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Standard of Excellence

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Presentation on theme: "Standard of Excellence"— Presentation transcript:

1 Standard of Excellence
Deloitte Romania January 2010

2 Contents About Deloitte 3 Doing Business in Romania 7
Public Private Partnership 10 Deloitte credentials in airport PPPs across Europe 17 Deloitte PPPs credentials across Europe 20

3 About Deloitte

4 Deloitte Touche Tohmatsu – Our global firm
A global organization of firms devoted to excellence Serves more than one-half of the world’s largest companies Serves many medium and small businesses as well as public sector institutions Flexible, adaptive and innovative firm with a strong reputation More than people worldwide in over 140 countries

5 Deloitte in Romania [1/2]
started in 1992, in Bucharest, with a team of 3 people is one of the leading professional services organizations in the country is lead by 12 Partners and a Chairman employs more than 350 professional and support staff that help our clients to excel In 2008, Deloitte has settled premises in the territory - Cluj-Napoca and Timisoara In Romania, the services are provided by Deloitte Audit SRL, Deloitte Tax SRL, Deloitte Consultanta SRL and Reff&Associates SCA, jointly referred to us as Deloitte Romania

6 Deloitte in Romania [2/2]
Deloitte Romania offers the full range of professional services, integrating: Audit Enterprise Risk Services Forensic Services Tax Legal services: Reff & Associates Bookkeeping & Payroll Services taxation Consulting Grants & Incentives Strategy & Operations Financial Advisory Mergers & Acquisitions Corporate Finance

7 Doing Business in Romania

8 Entering the Romanian Market
Why enter the Romanian market? Large consumer market: 21.5 million people Due to its strategic geopolitical position, it can act as a hub towards Asian and Southern European markets Important infrastructure development needs in: Transportation – connections to European corridors (both roads and railways) Environment – solid and water waste management, water treatment, water networks Energy – renewable power sources (hydropower, wind energy, bio-fuels, biomass) Expanding Oil&Gas and Technology Industries A foreign company can establish a presence on the Romanian market mainly through: Representative office Local branch Local distributor Marketing agent Consortium, joint ventures or other forms of associations that do not give rise to a separate corporate body are also operational in Romania. Their tax implications, including any type of registration for tax purposes (if necessary), has to be analysed on a case-by-case basis. Depending on your company’s goals, Deloitte offers a wide range of services that can help you narrow down the options in order to find the best solution for entering the Romanian market.

9 Applicable taxes The main taxes applicable in Romania are as follows:
Profits Tax; Income Tax; Social, Health and Unemployment Security Contributions; Value Added Tax; Customs Duties and Excise Duties; Withholding Taxes; and Local Taxes. This list is not exhaustive, it is only an indication of the more important taxes. Deloitte offers tax services that enable both compliance with Romanian taxation regime and maximize the benefits and exonerations available in the Romanian Fiscal Law.

10 Deloitte services [1/2] Deloitte can facilitate the entry of foreign companies onto the Romanian market through the provision of the following specialized services: Audit Tax & legal Consulting Financial Advisory Accounting advisory services Accounting training Strategic tax guidance International tax structuring Indirect taxation Corporate tax Transfer pricing Tax compliance Competition and EU law Employment law advisory Market entry strategy Due diligence Personnel recruitment EU funds applications Management of grants Business modeling Valuation services Mergers & acquisitions transaction support Post-merger integration

11 Deloitte services [2/2] Deloitte can help foreign companies already in the Romanian through the following services: Audit Tax & legal Consulting Financial Advisory Audit services Financial statement transformations Financial reporting Review of accounting systems and internal controls Forensic services Internal audit Actuarial Bookkeeping & payroll services Strategic tax guidance International tax structuring Indirect taxation Corporate tax Transfer pricing Tax compliance Competition and EU law Employment law advisory Supply chain optimization Customer & market analysis Operating model optimization Finance Transformation Technology Integration Human resources analysis EU funds applications Management of grants Treasury Management and Cash Flow Business modeling Valuation services Mergers & acquisitions transaction support Post-merger integration Corporate finance Reorganizations

12 Public Private Partnership

13 PPP’s advantages for the Government
Private funds substitute insufficient public funds and secures easier access to better financing solutions from lenders; Quicker development of needed infrastructure provided by the project and reduced development risk; Working in partnership with the private sector, governments can benefit from the strong incentives for private investors to keep costs down; Maximizes the use of each sector’s strengths; Obtain project ownership after private participants receive an agreed equity return; Take control of the project if it is inefficiently operated or otherwise fails; The private sector secures more efficiency in service provision than the public sector.

