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“Many PFI Projects have failed to materialise because planning has been focused on the wrong objectives…the effective use of financial models will ensure that you attain the best possible value out of your PFI project”

Benefits of Attending

  • Identify how to develop an effective model to meet deal requirements
  • Learn how to keep public sector cost down and private sector profitability high
  • Understand how to make sensible use of your financial model
  • Prepare for the risks of PPP involvement
  • Discover how to strategically tailor the model to your project
  • Raise the profile of your organisation by learning from your leading competitors
A unique opportunity to learn from leading industry experts including:
  • David Finlay, Head of PFI Development, National Audit Office
  • David Locke, Senior Executive, Public Private Partnerships Programme (4ps)
  • Julian MacMillan, Consultant, Berkshire Consulting
  • Hugh Daniel, Joint Chief Executive, Operis
  • Chris Lewin, Chairman, RAMP Working Party, Institute of Actuaries
  • Terry Brewer, Head of Procurement, Fire and Emergency Planning Authority
  • Briad Madden, Treasurer, International Project Finance Association
  • David Crowley, Director, PFI Solutionsl
  • Conference programme

    8:30 Registration & Coffee

    9:00 Chairman's Opening Remarks

    Julian MacMillan

    Julian MacMillan, Consultant, Berkshire Consulting

    9:10 MAKING SENSIBLE USE OF FINANCIAL MODELS

    David Finlay

    David Finlay, Head of PFI Development, National Audit Office

  • How the NAO has been examining PFI/PPP projects and financial models
  • The use of models to aid key decisions
  • Common errors in preparing financial models and how to avoid them
  • Reviewing and testing the output of financial models
  • Interpreting the output of models wisely
  • 9:40 FINANCIAL MODELLING FOR LOCAL AUTHORITY PPP SCHEMES

    David Locke

    David Locke, Senior Executive, Public Private Partnerships Programme (4ps)

  • At what stages are financial models needed?
  • What do the financial models need to cover?
  • Who needs to be involved in the financial modelling?
  • Financial models and the evaluation of bids
  • Lessons learned to date
  • 10:20 MODELLING STRATEGIES IN THE CONTEXT OF A NEW STANDARD PFI CONTRACT

    Hugh Daniel

    Hugh Daniel, Joint Chief Executive, Operis

  • Modelling standards
  • relevant changes to the PFI contract
  • funding competitions
  • bonds/hedged instruments
  • swap competitions; refinancing
  • moving forward - the monitoring model
  • 11:00 Morning Coffee

    11:20 LONDON FIRE AND EMERGENCY PLANNING AUTHORITY - VEHICLE AND EQUIPMENT PFI

    Terry Brewer, Head of Procurement, London Fire and Emergency Planning Authority

    Terry Brewer, Head of Procurement, London Fire and Emergency Planning Authority, , Tom Roberts, Associate Director, CAPITA

  • The LFEPA experience
  • Developing financial requirements
  • Evaluating financial models
  • Effective comparison
  • Establishing value for money
  • Success factors
  • 12:00 LENDERS ISSUES

    Mark Paterson

    Mark Paterson, Partner, Burges Salmon

  • Funding competitions
  • Refinancing
  • Insurance
  • Syndication issues
  • Bank commitment letters
  • 12:40 Lunch

    14:00 JOINT CASE STUDY PRESENTATION

    David Crowley, Director, PFI Solutions

    David Crowley, Director, PFI Solutions, , Garry Chesworth, Education PPP Manager, Cheshire County Council

  • What is the purpose of the financial model?
  • Output specification driven
  • Obtaining the bare data
  • Designing the model to be robust
  • Creating a realistic public sector comparator
  • Affordable to public sector, but profitable to private sector
  • 14:40 MODEL AUDITS: PURPOSE AND DUE DILIGENCE PROCEDURES

    Keith Bannister, Partner, KPMG

    Keith Bannister, Partner, KPMG, , Robert Li, Director, KPMG

  • What comfort do the sponsors and providers of finance obtain?
  • Coverage: how far does 'cover your back' extend - scope of the model audit
  • Procedures: importance of the 'process' and work programme
  • The deal is often a moving target: how to cope
  • Critical success factors for a model audit
  • 15:20 Afternoon Tea

    15:40 SOURCES OF FINANCE FOR PPP/PFI PROJECTS

    Paul David

    Paul David, Head of PFI/PPP & Transport, MBIA

  • Project lending debt and capital markets
  • Use of wrapped and unwrapped bonds
  • Equity and sub-debt
  • Examples of financing structures throughout Europe
  • Modelling issues for wrapped bonds
  • 16:20 WHY RISK MODELLING IS SO IMPORTANT IN PFI PROJECTS

    Chris Lewin

    Chris Lewin, Chairman, RAMP Working Party, Institute of Actuaries

  • Differing risk methodologies and how to choose a suitable one
  • Linking with a suitable financial model
  • Identifying project risks in the PFI/PPP sector
  • Analysing probabilities and final impacts
  • Mitigating risk
  • Sharing residual risk between sectors
  • 17:00 Chairman’s Closing Remarks and Close of Day One

    8:30 Re-registration & Coffee

    9:00 Chairman's Opening Remarks

    Brian Madden

    Brian Madden, Treasurer, International Project Finance Association

    9:10 CONSTRUCTION OF A FINANCIAL MODEL THAT CAN SUPPORT THE PROCUREMENT PROCESS

    Thanos Babanikas

    Thanos Babanikas, Vice President, Transportation & PFI, HypoVereinsBank

  • Principles of Financing PPPs
  • Structuring roles and responsibilities
  • Provision of a fiscal framework
  • Regulating conflicts of interest
  • Key risks and rewards
  • 9:40 TAX AND ACCOUNTING INFLUENCES ON FINANCIAL MODELLING

