东方航空财务报表分析 修改.doc

1. Preliminary financial analysis初步分析中国东方航空股份有限公司于1995年4月正式成立,由中国东方航空集团公司独家发起。1997年2月经国家体改委(1996)180号文和国务院证券委员会(1997)4号文批准在美国和香港两地发行并上市156,695万股H股。1997年5月经中国民用航空总局和中国证监会批准增发境内人民币普通股(向社会公众发行)30,000万股。1997年11月5日,中国东方航空股份有限公司股票在上海证券交易所上市交易。 本公司及子公司(以下合称“本集团”)主要经营国内和经批准的地区、国际航空客、货、邮、行李运输业务及延伸服务；通用航空业务；航空器维修；航空设备制造与维修；国内外航空公司的代理业务；行业相关材料、设备与技术进出口业务；旅游服务；宾馆业务及与航空运输有关的其他业务。China Eastern Airlines in April 1995 formally established exclusively initiated by China Eastern Air Holding Company. 1997 2 menstrual State Commission (1996) No. 180 and the Securities Commission of the State Council (1997) on the 4th text approved issue 156,695 shares and H shares listed in the United States and Hong Kong. 1997 5 menstrual Civil Aviation Administration of China and the China Securities Regulatory Commission approved the issuance of domestic RMB ordinary shares (issued to the public) 30,000 shares. November 5, 1997, China Eastern Airlines shares in Shanghai Stock Exchange.The Company and its subsidiaries (hereinafter collectively referred to as the Group) are principally engaged in domestic and approved by the regional and international air passenger, cargo, mail, baggage transport operations and extension services; general aviation operations; aircraft maintenance; aviation equipment manufacturing and maintenance ; domestic and international airline agency business; industry-related materials, equipment and technology import and export business; tourism services; hotels and air transport related business and other businesses.2. Sales analysis by source 销售来源分析1. Pie chart p.417 最近一年3. Comparative financial statements (last 3 years) 比较财务报表 (最近3年)（1）. China Eastern AirlinesBalance Sheets For Year 12 through Year 13Assets（millions）Current assetsMonetary funds 237,804.00 423,795.00 Trading financial assets - 1,807.00 Notes receivable 36.00 600.00 accounts receivable 352,418.00 295,618.00 Prepaid accounts 85,187.00 82,368.00 Interests receivable - 631.00 Dividend receivable 2,005.00 5,919.00 Other receivables 210,614.00 155,934.00 Inventories 230,541.00 208,798.00 Noncurrent assets due within one year 9,777.00 - Other current assets 98,234.00 92,014.00 Total Current assets 1,260,992.00 1,267,483.00 Noncurrent assetsAvailable for sale financial assets 41,074.00 196.00 Long term equity investment 149,743.00 148,437.00 The original value of fixed assets 13,529,527.00 12,034,631.00 Accumulated depreciation 4,391,247.00 3,917,371.00 Net value of fixed assets 9,138,279.00 8,117,260.00 Impairment of fixed assets 70,560.00 69,080.00 Fixed assets 9,067,720.00 8,048,181.00 Construction in progress 1,835,225.00 1,387,894.00 Intangible assets 237,506.00 196,125.00 Goodwill 902,760.00 850,903.00 Long term prepaid expenses 133,844.00 115,071.00 Deferredincome tax assets 38,947.00 1,204.00 Other noncurrent assets 103,071.00 80,754.00 Total Noncurrent assets 12,516,659.00 10,828,765.00 Total assets 13,777,651.00 12,096,248.00 Liabilities（millions）Current liabilitiesShort-term Loans 792,538.00 888,024.00 Transactional financial liabilities 339.00 34,015.00 Notes payable 3,991.00 25,000.00 Accounts payable 1,253,226.00 1,084,802.00 Defferd revenue 43,621.00 355,903.00 Employee compensation 281,926.00 260,188.00 Taxes payable 175,510.00 175,644.00 Interests payable 48,391.00 23,742.00 Other payables 222,365.00 295,419.00 Internationalticketsettlement 449,673.00 - Due within one year of noncurrent liabilities 1,636,592.00 1,341,418.00 Other current liabilities 400,000.00 400,000.00 Total current liabilities 5,308,170.00 4,884,155.00 