PAGE92光伏發(fā)電并網(wǎng)工程財務(wù)評價與社會效益初步分析1.1概述某某某光伏發(fā)電并網(wǎng)工程，設(shè)計裝機容量約20MWp，正常運行多年平均上網(wǎng)電量2828.249萬kW·h，工程工期為1年。財務(wù)評價計算期采用26年，建設(shè)期1年，生產(chǎn)經(jīng)營期25年。按新頒布的《建設(shè)項目經(jīng)濟評價方法與參數(shù)》(第三版)及現(xiàn)行的有關(guān)財稅政策，對光伏電場工程進行財務(wù)評價。1.2財務(wù)初步評價1.2.1項目投資和資金籌措、貸款償還1、資金籌措本項目總投資為21750.82萬元，其中自有資金6232.5萬元，占項目總投資的30%，其余由國內(nèi)銀行貸款為15518.32萬元。2、貸款條件項目貸款年利率為6.71%，貸款償還期為15年。1.2.2總成本費用1.2.2.1總成本費用計算本項目發(fā)電總成本費用包括經(jīng)營成本、折舊費、利息支出，其中經(jīng)營成本包括修理費、職工工資、福利費、勞保統(tǒng)籌、住房公積金、材料費、保險費和其他費用。①折舊費：采用直線法，殘值按固定資產(chǎn)原值的5%提取，折舊年限20年；②修理費：年平均維修費為22.6萬元；③職工工資及福利費、勞保統(tǒng)籌和住房公積金：本光伏電站定員10人，人均年工資3.6萬元，福利費系數(shù)54%；④保險費：保險費是指固定資產(chǎn)保險和其他保險，保險費率按固定資產(chǎn)價值的0.24%計算；⑤材料費和其他費用：材料費定額取為3元/kW，其他費用定額取為3元/kW；⑥利息支出：利息支出為固定資產(chǎn)和流動資金在生產(chǎn)期應(yīng)從成本中支付的借款利息，依各年還貸情況而不同，還貸期年平均為555.3萬元；⑦稅金：根椐國家稅收政策，電力工程交納的稅金包括增值稅、銷售稅金附加、所得稅。依據(jù)《中華人民共和國增值稅暫行條例》規(guī)定，對購進固定資產(chǎn)部分的進項稅額允許從銷項稅額中抵扣。銷售稅金附加包括城市維護建設(shè)稅和教育費附加，以增值稅稅額為基礎(chǔ)計征，按規(guī)定分別取5%和5%。依據(jù)《中華人民共和國企業(yè)所得稅法實施條例》，所得稅稅率按25%計取，稅收優(yōu)惠條款實行所得稅“三免三減”優(yōu)惠。1.2.2.2發(fā)電效益計算電價依據(jù)《國家發(fā)展改革委關(guān)于完善太陽能光伏發(fā)電上網(wǎng)電價政策的通知》（發(fā)改價格[2011]1594號），確定上網(wǎng)電價為0.95元/kw.h(含稅)。2、發(fā)電效益計算發(fā)電收入=電量×電價經(jīng)營期總收入為57413.336萬元（不含稅）；發(fā)電利潤=發(fā)電收入-發(fā)電總成本費用-發(fā)電稅金；太陽能電場的各年收入、稅金、利潤計算見附表。1.2.3敏感性分析財務(wù)敏感性分析成果表序號項目財務(wù)內(nèi)部收益率（%）上網(wǎng)電價（元/kWh）項目投資資本金不含增值稅含增值稅1基本方案8.67%9.43%0.81200.95002投資變化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電量變化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電價變化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從表中可以看出，投資、發(fā)電量的變化對財務(wù)收益率的影響較大，電量減少影響較明顯。下階段應(yīng)切實落實資金籌措計劃，在建設(shè)中加強管理，控制投資的增加，確保工程如期發(fā)電。1.2.4財務(wù)評價結(jié)論通過財務(wù)評價指標表可以看出全部投資所得稅后財務(wù)凈現(xiàn)值1407.655萬元，資本金所得稅后財務(wù)內(nèi)部收益率8.67%等計算指標均能滿足行業(yè)規(guī)定的相應(yīng)基準財務(wù)評價參數(shù)的要求，表明本工程財務(wù)評價是可行的。附：財務(wù)評價表附表一：固定資產(chǎn)投資評估表單位：萬元備注第一部分設(shè)備及安裝工程13070.00表10-2第二部分建筑工程4271.00第三部分線路工程406.00表10-5第四部分其他費用2496.00表10-2一至四部分合計20243.00基本預(yù)備費532.00表10-5靜態(tài)總投資20775.00資金本6232.50建設(shè)期利息975.82動態(tài)總投資21750.82附表二：投資計劃與資金籌措表單位：萬元序號項目合計建設(shè)期備注11總投資21800.8221800.821.1固定資產(chǎn)投資20775.0020775.001.1.1外資0.000.001.1.2內(nèi)資20775.0020775.001.2建設(shè)期利息975.82975.821.2.1外資利息0.000.001.2.2內(nèi)資利息975.82975.821.3流動資金50.0050.002資金籌措21800.8021800.802.1自有資金6282.506282.50其中：用于流動資金50.0050.002.2借款15518.3015518.302.2.1長期借款15518.3015518.30內(nèi)資借款14542.5014542.50外資借款0.000.00建設(shè)期利息借款975.80975.802.2.2流動資金借款0.000.00注：總投資中包含流動資金附表三：總成本費用估計表1序號項目\年份比率合計建設(shè)期正常運行期12345678910111213發(fā)電成本1折舊費63.48%2066301033.21033.21033.21033.21033.21033.21033.21033.21033.21033.21033.21033.22修理費1.74%565021.821.821.821.821.821.821.922.022.122.222.322.44工資福利、勞保統(tǒng)籌和住房基金4.26%1386055.455.455.455.455.455.455.455.455.455.455.455.45保險費4.01%1305052.252.252.252.252.252.252.252.252.252.252.252.26材料費0.46%15006666666666667攤銷費0.00%000000000000008利息支出25.59%8330010419729028