    Neil Rutledge

    Neil Rutledge, Client Services Director, Grant Thornton

  • Elements of models most affected by tax and accounting requirements
  • Range of tax and accounting risks
  • The role and impact of SPV auditors
  • Forthcoming changes in accounting standards
  • 10:20 PPP SCHEMES: PROVIDING BETTER VALUE FOR MONEY IN IRELAND

    Flannan Collins, Project Director, Tara Hill National Park

    Flannan Collins, Project Director, Tara Hill National Park, , Thomas McCormack, Managing Director, Euro Finance Group

  • Opportunities
  • Finance structures
  • Private/Public education process
  • Benefits
  • Vendor Finance
  • 11:00 Morning Coffee

    11:20 LEGAL ISSUES FOR FINANCIAL MODELLING

    David Kilduff

    David Kilduff, Head of Public Sector & Private Finance Group, Walker Morris

  • The relevance of the model to the lawyer
  • The role of the financial model in shaping the project documents and the project documents in shaping the model
  • Using the model in transaction negotiations
  • Changing the model during the project life
  • Model custody agreements
  • 12:00 LEGAL IMPLICATIONS OF THE FINANCIAL MODEL POST FINANCIAL CLOSE

    Mark Handley

    Mark Handley, Solicitor, Hammond Suddards Edge

  • Status of the financial model
  • What if the financial model is wrong - who could be responsible and what would be the nature of the claim?
  • Forums for resolving disputes involving the financial model
  • Role of the financial model in the event of termination
  • Payment deductions - are they unenforceable as a penalty (Dunlop Pneumatic Tyre’s case)
  • 12:40 Lunch

    14:00 MANAGING RISK IN MODEL DEVELOPMENT

    Martin Davitt

    Martin Davitt, Director, Deloitte & Touche Corporate Finance

  • Addressing PPP risks in planning development
  • Flexibility to follow negotiations
  • Scope for scenarios
  • Timing of model reviews
  • Ongoing change management
  • 15:20 FINANCIAL MODELLING TECHNIQUES FOR BID EVALUATION

    Julian MacMillan

    Julian MacMillan, Consultant, Berkshire Consulting

    15:20 UNCERTAINTY IN PSC CALCULATIONS

    Colin Ashford

    Colin Ashford, Principle Consultant, BRE

  • Sources and extent of errors
  • Survey quality requirements
  • Ensuring maintenance costs are adequate to maintain standards
  • Whole life costs
  • Project management implications
  • 16:00 Chairman's Closing Remarks and Close of Conference Followed by Afternoon Tea

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    WHAT IS CPD?

    CPD stands for Continuing Professional Development’. It is essentially a philosophy, which maintains that in order to be effective, learning should be organised and structured. The most common definition is:

    ‘A commitment to structured skills and knowledge enhancement for Personal or Professional competence’

    CPD is a common requirement of individual membership with professional bodies and Institutes. Increasingly, employers also expect their staff to undertake regular CPD activities.

    Undertaken over a period of time, CPD ensures that educational qualifications do not become obsolete, and allows for best practice and professional standards to be upheld.

    CPD can be undertaken through a variety of learning activities including instructor led training courses, seminars and conferences, e:learning modules or structured reading.

    CPD AND PROFESSIONAL INSTITUTES

    There are approximately 470 institutes in the UK across all industry sectors, with a collective membership of circa 4 million professionals, and they all expect their members to undertake CPD.

    For some institutes undertaking CPD is mandatory e.g. accountancy and law, and linked to a licence to practice, for others it’s obligatory. By ensuring that their members undertake CPD, the professional bodies seek to ensure that professional standards, legislative awareness and ethical practices are maintained.

    CPD Schemes often run over the period of a year and the institutes generally provide online tools for their members to record and reflect on their CPD activities.

    TYPICAL CPD SCHEMES AND RECORDING OF CPD (CPD points and hours)

    Professional bodies and Institutes CPD schemes are either structured as ‘Input’ or ‘Output’ based.

    ‘Input’ based schemes list a precise number of CPD hours that individuals must achieve within a given time period. These schemes can also use different ‘currencies’ such as points, merits, units or credits, where an individual must accumulate the number required. These currencies are usually based on time i.e. 1 CPD point = 1 hour of learning.

    ‘Output’ based schemes are learner centred. They require individuals to set learning goals that align to professional competencies, or personal development objectives. These schemes also list different ways to achieve the learning goals e.g. training courses, seminars or e:learning, which enables an individual to complete their CPD through their preferred mode of learning.

    The majority of Input and Output based schemes actively encourage individuals to seek appropriate CPD activities independently.

    As a formal provider of CPD certified activities, SMI Group can provide an indication of the learning benefit gained and the typical completion. However, it is ultimately the responsibility of the delegate to evaluate their learning, and record it correctly in line with their professional body’s or employers requirements.

    GLOBAL CPD

    Increasingly, international and emerging markets are ‘professionalising’ their workforces and looking to the UK to benchmark educational standards. The undertaking of CPD is now increasingly expected of any individual employed within today’s global marketplace.

    CPD Certificates

    We can provide a certificate for all our accredited events. To request a CPD certificate for a conference , workshop, master classes you have attended please email events@smi-online.co.uk

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