This document summarizes a presentation on airport privatization in sub-Saharan Africa. The presentation discusses:
1) An overview of the company Airport Development Partners SA and what they do to support airport privatization.
2) Best practices for public-private partnerships (PPPs) in airports, including generating an investment climate, enacting PPP legislation, maintaining communication between partners, and building internal PPP capacity.
3) Alternatives to full privatization like management contracts or concessions of certain services that can reduce costs and increase revenues.
4) Five conclusions about ensuring airports remain strategic assets, maximizing revenue potential before privatizing, making PPP preparation effective, and building internal rather than dependent external
ADETEF Agencija za međunarodnu tehničku saradnju (ADETEF) - prezentacija sa g...NALED Serbia
Žan Filip Nadal, direktor sektora za JPP u francuskoj Agenciji za međunarodnu tehničku saradnju (ADETEF). http://www.naled-serbia.org/sr/news/details/876/Francuska-pomaze-Srbiji-da-razvija-JPP-projekte
Maciej Szymanowicz, European Commission @ Frankfurt Book Fair 2015, TISP work...TISP Project
DISCLAIMER
This document provides some information on the terms of the Creative Europe- Cultural and Creative Sectors Guarantee Facility. This document is not, and should not be construed as a binding document. This document does not constitute an offer of any nature whatsoever and does not create any binding obligations on the European Commission to enter into a contract with any third party in relation to Cultural and Creative Sectors Guarantee Facility. All data are subject to an adoption of the Creative Europe work programmes and budgetary allocations available as well as the specific conditions which may be agreed by the European Commission and European Investment Fund in a relevant Delegation Agreement for Cultural and Creative Sectors Guarantee Facility.
Albert Gauthier, European Commission @ Frankfurt Book Fair 2015, TISP workshopTISP Project
The document outlines two calls related to creativity and technology. Call 3 aims to support technology transfer to creative industries through innovation actions funding projects that help creative industry SMEs adopt emerging technologies. Call 3 also aims to boost synergies between artists, technologists and creative people through 1) a network and prototype competition and 2) an artist brokerage service or STARTS prize recognizing technology-arts collaboration. The total budget across the two calls is 19 million Euros.
This document discusses the classification of assets according to International Financial Reporting Standards (IFRS). It defines key asset types like inventory, property, plant and equipment, intangible assets, investment property, financial assets, biological assets, and non-current assets held for sale. For each type, it provides the definition, discusses recognition criteria, and gives examples requiring judgment in classification. The overall aim is to classify assets according to their nature and use within a business to portray how they will generate future economic benefits.
Session 6: EU support on competitiveness and innovation in TurkeyOECDglobal
Day 2, Session 6, 30 November 2017, Istanbul, SME and Academia collaboration: Turkey’s Experience in Innovation and Technology Centres, Ela Yazıcı İnan, European Union
The document discusses financing solutions for infrastructure projects in Central and Eastern Europe. It notes that there is significant potential for infrastructure investment in areas like transportation (railways, roads), healthcare (hospitals), and other priority projects identified by the EU totaling €225 billion. However, additional funding sources beyond traditional sources will be needed to meet this demand. The document proposes leveraging innovative financing mechanisms and institutions like the European Investment Bank, European Bank for Reconstruction and Development, and public-private partnerships to diversify funding and expand infrastructure financing activities in the region.
The document discusses direct foreign investment (DFI) by multinational corporations. It outlines common motives for DFI such as accessing new markets, using cheaper foreign factors of production, and diversifying internationally. The benefits of international diversification for firms are presented, including lower risk from reduced correlations between foreign projects. Governments may provide incentives for desired DFI and impose barriers on less desired forms through regulations and policies.
This document discusses direct foreign investment and international diversification. It outlines various motives for direct foreign investment, including revenue-related motives like entering new markets and cost-related motives like using cheaper foreign labor. The document also discusses how international diversification can reduce risk for multinational companies by locating projects in economies with low correlations. It provides an example showing how a company could achieve more stable returns by locating a new project in the UK rather than the US. Additionally, the document discusses host country perspectives on foreign investment and decisions companies must make after initial foreign investment.
ADETEF Agencija za međunarodnu tehničku saradnju (ADETEF) - prezentacija sa g...NALED Serbia
Žan Filip Nadal, direktor sektora za JPP u francuskoj Agenciji za međunarodnu tehničku saradnju (ADETEF). http://www.naled-serbia.org/sr/news/details/876/Francuska-pomaze-Srbiji-da-razvija-JPP-projekte
Maciej Szymanowicz, European Commission @ Frankfurt Book Fair 2015, TISP work...TISP Project
DISCLAIMER
This document provides some information on the terms of the Creative Europe- Cultural and Creative Sectors Guarantee Facility. This document is not, and should not be construed as a binding document. This document does not constitute an offer of any nature whatsoever and does not create any binding obligations on the European Commission to enter into a contract with any third party in relation to Cultural and Creative Sectors Guarantee Facility. All data are subject to an adoption of the Creative Europe work programmes and budgetary allocations available as well as the specific conditions which may be agreed by the European Commission and European Investment Fund in a relevant Delegation Agreement for Cultural and Creative Sectors Guarantee Facility.
