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Bpifrance's Activity Report 2017

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Discover Bpifrance's activity report for the year 2017.

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Bpifrance's Activity Report 2017

  1. 1. ACTIVITY REPORT 2017FEBRUARY 1st 2018
  2. 2. Nicolas Dufourcq Executive Director
  3. 3. 3 A COMMITTED BANK at the heart of a growing economy Launch of a new loan for VSBs in nine Regions French Fab, a new banner to unite French industry An Accelerator for SMEs and midsize companies with the French aerospace industries association GIFAS Creation of an in-house HealthTech Accelerator (biotech, medtech, e-health, etc.) A new business line: Export Insurance Creation of the France Investissement Energie Environnement-fund (€100m) Investment in Peugeot SA PSIM, a new part of Programme d’Investissements d’Avenir (PIA) Bpifrance in 2017 : Some highlights
  4. 4. Guarantee Financing International Innovation Extrafinancial services Regional Partnerships CONTENT
  5. 5. Guarantee
  6. 6. €1 public funds = €9.5 risks covered by Bpifrance = €20 lend to businesses by French banks 6 *Number of companies *Production of new loans to companies of all sizes • Activity growth is strong but it increased less than the banking market (up by more than 20%*) • A tool that reaches traditional sectors of the economy: commerce, catering and construction, for instance, especially in the critical phases of creation and buy-out Leverage effect 2015 8 60 421 * 61 238* 61 372* 8.4 8.9 2016 2017 +5% +6% PRIVATE BANK LOANS GUARANTEED IN 2017 (IN €Bn) Guarantee : The favoured tool of VSBs
  7. 7. FOCUS /Guarantee 7 TYPES OF GRANTED COMPANIES (AS %) VSBs SMEs 90 10 OVERVIEW (AS %) 0,5 CORSE French Guyana, Martinique, Mayotte, Reunion, Guadeloupe : 1.9 4,2 BOURGOGNE FRANCHE-COMTÉ 8,5 GRAND EST 7,3 HAUTS-DE-FRANCE 3,4 5,0 BRETAGNE 4,6 NORMANDIE 7,2 16,6 AUVERGNE RHÔNE-ALPES 7,1 PROVENCE-ALPES CÔTE D’AZUR 7,5 OCCITANIE 9,5 NOUVELLE- AQUITAINE PAYS DE LALOIRE CENTRE VAL DELOIRE 16,7 ÎLE-DE-FRANCE
  8. 8. Financing
  9. 9. €7.2 Bn in investment loans (unsecured loans and secured loans) €5.9 Bn in short-term financing, including €4.3 Bn in short- term authorisations and €1.6 Bn in competitiveness and employment tax credit €1.3 Bn in innovation financing €14.4 Bn in loans and grants for companies in 2017 + 6 % FINANCING / Overview 9
  10. 10. COMPETITIVENESS AND EMPLOYMENT TAX CREDIT PRE-FINANCING (OUTSTANDING IN €BN) *number of businesses; one company may benefit several times 2015 3.6 4.3 5 2016 2017 +19% +16.3 % 16 322 * 14 964 * 13 320 * Short term credit (1): Cash-flow financingforSMEs TYPES OF GRANTED BUSINESSES (AS %) VSBs SMEs Midsize Companies Large Companies 60 21.5 3.515.2 10
  11. 11. The share of the most fragile businesses remained stable. No more cash-flow stress for most SMEs In total €5.9 Bn in short-term financing LOANS (OUTSTANDING IN €BN) 2015 3.7 3.6 2016 2017 - 3% 3.6 Short term credit (2): Cash-flow financingforSMEs 11
  12. 12. Investment credits: 12 Secured loans Unsecured loans In 2017, the banking market grew by 20% 2017 7.2 2 6.1 6.8 2015 2016 +5% +20% +6,3% +5% +5.8% +10% EVOLUTION OF MARKET SHARE (AS %) 2014 4.2 3.84 2016 2017 4.64.34,1 2.4 2.5 Focus on financing intangible assets and energy and environmental transition (EET)
  13. 13. Leverage effect> 3 (VS > 2 in 2016) Rule of 1 to 1 64196200 RECORD YEAR in terms of financing the energy and environmental transition : for a total of €1.2 Bn €3 Bn in investment alongside banks in 2017 40 % increase in line with the banking sector 180 Projects co-financed i.e. around NUMBER OF COMPANIES FINANCED 2016 +3.5% TYPES OF GRANTED BUSINESSES (AS %) VSBs30 60 10 2017 SMEs Midsize companies Investment credits: Focus on financing intangible assets and EET 13
  14. 14. International
