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1、XX公司搅拌站资产收购可行性研究报告二一三年十一月目 录一、项目背景3二、投资方案4（一）合作企业简介4（二）待出售站点简介41.站点位置42.站点固定资产情况43.土地情况5（三）收购方案61.收购费用62.支付方式6三、投资项目概算及资金筹措6（一）技改投资额6（二）固定资产投资额7（三）资金筹措7四、人员配置及成本测算7（一）人员配置7（二）人工成本测算7五、财务评价与盈利分析8（一）生产成本估算81原材料成本估算82销售收入估算8（二）效益评价101销售收入及收益测算102.现金流量103财务评价指标114.年均投资回报率115.折现率=8%时，净现值=454.88万元116.内部收益
2、率=16%117.盈亏平衡分析118.不确定性分析11六、项目风险分析12七、可行性研究结论及建议12一、项目背景XX混凝土有限公司搅拌站所在的XX唯一集国家经济技术开发区、国家级出口加工区、国家科技兴茂创新基地和省级高新技术产业开发区为一体的多功能、综合性工业园区，目标公司搅拌站位于XXXXX，辐射区域包括XXXXX等区县，其中又以XXXXX近年发展的热点区域，此处均未提到大渔乡所在的呈贡区，昆明市区不大，怎么理解此处的热点区域没有呈贡？建议项目背景除了介绍天地通项目本身的优势外，还应阐述，继投资大渔乡、西翥园项目外，对昆明地区的整体战略规划，即为何要收购天地通公司XXXX良好的发展态势为混
3、凝土行业带来了蓬勃的商机。XXXXX混凝土有限公司位于XX市主城区东南面，收购后将与XXXXX两个站点在布局上可近似形成一条直线(三个站点位置如下图所示)，贯穿XXX，将实现对XXXXX热点投资区域的全方位覆盖，可进一步完善XXXX区域布局。二、投资方案经多方调研，了解到XXX混凝土有限公司有一搅拌站欲整体出售，如收购后可迅速填补XXXX市场的产能缺口，增强区域覆盖能力，具体情况如下：（一）合作企业简介XXXX混凝土有限公司创建于2008年12月26日，公司注册资本1000万元，住所地为XXX，具有预拌商品混凝土专业承包叁级资质，法定代表人为XXXX，股东为XXXX。（二）待出售站点简介1.站
4、点位置XXX公司搅拌站位于XXX，XXX路东北面，距XXX路1.2公里，距XXX高速实际路线1.5公里（直线距离约366米），交通十分便利。2.站点固定资产情况配有2条180生产线、3台装载机、2台315KVA变压器、1台250KW发电机组、实验设备、1个19T油罐及1套加油设备、16辆罐车泵车等物流设备，有2层砖混结构办公楼、宿舍楼，有2层板房结构的会议室、办公室，办公及生活基建设施基本完备。列表3.土地情况（1）土地性质XXXX公司租赁使用国家划拨给XXXX有限公司使用对划拨土地，法律确实没有规定，但是实践中，划拨土地也需要有土地使用权证，上面有期限，需要去核实，如果说使用权为“无期限”，
5、这样的表述不妥，建议删去的约15亩土地，土地性质为城镇土地，可使用年限为无期限。划拨土地出租必须经县级以上政府同意，如未经政府同意，拆迁时不在补偿范围内。据XXXX划分局规划图来看，该地块属于绿化用地，禁止进行商业开发，但据规划局介绍，对该地块现有建筑物将维持现状，暂无拆迁可能。该描述并不能说明该地块不存在拆迁风险，整段话对土地性质是否存在风险表述不清，既然文后将对土地性质存在的风险进行详细分析，建议这里只需介绍基本事实。（2）土地租赁费用XXX公司与XXXX有限公司先后签署了三份场地租赁合同，搅拌站所在地块的租赁合同为每年签订一次，土地租赁费用为2011-2012年为XXX万元，2012-2
