某擬建工程項(xiàng)目投資決策案例

案例1某擬建工程項(xiàng)目投資決策分析學(xué)習(xí)目的通過本案例掌握工程建設(shè)項(xiàng)目投資決策的基本程序和主要內(nèi)容，包括費(fèi)用與效益估算、資金來源與使用計(jì)劃、財(cái)務(wù)分析、不確定性分析，特別是熟練掌握《建設(shè)項(xiàng)目經(jīng)濟(jì)評(píng)價(jià)方法與參數(shù)（第三版）》所要求的盈利能力分析、償債能力分析、財(cái)務(wù)生存能力分析，盈虧平衡分析、敏感性分析等財(cái)務(wù)分析內(nèi)容，掌握項(xiàng)目融資前分析和融資后分析中編制財(cái)務(wù)報(bào)表與指標(biāo)的方法。案例資料一、概述（一）項(xiàng)目概況該擬建投資項(xiàng)目是新建項(xiàng)目，且其經(jīng)濟(jì)評(píng)價(jià)是在可行性研究報(bào)告階段（即完成市場(chǎng)需求預(yù)測(cè)，生產(chǎn)規(guī)模選擇，工藝技術(shù)方案，原材料、燃料及動(dòng)力的供應(yīng)，建廠條件和廠址方案，公用工程和輔助設(shè)施，環(huán)境保護(hù)，企業(yè)組織和勞動(dòng)定員以及項(xiàng)目設(shè)施規(guī)劃等多方面進(jìn)行研究論證和多方案比較并確定了最佳方案）進(jìn)行的。該擬建投資項(xiàng)目生產(chǎn)的產(chǎn)品是在國(guó)內(nèi)外市場(chǎng)上比較暢銷的產(chǎn)品，且該項(xiàng)目投產(chǎn)后可以產(chǎn)頂進(jìn)（替代進(jìn)口）。該項(xiàng)目擬占地（農(nóng)田）250畝，且交通較為便利。其原材料、燃料、動(dòng)力等的供應(yīng)均有保證，該擬建投資項(xiàng)目主要設(shè)施包括生產(chǎn)車間，與工藝生產(chǎn)相適應(yīng)的輔助生產(chǎn)設(shè)施、公用工程以及有關(guān)的管理、生活福利設(shè)施。該擬建投資項(xiàng)目的年設(shè)計(jì)生產(chǎn)能力為23萬件。（二）編制依據(jù)本經(jīng)濟(jì)評(píng)價(jià)的編制依據(jù)為項(xiàng)目可行性研究報(bào)告推薦的技術(shù)方案、產(chǎn)品方案、建設(shè)條件、建設(shè)工期、《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)家現(xiàn)行財(cái)稅政策、會(huì)計(jì)制度與相關(guān)法規(guī)。（三）計(jì)算期計(jì)算期包括建設(shè)期和生產(chǎn)經(jīng)營(yíng)期。該擬建投資項(xiàng)目的建設(shè)期為3年，從第4年開始投產(chǎn)，其中第4年的達(dá)產(chǎn)率為80%，第5年的達(dá)產(chǎn)率為90%，第6年以后均為100%，項(xiàng)目的生產(chǎn)經(jīng)營(yíng)期為15年，則項(xiàng)目計(jì)算期為18年。二、費(fèi)用與效益估算（一）總投資估算1．固定資產(chǎn)投資估算（1）固定資產(chǎn)投資額估算是根據(jù)概算指標(biāo)估算法進(jìn)行的。根據(jù)概算指標(biāo)估算法估算的固定資產(chǎn)投資額為40200萬元。（2）建設(shè)期利息按投資借款計(jì)劃及估算公式估算為4550萬元。即：建設(shè)期第一年的投資借款利息＝10000÷2×10%＝500（萬元）建設(shè)期第二年的投資借款利息＝（10500＋9000÷2）×10%＝1500（萬元）建設(shè)期第三年的投資借款利息＝（10500＋10500＋9000÷2）×10%＝2550（萬元）固定資產(chǎn)投資估算見表1-1。表1-1固定資產(chǎn)投資估算表單位：萬元序號(hào)工程或費(fèi)用名稱估算價(jià)值建筑工程設(shè)備購置安裝工程其他費(fèi)用總值1固定資產(chǎn)投資34002230086005900402001.1第一部分工程程費(fèi)用340022300860034300主要生產(chǎn)項(xiàng)目103117443732025794輔助生產(chǎn)車間3831021511455公用工程38324889563827環(huán)境保護(hù)工程18511002251510總圖運(yùn)輸52248300廠區(qū)服務(wù)性工程262262生活福利工程11041104廠外工程38381.2第二部分其他費(fèi)費(fèi)用12001200第一、第二部分費(fèi)費(fèi)用合計(jì)34002230086001200355001.3預(yù)備費(fèi)用47004700基本預(yù)備費(fèi)35003500漲價(jià)預(yù)備費(fèi)120012002建設(shè)期利息45504550合計(jì)（1+2）340022300860010450447502．