1、遵遵义义新新蒲蒲组组团团城城市市综综合合开开发发项项目目经经济济分分析析表表中国建筑股份有限公司2011年9月时时间间建设开始日2010/10/1建设完工日2014/12/31建设周期6-25 月回购时间月第一次回购时间第一次回购比例第二次回购时间第二次回购比例第三次回购时间第三次回购比例第四次回购时间第四次回购比例投投融融资资采购基数760548.66 万元建安费529336.39工程建设其他费用49926.27征地拆迁费用144400其他单位施工项目工程费用0建设期利息36886自有资金比例30%100000银行融资比例70%200000基准利率6.40%1-3年期人民币贷款利率项目贷款年2、利率7.04%1-3年期人民币贷款上浮10%回购利率资金占用费率(季度)1.28%项目总投资764156收收益益测测算算折现率8.77%施工利润率20%项目公司营业税税率5.5%建安工程营业税税率3.3%项目公司管理费率1.0%总包管理费费率2.0%所得税税率25%万元万元基基础础数数据据表表时时间间建设开始日2011/1/1建设完工日2012/3/31建设周期15 月回购时间42 月第一次回购时间2013/4/1第一次回购比例第二次回购时间2014/4/1第二次回购比例第三次回购时间2015/4/1第三次回购比例第四次回购时间2016/10/1第四次回购比例第五次回购时间第五次回购比例投投融3、融资资采购基数760548.66 万元建安费529336.39工程建设其他费用49926.27征地拆迁费用144400建设期利息36886自有资金比例30%100000银行融资比例70%200000基准利率6.40%1-3年期人民币贷款利率项目贷款年利率7.04%回购利率项目贷款季度利率1.76%半年回购利率0.00%季度回购利率0.00%月度回购利率0.00%资金占用费率(季度)1.51%建设期贷款利息（甲方）建设期利息（乙方）第一年利息建设期管理费项目总投资764156收收益益测测算算折现率9.43%2.28%施工利润率20%80%项目公司营业税税率5.5%建安工程营业税税率3.3%项目公4、司管理费率1.0%总包管理费费率2.0%所得税税率25%股权比例100%注：第一期资本金季初投入，其他期资本金季中投入，贷款按比例配比投入，贷款每月初到帐基准利率上浮11%764156.0239现现金金流流量量表表（项项目目公公司司）序号项 目合计2011年2012年2013年2014年2015年2016年三季度四季度一季度二季度三季度四季度一季度二季度三季度四季度一季度二季度三季度四季度一季度二季度三季度四季度一季度1现金流入1,347,50320,00050,00050,00040,00059,42259,42253,37753,37753,37753,37747,45947,45947,5、45947,45960,86260,86260,86260,86268,7681.1资本金投入100,00020,00020,00020,00020,00010,00010,000-资本金投入累计20,00040,00060,00080,00090,000100,000100,000100,000100,000100,000100,000100,000100,000100,000100,000100,000100,000100,000100,0001.2当期银行融资200,000-30,00030,00020,00020,00020,00020,00020,00020,00020,000-配比6、贷款-应计利息35,200-5281,0561,4081,7602,1122,4642,8163,1683,5203,5202,9922,4642,1121,7601,4081,056704银行融资累计120,000-30,00060,00080,000100,000120,000140,000160,000180,000200,000200,000170,000140,000120,000100,00080,00060,00040,00020,0001.3回收采购款1,047,503-29,42229,42233,37733,37733,37733,37747,45947,45947,4597、47,45960,86260,86260,86260,86268,768采购款本金1,047,50329,42229,42233,37733,37733,37733,37747,45947,45947,45947,45960,86260,86260,86260,86268,768采购款累计1,047,503-29,42258,84592,221125,598158,975192,351239,810287,269334,728382,187443,049503,911564,774625,636694,404采购款利息-1.4其他现金流入-2现金流出1,034,99316,73450,20248、3,87044,39844,75045,10256,62856,98057,33257,68433,47263,47262,94452,41648,50548,15347,80147,44937,6372.1建设资金累计723,66316,62966,515109,531152,547195,563238,579292,685346,790400,896455,002484,737514,473544,209573,945600,147626,350652,553678,756695,593建设资金723,66316,62949,88743,01643,01643,01643,01654,109、654,10654,10654,10629,73629,73629,73629,73626,20326,20326,20326,20316,837其中支付总包建安工程费529,33610,52331,56832,60832,60832,60832,60840,99140,99140,99140,99121,61321,61321,61321,61318,98318,98318,98318,9839,617城市基础及配套设施项目449,3368,52325,56829,60829,60829,60829,60836,49136,49136,49136,