财务分析相关作业(英文版)

1、Financial analysis course work Guangzhou Baiyunshan Pharmaceutical Co., Ltd. 2010 Annual Report Analysis International Institute of Accounting 0803 Team members Analysis Outline n1. Introduction n2.Common ratio analysis n3. Related Ratio Analysis n4. Comparative Analysis of competitors n5. Conclusio

2、ns 1. Introduction(1) Basic information of company nChinese Company Name: Guangzhou Baiyunshan Pharmaceutical Co., Ltd.nName in English: Guangzhou Baiyunshan Pharmaceutical Co., Ltd.nChinese abbreviation of the company: Baiyunshan PharmaceuticalnCompany abbreviation: BYSnLegal representative: Mr. Xi

3、e BinnBoard Secretary: Mr. Qiao YongnAddress: Baiyun District, Guangzhou City, Guangdong Province, and the street with 88 Yunxiang RoadnPhone :020 -87062599 Fax :020 -87,063,699nE-mail: nSecurities Affairs Representative: Miss Gao YanzhunAddress: Baiyun District, Guangzhou City, Guangdong Province,

4、and the street with 88 Yunxiang RoadnPhone :020 -87062599 Fax :020 -87,063,699nE-mail: 1. Introduction(2) Company Business Description Guangzhou Baiyunshan Pharmaceutical Co., Ltd. Established in 1973, 1992, Guangzhou Municipal Peoples Government of 11 menstrual approved by the General Pharmaceutica

5、l Factory, Guangzhou Baiyun Mountain, such as the establishment of five joint-stock companies through the restructuring of enterprises, in November 1993 as the first batch of Guangzhou City Listed companies listed on the Shenzhen Stock Exchange, now has total share capital of 469 million. Sales volu

6、me in 2007 reached 3.61 billion yuan in 2008 sales volume of over 4 billion yuan. ? company focused on the pharmaceutical industry, the business includes the production and management of a variety of dosage forms of Chinese and Western medicine, chemical raw materials, external use, childrens medici

7、ne, health medicine and other drugs. After years of development, under the White Cloud Mountain a total of 12 member companies, have all passed the national GMP, GSP certification, Guangzhou Baiyun Mountain Innovation Centre Chemical Pharmaceutical Engineering Technology Center in Guangdong Province

8、. ? the company over the years to brand building, establishing the first pharmaceutical preparations in the country one of the brand, its brand awareness and reputation among consumers in the country has a strong influence. 2006 White Cloud Mountain trademark was identified as well-known trademarks

9、in China in 2007, was identified as focus on training and development of exports of Guangdong Province Famous Brand title brand value in 2008 was assessed to be 10.52 billion yuan. Business: development, production, sales of Chinese and Western medicine, chemical raw materials, external use, childre

10、ns medicine, health medicine. Operation of commercial and material supply and marketing. Operating various types of goods and technology import and export business (except for national limit and prohibition). Management and feed processing and the three to fill a business. Production of two types of

11、 clinical testing of the instruments and diagnostic reagents. 1. IntroductionMain operations by industry Sub-industry or product Revenue Operating costs Gross margin (%) Operating income over last year Operating cost over last year Gross margin over last year Chemicals, pharmaceutical raw materials

12、manufacturing industry 43,678.35 39,405.26 9.78%26.74%30.63%-2.69%Chemical preparations manufacturing 193,184.22 116,208.43 39.85%22.67%15.09%+3.97%Chinese herbal medicines and traditional Chinese medicine processing industry 82,040.35 54,892.24 33.09%6.48%17.72%-6.39%Other Pharmaceutical Manufactur

13、ing 614.93 624.58 -1.57%-12.17%-31.42%+28.51%Pharmaceutical commodity circulation 5,684.95 2,449.00 56.92%5.29%9.46%-1.64%Total 325,202.80 213,579.51 34.32%18.22%18.06%+0.09%(3) 2010 annual operating results Unit: million 一、公司介绍(3) annual operating results in 2010 Unit: millionMain business by produ

14、ct Amoxicillin 22,265.91 11,471.46 48.48%-3.41%6.01%+1.43%Qingkailing 27,359.76 13,684.52 49.98%25.72%34.64%-3.32%Yili Keteling 20,778.76 18872.159.18%5.49%9.76%-3.53%Cephalosporin sulfide injection 26,499.15 13781.0147.99%29.23%37.18%-3.02%Cefixime 14,685.91 4273.9970.90%23.27%20.45%+0.69%Ceftriaxo

