Accompagnant le développement de l’économie, la croissance des investissements verticaux et horizontaux des entreprises, les activités de financement des investissements jouent un rôle de plus en plus important pour le développement de l’économie, particulièrement dans les secteurs clés du pays. Un exemple typique est le cas du financement des projets dans l’industrie gazo-pétrolière. Suite à la crise financière mondiale, les marchés financiers, dans le monde en général, et au Vietnam en particulier rencontrent plusieurs difficultés pendant ces dernières années. Etant un membre du Groupe gazo-pétrolier du Vietnam (PVN), le Groupe Financier de Petro Vietnam (PVFC - Petro Vietnam Finance Corporation) a pour mission d’utiliser les capitaux du Groupe et tout autre moyen de financement pour financer des grands projets d’investissement du Groupe et ainsi que ceux des autres entreprises membres du Groupe. Des activités performantes de financement contribuent largement à une bonne mise en œuvre et un bon déroulement des projets du Groupe ; ceux qui sont des facteurs primordiaux pour atteindre des objectifs stratégiques du Groupe.
Université du Jean – Moulin Lyon Université de Commerce du Vitenam Master Professionnel Finance et contrôle PROMOTION 2012 - 2013 MÉMOIRE Lieu du stage : Analyse des activités de financement des grands projets du Groupe Financier de Petro Vietnam Hanoi – Septembre 2013 i Table des matières : Liste des tableaux : v Liste des figures : v REMERCIEMENTS vi INTRODUCTION .1 Contexte de la recherche Objectifs de la recherche Cadre théorique Méthodologie de recherche .2 Structure du mémoire .3 CHAPITRE : REVUE DE LA LITTERATURE SUR LE FINANCEMENT DES GRANDS PROJETS Grands projets 1.1 Définitions des grands projets .4 1.2 Caractéristiques des grands projets et leur financement 1.3 Sources de financement des grands projets Fondements théoriques sur le financement des grands projets 2.1 Nature et risques 2.2 Approches théoriques 2.3 Evaluation des grands projets 11 2.3.1 Approche d’évaluation de projet .11 2.3.2 Contenu d’évaluation des grands projets 12 2.4 Modèle d’évaluation 12 2.4.1 Evaluation des flux de trésorerie disponibles (FCF – Free Cash Flow) 13 2.4.2 Les méthodes d’évaluation de la performance du projet 13 2.4 Modes de financement 15 2.5 Mesure et gestion de risques .15 2.5.1 Classement et gestion des risques : 16 2.5.2 Mesure des risques .17 CHAPITRE : ETUDE DE CAS DU GROUPE FINANCIER DE PETRO VIETNAM 20 Démarche de collecte et traitement des données 20 1.1 Choix du sujet d’étude 20 1.2 Objectifs de la recherche 21 ii 1.3 Objet et limites de la recherche 21 1.4 Méthodes de collection et traitement des données 21 Présentation de l’étude de cas au groupe Financier de Petro Vietnam 22 2.2 Informations générales sur le groupe PVFC 22 2.2.1 Actifs 22 2.2.2 Passifs 23 2.1.3 Résultats d’activités 24 2.2 Problématique liée au financement des grands projets 24 Présentation des cas des grands projets étudiés 29 3.1 Cas de grand projet Chim Sao (projet déjà terminé) 30 3.2 Cas de grand projet Thai Binh (en cours) 31 3.3 Cas de grand projet du port Nam Dinh Vu (projet interrompu) 32 CHAPITRE : ANALYSE ET DISCUSSION SUR LES ACTIVITES DE FINANCEMENTS DES GRANDS PROJETS DE PVFC 34 Modes de financement des grands projets 34 Sources de financement des grands projets 36 Evaluation des grands projets chez PVFC 37 3.2.1 Critères d’évaluation des grands projets 39 3.2.2 Évaluation des grands projets 41 Contrat de financement des grands projets 42 Gestion de risques dans le financement de grand projet 44 5.1 Gestion du risque de taux d’intérêt 44 5.2 Gestion du risque de change .45 5.3 Gestion du risque politique et juridique 46 Facteurs influenỗant le financement des grands projets 46 6.1 Facteurs positifs 46 6.2 Facteurs négatifs .48 Propositions d’amélioration des activités de financements des grands projets 49 CONCLUSION 50 Bilan du mémoire 50 Apports théoriques et managériaux .50 Limites et perspectives de recherche 51 BIBLIOGRAPHIE 52 ANNEXES 54 iii iv Liste des tableaux : Tableau 1.1 : Déterminants du projet selon de différents points de vue de l’investissement 11 Tableau 1.2 : Risques liés au projet et méthodes de gestion .16 Tableau 2.1 : Projets importants de PVFC pendant la période 2007 - 2011 25 Tableau 3.1 : Critères financiers d’évaluation des grands projets 39 Tableau 3.2 : Evaluation de la performance financière des grands projets 41 Tableau 3.3 : Analyse de sensibilité de la VAN et du TRI suite au changement de taux d’intérêts du projet du port de Nam Dinh Vu 44 Tableau 3.4 : Analyse de sensibilité de la VAN et du TRI suite l’évolution du taux de change du projet du port Nam Dinh Vu 45 Liste des figures : Figure 1.1 : Proportion des sources de financement pour des grands projets pendant la période 1994 – 2002 dans le monde Figure 2.1 : Structure des actifs du PVFC en 2012 .22 Figure 2.2 : Capital propre, capital légal et ratio CAR de PVFC (2010-2012) 23 Figure 2.3 : Capital propre, capital légal et ratio CAR de PVFC (2010-2012) 24 Figure 3.1 : Structure de financement des grands projets 36 Figure 3.2 : Structure de crédit du projet Chim Sao 36 Figure 3.3 : Structure