DEBT INVESTORS PRESENTATION - Bpifrance Financement, Bond Issuer March 2018
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DEBT INVESTORS PRESENTATION Bpifrance Financement, Bond Issuer March 2018
Disclaimer
This presentation has been prepared and is available on the web site of Bpifrance Financement. This presentation does not constitute an offer or invitation by or on behalf of Bpifrance
Financement to subscribe or purchase any notes issued or to be issued by Bpifrance Financement.
This presentation is not intended to provide any valuation of the financial situation of Bpifrance Financement nor any valuation of the notes issued or to be issued by Bpifrance
Financement and should not be considered as a recommendation to purchase any notes issued or to be issued by Bpifrance Financement. Any projection, forecast, estimate or other
‘forward-looking’ statement in this document only illustrates hypothetical performance under specified assumptions of events and/or conditions, which may include
(but are not limited to) prepayment expectations, interest rates, collateral and volatility. Such projections, forecasts, estimates or other ‘forward-looking’ statements are not reliable
indicators of future performance. The figures presented in this document have been taken from duly validated internal sources and have not been audited.
This presentation has been prepared as of 21 March 2018 and is subject to updating, revision, verification, completion and amendment and such information may be subject to change
materially. Bpifrance Financement is under no obligation to update or keep current the information contained in this presentation or in the presentation to which it relates and any
opinions expressed in them is subject to change without notice. Any forward-looking statements will not be updated retrospectively. Such statements are valid on the date of
publication and can be superseded.
Any person having read this presentation shall independently judge of the relevance of the information contained herein; shall make its own independent assessment of Bpifrance
Financement and determine whether to participate in any potential transaction; and shall consult its own advisors as to legal, tax or other aspects, as deemed necessary. The French
“Autorité des Marchés Financiers” granted its visa under number 17-356 dated 13 July 2017 with respect to a EMTN base prospectus (the “Base Prospectus”). You are invited to report
to the Base Prospectus as supplemented by the supplements to the base prospectus before taking any decision with respect to the implementation of any potential transaction. The
Prospectus, is available in accordance with EU Directive 2003/71/EC as amended by Directive 2010/73/EU (the “EU Prospectus Directive”), and any applicable law, on the webpage
http://www.bpifrance.fr/Espace-Investisseurs.
Notes are not intended to be offered, sold or otherwise made available to and should not be offered, sold or otherwise made available to any retail investor in the EEA. For these
purposes, a retail investor means a person who is a retail client as defined in point (11) of article 4(1) of directive 2014/65/EU (MiFID II). Consequently, no key information document
required by Regulation (EU) No 1286/2014 (the PRIIPS Regulation) for offering or selling such Notes or otherwise making them available to retail investors in the EEA has been
prepared and therefore offering or selling such Notes or otherwise making them available to any retail investor in the EEA may be unlawful under the PRIIPS Regulation.
This presentation is furnished to prospective investors on a confidential basis, and all material contained herein is for discussion purposes only. The information contained herein may
not be reproduced or used in whole or in part for any other purpose. By accepting this material, the recipient agrees that it will not distribute or provide the material to any other person.
The information in this presentation is confidential and may not be disclosed to any other person without our prior written approval.
In some countries, the publication of this presentation and the offer or sale of notes issued or to be issued by Bpifrance Financement may be subject to legal restrictions and/or
regulations. In particular, this document and the information contained herein do not constitute an offer of securities for sale in the United States and are not for publication or
distribution, directly or indirectly, in the United States (within the meaning of Regulations under the United States Securities Act of 1933, as amended, i.e. the “Securities Act”). No offer
or sale of securities in the United States or to US persons may take place, except pursuant to an exemption from the registration requirements of the Securities Act. The Issuer invites
those reading this presentation to inform themselves and comply with such restrictions and/or regulations.
This document may not be distributed in the United States or to US persons.
Manufacturer target market (MIFID II product governance) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs key information
document (KID) has been prepared, as not available to retail in EEA.
2
Contents
1. Overview of Bpifrance p. 3
2. Bpifrance Financement: Funding Strategy p. 12
3. Bpifrance Financement: Key Facts & Figures p. 18
4. Appendices p. 29
3
1. Overview of Bpifrance
Executive summary
Bpifrance is the French National Promotional Bank, Innovation Agency, Sovereign Fund and
Export Credit Agency
General interest missions defined by law: public bank dedicated to promoting the financing and development of
companies operating in France, and in particular of SMEs
Highly protected legal status and tight control by public authorities: strongest possible ownership in France
(50% by the French State / 50% by the Caisse des Dépôts)
EPIC1 Bpifrance and Caisse des Dépôts (CDC) ratings considered by Moody’s and Fitch as aligned with
those of French Government
Aa2 (stable) / P-1 by Moody’s; AA (stable) / F1+ by Fitch Ratings
Bpifrance Financement’s debt issued both under EPIC1 Bpifrance’s guarantee and ECB’s State Agency
classification
HQLA level 1
Agency haircut with ECB
Eligible for the ECB’s Public Sector Purchase Programme (PSPP)
Bpifrance is directly and fully regulated by the European Central Bank (ECB) and under domestic
supervision through the Financial Markets Authority (AMF), ACPR2 and Court of Auditors in particular
Bpifrance Group’s fully-loaded Basel 3 CET1 ratio: 30,2% as at 31/12/2017
Bpifrance successfully passed the 2014 Asset Quality Review (AQR) and 2014/2016 stress tests performed by the
EBA3 and the ECB, demonstrating its financial strength
Strong capitalisation, well above minimum regulatory requirements
As a credit institution, Bpifrance Financement is subject to banking regulations and has access to ECB
refinancing
1. EPIC status: see details in appendix 1 / 2. Autorité de contrôle prudentiel et de résolution / 3. European Banking Authority (EBA)
41. Overview of Bpifrance
Bpifrance, a public investment bank, is the trusted partner to
entrepreneurs, banks and investors
Strongly supported by the French State
Set up by law on 12th July 2013, Bpifrance is:
Ownership structure
“A public group aiming at financing and 100%
developing companies, and acting in
accordance with the public policies conducted 1 French Agency Under the supervision
Aa2 (Moody’s) / AA (Fitch) and the guarantee of
both by the State and regional authorities”1 EPIC5 the French Parliament
Direct & explicit
A century of public banking: see details in guarantee
Bpifrance
on bond and CP
appendix 1 issues
50% 50%
Legal entity structure Bpifrance Group
Bpifrance is a financial company: Bpifrance S.A.
