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Project Finance Services

Financial Modelling Services

Financial models are tools, developed to support businesses in their decision-making process. They can provide insightful information regarding the financial impact of strategic decisions and support business plans or investment decisions.

Service Description

Financial models are tools, developed to support businesses in their decision-making process. They can provide insightful information regarding the financial impact of strategic decisions and support business plans or investment decisions. FCNC can add value to your project, by maximizing the impact of your customized Financial Model (“FM”) as a decision-making tool, while incorporating all necessary aspects from an accounting and tax perspective. All Financial Models developed by FCNC are structured in line with FAST Standards and methodology, under Microsoft Excel format.


Assumptions review

The key business, commercial and financial drivers, as well as key model inputs and assumptions (macroeconomic, industry – specific and firm – specific) are analyzed and reviewed in terms of reasonableness. FCNC also comments on whether the financial projections have incorporated other factors, which are considered of substance such as: commitments to other parties, other capital expenditure (capex) requirements, interest expenses or repayment commitments to creditors.


Model Development

FCNC works closely with its clients to develop a FM suitable for their needs. The FM is structured using Excel functions in a logical flow that provides transparency in understanding the financial mechanics of the project. A flexible structure is built, including a comprehensive sensitivity analysis module, which permits quick analysis of the impact of different inputs and scenarios. Upon completion, the client is provided with supporting documentation (manual/data assumptions book) and assistance in training staff to operate the model.

Independent Model Audit

FCNC reviews and provides an independent opinion on the soundness of a FM prepared by a third party. We assess the quality of the model, including the integrity of its logic and calculations, review its correctness and consistency considering the supporting documentation, and review whether the calculations and assumptions are in accordance with the current tax and accounting standards and regulations. In further detail:

Model Review

  • Review of the logic integrity, internal consistency and arithmetic accuracy, in all material respects of the formulae, algorithms and calculations contained within/in the Financial Model
  • Confirm that the Financial Model materially achieves its objective of generating profit and loss, cash flow and balance sheet projections and key financial ratios for the project, based on the set of operational, financial and economic assumptions set out in the base case scenario (the “Base Case”)
  • Confirm that the accounting assumptions within the Model comply with the existing Financial Reporting Standards (IFRS, Greek/US GAAP)
  • Review of the Model in order to assess whether it is sufficiently robust to run agreed sensitivity analysis and produce output consistent with the changes made to initial assumptions
  • Initial Model Audit Findings (“MAF”) report, which provides guidance on what amendments should be made by the Client / model author in order for the Cash Flow Forecasting Model to reflect the relative project documentation (including the financial documents).

Model Finalization

  • Review of the modified Financial Model based on the preliminary MAF reports
  • Ensure cover ratios and other key financing indicators are calculated in accordance with the provisions of the data book manual (the “Data Book”) or any other available document
  • Ensure that the Model is consistent with the relevant financial and contractual provisions in the project documentation (including the financial documents)
  • Αnalytical review of Model outputs to identify any unexplained trends or variations in key financial and banking indices
  • Final Model Audit Findings report
  • Issuance of opinion letter (the “Opinion Letter”)


Employee Privacy Notice

Notification for the Processing of Personal Data

(Articles 13, 14 of Regulation (EU) 2016/679)

The Company called as FCNC FINANCIAL ADVISORS Μ.Ε.Π.Ε., with tax identification number 95452665, having its registered office at 58, El. Venizelou (Panepistimiou) str., P.C. 106 78, Athens, Greece, website www.fcnc.gr and contact number +30 210 3803555 (hereinafter called as the “Company”), handles with responsibility and as a matter of fundamental importance the issues of processing personal data and privacy and complies with Regulation (EU) 2016/679 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and the repealing of Directive 95/46/EC (General Data Protection Regulation) (hereinafter referred to as “GDPR”) and the relative Greek legislation.

In light of the above, we provide you with this Notification according to Articles 13, 14 of the GDPR, in order to inform you about the way we collect and process your personal data in terms of your interest for future collaboration with our Company.

  1. Controller

The Controller for the collection of your data and their procession for the purpose of ensuring our smooth and seamless cooperation is the Company, as defined above. That means that the Company determines the purposes and means of processing your personal data, in accordance with the GDPR and the data protection legislation in general. 

  1. Sources of personal data collection

The Company at first collects your personal data directly from you and not from third parties. The Company may also retrieve your personal data published on the Internet (e.g. professional social media). Therefore, your personal data are considered to be a necessary condition for initiating and ensuring smooth cooperation with you, while any refusal of granting such data could be a major obstacle either to its continuation or its termination.