337646946255554864173472789其他費用0.46%1500666666666666固定成本99.48%323800220921402070200119321862179317241654158515161446可變成本0.52%1700777777777777總成本費用100.00%325500221621462077200819381869179917301661159215221453其中：經(jīng)營成本10.46%34060135135135135135135136136136136136136附表四：總成本費用估計表2序號項目\年份比率合計建設(shè)期正常運行期114151617181920212223242526發(fā)電成本1折舊費63.48%206631033.21033.21033.21033.21033.210331033.21033.160.00.00.00.00.02修理費1.74%56522.522.622.722.923.023.123.223.323.423.623.723.823.94工資福利、勞保統(tǒng)籌和住房基金4.26%138655.455.455.455.455.455.455.455.455.455.455.455.455.45保險費4.01%130552.252.252.252.252.252.252.252.252.252.252.252.252.26材料費0.46%15066666666666667攤銷費0.00%000000000000008利息支出25.59%8330208139699其他費用0.46%1506666666666666固定成本99.48%3238013771307123811691169116911691169136136136136136可變成本0.52%1707777777777777總成本費用100.00%3255013841314124511761176117611761176143143143143144其中：經(jīng)營成本10.46%3406136136136137137137137137137137137137138附表五：損益和利潤分配表1單位：萬元序號項目\年份合計建設(shè)期正常運行期12345678910111213上網(wǎng)電量（萬kWh）70706.1163109.203084.333059.653035.173010.892986.812962.912939.212915.692892.372869.232846.28含增值稅上網(wǎng)電價（元/kWh）0.95000.95000.95000.95000.95000.95000.95000.95000.95000.95000.95000.95000.9500不含增值稅上網(wǎng)電價（元/kWh）0.81200.81200.81200.81200.81200.81200.81200.81200.81200.81200.81200.81200.81201發(fā)電銷售總收入57413.3660000002524.72504.52484.42464.62444.82425.32405.92386.62367.52348.62329.82311.22銷售稅金及附加9760.04343424242414141404040393總成本費用32549.620.02215.82146.42077.02007.61938.21868.71799.41730.11660.81591.51522.21452.94補貼收入（退稅+金太陽補貼）5利潤總額（1-2-3+4）23887.7190.0265.9315.5365.2415.1465.1515.3565.6615.9666.5717.2768.0819.06彌補虧損7所得稅5625.25360.00.00.00.051.958.1128.8141.4154.0166.6179.3192.0204.78稅后利潤（5-6-7）18262.4650.0265.9315.5365.2363.2407.0386.5424.2462.0499.9537.9576.0614.29盈余公積金1826.24650.026.631.536.536.340.738.642.446.250.053.857.661.410可供分配利潤（8-9）16436.2190.0239.3283.9328.7326.9366.3347.8381.7415.8449.9484.1518.4552.811可供分配利潤累計16436.20.0239.3523.3851.91178.81545.11892.92274.72690.43140.33624.44142.84695.612應(yīng)付利潤16436.2190.0239.3283.9328.7326.9366.3347.8381.7415.8449.9484.1518.4552.813未分配利潤00.00.00.00.00.00.00.00.00.00.00.00.0附表六：損益和利潤分配表2單位：萬元序號項目\年份合計正常運行期14151617181920212223242526上網(wǎng)電量（萬kWh）70706.1162823.512800.922778.512756.282734.23271.362690.662669.132647.782626.602605.592584.742564.06含增值稅上網(wǎng)電價（元/kWh）0.95000.95000.95000.95000.95000.95000.95000.95000.95000.95000.95000.95000.9500不含增值稅上網(wǎng)電價（元/kWh）0.81200.81200.81200.81200.81200.81200.81200.81200.81200.81200.81200.81200.81201發(fā)電銷售總收入57413.3662292.72274.32256.22238.12220.22202.42184.82167.32150.02132.82115.72098.82082.02銷售稅金及附加976393938383837373737363636353總成本費用32549.621383.61314.31245.01175.71175.81175.91176.01176.1143.1143.2143.3143.4143.64補貼收入（退稅+金太陽補貼）5利潤總額（1-2-3+4）23887.719870.1921.4972.81024.41006.7989.1971.7954.41970.41953.31936.51919.71903.16彌補虧損7所得稅5625.2536217.5230.4243