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Advisor(s)
Abstract(s)
Com o objetivo de estudar se a teia contratual caraterística de uma operação de project finance/PPP facilita o planeamento orçamental, procedeu-se à análise de um caso de especial relevo no panorama nacional, bem como da Ascendi: concessão rodoviária da Ascendi Beira Litoral Alta (Ascendi BLA).
Numa primeira parte deste trabalho de investigação foi realizada uma contextualização teórica do regime financeiro de project finance com vista à identificação de quais as suas especificidades a nível contratual, com o objetivo de criar a base teórica necessária para uma posterior investigação sob a forma de estudo de caso.
No estudo de caso foi descrito a elaboração do planeamento orçamental da Ascendi BLA, foram identificados os principais riscos e quais os contratos essenciais para a sua mitigação, assim como a importância destes na definição do orçamento para 2016. Para isso recorreu-se a uma análise minuciosa dos contratos existentes nesta concessionária, dos processos internos relacionados com o planeamento orçamental, bem como a construção de um modelo financeiro para previsão das demonstrações financeiras para 2016.
A análise da concessão Ascendi BLA permite identificar a presença de uma forte estrutura contratual que regula a atividade da Ascendi BLA, bem como a atuação de todos os stakeholders envolvidos. Tal permite prever, com um nível mais elevado de certeza, grande parte dos seus cash flows presentes e futuros, o que sugere que, em contraponto com uma empresa que opera num regime de financiamento tradicional - corporate financing - tal teia contratual existente na Ascendi BLA facilita o planeamento financeiro e a preparação do orçamento para 2016. Adicionalmente, estes contratos permitem alocar os riscos do projeto às entidades que melhor os sabem gerir.
In order to examine if the complex contract network that characterize a project finance/PPP transaction facilitates budget planning, we have chosen the toll-road concession Ascendi Beira LItoral Alta (Ascendi BLA) as our case study. We started with a theoretical contextualization about the financial arrangements in project finance/PPP as we are trying to identify their specific interests. In this particular case study, we have described all the steps concerning the company´s (Ascendi BLA) budget planning. We have identified the main risks and how contracts were established in order to allocate and mitigate those risks among major participants. Additionally, we have interconnected the main contracts with the forecast of each item in both income statement and balance sheet when preparing the 2016 budget. For achieving that purpose, we made an exhaustive analysis of the Firma’s existing contracts and of the internal processes related to the budget, always bearing in mind how the budget model is shaped after. Our results identify the presence of a strong nexus of contracts in Ascendi BLA concession, which regulates significantly the role of each party in the SPV and, makes possible to predict with a higher degree of certainty much of its present and future cash flows. Our results suggest that, as opposed to corporate financing, the existent contract network inside Ascendi BLA facilitates its financial planning as well as its budgeting process. Finally, our results show that BLA concession network of nonfinancial contracts allows sponsors to transfer the project major risks to those parties that are best able to manage them.
In order to examine if the complex contract network that characterize a project finance/PPP transaction facilitates budget planning, we have chosen the toll-road concession Ascendi Beira LItoral Alta (Ascendi BLA) as our case study. We started with a theoretical contextualization about the financial arrangements in project finance/PPP as we are trying to identify their specific interests. In this particular case study, we have described all the steps concerning the company´s (Ascendi BLA) budget planning. We have identified the main risks and how contracts were established in order to allocate and mitigate those risks among major participants. Additionally, we have interconnected the main contracts with the forecast of each item in both income statement and balance sheet when preparing the 2016 budget. For achieving that purpose, we made an exhaustive analysis of the Firma’s existing contracts and of the internal processes related to the budget, always bearing in mind how the budget model is shaped after. Our results identify the presence of a strong nexus of contracts in Ascendi BLA concession, which regulates significantly the role of each party in the SPV and, makes possible to predict with a higher degree of certainty much of its present and future cash flows. Our results suggest that, as opposed to corporate financing, the existent contract network inside Ascendi BLA facilitates its financial planning as well as its budgeting process. Finally, our results show that BLA concession network of nonfinancial contracts allows sponsors to transfer the project major risks to those parties that are best able to manage them.
Description
Keywords
Project finance Planeamento orçamental Contratos Ascendi Budget planning Contracts