NHaf;~~LAND. l-' I;,!ftj@i-'=trj;,"i l='ij@i-, DUTCH MARITIME NETWORK

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1 NHaf;~~LAND l-' I;,!ftj@i-'=trj;,"i l='ij@i-, DUTCH MARITIME NETWORK

2 MARITIEM KAPITAAL FORUM Onderzoek naar de werking van de kapitaalmarkt in de sector van maritieme toeleveranciers

3 NEDERLAND MARITIEM LAND serie De Nederlandse Maritieme Cluster: Literatuuronderzoek en Plan van Aanpak Economische Impact Studies 2 De Maritieme Arbeidsmarkt: Vraag en Aanbod van Zeevaartkennis 3 De Nederlandse scheepsbouw- en toeleveringsindustrie: economische betekenis en structuur 4 De Nederlandse offshoresector: economische betekenis en structuur 5 De Nederlandse binnenvaartsector: economische betekenis en structuur 6 De Nederlandse watersportindustrie: economische betekenis en structuur 7 De Koninklijke Marine: economische betekenis en structuur 8 De Nederlandse visserijsector: economische betekenis en structuur 9 De Nederlandse watersportindustrie: economische betekenis en structuur 10 De Nederlandse maritieme dienstverlening: economische betekenis en structuur 11 De Nederlandse maritieme toeleveranciers: economische betekenis en structuur 12 De Nederlandse zeehavensector: economische betekenis en structuur 13 De Nederlandse maritieme cluster: economische betekenis en structuur 14 Het maritieme clustermodel: modellering en scenarioanalyse 15 De Nederlandse Maritieme Cluster, Beleidsaanbevelingen 16 De innovativiteit van de Nederlandse maritieme cluster 17 Maritieme websites 18 Maritiem Kapitaal forum: Onderzoek naar de werking van de kapitaalmarkt in de sector van maritieme toeleveranciers Stichting Nederland Maritiem Land De Stichting is op 27 juni 1997 opgericht teneinde de Nederlandse mariticmc tc promotcn cn te versterken. Het bestuur van de Stichting bestaat uit N. Wijnolst (voorzitter), G.W. Bos (vicc-\'oor;:itter), Th.M. Oostinjen (secretaris/penningmeester) en verder. in alfabetische volgorde. F.G.M. Conyn, K. Damen, c.j. van den Driest, C. van Duyvendijk, R. van Gelder, W. de Jong, G..l. Kramer, DJ. Langstraat, R.C. Menting, W.K. Scholten. De directeur van de Stichting is H.P.L.M. Janssens Het adres van de Stichting Nederland Maritiem Land is Beurs-World Tra,k Center. Beursplein 37 (bezoekadres), Postbus 30145, 3001 DC ROTTERDAM. Tel.: , fax: , info<ii>dutch-maritimc-nctwork.nl

4 MARITIEM KAPITAAL FORUM Onderzoek naar de werking van de kapitaalmarkt in de sector van maritieme toeleveranciers in opdracht van STICHTING NEDERLAND MARITIEM LAND uitgevoerd door ERNST & YOUNG CORPORATE FINANCE B.V. Drs. G.J.A.M. van Logtestijn MBA B.K. Jelgerhuis Swildens RA R.AJ. Haanen DELFT UNIVERSITY PRESS 2000

5 Gepubliceerd en gedistribueerd onder auspiciën van de Stichting Nederland Maritiem Land door: Delft University Press Prometheusplein I 2628 ZC Delft Tel.: Fax.: Studie uitgevoerd door: Ernst & Y oung Corporate Finance B.V. Drentestraat HK Amsterdam Tel.: Fax.: corpfin@ey.nl Internet: CIP-DATA KONINKLIJKE BILBLIOTHEEK, DEN HAAG G.J.A.M. van Logtestijn, B.K. Jelgcrhuis Swildens, R.A.J. Haanen Maritiem kapitaal forum: Onderzoek naar de werking van de kapitaalmarkt in Je sector van maritieme toeleveranciers / G.J.A.M. van Logtestijn, B.K. Jelgerhuis Swildens. R.A.J. Haancn Delft University Press. -III.- Lil. ISBN NUG! 834 Trefwoorden: maritieme toeleveranciers, maritieme cluster. kapitaalmarkt. hank, leasemaatschappij, participatiemaatschappij, informal investor Copyright 2000 Stichting Nederland maritiem Land All rights reserved. No part of the matcrial protected by this copyright may hc rcproduccd or utilized in any form or by any means, electron ic or mechanical, including photocopying. recording or any information storage and retrieval system without written pcnnission ol" the owner or this copyright. Permission may be obtained at the following addrcss: Stichting Nederland Maritiem Land, Postbus 30145, 3001 DC Rotterdam, The Netherlands: inl"o(rtldutch-maritimenetwork.nl

