美爆潮品店可行性研究课程设计论文

、项目概述1.1项目名称：美爆潮品店（MIX-BOX)1.2项目地点：烟台市莱山区华润中心1.3市场背景：随着时代的不断进步，人们也越来越注重自己的仪表了，开饰品店在我国很有市场潜力，是个不错的投资选择。随着社会经济、文化的飞跃发展，人们正从温饱型步入小康型，崇尚人性和时尚，不断塑造个性和魅力，已成为人们的追求，尤其是年轻人，喜欢把自己打扮的很潮、很炫、很酷、很有个性。因此，顺应时代的饰品文化显示出强大的发展势头和越来越广的市场，从事饰品销售有着广阔的利润空间。时尚饰品让女人释放美丽，让男人展示个性，小饰品的推销市场年轻人的比例占得较多。流行时尚是现代男女的追求目标，时尚个性小饰品能彰显一个人的个性与性格。爱美之心人皆有之，追求时尚潮流，走在时代尖端是当代年轻人的主旋律，时尚个性小饰品可以装扮自己的外表，而且不同的饰品搭配不同的衣服，就可以彰显不同的个性，因此备受年轻男女的喜爱。1.4品牌背景：美爆潮妆，中国第一美妆潮流品牌。全球美妆潮品连锁巨头"美爆（MIX-BOX）"，在英国C&B投资背景及BritishC&BInvestmentHoldingLimited全球品牌监控下，凭借时尚大气的品牌形象，雄厚的品牌背景以及成熟的市场运作，自2007年强势进入中国市场即奠定了坚不可摧的领先地位，接管并整合了当时中国最大的饰品品牌阿呀呀，开创了美妆潮品的新领域，至今已在中国铺设了数千家美妆潮品店，快速时尚的美爆已成为全球时尚女孩最为推崇和喜爱的潮流品牌。2010年，MIX-BOX隆重推出中文名"美爆"，完美契合时尚潮美的品牌理念，同时推出了品牌口号"美到美爆"，旨在与全球时尚女孩一起分享"美爆"的流行体验！台湾小天后蔡依林十年倾情出任饰品代言，亚洲人气组合BY2出任护肤代言，国际一线时尚品牌Snoopy、HelloKitty全线进驻，超过3000家店铺遍及全国658个城市，4000多款时尚单品全面覆盖护肤、彩妆、妆具、饰物、玩具等多个领域。基础数据2.1产品方案：产品主要为护肤、彩妆、妆具、饰物、玩具五个领域。2.2实施进度：本项目租店面，面积100平米，分上下两层。2.3总投资估算及资金来源：（1）固定资产投资估算固定资产投资总额=固定资产费用+无形资产费用+其他资产费用+预备费=100000+100000+1020500+50000=1270500 固定资产投资估算见表2-1表2-1建设投资估算表单位：元序号工程或费用名称费用1固定资产费用1000001.1装修费用800001.2机器设备购置费200002无形资产费用1000002.1加盟费1000003其他资产费用10205003.1房租10000003.2开办费100003.3广告费100003.4营业执照5004预备费500004.1基本预备费500005合计1270500（2）流动资金估算估算总额为120800元。流动资金估算表见表2-2。表2-2流动资金估算表单位：元序号项目最低周转天数周转次数达到设计能力生产期/年123456789101流动资产1208001208001208001208001208001208001208001208001208001208001.1存货1008001008001008001008001008001008001008001008001008001008001.1.1进货成本6061000001000001000001000001000001000001000001000001000001000001.1.2水电费30128008008008008008008008008008001.2现金606200002000020000200002000020000200002000020000200002流动负债00000000002.1应付账款000000000033流动资金（1-2）120800120800120800120800120800120800120800120800120800120800(3)资金来源项目自有资金（资本金）为556520元，其中，用于流动资金80000元，用于建设投资476520，其余为借款。长期借款为793980元，全部用于建设投资，由中国银行贷款，年利率8%;流动资金借款为40800元，每年年初借，年末归还，由工商银行贷款，年利率为6%。投资使用计划与资金筹措见表2-3。表2-3投资计划与资金筹措表单位：元序号项目合计年份/年01--101总资金1391300139130001.1建设投资1270500127050001.2流动资金12080012080002资金筹措1391300139130002.1自有资金5565205565200其中：用于流动资金800008000002.2借款83478083478002.2.1长期借款7939807939800其中：用于建设投资79398079398002.2.2流动资金借款408004080002.3其他000（4）产品成本和费用估算依据： 1）进货成本600000元；2）水电费9600元；3）全店员工定为店长一人，店员三人，店长工资4000元，店员工资2000元；4）固定资产按平均年限法折旧，折旧年限为10年，预计净残值率为4%；5）修理费取折旧费的4%；6）无形及其他资产按10年摊销；（5）产品销售价格，妆具区为21元/件，护肤品区为60元/件，彩妆区为50元/件，饰物区为60元/件，玩具区为50元/件；（6）企业所得税税率为25%；（7）基准折现率为10%。财务评价3.1年销售收入和年销售税金及附加计算 销售收入和销售税金及附加估算表见表3-1 3.2产品成本估算总成本费用估算正常年为884082元，其中，经营成本正常年为769984元。总成本费用估算表见表3-21）固定资产折旧和无形及其他资产摊销计算，固定资产原值为100000元，按平均年限法计算折旧，折旧年限为10年，年折旧额为9600元。固定资产折旧计算见表3-3无形及其他资产原值1120500元，按10年摊销，年摊销费为112050元。无形及其他资产摊销计算见表3-4（3）修理费计算。修理费按折旧额的4%计算，每年为384元。（4）借款利息计算。长期借款利息见表3-5。 3.3利润总额及分配利润总额及分配表见表3-6。3.4财务盈利能力分析（1）财务净现金流量表（全部投资)见表3-7。所得税后财务内部收益率（IRR)为16.7%，财务净现值（ic=10%）为536,750.61元；所得税前财务内部收益率（IRR）为21%，财务净现值（ic=10%）为904,035.03元。财务内部收益率均大于行业基准收益率，说明盈利能力满足了行业最低要求，财务净现值均大于零，该项目在财务上是可以考虑接受的。