Albert Gauthier, European Commission @ Frankfurt Book Fair 2015, TISP workshopTISP Project
The document outlines two calls related to creativity and technology. Call 3 aims to support technology transfer to creative industries through innovation actions funding projects that help creative industry SMEs adopt emerging technologies. Call 3 also aims to boost synergies between artists, technologists and creative people through 1) a network and prototype competition and 2) an artist brokerage service or STARTS prize recognizing technology-arts collaboration. The total budget across the two calls is 19 million Euros.
This document discusses the classification of assets according to International Financial Reporting Standards (IFRS). It defines key asset types like inventory, property, plant and equipment, intangible assets, investment property, financial assets, biological assets, and non-current assets held for sale. For each type, it provides the definition, discusses recognition criteria, and gives examples requiring judgment in classification. The overall aim is to classify assets according to their nature and use within a business to portray how they will generate future economic benefits.
Session 6: EU support on competitiveness and innovation in TurkeyOECDglobal
Day 2, Session 6, 30 November 2017, Istanbul, SME and Academia collaboration: Turkey’s Experience in Innovation and Technology Centres, Ela Yazıcı İnan, European Union
The document discusses financing solutions for infrastructure projects in Central and Eastern Europe. It notes that there is significant potential for infrastructure investment in areas like transportation (railways, roads), healthcare (hospitals), and other priority projects identified by the EU totaling €225 billion. However, additional funding sources beyond traditional sources will be needed to meet this demand. The document proposes leveraging innovative financing mechanisms and institutions like the European Investment Bank, European Bank for Reconstruction and Development, and public-private partnerships to diversify funding and expand infrastructure financing activities in the region.
The document discusses direct foreign investment (DFI) by multinational corporations. It outlines common motives for DFI such as accessing new markets, using cheaper foreign factors of production, and diversifying internationally. The benefits of international diversification for firms are presented, including lower risk from reduced correlations between foreign projects. Governments may provide incentives for desired DFI and impose barriers on less desired forms through regulations and policies.
This document discusses direct foreign investment and international diversification. It outlines various motives for direct foreign investment, including revenue-related motives like entering new markets and cost-related motives like using cheaper foreign labor. The document also discusses how international diversification can reduce risk for multinational companies by locating projects in economies with low correlations. It provides an example showing how a company could achieve more stable returns by locating a new project in the UK rather than the US. Additionally, the document discusses host country perspectives on foreign investment and decisions companies must make after initial foreign investment.
This document provides an overview of Stillwater Area High School. It summarizes the school's transportation options, schedule, classes offered, locker system, lunch, sports programs, music program, clubs, and letter jacket system. Students can walk, drive, carpool, or take the bus to school. The school day runs from 7:40-2:10 Monday through Friday, with six class periods and four lunch periods. Classes include core subjects as well as electives like art, music, and technology. Students are assigned individual lockers to store belongings. Sports and music are an important part of the school, with many teams, choirs, bands, and orchestras. Numerous academic and interest-based clubs also
The document discusses several ways that brands can leverage search advertising to grow sales. It recommends starting with paid search campaigns due to their immediate and measurable impact. It also stresses the importance of SEO which can take longer to see results but provides lasting benefits. Additionally, it suggests using search data insights to understand customers better and inform marketing strategies. The document also notes the rising trend of mobile search and need for mobile-optimized content and campaigns. Finally, it proposes that search can help amplify other media like TV by driving related searches.
The document summarizes highlights from the December 2014 ORMS newsletter, including:
1) Welcoming new agencies to the ORMS project including the Department of Consumer Business Services and the Department of Education - Early Learning Division.
2) Details about visits by the CCI Project Director to participating agencies to gather feedback on what is working and improvements needed.
3) Upcoming best practices call and TRIM user group meeting dates.
The document provides updates on Oregon's Records Management System (ORMS) including:
1) Two new agencies, Sherwood School District and Department of Land Conservation, are joining ORMS.
2) An HP TRIM Regional Users Group meets monthly to share resources and information.
3) End user training videos for HP TRIM are being finalized and will soon be posted.
4) The ORMS WebDrawer is being tested and will soon be available for agencies to use.
The document discusses strategies for improving Roma inclusion using EU funds from 2014-2020. It notes that currently there are relatively few EU-funded programs that specifically target Roma inclusion and that Roma populations still face multi-dimensional barriers. The document recommends prioritizing education, vocational training, and involving Roma NGOs and local authorities. It outlines the thematic objectives and complementary funds that could support Roma inclusion related to employment, social inclusion, education, and provides guidance for local authorities to partner and network to help prepare for 2014-2020 EU funding opportunities.
This document discusses a marketing study group that can practice teamwork and cooperation skills. By discussing problems, the group can better understand marketing issues and create more successful marketing reports. The group aims to figure out problems and improve their abilities.
This newsletter provides updates on the Oregon Records Management Solution (ORMS) project. It highlights that Reedsport Justice Court and the Department of Environmental Quality recently joined ORMS. It also announces that best practices calls between users will begin in August. Karen Kolb-Schoeningh joined the project team and will serve as the liaison between parties. The next TRIM User Group meeting will be in September. The State Archivist expresses excitement about continued expansion of ORMS and progress implementing email records into the system.
