MUC LUC

D an SXKD au t mot lan, vong i d an theo tuoi tho cua thiet b

Trong chng nay se trnh bay lap phng an tai chnh cho d an au t SXKD thong thng, a so thuoc loai au t mot lan, vong i d an theo tuoi tho thiet b. Vi loai d an nay ta chu y cac ac iem sau :

Quy mo au t co the anh hng ln ti hieu qua d an, kha nang hoan von va tra n vay.

Mc o tham gia bang nguon von chu s hu so vi von vay se lam anh hng en hieu qua li nhuan va kha nang hoan von.

Khau hao theo tuoi tho thiet b chnh, cung la vong i cua d an. Neu co nhng hang muc au t co thi gian khau hao dai hn thi gian khau hao thiet b chnh, th vao nam cuoi cung dong tien d an se thu c phan tr gia tai san cha khau hao cua cac thiet b loai nay.

Chi ph da tren nh mc ky thuat t thay oi, trong o phai co phan nh ph chu yeu la khau hao nha xng thiet b.

Can xem xet o nhay cac bien so quan trong anh hng en kha nang tra n va hieu qua d an. Nhng bien so quan trong la san lng, gia ban, chi ph NVL. Tnh hieu qua d an theo hai trng hp, trng hp 100% von au t la von chu s hu e xac nh hieu qua s dung d an cha co on can n, va trng hp co s dung von vay e au t. Khi tnh hieu qua d an co s dung von vay, can tnh kha nang tra n bien ong theo doanh thu va theo ty le vay von e anh gia kha nang huy ong va kha nang hoan von vay.

DA.1 D An San Xuat Gach Chu Nhiet Thiet b va nha xng san xuat au t 1 lan

Vong i d an theo thi gian khau hao cua thiet b.

Tnh NPV, IRR cua d an.

Tnh o nhay theo san lng tieu thu va gia ban

1. THONG TIN VE D AN

1.1 Muc tieu cua d an au t xay dng nha may ban t ong san xuat gach Manhezi va gach cao nhom la loai gach chu nhiet tren 1825o, nhieu kch c s dung e xay lo luyen can thep, luyen ciment, luyen thuy tinh. thay the gach nhap khau (chu yeu t Trung Quoc).

Cong suat d kien cua nha may la 2.000 tan/nam, cong suat toi a la 2500 tan/nam

1.2 Mc au t va nguon von cua d an :

au t trang thiet b :

STTTEN THIET BTR GIA

1May ep 400 tan 650,000,000

2May nghien truc 210,000,000

3May tron + nghien keo 38,000,000

4Lo say + may phun lo 92,000,000

5Thiet b ien 40,000,000

6May vi tnh 24,000,000

7Cong cu khuon + can 121,000,000

8May ep 1500 tan mi (Korea)1,210,000,000

9Xe nang90,000,000

10Xay dng Lo nung 25 tan950,000,000

11Chi ph lap at chuyen giao70,000,000

12Bnh trung the va he thong ien 3 pha224,000,000

Tong cong3,719,000,000

Von au t thiet b 3,719,000,000

Von au t nha xng 2,300,000,000

Tong von au t 6,019,000,000

Nguon von au t toan bo la von cua chu d an

1.3 Chi ph san xuat :

Chi ph bien ong cho 1 tan gach thanh pham :

Chi ph nguyen vat lieu 920,000

Chi ph nhan cong trc tiep 348,000

Chi ph phan xng 200,000

Chi ph khac 150,000

Tong cong 1,618,000

Chi ph co nh ve quan ly trong 1 nam la 350 trieu ong (phuc vu cho viec san xuat t 1600 2500 tan/nam). Chi ph nay cha tnh chi ph khau hao.

Khau hao thiet b trong thi gian 5 nam. Khau hao nha xng trong thi han 7 nam.

1.4 Doanh thu :

Cong suat san xuat va tieu thu d kien la 2000 tan/nam, trong o nam th nhat at 80% d kien, nam th 2 at 90% d kien, t nam th 3 tr i at 100% d kien.

Gia ban c tnh la 2.900.000/nam.

Thue li tc 28% li nhuan.

2. YEU CAU :

Hay tnh NPV va IRR cua d an. Ty suat chiet khau dung e tnh NPV la 12%.

Vi gia ban bao nhieu th at hoa von au t (li nhuan = 0).

Trong trng hp san lng tieu thu dao ong t 1700 tan 2300 tan/nam va gia ban dao ong t 2,6 trieu 3,2 trieu/tan. Hay tnh o nhay cua NPV va IRR. Qua o rut ra nhan xet moi quan he gia doanh thu va chi ph.

DA.2D an au t nha may san xuat m goiTrong d an nay, cac van e c neu ra va trnh t giai quyet tng t bai 1, iem khac biet cho von au t d an bao gom von chu s hu va von vay. Do vay trong qua trnh tnh hieu qua tai chnh co yeu cau tnh them kha nang hoan von vay.

1. THONG TIN VE D AN

Cong ty Co phan Hoang Dao d nh au t mot nha may che bien m goi theo cong nghe mi (chien m gian tiep) vi cac thong tin d an nh sau :A. Ke Hoach au t va nguon von :

Thiet b :

Cong ty mua thiet b day chuyen la 536.000USD cua Hang MitSui, chi ph van chuyen ngi ban chu, thue nhap khau ngi mua chu la 10%, cong ty se tra trc 40% tr gia mua thiet b (bao gom ca thue), phan con lai vay cua Ngan hang ACB bang tien ong Viet Nam e tra. Phan vay se c tra theo phng thc trong 3 nam, moi nam tra 1/3 von vay, tra vao cuoi nam, lai suat cho vay la 12%/nam. Thiet b c tnh khau hao trong 5 nam, gia tr sau khi thanh ly c tnh la 750.000 trieu ong. Cong ty thc hien che o khau hao eu.

Ngoai ra cong ty con phai chu chi ph lap at va chay th la 620 trieu ong.

Cong suat cua day chuyen la 10.200 tan/nam.

Nha xng : phuc vu san xuat co tong tr gia la 4.081 trieu ong, khau hao eu trong 10 nam.

Ngoai von CSH tham gia au t nha xng thiet b, cong ty con a 5 ty ong von CSH tham gia vao von lu ong.

Ty gia c tnh la 15.570/USDB. Ke Hoach khai thac kinh doanh :

Chi ph hoat ong :

Bien ph tren 1 tan san pham : Nguyen vat lieu chnh (bao gom VAT) : 3,8 trieu

Nguyen vat lieu phu (bao gom VAT) : 2,7 trieu

Nhien lieu (bao gom VAT)0,4 trieu

ong goi0.5 trieu

Nhan cong0,5 trieu

Chi ph kinh doanh0,3 trieu

Chi ph gian tiep bnh quan 1 nam cha tnh phan khau hao la : 3,2 ty ong.

Von lu ong thng xuyen hang nam chiem bnh quan bang 22% Tong bien ph. Nhu cau VL se vay ngan hang vi lai suat bnh quan la 12%/nam.

Thue VAT phan chi ph la 10%.

Doanh thu d kien : Trong lng 1 goi m la 75gr, gia ban buon bnh quan 1 goi la 720 ong bao gom thue VAT. D kien cong suat day chuyen san xuat la 10.200 tan/nam, nam th nhat san suat va tieu thu at 70% cong suat, nam th hai at 80%, va t nam th 3 tr i at 90% cong suat.

Ngoai ra, con thu hoi c m vun bang 3% san lng, vi n gia ban bnh quan la 3 trieu ong/ tan m vun.

Yeu cau :

1. Hay lap phng an tai chnh d an bao gom :

Bang Ke hoach tra n vay cho Ngan hang qua cac nam, bao gom tra von va tra lai.

Bang Khau hao, Chi ph san xuat (bao gom ca lai vay von lu ong va lai vay von au t), va Doanh thu tng nam cua d an vi vong i d an la 5 nam.

Bang li nhuan d an tng nam cua d an vi vong i d an la 5 nam. (thue thu nhap DN la 28%).

Bang dong tien d an, NPV va IRR d an (ty suat chiet khau ap dung la 12%)

Bang ke hoach nguon von tra n vay au t cho Ngan Hang, the hien nguon tra t d an (la so khau hao c ban ve thiet b va 70% li nhuan neu co) va so von can bo sung e bao am tra n (trong trng hp nguon tra khong u). c biet, gia s nguon tra t d an khong u, th cong ty se phai dung nguon von t hoat ong khac e bao am tra n ung tien o.

