財務(wù)報表分析—02任務(wù)萬科

1、萬科A營運(yùn)能力分析企業(yè)營運(yùn)能力主要指營運(yùn)資產(chǎn)的效率與效益。營運(yùn)資產(chǎn)的效率通常是指營運(yùn)資產(chǎn)的周轉(zhuǎn)率或周轉(zhuǎn)速度。營運(yùn)資產(chǎn)的效益是指營運(yùn)資產(chǎn)的利用效果。企業(yè)營運(yùn)能力分析就是要通過對反映企業(yè)資產(chǎn)營運(yùn)效率與效益的指標(biāo)進(jìn)行計(jì)算與分析，評價企業(yè)的營運(yùn)能力，為企業(yè)提高經(jīng)濟(jì)效益指明方向。第一，營運(yùn)能力分析可評價企業(yè)資產(chǎn)的流動性。第二，營運(yùn)能力分析可評價企業(yè)資產(chǎn)利用的效益。第三，營運(yùn)能力分析可分析企業(yè)資產(chǎn)利用的潛力。一、 資料搜集： 資產(chǎn)負(fù)債表會計(jì)年度2008-12-312009-12-312010-12-31貨幣資金19,978,285,929.9223,001,923,830.8037,816,932,911

2、.84交易性金融資產(chǎn)-740,470.77-應(yīng)收票據(jù)-應(yīng)收賬款922,774,844.24713,191,906.141,594,024,561.07預(yù)付款項(xiàng)3,160,518,998.568,736,319,500.7317,838,003,464.71其他應(yīng)收款3,496,096,906.257,785,809,435.4114,938,313,217.77應(yīng)收關(guān)聯(lián)公司款-應(yīng)收利息-應(yīng)收股利-存貨85,898,696,524.9590,085,294,305.52133,333,458,045.93其中：消耗性生物資產(chǎn)-一年內(nèi)到期的非流動資產(chǎn)-其他流動資產(chǎn)-流動資產(chǎn)合計(jì)113,456,37

3、3,203.92130,323,279,449.37205,520,732,201.32可供出售金融資產(chǎn)167,417,894.55163,629,472.66404,763,600.00持有至到期投資-長期應(yīng)收款-長期股權(quán)投資2,485,725,268.993,565,383,001.514,493,751,631.16投資性房地產(chǎn)198,394,767.05228,143,157.99129,176,195.26固定資產(chǎn)1,265,332,766.181,355,977,020.481,219,581,927.47在建工程188,587,022.90593,208,234.13764,28

4、2,140.58工程物資-固定資產(chǎn)清理-生產(chǎn)性生物資產(chǎn)-油氣資產(chǎn)-無形資產(chǎn)-81,966,325.94373,951,887.29開發(fā)支出-商譽(yù)-長期待攤費(fèi)用25,268,164.9731,318,689.6532,161,415.85遞延所得稅資產(chǎn)1,449,480,632.531,265,649,477.661,643,158,028.39其他非流動資產(chǎn)-1,055,992,714.51非流動資產(chǎn)合計(jì)5,780,206,517.177,285,275,380.0210,116,819,540.51資產(chǎn)總計(jì)119,236,579,721.09137,608,554,829.39215,637

5、,551,741.83短期借款4,601,968,333.321,188,256,111.111,478,000,000.00交易性金融負(fù)債1,694,880.00-15,054,493.43應(yīng)付票據(jù)-30,000,000.00-應(yīng)付賬款12,895,962,836.6316,300,047,905.7516,923,777,818.98預(yù)收款項(xiàng)23,945,755,139.8531,734,801,163.7674,405,197,318.78應(yīng)付職工薪酬517,762,853.19806,504,472.201,415,758,826.87應(yīng)交稅費(fèi)-861,985,122.521,176,

6、877,640.283,165,476,401.56應(yīng)付利息219,884,034.75122,643,721.10127,806,502.79應(yīng)付股利-其他應(yīng)付款9,968,304,370.939,258,734,468.3016,814,029,349.10應(yīng)付關(guān)聯(lián)公司款-一年內(nèi)到期的非流動負(fù)債13,264,374,576.457,440,414,366.7815,305,690,786.98其他流動負(fù)債-流動負(fù)債合計(jì)64,553,721,902.6068,058,279,849.28129,650,791,498.49長期借款9,174,120,094.8317,502,798,297.

