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Local Government Bond Announcement: Attachment 6+ 2020 Shenzhen (Nanshan District) Water Pollution Treatment Special Bonds (Phase 1)-2020 Shenzhen Government Special Bonds (Phase 11) Implementation Plan

Time: January 9, 2020 14:20:27 China Finance
Original Title: Announcement of Local Government Bonds: Attachment 6+ 2020 Shenzhen (Nanshan District) Water Pollution Treatment Special Bonds (Phase 1)-2020 Shenzhen Government Special Bonds (Phase 11) Implementation Plan
(GoldGrid: AddSeal)
2020 Shenzhen (Nanshan District) Special Bond for Water Pollution Treatment (Phase 1)-2020 Shenzhen Government Special Bond (11th Issue)
Implementation Plan Shenzhen Nanshan Finance Bureau December 2019

I. Introduction to Nanshan District, Shenzhen .............................. ........................................ .... 1 (I) Basic situation of Nanshan District, Shenzhen .............. ..................... 1 (II) Economy and Finance in Nanshan District situation................................................. ............ 2 (three) "13th Five-Year Plan" of Nanshan District ... ........................................ ....... 4
Basic information of the project ... ........................................ ....... 10 (I) Project Implementation Background ... ........................................ ..... 10 (II) Project Overview ... ........................................ .......... 12
Project Investment Estimation and Fund Raising Plan ... .................. 15 (I) Investment Estimation .............. ........................................ ... 15 (II) Construction Fund Raising Plan ... ........................................ ............. 19 (III) Balanced Construction Funding Plan ............ ........................................ ..... 19
Calculation of project expected benefits and costs ... ....................... 20 (I) Project Operation Mode ............. ........................................ ............ 20 (II) Expected benefits ............ ........................................ ..................................... 21 (III) Financial Expenses ........ ........................................ .................................... 19 (IV) Taxes and Fees ... ........................................ ........................................ .... 19 (Five) Accounting Statements ... ........................................ ......... 19
V. Cash flow simulation analysis ... ........................................ ......... 19 (I) Simulation Analysis of Project Cash Flows ...... ........................................ ...... 19 (II) Stress Test ............ ........................................ ........................................ ....... 20 (three) summary ......... ........................................ ....................... 20
Six, project risk reminder ............................ ........................................ ............ 21 (I) Risks and control measures affecting project construction progress or normal operation ... ............ 21 (II) Affected Projects Risks and Control Measures of Revenue .................. ..................................twenty two
Attached Table 1: Debt Repayment Schedule ............ ........................................ .............................twenty four
Attached Table 2: Income Statement ............................ ........................................ .................. 25
Schedule 3: Balance Sheet .............................. ........................................ ................. 26
Attached Table 4: Cash Flow Statement .............................. ........................................ ........... 28
Attached Table 5: Cash Flow Simulation Test Form ............ ........................................ ..29

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I. Introduction to Nanshan District, Shenzhen (I) Basic Situation of Nanshan District, Shenzhen
1. Geographic location Nanshan District, located in the midwest of Shenzhen. The administrative area starts from the Chegong Temple in the east and is adjacent to Futian District, to the west of Nantou Anle Village, Chiwei Village to Baoan District, to the north of Yangtai Mountain, to the border of Baoan District and Longhua District, to the south to Shekou Port, Da Chan Island and Neilingding Island The southeast borders Shenzhen Bay and Hong Kong Yuen Long, and the southwest borders the Pearl River Estuary with Macau and Zhuhai. It covers an area of 187.47 square kilometers and a coastline of 43.7 kilometers.

There are 3 subways in Nanshan District (Line 1, Line 2 and Line 11); Shennan Avenue, Binhai Avenue, Beihuan Road,
Pingnan Railway and Guangshen Expressway; the main roads planned in the inner area of Nanshan District are: Moon Bay Avenue, Nanshan Avenue-Zhongshanyuan Road, Industrial Avenue-Nanyou Avenue-
Qilin Road-Tongfa Road, Keyuan Avenue, Shahe West Road, Shahe East Road, Qiaocheng East Road, etc .;
From north to south are Liuxian Avenue, Chaguang Road-Longzhu Avenue, Beihuan Avenue, Shennan Avenue,
Binhai Avenue-Guimiao Road-Wanghai Road, Dongbin Road-Inner Ring Road, Xinghai Avenue, Nanshui Road-
Gangwan Avenue-Chiwan No. 2 Road, etc .; Shenzhen West Railway Station, an existing railway hub in the area, and a planned Xili hub with 11 stations and 22 rails in the future. After completion, it will become the largest railway hub in Shenzhen; with Shekou Port and Chiwan Port The western Shenzhen port group, which includes Mawan Port and Dongjiaotou Port, accounts for 52% of Shenzhen Port's throughput.

2. Development history
In January 1990, the State Council approved the establishment of Nanshan District to govern the former Nantou District and the snake

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District Administrative Area, Shenzhen, Shenzhen. In September 1990, Nanshan District was officially established.
Inherited to this day. It has jurisdiction over Xili, Taoyuan, Nantou, Nanshan, Shahe, Yuehai, China Merchants,
Shekou 8 streets, 100 community workstations.

3. District population In 2018, Nanshan District had a total resident population of 1,493,600, an increase of 69,000 over the end of the previous year, of which 921,600 were permanent residents; 572,100 were non-residents.

(II) Economic and financial conditions of Nanshan District The GDP of Nanshan District maintained a high and rapid growth as a whole, with a decrease in growth rate. The added value of the secondary industry was 166.4 billion (up 8.8%) and the added value of the tertiary industry was 2337.
Billion (up 6.4%).


3 In the first half of 2019, the tax revenue of Nanshan District reached 98.59 billion yuan, exceeding the forecast.
Cumulative tax and fee reductions totaled 16.3 billion, and the tax growth rate in the jurisdictions was higher than the GDP growth rate.

Fiscal budget revenue and expenditure have maintained rapid growth, and the 2019 forecast has doubled down to consider tax and fee reductions.


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Investment in fixed assets increased at a high level, and the growth rate dropped slightly from the previous three years.

The growth rate of per capita disposable income is lower than other statistics, corresponding to a total retail sales of 63.8 billion yuan, an increase of 7.4%, and the ability of residents to accumulate wealth has declined.

(3) Nanshan District's "13th Five-Year Plan" According to the Nanshan District's "13th Five-Year Plan", the strategic position of Nanshan District during the "Thirteenth Five-Year Plan" period is to be Shenzhen's main city center, with economic centers, technology centers, cultural centers and The center of the international communication center functions as the "four centers".


