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STRUCTURING FINANCIAL TOOLBOX FOR AUDIOVISUAL SECTOR IN GREECE PERIOD 2018–2022
PRESENTATION OF CASH REBATE FRAMEWORK AND THE FINANCIAL TOOLBOX SCHEME FOR THE PERIOD 2018 –
2022, BY THE MINISTRY OF DIGITAL POLICY, TELECOMMUNICATIONS & MEDIA – HELLENIC REPUBLIC,
Philemon Moussouris, Special Advisor Deputy MinisterNovember 2018
STRUCTURING FINANCIAL TOOLBOX FOR AUDIOVISUAL SECTOR IN GREECE PERIOD 2018–2022
MINISTRY OF DIGITAL POLICY, TELECOMMUNICATIONS & MEDIA, HELLENIC REPUBLIC
https://el-gr.facebook.com/MinDigitalGr/http://mindigital.gr/https://media.gov.gr/
STRUCTURING FINANCIAL TOOLBOX OF CASH REBATE 2018–2022
INCENTIVES Laws No.4487/2017, No.4563/2018 implements a 35% cash rebate
to cover the eligible costs of national and international audio-visual productions
and/or post-production, without cap
Feature films, documentaries, television series, animations, digital games
A minimum of €100.000 for film/documentary, TV Series: €100.000+€30.000
per episode, digital games:€ 60.000
The incentive is administered by the National Centre of Audiovisual Media and
Communication S.A. (EKOME S.A., www.ekome.media),
a state-owned legal entity governed by private law, in Greece.
STRUCTURING FINANCIAL TOOLBOX OF CASH REBATE 2018–2022
The recent implementation of the cash rebate system
(L.4487/2017, L.4563/2018, Joint Ministerial Decision
1138/28-3-18) for the production of audiovisual works in
Greece is a decisive step towards attracting film,
television, documentary, animation producers and digital
games developing companies to invest in the Greek
creative sector.
STRUCTURING FINANCIAL TOOLBOX OF CASH REBATE 2018–2022
The rebate amounts to 35% without cap on the eligible expenses incurred in Greece
for all beneficiaries. Producers will have access to state aid once they pass the cultural
test and spend at least € 100.000 in the case of feature films or documentaries and €
60.000 for digital games, and for TV series starting at € 30.000 per episode with a
minimum of all eligible expenses at € 100.000. The cash rebate will be available to
producers no later than six months after the completion of production, provided that
all prerequisites of L.4487/2017, L.4563/2018 have been met.
PHOTO: MESSINIAN BAY - KALAMATA AT SUNSET, AERIAL VIEW
FINANCIAL TOOLBOX OF CASH REBATE 2018–2022
The cash rebate for the audiovisual industry in Greece is
administered by the National Centre of Audiovisual Media &
Communication (EKOME S.A., www.ekome.media), a legal
entity governed by private law and controlled by the Greek
state.
Financing of the rebate is guaranteed through the Greek Public
Investment Program and amounts to a total of €75m available
for 2018, plus € 375m over the period of 2019-2022 (Programme
of Public Investments – State Budget).
STRUCTURING FINANCIAL TOOLBOX OF CASH REBATE 2018–2022
The cash rebate for the production of audiovisual workssupports feature films, documentaries, TV drama series,animated films and digital games that choose Greece as locationin either principal photography and production developmentand/or post-production stage.
The rebate does not apply to commercials, reality TV shows, TVgames, sports or current affairs shows.
STRUCTURING FINANCIAL TOOLBOX OF CASH REBATE 2018–2022
Applications may be made for international and domestic productions and/or co-productions to obtain a 35% cash rebate on the sum of eligible expenses incurred in Greek territory.
PHOTO: STADIUM FROM ANCIENT MESSENE, 4th Century B.C, Location: MESSINIA, PELOPONNESE
STRUCTURING FINANCIAL TOOLBOX OF CASH REBATE 2018–2022
Eligible to apply for cash rebate in Greece are undertakings which areestablished or have a branch in the Greek territory and operate in orderto produce audiovisual works
Foreign producers of audiovisual works who are contracted with anundertaking established or having a branch in Greek territory andoperating for the purpose of producing audiovisual works andundertakings for the production of audiovisual works in the context ofcross-border production.
