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From the analysis it can be seen that the project financially is on the border of feasibility (FIRR=7.9%), but is economically payable (EIRR=14.75%). The economic period of payment is 8 years. DSCR is 1.66 after the 5th year with an average for the whole period of 1.53. This means that during the working of the project it generates on average annually 66% more income than the value of anuity ater the 5th year or for 53% average annually more than the value of anuity. It is normal to expect for projects that are higgly infrastructurally depended for the first years to have a DSCR close or lower than 1. The project from the aspect of creditors is attractive having in consideration the value of DSCR and the nature of the project. The risk of the project is analyzed with an evaluation of the sensitivity of EIRR from three variables: income, investment and price (expenditure) of electrical energy. The results of the analysis of the sensitivity are illustrated on the following picture. Picture no. 77 Analysis of the sensitivity of EIRR from the income, investments and price (expenditure of electrical energy)

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Fizibility studija carev vrv english translation  

Fizibility studija carev vrv english translation  

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