5--收益法评估计算表.pdf

5--收益法评估计算表.pdf

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被评估单位名称：

CDRS药业有限责任公司序号表格名称表格编号页数1资产评估结果汇总表（收益法）表1-112资产、负债清查调整情况表表1-213净现金流表表1-314毛现金流预测表表1-415营运资金预测表表1-516折旧/摊销预测表表1-617主营业务收入预测表表1-718产品销售量预测表表1-7-119产品销售平均单价预测表表1-7-2110产品销售成本预测表表1-8111产品材料费用预测表表1-8-1112产品制造成本预测表表1-8-2113人工费用预测表表1-8-3114销售税金及附加预测表表1-9115销售费用预测表表1-10116管理费用预测表表1-11117科研开发费用预测表表1-11-1118财务费用预测表表1-12119资本性支出预测表表1-13120负息负债明细表表1-14121非经营性资产、负债表评估表表1-15122长期股权投资清查评估明细表表1-15-1123加权资金成本计算表表1-16124国债到期收益率估算表表1-16-1225不可流通折扣率估算表表1-171收益法评估表目录评估基准日：

2008年6月30日资产评估结果汇总表（收益法）资产评估结果汇总表（收益法）评估基准日：

2008年6月30日被评估单位名称：

CDRS药业有限责任公司金额单位:

人民币万元项目帐面价值调整后帐面值评估值评估升值升值率（%）ABCD=C-BD=C/B*100%流动资产133,586.4633,586.46非流动资产228,547.3428,547.34其中：

长期投资33,340.003,340.00固定资产423,346.7923,346.79其中：

建筑物516,910.6416,910.64设备66,436.156,436.15在建工程7184.63184.63无形资产81,493.891,493.89资产总计资产总计962,133.8062,133.80流动负债1027,852.2127,852.21长期负债115,550.505,550.50负债总计负债总计1233,402.7133,402.71净净资资产产1328,731.0928,731.0946,800.0018,068.9162.89表1-1表1-2被评估单位名称：

CDRS药业有限责任公司评估基准日：

2008年6月30日金额单位：

万元行次项目账面值调整后账面值调整原因备注借方贷方行次项目账面值调整后账面值调整原因备注借方贷方一、流动资产合计33,586.50.010,599.522,986.91货币资金9,805.25,805.24,000.0多余现金-界定为非经营性资产2短期投资0.00.03应收票据0.00.04应收股利98.798.70.0应收长投单位投资收益-界定为非经营性资产5应收利息0.00.06应收帐款3,103.43,103.47其他应收款1,677.1896.0781.1成都所借款500万，应收成都所技术转让款396万-界定为非经营性资产8预付帐款4,854.63,799.61,054.9借予浆站款-界定为非经营性资产9应收补贴款0.00.010存货14,047.614,047.611待摊费用0.00.012一年内到期的长期债券投资0.00.013其他流动资产0.00.0二、长期投资合计3,340.00.03,340.00.014长期股权投资3,340.03,340.00.0长期股权投资-确认为非经营性资产15长期债权投资0.0三、固定资产合计23,531.40.00.023,531.416固定资产原价0.00.017减：

累计折旧0.00.018固定资产净额23,346.823,346.819工程物资0.00.020在建工程184.6184.6四、无形资产及其他资产合计1,493.90.0461.41,032.421土地使用权1,479.8461.41,018.3其中约20亩闲置土地界定为非经营性资产22其他无形资产14.114.123长期待摊费用0.00.024其他长期资产0.00.0五、递延税款借项182.0182.0六、待处理流动资产损益0.025待处理固定资产损益0.0七、资产合计七、资产合计62,133.80.014,401.047,732.8八、流动负债合计27,852.20.0663.927,188.31短期借款19,500.019,500.0负息负债2应付票据698.6698.63应付帐款1,084.71,084.74预收帐款57.557.55代销商品款0.00.06应付工资315.7315.77应付福利费0.00.08应付股利408.9408.90.0应付股东利润-界定为非经营性负债9应交税金2,334.52,334.510其他应交款0.00.011其他应付款452.3255.0197.3应付经营开发公司155万元和应付下属浆粘捐款100万元-与企业经营无关，界定为非经营性负债12预提费用0.00.013预计负债0.00.014一年内到期的长期负债3,000.03,000.0负息负债15其他流动负债0.00.0九、长期负债合计5,550.50.00.05,550.516长期借款5,500.05,500.0负息负债17应付债券0.00.018长期应付款0.00.019专项应付款50.550.5负息负债20其他长期负债0.00.0十、递延税款贷项0.00.0十一、负债合计十一、负债合计33,402.70.0663.932,738.8十二、净资产十二、净资产28,731.10.013,737.014,994.1企业填表人：