無形資產(chǎn)投資的估算該擬建項(xiàng)目無形資產(chǎn)投資主要是取得土地使用權(quán)所需支付的費(fèi)用，并在項(xiàng)目建設(shè)期的第1年中投入。其估算額為1800萬元（且假設(shè)其全部用自有資金投入，其攤銷期與項(xiàng)目的生產(chǎn)期一致）。3．流動(dòng)資金估算流動(dòng)資金的估算，按分項(xiàng)詳細(xì)估算法進(jìn)行（估算表中的有關(guān)數(shù)字作了必要的調(diào)整），估算總額為7000萬元。流動(dòng)資金估算見表1-2總投資＝固定資產(chǎn)投資＋建設(shè)期利息＋無形資產(chǎn)投資＋流動(dòng)資金＝40200＋4550＋1800＋7000＝53550（萬元）表1-2流動(dòng)資金估算表單位：萬元序號(hào)年份項(xiàng)目最低周轉(zhuǎn)天數(shù)周轉(zhuǎn)次數(shù)投產(chǎn)期達(dá)到設(shè)計(jì)能力生產(chǎn)產(chǎn)期4567891011121314151617181流動(dòng)資產(chǎn)6440742580508050805080508050805080508050805080508050805080501.1應(yīng)收帳款18201600180020002000200020002000200020002000200020002000200020001.2存貨4800540060006000600060006000600060006000600060006000600060001.3現(xiàn)金18204045505050505050505050505050502流動(dòng)負(fù)債84094510501050105010501050105010501050105010501050105010502.1應(yīng)付帳款182084094510501050105010501050105010501050105010501050105010503流動(dòng)資金（1-22）5600630070007000700070007000700070007000700070007000700070004流動(dòng)資金增加額5600700700000000000000（二）總成本費(fèi)用的估算全廠定員為1000人，工資及福利費(fèi)按每人每年11400元估算（其中工資為10000元/年，福利費(fèi)按工資的14%計(jì)提），全年工資及福利費(fèi)為1140萬元（其中生產(chǎn)性工人的工資為920萬元，其他為220萬元，且在后面的分析中假設(shè)生產(chǎn)工人的工資是變動(dòng)成本，即工資數(shù)額與項(xiàng)目的達(dá)產(chǎn)率保持一致）。經(jīng)估算，擬建項(xiàng)目產(chǎn)品的單位變動(dòng)成本（假設(shè)其單位成本即為單位變動(dòng)成本）為840元，其單位成本估算見表1-3。另不包括固定資產(chǎn)折舊、無形資產(chǎn)攤銷及借款利息的年固定成本為2000萬元。表1-3單位產(chǎn)品生產(chǎn)成本估算表單位：元序號(hào)項(xiàng)目單位消耗定額單價(jià)金額1原材料、化工料及及輔料A件1450450B件1160160C件0.82016D件0.124024小計(jì)6502燃料及動(dòng)力水噸1500.4060電度1000.2020煤噸0.0520010小計(jì)903工資及福利費(fèi)404制造費(fèi)用6056單位生產(chǎn)成本（11+2+3++4+5）840另外，固定資產(chǎn)年折舊為2800萬元，無形資產(chǎn)攤銷為120萬元[二者均按使用年限法平均計(jì)提，且考慮固定資產(chǎn)的殘值為2750萬元。即固定資產(chǎn)年折舊=（44750－2750）÷15=2800（萬元），無形資產(chǎn)攤銷為1800÷15=120（萬元）]?？偝杀举M(fèi)用估算見表1-4。（三）年銷售收入及年稅金的估算經(jīng)預(yù)測(cè)該項(xiàng)目產(chǎn)品的銷售單價(jià)（不含增值稅）為1600元，年銷售收入估算值在正常年份為36800萬元。年銷售稅金及附加按國(guó)家有關(guān)規(guī)定計(jì)提繳納。估計(jì)銷售稅金及附加在正常年份為2500萬元（其中第4年、第5年的銷售稅金及附加為2000萬元、2250萬元）。所得稅稅率為33%。（三）利潤(rùn)總額及其分配利潤(rùn)總額=產(chǎn)品銷售收入－總成本費(fèi)用－產(chǎn)品銷售稅金及附加凈利潤(rùn)=利潤(rùn)總額－應(yīng)交所得稅應(yīng)交所得稅=利潤(rùn)總額×所得稅稅率利潤(rùn)分配按有關(guān)財(cái)務(wù)會(huì)計(jì)制度進(jìn)行，且假設(shè)在項(xiàng)目的還款年份不進(jìn)行向投資者支付利潤(rùn)等有關(guān)利潤(rùn)分配業(yè)務(wù)。