財務(wù)分析報告的英文

1、1CHINT ELECTRICS2011 FINANCIAL REPORTING AND ANALYSIS2Team Members：Liu ZhaoyeCommon-SizeWang YuyaoDebt-PayingXue JianchaoProfitability/OperationShen KangliangInvestment/OperationJiang RuiCompetitor/IntroductionLI xinCompetitor/Introduction3CHINT ELECTRICS Is Chinas largest production of low voltage

2、electric appliance manufacturing enterprise, the specialty is engaged in distribution appliances, control electric appliances, terminal apparatus, and power electronic and electric power supply low-voltage products development, production and sales. Chint is recognized for a famous Chinese trademark

3、, chint brand universal type circuit breaker, plastic shell type breaker series product has been awarded China famous brand product title. The company in 2004 won the Chinese quality management of the highest award, the national quality management award 4Company profile Stock name: CHINT ELECTRICS S

4、tock code: 601877Is Chinas leading company in the field of low voltage electrical appliances Adhere to the independent innovation, research and development a series of with independent intellectual property rights, reach the international advanced level of low voltage electric products The companys

5、brand to borrow Jacques realize from low voltage electrical supplier to solution provider change, so as to get higher gross margin and wide development space, the realization enterprise of in-depth development. 5The review of latest earnings The sales were 82,880,000,000 in 2011, increased to 30.75%

6、 of the 2010 level in 2011. Realized earnings before income tax provision and interests were 10,190,000,000. An increase of 24.70%. The net profit were 8,430,000,000. An increase of 31.82%. Realized 797 million net profit after buckle, increased by 31.16%. The diluted EPS is 0.91. Due to the signifi

7、cantly decrease in main raw material cost price, made the gross earnings ratio increase to 28.71% in the fourth quarter, increased the gross earnings level throughout the year obviously 24.03% 6Common-Size Analysis Balance Sheet Vertical Common-size200920102011Current Assets：Monetary capital36.79%62

8、.16%52.11%Notes receivable5.80%6.22%13.11%Accounts receivable17.20%8.17%8.30%Advance payment2.23%1.84%0.80%Accounts receivable-others0.35%0.22%0.12%Inventory17.36%10.92%10.29%Current assets-others0.19%0.07%0.05%Total current assets79.93%89.60%84.79%Non-current assets：Equity investment-long term2.23%

9、1.00%5.09%Investment Property 0.14%0.06%0.04%Fixed assets13.27%5.63%4.58%Construction in process0.31%0.98%2.48%Intangible assets2.50%1.61%1.97%Deferred expenses-long term0.47%0.21%0.14%Deferred income tax assets1.15%0.92%0.91%Total non-current assets20.07%10.40%15.21%Total assets:100.00%100.00%100.0

10、0%Current liabilities：2009年2010年2011年Short-term borrowing0.05%0.00%0.01%Account payable33.93%19.63%15.64%Account collected in advance1.49%0.79%0.84%Pay roll payable6.05%3.98%4.10%Tax payable1.22%0.38%0.74%Other payables4.82%2.92%2.58%Current liabilities-others0.75%0.55%0.29%Total current liability48

11、.31%28.25%24.69%Non-current liability：Bonds payable0.00%0.00%17.83%Anticipation liabilities0.86%0.50%0.48%Non-current liability-others0.00%0.07%0.09%Total non-current liability0.86%0.58%18.41%Total liability49.17%28.83%43.10%Owners equity：Paicl-up capital33.24%16.24%12.03%Capital reserve0.17%39.79%2

12、8.24%Surplus reserves3.45%2.56%2.98%Undistributed profits10.50%10.61%11.83%Total owners equity vest in parent company47.37%69.20%55.06%Minority equity3.45%1.97%1.84%Total owners equity50.83%71.17%56.90%Total liabilities and owners equity100.00%100.00%100.00%Balance Sheet Vertical Common-size9In 2011

13、, the non-current liabilities item of company is the proportion of the 2010s increase obviously, mainly because the company in 2011 to raise funds for company executed bonds issue 1.5 billion Yuan.From the current liabilities to see, the companys short term loans has always been the proportion is ve

