團(tuán)灘河水庫(kù)電站工程經(jīng)濟(jì)評(píng)價(jià)

PAGEPAGE605團(tuán)灘河水庫(kù)電站工程經(jīng)濟(jì)評(píng)價(jià)1.1概述1.1.1工程概況重慶市云陽縣團(tuán)灘河（水庫(kù)）電站工程的開發(fā)任務(wù)主要是發(fā)電。團(tuán)灘河（水庫(kù)）電站工程一級(jí)站裝機(jī)10MW，年發(fā)電量3108萬kW·h；二級(jí)站裝機(jī)15MW，年發(fā)電量5032萬kW·h。工程的實(shí)施可緩解重慶統(tǒng)調(diào)電網(wǎng)用電緊張、調(diào)峰困難的局面，提高電網(wǎng)運(yùn)行的可靠性和經(jīng)濟(jì)性，促進(jìn)云陽縣及重慶市經(jīng)濟(jì)發(fā)展，具有十分重要的作用。1.1.2評(píng)價(jià)依據(jù)電站工程經(jīng)濟(jì)評(píng)價(jià)包括財(cái)務(wù)評(píng)價(jià)和國(guó)民經(jīng)濟(jì)評(píng)價(jià)。評(píng)價(jià)的主要依據(jù)是：國(guó)家計(jì)委頒發(fā)的《建設(shè)項(xiàng)目經(jīng)濟(jì)評(píng)價(jià)方法與參數(shù)》（第三版）、水利部頒發(fā)的《小水電建設(shè)項(xiàng)目經(jīng)濟(jì)評(píng)價(jià)規(guī)程》、水規(guī)院編的《水電以及國(guó)家和地方現(xiàn)行財(cái)稅制度。1.1.3基本參數(shù)（1）計(jì)算期團(tuán)灘河（水庫(kù)）電站工程施工期(含初始運(yùn)行期)為3年,根據(jù)主體工程施工期和電站正常投運(yùn)期，按國(guó)家計(jì)委“計(jì)價(jià)格〔2001〕701號(hào)”文的有關(guān)規(guī)定，確定工程正常經(jīng)營(yíng)期為30年，計(jì)算期為33年(包括建設(shè)期和經(jīng)營(yíng)期)。（2）社會(huì)折現(xiàn)率、折現(xiàn)基準(zhǔn)年、折現(xiàn)基準(zhǔn)點(diǎn)據(jù)有關(guān)規(guī)定，本次國(guó)民經(jīng)濟(jì)評(píng)價(jià)中社會(huì)折現(xiàn)率采用8%,財(cái)務(wù)評(píng)價(jià)的財(cái)務(wù)基準(zhǔn)收益率采用7%。折現(xiàn)基準(zhǔn)年為施工期第一年，折現(xiàn)基準(zhǔn)點(diǎn)為施工期第一年初。（3）價(jià)格本次經(jīng)濟(jì)評(píng)價(jià)采用現(xiàn)行價(jià)格，物價(jià)水平年為2008年11月份。1.2財(cái)務(wù)評(píng)價(jià)根據(jù)國(guó)家現(xiàn)行財(cái)稅制度、價(jià)格體系和建設(shè)機(jī)制，分析計(jì)算項(xiàng)目直接發(fā)生的財(cái)務(wù)效益和費(fèi)用，計(jì)算評(píng)價(jià)指標(biāo)，考慮項(xiàng)目的財(cái)務(wù)狀況，據(jù)以判別項(xiàng)目的財(cái)務(wù)可行性。1.2.1費(fèi)用計(jì)算工程費(fèi)用主要包括總投資、發(fā)電經(jīng)營(yíng)成本、折舊費(fèi)、攤銷費(fèi)、借款利息和各項(xiàng)應(yīng)納稅金等。（1）總投資總投資包括固定資產(chǎn)投資、建設(shè)期利息和流動(dòng)資金。①固定資產(chǎn)投資團(tuán)灘河（水庫(kù)）電站工程固定資產(chǎn)投資為31729.56為=2\*GB3②建設(shè)期利息。工程建設(shè)資金貸款70%，另30%按資本金計(jì)列，由業(yè)主以自有資金解決。銀行貸款年利率7.47%。建設(shè)期貸款利息按復(fù)利計(jì)算共25561.31萬元，其中電站工程為2552.25萬元，送出工程為4.05萬元。=3\*GB3③流動(dòng)資金流動(dòng)資金系電站建成投產(chǎn)后用于生產(chǎn)的周轉(zhuǎn)資金，按10元/kw計(jì)。其中30%為資本金，其余70%向銀行貸款。=4\*GB3④總投資經(jīng)計(jì)算，建設(shè)項(xiàng)目總投資為34465.87萬元。（2）投資計(jì)劃與資金籌措工程投資計(jì)劃與資金籌措見附表15-1。（3）成本計(jì)算=1\*GB3①發(fā)電成本發(fā)電成本包括折舊費(fèi)、大修理費(fèi)、職工工資和福利費(fèi)、材料費(fèi)、其他費(fèi)用、水資源費(fèi)、利息支出等。電站綜合折舊費(fèi)率取3.3%；修理費(fèi)率取1%；材料費(fèi)定額取5元/kW；其它費(fèi)用定額取24元/kW；電站定員48人，職工平均工資按15000元/年計(jì)算；庫(kù)區(qū)維護(hù)費(fèi)基金按廠供電量0.001元/kW·h提?。凰Y源費(fèi)按廠供電量0.005元/kW·h提??；職工福利費(fèi)、勞保統(tǒng)籌、儲(chǔ)蓄性養(yǎng)老保險(xiǎn)、住房公積金、工會(huì)及教育經(jīng)費(fèi)分別按工資總額的14%、20%、10%、15%、3.5%考慮，共計(jì)62.5%。利息支出為固定資產(chǎn)投資在生產(chǎn)期內(nèi)應(yīng)支付的利息。攤銷費(fèi)暫不考慮。=2\*GB3②配套輸變電工程成本配套輸變電工程成本包括經(jīng)營(yíng)成本和折舊費(fèi)。經(jīng)營(yíng)成本按輸變電工程固定資產(chǎn)投資的3%計(jì)算，折舊費(fèi)按輸變電工程固定資產(chǎn)投資的4%計(jì)算。=3\*GB3③上網(wǎng)成本上網(wǎng)成本為電站發(fā)電成本與配套輸變電工程成本之和。=4\*GB3④上網(wǎng)經(jīng)營(yíng)成本上網(wǎng)成本扣除銀行貸款利息及基本折舊基金即為上網(wǎng)經(jīng)營(yíng)成本。工程總成本費(fèi)用估算見附表15-2。1.2.2效益計(jì)算年發(fā)電量、廠供電量及上網(wǎng)電量廠供電量=年發(fā)電量×（1-廠用電率）廠用電率采用1%。上網(wǎng)電量=廠供電量×（1-配套輸變電損失率）配套輸變電損失率為2%，經(jīng)計(jì)算，團(tuán)灘河（水庫(kù)）電站工程年發(fā)電量8140萬kw.h，廠供電量8058.6萬kw.h，上網(wǎng)電量7897.43萬kw.h。（2）售電價(jià)格根據(jù)國(guó)家計(jì)委頒發(fā)的《建設(shè)項(xiàng)目經(jīng)濟(jì)評(píng)價(jià)方法與參數(shù)》（第三版）及國(guó)家計(jì)委“計(jì)價(jià)格〔2001〕701號(hào)”文的有關(guān)規(guī)定，按財(cái)務(wù)內(nèi)部收益率大于7%，水電項(xiàng)目貸款償還期小于25年進(jìn)行還本付息計(jì)算，則上網(wǎng)電價(jià)為0.404元／kw.h。（3）營(yíng)業(yè)收入發(fā)電收入=上網(wǎng)電量×上網(wǎng)電價(jià)團(tuán)灘河（水庫(kù)）電站工程正常運(yùn)行期上網(wǎng)電量為7897.43萬kw.h，上網(wǎng)電價(jià)為0.406元／kw.h，正常運(yùn)行期年發(fā)電收入為3190.56萬元。