工程经济学课程设计.WW

1、目 录1、项目总投资使用计划与资金筹措表2、营业收入、营业税金及附加和增值虽估算表3、总成本费用估算表4、固定资产折旧费及无形资产摊销费估算表5、项目资金现金流量表6、项目资本金现金流量表7、利润与利润分配表8、财务计划现金流量表9、借款偿还计划及利息计算表 10.建设期利息估算及还本付息计划表 12、融资前(后)分析13、敏感性及盈亏平衡分析14、设计感想15、参考文献 项目总投资使用计划与资金筹措表 单位：万元 表1序号年份项目合计（人民币）12外币折人民币人民币小计外币折人民币人民币小计1总投资71543.741045032886433364702.511505.2416207.741.

2、1建设投资56000100003240042400360010000136001.2建设期利息3543.744504869361102.51505.242607.741.3流动资金12000.002资金筹措71543.7432886328864702.511505.2416207.742.1项目资本金2600022400224002.1.1用于建设投资2240022400224002.1.2用于流动资金36002.1.3用于建设期利息0.002.2债务资金45543.741045010486104864702.511505.2416207.742.2.1用于建设投资33600100001000

3、010000360010000136002.2.2用于流动资金84002.2.3用于建设期利息3543.744504869361102.51505.242607.742.3其他资金序号年份项目345外币折人民币人民币小计外币折人民币人民币小计外币折人民币人民币小计1总投资4800480024002400480048001.1建设投资1.2建设期利息1.3流动资金4800480024002400480048002资金筹措4800480024002400480048002.1项目资本金360036002.1.1用于建设投资2.1.2用于流动资金360036002.1.3用于建设期利息2.2债务资金

4、1200120024002400480048002.2.1用于建设投资2.2.2用于流动资金1200120024002400480048002.2.3用于建设期利息2.3其他资金建设投资：2=2.1+2.2+2.3 2.1=2.11+2.12+2.13附：1=1.1+1.2+1.3 2=2.1+2.2+2.32.1=2.11+2.12+2.13 2.2=2.21+2.22+2.23营业收入、营业税金及附加和增值虽估算表 单位：万元 表2序号年份项目合计3456-12生产负荷60%生产负荷80%生产负荷100%生产负荷100%1产品营业收入42300027000360004500045000单价

5、（元）900900900900数量（吨）4700000300000400000500000500000销项税额7191045906120765076502营业税及附加7558.54482.46643.28804.1804.12.1营业税2.2消费税2.3城市维护建设税4809.98307.02409.36511.70511.702.4教育附加税2748.56175.44233.92292.4292.43增值税687144386584873107310增值税销项719104590612076507650增值税进项31962042723403401. 产品增值税率为15% 2. 城市维护建设税按增

6、值税的7%计算 3. 教育费附加按增值税的4%计算 4. 销项税额=营业收入*25% 5. 2=2.1+2.2+2.3+2.4 6. 进项税额=（外购燃料、动力费+外购原材料）*25% 7. 增值税=销项税额-进项税额 总成本费用估算表 单位：万元 表3序号年份项目合计投产期达到设计生产能力期34567891011121生产负荷（%）60801001001001001001001001002外购原材料动力费1880012001600200020002000200020002000200020003工资及福利费1094010941094109410941094109410941094109410

7、94.4修理费22626.52262.652262.652262.652262.652262.652262.652262.652262.652262.652262.655折旧费56566.505656.655656.655656.655656.655656.655656.655656.655656.655656.655656.656摊销费10001001001001001001001001001001007财务费用14664.443632.992630.091604.181263.25922.32922.32922.32922.32922.32922.327.1其中：利息支出14664.443

8、632.992630.091604.181263.25922.32922.32922.32922.32922.32922.327.1.1长期借款利息6758.843501.282227.2681.86340.937.1.2流动资金借款利息7905.6131.76395.28922.32922.32922.32922.32922.32922.32922.32922.328其他费用2500025002500250025002500250025002500250025009总成本费用149596.9516446.3115843.3915217.4814876.0514535.6214535.6214