所得税后的投资回收期为5.55年，所得税前的投资回收期为4.77年，均小于表3-1销售收入和销售税金及附加估算表单位：元序号项目合计计算期单位：年123456789101销售收入12156000974000975000112250012510001121000118600013065001426000139800013960001.1妆具1294000100000100000100000126000126000126000154000154000154000154000单价20202021212122222222销售数量6100050005000500060006000600070007000700070001.2护肤3651000300000325000350000420000390000360000390000372000372000372000单价50505060606060626262销售量6350060006500700070006500600065006000600060001.3彩妆2175000250000225000250000200000225000200000200000225000200000200000单价50505050505050505050销售量4350050004500500040004500400040004500400040001.4饰物4810000300000300000400000480000360000480000540000650000650000650000单价50505060606060656565销售量8100060006000800080006000800090001000010000100001.5玩具22600024000250002250025000200002000022500250002200020000单价60505050505050505550销售量44004005004505004004004505004004002销售税金及附加607800487004875056125625505605059300653257130069900698002.1营业税48700487505612562550560505930065325713006990069800表3-2总成本费用估算表单位：元序号项目合计计算期123456789101进货成本60000006000006000006000006000006000006000006000006000006000006000002水电费9600096009600960096009600960096009600960096003工资及福利费14500001200001200001200001500001500001500001600001600001600001600004修理费38403843843843843843843843843843845折旧费9600096009600960096009600960096009600960096006摊销费11205001120501120501120501120501120501120501120501120501120501120507利息支出206324.565966.455772.444909.824987.92448244824482448244824488其他费用000000000009总成本费用8972664.6917600.4907406.4896543.8906621.9884082884082894082894082894082894082其中：固定成本2972664.6317600.4307406.4296543.8306621.9284082284082294082294082294082294082可变成本600000060000060000060000060000060000060000060000060000060000060000010经营成本7549840729984729984729984759984759984759984769984769984769984769984修理费=折旧费*4%建设投资的长期借款利率为8%，流动资金的借款利率为6%表3-3固定资产折旧估算表单位：元序号项目合计折旧率/%达到设计能力生产期/年123456789101固定资产合计1000009.60%1000001.1原值1000001000001.2折旧费960009600960096009600960096009600960096009600净值9040080800712006160052000424003280023200136004000表3-4无形及其他资产摊销估算表单位：元序号项目摊销年限/年原值生产期/年123456789101无形资产101000001.1摊销100001000010000100001000010000100001000010000100001.2净值9000080000700006000050000400003000020000100002其他资产1010205002.1摊销1020501020501020501020501020501020501020501020501020501020502.2净值9184508164007143506123005102504082003061502041001020503无形及其他资产合计1011205003.1摊销合计1120501120501120501120501120501120501120501120501120501120503.2净值合计10084508964007843506723005602504482003361502241001120500表3-5长期借款还本付息表单位：元序号项目计算期123456789101借款1.1年初借款本息余额857498.4666555.3530772.6281749.21.2本年借款7939800001.3本年借款应计利息63518.453324.442461.822539.91.4本年还本付息190943.1189107.1291485.2304289.2其中：还本127424.7135782.7249023.4281749.2付息63518.453324.442461.822539.91.5年末本息余额666555.3530772.6281749.20.02还本资金来源127424.7135782.7249023.4333021.02.1当年可用于还本的未分配利润5774.714132.7127373.4211371.02.2当年可用于还本的折旧和摊销121650121650121650121650表3-6利润和利润分配表单位：元序号项目合计计算期123456789101产品销售收入12156000974000975000112250012510001121000118600013065001426000139800013960002销售税金及附加607800487004875056125625505605059300653257130069900698003总成本费用89726659176009074068965449066228840828840828940828940828940828940824利润总额（1-2-3）25755357700188441698312818281808682426183470934606184340184321185应纳税所得额（4-5）25755357700188441698312818281808682426183470934606184340184321186所得税6438841925471142458704574521760655867731151551085051080307净利润（4-6）19316525775141331273732113711356511819642603203454643255143240898可供分配利润（7）19316525775141331273732113711356511819642603203454643255143240899未分配利润（8-9）193165257751413312737321137113565118196426032034546432551432408910累计未分配利润577519907147281358652494303676266936586128205016075631931652行业基准投资回收期，这表明项目投资能按时收回。 