Financing PPPs: Project Finance June 2006

Size: px
Start display at page:

Download "Financing PPPs: Project Finance June 2006"

Transcription

1 Financing PPPs: Project Finance June 2006

2 Index Section I. Section II. Section III. Project Finance Spanish Market Advantages Risk Matrix P. 2

3 Section I Project Finance Project Finance

4 Definition Definition: A form of financing projects, primarily based on claims against the financed asset or project rather than on the sponsor of the project. However, there are varying degrees of recourse possible. Repayment is based on the future cash flows of the project. P. 4

5 Principal Participants in a Project Finance Sponsors national National Banks Government Banks Capital Markets Sponsors international International Banks Monolines P. 5

6 Financing Structure Shareholders Dividends + interest Capital Administration Concession Agreement Payment CV + CF Project Company (SPV) Financial contracts Principal + Interest Banks Payment Construction Contract Operating & Maint. Contract Insurance company Construction Joint Venture Operating Company Service Contracts Service supplier 1 Service supplier 3 Service supplier 3 Service supplier n P. 6

7 Calendar Process duration: 4 months Phase I Financial Structure Phase II Risk analysis Phase III Financial closing Feasibility Study Contracts & Risk management Economic analysis and Financing structure Term Sheet & IM Arrangers: Term Sheet & Contracts negotiation Financial closing Participants: Syndication Financial Advisor: Banks P. 7

8 Financial institution rules Advisory Tender preparation Advisory to the Sponsors Feasibility study of the project Risk analysis Arrangement/Financing Financial Underwriting Funding in the Capital Markets Other financial facilities: bridge, RCF, Possibility of equity investments Optimum economic, legal and tax structure Other sponsor research Legal structure Coordination between different participants Project presentation in the Capital Markets Negotiation with the financial institutions P. 8

9 Volume of operations USD Mll UK USA Australia Spain Italy China Indonesia Brazil Japan México Volume operations (2004) Dealogic P. 9

10 Financing tools Bank financing No bank financing Securitization Bonds P. 10

11 Bank Financing (I) Main financial source Debt with SPV. Operative relationship with the sponsors, no financial relationship. High leverage ratios. Long repayment terms. Taking into account Cash Flows It is out of the balance financing for the sponsors, no effect in rating Pricing: Interest rate + margin Reference rate: DSCR P. 11

12 Bank Financing (II) The Financial model is the main tool to obtain the economic analysis and the financing structure. Main ratios to measure project capacity to face debt obligations: Debt Service Coverage Ratio ( DSCR ) Cash Flow available for debt service Debt service (principal, interest & commissions) Interest Coverage Ratio ( ICR ) Cash Flow available for debt service Interest Loan Live Coverage Ratio (LLCR) NPV of Cash Flows available for debt service (during debt) discounted at debt rate Outstanding debt P. 12

13 Leverage and Term UK PPP s 90 IPP Spain (1) x Wind Spain x Roads Ireland x x 80 Debt/Equity Ports Spain x Roads USA x Wind USA Underground Spain x x Debt / Equity vs term Total term P. 13

14 Non Bank Financing Securitization The process of aggregating credit rights of the concessionaire, mainly right to collect tolls, revenues of the commercial areas and payments of the Administration into a negotiable security. Risk transfer to the investor. Different terms. Widely used in the international markets. No in Spain Advantages: cheaper financing cost and flexibility. P. 14

15 Non Bank Financing Bonds As the borrower is a SPV, the risk profile is complicated and not attractive for the bond market. This type of financing is used with a Monoline guaranty In Spain it has been used just in the Autovía de los viñerdos and M-45 P. 15

16 Section II Spanish market advantages Project Finance

17 Spanish Market The main differences with the UK model UK SPAIN Initial competition Concession terms negotiation Concession Grant Initial competition Initial terms stated and then negotiation Binding terms Fixed from the beginning Financial Close prior to concession grant Financing Financial Close once the Concession is granted P. 17 Section II

18 Spanish Market Advantages of the Spanish Legal Framework Asset Responsibility Economic + Financial Equilibrium Legal framework helps to structure different financial schemes P. 18 Section II

19 Section III Risk Matrix Project Finance

20 Risk Matrix Main risks Building & Operational Risk: Building Demand Operating Financial Risk P. 20 Section III

21 Risk Matrix Risk mitigation Contracts will provide mechanisms to mitigate the risk: Contractual structure & risk mitigation Risk: Contract Cost Construction Contract Mitigation mechanism Fixed price Delay Construction Contract Penalty clause Technical performance Construction Contract Penalty clause Operating Operation Contract Technical advisor will control the operation Traffic Concession contract Fix tariff Tariff / Law Concession contract Tariff will compensate traffic and law changes Force Majeure Concession contract Concession agreement will cover these risk Political risk Concession contract Concession agreement will cover these risk P. 21 Section III

22 Risk Matrix Other risk mitigations Sponsors Technical & Financial solvency. Due diligence. EPC Contract. Long warranty periods. Penalty clauses. Operating & Maint. Contract. Extension definition. Length. Cost limits. P. 22 Section III

