BOT TOT PPP 项目融资

The Project Financing in I.E.C.Market rDec.6,2006Lecturer：LIU Yufeng(刘玉峰）刘玉峰）Faculty of Construction Management&Real EstateChapter II：The BOT TOT&PPP Models in Project FinancingChapter II:BOT TOT&PPP Models in P.F.To have a review about the P.F.nProject Financing Its a such financing,in 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.1nKey points of P.F.Financing is succeed for only the profitability of the project after it completed.The cash flow of the project is considered more then the Condition of Capital Assets of investors.1 Peter K Nevitt,Project Financing,Six Edition,P3Chapter II:BOT TOT&PPP Models in P.F.nThree principal models of P.F.BOT:Build-Operate-TransferTOT:Trust-Operate-TransferPPP:Public-Private-Partnership Chapter II:BOT TOT&PPP Models in P.F.nBOT Model The Genesis of BOT It can be traced back to the beginning 1980sin Turkey,the strait of Bosporus the Minister Ozarlo,who call for foreign investor.take an innovative idea B-O-THochtief,a contractor from GermanyBosporus bridge was begin in 1982 and completed in 1985.BOT term is 20 yearsThe project is successful qThe first BOT project of Bosporus bridge HochtiefHochtiefChapter II:BOT TOT&PPP Models in P.F.Chapter II:BOT TOT&PPP Models in P.F.The First BOT Project:Bosporus Bridge in TurkeyThe First BOT Project:Bosporus Bridge in TurkeyBosporus Strait博斯普卢斯海峡博斯普卢斯海峡EuropeAsiaCompleted Bosporus Bridge in TurkeyCompleted Bosporus Bridge in TurkeyPanama BridgePanama BridgeSouth AmericaNorth AmericaPanama CanalChapter II:BOT TOT&PPP Models in P.F.nBOT Model Cont.The appropriate scope BOT modelThe 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 should be signed relatively monopolized operation preferential policy from govern.特许经营协议特许经营协议Chapter II:BOT TOT&PPP Models in P.F.nBOT Model Cont.The Organization Structure of BOT model (see the followings)Chapter II:BOT TOT&PPP Models in P.F.Host Govern.Host Govern.P Pr ro oj je ec ct t C Co om mp pa an ny yBanksBanksF.Inst.F.Inst.CompanyCompanyPrivatePrivateFinancingFinancingShareShareC.C.AgreementAgreement ProjectProjectConstructionConstructionGrantedGrantedInvest toInvest to ProjectProjectOperationOperationCompletedCompletedRevenueRevenue ProjectProjectTransferTransferExpiredExpired Host Govern.Host Govern.TransferTransferOperation term:Operation term:Less than 30 Less than 30 years generally years generally The Organization Structure of BOT ProjectChapter II:BOT TOT&PPP Models in P.F.nTOT Model The Genesis of TOT(Trust-Operation-Transfer)It can be traced back to the time after World War II in FrenchFor 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 SociLes Soci t de Vinc et t de Vinc et Bouygues Bouygues BouygesBouyges：Chapter II:BOT TOT&PPP Models in P.F.qLes Sphre de Opration des Vinci et BouyguesVinciVinci：La nergieLa nergieLa stadeLa stadeLa cable lectriqueLa cable lectriqueLa grant-routeLa grant-routeEau de villeEau de villeChapter II:BOT TOT&PPP Models in P.F.nTOT Model Cont.The appropriate scope TOT modelUsually,TOT project is an existed project 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 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.nTOT Model Cont.The Organization Structure of TOT model (take a sewage dispose TOT project as an example,see the followings)Chapter II:BOT TOT&PPP Models in P.F.Host Govern.Host Govern.P Pr ro oj je ec ct t C Co om mp pa an ny yBanksBanksF.Inst.F.Inst.CompanyCompanyPrivatePrivateFinancingFinancingShareShareTrust Trust AgreementAgreement Sewage Plant Sewage Plant Rebuild&ExpandRebuild&ExpandInvestInvestTrust an Existed Trust an Existed Sewage PlantSewage PlantCompletedCompletedPay the Fee toPay the Fee to TransferTransferExpiredExpired TransferTransferOperation term:Operation term:Less than 20 Less than 20 years generally years generally The Organization Structure of a Sewage Dispose Plant TOT ProjectoperationoperationCitizenCitizenServiceServicePaymentPaymentChapter II:BOT TOT&PPP Models in P.F.nPPP 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 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 attract private to invest in,and reaches a double win between the public and privates.Chapter II:BOT TOT&PPP Models in P.F.nPPP Model Cont.The appropriate scope PPP modelUsually,PPP project is concerned with public interests Always,its a public service,not a pure marketing operationPPP project 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.nPPP Model Cont.The Organization Structure of PPP model (see the followings)Public AgentEstablishPPP ProjectCompanyInvestPolicy SupportOperationHost Govern.Host Govern.AuthorizePrivatesPrivatesFinancingSharePublicPublicProvide Provide ServiceServicePPP PPP AgreementAgreementTax&FeePaymentFinanciallyFinancially compensationcompensationChapter II:BOT TOT&PPP Models in P.F.nConclusions of three principal models of P.F.BOT new projectconcession agreemt.,marketing operationrelatively monopolizedTOTexisted project need to rebuild and expandSemi-market operationPPP always the governments obligation the most are provide public service sometimes the financial compensate is needed Thank You!