSME ( FNGCIMM) 3, FSECA - 29, SGR / CESGAR 0, SEF 17, Tes k omb 4, KG F* 11, ,

20 When excluding those members having either not provided their figures, the results are: In terms of outstanding volume in portfolio an increase of 6.8% is found; of 44.4 to 45.3 Billion. While the overall results increase, the development of the individual members is two-tier. 15 members have experienced a moderate to high growth, while 13 members experienced a decrease in outstanding volume in portfolio. In terms of number of guarantees, as well as the number of SME beneficiaries, the AECM total has increased by about 9%. Concerning the numbers of guarantees about half of the AECM members participating have experienced a moderate (4) to high (10) growth. 15 members have experienced a decrease in the number of guarantees, 8 members experiencing a moderate, while 5 experienced a decrease of above 5%. Concerning the number of SME beneficiaries, the results are only slightly different: 16 members have experienced an increase in the number of SME beneficiaries, 10 members experiencing a stark growth, while 6 members experienced a moderate growth. 14 members undergo a decrease in terms of SME beneficiaries, 9 members having a moderate decrease, while 5 members experiencing a decrease below -5%. Please note: For comments of the individual AECM members on the above development, please see page 34. * KGF numbers are also including passive SME beneficiaries. Therefore, the numbers were not included in the AECM total 18

21 H & H Outstanding guarantees in portfolio Number of AECM members participating in the Scoreboard and having provided figures for both semesters H and H2-2013: 32 out of 41 in total 19

22 Half-yearly Scoreboard: H & H in terms of outstanding volumes in portfolio H & H As at: 23/05/2015 AECM Half-yearly Scoreboard: Guarantee activity barom eter Comparison of the Outstanding guarantee amount TO TAL Short term and Long term TO TAL Short term and TO TAL Short term and Long term Long term O uts tanding amount in O uts tanding amount in portfolio portfolio Volume of guarantees in portfolio as at 31 December 2014 (in '000EUR) Volume of guarantees in portfolio as at 31 December 2013 (in '000EUR) period 30/06/2014 until 31/12/2014 period 30/06/2013 until 31/12/2013 aws 134, NöBEG -4, Walloon Network 8, PMV -2, NG F 270, HAMAG - BICRO 7, CMZRB -2, KredEx - Fund 12, Soc ama -4, Siagi -6, Bpifranc e 6, VDB - Bürgs c hafts bank en -2, ETEAN -31, G arantiqa -3, AVHG A 9, SG FA - ISMEA 37, Guarantee F und o f the Republic of Srpska 40, LG A 13, Inv ega 557, G arfondas -13, MCAC -15, N etherlands Enterprise A gency - B M KB Guarantee Scheme Variation -11,75 (in %) SPG M / SCM -3, BG K 32, FG CR - Rural -11, FRG C - RLG F 12, NCG FSME (FNG CIMM)** -11, FSECA -49, SG R / CESG AR -7, SEF 19, Tes k omb 44, KG F 26, ,

23 Half-yearly Scoreboard: H & H in terms of outstanding numbers in portfolio H & H As at: 23/05/2015 AECM Half-yearly Scoreboard: Guarantee activity barom eter Comparison of the Outstanding guarantee amount TO TAL Short term and Long term TO TAL Short term and TO TAL Short term and Long term Long term O uts tanding amount in O uts tanding amount in portfolio portfolio Number of guarantees in portfolio as at 31 Dec ember 2014 Number of guarantees in portfolio as at 31 Dec ember 2013 period 30/06/2014 until 31/12/2014 period 30/06/2013 until 31/12/2013 aws - 0, NöBEG - 5, Walloon Network 24, PMV - 0, NG F 19, HAMAG - BICRO 2, CMZRB 16, KredEx - Fund - 7, Soc ama 0, Siagi - 12, Bpifranc e* NA NA VDB - Bürgschaftsbanken - 2, ETEAN - 40, G arantiqa - 2, AVHG A 14, SGFA - ISMEA 46, Guarantee F und o f the Republic of Srpska 36, LG A 17, Inv ega 280, G arfondas - 13, MCAC - 8, N etherlands Enterprise A gency - B M KB Guarantee Scheme Variation -6,27 (in %) SPGM / SCM 0, BG K 64, FGCR - Rural - 76, FRGC - RLGF 5, NCGFSME ( FNGCIMM) - 9, FSECA - 11, SGR / CESGAR - 19, SEF 17, Tes k omb 12, KG F 26, ,