23 Risk Matrix Advisors & Insurance Program Traffic Advisor Insurance Advisor External Advisors Legal Advisor Technical Advisor Audit Advisor Damages Construction ALOP Civil liability Insurance program ALOP Operating Civil liability Force Majeure P. 23 Section III

B U I L D I N G P A R T N E R S H I P S F O R E N E R G Y S E C U R I T Y www.inogate.org

B U I L D I N G P A R T N E R S H I P S F O R E N E R G Y S E C U R I T Y www.inogate.org "INOGATE Technical Secretariat & Integrated Programme in support of the Baku Initiative and the Eastern Partnership energy objectives" Project B U I L D I N G P A R T N E R S H I P S F O R E N E R G Y

More information

Wind Farm Project Finance

Wind Farm Project Finance Wind Farm Project Finance Financing and Technical Requirements Gabriele Ferrante PPP Task Force, Presidency of the Council of Ministers, Italy Models and Strategies for Public-Private Private Partnerships

More information

Financing Renewable Energy ( RE ) Project

Financing Renewable Energy ( RE ) Project A LEADING CATALYST IN FACILITATING INDONESIA S INFRASTRUCTURE DEVELOPMENT Financing Renewable Energy ( RE ) Project Jakarta, 1 October 2014 PT Sarana Multi Infrastruktur (Persero) 1 About PT Sarana Multi

More information

Agreements, bonds and guarantees

Agreements, bonds and guarantees Agreements, bonds and guarantees SPV Formation The Special Project Vehicle (SPV) may take a variety of forms, including a corporation, limited liability company, general partnership, limited partnership,

More information

Risk Management. Risk Identification

Risk Management. Risk Identification Management This part provides guidance on the treatment of risks on a PPP project, and; Identifies the major risks common to many PPP projects across all sectors; Allocates the identified risks between

More information

Public-Private Partnerships

Public-Private Partnerships Public-Private Partnerships Closing Critical Issues Washington, Background In limited recourse finance, the primary source of debt service is the cash flow generated by the Project will evaluate all factors

More information

Overcoming financing challenges for Hydro Power Projects Francois Viljoen, Director, Cresco Project Finance, South Africa

Overcoming financing challenges for Hydro Power Projects Francois Viljoen, Director, Cresco Project Finance, South Africa Overcoming financing challenges for Hydro Power Projects Francois Viljoen, Director, Cresco Project Finance, South Africa Contents Features of Project Finance Challenges posed by Project Finance Risk assessment

More information

PPP GLOSSARY. Availability. Base Case. Bidder BOOT BOT. Business Case. Commercial Operations Date (COD) Concession

PPP GLOSSARY. Availability. Base Case. Bidder BOOT BOT. Business Case. Commercial Operations Date (COD) Concession PPP GLOSSARY Availability Base Case Bidder Bond BOOT BOT Term Business Case Capex Commercial Operations Date (COD) Concession Meaning The period when the facility (or the relevant part thereof) is able

More information

PORT REFORM TOOLKIT WORLD BANK

PORT REFORM TOOLKIT WORLD BANK WORLD BANK FINANCIAL MODEL MANUAL Concession Project in the port sector 1/ PRELIMINARY ADVICE Required Software : Excel 2000 for PC Data & parameters of modelling : It appears in blue colour and exclusively

More information

1.040 Project Management

1.040 Project Management MIT OpenCourseWare http://ocw.mit.edu 1.040 Project Management Spring 2009 For information about citing these materials or our Terms of Use, visit: http://ocw.mit.edu/terms. 1.040/1.401 Project Management

More information

FINANCING PPP IN INTESA SANPAOLO GROUP

FINANCING PPP IN INTESA SANPAOLO GROUP FINANCING PPP IN INTESA SANPAOLO GROUP Bulgaria Italy Bilateral Cooperation Project Models and Strategies for Public-Private Partnership Rome, 23 rd October 2007 Intesa Sanpaolo Group - Overview Intesa

More information

PROJECT FINANCE UNCDF October 2014 Dar Es Salaam

PROJECT FINANCE UNCDF October 2014 Dar Es Salaam Project Finance PROJECT FINANCE UNCDF October 2014 Dar Es Salaam AGENDA History and Definition Structure of Project Finance Transactions Key Players Milestones Role of Debt in PF transactions Risk Management

More information

PPP Basics and Principles of a PPP Framework

PPP Basics and Principles of a PPP Framework Note 1 May 2012 PPP Basics and Principles of a PPP Framework This note is the first in a series of notes on developing a comprehensive policy, legal, and institution framework for public-private partnership

More information

Community and Renewable Energy Scheme Project Development Toolkit

Community and Renewable Energy Scheme Project Development Toolkit Community and Renewable Energy Scheme Project Development Toolkit Balance Sheet Equity Investment Community Bond Issues Community Vehicle Crowd Funding Debentures a form of bond Debt Debt Service Cover

More information

ICAP GROUP S.A. FINANCIAL RATIOS EXPLANATION

ICAP GROUP S.A. FINANCIAL RATIOS EXPLANATION ICAP GROUP S.A. FINANCIAL RATIOS EXPLANATION OCTOBER 2006 Table of Contents 1. INTRODUCTION... 3 2. FINANCIAL RATIOS FOR COMPANIES (INDUSTRY - COMMERCE - SERVICES) 4 2.1 Profitability Ratios...4 2.2 Viability

