某建設(shè)項目的財務分析

1、建設(shè)項目財務分分析項目背景：某工業(yè)項目計算算期為16年，建設(shè)期期為3年，第4年投產(chǎn)，第5年開始達到到生產(chǎn)能力。建設(shè)投資160000萬元。分年年投資情況如如下：（單位位：萬元）項目/年末1234建設(shè)投資50007000400016000該項目的固定資資產(chǎn)綜合折舊舊年限為15年，殘值率率為5%，采用直線線折舊法折舊舊，期末余值值等于賬面余余值。流動資金約為44980萬元，投產(chǎn)產(chǎn)前一年末一一次投入（三三年末）。銷售收入、銷售售稅金及附加加和經(jīng)營成本本的預測值如如下，其它支支出忽略不計計。 （單位：萬萬元）項目/年末45615銷售收入11200160001600016000銷售稅金及附加加640960

2、960960經(jīng)營成本7000100001000010000建設(shè)投資160000萬元中，權(quán)益投資8000萬元，權(quán)益益投資分年出出資為3000萬元、3000萬元和2000萬元，不足足部分向銀行行借款。銀行行貸款條件是是年利率6%，建設(shè)期只只計息不付息息還款，將利利息按復利計計算到第四年年年初，作為為全部借款本本金。投產(chǎn)后后（第四年末末）開始還貸貸，每年付清清利息，并分分10年等額還本本。流動資金投資44980+學號后兩位位數(shù)，全部向向銀行借款（始始終維持借款款狀態(tài)），貸貸款年利率也也是6%。要求：融資前盈利能力力分析(編制利潤與與所得稅計算算表、全部投投資現(xiàn)金流量量表) ，計算融資資前所得稅后后的

3、內(nèi)部收益益率。假如長期借款的的利率為10%，股權(quán)融資資要求的投資資回報率9%，又能設(shè)法法從銀行借到到50%的初始投資資，說明這個個項目是否可可能考慮？融資后盈利能力力分析(編制借款需需要量計算表表、固定資產(chǎn)產(chǎn)投資借款還還款計劃表、利利潤與所得稅稅計算表、全全部投資現(xiàn)金金流量表、自自有(權(quán)益)資金投資現(xiàn)現(xiàn)金流量表) ，計算全部部投資、自有有(權(quán)益) 投資的靜態(tài)態(tài)投資回收期期、內(nèi)部收益益率。假如行行業(yè)基準收益益率為10%，判斷項目目的可行性？編制財務計劃現(xiàn)現(xiàn)金流量表，判判斷項目基本本生存能力？編制資產(chǎn)負債表表，計算資產(chǎn)產(chǎn)負債率等指指標，分析項項目負債情況況和償債能力力？對項目作出財務務分析的綜合合

4、評價。表1、利潤與所所得稅計算表表（融資前） （單位：萬萬元）序號項目計算期4567891011121314151銷售收入1120016000160001600016000160001600016000160001600016000160002銷售稅金及附加加6409609609609609609609609609609609603總成本費用801311013110131101311013110131101311013110131101311013110133.1經(jīng)營成本700010000100001000010000100001000010000100001000010000100003.2

5、折舊1013101310131013101310131013101310131013101310133.3利息支出4利潤總額（123）2547402740274027402740274027402740274027402740275所得稅（4333）840.5132813281328132813281328132813281328132813286稅后利潤170626992699269926992699269926992699269926992699表2、全部投資資現(xiàn)金流量表表（融資前） （單位：萬萬元）序號項目計算期1234567891011121314151現(xiàn)金流入112001600016

6、0001600016000160001600016000160001600016000248531.1銷售收入160001.2回收固定資產(chǎn)余余值38401.3回收凈營運資金金50142現(xiàn)金流出500070009013764010960109601096010960109601096010960109601096010960109602.1建設(shè)投資(不含含建設(shè)期利息息)5000700040002.2凈營運資金50142.3經(jīng)營成本700010000100001000010000100001000010000100001000010000100002.4銷售稅金及附加加64096096096096

7、09609609609609609609603所得稅前凈現(xiàn)金金流量(1-2)-5000-7000-90133560504050405040504050405040504050405040504050404累計所得稅前凈凈現(xiàn)金流量-5000-12000-21013-17453-12413-7373-2333270777471278717827278672790732947379875所得稅840.513291329132913291329132913291329132913291329 6所得稅后凈現(xiàn)金金流量(3-5)-5000-7000-9613271937113711371137113711

8、3711371137113711371196317累計所得稅后凈凈現(xiàn)金流量-5000-12000-21613-18894-15183-11472-7761-4050-3393312769811379150911881022513表3、借款需要要量計算表 （單位位：萬元）項目 年末末1234合計建設(shè)投資總數(shù)500070004000016000凈營運資金00050145014權(quán)益資金30003000200008000借款需要量200040002000501413014建設(shè)期利息計算算 （單位位：萬元）項目 年末1234附注年初欠款020606303.68742當年借款200040002000當年利

9、息60243.6438.2524.5年末欠款累計20606303.68741.89266.3 表4、固定資產(chǎn)產(chǎn)投資還貸計計劃與利息計計算 （單位：萬元）項目年末45678910111213期初本息余額8741.87867.66993.46119.35245.14370.93496.72622.51748.3874.2本期付息524.5472.1419.6367.2314.7262.3209.8157.4104.952.5本期還本874.2874.2874.2874.2874.2874.2874.2874.2874.2874.2期末本息余額7687.66993.46119.35245.14730

