I. Analysis and determination of project calculation period:
1. Project calculation period: the period set for dynamic analysis in economic evaluation, including construction period and operation period.
(1) Construction period: refers to the time required from the formal investment of project funds to the completion and commissioning of the project.
Time limit for a project: the time required for the project to break ground at the site and be completed and put into production.
Generally, there is no difference between construction period and construction period for enterprise financing projects of existing projects. However, for new projects, enterprise projects need to be registered first, then investors need to invest, and then the project will start construction, so the starting point of the two will be different, so the construction period may be longer than the construction period.
(2) Operation period: generally, it should be determined according to the economic life period of the main equipment of the project.
Second, the determination of financial benefits.
1, the content of wealth management income
(1) The operating items operated by the market refer to the operating income obtained. For the value-added tax that is levied first and refunded, the actual situation can be distinguished in financial analysis, regardless of the time difference between "levy" and "refund".
(2) Non-operating projects, subsidies should be regarded as the financial benefits of the project.
(3) For projects that provide quasi-public goods or services to the society and operate and maintain in a commercial mode, the financial benefits include operating income and subsidy income.
2. Operating income
(1) Operating income refers to the income from selling products or providing services, which is the main body of cash inflow in the cash flow statement and the main subject in the income statement.
(2) Determination of annual business volume: calculate the load rate according to experience or make a sales (business) plan to determine. When judging, we should consider the nature of the project, the difficulty of mastering the technology, the maturity of the product and the development of the market.
According to the results of market forecast, combined with the nature of the project, the output characteristics and the degree of market development, the annual business plan is formulated, and then the output of each year is determined.
The sales revenue of main and by-products (or products of different grades) should all be included in the operating income, as should the income of different types of services provided by other industries.
3. subsidy income
Including value-added tax, fixed subsidies calculated according to the amount of subsidies stipulated by the state according to sales or workload, and other forms of subsidies given by financial support.
Subsidy income, like operating income, should be included in profit and profit distribution statement, financial plan cash flow statement, project investment cash flow statement and project capital cash flow statement.
Three. Estimation and analysis of operating cost
1, the concept of cost
Cost and expense: the general name of various expenses incurred in the production and operation of the project.
(1) Cost: refers to various expenses incurred by an enterprise for producing products and providing services; The cost is collected according to a certain object, which is related to a certain type and quantity of products or commodities, no matter which accounting period it occurs;
(2) Expenses: refers to the outflow of economic benefits from daily activities such as selling goods and providing services. Expense is the consumption of assets, which is related to the accounting period and has nothing to do with what kind of products are produced.
2. Classification of costs and expenses
(1) According to the calculation range: unit product cost and total cost;
(2) According to the relationship between cost and output: fixed cost and variable cost;
Fixed costs: various costs and expenses that do not change with the product output; It mainly includes: wages (except piece-rate wages), depreciation expenses, intangible assets amortization expenses, management fees and other expenses, long-term loan interest, working capital loan interest and short-term loan interest.
Variable cost: various expenses that change in direct proportion to the increase or decrease of product output; Including: outsourcing raw materials, fuel power consumption, packaging costs, piece-rate wages.
(3) According to accounting requirements, it is divided into manufacturing cost and production cost;
(4) According to the requirements of financial evaluation, there are operating costs.
3. Production cost
Operating cost = cost of purchased raw materials, fuel and power+salary and welfare cost+repair cost+other costs.
Operating cost is the main part of cash outflow during the operating period in the project cash flow statement, which has nothing to do with the financing scheme.
Operating cost estimation is very industrial, and different industries may have great differences in cost composition subjects and names.
4. Total cost (operating period)
Composition and formula of (1) total cost
1) Total cost = production cost+period cost
In which: production cost = direct material cost+direct fuel power cost+direct salary+other direct costs+manufacturing cost.
Period expenses = management expenses+operating expenses+financial expenses.
2) The estimation method of production factors is as follows
Total cost = purchased raw materials, fuel power+wages and benefits+depreciation+amortization+repair expenses+financial expenses (interest expenses)+other expenses.
Among them, other expenses are the same as other expenses in operating costs.
(2) The total cost is estimated by production (service) cost plus period cost method.