6 Inhoudsopf!,ave INHOUDSOPGA VE VOORWOORD... III SUMMARY... V SAMENVATTING... XV 1 INTRODUCTIE ACHTERGROND EN DOEL I 1.2 OPZET EN UITVOERING I Vraagzijde I Aanbodzijde Structuur van rapportaf!,e WERKING VAN KAPITAALMARKT: THEORETISCH KADER AANTREKKEN VAN RISICOMIJDEND VERMOGEN Kortlopend krediet Langlopend krediet Andere vormen van ri.\ icomijdend verl1lofi{'n AANTREKKEN V AN RISICODRAGEND VERMOGEN Onderhandse plaatsinf!, Venture capitai Y ) 3 WERKING VAN KAPITAALMARKT IN SECTOR VAN MARITIEME TOELEVERANCIERS: UITKOMSTEN AAN VRAAGZLJDE AFBAKENING VAN MARITIEME CLUSTER DEFINITIE VAN MARITIEME TOELEVERANCIERS Indeling naar activiteiten Economische hetekenis vanll1aritieme toeleveranciers /6 3.3 KENMERKEN VAN MARITIEME TOELEVERANCIERS / Rechtsvorm en zelf' tandigheid Omzet """"""""""'"'''''''''''''''''''''''''''''' 3.4 HUIDIGE FINANCIERINGSSTRUCTUUR. 3.4./ Financierinfisbehoefte " Verhoudinf!, eigen vermof!,en/vreemd VeIï1l0f!,en Vreemd vermof!,en Eigen vermogen VERWACHTINGEN EN ONTWIKKELINGEN 3.5.i Groeiverwachtinf!,en internationalisatie en glohaliserinf!, Milieuwetgevinfi E-commerce..... /7... / / / """""""""' Stichting Nederland Maritiem Land

7 Maritiem kapitaaltórum 3.6 TOEKOMSTIGE FINANCIERINGSSTRUCTUUR Verhoudin[? EV/VV Vreemd vermo[?en Ei[?en vermo[?en WERKING VAN KAPITAALMARKT IN SECTOR VAN MARITIEME TOELEVERANCIERS: UITKOMSTEN AAN AANBODZIJDE KENMERKEN VAN VERMOGENSVERSCHAFFERS VERSCHAFFERS VAN RISICOMIJDEND VERMOGEN Banken Leasemaatschappijen VERSCHAFFERS V AN RISICODRAGEND VERMOGEN Kwaliteit van mana[?ement / Markt en marktvooruitzichten / Groeimogelijkheden Exit mo[?elijkheden Rendementseis IMAGO VAN MARITIEME CLUSTER WERKING VAN KAPITAALMARKT IN SECTOR VAN MARITIEME TOELEVERANCIERS: CONFRONTATIE TUSSEN AANBODZIJDE EN VRAAGZUDE HUIDIGESTAAT WEDERZIJDS IMAGO VERWACHTINGEN EN ONTWIKKELINGEN X 5.4 TOEKOMSTIGE FINANCIERINGSBEHOEFTE AANBEVELINGEN VAN VERMOGENSVERSCHAFFERS Aanbevelin[?en van vermo[?ensverschatt'ers aan maritieme eli/ster Aanbevelin[?en van vermogensverschatters aan Stichtillg Neder/,,"d Maritiem L,,"d e1l overheid / ii Stichting Nederland Maritiem Land

