Alpha Capitalis
Obtaining capital
Struktura kapitala predstavlja omjer dužničkog (tuđeg) i vlasničkog kapitala društva. Takva podjela otkriva kako je društvo financiralo imovinu s kojom generira prihode.
Osnovni zadatak financijskog menadžmenta društva je pronaći optimalnu strukturu kapitala koja će odražavati najmanji stupanj rizika uz najmanji trošak kapitala.
Jedan od problema s kojim se susreću poduzetnici je pribavljanje kapitala I financiranje nastavka poslovnog projekta.
Izvori financiranja su:
- Private equity fondovi (preuzimanje, dokapitalizacija, dug)
- Venture capital fondovi (preuzimanje, dokapitalizacija)
- Anđeli investitori (preuzimanje, dokapitalizacija)
- Mezzanine fondovi (dug)
- Komercijalne banke (dug)
- Razvojne banke (dug i jamstva)
- Agencija za poticanje ulaganja (poticaji i jamstva)
- Tržište kapitala (izdavanje obveznica i dionica)
- Strateški investitori (preuzimanje, dokapitalizacija)
- EU fondovi (bespovratna sredstva)
Modeli financiranja uključuju:
- Kapital i/ili dug za nove investicije
- Reprogram postojećeg duga
- Akvizicije
- Dokapitalizacija
- Prodaja poslovnih udjela
Namjene pribavljanja sredstava:
- Obrtna sredstva
- Razvoj novih proizvoda
- Rast putem akvizicija
- Preuzimanje postojećeg društva od strane menadžmenta
- Izgradnja/povećanje proizvodnog kapaciteta
- Razvoj projekata (hoteli, vjetroparkovi, proizvodni pogoni…)
- Kupnja dugotrajne imovine
- Refinanciranje duga
- Otkup duga
- Otkup potraživanja
- Projektno financiranje kod pribavljanja eksternog kapitala, ugovaranja financiranja i zatvaranja transakcija prilikom spajanja i preuzimanja.
Obtaining capital
Obtaining capital
The basic task of financial management is to maintain an optimal capital structure that will reflect the minimum level of risk and the lowest cost of capital
The process of obtaining debt capital often seems long and complicated and it is advisable to approach the process in a structured way.
Approaching the process in a structured way and preparing appropriate documentation improves the ability to successfully get funding.
Sources of financing:
- Private equity funds
- Venture capital funds
- Angel Investors
- Mezzanine funds (debt)
- Commercial banks (debt)
- Development banks (debt and guarantees)
- Agency for Investments and Competitiveness (investment incentives and guarantees)
- Capital market (bond and equity issues)
- Strategic investors
- EU funds (non-refundable funds)
Financing models include:
- Capital and / or debt for new investments
- Reprogramming of existing debt
- Acquisitions
- Recapitalization
- Sale of business shares
Fund procurement pursposes:
- Working capital
- New product development
- Growth through acquisitions
- Takeover of existing company by management
- Build / increase production capacity
- Project development (hotels, wind farms, manufacturing facilities…)
- Purchase of fixed assets
- Debt refinancing
- Debt buy-back
- Purchase of receivables
- Project financing in obtaining external capital, contract financing and closing transactions at mergers and acquisitions.
Obtaining Capital Services
Investment studies
An investment study is a written document that contains a detailed analysis of investing in business, future business results, and alternative solutions to possible risky situations that future time brings. The study includes information on obtaining the necessary funds, investing, organizing work, marketing and sales, all the way to realizing the benefit (profit) borne by the project.
An investment study will help you spot and take advantage of a great business opportunity, to streamline and manage your business activities, get the credit you need to grow your business, or attract potential investors. The better the investment study is, the more likely the success is.
Financing of projects and business activities should be adjusted to be in line with the strategic goals of the company. The way we structure financing today has an impact on future business and the possibility of additional financing in the future.
