公司收购风电项目报告

1、第1章 项目 概况1.1 项目概况受*公司委托，对其拟收购的乌拉特中旗和乌拉特后旗 2X 49.5MW风电场项目进行财务评价。本次评价的两个风电场的概况如下：（一）乌拉特中旗图古日格风电场本风电场位于内蒙古巴彦淖尔市乌拉特中旗巴音杭盖地区。 风电场占地面积120平方公里，规划装机容量为 5OOM0期工程装机容量为49.5MW 一期工程风电场地理坐标东经 10716 10942，北纬 4 0 074 2 28之间。场址平均海拔高度约为1300m地貌上属内蒙古高原的乌拉特高平原，地形较为平 坦，风能资源丰富* *-tlLr *HH li*加缸.严Jf.图1-1乌拉特中旗风电场地理位置示意图乌拉特中

2、旗图古日格风电场10m 50m 70m高年平均风速分别为7.1m/s、 8.9m/s、9.4m/s，对应的年平均风功率密度分别为 415W/m2 776 W/m2 931W/m2 风切变指数为0.139，空气密度为1.07kg/m3，按GB/T 18710-2002标准达到4 级以上，属于风能资源丰富区，具有开发价值。本风电场安装 66台金风 750kW 的风电机组，轮毂高度50m经核算，年上网电量为1.2621亿kwh,年等效满负 荷利用小时数 2550h。（二）乌拉特后旗风电场项目乌拉特后旗风电场位于内蒙古巴彦淖尔市乌拉特后旗那仁宝力格地区。 风电 场占地面积120平方公里，规划装机容量为

3、500MW一期工程装机容量为49.5MV， 一期工程场址位于内蒙古高原荒漠草原地带，地处东经 10613 10740， 北纬 40404228之间。乌拉特后旗风电场地区平均海拔高度约为 1300m， 地貌上属内蒙古高原的乌拉特高平原，地面较为平坦。图 1-2 乌拉特后旗风电场地理位置示意图乌拉特后旗那仁宝力格风电场10m 40m 50m高年平均风速分别为7.2m/s、 8.5m/s、8.7m/s ，对应的年平均风功率密度分别为 441W/m2727 W/m2、772 W/m2， 风切变指数为0.12，空气密度为1.12kg/m3，按GB/T18710-2002标准达到4级 以上，属于风能资源丰

4、富区，具有开发价值。本风电场安装 66台金风750kW的 风电机组，轮毂高度50m经核算，年上网电量为1.2220亿kwh,年等效满负荷 利用小时数 2469h。第2章财务评价2.1效益分析参照评估数据，对拟收购2X49.5MW风电场作为一个整体进行财务评价。 财 务评价按国家现行风电场相关政策的规定执行。 财务评价基础数据表和敏感性分 析表分别见下表。财务评价基础数据项目单位参数值工程总投资万元67376.54乌拉特中旗风场年利用小时数（4.95万千瓦）小时2550乌拉特后旗风电场年利用小时数（4.95万千瓦）小时2469上网电价（30000小时以内）元/兆瓦时510乌中旗风电场上网电价（3

5、0000小时以外）元/兆瓦时462乌后旗风电场上网电价（30000小时以外）元/兆瓦时469装机容量兆瓦99风机台数台132单台风机容量千瓦750CDM攵入元/兆瓦时100年均保险费占资产原值比率比率0.0015折旧年限年15维修费比率0.015融资利率比率0.0783融资期限年15城建税征收率比率0.05教育费附加征收率比率0.03地方教育费附加征收率比率0.01水利基金占收入比率比率0.001所得税税率比率0.25所得税免税期年3质保期年2敏感性分析表序号项目财务内部收益率（%上网电价（元元 /kW - h)项目投资变化比率不含增值税含增值税1基本方案16.61%0.470.512电量变化

6、-10%14.27%-14.11%0.470.51-5%15.44%-7.07%0.470.515%17.79%7.08%0.470.5110%18.96%14.12%0.470.5120%21.31%28.26%0.470.5130%23.69%42.59%0.470.513电价变化-10%14.27%-14.11%0.4230.459-5%15.44%-7.07%0.44650.48455%17.79%7.08%0.49350.535510%18.96%14.12%0.51710.56120%21.31%28.26%0.56410.61230%23.69%42.59%0.61110.663

