万科企业财务分析报告

1、万科企业财务分析报告万科企业财务分析报告目录摘要1.房地产行业概况1.1.房地产行业的发展前景2 万科地产会计分析2.1 万科地产的资产状况2.2 万科地产的利润状况2.2.1 利润表综合分析2.3.1 现金流量表一般分析3.万科房产财务分析3.1.1 短期偿债能力指标分析3.1.2 长期偿债能力指标分析3.2 营运能力分析3.2.1 营运能力指标分析3.3.企业盈利能力分析3.3.1 资产经营盈利能力分析3.3.2 资本经营能力分析3.3.3 商品经营盈利能力分析3.3.4 每股收益分析4 分析结论及建议4.1 财务问题4.2 改善建议1.房地产行业概况房地产行业的发展前景从宏观经济上看，中

2、国人均 GDP超过7000美元，长期内房地产业正处于快 速发展的起步阶段。居民的消费能力大大提高，消费结构也会变化，这种消费结构的变化主要 体现在居民对汽车和住宅这类代表着资产和财富的商品需求的快速增长上。中国宏观经济正处于快速增长阶段，房地产投资在其中起着重要的贡献作用，国外经济发展历程也证明，国民经济中房地产业的贡献是必需的而且是稳定的。国家的宏观调控政策使房地产行业外部环境发生变化，货币的紧缩使得企 业不得不承担巨大的资金压力，开发企业将比以往更加注重融资能力。在资金压力及金融风险下，很有可能会出现新的融资渠道，房地产企业的 融资手段会呈现出多样化和专业化。由此融资能力所带来的强弱分化将

3、使行业整合进一步展开，各种资源向营 运效率较高的企业集中。目前中国房地产处于行业快速发展阶段，短期内由于新政策影响，市场不 可避免出现调整。在土地、资金、市场观望的压力之下，行业内部不断调整和 变革，市场将会更加规范，远期来看市场拥有稳定的需求。2.万科地产会计分析2.1 万科地产的资产状况表 2-1 万科地产合并资产负债表XX年12月31日单位:元项目期末数期初数流动资产 :货币资金 44,365,409,795.23 52,291,542,055.49应收账款 3,078,969,781.37 1,886,548,523.49预付账款 28,653,665,102.61 33,373,61

4、1,935.08其他应收款 34,815,317,241.41 20,057,921,836.24存货 331,133,223,278.99 255,164,112,985.07流动资产合计 442,046,585,199.61 362,773,737,335.37非流动资产 :可供出售金融资产 2,466,185,867.93 4,763,600.00长期股权投资10,637,485,708.34 7,040,306,464.29投资性房地产 11,710,476,284.30 2,375,228,355.79固定资产 2,129,767,863.36 1,612,257,202.22在建工

5、程 913,666,777.10 1,051,118,825.93无形资产 430,074,183.12 426,846,899.52商誉 201,689,835.80 201,689,835.80长期待摊费用 63,510,505.21 42,316,652.03递延所得税资产 3,525,262,051.95 3,054,857,904.42其他非流动资产5,080,619,213.82 218,492,000.00非流动资产合计 : 37,158,738,290.93 16,027,877,740.00资产总计 479,205,323,490.54 378,801,615,075.37流

6、动负债 :短期借款 5,102,514,631.14 9,932,400,240.50交易性金融负债 11,686,986.02 25,761,017.27应付票据 14,783,899,946.37 4,977,131,435.22应付账款 63,958,459,138.78 44,860,995,716.97预收款项 155,518,071,436.35 131,023,977,530.61应付职工薪酬2,451,674,436.71 2,177,748,944.37应交税费 4,578,205,233.59 4,515,588,914.24应付利息 291,243,561.80 649,

7、687,938.74其他应付款 54,704,285,269.26 36,045,315,768.94一年内到期的非流动负债27,521,791,569.9025,624,959,204.23流动负债合计 328,921,832,209.92 259,833,566,711.09非流动负债 :长期借款 36,683,128,420.08 36,036,070,366.26应付债券 7,398,391,932.47预计负债 46,876,821.15 44,292,267.15其他非流动负债 2,955,020.85 15,677,985.06递延所得税负债 672,715,687.44 733

8、,812,757.71非流动负债合计 44,844,067,881.99 36,829,853,376.18负债合计373,765,900,091.91 296,663,420,087.27所有者权益 :股本 11,014,968,919.00 10,995,553,118.00资本公积 8,532,222,933.57 8,683,860,667.82盈余公积 20,135,409,720.24 17,017,051,382.39未分配利润 36,706,888,864.08 26,688,098,566.77外币报表折算差额506,492,902.81 440,990,190.32归属于母