Legal structure
1 Held on a 50/50 basis by the French State and
91%2 100% 100%
the Caisse des Dépôts
2 Structured around three main susbsidiaries: 2
A bank (Bpifrance Financement)2
A holding company (Bpifrance
Participations) and an asset management Bond Issuer
See details in sections 2 & 3
company (Bpifrance Investissement)3
An export credit agency (Bpifrance
Financing Equity Investment Export-Credit
Assurance Export)4 Insurance division
division division
Business lines
Management
Organizational structure
Mid & Large
(cofinancing)
of the State
Guarantee
Guarantee
Funds of
Venture
& loans
Capital
Grants
Export
Funds
Credit
SMEs
Caps
Bpifrance is organised around:
3
Three separate primary divisions
3
8 business lines Innovation
Strict compartmentalization of financial Business Support Services
resources between the business lines (advisory services, training programmes, networking opportunities,…)
1. Article 1 of Act No. 2012-1559 dated 31 December 2012 on the creation of Bpifrance: http://www.legifrance.gouv.fr/eli/loi/2012/12/31/2012-1559/jo/texte
2. Bpifrance Financement is 9%-owned by commercial banks / 3. Bpifrance Participations is 100%-owned by Bpifrance S.A. and Bpifrance Investissement is
100%-owned by Bpifrance Participations / 4. See details in appendix 3 / 5. EPIC status: see details in appendix 1
51. Overview of Bpifrance
Our strategy: bringing together the best of the public and private
sectors to boost growth
Strategic roadmap: 3 central pillars
Bpifrance favours growth Bpifrance provides growing SMEs and mid-cap
sectors and geographical businesses with personalised international support
zones, in its mission to Bpifrance with Business France, offers a specific package
support national industrial We which facilitates businesses’ access to information on
policy (digital, encourage the foreign markets and tools for financing and insuring their
biotechnology, development of export activities
agribusiness, aeronautic, French
eco-industries…) businesses
Similarly, Bpifrance adopts internationally
an approach suited to the
particularities of firms Bpifrance promotes the emergence of
operating within the Social a fully integrated and effective
and Solidarity Economy ecosystem for financing and private
(SSE) investment in businesses
We give a real
Innovation is a key priority The goal is to provide micro-
boost to We favour a
for Bpifrance. We promising new businesses, SMEs and mid-caps, at all
intervene prior to the R&D
fertile financial
sectors and to ecosystem for stages of development, with access to
phase and continue all the innovation highly competent, specialized
entrepreneurs in
way through to the financiers and investors
France and
reinforcing of capital for Bpifrance strives to attract
abroad
innovative firms, who are an international investors in the financing
essential source of of French SMEs and mid-cap
competitiveness for the businesses
French economy
A bank that promotes non-price competitiveness
(Internationalization / Digitalization / Energy and Environmental Transition)
61. Overview of Bpifrance
An integrated banking model based on five activities
with two different but complementary natures
An integrated banking model
A Own fund-related activities:
Co-financing of credit, in the form of medium- and
long-term loans and financing of short-term Financing Division
receivables
Equity investment1, either directly or through
investment funds A Guarantee
Funding: debt funding and sharesholders’ equity Credit Own
(cofinancing) account
B Activities carried out within the scope of public Innovation
policies and based, by nature, on dedicated funds2 Equity
B
intended to cover commitments made under these Investment1 State
assignments: account Export-Credit
Insurance
Guaranteeing loans granted by banking partners
and/or equity funding organizations
Financing innovation through aid3 or loans
Export-credit insurance (insurance covering market
survey, credit, exchange risk and investment; These business lines are managed within an
guarantees covering pre-financing and the bonding integrated banking model (pooling of resources,
facility) teams, branch networks, IS) for shared customers
Funding: public allocations and based on strictly hived-off financial resources
1. Bpifrance manages assets also on behalf of third-parties
2. Primarily from the State and other public funders (regional authorities, Europe) / 3. In the form of grants, repayable advances, interest-free loans
71. Overview of Bpifrance
Bpifrance has a unique and a rock-solid balance sheet reflecting
its safe and sound business model
Summary consolidated balance sheet (€bn)
Assets Liabilities
52.4 52.4
48.6 48.6
1.2 1.60.8 Cash & Others 5.6
2.0 6.1 Others*
6.4 3.8
Financement
6.4 3.9 3.1
8.6 Innovation - Aids & Loans State
Bpifrance
6.7 3.1 Guarantee/Inno. Funds
account
Guarantee - Cash &
ST Funding
Securities portfolio 36.2
35.3 Financing - Securities 31.8 Own
32.3 MT-LT Funding
portfolio account
Financing - Credit portfolio
3.6 Sharesholders' equity
3.4
Dec. 2016 Dec. 2017 Dec. 2016 Dec. 2017
72.4 72.4
68.5 68.5
4.2 Cash & Others 5.6
6.2 1.6 6.7 3.8
6.1 Others*
2.0 Innovation - Aids & Loans 3.9 3.1
6.4 8.6 3.1
State
Bpifrance
6.7 Guarantee/Inno. Funds
Guarantee - Cash & account
Securities portfolio 31.8 36.2
35.3 Financing - Securities ST Funding
32.3
portfolio
Own
Financing - Credit MT-LT Funding
portfolio account
23.0 23.6
15.0 16.6 Equity Investment Sharesholders' equity
portfolio
Dec. 2016 Dec. 2017 Dec. 2016 Dec. 2017
* Liabilities-Others: particularly shareholder's advance for Guarantee and Innovation, allocations to be paid, commercial resources, provisions
81. Overview of Bpifrance
Solvency
Bpifrance is a solid bank
Bpifrance
Bpifrance
Financement
> Solvency Phased-in Fully-loaded
30.6%32.1% 29.6%30.2%
Basel 3 CET1 ratio as at 31/12/2017:
CET1
Bpifrance: 10.7%10.7% 12.4%12.4%
ratio
Phased-in: 29,6%
Fully-loaded: 30,2% 31/12/2016 31/12/2017 31/12/2016 31/12/2017
Bpifrance Financement:
Phased-in: 12,4%
Fully-loaded: 12,4%
31.0% 29.9%
Pillar 2 requirements as of 20181:
Total 14.0%
Bpifrance: ratio
11.5%
Phased-in CET 1 ratio: 7,625%2
Phased-in Total capital ratio: 11,125% 31/12/2016 31/12/2017 31/12/2016 31/12/2017
phased-in phased-in phased-in phased-in
Bpifrance Financement:
Phased-in CET 1 ratio: 7,875%3
Phased-in Total capital ratio: 11,375% 3%: minimum
