技术经济学课程设计-工业项目财务评价分析报告

.../案例分析一、项目概况某新建项目,其可行性研究已完成市场需求预测、生产规模、工艺技术方案、建厂条件和厂址方案、环境保护、工厂组织和劳动定员以及项目实施规划诸方面的研究论证和多方案比较。项目财务评价在此基础上进行。项目基准折现率为12%,基准投资回收期为8.3年。二、基础数据〔1生产规模和产品方案。生产规模为年产1.2万吨某工业原料。产品方案为A型及B型两种,以A型为主。〔2实施进度。项目拟两年建成,第三年投产,当年生产负荷达到设计能力的70%,第四年达到90%,第五年达到100%。生产期按8年计算,计算期为10年。〔3建设投资估算。建设投资估算见表1。其中外汇按1美元兑换8.30人民币计算。〔4流动资金估算采用分项详细估算法进行估算,估算总额为3111.02万元。流动资金借款为2302.7万元。流动资金估算见表2。〔5资金来源。项目资本金为7121.43万元,其中用于流动资金808.32万元,其余为借款。资本金由甲、乙两个投资方出资,其中甲方出资3000万元,从还完建设投资长期借款年开始,每年分红按出资额的20%进行,经营期末收回投资。外汇全部通过中国银行向国外借款,年利率为9%；人民币建设投资部分由中国建设银行提供贷款,年利率为6.2%；流动资金由中国工商银行提供贷款,年利率5.94%。投资分年使用计划按第一年60%,第二年40%的比例分配。资金使用计划与资金筹措表见表3。〔6工资及福利费估算。全厂定员500人,工资及福利费按每人每年8000元估算,全年工资及福利费估算为400万元〔其中福利费按工资总额的14%计算。〔7年销售收入和年销售税金及附加。产品售价以市场价格为基础,预测到生产期初的市场价格,每吨出厂价按15850元计算〔不含增值税。产品增值税税率为17%。本项目采用价外计税方式考虑增值税。城市维护和建设税按增值税的7%计算,教育费附加按增值税的3%计算。年销售收入和年销售税金及附加见表4。〔8产品成本估算。总成本费用估算见表5。成本估算说明如下：①固定资产原值中除工程费用外还包括建设期利息、预备费用以及其他费用中的土地费用。固定资产原值为19524.29万元,按平均年限法计算折旧,折旧年限为8年,残值率为5%,折旧率为11.88%,年折旧额为2318.51万元。固定资产折旧费估算见表6。②其他费用中其余部分均作为无形资产及递延资产。无形资产为368.90万元,按8年摊销,年摊销额为46.11万元。递延资产为400万元,按5年摊销,年摊销额为80万元。无形资产及递延资产摊销费计算见表7。③修理费计算。修理费按年折旧额的50%提取,每年1159.25万元。④借款利息计算。流动资金年应计利息为136.78万元,长期借款利息计算见表8-21。生产经营期间应计利息计入财务费用。⑤固定成本和可变成本。可变成本包含外购原材料、外购燃料、动力费以及流动资金借款利息。固定成本包含总成本费用中除可变成本外的费用。〔9损益和利润分配。损益和利润分配表见表11。利润总额正常年为3617.36万元。所得税按利润总额的33%计取,盈余公积金按税后利润的10%计取。三、财务评价〔1全部资金财务现金流量表,见表8。根据该表计算的评价指标为：全部资金财务内部收益率<ＦIRR>为17.62%,全部资金财务净现值〔ic=12%时为4781.34万元。全部资金财务内部收益率大于基准收益率,说明盈利能力满足了行业最低要求,全部资金财务净现值大于零,该项目在财务上是可以接受的。全部资金静态投资回收期为6.17年〔含建设期,小于行业基准投资回收期8.3年,表明项目投资能按时收回。〔2资本金现金流量表见表9,根据该表计算资本金内部收益率为18.22%。〔3甲方财务现金流量表见表10,根据该表计算甲方投资内部收益率为9.80%。〔4根据损益及利润分配表〔表11、建设投资估算表〔表1计算以下指标：该项目投资利润率大于行业平均利润率8%,说明单位投资收益水平达到行业标准。表1建设投资估算表单位：万元序号工程或费用名称估算价值占总值比〔%建筑工程设备费用安装工程其他费用总值其中外汇〔万美元1建设投资〔不含建设期利息1559.2510048.953892.953642.3019143.45976.25100%1.1第一部分工程费用1559.2510048.953892.950.0015501.1581%主要生产项目463.507849.353294.0011606.85其中：外汇639.00179.25818.25818.25辅助生产车间172.35473.4022.95668.70公用工程202.051119.60457.651779.30环境保护工程83.25495.00101.25679.50总图运输23.40111.60135.00厂区服务性工程117.90117.90生活福利工程496.80496.80厂外工程17.1017.101.2第二部分其他费用1368.901368.90158.007%其中：土地费用600.00600.00第一、第二部分合计1559.2510048.953892.951368.9016870.051.3预备费用2273.402273.4012%2建设期利息1149.7499.02合计〔1+21559.2510048.953892.953642.3020293.191075.27表2流动资金估算表单位：万元序号年份项目最低周转天数周转次数投产期达到设计生产能力期34561流动资产2925.503645.154001.224001.221