...CONTENT Page Abstract……………………………………………………………………………. 2 Literature review…………………………………………………………………… 3 Eurotunnel……………………………………………………………… 3 Impacts of Eurotunnel…………………………………………………… 3 Crossrail………………………………………………………………… 4 Impacts of Crossrail…………………………………………………… 5 Analysis…………………………………………………………………………. 6 2.1 Eurotunnel…………………………………………………………………… 6 2.2 Crossrail……………………………………………………………………… 7 Findings………………………………………………………………………………… 8 Conclusion………………………………………………………………………………… 9 References……………………………………………………………………………… 10 ABSTRACT Project management is the process of defining, planning, monitoring, controlling and delivering projects to meet an agreed result or requirement. Each project has its own objectives, resources, and cost estimates. In our modern world, many organisations welcome change through the implementation of projects. However large organisations such as the central bank of Brazil, Intel, Eurotunnel and many others have a lot of individual projects to implement in the organisation with limited resources. The process of managing this group of on-going, interdependent, related projects in a coordinated way to achieve strategic objectives can thus be called Programme management. Programme management has become a very important discipline because it enables the sharing of resources across projects and provides a guide for the engagement of senior managers. Many organisations tend to fail or have issues...
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...Case Study IV: Group Eurotunnel S.A. (A) The first restructuring 1995-1998 The aim of the 95/98 restructuring was to adjust debt levels and terms so that interest expenses could be paid and debts serviced, even considering Eurotunnel’s (ET’s) - compared to budgeted forecasts - higher construction cost, delayed opening, and worse than expected post-construction financial performance. Revenue kept on decreasing in 99/00 (economic growth slowed, decreased tourism, traffic stoppages, telecom cables sales dropped), and costs increased (security). While ET still could service interest payments to creditors due to “stabilization facility’”, the company carried a net loss of £-124 M in 2000, and the restructuring was evidently not sufficient for the long term. Operating profit was still positive in 2000, so clearly the fault was still too high interest expenses. A reason the interest expenses was still too high was that although the debt outstanding was lowered from £8.9 B to £6.3 B, it had in part been replaced by other interest-bearing instruments. These included £1 B of interest bearing equity notes, £1.2 B of interest-carrying PLNs (although initially low rates) and £1.5 B long-term resettable interest-bearing advances. The restructuring did consequently not decrease interest expenses enough in relation to the 99/00 operating profit, which was even worse than that of previous years. As can be seen by the 00/02 restructurings, the company needed more buyback of debt and equity...
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...Project Financing Asset-Based Financial Engineering Second Edition JOHN D. FINNERTY, Ph.D. John Wiley & Sons, Inc. Project Financing Founded in 1807, John Wiley & Sons is the oldest independent publishing company in the United States. With offices in North America, Europe, Australia, and Asia, Wiley is globally committed to developing and marketing print and electronic products and services for our customers’ professional and personal knowledge and understanding. The Wiley Finance series contains books written specifically for finance and investment professionals as well as sophisticated individual investors and their financial advisors. Book topics range from portfolio management to e-commerce, risk management, financial engineering, valuation, and financial instrument analysis, as well as much more. For a list of available titles, visit our Web site at www.WileyFinance.com. Project Financing Asset-Based Financial Engineering Second Edition JOHN D. FINNERTY, Ph.D. John Wiley & Sons, Inc. Copyright C 2007 by John D. Finnerty. All rights reserved Published by John Wiley & Sons, Inc., Hoboken, New Jersey. Published simultaneously in Canada. Wiley Bicentennial Logo: Richard J. Pacifico No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, scanning, or otherwise, except as permitted under Section 107 or 108 of the 1976 United States...
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...between the Britain and rest of Europe. The Channel Tunnel would also be able to provide an alternative competitive link between the transportation systems of the UK and France, providing both speed and reliability to freight deliveries. With the strong endorsement from the governments of both sovereigns, the decision to build the Channel Tunnel was thus made. In April 1985, the British and French governments issued a formal invitation to potential tenderers for the fixed Channel link and eventually the contract was awarded to the consortium Channel Tunnel Group Limited- France Manche S.A. (CTG/FM) (later renamed Eurotunnel). The Channel Tunnel, with the governments’ intention that it be privately funded and there would not be any government assistance or undertaking, was a build-own-operate-transfer (B-O-O-T) project with a concession. The project organization is shown in Figure 1. In this contract arrangement, Eurotunnel would be the owner cum operator,...
