Utilize este identificador para referenciar este registo: http://hdl.handle.net/10400.14/9015
Título: The Lusoponte Concession : case study : net present value of government transfers and risk allocation analysis
Autor: Pinto, Eduardo João Baltazar Vera-Cruz
Orientador: Reis, Ricardo
Sarmento, Joaquim Miranda
Data de Defesa: 4-Jul-2012
Resumo: Purpose: The aim of this paper is to present a case-study on the Lusoponte Concession providing an analysis of the evolution of risk allocation and Net Present Value of Government Transfers. Since the 90’s, Portugal has been experiencing an increase in the number of PPP contracts. Road concessions compose a large percentage of this number and the Lusoponte Concession among them, has been a source of concern by the government. Successive Financial Rebalance Agreements, calculation of direct compensations, use of the Base Case, Imbalance in negotiating positions and evolution of the risk allocation are some of the reasons for a further analysis of this concession. Methodology: This paper is structured in two major categories: 1. description of the concession contract and the Finance Rebalance Agreements and 2. analysis of the NPV of Government Transfers and Evolution of Risk Allocation. Findings: This paper concludes that due to the first alterations to the initial contract (increase in toll fares and non-payment of toll fares in August) there is a strong imbalance in the current risk allocation in the Lusoponte Concession and that the government is currently the largest contributor to the financing of the project through the Direct and Indirect compensations it granted to Lusoponte. Limitations: The conclusions of this paper are based on Reports by Tribunal de Contas that lack data and explanations that would enrich the analysis of risk allocation and NPV of government transfers. The extinction of the GATTEL is also a lost source of information regarding the Lusoponte Concession. Originality/Value: This paper contains a further analysis of the risk allocation of the most recent FRA (FRA VI – 2008) and a detailed explanation of the Lusoponte Case, namely the Financial Rebalance Agreements. It also provides a comparison of the NPV of government transfers to the initial funding of the construction of Ponte Casco da Gama which provides original conclusions on the governments’ role in this concession.
URI: http://hdl.handle.net/10400.14/9015
Aparece nas colecções:R - Dissertações de Mestrado / Master Dissertations
FCEE - Dissertações de Mestrado / Master Dissertations

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