Watty Vos Boulevard Information... · Payment mechanism 13 Penalty Points: • to prevent lane...
Transcript of Watty Vos Boulevard Information... · Payment mechanism 13 Penalty Points: • to prevent lane...
Watty Vos Boulevard
Information Session 3
April 3, 2014
ARUBA
Solely for Information Purposes
www.p3aruba.com 1
Agenda
08:30 Welcome - Ms. Shelby Maduro
08:45 Financial aspects - Mr. Rod Cameron
09:15 Tender procedure highlights - Mrs. Swinda Dijkhoff
09:30 Coffee Break
09:45 Q&A session - Ms. Shelby Maduro
10:15 Closing - Ms. Shelby Maduro
3 Solely for Information Purposes
Welcome
• Introduction of panel
– Swinda Dijkhoff Project Leader of the Watty Vos Boulevard
– Paul Kemp Technical Advisor of the Department of
Public Works (DOW)
– Marcelle van Valkenburg Legal Advisor of the Dutch Ministry of
Infrastructure and Environment
– Rod Cameron Transaction advisor (PwC)
• Introduction of attendees
– Name
– Company
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Welcome
Solely for Information Purposes
Main advisors of the
Contracting Authority
– Legal Advisor: Legal Advisor of the Dutch Ministry of
Infrastructure and Environment
Sjiem Fat & Co.
Pels Rijcken & Droogleever Fortuijn
– Transaction Advisor: PwC
– Refer to paragraph 2.13 of the Tendering Instruction
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Welcome
Solely for Information Purposes
Welcome
• Objectives of today:
– Provide insight in the :
• Financial aspects of the project
• Tender procedure
– Q&A session
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Welcome
Solely for Information Purposes
Communication guidelines
• Information sessions:
– Solely for information purposes
– Formalization via Clarification Memorandum
• All questions, answers and information shall be distributed
integrally via Clarification Memorandum(s) to all registered
candidates.
• Communication will be in English.
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Welcome
Solely for Information Purposes
Agenda
08:30 Welcome - Ms. Shelby Maduro
08:45 Financial aspects - Mr. Rod Cameron
09:15 Tender procedure highlights - Mrs. Swinda Dijkhoff
09:30 Coffee Break
09:45 Q&A session - Ms. Shelby Maduro
10:15 Closing - Ms. Shelby Maduro
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Financial Aspects
– Contractual framework
– Payment mechanism
– Financial submission requirements
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Financial Aspects
Contractual framework
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Contracting
Authority
SPV
Builder Banks
Equity Providers
Maintenance
Services
Services Payment
Funds
Dividends
Interest
& Payment
Lend
Build
Maintain
Payment Payment
DBFM Agreement
Special Purpose Vehicle:
• Limited Liability Company
Solely for Information Purposes
Financial Aspects
Performance mechanism principles
• Mechanism aligns payments to performance delivered.
• Mechanism enables predictable future cash flows.
• Mechanism includes incentives.
• Schedule 2 DBFM Agreement
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Financial Aspects
Payment mechanism
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Penalty Points:
• to prevent lane closures caused by SPV during rush hours
• to prevent loss of Watty Vos Boulevard scope items
• to prevent accidents and unsafe situations
• to prevent non compliance with other requirements
(process management, condition and remedy criteria)
• credit applicable to penalties during construction
• repeat deduction.
