Model essay on financial report writing of entrepreneurial projects
I. Financial forecast
(A) the selection of basic data and parameters of financial analysis
The main purpose of financial forecast is to provide basic financial data and related information for the financial evaluation of the project. The basic data to be collected and measured in financial forecast includes the economic activities, financial revenues and expenditures and results of each year in the project forecast period. The specific contents include: investment estimation; Cost forecast; Price forecast; Production load; Tax forecast; Other financial parameters forecast, etc.
1, investment estimation
The total investment of the project is117.3 million yuan, including fixed assets investment of 98.3 million yuan, working capital investment of19 million yuan, and intangible and deferred assets investment of zero. See Table 6. 1 for the estimated project investment.
Table 6. 1 Project Investment Estimation Table Unit: 10,000 yuan
ProjectNo. 1 year 2, 3, 4 and 5 years
Investment in fixed assets 9830 0.000 0.000 0.000 0.000 0.000 0.00
Working capital investment1900 0.000 0.000 0.000 0.000 0.000 0.00
Investment in intangible assets and deferred assets
Total investment of the project11730 0.00 0.00 0.00 0.00 0.00 0.00 0.00
2. Cost forecast
After the completion of the project, in the production and business activities, it is bound to be accompanied by the consumption of live labor and materialized labor. This monetary form of consumption in the process of production and operation is called expense. According to economic purposes, expenses can be divided into production expenses included in the product cost and period expenses not included in the product cost.
(1) The production expenses included in the product cost have different specific uses in the cost production process and can be further divided into several cost items. Generally including material costs and labor costs.
A. material cost. Refers to the materials used to constitute the product entity or become the main part of the product in production, including raw materials and main materials, auxiliary materials, spare parts, outsourced semi-finished products, fuel, power, packaging and other direct materials. See Table 6.2 for the material cost forecast of this project.
B. labor costs. Refers to the wages, bonuses, allowances and subsidies of the personnel directly engaged in the production of products, as well as the employee welfare expenses extracted according to the prescribed proportion. See Table 6.2 for the labor cost forecast of this project.
(2) Period expenses refer to the expenses incurred by an enterprise to form its operating ability for a certain period, and all expenses are compensated from the current sales revenue. Period expenses include management expenses, financial expenses and sales expenses.
A. management costs. Refers to the expenses incurred by the administrative department of an enterprise for organizing and managing production and business activities. On the basis of referring to the actual level of similar enterprises, the management expenses of this project are extracted according to a certain proportion of the current sales revenue, as shown in Table 6.3.
B. financial expenses. Refers to the expenses incurred for raising funds, including net interest expenses (minus interest income), net exchange losses, foreign exchange adjustment fees, financial institution fees and other financial expenses incurred for raising funds during production and operation. This fee will not be incurred in this appraisal.
C. sales expenses. Refers to the expenses incurred by enterprises in the process of selling products, self-made semi-finished products and providing services, as well as the expenses of specialized sales organizations. On the basis of referring to the actual level of similar enterprises, the sales expenses of this project are estimated according to a certain proportion of sales revenue, as shown in Table 6.3.
3. Price forecast
In the analysis of this project, it is assumed that the whole economic operation environment will not fluctuate greatly, and the political and social environment at home and abroad will remain basically stable. Therefore, in this forecast, the influence of relative price changes and inflation is not considered during the production and operation period of the project, that is, the predicted fixed price is used to calculate the product sales revenue and raw materials and fuel power costs throughout the production and operation period. See Table 6.2 for the predicted price of the products of this project.
4. Production load
Production load refers to the degree of production capacity during the production and operation period of the project, also known as the utilization rate of production capacity. In the financial forecast of this project, the production load is expressed by the expected annual output of products, as shown in Table 6.2.
Table 6.2 Patent (Project) Product Cost, Price and Sales Forecast Table
Product Name Unit Price (Yuan) Output
Cost estimated sales volume (ton)
1 year 2 years 3 years 4 years 5
Selenium-enriched edible fungi 8800 6937.5 60010001600 2000 2000
Selenium-enriched milk 6000 300015000 25000 40000 50000 50000.
