光伏发电并网工程财务评价与社会效益初步分析

PAGE92光伏发电并网工程财务评价与社会效益初步分析1.1概述某某某光伏发电并网工程，设计装机容量约20MWp，正常运行多年平均上网电量2828.249万kW·h，工程工期为1年。财务评价计算期采用26年，建设期1年，生产经营期25年。按新颁布的《建设项目经济评价方法与参数》(第三版)及现行的有关财税政策，对光伏电场工程进行财务评价。1.2财务初步评价1.2.1项目投资和资金筹措、贷款偿还1、资金筹措本项目总投资为21750.82万元，其中自有资金6232.5万元，占项目总投资的30%，其余由国内银行贷款为15518.32万元。2、贷款条件项目贷款年利率为6.71%，贷款偿还期为15年。1.2.2总成本费用1.2.2.1总成本费用计算本项目发电总成本费用包括经营成本、折旧费、利息支出，其中经营成本包括修理费、职工工资、福利费、劳保统筹、住房公积金、材料费、保险费和其他费用。①折旧费：采用直线法，残值按固定资产原值的5%提取，折旧年限20年；②修理费：年平均维修费为22.6万元；③职工工资及福利费、劳保统筹和住房公积金：本光伏电站定员10人，人均年工资3.6万元，福利费系数54%；④保险费：保险费是指固定资产保险和其他保险，保险费率按固定资产价值的0.24%计算；⑤材料费和其他费用：材料费定额取为3元/kW，其他费用定额取为3元/kW；⑥利息支出：利息支出为固定资产和流动资金在生产期应从成本中支付的借款利息，依各年还贷情况而不同，还贷期年平均为555.3万元；⑦税金：根椐国家税收政策，电力工程交纳的税金包括增值税、销售税金附加、所得税。依据《中华人民共和国增值税暂行条例》规定，对购进固定资产部分的进项税额允许从销项税额中抵扣。销售税金附加包括城市维护建设税和教育费附加，以增值税税额为基础计征，按规定分别取5%和5%。依据《中华人民共和国企业所得税法实施条例》，所得税税率按25%计取，税收优惠条款实行所得税“三免三减”优惠。1.2.2.2发电效益计算电价依据《国家发展改革委关于完善太阳能光伏发电上网电价政策的通知》（发改价格[2011]1594号），确定上网电价为0.95元/kw.h(含税)。2、发电效益计算发电收入=电量×电价经营期总收入为57413.336万元（不含税）；发电利润=发电收入-发电总成本费用-发电税金；太阳能电场的各年收入、税金、利润计算见附表。1.2.3敏感性分析财务敏感性分析成果表序号项目财务内部收益率（%）上网电价（元/kWh）项目投资资本金不含增值税含增值税1基本方案8.67%9.43%0.81200.95002投资变化10%7.56%7.28%0.81200.95005%8.09%8.29%0.81200.9500-5%9.30%10.72%0.81200.9500-10%9.99%1.20%0.81200.95003电量变化10%9.89%11.98%0.81200.95005%9.28%10.69%0.81200.9500-5%8.05%8.20%0.81200.9500-10%7.42%7.01%0.81200.95004电价变化10%9.89%11.98%0.89321.04505%9.28%10.69%0.85260.9975-5%8.05%8.20%0.77140.9025-10%7.42%7.01%0.73080.8550从表中可以看出，投资、发电量的变化对财务收益率的影响较大，电量减少影响较明显。下阶段应切实落实资金筹措计划，在建设中加强管理，控制投资的增加，确保工程如期发电。1.2.4财务评价结论通过财务评价指标表可以看出全部投资所得税后财务净现值1407.655万元，资本金所得税后财务内部收益率8.67%等计算指标均能满足行业规定的相应基准财务评价参数的要求，表明本工程财务评价是可行的。附：财务评价表附表一：固定资产投资评估表单位：万元备注第一部分设备及安装工程13070.00表10-2第二部分建筑工程4271.00第三部分线路工程406.00表10-5第四部分其他费用2496.00表10-2一至四部分合计20243.00基本预备费532.00表10-5静态总投资20775.00资金本6232.50建设期利息975.82动态总投资21750.82附表二：投资计划与资金筹措表单位：万元序号项目合计建设期备注11总投资21800.8221800.821.1固定资产投资20775.0020775.001.1.1外资0.000.001.1.2内资20775.0020775.001.2建设期利息975.82975.821.2.1外资利息0.000.001.2.2内资利息975.82975.821.3流动资金50.0050.002资金筹措21800.8021800.802.1自有资金6282.506282.50其中：用于流动资金50.0050.002.2借款15518.3015518.302.2.1长期借款15518.3015518.30内资借款14542.5014542.50外资借款0.000.00建设期利息借款975.80975.802.2.2流动资金借款0.000.00注：总投资中包含流动资金附表三：总成本费用估计表1序号项目\年份比率合计建设期正常运行期12345678910111213发电成本1折旧费63.48%2066301033.21033.21033.21033.21033.21033.21033.21033.21033.21033.21033.21033.22修理费1.74%565021.821.821.821.821.821.821.922.022.122.222.322.44工资福利、劳保统筹和住房基金4.26%1386055.455.455.455.455.455.455.455.455.455.455.455.45保险费4.01%1305052.252.252.252.252.252.252.252.252.252.252.252.26材料费0.46%15006666666666667摊销费0.00%000000000000008利息支出25.59%8330010419729028337646946255554864173472789其他费用0.46%1500666666666666固定成本99.48%323800220921402070200119321862179317241654158515161446可变成本0.52%1700777777777777总成本费用100.00%325500221