即項(xiàng)目在還款年份可先以提取的固定資產(chǎn)折舊和無形資產(chǎn)攤銷償還投資借款，不夠部分可以項(xiàng)目實(shí)現(xiàn)的凈利潤(rùn)在進(jìn)行法定的提取扣除后（即需先提取法定盈余公積金）來償還。利潤(rùn)與利潤(rùn)分配表見表1-5。表1-4總成本費(fèi)用估算表單位：萬元序號(hào)費(fèi)用名稱4567891011121314151617181年經(jīng)營(yíng)成本1745619388213202132021320213202132021320213202132021320213202132021320213202年折舊費(fèi)2800280028002800280028002800280028002800280028002800280028003年攤銷費(fèi)1201201201201201201201201201201201201201201204建設(shè)投資借款利息息32552755.02552138.79441399.2955615.215流動(dòng)資金借款利息息3604305005005005005005005005005005005005005006總成本費(fèi)用239912549326879261392535524740247402474024740247402474024740247402474024740表1-5利潤(rùn)與利潤(rùn)分配表單位：萬元序號(hào)項(xiàng)目合計(jì)投產(chǎn)期達(dá)到設(shè)計(jì)能力生產(chǎn)產(chǎn)期456789101112131415161718生產(chǎn)負(fù)荷（%）80901001001001001001001001001001001001001001產(chǎn)品銷售收入5409602944033120368003680036800368003680036800368003680036800368003680036800368002銷售稅金及附加367502000225025002500250025002500250025002500250025002500250025003總成本費(fèi)用375257.3332399125493.03326878.79926139.30025355.211247402474024740247402474024740247402474024740247404利潤(rùn)總額（1－2－3）128952.66734495376.977421.218160.708944.7995609560956095609560956095609560956095605所得稅（33%）42554.3881138.171774.402449.002693.032951.783154.83154.83154.83154.83154.83154.83154.83154.83154.83154.86稅后利潤(rùn)（4—55）86398.2992310.833602.574972.215467.675993.016405.26405.26405.26405.26405.26405.26405.26405.26405.26405.27提取法定盈余公積積金（10%%）8639.83231.083360.26497.22546.77599.30640.52640.52640.52640.52640.52640.52640.52640.52640.52640.527應(yīng)付利潤(rùn)59808.4662161.665764.685764.685764.685764.685764.685764.685764.685764.685764.685764.688未分配利潤(rùn)20111.6662079.74773242.314474.994920.903232.0500000000009息稅前利潤(rùn)14640670648561.99551006010060100601006010060100601006010060100601006010060100601006010息稅折舊攤銷前利利潤(rùn)19020699841148212980129801298012980129801298012980129801298012980129801298012980三、資金來源與使用計(jì)劃項(xiàng)目使用自有資金16000萬元，其余全部為借款。其中，第1年投入自有資金3000萬元，借入投資借款10000萬元；第2年投入自有資金8000萬元，借入固定資產(chǎn)投資借款9000萬元；第3年投入自有資金3000萬元，借入投資借款9000萬元；第4年投入自有資金2000萬元，借入流動(dòng)資金借款3600萬元；第5年、第6年分別借入流動(dòng)資金借款700萬元、700萬元。其中固定資產(chǎn)投資借款、流動(dòng)資金借款的年利率均為10%，以年為計(jì)息期。