Разработка и фин. моделирование

In this case, the project company may decide not to use all the payment rapid depreciation (i.e. subtract the cost of the project from taxes at a lower rate), which is allowed in many countries; in this case will not be a negative balance on the profit and loss account, and, therefore, it will be possible to pay out dividends in the early years, as mentioned by Nicoleta (1999). The second way is to use tax lease basis and transfer the depreciation of the leasing company that can immediately use the funds, and the benefits transfer to the project company in the form of lower financing costs.

2.3 Negative Equity
The project company must protect themselves to avoiding dividend "trap", she did not get into a situation of complete elimination of the shares of the company's equity. If the bulk of the financing of the project company on the basis of a subordinated loan, and at the same time it carries significant accounting losses in the initial years of the project, it could lead to the complete elimination of the equity. In most countries, the company's shares with a negative net worth (whose share capital is less than the negative balance on the profit and loss account) must be removed from the auction and shall be subject to liquidation.
For example, if in the first year the project company incurred accounting losses for an amount which is significantly higher than the share capital, such a gap should not exist (perhaps, in this case, the project company should consider options for a lower rate for the tax depreciation), following Fernandez (2015).
Similar results can also occur in the case of straight-line depreciation, but with a lower level of profitability in the first years (e.g., due to high taxes on interest payments based on a subordinated loan).
Since the low level of equity - is a hallmark of project financing, should be carefully monitored accounting indicators of the project company in the financial modeling. This allows you to observe the following condition: even if there is a cash flow, it can be legally paid to investors and the value of equity of the project company is positive.
Chapter 3. Base Case

Once lenders and sponsors agree that the structure of the financial model and formula calculations reflect the features of the project and contract, identifies the main underlying assumptions, are coordinated and assembled the financial structure and terms; final payment model based on these assumptions is called the base case or banking case. This final payment is usually performed immediately before the signing of the project financial documentation to lenders are able to ascertain, using updated assumptions and the final version of the project contracts that the project will be able to provide them with an appropriate coating for to provide loans, as Palepu and Healy approached it in 2006.
But the project can not subsequently remain unchanged, and lenders will continue to monitor emerging variants. Adverse changes in the amount of the annual rate of coverage of the debt service and the rates cover the period of the loan can affect the ability of the project company to pay dividends to investors, or even result in a default of the project company in respect of a loan, as Shleifer (2000) states. However, if the new forecasts are calculated in the process of implementation of the project, someone has to decide how to make changes to the assumptions that have been used up to this point. If the right to decide on the admission granted to the project company, the creditors may not agree with the decision, and vice versa.
There is no standard solution for this problem, but it is possible to strive to use objective sources to revise forecasts, for example, Nicoleta (1999) considers that macroeconomic assumptions may be based on an economic survey published by one of the creditors, or other external source, because it is done for general purposes rather than for a specific project. Changes in assumptions regarding revenue or other performance indicators should be mainly based on the actual production performance of the project company. Finally, lenders usually have the right to a casting vote in the decision-making process on changes in assumptions, but it is possible, investors should ensure that decisions are reasonable and are dictated by the skilled advice of technical consultants, who work for the benefit of creditors, or their advisors on the market or in the field of insurance, but not the right to make the final decision.
Conclusion
Therefore, a financial model is a mathematical model for future or already existing companies, which allows us to estimate changes in financial and economic activity of the company and the efficiency of the project when the original parameters are set. Financial model includes the following aspects of the company: sales forecast; costs of material, labor, financial and other resources needed to implement the project; forecast of financial results of the project; project cost-effectiveness; sensitivity of project performance indicators; project financing, investor's income and investor's exit strategy.
It is also can be stressed that the financial model is imposed to numerous traps which should be avoided in any possible and legal way. One of the most frequent traps is dividend one, which is less acute in countries where accounting depreciation is not a mirror image of the tax. Therefore, it should be stated that the process of creating and implementing a financial model is connected with legislation peculiarities of the country, where the company works.
Overall, any financial model must comply with the principle of uniformity and consistency in the calculations and formatting. The formulas for calculating financial indicators (ratios) that are present in the financial model must be the same for all periods and parts of the financial model. Any particular detail of the financial model is to be discussed with the authorized person, which might represent an issue but should not bring in any confusion.
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