Electric power project financial evaluation calculation method

Abstract

The invention relates to the field of electric power project finance, and provides an electric power project finance evaluation calculation method in order to conveniently obtain project income, which comprises the following steps of: obtaining on-grid electricity price and carrying out finance evaluation calculation: 21, calculating construction investment in a construction period and equipment updating investment in an operation period; 22, calculating the multivariate depreciation cost, the interest cost, the operation cost, the amortization cost and the total cost in the operation period; 23, calculating the total profit in the operation period, carrying out profit distribution, loss calculation and compensation and accumulative surplus fund tracing, and updating the equipment update investment in the step 21; 24, repayment funds are calculated, multi-line parallel repayment payment calculation is carried out, and the interest cost in the step 22 is updated; and 25, calculating the financial plan cash flow and the asset liability, and if the repayment payment, the financial cash flow and the asset liability are unbalanced, repeating the steps 21-25 until the balance is reached. By adopting the mode, the project income can be conveniently obtained, and the requirements of electric power project planning design, investment evaluation and operation decision are met.

Description

Technical Field

[0001] The invention relates to the field of power project finance, and in particular to a power project financial evaluation calculation method. Background Art

[0002] Power projects mainly include hydropower stations, pumped storage power stations, thermal power stations, wind power stations, photovoltaic power stations, solar thermal power stations, biomass power stations, compressed air energy storage and other new energy storage power stations, integrated water, wind, light and storage projects, etc. Among them, hydropower stations are facing the pressure of gradually deteriorating resource development conditions and gradually increasing investment and construction costs, and thermal power stations are facing the challenges of gradually increasing fuel costs and reduced electricity price benefits. After the completion of such hydropower and thermal power projects, there may be insufficient loan repayment ability and profitability. In addition, new energy storage power stations such as pumped storage power stations and compressed air energy storage implement a two-part electricity price, which has policy issues of reverse calculation of electricity prices at a reasonable rate of return, as well as the problem of benefit evaluation of peak-valley price difference obtained through market-based transactions.

[0003] With technological progress and large-scale development, the construction costs of new energy projects such as wind power and photovoltaic power have shown a trend of significant decline. However, due to the volatility, randomness and instability of their electricity, large-scale access to the power grid faces challenges. Simply calculating the investment returns of new energy projects in the conventional way cannot truly reflect the cost of grid absorption. In addition, other new energy power stations such as solar thermal power stations and biomass power stations, which currently have high construction costs and have not yet been commercially developed on a large scale, need to reasonably evaluate the construction costs and calculate electricity price subsidies. In addition, the absorption of new energy requires the support of regulating power sources (such as hydropower, pumped storage, etc.). my country has emerged with a construction model for the development of large-scale integrated water, wind, light and storage bases. At present, the planning and construction of integrated bases are constantly advancing, and investors are paying close attention to the investment returns of integrated water, wind, light and storage projects.

[0004] The state, investors, etc. have increasingly higher requirements for investment returns and risk control of power projects. Financial evaluation must be calculated strictly in accordance with the financial accounting treatment of the company's own operations to ensure that the financial evaluation truly reflects the company's operating characteristics and reflects the cash flow changes over the entire life cycle of the power project. It also puts forward many new requirements for financial evaluation, such as financing diversification, investment separation and combination, value-added tax deduction, equipment renewal and reset during the operating period, diversified depreciation, and short-term loan processing. Summary of the invention

[0005] In order to facilitate the acquisition of project benefits and meet the needs of power project planning and design, investment evaluation, and operational decision-making, this application provides a power project financial evaluation calculation method.

[0006] The technical solution adopted by the present invention to solve the above problems is:

[0007] The calculation method of financial evaluation of power projects includes:

[0008] Step 1: Obtain the on-grid electricity price P for internal rate of return (IRR) calculation.

[0009] Step 2: Based on the given on-grid electricity price P, conduct financial evaluation calculations to obtain the internal rate of return IRR, specifically including:

[0010] Step 21: Calculate the project investment during the construction period FAI and the interest during the construction period IIDC to obtain the construction investment during the construction period TI, and determine the financing composition of the equipment renewal and replacement investment UP during the operation period based on the assumed cumulative surplus reserve funds UPres.

[0011] Step 22: Calculate the multi - factor depreciation cost CDP, interest cost CIT, operating cost COP, amortization cost CAM, and total cost Call during the operation period.

[0012] Step 23: Calculate the total profit during the operation period based on the total cost Call in Step 22, and conduct profit distribution, loss calculation and compensation, and trace the cumulative surplus funds SFAC to update the cumulative surplus reserve funds UPres in Step 21.

[0013] Step 24: Calculate the repayable funds RPB based on the profit distribution result and the cumulative surplus funds SFAC in Step 23, conduct multi - line parallel principal and interest repayment calculations, and update the interest cost CIT in Step 22.

[0014] Step 25: Calculate the financial plan cash flow and balance sheet. If the principal and interest repayment, financial cash flow, and balance sheet are not balanced, repeat Steps 21 - 25 until balance is achieved.

[0015] Furthermore, the on - grid electricity price P is directly given or determined by the binary search method according to the established rate of return IRR0.

[0016] Furthermore, the specific steps for determining the on - grid electricity price P by the binary search method according to the established rate of return IRR0 are as follows:

[0017] Step 11: Initialize the trial - calculation on - grid electricity price range as (Left, Right).

[0018] Step 12: Conduct financial evaluation calculations with the median value Mid=(Left + Right) / 2 of the range as the on - grid electricity price P to obtain the internal rate of return IRR Mid ;

[0019] Step 13: If IRR Mid < IRR0, then adjust the trial - calculation on - grid electricity price range to (Mid, Right). If IRR Mid > IRR0, then adjust the trial - calculation on - grid electricity price range to (Left, Mid), and repeat Steps 12 and 13 until IRRMid The error between IRR0 meets the requirements.

[0020] Furthermore, in step 21, the sources of construction project investment FAI include: investor capital CP, bank long-term loan LN, special construction fund loan SCF and national grant GF;

[0021] The sources of IIDC for construction period interest include: long-term bank loan interest ILN, special construction fund loan interest ISCF and special financing costs;

[0022] The sources of replacement investment UP for equipment renewal during operation include: the accumulated surplus reserve fund Upres in previous years, replacement investment capital CPUP and replacement investment bank loan LNUP;

[0023] The construction investment TI can be divided into TI1 and TI2 for separate fund raising, and the equipment renewal and replacement investment UP during operation can be divided into UP1 and UP2 for separate fund raising, among which TI1 is the main construction investment of the project, TI2 is the ancillary construction investment, UP1 is the main equipment renewal investment of the project, UP2 is the ancillary equipment renewal investment, or TI1 is the hydropower / pumped storage construction investment, TI2 is the wind power / photovoltaic construction investment, UP1 is the hydropower / pumped storage equipment renewal investment, UP2 is the wind power / photovoltaic equipment renewal investment.

[0024] Furthermore, the calculation process of step 21 is: assuming the construction investment TI, iteratively calculating the various capital components of the project investment FAI, and updating the construction period interest IIDC according to various loan funds, and summarizing to obtain the new construction investment TI', until the final construction investment calculation converges;

[0025] When raising funds for equipment renewal and replacement investment during the operation period, the accumulated surplus reserve fund UPres shall be used first, and the remaining part shall be calculated proportionally from the capital CPUP and the bank loan LNUP.

[0026] Furthermore, in step 22, the multi-depreciation cost CDP of the operation period is accrued separately according to TI1 and TI2; or the project investment is accrued separately according to movable property and immovable property; if there is equipment renewal during the operation period, the depreciation of the equipment renewal investment needs to be calculated, and the original value of the fixed assets corresponding to the depreciation is only included in the capital CPUP and the bank loan LNUP.

[0027] Further, the step 23 comprises:

[0028] Step 231, calculating the operating income IN according to the on-grid electricity price P, including the electricity income INP, capacity income INC and other income INO;

[0029] Step 232: Calculate the output VAT TXI, input VAT TXO, payable VAT TXP, deductible VAT TXD and paid VAT TX in sequence, reduce the total amount of deductible VAT in a rolling manner, and calculate the sales tax surcharge TXS based on the paid VAT TX;

[0030] Step 233, determine the difference between income and expenditure. If the operating income is greater than the sum of the sales tax surcharge TXS and the total cost Call, calculate the pre-tax profit BFbf and continue to step 235; otherwise, calculate the loss for the year LSpd and continue to step 234;

[0031] Step 234: Divide the loss into book loss LSpd1 and operating loss LSpd2. If there is an operating loss, it will be made up by the remaining accumulated surplus funds LS2cvsf and short-term loan for capital turnover LS2cvsn of last year; for book losses, the book losses within 5 years and the book losses outside 5 years will be rolled over; jump to step 238;

[0032] Step 235, the pre-tax profit offsets the book loss within 5 years, deducts the income tax TXB, and determines the after-tax profit BFaf; continue to step 236;

[0033] Step 236: Use the after-tax profit to make up for the book losses outside the five years, extract the surplus reserve fund RES, and determine the distributable profit BFdis for the current year; proceed to step 237;

[0034] Step 237, distribute shareholder dividends DID and determine undistributed profits BFdisAcc;

[0035] Step 238, calculate the accumulated surplus funds SFAC and update the accumulated surplus reserves UPres in step 21. The accumulated surplus funds SFAC include the accumulated surplus reserves RESAC, the accumulated remaining depreciation DPAC, the accumulated remaining amortization AMAC, the accumulated deductible value-added tax TXDAC and the accumulated remaining retained earnings BfdisAcc.

[0036] Further, the step 24 comprises:

[0037] Step 241, calculate the total amount of loan principal to be repaid in the current year RPB, including the repayment of special construction fund RPSCF, the repayment of long-term bank loans RPLN, the repayment of equipment renewal investment loans RPUp, the repayment of short-term loans to make up for the shortfall of long-term loans RPSNL, and the repayment of short-term loans to make up for capital turnover RPSNZ;

[0038] Step 242, calculate the depreciation RPDP and amortization RPAM that can be used to repay the loan, allocate the depreciation and amortization that can be used to repay the loan in the order of repaying the principal of the long-term loan and the principal of the short-term loan with equal repayment, and calculate the principal repaid by depreciation in the current year; calculate the remaining loan principal to be repaid after depreciation repayment RPB', if RPB' is greater than 0, jump to step 243; calculate the remaining value of the depreciation and amortization that can be used to repay the loan, if the remaining value is greater than 0, jump to step 246;

[0039] Step 243, calculate the deductible VAT amount RPTXD that can be used for loan repayment, allocate the deductible VAT amount that can be used for loan repayment in the order of repaying the principal of the equal repayment long-term loan and the principal of the short-term loan, and calculate the principal repaid by deducting VAT in the current year; calculate the remaining loan principal to be repaid after deducting VAT for loan repayment RPB", if RPB" is greater than 0, jump to step 244; calculate the remaining value of the deductible VAT amount that can be used for loan repayment, if the remaining value is greater than 0, jump to step 246;

[0040] Step 244, calculate the amount of retained earnings available for loan repayment PRBF, distribute the amount of retained earnings available for loan repayment in the order of repaying the principal of the equal-amount long-term loan and the principal of the short-term loan, calculate the principal repaid by the retained earnings in the current year, if it is greater than 0, jump to step 245; calculate the remaining value of the amount of retained earnings available for loan repayment, if it is greater than 0, jump to step 246;

[0041] Step 245, calculate the remaining loan principal to be repaid after the retained earnings are repaid. If it is greater than 0, it is used to make up for the short-term loan SNL gap that is insufficient for the long-term loan, and jump to step 247;

[0042] Step 246: Use the remaining value of the depreciation and amortization amount available for loan repayment, the remaining value of the VAT deduction amount available for loan repayment, and the remaining value of the retained earnings amount available for loan repayment to repay the principal of the long-term loan at the maximum repayment capacity, and jump to step 247;

[0043] Step 247, calculate and update the accumulated surplus funds, calculate the interest on each loan and update the interest cost CIT in step 22, and roll over to the next year's principal and interest payment calculation until all types of long-term and short-term loans are repaid.