49117,11317,11317,113110、7,11314,98314,98314,98314,9835,617土地一级整理项目80,0002,0006,0003,0003,0003,0003,0004,5004,5004,5004,5004,5004,5004,5004,5004,0004,0004,0004,0004,000工程建设其他费用49,9262,4967,4894,9934,9934,9934,9934,9934,9934,9934,993-城市基础及配套设施项目49,9262,4967,4894,9934,9934,9934,9934,9934,9934,9934,993征地费用144,4003,61010,8305,411、155,4155,4155,4158,1238,1238,1238,1238,1238,1238,1238,1237,2207,2207,2207,2207,220土地一级整理项目144,4003,61010,8305,4155,4155,4155,4158,1238,1238,1238,1238,1238,1238,1238,1237,2207,2207,2207,2207,2202.2偿还银行贷款本金200,00030,00030,00020,00020,00020,00020,00020,00020,000偿还银行贷款累计200,000-30,00060,00080,000100,00012、120,000140,000160,000180,0002.3支付银行贷款利息35,200-5281,0561,4081,7602,1122,4642,8163,1683,5203,5202,9922,4642,1121,7601,4081,0567042.4项目公司管理费5,293105316326326326326410410410410216216216216190190190190962.5利息收入营业税及附加-2.6项目公司所得税70,837-建设期利息74,0371767041,5842,4053,0213,5493,9894,3414,6935,0455,2805,2804,7513、24,2243,8723,5203,1682,8162,4643净现金流量（1-2）312,5103,266-2026,130-4,39814,67214,320-3,251-3,603-3,955-4,30713,987-16,013-15,485-4,95712,35812,71013,06213,41431,1314累计净现金流量312,5103,2663,0649,1944,79619,46833,78930,53826,93522,98018,67332,66016,6471,162-3,7958,56221,27234,33447,74778,8785可回收现金312,510-项目14、公司利润283,347-16,734-50,202-43,870-44,398-15,328-15,680-23,251-23,603-23,955-24,30713,98713,98714,51515,04332,35832,71033,06233,41451,131-16,734-66,936-110,806-155,204-170,532-186,211-209,462-233,065-257,020-281,327-267,340-253,353-238,838-223,795-191,438-158,728-125,666-92,253-41,122212,510283,34770,15、837212,510100,0002017年二季度三季度四季度一季度二季度68,76868,76868,76873,39873,398100,000100,000100,000100,000100,000352-68,76868,76868,76873,39873,39868,76868,76868,76873,39873,398763,171831,939900,707974,1051,047,50339,87521,44721,44718,35018,350712,429718,046723,663723,663723,66316,8375,6175,617-9,6175,6175,61716、5,6175,6175,6174,000-7,220-7,22020,000200,000352-965656-2,59015,77415,77418,35018,3502,1121,7601,7601,7601,7602016年28,89347,32147,32155,04955,049107,771155,092202,413257,462312,510-312,51051,48363,09563,09573,39873,39810,36173,456136,551209,949283,34710,36163,09563,09573,39873,398表表0101 总总投投资资估估算算表表17、(万万元元）序号项目金额备注一工程总费用723,6631建安费529,336城市基础及配套设施项目449,336土地一级整理项目80,0002其他费用49,926城市基础及配套设施项目49,9263征地费用144,400土地一级整理项目144,400二建设期贷款利息35,200三项目公司管理费5,293四合计764,156表表0202 