财务报表分析—02任务万科

1、万科A营运能力分析企业营运能力主要指营运资产的效率与效益。营运资产的效率通常是指营运资产的周转率或周转速度。营运资产的效益是指营运资产的利用效果。企业营运能力分析就是要通过对反映企业资产营运效率与效益的指标进行计算与分析，评价企业的营运能力，为企业提高经济效益指明方向。第一，营运能力分析可评价企业资产的流动性。第二，营运能力分析可评价企业资产利用的效益。第三，营运能力分析可分析企业资产利用的潜力。一、 资料搜集： 资产负债表会计年度2008-12-312009-12-312010-12-31货币资金19,978,285,929.9223,001,923,830.8037,816,932,911

2、.84交易性金融资产-740,470.77-应收票据-应收账款922,774,844.24713,191,906.141,594,024,561.07预付款项3,160,518,998.568,736,319,500.7317,838,003,464.71其他应收款3,496,096,906.257,785,809,435.4114,938,313,217.77应收关联公司款-应收利息-应收股利-存货85,898,696,524.9590,085,294,305.52133,333,458,045.93其中：消耗性生物资产-一年内到期的非流动资产-其他流动资产-流动资产合计113,456,37

3、3,203.92130,323,279,449.37205,520,732,201.32可供出售金融资产167,417,894.55163,629,472.66404,763,600.00持有至到期投资-长期应收款-长期股权投资2,485,725,268.993,565,383,001.514,493,751,631.16投资性房地产198,394,767.05228,143,157.99129,176,195.26固定资产1,265,332,766.181,355,977,020.481,219,581,927.47在建工程188,587,022.90593,208,234.13764,28

4、2,140.58工程物资-固定资产清理-生产性生物资产-油气资产-无形资产-81,966,325.94373,951,887.29开发支出-商誉-长期待摊费用25,268,164.9731,318,689.6532,161,415.85递延所得税资产1,449,480,632.531,265,649,477.661,643,158,028.39其他非流动资产-1,055,992,714.51非流动资产合计5,780,206,517.177,285,275,380.0210,116,819,540.51资产总计119,236,579,721.09137,608,554,829.39215,637

5、,551,741.83短期借款4,601,968,333.321,188,256,111.111,478,000,000.00交易性金融负债1,694,880.00-15,054,493.43应付票据-30,000,000.00-应付账款12,895,962,836.6316,300,047,905.7516,923,777,818.98预收款项23,945,755,139.8531,734,801,163.7674,405,197,318.78应付职工薪酬517,762,853.19806,504,472.201,415,758,826.87应交税费-861,985,122.521,176,

6、877,640.283,165,476,401.56应付利息219,884,034.75122,643,721.10127,806,502.79应付股利-其他应付款9,968,304,370.939,258,734,468.3016,814,029,349.10应付关联公司款-一年内到期的非流动负债13,264,374,576.457,440,414,366.7815,305,690,786.98其他流动负债-流动负债合计64,553,721,902.6068,058,279,849.28129,650,791,498.49长期借款9,174,120,094.8317,502,798,297.

7、1124,790,499,290.50应付债券5,768,015,997.015,793,735,805.145,821,144,507.03长期应付款-专项应付款-预计负债41,729,468.0334,355,814.9541,107,323.15递延所得税负债867,797,927.60802,464,465.02738,993,358.99其他非流动负债12,644,849.828,408,143.828,816,121.26非流动负债合计15,864,308,337.2924,141,762,526.0431,400,560,600.93负债合计80,418,030,239.8992

8、,200,042,375.32161,051,352,099.42实收资本（或股本）10,995,210,218.0010,995,210,218.0010,995,210,218.00资本公积7,853,144,319.558,557,716,583.448,789,344,008.84盈余公积6,581,984,978.148,737,841,436.8510,587,706,328.79减：库存股-未分配利润6,184,277,986.668,808,398,744.0513,470,284,310.05少数股东权益6,926,624,218.808,032,624,392.9310,3