7、敏感性分析表明，本风电场电价和电量在-10%30%围内变化时，最低的 全部投资内部收益率为14.27 %，仍大于银行贷款利率，表明本风电场抗风险能 力较强。附表1损益表附表2成本费用表附表3现金流量表第3章 评价结论3.1 评价结论经过测算，此次拟收购的2X 49.5MW风电场财务指标如下：在收益率为 8%情况下，项目全部投资财务净现值为 30001 万元，即项目价 值为 97377万元。按照项目价值为 9.78 亿元，设定财务净现值为 30424万元， 项目内部收益率为 7.92%，基本达到行业收益率水平。附表1损益与利润分配表序号项目年份、合计建设期正常运行期200820092010201

8、12012201320142015上网电量(亿kW- h)50.86581.17772.48442.48442.48442.48442.48442.48442.48441发电销售收入234502.617600.0414252.6514252.6514252.6514252.6511677.8511677.8511677.852销售税金及附加1594.6251.6896.9296.9296.9296.9279.4179.4179.412.1城市维护建设税(5.00%)996.6432.3060.5760.5760.5760.5749.6349.6349.632.2教育费附加(4.00%)597.

9、9819.3836.3436.3436.3436.3429.7829.7829.782.3水利基金占收入的比例234.507.6014.2514.2514.2514.2511.6811.6811.683总成本费用137971.504395.719932.8410317.4710151.039971.559778.039569.359344.334利润总额(1-2-3)94936.503152.654222.903838.264004.714184.181820.412029.092254.115弥补亏损0.000.000.000.000.000.000.000.000.006所得税(25%)1

10、9679.510.000.000.00500.59523.02227.55507.27563.537税后利润(4-5-6)75256.993152.654222.903838.263504.123661.161592.861521.821690.598盈余公积（10%）7525.70315.26422.29383.83350.41366.12159.29152.18169.0610可供分配利润（7-8-9）67731.292837.383800.613454.443153.713295.041433.571369.641521.5312偿还本年长期贷款需要利润8548.760000000013

11、为还贷尚缺利润-3009.750000000014应付利润56172.782837380134543154329514341370152215未分配利润（10-14）11558.510.000.000.000.000.000.000.000.0016累计未分配利润77190.960.000.000.000.000.000.000.000.00附表1损益与利润分配表（续）序号项目 年份正常运行期2016201720182019202020212022202320242025202620272028上网电量(亿2.48442.48442.48442.48442.48442.48442.48442.

12、48442.48442.48442.48442.48442.4844kW- h)发电11677.11677.11677.11589.10990.10657.10657.10657.10657.10657.10657.10657.2641.41销售8585856851616161616161613收入2销售 税金 及附加79.4179.4179.4178.8174.7472.4772.4772.4772.4772.4772.4772.4717.962.1市 护 设 城 维 建 税49.6349.6349.6349.2646.7145.2945.2945.2945.2945.2945.2945.2

13、911.232.2教育费附加29.7829.7829.7829.5528.0327.1827.1827.1827.1827.1827.1827.186.742.3水 基 占 入利金收 的111.6811.6811.6811.5910.9910.6610.6610.6610.6610.6610.6610.662.64总成9101.68840.08557.98253.77925.67571.94996.82062.91619.41619.41619.41619.43本费952175301111722.83用利润2496.72758.33040.53257.12990.13013.15588.385

14、22.28965.78965.78965.78965.71900.64总额5927080422224(1-2-3)弥补5亏损0.000.000.000.000.000.000.000.000.000.000.000.000.00所得1397.02130.52241.42241.42241.42241.46税624.19689.60760.13814.29747.53753.30863333475.16(25%)税后利润1872.52068.72280.32442.82242.52259.84191.26391.66724.26724.26724.26724.21425.47(4-5-79988

15、938999986)8盈公(10c余积%)187.26206.88228.04244.29224.26225.99419.12639.17672.43672.43672.43672.43142.55可供1685.31861.92052.32198.52018.32033.93772.15752.56051.86051.86051.86051.81282.910分配1159200166663利润偿还本年12长期000001552730566400000贷款需要利润13为还 贷尚 缺利 润00000-1879-1042-890000014应付利润16851862205221992018000605

