水利工程经济案例分析

...wd......wd......wd...水利工程经济案例分析班级：学号：姓名：案例分析一、根本情况1.投资与资金筹措某枢纽工程工程建设期3年，第4年投产，第5年进入正常运行期。投产期生产能力达设计能力的85%，工程使用寿命10年，计算期为13年。财务基准折现率取8%。本工程建设投资估算额为2370万元，正常运行期流动资金估算额为77万元。流动资金估算见表1。固定资产投资中，自有资金900万元，其余由银行贷款。流动资金1/3自筹，2/3由银行贷款。两种贷款年利率均为7.5%。工程投资使用方案与资金筹措见表2。2、总本钱费用估算〔1〕材料费。运行初期和正常运行年份外购原材料费分别为7.2万元和8.5万元。〔2〕燃料及动力费。运行初期和正常运行年份外购燃料及动力费分别为75万元和88万元。〔3〕工资及福利费。工程工作人员工资总额94万元/年，福利费按工资总额的20%计取，则全年工资及福利费为110万元。〔4〕修理费。维护修理费按固定资产原值的3.2%,每年75.65万元。〔5〕其他费用。其他费用按以上费用的10%估算。〔6〕固定资产折旧。固定资产余值按固定资产原值的5%考虑，采用直线折旧法计算年折旧费。各年折旧费及固定资产净值计算结果填入表4中。表4中固定资产原值等于表2中建设投资加建设期利息，再减去无形资产和其他资产。〔7〕无形资产摊销。无形资产为100万元，按10年摊销。其他资产为25万元，按5年摊销。摊销计算结果填入表5.〔8〕利息支出。3、营业收入工程正常运行收入为855万元，投产期营业收入按正常运行期营业收入的80%估计。4、营业税金及附加营业税税率为3.0%，城市维护建设税和教育费附加分别为营业税的5%和3%，因此得综合税率为3.24%。5、利润与利润分配营业收入减去总本钱费用、营业税金及附加，得利润总额。所得税金按利润总额的25%计取，法定盈余公积金按当年净利润的10%提取，任意盈余公积金不考虑提取。本工程提取的年折旧费和摊销费足够用来归还长期贷款本金，因此可供投资者分配的利润全部用于利润分配，不考虑未分配利润。利润与利润分配见表6，总本钱费用、利息支出、折旧、摊销见表3。二、要求〔参考书中115页案例制作表格和说明〕1根据条件完成表3和表6。2进展财务盈利能力分析：制作工程投资财务现金流量表7〔融资前〕；计算所得税前内部收益率、财务净现值、投资回收期；所得税后内部收益率、财务净现值、投资回收期。制作融资后工程资本金现金流量表8；计算内部收益率、财务净现值、投资回收期。3进展财务偿债能力分析，制作资产负债表9和借款还本付息计算表10,计算利息备付率和偿债备付率。4进展财务生存能力分析，制作表财务方案现金流量表11。表1流动资金估算表单位：万元序号工程运行期正常运行期456789101112131流动资金819494949494949494941.1应付账款161616161616161616161.2存货556868686868686868681.3现金101010101010101010101.4预付账款00000000002流动负债171717171717171717172.1应付账款171717171717171717172.2预收账款00000000003流动资金64777777777777777777表2工程总投资使用方案与资金筹措表单位：万元序号工程建设期运行期正常运行期合计123451总投资808.38846.5887.4964172623.371.1建设投资79079079023701.2建设期利息18.3856.597.49172.371.3流动资金6417812资金筹措808.38846.5887.4964172623.372.1工程资本金318.38356.5397.4919.2171108.572.1.1用于建设投资3003003009002.1.2用于流动资金19.21736.22.1.3用于建设期利息18.3856.597.49172.372.2债务资金49049049044.801514.82.2.1用于建设投资49049049014702.2.2用于流动资金44.8044.8表4固定资产折旧估算表单位：万元工程合计运行期正常运行期45678910111213固定资产原值2417.37当前折旧费2296.50229.65229.65229.65229.65229.65229.65229.65229.65229.65229.65净值120.872187.721958.071728.421498.771269.121039.47809.32580.17350.52120.87表3总本钱费用估算表单位：万元序号工程合计初运正常运行期45678910111213生产负荷851001001001001001001001001001材料费83.77.28.58.58.58.58.58.58.58.58.52燃料及动力费867758888888888888888883工资及福利费11001101101101101101101101101101104修理费756.575.6575.6575.6575.6575.6575.6575.6575.6575.6575.655其他费用280.7726.7928.2228.2228.2228.2228.2228.2228.2228.2228.226年运行费(经营本钱)3087.97294.64310.37310.37310.37310.37310.37310.37310.37310.37310.377折旧费2296.5229.65229.65229.65229.65229.65229.65229.65229.65229.65229.658摊销费125151515151510101010109利息支出474.6113.6197.8682.1166.3650.6134.8619.113.363.363.3610总本钱费用合计5984.07652.9652.88637.13621.38605.63584.88569.13553.38553.38553.38表5无形资产及递延资产摊销估算表单位：万元序号工程合计运行期正常运行期456789101112131无形资产原值100当期摊销费10101010101010101010净值90807060504030201002递延资产原值25当期摊销费55555净值201510503合计原值120当期摊销费15151515151010101010净值11095806550403020100表6利润与利润分配表单位：万元序号工程合计初运正常运行期45678910111213生产负荷(%)80.0100.0100.0100.0100.0100.0100.0100