7、1124,790,499,290.50應(yīng)付債券5,768,015,997.015,793,735,805.145,821,144,507.03長期應(yīng)付款-專項(xiàng)應(yīng)付款-預(yù)計(jì)負(fù)債41,729,468.0334,355,814.9541,107,323.15遞延所得稅負(fù)債867,797,927.60802,464,465.02738,993,358.99其他非流動負(fù)債12,644,849.828,408,143.828,816,121.26非流動負(fù)債合計(jì)15,864,308,337.2924,141,762,526.0431,400,560,600.93負(fù)債合計(jì)80,418,030,239.8992

8、,200,042,375.32161,051,352,099.42實(shí)收資本（或股本）10,995,210,218.0010,995,210,218.0010,995,210,218.00資本公積7,853,144,319.558,557,716,583.448,789,344,008.84盈余公積6,581,984,978.148,737,841,436.8510,587,706,328.79減：庫存股-未分配利潤6,184,277,986.668,808,398,744.0513,470,284,310.05少數(shù)股東權(quán)益6,926,624,218.808,032,624,392.9310,3

9、53,522,851.30外幣報表折算價差277,307,760.05276,721,078.80390,131,925.43非正常經(jīng)營項(xiàng)目收益調(diào)整-歸屬母公司所有者權(quán)益（或股東權(quán)益）31,891,925,262.4037,375,888,061.1444,232,676,791.11所有者權(quán)益（或股東權(quán)益）合計(jì)38,818,549,481.2045,408,512,454.0754,586,199,642.41負(fù)債和所有者（或股東權(quán)益）合計(jì)119,236,579,721.09137,608,554,829.39215,637,551,741.83利潤表會計(jì)年度2008-12-312009-1

10、2-312010-12-31一、營業(yè)收入40,991,779,214.9648,881,013,143.4950,713,851,442.63減：營業(yè)成本25,005,274,464.9134,514,717,705.0030,073,495,231.18營業(yè)稅金及附加4,533,872,994.463,602,580,351.825,624,108,804.74銷售費(fèi)用1,860,350,084.011,513,716,869.352,079,092,848.94管理費(fèi)用1,530,799,165.461,441,986,772.291,846,369,257.59勘探費(fèi)用-財務(wù)費(fèi)用657,

11、253,346.42573,680,423.04504,227,742.57資產(chǎn)減值損失1,268,113,233.13-524,239,596.14-545,451,004.03加：公允價值變動凈收益19,262,232.002,435,350.77-15,054,493.43投資收益209,411,393.50924,076,829.10777,931,240.02其中：對聯(lián)營企業(yè)和合營企業(yè)的投資收益209,735,864.65541,860,864.68291,703,045.44影響營業(yè)利潤的其他科目-二、營業(yè)利潤6,364,789,552.078,685,082,798.0011,8

12、94,885,308.23加：補(bǔ)貼收入-營業(yè)外收入57,455,149.7070,678,786.7471,727,162.82減：營業(yè)外支出99,959,075.74138,333,776.6525,859,892.03其中：非流動資產(chǎn)處置凈損失2,336,423.461,577,638.381,211,776.17加：影響利潤總額的其他科目-三、利潤總額6,322,285,626.038,617,427,808.0911,940,752,579.02減：所得稅1,682,416,473.302,187,420,269.403,101,142,073.98加：影響凈利潤的其他科目-四、凈利潤

13、4,639,869,152.736,430,007,538.698,839,610,505.04歸屬于母公司所有者的凈利潤4,033,170,027.895,329,737,727.007,283,127,039.15少數(shù)股東損益606,699,124.841,100,269,811.691,556,483,465.89五、每股收益-（一）基本每股收益0.370.480.66（二）稀釋每股收益0.370.480.66現(xiàn)金流量表報告年度2008-12-312009-12-312010-12-31一、經(jīng)營活動產(chǎn)生的現(xiàn)金流量銷售商品、提供勞務(wù)收到的現(xiàn)金42,783,256,973.5457,595,

14、333,545.5088,119,694,493.30收到的稅費(fèi)返還-收到其他與經(jīng)營活動有關(guān)的現(xiàn)金1,478,587,995.651,889,792,191.432,976,047,156.82經(jīng)營活動現(xiàn)金流入小計(jì)44,261,844,969.1959,485,125,736.9391,095,741,650.12購買商品、接受勞務(wù)支付的現(xiàn)金30,218,067,735.4234,560,212,561.8966,645,895,259.85支付給職工以及為職工支付的現(xiàn)金2,319,451,074.601,197,521,164.611,848,827,752.37支付的各項(xiàng)稅費(fèi)7,863,1

