Mastering Project Finance Modelling
Hilton Trinidad and Conference Centre, Port of Spain,
19th – 22nd November 2024
Project finance modelling has become more common and necessary in all sorts of transactions. Understanding how models work has become necessary for more and more professionals ranging from lawyers to investment bankers.
This course aims to provide you with the ability to master nuances of project finance theory through analysing and understanding project finance models. It is designed so that you can understand and assess the models that other people create inside and outside of the organisation. By working with actual models in a hands-on environment, you will be better able to quantify risks of different types of projects and use models to assist in the negotiation of contracts.
The course is designed so that you will understand the importance of: (1) how models should be structured; (2) debt structuring in models; (3) developing the funding parts of the model before commercial operation and problems with circular references that arise from interest during construction fees and the debt service reserve account; (4) building flexible models with effective summary statistics.
The course will show you how to construct models accurate with effective error checks that verify the models, so that your models can incorporate complex cash flow waterfalls, alternative funding cascades and sculpted repayment techniques; and so that your models will be transparent and clear to understand by users. Additionally, you will learn how to use advanced techniques to resolve circular references associated with funding of a project and debt sculpting that use VBA functions rather than macros.
Ably Led by
Mr. Edward Bodmer
- Prepared models and analyses for leading organisations around the world
- Author of textbook “Corporate and Project Finance Modelling, Theory and Practice”
- Former Vice President, First National Bank of Chicago
Case Studies
The course includes a number of case reviews where project documents (loan agreements, EPC contracts and O&M contracts, etc.) are evaluated in the context of financial modelling. The case studies also include review of selected financial models with alternative styles, presentation and equation mechanics from different industries.
The various course modules will be covered in a comprehensive case study that is taken from a databank of modelling case studies that have been created by investment banks, commercial banks, development companies and other institutions.
Pre-course Questionnaire
A pre-course questionnaire will be sent to you upon your registration which will allows you to raise your specific areas of interest. The trainer will review and analyze these in advance and address them during the workshops, seeking to fully satisfy your learning needs.
Certificate of Achievement
Upon the successful completion of this course, you will receive a Certificate of Achievement bearing the signatures from both the Trainer and the Organizer. This Certificate will testify your endeavour and serve towards your professional advancement.
For a copy of the FULL AGENDA, please send email to: hayat@neo-edge.com
Or please call us at Tel: +65 6980 8567
This course is in interactive and participative workshop format where participants will be encouraged to share their experience, and compare it with other participants’ or recognised best practice. Real projects and case studies will form an important part of the workshop. Participants will have the opportunities to discuss and reflect on their own practices and ways to improve them.
Module 1: Model Structure and Alternative Excel Techniques
- Financial Modelling History and Review of Actual Models
- Understanding Appropriate Model Structure
- Flexible Timing in Project Finance Models
- Modelling Operations, Capital Expenditures, Revenues and Expenses
Module 2: Debt Sculpting and Sizing from Cash Flow and Introduction to Circular References
The second module addresses debt sizing and sculpting using cash flow. Reasons for addressing the debt sizing before discussing model funding, taxes and other issues are to introduce the fundamental formulas for sculpting and provide a basis for more complex cases that will be addressed in subsequent sections.
- Review of Debt Inputs and Term Sheet
- Debt Size Equations from Sculpting
- Introduction to Funding and Circular References
Module 3: Funding Analysis Before COD and Debt Accounts
The third module addresses debt and equity funding during the pre-COD period and the resulting circular references. A summary sources and uses of funds is introduced as a technique to compute the debt size, evaluate circular references and evaluate the pro-rata versus up front funding. The period-by-period funding is then developed with flexible approaches.
- Summary Sources and Uses
- Funding Needs and Funding Sources
- Practical Issues with Circular Reference in Project Finance
Module 4: Cash Flow Waterfall Post COD, Income Taxes and Credit Protections
The fourth module addresses cash flows after the COD period, income taxes and the equity cash flow. In the module you will work through alternative debt repayment methods including using fixed sculpting repayments for risk analysis. Challenges arising from the DSRA account and income taxes are also introduced. In the sculpting section you will be introduced to the five aspects of debt that need to be modelled including debt sizing, funding, repayment, interest and fees and debt protections.
- Modelling the Cash Flow Waterfall, Taxes and Alternative Debt Repayments
- DSRA and Balance Sheet
- Alternative Debt Repayment Modelling and Risk Analysis versus Structuring
Module 5: Financial Ratios, Scenario Analysis, Model Presentation and Advanced Issues
The fifth model addresses alternative methods to present financial ratios and risk analysis using scenario analysis. The sensitivity and scenario analysis are taught using unique methods whereby you can create a project finance structure diagram and illustrate different risks. The advanced project finance modelling issues include sculpting with multiple debt issues, using an equity bridge loan, sculpting with curved DSCR’s and re-financing.