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Focusing on the strategic plan of creating a “dual center” in Shenzhen, relying on unique location advantages and a good development foundation, we will advance the construction of the central urban area of Nanshan District to a high standard, build the main center of Nanshan Qianhai-Houhai City, and form an economic center with world influence. , Science and technology center, cultural center, and international communication center, have become Shenzhen's important carrier to implement the "three positioning, two first" goal, and build a modern, international and innovative city.

1. The economic center consolidates the status of the economic center, and strives to enhance the regional radiation-driven ability. Taking advantage of the existing economic and industrial advantages, actively introducing high-quality enterprises at home and abroad, expanding the headquarters economy, strengthening high-tech industries, making strategic emerging industries, and deploying future industries,
Enhance advanced manufacturing, vigorously develop modern service industries, and promote the industry to high-end development.

Promote the development of urban differentiation and agglomeration, promote the strategic adjustment of spatial layout and the optimal allocation of functions. The former Hai area, Shekou area, Shenzhen Bay Super Headquarters Base,
Houhai Financial Business Headquarters Economic Zone, Liuxiandong Strategic Emerging Industry Headquarters Base, Shenzhen High-tech Zone North District and other areas are focused on, focusing on strengthening and strengthening brand functional zones with core competitiveness, adhere to high-standard planning, high-quality construction Cultivate multinational group headquarters clusters, financial industry clusters, and information industry clusters to form high-end industrial,
An economic center with intensive land use, complete supporting facilities, first-class environment and international influence.

2. The science and technology center consolidates the status of a strong innovation zone and accelerates the construction of the core area of the national independent innovation demonstration zone.

Firmly establish the concept of "grasp innovation is to grasp development, seek innovation is to seek future", in-depth implementation of innovation-driven development strategy, focus on regional scientific and technological resource advantages , and further enhance

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Enterprise innovation capabilities, build a more influential comprehensive innovation ecosystem, and strive to integrate into the global innovation network. Promote comprehensive innovation centered on scientific and technological innovation, strengthen open innovation and source innovation, encourage collaborative innovation of industry, university, and research institutes, and promote core technological breakthroughs; enhance the construction of innovation carriers, adhere to the implementation of a large incubator strategy, and promote the accumulation of high-end innovation resources;
Promote the construction of key areas and create new high places for scientific and technological innovation; further strengthen and optimize high-tech industries and strategic emerging industries, and promote the cluster development of innovative enterprises; encourage the masses to start innovation and optimize the environment for talent development, gather global innovative talents, and build innovation Talent gathering heights. Strive to achieve breakthroughs in the construction of the core area of the National Independent Innovation Demonstration Zone by 2020, and a number of innovative companies with international first-class standards have emerged. With new generation information technology, new energy , new materials, aerospace, biomedicine, The emerging industry field represented by intelligent manufacturing has reached the international level, and has become a national highland for scientific and technological innovation, and its innovation strength is at the forefront of developed cities or regions in the world.

3. The cultural center promotes the development level of regional culture and education, and strives to build the Shenzhen culture and education brand.

Seize the favorable opportunity of the municipal party committee and government to further implement the strategy of establishing a city with culture and strengthening the city with education.
Achieve leapfrog development of culture and education. Accelerate the integrated development of culture, science and technology, and tourism, and promote the development of cultural and creative industries; strengthen the construction of public culture and enhance cultural quality,
Promote the selection of cultural facilities such as Shenzhen Opera House in Nanshan;
Promote the construction of the international cruise home port of Prince Bay, promote the transformation and upgrading of major cultural and tourist attractions such as the OCT Creative Tourism Zone; accelerate the development of brand culture, realize the complementarity of the traditional culture of Lingnan and the innovative culture of immigrants, and further highlight the personality and charm of Nanshan District culture;

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Constantly stimulate the vitality of cultural innovation, promote cultural communication and exchange, and enhance the cultural influence and radiation of Nanshan District. Comprehensively deepen the comprehensive education reform, build a dynamic education governance system, expand high-quality education resources, improve the quality of basic education, enhance the comprehensive competitiveness of education, and support high-level development such as Shenzhen University, Southern University of Science and Technology, Shenzhen Vocational and Technical College.

4. The International Communication Center accelerates the internationalization process and strives to make Nanshan an important window for Shenzhen's internationalized city. Actively integrated into the " Belt and Road " strategy and construction of the Qianhai Shekou Free Trade Zone,
Build a national financial industry experimental opening window, an important base for world trade in services, and an international hub port. Leverage the Bay Area economy to lead innovation, gather resources, cluster industries,
Radiation-driven and other functions, make good use of domestic and foreign "two markets", support leading enterprises represented by China Merchants, Overseas Chinese Town, China Resources, and ZTE , and attract more Fortune 500 and multinational companies to develop in Nanshan. A new pattern of open development with complementary industries and elements at home and abroad has been formed. Support the holding of influential international events and cultural events such as the Global Wealth Forum and the “Belt and Road” International Music Festival, International Design Week, and Shekou Prince Edward Bay International Cruise Home Port Tourism Festival. Introduce high-end service resources such as international schools and international hospitals, build international model neighborhoods, promote community governance of public investment streets and explore internationalization of public services, and create a cross-sectoral, comprehensive and socialized international exchange and foreign service platform. Establish a global vision, benchmark international advanced facilities, build international service logos and other facilities, accelerate the construction of internationalized urban areas, create a living and business environment in line with the world trend, and comprehensively improve Nanshan's international influence and competitiveness.

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Create an international exchange center.

5. "13th Five-Year Plan" Development Goals By 2020, the region will make significant progress in deepening reforms and driving innovation. The development quality of high-tech industries, strategic emerging industries, and modern service industries will be greatly improved. The layout has been optimized, the functions of the central city have been rapidly improved, new achievements have been made in the construction of a harmonious society and ecological civilization, public services have been improved, and people's livelihood has been happier. basis.

——The economy has maintained steady and rapid development. Realizing a GDP of 550 billion yuan,
The average annual growth rate is about 8%, and the per capita GDP reaches 330,000 yuan; the market is prosperous and stable,
Total retail sales of consumer goods reached 98.5 billion yuan;
110 billion yuan, with a cumulative investment of 450 billion yuan in five years; total imports and exports reached 455
100 million US dollars; tax revenue in the jurisdiction reaches 110 billion yuan; public financial budget revenue reaches 200
100 million yuan.