2. Hay tnh ty le tang giam gia ban iem hoa von au t (NPV = 0) trong ieu kien so lieu d kien nh tren. Qua o nhan xet ve kha nang chu ng cua d an trc s bien ong cua gia ban.

3. Trong trng hp cac thong so ban au khong thay oi, n gia ban bien ong t 20% en tang 10% va ty le vay von dao ong trong khoang t 40% en 80%. Hay tnh NPV va Irr d an. Qua o rut ra nhan nh ve moi quan he gia hieu qua d an va von vay au t.

4. Trong trng hp thi gian cho vay dao ong trong khoang t 2 nam en 5 nam va ty le von cho vay mua thiet b dao ong trong khoang t 40% en 80%. Hay tnh so chenh lech gia Nguon tra n vay t d an trong thi han vay (la so khau hao c ban ve thiet b va 70% li nhuan neu co) va Tong von vay sau khi ket thuc thi han cho vay. (Th du vay 5 ty trong thi han 3 nam va so khau hao c ban ve thiet b va 70% li nhuan trong 3 nam au cua d an la 4,8 ty th so chenh lech la am 200 trieu).

DA.3 D an au t kinh doanh van chuyen hanh khach

Cong ty Bach Ma Travel c thanh lap e au t kinh doanh oi xe khach Tp.HCM _ Can Th. Cac thong tin ve d an nh sau :

Thong tin ve au t :

1. Thong tin ve oi xe : oi xe d kien la 30 chiec xe Mecedes 15 cho ngoi, mua cua cong ty SAMCO vi n gia 32.000USD/xe bao toan bo giay t. Cong ty tra trc 20%, phan con lai c ngan hang SACOMBANK cho vay tra gop eu trong 5 nam vi lai suat la 12%/nam bang VN. oi xe d tnh s dung trong 6 nam, gia tr thanh ly c tnh la 8.000USD/xe. Ty gia USD ap dung khi mua xe la 15.570VN/USD.

2. Cong ty thue 2 khu at tai Tp.HCM va Can Th lam ben au va van phong cong ty vi cac chi tiet sau :

Ben tai Tp.HCM thue vi gia 25 trieu/thang ac coc trc tien thue 3 nam, hang thang tra tien thue gia on nh trong 6 nam, het thi han thue se c tra lai tien coc. Cong ty au t thanh ben xe va van phong vi tr gia 600 trieu.

Ben tai Can Th thue vi gia 15 trieu/thang ac coc trc tien thue 1 nam, hang thang tra tien thue gia on nh trong 6 nam, het thi han thue se c tra lai tien coc. Cong ty au t thanh ben xe va van phong vi tr gia 200 trieu.

3. Cong ty au t trang thiet b hoat ong (ban ghe, may tnh, phan mem quan ly ) vi tong tr gia 545 trieu ong. Tai san nay cung c khau hao trong 6 nam.

4. Chi ph nghien cu chuan b au t va lap d an, chi ph thanh lap cong ty la 350 trieu ong.

5. Nguon von chu s hu bao gom tra trc 20% tien mua xe va 600 trieu ong tham gia au t van phong ben bai. Cong ty c Ngan hang TPT chi nhanh Tp.HCM ong y cho vay phan von au t ben bai con thieu vi lai suat 11%/nam, thi han vay 4 nam, an han tra von nam au.

Thong tin ve ke hoach hoat ong kinh doanh :

1. Thong tin ve doanh thu :

Gia ve (co tnh VAT la 10%) quy nh la 35.000/lt/hanh khach on tai ben. Gia ve co the bie`n ong t 25.000 50.000

Trung bnh moi au xe moi ngay chay 3 chuyen. Mot nam bnh quan chay 345 ngay.

Theo nguyen cu tm hieu th trng th bnh quan mot chuyen tai Tp.HCM i Can Th va ngc lai co 10 hanh khach.

2. Thong tin ve chi ph :

oi xe va thiet b au t c khau hao trong 6 nam.

Tien ong bao hiem xe 2 chieu la 5.000.000/xe/nam.

Chi ph xang cho 1 chuyen i la 14 lt cho nam th nhat, cac nam sau moi nam tang 5% so vi nam trc nhng khong tang qua 18 lt/chuyen. n gia xang la 5.500/lt

Chi ph hao mon banh xe, dau nht bnh quan la 50.000/chuyen

Chi ph bao dng nh ky hang thang la 300.000/xe cho nam th nhat, cac nam sau moi nam tang 15%. Moi nam bao tr ln la 1.800.000/xe cho nam th nhat, cac nam sau moi nam tang 20%.

Moi xe se co 1 tai xe va 1 phu xe. Lng c ban cho tai xe la 600.000/thang/tai xe, c moi chuyen xuat ben tai xe c 20.000. Lng c ban cho phu xe la 300.000/thang/phu xe, c moi chuyen phu xe c 15.000.

Lng Ban Giam oc va nhan vien ieu hanh la 14 trieu ong/thang.

Chi ph quan ly ieu hanh la 10 trieu ong/thang.Ghi chu : cac khoan chi ph c khau tr VAT la 10% tr chi ph lng, khau hao va quan ly ieu hanh

Yeu cau :

1.Phan tch cac ch so iem hoa von

Trong trng hp cac thong so nh d an nghien cu ban au, Hay tnh so lng hanh khach bnh quan cua mot chuyen xe e at iem hoa von bien ph (doanh thu 1 chuyen = bien ph 1 chuyen), va at iem hoa von hoat ong (doanh thu 1 nam = Tong chi ph nam), tnh theo tng nam.

Trong trng hp cac thong so nh d an nghien cu, Hay tnh n gia ve/hanh khach e at iem hoa von bien ph (doanh thu 1 chuyen = bien ph 1 chuyen), va at iem hoa von hoat ong (doanh thu 1 nam = Tong chi ph nam), tnh theo tng nam.

2. Phan tch hieu qua tai chnh d an :

Hay tnh hieu qua tai chnh d an (NPV, IRR) cua d an, c biet Ty suat chiet khau ap dung tnh NPV la 11%.

Sau o tnh o nhay cua NPV, theo o nhay ve gia dao ong t 25.000 50.000 va so lng xe au t cua d an dao ong t 20 xe 70xe.

D an san xuat sach hn _ nang cap thiet b, oi mi quy trnh SXKDTrong chng nay se trnh bay lap phng an tai chnh cho d an au t San xuat sach hn, a so thuoc loai au t thay the thiet b, oi mi quy trnh cong nghe va x ly chat thai. Vi loai d an nay ta chu y cac ac iem sau :

Do khong phai la d an au t mi, ma ch tac ong mot phan vao quy trnh san xuat co san, nen ve mat doanh thu khong co s bien ong ln, tr khi tang cng them thiet b day chuyen san xuat.

Ve chi ph san xuat se thay oi kha nhieu theo hng tang khau hao (au t thiet b, CSVC mi) va ieu hanh (x ly chat thai) nhng se giam phan chi ph nguyen vat lieu, nhien lieu, nhan cong (do quy trnh va he thong thiet b mi giup tang nang suat va giam tieu hao NVL). Phan chenh lech gia tang giam chi ph trong vong i d an so vi von au t chnh la hieu qua au t.

Ve mat tai chnh, ay khong phai la d an au t mi ma ch au t tac ong vao mot phan qua trnh san xuat, do vay viec phan tch hieu qua tai chnh khong can phai xem xet toan bo hoat ong SXKD hien co, ma ch can tnh tren phan li ch au t (do tiet kiem NVL) tr i phan au t. Phng phap nay giup cho giam nhe viec phan tch, ch can s dung cac so lieu trc tiep cua d an. Tuy nhien khi ap dung chung ta can gan viec tnh toan vi cac quy nh tai chnh hien tai, cu the la chung ta khong c hng 100% phan li ch thu c, bi v o chnh la li nhuan trc thue, do vay chung ta phai tr i phan thue li tc e tnh hieu qua d an ung an hn.

ay la dang d an au t pho bien tai cac n v san xuat, khong ch la d an SX sach hn ma con la nhng d an au t thay the thiet b, cong nghe la nhng d an thng xuyen c trien khai tai cac n v.

DA.4

D an au t nang cap nha may sx nc a au t thay the oi mi thiet b, vong i d an theo thi gian khau hao cua thiet b.

Mc thu li t viec tiet kiem au vao, tang san lng.

Tnh NPV, IRR cua d an.