Note: 1) unit price and production cost: according to the sales price of related raw materials provided by the patentee, the average wage level in various regions and in order to make the products occupy a favorable competitive position in the market, this project adopts low-end route development, that is, ex-factory price. The project enterprise can make appropriate adjustments according to the consumption level in different regions, and the production cost includes material cost and labor cost.
2) Sales volume: If the design is combined with investment scale and production scale, the sales volume will be very small because the enterprise has a construction period in the first year, and will gradually increase with normal production and sales in the future. When we specifically evaluate its price, we take the medium-sized manufacturers of similar products as the benchmark. It should be noted that if the investment scale increases, its output and economic benefits will also increase.
5. Tax forecast
Reasonable calculation of various taxes and fees in financial evaluation is an important basis for correctly calculating project benefits and expenses. The taxes and fees involved in financial evaluation mainly include value-added tax, business tax, resource tax, consumption tax, income tax, urban maintenance and construction tax and education surcharge. In this financial evaluation, the tax is divided into sales tax and income tax, and the tax rate is determined according to the relevant national and local laws, regulations and policies and the specific conditions of this project. See Table 6.3 for the setting of sales tax rate and income tax rate of this project.
6. Forecast of other financial parameters
(1) Financial benchmark rate of return (ic)
Benchmark rate of return is one of the most commonly used indicators in project evaluation. It is the benchmark and criterion of the financial internal rate of return of the project, and it is also the minimum requirement for the financial feasibility of the project. It is also used to calculate the discount rate of financial net present value. The financial benchmark rate of return of a project represents the minimum profit level and marginal rate of return that investment funds should obtain, which is generally composed of normal investment rate of return and venture capital rate of return.
The financial benchmark rate of return of this project is set according to "Methods and Parameters of Economic Evaluation of Construction Projects" (2nd edition, 1993) promulgated by relevant state departments, and the expected income level of investors is fully considered. See Table 6.3 for specific indicators.
(2) the ratio of accounts receivable to accounts payable
The proportion of accounts receivable and accounts payable in this project is set with reference to the industry average level, and the accounts receivable in that year will be recovered in the next year; Accounts payable this year will be repaid in the next year. See Table 6.3 for the specific proportion.
(3) Bad debt reserve ratio
The relevant documents of the Ministry of Finance stipulate that the proportion of bad debt provision shall be determined by the company itself, but the proportion shall be reasonably estimated. The bad debt reserve ratio of this project is set with reference to industry practice standards, and the specific ratio is shown in Table 6.3.
(4) Project calculation period
Generally, the calculation period of a project is determined according to the service life of products (resource exploitation life), the service life of major facilities and equipment, the service life of major technologies and other factors. Because the most outstanding advantage of this project lies in the application of advanced technology, the life cycle of this project technology should be considered first when considering the calculation period of the project.
The technology used in this project is patented technology, and the economic life of patented technology generally depends on the development and update speed of industry technology, the leading degree of technology, confidentiality, product update cycle, substitutability, market competition and the strength of legal and administrative protection.
Generally speaking, the economic life of patented technology is shorter than its legal life. This is because science and technology are constantly developing, and the speed of scientific and technological development is getting faster and faster. The appearance of a new, more advanced, applicable or more efficient patented technology will devalue the original patented technology. For the economic life of the patented technology of this project, the technical update period is calculated. In the concrete calculation, according to the historical experience data of similar patented technologies, statistical models are used for analysis.
According to the comprehensive judgment of this project, the calculation period of this project is 10 year. The following table shows the calculation parameters for the first five years, and the same is true for the last five years.
Table 6.3 Project-related Basic Data Settings
Project value
1 year 2 years 3 years 4 years 5
Accounts receivable ratio10%10%10%10%.
Accounts payable ratio10%10%10%10%.
Bad debt provision ratio 0% 0% 0% 0% 0% 0%
Sales expense rate 5% 5% 5% 5% 5%
Management rate 5% 5% 5% 5% 5%
Bank loan interest rate 0% 0% 0% 0% 0%
The income tax rate is 33%, 33%, 33%, 33%, 33%
The discount rate is13%13%13%13%.