Noncurrent liabilitiesLong-term loans 2,032,984.00 2,059,616.00 Bonds payable 698,541.00 250,000.00 Long-term payables 2,372,799.00 2,250,772.00 Special payable 11,523.00 11,656.00 Deferredincome tax liabilities 2,955.00 2,933.00 Othernoncurrent liabilities 147,658.00 132,853.00 Total Noncurrent liabilities 5,840,409.00 4,707,829.00 Total liabilities 11,148,579.00 9,591,984.00 Shareowners EquityPaid in capital(or share capital) 1,267,427.00 1,127,654.00 Capital surplus 1,488,190.00 1,513,545.00 Undistributed profits -293,947.00 -303,564.00 Attributable to the parent companyof total shareholders equity 2,461,670.00 2,337,635.00 Minority interests 167,402.00 166,630.00 Owners equity 2,629,072.00 2,504,264.00 Total Liabilities and owners equity 13,777,651.00 12,096,248.00 （2）. China Eastern Airlines Income Statements For Year 12 through Year 13Report Date2013-12-312012-12-31The total operating income 8,800,924.00 8,556,925.00 Operating income (millions) 8,800,924.00 8,556,925.00 The total operating cost 8,913,692.00 8,500,076.00 operating cost 8,033,864.00 7,470,031.00 Business tax and surcharges 30,637.00 67,013.00 Selling expense 590,972.00 544,302.00 Administrative expenses 283,861.00 274,329.00 Financial expenses -44,030.00 146,434.00 Impairment loss of assets 18,387.00 -2,034.00 The change of income fair value 1,834.00 2,483.00 Investment income 6,805.00 23,406.00 The joint venture and venture investment income 5,924.00 13,317.00 Operating profit -104,129.00 82,738.00 Operating income 331,940.00 271,151.00 Operating expenses 5,754.00 2,324.00 Loss on disposal of noncurrent assets 3,940.00 1,193.00 Gross profit 222,057.00 351,566.00 Income tax expense 12,428.00 21,533.00 Net profit 209,629.00 330,033.00 Net profit attributable to the owner of the parent company 237,604.00 343,011.00 Minority interest income -27,975.00 -12,978.00 Per shareThe basic earnings per share 0.20 0.30 Diluted earnings per share 0.20 0.30 (3). China Eastern Airlines Statements of cash flows For Year 12 through Year 13Report Date2013-12-312012-12-31 Cash received from sales of goods, services provided (millions) 9,233,165.0 8,965,416.0 Other cash received relating to operating activities 734,027.00 578,182.00 Subtotal of cash inflow from operating activities 9,967,192.0 9,543,599.0 The purchase of goods, services received cash payments 6,608,442.0 6,178,130.0 Paid to and for employees cash 1,501,205.0 1,327,680.0 The tax payment 252,219.00 338,412.00 Other cash payments relating to operating activities 527,444.00 438,549.00 Cash outflow for operating activities 8,889,309.0 8,282,771.0 Generated from operating activities net cash flow 1,077,883.0 1,260,828.0 Recovery of investment cash received 1,237.00 9,733.00 Cash received investment income 9,567.00 11,245.0 Net cash back on disposal of fixed assets, intangible assets and other long-term assets. 55,575.00 39,083.0 Other cash received relating to investment activities 168,741.0 118,336.00 Cash inflow from investment activities 235,120.0 178,396 Purchase payment and construction of fixed assets, intangible assets and other long-term assets cash 1,908,308 1,347,667.0 The investment paid in cash 29,569.00 8,732.00 Cash outflow for investment activities 1,937,876.00 1,356,398.00 Net cash flow from investment activities -1,702,756.00 -1,178,002Absorb the investment cash received 397,839.0 45,385.00 Among them :Subsidiary of minority shareholders investment cash received 40,600.00 - Borrow money received in cash 2,459,233.00 3,398,861.00 The cash that received to issue bonds 1,098,541.00 