.2256.1251.7247.3242.9238.6492.6488.3484.1479.9475.88稅后利潤（5-6-7）18262.465652.6691.1729.6768.3755.0741.8728.7715.81477.81465.01452.31439.81427.39盈余公積金1826.246565.369.173.076.875.574.272.971.6147.8146.5145.2144.0142.710可供分配利潤（8-9）16436.219587.3621.9656.7691.5679.5667.6655.9644.21330.01318.51307.11295.81284.611可供分配利潤累計16436.25283.05904.96561.67253.07932.58600.29256.19900.211230.212548.713855.915151.616436.212應(yīng)付利潤16436.219587.3621.9656.7691.5679.5667.6655.9644.21330.01318.51307.11295.81284.613未分配利潤00.00.00.00.00.00.00.00.00.00.00.00.00.0附表七：還本付息計算表1單位：萬元序號項目\年份合計建設(shè)期正常運行期123456789101112131人民幣借款及還本付息1.1年初借款本息累計01551814484134491241511380103469311827672426207517341381.1.1本金014543000000000001.1.2建設(shè)期利息0976000000000001.2本年借款14543145430000000000001.3本年應(yīng)計利息930697610419729028337646946255554864173472781.4本年還本1551801035103510351035103510351035103510351035103510351.5本年付息8330.2010419729028337646946255554864173472782外貸借款及還本付息3還本付息的資金來源3.2折舊1551800103510351035103510351035103510351035103510353.3攤銷000000000000003.4其他資金合計（3.1+3.2+3.3+3.4）144840010351035103510351035103510351035103510351035附表八：還本付息計算表2單位：萬元序號項目\年份合計正常運行期141516171819202122232425261人民幣借款及還本付息1.1年初借款本息累計3104206910351.1.1本金00000000000001.1.2建設(shè)期利息00000000000001.2本年借款1454300000000000001.3本年應(yīng)計利息93062081396900000000001.4本年還本1551810351035103500001.5本年付息8330.2208139692外貸借款及還本付息3還本付息的資金來源3.2折舊155181035103510350.00.00.00.00.0000003.3攤銷000000000000003.4其他資金0.00.00.00.00.00.00.00.00.00.0合計（3.1+3.2+3.3+3.4）144841035103510350.00.00.00.00.00.00.00.00.00.0附表九：資金來源及運用表1單位：萬元序號項目\年份合計建設(shè)期正常運行期123456789101112131資金來源67489218011299134913981448149815481599164917001750180118521.1利潤總額2388802663153654154655155666166667177688191.2折舊費2066301033103310331033103310331033103310331033103310331.3攤銷費000000000000001.4長期借款15518155180000000000001.5流動資金借款000000000000001.6其他短期借款000000000000001.7資本金628362830000000000001.8增值稅轉(zhuǎn)型返還01.9回收固定資產(chǎn)余值108800000000000001.10回收流動資金5000000000000002資金應(yīng)用59381218011274131813631413145915111558160416511698174517922.1固定資產(chǎn)投資20775207750000000000002.2建設(shè)期利息9769760000000000002.3流動資金50500000000000002.4所得稅5625000052581291411541671791922052.5應(yīng)付利潤1643602392843293273663483824164504845185532.6長期借款本金償還1551801035103510351035103510351035103510351035103510352.7流動資金借款本金償還000000000000002.8其他短貸償還及彌補虧損000000000000003盈余資金810902530353539374145495256604累計盈余資金81090255590125165202243288336389445505附表十：資金來源及運用表2單位：萬元序號項目\年份合計正常運行期141516171819202122232425261資金來源6748919031955200620582040202220051988197019531936192030411.1利潤總額2388887092197310241007989972954197019531936192019031.2折舊費20663103310331033103310331033103310330.00.00.00.00.01.3攤銷費000000000000001.4長期借款1551800000000000001.5流動資金借款000000000000001.6其他短期借款000000000000001.7資本金628300000000000001.8增值稅轉(zhuǎn)型返還01.9回收固定資產(chǎn)余值108800000000000010881.10回收流動資金50000000000000502資金應(yīng)用59381183918871934948931915899