【财务分析】海螺水泥的财务分析报告

1、安徽海螺水泥有限公司2011年前三季度财芻分析报告财务分析又称财务表报分析简单的来讲财务分析就是以财 务报表和其他资料为依据,系统的来分析公司的财务状况、经营 成果和现金流量的过程。它是通评价过去的经营业绩和衡量现在 财务状况从而推测出未来成长方向的一个行之有效的办法。这篇 对海螺水泥的财务分析报告是从投资者的角度通过对公司的营 运能力、偿债能力、盈利能力、现金流量情况等方面作出分析, 得出投资者所需的一些信息。一、海螺公司的基本情况:安徽海螺水泥股份有限公司成立于1997年9月1日，是中 国最大的水泥生产商和供应商,现有水泥和商品熟料的总产能已 达1660万吨,拥有27家子公司和1家参股公司

2、,其中六大熟 料生产基地分别位于安徽省宁国、芜湖、铜陵、池州、枫阳等地, 于199年10月21日在香港联合交易所挂牌上市（股票代码0914 ）公司总股本为98,348万股其中国有股为62,248万股,H股流通股为36,100万股。公司凭借自身资源、能源、区位优势并结合技术、人才、管理优势，在中国建材行业有很高的知名 度和可观的市场份额,生产能力在亚洲居第三位,世界居第十二 位。二、主要财务报表1、资产负债表I会计年JS2011-09-302011-06-302011-03-15货币资金6,803,674,986.008,063,111766,003,070,029,060.00交易性金融资产4

3、9,654,845-00113,598,548.004,152,155.00应收票据9,103,077,122-007,297,447,075.005,512,789,984.00应收账款425386,066.00475,736,886.00441,010,116.00预付款项624,236,416.00609,396,596.00515,152,80&00輿他应收款4,898,452344-004,373,548,289,00440,176,970-00应收关朕公司款应收利息32,401.199-007770719,00-应收股利-存货4,065,865,839.003,819,45

4、6,890.003,768,703,227.00輿中：淸耗性生物资产一年内到期的非流动资产奠他流动资产591,370,634.00684,072,017.00605,671,669-00流动资产合计26.594.119,451.0025,444,13&786.0014,357,685,989-00可供出e金融资产Z966,841,768-004,286,174,702.004,742,925350.00持育至到期投资长期应收款-长期股权投资292.513,977.00283,582,029.001,042,010,130.00投资性房地产園定资产3&86Z589,214.003

5、6,690,92&462.0034,150,267,437-00在建工程4.65&473,183-004,523,395,996.003,361,520,443.00工程物资2,315,781,697.002,791,865,671.002,938,067,081.00園定资产清理生产性生物资产油气资产无形资产3,388,802,318.003,220,656,51 &002,788,069,433.00幵炭支出-商S76.157,940-0039,344,971.0016,119,621-00长期待罐费用递延所得税资产124209,652.00114,102,384.

6、00111,446,159-00其他非流动资产209,599,309-0096,533,966.00110,216,199-00耳电流动资产合计5Z894,969,05&0052,046,584,699.0049,260,641,853-00资产总计79,489,08&509.0077,490,723,485.0063,61 &32乙84200短期借款982,900,000-001,665,000,000.002,447,449,873.00交易性金融负债应付票据40.000,000-0010,000,000,00应付账款4,535,254,735-004,380,38

7、0,058.003,787,268,17&00預收款项1,205,591,579-00844,920,854.0072&715,723-00应付职工薪酬53372726.0041,008,050,0029,055790-00应交税费1,711,384,960-001,402,466,909.001,124,407,782.00应付利息343,882,985.00211,498,033.0087,278,434-00应付股利-域他应付款4,061,126,487.003,859,066,941,003,310,674,719.00应付关朕公司款一年内到期的非流动负债2,039,4

8、10,532-00Z239,543,863.001,672,403,865.00輿他流动负债流动负债合计14,972,924,004.0014,653,884,708.0013,187,254,364-00长期借款10,500,886,365-0010,576,113,637,0010,823,909,09ZOO应付债券9,464,072,84&009,462,505,988.00长期应付款171,357,997.00175,294,951.00174,235,265.00妄项应付款-预计负债递延所得税负债373,041,083.00708,327,525.00770,654,571-

9、00域朋E流动负债30,64&662.0031,067,909,0031,614,532-00非流动负债合计20,540,006,955-0020,953310,010.0011,800,413,460.00负债合计35,512,930,959-0035,607,194718,0024,987,667,824.00实收资本（或股本）5,299,302,579-005,299,302,579.003,532,86&386.00资本公积11,536341.178.0012,623,182,293.0014,730,299,472-00盈余公枳1,141,881,369.001,14

10、1,881,369.001,141,881,369.00减；库存股-未分配利润24334,76&：L540021,273,608,928,001&555,499,200-00少数股东权益1,663,864,270-001,545,553,59&00670,111,591.00外甫报表折算价甦非正常经营项目收益调整归属母公司所有言权益（或股东权 益）42312,293,280.0040,337,975,169.0037,960,548,427-00所有者权益（或股东权益）合计43,976157,550.0041,883,52&767.003&630,660

11、,018.00负债和所有吉（或股东权益）合计79,489,08&509.0077,490,723,485.0063,61 &327.842.002利润表会计年康2011-09-302011-06-302011-03-15-营业收入34,974,813,908.0022,327,264,574.009,314,519,670-00减：营业成本20,438,110,944-0012,844,766,161.005,610,280,022-00营业税金及附加193708,694-00122,869,661.0044,289,815-00请售费用1,24&82&365.