- Computing and Presenting Financial Ratios
- Advanced Project Finance Modelling Issues
Wrap-up of the 4-day Course
For a copy of the FULL AGENDA, please send email to: hayat@neo-edge.com
Or please call us at Tel: +65 6980 8567
Ably Led by
Mr. Edward Bodmer
- Prepared models and analyses for leading organisations around the world
- Author of textbook “Corporate and Project Finance Modelling, Theory and Practice”
- Former Vice President, First National Bank of Chicago
Mr. Edward Bodmer provides financial and economic consulting services to a variety of clients, and teaches professional development courses in project finance modelling, etc. Mr. Bodmer’s consulting activities include developing complex project finance, corporate and simulation models, providing expert testimony on financial and economic issues before regulatory agencies, and advisory services to support merger and acquisition projects. Mr. Bodmer has taught customized courses for MIT’s Sloan Business School, Bank Paribas, Shell Oil, Society General, General Electric, HSBC, GDF Suez, Citibank, CIMB, Lind Lakers, HSBC, Saudi Aramco and many other finance and industrial clients. Many of the unique analytical concepts and modelling techniques he has developed have arisen from discussion with his clients.
Mr. Bodmer has written a textbook titled Corporate and Project Finance Modelling, Theory and Practice published by Wiley Finance. The book introduces unique modelling techniques that address many complex issues that are not typically used by even the most experienced financial analysts. For example, it describes how to build user-defined functions to solve circular logic without cumbersome copy and paste macros; how to write function that derives the ratio of EV/EBITDA accounting for asset life, historical growth, taxes, return on investment, and cost of capital; and how to efficiently solve many project finance issues related to debt structuring.
Over the course of his career Mr. Bodmer has prepared models and analyses for many clients around the world. He has provided advice on corporate strategy, involved in formulating significant government policy related to electricity deregulation, and evaluated energy purchasing decisions for many corporations. Mr. Bodmer’s projects include formulation of rate policy for major metro systems and street lighting networks, risk analysis for toll roads, development of a biomass plant, analysis and advisory work for purchase of electricity generation, distribution and transmission assets by the City of Chicago, advocacy testimony on behalf of low-income consumers, and evaluation of solar and wind projects. He has constructed many advisory analyses for project finance and merger and acquisition transactions.
Mr. Bodmer was formerly Vice President at the First National Bank of Chicago where he directed analysis of energy loans and also created financial modelling techniques used in advisory projects. He received an MBA specializing in econometrics (with honours) from the University of Chicago and a BSc in Finance from the University of Illinois (with highest university honours). Mr. Bodmer was born in Manchester, England, lived in Switzerland as a child, and currently resides in Chicago.
For a copy of the FULL AGENDA, please send email to: hayat@neo-edge.com
Or please call us at Tel: +65 6980 8567
Project finance modelling has become more common and necessary in all sorts of transactions. Understanding how models work has become necessary for more and more professionals ranging from lawyers to investment bankers.
The course is designed so that a wide variety of professionals can appreciate how project finance models can be understood, interpreted, adjusted, and created. Professionals who can benefit from the course include (not limited to):
- Financial Advisors who structure debt agreements and other contracts
- Financial Advisors who develop valuation of projects
- Consultants who create financial models
- Consultants who audit and review financial models.
- Project Finance Credit Analysts at financial institutions
- Project Finance Fund managers who buy and sell projects
- Insurance Company and Pension Fund Managers who invest in projects
- Project Developers of energy and infrastructure projects
- Privatisation Specialists who value projects
- Government Agencies who regulate prices of electricity and infrastructure
- Relationship Managers who need to interpret financial models
- Credit/Investment Committee Staff of financial institutions
- EPC contractors
- Project Finance Research Analysts
For a copy of the FULL AGENDA, please send email to: hayat@neo-edge.com
Or please call us at Tel: +65 6980 8567
Project finance modelling has become more common and necessary in all sorts of transactions. Understanding how models work has become necessary for more and more professionals ranging from lawyers to investment bankers.
Key Attending Benefits
- Evaluate and review actual models with case studies to assess overall economics of projects
- Understand project finance models in the context of finance theory related to subtle issues associated with contract structuring, debt sizing, debt funding, debt repayment, debt servicing costs and credit enhancements
- Interpret models developed by other people and add master scenario pages to any model using case studies of actual models
- Create flexible models with effective summary statistics to evaluate alternative timing, operating assumptions, financial structures, re-financing and contract pricing
- Work through the difficult problems in project finance modelling including:
- Complex cash flow waterfalls with balloon payments and mini-perm structures
- Sizing of debt with capitalized interest and alternative drawdown schedules
- Flexible debt sculpting with income taxes
- Understand the benefits of creating user defined functions rather than copy and paste macros to resolve any circular reference problems in project finance models including funding problems and debt sculpting
- Learn Excel techniques with some VBA to make better presentations from models and to make models more transparent and efficient
Pre-course Questionnaire
A pre-course questionnaire will be sent to you upon your registration which will allows you to raise your specific areas of interest. The trainer will review and analyze these in advance and address them during the workshops, seeking to fully satisfy your learning needs.
