财务分析表分析.doc

财务分析表分析万科上市公司财务报表的初步解 纵向分析 1 资产负债表分析 2011-12-31 2010-12-31 2009-12-31 项目名称 余额(万元) 百分比% 余额(万元) 百分比% 余额(万元) 百分比% 货币资金 11.5 3781693 17.5 2300192 16.7 3423951 应收账款 10.0 7.8 713,19 0.5 2974581 1692377 存货 20833549 70.3 13333345 61.8 9008529 65.4 流动资产 95.4 20552073 95.3 13032327 94.7 282,646,65 资产总计 21563755 13760855 296,208,44 变动幅度 项目 2011-12-31 2010-12-31 资产总额 29620844 21563755 37.36% 存货 13333345 20833549 56.25% 货币资金 3423951 -0.09%3781693 应收账款 2974581 1692377 75.76% 图一:万科近三年资产结构及变动表 近三年数据显示万科流动资产比例分别为95.4%，95.3%，94.7%，流动资产比例很高，资产的变现能力较强，流动资产中现金比例也较高，说明短期偿债能力较强。在资产中存货的比例最大，2010年存货比例下降，但2011年存货上升了56.25%，主要原因是2010年大量开工的项目陆续竣工以及新获取项目以及在建开发产品的增加;资产总额增长37.36%，说明万科还在不断扩大规模，库存现金也有所下降说明资产变现能力减弱。万科拥有巨大的存货量，这既是未来发展的保障，又是万科风险的主要来源，而2011年存货的大量积存主要受国家地产调控政策的影响，也是房地产开发企业最大的风险因素。建议万科应步一步优化存货结构，适度控制好存货数量，并采取一定的促销手段，为企业筹措资金。 2011年 2010年 2009年 项目名称 余额(万元) 百分比% 余额(万元) 百分比% 余额(万元) 百分比% 短期借款 0.58 0.68 118825 0.86 172,444 147,800 应付账款 1692377 7.85 1630004 11.85 2,974,581 10.04 预收款项 7440519 34.5 3173480 23.06 11,110,171 37.51 一年内到期的1530569 7.09 744041 5.41 2,184,582.93 7.38 非流动负债 长期借款 2479049 11.50 1750279 12.72 2,097,196 7.08 流动负债 15180743 64.5 12965079 60.0 6805827 49.46 流动比例 1.58 1.91 1.41 资产负债率 76.15 74.68 67.00 负债总计 17922958 77.10 16105135 74.68 9220004 67.00 and special tools for emergency response equipment and facilities. Emergency preparedness and response plan 1) emergency response (1) If a major accident occurs, the project should set up emergency response teams, chaired by the project manager, head of production and safety coordinators, professional foreman for the crew, primarily responsible for the orderly rescue when an emergency occurs or processing, outsourcing, team manager and support staff, assisting the Deputy Project Manager for related auxiliary work. (2) after the accident, the project manager is responsible for field commander, advance the establishment of emergency response team personnel, accountability, seriously injured officers sent out rescue, have procedures to deal with accidents, incidents, maximum reduction in casualties and property loss. (3) If an accident occurs, press Division in advance for emergency personnel cleared, concentrate manpower and material and financial resources to rescue the injured, decrease of the maximum loss. (4) after the accident processing work (5) identified the cause of the accident and the person responsible. (6) the written report to the supervisor in writing, including the time and place of the accident, injury (death) persons name, sex, age, trades, injuries, injuries. (7) the development of effective preventive measures to prevent such accidents from happening again. (8) education of all personnel of the organization. (9) informed criticism of those responsible. (10) all personnel read out the results, and responsible disposal. (11) maintenance of emergency supplies, maintenance and testing ? strengthening the day-to-day management of the various fire fighting equipment fire-fighting equipment, authorities should be staffed, equipped with fire extinguishers. Fire hydrants identified person responsible for regularly inspecting, testing, at any time in good condition. ? Guard monthly check-fire extinguishers and fire-fighting equipment. ? once every quarter, inspections and tests of a fire hydrant in good condition. 2), plans to develop (1) casualties occurred in construction, such as accidents or accidents of the direct economic 变动幅度 项目 2011-12-31 2010-12-31 短期借款 172,444 147,800 16.67% 应付账款 2,974,581 1,692,377 75.76% 预收款项 11,110,171 7,440,519 49.32% 一年内到期的非流动负债 2,184,582 1,530,569 42.73% 图二:万科近三年负债结构及变动表 万科负债结构中主要以长期借款为主，原因主要在于房地产行业普遍存在以银行融资为主的单一融资渠道。长期借款的筹资费用也比较低。存货激增的同时，短期负债也出现大幅上升，持有的现金及现金等价物却大幅减少。