1、项目经营分析模型核心经营指标总收入1,000,000,000净利润106,538,780开发成本709,200,000期间费用75,111,758现金流回正周期1414全投资内部收益率29.8%29.8%经营性现金流资金峰值487,110,980自有资金峰值147,554,034地货比40.0%资金峰值比例48.7%ROE76.4%76.4%ROIC#VALUE!#VALUE!一、土地用地面积60,000容积率2总可售面积100,000土地获取时间2017/1/4二、计划节点计划周期周期调整实际周期开工66开盘1212售罄1818竣工2929交付3131三、销售装修标准毛坯装修售价1,000销2、售均价10,000销售价格调整0总销售额1,000,000,000首开总面积去化率50%剩余库存比例库存估值方式四、成本费用税金1土地成本支付批次地价支付月份地价400,000,000112132工程成本（含前期、设计等）关联节点支付比例毛坯工程可售单方成本3,092拿地-开工5%成本单方调整开工-开盘20%建安成本+其它工程成本309,200,000开盘-交付75%装修成本0竣工-交付装修100%3营销管理费用关联节点支付比例营销/管理费比例6%拿地-开盘10%营销/管理费比例调整0%开工-竣工80%营销/管理费用总额60,000,000竣工-交付10%4融资外部融资占比70%5税金增值税53、1,099,284企业所得税28,050,179税金总额109,149,463六、跟投跟投股权比例规则累计经营性现金流跟投本金24,355,549跟投利润分配5,326,939杠杆倍数跟投最终收益5,326,939杠杆利率跟投进入时间1前期资金利率10%前期资金成本-跟投总收益率21.9%净利润率10.7%10.7%税金109,149,463自有资金内部收益率77.3%77.3%现金流贡献峰值312,086,068现金流贡献比例31.2%跟投年化收益率22.2%22.2%总建筑面积130,000土增税清算不退税装修成本900调整后均价10,000销售周期6库存估值0地价支付比例地价支付金额504、%200,000,00050%200,000,0000支付周期每月支付金额62,576,667610,306,6671912,205,26320支付周期每月支付金额61,000,000172,823,52923,000,000综合融资成本5%土地增值税30,000,000税率11%跟投股权比例5.0%加杠杆总跟投额24,355,549杠杆财务成本0跟投分红节点交付跟投年化收益率22.2%现金流序序号号项项 目目合合计计#REF!#REF!#REF!123经经营营性性现现金金流流一一项项目目经经营营收收入入1,000,000,000000签签约约额额1,000,000,000000回回款款1,05、00,000,00000二二项项目目经经营营支支出出878,349,463403,576,6673,576,6673,576,6672.12.1土地成本400,000,000400,000,000002.22.2工程成本309,200,0002,576,6672,576,6672,576,6672.32.3装修成本-0002.42.4营销费用管理费用60,000,0001,000,0001,000,0001,000,0002.52.5税金预征97,500,0000002.62.6税金清算11,649,463000三项项目目经经营营性性现现金金流流(403,576,667)(3,576,667)6、(3,576,667)四累累计计经经营营性性现现金金流流487,110,980(403,576,667)(407,153,333)(410,730,000)5.1 融资余额282,503,667285,007,333287,511,0005.25.2财务费用15,111,7581,177,0991,187,5311,197,9635.35.3自有资金余额119,565,556121,073,000122,146,000123,219,000五五累累计计净净现现金金流流（不不含含自自有有资资金金）147,554,034(122,250,099)(123,333,531)(124,416,963)7、6.16.1跟投本金进入24,355,54924,355,549006.26.2跟投本金余额24,000,13324,355,54924,355,54924,355,5496.36.3自有跟投本金余额24,000,13324,355,54924,355,54924,355,5496.46.4跟投余额返还006.56.5杠杆资金余额0006.66.6杠杆利息-6.76.7前期资金额度-6.86.8前期利息-6.96.9跟投收益分配5,326,939-7.07.0跟投现金流5,326,939-24,355,549-7.17.1跟投现金流25,326,939-24,355,549-7.27.2经营性8、现金流峰值时间117.37.3自有资金峰值时间117.47.4总可售单方成本7,6927.57.5跟投年化收益率22.2%7.77.7全投资IRR29.8%(403,576,667)(3,576,667)(3,576,667)7.87.8自有资金IRR77.3%(122,250,099)(2,260,531)(2,270,963)#REF!#REF!#REF!#REF!#REF!#REF!#REF!#REF!45678910110000000000000000000000003,576,6673,576,6673,576,66713,130,19613,130,19613,130,19613,9、130,19613,130,196000000002,576,6672,576,6672,576,66710,306,66710,306,66710,306,66710,306,66710,306,667000000001,000,0001,000,0001,000,0002,823,5292,823,5292,823,5292,823,5292,823,5290000000000000000(3,576,667)(3,576,667)(3,576,667)(13,130,196)(13,130,196)(13,130,196)(13,130,196)(13,130,196)(414,306,10、667)(417,883,333)(421,460,000)#290,014,667292,518,333295,022,000304,213,137313,404,275322,595,412331,786,549340,977,6861,208,3941,218,8261,229,2581,267,5551,305,8511,344,1481,382,4441,420,740124,292,000125,365,000126,438,000130,377,059134,316,118138,255,176142,194,235146,133,294(125,500,394)(126,58311、,826)(127,667,258)#0000000024,355,54924,355,54924,355,54924,355,54924,355,54924,355,54924,355,54924,355,54924,355,54924,355,54924,355,54924,355,54924,355,54924,355,54924,355,54924,355,5490000000000000000-(3,576,667)(3,576,667)(3,576,667)(13,130,196)(13,130,196)(13,130,196)(13,130,196)(13,130,196)(2,12、281,394)(2,291,826)(2,302,258)(5,206,614)(5,244,910)(5,283,206)(5,321,503)(5,359,799)#REF!