因水利發(fā)電項(xiàng)目屬清潔能源，本項(xiàng)目符合申請(qǐng)聯(lián)合國(guó)CDM資金的條款,根據(jù)每1000度電可申請(qǐng)10美元的補(bǔ)助資金，則本工程每年可申請(qǐng)550萬元的CDM資金，在投產(chǎn)后的前十年每年以550萬元作為本項(xiàng)目的收入。（4）稅金水電項(xiàng)目應(yīng)交的稅金包括增值稅、銷售稅金附加和所得稅，其中增值稅屬于“價(jià)外稅”不包括在電價(jià)之內(nèi)，在測(cè)算電價(jià)時(shí)僅作為計(jì)算銷售稅金附加的基礎(chǔ)。=1\*GB3①銷售稅金附加銷售稅金附加包括城市維護(hù)建設(shè)稅和教育費(fèi)附加，以增值稅稅額為基礎(chǔ)計(jì)算，本項(xiàng)目的城市維護(hù)建設(shè)稅和教育費(fèi)附加的稅率分別5%和3%。由于水電站可扣減的進(jìn)項(xiàng)稅額非常有限，因此應(yīng)納稅額即為售電收入，增值稅的稅率為6%。=2\*GB3②所得稅所得稅為應(yīng)納所得稅額與所得稅率的乘積。本項(xiàng)目的應(yīng)納稅所得額為發(fā)電收入扣除總成本費(fèi)用和銷售金附加后的余額，所得稅率為25%。（5）利潤(rùn)發(fā)電收入扣除成本和銷售稅金附加后即為發(fā)電利潤(rùn)，再扣除應(yīng)交所得稅后為稅后利潤(rùn)?？晒┓峙淅麧?rùn)為稅后利潤(rùn)減盈余公積金，盈余公積金按稅后利潤(rùn)的10%提取。未分配利潤(rùn)為可供分配利潤(rùn)再扣除應(yīng)付利潤(rùn)，應(yīng)付利潤(rùn)為資本金分紅，資本金不還本付息，從電站獲得發(fā)電利潤(rùn)開始，每年按資本金的6%計(jì)。損益表見附表15-3。1.2.3清償能力分析（1）還貸資金工程用于還貸的資金為還貸利潤(rùn)和還貸折舊以及計(jì)入成本的利息支出。還貸利潤(rùn)為未分配利潤(rùn)，還貸折舊為工程基本折舊費(fèi)。還貸平衡計(jì)算貸款償還期為水電建設(shè)項(xiàng)目投產(chǎn)后用于還款的資金償還固定資產(chǎn)投資貸款的本息所需要的時(shí)間。其計(jì)算公式為：按還款期間的上網(wǎng)電價(jià)進(jìn)行貸款還本付息計(jì)算，經(jīng)計(jì)算，團(tuán)灘河（水庫(kù)）電站工程貸款償還期為24.99年。工程還貸平衡計(jì)算見附表15-4。（3）資金來源與運(yùn)用計(jì)算表明，團(tuán)灘河（水庫(kù)）電站工程從第4年機(jī)組投產(chǎn)開始即出現(xiàn)資金盈余，計(jì)算期內(nèi)累計(jì)盈余資金為16344.07萬元。工程資金來源與運(yùn)用見附表15-5。資產(chǎn)負(fù)債分析資產(chǎn)負(fù)債率是反映水電建設(shè)項(xiàng)目財(cái)務(wù)風(fēng)險(xiǎn)程度和償還債務(wù)能力的指標(biāo)。其計(jì)算公式為：資產(chǎn)合計(jì)=負(fù)債合計(jì)+權(quán)益合計(jì)團(tuán)灘河（水庫(kù)）電站工程借貸額為70%，經(jīng)計(jì)算，建設(shè)期負(fù)債率較高，電站建設(shè)期第2年達(dá)70.76%，隨著電站效益的逐步發(fā)揮，資產(chǎn)負(fù)債率下降較快，第20年降至38.03%，說明本項(xiàng)目的具有一定的還款能力。工程資產(chǎn)負(fù)債分析見附表15-6。1.2.4盈利能力分析財(cái)務(wù)內(nèi)部收益率（FIRR）財(cái)務(wù)內(nèi)部收益率為項(xiàng)目計(jì)算期內(nèi)各年凈現(xiàn)金流量現(xiàn)值累計(jì)等于零時(shí)的折現(xiàn)率，是衡量水電建設(shè)項(xiàng)目在財(cái)務(wù)上是否可行的主要評(píng)價(jià)標(biāo)志。其表達(dá)式為：式中：CI——現(xiàn)金流入量，萬元；CO——現(xiàn)金流出量，萬元；n——計(jì)算期，年；t——計(jì)算期各年序號(hào)?！趖年的經(jīng)濟(jì)凈效益流量，萬元；經(jīng)計(jì)算，財(cái)務(wù)內(nèi)部收益率為7.18%，所得稅前財(cái)務(wù)內(nèi)部收益率為7.85%，資本金財(cái)務(wù)內(nèi)部收益率為6.21%。財(cái)務(wù)凈現(xiàn)值（FNPV）財(cái)務(wù)凈現(xiàn)值是指按行業(yè)的基準(zhǔn)收益率將項(xiàng)目計(jì)算期內(nèi)各年凈現(xiàn)金流量折算到計(jì)算期初的現(xiàn)值之和，是考察項(xiàng)目在計(jì)算期內(nèi)盈利能力的動(dòng)態(tài)評(píng)價(jià)指標(biāo)。其表達(dá)式為：式中：ic——基準(zhǔn)收益率。經(jīng)計(jì)算，財(cái)務(wù)凈現(xiàn)值為502.59萬元，所得稅前財(cái)務(wù)凈現(xiàn)值為2526.20萬元，資本金財(cái)務(wù)凈現(xiàn)值為296.23萬元。投資回收期(Pt)投資回收期為項(xiàng)目?jī)衄F(xiàn)金流量累計(jì)等于零時(shí)所需要的時(shí)間，是考察項(xiàng)目在財(cái)務(wù)上投資回收能力的主要靜態(tài)評(píng)價(jià)指標(biāo)。其表達(dá)式為：經(jīng)計(jì)算,工程投資回收期為13.43年。（4）投資利潤(rùn)率和投資利稅率投資利潤(rùn)率和投資利稅率為項(xiàng)目達(dá)到設(shè)計(jì)生產(chǎn)能力后的一個(gè)正常年份的年利潤(rùn)額和年利稅額對(duì)項(xiàng)目總投資的比率，是考察項(xiàng)目單位投資盈利能力的靜態(tài)指標(biāo)。其計(jì)算公式為：經(jīng)計(jì)算，工程投資利潤(rùn)率為4.53%，投資利稅率為4.58%。以上指標(biāo)均符合國(guó)家對(duì)小水電工程建設(shè)項(xiàng)目財(cái)務(wù)評(píng)價(jià)指標(biāo)要求。財(cái)務(wù)評(píng)價(jià)全部投資和資本金流量分別見附表15-7,附表15-8。1.2.5敏感性分析為了進(jìn)一步分析工程承擔(dān)風(fēng)險(xiǎn)的能力，以確定工程在財(cái)務(wù)上的可行性。以上述基本方案為基礎(chǔ)，從固定資產(chǎn)投資、有效電量等不確定因素單獨(dú)變化考慮，計(jì)算對(duì)上網(wǎng)電價(jià)、財(cái)務(wù)內(nèi)部收益率等財(cái)務(wù)指標(biāo)的影響程度。計(jì)算結(jié)果見表15-1。