1、表00汕头滨海新城及隧道项目计算依据与编制说明项项目目名名称称单单位位序序号号计计算算依依据据数数值值1工程成本营业及附加税率3.30%2法定公积金及公益金15%3中建股份投入资本金10,0004企业所得税税率25%注注：其其他他各各表表测测算算过过程程中中，均均从从本本表表调调用用所所需需数数据据。说说明明占比20%表01项目综合现金流量表（南滨片区+隧道BT）序号项目或费用名称费用估算（万元）2012年2013年2014年说明上半年下半年上半年下半年上半年一现金流入924,97869,08069,08074,60674,6061土地出让收入978,81373,10073,10078,9482、78,948减：2扣除与计提-3营业税及附加53,835-4,0214,0214,3424,342二现金流出712,09660,90772,13580,31619,25225,2291土地一级开发现金流出212,09610,90712,13510,31619,25225,2292隧道BT工程现金流出500,00050,00060,00070,000-3原始净现金流量212,882-60,907-3,056-11,23755,35449,377原始累计净现金流量-60,907-63,963-75,199-19,84529,5324财务费用12,5991,8273,7464,1752,851-三计3、息后现金流200,283-62,734-6,802-15,41152,50349,377计息后现金流累计-62,734-69,536-84,947-32,44516,932四中信分成51%102,144五政府分成49%98,139六统征地获得成本及原借款偿还-七政府偿还债务及获得成本的缺口-98,139八中信分成部分补足缺口后毛利润102,144九统征地获得成本及原借款偿还现金流102,144-62,734-6,802-15,41152,50349,377十现金流累计-62,734-69,536-84,947-32,44516,932十一企业所得税流出25,536十二净现金流76,608-624、,734-6,802-15,41152,50349,377十三净现金流累计-62,734-69,536-84,947-32,44516,932一毛利润102,144二净利润76,608三政府实际分成98,139半年利率6%资金峰值=(84,947)资金峰值时间2013年资金峰值比例12%资金峰值获利倍数（MULTIPLE）90%半年IRR四项目原始IRR=86.1%36.43%五IRR(扣息后现金流)=76.9%33.0%六我司投资IRR(扣税)=73.3%31.6%七投资净利润率=27.89%八项目NPV=85,811万元九投资回收期=2.3年单位：万元2015年2016年2017年20185、年下半年上半年下半年上半年下半年上半年下半年上半年下半年80,57480,57487,020111,792116,143131,26315,12015,120-85,26485,26492,085118,298122,903138,90316,00016,000-4,6904,6905,0656,5066,7607,640880880-24,40419,43723,88423,71127,949325,9657,76357257224,40419,43723,88423,71127,9495,9657,763572572-320,000-56,17061,13763,13688,08188,16、94-194,7027,35714,548-57285,702146,840209,976298,057386,251191,549198,906213,454212,882-56,17061,13763,13688,08188,194-194,7027,35714,548-57273,103134,240197,377285,457373,651178,950186,307200,855200,28398,139-56,17061,13763,13688,08188,194-194,7027,35714,548-98,71173,103134,240197,377285,457373,6517、178,950186,307200,855102,14425,53656,17061,13763,13688,08188,194-194,7027,35714,548-124,24773,103134,240197,377285,457373,651178,950186,307200,85576,608项目综合现金流量表（南滨片区+隧道BT）2014年表02项目综合现金流量表（非统征地）序号项目或费用名称费用估算（万元）2012年2013年2014年上半年下半年上半年下半年上半年下半年一现金流入2-1土地出让收入960,000-减：2扣缴两项计提（土地净收益的25%）137,460-减：3营业8、税金45,240-二现金流出532,861-24,33145,6391土地一级开发现金流出386,005-24,33145,6392政府分成146,856-三净现金流量（含财务费用）244,439-24,331-45,639累计净现金流量-24,331-69,970四财务费用24,144-7302,829五所得税55,071-六扣所得税修正后净现金流量189,368-24,331-45,639累计-24,331-69,970-69,970七扣税、扣利息后净现金流量165,224-25,061-48,468累计-25,061-73,529半年利率6%一我司毛利润220,295二我司净利润165,9、221资金峰值=(76,438)万元(5)资金峰值时间2015年资金峰值比例20%资金峰值获利倍数2.16投资杠杆倍数5.05三扣所得税前IRR=40.4%18.5%四扣所得税后IRR=35.5%16.4%五扣税、扣利息后IRR=28.5%13.4%六投资净利润率=42.8%七销售净利润率=17.2%八项目NPV=76,258万元九投资回收期=4.9年第一年启动资金69,970万元2015年2016年2017年2018年2019年上半年下半年上半年下半年上半年下半年上半年下半年上半年下半年64,77564,77564,77564,77564,77564,77564,77564,77564,7710、564,77580