1. THONG TIN VE D AN

1.1 Tnh hnh hien tai : Nha may SX Nc a My Hanh hien ang san xuat vao khoang 12.400 cay a/ngay, mot thang hoat ong bnh quan 25 ngay, ngh 5 ngay e bao tr. n gia ban bnh quan vao khoang 5.600, bien ph mot cay a khoang 4.280/cay (khong tnh lng cong nhan), tong nh ph bnh quan khoang 3.240.000.000/nam (bao gom ca lng cong nhan lanh theo thang). Trong cac bien ph san xuat, co hai chi ph quan trong la :

Bnh quan e SX mot cay a phai ton 0.85lt dau D.O/cay a, n gia la 4.000/lt.

Chi ph mua 1m3 nc la 4200.

1.2 Muc tieu cua d an Nha may SX Nc a My Hanh se thay the he thong lanh chay bang dau D.O a cu va hao ton nhien lieu bang he thong lanh chay bang ien, ong thi thay the quy trnh lay a va nap nc s dung thu cong bang he thong rong roc ban t ong. Viec au t nay giup tiet giam chi ph nhien lieu va tang hieu qua kinh doanh.

1.2 Mc au t va nguon von cua d an :

Von au t: Chu au t thc hien au t theo hnh thc cha khoa trao tay, theo o mc au t d kien la :

STTTEN THIET BTR GIA

1He thong lanh chay bang ien 3,650,000,000

2He thong rong roc ban t ong 410,000,000

3Thiet b ho tr 38,000,000

4Chi ph lap at chay th 12,000,000

Tong cong4,110,000,000

He thong nay c khau hao trong vong 5 nam. Theo tnh toan cua chuyen vien ky thuat th sau 5 nam gia tr thanh ly cua may vao khoang 450 trieu. Ngoai ra he thong lanh cu ban thanh ly c 360 trieu ong.

Chu au t se vay cua Ngan hang cong thng la 70% von au t vi lai suat 10%/nam trong thi han 3 nam.

1.3 Thong tin ve chi ph :

Sau khi au t co s bien ong ve chi ph nh sau :

Trong nam au tien ien nang tieu hao cho 1 cay a bnh quan la 3,5KW, n gia ien san xuat la 900/KW. Chi ph nay tang moi nam khoang 2%.

Do s dung he thong nap ban t ong nen bnh quan c 100 cay a th tiet kiem c 1.6m3 nc.

Vi he thong mi giam c 4 cong nhan vi lng bnh quan thang cua moi cong nhan la 1.600.000.

Cac nh ph khac khong thay oi.

1.4 Doanh thu : n gia ban, cong suat san xuat va tieu thu khong oi sau au t.

2. YEU CAU :

Hay tnh NPV va IRR cua d an. Ty suat chiet khau dung e tnh NPV la 10%.

Hay tnh gia ien iem hoa von au t (NPV = 0).

DA.5 :

D an au t SXSH cong ty sa AusVietCong ty Sa AusViet thc hien d an au t he thong x ly nc thai tai nha may, nham trien khai san xuat sach hn oi vi cong tac bao ve moi trng va gia tang gia tr kinh te trong san xuat kinh doanh. Cac thong tin cu the nh sau :

Quy mo va hang muc xay dng : e thc hien cac giai phap x ly chat thai phuc vu cho chng trnh san xuat sach hn, d an xay dng cac hang muc thiet b can au t cho nha may nh sau:

VT : 1.000VN

Trang thiet bVTKhoi

lngn giaThanh tien

May nen kh 700 N-m3/h (25,000 USD)cai1 371,025 371,025

He thong t ong ra thiet bbo1 1,465,000 1,465,000

He thong thu hoi nc ngng tu va nc san xuatbo1 250,000 250,000

ong ho o lu lng nccai1 50,000 50,000

Cai tao he thong nap lieubo1 200,000 200,000

Lo hi 3,4 tan/hcai1 1,200,000 1,200,000

He thong x ly khoi lo hi bo1 130,000 130,000

He thong be t hoai XLNT sinh hoat (250 m3/ngay)bo1 170,000 170,000

He thong x ly nc thai (700 m3/ngay)bo1 3,100,700 3,100,700

Tong Gia tr trang thiet b trc thue6,936,725

He thong d kien van hanh trong 7 nam, chi ph phuc vu cho viec van hanh he thong mi au t vao nam th nhat la 215 trieu ong, moi nam tang khoang 5%.

Nguon von d kien:

Von chu s hu (trieu ong)3,410

So von con lai se c hai nguon tai tr, Quy ho tr cua ADB cho vay 60% lai suat la 2%/nam trong thi han 3 nam, Quy au t cho vay 40% vi lai suat la 8%/nam trong thi han toi a la 5 nam.

Von vay cua ADB phai c tra eu trong 3 nam theo ke hoach, von vay Quy au T se c tra can c tren nguon tra thu c t d an tr i phan tra cho ADB theo ke hoach.

Cac khoan thu hoi :

Khi a vao hoat ong vi san lng va doanh thu khong thay oi nh trc khi au t, theo phan tch va tnh toan cua cac n v t van ve ky thuat, sau au t, nha may se co c thu nhap t khoan tiet kiem sau:

Thu nhap t tiet kiem nc : Phan thu hoi hi nc ngng tu e tai s dung; van hanh, ve sinh nha xng theo ung quy nh.

Thu nhap t tiet kiem nguyen vat lieu : c tnh tiet kiem c khoang 20% lng hao hut. Bao gom nguyen lieu kho (sa, bot, ng, au nanh); nguyen lieu long (sa ti, dau b)

Thu nhap t tiet kiem dau ot FO : nh co s dung chat phu gia PW.28

Thu nhap hang nam t tiet kiem c the hien cu the qua bang sau:

VT Mc TK sau au t n gia (1000 ) Thanh tien

Nc (400 m3 x 26 ngay x 12 thang)124.800

Phan thu hoi nc ngng tu e tai s dungm3 56.160,00 1 56.160

Van hanh ve sinh nha xng theo quy nhm3 68.640,00 1 68.640

Dau FO 36.958

Phan tiet kiem (10% x 1,061tan/nam)tan 106,08 1.350 143.208

Phan chi ph tang do co x ly chat phu gialit(250,00) 425 (106.250)

Nguyen lieu 1.917.240

Nguyen lieu kho - Sa botkg 31.200,00 30 936.000

Nguyen lieu kho ngkg 71.760,00 5 358.800

Nguyen lieu kho - au nanhkg 10.920,00 6 65.520

Nguyen lieu long - Sa ti kg109.200,00 3 327.600

Nguyen lieu long - Dau Bkg 10.920,00 21 229.320

CONG2.078.998

Phan tiet kiem nay moi nam giam khoang 10% so vi nam trc.

Yeu cau :

Hay tnh hieu qua d an (NPV, Irr) trong trng hp au t toan bo nguon von CSH va trng hp s dung c cau von vay a neu.

D an au t phan ky

Trong chng nay se trnh bay phng an tai chnh cho d an au t phan ky vi mot so ac iem sau :

Vi loai d an au t nhieu ky thng la d an ha tang von ln can phan ky e thc hien, va au t va khai thac kinh doanh.

Co nhng d an ma doanh thu ky nay se la nguon von au t cho ky ti va tiep tuc sinh ra doanh thu. Do vay viec xem xet kha nang huy ong von e am bao au t theo tien o cung rat quan trong.

Tnh dong tien cua d an au t nhieu ky la van e quan trong, dong tien chi au t nam 0 va nhng nam tiep theo, khien cho dong tien can oi bien oi t dng sang am nhieu lan ng vi moi ky au t, do vay viec tnh Irr toan bo d an va tnh Irr theo tng phan ky se co sai biet oi chut.

DA.6

D An au T Khu Cong Nghiep

Bac Cu Chi

au t nhieu giai oan.

Doanh thu nhieu loai co bien oi theo thi gian, chi ph bien oi theo thi gian.

Tnh NPV, IRR, thi gian hoan von vay

1. CAC THONG TIN CUA D AN :

(chu y cac so lieu ch mang tnh tham khao, khong phai so lieu that)

1.1) MUC TIEU CUA D AN :

Xay dng mot khu cong nghiep tap trung 275ha vi ay u ha tang va tien ch cong cong nham e kinh doanh nha xng mat bang, kinh doanh cac dch vu trong khu CN. Thu hut cac Nha au t en thanh lap khoan 100 nha may san suat khong o nhiem, tao ra viec lam cho khoang 40.000 lao ong em lai hieu qua kinh te cao hn s dung at nong nghiep, phat trien kinh te a phng.