財(cái)務(wù)評(píng)價(jià)敏感性分析表表15-1項(xiàng)目財(cái)務(wù)內(nèi)部收益率(%)財(cái)務(wù)凈現(xiàn)值(萬元)上網(wǎng)電價(jià)(元／kw.h)全部投資資本金全部投資資本金基本方案7.186.21502.59296.230.404投資增加10%7.156.35604.14389.630.435投資減少10%7.196.28309.11201.020.379有效電量增加10%7.206.53721.36401.020.368有效電量減少10%7.126.11253.38156.320.439敏感性分析表明，當(dāng)工程投資、電量?jī)蓚€(gè)因素發(fā)生變化時(shí)其財(cái)務(wù)內(nèi)部收益率、財(cái)務(wù)凈現(xiàn)值等評(píng)價(jià)指標(biāo)雖然在一定范圍內(nèi)波動(dòng)，但變化不大。敏感性分析結(jié)果評(píng)價(jià)指標(biāo)均滿足規(guī)范要求，表明該項(xiàng)目具有一定的抗風(fēng)險(xiǎn)能力。1.3國(guó)民經(jīng)濟(jì)評(píng)價(jià)國(guó)民經(jīng)濟(jì)評(píng)價(jià)是從國(guó)家整體角度考察項(xiàng)目的效益和費(fèi)用，遵循統(tǒng)一的效益和費(fèi)用劃分及計(jì)算原則，評(píng)價(jià)分析該項(xiàng)目給國(guó)民經(jīng)濟(jì)帶來的凈效益和項(xiàng)目經(jīng)濟(jì)上的合理性。國(guó)民經(jīng)濟(jì)評(píng)價(jià)主要準(zhǔn)則是：采用經(jīng)濟(jì)內(nèi)部收益率法，經(jīng)濟(jì)凈現(xiàn)值法，經(jīng)濟(jì)效益費(fèi)用比法，當(dāng)經(jīng)濟(jì)內(nèi)部收益率（EIRR）大于社會(huì)折現(xiàn)率（is=8%），經(jīng)濟(jì)凈現(xiàn)值（NEVP）大于等于零，經(jīng)濟(jì)效益費(fèi)用比（EBCR）大于等于1時(shí)，該項(xiàng)目在經(jīng)濟(jì)上是合理可行的。1.3.1費(fèi)用計(jì)算（1）固定資產(chǎn)投資依據(jù)國(guó)民經(jīng)濟(jì)評(píng)價(jià)規(guī)范要求，固定資產(chǎn)投資中應(yīng)扣除屬于國(guó)民經(jīng)濟(jì)內(nèi)部轉(zhuǎn)移支付的稅金、貸款利息和計(jì)劃利潤(rùn)等費(fèi)用，由于目前市場(chǎng)物價(jià)已接近國(guó)民經(jīng)濟(jì)評(píng)價(jià)的影子價(jià)格，因此，電站固定資產(chǎn)投資不再進(jìn)行調(diào)整。（2）年運(yùn)行費(fèi)年運(yùn)行費(fèi)采用財(cái)務(wù)評(píng)價(jià)數(shù)據(jù)。1.3.2國(guó)民經(jīng)濟(jì)評(píng)價(jià)指標(biāo)國(guó)民經(jīng)濟(jì)評(píng)價(jià)采用最優(yōu)等效替代法計(jì)算。電站裝機(jī)容量2.5萬kw,年發(fā)電量8140萬kw.h。按等效替代原則，火電替代容量系數(shù)取1.1，替代電量系數(shù)取1.05。替代火電站規(guī)模為2.75萬kw，年發(fā)電量萬kw.h。替代電站采用國(guó)產(chǎn)機(jī)組，單位電能煤耗350g/kw.h（標(biāo)煤），小火電機(jī)組價(jià)格采用7000元/kw，標(biāo)煤到廠價(jià)格采用450元/t，工期3年，年運(yùn)管費(fèi)率取5%。經(jīng)濟(jì)內(nèi)部收益率（EIRR）經(jīng)濟(jì)內(nèi)部收益率為項(xiàng)目計(jì)算期內(nèi)各年凈效益現(xiàn)值累計(jì)等于零的社會(huì)折現(xiàn)率，是反映建設(shè)項(xiàng)目對(duì)促進(jìn)國(guó)民經(jīng)濟(jì)發(fā)展的相對(duì)評(píng)價(jià)指標(biāo)，其表達(dá)式為：式中：B——經(jīng)濟(jì)效益流入量，萬元；C——經(jīng)濟(jì)費(fèi)用流出量，萬元；n——計(jì)算期，年；t——計(jì)算期各年序號(hào)。——第t年的經(jīng)濟(jì)凈效益流量，萬元；經(jīng)計(jì)算，經(jīng)濟(jì)內(nèi)部收益率為9.21%。經(jīng)濟(jì)凈現(xiàn)值（NEVP）經(jīng)濟(jì)凈現(xiàn)值是將項(xiàng)目計(jì)算期內(nèi)各年的凈現(xiàn)金折算到計(jì)算期處的現(xiàn)值之和，其表達(dá)式為：式中：is——社會(huì)折現(xiàn)率。經(jīng)計(jì)算，經(jīng)濟(jì)凈現(xiàn)值為1362.84萬元。經(jīng)濟(jì)效益費(fèi)用比為（EBCR）經(jīng)濟(jì)效益費(fèi)用比為項(xiàng)目效益現(xiàn)值與費(fèi)用現(xiàn)值之比，其表達(dá)式為：式中：Bt——第t年經(jīng)濟(jì)效益流入量，萬元；Ct——第t年經(jīng)濟(jì)費(fèi)用流出量，萬元。經(jīng)計(jì)算，經(jīng)濟(jì)效益費(fèi)用比為1.04。國(guó)民經(jīng)濟(jì)評(píng)價(jià)效益費(fèi)用流量見附表15-9。1.3.3敏感性分析為了考察工程經(jīng)濟(jì)評(píng)價(jià)結(jié)論的穩(wěn)定性，選取工程投資和效益變化對(duì)國(guó)民經(jīng)濟(jì)指標(biāo)的影響進(jìn)行敏感性分析，結(jié)果見表15-2。經(jīng)濟(jì)評(píng)價(jià)敏感性分析表表15-2項(xiàng)目經(jīng)濟(jì)內(nèi)部收益率（%）經(jīng)濟(jì)凈現(xiàn)值（萬元）經(jīng)濟(jì)效益費(fèi)用比基本方案9.211362.841.04投資增加10%8.75989.631.03效益減少10%8.64879.211.03投資增加10%且效益減少10%8.14218.21.01敏感性分析表明，投資和效益等敏感性因素向不利方面變化，各評(píng)價(jià)指標(biāo)變動(dòng)不大，敏感性分析結(jié)果評(píng)價(jià)指標(biāo)均滿足規(guī)范要求，表明本項(xiàng)目具有一定的抗風(fēng)險(xiǎn)能力。1.4綜合評(píng)價(jià)團(tuán)灘河（水庫(kù)）電站可緩解電網(wǎng)能源緊缺的矛盾，有助于云陽縣經(jīng)濟(jì)社會(huì)健康、穩(wěn)定發(fā)展，加快該縣建設(shè)小康社會(huì)的步伐，對(duì)促進(jìn)該地區(qū)國(guó)民經(jīng)濟(jì)的持續(xù)發(fā)展起重大作用。工程財(cái)務(wù)評(píng)價(jià)：按貸款償還年限25年測(cè)算，團(tuán)灘河（水庫(kù)）電站還貸期上網(wǎng)電價(jià)為0.404元/kw.h。從電站單位經(jīng)濟(jì)指標(biāo)來看，團(tuán)灘河（水庫(kù)）電站單位千瓦投資為13776.35元/kw，單位電量投資為4.23元/kw.h，單位發(fā)電成本為0.2元/kw.h，單位經(jīng)營(yíng)電成本為6分/kw.h，電站財(cái)務(wù)內(nèi)部收益率為7.18％大于財(cái)務(wù)基準(zhǔn)收益率7％，財(cái)務(wù)凈現(xiàn)值為502.59萬元，大于零。