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Standard of Excellence January 2010 Deloitte Romania
2 © 2010 Deloitte Romania Contents 2 About Deloitte 3 Doing Business in Romania 7 Public Private Partnership 10 Deloitte credentials in airport PPPs across Europe 1717 Deloitte PPPs credentials across Europe 20
4 © 2010 Deloitte Romania 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 168 000 people worldwide in over 140 countries
5 © 2010 Deloitte Romania 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 © 2010 Deloitte Romania 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
Doing Business in Romania
© 2010 Deloitte Romania. Entering the Romanian Market 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. 8 A foreign company can establish a presence on the Romanian market mainly through: Representative office Marketing agent Local distributor Local branch 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. 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
© 2010 Deloitte Romania. 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. 9
© 2010 Deloitte Romania. 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: AuditTax & legalConsultingFinancial 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
© 2010 Deloitte Romania. 11 Deloitte services [2/2] Deloitte can help foreign companies already in the Romanian through the following services: AuditTax & legalConsultingFinancial 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
Public Private Partnership
13 © 2010 Deloitte Romania 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 © 2010 Deloitte Romania 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 © 2010 Deloitte Romania Advisors Financial Technical Legal Advisors Legal Technical Advisors Financial Technical Legal SPV Supplier Operator Contractor Lenders Government Contracting Authority Private investors Typical structure of a PPP project Concession agreement Supply agreement Construction agreement Operation & maintenance agreement Shareholders agreement Equity funding Debt funding Financing agreement Equity participation
16 © 2010 Deloitte Romania 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 © 2010 Deloitte Romania 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 © 2010 Deloitte Romania 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
Deloitte credentials in airport PPPs across Europe
20 © 2010 Deloitte Romania Deloitte credentials in airport PPPs across Europe AssignmentDateClientConcession period Project value (Euro) Work undertaken Tirana Airport Concession, Albania 2001 - 2004Government of Albania 20 years74 millionAdvisor 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 2004 - 2006Private investor35 years403 millionAdvisor to the private investor for the concession to upgrade and operate the airports. Bacau Airport, Romania 2007 -The District Council of Bacau 35 years45 millionAdvisor to the District Council of Bacau on the structuring, tendering and granting a concession to upgrade and operate Bacau Airport. Ferihegy Airport, Budapest 2003-2006Private investor75 years 1.8 billionAdvisor to the private investor for the concession to operate the airport. Teeside International Airport, UK 2003Teeside Municipality 20 years30 millionAdvisor to the Teeside Municipality for the concession to upgrade and operate the airport. Pristina Airport2005 -Pristina Airport--Advisor for the pre-concession evaluation study.
21 © 2010 Deloitte Romania Deloitte credentials European airports and airlines
Deloitte PPPs credentials across Europe
23 © 2010 Deloitte Romania Deloitte PPPs credentials across Europe PPP ProjectSectorPeriodClientValue (Euro) Services provided by Deloitte Street management and maintenance in Birmingham, UK Urban infrastructure Mar 2004 – present Birmingham Council 882 MilAdvisor 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 MilAdvisor 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 Traffic congestion 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 2001 - 2004 Government of Albania 74 MilAdvisor 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 1997Midlothian Council 45 MilAdvisor to the local council for the feasibility study development. The Birmingham Library, UK Public Administration Jul 2003 – 2004 Birmingham Council 300 MilAdvisor 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 © 2010 Deloitte Romania Deloitte PPPs credentials across Europe PPP ProjectSectorPeriodClientValue (Euro) Services provided by Deloitte Highland and Islands Fire Brigade, UK Public Administration 2002Highland and Islands Fire Brigade 165 MilAdvisor to the fire brigade on a feasibility study to develop and upgrade the brigade’s equipment and facilities. Gateshead Schools, UK EducationNov 2003– Nov 2005 Gateshead Council77 MilAdvisor to the Local Council to secure financing to rebuild two secondary and five primary schools. Surrey Schools, UK EducationJun 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 Sports and Leisure Oct 2001 - 2005 Wolverhampton Council 18 MilAdvisor 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 2004 - 2005 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 © 2010 Deloitte Romania Deloitte PPPs credentials across Europe PPP ProjectSectorPeriodClientValue (Euro) Services provided by Deloitte Development contribution scheme, Dublin, Ireland Urban development 2002 - 2003 Four local authorities 2,66 BillionLead Advisor to the four local authorities on a development scheme to include parks, regeneration projects, roads, drainage system, etc. Vleuterweide urban development, Netherlands Urban development 1999 - 2002 Vleuten-De Meern Municipality 900 MilAdvisor 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 lighting2001 – Jun 2003 Stoke Council30 MilAdvisor to the Local Council on its street lighting project. Street Lighting in Staffordshire Street lightingJan 1998 – Mar 2003 Stafforshire Council30 MilAdvisor to the Local Council for financial assistance and project management for the local street lighting service. Contract renegotiation Surrey Waste management 2003 – present Surrey Council127 MilAdvisor to the Local Council to renegotiate the building contract for two Energy-from-Waste plants in the area. Wrexham, Waste Disposal, UK Waste management 1998 - present Wrexham Council57 MilAdvisor to the Local Council for a waste management services project, offers’ valuation and assistance during negotiations with the preferred bidder.
© 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 www.deloitte.com/ro/about for a detailed description of the legal structure of Deloitte Touche Tohmatsu and its member firms.www.deloitte.com/ro/about
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