工程项目融资建议书解读

Implementation Agreement
LDHB
LICB
LFIB
Corporate Guarantee Personal Undertaking
Financial Lease 融资租赁（金融租赁）
Company
•Lessee
Sponsor
Sponsor
Sponsor
Sponsor
Sponsor
•Insurance Engineering Company •EPC Contractor Provide Commercial Risk Insurance
ECAs
•Export Credit Agencies
Provide Political Risk Insurance
Bank Group
Lender
Sponsor
Lease Payment
Provide Facility
LBFSB(SPV)
•Lessee
LBFSB(SPV)
•Lessee Lease Payment Sell and Leaseback
Leasing Company •Lessor
LBFEL
Instalment Payment Loan •Lessor Instalment Engineering Company •EPC Contractor Loan
Malaysia Calculation of Taxable Base
Allowable deductions
Interest on loans, rental payments, expenses for repairs of premises, plant and equipment or fixtures or for the renewal, repair or alteration of equipment employed in the production of income;
EPC Contract
Provide Guarantees
Sponsor
Sponsor
Sponsor
Provide Loan
• Lender
Bank (s)
Facility Agent
Arranging Bank or Lead Manager
Project Company
•Special Purpose Vehicle (SPV) • Borrower provide raw material Suppliers good or service Purchasers
EPC2 (US$60m)
AMSB
Amsteel Mills Sdn Bhd
Contractor
Other Malaysian Contractors
LBF Enterprise Limited
•Lessor •Borrower •Labuan
Tan Sri William Cheng
143,970,843 Shares in Parkson Holdings Bhd
Labuan 税收政策
Labuan IBFC
Companies registering in the Labuan offshore sector would have the option of having their offshore business income taxed under the Income Tax Act 1967, in addition to under the Labuan Offshore Business Activity Tax Act 1990.
Alternatively, an offshore company which carries on an offshore trading activity may, within three months from the commencement of any calendar year, elect to be charged to tax of m$20,000(US$ 6553.72) for that year of assessment.
A
B
C
Chargeable profits derived by an offshore company from an offshore trading activity are subject to tax at a rate of 3%.
Offshore company which carries on an offshore non-trading activity is exempt from income tax altogether.
Sinosure Policy
CCB
China Construction Bank Corporation Banks Offshore Agent
Second charge/ pledge in respect of 100% equity interest in Lion DRI First charge/ pledge over all the shares in LBFSB China Malaysia EPC1(US$870m) First charge/ pledge of share of 99% of AMSB Second charge/ pledge 143,970,843 Shares in Parkson Onshore Agent Lion Diversified Holdings Berhand Lion Industries Corporation Berhand 100%→51% 29% Lion Forest Industries Berhand 20% Guarantee of Lease
Third Party •Security
Syndication Commercial lenders typically do not want to make more than US$50 million of debt for a particular client/ project and will want to pass some of the debt, and hence some of the risk, to other lenders. The process of selling the debt is called syndication. Facility Agent Administer the administrative details of the Loan on behalf of the Syndicate.
Engineering Company •EPC Contractor
Bank
•Provide loan
Bank
•Provide loan
Engineering Company •EPC Contractor
Bank
•Provide loan
Typical Financial Lease Transaction
美国财会标准手册 中国原国家计委于外 汇管理局:《境外进行 项目融资管理暂行办 法》（计外资[1997] 612 号）
1. 如需对Project Financing定义有更多的了解，可以参考P.K.Nevit《项目融资》、法律公司Clifford Chance《项目融资》等。
工程项目融资各参与方
Insurer
Deduction Income
Interest payment Rental payment (Instalment)
Interest payment
Principal payment
Taxable Base
No Financial Lease
Financial Lease
借助于融资租赁，在财务上以租金的形式实现税前还贷
Lease Receivable Facility Agreement
First priority charge/ pledge over all of the chares in LBF Enterprise Limited
1. LBFSB= Lion Blast Furnace Sendirian Berhand, Sendirian (马来西亚语) 私人的, Berhand (马来西亚语) 公司 2. LBF Enterprise Limited, a special purpose vehicle (SPV) incorporated in Labuan and wholly owned by LBFSB. 3. Sinosure,中国出口信用保险公司，简称中国信保，是中国惟一承办出口信用保险业务的政策性保险公司, 本项目中主要承保买方商业风险和政治风险。
Guarantee of Facility
100% equity interest in Lion DRI
SSB
•Steel Sdn Bhd • a subsidiary of LICB
LBFSB
•Lessee •Malaysia Lease Payment 100% Lease Agreement Sell and Leaseback
Typical Financing Transaction
LBFSB Financial Lease Transaction
1. SPV=special purpose vehicle, project company 2. LBF Enterprise Limited, a special purpose vehicle (SPV) incorporated in Labuan and wholly owned by LBFSB. 3. 本页文稿省略了相关担保、保险等参与方及其与项目各方的关系。
Project Financing 定义出处
Project Financing 定义内容 对需要大规模资金的项目而采取的金融活动。借款人原 则上将项目本身拥有的资金及其收益作为还款资金来源， 而且将其项目作为抵押条件来处理。 指以境内建设项目的名义在境外筹措外汇资金，并仅以 项目自身预期收入和资产对外承担债务偿还责任的融资 方式。具有以下特点：1. 债权人对于建设项目以外的资 产和收入没有追索权；2. 境内机构不以建设项目以外的 资产、权益和收入进行抵押、质押或偿债；3. 境内机构 不提供任何形式的融资担保。
Content
工程项目融资简介 LBFSB融资交易
LBFSB融资建议书条款解读
Content
工程项目融资简介 LBFSB融资方案
LBFSB融资建议书条款解读
LBFSB融资方案
CHMC
China National Heavy Machinery Corporation
Sinosure
China Export & Credit Insurance Corporation
1. Wilayah Persekutuan Labuan(闽联邦直辖区)，简称Labuan, 是马来西亚的一个联邦直辖区，于沙巴州西南部，位于南中国海的岛屿。 2. Lubuan IBFC, Lubuan International Business& Financial Center. 3. 本页资料来自于 http://www.lawandtax-news.com/html/labuan/jlblatdctx.html及http://www.ono-bbb.net/NewShow.aspx?Id=4820
Bank1 Security Security
Bank2
Bank3
Instalment Payment Security Permits Licences
Technical/ Engineering Bank Account Bank Insurance Bank Security Bank
ቤተ መጻሕፍቲ ባይዱ
Host Government
工程项目融资建议书解读
Content
工程项目融资简介 LBFSB融资方案
LBFSB融资建议书条款解读
Content
工程项目融资简介 LBFSB融资方案
LBFSB融资建议书条款解读
工程项目融资
Attention
本文件所阐述的工程项目融资指为某一特定的工程项目而展开的融资活动，并非一 般经济管理学所谓的项目融资(Project Financing)。