More information

Financial Ratios and Quality Indicators

Financial Ratios and Quality Indicators Financial Ratios and Quality Indicators From U.S. Small Business Administration Online Women's Business Center If you monitor the ratios on a regular basis you'll gain insight into how effectively you

More information

Financing Renewables and Energy Efficiency Projects in Developing Countries

Financing Renewables and Energy Efficiency Projects in Developing Countries Mobilising Private Capital to reduce Climate Change Instruments and Policies to mobilise International Green Energy Investment Berlin June 29-30, 2010 Financing Renewables and Energy Efficiency Projects

More information

The Value of Public-Private Partnerships

The Value of Public-Private Partnerships The Value of Public-Private Partnerships How Risk Transfer and Performance Security Influence a Deal Aaron Toppston Director, Aon Infrastructure Solutions Baker & McKenzie International is a Swiss Verein

More information

PROJECT FINANCE & LOAN SYNDICATIONS. Theories, Procedures & Techniques

PROJECT FINANCE & LOAN SYNDICATIONS. Theories, Procedures & Techniques PROJECT FINANCE & LOAN SYNDICATIONS Theories, Procedures & Techniques What is Project Finance? A Project Finance transaction involves the mobilization of debt, equity, contingent equity, hedges and a variety

More information

Methodological Tool. Draft tool to determine the weighted average cost of capital (WACC) (Version 01)

Methodological Tool. Draft tool to determine the weighted average cost of capital (WACC) (Version 01) Page 1 Methodological Tool Draft tool to determine the weighted average cost of capital (WACC) (Version 01) I. DEFINITIONS, SCOPE, APPLICABILITY AND PARAMETERS Definitions For the purpose of this tool,

More information

Availability Payment Mechanisms For Transit Projects ADVISORY

Availability Payment Mechanisms For Transit Projects ADVISORY Availability Payment Mechanisms For Transit Projects ADVISORY Agenda Availability Payments Overview Structure Financial Implications Case Study Additional Considerations KPMG Infrastructure 2 What is an

More information

Asset-Backed Securities. Project Financing. Prof. Ian Giddy. Stern School of Business New York University. Asset-Backed and Project Financing

Asset-Backed Securities. Project Financing. Prof. Ian Giddy. Stern School of Business New York University. Asset-Backed and Project Financing Project Financing/1 Asset-Backed Securities Project Financing Prof. Ian Giddy Stern School of Business New York University Asset-Backed and Project Financing Collateralized debt Securitized loans Non-recourse

More information

Significant reduction in net loss

Significant reduction in net loss press release 12 May 2015 Royal Imtech publishes first quarter 2015 results Significant reduction in net loss Order intake in Q1 at a satisfactorily level of 912 million Revenue 3% down excluding Germany

More information

ARCH CAPITAL ADVISORS

ARCH CAPITAL ADVISORS ARCH CAPITAL ADVISORS TERM SHEET Mezzanine Debt This term sheet does not constitute an offer and is solely for discussion purposes. This term sheet shall not be construed as creating any obligations on

More information

ESCO Financing. State of Israel Ministry of National Infrastructure. Pierre Baillargeon. March 2007 ECONOLER INTERNATIONAL

ESCO Financing. State of Israel Ministry of National Infrastructure. Pierre Baillargeon. March 2007 ECONOLER INTERNATIONAL ESCO Financing State of Israel Ministry of National Infrastructure Pierre Baillargeon March 2007 Agenda Evaluation of the EE market Introduction to the ESCO concept Introduction to performance contracts

More information

Financing Your Dream: A Presentation at the Youth Business Linkage Forum (#EAWY2014) Akin Oyebode Head SME Banking, Stanbic IBTC Bank, Nigeria.

Financing Your Dream: A Presentation at the Youth Business Linkage Forum (#EAWY2014) Akin Oyebode Head SME Banking, Stanbic IBTC Bank, Nigeria. Financing Your Dream: A Presentation at the Youth Business Linkage Forum (#EAWY2014) Akin Oyebode Head SME Banking, Stanbic IBTC Bank, Nigeria. Content 1 Introduction 2 Profit and loss Account or Income

More information

Taking advantage of debt financing and other investment options

Taking advantage of debt financing and other investment options Taking advantage of debt financing and other investment options What opportunities are there for you today? Amsterdam, 28 January 2014 Bert van der Toorn Managing Director, Head of Oil and Gas, Europe

More information

Current Assets. Current Liabilities. Quick Assets or Liquid Assets. Current Liabilities. 1. Liquidity Ratios 1 Current Ratio Formula.

Current Assets. Current Liabilities. Quick Assets or Liquid Assets. Current Liabilities. 1. Liquidity Ratios 1 Current Ratio Formula. 1. Liquidity Ratios 1 Current Ratio Current Assets Current Liabilities This ratio shows short-term financial soundness of the business. Higher ratio means better capacity to meet its current obligation.