Drain Water Heating Systems - Presented by Gary Proskiw of Proskiw Engineerin...Brea Perrelli
The document discusses drain water heat recovery (DWHR) systems, including what they are, their benefits, and a history of their use. It provides details on how DWHR systems work to recover heat from drain water and use it to preheat incoming cold water, and that the Manitoba building code now requires DWHR systems for most new homes to improve energy efficiency.
This document discusses key aspects of customer service excellence. It addresses understanding customers, anticipating their needs, and delivering the right customer experience. It discusses the importance of having the right people serving customers at the right time with the right level of communication. It also addresses measuring customer satisfaction, training employees to focus on customers, and implementing efficient customer-centric systems and processes. The overall message is that outstanding customer service requires understanding customers, prioritizing their needs, and supporting them with the right people, processes, and tools.
This document lists all 50 U.S. states in alphabetical order. It then asks the reader to name the longest river in the world and provides the clue that Niagara Falls is a famous place and its country.
This document contains information about two presentations - one on Arnica Montana and one on Peppermint. It provides details such as the common and scientific names, areas where each plant is found, descriptions of morphology and uses. For Arnica Montana, it discusses its distribution in Europe, habitat, forms, uses including for bruises, and important parts used. For Peppermint, it discusses taxonomy, botany, uses such as for flavoring and medicine, components of the volatile oil, and toxicity studies. Pictures are also included of each plant.
The document provides information about various aspects of British culture, including that bagpipes are a musical instrument, bank holidays are public holidays where banks are closed and workers have time off, pubs are places people go to drink that is short for "public house", "God Save The Queen" is the British national anthem, Buckingham Palace is the residence of the British royal family, the British flag is called the Union Jack, people drive on the left side of the road, fish and chips is a popular dish, the currency is the pound sterling, the mythical beast on the Welsh flag is a dragon, the patron saint of Scotland is Saint Andrew, tea is the most popular drink, and the English flag is also known as Saint
Este documento presenta el programa de estudios de geografía para cuarto grado en México. El objetivo es explicar las relaciones entre los componentes geográficos para construir una visión espacial y fortalecer la identidad nacional. Se enfatiza reconocer la diversidad mediante el estudio de lugar, medio ambiente, región, paisaje y territorio. Los estudiantes aprenderán a valorar la diversidad natural y social de México y participar en el cuidado del ambiente.
Airports Council International (ACI) Annual Meeting Marrakech October 2011Thomas Frankl
This document summarizes a presentation given by Thomas Frankl on airport investment. The presentation discusses trends in airport privatization, including an increasing number of public-private partnerships and trade sales of airports in 2011. It also analyzes the advantages and disadvantages of different models of private investment in airports, such as concessions, management contracts, and minority stakes. Overall, the presentation argues that airports should focus on developing new revenue streams before considering privatization, in order to maximize their long-term economic value.
The document discusses various factors to consider in port investment and financing decisions. It identifies key objectives such as economic efficiency, equity, and environmental quality. It also outlines approaches to evaluate investments, factors that influence decisions, and financial metrics to assess alternatives like internal rate of return, net present value, and payback period.
This document provides an overview of Stillwater Area High School. It summarizes the school's transportation options, schedule, classes offered, locker system, lunch, sports programs, music program, clubs, and letter jacket system. Students can walk, drive, carpool, or take the bus to school. The school day runs from 7:40-2:10 Monday through Friday, with six class periods and four lunch periods. Classes include core subjects as well as electives like art, music, and technology. Students are assigned individual lockers to store belongings. Sports and music are an important part of the school, with many teams, choirs, bands, and orchestras. Numerous academic and interest-based clubs also
The document discusses several ways that brands can leverage search advertising to grow sales. It recommends starting with paid search campaigns due to their immediate and measurable impact. It also stresses the importance of SEO which can take longer to see results but provides lasting benefits. Additionally, it suggests using search data insights to understand customers better and inform marketing strategies. The document also notes the rising trend of mobile search and need for mobile-optimized content and campaigns. Finally, it proposes that search can help amplify other media like TV by driving related searches.
The document summarizes highlights from the December 2014 ORMS newsletter, including:
1) Welcoming new agencies to the ORMS project including the Department of Consumer Business Services and the Department of Education - Early Learning Division.
2) Details about visits by the CCI Project Director to participating agencies to gather feedback on what is working and improvements needed.
3) Upcoming best practices call and TRIM user group meeting dates.
The document provides updates on Oregon's Records Management System (ORMS) including:
1) Two new agencies, Sherwood School District and Department of Land Conservation, are joining ORMS.
2) An HP TRIM Regional Users Group meets monthly to share resources and information.
3) End user training videos for HP TRIM are being finalized and will soon be posted.
4) The ORMS WebDrawer is being tested and will soon be available for agencies to use.
The document discusses strategies for improving Roma inclusion using EU funds from 2014-2020. It notes that currently there are relatively few EU-funded programs that specifically target Roma inclusion and that Roma populations still face multi-dimensional barriers. The document recommends prioritizing education, vocational training, and involving Roma NGOs and local authorities. It outlines the thematic objectives and complementary funds that could support Roma inclusion related to employment, social inclusion, education, and provides guidance for local authorities to partner and network to help prepare for 2014-2020 EU funding opportunities.