评估人员：

非经营性资产、非经营性负债和负息负债确认非经营性资产、非经营性负债和负息负债确认资产、负债清查调整情况表资产、负债清查调整情况表净现金流表净现金流表表1-3被评估单位名称：

CDRS药业有限责任公司评估基准日：

2008年6月30日金额单位：

万元项目名称项目名称2008（7-12）2009201020112012201320142015201620172018终值终值现金流量毛现金流

（1）2,673.59,078.19,491.59,692.210,229.310,382.411,045.811,475.411,520.011,776.811,963.211,795.6减：

资本性支出

（2）43.0974.2329.2190.5367.9403.0800.01,000.01,200.01,500.01,800.01,800.0营运资金增加（减少）（3）-1,083.51,769.51,844.11,426.81,579.41,836.91,283.61,078.2841.0433.1293.1293.1净现金流净现金流（4）=

（1）-

（2）-（3）3,714.06,334.37,318.38,075.08,282.18,142.68,962.29,397.29,479.09,843.79,870.273,503.7折现年限（5）0.251.002.003.004.005.006.007.008.009.0010.0010.00折现系数（折现率=13.2%）（6）0.970.880.780.690.610.540.480.420.370.330.290.29净现金流量现值（7）3,600.75,595.75,711.05,566.85,043.84,380.64,259.33,945.23,515.53,225.12,856.721,273.8现金流现值和现金流现值和（8）21,273.8股东权益之公平市价股东权益之公平市价折现率（9）13.2%预测期净现金流现值总额（10）47,700.3残值的现值（11）21,273.8全投资资本的市场价值（12）=（10）+（11）68,974.1减：

负息负债（13）22,245.3股东权益的价值（14）=（12）-（13）46,728.7缺少流通的折扣率（15）19.38%折扣后价值（16）=（14）1-（15）37,670.7加：

非经营性资产净值（17）9,114.6股东权益公允市价（取整）股东权益公允市价（取整）（18）=（16）+（17）46,800.047,700.3未来预测未来预测毛现金流预测表毛现金流预测表表1-4被评估单位名称：

CDRS药业有限责任公司评估基准日：

2008年6月30日金额单位：

万元项目名称项目名称20032004200520062007最近一年最近一年2008（7-12）2009201020112012201320142015201620172018终值终值主营业务收入

（1）27,370.8828,248.0828,205.3527,721.4224,034.7828,591.449,386.6231,641.1334,714.6237,092.6339,724.8942,786.3244,925.6446,722.6748,124.3548,846.2149,334.6749,334.67主营业务收入增长率（%）3.2%-0.2%-1.7%-13.3%19.0%10.0%9.7%6.9%7.1%7.7%5.0%4.0%3.0%1.5%1.0%0.0%主营业务成本

（2）13,879.5915,380.8616,827.9016,061.4013,254.9013,176.604,203.4017,676.1520,021.0721,636.7822,958.1925,210.2226,402.5326,724.2825,812.0526,273.9726,635.2326,635.23主营成本/主营收入（%）50.7%54.4%59.7%57.9%55.1%46.1%44.8%55.9%57.7%58.3%57.8%58.9%58.8%57.2%53.6%53.8%54.0%54.0%主营业务税金及附加（3）257.22471.17364.42491.85370.95469.58150.1477.20535.77568.23607.91658.77691.71718.57738.45746.05749.90749.90主营业务税金及附加/主营业务收入（%）0.9%1.7%1.3%1.8%1.5%1.6%1.6%1.5%1.5%1.5%1.5%1.5%1.5%1.5%1.5%1.5%1.5%1.5%主营业务毛利（4）=

（1）-

（2）-（3）13,234.0712,396.0511,013.0311,168.1710,408.9314,945.265,033.1313,487.7814,157.7714,887.6316,158.7916,917.3417,831.4019,279.8221,573.8421,826.1921,949.5421,949.54销售费用:

（5）2,564.483,203.792,427.341,500.701,142.54772.32724.39983.441,052.211,132.921,221.591,328.471,332.571,336.451,340.051,343.321,346.231,531.79销售费用/主营收入（%）9.4%11.3%8.6%5.4%4.8%2.7%7.7%3.1%3.0%3.1%3.1%3.1%3.1%3.1%3.1%3.1%3.1%3.1%管理费用（6）3,947.662,647.143,067.523,229.734,332.384,190.741,830.074,048.774,187.554,582.795,083.895,575.055,663.825,738.385,796.535,826.485,846.755,884.75管理费用/主营业务收入（%）14.4%9.4%10.9%11.7%18.0%14.7%19.5%12.8%12.1%12.4%12.8%13.0%12.6%12.3%12.0%11.9%11.9%11.9%财务费用（7）360901076767635711671215895616431590653181305181305181305181305181305181305181305181305181305181305181305未来预测历史数据未来预测历史数据财务费用（7）360.901,076.76763.571,167.121,589.561,643.15906.531,813.051,813.051,813.051,813.051,813.051,813.051,813.051,813.051,813.051,813.051,813.05财务费用/销售收入（%）1.3%3.8%2.7%4.2%6.6%5.7%9.7%5.7%5.2%4.9%4.6%4.2%4.0%3.9%3.8%3.7%3.7%3.7%主营业务利润主营业务利润（8）=（4）-（5）-（6）-（7）6,361.035,468.364,754.615,270.623,344.458,339.051,572.146,642.527,104.967,358.868,040.268,200.769,021.9610,391.9412,624.2112,843.3412,943.5112,719.95主营业务利润/销售收入（%）23.2%19.4%16.9%19.0%13.9%29.2%16.7%21.0%20.5%19.8%20.2%19.2%20.1%22.2%26.2%26.3%26.2%25.8%其他业务利润（9）31.63150.11226.46146.8464.2355.09营业利润（10）=（8）+（9）6,392.675,618.474,981.065,417.463,408.678,394.141,572.146,642.527,104.967,358.868,040.268,200.769,021.9610,391.9412,624.2112,843.3412,943.5112,719.95以前年度累计未弥补亏损（11）弥补亏损后利润（12）=（10）+（11）6,392.675,618.474,981.065,417.463,408.678,394.141,572.146,642.527,104.967,358.868,040.268,200.769,021.9610,391.9412,624.2112,843.3412,943.5112,719.95加：

利息支出（13）359.001,064.56760.951,160.831,587.981,640.93906.531,813.051,813.051,813.051,813.051,813.051,813.051,813.051,813.051,813.051,813.051,813.05减：

科研开发费税前加计扣除（14）312.25454.26547.00518.80548.59589.31618.78643.53662.83672.78679.51679.51应交所得税25%（15）=（12）+（13）-（14）*50%）*所得税率1,012.751,002.45861.30986.74749.501,505.26541.602,000.332,092.752,163.282,326.182,356.132,554.062,890.373,443.613,495.903,519.263,463.37税后收益（16）5,738.925,680.574,880.715,591.554,247.168,529.811,937.066,455.246,825.267,008.647,527.137,657.698,280.959,314.6310,993.6511,160.4911,237.3011,069.62加:

折旧/摊销（17）1,127.091,102.131,166.431,785.141,742.391,745.32736.442,622.832,666.272,683.592,702.212,724.762,764.862,160.74526.35616.35725.95725.95毛现金流毛现金流（18）=（16）+（17）6,866.006,782.706,047.147,376.695,989.5510,275.132,673.509,078.079,491.539,692.2310,229.3410,382.4511,045.8211,475.3711,520.0011,776.8311,963.2411,795.57毛现金流/销售收入（%）（19）0.250.240.210.270.250.3628.5%28.7%27.3%26.1%25.8%24.3%24.6%24.6%23.9%24.1%24.2%23.9%5.44营运资金预测表营运资金预测表表1-5被评估单位名称：

CDRS药业有限责任公司评估基准日：

2008年6月30日金额单位：

万元资产项目资产项目200320042005200620072008（1-6）2008（7-12）2009201020112012201320142015201620172018流动资产：

