水利工程經(jīng)濟案例分析

...wd......wd......wd...水利工程經(jīng)濟案例分析班級：學號：姓名：案例分析一、根本情況1.投資與資金籌措某樞紐工程工程建設(shè)期3年，第4年投產(chǎn)，第5年進入正常運行期。投產(chǎn)期生產(chǎn)能力達設(shè)計能力的85%，工程使用壽命10年，計算期為13年。財務基準折現(xiàn)率取8%。本工程建設(shè)投資估算額為2370萬元，正常運行期流動資金估算額為77萬元。流動資金估算見表1。固定資產(chǎn)投資中，自有資金900萬元，其余由銀行貸款。流動資金1/3自籌，2/3由銀行貸款。兩種貸款年利率均為7.5%。工程投資使用方案與資金籌措見表2。2、總本錢費用估算〔1〕材料費。運行初期和正常運行年份外購原材料費分別為7.2萬元和8.5萬元?！?〕燃料及動力費。運行初期和正常運行年份外購燃料及動力費分別為75萬元和88萬元。〔3〕工資及福利費。工程工作人員工資總額94萬元/年，福利費按工資總額的20%計取，則全年工資及福利費為110萬元。〔4〕修理費。維護修理費按固定資產(chǎn)原值的3.2%,每年75.65萬元?！?〕其他費用。其他費用按以上費用的10%估算?！?〕固定資產(chǎn)折舊。固定資產(chǎn)余值按固定資產(chǎn)原值的5%考慮，采用直線折舊法計算年折舊費。各年折舊費及固定資產(chǎn)凈值計算結(jié)果填入表4中。表4中固定資產(chǎn)原值等于表2中建設(shè)投資加建設(shè)期利息，再減去無形資產(chǎn)和其他資產(chǎn)。〔7〕無形資產(chǎn)攤銷。無形資產(chǎn)為100萬元，按10年攤銷。其他資產(chǎn)為25萬元，按5年攤銷。攤銷計算結(jié)果填入表5.〔8〕利息支出。3、營業(yè)收入工程正常運行收入為855萬元，投產(chǎn)期營業(yè)收入按正常運行期營業(yè)收入的80%估計。4、營業(yè)稅金及附加營業(yè)稅稅率為3.0%，城市維護建設(shè)稅和教育費附加分別為營業(yè)稅的5%和3%，因此得綜合稅率為3.24%。5、利潤與利潤分配營業(yè)收入減去總本錢費用、營業(yè)稅金及附加，得利潤總額。所得稅金按利潤總額的25%計取，法定盈余公積金按當年凈利潤的10%提取，任意盈余公積金不考慮提取。本工程提取的年折舊費和攤銷費足夠用來歸還長期貸款本金，因此可供投資者分配的利潤全部用于利潤分配，不考慮未分配利潤。利潤與利潤分配見表6，總本錢費用、利息支出、折舊、攤銷見表3。二、要求〔參考書中115頁案例制作表格和說明〕1根據(jù)條件完成表3和表6。2進展財務盈利能力分析：制作工程投資財務現(xiàn)金流量表7〔融資前〕；計算所得稅前內(nèi)部收益率、財務凈現(xiàn)值、投資回收期；所得稅后內(nèi)部收益率、財務凈現(xiàn)值、投資回收期。制作融資后工程資本金現(xiàn)金流量表8；計算內(nèi)部收益率、財務凈現(xiàn)值、投資回收期。3進展財務償債能力分析，制作資產(chǎn)負債表9和借款還本付息計算表10,計算利息備付率和償債備付率。4進展財務生存能力分析，制作表財務方案現(xiàn)金流量表11。表1流動資金估算表單位：萬元序號工程運行期正常運行期456789101112131流動資金819494949494949494941.1應付賬款161616161616161616161.2存貨556868686868686868681.3現(xiàn)金101010101010101010101.4預付賬款00000000002流動負債171717171717171717172.1應付賬款171717171717171717172.2預收賬款00000000003流動資金64777777777777777777表2工程總投資使用方案與資金籌措表單位：萬元序號工程建設(shè)期運行期正常運行期合計123451總投資808.38846.5887.4964172623.371.1建設(shè)投資79079079023701.2建設(shè)期利息18.3856.597.49172.371.3流動資金6417812資金籌措808.38846.5887.4964172623.372.1工程資本金318.38356.5397.4919.2171108.572.1.1用于建設(shè)投資3003003009002.1.2用于流動資金19.21736.22.1.3用于建設(shè)期利息18.3856.597.49172.372.2債務資金49049049044.801514.82.2.1用于建設(shè)投資49049049014702.2.2用于流動資金44.8044.8表4固定資產(chǎn)折舊估算表單位：萬元工程合計運行期正常運行期45678910111213固定資產(chǎn)原值2417.37當前折舊費2296.50229.65229.65229.65229.65229.65229.65229.65229.65229.65229.65凈值120.872187.721958.071728.421498.771269.121039.47809.32580.17350.52120.87表3總本錢費用估算表單位：萬元序號工程合計初運正常運行期45678910111213生產(chǎn)負荷851001001001001