Fundación Valenciaport has extensive experience of carrying out cost-benefit analyses of infrastructure investment projects, following the recommended methodological guidelines whether the scope is national, European or international.
In particular, in the case of Spain, the reference guide required for cost-benefit analyses of port investment projects is known as MEIPOR 2016 (Review and Update of the Method for the Evaluation of Port Investments). It is based on the Guide to Cost-Benefit Analysis of Investment Projects, developed by the Directorate-General for Regional and Urban Policy (DG REGIO), the use of which is obligatory for analyses of projects with European funding or for grant proposals to secure such funds.
Examples of projects in this area include:
- Cost-benefit analysis of rail access to the Port of Sagunto
- Cost-benefit analysis of the improvements to the Sagunto-Teruel-Zaragoza line
- Cost-benefit analysis of the Master Plan for the Port of Sagunto
- Financial profitability analysis of the construction of electrical substation in the Port of Sagunto
- Cost-benefit analysis of improvements in road access to the Port of Koper
- Cost-benefit analysis of the expansion of the Sagunto regasification plant
- Financial feasibility analysis of the construction and concession of technical-nautical facilities in the ports of Sagunto and Gandía
- Cost-benefit analysis of the construction of a Liquefied Natural Gas (LNG) bunkering station in the Port of Gijón
- Cost-benefit analysis of retrofitting the Huelva regasification plant for LNG supply
- Financial profitability analysis of a cruise terminal in the Port of Valencia
- Cost-benefit analysis of the construction of an LNG bunkering station in Nantes St-Nazaire, Fos-Marseille and Padova.
- Cost-benefit analysis of the expansion of the vehicle terminal in the Port of Savona
- Cost-benefit analysis of the construction of a vertical silo in the Port of Valencia
For their part, the cost-benefit analyses carried out at the international level follow the methodologies recommended by the competent authorities in each of the client countries; for example, the analyses carried out in the framework of the Master Plan for the Port of Callao and the Master Plan for the National Port System of Uruguay, or the financial feasibility analysis of the future Port Terminal of Lambayeque.
With the specific methodological approaches included in each of the reference manuals, the basic stages of cost-benefit analysis are the following:
- Analysis of the context of the project, taking into account the economic, social and legislative aspects related to it, as well their alignment with project objectives.
- Analysis of the proposed options and the definition of the project
- Demand analysis; this a key element in the study of any investment project, since the correct characterization of current flows and the estimation of future flows will be one of the main factors influencing the amount of revenue and expenditure, as well as the scope of the project itself.
- Financial analysis; an estimation of the revenue and expenditure associated with the implementation of the project, an analysis of the different sources of financing, and the calculation of the project profitability indicators (Internal Rate of Return, Net Present Value and pay-back)
- Economic analysis; quantifying the effects of the project on society in general, looking beyond the actors who are directly involved in the development of the project. This involves the calculation of the Internal Rate of Economic Return, Net Present Economic Value and economic pay-back).
- Risk analysis; an assessment of how the results would be affected in terms of financial and economic profitability in the event of changes to critical variables.