15、ne API 12,737.83 12920.93-1.44%54.41%59.96%-3.52%Cefuroxime 10,073.58 9716.133.55%13.71%16.86%-2.60%(3) 2010 annual main business regions Unit: millionRegion Revenue Operating income over last year South China 153171.5715.95%East China 40378.8130.20%North China 39083.7439.35%Northeast 11390.0611.15%

16、Southwest 28585.8134.39%Northwest 4986.6223.38%Central China 47606.19-1.58%Total 325202.818.22%二、共同比分析Comparison of accounting data calendar Unit: Yuan201020092008Total operating income 3,316,861,029.18 2,795,105,546.58 2,635,870,540.72 Gross profit 257,089,118.33 117,617,343.45 115,966,090.00 Net p

17、rofit attributable to shareholders of listed companies 204,736,590.14 107,765,675.43 76,407,343.62 Deduction attributable to shareholders of the Companys net non-recurring gains and losses 163,981,242.93 49,316,518.08 38,644,489,063.00 Cash flow from operating activities Net 327,214,424.47 300,141,1

18、34.16 83,532,831.99 The end of 2010The end of 2009 The end of 2008 Total assets 3,055,310,511.65 2,945,054,275.46 2,814,309,427.45 Therefore attributable to shareholders of listed companies the rights and interests 1,106,532,618.04 912,534,940.30 804,974,766.55 Equity (shares) 469,053,689.00 469,053

19、,689.00 469,053,689.00 2.Common ratio analysisLongitudinal analysis of the common ratio Balance Sheet Assets December 31, 2010 December 31, 2009 December 31, 2008 Total current assets 50.05%49.67%45.76%Total non-current assets 49.95%50.33%54.24%Total assets 100.00%100.00%100.00%Total liabilities and

20、 equity December 31, 2010 December 31, 2009 December 31, 2008 Total current liabilities 56.90%62.29%63.55%Total non-current liabilities 4.97%4.83%6.03%Total Liabilities 61.87%67.13%69.58%Total equity 38.13%32.87%30.42%Total liabilities and equity 100.00%100.00%100.00%2.Common ratio analysisLongitudi

21、nal analysis of the common ratio Income Statement Income Statement December 31, 2010 December 31, 2009 December 31, 2008 Revenue 100.00%100.00%100.00%Operating costs 65.00%65.41%67.40%Business tax and surcharges 0.73%0.90%0.83%Selling expenses 15.46%16.84%15.16%Management fees 11.25%12.07%11.31%Fina

22、nce costs 1.57%2.28%3.62%Impairment of assets 0.10%0.63%0.58%Operating profit 7.19%3.03%2.77%Gross profit 7.75%4.21%4.40%Net profit 6.60%4.34%3.19%2.Common ratio analysisnSummary of longitudinal analysis of the common ratio Company for more rational use of funds in the future development of the debt

23、 the company is facing down, the company increased mobility, improved ability to repay the debt, the enterprises reputation is more secure. Company attaches importance to the use of new technologies, improve the internal management more streamlined, better customer service. Net income increased to i

24、ncrease the effectiveness of the company, the investors have more confidence in the stability.2.Common ratio analysisAssets December 31, 2010December 31, 2009December 31, 2008Total current assets 118.72%113.56%100%Total non-current assets 99.99%97.12%100%Total assets 108.56%104.65%100%Total liabilit

25、ies and equity December 31, 2010December 31, 2009December 31, 2008Total current liabilities 97.19%102.57%100%Total non-current liabilities 89.57%83.86%100%Total Liabilities 96.53%100.95%100%Total equity 136.09%113.10%100%Total liabilities and equity 108.56%104.65%100%Common ratio of horizontal Balan

26、ce Sheet 2.Common ratio analysisCommon ratio of horizontal Income Statement Income Statement December 31, 2010December 31, 2009December 31, 2008Revenue 125.84%106.04%100%Operating costs 121.35%102.91%100%Business tax and surcharges 110.37%115.50%100%Selling expenses 128.37%117.85%100%Management fees

