某建筑工程的财务分析(作业).doc

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123合计 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80133311013.3311013.3311013.3311013.3311013.3311013.3311013.3311013.3311013.3311013.3311013.333.1经营成本700010000100001000010000100001000010000100001000010000100003.2折旧1013.31013.31013.31013.31013.31013.31013.31013.31013.31013.31013.31013.33.3利息支出4利润总额（123）2546.674026.674026.674026.674026.674026.674026.674026.674026.674026.674026.674026.675所得税（433）840.40111328.80111328.80111328.80111328.80111328.80111328.80111328.80111328.80111328.80111328.80111328.80116税后利润1706.26892697.86892697.86892697.86892697.86892697.86892697.86892697.86892697.86892697.86892697.86892697.8689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112001600016000160001600016000160001600016000160001600017050.71.1销售收入1120016000160001600016000160001600016000160001600016000160001.2回收固定资产余值8001.3回收净营运资金250.72现金流出5000700040001265610960109601096010960109601096010960109601096010960109602.1建设投资(不含建设期利息)5000700040002.2净营运资金50162.3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)-5000-7000-4000-1456504050405040504050405040504050405040504050404累计所得税前净现金流量-5000-12000-16000-17456-12416-7376-23362708774812782817828228682790832948379885所得税000840.40111328.80111328.80111328.80111328.80111328.80111328.80111328.80111328.80111328.80111328.80111328.80116所得税后净现金流量(3-5)-5000-7000-4000-2294.401137111989371119893711198937111989371119893711198937111989371119893711198937111989371119897累计所得税后净现金流量-5000-12000-16000-18294.4011-14583.2022-10872.0033-7160.8044-3449.6055-261.59343972.79237683.991211395.190115106.38918817.587922528.7868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00050160权益资金30003000200008000借款需要量20004000200008000建设期利息计算 （单位：万元）项目 年末1234附注年初欠款020306271.88708.108当年借款2000400020000当年利息30241.8436.308522.4865年末欠款累计20306271.88708.1089230.5945 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8708.1087837.29726966.48646095.67565224.86484354.0543483.24322612.43241731.6212870.8108本期付息522.4865474.0178425.5536377.0849328.6163280.1477231.6816183.2103134.741786.2730本期还本870.8108870.8108870.8108870.8108870.8108870.8108870.8108870.8108870.8108870.8108期末本息余额7837.29726966.48646095.67565224.86484354.0543483.24322612.43241731.6212870.81080 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1120016000160001600016000160001600016000160001600016000160002销售税金及附加6409609609609609609609609609609609603总成本费用9392.081112343.616812295.143612246.679512198.210612149.742212101.273612052.804912004.33611955.867611568.634611568.63463.1经营成本700010000100001000010000100001000010000100001000010000100003.2折旧1568.63461568.63461568.63461568.63461568.63461568.63461568.63461568.63461568.63461568.63461568.63461568.63463.3利息支出823.4465774.9822726.5136678.0449629.5763581.1076532.6390484.1703435.7014387.233030084300844利润总额（123）11682696.42744.92793.32841.82890.32938.72987.23035.73084.13471.43471.45所得税（433）385.44889.812905.817921.789937.794953.799969.771985.7761001.7811017.7531145.5621145.5626税后利润782.561806.5881839.0831871.5111904.0061936.5011968.9292001.4242033.9192066.352325.8382325.838 表6、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000112001600016000160001600016000160001600016000160001600017050.71.1销售收入0001120016000160001600016000160001600016000160001600016000160001.2回收固定资产余值8001.3回收 (流动) 