(2) Estimation of sales revenue and cost
1, sales revenue estimate
Sales (business) income refers to the income from selling products or providing services. In this project, the sales revenue of different products is calculated separately. If it is not convenient to calculate the sales revenue according to the detailed variety classification, the sales revenue will be calculated by converting it into standard products. See Table 6.4 for the product sales revenue of this project.
Table 6.4 Estimated Product Sales Revenue Unit: 10,000 yuan
Patent product year 1, year 2, year 3, year 4, year 5, year 6~ 10.
Selenium-enriched edible fungi 528 880140817601760 8800
Selenium-enriched milk 900015000 24000 30000 30000150000
Total 952815880 25408 31760 31760158800.
Accounts receivable are considered for the financial cash sales income of this project, and the basic calculation formula is:
Cash sales revenue = current product sales revenue-current accounts receivable+last year's accounts receivable.
This financial analysis assumes that all recoverable accounts in the last year of the calculation period have been recovered, as shown in Table 6.5.
Table 6.5 Estimated Cash Revenue from Sales Unit: 10,000 yuan
Project number 1, year 2, year 3, year 4, year 5, year 6 ~ 10
The product sales income is 952815880 25408 31760 31760158800.
Accounts receivable 952815880 25408 31760 31760158800.
Bad debt loss 0 0 0 0 0
Recoverable account 952815880 25408 31760 31760158800.
Cash sales income is 952815880 25408 31760 31760158800.
Step 2 evaluate
Cost refers to various expenses incurred in the production and operation of this project.
(1) Depreciation of fixed assets
See Table 6.6 for the depreciation estimation of fixed assets of this project.
Table 6.6 Estimation Table of Depreciation of Fixed Assets Unit: 10,000 yuan
Specification, model, depreciation period, residual value rate, depreciation rate 1, No.2 and No.3.
Workshop and warehouse 2010.00% 4.50% 257.4 257.4 257.4
Production equipment10/0.00% 9.00% 369.9 369.9 369.9
Total 627.3 627.3 627.3
(2) Amortization of intangible assets and deferred assets
See Table 6.7 for amortization of intangible assets and deferred assets of this project.
Table 6.7 Amortization Estimation Table of Intangible and Deferred Assets Unit: 10,000 yuan
ProjectNo. 1 year 2, 3, 4 and 5 years
Investment in intangible and deferred assets 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
The amortization in this period is 0.000 0.000 0.000 0.000 0.000 0.000 0.00.
Net value of intangible assets 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(3) product sales cost estimation
The product sales cost includes depreciation expense, material expense and labor expense, and the basic calculation formula is:
Product sales cost = depreciation cost+material cost+labor cost
To sum up, the production cost of this entrusted project includes material cost and labor cost, so the estimated product sales cost of this project is shown in Table 6.8.
Table 6.8 Product Sales Cost Estimation Table
Unit: 10,000 yuan
Project number 1, year 2, year 3, year 4, year 5, year 6 ~ 10
Material cost 4916.258193.751310.0016387.5016387.5081937.50.
Labor cost used
Depreciation expense 627.30 627.30 627.30 627.30 627.30 3136.50
The total amount is 5543.558821.0513737.3014.8017014.80 85074.00.
(4) Cash operating cost estimation
Accounts payable are considered in the financial cash operating cost of this project, and the basic calculation formula is:
Cash operating cost = product sales cost-accounts payable this year-depreciation+accounts payable last year.
This financial analysis assumes that all accounts payable are paid in the last year of the calculation period, as shown in Table 6.9.
Table 6.9 Cash Operating Cost Estimation Table
Unit: 10,000 yuan
Project number 1, year 2, year 3, year 4, year 5, year 6 ~ 10
The product sales cost is 5543.558821.0513737.3017014.8017014.80 85074.00.
Accounts payable 554.36 882.11373.731701.481701.48 8507.40.
Depreciation of fixed assets 627.30 627.30 627.30 627.30 627.30 627.30 638+036.50
Operating cost of cash is 4361.90731.6511736.2714686.0214686.0088888886
Third, the determination of discount rate.
