宝鸡秦昊新能源有限公司眉县加气站可行性研究报告(1)

1、核准通过，归档资料。未经允许，请勿外传！9JWKffwvG#tYM*Jg&6a*CZ7H$dq8KqqfHVZFedswSyXTy#&QA9wkxFyeQ!djs#XuyUP2kNXpRWXmA&UE9aQGn8xp$R#3）汽车改装厂500万元;计算依据（1）固定资产折旧残值率取5%，综合折旧年限20年。（2）水电、土地租用、人员管理费用：按每方气提取0.1元/计算，则为1500元/日。（3）购气价：3.6元/立方。总成本费用3（含税价）测算。项目建成后年平均总成本及费用为万元，正常年经营成本万元。见年总成本费用估算表。销售收入3（含税价）测算。项目达产年年销售收入3030万元。见销售收入、

2、销售税金及附加估算表。税金及利润计算5万元，增值税为34.28万元。城市维护建设税和教育费附加分别为增值税的7%和3%缴纳。经计算，正常年缴纳城市维护建设税2.4万元，教育费附加为1.0万元。所得税按应纳所得税额的25%计取，法定盈余公积金按净利润的10%提取。见损益表。盈利能力分析相对于项目的财务现金流量分析，资本金现金流量分析的实质是融资 后项目盈利能力分析。市场经济条件下，在对项目基本获利能力有所判断 的基础上，资本金盈利能力指标，是比较和取舍融资方案的重要依据。主要盈利能力指标汇总见下表。主要盈利能力指标汇总表指标名称单位指标值所得税后项目财务内部收益率所得税前项目财务内部收益率所得税

3、后项目投资回收期(含建设期)年所得税前项目投资回收期(含建设期)年所得税后项目投资净现值（i=8%）万元99994所得税前项目投资净现值（i=8%）万元财务生存能力分析 项目计算期内各年的净现金流量和累计盈余资金均为正值，各年均有足够的净现金流量维持项目的正常运营，可保证项目财务的可持续性。见总投资现金流量表、资金来源与运用估算表。敏感性分析.1.敏感性分析表敏感性分析见图2，该表分析了各因素变化对税后内部收益率的影响，其中产品售价和经营成本是效益最敏感的因素。对产品售价和经营成本两因素组合发生同向“涨”或“落”的情况进行双因素敏感性分析表明，当产品售价和经营成本同向变化时，它对该项目的内部收

4、益率影响较小。敏感性分析表如下表：敏感性分析表单位：万元项目内部收益率（）净现值（万元）投资回收期（年）税前税后税前税后税前税后基本方案固定资产投资增加5销售收入减少5经营成本增加513.7.2评价结论本项目所得税前项目投资财务内部收益率9.45%高于设定基准收益率(ic=8%)，偿债分析指标较好。计算期内各年经营活动现金流量均为正数，具备财务生存能力。14 结论及建议14.1结论通过以上分析和研究，本项目结论如下：项目LNG来源稳定、可靠，项目采用的工艺成熟可靠，运行成本低，项目在技术上可行。本项目主要技术经济指标好于行业基准值，项目的经济效益较好，具有一定的抗风险能力，项目在经济上是可行的

5、。本项目建成后，由于所提供的商品是一种优质、高效、洁净经济型能源，所供的 LNG 燃料使得汽车尾气排放对大气的污染减轻，从而减少了环境污染，一定程度上改善了当地大气质量，再则节约了能源，降低了运输成本，社会及环境效益明显。总而言之，本项目LNG供应稳定、生产工艺成熟、设备先进、市场前景广阔，符合国家环保、能源政策，是国家重点支持的产业工程。项目建成后具有良好的经济和社会效益，项目是完全可行的。14.2实施建议LNG加气站项目是一项能源型、环保型、基础设施型的建设工程。同时，LNG加气站又是一种特殊的工业行业，专业性较强、安全要求较高。为了加快天然气汽车的项目建设、规范 LNG加气站市场管理、保

6、护经营企业和用户的合法权益、保证天然气供应和使用安全、促进产业的发展，按照国家有关规定，借鉴国内其他城县的建设管理经验，应采取以下政策及技术措施：（1）各级政府应把LNG加气站项目纳入当地国民经济和社会发展计划。制定相应的产业政策和扶持新兴行业的优惠条件。同时选择具有天然气供应、管理资质和经验的企业承担项目的建设和管理工作。（2）应实行统一规划、配套建设、因地制宜、合理布点、节约能源、建设和管理并重的原则。政府在其职权范围内对 LNG 加气站项目的征地、建设配套费用、税收等方面实行最优惠的政策。可采用以下优惠条件，即：1）LNG加气站建设用地，享受公共设施用地优惠条件；2）给予LNG加气站一定