全部投资的累计净现金流量图见下图：（2）财务现金流量表（自有资金）见表3-8。3.5清偿能力分析清偿能力分析是通过“长期借款还本付息表”“资金来源与运用表”“资产负债表”的计算，考察项目计算期内各年的财务状况及偿债能力，并计算资产负债率、流动比率、速动比率。资金来源与运用表见表3-9 ，资产负债率、流动比率、速动比率等指标见表3-10。表3-7项目财务现金流量表单位：元序号项目合计计算期0123456789101现金流入122808000974000975000112250012510001121000118600013065001426000139800015208001.1销售收入121560000974000975000112250012510001121000118600013065001426000139800013960001.2回收固定资产余值4000040001.3回收流动资金12080001208002现金流出1019282413932257833958211928565668677518766899060579504649497899479148397842.1建设投资127050012705002.2流动资金1208001208002.3经营成本754984007299847299847299847599847599847599847699847699847699847699842.4销售税金及附加6078000487004875056125625505605059300653257130069900698002.5所得税64388419254711424587045745217606558677311515510850510803003所得税后净现金流量（1-2）2087976-13932251906051538082659343832492443122799433560374762124500876810164所得税后累计净现金流量74618-1393225-1202620-1048812-782878-399629-155317124626480662956874140696020879765所得税前净现金流量2731860-13913001953161962663363914284663049663667164711915847165581166810166所得税前累计净现金流量3205180-1391300-1195984-999718-663327-23486170105436821908012149272820508442731860计算指标：所得税后所得税前财务内部收益率（IRR)16.7%21%财务净现值（ic=10%）536,750.61904,035.03投资回收期5.554.77表3-8项目资本金财务现金流量表单位：元序号项目合计计算期0123456789101现金流入122808000974000975000112250012510001121000118600013065001426000139800015208001.1销售收入121560000974000975000112250012510001121000118600013065001426000139800013960001.2回收固定资产余值4000040001.3回收流动资金12080001208001.4其他现金流入002现金流出1011502555652097400089499091838611997288636998823879245309588879508379910622.1项目资本金5565205565202.2借款本金偿还55065601274255577244910281749408002.3借款利息支付2063250659665577244910249882448244824482448244824482.4经营成本754984007299847299847299847599847599847599847699847699847699847699842.5销售税金及附加6078000487004875056125625505605059300653257130069900698002.6所得税64388401925471142458704574521760655867731151551085051080302.7其他现金流出003净现金流量（1-2）2165775-55652008001020411451272257301303614381970467114447164529739计算指标：项目资本金内部收益率：27%净现值：836,923.54表3-9资金来源与运用表单位：元序号项目合计计算期上年余值0123456789101资金来源13913001293501404942914814034783025183642684687435822685556685537681248001.1利润总额07700188441698312818281808682426183470934606184340184321181.2折旧费096009600960096009600960096009600960096001.3摊销费01120501120501120501120501120501120501120501120501120501120501.4长期借款7939801.5流动资金借款4080001.6自有资金55652001.7回收固定资产余值40001.8回收流动资金1208002资金运用1391300129350140494291481352206452176065586773115155108505108030408002.1建设投资12705002.2流动资金1208002.3所得税01925471142458704574521760655867731151551085051080302.4长期借款本金偿还1274251357832490232817492.5流动资金借款本金偿还408003盈余资金000051272257301303614381970467114447164445739840004累计盈余资金0000512723085736121869941561461270190843323541722438172表3-