9、公司所有者权益 76,895,983,339.7063,825,553,925.30少数股东权益 28,543,440,058.93 18,312,641,062.80所有者权益合计105,439,423,398.63 82,138,194,988.10负债及所有者权益总计 479,205,323,490.54378,801,615,075.37表 2-2 万科地产资产负债表水平分析表金额单位：元项目XX年XX年变动情况对总额* (%)变动额变动 (%)流动资产：货币资金 44,365,409,795.23 52,291,542,055.49-7,926,132,260.26 -15.16 -

10、2.09应收账款 3,078,969,781.37 1,886,548,523.491,192,421,257.88 63.21 0.31预付账款 28,653,665,102.61 33,373,611,935.08-4,719,946,832.47 -14.14 -1.25其他应收款 34,815,317,241.41 20,057,921,836.2414,757,395,405.17 73.57 3.90存货 331,133,223,278.99 255,164,112,985.0775,969,110,293.92 29.77 20.06流动资产合计 442,046,585,199.

11、61 362,773,737,335.3779,272,847,864.24 21.8520.93非流动资产：可供出售金融资产 2,466,185,867.93 4,763,600.002,461,422,267.93 51,671.47 0.65长期股权投资 10,637,485,708.34 7,040,306,464.293,597,179,244.05 51.09 0.95投资性房地产 11,710,476,284.30 2,375,228,355.799,335,247,928.51 393.03 2.46固定资产 2,129,767,863.36 1,612,257,202.225

12、17,510,661.14 32.10 0.14在建工程 913,666,777.10 1,051,118,825.93-137,452,048.83 -13.08 -0.04无形资产 430,074,183.12 426,846,899.52 3,227,283.600.76 0.00商誉 201,689,835.80 201,689,835.80 0.00 0.00 0.00长期待摊费用63,510,505.21 42,316,652.03 21,193,853.1850.08 0.01递延所得税资产 3,525,262,051.95 3,054,857,904.42470,404,147

13、.53 15.40 0.12其他非流动资产 5,080,619,213.82 218,492,000.004,862,127,213.82 2,225.31 1.28非流动资产合计： 37,158,738,290.93 16,027,877,740.0021,130,860,550.93 131.84 5.58资产总计 479,205,323,490.54 378,801,615,075.37100,403,708,415.17 26.51 26.51流动负债：短期借款 5,102,514,631.14 9,932,400,240.50-4,829,885,609.36 -48.63 -1.2

14、8交易性金融负债 11,686,986.02 25,761,017.27-14,074,031.25 -54.63 0.00应付票据 14,783,899,946.37 4,977,131,435.229,806,768,511.15 197.04 2.59应付账款 63,958,459,138.78 44,860,995,716.9719,097,463,421.81 42.57 5.04预收款项 155,518,071,436.35 131,023,977,530.6124,494,093,905.74 18.69 6.47 应付职工薪酬 2,451,674,436.71 2,177,74

15、8,944.37273,925,492.34 12.58 0.07 应交税费 4,578,205,233.59 4,515,588,914.2462,616,319.35 1.39 0.02应付利息 291,243,561.80 649,687,938.74 -358,444,376.94-55.17 -0.09其他应付款 54,704,285,269.26 36,045,315,768.9418,658,969,500.32 51.77 4.93 一年内到期的非流动负债 27,521,791,569.9025,624,959,204.23 1,896,832,365.67 7.40 0.50

16、流动负债合计 328,921,832,209.92 259,833,566,711.0969,088,265,498.83 26.5918.24非流动负债：长期借款 36,683,128,420.08 36,036,070,366.26647,058,053.82 1.80 0.17应付债券 7,398,391,932.47 7,398,391,932.47 1.95预计负债 46,876,821.1544,292,267.15 2,584,554.00 5.840.00其他非流动负债 2,955,020.85 15,677,985.06-12,722,964.21 -81.15 0.00递延

17、所得税负债 672,715,687.44 733,812,757.71-61,097,070.27 -8.33 -0.02非流动负债合计 44,844,067,881.99 36,829,853,376.188,014,214,505.81 21.762.12负债合计 373,765,900,091.91 296,663,420,087.2777,102,480,004.64 25.9920.35所有者权益：股本 11,014,968,919.00 10,995,553,118.00 19,415,801.000.18 0.01资本公积 8,532,222,933.57 8,683,860,6

18、67.82-151,637,734.25 -1.75 -0.04盈余公积 20,135,409,720.24 17,017,051,382.393,118,358,337.85 18.32 0.82未分配利润 36,706,888,864.08 26,688,098,566.7710,018,790,297.31 37.54 2.64 外币报表折算差额 506,492,902.81 440,990,190.3265,502,712.49 14.85 0.02 归属于母公司所有者权益 76,895,983,339.7063,825,553,925.30 13,070,429,414.40 20.48 3.45少数股东权益 28,543,440,058.93 18,312,641,062.8010,230,798,996.13 55.87 2.70所有者权益合计 105,439,423,398.63 82,138,194,988.1023,301,228,41