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When it comes to developing an initiative, the Due Diligence report focuses on an analysis of the authorisation, technical, organisational and operational, contractual, financial and market context, in order to assess reliability, particularly in terms of time and cost assumptions, and the identification of a market risk framework and mitigation solutions.
The Technical Due Diligence process is often supplemented by other services, such as Insurance Due Diligence, Appraisal (for current use or HBU), Transaction Advisory, Design Assessment, Structural & Seismic Assessment, and Energy Efficiency Audit.
In this sector, the deliverable varies significantly depending on the field, size of the project, complexity of the contractual framework and project costs.
For example, the real estate segment of distressed assets, above all sale-leasebacks, is very active at the moment. Real estate portfolios, repossessed or to be repossessed, are earmarked for repositioning or sale, individually or en bloc, according to the opportunities offered by the market. A ‘dynamic’ view of the technical and market analysis processes of these assets allows for the potential creation of unexpressed value (H&B Use). The service is aimed at banks, leasing companies, large real estate holdings, insolvency administrators, etc.
Once the scenarios have been clarified and established, a Project Management team is required to plan activities in line with the owner's result goals and to constantly record progress as well as identify any deviations and corrective actions to achieve the optimisation and/or sales targets.
The Project Control (PC) service proactively supports the Project Manager throughout the project life cycle, from the start phase to commissioning/restoration to its original condition/leasing, by defining objectives, constantly verifying adherence to budget and schedule, and identifying possible improvement actions.
The manner in which the two services are carried out and the deliverables can differ significantly depending on the client, both in terms of number and type. They may vary according to the size and duration of the project as well as the type of stakeholder for whom the reporting is intended.
At the heart of its data remediation services, Protos pays the utmost attention to the quality of data entered in its clients’ IT systems. The creation of mixed technical and legal teams, the high level of specialisation and experience of its core team, and the thorough control procedures ensure the best performance in terms of the quality of data collected with certified quality assurance percentages higher than 99%.
This approach can also be used successfully in support of structures dedicated to level II and III controls, on the basis of specific SLAs referred to Protos as an independent third party and in line with what Protos already does in other contexts (i.e. real estate asset management companies).
In the NPE market, HBU appraisal is a tool for value creation, to identify strategies to enhance the value of the individual asset or portfolio.
The typical deliverables of this service are Adequacy Testing, Opinion Report and Expert Report.
Through Protos Check, it is the only company in Italy accredited by an independent inspection body for the assessment of construction claims in public contracts and has performed this service since 2012.
Protos’ work is aimed at giving an independent and equidistant opinion of the approaches and positions of the parties, based on an analysis of the various elements of claims raised, their reliability and admissibility, as well as their consistency with the contractual obligations and terms in force.
Protos operates in the various dispute resolution scenarios such as amicable agreement, arbitration and settlement.
The sectors covered by the service are Construction & Operation, Manufacturing, Energy and Real Estate.
- Minimise exposure with respect to specific risk factors, identified in a technical analysis performed in accordance with predefined criteria and objectives;
- Optimise insurance policy parameters and calculate premiums in a well-balanced manner;
- Confirm whether or not targeted underwriting monitoring is required;
- Normalise portfolio risks;
- Assess technical risks related to contractual/performance bonds.
- The identification of any technical, organisational and planning shortfalls, and aspects of major criticality (risk matrix);
- The establishment of possible corrective and risk mitigation actions;
- The quantitative and qualitative assessment of residual risks (risk rating).
This service has proven to be an indispensable and effective tool for risk mitigation, particularly for large infrastructure projects, large industrial and energy generation plants, where the highest risks are attributable to the geological, hydrogeological, geotechnical and environmental context and complexity (urban areas, hydraulic risk areas, etc.).
Typical deliverables of this service include the Risk Management Plan, Cost & Schedule Contingency Plan and Contractual Risk Allocation Matrix.
Protos therefore offers a thoroughly innovative settlement format in the current insurance landscape, changing the concept of claims from threat to opportunity and proposing new solutions to manage and eliminate material damage to insured assets due to unpredictable events such as weather events, fires, flooding, etc.
The solution adopted is based on optimal interaction between loss adjustors – who contribute to the system’s effectiveness thanks to their ability to assess damage and insurance cover – and remediators.
