公司收购风电项目报告.doc

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 X 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, 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。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 、776 W/m2 、931W/m2 ，风切变指数为 0.139 ，空气密 度为 1.07kg/m3 ，按 GB/T 18710-2002 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。«|产 X“MF "毎商瓏警衢 揚7 -C,Wj0L<i<riT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、727 W/m2、772 W/m2，风切变指数为 0.12，空气密 度为1.12kg/m3 ，按GB/T 18710-2002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2章财务评价2.1效益分析参照评估数据，对拟收购2 X 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/kWh ）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3章评价结论3.1 评 价结论经过测算，此次拟收购的2 X 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）序号强年622171 O282219221O21222324252627282亿量电上W k5551 81 1税加 隹口附 销及14141478.81691维税 市设 城建173112 2育教加559232水利基 金占收 入的比 例222I6II总用>总3 润2 利仆5损 污 、不 弥0000000000000税得% 所(厂-后5 税件积公/) 余0<7 盈门OOOOO551O2665OOOOO13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56821.18854.471080.42 1619.411619.411619.411619.41 1619.41 1619.41附表2总成本费用表（续）序 号年份正常运行期2016201720182019202020212022202320242025202620272028发 电 成 本9101.698840.058557.928253.717925.677571.954996.832062.901619.411619.411619.411619.41722.831折 旧 费4716.364716.364716.364716.364716.364716.362522.652维 修 费1195.451195.451195.451195.451195.451195.451195.451195.451195.451195.451195.451195.45298.863工资福秋劳保统筹213.90213.90213.90213.90213.90213.90213.90213.90213.90213.90213.90213.90213.90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0.000.000.000.000.000.000.008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 疋 成 本7797.247535.607253.476949.266621.226267.503692.38758.45314.96314.96314.96314.96314.96可 变 成1304.451304.451304.451304.451304.451304.451304.451304.451304.451304.451304.451304.45407.86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-一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120457.8268282.701177.341716.332216.922239.351926.372206.102262.352.1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2323.012388.422458.952512.512441.672445.183088.963822.443933.313933.313933.313933.311215.952.3经营成 本1619.411619.411619.411619.411619.411619.411619.411619.411619.411619.411619.411619.41722.832.4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