所需总投资（万元）投资折旧年限年折旧费用设备－熟料窑800010800矿山300030100土建工程500030167设备－水泥磨700010700总计230001,767设备总产能（万吨）熟料窑75水泥磨100熟料50水泥100各项费用财务费用78762442421869租赁费用1,046其它费用（管理等）183租赁手续费90第一年保费0实际税率17%折现率6%毛利（元/吨）年度200220032004200520062007贷款方案：折旧费用1,7671,7671,7671,7671,767折旧上的税收收益300300300300300年度财务费用(787)(624)(424)(218)(69)财务费用的税收收益134106723712租赁手续费(90)(90)(90)(90)(90)租赁手续费的税收收益1515151515折旧费用1,1671,1671,1671,1671,167折旧上的税收收益198198198198198年度租赁费用(1,046)(1,046)(1,046)(1,046)(1,046)租赁费用的税收收益178178178178178其它财务费用-----其它财务费用的税收收益-----(392)(527)(693)(864)(988)折现现金流(370)(469)(582)(684)(738)$5,953租赁方案A:租赁方案全部现金流－贷款方案全部现金流由于使用贷款方案节省的资金年度200820092010201120121,7671,7671,7671,7671,767300300300300300(69)(69)(69)(69)(69)1212121212(90)(90)(90)(90)(90)15151515151,1671,1671,1671,1671,167198198198198198(1,046)(1,046)(1,046)(1,046)(1,046)178178178178178----------(988)(988)(988)(988)(988)(696)(657)(620)(585)(552)年度200220032004200520062007贷款方案：毛利3,7503,7503,7503,7503,750减：折旧1,7671,7671,7671,7671,767减：财务费用78762442421869减：其它费用183183183183183税前净利润1,0131,1761,3761,5821,731税后净利润8419761,1421,3131,437加：折旧1,7671,7671,7671,7671,767净现金流2,6082,7432,9093,0803,204毛利3,7503,7503,7503,7503,750减：折旧1,1671,1671,1671,1671,167减：租赁费用1,0461,0461,0461,0461,046减：租赁手续费9090909090减：财务费用-----减：其它费用183183183183183税前净利润1,2641,2641,2641,2641,264税后净利润1,0491,0491,0491,0491,049加：折旧1,1671,1671,1671,1671,167净现金流2,2162,2162,2162,2162,216(392)(527)(693)(864)(988)折现现金流(370)(469)(582)(684)(738)$5,953实际税率17.00%租赁方案A:租赁方案全部现金流－贷款方案全部现金流由于使用贷款方案节省的资金年度200820092010201120123,7503,7503,7503,7503,7501,7671,7671,7671,7671,76769696969691831831831831831,7311,7311,7311,7311,7311,4371,4371,4371,4371,4371,7671,7671,7671,7671,7673,2043,2043,2043,2043,2043,7503,7503,7503,7503,7501,1671,1671,1671,1671,1671,0461,0461,0461,0461,0469090909090-----1831831831831831,2641,2641,2641,2641,2641,0491,0491,0491,0491,0491,1671,1671,1671,1671,1672,2162,2162,2162,2162,216(988)(988)(988)(988)(988)(696)(657)(620)(585)(552)
