The Project Financier includes

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The Project Financier

| Micro-Degree

skills certificate

Project Finance

| Skills Certificate
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10

Hours

9

Topics

55

Practical exercises

1

Exam

Access one of the most extensive project finance online courses available. Learn risk management, the accounting specifics, how to structure the finance behind a project, and build both a simple and advanced project finance model.

Introduction to Project Finance

24 video minutes

0 excel exercises

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Video minutes 24

Excel Exercises 0

  • Project finance introduction
  • How project finance is different
  • Project finance mechanics
  • Project finance process
  • Project finance contract summary
  • Project finance contracts detail
  • Eurotunnel case study
  • Information memorandum

Risk Management in Project Finance

16 video minutes

0 excel exercises

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Video minutes 16

Excel Exercises 0

  • Risk taxonomy
  • Risk management
  • Pre-completion risks
  • Post-completion risks
  • Risks common to both parties
  • Risk reduction summary

Financing the Project

45 video minutes

6 excel exercises

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Video minutes 45

Excel Exercises 6

  • Financing and insurance package
  • Understanding debt capacity
  • How much can the project borrow
  • How much equity does the project need
  • Syndicated loan financing
  • How many banks in the syndicate
  • Syndication strategy
  • Financial crisis and the development of club deals
  • Fee structures in loan syndication
  • Mandated lead arranger
  • What has changed in the syndication market
  • Return on equity of loan
  • Return on equity of two bank loans
  • Other financing options

Accounting for Project Finance

20 video minutes

5 excel exercises

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Video minutes 20

Excel Exercises 5

  • Project finance accounting
  • Cost capitalization

Project Finance Returns

26 video minutes

6 excel exercises

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Video minutes 26

Excel Exercises 6

  • Profitability to shareholders
  • Calculating the IRR
  • Calculating the IRR with an exit multiple
  • Returns to creditors and problems with the IRR
  • Model out a loan
  • Model out a bond
  • Dividend trap
  • Subordinated loan dividend trap

Structuring the Project

21 video minutes

2 excel exercises

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Video minutes 21

Excel Exercises 2

  • Cost terminology
  • Financing the construction costs
  • Sources and uses of funds
  • Operational phase
  • Unlevered free cash flows

Debt, Coverage Ratios and Covenants

29 video minutes

3 excel exercises

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Video minutes 29

Excel Exercises 3

  • Amortization methods
  • DSCR
  • Average life calculation for loan repayments
  • Average life
  • Coverage ratios
  • DSCR and LLCR
  • Security
  • Covenants
  • Covenant breach
  • Debt service coverage ratio covenant breach

Building a Simple Project Finance Model

27 video minutes

9 excel exercises

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Video minutes 27

Excel Exercises 9

  • Sources and uses of funds
  • PP&E
  • Soft assets and income statement
  • Calculations
  • Initial balance sheet
  • Cash flow statement
  • Debt schedule
  • Interest expense
  • Returns to equity holders

Building a Full Project Finance Model

81 video minutes

24 excel exercises

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Video minutes 81

Excel Exercises 24

  • Uses of funds
  • Sources of funds
  • Other assumptions
  • Revenues and variable costs
  • Depletion of soft costs and PP&E
  • Asset retirement obligation – asset
  •  Asset retirement obligation – liability
  • Income statement
  • Calcs – operating working capital
  • Calcs – Equity
  • Balance sheet
  • Cash flow preparation
  • Cash flow from operations
  • Cash flow from investing and financing activities
  • Cash flow available for debt service
  • Revolving credit facility
  • Syndicated loan
  • Debt service reserve account
  • Non-cash interest
  • Wiring up the debt lines
  • Interest during the construction phase
  • Interest during the operational period
  • Returns to equity holders
  • Loan life coverage ratio
  • Structuring the debt
skills certificate

The Accountant

| Skills Certificate
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13

Hours

11

Topics

100

Practical exercises

1

Exam

Quickly and confidently interpret financial data and statements, evaluate them and use the calculated information to build high-quality reports. Real company data and the latest rules are covered to ensure the methods used and skills developed are immediately applicable in the workplace.

