Global Ports Forum presents – 4th Executive Workshop on Ports Financing and Investing,7-8 June 2017, Hamburg, Germany
About the Course
Intense, participative learning about all aspects of Ports related corporate finance in five modules with defined learning objectives, subject content, simulation among participants and deliverables by participants over a 2 day period.
The end of the course each participant will go away with a clear view how each component of Ports Corporate Finance works and how it links with every other part of the business.
- o Module One - Financial Analysis – using PSA/ APM Terminals/ DP World As Case Studies
- o Module Two - Port Concessions – using a live bid document
- o Module Three - Debt Financing in Ports – Business Analysis, Project Financing, Re financing, Case Study – APM Terminals,.
- o Module Four - Preparing an Equity Investment Case, ending with a simulation exercise on preparing for PSA’s IPO.
- o Module Five - Port M&A, ending with a preparation of a M&A pitch and an acquisition approval presentation to a Board of Directors
Pre Course Reading Materials
- o Select Ports’ business – last annual report, investor presentation & call transcript; every participant will be sent a reading pack to be read.
During the course
- o Overview of corporate finance concepts linked to ports Corporate Finance extensive use of tools.
- o While this is not a modelling course, we will use excel to the extent possible, participants with limited exposure to excel will be helped by the trainer during the course.
- o Trainer available for follow up emails, questions on phone.
- o Distribution of discussion materials.
- o Form a participant only online group.
- o Video recording / transcript distribution?
Endorsement for the executive workshop from past participants:
“Excellent workshop. Course director is very knowledgeable and the discussions provided good interactions. Like the exercises in P&L, Finance spreadsheets and Due Diligence.”
Capt. Samuel Arava, CEO, ABIJAM Global Enterprises LTD, Jamaica
“A lot of case studies being used which helped us the participants to understand the financing processes better.”
Jonathan Chia, Manager, Portek International Pte Ltd, Singapore
Who Should Attend?
- • Non corporate finance professionals from Ports businesses – technical, business development, operations, legal, controllers to get a deeper understanding of the corporate finance function and how their day jobs are linked to the corporate finance function.
- • Fresher's who are joining corporate finance, business development, M&A divisions of Port businesses; equity research analysts, Investment Banking professionals beginning to cover or in the early stages of covering Port Businesses
- • Corporate finance or non-corporate finance professionals who interface with Ports as a customer – Heavy Industries (Dry Bulk), Oil & Gas, Freight Forwarders, Shipping Lines, land logistics asset owners or service providers
About the Course Director
Rahul Saikia, Director Corporate Finance & Investment Banking (CFIB), at Pricewaterhousecoopers India, is a Ports & Logistics focussed Investment Banking professional for the last 14 years with transaction closure track record across global M&A, IPO, Private Equity, Debt raises, refinance, concession transactions across ports.
Select Ports Corporate Finance Experience
- • Recent Global Advisory Roles
- • Sale of Container sea port in Jamaica, Refinancing Dry Bulk port in Canada, Infrastructure Fund investment into an Oil Terminal in UK
- • Maritime IPO
- • Mundra Port IPO - $380 million, 2007, Pipavav Shipyard (now Pipavav Defence & Offshore) - $100 million, 2009
- • Maritime Private Equity Raises & Strategic Transaction Advisory
- • Mundra Port – Private Equity raise of $62 million, 2005, Sea King Infrastructure Limited (SKIL) Private Equity raise from AIG Investments - $50 million, 2008, Included preparation of business plan for ports, logistics & shipyard, Shell Hazira LNG – Entry strategy & transaction adviors for Total
- Introduction to financial statements, financial analysis, corporate finance and how the 3 link up.
- Introduction to the port business – economic rationale, technical, market, operations - Participants to participate with elaboration of their roles
- Port Business Corporate Finance
- o Overview of recent Ports transaction global activity
- o participants to participate with comments on the assets they are familiar with
Module one - Financial Analysis – using PSA/ APM Terminals/ DP World As Case Studies
- The Three Core Financial Statements and what they tell you – Income Statement, Balance Sheet, and Cash Flow Statements.
- Financial statement integration
- Core accounting principles
- Ratios for financial analysis and performance measurement
Cash Flow Statement Overview
- Analysing a cash flow statement
- Working capital management
- Cash conversion
- Cash based interest coverage
- Capex expansion – maintenance vs. investment capex
- Free cash flows and net financing requirements
- Leverage multiples
M&A Accounting Overview – Merger - Acquisition accounting overview
Module Two - Port Concessions
- Port – the land lord & its Customers
- Port master planning – overview
- Inventory of a port
- What do customers/ sub concessioners expect from the Port Authority
- CONCESSIONS: Models & Players
- The different Port Models
- Port privatization issues methods and constraints
- Criteria of a port Authority to award a concession to a terminal operator
- o Views towards future expansion
- o Experience
- o Financial results
- o Existing clients/potential clients
- o Employment in the past and the future
- o Business plan
- The needs of the port customers
- The cost of a port
- Impact of a chosen concession system for all players concerned”
- o General conditions for concessions
- o Governance of the concession policy
- o Public –private partnership
- o The dual character of a concession
- o Tariff policy of a port
- Choosing a Port Over Another – Terminal Operator View
- o Granting concession in a port(case study)
- o Competition and collaboration between ports
- o Rules and regulations for a fair competition between public and private terminal operators:
- o Why facilities public and private.