9、53,522,851.30外币报表折算价差277,307,760.05276,721,078.80390,131,925.43非正常经营项目收益调整-归属母公司所有者权益（或股东权益）31,891,925,262.4037,375,888,061.1444,232,676,791.11所有者权益（或股东权益）合计38,818,549,481.2045,408,512,454.0754,586,199,642.41负债和所有者（或股东权益）合计119,236,579,721.09137,608,554,829.39215,637,551,741.83利润表会计年度2008-12-312009-1

10、2-312010-12-31一、营业收入40,991,779,214.9648,881,013,143.4950,713,851,442.63减：营业成本25,005,274,464.9134,514,717,705.0030,073,495,231.18营业税金及附加4,533,872,994.463,602,580,351.825,624,108,804.74销售费用1,860,350,084.011,513,716,869.352,079,092,848.94管理费用1,530,799,165.461,441,986,772.291,846,369,257.59勘探费用-财务费用657,

11、253,346.42573,680,423.04504,227,742.57资产减值损失1,268,113,233.13-524,239,596.14-545,451,004.03加：公允价值变动净收益19,262,232.002,435,350.77-15,054,493.43投资收益209,411,393.50924,076,829.10777,931,240.02其中：对联营企业和合营企业的投资收益209,735,864.65541,860,864.68291,703,045.44影响营业利润的其他科目-二、营业利润6,364,789,552.078,685,082,798.0011,8

12、94,885,308.23加：补贴收入-营业外收入57,455,149.7070,678,786.7471,727,162.82减：营业外支出99,959,075.74138,333,776.6525,859,892.03其中：非流动资产处置净损失2,336,423.461,577,638.381,211,776.17加：影响利润总额的其他科目-三、利润总额6,322,285,626.038,617,427,808.0911,940,752,579.02减：所得税1,682,416,473.302,187,420,269.403,101,142,073.98加：影响净利润的其他科目-四、净利润

13、4,639,869,152.736,430,007,538.698,839,610,505.04归属于母公司所有者的净利润4,033,170,027.895,329,737,727.007,283,127,039.15少数股东损益606,699,124.841,100,269,811.691,556,483,465.89五、每股收益-（一）基本每股收益0.370.480.66（二）稀释每股收益0.370.480.66现金流量表报告年度2008-12-312009-12-312010-12-31一、经营活动产生的现金流量销售商品、提供劳务收到的现金42,783,256,973.5457,595,

14、333,545.5088,119,694,493.30收到的税费返还-收到其他与经营活动有关的现金1,478,587,995.651,889,792,191.432,976,047,156.82经营活动现金流入小计44,261,844,969.1959,485,125,736.9391,095,741,650.12购买商品、接受劳务支付的现金30,218,067,735.4234,560,212,561.8966,645,895,259.85支付给职工以及为职工支付的现金2,319,451,074.601,197,521,164.611,848,827,752.37支付的各项税费7,863,1

15、26,723.186,537,312,459.489,381,585,316.90支付其他与经营活动有关的现金3,895,351,266.397,936,728,231.4010,982,177,869.55经营活动现金流出小计44,295,996,799.5950,231,774,417.3888,858,486,198.67经营活动产生的现金流量净额-34,151,830.409,253,351,319.552,237,255,451.45二、投资活动产生的现金流量收回投资收到的现金1,040,323,958.60210,421,893.79282,454,288.12取得投资收益收到的现

16、金76,414,614.40392,060,350.54367,769,277.76处置固定资产、无形资产和其他长期资产收回的现金净额5,687,793.90142,450,545.00462,241.52处置子公司及其他营业单位收到的现金净额3,547,677.00119,164,800.0017,179,172.33收到其他与投资活动有关的现金298,441,056.08304,714,390.002,032,857,298.14投资活动现金流入小计1,424,415,099.981,168,811,979.332,700,722,277.87购建固定资产、无形资产和其他长期资产支付的现金

17、215,283,734.68806,062,156.74261,938,551.22投资支付的现金1,366,213,599.631,577,467,490.522,183,848,057.74取得子公司及其他营业单位支付的现金净额2,687,055,197.582,975,942,928.471,364,056,191.97支付其他与投资活动有关的现金-1,082,538,787.40投资活动现金流出小计4,268,552,531.895,359,472,575.734,892,381,588.33投资活动产生的现金流量净额-2,844,137,431.91-4,190,660,596.40