,00080,00080,00080,00080,00080,00080,00080,00080,00080,00011,45511,45511,45511,45511,45511,45511,45511,45511,45511,4553,7703,7703,7703,7703,7703,7703,7703,7703,7703,77063,52356,17665,61660,24648,41245,81445,05825,43413,15313,15351,28543,93853,37848,00836,17433,57632,82013,19691591512,23812,11、23812,23812,23812,23812,23812,23812,23812,23812,2381,2528,599-8414,52916,36318,96119,71739,34151,62251,622-68,718-60,119-60,960-56,431-40,068-21,107-1,39037,95189,573141,1954,1613,8653,6323,5222,8951,835675-3,45112,90512,9051,2528,599-8414,52916,36318,96119,71735,89038,71738,717-68,718-60,119-60,96012、-56,431-40,068-21,107-1,39034,50073,217111,934-2,9094,734-4,4731,00713,46817,12619,04235,89038,71738,717-76,438-76,438-71,704-76,177-75,170-61,702-44,576-25,53410,35649,07387,790项目综合现金流量表（非统征地）单位：万元2020年上半年下半年64,77564,77580,00080,00011,45511,4553,7703,77013,15313,15391591512,23812,23851,62251,62219213、,817244,439-12,90512,90538,71738,717150,651189,36838,71738,717126,507165,224表03汕头滨海新城及隧道项目现金流量表项项目目名名称称填填表表人人校校核核人人序序号号项项目目合合计计201220122013201320142014上上半半年年下下半半年年上上半半年年下下半半年年上上半半年年一一统统征征地地净净现现金金流流76,608-62,734-6,802-15,41152,50349,3771原始净现金流量（不含财务费用）200,283-62,734-6,802-15,41152,50349,377原始累计净现金流量214、00,283-62,734-69,536-84,947-32,44516,9322中信分成51%102,1443政府分成49%98,1394税前净现金流量102,144-62,734-6,802-15,41152,50349,3775累计净现金流量102,144-62,734-69,536-84,947-32,44516,9326企业所得税流出25,5367扣税后现金流量76,608-62,734-6,802-15,41152,50349,3778扣税后累计现金流量76,608-62,734-69,536-84,947-32,44516,932二二非非统统征征地地净净现现金金流流165,22415、-25,0611税前净现金流量220,295-25,061累计净现金流量220,295-25,0612企业所得税流出55,071-3扣税后净现金流量165,224-25,0614扣税后累计净现金流量165,224-25,061三三合合并并现现金金流流241,832-62,734-6,802-15,41152,50324,3161合并现金流累计 241,832-62,734-69,536-84,947-32,445-8,12920152015201620162017201720182018下下半半年年上上半半年年下下半半年年上上半半年年下下半半年年上上半半年年下下半半年年上上半半年年下下半半年年16、56,17061,13763,13688,08188,194-194,7027,35714,548-124,24756,17061,13763,13688,08188,194-194,7027,35714,548-57273,103134,240197,377285,457373,651178,950186,307200,855200,28398,13956,17061,13763,13688,08188,194-194,7027,35714,548-98,71173,103134,240197,377285,457373,651178,950186,307200,855102,14425,517、3656,17061,13763,13688,08188,194-194,7027,35714,548-124,24773,103134,240197,377285,457373,651178,950186,307200,85576,608-48,468-2,9094,734-4,4731,00713,46817,12619,04235,890-48,468-2,9094,734-4,4731,00713,46817,12619,04239,341-73,529-76,438-71,704-76,177-75,170-61,702-44,576-25,53413,807-3,451-48,4618、8-2,9094,734-4,4731,00713,46817,12619,04235,890-73,529-76,438-71,704-76,177-75,170-61,702-44,576-25,53410,3567,70258,22967,87083,60789,202-181,23424,48333,590-88,357-42657,803125,673209,280298,482117,248141,731175,32186,964201420142019201920202020上上半半年年下下半半年年上上半半年年下下半半年年-38,71738,71738,71738,71751,619、2251,62251,