-The ability to innovate has been significantly enhanced. The contribution of scientific and technological progress to economic growth has increased significantly. The whole society's R & D investment accounted for 6.1% of GDP. The company's independent innovation capability has continued to increase, with 310 invention patents per 10,000 people. , 1,000 national, provincial, municipal, and district scientific and technological innovation platforms have been built, the technological innovation development environment has been increasingly optimized, and the collaborative innovation of industry, university, and research has made great progress.

——The industrial structure is more optimized. Optimized development of high-tech industries and advanced manufacturing

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Development, the development of strategic emerging industries and future industries, and the rapid development of modern service industries,
The headquarters economy has developed across leaps and bounds, and strategic emerging industries ’added value accounts for 65% of GDP.
The proportion of the added value of the tertiary industry increased to 54%.

— The ecological environment has improved significantly. The concept of green civilization and green consumption is popular.
The energy consumption per 10,000 yuan of GDP completed the task assigned by the municipal government, and the water consumption dropped by 15%. Strengthening ecological environmental protection, environmental pollution has been effectively controlled, the construction of ecologically livable urban areas has been steadily progressed, the proportion of days with good air quality is ≥92%, and the centralized treatment rate of urban sewage has reached 95%
Above, the harmless treatment rate of domestic garbage has reached 100%, and the green coverage rate of built-up areas has reached 47%.

——The urban infrastructure is further improved. Improve the comprehensive traffic conditions, support the development of public transportation, speed up the construction of the West Extension of Line 9 and the South Extension of Line 5, and advance the planning and construction processes of Lines 12, 13, and 15. Improve the network of urban expressways, major and minor roads, and branch roads to optimize traffic microcirculation. Strengthen the construction of municipal pipeline networks and facilities, plan and construct urban underground comprehensive corridors, and solve the problem of waterlogging in urban areas.

-Coordinated development of social undertakings. Deepen the comprehensive reform of education and promote the innovative, high-quality and balanced development of education; improve the basic medical and health service system, the number of doctors per thousand has reached 2.8, and the number of hospital beds per thousand has reached 4.3; create a number of branded and demonstrative cultural products, and the per capita public The area of cultural facilities is 0.27㎡; the sports industry is actively developed, and the per capita public sports stadium area reaches 1.8㎡.

——The happiness of people's livelihood has obviously improved. The level of social order and comprehensive governance has been further improved, and food and drug safety and public health safety have been further enhanced; social medical insurance

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Fully popularized, more perfect employment policies, per capita disposable income of more than 81,000 yuan, the registered unemployment rate of urban residents is controlled within 3%. Community services continue to strengthen,
Material civilization, spiritual civilization, and ecological civilization have made comprehensive progress, and remarkable results have been achieved in building a harmonious society.

Looking forward to 2025, the GDP is expected to exceed 750 billion yuan, the per capita GDP will exceed 420,000 yuan, and the core zone construction of the National Independent Innovation Demonstration Zone will achieve significant results. The independent innovation capabilities of core technologies in certain areas will reach world advanced levels, and the industry will be transformed and upgraded. With success, great achievements have been made in the construction of ecological civilization, the level of social governance and public services has been greatly improved, and people's livelihood has become happier. An international and innovative coastal central city district that is suitable for livability and business has been basically built.

2. Basic information of the project (I) Project implementation background
1. Policy background According to the "State Council's Notice on Printing and Distributing Action Plan for Water Pollution Prevention and Control" (Guo Fa [2015] No. 17) and the "Shenzhen Implementation of the State Council's Action Plan for Water Pollution Prevention and Implementation of Water Pollution and Quality Improvement Action Plan" (Shenfu [2015] No. 45), by the end of 2020, the country ’s water environment quality has been gradually improved, severely polluted water bodies have been greatly reduced, the environmental quality of coastal waters has stabilized and is getting better, the status of the water ecological environment in the Pearl River Delta has improved, and the coastal waters have improved. The proportion of excellent water quality (class I and II) is about 70%.

"Shenzhen Water Treatment and Quality Improvement Work Plan (2015 ~ 2020)" emphasizes that water environment construction is an important part of ecological civilization construction, and is a modern international innovation

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Indispensable foundation support for large cities. This project follows the principles of
The overall planning thinking of “Sewage reuse, ecological water supply”, and the “water improvement and quality improvement” work in Nanshan District should be done well, so that the environment for citizens' lives is fundamentally improved, thereby achieving a win-win situation for water environment and economic development.

2. The background of the project is to further promote the construction of ecological civilization, fully implement the "State Council's Notice on Printing and Distributing Action Plans for Water Pollution Prevention and Control" (Guo Fa [2015] No. 17), and take an unconventional measure to fight a tough battle to improve water quality and continue to improve. The city's water environment support capacity, combined with the actual situation in Shenzhen, Shenzhen issued the "Notice of the Shenzhen Municipal People's Government on Printing and Distributing the Action Plan for the Implementation of the Water Pollution Prevention and Control Action Plan of the State Council for the Implementation of Water Pollution Control and Quality Improvement" (Shenfu [2015] No. 45). The action plan calls for the full implementation of the spirit of the 18th CPC National Congress, the 3rd and 4th Plenary Sessions of the 18th CPC Central Committee, and the State Council ’s action plan for water pollution prevention and control. Guidance, focusing on improving the quality of the water environment, insisting on combining emergency and distance, combining construction and management, combining quality and efficiency, combining unified command and division of labor, combining water quality improvement with flood prevention and drainage, urban linkage , River basin co-ordination, tackling the symptoms, and key breakthroughs,
Win a comprehensive battle against water and quality, and provide high-quality water environmental protection for the construction of a modern, international and innovative city.

According to the specific task arrangement of "water treatment and quality improvement", a series of measures are required to strengthen the prevention and control of pollution of drinking water sources.

(1) To eliminate pollution sources in water source protection areas, non-point source pollution control is required.

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Measures will be taken to further ensure the safety of drinking water sources. In 2020, the control of non-point source pollution in 12 reservoirs including Xili Reservoir will be completed. Ban and rectify sewage outlets in drinking water source protection areas and drinking water source function reservoir rain collection areas in accordance with law, and achieve relevant areas to reach sewage
100% collected. Prioritize rainwater and sewage diversion work in drinking water source protection areas and drinking water source function rainwater collection areas, and establish and implement a management mechanism for rain and sewage pipe networks in the region. Eliminate the phenomenon of sewage overflow, and complete the diversion and treatment of rain and sewage in the Chi'ao Reservoir, Xikeng Reservoir, and Xili Reservoir areas by 2017, and establish a sustainable and effective management mechanism.