14 Key elements for a successful PPP
Appropriate legislative framework; Commitment of the Contracting Authority to support the project throughout the entire process; Development of a solid business case with a guaranteed revenue stream attractive to investors; Well prepared tender process in order to attract an appropriate partner / investor; Use of financial, technical and legal assistance from reputable and experienced advisors.

15 Typical structure of a PPP project
Advisors Financial Technical Legal Government Contracting Authority Advisors Financial Technical Legal Concession agreement Equity participation Private investors Operator Equity funding Operation & maintenance agreement Shareholders agreement SPV Debt funding Contractor Financing agreement Construction agreement Lenders Advisors Legal Technical Supplier Supply agreement

16 Tasks performed by Deloitte (1)
1. Preparation The objective of the first step is to determine – through financial, legal and technical analysis – the public infrastructure project's attractiveness for potential investors, as well as the terms and options that will attract the most suitable investor. Diagnosis (Feasibility Study) Review the legal legislation and analysis of the legal base and identification of appropriate requirements of the project; Prepare the general technical project for the public infrastructure development; Develop a financial model suitable for the Contracting Authority and also attractive to investors and lenders. Options Report (the Substantiation Study) It outlines the technical and financial options for the public infrastructure project based on the results of the analysis and in line with the requirements of the Contracting Authority, and recommends the optimal solution.

17 Tasks performed by Deloitte (2)
2. Decision The Contracting Authority decides on optimal financial and technical solution for the airport's development project Review proposed qualification criteria and scoring factors Decide upon tender method according to Romanian Legislation 3.1 Granting the Concession Objective: Tendering the project in order to obtain the most advantageous offer for the Contracting Authority, in a transparent and competitive manner. Actions before the tender Preparation of tender documents; Preparation of the data room; Announcing the tender and the tender calendar; Marketing the airport and tease investors' interest.

18 Tasks performed by Deloitte (3)
3.2 Granting the Concession Actions during the tender Receive expression of interest from potential bidders; Potential bidders buy tender documents; Bidders conduct due diligence process in the data room and on site; Submission of bids; Evaluation of bids by the Evaluation Commission (evaluation report provided by the Advisors); Selecting and announcing the winner; Concluding and signing the concession agreement with the winner. 4. Execution of construction works according to the agreed schedule

19 Deloitte credentials in airport PPPs across Europe

20 Deloitte credentials in airport PPPs across Europe
Assignment Date Client Concession period Project value (Euro) Work undertaken Tirana Airport Concession, Albania Government of Albania 20 years 74 million Advisor to the Government of Albania on the structuring, tendering and granting a concession to upgrade and operate the Tirana Airport. Varna and Burgas Airports, Bulgaria Private investor 35 years 403 million Advisor to the private investor for the concession to upgrade and operate the airports. Bacau Airport, Romania 2007 - The District Council of Bacau 45 million Advisor to the District Council of Bacau on the structuring, tendering and granting a concession to upgrade and operate Bacau Airport. Ferihegy Airport, Budapest 75 years 1.8 billion Advisor to the private investor for the concession to operate the airport. Teeside International Airport, UK 2003 Teeside Municipality 30 million Advisor to the Teeside Municipality for the concession to upgrade and operate the airport. Pristina Airport 2005 - - Advisor for the pre-concession evaluation study.