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...Aswath Damodaran INVESTMENT VALUATION: SECOND EDITION Chapter 1: Introduction to Valuation Chapter 2: Approaches to Valuation Chapter 3: Understanding Financial Statements Chapter 4: The Basics of Risk Chapter 5: Option Pricing Theory and Models Chapter 6: Market Efficiency: Theory and Models Chapter 7: Riskless Rates and Risk Premiums Chapter 8: Estimating Risk Parameters and Costs of Financing Chapter 9: Measuring Earnings Chapter 10: From Earnings to Cash Flows Chapter 11: Estimating Growth Chapter 12: Closure in Valuation: Estimating Terminal Value Chapter 13: Dividend Discount Models Chapter 14: Free Cashflow to Equity Models Chapter 15: Firm Valuation: Cost of Capital and APV Approaches Chapter 16: Estimating Equity Value Per Share Chapter 17: Fundamental Principles of Relative Valuation Chapter 18: Earnings Multiples Chapter 19: Book Value Multiples Chapter 20: Revenue and Sector-Specific Multiples 3 16 37 81 121 152 211 246 311 341 373 425 450 487 533 593 637 659 718 760 Chapter 21: Valuing Financial Service Firms Chapter 22: Valuing Firms with Negative Earnings Chapter 23: Valuing Young and Start-up Firms Chapter 24: Valuing Private Firms Chapter 25: Acquisitions and Takeovers Chapter 26: Valuing Real Estate Chapter 27: Valuing Other Assets Chapter 28: The Option to Delay and Valuation Implications Chapter 29: The Option to Expand and Abandon: Valuation Implications Chapter 30: Valuing Equity in Distressed Firms Chapter 31: Value Enhancement: A Discounted Cashflow...
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...Cash Flow Forecasting Essential Capital Markets Books in the series: Cash Flow Forecasting Corporate Valuation Credit Risk Management Finance of International Trade Mergers and Acquisitions Portfolio Management in Practice Introduction to Project Finance Syndicated Lending Cash Flow Forecasting Edited by Andrew Fight A MSTERDAM • BOSTON • HEIDELBERG • LONDON • NEW YORK • OXFORD P ARIS • SAN DIEGO • SAN FRANCISCO • SINGAPORE • SYDNEY • TOKYO Butterworth-Heinemann is an imprint of Elsevier Butterworth-Heinemann is an imprint of Elsevier Linacre House, Jordan Hill, Oxford OX2 8DP 30 Corporate Drive, Suite 400, Burlington, MA 01803 First published 2006 Copyright © 2006, Andrew Fight. All rights reserved. Note The materials contained in this book remain the copyrighted intellectual property of Andrew Fight, are destined for use in his consulting activities, and are to be clearly identified as copyrighted to him. Andrew Fight has asserted his right under the Copyrights, Designs, and Patents Act 1988, to be identified as author of this work, and confirms that he retains ownership of the intellectual property and rights to use these materials in his training courses and consulting activities. No part of this publication may be reproduced in any material form (including photocopying or storing in any medium by electronic means and whether or not transiently or incidentally to some other use of this publication) without the written permission...
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...Project Management Project and Programme Management Resources for Students Gower have teamed up with a major provider of project management training, ESI International, to bring you a range of project and programme resources to support your learning. Visit www.projectmanagement9.com and: • • • • Download white papers on topics as diverse as the project communication, project leadership, risk management and project troubleshooting. View professional project webinars from some of the leading presenters on project management covering topics such as: risk management, troubled project recovery, portfolio management, business requirements, earned value management, performance-based service contracting. Learn about the qualifications and development available from the PMI, Project Management Institute, the world’s largest non-profit professional association in project management. Link to further resources, professional bodies, news sites and more. These resources are designed to help you develop your learning on project management and start you on the road to professional qualifications or further development, once you have finished your degree or your current qualification. Visit www.projectmanagement9.com Project Management Ninth Edition DENNIS LOCK © Dennis Lock 2007 All rights reserved. No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise...
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...businessratioreport ©Key Note Ltd. 2011 All rights reserved No part of this publication may be reproduced, copied, stored in an electronic retrieval system or transmitted save with written permission or in accordance with the provisions of the Copyright and Patents Act 1988. Published by Key Note Ltd. 5th Floor Harlequin House 7 High Street Teddington Richmond Upon Thames TW11 8EE t: O845 504 0452 f: O845 504 0453 e-mail: reports@keynote.co.uk Stringent efforts have been made by Key Note Ltd. to ensure accuracy. However, due principally to the fact that data cannot always be verified, it is possible that some errors or omissions may occur; Key Note Ltd. cannot accept responsibility for such errors or omissions. Details supplied by Key Note Ltd. should only be used as an aid, to assist the making of business decisions, not as the sole basis for taking such decisions. Corporate Telephone Preference Service (CTPS) Under the new Privacy and Electronic Communications Regulations 2004 it is unlawful for a business to make an unsolicited sales & marketing call to a corporate subscriber if they are either registered with CTPS or have requested NOT to receive such calls. Key Note holds and regularly updates (at least every 28 days) their data in accordance with the regulation and ensures their data is compliant, as of the date created. However it is the responsibility of the caller to ensure this data is up to date and as such Key Note do not hold themselves liable for any subsequent...
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