第六组泸州老窖利润现金流量表

会计学1第六组泸州老窖利润现金流量表经营范围：“泸州老窖”系列酒的生产、销售、兼营科技开发。主营业务：泸州老窖系列酒的生产和销售

第1页/共39页报表日期一、营业总收入二、营业总成本营业成本营业税金及附加销售费用管理费用财务费用资产减值损失投资收益三、营业利润营业外收入营业外支出非流动资产处置损失利润总额所得税费用四、净利润归属于母公司所有者的净利润少数股东损益五、每股收益基本每股收益稀释每股收益泸州老窖利润表20111231201012312009123120081231842,791537,087437,042379,838443,395280,502257,268229,405284,601164,319145,758128,89369,52343,78632,37626,34438,95532,33749,93751,27950,06539,04729,04222,730-315756-24221567257179-613,78935,10435,68217,191403,185291,690215,456167,6233,2851,7577351,1431,9961,5521,0103,4101,0861617631404,473291,894215,181165,35698,91363,82446,03438,652305,560228,070169,146126,704290,503220,524167,334126,59915,0577,5461,812105000000000000第2页/共39页报表日期20111231201012312009123120081231一、营业总收入100.00%100.00%100.00%100.00%二、营业总成本52.61%52.23%58.87%60.40%营业成本33.77%30.59%33.35%33.93%营业税金及附加8.25%8.15%7.41%6.94%销售费用4.62%6.02%11.43%13.50%管理费用5.94%7.27%6.65%5.98%财务费用-0.04%0.14%-0.01%0.06%资产减值损失0.07%0.05%0.04%-0.02%投资收益0.45%6.54%8.16%4.53%三、营业利润47.84%54.31%49.30%44.13%营业外收入0.39%0.33%0.17%0.30%营业外支出0.24%0.29%0.23%0.90%非流动资产处置损失0.13%0.00%0.04%0.01%利润总额47.99%54.35%49.24%43.53%所得税费用11.74%11.88%10.53%10.18%四、净利润36.26%42.46%38.70%33.36%归属于母公司所有者的净利润34.47%41.06%38.29%33.33%少数股东损益1.79%1.40%0.41%0.03%五、每股收益0.00%0.00%0.00%0.00%基本每股收益0.00%0.00%0.00%0.00%稀释每股收益0.00%0.00%0.00%0.00%第3页/共39页项目2008年2009年2010年2011年一、营业总收入100.00%100.00%100.00%100.00%二、营业总成本90.31%92.71%88.85%81.02%营业成本48.21%46.29%43.88%41.28%营业税金及附加9.37%10.15%11.04%11.18%销售费用13.74%15.23%15.59%16.07%管理费用11.02%12.22%11.91%9.67%财务费用4.27%5.14%2.27%1.13%资产减值损失3.64%3.67%4.16%1.68%投资收益0.55%1.13%1.58%0.40%三、营业利润10.24%8.43%12.71%19.37%营业外收入1.20%6.96%5.37%4.04%营业外支出0.66%0.20%1.68%0.49%非流动资产处置损失0.06%0.04%0.36%0.11%利润总额10.78%15.19%16.40%22.93%所得税费用4.84%5.22%5.83%6.54%四、净利润5.95%9.97%10.57%16.39%五、每股收益0.00%0.00%0.00%0.00%基本每股收益0.00%0.00%0.00%0.00%稀释每股收益0.00%0.00%0.00%0.00%行业利润比较—结构百分比第4页/共39页项目（2008年，%）MINMAXAVERAGE泸州老窖一、营业总收入100.00%100.00%100.00%100.00%二、营业总成本34.61%173.12%90.31%60.40%营业成本9.70%85.80%48.21%33.93%营业税金及附加0.99%18.04%9.37%6.94%销售费用4.73%37.18%13.74%13.50%管理费用5.67%29.76%11.02%5.98%财务费用-2.02%52.32%4.27%0.06%资产减值损失-0.71%35.51%3.64%-0.02%投资收益-0.54%4.53%0.55%4.53%三、营业利润-73.12%65.40%10.24%44.13%营业外收入0.02%11.08%1.20%0.30%营业外支出0.04%2.82%0.66%0.90%非流动资产处置损失0.00%0.56%0.06%0.01%利润总额-74.32%65.34%10.78%43.53%所得税费用-4.76%16.80%4.84%10.18%四、净利润-69.56%48.54%5.95%33.36%五、每股收益0.00%0.00%0.00%0.00%基本每股收益0.00%0.00%0.00%0.00%稀释每股收益0.00%0.00%0.00%0.00%行业分析–

