natgillin/translations-raw huggingface dataset:
revenues as defined in Article 16 of Commission Delegated Regulation (EU) No 480/2014;
Finančna diskontna stopnja se lahko zviša nad standardno stopnjo, opredeljeno v oddelku III (metoda za izračun diskontiranega neto prihodka operacij, ki ustvarjajo neto prihodek po zaključku) delegirane uredbe Komisije, da se izrazijo višji oportunitetni stroški kapitala za zasebnega vlagatelja.
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.
Te višje oportunitetne stroške bi moral upravičenec utemeljiti na podlagi posameznega primera, po možnosti s predložitvijo dokazov o prejšnjih donosih zasebnega partnerja v podobnih projektih, ali drugih ustreznih dejanskih dokazov.
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].
V primeru programov JZP, kjer sta lastnik infrastrukture in upravljavec različna subjekta, je treba izvesti konsolidirano finančno analizo, ki zajema lastnika in upravljavca.
Compliance with the full-cost recovery principle includes that:
Kot je določeno v členu 101(1)(e) Uredbe (EU) št. 1303/2013, mora biti v ASK vključena ekonomska analiza.
tariffs should aim as far as possible to recover the capital cost, the operating and maintenance cost, including environmental and resource costs;
Ekonomska analiza je analiza, ki se izvede z uporabo ekonomskih vrednosti in odraža socialne oportunitetne stroške blaga in storitev.
the tariff structure maximises the project's revenues before public subsidies, while taking affordability into account.
Ključni koraki ekonomske analize
Limitations of the polluter-pays principle and full-cost recovery principle in user charges and fees should:
Ekonomska analiza se izvede v stalnih računovodskih (prikritih) cenah, pri čemer se za izhodiščno točko upoštevajo denarni tokovi iz finančne analize.
not jeopardize the financial sustainability of the project;
Ekonomska analiza vsebuje naslednje korake:
as a general rule, be seen as temporary restrictions and maintained only as long as the issue of affordability of users exists.
finančne popravke, da se iz ekonomske analize izključijo posredni davki (npr. DDV, trošarine), subvencije in čisti transferji, ki jih dodeli javni subjekt (npr. plačila iz nacionalnih sistemov zdravstvenega varstva).
Results of the financial analysis
Če so posredni davki/subvencije namenjeni za popravek zunanjih učinkov, se vključijo v ekonomsko analizo, če se šteje, da ustrezno kažejo socialno marginalno vrednost zadevnih zunanjih učinkov, in pod pogojem, da se njihovo upoštevanje ne podvoji z drugimi ekonomskimi stroški/koristmi;
Evaluation of financial profitability of the investment and national capital
pretvorbo tržnih cen v računovodske (prikrite) z uporabo konverzijskih faktorjev na finančnih cenah, da se popravi izkrivljanje trga.
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.
Če konverzijski faktorji na nacionalnem uradu za načrtovanje niso na voljo in če ne obstaja občutno izkrivljanje trga, se konverzijski faktor z namenom poenostavitve lahko nastavi na ena (FP = 1).
Financial Rate of Return (FRR) is the discount rate that produces a zero FNPV.
Konverzijski faktorji so lahko višji (ali nižji) glede na enoto, če so računovodske cene višje (ali nižje) od tržnih cen;
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)).
monetizacijo netržnih vplivov (popravke za zunanje učinke): zunanji učinki se ustrezno ocenijo in ovrednotijo z uporabo navedene ali opredeljene preferenčne metode (npr. hedoničnega oblikovanja cen) ali drugih metod.
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.
V ekonomski analizi se upoštevajo samo neposredni učinki, da se prepreči dvojno obračunavanje, medtem ko se oblikovanje prikritih cen in monetizacija zunanjih učinkov v glavnem štejeta za posredne učinke.
In some cases (in the context of State Aid and private operators) the calculation of FRR(Kp) is required.
Finančni prihodki v obliki uporabnin, stroškov in tarif za uporabnike se izključijo iz ekonomske analize in nadomestijo z oceno neposrednih učinkov na uporabnike, bodisi prek „pripravljenosti plačati“ bodisi računovodskih cen.
Interest payments shall not be included in the calculation FNPV(C).
Uporabnine, stroški in tarife za uporabnike, predvsem v sektorjih, ki niso izpostavljeni tržni konkurenci, v reguliranih sektorjih ali sektorjih, na katere močno vplivajo politične odločitve, se ne bi smeli uporabljati kot merilo za uporabnikovo „pripravljenost plačati“;
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).