財(cái)務(wù)評(píng)價(jià)指標(biāo)符合有關(guān)規(guī)范規(guī)定要求，因此，工程在財(cái)務(wù)上是可行的。國(guó)民經(jīng)濟(jì)評(píng)價(jià)：團(tuán)灘河（水庫(kù)）電站工程經(jīng)濟(jì)內(nèi)部收益率分別為9.21%，大于社會(huì)折現(xiàn)率8％,經(jīng)濟(jì)凈現(xiàn)值分別為1362.84萬元，大于零，經(jīng)濟(jì)效益費(fèi)用比分別為1.04，大于1。國(guó)民經(jīng)濟(jì)評(píng)價(jià)指標(biāo)滿足有關(guān)規(guī)范要求，因此，工程在經(jīng)濟(jì)上是合理的。敏感性分析表明，投資、效益、電量等不確定因素在一定范圍內(nèi)變動(dòng)時(shí)，財(cái)務(wù)和國(guó)民經(jīng)濟(jì)評(píng)價(jià)指標(biāo)變動(dòng)不大，均滿足有關(guān)規(guī)范要求，說明表明本項(xiàng)目具有一定的抗風(fēng)險(xiǎn)能力。工程經(jīng)濟(jì)評(píng)價(jià)指標(biāo)匯總表表15-3序號(hào)項(xiàng)目單位指標(biāo)備注1工程總投資萬元34465.871.1固定資產(chǎn)投資萬元31884.56其中：電站投資萬元31729.56送出工程投資萬元155.001.2建設(shè)期利息萬元2556.311.3流動(dòng)資金萬元252上網(wǎng)電價(jià)元/kw.h0.4043財(cái)務(wù)評(píng)價(jià)指標(biāo)3.1財(cái)務(wù)內(nèi)部收益率%7.18ic=7%3.2財(cái)務(wù)凈現(xiàn)值萬元502.593.3投資回收期年13.433.4投資利潤(rùn)率%4.533.5投資利稅率%4.583.6所得稅前財(cái)務(wù)內(nèi)部收益率%7.853.7所得稅前財(cái)務(wù)凈現(xiàn)值萬元2526.203.9資本金財(cái)務(wù)內(nèi)部收益率%6.213.10資本金財(cái)務(wù)財(cái)務(wù)凈現(xiàn)值萬元296.234經(jīng)濟(jì)評(píng)價(jià)指標(biāo)4.1經(jīng)濟(jì)內(nèi)部收益率%9.21is=10%4.2經(jīng)濟(jì)凈現(xiàn)值萬元1362.844.3經(jīng)濟(jì)效益費(fèi)用比1.045貸款償還期年24.996單位kw投資元/kw13776.357單位電量投資元/kw.h4.238單位發(fā)電成本元/kw.h0.209單位發(fā)電經(jīng)營(yíng)成本元/kw.h0.06投資計(jì)劃與資金籌措表附表15-1單位：萬元項(xiàng)目年份第一年第二年第三年合計(jì)一、總投資9116.5614156.7411192.5734465.871、固定資產(chǎn)投資8884.2813326.429673.8731884.56電站工程8884.2813326.429518.8731729.5600155155.002、建設(shè)期利息232.28830.331493.702556.31電站工程232.28830.331489.642552.25004.054.053、流動(dòng)資金002525.0二、資金籌措9116.5614156.7411192.5734465.871、資本金2665.283997.922909.669572.87其中：用于流動(dòng)資金007.57.52、借款6451.2710158.828282.9024893.00長(zhǎng)期借款6451.2710158.828265.4024875.50其中：本金6218.999328.496771.7122319.19流動(dòng)資金借款0017.517.503、其他0000總成本費(fèi)用估算表附表15-2單位：萬元3451.883373.583295.283216.993138.693060.392982.092903.802825.502745.602661.672573.502495.202416.911047.081047.081047.081047.081047.081047.081047.081047.081047.081047.081047.081047.081047.081047.08317.30317.30317.30317.30317.30317.30317.30317.30317.30317.30317.30317.30317.30317.30727272727272727272727272727245.0045.0045.0045.0045.0045.0045.0045.0045.0045.0045.0045.0045.0045.0012.512.512.512.512.512.512.512.512.512.512.512.512.512.540.7040.7040.7040.7040.7040.7040.7040.7040.740.740.740.740.740.78.148.148.148.148.148.148.148.148.148.148.148.148.148.141849.171770.871692.571614.271535.981457.681379.381301.091222.791142.891058.95970.79892.49814.2060.0060.0060.0060.0060.0060.0060.0060.0060.0060.00060.00060.000606019.8819.5019.1218.7418.3517.9717.5917.2116.8216.4316.021.591.2114.836.206.206.206.206.206.206.206.206.206.206.206.206.206.209.038.658.277.897.507.126.746.365.975.585.174.744.363.984.654.654.654.654.654.654.654.654.654.654.654.654.654.653471.763393.083314.403235.723157.043078.362999.682921.002842.322762.032677.692589.092510.412431.73511.45511.45511.45511.45511.45511.45511.45511.45511.45511.45511.45511.45511.45511.45總成本費(fèi)用估算表續(xù)附表15-2單位：萬元2338.612260.312179.512094.632005.471911.821814.471710.631602.711602.711602.711602.711602.711602.711602.711602.711047.081047.081047.081047.081047.081047.081047.081047.081047.081047.081047.081047.081047.081047.081047.081047.08317.30317.30317.30317.30317.30317.30317.30317.30317.30317.30317.30317.30317.30317.30317.30317.307272727272727272727272727272727245.0045.0045.0045.0045.0045.0045.0045.0045.0045