9、535.6214535.6214535.6214535.6210经营成本77366.527056.677456.657856.657856.657856.657856.657856.657856.657856.657856.65附：修理费=折旧费*40%折旧费=残值率*5%可变成本=外购原料费、动力费+流动资金借款利息总成本费用=1+2+3+4+5+6+7+8经营成本=9-5-6-7.1固定资产折旧费及无形资产摊销费估算表 单位：万元 表4序号年份项目合计投产期达到设计生产能力期34567891011121固定资产合计1.1原值59543.741.2当期折旧费56566.505656.6556

10、56.655656.655656.655656.655656.655656.655656.655656.655656.65净值53887.0448230.3942573.7436917.0931260.4425603.7919947.1414290.498633.842977.192无形资产2.1原值10002.2摊销100100100100100100100100100100净值9008007006005004003002001000附： 1、无形资产为1000万元按10年平均摊销2、残值率为5%3、固定资产原值=工程费用+建设期利息+预备费+其他费用中的土地费用 ,项目资金现金流量表 单位

11、：万元 表5序号年份项目合计建设期投产期1234生产负荷（%）60801现金流入437977.1927000360001.1营业收入42300027000360001.2补贴收入1.3回收固定资产余值2977.191.4回收流动资金120002现金流出152925.06424001360012339.1310499.932.1建设投资5600042400136002.2流动资金12000 4800 24002.3经营成本77366.52007056.677456,652.4营业税金及附加7558.5400482.46643.283所得税前净现金流量（1-2）-42400-1360014660.

12、8725500.074累计所得税前净现金流量-42400-56000-41339.13-15839.065调整所得税3426.06 5535.86 6所得税后净现金流量（3-5）-42400-1360011234.8119964.217累计所得税后净现金流量-42400-56000-44765.19-21800.98 序号年份项目达到设计生产能力期56789101112生产负荷（%）1001001001001001001001001现金流入4500045000450004500045000450004500059977.191.1营业收入4500045000450004500045000450

13、0045000450001.2补贴收入1.3回收固定资产余值2977.191.4回收流动资金120002现金流出13460.758660.758660.758660.758660.758660.758660.758660.752.1建设投资48002.2流动资金2.3经营成本7856.657856.657856.657856.657856.657856.657856.657856.652.4营业税金及附加804.1804.1804.1804.1804.1804.1804.1804.13所得税前净现金流量（1-2）31539.2536339.2536339.2536339.2536339.253

14、6339.2536339.2551316.444累计所得税前净现金流量15700.1952039.4488378.67124717.94161057.19197396.44233735.69285052.135调整所得税7645.65 7645.787645.657645.657645.657645.657645.6511389.956所得税后净现金流量（3-5）23893.6028693.4728693.4728693.4728693.4728693.4728693.4739926.497累计所得税后净现金流量-907.3827786.0956479.5685173.03113866.514

15、2559.97171253.44211179.93项目资本金现金流量表 单位：万元 表6序号年份项目合计建设期投产期1234生产负荷（%）60801现金流入437977.1927000360001.1营业收入42300027000360001.2补贴收入1.3回收固定资产余值2977.191.4回收流动资金120002现金流出240571.572240002700031865.782.1项目资本金196002240002.2借款本金偿还43596.5613310.0716257.432.3借款利息支付14664.443632.992630.092.4经营成本77366.527056.67745

16、6.652.5营业税仅及附加7558.54482.46643.282.6所得税66461.132517.814878.332.7维护运营投资3净现金流量（1-2）197405.62-22400004134.22序号年份项目达到设计生产能力期56789101112生产负荷（%）1001001001001001001001001现金流入4500045000450004500045000450004500059793.631.1营业收入45000450004500045000450004500045000450001.2补贴收入1.3回收固定资产余值2977,191.4回收流动资金120002现金流

17、出21297.6721042.0916998.1420556.5820556.5820556.5820556.5820556.582.1项目资本金2.2借款本金偿还3788.133788.132.3借款利息支付1604.181263.25922,32922.32922.32922.32922.32922.322.4经营成本7856.657856.657856.657856.657856.657856.657856.657856.652.5营业税仅及附加804.1804.1804.1804.1804.1804.1804.1804.12.6所得税7244.617329.967415.077415.