indicative level
23.1% 22.9%
Phased-in Basel 3 leverage ratio as at 31/12/2017: Leverage recommended by the
Basel Committee
Bpifrance: 22,9% ratio 5.3% 5.2%
Bpifrance Financement: 5,2%
31/12/2016 31/12/2017 31/12/2016 31/12/2017
phased-in phased-in phased-in phased-in
1. As communicated by the ECB following the outcome of the 2017 Supervisory Review and Evaluation Process (SREP)
2. Including 1,875% for the Conservation buffer and 1,25% for the Pillar 2 requirement (P2R) / excluding the Pillar 2 guidance (P2G), which is not public
3. Including 1,875% for the Conservation buffer and 1,50% for the Pillar 2 requirement (P2R) / excluding the Pillar 2 guidance (P2G), which is not public
91. Overview of Bpifrance
Liquidity
Bpifrance has a strong liquidity position
Bpifrance
Bpifrance
Financement
> Liquidity
528% 523%
Liquidity Coverage Ratio as at 31/12/2017:
424%
Bpifrance: 528% 389%
Bpifrance Financement: 523%
LCR
Net Stable Funding Ratio as at 31/12/2017:
Bpifrance: 113%
Bpifrance Financement: 127%
31/12/2016 31/12/2017 31/12/2016 31/12/2017
Liquidity reserve1 as at 31/12/2017:
€ 11,6 bn, of which
125% 127%
Immediately available: € 2,2 bn 112% 113%
Available within a month: € 9,4 bn
NSFR
31/12/2016 31/12/2017 31/12/2016 31/12/2017
1. Unencumbered, net of haircuts
101. Overview of Bpifrance
Bpifrance is an accountable bank and has an ambitious
policy of engagement in our society
Bpifrance is a responsible Group. It has a mission-statement which is defined by law and includes supporting the Energy
and Environmental Transition
Bpifrance…
… fulfills its general mission … by offering companies in France better access to financing, bearing in mind:
of economic interest: Its social components: job creation, health, occupational security schemes, personal
“to serve the future and development, due regard for social dialogue
promote sustainable Its environmental components: environmental friendliness, sustainable use of natural
development”… resources, environmental impact management
Employment (particularly for the young)
… focuses on 4 priorities to
Energy and Environmental Transition1
implement its Corporate
Social Responsibility policy The quality of corporate governance and management
Female entrepreneurship promotion
… takes into account the … its own operations: “Internal CSR” Annual CSR
social and environmental … its own activities: “Responsible Investment and Financing” Reports since 2013
impacts on… (see details in appendix 1 and here http://www.bpifrance.fr/Qui-sommes-nous/Developpement-Durable-RSE/Accueil)
Signatory to the UN Principles for Responsible Investment
Signatory to the PRI Montréal Carbon Pledge
and participates in market Signatory to the Global Investor Statement on Climate Change
initiatives Support for the Shift Project
As a subsidiary, Bpifrance is party to the Caisse des Dépôts’ commitments towards Climate
Active member of AFIC’s ESG Commission2 and of the Finance Club of the CSR Observatory
Since 2013, Bpifrance has granted ~€5 bn to 6,000+ companies (of which ~90% are micro-businesses)
to finance3 the Energy and Environmental Transition (EET)
1. And specially, how best to use energy resources / 2. AFIC, French Investors Association for Growth / 3. Equity, loans, guarantees
11Contents
1. Overview of Bpifrance p. 3
2. Bpifrance Financement: Funding Strategy p. 12
3. Bpifrance Financement: Key Facts & Figures p. 18
4. Appendices p. 29
122. Bpifrance Financement: Funding Strategy
Bpifrance Financement issues bonds and commercial paper to
refinance its loan portfolio
Strict compartmentalization
of financial resources
between the business lines
Ownership structure 3 Business lines
Nature of activity Funding
100%
Own
Credit Debt funding
account-related
(cofinancing) Equity
EPIC1 activities
Bpifrance
50% 50%
Direct & Guarantee
explicit Bpifrance S.A.
guarantee State
Public allocations
on bond account-related
91%2
and CP
activities
issues
Innovation
The bonds and commercial paper issued by Bpifrance Financement are
guaranteed by the EPIC1 Bpifrance, by way of an autonomous, unconditional
and irrevocable first-demand guarantee
1. EPIC status: see details in appendix 1 / 2. Bpifrance Financement is 9%-owned by commercial banks
132. Bpifrance Financement: Funding Strategy
EPIC1 Bpifrance and the debt issuance programmes benefit from
high quality ratings
> Aa2 (Stable) / P-1 > AA (Stable) / F1+
Rationale: Rationale:
Intrinsic operational and financial ties with the French State EPIC Bpifrance is strongly supported by the French
High level of government involvement in its business plan and budget government
Essential role in the development and implementation of government Its missions are defined by the French government
policies favoring companies Benefits from a strong administrative, legal and financial oversight
Public establishment with specific legal status Strong probability of support from the French State, given its legal
EPIC Bpifrance is not subject to liquidation laws thanks to its status
legal status of EPIC EPIC Bpifrance’s asset and liabilities cannot be
Given Bpifrance’s important role in government policy liquidated or transferred to entities other than the French
concerning SMEs, the French State would timely, in case of State thanks to its legal status
stress, extend its support at Bpifrance Financement Bpifrance is a strategic tool for French economic policy
“From a credit-risk profile perspective, Moody’s considers CDC
and Bpifrance to be intrinsically tied to the French State through
“The ratings are aligned with those of the French State due to
their operational and financial ties with the government. As
expected very strong support in case of need, strong oversight
such, CDC’s deposit and senior debt ratings and Bpifrance’s
from the state government and its strategic role in government
issuer rating derive from the application of a credit-substitution
policy concerning SMEs.”
approach, whereby their ratings are aligned with those of the
French government.”
Rationale on Bpifrance Financement bonds programmes: Rationale on Bpifrance Financement bonds programmes:
“The rating reflects the unconditional and irrevocable guarantee “The bonds issued under these programmes benefit from an
from EPIC Bpifrance for full and timely payments unconditional and irrevocable first-call guarantee
under this Programme.” from EPIC Bpifrance.”