1.2) V TR VA THI GIAN XAY DNG :

KCN Bac Cu Chi thuoc xa Nhuan c Cu Chi , cach trung tam TP khoan 35Km , cach quoc lo 22 khoang 3km.

a hnh cua KCN la vung at rong a hnh dang oi go cao gia thoai ve hai pha Bac Nam, co cao o nen t 9 14,5 m, o doc nen t 0,3% - 7,8% . Dan c tha tht, khong co cong trnh kien co

1.3) TONG CHI PH AU T VA PHAN KY AU T :

Dien tch khu vc d an la 275ha trong o bao gom :

LOAI ATDT (ha)TY LE (%)

1. at x nghiep cong nghiep & kho178.865%

3. at khu ieu hanh13.81%

4. at cay xanh & TDTT82.530%

5. at giao thong cong trnh11.04%

TONG CONG275.0100%

Chi ph en bu d kien la 60.000/m2, chi ph nay se c thc hien ngay khi au t. Chi ph nay d kien dao ong trong khoan t 50.000 70.000.

Tong von au t xay dng ha tang la 277,28 ty c phan ky au t trong 4 nam bao gom cac hang muc sau :

Gia tr phan ky au t ha tang Nam 0 Nam 1 Nam 2 Nam 3 TC

He thong giao thong 35,200 26,400 17,600 8,800 88,000

San nen 14,700 7,350 7,350 7,350 36,751

Thoat nc 13,820 6,910 6,910 6,910 34,549

Cap nc 20,067 20,067 13,378 13,378 66,891

He thong x ly nc thai 7,739 11,609 11,609 7,739 38,696

He thong ien 3,360 3,360 3,360 1,120 11,201

Nha ieu hanh 1,200 1,200

Tong cong 96,087 75,696 60,207 45,298 277,288

Nguon von T ban au e thc hien en bu giai toa va au t nam 0 bao gom :

Von Chu

S HuQuy Ho Tr

PTQGNH au T

& Phat TrienNH

khac

Tong mc (trieu ong) 50,000 100,000 80,000 31,086

Lai suat cho vay/nam8%10%12%

Thi gian vay (nam)64

Thi gian an han (nam)221

Ghi chu : Mc vay cua NH khac la mc chenh lech gia tong nhu cau au t nam 0 va tong von CSH, von vay cua Quy Ho Tr PTQG va von vay Ngan hang TPT.

Nhu cau au t cac nam ke tiep se lay t nguon thu khach hang, n v thi cong ng trc va vay bo sung vi mc lai s kien la 12%/nam.

1.4 DOANH THU CUA D AN :

Theo nhu cau ang ky va phan tch d oan th dien tch thue at nam th nhat la 21,5ha chiem 12% dien tch at cho thue, cac nam ke tiep d kien dien tch cho thue tang moi nam la 10% so vi dien tch cho thue c trong nam trc cho en khi thue kn dien tch 178,8ha.

Thi gian thue at la 50 nam tnh t nam th nhat, thi gian cho thue se giam tng ng vi at thue trong cac nam ke tiep.

Ve phng thc tra tien thue, co 2 phng thc thue :

Phng thc 1 nop toan bo 1 lan cho toan bo thi gian thue vi n gia 0.4USD/m2/nam.

Phng thc 2 nop lam 5 lan trong 5 nam lien tiep nhau, moi nam nop tien thue cho 1/5 thi gian thue. n gia la 0.75USD/m2/Nam.

Theo thong ke d bao, co 50% dien tch c thue theo PT 1 va 50% theo PT 2.

Moi nam n v thue phai nop 0.2USD/m2/nam tien dch vu khu cong nghiep (ap dung cho ca 2 phng thc thue) va ch bat au thu vao nam th 2 tnh t khi thue at.

1.5 CHI PH HOAT ONG :

Lng va quan ly ph nam th nhat la 2,1 ty, cac nam sau tang 10% moi nam cho en nam th t th gi eu khong tang.

Chi ph duy tu hang nam bang 1% tong mc au t xay dng ha tang khong tnh phan chi ph san nen tnh en thi iem au nam c tnh, va ch bat au tnh t nam th 2.

Chi ph quang cao trong 4 nam au la 400 trieu moi nam.

Chi ph en bu va san nen c phan bo chi ph theo ty le phan dien tch cho thue thc s thu tien tng nam.

Khau hao au t XDHT (khong tnh phan san nen) c khau hao trong 10 nam oi vi phan au t nam 0, cac hang muc au t trong cac nam ke tiep c tnh thi gian khau hao giam dan tng ng. Nh vay sau 10 nam se khau hao xong cac hang muc au t.

Theo d kien toi a thi gian thu tien thue at la 15 nam. Do o vong i d an c tnh trong 15 nam, t nam th 16 tr i xem nh nguon thu dch vu ha tang u bu ap cho cac khoan chi quan ly va duy tu c s ha tang.

2. YEU CAU THC HIEN :

Hieu qua tai chnh cua d an (NPV va IRR) vi c cau von va cac d kien doanh thu chi ph nh a phan tch. Qua o gia at co the tang toi a bao nhieu van am bao hoa von au t (NPV = 0).

Hay tnh o nhay hieu qua au t theo s bien oi cua ch tieu gia en bu bien ong t 50000 70000, va ty le dien tch cho thue nam th nhat dao ong t 10% - 15%. Qua o ket luan ve hieu qua d an theo cac kha nang bien ong a phan tch.

DA.7 :D AN NHA MAY NC NGAM CAT LAI

Muc tieu d an : Xay dng mot nha may khai thac nc ngam tai khu vc Cat lai va he thong ng ong dan nc ve khu cong nghiep Nhn Trach nham cung cap cho nha may Ciment Sao Mai va cac nha may trong khu cong nghiep Nhn trach.

Chu au T : Cong ty phat trien khu cong nghiep Nhn trach.

Quy mo cong trnh : Quy mo khai thac va x ly vi cong suat 5.000m3/ngay. Theo nghien cu cho thay vi cong suat nay tr lng khai thac vao khoang 25 nam, do vay vong i d an c tnh la 20 nam.

a iem va dien tch xay dng :

Nha may xay dng cach Hng Lo 19 khoang 3,5km, cach khu cong nghiep Nhn trach 5,5km.

Dien tch xay dng la 2ha bao gom nha may va he thong gieng.

Dien tch en bu giai toa la 82.500m2 bao gom khu nha may va tuyen ng.

au t theo 3 giai oan :

Von au t (VT trieu ong)

giai oan123TC

Thiet b 3,300 3,300

He thong cap nc3,1532,4721,9817,606

ng giao thong va cong8,0601,168 - 9,228

D phong6263321491,107

Tong cong15,1393,9722,13021,241

Cong suat (m3)300040005000

D kien sau 3 nam ke t khi i vao hoat ong se au t vao giai oan 2, va nam ke tiep se au t vao giai oan 3.

Nguon von giai oan 1 : Von chu s hu cua cong ty la 8000 trieu ong, cong ty c Quy Ho Tr PTQG cho vay 6 ty vi lai suat la 10%/nam trong thi han 6 nam, an han tra von nam th nhat. Nguon von con lai cong ty d kien huy ong t cac ngan hang vi lai suat 12%/nam trong thi han 4 nam.

Nguon von giai oan 2 va 3 : Cong ty d nh dung nguon tien tch luy sau khi tra n e au t vao giai oan 2 va giai oan 3. Trong trng hp khong u von se huy ong von vay vi lai suat 14%, von vay nay se c cong ty tch cc huy ong tra n t nguon thu cua d an.

Nhu cau tieu thu : Theo quy hoach khu cong nghiep Nhn Trach th nhu cau tieu thu la 8.000m3/ngay. Theo d bao tnh hnh hien tai va xu the phat trien cho thay kha nang tieu thu an toan nh sau :

Hien taiNam 1Nam 2Nam 3Nam 4Nam 5

Nhu cau2200 2,500 3,200 4,000 5,000 6,000

Hien nay nha may Ciment Sao Mai phai mua nc qua xa lan vi gia 6.000/m3, va nha may ien co cong van gi Cong ty au T KCN Nhn Trach cho biet rat mong c mua nc vi gia 4.500/m3. Cong ty d kien ban gia nc la 5500/m3.

Chi ph san xuat_khai thac :

1. Khau hao au t phan cong trnh va ng ong co tr gia 17.941 trieu c tnh trong 20 nam. He thong thiet b co tr gia 3.300 trieu c tnh khau hao 5 nam, va c thay the bang he thong thiet b co gia tr tng t vao nam ket thuc khau hao.