de crédit du projet Thai Binh 37 Figure 3.4 : Processus de mobilisation des capitaux de la PVFC .37 v REMERCIEMENTS Je tiens les remercier tous les professeurs vietnamiens et franỗais l’Université de Commerce du Vietnam et les personnels du Groupe Financier de Petro Vietnam (PVFC - Petro Vietnam Finance Corporation) pour les aide, les formations, les conseils qu’ils m’ont donnés et toutes les réponses qu’ils ont bien voulu apporter mes questions J’aimerais remercier plus particulièrement Mme Laurence ABADIE, ma tutrice du projet, pour ses précieux conseils lors de la rédaction de ce rapport Je tiens aussi remercier Monsieur NGUYEN Bui Cong – Vice Directeur du Departement due transaction centrale du PVFC, Monsieur NGUYEN Bui Cong non seulement pour m’avoir accueilli, mais aussi pour m’avoir appris le fonctionnement du service et de la société Enfin, j’aimerais remercier ma famille, mes amis pour leur soutien et leur encouragement inconditionnels durant mes études vi INTRODUCTION Contexte de la recherche Accompagnant le développement de l’économie, la croissance des investissements verticaux et horizontaux des entreprises, les activités de financement des investissements jouent un rôle de plus en plus important pour le développement de l’économie, particulièrement dans les secteurs clés du pays Un exemple typique est le cas du financement des projets dans l’industrie gazo-pétrolière Suite la crise financière mondiale, les marchés financiers, dans le monde en général, et au Vietnam en particulier rencontrent plusieurs difficultés pendant ces dernières années Etant un membre du Groupe gazo-pétrolier du Vietnam (PVN), le Groupe Financier de Petro Vietnam (PVFC - Petro Vietnam Finance Corporation) a pour mission d’utiliser les capitaux du Groupe et tout autre moyen de financement pour financer des grands projets d’investissement du Groupe et ainsi que ceux des autres entreprises membres du Groupe Des activités performantes de financement contribuent largement une bonne mise en œuvre et un bon déroulement des projets du Groupe ; ceux qui sont des facteurs primordiaux pour atteindre des objectifs stratégiques du Groupe Par conséquent, nous avons choisi le sujet qui porte sur l’ “Analyse des activités de financement des grands projets du Groupe Financier de Petro Vietnam” dans le cadre de ce mémoire de fin d’étude Les questions de recherche sont les suivantes : - Pourquoi le financement des grands projets rencontrent souvent des difficultés chez le PVFC ? - Comment fonctionnent les activités de financement des grands projets chez le PVFC ? Quel type de projet ? Quelle mode de financement ? Comment gérer les risques ? - Quelles sont les facteurs qui influencent négativement et positivement ces activités ? Objectifs de la recherche Notre recherche vise les objectifs suivants : - Identifier les difficultés rencontrés et leurs causes dans les activités de financement des grands projets chez PVFC ; - Identifier les caractéristiques particulières des grands projets du PVFC ; - Déterminer le profil des grands projets financés par le PVFC ; - Evaluer les méthodes d’évaluation des projets et le processus de décision de financement en sein du PVFC ; - Etudier les modes de financements actuellement utilisés par le PVFC ; - Analyser les risques associés avec le financement des grands projets ainsi que la gestion de ces risques ; - Identifier les facteurs qui influencent le financement des projets - Comparer les approches théoriques de financement des grands projets et les pratiques actuelles du PVFC Cadre théorique Pour étudier ce sujet, nous nous basons sur les trois approches théoriques Premièrement, il s’agit de l’approche de la structure optimale des capitaux selon laquelle la méthode de financement des grands projets permet d’optimiser les apports de fonds sous forme d’une combinaison de fonds propres et de dette bancaire (Shah et Thakor, 1987 ; Baker et Jeffrey, 2002) Cette optimisation veille maximiser la rentabilité des fonds propres de l’actionnaire ou sponsor du projet, tout en assurant le remboursement de la dette bancaire dans des conditions acceptables pour les prêteurs en cas de scénarios dégradés Deuxièmement, la théorie de l’agence se focalise sur la relation d’agence qui émerge lors qu’il existe une délégation de pouvoir d’un principal un agent qui engage effectuer des taches en faveur du principal (Jensen et Meckling, 1976) Cependant, l’agent agit souvent pour maximiser ses intérêts, mais pas ceux du principal Cette perspective expliquent pourquoi les projets ou les dettes engendrées sont financés par des institutions financières ou des entreprises spécialisées dans la gestion des projets plutôt par les fonds propres de l’entreprise ayant le projet Car, en effet, il est plus facile de gérer les dettes envers une société externe par rapport la gestion d’un financement long terme dans l’entreprise elle-même Egalement, la méthode de financement de projet par recours l’une institution externe garde la même structure des investisseurs qui sont souvent d’avoir des différentes opinions sur les flux d’argents et dépenses du projet Donc, le financement externe permet de réduire les conflits