.0100.0100.01营业收入8379.0684.0855.0855.0855.0855.0855.0855.0855.0855.0855.02营业税及附加271.522.227.727.727.727.727.727.727.727.727.73总本钱费用5984.1652.9652.88637.13621.38605.63584.88569.13553.38553.38553.384补贴收入5利润总额2123.58.9174.4190.2205.9221.7242.4258.2273.9273.9273.96弥补以前年度亏损7应纳税所得额(=5)2123.58.9174.4190.2205.9221.7242.4258.2273.9273.9273.98所得税(25%)530.92.243.647.551.555.460.664.568.568.568.59净利润(7-8)1592.66.7130.8142.6154.4166.3181.8193.6205.4205.4205.410期初未分配利润0.00.00.00.00.00.00.00.00.011可供分配的利润1592.66.7130.8142.6154.4166.3181.8193.6205.4205.4205.412提法定盈余公积金(10%)159.30.713.114.315.416.618.219.420.520.520.513可供消费者分配的利润(11-12)1433.36.0117.7128.4139.0149.6163.6174.3184.9184.9184.914提任意盈余公积金15应付利润1433.36.0117.7128.4139.0149.6163.6174.3184.9184.9184.916累计未分配利润〔13-14-15〕0.00.00.00.00.00.00.00.00.00.017息税前利润〔5+利息支出〕2598.1122.5272.3272.3272.3272.3277.3277.3277.3277.3277.318税息折旧摊销前利润〔17+折旧+摊销〕5019.6367.2516.9516.9516.9516.9516.9516.9516.9516.9516.9三、财务分析1.财务盈利能力分析编制工程投资财务现金流量表，见表7。表中营业收入、营业税及附加、所得税取自表6，回收固定资产余值取自表4，建设投资，流动资金取自表2，经营本钱取自表3。根据财务现金流量表，所得税前财务内部收益率为13%，财务净现值为623.15万元，投资回收期为8年。所得税后财务内部收益率为11%，财务净现值为359.99万元，投资回收期为8.5年。融资后工程资本金现金流量表，见表8。表中权益投资取自表2，借款本金归还、借款利息支付取自表10。根据工程资本金现金流量表，资本金内部收益率为13%，净现值557.56万元。以上结果说明，本工程具有较好的盈利能力。2.财务归还能力分析编制资产负债表，见表9。表中货币资金、应收账款、存货、应付账款取自表1，累计盈余资金取自表11，建设投资借款、流动资金借款取自表10，资本金根据表2各年投入的资本金确定，累计盈余公积金、累计未分配利润根据表6确定。经计算，还贷期各年负债率表9最后一行。除建设期第一年外，各年资产负债率均在60%以下，因此债权人风险小。编制工程借款还本付息计算表，见表10。表中利息备付率等于表6中息税前利润除以本表中付息，偿付备付率等于表6中息税折旧摊销前利润除以本表中当期还本付息。根据借款还本付息计算表，工程在正常运行期的每年利息备付率均大于2，说明利息偿付的保障程度高，偿债风险小。偿债备付率除运行初期，其他各年偿债备付率均大于1.3。因此，本工程具有较强的财务清偿能力。3．财务生存能力分析工程财务方案现金流量表见表11。表中营业收入、营业税及附加、所得税、应付利润取自表6，建设投资、流动资金、权益资本金投入、建设投资借款、流动资金借款取自表2，各种利息支出、归还债务本金取自表10。从表11中数据可知，工程具有较大的经营活动净现金流量，且各年盈余资金均大于零，因此具有较好的财务生存能力。假设各年盈余资金出现小于零的情况，应减少应付利润，即保存未分配利润，确保各年盈余资金均大于零。表7工程投资财务现金流量表单位：万元序号工程合计建设期初运正常运行期12345678910111213生产负荷〔%〕80.0100.0100.0100.0100.0100.0100.0100.0100.0100.01现金流入7725.9684.0855.0855.0855.0855.0855.0855.0855.0855.01056.91.1营业收入7524.06848558558558558558558558558551.2补贴收入1.3回收固定产值余值120.9120.91.4回收流动资金81812现金流出5810.5790.0790.0790.0380.8355.1338.1338.1338.1338.1338.1338.1338.1338.12.1建设投资2370.0790.0790.0790.02.2流动资金81.064.017.02.3年运行费〔经营本钱〕3088.0294.64310.37310.37310.37310.37310.37310.37310.37310.37310.372.4营业税金及附加271.522.227.727.727.727.727.727.727.727.727.72.5更新改造投资(维持运营投资〕3所得税前净现金流量〔1-2〕2770.4-790.0-790.0-790.0303.2499.9516.9516.9516.9516.9516.9516.9516.9718.84累计所得税前净现金流量-790.0-1580.0-2370.0-2066.8-1566.9-1050.0-533.1-16.1500.81017.71534.72051.62770.45所得税530.82.243.647.551.555.460.664.568.568.568.56所得税后净现金流量〔3-5〕2239.6-790.0-790.0-790.0301.0456.3469.4465.4461.5456.3452.4448.4448.4650.37累计所得税后净现金流量-790.0-1580.0-2370.0-2069.0-1612.7-1143.3-677.9-216.3240.0692.41140.91589.32239.6表8工程资本金现金流量表单位：万元序号工程合计建设期初运正常运行期12345678910111213生产负荷〔%〕80.0100.0100.0100.0100.0100.0100.0100.0100.0100.01现金流入8580.9684