natgillin/translations-raw huggingface dataset:
Det passende (maksimums)bidrag fra fondene til indtægtsskabende projekter fastlægges på grundlag af en af metoderne til fastsættelse af de potentielle nettoindtægter i henhold til artikel 61 (Operationer, der genererer nettoindtægter efter afslutningen) i forordning (EU) nr. 1303/2013 og bilag V til forordning (EU) nr. 1303/2013 og afdeling III i Kommissionens delegerede forordning (EU) nr. 480/2014 om regler for beregning af diskonteret nettoindtægt for nettoindtægtsskabende operationer.
the forecast demand, from macroeconomic and sector forecasts and elasticity estimates of demand to relevant prices, income, and other core determinants;
Sikring af finansiel levedygtighed (bæredygtighed)
Option analysis is performed to assess and compare different alternative options which are found generally feasible to meet the existing and future demand for the project and to find the best solution.
Analysen af den finansielle bæredygtighed er baseret på prognoser for ikke-diskonterede pengestrømme.
Options should be compared against different criteria, including for example technical, institutional, economic, environmental and climate change aspects.
Analysen anvendes primært til at vise, at projektet har tilstrækkelige likvide midler til rådighed hvert år, således at investerings- og driftsomkostningerne vil blive dækket i hele referenceperioden.
The option analysis should be carried out in two steps; the first step looks at basic strategic options (i.e. type of infrastructure and location for the project) and the second step at specific solutions at the technological level.
De centrale aspekter i analysen af den finansielle bæredygtighed:
If the project is implemented as a Public Private Partnership this second step of the analysis should focus on the range of output specifications that may or may not be included in the output specifications of the Public Private Partnership project.
Projektets finansielle bæredygtighed vurderes ved at kontrollere, at den kumulerede (ikke-diskonterede) nettopengestrøm er positiv (eller nul) i hele den betragtede referenceperiode.
The first step is usually based on (mainly qualitative) multi-criteria analyses while the second step normally uses mainly quantitative methods.
De nettopengestrømme, der skal tages i betragtning i den forbindelse, bør:
Key aspects of selecting the best option:
omfatte investeringsomkostninger, alle finansielle ressourcer og nettoindtægter og drifts- og genafskaffelsesomkostninger på det tidspunkt, hvor de betales, tilbagebetalinger af enhedens finansielle forpligtelser samt kapitalbidrag, renter og direkte skatter
to properl y justify the solution sought, evidence is provided that the selected option is the optimal one of the various options considered during the technical feasibility study;
ikke omfatte moms, medmindre momsen ikke refunderes
if different alternatives have the same, unique objective and the same or very similar externalities, it is recommended that the selection should be based on the least cost solution per unit of output produced taking into account the long term operating and maintenance costs associated with the option;
ikke omfatte restværdien, medmindre aktivet faktisk afvikles i det sidste år, analysen omfatter.
if the output and externalities are different in different options (assuming all share the same objective), the Member State is encouraged to undertake a simplified CBA for all main options to select the best option by determining which option is more favourable from a socio-economic point of view and the selection should be based on economic parameters of a project, including its Economic Net Present Value (ENPV).
I tilfælde af en operation omfattet af kravene i artikel 61 i forordning (EU) nr. 1303/2013, eller hvis der forventes negative pengestrømme på et senere tidspunkt, skal det anføres, hvordan omkostningerne vil blive dækket, og støttemodtageren/operatøren skal afgive et klart og langsigtet tilsagn om at tilvejebringe finansiering fra andre kilder, der sikrer projektets bæredygtighed.
The simplified CBA shall be carried out based on approximate estimates of key financial and economic data, including demand, investment cost and operating costs, revenues, direct benefits and externalities, where relevant.
Når projekterne falder ind under en allerede eksisterende infrastruktur såsom kapacitetsudvidelsesprojekter, skal systemoperatørens generelle finansielle bæredygtighed i »med projekt-scenariet« (mere end det enkelte udvidede segments kapacitet) undersøges, og der skal foretages en analyse af bæredygtigheden på systemoperatørniveau og tages højde for resultaterne i risikovurderingen.
As set out in Article 101(1)(e) of Regulation (EU) No 1303/2013, a financial analysis must be included in the CBA.
