案例1-財務評價

案例某種子加工中心工程的財務分析一、工程概況該工程是農(nóng)業(yè)部“九五”種子工程中的一個中型糧食種子加工中心工程。其主要內(nèi)容包括：加工車間400m2，綜合樓1500m2，曬場〔一〕生產(chǎn)規(guī)模和產(chǎn)品方案生產(chǎn)規(guī)模為年加工各類糧食種子7016噸。正常年份需原料種子7259噸，其中小麥原種4000噸，玉米種子2800噸，雜糧種子126噸，花生種子200噸，棉花種子133噸。〔二〕實施進度按《指南》規(guī)定：種子加工工程的工程周期為14年。本工程建設期2年，第3年投產(chǎn)，當年生產(chǎn)負荷為正常年份的93％，第4年達產(chǎn)?！踩晨偼顿Y估算及資金來源1．固定資產(chǎn)投資估算〔1〕固定資產(chǎn)投資估算及依據(jù)。固定資產(chǎn)投資依據(jù)國家有關規(guī)定，參照有關行業(yè)固定資產(chǎn)投資編制方法進行。建筑工程費用按工程所在地建筑物土建造價指標及有關規(guī)定進行估算；設備購置費以國內(nèi)設備現(xiàn)行出廠價為依據(jù)，考慮運輸費用和一定程度上浮因素確定；安裝費用以設備購置費用的15％計算；其他費用〔開辦費〕按以上三項費用的9.33％計算；按《指南》規(guī)定，投資預備費中漲價預備費的計算，第1年取投資額的0％，第2年為5.36％；根本預備費取工程費用和其他費用的4.57％。到建設末期，固定資產(chǎn)投資估算額為636.13萬元?！?〕根據(jù)國家關于征收固定資產(chǎn)投資方向稅的有關規(guī)定，本工程固定資產(chǎn)投資方向調(diào)節(jié)稅稅率為零?！?〕建設期利息估算為27.23萬元。表1固定資產(chǎn)投資估算表單位：萬元序號工程或費用名稱估算價值占總值比％建筑工程設備購置安裝工程其他費用總值11.11.21.323固定資產(chǎn)投資工程費用曬場綜合辦公樓加工車間低溫庫輔助工程其他費用無形資產(chǎn)費用開辦費預備費用根本預備費用漲價預備費固定資產(chǎn)投資方向調(diào)節(jié)稅建設期利息合計〔1+2+3〕209.88209.8820.00149.8840.00209.88277.76277.76147.30130.46277.7641.6641.6622.1019.5641.66106.8349.400.0049.4057.4326.4730.960.0027.23134.64636.13529.3020.00149.88209.40150.0249.4049.4057.4326.4730.960.0027.23663.3610083.217.779.032.流動資金估算。流動資金按分項詳細估算法進行估算，估算總額509.91萬元。見表2。表2流動資金估算表單位：萬元序號年份項目最低周轉天數(shù)周轉次數(shù)投產(chǎn)期達產(chǎn)期199920002001～201111.11.21.322.134流動資產(chǎn)應收帳款存貨外購原材料及燃料在產(chǎn)品產(chǎn)成品現(xiàn)金流動負債應付帳款流動資金〔1-2〕流動資金增加額45452363045889010128694.89244.05435.81218.6321.94195.2415.03218.63218.63476.26476.26744.53261.39467.21234.6223.48209.1115.93234.62234.62509.9133.65744.53261.39467.21234.6223.48209.1115.93234.62234.62509.910.00總投資=固定資產(chǎn)投資+固定資產(chǎn)投資方向調(diào)節(jié)稅+建設期利息+流動資金=636.13+0+27.23+509.91=1173.27〔萬元〕〔四〕資金來源工程總投資中，資本金〔自由資本〕234.33萬元，其中鋪底流動資金為148.20萬元；國內(nèi)固定資產(chǎn)貸款550萬元，1998年借入，5年期，年利率為9.9%；流動資金借款為361.71萬元，年利率為8.64%。具體投資使用方案與資金籌措情況見表1-3。表3投資方案與資金籌措表單位：萬元編號年份項目建設期投產(chǎn)期合計199719981999200011.11.21.31.422.12.22.3總投資固定資產(chǎn)投資固定資產(chǎn)投資方向調(diào)節(jié)稅建設期利息流動資金資金籌措自有資金其中：用于流動資金借款長期借款〔含利息〕流動資金借款其他短期借款其他26.2526.250.0026.2526.25637.11609.880.0027.23637.1159.88577.23577.23476.260.00476.26476.26145.67145.67330.59330.5933.650.0033.6533.652.532.5331.1231.121173.27636.130.0027.23509.911173.27234.33148.20938.94577.23361.71〔五〕總本錢費用估算全廠定員100人。職工福利費按工資總額的14%計提。維修費計算。修理費按年折舊額的50％計取〔本案例中假定每年修理費用相同〕，正常年每年為22.95萬元。其他費用。其他費用按年收入的6％計取，正常年每年為152.61萬元。該工程可免土地使用稅。借款利息計算。長期借款利息計算見表4-3。生產(chǎn)經(jīng)營期間利息計入財務費用。