621462077200819381869179917301661159215221453其中：经营成本10.46%34060135135135135135135136136136136136136附表四：总成本费用估计表2序号项目\年份比率合计建设期正常运行期114151617181920212223242526发电成本1折旧费63.48%206631033.21033.21033.21033.21033.210331033.21033.160.00.00.00.00.02修理费1.74%56522.522.622.722.923.023.123.223.323.423.623.723.823.94工资福利、劳保统筹和住房基金4.26%138655.455.455.455.455.455.455.455.455.455.455.455.455.45保险费4.01%130552.252.252.252.252.252.252.252.252.252.252.252.252.26材料费0.46%15066666666666667摊销费0.00%000000000000008利息支出25.59%8330208139699其他费用0.46%1506666666666666固定成本99.48%3238013771307123811691169116911691169136136136136136可变成本0.52%1707777777777777总成本费用100.00%3255013841314124511761176117611761176143143143143144其中：经营成本10.46%3406136136136137137137137137137137137137138附表五：损益和利润分配表1单位：万元序号项目\年份合计建设期正常运行期12345678910111213上网电量（万kWh）70706.1163109.203084.333059.653035.173010.892986.812962.912939.212915.692892.372869.232846.28含增值税上网电价（元/kWh）0.95000.95000.95000.95000.95000.95000.95000.95000.95000.95000.95000.95000.9500不含增值税上网电价（元/kWh）0.81200.81200.81200.81200.81200.81200.81200.81200.81200.81200.81200.81200.81201发电销售总收入57413.3660000002524.72504.52484.42464.62444.82425.32405.92386.62367.52348.62329.82311.22销售税金及附加9760.04343424242414141404040393总成本费用32549.620.02215.82146.42077.02007.61938.21868.71799.41730.11660.81591.51522.21452.94补贴收入（退税+金太阳补贴）5利润总额（1-2-3+4）23887.7190.0265.9315.5365.2415.1465.1515.3565.6615.9666.5717.2768.0819.06弥补亏损7所得税5625.25360.00.00.00.051.958.1128.8141.4154.0166.6179.3192.0204.78税后利润（5-6-7）18262.4650.0265.9315.5365.2363.2407.0386.5424.2462.0499.9537.9576.0614.29盈余公积金1826.24650.026.631.536.536.340.738.642.446.250.053.857.661.410可供分配利润（8-9）16436.2190.0239.3283.9328.7326.9366.3347.8381.7415.8449.9484.1518.4552.811可供分配利润累计16436.20.0239.3523.3851.91178.81545.11892.92274.72690.43140.33624.44142.84695.612应付利润16436.2190.0239.3283.9328.7326.9366.3347.8381.7415.8449.9484.1518.4552.813未分配利润00.00.00.00.00.00.00.00.00.00.00.00.0附表六：损益和利润分配表2单位：万元序号项目\年份合计正常运行期14151617181920212223242526上网电量（万kWh）70706.1162823.512800.922778.512756.282734.23271.362690.662669.132647.782626.602605.592584.742564.06含增值税上网电价（元/kWh）0.95000.95000.95000.95000.95000.95000.95000.95000.95000.95000.95000.95000.9500不含增值税上网电价（元/kWh）0.81200.81200.81200.81200.81200.81200.81200.81200.81200.81200.81200.81200.81201发电销售总收入57413.3662292.72274.32256.22238.12220.22202.42184.82167.32150.02132.82115.72098.82082.02销售税金及附加976393938383837373737363636353总成本费用32549.621383.61314.31245.01175.71175.81175.91176.01176.1143.1143.2143.3143.4143.64补贴收入（退税+金太阳补贴）5利润总额（1-2-3+4）23887.719870.1921.4972.81024.41006.7989.1971.7954.41970.41953.31936.51919.71903.16弥补亏损7所得税5625.2536217.5230.4243.2256.1251.7247.3242.9238.6492.6488.3484.1479.9475.88税后利润（5-6-7）18262.465652.6691.1729.6768.3755.0741.8728