Zbornik radova Koridor 10 - Kirilo Savić

3rd International Scientific and Professional Conference
CORRIDOR 10 - a sustainable way of integrations
THE METHODOLOGY FOR CALCULATING ELIGIBILITY OF
INVESTMENT IN PUBLIC RAILWAY INFRASTRUCTURE IN
REPUBLIC OF SLOVENIA
Mira Žagar, Prometniinstitut Ljubljana d.o.o., Ljubljana, Slovenia
Aleksandar Dobrijević, Prometniinstitut Ljubljana d.o.o., Ljubljana, Slovenia
Adnan Genjac, Prometniinstitut Ljubljana d.o.o., Ljubljana, Slovenia
Vida Bolha, Prometniinstitut Ljubljana d.o.o., Ljubljana, Slovenia
Abstract
The article deals with the methodological approach in determining the financial and economic analysis
of the profitability of investments in public railway infrastructure in Republic of Slovenia. Cost-benefit
analysis (as a comparison the scenario "with" and the scenario "without" the project) is used as a
method, which is consistent with the recommendations of the European Commission and with national
legislation in Republic of Slovenia.
The financial and economic analyses are performed, which requires treatment from different aspects,
the financial analysis is made from the perspective of the investor and economic analysis is made from
the perspective of national benefits.
Basic starting points which are usually taken into account within the financial and economic analysis
and expert basis which are necessary for financial and economic analysis are shown.
The central part of the article describes the methodology for calculation of profitability indicators which
were calculated for the investments that were considered within the Study »Public railway
infrastructure development needs in Slovenia«, where the main economic benefits are: increasing of
line capacity, increasing of traffic safety, optimizing management of public railway infrastructure,
savings of train exploitation costs, savings of travelling time, prevented outflow of cargo and
passengers from the railways to roads and savings of energy consumption. Since the study deals with
the investment measures on the strategic level, a catalogue of risk with the risk and sensitivity analysis
was made.
In conclusion, the article presents which projects are suitable for co-financing by the Cohesion fund of
European Union and the methodology of calculation the co-financing rate.
Key words: public railway infrastructure, investment, eligibility, line capacity, cost benefit analysis
1. INTRODUCTION
Cost-benefit analysis is used as a method for determining the financial and economic analysis of the
profitability of investments in public railway infrastructure in Republic of Slovenia, which is consistent
with the national legislation in Republic of Slovenia and with the recommendations of the European
Commission.
Uniform methodology for preparation and evaluation of investments in public railway infrastructure in
Republic in Slovenia is determined by:
- Decree on the uniform methodology for the preparation and treatment of investment
documentation in the field of public finance,
- Decree on the uniform methodology for the preparation and treatment of investment
documentation in the field of public railway infrastructure.
For projects, which are co-financed with the EU funds, the methodology must be consistent with:
- Guide to Cost-Benefit Analysis of Investment Projects (2008),
- Working Document No. 4: Guidance on the Methodology for carrying out Cost-Benefit
Analysis (2006).
Belgrade, 2012 36