kfw ipex-bank - your partner for international projects ...€¦ · kfw ipex-bank - your partner...
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KfW IPEX-Bank - Your partner for
international projects and exports
Thomas Brehler
Global Head of Transport and Social Infrastructure (PPP)
Port Financings
Lima, 21. September 2011
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International promotion and development for different
markets under the umbrella of KfW Bankengruppe
● Promotion of reform processes,
investments and accompanying
advisory services in cooperation
with governments
and state institutions in
developing and industrialising
countries
● Financing investments to
establish and expand the SME
sector in developing and
transition countries
● Advisory services for small and
medium-sized enterprises, in
particular German enterprises
● International medium to long-
term financing in the interest of
the European, in particular the
German economy to promote
exports and foreign investments Objectives
Economic
sectors
● Social infrastructure
● Economic infrastructure
● Financial systems
● Climate/Environment
● Exports
● Infrastructure
● Climate protection
● Securing raw materials supply
● All economic sectors
Market entry ● Very early phase ("supportive
function")
● More mature markets ● Early phase
Developing country Industrialised country Industrialising country
Target
markets
KfW Entwicklungsbank
DEG
KfW IPEX-Bank
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KfW IPEX Bank - Our name speaks for itself International Project and Export Finance from KfW
Business volume
Employees
Rating
Shareholders
Name
Head office
KfW IPEX-Bank GmbH
Frankfurt am Main
100 % subsidiary of KfW Bankengruppe
with stand-alone rating
approx. EUR 60 billion *
521*
AA (S&P) / Aa3 (Moody's)
Focus Financing of exports, infrastructure projects and environmental and climate protection projects as well as securing the supply of raw materials
Supporting the internationalisation and
competitiveness of German and European
export companies
Mission
* As of 31 December 2010
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Financing expertise in many sectors
Automotive,
machinery and
industrial equipment
Metals and
Mining
Retail,
consumer goods and
health
Construction/PPP
Water and
waste to energy
Renewable energies,
energy efficieny and
climate protection
Aviation
Shipping
Telecommunications
and media
Ports, airports and
logistics
Rail and
road transport
Financial institutions
and
trade finance
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20
17,8
8,8
8,1
3,8 1,2
Europe (excluding Germany)
Germany
Asia/Australia
North America
Latin America
Africa
Our loan portfolio of EUR 60 billion is sector specifically
and regionally broadly diversified
13,4
11,9
10,2
7
7
5,5
2,11,7 1,1
Shipping
Aviation and Rail
Power, Renewables and Water
Transport / Social Infrastructure (PPP)
Basic Industries
Manufacturing Industries, Retail, Health
Telecommunications, Media
Financial institutions and trade & commodity finance
Leveraged Finance, Mezzanine, Equity
Distribution by business areas (in EUR billion): Distribution by regions (in EUR billion):
As of: 31 December 2010
Differences in totals due to rounding.
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Tailor made long term finance solutions
loans (USD/EUR):
ECA Export Finance
Structured Finance
Project Finance
Corporate Finance
participation in the capital:
preference shares
ordinary shares
mezzanine structures (USD/EUR):
subordinated loans
shareholders loans
lower risk level/ return
higher risk level/ return
DEG
IPEX/DEG
DEG
short term liabilities
long term liabilities
equity
IPEX
ST-credit operations (USD/EUR):
Structure Commodity Finance
Trade Finance
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Euler
Hermes
KfW IPEX-
Bank GmbH
Equipment Vendor
(Exporter)
(6) Loan
disbursement
(3) Loan cover
(1) Export contract
KfW-Funded, Hermes-Covered, CIRR-based Financing
Structure for an Export Finance Contract
(5) Delivery Borrower
(3) Export
cover
(2) cover
application
(4)
Loan
agreement
(7)
Loan
repayment
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Possible Financing terms Hermes-Covered Export Finance Contract
Borrower: public or private
Amounts: from EUR 10m to > EUR 100m
Currency: EUR or USD
Tenors: up to 12 years
Interest: floating or fixed (CIRR)
CIRR: “Commercial Interest Reference Rate”
Subsidised Interest Scheme by the OECD countries
> Fixed Interest Rate, valid from date of signing to final repayment.