.1应收账款3012769.17951.031040.031040.031.2存货2117.992655.782922.852922.851.3现金152438.3438.3438.3438.342流动负债622.80800.93890.20890.202.1应付账款3012622.80800.93890.20890.203流动资金〔1-22302.702844.223111.023111.024流动资金增加额2302.70541.52266.800.00表3资金使用计划与资金筹措表单位：万元序号年份项目合计人民币12345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23404.21612.115080.506712.2811792.78463.163844.254656.168500.410.000.002302.702302.700.000.00541.52541.520.000.00266.80266.801.1建设投资<未含利息>19143.45585.754861.736624.3511486.07390.503241.154416.237657.381.2建设期利息1149.7426.36218.7887.93306.7172.66603.10239.93843.031.3流动资金3111.022302.702302.70541.52541.52266.80266.802资金筹措23404.212.1自有资金7121.433787.873787.872525.242525.24808.32808.32其中：用于流动资金0.00808.32808.32资本金7121.433787.873787.872525.242525.24808.32808.32资本溢价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长期借款12830.34585.754861.732836.487698.20390.503241.151890.995132.14流动资金借款2302.701494.381494.38541.52541.520.000.00266.80266.80建设期利息1149.7426.36218.7887.93306.7172.66603.10239.93843.030.000.000.000.002.3其它注：各年流动资金在年初投入表4销售收入、销售税金及附加和增值税估算表序号项目单价〔元生产负荷70%〔第3年生产负荷90%〔第4年生产负荷100%〔第5-10年销售量〔吨金额〔万元销售量〔吨金额〔万元销售量〔吨金额〔万元1产品销售收入15850.008400.0013314.0010800.0017118.0012000.0019020.002销售税金及附加99.25127.60141.78增值税销项2263.382910.063233.40增值税进项1270.921634.041815.60增值税992.461276.021417.802.1城市维护建设税〔增值税*7%69.4789.3299.252.2教育费附加〔增值税*3%29.7738.2842.53注：1.增值税仅为计算城市维护建设税和教育费附加的依据；2.本报表税金的计算方法采用不含增值税的计算方法。表5总成本费用估算表单位：万元序号年份项目合计投产期达到设计生产能力期345678910生产负荷〔%70901001001001001001001外购原材料71811.006614.408503.809448.809448.809448.809448.809448.809448.802外购燃料、动力9357.00861.601108.201231.201231.201231.201231.201231.201231.203工资及福利费3200.00400.00400.00400.00400.00400.00400.00400.00400.004修理费9274.041159.251159.251159.251159.251159.251159.251159.251159.255折旧费18548.072318.512318.512318.512318.512318.512318.512318.512318.516摊销费768.90126.11126.11126.11126.11126.1146.1146.1146.117财务费用〔利息、汇兑损失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其他费用4161.60520.20520.20520.20520.20520.20520.20520.20520.209总成本费用〔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可变成本84988.308681.4210629.0211382.0611028.6810816.7810816.7810816.7810816.7810经营成本〔9—5—6—7.197803.649555.4511691.4512759.4512759.4512759.4512759.4512759.4512759.45表6固定资产折旧费估算表单位：万元序号年份项目合计折旧率〔%投产期达到设计生产能力期3456789101固定资产合计11.88%1.1原值19524.291.2折旧费18548.072318.512