技術(shù)經(jīng)濟學(xué)課程設(shè)計-工業(yè)項目財務(wù)評價分析報告

.../案例分析一、項目概況某新建項目,其可行性研究已完成市場需求預(yù)測、生產(chǎn)規(guī)模、工藝技術(shù)方案、建廠條件和廠址方案、環(huán)境保護、工廠組織和勞動定員以及項目實施規(guī)劃諸方面的研究論證和多方案比較。項目財務(wù)評價在此基礎(chǔ)上進行。項目基準(zhǔn)折現(xiàn)率為12%,基準(zhǔn)投資回收期為8.3年。二、基礎(chǔ)數(shù)據(jù)〔1生產(chǎn)規(guī)模和產(chǎn)品方案。生產(chǎn)規(guī)模為年產(chǎn)1.2萬噸某工業(yè)原料。產(chǎn)品方案為A型及B型兩種,以A型為主?！?實施進度。項目擬兩年建成,第三年投產(chǎn),當(dāng)年生產(chǎn)負荷達到設(shè)計能力的70%,第四年達到90%,第五年達到100%。生產(chǎn)期按8年計算,計算期為10年?！?建設(shè)投資估算。建設(shè)投資估算見表1。其中外匯按1美元兌換8.30人民幣計算。〔4流動資金估算采用分項詳細估算法進行估算,估算總額為3111.02萬元。流動資金借款為2302.7萬元。流動資金估算見表2?！?資金來源。項目資本金為7121.43萬元,其中用于流動資金808.32萬元,其余為借款。資本金由甲、乙兩個投資方出資,其中甲方出資3000萬元,從還完建設(shè)投資長期借款年開始,每年分紅按出資額的20%進行,經(jīng)營期末收回投資。外匯全部通過中國銀行向國外借款,年利率為9%；人民幣建設(shè)投資部分由中國建設(shè)銀行提供貸款,年利率為6.2%；流動資金由中國工商銀行提供貸款,年利率5.94%。投資分年使用計劃按第一年60%,第二年40%的比例分配。資金使用計劃與資金籌措表見表3?！?工資及福利費估算。全廠定員500人,工資及福利費按每人每年8000元估算,全年工資及福利費估算為400萬元〔其中福利費按工資總額的14%計算?！?年銷售收入和年銷售稅金及附加。產(chǎn)品售價以市場價格為基礎(chǔ),預(yù)測到生產(chǎn)期初的市場價格,每噸出廠價按15850元計算〔不含增值稅。產(chǎn)品增值稅稅率為17%。本項目采用價外計稅方式考慮增值稅。城市維護和建設(shè)稅按增值稅的7%計算,教育費附加按增值稅的3%計算。年銷售收入和年銷售稅金及附加見表4。〔8產(chǎn)品成本估算?？偝杀举M用估算見表5。成本估算說明如下：①固定資產(chǎn)原值中除工程費用外還包括建設(shè)期利息、預(yù)備費用以及其他費用中的土地費用。固定資產(chǎn)原值為19524.29萬元,按平均年限法計算折舊,折舊年限為8年,殘值率為5%,折舊率為11.88%,年折舊額為2318.51萬元。固定資產(chǎn)折舊費估算見表6。②其他費用中其余部分均作為無形資產(chǎn)及遞延資產(chǎn)。無形資產(chǎn)為368.90萬元,按8年攤銷,年攤銷額為46.11萬元。遞延資產(chǎn)為400萬元,按5年攤銷,年攤銷額為80萬元。無形資產(chǎn)及遞延資產(chǎn)攤銷費計算見表7。③修理費計算。修理費按年折舊額的50%提取,每年1159.25萬元。④借款利息計算。流動資金年應(yīng)計利息為136.78萬元,長期借款利息計算見表8-21。生產(chǎn)經(jīng)營期間應(yīng)計利息計入財務(wù)費用。⑤固定成本和可變成本?？勺兂杀景赓徳牧稀⑼赓徣剂?、動力費以及流動資金借款利息。固定成本包含總成本費用中除可變成本外的費用。〔9損益和利潤分配。損益和利潤分配表見表11。利潤總額正常年為3617.36萬元。所得稅按利潤總額的33%計取,盈余公積金按稅后利潤的10%計取。三、財務(wù)評價〔1全部資金財務(wù)現(xiàn)金流量表,見表8。根據(jù)該表計算的評價指標(biāo)為：全部資金財務(wù)內(nèi)部收益率<ＦIRR>為17.62%,全部資金財務(wù)凈現(xiàn)值〔ic=12%時為4781.34萬元。全部資金財務(wù)內(nèi)部收益率大于基準(zhǔn)收益率,說明盈利能力滿足了行業(yè)最低要求,全部資金財務(wù)凈現(xiàn)值大于零,該項目在財務(wù)上是可以接受的。全部資金靜態(tài)投資回收期為6.17年〔含建設(shè)期,小于行業(yè)基準(zhǔn)投資回收期8.3年,表明項目投資能按時收回。〔2資本金現(xiàn)金流量表見表9,根據(jù)該表計算資本金內(nèi)部收益率為18.22%。〔3甲方財務(wù)現(xiàn)金流量表見表10,根據(jù)該表計算甲方投資內(nèi)部收益率為9.80%。〔4根據(jù)損益及利潤分配表〔表11、建設(shè)投資估算表〔表1計算以下指標(biāo)：該項目投資利潤率大于行業(yè)平均利潤率8%,說明單位投資收益水平達到行業(yè)標(biāo)準(zhǔn)。