Finansiel analyse i forbindelse med offentlig-private partnerskaber (OPP)
The financial analysis shall include:
Følgende aspekter tages i betragtning ved den finansielle analyse af store projekter gennemført som OPP'er:
assessment of the financial profitability of the investment and of national capital;
Den finansielle diskonteringssats kan hæves i forhold til standardsatsen fastsat i afdeling III (Metode til beregning af diskonteret nettoindtægt for nettoindtægtsskabende operationer) i Kommissionens delegerede forordning for at afspejle de højere alternative kapitalomkostninger for den private investor.
determining the appropriate (maximum) contribution from the Funds;
Det er op til støttemodtageren at godtgøre dette i hvert enkelt tilfælde ved om muligt at dokumentere den private partners tidligere afkast i forbindelse med lignende projekter eller tilvejebringe anden konkret dokumentation.
checking the financial viability (sustainability) of the project.
I forbindelse med OPP-ordninger, hvor ejeren af infrastrukturen ikke er den samme som operatøren, skal der foretages en konsolideret finansiel analyse, der både omfatter ejer og operatør.
Financial analysis should, where possible and appropriate, be carried out from the point of view of the project owner and/or operator allowing to verify cash flows and guarantee positive cash balance in order to verify the financial sustainability and to calculate the indices of financial return on the investment project and on capital based on the discounted cash flows.
Som fastsat i artikel 101, stk. 1, litra e), i forordning (EU) nr. 1303/2013 skal CBA'en omfatte en økonomisk analyse.
If the owner and the operator are not the same entity, a consolidated financial analysis, which excludes cash flows between the owner and the operator, should be undertaken.
Den økonomiske analyse foretages på grundlag af økonomiske værdier, der afspejler de sociale alternative omkostninger for varer og tjenesteydelser.
Where possible and appropriate, the financial analysis should be carried out in constant prices (prices fixed at a base-year), but expected changes in relative prices should be considered as part of the risk assessment.
De vigtigste trin i den økonomiske analyse
Discounted cash flow methodology, incremental method and other principles of financial analysis
Den økonomiske analyse baseres på faste bogførte priser (skyggepriser) og med udgangspunkt i den finansielle analyses pengestrømme.
The financial analysis of major projects shall be carried out taking into account the rules set out in section III (Method for calculating the discounted net revenue of operations generating net revenue) of Commission Delegated Regulation (EU) No 480/2014, including: method for calculating discounted net revenue (including the reference period and the incremental method) and discounting of cash flow (including the financial discount rate in real terms).
Følgende trin indgår i den økonomiske analyse:
The data required to perform a financial analysis are as follows:
I den økonomiske analyse skal der foretages skatte- og afgiftsmæssige korrektioner, således at indirekte skatter og afgifter (f.eks. moms og punktafgifter) og subsidier og rene overførselsindkomster fra en offentlig enhed (f.eks. nationale sundhedssikringsydelser) ikke medregnes.
investment costs, including fixed investments, non-fixed investments including start-up costs, and, where appropriate, changes in working capital;
Hvis indirekte skatter/subsidier har til formål at korrigere for eksternaliteter, skal disse være omfattet af den økonomiske analyse, hvis de anses for i tilstrækkelig grad at afspejle den sociale marginalværdi af de hermed forbundne eksternaliteter, og hvis de ikke er medregnet i andre økonomiske omkostninger/fordele.
replacement costs as defined in Article 17 (a) of Commission Delegated Regulation (EU) No 480/2014;
Der foretages en omregning fra markedspriser til bogførte priser (skyggepriser) ved anvendelse af omregningsfaktorer på de finansielle priser for at korrigere for markedsfordrejninger.
operating costs as defined in Article 17 (b) and (c) of Commission Delegated Regulation (EU) No 480/2014;
Hvis det nationale planlægningskontor ikke kan tilvejebringe omregningsfaktorer, og hvis der ikke er en betydelig markedsfordrejning, kan omregningsfaktoren af forenklingshensyn fastsættes til 1 (CF=1).
revenues as defined in Article 16 of Commission Delegated Regulation (EU) No 480/2014;
Omregningsfaktorerne kan være højere (eller lavere) end denne enhed, hvis de bogførte priser er højere (eller lavere) end markedspriserne.
source of funding including equity capital of the investor (either public or private), capital from loans (in this case loan repayment and interests are a project outflow in sustainability analysis) and any additional financial resources such as grants.
