水利工程經(jīng)濟(jì)案例分析

...wd......wd......wd...水利工程經(jīng)濟(jì)案例分析班級(jí)：學(xué)號(hào)：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(jìn)入正常運(yùn)行期。投產(chǎn)期生產(chǎn)能力達(dá)設(shè)計(jì)能力的85%，工程使用壽命10年，計(jì)算期為13年。財(cái)務(wù)基準(zhǔn)折現(xiàn)率取8%。本工程建設(shè)投資估算額為2370萬(wàn)元，正常運(yùn)行期流動(dòng)資金估算額為77萬(wàn)元。流動(dòng)資金估算見(jiàn)表1。固定資產(chǎn)投資中，自有資金900萬(wàn)元，其余由銀行貸款。流動(dòng)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(jiàn)表2。2、總本錢(qián)費(fèi)用估算〔1〕材料費(fèi)。運(yùn)行初期和正常運(yùn)行年份外購(gòu)原材料費(fèi)分別為7.2萬(wàn)元和8.5萬(wàn)元。〔2〕燃料及動(dòng)力費(fèi)。運(yùn)行初期和正常運(yùn)行年份外購(gòu)燃料及動(dòng)力費(fèi)分別為75萬(wàn)元和88萬(wàn)元?！?〕工資及福利費(fèi)。工程工作人員工資總額94萬(wàn)元/年，福利費(fèi)按工資總額的20%計(jì)取，則全年工資及福利費(fèi)為110萬(wàn)元?！?〕修理費(fèi)。維護(hù)修理費(fèi)按固定資產(chǎn)原值的3.2%,每年75.65萬(wàn)元。〔5〕其他費(fèi)用。其他費(fèi)用按以上費(fèi)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(jì)算年折舊費(fèi)。各年折舊費(fèi)及固定資產(chǎn)凈值計(jì)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(wú)形資產(chǎn)和其他資產(chǎn)?！?〕無(wú)形資產(chǎn)攤銷(xiāo)。無(wú)形資產(chǎn)為100萬(wàn)元，按10年攤銷(xiāo)。其他資產(chǎn)為25萬(wàn)元，按5年攤銷(xiāo)。攤銷(xiāo)計(jì)算結(jié)果填入表5.〔8〕利息支出。3、營(yíng)業(yè)收入工程正常運(yùn)行收入為855萬(wàn)元，投產(chǎn)期營(yíng)業(yè)收入按正常運(yùn)行期營(yíng)業(yè)收入的80%估計(jì)。4、營(yíng)業(yè)稅金及附加營(yíng)業(yè)稅稅率為3.0%，城市維護(hù)建設(shè)稅和教育費(fèi)附加分別為營(yíng)業(yè)稅的5%和3%，因此得綜合稅率為3.24%。5、利潤(rùn)與利潤(rùn)分配營(yíng)業(yè)收入減去總本錢(qián)費(fèi)用、營(yíng)業(yè)稅金及附加，得利潤(rùn)總額。所得稅金按利潤(rùn)總額的25%計(jì)取，法定盈余公積金按當(dāng)年凈利潤(rùn)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(fèi)和攤銷(xiāo)費(fèi)足夠用來(lái)歸還長(zhǎng)期貸款本金，因此可供投資者分配的利潤(rùn)全部用于利潤(rùn)分配，不考慮未分配利潤(rùn)。利潤(rùn)與利潤(rùn)分配見(jiàn)表6，總本錢(qián)費(fèi)用、利息支出、折舊、攤銷(xiāo)見(jiàn)表3。二、要求〔參考書(shū)中115頁(yè)案例制作表格和說(shuō)明〕1根據(jù)條件完成表3和表6。2進(jìn)展財(cái)務(wù)盈利能力分析：制作工程投資財(cái)務(wù)現(xiàn)金流量表7〔融資前〕；計(jì)算所得稅前內(nèi)部收益率、財(cái)務(wù)凈現(xiàn)值、投資回收期；所得稅后內(nèi)部收益率、財(cái)務(wù)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(jì)算內(nèi)部收益率、財(cái)務(wù)凈現(xiàn)值、投資回收期。3進(jìn)展財(cái)務(wù)償債能力分析，制作資產(chǎn)負(fù)債表9和借款還本付息計(jì)算表10,計(jì)算利息備付率和償債備付率。4進(jìn)展財(cái)務(wù)生存能力分析，制作表財(cái)務(wù)方案現(xiàn)金流量表11。表1流動(dòng)資金估算表單位：萬(wàn)元序號(hào)工程運(yùn)行期正常運(yùn)行期456789101112131流動(dòng)資金819494949494949494941.1應(yīng)付賬款161616161616161616161.2存貨556868686868686868681.3現(xiàn)金101010101010101010101.4預(yù)付賬款00000000002流動(dòng)負(fù)債171717171717171717172.1應(yīng)付賬款171717171717171717172.2預(yù)收賬款00000000003流動(dòng)資金64777777777777777777表2工程總投資使用方案與資金籌措表單位：萬(wàn)元序號(hào)工程建設(shè)期運(yùn)行期正常運(yùn)行期合計(jì)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(dòng)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(dòng)資金19.21736.22.1.3用于建設(shè)期利息18.3856.597.49172.372.2債務(wù)資金49049049044.801514.82.2.1用于建設(shè)投資49049049014702.2.2用于流動(dòng)資金44.8044.8表4固定資產(chǎn)折舊估算表單位：萬(wàn)元工程合計(jì)運(yùn)行期正常運(yùn)行期45678910111213固定資產(chǎn)原值2417.37當(dāng)前折舊費(fèi)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(qián)費(fèi)用估算表單位：萬(wàn)元序號(hào)工程合計(jì)初運(yùn)正常運(yùn)行期45678910111213生產(chǎn)負(fù)荷851001001001001001001001001001材料費(fèi)83.77.28.58.58.58.58.58.58.58.58.52燃料及動(dòng)力費(fèi)867758888888888888888883工資