表1建設(shè)投資估算表單位：萬元序號工程或費用名稱估算價值占總值比〔%建筑工程設(shè)備費用安裝工程其他費用總值其中外匯〔萬美元1建設(shè)投資〔不含建設(shè)期利息1559.2510048.953892.953642.3019143.45976.25100%1.1第一部分工程費用1559.2510048.953892.950.0015501.1581%主要生產(chǎn)項目463.507849.353294.0011606.85其中：外匯639.00179.25818.25818.25輔助生產(chǎn)車間172.35473.4022.95668.70公用工程202.051119.60457.651779.30環(huán)境保護工程83.25495.00101.25679.50總圖運輸23.40111.60135.00廠區(qū)服務(wù)性工程117.90117.90生活福利工程496.80496.80廠外工程17.1017.101.2第二部分其他費用1368.901368.90158.007%其中：土地費用600.00600.00第一、第二部分合計1559.2510048.953892.951368.9016870.051.3預(yù)備費用2273.402273.4012%2建設(shè)期利息1149.7499.02合計〔1+21559.2510048.953892.953642.3020293.191075.27表2流動資金估算表單位：萬元序號年份項目最低周轉(zhuǎn)天數(shù)周轉(zhuǎn)次數(shù)投產(chǎn)期達到設(shè)計生產(chǎn)能力期34561流動資產(chǎn)2925.503645.154001.224001.221.1應(yīng)收賬款3012769.17951.031040.031040.031.2存貨2117.992655.782922.852922.851.3現(xiàn)金152438.3438.3438.3438.342流動負債622.80800.93890.20890.202.1應(yīng)付賬款3012622.80800.93890.20890.203流動資金〔1-22302.702844.223111.023111.024流動資金增加額2302.70541.52266.800.00表3資金使用計劃與資金籌措表單位：萬元序號年份項目合計人民幣12345外幣折人民幣人民幣小計外幣折人民幣人民幣小計外幣折人民幣人民幣小計外幣折人民幣人民幣小計外幣折人民幣人民幣小計1總投資23404.21612.115080.506712.2811792.78463.163844.254656.168500.410.000.002302.702302.700.000.00541.52541.520.000.00266.80266.801.1建設(shè)投資<未含利息>19143.45585.754861.736624.3511486.07390.503241.154416.237657.381.2建設(shè)期利息1149.7426.36218.7887.93306.7172.66603.10239.93843.031.3流動資金3111.022302.702302.70541.52541.52266.80266.802資金籌措23404.212.1自有資金7121.433787.873787.872525.242525.24808.32808.32其中：用于流動資金0.00808.32808.32資本金7121.433787.873787.872525.242525.24808.32808.32資本溢價0.000.000.000.002.2借款16282.78612.115080.502924.418004.91463.163844.252130.925975.170.000.001494.381494.380.000.00541.52541.520.000.00266.80266.80長期借款12830.34585.754861.732836.487698.20390.503241.151890.995132.14流動資金借款2302.701494.381494.38541.52541.520.000.00266.80266.80建設(shè)期利息1149.7426.36218.7887.93306.7172.66603.10239.93843.030.000.000.000.002.3其它注：各年流動資金在年初投入表4銷售收入、銷售稅金及附加和增值稅估算表序號項目單價〔元生產(chǎn)負荷70%〔第3年生產(chǎn)負荷90%〔第4年生產(chǎn)負荷100%〔第5-10年銷售量〔噸金額〔萬元銷售量〔噸金額〔萬元銷售量〔噸金額〔萬元1產(chǎn)品銷售收入15850.008400.0013314.0010800.0017118.0012000.0019020.002銷售稅金及附加99.25127.60141.78增值稅銷項2263.382910.063233.40增值稅進項1270.921634.041815.60增值稅992.461276.021417.802.1城市維護建設(shè)稅〔增值稅*7%69.4789.3299.252.2教育費附加〔增值稅*3%29.7738.2842.53注：1.