(2) To strengthen the comprehensive pollution control of the inflow tributaries into the reservoir, 34 comprehensive inflow tributaries including the Baimang River, the Majing River, and the Datuo River are required to be comprehensively treated, including rainwater diversion in built-up areas in the basin, and enhanced interception along the river along the tributaries. Sewage interception and transfer, estuary ecological constitution,
Engineering measures such as division of rain and flood. In 2020, the Shenzhen Reservoir, Tiegang Reservoir,
Comprehensive treatment of the tributaries of the reservoirs such as Xili Reservoir and Shiyan Reservoir.

This project contains 4 sub-projects, which will help to build Nanshan District into a beautiful and healthy civilized and sanitary area with economic prosperity and convenient living. It will be of great significance to the water environment treatment and water quality improvement work in Nanshan District and even in Shenzhen. The 4 items are:
1) .Integrated water environment management project in Baimang River Basin
2) .Integrated water environment treatment project in Datuo River Basin
3). Comprehensive Rehabilitation Project (Phase II) Project in the Middle and Lower Reaches of the Dasha River
4). The comprehensive management project of Mohe River Basin (II) Project Overview

131. Integrated Water Environment Treatment Project in Baimang River Basin
.Construction site project is located in Xili Street, Nanshan District, Shenzhen
.Construction content The project content mainly includes the open channel part, the tunnel part, the electrical engineering, the pipeline remodeling project, the soil and water conservation project, and the traffic relief.

Part 1: New drainage ditch (Lishui River) along the west side of Shahe West Road, connecting the Baimang River, implementing drainage diversion to the upper section of the Baimang River and connecting to the new open channel; building a new drainage tunnel, connecting the new open ditch upstream and converging into the Dasha River Part II: The new flood control standards for open canals and tunnels should be designed to ensure that the overflowing rainwater meets the water quality requirements of the water source protection zone.

2. Comprehensive Water Environment Improvement Project in Dalong River Basin
.Construction site The project is located upstream of Xili Reservoir
.Contents of construction of the Datuo River Basin water environment comprehensive treatment project (water quality assurance part) Project construction content Flood intercepting ditch, open channel project, pipe jacking and pipe jacking well engineering, box culvert engineering,
Supporting works, subway line 7 reinforcement, construction organization and supporting pipeline relocation and protection works, traffic deconstruction works, soil and water conservation works.

Part 1: New open channel along Qinyuan Road to intercept rainwater in the area, and arrange rainwater transfer tunnels to the south along Qinyuan Road to divert the catchment area (including the south side of Datuo Village and Qilin Mountain)

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Part of the west of Zhuang Sanatorium and Qinyuan Road and Xilihu Resort area) rainwater is intercepted and transferred to the Dasha River; Part II: New flood control standards for open canals and rainwater transfer tunnels should be designed so that the overflowing rainwater overflows into the reservoir and meets the water source protection area. Water quality requirements.

3. Comprehensive Rehabilitation Project for the Middle and Lower Reaches of the Dasha River (Phase II) Project
.Construction site This project is located in the middle and lower reaches of the Dasha River
.Construction Contents The project plans to construct four storage tanks 1 #, 2 #, 4 #, and 5 # in the middle and lower reaches of the Dasha River. The No. 1 storage tank covers an area of about 6,300 square meters and adopts an underground structure with an effective volume of 23,000 cubic meters. It enters water through the Dasha River interceptor culvert; the No. 2 storage tank covers an area of about 10,000 square meters and uses an underground structure. , The effective volume of 40,000 cubic meters, through the Dasha River interception box culvert water; 4 # storage tank covers an area of about 7,200 square meters, using underground structure, effective volume of 35,000 cubic meters, respectively through the interceptor box culvert and the new DN1200 The gravity pipe enters the water; the 5 # storage tank covers an area of about 5,000 square meters, adopts an underground structure, and has an effective volume of 14,000 cubic meters. A new river-crossing pipe connects the initial (small) rain in the right bank sink area to the left bank storage tank. .

4. Comprehensive management project of the Majing River Basin
.Construction Site This project is located in the upper reaches of Xili Reservoir in Nanshan District.
.Construction content The scope of the river channel treatment is from the Maji Water Quality Purification Plant to the Maji Mountain Pond.

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The main stream river is about 3.27 kilometers long, and the left and second tributaries are about 1.51 kilometers long. The main construction contents include: river flood control, water quality improvement, bank slope greening, electrical, pipeline relocation, soil and water conservation, environmental protection, and traffic deconstruction and other projects.

3. Project Investment Estimation and Fund Raising Plan (I) Investment Estimation
1. Basis for the preparation of the fund plan (1) Relevant national laws, regulations, policy documents and regulatory documents:
. "Circular of the State Council on Printing and Distributing Action Plans for Water Pollution Prevention and Control" (Guo Fa [2015]
number 17);
. "Notice of the Guangdong Provincial People's Government on Printing and Distributing the Implementation Plan of the Guangdong Province Water Pollution Prevention Action Plan" (Yuefu [2015] No. 131);
. "Shenzhen Implementation of the State Council's Action Plan for Water Pollution Prevention and Control and Implementation of the Action Plan to Improve Water Quality" (Shenfu [2015] No. 45);
. Other national laws, regulations, policy documents and regulatory documents.

(2) Relevant regulations and policy documents of Guangdong Province and Shenzhen City:
. "Shenzhen Water Treatment and Quality Improvement Work Plan (2015 ~ 2020)";
"Thirteenth Five-Year Plan" for Shenzhen Water Development;
"Shenzhen Sponge City Construction Special Planning and Implementation Plan";
Notice of the General Office of Shenzhen Municipal People's Government on the Interim Measures to Strengthen and Improve the Implementation of Urban Renewal (Shenfu Office [2016] No. 38);
. Other relevant regulations and policy documents of Shenzhen.