2. Chi ph nhan cong la 420 trieu ong cho nam th nhat, va tang 15% moi nam cho en nam th 3 th gi nguyen.

3. Chi ph quan ly x nghiep d kien khoang 345 trieu cho nam th nhat, va tang 15% moi nam cho en nam th 3 th gi nguyen.

4. Chi ph ien nang d kien la 14.250.000 cho 10.000m3, Chi ph hoa chat d kien la 3.300.000 cho 10.000m3.

5. Thue TNDN la 28%. Nha may c mien thue TNDN trong 2 nam au t khi i vao hoat ong.

Yeu cau :

a) Hay tnh hieu qua d an theo cac d lieu a c phan tch cua d an.

b) Trng hp nha may ban nc theo ga nha may Ciment Sao Mai e ngh th Vi gia nc thap nhat la bao nhieu e am bao cho hoa von au t (NPV = 0).

c) Trong trng hp thi gian khai thac dao ong trong khoang t 10 nam en 20 nam, va gia ban nc dao ong t 4.500 en 6.000, hay tnh hieu qua d an (NPV, Irr) theo thi gian khai thac va gia ban nc.

d) Trong trng hp cong suat tieu thu ch dao ong trong mc 2.500m3/ngay, neu cong ty khong au t cac giai oan 2 va 3, th d an co hieu qua va kha nang tra n khong. Neu khong u tra n theo tien o th can tang von t co len bao nhieu hoac keo dai thi gian cho vay hoan von cua Quy au T ra bao nhieu ?

e) Trong trng hp ngay t nam th hai a at cong suat tieu thu 5.000m3/ngay, va cong ty au t hoan chnh ngay trong giai oan 1 (23 ty) th d an co hieu qua khong ?

D an au t c s ha tang

theo phng thc BOT

Trong chng nay se trnh bay phng an tai chnh cho cac d an au t c s ha tang theo phng thc BOT vi mot so ac iem sau :

Chu au t thng la Nha Nc khong bo von ma giao cho n v thi cong t bo von au t theo phng an c duyet, se giao quyen ieu hanh kinh doanh cho n v bo von trong thi gian u e hoan von au t va li nhuan hp ly.

Ve xem xet phng an tai chnh, di goc o ngi giao thau se tnh toan thi gian hoan von trong s can nhac gia chi ph au t, nguon thu, chi ph ieu hanh hp ly. Di goc o cua ngi au thau, se tnh toan mc von bo ra va hieu qua thu lai (NPV, Irr) trong thi gian c giao ieu hanh.

DA.8

D An au T ng Cao Toc Tp.HCM_Long Thanh D an BOT xay dng c s ha tang t nhieu nguon von.

Nguon thu t thu ph giao thong e hoan von au t.

Tnh thi gian hoan von au t

1. Gii thieu D an va cac thong tin cua d an :

(chu y cac so lieu ch mang tnh tham khao, khong phai so lieu that)

Thanh pho phat trien ket noi vi khu vc kinh te trong iem pha nam, tuy nhien ng Quoc lo 1 ang b qua tai. D an ng cao toc Tp.HCM_Long Thanh se ap ng c cac muc tieu sau :

Giup thong thng tuyen ng mien tay i ti LongThanh thong qua ai lo ong_Tay i vao ng cao toc, giai toa ap lc xa lo Ha Noi

Rut ngan c oan ng t Tp.HCM i nga ba Giau Day va Long Thanh khoang 20Km, tang hieu qua giao thong.

Phat trien vung kinh te Nhn Trach.

Phng thc khai thac : Phng thc khai thac hoan von au t d an la t thu ph giao thong, UBNDTP a co cong van gi Bo Tai Chnh e ngh khoan thu ph giao thong cho n v chu au t, Bo tai Chnh co cong van phuc ap thong nhat ve nguyen tac khoan thu ph hoan tra von au t d an vi lai suat tien vay la 10%/nam, thi gian khoan va phng an thu ph se can c vao lu lng phng tien xe qua lai ng cao toc.

1.1 Tong von au t va c cau nguon von :Nguon von au t theo ke hoach thc hien d an :

Nam200220032004Tong

Tong von au t (ty ong)160,0408,8159,0727,8

Vay Quy au T (ty ong) e en bu giai toa160,078,8238,8

Vay hp von (ty ong) e en bu giai toa70,070,0

Chi ph thi cong 260,0159,0419,0

Tien o au t :

Nam200220032004

C cau nguon vonQuy 4Quy 1Quy 2Quy 3Quy 4Quy 1Quy 2Quy 3Quy 4

Vay HIFU en bu giai toa 160 70 8,8

Vay hp von en bu giai toa 20 50

Von au t thi cong 130 130 109 50

Von au t hang quy 160 70 28,8 180 130 109 50

S dung von hang nam160408,8159

1. 2. Thu ph giao thong :

Mc thu ph giao thong d kien nh sau :

Loai xen gia (VN/xe)

Xe tho s 3 banh, xe gan may 2 banh 1.000

Xe du lch15.000

Xe khach t 9 cho ngoi20.000

Xe tai di 8 tan30.000

Xe tai tren 8 tan50.000

Lu lng xe qua tuyen ng :

Ve lu lng xe qua tuyen ng c khao sat cua n v lap d an trong nam 2001 the hien trong bang sau :NGAYTHANGNAM

Xe 2 banh 116,389 3,491,667 41,900,000

Xe Oto con 1,103 33,093 397,120

Xe khach t 9 cho ngoi tr len 2,514 75,433 905,200

Xe tai di 8 tan 892 26,767 321,200

Xe tai tren 8 tan 592 17,763 213,160

oi vi ty le tang xe : Tren c s cac so lieu tren, co the nhan thay mc tang trng khoi lng hang hoa, hanh khach ng bo va so lng xe cua ca nc cung nh cua Thanh pho Ho Ch Minh trong cac nam qua kha cao, bnh quan tang khoang 11% ve khoi lng van chuyen va tang khoang 40% so vi mc tang xe. Trong nam 1996 mc tang trng rat ln do kinh te phat trien rat nong, sang 2 nam 1997 va 1998 mc tang trng a cham lai do anh hng suy thoai khu vc, nh vay mc tang trng tin cay trong cac nam ti trong khoang t 5% en 10%.

Tren c s phan tch toc o tang trng cua nganh giao thong van tai va mc tang trng chung cua lu lng xe cung nh qui hoach giao thong cua a ban thanh pho, mc tang lu lng xe d oan la :

T nam 2001 2005 : moi nam tang trng 5% so vi nam trc o

T nam 2006 2010 : moi nam tang 3.5% so vi nam trc o

T nam 2011_2015 : moi nam tang 1.75% so vi nam trc o.

Sau nam 2015 d bao lu lng xe bao hoa.

1.3 Chi ph quan ly thu ph giao thong va ty le that thu :

Theo cong van cua Bo Tai Chnh ve phng thc thu ph giao thong tren tuyen ng xa lo th ty le thu trch thu ph dung e ieu hanh la 10% bao gom 7% phuc vu cong tac thu ph va 3% e duy tu bao dng ng, do vay ty le nay c ap dung tham nh cho d an ng cao toc Tp.HCM _ Long Thanh.

oi vi mc that thu ph giao thong :

e am bao tnh khach quan, mc that thu mien giam c ap dung la 20% cho nam au tien ke t nam mi bat au thu ph (can c theo thc te cua thu ph cua cac tuyen ng hien tai). Tuy nhien, mc that thu nay se c giam dan. Mc giam c e ngh se la 15% cua mc that thu nam trc. Mc giam nay c da tren c s cua kha nang cai tien phng thc thu ph lam giam that thoat va tieu cc trong qua trnh thc hien. Ngoai ra, cung gia nh rang mc that thu toi thieu buoc phai co la 10% v can phai co lng gia giam cho cac xe mien thu ph nh xe buyt cong cong, xe cong vu, xe cu thng . Cu the mc that thu d kien la :

NamMc that thu

Nam 200420%

Nam 200517%

Nam 200614%

Nam 200712%

T Nam 2008 tr i10%

Thong tin khac : Quy au T cho d an vay vi lai suat 0,75%/thang. Cac ngan hang hp von cho d an vi lai suat 0.8%/thang. Cac n v nhan thau thi cong se cho vay ng trc chi ph thi cong vi lai suat 0.9%/thang. Viec hoan von c thc hien ke t khi bat au thu ph giao thong cho cac n v cho vay va n v thi cong theo ty le phan von moi ben tham gia. Chi ph khai thac thu ph giao thong la 10% bao gom 7% chi ph ieu hanh va 3% chi ph duy tu bao dng ng. Lai vay c tra hang quy, khoan lai se nhap von khi cha co nguon thu t ph giao thong (e bao am nguon tra lai). Von vay au t phat sinh trong quy se c tnh lai trong quy la 50%. Thi iem bat au thu ph la Quy 3 nam 2004 sau khi a hoan tat tuyen ng. Thi gian d an la en khi hoan tra u von au t theo cac nguon von cho vay.2. YEU CAU : Hay lap d toan ve cac khoan vay, lai phat sinh, thu ph tra lai va n, va thi gian hoan von theo tng nguon vay. Hay tnh o nhay thi gian hoan von cua d an theo s dao ong cua ty le tang xe cua cac nam 2001 2005 t 3% en 8% moi nam, va n gia thu ph dao ong t 70% en 120% so vi n gia ang tnh trong d an c xem nh 100%.