24 Half-yearly Scoreboard: H & H in terms of number of SME beneficiaries in portfolio H & H As at: 23/05/2015 TO TAL Short term and Long term O uts tanding amount in portfolio Total number of SME*- beneficiaries in portfolio as at 31 December 2014 TO TAL Short term and Long term O uts tanding amount in portfolio Total number of SME*- beneficiaries in portfolio as at 31 December 2013 period 30/06/2014 until 31/12/2014 period 30/06/2013 until 31/12/2013 aws -6, NöBEG -5, Walloon Network 23, PMV NA NA NG F 21, HAMAG - BICRO 2, CMZRB -14, KredEx - Fund -2, Soc ama 0, Siagi -8, Bpifranc e* NA NA VDB - Bürgschaftsbanken -2, ETEAN -40, G arantiqa -3, AVHG A 15, SGFA - ISMEA 44, Guarantee F und o f the Republic of Srpska 31, LG A 24, Inv ega 254, G arfondas -13, MCAC -8, N etherlands Enterprise A gency - B M KB Guarantee Scheme AECM Half-yearly Scoreboard: Guarantee activity barom eter -1,49 Comparison of the Outstanding guarantee amount Variation (in %) SPGM / SCM 0, BG K 64, FGCR - Rural -36, FRGC - RLGF -6, NCGFSME (FNGCIMM) -1, FSECA -32, SGR / CESGAR 1, SEF 17, Tes k omb 12, KG F 24, ,

25 When excluding those members having not provided their figures the results are: In terms of outstanding volume in portfolio an increase of 5% is found; of 43.1 to 45.3 Billion. While the overall results increase the development of the individual members are two-tier. 16 members have experienced a high growth above 5%, while 9 members experienced a starkand 7 members a moderate decrease. In terms of number of guarantees the AECM total has increased by about 4%. Of the 32 AECM members participating 12 have experienced a moderate (2) to high (10) growth. 15 members have experienced a decrease in the number of guarantees, 2 members experiencing a moderate, while 12 experienced a decrease of above -5%. Furthermore, 5 members have remained at a similar level as in H Concerning the number of SME beneficiaries, the results are different: 11 members have experienced an increase in the number of SME beneficiaries, 10 members experiencing a stark growth, while 1 member experienced a moderate growth. 14 members undergo a decrease in terms of SME beneficiaries, 3 members having a moderate decrease, while 11 members experiencing a decrease below -5%. Please note: For comments of the individual AECM members, please see page

26 2013 & 2014 New production Number of AECM members participating in the Scoreboard and having provided 32 out of 41 in total 24

27 Half-yearly Scoreboard: New production 2014 & 2013 in terms of volumes 25

28 Half-yearly Scoreboard: New production 2014 & 2013 in terms of numbers 2014 & 2013 As at: 23/05/2015 AECM Half-yearly Scoreboard: Guarantee activity barom eter Comparison of the NEW guarantee production TOTAL Short term and Long term 2014 & 2013 TO TAL Short term and TO TAL Short term and Long term Long term of New production of New production Number of guarantees Number of guarantees granted granted 2013 Variation 2014 (in %) aws 10, NöBEG -21, Walloon Network 13, PMV 13, NG F 3061, HAMAG - BICRO -33, CMZRB 24, KredEx - Fund -33, Soc ama -5, Siagi -2, Bpifranc e 2, VDB - Bürgschaftsbanken -3, ETEAN 19, G arantiqa -8, AVHG A 25, SGFA - ISMEA -7, Guarantee F und o f the R epublic of Srpska -6, LG A 70, Inv ega 93, G arfondas -39, MCAC 250, N etherlands Enterprise A gency - B M KB Guarantee scheme -1, BG K 35, SPGM / SCM -0, FGCR - Rural -85, FRGC - RLGF 23, NCGFSME (FNGCIMM) -17, FSECA -24, SGR / CESGAR 12, SEF 57, Tes k omb -9, KG F 90, ,