16 (3) Relevant information provided by the entrusting unit:
. "Shenzhen Water Affairs Bureau's Comprehensive Water Environment Improvement Project in the Baimang River Basin (Water Quality Guarantee Section)
Opinions on Technical Review of Feasibility Study Report (Sham Shui Ji [2019] No. 57) (Shenzhen Water Affairs Bureau January 2019)
. "Reply of Nanshan Development and Reform Bureau on the Feasibility Study Report of the Comprehensive Control Project of the Middle and Lower Reaches of the Dasha River (Phase II) Project" (Shennan Development Reform Approval [2019]
No. 123)
. "Reply from Nanshan Development and Reform Bureau on the Estimates of the Baimang River Basin Water Environment Comprehensive Management Project" (Shennan Development and Reform [2016] No. 116)
. "Reply from the Nanshan Development and Reform Bureau on the Estimates of the Comprehensive Water Environment Improvement Project in the Datuo River Basin" (Shennan Development and Reform [2016] No. 115)
. "Reply of Nanshan Development and Reform Bureau on the Estimates of the Comprehensive Management Project of the Majing River Basin" (Shennan Development and Reform Approval [2016] No. 114)
2. The total investment of the project According to the approval documents and other relevant materials of the subprojects, the total cost of development and construction of this project is RMB 3.344 billion, and the estimated table is as follows:
Table 1 Estimated total cost of project development and construction Unit: RMB 10,000 No. Project name Investment amount
1 Engineering costs 284,958 2 Other construction costs 31,158 3 Reserve costs 15,80 64 Construction costs 2,486
No. Project Name Investment Amount
1 Engineering costs 284,958 2 Other construction costs 31,158 3 Reserve costs 15,80 64 Construction costs 2,486

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Total 334,408
Note: The total investment of the aforesaid project comes from the project status document, and the interest during construction and bond issuance costs have not been considered for the time being.

As the project intends to use project-specific bond issuance for financing, the project capital will be adjusted accordingly according to the needs of bond issuance and financing. The project capital is 3.15792 billion yuan, accounting for 94.04% of the total investment. Funds raised by bonds.

Combined with the construction capital requirements, in order to guarantee the capital requirements during the project construction period, the project needs to raise a total of 200 million yuan through the issuance of special bonds. It is planned to apply for special bonds with a seven-year special bond of 20,000 million in 2020. The average of five-day 7-year Treasury yields has risen by 25 basis points.
That is, the calculation is performed at 3.41%. After recalculation, the investment of this project was adjusted to 335,792
Ten thousand yuan, as shown in the following table:
Table 2 Estimated total investment of the project Unit: RMB 10,000 Yuan Number Type Type Total (10,000 Yuan)
1 Engineering costs 284,958 2 Other construction costs 31,158 3 Reserve costs 15,80 64 Agency costs 2,4865 Bond issuance costs 226 Construction period interest 1,3627 Repayment of principal and interest service fee 0.07
Total construction investment
Note 1: The bond issuance fee includes the issuance fee and the issuance registration service fee, which are temporarily calculated based on one-thousandth and one-thousandth of the amount of the issued bond; in addition, the principal and interest service fee is 100,000 Five percent
Note 2: The interest during the construction period in 2020 is temporarily measured at the interest rate of 3.41%, and the interest rate for subsequent construction periods is calculated based on the actual issue interest rate.

Total 334,408
Note: The total investment of the aforesaid project comes from the project status document, and the interest during construction and bond issuance costs have not been considered for the time being.

As the project intends to use project-specific bond issuance for financing, the project capital will be adjusted accordingly according to the needs of bond issuance and financing. The project capital is 3.15792 billion yuan, accounting for 94.04% of the total investment. Other funds come from the issuance of special projects. Funds raised by bonds.

Combined with the construction capital requirements, in order to guarantee the capital requirements during the construction of the project, the project needs to raise a total of 200 million yuan through the issuance of special bonds. It is planned to apply for special bonds with a seven-year special bond of 20,000 million in 2020. The average of five-day 7-year Treasury yields has risen by 25 basis points.
That is, the calculation is performed at 3.41%. After recalculation, the investment of this project was adjusted to 335,792
Ten thousand yuan, as shown in the following table:
Table 2 Estimated total investment of the project Unit: RMB 10,000 Yuan Number Type Type Total (10,000 Yuan)
1 Engineering costs 284,958 2 Other construction costs 31,158 3 Reserve costs 15,80 64 Agency costs 2,4865 Bond issuance costs 226 Construction period interest 1,3627 Repayment of principal and interest service fee 0.07
Total construction investment
Note 1: The bond issuance fee includes the issuance fee and the issuance registration service fee, which are temporarily calculated based on one-thousandth and one-thousandth of the amount of the issued bond; in addition, the principal and interest service fee is 100,000 Five percent
Note 2: The interest during the construction period in 2020 is temporarily measured at the interest rate of 3.41%, and the interest rate for subsequent construction periods is calculated based on the actual issue interest rate.


Unit: RMB 10,000

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According to the project situation documents and the project sub-investment plan, the investment plan for this project is as follows:
Table 3 Sub-project investment plan, project estimate, Baimang River water environment comprehensive management project (water quality guarantee part)
Comprehensive Water Environment Improvement Project in Dalong River Basin (Water Quality Guarantee Section)
Note: The above-mentioned total investment data of the project is derived from the project situation documents, and the interest during construction and bond issuance costs have not been considered for the time being.

3. Use plan of funds during the construction period The construction period of the project is from 2018 to 2022. The plan for the use of funds for each year is as follows:
Table 4 Investment arrangements during construction period Total I. Engineering costs 111,65266,39476,79430,118284,958
Other construction costs 13,6126,0968,3843,06631,158
3. Reserve costs 6,2633,6244,2591,65915,806
Fourth, construction costs-2,486-2,486
Estimated Total 131,52876,11491,92334,843334,408
Year 2018 and before 2019202020212022 Total Investment Arrangement White Mang River Basin Water Environment Comprehensive Management Project 19,03118,44520,00040,000 34,051131,528
Comprehensive Water Environment Improvement Project in the Dajing River Basin 12,6556,79420,00025,00011,66576,114
Comprehensive Treatment Project (Phase II) in the Middle and Lower Reaches of the Dasha River-9,99125,00050,000 6,93291,923
Comprehensive treatment project of Moying River Basin 7,1582,99813,90010,00078734,843
Total 38,84338,22978,900125,00053,435334,408
Unit: RMB 10,000


19 (II) Construction Fund Raising Scheme Construction funds are derived from project capital and funds raised through the issuance of special bonds. The self-raised funds of the project are 94.04% of the estimated investment, totaling about 315,792
Ten thousand yuan will be raised through fiscal funds or special bonds issued in subsequent years, and will be in place in accordance with the annual construction fund requirements.

Combining construction funding requirements and self-funded funds arrival time nodes, in order to ensure funding requirements during project construction, the project needs to raise a total of 200 million yuan through the issuance of special bonds. It is planned to apply for special bonds with a seven-year special bond of 20,000 million in 2020. Bond interest rates refer to the first five days of the measurement date of this report 7
The average value of the one-year Treasury bond yields rises by 25 basis points, or 3.41%
Make calculations.

The special bonds for this project will be arranged in accordance with the annual cash flow balance of the project, according to the actual repayment ability to arrange early repayment terms, reduce interest costs, and improve the efficiency of fund use.

