四川长虹电器股份有限公司财务报表分析案例.doc

四川长虹电器股份有限公司财务报表分析案例一、教学目的通过对四川长虹电器股份有限公司财务报表分析，熟悉偿债能力分析、经营效率分析、盈利能力分析、成长能力分析、财务结构分析、现金流量分析比率、投资价值分析等基本财务比率的计算，掌握杜邦分析方法。二、案例资料（一）公司简介： 四川长虹电器股份有限公司（简称四川长虹，证券代码：600839）是1988年经绵阳市人民政府 绵府发(1988)33号批准进行股份制企业改革试点。同年人民银行绵阳市分行绵人行金（1988）字第47号批准本公司向社会公开发行了个人股股票。1993年本公 司按股份 有限公司规范意见有关规定进行规范后，国家体改委体改生(1993)54 号批准本公司继续进行规范化的股份制企业试点。1994年3月11日，中国证监 会 证监发审字(1994)7号批准本公司的社会公众股4,997.37万股在上海证券交易所上市流通。公司经营范围：视频产品、视听产品、空调产品、电池系列产品、网络产品、激光读写系列产品、卫星电视广播地面接收设备、摄录一体机、电子医疗产品、电力设备、安防技术产品、机械产品、数码相机、通讯及计算机产品、化工产品的制造、销售、公路运输，包装产品及技术服务，电子产品及零配件的维修、销售，房屋租赁，转口贸易，电子商务，高科技风险投资及国家允许的其他投资业务。 公司其他信息资料见案例3，公司网址：（二）会计报表1、资产负债表报告期2005-06-302005-03-312004-12-312004-09-30资产流动资产货币资金647,509,3371,117,816,1182,065,297,3111,501,197,667短期投资526,826,3780631,065,5000减:短期投资跌价准备258,094,2970258,094,2970短期投资净额268,732,082290,606,495372,971,203516,648,550应收票据1,229,485,3781,195,631,044674,661,1531,248,268,550应收帐款5,518,128,35504,785,351,2740应收账款净额2,913,064,9292,775,442,3742,180,287,8474,550,577,084其他应收款672,912,2280288,170,9320其他应收款净额666,820,595348,142,490282,079,299308,516,910减:坏帐准备2,611,155,05902,611,155,0590应收款项净额3,579,885,5233,123,584,8642,462,367,1464,859,093,994预付帐款635,363,649702,396,413266,353,457354,494,837其它补贴款56,778,18456,778,18456,778,184136,745,669存货6,233,323,27807,341,533,5280减:存货跌价准备1,132,986,38901,328,635,2560存货净额5,100,336,8894,837,554,7046,012,898,2728,519,116,864待摊费用1,559,4321,516,364495,289514,481流动资产合计11,519,650,47411,325,884,18511,911,822,01417,136,080,612长期投资长期股权投资334,432,01972,162,130158,475,403127,736,648长期债权投资0000其他长期投资0000长期投资合计334,432,0190158,475,4030减:长期投资减值准备0000长期投资净额334,432,01972,162,130158,475,403127,736,648其中:合并价差0000股权投资差额01,625,0711,712,1290固定资产固定资产原价5,420,619,1455,447,717,1575,452,261,5895,349,002,471减:累计折旧2,337,084,4692,277,856,9132,162,960,4822,114,001,215固定资产净值3,083,534,6763,169,860,2443,289,301,1073,235,001,257减:固定资产减值准备397,752,168398,771,329399,365,539412,985,062固定资产净额2,685,782,5082,771,088,9142,889,935,5682,822,016,194工程物资812,738812,7381,213,3252,917,074在建工程224,510,1160221,358,0720减:在建工程减值准备0000在建工程净额224,510,116239,315,062221,358,072352,287,315待处理固定资产净损失0000固定资产清理30,439,90821,190,2484,183,4853,064,815固定资产合计2,941,545,2703,032,406,9613,116,690,4503,180,285,398无形资产及其他资产无形资产440,215,4590434,106,5190开办费0000递延资产0000长期待摊费用24,691,86626,363,64327,935,4215,807,840其他长期资产0000无形资产及其他资产合计464,907,325460,426,192462,041,939441,451,518递延税项递延税项借项0000资产总计15,260,535,08814,890,879,46915,649,029,80620,885,554,177负债及股东权益流动负债短期借款1,379,055,6991,485,168,3252