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Case studies

Management model | manufacturing sector company

Our services focused on constructing a model to support executive decision making in this company from the manufacturing sector. The model was comprised of a number of investment refinancing scenarios where the project involved building a manufacturing facility. We analysed the financial assumptions and historical data prepared by the company and, based on this data, we constructed a financial model envisaging different investment financing options. We were also responsible for assessing the company’s eligibility for and subsequently its servicing capability of a commercial financing instrument in each of the scenarios, with recommendations on which type of financing to choose. In the course of our involvement, we prepared a financial model comparing the different scenarios of estimated external financing, analysed the financial statement in terms of operating and non-operating assets, and assessed the company’s capability to service the debt over its term. The model made it easier to advise the company on the types of financing it could use (e.g., corporate financing) and on the preliminary conditions that would have to be considered before the company sought financing on the banking market.

PPP model | Tramways infrastructure

Our assistance was connected with a PPP investment project ran by the City of Kraków which involved building and maintenance of a tram line and a tram line tunnel. We supported the city in the transaction by, among other things, conducting pre-implementation analyses and market testing, helping select a private partner through a competitive dialogue and advising on the closing of the financing deal. As part of our assistance, we constructed a financial model comparing the PPP option with the traditional way of financing under a public sector comparator model (PSC). Its purpose was to confirm the rationale of opting for the PPP arrangement. The key objective was to find the boundary conditions for project bankability and profitability from the Private Partner’s perspective, taking into account specific corporation tax and VAT requirements, and the analysis of the potential contractor and financing institutions market. The model was set up to compare various options of external financing (including an EU grant for the Public Partner) and risk distribution.

Financial model for a new investment project | 67 MW Wind Farm

We supported this client in applying for an investment loan for the construction of a wind farm under the project finance model. In line with the loan application requirements, we prepared the relevant documentation for the lender, including a teaser, a preliminary term-sheet and an information memorandum. The key deliverable was a financial model setting out different financing options, macroeconomic scenarios (such as electric energy prices), and the stress test scenarios. We also supported the client in selecting other advisors. The final version of the model was accepted by the bank and served as a basis for assessing a related SPV’s capability to service the debt and for determining the boundary conditions of this type of financing. As a result, the client was granted repayable financing in the amount and on the terms that made the transaction possible.

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Worth cooperating

Members of our team combine financial competence with up-to-date information on the various sources of financing.

We specialise in advising on commercial financing and financing based on state aid.

We bring a wide perspective into the projects we analyse.