The special bond issuance plan is shown in the following table:
Table 5 Bond Issuance Schedule Issuance Time (10,000 yuan) Issuance Period
The 20,000 and 207-year period of 2020 (3) Balance plan for construction funds The funding and use of each year during the construction period of this project are shown in the table below:
Issue time Issuance quota (10,000 yuan) Issuance period
The 20,000 and 207-year period of 2020 (3) Balance plan for construction funds The funding and use of each year during the construction period of this project are shown in the table below:

20
Table 6 Fund balance sheet during the construction period Unit: RMB 10,000 Yuan 20182019202020212022 Total fund balance sheet during the construction period Self-raised funds 38,84338,22958,922125,68154,117315,792
Bond issuance-20,000--20,000
Add: Fund balance of last year ------
Total 38,84338,22978,922125,68154,117335,792
Total use of construction funds 38,84338,22978,922125,68154,117335,792
remaining amount------
(Financing-use of funds)
4. Estimated Project Benefits and Costs (I) Project Operation Mode In the "Water Pollution Control" project, Shenzhen Nanshan Water Affairs Bureau will be used as the main body to implement the project.

This project actively responds to the national and Shenzhen's call for giving priority to the development of ecological civilization. Through comprehensive renovation and transformation of drainage and pipeline systems in the project area, it will clean up all aspects of the pipeline network and greatly improve the overall ecological environment in Nanshan District.
Improving water quality, improving the quality of living space, improving the quality of life of residents, and enhancing the attractiveness of investment and talent introduction in Nanshan District are important projects for ecological civilization construction in Nanshan District.

According to the government's planning basis and combined with the project's positioning, considering the environmental and economic benefits after the project's transformation, during the project's duration, the government will arrange the income of the urban renewal land in the area under Nanshan District as the principal and interest of the project. Self-financing funds raised during the construction balance sheet 38,84338,22958,922125,68154,117315,792
Bond issuance-20,000--20,000
加:上年资金余额------
合计38,84338,22978,922125,68154,117335,792
资金使用建设资金使用金额合计38,84338,22978,922125,68154,117335,792
资金余额------
(资金筹措—资金使用)
四、项目预期收益与成本费用测算(一)项目运作模式本次“水污染治理”项目中,将以深圳市南山区水务局作为实施主体,负责项目的具体实施。

本项目积极响应国家和深圳市优先发展生态文明建设的号召,通过对项目片区内排水、管道系统等进行全面整治改造,对管网全方面清污,大幅度改善南山区整体生态环境,
提升水质,改善生活空间品质,提高居民生活质量,并提升南山区的招商引资和人才引进吸引力,是南山区生态文明建设的重要项目。

按照政府的规划依据并结合项目定位,从项目改造后的环境效益及经济效益考虑,在项目存续期内,政府将安排南山区辖区内城市更新土地的收入作为本项目的还本付息来

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源。

(二)预期收益本项目紧跟文明城市建设和水环境治理的步伐,通过正本清源、消除黑臭水体、水环境整治、水质提升等手段,有效减轻南山区的水污染问题,将大幅度提高南山区水环境质量,改善市容市貌,为打造南山区新面貌、新价值贡献力量。

本项目的完成,通过改善南山区水环境,进而改善区域居住与投资环境,有利于引导更多企业参与到南山区的生态文明建设中,从而促进相应片区土地溢价和土地出让需求,
对南山区未来的土地价值提升产生较大的积极影响,大幅度提升南山区的商业价值。

本项目逐年分批完工,预计完工后对南山区整体投资价值将带来较大积极影响,为保障本项目还本付息,拟在还本付息年份内,安排南山辖区内对应城市更新土地的收入作为债券还本付息的主要来源。

依照深圳市南山区城市更新和土地整备局提供的相关数据,本次将安排沙河街道、南山街道和南头街道的城市更新土地的收入用于偿还本次专项债本息。

南山区将按照未来南山区项目相关片区城市更新用地出让收入预估情况,安排南山辖区街道的城市更新用地出让收入来作为本项目专项债城市更新部分还本付息来源。

结合城市更新局提供的2023-2026年城市更新用地出让

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收入计划预估表,对应的债券偿还期各街道的城市更新用地出让收入计划如下:
表7运营期城市更新用地出让收入预估表单位:人民币万元项目2023202420252026合计沙河街道4,0004,0004,0004,00016,000
南山街道4,0004,0004,0004,00016,000
南头街道4,0004,0004,0004,00016,000
预估收入合计12,00012,00012,00012,00048,000
同时,根据《关于印发深圳市第五轮市区财政体制实施方案的通知》深府〔2017〕7号的规定,对于城市更新用地出让收入,由深圳市本级与南山区按40:60比例分成。综上,
本项目可用于还本付息的城市更新用地出让收入如下表所示:
项目2023202420252026合计沙河街道4,0004,0004,0004,00016,000
南山街道4,0004,0004,0004,00016,000
南头街道4,0004,0004,0004,00016,000
预估收入合计12,00012,00012,00012,00048,000
同时,根据《关于印发深圳市第五轮市区财政体制实施方案的通知》深府〔2017〕7号的规定,对于城市更新用地出让收入,由深圳市本级与南山区按40:60比例分成。综上,
本项目可用于还本付息的城市更新用地出让收入如下表所示:

表8运营期城市更新部分还本付息收益情况表单位:人民币万元项目2023年2024年2025年2026年合计城市更新用地出让收入12,00012,00012,00012,00048,000
南山区分成比例60%60%60%60%
可用于还本付息的收入(万元)7,2007,2007,2007,20028,800
尽管上述对于债券存续期内的国有土地使用权出让收入和城市更新用地出让收入预测遵循了谨慎性原则进行保守推测,但是由于实际出让价格、出让进度等受宏观经济及土地市场影响较大,我们对土地出让收入的实现比例进行了敏感性分析。详情请见第四章。

项目2023年2024年2025年2026年合计城市更新用地出让收入12,00012,00012,00012,00048,000
南山区分成比例60%60%60%60%
可用于还本付息的收入(万元)7,2007,2007,2007,20028,800
尽管上述对于债券存续期内的国有土地使用权出让收入和城市更新用地出让收入预测遵循了谨慎性原则进行保守推测,但是由于实际出让价格、出让进度等受宏观经济及土地市场影响较大,我们对土地出让收入的实现比例进行了敏感性分析。详情请见第四章。


