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Финансовые модели и основные финансовые инструменты ГЧП PowerPoint PPT Presentation


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Финансовые модели и основные финансовые инструменты ГЧП. Презентация ГПБ (ОАО). П.А. Бруссер, к.э.н. Оглавление. Раздел 1 . Принципы организации проектного финансирования 3 Раздел 2. ГЧП как схема проектного финансирования 27 Приложение.

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Финансовые модели и основные финансовые инструменты ГЧП

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()

.. , ...


1.

3

2.

27

.

46


1.



(1)

  • ,

  • ( limited recourse)

  • (),

  • , 20-40%


(2)

100%

-


*/

LBO

.. .

M&A

/CLN

/

0

*

  • -

  • -

  • -

  • -

  • /CLN- CLN

  • M&A -

  • -

  • LBO-

  • ..- /

7


Total debt / EBITDA

% ,

( )

10.0

6.0

3.0


1

2

3

4

, , .

5



__________________________________________________________________________________________________

* : 1% , / 5-10%




(1)

  • 1.

  • 100%

  • , ,

  • 2. -- (EPC)

  • 3.

  • /

  • 4.

  • ,


(2)

  • :

    • ( , ..) (deliver-or-pay)

    • (off-take)

  • , ,


Risk-Reward (1)

:

-

-

-

:

- O&M

-

- O&M

()

(deliver-or-pay)

( )

O&M

( )

(

)


Risk-Reward (2)

(off-take)

:

-

-

- ()

- -, .

(

%

)

( .. )



  • ():

    • 20-40%

  • :

    • 60-80%

    • , ,


Waterfall

  • , ,

  • , pro-rata (leverage)

  • EPC- ( , . )

  • EPC- ( )

  • ()

  • O&M-

  • ( )

  • (risk-reward) ( )


  • ( , , , , .)

  • ( , , EPC-, &M , take-or-pay , deliver-or-pay , .)

  • ( , , , . LTV, take-or-pay, deliver-or-pay .)

  • ( , , , , commitment fee, , pre-payment termination fee, breakage costs, , arrangement fee)

  • (, )

  • , (, .. Net Debt/EBITDA , LTV, , ICR .)

  • , ,


: (1)

SPV

EPC :

(liability limits) (~35%)

///.(lliquidated damages) (~6 months)

SPV

Performance bonds (~10-15%)

EPC

,

  • ,

  • , (first-loss)

Liability limits, , Performance bonds

  • SPV , -

Liquidated damages, Performance bonds (performance liquidated damages)

-

  • -

  • , -


: (2)


: (3)

  • = Net Debt/EBITDA ( green fields , ramp up )

  • LTV (Loan To Value) (outstanding) () ( margin calls)

  • ( )

  • ( )

  • (% )

  • (ICR)=EBITDA/Debt Service


: (4)

  • (DSRA)

  • (MRA)


-

  • ( ).

  • , , .

  • .

  • ( ).

  • ( , ).

  • () .

  • - .

  • ( ).


2.


  • -

  • ,


:

:

  • - ( )

  • ( )

  • :



  • ( )

  • ,

  • ,

  • , ( )

  • ( Public Sector Comparator Value-for-Money) ,


(VfM)

  • (Value-for-Money) .

  • , , .

  • , , -.

32


1


2


3 ,


4 , , ( )


4 , , ( )


4 , , ( )


( 4)

?

(toll)?

  • , .

  • Shadow toll .

  • Availability (II) (, ) .


Availability (II)

Real/Direct toll

Availability

?

?

,

( )

?

?

<70% ?

?

?

- ()


?

(1)

,

?

,


(2)


(1)

:

:

  • ( )

  • (availability) ,

  • (, , ..)

  • :

    • /

    • /

    • ..

  • (, , )

  • ,


(2)


( )


.

( )


  • , DCF, EVA (-), (comparables)

  • , ,

  • ( , , .)

  • , , (, P&LS, CFS)

  • , CFS

  • (, , ) (, ) (, , )

  • : , , ,

  • , ,


(1)


(2)


(3)


(4)


(assumptions) (1)

  • :

    • (, , .)

    • ( , , , , , , .)

    • ( )


(assumptions) (2)

  • (, , , , )

  • (MRA, DSCRA)

  • (, )


(1)


(2)


  • , ( ), ..

  • :

  • : (, , ), (, % ), (, )

  • , ( .. ), -



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