The rating agencies assess EPIC1 Bpifrance as a
government-related issuer, credit-linked to the French State
1. EPIC status: see details in appendix 1
142. Bpifrance Financement: Funding Strategy
Funding strategy
A diversified and a long-term oriented refinancing structure
Refinancing Medium and long-term refinancing mainly on capital markets and through bilateral loans
Strategy in Repo operations on French Govies as part of operations to hedge the rate position
the long run Short-term refinancing (commercial paper) mainly used as liquidity management and to ensure a
continuing presence on capital markets
Bond and Commercial Paper programmes
EMTN1 Programme: €30 bn
“Autonomous,
Mainly benchmarks but also private placements
unconditional and
NEU MTN2 Programme: €4 bn
irrevocable first-demand
Launched in 2014
guarantee of
NEU CP3 Programme: €6 bn
EPIC Bpifrance”4
Labelled STEP under ID 2685
Main Ratings: Bonds’ liquidity:
Funding Moody’s Fitch Ratings HQLA level 1
Channels Long-term ratings AA2 AA Agency haircut with ECB
Outlook/Review Stable Stable Eligible for the ECB’s Public Sector
Short-term ratings P-1 F1+ Purchase Programme (PSPP)
Bilateral Loans
Access to ECB instruments
Long-term partnerships with CDC and other public institutions (e.g. EIB, KfW)
Repo backed by French Govies
1. EMTN = Euro Medium Term Notes / 2. Negotiable European Medium Term Notes / 3. NEU CP = Negotiable European Commercial Paper
4. The only legally binding version is the French one, as follows: “Garantie autonome à première demande inconditionnelle et irrévocable de l’EPIC Bpifrance”;
EPIC status: see details in appendix 1
152. Bpifrance Financement: Funding Strategy
A diversified and a long-term oriented refinancing structure
An increasing and more diverse refinancing structure to support business growth
€bn
39.5
34.8
30.5 8%
Breakdown 26.5 14%
22.2
by Instrument 17.9
Type 14.7 55%
22%
Dec. 11 Dec. 12 Dec. 13 Dec. 14 Dec. 15 Dec. 16 Dec. 17
EMTN/NEU MTN Bilateral loans Repo Commercial Paper
Refinancing breakdown Govies portfolio breakdown
€bn, as at 31/12/2017 €bn, as at 31/12/2017
14 5
12
4
10
Breakdown 3
8
by Remaining
6 2
Maturity 4
1
2
0 0
> 5 years [4 - 5 [3 - 4 [2 - 3 [1 - 2 < 1 year < 1 year [1 - 2 [2 - 3 [3 - 4 [4 - 5 > 5 years
years] years] years] years] years] years] years] years]
Bonds & bilateral loans Commercial Paper Repo
162. Bpifrance Financement: Funding Strategy
Bond issues under the EMTN/NEU MTN programmes
A demonstrated ability to access diversified market fundings
Bond issues since 2011 (€ bn)
8
6.6
7
6 5.1
4.7
5 3.8 3.9
4
2.6
3
2 1.2
1
0
Q3-11
Q4-11
Q1-12
Q2-12
Q3-12
Q1-13
Q3-13
Q4-13
Q1-14
Q2-14
Q3-14
Q4-14
Q1-15
Q2-15
Q3-15
Q4-15
Q1-16
Q2-16
Q3-16
Q4-16
Q1-17
Q2-17
Q3-17
Q4-17
2011
2012
2013
2014
2015
2016
2017
A continuing and growing presence on capital markets
Bond outstandings breakdown (as at 31/12/2017)
By Investor type By Geographical area By Maturity
€bn
3.5
(as at 28/02/2018)
Asset managers 5%3% France 3.0
14%
6% 2.5
30% Europe (excl. France)
Banks 2.0
Central Banks & Asia 1.5
31% 55%
34% Official institutions Africa 1.0
21% 0.5
Insurers North America
0.0
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
A growing interest among international investors: ~280 investors in ~38 countries
17Contents
1. Overview of Bpifrance p. 3
2. Bpifrance Financement: Funding Strategy p. 12
3. Bpifrance Financement: Key Facts & Figures p. 18
Business Model
Financials
Risk Management
4. Appendices p. 29
183. Bpifrance Financement: Key Facts & Figures - Business Model
The mission of Bpifrance Financement is to finance and stimulate
French SMEs’ growth and innovation
Public Bank dedicated to
financing French companies, A well-established network Close relationship between
from Entrepreneurs to MidCaps in the heart of French Regions companies and regional offices
3 broad categories of products: Regional offices: 48 90% of decisions taken at regional
Business loans (cofinancing): Staff: ~2,500 offices
partnership with commercial Bpifrance works in cooperation with Single point of contact, in every region:
banks and financial institutions for regional authorities, to develop financial An innovation officer
business investments and solutions adapted to territorial specificities A guarantee and finance officer
operations One or more Business France and
Guarantees: risk-sharing in Bpifrance Assurance Export officers
support of bank financing and An equity investment officer
private equity investments
Soft loans for innovation:
provide financing and expertise to
companies with innovative,
technology-based, business-
focused projects
REGIONAL
A bank driven by solvency and OFFICE
liquidity:
Conservative risk management
Resilient financial performance
New regional offices: 2016 & 2017
193. Bpifrance Financement: Key Facts & Figures - Business Model
3 Business lines
Bpifrance Financement offers financing solutions suited for every
stage of business development* in partnership with banks
Business lines Credit (cofinancing) Guarantee Innovation
Loans Guarantees provided to Grants
Pari-passu with banks banks on loans to SMEs Repayable advances2
Offer
+ Specific unsecured Risk sharing 40-70% Loans
Business Model
loans1
Risk Sharing
& Partnership
with Banks
State
account-
related
activities
(public allocations)
€7,2 bn loans3 €4,0 bn risks5 €0,9 bn Innovation aids
2017
~6,400 SMEs financed €8,9 bn loans €0,3 bn loans
Key Figures
€5,9 bn ST financing4 ~61,370 SMEs financed ~5,420 SMEs financed
*. Creation, development, external growth, innovation, international expansion, buy-out
1. With public guarantee backing / 2. Redeemable in case of success / 3. Secured loans: €4,6 bn and unsecured loans: €2,5 bn
4. o.w CICE (The Competitiveness and Employment Tax Credit): €1,5 bn (new authorisations only) / 5. Excluding internal guarantee
203. Bpifrance Financement: Key Facts & Figures - Business Model
Activity
The breakdown of Bpifrance Financement’s activity shows a good
diversification by sector and a strong focus on SMEs
Breakdown by sector1 Breakdown by size of enterprise1
6% 7%
10%
27%
23%
10% 44%
11%
21%
15% 25%
Trade / Transport / Hotels / Catering SMEs Mid Caps Micro Businesses Large Caps
Industry
Real Estate
Construction
Business services
