Project Finance

Frameworks to structure, value and finance large-scale projects

5-day Finance programme Executive Education 2011/12

www.london.edu/pf/

Go further

London Business School empowers individuals and organisations to perform at their best.
Whether you seek to improve your performance, accelerate your career, instigate change in your organisation, or define your personal goals London Business School can ignite your purpose and empower your decisions and actions. Ranked as one of the finest business schools in the world, London Business School delivers the insights and skills to energise and empower executives and their organisations. Participants on our Executive Education programmes come from more than 130 countries. The organisations they work for span every major industry sector and their experiences, cultures and commercial objectives are truly diverse. They are taught by faculty who are influential, widely published academics and fully engaged with the business world. They act as consultants to major institutions, corporations and government agencies, and hold directorships with a range of organisations.

The result?
Highly practical programmes that enable you to implement the knowledge and skills you have gained immediately upon your return to work. The very latest thought leadership that will develop your knowledge in key business areas. A collaborative learning environment and diverse learning methods, which inspire you in many different ways. A unique opportunity to network with a truly diverse and international participant group and learn from their experiences and perspectives. The combination is life-changing and will take you and your organisation further, both now and in the future.

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Successfully apply project finance techniques and principles.

Why is project financing being increasingly relied on to fund investments? What advantages does it have over traditional corporate finance? What are the valuation challenges posed by such structures? If such projects encounter financial distress, how should they optimally be restructured? These are just some of the questions addressed on London Business Schools new five-day Project Finance programme. The programme examines how organisations use project finance to structure, value and finance high-scale projects. Throughout the week, participants focus on the application of project financing techniques to real-life projects through a series of case studies. By the end of the programme, participants have a framework for understanding the many ways in which project finance can mitigate specific risks and provide specific incentives; while also assessing the limitations of project finance structures. As well as gaining insights from London Business Schools finance faculty, participants will find inspiration from guest speakers who present on real-life project finance transactions, adding value to the learning experience.

Samantha Bown Director, Finance Programmes

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Programme overview

Develop an effective framework to finance large-scale projects.

Programme focus
The programme is structured around a series of interactive case studies, allowing participants to apply the theories of project financing to real-life deals. By the end of the programme, participants will be able to successfully forecast and structure project finance transactions, whilst mitigating the risks that cause projects to fail.

Who is this programme for?

Finance professionals from both the private and public sectors in industries including: energy and power, oil and gas, infrastructure, transportation and logistics, water and utilities, education, and healthcare Equity investors or sponsors Project finance advisers within banks Developers Engineers Lawyers / legal advisers Equity investors or sponsors Auditors and risk managers The programme requires that participants have some familiarity with basic corporate finance and valuation concepts.

Core themes:
Creating value through project finance Project versus corporate finance Financing, valuing and structuring large-scale projects Analysing project risks and rewards Optimally restructuring projects in distress Public Private Partnerships (PPP) and Private Finance Initiatives (PFI) Project finance in emerging markets

Benefits for you:

Develop a framework to apply project finance principles and valuation methods to real-life projects Achieve a balanced perspective of both successful and unsuccessful examples of project finance Achieve an understanding of the factors that sponsors and lenders look for when assessing project finance structures Gain experience of a project finance model through a series of real-world case studies Build a strong network of contacts from the growing project finance industry

Benefits for your organisation:

In-house capability to value, structure and finance projects Mitigate the risks in the financing of large-scale projects

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Inspiration through diversity

As a global business school in a major international centre of business, we attract the very best.
London Business School is a truly dynamic environment that inspires breakthrough thinking. You will find inspiration from some of the finest thinkers and learn with and from an international executive peer group. Participants travel from around the world to attend the Schools Finance Executive Education Programmes.

Nationality of recent Finance programmes participants

North America 2% Australia / New Zealand 1% Central / South America 3% Africa 4% Asia-Pacific 5% Europe 40%

Our Finance programmes have recently powered the performance of:

BP Barclays HSBC Greenhill and Company International Credit Suisse Shell (Royal Dutch Shell) Lloyds Banking Group Royal Bank of Scotland (RBS) ABN AMRO Capital Market Authority KPMG Morgan Stanley Citigroup BNP Paribas Rabobank Schroders UBS Allianz Group Deutsche Bank SES

Middle East 15%

UK 30%

Industry of recent Finance programmes participants

Travel / Tourism 2% Property / Real Estate 2% Transport / Distribution 2% Law / Legal Services 1% Food / Beverages / Tobacco 3% Publishing / Electronic Media 3% F Construction Services 3% Finance / Banking Public Admin / Regulatory Bodies 31% 4% Automotive / Manufacturing 5% Professional Services / Consulting 8% Other 10% Mining / Metals / Chemicals 15% Telecommunications / IT 11%

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Programme content

Apply the principles of project financing to real-life projects.

