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SOCIEDADES DE CAPITAL DE RISCO (SCR) É Um Tema Que Tem Sido Muito Debatido

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SOCIEDADES DE CAPITAL DE RISCO (SCR) É Um Tema Que Tem Sido Muito Debatido ⪩ bridging FirstMetical strategic investment CAPITAL DE RISCO ALTERNATIVA AO FINANCIAMENTO DAS PMES PEMBA, 21 DE AGOSTO DE 2014 Jorge Mondlane ▪ Presidente & CEO ⪩ FirstMetical, padrão de excelência FirstMetical CORPORATE BUSINESS ADVISORY CORPORATE CORPORATE ⪩ FINANCE FirstMetical INVESTMENT ADVISORY ADVISORY CORPORATE TRANSACTION ADVISORY www.firstmetical.co.mz FirstMetical©2015 ǀ CAPITAL DE RISCO ALTERNATIVA PARA O FINANCIAMENTO DAS PEQUENAS E MÉDIAS EMPRESAS 2 ⪩ FirstMetical, bridging strategic business opportunities and investments FirstMetical CAPITAL DE RISCO, ALTERNATIVA PARA O FINANCIAMENTO DAS PMEs FirstMetical©2015 ǀ CAPITAL DE RISCO ALTERNATIVA PARA O FINANCIAMENTO DAS PEQUENAS E MÉDIAS EMPRESAS 3 Financiamento as PMEs: Abordagem Global FirstMetical⪩ Hidrocarbonetos Mineração Infra-estruturas Florestas Grandes Empresas Grandes Projectos PME´s/Projectos de Pequena Dimensão .Banca Comercial . CAPITAL DE RISCO .Mercado de Capitais: .Banca de Investimento . Subsídios do Estado (Ex: MESE) • Cotação Bolsista .Project Finance . Fundos Sectoriais (FFP, FFPI, FDA, ect) • Emissão de Obrigações .Fundos de Investimentos . Banca Comercial (Linhas de Crédito Especiais) • Papel Comercial FirstMetical©2015 ǀ CAPITAL DE RISCO ALTERNATIVA PARA O FINANCIAMENTO DAS PEQUENAS E MÉDIAS EMPRESAS 4 Financiamento as PMEs: Abordagem Global FirstMetical⪩ Como as Pequenas e Médias Empresas podem financiar as suas operações? CAPITAL DE RISCO (PRIVATE EQUITY) FirstMetical©2015 ǀ CAPITAL DE RISCO ALTERNATIVA PARA O FINANCIAMENTO DAS PEQUENAS E MÉDIAS EMPRESAS 5 Financiamento as PMEs: Abordagem Global FirstMetical⪩ O CAPITAL DE RISCO é um instrumento financeiro que consiste na participação temporária e minoritária de uma Sociedade de Capital de Risco (SCR) ou de um investidor individual (BUSINESS ANGEL*) no capital social de uma empresa (Startup, PME´s, Projectos ou negócios com potencial de crescimento, etc). Trata-se de uma entidade que toma parte nos riscos do negócio, disponibilizando fundos e tornando-se sócia ou accionista da empresa financiada. É preciso não confundir CAPITAL DE RISCO com ENDIVIDAMENTO. Num empréstimo, os financiadores têm direito a juros e reembolso do capital quer o negócio tenha êxito ou não. No Capital de Risco, os investidores ficam sujeitos à performance financeira do negócio. Para muitos empreendedores, o recurso ao Capital de Risco é a primeira experiência com um investidor externo que partilha a gestão da empresa. A relação EMPREENDEDOR vs SOCIEDADES DE CAPITAL DE RISCO (SCR) é um tema que tem sido muito debatido. Para uns, a participação na gestão deve ser reduzida, para outros essa participação deve ser incrementada através de um maior apoio à gestão. Esta pode ser uma das explicações para o facto de as empresas/projectos ainda recorrerem em primeiro lugar ao crédito bancário. *Business Angels ou Angel Investor, são os investidores individuais de capital de risco. FirstMetical©2015 ǀ CAPITAL DE RISCO ALTERNATIVA PARA O FINANCIAMENTO DAS PEQUENAS E MÉDIAS EMPRESAS 6 Financiamento as PMEs: Abordagem Global FirstMetical⪩ O Capital de Risco não é: . Um incentivo às empresas em dificuldades. Ou seja, o Capital de Risco não é a "tábua de salvação" para os problemas decorrentes da má gestão do negócio, entre outros factores; . Um subsídio a fundo perdido. A ideia de que o Capital de Risco é uma espécie de subsídio atribuído sem necessidade de remuneração não é correcta. O que se estabelece é uma parceira entre empresa e a SCR que vai muito para além do financiamento; . Uma forma de apoio financeiro. O seu objectivo não é injectar capital ”dinheiro” na empresa, mas sim, aproveitá-lo para delinear uma estratégia de revitalização que passa por uma intervenção em todas áreas ou cadeia de valor da empresa. Em Moçambique, de acordo com a Lei nº 15/99, de 1 de Novembro – Regulamento das Instituições de Crédito e Sociedades Financeiras, o Capital de Risco enquadra-se nas Sociedades Financeiras (alínea f do Artigo 5). FirstMetical©2015 ǀ CAPITAL DE RISCO ALTERNATIVA PARA O FINANCIAMENTO DAS PEQUENAS E MÉDIAS EMPRESAS 7 Financiamento as PMEs: Abordagem Global FirstMetical⪩ A abordagem da FirstMetical compreende a assessoria na estruturação de operações de: . Capital de Risco (Private Equity): . Financiamento estruturado Mercado de Capitais: • Avaliação do potencial do negócio . Project Finance . Cotação na Bolsa • Identificação de SCR/Business Angel . Emissão de Obrigações . Estudos de Pré Viabilidade • Estruturação da entrada da SCR na . Estudos de Viabilidade . Papel Comercial Estrutura Accionista Económico-financeira . Outros instrumentos financeiros • Assesssoria nas Negociações . Elaboração de Prospecto do