,670,459,4103,330,711,846应付票据1,602,874,3051,191,025,8461,485,194,4942,741,341,384应付帐款2,066,371,8941,931,268,8611,643,975,905968,342,537预收帐款662,787,033809,858,810682,780,0491,096,403,881应付工资4,348,6072,630,9966,960,091836,518应付福利费94,377,85584,619,22471,423,38554,673,240应付股利2,365,0202,365,0202,365,0202,365,020应交税金-703,520,708-683,079,230-859,839,785-1,023,214,089其他应交款54,711,34552,320,84252,393,01852,576,299其他应付款183,992,676125,616,803124,352,528192,226,608预提费用9,577,70437,577,92494,897,65468,901,826一年内到期的长期负债10,000,000000流动负债合计5,366,941,4315,039,373,4215,974,961,7687,485,165,069长期负债长期借款60,000,00070,000,00070,000,00070,000,000应付债券0000长期应付款0000住房周转金0000专项应付款18,710,00015,230,00015,230,0009,550,000其他长期负债0000长期负债合计78,710,00085,230,00085,230,00079,550,000递延税项贷项递延税项贷项3,503,0593,751,1624,000,1644,412,228负债合计5,449,154,4915,128,354,5836,064,191,9327,569,127,297少数股东权益137,775,097133,538,703129,515,189101,292,006股东权益股本2,164,211,4222,164,211,4222,164,211,4222,164,211,422减:已归还投资0000股本净额2,164,211,4222,164,211,4222,164,211,4222,164,211,422资本公积金4,087,442,8394,085,832,5274,085,780,5194,081,441,280盈余公积金4,903,788,3984,903,788,3984,903,788,3984,903,788,398其中:公益金984,542,696984,039,711984,039,711984,044,337未确认的投资损失0000未分配利润-1,482,277,122-1,524,344,910-1,697,893,0952,066,020,718货币换算差额439,964-501,254-564,559-326,945股东权益合计9,673,605,5019,628,986,1839,455,322,68513,215,134,873负债及股东权益总计15,260,535,08814,890,879,46915,649,029,80620,885,554,177资产负债表附注略略略略2、利润表及利润分配表报告期2005-06-302005-03-312004-12-312004-09-30一、主营业务收入7,221,158,1094,020,729,41411,538,698,1117,734,988,703减：折扣与折让0000主营业务收入净额7,221,158,1094,020,729,41411,538,698,1117,734,988,703减：主营业务成本6,105,289,3403,425,739,1359,886,619,8286,607,525,622主营业务税金及附加19,717,69711,971,50818,357,94117,750,603二、主营业务利润1,096,151,072583,018,7711,633,720,3421,109,712,479加：其他业务利润400,55912,362,79313,560,95544,684,627减：存货跌价损失0000营业费用683,137,798303,737,5611,110,906,218837,672,926管理费用160,037,99871,947,6994,021,469,663277,944,866财务费用40,296,81431,571,20921,685,613-5,365,763三、营业利润213,079,021188,125,095-3,506,780,19744,145,076加：投资收益1,652,331-45,880-169,771,29256,412,750补贴收入004,032,8750营业外收入15,374,52869,816,6397,739,277852,824减：营业外支出353,75448,287,8927,603,3816,394,216加：以前年度损益调整0000营业外收支净额15,020,77421,528,748135,897-5,541,392四、利润总额229,752,125209,607,962-3,672,382,71895,016,435减：所得税5,876,24431,984,25614,105,34917,678,156加：财政返还0000减：少数股东权益8,259,9074,075,522-5,367,687-5,455,154购买日前净利润0000加：未确认的投资损失0000五、净利润215,615,973173,548,185-3,681,120,38082,793,433加：年初未分配