流動資金借款利息計入財務費用，正常年利息為31.25萬元?？偙惧X費用估算正常年為2168.26萬元，其中經(jīng)營本錢為2091.12萬元?？偙惧X費用估算見表4。表4總本錢費用估算表單位：萬元編號項目19992000200120022003200412345677.17.28910外購原材料外購燃料及動力工資及福利費修理費用折舊攤銷利息支出長期借款利息流動資金借款利息其他費用其中：土地使用稅總本錢費用其中：固定本錢可變本錢經(jīng)營本錢1733.6915.3735.5822.9545.899.8885.7157.1528.56141.812093.88100.621993.261952.401859.8117.1738.5822.9545.899.8867.4936.4231.25152.612214.38101.702112.682091.121859.8117.1738.5822.9545.899.8843.4112.1631.25152.612190.30101.702088.602091.121859.8117.1738.5822.9545.899.8831.2531.25152.612178.14101.702076.442091.121859.8117.1738.5822.9545.899.8831.2531.25152.612178.14101.702076.442091.121859.8117.1738.5822.9545.8931.2531.25152.612168.2691.822076.442091.12編號項目20052006200720082009201012345677.17.28910外購材料外購能源工資及福利費修理費用折舊攤銷利息支出長期借款利息流動資金借款利息其他費用其中：土地使用稅總本錢費用其中：固定本錢可變本錢經(jīng)營本錢1859.8117.1738.5822.9545.8931.2531.25152.612168.2691.822076.442091.121859.8117.1738.5822.9545.8931.2531.25152.612168.2691.822076.442091.121859.8117.1738.5822.9545.8931.2531.25152.612168.2691.822076.442091.121859.8117.1738.5822.9545.8931.2531.25152.612168.2691.822076.442091.121859.8117.1738.5822.9512.4331.2531.25152.612134.8058.362076.442091.121859.8117.1738.5822.9512.4331.2531.25152.612134.8058.362076.442091.12表4-1產(chǎn)品生產(chǎn)具體消耗及產(chǎn)出項目單位小麥種子加工玉米種子加工雜糧種子加工花生種子加工棉花種子加工外購原材料外購燃料〔水〕動力〔電〕生產(chǎn)工人車間管理人員產(chǎn)量數(shù)量單價數(shù)量單價數(shù)量單價數(shù)量單價數(shù)量單價噸元/噸噸元/噸千瓦時元/千瓦時人元/人.月人元/人.月噸40002000300000.61520000.5402822282388028003500200000.61060000.52728222822716126137010000.648000.522821282120200165015000.690000.5228212821801332221.6515000.668000.522821282120固定資產(chǎn)折舊和無形資產(chǎn)及遞延資產(chǎn)攤銷計算。固定資產(chǎn)原值為613.69萬元〔包工程費用、預備費及建設期利息〕，按《指南》規(guī)定，固定資產(chǎn)折舊采用直線折法。本工程固定資產(chǎn)投資中，建筑物的折舊年限為20年，殘值率為5％，年折舊額為12.43萬元；機械設備的折舊年限為10年，殘值率為5％，年折舊額為33.46萬元。固定資產(chǎn)投資的其他費用中，無形資產(chǎn)費用和開辦費攤銷費分別在投產(chǎn)年開始的10年和5年內(nèi)平均攤銷入本錢。本工程開辦費為49.40萬元，按5年攤銷，年攤銷費為9.88萬元。固定資產(chǎn)折舊及開辦費攤銷估算見表4-2。表4-2固定資產(chǎn)折舊及開辦費攤銷估算表單位：萬元編號項目折舊率19992000200120022003200411.11.21.322.12.22.334建筑物原值折舊凈值機械設備原值折舊凈值固定資產(chǎn)合計原值折舊凈值其他費用〔開辦費〕原值攤銷凈值4.75％9.50％20％261.7812.43249.34352.1833.46318.72613.9645.89568.0749.49.8839.5212.43236.9133.46285.2645.89522.189.8829.6412.43224.4833.46251.845.89476.299.8819.7612.43212.0533.46218.3445.89430.409.889.8812.43199.6233.46184.8845.89384.519.88012.43187.1933.46151.4245.89338.62編號項目折舊率20052006200720082009201011.11.21.322.12.22.33建筑物原值折舊凈值機械設備原值折舊凈值固定