费用控制第5页/共39页项目（2009年，%）MINMAXAVERAGE泸州老窖一、营业总收入100.00%100.00%100.00%100.00%二、营业总成本37.18%196.76%92.71%58.87%营业成本9.83%80.22%46.29%33.35%营业税金及附加1.05%19.15%10.15%7.41%销售费用6.42%35.98%15.23%11.43%管理费用4.88%33.59%12.22%6.65%财务费用-1.38%66.91%5.14%-0.01%资产减值损失-1.15%32.83%3.67%0.04%投资收益-0.06%8.16%1.13%8.16%三、营业利润-95.49%62.83%8.43%49.30%营业外收入0.05%67.85%6.96%0.17%营业外支出0.01%0.72%0.20%0.23%非流动资产处置损失0.00%0.18%0.04%0.04%利润总额-67.09%62.88%15.19%49.24%所得税费用-0.82%15.80%5.22%10.53%四、净利润-67.27%47.08%9.97%38.70%五、每股收益0.00%0.00%0.00%0.00%基本每股收益0.00%0.00%0.00%0.00%稀释每股收益0.00%0.00%0.00%0.00%第6页/共39页项目（2010年，%）MINMAXAVERAGE泸州老窖一、营业总收入100.00%100.00%100.00%100.00%二、营业总成本38.45%179.52%88.85%52.23%营业成本9.05%81.65%43.88%30.59%营业税金及附加1.15%20.96%11.04%8.15%销售费用5.82%36.17%15.59%6.02%管理费用5.29%37.99%11.91%7.27%财务费用-1.52%25.43%2.27%0.14%资产减值损失-4.93%52.04%4.16%0.05%投资收益-2.25%16.77%1.58%6.54%三、营业利润-79.52%61.56%12.71%54.31%营业外收入0.05%72.86%5.37%0.33%营业外支出0.03%12.51%1.68%0.29%非流动资产处置损失0.00%3.74%0.36%0.00%利润总额-91.82%61.57%16.40%54.35%所得税费用0.03%15.67%5.83%11.88%四、净利润-93.65%45.90%10.57%42.46%五、每股收益0.00%0.00%0.00%0.00%基本每股收益-0.01%0.00%0.00%0.00%稀释每股收益-0.01%0.00%0.00%0.00%第7页/共39页项目（2011年，%）MINMAXAVERAGE泸州老窖一、营业总收入100.00%100.00%100.00%100.00%二、营业总成本32.98%148.69%81.02%52.61%营业成本8.43%85.87%41.28%33.77%营业税金及附加1.41%19.91%11.18%8.25%销售费用3.91%35.47%16.07%4.62%管理费用5.19%19.64%9.67%5.94%财务费用-2.34%14.30%1.13%-0.04%资产减值损失-0.97%14.85%1.68%0.07%投资收益-0.06%2.44%0.40%0.45%三、营业利润-48.75%67.04%19.37%47.84%营业外收入0.04%29.66%4.04%0.39%营业外支出0.02%3.64%0.49%0.24%非流动资产处置损失0.00%1.37%0.11%0.13%利润总额-34.19%67.03%22.93%47.99%所得税费用0.17%16.76%6.54%11.74%四、净利润-34.40%50.27%16.39%36.26%五、每股收益0.00%0.00%0.00%0.00%基本每股收益0.00%0.00%0.00%0.00%稀释每股收益0.00%0.00%0.00%0.00%第8页/共39页费用控制还没有弄出来，可以不用弄出那张表，但在讲的时候要讲出费用控制方面的第9页/共39页报表日期200812312009123120101231201101231以销售收入为基础销售毛利率39.60%41.13%47.77%39.60%营业利润率44.13%49.30%54.31%44.13%销售利润率43.53%49.24%54.35%43.53%（息税前利润率）43.59%49.23%54.49%43.59%销售净利润率33.36%38.70%42.46%33.36%成本费用盈利能力成本费用利润率55.23%65.75%81.31%55.23%成本利润率98.30%116.05%138.80%98.30%以资产为基础总资产报酬率32.47%35.97%36.37%13.25%息税前总资产利润率32.51%35.96%36.46%13.27%资产净利润率24.88%28.27%28.42%10.15%资本盈利能力净资产收益率36.28%39.66%41.00%17.54%资本金利润率90.88%121.32%163.58%90.88%资本保值