[0044] Further, the step 25 comprises:

[0045] Step 251, based on steps 21 to 24, respectively calculate the cash flow from operating activities FioOP, the cash flow from investing activities FioIV, and the cash flow from financing activities FioFC, and summarize them to obtain the net cash flow Fio of the financial plan;

[0046] Step 252, calculate the project investment cash inflow PRJi and outflow PRJo to obtain the project investment cash flow PRJio, and use the trial algorithm to determine the project investment internal rate of return PIRR so that the discounted present value of the cash flow PRJio is 0;

[0047] Step 253, calculate the capital cash inflow CPTi and outflow CPTo to obtain the capital cash flow CPTio, and use the trial algorithm to determine the capital internal rate of return CIRR so that the discounted present value of the cash flow CPTio is 0;

[0048] Step 254, calculate current assets CAST, fixed assets FAST, and loss-making assets LAST, and summarize them to obtain the total assets AST of the power project;

[0049] Step 255, calculate the current capital liabilities, long-term loan liabilities, and short-term loans to make up for the shortfall of long-term loans, and summarize them to obtain the total liabilities Debt of the power project; summarize the injected capital, state appropriations, accumulated surplus funds, and accumulated undistributed profits to obtain the total owner's equity Owner of the power project;

[0050] Step 256: Determine whether the annual change of accumulated surplus funds SFAC is equal to the net cash flow Fio of the financial plan for the current year, and determine whether the total assets AST of the power project are equal to the total liabilities Debt of the power project plus the total owner's equity Owner of the power project. If both conditions are not met, repeat steps 21 to 25 until both conditions are met.

[0051] Compared with the prior art, the present invention has the following beneficial effects:

[0052] (1) Compared with the prior art experience, the present invention uses a binary search method on the basis of forward financial calculation to achieve reverse financial calculation. That is, based on the forward calculation of cash flow and rate of return of a given project on-grid electricity price, a binary search method is used to solve the on-grid electricity price under the given cash flow and rate of return, and the trial electricity price is continuously adjusted to increase or decrease until the financial indicators such as rate of return obtained by the forward calculation of the trial electricity price reach the given target.

[0053] (2) The present invention adopts a multi-line parallel loan processing method to achieve the following functions.

[0054] First, it adapts to multiple financing methods such as special construction funds, national grants, and special financing. By establishing a construction period investment and multiple financing model, the project investment is split into multiple financing methods such as capital, special construction funds, national grants, and bank loans, and the loan interest and foreign special financing costs are reasonably calculated. The construction period interest and construction investment are determined by iterative calculation.

[0055] Second, it has achieved the separation of financing between the main project and its subsidiary parts, and has the function of integrated financial calculation for hydropower, wind power, solar power and storage multi-energy complementary projects. By setting up two long-term loans, one for the main project or hydropower / pumped storage, and the other for the subsidiary parts or wind power / photovoltaic, each of which is independently financed and repaid, the application scope of financial calculation for power projects has been expanded.

[0056] Third, the problem of short-term loans in case of operating losses during the operation period and insufficient funds for long-term loan repayments was considered. By setting up short-term loans with independent repayment of principal and interest to make up for the capital turnover, the problem of operating losses and insufficient operating capital turnover during the operation period was solved; by setting up short-term loans with independent repayment of principal and interest to make up for the shortfall of long-term loans, the problem of book losses and insufficient funds for repaying long-term loans during the operation period was solved, ensuring that financial calculations truly reflect the actual operation of the project.

[0057] Fourth, it solves the financing problem of equipment renewal and replacement during the operation period. By setting up a separate long-term loan during the operation period, the accumulated surplus reserve fund + capital + bank loan combination financing function of equipment renewal and replacement investment is realized, capital contribution is optimized, profitability during the operation period is brought into play, and the financial evaluation calculation results of the renovation and expansion (equipment renewal and replacement) of the power project after operation are ensured to be more reasonable.

[0058] (3) The present invention adopts the fund tracing method to achieve the following functions, ensuring that financial statements such as principal and interest payments, cash flow, assets and liabilities are balanced.

[0059] First, the function of deducting construction-period VAT in the initial stage of operation is realized. The deductible VAT is separated from the original value of fixed assets and deducted based on the payable VAT in the initial stage of operation. The deduction amount is calculated year by year until the deduction is completed. The deducted VAT is traced to the source of funds, including making up for operating losses, repaying loan principal, and being included in accumulated surplus funds.

[0060] Second, it has a diversified depreciation function that distinguishes between the main body and the ancillary parts of the project, between movable and immovable property, and between assets during the construction period and replacement assets during the operation period. Multiple asset depreciation items are listed separately, depreciated according to different depreciation parameters and methods, and funds are traced separately to track the process of converting depreciation into cash flow, used to repay loan principal, make up for operating losses, and included in accumulated surplus funds.

[0061] Third, the dynamic changes of accumulated surplus funds such as surplus reserves, unused depreciation, and undistributed profits were traced. By tracking the sources and destinations of the deducted value-added tax, surplus reserves, unused depreciation, and undistributed profits, the composition of the accumulated surplus funds was clarified, and the constant relationship between the accumulated surplus funds and the net cash flow of the financial plan was determined, reflecting the cash flow changes throughout the life cycle of the power project.

[0062] Fourth, the process of loss generation and loss compensation is considered. Based on the difference between operating income and operating costs and total costs, the losses are divided into operating losses and book losses. Operating losses must be handled in the current year through accumulated surplus funds or short-term loans to compensate for capital turnover, and book losses are mainly compensated by pre-tax profits and after-tax profits in subsequent years. By tracing the sources of various funds for compensating losses, the rational use of funds in the operation of power projects is ensured. BRIEF DESCRIPTION OF THE DRAWINGS

[0063] Figure 1 A flow chart of the calculation method for financial evaluation of power projects;

[0064] Figure 2 This is a schematic diagram of using binary search method to solve the on-grid electricity price under a given rate of return;

[0065] Figure 3 A detailed flow chart of the calculation method for financial evaluation of power projects;

[0066] Figure 4 Schematic diagram of the calculation model for financial evaluation of power projects. DETAILED DESCRIPTION

[0067] In order to make the purpose, technical solution and advantages of the present invention more clearly understood, the present invention is further described in detail below in conjunction with the embodiments. It should be understood that the specific embodiments described herein are only used to explain the present invention and are not used to limit the present invention.

[0068] The calculation method for the financial evaluation of power projects includes two modes: forward calculation or reverse calculation. If the on-grid electricity price P0 is known, the rate of return IRR0 can be calculated directly, but usually the investor will give a rate of return IRR0. At this time, the on-grid electricity price P0 needs to be calculated based on the rate of return IRR0. For the sake of distinction, in this embodiment, the calculation of the rate of return IRR0 given the electricity price P0 is named forward calculation, and the reverse calculation of the electricity price P0 based on the rate of return IRR0 is named reverse calculation. When calculating the electricity price in reverse, the binary search method is used. It is assumed that the trial rate of return is obtained by forward calculation of the trial electricity price. According to the difference between the trial result and the required rate of return, the search interval is continuously narrowed by binary search until the error between the left and right intervals approaches 0.

[0069] like Figure 1 As shown in the figure, the calculation method for power project financial evaluation includes the following steps:

[0070] Step 1: Obtain the on-grid electricity price P for internal rate of return (IRR) calculation. If it is a forward calculation, directly obtain the on-grid electricity price for financial evaluation calculation. If it is a reverse calculation mode, obtain the internal rate of return (IRR0) and use the binary search method to determine the on-grid electricity price. The specific steps are as follows: Figure 2As shown, initialize the trial electricity price range for grid connection as (Left, Right). Use the median value Mid = (Left + Right) / 2 of the range as the electricity price P for grid connection to conduct financial evaluation calculations and obtain the internal rate of return IRR. Mid ; If IRR Mid < IRR0, then adjust the trial electricity price range for grid connection to (Mid, Right). If IRR Mid > IRR0, then adjust the trial electricity price range for grid connection to (Left, Mid). Repeat the above steps until the error between IRR Mid and IRR0 meets the requirements.

[0071] Step 2: Conduct financial evaluation calculations based on the given electricity price P for grid connection to obtain the internal rate of return IRR; specifically including:

[0072] Step 21: Calculate the project investment FAI during the construction period and the construction period interest IIDC to obtain the construction investment TI during the construction period. Based on the assumed cumulative surplus reserve funds UPres, determine the financing composition of the equipment renewal and replacement investment UP during the operation period;

[0073] Step 22: Calculate the multi - element depreciation cost CDP, interest cost CIT, operating cost COP, amortization cost CAM, and total cost Call during the operation period;

[0074] Step 23: Calculate the total profit during the operation period based on the total cost Call in Step 22, and conduct profit distribution, loss calculation and compensation, and traceability of the cumulative surplus funds SFAC to update the cumulative surplus reserve funds UPres in Step 21;

[0075] Step 24: Calculate the loan - repayable funds RPB based on the profit distribution results and the cumulative surplus funds SFAC in Step 23, conduct multi - line parallel loan repayment calculations, and update the interest cost CIT in Step 22;

[0076] Step 25: Calculate the financial planned cash flow and balance sheet. If the loan repayment, financial cash flow, and balance sheet are not balanced, repeat Steps 21 - 25 until balance is achieved.

[0077] Combined with Figure 3 、 Figure 4 Elaborate on Step 2.

[0078] During the construction period of a power project, it constitutes the project investment. Its calculation method mainly combines the engineering quantity and engineering unit price, which is determined by the project cost measurement and belongs to the input conditions of the financial evaluation.

