某公司收购风电项目报告.doc

'目录第1章项目概况11.1项目概况1（一）乌拉特中旗图古日格风电场1（二）乌拉特后旗风电场项目2第2章财务评价42.1效益分析4第3章评价结论63.1评价结论61 第1章项目概况1.1项目概况受******公司委托，对其拟收购的乌拉特中旗和乌拉特后旗2×49.5MW风电场项目进行财务评价。本次评价的两个风电场的概况如下：（一）乌拉特中旗图古日格风电场本风电场位于内蒙古巴彦淖尔市乌拉特中旗巴音杭盖地区。风电场占地面积120平方公里，规划装机容量为500MW，一期工程装机容量为49.5MW，一期工程风电场地理坐标东经107°16’~109°42’，北纬40°07’~42°28’之间。场址平均海拔高度约为1300m，地貌上属内蒙古高原的乌拉特高平原，地形较为平坦，风能资源丰富。图1-1乌拉特中旗风电场地理位置示意图-1- 乌拉特中旗图古日格风电场10m、50m、70m高年平均风速分别为7.1m/s、8.9m/s、9.4m/s，对应的年平均风功率密度分别为415W/m2、776W/m2、931W/m2，风切变指数为0.139，空气密度为1.07kg/m3，按GB/T18710-2002标准达到4级以上，属于风能资源丰富区，具有开发价值。本风电场安装66台金风750kW的风电机组，轮毂高度50m，经核算，年上网电量为1.2621亿kwh，年等效满负荷利用小时数2550h。（二）乌拉特后旗风电场项目乌拉特后旗风电场位于内蒙古巴彦淖尔市乌拉特后旗那仁宝力格地区。风电场占地面积120平方公里，规划装机容量为500MW，一期工程装机容量为49.5MW，一期工程场址位于内蒙古高原荒漠草原地带，地处东经106°13’－107°40’，北纬40°40’－42°28’之间。乌拉特后旗风电场地区平均海拔高度约为1300m，地貌上属内蒙古高原的乌拉特高平原，地面较为平坦。 图1-2乌拉特后旗风电场地理位置示意图乌拉特后旗那仁宝力格风电场10m、40m、50m高年平均风速分别为7.2m/s、8.5m/s、8.7m/s，对应的年平均风功率密度分别为441W/m2、727W/m2、772W/m2，风切变指数为0.12，空气密度为1.12kg/m3，按GB/T18710-2002标准达到4级以上，属于风能资源丰富区，具有开发价值。本风电场安装66台金风750kW的风电机组，轮毂高度50m，经核算，年上网电量为1.2220亿kwh，年等效满负荷利用小时数2469h。 第1章财务评价1.1效益分析参照评估数据，对拟收购2×49.5MW风电场作为一个整体进行财务评价。财务评价按国家现行风电场相关政策的规定执行。财务评价基础数据表和敏感性分析表分别见下表。财务评价基础数据项目单位参数值工程总投资万元67376.54乌拉特中旗风场年利用小时数（4.95万千瓦）小时2550乌拉特后旗风电场年利用小时数（4.95万千瓦）小时2469上网电价（30000小时以内）元/兆瓦时510乌中旗风电场上网电价（30000小时以外）元/兆瓦时462乌后旗风电场上网电价（30000小时以外）元/兆瓦时469装机容量兆瓦99风机台数台132单台风机容量千瓦750CDM收入元/兆瓦时100年均保险费占资产原值比率比率0.0015折旧年限年15维修费比率0.015融资利率比率0.0783融资期限年15城建税征收率比率0.05教育费附加征收率比率0.03地方教育费附加征收率比率0.01水利基金占收入比率比率0.001所得税税率比率0.25所得税免税期年3质保期年2敏感性分析表 序号项目财务内部收益率（%）上网电价（元/kW·h）项目投资变化比率不含增值税含增值税1基本方案16.61%0.470.512电量变化-10%14.27%-14.11%0.470.51-5%15.44%-7.07%0.470.515%17.79%7.08%0.470.5110%18.96%14.12%0.470.5120%21.31%28.26%0.470.5130%23.69%42.59%0.470.513电价变化-10%14.27%-14.11%0.4230.459-5%15.44%-7.07%0.44650.48455%17.79%7.08%0.49350.535510%18.96%14.12%0.51710.56120%21.31%28.26%0.56410.61230%23.69%42.59%0.61110.663敏感性分析表明，本风电场电价和电量在-10%～30%范围内变化时，最低的全部投资内部收益率为14.27％，仍大于银行贷款利率，表明本风电场抗风险能力较强。附表1损益表附表2成本费用表附表3现金流量表 第1章评价结论1.1评价结论经过测算，此次拟收购的2×49.5MW风电场财务指标如下：在收益率为8%情况下，项目全部投资财务净现值为30001万元，即项目价值为97377万元。按照项目价值为9.78亿元，设定财务净现值为30424万元，项目内部收益率为7.92%，基本达到行业收益率水平。 附表1损益与利润分配表序号项目年份合计建设期正常运行期20082009201020112012201320142015　上网电量(亿kW·h)50.86581.17772.48442.48442.48442.48442.48442.48442.48441发电销售收入234502.617600.0414252.6514252.6514252.6514252.6511677.8511677.8511677.852销售税金及附加1594.6251.6896.9296.9296.9296.9279.4179.4179.412.1城市维护建设税(5.00%)996.6432.3060.5760.5760.5760.5749.6349.6349.632.2教育费附加(4.00%)597.9819.3836.3436.3436.3436.3429.7829.7829.782.3水利基金占收入的比例234.507.6014.2514.2514.2514.2511.6811.6811.683总成本费用137971.504395.719932.8410317.4710151.039971.559778.039569.359344.334利润总额(1-2-3)94936.503152.654222.903838.264004.714184.181820.412029.092254.115弥补亏损0.000.000.000.000.000.000.000.000.006所得税(25%)19679.510.000.000.00500.59523.02227.55507.27563.537税后利润(4-5-6)75256.993152.654222.903838.263504.123661.161592.861521.821690.598盈余公积(10%)7525.70315.26422.29383.83350.41366.12159.29152.18169.0610可供分配利润(7-8-9)67731.292837.383800.613454.443153.713295.041433.571369.641521.5312偿还本年长期贷款需要利润8548.760000000013为还贷尚缺利润-3009.750000000014应付利润56172.782837380134543154329514341370152215未分配利润(10-14)11558.510.000.000.000.000.000.000.000.0016累计未分配利润77190.960.000.000.000.000.000.000.000.00 