27、 125.08%113.15%100%Finance costs 54.77%66.99%100%Impairment of assets 22.29%115.35%100%Operating profit 326.83%116.09%100%Gross profit 221.69%101.42%100%Net profit 260.83%144.27%100%2.Common ratio analysisnSummary of the common ratio of horizontal Company for more robust use of funds and reasonable,

28、 the companys operations more smoothly, liquidity, solvency, corporate reputation, and other areas have been protected. Decline in the companys debt, the company for reducing the burden of debt, more money into the business sales, the company earnings could increase further. Company revenue has incr

29、eased each year, significantly improved the effectiveness of the company, net income doubled up, so that investors have more confidence in investment. In management, the company tends to improve the management and the companys strength year after year strong, with investors for greater stability.3.

30、Related Ratio AnalysisLiquidity Units 201020092008The number of days accounts receivable recovery Days 54.73 71.68 94.94 Accounts receivable turnover Times / year 13.34 10.18 7.69 Accounts receivable turnover days Days 27.36 35.84 47.47 Inventory turnover days Days 101.5793.7495.99Business inventory

31、 turnover Times / year3.59 3.89 3.80 Inventory Turnover Days101.57 93.74 95.99 Operating cycle Days152.14 128.26 145.29 Working capital Yuan(209326944.93)(371935725.92)(500657936.26)Current Ratio 0.88 0.79 0.72 Quick Ratio 0.46 0.54 0.45 Cash Ratio 0.20 0.18 0.09 Sales and working capital ratio Time

32、s / year-15.85 -7.52 -5.26 Cash flow from operations / current liabilities and current portion of long term notes receivable and Times / year4.24 6.80 2.54 3. Related Ratio AnalysisnFlow Analysis Summary Significant improvement in liquidity, and a sliding scale year after year, very good ability to

33、more stable capital flows. Timely recovery of accounts receivable, inventory flow capacity increased significantly in terms of accounts receivable and inventory is to obtain better returns. Sales did not keep up with the pace of working capital, which is a bad trend. 3. Related Ratio AnalysisLong-te

34、rm solvency Units 201020092008Interest cover Times 5.92 2.84 2.22 Debt ratio %61.8767.1369.58The gearing ratio %162.28204.19228.77Ratio of debt to net tangible assets %196.01259.34305.88Cash flow from operations / total liabilities %10.7110.192.973. Related Ratio AnalysisnSummary of long-term solven

35、cy of The solvency of the company very well, the creditors interest is well maintained. The company has a good reputation that in the banks to get funds to help better. In the interests of creditors bankruptcy can be well maintained.3. Related Ratio AnalysisProfitability Units201020092008Net profit

36、margin %6.604.343.19Total assets turnover Times / year1.11 0.97 0.95 Return on assets %7.304.213.02Operating margin %7.193.032.77Operating asset turnover Times / year1.24 1.06 1.01 Return on operating assets %8.943.212.79Ratio of sales to fixed assets Times / year5.51 4.20 3.73 ROI %20.2613.1210.11R

37、eturn on total equity %13.288.686.70Return on common equity %13.288.686.70Gross profit margin %35.0034.5932.603. Related Ratio AnalysisnProfitability Analysis Summary From 2008 to 2010, the companys profitability continues to improve, net interest margin and operating margin increased significantly,

38、 the situation is quite good. The higher the profitability that investors have confidence in the future the company is willing to pay the purchase price for each dollar surplus, the company can get more revenue. 3. Related Ratio AnalysisInvestor Analysis Units201020092008Financial Leverage 1.00 1.01

39、 1.02 Earnings per share Yuan0.43650.22980.1629PE 39.22 58.31 30.13 Rate of retained earnings %94.4691.8891.63Dividend payout ratio %7.3919.9524.36Dividend yield %2Book value per share Yuan2.48 2.06 2.45 Operating cash flow per share Yuan0.70 0.64 0.18 Cash Flow / Cash Dividend Times / ye

40、ar26.98 30.51 11.89 End market Yuan17.12 13.40 4.82 3. Related Ratio AnalysisnInvestor Analysis Summary Shareholders has increased, the stock price rose year by year. Volatile earnings, a greater impact for the company. Declining dividend payment will result in some shareholders sell their shares. B