12、00800,614,875.0035&779,760.00管理费用1,125,685,360-00702,229,165.00344,616,528.00勘探费用-财务费用434,597,538-00282,139,983.00131,21 &608.00资产减值摄失-27,976.00-27,976-00-20,000.00加：公允价值变动净收益-7,078,869-006,850,353.002,399,155-00投资收益124,259,521.0087,728,979.005,137,055-00輿中：对朕曹企业和合營企业的投 资收益22,59&047.0020

13、,434,014.005,137,055-00影营业利润的具他科目-二.营业利润11,651,091,635-007,669,252,037.002,832,891,147-00加:补贴收入-营业外收入526,789,360-00382,292,235.0017&866,452.00减：营业外支出1,862,55&001,712,815,00512,599.00輿中：非流动资产处置净5失932737-00916,291.00327,627.00加:影利润总饌的輿他科目-三.利润总離12,176,018,437.00&049,831,457.003,011,245,000

14、-00减：所得税2,930,189,278-001,951,475,440.00753,594704.00加：影响净利润的輿他科目-四.净利润9,245,829,159-006,09&356,017,002,257,650,296-00归属于母公司所有番的净利润9,055,209,131-005,994,049,905.002,216,079,661-00少数股东厦益190,620,028.00104,306,112.0041,570,635.00五.每股收益(-)基本每股收益1711130-63(二)稀澤每股收益1711130-633、 现金流量表报吿年厦2011-09-302011

15、-06-302011-03-15-活动产生的现金流量销S商品、堤供劳务收到的现金41,548,800,617-0027,139,391,860.0011,587,026,776-00收到的税费返还97,945,504-0061,803,609,0032,978,459-00收到輿他与经活动构关的现金410,177,843-00325,521,161,00145,695,713-00经S活动现金汛入小计42,056,923,964.0027,526,716,630.0011,765700,948.00购买商品、接S劳务支付的现金26,292,646,510-0017,347,162,499.00

16、7,927,917,938.00支付给职工以及为职工支付的现金1,71&131,676-001.169.162,834-00667,682,423-00支付的项税费5,587,066,421-003,416,285,241.001,320,34&707.00支付集他与经曹活动育关的现金654,149,19&00419,074,215.00101,209,993-00经童活动现金流出小计34,251,993,805-0022,351,684,789.0010,017,159,061-00经螢活动产生的现金流量净额7,804,930,159-005,175,031,841-

17、001,748,541,887.00二.投资活动产生的现金:寫宣收回投资收到的现金1,061,822,622-00800,000,000,00-取得投资收益收到的现金处aa定资产、无形资产和典他长 期资产收回的现金净饌2,504,337-001,639,906-001,450,81ZOO处置子公司及輿他营业单位收到的 现金净離363(356423.00363,356,423.00收到毀他与投资活动有关的现金139,803,468-0062,307,579.0022,434,466-00投资活动现金流入小计1,567,486,850-001,227,303,90&0023,885,278

18、-00购建固定资产、无形资产和輿他长 期资产支付的现金6,279,800,966-004,017,281355-002,042,575,069.00投资支付的现金5,313,497,046-004,909,899795-00取得子公司及典他童业单位支付的157,487,734.0019,134,000.00现金净饌支付輿他与投资活动构关的现金110,000,000.00投资活动现金汛出小计11,860,785746-00&946,315,150-002,042,575,069.00投资活动产生的现金流量净談-10,293,29&896.00-7,719,011,242.00-2

19、,018,689791.00三.筹资活动产生的现金流S吸收投资收到的现金-取得借款收到的现金3,145,000,000.003,145,000,000-001,187,449,873.00收到輿他与筹资活动育关的现金16,932,344-006,631,925-00筹资活动现金流入小计12,625,067,046-0012,608,134,702,001,194,081,79&00偿还债务支付的现金4,821,522,727-003,574,022,728.00465,500,000-00分配股利.利润或偿付利息支付的 现金1,480,442,571.001,320,20&72

20、5.00115,290,000-00支付輿他与筹资活动构关的现金15,619,197-0016761,633,009,474,026-00筹资活动现金流出小计6,317,584,495-004,910,993,086-00590,264,026-00筹资活动产生的现金流量净颤6,307,482,551-007,697,141,616.00603,817772-00四.汇率变动对现金的影四(2)、輿他原因对现金的影响五现金及现金等价物净熠加饌期初现金及现金等价物余離2,689,148,569-002,689,14&569.002,689,148,569.00期末现金及现金等价物余離6,508,262,383-007,842310,784-003,022,818,437.00附注：1.将净利润调节为经S活动现金流量净利润6,09&356,017-00加:资产减值准备-27,976.00s定资产折旧.油气资产折