21 Deloitte credentials European airports and airlines

22 Deloitte PPPs credentials across Europe

23 Deloitte PPPs credentials across Europe
PPP Project Sector Period Client Value (Euro) Services provided by Deloitte Street management and maintenance in Birmingham, UK Urban infrastructure Mar 2004 – present Birmingham Council 882 Mil Advisor to the Local Council for structuring, tendering and granting a concession to operate, upgrade and maintain the transport system. Partnership for Cardiff’s transport system, UK Road infrastructure Nov 2003 – Nov 2004 Cardiff Council 600 Mil Advisor to the Local Council to identify the private partner, offer valuation and the development of the feasibility study. Congestion scheme in London Traffic congestion 2001 – Feb 2003 Transport for London Company - Financial advisor to the London public transport company on the credit worthiness of the proposed preferred bidder for one of the key components of the Mayor’s proposed Congestion Charging Scheme. Prague Congestion Charging System Jan – May 2008 The City of Prague Advisor to the local authorities to prepare a strategic study for congestion charging in Prague and to implement the congestion charge system. Mother Teresa International Airport, Tirana, Albania Airport infrastructure Government of Albania 74 Mil Advisor to the Government of Albania on the structuring, tendering and granting a concession to upgrade and operate the Tirana Airport. Dalkeith City Regeneration, UK Public Administration 1997 Midlothian Council 45 Mil Advisor to the local council for the feasibility study development. The Birmingham Library, UK Jul 2003 – 2004 300 Mil Advisor to the local council on options for building a new state of the art library, identifying alternative scenarios and effects of financing and acquisition.

24 Deloitte PPPs credentials across Europe
PPP Project Sector Period Client Value (Euro) Services provided by Deloitte Highland and Islands Fire Brigade, UK Public Administration 2002 Highland and Islands Fire Brigade 165 Mil Advisor to the fire brigade on a feasibility study to develop and upgrade the brigade’s equipment and facilities. Gateshead Schools, UK Education Nov 2003–Nov 2005 Gateshead Council 77 Mil Advisor to the Local Council to secure financing to rebuild two secondary and five primary schools. Surrey Schools, UK Jun 2001 – Mar 2004 Surrey Council - Advisor to the Local Council on their „innovative‟ disposal of their school support services through a PPP joint venture . Heerenveen Stadium Expansion Netherlands Sports and Leisure 2000 – 2001 Heerenveen Municipality, SC Heerenveen and the Training Center Advisor to set up a business plan as an initial step for the project to expand the football stadium to include a hotel and a training center. Wolverhampton City Leisure, UK Oct Wolverhampton Council 18 Mil Advisor to the Local Council for the development of the feasibility study for a new leisure pool for the city, the appointment of the preferred bidder and the procurement of the new facility. Redevelopment City Center Amsterdam-North Urban Development Amsterdam Municipality and the CZAN consortium Advisor during negotiations, in the first stage of the project; advisor to the CZAN consortium on the development strategy, organization and the financial contracting with the municipality of Amsterdam.

25 Deloitte PPPs credentials across Europe
PPP Project Sector Period Client Value (Euro) Services provided by Deloitte Development contribution scheme, Dublin, Ireland Urban development Four local authorities 2,66 Billion Lead Advisor to the four local authorities on a development scheme to include parks, regeneration projects, roads, drainage system, etc. Vleuterweide urban development, Netherlands Vleuten-De Meern Municipality 900 Mil Advisor to the municipality during negotiations with private parties interested in setting up a public – private joint venture aimed at developing 11,000 houses in the area. Street Lighting in Stoke Street lighting 2001 – Jun 2003 Stoke Council 30 Mil Advisor to the Local Council on its street lighting project. Street Lighting in Staffordshire Jan 1998 – Mar 2003 Stafforshire Council Advisor to the Local Council for financial assistance and project management for the local street lighting service. Contract renegotiation Surrey Waste management 2003 – present Surrey Council 127 Mil Advisor to the Local Council to renegotiate the building contract for two Energy-from-Waste plants in the area. Wrexham, Waste Disposal, UK present Wrexham Council 57 Mil Advisor to the Local Council for a waste management services project, offers’ valuation and assistance during negotiations with the preferred bidder.

26 © 2010 Deloitte Romania Deloitte refers to one or more of Deloitte Touche Tohmatsu, a Swiss Verein, and its network of member firms, each of which is a legally separate and independent entity. Please see for a detailed description of the legal structure of Deloitte Touche Tohmatsu and its member firms.


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