2023年-某建设项目的财务分析.docx
建设项目财务分析项目背景：某工业项目计算期为16年,建设期为3年，第4年投产，第5年开始达到生产能力。1.建设投资16000万元。分年投资情况如下：（单位：万元）项目/年末1234建设投资50007000400016000该项目的固定资产综合折旧年限为15年，残值率为5%,采用直线折旧法折旧,期末余值等于账面余值。2 .流动资金约为4980万元，投产前一年末一次投入（三年末）。3 .销售收入、销售税金及附加和经营成本的预测值如下，其它支出忽略不计。（单位：万元）项目/年末45615销售收入11200160001600016000销售税金及附 加640960960960经营成本70001000010000100004 .建设投资16000万元中，权益投资8000万元,权益投资分年出资为3000万元、 3000万元和2000万元，不足部分向银行借款。银行贷款条件是年利率6%,建 设期只计息不付息还款，将利息按复利计算到第四年年初，作为全部借款本金。 投产后（第四年末）开始还贷，每年付清利息，并分10年等额还本。5 .流动资金投资4980+学号后两位数，全部向银行借款（始终维持借款状态），贷 款年利率也是6%。要求：1 .融资前盈利能力分析（编制利润与所得税计算表、全部投资现金流量表），计算 融资前所得税后的内部收益率。假如长期借款的利率为10%,股权融资要求的投资回报率9%,又能设法从银行 借到50%的初始投资，说明这个项目是否可能考虑？2 .融资后盈利能力分析（编制借款需要量计算表、固定资产投资借款还款计划表、 利润与所得税计算表、全部投资现金流量表、自有（权益）资金投资现金流量表）， 计算全部投资、自有（权益）投资的静态投资回收期、内部收益率。假如行业基 准收益率为10%,判断项目的可行性？3 .编制财务计划现金流量表，判断项目基本生存能力？4 .编制资产负债表，计算资产负债率等指标，分析项目负债情况和偿债能力？5 .对项目作出财务分析的综合评价。表1、利润与所得税计算表（融资前）（单位：万元）序号项目计算期4567891011121314151销售收入1120016000160001600016000160001600016000160001600016000160002销售税金及附加6409609609609609609609609609609609603总成本费用801311013110131101311013110131101311013110131101311013110133.1经营成本700010000100001000010000100001000010000100001000010000100003.2折旧1013101310131013101310131013101310131013101310133.3利息支出4利润总额（123）2547402740274027402740274027402740274027402740275所得税（4x33%）840.5132813281328132813281328132813281328132813286税后利润170626992699269926992699269926992699269926992699表2、全部投资现金流量表（融资前）（单位：万元）序号项目计算期1234567891011121314151现金流入1120016000160001600016000160001600016000160001600016000248531.1销售收入160001.2回收固定资 产余值38401.3回收净营运 资金50142现金流出500070009013764010960109601096010960109601096010960109601096010960109602.1建设投资（不含建设 期利息）5000700040002.2净营运资金50142.3经营成本700010000100001000010000100001000010000100001000010000100002.4销售税金及 附加6409609609609609609609609609609609603所得税前净 现金流量 （1-2）-5000-7000-90133560504050405040504050405040504050405040504050404累计所得税 前净现金流 量-5000-12000-21013-17453-12413-7373-2333270777471278717827278672790732947379875所得税840.5132913291329132913291329132913291329132913296所得税后净 现金流量 （3-5）-5000-7000-96132719371137113711371137113711371137113711371196317累计所得税 后净现金流 量-5000-12000-21613-18894-15183-11472-7761-4050-3393312769811379150911881022513（单位：万元）表3、借款需要量计算表项目 年末1234合计建设投资总数500070004000016000净营运资金00050145014权益资金30003000200008000借款需要量200040002000501413014（单位：万元）建设期利息计算表4、固定资产投资还贷计划与利息计算（单位：万元）项目年末1234附注年初欠款020606303. 68742当年借款200040002000当年利息60243.6438.2524.5年末欠款累计20606303. 68741.89266. 3项目年末45678910111213期初本息余额8741.87867. 66993. 46119.35245. 14370.93496. 72622. 51748.3874.2本期付息524.5472. 1419.6367.2314.7262.3209.8157.4104.952.5本期还本874.2874.2874.2874.2874.2874.2874.2874.2874.2874.2期末本息余额7687. 66993. 46119. 35245. 14730. 93496. 72522. 51748. 4874.20序号项目计算期4567891011121314151销售收入1120016000160001600016000160001600016000160001600016000160002销售税金及附加6409609609609609609609609609609609603总成本费用8886118341187211729116771162411571115191146611413911361113613.1经营成本700010000100001000010000100001000010000100001000010000100003.2折旧1060.31060.31060.31060.31060.31060.31060.31060.31060.31060.31060.31060.33.3利息支出825.6773.2721.4688.2615.8563.3510.9458.4405.9353.5301.1301.14利润总额（1-2-3）1674.13206.53258.33311.53363.93416.43468.83521.33573.73626.23678.63678.65所得税（4x33%）552.51058.21075.310931110.11127.41144.71162.81179.31196.61213.91213.96税后利润1121.62148.421832218.52253.82288.92324.12359.32394.42429.52464.92464.9表5、利润与所得税计算表（融资后）（单位：万元）表6、全部投资现金流量表（融资后）（单位：万元）吁:号项目计算期1234567891011121314151现金流入1120016000160001600016000160001600016000160001600016000250311.1销售收入160001.2回收固定资产 