Hvordan kan og vil norske investorer bidra? - Energi Norge
Hvordan kan og vil norske investorer bidra? - Energi Norge
Hvordan kan og vil norske investorer bidra? - Energi Norge
You also want an ePaper? Increase the reach of your titles
YUMPU automatically turns print PDFs into web optimized ePapers that Google loves.
Private & confidential<br />
<strong>Hvordan</strong> <strong>kan</strong> <strong>og</strong> <strong>vil</strong> <strong>norske</strong> <strong>investorer</strong> <strong>bidra</strong><br />
Yngve Walle<br />
Pareto Securities AS<br />
Kraft <strong>og</strong> fornybar energi<br />
8. februar 2011
Private & confidential<br />
En uavhengig investeringsbank<br />
En av de største<br />
investeringsbankene i<br />
<strong>Norge</strong><br />
Corporate Finance<br />
& Rådgivning<br />
~60 ansatte<br />
Aksje<br />
~70 ansatte<br />
Lån <strong>og</strong><br />
Obligasjoner<br />
~25 ansatte<br />
Analyse<br />
~30 ansatte<br />
Asset & Kontrakt<br />
Megling<br />
~10 ansatte<br />
Fokus på det <strong>norske</strong><br />
kapitalmarkedet kombinert<br />
med internasjonal<br />
tilstedeværelse<br />
<strong>Norge</strong><br />
New York<br />
Singapore<br />
<strong>Norge</strong><br />
New York<br />
Singapore<br />
<strong>Norge</strong><br />
New York<br />
Singapore<br />
<strong>Norge</strong><br />
Singapore<br />
<strong>Norge</strong><br />
~240 ansatte fordelt over<br />
flere kontorer i <strong>Norge</strong>,<br />
samt New York <strong>og</strong><br />
Singapore<br />
~45 ansatte i back-office <strong>og</strong> støtte tjenester<br />
2
Private & confidential<br />
Investor miks <strong>og</strong> Paretos rolle<br />
To eksempler<br />
Total etterspørsel – ge<strong>og</strong>rafisk fordeling<br />
Ocean Rig UDW Inc. – Private Placement of USD 500 million<br />
Total tildeling – fordeling mellom investeringsbankene<br />
28 %<br />
1 %<br />
17 %<br />
23 %<br />
6 % 3 %<br />
45 %<br />
26 %<br />
Norway UK US Rest Europe Asia<br />
28 %<br />
23 %<br />
Pareto Fearnley Fonds DnB NOR Markets<br />
Nordea<br />
SEB Enskilda<br />
Prospector Offshore Drilling – Private Placement of USD 70 million<br />
Total etterspørsel – ge<strong>og</strong>rafisk fordeling<br />
Total tildeling – fordeling mellom investeringsbankene<br />
7 %<br />
7 %<br />
35 %<br />
43 %<br />
22 %<br />
72 %<br />
15 %<br />
Norway UK US Other<br />
Pareto Carnegie NRP Sec<br />
3
Private & confidential<br />
Hva ser investorene etter<br />
Et kompetent «execution team»<br />
Teknisk<br />
Finaniselt<br />
Språk, kultur<br />
«Har gjort det før»<br />
Konkret prosjekt – ikke «blind pool»<br />
Prising <strong>og</strong> struktur<br />
Glem høy pre-money. Founder blir rik når investorene får avkastning<br />
Kontroll <strong>og</strong> ikke for kompleks selskapsstruktur<br />
En kompetent ankerinvestor<br />
Teknisk <strong>og</strong> finansielt<br />
Likviditet i aksjen<br />
Mange <strong>kan</strong> bare ta opp til 10% i unoterte selskaper <strong>og</strong> kvoten er allerede fylt opp<br />
4
Private & confidential<br />
Hva ser investorene etter<br />
Store prosjekter heller enn små<br />
Gode finansielle <strong>og</strong> tekniske prosjekt<br />
‣ Bransjetall: NOK/kWh, NOK/MW<br />
‣ NPV <strong>og</strong> IRR: Før, etter skatt til EK eller TK (hensyntatt pre money <strong>og</strong> utvanning)<br />
Faste <strong>og</strong> forutsigbare priser<br />
‣ Feed-in, Grønne sertifikater, PPA avtale, FWD / Spot marked<br />
Bankability<br />
‣ SPV finansiering det vanlige<br />
Håndterbar <strong>og</strong> forståelig risiko<br />
‣ Land risiko<br />
‣ Stabilt loveverk <strong>og</strong> forutsigbart byråkrati<br />
‣ Grunneier forhold<br />
‣ Kompleksitet (geol<strong>og</strong>i, seismikk, etc)<br />
‣ Nettilgang<br />
‣ PPA avtale: Motpart, varighet, pris, risiko deling etc.<br />
‣ Makrorisiko (valuta, renter, skatt, utbytte etc.)<br />