This document discusses a marketing study group that can practice teamwork and cooperation skills. By discussing problems, the group can better understand marketing issues and create more successful marketing reports. The group aims to figure out problems and improve their abilities.
This newsletter provides updates on the Oregon Records Management Solution (ORMS) project. It highlights that Reedsport Justice Court and the Department of Environmental Quality recently joined ORMS. It also announces that best practices calls between users will begin in August. Karen Kolb-Schoeningh joined the project team and will serve as the liaison between parties. The next TRIM User Group meeting will be in September. The State Archivist expresses excitement about continued expansion of ORMS and progress implementing email records into the system.
Drain Water Heating Systems - Presented by Gary Proskiw of Proskiw Engineerin...Brea Perrelli
The document discusses drain water heat recovery (DWHR) systems, including what they are, their benefits, and a history of their use. It provides details on how DWHR systems work to recover heat from drain water and use it to preheat incoming cold water, and that the Manitoba building code now requires DWHR systems for most new homes to improve energy efficiency.
This document discusses key aspects of customer service excellence. It addresses understanding customers, anticipating their needs, and delivering the right customer experience. It discusses the importance of having the right people serving customers at the right time with the right level of communication. It also addresses measuring customer satisfaction, training employees to focus on customers, and implementing efficient customer-centric systems and processes. The overall message is that outstanding customer service requires understanding customers, prioritizing their needs, and supporting them with the right people, processes, and tools.
This document lists all 50 U.S. states in alphabetical order. It then asks the reader to name the longest river in the world and provides the clue that Niagara Falls is a famous place and its country.
This document contains information about two presentations - one on Arnica Montana and one on Peppermint. It provides details such as the common and scientific names, areas where each plant is found, descriptions of morphology and uses. For Arnica Montana, it discusses its distribution in Europe, habitat, forms, uses including for bruises, and important parts used. For Peppermint, it discusses taxonomy, botany, uses such as for flavoring and medicine, components of the volatile oil, and toxicity studies. Pictures are also included of each plant.
The document provides information about various aspects of British culture, including that bagpipes are a musical instrument, bank holidays are public holidays where banks are closed and workers have time off, pubs are places people go to drink that is short for "public house", "God Save The Queen" is the British national anthem, Buckingham Palace is the residence of the British royal family, the British flag is called the Union Jack, people drive on the left side of the road, fish and chips is a popular dish, the currency is the pound sterling, the mythical beast on the Welsh flag is a dragon, the patron saint of Scotland is Saint Andrew, tea is the most popular drink, and the English flag is also known as Saint
Este documento presenta el programa de estudios de geografía para cuarto grado en México. El objetivo es explicar las relaciones entre los componentes geográficos para construir una visión espacial y fortalecer la identidad nacional. Se enfatiza reconocer la diversidad mediante el estudio de lugar, medio ambiente, región, paisaje y territorio. Los estudiantes aprenderán a valorar la diversidad natural y social de México y participar en el cuidado del ambiente.
Airports Council International (ACI) Annual Meeting Marrakech October 2011Thomas Frankl
This document summarizes a presentation given by Thomas Frankl on airport investment. The presentation discusses trends in airport privatization, including an increasing number of public-private partnerships and trade sales of airports in 2011. It also analyzes the advantages and disadvantages of different models of private investment in airports, such as concessions, management contracts, and minority stakes. Overall, the presentation argues that airports should focus on developing new revenue streams before considering privatization, in order to maximize their long-term economic value.
The document discusses various factors to consider in port investment and financing decisions. It identifies key objectives such as economic efficiency, equity, and environmental quality. It also outlines approaches to evaluate investments, factors that influence decisions, and financial metrics to assess alternatives like internal rate of return, net present value, and payback period.
Florianópolis (FLN) International Airport - Santa Catarina - Brazil - New B...Fernando Uva Rossa
Concession for construction, expansion, maintenance and operation of the new airport complex, including aircraft patio, taxi runway, car parking, drainage system, internal road access and support buildings. Florianópolis (FLN) International Airport - Santa Catarina - Brazil - New Brazilian PPP Program (2015).
Capital Summit 2015 - IFC, partner of Municipalities for a successfull introd...NALED Serbia
IFC, partner of Municipalities for a succesfull introduction of the private sector in waste management services - presentation held within the Capital Summit 2015 organized by NALED and City of Belgrade, with the support of Elnos group, Star Refrigeration&Emerson Techologies and Siemens.
There is a huge need for infrastructure developments and service quality improvement at many airports markets, but public budgets are limited. PPPs can provide a solution when the resources of private and public partners are bundled where conventional privatizations are not possible. The uniqueness of each airport development requires always a tailored approach structuring a PPP.
PPPs with a fair allocation of risks and rewards provide a means to raise necessary funds and know-how on the basis of a realistic business case. Risk mitigation strategies have to be developed to protect the public and private partners, including e.g. re-definition of the airport value chain, tax advantages, direct subsidies, etc.
The document provides an agenda and background information for Workshop III of the CEFI Roadmap project. The workshop will include opening remarks, a keynote address, and presentations on the CEFI Roadmap recommendations and focus group discussions on energy efficiency, offshore wind, green hydrogen, and blended finance. The focus group discussions will evaluate the feasibility of recommendations, outline implementation strategies, and identify potential partners. The Roadmap aims to bring together stakeholders to assess clean energy opportunities and barriers in India and identify solutions to attract more investment. Workshop III will contribute to finalizing the Roadmap report to be released in October 2022.