STRUCTURING FINANCIAL TOOLBOX OF CASH REBATE 2018–2022
Important Note: Applications should be submitted only by the Greek partner company. However, beneficiary and applicant may not necessarily coincide. Namely, a beneficiary may be the Greek producer, co-producer or production service provider, or their foreign partner.
Photo: Ancient Theatre of Epidaurus, 4th Century B.C.
STRUCTURING FINANCIAL TOOLBOX OF CASH REBATE 2018–2022
The cash rebate is paid to producers no later than six months after
the completion of the production and/or post-production in
Greece, provided that all prerequisites of L.4487/2017,
L.4563/2018 have been met.
STRUCTURING FINANCIAL TOOLBOX OF CASH REBATE 2018–2022
For cash rebate inquiries, please contact:EKOME S.A. – National Centre of Audiovisual Media and Communicationwww.ekome.media
T +30 214 4022 500T +30 214 4022 503E [email protected]@ekome.media
Alexandrou Pantou & Fragkoudi 1117671, Kallithea
STRUCTURING FINANCIAL TOOLBOX OF CASH REBATE 2018–2022
EVALUATION PROCEDURE-APPLICATION
- SUBMMISION OF THE QUALIFICATION APPLICATION OF THE INVESTMENT PLAN ENTITY
- ASSESSMENT OF THE QUALIFICATION APPLICATION (LEGALITY EXAMINATION, CHECK SUPPORTING DOCUMENTATION)
- INVESTMENT PLANS THAT DOESN’T MEET THE CRITERIA ARE REJECTED
- INVESTMENT PLANS THAT MEET THE LEGAL REQUIREMENTS ARE SUBJECT TO THE PRESENET AID SCHEME IN ACCORDANCE OF LAWS 4487/2017, 4563/2018
- A SUMMARY OF THE APPROVAL DECISION CASH REBATE OF THE MINISTER OF DIGITAL POLICY, TELECOMMUNICATIONS & MEDIA IS PUBLISHED IN THE GOVERNMENT OFFICIAL GAZETTE (MAX PERIOD 45 DAYS AFTER THE SUBMISSION OF THE APPLICATION)
PRODUCTION PERIOD OF AUDIOVISUAL PROJECT
- PRODUCTION WORK OF AUDIOVISUAL
- POSTPRODUCTION WORKS
- THE DEADLINE OF THE FINALIZATION OF THE INVESTMENT PLAN IS 3 YEARS AFTER THE EFFECTIVE DATE OF THE PUBLISHING IN THE GOVERNMENT OFFICIAL GAZETTE OF THE APPROVAL DECISION OF CASH REBATE OF THE MINISTER
- EFFECTIVE PERIOD REGARDING MODIFICATIONS OF THE QUALIFICATION DECISION (AMENDMENTS TO THE INVESTMENT PLAN)
- WHEN THE INVESTMENT PLAN HAS BEEN CARRIED OUT A MIN OF 60% AND IS OVER OF €100 ΤΗ, ΜΑΥ ΤΗE APPLICANT ASKS FOR FINAL CHECK AND VERIFICATION OF THE AUDIT COMMITTEE
FINAL CHECK-CERTIFICATION-VERIFICATION PLAN’S COMPLETION
- THE INVESTMENT PALN ENTITY AFTER THE COMPLETION OF THE INVESTMENT PLAN AND NO MORE THAN 60 DAYS OF COMLPETION, SUBMITS IN THE INFORMATION SYSTEM (PSKE) OF EKOME, ALL THE NECESSARY DOCUMENTS FOR EVALUATION
- THE EVALUATION PROCESS IS FINALISED TILL 60 DAYS OF THE TIME OF SUBMISSION
- IF THE REPORT OF THE AUDIT BODY IS COMPLETE, THE AUDIT BODY THEN SUGGESTS THE ISSUANCE OF AN APPROVAL DECISION BY THE MINISTER.