29 Half-yearly Scoreboard: New production 2014 & 2013 in terms of number of new SME beneficiaries 2014 & 2013 As at: 23/05/2015 AECM Half-yearly Scoreboard: Guarantee activity barom eter Comparison of the NEW guarantee production TOTAL Short term and Long term 2014 & 2013 TO TAL Short term and Long term of New production 2014 TO TAL Short term and Long term of New production 2013 Total number of new SME*- Total number of new SME*- beneficiaries beneficiaries Variation per year per year (in %) aws 3, NöBEG - 41, Walloon Network 22, PMV NG F 2916, HAMAG - BICRO - 34, CMZRB 24, KredEx - Fund - 20, Soc ama - 5, Siagi - 3, Bpifranc e NA NA VDB - Bürgschaftsbanken - 3, ETEAN 22, G arantiqa - 23, AVHG A - 12, SGFA - ISMEA - 6, Guarantee F und o f the Republic of Srpska -7, LG A 79, Inv ega 94, G arfondas - 39, MCAC 250, N etherlands Enterprise A gency - B M KB Guarantee scheme 1, BG K 35, SPGM / SCM 14, FGCR - Rural - 58, FRGC - RLGF 1, NCGFSME ( FNGCIMM) - 41, FSECA - 31, SGR / CESGAR 7, SEF 57, Tes k omb - 83, KG F 0, ,

30 When excluding those members having either not provided their figures the results are: Unlike the previous slides the above table is presenting a yearly comparison, comparing the new production in 2013 and The new production in terms of volume has increased by about 11%, from 16 to 17.8 Billion Euros. While the overall growth was positive, the individual results are more of a mixed-bag. Of the 32 participating AECM members, 19 have experienced an increase in their new production in terms of volume, 17 undergoing a stark growth, above 5%, while 2 moderately grew. While the development in terms of volume was positive, the development in terms of number of guarantees was more negative. Overall, the new production in terms of number of guarantees has decreased slightly by about 2.6%, of to On an individual level, 16 of the participating members experienced a stark increase in the new production in terms of the number of guarantees. While 10 members experienced a decrease above -5% in new production in terms of numbers, 4 only experienced a moderate decrease. Overall, the new production in terms of the number of SME beneficiaries decreased by about 13%: of to While 14 members experienced a decrease in the number of SME beneficiaries, 13 experienced an increase in the new production. 4 members underwent essentially unchanged development. Between 2013 and 2013, the average size of newly issued guarantees has increased by about 9.6% to approximately Please note: For comments of the individual AECM members, please see page

31 H & H New production Number of AECM members participating in the Scoreboard and having provided 31 out of 41 in total 29

32 Half-yearly Scoreboard: New production H1 14 & H in terms of volumes 30

33 Half-yearly Scoreboard: New production H1 14 & H1 13 in terms of numbers H & H As at: 23/05/2015 AECM Half-yearly Scoreboard: Guarantee activity barom eter Comparison of the New guarantee production TOTAL Short term and Long term H & H TO TAL Short term and TO TAL Short term and Long term Long term of New production of New production H H Variation (in %) Number of guarantees Number of guarantees granted granted per half- year per half- year period 31/12/ /06/2014 period 31/12/ /06/2013 aws 20, NöBEG 5, Walloon Network 20, PMV 14, NG F 2460, HAMAG - BICRO - 44, CMZRB 23, KredEx - Fund - 46, Soc ama - 2, Siagi - 0, Bpifranc e - 13, VDB - Bürgs c hafts bank en -7, ETEAN 9, G arantiqa - 4, AVHG A 52, Guarantee F und o f the Republic of Srpska 200, LG A 54, Inv ega 614, G arfondas - 23, MCAC 150, N etherlands Enterprise A gency - B M KB Guarantee scheme -13, BG K 174, SPGM / SCM 3, FGCR - Rural - 78, FRGC - RLGF 28, NCGFSME ( FNGCIMM)* - 10, FSECA - 24, SGR / CESGAR 11, SEF 50, Tes k omb - 13, KG F 61, ,

34 Half-yearly Scoreboard: New production H1 14 & H1 13 in terms of number of new SME beneficiaries H & H As at: 23/05/2015 AECM Half-yearly Scoreboard: Guarantee activity barom eter Comparison of the New guarantee production TOTAL Short term and Long term H & H TO TAL Short term and TO TAL Short term and Long term Long term of New production of New production H H Variation (in %) Total number of new SME*- Total number of new SME*- beneficiaries beneficiaries per half- year per half- year period 31/12/ /06/2014 period 31/12/ /06/2013 aws - 2, NöBEG 5, Walloon Network 3, PMV NA NA NG F 11600, HAMAG - BICRO - 46, CMZRB 23, KredEx - Fund - 52, Soc ama - 2, Siagi 0, Bpifranc e NA NA VDB - Bürgs c hafts bank en -8, ETEAN 11, G arantiqa - 14, AVHG A 15, Guarantee F und o f the Republic of Srpska 300, LG A 63, Inv ega 601, G arfondas - 23, MCAC 150, N etherlands Enterprise A gency - B M KB Guarantee scheme -11, BG K 174, SPGM / SCM 34, FGCR - Rural - 42, FRGC - RLGF - 3, NCGFSME ( FNGCIMM)* - 45, FSECA - 32, SGR / CESGAR 13, SEF 50, Tes k omb - 13, KG F 43, ,

