Commission staff Working Paper - Annexes to The Report from the Commission to the European Parliament and the Council on Growth and Employment Initiative Measures on financial assistance for innovative and job creating Small and Medium- Sized Enterprises (SME's) {COM(2002) 345 final}

1. ETF Start-up Facility: Venture capital funds

2. ETF Start-up Facility: Annual survey 2000/201

3. JEV: List of financial intermediaries

4. SME Guarantee Facility: Financial intermediaries

5. SME Guarantee Facility: 2000 statistical data on beneficiary SMEs

6. Growth and Employment Initiative: Financial Statements as at 31 December 2001

Annex 1

ETF Start-up Facility: Venture capital funds

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Annex 2

ETF Start-up Facility: Annual survey 2000/2001

In 2001 the second annual survey of the ETF Start-up Facility was carried out by the EIF.

This survey covers EU and non-EU companies in which the ETF Start-up VC funds had invested before the end of 2000 or early 2001. 100 companies replied to the survey.

The breakdown of the beneficiary SMEs by date of establishment and by country is as follows:

Table A2.1 Breakdown of beneficiary SMEs by year of establishment

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Impact on employment

The following table shows the classification of the SMEs in terms of the number of employees by country:

Table A2.2. Employment in beneficiary SMEs

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The following table shows the expected increase of the number of employees:

Table A2.3. Impact on employment in beneficiary SMEs

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(*) Around 14% of the surveyed companies were unable to provide these data. For these companies an increase of 0% has been assumed.

(**) Around 37% of the surveyed companies were unable to provide these data. For these companies an increase of 0% has been assumed.

The above tables show that 1/2 of the SMEs had fewer than 20 employees, with only 2% of the companies having more than 100 employees. The total number of employees was 3,318 with an average of 33 employees per company. The companies were expecting a 30% increase in the next year, leading to a total number of 4,302 employees, with an average of 43 employees per company. After 5 years the total number of employees was expected to grow up to 7,999, with an average of 80 employees per company.

Out of the 100 companies, 44 provided data for the previous year, as well. The total number of employees for these companies in 2000 was 1,341 with an average of 30 employees per company, expecting a 65% increase in the next year. The total number of employees for these companies in 2001 was 1,560, with an average of 35 employees resulting in an increase of 16% from the previous year. Taking into account the current economic downturn, the actual increase of employees can be considered satisfactory, even if it is below the original expectations of the SMEs.

Turnover of the investee companies

The following table shows the 2000 turnover of the investee companies:

Table A2.4. Breakdown of beneficiary SMEs by turnover

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(*) Companies with zero turnover are newly established companies or companies which have not yet started their sales operations.

Purpose of financing

According to the information provided by the investee companies, half of them declared that the main purpose of the venture capital investment in their company was to finance their research expenses. Capital expenditure and working capital were the two other main purposes of financing.

Declared impact on growth and employment

Almost all the investee companies believe that access to venture capital had a positive impact on the growth of the company (96%) and on the level of employment (94%). A slightly lower percentage of companies (82%) believe that the venture capital support has helped to improve the skill level of their management and staff.

Annex 3

JEV: List of financial intermediaries

AUSTRIA // BANK AUSTRIA AG-CREDITANSTALT AG

// BÜRGES FÖRDERUNGSBANK

// ERSTE BANK

// FGG - FINANZIERUNGSGARANTIE-GESELLSCHAFT

// INVEST KREDIT

// ÖSTERREICHISCHE VOLKSBANKEN (ÖVAG)

// RAIFFEISEN ZENTRALBANK ÖSTERREICH AG

BELGIUM // ARTESIA

// BANQUE BRUXELLES LAMBERT/BANK BRUSSEL LAMBERT

// FORTIS BANK SA

// KBC BANK N.V.

// SBI/BMI

// SOFICATRA

DENMARK // MYDBANK

// SYDBANK A/S

FINLAND // FINNVERA

FRANCE // BANQUE DE BRETAGNE

// BANQUE DU DEVELOPPEMENT DES PME

// CAISSE NATIONALE DE CREDIT AGRICOLE

// BANQUE NATIONALE DE PARIS

// G.E.I.E. EUROSUD CAPITAL

// GROUPE BANQUES POPULAIRES

// UNION EUROPEENNE DE CIC

GERMANY // DEUTSCHE AUSGLEICHSBANK

// INVESTIONSBANK BERLIN (LANDESBANK BERLIN)

// LANDESFÖRDERINSTITUT MECKLENBURG-VORPOMMERN

// DEUTSCHE BANK

// EUROPA BANK AG

// INVESTITIONSBANK NRW (Zentralbereich der WestLB)

// INVESTITIONSBANK SCHLESWIG-HOLSTEIN

// KREDITANSTALT FÜR WIEDERAUFBAU

// NIEDERSACHSICHE LANDESTREUHANDSTELLE FUER WIRTSCHAFTSFÖRDERUNG

// SÄCHSISCHE AUFBAUBANK

GREECE // AGROTIKI - AGRICULTURAL BANK OF GREECE S.A.