  15. 15. A continuum of solutions MARKET PROSPECTING FINANCING SALES FINANCING DEVELOPMENT SECURING PROJECTS • Credit insurance • Exchange Risk Insurance • Unsecured export loans • Bonds and working capital guarantees • Bank loan guarantees • Minority share acquisitions • Mobilization of export receivables • Export credit (client or supplier) • Business France support for export development • Market Prospection repayable advance • Business France counselling • Foreign Investment insurance • International project guarantee ENTERING MARKETS to support businesses abroad 15
  16. 16. Aerospace in Mexico 11 COMPANIES (SMEs and midsize companies member of Bpifrance Accelerator- programs Transport in Detroit 24 COMPANIES Agrotech in Poland and in Romania, in partnership with Crédit Agricole 9 COMPANIES Agricultural and cold chain equipment in India in partnership with HSBC 11COMPANIES 2015 12 28 186 2016 2017 119108 2016 2017 EXPORT LOANS (in €M) SHORT-TERM FINANCING PRODUCT "ADVANCE + EXPORT" LAUNCHED IN 2015 (IN €M) EXAMPLES OF EXPORT MISSIONS, CONDUCTED WITH BUSINESS FRANCE IN 2017 +10.2% x 2.5 x 6 Smart city In the United Arab Emirates and Saudi Arabia in partnership with Société Générale 12COMPANIES International : Contributing to the competitiveness of French Companies 16
  17. 17. EXAMPLES OF COMPANIES SUPPORTED Prospecting insurance: NAVYA Autonomous vehicles United States & Canada Exchange risk insurance: REEL Industrial lifting and materials handling systems Asia-Pacific Pre-Financing Guarantee: ERMI 77 Machines for glassworkers Europe Security guarantees: CORIOLIS Composites Materials and composites technologies Europe and Asia Credit insurance: BERTHOUD Agricultural sprayers Ukraine €18.9Bn in guarantees granted in Credit Insurance Export Insurance products offered to SMEs and midsize companies Credit insurance Exchange risk insurance +38% GROWTH (IN NUMBERS OF SMEs APPLICATIONS) + 33% SMEs Midsize companies Large companies 10 40 50 Credit insurance TYPES OF CLIENTS (AS %) Export Insurance serving SMEs 60 Exchange risk insurance 40 18
  18. 18. Innovation
  19. 19. FINANCING INNOVATION (IN €BN) *number of transactions, one company may benefit several times 2015 5 357* 6 041* 5 421* 2016 2017 1.3 1.3 1.3 Financing of innovative projects thanks to the Programme d’Investissements d’Avenir (PIA): ● Smart Angel Project, a €8M grant to a consortium led by Evolucare group (200 employees and €21M in turnover): monitoring and support of patients throughout their care patways. ● EFFI-CLIN Project, a €9.2M grant to a consortium led by the French biotech OSE Immunotherapeutics: restoring immunity against cancer through the development of innovative antibodies. French Tech Scholarship: ● 701 projects financed totalling €18.7M ● The French Tech Scholarship helps to support (€45.000 max) innovative startups with a high growth potential Seed capital loan ● Quantilia, Fintech BtoB €600.000 Seed Capital loan and Innovation loan in addition to $1.2M raised by a partner fund Innovation Stable amount of grants and subsidies 20
  20. 20. Maintaining activity at a high level 2018 OBJECTIVES /Financing Development of Export Credit and financing of EET and innovation Growth in unsecured loans to industrial companies, united under the French Fab-banner Bank loan guarantee Focus on securing loans for the critical phases of creation and buy-out 21
  21. 21. A RISING CUSTOMER SATISFACTION SCORE Source: Study conducted by CSA online and by telephone with 1,100 Bpifrance clients Net Promoter Score (in points) OPERATING RATIO (AS %) (French banking sector: 69.4 % in 2016*) * Source: ACPR, « Les chiffres du marché français de la banque et de l’assurance - 2017" 5461.5 2013 2017 3427 2016 38 2017 42 2014 2015 48 OFFICES Afrugalbankclosetocustomers 22
  22. 22. Investment
  23. 23. INVESTMENT / Overview €1.03 Bn Fund of funds: investment in 55 vehicles €255 M Venture capital: 80 companies, including 31 new investments €143 M Small cap : investment in 94 companies €2.56 Bn Mid&LargeCap:investment in40companies €4 Bn ● €2.1 Bn in equity for investments in 213 companies and in 56 funds, including €498 M from the Programme d’Investissements d’Avenir (PIA) ● 1 exceptional investment of €1.9 Bn in Peugeot SA 214companies 24