19(三)财务费用本项目财务费用包括债券还本付息以及还本付息服务费,还本付息情况表见附表1。

本项目部分融资采用发行项目专项债券的方式进行筹集,2020年发债部分利率参考2019年12月20日的前五日
7年期国债收益率的平均值,上浮25个基本点,即按3.41%
预计;债券发行费用包括发行费用和发行登记服务费,分别暂按发行债券金额的千分之一和万分之一进行测算;债券存续期内每年还本付息时需交纳还本付息服务费,为每年还本付息金额的十万分之五。

(四)税费本项目所需资金由南山区财政统筹,建成后为区属综合医院。该医院实行收支两条线管理,暂不考虑各类税费。

(五)会计报表基于上述各项分析测算,编制该项目的模拟会计报表,
包括如下内容:
(1)利润表,详见附表2;
(2)资产负债表,详见附表3;
(3)现金流量表,详见附表4。

(4)现金流模拟测试表,详见附表5。

五、现金流模拟分析(一)项目现金流模拟分析

20
本项目债券存续期间的现金流状况进行模拟分析,详见附表5。

(二)压力测试考虑当国有土地使用权出让收入、债券利率等因素变动对专项债券本息资金覆盖率的影响,分析结果见下表:
表9单因素变动压力测试资金覆盖率压力测试(单因素敏感性分析)
20%15%10%5%0%5%10%15%20%
运营收入变动情况敏感性分析债券本金资金覆盖率1.051.121.191.271.341.411.481.551.63
债券本息资金覆盖率1.041.101.171.231.291.351.411.471.53
债券利率变动情况敏感性分析利率(债券本金资金覆盖率)1.361.351.351.341.341.331.331.321.32
利率(债券本息资金覆盖率)1.321.311.301.301.291.281.281.271.26
基于上表,运营收入的变动是影响本项目资金平衡的敏感因素,当整个项目的运营收入下降20%的情况下,债券本息资金覆盖率为1.04,能通过压力测试。当债券实际发行利率上浮20%,为4.09%时,债券本息资金覆盖率为1.26,项目收益仍然可以覆盖债券还本付息,因而项目具备一定的抗风险能力。

(三)小结通过测算,项目对于土地相关收益进行保守估计,根据资金平衡测算分析,本项目预计债券本金资金覆盖率可达到
1.34倍,债券本息资金覆盖率可达到1.29倍。

另外,在对运营收入和债券利率变动进行压力测试后,
资金覆盖率压力测试(单因素敏感性分析)
20%15%10%5%0%5%10%15%20%
运营收入变动情况敏感性分析债券本金资金覆盖率1.051.121.191.271.341.411.481.551.63
债券本息资金覆盖率1.041.101.171.231.291.351.411.471.53
债券利率变动情况敏感性分析利率(债券本金资金覆盖率)1.361.351.351.341.341.331.331.321.32
利率(债券本息资金覆盖率)1.321.311.301.301.291.281.281.271.26
基于上表,运营收入的变动是影响本项目资金平衡的敏感因素,当整个项目的运营收入下降20%的情况下,债券本息资金覆盖率为1.04,能通过压力测试。当债券实际发行利率上浮20%,为4.09%时,债券本息资金覆盖率为1.26,项目收益仍然可以覆盖债券还本付息,因而项目具备一定的抗风险能力。

(三)小结通过测算,项目对于土地相关收益进行保守估计,根据资金平衡测算分析,本项目预计债券本金资金覆盖率可达到
1.34倍,债券本息资金覆盖率可达到1.29倍。

另外,在对运营收入和债券利率变动进行压力测试后,

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结果显示,本项目在运营收入下降20%或债券利率上升20%
时,项目收益仍能覆盖债券的还本付息,项目具备一定的抗风险能力。

总体而言,本项目通过发行专项债可实现较低成本融资,
是现阶段解决本项目融资资金问题的推荐方案。

六、项目风险提示(一)影响项目施工进度或正常运营的风险及控制措施
1.工期拖延项目工期的因素非常多,如勘测资料的详细程度、
设计方案的稳定性、项目业主的组织管理水平、资金到位情况、承建商的施工技术及管理水平等等。项目建设每年的利息额较大,如果工期拖延,工程投资将增加,并且工期拖延影响项目的债券资金支出进度
2.工程事故工程事故是在施工阶段一些难以预测的地质情况或施工不当、管理不善引起的,应当在工事故防范上引起足够的重视。事故会引起工程延期、人员伤亡、投资增加等。

风险控制措施:
(1)由政府职能部门做好项目规划用地的预留工作,
减少拆迁和工程实施难度,从而减少工程投资;
(2)深化各阶段设计方案,强化地质勘探工作,减少工程设计方案的变更,避免因设计方案的变更而拖延工期或

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造成报废工程;
(3)选择有较高施工技术与管理水平,经济实力雄厚并拥有先进施工设备的施工队伍,确保工程的质量与进度;
通过选择资信好、技术可靠的设计、施工承包商,签订规范的合同(包括在承包商不能履行合同时确定损失额的条款),
切实做好合同管理的工作,可以达到抵御风险的目的。

(二)影响项目收益的风险及控制措施
1.土地出让进度本次专项债券的还款来源的核算与土地的出让进度息息相关,土地出让的进度将影响,进而影响项目发债计划安排和还款安排。

风险控制措施:按照市区政府主管部门的批复结果及时推动地块的出让,及时根据实际情况调整项目发债计划和还款,保障项目还款。

2.土地出让价格风险本次专项债券的主要还款来源为水污染治理后的土地出让价格增值,增值幅度直接影响项目的收益情况。土地出让价格根据市场行情变化,土地出让价格具有一定的不确定性。

风险控制措施:土地的招拍挂及出让流程严格按照国家法律法规和市场规律执行建设,此外密切关注土地出让价格市场波动,根据实际行情调整出让价格。政府相关部门统筹

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整个区域土地出让安排,保证项目收益稳定。

3.利率风险受国民经济总体运行状况、国家宏观经济、国家货币政策、财政政策等因素的影响,市场利率存在波动的可能性。

债券属于利率敏感型投资品种,市场利率的变动将直接影响债券的投资价值。由于本期专项债采用固定利率,在本期债券存续期间,如果未来市场利率发生变化,可能会使投资者实际投资收益水平产生不确定性。

风险控制措施:可动态调整债券发行期限和还款方式及时间,做好期限配比、还款计划和准备,加快资金周转,适当增大流动比率,充分盘活资金,用资金使用效率收益对冲利率波动。