  1. Processing of personal data and legal bases

The following table lists the purposes of processing of personal data collected by the Company for the above mentioned purposes, the categories of the data collected, as well as the legal basis for such processing.

Purpose of Processing

Personal Data

Legal Basis of Processing (GDPR provisions)

1. Job Post publishment (e.g. LinkedIn)

Personal details,

contact and post details, cv data and referrals (if applicable)

Art. 6 (1) (f) – processing is necessary for the purposes of the legitimate interests pursued by the controller and, especially, the selection of proper employees.

2. Interview arrangement – evaluation  

Personal details,

contact and post details

Art. 6 (1) (f) – processing is necessary for the purposes of the legitimate interests pursued by the controller and, especially, the selection of proper employees.

  1. Disclosure to third parties and recipients

The aforementioned personal data may be notified on a case-by-case basis to external partners that lawfully have been contracted by the Company (e.g. hr companies), to serve the purposes of processing, as set out in paragraph 3 above.

 The Company does not transfer your personal data to third countries or international organizations.

  1. Security

The Company shall process your personal data in a manner that ensures its protection by taking all appropriate organizational and technical measures for data security and its protection against accidental or unlawful destruction, loss, alteration, unauthorized disclosure or access and any other form of illicit processing.

  1. Subjects’ rights

This section presents your rights with respect to your personal data. These rights are subject to certain exceptions, reservations or limitations. Please submit your requests responsibly. The Company will respond as soon as possible and in any case within one (1) month of receipt of the request. If the review of your request is going to take longer, you will receive relevant information. To exercise your rights, you can contact us on the following email-address: gdpr_fcnc@fcnc.gr

The Company ensures the exercise of your rights:

6.1. The right to information 

You have the right to request and receive clear, transparent and easily understandable information about how we process your personal data in accordance with the Company’s policies and procedures.

6.2. The right to access

You have the right to access your personal data free of charge, in accordance with the relevant policies and procedures of the Company, with the exception of the following cases where there may be a reasonable charge to cover the administrative expenses of the Company:

  • manifestly unreasonable or excessive / repeated requests, or
  • additional copies of the same information.

6.3. The right to rectification

You have the right to ask for your personal data to be corrected if it is inaccurate or incomplete, in accordance with the relevant policies and procedures of the Company.

6.4. The right to erasure («to be forgotten»)

You have the right to request the deletion or removal of your personal data when it is no longer necessary for the purposes collected or there is no legitimate reason to continue processing it in accordance with the Company’s policies and procedures. The right of deletion is not absolute, to the extent that there is a particular legal obligation or other legitimate reason for the retention of your personal data by the Company.

6.5. The right to restriction of processing

In some cases, you have the right, in accordance with the relevant policies and procedures of the Company, to restrict or remove further processing of your personal data. In cases where processing has been restricted, your personal data remains stored, without further processing.

6.6. The right to data portability

You have the right to request your personal data, which you have provided us with in a structured, commonly used and machine readable format, and to transfer that data to another controller in accordance with the relevant policies and procedures of the Company.

6.7. The right to object

You have the right to oppose, at any time and for reasons related to your particular situation, to the processing of your personal data based on Article 6 (1) (f) of the GDPR (processing for reasons of lawful interest of the Company), on the basis of that provision. In such a case, the Company as controller will no longer submit the personal data unless it demonstrates imperative and legitimate reasons for processing that override the interests, rights and freedoms of the subject, or the filing, exercise or support legal claims.

6.8. Rights on automated decision-making mechanisms

The Company does not make automated individual decision-making, including profiling.

6.9. How to exercise the right

The exercise of the aforementioned rights takes place with the submission of a written application to the Company in accordance with its policies and procedures. The Company reserves the right to reply no later than one month after receiving the request, in accordance with the terms of the GDPR.

  1. Retention period for personal data

For each category of personal data, the Company determines the retention period in accordance with the provisions of the law and its policies and procedures.

  1. Company’s Representative for data protection affairs

For any matter related to the procession of personal data and the current notification, please contact with the

Company’s Representative 

Hara Papadakou


+30 210 3803555



  1. Contact of the Data Protection Authority

For further information and advice on your rights or to submit a complaint, you may contact the Greek Data Protection Authority:

Address: 1-3, Kifisias Avenue, P.C. 115 23, Athens, Telephone: +30-210 6475600, Fax: +30-210 6475628, E-mail: contact@dpa.gr

  1. Amendments of the present Notice

We aim to review and keep up-to-date the present Notice in order to comply with privacy laws and new developments. Any updates to this Notice will be communicated to you immediately.