ESTABLISHMENT OF DEBTORS CAPACITYIN CONDITIONS OF MULTI-YEAR CONSTRUCTION OF INFRASTRUCTURAL PROJECTS

The construction of large infrastructural projects has lasted even for several years. In the period of construction there are used parts of debt congruently to dynamics of construction and fmancing. The entire debt starts retuming to sources not earlier than after the beginning of project exploitation, i.e. when it is possible to generate income by exploitation. During construction, on used parts of debt is paid intercalate interest which is inversely proportional to debtors capacity, i.e. interests decrease it. By technique of discounted money flows it is possible to establish debtors capacity comparing discounted money flows from project exploitation, interest rate of debt, intercalate interest rate, dynamics of construction and similar.