Schedule
1:还本付息表

单位:人民币万元

还本付息表
2020
2021
2022
2023
2024
2025
2026
2027总计专项债券期初余额
-20,000
20,000
20,000
16,000
12,000
8,000
4,000
Bond issuance
20,000
-------20,000
利息支出
-681
681
681
545
409
272
136
3,406
本期还款
-681
681
4,681
4,545
4,409
4,272
4,136
23,406
其中:本金偿还
---4,000
4,000
4,000
4,000
4,000
20,000
其中:利息
-681
681
681
545
409
272
136
3,406
专项债券期末余额
20,000
20,000
20,000
16,000
12,000
8,000
4,000
-

注:债券利率参考本报告测算日
December
20日的前五日
7年期国债收益率的平均值,上浮
25个基本点,即按
3.41%进行测算,后续利息支付以债券发行实际利率为准,还本方式按照债券存续期后五年每年偿还
20%。



Schedule
2:利润表

单位:人民币万元

Years
2023
2024
2025
2026
2027
利润表运营期一、主营业务收入
7,200
7,200
7,200
7,200
-
减:主营业务成本
-----
The main business tax and surcharges
-----
二、主营业务利润(亏损以“-”号填列)
7,200
7,200
7,200
7,200
-
加:其他业务利润(亏损以“-”号填列)
-----
减:营业费用
-----
Management fees
-----
Financial expenses
681
545
409
273
136
三、营业利润(亏损以“-”号填列)
6,519
6,655
6,791
6,927
-136
加:投资收益(亏损以“-”号填列)
-----
补贴收入
-----
Non-operating income
-----
Less: Non-operating expenses
-----
四、利润总额(亏损总额以“-”号填列)
6,519
6,655
6,791
6,927
-136
Less: Income tax
-----
五、净利润
6,519
6,655
6,791
6,927
-136



Schedule
3:资产负债表

单位:人民币万元

Years
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
资产负债表资产货币资金
-----2,519
5,173
7,964
10,892
6,755
accounts receivable
----------
stock
----------
Other current assets
----------
Fixed assets
38,843
77,072
155,994
281,675
335,792
335,792
335,792
335,792
335,792
335,792
total assets
38,843
77,072
155,994
281,675
335,792
338,311
340,965
343,756
346,684
342,547
负债和所有者权益短期借款
----------
Advance payment
----------
Taxes payable
----------
Non-current liabilities due within one year
----------
Long term loan
--20,000
20,000
20,000
16,000
12,000
8,000
4,000
-
所有者权益:
实收资本(或股本)
38,843
77,072
135,994
261,675
315,792
315,792
315,792
315,792
315,792
315,792
Capital reserve
/其他权益工具
----------
盈余公积
----------
undistributed profit
-----6,519
13,173
19,964
26,892
26,755
负债和所有者权益合计
38,843
77,072
155,994
281,675
335,792
338,311
340,965
343,756
346,684
342,547



附表五:资产负债表(续)

单位:人民币万元

Years
2027
2028
2029
2030年
2031年
2032年
2033年
2034年
2035年资产负债表资产货币资金
216
1,851
4,531
8,287
19,240
31,106
43,924
57,736
63,223
accounts receivable
---------
stock
---------
Other current assets
---------
Fixed assets
481,813
471,106
460,399
449,692
438,985
428,278
417,571
406,864
396,157
total assets
482,028
472,957
464,929
457,979
458,224
459,383
461,495
464,600
459,380
负债和所有者权益短期借款
---------
Advance payment
---------
Taxes payable
---------
Non-current liabilities due within one year
---------
Long term loan
49,000
39,000
29,000
19,000
15,200
11,400
7,600
3,800
-
所有者权益:
实收资本(或股本)
445,347
445,347
445,347
445,347
445,347
445,347
445,347
445,347
445,347
Capital reserve
/其他权益工具
---------
盈余公积
---------
undistributed profit
-12,319
-11,391
-9,418
-6,368
-2,323
2,636
8,548
15,453
14,033
负债和所有者权益合计
482,028
472,957
464,929
457,979
458,224
459,383
461,495
464,600
459,380



Schedule
4:现金流量表

单位:人民币万元

Years
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
现金流量表一、经营活动产生的现金流量:
Cash received for sales of goods and services
-----7,200
7,200
7,200
7,200
-
Other cash received related to operating activities
----------
购买商品、接受劳务支付的现金
----------
Cash paid to and for employees
----------
支付的各项税费
----------
Other cash payments related to operating activities
----------
Net cash flow from operating activities
-----7,200
7,200
7,200
7,200
-
二、投资活动产生的现金流量:
现金流入小计
----------
购建固定资产和其他长期资产所支付的现金
38,843
38,229
78,922
125,000
53,435
-----
支付的与其他与投资活动有关的现金
----------
Net cash flows from investing activities
-38,843
-38,229
-78,922
-125,000
-53,435
-----
三、筹资活动产生的现金流量:
吸收投资所收到的现金
38,843
38,229
58,922
125,681
54,117
-----
Cash received from borrowing
--20,000
-------
Cash paid for debt repayment
-----4,000
4,000
4,000
4,000
4,000
Cash paid for interest
---681
681
681
545
409
272
136
Other cash paid related to financing activities
---0.03
0.03
0.23
0.23
0.22
0.21
0.21
Net cash flow from financing activities
38,843
38,229
78,922
125,000
53,435
-4,681
-4,545
-4,409
-4,273
-4,136
四、汇率变动对现金的影响
----------
五、本年度现金及现金等价物净增加额
----0
-2,519
2,655
2,791
2,927
-4,136
六、期末现金金额
----0
-0
2,519
5,173
7,964
10,892
6,755



Schedule
5:现金流模拟测试表

单位:人民币万元

year
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
现金流模拟测算表现金流入自筹资金流入
38,843
38,229
58,922
125,681
54,117
-----
债券资金流入
--20,000
-------
运营期现金流入
-----7,200
7,200
7,200
7,200
-
现金流入总额
38,843
38,229
78,922
125,681
54,117
7,200
7,200
7,200
7,200
-
现金流出建设期资金流出
38,843
38,229
78,900
125,000
53,435
-----
还本付息服务费
---0.03
0.03
0.23
0.23
0.22
0.21
0.21
债券发行费用
--22
-------
债券还本付息
---681
681
4,681
4,545
4,409
4,272
4,136
现金流出总额
38,843
38,229
78,922
125,681
54,117
4,681
4,545
4,409
4,273
4,136
现金净流量当年项目现金净流入
-----2,519
2,655
2,791
2,927
-4,136
期末项目累计现金结存额
-----2,519
5,173
7,964
10,892
6,755



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