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1、序號項目合計計算期451營業(yè)收入 540,960.0029,440.0033,120.002營業(yè)稅金及附加36,750.002,000.002,250.003總成本費用376,363.6724,181.0025,697.934補貼收入0.000.000.005利潤總額（1-2-3+4）127,846.333,259.005,172.076彌補以前年度虧損0.000.000.007應(yīng)納稅所得額（5-6）127,846.333,259.005,172.078所得稅31,961.58814.751,293.029凈利潤（5-8）95,884.752,444.253,879.0510期初未分配利潤0.

2、000.000.0011可供分配的利潤（9+10）95,884.752,444.253,879.0512提取法定盈余公積金（9*10%）9,588.47244.43387.9113可供投資者分配的利潤（11-12）86,296.272,199.833,491.1514應(yīng)付優(yōu)先股股利0.000.000.0015提取任意盈余公積0.000.000.0016應(yīng)付普通股股利86,296.272,199.833,491.1517各投資方利潤分配67,495.52249.12450.95其中：A公司40,497.31149.47270.57 B公司26,998.2199.65180.3818未分配利潤0.

3、000.000.0019息稅前利潤146,706.007,084.008,582.0020息稅折舊攤銷前利潤190,206.009,984.0011,482.00說明：第17行解讀第4年償還借款本金4850.71，2199.83+2780+120-4850.71=249.12（萬元）可供投資者分配。第5年償還借款本金5940.20，3491.15+2780+120-5940.20=450.95（萬元）可供投資者分配。第6年償還借款本金7091.74，4856.01+2780+120-7091.74=664.27（萬元）可供投資者分配。第7年償還借款本金7495.61，5334.70+2780+

4、120-7495.61=739.09（萬元）可供投資者分配。第8年償還借款本金7922.50，5840.66+2780+120-7922.50=818.16（萬元）可供投資者分配。第9年償還借款本金1349.24，用折舊償還即可，所以當(dāng)年全部分配。為什么折舊和攤銷可以用來償還借款本金？銷銷售售收收入入-經(jīng)經(jīng)營營成成本本-折折舊舊-攤攤銷銷-利利息息-銷銷售售稅稅金金及及附附加加-所所得得稅稅=稅稅后后利利潤潤銷銷售售收收入入-經(jīng)經(jīng)營營成成本本-利利息息-銷銷售售稅稅金金及及附附加加-所所得得稅稅=企企業(yè)業(yè)持持有有的的現(xiàn)現(xiàn)金金=稅稅后后利利潤潤+折折舊舊+攤攤銷銷19行息稅前利潤第4年=3259

5、+360+3465=7084(萬元）第5年=5172.07+430+2979.93=8582（萬元）第6年=7194.09+500+2385.91=10080（萬元）第7年=7903.26+500+1676.74=10080（萬元）第8年=8652.83+500+927.17=10080（萬元）第9年=9445.08+500+134.92=10080（萬元）第10-18年=9580+500=10080（萬元）20行息稅折舊攤銷前利潤第4年=7084+2780+120=9984(萬元）第5年=8582+2780+120=11482（萬元）第6年=10080+2780+120=12980（萬元）第

6、7年=10080+2780+120=12980（萬元）第8年=10080+2780+120=12980（萬元）第9年=10080+2780+120=12980（萬元）第10-18年=10080+2780+120=12980（萬元）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計算期第4年償還借款本金4850.71，2199.

9、83+2780+120-4850.71=249.12（萬元）可供投資者分配。第5年償還借款本金5940.20，3491.15+2780+120-5940.20=450.95（萬元）可供投資者分配。第6年償還借款本金7091.74，4856.01+2780+120-7091.74=664.27（萬元）可供投資者分配。第7年償還借款本金7495.61，5334.70+2780+120-7495.61=739.09（萬元）可供投資者分配。第8年償還借款本金7922.50，5840.66+2780+120-7922.50=818.16（萬元）可供投資者分配。銷銷售售收收入入-經(jīng)經(jīng)營營成成本本-利利息息

10、-銷銷售售稅稅金金及及附附加加-所所得得稅稅=企企業(yè)業(yè)持持有有的的現(xiàn)現(xiàn)金金=稅稅后后利利潤潤+折折舊舊+攤攤銷銷序號項目合計計算期121現(xiàn)金流入641,072.001.1 營業(yè)收入540,960.001.2 增值稅銷項稅額91,962.001.3 補貼收入0.001.4 回收固定資產(chǎn)余值1,150.001.5 回收流動資金7,000.002現(xiàn)金流出489,716.0013,000.0017,000.002.1 建設(shè)投資44,000.0013,000.0017,000.002.2 流動資金7,000.002.3 經(jīng)營成本314,004.002.4 投入物的進(jìn)項稅額47,200.002.5 應(yīng)繳增

11、值稅40,762.002.6 營業(yè)稅金及附加36,750.002.7 維持運營投資0.003所得稅前凈現(xiàn)金流量（1-2）151,356.00-13,000.00-17,000.004累計所得稅前凈現(xiàn)金流量-13,000.00-30,000.005調(diào)整所得稅36,676.506所得稅后凈現(xiàn)金流量114,679.50-13,000.00-17,000.007累計所得稅后凈現(xiàn)金流量-13,000.00-30,000.00計算指標(biāo)：項目投資財務(wù)內(nèi)部收益率（%）（所得稅前）：20.76%項目投資財務(wù)內(nèi)部收益率（%）（所得稅后）：16.96%項目投資財務(wù)凈現(xiàn)值（所得稅前）：34260.71（萬元）項目投資

12、財務(wù)凈現(xiàn)值（所得稅后）：20603.55（萬元）項目投資回收期（所得稅前）：6.97（年）項目投資回收期（所得稅后）：7.82（年）5調(diào)整所得稅=息稅前利潤*25%（利潤表19行：息稅前利潤）19息稅前利潤146,706.007,084.008,582.00調(diào)整所得稅36,676.501,771.002,145.50稅前財務(wù)內(nèi)部收益率、財務(wù)凈現(xiàn)值計算過程稅前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%投資回收期=6+12554/12980=6.97年稅后財務(wù)內(nèi)部收益率、財務(wù)凈現(xiàn)值計算過程稅后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投資回收期=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計算期稅前財務(wù)內(nèi)部收益率、財務(wù)凈現(xiàn)值計

18、算過程i=15%FNPV年年份份稅稅后后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稅后財務(wù)內(nèi)部收益率、財務(wù)凈現(xiàn)值計算過程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稅稅前前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