Gross Availability
Payment (GAP)
Performance
Deduction (PD)
Net Availability
Payment
(NAP)
Financial Aspects
Solely for Information Purposes
Financial Submission requirements
• Financing plan (Schedule 5.2 Tendering Instructions)
– Authority Term Sheet based
– Shareholder support letters
– Financial advisor support letters
• Financial model and a statement from an independent
model auditor (Schedule 5.1 Tendering Instructions)
• Tender bond Afl. 1.000.000
– Commitment period sufficient to reach financial close
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Financial Aspects
Authority Term Sheet
(Schedule 5.1.7)
• Standard bank term sheet
• To be used by all Tenderers
• Contracting Authority at risk on the terms and conditions
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Financial Aspects
Financial Model (Schedule 5.1)
• Detailed Excel spreadsheet based model
• Full suite of financial statements i.e. P&L, Cash flow and
Balance Sheet
• Detailed input calculation and output worksheets
• Capable of sensitivity analysis
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Financial Aspects
Price evaluation
– the Gross Availability Payment submitted will be used to
create a payment profile;
– the profile will be indexed by the bidder’s indexation
formula;
– the Present Value of the bid will be determined;
– A Neutralized Present Value will be calculated to neutralize
for earlier availability dates
• Present value of bids should remain below the Ceiling Price
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Financial Aspects
Bonds & Guarantees
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Financial Aspects
Availability Payment
Contract
Close
Commencement
Date Availability
Date
Completion
Date
Expiry
Date
Development
Period
Max. 2,5 years
Availability
Period
20 years
Time
Afl.
Performance
Bond released
Tender Bond
released
Transfer
Guarantee
Afl. 10 mln
Financial Close
• Appointment of MLA in line with Financial
Close Protocol (Schedule 7)
• Detailed due diligence: – Technical
– Legal
– Financial
• Selection of funders
• Finalize documentation
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Financial Aspects
Agenda
08:30 Welcome - Ms. Shelby Maduro
08:45 Financial aspects - Mr. Rod Cameron
09:15 Tender procedure highlights - Mrs. Swinda Dijkhoff
09:30 Coffee Break
09:45 Q&A session - Ms. Shelby Maduro
10:15 Closing - Ms. Shelby Maduro
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Tender procedure
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Mrs. ing. Swinda Dijkhoff, Project Leader Watty Vos Boulevard of the Public Works (DOW)
Changes in the short-list criteria
The Candidate must in the preceding five years have carried out the project
management for an infrastructure project, which must comply with the
following requirements:
a) integral performance of the design and construction work carried out
under certified quality assurance (based on ISO-9001 or equivalent)
under an integral contract for the design, construction and 1 year or more
of maintenance work;
b) the total value of the design, construction work and 1 year or more of
maintenance work referred to under a. must amount to at least Afl.
50,000,000 (in real florin, excluding Turnover Tax);
c) the construction work must have been completed to an extend of 25% to
the satisfaction of the relevant client at the time of submitting the request
to participate.
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Tender Procedure
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Selection Phase High-lights
• April 9, 2014: Last opportunity to submit request for clarifications.
• April 16,2014: Last Clarification Memorandum will be provided by
the Contracting Authority.
• April 30,2014: Submission of request to participate:
– Time: 10:00 AM- 2:00 PM
– Location: Department of Public Works of Aruba
Sabana Blanco 68
Third floor at the Secretary
• Draft part(s) of request to participate
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Tender Procedure
Agenda
08:30 Welcome - Ms. Shelby Maduro
08:45 Financial aspects - Mr. Rod Cameron
09:15 Tender procedure highlights - Mrs. Swinda Dijkhoff
09:30 Coffee Break
09:45 Q&A session - Ms. Shelby Maduro
10:15 Closing - Ms. Shelby Maduro
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Agenda
08:30 Welcome - Ms. Shelby Maduro
08:45 Financial aspects - Mr. Rod Cameron
09:15 Tender procedure highlights - Mrs. Swinda Dijkhoff
09:30 Coffee Break
09:45 Q&A session - Ms. Shelby Maduro
10:15 Closing - Ms. Shelby Maduro
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Agenda
08:30 Welcome - Ms. Shelby Maduro
08:45 Financial aspects - Mr. Rod Cameron
09:15 Tender procedure highlights - Mrs. Swinda Dijkhoff
09:30 Coffee Break
09:45 Q&A session - Ms. Shelby Maduro
10:15 Closing - Ms. Shelby Maduro
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Closing
• Submit request for participating:
– April 30, 2014
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Closing