16、2605260526052128315未分配利润0.000.000.000.000.002033.903772.105752.510.000.000.000.000.00累计未分2033.95806.011558.11558.11558.11558.11558.11558.16配利0.000.000.000.000.0000515151515151润附表2总成本费用表序号项目年份比率合计建设期正常运行期20082009201020112012201320142015发电成本137971.504395.719932.8410317.4710151.039971.559778.039569.359

17、344.331折旧费7.00%67376.543541.244716.364716.364716.364716.364716.364716.364716.362维修费1.50%23190.33588.60784.801195.451195.451195.451195.451195.451195.453工资福利、劳保统筹和住房基金155.00%4235.2285.5685.56213.90213.90213.90213.90213.90213.904保险费0.15%2122.36101.06101.06101.06101.06101.06101.06101.06101.065材料费0.000.0

18、00.000.000.000.000.000.000.006外购电力费205.005.0010.001010.001010.001010.007摊销费0.000.000.000.000.000.000.000.000.008利息支出38787.800.004136.063981.703815.263635.783442.263233.583008.559其他费用10 元 /kW2054.2574.2599.0099.0099.0099.0099.0099.0099.00固定成本112521.923727.869039.049013.028846.588667.118473.588264.908

19、039.88可变成本25449.58667.85893.801304.451304.451304.451304.451304.451304.45总成本费用137971.504395.719932.8410317.4710151.039971.559778.039569.359344.33其中：经营成本56821.18854.471080.421619.411619.411619.411619.411619.411619.41附表2总成本费用表（续）序正常运行期号项目 年 份2016201720182019202020212022202320242025202620272028发电9101.68

20、840.08557.98253.77925.67571.94996.82062.91619.41619.41619.41619.4722.8成9521753011113本折4716.34716.34716.34716.34716.34716.32522.61旧6666665费2维 修 费1154591154591151154591151154591154591151154591151154591152 63工 资福秋 劳 保 统 筹 和 住22O房基金4保险费101.06101.06101.06101.06101.06101.06101.06101.06101.06101.06101.0610

21、1.06101.065材料费0.000.000.000.000.000.000.000.000.000.000.000.000.006外购1010.001010.001010.001010.001010.001010.0010电力费摊7销0.000.000.000.000.000.000.00费利息2765.92504.22222.11917.91589.91236.18支285408854.77443.480.000.000.000.000.00出9其/、99.0099.0099.0099.0099.0099.0099.0099.0099.0099.0099.0099.0099.00他费用固

22、疋7797.27535.67253.46949.26621.26267.53692.3314.9758.45314.96314.96314.96314.96成40762086本可变1304.41304.41304.41304.41304.41304.41304.41304.41304.41304.41304.41304.4407.8成5555555555556本总成本费用9101.698840.058557.928253.717925.677571.954996.832062.901619.411619.411619.411619.41722.83其/、中：经1619.41619.41619.

23、41619.41619.41619.41619.41619.41619.41619.41619.41619.4722.8营1111111111113成本附表3项目财务现金流量表序号年份合计建设期正常运行期200820092010201120122013201420151现金流入234502.617600.0414252.6514252.6514252.6514252.6511677.8511677.8511677.851.1发电销售收入234502.617600.0414252.6514252.6514252.6514252.6511677.8511677.8511677.852现金流出120

24、457.8268282.701177.341716.332216.922239.351926.372206.102262.352.1固定资产投资67376.5467376.540.000.000.000.000.000.000.002.2流动资金0.000.000.000.000.000.000.000.000.002.3经营成本31807.16854.471080.421619.411619.411619.411619.411619.411619.412.4销售税金及附加1594.6251.6896.9296.9296.9296.9279.4179.4179.412.5所得税19679.51

25、0.000.000.00500.59523.02227.55507.27563.533所得税后净现金流量-60682.6613075.3112536.3212035.7312013.309751.479471.759415.504所得税后累计净现金流量-60682.66-47607.35-35071.02-23035.29-11021.99-1270.518201.2417616.745所得税前净现金流量-60682.6613075.3112536.3212536.3212536.329979.039979.039979.03所得税前累计净现6-60682.66-47607.35-35071.02-22534.70-9998.38-19.3