增值率108.36%105.67%111.27%110.75%322335.34403581.61499898.97652353.41盈利能力指标百分比分析第10页/共39页后面的这几张空白的ppt是用在分析每一个的百分比下面的数据的，比如像后面插的老师这张ppt第11页/共39页盈利能力–成本费用盈利能力成本费用利润率2.92%2.94%3.09%3.68%成本利润率3.78%3.84%4.13%4.80%报表日期20111231201012312009123120081231营业成本49,395.9040,012.4028,102.3037,587.10营业税金及附加500.51306.66333.85445.28销售费用5,189.234,683.083,304.184,377.25管理费用5,612.425,008.883,936.834,289.34财务费用2,978.232,165.761,707.762,011.58所得税费用285.81182.48140.96267.02总计63,962.1052,359.2637,525.8848,977.57第12页/共39页第13页/共39页第14页/共39页第15页/共39页第16页/共39页年份2011201020092008销售增长率56.92%22.89%15.06%29.78%营业利润增长率38.22%35.38%28.54%57.74%净利润增长率31.73%31.79%32.18%63.70%增长能力这个会不会有点简单呢，要不要再添点东西呢和老师那个比起来，还差点内容哈第17页/共39页市盈率市净率代码简称实际流通A股每股净资产(元)排名收盘价20121130市净率排名000557*ST广夏6.600.101767.931000995ST皇台1.771.05158.762600809山西汾酒8.664.0098.243600365通葡股份4.641.09147.634002304洋河股份4.8912.3827.145600559老白干酒1.404.2187.016600519贵州茅台10.3830.1116.367000799酒鬼酒2.065.6375.508002646青青稞酒0.603.64125.219000568泸州老窖13.945.9165.1610600084中葡股份4.641.04165.0211600238海南椰岛4.421.48134.4712600779水井坊2.953.65114.4113000596古井贡酒3.506.3153.9614000858五粮液37.957.6433.2315600702沱牌舍得3.376.5943.0816600059古越龙山6.043.71102.8117第18页/共39页排名代码简称实际流通A股每股收益(元)排名收盘价20121130市盈率%排名600238海南椰岛4.421.4813911.781000995ST皇台1.771.0515120.332600365通葡股份4.641.091457.553600559老白干酒1.404.21838.634600059古越龙山6.043.711037.715002646青青稞酒0.603.641229.006600702沱牌舍得3.376.59421.007600779水井坊2.953.651119.938000596古井贡酒3.506.31518.209600809山西汾酒8.664.00917.3210000799酒鬼酒2.065.63716.5711002304洋河股份4.8912.38215.1212600519贵州茅台10.3830.11114.5113000568泸州老窖13.945.91610.9314000557*ST广夏6.600.10179.7915第19页/共39页代码简称实际流通A股每股净资产(元)排名收盘价20121130市净率排名筛选000557*ST广夏6.600.101767.931N000995ST皇台1.771.05158.762N600809山西汾酒8.664.0098.243Y600365通葡股份4.641.09147.634Y002304洋河股份4.8912.3827.145Y600559老白干酒1.404.2187.016Y600519贵州茅台10.3830.1116.367Y000799酒鬼酒2.065.6375.508N002646青青稞酒0.603.64125.219N000568泸州老窖13.945.9165.1610基于市净率分析的

相对价值定价法第20页/共39页基于市净率、市盈率分析的

相对价值定价法市净率模型运用的前提条件？市盈率模型运用的前提条件？第21页/共39页基于市净率分析的相对价值定价法