  24. 24. NUMBER OF COMPANIES INVESTED (ALL SECTORS, INCLUDING REINVESTMENTS) 214195 2016 2017 Mid & Large Cap Venture Capital Small Cap * Including €1.9 Bn for Peugeot SA, i.e. €700M excluding PSA 2017 1078 1432 2015 2016 +5% +42 % +51.5 % +25 % +13 % 2958 777 169 132 1 102 191 139 2 560* 255 143 +3% +33% +133 % Equity Investments (in €M) 25
  25. 25. Examples of investments: • €1.9 Bn in Peugeot SA in order to support the group in its growth and strategic transformation • €24 M in Paris Inn Group: launch of an international hotelchain • €14 M in AD Education: European development of a French group of higher education institutions • €20 M in Dupont Restauration • €50 M reinvested in Eren (EET) • €50 M reinvested in Neoen (EET) Examples of divestments: ● Schneider Electric SA ● Eiffage ● Quadran (build-up with Direct Energie) ● Ipackchem Group ● Medipôle Partenaires ● Cylande ● CE BTP ● Domidep ● Nexeya Invest ● SAF ● Delfingen 2017 2560* 777 2015 2016 +133 % +42% * Including €1.9 Bn for Peugeot SA, i.e. €700M excluding PSA 1 102 Equity Mid & large Cap 26
  26. 26. 2017 143132 139 2015 2016 +5 % +3 % 94 transactions, including 72 new investments of which 67 % are companies opening up their capital (vs. 53% in 2016) • Average ticket invested: €1.65 M • 488 small-caps in the portfolio Examples of investments: Tourism Academy, Globesailor, Technique Solaire, Conecteo, Finsbury, Groupe Mériguet, La Manufacture française de bougies 78 divestments partial or full Examples: Bio-logic, Evolus and L2C Equity Small cap companies 27
  27. 27. 169 255 19 * 28* 31* (out of 80 operations) 191 +13% +33% * Number of new investments VENTURE CAPITAL (IN €M) 201720162015 RAMP UP... ...of our fund of growth Capital « Large Venture » in response to growing capital market needs: Investments in companies such as : Doctolib, iAdvize, Younited Credit... ... of our in-house funds, funded by the Programme d’Investissements d’Avenir (PIA) and managed by Bpifrance: Villes de Demain, (Ector, Stanley Robotics), Écotechnologies (EET), (Apix Analytics, Safety Line), French Tech Accélération (Wandercraft, Bioserenity, Snips) ...of PSIM, a program set up to detect the most innovative companies, laureats of the Concours Mondial d’Innovation Equity Venture capital increase especially in the growth segment 28
  28. 28. Vehicles subscribed: 56 (including 42 new ones) Average subscription in the new vehicles: €22 M Total decisions for 2017: 800 M subscribed by third parties (vs €4 in 2016) Leverage effect €1 subscribed by Bpifrance €5 366 Partner funds Nearly 4000 businesses in the portfolio * Number of partner funds subscribed SUBSCRIPTIONS (IN €Bn) 685 44 * 37 * 56 * 701 1 030 2017 +2% +47% 20162015 Fund of funds A historic year 29
  29. 29. 2013 2017 PORTFOLIO REGIONAL FUNDS 17.5% 20.9% 13.6% 27.5% SMALL CAP VENTURE CAPITAL Fund of funds Stability of the Bpifrance footprint on the different market segments 30
  30. 30. 2018 OBJECTIVES / Mid & Large Cap 1 Reinforcing French mid-size and major companies ● Support their growth in France and abroad ● Consolidation Contributing to the anchoring in France of capital and activity of mid-size and major groups ● By becoming a reference shareholder ● Promote France as an attractive country for industries 2 31
  31. 31. 2018 OBJECTIVES / Small Cap Equity Stimulate more companies to open up their capital 67 % of investments in 2017 Supporting buy-out of companies Reinforcement of strategic sectors in industry and services ● Deployment of the Definvest fund (cybersecurity and defense), funded by Bpifrance and the Ministry of Defense and managed by Bpifrance. ● Deployement of our ETT Fund : France Investissement Energie Environnement (EET) ● Double the size of our fund dedicated to growing companies in Toursism France Investissement Tourisme (tourism) to €200 M. 1 2 3 32
