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a huge range and FREE tracked UK delivery on ALL orders.

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Book SynopsisProject finance has spread worldwide and includes numerous industrial projects from power stations and waste-disposal plants to telecommunication facilities, bridges, tunnels, railway networks, and now also the building of hospitals, education facilities, government accommodation and tourist facilities. Despite financial assessment of PF projects being fundamental to the lender's decision, there is little understanding of how the use of finance is perceived by individual stakeholders; why and how a financial assessment is performed; who should be involved; where and when it should be performed; what data should be used; and how financial assessments should be presented. Current uncertainty in financial markets makes many sponsors of construction project financings carefully consider bank liquidity, the higher cost of finance, and general uncertainty for demand. This has resulted in the postponement of a number of projects in certain industry sectors. Governments have seen taTrade Review“Overall, the short book is simple to read and understand.” (Construction Management and Economics, 2012) "This guide is for project managers, students, and academics involved in structuring and assessing project finance." (Book News Inc, November 2010)Table of ContentsList of Illustrations xi List of Tables xiii About the Authors xv Preface xvii 1 Introduction 1 1.1 The development of project finance 1 1.2 Financial assessment 6 What is financial assessment? 6 Why perform a financial assessment? 6 Who is involved in the risk assessment process? 7 Where should a financial assessment be performed? 7 When should a financial assessment be performed? 8 What data are to be used? 8 How should assessment outputs be presented? 8 1.3 Purpose of this guide 9 1.4 Scope of the guide 9 2 Project finance 11 2.1 Introduction 11 2.2 Definition of project finance 11 2.3 The key characteristics of project finance 13 Special project/purpose vehicle 14 Contractual arrangement 14 Non-/limited recourse 17 Off-balance sheet transaction 18 Robust income stream of the project as the basis for financing 19 2.4 Legal and financial considerations in project finance 20 Legal 20 Financial 22 3 Financial instruments and cash flow modelling 25 3.1 Introduction 25 3.2 Debt finance 25 Senior debt 27 3.3 Mezzanine finance 28 Subordinate debt 28 Bond finance 29 3.4 Equity finance 31 3.5 Sources of debt and equity 34 3.6 Cash flow modelling and project financing 34 4 Risk management 39 4.1 Introduction 39 4.2 Risk 39 4.3 Risk management process 41 Risk identification 42 Risk analysis 44 Risk response 47 4.4 Typical risks in project financing 49 5 The financial assessment process 51 5.1 Introduction 51 5.2 The financial assessment structure 51 SPV assessment 51 Lenders’ assessment 54 SPV and lender final assessment 55 6 Case study 57 6.1 Introduction 57 6.2 Independent power project 57 6.3 Supply and offtake contracts 58 Supply contracts 60 Offtake contracts 61 Applications of supply and offtake contracts 64 6.4 Assumptions for initial assessment 65 7 Developing the base case model 69 7.1 Introduction 69 7.2 SPV’s initial assessment 69 7.3 Identify the estimated activities, time, costs and revenues of the project 70 7.4 Development of the base case model 71 7.5 Identify major project risks 73 7.6 Assessment of base case model incorporating risks 74 8 Initial economic assessment by lenders 77 8.1 Introduction 77 8.2 Financial package assessment 77 Finance package (1) 78 Finance package (2) 82 Finance package (3) 83 8.3 Conclusions 87 9 Financial engineering 89 9.1 Introduction 89 9.2 Financial instruments used in financial engineering 90 Forward rates 90 Financial futures 90 Swaps 91 Options 92 Caps, floors, collars, swaptions and compound options 92 Asset-backed securities 93 9.3 Refinancing 94 9.4 Reappraising public–private partnerships 94 9.5 Techniques applied in the reappraisal of PPP concession agreement 95 9.6 Other financial engineering techniques 96 10 Final assessment to determine project commercial viability 101 10.1 Introduction 101 10.2 Detailed risk assessment 101 10.3 Financial engineering 105 Tax holiday 105 Financial collar 107 Extending the concession 107 Increasing debt 107 Grace period 108 Phasing construction and operation 108 Upfront payments 108 Existing concession revenues 108 10.4 Summary 109 11 Financial close 111 11.1 Introduction 111 11.2 Due diligence 111 Technical 113 Legal due diligence 114 Trigger step in rights 116 Model audit and sensitivity analysis 116 Risk valuation 117 Term sheet 117 Inter-creditor agreement 117 Hedge strategy 118 Letters of credit 118 Reserve account 119 Escrow and ring-fenced facilities 119 Economic indicators 120 Taxation 120 Insurance 121 11.3 Financial close 122 Credit committee approval process 123 Due diligence report 124 Technical closure 124 Financial close 124 Technical commencement 124 Execute interest rate swaps 125 12 Islamic finance and project finance 127 12.1 Introduction 127 12.2 Islamic finance 127 12.3 Shariah 129 Qiyas and Litihad 129 12.4 Core principles of Islamic finance 130 Sharing (profit/loss and risk) 130 No unfair gain 130 No speculation 130 No uncertainty 130 No investments that are not in the public interest 131 No hoarding of money 131 Deception 131 Islamic financial institutions 131 Shariah supervisory boards 132 12.5 Project finance 132 The Ijara principle 133 Ijara Mawsufah Fi Al Dhimmah (forward lease) 133 Istisna’a 133 Sukuk 134 Sukuk al Istisna’a 135 A typical SAI deal 135 Hedging 136 Swaps 137 12.6 Other Islamic finance techniques for projects 137 Musharaka (equity financing) 137 Bai salam (forward financing) 138 12.7 Risks and liabilities 138 12.8 Summary 139 13 Conclusions and recommendations 141 13.1 Review 141 13.2 Conclusions 142 13.3 Recommendations 144 Appendix 147 Glossary 159 References 161 Index 167