Na podlagi socialne stopnje časovne preference (SSČP) sta predvideni naslednji referenčni vrednosti za socialne diskontne stopnje: 4,95 % za kohezijske države članice in 2,77 % za druge države članice.
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.
Za poenostavitev se kot splošno pravilo za referenčno vrednost v kohezijskih državah članicah uporabi socialna diskontna stopnja v višini 5 % (Bolgarija, Ciper, Češka, Estonija, Grčija, Hrvaška, Latvija, Litva, Madžarska, Malta, Poljska, Portugalska, Romunija, Slovaška, Slovenija) in 3 % v drugih državah članicah (Avstrija, Belgija, Danska, Finska, Francija, Irska, Italija, Luksemburg, Nemčija, Nizozemska, Španija, Švedska, Združeno kraljestvo).
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.
Države članice lahko določijo referenčno vrednost za socialno diskontno stopnjo, ki je drugačna od 5 % ali 3 %, pod pogojem, da:
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)).
predložijo utemeljitev za to referenčno vrednost na podlagi napovedi gospodarske rasti in drugih parametrov, ki določajo SDS v okviru pristopa SSČP; in
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).
zagotovijo njeno dosledno uporabo v podobnih projektih v isti državi, regiji ali sektorju.
Calculation of FNPV(K) and FRR(K) requires that:
Informacije o različnih referenčnih vrednostih se predložijo upravičencem in Komisiji na začetku operativnega programa.
the financial resources — net of EU support — invested in the project are treated as outflows disregarding investment costs;
Izračun kazalnikov gospodarske uspešnosti
capital contributions are considered at the moment they are actually paid out for the project or reimbursed (in the case of loans);
Naslednji kazalniki gospodarske uspešnosti (kot so opredeljeni v nadaljevanju) so ključni kazalniki ekonomske analize:
interest payments are included in the table for the analysis of the return on capital (FNPV(K));
ekonomska neto sedanja vrednost (ENSV) je glavni referenčni kazalnik za ocenjevanje projekta.
operating subsidies are not included in the table for the analysis of the return on capital (FNPV(K)).
Opredeljena je kot razlika med diskontiranimi skupnimi socialnimi koristmi in stroški;
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.
da bi bil veliki projekt sprejemljiv z ekonomskega vidika, bi morala bit i ekonomska neto sedanja vrednost projekta pozitivna (ENSV>0), kar dokazuje, da bo projekt koristen za družbo v dani regiji ali državi, ker njegove koristi presegajo stroške, in bi se projekt zato moral izvesti;
When relevant, the return on the project promoter's capital (FRR(Kp)) should also be calculated.
ekonomska stopnja donosa (ESD) je interna stopnja donosa, izračunana z uporabo ekonomskih vrednosti, in izraža socialno-ekonomsko donosnost projekta;
This compares the net revenues of the investment with the resources provided by the promoter: i.e. the investment cost minus the non-reimbursable grants received from the EU and/or the national/regional authorities.
ekonomska stopnja donosa bi morala biti večja od socialne diskontne stopnje (ESD > SDS), da se upraviči podpora EU za veliki projekt.
This exercise can be particularly useful in the context of State aid in order to verify that the intensity of the aid (EU and national assistance) provides the best value-for-money with the objective of limiting public financial support to what is necessary for the project to be economically or financially viable.
razmerje med koristmi in stroški (K/S) je opredeljeno kot neto sedanja vrednost koristi projekta, deljena z neto sedanjo vrednostjo stroškov projekta;
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.
razmerje med koristmi in stroški bi moralo biti večje od ena (K/S > 1), da se upraviči podpora EU velikemu projektu.
Determination of the appropriate (maximum) contribution from the Funds
Glavne ekonomske koristi po sektorjih, ki se upoštevajo v ekonomski analizi, so opredeljene v preglednici 1.
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.
Dodatne ekonomske koristi se lahko dodajo, če je to potrebno in upravičeno.
Ensuring financial viability (sustainability)
V nekaterih posebnih primerih lahko te koristi postanejo ekonomski stroški, npr. višji operativni stroški vozil v določenih cestnih projektih.
The financial sustainability analysis is based on undiscounted cash-flow projections.
Sektor/podsektor
It is mainly used to show that the project will have year by year sufficient cash resources at its disposition enabling it to always cover expenditures for investment and operations throughout the entire reference period.