15、26,723.186,537,312,459.489,381,585,316.90支付其他與經(jīng)營活動有關(guān)的現(xiàn)金3,895,351,266.397,936,728,231.4010,982,177,869.55經(jīng)營活動現(xiàn)金流出小計(jì)44,295,996,799.5950,231,774,417.3888,858,486,198.67經(jīng)營活動產(chǎn)生的現(xiàn)金流量凈額-34,151,830.409,253,351,319.552,237,255,451.45二、投資活動產(chǎn)生的現(xiàn)金流量收回投資收到的現(xiàn)金1,040,323,958.60210,421,893.79282,454,288.12取得投資收益收到的現(xiàn)

16、金76,414,614.40392,060,350.54367,769,277.76處置固定資產(chǎn)、無形資產(chǎn)和其他長期資產(chǎn)收回的現(xiàn)金凈額5,687,793.90142,450,545.00462,241.52處置子公司及其他營業(yè)單位收到的現(xiàn)金凈額3,547,677.00119,164,800.0017,179,172.33收到其他與投資活動有關(guān)的現(xiàn)金298,441,056.08304,714,390.002,032,857,298.14投資活動現(xiàn)金流入小計(jì)1,424,415,099.981,168,811,979.332,700,722,277.87購建固定資產(chǎn)、無形資產(chǎn)和其他長期資產(chǎn)支付的現(xiàn)金

17、215,283,734.68806,062,156.74261,938,551.22投資支付的現(xiàn)金1,366,213,599.631,577,467,490.522,183,848,057.74取得子公司及其他營業(yè)單位支付的現(xiàn)金凈額2,687,055,197.582,975,942,928.471,364,056,191.97支付其他與投資活動有關(guān)的現(xiàn)金-1,082,538,787.40投資活動現(xiàn)金流出小計(jì)4,268,552,531.895,359,472,575.734,892,381,588.33投資活動產(chǎn)生的現(xiàn)金流量凈額-2,844,137,431.91-4,190,660,596.40

18、-2,191,659,310.46三、籌資活動產(chǎn)生的現(xiàn)金流量吸收投資收到的現(xiàn)金6,232,918,108.90829,084,667.001,979,021,435.08取得借款收到的現(xiàn)金14,325,980,945.7120,731,516,740.8227,070,090,551.02收到其他與籌資活動有關(guān)的現(xiàn)金-籌資活動現(xiàn)金流入小計(jì)20,558,899,054.6121,560,601,407.8229,049,111,986.10償還債務(wù)支付的現(xiàn)金11,690,595,100.0721,640,510,970.2511,985,374,651.54分配股利、利潤或償付利息支付的現(xiàn)金3,

19、001,963,332.532,948,745,658.434,039,207,571.75支付其他與籌資活動有關(guān)的現(xiàn)金-籌資活動現(xiàn)金流出小計(jì)14,692,558,432.6024,589,256,628.6816,024,582,223.29籌資活動產(chǎn)生的現(xiàn)金流量凈額5,866,340,622.01-3,028,655,220.8613,024,529,762.81四、匯率變動對現(xiàn)金的影響-56,270,014.09-9,546,494.8324,034,574.57四(2)、其他原因?qū)ΜF(xiàn)金的影響-五、現(xiàn)金及現(xiàn)金等價物凈增加額2,931,781,345.612,024,489,007.461

20、3,094,160,478.37期初現(xiàn)金及現(xiàn)金等價物余額17,046,504,584.3119,978,285,929.9222,002,774,937.38期末現(xiàn)金及現(xiàn)金等價物余額19,978,285,929.9222,002,774,937.3835,096,935,415.75附注：1、將凈利潤調(diào)節(jié)為經(jīng)營活動現(xiàn)金流量凈利潤4,639,869,152.736,430,007,538.698,839,610,505.04加：資產(chǎn)減值準(zhǔn)備1,268,113,233.13-524,239,596.14-545,451,004.03固定資產(chǎn)折舊、油氣資產(chǎn)折耗、生產(chǎn)性生物資產(chǎn)折舊94,169,012

21、.7395,653,213.99-無形資產(chǎn)攤銷-9,390,604.4420,817,653.19長期待攤費(fèi)用攤銷11,649,080.27-處置固定資產(chǎn)、無形資產(chǎn)和其他長期資產(chǎn)的損失2,336,423.466,306,215.78190,379.16固定資產(chǎn)報廢損失-公允價值變動損失-19,262,232.00-2,435,350.7715,054,493.43財務(wù)費(fèi)用657,253,346.42573,680,423.04504,227,742.57投資損失-209,411,393.50-924,076,829.10-777,931,240.02遞延所得稅資產(chǎn)減少-845,423,213.