流动资产：

货币资金4,000.0*应收账款净值7,179.56,456.64,450.24,008.42,674.93,103.4*应收票据0.0261.2744.8256.70.00.0*预付账款174.5191.3314.9947.63,722.21,054.9*其他应收款3,344.02,393.4849.33,385.8300.7781.1*存货17,884.516,946.214,435.612,737.414,629.814,047.6*待摊费用0.0*流动资产合计流动资产合计28,582.526,248.720,794.821,335.821,327.622,986.9*流动负债流动负债应付票据0.00.01,000.00.00.0698.6*应付账款7,743.81,800.01,229.31,127.71,413.31,084.7*预收账款798.637183.02102.80219.461,074.1557.5*其他应付款1,757.6262.8254.22,992.1296.0197.3*应付工资0.00.00.00.00.0315.7*应付福利费353.7455.2572.4562.8245.30.0*应付利润824.60.00.00.0150.00.0*未交税金871.8-577.7-178.6173.4323.02,334.5*其他应交款6.6-6.6-5.713.612.20.0*预提费用0.0*流动负债合计流动负债合计12,356.72,116.82,974.45,089.13,514.14,688.3*营运资金占用营运资金占用16,225.824,132.017,820.416,246.817,813.618,298.717,215.218,984.720,828.822,255.623,834.925,671.826,955.428,033.628,874.629,307.729,600.8营运资金变动7,906.2-6,311.6-1,573.61,566.8485.1-1,083.51,769.51,844.11,426.81,579.41,836.91,283.61,078.2841.0433.1293.1营运资金占用/主营业务收入59.3%85.4%63.2%58.6%74.1%63.6%60.0%60.0%60.0%60.0%60.0%60.0%60.0%60.0%60.0%60.0%60.0%历史数据未来预测历史数据未来预测折旧/摊销预测表折旧/摊销预测表表1-6被评估单位名称：

CDRS药业有限责任公司评估基准日：

2008年6月30日金额单位：

万元资产类型资产数额折旧/摊销年限资产类型资产数额折旧/摊销年限2008（7-12）2009201020112012201320142015201620172018余额余额设备16,602.937664.12,371.82,371.82,371.82,371.82,371.82,371.81,707.70.0房屋6,526.934045.7163.2163.2163.2163.2163.2163.2163.2163.2163.2163.24,849.5其他无形资产14.1351.63.13.13.13.10.0土地1,479.753024.749.349.349.349.349.349.349.349.349.349.3961.82008（7-12）设备43.00150.42.92.92.92.92.92.92.92.92.92.514.32009设备974.211532.564.964.964.964.964.964.964.964.964.9357.22010设备329.181511.021.921.921.921.921.921.921.921.9142.62011设备190.45156.312.712.712.712.712.712.712.795.22012设备367.901512.324.524.524.524.524.524.5208.52013设备403.001513.426.926.926.926.926.9255.22014设备800.001526.753.353.353.353.3560.02015设备1,000.001533.366.766.766.7766.72016设备1,200.001540.080.080.01,000.02017设备1,500.001550.0100.01,350.02018设备1,800.001560.01,740.0无形资产摊销合计无形资产摊销合计1,493.926.252.552.552.552.549.349.349.349.349.349.3961.8固定资产折旧合计固定资产折旧合计25,437.6710.22,570.42,613.82,631.12,649.72,675.42,715.52,111.4477.0567.0676.65,922.6期间期末余额期间期末余额期内资本性支出期初余额主营业务收入预测表主营业务收入预测表表1-7被评估单位名称：

CDRS药业有限责任公司评估基准日：

2008年6月30日金额单位：

万元20032004200520062007最近一年最近一年2008（7-12）20092010201120122013201420152016201720181人血白蛋白（10g/瓶）12,692.413,931.313,637.814,030.611,489.610,907.42,886.6113,899.1515,555.2116,279.0417,459.2418,985.6419,454.4919,839.7720,135.1720,285.6220,386.792人血白蛋白（5g/瓶）2,014.91,844.11,641.61,470.72,998.07,145.52,483.516,895.217,818.978,165.388,424.039,435.569,907.3310,303.6310,612.7410,771.9310,879.653人血白蛋白（12.5g/瓶）445.82,445.82,708.82,139.2961.9681.74静注丙球（5g/瓶）液10.6513.8584.4730.2381.6132.7-239.32239.32256.