DA.9 au t quyen khai thac ha tang :Da tren phan tch thi gian hoan von vi cac thong so c tnh, UBNDTP d nh au thau thu ph bat au t au nam 2005. Thanh Pho cho phep cong ty trung thau c khai thac trong 14 nam vi cac ieu kien sau : n v trung thau phai tra toan bo von va lai cho cac n v a tham gia au t (theo phng thc lai phat sinh cha tra nhap von) la 630 ty ong. n v trung thau phai a them cho Thanh Pho 40 ty e Thanh pho tham gia ho tr cho d an ha tang khac, so tien nay se nop trong 4 nam, moi nam 10 ty. n v trung thau khong phai nop thue TNDN. Cong ty au t Hoang Dao d nh tham gia au thau, theo phan tch cua To nghien cu cua cong ty cho thay : So lng xe giao thong theo phan tch cua d an la tin cay. Cong ty co the chi 2% tren von au t xay dng hang nam (119 ty) e am bao duy tu bao dng con ng theo ung cac thong so cua Thanh Pho thay v la 3%. Neu cong ty trang b mot he thong thiet b kiem soat tr gia khoang 8 ty (co kha nang hoat ong tren 20 nam) th se giup cho cong tac va chi ph quan ly thu ph bien oi nh sau : Ty le that thu vao khoang 6% tren ph thu. Chi ph ieu hanh va lng se vao khoang 2.3 ty cho nam th nhat, va at o on nh ke t nam th hai la 2,8 ty. Von co ong cua cong ty la 220 ty, phan con lai cong ty d nh vay vi lai suat 11%/nam, thi han vay 8 nam.Yeu cau :1. Vi cac ieu kien a phan tch neu tren, hay anh gia hieu qua au t cua cong ty neu chap thuan au thau theo thi han 15 nam.2. Trong trng hp au thau canh tranh th cong ty co the bo thau vi thi gian thu ph la bao nhieu e van bao am hieu suat sinh li cua von au t la 12%.

Tnh hieu qua d an

vi nhieu thong so bien oi Trong viec xac nh hieu qua d an, ngi ta thng da tren so lieu tin cay hoac nhng so c lng bnh quan, ieu nay se giup giam khoi lng tnh toan. Tuy nhien trong qua trnh phan tch d an, vi nhng thong so quan trong, moi thong so thng mang nhieu gia tr co the xay ra theo cac xac suat, do vay neu ch tnh toan tren mot vai bien so se lam cho ket qua mang tnh chu quan. Viec phan tch o nhay da tren nhieu bien so va tnh huong giup cho ket qua tnh toan co o tin cay cao hn, viec anh gia se toan dien hn. Trong chng nay se gii thieu ket hp cac kien thc xac suat thong ke, kien thc phan tch tai chnh va cac ham cua Excel e tnh hieu qua d an da tren nhieu tnh huong va bien so. DA.10D An au T Ch au moi Nong Hai San D an au t ha tang e phan lo ban nen va sap. Vong i d an phu thuoc vao thi iem ban het hang hoa (sap, kiot). Co nhieu tnh huong ve chi ph au t va gia ban. Tnh hieu qua d an da tren phan tch tong hp cac tnh huong.1. Thong tin ve d an au t :Cong ty Co Phan au T a Oc DS thc hien au t ha tang ch kinh doanh ban s nong hai san mien ong tai khu vc Quan Thu c vi cac thong tin d an nh sau :1.1. Thong tin ve chi ph au t :Khu at xay dng ch co quy mo dien tch gan 23ha, pha ong giap khu dan c ke can Lien tnh lo 43, Tay giap Rach Ba Mieu, pha Nam giap Xa lo Xuyen A va pha Bac giap khu dan c ke can Khu che xuat Linh Trung. Hien trang s dung at : STTLoai atDien tchTy le

1at 10.260 m24.46%

2at ao + hoang hoa3.283 m21.43%

3at ruong 158.774 m269.03%

4at kinh mng va b e 30.639 m213.32%

5at rau, mau4.461 m21.94%

6at mua22.575 m29.82%

Tong cong229.992 m2100.00%

Hien trang ha tang ky thuat: Giao thong: la khu vc co cac truc ng giao thong thuan li va quan trong cua Thanh pho; hau het cac truc ng chnh eu trai nha, cac tuyen ng nhanh la ng cap phoi co lu lng xe khong nhieu, hien la cac ng at. Cap thoat nc: cha co he thong cap thoat nc He thong ien: Khu at cha co li ien, ch co li ien quoc gia Quy hoach kien truc: Bang can bang s dung at:STTLoai atDien tch (m2)Ty le

1at nha long ch51,21822.27%

2at cong trnh cong cong6,7142.92%

3at nen nha pho ch29,48212.82%

4at kho bai cang12,9115.61%

5at khu ky thuat4,0031.74%

6at cay xanh17,3377.54%

7at tram xang2,0000.87%

8at bai au xe201688.77%

9at giao thong khu vc7310631.79%

10at lo gii xa lo Trng Sn130535.68%

Tong cong229,992100.00%

Tong mc au t d an: (VT :1000 ong)NOI DUNG AU TCHI PH AU T

1/- Ch ph xay dng HTKT62,035,270

Chi ph san lap mat bang 26,116,900

Chi ph thoat nc ma2,853,500

Chi ph au t giao thong 12,181,570

Chi ph au t va he5,370,600

Chi ph xay dng he thong li ien5,064,200

Chi ph au t he thong cap nc6,058,500

Cp au t he thong thoat nc ban4,390,000

2/- Chi ph xay dng cong trnh34,295,150

Cay xanh1,733,700

Nha long ch21,864,650

Kiosque le312,000

Cang phuc vu kho bai & khu vc ch3,326,000

Bai au xe7,058,800

3/- Chi ph chuan b au 90,999,674

Cp kien thiet c ban4,393,121

Cp en bu giai phong mat bang68,697,635

Cp ong tien s dung at17,908,919

TONG MC AU T187,330,000

trong o chi ph en bu giai phong mat bang co the bien ong theo cac tnh huong sau:Tnh huongTotkhaTBxau

Mc tang chi ph0%15%30%50%

Nguon von au t d an:Nguon von au t cong ty d nh dung von CSH la 40%, con 60% vay ngan hang trong thi han 2 nam vi lai suat la 12%.1.2. Nguon thu d an va chi ph ieu hanh :Nguon thu d an gom: thu t viec chuyen nhng nen nha pho ch, chuyen nhng quyen s dung sap ch-kiosque, chuyen nhng at kho-bai, cay xang, khu hanh chnh trung tam. D kien nh sau : So lng nen nha pho ch :Noi dung So nen(m2/nen)

Nen nha kinh doanh299120

Nen nha tai nh c3490

So lng sap ch va kiosque :Noi dung So sap(m2 /sap)

Sap33656

Kiosque1316

So lng at kho-bai, cay xang, khu hanh chnh trung tamNoi dungDT (m2)

Kho 12.900

Bai xe20.168

Cay xang2.000

Khu hanh chnh trung tam4.000

n gia kinh doanh (cha co thue) c chon theo cac phng an sau :XauTBTotTin cay

Gia nen nha kinh doanh2,800,0003,000,0003,800,0003,200,000

Gia nen nha tai nh c1,600,000

Gia at kho2,000,000

Gia at bai600,000

Gia at cay xang2,000,0002,000,0002,500,0002,200,000

Gia at khu hanh chnh trung tam600,000

Gia sap long ch3,000,0004,000,0004,200,0003,800,000

Gia kiosque2,100,0002,500,0003,000,0002,800,000

Theo d oan co cac kha nang xay ra trong viec chuyen nhng :Nam 1Nam 2Nam 3Nam 4Nam 5

