financing solutions with ekf Финансовые решения russian roundtables june 2009
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Financing solutions with EKF Финансовые решения Russian Roundtables June 2009. EKF’s Mission Statement Постановка задач. EKF ensures competitive financial terms for Danish business and industry in international markets - PowerPoint PPT PresentationTRANSCRIPT
Financing solutions with EKFФинансовые решения
Russian Roundtables
June 2009
EKF ensures competitive financial terms for Danish business and industry in international markets
EKF covers extraordinary financial risks related to business of economic interest to Denmark
EKF operates on commercial terms and is guaranteed by the Danish state
EKF’s Mission StatementПостановка задач
Our world
EKF exposure by sectorРазбивка по секторам
Wind Ветровые
33 pct.
Food processing 9 pct.
Chemicals, steelХимия, металлургия
etc. 2 pct.
Other Другие
1 pct. CementЦемент
23 pct.
Water and disposalВодный сектор и отходы
10 pct.
Infrastructure and transportИнфраструктура и транспорт
13 pct.
Power stations and energy utilities
ТЭС и энергоустановки
9 pct.
ProductsФинансовые инструменты
Project Finance
Contract- and Project Delivery
Guarantees
Bond Guarantees
Investment Guarantees
Export Credit Guarantees
Export loans
Reinsurance
EKF Climate
L/C Guarantees
Traditionalтрадиционные
Newновые
Supplier credit guaranteeГарантии поставщикам
Buyer credit guaranteeГарантии покупателям
The exporter provides the buyer with a credit/loan and receives the payments as they fall due.EKF insures the exporter against non-payment.
The exporter receives payment for delivery in cash from the bank. Typically at commissioning. The buyer borrows the money in a bank. EKF insures the bank against non-payment.
ProductsВиды услуг
Loan
GaranteeDanish Bank
ContractsCash
payment
Example - Export creditПример
• Two Danish companies, Cimbria Unigrain and Scanvægt, export equipment
• The importer is Ukraine’s biggest chicken producer, Myronovsky
• EKF garantees payments from Myronivsky to Danish exporters.
Loan
GaranteeDanish Bank
ContractsCash
payment
Loan
Example - Export creditПример
• Two Danish companies, Cimbria Unigrain and Scanvægt, export equipment
• The importer is Ukraine’s biggest chicken producer, Myronovsky
• EKF garantees payments from Myronivsky to Danish exporters.
Vestas delivers 10 windmills á 3 MW to wind farm in Aruba
Belgium Bank
(Project risk)
Bright Capital Partner
(Investor)
Nucapital
(Investor)
Wind farm
Local Bank
(sub-debt)
Vestas
(Exporter)
Swedish Bank
(Funding)
Total investment
Equity, 20%
Fundingfrom Swedish Bank, 80 pct.
100 pct. guarantee from EKF
Guarantee from Belgian Bank, 30 pct.
EKF’s project risk net, 70
pct.
Structure
Example – Project Finance
Carbon Guarantees
Risk Guarantee
• Issuance of carbon credits > EKF guarantees against non-issuance of carbon credits during implementation phase
• Sale of carbon credits> EKF facilitates contact to credit buyers. If necessary, EKF will guarantee that the buyer honors the purchase contract
• Breach of contract by project partner
> EKF guarantees against losses due to project partner’s breach of contract
200 m
75 m
150 m
100 m
Investment
NPV Cash flow
SaleElec-tricity
Without EKF Climate
guarantees
Equity
Bank loans
100 m
Salecarbon credits
150 m
50 m
Bank loans
Equity
With EKF Climate
guarantees
2/3
(DSCR=1.5)
2/3
More debt, less equity, higher profitability
Easier start for projects
Carbon GuaranteesУглеродные гарантии
Risk Guarantee
• Issuance of carbon credits > EKF guarantees against non-issuance of carbon credits during implementation phase
• Sale of carbon credits> EKF facilitates contact to credit buyers. If necessary, EKF will guarantee that the buyer honors the purchase contract
• Financing of CDM and JI projects > EKF guarantees for pre-payments and other types of loan financing to CDM and JI projects.
• Breach of contract by project partner
> EKF guarantees against losses due to project partner’s breach of contract
Carbon prepayment FinancingГарантии предоплаты за углеродные кредиты
Offer Contract, 15% down payment
MontageShipping CommissioningDescription of
delivery
Monitoring, issuance of
carbon credits
Prepayment, carbon
purchasePIN
LOI PDD ERPALOA
Export contract
JI path
With EKF guarantee
Financing need
Time
Carbon Guarantees
Risk Guarantee
• Issuance of carbon credits > EKF guarantees against non-issuance of carbon credits during implementation phase
• Sale of carbon credits> EKF facilitates contact to credit buyers. If necessary, EKF will guarantee that the buyer honors the purchase contract
• Financing of CDM and JI projects > EKF guarantees for pre-payments and other types of loan financing to CDM and JI projects.
• Breach of contract by project partner
> EKF guarantees against losses due to project partner’s breach of contract
Risk
Issuance of carbon credits
Partner’s breach of contract
Sale of carbon credits
Prepayment/ financing
Carbon credits as new currency
Example
JI project
EKF
EKF
Project develope
r
Carbon buyer
Equipment
supplier
Bank
Prepayment, loan, equity
Carbon credits
Carbon credits
Prepayment Carbon credits Repayment
Payment/ Carbon credits
Equipment
Loan
RepaymentExport credit
Repayment
Guarantee
Gurantee against non-issuance of carbon credits
Gurantee against loss due to partner’s breach of contract
Gurantee against breach of ERPA
Gurantee against non-return of prepayment (in case of non-delivery of credits) or loans
Gurantee against non-delivery of carbon credits
Guarantee
Guarantee
Gua
rant
ee
Gua
rant
ee
Contract
Partnership possibilities
Danish equipment
supplier
Energy company
Equipment, know-how
Finance, gov. app., hosting
JI project
Carbon credits buyer
Sales revenueSales revenue
Guarantee against non-issuance and/or contract breach from JV partner and/or CC buyer
Greentech Guarantees
Risk Guarantee
• Energy & water saving guarantee
An equipment supplier receives payments parallel to the realisation of the savings from the installation of the equipment. EKF guarantees against lack of payment.
Energy saving
Energy costs before installation
Energy costs after installation
Installation
Energy Savings Guarantee
Costs
Payment
Time
Guarantee against lack of payment
Greentech Guarantees
Risk Guarantee
• ESCO-finance
An Energy Service Company takes over – against a fee – the energy supply at a customer’s plant. EKF guarantees against lack of payment from the customer and guarantees loans from banks to the ESCO-company.
• Energy & water saving guarantee
An equipment supplier receives payments parallel to the realisation of the savings from the installation of the equipment. EKF guarantees against lack of payment.
Partnership possibilities
Danish equipment
supplier
Local company
ESCO company
Danish equipment
supplier
Danish equipment
supplier
Danish equipment
supplier
Danish equipment
supplier
Energy service contract
Local company
Local company
Underwriting of bank loans, guarantee for
payment from customers
Contact
Jørn Fredsgaard SørensenChief ConsultantTelephone direct: 35 46 61 39Mobile telephone: 20 18 39 69E-mail: [email protected]
E K S P O R T K R E D I T F O N D E NDahlerups PakhusLangelinie Allé 17DK2100 København Ø
Telefon: +45 35 46 61 00Fax: +45 35 46 61 11