8 Voorwoord VOORWOORD Nobelprijswinnaar prof. Gary Becker van de University of Chicago schreef onlangs in zijn column in Business Week over de dynamiek van Silicon Valley waarin thans een miljoen mensen werkzaam zijn. In 1999 investeerden daar venture capitalists meer dan $6 miljard in nieuwe of jonge ondernemingen, terwijl 77 bedrijven naar de beurs gebracht werden. De nabijheid van twee grote universiteiten, het hoge opleidingsniveau, de grote hoeveelheid buitenlanders (eenderde), de lage kans om werkloos te blijven, alsmede de creativiteit en kennis van venture capitalists maken de Valley tot voorbeeld voor vele landen. Ook wij wensen ons te laten inspireren door Silicon Valley en menen zelfs dat wij aanspraak kunnen maken op het maritieme equivalent in de wereld. Nederland beschikt immers over een zeer compleet en hoogwaardig maritiem cluster, en dat op een relatief klein grondgebied. Nederland is de Maritime Valley van de wereld. Willen wij onze aspiraties gaan meten met die van Silicon Valley. dan zal er nog heel wat meer dynamiek moeten gaan ontstaan. Op het gebied van export, innovatie maar ook arbeidsmarkt en onderwijs. Dat zijn nu juist de doelen die het Bestuur van de Stichting Nederland Maritiem Land zich gesteld heeft. Een van de instrumenten om de maritieme ondernemers dynamiek te bevorderen is de kapitaalmarkt, daarvoor staat Silicon Valley duidelijk model. De vergelijking met dit paradijs van de innovatie gaat niet geheel op. omdat het niveau van innovatie en de groei verwachtingen in de maritieme cluster van een andere (lagere) orde zijn dan die van de ICT sector. Desondanks blijkt dat het openstaan voor vele gespecialiseerde kapitaalverschaffers, risicodragend dan wel risicomijdend. een enorme stimulans kan betekenen voor de innovatieve kracht van een regio die mede daardoor als een grote netwerkorganisatie functioneert. Door de hoge mobiliteit van de werknemers vindt kennisdiffusie snel plaats en worden alle ondernemers naar een hoger plan getild. In Nederland overheerst vaak terughoudendheid. Ook zien maritieme ondernemers ander vermogen dan het eigen vermogen als duur, terwijl financiers de ondernemers als te gesloten zien en de marktperspectieven te beperkt om er tijd en energie in te gaan stoppen. Desondanks heeft het Bestuur besloten om een poging te wagen om deze deadlock situatie, of beter vicieuze cirkel. te proberen te doorbreken. In opdracht van Nederland Maritiem Land heeft Ernst & Y oung Corporate Finance een onderzoek uitgevoerd onder kapitaalversehaffers en ondernemers in de sector maritieme toelevering naar de visies op elkaar. Dit levert een beeld op dat de wederzijdse vooroordelen bevestigd. Het is evenwel niet acceptabel om de vooringenomenheden over en weer tot in de eeuwigheid te laten voortbestaan. De dynamiek van de kapitaalmarkt kan een wezenlijke bijdrage leveren aan de dynamiek van de maritieme ondernemers en daarmee de groei van de gehele Stichting Nederland Maritiem Land iii

9 Maritiem kapiwaltórum cluster. De bewijslast voor deze betrokkenheid ligt bij de maritieme cluster en niet bij de kapitaal verschaffers. Vandaar dat Nederland Maritiem Land een Maritiem Kapitaal Forum bijeenkomst zal beleggen om de resultaten van het onderzoek van Ernst & Young te presenteren aan kapitaal verschaffers en ondernemers uit de sector maritieme toelevering en gezamenlijk te discussiëren over het slechten van de wederzijdse barrières. Dat zal niet eenvoudig zijn. Maritieme ondernemers zullen meer openheid over hun activiteiten moeten betrachten en de groeikansen die zij zien in de wereldmarkt duidelijk moeten communiceren aan de kapitaal verschaffers. Die leven met het beeld dat alles wat maritiem is niet echt aantrekkelijk is en dat is apert bezijden de waarheid. Deze studie hoopt een bijdrage te leveren aan het verhogen van de dynamiek, de innovatie en de export van de maritieme cluster. Een bijdrage uit vele, want het realiseren van verandering gaat door vele kleine stappen te zetten. Een dynamische en transparante kapitaalmarkt is daar een van de elementen in. N. Wijnolst Voorzitter Rotterdam, 27 maart 2000 IV StichtinR Nederland Maritiem Land