The purpose of the investment study is:
- Clear understanding of business opportunity, directing and managing business activities
- Getting loans, attracting potential investors
- Faster and easier communication with the environment, business partners, financial and government institutions
The ALPHA CAPITALIS team will create an investment study for you to successfully obtain financing and realize the project in 5 steps:
- Description of business idea and investment project
- Market analysis
- Display key people as project coordinators
- Preparation of projections of financial statements
- Derivation of final project evaluation
Credit financing through credit institutions
A credit institution is a legal entity whose business is to receive deposits or other grants from the public, and to approve loans from these funds for its own account.
No matter what stage of business development you are in, there is always funding available, so feel free to contact our experts for any questions or concerns.
The sources of financing for companies in the Republic of Croatia are:
- Commercial banks
- Development banks
- European Bank for Reconstruction and Development (EBRD)
- European Investment Bank (EIB)
- Croatian Bank for Reconstruction and Development (HBOR)
- Development agencies – HAMAG BICRO
- Venture capital funds
Available sources of financing in the Republic of Croatia in one place
Progress market
Investors should consider the following when investing in financial instruments traded on the Progress Market:
- The Progress Market is a growing market for SMEs managed by the Exchange.
- The main feature of the Progress market is the lower transparency requirements placed on issuers relative to the regulated market and the associated higher risk of investing in financial instruments traded on the Progress market.
- The Exchange market, in the manner provided for in these Rules, ensures the public availability of regulatory information about issuers, including financial statements of issuers and information on financial instruments traded on the Progress Market, to ensure fair and orderly trading and pricing.
- The obligation to disclose to the public the information required by these Rules shall be fulfilled by the issuer upon whose request the financial instrument has been admitted to trading on the Progress Market or, if applicable, by another person for its account.
- Provisions of the Capital Market Law (ZTK), Regulation (EU) no. 596/2014 and other relevant regulations and by-laws adopted pursuant to those regulations relating to the prevention and detection of market abuse shall apply to trading on the Progress market.
- Stocks and depositary stock receipts
- Bonds and depositary security receipts
- ALPHA CAPITALIS is an authorized adviser for the Progress Market of the Zagreb Stock Exchange.
Two years after the admission to the Exchange, the Advisor continuously monitors whether the Issuer fulfills all its obligations, regulations and rules to which it has committed itself, and accordingly submits an annual report to the Exchange by December 31st accordingly.
EU funds
Funding Sources:
- European Regional Development Fund (EFRR) – Funds: 4,321 bn. euros
- European Agricultural Fund for Rural Development (EPFRR) – Funds: 2,026 billion. euros
- European Fund for Maritime Affairs and Fisheries (EFPR) Funds: 252,643.14 bn. euros
- Cohesion Fund (KF) – Funds: 2,559 mlrd. euros
- European Social Fund (ESF) – Funds: 1,582 bn. Euros
If you are interested in applying for EU funds, our experience and knowledge can help you with the following steps:
1. Choosing the right tender
- If you have an idea of an entrepreneurial venture or want to improve your business, you need to determine if you can get grants from EU funds
- Finding an adequate tender for which the project can apply
- The tender lists the eligibility requirements for the applicant, who can apply for the project, the amount of grants you can acquire, and the percentage that must be funded.
2. Project idea analysis
- Defining problems that will be addressed by the project
- Defining goals
- Analysis of key elements of the project idea
- Checking that the project idea fulfills the tender requirements
3. Drafting and preparation of project documentation
- Advising on writing an application for EU public tenders
- Preparation of complete application documentation
- Creating a business model
4. Development of an investment study (profitability studies)
- Business idea description
- Market and (comparative) company analysis
- Location analysis
- Developing a financial model
- Cost – benefit analysis
5. Tender application
- Verification of the completed forms and completing all necessary documentation
- Submit an application
- Implementation of the EU project
- The implementation of the project is the final stage, which begins when you sign the grant contract.
Implementation of the EU project
The implementation of the project is the final stage that begins when you sign the grant agreement.
The implementation phase includes:
- Preparation of implementation documentation
- Keeping and archiving documentation
- Preparation and implementation of procurement
- Ensuring timely detection of contract performance discrepancies
- Monitoring of activities against the work plan approved in the initial phase of the project
- Tracking costs in relation to budget
What are the responsibilities of the project coordinator?