7、的补助资金；3）建立燃气汽车推广基金，用于支持LNG加气站的建设及车辆改造；4）LNG加气站在启动和发展的5年内，采用免税或即收即退的方式，减免加气站的所得。附表附表1现金流量表（总投资）现金流量表（总投资）表：1 单位：万元序号年份项目合计建设期投产期20122013201420152016201720182019202020212022202320242025202620272028202920302031生产年序号1234567891011121314151617181920生产负荷（%）1现金流入46121产品销售收入46096回收固定资产余值回收流动资金2现金流出42778固定资产投

8、资2810流动资金经营成本37828销售税金及附加62所得税20533净现金流量33424累计净现金流量5所得税前净现金流量6所得税前累计净现金流量附表2 资金来源与运用表资金来源与运用表表：2 单位：万元序号年份项目合计建设期投产期2012201320142015201620172018201920202021202220232024202520262027202820292030203112345678910111213141516171819201资金来源10980利润总额7777折旧费368摊销费长期借款流动资金借款其它借款自有资金2835回收固定资产余值回收流动资金2资金运用4863

9、固定资产投资2810建设期利息流动资金所得税2053长期借款本金偿还流动资金借款本金偿还3盈余资金61178821943433433433433433433433433433433433433433433433433434累计盈余资金890283627970131316561999234226863029337237154058440147455088543157746117附表3 项目资产折旧费估算表固定资产折旧估算表表:3 单位：万元年份原 值折旧年限建设期投产期2012201320142015201620172018201920202021202220232024202520262027

10、2028202920302031项目1234567891011121314151617181920房屋建筑物20折旧(0.0)净值机器设备20折旧净值原值折旧净值附表4 总成本费用估算表总成本费用估算表表：4 单位：万元序号年份项目数量单价建设期投产期2012201320142015201620172018201920202021202220232024202520262027202820292030203112345678910111213141516171819201外购原材料945189018901890189018901890189018901890189018901890189018

11、901890189018902燃料、动力（水、电）3603房屋、土地租赁1010101010101010101010101010101010101010104工资及福利费13213262626262626262626262626262626262626265折旧费6摊销费333333333333333333337修理费25252525252525252525252525252525252525258利息支出其中：长期借款利息流动资金借款利息9其它费用10总成本费用205520552055其中：固定成本可变成本19831983198311经营成本20342034203412单位成本附表5 销售收

12、入和销售税金及附加估算表 销售收入和销售税金及附加估算表表：5 单位：万元序号项目单价（元）2012年2013年2014年2015年2016年20172031年售气量金额售气量金额售气量金额售气量金额售气量金额售气量金额万m3万元万m3万元万m3万元万m3万元万m3万元万m3万元1销售收入（天然气）131.250 551.250 262.500 1102.500 393.750 1653.750 5252205.000 5252205.000 5252205.000 2销项税（13%）71.66 143.33 214.99 286.65 286.65 286.65 3进项税：68.09 129

13、.52 190.94 252.37 252.37 252.37 其中： 天然气（13%）61.43 122.85 184.28 245.70 245.70 245.70 水（6%）4.97 4.97 4.97 4.97 4.97 4.97 电（17%）1.70 1.70 1.70 1.70 1.70 1.70 4增值税3.57 13.81 24.04 34.28 34.28 34.28 5城市维护建设税（7%）0.25 0.97 1.68 2.40 2.40 2.40 6教育费附加（3%）0.11 0.41 0.72 1.03 1.03 1.03 7销售税金及附加0.36 1.38 2.40

14、3.43 3.43 3.43 附表6 损益表 损益表表：6 单位：万元 序号 年份项目合计建设期投产期2012201320142015201620172018201920202021202220232024202520262027202820292030203112345678910111213141516171819201产品销售收入46096 622.9 1245.8 1868.7 2491.7 2491.7 2491.7 2491.7 2491.7 2491.7 2491.7 2491.7 2491.7 2491.7 2491.7 2491.7 2491.7 2491.7 2491.7

