项目经济评价案例.xls

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1、序号项目合计计算期451营业收入 540,960.0029,440.0033,120.002营业税金及附加36,750.002,000.002,250.003总成本费用376,363.6724,181.0025,697.934补贴收入0.000.000.005利润总额（1-2-3+4）127,846.333,259.005,172.076弥补以前年度亏损0.000.000.007应纳税所得额（5-6）127,846.333,259.005,172.078所得税31,961.58814.751,293.029净利润（5-8）95,884.752,444.253,879.0510期初未分配利润0.

2、000.000.0011可供分配的利润（9+10）95,884.752,444.253,879.0512提取法定盈余公积金（9*10%）9,588.47244.43387.9113可供投资者分配的利润（11-12）86,296.272,199.833,491.1514应付优先股股利0.000.000.0015提取任意盈余公积0.000.000.0016应付普通股股利86,296.272,199.833,491.1517各投资方利润分配67,495.52249.12450.95其中：A公司40,497.31149.47270.57 B公司26,998.2199.65180.3818未分配利润0.

3、000.000.0019息税前利润146,706.007,084.008,582.0020息税折旧摊销前利润190,206.009,984.0011,482.00说明：第17行解读第4年偿还借款本金4850.71，2199.83+2780+120-4850.71=249.12（万元）可供投资者分配。第5年偿还借款本金5940.20，3491.15+2780+120-5940.20=450.95（万元）可供投资者分配。第6年偿还借款本金7091.74，4856.01+2780+120-7091.74=664.27（万元）可供投资者分配。第7年偿还借款本金7495.61，5334.70+2780+

4、120-7495.61=739.09（万元）可供投资者分配。第8年偿还借款本金7922.50，5840.66+2780+120-7922.50=818.16（万元）可供投资者分配。第9年偿还借款本金1349.24，用折旧偿还即可，所以当年全部分配。为什么折旧和摊销可以用来偿还借款本金？销销售售收收入入-经经营营成成本本-折折旧旧-摊摊销销-利利息息-销销售售税税金金及及附附加加-所所得得税税=税税后后利利润润销销售售收收入入-经经营营成成本本-利利息息-销销售售税税金金及及附附加加-所所得得税税=企企业业持持有有的的现现金金=税税后后利利润润+折折旧旧+摊摊销销19行息税前利润第4年=3259

5、+360+3465=7084(万元）第5年=5172.07+430+2979.93=8582（万元）第6年=7194.09+500+2385.91=10080（万元）第7年=7903.26+500+1676.74=10080（万元）第8年=8652.83+500+927.17=10080（万元）第9年=9445.08+500+134.92=10080（万元）第10-18年=9580+500=10080（万元）20行息税折旧摊销前利润第4年=7084+2780+120=9984(万元）第5年=8582+2780+120=11482（万元）第6年=10080+2780+120=12980（万元）第

6、7年=10080+2780+120=12980（万元）第8年=10080+2780+120=12980（万元）第9年=10080+2780+120=12980（万元）第10-18年=10080+2780+120=12980（万元）6789101836,800.0036,800.0036,800.0036,800.0036,800.002,500.002,500.002,500.002,500.002,500.0027,105.9126,396.7425,647.1724,854.9224,720.000.000.000.000.000.007,194.097,903.268,652.839,4

7、45.089,580.000.000.000.000.000.007,194.097,903.268,652.839,445.089,580.001,798.521,975.822,163.212,361.272,395.005,395.575,927.456,489.627,083.817,185.000.000.000.000.000.005,395.575,927.456,489.627,083.817,185.00539.56592.74648.96708.38718.504,856.015,334.705,840.666,375.436,466.500.000.000.000.000

8、.000.000.000.000.000.004,856.015,334.705,840.666,375.436,466.50664.27739.09818.166,375.436,466.50398.56443.45490.903,825.263,879.90265.71295.64327.262,550.172,586.600.000.000.000.000.0010,080.0010,080.0010,080.0010,080.0010,080.0012,980.0012,980.0012,980.0012,980.0012,980.00计算期第4年偿还借款本金4850.71，2199.

9、83+2780+120-4850.71=249.12（万元）可供投资者分配。第5年偿还借款本金5940.20，3491.15+2780+120-5940.20=450.95（万元）可供投资者分配。第6年偿还借款本金7091.74，4856.01+2780+120-7091.74=664.27（万元）可供投资者分配。第7年偿还借款本金7495.61，5334.70+2780+120-7495.61=739.09（万元）可供投资者分配。第8年偿还借款本金7922.50，5840.66+2780+120-7922.50=818.16（万元）可供投资者分配。销销售售收收入入-经经营营成成本本-利利息息

10、-销销售售税税金金及及附附加加-所所得得税税=企企业业持持有有的的现现金金=税税后后利利润润+折折旧旧+摊摊销销序号项目合计计算期121现金流入641,072.001.1 营业收入540,960.001.2 增值税销项税额91,962.001.3 补贴收入0.001.4 回收固定资产余值1,150.001.5 回收流动资金7,000.002现金流出489,716.0013,000.0017,000.002.1 建设投资44,000.0013,000.0017,000.002.2 流动资金7,000.002.3 经营成本314,004.002.4 投入物的进项税额47,200.002.5 应缴增