More information

Project Finance & Insurance. Christopher Cook November 2012

Project Finance & Insurance. Christopher Cook November 2012 Project Finance & Insurance Christopher Cook November 2012 JLT SpecialtyLimited Financiers Insurance Due Diligence Team - Jardine Lloyd Thompson Group largest non USA insurance broking & consultancy globally

More information

Ratio Analysis. A) Liquidity Ratio : - 1) Current ratio = Current asset Current Liability

Ratio Analysis. A) Liquidity Ratio : - 1) Current ratio = Current asset Current Liability A) Liquidity Ratio : - Ratio Analysis 1) Current ratio = Current asset Current Liability 2) Quick ratio or Acid Test ratio = Quick Asset Quick liability Quick Asset = Current Asset Stock Quick Liability

More information

Contribution 787 1,368 1,813 983. Taxable cash flow 682 1,253 1,688 858 Tax liabilities (205) (376) (506) (257)

Contribution 787 1,368 1,813 983. Taxable cash flow 682 1,253 1,688 858 Tax liabilities (205) (376) (506) (257) Answers Fundamentals Level Skills Module, Paper F9 Financial Management June 2012 Answers 1 (a) Calculation of net present value (NPV) As nominal after-tax cash flows are to be discounted, the nominal

More information

Module 1: Corporate Finance and the Role of Venture Capital Financing TABLE OF CONTENTS

Module 1: Corporate Finance and the Role of Venture Capital Financing TABLE OF CONTENTS 1.0 FINANCING PRINCIPLES Module 1: Corporate Finance and the Role of Venture Capital Financing Financing Principles 1.01 Introduction to Financing Principles 1.02 Capitalization of a Business 1.03 Capital

More information

Europe: Growth of +7.8% in Recurring Operating Income France: New half of improved profitability

Europe: Growth of +7.8% in Recurring Operating Income France: New half of improved profitability 2014 FIRST HALF RESULTS: CONTINUED GROWTH Organic sales growth of 4.3% Increase in Recurring Operating Income of +13.8% Strong increase in adjusted net income, Group share of +16.7% Strong profit growth

More information

Gebze Izmir Motorway & Izmit Bay Crossing Project

Gebze Izmir Motorway & Izmit Bay Crossing Project Gebze Izmir Motorway & Izmit Bay Crossing Project F.Mehmet Coşan CFO Haluk BÜYÜKBAŞ Secretary General, TCA Gebze Orhangazi Izmir Project is the landmark transaction for the infrastructure sector in Turkey

More information

Results Presentation Jan-Sep 2014. November 25 th, 2014

Results Presentation Jan-Sep 2014. November 25 th, 2014 Results Presentation Jan-Sep 2014 November 25 th, 2014 Disclaimer This document has been prepared by Grupo Isolux Corsán, S.A.; therefore no part of it may be published, disclosed or distributed in any

More information

QUALITATIVE DEVELOPMENT OF DEBT/EQUITY MODEL FOR BOT INFRASTRUCTURE PROJECTS

QUALITATIVE DEVELOPMENT OF DEBT/EQUITY MODEL FOR BOT INFRASTRUCTURE PROJECTS QUALITATIVE DEVELOPMENT OF DEBT/EQUITY MODEL FOR BOT INFRASTRUCTURE PROJECTS B. S. Koh Land Transport Authority, Singapore S. Q. Wang School of Building and Real Estate, National University of Singapore

More information

9. Short-Term Liquidity Analysis. Operating Cash Conversion Cycle

9. Short-Term Liquidity Analysis. Operating Cash Conversion Cycle 9. Short-Term Liquidity Analysis. Operating Cash Conversion Cycle 9.1 Current Assets and 9.1.1 Cash A firm should maintain as little cash as possible, because cash is a nonproductive asset. It earns no

More information

Strides Pharma Botswana (Pty) Ltd BALANCE SHEET AS AT Mar 31, 2016

Strides Pharma Botswana (Pty) Ltd BALANCE SHEET AS AT Mar 31, 2016 BALANCE SHEET AS AT Mar 31, 2016 Schedule A. EQUITY AND LIABILITIES 1. Shareholders' funds a) Share capital 1 1,597,444 1,597,444 b) Reserves and Surplus 2 1,737,474-3,334,918 1,597,444 2. Share application

More information

Ethiopian Institute of Financial Studies (EIFS) PROJECT FINANCE

Ethiopian Institute of Financial Studies (EIFS) PROJECT FINANCE PROJECT FINANCE With the growth in the economy and the revival in the industrial sector coupled with the increasing role of private players in the field of infrastructure, more and more Ethiopian banks

More information

E2-2: Identifying Financing, Investing and Operating Transactions?