15、2491.7 2491.7 2销售税金及附加62 0.4 1.4 2.4 3.4 3.4 3.4 3.4 3.4 3.4 3.4 3.4 3.4 3.4 3.4 3.4 3.4 3.4 3.4 3.4 3.4 3总成本费用38256 624.7 1110.2 1582.7 2055.2 2055.2 2055.2 2055.2 2055.2 2055.2 2055.2 2055.2 2055.2 2055.2 2055.2 2055.2 2055.2 2055.2 2055.2 2055.2 2055.2 4利润总额7777 -2.1 134.2 283.6 433.0 433.0 433.0

16、 433.0 433.0 433.0 433.0 433.0 433.0 433.0 433.0 433.0 433.0 433.0 433.0 433.0 433.0 5弥补以前年度亏损1.1 6应纳税所得额133.2 283.6 433.0 433.0 433.0 433.0 433.0 433.0 433.0 433.0 433.0 433.0 433.0 433.0 433.0 433.0 433.0 433.0 433.0 7所得税1945 33.3 70.9 108.3 108.3 108.3 108.3 108.3 108.3 108.3 108.3 108.3 108.3 10

17、8.3 108.3 108.3 108.3 108.3 108.3 108.3 8税后利润5835 101.0 212.7 324.8 324.8 324.8 324.8 324.8 324.8 324.8 324.8 324.8 324.8 324.8 324.8 324.8 324.8 324.8 324.8 324.8 9盈余公积金、公益金15.1 31.9 48.7 48.7 48.7 48.7 48.7 48.7 48.7 48.7 48.7 48.7 48.7 48.7 48.7 48.7 48.7 48.7 48.7 10未分配利润4960 85.8 180.8 276.1 27

18、6.1 276.1 276.1 276.1 276.1 276.1 276.1 276.1 276.1 276.1 276.1 276.1 276.1 276.1 276.1 276.1 附表7 敏感性分析表敏感性分析表附表7单位：万元项目内部收益率（）净现值（万元）投资回收期（年）税前税后税前税后税前税后基本方案14.45 9.45 1228.70 267.27 7.13 9.35 固定资产投资增加57.41 5.28 -107.07 -473.93 10.63 12.33 销售收入减少54.87 3.27 -519.58 -756.46 12.70 14.36 经营成本增加55.62 3.

19、14 -399.57 -780.74 12.02 14.51 附图附图1 扶风召公镇加气站区域位置示意附表2 眉县LNG加气站工艺流程图附图3 扶风召公镇LNG加气站总平面布置图核准通过，归档资料。未经允许，请勿外传！9JWKffwvG#tYM*Jg&6a*CZ7H$dq8KqqfHVZFedswSyXTy#&QA9wkxFyeQ!djs#XuyUP2kNXpRWXmA&UE9aQGn8xp$R#͑GxGjqv$UE9wEwZ#QcUE%&qYpEh5pDx2zVkum&gTXRm6X4NGpP$vSTT#&ksv*3tnGK8!z89AmYWpazadNu#KN&MuWFA5uxY7

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29、9CpbK!zn%Mz849GxGjqv$UE9wEwZ#QcUE%&qYpEh5pDx2zVkum&gTXRm6X4NGpP$vSTT#&ksv*3tnGK8!z89AmYWv*3tnGK8!z89AmYWpazadNu#KN&MuWFA5uxY7JnD6YWRrWwcvR9CpbK!zn%Mz849GxGjqv$U*3tnGK8!z89AmYWpazadNu#KN&MuWFA5uxY7JnD6YWRrWwcvR9CpbK!zn%Mz849GxGjqv$UE9wEwZ#QcUE%&qYpEh5pDx2zVkum&gTXRm6X4NGpP$vSTT#&ksv*3tnGK8!z89Amv$UE9

30、wEwZ#QcUE%&qYpEh5pDx2zVkum&gTXRm6X4NGpP$vSTT#&ksv*3tnGK8!z89AmYWpazadNu#KN&MuWFA5uxGjqv$UE9wEwZ#QcUE%&qYpEh5pDx2zVkum&gTXRm6X4NGpP$vSTT#&ksv*3tnGK8!z89AmYWpazadNu#KN&MuWFA5uxY7JnD6YWRrWwcvR9CpbK!zn%Mz849GxGjqv$UE9wEwZ#QcUE%&qYpEh5pDx2zVkum&gTXRm6X4NGpP$vSTT#&ksv*3tnGK8!z89AmYWv*3tnGK8!z89AmYWpazadNu

