PPP项目财务测算模型(公路)

PleaseensurethatExcel'sMacrosareenabledbeforeusingthemodel.ViabilityanalysismodelforPPPprojectsRoadssectorGovernmentofIndiaMinistryofFinanceDepartmentofEconomicAffairsDevelopercontactsDevelopedby:[e-mail]:CRISILInfrastructureAdvisoryGoto:UserGuideVersioninformationVersionv5.2Date27June2011UserGuideColourcodesandbuttonsThedatainputsforthemodelaresetintwoways:usingthe'spinner'buttonsor,wherethereisnospinner,enteringthenumbersdirectly.SpinnerbuttontochangevariableinLARGEstepsSpinnerbuttontochangevariableinSMALLstepsThemodelusesacolour-codetoindicatewheredatashouldbeenteredbytheuser:Cellvalue=PPPvariables,USERDEFINED.Enterdatainthebluecells,orusethespinnerstochangethecellvalue.Theseareaspectsoftheprojectwhichcanbevariedtotestviability.Cellvalue=PPPparameters,USERDEFINED.Theseareaspectsoftheprojectoreconomywhichtheusermaychangebutwhichwould,ingeneral,notbethesubjectof'what-if?'testing.Theusershouldchangetheseinfrequently.Cellvalue=Calculationcell.NOTUSERDEFINED.Cellvalue=Resultscell.Thesecellsshowresultsforimportantpartsofthemodel.Ahyperlinktotherelevantworksheet.BriefdescriptionofthemodelThismodelistohelpaProjectOfficerevaluatethefinancialviabilityofaPPPprojectintheroadssector.Viabilityistestedfromtheperspectiveofaprivatepartner(ie,looksataftertaxreturnscomparedtoexpectedafter-taxROEforacommercialdeveloper).TheProjectOfficershouldalsohaveasenseofthelevelofgovernmentsupportorotherprojectcharacteristics(eg.Tolllevels)thatareacceptabletothepublicsector.Themodeldoesnottestwhethertheprojectiseconomicallyjustifiedoroffersvalue-for-money(VFM)comparedtothepublicsectoralternative.Themodelismeanttoberelativelysimple.AmoredetailedmodelwillbecreatedaspartoftheFeasibilityStudy.Themodelcontainssixmainsheetsinthefollowingsequence:Set-upandinformationinputsheets:1.Set-up:HeretheuserentersbackgroundassumptionssuchastypeofPPP,theprojectlifeandmacroeconomicinformation.2.Demand:Theinitialdemandandforecastgrowthratesareenteredhere.Set-upCapExRevenueOpExCoverViabilityAnalysisUserGuideDemandWorksheetname3.CapEx:TheCapitalExpenditureisenteredonthissheet(forCapExprojectsonly-thesheetishiddenfornon-CapExprojects)4.OpEx:Theoperatingexpenditurerelatedtotheprojectisenteredonthissheet5.Revenue:Heretheusercansetsourcesandlevelsofrevenuefortheproject.Revenuecanbefromtollstousers,orfromgovernmentpaymentstotheconcessionaire.6.ViabilityAnalysis:Thisprovidesanoverallsummaryoftheproject'sfinancialviabilityfromaprivateinvestors'perspective.GraphsshowingprojectcashflowsandkeyfinancialratiosareprovidedaswellaskeysummaryvaluessuchastheNPVandIRR.Financialstatementsandcalculationsheetsarealsoprovidedforinformationpurposes.TheExportsheetallowsoutputsfromtheFinancialViabilitymodeltobeusedintheVFMIndicatortool.UsetheExportresultsbuttonon'Set-up'sheettocreateanexportfile.Theuserisencouragedtotrywhat-if?analysisofprojectviability.Theusershouldenterafirstestimateoftheprojectparametersinsteps1-5andthentestviabilitybyrefiningkeyparameters(suchastiming,chargesandpayments,andfinancingmix)inordertoseeifviabilityisachievable.Thiscanbedonebymakingchangestotheprojectset-up,inparticularbyusingtheViabilityAnalysissheetandontheRevenuesheet.Theusercannavigatebetweenthesheetsusingthebuttonsatthetop.Note:ExcelMacrosmustbeenabledforthemodeltofunctionfully.TheseshouldbeenabledwhenthefileisopenedorusingExcel'ssecuritysettings.ThemodelcandisplaythenewRupeesymbol.Todisplayit,youmusthavethe'rupiforidian'rontinstalledonyourcomputer.Ifitisnotinstalled,therupeesymbolwillappearasanR.TheCapExsheetishiddenforOpEx-onlyprojects.Allcashflowsareassumedtooccurattheendofeachfiscalyear,exceptwherenoted.Themodelallowsforperiodsmeasuredinhalf-years(forexample,ifconstructionwasexpectedtotake2.5years).Datesmightthenbeexpressedasmiddle-pointsofayear:eg,2013.5isthemiddleoftheyear2013.Thedatainputsforthemodelaresetintwoways:usingthe'spinner'buttonsor,wherethereisnospinner,enteringthenumbersdirectly.SpinnerbuttontochangevariableinLARGEstepsSpinnerbuttontochangevariableinSMALLsteps=PPPvariables,USERDEFINED.Enterdatainthebluecells,orusethespinnerstochangethecellvalue.Theseareaspectsoftheprojectwhichcanbevariedtotestviability.=PPPparameters,USERDEFINED.Theseareaspectsoftheprojectoreconomywhichtheusermaychangebutwhichwould,ingeneral,notbethesubjectof'what-if?'testing.Theusershouldchangetheseinfrequently.=Resultscell.Thesecellsshowresultsforimportantpartsofthemodel.ThismodelistohelpaProjectOfficerevaluatethefinancialviabilityofaPPPprojectintheroadssector.Viabilityistestedfromtheperspectiveofaprivatepartner(ie,looksataftertaxreturnscomparedtoexpectedafter-taxROEforacommercialdeveloper).TheProjectOfficershouldalsohaveasenseofthelevelofgovernmentsupportorotherprojectcharacteristics(eg.Tolllevels)thatareacceptabletothepublicsector.Themodeldoesnottestwhethertheprojectiseconomicallyjustifiedoroffersvalue-for-money(VFM)comparedtothepublicsectoralternative.Themodelismeanttoberelativelysimple.AmoredetailedmodelwillbecreatedaspartoftheFeasibilityStudy.1.Set-up:H