SPACEBEL and the export market

Transcription

1 SPACEBEL and the export market

2 Who is SPACEBEL? Belgian company 24 years in space business 2 sites in Belgium 1subsidiary Toulouse B - Liège B - Brussels F - Toulouse 2

3 Our business Specification, design and development of space infrastructure (satellite,launcher, launcher, control & mission center) for Earth Observation and Sciences EO services and applications provider for environment, resources and territory management 3

4 Where In Europe : ESA, CNES, EADS, TAS, OHB, Present on the export market ktsince 2003: remote sensing applications (land use, disaster mng, agriculture monitoring, ) full EO micro satellite system With a consortium of belgian companies and research centers: QinetiQ Space (Anvers) AMOS (Liège) Deltatec (Liège) Centre Spatial de Liège/ULg (Liège) VITO (Mol) 4

5 5

6 6 1ère SPOT-5 PROBA-2 SPOT-5 SPOT 5 image: RomeParis

7 VNREDSat 1B project Customer : Vietnamese Academy of Sciences & Technology Mission: development of an Earth Observation satellite to improve: Land use; Natural ressources (agriculture, forest) monitoring Coastalmonitoring (pollution) Climate change 7

8 History: Opportunity identified in 2008 with the following challenges:» International competition (F, UK, JPN, Malaisia, UK, Korea, )» Technical performance» ODA loanis anasset asset» Risk related to the country 8

9 Each problem may have a solution: ODA loan for more than 60 Millions Euros Finexpo Export risk insurance ONDD Bid bond, Performance bond, Advance payment bond ONDD / Bank 9

10 Each problem has its solution Spacebel has been awarded for the VNREDsat 1b contract Planning : contract signature: September 2012 kick off : Q launch of the satellite: 2016/

11 GERT VAN MELKEBEKE Head of Business Development and Products ONDD This is organized by

12 Credit Insurance The Solution for your International Risks ONDD The Belgian Export Credit Agency Investing in Emerging Markets Expanding Your Company s Growth Opportunities Brussels Egmont Palace 29 May 2012

13 "Anything that can go wrong, will go wrong" Murphy

14 Shareholding Structure ONDD Belgian State ONDD = autonomous public institution Belgian State Guarantee S&P : AA rated Mission : To support Belgian international economic relations by covering risks relating to exports, imports and foreign investments ONDD, the Belgian ECA

15 ONDD Group Structure 100% Brussels 67% 53% 83% Brussels Moscow Brussels Vienna UK London 66% CH Geneva Ducroire/Delcredere SA-NV (Belgium) Ingosstrakh-ONDD (Russia) Paris KUPEG CREDIT INSURANCE Prague Privatised Short Term Activity Whole Turnover Policy Kupeg (Czech Republic) Whole Turnover Policy TCRe (Belgium) Excess of Loss Policy Whole Turnover Policy Garant (Austria) Wiesbaden Single Risk Underwriter

16 DEAL CLOSED! Spacebel Vietnamese Buyer Capital Good / Services EUR (000) 5-year Financing Advance Payment Bond / Performance Bond

17 STRUCTURE OF THE SPACEBEL DEAL Spacebel Commercial Contract Vietnamese Buyer Payments (from the credit) Credit Agreement Bank

18 What s wrong? ONDD can help!

19 How can ONDD help? Credit Insurance : - contract cancellation - non payment - unfair calling of bonds Financial Guarantees Direct Financing/Forfaiting

20 Is Mr. Murphy right? Unfortunately the answer is YES Total amount paid out of over EUR 500 million ( ) Expect the Unexpected!

21 Questions? Gert Van Melkebeke Head of Business Development and Products tel: g.vanmelkebeke@ondd.be

22 Finexpo Export Finance Support Committee

23 Mission Supporting the Belgian exporters of capital goods by reducing or stabilizing the costs for the financing of credits Respect for OECD-Arrangement on export credits and participation in OECD-debate

24 Organisation Finexpo: Advise Committee with representatives from different federal and regional ministries and Ducroire Monthly Meetings Committee makes proposals to the Council of Ministers who takes the final decision

25 Instruments On a commercial basis Interest stabilization With aid credit Interest bonification Interest bonification with a grant A grant State to State loan (tied and untied)

26 Illustration: Spacebel Vietnam Delivery, launch and insurance for a mini-satellite i to Vietnam Satellite for observation of Agriculture use of land Climate change Environmental challenges Given importance of project: use of different Finexpo instruments

27 Interest stabilization Stabilization of the interest rate of the credit at the level l of the CIRR (Commercial Interest Reference Rate) during the whole period of repayment Applies to the export of Belgian capital goods to all countries Spacebel: interest stabilization for commercial part of mixed credit

28 Aid credits Applies to the export of capital goods to developing countries Relevant for development Non commercial viable projects Certain sectors

29 Interest bonification Finexpo guarantees 0% interest rate and a long repayment period a minimum aid percentage of 35% (OECD rules)

30 Interest bonification with a grant A grant, a 0% interest rate and long repayment period together th respect a minimum aid percentage of 35% Shorter repayment period than the normal interest bonification a lower ONDD-premium and lower liquidity fees

31 Grant Grant of 35% of contract amount For smaller projects Useful for SME s

32 Tied State to State loan From Belgium to developing countries Credit period of 30 years, including a grace period of 10 years 0% interest rate Mixed credit Minimum aid percentage of 35%

33 Untied State to State loan From Belgium to LDC s and HIPC s Credit period of 30 years, including a grace period of 10 years Interest rate of 0% If possible mixed financing scheme Minimum aid percentage of 35% International tender

34 Challenges Liquidity fees High immediate cost of grant affects disbursement budget Increase companies awareness of instruments of Finexpo Administrative simplification How to support Belgian companies: with actual globalisation tendency With further untying of aid Tied technical assistance?