{
  "url": "https://openlegislation.uk/eu-regulation-2015-207/annex-III/division-2/division-2.2",
  "json_url": "https://openlegislation.uk/eu-regulation-2015-207/annex-III/division-2/division-2.2.json",
  "legislation": "eur/2015/207",
  "legislation_title": "Commission Implementing Regulation (EU) 2015/207 of 20 January 2015 laying down detailed rules implementing Regulation (EU) No 1303/2013 of the European Parliament and of the Council as regards the models for the progress report, submission of the information on a major project, the joint action plan, the implementation reports for the Investment for growth and jobs goal, the management declaration, the audit strategy, the audit opinion and the annual control report and the methodology for carrying out the cost-benefit analysis and pursuant to Regulation (EU) No 1299/2013 of the European Parliament and of the Council as regards the model for the implementation reports for the European territorial cooperation goal",
  "legislation_url": "https://openlegislation.uk/eu-regulation-2015-207",
  "path": "annex/III/division/2/division/2.2",
  "kind": "division",
  "number": "2.2",
  "heading": "Financial analysis",
  "text": "As set out in Article 101(1)(e) of Regulation (EU) No 1303/2013, a financial analysis must be included in the CBA.\nThe financial analysis shall include:\n(a) assessment of the financial profitability of the investment and of national capital;\n(b) determining the appropriate (maximum) contribution from the Funds;\n(c) checking the financial viability (sustainability) of the project.\nFinancial analysis should, where possible and appropriate, be carried out from the point of view of the project owner and/or operator allowing to verify cash flows and guarantee positive cash balance in order to verify the financial sustainability and to calculate the indices of financial return on the investment project and on capital based on the discounted cash flows.\nIf the owner and the operator are not the same entity, a consolidated financial analysis, which excludes cash flows between the owner and the operator, should be undertaken.\nWhere possible and appropriate, the financial analysis should be carried out in constant prices (prices fixed at a base-year), but expected changes in relative prices should be considered as part of the risk assessment.",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/eur/2015/207/annex/III/division/2/division/2.2",
    "retrieved_at": "2026-11-01T14:46:53.697481+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}