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Financial Needs in the Agriculture and Agri-Food Sectors in the European Union Summary Report

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Financial Needs in the Agriculture and Agri-Food Sectors in the European Union Summary Report Financial needs in the agriculture and agri-food sectors in the European Union Summary report November 2020 Financial needs in agriculture and agri-food in the European Union DISCLAIMER This document has been produced with the financial assistance of the European Union. The views expressed herein can in no way be taken to reflect the official opinion of the European Union or the European Investment Bank. Sole responsibility for the views, interpretations or conclusions contained in this document lies with the authors. No representation or warranty express or implied is given and no liability or responsibility is or will be accepted by the European Commission or the European Investment Bank or by the managing authorities of ESI Funds Programmes in relation to the accuracy or completeness of the information contained in this document and any such liability or responsibility is expressly excluded. For the avoidance of doubt, this document is provided for information only. Financial data given in this document has not been audited, the business plans examined for the selected case studies have not been checked and the financial model used for simulations has not been audited. The case studies and financial simulations are purely for theoretical and explanatory illustration purposes. The case projects can in no way be taken to reflect projects that will actually be financed using financial instruments. Neither the European Commission nor the European Investment Bank gives any undertaking to provide any additional information on this document or correct any inaccuracies contained therein. This document has been prepared with the support of a Consortium of Ecorys and Frankfurt School of Finance & Management gGmbH. This document is to be referred as: fi-compass, 2020, Financial needs in the agriculture and agri-food sectors in the European Union, Summary report, 94 pages. Available at: https://www.fi-compass.eu/sites/default/files/ publications/financial_needs_agriculture_agrifood_sectors_eu_summary.pdf. 2 Financial needs in agriculture and agri-food in the European Union Glossary and definitions Expression Explanation Survey of the financial needs of EU agri-food processing enterprises carried out Agri-food survey in mid-2019 in the framework of study ‘EU and Country level market analysis for Agriculture’ and based on respondents’ financial data from 2018. CAP Common Agricultural Policy EAA Economic Accounts for Agriculture EAFRD European Agricultural Fund for Rural Development EC European Commission EIB European Investment Bank EIF European Investment Fund ERDF European Regional Development Fund The 24 EU Member States covered by the fi-compass ‘EU and Country level market analysis for Agriculture’: Austria, Belgium, Bulgaria, Croatia, Czech EU 24 Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, The Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden. All EU Member States: Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, EU 28 Ireland, Italy, Latvia, Lithuania, Luxembourg, The Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, The United Kingdom. EUR Euro FADN Farm Accountancy Data Network FCMC Financial and Capital Market Commission Survey on financial needs and access to finance of 7600 EU agricultural fi-compass survey1 enterprises carried out by fi-compass in the period April-June 2018 and based on respondents’ financial data from 2017. GFCF Gross Fixed Capital Formation GVA Gross Value Added ha Hectares LDR Loan-to-deposit ratio 1 Small and medium-sized enterprises (SMEs) are defined in the EU recommendation 2003/361. Micro enterprises have less than 10 employees, small enterprises have less than 50 employees and medium-sized enterprises less than 250 employees, https://ec.europa.eu/growth/smes/business-friendly-environment/sme-definition_en. 3 Financial needs in agriculture and agri-food in the European Union NPL Non-performing loans RDP Rural Development Programme SME Small and medium-sized enterprise SO Standard Output UAA Utilised Agricultural Area 4 Financial needs in agriculture and agri-food in the European Union Table of Contents Glossary and definitions 3 Table of Contents 5 List of Figures 6 List of Tables 7 EXECUTIVE SUMMARY 8 Financing gap for the agriculture sector in the EU 8 Financing gap for the agri-food sector in the EU 11 1 INTRODUCTION 14 2 PART I: AGRICULTURE SECTOR 16 2.1 Analysis on the demand side of agricultural finance 16 2.1.1 Drivers of demand for finance 16 2.1.2. Analysis of the demand for finance 25 2.2 Analysis on the supply side of agricultural finance 30 2.2.1 Finance