資產(chǎn)合計原值折舊凈值4.75％9.50％12.43174.4333.46117.9645.89292.7312.43162.3333.4684.545.89246.8412.43149.933.4651.0445.89200.9512.43137.4733.4617.5845.89155.0612.43125.0417.5812.43142.6312.43112.6117.5812.43130.20表4-3利息支出計算表單位：萬元序號年份工程利率建設期投產(chǎn)期到達設計能力生產(chǎn)期123456～1411.11.21.31.41.522.12.22.32.43長期借款年初本金累計本年借款本年應計利息本年還本本年付息流動資金借款年初本金累計本年借款本年應計利息本年付息利息支出合計9.9%8.6%55027.23577.23057.15211.1257.15330.5928.5628.5685.71366.11036.24243.2536.24330.5931.3231.2531.2567.49122.86012.16122.8612.16361.7131.2531.2543.410361.7131.2531.2531.25〔六〕年銷售收入和年銷售稅金及附加估算產(chǎn)品銷售價格是根據(jù)財務評價的原那么，考慮該產(chǎn)品的市場供求狀況并分析其趨勢，分別確定小麥、玉米、花生、雜糧及棉花每噸的銷售單價，估算出年銷售收入在正常年為2543.58萬元。按有關優(yōu)惠政策，工程在當?shù)孛庹饕磺袖N售稅金及附加〔增值稅、城市維護建設稅和教育附加〕。年銷售稅金及附加的估算見表5。表5產(chǎn)品銷售收入和銷售稅金及附加估算表單位：萬元序號工程單位單價〔元/噸〕19992000-2011銷售量銷售收入銷售量銷售收入11.11.21.31.41.5產(chǎn)品銷售收入小麥原種玉米雜交種花生種雜糧種棉花種噸噸噸噸噸288348712318193330913880.002425.0090.0095.0090.002366.871118.601181.2220.8618.3627.823880.002716.00180.00120.00120.002543.581118.601322.9641.7223.2037.092銷售稅金及附加00〔七〕長期借款還本付息估算表6長期借款還本付息表單位：萬元序號年份工程利率建設期投產(chǎn)期到達設計能力生產(chǎn)期1234511.11.21.31.41.522.12.22.32.42.5借款及還本利息年初借款本金累計本金建設期利息本年借款本年應計息本年歸還本金本年支付利息歸還本金的資金來源利潤折舊攤銷費歸還本金來源合計歸還本金后余額9.9%0.000.000.00550.0027.23577.23550.0027.230.0057.15211.1257.15155.3545.899.88211.23366.11366.110.0036.24243.2536.24187.4845.899.88243.25122.8612.16122.8612.16201.1945.899.88256.96134.10二、財務評價〔一〕利潤總額及分配工程計算期內(nèi)，利潤總額正常年為375.32萬元，累計未分配利潤2494.58萬元：所得稅按利潤總額的33％提取，所得稅累計1445.61萬元，其中歸還貸款409.92萬元，公益金和盈余公積金分別按稅后利潤的5％和10％計取，累計盈余公積金440.23萬元。表7損益表單位：萬元編號項目19992000200120022003200412345678910111213銷售收入銷售稅金及附加總本錢費用利潤總額〔1-2-3〕所得稅33％稅后利潤〔4-5〕可供分配利潤盈余公積金公益金應付利潤未分配利潤累計未分配利潤累計盈余公積金2366.870.002093.88272.9990.09182.90182.9018.299.150.00155.46155.4627.442543.580.002214.38329.20108.64220.56220.5622.0611.030.00187.48342.9460.532543.580.002190.30353.28116.58236.70236.7023.6711.830.00201.19544.1396.032543.580.00 2178.14365.44120.60244.84 244.84 24.4812.240.00208.12752.25132.752543.280.002178.14365.44120.60244.84 244.84 24.4812.240.00208.12960.37169.472543.580.002168.26375.32123.86251.46 251.46 25.1512.57 0.00 213.741174.11207.19編號項目20052006200720082009201012345678910111213銷售收入銷售稅金及附加總本錢費用利潤總額〔1-2-3〕所得稅33％稅后利潤〔4-5〕可供分配利潤盈余公積金公益金應付利潤未分配利潤累計未分配利潤累計盈余公積金2543.580.002168.26375.32123.86251.46 251.46 25.1512.57 0.00 213.741387.86244.912543.580.002168.26375.32123.86251.46 251.46 25.1512.57 0.00 213.741601.60282.632543.580.002168.26375.32123.86251.46 251.46 25.1512.57 0.00 213.741815.34320.352543.580.002168.26375.32123.86251.46 251.46 25.1512.57 0.00 213.742029.08358.072543.580.002134.80408.78134.90273.88273.8827.3913.690.00232.802261.88399.152543.580.002134.80408.78134.90273.88273.8827.3913.690.00232.802494.68440.23〔二〕財務盈利能力分析1.