10 SUlJll1lar.\' SUMMARY This volume presents the results of a study into the working of the capital market in the marine equipment suppliers sector. During this stlldy. rcpresentatives of both the demand side (the marine equipment suppliersl and thc slipply side (the capital providers) were interviewed. Topics raised from the demand side included marine equipment suppliers' current financing strllcture. the expected developments, the effect of these developments on the future capital requirements and marine equipment suppliers' anticipated future financing structure. From the supply side, the study focused on the current presence of maritime companies in capital providers' portfolios, the image of the maritime industry and the developments anticipated within this sector. Working of the capital market: theoretical framework If companies need to raise funds externally, they can go to various providers. In essence, however, there are only two options: I raise risk avoiding capital; 2 raise equity capita!. The supply of risk avoiding capital can be broken down into short-term and longterm credit Short-term credit is usually used to finance working capitalor to create a buffer for a sudden financing requirement, such as unexpected drops or increases in sales or an unexpected rise in expenditure. Examples of short-term credit are revolving credit, factoring and stock financing. Long-term credit is of ten used to finance growth. Companies that need to boitow in order 10 finélllce their growth have different needs and requirements from those hoitowing in order to boost their working capita!. Expansion investment often involves a larger amount of required financing and a longer repayment period. Examples of long-term credit are asset-related financing, long-term loans and leasing. In addition. a number of other forms of risk avoiding capital exists, such as guarantee credit. convertible loans and AA credit If the company requires additional equity capital, there are - generally speaking - three alternative options: 1 Flotation: raising equity capital in the public capital market: 2 Collaboration with or joining a strategic partner: a third party takes a stake in the company; 3 Private share placement: raising equity capital in the private capital market For a flotation, companies have their shares Iisted on a ~tock exchange. For this, they will need to offer their shares. If a company is already listed, new shares can be offered. When offering shares on a stock exchange. the company is ohliged to comply with the requirements laid down for the company hy that stock exchange. These might include a minimum amount of shareholders' equity anc! a tïnancial history covering a number of years, showing a profit for Cl specitïec\ periml. During Stichting Nederland Maritiem Land v

11 Maritime cal'ital!rjrilill the period following the initial offering of the shares. the company will need to become accustomed to the greater degree of public scrutiny. The forms which strategic alliances take range from ruil owncrship and full control (take-over), through partial ownership anc! contractual control (joint venture, minority shareholding) to no ownership and contractual control (cooperation agreement, cross-licensing or cross-distrihutioll agrcement). The willingness of large companies to join in an alliance offers opportunities for smaller companies seeking to finance their growth. Entering into a strategic alliance is, however, a strategie decision which me,lils that (some) control is sacrificed in return for redueec! risk, improvec! profit potential and lower investments. For a private share placement, shares are placed with a small numher of illvestors. These can be family members, frienc!s, or business associates (passive private investors), informal investors, but also institutional investors such as pension funds and venture capital companies. In other words, the private capital market brings the company into contact with individual capital providers. The company provides the demand for equity capital, offering shares for sale. The capital market in the marine equipment suppliers sector: t'indings on the de mand si de Characteristics ofmarine equipment suppliers The marine equipment suppliers sector is eharacterisec! by great heterogeneity amongst companies with diverse activities. The marine equipment suppliers sector inciudes all the companies whieh supply the maritime industry with either enc! products, semi-manufactured products, sub-systems anc! production resources, or provide rep airs and servicing of the end-products. According to lïgures provic!ed by the trade association Holland Marine Equipment, the marine equipment suppliers sector inciudes a total of around 660 companies. The private Iimited company is the most common legal form within the marine equipment suppliers sector. Around half the eompanies are part of a larger group. The sector consists mainly of relatively small companies: nearly half the companies interviewed achieve a turnover of less than NLG 10 million. The service providing companies in particular mainly supply the maritime industry: 81 % of the companies generate less than 25% of their turn over in other markets. Production companies and, especially, trading companies are far more likely to sell their goods and services in ot her markets as weil. Nearly 0()'/r, of the companies concerned operate abroad. Over half the companies generate at least 25% of their turnover abroad. vi Stichting Neder/alld Maritiem Lalld