> Interest Rate and planning stability guaranteed.
> Reduction in Debt Servicing Cost by absolute low interest rates.
> No interest hedge required, no unwinding/breakage cost in case
of rescheduled delivery/disbursement
> German CIRR only applicable in combination with Hermes
secured credit facility
> Funding for CIRR only available from KfW through KfW IPEX-
Bank
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Holding Company
Government
Rail Operator
Port Authority
Preference
Equity
Construction
Contractors Port Authority
Project Company
Senior Debt
A Class
Shareholder
Offtaker / shipping line Terminal
service
agrement
B Class
Shareholder
100% Ownership
Tenures Concession
Funding
Agreements
Subordinated
Debt
Construction Contracts
Project Financing, structure sample
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Challenge
● Extremely congested seaport
● Greenfield project
● Former waste dump site: environmental issues
Contribution of KfW IPEX-Bank
● Structuring expertise in port financing with a
dedicated sector department
● Local presence
● Strong balance sheet and reliable long-term finance
Solution
● Cash flow-based Project Finance Structure
● Two strong international sponsors
● Club of experienced international banks under the
IFC-umbrella
Brasil Terminal Portuario (BTP)
● Loan amount: Total Debt USD 679 mio
● IPEX portion USD 97 mio
● Supporting German and European export
Case Study Port Infrastructure I Container Terminal in Brazil
MUSTERSEITE
bitte stellen Sie
geeignete Projekte Ihrer
Wahl in dieser Form vor
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Case Study Port Infrastructure II Coal Export Terminal, Australia
Newcastle Coal Infrastruture Group (NCIG)
• Total Project Debt USD 2.94 bn
• IPEX portion USD 100 Mio
• Supporting German and European exports
Challenge
● Access of medium sized coal mines to overseas
export capacity
● Bottleneck: existing coal terminal capacity
● Large-scale project (total investment USD 4 bn)
Solution
● Long term Take or Pay Agreements with shippers
as basis for financing
● Large club deal in order to provide substantial
financing volumes
● Experienced domestic and foreign banks able to
offer long-term financing
Contribution of KfW IPEX-Bank
● Dedicated sector department experienced in highly
specialized project financing like coal terminals
● Reliable partner through all three phases of the
project
● Strong balance sheet and long-term finance
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Have a look at some of our references
in the ports sector
USD 300.000.000
Lender
Callao Container Port
Structured Finance
Peru
USD 158.000.000
Lender
SP-PSA Container Port
Greenfield Project Finance
Viet Nam
EUR 20.000.000
Bilateral Lender
HHLA AG
Liquidity Facility
Germany
2009
EUR 30.000.000
Bilateral Lender
Eurogate Container Terminal
Equipment Lease Finance
Germany
2009
USD 600.000.000
Senior Lead Arranger
Mersin Container Port
Acquisition & Project Finance
Turkey
2007
US$ 679.000.000
IFC B-Loan
Greenfield Container
Terminal Port of Santos
Project Finance Brazil
2011
2008 2008
EUR 280,000,000
Mandated Lead Arranger
Terminal Catalunya, S.A.
2011
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KfW IPEX-Bank GmbH
Palmengartenstrasse 5 - 9
60325 Frankfurt am Main / Germany
Visitor address:
Zeppelinallee 8
60325 Frankfurt am Main / Germany
Tel: +49 69 7431–3300
Fax: +49 69 7431-2944
www.kfw-ipex-bank.de
Get in touch with us – we will be glad to advise you
Thomas Brehler
Senior Director
Transport / Social Infrastructure
(PPP)
phone: +49 69-7431- 3951
E-mail: [email protected]
Uwe Müller
Director
Ports, Airports, Social Infrastructure
(PPP)
phone: +49 69-7431-2326
E-mail: [email protected]
Frank Breitenbach
Projectmanager
Ports, Airports, Social Infrastructure
(PPP)
phone: +49 69-7434-3984
E-mail: [email protected]
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Back up
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Moscow
Istanbul
Bangkok
Mumbai
New York
London
São Paulo Johannesburg
Abu Dhabi
.
.
. .
.
. . .
Frankfurt
.
Partnership and customer orientation means having
an international presence