During the implementation of the project, the project coordinator is obliged to continuously cooperate with the competent authorities and regularly report to them and submit all necessary information.
The project coordinator is obliged to prepare:
- Progress report
- Final report on project implementation
- Post-project report
Incentives and grants
Grants are one of the forms of funding available to companies to finance strategic project investments as well as regular business activities.
In Croatia, they are most often available through tenders from EU funds and have a prescribed structure and rules that must be followed in order for the application for the targeted tender to be completed according to your wishes and ultimately to acquire the desired amount of grants.
5 steps to make the application satisfactory by the competent authorities:
- Future development plan
- Tender selection
- Study the project documentation
- Drafting a project proposal
- Project implementation
Financial restructuring
Financial restructuring is any significant change in the financial structure of a company, its ownership, control and / or business portfolio, all with the aim of increasing the value of the company. It is implemented to overcome financial difficulties, improve business operations, avoid higher tax levies, or for personal management reasons and their goals. The main objective of the restructuring is to reduce company costs and increase net profitability. What is a pre-bankruptcy settlement? A procedure aimed at establishing the liquidity and solvency of the debtor, or re-training the debtor to meet its monetary obligations in a timely manner and to ensure a more lasting ability to meet all monetary obligations.
- The startup procedure is simpler and at a far lower cost than starting a bankruptcy procedure
- The goal is to recover the company and continue its business
Company restructuring opportunities:
- Restructuring of liabilities to banks and suppliers
- Sale of non-core assets
- Swap equity receivables
- Recapitalization and / or acquisition by a strategic or financial investor
- Debt reprogramming
- Separation of economic unit
- Sale of debt and receivables
- Sale & Lease back
The ALPHA CAPITALIS team is undertaking a financial restructuring through the following steps:
- Assess the situation
- Operational improvements
- Working capital management
- Sale of non-operating assets
- Sale of an operating asset or economic entity
- Restructuring the balance sheet
- Reasons for restructuring the company:
- Harmonization of production capacity, structure and number of employees
- Adjustment of required capital
- Sales promotion
- Transfer of management to the younger generations
- Tax optimization
- Pre-bankruptcy settlement
- Balance Sheet Optimization
- Preparing the company for sale
The ALPHA CAPITALIS team offers the following services:
- Analysis of the initial situation
- Modeling and repayment of debt and liabilities
- Scenario analysis
- Debt refinancing with credit institutions
- Finding an alternative source of funding
- Negotiate with suppliers
- Negotiating with creditors
- Reprogramming of debts and liabilities
- Presenting the business model to all stakeholders
- Finding investors to buy debt, recapitalize or takeover
More about Obtaining Capital
Definiranje poslovnog modela
Većina ljudi koji razmišljaju na poduzetnički način, tijekom svojeg života će imati neku odličnu poslovnu ideju. Možda će to biti unaprjeđenje dijela nekog proizvoda ili
Procjena vrijednosti sinergija prema DCF metodi
Prethodno smo pisali kako su sinergije glavni motiv za M&A proces, a iste smo razvrstali u operativne i financijske sinergije te smo pokazali kako se
Kako se vrijednosni papiri prodaju na tržištu kapitala
Neovisno kojom se djelatnošću bave ili unutar koje industrije posluju, svim društvima potreban je kapital kako bi financirali svoje poduzetničke pothvate i buduće poslovne planove.
Negativne sinergije u M&A procesu
Kroz prethodne tekstove prezentirali smo sve sinergije koje nastaju nakon M&A procesa, a koje su klasificirane pod operativne i financijske sinergije. No ako su prethodno
Sinergijski učinci M&A procesa
Iako postoje vlasnici ili uprave društava koje žele samo zadržati status quo jer su zadovoljni sadašnjim poslovanjem i nemaju daljnje motivacije za širenje istog, većina
Kako se operativna poluga koristi u poslovanju?
Svi aktivni poslovni subjekti koriste određena sredstva za svoj rad. I dok se to kod uslužnih djelatnosti odnosi na opremu za rad poput računala, laptopa
