电大高分财务报表范文—万科A财务报表综合分析.doc

专业好文档万科A财务报表获利能力分析一、万科A公司基本情况 万科股份企业有限公司（CHINA VANKE CO.,LTD 简称VANKE）于1984年5月30日在深圳注册登记，并于1991年1月万科A股正式在深圳证券交易所挂牌交易。万科企业股份有限公司是一家以房地产开发为核心业务的公司，是中国最大的专业住宅开发企业。公司自成立以来，确立并一贯坚守职业化底线，包括对人永远尊重、追求开放透明的体制和公平的回报等。公司致力于建设“阳光照亮的体制”，提出“专业化+规范化+透明化=万科化”、“规范、诚信、进取是万科的经营之道”等理念，并在坚持这些理念的前提下，按照现代企业制度建立了一套经营管理的规范和流程。截止2008年公司总资产达到1192亿元，净利润40.3亿元，净资产达到了318.9亿元。凭借其出色的经营理念和强大的实力，万科股份有限公司的房地产业务已经扩展到全国多个城市，公司树立了住宅品牌，并获得了良好的投资回报。二、杜邦分析法杜邦分析法，又称杜邦财务综合分析体系，简称杜邦体系，是利用各主要财务指标间的内在联系，对企业财务状况及经济效益进行综合系统分析评价的方法。由于该体系是由美国杜邦公司最先采用的，因此称为杜邦分析法。在该分析体系中，净资产收益率被视为衡量企业获利能力的最重要的龙头性指标，因此，杜邦分析法将净资产收益率作为全面分析企业业绩的起点，重点揭示企业获利能力极其前因后果。1、杜邦分析法的核心比率净资产收益率是杜邦分析体系的核心比率，它具有较强的综合性。其相关公式为：（1）净资产收益率 = 总资产收益率 ×平均权益乘数（2）总资产收益率 = 销售净利率 ×总资产周转率（3）销售净利率 = 净利润 ÷营业收入（4）总资产周转率 = 营业收入 ÷平均总资产（5）平均权益乘数 = 平均总资产 ÷平均净资产从以上公式可以看出，无论提高其中哪个比率，净资产收益率都会提高。其中，销售净利率是利润表的概括，它可以概括企业的全部经营成果；权益乘数是资产负债表的概括，它可以反映企业最基本的财务状况；总资产周转率把利润表和资产负债表联系起来，使净资产收益率可以综合整个企业经营活动和财务活动业绩。（1）净利润2008年万科A净利润=营业总收入-营业成本总额+非经常性损益-所得税费用=409.92-348.56+1.86-16.82=46.4亿元2009年万科A净利润=营业总收入-营业成本总额+非经常性损益-所得税费=488.81-411.22+8.59-21.87=64.31亿元2010年万科A净利润=营业总收入-营业成本总额+非经常性损益-所得税费=507.14-395.82+8.09-31.01=88.4亿元（2）销售净利率2008年万科A销售净利率=净利润÷主营业务收入×100%=46.40÷409.92×100%=11.32%2009年万科A销售净利率=净利润÷主营业务收入×100%=64.30÷488.81×100%=13.15%2010年万科A销售净利率=净利润÷主营业务收入×100%=88.40÷507.14×100%=17.43%（3）总资产周转率2008年万科A总资产周转率=主营业务收入÷平均资产总额=409.92÷1096.66=0.372009年万科A总资产周转率=主营业务收入÷平均资产总额=488.81÷1284.23=0.382010年总资产周转率=主营业务收入÷平均资产总额=507.14÷1766.23=0.29（4）总资产收益率2008年万科A总资产收益率=销售净利率×总资产周转率=11.32%×0.37=4.19%2009年万科A总资产收益率=销售净利率×总资产周转率=13.15%×0.38=5.00%2010年万科A总资产收益率=销售净利率×总资产周转率=17.43%×0.29=5.05（5）平均资产负债率2008年万科A平均资产负债率=平均负债总额÷平均资产总额×100%=732.96÷1096.66×100%=66.84% 2009年万科A平均资产负债率=平均负债总额÷平均资产总额×100%=863.09÷1284.23×100%=67.21% 2010年万科A平均资产负债率=平均负债总额÷平均资产总额×100%=1266.26÷1766.23×100%=71.69%（6）平均权益乘数2008年万科A平均权益乘数=1÷（1-平均资产负债率）=1÷（1-66.84%）=1÷0.3316=3.02 2009年万科A平均权益乘数=1÷（1-平均资产负债率）=1÷（1-67.21%）=1÷0.3279=3.05 2010万科A年平均权益乘数=1÷（1-平均资产负债率）=1÷（1-71.69%）=1÷0.2831=3.53（7）净资产收益率2008年万科A净资产收益率=总资产收益率×平均权益乘数=4.19%×3.02=12.65%2009年万科A净资产收益率=总资产收益率×平均权益乘数=5.00%×3.05=15.25%2010万科A年净资产收益率=总资产收益率×平均权益乘数=5.05%×3.53=17.83%三、万科A杜邦分析法基本框架1、08年万科A杜邦分析法基本框架净资产收益率11.04%总资产收益率4.19% * 平均权益乘数3.02 销售净利率9.83% * 总资产周转率0.37 1/（1-平均资产负债率66.84%）净利润 / 主营业务收入 主营业务收入/平均资产总额 平均负债总额/平均资产总额40.33 / 40.49 40.49 / 1096.66 73.27 / 1096.66从上图可看出，2008年万科A的图中任何一个比率净都会资产收益率，其中净利润与营业收入的比可以概括企业的经营成果，权益乘数可以反映企业的最基本的财务状况，所以净资产收益率反映企业所有者投资的获利能力。要想提高销售净利率，一是要扩大销售收入，二是要降低成本费用。扩大销售的收入既能提高销售净利率，又可提高总资产周转率。2、09年万科A杜邦分析法基本框架净资产收益率12.62%总资产收益率4.14% * 平均权益乘数3.05 销售净利率10.9% * 总资产周转率0.38 1/（1-平均资产负债率67.2%）净利润 / 主营业务收入 主营业务收入/平均资产总额 平均负债总额 / 平均资产总额53.30 / 48.32 48.32 / 1284.23 86.31 / 1284.23从上图中可以看出，万科2009年比2008年的销售净利率有所提高，说明2009年比2008年有着更好的企业经营成果；从权益乘数来看，2009年比2008年的企业负债程度较高，在给企业带来较多的财务杠杆利益的同时，也带来较多的风险。