  32. 32. 2018 OBJECTIVES / Venture Capital 1 2 3 Accelerating the potential of "hyper-growth" startups ● Creation of different funds: Patient Autonome (e-health), InnoBio 2 (health), Ecotechnologies 2 (new mobility), Ambition Numérique 2 (digital) ● Deployment of the in-house HealthTech Hub for biotechs, medtechs, and e-health startups Help increase the number of large operations (more than €20 M) The size of Large Venture has been expanded to €1 Bn to support French successtories (Doctolib, Younited Credit, iAdvize,...) Focus on : ● Artificial Intelligence ● Robotics ● Connected objects ● New mobility ● Cities of tomorrow ● Green energies 33
  33. 33. 2018 OBJECTIVES / Fundof funds FORECAST 2018 Commitments €800 M Subscriptions €830 M Impacting the investment capital industry: ● to ensure a better continuum of financing ● at the GP-level ● at the LP-level Deployment of the €200 M Digital Fund, managed on behalf of Caisse des Dépôts Creation by Bpifrance of the first Accelerator for GPs 34
  34. 34. Extrafinancial services
  35. 35. Extrafinancial services to support companies’ growth 3 pillars Bpifrance Université offers face-to- face training and online courses Bpifrance coordinates a selective network of independent consultants ● 4,000 members ● Doubling the number of networking events organised: 62 events in 2017 vs 30 in 2016 ● 37 000 participants on 12 October 2017 in Paris ● for the third edition NETWORKING From startups to large groups, Bpifrance connects the members of its network In 2017: NUMBER OF COMPANIES COUNSELLED 7500 5500 2016 2017 ● 86 startups and 64 clients from major groups supported ● 50 sales agreements or partnerships signed CONSULTINGTRAINING 36
  36. 36. The Accelerators Intensive executive MBA programs combining consulting, training and networking Le Hub, the in-house startup Accelerator (launched in 2015) Duration: from 12 to 18 months ● 64 companies ● 76 financial transactions ● €340 M raised by the startups supported An in-house Accelerator for SMEs (launched in 2015) Duration: 24 months ● 180 companies An in-house Accelerator for mid-size companies (launched in 2016) Duration: 24 months ● 48 companies Over 200 entrepreneurs trained at the same time in the Bpifrance Accelerators Track record of the first group of alumni: ● 1/3 of SMEs became mid-size companies ● The average turnover increased by 29% ● Export turnover up 29% ● Average workforce increased by 20% ● One year after their graduation, 50% have become mid-size companies
  37. 37. Accelerators in partnership with French Regions ● 53 companies ● Pays de la Loire ● Auvergne-Rhône-Alpes ● Nouvelle-Aquitaine First sector-specific Accelerator in partnership with the aerospace industries ( GIFAS ) Launched September 21st ● 38 SMEs and mid-size companies An in-house HealthTechAccelerator Launched on December 11th ● 7 biotech and medtech selected Over 300 entrepreneurs at the same time in Accelerators created in partnership with Regions or sectors NEW IN 2017 The Accelerators Intensive executive MBA programs combining consulting, training and networking
  38. 38. 2020 Goal: 4,000 businesses graduated from the Accelerators run by Bpifrance and its partners OBJECTIVES2018 / Accelerators 195 In in-house Accelerators including 120 graduates 288 in Accelerators in partnership with Regions 260 in sector-specific Accelerators 863 companies involved in 26 Accelerators INCLUDING Launch in 2018 of three Accelerators in partnership with French Regions: ● Île-de-France ● Grand Est ● Centre-Val de Loire 38
  39. 39. Regional partnerships
  40. 40. 2017 Regional Partnerships EXTENSION of VSBs loans + 600 VSBs For a total of €32 M nearly €400 M in additional funds from the Programme d’Investissements d’Avenir (PIA) to finance innovation and industry of the future €1.5 Bn for 4,200 businesses over €300 M loans distributed by French banks backed by Bpifrance Bpifrance partners with every French Region 40
  41. 41. 2018 OBJECTIVES / Regional Partnerships Support even more innovative companies thanks to the Programme d’Investissements d’Avenir (PIA) 1 2 Strong development of VSB-loans 3 Continued growth in the regional guarantee funds particularly those dedicated to the creation and buy-out of companies 41
  42. 42. ACTIVITY REPORT 2017FEBRUARY 1st 2018

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