分分季季度度投投资资计计划划表表（万万元元）序号项目金额2011年2012年2013年2014年2015年2016年3季度4季度1季度2季度3季度4季度1季度2季度3季度4季度1季度2季度3季度4季度1季度2季度3季度4季度1季度2季度3季度4季度一工程总费用718、23,66316,62949,88743,01643,01643,01643,01654,10654,10654,10654,10629,73629,73629,73629,73626,20326,20326,20326,20316,83716,8375,6175,6171建安费529,33610,52331,56832,60832,60832,60832,60840,99140,99140,99140,99121,61321,61321,61321,61318,98318,98318,98318,9839,6179,6175,6175,6172其他费用49,9262,4967,4894,9919、34,9934,9934,9934,9934,9934,9934,9930000000000003征地费用144,4003,61010,8305,4155,4155,4155,4158,1238,1238,1238,1238,1238,1238,1238,1237,2207,2207,2207,2207,2207,22000二建设期贷款利息35,200005281,0561,4081,7602,1122,4642,8163,1683,5203,5202,9922,4642,1121,7601,4081,05670435200三建设期项目公司管理费5,293105316326326326326420、1041041041021621621621619019019019096965656四合计764,15616,73450,20243,87044,39844,75045,10256,62856,98057,33257,68433,47233,47232,94432,41628,50528,15327,80127,44917,63717,2855,6735,673表表0303 分分季季度度资资金金筹筹措措表表（万万元元）序号项目合计2011年2012年2013年2014年2015年2016年2017年3季度4季度1季度2季度3季度4季度1季度2季度3季度4季度1季度2季度3季度4季度1季度2季21、度3季度4季度1季度2季度3季度4季度1季度2季度一 投资需求764,15616,73450,20243,87044,39844,75045,10256,62856,98057,33257,68433,47233,47232,94432,41628,50528,15327,80127,44917,63717,2855,6735,673001 建安支出529,33610,52331,56832,60832,60832,60832,60840,99140,99140,99140,99121,61321,61321,61321,61318,98318,98318,98318,9839,6179,6122、75,6175,617002 其他工程费49,9262,4967,4894,9934,9934,9934,9934,9934,9934,9934,993000000000000003征地费用144,4003,61010,8305,4155,4155,4155,4158,1238,1238,1238,1238,1238,1238,1238,1237,2207,2207,2207,2207,2207,22000004 建设期利息35,200005281,0561,4081,7602,1122,4642,8163,1683,5203,5202,9922,4642,1121,7601,4081,05623、70435200005 建设期管理费5,2931053163263263263264104104104102162162162161901901901909696565600二 资金筹集#20,00050,00050,00040,00059,42259,42253,37753,37753,37753,37747,45947,45947,45947,45960,86260,86260,86260,86268,76868,76868,76868,76873,39873,3981 资本金投入100,00020,00020,00020,00020,00010,00010,00000000000000024、0000002 银行贷款200,000030,00030,00020,00020,00020,00020,00020,00020,00020,000000000000000003 土地出让收入分成#000029,42229,42233,37733,37733,37733,37747,45947,45947,45947,45960,86260,86260,86260,86268,76868,76868,76868,76873,39873,398三 筹资大于需求583,3473,266-2026,130-4,39814,67214,320-3,251-3,603-3,955-4,30713,98725、13,98714,51515,04332,35832,71033,06233,41451,13151,48363,09563,09573,39873,398表表0404 借借款款还还本本付付息息表表（万万元元）序号项 目合计2011年2012年2013年2014年2015年2016年3季度 4季度1季度2季度3季度4季度1季度2季度3季度4季度1季度2季度3季度4季度1季度2季度3季度4季度1季度2季度一借款-1期初本息余额-30,00060,00080,000100,000120,000140,000160,000180,000200,000200,000170,000140,000120,26、000100,00080,00060,00040,00020,0002本期新增借款200,000-30,00030,00020,00020,00020,00020,00020,00020,00020,000-3本期应计利息35,200-5281,0561,4081,7602,1122,4642,8163,1683,5203,5202,9922,4642,1121,7601,4081,0567043524本期还本付息235,200-5281,0561,4081,7602,1122,4642,8163,1683,52033,52032,99222,46422,11221,76021,40821,027、5620,70420,3525 其中：还本200,000-30,00030,00020,00020,00020,00020,00020,00020,00020,0006 付息35,200-5281,0561,4081,7602,1122,4642,8163,1683,5203,5202,9922,4642,1121,7601,4081,0567043527期末本息余额-30,00060,00080,000100,000120,000140,000160,000180,000200,000200,000170,000140,000120,000100,00080,00060,00040,000228、0,000-表表0505 