应付账款增加是由于工程量的增加。一年内到期的非流动负债大幅上升，说明万科近期的还款压力很大。流动比例近三年都大于1，说明资产流动性较好，有足够的能力偿还流动负债。 2 利润表分析 1.净利润分析: 净利润是企业所有者最终取得的财务成果，或可供所有者分配或使用的财务成果。 2011年净利润较2010年增长2,759,990,000，增长率为31.20%，净利润的增长一是由于利润总额的增长，二是由于实际缴纳的所得税的增长。 2.利润总额分析: 利润总额是反映企业全部财务成果的指标，它不仅反映企业的营业利润，而且反映企业的营业外收入。 从表中可看出2011年的利润总额较2010年增加3,865,100,000，增长率为32.40%，其增长主要是由于营业利润的增加，而营业外收入低于营业外支出，对利润总额的增长起了副作用。其次就是非流动负债处置的损失，虽然下降了但较10年变动幅度很小。同时从财务附注中可以看出营业外支出的增长是由于赔偿或补偿的增加。 and special tools for emergency response equipment and facilities. Emergency preparedness and response plan 1) emergency response (1) If a major accident occurs, the project should set up emergency response teams, chaired by the project manager, head of production and safety coordinators, professional foreman for the crew, primarily responsible for the orderly rescue when an emergency occurs or processing, outsourcing, team manager and support staff, assisting the Deputy Project Manager for related auxiliary work. (2) after the accident, the project manager is responsible for field commander, advance the establishment of emergency response team personnel, accountability, seriously injured officers sent out rescue, have procedures to deal with accidents, incidents, maximum reduction in casualties and property loss. (3) If an accident occurs, press Division in advance for emergency personnel cleared, concentrate manpower and material and financial resources to rescue the injured, decrease of the maximum loss. (4) after the accident processing work (5) identified the cause of the accident and the person responsible. (6) the written report to the supervisor in writing, including the time and place of the accident, injury (death) persons name, sex, age, trades, injuries, injuries. (7) the development of effective preventive measures to prevent such accidents from happening again. (8) education of all personnel of the organization. (9) informed criticism of those responsible. (10) all personnel read out the results, and responsible disposal. (11) maintenance of emergency supplies, maintenance and testing ? strengthening the day-to-day management of the various fire fighting equipment fire-fighting equipment, authorities should be staffed, equipped with fire extinguishers. Fire hydrants identified person responsible for regularly inspecting, testing, at any time in good condition. ? Guard monthly check-fire extinguishers and fire-fighting equipment. ? once every quarter, inspections and tests of a fire hydrant in good condition. 2), plans to develop (1) casualties occurred in construction, such as accidents or accidents of the direct economic 利润表垂直分析 从表中可以看出各项财务成果的构成情况。 营业利润占营业收入的比重为21.96%，较上年度下降了1.50%。本年利润总额的构成为22.02 %，较上年度也下降了1.53%;本年净利润的构成为16.16%，较上年度下降了1.27%。可见从企业利润结构看，盈利能力较上年度都有所下降。 各项财务成果结构下降的原因，从营业利润的结构来看，主要是由于营业成本、资产减值损失上升所致，说明企业营业成本及税金和财务费用升高会导致营业利润下降的根本原因。但是利润总额结构下降的主要原因，除受营业利润影响外，主要还在于营业外收入比重的下降。不过从总体来看各项财务成果还是相对比较稳定的，其下降的幅度还是很小的。 and special tools for emergency response equipment and facilities. Emergency preparedness and response plan 1) emergency response (1) If a major accident occurs, the project should set up emergency response teams, chaired by the project manager, head of production and safety coordinators, professional foreman for the crew, primarily responsible for the orderly rescue when an emergency occurs or processing, outsourcing, team manager and support staff, assisting the Deputy Project Manager for related auxiliary work. (2) after the accident, the project manager is responsible for field commander, advance the establishment of emergency response team personnel, accountability, seriously injured officers sent out rescue, have procedures to deal with accidents, incidents, maximum reduction