Others
Information and communications technology
1. Based on 2016 activity (credit + guarantee + innovation)
213. Bpifrance Financement: Key Facts & Figures - Financials
Key financials
A good operating performance & a solid risk profile
Bpifrance Financement: Income Statement Bpifrance Financement: Balance Sheet
€m 2014 2015 2016 2017 €m Dec. 14 Dec. 15 Dec. 16 Dec. 17
Net banking income 550 615 682 758
Total balance sheet €40,2 bn €44,6 bn €48,6 bn €52,4 bn
• o.w. Credit 439 500 550 619
• o.w. Guarantee 91 93 99 101 Loan outstanding €24,5 bn €29,0 bn €32,9 bn €35,9 bn
• o.w. Innovation 20 22 32 39
Solvability
Operating expenses (331) (355) (387) (411)
CET1 ratio4 9,1% 9,6% 10,7% 12,4%
Cost of risk (CoR) (58) (72) (6) (35)
• o.w. Specific prov. (25) (36) (44) (55)
Total ratio5 11,0% 10,7% 11,5% 14,0%
• o.w. Portfolio-based prov. (32) (36) 38 19
Leverage ratio5 5,2% 5,4% 5,3% 5,2%
Operating Income 161 187 289 312
Shareholders'
Net Income 103 119 184 1821 2,835 3,242 3,418 3,598
equity6
Key ratios Equity buffers
• Fair value of public 2,332 3,289 3,135 2,862
Cost / Income ratio 60% 58% 57%2 56%2 guarantee funds
• Ex-ante reserves7 595 651 640 626
CoR (specific prov.) /
10 bps 12 bps 13 bps 15 bps
outstandings Liquidity
RoE 3,6% 3,7% 3,8%2 3,6%2 LCR 600% 349% 389% 523%
RoE of credit activities 6,7% 6,7% 6,6%3 6,2%3 NSFR 127% 121% 125% 127%
1. Including a non recurring tax of €17,7 m / 2. Underlying (see in appendix for further details on specific items) / 3. Data relating to the 2016 and 2017 financial
years have been adjusted to take account of the increase in the normative equity allocation principle / 4. Fully loaded Basel 3 / 5. Phased-in; nota bene: Fully
loaded Basel 3 Total ratio = Fully loaded Basel 3 CET1 ratio / 6. Group Share / 7. Portfolio-based reserves
223. Bpifrance Financement: Key Facts & Figures - Financials
Steady performance throughout the cycle
A significant economic impact
Average annual growth rate of turnover over the
three years following Bpifrance’s financing
10%
8%
Impact on 6%
5.2%
activity 4% 4.3%
2% 1.4%
0.6%
0% 2008 2009 2010 2011 2012
Bpifrance’s beneficiaries
2008 2011 2009 2012 2010 2013 2011 2014 2012 2015
Observation period Long term average
Similar companies
Average annual growth rate of employment over the
three years following Bpifrance’s financing Long term average
4%
3% 3.0%
Impact on 2.5%
2%
employment
1%
0.8%
0.4%
0%
2008 2011 2009 2012 2010 2013 2011 2014 2012 2015
Observation period
• + €30 bn of additional turnover2
Impact of financing dedicated to companies’ growth1:
• + 76,000 jobs created or saved2
1. Excluding financing for new companies, financing for transmission projects and short-term financing / 2. Over 5 generations of beneficiaries 2008-2012
Note: estimation of impact on a “balanced” sample the effect related to an improvement of survival rates is not measured here
Source: Bpifrance Assessment and Studies Department
233. Bpifrance Financement: Key Facts & Figures - Financials
Steady performance throughout the cycle
A sound risk profile and a low earnings volatility
Bpifrance Financement: Bpifrance Financement:
a sound risk profile a strong earnings stability
> Cost of Risk / Outstandings (in bps) > Cost / Income ratio
200 70%
62%
100 60%
58%
55
25
0 50%
2007 2008 2009 2010 2011 2012 2013 2014 2015 2007 2008 2009 2010 2011 2012 2013 2014 2015
Bpifrance Financement European Bank aggregation Bpifrance Financement European Bank aggregation
> Cost of Risk / Total Assets (in bps) > RoE
100 25%
15%
50
25 5% 6.2%
3.7%
16
0 -5% 2007 2008 2009 2010 2011 2012 2013 2014 2015
2007 2008 2009 2010 2011 2012 2013 2014 2015
Bpifrance Financement European Bank aggregation Bpifrance Financement European Bank aggregation
> Cost of Risk / Gross Operating Income > RoA
100% 1.0%
0.5% 0.3%
50% 0.3%
30% 0.0%
28%
2007 2008 2009 2010 2011 2012 2013 2014 2015
0% -0.5%
2007 2008 2009 2010 2011 2012 2013 2014 2015
Bpifrance Financement European Bank aggregation Bpifrance Financement European Bank aggregation
Note: European aggregation = in 2015, sample of 47 banks monitored by Deutsche Bank’s Equity Research
Source: “Deutsche Bank, European Strategy”, 11 January 2016
243. Bpifrance Financement: Key Facts & Figures - Risk Management
Credit risk management
Low cost of risk proves the good quality of the loan portfolio
Through the cycle dynamic provisioning
Objective: Cost of risk (€m)
Uncoupling the shareholders’ equity 72
58
requirement from temporary variations in risk 36 6 35 Specific provisions
25
levels 32 36 44 55
Means: -38 -19 Portfolio-based
provisions
Dynamic loans provisioning able to cope with
2014 2015 2016 2017
all the credit losses of a downturn
Constraint: Cost of risk (specific provisions) / outstandings (bps)
For the guarantee activity and the innovation
activity, the portfolio-based ex ante provisions 13 15
12
10
are made with State allocation; for the credit
CoR-Specific prov.
activity (cofinancing), the portfolio-based ex / outstandings
ante provisions are made with the results
Dec. 2014 Dec. 2015 Dec. 2016 Dec. 2017
Non-performing loans
Approach by
Provisioning
Approach by OSEO
Bpifrance 93% 92% 82%
71%
Coverage ratio**
5.1% 3.9% 3.6% 3.9%
NPL ratio***
Time / Dec. 2014 Dec. 2015 Dec. 2016 Dec. 2017
cycle
Recession Expansion
*. Over a rolling two-half period / **. Loans loss reserves (specific and on a portfolio basis, including allocated guarantee funds) / Non-performing loans (gross)
***. Non-performing loans (gross) / Customer loans (gross)
Note: outstandings, end of period / Customer loans, NPL and loans loss reserves: excluding accounts opened with Agence France Trésor (AFT)
253. Bpifrance Financement: Key Facts & Figures - Risk Management
Liquidity risk management
Sound liquidity positions
Bpifrance Financement: Asset-Liability run-off Bpifrance Financement: Liquidity ratios
€bn
60
523%
50
40 389%
349%
30
20
10 121% 125% 127%
0
Dec. 17
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
Dec. 15 Dec. 16 Dec. 17
Assets in the balance sheet
NSFR LCR
Liabilities in the balance sheet
Bpifrance Financement follows a strict liquidity containment policy by line of business. A funding gap is
monitored for financing activities
Nevertheless, the portfolio of guarantee funds is a source of mobilizable liquid assets