增值稅僅為計算城市維護建設(shè)稅和教育費附加的依據(jù)；2.本報表稅金的計算方法采用不含增值稅的計算方法。表5總成本費用估算表單位：萬元序號年份項目合計投產(chǎn)期達到設(shè)計生產(chǎn)能力期345678910生產(chǎn)負荷〔%70901001001001001001001外購原材料71811.006614.408503.809448.809448.809448.809448.809448.809448.802外購燃料、動力9357.00861.601108.201231.201231.201231.201231.201231.201231.203工資及福利費3200.00400.00400.00400.00400.00400.00400.00400.00400.004修理費9274.041159.251159.251159.251159.251159.251159.251159.251159.255折舊費18548.072318.512318.512318.512318.512318.512318.512318.512318.516攤銷費768.90126.11126.11126.11126.11126.1146.1146.1146.117財務(wù)費用〔利息、匯兌損失3820.301205.421017.02702.06348.68136.78136.78136.78136.787.1其中：利息支出3820.301205.421017.02702.06348.68136.78136.78136.78136.788其他費用4161.60520.20520.20520.20520.20520.20520.20520.20520.209總成本費用〔1+2+3+4+5+6+7+8120940.9113205.5015153.0915906.1415552.7615340.8615260.8615260.8615260.86其中：固定成本35952.614524.084524.084524.084524.084524.084444.084444.084444.08可變成本84988.308681.4210629.0211382.0611028.6810816.7810816.7810816.7810816.7810經(jīng)營成本〔9—5—6—7.197803.649555.4511691.4512759.4512759.4512759.4512759.4512759.4512759.45表6固定資產(chǎn)折舊費估算表單位：萬元序號年份項目合計折舊率〔%投產(chǎn)期達到設(shè)計生產(chǎn)能力期3456789101固定資產(chǎn)合計11.88%1.1原值19524.291.2折舊費18548.072318.512318.512318.512318.512318.512318.512318.512318.51凈值17205.7814887.2712568.7610250.257931.745613.233294.72976.21表7無形資產(chǎn)及遞延資產(chǎn)攤銷費估算表單位：萬元序號年份項目攤銷年限原值投產(chǎn)期達到設(shè)計生產(chǎn)能力期3456789101無形資產(chǎn)8368.901.1攤銷46.1146.1146.1146.1146.1146.1146.1146.111.2凈值322.79276.68230.56184.45138.3492.2246.110.002遞延資產(chǎn)〔開辦費5400.002.1攤銷80.0080.0080.0080.0080.002.2凈值320.00240.00160.0080.000.003無形及遞延資產(chǎn)合計768.903.1攤銷126.11126.11126.11126.11126.1146.1146.1146.113.2凈值642.79516.68390.56264.45138.3492.2246.110.00表8全部資金財務(wù)現(xiàn)金流量表單位：萬元序號年份項目合計建設(shè)期投產(chǎn)期達到設(shè)計生產(chǎn)能力期12345678910生產(chǎn)負荷〔%70901001001001001001001現(xiàn)金流入148639.230.000.0013314.0017118.0019020.0019020.0019020.0019020.0019020.0023107.231.1產(chǎn)品銷售收入144552.0013314.0017118.0019020.0019020.0019020.0019020.0019020.0019020.001.2回收固定資產(chǎn)余值976.21976.211.3回收流動資金3111.023111.022