in casualties and property loss. (3) If an accident occurs, press Division in advance for emergency personnel cleared, concentrate manpower and material and financial resources to rescue the injured, decrease of the maximum loss. (4) after the accident processing work (5) identified the cause of the accident and the person responsible. (6) the written report to the supervisor in writing, including the time and place of the accident, injury (death) persons name, sex, age, trades, injuries, injuries. (7) the development of effective preventive measures to prevent such accidents from happening again. (8) education of all personnel of the organization. (9) informed criticism of those responsible. (10) all personnel read out the results, and responsible disposal. (11) maintenance of emergency supplies, maintenance and testing ? strengthening the day-to-day management of the various fire fighting equipment fire-fighting equipment, authorities should be staffed, equipped with fire extinguishers. Fire hydrants identified person responsible for regularly inspecting, testing, at any time in good condition. ? Guard monthly check-fire extinguishers and fire-fighting equipment. ? once every quarter, inspections and tests of a fire hydrant in good condition. 2), plans to develop (1) casualties occurred in construction, such as accidents or accidents of the direct economic 由图可知最近几年万科销售收入和净利润快速稳定增长，尽管业绩增长势头强劲，2011年受国家政策调控的影响，盈利能力开始减弱，2011年销售增长率为41.5%，净利润增长率为31.2%,净利润增速小于销售收入。同时2011年的销售毛利率为39.78%，比上年下降0.9个百分点;销售净利率为16.16%，比上年下降了1.27个百分点，主要因为市场景气度下滑，企业打折促销行为增加。 收入分析 and special tools for emergency response equipment and facilities. Emergency preparedness and response plan 1) emergency response (1) If a major accident occurs, the project should set up emergency response teams, chaired by the project manager, head of production and safety coordinators, professional foreman for the crew, primarily responsible for the orderly rescue when an emergency occurs or processing, outsourcing, team manager and support staff, assisting the Deputy Project Manager for related auxiliary work. (2) after the accident, the project manager is responsible for field commander, advance the establishment of emergency response team personnel, accountability, seriously injured officers sent out rescue, have procedures to deal with accidents, incidents, maximum reduction in casualties and property loss. (3) If an accident occurs, press Division in advance for emergency personnel cleared, concentrate manpower and material and financial resources to rescue the injured, decrease of the maximum loss. (4) after the accident processing work (5) identified the cause of the accident and the person responsible. (6) the written report to the supervisor in writing, including the time and place of the accident, injury (death) persons name, sex, age, trades, injuries, injuries. (7) the development of effective preventive measures to prevent such accidents from happening again. (8) education of all personnel of the organization. (9) informed criticism of those responsible. (10) all personnel read out the results, and responsible disposal. (11) maintenance of emergency supplies, maintenance and testing ? strengthening the day-to-day management of the various fire fighting equipment fire-fighting equipment, authorities should be staffed, equipped with fire extinguishers. Fire hydrants identified person responsible for regularly inspecting, testing, at any time in good condition. ? Guard monthly check-fire extinguishers and fire-fighting equipment. ? once every quarter, inspections and tests of a fire hydrant in good condition. 