.0045.0045.0045.0045.0045.0045.0012.512.512.512.512.512.512.512.512.512.512.512.512.512.512.512.540.740.740.740.740.740.740.740.740.740.740.740.740.740.740.740.78.148.148.148.148.148.148.148.148.148.148.148.148.148.148.148.14735.90657.60576.80491.92402.76309.11211.76107.92000000006060606060606060606060606060606014.4414.0613.6713.2512.8212.3610.8510.8510.8510.8510.8510.8510.8510.8510.8510.856.206.206.206.206.206.206.206.206.206.206.206.206.206.206.206.203.593.212.822.401.971.5100000000004.654.654.654.654.654.654.654.654.654.654.654.654.654.654.654.652353.052274.372193.182107.882018.291924.181825.321721.481613.561613.561613.561613.561613.561613.561613.561613.56511.45511.45511.45511.45511.45511.45511.45511.45511.45511.45511.45511.45511.45511.45511.45511.45損益表附表15-3單位：萬元7897.437897.437897.437897.437897.437897.437897.437897.437897.437897.437897.437897.437897.437897.430.4040.4040.4040.4040.4040.4040.4040.4040.4040.4040.4040.4040.4040.4043190.563190.563190.563190.563190.563190.563190.563190.563190.563190.563190.563190.563190.563190.56550550550550550550550550550550550000191.43191.43191.43191.43191.43191.43191.43191.43191.43191.43191.43191.43191.43191.431.311.311.311.311.311.311.311.311.311.311.311.311.311.313471.763393.083314.403235.723157.043078.362999.682921.002842.322762.032677.692589.092510.412431.73253.49332.17410.84489.52568.20646.88725.56804.24882.92963.221047.56586.15664.83743.5163.3783.04102.71122.38142.05161.72181.39201.06220.73240.80261.89146.54166.21185.88190.11249.12308.13367.14426.15485.16544.17603.18662.19722.41785.67439.61498.62557.6319.0124.9130.8136.7142.6248.5254.4260.3266.2272.2478.5743.9649.8655.76171.10224.21277.32330.43383.54436.65489.76542.86595.97650.17707.10395.65448.76501.87171.10224.21277.32330.43383.54436.65489.76542.86574.37574.37574.37395.65448.76501.870000000021.6075.80132.730000000000021.6097.40230.13230.13230.13230.13損益表續(xù)附表15-3單位：萬元7897.437897.437897.437897.437897.437897.437897.437897.437897.437897.437897.437897.437897.437897.437897.437897.430.4040.4040.4040.4040.4040.4040.4040.4040.4040.4040.4040.4040.4040.4040.4040.4043190.563190.563190.563190.563190.563190.563190.563190.563190.563190.563190.563190.563190.563190.563190.563190.560000000000000000191.43191.43191.43191.43191.43191.43191.43191.43191.43191.43191.43191.43191.43191.43191.43191.431.311.311.311.311.311.311.311.311.311.311.311.311.311.311.311.312353.052274.372193.182107.882018.291924.181825.321721.481613.561613.561613.561613.561613.561613.561613.561613.56822.19900.87982.071067.361156.961251.071349.921453.761561.691561.691561.691561.691561.691561.691561.691561.69205.55225.22245.52266.84289.24312.77337.48363.44390.42390.42390.42390.42390.42390.42390.42390.42616.64675.65736.55800.52867.72938.301012.441090.321171.261171.261171.261171.261171.261171.261171.261171.2661.6667.5773.6680.0586.7793.83101.24109.03117.13117.13117.13117.13117.13117.13117.13117.13554.98608.09662.90720.47780.94844.47911.20981.291054.141054.141054.141054.141054.141054.141054.141054.14554.98574.37574.37574.37574.37574.37574.37574.37574.37574.37574.37574.37574.37574.37574.37574.37033.7288.52146.10206.57270.10336.83406.92479.77479.77479.77479.77479.77479.77479.77479.77230.13263.85352.37498.47705.04975.141311.961718.882198.652678.413158.183637.944117.714597.475077.245557.00借款還本付息計(jì)算表附表15-4單位：萬元項(xiàng)目年份建設(shè)期運(yùn)行期123456789101112一、借款及還本付息1.