- A CERTIFIED COPY OF THE INVESTMENT’S PLAN COMPETION IS SEND TO THE INVESTMENT PLAN ENTITY. THE DEDLINE THEN OF PAYING THE SUBSIDY IS 60 DAYS.
STRUCTURING FINANCIAL TOOLBOX OF CASH REBATE 2018–2022
EVALUATION PROCEDURE-APPLICATION
- SUBMMISION OF THE QUALIFICATION APPLICATION OF THE INVESTMENT PLAN ENTITY
- ASSESSMENT OF THE QUALIFICATION APPLICATION (LEGALITY EXAMINATION, CHECK SUPPORTING DOCUMENTATION)
- INVESTMENT PLANS THAT DOESN’T MEET THE CRITERIA ARE REJECTED
- INVESTMENT PLANS THAT MEET THE LEGAL REQUIREMENTS ARE SUBJECT TO THE PRESENET AID SCHEME IN ACCORDANCE OF LAW
4487/2017, 4563/2018, JMD 1138/28-3-18.
- A SUMMARY OF THE APPROVAL DECISION CASH REBATE OF THE MINISTER OF DIGITAL POLICY, TELECOMMUNICATIONS & MEDIA IS
PUBLISHED IN THE GOVERNMENT OFFICIAL GAZETTE (MAX PERIOD 45 DAYS AFTER THE SUBMISSION OF THE APPLICATION)
STRUCTURING FINANCIAL TOOLBOX OF CASH REBATE 2018–2022
PRODUCTION PERIOD OF AUDIOVISUAL PROJECT
- PRODUCTION WORK OF AUDIOVISUAL
- POSTPRODUCTION WORKS
- THE DEADLINE OF THE FINALIZATION OF THE INVESTMENT PLAN IS 3 YEARS AFTER THE EFFECTIVE DATE OF THE PUBLISHING IN THE
GOVERNMENT OFFICIAL GAZETTE OF THE APPROVAL DECISION OF CASH REBATE OF THE MINISTER
- EFFECTIVE PERIOD REGARDING MODIFICATIONS OF THE QUALIFICATION DECISION (AMENDMENTS TO THE INVESTMENT PLAN)
- WHEN THE INVESTMENT PLAN HAS BEEN CARRIED OUT A MIN OF 60% AND IS OVER, ΜΑΥ ΤΗE APPLICANT ASKS FOR FINAL CHECK AND
VERIFICATION OF THE AUDIT COMMITTEE
STRUCTURING FINANCIAL TOOLBOX OF CASH REBATE 2018–2022
FINAL CHECK-CERTIFICATION-VERIFICATION PLAN’S COMPLETION
- THE INVESTMENT PALN ENTITY AFTER THE COMPLETION OF THE INVESTMENT PLAN AND NO MORE THAN 60 DAYS OF
COMLPETION, SUBMITS IN THE INFORMATION SYSTEM (PSKE) OF EKOME, ALL THE NECESSARY DOCUMENTS FOR EVALUATION
- THE EVALUATION PROCESS IS FINALISED TILL 60 DAYS OF THE TIME OF SUBMISSION
- IF THE REPORT OF THE AUDIT BODY IS COMPLETE, THE AUDIT BODY THEN SUGGESTS THE ISSUANCE OF AN APPROVAL DECISION BY
THE MINISTER.
- A CERTIFIED COPY OF THE INVESTMENT’S PLAN COMPETION IS SEND TO THE INVESTMENT PLAN ENTITY. THE DEDLINE THEN OF
PAYING THE SUBSIDY IS 60 DAYS.