400,000.00 Other related to the financing activities of cash received 1,310.00 23,648.00 Financing activities of cash inflows subtotal 3,956,922.00 3,867,894.00 Repayment of the debt to pay in cash 2,961,584 3,397,221The cash used to distribution dividends,profits or paying interest 168,804.0 211,542.00 Among them :Subsidiary dividend payments to minority shareholders, profits 6,848.00 17,858.00 Other related to the financing activities of cash payment 253,570.0 476,559.00 Financing activities cash outflows subtotal 3,383,95 4,085,323The net cash flow generated by financing activities 572,965.0 -217,429.0 The impact of exchange rate movements of cash and cash equivalents -2,528.00 -325.00 Net increase in cash and cash equivalents -54,437.0 -134,928.0 plus:The beginning balance of cash and cash equivalents 253,935.0 386,097.00 The final balance of cash and cash equivalents 199,498.0 251,170.00 Net profit 209,629.0 330,033.00 Asset impairment loss 18,387.00 -2,034.00 Fixed assets depreciation, depletion of oil and gas assets, productive material depreciation 811,429.0 744,889.00 Intangible assets amortize 10,844.00 8,606.00 Long-term prepaid expenses amortization 49,056.00 47,152.00 The disposal of fixed assets, intangible assets and other long-term assets loss -31,618.0 -10,120.00 Fixed assets scrap loss - - Losses on the changes in the fair value -1,834.00 -2,483.00 Finance charges -57,582.0 134,887.00 Investment losses -6,805.00 -23,406.00 Deferred tax assets -22,328.0 38.00 The decrease of inventory -19,705.0 -42,910.00 A drop in business receivables -159,522. -44,756.00 Business to cope with the increase of the project 参加有道翻译用户满意度调查！ 277,932.0 120,931.00 Net cash flow of business activities 1,077,883 1,260,828.Financing rent fixed assets 452,488.0 - The ending balance of cash 199,498.0 251,170.00 The beginning balance of cash 253,935.0 386,097.00 A net increase of cash and cash equivalents -54,437.0 -134,928.0 4. Further analysis of financial statements财务报告的进一步分析(1). 2-year Growth Rates sales; Net Income; Dividends; Equity (2). China Eastern Airlines Common-size Income statement For Year 12 through Year 132013-12-312012-12-31Operating income（millions）100.00%100%Operating cost -91.28%-87.42%Business tax and additional -0.35%-0.78%During the period of cost -9.44%-11.49%Cost of sales -3.23%-3.50%Management fees -6.71%-6.30%Finance charges 0.50%-1.69%Asset impairment loss-0.21%-0.02%Changes in fair value gains and losses 0.02%0.03%Return on investment 0.08%0.27%Operating profit -1.18%0.64%Plus：Non-operating income 3.77%3.14%Minus：Operating expenses-0.07%-0.03%Total profit2.52%3.75%Minus：Income tax-0.14%-0.24%Net Earnings2.83%3.51%China Eastern Airlines Common-size Balance statement For Year 12 through Year 13Current assetsCChina Eastern Airlines Common-size statement of cash flow For Year 12 through Year 13Millions13-12-3112-12-31销售商品、提供(3). China Eastern AirlinesPer share results Year 13Year 12SalesNet income1.942.07Dividends0.18750.2706Book valueAverage shares outstanding (4) Analysis of cash flow rations a) Chart of summary inflows and cash outflows China Eastern Airlines cash flow 2012 Operating cash inflows and cash outflows: 9,543,599 Yuan and 8,282,771 Yuan.2012 Investment activities cash inflows and cash outflows: 178,396 Yuan and 1,356,398 Yuan 2012 Financing cash inflows and cash outflows: 3,867,894 Yuan and 4,085,323 Yuan2013 Operating cash inflows and cash outflows a: 9,967,192 Yuan and 8,889,309 Yuan 2013 Investment activities cash inflows and outflows: 235,120 Yuan and 1,937,876 Yuan 2013 