providers and the agriculture financial market 31 2.2.2 Financial products 35 2.2.3 Analysis of supply of finance and financing conditions 41 2.3 Financing gap in the agriculture sector 47 2.3.1 The EU 24 financing gap for the agriculture sector 47 2.3.2 The drivers of the financing gap 50 3 CONCLUSION AND RECOMMENDATIONS FOR THE AGRICOLTURE SECTOR 61 4 PART II: AGRI-FOOD SECTOR 64 4.1 Analysis on the demand side of finance to the agri-food sector 64 4.1.1 Drivers of demand for finance 64 4.1.2 Analysis of demand for finance 72 4.2 Analysis on the supply side of to the agri-food sector 75 4.2.1 Description of finance environment and funding availability 75 4.2.2 Analysis of the supply of finance 76 4.3 Financing gap in the agri-food sector 78 4.3.1 An analysis of the financing gap in the EU 24 78 4.3.2 The drivers of the financing gap 81 5 CONCLUSION AND RECOMMENDATIONS FOR THE AGRI-FOOD SECTOR 85 ANNEX 87 A.1 References 87 A.2 Methodology for Financial Gap Calculation 88 A.3 TGI: fi-compass survey 91 A.4 TGII: agri-food survey 92 A.5 Overview total outstanding loan volume by Member State 93 5 Financial needs in agriculture and agri-food in the European Union List of Figures Figure 1: Purpose of bank loans in 2017 (% of respondents with a successful loan application)................ 17 Figure 2: Total investments in Gross Fixed Capital Formation in 2018, GFCF as share of agriculture GVA in 2018, and average annual growth of GFCF between 2011 and 2018, by Member State 18 Figure 3: Share of farmers applying for finance (bank and private) by sub-sector in 2017 ......................... 23 Figure 4: Demand for bank finance in 2017 ................................................................................................. 25 Figure 5: Purpose of loans by farm size in 2017 .......................................................................................... 27 Figure 6: Share of farmers reporting difficulties in accessing bank loans for investments in 2017 .............. 29 Figure 7: Overview of Member State with an EAFRD funded financial instrument operational (or under development) .............................................................................................. 39 Figure 8: Change in outstanding loan volume by Member State, 2015-2018 .............................................. 41 Figure 9: Share of farmers for which a guarantee was requested in 2017, by loan product ........................ 45 Figure 10: Value of the guarantee as a percentage of the loan amount in 2017, by loan product ................ 46 Figure 11: Financing gap by product in the agriculture sector in 2017, EUR million, 2017 ........................... 48 Figure 12: Financing gap (upper bound) as % of GVA .................................................................................. 50 Figure 13: Schematic overview on the components of the financing gap ...................................................... 50 Figure 14: Share of unsuccessful applications for bank finance in 2017 , by country (total short-term, medium-term, long-term loans and credit lines) ................................................ 52 Figure 15: Reasons for loan rejections in 2017 (% of rejections) ................................................................... 52 Figure 16: Share of farmers discouraged from applying for finance in 2017, by Member State .................... 58 Figure 17: Key reasons given by the bank for refusing the application in 2017, by age group ...................... 59 Figure 18: Difficulties experienced by agri-food enterprises in 2018 ............................................................. 66 Figure 19: Total gross investments in agri-food in 2018, as share of GVA in the sector in 2018, and growth 2011-2017, by Member State .................................................................................... 67 Figure 20: Most important sources of finance of the agri-food enterprise in the last 3 years (2016-2018) .... 72 Figure 21: Share of agri-food enterprises’ demand for finance by Member State between 2016 and 2018 . 73 Figure 22: Share of agri-food enterprises applying for finance by maturity between 2016 and 2018 ............ 73 Figure 23: Share of food and beverage manufacturing enterprises applying for finance between 2016 and 2018 ................................................................................................................ 73 Figure 24: Purpose of loans by size of agri-food enterprise in 2018 .............................................................. 74 Figure 25: Financing gap by product in the agri-food sector in 2018, EUR million ........................................ 79 Figure 26: Financing gap as a share of GVA (in %) ....................................................................................... 81
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