263. Bpifrance Financement: Key Facts & Figures - Risk Management
Treasury portfolio risk management
A conservative investment portfolio
Breakdown of Investment Portfolio: €15,3 bn (as at Dec. 2017)
By Type of Instruments By Portfolio By Maturity By Ratings
Other1 7% 6% A1-Baa1
Cash2 4%
Commercial 4% Short-term 26%
Paper 39%
Guarantee
~€6,0 bn
34%
AFT3
~€5,2 bn
93% Aa2-Aa3
Long-term 74%
French 61%
51% Financing
Govies ~€9,3 bn
~€7,7 bn
(OAT)
Aaa-Aa1
1%
By Instrument Type By Portfolio By Maturity By Ratings
1. French govies (BTAN) + other bonds (agencies, banks) + NEU MTN + money market funds / 2. Excluding AFT (Agence France Trésor) cash account (~€2,6 bn)
3. Agence France Trésor (including cash account: ~€2,6 bn)
27Contacts
Arnaud CAUDOUX Christophe JACQUILLAT
Deputy CEO Director of Capital Markets
arnaud.caudoux@bpifrance.fr christophe.jacquillat@bpifrance.fr
+33 (0)1 41 79 83 07 +33 (0)1 41 79 87 39
Jean-Yves CAMINADE Eric de LA CHAISE
CFO Head of Financial Engineering & Management
Contacts
jy.caminade@bpifrance.fr eric.delachaise@bpifrance.fr
+33 (0)1 41 79 99 96 +33 (0)1 41 79 80 68
Jean-Michel ARNOULT Julien GEFFROY
Deputy CFO Special Advisor to the Deputy CEO
jm.arnoult@bpifrance.fr julien.geffroy@bpifrance.fr
+33 (0)1 41 79 89 77 +33 (0)1 79 87 91
Websites
www.bpifrance.fr
www.bpifrance.fr/Investors-Center
http://www.bpifrance.fr/Qui-sommes-nous/Developpement-Durable-RSE/Accueil
Adress and
links Headquarters
Bpifrance
27-31, avenue du Général Leclerc
94 710 Maisons-Alfort Cedex
France
28Contents
1. Overview of Bpifrance p. 3
2. Bpifrance Financement: Funding Strategy p. 12
3. Bpifrance Financement: Key Facts & Figures p. 18
4. Appendices p. 29
Appendix 1: Bpifrance in a nutshell
A century of public banking
Bpifrance benefits from highly protected legal status
EPIC Bpifrance benefits from highly protected legal status
Financing continuum
Activity of the financing division
Equity investment division
An accountable bank
Appendix 2: France: a leading Tech and VC investment country
Appendix 3: Transfer of the State Export Guarantees
Appendix 4: 2016 EU-wide stress test results
Appendix 5: Bond issues under the EMTN/NEU MTN programmes
Appendix 6: Methodological notes
294. Appendices
Appendix 1 - Bpifrance: a century of public banking
1923 > Creation of Crédit national hôtelier
1936 > Act that sets out mutual guarantee schemes (Art. 8) and creates the
Caisse nationale des marchés de l’État (CNME)
1938 > Crédit national hôtelier becomes Caisse centrale de crédit hôtelier, commercial
et industriel (CCCHCI)
1967 > Creation of Agence nationale de valorisation de la recherche (ANVAR)
1974 > Creation of Groupement interprofessionnel de la petite et moyenne entreprise
(GIPME), spin-off of Confédération générale des petites et moyennes entreprises
(CGPME)
1979 > Act governing state aid granted for innovation purposes, and entrusted to ANVAR
1980 > Creation of Crédit d’équipement des PME (CEPME) arising from the merger of
CCCHI, CNME and GIPME
1982 > Creation of Sofaris, in charge of the management of guarantee funds
1984 > Creation, together with Cdc1, of Avenir Entreprises, the equity investment
business of CEPME
1996 > Creation of Banque du développement des PME (BDPME) resulting from the
merger of CEPME and Sofaris
1998 > Creation of CDC PME, direct subsidiary of CdC, in charge of managing the « SME
Programme2»
2002 > CDC PME becomes a majority shareholder of Avenir Entreprises
2004 > CDC PME becomes CDC Entreprises, a wholly owned subsidiary of CdC
2005 > Creation of OSEO formed by the merger of BDPME and ANVAR
2007 > Agence de l’innovation industrielle (AII) merged into OSEO
2008 > Creation of Fonds Stratégique d’Investissement (FSI)
2011 > Avenir Entreprises becomes FSI Régions
2012 > Act on the creation of Bpifrance (31/12/2012)
2013 > Official set-up of Bpifrance formed by the merger of OSEO, CDC Entreprises and
FSI (12/07/2013)
2014 > CDC Entreprises, FSI and FSI Régions are transferred to Bpifrance
Investissement, the group’s single asset management company (01/04/2014)
2017 > Coface DGP, the State Export Guarantees activity, is transferred to Bpifrance and
becomes Bpifrance Assurance Export (01/01/2017), the new French export credit Agency
(ECA) on behalf of, for and under the control of the State
1. Caisse des Dépôts et Consignations (CdC) / 2. CdC started the equity investment business in 1994.
304. Appendices
Appendix 1 - Bpifrance benefits from highly protected legal status
The missions and organization of the EPIC Bpifrance are defined under Act 2005-722 dated 29 June
2005, as amended and ratified, and which referred to (i) the creation of the EPIC and (ii) the
transformation of the National Agency for Research Promotion (ANVAR) from a public corporation into a
limited company. This Act, together with Act 2013-529 of 21 June 2013 and Act 2012-1559 of 31
December 2012, confirm the creation of Bpifrance.
« Bpifrance is a public group aiming at financing and developing companies, and acting in accordance
with the public policies conducted both by the State and regional authorities »1
Act 2005-722 dated 29 June 2005
http://www.legifrance.gouv.fr/affichTexte.do?cidTexte=JORFTEXT000000810872
Act 2012-1559 of 31 December 2012
http://www.legifrance.gouv.fr/eli/loi/2012/12/31/2012-1559/jo/texte
Act 2013-529 of 21 June 2013
http://www.legifrance.gouv.fr/eli/decret/2013/6/21/2013-529/jo/texte
1. Article 1 of Act No. 2012-1559 dated 31 December 2012 on the creation of Bpifrance
314. Appendices
Appendix 1 - EPIC Bpifrance benefits from highly protected legal
status
EPIC Status Applicable to Bpifrance
1. Set up by a specific Law or Decree • The missions and organization of the EPIC Bpifrance are defined under
Act 2005-722 dated 29 June 2005, as amended and ratified, and which
referred to (i) the creation of the EPIC and (ii) the transformation of the
• Law required for the creation of a new category of EPIC National Agency for Research Promotion (ANVAR) from a public corporation
• Decree for an EPIC belonging to an existing category into a limited company. This Act, together with Act 2013-529 of 21 June 2013
and Act 2012-1559 of 31 December 2012, confirm the creation of Bpifrance.