Ekonomske koristi
Key aspects of financial sustainability analysis are as follows:
Oskrba z vodo in sanitarne storitve
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;
izboljšan dostop do pitne vode in storitev čiščenja odpadne vode v smislu razpoložljivosti, zanesljivosti in kakovosti storitev
the net cash flows to be considered for this purpose should:
izboljšana kakovost pitne vode
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;
izboljšana kakovost površinskih voda in ohranitev ekosistemskih storitev zaradi zmanjšanja onesnaževanja
exclude VAT unless VAT is not recoverable;
prihranki proizvajalcev in strank pri stroških za vire
not take into account the residual value unless the asset is actually liquidated in the last year of analysis considered;
boljše zdravje
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;
zmanjšanje emisij toplogrednih plinov
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.
Ravnanje z odpadki
Financial analysis in Public Private Partnership (PPP)
zmanjšanje zdravstvenih in okoljskih tveganj (zmanjšana kontaminacija zraka, vode, tal)
The following aspects shall be taken into consideration when the financial analysis is carried out for major projects implemented as PPPs:
zmanjšanje prostora/stroškov odlagališč (za naprave za obdelavo odpadkov)
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.
ponovno pridobivanje materialov in energije ter proizvodnja komposta (preprečevanje stroškov alternativne proizvodnje/pridobivanja, vključno z zunanjimi učinki)
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.
zmanjšanje emisij toplogrednih plinov (tj. CO2, CH4)
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.
zmanjšanje vizualnega onesnaževanja, hrupa in smradu
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).
Energetika
The resulting FRR(Kp) shall be compared with national or international benchmarks on expected profitability in the given sector.
Projekti za energetsko učinkovitost
As provided for by Article 101(1)(e) of Regulation (EU) No 1303/2013, an economic analysis must be included in the CBA.
prihranki energije (izraženi z ekonomsko vrednostjo energije, vključno z zunanjimi učinki)
Economic analysis is an analysis that is undertaken using economic values, reflecting the social opportunity cost of goods and services.
povečanje udobja
Key steps of economic analysis
zmanjšanje emisij toplogrednih plinov in plinov, ki niso toplogredni
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.
Projekti za obnovljive vire energije
Economic analysis includes the following steps:
zmanjšanje stroškov energije za zamenjavo vira energije, npr. z nadomestitvijo fosilnih goriv z alternativami (izraženo z ekonomsko vrednostjo energije, proizvedene z virom, ki bo verjetno nadomeščen, vključno z zunanjimi učinki)
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.
Električna/plinska omrežja in infrastruktura
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.
povečanje in diverzifikacija oskrbe z energijo (vrednost povečane oskrbe s plinom/elektriko, vključno z zunanjimi učinki)
Conversion of market to accounting (shadow) prices by applying conversion factors to financial prices to correct for market distortions.
izboljšanje varnosti in zanesljivosti oskrbe z energijo (zmanjšanje prekinitev dobave)
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).
zmanjšanje stroškov energije pri zamenjavi vira energije
Conversion factors may be higher (or lower) than unity when accounting prices are greater (or smaller) than market prices.
povezovanje trga: nihanje presežkov, ki nastanejo zaradi učinkov usklajevanja cen znotraj območij (za prenos) ali časovnih obdobij (za shranjevanje)
Monetisation of non-market impacts (corrections for externalities): externalities shall be estimated and valued, as appropriate, using stated or revealed preference method (e.g. hedonic pricing) or other methods.
izboljšana energetska učinkovitost
Economic analysis shall consider direct effects only in order to avoid double-counting while generally shadow pricing and monetisation of externalities account for indirect effects.
Ceste, železnice, javni prevoz
Financial revenues in the form of user fees, charges and tariffs shall be excluded from the economic analysis, and replaced with estimation of the direct effects on users, either through ‘willingness to pay’ or accounting prices.
zmanjšanje splošnih stroškov (za prevoz blaga/oseb):
User fees, charges and tariffs especially in sectors not exposed to market competition, in regulated sectors or strongly influenced by political considerations should not be used as a proxy for ‘willingness to pay’ of user.