31、#KN&MuWFA5uxY7JnD6YWRrWwcvR9CpbK!zn%Mz849GxGjqv$U*3tnGK8!z89AmYWpazadNu#KN&MuWFA5uxY7JnD6YWRrWwcvR9CpbK!zn%Mz84!z89Amv$UE9wEwZ#QcUE%&qYpEh5pDx2zVkum&gTXRm6X4NGpP$vSTT#&ksv*3tnGK8!z89AmYWpazadNu#KN&MuWFA5uxGjqv$UE9wEwZ#QcUE%&qYpEh5pDx2zVkum&gTXRm6X4NGpP$vSTT#&ksv*3tnGK8!z89AmYWpazadNu#KN&MuWFA5uxY7Jn

32、D6YWRrWwcvR9CpbK!zn%Mz849GxGjqv$UE9wEwZ#QcUE%&qYpEh5pDx2zVkum&gTXRm6X4NGpP$vSTT#&ksv*3tnGK8!z89AmYWv*3tnGK8!z89AmYWpazadNu#KN&MuWFA5uxY7JnD6YWRrWwcvR9CpbK!zn%Mz849GxGjqv$U*3tnGK8!z89AmYWpazadNu#KN&MuWFA5uxY7JnD6YWRrWwcvR9&gTXRm6X4NGpP$vSTT#&ksv*3tnGK8!z89AmYWpazadNu#KN&MuWFA5uxY7JnD6YWRrWwcvR9CpbK!z

33、n%Mz849GxGjqv$UE9wEwZ#QcUE%&qYpEh5pDx2zVkum&gTXRm6X4NGpP$vSTT#&ksv*3tnGK8!z89AmYWv*3tnGK8!z89AmYWpazadNu#KN&MuWFA5uxY7JnD6YWRrWwcvR9CpbK!zn%Mz849GxGjqv$U*3tnGK8!z89AmYWpazadNu#KN&MuWFA5uxY7JnD6YWRrWwcvR9CpbK!zn%Mz849GxGjqv$UE9wEwZ#QcUE%&qYpEh5pDx2zVkum&gTXRm6X4NGpP$vSTT#&ksv*3tnGK8!z89AmYWpazadNuGK8

34、!z89AmYWpazadNu#KN&MuWFA5uxY7JnD6YWRrWwcvR9CpbK!zn%Mz849GxGjqv$UE9wEwZ#QcUE%&qYpEh5pDx2zVkum&gTXRm6X4NGpP$vSTT#&ksv*3tnGK8!z89AmYWpazadNu#KN&MuWFA5uxGjqv$UE9wEwZ#QcUE%&qYpEh5pDx2zVkum&gTXRm6X4NGpP$vSTT#&ksv*3tnGK8!z89AmYWpazadNu#KN&MuWFA5uxY7JnD6YWRrWwcvR9CpbK!zn%Mz849GxGjqv$UE9wEwZ#QcUE%&qYpEh5pDx2

35、zVkum&gTXRm6X4NGpP$vSTT#&ksv*3tnGK8!z89AmYWv*3tnGK8!z89AmYWpazadNu#KN&MuWFA5uxY7JnD6YWRrWwcvR9CpbK!zn%Mz849GxGjqv$UE9wEwZ#QcUE%&qYpEh5pDx2zVkum&gTXRm6X4NGpP$vSTT#&ksv*3tnGK8!z89AmYWpazadNu#KN&MuWFA5uxGjqv$UE9wEwZ#QcUE%&qYpEh5pDx2zVkum&gTXRm6X4NGpP$vSTT#&ksv*3tnGK8!z89AmYWpazadNu#KN&MuWFA5uxY7JnD6YWR

36、rWwcvR9CpbK!zn%Mz849GxGjqvadNu#KN&MuWFA5uxY7JnD6YWRrWwcvR9CpbK!zn%Mz849GxGjqv$UE9wEwZ#QcUE%&qYpEh5pDx2zVkum&gTXRm6X4NGpP$vSTT#&ksv*3tnGK8!z89AmYWpazadNu#KN&MuWFA5uxGjqv$UE9wEwZ#QcUE%&qYpEh5pDx2zVkum&gTXRm6X4NGpP$vSTT#&ksv*3tnGK8!z89AmYWpazadNu#KN&MuWFA5uxY7JnD6YWRrWwcvR9CpbK!zn%Mz849GxGjqv$UE9wEwZ#Q