2. General interest missions defined by the law • To promote and support innovation, most notably technological, and to
contribute to technology transfer
• With a specific object (specialty principle) • To promote the development and financing of small and medium-sized
• With some public law prerogatives enterprises
3. Strong controls by public authorities • The 6 members of EPIC Bpifrance’s Board of directors are appointed by
the State
• Members of the Board of Directors appointed in whole or in • The Government Commissioner has the power to veto some decisions of
part by public authorities the Board of Directors
• Supervision by public authorities • The EPIC Bpifrance is under the supervision of both the Ministry for the
Economy, Industry and Employment, and the Ministry for Higher
• Control of the accounts by the “Court of Auditors”2 Education and Research
• EPIC Bpifrance is one of the rare EPICs to be classified as a central
4. Implicit but automatic guarantee of the State government body or ODAC (Organisme Divers d’Administration Centrale)
• No recovery or judicial liquidation proceedings for an EPIC like an EPA (Etablissement Public d’Administration), which means that its
debt is consolidated with that of the State (under Maastricht’s Rules)
• If an EPIC is unable to comply with its obligations, the State is
• Bpifrance Financement SA benefits, as a subsidiary, from an explicit
legally bound to fulfill them guarantee from EPIC Bpifrance for its bond issues. And, likewise,
• Solvency is protected by Law 3 Bpifrance benefits from an implicit guarantee from the State
• The June 2005 Act was amended in 2010 and 2012 to stipulate the missions
5. Transformation or dissolution only possible and governance of Bpifrance, and to give specific empowerment to State
by law (Act or Decree) representatives being members of the Board
Permanence of Bpifrance’s Legal Status as a Public Institution
1. An EPIC (Etablissement Public Industriel et Commercial) is a legal entity that carries out commercial and industrial activities whilst also being governed by some of
the rules applicable to public law entities / 2. “Cour des Comptes”
3. Law n° 80-539 art 1 - 16th july 1980 https://www.legifrance.gouv.fr/affichTexte.do?cidTexte=LEGITEXT000006068696&dateTexte=20110729
324. Appendices
Appendix 1 - Solutions for businesses of all sizes
Bpifrance assists businesses of all sizes, primarily micro-businesses, SMEs, and mid-caps; but it also
assists large caps that are considered strategic in terms of national or territorial economy, or employment
MID- LARGE
MICRO- SMEs CAPS CAPS
BUSINES-
SES
FINANCING SUPPORTING THE STRENGTHENING MID-CAP PARTICIPATING
BUSINESSES GROWTH BUSINESSES IN THEIR IN THE GROWTH
INVESTMENT AND OF SMEs THROUGHOUT DEVELOPMENT AND OF LARGE CAPS
CASH FLOW NEEDS FRANCE THEIR INTERNATIONAL
EXPANSION
Seed Innovation aid Innovation aid Collaborative innovation
Innovation aid Guarantees Financing Projects
Guarantees Financing Export support Financing
Financing Export support and financing Capital stabilisation
and financing Growth capital
Growth capital Transfer capital
Transfer capital
334. Appendices
Appendix 1 - A financing continuum, present in every key phase of
business development
We take minor stakes in growth businesses,
from the seed phase to transfer, often alongside
national or regional local funds:
• Equity acquisition, irrespective
of company size
We intervene by investing in businesses • Sector funds
of all sizes, through co-financing with banks: • Partner funds INTERNATIONAL
• Mid-term and long-term loans • Convertible bonds
• Property leasing contracts
• Equipment leasing contracts Along with public and private operators, we invest in capital
investment funds that invest in SMEs:
We propose long term guarantee-free
development loans, to finance intangible • Over 260 partner funds including
assets and working capital: 95 regional funds
• Growth loan, 10 years loan We support export
• Subsidised Green and Digital loans projects with the help
• Profit-sharing loans of UBIFRANCE and Coface,
our partners
at Bpifrance Export:
We strengthen firms’ cash flow: EQUITY
• Development or
• refinancing publicly or
privately-held receivables. INVESTMENT establishment support
(UBIFRANCE)
We support individual and collaborative • Pre-financing of the Tax Credit
• Prospecting, credit
innovative projects, through R&D aid, for Competitiveness and
and currency exchange
financing for industrial and commercial Employment (CICE) or
insurance (Coface)
the Research Tax Credit (CIR)
launch, or even via equity acquisition: • Export loan (Bpifrance)
• Equity investment
• Innovation aid: grants, recoupable (Bpifrance)
advances, interest-free loans
• Guarantees on bank
• Seed loans in preparation of fundraising GUARANTEES financing devoted to
• Innovation loans to facilitate international activity
the launch of innovative products (Bpifrance)
and services
• Equity investment, either directly
or through partner funds
FINANCING We provide banks with a guarantee
of up to 70%*, to encourage them
to finance SMEs in the riskiest phases:
• Creation
• Transfer
INNOVATION •
•
Innovation
International Expansion
• Development
• Strengthen cash flow*
* Up to 70% with the Regions
*. Up to 70% with the Regions
344. Appendices
Appendix 1 - Financing division: strong business dynamics
Credit (cofinancing) Guarantee Innovation
Investment loans Annual Authorisations3 Innovation Aids
Annual Commitments - €m €m Annual Authorisations - €m
6 759 7 152 3 839 3 802 3 795 3 996
6 133 3 736
5 539 224 246 238 301
4 960 2 542
245
2 422 1 002 936 926
1 758 2 015 877
1 264 635
3 531 3 615 3 556 3 491 3 557 3 695
2 412 2 506 2 937 3 214
1 284 1 275 1 181 1 123 1 079
2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017
Unsecured loans Classical guarantee Cash guarantee
Medium and long-term loans
Leasing
Short-term loans Average Outstandings3 Unsecured loans
Annual Authorisations - €m €bn Annual Commitments - €m
8 602
7 219 7 854 352
14.5 15.6 305 327
5 919 12.8 13.6
11.9
4 045 4 982 214
3 551 4 287
2 350 112
795
3 250 3 569 3 668 3 567 3 620
2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017
Discounting receivables CICE(2)
Average Outstandings1 28.2 Public allocations4 Public allocations5
€bn 25.2 €m €m 444 435 411
22.1
19.0 9.1 366 381
16.3 7.5
279
319 314 339
6.0 523 532
4.6 219
3.7
8.8 10.2 11.7 13.1 280 345 253
170
7.6
75 67 94 137 184
45
5.1 5.6 5.9 6.0 6.1
2013 2014 2015 2016 2017 2007 2009 2011 2013 2015 2017 2007 2009 2011 2013 2015 2017
Leasing MLT loans Unsecured loans
1. Excluding short-term financing / 2. The Competitiveness and Employment Tax Credit / 3. Excluding funds dedicated to unsecured loans
4. Public allocations collected during the period (State, CGI/PIA - Commissariat Général à l’Investissement -, Caisse des dépôts, excluding Regions)
5. Public allocations collected during the period (State, CGI/PIA - Commissariat Général à l’Investissement -, excluding Regions, Europe)
354. Appendices
Appendix 1 - Overview of the equity investment division
Ownership structure 4 Business lines
Direct investments Bpifrance acquires minority stakes in growing companies,
100%
from seed to transmission, usually alongside private funds, whether national or
regional:
Equity investments in companies of all sizes
EPIC On segments where there is a lack of private initiative
Bpifrance Equity or quasi-equity
50% 50%
Direct stakes or holdings through investment funds
• AUM: ~€15,8 bn, of which ~8% of third-party
2017
Mid & Large
• Investments: €2,6 bn
Bpifrance S.A. Caps
• # deals: 40
100% • AUM: ~€1,6 bn, of which ~12% of third-party
2017
SMEs • Investments: €143 m
Holding Bpifrance • # deals: 94
company (LP1) Participations
• AUM: ~€2,2 bn, of which ~47% of third-party
2017
Asset
Management
100% Venture • Investments: €255 m