Entrepreneurship development - Venturing Small BusinessSOMASUNDARAM T
Steps involved in starting a business venture; location, clearances and permits required, formalities, licensing and registration procedures; Feasibility study (financial, technical and social) of project; Sources of Finance: Short term and Long term (Venture Capital and Angel Investing)
Entrepreneurship development - Venturing Small BusinessSOMASUNDARAM T
Steps involved in starting a business
venture, Location, Clearances and
permits required, formalities,
licensing and registration procedures,
Feasibility study (financial, technical
and social) of project, Sources of
Finance – Short term and Long term
(Venture capital and Angel investing)
Dreaming up solutions for Heathrow's problems of tomorrow. This was done as an exercise only. No part of this deck has been sanctioned or reviewed with London Heathrow airport representatives.
Some of BA's internal capabilities include its large aircraft fleet that can access over 300 destinations, training facilities for staff, and premium services. External capabilities include strong customer relationships, alliances with other airlines, and corporate social responsibility programs. A SWOT analysis identifies strengths like its strong brand but also weaknesses such as high costs and labor issues. Porter's Five Forces analysis found competitive rivalry and supplier power to be high threats. Five strategic goals are outlined around customers, service, network growth, London presence
Financial analysis and appraisal of projects.pptxJaafar47
This document summarizes guidelines for conducting financial analysis of projects. It discusses identifying and quantifying costs and benefits, classifying costs as tangible or intangible, and valuing costs and benefits using market prices. It also covers investment profitability analysis methods like payback period, net present value, internal rate of return, and profitability index. Specifically, it provides examples of calculating payback period for projects with both unequal and uniform cash flows to illustrate the method.
Presentation "Auditing PPP- Lessons learned from the French experience" made during the SIGMA workshop on Auditing Public Private Partnerships and Concessions. Ankara, 2-3 May 2018. Presentation made by Frederic Angermann, SIGMA.
The UK experience in using the 5 Case Model approach for the preparation, a...Caribbean Development Bank
The document provides an overview of the 5 Case Model approach used in the UK for preparing, appraising, and approving infrastructure investment proposals. It discusses the genesis and characteristics of the 5 Case Model, which includes the Strategic Case, Economic Case, Commercial Case, Financial Case, and Management Case. Each case is developed iteratively through three main stages: the Strategic Outline Case, Outline Business Case, and Full Business Case. The 5 Case Model provides a standardized, structured process for transparently selecting and delivering projects that offer the best value for money. It has been internationally recognized as a leading practice and adopted by several countries and organizations.
This document discusses contract management and facilities management. It covers the legislative background around health and safety, employment, and other regulations. It then discusses different risk management strategies like managing risks in-house or outsourcing risks. When outsourcing, the contract terms are important to manage risks. Procurement options for public and private sectors are also covered, along with regulations around public sector procurement. Different types of procurement exercises like open tender, restricted tender, and competitive dialogue are defined.
The document discusses various topics related to contract and facilities management, including:
1. There are many laws and regulations that facilities managers must comply with, creating risks of non-compliance. Organizations can manage risks internally or outsource to a supplier.
2. When outsourcing risks, organizations must ensure contracts are well-written and managed to avoid issues. Procurement in the public sector follows specific regulations.
3. The document outlines different procurement methods like open tender, restricted tender, and competitive dialogue. It also discusses issues with realizing strategic goals through workspace changes.
The document discusses strategic airline management and strategies. It covers:
1. Definitions of strategic management and what constitutes a strategy according to various experts. Strategic management provides overall direction and involves specifying objectives, policies, plans, and allocating resources.
2. Examples of strategies for airlines such as focusing on low costs or customer service. It also discusses the difference between a strategy and something being strategic, which must impact scope, value, advantage, or operations.
3. Factors influencing airline business models are changing due to market liberalization, technology advances, and the internet transforming distribution methods. This has led to blurring lines between legacy carriers and low-cost carriers.
The document discusses strategic airline management and strategies. It covers:
1. Definitions of strategic management and what constitutes a strategy according to various experts. Strategic management provides overall direction and involves specifying objectives, policies, plans, and allocating resources.
2. Examples of strategies for airlines such as focusing on low costs or customer service. It also discusses the difference between a strategy and something being strategic, which must impact scope, value, advantage, or operations.
3. Factors influencing airline business models are changing due to market liberalization, technology advances, and the internet transforming distribution methods. This has led to blurring lines between legacy carriers and low-cost carriers.
This document is an investment teaser for PTScientists GmbH, a company developing technologies and services for commercial lunar exploration. It summarizes PTScientists' strategy to become the leading provider of lunar logistics and infrastructure services. Key points include:
- PTScientists' lunar lander "Alina" has the largest payload capacity on the market and is designed for lunar orbit and surface payload deployment.
- The company aims to transition from pure logistics provider to offering in-space infrastructure services like power, connectivity and data storage.