At the centre of the Project Finance programme is an in-depth analysis of real-life case studies covering both successful and not-so-successful examples of project financing in both Europe and emerging markets. Cases cover a variety of industries and countries and illustrate the financial tools and structures used by corporate sponsors and banks, as well as government and private sector agencies. Alongside formal lectures, you also work on a real-life solar power project, which forms the basis of your final assignment. Using a project finance model and the analysis techniques learnt during the programme, you evaluate the lending decisions for the project and ultimately decide: should you make the loan?

Typical schedule:
09.00 10.45 11.00 12.30 13.30 15.45 16.00 18.00 19.00 Class session 1: Public Private Partnerships Break Class session 2: Project finance lender considerations Lunch Case study: Eurotunnel Break Case study: London Underground Dinner Guest speaker

Please note this is just a sample timetable. For the most up-todate timetable, please contact a Programme Associate.

On completion you will be able to:

Employ the tools needed to analyse and value project finance structures back in the workplace Forecast long-term risk and rewards and the strategies used to mitigate risk Navigate successfully through the entire project finance transaction from initial agreement to completion Assess value for money ensuring that a contract aligns the interest of all parties Enhance your understanding of the stakeholders involved in a project finance deal through the network you build on the programme

The learning experience

Participants benefit from faculty insights on how organisations use project finance to structure, value and finance high-scale projects; as well as from guest speakers who present on reallife project finance transactions.

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World-class faculty

London Business Schools finance faculty are recognised as one of the most pre-eminent groups of finance academics in the world.
Karl Lins
Visiting Professor of Finance, London Business School. Spencer Fox Eccles Chair in Banking and Professor of Finance, University of Utah Professor Karl Lins teaches on London Business School's Project Finance programme. BS (Texas A&M University) MBA (Anderson School at UCLA) PhD (University of North Carolina) Karl researches in the area of international corporate finance, with an emphasis on governance and capital markets, and presents his research at academic and practitioner conferences worldwide. Karl has published his papers in the Journal of Finance, the Journal of Financial Economics, the Review of Financial Studies, the Journal of Accounting Research, the Journal of Financial and Quantitative Analysis, Financial Management, and the Journal of Corporate Finance. He has also done executive teaching at INSEAD in France, Duisenberg School of Finance in Amsterdam, Monterrey Tech in Mexico, University of North Carolina, and University of Utah, and has won several teaching awards at these institutions. Karl has taught at London Business School since 2007.

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Our approach

London Business School delivers a learning experience embedded in real-world practicality and centred on you.
Our approach is centred around you
Focus Each of our programmes is designed with a clear set of objectives and actionable outcomes. You take away the skills, knowledge and networks to improve your business performance. Learn The learning journey provides you with the latest business thinking from faculty and practitioners. You rapidly build the knowledge, skills and competencies to question the status quo and to evaluate your approach. Apply Your learning experience provides you with new tools and knowledge that can be directly applied to your organisational challenges. We place learning on its feet, both figuratively and literally, so you can confidently experiment in a safe environment where you have freedom to make mistakes. Reflect Time is built in for individual reflection and peer-topeer discussion. This is essential to your ability to personalise the experience to your unique business challenges. Experience Post-programme follow-through to your workplace is part of the design and delivery of each programme. The focus on actions that result in business impact is as important as personal change and transformation.

Practical learning and a global perspective

A diversity of people and experiences. The power of London Business School is founded on its ability to harness the perspectives of a wide variety of industries, nationalities and leading companies from around the world, to provide you with a truly international programme experience. Thought-leading faculty complement our diversity with cutting-edge research. This powerful combination creates a dynamic, international executive forum where your assumptions are challenged, your opinions debated and your universe expanded. Practical and interactive learning experiences. Our portfolio of programmes use a range of learning techniques to deliver a holistic approach. These include: faculty-led case studies, class-wide discussions and group work. Our central London location attracts and connects you with a diverse network of world-class faculty, participants, alumni and industry leaders. It offers you the opportunity to join an invaluable international network of business professionals that will continually evolve and add value throughout your career.

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Personalised learning solutions

The real impact of your London Business School experience becomes apparent over time as you continue to apply the lessons learned to each new business challenge.
The London Business School experience offers you a lifelong return through access to:
Five star research - Apply findings from our world-class research centres:the Deloitte Institute of Innovation and Entrepreneurship; the Aditya Birla India Centre; the Centre for Corporate Governance; the Coller Institute of Private Equity; the Energy Markets Group; the Family Business Research Initiative; the Global Entrepreneurship Monitor; and the Hedge Fund Centre. Publications - Stay ahead with the latest business thinking, insight and analysis from our global faculty. Visit: www.london.edu/bsr/ International network of events - London Business School hosts a series of events around the world, facilitated by academics, programme directors and our own network of leading industry thinkers. Access the worlds finest business thinkers - To advise your organisation, London Business School academics offer private consultancy services. Subject to availability. Career Services - You can access and recruit from the worlds most diverse source of global business talent through our Career Services team. Visit: www.london.edu/recruitourtalent/

For your organisation

London Business School also provides customised education programmes for select organisations around the world. The Schools Centre for Management Development works in partnership with your top executives to build effective and applicable education programmes designed to directly address your critical business challenges.