[0079] Based on the project investment of the power project, establish a multi - element financing model using the multi - line parallel loan method, including the following steps:

[0080] (1) Determine the basic financing composition. First, determine the capital of the power project, long-term bank loans, whether there are special construction funds and national grants, etc. The basic financing composition formula is as follows:

[0081] TI t =FAI t +IIDC t =(CP t +LN t +SCF t +GF t )+IIDC t (Formula 1-1)

[0082] Where t is the construction year, TI is t For annual project construction investment, FAI t The annual project investment, CP t The annual investor's capital (generally calculated based on a fixed proportion of the construction investment); LN t It is an annual long-term bank loan (interest is calculated at a given interest rate, and principal and interest are repaid during the operation period); SCF t It is an annual special construction fund loan (with lower interest than long-term bank loans and requires repayment of principal and interest); GF t It is an annual national grant (it does not belong to the investor's capital and does not need to be repaid with interest, but needs to be converted into the original value of fixed assets for depreciation); IIDC t It is the annual financing interest during the construction period (included in the construction investment).

[0083] (2) Determine the financing of separation and combination investment. According to the needs of the power project, the investment of the main project and the subsidiary parts can be separated when calculating the project cost, or the investment of hydropower / pumped storage and wind power / photovoltaic can be combined into a hydro-wind-solar-storage integrated project, and the two separated or combined parts can be financed independently. Taking construction investment as an example (the other financing composition formula items are similar), the separation and combination financing formula is as follows:

[0084]

[0085] In the formula, It represents the main construction investment of the project by year, or represents the construction investment of hydropower / pumped storage power station by year; It represents the annual construction investment for ancillary parts (power transmission and transformation projects, supporting construction projects), or it represents the annual construction investment for wind power / photovoltaic power stations.

[0086] (3) Calculate special financing costs. Some foreign projects also have special financing costs, including equity credit insurance fees, debt credit insurance fees, loan management fees, loan commitment fees, etc. The calculation formula is as follows:

[0087]

[0088] Where, Fcp t The annual equity credit insurance premium for the construction period is based on the accumulated capital invested and multiplied by the equity credit insurance rate R Fcp Calculation; Fln t The annual credit insurance premium for the construction period is based on the accumulated bank loans multiplied by the credit insurance premium rate R Fln Calculation; n represents the total number of years of construction period; Fcom1 is the bank loan commitment fee, paid in the first year, based on the total bank loan multiplied by the commitment rate R Fcom Calculation; Fman t The annual loan management fee of the bank is based on the remaining undrawn loans from the bank, multiplied by the management fee rate R Fman calculate.

[0089] (4) Calculate the interest during the construction period. The interest during the construction period includes the interest on long-term bank loans, special construction funds, and other financing costs such as equity insurance fees, creditor's rights insurance fees, loan management fees, and loan commitment fees. The calculation formula is as follows:

[0090] IIDC t =ISCF t +ILN t +Fcp t +Fln t +Fcom tt＝1 +Fman t (Formula 1-4)

[0091]

[0092] Where, ISCF t The annual special construction fund loan interest is calculated by adding the previous special construction fund loans plus half of the current special construction fund loans as the base, multiplied by the special construction fund loan interest rate R ISCF Calculation; ILN t The annual long-term bank loan interest is calculated by adding the long-term bank loans in the past plus half of the long-term bank loans in the current year as the base, multiplied by the long-term bank loan interest rate R ILN Calculation (if there are multiple long-term bank loans, calculate each item according to their respective interest rates).

[0093] (5) Iterate to determine the final financing composition. Since the construction investment TI is equal to the project investment FAI plus the construction period interest IIDC, various financings (capital CP, special construction fund principal SCF, bank long-term loan principal LN, national grant GF, etc.) together constitute the project investment FAI, and various financings are often calculated as a certain proportion of the construction investment. Changes in the construction period interest IIDC will lead to changes in the construction investment TI, and then to changes in the amount of various financings. The various interests and financing fees in the construction period interest are calculated by multiplying the amount of each financing by the relevant interest rate or fee rate. Therefore, the entire calculation is a cyclic iterative process, which requires repeated iterations until convergence.

[0094] (6) Financing composition of equipment renewal. Equipment renewal and replacement investment can be composed of three parts of funds: the first is the accumulated surplus reserve fund in the previous years of operation (preferred), the second is a certain proportion of injected capital, and the third is the principal of the bank's long-term loan (the interest on the loan is included in the cost). Among them, the capital and the principal of the bank loan can form fixed assets and can be depreciated, while the accumulated surplus reserve fund does not form fixed assets. The formula is as follows:

[0095] UP y =UPres y +UPfav y =UPres y +CPUP y +LNUP y (Formula 1-7)

[0096] Where y represents the year of operation, UPres y Indicates the accumulated surplus reserve fund used for equipment renewal investment in the current year, UPfav y It refers to the external financing used for equipment renewal investment in the current year. This part can form fixed assets and can be depreciated. It mainly includes the capital used for equipment renewal investment in the current year. y and long-term bank loans LNUP y .

[0097] Based on the above theory, the calculation process of step 21 is as follows:

[0098] (1) Collect project investment cost data, paying attention to whether to distinguish between the investment in the main project and its ancillary parts; if it is an integrated hydropower, wind, solar and storage project, it is also necessary to collect investment cost data for various power stations.

[0099] (2) Collect the parameters of various financing methods, including the capital injection ratio, bank long-term loan interest rate, ratio or amount, special construction fund loan interest rate, ratio or amount, national appropriation ratio or amount, etc.; if there are special financing costs, it is also necessary to determine the equity credit insurance rate, debt credit insurance rate, loan management fee rate, loan commitment fee rate, etc.

[0100] (3) Iteratively calculate the construction period interest and determine the financing structure. The specific steps are as follows:

[0101] 1) Taking the current construction investment TI as the base, calculate the annual capital CP according to the capital ratio.

[0102] 2) If the state grant is a proportion, the annual state grant amount GF is calculated based on the current construction investment. The state grant amount is deducted from the project investment minus the capital.

[0103] 3) If the special construction fund loan is a proportion, the annual special construction fund loan principal SCF is calculated based on the current construction investment. Based on the remaining project investment after deducting the national appropriation, the special construction fund loan principal is further deducted.

[0104] 4) If the bank's long-term loan is a proportion, calculate the annual bank's long-term loan principal LN based on the current construction investment. Note that when there are multiple bank long-term loans (for example, whether to distinguish between the main project and the subsidiary part, or to distinguish between hydropower / pumped storage and wind power / photovoltaic), calculate them in sequence.

[0105] 5) Add up 1), 2), 3) and 4) and check with the project investment FAI. The result should be consistent.

[0106] 6) Based on the special construction fund interest rate, calculate the annual interest ISCF of the special construction fund loan.

[0107] 7) Calculate the annual interest ILN of the bank’s long-term loan based on the bank’s long-term loan interest rate.

[0108] 8) If there are special financing costs, the equity credit insurance fee Fcp, debt credit insurance fee Fln, loan management fee Fcom, loan commitment fee Fman, etc. shall be calculated based on the relevant parameter rates.

[0109] 9) Sum 6), 7) and 8) to get the construction period interest IIDC.

[0110] 10) Sum 5) and 9) to get the updated construction investment TI'.

[0111] 11) Check whether the updated construction investment TI' is consistent with the assumed construction investment TI. If not, repeat 1) to 11) and end the calculation after convergence.

[0112] (4) Conduct financing composition analysis based on equipment renewal investment. The specific steps are as follows:

[0113] 1) Based on the accumulated surplus reserve calculated in step 4, the accumulated surplus reserve UPres shall be used first.

[0114] 2) Calculate the annual capital CPUP based on the capital ratio; the remaining part is the bank's long-term loan LNUP.

[0115] 3) Since the equipment renewal investment in step 2 needs to refer to the accumulated surplus reserve fund result in step 4, after completing a round of steps 2 to 6, it is necessary to return to step 2, iterate repeatedly, and finally make a convergence judgment based on the result of step 6 until the calculated financial statements (including principal and interest payments, financial cash flow and balance sheet, etc.) are unified and balanced.

[0116] The total cost calculation during the operation period mainly includes four parts: operating cost, interest cost, depreciation cost and amortization cost. The main calculation steps are as follows.

[0117] (1) Calculate operating costs. The operating costs of power projects can be calculated based on the methods, parameters, and rates specified in relevant standards.

[0118] COP y =Cfix y +Cins y +Csal y +Cmat y +Coth y +Cres y +…(Formula 2-1)

[0119] Where y is the operation period year, COP y is the operating cost for the year, Cfix y For the repair costs of that year, Cins y is the insurance premium for the year, Csal y Cmat is the staff salary and welfare expenses for the year. y For the material cost of the year, Coth y For other expenses of the year, Cres y This is the resource fee for the year. In addition, some power projects have their own unique operating cost items, which are not listed here.

[0120] (2) Calculation of interest costs. The sum of all loan interests payable during the operation period shall be included in the interest costs, calculated based on the principal and interest rate of each loan.

[0121] CIT y =ISCF y +ILN y +ILNUP y +ISNFl y +ISNL y +ISNZ y +Fcp y +Fln y+…(Formula 2-2)

[0122] In the formula, CIT y ISCF is the interest cost for the year. y The interest on the special construction fund for that year, ILN y The interest on long-term bank loans for the current year (if there are multiple loans, calculate them one by one), ILNUP y ISNFl is the loan interest for equipment renewal investment in the current year. y ISNL is the interest on working capital borrowings for the year (calculated at short-term loan interest rates). y In order to make up for the short-term loan interest that was insufficient for the long-term loan, ISNZ y To make up for the short-term loan interest for capital turnover that year, Fcp y and Fln y It is the equity credit insurance fee and debt credit insurance fee during the operation period (special expenses of some foreign projects). If some power projects also have special loan items, they can continue to be included.

[0123] (3) Calculate amortization cost. Amortization cost is derived from the amortization of intangible assets and is generally calculated using the annual average amortization method without considering residual value.

[0124]

[0125] In the formula, CAM y is the amortized cost of the operation period, PRPam is the original value of the intangible asset, and M am The average amortization period.

[0126] (4) Calculate multiple depreciation costs. Depreciation costs are derived from the depreciation of the original value of fixed assets. Considering the separation of investment combinations and the depreciation of equipment renewal assets, the depreciation costs of power projects may include four items.

[0127] CDP y =D1 y +D2 y +Dup1 yy>u1 +Dup2 yy>u2 (Formula 2-4)

[0128] In the formula, CDP y The total depreciation cost for the year, D1 y The comprehensive depreciation of the main project or hydropower / pumped storage in the current year, D2 y It is the comprehensive depreciation of the subsidiary parts or wind power / photovoltaic in the current year. y Depreciation of the project or hydropower / pumped storage equipment renewal investment in the current year is only accrued after the equipment renewal year u1; Dup2 y Depreciation of the investment in equipment renewal of auxiliary parts or wind power / photovoltaic power in the current year is only accrued after the equipment renewal year u2.