11、值税40,762.002.6 营业税金及附加36,750.002.7 维持运营投资0.003所得税前净现金流量（1-2）151,356.00-13,000.00-17,000.004累计所得税前净现金流量-13,000.00-30,000.005调整所得税36,676.506所得税后净现金流量114,679.50-13,000.00-17,000.007累计所得税后净现金流量-13,000.00-30,000.00计算指标：项目投资财务内部收益率（%）（所得税前）：20.76%项目投资财务内部收益率（%）（所得税后）：16.96%项目投资财务净现值（所得税前）：34260.71（万元）项目投资

12、财务净现值（所得税后）：20603.55（万元）项目投资回收期（所得税前）：6.97（年）项目投资回收期（所得税后）：7.82（年）5调整所得税=息税前利润*25%（利润表19行：息税前利润）19息税前利润146,706.007,084.008,582.00调整所得税36,676.501,771.002,145.50税前财务内部收益率、财务净现值计算过程税前NCFi=18%FNPV1-13,000.000.8475-11,017.50002-17,000.000.7182-12,209.40003-14,000.000.6086-8,520.400046,788.000.51583,501.2

13、504512,378.000.43715,410.4238612,280.000.37044,548.51207-1712,980.001.724622,385.07961821,130.000.05081,073.40405,171.3698FIRR=20%+0.76%=20.76%投资回收期=6+12554/12980=6.97年税后财务内部收益率、财务净现值计算过程税后NCFi=18%FNPV1-13,000.000.8475-11,017.50002-17,000.000.7182-12,209.40003-14,000.000.6086-8,520.400045,017.000.51

14、582,587.7686510,232.500.43714,472.625869,760.000.37043,615.10407-1710,460.001.724618,039.13191818,610.000.0508945.3880-2,087.2817投资回收期=7+8530.5/10460=7.82年FIRR=15%+0.656*0.03=16.96%3456734,444.0038,750.0043,056.0043,056.0029,440.0033,120.0036,800.0036,800.005,004.005,630.006,256.006,256.000.000.000.

15、000.0014,000.0027,656.0026,372.0030,776.0030,076.0014,000.005,600.00700.00700.0017,456.0019,388.0021,320.0021,320.002,600.003,000.003,200.003,200.000.001,034.003,056.003,056.002,000.002,250.002,500.002,500.000.000.000.000.00-14,000.006,788.0012,378.0012,280.0012,980.00-44,000.00-37,212.00-24,834.00-

16、12,554.00426.001,771.002,145.502,520.002,520.00-14,000.005,017.0010,232.509,760.0010,460.00-44,000.00-38,983.00-28,750.50-18,990.50-8,530.5010,080.0010,080.0010,080.0010,080.0010,080.002,520.002,520.002,520.002,520.002,520.00i=20%FNPVi=22%FNPVi=10%0.8333-10,832.90000.8197-10,656.10000.90910.6944-11,

17、804.80000.6719-11,422.30000.82640.5787-8,101.80000.5507-7,709.80000.75130.48233,273.85240.45143,064.10320.68300.40194,974.71820.36704,542.72600.62090.33494,112.57200.30333,724.52400.56451.449118,809.91241.223915,886.69993.66650.0376794.48800.0279589.52700.17991,226.0430-1,980.6199计算期税前财务内部收益率、财务净现值计

18、算过程i=15%FNPV年年份份税税后后NCFNCFi=10%i=10%0.8696-11,304.80001 1-13,000.00-13,000.000.90910.90910.7561-12,853.70002 2-17,000.00-17,000.000.82640.82640.6575-9,205.00003 3-14,000.00-14,000.000.75130.75130.57182,868.72064 45,017.005,017.000.68300.68300.49725,087.59905 510,232.5010,232.500.62090.62090.43234,21

19、9.24806 69,760.009,760.000.56450.56452.262523,666.04827-177-1710,460.0010,460.003.66653.66650.08081,503.6880181818,610.0018,610.000.17990.17993,981.8038税后财务内部收益率、财务净现值计算过程8910 171843,056.0043,056.0043,056.0051,206.0036,800.0036,800.0036,800.0036,800.006,256.006,256.006,256.006,256.000.000.000.000.00

20、1,150.007,000.0030,076.0030,076.0030,076.0030,076.0021,320.0021,320.0021,320.0021,320.003,200.003,200.003,200.003,200.003,056.003,056.003,056.003,056.002,500.002,500.002,500.002,500.000.000.000.000.0012,980.0012,980.0012,980.0021,130.0013,406.0026,386.00130,226.00151,356.002,520.002,520.002,520.002,

21、520.0010,460.0010,460.0010,460.0018,610.001,929.5012,389.5096,069.50114,679.50FNPV税税前前NCFNCFi=10%i=10%FNPVFNPV-11,818.3000-13,000.00-13,000.000.90910.9091-11,818.3000-11,818.3000-14,048.8000-17,000.00-17,000.000.82640.8264-14,048.8000-14,048.8000-10,518.2000-14,000.00-14,000.000.75130.7513-10,518.20

22、00-10,518.20004,636.20406,788.006,788.000.68300.68304,636.20404,636.20407,685.500212,378.0012,378.000.62090.62097,685.50027,685.50026,932.060012,280.0012,280.000.56450.56456,932.06006,932.060047,590.961712,980.0012,980.003.66653.666547,590.961747,590.96173,801.287021,130.0021,130.000.17990.17993,801.28703,801.287034,260.712934,260.712934,260.7129FNPVFNPV-11,818.3000-11,818.3000-14,048.8000-14,048.8000-10,518.2000-10,518.20003,426.61103,426.61106,353.35936,353.35935,509.52005,509.520038,351.422138,351.42213,347.93903,347.939020,603.551420,603.5514