dans la gestion et réalisation du projet (Brealey et al., 1998) Troisièmement, il s’agit de l’approche de gestion des risques selon laquelle les investissements impliquent des risques qui peuvent influencer négativement l’entreprise entière s’ils échouent En cas d’un prêt bancaire, il exige obligatoirement des garanties équivalentes En revanche, les méthodes de financement des grands projets permettent de clôturer les impacts dans le cadre du projet en cours, et donc il s’agit d’un moyen efficace de gestion de risque (Esty, 2003) Méthodologie de recherche Pour réaliser la recherche présente, nous utilisons l’étude de cas la méthodologie de recherche Notre choix du cas de Groupe Financier de Petro Vietnam (PVFC) – un membre du Groupe pétrolier du Vietnam (PetroVietnam) est justifié par le fait que le PVFC est spécialisée dans les activités financières du PetroVietnam Il a aussi pour mission de soutenir et renforcer l’efficacité de ces activités de sa société-mère ainsi que celles des entreprises membres Par conséquent, avec des opérations traditionnelles d’une banque commerciale telles que les prêts, dépôts bancaires etc., le PVFC doit accorder un attention particulière en mobilisant toutes ses ressources pour accomplir les objectifs ci-dessus Ces activités jouent donc un rôle particulièrement important dans le PVFC, en effet comme sa raison d’être En outre, la société devient spécialiste dans la recherche des capitaux et elle dispose d’une compréhension profonde sur les projets, bénéficie d’un très large réseau des relations et profitent bien du prestige du Groupe La création de cette activité apporte donc un intérêt important au Groupe et ses membres En résumé, les activités de mobilisation des capitaux du PVFC consistent utiliser son propre fonds d’une part et recourir des opérations professionnelles d’autre part afin de mobiliser les capitaux provenant des autres organisations, dans le but de répondre d’une manière exhaustive et ponctuelle au besoin de capitaux des clients Pour collecter des données, nous nous basons principalement sur les données secondaires par une recherche documentaires Les sources d’informations sont celles internes travers les rapports d’activités du PVFC, y compris les rapports d’activités annuels du groupe, les rapports sur les projets industriels anciens, en cours de financement et en cours d’évaluation Les données externes qui sont également analysées proviennent des revues, journaux, des livres, de recherche, les conférences sur le financement des projets industriels et l’investissement financier Les données collectées seront synthétisées, analysées et interprétées en combinant et en comparant les informations recueillies par les deux sources pour une meilleure interprétation des activités de financement des projets industriels du PVFC Structure du mémoire Ce mémoire comprend chapitres Dans le premier, il s’agit d’une revue de la littérature sur le financement des grands projets Puis dans le deuxième chapitre, nous abordons l’étude de cas du Groupe Financier de Petro Vietnam et ses activités de financement des grands projets Enfin, le dernier chapitre analysera et discutera le développement et les solutions d’amélioration des activités de financements des grands projets de PVFC CHAPITRE : REVUE DE LA LITTERATURE SUR LE FINANCEMENT DES GRANDS PROJETS Grands projets 1.1 Définitions des grands projets Les grands projets sont définis par un ensemble des propositions sur le financement dans le renouvellement, l’élargissement ou l’amélioration des objets précis afin d’atteindre la croissance en quantité, de réformer ou d’améliorer la qualité des produits ou de tels services dans une durée déterminée (Finnerty, 2007) En général, un grand projet a des caractéristiques suivants (Beale et al., 2002)) : - Il dure dans un temps déterminé avec un point précis d’ouverture et de clôture - Il détermine clairement les objectifs et les résultats attendus avant la réalisation - Il a un budget limité un certain seuil - Il reỗoit provisoirement des ressources humaines dans des domaines concernés pendant le temps du déploiement du projet Pour classer les grands projets, on pourrait se baser sur des critères différents tels que : le but du projet, le lien entre les projets, l’envergure du projet… En particulier, si le classement se fait selon l’envergure et la propriété du projet, il rapporter deux avantages essentiels : - Pour répartir les tâches de gestion du projet (approuver le projet – décider l’investissement ou vérifier l’architecture des fondements des projets) - Pour gérer et distinguer l’organisme et l’individuel qui exercent le métier : établir, vérifier le projet ainsi que l’organisation dans laquelle l’individuel exerce sa gestion du projet Un projet qui est jugé « grand » ou « petit » dépend de son échelle d’investissement et de la propriété du domaine dans lequel le projet est mis en place En fonction du point de vue et du but de classement, les critères pour délimiter les grands projets sont différents Au Vietnam, la loi comporte des règles sur les critères de classement des projets en fonction de leur envergure En se basant sur cette dernière déterminée par