6、013年为XXX万元，2013-2014年为40万元，续租合同为每年的7月下旬签订。目前XXX公司搅拌站的土地租赁合同及房屋租赁合同系每年续签，我司将通过XXX公司与XXXX加强关系对接，在XXXX公司协助下与XXXX按我司要求的租赁期限签订土地租赁合同及房屋租赁合同。我司收购XXXX公司搅拌站后，将由XXXX有限公司出具城镇土地经营权再流转同意书，书面同意将该地块再流转给我司使用。是否应该先取得流转同意书，（三）收购方案经过多次协商，拟采取资产收购方式收购XXX公司搅拌站基建设施、生产设备等全部固定资产。经XXXX资产评估有限责任公司现场评估，资产评估价格为XXXX万元。经我司与XXXX公司
7、股东多次协商，收购价格暂定为XXXX万元。三、投资项目概算及资金筹措（一）技改投资额经现场核查，该搅拌站生产线日常维护保养情况较差，除尘系统无法工作，无污水处理系统。为顺利投入生产，拟在收购XXXX混凝土搅拌站后进行相关技改，技改费用约为121万元，明细如下：序号投资项费用名称数量总价（万元）备注1设备搅拌楼主机修复115粉料罐、配料层除尘器更换118粉料叠加秤技改15污水处理系统130请与生产部核实，价格是否合适小计682建筑工程蓄水池16围墙100m5油库、加油房110地坪3000.8电路安装11006水沟2002.2观测楼13料仓钢结构维修120小计53合计121注：砼车采用物流外包方式
8、。（二）固定资产投资额该项目固定资产总投资额为XXX万元。其中，收购费用XXX万元，尽调及评估等费用XXX万元，技改费用XXXX万元。（三）资金筹措 站点收购及技改所需固定资产投资由公司解决。月度具体资金需求由公司财务部根据收购后搅拌站的运营实际进行安排（年度经营计划）。四、人员配置及成本测算（一）人员配置年份第一年第二年第三年第四年第五年领导班子12333科室负责人44444管理人员1920222222司机（含罐车、泵车等）00000辅助工人3034363636合计5460656565（二）人工成本测算按照公司现有薪酬标准，每年人工成本上涨10%测算，5年内人工成本为：下表不是人工总成本，只
9、是单人计算标准。另外该标准还请分公司人力资源部审核。年份第一年第二年第三年第四年第五年领导班子14.3515.79 17.36 19.10 21.01 科室负责人10.1511.17 12.28 13.51 14.86 管理人员8.489.33 10.26 11.29 12.42 司机（含罐车、泵车等）5.425.96 6.56 7.21 7.94 辅助工人3.864.25 4.67 5.14 5.65 合计42.26 46.49 51.13 56.25 61.87 五、财务评价与盈利分析（一）生产成本估算1.原材料成本估算据当地的材料调研得到的以下价格，结合成都公司的掺量进行测算，XXXX地
10、区山体较多，河道少缺水，所以一般采用山砂山石，当地矿粉活性很差，搅拌站使用得比较少。参考XXX项目的主材成本预测分析，C30主材成本测算单价取176元。2.销售收入估算目前XXX市场混凝土产品集中在C25-C50间，取中间值C30单价进行测算。C30市场价为270元/方。依托于XXX内单位在该区域的发展与支撑，预计在未来5年，XXX区？不是经开区吗拟建不是收购站吗，怎么变成拟建站了站点年销售量约在40万方左右。 年份产销量（万方）销量预测依据是什么？销售收入（万元）第一年4010800第二年4010800第三年4010800第四年4010800第五年4010800合计20054000（二）效益
11、评价1销售收入及收益测算表序号列没了，没层次了，现金流量表同项目第一年第二年第三年第四年第五年产量4040404040产值1080010800108001080010800固定成本612.83 688.12 776.06 819.28 873.74 人工成本331.87 407.15 495.10 544.61 599.07 折旧费用230.96 230.96 230.96 224.67 224.67 土地费用50.00 50.00 50.00 50.00 50.00 变动成本9499.81 9418.81 9391.81 9364.81 9364.81 办公用品及管理费160.00 160.