883182318071791177617602.1固定資產(chǎn)投資2077500000000000002.2建設(shè)期利息97600000000000002.3流動資金5000000000000002.4所得稅56252182302432562522472432394934884844804762.5應(yīng)付利潤16436587622657691680668656644133013191307129612852.6長期借款本金償還1551810351035103500000000002.7流動資金借款本金償還000000000000002.8其他短貸償還及彌補虧損000000000000003盈余資金81096468721110110911071106110514814714514412804累計盈余資金81095696377081818292740345140624563936539668568288109附表十一：資產(chǎn)負債表1單位：萬元序號項目\年份合計建設(shè)期正常運行期123456789101112131資產(chǎn)21801207931979018792177941680015804148121382312839118581088199081.1流動資產(chǎn)總值50751051401752152522933383864394955551.1.1流動資產(chǎn)505050505050505050505050501.1.2累計盈余資金02555901251652022432883363894455051.2在建工程217510000000000001.3固定資產(chǎn)凈值0207181968418651176181658515552145191348612452114191038693531.4無形及遞延資產(chǎn)凈值1.5其它2負債及所有者權(quán)益218012105920371197381910318516179071733916813163281588515484151252.1流動負債總值00000000000002.2長期借款1551814484134491241511380103469311827672426207517341383104負債小計（2.1+2.2）15518144841344912415113801034693118276724262075173413831042.3所有者權(quán)益628365756922732477238171859690639571101211071211346120222.3.1資本金62836283628362836283628362836283628362836283628362832.3.2資本公積金2.3.3累計盈余公積金與公益金02758951311722102532993494034605222.3.4累計未分配利潤0266581947131017172103252729893489402746035217資產(chǎn)負債率（%）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：資產(chǎn)負債表2單位：萬元序號項目\年份合計正常運行期141516171819202122232425261資產(chǎn)8939797370128122923010338114441254812696128431298813132132751.1流動資產(chǎn)總值61968775818682977408451906295644365896735687881091.1.1流動資產(chǎn)50505050505050505050505001.1.2累計盈余資金56963770818182927403451406245639365396685682881091.2在建工程00000000000001.3固定資產(chǎn)凈值83207287625362536253625362536253625362536253625351661.4無形及遞延資產(chǎn)凈值1.5其它2負債及所有者權(quán)益148091453414302151471597816794175951838320008216202321724801263712.1流動負債總值00000000000002.2長期借款2069103500000000000負債小計（2.1+2.2）20691035000000000002.3所有者權(quán)益127391350014302151471597816794175951838320008216202321724801263712.3.1資本金62836283628362836283628362836283628362836283628362832.3.2資本公積金2.3.3累計盈余公積金與公益金58765672980688195610281100124813941540168418262.3.4累計未分配利潤58706561729180598814955610285110001247813943153951683518262資產(chǎn)負債率（%）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：項目財務(wù)現(xiàn)金流量表1單位：萬元序號項目\年份合計建設(shè)期正常運行期123456789101112131現(xiàn)金流入58550.90.02524.72504.52484.42464.62444.82425.32405.92386.62367.52348.62329.82311.21.1發(fā)電銷售收入57413.40.02524.72504.52484.42464.62444.82425.32405.92386.62367.52348.62329.82311.21.2政府金太陽補貼0.00.00.00.00.00.00.00.00.00.00.00.00.00.01.3回收固定資產(chǎn)余值1087.50.00.00.00.00.00.00.00.00.00.00.00.00.01.4回收流動資金50.00.00.00.00.00.00.00.00.00.00.00.00.00.02現(xiàn)金流出30832.420825.0178.3178.0177.6229.2235.1305.5317.8330.2342.6355.1367.6380.12.1固定資產(chǎn)投資20775.020775.00.00.00.00.00.00.00.00.00.00.00.00.02.2流動資金50.050.00.00.00.00.00.00.00.00.00