.0855.0855.0855.0855.0855.0855.0855.0855.01056.91.1营业收入8379.06848558558558558558558558558551.2补贴收入0.01.3回收固定产值余值120.9120.91.4回收流动资金81.0812现金流出6988.2318.4356.5397.5661.9706.5677.7665.9654.1643.5631.7409.9409.9454.72.1权益投资1108.6318.38356.5397.4919.2172.2借款本金归还1514.82102102102102102102100044.82.3借款利息支付474.6113.6197.8682.1166.3650.6134.8619.113.363.363.362.4年运行费〔经营本钱〕294.64310.37310.37310.37310.37310.37310.37310.37310.37310.372.5营业税及附加271.522.227.727.727.727.727.727.727.727.727.72.6所得税530.82.243.647.551.555.460.664.568.568.568.52.7更新改造投资〔维持运营投资〕3净现金流量〔1-2〕1592.7-318.4-356.5-397.522.1148.5177.3189.1200.9211.5223.3445.1445.1602.2表9资产负债表表9资产负债表单位：万元工程合计建设期初运正常运行期123456789101112131资产808.41654.92542.42476.42307.62126.81947.31768.91587.11406.01437.01467.61453.31.1流动资产总额18.474.9172.4288.7349.5398.4448.5499.8547.7596.7856.91117.01332.41.1.1货币资金10.010.010.010.010.010.010.010.010.010.01.1.2应收账款16.016.016.016.016.016.016.016.016.016.01.1.3预付账款1.1.4存货55.068.068.068.068.068.068.068.068.068.01.1.5累计盈余资金18.474.9172.4207.7255.5304.4354.5405.8453.7502.7762.91023.01238.41.2在建工程790.01580.02370.01.3固定资产净值2187.71958.11728.41498.81269.11039.5809.3580.2350.5120.91.4无形及其他资产净值2负债及所有者权益〔2.4+2.5〕808.41654.92542.42414.02234.12038.41843.81650.51458.61268.01288.51264.31284.82.1流动负债总额000171717171717171717172.1.1短期借款2.1.2应付账款171717171717171717172.1.3预收账款2.1.4其他2.2建设投资借款49098014701260105084063042021002.3流动资金借款44.844.844.844.844.844.844.844.802.4负债小计〔2.1+2.2+2.3〕49098014701321.81111.8901.8691.8481.8271.861.861.817172.5所有者权益318.4674.91072.41092.21122.31136.61152.01168.71186.81206.21226.71247.31267.82.5.1资本金318.4674.91072.41091.61108.61108.61108.61108.61108.61108.61108.61108.61108.62.5.2资本公积金2.5.3累计盈余公积金0.713.828.043.560.178.397.6118.2138.7159.32.5.4累计未分配利润0000000000资产负债率〔%〕60.659.257.853.448.242.435.527.217.14.44.31.21.2表10借款还本付息计算表单位：万元序号工程合计建设期初运正常运行期123456789101112131建设投资借款1.1期初借款余额14704904904901.2当期还本付息1911320.25304.5288.75273257.25241.5225.75其中：还本1470210210210210210210210付息441110.2594.578.756347.2531.515.751.3期末借款余额49098014701260105084063042021002流动资金借款2.1期初借款余额44.844.802.2当期还本付息78.43.363.363.363.363.363.363.363.363.3648.16其中：还本44.844.8付息33.63.363.363.363.363.363.363.363.363.363.362.3期末借款余额44.844.844.844.844.844.844.844.844.803借款合计3.1期初借款余额1514.849049049044.803.2当期还本付息1941.24323.61307.86292.11276.36260.61244.86229.113.363.3648.16其中：还本14702102102102102102102100044.8付息471.24113.6197.8682.1166.3650.6134.8619.113.363.363.363.3期末借款余额1304.81094.8884.8674.8464.8254.844.844.844.80计算指标利息备付率〔%)1.082.783.324.105.387.9514.5182.5382.5382.53偿债备付率〔%〕1.131.541.611.681.771.861.97133.45133.459.31表11财务方案现金流量表单位：万元序号工程合计建设期初运正常运行期123456789101112131经营活动净现金流量〔1.1-1.2〕4488.73364.96473.33469.43465.43461.53456.33452.43448.43448.43448.431.1现金流入83796848558558558558558558558558551.1.1营业收入83796848558558558558558558558558551.1.2其他流入1.2现金流出3890.27319.043