E2-2: Identifying Financing, Investing and Operating Transactions? E2-2: Identifying Financing, Investing and Operating Transactions? Listed below are eight transactions. In each case, identify whether the transaction is an example of financing, investing or operating

More information

Financial Ratio Analysis A GUIDE TO USEFUL RATIOS FOR UNDERSTANDING YOUR SOCIAL ENTERPRISE S FINANCIAL PERFORMANCE

Financial Ratio Analysis A GUIDE TO USEFUL RATIOS FOR UNDERSTANDING YOUR SOCIAL ENTERPRISE S FINANCIAL PERFORMANCE Financial Ratio Analysis A GUIDE TO USEFUL RATIOS FOR UNDERSTANDING YOUR SOCIAL ENTERPRISE S FINANCIAL PERFORMANCE December 2013 Acknowledgments This guide and supporting tools were developed by Julie

More information

Certified Financial Management Professional VS-1201

Certified Financial Management Professional VS-1201 Certified Financial Management Professional VS-1201 Certified Financial Management Professional Certified Financial Management Professional Certification Code VS-1201 Vskills certification for Financial

More information

OPIC Finance Program FAQs

OPIC Finance Program FAQs OPIC Finance Program FAQs Q: What products does OPIC s Finance Program offer? OPIC s Finance Program offers three basic products: 1) Direct Loans, 2) Investment Guaranties Funded by OPIC Certificates of

More information

Export-Import Bank of the United States

Export-Import Bank of the United States Export-Import Bank of the United States Financing Biofuels Exports Craig O Connor Director Environmental Exports Program June 19, 2007 U.S. Bank Independent agency of the U.S. government. Established in

More information

CONCEPT AND BACKGROUND TO PUBLIC PRIVATE PARTNERSHIP (PPP) / PRIVATE FINANCE INITIATIVE (PFI) UK EXPERIENCE

CONCEPT AND BACKGROUND TO PUBLIC PRIVATE PARTNERSHIP (PPP) / PRIVATE FINANCE INITIATIVE (PFI) UK EXPERIENCE CONCEPT AND BACKGROUND TO PUBLIC PRIVATE PARTNERSHIP (PPP) / PRIVATE FINANCE INITIATIVE (PFI) UK EXPERIENCE Professor Mustafa Alshawi 11/20/2009 Chairman Iraq Institute for Economic Reforms (IIER) Baghdad,

More information

Choice of Discount Rate: Basic Theory

Choice of Discount Rate: Basic Theory Choice of Discount Rate Discussion in 2 Parts 1. Basic Theory 2. A Common Practical Approach: Weighted Average Cost of Capital Massachusetts Institute of Technology Choice of Discount Rate Slide 1 of 24

More information

Consolidated balance sheet

Consolidated balance sheet Consolidated balance sheet Non current assets 31/12/2009 31/12/2008 (*) 01/01/2008 (*) Property, plant and equipment 1,352 1,350 1,144 Investment property 7 11 11 Fixed assets held under concessions 13,089

More information

NOTE ON LOAN CAPITAL MARKETS

NOTE ON LOAN CAPITAL MARKETS The structure and use of loan products Most businesses use one or more loan products. A company may have a syndicated loan, backstop, line of credit, standby letter of credit, bridge loan, mortgage, or

More information

Company Financial Plan

Company Financial Plan Financial Modeling Templates http://spreadsheetml.com/finance/companyfinancialplan.shtml Copyright (c) 2009-2014, ConnectCode All Rights Reserved. ConnectCode accepts no responsibility for any adverse

More information

Financial Analysis of Infrastructure Project - A Case Study on Built-Operate-Transfer Project in India

Financial Analysis of Infrastructure Project - A Case Study on Built-Operate-Transfer Project in India International Journal of Engineering and Advanced Technology (IJEAT) ISSN: 2249 8958, Volume-1, Issue-5, June Financial Analysis of Infrastructure Project - A Case Study on Built-Operate-Transfer Project

More information

CMAC meeting Agenda paper 2 Debt vs Equity

CMAC meeting Agenda paper 2 Debt vs Equity 17 October 2013 International Financial Reporting Standards CMAC meeting Agenda paper 2 Debt vs Equity Conceptual Framework The views expressed in this presentation are those of the presenter, not necessarily

More information

Financing local public services: counterparts, financial framework and impact on user charges

Financing local public services: counterparts, financial framework and impact on user charges Financing local public services: counterparts, financial framework and impact on user charges Examples from the water and waste sector Lars Anwandter Turin, 15 September 2009 Agenda Definition of local

More information

FINANCIAL MANAGEMENT

FINANCIAL MANAGEMENT 100 Arbor Drive, Suite 108 Christiansburg, VA 24073 Voice: 540-381-9333 FAX: 540-381-8319 www.becpas.com Providing Professional Business Advisory & Consulting Services Douglas L. Johnston, II djohnston@becpas.com

More information

Source Process Distribute Creating an integrated value chain

Source Process Distribute Creating an integrated value chain Interim Results 6 Months Ended 30 November 2010 Source Process Distribute Creating an integrated value chain Results Highlights Successful H1 Underlying operating profit increased by 13.3% to 20.9m Profit

More information

Funding wind power: the view from a financial institution

Funding wind power: the view from a financial institution Funding wind power: the view from a financial institution TPWind Nicolas Gourvitch - 24 September 2013 GGEB - A specialist advisory boutique focused on renewable energy At the heart of the energy transition

More information

T o o l k i t f o r P u b l i c - P r i v a t e P a r t n e r s h i p s i n r o a d s & H i g h w a y s. PPP Modalities

T o o l k i t f o r P u b l i c - P r i v a t e P a r t n e r s h i p s i n r o a d s & H i g h w a y s. PPP Modalities PPP Modalities Types and characteristics of PPP are presented in several sections of the Toolkit: refer Types of PPP in Key Issues. This section provides some consideration of which modality, or which