14、ry low，In 2010 the company short-term borrowing all paid off, in 2011 the company only had an increase of 1.1 million Yuan short-term borrowing，Should say this benefits from the company is very sufficient liquidity 。The proportion of accounts payable is low, on the whole, the companys short-term deb

15、t service pressure is very low. Balance Sheet Vertical Common-size AnalysisBalance Sheet Crosswise Common-size2009年2010年2011年Current Assets：Monetary capital100.00%386.21%437.18%Notes receivable100.00%245.13%697.67%Accounts receivable100.00%108.53%148.98%Advance payment100.00%188.00%111.17%Accounts r

16、eceivable-others100.00%145.51%106.79%Inventory100.00%143.73%182.91%Current assets-others100.00%91.20%86.33%Total current assets100.00%256.26%327.46%Non-current assets：Equity investment-long term100.00%102.77%704.53%Investment Property 100.00%90.25%80.50%Fixed assets100.00%96.89%106.56%Construction i

17、n process100.00%725.53%2485.20%Intangible assets100.00%146.79%242.62%Deferred expenses-long term100.00%104.57%94.24%Deferred income tax assets100.00%183.21%246.14%Total non-current assets100.00%118.47%233.96%Total assets:100.00%228.60%308.69%Current liabilities：2009年2010年2011年Short-term borrowing100

18、.00%0.00%88.25%Account payable100.00%132.22%142.28%Account collected in advance100.00%122.04%173.41%Pay roll payable100.00%150.43%209.49%Tax payable100.00%71.01%187.52%Other payables100.00%138.56%165.18%Current liabilities-others100.00%166.88%121.18%Total current liability100.00%133.68%157.79%Non-cu

19、rrent liability：Bonds payableAnticipation liabilities100.00%132.71%171.32%Non-current liability-othersTotal non-current liability100.00%152.50%6575.03%Total liability100.00%134.01%270.56%Owners equity：Paicl-up capital100.00%111.67%111.67%Capital reserve100.00%52587.67%50395.17%Surplus reserves100.00

20、%169.55%266.38%Undistributed profits100.00%231.01%347.70%Total owners equity vest in parent company100.00%333.93%358.81%Minority equity100.00%130.69%164.26%Total owners equity100.00%320.12%345.59%Total liabilities and owners equity100.00%228.60%308.69%Balance Sheet Crosswise Common-size12Company sal

21、es growth not only brought ample liquidity, more subsequent receivables. Accounts receivable compared to above increase is not a lot, but notes receivable is nearly seven times to 2009. The annual report to make a explained, in order to reduce the risk of bad loans, the company adjust credit policy,

22、 increase the settlement scale of bank acceptance.Balance Sheet Crosswise Common-size Analysis13A long-term equity investment of 2011 years is 2009 7 times, mainly due to the value of 161.59 million Yuan this company to purchase the “ZKtechnology 9.18125 million shares, in addition to the company in

23、vested 200 million RMB.The project under construction company in 2011 is 2009 years of 24 times, mainly due to current period to raise funds based construction project in caused by increase. The company non-current liabilities in 2011 is 2009 65 times, mainly because of the increase of bonds payable

24、 project, that company was to issue 1.5 billion bonds.Capital reserve in 2011 and 2010 were more than 500 times in 2009, mainly because of the company 2010 years was just listed.Balance Sheet Crosswise Common-size AnalysisProfits and Loss Items Crosswise Common-sizeItems Crosswise 2009Crosswise 2010

25、Crosswise 2011NO.1、Taking100.00%132.02%172.62%Cut：Operating costs100.00%136.17%182.55%Business Taxes and Surcharges100.00%109.65%125.26%Selling expenses100.00%125.46%140.07%Management expenses100.00%135.57%161.47%Financial Expense(Be negative for three consecutive years)100.00%185.99%1208.81%Loss fr

26、om as set devaluation100.00%-31.93%31.37%Income on investment(be negative in 2009)100.00%-465.57%-872.47%NO.2、Operating profit 100.00%119.65%155.06%Plus：Non-business income100.00%15.87%7.43%Cut：Non-business expenditure100.00%11.11%15.09%NO.3、Total profit100.00%121.88%156.36%Cut：Total profit100.00%11