[0129] If we further distinguish between the depreciation of movable and immovable property, the depreciation cost of the power project is 6 items, but there are still only 4 items each year because equipment updates will only be carried out after the movable property is fully depreciated.

[0130]

[0131] Where Dbdc1 y 、Ddbc2 y Respectively represent the real estate depreciation of the main part of the project or hydropower / pumped storage, and the auxiliary part or wind power / photovoltaic, Ddc1 y 、Dbc2 y They represent the depreciation of movable property of the main part of the project or hydropower / pumped storage and the ancillary parts or wind power / photovoltaic, respectively, and are only accrued before the equipment renewal years u1 and u2.

[0132] Commonly used depreciation calculation methods include the straight-line depreciation method, the declining balance depreciation method and the double declining depreciation method. The straight-line depreciation method used by the project entity or hydropower / pumped storage (subscript 1) is used as an example to illustrate the calculation of multiple depreciation.

[0133]

[0134] Where PRPbdc1 and PRPdc1 are the real estate and movable property of the project or hydropower / pumped storage, respectively, and the sum of the two is the original value of the fixed assets of the project or hydropower / pumped storage (excluding deductible value-added tax); R bdc1 , R dc1 are the residual value rates of real estate and movable property, M bdc1 、M dc1 are the average depreciation periods of real estate and movable property respectively. PRPup1 is the original value of fixed assets for equipment renewal investment (note that only UPfav y The corresponding part shall not be included in the accumulated surplus reserve fund UPres y corresponding part), R up1 is the residual value rate of equipment renewal investment, M up1 The average depreciation period for equipment renewal investment.

[0135] (5) Consider special treatment of decelerated depreciation. According to the Company Law and other relevant regulations, pre-tax profits can be used to offset losses within 5 years, which is equivalent to reducing the income tax payable on profits after 5 years. The operation period of a power project may be as long as 30 to 50 years. If the average depreciation period is short, it may result in a loss in the first 10 to 15 years of the operation period. Most of the depreciation will become a book loss after 5 years, and the loss cannot be offset by pre-tax profits. When the power project is profitable after 15 years, the depreciation is relatively small, the profit is high, and the income tax to be paid is also increased. Therefore, some special power projects need to consider appropriate decelerated depreciation. The depreciation period can be dynamically extended or the annual depreciation cost can be reduced in financial calculations, which has a positive effect on balancing the overall profit of the entire operation period.

[0136] (6) Calculate the total cost. y It is the sum of the aforementioned costs and the formula is as follows.

[0137] Call y =COP y +CIT y +CAM y +CDP y (Formula 2-7)

[0138] In summary, the calculation process of step 22 is as follows:

[0139] (1) Sort out the various operating costs of the project, collect information such as the calculation method, parameter values, and rates of the project operating costs, and calculate the COP of each operating cost year by year.

[0140] (2) Based on the loan principal and loan interest rate of various long-term and short-term loans and the principal and interest payment plan, calculate the interest costs CIT on an annual basis.

[0141] (3) Calculate the amortization cost CAM based on the original value of the project's intangible assets, amortization calculation method and parameters, etc.

[0142] (4) Calculate the depreciation cost CDP based on the original value of the project's fixed assets, depreciation calculation method and parameters. Pay attention to whether the original value of the fixed assets of the main body and the ancillary parts of the project are distinguished; if it is an integrated hydropower, wind, solar and storage project, the original value of the fixed assets of various power stations must also be collected.

[0143] (5) If there are special circumstances that require decelerated depreciation, multiple trial calculations are required and the depreciation parameters are adjusted based on the calculation results until the depreciation cost and profit distribution are in a reasonable balance.

[0144] (6) Calculate the total cost call, including operating costs, interest costs, amortization costs and depreciation costs.

[0145] (7) The interest cost calculated in step 22 is related to the principal and interest payment calculation in step 24. The deceleration depreciation in some special cases requires adjustment of the profit calculation result in the subsequent step 23. Therefore, after completing a round of steps 21 to 25, it is necessary to return to step 21 and iterate repeatedly. Finally, a convergence judgment is made based on the result of step 25 until the calculated financial statements (including principal and interest payment, financial cash flow and balance sheet, etc.) are unified and balanced.

[0146] According to the total cost Call in step 22, calculate the total profit during the operation period, and carry out profit distribution, loss calculation and compensation, and accumulated surplus funds SFAC tracing, and update the accumulated surplus reserve fund UPres in step 21 equipment update reset.

[0147] (1) Determine the VAT payable and make VAT deduction. There are two ways to deal with VAT in financial evaluation: on-balance sheet processing and off-balance sheet processing. The present invention adopts an off-balance sheet processing method that lists VAT output tax, input tax, VAT payable, etc. separately and independently from the profit distribution statement.

[0148] TXP y =TXO y -TXI y (Formula 3-1)

[0149]

[0150] Where y is the year of operation, TXP y The VAT payable during the operation period, TXO y The output tax of VAT for the current year, TXI y It is the input tax of value-added tax in the current year. y ,INC y and INO y They represent the electricity sales revenue, capacity sales revenue and other subsidy revenue of the year including value-added tax, R tax Indicates the VAT rate. y , Cmat y , Coth y Respectively represent the repair costs, material costs and other costs in operating costs, R fix , R mat and R oth They respectively represent the proportion of the VAT-inclusive portion of repair costs, material costs and other costs in operating costs. If all costs are tax-inclusive, the value can be 1.

[0151] The deductible VAT during the construction period will be deducted at the beginning of the operation period. If the deductible VAT exceeds the VAT payable in the year, the entire amount will be deducted in the year and the actual VAT paid will be 0. If the remaining deductible VAT is lower than the VAT payable in the year, only the remaining part will be deducted in the year, the actual VAT paid will be greater than 0, and the deduction will end.

[0152]

[0153] In the formula, TXD y TXDrest is the value-added tax deducted at the beginning of the operation period. y TXDall is the remaining deductible VAT for the year, and TXDall is the total deductible VAT during the construction period. y It is the actual value-added tax paid in the current year after taking deduction into account.

[0154] (2) Calculate sales tax surcharges and determine pre-tax profits or possible losses.

[0155] The sales tax surcharge is based on the value-added tax paid in the year, multiplied by the corresponding tax rate. The formula is as follows.

[0156] TXS y =TX y R TXS (Formula 3-4)

[0157] In the formula, TXS y The sales tax surcharge for the year of operation, R TXS Add a tax rate to sales tax.

[0158] When using the off-balance sheet method of value-added tax, output tax and input tax must be deducted from both operating income and operating costs.

[0159]

[0160] In the formula, IN' y is the current year's operating income excluding output tax on value-added tax, COP' y is the current year’s operating cost excluding input VAT, y It is the total cost for the year excluding input VAT.

[0161] On this basis, the pre-tax profit or possible loss is calculated. When the operating income is greater than the sales tax surcharge and total cost, there is no loss and the pre-tax profit is greater than 0; conversely, the pre-tax profit is 0 and the loss is greater than 0.

[0162]

[0163] Where BFbf y is the pre-tax profit for the year, LSpd y The loss incurred in the current year.

[0164] (3) Loss classification and compensation of operating losses.

[0165] When a loss occurs, the company is divided into two categories based on whether it can maintain operations that year:

[0166] The first category is that the operating income is greater than or equal to the sum of sales tax surcharge, operating costs and interest costs, indicating that the basic operation can be maintained in the year, the loan interest can be repaid, and the remaining income is insufficient to cover all accrued depreciation and amortization costs. The loss incurred at this time can be recorded as a book loss.

[0167] When TXS y +COP′ y +CIT y +CAM y +CDP y ≥IN′ y ≥TXS y +COP′ y +CIT y It is the first case, and the book loss is LSpd1 y for:

[0168] LSpd1 y =CAM y +CDP y -(IN′ y -TXS y -COP′ y -CIT y )(Formula 3-8)

[0169] The book loss has a relatively small impact on the operation of the project company. It only needs to deal with the loan principal that needs to be repaid in the current year (see step 5 for specific repayment of principal and interest), and then gradually make up for the book loss when there are more profits in subsequent years.

[0170] The second category is that the operating income is less than the sum of sales tax surcharge, operating costs and interest costs, indicating that the basic operation and interest repayment cannot be maintained in that year. The part of the loss needed to make up for the basic operation and repay the interest can be recorded as an operating loss. At this time, the company has both an operating loss and a book loss.

[0171] When IN' y <TXS y +COP′ y +CIT y It is the second case, and the book loss is LSpd1 y and operating loss LSpd2 y They are:

[0172]

[0173] Operating losses have a significant impact on the operation of the project company, and it is necessary to raise funds for turnover in the current year to cover operating costs and repay interest. If the company has surplus accumulated funds from previous years, it will give priority to using the accumulated surplus funds to cover operating losses. If the accumulated surplus funds are used up, it must raise short-term loans for turnover in the current year, which is a short-term loan to make up for capital turnover.

[0174]

[0175] In the formula, LS2cvsf y Indicates the operating loss covered by accumulated surplus funds in the current year, SFAC y-1 Indicates the accumulated surplus funds of last year, LS2cvsn y Indicates the operating losses made up by short-term loans for capital turnover that year, SNZ y Indicates the short-term loan to make up for the capital turnover in that year, LS2cv y It indicates the operating losses made up in the current year, and the funds are used to maintain operating costs.

[0176] (4) The pre-tax profit is used to offset the book losses within five years, and income tax is deducted to determine the post-tax profit.

[0177] According to the Company Law and other relevant regulations, pre-tax profits can only be used to offset book losses within 5 years. Therefore, after the pre-tax profits of the current year offset the losses, the book losses within 5 years need to be rolled over. The calculation formula is as follows.

[0178] LS1cvbf y =min(BFbf y ,LS5in y-1 )(Formula 3-11)

[0179]

[0180] In the formula, LS1cvbf y To make up for the book losses in the past five years with the pre-tax profit of the current year, LS5in y It is the accumulated remaining book loss within 5 years in the current year. ΔLS5in is determined by the remaining book loss within 5 years after the current year is made up and the total book loss of the previous 4 years. If the former is smaller, it means that the loss in the 5th year has been made up, and the value is 0; if the former is larger, it means that the loss in the 5th year has not been made up, and the value is greater than 0. When rolling over the book loss within 5 years, it will be deducted and included in the book loss outside 5 years.

[0181] After making up for the book losses within 5 years, if there is any pre-tax profit remaining, the income tax will be deducted to calculate the after-tax profit.

[0182]

[0183] Where BFtax yIndicates the taxable income for the year, TXB y For the current year’s income tax, R TXB is the income tax rate, BFaf y The after-tax profit for the year.

[0184] (5) The after-tax profit is used to offset the book losses of the past five years, and the surplus reserve fund is used to determine the distributable profit for the current year.