总总承承包包预预计计利利润润表表(万万元元)序号项目名称预算价分包价总包管理费税金利 润利润率%1遵义新蒲新区城市综合体开发项目529,336395,41410,58717,468105,86720%表表0606 资资金金来来源源与与运运用用表表（项项目目公公司司）（万万元元）序号项 目合计2011年2012年2013年2014年2015年2016年2017年3季度4季度1季度2季度3季度4季度1季度2季度3季度4季度1季度2季度3季度4季度1季度2季度3季度4季度1季度2季度3季度4季度1季度2季度一资金流入1,347,50320,00050,00050,0004029、,00059,42259,42253,37753,37753,37753,37747,45947,45947,45947,45960,86260,86260,86260,86268,76868,76868,76868,76873,39873,3981项目资本金100,00020,00020,00020,00020,00010,00010,000-2银行融资200,000-30,00030,00020,00020,00020,00020,00020,00020,00020,000-3收到采购款1,047,503-29,42229,42233,37733,37733,37733,37747,45930、47,45947,45947,45960,86260,86260,86260,86268,76868,76868,76868,76873,39873,398二现金流出1,034,99316,73450,20243,87044,39844,75045,10256,62856,98057,33257,68433,47263,47262,94452,41648,50548,15347,80147,44937,63739,87521,44721,44718,35018,3501支付总包 建安工程529,33610,52331,56832,60832,60832,60832,60840,99140,9931、140,99140,99121,61321,61321,61321,61318,98318,98318,98318,9839,6179,6175,6175,617-2工程建设 其他费用49,9262,4967,4894,9934,9934,9934,9934,9934,9934,9934,993-3征地费用144,4003,61010,8305,4155,4155,4155,4158,1238,1238,1238,1238,1238,1238,1238,1237,2207,2207,2207,2207,2207,220-4偿还银行 贷款本金200,000-30,00030,00020,000232、0,00020,00020,00020,00020,00020,000-5支付银行 贷款利息35,200-5281,0561,4081,7602,1122,4642,8163,1683,5203,5202,9922,4642,1121,7601,4081,056704352-6项目公司 管理费5,29310531632632632632641041041041021621621621619019019019096965656-7利息收入 营业税 及附加-8项目公司 所得税70,837-2,59015,77415,77418,35018,350三 资金盈余（1-2）312,5103,266-2033、26,130-4,39814,67214,320-3,251-3,603-3,955-4,30713,987-16,013-15,485-4,95712,35812,71013,06213,41431,13128,89347,32147,32155,04955,049四 累积资金 盈余312,5103,2663,0649,1944,79619,46833,78930,53826,93522,98018,67332,66016,6471,162-3,7958,56221,27234,33447,74778,878107,771155,092202,413257,462312,510表表0707 34、资资金金来来源源与与运运用用表表（总总承承包包+股股东东）（万万元元）序号项 目合计2011年2012年2013年2014年2015年2016年2017年3季度4季度1季度2季度3季度4季度1季度2季度3季度4季度1季度2季度3季度4季度1季度2季度3季度4季度1季度2季度3季度4季度1季度2季度一资金流入941,84730,52351,56852,60852,60842,60842,60840,99140,99140,99140,99121,61321,61321,61321,61318,98318,98318,98318,9839,6179,6175,6175,617-312,5101筹集35、资本金100,00020,00020,00020,00020,00010,00010,000-1资本金累计100,00020,00040,00060,00080,00090,000100,000100,000-2建安工程款529,33610,52331,56832,60832,60832,60832,60840,99140,99140,99140,99121,61321,61321,61321,61318,98318,98318,98318,9839,6179,6175,6175,617-3公司清算回 