Monetarisering af ikke-markedsmæssige virkninger (korrektioner for eksternaliteter): Eksternaliteterne vurderes og beregnes på grundlag af direkte eller indirekte værdisætningsmetoder (f.eks. den hedoniske pris) eller andre metoder.
In sectors where this is relevant, including the environmental sector, tariffs shall be fixed in compliance with the polluter-pays principle taking into account affordability, as set out in Section III (Method for calculating the discounted net revenue of operations generating net revenue) of Commission Delegated Regulation (EU) No 480/2014, and the full-cost recovery [3].
I den økonomiske analyse tages der udelukkende hensyn til de direkte virkninger for at undgå dobbelttælling, og skyggepriser og monetarisering af eksternaliteter betragtes som indirekte virkninger.
Compliance with the full-cost recovery principle includes that:
Diskontering af de anslåede omkostninger og fordele: Når strømmen af økonomiske omkostninger og fordele er beregnet, anvendes DCF-standardmetoden med brug af en social diskonteringssats (SDR).
tariffs should aim as far as possible to recover the capital cost, the operating and maintenance cost, including environmental and resource costs;
Følgende benchmark for den sociale diskonteringssats fastsættes på grundlag af den sociale tidspræferencesats (SRTP — Social Rate of Time Preference): 4,95 % for samhørighedsmedlemsstaterne og 2,77 % for andre medlemsstater.
the tariff structure maximises the project's revenues before public subsidies, while taking affordability into account.
Af forenklingshensyn anvendes generelt en social diskonteringssats på 5 % som benchmark i samhørighedsmedlemsstaterne (Bulgarien, Kroatien, Cypern, Tjekkiet, Estland, Grækenland, Ungarn, Letland, Litauen, Malta, Polen, Portugal, Rumænien, Slovakiet, Slovenien) og på 3 % i de øvrige medlemsstater (Østrig, Belgien, Danmark, Finland, Frankrig, Tyskland, Irland, Italien, Luxembourg, Nederlandene, Spanien, Sverige, Det Forenede Kongerige).
Limitations of the polluter-pays principle and full-cost recovery principle in user charges and fees should:
Medlemsstaterne kan fastsætte et andet benchmark for den sociale diskonteringssats end 5 % eller 3 %, hvis de:
not jeopardize the financial sustainability of the project;
begrunder dette benchmark i økonomiske vækstprognoser og andre parametre til fastlæggelse af SDR på grundlag af SRTP-tilgangen
as a general rule, be seen as temporary restrictions and maintained only as long as the issue of affordability of users exists.
Oplysninger om de forskellige benchmark skal stilles til rådighed for støttemodtagerne og Kommissionen ved programstart.
Results of the financial analysis
Beregning af de økonomiske præstationsindikatorer
Evaluation of financial profitability of the investment and national capital
Følgende økonomiske præstationsindikatorer (som defineret nedenfor) er de vigtigste indikatorer i den økonomiske analyse:
Financial Net Present Value (FNPV) is the sum that results when the expected investment and operating and replacement costs of the project (discounted) are deducted from the discounted value of the expected revenues.
Økonomisk nettonutidsværdi (ENPV — economic net present value) er hovedreferenceindikatoren i forbindelse med projektvurdering.
Financial Rate of Return (FRR) is the discount rate that produces a zero FNPV.
Den defineres som forskellen mellem de diskonterede samlede sociale fordele og omkostninger.
The financial profitability of an investment is assessed by estimating the financial net present value and the financial rate of return of the investment (FNPV(C) and FRR(C)).
Hvis et stort projekt skal være attraktivt ud fra et økonomisk synspunkt, skal projektets økonomiske nettonutidsværdi være positiv (ENPV>0) og således vise, at samfundet i en bestemt region eller land drager fordel af projektet, da projektets fordele er større end dets omkostninger og projektet derfor bør gennemføres.
These indicators compare investment costs to net revenues and measure the extent to which the project's net revenues are able to repay the investment, regardless of the sources of financing.
Økonomisk rentabilitet (ERR — economic rate of return) er den interne rente beregnet på grundlag af økonomiske værdier og udtrykker et projekts socioøkonomiske rentabilitet.
In some cases (in the context of State Aid and private operators) the calculation of FRR(Kp) is required.
Den økonomiske rentabilitet bør være større end den sociale diskonteringssats (ERR>SDR) for at begrunde EU-støtte til et stort projekt.