la somme d’investissement totale et la propriété du projet selon les domaines, on peut distinguer types de projet : le projet important l’échelle nationale, le projet du groupe A-B-C Concrètement : - Les projets importants l’échelle nationale sont ceux qui ont la grande somme d’investissement totale fixée chaque période (par exemple : plus de 20.000 milliards de dong pendant la période de 2006 et 35000 milliards de dong pendant la période de 2010) ou ceux qui demandent la délibération des terres et la réhabitation grande échelle, plus de 20.000 habitants 50.000 habitants en fonction de la région, ou ceux qui affectent énormément l’environnement comme les usines de l’électricité nucléaire, ceux qui concernent les forêts de prévention et ceux services, value-added or similar taxes (if applicable) relating to the Mandate Documents or to which the Mandate Documents are or at any time may be subject to 4.3 Payment of Advisors’ Expenses: The Company shall pay for all Expenses of Advisors in connection with the Project appraisal, the due diligence process, and the preparation and completion of the Facility Documents Payment of any Advisor’s Expenses are due ten (10) days after receipt of a completed invoice Payments All payments to be made under the Mandate Documents: (a) shall be paid in the currency of invoice and in immediately available, freely transferable cleared funds to such accounts with such bank as the Lead Arranger notifies to the Company; (b) shall be paid without any deduction or withholding for or on account of tax (“Tax Deduction”) unless a Tax Deduction is required by law If a Tax Deduction is required by law to be made, the amount of the payment due shall be increased to an amount which (after making any Tax Deduction) leaves an amount equal to the payment which would have been due if no Tax Deduction had been required; and (e) are exclusive of any value added tax or similar charge (“VAT”) If VAT is chargeable, the Company shall also and at the same time pay to the recipient of the relevant payment an amount equal to the amount of the VAT Information 6.1 The Company represents and warrants that: (a) it has exercised reasonable care in the preparation and provision of all factual information provided to the Lead Arranger (the “Information”) to ensure that it is true, complete and accurate in all material respects as at the date it was provided or as at the date (if any) at which it was stated; (b) to its best knowledge after making due and careful enquiry, nothing has occurred or been omitted and no information has been given or withheld that results in the Information being untrue, incomplete or misleading in any material respect; (c) any financial projections contained in the Information have been prepared in good faith and on reasonable assumptions; and (d) it has and will provide to the Lead Arranger all necessary information for the successful closing of the Facility and any factual information provided to the Lead Arranger by or on behalf of it or any other member of the Group (including for the purposes of preparing an Information Memorandum, if required) 57 Indemnity 7.1 Subject to the other provisions of the Mandate Documents: (a) Whether or not the Facility Documents are signed, the Company shall indemnify each Indemnified Person against any cost, expense, loss or liability (including without limitation of legal and tax consultant fees) incurred by or awarded against that Indemnified Person in each case arising out of or in connection with any action, claim, investigation or proceeding commenced (including, without limitation, any action, claim, investigation or proceeding to preserve or enforce rights) in relation to any breach by the Company of its obligations under the Mandate Documents or in relation to the Mandate Documents or the transactions contemplated herein (b) For the purposes of this Clause 7: “Indemnified Person” means the Lead Arranger and the Lenders, as the case may be, and their directors, officers, employees, professional advisers and agents Confidentiality The Company acknowledges that the Mandate Documents are confidential and the Company shall not, and shall ensure that no other member of the Group shall, without the prior written consent of the Lead Arranger, disclose the Mandate Documents or their contents to any other person except: (a) as required by law or by any applicable governmental or other regulatory authority or by any applicable stock exchange; and (b) to its employees or professional advisers for the purposes of the Facility who have been made aware of and agree to be bound by the obligations under this paragraph or are in any event subject to confidentiality obligations as a matter of law or professional practice Publicity/Announcements All publicity and announcements in connection with the Facility shall require the prior agreement of the Company save and except where required by law or by any applicable governmental or other regulatory authority or by order of any court or tribunal 10 Conflicts 10.1 The Company acknowledges that the Lead Arranger or its Affiliates may provide debt financing, equity capital or other services