41、etween the price-earnings ratio is normal in 5-20. When the stock market are factors that do not interfere with the normal, some of the stock market should not have been bid up to the height of price-earnings ratio will be too high. More than 20 price-earnings ratio is not considered normal. The sto

42、ck price decline is likely a precursor to higher risk. As the companys largest shareholder, the proceeds will be good; and as ordinary shareholders, although the interest is not compromised, but compared with the previous income, will decline. 4. Comparative Analysis of competitorsLiquidity Units Ba

43、iyunshan 2010Yunnanbaiyao2010The number of days accounts receivable recovery Days 54.73 72.79 Accounts receivable turnover Times / year 13.34 10.03 Accounts receivable turnover days Days 27.36 36.39 Inventory turnover days Days 101.57 88.38Business inventory turnover Times / year3.59 4.13 Inventory

44、Turnover Days101.57 88.38 Operating cycle Days128.94 124.77 Working capital Yuan(209326944.93)3336109462.96 Current Ratio 0.88 2.10 Quick Ratio 0.46 1.20 Cash Ratio 0.20 0.66 Sales and working capital ratio Times / year-15.85 3.02 Cash flow from operations / current liabilities and current portion o

45、f long term notes receivable and Times / year4.24 2.53 4. Comparative Analysis of competitorsnSummary of Comparative Analysis of Liquidity In accounts receivable, the Baiyun Mountain is better than the company Yunnanbaiyao company. In the inventory, the company is better than the Baiyun Mountain Yun

46、nanbaiyao company. In working capital, current ratio, quick ratio, cash ratio, etc., Yunnanbaiyao companies are better than the White Cloud Mountain Company. Yunnanbaiyao companys liquidity is better in the Baiyun Mountain, the companys liquidity. Yunnanbaiyao companies better access to funds of fun

47、ds can take advantage of faster production and lower earnings.4. Comparative Analysis of competitorsLong-term solvency Units Baiyunshan 2010Yunnanbaiyao2010Interest cover Times 5.92 70.39Debt ratio %61.87%42.17%The gearing ratio %162.28%72.91%Ratio of debt to net tangible assets %196.01%74.94%Cash f

48、low from operations / total liabilities %10.71%5.66%4. Comparative Analysis of competitorsnSummary Comparison of long-term solvency In debt, Yunnanbaiyao company data are better than each of the White Cloud Mountain Company, the companys solvency ratio Yunnanbaiyao Baiyun Mountain, the companys abil

49、ity to better the lot. Yunnanbaiyao better the credibility of the company that in banking, financial assistance can be better, and in the interests of creditors, bankruptcy can be well maintained.4. Comparative Analysis of competitorsProfitability UnitsBaiyunshan 2010Yunnanbaiyao2010Net profit margi

50、n %6.609.19Total assets turnover Times / year1.11 1.48 Return on assets %7.3013.58Operating margin %7.1910.35Operating asset turnover Times / year1.24 2.15 Return on operating assets %8.9422.29Ratio of sales to fixed assets Times / year5.51 -18.57 ROI %20.2623.01Return on total equity %13.2814.87Ret

51、urn on common equity %13.2814.87Gross profit margin %35.010.274. Comparative Analysis of competitorsnSummary of Comparative Analysis of profitability In terms of profitability, Yunnanbaiyao companies are better than most of the data the company Baiyun Mountain, only sales and gross margin ratio of f

52、ixed assets is lower than Baiyun Mountain Company. 4. Comparative Analysis of competitorsInvestor Analysis UnitsBaiyunshan 2010Yunnanbaiyao2010Financial Leverage 1.00 1.00 Earnings per share Yuan0.43651.33PE 39.22 45.41Rate of retained earnings %94.4699.91Dividend payout ratio %7.390.10Dividend yiel

53、d %0.150.0022Book value per share Yuan2.48 7.02 Operating cash flow per share Yuan0.70 0.62Cash Flow / Cash Dividend Times / year26.98 511.95 End market Yuan17.12 60.40 4. Comparative Analysis of competitorsnSummary Comparison of investors White Cloud Mountain Inc. and Yunnanbaiyao companies regard the two companies relative to their own comparative advantages of investors. At the end of the market price was higher than the market price of the company Yunnanbaiyao Baiyun Mountain Company. As a major shareholder in the investment, the Yunnanbaiyao to gain a better income, and inve