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2014, vol. 16, br. 2, str. 161-173
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Finansijsko modeliranje u projektnom finansiranju
Financial modelling in project finance
Crnogorska komercijalna banka, član OTP grupe, Podgorica, Crna Gora
e-adresa: jekemn@gmail.com
Sažetak
U samom uvodu ovog rada daje se kratak osvrt na pojam i osnovne karakteristike projektnog finansiranja. Okosnicu rada čini finansijski model, uloga pojedinih strana u njegovoj izradi i primjena. Prikazano je na koji se način finansijski model koristi od strane investitora da bi izračunali svoje prinose, od strane zajmodavaca da bi izračunali nivo pokrića njihovih kredita i da bi se kreirala osnova za analizu osjetljivosti. Dat je pregled i objašnjenje inputa (makroekonomske pretpostavke, troškovi projekta i struktura finansiranja, operativni prihodi i troškovi, povlačenje kredita i servisiranje duga, računovodstvo i porezi) i autputa finansijskog modela (bilans uspjeha, bilans stanja, bilans novčanih tokova, racio pokrića duga i prinos na kapital sponzora).
Abstract
The introduction part gives a brief review and basic characteristics of Project Finance. The framework is consisted of the financial model, role of each party in its making and application. It shows how the financial model is being used by the investors in order to calculate their income, by creditors to calculate level of debt ratio and to create a basis for a sensitivity analysis. It provides an overview and the explanation of inputs (macro-economic presumptions, project expense and financing structure, operative income and expenses, withdrawal of a loan and debt servicing, accounting and taxes) and outputs of the financial model (balance sheets, income statements, cash flow statement, debt service ratios and investor's return of equity).
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