to other persons with whom the Company or its Affiliates may have conflicting interests in respect of the Facility in this or other transactions 58 10.2 The Company acknowledges that the Lead Arranger or its Affiliates may act in more than one capacity in relation to this transaction and may have conflicting interests in respect of such different capacities and the Company (for itself and on behalf of the Borrower) waives such conflict of interest 10.3 The Lead Arranger shall not use confidential information obtained from the Company or the Group for the purposes of the Facility, in connection with providing services to other persons or furnish such information to such other persons 10.4 The Company acknowledges that the Lead Arranger has no obligation to use any information obtained from other sources, transactions or services for the purposes of the Facility or to furnish such information to the Company or the Group 11 Assignments No party shall assign any of its rights or transfer any of its rights or obligations under the Mandate Documents without the prior written consent of the Company or the Group (in the case of the Lead Arranger) or the Lead Arranger (in the case of the Company or the Group) 12 Termination 12.1 If the Company does not accept the offer in this letter made by the Lead Arranger before close of business in Vietnam 18th September 2009 such offer shall terminate on that date 12.2 The Lead Arranger may terminate its obligations under this letter with immediate effect by notifying the Company if: (a) in its opinion, any of the conditions set out in paragraph (Conditions) is not satisfied; or (b) the Company fails or has failed to disclose to the Lead Arranger information which could be relevant to their decision to arrange the Facility or enter into this Mandate Agreement; or (c) the Company fails to comply with or satisfy any terms and conditions of the Mandate Documents and does not remedy the same within 10 days of being notified of the failure by the Lead Arranger 13 Survival 13.1 Except for paragraphs (Conditions), (Material Adverse Change) and 12 (Termination) the terms of this letter shall survive and continue after the Facility Documents are signed 13.2 Without prejudice to paragraph 13.1, paragraphs (Fees, Costs and Expenses), (Payments), (Indemnity), (Confidentiality), (Publicity/Announcements), 10 (Conflicts) and 12 (Termination) to 17 (Governing Law and Jurisdiction) inclusive shall survive and continue after any termination of the obligations of the Lead Arranger under the Mandate Documents 59 14 Entire Agreement 14.1 The Mandate Documents set out the entire agreement between the Company and the Lead Arranger as to arranging the Facility and supersede any prior oral and/or written understandings or arrangements relating to the Facility 14.2 Any provision of a Mandate Document may only be amended or waived in writing signed by the Company and the Lead Arranger 15 Third Party Rights 15.1 Unless expressly provided to the contrary in this letter, a person who is not a party to this letter has no right to enforce or to enjoy the benefit of any of its terms 15.2 Notwithstanding any term of this letter, the consent of any person who is not a party to this letter is not required to rescind or vary this letter at any time 16 Counterparts This letter may be executed in any number of counterparts and this has the same effect as if the signatures on the counterparts were on a single copy of this letter 17 Governing Law and Jurisdiction 17.1 This letter (including the agreement constituted by your acknowledgement of its terms) is governed by Singaporean law 17.2 The parties submit to the non-exclusive jurisdiction of the Singaporean courts If you agree to the above, please acknowledge your agreement and acceptance of the offer by signing and returning the enclosed copy of this letter Yours faithfully, Nguyen Thien Bao Deputy General Manager …………………………… For and on behalf of 60 Petrovietnam Finance Corporation We acknowledge and agree to the above: …………………………… For and on behalf of Singaporean Special Purpose Vehicle Summary of Indicative Terms and Conditions This summary of Indicative Terms and Conditions are non-binding and set out the indicative structure, which could be used to finance the a Singaporean special purpose vehicle (which shall be substantially owned by Emas Offshore Pte Ltd (“EMAS”) and Petro Vietnam Transportation Corporation, IFC, FMO, Keppel Shipyard in the project of conversion and providing FPSO service in Block 12W Chim Sao, offshore Vietnam It is strictly confidential and shall not be disclosed to any third party and is for indicative and discussion purposes only These Indicative Terms and Conditions cannot be construed as an agreement or commitment to provide debt facilities Such commitment is subject to the requisite internal credit approvals and satisfactory due diligence and documentation PARTIES INVOLVED BORROWER: Singaporean special purpose vehicle (which shall be substantially owned by Emas Offshore Company Pte Ltd, Petro Vietnam Transportation Corporation, IFC, FMO, Keppel Shipyard GUARANTOR: - Emas Offshore Company Pte Ltd; - PetroVietnam