及福利費(fèi)11001101101101101101101101101101104修理費(fèi)756.575.6575.6575.6575.6575.6575.6575.6575.6575.6575.655其他費(fèi)用280.7726.7928.2228.2228.2228.2228.2228.2228.2228.2228.226年運(yùn)行費(fèi)(經(jīng)營(yíng)本錢(qián))3087.97294.64310.37310.37310.37310.37310.37310.37310.37310.37310.377折舊費(fèi)2296.5229.65229.65229.65229.65229.65229.65229.65229.65229.65229.658攤銷(xiāo)費(fèi)125151515151510101010109利息支出474.6113.6197.8682.1166.3650.6134.8619.113.363.363.3610總本錢(qián)費(fèi)用合計(jì)5984.07652.9652.88637.13621.38605.63584.88569.13553.38553.38553.38表5無(wú)形資產(chǎn)及遞延資產(chǎn)攤銷(xiāo)估算表單位：萬(wàn)元序號(hào)工程合計(jì)運(yùn)行期正常運(yùn)行期456789101112131無(wú)形資產(chǎn)原值100當(dāng)期攤銷(xiāo)費(fèi)10101010101010101010凈值90807060504030201002遞延資產(chǎn)原值25當(dāng)期攤銷(xiāo)費(fèi)55555凈值201510503合計(jì)原值120當(dāng)期攤銷(xiāo)費(fèi)15151515151010101010凈值11095806550403020100表6利潤(rùn)與利潤(rùn)分配表單位：萬(wàn)元序號(hào)工程合計(jì)初運(yùn)正常運(yùn)行期45678910111213生產(chǎn)負(fù)荷(%)80.0100.0100.0100.0100.0100.0100.0100.0100.0100.01營(yíng)業(yè)收入8379.0684.0855.0855.0855.0855.0855.0855.0855.0855.0855.02營(yíng)業(yè)稅及附加271.522.227.727.727.727.727.727.727.727.727.73總本錢(qián)費(fèi)用5984.1652.9652.88637.13621.38605.63584.88569.13553.38553.38553.384補(bǔ)貼收入5利潤(rùn)總額2123.58.9174.4190.2205.9221.7242.4258.2273.9273.9273.96彌補(bǔ)以前年度虧損7應(yīng)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(rùn)(7-8)1592.66.7130.8142.6154.4166.3181.8193.6205.4205.4205.410期初未分配利潤(rùn)0.00.00.00.00.00.00.00.00.011可供分配的利潤(rùn)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(fèi)者分配的利潤(rùn)(11-12)1433.36.0117.7128.4139.0149.6163.6174.3184.9184.9184.914提任意盈余公積金15應(yīng)付利潤(rùn)1433.36.0117.7128.4139.0149.6163.6174.3184.9184.9184.916累計(jì)未分配利潤(rùn)〔13-14-15〕0.00.00.00.00.00.00.00.00.00.017息稅前利潤(rùn)〔5+利息支出〕2598.1122.5272.3272.3272.3272.3277.3277.3277.3277.3277.318稅息折舊攤銷(xiāo)前利潤(rùn)〔17+折舊+攤銷(xiāo)〕5019.6367.2516.9516.9516.9516.9516.9516.9516.9516.9516.9三、財(cái)務(wù)分析1.財(cái)務(wù)盈利能力分析編制工程投資財(cái)務(wù)現(xiàn)金流量表，見(jiàn)表7。表中營(yíng)業(yè)收入、營(yíng)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(dòng)資金取自表2，經(jīng)營(yíng)本錢(qián)取自表3。根據(jù)財(cái)務(wù)現(xiàn)金流量表，所得稅前財(cái)務(wù)內(nèi)部收益率為13%，財(cái)務(wù)凈現(xiàn)值為623.15萬(wàn)元，投資回收期為8年。所得稅后財(cái)務(wù)內(nèi)部收益率為11%，財(cái)務(wù)凈現(xiàn)值為359.99萬(wàn)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(jiàn)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(wàn)元。以上結(jié)果說(shuō)明，本工程具有較好的盈利能力。2.財(cái)務(wù)歸還能力分析編制資產(chǎn)負(fù)債表，見(jiàn)表9。表中貨幣資金、應(yīng)收賬款、存貨、應(yīng)付賬款取自表1，累計(jì)盈余資金取自表11，建設(shè)投資借款、流動(dòng)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(jì)盈余公積金、累計(jì)未分配利潤(rùn)根據(jù)表6確定。經(jīng)計(jì)算，還貸期各年負(fù)債率表9最后一行。除建設(shè)期第一年外，各年資產(chǎn)負(fù)債率均在60%以下，因此債權(quán)人風(fēng)險(xiǎn)小。編制工程借款還本付息計(jì)算表，見(jiàn)表10。表中利息備付率等于表6中息稅前利潤(rùn)除以本表中付息，償付備付率等于表6中息稅折舊攤銷(xiāo)前利潤(rùn)除以本表中當(dāng)期還本付息。根據(jù)借款還本付息計(jì)算表，工程在正常運(yùn)行期的每年利息備付率均大于2，說(shuō)明利息償付的保障程度高，償債風(fēng)險(xiǎn)小。償債備付率除運(yùn)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(qiáng)的財(cái)務(wù)清償能力。3．財(cái)務(wù)生存能力分析工程財(cái)務(wù)方案現(xiàn)金流量表見(jiàn)表11。