12、00 160.00 160.00 160.00 税金及附加691.81 691.81 691.81 691.81 691.81 主要材料成本7046.00 7046.00 7046.00 7046.00 7046.00 车间经费160.00 160.00 160.00 160.00 160.00 物流费用1120.00 1120.00 1120.00 1120.00 1120.00 销售费用160.00 160.00 160.00 160.00 160.00 坏账准备162.00 81.00 54.00 27.00 27.00 利润总额687.36 693.07 632.13 615.91 5
13、61.45 所得税171.84 173.27 158.03 153.98 140.36 净利润515.52 519.80 474.10 461.93 421.09 收入净利率4.50%4.54%4.14%4.04%3.68%注：坏账准备按照当年期末新增应收账款余额的5%计提。2.现金流量项 目第一年第二年第三年第四年第五年现金流入7560918097201026010260销售资金流入7560.00 9180.00 9720.00 10260.00 10260.00 现金流出9511.18 8455.26 8914.86 9347.20 9740.35 固定资产投资1941.00 0.00 0
14、.00 0.00 0.00 付现成本费用7570.18 8455.26 8914.86 9347.20 9740.35 人工成本331.87 407.15 495.10 544.61 599.07 土地费用50.00 50.00 50.00 50.00 50.00 办公用品及管理费160.00 160.00 160.00 160.00 160.00 税金及附加484.27 588.04 622.63 657.22 657.22 主要材料成本4932.20 5636.80 5989.10 6341.40 6693.70 车间经费160.00 160.00 160.00 160.00 160.00
15、 物流费用1120.00 1120.00 1120.00 1120.00 1120.00 销售费用160.00 160.00 160.00 160.00 160.00 所得税171.84 173.27 158.03 153.98 140.36 净现金流量-1951.18 724.74 805.14 912.80 519.65 累计净现金流量-1951.18 -1226.44 -421.30 491.50 1011.15 营运资金缺口-10.18 724.74 805.14 912.80 519.65 注：1. 第一年产值回款率按75%计算，第二年至第五年产值回款率分别按85%、90%、95%、
16、95%计算。2. 主要材料成本的付现比例第一年为75%，第二年至第五年分别为80%、85%、90%、95%，其余成本及税金全部支付。3静态投资回收期=3.46年4.年均投资回报率=24.65%5.折现率=8%时，净现值=478.45万元6.内部收益率=19.74%7.盈亏平衡分析年 份第一年第二年第三年第四年第五年合计人工费金额331.87 407.15 495.10 544.61 599.07 2377.79 土地费用50.00 50.00 50.00 50.00 50.00 250.00 折旧费用230.96 230.96 230.96 224.67 224.67 1142.24 固定成本
17、总额612.83 688.12 776.06 819.28 873.74 3770.03 盈亏临界点销量18.85 19.93 22.04 22.83 24.35 108.01 8.净现值敏感性分析敏感性分析已取消 综上，产值回款率为最敏感的因素，主材付现比例次之，变动成本波动性大于单价，单价比方量更敏感，影响最小的因素为固定成本。产值回款率每年下降0.5个百分点内部收益率首次低于15%，每年下降1.3个百分点净现值首次出现负值，同时内部收益率也低于15%；主材付现率比每年上升0.7个百分点内部收益率首次低于15%，每年上升1.8个百分点净现值首次出现负值，同时内部收益率也低于15%。六、项目
18、风险分析（一）土地合规性风险目标土地使用权系XXXXX有限公司以划拨方式取得。按照城镇国有土地使用权出让和转让暂行条例、XXX划拨土地使用权管理暂行规定，土地使用者进入二级市场出租划拨土地使用权之前，须持土地使用证或土地权属证明材料及地上建筑物、附着物等合法产权证件，向有审批权的市、县区人民政府土地管理部门提出书面申请，与土地管理部门签订合同，支付土地收益金，领取土地使用权出租证书后，方可进入二级市场出租。如土地出租人未办理相应手续，将存在土地租赁合同无效的风险。通过XXXX公司向出租人核实相关手续办理情况，如未办理不要出现不确定的表述，要求由XXXX公司参与协调，促使XXX公司办理相应审批手
19、续后再进行资产收购。如相关审批手续确实无法办理，则该风险仍旧存在，由XXXX公司提供第三方担保或抵押担保，确认如因土地合规性问题导致我司无法正常开展生产经营活动的，由XXXX公司赔偿我司因此造成的损失，以此控制相应风险。（二）土地规划风险自XXXX规划局了解到，目标土地规划性质为绿化用地，属XXXX区范畴，不排除后期将存在拆迁的风险，且自建房屋无产权证，租赁房屋上建筑物是否办理报建手续及是否具备产权证有待进一步核实。后期续租的土地租赁合同中约定已约定了吗？租赁期间内土地被征收、征用或基于其他非我方原因导致我司无法开展生产、经营活动的，土地出租方应返还未到期租金并给予我司相应的赔偿。（三）土地租
20、赁期限风险土地租赁合同及房屋租赁合同需每年续签，存在后期不能续签导致我司无法开展生产、经营活动的风险。拟通过XXXX公司与XXXX加强关系对接，在XXX公司协助下与XXXX按我司要求的租赁期限签订土地租赁合同及房屋租赁合同。（四）资产权属风险鉴于本项目为资产收购项目，需对相关设备收购价款的支付情况及权属进行核实。搅拌楼与搅拌车采购合同存在所有权保留条款，如未付清货款，其所有权归销售方所有，如经核实不要出现不确定的表述，目标公司尚未支付完毕相应价款，可在资产收购协议中约定未支付价款在资产转让价款中扣除或预留部分收购价款待支付完设备价款后进行支付。七、可行性研究结论及建议项目所在的区域市场前景较好
21、，如收购后将与XXXX两个站点一同实现对XXXX热点投资区域的全方位覆盖，可进一步完善XXXX区域布局。对进军XXXX市场抢占市场，占据XXXX发展热土，具有非常重要意义。拟收购站点地理位置优越，制定了风险化解措施，整个项目是可行的，请公司给予大力支持. spoken language in the history of our planet, used in some way by at least one out of every seven human beings around the globe. Half of the worlds books are written in Eng