Tnh huong tot70%30%

Tnh huong kha50%30%20%

Tnh huong TB35%30%25%10%

Tnh huong xau25%25%20%20%10%

Chi ph ieu hanh va quang cao c tnh tren 5% nguon thu. Thue TNDN la 28%2. Yeu cau :a) Theo cac chuyen vien phan tch, cac loai n gia (theo 4 mc xau, TB, Tot, Tin cay), cac tnh huong chuyen nhng va cac tnh huong chi ph en bu giai toa eu xay ra vi xac suat nh nhau. Hay tnh NPV va IRR bnh quan, cao nhat va thap nhat cua d an. Qua o nhan xet ve hieu qua d an va cong ty nen chon phng an gia nao.b) Vi thi han cho vay von vay dao ong la 2 nam, ty le von vay dao ong t 30% - 80%. Khi o tnh huong n gia ban va tnh huong chuyen nhng nao se khong am bao tra c n vay trong thi han quy nh

DA.11 D An au T Ch au moi Nong Hai SanSau khi phan tch d an a trnh bay tren, Nhom chuyen vien lap d an quyet nh chon n gia tot. Cac tnh huong ve ty le tang en bu va phng an ban xay ra theo xac suat xuat hien nh sau : Tnh huong ve en bu : Ty le Xac suat

Ty le tang en bu tot0%20%

Ty le tang en bu Kha15%30%

Ty le tang en bu TB30%40%

Ty le tang en bu xau50%10%

Tnh huong ve en bu :Nam 1Nam 2Nam 3Nam 4Nam 5Xac Suat

Tnh huong chuyen nhngTot70%30%10%

Tnh huong chuyen nhng Kha50%30%20%25%

Tnh huong chuyen nhng TB35%30%25%10%40%

Tnh huong chuyen nhng Xau25%25%20%20%10%25%

Yeu cau Hay tnh ky vong va o lech chuan cua NPV, qua o nhan xet ve hieu qua d an.

DA12. D AN AU T HD_TAXI COMPANYHoang Dao Group co d an au t cong ty kinh doanh Taxi tai Tp.HCM vi cac thong tin nh sau :A. Thong tin ve d an : 1. Ke hoach au t : au T xe : Cong ty se au t 500 xe trong 3 nam mua cua cong ty Sai Gon Oto (SAGACO) vi gia la 150 trieu ong/xe. Cac xe nay se thanh toan cho SAGACO 30%, phan con lai c NH TMCP Sai Gon cho vay tra gop trong 4 nam, lai suat la 12%/nam. Cac xe au t bao gom xe do cong ty au t va xe do cac ca nhan bo tieu mua e a xe vao hoat ong trong cong ty. Cu the ke hoach nh sau :Nam 1Nam 2Nam 3

So xe au t hang nam200200100

Xe cong ty mua15012060

Xe do ca nhan mua a vao hoat ong508040

Ngoai ra cong ty con chi au t cac khoan muc khac nh sau :Khoan muc au tTr gia

He thong tong ai700trieu

He thong mang & phan mem340trieu

He thong thiet b VP350trieu

Quyen s dung mat bang (6 nam) 3,080 trieu

Chi ph quang cao ban au400trieu

Chi ph chuan b au t500trieu

Von tien mat hoat ong450trieu

Toan bo chi ph au t ngoai tr khoan mua xe cua ca nhan se c Hoang Dao Group s dung von chu s hu e au t.2. Ke hoach kinh doanh :Cong ty se thc hien hnh thc khoan cho cac tai xe cu the nh sau : oi vi xe cong ty, moi ngay cong ty se thu 250.000VN/ngay. Mot thang thu 28 ngay, 1 nam thu 11.5 thang. Trong nam th nhat se giam 50% mc thu trong 4 thang au. oi vi xe ca nhan t au t, moi ngay cong ty se thu 80.000VN/ngay. Mot thang thu 28 ngay, 1 nam thu 12 thang. Trong nam th nhat se giam 50% mc thu trong 4 thang au. Thue VAT nop cho cac khoan thu nay la 10%.3. Chi ph hoat ong :Khoan mucChi phGhi chu

Chi bao dng/xe/thang0.7trieuCh tnh cac xe cong ty

Bao hiem xe/nam3trieuCh tnh cac xe cong ty

Tien ien + ien thoai + Internet /thang20trieu

Chi ph ieu hanh/thang10trieu

Chi quang cao/nam100trieu

Chi huan luyen + kiem soat / thang10trieu

Lng Bo phan quan ly/thang120trieu

Thi gian khau hao xe5nam

Thi gian khau hao TSC khac6nam

Vong i d an c tnh la 6 nam (tng ng vi quyen s dung mat bang).YEU CAU :1. Hay tnh hieu qua au t cua d an (NPV, IRR). 2. Hay tnh mc thu khoan xe cong ty iem hoa von trong 2 trng hp : Hay tnh mc thu khoan xe cong ty vao nam th 3 (la nam at cong suat toi a) la bao nhieu e am bao hoa von kinh doanh (li nhuan bang 0). Hay tnh mc thu khoan xe cong ty toan d an la bao nhieu e am bao hoa von au t (NPV bang 0). 3. Theo phan tch anh gia ve mc khoan nop cua xe cong ty va khoan nop cua xe ca nhan co the bien ong do co s canh tranh cua cac hang khac, cu the nh sau : Mc khoan nop cua xe cong ty (ngan ong)Mc khoan/ngay200220250270300

XS say ra10%30%40%10%10%

Mc khoan nop cua xe ca nhan (ngan ong)Mc khoan/ngay50607080100

XS say ra10%15%25%40%10%

Hay tnh ky vong va o lech chuan hieu qua au t cua d an (NPV, Irr), qua o anh gia o rui ro cua d an va cho biet d an co hieu qua hay khong ? DA.13

d an au t san xuat xe minibus SD.007 7_8 cho ngoi CONG TY CO PHAN SAN XUAT OTO SADI A.Thong tin d an :Tong Cong ty SADI au t nha may san xuat xe oto vi thong tin sau :1. Quy mo au t va Von au t cua D an : Quy mo au t nha may 15 ha tai Khu cong nghiep Long Thanh e SX lap rap xe minibus 7_8 cho ngoi dang CKD2 vi cong suat toi a 4000 xe/nam nh sau :Hang mucTr gia (Trieu ong)

Xay dng showroom & tram bao hanh 2,319

He thong QLCL ISO 9000 & TB van phong 1,240

au t he thong thong tin quan ly 1,095

Xay dng nha xng 16,304

Day chuyen SX lap rap 26,460

Day chuyen dap cat

Tong cong 47,418

3. Nguon von au t : Nguon von chu s hu la 24.000.000.000VN, phan con lai se vay Ngan hang vi lai suat 12% trong thi han 5 nam, an han tra von nam au.4. Chi ph SX va gia thanh cua san pham : Vi quy mo san xuat va lap rap cong suat toi a la 4000 xe minibus 7_8 cho ngoi theo cong nghe TQ & Korea hang nam cong ty nhap ong c, khung, linh kien t TQ, Korea va mot so phu kien san xuat tai Viet Nam e san xuat lap th chi ph SX va gia thanh mot xe nh sau : Bien ph bnh quan 1 xe : (USD)Cum linh kien nhap co thue NK (25%) 4,650

Phu tung noi a 1,071

Lng SX trc tiep 288

Chi ph ban hang 120

Chi ph hau mai bao tr 105

Tong bien ph/xe 6,234

nh ph cha tnh khau hao (VT trieu ong) : Can c vao chi ph quan ly hien tai, vi quy mo SXKD hang nam la 1.500 xe th chi ph quan ly va quang cao khuyen mai nh sau : Lng + BHXH nhan vien gian tiep2,931