净营运资金000250.72现金流出5000700040001265610960109601096010960109601096010960109601096010960109602.1建设投资(不含建设期利息)5000700040000000000000002.2净营运资金0005016000000000002.3经营成本000700010000100001000010000100001000010000100001000010000100002.4销售税金及附加0006409609609609609609609609609609609603所得税前净现金流量(1-2)-5000-7000-4000-145650405040504050405040504050405040504050406090.74累计所得税前净现金流量-5000-12000-23574-20336-15296-10256-5216-176486899081494819988250283006836158.75所得税465.96971.85989.011006.51023.661041.151058.31107581092.961110.121127.611127.616所得税后净现金流量(3-5)-5000-7000-4000-1919.944070.154052.994035.54018.344000.853983.693966.23949.043931.883914.394965.097累计所得税后净现金流量-5000-12000-16000-17917.96-13849.81-9798.82-5765.32-1748.982249.876231.5610195.7614142.818072.6821985.0726948.16 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112001600016000160001600016000160001600016000160001600017050。71.1销售收入1120016000160001600016000160001600016000160001600016000160001.2回收固定资产余值8001.3回收净营运资金250.72现金流出30003000200090386912306.2412253.7912201.3412148.8912096.4312043.9811991.5311939.0811886.6310960109602.1权益投资3000300020002.2借款本金偿还870.81870.81870.81870.81870.81870.81870.81870.81870.81870.81002.3借款利息支付522.47474.02425.56377.09328.62280.15231.68183.21134.7486.27002.4经营成本700010000100001000010000100001000010000100001000010000100002.5销售税金及附加6409609609609609609609609609609609602.6所得税385.44889.812905.817921.789937.794953.799969.771985.7761001.7811017.7531145.5621145.5623净现金流量(1-2)-3000-3000-20002161.313693.763746.213798.663851.113903.573956.024008.474008.474113.37504060907 利润分配表 （单位：万元）项目 年份456789101112131415利润总额11682696.42744.92793.32841.82890.32938.72987.23035.73084.13471.43471.4所得税385.44889.812905.817921.789937.794953.799969.771985.7761001.7811017.7531145.5621145.562税后利润782.561806.5881839.0831871.5111904.0061936.5011968.9292001.4242033.9192066.352325.8382325.838盈余公积金946041973152007992043520783421138521486921842221904225388228939228939公益金47.30248.5925100.3995102.175103.917105.6925107.4345109.21110.952112.694114.4695114.4695应付利润804.1341677.17751706.79151736.9751766.5891796.77251826.38651856.571886.1841915.7981945.98151945.9815未分配利润注：盈余公积金=税后利润10%计提公益金=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)1120016000160001.1现金流入1120016000160001600016000160001600016000160001600016000160001600016000160001.1.1销售收入1120016000160001600016000160001600016000160001600016000160001600016000160001.2现金流出 8105.96 11931.8511949.0111966.511983.6612001.1512018.3112035.812052.9612070.1212087.6112087.611.2.1经营成本700010000100001000010000100001000010000100001000010000100001.2.2销售税金及附加6409609609609609609609609609609609601.2.3所得税465.96971.85989.011006.51023.661041.151058.31107581092.961110.121127.611127.612投资活动净现金流量(2.1-2.2)62009000120001098616000160001600016000160001600016000160001600016000160002.1现金流入1120016000160001600016000160001600016000160001600016000160001600016000160002.2现金流出50007000400050162.2.1建设投资5000700040002.2.2流动资产投资50163筹资活动净现金流量(3.1-3.2)5000700040001902.47-4592.08-4591.63-4592.18-4591.73-4592.27-4591.82-4592.37-4591.92-4591.47-3717.84-3717.843.1现金流入50007000400050163.1.1权益资金投入3000300020003.1.2建设投资借款2000400020003.1.3营运资金借款50163.2现金流出0003111.534592.084591.634592.184591.734592.274591.824592.374591.924591.473717.843717.843.2.1各种利息支出8253577290720456680061555563095106445819405743532930084300843.2.2偿还债务本金874188741887418874188741887418874188741887418874183.2.3应付利润1412294529973050310231553207326033123364341734174净现金流量(盈余资金)(1+2+3)22400320003200020782.5115476.0715458.8115441.3215424.6115406.5815389.8715371.8315355.1215338.4116194.5516194.555累计盈余资金224005440086400107182.51122658.58138117.39153558.71168983.32184389.9199779.77215151.6230506.72245845.13262039.68278234.23 表9、资产负债表 (单位：万元)序号项目计算期1234567891011121314151资产30413.3366413。3393413.33113209.84123671.91139130.72154572.04169996.65185403.23200793.1216164.93231520.05246858.46263053.01279247.561.1流动资产总额274006140090400112196.51122