現(xiàn)金流出121135.6411486.077657.3811957.4012360.5813168.0312901.2312901.2312901.2312901.2312901.232.1建設(shè)投資〔不含建設(shè)期借款利息19143.4511486.077657.382.2流動資金3111.022302.70541.52266.802.3經(jīng)營成本97803.649555.4511691.4512759.4512759.4512759.4512759.4512759.4512759.452.4銷售稅金及附加1077.5399.25127.60141.78141.78141.78141.78141.78141.783凈現(xiàn)金流量27503.60-11486.07-7657.381356.604757.425851.976118.776118.776118.776118.7710206.004累計凈現(xiàn)金流量-11486.07-19143.45-17786.85-13029.43-7177.46-1058.705060.0711178.8317297.6027503.60計算指標(biāo)：全部資金財務(wù)內(nèi)部收益率〔FIRR=17.62%；全部資金財務(wù)凈現(xiàn)值〔FNPV〔ic=12%=￥4,781.34萬元；全部資金靜態(tài)投資回收期〔從建設(shè)期算起=6.17年表9資本金財務(wù)現(xiàn)金流量表單位：萬元序號年份項目合計建設(shè)期投產(chǎn)期達到設(shè)計生產(chǎn)能力期12345678910生產(chǎn)負荷〔%70.0090.00100.00100.00100.00100.00100.00100.001現(xiàn)金流入148639.230.000.0013314.0017118.0019020.0019020.0019020.0019020.0019020.0023107.231.1產(chǎn)品銷售收入144552.0013314.0017118.0019020.0019020.0019020.0019020.0019020.0019020.001.2回收固定資產(chǎn)余值976.21976.211.3回收流動資金3111.023111.022現(xiàn)金流出133541.753787.872525.2414122.3217118.0019020.0017765.0414205.3414231.7414231.7414231.742.1資本金7121.433787.872525.24808.322.2借款本金償還16282.782450.823675.624435.923417.722302.702.3借款利息支付3820.301205.421017.02702.06348.68136.78136.78136.78136.782.4經(jīng)營成本97803.649555.4511691.4512759.4512759.4512759.4512759.4512759.4512759.452.5銷售稅金及附加1077.5399.25127.60141.78141.78141.78141.78141.78141.782.6所得稅7436.073.05606.31980.791097.401167.331193.731193.731193.733凈現(xiàn)金流量15097.48-3787.87-2525.24-808.320.000.001254.964814.664788.264788.266572.79計算指標(biāo)：資本金內(nèi)部收益率：18.22%表10甲方投資財務(wù)現(xiàn)金流量表單位：萬元序號年份項目合計建設(shè)期投產(chǎn)期達到設(shè)計生產(chǎn)能力期12345678910生產(chǎn)負荷〔%70901001001001001001001現(xiàn)金流入600060060060060036001.1股利分配600060060060060036001.2資產(chǎn)處置收益分配1.3租賃費收入1.4技術(shù)轉(zhuǎn)讓收入1.5其他現(xiàn)金流入2現(xiàn)金流出3000150015002.1股權(quán)投資3000150015002.2租賃資產(chǎn)支出2.3其他現(xiàn)金流出3凈現(xiàn)金流量1800-1500-15006006006006003600計算指標(biāo)：甲方投資內(nèi)部收益率：9.80%表11損益和利潤分配表單位：萬元序號年份項目合計投產(chǎn)期達到設(shè)計生產(chǎn)能力期345678910生產(chǎn)負荷〔%70901001001001001001001產(chǎn)品銷售收入144552.0013314.0017118.0019020.0019020.0019020.0019020.0019020.0019020.002銷售稅金及附加1077