// ETBA - HELLENIC INDUSTRIAL DEVELOPMENT BANK

IRELAND // BANK OF IRELAND

ITALY // BANCA CIS SPA

// INTESA BCI

// BANCA DI ROMA

// BANCO DI SARDEGNA

// BANCA NAZIONALE DEL LAVORO

// BANCA POPOLARE ASOLO E MONTEBELLUNA (VENETO BANCA)

// BANCA POPOLARE DI BERGAMO -CREDITO VARESINO

// BANCA POPOLARE DI NOVARA

// BANCA POPOLARE DI SONDRIO

// BANCA POPOLARE DI VERONA - BANCO S. GEMINIANO E S. PROSPERO

// CENTROBANCA

// CONSORZIO BANCHE POPOLARI EMILIA ROMAGNA MARCHE

// FINLOMBARDA

// MEDIOCREDITO CENTRALE

// MPS MERCHANT

// SANPAOLO IMI

// FRIULIA SPA

// UNICREDITO ITALIANO

// GEPAFIN

LUXEMBOURG // BANQUE ET CAISSE D'EPARGNE DE L'ETAT

// BANQUE INTERNATIONALE A LUXEMBOURG

// EUREFI

NORWAY // SND

PORTUGAL // CAIXA GERAL DE DEPOSITOS

// BANCO BPI

SPAIN // ARGENTARIA

// BANCO COOPERATIVO ESPANOL

// BANCA POPULAR ESPANOL

// BANCO SANTANDER CENTRAL HISPANO

// CAJA DE AHORROS DEL MEDITERRANEO (C.A.M.)

// BANCO SABADELL

// CECA

// SA NOSTRA-CAIXA DE BALEARES

SWEDEN // ALMI BUSINESS PARTNER

UNITED KINGDOM // ROYAL BANK OF SCOTLAND Plc

Annex 4

SME Guarantee Facility: Financial intermediaries [1]

[1] Contact details of the financial intermediaries can be found on the EIF website (www.eif.org).

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Annex 5

SME Guarantee Facility: 2000 statistical data on beneficiary SMEs

The data of this annex are based on information contained in a specific report submitted by the EIF to the Commission services annually in October. It is important to stress that this information relates to the year preceding that in which the report is received (i.e. year 2000). This delay is due to the time needed by the Intermediaries and the EIF to collect and process the information that is partly provided by means of surveys.

Global information on the operations until end 2000

At the end of 2000, 21 financial intermediaries were operational in 12 Member States. The actual volume guaranteed by these financial intermediaries at that time amounted to EUR 2.165 billion and the underlying loan volume totalled 3.7 billion with a corresponding investment amount of EUR 5.7 billion.

SMEs

As of 31 December 2000, 50,956 SMEs had benefited from the SME Guarantee Facility. 37% of these SMEs are start-ups that have been established since 1999, out of which 140 start-up companies have received pre-start financing before their establishment either from Bürges in Austria, Sofaris in France, Deutsche Ausgleichsbank in Germany, Cersa in Spain or Almi in Sweden. Data from Sofaris is only partly available and can therefore not be reported by the intermediary. As Prince's Trust signed an agreement with the EIF only in December 2000, it has not reported any data.

The breakdown of the beneficiary SMEs by year of establishment and by country is as follows:

Table A5.1 Breakdown of beneficiary SMEs by year of establishment as at 31 December 2000

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(*) This concerns companies that received pre-start financing in 2000 before their establishment in 2001.

93% of the SMEs that have benefited from the SME Guarantee Facility are smaller companies that have fewer than 10 employees.

The following table shows the classification by country of the SMEs in terms of the number of employees at the date of the loan agreement:

Table A5.2 Employment in beneficiary SMEs as at 31 December 2000

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Impact on the employment: cumulative situation as on 31 December 2000

As on 31 December 2000, the 50,956 beneficiary SMEs declared that they had 220,017 employees on the date of their loan agreement and that they expected an increase in the number of jobs one year later to 249,863, i.e. an increase of 29,846 employees. This number is expected to increase to 287,715 after another year, i.e. a further increase of 37,852 employees, i.e. an overall increase of 31% in two years (14% the first year, 15% the second year).

The financial intermediaries have reported effective employment creation data on 33,262 beneficiary SMEs [2]. At the date of the loan agreement, those SMEs had 144,245 employees and as at 31 December 2000, the number of employees increased to 167,477 i.e. an increase of 19.6%.

[2] This data is partly based on surveys carried out by the financial intermediaries. Almi, Fonds de Participation and Sofaris did not report the requested data to the EIF.

The aggregate number of employees of the supported SMEs at the date of the loan agreement and the expected figures are as follows:

Table A5.3 Impact on employment in beneficiary SMEs by country as at 31 December 2000

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The following table shows the employment expectations of the SMEs in terms of the establishment date of the SMEs:

Table A5.4 Impact on employment in beneficiary SMEs by year of establishment as at 31 December 2000

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(*) This concerns companies that received pre-start financing in 2000 before their establishment in 2001. The 304 employees represent the number of employees expected at creation date as estimated at the date of the loan agreement.

Purpose of financing

The table below shows the main purpose of the SME loans guaranteed under the Facility:

Table A5.5 Purpose of financing as at 31 December 2000

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Sector coverage

The following graph shows the main sectors of the beneficiary SMEs:

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Figure A5.1. Breakdown of beneficiary SMEs by sector as at 31 December 2000

Annex 6

Growth and Employment Initiative

Financial Statements

as at 31 December 2001

(expressed in euro)

ETF Start-up Facility

JEV

SME Guarantee Facility

ETF Start-up Facility - Financial Statements as at 31st December 2001 (expressed in euro)

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Joint European Venture - Financial Statements as at 31st December 2001 (expressed in euro)

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SME Guarantee Facility - Financial Statements as at 31st December 2001 (expressed in euro)

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