Financing cash inflows and cash outflows: 3,956,922YuanAnd 3,383,958 Yuan.b) 现金流量比率分析China Eastern AirlinesAnalysis of cash Flow Ratios(1).Cash flow adequacy ratio= 2-year sum of cash from operations / (2-year sum of capital expenditures，inventory additions and cash dividends)=（1,077,883+1,260,828）/ (1,908,308+1,347,667)+(168,804+211,542) =0.64Cash flow adequacy ratio used to measure whether the enterprise can generate enough cash to pay the debt, fixed assets investment and dividend payments to. Cash flow adequacy ratio of less than 1, then the need to rely on other sources (financing and assets disposal) to pay. In order to avoid the effect of repetitive and unstable factors, can be extended for more than one year. (2). Cash reinvestment = (Cash provided by operation-Dividends)/Gross PPE +Investment +Other assets +Working capitalYear 12=1,260,828 / (1,267,483-4,884,155) + 148,437+8,048,181+ (92,014+80,754) =26.53%Year 13=1,077,883 / (1,260,992-5,308,170) + 149,743+9,067,720+ (98,234+103,071) =20.06%The higher the ratio, indicates that the enterprise can be used for re investment in the assets of the enterprise more cash, re investment ability; on the contrary, said corporate re investment ability is weak.5. Short-term Liquidity 短期流动性Ratio exhibit cc.12 比率分析 China Eastern AirlinesShort-term Liquidity AnalysisDate2013-12-312012-12-31Current ratio0.240.26Acid-test ratio 0.190.22Accounts receivable turnover27.1633.21Inventory turnover36.5741Dayssales in receivable 13.2510.84Dayssales in inventory9.848.78Approximate conversion period23.0919.62Cash to current assets%18.8633.44Cash to current liabilities%20.3216.54Working capital(millions)-40.5-36.2Average net trade cycle6.725.8Cash provided by operation to average current liabilities6.Capital Structure and Solvency资本结构和偿债能力 p.430: Pie Chart (2). Ratio p.433 exhibit cc.18 比率分析China Eastern AirlinesCapital Structure and Solvency RatiosYear 12Year 13Total debt equity3.834.24Total debt ratio4.790.81Long-term debt to equity 1.952.02Equity to total debt0.260.24Fixed assets to equity3.213.45Current liabilities to fixed charges0.510.48Earning to fixed chargesCash flow to fixed charges7.Return on Investment Capital投资回报率ROI capital ratios Year 13Year 12Return on net operating assets2.38%3.86%Return on common equity10.97%15.48%Return on long term debt and equity Equity growth rate19.08%20.70%Disaggregation of ROCERNOA2.38%3.86%ROE11.44%10.15%8.Analysis of Asset Utilization 资产利用率分析9.Analysis of Operation performance and profitability 经营业绩和盈利能力分析（1）. Profit marginsYear 12Year 13Gross profit margin (%)8.7212.70Operating profit margin (%)-1.180.97Net profit margin(%)2.383.86(2). Curve chart 10. Summary Evaluation and Inferences 总结性评价与结论After the analysis of Oriental aviation financial in three years, we come to the conclusion, the companies rely heavily on energy, the energy is extremely sensitive to price changes. The company belongs to high debt industry, the investment recovery period is longer. Current ratio, quick ratio is low perennial, short-term liquidity risk is stronger, while also facing exchange rate, interest rate risk. The industry competition is intense, and High-speed Rail separation of tourists, more intense competition, price competition is inevitable, so sales net profit rate is falling. In recent years because of the global economic downturn, leading to a net asset profit rate decreased significantly, the investors must be careful consideration.(2). Capital Structure and Solvency .公司偿债能力弱，短期偿债能力各指标均小于行业均值，且呈现下降趋势，说明企业短期偿还负债的能力越来越弱，流动负债得到偿还的保障较小。长期偿债能力指