Interest payments shall not be included in the calculation FNPV(C).
Benefit-cost-forholdet bør være større end en (B/C>1) for at begrunde EU-støtte til et stort projekt.
FNPV(C) before the EU contribution should be negative and FRR(C) should be lower than the discount rate used for the analysis (except for some projects falling under State aid rules for which this may not be relevant).
De vigtigste økonomiske fordele pr. sektor, der skal tages i betragtning i den økonomisk analyse, er anført i tabel 1.
If a major project shows high financial profitability (i.e. FRR(C) is substantially higher than the financial discount rate) it will, as a general rule, be considered sufficient for an investor to implement the project without Union contribution.
Der kan tilføjes yderligere økonomiske fordele, hvis det er nødvendigt og begrundet.
A Union contribution may be justified only if it is demonstrated that the investment is not bankable on its own considering that the risks for an investor to implement the project e.g. highly innovative project may be too high to carry out the investment without a public grant.
I visse særlige tilfælde kan disse fordele blive økonomiske omkostninger, f.eks. højere driftsomkostninger til motorkøretøjer i visse vejprojekter.
The financial profitability of national capital is assessed by estimating the financial net present value and the financial rate of return on capital (FNPV(K) and FRR(K)).
Sektor/delsektor
These indicators measure the extent to which the project's net revenues are able to repay the financial resources provided by the national funds (both private and public sources).
Økonomiske fordele
Calculation of FNPV(K) and FRR(K) requires that:
Vandforsyning og kloakering
the financial resources — net of EU support — invested in the project are treated as outflows disregarding investment costs;
øget adgang til drikkevand og spildevandsbehandling i form af mere tilgængelige og pålidelige tjenester af højere kvalitet
capital contributions are considered at the moment they are actually paid out for the project or reimbursed (in the case of loans);
drikkevand af bedre kvalitet
interest payments are included in the table for the analysis of the return on capital (FNPV(K));
overfladevand af bedre kvalitet og bevarelse af økosystemydelser som følge af forureningsreduktion
operating subsidies are not included in the table for the analysis of the return on capital (FNPV(K)).
ressourcemæssige omkostningsbesparelser for både producenter og kunder
FNPV(K) with Union assistance should be negative or equal to zero, and FRR(K) should be lower or equal to the discount rate, otherwise appropriate justification has to be provided.
forbedret sundhed
When relevant, the return on the project promoter's capital (FRR(Kp)) should also be calculated.
reduktion af sundheds- og miljøfarer (mindre forurening af luft, vand og jord)
If the project expects a substantial positive return (i.e. significantly above the national benchmarks on expected profitability in the given sector) it shows that the grant received would bring supra-normal profits to the beneficiary and therefore the Union contribution may not be justified.
reduktion af deponeringsområder/omkostninger (til affaldsanlæg)
Determination of the appropriate (maximum) contribution from the Funds
genvinding af materialer, energi og fremstilling af kompost (sparede omkostninger til alternativ fremstilling/generering, herunder eksterne omkostninger)
Determination of the appropriate (maximum) contribution from the Funds for revenue generating projects shall be done in accordance with one of the methods for determining the potential net revenue in accordance with Article 61 (Operations generating net revenue after completion) of Regulation (EU) No 1303/2013 and Annex V to Regulation (EU) No 1303/2013 and Section III of Commission Delegated Regulation (EU) No 480/2014 setting out rules for calculation of the discounted net revenue of operations generating net revenue.
reduktion af drivhusgasemissioner (CO2, CH4)
Ensuring financial viability (sustainability)
reduktion af skæmmende elementer, støj og lugt
The financial sustainability analysis is based on undiscounted cash-flow projections.