27、6.61%142.94%NO.4、Net profit100.00%122.97%159.12%Items Vertical 2009Vertical 2010Vertical 2011NO.1、Taking100.00%100.00%100.00%Cut：Operating costs71.84%74.09%75.97%Business Taxes and Surcharges0.65%0.54%0.48%Selling expenses5.05%4.80%4.10%Management expenses7.58%7.79%7.09%Financial Expense(Be negative

28、 for three consecutive years)-0.11%-0.15%-0.76%Loss from as set devaluation0.39%-0.09%0.07%Income on investment(be negative in 2009)-0.01%0.04%0.05%NO.2、Operating profit 14.59%13.22%13.11%Plus：Non-business income1.65%0.20%0.07%Cut：Non-business expenditure1.87%0.16%0.16%NO.3、Total profit14.37%13.26%1

29、3.01%Cut：Total profit2.45%2.17%2.03%NO.4、Net profit11.91%11.10%10.98%Profits and Loss Items Vertical Common-size16Profits and Loss Items Common-size AnalysisThe company business income in 2011 was 1.7 times than that in 2009, operating income increased year by year, explain the company sales scale e

30、xpands unceasingly. The annual report says the company mainly due to the increasing domestic and foreign market development and promotion of new strength, so domestic auxiliary market demand increase, sales volume growth.The company business cost 2011 is 1.8 times more than in 2009, operating costs

31、increased year by year, and compared with the business income greater proportion. This is mainly because 2011 product sales growth and raw material prices caused by common effect, but net profit in operating income proportion and not as a substantial increase in the sales increase, so the pressure o

32、f the rising costs was more.17 The financial cost three years are negative, suggests the company continued interest income were more than interest expenses and financial expenses in 2011 is 2009 of 12 times, annual report also shows that 2011 net interest revenue by two hundred and twenty percent mo

33、re than at the beginning, because that does not exist is annual report has the controlling shareholders and their affiliates non-business take fund, then according to illustrate the annual report because the 2011 main source of revenue for the financial risk control increased cash reserves, interest

34、 income increase.Profits and Loss Items Common-size Analysis18Main Business Common-size19Main Business Common-size AnalysisWe can see that the power distribution, terminal and control electric appliance is the companys three big blockbuster products. Low voltage electric low end the market the main

35、competitive factors is cost control ability and product prices, and the company with domestic similar enterprise brand advantage compared significantly, bargaining power, stronger, cost control ability outstanding, higher growth performance for many years the industry average more than 10% of the co

36、mpanys market share increases company experienced industry inside remain relatively high growth.analyses of short-term debt-paying ability21comparisons between some ratios of recent 3 years yearratioyear2009year2010year2011Working capital856018150.3yuan 3697904421yuan5022143163yuan current ratio1.65

37、3.123.43Acid-test ratio1.302.733.02 cash ratio0.762.202.11net cash provided by operating activities/current liabilities0.840.400.0622Analyses of Working Capital As we can see from the chart，this companys working capital has been positive and gradually increased recently，because the recent 3 years cu

38、rrent assets and liabilities have gradually increased respectively，and the difference between these two have also increased; this difference is the working capital. This increase in the working capital indicates that the companys short-term debt-paying ability is guaranteed，and strengthened recently

39、。23Analyses of Current Ratio As we can see from the chart ， this companys current ratio has been positive and gradually increased recently，because the current assents and current liabilities have gradually increased, but the current assets have increased faster. The increase of current ratio indicat

40、es that the company has a growing ability to pay the current liabilities, and the short-term debt-paying ability has strengthened.24Analyses of Acid-test Ratio As we can see from the chart ，the companys acid-test ratio has gradually increased recently，because the current assets and inventories have

41、both increased but the current assets have increased much faster, which made the difference between them increase. The increase in the acid-test ratio indicates that the company has a growing ability to immediately realize and pay short-term liabilities. At the same time, this tendency is consistent

42、 with the current ratios tendency, which means that the companys inventories have been stable recent.25Analyses of Cash Ratio As we can see from the chart ，the companys year2011s cash ratios is much bigger than year2009s，but the year 2011s is slightly smaller than the years. Because the cash equival

43、ents grew much faster than the current liabilities, causing their ratio to increase. As to year 2011 and 2010,the cash equivalents and the current liabilities have both increased but their ratios have a little difference. The tendency in cash ratio indicates that the companys ability to pay immediat

