| Abstract [eng] |
The main purpose of this master thesis is to develop an evaluation methodology that would allow for a proper financial evaluation of the Lithuanian strategic project Rail Baltica. The work consists of four main parts: the analysis of literature, research methodology, the research and its results, conclusions, and recommendations. The analysis of the literature reviews the concept of strategic management and investment project, introduces strategic management in Lithuania, introduces the main indicators of investment project evaluation, and applies the cost-benefit method to railway infrastructure projects. The author performed the financial evaluation of the Lithuanian strategic project Rail Baltica using the cost-benefit method. The analysis of environmental factors used the PESTEL method, which revealed that the long-term strategy of the state and the EU - European Green Deal - has the greatest positive impact, and the geopolitical situation in Lithuania may have a negative impact. Performing a detailed description of the project, author singled out the main design data of the railway line, described the future benefits of the project and the company implementing the project, AB LTG Infra. The author calculated the following financial ratios: net present value, internal rate of return, modified internal rate of return, payback period, benefit-cost ratio. He also examined the possible impact of the project on the Lithuanian economy. The performed research revealed that the Lithuanian strategic project will not be completed on time – by 2026, and the financial evaluation of the project has shown that the project is not financially viable, the project costs exceed the benefits by 4 times. The amount of investment required for the implementation of the project has increased by 31.7% (785.3 million EUR) and an additional 100 million EUR state support will be required during the first five years of operation of the railway line. The conclusions and recommendations summarize the main concepts of the literature analysis and the results of the research. The author considers that the depreciation of grants should be included in the cost of the service when determining the charge for the use of railway service facilities, and previous financial year inflation rate should be added to the reasonable profit rate. |