18、-2,191,659,310.46三、筹资活动产生的现金流量吸收投资收到的现金6,232,918,108.90829,084,667.001,979,021,435.08取得借款收到的现金14,325,980,945.7120,731,516,740.8227,070,090,551.02收到其他与筹资活动有关的现金-筹资活动现金流入小计20,558,899,054.6121,560,601,407.8229,049,111,986.10偿还债务支付的现金11,690,595,100.0721,640,510,970.2511,985,374,651.54分配股利、利润或偿付利息支付的现金3,

19、001,963,332.532,948,745,658.434,039,207,571.75支付其他与筹资活动有关的现金-筹资活动现金流出小计14,692,558,432.6024,589,256,628.6816,024,582,223.29筹资活动产生的现金流量净额5,866,340,622.01-3,028,655,220.8613,024,529,762.81四、汇率变动对现金的影响-56,270,014.09-9,546,494.8324,034,574.57四(2)、其他原因对现金的影响-五、现金及现金等价物净增加额2,931,781,345.612,024,489,007.461

20、3,094,160,478.37期初现金及现金等价物余额17,046,504,584.3119,978,285,929.9222,002,774,937.38期末现金及现金等价物余额19,978,285,929.9222,002,774,937.3835,096,935,415.75附注：1、将净利润调节为经营活动现金流量净利润4,639,869,152.736,430,007,538.698,839,610,505.04加：资产减值准备1,268,113,233.13-524,239,596.14-545,451,004.03固定资产折旧、油气资产折耗、生产性生物资产折旧94,169,012

21、.7395,653,213.99-无形资产摊销-9,390,604.4420,817,653.19长期待摊费用摊销11,649,080.27-处置固定资产、无形资产和其他长期资产的损失2,336,423.466,306,215.78190,379.16固定资产报废损失-公允价值变动损失-19,262,232.00-2,435,350.7715,054,493.43财务费用657,253,346.42573,680,423.04504,227,742.57投资损失-209,411,393.50-924,076,829.10-777,931,240.02递延所得税资产减少-845,423,213.

22、27183,831,154.87-367,647,073.96递延所得税负债增加-104,100,063.97-83,090,709.62-35,168,088.98存货的减少-12,401,019,289.301,556,571,445.17-35,529,232,749.19经营性应收项目的减少4,938,322,368.06-10,928,036,079.41-20,484,611,050.22经营性应付项目的增加2,705,397,863.1512,239,132,980.4150,032,678,243.72其他-772,046,118.31620,656,308.20564,717

23、,640.74经营活动产生的现金流量净额2-34151830.49,253,351,319.552,237,255,451.452、不涉及现金收支的重大投资和筹资活动债务转为资本-一年内到期的可转换公司债券-融资租入固定资产-3、现金及现金等价物净变动情况现金的期末余额19,978,285,929.92-减：现金的期初余额17,046,504,584.31-加：现金等价物的期末余额-22,002,774,937.3835,096,935,415.75减：现金等价物的期初余额-19,978,285,929.9222,002,774,937.38加：其他原因对现金的影响2-现金及现金等价物净增加额

24、2,931,781,345.612,024,489,007.4613,094,160,478.37同行业资料搜集表1-1：名称2008年应收账款周转率（次）应收账款周转天数（天）存货周转率（次）存货周转天数（天）流动资产周转率（次）流动资产周转天数（天）固定资产周转率（次）总资产周转率（次）总资产周转天数（天）万科A45.86 7.85 0.33 1096.89 0.39 917.20 44.54 0.37 963.08 沙河股份50.73 7.10 0.12 3108.81 0.25 1467.59 9.24 0.23 1600.00 招商地产43.66 8.25 0.10 3522.50