10资产负债表单位：元序号项目计算期0123456789101资产13913001269650114800010263509559721091623127358615339061879370220488325289721.1流动资产12080012080012080012080017207242937373298611149561582070202923324749721.1.1存货1008001008001008001008001008001008001008001008001008001008001008001.1.2现金20000200002000020000200002000020000200002000020000200001.1.3累计盈余资金0000512723085736121869941561461270190843323541721.2固定资产净值10000090400808007120061600520004240032800232001360040001.3无形及其他资产净值1120500100845089640078435067230056025044820033615022410011205001.4基本预备费50000500005000050000500005000050000500005000050000500002负债及所有者权益13913001269650114800010263509559721091623127358615339061879370220488325289722.1流动负债总额40800408004080040800408004080040800408004080040800408002.1.1应付账款00000000002.1.2流动资金借款40800408004080040800408004080040800408004080040800408002.2长期借款7939806665555307732817490000000负债小计834780707355571573322549408004080040800408004080040800408002.3所有者权益5565205622955764277038019151721050823123278614931061838570216408324881722.3.1项目资本金5565205565205565205565205565205565205565205565205565205565205565202.3.2累计未分配利润577519907147281358652494303676266936586128205016075631931652资产负债率60.0%55.7%49.8%31.4%4.3%3.7%3.2%2.7%2.2%1.9%1.6%流动比率296.1%296.1%296.1%296.1%421.7%1052.4%1796.5%2732.7%3877.6%4973.6%6066.1%速动比率49.0%49.0%49.0%49.0%174.7%805.3%1549.5%2485.7%3630.6%4726.6%5819.0%3.6不确定性分析（1）敏感性分析。该项目作了所得税后全部投资的敏感性分析。基本方案财务内部收益率为16.7%，投资回收期为5.55年，均满足财务基准值的要求。考虑项目实施过程中一些不定因素的变化，分别对建设投资、经营成本、销售收入作了提高10%和降低10%的单因素变化对内部收益率、投资回收期影响的敏感性分析。敏感性分析见表3-11：表3-11财务敏感性分析表项目基本方案投资经营成本销售收入10%-10%10%-10%10%-10%内部收益率（%）16.7%15%18%11%22%25%8%较基本方案增减（%)-1.7%1.3%-5.7%5.3%8.3%-8.7%投资回收期（年）5.556.015.197.584.394.029.34从上表可以看出，各因素的变化都不同程度的影响内部收益率及投资回收期，其中销售收入的提高或降低最为敏感，经营成本次之，投资最小。具体计算过程如下：建设投资减少10%为例计算：表3-12~3-24；建设投资增加10%如表3-25；经营成本增加10%如表3-26；经营成本减少10%如表3-27；销售收入增加10%如表3-28；销售收入减少10%如表3-29。表3-12建设投资估算表单位：元序号工程或费用名称费用1固定资产费用900001.1装修费用720001.2机器设备购置费180002无形资产费用900002.1加盟费900003其他资产费用9184503.1房租9000003.2开办费90003.3广告费90003.4营业执照4504预备费450004.1基本预备费450005合计1143450表3-13流动资金估算表单位：元序号项目最低周转天数周转次数达到设计能力生产期/年123456789101流动资产1208001208001208001208001208001208001208001208001208001208001.1存货1008001008001008001008001008001008001008001008001008001008001.1.1进货成本6061000001000001000001000001000001000001000001000001000001000001.1.2水电费30128008008008008008008008008008001.2现金606200002000020000200002000020000200002000020000200002流动负债00000000002.1应付账款000000000033流动资金（1-2）120800120800120800120800120800120800120800120800120800120800表3-14投资计划与资金筹措表单位：元序号项目合计年份/年0123456789101总资金1264250126425000000000001.1建设投资1143450114345000000000001.2流动资金12080012080000000000002资金筹措1264250126425000000000002.1自有资金5057005057000000000000其中：用于流动资金800008000000000000002.2借款75855075855000000000002.2.1长期借款7177507177500000000000其中：用于建设投资71775071775000000000002.2.2流动资金借款408004080000000000002.3其他000000000000表3-15销售收入和销售税金及附加估算表序号项目合计计算期单位：年123456789101销售收入12156000974000975000112250012510001121000118600013065001426000139800013960001.1妆具1294000100000100000100000126000126000126000154000154000154000154000单价20202021212122222222