12 SU/nmary Current financinr structure In view of the position in the supply chain, the financing requircment with regm'd to the marine equipment suppliers' working capital focuses mainly Oll: Capital goods and operating as sets for production and accoll1ll1odation: Work in progress and stocks: Debtors. On average, the balance sheet total consists of 55% shareholders' equity. 30% borrowed capital and 15% other capita!. The latter category coll1prises Illainly suppliers' credits, subordinated loans and convertible loans. The most frequently used form of risk avoiding capital is the overdraft. Leasing and mortgages are also used to a moderate extent. All other forills of financing presented do not apply in this sector. Two disadvantages of horrowed capital are mentioned. Firstly, it is feit that borrowed capital is too expensi ve by coll1parison with shareholders' equity. The costs of borrowee! capital arc visihle I feit immediately, unlike the costs of the shareholders' equity. which Illeans that the persons concerned underestimate the costs of shareholders' equity (particularly opportunity costs). Possibly an even more important cxplanation for the e!islike of borrowed capital is the widespreae! fear of losing ine!epene!ence. Autonomy is highly valued within the marine equipment suppliers sector. This is probably an important factor in the finding that only IO'Y,. ol the companies have more than four shareholders. Many companies in the sector arc laillily-run businesses or have one e!irector cum principal shareholder. At other colllpanies control rests with aparent company. The companies interviewed stated that existing ownership structures shoule! be maintainee! wherever possible. Four companies have a venture capital company as a shareholder. ol which two ean be classified as ine!ependent with a turnover of more than NLG 10 million. Four companies are listed on the stock exchange. Here too. half this number consists of independent companies with a turnover of more than NLG 10 Illillion. There is definitely feit to be interest from external parties in providing equity capita!. However, the fear of losing autonomy is so great that there is virtually no interest in this. This leae!s to the conviction that the company should be sell-sulficient as regards its capita!. Expectations and developments The expectations within the sector are high. Nearly 80% of the companies expect turnover to have risen in 2002 with respect to the tuil10ver in One third even expect a substantial increase. Although the companies active in the sector have differing core activities, this optimism extene!s across thc entire sector. The expectation is that the growth will not just come from acquisitions. but also from organic growth. The positive expectations also apply to the tuil10ver to be achieved within the maritime ine!ustry alone. Half the exccutivcs expect StichtinR Nederland Maritiem Land Vl\

13 Maritimc cal'ital./órum investments to rise over the next th ree years, whilst only one in seven expects investments to fall. The proportion of turnover achieved abroad is expected to incrcase further. The executives state that they operate in a world market. They also expect competition from abroad to increase over the coming years (particularly from Western Europe and the Far East). However, internationalisation and globalisation are viewed as an opportunity rather than a threat within the maritime sector. They kei that they are in astrong position compared to the international competition duc to their high level of expertise and the available experience. It is noteworthy th at a number of respondents particularly con si der the strict environmental demands in the Netherlands as a threat to the shipping and fishing industries. The marine equipment suppliers are often dependent on those industries. Virtually without exception, the respondents indicate that they feel the Internet and the associated developments are very important. One of the henefits of the Internet is the fact that it is a world-wide application. Although most companies indicate that they will become more actively involved with the Internet and will also invest more in this area, it appears that there are few - if any - concrete plans (apart from creating a website). Future./inancing structure Virtually without exception, the respondents indicate that they wish to increase the proportion of shareholders' equity within the balance sheet tota/. This has nothing to do with excessively low solvency, but is due to the rejection of borrowed capita!. Nearly half the companies interviewed expect 10 be investing more in 3 years' time than is currently the case. It is noteworthy that only one third of the companies interviewed will raise additional financing. Nearly XO'/r, of the companies interviewed will meet their future financing requirement from the reserves, 12% will raise additional equity capital, whilst I ()cic will raise additional borrowed capita!. Although the respondents indicate that they are familiar with the various forms of risk avoiding capital, the majority of the companies which do not currently use a particular form of financing do not intcnd to use it in the future. Private placement of shares is the most favoured form for 30% of thc companies indicating that they will raise additional equity capital whilst 15'/r are considering a sale to a strategic partner. None of these companies is planning a stock market flotation. The remaining 55% have no opinion on this (yet). The capitai market in the marine equipment suppliers sector: tïndings on the supply side One must take into account that the image that is sketched by the providers of capital reflects their image of the entire maritime cluster in stead of the marine equipment suppliers sector. VIII Stichting Nederlund Maritiem Land