Discount rate, also known as discount rate, is the ratio used to restore (or convert) the future income of patented technology assets to their present value. It can be seen that the essence of discount rate is an investment yield. The return demanded by investors can be divided into two parts. One is the risk-free return of investors, which is equivalent to the interest on treasury bills and government bonds, and its rate of return is called risk-free interest rate. The second is the risk premium (or value at risk) of investors, that is, the compensation required by investors under the risk of not recovering principal and interest on time, and its rate of return is called risk rate of return. These risks include operational risk, interest rate risk and market risk. In this way, the rate of return on investment, that is, the discount rate, can also be regarded as the risk-free rate of return plus the risk rate of return.
Risk-free rate of return is the interest rate without considering the risk return, which generally refers to the interest rate of national debt or government bonds, and also refers to the interest rate of bank deposits in China.
Risk return rate needs to consider technical risk, market risk, operational risk and financial risk. Because there are many uncertainties in the future of patented technology, its risk-return ratio should be higher. Discount rate is a parameter reflecting the degree of project risk. According to the current national debt yield, bank interest rate, the industry where the project is located, the risk of the project itself, etc. , is determined to win.
The discount rate is the key factor to convert the net income of technology into present value. Because the income from the invention of patented technology and proprietary technology is generated together with other assets (funds, equipment, houses, etc.). ) After investing in this technology, the return should also be related to various assets.
For this analysis? How to cultivate selenium-enriched edible fungi and produce natural selenium-enriched milk from its leftovers? Inventing patented technology, analysts believe that the risk is greater than the whole enterprise. Therefore, the international risk superposition model method (also known as the built-in method) is adopted to determine its discount rate, which consists of risk-free rate of return plus various risk premiums:
The number of serial number overlay content
1 Risk-free interest rate 5.46%
2 Purchasing power risk 2.00%
3 Market risk 2.00%
4 industry risk 1.00%
5 interest rate risk 1.50%
6 Small company risk 1.00%
Total 12.96%
Considering the actual situation of this project and referring to the venture capital return rate of venture capital model (VC), the analyst comprehensively determines the discount rate as 13%.
This discount rate is higher than the average yield of similar production industries. Because it has invested in a new technology to be developed in the market, this investment is definitely more risky than the old technology and old products.
Fourth, the project financial evaluation
(A) the preparation of financial evaluation statements
The analysis of financial profitability of a project is mainly to examine the profitability of project investment. Therefore, two basic financial statements, cash flow statement and income statement, are compiled to calculate financial internal rate of return, investment payback period, financial net present value, investment profit rate, investment profit and tax rate and other indicators.
1, income statement
The annual profit of this project is reflected by the income statement, which is shown in Table 6. 10. With the help of the income statement, the profitability of the project can be analyzed by calculating the investment profit rate and investment profit and tax rate.
Table 6. 10 Profit and Loss Estimation Table
Unit: 10,000 yuan
Project year 1 2 3 4 5 6~ 10
Sales income is 9,528.0015,880.0025,408.0031760.00 3 1 760.00158,800.00.
Less: production cost is 5,543.558,821.0513,737.3017,014.8017,014.80.
Gross profit is 3984.45 7058.9511.670.7014745.2014745.20 73726.00.
Less: sales expenses (5%) 476.40 794.00 1, 270.40 1, 588.00 1, 588.007,940.00.
VAT and surcharge (8.5%) 333.48 555.80 889.281.1.601.1.605 558.00
Management expenses (8%) 476.40 794.00 1, 270.40 1, 588.00 1, 588.007,940.00.
R&D expenses (10%)190.56317.60508.16 635.20 635.203, 176.00.
Project cost-
Operating profit is 2,507.614,597.557,732.469,822.409,822.4049, 1 1 2.00.
Less: income tax (33%) 827.51.1.517.192,551.71.3,24/kloc-0.
The net profit is 1 680.103,080.365, 180.756, 581.01.6,585,438+0.01.
Plus: depreciation 627.30 627.30 627.30 627.30 627.30 3, 136.50
The net cash flow is 2,307.40 3,707.66 5,808.05 7,208.5438+0 7,208.5438+0 36,041.54.