销售数量6100050005000500060006000600070007000700070001.2护肤3651000300000325000350000420000390000360000390000372000372000372000单价50505060606060626262销售量6350060006500700070006500600065006000600060001.3彩妆2175000250000225000250000200000225000200000200000225000200000200000单价50505050505050505050销售量4350050004500500040004500400040004500400040001.4饰物4810000300000300000400000480000360000480000540000650000650000650000单价50505060606060656565销售量8100060006000800080006000800090001000010000100001.5玩具22600024000250002250025000200002000022500250002200020000单价60505050505050505550销售量44004005004505004004004505004004002销售税金及附加607800487004875056125625505605059300653257130069900698002.1营业税60780048700487505612562550560505930065325713006990069800表3-16总成本费用估算表单位：元序号项目合计计算期123456789101进货成本60000006000006000006000006000006000006000006000006000006000006000002水电费9600096009600960096009600960096009600960096003工资及福利费14500001200001200001200001500001500001500001600001600001600001600004修理费34563463463463463463463463463463465折旧费8640086408640864086408640864086408640864086406摊销费10084501008451008451008451008451008451008451008451008451008451008457利息支出181151598684954938554184922448244824482448244824488其他费用000000000009总成本费用8825457899299888980877985887922871879871879881879881879881879881879其中：固定成本2825457299299288980277985287922271879271879281879281879281879281879可变成本600000060000060000060000060000060000060000060000060000060000060000010经营成本7549456729946729946729946759946759946759946769946769946769946769946表3-17固定资产折旧估算表单位：元序号项目合计折旧率/%达到设计能力生产期/年123456789101固定资产合计900009.60%900001.1原值90000900001.2折旧费864008640864086408640864086408640864086408640净值8136072720640805544046800381602952020880122403600表3-18无形及其他资产摊销估算表单位：元序号项目摊销年限/年原值生产期/年123456789101无形资产10900001.1摊销90009000900090009000900090009000900090001.2净值810007200063000540004500036000270001800090002其他资产109184502.1摊销918459184591845918459184591845918459184591845918452.2净值826605734760642915551070459225367380275535183690918453无形及其他资产合计1010084503.1摊销合计1008451008451008451008451008451008451008451008451008451008453.2净值合计9076058067607059156050705042254033803025352016901008450表3-19长期借款还本付息表单位：元序号项目计算期123456789101借款1.1年初借款本息余额7751705887644513262005491.2本年借款7177500001.3本年借款应计利息574204710136106160441.4本年还本付息186406184539286884216592其中：还本128986137438250778200549付息574204710136106160441.5年末本息余额58876445132620054902还本资金来源1289861374382507783348812.1当年可用于还本的未分配利润19501279531412932253962.2当年可用于还本的折旧和摊销109485109485109485109485表3-20利润和利润分配表单位：元序号项目合计计算期123456789101产品销售收入12156000974000975000112250012510001121000118600013065001426000139800013960002销售税金及附加607800487004875056125625505605059300653257130069900698003总成本费用88254578992998889808779858879228718798718798818798818798818798818794利润总额（1-2-3）272274326001372701883903005281930712548213592964728214462214443215应纳税所得额（4-5）272274326001372701883903005281930712548213592964728214462214443216所得税6806866500931847098751324826863705898241182051115551110807净利润（4-6）204205719501279531412932253961448041911162694723546163346663332418可供分配利润（7）204205719501279531412932253961448041911162694723546