Accounting Foundations

72 video minutes

0 excel exercises

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Video minutes 72

Excel Exercises 0

  • The purpose and different types of accounting (financial versus management accounting)
  • Users of financial statements
  • Introduction to the three main financial statements and explanation of key elements
  • Overview of the contents of financial reports
  • Introduction to accounting standards
  • The accounting equation
  • Explanation of accrual accounting, the matching principle, and capitalization

Financial Accounting Review

34 video minutes

3 excel exercises

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Video minutes 34

Excel Exercises 3

  • Making entries and ensuring the balance sheet balances
  • Preparing a balance sheet
  • Preparing an income statement from the entries to retained earnings
  • Preparing a cash flow statement from the entries to the cash account
  • A review of the different categorizations on the income statement, balance sheet, and the cash flow statement

Income Statements

61 video minutes

15 excel exercises

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Video minutes 61

Excel Exercises 15

  • Revenue recognition issues
  • Cost recognition issues
  • Identifying non-recurring items from the income statement, the MD&A, the notes to the accounts and the financial statement press release
  • Calculating EBIT and EBITDA for the historical year, and on an LTM basis

Earnings Per Share

27 video minutes

11 excel exercises

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Video minutes 27

Excel Exercises 11

  • Basic EPS calculations including weighted average shares
  • Dilutive securities: options (treasury method) and convertibles (as if converted)
  • Calculating recurring EPS

Working Capital

56 video minutes

12 excel exercises

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Video minutes 56

Excel Exercises 12

  • Inventory accounting including the impact on EBIT of LIFO and FIFO accounting choices (where relevant)
  • Accounts receivable and bad debts (identifying when companies are manipulating sales)
  • Accounts payable and accruals and the difference between them from a due diligence perspective
  • Other items including taxes payable, deferred revenue, and pre-paid items
  • Working capital and operating working capital and the cash impact of changes in operating working capital
  • Credit implications of working capital movements
  • Day ratios

Non-Current Assets

39 video minutes

11 excel exercises

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Video minutes 39

Excel Exercises 11

  • Gross PP&E, accumulated depreciation, depreciation expense and net PP&E
  • Building a simple forecast of fixed assets
  • Establishing the age of a company’s fixed asset base
  • Finite, and infinite intangibles including goodwill
  • A review of key methods of accounting for financial investments
  • At fair value through the income statement
  • Available for sale
  • Associate (equity method) accounting

Capital Structure

50 video minutes

14 excel exercises

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Video minutes 50

Excel Exercises 14

  • Debt issues and repurchases
  • Simple yield to maturity and all in cost calculations and understanding Original Issuer Discounts
  • Calculating net debt
  • Equity issuance and repurchases
  • The difference between authorized, issued and outstanding shares and multiple share classes
  • Other capital items: preference shares and convertible bonds
  • Leverage ratios
  • Debt liability maturity analysis

Accounting Ratios

41 video minutes

5 excel exercises

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Video minutes 41

Excel Exercises 5

  • Profitability ratios, including margins
  • Liquidity ratios, including operating working capital
  • EBIT and EBITDA for the historical year, and on an LTM basis
  • Leverage ratios, including net debt and interest coverage
    Asset ratios

Cash Flow Statements

25 video minutes

3 excel exercises

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Video minutes 25

Excel Exercises 3

  • Understanding how to categorize cash flows between operating, investing, and financing
  • Deriving a cash flow statement from two balance sheets and an income statement
  • Deriving a balance sheet from a cash flow statement and an income statement
  • Different cash flow statement presentations

Equity Method Investments

9 video minutes

5 excel exercises

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Video minutes 9

Excel Exercises 5

  • What are equity method investments?
    • Equity affiliates/associates
    • Joint ventures
  • Equity method accounting
    • Income statement
    • Balance sheet
    • Cash flow statement
    • Financial statement integration

Intro to Full Consolidation

68 video minutes

21 excel exercises

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Video minutes 68

Excel Exercises 21

  • M&A accounting overview
  • Balance sheet consolidation
  • Sources and uses of funds
  • Goodwill calculation
  • Income statement consolidation
  • Non controlling interests – NCI
skills certificate

The Modeler

| Skills Certificate
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12

Hours

6

Topics

71

Practical exercises

1

Exam

Financial modeling is one of the most useful skills in the world of finance. Knowing how to build models quickly and error-free is critical for the decisions and recommendations that they underpin. Our online financial modeling course provides the perfect introduction to building models, developing multiple techniques for a comprehensive and practical understanding of the topic.

