PPP/P3/Infrastructure Financial Modelling and Transaction Analysis (APAC)

Master proven techniques for best practice modelling resulting in better models built faster

• Learn to work with the powerful and easy to follow Forvis Mazars Financial Modelling methodology
• Discuss and identify good vs. bad modelling techniques using real-life examples
• Greatly increase consistency amongst your team in calculation technique and presentation

Discuss the life-cycle of a PPP model, from screening and structuring to financial close

• Learn the various structural phases of a PPP. Understand when to use which phase
• Build your understanding of the building block components, key details and challenges of a transaction model
• Understand the design flow of the model builder, learn how to know where to go next
• Discussion around the multiple parties involved in a PPP and their roles (technical advisors, tax & accounting advisors, financial advisor, D&C contractors, O&M contractors, etc.)

Develop a model structure that is robust and scalable that can evolve with a typical PPP transaction

• Establish key constants in the model using full scope of Excel range name function
• Build a flexible timing structure using appropriate date functions and binary flags
• Construct modularised units that form the building blocks of a professional model including (but not limited to):
  • Availability payment structures (quarterly service payments for X number of years)
  • Operational and maintenance expenses including fixed and variable items
  • Escalation

Understand the structure of cashflow waterfalls and the importance of ‘seniority’

• Focus on how to calculate Cash Flow Available for Debt Service
• Learn how to layout line items in an efficient and easy to communicate way

Integrate project finance term (operational) debt

• Walk through of term debt structuring and sculpted repayment through first principles
• Discussion of linear, annuity and bullet repayment structures in PPP
• Develop a Debt Service Reserve Account from first principles

Construct and analyse debt facilities for credit or investment decisions

• Learn the importance of credit ratios and their purposes in analysis
• Build commonly used ratios in banking and finance from first principles
• Extract key metrics from ratios using a range of advanced Excel functions

Calculate key returns results and understand the role of dividends policy

• Integrate IRR and NPV, understand role of the discount rate
• Learn differences between, IRR and XIRR, NPV and XNPV functions and common errors in their application

Learn a structured approach to comprehensive depreciation calculations

• Remove the need for cumbersome tables
• Incorporate switches for multiple depreciation methods
• Easily replicate calculations for accounting and tax depreciation

Understand how financial statements are constructed and how to identify common problems

• Master the structure of completed three-way financial statements
• Learn how to continuously test and debug the integrated statements
• Incorporate all the debt components into integrated statements

Utilise, identify and resolve common VBA issues in debt sizing for a PPP transaction

• Understand the different types of circular references and how to break them using VBA
• Dual factor optimisation to achieve the target maturity date
• Discuss the mechanics between debt parameters, equity returns, and service payments

Use advanced Excel techniques for rapid and accurate multi-dimensional sensitivities

• Produce geared and ungeared tax calculations to analyse the value of interest tax shelter
• Explore surfaces of dual variables as they impact upon a key metric
• Use VBA to control data tables so they do not adversely affect calculation speed