修正的参考标准代码简称市净率排名600809山西汾酒8.243600365通葡股份7.634002304洋河股份7.145600559老白干酒7.016600519贵州茅台6.367简单的算术平均数7.276000568目前的每股净资产5.91目前预期每股最高价第22页/共39页泸州老窖现金流量表第23页/共39页报告期20111231201012312009123120081231一、经营活动产生的现金流量:经营活动现金流入小计977515553523514341444366经营活动现金流出小计580259418395407605362968经营活动产生的现金流量净额39725713512810673681397.9二、投资活动产生的现金流量：投资活动现金流入小计14233.33581.36653.7496249.3投资活动现金流出小计23033.425736.812161.212983.7投资活动产生的现金流量净额-8800.11-22155.5-11507.4-6734.43三、筹资活动产生的现金流量：筹资活动现金流入小计1199.9327581.443553.31394.49筹资活动现金流出小计18263312629811542250086.2筹资活动产生的现金流量净额-181433-98716.2-71868.3-48691.7现金的期末余额31489010791193728.170363.8现金的期初余额10791193728.170363.844430.8现金及现金等价物的净增加额20697914182.823364.325933经营活动产生的现金流量净额39725713512810673681397.9投资活动产生的现金流量净额-8800.11-22155.5-11507.4-6734.43筹资活动产生的现金流量净额-181433-98716.2-71868.3-48691.7NCF207023.8914256.323360.325971.77第24页/共39页报告期20111231201012312009123120081231一、经营活动产生的现金流量:经营活动现金流入小计977515553523514341444366经营活动现金流出小计59.36%75.59%79.25%81.68%经营活动产生的现金流量净额40.64%24.41%20.75%18.32%二、投资活动产生的现金流量：投资活动现金流入小计1.46%0.65%0.13%1.41%投资活动现金流出小计2.36%4.65%2.36%2.92%投资活动产生的现金流量净额-0.90%-4.00%-2.24%-1.52%三、筹资活动产生的现金流量：筹资活动现金流入小计0.12%4.98%8.47%0.31%筹资活动现金流出小计18.68%22.82%22.44%11.27%经营活动产生现金流量净额40.64%24.41%20.75%18.32%现金的期末余额32.21%19.50%18.22%15.83%现金的期初余额11.04%16.93%13.68%10.00%现金及现金等价物的净增加额21.17%2.56%4.54%5.84%现金流量表分析(百分比%)第25页/共39页1、经营活动现金流量报告期20111231201012312009123120081231单位万元万元万元万元销售商品、提供劳务收到的现金969006545385510450441544收到的税费返还123.169.3973.6873.14收到的其他与经营活动有关的现金8386.038130.403817.222748.46经营活动现金流入小计977515553523514341444366购买商品、接受劳务支付的现金308143228544231405217558支付给职工以及为职工支付的现金20178.6023486.7016326.3013737.50支付的各项税费21995613956612329394934支付的其他与经营活动有关的现金31981.2026798.2036580.7036740.90经营活动现金流出小计580259418295407605362968经营活动产生的现金流量净额39725713512810673681397.90第26页/共39页2、投资活动现金流量报告期20111231201012312009123120081231单位：万元万元万元万元收回投资所收到的现金00145.300取得投资收益所收到的现金14022.803485.9323.1435.00处置固定资产、无形资产和其他长期资产所收回的现金净额210.4895.43375.89257.15投资活动现金流入小计14233.303581.36653.756249.30购建固定资产、无形资产和其他长期资产所支付的现金18168.4025736.8012161.2012983.70投资所支付的现金4865000投资活动现金流出小计23033.4025736.8012161.2012983.70投资活动产生的现金流量净额-8800.11-22155.50-11507.40-6734.43第27页/共39页3、筹资活动现金流量报告期20111231201012312009123120081231单位万元万元万元万元吸收投资收到的现金02100274.50900取得借款收到的现金00240000发行债券收到的现金0000收到其他与筹资活动有关的现金1199.9325481.4019278.80494.49筹资活动现金流入小计1199.9327581.4043553.301394.49偿还债务支付的现金00240000分配股利、利润或偿付利息所支付的现金15697610784591312.7049983.80支付其他与筹资活动有关的现金25656.4018452.30108.83102.40筹资活动现金流出小计18263312629811542250086.20筹资活动产生的现金流量净额-181433-98716.20-71868.30-48691.70第28页/共39页现金流量表相关指标分析指标20111231201012312009123120081231销售收现率114.98%101.55%116.80%116.25%经营现