More information

Debt Management Policy

Debt Management Policy Debt Management Policy Purpose It is the policy of the Miami-Dade Expressway Authority (MDX) to finance the acquisition of capital assets/infrastructure and capital asset improvements of the MDX System

More information

ASEAN Bilateral Program 2012

ASEAN Bilateral Program 2012 ASEAN Bilateral Program 2012 Presentation on PPP Financial Structures 30 October 2012 Contents Introduction Our PPP Experience Key Elements of a PPP Project Risk Allocation The Payment Mechanism Financing

More information

MORGAN STANLEY Financial Supplement - 3Q2004 Table of Contents

MORGAN STANLEY Financial Supplement - 3Q2004 Table of Contents Financial Supplement - 3Q2004 Table of Contents Page # 1. Financial Summary 2. Quarterly Consolidated Income Statement 3. Quarterly Total Company Financial Information and Statistical Data 4. Quarterly

More information

Innovative Technology Solutions for Sustainability ABENGOA. Understanding the Value in Concessions. Analyst & Investor Day.

Innovative Technology Solutions for Sustainability ABENGOA. Understanding the Value in Concessions. Analyst & Investor Day. Innovative Technology Solutions for Sustainability ABENGOA Understanding the Value in Concessions Eduard Soler Analyst & Investor Day May 2012 1 Our Portfolio of Concessions today 2 Our Business Model

More information

HICL Infrastructure Company Limited. Case Study. Queen Alexandra Hospital. September 2010. www.hicl.com 1

HICL Infrastructure Company Limited. Case Study. Queen Alexandra Hospital. September 2010. www.hicl.com 1 HICL Infrastructure Company Limited Case Study Queen Alexandra Hospital September 2010 www.hicl.com 1 Queen Alexandra Hospital ( QAH ) a PFI project case study Queen Alexandra Hospital ( QAH ) PFI project

More information

INTRODUCTION TO PUBLIC-PRIVATE PARTNERSHIPS

INTRODUCTION TO PUBLIC-PRIVATE PARTNERSHIPS INTRODUCTION TO PUBLIC-PRIVATE PARTNERSHIPS WITH AVAILABILITY PAYMENTS Dr. Silviu Dochia, Senior Associate Michael Parker, Managing Director SUMMARY Public-private partnerships ( P3s ) can provide the

More information

Presentation of Grupo ACS. September 2009

Presentation of Grupo ACS. September 2009 Presentation of Grupo ACS September 2009 Strategic vision A global leader in infrastructure development In the fields of civil and industrial engineering activities With sustainable and profitable growing

More information

SCHEDULE TWO COMMERCIAL EVALUATION CRITERIA 1. OVERVIEW OF THE COMMERCIAL EVALUATION CRITERIA

SCHEDULE TWO COMMERCIAL EVALUATION CRITERIA 1. OVERVIEW OF THE COMMERCIAL EVALUATION CRITERIA SCHEDULE TWO COMMERCIAL EVALUATION CRITERIA 1. OVERVIEW OF THE COMMERCIAL EVALUATION CRITERIA An overview of the Evaluation Criteria is provided in Section 7 of this RFP. This schedule details the Commercial

More information

ManpowerGroup Second Quarter Results

ManpowerGroup Second Quarter Results ManpowerGroup Second Quarter Results July 21, 2015 FORWARD-LOOKING STATEMENT This presentation contains includes forward-looking statements, including statements financial which projections, are subject

More information

Annual Meeting of Senior PPP Officials 2010

Annual Meeting of Senior PPP Officials 2010 Paris _ 12th of April 2010 PPP Risk Pricing PPPs Vs Traditional Procurement PPPs Strengths PPPs around the World Best PPPs Practices PPP Risk Pricing DESIGN DIFFERENT PPP DELIVERY MODELS BOT BUILD FINANCE

More information

connecting P3s, Bond Ratings, and Debt Calculation

connecting P3s, Bond Ratings, and Debt Calculation connecting P3s, Bond Ratings, and Debt Calculation By Dan Huge and William Jones As public-private partnerships (P3s) have become an increasingly popular method of funding large capital projects, much

More information

University of Kentucky

University of Kentucky University of Kentucky Debt Policy Purpose To fulfill its mission, the University of Kentucky must make ongoing strategic capital investments in academic, student life, healthcare, and other plant facilities

More information

Financial Statements and Ratios: Notes

Financial Statements and Ratios: Notes Financial Statements and Ratios: Notes 1. Uses of the income statement for evaluation Investors use the income statement to help judge their return on investment and creditors (lenders) use it to help

More information

Midterm Fall 2012 Solution

Midterm Fall 2012 Solution Midterm Fall 2012 Solution Instructions: 1) Answers for the multiple-choice questions must be recorded on the UW answer card. All other questions must be answered in the space provided on the examination

More information

Suspending Redemptions: A Case-Study from 11 September 2001 and General Principles

Suspending Redemptions: A Case-Study from 11 September 2001 and General Principles Suspending Redemptions: A Case-Study from 11 September 2001 and General Principles Report of the Technical Committee of the International Organization of Securities Commissions October 2002 Suspending