318.512318.512318.512318.512318.512318.512318.51净值17205.7814887.2712568.7610250.257931.745613.233294.72976.21表7无形资产及递延资产摊销费估算表单位：万元序号年份项目摊销年限原值投产期达到设计生产能力期3456789101无形资产8368.901.1摊销46.1146.1146.1146.1146.1146.1146.1146.111.2净值322.79276.68230.56184.45138.3492.2246.110.002递延资产〔开办费5400.002.1摊销80.0080.0080.0080.0080.002.2净值320.00240.00160.0080.000.003无形及递延资产合计768.903.1摊销126.11126.11126.11126.11126.1146.1146.1146.113.2净值642.79516.68390.56264.45138.3492.2246.110.00表8全部资金财务现金流量表单位：万元序号年份项目合计建设期投产期达到设计生产能力期12345678910生产负荷〔%70901001001001001001001现金流入148639.230.000.0013314.0017118.0019020.0019020.0019020.0019020.0019020.0023107.231.1产品销售收入144552.0013314.0017118.0019020.0019020.0019020.0019020.0019020.0019020.001.2回收固定资产余值976.21976.211.3回收流动资金3111.023111.022现金流出121135.6411486.077657.3811957.4012360.5813168.0312901.2312901.2312901.2312901.2312901.232.1建设投资〔不含建设期借款利息19143.4511486.077657.382.2流动资金3111.022302.70541.52266.802.3经营成本97803.649555.4511691.4512759.4512759.4512759.4512759.4512759.4512759.452.4销售税金及附加1077.5399.25127.60141.78141.78141.78141.78141.78141.783净现金流量27503.60-11486.07-7657.381356.604757.425851.976118.776118.776118.776118.7710206.004累计净现金流量-11486.07-19143.45-17786.85-13029.43-7177.46-1058.705060.0711178.8317297.6027503.60计算指标：全部资金财务内部收益率〔FIRR=17.62%；全部资金财务净现值〔FNPV〔ic=12%=￥4,781.34万元；全部资金静态投资回收期〔从建设期算起=6.17年表9资本金财务现金流量表单位：万元序号年份项目合计建设期投产期达到设计生产能力期12345678910生产负荷〔%70.0090.00100.00100.00100.00100.00100.00100.001现金流入148639.230.000.0013314.0017118.0019020.0019020.0019020.0019020.0019020.0023107.231.1产品销售收入144552.0013314.0017118.0019020.0019020.0019020.0019020.0019020.0019020.001.2回收固定资产余值976.21976.211.3回收流动资金3111.023111.022现金流出133541.753787.872525.2414122.3217118.0019020.0017765.0414205.3414231.7414231.7414231.742.1资本金7121.433787.872525.24808.322.2借款本金偿还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经营成本97803.649555.4511691.4512759.4512759.4512759.4512759.4512759.4512759.452.5销售税金及附加1077.5399.25127.60141.78141.78141.78141.78141.78141.782.6所得税7436.073.05606.31980.791097.401167.331193.731193.731193.733净现金流量15097.48-3787.87-2525.24-808.320.000.001254.964814.664788.264788.266572.79计算指标：资本金内部收益率：18.22%表10甲方投资财务现金流量表单位：万元序号年份项目合计建设期投产期达到设计生产能力期12345678910生产负荷〔%70901001001001001001001现金流入600060060060060036001.1股利分配600060060060060036001.2资产处置收益分配1.3租赁费收入1.4技术转让收入1.5其他现金流入2现金流出3000150015002.1