.7715.81477.81465.01452.31439.81427.39盈余公积金1826.246565.369.173.076.875.574.272.971.6147.8146.5145.2144.0142.710可供分配利润（8-9）16436.219587.3621.9656.7691.5679.5667.6655.9644.21330.01318.51307.11295.81284.611可供分配利润累计16436.25283.05904.96561.67253.07932.58600.29256.19900.211230.212548.713855.915151.616436.212应付利润16436.219587.3621.9656.7691.5679.5667.6655.9644.21330.01318.51307.11295.81284.613未分配利润00.00.00.00.00.00.00.00.00.00.00.00.00.0附表七：还本付息计算表1单位：万元序号项目\年份合计建设期正常运行期123456789101112131人民币借款及还本付息1.1年初借款本息累计01551814484134491241511380103469311827672426207517341381.1.1本金014543000000000001.1.2建设期利息0976000000000001.2本年借款14543145430000000000001.3本年应计利息930697610419729028337646946255554864173472781.4本年还本1551801035103510351035103510351035103510351035103510351.5本年付息8330.2010419729028337646946255554864173472782外贷借款及还本付息3还本付息的资金来源3.2折旧1551800103510351035103510351035103510351035103510353.3摊销000000000000003.4其他资金合计（3.1+3.2+3.3+3.4）144840010351035103510351035103510351035103510351035附表八：还本付息计算表2单位：万元序号项目\年份合计正常运行期141516171819202122232425261人民币借款及还本付息1.1年初借款本息累计3104206910351.1.1本金00000000000001.1.2建设期利息00000000000001.2本年借款1454300000000000001.3本年应计利息93062081396900000000001.4本年还本1551810351035103500001.5本年付息8330.2208139692外贷借款及还本付息3还本付息的资金来源3.2折旧155181035103510350.00.00.00.00.0000003.3摊销000000000000003.4其他资金0.00.00.00.00.00.00.00.00.00.0合计（3.1+3.2+3.3+3.4）144841035103510350.00.00.00.00.00.00.00.00.00.0附表九：资金来源及运用表1单位：万元序号项目\年份合计建设期正常运行期123456789101112131资金来源67489218011299134913981448149815481599164917001750180118521.1利润总额2388802663153654154655155666166667177688191.2折旧费2066301033103310331033103310331033103310331033103310331.3摊销费000000000000001.4长期借款15518155180000000000001.5流动资金借款000000000000001.6其他短期借款000000000000001.7资本金628362830000000000001.8增值税转型返还01.9回收固定资产余值108800000000000001.10回收流动资金5000000000000002资金应用59381218011274131813631413145915111558160416511698174517922.1固定资产投资20775207750000000000002.2建设期利息9769760000000000002.3流动资金50500000000000002.4所得税5625000052581291411541671791922052.5应付利润1643602392843293273663483824164504845185532.6长期借款本金偿还1551801035103510351035103510351035103510351035103510352.7流动资金借款本金偿还000000000000002.8其他短贷偿还及弥补亏损000000000000003盈余资金810902530353539374145495256604累计盈余资金81090255590125165202243288336389445505附表十：资金来源及运用表2单位：万元序号项目\年份合计正常运行期141516171819202122232425261资金来源6748919031955200620582040202220051988197019531936192030411.1利润总额2388887092197310241007989972954197019531936192019031.2折旧费20663103310331033103310331033103310330.00.00.00.00.01.3摊销费000000000000001.4长期借款1551800000000000001.5流动资金借款000000000000001.6其他短期借款000000000000001.7资本金628300000000000001.8增值税转型返还01.9回收固定资产余值108800000000000010881.10回收流动资金50000000000000502资金应用59381183918871934948931915899883182318071791177617602.1固定资产投资2077500000000000002.2建设期利息97