More information

Introduction from the Chair - Michael Burnett

Introduction from the Chair - Michael Burnett OECD International Transport Forum Roundtable: Public-Private Partnerships for Transport Infrastructure Renegotiations - How to approach them and economic outcomes, George Mason University, Washington

More information

Jan-December 2014 Results. Madrid, May 2015

Jan-December 2014 Results. Madrid, May 2015 Jan-December 2014 Results Madrid, May 2015 January- December 2014 Highlights Reported Net profit exc. PPA reaches 8.3 million, from the -3.2 million losses accounted in 2013. 2014 has been a year of transformation

More information

Copyright 2009 Pearson Education Canada

Copyright 2009 Pearson Education Canada The consequence of failing to adjust the discount rate for the risk implicit in projects is that the firm will accept high-risk projects, which usually have higher IRR due to their high-risk nature, and

More information

WELCOME! Introduction. Celebrating. &PrimeRevenue. PrimeRevenue Hong Kong. 2012 PrimeRevenue, Inc.

WELCOME! Introduction. Celebrating. &PrimeRevenue. PrimeRevenue Hong Kong. 2012 PrimeRevenue, Inc. WELCOME! Introduction Celebrating Ethe Factor Network establishment of &PrimeRevenue PrimeRevenue Hong Kong 2012 PrimeRevenue, Inc. Global Reach Today, we transact business in 50 countries Our platform

More information

II ENPCOM MEETING Models of interaction between the public and private sector in transport and housing

II ENPCOM MEETING Models of interaction between the public and private sector in transport and housing II ENPCOM MEETING Models of interaction between the public and private sector in transport and housing Financial tools in energy efficiency projects under PPP schemes Piero Atella 22-25 Giugno 2014 Bruxelles

More information

CASH MANAGEMENT & FINANCING CHOICES THE DEBT MARKET

CASH MANAGEMENT & FINANCING CHOICES THE DEBT MARKET CASH MANAGEMENT & FINANCING CHOICES THE DEBT MARKET Lesson 6&7 Castellanza, 21 st October 4 th November2015 LESSON5: EXAMPLEN 2 Compute the cash source / cash use prospect and the cash flow statement of

More information

FATCA and Insurance. Ninth Annual International Insurance Training Program

FATCA and Insurance. Ninth Annual International Insurance Training Program Ninth Annual International Insurance Training Program FATCA and Insurance Stewart Kasner, Baker & McKenzie LLP, Miami Lyubomir Georgiev, Baker & McKenzie Zurich Four Points by Sheraton Zurich, Switzerland

More information

Financial supplement 2013. Zurich Insurance Group Annual Report 2013

Financial supplement 2013. Zurich Insurance Group Annual Report 2013 Financial supplement 2013 Zurich Insurance Group Annual Report 2013 2 Contents Results for the Year ended December 31, 2013 Financial supplement (unaudited) Financial highlights (unaudited) Business operating

More information

Income Measurement and Profitability Analysis

Income Measurement and Profitability Analysis PROFITABILITY ANALYSIS The following financial statements for Spencer Company will be used to demonstrate the calculation of the various ratios in profitability analysis. Spencer Company Comparative Balance

More information

Policies, Procedures and Guidelines

Policies, Procedures and Guidelines Policies, Procedures and Guidelines Complete Policy Title: Debt Management Policy Approved by: Board of Governors Policy Number (if applicable): n/a Date of Most Recent Approval: April 16, 2015 Date of

More information

Financing FTTH networks Study for FTTH Council Europe

Financing FTTH networks Study for FTTH Council Europe Financing FTTH networks Study for FTTH Council Europe Munich, 16 th February 2012 Roland MONTAGNE Director Telecoms Business Unit r.montagne@idate.org Dr. Raul Katz President, Telecom Advisory Services

More information

How Bankers Think. Build a sound financial base to support your company for future growth

How Bankers Think. Build a sound financial base to support your company for future growth How Bankers Think Build a sound financial base to support your company for future growth Presented by: Lisa Chapman Business Planning, Social Media Marketing & SEO 615-477-8412 Questions to Consider First

More information

BONDING AMAN UNION. November 21 st, 2012. Daniel Stausberg. Atradius Re

BONDING AMAN UNION. November 21 st, 2012. Daniel Stausberg. Atradius Re BONDING AMAN UNION November 21 st, 2012 Daniel Stausberg Atradius Re 0 Bonds Presentation - Agenda Introduction 1 - Overview Global Bonding Market 2 - Products 3 - Characteristics 4 - Atradius Re s expertise

More information

Innovative Technology Solutions for Sustainability ABENGOA. Market Update

Innovative Technology Solutions for Sustainability ABENGOA. Market Update Innovative Technology Solutions for Sustainability ABENGOA Market Update November, 2014 Forward-looking Statement This presentation contains forward-looking statements (within the meaning of the U.S. Private

More information

ManpowerGroup Third Quarter Results

ManpowerGroup Third Quarter Results ManpowerGroup Third Quarter Results October 21, 2014 Forward-Looking Statements This presentation contains statements, including financial projections, that are forward-looking in nature. These statements

More information

5:25 Flexible Structuring Scheme: Aligning Benefits

5:25 Flexible Structuring Scheme: Aligning Benefits June 02, 2015 Ratings I. Genesis 5:25 Flexible Structuring Scheme: Aligning Benefits The development of core industries and infrastructure sector is pivotal for developing countries like India. Development