It is necessary to estimate the production (service) cost of each sub-unit, and then add the total production (service) cost, and then add it with the period expenses (management expenses, operating expenses and financial expenses) to get the total cost.
3. The main points of estimating the total cost of each project according to the estimation method of production factors.
Attention should be paid to the estimation of each sub-item:
(1) Data required for outsourcing raw materials and fuel power costs:
1) annual consumption;
2) Forecast the price;
3) Applicable VAT rate.
(2) Estimation of labor wages and welfare expenses:
1) the nature of the project, domestic projects need to be calculated according to the provisions of the welfare funds accounted for14% of the total wages;
2) Project location;
3) The salary level of the original enterprise;
4) Industry characteristics;
5) Average wage or step wage.
(3) Estimation of original value and depreciation expense of fixed assets.
1) The concepts of total investment, fixed assets, intangible assets and other assets in project evaluation.
① Total investment: refers to the total investment required for the construction and operation of the project (its estimated range is consistent with the total investment in the current period), which is the sum of construction investment, interest during the construction period and all working capital.
② Fixed assets: refers to tangible assets with the following characteristics:
Held for the purpose of producing products, providing services, leasing or management;
The service life exceeds one fiscal year.
(3) Intangible assets refer to identifiable non-monetary assets that have no physical form and are owned or controlled by an enterprise.
④ Other assets: formerly known as deferred assets. Refers to assets other than current assets, long-term investments, fixed assets and intangible assets. Such as long-term deferred expenses.
2) Assets formed by all investments
① The cost of forming fixed assets and the original value of fixed assets includes: engineering cost (equipment purchase cost, construction cost and installation cost); Other expenses for engineering construction; Basic forecast fee and price increase reserve fee; Interest during construction period.
② Formation of intangible assets: technology transfer fee or technology management fee (including patented and non-patented technologies), trademark right and goodwill.
③ Formation of other assets: production preparation expenses, start-up expenses, overseas personnel expenses, overseas personnel expenses, translation and copying expenses of drawings and materials, sample prototype purchase expenses and agricultural development expenses.
(4) Current assets: Current capital and current liabilities in the total investment together constitute current assets.
3) Estimation of depreciation expense of fixed assets
Original value of fixed assets: refers to the part of fixed assets formed by investment according to regulations when the project is put into production (reaching the predetermined usable state).
Depreciation of fixed assets: fixed assets will wear out during use, and their value will be compensated by depreciation.
Straight-line depreciation method: life average method and workload method.
Rapid depreciation method: double declining balance method and digital summation method.
① Depreciation accrual method of fixed assets:
I) life average method:
Annual depreciation rate =( 1- expected net salvage value rate)/depreciation period × 100%
Annual depreciation = original value of fixed assets × annual depreciation rate
Ii) Workload method:
A) Calculate mileage depreciation:
Depreciation per unit mileage = original value ×( 1- estimated net salvage value rate)/total mileage.
Annual depreciation = unit mileage depreciation × annual mileage.
B) Calculate depreciation by working hours:
Depreciation per working hour = original value ×( 1- estimated net salvage value rate)/total working hours
Annual depreciation = depreciation per working hour × annual working hours
2) Double declining balance method:
Annual depreciation rate = 2/ depreciation period × 100%
Annual depreciation = net value of fixed assets at the beginning of the year × annual depreciation rate
Depreciation in the last two years = (net fixed assets-net residual value) ÷2
Iv) Sum of Years Method:
Annual depreciation rate = (depreciation years-service life)/[depreciation years × (depreciation years+1)/2]× 100%.
Annual depreciation amount = (original value of fixed assets-estimated net salvage value) × annual depreciation rate
(2) The characteristics of various depreciation methods:
1) The annual depreciation rate calculated by the life average method is the same as the annual depreciation amount;
Ii) Although the annual depreciation rate calculated by the double declining balance method is the same, the annual depreciation amount decreases year by year;
Ii) Calculated by the sum of years, the annual depreciation rate gradually decreases, so the annual depreciation amount also decreases year by year.
(4) Calculation of fixed assets repair costs: major repair costs and medium and small repair costs.
It can be calculated directly according to a certain proportion of the original value of fixed assets (excluding interest during the construction period).