- PTScientists expects to reach profitability in 2021 and forecasts strong revenue growth from payload sales and services, with over €100 million in revenue by 2026
This document provides an overview of public-private partnership (PPP) models and financing. It discusses the general principles of PPPs, including definitions and typical structures. It also examines PPPs from the perspective of public authorities and private partners. In addition, the document explores various methods of financing PPP projects, including typical risk allocation and lending parameters. It provides two case studies of large PPP projects to illustrate financing structures and risk mitigation tools used by lenders.
The document discusses accelerating port development globally. It outlines the huge potential for economic growth through port expansion and collaboration between ports, investors, and other stakeholders. However, connecting all these parties across the world is challenging. The solution proposed matches ports to investors and partners through a 5-step process: 1) defining the port's purpose and targets, 2) promoting to thousands online, 3) engaging the most relevant 50-100 parties, 4) developing deals, and 5) closing deals to realize billions in investment and development.
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Airport Infrastructure Conference, Nairobi October 21, 2013
1.
2. Getting it right the first time: Airport
Privatization South of the Sahara
Presented by
Dr. Thomas Frankl
Managing Partner
Geneva/Switzerland
3. Agenda
• Who we are and what we do
• Airport privatisation: the investor
perspective
• A tale of two airports
• Five plus one best practices for PPP’s
• Alternatives to privatisation
• Conclusions
4. Airport Development Partners SA
• Headquartered in Geneva
• Managing Partner & CEO: Dr.Thomas Frankl
• Chairman: Marc Brutten, founder & owner
BruttenGlobal
• Members of our Board:
• Bob Aaronson, former Director General ACI
• Joseph In-Albon, former CEO Swissport
• Hans-Peter Kohlhammer, former CEO SITA
S.C.
5. we do
• We support public and private airport
owners in three areas:
• Assistance to public and private airport
owners in preparing for a sale / PPP
concession / management contracts
• Increase of efficiency of operations
• Development of new commercial income
streams / alternative use scenarios
• On occasion, we also become equity
partners in PPPs
What
6. The
Investor Perspective
1. Hub Airports (e.g. JNB)
2. Regional hubs with large catchment
areas (e.g. NBO)
3. Economically viable, non-hub
airports, incl. niche airports (e.g. JRO)
4. Financially non self-sufficient,
underutilized airports
5. Economically and financially non
viable airports
7. A Case in Point: Ciudad Real Airport
Alternative /
Supplemental Airport
Utilization Concepts, I
8. A Case in Point: Ciudad Real Airport
Alternative /
Supplemental Airport
Utilization Concepts, II
9. A Case in Point: Ciudad Real Airport
Supplemental
Airport
Utilization
Concepts
10. A Case in Point: Ciudad Real Airport
• Spain, 140 km from Madrid
• 4000 m x 60 m runway
• Terminal infrastructure (initially) for
10 m pax
• ILS CAT III
• Only issue: No airlines, no pax, no
cargo
• EUR 1.1 bn of public funds invested
• Current valuation ?
13. A
Tale of Two Airports
Airport A
Airport B
(Both A and B have an EBIT of USD 3.6 M and 300 staff)
Sold to an investor at • Three-year action plan:
a 10 x EBIT multiple
– Route development @
cost of USD 200k (3 new
for USD 36m
routes)
– Mobile terminal to
accommodate new
routes: cost of USD 400k
– Voluntary staff
reductions by 20% : cost
of USD 700k
– Increase of retail space:
cost of USD 500k
14. A
Tale of Two Airports
Airport A
Airport B
• Three-year action plan:
– Total costs: USD 2 M
– Additional EBIT:
– Aeronautical revenues:
+USD 200k
– Commercial revenues:
+USD 300 k
– Operational efficiencies
(IT, multi-tasking, energy
savings, etc.): +USD 100k
– Additional EBIT generated
from year 3: USD 0.6m
15. A
Tale of Two Airports
Airport A
Airport B
• EBIT (2010): USD 3.6m
• EBIT (2014): USD 4.2m
• Sold to a private investor in
2015 at a 10 x EBIT
multiple for USD 42m
• ROI of action plan at the
time of airport sale: USD
6m vs. USD 2m investment
= 300 % !
16. Five
Best Practices for PPP’s
1. Generate an ‘investment climate’ conducive
to attracting investors
2. Enact appropriate PPP legislation
3. There is nothing ‘warm & fuzzy’ about PPP –
be prepared for ‘commercial’ behaviour
4. Build in generous contingencies (time, money,
people)
5. Maintain a regular dialogue between partners
and stakeholders on all operational, financial
and community aspects
17. The Sixth
Best Practice
6. Build your own PPP capacity
• The interests of governments and those of ‘PPP
consultants’ do, a priori, not match
• PPP capacity enables you to
manage the process efficiently,
and to select the right consultants for your project
• Use the United Nations
PPP Centre of Competence in
Geneva – I will be happy to
make the introductions !
18. Alternatives to Privatisation
• Transfer of ownership to local municipality
• Management contract covering all or some parts
of operations (e.g. airport terminal)
• Sale of minority interest, or airport real estate
(e.g. long term lease) to finance the development
of infrastructure / new revenue streams
• Issue individual concessions (fuel, FBO, retail,
etc.) to reduce operational costs, drive revenues
18
19. Five Conclusions
1. Airports are strategic assets: any form of
privatisation should take that into account
2. Profits are the yard stick for financial valuations,
but not necessarily for economic value
3. Airports should seek to develop their revenue
potential first, and privatise later
4. PPP is an effective form of privatisation for the
well prepared
5. Avoid unhealthy dependencies on PPP
consultants: build your own PPP capacity
and…get it right the first time !