More information

Crown Castle International Corp. Consolidating Income Statement Unaudited Consolidated Statement of Operations (in millions of dollars)

Crown Castle International Corp. Consolidating Income Statement Unaudited Consolidated Statement of Operations (in millions of dollars) Consolidating Income Statement Unaudited Consolidated Statement of Operations CCIC Consolidated Revenues Site Rental 406.9 409.6 437.1 447.2 1,700.8 456.2 457.1 468.9 Network Services and Other 37.5 46.5

More information

RELEVANT TO ACCA QUALIFICATION PAPER F9

RELEVANT TO ACCA QUALIFICATION PAPER F9 RELEVANT TO ACCA QUALIFICATION PAPER F9 Analysing the suitability of financing alternatives The requirement to analyse suitable financing alternatives for a company has been common in Paper F9 over the

More information

December 10, 2015 Exhibit A

December 10, 2015 Exhibit A December 10, 2015 On December 7, 2015, Integradora de Servicios Petroleros Oro Negro, S.A.P.I. de C.V. (collectively with its subsidiaries, we or the Company ) provided the global restructuring proposal

More information

Infrastructure in Colombia Key investment considerations. June 18, 2014

Infrastructure in Colombia Key investment considerations. June 18, 2014 Infrastructure in Colombia Key investment considerations June 18, 2014 With you today Stephen Best Stephane Villeneuve Senior Manager Global Infrastructure KPMG General Manager New Markets and Strategy

More information

Contractor s Questionnaire

Contractor s Questionnaire Contractor s Questionnaire Along with this submission please include all of the following (incomplete submissions may result in a delayed response): Last three fiscal year end statements of applicant and

More information

Chapter 8 Financing a Business 1: Sources of Funds

Chapter 8 Financing a Business 1: Sources of Funds Financing a Business 1: Sources of Funds Solutions to Even-Numbered Problems and Cases 8.2 Coté Biologique Limitée (CBL) Data: Annual credit sales $10,000,000 Average collection period 50 days Industry

More information

3. Seasonal or cyclical working capital to finance the temporary cash shortfalls due to the nature of the firm s normal business cycle.

3. Seasonal or cyclical working capital to finance the temporary cash shortfalls due to the nature of the firm s normal business cycle. 11.437 Financing Community Economic Development Class 5: Working Capital Financing I. Three different meanings of term working capital 1. Excess of current assets over current liabilities 2. Firm's investment

More information

Nomura Securities Co., Ltd. Non-consolidated Balance Sheets

Nomura Securities Co., Ltd. Non-consolidated Balance Sheets ASSETS Non-consolidated Balance Sheets Nomura Securities Co., Ltd. (Millions of yen) March 31, 2014 March 31, 2015 Increase/(Decrease) Current Assets 12,488,887 13,949,399 1,460,512 Cash and time deposits

More information

Financing of Renewable Energy in India: Implications for Policy. Gireesh Shrimali Climate Policy Initiative gireesh.shrimali@cpihyd.

Financing of Renewable Energy in India: Implications for Policy. Gireesh Shrimali Climate Policy Initiative gireesh.shrimali@cpihyd. Financing of Renewable Energy in India: Implications for Policy Gireesh Shrimali Climate Policy Initiative gireesh.shrimali@cpihyd.org CPI analyzes the effectiveness of policies relevant to climate change

More information

Alstom Transport supplier of Tram Systems in PPP schemes

Alstom Transport supplier of Tram Systems in PPP schemes Alstom Transport supplier of Tram Systems in PPP schemes Arnaud de Monts 04/04/2014 Various procurement schemes A tramway system can be procured in various schemes, each of them have been experimented

More information

CORPORATE FINANCE FINANCIAL INSTITUTIONS ENERGY AND INFRASTRUCTURE. Undertakings. Norton Rose LLP June 2012. PAR-#4041659-v1 1

CORPORATE FINANCE FINANCIAL INSTITUTIONS ENERGY AND INFRASTRUCTURE. Undertakings. Norton Rose LLP June 2012. PAR-#4041659-v1 1 CORPORATE FINANCE FINANCIAL INSTITUTIONS ENERGY AND INFRASTRUCTURE Undertakings Norton Rose LLP June 2012 1 UNDERTAKINGS What is an undertaking? 1 In general terms, an undertaking is simply an enforceable

More information

LAW OF MONGOLIA ON CONCESSIONS CHAPTER ONE. GENERAL PROVISIONS

LAW OF MONGOLIA ON CONCESSIONS CHAPTER ONE. GENERAL PROVISIONS LAW OF MONGOLIA 28 January 2010 State Palace, Ulaanbaatar city Article 1. Purpose of the law ON CONCESSIONS CHAPTER ONE. GENERAL PROVISIONS 1.1. The purpose of this law is to regulate matters related to

More information

Presentation to the KZN Exporter Week

Presentation to the KZN Exporter Week Presentation to the KZN Exporter Week Chris Thirion Stakeholder Management & Marketing 17 November 2014 ECIC Environment Self-sustained state-owned public entity registered as a Schedule 3 (b) business

More information