VP pham + dung cu1049

Chi ph ien + nc451

Chi ph ien thoai + Net225

Chi ph thue at2,116

Tong nh ph/nam6,772

nh ph se bien oi 15% so vi bien oi tong san lng san xuat. Khau hao c tnh nh sau : Khau hao nha xng trong 15 nam, khau hao thiet b trong 7 nam. Nhu cau VL : oi vi Cum linh kien nhap khau, nhu cau VL c c tnh bnh quan 1 nam la 5% tr gia nhap co thue. oi vi chi ph khac (khong ke khau hao va lai vay) nhu cau VL c c tnh bnh quan 1 nam la 25%. Lai suat vay VL la 12%/nam.5. Doanh thu & th trng tieu thu san pham : Gia ban trc thue la 7,448USD/xe, mc tieu thu d kien hang nam d kien at 1500 xe/nam.Yeu cau :1. Da tren cac d lieu phan tch tren, hay tnh trong trng hp hang nam SX va tieu thu 1500 xe :a. Hieu qua d an (NPV, IRR, Thi gian hoan von co chiet khau, gia thanh bnh quan trong 7 nam, gia ban iem hoa von). b. Vi san lng xe at toi thieu la bao nhieu e bao am can oi vi von vay au t trong 5 nam. (Tong nguon thu rong trong 5 nam = von vay au t). 2. Cong ty co the ieu chnh phng an au t san xuat dang IKD (PA_IKD), khi o so lieu au t kinh doanh co ieu chnh nh sau : au t 1 day chuyen dap cat thung xe tr gia 58,5 ty ong. Day chuyen nay c tra gop cho nha cung cap trong 5 nam vi lai suat 12% theo mc d n giam dan. Vi cong nghe IKD th phan cum linh kien nhap khau trc thue giam phan thung xe la 504USD/xe, thue nhap khau cum linh kien giam con 10%. Chi ph noi a hoa phan thung xe la 465USD/xe (chi ph NVL va bien ph khac). Da tren cac d lieu phan tch tren, hay tnh :a. Hieu qua d an (NPV, IRR, Thi gian hoan von co chiet khau, gia thanh bnh quan trong 7 nam) neu thc hien Phng an IKD. b. Hay so sanh gia thanh va hieu qua kinh doanh cua 2 phng an trong trng hp so lng xe dao ong t 750 xe/nam 3000xe/nam (moi bc dao ong 250 xe) va gia ban giam t 0% - 20% so vi hien tai (moi bc giam 2.5%). Qua o chung ta nen chon phng an nao trong trng hp sau : D bao ve th trng co nhu cau tieu thu rat ln nhng cung co ap lc canh tranh ln t cac cong ty lien doanh va xe nhap khau. D bao ve th trng co nhu cau tieu thu rat ln nhng ap lc canh tranh khong ln t cac cong ty lien doanh va xe nhap khau. D bao ve th trng co nhu cau tieu thu va phai nhng cung co ap lc canh tranh ln t cac cong ty lien doanh va xe nhap khau. D bao ve th trng co nhu cau tieu thu va phai nhng ap lc canh tranh khong ln t cac cong ty lien doanh va xe nhap khau.

DA.14 Tnh kha nang tra n mua nha tra gop Cong ty tai chnh_kinh doanh a oc Phng ong co dch vu cho vay mua nha, at, xay dng nha tra gop, lai vay tnh theo d n giam dan vi cac ieu kien sau: So tien vay cho phep chiem toi a 70% tien au t a oc, ngi vay se the chap bang chnh t tai san a oc a mua. Tien vay c quy theo USD, ty gia ap dung hien nay la 15.700/USD. Thi gian cho vay t 5 nam en 15 nam, tra theo hang quy vi mot so tien nhat nh bao gom tra lai va tra von, trong o lai vay c tnh theo d n giam dan. Trong thi gian tra gop, neu ngi vay co nhu cau tra phan vay con lai, th Cong ty se xac nh so von con phai tra e yeu cau ngi vay hoan tra va thanh ly hp ong vay. Lai suat cho vay la 6%/nam, tc 1.5%/quy. Khach hang inh Hoang Dao, lam chuyen vien phong kinh doanh cua cong ty DS, d nh mua mot mieng at e xay biet th mini tai phng Hiep Bnh Chanh Thu c theo s moi gii cua cong ty Phng ong, vi thong tin ve bat ong san chao ban nh sau : Dien tch lo at e xay biet th cua khu vc tren co cac loai 200m2, 250m2, 300m2, 400m2. n gia la 2,5 trieu/m2. Thue trc ba va cac chi ph khac do ngi ban chu. Chi ph xay dng la 1,6 trieu/m2, Biet th co the xay theo 4 kieu, kieu A co dien tch xay dng la 150m2, kieu B la 175m2, kieu C la 200m2 va kieu D la 250m2. Bon kieu nay eu phu hp vi cac lo at a neu tren. Chuyen vien t van tai chnh cua cong ty Phng ong phong van tnh hnh tai chnh cua khach hang, c biet thu nhap cua Co inh Hoang Dao nh sau : Hien ang co mot so tiet kiem VN tai ngan hang au T chi nhanh Tp.HCM ky han 1 nam, en ngay 30/6/2002 se ao han, tien gi la 150 trieu ong, lai suat 0.55%/thang. mot so tiet kiem Ngoai Te tai Ngan hang ANZ ky han 6 thang, en ngay 15/6/2002 se ao han, tien gi la 12.500 USD, lai suat 0.3%/thang. Co Dao se dung toan bo so tien nay sau khi ao han e mua bat ong san (bao gom lo at va chi ph xay dng theo cac loai a c cong ty Phng ong liet ke tren), so tien con thieu se vay theo chng trnh tra gop cua cong ty. Hien nay co Dao co khoan thu nhap hang thang co nh la 350USD, thu nhap do lam them theo thong ke cua co trong hai nam va qua nh sau :Thu nhap them hang thang (USD)300350375400450

Xac suat xay ra10%10%20%40%20%

trong o co cho biet co kha nang trch ra t 40% en 60% tong thu nhap e tra gop.Chuyen vien t van tai chnh cua cong ty tai chnh_kinh doanh a oc Phng ong se t van cho khach hang inh Hoang Dao chon la c bat ong san e mua va thoa cac ieu kien tai chnh cho vay va kha nang tra n cua co, cu the nh sau :1. T van ve bat ong san c chon (dien tch at va dien tch xay dng) : Bat ong san c chon phai thoa 2 ieu kien sau : ieu kien 1 : Xac nh c nhng bat ong san (bao gom lo at co dien tch bao nhieu, va xay theo kieu biet th nao) e bao am so tien con thieu se vay khong vt qua so tien cong ty Tai Chnh Phng ong co the cho vay. c biet theo quy nh ve cho vay tra gop cua cong ty th So tien cho vay chiem toi a 70% gia tr bat ong san the chap, trong o bat ong san la at c tnh 100% gia tr theo gia mua, bat ong san la nha ch c tnh 70% gia tr xay dng. ieu kien 2 : Trong cac bat ong san thoa yeu cau khong vt qua so tien co the cho vay cua cong ty, Khach hang muon hay chon ra nhng bat ong san co so tien vay dao ong trong khoang t 150% en 200% so vi so tien cua khach hang t co bo ra mua bat ong san e bao am an toan ve mat tai chnh, ong thi co tnh tch cc trong viec huy ong von vay. 2. T van ve kha nang tra n : Trong cac bat ong san c chon do a thoa 2 ieu kien tren, Co Dao muon chon ra nhng bat ong san thoa ve kha nang tra n vay nh sau : ieu kien 3 : Khach hang Hoang Dao mong se huy ong cao nhat so tien co kha nang tra, nhng van bao am kha nang chi tra an toan. Do o trong cac trng hp bat ong san a thoa 2 ieu kien tren, Co Dao yeu cau chuyen vien t van chon ra loai bat ong san, thi gian vay va ty le trch t thu nhap cua khach hang ma co ty le so tien chenh lech gia so tien phai tra gop hang quy va so tien trch t thu nhap e tra hang quy cua khach hang la thap nhat. oi vi cac trng hp bang nhau, u tien chon bat ong san nao co thi gian tra gop ngan nhat, neu bang ve thi gian th chon bat ong san co ty le trch thu nhap thap nhat. c biet Thi gian vay dao ong t 5 nam en 15 nam, va ty le trch t thu nhap dao ong trong khoang t 40%, 45%, 50%, 55%, 60% thu nhap cua khach hang. Ty le chenh lech c tnh nh = (so tien trch hang quy so tien tra gop) x 100% so tien trch hang quySau khi a chon ra c phng an thoa ieu kien 3, tng ng vi so tien vay va thi gian vay trong trng hp nay, hay lap bang the hien so von vay giam dan theo tng ky tra, e khach hang c biet vao bat ky thi iem tra gop nao trong thi gian vay, neu khach hang muon tra dt mot lan e het n, th so n vay phai tra la bao nhieu. Hng dan : Chung ta s dung ham PMT e tnh ra so tien tra gop n vay, s dungTable 2 chieu e chon ra phng an (bat ong san, thi gian tra gop va ty le trch tong thu nhap tra n) thoa c 3 ieu kien tren.

Bai Tap DAT_ThS.inh The Hien_Page 21