10、.93496.72522.51748.4874.20 表5、利潤與所所得稅計算表表（融資后） （單單位：萬元）序號項目計算期4567891011121314151銷售收入1120016000160001600016000160001600016000160001600016000160002銷售稅金及附加加6409609609609609609609609609609609603總成本費用8886118341187211729116771162411571115191146611413911361113613.1經(jīng)營成本7000100001000010000100001000010000100

11、00100001000010000100003.2折舊1060.31060.31060.31060.31060.31060.31060.31060.31060.31060.31060.31060.33.3利息支出825.6773.2721.4688.2615.8563.3510.9458.4405.9353.5301.1301.14利潤總額（123）1674.13206.53258.33311.53363.93416.43468.83521.33573.73626.23678.63678.65所得稅（4333）552.51058.21075.310931110.11127.41144.7116

12、2.81179.31196.61213.91213.96稅后利潤1121.62148.421832218.52253.82288.92324.12359.32394.42429.52464.92464.9 表6、全部投資現(xiàn)現(xiàn)金流量表（融融資后） （單位：萬萬元）序號項目計算期1234567891011121314151現(xiàn)金流入1120016000160001600016000160001600016000160001600016000250311.1銷售收入160001.2回收固定資產(chǎn)余余值40181.3回收 (流動) 凈營運資金50142現(xiàn)金流出50007000901376401096010

13、9601096010960109601096010960109601096010960109602.1建設(shè)投資(不含含建設(shè)期利息息)5000700040002.2凈營運資金50142.3經(jīng)營成本700010000100001000010000100001000010000100001000010000100002.4銷售稅金及附加加6409609609609609609609609609609609603所得稅前凈現(xiàn)金金流量(1-2)-5000-7000-901335605040504050405040504050405040504050405040140764累計所得稅前凈凈現(xiàn)金流量-500

14、0-12000-21013-17453-12413-7373-2383270777471278717827228672790732947470185所得稅553105810751093111011271145116211791197121412146所得稅后凈現(xiàn)金金流量(3-5)-5000-7000-90133008398239653947392939133895337838613844382612867累計所得稅后凈凈現(xiàn)金流量-5000-7000-21013-18006-14024-10059-6112-218217305625950313364172072100633892 表7、權(quán)益資金

15、金投資現(xiàn)金流流量表 （單位：萬萬元）序號項目計算期1234567891011121314151現(xiàn)金流入1120016000160001600016000160001600016000160001600016000250311.1銷售收入1120016000160001600016000160001600016000160001600016000160001.2回收固定資產(chǎn)余余值40181.3回收凈營運資金金50142現(xiàn)金流出3000300020002.1權(quán)益投資3000300020009892.31366513631135951356013525134891377113419133841247

16、5124752.2借款本金償還874.2874.2874.2874.2874.2874.2874.2874.2874.2874.22.3借款利息支付8267737216686165635114584063543023022.4經(jīng)營成本700010000100001000010000100001000010000100001000010000100002.5銷售稅金及附加加6409609609609609609609609609609609602.6所得稅552.51058.21075.31093111011271145147911801197121412143凈現(xiàn)金流量(11-2)-3000-

17、3000-2000130823352369240524402475251022292581261635253525 利潤分配表 （單位：萬萬元）項目 年份456789101112131415利潤總額1674.13206.53528.63311.53363.93416.43468.83521.33573.73626.23678.63678.6所得稅55310581075109311101127114511621179119712141214稅后利潤112221492183221922542289232423592395243024682468盈余公積金1122152182222262292332

18、36240245247247公益金56108109111113115116118120122123123應付利潤95318261856188619161946197620062036208320952095未分配利潤注：盈余公積金金=稅后利潤10%計提公益金=稅后利利潤5%計提 應付利潤潤=稅后利潤盈盈余公積金公益金 表8、 財務計劃現(xiàn)現(xiàn)金流量表 （單位：萬萬元）序號項目計算期1234567891011121314151經(jīng)營現(xiàn)金流量表表(1.1-1.2)11200160001600016000160001600016000160001600016000160001.1現(xiàn)金流入112001600

19、01600016000160001600016000160001600016000160001.1.1銷售收入11200160001600016000160001600016000160001600016000160001.2現(xiàn)金流出1.2.1經(jīng)營成本700010000100001000010000100001000010000100001000010000100001.2.2銷售稅金及附加加6409609609609609609609609609609609601.2.3所得稅552.41058.11075.310931110.11127.41144.71478.81179.31196.61

20、213.91213.92投資活動凈現(xiàn)金金流量(2.11-2.2)-5000-7000-90132.1現(xiàn)金流入2.2現(xiàn)金流出5000700090132.2.1建設(shè)投資5000700040002.2.2流動資產(chǎn)投資50133籌資活動凈現(xiàn)金金流量(3.1-3.22)5000700090138546.912526.5512548.9912571.9912594.331261712639.551262212684.7712689.2213604136043.1現(xiàn)金流入50007000901311200160001600016000160001600016000160001600016000160003.1.1權(quán)益資金投入3000300020003.1.2建設(shè)投資借款2000400020003.1.3營運資金借款50133.2現(xiàn)金流出2653.13473.53451.13428.134