Projecto (Teaser) . Fund Raising (Equity & Divida) . Dívida Sénior . Dívida Junior FirstMetical, a ponte entre oportunidades de negócios e as fontes de financiamento Como funciona o Capital de Risco FirstMetical©2015 ǀ CAPITAL DE RISCO ALTERNATIVA PARA O FINANCIAMENTO DAS PEQUENAS E MÉDIAS EMPRESAS 8 Financiamento as PMEs: Abordagem Global FirstMetical⪩ Tipos de Investimento: Formas de Entrada do Capital de Risco 1) Seed Capital (Capital Semente) 2) Start Up (Capital de Arranque) 3) Other Early Stage (Outros Estágios Embrionários) 4) Expansão (Capital para Investimento em novas linhas de Produção ou para Novos Mercados) 5) Management Buy Out (MBO) O Retorno do Investimento 6) MBI – Management Buy In depende do Sucesso do 7) Buy In Management Buy Out (BIMBO) Projecto/Empresa 8) Institutional Buy Out (IBO) 9) Replacement Equity (Capital de Substituição) 10) Bridge Financing (Capital para suportar a Cotação na Bolsa) . A SCR valoriza a empresa e depois vende a sua participação 11) Resgate/Turnaround (Capital de Reestruturação de Empresas) 12) Public to Private (PtP): Capital para financiar a saída da bolsa FirstMetical©2015 ǀ CAPITAL DE RISCO ALTERNATIVA PARA O FINANCIAMENTO DAS PEQUENAS E MÉDIAS EMPRESAS 9 Financiamento as PMEs: Abordagem Global FirstMetical⪩ Tipos de Investimento: Formas de Entrada do Capital de Risco Financiamento dirigido a projectos empresariais em fase de projecto e desenvolvimento, antes mesmo da instalação do negócio, envolvendo muitas vezes o apoio a estudos de mercado para Seed Capital determinar a viabilidade de um produto ou serviço, mas também ao desenvolvimento de produto a partir de projectos ou estudos. Este investimento é o que oferece mais desafios para a indústria do Capital de Risco, partindo muitas vezes de ideias originais que carecem de suporte financeiro e de gestão para singrar, sendo o financiamento que mais estimula a participação do investidor na gestão e organização do projecto empresarial. O boom das indústrias tecnológicas e de informação foi intensamente incentivado pelo Capital de Risco, da mesma forma que, actualmente, a indústria biotecnológica oferece as maiores potencialidades para este tipo de investimento. Capital para Incubação de Empresas FirstMetical©2015 ǀ CAPITAL DE RISCO ALTERNATIVA PARA O FINANCIAMENTO DAS PEQUENAS E MÉDIAS EMPRESAS 10 Financiamento as PMEs: Abordagem Global FirstMetical⪩ Tipos de Investimento: Formas de Entrada do Capital de Risco O “start-up” implica o investimento no capital de empresas já existentes e a funcionar, ou em processo final de instalação, com um projecto desenvolvido, mas que não iniciaram ainda a Start-Up comercialização dos produtos ou serviços. Geralmente o investimento é destinado ao marketing inicial e ao lançamento dos produtos, serviços ou conceitos desenvolvidos. Muito embora as empresas “start-up” sejam normalmente empresas de pequena dimensão, começa a desenvolver-se um interesse cada vez maior das indústrias tradicionais na criação e desenvolvimento de conceitos inovadores através destas empresas. Assim, as “start-up” podem ser pequenos projectos empresariais resultado da investigação ou de ideias originais, mas também projectos suportados por grandes conglomerados empresariais, como no caso da indús- tria de componentes automóveis ou das telecomunicações. FirstMetical©2015 ǀ CAPITAL DE RISCO ALTERNATIVA PARA O FINANCIAMENTO DAS PEQUENAS E MÉDIAS EMPRESAS 11 Financiamento as PMEs: Abordagem Global FirstMetical⪩ Tipos de Investimento: Formas de Entrada do Capital de Risco OES Other early stage (Outros Estágios Embrionários) Este investimento é dirigido a empresas recém criadas/instaladas, que completaram a fase de desenvolvimento de produto e que possam já ter iniciado a comercialização, mas ainda sem lucros, sendo destinado à melhoria dos processos de fabrico e comercialização, e ao marketing. Expansão Expansão Este investimento, também designado de desenvolvimento ou de crescimento, é destinado a empresas que atingiram maturidade, mas que não têm capacidade própria para expandir o seu negócio, aumentar a sua capacidade de produção ou desenvolver técnicas de comercialização e promoção. FirstMetical©2015 ǀ CAPITAL DE RISCO ALTERNATIVA PARA O FINANCIAMENTO DAS PEQUENAS E MÉDIAS EMPRESAS 12 Financiamento as PMEs: Abordagem Global FirstMetical⪩ Tipos de Investimento: Formas de Entrada do Capital de Risco MBO Management Buy Out Este investimento de risco destina-se a apoiar a aquisição do controlo da empresa pela Administração ou por sócios minoritários. Exemplos destas operações vão da aquisição de subsidiárias de grandes grupos empresariais pelos seus gestores, até à aquisição do controlo de empresas ou grupos familiares, prévios à sua cotação em Mercado de bolsa. MBI Management Buy-in Este financiamento destina-se a suportar a tomada de controlo da Administração de uma empresa por uma equipa de gestores externa. BIMBO
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