收投资款-312,510二现金流出558,14027,76543,79944,86945,136、7135,37235,52331,75931,75930,24930,24915,95015,95015,95015,95014,00814,00814,00814,0087,0977,0974,14563,457-1支付分包工程款395,4146,68120,04420,70520,70520,70520,70526,02726,02726,02726,02713,72313,72313,72313,72312,05312,05312,05312,0536,1066,1063,56662,878-2投入资本金100,00020,00020,00020,00020,00010,00010,0037、0-3营业税17,4683471,0421,0761,0761,0761,0761,3531,3531,3531,353713713713713626626626626317317185185-4总承包管理费10,587210631652652652652820820820820432432432432380380380380192192112112-5总承包所得税26,4675261,5781,6301,6301,6301,6302,0502,0502,0502,0501,0811,0811,0811,081949949949949481481281281-6回流资本金-6回流资本金累计-738、资金占用费8,2045038051,1071,3091,4601,5101,510-三资金盈余（1-2）383,7062,7577,7697,7407,4387,2367,0859,2329,23210,74210,7425,6645,6645,6645,6644,9744,9744,9744,9742,5202,5201,472-57,840-312,510四累积资金盈余383,7062,75710,52618,26625,70432,94040,02549,25758,48969,23079,97285,63591,29996,963102,627107,601112,576117,55039、122,524125,044127,565129,03671,19671,196383,706296,706304,911表表0808 现现金金流流量量表表（项项目目公公司司层层面面）（万万元元）序号主要指标合计2011年2012年2013年2014年2015年2016年2017年3季度4季度1季度2季度3季度4季度1季度2季度3季度4季度1季度2季度3季度4季度1季度2季度3季度4季度1季度2季度3季度4季度1季度2季度一 现金流入20,00050,00050,00040,00059,42259,42253,37753,37753,37753,37747,45947,45947,45947,40、45960,86260,86260,86260,86268,76868,76868,76868,76873,39873,3981当期资本金投入100,00020,00020,00020,00020,00010,00010,000-2当期银行融资200,000-30,00030,00020,00020,00020,00020,00020,00020,00020,000-3政府支付全部采购款1,047,503-29,42229,42233,37733,37733,37733,37747,45947,45947,45947,45960,86260,86260,86260,86268,76868,7641、868,76868,76873,39873,3983 政府支付采购款本金1,047,503-29,42229,42233,37733,37733,37733,37747,45947,45947,45947,45960,86260,86260,86260,86268,76868,76868,76868,76873,39873,3983 政府支付采购款利息0-二 现金流出1,134,99336,73470,20263,87064,39854,75055,10256,62856,98057,33257,68433,47263,47262,94452,41648,50548,15347,80147,442、4937,63739,87521,44721,44718,35018,3501 当期资本金投入100,00020,00020,00020,00020,00010,00010,000-2 当期支付总包工程款529,33610,52331,56832,60832,60832,60832,60840,99140,99140,99140,99121,61321,61321,61321,61318,98318,98318,98318,9839,6179,6175,6175,617-3 工程其他费用支出49,9262,4967,4894,9934,9934,9934,9934,9934,9934,993443、,993-4土地整治、其他单位 施工工程费144,4003,61010,8305,4155,4155,4155,4158,1238,1238,1238,1238,1238,1238,1238,1237,2207,2207,2207,2207,2207,220-5 当期归还银行融资200,000-30,00030,00020,00020,00020,00020,00020,00020,00020,000-6 当期支付银行利息35,200-5281,0561,4081,7602,1122,4642,8163,1683,5203,5202,9922,4642,1121,7601,4081,0567044、4352-7 项目管理费用支出5,29310531632632632632641041041041021621621621619019019019096965656-8 当期支付利息营业税0-9 项目公司所得税70,837-2,59015,77415,77418,35018,350三 净现金流量212,510-16,734-20,202-13,870-24,3984,6724,320-3,251-3,603-3,955-4,30713,987-16,013-15,485-4,95712,35812,71013,06213,41431,13128,89347,32147,32155,04955,45、049四 