44、ely has increased enormously and decreased a bit.26Analyses of Net Cash Provided by Operating Activities/Current Liabilities As we can see from the chart ，the companys net cash provided by operating activities/current liabilities has gradually increased, because the net cash provided by operating ac

45、tivities have decreased and the current liabilities have increased, causing their ratio to decrease. This ratios tendency indicates that the company has a gradually decreased ability to pay its short-term debts by using net cash. This ratio in the recent 3 years has been below 1, so the company cant

46、 pay its debt using just net cash provided by operating activities. It must obtain cash in other ways to ensure that its liabilities can be paid in time. analyses of long-term debt-paying ability28 comparisons between some ratios of recent 3 yearsyearratioyear2009year2010year2011 debt ratio49.17%29.

47、30%43.10%debt/equity ratio96.75%41.44%75.74%Debt to tangible net worth ratio 101.76%42.42%78.46%Times interest earned532.021820.8026.44net cash provided by operating activities/total liabilities0.830.390.0329 analyses of debt ratio As we can see from the chart ，the companys 2010 years debt ratio is

48、much smaller than the 2009s, because the total assets of year2010 is much bigger than the year2009. The debt ratio of year2011 is nearly level with the year2009, because although the total assets and liabilities have both increased，but as with year2009，the total liabilities are nearly half of the to

49、tal assets. Theoretically，in the recent 3 years, the company has a growing and then decreasing debt burden. However, these ratios are all below 50%，which can be considered acceptable and means that the company has a comparatively light debt burden and the creditors interests are highly protected.30A

50、nalyses of debt/equity ratio and Debt to tangible net worth ratio As we can see from the chart ，these two ratios have both decreased and increased recently. Because compared with the total owners equity, the total intangible assets and liabilities are much smaller, the reasons for this tendency are

51、almost the same，that is, the year2010s total equity is much bigger than the year2009s。However the year 2011s total equity and liabilities and the year2009s can be nearly considered the same. 31Analyses of Times interest earned As we can see from the chart, the companys times interest earned has fluc

52、tuated enormously recently. It increased enormously from year2009 to 2010, and decreased enormously from year2010 to 2011. The reason is that compared with year2009, the year2010s net profit and tax expense have both increased, but interest expense has decreased enormously, causing the ratio of the

53、total of these three and interest expense to increase. Besides, compared with the year2010, the year2011s net profit and tax expense have both increased, but interest expense has decreased more enormously, causing the ratio of the total of these three and interest expense to decrease. As can be know

54、n, the fluctuation of interest expense is the main reason for the fluctuation of times interest earned. Although the times interest earned fluctuated much, these figures indicate that the company has a considerable ability to pay the interest debt and long-term debt-paying ability.32Analyses of Net

55、Cash Provided by Operating Activities/Total Liabilities As we can see from the chart ，this ratio has decreased recently, because the net cash provided by operating activities have decreased and the total liabilities have increased, causing the ratio of these two to decrease. This ratios decreasing t

56、endency indicates that the company has a decreasing ability to pay its debts using the net cash provided by operating activities. The figures of the recent 3 years are all below 1, so the company cant pay its debts using just the net cash provided by operating activities.33The summary of analyses of

57、 debt-paying ability As we can see from the analyses from, the companys ability to pay liabilities has been growing decently, especially between year2009 and 2010. Although it has undergone some fluctuations in some ratios, these changes can be considered the changes that dont influence the debt-pay

58、ing ability much. These trends also conform to the appliances industrial development. Because of such factors as national policy and growing economic development, the home appliance, the company has been developing rapidly. However, according to some ratios, the company still has something to improv

59、e.34 Operation Capacity Analysis35 Item 200920102011Accounts Receivable Turnover 9.9712.7713.55Day Sales in Receivable36.1128.1926.57Inventory Turnover 7.178.028.06Inventory Turnover in Days50.2144.8944.67Fixed Assets Turnover12.6217.5322.22Total Assets Turnover2.561.441.15Operational capability ind

60、ex contrast36According to analyze the index of operation capability, account receivable turnover went up year by year. It explained that the growth rate of net sales exceeded growth rate of account receivable. The main reason that rapid growth of sales income lead to increasing account receivable. I