The advantage of using the specific remediation service is that the insured party, the insurance company and the company can rely on one partner with specific knowledge of the various sectors.
The tools can be many and varied, implemented on a case by case and sector by sector basis. They include market studies, feasibility studies, investment analyses, technical solutions, organisational solutions, and much more.
In monitoring the regulatory developments that enable to open up new business areas for energy generation and market sales (e.g. power purchase agreements), Protos Energy provides strategic consulting services on energy policies to be adopted for business growth or entry into new markets, and identifies new technical solutions (e.g. bioenergy, smart grid), operational processes and organisational models .
Protos Real Estate operates as an Investment Advisor, analysing the profitability of existing portfolios or checking the profitability of acquisition targets, also within the context of NPL portfolios, in collaboration with Protos NPE.
Protos NPE, moreover, has contributed and continues to contribute to the design, also digital, of management strategies and the prioritisation of processes preparatory to the sale and/or value enhancement of non-performing loans.
A transversal service of all group companies, focused on the infrastructure, insurance, real estate, NPE and energy sectors.Protos, a key player in the appraisal sector, helps a wide range of clients, including banks, leasing institutes, insurance companies, insolvency administrators and liquidators, asset owners and managers, potential buyers, credit management companies, etc., - to identify the most probable market value of ‘as is’ or ‘as (to be) completed’ asset projects, using methodologies, estimation and reporting models based on international and compliance-oriented best practices (RICS, IVSC, IAF/AFRS, IVASS, USPAP, TEGOVA, Bank of Italy, ABI standards).
Depending on the sector/industry – real estate, energy, infrastructure, manufacturing, marine & nautical, agricultural – of the type of asset and the context in which we are called on to operate (financing, transaction, insurance, distressed assets, asset management), market value is sometimes supplemented by estimates in terms of security/MLV, quick sale, forced sale, insurance, judicial, highest & best use or by normal value, value of usufruct/bare ownership, value of surface rights, value of plant and equipment, and statistical evaluations.
A Central Appraisal Unit for establishing methodological guidelines and carrying out spot checks on issued products;
An Appraisal Management Team composed of Senior Appraisers responsible for verifying compliance with the methodological guidelines established in the work of internal and external evaluators, and also for managing client relationships according to the service levels established by mandate or by framework agreement;
Appraisers, Junior Appraisers and a nationwide network of approximately 150 qualified external technicians.
The strengths of our service are:
- Independence – Protos is extraneous to commercial activities;
- Market knowledge – ability to select effective real estate observers;
- Transversal expertise – ability to manage risk profiles from multiple perspectives.
For example, in the Renewable Energy, Infrastructures/Large Construction Industry and Leasing Markets, Protos has evaluated and followed the execution phases, in the last 15 years alone, for:
- Over 6.5 GWp,
- Over 1500 real estate projects;
- Over 200,000 leasing appraisals throughout Italy.
- Monitoring regulatory developments and market trends (HBU and/or technological);
- Monitoring implementation applications of innovative or consolidated project solutions;
- Enriching the internal Competence Centres (valuable reference points) with technical and experiential data.
In the world of infrastructure, Protos represents a benchmark in transactions thanks to its historic connection with the culture and evolutions of this market, Added to this, among other things, is the ability to understand the special needs of its clients, design tailor-made solutions, and prepare technical specifications and price lists of particular complexity for public and private clients.
Accredited as a leading player, Protos Check has multidisciplinary management and specialist skills and a consolidated knowledge of the increasingly pressing needs of large infrastructure networks, with particular reference to those under concession.
Thanks to its transversal skills and its utmost attention to the values of independence and transparency, Protos Check uses assessment models based on international and compliance-oriented best practices to carry out second-level audits and inspections of the assets of large infrastructure networks under concession at national level, aimed at:
- Defining assessment plans;
- Assessing the maintenance status of works;
- Optimising concession holders’ processes;
- Verifying the operation and effectiveness of the surveillance and monitoring of structures performed by the company executing the works, by contractors, or directly by the company’s technical personnel.
The above activities are associated with those of adapting the process management models adopted by concession holders to the continuously evolving regulatory guidelines, and the possibility of providing reports to internal and external control bodies of the concession holder on the extent of infrastructure management activities and the functionality of works in compliance with the most recent legislation, also through third-party certifications.