22、lish, and the majority of international telephone calls are made in English. English is the language of over sixty percent of the worlds radio programs. More than seventy percent of international mail is written and addressed in English, and eighty percent of all computer text is stored in English.
23、English has acquired the largest vocabulary of all the worlds languages, perhaps as many as two million words, and has generated one of the noblest bodies of literature in the annals of the human it is now time to face the fact that English is a crazy language - the most lunatic and loopy and of all
24、 languages. In the crazy English language, the blackbird hen is brown, blackboards can be green or blue, and blackberries are green and then red before they are ripe. Even if blackberries were really black and blueberries really blue, what are strawberries, cranberries, huckleberries, raspberries, a
25、nd gooseberries supposed to look add to this insanity there is no butter in buttermilk, no egg in eggplant, no grape in grapefruit, no bread in shortbread, neither worms nor wood in wormwood, neither mush nor room in mushroom, neither pine nor apple in pineapple, neither peas nor nuts in peanuts, an
26、d no ham in a hamburger. (In fact, if somebody invented a sandwich consisting of a ham patty in a bun, we would have a hard time finding a name for it.)To make matters worse, English muffins werent invented in England, fries in France, or Danish pastries in Denmark. And we discover even more culinar
27、y madness in the that sweetmeat is made from fruit, while sweetbread, which isnt sweet, is made from this unreliable English tongue, greyhounds arent always grey (or gray); panda bears and koala bears arent bears (theyre marsupials); a woodchuck is a groundhog, which is not a hog; a horned toad is a
28、 lizard; glowworms are fireflies, but fireflies are not flies (theyre beetles); ladybugs and lightning bugs are also beetles (and to, a significant proportion of ladybugs must be male); a guinea pig is neither a pig nor from Guinea (its a South American rodent); and a titmouse is neither is like the
29、 air we breathe. Its invisible, inescapable, indispensable, and we take it for granted. But, when we take the time to step back and listen to the sounds that escape from the holes in peoples faces and to ex- the paradoxes and vagaries of English, we find that hot dogs can be cold, darkrooms can be l
30、it, homework can be done in school, nightmares can take place in broad daylight while morning sickness and daydreaming can take place at night, tomboys are girls and midwives can be men, hours - especially happy hours and rush hours - often last longer than sixty minutes, quick- sand works very slow
31、ly, boxing rings are square, silverware and glasses can be made of plastic and tablecloths of paper, most are dialed by being punched (or pushed?), and most bathrooms dont have any baths in them. In fact, a dog can go to the bathroom under a tree - no bath, no room; its still going to the bathroom.