年初借款本息累計(jì)06451.2716610.0924875.5023822.2222768.952171.6720662.4019609.1218555.8417502.5716449.292.本年借款6451.2710158.828265.400000000003.本年應(yīng)計(jì)利息232.28830.331493.701858.201779.521700.841622.161543.481464.801386.121307.441228.764.本年還本、付息0002911.482832.802754.122675.442596.762518.082439.402360.722303.645.年末借款本息累計(jì)6451.2716610.0924875.5023822.2222768.952171.6720662.4019609.1218555.8417502.5716449.2915374.42二、償還借款的資金來源1.還貸利潤(rùn)0000000.000.000.000.000.0021.602.還貸折舊0001053.281053.281053.281053.281053.281053.281053.281053.281053.284.計(jì)入成本的利息支出0001858.201779.521700.841622.161543.481464.801386.121307.441228.765.其他0000000000006.償還借款資金小計(jì)0002911.482832.802754.122675.442596.762518.082439.402360.722303.64借款還本付息計(jì)算表續(xù)附表15-4單位：萬元項(xiàng)目年份運(yùn)行期13141516171819202122232425一、借款及還本付息1.年初借款本息累計(jì)15374.4214245.3413059.3412006.0610952.799899.518846.247759.246617.445418.074158.222834.851444.752.本年借款3.本年應(yīng)計(jì)利息1148.471064.13975.53896.85818.17739.49660.81579.62494.32404.73310.62211.76107.924.本年還本、付息2277.542250.132028.811950.131871.451792.771747.811721.421693.701664.581633.991601.861568.125.年末借款本息累計(jì)14245.3413059.3412006.0610952.799899.518846.247759.246617.445418.074158.222834.851444.75-1.44二、償還借款的資金來源1.還貸利潤(rùn)75.80132.730.000.000.000.0033.7288.52146.10206.57270.10336.83406.922.還貸折舊1053.281053.281053.281053.281053.281053.281053.281053.281053.281053.281053.281053.281053.284.計(jì)入成本的利息支出1148.471064.13975.53896.85818.17739.49660.81579.62494.32404.73310.62211.76107.925.其他000006.償還借款資金小計(jì)2277.542250.132028.811950.131871.451792.771747.811721.421693.701664.581633.991601.861568.12資金來源與運(yùn)用表附表15-5單位：萬元000253.49332.17410.84489.52568.20646.88725.56804.24882.92963.221047.56586.15664.830001053.281053.281053.281053.281053.281053.281053.281053.281053.281053.281053.281053.281053.286451.2710158.828265.4000000000000000017.500000000000002665.283997.922909.660000000000000000000000000000000000000000000009116.5614156.7411192.571306.761385.441464.121542.801621.481700.161778.841857.521936.202016.492100.831639.431718.118884.2813326.429673.870000000000000232.28830.331493.7000000000000000025000000000000000063.3783.04102.71122.38142.05161.72181.39201.06220.73240.80261.89146.54166.21000171.10224.21277.32330.43383.54436.65489.76542.86574.37574.37574.37395.65448.760001053.281053.281053.281053.281053.281053.281053.281053.281074.881129.071186.011053.281053.2800000000000000009116.5614156.7411192.571287.751360.531433.311506.091578.861651.641724.421797.201869.981944.252022.271595.471668.2500019.0124.9130.8136.7142.6248.5254.4260.3266.2272.2478.5743.9649.8600019.0143.9274.74111.45154.07202.58257.00317.32383.54455.78534.35578.31628.17資金來源與運(yùn)用表續(xù)附表15-5單位：萬元743.51822.19900.87982.071067.361156.961251.071349.921453.761561.691561.691561.691561.691561.691561.691561.691561.691053.281053.281053.281053.281053.281053.281053.281053.281053.281053.281053.281053.281053.281053.281053.281053.281053.280000000000000000000000000000000000000000000000000000000000000000000317.300000000000000000251796.791875.471954.152035.352120.642210.232304.342403.202507.042614.962614.962614.962614.962614.962614.962614.962957.26000000000000000000000000000000000000000000000000000185.88205.55225.22245.52266.84289.24312.77337.48363.44390.42390.42390.42390.42