18、077415.077415.077415.077415.072.7维护运营投资3净现金流量（1-2）23702.3323957.9128001.8628001.8628001.8628001.8628001.8628001.86利润与利润分配表 单位：万元 表7序号年份项目合计投产期达到设计生产能力期3456789101112生产负荷（%）60801001001001001001001001001营业收入423000270003600045000450004500045000450004500045000450002营业税金及附加7558.54482.46643.28804.1804.1804

19、.1804.1804.1804.1804.1804.13总成本费用149596.9516446.3115843.3915217.4814876.0514535.6214535.6214535.6214535.6214535.6214535.624补贴收入5利润总额265844.5210071.2419513.3228978.4429319.8429660.2829660.2829660.2829660.2829660.2829660.286弥补以前年度亏欠7应纳税所得额265844.5210071.2419513.3228978.4429319.8429660.2829660.2829660.

20、2829660.2829660.2829660.288所得税66461.132517.814878.337244.617329.967415.077415.077415.077415.077415.077405.079净利润199383.397553.4314634.9921733.8321989.8822245.2122245.2122245.2122245.2122245.2122245.2110可供分配的利润199383.397553.4314634.9921733.8321989.8822245.2122245.2122245.2122245.2122245.2122245.2111提

21、取法定盈余公积金17719.492173.382198.992224.522224.522224.522224.522224.522224.5212未分配利润181663.97553,4314634.9919560.4519790.8920020.6920020.6920020.6920020.6920020.6920020.6913息税前利润28050913704.2422143.4430582.630583.1230582.630582.630582.630582.630582.630482.4614息税折旧摊销前利润338075.519460.8927900.0936339.253633

22、9.7736339.2536339.2536339.2536339.2536339.2536339.25附： 息税前利润=利润总额+利息支出息税折旧摊销前利润=息税前利润+折旧+摊销利润总额=1-2-3+4净利润=5-8财务计划现金流量表 单位：万元 表8序号年份项目合计建设期投产期1234生产负荷（%）60801经营活动现金流量275171.9216943.0623021.741.1现金流入49491031590421201.1.1营业收入4230027000360001.1.2增值税销项税额71910459061201.2现金流出219738.0814646.9419098.261.2.1

23、经营成本77366.527056.677456.651.2.2增殖税进项税额31962042721.2.3营业税金及附加7558.54482.46643.281.2.4增值税68714438658481.2.5所得税66461.132517.814878.332投资活动境内感现金流量-68000-42400-13600-4800-24002.1现金流入2.2现金流出680004240013600480024002.2.1建设投资5600042400136002.2.2流动资金12000480024003筹资活动净现金流量9738.914240013600-12743.07-16487.523.

24、1现金流入680004240013600420024003.1.1项目现金流入2600022400036003.1.2建设投资借款3360020000136003.1.3流动资金借款8400120024003.2现金流出58261.090016943.0718887.523.2.1各种利息支出14664.443632.992630.093.2.2偿还债务本金43596.5613310.0716257.434净现金流量656386.9900-600.014134.225累计盈余资金00-600.013534.21序号年份项目达到设计生产能力期56789101112生产负荷（%）100100100

25、1001001001001001经营活动现金流量29094.6429009.2928924.1828924.1828924.1828924.1828924.1828924.181.1现金流入52650526505265052650526505265052650526501.1.1营业收入45000450004500045000450004500045000450001.1.2增值税销项税额765076507650765076507650765076501.2现金流出23555.3623640.7123725.8223725.8223725.8223725.8223725.8223725.821

26、.2.1经营成本7856.657856.657856.657856.657856.657856.657856.657856.651.2.2增殖税进项税额3403403403403403403403401.2.3营业税金及附加804.1804.1804.1804.1804.1804.1804.1804.11.2.4增值税731073107310731073107310731073101.2.5所得税7244.617329.967415.077415.077415.077415.077415.077415.072投资活动境内感现金流量-48002.1现金流入2.2现金流出48002.2.1建设投资

27、2.2.2流动资金48003筹资活动净现金流量-592.31-5051.38-922.32-922.32-922.32-922.32-922.32-922.323.1现金流入48003.1.1项目现金流入3.1.2建设投资借款3.1.3流动资金借款48003.2现金流出5392.3055051.38922.32922.32922.32922.32922.32922.323.2.1各种利息支出1604.181263.25922.32922.32922.32922.32922.32922.323.2.2偿还债务本金3788.133788.134净现金流量23702.3423957.9228001.