Energieffektivitetsprojekter
Key aspects of financial sustainability analysis are as follows:
energibesparelser (udtrykt ved den økonomiske værdi af energi, herunder eksternaliteter)
financial sustainability of the project is verified by checking that the cumulated (undiscounted) net cash flow is positive (or zero) on an annual basis and over the entire reference period considered;
øget komfort
the net cash flows to be considered for this purpose should:
reduktion af drivhusgasemissioner og andre emissioner
take into account investment costs, all (national and EU) financial resources and cash revenues and operating and replacement costs at the moment they are paid, repayments of entity's financial obligations as well as capital contributions, interests and direct taxes;
Projekter vedrørende vedvarende energikilder
exclude VAT unless VAT is not recoverable;
reduktion af energiomkostninger ved substitution af energikilden, f.eks. ved udskiftning af alternative fossile brændstoffer (udtrykt ved den økonomiske værdi af energi genereret af andre alternativer, herunder eksternaliteter)
not take into account the residual value unless the asset is actually liquidated in the last year of analysis considered;
El- og gasnet og infrastruktur
in the case of an operation not subject to the requirements set out in Article 61 of Regulation (EU) No 1303/2013, or whenever negative cash-flows are projected in the future, it must be indicated how costs will be covered with a clear long-term commitment of the beneficiary/operator to provide adequate funding from other sources to ensure the sustainability of the project;
øget og diversificeret energiforsyning (værdi af den yderligere gas og el, der leveres, herunder eksternaliteter)
if projects fall within a pre-existing infrastructure, such as capacity extension projects, the overall financial sustainability of the system operator in the ‘with-project scenario’ (more than the capacity of the single extended segment) must be checked and a sustainability analysis at a system operator level must be performed and results must be taken into account in the risk assessment.
øget energiforsyningssikkerhed og -pålidelighed (færre forsyningsafbrydelser)
Financial analysis in Public Private Partnership (PPP)
reduktion af energiomkostninger ved substitution af energikilden
The following aspects shall be taken into consideration when the financial analysis is carried out for major projects implemented as PPPs:
markedsintegration: udsving i overskud som følge af pristilpasningsvirkninger fra sted til sted (transmission) eller over tid (oplagring)
The financial discount rate may be increased above the standard rate set out in Section III (Method for calculation of the discounted net revenue of operations generating net revenue after completion) of the Commission Delegated Regulation to reflect a higher opportunity cost of capital to the private investor.
bedre energieffektivitet
This higher opportunity cost should be justified by the beneficiary on a case-by-case basis, providing evidence, where possible, of the private partner's past returns on similar projects, or other relevant factual evidence.
Veje, jernbaner, offentlig transport
In case of PPP schemes where the owner of the infrastructure is different from the operator a consolidated financial analysis, covering both the owner and operator, must be carried out.
reduktion af gen erelle omkostninger (gods- og persontransport)
Unless private partner is chosen in a fair, transparent and open competitive procedure assuring the best ‘value for money’ for public partner [4], in order to check the financial profitability of the private capital and avoid unduly high profit generated by EU support an indicator measuring the financial profitability of the invested capital to the private investor (FRR(Kp)) shall be calculated [5], comparing the net revenues accrued by the private partner with the resources provided during investment (either through equity or loans).
tidsbesparelser
The resulting FRR(Kp) shall be compared with national or international benchmarks on expected profitability in the given sector.
besparelser på driftsomkostninger til motorkøretøjer
As provided for by Article 101(1)(e) of Regulation (EU) No 1303/2013, an economic analysis must be included in the CBA.
besparelser i ulykkesomkostninger
Economic analysis is an analysis that is undertaken using economic values, reflecting the social opportunity cost of goods and services.
reduktion af andre emissioner end drivhusgasemissioner (virkninger af lokal luftforurening)
Key steps of economic analysis
reduktion af støjemissioner (visse byprojekter)
The economic analysis should be carried out in constant accounting (shadow) prices and shall be undertaken taking the financial analysis cash flows as a starting point.
Lufthavne, søhavne, intermodal transport
Economic analysis includes the following steps:
reduktion af generelle omkostninger (gods- og persontransport)
Fiscal corrections to exclude indirect taxes (e.g. VAT, excise duties), subsidies and pure transfer payments granted by a public entity (e.g. payments from national healthcare systems) from the economic analysis.
serviceforbedringer (f.eks. informationsskranker i lufthavne)
Where indirect taxes/subsidies are intended to correct for externalities, these shall be included in the economic analysis, if considered to adequately reflect the social marginal value of the related externalities and provided that there is no double-counting with other economic costs/benefits.
reduktion af andre emissioner end drivhusgasemissioner
Conversion of market to accounting (shadow) prices by applying conversion factors to financial prices to correct for market distortions.
reduktion af støjemissioner
If conversion factors are not available from a national planning office and in the absence of significant market distortion for simplification the conversion factor can be set at one (CF=1).