časovni prihranki
Discounting of the estimated costs and benefits: once the stream of economic costs and benefits is estimated, the standard discounted cash flow methodology shall be applied using a social discount rate (SDR).
prihranki pri operativnih stroških vozil
On the basis of Social Rate of Time Preference (SRTP) the following benchmarks for social discount rate are estimated: 4,95 % for Cohesion Member States and 2,77 % for other Member States.
prihranki zaradi zmanjšanja števila nesreč
For simplification as a general rule a social discount rate of 5 % shall be used as a benchmark in Cohesion Member States (Bulgaria, Croatia, Cyprus, Czech Republic, Estonia, Greece, Hungary, Latvia, Lithuania, Malta, Poland, Portugal, Romania, Slovakia, Slovenia) and 3 % in other Member States (Austria, Belgium, Denmark, Finland, France, Germany, Ireland, Italy, Luxembourg, Netherlands, Spain, Sweden, United Kingdom).
zmanjšanje emisij plinov, ki niso toplogredni (tj. vplivi lokalne onesnaženosti zraka)
Member States may establish a benchmark for the social discount rate which is different from 5 % or 3 %, on the condition that they:
zmanjšanje emisij hrupa (npr. v nekaterih urbanističnih projektih)
provide justification for this reference on the basis of economic growth forecast and other parameters determining the SDR under the SRTP approach; and
Letališča, pristanišča, intermodalni prevoz
ensure its consistent application across similar projects in the same country, region or sector.
zmanjšanje splošnih stroškov (za prevoz blaga/oseb):
Information on the different benchmark shall be made available to beneficiaries and the Commission at the start of the operational programme.
izboljšanje kakovosti storitev (npr. zagotovitev kontaktnih točk na letališčih)
Calculation of the economic performance indicators
zmanjšanje emisij plinov, ki niso toplogredni
The following economic performance indicators (as defined below) are the key indicators of the economic analysis:
zmanjšanje emisij hrupa
Economic Net Present Value (ENPV) is the main reference indicator for project appraisal.
Raziskave in inovacije
It is defined as the difference between the discounted total social benefits and costs.
koristi za podjetja (ustanavljanje odcepljenih in zagonskih podjetij, razvoj novih ali izboljšanih izdelkov in procesov; prelivanje znanja)
For a major project to be acceptable from an economic standpoint the project's economic net present value should be positive (ENPV>0) demonstrating that the society in a given region or country gains from the project because the project's benefits exceed its costs and therefore, the project should be implemented.
korist za raziskovalce in študente (nove raziskave, ustvarjanje človeškega kapitala, razvoj socialnega kapitala)
Economic rate of return (ERR) is the internal rate of return calculated using the economic values and expressing the socio-economic profitability of a project.
koristi za širšo javnost (zmanjšanje okoljskih in zdravstvenih tveganj ter kulturni učinki na obiskovalce)
Economic rate of return should be greater than the social discount rate (ERR>SDR) to justify EU support to a major project.
Širokopasovne povezave
Benefit/Cost ratio (B/C) is defined as the net present value of project benefits divided by the net present value of project costs.
povečana uporaba in izboljšana kakovost digitalnih storitev, vključno z e-trgovino, za državljane in podjetja (zlasti na podeželskih območjih);
Benefit/Cost ratio should be greater than one (B/C>1) to justify EU support to a major project.
povečana uporaba in izboljšana kakovost digitalnih storitev, vključno z e-upravo in e-zdravstvom, za javno upravo
The main economic benefits per sector to be considered in the economic analysis are set out in table 1.
Ublažitev podnebnih sprememb in prilagajanje nanje v ekonomski analizi
Additional economic benefits can be added if needed and justified.
V ASK je treba upoštevati stroške in koristi projekta v okviru emisij toplogrednih plinov in podnebnih sprememb.
In some specific cases those benefits may become economic costs e.g. increased vehicle operating costs in certain road projects.
V ekonomsko analizo bi bilo treba vključiti tudi koristi teh ukrepov, npr. ukrepov, sprejetih za omejevanje emisij toplogrednih plinov ali povečanje pripravljenosti na podnebne spremembe in ekstremne vremenske pogoje ter druge naravne nesreče in te koristi oceniti, ter jih po možnosti količinsko opredeliti oziroma vsaj ustrezno opisati.
Sector/Subsector
Poenostavljena ekonomska analiza v posebnih primerih
Economic benefits
Analiza stroškovne učinkovitosti (ASU) se lahko izvede v določenih omejenih primerih, kadar je koristi velikega projekta zelo težko ali nemogoče količinsko in denarno opredeliti, stroški pa se lahko napovejo s primerno stopnjo verjetnosti, predvsem v primeru velikih projektov, ki jih spodbuja potreba po zagotavljanju skladnosti z zakonodajo EU.
Water supply and sanitation
V teh primerih se ocena osredotoči na preverjanje, ali je projekt najučinkovitejša rešitev, da se družbi zagotovi določena nujna storitev po vnaprej določenih pogojih.
improved access to drinking water and wastewater treatment services in terms of availability, reliability and quality of the service
Poleg tega bi bilo treba zagotoviti kvalitativni opis glavnih ekonomskih koristi.