14 SU/Jlmarv Providers of risk avoiding capital The organisation of banks with regard to the financing of Illaritilllc colllpanies is generally structured in ane of twa ways. The smaller anc! Illedillm-sized maritime companies are served by the local branch of the bank. In addition. there is orten a specialist department within banks aimed at the large 'corporatcs' within the maritime industry. The underlying reasons cited for thc ex istcncc of sllch specialist departments at financial institutions for financing maritimc companies are: cyclical market environment; as sets to be financed are very capital-intensive in rclation to the size of the companies; specific risks relating to the use of the assets. A sound knowledge of the market, close monitoring of the maritime companies and adequate risk con trol all ow the banks to achieve high margins. The high margins can be charged on the basis of the higher than ave rage risk which exists in the maritime industry. The lease company included in the study is not very active in the maritime sector. The reason given for this is that the as set to be financed is often too large by comparison to the size of the eompany. In view of the cyclical market and the lack of specialist maritime expertise, no active policy is purslied with rcg,u'd to the maritime industry. Before such financing is agreed, thc leasing company will ascertain th at the company's long-term prospects are good. The 'opportllnity' is assessed by means of various capital requirements. Ot hers claim that the return is too low for a leasing company. The of ten complicated cross-border lease structures are frequently co-ordinated via the maritime desks of major banking institutions. The transactions are subject to a minimum size requirement which many companies cannot meet. Providers of equity capital It was found during the study that providers of private equity capital such as venture capital companies and informal investors, are considerably less active in the maritime industry than banks. In the portfolio of venture capital companies, maritime companies make up between 0% and 5% of the total number of holdings. There are very few informal investors active within the indllstry. Venture capital companies often lack a specialist department for the maritime sector. They assess the investment opportunities on the basis or a number of criteria. The maritime industry generally does not score weil on the criteria cited: Quality of management: The capital providers have doubts about the degree of professionalism. They view the management style as being traditional, with little attention 10 the organisation; Stichting Nederland Maritiem Land ix

15 Maritime capitalfijrulll Market and market prospects: The market in which the sector operates is heavily cyclical aml is saturatcd, which means that the growth opportunities for the entire sector arc limitcd. In addition, increasing internationalisation and globalisation arc bringing an increasing number of foreign competitors to the Dlitch Illarkcl. Thc capital providers believe that the Dutch players arc oftcn too dolllcstically or even regionally oriented; Growth opportunities: The capital providers believe that growth c<ln only he achieved by innovative companies and niche players. SOllle respondcnts indicatc that the lack of real growth opportunities necessitates consolidation in the sector; Exit possibilities: The exit possibilities are limited, according to venture capital companies. The capital providers fee I that flotation offers few possibilities, since it is not a growth market. Selling to a strategic partner is also tricky. since no movement towards consolidation has yet taken place in the sector: Yield requirement: The industry is considered to be low yield. Image ofthe ma ri time industrv Viewed across the board, the capital providers' image of the Illaritime industry cannot be described as favourable. Without exception. the capital providers described the maritime sector as a c10sed world, with an old-fashioned. archaic structure. The sector is also characterised as heavily fragmellted. due to a large number of small family-run businesses with poor transparency. As already described above, the capital providers also have dollbts abollt the degree of professionalism with which maritime companies are l1lanagcd. Thc growth opportunities for the sector as a whole are also Iil1litecl. according to the capital providers. The capital market in the marine equipment suppliers sector: confrontation between the supply side and the de mand side Current state The marine equipment suppliers are financed conservatively. On average. the balance sheet total consists of 55% shareholders' cquity. 3 ()'!r, borrowed capital and 15% other capita!. The desire to be able to operate alltonomously and the fear of losing control are both significant. ldeally, they would like to sce a balance sheet with as high a proportion of shareholders' equity as possihle. Borrowed capital is also feit to be expensive, since the costs of this 1'orm of capital directly affect the company's results. The share of maritime companies in the portfolios of capital providers is therefore not great, with the exception of the banks. The illterviewed leasing company indicated that the risk was too great, in view of the size of thc assct to be fin,\i1ced x Stichting Neder/and Maritiem Land