.00.00.00.02.3經(jīng)營成本3406.10.0135.4135.4135.4135.4135.4135.4135.5135.6135.7135.8135.9136.12.4銷售稅金及附加976.00.042.942.642.241.941.641.240.940.640.239.939.639.32.5所得稅5625.30.00.00.00.051.958.1128.8141.4154.0166.6179.3192.0204.73稅后凈現(xiàn)金流量27718.5-20825.02346.42326.52306.82235.42209.72119.82088.12056.52025.01993.61962.31931.14累計凈現(xiàn)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財務(wù)內(nèi)部收益率8.67%財務(wù)凈現(xiàn)值ic=7%1,407.65投資回收期（年）10.5附表十四：項目財務(wù)現(xiàn)金流量表2單位：萬元序號項目\年份合計正常運行期141516171819202122232425261現(xiàn)金流入58550.92292.72274.32256.22238.12220.22202.42184.82167.32150.02132.82115.72098.83219.61.1發(fā)電銷售收入57413.42292.72274.32256.22238.12220.22202.42184.82167.32150.02132.82115.72098.82082.01.2政府金太陽補貼0.00.00.00.00.00.00.00.00.00.00.00.00.00.01.3回收固定資產(chǎn)余值1087.50.00.00.00.00.00.00.00.00.00.00.00.01087.51.4回收流動資金50.00.00.00.00.00.00.00.00.00.00.00.00.050.02現(xiàn)金流出30832.4392.7405.3418.0430.6426.0421.4416.941.4666.2661.8657.4653.0648.72.1固定資產(chǎn)投資20775.00.00.00.00.00.00.00.00.00.00.00.00.00.02.2流動資金50.00.00.00.00.00.00.00.00.00.00.00.00.00.02.3經(jīng)營成本3406.1136.2136.3136.4136.5136.6136.7136.8137.0137.1137.2137.3137.4137.62.4銷售稅金及附加976.039.038.738.438.037.737.437.136.836.536.336.035.735.42.5所得稅5625.3217.5230.4243.2256.1251.7247.3242.9238.6492.6488.3484.1479.9475.83稅后凈現(xiàn)金流量27718.51900.01869.11838.21807.51794.21781.01767.91754.91483.81471.01458.31445.82570.84累計凈現(xiàn)金流量125426.26676.18545.110383.312190.813984.915765.917533.819288.820772.622243.623701.925147.727718.5附表十五：資本金財務(wù)現(xiàn)金流量表1單位：萬元序號項目\年份合計建設(shè)期正常運行期123456789101112131現(xiàn)金流量58550.90.02524.72504.52484.42464.62444.82425.32405.92386.62367.52348.62329.82311.21.1發(fā)電銷售收入57413.40.02524.72504.52484.42464.62444.82425.32405.92386.62367.52348.62329.82311.21.2增值稅轉(zhuǎn)型稅額返還及政府補貼0.00.00.00.00.00.00.00.00.00.00.00.00.00.01.3回收固定資產(chǎn)余值1087.50.00.00.00.00.00.00.00.00.00.00.00.00.01.4回收流動資金50.00.00.00.00.00.00.00.00.00.00.00.00.00.02現(xiàn)金流出40138.46282.52254.12184.42114.62096.82033.32034.21977.11920.11863.11806.11749.21692.32.1固定資產(chǎn)投資中資本金6232.56232.50.00.00.00.00.00.00.00.00.00.00.00.02.2流動資金中資本金50.050.00.00.00.00.00.00.00.00.00.00.00.00.02.3國外借款本金償還0.02.4國內(nèi)借款本金償還15518.30.01034.61034.61034.61034.61034.61034.61034.61034.61034.61034.61034.61034.62.5國外借款利息償還0.02.6國內(nèi)借款利息支付8330.20.01041.3971.9902.4833.0763.6694.2624.8555.3485.9416.5347.1277.72.7流動資金貸款利息0.00.00.00.00.00.00.00.00.00.00.00.00.00.02.8短期貸款利息0.00.00.00.00.00.00.00.00.00.00.00.00.00.02.9經(jīng)營成本3406.10.0135.4135.4135.4135.4135.4135.4135.5135.6135.7135.8135.9136.12.10銷售稅金及附加976.00.042.942.642.241.941.641.240.940.640.239.939.639.32.11所得稅5625.30.00.00.00.051.958.1128.8141.4154.0166.6179.3192.0204.73凈現(xiàn)金流量1841.5-6282.5270.5320.1369.8367.8411.6391.1428.8466.6504.5542.5580.6618.94累計凈現(xiàn)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計算指標：資本金財務(wù)內(nèi)部收益率9.43%資本金財