Transportation Corporation; - Keppel Shipyard Investment Company; OBLIGORS: Borrower and the Guarantors SPONSOR: SPV PROJECT COMPANY: SPV 61 LEAD ARRANGER: PVFC FACILITY/SECURITY AGENT: “TBD” ACCOUNT BANK: “TBD” COORDINATING BANK: PVFC LENDERS: PVFC together with any other financial institutions to be invited by the Lead Arranger in consultation with the Obligors FACILITY AND BORROWING BASE TYPE OF FACILITY: Cash Back Payment Guarantee Facility FACILITY AMOUNT: Up to 252 million USD (Two hundred and fifty two million TARGET AMORTISATION United States dollars) Amortization period will be every (three) month, started on st SCHEDULE: November 2011 Principal to agent bank will be paid in 24 PURPOSE: (twenty four) equal amounts The Facility will be used to finance the the project of conversion FACILITY LIMIT: and providing FPSO service in Block 12W, offshore Vietnam the Facility Amount AVAILABILITY PERIOD: The Facility will be available for drawing for a period until July st VOLUNTARY REPAYMENT: 2011 TBD CANCELLATION: Any undrawn portion of the Facility shall be automatically INTEREST PERIOD: cancelled at the end of the Availability Period Every (three) month INTEREST RATE: Average COF of Lenders for the relevant interest period or a fixed MARGIN: rate equivalent (exclude withholdings) 3.55% p.a (exclude withholdings) COMMITMENT FEE: 0.5% p.a DEFAULT INTEREST 150% PROJECT ACCOUNTS: withholdings) The Borrower shall establish, maintain and charge in favor of the of applicable interest rate and margin (exclude Lenders the following offshore bank accounts in Singapore with 62 the Facility Agent Proceeds Account - An account into which all the Borrower’s receipts and (if applicable) dividends from the Project Company shall be paid into and from which any cash calls from the Project Company in relation to the Project shall be drawn Debt Service Reserve Account (“DSRA”) - A reserve of (three) months forward debt service to be pre-funded commencing from the date of the final drawing In alternative, the Borrower may provide a standby letter of credit (“SBLC”) or bank guarantee (“BG”) to cover the DSRA to be issued by a Lender or a financial institution (rated at least AA- by S&P) or if such financial institution is not rated then such financial institution as acceptable to the Lenders The SBLC/BG will have a term of no more than 12 months, will need to be reissued at the end of each period and topped up if ever called upon Insurance Proceeds Account - An account to which the share of insurance proceeds to which the Borrower is directly or indirectly entitled to, in excess of USD [TBD] million, are paid Distribution Account - An account to which on a quarterly basis the balance at the end of the Cash Flow Waterfall of the Collection Account shall be credited provided that the DSRA is fully funded SECURITY: and no Event of Default shall have occurred and be continuing Subject to legal due diligence and if applicable under Vietnamese Law, Lender’s security will include inter-alia the following: (i) Guarantees from Shareholders; (ii) Payment guarantee stated in Charter Party; CONDITIONS PRECEDENT: (iii) Mortgage over the FPSO; As customary for a facility of this nature, including inter alia: i) completion and execution of Facility Documents; ii) provision of certified copies of each Obligors’ constitutional documents; iii) provision of certified copies of appropriate corporate resolutions of each Obligor; iv) receipt by the Facility Agent of legal opinions in satisfactory form and substance; v) satisfaction that all necessary insurances are in place; vi) receipt of each Obligor’s most recent available audited and 63 unaudited financial statement and confirmation that there has been no material adverse change in the Obligor’s financial condition and business since the date of the financial statement; (vii) completion of technical, tax and legal diligence by Lead Arranger relating the transaction and completion and perfection of Security arrangements detailed above; (viii) confirmation that the Borrower has satisfactory title directly or indirectly to the transaction and confirmation that all requisite consents licenses, permits and approvals have been obtained; (ix) all Representations and Warranties given by each Obligor to be correct; (x) no material litigation, arbitration or administrative proceeding is taking place or pending against an Obligor; (xi) no Event of Default or potential Event of Default has occurred and is continuing; (xii) agreed initial Borrower’s Forecast is in place; (xiii) any shareholder loans to be subordinated to the Facility (xiv) Project Accounts opened with the Facility Agent; (xv) DSRA fully funded (xvi) Satisfactory environmental due diligence by reputably independent consultant REPRESENTATIONS AND (xvii) Financial Model to be agreed As customary for a facility of this nature, applicable to the WARRANTIES: Obligors to include, inter alia: i) its entry into and performance of the Facility Documents does not conflict with any law, Memorandum or Articles of Association or other obligations; ii) it is duly incorporated and validly existing under the laws of Singapore