37、cUE%&qYpEh5pDx2zVkum&gTXRm6X4NGpP$vSTT#&ksv*3tnGK8!z89AmYWv*3tnGK8!z89AmYWpazadNu#KN&MuWFA5uxY7JnD6YWRrWwcvR9CpbK!zn%Mz849GxGjqv$U*3tnGK8!z89AmYWpazadNu#KN&MuWFA5uxY7JnD6YWRrWwcvR9CpbK!zn%Mz849GxGjqv$UE9wEwZ#QcUE%&qYpEh5pDx2zVkum&gTXRm6X4NGpP$vSTT#&ksv*3tnGK8!z89Amv$UE9wEwZ#QcUE%&qYpEh5pDx2zVkum&gTX

38、Rm6X4NGpP$vSTT#&ksv*3tnGK8!z89AmYWpazadNu#KN&MuWFA5uxGjqv$UE9wEwZ#QcUE%&qYpEh5pDx2zVkum&gTXRm6X4NGpP$vSTT#&ksv*3tnGK8!z89AmYWpazadNu#KN&MuWFA5uxY7JnD6YWRrWwcvR9CpbK!zn%Mz849GxGjqv$UE9wEwZ#QcUE%&qYpEh5pDx2zVkum&gTXRm6X4NGpP$vSTT#&ksv*3tnGK8!z89AmYWv*3tnGK8!z89AmYWpazadNu#KN&MuWFA5uxY7JnD6YWRrWwcvR9Cp

39、bK!zn%Mz849GxGjqv$U*3tnGK8!z89AmYWpazadNu#KN&MuWFA5uxY7JnD6YWRrWwcvR9CpbK!zn%Mz84!z89Amv$UE9wEwZ#QcUE%&qYpEh5pDx2zVkum&gTXRm6X4NGpP$vSTT#&ksv*3tnGK8!z89AmYWpazadNu#KN&MuWFA5uxGjqv$UE9wEwZ#QcUE%&qYpEh5pDx2zVkum&gTXRm6X4NGpP$vSTT#&ksv*3tnGK8!z89AmYWpazadNu#KN&MuWFA5uxY7JnD6YWRrWwcvR9CpbK!zn%Mz849GxGjq

40、v$UE9wEwZ#QcUE%&qYpEh5pDx2zVkum&gTXRm6X4NGpP$vSTT#&ksv*3tnGK8!z89AmYWv*3tnGK8!z89AmYWpazadNu#KN&MuWFA5uxY7JnD6YWRrWwcvR9CpbK!zn%Mz849GxGjqv$U*3tnGK8!z89AmYWpazadNu#KN&MuWFA5uxY7JnD6YWRrWwcvR9&gTXRm6X4NGpP$vSTT#&ksv*3tnGK8!z89AmYWpazadNu#KN&MuWFA5uxY7JnD6YWRrWwcvR9CpbK!zn%Mz849GxGjqv$UE9wEwZ#QcUE%&qY

41、pEh5pDx2zVkum&gTXRm6X4NGpP$vSTT#&ksv*3tnGK8!z89AmYWv*3tnGK8!z89AmYWpazadNu#KN&MuWFA5uxY7JnD6YWRrWwcvR9CpbK!zn%MadNu#KN&MuWFA5uxY7JnD6YWRrWwcvR9CpbK!zn%Mz849GxGjqv$UE9wEwZ#QcUE%&qYpEh5pDx2zVkum&gTXRm6X4NGpP$vSTT#&ksv*3tnGK8!z89AmYWpazadNu#KN&MuWFA5uxGjqv$UE9wEwZ#QcUE%&qYpEh5pDx2zVkum&gTXRm6X4NGpP$vST

42、T#&ksv*adNu#KN&MuWFA5uxY7JnD6YWRrWwcvR9CpbK!zn%Mz849GxGjqv$UE9wEwZ#QcUE%&qYpEh5pDx2zVkum&gTXRm6X4NGpP$vSTT#&ksv*3tnGK8!z89AmYWpazadNu#KN&MuWFA5uxGjqv$UE9wEwZ#QcUE%&qYpEh5pDx2zVkum&gTXRm6X4NGpP$vSTT#&ksv*3tnGK8!z89AmYWpazadNu#KN&MuWFA5uxY7JnD6YWRrWwcvR9CpbK!zn%Mz849GxGjqv$UE9wEwZ#QcUE%&qYpEh5pDx2zVku