20. Getting
it right the first time
Asante Sana - Thank You !
You can reach me at: tfrankl@adp.aero
+41 797 161 161
21. PPP
– A ‘Public-Private Panacea’ ?
The Pro’s:
Politically acceptable
Investors willing to take a long-term
development view
Keeps investor and government objectives
aligned
Transparent process
Distribution of risks between partners
Predictable airport development via
mandatory phased investment programme
Last-resort option to revoke concession exists
in case of contract breach
22. PPP
– A ‘Public-Private Panacea’ ?
The Con’s:
Legislation needs to be ‘PPP compatible’
Long time lag between initial decision and award of
the tender – often derailed by change in governments
Requires responsive and business-minded project
team involving government and airport authorities
Cumbersome and slow process
Quality of tender all-important (rules and conditions,
definitions, realistic time lines)
Calling-off of tender (e.g. too few interested parties,
change in government, etc.) damaging
Risk of renegotiation once deal signed
23. Five Best Practices for a Trade Sale
1. Start with the end in mind: what does the public owneroperator wish to achieve by involving private partners,
and by when ?
2. Document the sales arguments (airport and economically
relevant region) in an Information Memorandum:
assumptions about catchment area, growth and longterm development potential should be conservative
3. Test market interest: start with investors having previous
(e.g. Africa) experience
4. Build in contingencies (time, budget, people)
5. Maintain a regular and intensive ‘institutionalized’
dialogue between the partners and stakeholders
24. Five Best Practices for Management Contracts
• ‘Off-market’: research and approach
operators directly
• Future manager should already operate
similarly-sized airport(s)
• Be mindful of cultural differences / language
issues
• Agree early a healthy balance between base
fee and success fee
• Ensure sufficient and continuous staffing and
physical presence by manager (resident
team)
25.
26.
27. How Avoid Future Catch-22 Situations ?
2. Manage public expectations effectively:
– Establish a communications strategy
– Be (very) wary of traffic forecasts –
understand the forecast methodologies
– Don’t overestimate bidder interest
– Don’t raise unrealistic expectations – even if a
future government will have to deliver
– Define, and communicate, what will constitute
success and failure
– Have a plan B
28. How Avoid Future Catch-22 Situations ?
3. Re-structure or re-organize projects in response
to a changing environment (e.g. higher private
sector risk aversion, interest rates, etc.)
– Communicate early to stakeholders and the wider
public
– Consider conversion into a shorter-duration
management contract and re-issue when the
environment has improved
29. How Avoid Future Catch-22 Situations ?
4. ‘Grey list’ dodgy bidders
– Successful non-fair play bidders can damage the
reputation of governments – and of PPP in general
– ‘Grey Listed’ parties would flag warning signal, not
mean automatic exclusion
– World-wide exchange of PPP practices and
experience
– Don’t just look at the success stories - more is often
learned from tough challenges and failures
30. How Avoid Future Catch-22 Situations ?
5 . Immunize PPP projects from external
political influence
– Anticipate political influence for highvalue and high-profile PPPs
– Communicate policies and procedures
clearly from the beginning
– Refer to them and stick to them
Editor's Notes
Good afternoon from Geneva. My name is….Unfortunately I am not able to join you at the conference as we are in the critical stages of a major project which requires my presence here in Geneva. The topic of my presentation today is: getting it right the first time: airport privatisation south of the sahara.My first job right after university, some 25 years ago, was at a foundation called the HSS in Germany – a foundation which aimed to help the newly democratized African nations in the democratization process. I was in charge of Sub-Sahara Africa and my job consisted of organising conferences and trips for deputies of the German Parliament, the Bundestag.One day I led a delegation to Kenya and because there were some protocol issues to sort out I landed in the office of the Nairobi airport director. I can’t remember the reasons for the visit, but what I can remember was a polished brass plat hanging in the visitor’s room. It said ‘Get it right the first time’. So I chose to make this my motto for today’s session because airport privatization is not something that governments do routinely – it has to go right or else it will be so much more difficult the 2nd time around (e.g. Douala)
We have also helped the United Nations in Geneva to establish an airport PPP centre of excellence which is now operational
Investor perspective: who are airport investors ?Specialised airport or infrastructure investor groups such as Macquarie or FerrovialPrivate equity groups Infrastructure fundsPension funds such as the Ontario teachers’ pension fundDifference in their risk/return expectations and requirements – hence they are not all interested in the same type of airports – pension funds will only be interested in 1. or 2. while private equity groups may also look at 4. For the fifth category, there is almost no interest in the markets as risk is considered too high (and importantly, no bank will be ready to finance a deal) 3. e.g. JRO – Kilimanjaro International Airport4. e.g. Eldoret Airport (EDL) close to Ugandan borders – important role for the Kenyan economy , also underpinned by the operations of cargo carriers5. e.g. in the industrialized world, there are a large number of airports not having any economic justification, some nonetheless disposing of the latest and best airport infrastructure - we will get to that later.The last two categories are in red as they present a red flag to potential investors. Hence the interest of airport owners wanting to privatize want to move up the airport value chain