22、27183,831,154.87-367,647,073.96遞延所得稅負(fù)債增加-104,100,063.97-83,090,709.62-35,168,088.98存貨的減少-12,401,019,289.301,556,571,445.17-35,529,232,749.19經(jīng)營性應(yīng)收項(xiàng)目的減少4,938,322,368.06-10,928,036,079.41-20,484,611,050.22經(jīng)營性應(yīng)付項(xiàng)目的增加2,705,397,863.1512,239,132,980.4150,032,678,243.72其他-772,046,118.31620,656,308.20564,717

23、,640.74經(jīng)營活動產(chǎn)生的現(xiàn)金流量凈額2-34151830.49,253,351,319.552,237,255,451.452、不涉及現(xiàn)金收支的重大投資和籌資活動債務(wù)轉(zhuǎn)為資本-一年內(nèi)到期的可轉(zhuǎn)換公司債券-融資租入固定資產(chǎn)-3、現(xiàn)金及現(xiàn)金等價物凈變動情況現(xiàn)金的期末余額19,978,285,929.92-減：現(xiàn)金的期初余額17,046,504,584.31-加：現(xiàn)金等價物的期末余額-22,002,774,937.3835,096,935,415.75減：現(xiàn)金等價物的期初余額-19,978,285,929.9222,002,774,937.38加：其他原因?qū)ΜF(xiàn)金的影響2-現(xiàn)金及現(xiàn)金等價物凈增加額

24、2,931,781,345.612,024,489,007.4613,094,160,478.37同行業(yè)資料搜集表1-1：名稱2008年應(yīng)收賬款周轉(zhuǎn)率（次）應(yīng)收賬款周轉(zhuǎn)天數(shù)（天）存貨周轉(zhuǎn)率（次）存貨周轉(zhuǎn)天數(shù)（天）流動資產(chǎn)周轉(zhuǎn)率（次）流動資產(chǎn)周轉(zhuǎn)天數(shù)（天）固定資產(chǎn)周轉(zhuǎn)率（次）總資產(chǎn)周轉(zhuǎn)率（次）總資產(chǎn)周轉(zhuǎn)天數(shù)（天）萬科A45.86 7.85 0.33 1096.89 0.39 917.20 44.54 0.37 963.08 沙河股份50.73 7.10 0.12 3108.81 0.25 1467.59 9.24 0.23 1600.00 招商地產(chǎn)43.66 8.25 0.10 3522.50

25、0.13 2729.34 12.46 0.11 3149.61 深深房A46.55 7.73 0.53 680.27 0.52 698.35 9.57 0.31 1165.43 中糧地產(chǎn)36.75 9.80 0.15 2348.34 0.20 1837.67 3.57 0.14 2493.07 華僑城A121.19 2.97 1.35 266.86 1.17 308.38 0.84 0.26 1362.09 深物業(yè)A9.24 38.98 0.32 1128.17 0.42 865.80 5.75 0.31 1153.85 合計(jì)353.98 82.68 2.90 12151.84 3.08 88

26、24.33 85.97 1.73 11887.13 家數(shù)7 7 7 7 7 7 7 7 7 行業(yè)平均50.57 11.81 0.41 1735.98 0.44 1260.62 12.28 0.25 1698.16 表1-2：名稱2009年應(yīng)收賬款周轉(zhuǎn)率（次）應(yīng)收賬款周轉(zhuǎn)天數(shù)（天）存貨周轉(zhuǎn)率（次）存貨周轉(zhuǎn)天數(shù)（天）流動資產(chǎn)周轉(zhuǎn)率（次）流動資產(chǎn)周轉(zhuǎn)天數(shù)（天）固定資產(chǎn)周轉(zhuǎn)率（次）總資產(chǎn)周轉(zhuǎn)率（次）總資產(chǎn)周轉(zhuǎn)天數(shù)（天）萬科A59.76 6.02 0.39 917.90 0.40 897.76 37.30 0.38 945.87 沙河股份140.74 2.56 0.29 1247.40 0.45 805