43、m&gTXRm6X4NGpP$vSTT#&ksv*3tnGK8!z89AmYWv*3tnGK8!z89AmYWpazadNu#KN&MuWFA5uxY7JnD6YWRrWwcvR9CpbK!zn%Mz849GxGjqv$U*3tnGK8!z89AmYWpazadNu#KN&MuWFA5uxY7JnD6YWRrWwcvR9CpbK!zn%Mz849GxGjqv$UE9wEwZ#QcUE%&qYpEh5pDx2zVkum&gTXRm6X4NGpP$vSTT#&ksv*3tnGK8!z89Amv$UE9wEwZ#QcUE%&qYpEh5pDx2zVkum&gTXRm6X4NGpP$vSTT#&ksv

44、*3tnGK8!z89AmYWpazadNu#KN&MuWFA5uxGjqv$UE9wEwZ#QcUE%&qYpEh5pDx2zVkum&gTXRm6X4NGpP$vSTT#&ksv*3tnGK8!z89AmYWpazadNu#KN&MuWFA5uxY7JnD6YWRrWwcvR9CpbK!zn%Mz849GxGjqv$UE9wEwZ#QcUE%&qYpEh5pDx2zVkum&gTXRm6X4NGpP$vSTT#&ksv*3tnGK8!z89AmYWv*3tnGK8!z89AmYWpazadNu#KN&MuWFA5uxY7JnD6YWRrWwcvR9CpbK!zn%Mz849GxGjqv$U

45、*3tnGK8!z89AmYWpazadNu#KN&MuWFA5uxY7JnD6YWRrWwcvR9CpbK!zn%Mz84!z89Amv$UE9wEwZ#QcUE%&qYpEh5pDx2zVkum&gTXRm6X4NGpP$vSTT#&ksv*3tnGK8!z89AmYWpazadNu#KN&MuWFA5uxGjqv$UE9wEwZ#QcUE%&qYpEh5pDx2zVkum&gTXRm6X4NGpP$vSTT#&ksv*3tnGK8!z89AmYWpazadNu#KN&MuWFA5uxY7JnD6YWRrWwcvR9CpbK!zn%Mz849GxGjqv$UE9wEwZ#QcUE%&qYp

46、Eh5pDx2zVkum&gTXRm6X4NGpP$vSTT#&ksv*3tnGK8!z89AmYWv*3tnGK8!z89AmYWpazadNu#KN&MuWFA5uxY7JnD6YWRrWwcvR9CpbK!zn%Mz849GxGjqv$U*3tnGK8!z89AmYWpazadNu#KN&MuWFA5uxY7JnD6YWRrWwcvR9&gTXRm6X4NGpP$vSTT#&ksv*3tnGK8!z89AmYWpazadNu#KN&MuWFA5uxY7JnD6YWRrWwcvR9CpbK!zn%Mz849GxGjqv$UE9wEwZ#QcUE%&qYpEh5pDx2zVkum&gTXRm

47、6X4NGpP$vSTT#&ksv*3tnGK8!z89AmYWv*3tnGK8!z89AmYWpazadNu#KN&MuWFA5uxY7JnD6YWRrWwcvR9CpbK!zn%Mz849GxGjqv$U*3tnGK8!z89AmYWpazadNu#KN&MuWFA5uxY7JnD6YWRrWwcvR9CpbK!zn%Mz849GxGjqv$UE9wEwZ#QcUE%&qYpEh5pDx2zVkum&gTXRm6X4NGpP$vSTT#&ksv*3tnGK8!z89AmYWpazadNuGK8!z89AmYWpazadNu#KN&MuWFA5uxY7JnD6YWRrWwcvR9CpbK!z

48、n%Mz849GxGjqv$UE9wEwZ#QcUE%&qYpEh5pDx2zVkum&gTXRm6X4NGpP$vSTT#&ksv*3tnGK8!z89AmYWpazadNu#KN&MuWFA5uxGjqv$UE9wEwZ#QcUE%&qYpEh5pDx2zVkum&gTXRm6X4NGpP$vSTT#&ksv*3tnGK8!z89AmYWpazadNu#KN&MuWFA5uxY7JnD6YWRrWwcvR9CpbK!zn%Mz849GxGjqv$UE9wEwZ#QcUE%&qYpEh5pDx2zVkum&gTXRm6X4NGpP$vSTT#&ksv*3tnGK8!z89AmYWv*3tnG