32、And doesnt it seem a little bizarre that we go to the bathroom in order to go to the is it that a woman can man a station but as man cant woman one, that a man can father a movement but a woman cant mother one, and that a king rules a kingdom but a queen doesnt rule a? How did all those Renaissance
33、men reproduce when there dont seem to have been any Renaissance writer is someone who writes, and a stinger is something that stings. But fingers dont grocers dont, haberdashers dont, hammers dont ham, and humdingers dont the plural of tooth is teeth , shouldnt the plural of booth be ? One goose, tw
34、o geese - so one moose, two One index, two indices - one Kleenex, two If people ring a bell today and rang a bell yesterday, why dont we say that they a ball? If they wrote a letter, perhaps they also their tongue. If the teacher taught, why isnt it also true that the preacher? Why is it that the su
35、n shone yesterday while I shined my shoes, that I treaded water and then trod on the beach, and that I flew out to see a World Series game in which my favorite player flied we conceive a conception and receive at a reception, why dont we grieve a and believe a? If a horsehair mat is made from the ha
36、ir of horses and a camels hair brush from the hair of camels, from what is a mohair coat made? If adults commit adultery, do infants commit infantry? If olive oil is made from olives, what do they make baby oil from? If a vegetarian eats vegetables, what does a humanitarian eat? (And Im beginning to
37、 worry about those authoritarians.)And if pro and con are opposites, is congress the opposite of you have to believe that all English speakers should be committed to an asylum for the verbally insane. In what other language do people drive in a parkway and park in a driveway? In what other language
38、do people recite at a play and play at a recital? In what other language do privates eat in the general mess and generals eat in the private mess? In what other language do people ship by truck and send cargo by ship? In what other language can your nose run and your feet can a slim chance and a fat
39、 chance be the same and a bad licking and a good licking be the same, while a wise man and a wise guy are opposites? How can sharp speech and blunt speech be the same and quite a lot and quite a few the same, while overlook and oversee are opposites? How can the weather be hot as hell one day and co
40、ld as hell the next? How can the expressions Whats going on? and Whats coming off? mean exactly the samton and unbutton and tie and untie are opposites, why are loosen and unloosen and ravel and unravel he same? If bad is the opposite of good, hard the opposite of soft, and up the opposite of down,
41、why are badly and goodly, hardly and softy, and upright and downright not opposing pairs? If harmless actions are the opposite of harmful why are shameful and shameless behavior the same and pricey objects less expensive than priceless appropriate and inappropriate remarks and passable and impassabl
42、e mountain trails are opposites, why are flammable and inflammable materials, heritable and inheritable property, and passive and impassive people the same and valuable objects less treasured than invaluable ones? If uplift is the same as lift up, why are upset and set up opposite in meaning? Why ar
43、e pertinent and impertinent, canny and uncanny, and famous and infamous neither opposites nor the same? How can raise and raze and reckless and be opposites when each pair contains the same is it that when the sun or the moon or the stars are out, they are visible, but when the lights are out, they
44、are invisible; that when I clip a coupon from a newspaper I separate it, but when I clip a coupon to a newspaper, I fasten it; and that when I wind up my watch, I start it, but when I wind up this essay, I shall end is a crazy can expressions like Im mad about my flat, No football coaches allowed, I
45、ll come by in the morning and knock you up, and Keep your pecker up convey such different messages in two countries that purport to speak the same can it be easier to assent than to dissent but harder to ascend than to descend? Why it is that a man with hair on his head has more hair than a man with hairs on his head; that if you decide to be bad forever, you choose to be bad for good; and that if you choose to wear only your left shoe, then your left one is right and your right one is left? Right?
