BOT TOT PPP 项目融资.ppt

1、,The Project Financing in I.E.C. Market,Dec.6, 2006,Lecturer： LIU Yufeng (刘玉峰） Faculty of Construction Management & Real Estate,Chapter II：The BOT TOT & PPP Models in Project Financing,Chapter II: BOT TOT & PPP Models in P.F.,To have a review about the P.F. Project Financing Its a such financing, in

2、 which a lender is satisfied to look initially to the cash flows and earnings of the project, and the project is as the source of funds from which a loan will be repaid. 1 Key points of P.F. Financing is succeed for only the profitability of the project after it completed. The cash flow of the proje

3、ct is considered more then the Condition of Capital Assets of investors.,1 Peter K Nevitt, Project Financing, Six Edition, P3,Chapter II: BOT TOT & PPP Models in P.F.,Three principal models of P.F. BOT : Build-Operate-Transfer TOT: Trust-Operate-Transfer PPP: Public-Private-Partnership,Chapter II: B

4、OT TOT & PPP Models in P.F.,BOT Model The Genesis of BOT It can be traced back to the beginning 1980s in Turkey, the strait of Bosporus the Minister Ozarlo, who call for foreign investor . take an innovative idea B-O-T Hochtief , a contractor from Germany Bosporus bridge was begin in 1982 and comple

5、ted in 1985. BOT term is 20 years The project is successful ,The first BOT project of Bosporus bridge Hochtief,Chapter II: BOT TOT & PPP Models in P.F.,The First BOT Project: Bosporus Bridge in Turkey,Bosporus Strait 博斯普卢斯海峡,Europe,Asia,Completed Bosporus Bridge in Turkey,Panama Bridge,South America

6、,North America,Panama Canal,Chapter II: BOT TOT & PPP Models in P.F.,BOT Model Cont. The appropriate scope BOT model The project can produce revenue by itself. It is always a new project. The project operation is a marketing economy behavior gaining from consumer in market. A Concession Agreement sh

7、ould be signed relatively monopolized operation preferential policy from govern.,特许经营协议,Chapter II: BOT TOT & PPP Models in P.F.,BOT Model Cont. The Organization Structure of BOT model (see the followings),Chapter II: BOT TOT & PPP Models in P.F.,Host Govern.,Project Company,Banks,F. Inst.,Company,P

8、rivate,Financing,Share,C. Agreement,Project Construction,Granted,Invest to,Project Operation,Completed,Revenue,Project Transfer,Expired,Host Govern.,Transfer,Operation term: Less than 30 years generally,The Organization Structure of BOT Project,Chapter II: BOT TOT & PPP Models in P.F.,TOT Model The

9、Genesis of TOT (Trust-Operation-Transfer) It can be traced back to the time after World War II in French For the seek of rebuilding the aged infrastructure au Paris French government trusted the existed such as city water supply system and sewage dispose plants to companies: Les Socit de Vinc et Bou

10、ygues ,Bouyges：,Chapter II: BOT TOT & PPP Models in P.F.,Les Sphre de Opration des Vinci et Bouygues Vinci：,La nergie,La stade,La cable lectrique,La grant-route,Eau de ville,Chapter II: BOT TOT & PPP Models in P.F.,TOT Model Cont. The appropriate scope TOT model Usually, TOT project is an existed pr

11、oject Government need outside investment to rebuild and expand the scale of the existed project TOT project provide public service , its not a purely commercial operation Sometimes ( not absolutely), the TOT operator cant gain the payment directly from the customers, but through the government agent

12、 e.g. the sewage dispose fee of homes in China, the power station cant get the fee of power consumption directly from families, but through power management bureau in China, etc.,Chapter II: BOT TOT & PPP Models in P.F.,TOT Model Cont. The Organization Structure of TOT model (take a sewage dispose T

13、OT project as an example, see the followings),Chapter II: BOT TOT & PPP Models in P.F.,Host Govern.,Project Company,Trust Agreement,Sewage Plant Rebuild & Expand,Invest,Trust an Existed Sewage Plant,Completed,Pay the Fee to,Transfer,Expired,Transfer,Operation term: Less than 20 years generally,The O

14、rganization Structure of a Sewage Dispose Plant TOT Project,operation,Citizen,Service,Payment,Chapter II: BOT TOT & PPP Models in P.F.,PPP Model The Genesis of PPP (Public-Private-Partnership) Its a common sense that the origin of PPP model was from the beginning of 20 century in UK When the British

15、 government took the policy to attract the privates to invest into the public service fields such as streets cleaning works in city, park maintenance work in city, even orphan keep guarding works An significant nature of PPP project is that some governments obligation for public service could be att

16、ract private to invest in, and reaches a double win between the public and privates.,Chapter II: BOT TOT & PPP Models in P.F.,PPP Model Cont. The appropriate scope PPP model Usually, PPP project is concerned with public interests Always, its a public service, not a pure marketing operation PPP proje

17、ct provide service to all public, there is not the exact customer can be identified The Revenue of PPP are from both the governments tax and some semi-marketing operation e.g. the retired-mans keeping works in some region in China is taken PPP model to solve ,Chapter II: BOT TOT & PPP Models in P.F.

18、,PPP Model Cont. The Organization Structure of PPP model (see the followings),Public Agent,Establish,PPP Project,Company,Invest,Policy Support,Operation,Host Govern.,Authorize,Privates,Financing,Share,Public,Provide Service,PPP Agreement,Tax & Fee,Payment,Financially compensation,Chapter II: BOT TOT & PPP Models in P.F.,Conclusions of three principal models o