附表1损益与利润分配表（续）序号项目年份正常运行期2016201720182019202020212022202320242025202620272028　上网电量(亿kW·h)2.48442.48442.48442.48442.48442.48442.48442.48442.48442.48442.48442.48442.48441发电销售收入11677.8511677.8511677.8511589.6810990.5110657.6110657.6110657.6110657.6110657.6110657.6110657.612641.432销售税金及附加79.4179.4179.4178.8174.7472.4772.4772.4772.4772.4772.4772.4717.962.1城市维护建设税49.6349.6349.6349.2646.7145.2945.2945.2945.2945.2945.2945.2911.232.2教育费附加29.7829.7829.7829.5528.0327.1827.1827.1827.1827.1827.1827.186.742.3水利基金占收入的比例11.6811.6811.6811.5910.9910.6610.6610.6610.6610.6610.6610.662.643总成本费用9101.698840.058557.928253.717925.677571.954996.832062.901619.411619.411619.411619.41722.834利润总额(1-2-3)2496.752758.393040.523257.172990.103013.185588.308522.248965.728965.728965.728965.721900.645弥补亏损0.000.000.000.000.000.000.000.000.000.000.000.000.006所得税(25%)624.19689.60760.13814.29747.53753.301397.082130.562241.432241.432241.432241.43475.167税后利润(4-5-6)1872.572068.792280.392442.882242.582259.894191.236391.686724.296724.296724.296724.291425.488盈余公积(10%)187.26206.88228.04244.29224.26225.99419.12639.17672.43672.43672.43672.43142.5510可供分配利润1685.311861.912052.352198.592018.322033.903772.105752.516051.866051.866051.866051.861282.9312偿还本年长期贷款需要利润000001552730566400000 13为还贷尚缺利润00000-1879-1042-890000014应付利润168518622052219920180006052605260526052128315未分配利润0.000.000.000.000.002033.903772.105752.510.000.000.000.000.0016累计未分配利润0.000.000.000.000.002033.905806.0011558.5111558.5111558.5111558.5111558.5111558.51附表2总成本费用表序号项目年份比率合计建设期正常运行期20082009201020112012201320142015　发电成本　137971.504395.719932.8410317.4710151.039971.559778.039569.359344.331折旧费7.00%67376.543541.244716.364716.364716.364716.364716.364716.364716.362维修费1.50%23190.33588.60784.801195.451195.451195.451195.451195.451195.453工资福利、劳保统筹和住房基金155.00%4235.2285.5685.56213.90213.90213.90213.90213.90213.904保险费0.15%2122.36101.06101.06101.06101.06101.06101.06101.06101.065材料费0.000.000.000.000.000.000.000.000.006外购电力费　205.005.0010.001010.001010.001010.007摊销费　0.000.000.000.000.000.000.000.000.008利息支出　38787.800.004136.063981.703815.263635.783442.263233.583008.559其他费用10元/kW2054.2574.2599.0099.0099.0099.0099.0099.0099.00　固定成本　112521.923727.869039.049013.028846.588667.118473.588264.908039.88　可变成本　25449.58667.85893.801304.451304.451304.451304.451304.451304.45　总成本费用　137971.504395.719932.8410317.4710151.039971.559778.039569.359344.33 　其中：经营成本　56821.18854.471080.421619.411619.411619.411619.411619.411619.41附表2总成本费用表（续）序号项目年份正常运行期2016201720182019202020212022202320242025202620272028　发电成本9101.698840.058557.928253.717925.677571.954996.832062.901619.411619.411619.411619.41722.831折旧费4716.364716.364716.364716.364716.364716.362522.65　　　　　　