600000000000002.3流动资金5000000000000002.4所得税56252182302432562522472432394934884844804762.5应付利润16436587622657691680668656644133013191307129612852.6长期借款本金偿还1551810351035103500000000002.7流动资金借款本金偿还000000000000002.8其他短贷偿还及弥补亏损000000000000003盈余资金81096468721110110911071106110514814714514412804累计盈余资金81095696377081818292740345140624563936539668568288109附表十一：资产负债表1单位：万元序号项目\年份合计建设期正常运行期123456789101112131资产21801207931979018792177941680015804148121382312839118581088199081.1流动资产总值50751051401752152522933383864394955551.1.1流动资产505050505050505050505050501.1.2累计盈余资金02555901251652022432883363894455051.2在建工程217510000000000001.3固定资产净值0207181968418651176181658515552145191348612452114191038693531.4无形及递延资产净值1.5其它2负债及所有者权益218012105920371197381910318516179071733916813163281588515484151252.1流动负债总值00000000000002.2长期借款1551814484134491241511380103469311827672426207517341383104负债小计（2.1+2.2）15518144841344912415113801034693118276724262075173413831042.3所有者权益628365756922732477238171859690639571101211071211346120222.3.1资本金62836283628362836283628362836283628362836283628362832.3.2资本公积金2.3.3累计盈余公积金与公益金02758951311722102532993494034605222.3.4累计未分配利润0266581947131017172103252729893489402746035217资产负债率（%）71.18%69.66%67.96%66.06%63.96%61.58%58.92%55.88%52.39%48.35%43.62%38.03%31.33%附表十二：资产负债表2单位：万元序号项目\年份合计正常运行期141516171819202122232425261资产8939797370128122923010338114441254812696128431298813132132751.1流动资产总值61968775818682977408451906295644365896735687881091.1.1流动资产50505050505050505050505001.1.2累计盈余资金56963770818182927403451406245639365396685682881091.2在建工程00000000000001.3固定资产净值83207287625362536253625362536253625362536253625351661.4无形及递延资产净值1.5其它2负债及所有者权益148091453414302151471597816794175951838320008216202321724801263712.1流动负债总值00000000000002.2长期借款2069103500000000000负债小计（2.1+2.2）20691035000000000002.3所有者权益127391350014302151471597816794175951838320008216202321724801263712.3.1资本金62836283628362836283628362836283628362836283628362832.3.2资本公积金2.3.3累计盈余公积金与公益金58765672980688195610281100124813941540168418262.3.4累计未分配利润58706561729180598814955610285110001247813943153951683518262资产负债率（%）23.15%1.98%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%附表十三：项目财务现金流量表1单位：万元序号项目\年份合计建设期正常运行期123456789101112131现金流入58550.90.02524.72504.52484.42464.62444.82425.32405.92386.62367.52348.62329.82311.21.1发电销售收入57413.40.02524.72504.52484.42464.62444.82425.32405.92386.62367.52348.62329.82311.21.2政府金太阳补贴0.00.00.00.00.00.00.00.00.00.00.00.00.00.01.3回收固定资产余值1087.50.00.00.00.00.00.00.00.00.00.00.00.00.01.4回收流动资金50.00.00.00.00.00.00.00.00.00.00.00.00.00.02现金流出30832.420825.0178.3178.0177.6229.2235.1305.5317.8330.2342.6355.1367.6380.12.1固定资产投资20775.020775.00.00.00.00.00.00.00.00.00.00.00.00.02.2流动资金50.050.00.00.00.00.00.00.00.00.00.00.00.00.02.3经营成本3406.10.0135.4135.4135.4135.4135.4