Introducción a Finanzas para Empresas de Servicios ...
Transcript of Introducción a Finanzas para Empresas de Servicios ...
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Introducción a Finanzas para Empresas de Servicios Públicos de Agua Potable y Saneamiento Sesión 1
Contents
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• Necesidades de inversión en el sector
• Vision General SENAGUA
• La sostenibilidad financier de ls EPS y la
• Course Objectives and Structure
Why is Finance Important to Achieve WASH Targets?
Tariffs, Taxes and Transfers are Not Enough to Cover Investment Requirements for EPS
• Achieving the WASH targets will require substantial capital investments
• Tariffs, Taxes and Transfers will not be enough to meet
• Utilities must access commercial financing and increase cash generated from operations to achieve objectives
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FundingGap
Cash Requirements
Sources of Funding
Tariffs
Transfers (from donors)
Taxes (Govt. grants)
Operating Cost
Maintenance Cost
Capital Investments
(Rehabilitation and new)
EjemploPlan Nacional de Saneamiento 2006-2015
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76%24%
2005
Cobertura de agua Potable
Objetivo2015
83%17%
Cobertura de Alcantarillado
2005Objetivo
2015
41%59% 23%77%
Cobertura de Tratamiento de Aguas Residuales
Objetivo2015
2005
78% 22% 100%
Financiamiento Requerido para el Sector Agus Agua2006-2015Requerido Anticipado
US $4,042 millones
US $2,772 millones
US $1,270 millones
Bre
cha
de fin
ancia
mie
nto
Fuente: Plan Nacional De Saneamiento 2006- 2015
Coberaturas Actuales
5
93%
7%
100%
Objetivo2021
2013
Cobertura de Agua Potable Urbana
84%,
16%
2013
Cobertura de Saneamiento Urbano
Tratamiento de Aguas Residuales
, 30%
70%
2013
Fuente: Plan Nacional De Inversiones del Sector de Saneamiento 2014-2021
What are the Sources of Commercial Financing
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Equity
Debt
Types of Financing Available
Tariffs
Transfers (from donors)
Taxes (Govt. grants)
Financing Need
Source of Commercial Financing
Concessional Loans
Commercial bank Loans
Bonds issued in financial markets
Asset based finance (Project Finance)
Corporate Equity (issuing shares, privatization)
Public water utilities use mostly debt for financing
Algunas de las EPS en Perú no pueden acceder a financiamiento comercial
• Las EPS tienen carencia de recursos para financiar las inversiones necesarias para ampliar el acceso y mejorar la calidad de los servicios.
• Muchas empresas presentan una pérdida operativa
• Pero , las EPS no cuentan con capacidad de endeudamiento, debido a su precario estado financiero.
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PerdidasOperativas
Falta de Capacidad de
Endeudamiento
Carencia de Recursos porparte de las
EPS
Achieving Targets Requires Access to Commercial Financing
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Concessional Financing
WASH investment
Requirements
Commercial Financing
The funding available to water utilities without access to commercial financing is well below what is required
Cobertura de Agua Potable y Saneamiento(2009)
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Agua Potable Saneamiento
El desempeño de las EPS y su relación con la sostenibilidad financiera
Virtuous Circle of Performance
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Financial performance and operating efficiency linked:1) O&M costs controlled2) Make operational
improvements
3) Generate cash or access finance to pay for network expansion, bulk water supply, etc.