62251,62265,429117,051168,673220,29512,90512,90512,90512,90538,71738,71738,71738,71749,07387,790126,507165,22438,71738,71738,71738,717125,681164,398203,115241,832表04汕头滨海新城及隧道项目项目公司资金分配计算表项项目目名名称称单单位位制制表表人人校校核核人人序序号号项项目目合合计计201220122013201320142014上上半半年年下下半半年年上上半半年年下下半半年年上上半半年年隧隧道道公公司司一收收入20、入1现金流入200,283-62,734-6,802-15,41152,50349,377二支支出出1政府分成49%（半年计）98,139-三隧隧道道公公司司可可分分配配资资金金102,144-四隧隧道道公公司司可可分分配配公公司司累累计计(半半年年计计)102,144-1所得税流出（半年计）25,5362法定公积金及公益金15,322-五可可分分配配资资金金76,608-新新城城公公司司一收收入入1隧隧道道公公司司分分配配现现金金流流入入76,608-2年现金流量165,224-25,0613累计现金流量165,224-25,061三新新城城公公司司可可分分配配资资金金241,832-四新新21、城城公公司司可可分分配配资资金金累累计计（半半年年计计）241,832-1法定公积金及公益金36,275-五可可分分配配资资金金241,832-2015201520162016201720172018201820192019下下半半年年上上半半年年下下半半年年上上半半年年下下半半年年上上半半年年下下半半年年上上半半年年下下半半年年上上半半年年56,17061,13763,13688,08188,194-194,7027,35714,548-572-1,03043,15943,215-3,6057,129-1,64444,92144,979-3,7526,847-1,64446,56691,5422、591,54595,297102,144102,14441111,23011,245-9381,712-2476,7386,747-5631,027-98726,95326,987-2,2514,10815,322-98726,95326,987-2,2514,10815,322-48,468-2,9094,734-4,4731,00713,46817,12619,04235,89038,717-73,529-76,438-71,704-76,177-75,170-61,702-44,576-25,53410,35649,073-12,60223,15151,21238,717-12,602323、5,75386,964125,681-1,8903,4737,6825,808-10,71219,67843,53032,9092014201420202020下下半半年年上上半半年年下下半半年年-38,71738,71738,71787,790126,507165,22438,71738,71738,717164,398203,115241,8325,8085,8085,80832,90932,90969,18420192019表05汕头滨海新城及隧道项目项目公司资金分配计算表（50%分红）项项目目名名称称单单位位制制表表人人校校核核人人序序号号项项目目合合计计20122012201320124、3上上半半年年下下半半年年上上半半年年下下半半年年新新城城公公司司一一收收入入1 1隧隧道道公公司司分分配配现现金金（50%50%分分红红）76,608-2年现金流量165,224-3累计现金流量165,224-三三新新城城公公司司可可分分配配资资金金241,832-四四新新城城公公司司可可分分配配资资金金累累计计（半半年年计计）241,832-1法定公积金及公益金36,275-五五可可分分配配现现金金241,832-1 1可可分分配配现现金金（50%50%分分红红）241,832-2014201420152015201620162017201720182018上上半半年年下下半半年年上上半半25、年年下下半半年年上上半半年年下下半半年年上上半半年年下下半半年年上上半半年年-49313,47613,494-1,1262,054-25,061-48,468-2,9094,734-4,4731,00713,46817,12619,042-25,061-73,529-76,438-71,704-76,177-75,170-61,702-44,576-25,534-5,109-5,109-766-4,343-2,171汕头滨海新城及隧道项目项目公司资金分配计算表（50%分红）2019201920202020下下半半年年上上半半年年下下半半年年上上半半年年下下半半年年45,965-35,8903826、,71738,71738,71738,71710,35649,07387,790126,507165,22481,85538,71738,71738,71738,71786,964125,681164,398203,115241,83212,2785,8085,8085,8085,80869,57732,90932,90932,90969,18434,78816,45516,45516,455155,50820182018表06中国建筑股份公司股东层面现金流量表（最小内部收益率）项项目目名名称称填填表表人人校校核核人人序序号号项项目目合合计计201220122013201320142014上上27、半半年年下下半半年年上上半半年年下下半半年年上上半半年年下下半半年年一一现现金金流流入入58,366-1 本金收回10,0002 利润分成48,366二二现现金金流流出出10,00010,000-1 资本金投入10,00010,000三三净净现现金金流流量量48,366-10,000-累计净现金流量48,366-10,000-10,000-10,000-10,000-10,000-10,000半半年年IRRIRR10.93%10.93%年年IRRIRR23.07%23.07%中国建筑股份公司股东层面现金流量表（分红50%）项项目目名名称称填填表表人人校校核核人人序序号号项项目目合合计计201228、20122013201320142014上上半半年年下下半半年年上上半半年年下下半半年年上上半半年年下下半半年年一一现现金金流流入入58,366-1 