5th GPF Executive Workshop on Ports Financing and Investing, 26-27 Apr,2018, Singapore
Global Ports Forum presents – 5th Executive Workshop on Ports Financing and Investing, 26-27 Apr, 2018, Singapore
5th GPF Executive Workshop on Ports Financing and Investing, 26-27 April 2018, Singapore
Global Ports Forum presents – 5th Executive Workshop on Ports Financing and Investing, 26-27 April 2018, SingaporeDear colleagues
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.
Module One – Financial Analysis – using PSA/ APM Terminals/ DP World As Case Studies
Module Two – Port Concessions – using a live bid document
Module Three – Debt Financing in Ports – Business Analysis, Project Financing, Re financing, Case Study – APM Terminals,.
Module Four – Preparing an Equity Investment Case, ending with a simulation exercise on preparing for PSA’s IPO.
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
Select Ports’ business – last annual report, investor presentation & call transcript; every participant will be sent a reading pack to be read.
During the course
Overview of corporate finance concepts linked to ports Corporate Finance extensive use of tools.
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.
Trainer available for follow up emails, questions on phone.
Distribution of discussion materials.
Form a participant only online group.
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
Thomas Ng has over 23 years of consulting experience in the ports and shipping industry. Thomas is known for developing innovative solutions for players within the ports & shipping industry, — in areas of investments advisory, port strategy, development, marketing, planning & redesign, customer services and port operations; and delivering superior results.
He is the Executive Chairman of The Global Ports Forum (GPF) since 2008. The Global Ports Forum is a platform where all ports stakeholders in the ecosystem- port customers, port authorities, port operators, port people, port suppliers & service providers are gathered together to discuss about issues furthering the interests of ports globally.
Thomas is well-respected in the ports & shipping circles — recognized for his in-depth industry knowledge and far-reaching personal industry network and linkages. Some of his recent port investments advisory work include ports in the Middle East, Africa, Southern Europe, South East Asia, Latin America, etc.
Given Thomas’ far-reaching personal port industry network and linkages, Thomas is often seek out by port investors and port privatisation candidates all over the world for collaborative partnership.
Thomas is invited regularly as speaker & facilitator for Ports conferences, roundtable and executive programs and workshops.
He is the senior port & terminal training expert for the Singapore Ministry of Foreign Affairs (MFA) Singapore Cooperation Programme (SCP) for foreign ports officials for over 10 years. Recent programmes conducted by Thomas include the 5 days executive program in “Port Development and Competitiveness”, Singapore on 12-16 Dec 2016 where Thomas was the key trainer for over 60% of the whole executive program. Some other early SCP programmes that Thomas taught over 20 senior foreign government transport officials included the 2 weeks Singapore MFA Executive Programme in Logistics & Distribution Management on 28 Aug – 10 Sep 2007 & again on 6 Oct – 17 Oct 2008.
Thomas spoke recently at the Transport Intelligence Singapore 2013 Infrastructure panel, together with senior executives from the World Bank & UPS, the Container Depot Association Singapore Conference 2014 on ports and infrastructure, Tank Storage Asia Conference in 2015 and an exclusive Roundtable on Smart ports & ships and Internet of Things in Jun 2016.
On a professional level, Thomas is a veteran Chartered member of the Royal Chartered Institute of Logistics & Transport UK since 2001. He is also a Board Member and Treasurer of the Singapore Branch of Chartered Institute of Logistics & Transport for over 12 years.
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
Overview of recent Ports transaction global activity
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 based interest coverage
Capex expansion – maintenance vs. investment capex
Free cash flows and net financing requirements
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
Views towards future expansion
Existing clients/potential clients
Employment in the past and the future
The needs of the port customers
The cost of a port
Impact of a chosen concession system for all players concerned”
General conditions for concessions
Governance of the concession policy
Public –private partnership
The dual character of a concession
Tariff policy of a port
Choosing a Port Over Another – Terminal Operator View
Granting concession in a port(case study)
Competition and collaboration between ports
Rules and regulations for a fair competition between public and private terminal operators:
Why facilities public and private.
Reasons to choose a port over another
Forces stimulating port reform
Analysis of a live concession bid document
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
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:
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.
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
Module Five – Port M&A
Overview of M&A activity in Ports
Trends in Landlord Ports, Terminal Operators
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
Simulation & Deliverables
Pitching for a M&A mandate
Making an acquisition note for Board Approval
On or Before 26 Mar 2018: The ‘Early Bird’ Rate is SGD $3095 – Save SGD400!
Special Offer! – 3 Delegates For The Price of 2 in This Category! Save SGD3095!
From 27 Mar 2018: The Regular Rate is SGD3495
Special Offer! – 3 Delegates For The Price of 2 in This Category! Save SGD3495!
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 dGhvbWFzbmcgfCBnbG9iYWxwb3J0c2ZvcnVtICEgY29t
Name:Position:Organisation:Address:Tel:Fax:Email: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.
For telegraphic transfers:
Account Name: Global Ports Forum Pte. Ltd.,
Account No. : 695 477 141 001.
Beneficiary Bank: Oversea-Chinese Banking Corporation Limited, Singapore. (Swift: OCBCSGSG),
Address : 65 Chulia Street #01-00, OCBC Centre, Singapore 049513.
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 25 Mar 2018 to enjoy the discount.
We are pleased to attach the training calendar till end 2018 for your planning:- https://gallery.mailchimp.com/f530f816d635cb6e0ba22250b/files/a23d3597-17ae-4aea-8214-6be8fa7cb42b/GPF_Training_Calendar_2018_updated_1_April_2018.pdf Details
of GPF forthcoming executive workshops/forums are available on our website at below link: http://globalportsforum.com/forthcoming-gpf-executive-programmes/Details
of GPF PAST executive workshops/forums are available on our website at below link: http://globalportsforum.com/past-events/r-2017-singapore
Look forward to welcoming you at the executive workshop in Singapore!
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.