as a limited liability company; iii) It has power and authority to execute, deliver and perform its obligations under each Facility and Project Documents to which it is a party and to create security; iv) each Facility Document to which it is a party constitutes valid and legally binding obligations; v) the obligations of the Borrower ranks at least pari-passu with all other present indebtedness; 64 and future unsecured and unsubordinated vi) to the best of its knowledge no steps have been taken for the revocation, variation or refusal of any material license or consent; vii) no material litigation, arbitration or administrative proceeding is taking place; viii) it has not taken any steps and it is not aware of any steps having been or being taken for its winding-up, administration or similar event or for the appointment of a receiver, administrator, or similar officer of it or of any or all of its assets or revenues; ix) each of the Facility Documents is in full force and effect and no party is in material default under any Facility Document; x) it is not in default in the performance of any material covenant or obligation; xi) its latest audited financial statements present fairly and accurately the financial position as at such date; xii) no Event of Default or potential Event of Default, and no breach of any material Project Documents, has occurred and is continuing; xiii) there has been no material adverse change in its financial condition or business; xiv) it is in compliance with all relevant laws and regulations; xv) it is not required to make any deduction or withholding from any payments under the Facility Documents; and xvi) the Borrowers' interests in the Asset are owned free and clear of all encumbrances COVENANTS/ As customary for a facility of this nature, applicable to the UNDERTAKINGS: Obligors with regards to the Asset, to include, inter alia: Positive covenants (i) procure to make reasonable endeavors to ensure that the project is operated by the Project Company in accordance with good oil industry practice and all applicable laws; (ii) maintain corporate existence; (iii) effect and maintain insurance; (iv) comply with provisions under the Project Documents and Facility Documents; (v) comply with laws, consents, licenses; (vi) construct and operate with prudent practice and in accordance 65 with international oil and gas industry standards, local health, safety, and environmental standards and regulations, and Equator Principles; (vii) obtain and maintain all permits, approvals and authorizations required in connection with the Financing Documents; (viii) maintain acceptable accounting system and file all tax returns; (ix) create, perfect and maintain the security; (x) notification of Events of Default and potential Events of Default; (xi) give notice of any material litigation, arbitration or administrative proceedings which might have a material adverse effect; (xii) to provide such information as the Lenders might reasonably require; (xiii) all revenues to be deposited in the Collection Account; and (xiv) maintain the DSRA balance for each semi annual period Negative Covenants (i) not incur any mortgage, charge, pledge, lien or encumbrance on Borrower’s interest in the Asset save for: (a) as required under this Facility (b) charges over funds to secure abandonment obligations; (c) liens arising by operation of law; (d) other encumbrances with the consent of the Lenders (ii) not give guarantees or incur any indebtedness without the prior consent of the Lenders; (iii) restriction on encumbrances on Borrower’s interest in the Asset; (iv) not sell or otherwise dispose of any of the Borrower’s interest in the Asset, other than in the ordinary course of business; (v) no change of business, control, ownership, merger and consolidation; (vi) not concur in any decision to abandon the Asset; (vii)not pay any dividend, or make or repay any inter-company loans if an Event of Default or potential Event of Default is continuing or if a Mandatory Prepayment occurs; and (viii) restrictions on transactions with affiliates 66 EVENTS OF DEFAULT: As customary for a facility of this nature, applicable to the Obligors in respect of the Asset, to include, inter alia: i) non-payment of any amount when due under the Facility; ii) breach of any Representation, Warranty or Undertaking; iii) breach of other provisions of the Facility Documents; iv)The DSCR being less than 1.10; vi) cross-default in relation to all other contingent or actual indebtedness of the Borrower and Sponsor (subject to a threshold of USD 1.0 million); vii) cross-default in relation to all other contingent or actual indebtedness of the Guarantor subject to a threshold of [USD 15.0] million); viii) insolvency, administration, liquidation, seizure of assets or similar events; ix) invalidity of Lenders’ security; x) unenforceability, invalidity, illegality, of a Project Document or Facility Documents; xi) cessation of business (as carried on on the date of the Facility Documents; xii) revocation, expropriation, suspension, variation or revocation of any material agreement; xiii) compulsory nationalization or acquisition