固定資產(chǎn)投資借款的償還，以項(xiàng)目預(yù)計(jì)生產(chǎn)年份所實(shí)現(xiàn)的凈利潤(rùn)在扣除必要的留存后（即需提取10%的盈余公積金），及項(xiàng)目所提取的固定資產(chǎn)折舊和無形資產(chǎn)攤銷額，且先用固定資產(chǎn)折舊和無形資產(chǎn)攤銷償還，不夠部分以可用來償還投資借款的凈利潤(rùn)抵償。流動(dòng)資金借款假設(shè)在項(xiàng)目結(jié)束時(shí)歸還。固定資產(chǎn)投資借款還款計(jì)算見表1-6。表1-6固定資產(chǎn)投資還本付息表單位：萬元年份年初借款余額當(dāng)年借款本金當(dāng)年借款利息當(dāng)年應(yīng)還本金年末借款余額110000500105002105009000150021000321000900025503255043255032554999.747727550.2553527550.25532755.025536162.313321387.944621387.9442138.79447394.9913992.955713992.9551399.29557840.96152.0586152.05615.2056152.050借款償還期為7.74（年）。（[（8-1）+6152.05/（5393.71+2800+120）]）四、基準(zhǔn)收益率的確定采用加權(quán)平均資本成本法確定項(xiàng)目的基準(zhǔn)收益率?？偼顿Y中資本金占32.65%，資本金成本為8%，債務(wù)資金占67.35%，債務(wù)資金成本為10%，則所得稅前加權(quán)平均資本成本為9.347%，所得稅后加權(quán)平均資本成本為6.2625%。則當(dāng)所得稅前項(xiàng)目投資財(cái)務(wù)內(nèi)部收益率大于9.347%、所得稅后項(xiàng)目投資財(cái)務(wù)內(nèi)部收益率大于6.2625%、項(xiàng)目資本金財(cái)務(wù)內(nèi)部收益率大于8%時(shí)項(xiàng)目即可以被接受。五、財(cái)務(wù)分析（一）盈利能力分析1．融資前分析融資前分析是指在考慮融資方案前就可以開始進(jìn)行的財(cái)務(wù)分析，即不考慮債務(wù)融資條件下進(jìn)行的財(cái)務(wù)分析。項(xiàng)目投資財(cái)務(wù)現(xiàn)金流量表是融資前財(cái)務(wù)分析報(bào)表，就是通常所說的全部投資都認(rèn)為是自有資金（資本金）。融資前分析只進(jìn)行盈利能力分析，計(jì)算項(xiàng)目投資內(nèi)部收益率、凈現(xiàn)值指標(biāo)和投資回收期指標(biāo)。各項(xiàng)融資前盈利能力分析指標(biāo)見表1-7。所得稅后項(xiàng)目投資財(cái)務(wù)內(nèi)部收益率15.11%，大于設(shè)定的基準(zhǔn)收益率6.2625%，所得稅前項(xiàng)目投資財(cái)務(wù)內(nèi)部收益率20.31%，大于設(shè)定的基準(zhǔn)收益率9.347%，項(xiàng)目在財(cái)務(wù)上可以被接受。2．融資后分析在融資前分析結(jié)論滿足要求的情況下，初步設(shè)定融資方案，再進(jìn)行融資后分析。項(xiàng)目資本金現(xiàn)金流量表是融資后財(cái)務(wù)分析報(bào)表，既包括盈利能力分析，又包括償債能力分析和財(cái)務(wù)生存能力分析等內(nèi)容。融資后盈利能力分析指標(biāo)見表1-8。項(xiàng)目資本金財(cái)務(wù)內(nèi)部收益率19.62%，大于設(shè)定的基準(zhǔn)收益率8%，項(xiàng)目在財(cái)務(wù)上可以被接受。（二）償債能力分析各年利息備付率與償債備付率見表1-9，各年資產(chǎn)負(fù)債率見表1-11。通過計(jì)算，項(xiàng)目綜合利息備付率8.39，綜合償債備付率2.68，均大于1，并隨借款本金的償還而逐年上升，借款償還期末利息備付率和償債備付率達(dá)到20.12和19.65，項(xiàng)目利息保證程度較高。計(jì)算期內(nèi)項(xiàng)目資產(chǎn)負(fù)債率最高為77.78%，并隨著長(zhǎng)期借款的償還而逐年下降，長(zhǎng)期借款償清后降到13.63%，以后各年資產(chǎn)負(fù)債率進(jìn)一步下降。（三）財(cái)務(wù)生存能力分析根據(jù)項(xiàng)目資金來源與運(yùn)用表（表1-10），項(xiàng)目在償還清建設(shè)貸款以后各年盈余資金都為正，表明項(xiàng)目具備財(cái)務(wù)生存能力。