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„FROM THE IDEA TO THE FINANCING“ Case Study: Hungarian Municipal Infrastructure Investment Project PowerPoint Presentation
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„FROM THE IDEA TO THE FINANCING“ Case Study: Hungarian Municipal Infrastructure Investment Project Peter E. Gumpel Chairman of Management Board Meinl Capital Advisors AG, Vienna. Meinl Bank AG. Leading private merchant and investment bank in Austria Focus:  Central and Eastern Europe

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„FROM THE IDEA TO THE FINANCING“

Case Study: Hungarian Municipal Infrastructure Investment Project

Peter E. Gumpel

Chairman of Management Board

Meinl Capital Advisors AG, Vienna

meinl bank ag
Meinl Bank AG
  • Leading private merchant and investment bank in Austria
  • Focus:  Central and Eastern Europe
    • Private banking; private asset management
    • Institutional asset management
    • Equity banking; venture funds managment
    • Emerging market debt trading and forfaiting
    • Corporate finance advisory services
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Meinl Capital Advisors AG –Corporate finance advisory services in Central andEastern Europe

  • Government privatization and restructuring advisory services
    • Macedonia:  Restructuring and Privatization of Electricity Sector
    • Serbia:  Restructuring and Privatization of Metalworking and Engineering companies
    • Serbia:  Privatization of companies in Food Processing and Textile Sectors
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Meinl Capital Advisors AG –Corporate finance advisory services in Central and Eastern Europe

  • Merger and acquisition advisory services for private strategic investors
    • Bulgaria:  Advised Carlsberg A/S on acquisition of Breweries
    • Moldova:  Advised owners on sale of Moldcell GSM provider
  • Arrangement of finance for governments, municipalities and quangos
    • Hungary:  Advisor to Heves County (Eger Region) on implementing and arranging finance for Regional Waste Management System
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CASE STUDY: HEVES COUNTY HUNGARY (1)

  • MCA is advisor to 93 municipalities in Heves County for preparation and implementation of Regional Waste Management System
  • Euro 65 million project, of which 50% will be provided by the EU Cohesion Fund, 40% by the Hungarian Government, and 10% by private investors
  • Similar projects have been planned and are underway in Bulgaria
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CASE STUDY: HEVES COUNTY HUNGARY (2)

  • Step 1: Defining the Project
    • Public Sector – defined the need for modernization
    • Private sector – specific technological and financial proposals
    • Regional policy of European Union – strategy for applicants to reach EU standards (acquis communitaire) in environmental area
    • Strong political support on all levels
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CASE STUDY:   HEVES COUNTY HUNGARY (3)

  • Step 2: Identification of Financing Sources
    • Multilateral FinancingEuropean Union: Cohesion Fund / ISPA / PHARE EBRD / EIB / IFC
    • Bilateral Financing - Hungarian Government
    • Commercial FinancingSuppliers / Commercial Banks /  EGA Structured FinancingPrivate Financial Investors – Special Purpose Fund
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CASE STUDY: HEVES COUNTY HUNGARY (4)

  • Step 3:   Key milestones in the project
    • Establishment of Municipal Association – 2003
    • Detailed project planning – 2003
    • Government permitting / impact studies – 2003-04
    • Submission to EU Cohesion Fund of feasibility study – 2004
    • Establishment of operating company – 2004
    • Tendering for equipment – 2005
    • Public-private partnership – partial privatization of opco – 2005
    • Realization of project – 2006-08
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Key success factors

  • Planning and analysis: assurance of adequate returns over investment period under conservative assumptions
  • Government support: municipal, central government, multilateral levels
  • Thorough review of technical, legal, financial issues (due diligence)
  • Flexibility and opportunism in sources and structure of financing
  • Appropriate legal and contractual framework
  • Competent project management to drive project and assure success