Top right: Bydgoszcz, central Poland: biogas plant converting the grass which needs to be mowed as well as all organic waste into biogas. The plant was built for 1.5 M Euros in 2007 and will have itself repaid through savings on natural gas next year. From then on it will generate net savings of 150k EUR per year.Bottom right: recultivation of a dump site for household and non-industrial waste. The dumpsite located next to Vienna airport had produced ca 300 k Euros per year in revenues which stopped when it was full – we devised a project to recultivate the dumpsite by compressing it and additionally by putting in 280 concrete columns reaching down 15 meters to the bottom of the site to provide a solid base to pose concrete slabs on which freight hangars will be built. Those hangars will produce rental income of ca. 350 k Euro / year on an EBIT basis.Finally, comprehensive airport commercial development concept for Sion airport which included 10 hangars for private jets up to B-737 BBJ size, a comprehensive route development plan and the replacement of the old heat distribution system by a heat pump system (surface water just one meter below the airport) – the Rhone, one of Europe’s big rivers runs alongside the airport. The combined income and savings will make the airport break even in 2015 (before, it was making a loss of EUR 3 M/a)
More traditional, yet original ways to increase revenues – e.g. DC 6 at CVT, UKOther possibilities: renting of empty car parking space to car leasing companies like Hertz or AvisRenting of paved spaces to freight forwarders (storage of containers)Supermarkets at airports (landside)In general: landside restaurants are often among the busiest ones in their communities as the airport attracts many visitors and plane-spottersSo those were a few concepts we came up with at the request of customers and which have helped them create those all-important additional revenue streams, be it to reduce dependency from public funding, or to prepare airports for privatization. Maybe some of the examples can be a source of inspiration for those of you who are in charge of airport operations – or airport finances.Of course, every airport is different, and airports across Africa operate in a different environment than those on other continents. The point is not that biogas would be a solution for airports in Africa – on many occasions there is just not enough grass around. Only few airports will have dumpsites on their land, and my guess is that WW II bunkers are quite a rare sight at African airports. That s not the point. The point is that it is worth thinking outside the box and not exclusively to focus on developing passenger traffic or cargo. I can guarantee you that for every airport there are opportunities to grow the bottom line often with very with limited investments (for which btw ADB or other funding would be available)Before we go deeper into the matter of privatization, let me briefly give you an example of an airport in central Spain, Ciudad Real. The reason why I bring it up is to exemplify the key issue of airport valuation.
Valuation: surely an asset like this has a value – but how should the value be determined from an investor point of view ?What is the financial value of such an airport ? It would sound plausible to determine its value by establishing the value of the land plus the cost of all the equipment minus depreciation i.e. several hundred million of EurosOr is it the value of the land (depending on the zoning, in other word the possible use as determined by the authorities, e.g. farmland, development land, etc.) minus the cost of removing of the buildings, infrastructure, etc. ?Investors acquire an income stream, not land and buildingsInvestors pay for a multiple of the income streamThe value of the income stream is dependent on prices paid for similar assets in the past (so called comparables or ‘comps’)The EBIT multiple for airports historically range from 5 to 50 times annual EBITA chronically loss-making airport has a priori no financial value (although it may well have huge economic value)The value is determined by looking at the income stream that could be generated from the airport. In this case it would be a priori 0, so the task at hand would be either to find ways to attract airlines or air cargo carriers (failed so far) – which would almost certainly require investments / provision of incentives – or to find alternative uses for the airport. Revenues and profits – no matter from what activities at the airport they come from - are the most important yardsticks for investors – let’s have a look at the typical income streams at airports
Those are the traditional revenue streams at airports, the aim being to balance aeronautical and non-aeronautical income. Typically, non-aeronautical revenues provide 50% of the revenues but 75% of the profits. The projects described before helped increase the non-aeronautical side of revenues, often in the absence of sufficient air traffic, boosting the airport’s bottom line with relatively modest few investments.Let’s now turn back to our topic of today – airport privatization. You may with a varying degree of interest have listened to me talking about the opportunities that exist to increase airport revenues. Some of you may asked themselves: That’s all very nice – but what has it got to do with airport privatization ? Well, a lot as I will show you now.So, to resume the slides you have seen so far: it’s all about the revenues, or profitable revenues.You may however say: Savings of 150 k per year on gas is not a big deal – why bother ?It’s a matter of scale – we consult typically smaller to mid-sized airports. For bigger airports those effects would be more importantThey matter because albeit savings or additional revenues may sound small, their impact is much greater when the airport is privatized, as we will see on the next few slides
Let’s assume there are two airports of equal sizeEarning before interest and taxes = gross profit
This explains why no stone should be left unturned to generate additional revenues – or to reduce costs where possible – before a change of hands of an airport, or privatisation via a PPP.So, in the final few minutes I would like to talk about PPP – although this topic alone is the subject of entire conferences. PPP is now the most frequent and ‘popular’ kind of privatization.
Fundamentally, Property rights should guranteed by the state
Consultants aim to make clients dependent on their services so that they will get paid their fees as long as possible – the last thing they will do is train their clients or transfer knowledge to them.