by a government; xiv) the sale of all or any part of the Obligors’ interests, or the Borrower's interest in the Project Company, without the Lenders’ consent; xv) change of control of Obligors [or the Project Company]; xvi) the latest Borrower’s Forecast does not demonstrate that the Facility can be repaid by Final Maturity; xvii) any licenses is suspended, cancelled, or revoked that might have a material adverse impact on the Borrower’s ability to fulfill its payment obligations under the Facility; xviii) material litigation, arbitration or proceedings; xix) repudiation or rescission of a Facility Document or Project Document; xx) material adverse effect on Obligor’s ability to perform or comply with any of its obligations under the Facility Documents; and 67 xxi) Project Completion is not achieved by the Longstop Date xxii) Failure of the Borrower to meet Project Completion by July 1st 2009 Certain of the Events of Default will be subject to an appropriate GOVERNING LAW: remedy period and/or materiality qualifier Singapore Law, Vietnamese Law EXPENSES: All legal (subject to agreement) and out-of-pocket expenses incurred by the Lenders in connection with the negotiation and preparation of the Facility Documents, including legal and advisory costs, plus VAT or other withholding tax, will be for the account of the Borrower regardless of whether or not the facility is concluded The Borrower will also be responsible for its own legal EXPIRY: costs This offer is available for acceptance until September 18 th 2009 Acceptance shall not constitute a commitment on the part of the Lead Arranger; such commitment shall only take effect upon execution of the Facility Documents The Lead Arranger reserves the right to withdraw this offer, or renegotiate the Indicative Term Sheet if the Facility Documents have not been executed by MARKET FLEX: September 18th 2009 The Lead Arranger shall be entitled at any time, prior to signing of the Facility Documents to propose changes to the terms, structure, amount and/or pricing of the Facility if the Lead Arranger determines that such changes are advisable in order to ensure a successful participation of all the Lenders in the Facility and to support its own credit approval process The Borrower agrees to consider such proposal in good faith with a view to agreeing them to ensure a successful participation of the Lenders If the Borrower does not accept such changes within a 5-day period, the Lead MISCELLANEOUS TERMS & Arranger will be entitled to terminate this offer In addition, the Facility Documents will contain usual clauses CONDITIONS: relating to illegality, taxes, increased costs, transferability and documentation DEFINITIONS ASSET Floating processing storage offload (“FPSO”) CLOSING DATE: The date on which Facility Documents are executed 68 DSCR: At each Redetermination Date, calculated based on the most recent Borrower’s Forecast, as the ratio of: (i) the cash flow available for debt service; to (ii) the aggregate amount of principal, interest, fees and other costs FORECAST: and expenses payable under the Facility Cash-flow and debt service projection prepared by the Facility Agent and approved by the Majority Lenders on a semi-annual basis, starting from the Initial Redetermination Date, covering detailed forecast financial parameters, a calculation of the NPV and other ratios based on agreed technical and economic assumptions, which is subsequently updated, supplemented or PROJECT DOCUMENTS: replaced as required under the Facility As customary documentation for a facility of this nature, in respect of the Asset and production facilities, to include, inter alia: - The approved Feasibitily Study Report - Total cost estimate / Estimate Detail (depending on stage of project implementation) - Summary Report profile design - Report of the construction plans, construction methods, construction supervision - Contract converting from boat to FPSO - The construction contract bidding, construction supervision, contract to import / purchase of machinery and equipment, project management consultants (if have) -The profile machines: catalog (if selected machine) or price (if you are selecting appliances), purchase contracts, technology explanations (if have) - O& M service contract with SPV - Sale contracts, supply with POVO/ documents related to FACILITY DOCUMENTS: policies, regulations of the project loan before a bank loan Mandate Document, Loan Agreement, the Security Documents, and any other document designated as such by the Agent and the MAJORITY LENDERS: Obligors TBD 69 70 ... de la littérature sur le financement des grands projets Puis dans le deuxième chapitre, nous abordons l’étude de cas du Groupe Financier de Petro Vietnam et ses activités de financement des grands. .. FINANCEMENTS DES GRANDS PROJETS DE PVFC 34 Modes de financement des grands projets 34 Sources de financement des grands projets 36 Evaluation des grands projets chez PVFC ... financement des grands projets du Groupe Financier de Petro Vietnam? ?? dans le cadre de ce mémoire de fin d’étude Les questions de recherche sont les suivantes : - Pourquoi le financement des grands projets