Project Examples

Set out below are some outlines of a few of the projects we have carried out over the last few years and what we have done.

Waste Management Company - New PFI Scheme

Working for the project manager, we provided a bridge between the project management and the financial managers of the business. We had to supervise the services of a major accountancy firm that was providing the top level financial model and advice. We specified the output requirements of the financial model to meet the accounting requirements of the client. We also produced a separate Excel model to calculate the outcome of operations. This was a large model of some 23MB in final size. It incorporated optimizing macros and dealt with detailed aspects of the operating resources and throughput to produce a series of outputs that were then passed over to the finance model which added the tax, finance and accounting structures.  We oversaw the implementation of IFRS accounting in the financial model and its impact on taxation and reported profits. We developed an Excel package to enable board reporting information about the project to be extracted from the financial and operating models. At the stage of final negotiations, we assisted in drafting formulas and wording for financial aspects of the payment mechanism in the project agreement.

Public Sector - Government Property Project

The UK government department concerned was attempting to assess the best strategy to adopt for part of its large property portfolio. We developed a bespoke model that compared projected cash flows of different combinations of numbers assets existing and proposed over a 40 year period in accordance with the principles and requirements of the Green Book. The model was some 11MB incorporated a large amount of data was managed more easily by the extensive use of hyperlinks to navigate around the model together with graphical outputs. 

Bank - Utility Company Refinancing

The bank was engaged in a major refinancing of a complex utility special purpose vehicle company with large quantities of distributed equipment with project financing. There was an existing model which needed substantial re-structuring and revision following changes that had occurred since project inception. We also had to amend the model so that it was capable of being updated on a regular basis to incorporate actual results and allow the re-computation of a rolling financing requirement supplemented by operating profits. The model had to be able to re-compute cash draw-downs and all the banking cover ratios in addition to the revised equity IRR.  We made significant improvements to the computation of working capital requirement which the older model had not captured. The eventual model was some 17MB in size and incorporated macros.

Overseas Government - Projected Motorway Project

The government concerned was planning a motorway project by means of a PPP approach. We assisted in the development of an outline payment and toll mechanism and went on to develop a model to project what the levels of traffic and charges would be required if the project were subsequently financed by the private sector.  This required a small, simple model that enabled the running of various scenarios. We had to devise a model to reflect the likely finance market conditions and incorporate all the accounting and tax requirements pertaining to the country. 

More details of the sort of work we have done is available on request

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