25、0.13 2729.34 12.46 0.11 3149.61 深深房A46.55 7.73 0.53 680.27 0.52 698.35 9.57 0.31 1165.43 中粮地产36.75 9.80 0.15 2348.34 0.20 1837.67 3.57 0.14 2493.07 华侨城A121.19 2.97 1.35 266.86 1.17 308.38 0.84 0.26 1362.09 深物业A9.24 38.98 0.32 1128.17 0.42 865.80 5.75 0.31 1153.85 合计353.98 82.68 2.90 12151.84 3.08 88

26、24.33 85.97 1.73 11887.13 家数7 7 7 7 7 7 7 7 7 行业平均50.57 11.81 0.41 1735.98 0.44 1260.62 12.28 0.25 1698.16 表1-2：名称2009年应收账款周转率（次）应收账款周转天数（天）存货周转率（次）存货周转天数（天）流动资产周转率（次）流动资产周转天数（天）固定资产周转率（次）总资产周转率（次）总资产周转天数（天）万科A59.76 6.02 0.39 917.90 0.40 897.76 37.30 0.38 945.87 沙河股份140.74 2.56 0.29 1247.40 0.45 805

27、.91 20.71 0.41 883.44 招商地产89.66 4.02 0.22 1640.09 0.27 1333.83 34.71 0.24 1515.15 深深房A50.57 7.12 0.35 1022.15 0.38 939.21 10.92 0.27 1350.34 中粮地产27.01 13.33 0.23 1597.16 0.26 1391.04 6.69 0.18 1996.67 华侨城A102.47 3.51 1.10 328.38 1.23 291.59 1.66 0.49 734.24 深物业A12.47 28.86 0.36 1004.18 0.44 813.38 9

28、.33 0.34 1052.94 合计482.68 65.42 2.94 7757.26 3.43 6472.72 121.32 2.31 8478.65 家数7 7 7 7 7 7 7 7 7 行业平均68.95 9.35 0.42 1108.18 0.49 924.67 17.33 0.33 1211.24 表1-3：名称2010年应收账款周转率（次）应收账款周转天数（天）存货周转率（次）存货周转天数（天）流动资产周转率（次）流动资产周转天数（天）固定资产周转率（次）总资产周转率（次）总资产周转 天数（天）万科A43.96 8.19 0.27 1337.30 0.30 1192.05 39

29、.38 0.29 1253.92 沙河股份139.12 2.59 0.39 932.40 0.50 724.05 23.34 0.44 814.85 招商地产124.41 2.89 0.24 1500.00 0.29 1256.98 49.17 0.26 1406.80 深深房A64.05 5.62 0.31 1154.22 0.39 925.93 15.58 0.30 1188.12 中粮地产22.25 16.18 0.12 3087.48 0.17 2127.66 8.12 0.13 2850.36 华侨城A94.09 3.83 0.59 609.24 0.80 451.58 1.73 0

30、.44 823.99 深物业A14.73 24.44 0.48 756.78 0.44 819.11 12.79 0.35 1041.67 合计502.61 63.74 2.40 9377.42 2.89 7497.36 150.11 2.21 9379.71 家数7 7 7 7 7 7 7 7 7 行业平均71.80 9.11 0.34 1339.63 0.41 1071.05 21.44 0.32 1339.96 二、营运能力分析：（一）短期资产营运能力分析：1应收账款周转率=营业收入/应收账款平均余额应收帐款周转率名称2008年2009年2010年平均万科A45.86 59.76 43.

31、96 49.86 行业平均50.57 68.95 71.80 63.77 分析：应收账款周转率越高，说明企业应收账款回收快，流动性强。2009年比2008年的收账款周转率有大幅度提升，证明平均收账期有所缩短，应收账款的回收加快，资金滞留应收账款上的数量减少，资金使用效率有所提升。2010年最低，说明企业账款回收发生困难，引起收账费用增加，并存在坏账的可能性。万科A三年平均应收账款周转率要低于行业平均21.81%，表明万科营运资金过多地滞留在应收账款上，影响资金的周转，流动资产变现力弱，资金的机会成本变大。2存货周转率=营业成本（收入）/存货平均余额存货周转率名称2008年2009年2010年平均万科A0