- o Reasons to choose a port over another
- o Forces stimulating port reform
- Case Study
- o Analysis of a live concession bid document
- o Simulation – Participants divided into port land lords, competing terminal operators across cargo types – dry bulk, container. liquid
Module Three - Debt Financing in Ports Businesses – Business Analysis, Project Financing, Re financing, Case Study – APM Terminals
- Purpose: quantification of borrowing amount by a Port Business and use of funds
- Payback: link credit assessment to primary and secondary sources of repayment
- Risks to repayment: the need for Port as a sector and Port company analysis to evaluate debt servicing ability
- Structure: assess the ability of the debt to meet the commercial needs of the identified Ports business while protecting lenders' interest
Market Indicators of Credit Risk
- Credit ratings – Review, analysis of at least five Port business ratings reports
- Debt market indicators: bond spreads vs. rating curves and CDS pricing
- Equity signals: share price movements and key multiples – linked to Equity modules
- Risks to Repayment
- Operating environment
- Influence of social issues
- Government intervention and regulation
- Political and sovereign risk.
Port Sector Analysis
- Sales growth, operating profit margin and working capital requirements
- Capital expenditure and asset requirements
- Competitive forces and critical success factors to sustain a competitive advantage
- Tools to analyze Comparative advantage vis a vis competing ports in the vicinity
Management and Shareholders
- Review the strengths and weaknesses of management and the influence of company ownership:
- Management performance
- Corporate aims and goals and their effect on the company's future
- Shareholder structure, support and influence.
- A company's markets, products, services and competitive position
- Corporate actions underpinning its growth strategy.
- Quality and stability of revenue and cash flow from core operations
- Cost base analysis, profitability and cash flow measures
- Peer and ratio analysis to evaluate performance
- Different accounting conventions and misleading accounting practices
- Asset conversion cycle, asset efficiency and investment needs
- General and industry specific ratio and cash flow tools to analyse and compare asset efficiency
Cash flow drivers
- Forecast operating performance and asset investment requirements.
- Financial Risk
- Evaluate the appropriateness of a company's funding structure given all factors identified
- Corporate treasury objectives:
- Risk appetite of capital providers
- External rating maintenance
- Tenor matching, funding and liquidity and refinancing needs
- Alternative sources of funding: trade, bank debt, capital markets, structured finance, equity etc.
- Financial flexibility: measuring liquidity or payment readiness
- Funding instruments used by companies that can increase the refinancing risk and overall financial risk
- Funding structure including off balance sheet obligations
- Debt servicing ability using cash flow analysis
- Rating medians to evaluate a company's financial standing
- Future cash available for debt service using a simple debt capacity cash-flow model
- Refinancing risk: debt capacity vs. borrowing capacity
- Review the appropriateness of existing or new debt instruments
- Debt profiles in view of repayment sources
- Ranking: different ways to achieve seniority or pari passu ranking vs. other capital providers
- Safeguards: the use of financial and non-financial covenants to mitigate risk
- Pricing fundamentals: bond prices, swaps and CDS.
Deliverable – Credit note on a financing, refinancing proposal by APM Terminals
Module Four - Preparing an Equity Investment Case
- Land lord & Terminal Operator
- Analysis of one PE and one IPO concluded transaction
- Preparing the investment case
- Preparing transaction documents – IPO, Private Equity
- Following a listed company – Earnings call, analyst notes for building investment cases, generating transaction ideas
Simulation – PSA IPO
Participants to be divided into Groups - PSA offeror, Investor Groups, Bankers, Lawyers
- Preparing for PSA’s IPO
- Investment case
- Investor targeting
Module Five - Port M&A
- Overview of M&A activity in Ports
- o Trends in Landlord Ports, Terminal Operators
- o Building a case for M&A
- M&A & Strategy Linkages
- Originating M&Q transaction
- Financial Analysis, Valuation & M&A Pricing
- M&A Due Diligence
- M&A Stricture & Documentation
- M&A Integration
Simulation & Deliverables
- Pitching for a M&A mandate
- Making an acquisition note for Board Approval
On or Before 7 April 2017: The ‘Early Bird’ Rate is USD $2895 – Save S$400!
Special Offer! – 3 Delegates For The Price of 2 in This Category! Save USD$2895!