利润-1,697,893,09501,983,227,2850调整以前年度损益0000盈余公积转入0000住房周转金转入0000其他转入0000六、可分配利润-1,482,277,1220-1,697,893,0950减：提取法定盈余公积0000提取法定公益金0000职工奖金福利0000提取储备基金0000提取企业发展基金0000七、可供股东分配的利润-1,482,277,1220-1,697,893,0950减：应付优先股股利0000提取任意盈余公积金0000应付普通股股利0000转作股本的普通股股利0000八、未分配利润-1,482,277,1220-1,697,893,0950利润表附注略略3、现金流量表报告期2005-06-302005-03-312004-12-312004-09-30、经营活动产生的现金流量销售商品、提供劳务收到的现金7,155,557,1083,873,974,38715,682,822,86310,426,867,904收取的租金-收到的增值税销项税额和退回的税款-收到的除增值税以外的其他税费返还-收到的其他与经营活动有关的现金5,781,12934,859,5099,125,68829,710,243经营活动现金流入小计7,161,614,4803,909,113,01516,204,936,30210,902,456,791购买商品接受劳务支付的现金5,691,647,3343,121,143,10613,594,843,20510,014,026,469经营租赁所支付的现金-支付给职工以及为职工支付的现金412,743,540216,378,365578,545,894455,694,761支付的增值税款-支付的所得税款-支付的除增值税所得税以外的税费-支付的各项税费168,972,605133,094,774262,414,379209,120,490支付的其他与经营活动有关的现金515,444,116291,793,5811,008,674,923812,220,696经营活动现金流出小计6,788,807,5953,762,409,82615,444,478,40011,491,062,416经营活动产生的现金流量净额372,806,885146,703,189760,457,902-588,605,625二、投资活动产生的现金流量收回投资所收到的现金129,463,081107,410,392796,406,811718,675,150取得投资收益所收到的现金846,734-11,263,61453,886,338分得股利或利润所收到的现金-取得债券利息收入所收到的现金-处置固定无形和长期资产收回的现金63,109,33362,612,8348,248,61413,718收到的其他与投资活动有关的现金307,532,151284,126,4501,211,875,0206,001,889投资活动现金流入小计500,951,298454,149,6762,027,794,059778,577,096购建固定无形和长期资产支付的现金77,006,06760,412,831206,952,286117,625,752权益性投资所支付的现金-债权性投资所支付的现金-投资所支付的现金287,414,50727,504,507393,017,808275,503,198支付的其他与投资活动有关的现金601,401,796359,279,6461,237,717,390-投资活动现金流出小计965,822,370447,196,9841,837,687,484393,128,949投资活动产生的现金流量净额-464,871,0716,952,692190,106,575385,448,147三、筹资活动产生的现金流量吸收权益性投资所收到的现金-发行债券所收到的现金-借款所收到的现金998,890,302538,617,9025,291,587,5303,622,255,214收到的其他与筹资活动有关的现金-292,127-筹资活动现金流入小计998,890,302538,617,9025,355,182,6573,622,255,214偿还债务所支付的现金2,290,294,0121,623,908,9875,322,526,4202,997,562,335发生筹资费用所支付的现金-分配股利或利润所支付的现金-偿付利息所支付的现金-融资租赁所支付的现金-减少注册资本所支付的现金-支付的其他与筹资活动有关的现金-筹资活动现金流出小计2,325,817,7991,640,994,7335,385,820,6143,028,399,251筹资活动产生的现金流量净额-1,326,927,498-1,102,376,831-30,637,957593,855,963四、汇率变动对现金的影响1,203,7101,239,81623,763,166-11,108,442五、现金及现金等价物净增加额-1,417,787,973-947,481,133943,689,686379,590,042附注1、不涉及现金收支的投资和筹资活动以固定资产偿还债务-以固定资产进行长期投资-以投资偿还债务-融资租赁固定资产-以存货偿还债务-2、将净利润调节为经营活动的现金流量净利润215,615,973173,548,185-3,681,120,38082,793,433加：少数股东损益8,259,9074,075,522-5,367,687-5,455,154计提的资产减值准备-1,613,372-3,743,228,199-加：计提的坏帐准备或转销的坏帐-固定资产折旧172,002,58781,281,801339,822,926258,004,942无形资产摊销5,683,087362,38010,281,7555,955,827递延资产摊销-长期待摊费用摊销3,243