‣ Korrupsjon<br />
‣ HMS<br />
‣ Miljøkonsekvenser<br />
5
Hvorfor liker vi et prosjekt som Clean Energy Invest<br />
Private & confidential
Private & confidential<br />
Pareto Securities contact details and disclaimer<br />
Oslo (Norway)<br />
Pareto Securities AS<br />
Dronning Mauds gate 3<br />
PO Box 1411 Vika<br />
N-0115 Oslo<br />
NORWAY<br />
Stavanger (Norway)<br />
Pareto Securities AS<br />
Haakon VIIs gate 8<br />
PO Box 163<br />
N-4001 Stavanger<br />
NORWAY<br />
Bergen (Norway)<br />
Pareto Securities AS<br />
Olav Kyrres gate 22<br />
PO Box 933<br />
N-5808 Bergen<br />
NORWAY<br />
Kristiansand (Norway)<br />
Pareto Securities AS<br />
Vestre Strandgate 19A<br />
N-4611 Kristiansand<br />
NORWAY<br />
Trondheim (Norway)<br />
Pareto Securities AS<br />
Nordre gate 11<br />
PO Box 971 Sentrum<br />
N-7410 Trondheim<br />
NORWAY<br />
Tel: +47 22 87 87 00<br />
Fax: +47 22 87 87 10<br />
Tel: +47 51 83 63 00<br />
Fax: +47 51 83 63 51<br />
Tel: +47 55 55 15 00<br />
Fax: +47 55 55 15 50<br />
Tel: +47 21 50 74 20<br />
Fax: +47 21 50 74 99<br />
Tel: +47 21 50 74 60<br />
Fax: +47 21 50 74 61<br />
New York (US)<br />
Pareto Securities Inc<br />
150 East 52nd Street, 29th Floor<br />
New York NY 10022<br />
USA<br />
Tel: +1 212 829-4200<br />
Fax: +1 212 829-4201<br />
Singapore<br />
Pareto Securities Asia Pte Ltd<br />
16 Collyer Quay #27-02<br />
Hitachi Tower<br />
Singapore 049318<br />
SINGAPORE<br />
Tel: +65 6408 9800<br />
Fax: +65 6408 9819<br />
Pareto Offshore AS<br />
Dronning Mauds gate 3<br />
PO Box 1411 Vika<br />
N-0115 Oslo<br />
NORWAY<br />
Tel: +47 22 87 87 00<br />
Fax: +47 22 87 87 10<br />
Pareto Shipbrokers AS<br />
Dronning Mauds gate 3<br />
PO Box 1411 Vika<br />
N-0115 Oslo<br />
NORWAY<br />
Tel: +47 22 87 87 00<br />
Fax: +47 22 87 87 10<br />
Website: www.pareto.no<br />
Bloomberg: PASE (go)<br />
Reuters: PARETO<br />
Disclaimer<br />
These materials have been prepared by Pareto Securities AS and/or its affiliates (t<strong>og</strong>ether “Pareto”) exclusively for the benefit and internal use of the client named on the cover in order to indicate, on a<br />
preliminary basis, the feasibility of one or more potential transactions. The materials may not be used for any other purpose and may not be copied or disclosed, in whole or in part, to any third party<br />
without the prior written consent of Pareto.<br />
The materials contain information which has been Kilded from third parties, without independent verification. The information reflects prevailing conditions and Pareto’s views as of the date of hereof, and<br />
may be subject to corrections and change at any time without notice. Pareto does not intend to, and the delivery of these materials shall not create any implication that Pareto assumes any obligation to,<br />
update or correct the materials.<br />
Pareto, its directors and employees or clients may have or have had positions in securities or other financial instruments referred to herein, and may at any time make purchases/sales of such securities<br />
or other financial instruments without notice. Pareto may have or have had or assume relationship(s) with or engagement(s) for or related to the relevant companies or matters referred to herein.<br />
The materials are not intended to be and should not replace or be construed as legal, tax, accounting or investment advice or a recommendation. No investment, divestment or other financial decisions<br />
or actions should be based solely on the material, and no representations or warranties are made as to the accuracy, correctness, reliability or completeness of the material or its contents. Neither<br />
Pareto, nor any of its affiliates, directors and employees accept any liability relating to or resulting from the reliance upon or the use of all or parts of the materials.<br />
7
Change language