总资产周转率也比2008年高，表示企业的整体经营情况和财务活动业绩都要比2008年的好。3、10年万科A杜邦分析法基本框架净资产收益率14.54%总资产收益率4.12% * 平均权益乘数3. 53 销售净利率14.36% * 总资产周转率0.29 1/（1-平均资产负债率71.69%）净利润 / 主营业务收入 主营业务收入/平均资产总额 平均负债总额 / 平均资产总额72.893 / 50.03 50.03 / 1766.23 1266.26 / 1766.23从图中可以看出，2010年的净资产收益率比2009年的要高出1.92%，万科的销售净利率在2009年、2010年有所提升，说明了该企业的盈利能力有所提升。而这个是由销售净利率、总资产周转率和权益乘数决定的。要想提高销售净利率，一是要扩大销售收入，二是要降低成本费用。随着主营业务收入的增长，所以2010年的销售净利率比2009年要高。2010年的权益乘数比2009年的高，说明万科的负债程度比较高，给企业带来的较大的风险。四、与金地集团的同业分析2010年金地集团股份有限公司的年度报告中指出，在2010年年初，金地集团总资产555.18亿元，2010年年末金地集团总资产728.17亿元，营业收入195.93亿元，净利润31.33亿元，净资产收益率16.55%，总资产收益率4.96%，平均权益乘数3.47，销售净利率15.99%，总资产周转率0.31。金地集团2010年：净资产收益率16.55%总资产收益率4.96% * 平均权益乘数3.47 销售净利率15.99% * 总资产周转率0.31 1/（1-平均资产负债率71.15%）净利润 / 主营业务收入 主营业务收入/平均资产总额 平均负债总额 / 平均资产总额31.33 / 195.93 195.93 / 641.68 452.39 / 641.68万科A2010年：净资产收益率14.54%总资产收益率4.16% * 平均权益乘数3. 53 销售净利率14.36% * 总资产周转率0.29 1/（1-平均资产负债率71.69%）净利润 / 主营业务收入 主营业务收入/平均资产总额 平均负债总额 / 平均资产总额72.893 / 50.03 50.03 / 1766.23 1266.26 / 1766.23由上图可以看出，销售净利率反映了企业利润总额与销售收入的关系，从这个意义上看提高销售净利率是提高企业盈利能力的关键所在。万科A房地产的销售净利率比金地集团的要低，说明万科的盈利能力比金地集团弱。权益乘数主要受资产负债率影响。负债比率越大，权益乘数越高，说明企业有较高的负债程度，给企业带来较多地杠杆利益，同时也给企业带来了较多地风险。该万科的权益乘数比金地集团较小，说明万科的负债程度较高，万科风险较大。从上面数据可以看出万科房地产的净资产收益率还是较高的，说明了万科的财务风险比金地集团弱一些。五、结论分析通过以上分析可见, 万科拥有较强的偿债能力、营运能力、获利能力, 且这三种能力有很好的稳定性。2008年-2010年这三年，万科一直保持了很高的盈利水平, 除了市场强大需求外, 说明其拥有很高的管理水平和决策能力, 规范、独特的价值观也是其长盛不衰的秘诀。另外，万科的营运能力体系的建立、发展和运行，必然会使企业在竞争和发展中顺利进行。Winger Tuivasa-Sheck, who scored two tries in the Kiwis' 20-18 semi-final win over England, has been passed fit after a lower-leg injury, while Slater has been named at full-back but is still recovering from a knee injury aggravated against USA.Both sides boast 100% records heading into the encounter but Australia have not conceded a try since Josh Charnley's effort in their first pool match against England on the opening day.Aussie winger Jarryd Hayne is the competition's top try scorer with nine, closely followed by Tuivasa-Sheck with eight.But it is recently named Rugby League International Federation player of the year Sonny Bill Williams who has attracted the most interest in the tournament so far.The Kiwi - with a tournament high 17 offloads - has the chance of becoming the first player to win the World Cup in both rugby league and rugby union after triumphing with the All Blacks in 2011."I'd give every award back in a heartbeat just to get across the line this weekend," said Williams.The (lack of) air up there Watch mCayman Islands-based Webb, the head of Fifa's anti-racism taskforce, is in London for the Football Association's 150th anniversary celebrations and will attend City's Premier League match at Chelsea on Sunday."I am going to be at the match tomorrow and I have asked to meet Yaya Toure," he told BBC Sport."For