35 When excluding those members having not provided their figures, the results are: The above tables have been updated since they were last published in the previous scoreboard, comprising 31, instead of 23 members in the previous issue. Overall the new production in terms of volume has increased by 17.04% between H and H Of the 31 participating members, 19 members experienced a moderate to high growth in new production in terms of volume, while 10 experienced a decline. New production in terms of numbers the AECM total remained relatively stable (+0.34%), at units. The new production in terms of SME beneficiaries developed positive, increasing by 7.4% compared to H

36 Comments + Answers to Questions Questions: 1. Why did you experience an increase or decrease between the H1 & H in terms of volumes, numbers and SME beneficiaries in portfolio? (outstanding) 2. Why did you experience an increase or decrease between the H1 & H in terms of volumes, numbers and SME beneficiaries in new production? Denomination Scheme Country Comments The overall change can be attributed to the addition of large aws Austria Wirtschaftsservice Austria enterprises to the portfolio. Therefore, the volume has increased, while the numbers of guaranties issued grew only slightly. Credit Guarantee & NöBEG Equity Investment Society of Lower Austria No Austria The activity during the second semester of 2014 has been rather steady for all types of guarantees. The growth percentage is much higher in terms of numbers of new SME beneficiaries due to the continuing success of the micro-credit Network of Walloon scheme the so called mix product of Socamut, which Walloon Network Guarantee Belgium includes an automatic guarantee up to 75 % on bank credits of Institutions maximum A remarkable development is the increasing market share of direct guarantees on credits financing business transfer operations, which represent 33 % of the total production of guarantees in 2014 against 17,5 % in Fond Bruxellois de Garantie Guarantee Fund of Brussels Belgium We haven t noticed any spectacular changes in our production, Waarborgregeling nor in our portfolio. Banks sent us a slightly higher number of PMV Flemish Guarantee Belgium application forms just before 30th June 2014, because of the Fund new de-minimis regulation, but this had no real impact on our global production. NGF National Guarantee Fund EAD Bulgaria Croatian Agency HAMAG - BICRO forsmes and Croatia Investments CMZRB Czech-Moravian Guarantee and Czech Rep. There was a moderate increase in number of new and outstanding guarantees in H2 in comparison to H1 in the SME 34

37 Development Bank sector. The same picture was recorded in term of volumes of guarantees in local currency. However weaker local currency has made the achievements in euro less significant as well as decreasing portfolio of guarantees for renovation of apartment houses which is not developed further more. 1. There is no remarkable difference in comparison of the new KredEx - Fund Estonian Export credit and Guarantee Fund Estonia guarantee production between H1 & H The increase in portfolio between H1 & H was caused by increase in volumes of new guarantees granted in 2014 compared to La Fédération Socama Nationale des France SOCAMA 1. Dans notre portefeuille, nous constatons une baisse de nos encours en volume, en nombre de crédits et en nombre d entreprises à (tendance qui devrait se confirmer à 12 Société 2015)compte tenu de la baisse de la production des exercices Interprofessionnelle 2013 et 2014 par rapport aux années de forte production(2009 Siagi Artisanale de France ) Garantie 2. Sur l année 2014 : pas d évènement particulier : nous d Investissements constatons une quasi stabilité en volume de production H2 par rapport à H1,une très légère baisse du nombre de contrats et d entreprises bénéficiaires. Le crédit moyen par entreprise est en progression constante. Banque publique Bpifrance d'investissement de France France VDB - Verband Deutscher Bürgschaftsbanke Bürgschaftbanken Germany n e.v. ETEAN S.A. Greek Credit Guarantee Fund Greece GARANTIQA Garantiqa HITELGARANCIA Hungary ZRT. As for the growth between H1 & H2 2014: AVHGA experienced a slight increase both in portfolio and in terms of new guarantees between H1 & H The reason for this (at least what we think AVHGA Rural Credit Guarantee Foundation Hungary of it) is twofold: On one hand, the upturn of demand after crisis has its increasing effect both on the outstanding portfolio and on the activity of the Foundation. On the other hand, financial institutions interest in the financing of agriculture is progressively growing: more and more banks decide to start or expand its activity towards the sector. 35