16 SU rv and cyclical nature of the market. Maritime companies only make up het ween 0% and 5% of the portfolios of the venture eapital companies covcred hy the study. Few informal investors are aetive in the industry. [mare The capital providers have doubts about the professionalislll with which thc eompanies are managed. The management style is consillcred to be traditional, with little attention for the organisation or the finaneing structure. In addition, virtually without exception they describe the sector as heavily Ira,!!l11ented and insufficiently transparent due to the large numher of relatively smal I family-run businesses. The people in the business believe that the capital providers orten do too little to learn about the maritime sector. This creates misunderstandings which result in a lack of appreciation in the maritime sector for the capital providers. Where capital providers do make the effort to learn about the sector, this is greatly appreciated. As far as the capital providers are concerned, the above can be explained by the way in which these institutions are structured. The organisation or banks with regard to the financing of maritime companies is generally structured in one of two ways. The smaller and medium-sized maritime eompanies are served hy the local branch of the bank. In addition, there is of ten a specialist department within banks aimed at the large 'corporates' within the maritime industry. Venture capital companies often have no specialist department for the maritime industry. The desire for better contact exists on both sides. The study show., that executives from the maritime sector are of ten dissatisfied with the relationship with capital providers. The people in the business are generally not weil-informeel about the various forms of capital and the possible benefits which the capital providers can give. In aeldition, they are also often not aware of how to lïnd thc (altcrnative) capital providers. This is largely due to the fact that they are not really intercsted. The capital providers endorse the above. The experience of the banks is that they are offered few opportunities. Existing contacts are enduring. The venture capital companies are also offered few opportunities in the maritime worlcl. Most venture capital companies are not actively seeking investment possibilities in this sector. Most of the opportunities which they are offered are derivec! trom their nctworks. Expectations and development.l' With re gard to company growth. expectations are high within the marine equipment suppliers sector itself. Most expeet turnover to have increased in th ree years' time with respect to the turnover over One third even expect strong growth in turn over. The growth will consist of both organic growth anc! growth through acquisitions. However, the growth expeetations existing widely within the sector arc not shared by the capital providers. Aceording to them. the maritime sector IS too cyclical to expect structural growth. Taken in conjunction with the increasing glohalisation, Stichting Nederland Maritiem Land XI

17 MaritÎme c{[i'îtaltárulll they are therefore expecting a slowdown in the maritimc industry in the Netherlands. In the capital providers' view, growth will he possiblc only for innovative companies, the niche players or the consolidators. The marine equipment suppliers expect the share of turnover achieved abroad to increase further. They also expect competition from abroad to incrcase in the coming years. This increasing internationalisation is vicwed as an opportunity rather than a threat. Due to the high level of expertise and the available experience, they wil! have astrong position compared to the international competition. This wil! enable the knowledge-intensive companies in particltlar to benefit from internationalisation. The capital providers share the marine equipment suppliers' belief that further internationalisation of the maritime sector is an opportunity rather than a threat. A requirement for this is, in their view, the suppliers' ability to adopt a f1exible approach to the busincss. The suppliers must follow their main customers abroad and thus retain them. An additional benefit is the possibility of splitting the business into a labour-intensive part which can be carried out in low-wage countries, and a knowledge-intensive part which can be kept in the Netherlands. Financing requirement Although the expectations of the marine equipment suppliers themselves as set out above suggest otherwise, only one third of the companies believe they will need to raise additional capital in order to meet their financing requircment. The other companies will finance the activities (and the growth) of the company from their own resources (retained profits and reserves). 19% wi 11 raise additional risk avoiding capita!. 12% of the companies interviewed will raise additional equity capita!. The capital providers endorse this picture. Since, in their view, the sector is not a growth market, most companies wil! have to take care of themselves. Should extern al capital still be required, be an early move towards additional equity capital is unlikely. The traditional form of financing and what thcy believe wil! be limited growth in the sector wil! ensure that they anticipate little demand for external equity capita!. However, a few providers of equity capital sec major opportunities for a movement towards consolidation in the sector. in which a venture capital company - for example - could play a major role. Recommendationsfrom capital providers to the maritime illdustn' In the capital providers' view, a rationalisation of the maritime industry is required. At the moment there are too many players of insufficient size in a market which is suffering a slowdown in the Netherlands. Many of these companies are being kept afloat by the Dutch State, directly or indirectly, by Illeans of tax incentives and/or subsidies. These tax incentives, however, have also contributed to a degree of surplus capacity. The capital providers therefore see opportunities for a consolidator in this sector. xii Stichting Nederlalld Maritiem Land