163346663332419未分配利润（8-9）2042057195012795314129322539614480419111626947235461633466633324110累计未分配利润19501474541887464141425589467500621019534137415017088162042057表3-21项目资本金财务现金流量表单位：元序号项目合计计算期0123456789101现金流入122804000974000975000112250012510001121000118600013065001426000139800015204001.1销售收入121560000974000975000112250012510001121000118600013065001426000139800013960001.2回收固定资产余值3600036001.3回收流动资金12080001208001.4其他现金流入002现金流出998323150570097400088711191027611166688667118853999275439618999538499940742.1项目资本金5057005057002.2借款本金偿还45843801289864954938554200549408002.3借款利息支付1811510598684954938554184922448244824482448244824482.4经营成本754945607299467299467299467599467599467599467699467699467699467699462.5销售税金及附加6078000487004875056125625505605059300653257130069900698002.6所得税68068606500931847098751324826863705898241182051115551110803净现金流量（1-2）2297169-505700087889212224134332254289300601378957464101444151526326计算指标：项目资本金内部收益率：31%净现值：￥947,964表3-22项目财务现金流量表单位：元序号项目计算期0123456789101现金流入0974000975000112250012510001121000118600013065001426000139800015204001.1销售收入0974000975000112250012510001121000118600013065001426000139800013960001.2回收固定资产余值036001.3回收流动资金01208001.4其他现金流入02现金流出12707507879638257938612028707638797019090709534769528019509268397462.1建设投资11434502.2流动资金1208002.3经营成本07299467299467299467599467599467599467699467699467699467699462.4销售税金及附加0487004875056125625505605059300653257130069900698002.5所得税65009318470987513248268637058982411820511155511108003所得税后净现金流量（1-2）-12707501860371492072612983802372412992769303530244731994470746806544所得税后累计净现金流量-1270750-1084714-935507-674209-293973-526742242575772811050480149755421782085所得税前净现金流量-12642501953541963043364294285043050043667544712295847545581546806546所得税前累计净现金流量-1264250-1068896-872591-536162-1076571973475641011035331162008521782402858894计算指标：所得税后所得税前项目财务内部收益率（%）：18%项目财务内部收益率（%）：23%项目财务净现值（ic=10%）：￥637,789.28项目财务净现值（ic=10%）：￥1,031,166.77静态投资回收期：5.19静态投资回收期：4.35表3-23资产负债表单位：元序号项目计算期0123456789101资产1264250115476510452809357959606421105446129656215660341920650225531625885571.1流动资产12080012080012080012080025513250942181002211889791653080209723125399571.1.1应收账款1.1.2存货1008001008001008001008001008001008001008001008001008001008001008001.1.3现金20000200002000020000200002000020000200002000020000200001.1.4累计盈余资金000013433238862168922210681791532280197643124191571.2固定资产净值9000081360727206408055440468003816029520208801224036001.3无形及其他资产净值100845090760580676070591560507050422540338030253520169010084501.4基本预备费45000450004500045000450004500045000450004500045000450002负债及所有者权益1264250115476510452809357959606421105446129656215660341920650225531625885572.1流动负债总额40800408004080040800408004080040800408004080040800408002.1.1应付账款00000000002.1.2流动资金借款40800408004080040800408004080040800408004080040800408002.2长期借款7177505887644513262005490000000负债小计758550629564492126241349408004080040800408004080040800408002.3所有者权益5057005252015531546944469198421064646125576215252341879850221451625477572.3.1项目资本金5057005057005057005057005057005057005057005057005057005057005057002.3.2资本公积金2.3.3累计盈余公积金和公益金2.3.4累计未分配利润19501474