2维修费1195.451195.451195.451195.451195.451195.451195.451195.451195.451195.451195.451195.45298.863213.90213.90213.90213.90213.90213.90213.90213.90213.90213.90213.90213.90213.90 工资福利、劳保统筹和住房基金4保险费101.06101.06101.06101.06101.06101.06101.06101.06101.06101.06101.06101.06101.065材料费0.000.000.000.000.000.000.000.000.000.000.000.000.006外购电力费1010.001010.001010.001010.001010.001010.00107摊销费0.000.000.000.000.000.000.00　　　　　　8利息支出2765.922504.282222.151917.941589.901236.18854.77443.480.000.000.000.000.009其他费用99.0099.0099.0099.0099.0099.0099.0099.0099.0099.0099.0099.0099.00　固定成本7797.247535.607253.476949.266621.226267.503692.38758.45314.96314.96314.96314.96314.96　1304.451304.451304.451304.451304.451304.451304.451304.451304.451304.451304.451304.45407.86 可变成本　总成本费用9101.698840.058557.928253.717925.677571.954996.832062.901619.411619.411619.411619.41722.83　其中：经营成本1619.411619.411619.411619.411619.411619.411619.411619.411619.411619.411619.411619.41722.83附表3项目财务现金流量表序号项目年份合计建设期　正常运行期200820092010201120122013201420151现金流入234502.617600.0414252.6514252.6514252.6514252.6511677.8511677.8511677.851.1发电销售收入234502.617600.0414252.6514252.6514252.6514252.6511677.8511677.8511677.852现金流出120457.8268282.701177.341716.332216.922239.351926.372206.102262.35 2.1固定资产投资67376.5467376.540.000.000.000.000.000.000.002.2流动资金0.000.000.000.000.000.000.000.000.002.3经营成本31807.16854.471080.421619.411619.411619.411619.411619.411619.412.4销售税金及附加1594.6251.6896.9296.9296.9296.9279.4179.4179.412.5所得税19679.510.000.000.00500.59523.02227.55507.27563.533所得税后净现金流量　-60682.6613075.3112536.3212035.7312013.309751.479471.759415.504所得税后累计净现金流量　-60682.66-47607.35-35071.02-23035.29-11021.99-1270.518201.2417616.745所得税前净现金流量　-60682.6613075.3112536.3212536.3212536.329979.039979.039979.036所得税前累计净现金流量　-60682.66-47607.35-35071.02-22534.70-9998.38-19.359959.6719938.70附表3项目财务现金流量表（续）序号项目年份正常运行期20162017201820192020202120222023202420252026202720281现金流入11677.8511677.8511677.8511589.6810990.5110657.6110657.6110657.6110657.6110657.6110657.6110657.612641.431.1发电销售收入11677.8511677.8511677.8511589.6810990.5110657.6110657.6110657.6110657.6110657.6110657.6110657.612641.432现金流出2323.012388.422458.952512.512441.672445.183088.963822.443933.313933.313933.313933.311215.952.31619.411619.411619.411619.411619.411619.411619.411619.411619.411619.411619.411619.41722.83 经营成本2.4销售税金及附加79.4179.4179.4178.8174.7472.4772.4772.4772.4772.4772.4772.4717.962.5所得税624.19689.60760.13814.29747.53753.301397.082130.562241.432241.432241.432241.43475.163所得税后净现金流量9354.849289.439218.909077.178548.848212.437568.656835.166724.296724.296724.296724.291425.484所得税后累计净现金流量26971.5736261.0045479.9054557.0763105.9171318.3378886.9885722.1492446.4399170.72105895.01112619.30114044.785所得税前净现金流量9979.039979.039979.039891.469296.368965.728965.728965.728965.728965.728965.728965.721900.646所得税前累计净现金流量29917.7339896.7549875.7859767.2469063.6078029.3286995.0595960.77104926.49113892.21122857.93131823.65133724.29'