#REF!#REF!#REF!#REF!#REF!#REF!#REF!1213141516171819150,000,000380,000,000100,000,000100,000,000100,000,000100,000,00070,000,0000500,000,000100,000,000100,000,000100,000,000100,000,000100,000,00000150,000,00038013、,000,000100,000,000100,000,000100,000,000100,000,00070,000,000027,755,19652,078,79324,778,79324,778,79324,778,79324,778,79321,853,79315,028,7930000000010,306,66712,205,26312,205,26312,205,26312,205,26312,205,26312,205,26312,205,263000000002,823,5292,823,5292,823,5292,823,5292,823,5292,823,5292,823,514、292,823,52914,625,00037,050,0009,750,0009,750,0009,750,0009,750,0006,825,000000000000122,244,804327,921,20775,221,20775,221,20775,221,20775,221,20748,146,207(15,028,793)#(36,944,969)38,276,238113,497,446188,718,653263,939,861312,086,068297,057,276255,406,32425,861,4780000001,064,193107,756000000109,15、459,85311,083,491000000#(11,191,247)38,276,238113,497,446188,718,653263,939,861312,086,068297,057,2760000000018,243,3091,847,24800000018,243,3091,847,2480000006,112,24016,396,0601,847,2480000000000000-6,112,24016,396,0601,847,248-6,112,24016,396,0601,847,248-122,244,804327,921,20775,221,20775,221,2016、775,221,20775,221,20748,146,207(15,028,793)35,609,24898,268,60649,359,72975,221,20775,221,20775,221,20748,146,207(15,028,793)#REF!#REF!#REF!#REF!#REF!#REF!#REF!#REF!202122232425262700000000000000000000000015,028,79315,028,79315,028,79315,028,79315,205,26315,205,26312,205,26312,205,2630000000012,205,17、26312,205,26312,205,26312,205,26312,205,26312,205,26312,205,26312,205,263000000002,823,5292,823,5292,823,5292,823,5293,000,0003,000,000000000000000000000(15,028,793)(15,028,793)(15,028,793)(15,028,793)(15,205,263)(15,205,263)(12,205,263)(12,205,263)282,028,483266,999,690251,970,898236,942,105221,73618、,842206,531,579194,326,316182,121,053000000000000000000000000282,028,483266,999,690251,970,898236,942,105221,736,842206,531,579194,326,316182,121,0530000000000000000000000000000000000000000-(15,028,793)(15,028,793)(15,028,793)(15,028,793)(15,205,263)(15,205,263)(12,205,263)(12,205,263)(15,028,793)(119、5,028,793)(15,028,793)(15,028,793)(15,205,263)(15,205,263)(12,205,263)(12,205,263)#REF!#REF!#REF!#REF!#REF!#REF!#REF!#REF!282930313233343500000000000000000000000012,205,26312,205,26312,205,26323,854,72600000000000012,205,26312,205,26312,205,26312,205,263000000000000000000000000000000011,649,4630000(20、12,205,263)(12,205,263)(12,205,263)(23,854,726)0000169,915,789157,710,526145,505,263121,650,537121,650,537121,650,537121,650,537121,650,537000000000000000000000000169,915,789157,710,526145,505,263121,650,537121,650,537121,650,537121,650,537121,650,5370000000000000000000000000000000000000000-5,326,9321、9-5,326,939-5,326,939-(12,205,263)(12,205,263)(12,205,263)(23,854,726)0000(12,205,263)(12,205,263)(12,205,263)(23,854,726)0000#REF!#REF!#REF!#REF!#REF!#REF!#REF!#REF!36373839404142430000000000000000000000000000000000000000000000000000000000000000000000000000000000000000121,650,537121,650,537121,650,22、537121,650,537121,650,537121,650,537121,650,537121,650,537000000000000000000000000121,650,537121,650,537121,650,537121,650,537121,650,537121,650,537121,650,537121,650,5370000000000000000000000000000000000000000-0000000000000000#REF!#REF!#REF!#REF!#REF!44454647480000000000000000000000000000000000000000000000000000000121,650,537121,650,537121,650,537121,650,537121,650,537000000000000000121,650,537121,650,537121,650,537121,650,537121,650,5370000000000000000000000000-0000000000