27、.91 20.71 0.41 883.44 招商地產(chǎn)89.66 4.02 0.22 1640.09 0.27 1333.83 34.71 0.24 1515.15 深深房A50.57 7.12 0.35 1022.15 0.38 939.21 10.92 0.27 1350.34 中糧地產(chǎn)27.01 13.33 0.23 1597.16 0.26 1391.04 6.69 0.18 1996.67 華僑城A102.47 3.51 1.10 328.38 1.23 291.59 1.66 0.49 734.24 深物業(yè)A12.47 28.86 0.36 1004.18 0.44 813.38 9

28、.33 0.34 1052.94 合計(jì)482.68 65.42 2.94 7757.26 3.43 6472.72 121.32 2.31 8478.65 家數(shù)7 7 7 7 7 7 7 7 7 行業(yè)平均68.95 9.35 0.42 1108.18 0.49 924.67 17.33 0.33 1211.24 表1-3：名稱2010年應(yīng)收賬款周轉(zhuǎn)率（次）應(yīng)收賬款周轉(zhuǎn)天數(shù)（天）存貨周轉(zhuǎn)率（次）存貨周轉(zhuǎn)天數(shù)（天）流動資產(chǎn)周轉(zhuǎn)率（次）流動資產(chǎn)周轉(zhuǎn)天數(shù)（天）固定資產(chǎn)周轉(zhuǎn)率（次）總資產(chǎn)周轉(zhuǎn)率（次）總資產(chǎn)周轉(zhuǎn) 天數(shù)（天）萬科A43.96 8.19 0.27 1337.30 0.30 1192.05 39

29、.38 0.29 1253.92 沙河股份139.12 2.59 0.39 932.40 0.50 724.05 23.34 0.44 814.85 招商地產(chǎn)124.41 2.89 0.24 1500.00 0.29 1256.98 49.17 0.26 1406.80 深深房A64.05 5.62 0.31 1154.22 0.39 925.93 15.58 0.30 1188.12 中糧地產(chǎn)22.25 16.18 0.12 3087.48 0.17 2127.66 8.12 0.13 2850.36 華僑城A94.09 3.83 0.59 609.24 0.80 451.58 1.73 0

30、.44 823.99 深物業(yè)A14.73 24.44 0.48 756.78 0.44 819.11 12.79 0.35 1041.67 合計(jì)502.61 63.74 2.40 9377.42 2.89 7497.36 150.11 2.21 9379.71 家數(shù)7 7 7 7 7 7 7 7 7 行業(yè)平均71.80 9.11 0.34 1339.63 0.41 1071.05 21.44 0.32 1339.96 二、營運(yùn)能力分析：（一）短期資產(chǎn)營運(yùn)能力分析：1應(yīng)收賬款周轉(zhuǎn)率=營業(yè)收入/應(yīng)收賬款平均余額應(yīng)收帳款周轉(zhuǎn)率名稱2008年2009年2010年平均萬科A45.86 59.76 43.

31、96 49.86 行業(yè)平均50.57 68.95 71.80 63.77 分析：應(yīng)收賬款周轉(zhuǎn)率越高，說明企業(yè)應(yīng)收賬款回收快，流動性強(qiáng)。2009年比2008年的收賬款周轉(zhuǎn)率有大幅度提升，證明平均收賬期有所縮短，應(yīng)收賬款的回收加快，資金滯留應(yīng)收賬款上的數(shù)量減少，資金使用效率有所提升。2010年最低，說明企業(yè)賬款回收發(fā)生困難，引起收賬費(fèi)用增加，并存在壞賬的可能性。萬科A三年平均應(yīng)收賬款周轉(zhuǎn)率要低于行業(yè)平均21.81%，表明萬科營運(yùn)資金過多地滯留在應(yīng)收賬款上，影響資金的周轉(zhuǎn)，流動資產(chǎn)變現(xiàn)力弱，資金的機(jī)會成本變大。2存貨周轉(zhuǎn)率=營業(yè)成本（收入）/存貨平均余額存貨周轉(zhuǎn)率名稱2008年2009年2010年平均萬科A0