STRUCTURING FINANCIAL TOOLBOX OF CASH REBATE 2018–2022
STRUCTURING BANKING SOLUTIONS FOR AUDIOVISUAL SECTOR AND DIGITAL GAME SECTOR IN GREECE
STRUCTURING FINANCIAL TOOLBOX OF CASH REBATE 2018–2022
TYPES OF FINANCIAL AIDThe cash rebate scheme can be combined with other aid schemesprovided that total state financing shall not exceed:
- 50% for domestic productions or co-productions
- 60%, in case of cross-border productions with EU members
- 70%, in case of “difficult” audiovisual works as defined in Law No.4487/2014
* EU funds (EURIMAGES or MEDIA) are not included in the above maximum rules
STRUCTURING FINANCIAL TOOLBOX OF CASH REBATE 2018–2022
FRAMEWORK AGREEMENT1. MINISTRY OF DIGITAL
POLICY – ΕΚΟΜΕ SA2. ETEAN SA – CENTRAL
PROVIDER -COORDINATOR
3. TANEO SA - VCs4. SYSTEMIC
COMMERCIAL BANKS5. DEV.LAW 4399/2016
COMMERCIAL SYSTEMIC BANKS
Credit lines of Working Capital / Medium-Term
Loan
• CREDIT LINE 1: Medium Term loans € 25.000 - €1.500.000
• CREDIT LINE 2: Working Capital € 10.000 - € 500.000
ETEAN SA –BANKS:
CO-FINANCING PROGRAMME
TEPIX II FOR SMEs “BUSINESS FUNDING”
BUDGET € 915
MILLIONS (starting Q4 2018)
• € 25 millions -GUARANTEE FACILITYFRAMEWORK
ETEAN S.A.
SPECIAL PROGRAMME
CREATIVE INDUSTRY I (starting Q4
2018)
AUDIOVISUAL PRODUCERS - CASH
REBATECREDIT LINES
WORKING CAPITAL-BRIDGE
FINANCE
MEDIUM-TERM LOANS
MINISTRY APPROVALCASH
REBATE/COLLATERAL PLEDGE 100%
TANEO SA
BUDGET € 50 ΜIL
VC1
VC2
VC3
VC4
VC5
VC6NEW
DEVELOPMENT LAW 4399/2016 SUBSIDY (UP TO
10%-55% OF BUSINESS PLAN, THIRD CALL END
11/2018 FOR SMEs (INCLUDED A/V
SECTOR)
STRUCTURING FINANCIAL TOOLBOX OF CASH REBATE 2018–2022
FRAMEWORK AGREEMENT1. MINISTRY OF DIGITAL POLICY,
TELECOMMUNICATIONS & MEDIA -ΕΚΟΜΕ SA
2. ETEAN SA – CENTRAL PROVIDER -COORDINATOR
3. TANEO SA - VCs4. SYSTEMIC COMMERCIAL PRIVATE
BANKS5. DEVELOPMENT LAW 4399/2016
STRUCTURING FINANCIAL TOOLBOX OF CASH REBATE 2018–2022
• CREDIT LINE 1: Medium Term loans € 25.000 - € 1.500.000
• CREDIT LINE 2: Working Capital €10.000 - € 500.000
ETEAN SA – COMMERCIAL BANKS:
CO-FINANCING PROGRAMME FOR SMEs and STARTUPS “BUSINESS
FUNDING” BUDGET € 915MILLIONS – starting Q4 2018, to be
announced)
ETEAN SA (HELLENIC FUND FOR ENTREPRENEURSHIP & DEVELOPMENT SA) is a public financial
institution which in collaboration with the big 4 Systemic Banks will launch (end of 2018) the
programme “BUSINESS FUNDING- TEPIX II” for SMEs & Startups for a lot of sectors which are
included the A/V sector and Gaming for the first time of history of ETEAN SA:
Credit line 1 will cover development needs for assets, equipment etc, and
Credit line 2 will cover short term financial needs of SMEs for working capital – general
expenses, payroll, stocks etc).
STRUCTURING FINANCIAL TOOLBOX OF CASH REBATE 2018–2022
SYSTEMIC BANKS
Credit lines of Working Capital /
Medium-Term Loan
CREDIT LINES
WORKING CAPITAL-BRIDGE
FINANCE
MEDIUM-TERM LOANS
MINISTRY APPROVALCASH
REBATE/COLLATERAL PLEDGE 100%
AUDIOVISUAL PRODUCERS - CASH
REBATE
This financial product will bridge the gap (bridge finance)
between the final collection of the incentive and the first
Ministry approval of the cash rebate. Credit lines of Working
Capital & Medium term loans can be realized, specialized for
the cash rebate producers.