(5) Amortization cost estimation of intangible assets and other assets (deferred assets): land use right is regarded as intangible assets;
1) Intangible assets: identifiable intangible assets: patent right, non-patented technology, trademark right, copyright and land use right;
Unidentifiable intangible assets: goodwill.
Note: The goodwill created by enterprises cannot be regarded as intangible assets, and the purchased goodwill can be included in the original value of intangible assets; Land use rights are depreciated as fixed assets.
2) Amortization of intangible assets adopts life average method, excluding residual value.
3) Other assets are amortized by the life average method, excluding residual value.
(6) Other cost estimation:
1) Other manufacturing expenses: calculated according to a certain proportion of the original value of fixed assets (excluding interest during construction). Or according to the personnel quota.
2) Other management expenses: calculated by personnel quota or estimated by multiples of total wages and welfare expenses.
3) Other operating expenses.
4) Non-deductible input tax: other expenses or separate items included in the total cost.
(7) Financial cost estimation:
1) Long-term loan interest: refers to the interest payable on the loan balance during the construction period during the production period (including unpaid construction period interest).
1) Equal principal and interest repayment method:
In which: a- annual repayment of principal and interest (equivalent annuity); IC-the sum of loan principal and interest at the beginning of the repayment start year (including unpaid interest during the construction period);
I- annual interest rate; N- scheduled repayment period.
Annual debt service: annual interest service = loan balance at the beginning of the year × annual interest rate.
Principal paid annually = a- interest paid annually.
In which: loan balance at the beginning of the year = ic- accumulated loan repayment in previous years.
2) Repayment method of equal principal and interest:
In which: at-the principal and interest amount in the t year; IC-sum of loan principal and interest at the beginning of the repayment start year (including unpaid interest during the construction period);
I- annual interest rate; N- scheduled repayment period.
In which: annual principal repayment = ic/n
Annual interest payment = accumulated principal at the beginning of the year × annual interest rate.
Characteristics of two repayment methods:
Matching principal and interest repayment method, the total amount of principal and interest is the same every year. With the repayment of the principal, the interest paid each year decreases, and the principal repaid each year increases.
Equal principal and interest are the same every year, and the interest paid is decreasing year by year.
Four. Tax and fee estimation
Financial evaluation should explain tax types, tax calculation methods, tax basis and tax rate. Where there are preferential tax reductions or exemptions, the basis and methods of tax reductions or exemptions shall be explained.
In accounting treatment, business tax, resource tax, consumption tax, land value-added tax, urban maintenance and construction tax and education surcharge are included in "business tax and surcharge".
1, VAT: VAT = output tax-input tax.
Output tax amount = income including tax ÷( 1+ VAT rate) × VAT rate = income excluding tax × VAT rate.
Input tax amount = tax-included cost of purchased raw materials and fuel power ÷( 1+ VAT rate) × VAT rate = tax-excluded cost of purchased raw materials and fuel power × VAT rate.
2. Business tax: it is an in-price tax, which is included in the operating income.
3. Consumption tax: a tax levied on certain commodities.
4. Land value-added tax: levied according to the value-added amount obtained from real estate transfer.
5. Resource tax: levied according to mineral output.
6. Enterprise income tax: calculated according to the taxable income of the enterprise.
7, urban maintenance and construction tax and education surcharge. Calculated by turnover tax.
8. Tariff: Taxable goods imported and exported are taxable objects.
9. Turnover tax: including value-added tax, business tax and consumption tax.
Verb (abbreviation for verb) maintains operating investment.
In the project evaluation, if the investment prolongs the service life of fixed assets or greatly improves the product quality, it should be capitalized in advance, that is, it should be included in the original value of fixed assets and depreciated. Otherwise, the investment can only be expensed, and the original value of new fixed assets will not be formed.
Cost estimation of non-operating items of intransitive verbs
Whether there is operating income or not, we must estimate the expenses. Please refer to the above methods for specific methods and requirements, and prepare relevant cost estimation reports. For projects with no operating income, cost estimation can be used to calculate unit functional cost index, compare and choose schemes, and also can be used to analyze feasibility.
VII. Financial benefit cost estimation report (find out the calculation method of each item in the table)
1, construction project investment estimation table
2, the construction period interest estimation table
3. Liquidity estimation table
4, the project total investment plan and financing table
5, operating income, business tax and surcharge and value-added tax estimation table
6, the total cost estimation table