Introduction to Modeling

55 video minutes

13 excel exercises

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Video minutes 55

Excel Exercises 13

  • Key settings
  • Formatting and layout standards
  • Building a simple income statement and balance sheet model, on one sheet, then across sheets
  • Balancing the balance sheet using the cash flow statement
  • Preparing the model for handover
  • Key formatting and putting the output into a pitch book

Three Statement Modeling with Iterations

77 video minutes

10 excel exercises

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Video minutes 77

Excel Exercises 10

  • Income statement construction and highlighting key numbers
  • Calculation schedules (PP&E, retained earnings, operating working capital, and debt)
  • Balancing the balance sheet with a cash sweep
  • Calculating interest using average balances
  • Circular references and iterations
  • Working with a circular reference switch
  • Preparing the model for handover
  • Key formatting and putting the output into a pitch book

Three Statement Model Editing

44 video minutes

6 excel exercises

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Video minutes 44

Excel Exercises 6

  • Steps before editing
  • Inserting a new item
  • Removing an old item
  • After editing
  • Relevant keyboard shortcut keys

Three Statement Model With Estimates

70 video minutes

12 excel exercises

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Video minutes 70

Excel Exercises 12

  • Cleaning up the income statement and balance sheet and simplifying the line items
  • Getting estimates for revenues and EBIT
  • Building multiple scenarios into a model’s assumption
  • Modeling a forecast debt repayment schedule from the notes
  • Key ratios
  • Checking the model for reasonableness
  • Formatting and putting the output into a pitch book

Building a Model with Cash Sweep

71 video minutes

19 excel exercises

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Video minutes 71

Excel Exercises 19

  • Why banks want to be repaid early
  • Cash sweep mechanisms
  • How to model cash sweeps
  • Building a three statement model with a cash sweep

Checking a Model for Integrity and Errors

36 video minutes

11 excel exercises

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Video minutes 36

Excel Exercises 11

  • Top ten errors
  • Auditing and error checking toolkit
  • Checking your own model
  • Checking someone else’s model
skills certificate

Renewable Energy Project Finance

| Skills Certificate
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9

Hours

9

Topics

44

Practical exercises

1

Exam

Learn the fundamental differences between traditional project finance and renewable energy project finance and the key issues to be aware of when building a project finance model. Discover the implications for renewable energy project finance through a step-by-step build-up of a wind farm project.

Introduction to Renewable Energy

6 video minutes

0 excel exercises

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Video minutes 6

Excel Exercises 0

  • Renewable energy technologies
  • Project finance vs. renewable energy

– Similarities

– Differences

Renewable Energy - Operating Model

40 video minutes

6 excel exercises

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Video minutes 40

Excel Exercises 6

  • Build an operating model
  • Production and sales volumes
  • Offtake agreements & pricing assumptions
  • Operating costs
  • Efficiency and availability factors

Renewable Energy - Capex

38 video minutes

6 excel exercises

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Video minutes 38

Excel Exercises 6

  • CapEx
  • Construction costs
  • Lookup functions
  • Sensitivities for changes in costs
  • Depreciation of the capital assets

Renewable Energy - Financing and Loans

116 video minutes

21 excel exercises

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Video minutes 116

Excel Exercises 21

  • Interest during construction (IDC)
  • Circular references
  • Debt amortization
  • Refinancing
  • Debt Service Reserve Accounts (DRSA)

Renewable Energy - Tax and Dividends

43 video minutes

3 excel exercises

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Video minutes 43

Excel Exercises 3

  • Overview of modelling techniques for tax
  • Modelling cash available for distribution
  • Modelling dividends from the project with typical debt covenant constraints

Renewable Energy – Ratios

60 video minutes

8 excel exercises

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Video minutes 60

Excel Exercises 8

  • Ratios and bank covenants in a power generation project
  • Mechanics of modeling typical project finance ratios:
  • Debt service cover ratio (DSCR)
  • Loan life / project life cover ratio (LLCR / PLCR)
  • Using the DSCR to create a sculpted debt repayment profile

Skills & Learning Objectives in The Project Financier Micro-Degree

Recognized by industry experts

Colin Evans

Managing Director at J.P. Morgan

Colin Evans is a Managing Director at J.P Morgan and leads the financial institutions coverage team globally for the Corporate Banking.

Dr. Bridget Lyons

Professor of Finance

Professor of Finance at the Jack Welch College of Business at Sacred Heart University and Associate Instructor.

Chris Bishko

CFO

CFO with over 25 years experience as an operator, investor and investment banker in technology and financial services.

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