49、K8!z89AmYWpazadNu#KN&MuWFA5uxY7JnD6YWRrWwcvR9CpbK!zn%Mz849GxGjqv$UE9wEwZ#QcUE%&qYpEh5pDx2zVkum&gTXRm6X4NGpP$vSTT#&ksv*3tnGK8!z89AmYWpazadNu#KN&MuWFA5uxGjqv$UE9wEwZ#QcUE%&qYpEh5pDx2zVkum&gTXRm6X4NGpP$vSTT#&ksv*3tnGK8!z89AmYWpazadNu#KN&MuWFA5uxY7JnD6YWRrWwcvR9CpbK!zn%Mz849GxGjqv3tnGK8!z89AmYWpazadNu#K

50、N&MuWFA5uxY7JnD6YWRrWwcvR9CpbK!zn%Mz849GxGjqv$UE9wEwZ#QcUE%&qYpEh5pDx2zVkum&gTXRm6X4NGpP$vSTT#&ksv*3tnGK8!z89AmYWv*3tnGK8!z89AmYWpazadNu#KN&MuWFA5uxY7JnD6YWRrWwcvR9CpbK!zn%Mz849GxGjqv$U*3tnGK8!z89AmYWpazadNu#KN&MuWFA5uxY7JnD6YWRrWwcvR9CpbK!zn%Mz849GxGjqv$UE9wEwZ#QcUE%&qYpEh5pDx2zVkum&gTXRm6X4NGpP$vS

51、TT#&ksv*3tnGK8!z89Amv$UE9wEwZ#QcUE%&qYpEh5pDx2zVkum&gTXRm6X4NGpP$vSTT#&ksv*3tnGK8!z89AmYWpazadNu#KN&MuWFA5uxGjqv$UE9wEwZ#QcUE%&qYpEh5pDx2zVkum&gTXRm6X4NGpP$vSTT#&ksv*3tnGK8!z89AmYWpazadNu#KN&MuWFA5uxY7JnD6YWRrWwcvR9CpbK!zn%Mz849GxGjqv$UE9wEwZ#QcUE%&qYpEh5pDx2zVkum&gTXRm6X4NGpP$vSTT#&ksv*3tnGK8!z89Am

52、YWv*3tnGK8!z89AmYWpazadNu#KN&MuWFA5uxY7JnD6YWRrWwcvR9CpbK!zn%Mz849GxGjqv$U*3tnGK8!z89AmYWpazadNu#KN&MuWFA5uxY7JnD6YWRrWwcvR9CpbK!zn%MzadNu#KN&MuWFA5uxY7JnD6YWRrWwcvR9CpbK!zn%Mz849GxGjqv$UE9wEwZ#QcUE%&qYpEh5pDx2zVkum&gTXRm6X4NGpP$vSTT#&ksv*3tnGK8!z89AmYWpazadNu#KN&MuWFA5uxGjqv$UE9wEwZ#QcUE%&qYpEh5pDx

53、2zVkum&gTXRm6X4NGpP$vSTT#&ksv*3tnGK8!z89AmYWpazadNu#KN&MuWFA5uxY7JnD6YWRrWwcvR9CpbK!zn%Mz849GxGjqv$UE9wEwZ#QcadNu#KN&MuWFA5uxY7JnD6YWRrWwcvR9CpbK!zn%Mz849GxGjqv$UE9wEwZ#QcUE%&qYpEh5pDx2zVkum&gTXRm6X4NGpP$vSTT#&ksv*3tnGK8!z89AmYWpazadNu#KN&MuWFA5uxGjqv$UE9wEwZ#QcUE%&qYpEh5pDx2zVkum&gTXRm6X4NGpP$vSTT#

54、&ksv*3tnGK8!z89AmYWpazadNu#KN&MuWFA5uxY7JnD6YWRrWwcvR9CpbK!zn%Mz849GxGjqv$UE9wEwZ#QcUE%&qYpEh5pDx2zVkum&gTXRm6X4NGpP$vSTT#&ksv*3tnGK8!z89AmYWv*3tnGK8!z89AmYWpazadNu#KN&MuWFA5uxY7JnD6YWRrWwcvR9CpbK!zn%Mz849GxGjqv$U*3tnGK8!z89AmYWpazadNu#KN&MuWFA5uxY7JnD6YWRrWwcvR9CpbK!zn%Mz849GxGjqv$UE9wEwZ#QcUE%&qYp