(1) The cash inflow is the sum of product sales revenue, recovered residual value of fixed assets and recovered working capital, in which the annual data of product sales revenue is taken from the product sales revenue estimation table; The residual value of fixed assets and working capital are recovered in the last year of the calculation period. The residual value of fixed assets is the total net value of fixed assets at the end of the period in the depreciation expense estimation table of fixed assets, and the working capital is the total working capital of the project.
(2) Cash outflow consists of investment, operating costs and taxes. The amount of fixed assets investment and working capital is taken from the relevant sub-items in the investment estimation table; Operating costs come from sales tax, additional amount and income tax data come from income statement.
(3) The net cash flow of each year in the project calculation period is the cash inflow of each year minus the cash outflow of the corresponding year. The cumulative net cash flow of each year is the sum of the net cash flow of this year and previous years.
According to the above analysis, the total net cash flow of this project in the next 10 year is 622,865,438+0.27 million yuan (regardless of time value).
(2) Analysis of financial profitability of the project
In the financial analysis of project enterprises, the internal rate of return, financial net present value, investment payback period, investment profit rate and investment profit and tax rate are generally considered to measure the reliability and effectiveness of investment.
1, financial internal rate of return (FIRR)
The financial internal rate of return is the main evaluation index to measure the financial feasibility of the project, and it is the discount rate that the present value of net cash flow in each year in the calculation period is equal to zero. Generally speaking, firr >: the industry benchmark discount rate indicates that the project is financially feasible. Its expression is:
These include:
CI: Cash inflow (including sales revenue, recovery of residual value of fixed assets, recovery of working capital, etc. );
CO: cash outflow (including fixed assets investment, working capital, operating costs, taxes, etc.). );
(CI-CO)t: the net cash flow in the t year;
N: calculation period of the project.
2. Financial net present value (FNPV)
The financial net present value is the sum of the net cash flow of each year in the calculation period of the project and the present value discounted to the initial stage of construction according to the industry benchmark rate of return of the project. The larger the value, the higher the profit level of the project. Its expression is:
These include:
Ic: the benchmark rate of return of the industry to which the project belongs.
3. Payback period of investment (Pt)
Investment payback period or payback period is the time required to compensate all investments (including fixed assets investment and working capital) with the net income of the project. Comparing the calculated payback period with the industry benchmark payback period with the accumulated net cash flow in the financial cash flow statement is an important indicator reflecting the repayment ability of the financial investment of the project. The expression is:
These include:
Pt: payback period of investment, expressed in years.
4. Investment profit rate
Investment profit rate refers to the ratio of total annual profit to total project investment in a normal production year after the project reaches the designed production capacity. It is a static index to examine the investment profitability of project units. The profit rate of investment mainly reflects whether the investment project can get more income with less investment. Its calculation formula is:
Investment profit rate = total annual profit/total project investment? 100%
5. Investment profit and tax rate
Investment profit and tax rate refers to the ratio of the total annual profit and tax in a normal year or the average annual profit and tax in the production period of the project to the total investment of the project after the project reaches the designed production capacity. Its calculation formula is:
Investment profit and tax rate = total annual profit and tax/total investment? 100%
Total annual profit and tax = annual sales revenue-annual total cost+annual value-added tax or:
Total annual profit and tax = total annual profit+annual sales tax and additional+annual value-added tax.
According to the above formula for calculating financial indicators, the financial indicators of this project are calculated, as shown in Table 6. 12.
Table 6. 12 Calculation Table of Project Financial Indicators
Item number value
Internal rate of return 3 1%
The payback period of static investment is 3.98 years.
The investment profit rate is 84%
The investment profit and tax rate is 93%
The seventh part, summary of project economic evaluation indicators.
The economic evaluation indicators of this project are summarized as follows:
Table 7. 1 Summary of Project Economic Evaluation Indicators
Serial number indicator and data name unit indicator and data
1 The total investment of the project is ten thousand yuan 1 1730.00.
1. 1 investment in fixed assets10,000.00 yuan.