135.4135.5135.6135.7135.8135.9136.12.4销售税金及附加976.00.042.942.642.241.941.641.240.940.640.239.939.639.32.5所得税5625.30.00.00.00.051.958.1128.8141.4154.0166.6179.3192.0204.73税后净现金流量27718.5-20825.02346.42326.52306.82235.42209.72119.82088.12056.52025.01993.61962.31931.14累计净现金流量125426.2-20825.0-18478.6-16152.1-13845.3-11609.9-9400.2-7280.4-5192.3-3135.8-1110.8882.72845.04776.1财务内部收益率8.67%财务净现值ic=7%1,407.65投资回收期（年）10.5附表十四：项目财务现金流量表2单位：万元序号项目\年份合计正常运行期141516171819202122232425261现金流入58550.92292.72274.32256.22238.12220.22202.42184.82167.32150.02132.82115.72098.83219.61.1发电销售收入57413.42292.72274.32256.22238.12220.22202.42184.82167.32150.02132.82115.72098.82082.01.2政府金太阳补贴0.00.00.00.00.00.00.00.00.00.00.00.00.00.01.3回收固定资产余值1087.50.00.00.00.00.00.00.00.00.00.00.00.01087.51.4回收流动资金50.00.00.00.00.00.00.00.00.00.00.00.00.050.02现金流出30832.4392.7405.3418.0430.6426.0421.4416.941.4666.2661.8657.4653.0648.72.1固定资产投资20775.00.00.00.00.00.00.00.00.00.00.00.00.00.02.2流动资金50.00.00.00.00.00.00.00.00.00.00.00.00.00.02.3经营成本3406.1136.2136.3136.4136.5136.6136.7136.8137.0137.1137.2137.3137.4137.62.4销售税金及附加976.039.038.738.438.037.737.437.136.836.536.336.035.735.42.5所得税5625.3217.5230.4243.2256.1251.7247.3242.9238.6492.6488.3484.1479.9475.83税后净现金流量27718.51900.01869.11838.21807.51794.21781.01767.91754.91483.81471.01458.31445.82570.84累计净现金流量125426.26676.18545.110383.312190.813984.915765.917533.819288.820772.622243.623701.925147.727718.5附表十五：资本金财务现金流量表1单位：万元序号项目\年份合计建设期正常运行期123456789101112131现金流量58550.90.02524.72504.52484.42464.62444.82425.32405.92386.62367.52348.62329.82311.21.1发电销售收入57413.40.02524.72504.52484.42464.62444.82425.32405.92386.62367.52348.62329.82311.21.2增值税转型税额返还及政府补贴0.00.00.00.00.00.00.00.00.00.00.00.00.00.01.3回收固定资产余值1087.50.00.00.00.00.00.00.00.00.00.00.00.00.01.4回收流动资金50.00.00.00.00.00.00.00.00.00.00.00.00.00.02现金流出40138.46282.52254.12184.42114.62096.82033.32034.21977.11920.11863.11806.11749.21692.32.1固定资产投资中资本金6232.56232.50.00.00.00.00.00.00.00.00.00.00.00.02.2流动资金中资本金50.050.00.00.00.00.00.00.00.00.00.00.00.00.02.3国外借款本金偿还0.02.4国内借款本金偿还15518.30.01034.61034.61034.61034.61034.61034.61034.61034.61034.61034.61034.61034.62.5国外借款利息偿还0.02.6国内借款利息支付8330.20.01041.3971.9902.4833.0763.6694.2624.8555.3485.9416.5347.1277.72.7流动资金贷款利息0.00.00.00.00.00.00.00.00.00.00.00.00.00.02.8短期贷款利息0.00.00.00.00.00.00.00.00.00.00.00.00.00.02.9经营成本3406.10.0135.4135.4135.4135.4135.4135.4135.5135.6135.7135.8135.9136.12.10销售税金及附加976.00.042.942.642.241.941.641.240.940.640.239.939.639.32.11所得税5625.30.00.00.00.051.958.1128.8141.4154.0166.6179.3192.0204.73净现金流量1841.5-6282.5270.5320.1369.8367.8411.6391.1428.8466.6504.5542.5580.6618.94累计净现金流量1841.5-6282.5-601.0-5691.9-5322.1-4954.3-4542.7-4151.6-3722.8-3256.2-2751.8-2209.3-1628.6-1009.8计算指标：资本金财务内部收益率9.43%资本金财