,5551,571,7773,831,4793,340,729待摊费用的减少(减增加)-149,261-677,335896,175876,983预提费用的增加(减减少)-85,319,950-57,319,730-12,055,899-38,051,728处置固定无形和其他长期资产的损失(减：收益)-14,575,174-21,658,4234,648,68713,674固定资产报废损失-502,540-22,223-47,387财务费用42,793,30217,844,18228,734,33026,916,751投资损失(减收益)-8,849,31945,880169,771,292-56,412,750递延税款贷项(减借项)-存货的减少(减增加)398,249,3141,060,815,544-6,476,8401,060,815,544经营性应收项目的减少(减增加)-2,256,448,520-49,158,3762,809,683,653-49,158,376经营性应付项目的增加(减减少)1,894,417,296-1,064,005,995-2,645,419,286-1,878,292,887增值税增加净额(减减少)-其他-500-经营活动产生之现金流量净额372,806,885146,703,189760,457,902-588,605,6253、现金及现金等价物净增加情况货币资金的期末余额647,509,3371,117,816,1782,065,297,3111,501,197,667减：货币资金的期初余额2,065,297,3112,065,297,3111,121,607,6251,121,607,625现金等价物的期末余额-减：现金等价物的期初余额-现金及现金等价物净增加额-1,417,787,973-947,481,133943,689,686379,590,042特殊项目 略三、思考与讨论的问题1、计算四川长虹电器股份有限公司的偿债能力、经营效率、盈利能力、成长能力、财务结构、现金流量、投资价值等基本财务比率，并作分析评价。2、对四川长虹电器股份有限公司的财务报表作杜邦分析。四、分析提示1、计算四川长虹电器股份有限公司的偿债能力、经营效率、盈利能力、成长能力、财务结构、现金流量、投资价值等基本财务比率。报告期2005-06-302005-03-312004-12-312004-09-30每股财务数据每股收益(元)0.10.08-1.7010.038每股收益增长率(%)231.3522431.8906-1889.2269-46.8602每股收益-扣除(元)0.0930.0717-1.7250.0193每股收益-扣除-增长率(%)933.3333401.3986-4523.0769-50.5128每股收益-加权(元)0.1-1.701-每股收益-加权-增长率(%)233.3333-1890.5263-每股收益-扣除/加权(元)0.093-1.725-每股收益-扣除/加权-增长率(%)933.3333-4523.0769-每股未分配利润(元)-0.6849-0.7043-0.78450.9546每股可分配利润(元)-0.6849-0.7845-每股净资产(元)4.474.4494.3696.106每股净资产增长率(%)-26.7008-27.0567-27.99851.0188每股净资产-调整(元)4.4454.4244.3526.095每股现金含量(元)0.17230.06780.3514-0.272每股资本公积金(元)1.88871.88791.88791.8859每股盈余公积金(元)2.26592.26592.26592.2659每股负债比(%)251.7848236.9618280.2033349.7407偿债能力分析流动比率2.14642.24751.99362.2893速动比率1.19611.28750.98731.1512现金流动负债比(%)6.94642.911112.7274-7.8636股东权益比(%)63.389764.663760.421163.274流动负债率(%)98.491398.264998.528698.8907负债权益比(%)56.330153.259564.135257.2762经营效率分析 存货周转天(天)163.83142.5404237.0136317.1992存货周转率(倍)1.09870.63141.51890.8512应收款周转天(天)63.480955.4631111.7769166.4304应收帐款周转率(倍)2.83551.62273.22071.6223主营成本比例(%)84.547285.201985.682385.4239营业费用比例(%)9.46027.55439.627710.8297管理费用比例(%)2.21621.789434.8523.5933财务费用比例(%)0.5580.78520.1879-0.0694总资产周转率(倍)0.46720.26330.62350.3662盈利能力分析 经营净利率(%)2.98594.3163-31.90241.0704经营毛利率(%)15.179714.500314.158614.3467资产利润率(%)1.48661.3727-19.84360.4498资产净利率(%)1.39511.1365-19.89080.3919净利润率(%)2.98594.3163-31.90241.0704净资产收益率(%)2.2291.8-38.930.627净资产收益率-增长率(%)352.0542629.1838-2584.9857-47.3961净资产收益率-扣除(%)2.091.61-39.480.615净资产收益率-扣除-增长率(%)1293.3333588.0342-6268.75-5.3846净资产收益率-加权(%)2.25-32.59-净资产收