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四、财务评价结论four, financial evaluation conclusion（一）据计算，项目计算期年均利润总额为549.30千欧元，则项目投资财务内部收益率所得税前、所得税后分别为 和 ，项目投资财务净现值分别为 欧元（ic＝ ）和 欧元（ic＝ ），项目投资回收期1.5年（含建设期7个月）所得税前、所得税后分别为 年和 年。(a) according to calculation, project calculation **sue with an **erage annual total profit for 549300 euros, the project investment financial internal rate of return before income tax, income tax and respectively after, project investment finance net present value respectively for the euro (ic =) and the euro (ic =), project investment ** 1.5 years (including the construction period of seven months) before income tax, income tax respectively after years and years.资本金财务内部收益率为6.83%，总投资收益率为4.5%，项目资金净利润率为 。capital financial internal rate of return ** 6.83%, the total investment return of 4.5%, project fund net profit margin for.财务预测价格表明盈利能力 。financial projections show that prices profitability.（二）项目长期借款在完全自主运营的情况下，按最大能力还贷的条件（ 的折旧费和 的未分配利润用于还贷），借款偿还期覆盖率达到 （年度偿债覆盖率为 之间）。(2) project long-term loans in the fully autonomous operation, at maximum capacity of lousy conditions (of the depreciation cost and und**tributed profit loans), loan to cover will (annual debt service coverage between).（三）敏感性分析表明：项目的抗风险能力尚可，以下项目财务效益的三种因素（建设投资、营业收入和经营成本）在-15%～+15%的变化范围内，营业收入对财务效益影响最为敏感，其次为建设投资，经营成本影响较小。(3) the sensitivity analys** shows that the project the ability to res**t r**k ** compatible, the following project financial benefit of the three factors (construction investment, business revenue and operating cost) in 15% ~ + 15% within the scope changes, the income of the financial benefits of influence most sensitive, followed by construction investment, management cost less effect.因此，项目在实施过程中应严格控制投资，争取实现项目预期营业收入。therefore, in the process of project implementation shall be strictly controlled investment, strive for the realization of project expected business income.综上所述，项目如能实现预期的投入和产出，财务上市可行的，单必须加强经营管理，努力降低成本，以提高经济效益。to sum up, the project can achieve the desired such as the input and output, financial l**ted feasible, single must strengthen the operation and management, to reduce the cost, to increase economic efficiency.五、比较方案财务指标five, compare projects financial index据比较研究，在项目基准电价为0.117欧元/千瓦时、补贴电价为 欧元/千瓦时（运营期 半年内）的条件下，项目主要财务指标如下：according to the compar**on, the benchmark price in project 0.117 euros/kwh, subsidies for the euro price/kilowatt-hours (the operation period and a half years), under the condition of project main financial indexes are as follows:（一）项目计算期年均营业收入为7381.00千欧元、年均利润总额为549.30千欧元，则项目投资财务内部收益率所得税前、所得税后分别为 和 ，项目投资财务净现值分别为 欧元（ic＝ ）和 欧元（ic＝ ），项目投资回收期1.5年（含建设期7个月）所得税前、所得税后分别为 和 年。(a) project calculation **sue with an **erage annual operating income for 7.381 million euros, with an **erage annual total profit for 549300 euros, the project investment financial internal rate of return before income tax, income tax and respectively after, project investment finance net present value respectively for the euro (ic =) and the euro (ic =), project investment ** 1.5 years (including the construction period of seven months) before the income tax, the income tax and years respectively.资本金财务内部收益率为6.83%，总投资收益率为4.5%，项目资本金净利润率为 。capital financial internal rate of return ** 6.83%, the total investment return of 4.5%, net profit margin for capital projects.财务预测结果表明盈利能力 。financial forecast results show that profitability.（二）项目长期借款在完全自主运营的情况下，按最大能力还贷的条件（100%的折旧费和100%的未分配利润用于还贷），借款偿还期为 年（含建设期），计算期偿债覆盖率达到 ，还款期偿债覆盖率达到 （年度偿债覆盖率为 之间）。(2) project long-term loans in the fully autonomous operation, at maximum capacity of lousy conditions (100% of depreciation cost and 100% und**tributed profit loans), borrowing will h**e a year (including the construction period), calculation **sue debt service coverage rate, debt insults to cover (annual debt service coverage between).7.4 贷款保障措施7.4 loan guarantee measures本项目采用项目电费收入（至补贴电价获得的收入）、股权个股东保证的综合担保措施。the project adopt the project electricity income (to price subsidies for income), shares a comprehensive security measures to ensure that the shareholders.具体担保情况如下：specific guarantee as follows:1.质押1. the pledge（1）项目电费收入质押(1) project electricity income pledge根据意大利相关法律法规，可再生资源计划的合格运营商可向第三方受让人转让或质押其在项目的应收款，以担保项目融资的能力，前提是将接受全部应收款的权利作为整体转让并且只能有一名受让人。according to the relevant laws and regulations of italy, renewable resource planning of qualified operators can, to a third party or pledge the transferee in the project of receivables, to guarantee project financing ability, the prem**e ** will accept all the right transfer accounts receivable as a whole and only h**e a assigns.聚能（卢森堡）有限公司、借款人、聚能spv（意大利），【合作伙伴】同意将项目电费（至补贴电价收入）收入质押给**开发银行，用作项目的担保措施。fusion (luxembourg) co., ltd, the borrower, get together can spv (italy), the partners 】 to agree to the project electricity (to subsidies electricity price income) income to the state development bank pledged, used as a project guarantee measures.（2）股权(2) equity借款人、【合作伙伴】同意将其拥有的聚能spv（意大利）100%的股权质押给**开发银行，用作项目贷款的担保措施，按照意大利法律办理质押登记。the borrower, the partners 】 agreed to h**e them together to the spv (italy) the equity of 100% pledge to the state development bank, used as a project of loan assure measures, according to the italian law for the pledge reg**tration.同时未经国开行同意，不得将电站资产质押或抵押给其他方，不得在其上设置不利于融资方的现值条件。at the same time without countries agreed to sail, and shall not will power station pledged or mortgage assets to the other party, and shall not on it set against the present value of the rongzifang conditions.（3）最终控股股东担保(3) eventually controlling shareholders guarantee聚能spv（意大利）的最终控股股东****实业公司将为**开发银行的该笔贷款提供无限连带责任担保，即包括对借款本金、利息、违约金、赔偿金及借款方为实现债权的费用等在内的款项承担连带支付责任。can gather spv (italy) at the end of the controlling shareholders hong kong international industrial company will hengda state development bank, the loan provides unlimited joint liability assure, which including the loan principal, interest, liquidated damages and for the cost of the borrowers realize creditor's rights, shall bear joint liability to pay the money. 20210311