大学作业财务分析1.docx

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1、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70001000010

2、000100004 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

3、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11200160001600016

4、00016000160001600016000160001600016000160002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）254740274027

5、4027402740274027402740274027402740275所得税（433）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

6、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)-5000-7000-9013356050405040504050405040504050405040

7、5040504050404累计所得税前净现金流量-5000-12000-21013-17453-12413-7373-2333270777471278717827278672790732947379875所得税840.513291329132913291329132913291329132913291329 6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-5000-12000-21613-18894-15183-11472-7761-4050-339331276

8、9811379150911881022513表3、借款需要量计算表 （单位：万元）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建设期利息计算 （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 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45678910111213期初本息余额

9、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 表5、利润与所得税计算表（融资后） （单位：万元）序号项目计算期4567891011121314151销售收入112001600016000160

10、0016000160001600016000160001600016000160002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

11、支出825.6773.2721.4688.2615.8563.3510.9458.4405.9353.5301.1301.14利润总额（123）1674.13206.53258.33311.53363.93416.43468.83521.33573.73626.23678.63678.65所得税（433）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6

12、、全部投资现金流量表（融资后） （单位：万元）序号项目计算期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70001000010000

13、1000010000100001000010000100001000010000100002.4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5531058107510931110112711451162117911

14、97121412146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1

15、120016000160001600016000160001600016000160001600016000160001.2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7000

16、10000100001000010000100001000010000100001000010000100002.5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1674.13206.53528.63311.53

17、363.93416.43468.83521.33573.73626.23678.63678.6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

18、提公益金=税后利润5%计提 应付利润=税后利润盈余公积金公益金 表8、 财务计划现金流量表 （单位：万元）序号项目计算期1234567891011121314151经营现金流量表(1.1-1.2)11200160001600016000160001600016000160001600016000160001.1现金流入11200160001600016000160001600016000160001600016000160001.1.1销售收入11200160001600016000160001600016000160001600016000160001.2现金流出1.2.1经营成本70001

19、0000100001000010000100001000010000100001000010000100001.2.2销售税金及附加6409609609609609609609609609609609601.2.3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5000700090132.2.1建设投资5000700040002.2.2流动资产投资50133筹资活动净现金流量(3.1-3.2)500070

20、0090138546.912526.512548.912571.912594.31261712639.51262212684.712689.213604136043.1现金流入50007000901311200160001600016000160001600016000160001600016000160003.1.1权益资金投入3000300020003.1.2建设投资借款2000400020003.1.3营运资金借款50133.2现金流出2653.13473.53451.13428.13405.733833360.533383315.33310.8239623963.2.1各种利息支出82

21、5.6773.2721.4668.2615.8563.3510.8458.4405.9353.5301.1301.13.2.2偿还债务本金874.2874.2874.2874.2874.2874.2874.2874.2874.2874.23.2.3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

22、盈余资金00039493.85705357097857143.857188.656334572795724457369.457378.45920859208 表9、资产负债表 (单位：万元)序号项目计算期1234567891011121314151资产1.1流动资产总额1.1.1货币资金(现金和累计盈余资金)1.1.2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2.1.1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2.5.1权益投资2.5.2累计盈余公积金2.5.3累计公益金2.5.4累计未分配利润资产负债率