541887464141425589467500621019534137415017088162042057计算指标：资产负债率60.0%54.5%47.1%25.8%4.2%3.7%3.1%2.6%2.1%1.8%1.6%流动比率296.1%296.1%296.1%296.1%625.3%1248.6%1985.3%2914.2%4051.7%5140.3%6225.4%速动比率49.0%49.0%49.0%49.0%378.3%1001.5%1738.3%2667.1%3804.6%4893.2%5978.3%序号项目表3-24资金来源与运用表单位：元上年余值0123456789101资金来源12642501354861467552978754100133025563643064687815823065557065538061244001.1利润总额026001372701883903005281930712548213592964728214462214443211.2折旧费086408640864086408640864086408640864086401.3摊销费01008451008451008451008451008451008451008451008451008451008451.4长期借款7177501.5流动资金借款4080001.6自有资金50570001.7其他1.8回收固定资产余值36001.9回收流动资金1208002资金运用1264250135486146755297875275680482686370589824118205111555111080408002.1建设投资11434502.2流动资金1208002.3所得税06500931847098751324826863705898241182051115551110802.4应付利润2.5长期借款本金偿还1289861374382507782005492.6流动资金借款本金偿还408003盈余资金0000134332254289300601378957464101444151442726836004累计盈余资金000013433238862168922210681791532280197643124191572502757表3-25项目财务现金流量表单位：元序号项目合计计算期0123456789101现金流入0974000975000112250012510001121000118600013065001426000139800015208001.1销售收入0974000975000112250012510001121000118600013065001426000139800013960001.2回收固定资产余值040001.3回收流动资金01208001.4其他现金流入02现金流出15202757833958211928565668677518766899060579504649497899479148397842.1建设投资13975502.2流动资金1208002.3经营成本07299847299847299847599847599847599847699847699847699847699842.4销售税金及附加0487004875056125625505605059300653257130069900698002.5所得税19254711424587045745217606558677311515510850510803003所得税后净现金流量（1-2）-15202751906051538082659343832492443122799433560374762124500876810164所得税后累计净现金流量-1520275-1329670-1175862-909928-526679-282367-2424353612829824127991019609265所得税前净现金流量-15183501953161962663363914284663049663667164711915847165581166810166所得税前累计净现金流量-1518350-1323034-1126768-790377-361911-56945309771780962136567819237942604810计算指标：所得税后所得税前项目财务内部收益率（%）：15%项目财务内部收益率（%）：19%项目财务净现值（ic=10%）：￥409,700.61项目财务净现值（ic=10%）：￥776,985.03静态投资回收期：6.01静态投资回收期：5.19表3-26项目财务现金流量表单位：元序号项目合计计算期0123456789101现金流入0974000975000112250012510001121000118600013065001426000139800015208001.1销售收入0974000975000112250012510001121000118600013065001426000139800013960001.2回收固定资产余值040001.3回收流动资金01208001.4其他现金流入02现金流出13932258563938941909295649437499526879820561027462102678710249129167822.1建设投资12705002.2流动资金1208002.3经营成本08029828029828029828359828359828359828469828469828469828469822.4销售税金及附加0487004875056125625505605059300653257130069900698002.5所得税19254711424587045745217606558677311515510850510803003所得税后净现金流量（1-2）-1393225117607808101929363072511683132039442790383992133730886040184所得税后累计净现金流量-1393225-1275618-1194808-1001873-694622-526309-322365-4332735588672897513329925所得税前净现金流量-13913001223181232682633933524682289682907183941935077184811186040186所得税前累计净现金流量-1391300-1268982-1145715-882322-529855-300887-1016938402389174113728581976876计算指标：所得税后所得税前项目财务内部收益率（%）：11%项目财务内部收益率（%）：15%项目财务净现值（ic=10%）：￥75,444.59项目财务净现值（ic=10%）：￥442,729.01静态投资回收期：7.58静态投资回收期：6.31表3-27项目财务现金流量表单位：元序号项目合计计算期0123456789101现金流入0974000975000112250012510001121000118600013065001426000139800015208001