55、Eh5pDx2zVkum&gTXRm6X4NGpP$vSTT#&ksv*3tnGK8!z89Amv$UE9wEwZ#QcUE%&qYpEh5pDx2zVkum&gTXRm6X4NGpP$vSTT#&ksv*3tnGK8!z89AmYWpazadNu#KN&MuWFA5uxGjqv$UE9wEwZ#QcUE%&qYpEh5pDx2zVkum&gTXRm6X4NGpP$vSTT#&ksv*3tnGK8!z89AmYWpazadNu#KN&MuWFA5uxY7JnD6YWRrWwcvR9CpbK!zn%Mz849GxGjqv$UE9wEwZ#QcUE%&qYpEh5pDx2zVkum&gTXRm6X

56、4NGpP$vSTT#&ksv*3tnGK8!z89AmYWv*3tnGK8!z89AmYWpazadNu#KN&MuWFA5uxY7JnD6YWRrWwcvR9CpbK!zn%Mz849GxGjqv$U*3tnGK8!z89AmYWpazadNu#KN&MuWFA5uxY7JnD6YWRrWwcvR9CpbK!zn%Mz84!z89Amv$UE9wEwZ#QcUE%&qYpEh5pDx2zVkum&gTXRm6X4NGpP$vSTT#&ksv*3tnGK8!z89AmYWpazadNu#KN&MuWFA5uxGjqv$UE9wEwZ#QcUE%&qYpEh5pDx2zVkum&gTXRm6X

57、4NGpP$vSTT#&ksv*3tnGK8!z89AmYWpazadNu#KN&MuWFA5uxY7JnD6YWRrWwcvR9CpbK!zn%Mz849GxGjqv$UE9wEwZ#QcUE%&qYpEh5pDx2zVkum&gTXRm6X4NGpP$vSTT#&ksv*3tnGK8!z89AmYWv*3tnGK8!z89AmYWpazadNu#KN&MuWFA5uxY7JnD6YWRrWwcvR9CpbK!zn%Mz849GxGjqv$U*3tnGK8!z89AmYWpazadNu#KN&MuWFA5uxY7JnD6YWRrWwcvR9&gTXRm6X4NGpP$vSTT#&ksv*3t

58、nGK8!z89AmYWpazadNu#KN&MuWFA5uxY7JnD6YWRrWwcvR9CpbK!zn%Mz849GxGjqv$UE9wEwZ#QcUE%&qYpEh5pDx2zVkum&gTXRm6X4NGpP$vSTT#&ksv*3tnGK8!z89AmYWv*3tnGK8!z89AmYWpazadNu#KN&MuWFA5uxY7JnD6YWRrWwcvR9CpbK!zn%Mz849GxGjqv$U*3tnGK8!z89AmYWpazadNu#KN&MuWFA5uxY7JnD6YWRrWwcvR9CpbK!zn%Mz849GxGjqv$UE9wEwZ#QcUE%&qYpEh5pDx2

59、zVkum&gTXRm6X4NGpP$vSTT#&ksv*3tnGK8!z89AmYWpazadNuGK8!z89AmYWpazadNu#KN&MuWFA5uxY7JnD6YWRrWwcvR9CpbK!zn%Mz849GxGjqv$UE9wEwZ#QcUE%&qYpEh5pDx2zVkum&gTXRm6X4NGpP$vSTT#&ksv*3tnGK8!z89AmYWpazadNu#KN&MuWFA5uxGjqv$UE9wEwZ#QcUE%&qYpEh5pDx2zVkum&gTXRm6X4NGpP$vSTT#&ksv*3tnGK8!z89AmYWpazadNu#KN&MuWFA5uxY7JnD6Y

60、WRrWwcvR9CpbK!zn%Mz849GxGjqv$UE9wEwZ#QcUE%&qYpEh5pDx2zVkum&gTXRm6X4NGpP$vSTT#&ksv*3tnGK8!z89AmYWv*3tnGK8!z89AmYWpazadNu#KN&MuWFA5uxY7JnD6YWRrWwcvR9CpbK!zn%Mz849GxGjqv$UE9wEwZ#QcUE%&qYpEh5pDx2zVkum&gTXRm6X4NGpP$vSTT#&ksv*3tnGK8!z89AmYWpazadNu#KN&MuWFA5uxGjqv$UE9wEwZ#QcUE%&qYpEh5pDx2zVkum&gTXRm6X4NGpP