How we work
We work in close consultation with you to conduct a needs analysis to identify organisational gaps and establish your learning objectives. In collaboration with your senior executives, we apply those findings to create a vision and learning design that will achieve your specific objectives consistent with your organisational culture. Our renowned faculty then deliver a programme with the rigour of research driven insights, proven frameworks and techniques, and multiple opportunities to practice and apply.

The results
Thought-provoking learning experiences that invite participants to: challenge the boundaries of accepted thinking embrace new skills that drive innovation and change enhance team performance deliver organisational excellence

Your personal development plan

In addition to the Project Finance programme, we can help you develop a personalised learning plan that delivers powerful development and skills at key points throughout your career. See the end of the brochure for the full portfolio of programmes. To speak to one of our Programme Associates for expert advice on selecting the right programmes for you, please contact us on: Tel: +44 (0)20 7000 7051 Fax: +44 (0)20 7000 7371 Email: execinfo@london.edu

How can we help?

To discover how we can work with you to develop flexible learning solutions for your organisation, please contact London Business Schools Centre for Management Development (CMD): Tel: +44 (0)20 7000 7333 Fax: +44 (0)20 7000 7371 Email: cmdinfo@london.edu

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Your journey begins here: Apply today

Step 1
Select the right programme
It is important you choose the programme that best meets your requirements and fulfils your long-term objectives. Please contact us for expert guidance on the right programme for you. Your Programme Associate will guide you through the aspects of the decision making process, providing you with personalised advice, as well as programme statistics and case studies. They can also arrange for you to speak to a past participant in your country or industry sector. Please see the website for the latest programme dates and fees: www.london.edu/pf/

Step 2
Reserve a provisional programme place
To ensure you secure your preferred date, please contact the Programme Associate team now to reserve your provisional programme place. You can also reserve your provisional place online: http://interact.london.edu/

Step 3
Complete your application
To apply online, please visit: http://interact.london.edu/
The application system is password protected and contains full instructions. You save your work as you go so you can complete the form over several sessions and submit it once you are ready. Contact us to request a hard copy of the application form.

Please contact us for help and support with your application Email: finance@london.edu Tel: +44 (0)20 7000 7051 Fax: +44 (0)20 7000 7371

Please note: As all the programmes are conducted in English, a good working knowledge of the language is essential. If English is not your first language, we may require evidence of your proficiency. London Business School is committed to working with individuals and organisations to identify the right people for the right programmes at the right time to produce the right outcomes. We value diversity and promote a positive work and study environment. Admission decisions are taken in accordance with best practices and each applicant is considered on his / her own merit.

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Meeting your critical business challenges at every career stage

London Business Schools Executive Education portfolio allows you and your organisation to select the best learning solutions for your professional development needs. We offer a wide range of learning solutions from two-day to four-week intensive programmes spanning General Management, Leadership, Strategy, Human Resources, Strategic Marketing and Finance.

Early career General Management

Mid career

Senior manager*

Board level

Senior Executive Programme (4 weeks) Accelerated Development Programme (2x2 weeks) Emerging Leaders Programme (3 weeks) Essentials of Leadership (5 days) High Performance People Skills for Leaders (5 days)

Leadership

Negotiating and Inuencing Skills for Senior Managers (5 days) Proteus (6 days) Developing Strategy for Value Creation (5 days) Decision Making for Leaders (2 days)

Strategy Strategic Marketing HR

Executing Strategy for Results (5 days) Mergers and Acquisitions (4 days) Market Driving Strategies (5 days) Customer Focused Marketing: The Key to Unlocking Profits (5 days) Human Resource Strategy in Transforming Organisations (5 days) Investment Management: Equity Portfolio Management (evening) Investment Management: Fixed Income Markets and Bond Portfolio Management (evening) Investment Management: Derivatives, Markets and Models (evening) Strategic Investment Management (5 days) Corporate Finance: Accounting and Financial Analysis (evening and daytime)

Finance

Corporate Finance: Valuation (evening and daytime) Corporate Finance: Funding, Risk and Restructuring (evening and daytime) Advanced Corporate Finance (5 days) Masterclass in Private Equity (3 days) Project Finance (5 days) Financial Seminar for Senior Managers (5 days) Financing the Entrepreneurial Business (5 days) Customised programmes for organisations

* We understand that responsibilities and level of job complexity may differ depending on your organisation. We carefully select participants to ensure that everyone gains the maximum possible benet from our programmes. Investment Management and Corporate Finance evening programmes run one evening per week over 10 weeks. The Corporate Finance daytime format runs across 3 x 1 week blocks.

London Business School

Regents Park London NW1 4SA United Kingdom Tel +44 (0)20 7000 7000 Fax +44 (0)20 7000 7001 www.london.edu A Graduate School of the University of London