.1销售收入0974000975000112250012510001121000118600013065001426000139800013960001.2回收固定资产余值040001.3回收流动资金01208001.4其他现金流入02现金流出13932257103967481937835687917538006908300598734658727908709157627862.1建设投资12705002.2流动资金1208002.3经营成本06569866569866569866839866839866839866929866929866929866929862.4销售税金及附加0487004875056125625505605059300653257130069900698002.5所得税19254711424587045745217606558677311515510850510803003所得税后净现金流量（1-2）-13932252636042268073389324592473203103559414330355532105270857580144所得税后累计净现金流量-1393225-1129621-902815-563882-10463521567557161610046511557861208494628429605所得税前净现金流量-13913002683142692644093895044643809644427145481896617146351147580146所得税前累计净现金流量-1391300-1122986-853721-444332601334410978838111432001209371527288303486844计算指标：所得税后所得税前项目财务内部收益率（%）：22%项目财务内部收益率（%）：26%项目财务净现值（ic=10%）：￥998,056.63项目财务净现值（ic=10%）：￥1,365,341静态投资回收期：4.39静态投资回收期：3.84表3-28项目财务现金流量表单位：元序号项目合计计算期0123456789101现金流入010714001072500123475013761001233100130460014371501568600153780016604001.1销售收入010714001072500123475013761001233100130460014371501568600153780015356001.2回收固定资产余值040001.3回收流动资金01208001.4其他现金流入02现金流出15202757833958211928565668677518766899060579504649497899479148397842.1建设投资12705002.2流动资金1208002.3经营成本07299847299847299847599847599847599847699847699847699847699842.4销售税金及附加0487004875056125625505605059300653257130069900698002.5所得税19254711424587045745217606558677311515510850510803003所得税后净现金流量（1-2）-13932252880052513083781845083493564123985434866876188125898878206164所得税后累计净现金流量-1393225-1105220-853912-4757283262138903378757612742621893074248296033035765所得税前净现金流量-13913002927162937664486415535664170664853166018417273166979168206166所得税前累计净现金流量-1391300-1098584-804818-35617719738961445510997711701612242892831268443947460计算指标：所得税后所得税前项目财务内部收益率（%）：25%项目财务内部收益率（%）：28%项目财务净现值（ic=10%）：￥1,258,885.29项目财务净现值（ic=10%）：￥1,626,169静态投资回收期：4.02静态投资回收期：3.53表3-29项目财务现金流量表单位：元序号项目合计计算期0123456789101现金流入0876600877500101025011259001008900106740011758501283400125820013812001.1销售收入0876600877500101025011259001008900106740011758501283400125820012564001.2回收固定资产余值040001.3回收流动资金01208001.4其他现金流入02现金流出15202757833958211928565668677518766899060579504649497899479148397842.1建设投资12705002.2流动资金1208002.3经营成本07299847299847299847599847599847599847699847699847699847699842.4销售税金及附加0487004875056125625505605059300653257130069900698002.5所得税19254711424587045745217606558677311515510850510803003所得税后净现金流量（1-2）-139322593205563081536842581491322121613432253873336123102875414164所得税后累计净现金流量-1393225-1300020-1243712-1090028-831879-699667-538324-312938206743309608723765所得税前净现金流量-139130097916987662241413033661928662481163405414421164183165414166所得税前累计净现金流量-1391300-1293384-1194618-970477-667111-474245-2261291144125565289748441516260计算指标：所得税后所得税前项目财务内部收益率（%）：8%项目财务内部收益率（%）：12%项目财务净现值（ic=10%）：￥-185,384.06项目财务净现值（ic=10%）：￥181,900.36静态投资回收期：9.34静态投资回收期：7.46敏感性分析图见下图：盈亏平衡分析。以生产能力利用率表示的盈亏平衡点（BEP）,其计算公式为BEP= ==53.58%因此可见，该项目风险较小。盈亏平衡图见下图： 从上述财务评价看，财务内部收益率高于行业基准收益率，投资回收期低于行业基准投资回收期，借款偿还期能满足贷款机构的要求。从敏感性分析看项目具有一定的抗风险能力，因此，项目从财务评价上讲是可行的。目录TOC\o"1-2"\h\z\u1. 公司开展清洁生产的背景情况 31.1. 公司概况 3HYP