表中營(yíng)業(yè)收入、營(yíng)業(yè)稅及附加、所得稅、應(yīng)付利潤(rùn)取自表6，建設(shè)投資、流動(dòng)資金、權(quán)益資本金投入、建設(shè)投資借款、流動(dòng)資金借款取自表2，各種利息支出、歸還債務(wù)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(yíng)活動(dòng)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(cái)務(wù)生存能力。假設(shè)各年盈余資金出現(xiàn)小于零的情況，應(yīng)減少應(yīng)付利潤(rùn)，即保存未分配利潤(rùn)，確保各年盈余資金均大于零。表7工程投資財(cái)務(wù)現(xiàn)金流量表單位：萬(wàn)元序號(hào)工程合計(jì)建設(shè)期初運(yùn)正常運(yùn)行期12345678910111213生產(chǎn)負(fù)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(yíng)業(yè)收入7524.06848558558558558558558558558551.2補(bǔ)貼收入1.3回收固定產(chǎn)值余值120.9120.91.4回收流動(dòng)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(dòng)資金81.064.017.02.3年運(yùn)行費(fèi)〔經(jīng)營(yíng)本錢(qián)〕3088.0294.64310.37310.37310.37310.37310.37310.37310.37310.37310.372.4營(yíng)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(yùn)營(yíng)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(jì)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(jì)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(wàn)元序號(hào)工程合計(jì)建設(shè)期初運(yùn)正常運(yùn)行期12345678910111213生產(chǎn)負(fù)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(yíng)業(yè)收入8379.06848558558558558558558558558551.2補(bǔ)貼收入0.01.3回收固定產(chǎn)值余值120.9120.91.4回收流動(dòng)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(yùn)行費(fèi)〔經(jīng)營(yíng)本錢(qián)〕294.64310.37310.37310.37310.37310.37310.37310.37310.37310.372.5營(yíng)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(yùn)營(yíng)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(fù)債表表9資產(chǎn)負(fù)債表單位：萬(wàn)元工程合計(jì)建設(shè)期初運(yùn)正常運(yùn)行期123456789101112131資產(chǎn)808.41654.92542.42476.42307.62126.81947.31768.91587.11406.01437.01467.61453.31.1流動(dòng)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(yīng)收賬款16.016.016.016.016.016.016.016.016.016.01.1.3預(yù)付賬款1.1.4存貨55.068.068.068.068.068.068.068.068.068.01.1.5累計(jì)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(wú)形及其他資產(chǎn)凈值2負(fù)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(dòng)負(fù)債總額000171717171717171717172.1.1短期借款2.1.2應(yīng)付賬款171717171717171717172.1.3預(yù)收賬款2.1.4其他2.2建設(shè)投資借款49098014701260105084063042021002.3流動(dòng)資金借款44.844.844.844.844.844.844.844.802.4負(fù)債小計(jì)〔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(jì)盈余公積金0.713.828.043.560.178.397.6118.2138.7159.32.5.4累計(jì)未分配利潤(rùn)0000000000資產(chǎn)負(fù)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(jì)算表單位：萬(wàn)元序號(hào)工程合計(jì)建設(shè)期初運(yùn)正常運(yùn)行期123456789101112131建設(shè)投資借款1.1期初借款余額14704904904901.2當(dāng)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(dòng)資金借款2.1期初借款余額44.844.802.2當(dāng)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(jì)3.1期初借款余額1514.849049049044.803.2當(dāng)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(jì)算指標(biāo)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(cái)務(wù)方案現(xiàn)金流量表單位：萬(wàn)元序號(hào)工程合計(jì)建設(shè)期初運(yùn)正常運(yùn)行期123456789101112131經(jīng)營(yíng)活動(dòng)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(yíng)業(yè)收入83796848558558558558558558558558551.1.2其他流入1.2現(xiàn)金流出3890.27319.043