001001001001001材料費83.77.28.58.58.58.58.58.58.58.58.52燃料及動力費867758888888888888888883工資及福利費11001101101101101101101101101101104修理費756.575.6575.6575.6575.6575.6575.6575.6575.6575.6575.655其他費用280.7726.7928.2228.2228.2228.2228.2228.2228.2228.2228.226年運行費(經(jīng)營本錢)3087.97294.64310.37310.37310.37310.37310.37310.37310.37310.37310.377折舊費2296.5229.65229.65229.65229.65229.65229.65229.65229.65229.65229.658攤銷費125151515151510101010109利息支出474.6113.6197.8682.1166.3650.6134.8619.113.363.363.3610總本錢費用合計5984.07652.9652.88637.13621.38605.63584.88569.13553.38553.38553.38表5無形資產(chǎn)及遞延資產(chǎn)攤銷估算表單位：萬元序號工程合計運行期正常運行期456789101112131無形資產(chǎn)原值100當期攤銷費10101010101010101010凈值90807060504030201002遞延資產(chǎn)原值25當期攤銷費55555凈值201510503合計原值120當期攤銷費15151515151010101010凈值11095806550403020100表6利潤與利潤分配表單位：萬元序號工程合計初運正常運行期45678910111213生產(chǎn)負荷(%)80.0100.0100.0100.0100.0100.0100.0100.0100.0100.01營業(yè)收入8379.0684.0855.0855.0855.0855.0855.0855.0855.0855.0855.02營業(yè)稅及附加271.522.227.727.727.727.727.727.727.727.727.73總本錢費用5984.1652.9652.88637.13621.38605.63584.88569.13553.38553.38553.384補貼收入5利潤總額2123.58.9174.4190.2205.9221.7242.4258.2273.9273.9273.96彌補以前年度虧損7應納稅所得額(=5)2123.58.9174.4190.2205.9221.7242.4258.2273.9273.9273.98所得稅(25%)530.92.243.647.551.555.460.664.568.568.568.59凈利潤(7-8)1592.66.7130.8142.6154.4166.3181.8193.6205.4205.4205.410期初未分配利潤0.00.00.00.00.00.00.00.00.011可供分配的利潤1592.66.7130.8142.6154.4166.3181.8193.6205.4205.4205.412提法定盈余公積金(10%)159.30.713.114.315.416.618.219.420.520.520.513可供消費者分配的利潤(11-12)1433.36.0117.7128.4139.0149.6163.6174.3184.9184.9184.914提任意盈余公積金15應付利潤1433.36.0117.7128.4139.0149.6163.6174.3184.9184.9184.916累計未分配利潤〔13-14-15〕0.00.00.00.00.00.00.00.00.00.017息稅前利潤〔5+利息支出〕2598.1122.5272.3272.3272.3272.3277.3277.3277.3277.3277.318稅息折舊攤銷前利潤〔17+折舊+攤銷〕5019.6367.2516.9516.9516.9516.9516.9516.9516.9516.9516.9三、財務分析1.財務盈利能力分析編制工程投資財務現(xiàn)金流量表，見表7。表中營業(yè)收入、營業(yè)稅及附加、所得稅取自表6，回收固定資產(chǎn)余值取自表4，建設(shè)投資，流動資金取自表2，經(jīng)營本錢取自表3。根據(jù)財務現(xiàn)金流量表，所得稅前財務內(nèi)部收益率為13%，財務凈現(xiàn)值為623.15萬元，投資回收期為8年。所得稅后財務內(nèi)部收益率為11%，財務凈現(xiàn)值為359.99萬元，投資回收期為8.5年。融資后工程資本金現(xiàn)金流量表，見表8。表中權(quán)益投資取自表2，借款本金歸還、借款利息支付取自表10。根據(jù)工程資本金現(xiàn)金流量表，資本金內(nèi)部收益率為13%，凈現(xiàn)值557.56萬元。以上結(jié)果說明，本工程具有較好的盈利能力。2.財務歸還能力分析編制資產(chǎn)負債表，見表9。表中貨幣資金、應收賬款、存貨、應付賬款取自表1，累計盈余資金取自表11，建設(shè)投資借款、流動資金借款取自表10，資本金根據(jù)表2各年投入的資本金確定，累計盈余公積金、累計未分配利潤根據(jù)表6確定。