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5.7 Financial Evaluation

5.7.1 Basic Thinking
When examining the kind of transport project that involves income from fares, it is necessary to carry out financial analysis in order to judge feasibility. Financial analysis can be carried out from the viewpoints of cash flow analysis, earnings analysis, fund raising and operating analysis, etc., but examination here shall center around cash flow analysis.
When conducting economic analysis, the broad costs and benefits that arise as a result of project implementation are the target parameters for analysis, however, in the case of financial analysis, because the object is to examine the financial characteristics of the project on the business side, the target parameters are usually the financial costs and business income that arise in the process of project implementation.
Because details of the project in terms of business have yet to be finalized, financial analysis shall be performed by setting assumptions with respect to the following items which are important prerequisites for the analysis.
Undertaker (who will make a business out of the project?)
Financial support conditions (can public assistance be relied upon as a precondition?)
Business capacity (financial stature, fund raising capacity)
The analysis indicators used shall be the FIRR, which is the generally adopted overall profitability indicator, and long-term profit and loss balance.

 

 

 

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