The Ministry approval will be set as a pledge – collateral for
the transaction (working capital – bridge finance lending
scheme)
STRUCTURING FINANCIAL TOOLBOX OF CASH REBATE 2018–2022
• € 25 millions -GUARANTEE FACILITYFRAMEWORK
ETEAN S.A.
PROGRAMME CREATIVE
INDUSTRY I
(STARTING Q4/2018)
So ETEAN SA facilitates the structuring of a credit line –guarantee facility of € 25Μ from state aid facility in order to flow them (as central provider) to cover up as a collateral pledge, credit line-facilities of SMEs and Startups of the Audiovisual Sector and Gaming Sector through the Commercial Private Banks.
STRUCTURING FINANCIAL TOOLBOX OF CASH REBATE 2018–2022
TANEO SA BUDG € 50 ΜIL
VC1
VC2
VC3
VC4
VC5
VC6
INVITATION FOR EXPRESSION OF INTEREST – PROGRAMME CREATIVE INDUSTRY II- 10/31/2018 -http://mindigital.gr/index.php/deltia-typou-anakoinoseis/3136-prosklisi-ekdilosis-endiaferontos-dimiourgia-ependytikoy-tameiou-gia-optikoakoustikes-paragogesThe New Economy Development Fund S.A. (“TANEO”) on behalf of the Greek Ministry of Digital Policy,Telecommunications and Media is about to launch a new Fund of Funds investment vehicle starting with €50mpublic investment. The Fund will participate in Venture Capital schemes with investment focus on Greek Small andMedium sized enterprises active in the fields of film, content and video games creation in Greece.TANEO and the Ministry of Digital Policy, Telecommunications and Media hereby invite the members of the globalinvestment community for expression of interest.This invitation is addressed to all investors and investment managers interested in establishing Greek VentureCapital Companies or Venture Capital Mutual Funds or any other venture capital form operating in accordance tothe laws of a European Union member state, with the purpose of co-investing along with TANEO in Greek Small andMedium sized enterprises.
STRUCTURING FINANCIAL TOOLBOX OF CASH REBATE 2018–2022
TANEO SA BUDG € 50 ΜIL
VC1
VC2
VC3
VC4
VC5
VC6
The investment vehicles should be managed by independent private legal entities and shall invest, via equityparticipations and/or quasi equity financial instruments, in Startups, Small and Medium sized enterprises, thebusiness scope of which is to produce, co-produce and disseminate audiovisual content. The appropriateness of themanagers, the reliability of the business proposals and their attribution to the Greek Economy development willconstitute the critical factors for the selection of intermediaries.Greece has recently taken decisive steps in attracting international film, television, documentary, animation andvideo gaming producers by imposing among others new cash rebate scheme of 35%. The rebate is flexible, it has nocap, it is secured funded by the Greek Public Investment Programme that amounts to €450m for the period up to2022. Applications are submitted all year long to an electronic system guaranteeing smooth, timely and transparentprocessing. The rebate is payable no later than six months after the completion of the shooting process in Greece.TANEO will accept meeting requests for the provision of further information until 10/12/2018.For more information:Τel. +30210-3387113. E-mail: [email protected]
STRUCTURING FINANCIAL TOOLBOX OF CASH REBATE 2018–2022
NEW DEVELOPMENT LAW 4399/2016 SUBSIDY (UP TO 10%-55% OF BUSINESS
PLAN, THIRD CALL FOR SMEs (to be announced Q4/2018 – “GENERAL
ENTREPRENEURSHIP” PROGRAMME) & under establishment or merging companies
(A/V SECTOR INCLUDED)
Types of aid: Grant, Leasing Subsidy (machinery-equipment), Tax exception, New employment cost subsidy, Stabilization
of income tax rate, financing of business risk via equity fund
Content of investment projects: creation of a new unit, the expansion of the existing plant capacity, production
diversification, acquisition of all assets owned by a business establishment which has been closed
Reinforcement percentages: aid rates are related to the regional aid map of Greece and also by to the size of the
investment entity