4) Revenues increase
Financial performance and service to poor linked:
Operating efficiency
Financial performance
Access and service for the
poor
Finance
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3
4
Interacción del Bajo Desempeño Operacional y Financiero
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Total subsidies available for utility
Operating Losses
Increase in Non-Revenue Water
Operating subsidies
IncreaseIncreases
reliance on Requires more of
Reduces availability of capital subsidies
Higher Cost of Water Produced
Tariffs below cost
Insufficient capital expenditures
Leads to
System deteriorates leading to
Increases
Operating cost recovery deteriorated from 71% to 62% between 2000 and 2008
Operating losses grew from $12.1 to 23.6 million between 2000 and 2008
Capital subsidies shrank from 72% to 49% of total subsidies between 2000 and 2008
Operating subsidies grew from $5.4 to 19.8 million between 2000 and 2008
Total subsidies grew from $17.5 to 19.8 million
between 2000 and 2008
Non-Revenue Water increased from 49% to 54% between 2000 and 2008
utility invested only $96 million between 2000 and 2008 in comparison with estimated current requirements of over $300 million
To Access Commercial Financing Utilities Must Move Towards Financial Sustainability
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Fully Creditworthy
Unviable Loss MakingUtilities
Pay-As-You-Go Recovery of Cash Outlays
Operating Cost Recovery
Financially Sustainable
Becoming Creditworthy
Financial sustainable + Country Conditions and
Developed Financial Markets
Capital & OperationalSubsidies to keep utility afloat
Capital subsidies essential to keep utility afloat
Profitable in Any Given YearBut Not Sustainable in Long Term
Revenue + other Reliable Resources Cover full Cost of Service Providing and
Sustaining Service
Financial Sustainable + Credit History
Government Grants
(possibly borrowed
from donors)
Commercial Finance
Concessional Finance
Do
no
r/P
ub
lic
Cre
dit
E
nh
an
ce
me
nts
Transitioning to financial sustainability requires changes to: Utility operations and the operating environment
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Change to Utility Operations (Internal)
Change the Operating Environment (External)
Minimize Cost of Service
For the costs of
service to be
reasonable, the utility
must operate
efficiently
• Improve management of the utility• Implement a business plan that
focuses on the drivers of a utility’s performance
• Carry out an integrated operational and financial assessment
• Reduce political interference thatcauses inefficiencies in operations
• Reduce political interference thatresults in investments that are not commercially viable
• Improve utility governance• Improve project selection
Achieve revenue ≥ Cost of Service
Recovering costs will
often required
collaboration with the
Government
• Innovate in:• Tariff structure• Increasing sales to
commercial customers• Financing connections• Making case for cost-
reflective tariffs• Making case for grants for
equity + public goods/externalities
• Secure multi-year funding mechanism (taxes + transfers)
• Secure apolitical tariff setting + indexation
• Crowd-in commercial finance
Change Utility Operations: Improve Management of the Utility
Key:
Looking after customers and getting money
Spending money to provide services
Strategic Planning
1 2
3 4
5
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Change Utility Operations: Carry out an Integrated Operational and Financial Assessment
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Change Utility Operations: Implement a Business Plan that Focuses on the Drivers of a Utility’s Performance (1/2)
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Area Key DriverAspect of Performance
Affected
Operational Performance
� NRW
� Staff productivity
� Electricity usage per TIG
� Operating expenses
� CAPEX required
Financial Performance
� Average Tariff
� Demand
� Collection rate
� Operating revenue
� Operating Cost Recovery
� EBITDA Margin
Coverage � Investment in new systems and networks
� Water coverage
� Wastewater coverage
Quality of Service
� Repairs and maintenance
� Investment in capital works(new assets and rehabilitation)
� Pressure
� Continuity of Service
� Water Quality
� Response Time to CustomerComplaints
Change Utility Operations: Implement a Business Plan that Focuses on the Drivers of a Utility’s Performance (2/2)
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Area Key DriverAspect of Performance
Affected
Operational Performance
� NRW
� Staff productivity
� Electricity usage perTIG
� Operating expenses
Financial Performance
� Average Tariff
� Demand
� Collection rate
� Operating revenue
� Operating CostRecovery
� EBITDA Margin
Coverage � Investment in new systems and networks
� Water coverage
� Wastewater coverage
Quality of Service
� Repairs andmaintenance
� Investment in capitalworks (new assetsand rehabilitation)
� Pressure
� Continuity of Service
� Water Quality
� Response Time toCustomer Complaints
For example: Reducing NRW
TargetsWhat is the cost of NRW?What is the appropriate level of NRW for the utility?Are there certain areas that are targeted?What is the targeted reduction?
MechanismPerformance-based NRW reduction contract?NRW reduction contract?Internally led efforts with technical assistance?
Change the Operating Environment: The Vicious Cycle of Poor Quality
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Source: Office of Evaluation and Oversight, Inter-American Development Bank, Evaluation
of Public Utilities Policy (PU Policy, OP-708) for Potable Water and Sanitation Services, 2002.
Poor financial performance can lead to Government justifying and increasing political interference due to:• The utility’s reliance on
subsidies • The utility’s performance
Change the Operating Environment: The Virtuous Circle of Better Quality
Source: Office of Evaluation and Oversight, Inter-American Development Bank, Evaluation of
Public Utilities Policy (PU Policy, OP-708) for Potable Water and Sanitation Services, 2002.
Well-performing utilities are provided more autonomy.