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Book SynopsisProceeding from basic theory to design studies of concert and multiple purpose halls, the author introduces a remarkable seat selection system for the analysis of new and existing halls, and proposes a diagnostic system for testing the physical properties and calculating the psychological attributes at any seat after a hall is built.Table of Contents1. Introduction.- 2. Short Historical Review for Acoustics in a Performing Space.- 3. Physical Properties of Source Signals and Sound Fields in a Room.- 3.1. Analyses of Source Signals.- 3.2. Autocorrelation Function of Piano Signal with Varying Performing Style.- 3.3. Sound Transmission from a Point Source to Binaural Entrances.- 3.4. Physical Factors of Sound Field.- 3.5. Simulation of Sound Field.- 4. Subjective Preference as an Overall Impression of the Sound Field.- 4.1. Subjective Preference of the Simple Sound Field.- 4.2. Orthogonal Properties of Acoustic Factors.- 4.3. Optimum Design Objectives.- 4.4. Theory of Calculating Scale Values of Subjective Preference.- 4.5. Examination of Subjective Preference in an Existing Hall.- 5. Human Hearing System.- 5.1. Physical Systems of Human Ears.- 5.2. Influence of Electro-Physiological Responses from Auditory Pathways and Human Cerebral Hemispheres Relating to Subjective Preference.- 5.3. Influence of the Continuous Brain Wave (CBW) on Subjective Preference.- 5.4. Auditory—Brain System: A Proposed Model.- 6. Important Subjective Attributes for the Sound Field, Based on the Model.- 6.1. Subjective Diffuseness and ASW in Relation to the IACC and/or theWIACC.- 6.2. Subjective Attributes of the Sound Fields with a Single Reflection in Relation to the ACF of the Source Signals.- 6.3. Loudness in Relation to the Effective Duration of the ACF.- 6.4. Speech Intelligibility and Clarity in Relation to the Temporal Factor (TF) and the IACC.- 7. Subjective Effects of Sound Field on Performers.- 7.1. Subjective Preference of Performer for Sound Field on the Stage.- 7.2. Influence of the Music Program Selection on Performance.- 7.3. Selection of the Performing Position for Maximizing Listener’s Preference.- 8. Passive Control of Sound Field by Design.- 8.1. Control of the IACC by Side Walls.- 8.2. Control of the IACC by Ceilings.- 8.3. Influence of Diffusers on Walls and Ceilings.- 8.4. Reflectors near the Ceiling.- 8.5. Floor Structure and Seating.- 9. Individual Listener Subjective Preferences and Seat Selection.- 9.1. Individual Preference According to Orthogonal Factors.- 9.2. Effects of Lighting on Individual Subjective Preference.- 9.3. Inter-Individual Differences in Preference Judgments.- 9.4. Seat Selection System for Individual Listening.- 10. Case Studies of Acoustic Design.- 10.1. Concert Hall Design.- 10.2. Multiple-Purpose Auditoria.- 11. Acoustical Measurements of the Sound Fields in Rooms.- 11.1. Binaural Impulse Response.- 11.2. Reverberation Time.- 11.3. Measurement of Acoustic Factors at Each Seat in a Concert Hall.- 11.4. Recommended Method for the IACC Measurement.- 11.5. Physical Properties of a Forest as an Acoustic Space.- 12. Generalization to Physical Environmental Planning Theory.- 12.1. A Generalized Theory of Designing Physical Environments.- 12.2. Examples of Physical Environmental Planning.- Appendix I. Method of Factor Analysis.- Appendix II. Design of Electroacoustic Systems.- II.1. The IACC of a Two-Channel-Loudspeaker-Reproduction System.- II.2. A System of Controlling Temporal Factors.- Appendix III. Time-Variant Sound Fields: Variable-Delay Time of a Single Reflection.- References.- General Reading.- Glossary of Symbols.- Abbreviations.- Author Index.

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