.5399.25127.60141.78141.78141.78141.78141.78141.783總成本費用120940.9113205.5015153.0915906.1415552.7615340.8615260.8615260.8615260.864利潤總額〔1-2-322533.569.251837.312972.083325.463537.363617.363617.363617.365所得稅〔33%7436.073.05606.31980.791097.401167.331193.731193.731193.736稅后利潤〔8-515097.486.201230.991991.302228.062370.032423.632423.632423.637可供分配利潤15097.486.201230.991991.302228.062370.032423.632423.632423.637.1贏余公積金〔10%964.09237.00242.36242.36242.367.2應(yīng)付利潤0.007.3未分配利潤14133.396.201230.991991.302228.062133.032181.272181.272181.27累計未分配利潤6.201237.193228.495456.557589.589770.8511952.1214133.39表12資金來源與運用表單位：萬元序號年份項目合計建設(shè)期投產(chǎn)期達到設(shè)計生產(chǎn)能力期12345678910生產(chǎn)負荷〔%70901001001001001001資金來源69341.9811792.788500.414756.584823.455683.515770.095981.985981.985981.9810069.221.1利潤總額22533.569.251837.312972.083325.463537.363617.363617.363617.361.2折舊費18548.072318.512318.512318.512318.512318.512318.512318.512318.511.3攤銷費768.90126.11126.11126.11126.11126.1146.1146.1146.111.4長期借款13980.088004.915975.170.001.5流動資金借款2302.701494.38541.52266.801.6其他短期借款0.001.7自有資金7121.433787.872525.24808.321.8其它0.001.9回收固定資產(chǎn)余值976.21976.211.10回收流動資金3111.023111.022資金運用47123.0611792.788500.414756.584823.455683.514515.131167.331193.731193.733496.432.1固定資產(chǎn)投資19143.4511486.077657.382.2建設(shè)期利息1149.74306.71843.032.3流動資金3111.022302.70541.52266.802.4所得稅7436.073.05606.31980.791097.401167.331193.731193.731193.732.5應(yīng)付利潤0.002.6長期借款本金償還13980.082450.823675.624435.923417.722.7流動資金借款本金償還2302.702302.702.8短期借款本金償還0.003盈余資金22218.910.000.000.000.000.001254.964814.664788.264788.266572.794累計盈余資金0.000.000.000.000.001254.966069.6110857.8715646.1322218.91表13長期借款償還計劃表單位：萬元序號年份項目利率〔%建設(shè)期投產(chǎn)期達到設(shè)計生產(chǎn)能力期1234561外匯借款〔折成人民幣9%1.1年初借款本息累計5080.508924.756473.932798.31本金4861.738102.886473.932798.31建設(shè)期利息218.78821.871.2本年借款4861.733241.151.3本年應(yīng)計利息218.78603.10803.23582.65251.851.4本年償還本金2450.823675.622798.311.5本年支付利息803.23582.65251.852人民幣借款6.20%2.1年初借款本息累計2924.415055.335055.335055.333417.72本金2836.484727.475055.335055.333417.72建設(shè)期利息87.93327.862.2本年借款2836.481890.992.3本年應(yīng)計利息87.93239.93313.43313.43313.43211.902.4本年償還本金1637.613417.722.5本年支付利息313.43313.43313.