[0185] As the years roll over, the book losses outside the five years must also be updated synchronously with the book losses within the five years to ensure the dynamic balance between book losses and loss compensation. Book losses outside the five years can generally only be compensated by after-tax profits. The specific formula is as follows.

[0186] LS1cvaf y =min(BFaf y ,LS5out y-1 +ΔLS5in)(Formula 3-14)

[0187]

[0188] Where, LS1cvaf y To make up for the book loss of 5 years ago with the after-tax profit of the current year, LS5out y It is the accumulated remaining 5-year book loss in the current year. ΔLS5in means that the book loss within 5 years is rolled over and included in the 5-year book loss.

[0189] There are three items of funds to make up for book losses, including the above-mentioned pre-tax compensation LS1cvbf y , after-tax compensation LS1cvaf y In addition to the two items, if there is any accumulated undistributed profit in the previous years before the loss occurred, it can also be used to make up for the loss in the current year. y , see the following formula for details. These funds to make up for the book loss LS1cv y This will ultimately be included in available depreciation and amortization cash flows.

[0190] LS1cv y =LS1cvbf y +LS1cvaf y +LS1cvdis y (Formula 3-16)

[0191] After making up for the book losses outside the five years, if there is any surplus after-tax profit, the surplus reserve fund will be withdrawn to calculate the distributable profit for the year.

[0192]

[0193] Where BFres yIndicates the profit base for extracting surplus reserves in the current year, RES y For the current year's surplus reserve, R RES is the surplus reserve ratio, BFdis y The distributable profit for the year.

[0194] (6) Allocate dividends to shareholders and determine retained earnings. The dividends payable to shareholders are calculated based on a certain percentage of the capital. If the distributable profit is lower than the dividends payable, the actual dividends are the distributable profit; otherwise, the actual dividends are equal to the dividends payable. Distributable profit includes the distributable profit for the current year and the accumulated retained earnings of the previous year. The retained earnings of the current year are calculated after deducting the actual dividends paid to shareholders from the distributable profit.

[0195]

[0196] Where DID y BFdisAcc is the actual dividend amount distributed to shareholders in that year. y-1 is the accumulated undistributed profit of the previous year, CP is the total capital, R did Indicates the capital dividend ratio, BFrest y It is the change in retained earnings for the year, which is equal to the difference between the distributable earnings for the year and the actual dividends paid to shareholders.

[0197] (7) Calculation and tracing of accumulated surplus funds

[0198] Accumulated surplus funds are equal to the sum of cash inflows and outflows from various operating activities, financing activities, and investment activities. By analyzing the sources, uses, and conversions of various cash inflows and outflows, and tracking the cash flow processes of various financial plans such as operating activities, financing activities, and investment activities, the structure of accumulated surplus funds can be traced. Fund tracing analysis shows that accumulated surplus funds are mainly composed of accumulated surplus reserves, accumulated residual depreciation and amortization, accumulated deductible value-added tax, and accumulated residual retained earnings.

[0199] SFAC y =RESAC y +AMAC y +DPAC y +TXDAC y +BFdisAcc y (Formula 3-19)

[0200] The first item is the accumulated surplus reserve fund. The accumulated surplus reserve fund RESAC for the year y Last year's accumulated surplus reserve fund RESAC y-1 Based on the above, plus the surplus reserve RES accrued this year y , deduct the amount used to make up for operating losses LS2cvresy , deduct the amount UPres used for equipment update and reset y .

[0201] RESAC y =RESAC y-1 +RES y -LS2cvres y -UPres y (Formula 3-20)

[0202] The second item is the accumulated remaining depreciation and amortization. The accumulated remaining depreciation DPAC for the year y The remaining depreciation accumulated in the previous year DPAC y-1 Based on this year's depreciation cash flow DPreal y , minus the amount used to make up for operating losses LS2cvdp y , minus the depreciation amount RPDP used to repay the loan this year y Amortization is similar to depreciation and relatively simple, so it will not be introduced in detail.

[0203] Depreciation and amortization cash flow DPreal for the year y +AMreal y Derived from operating income, if there is a book loss, the depreciation and amortization CDP accrued this year y +CAM y When converted into actual cash flow, the book loss LSpd1 needs to be deducted y Similarly, if there is a case of making up for book losses, the amount of book losses to be made up must be increased by LS1cv y .

[0204]

[0205] The third item is the cumulative deduction of VAT, the cumulative deduction of VAT for the year TXDAC y Last year, the cumulative deduction of VAT TXDAC y-1 Based on this year's deductible VAT TXD y , deduct the amount used to make up for operating losses in the current year LS2cvtxd y , minus the amount used to repay the loan principal in the current year RPTXD y .

[0206] TXDAC y =TXDAC y-1 +TXD y -LS2cvtxd y -RPTXD y (Formula 3-22)

[0207] The fourth item is the accumulated remaining undistributed profit. The accumulated remaining undistributed profit for the year is BFdisAcc y Remaining retained earnings in last year BFdisAcc y-1 Based on the difference between the distributable profit and the actual dividends to shareholders for the year, BFrest y , deduct the amount used to make up for operating losses LS2cvbf y , deduct the amount used to make up for the book loss LS1cvdis y , minus the amount of loan principal repayment RPBF in the current year y .

[0208] BFdisAcc y =BFdisAcc y-1 +BFrest y -LS2cvbf y -LS1cvdis y -RPBF y (Formula 3-23)

[0209] Finally, by combining the above formulas according to the method of fund tracing, we can obtain the following cumulative surplus funds rolling update formula.

[0210] SFAC y =SFAC y-1 +(RES y +DPreal y +AMreal y +TXD y +BFrest y )-UPres y -LS1cvdis y -LS2cvsf y -RPSF y (Formula 3-24)

[0211] The corresponding operating loss in the current year is covered by the accumulated surplus funds LS2cvsf y and repayment of loan principal RPSF y , and also have detailed funding sources.

[0212]

[0213] In summary, the calculation process of step 23 is as follows:

[0214] (1) Collect the calculation methods and rates of various taxes and fees such as value-added tax, income tax, surplus reserve fund, and shareholder dividends. Collect the total amount of value-added tax that can be deducted during the construction period.

[0215] (2) Calculate operating income IN based on the on-grid electricity price P, including electricity revenue INP, capacity revenue INC and other revenue INO.

[0216] (3) Calculate the output VAT TXI, input VAT TXO, payable VAT TXP, deductible VAT TXD and paid VAT TX in sequence, and roll over the total amount of deductible VAT. Calculate the sales tax surcharge TXS based on the paid VAT.

[0217] (4) Determine the difference between income and expenditure. If the operating income is greater than the sales tax surcharge and total cost and expenses, calculate the pre-tax profit BFbf and continue to step (6). Otherwise, calculate the loss for the year LSpd and continue to step (5).

[0218] (5) Divide the losses into book losses LSpd1 and operating losses LSpd2. If there is an operating loss, make up for it with the remaining accumulated surplus funds LS2cvsf and short-term loans for capital turnover LS2cvsn from last year. For book losses, roll over the book losses within 5 years LS5in and the book losses outside 5 years LS5out. Jump to step (9).

[0219] (6) The pre-tax profit is used to offset the book losses within 5 years (LS1cvbf), deduct the income tax TXB, and determine the after-tax profit BFaf.

[0220] (7) The after-tax profit is used to make up for the book losses outside the five years (LS1cvaf), and the surplus reserve fund RES is withdrawn to determine the distributable profit BFdis for the current year.

[0221] (8) Allocate dividends DID to shareholders and determine retained earnings BFdisAcc.

[0222] (9) Calculate the accumulated surplus funds SFAC, including the accumulated surplus reserves RESAC (and update the accumulated surplus reserves UPres in the equipment renewal and replacement investment in step 21), the accumulated remaining depreciation DPAC and the accumulated remaining amortization AMAC, the accumulated deduction of value-added tax TXDAC, the accumulated remaining retained earnings BFdisAcc, etc.

[0223] (10) The calculation of accumulated surplus funds in step 23 is related to the calculation of principal and interest payment in step 24. The decelerated depreciation in step 22 also affects the calculation results of pre-tax profit and depreciation loan repayment in step 23. The accumulated surplus reserve fund in step 23 also affects the equipment renewal investment financing composition in step 21. Therefore, after completing a round of steps 21 to 25, it is necessary to return to step 21 and iterate repeatedly. Finally, a convergence judgment is made based on the result of step 25 until the calculated financial statements (including principal and interest payment, financial cash flow and balance sheet, etc.) are unified and balanced.

[0224] There are multiple financing loans for engineering investment during the construction period of power projects. During the operation period, there are also short-term loans to make up for the shortage of long-term loans, short-term loans to make up for capital turnover, and long-term loans for equipment renewal investment. These loans are multi-line independent and parallel loans.

[0225] (1) Determine the loan type. Loans are divided into long-term loans and short-term loans.

[0226] Long-term loans include: special construction fund loans, long-term bank loans for the main project / hydropower pumped storage, long-term bank loans for the subsidiary part / wind power photovoltaic, long-term loans for equipment renewal investment during the main project / hydropower pumped storage operation period, and long-term loans for equipment renewal investment during the subsidiary part / wind power photovoltaic operation period. Among them, the interest of special construction funds and long-term bank loans during the construction period is included in the construction investment during the construction period, and the interest during the operation period is included in the interest cost, and the principal will be repaid after the completion of construction and production. For equipment renewal investment loans during the operation period, the interest is included in the interest cost, and the principal will be repaid after the equipment renewal is completed.

[0227] Short-term loans include: short-term loans for working capital, short-term loans to make up for the shortfall of long-term loans, short-term loans to make up for capital turnover, etc. Among them, working capital is borrowed before production starts, and the interest is repaid year by year during the operation period. In the last year after the operation period, the current assets are recovered and the working capital loans are repaid. Short-term loans to make up for the shortfall of long-term loans occur when the repayment of the principal of long-term loans is insufficient, and short-term loans to make up for capital turnover occur when there is an operating loss and the accumulated surplus funds are insufficient. Both types of short-term loans repay the principal when there is sufficient repayment funds, and the interest of the current year is included in the interest cost of the current year.

[0228] (2) Determine the repayment method. Long-term loans are determined based on the repayment method and repayment period of each type of loan. The most common repayment methods for power projects are equal principal and interest repayment and equal principal repayment, which require a fixed principal to be repaid within a fixed repayment period. Another method is repayment based on maximum repayment capacity, which does not set a fixed principal repayment amount each year. You can repay as much as you can, and the repayment period is not fixed.

[0229] In theory, short-term loans are borrowed this year and repaid next year. For power projects, it may be possible that the repayment cannot be completed within one year. The calculation adopts the repayment method based on the maximum repayment ability. The repayment principal is not fixed each year, and the amount that can be repaid is calculated as much as possible until it is fully repaid.