18 Summar.\' In order to be able to respond better to the changing maritime world markel, maritime companies will - in the capital providers' view - have 10 adopt a more f1exible approach to their business. The increasing inlernalionali~ation anel globalisation is thereby a 'tooi' rather than a threat, in their view. The Foundation Dutch Maritime Network will have 10 work Oll illcrcasing transparency in this industry. Attention can be focuseel on the sector hy circulating 'success stories'. Stichting Nederland Maritiem Land XIII

19 Maritime capitalfómm xiv Stichting Nfi!frlani! Maritii'111 Land

20 Samenvatting SAMEN V ATTING In dit boek zijn de resultaten gepresenteerd van een onderzoek naar de werking van de kapitaalmarkt in de seetor van maritieme toeleveranciers. Tijdens dit onderzoek zijn vertegenwoordigers van zowel de vraagzijde (de maritieme toeleveranciers) als de aanbodzijde (de vermogensverschaffers) ondervraagd. Vanuit de vraagzijde kwamen onderwerpen aan de orde als de huidige financieringsstructuur van maritieme toeleveranciers. de verwachte ontwikkelingen, de invloed van deze ontwikkelingen op de toekomstige kapitaalbehoeften en de verwachte toekomstige financierini,!sstructuur van maritieme toeleveranciers. Vanuit de aanbodzijde was het onderzoek gericht op het huidige aandeel van maritieme ondernemingen in de portefeuille van vermogensverschaffers, het imago van de maritieme cluster en de verwachte ontwikkelingen binnen deze sector. Werking van kapitaalmarkt: theoretisch kader Wanneer ondernemingen extern financiële middelen moeten aantrekken. kunnen zij bij verschillende partijen terecht. In de kern zijn er echter slechts twee mogelijkheden: I Aantrekken van risicomijdend vermogen; 2 Aantrekken van risicodragend vermogen. Het aanbod van risicomijdend vermogen kan onderverdeeld worden in kortlopend en langlopend krediet. Kortlopend krediet wordt i,!ewoonlijk i,!cbruikt om werkkapitaal te financieren of om een buffer te vormen voor een plotselinge financieringsbehoefte, zoals onverwachte daling of stijging in de verkopen. of een onverwachte stijging in de uitgaven. Voorbeelden van kortlopcnd krediet zijn renouvellerend krediet, factoring en voorraadfinanciering. Langlopend krediet wordt vaak gehanteerd ter financiering van de groei. Ondernemini,!en die moeten lenen om de groei te financieren hebben andere wensen en behoeften dan ondernemingen die lenen ter versterking van het werkkapitaal. Uitbreidingsinvesteringen gaan vaak gepaard met een groter bedrag aan benodigde financiering en een langere terugbetalingstermijn. Voorbeelden van langlopend krediet zijn objectfinanciering, lange termijnkrediet en leasing. Daarnaast wordt nog een aantal andere vormen van risicomijdend vermogen onderkend. zoals garantiekrediet, converteerbare lening en AA-krediet. Stichting Nederland Maritiem Land xv