zmodel #004 – ローン返済 [Debt Repayment]

Click here to download: zmodel-004-debt-repayment

zmodel #004では、ローン返済のロジックを3アプローチで計算して、各アプローチにおけるデットサービスカバレッジレシオ(DSCR)への影響を分析する。

DSCRは借り手側の元金と利息の返済能力を期間ごとに計る指標で、返済周期に合わせて計算される場合が一般的(例:返済が半期ごとに発生するのであれば、DSCRの計算も半期ごとに実施する)。デットサービスに回せるキャッシュフロー原資はCFADS(cash flow available for debt service)と呼ばれる。CFADSは一般的に「営業キャッシュフロー – 投資キャッシュフロー」又は「EBITDA – 法人税等の支払い – 運転資本の変動 – 固定資産の投資」という方法で計算されるが、厳密な計算方法はローン契約のコベナンツに基づく。


1 – 元金均等返済
2 – 元利均等返済(Credit Foncier返済)
3 – デットスカルプティング(固定DSCR)返済



In zmodel #004, we calculate debt repayment using three different methods and compare the resulting impact on Debt Service Coverage Ratio (DSCR).

DSCR is used to measure the ability of a borrower to meet its debt service obligations (principal and interest) in the current period. It is typically measured on a frequency aligned with debt service frequency (e.g. if debt is repaid semi-annually, then DSCR will be measured semi-annually). Cash flow available for debt service (CFADS) is the cash flow generated by the borrower over the same frequency as the debt service. CFADS can be defined as Operating Cash Flow – Investing Cash Flow or EBITDA – Tax Paid – Working Capital Investment – Fixed Capital Investment.

The three repayment methods we contrast are:

Method 1 – constant principal payment
Method 2 – constant debt service (principal and interest) payment, otherwise known as Credit Foncier
Method 3 – debt sculpted (constant DSCR) principal payments.

Method 3 is an often used debt repayment for project finance projects which have predictable but uneven cash flows. Sculpting the principal repayment profile allows the project to take on higher leverage than other methods since principal payments in periods of weak cash flow are reduced accordingly.


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