2), plans to develop (1) casualties occurred in construction, such as accidents or accidents of the direct economic 公司位列房地产企业综合实力第一;在深圳、东莞等城市市场占有率第一,在珠海、福州、上海等城市占有率第二;业务覆盖到以珠三角、长三角、环渤海三大城市经济圈为重点的40个城市。 2011年公司市场占有率进一步提升,公司共实现销售面积1075.3万平方米,销售金额1215.4亿元,同比分别增长19.8%和 12.4%。 3 现金流量表分析 图五:万科近四年净现金流量趋势表 但2010年的经营活动现金流入比2009年增加了53%，可以说经营活动现金流入增长非常迅速，企业在经营活动中创造现金能力大大增强 ，经营活动现金流入作为企业主要资金来源，增强了企业自身“造血”功能，企业具有较强的偿债能力和支付能力，增强了风险抵抗能力，有利于企业稳定和可持续发展，经营活动现金净流量减少的主要原因是购买商品、接受劳务支付的现金流量增加，2010年购买商品、接受劳务支付的现金流量比2009年增加了92%，但现金流入与2009年相比还是大幅增加的，现金流入比较充裕，总体看来，万科发展势头良好。 公司主要会计报表项目的异常情况及原因的说明 and special tools for emergency response equipment and facilities. Emergency preparedness and response plan 1) emergency response (1) If a major accident occurs, the project should set up emergency response teams, chaired by the project manager, head of production and safety coordinators, professional foreman for the crew, primarily responsible for the orderly rescue when an emergency occurs or processing, outsourcing, team manager and support staff, assisting the Deputy Project Manager for related auxiliary work. (2) after the accident, the project manager is responsible for field commander, advance the establishment of emergency response team personnel, accountability, seriously injured officers sent out rescue, have procedures to deal with accidents, incidents, maximum reduction in casualties and property loss. (3) If an accident occurs, press Division in advance for emergency personnel cleared, concentrate manpower and material and financial resources to rescue the injured, decrease of the maximum loss. (4) after the accident processing work (5) identified the cause of the accident and the person responsible. (6) the written report to the supervisor in writing, including the time and place of the accident, injury (death) persons name, sex, age, trades, injuries, injuries. (7) the development of effective preventive measures to prevent such accidents from happening again. (8) education of all personnel of the organization. (9) informed criticism of those responsible. (10) all personnel read out the results, and responsible disposal. (11) maintenance of emergency supplies, maintenance and testing ? strengthening the day-to-day management of the various fire fighting equipment fire-fighting equipment, authorities should be staffed, equipped with fire extinguishers. Fire hydrants identified person responsible for regularly inspecting, testing, at any time in good condition. ? Guard monthly check-fire extinguishers and fire-fighting equipment. ? once every quarter, inspections and tests of a fire hydrant in good condition. 2), plans to develop (1) casualties occurred in construction, such as accidents or accidents of the direct economic 2011年变报表项目 2010年度 2011年度 变化原因 动率 存货 13,333,300.00 20,833,500.00 56.25% 房地产市场低迷 长期股权投资 449,375.00 642,649.00 43.01% 本年新增投资所致 投资性房地产 12,917.60 112,611.00 771.76% 大力拓展业务 固定资产净额 121,958.00 159,586.00 30.85% 房价持续上升 递延所得税资产 164,316.00 232,624.00 41.57% 暂时性差异纳税调整所致 其他非流动资产 105,599.00 46,379.30 -56.08% 主营业务结构变动 应付账款 1,692,380.00 2,974,580.00 75.76% 对外负债增多 预收款项 7,440,520.00 11,110,200.00 49.32% 接受大量订单 应付利息 12,780.70 27,229.90 113.05% 向银行融资增多 其他应付款 1,681,400.00 3,021,680.00 79.71% 业务拓展 一年内到期的非1,530,570.00 2,184,580.00 42.73% 非流动负债到期 流动负债 其他非流动负债 881.61 1,179.82 33.83% 对外拓展业务举债增多 未分配利润 1,347,030.00 1,893,460.00 40.57% 分配利润减少 外币报表折算差39,013.20 54,577.60 39.90% 人民币汇率提高 额 43% 业务收入增加,成本相应增加所致 营业成本 3,007,350.00 4,322,820.00 38% 房地产市场的开拓 营业税金及附加 562,411.00 777,879.00 40% 对外业务积极拓展 管理费用 184,637.00 257,821.00 房价继续攀升 资产减值损失 -54,545.10 6,462.72 -112% 公允价值变动收受政府政策和市场变动影响 -1,505.45 -286.86 -81% 益 对外捐赠增加 营业外支出 2,585.99 3,352.10 30% 利润总额增加 所得税费用 310,114.00 420,628.00 37% 横向分析 万科2011年度报表比率分析 项目 比率 2011年度 2010年度 流动比率 141.00% 140.00% 短期偿债能力 速动比率 37