390.42390.42390.42390.42501.87554.98574.37574.37574.37574.37574.37574.37574.37574.37574.37574.37574.37574.37574.37574.37574.371053.281053.281086.991141.801199.371259.851323.371390.101460.1900000000000000000000000017.51741.021813.801886.581961.692040.592123.462210.512301.952398.01964.79964.79964.79964.79964.79964.79964.79982.2955.7661.6667.5773.6680.0586.7793.83101.24109.031650.171650.171650.171650.171650.171650.171650.171974.96683.93745.60813.16886.82966.871053.641147.471248.721357.753007.924658.086308.257958.429608.5811258.7512908.9214883.88資產(chǎn)負(fù)債表附表15-6單位：萬元9116.5623273.3034465.8733431.6032403.2431380.7830364.2229353.5628348.8027349.9426356.9825369.9224388.8923414.1822404.8721401.45002544.0168.9299.74136.45179.07227.58282.00342.32408.54480.78559.35603.31653.179116.5623273.3034440.87000000000000000033387.5932334.3131281.0430227.7629174.4928121.2127067.9426014.6624961.3923908.1122854.8421801.5620748.289116.5623273.3034465.8733431.6032403.2431380.7830364.2229353.5628348.8027349.9426356.9825369.9224388.8923414.1822404.8721401.450017.517.517.517.517.517.517.517.517.517.517.517.517.517.56451.2716610.0924875.5023822.2222768.952171.6720662.4019609.1218555.8417502.5716449.2915374.4214245.3413059.3412006.0610952.796451.2716610.0924893.0023839.7222786.4521733.1720679.9019626.6218573.3417520.0716466.7915391.9214262.8413076.8412023.5610970.292665.286663.219572.879591.87949616.799647.619684.329726.939775.459829.879890.199978.0110126.0510337.3410381.3010431.172665.286663.219572.879572.879572.879572.879572.879572.879572.879572.879572.879572.879572.879572.879572.879572.8700019.0143.9274.74111.45154.07202.58257.00317.32383.54455.78534.35578.31628.1700000000000229723023023070.7671.3772.2371.3170.3269.2668.1166.8665.5264.0662.4860.6758.4855.8553.6651.26資產(chǎn)負(fù)債表附表15-6單位：萬元20403.9419412.3318426.6217447.0016473.7815507.2714547.8313595.8012651.5513248.4513845.3414442.2315039.1215636.0116232.9016829.8017751.48708.93770.60838.16911.82991.871078.641172.471273.721382.753032.924683.086333.257983.429633.5811283.7512933.9214908.880000000000000000019695.0118641.7317588.4616535.1815481.9114428.6313375.3612322.0811268.811021.539162.258108.987055.706002.434949.153895.882842.6020403.9419412.3318426.6217447.0016473.7815507.2714547.8313595.8012667.0013263.8913860.7814457.6715054.5615651.4516248.3516845.2417442.1317.517.517.517.517.517.517.517.517.517.517.517.517.517.517.517.517.509899.518846.247759.246617.445418.074158.222834.851444.750000000009917.018863.747776.746634.945435.574175.722852.351462.2517.5017.5017.5017.5017.5017.5017.5017.5017.5010486.9310548.5910649.8810812.0611038.2111331.5511695.4812133.5512649.5013246.3913843.2814440.1715037.0615633.9516230.8516827.7417424.639572.879572.879572.879572.879572.879572.879572.879572.879572.879572.879572.879572.879572.879572.879572.879572.879572.87683.93745.60813.16886.82966.871053.641147.471248.721357.751474.871592.001709.131826.251943.382060.512177.632294.76230230264352.37498.47705.04975.141311.961718.882198.652678.413158.183637.944117.714597.475077.245557.0048.6045.6642.2038.0333.0026.9319.6110.760.140.130.130.120.120.110.110.100.10現(xiàn)金流量表（全部投資）附表17-7單位：萬元0003740.563740.563740.563740.563740.563740.563740.563740.563740.563740.56093740.563190.563190.560003190.563190.563190.563190.563190.563190.563190.563190.563190.563190.563