1.2 liquidity 10000.00 yuan 1900.00 yuan
1.3 Intangible and deferred assets10,000.00 Yuan
2 financial internal rate of return% 3 1%
3 The payback period of static investment of the project is 3.98 years.
4 financial net present value of ten thousand yuan 1576 1. 15
5 Investment profit rate% 84%
6 Investment profit and tax rate% 93%
Business plan sample
Project name, unit, financial plan (financial internal rate of return of total investment, financial net present value, investment profit rate, investment profit and tax rate and investment payback period), and brief introduction of project content.
Second, the project overview
The business purpose of the project unit, the current development situation, the politics, economy, culture, resources and infrastructure of the project construction site, including the analysis of the investment environment of the construction site (preferential policies such as taxation and land).
Third, product production and service.
The production scale, raw material resources, production equipment, technical characteristics and production technology of the products, and make plans for the market service of the products.
IV. Industry and Market Analysis
Industry status and market capacity, accurate market positioning of project products, project competition introduction, competitors and their respective competitive advantages, competitive strategy analysis.
Marketing analysis of verb (abbreviation of verb)
Product marketing plan, including the selection of market institutions and marketing channels, marketing team and management, pricing and distribution of products or services, promotion plan and advertising strategy, and price decision.
Introduction to the management team of intransitive verbs project unit
This paper introduces the main characters of the company, including their positions, educational experience, work experience and advanced experience in team building.
Seven. Financing, utilization and recovery
The company's current fund raising and use, financing methods, investment strategies, investment methods and deadlines.
Eight. Financial forecast and analysis
Future financial forecast, including financial internal rate of return, financial net present value, investment payback period, sensitivity analysis, profitability forecast and cash flow.
Nine. Risks and countermeasures
Predict the management risk, market risk, financial risk and policy risk encountered in the company's operation, and give the avoidance methods.
X. appendix
financial statements
The tax registration certificate, business license and organization code certificate held by the company shall be provided for the reconstruction and expansion project.
Other supporting documents
Enterprise project management
Project management pm is the name of the earliest Manhattan project in the United States. It was introduced to China by Professor Hua in 1950s (due to historical reasons, it was called overall planning method and optimization method). Now Taiwan Province Province is called an engineering project. [2]
What is project management? Management science and engineering? Branch discipline is a borderline discipline between natural science and social science.
Project management is a set of technical methods based on recognized management principles, which is used to plan, evaluate and control work activities in order to achieve ideal final results on time, according to budget and according to specifications.
Selection of entrepreneurial projects
First, it suits you. As the saying goes:? Interlaced like a mountain? . Therefore, we should try to choose projects that can be linked to our majors, experiences, interests and specialties.
Second, we must determine the market prospect of the selected project or product. For entrepreneurs, it is necessary to study the local market more. The developed project should have an intuitive profit. Some products are in great demand, but the cost is high and the profit is low. Many people are busy for a while and only earn one glass of wine.
Third, we should proceed from reality and not be greedy for perfection. When aiming at a certain project, it's best to get involved in a moderate amount, understand the market with less investment, and wait until you think you are sure, then invest heavily and give it a try.
Fourth, we should try to choose projects with great development potential. Don't follow the trend when choosing projects. Try to pick some of the hottest and most profitable industries at present, and plunge into them without making any comments. You know, those industries are often saturated, and even if there is still a little room, the profits are not as big as in the early days.
Fifth, careful investigation and scientific choice. Now all kinds of information are flooding every corner, and many people choose projects according to the information. Therefore, we must re-examine and analyze the information, and do not invest easily without on-the-spot investigation and understanding of the operating conditions of existing users. Re-examination depends on the strength and reputation of the information publisher, and of course, it also needs to know the situation from the local industrial and commercial administrative department. Second, it depends on the maturity of the project, whether there are facilities and services, whether it can be produced and listed immediately, and so on. Third, it depends on the number of actual implementers in the country and how to operate.
Six, do three? Absolutely not? . In the process of project implementation, never pay before you do anything, and don't easily pay the other party with your hard-earned money based on a contract or agreement; Never trust the other party's promise, and keep one hand when signing the contract to prevent the other party from deliberately breaking the contract and bringing losses to yourself; Don't rush to get rich, choose projects that are easy to make big money. The more attractive the project, the greater the risk.
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