New Mestre Hospital (Venice)

Transcription

1 New Mestre Hospital (Venice) Ilaria Paradisi Presidency of the Council of Ministers Department for Economic Policy Coordination and Planning PPP Task Force, Italy Models and Strategies for Public-Private Private Partnerships (PPP): Experiences from Italy and Bulgaria Rome, 23 October 2007

2 2 AGENDA Project Characteristics Shareholders Financial Structure Services provided PPP in the Italian Healthcare Service

3 Project Characteristics 3 he Project focuses on the construction of a new hospital replacing a equate existing hospital. The new structure will overcome the shortfalls of th ting one and will allow the area of Venice/Mestre to consolidate and improv pital specialist services (i.e. Oncology, cardiology, eye-surgery) he Project will be designed, built, financed and operated (DBFO) by Venet itaria Finanza di Progetto S.p.A (VSFP) under a long-term concession grante he Local Health Authority nvironmental aspects: the Project implies works on a green field site (no tected area) and does not present any specific conservation issue. In addition selected architectural design aims at integrating the building with th ironment through green area and terraces

4 Project Characteristics 4 Mestre Hospital JECT DATA oject Name: New Mestre Hospital tegory: DBFO (Design, Build, Finance & Operate) ctor: Healthcare arding Authorithy: Unità Sanitaria Locale 12 Venezia (NHS l Authority 12 - Venice) ocedure: Concession under private initiative ds: 680 erating Rooms: 16 ensive Care Rooms: 24 rking Spaces: 1,092 (incl. 557 for visitors) tal investment: 236 million (VAT included) blic Contribution: 105 million (45%) ncession Duration: 29 years (incl. 4 years of construction)

5 Project Characteristics 5 Mestre Hospital OJECT MILESTONES une 2001: Proposal Submission ctober 2001: Promoter Selection ecember 2001: Tender Launch uly 2002: Restricted Procedure ugust 2002: Concession Award ctober 2002: New Preliminary Project Signing pril 2003: Definitive Project Signing pril 2005: Financial Close une 2007: Construction Phase Conclusion eptember 2007: New Hospital Inauguration anuary 2008: Operating Phase Beginning

6 Project Characteristics 6 Project Structure Senior Lenders ULSS 12 Arranger and Underwriter ABN AMRO Antonveneta Interbanca Banca Intesa Senior Debt Senior Debt Service 28.5 years Licence for Site Occupation Concession Agreement VFSP Availability Charge Revenues Performance Security FM Agreement FM Fee Financial & Legal Advisory FM Contra Equity Investment Astaldi and Others Returns Capital Construction Advancement Payments Fixed-price Fixed-time Building Contract Astaldi Construction

7 7 Shareholders SPV Shareholders taldi Mantovani Gemmo Cofathec Progetti APS Sinergia Mattioli Studio Alt 31% 20% 21% 14% 7% 5% 2% SPV Veneto Sanitaria F.P S.p.A Equity 20.5 mln / Debt 7.8 mln DBFO Design, Build, Finance & Operate (DBFO) of New Mestre Hospital (Venice)

8 Shareholders 8 aldi SpA Astaldi Group is one of the oldest construction panies in Italy and one of the few still held by its inal owner. over eighty years of experience, nowadays ldi is the leading General Contractor and the nd largest construction Company in Italy. mo S.p.A. mo S.p.A., a leading Italian Company in the most anced fields of technological plant and facility agement. fathec S.p.A thec Group is a Gaz de France service branch. It loys circa 8,000 people in Europe (i.e. France, Italy, ed Kingdom, Benelux, Switzerland, Spain).

9 Financial Structure M INVESTMENT COST 122 M 29 M 94 M DEBT EQUITY Public Grant NIOR DEBT 107 Mln T Facility 15 Mln EQUITY 21 Mln SUB. DEBT 8 Mln PG 64 Mln PG Banca degli Occhi 30 Mln

10 Services Provided 10 Non Medical Services provided to Local Healthcare Authority (USL): Laboratories and radiodiagnostic service management Waste disposal Laundry Catering for patients Cleaning services of building and clinical equipment Estate and medical equipment maintenance Mechanical transport Green areas maintenance Housing services Commercial Services: Restaurant Commercial Areas Parking Area

11 PPP in the Italian Healthcare Service 11 PPP Healthcare Projects Awarded Projects Investment Value Source: C. Felicetti- Finlombarda Finance & Healthcare Milan, June 2007

12 PPP in the Italian Healthcare Service 12 June 2007: : 74 Projects ( 3.9 bln) ) at different stages: 32 Awarded initiatives ( 1.9 bln) 31 Initiatives at bidding stage ( 1.5( bln) 11 Planned initiatives ( 357 mln) Source: C. Felicetti- Finlombarda Finance & Healthcare Milan, June 2007

13 PPP in the Italian Healthcare Service 13 Projects Investment Value Source: C. Felicetti- Finlombarda Finance & Healthcare Milan, June 2007

14 PPP in the Italian Healthcare Service 14 Critical Issues Large number of quitted initiatives Long and complex procedures Inadequate project evaluation and selection Requirements for successful PPP initiatives Rigorous pre-procurement procurement analysis of project feasibility Detailed project risks identification and allocation Detailed contract also envisaging changes required by the project over its life Public Authority monitoring the entire project operational phase

15 Thank You for your kind attention! 15

16 16 ONTACTS residency of the Council of Ministers epartment for Economic Policy Coordination and Planning PP Task Force ead Office - Via della Mercede, Rome,, Italy el , Fax Ilaria PARADISI Legal Advisor Tel : [email protected]