財務現(xiàn)金流量表〔全部投資〕見表8。根據(jù)該表計算以下財務評價指標：全部投資稅后內(nèi)部收益率〔FIRR〕為31％，財務凈現(xiàn)值〔ic=12.0％〕為873.65萬元，全部投資回收期5.51年〔含建設期〕；稅前內(nèi)部收益率為43％，財務凈現(xiàn)值〔ic=12.0％〕為1446.52萬元。財務內(nèi)部收益率均遠大于行業(yè)基準收益率，說明盈利能力滿足了行業(yè)最低要求，財務凈現(xiàn)值均大于零，該工程在財務上是可行的。2．現(xiàn)金流量表〔自有資金〕見表9。根據(jù)該表計算以下指標：自有資金稅后財務內(nèi)部收益率為60％；自有資金稅后財務凈現(xiàn)值〔ic=12.0％〕為914.62萬元。3．根據(jù)損益表和固定資產(chǎn)投資估算表計算以下指標：投資利潤率=年利潤總額/總投資*100％=373.43/1173.27=31.83％資本金利潤率=年利潤總額/資本金總額*100％=373.43/234.33=159.36％表8全部投資財務現(xiàn)金流量表單位：萬元編號項目199719981999200020012002200311.11.21.322.12.22.32.42.52.6345現(xiàn)金流入銷售收入回收固定資產(chǎn)余值回收流動資金現(xiàn)金流出建設投資流動資金經(jīng)營本錢銷售稅金及附加所得稅其他凈現(xiàn)金流量累計凈現(xiàn)金流量所得稅前凈現(xiàn)金流量026.2526.25-26.25-26.25-26.250637.11637.11-637.11-663.36-637.112366.872366.872518.68476.261952.400.0090.02-151.81-815.17-61.792543.582543.582233.4133.652091.120.00108.64310.17-505.00418.812543.582543.582207.702091.120.00116.58335.88-169.12452.462543.582543.582211.722091.120.00120.60331.86162.74452.462543.582543.582211.722091.120.00120.60331.86494.60452.46編號項目200420052006200720082009201011.11.21.322.12.22.32.42.52.6345現(xiàn)金流入銷售收入回收固定資產(chǎn)余值回收流動資金現(xiàn)金流出建設投資流動資金經(jīng)營本錢稅金及附加所得稅其他凈現(xiàn)金流量累計現(xiàn)凈金流量所得稅前凈現(xiàn)金流量2543.582543.582214.982091.120.00123.86328.60823.20452.462543.582543.582214.982091.120.00123.86328.601151.80452.462543.582543.582214.982091.120.00123.86 328.601480.40452.462543.582543.582214.982091.120.00123.86328.601809.00452.462543.582543.582214.982091.120.00123.86328.602137.60452.462543.582543.582226.022091.120.00134.90328.602466.20452.463183.692543.58130.20509.912226.022091.120.00134.90957.673423.871092.57計算指標內(nèi)部收益率凈現(xiàn)值〔ic=12％〕投資回收期稅后稅前31％43％￥873.65￥1，446.525.51年表9自有資金財務現(xiàn)金流量表單位：萬元編號項目199719981999200020012002200311.11.21.322.12.22.32.42.52.63現(xiàn)金流入銷售收入回收固定資產(chǎn)余值回收流動資金現(xiàn)金流出自有資金借款本金歸還長期貸款本金流動資金借款本金借款利息支付長期借款利息流動資金借款利息經(jīng)營本錢銷售稅金及附加所得稅凈現(xiàn)金流量026.2526.25-26.25087.1159.88-59.882366.872366.872485.12145.67211.12211.1285.7157.1528.561952.6090.02-118.252543.582543.582513.032.53243.25243.2567.4936.2431.252091.12108.6430.552543.582543.582