190.563190.563190.56000.00550.00550.00550.00550.00550.00550.00550.00550.00550.00550.00550.0000000000000000000000000000000000008884.2813326.429698.87590.13609.80629.47649.14668.81688.48708.15727.82747.49767.56788.65673.30692.978884.2813326.429673.87000000000000000250000000000000000511.45511.45511.45511.45511.45511.45511.45511.45511.45511.45511.45511.45511.450001.311.311.311.311.311.311.311.311.311.311.311.311.3100063.3783.04102.71122.38142.05161.72181.39201.06220.73240.80261.89146.54166.21-8884.28-13326.42-9698.873150.433130.763111.093091.423071.753052.083032.413012.742993.072973.002951.912517.262497.59-8884.28-22210.69-31909.56-28759.13-25628.37-22517.28-19425.86-16354.11-13302.03-10269.62-7256.88-4263.81-1290.821661.094178.366675.95-8884.28-13326.42-9698.873213.803213.803213.803213.803213.803213.803213.803213.803213.803213.803213.802663.802663.80-8884.28-22210.69-31909.56-28695.76-25481.96-22268.16-19054.36-15840.56-12626.76-9412.96-6199.16-2985.35228.453442.256106.058769.85現(xiàn)金流量表（全部投資）續(xù)附表17-7單位：萬元3190.56093190.56093190.563190.563190.563190.563190.563190.563190.563190.563190.563190.563190.563190.563190.563190.563532.863190.563190.563190.563190.563190.563190.563190.563190.563190.563190.563190.563190.563190.563190.563190.563190.563190.560000000000000000317.30000000000000000025712.64732.31751.98772.28793.60816.00839.53864.24890.20917.18917.18917.18917.18917.18917.18917.18917.180000000000000000000000000000000000511.45511.45511.45511.45511.45511.45511.45511.45511.45511.45511.45511.45511.45511.45511.45511.45511.451.311.311.311.311.311.311.311.311.311.311.311.311.311.311.311.311.31185.88205.55225.22245.52266.84289.24312.77337.48363.44390.42390.42390.42390.42390.42390.42390.42390.422477.922458.252438.582418.282396.962374.562351.032326.322300.362273.382273.382273.382273.382273.382273.382273.38261.679153.8711612.1214050.7116468.9918865.9521240.5123591.5525917.8728218.2330491.6132764.9935038.3637311.7439585.1241858.5044131.8846747.562663.802663.802663.802663.802663.802663.802663.802663.802663.802663.802663.802663.802663.802663.802663.802663.803006.1011433.6514097.4516761.2519425.0522088.8524752.6527416.4530080.2532744.0535407.8538071.6540735.4643399.2646063.0648726.8651390.6654396.75現(xiàn)金流量表（資本金）附表17-8單位：萬元0003740.563740.563740.563740.563740.563740.563740.563740.5613740.5613740.5613740.5613190.5613190.5610003190.563190.563190.563190.563190.563190.563190.563190.563190.563190.563190.563190.563190.56000550.00550.00550.00550.00550.00550.00550.00550.00550.00550.00550.00000000000000000000000000000000002665.283997.922909.663501.613442.603383.593324.583265.573206.563147.553088.543051.133045.113038.782702.112643.102665.283997.922909.66000000000000001053.281053.281053.281053.281053.281053.281053.281053.281074.881129.071186.011053.281053.280001858.201779.521700.841622.161543.481464.801386.121307.441228.761148.471064.13975.53896.85000511.45511.45511.45511.45511.45511.45511.45511.45511.45511.45511.45511.45511.450001.311.311.311.311.311.311.311.311.311.311.311.311.3100063.3783.04102.71122.38142.05161.72181.39201.06220.73240.80261.89146.54166.21-2665.28-3997.92-2909.663190.563190.563190.563190.563190.563190.563190.563190.563190.563190.563190.563190.563190.56-2665.28-6663.21-9572.87-6382.31-3191.75-1.193189.386379.949570.5012761.0615951.6219142.1822332.7425523.302871