me it's about how he felt and I would like to speak to him first to find out what his experience was."Uefa has opened disciplinary proceedings against CSKA for the "racist behaviour of their fans" during City's 2-1 win.Michel Platini, president of European football's governing body, has also ordered an immediate investigation into the referee's actions.CSKA said they were "surprised and disappointed" by Toure's complaint. In a statement the Russian side added: "We found no racist insults from fans of CSKA." Baumgartner the disappointing news: Mission aborted.The supersonic descent could happen as early as Sunda.The weather plays an important role in this mission. Starting at the ground, conditions have to be very calm - winds less than 2 mph, with no precipitation or humidity and limited cloud cover. The balloon, with capsule attached, will move through the lower level of the atmosphere (the troposphere) where our day-to-day weather lives. It will climb higher than the tip of Mount Everest (5.5 miles/8.85 kilometers), drifting even higher than the cruising altitude of commercial airliners (5.6 miles/9.17 kilometers) and into the stratosphere. As he crosses the boundary layer (called the tropopause),e can expect a lot of turbulence.The balloon will slowly drift to the edge of space at 120,000 feet ( Then, I would assume, he will slowly step out onto something resembling an Olympic diving platform.They blew it in 2008 when they got caught cold in the final and they will not make the same mistake against the Kiwis in Manchester.Five years ago they cruised through to the final and so far history has repeated itself here - the last try they conceded was scored by England's Josh Charnley in the opening game of the tournament.That could be classed as a weakness, a team under-cooked - but I have been impressed by the Kangaroos' focus in their games since then.They have been concentrating on the sort of stuff that wins you tough, even contests - strong defence, especially on their own goal-line, completing sets and a good kick-chase. They've been great at all the unglamorous stuff that often goes unnoticed in the stands but not by your team-mates.It is as though their entire tournament has been preparation for the final.In Johnathan Thurston, Cooper Cronk, Cameron Smith and either Billy Slater or Greg Inglis at full-back they have a spine that is unmatched in rugby league. They have played in so many high-pressure games - a priceless asset going into Saturday.The Kiwis are a lot less experienced but winning a dramatic match like their semi-final against England will do wonders for their confidence.They defeated Australia in the Four Nations final in 2010 and the last World Cup, and know they can rise to the big occasion.