38 Hungarian MVA Foundation for Enterprise Hungary Promotion Umbrella Assoconfidi association for the Italy Italian Confidis Society for the management of SGFA - ISMEA funds for the Italy agricultural and food sector Association of the Kyrgyz Assoc Guarantee Funds of Kyrgyz Republic the Kyrgyz Republic The biggest increase was for long term guarantees. The main reason was because of our housing guarantee program where we issue guarantees for apartment house energy efficiency projects. In this program in H where issued new LGA Latvian Guarantee Agency Latvia guarantees for 9.6 million EUR compared with 4.7 million EUR in H. In addition there were some long term guarantees for entrepreneurs in larger amount (up to 1.5 million EUR). For short term guarantee increase it was due to drop in demand in h. and in 2H it raised to previous amounts. Invega Investiciju ir verslo Garantijos Lithuania Comparing the periods (H1 + H2 14), the decrease is due to Garfondas Agricultural Credit Guarantee Fund Lithuania the fact, that most of the guarantees provided of Garfondas are given to implement the investment projects with EU support. The ended programming period of resulted in lower volumes and numbers. Mutualité de MCAC Cautionnement et d'aide aux Luxembourg Commerçants Netherlands Enterprise Agency Guarantee fund of the Netherlands Netherlands In order to analyze the presented data it must be emphasized that the Portfolio de minimis Guarantee Line (PdGL) has the BGK Bank Gospodarstwa Krajowego Poland biggest impact on the overall guarantee portfolio and therefore on the guarantee sales trend. Above mentioned product was introduced in march Year 2014 is the first full year of the PdGL sales that is why there is an increase in volumes and number of SMEs in comparison to Relatively low 36

39 decrease in the sales between the H & H is related to the stabilization of the sales of PdGL and the sales peak of PdGL at the turn of 2013 and Data shows also that in H SMEs tended to apply for relatively higher amounts of the guarantees in relation to the 1H The increase in the active guarantees in the portfolio is the implication of the cumulative sales of new guarantee product (PdGL) in the years 2013 and Gradually increasing weighted average maturity of the PdGL indicates that still there is a substantial number of the guarantees that have not expired yet. National Association KSFP - NAGF of Polish Guarantee Poland Funds IAPMEI Public Agency for SME and Innovation Portugal SPGM / SCM Sociedade de investimento Portugal Romanian Rural FGCR - Rural Credit Guarantee Romania Fund Romanian Loan Guarantee Fund for FRGC - RLGF Private Romania Entrepreneurs IFN SA NCGFSME (FNGCIMM) National Credit Guarantee Fund for SMEs Romania The Romanian Counter-Guarantee FRC - Counterguar. Fund (Fondul Român de Romania Contragarantare S.A.) Fund of Small FSECA Enterprise Credit Assistance of Russia Moscow 1. This figures continues decreasing smoothly that although the formalisations grow, outstanding commitment amortized Confederation of has been higher than the outstanding commitment new SGR / CESGAR Spanish Mutual Spain production. Guarantee Societies 2. In Spain the economy recovery is starting to notice. Banks that had been reduced so drastic credit have returned to give loans to SME and to sign agreements and to work 37

40 more intensely with our Guarantees Societies (SGR). Network of Slovene RRA-GIZ Regional Development Slovenia Agencies Regarding the increase in new production of guarantees in terms of volume and number of SME beneficiaries for ca. 73% in H (in comparison to H1 2014): Slovene Enterprise Fund offers guarantees always through public tenders. Basis for publishing the public tender is approved annual Business and Financial Plan which is usually approved in the first months of the year. Public tenders for SEF Slovene Enterprise Fund Slovenia guarantees with several openings (usually 6) are then published in the Official Gazzette of Republic of Slovenia usually in March. SMEs in Slovenia are already used to this practice of several openings, that is why the granted guarantees are more or less equally distributed through all openings. In the reporting H first two openings were included and in the H other four openings, that is why it comes to such an increase in both volume and numbers. GARANTNIFOND RS Guarantee Fund of the Republic of Srpska Bosnia Herzegovina Turkish national Teskomb guarantee scheme for craft sector and Turkey small enterprises Kredi Garanti Fonu - KGF Credit Guarantee Turkey Fund The collection and analysis of the statistical data was carried out by Dirk Noack. For further information: European Association of Guarantee Institutions, AECM Avenue d'auderghem 22-28, bte 10 B-1040 Bruxelles T/ F: info@aecm.be

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