[0230] When a long-term loan is repaid in equal installments of principal and interest or equal installments of principal, and there is insufficient funds available for repayment in the current year, a short-term loan can be taken out to make up for the shortfall in long-term loan repayments until there is sufficient funds available for repayment.

[0231] (3) Calculate the loan principal, interest and remaining accumulated borrowings.

[0232] The principal of a long-term loan is calculated using the repayment formula of equal principal and interest or equal principal. The interest on a long-term loan is calculated by multiplying the accumulated amount of loans at the beginning of the year by the loan interest rate. The accumulated amount of loans at the beginning of the year is calculated by subtracting the principal repaid in the year from the accumulated amount of loans at the beginning of last year. The formula is as follows:

[0233] ISCF y =R ISCF SCFAC y ,SCFAC y =SCFAC y-1 -RPSCF y (Formula 4-1)

[0234] ILN y =R ILN LNAC y ,LNAC y =LNAC y-1 -RPLN y (Formula 4-2)

[0235] ILNUP y =R IUP LNUPAC y ,LNUPAC y =LNUPAC y-1 -RPUP y |y>u(Formula 4-3)

[0236] In the formula, y is the operation period year, u represents the year when the equipment update is completed, and ISCF y ILN y ILNUP y They are the interest repayments of the special construction fund, long-term bank loans, and equipment renewal investment loans for the current year, SCFAC y , LNAC y , LNUPAC y The accumulated loans at the beginning of the year are special construction funds, long-term bank loans, and equipment renewal investment loans. y , RPLN y , RPUP y They are respectively the principal repayments of special construction funds, long-term bank loans, and equipment renewal investment loans in the current year.

[0237] Long-term bank loans and equipment renewal investment loans can be divided into two parts: the main project / hydropower pumped storage, or the ancillary parts / wind power photovoltaics. The numbers 1 and 2 can be added after the variable name respectively. The subsequent formulas are similar and will not be repeated.

[0238] The priority of short-term loan principal repayment is lower than that of long-term loan principal repayment. When there is a surplus after repaying the long-term loan principal, the short-term loan principal will be repaid. The maximum short-term loan principal is all accumulated loans. The interest on short-term loans is calculated by multiplying the accumulated loans at the end of the year by the loan interest rate (generally lower than the long-term loan interest rate). The accumulated loans at the end of the year are calculated by adding the accumulated loans at the end of last year to the principal of the short-term loan in the current year, and deducting the principal repaid in the current year. The formula is as follows:

[0239] ISNL y =R ISN SNLAC y ,SNLAC y =SNLAC y-1 +SNL y -RPSNL y (Formula 4-4)

[0240] ISNZ y =R ISN SNZAC y ,SNZAC y =SNZAC y-1 +SNZ y -RPSNZ y (Formula 4-5)

[0241] ISNF y =R ISN S N all (Formula 4-6)

[0242] In the formula, R ISN ISNL is the short-term lending rate. y 、ISNL y They represent the repayment interest of short loans to make up for the shortfall of long loans and short loans to make up for capital turnover in the current year, SNLAC y SNZAC y They represent the year-end accumulated borrowings to make up for the shortfall of long-term loans and short-term loans to make up for capital turnover; SNL y SNZ y Respectively represent the principal of short-term loans used to make up for the shortfall of long-term loans and the principal of short-term loans used to make up for capital turnover in the current year, which are used to pay the principal of long-term loans and to make up for operating losses respectively; RPSNL y , RPSNZ y The principal repayment for the year is to make up for the shortfall of long-term loans and the short-term loans for capital turnover, which comes from the remaining amount of loan repayment funds after paying the long-term loan repayments. y SNFl is the interest on working capital loans for the current year. all It is the total amount of working capital borrowings at the end of the construction period.

[0243] The principal repayments of all types of long-term and short-term loans are accumulated to obtain the total amount of loan principal to be repaid that year (RPB). y .

[0244] RPB y =RPSCF y +RPLN y +RPUP y +RPSNL y +RPSNZ y (Formula 4-7)

[0245] (4) Determine the source of repayment funds and allocate repayments to each loan in sequence. The interest funds for loan repayments are all from interest costs. The sources of principal repayments include four types of repayment funds: depreciation and amortization repayments, value-added tax deduction repayments, retained earnings repayments, and short-term loans to make up for the shortfall of long-term loans. The total amount of loan principal to be repaid in the year can be allocated in order. y Make an allocation.

[0246] The first category is depreciation and amortization loan repayment. Amortization is similar to depreciation, so depreciation is used as an example to explain. The principal repaid using depreciation in the current year is RPDP. y The depreciation of available loan repayment and the loan principal to be repaid in the current year RPB y The smaller value of .

[0247]

[0248] In the formula, the available loan repayment depreciation is equal to the accumulated remaining depreciation DPAC last year y-1 Add this year's depreciation cash flow DPreal y , minus the amount used to make up for operating losses LS2cvdp y . RPB' y The remaining loan principal should be repaid after depreciation.

[0249] The second category is the loan repayment deducted from VAT. The principal RPTXD repaid in the current year by deducting VAT y The deductible VAT and the loan principal RPB' y The smaller value of .

[0250]

[0251] In the formula, the deductible VAT is equal to the cumulative deductible VAT TXDAC last year y-1 Plus the VAT TXD deducted this year y , minus the amount used to make up for operating losses LS2cvtxd y .RPB” y To deduct the value-added tax, the remaining loan principal should be repaid after the loan is repaid.

[0252] The third category is undistributed profit repayment, the principal RPBF repaid using the profit in the current year y The retained earnings and the loan principal to be repaid in the current year (RPB) y The smaller value of .

[0253] RPBF y =min(RPB” y ,BFdisAC y-1 +BFrest y -LS2cvbf y )(Formula 4-10)

[0254] In the formula, the available retained earnings are equal to the accumulated remaining retained earnings of last year BFdisAC y-1 Plus the difference between distributable profit and actual dividends to shareholders BFrest y , minus the amount used to make up for operating losses LS2cvbf y .

[0255] The fourth category is short-term loans to make up for the shortfall of long-term loans. After the undistributed profits are used to repay the loans, the remaining loan principal (RPB) should be repaid. y -RPBF y If it is greater than 0, the short loan SNL is used to make up for the shortfall of the long loan y Make up the remaining amount.

[0256] SNL y =RPB” y -RPBF y (Formula 4-11)

[0257] (5) Calculate the total amount of repayment funds and roll over the accumulated surplus funds. The source and destination of the loan principal repayments are determined by using the fund tracing method, that is, the source includes the above four types of repayment funds, and the destination includes the five types of loan repayments described in formula 5-7.

[0258] RPB y =(RPDP y +RPTXD y +RPBF y )+SNL y =RPSF y +SNL y (Formula 4-12)

[0259] In the formula, RPB y The sum of all repayment funds, RPSF y The principal of the loan is repaid from the accumulated surplus funds. y The loan principal is repaid through short-term loans.

[0260] For long-term loans that are not repaid in equal installments of principal or equal installments of principal and interest, but are repaid according to the maximum repayment capacity, they need to be handled separately and finally, that is, after repaying the principal of other long-term loans and short-term loans first, the remaining available repayment principal is counted, and if there is any remaining principal, it will all be used to repay this type of long-term loans with the maximum repayment capacity.

[0261] In summary, the calculation process of step 24 is as follows:

[0262] (1) According to the repayment methods of various long-term loans, the repayment principal is calculated according to the equal principal and equal principal and interest formulas. The long-term loan interest is calculated and the remaining accumulated borrowings are rolled over.

[0263] (2) Calculate the short-term loan principal, interest and remaining accumulated borrowings.

[0264] (3) Summarize (1) and (2) to calculate the total amount of loan principal to be repaid in the current year (RPB), including repayment of special construction fund (RPSCF), repayment of long-term bank loan (RPLN), repayment of equipment renewal investment loan (RPUp), repayment of short-term loan to make up for the shortfall of long-term loan (RPSNL), repayment of short-term loan to make up for the shortfall of capital turnover (RPSNZ), etc.

[0265] (4) Calculate the depreciation RPDP and amortization RPAM that can be used to repay the loan. Allocate the depreciation and amortization that can be used to repay the loan in the order of repaying the principal of the long-term loan and the principal of the short-term loan. Calculate the principal repaid by depreciation in the current year. Calculate the remaining loan principal to be repaid after depreciation repayment RPB'. If it is greater than 0, jump to step (5). Calculate the remaining value of the depreciation and amortization that can be used to repay the loan. If it is greater than 0, it means that there is still a balance after all the principal is repaid. Jump to step (8).

[0266] (5) Calculate the deductible VAT amount RPTXD that can be used to repay the loan. Allocate the deductible VAT amount that can be used to repay the loan in the order of repaying the principal of the long-term loan and the principal of the short-term loan with equal repayments, and calculate the principal repaid in the current year using the deductible VAT. Calculate the remaining loan principal to be repaid after deducting the VAT for the loan repayment, RPB", if it is greater than 0, jump to step (6). Calculate the remaining value of the deductible VAT amount that can be used to repay the loan. If it is greater than 0, it means that there is still a balance after all the principal is repaid, jump to step (8).

[0267] (6) Calculate the amount of retained earnings available for loan repayment PRBF. Allocate the amount of retained earnings available for loan repayment in the order of repaying the principal of the equal-amount long-term loan and the principal of the short-term loan. Calculate the principal repaid using retained earnings in the current year. If it is greater than 0, jump to step (7). Calculate the remaining value of the amount of retained earnings available for loan repayment. If it is greater than 0, it means that there is a surplus after all the principal has been repaid. Jump to step (8).

[0268] (7) Calculate the remaining loan principal after the retained earnings are used to repay the loan. If it is greater than 0, use the short-term loan SNL to make up for the shortfall in the long-term loan to fill the gap and jump to step (9).

[0269] (8) The remaining value of the depreciation and amortization amount available for loan repayment, the remaining value of the VAT deduction amount available for loan repayment, and the remaining value of the retained earnings amount available for loan repayment shall be used to repay the principal of the long-term loan at the maximum repayment capacity, and then go to step (9).

[0270] (9) Calculate and update the accumulated surplus funds, calculate the interest on each loan and update the interest cost CIT in step 22, and roll over to the next year's principal and interest payment calculation until all long-term and short-term loans are repaid.

[0271] (10) The calculation of principal and interest payment in step 24 is related to the interest cost in step 22 and the calculation of accumulated surplus funds in step 23. The deceleration depreciation in step 22 also affects the calculation result of depreciation loan repayment in step 24. The equipment renewal investment loan in step 24 is also related to the equipment renewal financing composition in step 21. Therefore, after completing a round of steps 21 to 25, it is necessary to return to step 21 and iterate repeatedly. Finally, a convergence judgment is made based on the result of step 25 until the calculated financial statements (including principal and interest payment, financial cash flow and balance sheet, etc.) are unified and balanced.

[0272] The cash flows of power project financial evaluation mainly include financial plan cash flow, project investment cash flow and capital cash flow.