28、8628001.8628001.8628001.8628001.8628001.865累计盈余资金27236.5551194.4679196.32107198.18135200.04163201.9191203.76219205.62建设期利息估算及还本付息计划表 单位：万元 表9序号项目 年份合计1234561外汇借款（折人民币）1.1建设期利息1552.54501102.51.1.1期初借款余额0.001045015152.511364.387576.253788.131.1.2当期借款136001000036001.1.3当期应计利息4961.814501102.51363.731022

29、.79681.86340.931.1.4期末借款余额1045015152.511364.387576.253788.130.001.2其它融资费用1.3小计1552.54501102.52人民币借款2.1建设期利息1991.244861505.242.1.1期初借款余额0.001048621991.2412469.32.1.2当期借款2000010000100002.1.3当期应计利息5340.814861505.242137.551212.022.1.4期末借款余额1048621991.2412469.302.2其它融资费用2.3小计1552.54861505.243合计3543.74936

30、2607.743.1建设期利息合计3543.749362607.743.2其它融资费用合计4当期还本付息46270.3716943.0618887.525388.315051.48其中：还本37143.7613310.0716257.433788.133788.13付息9126.613632.992630.091604.181263,355还款来源5.1净利润7553.42146355.2折旧费11313.35656.655656.655.3摊销费2001001005.4偿还本金来源合计13310.0720391.65.4.1偿还外汇本金7576.263788.133788.135.4.2偿还

31、人民币本金21991.249521.9412469.35.4.3偿还本金后余额4134.17 （一）现金流量分析本报告从全部资金、自有资金两方面编制了现金流量表，主要评价指标如下：财务内部收益率：33.33% （调整所得税前）2966% （调整所得税后）财务净现值（ic=25%） 30425.91万元 （调整所得税前）财务净现值 11532.76万元 （调整所得税后）动态投资回收期（ic=25%）：7.03年 （含建设期）详见 “项目投资现金流量表”。（二）融资后分析（1）根据利润与利润分配表计算以下指标：=280509/10/71543.7439.21% 该项目投资收益率大于行业平均利润率9

32、.2%，说明单位投资收益水平达到行业标准。=199383.39/10/26000=76.68%（2）财务计划现金流量表，项目有足够的净现金流量维持正常运营，以实现财务可持续性。（3）根据利润及利润分配表、财务计划现金流量表、借款偿还计划及还本付息计划表计算指标为：=280509/14664.4419.132.0=（280509+56566.5-1000）/（43596.56+14664.44）5.771.3由计算结果可知项目偿债能力较强。融资前后分析评价：财务评价指标计算结果评价指标可行性融资前分析指标项目财务内部收益率（税前）33.33%25%可行项目财务内部收益率（税后）29.66%25%

33、可行投资财务净现值（税前）30425.910可行投资回收期7.0325%可行利息备付率19.132.0可行偿债备付率5.771.3可行财务评价结论：财务指标均为可行，因此项目可以接受(三) 1、敏感性分析：根据醒目财务现金流量表可得：设产品价格和建设投资变化的百分数分别为x、yfnpv=-42400（1+y）-13600（1+y）（p/f，25%，1）+27000（1+x）-12339.13（p/f，25%，2）+36000（1+x）-10499.93（p/f，25%，3）+45000（1+x）-13460.75（p/f，25%，4）+45000（1+x）-8660.75（p/a，25%，7）

34、（p/f，25%，5）+14977.19（p/f，25%，12）=20749.97-53280y+100759.16x变化因素-10-50510单价10674.0515712.0120749.9725787.92830824.92建设投资26077.9723413.9720749.9718085.9715421.97计算方案对各因素的敏感度单价平均敏感度=（30824.92-10674.05）/20749.97/20%=4.86建设投资平均敏感度=（26077.97-15421.97）/20749.97/20%=2.57可知净现值对单价变化的反应更加敏感。2、盈亏平衡分析：根据总成本费用估算表可得：在正常生产状况下，年销售收入tr、年总成本费用tc、年税金及附加和增值税tx都是产量q的线形函数：tr=pq tc=f+vq tx=tq其中： p是单位产品售价 f是年固定成本 v是单位产品可变本 t是单位产品销售税金及附加和增值税当利润为零时，可求得盈亏平衡产量：pq=f+ vq+ tq1bepq=f/（p-v-t）=12289.14/(900-56.82-16)=14.86 万吨 2盈亏平衡生产能力利用率： bepy（%）=bepq/q=14.86/50 * 100%=29.