• From 8 April 2017: The Regular Rate is USD $3295
Special Offer! – 3 Delegates For The Price of 2 in This Category! Save USD $3295!
Note: All fees stated include luncheons, refreshments and complete set of documentation. It does not include the cost of accommodation and travel.
To register, please submit the following details to firstname.lastname@example.org:
What Best Describes Your Industry Sector?:
For cheque payments: To be made payable to 'Global Ports Forum Pte. Ltd.' Please do not send post-dated cheque.
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Account Name: Global Ports Forum Pte. Ltd.,
Account No. : 695 477 141 001.
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Please supply confirmation via email of the TT from your bank. Transmitting bank charges must be paid by sender. Please quote both delegate and company name as reference.
Kindly note that as we are providing a special rate for ‘early bird’ sign up, we will need to receive your company payment by 7 April 2017 to enjoy the discount.
Details of GPF executive workshops/forums in the upcoming few months include:
1. Executive Workshop on Global Trade, Macroeconomic Policy and the Impact on Regional Trade and Shipping, 20-21 Feb 2017, Singapore
2. 2nd Executive Workshop on InterModal Solutions – Value Creation, USP identification & Market Positioning for Ports & Terminals, 20-21, Feb 2017, Singapore
3. 2nd Executive Workshop on Bulk Liquid Terminals, Commercial Considerations for Investment & Financing, March 6-7 2017, Singapore
4. Executive Workshop on Excel in Developing, Implementing & Managing Service Level Agreements, 13 & 14 March 2017, Singapore
5. 2nd Executive Workshop on Strategic Planning for Ports & Terminals, 3-4 April 17, Singapore.
6. Executive Workshop on Excellence in Managing Tenancies / Leases - Landlord and Tenant Obligations in Business Tenancies, Apr 4-5 2017 Singapore
7. Executive Programme on Achieving Excellence in Winning Deals & Effective Sales Management – Proven Techniques & Insights for Ports & Terminals, April 17-21, 2017, Singapore
8. 3rd Executive Workshop on Investment Strategies for Green / Brown Field Port Projects, 18-19 Apr 2017, Capetown, South Africa
9. 2nd Executive Workshop on InterModal Solutions – Value Creation, USP identification & Market Positioning for Ports & Terminals, 20-21 April 2017, Capetown, South Africa
10. 2nd Executive Workshop on Multi-Purpose Terminal Business & Operations, April 24-25, 2017, Singapore
11. Executive Workshop on Effective Concession Agreements for Ports & Terminals, 24-25 April, 2017, Singapore
12. Executive Workshop on Coal Terminals Supply Chain Developments, Trends and Operations, 27-28 April 17, Singapore
13. The Global Ports Management & Advanced Management Programs, 29 Apr-11 May 2017, Singapore
14. Executive Workshop on Dry Bulk Terminals – Commercial & Operational Excellence, 11-12 May, 2017 Singapore
15. 2nd Executive Workshop on Advanced Shipping Business, May 18-19 2017, Singapore
16. 2nd Executive Workshop on Reefer Container Logistics, May 18-19, 2017, Singapore
17. 4th Executive Workshop on Ports Financing and Investing, 7-8 June 2017, Hamburg, Germany
18. Executive Workshop on Bulk Liquid Terminals – A Comprehensive Overview for potential Investors in Asian Terminals, 8-9 Jun, 2017, Hamburg, Germany
19. An invitation to register and participate at the 3rd Global Ports Forum, Hamburg Germany from 8-9 June 2017.
20. Executive Workshop on Excellence in Negotiating & Managing Contracts, Aug 3-4 2017, Singapore
21. 5th Executive Workshop on Ports Financing and Investing, 7-8 Sep 2017, Miami, USA
22. Miami to Host the 4th Global Ports Forum, 7-8 Sep 2017, Miami, USA
23. Singapore to host the 5th Global Ports Forum, 25-26 Oct 2017, Singapore
Look forward to welcoming you at the executive workshops/forums.
The Global Ports Forum
GLOBAL PORTS FORUM PTE. LTD.
10 Anson Road
Mobile: +65 9684 3289
DID: +65 65197662
Fax: +65 6725 8438
Terms & Conditions:
No delegate registration will be accepted without completing registration details and full payment.
Upon receipt of your registration details and full payment, further programme information will be emailed to you including your proforma invoice and, if required, a letter of invitation for entry visa application.
Delegates will not be admitted unless payment has been received in Full.
Flights, Airport Transfers and Accommodation are not included in your delegate registration fee.
Refund Policy - a reimbursement of the registration fee, minus administrative charges will only be made if the participant has notified Global Ports Forum Pte. Ltd. in writing that he/she is unable to attend the event no less than 30 days prior to the commencement of the event. No cancellation is allowed after that, but a replacement with another participant is allowed.
This programme is subject to change without notice, E&O.E.