Case Studies
The course includes a number of case reviews where project documents (loan agreements, EPC contracts and O&M contracts, etc.) are evaluated in the context of financial modelling. The case studies also include review of selected financial models with alternative styles, presentation and equation mechanics from different industries.
The various course modules will be covered in a comprehensive case study that is taken from a databank of modelling case studies that have been created by investment banks, commercial banks, development companies and other institutions.
Certificate of Achievement
Upon the successful completion of this course, you will receive a Certificate of Achievement bearing the signatures from both the Trainer and the Organizer. This Certificate will testify your endeavour and serve towards your professional advancement.
For a copy of the FULL AGENDA, please send email to: hayat@neo-edge.com
Or please call us at Tel: +65 6980 8567
Knowledge Partner
Oxford Business Group (OBG) is a global publishing, research and consultancy firm, which publishes economic intelligence on the markets of Latin America, the Middle East, Asia, and Africa.
OBG offers comprehensive analysis of macroeconomic and sectoral developments, including banking, capital markets, energy, infrastructure, industry and insurance.
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Event Endorser
MCLI was established in 2004 by infrastructure investors, users and service providers on the Maputo Corridor to address constraints hindering freight movement and to market the viability of the corridor for regional trade. Its partnership of public and private sector members and proactive role has resulted in visibility, credibility and acknowledgement as a model corridor management institution.
Resulting from investment in key infrastructure, the corridor has been a powerful instrument of regional and economic integration; with over $5billion invested in the region since its inception, resultant capital flow has provided sustained economic growth on the corridor in recent years.
Inherent to MCLI’s success is its leveraging of relationships at the highest level to pursue its vision of a cost effective, reliable logistics route. www.mcli.co.za
Media Partners
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Proudly African is an initiative of Global Village Africa which is a marketing and business platform geared towards showcasing and harmonising Africa’s development, trade and cultural diversity to a global audience.
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The Partnerships Bulletin, PPP Bulletin and P3 Bulletin are a series of magazines and websites providing in-depth updates on partnership working between the public and private sector to procure, build and manage public infrastructure.
Each hard-copy edition of P3 Bulletin (Americas) and Partnerships Bulletin (UK) includes news, interviews with the top industry figures, in-depth market reports on partnership sectors and industry authored articles covering transport, waste, education, healthcare, housing, courts and leisure. Plus, the magazine includes a Business Leads section – giving you information about projects before they are even advertised.
Subscription to all three websites also gives you unlimited access to constantly updated news stories, features and searchable Project Tracker.
The websites and magazines are essential reading for industry professionals to help them make informed decisions and remain at the cutting edge of partnerships and infrastructure business information.
Africa Investor (Ai) is a specialist investment communications firm advising governments, international organisations and businesses on communication strategies for capital market and foreign direct investments in Africa. Africa investor publishes Africa investor, the leading international newsstand magazine for Africa’s investment decision makers; maintains the Ai40 Investors’ Index, hosts the Ai Institutional Investment Summit & Awards, Ai Investment Climate Summit and Investments and Business Leader Awards and the Ai Infrastructure Investment Summit & Awards, among other events.
Animus provides an overview of Sustainability activities in Africa and the direction that has been taken by most companies. The magazine uses the CSR analysis approach to validate the sustainability of various projects underway at any stage of implementation. We provide the much needed platform for sharing best practice with a growing sustainability network. www.animus-csr.com
Africa Monitor is internationally recognised as providing essential information for anyone doing business in, or with Africa. The publication provides subscribers with systematic political risk assessment, economic forecasts and business analysis for every country across the region.
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For a copy of the FULL AGENDA, please send email to: hayat@neo-edge.com
Or please call us at Tel: +65 6980 8567
The training will be hold at the hotel stated below. The course fee includes lunches, refreshments, full set of Course Material and Certificate, but does not include hotel guest room and travel cost.
It is recommended to book the hotel rooms early as there are only limited rooms available at discounted rate. Kindly contact the following for reservation:
Radisson Hotel Trinidad
Wrightson Road, Port of Spain, Trinidad
Tel: +1 (868) 235-3366 ext 6801
Email: salesdirector@rposthotel.com
Please quote “Neoedge Training” when reserving a room for your stay at the hotel.
For a copy of the FULL AGENDA, please send email to: hayat@neo-edge.com
Or please call us at Tel: +65 6980 8567
You are suggested to send registration or enquiries to us via hayat@neo-edge.com directly, which can enable us to respond faster than filling in the below Form.