余值40181.3回收（流动）净 营运资金50142现金流出500070009013764010960109601096010960109601096010960109601096010960109602.1建设投资（不含 建设期利息）5000700040002.2净营运资金50142.3经营成本700010000100001000010000100001000010000100001000010000100002.4销售税金及附 加6409609609609609609609609609609609603所得税前净现 金流量（1-2）-5000-7000-901335605040504050405040504050405040504050405040140764累计所得税前 净现金流量-5000-12000-21013-17453-12413-7373-2383270777471278717827228672790732947470185所得税553105810751093111011271145116211791197121412146所得税后净现 金流量（3-5）-5000-7000-90133008398239653947392939133895337838613844382612867累计所得税后 净现金流量-5000-7000-21013-18006-14024-10059-6112-218217305625950313364172072100633892表7、权益资金投资现金流量表(单位：万元)序号项目计算期1234567891011121314151现金流入1120016000160001600016000160001600016000160001600016000250311.1销售收入1120016000160001600016000160001600016000160001600016000160001.2回收固定 资产余值40181.3回收净营 运资金50142现金流出3000300020002.1权益投资3000300020009892.313665136311359513560135251348913771134191338412475124752.2借款本金 偿还874.2874.2874.2874.2874.2874.2874.2874.2874.2874.22.3借款利息 支付8267737216686165635114584063543023022.4经营成本700010000100001000010000100001000010000100001000010000100002.5销售税金 及附加6409609609609609609609609609609609602.6所得税552.51058.21075.31093111011271145147911801197121412143净现金流 量(1-2)-3000-3000-2000130823352369240524402475251022292581261635253525利润分配表（单位：万元）项目年份456789101112131415利润总额1674.13206.53528.63311.53363.93416.43468.83521.33573.73626.23678.63678.6所得税55310581075109311101127114511621179119712141214税后利润112221492183221922542289232423592395243024682468盈余公积金112215218222226229233236240245247247公益金56108109111113115116118120122123123应付利润95318261856188619161946197620062036208320952095未分配利润注：盈余公积金=税后利润10%计提公益金二税后利润5%计提应付利润=税后利润一盈余公积金一公益金(单位：万元)表8、财务计划现金流量表序号项目计算期1234567891()11121314151经营现金流量表(1.1/.2)11200160001600016000160001600016000160001600016000160001.1现金流入1120016000I6O(X)16(X)016(M)0I6O(X)I6O(X)16(X)016000I6O(X)I6O(X)销售收入11200160001600016000160001600016000160001600016000160001.2现金流出经营成本70001000010000100001000010000100001000010000100001000010000销售税金及附加640960960960960960960960960960960960所得税552.41058.11075.310931110.11127.41144.71478.81179.31196.61213.91213.92投资活动净现金流量(2.1-2.2)-5000-7000-90132.1现金流入2.2现金流出500070009013建设投资50007(X)040(X)流动资产投资50133筹资活动净现金流量(3.1-3.2)5(X)()7(X)090138546.912526.512548.912571.912594.31261712639.51262212684.712689.213604136()43.1现金流入5000700090131120016000160001600016000160001600016000160001600016000权益资金投入3(X)()3(X)020(X)建设投资借款200040002000营运资金借款50133.2现金流出2653.13473.53451.13428.13405.733833360.533383315.33310.823962396各种利息支出825.6773.2721.4668.2615.8563.3510.8458.4405.9353.5301.1301.1偿还债务本金874.2874.2874.2874.2874.2874.2874.2874.2874.2874.2应付利润953.31826.11855.51885.71915.71945.51975.52005.42035.22083.12094.92094.94净现金流量(盈余资金)(1 +2+3)00019746.928526.528548.928571.928594.32816728639.52862228684.728689.229604296045累计盈余资金00039493.85705357097857143.857188.656334572795724457369.457378.45920859208编号：表9、资产负债表（单位：万元）序号项目计算期1234567891()11121314151资产1.1流动资产总额货币资金（现金和累计盈余资金）流动资产1.2在建工程1.3固定资产净值2负债及所有者权益2.1流动负债总额短期借款2.2建设投资借款2.3营运资金借款2.4负债小计(2.1+2.2.+2.3)2.5所有者权益权益投资累计盈余公积金累计公益金累计未分配利润资产负债率编号：时间：2021年x月x日书山有路勤为径,