[0273] (1) Financial plan cash flow. Calculate the cash inflows and outflows from operating activities, cash inflows and outflows from investing activities, and cash inflows and outflows from financing activities separately. Summarize the three parts to get the net cash flow of the financial plan.

[0274] Fio i =FioOP i +FioIV i +FioFC i =(FiOP i -FoOP i ) + (FiIV i -FoIV i )+(FiFC i -FoFC i )

[0275] (Formula 5-1)

[0276] In the formula, the year involves the construction period and the operation period, represented by i. i Indicates the net cash flow of the financial plan for the year, FioOP i FiOPi and FoOP i Represents the net cash flow, inflow and outflow from operating activities for the year, FioIV i FiIV i and FoIV i Represents the net cash flow, inflow and outflow from investment activities for the year, FioFC i , FiFC i and FoFC i They represent the net cash flows, inflows and outflows from financing activities for the year, respectively.

[0277] 1) Operating activities mainly occur during the operating period, and the year is represented by y. Operating inflows include operating income IN' y , VAT output tax TXO y Operating outflows include operating costs COP' y , VAT input tax TXI y , paid VAT TX y , Sales Tax Surcharge TXS y , income tax TXB y 、Equity credit insurance fee Fcp y and credit insurance premium Fln y wait.

[0278] FioOP i =FiOP i -FoOP i =(IN' y +TXO y )-(COP' y +TXI y +TX y +TXS y +TXB y +Fcp y +Fln y

[0279] (Formula 5-2)

[0280] 2) Investment activities mainly occur during the construction period, with t representing the year, while investment in equipment renewal occurs during the operation period, with y representing the year. Investment inflows include the recovery of the residual value of fixed assets RCFV y , Recover working capital RCFlow y . Investment outflows include construction investment TI t Flow t , Equipment renewal investment UP during operation period y wait.

[0281] FioIV i =FiIV i-FoIV i =(RCFV y +RCFlow y )-(TI t +Flow t +UP y ) (Formula 5-3)

[0282] 3) Financing activities occur both during the construction period and during the operation period. Financing inflows include the capital injection into CP during the construction period. t +CPFl t 、Bank loan principal and interest withdrawal LN t +ILN t Special Construction Fund Principal and Interest Withdrawal SCF t +ISCF t GF t 、Special financing fee withdrawal Fcp t +Fln t +Fcom t|t＝1 +Fman t 、Working capital loan SNFl t , and capital injection into CPUP for equipment renewal during the operation period y , Equipment Renewal Bank Loan Withdrawal LNUP y The outflow from financing activities includes the interest payment during the construction period (IIDC t , by bank interest ILN t , Special Construction Fund Interest ISCF t 、Special financing fee withdrawal Fcp t +Fln t +Fcom t|t＝1 +Fman t composition), and the principal repayment of bank loans during the operation period RPLN y and interest-paying ILN y , Special Construction Fund Repayment RPSCF y and interest-bearing ISCF y , Equipment Update Investment Payback RPUP y and interest payment ILNUP y , short-term loan repayment to make up for the shortfall of long-term loans RPSNL y and interest payment ISNL y , short-term loan repayment RPSNZ to make up for capital turnover y and interest payment ISNZ y 、Interest on working capital ISNFl y and the working capital repayment RPSNFl in the last year m yy＝m , DID for shareholder dividends y wait.

[0283] FioFCi =FiFC i -FoFC i =(CP t +CPFl t +LN t +ILN t +SCF t +ISCF t +GF t +Fcp t +Fln t +

[0284] Fcom tt＝1 +Fman t +SNFl t +CPUP y +LNUP y ) - (IIDC t +RPLN y +ILN y +RPSCF y +ISCF y +

[0285] RPUP y +ILNUP y +RPSNL y +ISNL y +RPSNZ y +ISNZ y +ISNFl y +RPSNFl yy＝m +DID y )

[0286] (Formula 5-4)

[0287] 4) Check the relationship between the net cash flow of the financial plan and the accumulated surplus funds. During the construction period, the cash flows from investment activities and financing activities offset each other, and the net cash flow is 0; during the operation period, the net cash flow is the annual change in the accumulated surplus funds; in the last year of the operation period, the residual value of fixed assets (RCFV) recovered at the end of the investment must also be considered. y and recover working capital CPFl t .

[0288]

[0289] This formula is the result obtained through the fund tracing method. It records the source and destination of each fund and is an identity formula for verifying whether the financial evaluation calculation is correct. If the calculation result shows that the formula is not valid, it indicates that there is an error in the calculation and steps 22 to 25 need to be repeated.

[0290] (2) Project investment cash flow. Project investment cash flow is used to calculate the internal rate of return of project investment and is part of pre-financing financial analysis.

[0291] 1) Cash flow calculation. Project investment cash inflow PRJi i Including operating income IN' y , VAT output tax TXO y , Recover the residual value of fixed assets RCFV y , Recover working capital RCFlow y wait.

[0292] Project Investment Cash Outflow PRJo i Including construction investment TI during the construction period t Flow t , and equipment upgrade investment during operation period y , operating cost COP' y , VAT input tax TXI y , paid VAT TX y , Sales Tax Surcharge TXS y , Adjust income tax TXB' y wait.

[0293] PRJio i =PRJi i -PRJo i =(IN' y +TXO y +RCFV y +RCFlow y ) - (TI t +Flow t +UP y +COP' y +TXI y +TX y +TXS y +TXB' y ) (Formula 5-6)

[0294] 2) Calculation of internal rate of return of project investment. Based on the cash flow process from the construction period to the end of the operation period (1 to m years) PRJio i , calculate the appropriate discount rate so that the present value of the discounted cash flow is 0, which is the project investment internal rate of return PIRR.

[0295]

[0296] (3) Capital cash flow. Capital cash flow is used to calculate the internal rate of return of capital and is part of post-financing financial analysis.

[0297] 1) Cash flow calculation. Capital cash flows into CPTi i Same as the project investment cash inflow, including operating income IN' during the operation period y , VAT output tax TXO y , Recover the residual value of fixed assets RCFV y , Recover working capital RCFlow y wait.

[0298] Capital cash outflow CPTo i Including capital injection during the construction period CP t , working capital injection into CPFl t , and the capital investment for equipment renewal during the operation period is injected into CPUP y , interest cost payment CIT y , various bank loan principal repayment RPB y 、The working capital repayment RPSNFl in the last year m yy＝m , operating cost COP' y , VAT input tax TXI y , paid VAT TX y , Sales Tax Surcharge TXS y , income tax TXB y 、Equity credit insurance fee Fcp y and credit insurance premium Fln y wait.

[0299] CPTio i =CPTi i -CPTo i =(IN' y +TXO y +RCFV y +RCFlow y )-(CP t +CPFl t +CPUP y +CIT y +RPB y +RPSNFl y|y＝m +COP′ y +TXI y +TX y +TXS y +TXB y +Fcp y +Fln y ) (Formula 5-8)

[0300] 2) Calculation of internal rate of return of capital. Based on the cash flow process from the construction period to the end of the operation period (1 to m years) CPTio i, calculate the appropriate discount rate so that the present value of the discounted cash flow is 0, which is the internal rate of return CIRR.

[0301]

[0302] (4) Checking the balance between assets and liabilities.

[0303] The asset-liability relationship in the financial evaluation of power projects includes two items, namely, assets, liabilities and owners' equity.

[0304] 1) Asset calculation. Asset AST i Including current assets CAST i 、Fixed assets FAST i 、Loss assets LAST i Three parts. Current assets include current funds Flow y and accumulated surplus funds SFAC y ; Fixed assets include construction in progress (CWP) t , net value of fixed assets during the operation period PRPbdc y +PRPdc y +PRPup y , intangible and deferred net assets PRPam y , and the remaining deductible VAT TXDrest during the construction and operation periods i ; Loss assets include accumulated book losses LSpd1 y , make up for the book loss LS1cv y , short-term loan repayment RPSNZ to make up for insufficient capital turnover y Book losses and their offset are essentially the portion of depreciation and amortization that has not been converted into cash flow, which can be seen as another asset representation of depreciation and amortization. The repayment of short-term loans to offset insufficient capital turnover can also be seen as a form of delayed turnover for insufficient accumulated surplus funds.

[0305] AST i =CAST i +FAST i +LAST i =(Flow y +SFAC y ) + 9CWP t +PRPbdc y +PRPdc y +PRPup y +

[0306] PRPam y +TXDrest i ) + (LSpd1y +LS1cv y +RPSNZ y )(Formula 5-10)

[0307] 2) Calculation of liabilities and owner's equity. i Including current liabilities SNFl y 、Long-term loans SCFAC y +LNAC y +LNUPAC y , short-term loans to make up for the shortfall of long-term loans (SNLAC) y Three parts: Owner's equity i Including capital injection CP t +CPFl t +CPUP t GF t RESAC y , Accumulated retained earnings BFdisAcc y And so on four parts.

[0308] Debt i +Owner i =(SNF1 y +SCFAC y +LNAC y +LNUPAC y +SNLAC y ) + (CP t +CPFl t +

[0309] CPUP t +GF t +RESAC y +BFdisAcc y )(Formula 5-11)

[0310] 3) Check the balance of assets and liabilities. i Debt i Plus Owner's Equity i , which is the basic balance formula for financial statements. This formula can be proved by recording the detailed transformation process of various funds / assets of assets, liabilities and owner's equity, and using the fund tracing method. It is an identity formula to verify whether the financial evaluation calculation is correct or not. If the calculation result shows that this formula is not valid, it means that there is an error in the calculation, and steps 22 to 25 need to be repeated.

[0311] AST i =Debt i +Owneri (Formula 5-12)

[0312] In summary, the calculation process of step 25 is as follows:

[0313] (1) Organize the data of the construction period investment and multiple financing calculations in step 21, the operation period cost and multiple depreciation calculations in step 22, the operation period profit distribution and tracing calculations in step 23, and the multi-line parallel principal and interest payment calculations in step 24.

[0314] (2) Calculate the cash flow from operating activities FioOP, the cash flow from investing activities FioIV, and the cash flow from financing activities FioFC respectively, and summarize them to obtain the net cash flow Fio of the financial plan.

[0315] (3) Calculate the project investment cash inflow PRJi and outflow PRJo to obtain the project investment cash flow PRJio. Use the trial algorithm to determine the project investment internal rate of return PIRR so that the discounted present value of the cash flow PRJio is 0.

[0316] (4) Calculate the capital cash inflow CPTi and outflow CPTo to obtain the capital cash flow CPTio. Use the trial algorithm to determine the capital internal rate of return CIRR so that the discounted present value of the cash flow CPTio is 0.

[0317] (5) Calculate current assets CAST, fixed assets FAST, and loss-making assets LAST, and summarize them to obtain the total assets AST of the power project.