經(jīng)計算，還貸期各年負債率表9最后一行。除建設(shè)期第一年外，各年資產(chǎn)負債率均在60%以下，因此債權(quán)人風險小。編制工程借款還本付息計算表，見表10。表中利息備付率等于表6中息稅前利潤除以本表中付息，償付備付率等于表6中息稅折舊攤銷前利潤除以本表中當期還本付息。根據(jù)借款還本付息計算表，工程在正常運行期的每年利息備付率均大于2，說明利息償付的保障程度高，償債風險小。償債備付率除運行初期，其他各年償債備付率均大于1.3。因此，本工程具有較強的財務清償能力。3．財務生存能力分析工程財務方案現(xiàn)金流量表見表11。表中營業(yè)收入、營業(yè)稅及附加、所得稅、應付利潤取自表6，建設(shè)投資、流動資金、權(quán)益資本金投入、建設(shè)投資借款、流動資金借款取自表2，各種利息支出、歸還債務本金取自表10。從表11中數(shù)據(jù)可知，工程具有較大的經(jīng)營活動凈現(xiàn)金流量，且各年盈余資金均大于零，因此具有較好的財務生存能力。假設(shè)各年盈余資金出現(xiàn)小于零的情況，應減少應付利潤，即保存未分配利潤，確保各年盈余資金均大于零。表7工程投資財務現(xiàn)金流量表單位：萬元序號工程合計建設(shè)期初運正常運行期12345678910111213生產(chǎn)負荷〔%〕80.0100.0100.0100.0100.0100.0100.0100.0100.0100.01現(xiàn)金流入7725.9684.0855.0855.0855.0855.0855.0855.0855.0855.01056.91.1營業(yè)收入7524.06848558558558558558558558558551.2補貼收入1.3回收固定產(chǎn)值余值120.9120.91.4回收流動資金81812現(xiàn)金流出5810.5790.0790.0790.0380.8355.1338.1338.1338.1338.1338.1338.1338.1338.12.1建設(shè)投資2370.0790.0790.0790.02.2流動資金81.064.017.02.3年運行費〔經(jīng)營本錢〕3088.0294.64310.37310.37310.37310.37310.37310.37310.37310.37310.372.4營業(yè)稅金及附加271.522.227.727.727.727.727.727.727.727.727.72.5更新改造投資(維持運營投資〕3所得稅前凈現(xiàn)金流量〔1-2〕2770.4-790.0-790.0-790.0303.2499.9516.9516.9516.9516.9516.9516.9516.9718.84累計所得稅前凈現(xiàn)金流量-790.0-1580.0-2370.0-2066.8-1566.9-1050.0-533.1-16.1500.81017.71534.72051.62770.45所得稅530.82.243.647.551.555.460.664.568.568.568.56所得稅后凈現(xiàn)金流量〔3-5〕2239.6-790.0-790.0-790.0301.0456.3469.4465.4461.5456.3452.4448.4448.4650.37累計所得稅后凈現(xiàn)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工程資本金現(xiàn)金流量表單位：萬元序號工程合計建設(shè)期初運正常運行期12345678910111213生產(chǎn)負荷〔%〕80.0100.0100.0100.0100.0100.0100.0100.0100.0100.01現(xiàn)金流入8580.9684.0855.0855.0855.0855.0855.0855.0855.0855.01056.91.1營業(yè)收入8379.06848558558558558558558558558551.2補貼收入0.01.3回收固定產(chǎn)值余值120.9120.91.4回收流動資金81.0812現(xiàn)金流出6988.2318.4356.5397.5661.9706.5677.7665.9654.1643.5631.7409.9409.9454.72.1權(quán)益投資1108.6318.38356.5397.4919.2172.2借款本金歸還1514.82102102102102102102100044.82.3借款利息支付474.6113.6197.8682.1166.3650.6134.8619.113.363.363.362.4年運行費〔經(jīng)營本錢〕294.64310.37310.37310.37310.37310.37310.37310.37310.37310.372.5營業(yè)稅及附加271.522.227.727.727.727.727.727.727.727.727.72.6所得稅530.82.243.647.551.555.460.664.568.568.568.52.7更新改造投資〔維持運營投資〕3凈現(xiàn)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資產(