373.97122.86122.8643.4112.1631.252091.12116.58169.612543.582543.582242.9731.2531.252091.12120.60300.612543.582543.582242.9731.2531.252091.12120.60300.61編號項目200420052006200720082009201011.11.21.322.12.22.32.42.52.63現(xiàn)金流入銷售收入回收固定資產(chǎn)余值回收流動資金現(xiàn)金流出自有資金借款本金歸還長期貸款本金流動資金借款本金借款利息支付長期借款利息流動資金借款利息經(jīng)營本錢銷售稅金及附加所得稅凈現(xiàn)金流量2543.582543.582246.2331.2531.252091.12123.86297.352543.582543.582246.2331.2531.252091.12123.86297.352543.582543.582246.2331.2531.252091.12123.86297.352543.582543.582246.2331.2531.252091.12123.86297.352543.582543.582246.2331.2531.252091.12123.86297.352543.582543.582257.2731.2531.252091.12134.90286.313183.692543.58130.20509.912618.98361.71361.7131.2531.252091.12134.90564.71計算指標內(nèi)部收益率凈現(xiàn)值〔ic=12％〕稅后60％￥914.62表10資金來源與運用表單位：萬元序號年份項目建設期投產(chǎn)期到達設計能力生產(chǎn)期合計上年余值123456789101112131411.11.21.31.41.51.61.71.81.922.12.22.32.42.52.62.734生產(chǎn)負荷〔%〕資金來源利潤總額折舊費攤銷費長期借款流動資金借款其他短期借款自有資金回收固定資產(chǎn)余值回收流動資金資金運用固定資產(chǎn)投資建設期利息流動資金所得稅應付利潤長期借款本金歸還流動資金借款本金歸還盈余資金累計盈余資金26.2526.2526.2526.2500609.88550.0059.88609.88609.880093805.02272.9945.899.88330.59145.67777.47476.2690.09211.1227.5527.55100418.62329.2045.899.8831.122.53385.5433.65108.64243.2533.0860.63100409.05353.2845.899.88239.44116.58122.86169.61230.24100421.21365.4445.899.88120.60120.60300.61530.85100421.21365.4445.899.88120.60120.60300.61831.46100421.21375.3245.89123.86123.86297..351128.81100421.21375.3245.89123.86123.86297..351426.16100421.21375.3245.89123.86123.86297..351723.51100421.21375.3245.89123.86123.86297..352020.86100421.21375.3245.89123.86123.86297..352318.21100421.21408.7812.43134..90134..90286..312604.52100421.21408.7812.43134.90134..90286.312890.83646.9130.20509.91361.71361.71285.193203.11表11資產(chǎn)負債表單位：萬元序號年份項目建設期投產(chǎn)期到達設計能力生產(chǎn)期合計123456789101112131411.11.21.31.422.12.22.3生產(chǎn)負荷〔%〕資產(chǎn)流動資產(chǎn)總額應收帳款存貨現(xiàn)金累計盈余資金在建工程固定資產(chǎn)凈值無形及遞延資產(chǎn)凈值負債及所有者權益流動負債總額應付帳款流動資金借款其他短期借款長期借款負債小計所有者權益資本金資本公積金累計盈余公積金累計未分配利潤26.25026.2526.2526.2526.25663.360663.36663.36577.23577.2386.1386.131330.03722.44244.05435.8115.0327.55568.0739.521330.03218.63330.59366.11915.33414.70231.8027.44155.461356.98805.16261.39467.2115.9360.63522.1829.641356.99234.62361.71122.86719.19637.80234.3360.53342.941470.82974.77261.39467.2115.93230.24476.2919.761470.82234.62361.71596.33874.49234.3396.03544.131715.661285.38261.39467.2115.93530.85430.409.881715.66234.62361.71596.331