Keys to an operating environment that leads to well-performing utilities:• Tariffs are adjusted to
allow for self-sufficiency (excluding targeted subsidies)
• Utility is provided protection from political interference
• The mandate and targets for the utility are clearly established
Course Objectives and Structure
Course Structure
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8. Completing Economic and
Financial Analysis of Water Projects
11 Measuring Creditworthiness of
Water Utilities
12 Bringing it all together:
Getting Utilities to Access Commercial Finance
5. Finance Concepts for
Investment and Financing Decisions
6. Reaching Financial
Sustainability
9. Using Blended Finance to Access
Commercial Finance
10 Financial Modeling of Water Utilities and
Projects
2 Distinctive Aspects of Water
Utilities
3 Understanding Financial
Statements of Water Utilities
4. Measuring Performance of Water Utilities
I. FundamentalsTo understand
utility performance
Course Sessions
1. Introduction
Conclusion
II. Applied Financial Concepts
To understand how can water utilities become users
of private financing
III. Utility Finance in PracticeTo understand how to help utilities to
achieve financial sustainability
7. Tariff Setting
Terms and Key Definitions for the Course
• In your course materials you have a document with the Terms and Key Definitions that we will use thought the course
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By the End of the Course, You Will Be Able to
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Improve project
design and viability
Work towards Utility's
Financial sustainability
Understand how a Utility
Works
• Determine impact of investments and prioritize investments
• Understand how lenders and investors evaluate financing decisions for water utilities and projects
• Identify the key barriers water utilities face when accessing commercial finance
• Understand how tariffs are set, including the cost of service and the revenue requirement
• Diagnose a water utility’s performance by analyzing its financial statements and operational indicators
• Understand the key factors that impact water utility creditworthiness
Understand how to help utilities access commercial finance
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Thank you
Sector de Agua en Peru
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Contexto del País y el Sector
• 88% de la población cuenta con acceso a agua potable.
• En Perú existen 51 Entidades Prestadoras de Servicios (EPS) que brindan el servicio de agua potable.
• El Plan Nacional de Acción Ambiental - Perú 2011-2021, considera como acciones estratégicas el asegurar la cobertura total del tratamiento y reúso de las aguas residuales en el ámbito urbano y ampliar su cobertura en el ámbito rural.
• El deterioro de la calidad de agua es uno de los problemas más graves del país. Existe una descarga anual de 960,5 millones de metros cúbicos de desagüe sobre el agua superficial, subterránea y marina de los cuales el 64% pertenece a desagües domésticos.
• Distribución asimétrica del agua. Perú cuenta con tres vertientes hidrográficas: vertiente del Atlántico (genera 98,2% de los recursos hídricos),vertiente del Pacífico (1,5% de los recursos hídricos) y vertiente del Titicaca (0,3%). La población está ubicada en su mayoría en la vertiente del Pacífico
Retos
• Falta de una política clara y viable de financiamiento.
• Necesidad de optimización de la gestión empresarial de la infraestructura existente
• Carencia de recursos para financiar las inversiones necesarias para ampliar el acceso y mejorar la calidad de los servicios. Además las EPS no cuentan con capacidad de endeudamiento, debido a su precario estado financiero.
• Muchas empresas presentan una pérdida operativa.
ACL1
Slide 27
ACL1 cua es la fuente de esto _?Anamaria Camacho Lopez, 11/1/2016
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• La visión de los servicios de agua potable y saneamiento para los países de la región en los próximos 15 años (2030) se plantea en términos de lograr disminuir las inequidades y hacer desaparecer la consideración de ciudadanos de segundo nivel, en cuanto a la aplicación del derecho humano al agua. La visión por tanto se plantea en términos de “ofrecer a toda la población, servicios de agua potable y saneamiento en los domicilios de manera continua, siendo capaces de mantener la sostenibilidad y el equilibrio del entorno ecológico, paramejorar la calidad de vida de sus habitantes actuales y futuros”. (CAF)
• El 100% de la población urbana cuenta con acceso a agua potable.
• El 94% de la población urbana cuenta con un baño digno.
• Para las zonas rurales, los países realizan inversiones sostenidas para avanzar
• hacia la universalidad de los servicios de agua potable y saneamiento.
• Las áreas urbanas y las rurales reciben servicios óptimos de agua potable y saneamiento, en términos de cantidad, calidad, continuidad del servicio,
• confiabilidad, oportunidad y al costo adecuado.
• • Al menos el 60% de las aguas residuales son tratadas apropiadamente.
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ACL5
Slide 29
ACL5 esto para que año es y cual es la fuente ?Anamaria Camacho Lopez, 11/1/2016
Tarifas Peru
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Cobertura Nacional de Agua (PERU)
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200 000
400 000
600 000
800 000
1 000 000
1 200 000
1 400 000
2004 2005 2006 2007 2008 2009 2010 2011 2012
mile
s d
e m
3
Producción de Agua Potable
- Nacional - Lima Metropolitana
70.0
75.0
80.0
85.0
90.0
95.0
100.0
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Cobertura Nacional de Agua Potable (%)
- Nacional - Lima Metropolitana
Inversion Requerida
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ACL4
Slide 32
ACL4 esto era para alcanzar 100% de saneamiento o para alcanzar cual meta ?Anamaria Camacho Lopez, 11/1/2016