chǎn)負債表表9資產(chǎn)負債表單位：萬元工程合計建設(shè)期初運正常運行期123456789101112131資產(chǎn)808.41654.92542.42476.42307.62126.81947.31768.91587.11406.01437.01467.61453.31.1流動資產(chǎn)總額18.474.9172.4288.7349.5398.4448.5499.8547.7596.7856.91117.01332.41.1.1貨幣資金10.010.010.010.010.010.010.010.010.010.01.1.2應收賬款16.016.016.016.016.016.016.016.016.016.01.1.3預付賬款1.1.4存貨55.068.068.068.068.068.068.068.068.068.01.1.5累計盈余資金18.474.9172.4207.7255.5304.4354.5405.8453.7502.7762.91023.01238.41.2在建工程790.01580.02370.01.3固定資產(chǎn)凈值2187.71958.11728.41498.81269.11039.5809.3580.2350.5120.91.4無形及其他資產(chǎn)凈值2負債及所有者權(quán)益〔2.4+2.5〕808.41654.92542.42414.02234.12038.41843.81650.51458.61268.01288.51264.31284.82.1流動負債總額000171717171717171717172.1.1短期借款2.1.2應付賬款171717171717171717172.1.3預收賬款2.1.4其他2.2建設(shè)投資借款49098014701260105084063042021002.3流動資金借款44.844.844.844.844.844.844.844.802.4負債小計〔2.1+2.2+2.3〕49098014701321.81111.8901.8691.8481.8271.861.861.817172.5所有者權(quán)益318.4674.91072.41092.21122.31136.61152.01168.71186.81206.21226.71247.31267.82.5.1資本金318.4674.91072.41091.61108.61108.61108.61108.61108.61108.61108.61108.61108.62.5.2資本公積金2.5.3累計盈余公積金0.713.828.043.560.178.397.6118.2138.7159.32.5.4累計未分配利潤0000000000資產(chǎn)負債率〔%〕60.659.257.853.448.242.435.527.217.14.44.31.21.2表10借款還本付息計算表單位：萬元序號工程合計建設(shè)期初運正常運行期123456789101112131建設(shè)投資借款1.1期初借款余額14704904904901.2當期還本付息1911320.25304.5288.75273257.25241.5225.75其中：還本1470210210210210210210210付息441110.2594.578.756347.2531.515.751.3期末借款余額49098014701260105084063042021002流動資金借款2.1期初借款余額44.844.802.2當期還本付息78.43.363.363.363.363.363.363.363.363.3648.16其中：還本44.844.8付息33.63.363.363.363.363.363.363.363.363.363.362.3期末借款余額44.844.844.844.844.844.844.844.844.803借款合計3.1期初借款余額1514.849049049044.803.2當期還本付息1941.24323.61307.86292.11276.36260.61244.86229.113.363.3648.16其中：還本14702102102102102102102100044.8付息471.24113.6197.8682.1166.3650.6134.8619.113.363.363.363.3期末借款余額1304.81094.8884.8674.8464.8254.844.844.844.80計算指標利息備付率〔%)1.082.783.324.105.387.9514.5182.5382.5382.53償債備付率〔%〕1.131.541.611.681.771.861.97133.45133.459.31表11財務方案現(xiàn)金流量表單位：萬元序號工程合計建設(shè)期初運正常運行期123456789101112131經(jīng)營活動凈現(xiàn)金流量〔1.1-1.2〕4488.73364.96473.33469.43465.43461.53456.33452.43448.43448.43448.431.1現(xiàn)金流入83796848558558558558558558558558551.1.1營業(yè)收入83796848558558558558558558558558551.1.2其他流入1.2現(xiàn)金流出3890.27319.043