本金收回10,0002 利润分成48,366-二二现现金金流流出出10,00010,000-1 资本金投入10,00010,000三三净净现现金金流流量量48,366-10,000-累计净现金流量48,366-10,000-10,000-10,000-10,000-10,000-10,000半半年年IRRIRR11.64%11.64%年年IRRIRR24.64%24.64%中国建筑股份公司股东层面现金流量表（分红100%）项项目目名名称称填填表表29、人人校校核核人人序序号号项项目目合合计计201220122013201320142014上上半半年年下下半半年年上上半半年年下下半半年年上上半半年年下下半半年年一一现现金金流流入入58,366-1 本金收回10,0002 利润分成48,366-二二现现金金流流出出10,00010,000-1 资本金投入10,00010,000三三净净现现金金流流量量48,366-10,000-累计净现金流量48,366-10,000-10,000-10,000-10,000-10,000-10,000半半年年IRRIRR12.53%12.53%年年IRRIRR26.62%26.62%201520152016230、016201720172018201820192019上上半半年年下下半半年年上上半半年年下下半半年年上上半半年年下下半半年年上上半半年年下下半半年年上上半半年年-10,000-10,000-10,000-10,000-10,000-10,000-10,000-10,000-10,0002015201520162016201720172018201820192019上上半半年年下下半半年年上上半半年年下下半半年年上上半半年年下下半半年年上上半半年年下下半半年年上上半半年年-4346,9583,291-4346,9583,291-4346,9583,291-10,000-10,000-10,0031、0-10,000-10,000-10,000-9,566-2,6086832015201520162016201720172018201820192019上上半半年年下下半半年年上上半半年年下下半半年年上上半半年年下下半半年年上上半半年年下下半半年年上上半半年年-2,1423,9368,7066,582-2,1423,9368,7066,582-2,1423,9368,7066,582-10,000-10,000-10,000-10,000-10,000-7,858-3,9224,78411,36620202020下下半半年年上上半半年年下下半半年年-58,36610,00048,366-5832、,366-10,000-10,00048,36620202020下下半半年年上上半半年年下下半半年年3,2913,29141,10210,0003,2913,29131,102-3,2913,29141,1023,9747,26548,366201920192019201920202020下下半半年年上上半半年年下下半半年年6,5826,58223,83710,0006,5826,58213,837-6,5826,58223,83717,94824,53048,36620192019表07敏感性分析表项目名称：单位：填表人：土地价格正常不利变动5%一级成本指标正常最小内部收益率23.07%最小33、内部收益率18.65%分红50%内部收益率24.64%分红50%内部收益率19.82%分红100%内部收益率26.62%分红100%内部收益率20.55%不利变动5%最小内部收益率21.51%最小内部收益率16.43%分红50%内部收益率22.77%分红50%内部收益率17.33%分红100%内部收益率24.13%分红100%内部收益率17.42%不利变动10%最小内部收益率19.72%最小内部收益率13.89%分红50%内部收益率20.67%分红50%内部收益率14.60%分红100%内部收益率21.37%分红100%内部收益率14.13%不利变动15%最小内部收益率17.70%最小内部收益34、率10.67%分红50%内部收益率18.35%分红50%内部收益率11.31%分红100%内部收益率18.44%分红100%内部收益率10.43%土地价格1一级成本1最低收益率 23.07%100.00%95.00%90.00%85.00%100.00%23.07%18.65%12.24%0.09%105.00%21.51%16.43%8.53%#NUM!110.00%19.72%13.89%3.68%#NUM!115.00%17.70%10.67%-3.89%#NUM!分红50%24.64%100.00%95.00%90.00%85.00%100.00%24.64%19.82%13.32%335、.39%105.00%22.77%17.33%9.74%-2.53%110.00%20.67%14.60%5.56%#NUM!115.00%18.35%11.31%0.40%#NUM!分红100%26.62%100.00%95.00%90.00%85.00%100.00%26.62%20.55%12.87%2.84%105.00%24.13%17.42%8.91%#NUM!110.00%21.37%14.13%4.74%#NUM!115.00%18.44%10.43%0.31%#NUM!校核人：不利变动10%不利变动15%最小内部收益率12.24%最小内部收益率0.09%分红50%内部收益率136、3.32%分红50%内部收益率3.39%分红100%内部收益率12.87%分红100%内部收益率2.84%最小内部收益率8.53%最小内部收益率#NUM!分红50%内部收益率9.74%分红50%内部收益率-2.53%分红100%内部收益率8.91%分红100%内部收益率#NUM!最小内部收益率3.68%最小内部收益率#NUM!分红50%内部收益率5.56%分红50%内部收益率#NUM!分红100%内部收益率4.74%分红100%内部收益率#NUM!最小内部收益率-3.89%最小内部收益率#NUM!分红50%内部收益率0.40%分红50%内部收益率#NUM!分红100%内部收益率0.31%分红100%内部收益率#NUM!敏感性分析表