表1-7項(xiàng)目投資現(xiàn)金流量表單位：萬元序號(hào)項(xiàng)目合計(jì)建設(shè)期投產(chǎn)期達(dá)到設(shè)計(jì)能力生產(chǎn)產(chǎn)期123456789101112131415161718生產(chǎn)負(fù)荷（%）80901001001001001001001001001001001001001001現(xiàn)金流入5507102944033120368003680036800368003680036800368003680036800368003680036800465501.1產(chǎn)品銷售收入5409602944033120368003680036800368003680036800368003680036800368003680036800368001.2回收固定資產(chǎn)余值值275027501.3回收流動(dòng)資金700070002現(xiàn)金流出3997541300017000120002505622338245202382023820238202382023820238202382023820238202382023820238202.1固定資產(chǎn)投資402001120017000120002.1無形資產(chǎn)投資180018002.3流動(dòng)資金700056007007002.4經(jīng)營(yíng)成本3140041745619388213202132021320213202132021320213202132021320213202132021320213202.5銷售稅金及附加367502000225025002500250025002500250025002500250025002500250025003所得稅前凈現(xiàn)金流流量150956-13000-17000-12000438410782122801298012980129801298012980129801298012980129801298012980227304累計(jì)所得稅前凈現(xiàn)現(xiàn)金流量-13000-30000-42000-37616-26834-14554-1574114062438637366503466332676306892861022661152461282261509565調(diào)整所得稅483142331282533203320332033203320332033203320332033203320332033206所得稅后凈現(xiàn)金流流量102642-13000-17000-1200020537957896096609660966096609660966096609660966096609660194107累計(jì)所得稅后凈現(xiàn)現(xiàn)金流量-13000-30000-42000-39947-31991-23030-13370-371059501561025271349314459154251639117357283232102642計(jì)算指標(biāo)：所得稅前：項(xiàng)目投投資財(cái)務(wù)內(nèi)部部收益率=220.3+((20.4--20.3))×[20..3/(399.588++127.4431)]==20.311%所得稅后：：項(xiàng)目投資財(cái)財(cái)務(wù)內(nèi)部收益益率=15..1+(155.2-155.1)×[15.11/(45..58+1666.22))]=15..11%項(xiàng)目投資財(cái)務(wù)凈現(xiàn)現(xiàn)值（i=99.347%%）=372550.71337萬元項(xiàng)目投資財(cái)財(cái)務(wù)凈現(xiàn)值（i=6.2625%）=35135.8萬元項(xiàng)目投資回收期（靜靜態(tài)）=7--1+(15574.733/129880)=6..12(年)項(xiàng)目投資回回收期（靜態(tài)態(tài)）=8-11+(37009.98//9660..2)=7..384(年年)表1-8項(xiàng)目資本金現(xiàn)金流量表單位：萬元序號(hào)年份項(xiàng)目合計(jì)建設(shè)期投產(chǎn)期達(dá)到設(shè)計(jì)能力生產(chǎn)產(chǎn)期123456789101112131415161718生產(chǎn)負(fù)荷（%）80901001001001001001001001001001001001001001現(xiàn)金流入5507102944033120368003680036800368003680036800368003680036800368003680036800465501.1產(chǎn)品銷售收入5409602944033120368003680036800368003680036800368003680036800368003680036800368001.2回收固定資產(chǎn)余值值275027501.3回收流動(dòng)資金700070002現(xiàn)金流出4643123000800030003120932760363033625334039274752747527475274752747527475274752747527475324752.1自有資金1600030008000300020002.2借款本金償還37550500061627395784161520050002