股权投资3000150015002.2租赁资产支出2.3其他现金流出3净现金流量1800-1500-15006006006006003600计算指标：甲方投资内部收益率：9.80%表11损益和利润分配表单位：万元序号年份项目合计投产期达到设计生产能力期345678910生产负荷〔%70901001001001001001001产品销售收入144552.0013314.0017118.0019020.0019020.0019020.0019020.0019020.0019020.002销售税金及附加1077.5399.25127.60141.78141.78141.78141.78141.78141.783总成本费用120940.9113205.5015153.0915906.1415552.7615340.8615260.8615260.8615260.864利润总额〔1-2-322533.569.251837.312972.083325.463537.363617.363617.363617.365所得税〔33%7436.073.05606.31980.791097.401167.331193.731193.731193.736税后利润〔8-515097.486.201230.991991.302228.062370.032423.632423.632423.637可供分配利润15097.486.201230.991991.302228.062370.032423.632423.632423.637.1赢余公积金〔10%964.09237.00242.36242.36242.367.2应付利润0.007.3未分配利润14133.396.201230.991991.302228.062133.032181.272181.272181.27累计未分配利润6.201237.193228.495456.557589.589770.8511952.1214133.39表12资金来源与运用表单位：万元序号年份项目合计建设期投产期达到设计生产能力期12345678910生产负荷〔%70901001001001001001资金来源69341.9811792.788500.414756.584823.455683.515770.095981.985981.985981.9810069.221.1利润总额22533.569.251837.312972.083325.463537.363617.363617.363617.361.2折旧费18548.072318.512318.512318.512318.512318.512318.512318.512318.511.3摊销费768.90126.11126.11126.11126.11126.1146.1146.1146.111.4长期借款13980.088004.915975.170.001.5流动资金借款2302.701494.38541.52266.801.6其他短期借款0.001.7自有资金7121.433787.872525.24808.321.8其它0.001.9回收固定资产余值976.21976.211.10回收流动资金3111.023111.022资金运用47123.0611792.788500.414756.584823.455683.514515.131167.331193.731193.733496.432.1固定资产投资19143.4511486.077657.382.2建设期利息1149.74306.71843.032.3流动资金3111.022302.70541.52266.802.4所得税7436.073.05606.31980.791097.401167.331193.731193.731193.732.5应付利润0.002.6长期借款本金偿还13980.082450.823675.624435.923417.722.7流动资金借款本金偿还2302.702302.702.8短期借款本金偿还0.003盈余资金22218.910.000.000.000.000.001254.964814.664788.264788.266572.794累计盈余资金0.000.000.000.000.001254.966069.6110857.8715646.1322218.91表13长期借款偿还计划表单位：万元序号年份项目利率〔%建设期投产期达到设计生产能力期1234561外汇借款〔折成人民币9%1.1年初借款本息累计5080.508924.756473.932798.31本金4861.738102.886473.932798.31建设期利息218.78821.871.2本年借款4861.733241.151.3本年应计利息218.78603.10803.23582.65251.851.4本年偿还本金2450.823675.622798.311.5本年支付利息803.23582.65251.852人民币借款6.20%2.1年初借款本息累计2924.415055.335055.335055.333417.72本金2836.484727.475055.335055.333417.72建设期利息87.93327.862.2本年借款2836.481890.992.3本年应计利息87.93239.93313.43313.43313.43211.902.4本年偿还本金1637.613417.722.5本年支付利息313.43313.43313.