累计净现金流量212,510-16,734-36,936-50,806-75,204-70,532-66,211-69,462-73,065-77,020-81,327-67,340-83,353-98,838-103,795-91,438-78,728-65,666-52,253-21,1227,77155,092102,413157,462212,510计计算算指指标标：资资本本金金内内部部收收益益率率（季季度度）7.28%7.28%资资本本金金内内部部收收益益率率（年年）32.47%32.47%财财务务净净现现值值（ic=2.07ic=2.07）113,082113,082表表46、0909 现现金金流流量量表表（总总承承包包+股股东东）（万万元元）序号项 目合计2011年2012年2013年2014年2015年2016年2017年3季度4季度1季度2季度3季度4季度1季度2季度3季度4季度1季度2季度3季度4季度1季度2季度3季度4季度1季度2季度3季度4季度1季度2季度一现金流入841,84710,52331,56832,60832,60832,60832,60840,99140,99140,99140,99121,61321,61321,61321,61318,98318,98318,98318,9839,6179,6175,6175,617-312,5101项目公47、司清算 收回资本金312,510-312,5102建安工程款529,33610,52331,56832,60832,60832,60832,60840,99140,99140,99140,99121,61321,61321,61321,61318,98318,98318,98318,9839,6179,6175,6175,617-二现金流出549,93627,76543,29544,06344,06334,06334,06330,24930,24930,24930,24915,95015,95015,95015,95014,00814,00814,00814,0087,0977,0974,1448、563,457-1支付分包工程款395,4146,68120,04420,70520,70520,70520,70526,02726,02726,02726,02713,72313,72313,72313,72312,05312,05312,05312,0536,1066,1063,56662,878-2营业税17,4683471,0421,0761,0761,0761,0761,3531,3531,3531,353713713713713626626626626317317185185-3投入资本金100,00020,00020,00020,00020,00010,00010,000-4总承49、包管理费10,587210631652652652652820820820820432432432432380380380380192192112112-5总承包所得税26,4675261,5781,6301,6301,6301,6302,0502,0502,0502,0501,0811,0811,0811,081949949949949481481281281-三净现金流量（1-2）291,911-17,243-11,728-11,455-11,455-1,455-1,45510,74210,74210,74210,7425,6645,6645,6645,6644,9744,9744,97450、4,9742,5202,5201,472-57,840-312,510四累计净现金流量291,911-17,243-28,970-40,425-51,880-53,335-54,790-44,049-33,307-22,566-11,824-6,160-4975,16710,83115,80520,78025,75430,72933,24935,76937,241-20,600-20,600291,911计计算算指指标标：资资本本金金内内部部收收益益率率（季季度度）11.98%11.98%资资本本金金内内部部收收益益率率（年年）57.26%57.26%财财务务净净现现值值（ic=2.07ic=51、2.07）174,374174,374表表1010 项项目目损损益益表表(项项目目公公司司)序号项目金额(万元)备注一收入1,047,503.011投资款回收收入1,047,503.01土地出让收入2利息收入0.00二成本性支出764,156.021建安费支出529,336.392其他费用194,326.273贷款利息支出35,200.00贷款总利息支出4管理费支出5,293.365利息收入营业税及附加0.00三利润总额283,346.99四所得税70,836.75所得税率按25%计算五净收益212,510.24357898表表1111 项项目目损损益益表表(总总承承包包+股股东东)序号项目金52、额(万元)备注一营业收入529,336.39工程款收入529,336.39总包价款二支出423,469.111建安费支出395,414.28分包工程支出2营业税17,468.10总包建安营业税3总包管理费10,586.73三利润总额105,867.281减：所得税26,466.82总承包所得税，税率25%2加：投资收益212,510.24项目公司清算收益四净收益291,910.70其中：总承包利润79,400.46五产值利润率20.00%即总包施工利润率六投资收益率38.20%七资本金利润率291.91%按资本金计算八税后内部收益率57.26%中建层面九成本利润率25.00%表表1212 敏敏53、感感性性分分析析表表分包价差正常不利变动5不利变动10不利变动15土地价格正常施工利润率20.00%施工利润率16.00%施工利润率12.00%施工利润率8.00%内部收益率57.26%内部收益率51.58%内部收益率46.43%内部收益率41.74%不利变动5施工利润率20.00%施工利润率16.00%施工利润率12.00%施工利润率8.00%内部收益率55.40%内部收益率49.62%内部收益率44.39%内部收益率39.62%不利变动10施工利润率20.00%施工利润率16.00%施工利润率12.00%施工利润率8.00%内部收益率53.41%内部收益率47.52%内部收益率42.18%内部收益率37.32%不利变动15施工利润率20.00%施工利润率16.00%施工利润率12.00%施工利润率8.00%内部收益率51.26%内部收益率45.24%内部收益率39.78%内部收益率34.81%注：内部收益率是指年税后资本金内部收益率