.3借款利息支出1745336153185263918991115500500500500500500500500500500建設(shè)投資借款利息息支付32552755213913996150流動(dòng)資金借款利息息支付3604305005005005005005005005005005005005005002.4經(jīng)營(yíng)成本3140041745619388213202132021320213202132021320213202132021320213202132021320213202.5銷售稅金及附加367502000225025002500250025002500250025002500250025002500250025002.6所得稅425541138177424492693295231553155315531553155315531553155315531553凈現(xiàn)金流量86398-3000-8000-3000-17693604975472761932593259325932593259325932593259325140754累計(jì)凈現(xiàn)金流量-3000-11000-14000-15769-15409-14911-14365-11604-227970471637225697350224434753673629987232386398計(jì)算指標(biāo):項(xiàng)目資資本金財(cái)務(wù)內(nèi)內(nèi)部收益率=19.662%表1-9借款還本付息計(jì)劃表單位：萬元序號(hào)項(xiàng)目合計(jì)建設(shè)期投產(chǎn)期達(dá)到設(shè)計(jì)能力生產(chǎn)產(chǎn)期1234567891011121314151617181建設(shè)投資借款1期初借款余額10500210003255027550213881399361521當(dāng)期借款本金2800010000900090001當(dāng)期借款利息4550500150025501當(dāng)期還本付息4271382558917953492406767其中:還本3255050006162739578416152付息1016332552755213913996152期末借款余額105002100032550275502138813993615202流動(dòng)資金借款2期初借款余額360043005000500050005000500050005000500050005000500050002當(dāng)期借款本金500036007007002當(dāng)期借款利息2當(dāng)期還本付息122903604305005005005005005005005005005005005005500其中:還本50005000付息72903604305005005005005005005005005005005005005003期末借款余額360043005000500050005000500050005000500050005000500050000計(jì)算指標(biāo):利息備付率8.391.952.693.815.309.0220.1220.1220.1220.1220.1220.1220.1220.1220.1220.12償債備付率2.681.031.041.051.061.3819.6519.6519.6519.6519.6519.6519.6519.6519.651.79表1-10資金來源與運(yùn)用表單位：萬元序號(hào)年年份項(xiàng)目合計(jì)建設(shè)期投產(chǎn)期達(dá)到設(shè)計(jì)能力生產(chǎn)產(chǎn)期123456789101112131415161718生產(chǎn)負(fù)荷（%）80901001001001001001001001001001001001001001資金來源193498.22913500185001455010830.8337222.578592.218387.678913.019325.29325.29325.29325.29325.29325.29325.29325.29325.219075.21.1凈利86398.2992310.833602.574972.215467.675993.016405.26405.26405.26405.26405.26405.26405.26405.26405.26405.21.2折舊費(fèi)420002800280028002800280028002800280028002800280028002800280028001.3攤銷費(fèi)18001201201201201201201201201201201201201201201201.4長(zhǎng)期借款325501050010500115501.5流動(dòng)資金借款500036007007001.6其他短期借款1.7自有資金1600030008000300020001.8其他1.9回收固定資產(chǎn)余值值275027501.10回收流動(dòng)資金700070002資金運(yùn)用99739.83313500185001455010830.8337222.578592.218387.676751.35640.52640.52640.52640.52640.52640.52640.52640.52640.525640.522.1固定資產(chǎn)投資402001120017000120002.2建設(shè)期利息4550500150025502.3無形資產(chǎn)投資180018002.4流動(dòng)資金700056007007002.5長(zhǎng)期借款本金償還還325504999.756162.317394.997840.96152.05002.6流動(dòng)資金借款本金金償還500050002.7提取法定公積金8639.83231.08360.26497.22546.77599.30640.52640.52640.52640.52640.52640.52640.52640.52640.52640.523盈余資金93758.46600000002161.668684.688684.688684.688684.688684.688684.688684.688684.688684.6813434.6884累計(jì)盈余資金2161.6610846.34419531.02228215.70036900.38845585.06654269.74462954.42271639.10080323.78893758.466表1-11資產(chǎn)負(fù)債表單位：萬元序號(hào)項(xiàng)目建設(shè)期投產(chǎn)期達(dá)到設(shè)計(jì)能力生產(chǎn)產(chǎn)期1234567891011121314151617181資產(chǎn)13500320004655050301.08848546.34446928.56644555.33344396.29950801.49957206.69963611.89970017.09976422.29982827.49989232.69995637.899102043.009113198.2291.1流動(dòng)資產(chǎn)應(yīng)收賬款160018002000200020002000200020002000200020002000200020002000存貨480054006000600060006000600060006000600060006000600060006000現(xiàn)金404550505050505050505050505050累計(jì)盈余資金231.08591.341088.561635.334396.2913721.49923046.69932371.89941697.09951022.29960347.49969672.69978997.89988323.099102398.2291.2在建工程1170032000465501.3固定資產(chǎn)凈值4195039150363503355030750279502515022350195501675013950111508350555027501.4無形資產(chǎn)凈值180016801560144013201200108096084072060048036024012002負(fù)債及所有者權(quán)益益13500320004655050301.08848546.34446928.56644555.33344396.29950801.49957206.69963611.89970017.09976422.29982827.49989232.69995637.899102043.009108448.2292.1流動(dòng)負(fù)債8409451050105010501050105010501050105010501050105010501050應(yīng)付賬款360043005000500050005000500050005000500050005000500050005000流動(dòng)資金借款2.2投資借款（固定資資產(chǎn)，無形資資產(chǎn)）10500210003255027550.255321387.94413992.9556152.05000000000002.3負(fù)債小計(jì)10500210003255031990.255326632.94420042.95512202.055605060506050605060506050605060506050605060502.4所有者權(quán)益3000110001400018310.83321913.40026885.61132353.28838346.29944751.49951156.69957561.89963967.09970372.29976777.49983182.69989587.89995993.099102398.229資本金300011000140001600016000160001600016000160001600016000160001600016000160001600016000160