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Advisor(s)
Abstract(s)
O Project Finance é caracterizado por ser uma forma de financiamento de projetos capital intensivos, com vida finita e definida à partida e com recurso à criação de uma nova empresa legalmente independente.
É também caracterizado por um nexus de contratos entre as várias partes interessadas, desde os acionistas aos bancos, passando também pelos fornecedores e clientes, o que o distingue do financiamento de projetos em regime de Corporate Finance. Outra das suas características principais é o facto da dívida obtida pela empresa veículo ser sem recurso ou com recurso limitado ao(s) sponsor(s) e, por esse, motivo as avaliações do risco de crédito das operações baseiam-se na capacidade de geração de cash flows futuros que o projeto irá gerar, uma vez que estes são a principal fonte de reembolso dos empréstimos.
Por esse motivo, este Trabalho Final de Mestrado tem como objetivo perceber se uma operação de Project Finance facilita a elaboração do orçamento anual e ainda se o nexus de contratos entre as partes, característico deste tipo de financiamento, permite otimizar a gestão financeira de curto prazo de uma empresa. Para isso, e no âmbito do estágio desenvolvido na Ascendi, utilizou-se a metodologia de estudo de caso de forma a analisar a Ascendi Grande Porto. Este estudo de caso permitiu responder afirmativamente às duas questões de investigação formuladas.
Project Finance is characterized as a form of financing for capital-intensive projects, with a finite and pre-defined lifetime and based on the creation of a new legally independent company. It is also characterized by being based on a nexus of contracts between the parties involved, from shareholders to banks as well as suppliers and customers, contrary to what happens in Corporate Finance. In addition, they have limited or non-recourse debt. Therefore, credit assessments are based on the forecasted future cash flows that the project will generate, as they are the main source of debt repayment of debt loans. This Master's Thesis aims thus to understand if a Project Finance operation makes the elaboration of the annual budget easier and also if the nexus of contracts between the parties, a characteristic of this type of financing, allows optimizing short-term financial management of a company. Consequently, and in the scope of the internship developed at Ascendi, we used the case study methodology to analyse Ascendi Grande Porto, based on the previous study conducted through the literature review. This case study allowed to answer affirmatively to both research questions.
Project Finance is characterized as a form of financing for capital-intensive projects, with a finite and pre-defined lifetime and based on the creation of a new legally independent company. It is also characterized by being based on a nexus of contracts between the parties involved, from shareholders to banks as well as suppliers and customers, contrary to what happens in Corporate Finance. In addition, they have limited or non-recourse debt. Therefore, credit assessments are based on the forecasted future cash flows that the project will generate, as they are the main source of debt repayment of debt loans. This Master's Thesis aims thus to understand if a Project Finance operation makes the elaboration of the annual budget easier and also if the nexus of contracts between the parties, a characteristic of this type of financing, allows optimizing short-term financial management of a company. Consequently, and in the scope of the internship developed at Ascendi, we used the case study methodology to analyse Ascendi Grande Porto, based on the previous study conducted through the literature review. This case study allowed to answer affirmatively to both research questions.
Description
Keywords
Project finance Parcerias público-privadas Orçamento Gestão financeira de curto prazo Cash flow Ascendi Grande Porto Public-private partnership Base case Budget Short-term financial management