[0318] (6) Calculate working capital liabilities, long-term loan liabilities, and short-term loans to make up for the shortfall of long-term loans, and sum them up to get the total liabilities of the power project, Debt. Sum up the injected capital, state appropriations, accumulated surplus funds, and accumulated undistributed profits to get the total owner's equity of the power project, Owner.

[0319] (7) Determine whether the annual change in accumulated surplus funds SFAC is equal to the net cash flow Fio of the current year, and determine whether the total assets AST of the power project are equal to the total liabilities Debt of the power project plus the total owner's equity Owner of the power project. If both conditions are not met, repeat steps 21 to 25 until both conditions are met, which indicates that the nested results of steps 21, 22, 23, and 24 have converged. At this time, the data before and after the financial statements (including principal and interest payments, financial cash flow, and balance sheet, etc.) are unified and balanced, and the calculation is completed.

Claims

1. The calculation method for financial evaluation of power projects is characterized by: include: Step 1: Obtain the on-grid electricity price P for calculating the internal rate of return (IRR); Step 2: Based on the given grid-connected electricity price P, perform financial evaluation calculations to obtain the internal rate of return IRR, which includes: Step 21, calculate the construction period project investment FAI and the construction period interest IIDC to obtain the construction period construction investment TI, and determine the financing composition of the equipment renewal and replacement investment UP in the operation period based on the assumed accumulated surplus reserve fund UPres; Step 22, calculate the multi-depreciation cost CDP, interest cost CIT, operating cost COP, amortization cost CAM and total cost Call during the operation period; Step 23: Calculate the total profit during the operation period according to the total cost Call in step 22, and distribute profits, calculate and make up for losses, and trace the accumulated surplus funds SFAC, and update the accumulated surplus reserve fund UPres in step 21; Step 24: Calculate the repayable loan funds RPB according to the profit distribution result of step 23 and the accumulated surplus funds SFAC, perform multi-line parallel principal and interest payment calculation and update the interest cost CIT in step 22; Step 25: Calculate the financial plan cash flow and assets and liabilities. If the principal and interest payments, financial cash flow and assets and liabilities are not balanced, repeat steps 21 to 25 until a balance is reached.

2. The power project financial evaluation calculation method according to claim 1 is characterized in that: The on-grid electricity price P is given directly or determined using the binary search method based on the established rate of return IRR0.

3. The power project financial evaluation calculation method according to claim 2 is characterized in that: According to the established rate of return IRR0, the specific steps of using the binary search method to determine the on-grid electricity price P are as follows: Step 11, initializing the trial calculation of the on-grid electricity price range to (Left, Right); Step 12: Take the median value of the range Mid=(Left+Right) / 2 as the on-grid electricity price P for financial evaluation calculation and obtain the internal rate of return IRR Mid ; Step 13: If IRR Mid < IRR0, then adjust the trial feed-in tariff range to (Mid, Right). If IRR Mid > IRR0, then adjust the trial feed-in tariff range to (Left, Mid). Repeat Step 12 and Step 13 until the error between IRR Mid and IRR0 meets the requirements.

4. The power project financial evaluation calculation method according to claim 1 is characterized in that: In step 21, the sources of construction project investment FAI include: investor capital CP, bank long-term loan LN, special construction fund loan SCF and national grant GF; The sources of IIDC for construction period interest include: long-term bank loan interest ILN, special construction fund loan interest ISCF and special financing costs; The sources of replacement investment UP for equipment renewal during operation include: the accumulated surplus reserve fund Upres in previous years, replacement investment capital CPUP and replacement investment bank loan LNUP; The construction investment TI can be divided into TI1 and TI2 for separate fund raising, and the equipment renewal and replacement investment UP during operation can be divided into UP1 and UP2 for separate fund raising, among which TI1 is the main construction investment of the project, TI2 is the ancillary construction investment, UP1 is the main equipment renewal investment of the project, UP2 is the ancillary equipment renewal investment, or TI1 is the hydropower / pumped storage construction investment, TI2 is the wind power / photovoltaic construction investment, UP1 is the hydropower / pumped storage equipment renewal investment, UP2 is the wind power / photovoltaic equipment renewal investment.

5. The power project financial evaluation calculation method according to claim 4 is characterized in that: The calculation process of step 21 is: assuming the construction investment TI, iteratively calculating the various capital components of the project investment FAI, and updating the construction period interest IIDC according to various loan funds, and summarizing to obtain the new construction investment TI', until the final construction investment calculation converges; When raising funds for equipment renewal and replacement investment during the operation period, the accumulated surplus reserve fund UPres shall be used first, and the remaining part shall be calculated proportionally from the capital CPUP and the bank loan LNUP.

6. The power project financial evaluation calculation method according to claim 4 is characterized in that: In step 22, the multi-depreciation cost CDP during the operation period is accrued separately according to TI1 and TI2; or the project investment is accrued separately according to movable property and immovable property; if there is equipment renewal during the operation period, the depreciation of the equipment renewal investment needs to be calculated, and the original value of the fixed assets corresponding to the depreciation is only included in the capital CPUP and the bank loan LNUP.

7. The power project financial evaluation calculation method according to claim 1 is characterized in that: The step 23 comprises: Step 231, calculating the operating income IN according to the on-grid electricity price P, including the electricity income INP, capacity income INC and other income INO; Step 232: Calculate the output VAT TXI, input VAT TXO, payable VAT TXP, deductible VAT TXD and paid VAT TX in sequence, reduce the total amount of deductible VAT in a rolling manner, and calculate the sales tax surcharge TXS based on the paid VAT TX; Step 233, determine the difference between income and expenditure. If the operating income is greater than the sum of the sales tax surcharge TXS and the total cost Call, calculate the pre-tax profit BFbf and continue to step 235; otherwise, calculate the loss for the year LSpd and continue to step 234; Step 234: Divide the loss into book loss LSpd1 and operating loss LSpd2. If there is an operating loss, it will be made up by the remaining accumulated surplus funds LS2cvsf and short-term loan for capital turnover LS2cvsn of last year; for book losses, the book losses within 5 years and the book losses outside 5 years will be rolled over; jump to step 238; Step 235, the pre-tax profit offsets the book loss within 5 years, deducts the income tax TXB, and determines the after-tax profit BFaf; continue to step 236; Step 236: Use the after-tax profit to make up for the book losses outside the five years, extract the surplus reserve fund RES, and determine the distributable profit BFdis for the current year; proceed to step 237; Step 237, distribute shareholder dividends DID and determine undistributed profits BFdisAcc; Step 238, calculate the accumulated surplus funds SFAC and update the accumulated surplus reserves UPres in step 21. The accumulated surplus funds SFAC include the accumulated surplus reserves RESAC, the accumulated remaining depreciation DPAC, the accumulated remaining amortization AMAC, the accumulated deductible value-added tax TXDAC and the accumulated remaining retained earnings BfdisAcc.

8. The power project financial evaluation calculation method according to claim 1 is characterized in that: The step 24 comprises: Step 241, calculate the total amount of loan principal to be repaid in the current year RPB, including the repayment of special construction fund RPSCF, the repayment of long-term bank loans RPLN, the repayment of equipment renewal investment loans RPUp, the repayment of short-term loans to make up for the shortfall of long-term loans RPSNL, and the repayment of short-term loans to make up for capital turnover RPSNZ; Step 242, calculate the depreciation RPDP and amortization RPAM that can be used to repay the loan, allocate the depreciation and amortization that can be used to repay the loan in the order of repaying the principal of the long-term loan and the principal of the short-term loan with equal repayment, and calculate the principal repaid by depreciation in the current year; calculate the remaining loan principal to be repaid after depreciation repayment RPB', if RPB' is greater than 0, jump to step 243; calculate the remaining value of the depreciation and amortization that can be used to repay the loan, if the remaining value is greater than 0, jump to step 246; Step 243, calculate the deductible VAT amount RPTXD that can be used for loan repayment, allocate the deductible VAT amount that can be used for loan repayment in the order of repaying the principal of the equal repayment long-term loan and the principal of the short-term loan, and calculate the principal repaid by deducting VAT in the current year; calculate the remaining loan principal to be repaid after deducting VAT for loan repayment RPB", if RPB" is greater than 0, jump to step 244; calculate the remaining value of the deductible VAT amount that can be used for loan repayment, if the remaining value is greater than 0, jump to step 246; Step 244, calculate the amount of retained earnings available for loan repayment PRBF, distribute the amount of retained earnings available for loan repayment in the order of repaying the principal of the equal-amount long-term loan and the principal of the short-term loan, calculate the principal repaid by the retained earnings in the current year, if it is greater than 0, jump to step 245; calculate the remaining value of the amount of retained earnings available for loan repayment, if it is greater than 0, jump to step 246; Step 245, calculate the remaining loan principal to be repaid after the retained earnings are repaid. If it is greater than 0, it is used to make up for the short-term loan SNL gap that is insufficient for the long-term loan, and jump to step 247; Step 246: Use the remaining value of the depreciation and amortization amount available for loan repayment, the remaining value of the VAT deduction amount available for loan repayment, and the remaining value of the retained earnings amount available for loan repayment to repay the principal of the long-term loan at the maximum repayment capacity, and jump to step 247; Step 247, calculate and update the accumulated surplus funds, calculate the interest on each loan and update the interest cost CIT in step 22, and roll over to the next year's principal and interest payment calculation until all types of long-term and short-term loans are repaid.

9. The power project financial evaluation calculation method according to claim 1, characterized in that: The step 25 comprises: Step 251, based on steps 21 to 24, respectively calculate the cash flow from operating activities FioOP, the cash flow from investing activities FioIV, and the cash flow from financing activities FioFC, and summarize them to obtain the net cash flow Fio of the financial plan; Step 252, calculate the project investment cash inflow PRJi and outflow PRJo to obtain the project investment cash flow PRJio, and use the trial algorithm to determine the project investment internal rate of return PIRR so that the discounted present value of the cash flow PRJio is 0; Step 253, calculate the capital cash inflow CPTi and outflow CPTo to obtain the capital cash flow CPTio, and use the trial algorithm to determine the capital internal rate of return CIRR so that the discounted present value of the cash flow CPTio is 0; Step 254, calculate current assets CAST, fixed assets FAST, and loss-making assets LAST, and summarize them to obtain the total assets AST of the power project; Step 255, calculate the current capital liabilities, long-term loan liabilities, and short-term loans to make up for the shortfall of long-term loans, and summarize them to obtain the total liabilities Debt of the power project; summarize the injected capital, state appropriations, accumulated surplus funds, and accumulated undistributed profits to obtain the total owner's equity Owner of the power project; Step 256: Determine whether the annual change of accumulated surplus funds SFAC is equal to the net cash flow Fio of the financial plan for the current year, and determine whether the total assets AST of the power project are equal to the total liabilities Debt of the power project plus the total owner's equity Owner of the power project. If both conditions are not met, repeat steps 21 to 25 until both conditions are met.

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