• # deals: 80
Asset Management
company (GP2)
Funds of Funds Bpifrance has a portfolio of over 320 partner funds, national or
regional to:
Assets under Management Contribute to the growth of SMEs
Structure the financial chain
∑ = €27,5 bn (end Dec. 2017)
Have a leverage effect on the private sector’s investment in SMEs
Mid & Large Caps Third-party 17 Enhance private equity managers efficiency and share best practices with them
29 AuM %
SMEs % 2017 • AUM: ~€7,9 bn, of which ~27% of third-party
57
Venture 8 % Funds of Funds • Commitments: €1,040 m
%6 83
%
Proprietary
%
• # deals: 56
Funds of funds AuM
1. Limited Partnership / 2. General Partnership / 3. Industrial Project Companies
364. Appendices
Appendix 1 - Guiding principles of the equity investment division
“Bpifrance’s doctrine of intervention” was presented to the French National Assembly and to
the French Senate on May 15th, 2013
Minority investments Targeted Sectors and Companies
Patient investments (average Investment in all sectors except:
horizon of up to 8-10 years) Infrastructure, property and real estate,
banking and finance, media organizations
• Prudent Investors
Search for profitable and research institutes
operations (positive return Focus on:
Growth sectors, particularly
• General Interest expected on Bpifrance’s equity
biotechnology, digital technology and
capital) energetic and ecological transition
• Long Term Build-up operations
General-interest criteria From small (SME size) to large caps
(employment, competitiveness Limited stakes in funds involving company
• Socially and innovation) taken into restructuring processes
Responsible account in the decision-making Systematic Partnership with
process Partner Funds
No stakes in high-leveraged Systematic search for joint investments with
deals or transactions private investors (both as a LP and as a GP)
374. Appendices
Appendix 1 - Bpifrance is an accountable bank and has an
ambitious policy of engagement in our society
Social Policy
Intergenerational Agreement
Equality at Work Agreement for Men and Women
Disabilities Agreement
“Internal CSR”
QWL agreement to promote the quality of work life and to encourage equal opportunities
Integration of young people (hiring young professionals, taking on apprentices and trainees, …)
Satisfaction survey among staff members
Environmental Impact Assessment
HQE (High Environmental Quality) Certification from headquarters in Maisons-Alfort, and from locations in Marseille and boulevard Haussmann in Paris
Energy consumption measurement in all 48 sites
Eco-driving training for a part of the staff in regional offices
Widespread use of videoconference facilities,...
Deployment of a platform to promote eco- and social-friendly actions among staff
Launch of a mobility plan to optimise staff personal and professional commuting time, in order to reduce carbon footprint and to improve life/work balance
Responsible Investment
“Responsible Investment and Financing”
Integrating ESG criteria into the investment decision process (broken down into 14 different issues encompassing governance, human capital, environment
and external stakeholders)
Concerted approach with companies benefitting from an investment on how their performance could be improved in terms of CSR, and ongoing dialogue
with company management throughout duration of investment
Programme to raise awareness and support entrepreneurs in identifying and managing ESG issues of key importance for their company
Support for Environmental and Energy Transition
Dedicated investment funds: Eco-technological companies; Wood Fund; Energy and Environmental Transition fund
Loans to energy producers from renewable sources
Green Loans aimed at reducing the environmental impact of business activities (particularly relating to energy)
Responsible Financing
CSR Assessment for companies receiving loans equal to or higher than 1 M€, as well as innovation aids granted for amounts equal to or higher than 500 k€
Supporting the Development of a Social Solidarity Economy
Fund for social innovation
Social Solidarity Economy-based Loans
Business Support Services
Helping entrepreneurs by providing CSR training and e-learning programmes
Provision of CSR-related Training for corporate executives of client companies
384. Appendices
Appendix 2 - France: a leading Tech and VC investment country (1/2)
French Tech quarterly financing trends: x5 in 4 years
1600 250
1400
200 202
200
1200
169 172
152
1000
138 144 150
800
79
100
600
67 74 67
57 62
52 45
41
400
32 33 37 37 50
1 007
1 461
292
298
116
126
121
179
210
269
343
478
214
289
870
683
590
590
544
200
75
0 0
Q1-13
Q1-16
Q2-13
Q3-13
Q4-13
Q1-14
Q2-14
Q3-14
Q4-14
Q1-15
Q2-15
Q3-15
Q4-15
Q2-16
Q3-16
Q4-16
Q1-17
Q2-17
Q3-17
Q4-17
2013 2014 2015 2016 2017
Investments ($M) Deals
French Tech funding since 2013:
$8,76 bn across 1,860 deals
Source: Tech Funding Trends in France, La French Tech, CBInsights 394. Appendices
Appendix 2 - France: a leading Tech and VC investment country (2/2)
VC capital invested into European companies: France is now #2 in Europe
966 985
888 852
713 750
621
496 531 451
Number 344 293
374 329 324 304
of rounds 190 249 188 248
2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017
United Kingdom France Germany Israel
7.1
4.2 3.8
3.0 3.2 2.9 3.0
Funding 2.7 2.5 2.8
1.9 2.0 2.1 1.9
amount 1.6 1.6
0.8 1.1 0.7 1.1
(in €bn)
2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017
United Kingdom France Germany Israel
Source: dealroom.co 404. Appendices
Appendix 3 - Transfer of the State’s Export Guarantees: overview
The State Export Guarantees activity has been transferred to Bpifrance. Management of French State export guarantees
- or public guarantees - was a service that Coface carried out on behalf of the French State. The transfer took place on 31
December 2016
Rationale of the transfer Overview of the transfer
Strengthening the national interest In line with the preliminary protocol signed in July 2015, Coface and Bpifrance
mandate agreed on the terms of the transfer of the French State Export Guarantees
Upgrading guarantees activity on 18 April 2016; the transfer took place on 31 December 2016
competitiveness through French All employees (around 240 people) and information systems dedicated to this
State direct guarantee activity have been transferred from Coface to Bpifrance Assurance Export
Increase visibility of the State Bpifrance Assurance Export is a new complementary business line, set up as a
support to strategic projects dedicated subsidiary, 100% owned by the group and leveraged by Bpifrance
Bpifrance: a state-owned company Group’s shared support functions
with stable ownership The agreement defines the terms of cooperation between Coface and Bpifrance,
Enhancing the customer’s experience, in order to ensure a smooth transfer and a seamless service for all insured parties
and export companies
especially for SMEs
This transfer took place under an amended and simplified legal framework for
A single point of contact to
state export guarantees (Supplementary Budget Act of 29 December 2015)
support French SMEs globalisation
The law, voted by the French Parliament, regulates the transfer of the entire
Linking innovation strength at
portfolio of guarantees from Coface to the French State, managed by Bpifrance
international level is at the heart
Since the transfer, Bpifrance has been delivering State Export Guarantees on
of Bpifrance’s mandate
behalf of the French State (Direct Guarantee), which simplifies and increases
A local sales distribution
the competitiveness of the French Export Support System
network to promote services
directly to firms
Bpifrance Assurance Export, the new French export credit
Agency (ECA) on behalf of, for and under the control of the State
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