蒙牛资产负债表水平分析

1、TheAnalysisOfChinaMengniuDairyCompanyLimited'sConsolidatedStatementofFinancialPositionMembers:WangXinweiPangYuziZhaoJianingChenQiLvAipingHorizontalanalysisofconsolidatedstatementoffinancialpositionRMB000Subject20212021variationInfluencetototalassetsAmountPercentageNON-CURRENTASSETS:Property,plan

2、tandequipment6,806,5395,380,3851,426,15426.5%8.2%Constructioninprogress887,103535,104351,99965.8%2.0%Landuserights585,007484,572100,43520.7%0.6%Longtermprepayments243,942一243,942一1.4%Goodwill482,436451,61330,8236.8%0.2%Otherintangibleassets224,887221,5083,3791.5%0.0%Investmentsinassociates153,352113

3、,85739,49534.7%0.2%Available-for-saleinvestments295,206301,681-6,475-2.1%0.0%Deferredtaxassets66,74981,060-14,311-17.7%-0.1%Otherfinancialassets69,96171,754-1,793-2.5%0.0%TotalNon-currentAssets9,815,1827,641,5342,173,64828.4%12.6%CURRENTASSETSInventories1,685,2471,176,423508,82443.3%2.9%Billsreceiva

4、ble261,02420,539240,4851170.9%1.4%Tradereceivables574,734554,93319,8013.6%0.1%Prepaymentsanddeposits774,907942,303-167,396-17.8%-1.0%Otherreceivables289,427169,897119,53070.4%0.7%Investmentdeposits102,800一102,800一0.6%Pledgeddeposits175,289102,39972,89071.2%0.4%Cashandbankbalances6,523,0756,697,813-1

5、74,738-2.6%-1.0%TotalCurrentAssets10,386,5039,664,307722,1967.5%4.2%TotalAsset20,201,68517,305,8412,895,84416.7%16.7%CURRENTLIABILITIES:Tradepayables2,543,4052,061,193482,21223.4%2.8%Billspayable1,141,1411,487,302-346,161-23.3%-2.0%Deferredincome18,91215,0823,83025.4%0.0%Otherpayables1,581,7811,061,

6、253520,52849.0%3.0%Accrualsandcustomers'deposits1,180,720880,142300,57834.2%1.7%Interest-bearingbankloans537,544550,786-13,242-2.4%-0.1%Otherloans119,094140,018-20,924-14.9%-0.1%Incometaxpayable103,22842,51360,715142.8%0.4%TotalCurrentLiabilities7,225,8256,238,289987,53615.8%5.7%NON-CURRENTLIABI

7、LITIES:Interest-bearingbankloans一150,000-150,000-100.0%-0.9%Longtermpayables188,73914,102174,6371238.4%1.0%Deferredincome234,940226,0498,8913.9%0.1%Deferredtaxliabilities22,83039,865-17,035-42.7%-0.1%Otherfinancialliabilities480,531420,02760,50414.4%0.3%TotalNon-currentLiabilities927,040850,04376,99

8、79.1%0.4%TotalLiabilities8,152,8657,088,3321,064,53315.0%6.2%EQUITY:Issuedcapital181,087178,6792,4081.3%0.0%Retainedearnings3,074,3372,050,2161,024,12150.0%5.9%Otherreserves8,215,6347,529,169686,4659.1%4.0%Non-controllinginterests577,762459,445118,31725.8%0.7%TOTALEQUITY12,048,82010,217,5091,831,311

9、17.9%10.6%TotalLiabilitiesAndEquity20,201,68517,305,8412,895,84416.7%16.7%1、从投资或资产角度进行分析蒙牛乳业股份总资产本期增加2,895,844,000元,增长幅度为16.7%,说明蒙牛乳业股份本年资产规模有较大幅度的增长.进一步分析可以发现：(1)流动资产本期增加722,196,000元,增长的幅度为7.5%,使总资产规模增长了4.2%.非流动资产增加2,173,648,000元,增长的幅度为28.4%,使总资产规模增长了12.6%,两者合计使总资产增加了2,895,844,000元,增长幅度为16.7%.(2)本期

10、总资产的增长主要表达在非流动资产的增长上,尽管非流动资产的各工程都有不同幅度的增减变动,但其增长主要表达在：ThefirstisthesharpincreaseofProperty,plantandequipmentandConstructioninprogress.Property,plantandequipment增加了1,426,154,000元增长幅度为26.5%,对总资产的影响为8.2%.Constructioninprogress增加了351,999,000,增长幅度为65.8%,对总资产的影响为2.0%.ThesecondistheincreaseofLongtermprepay

11、ments.它从0增长到了243,942,000元,对总资产的影响为1.4%.2、从筹资或权益角度进行分析根据资产负债表水平分析表,可以对蒙牛乳业股份权益总额变动情况作出以下分析评价：蒙牛乳业股份权益总额较上年同期增加2,895,844,000元,增长幅度为16.7%,说明蒙牛乳业股份本年权益总额有较大幅度的增长.进一步分析可以发现：(1)负债本期增加1,064,533,000元,增长幅度为15.0%,使权益总额增长了6.2%.股东权益本期增加1,831,311,000元,增长幅度为17.9%,使权益总额增加了10.6%,两者合计使权益总额本期增力口2,895,844,000元,增长幅度为16.7%.(2)本期负债和股东权益都有明显的增长.负债中主要是Longtermpayables的增加,它增加了174,637,000元,增长幅度为1238.4%,对权益总额的影响为1.0%.此项负债的增加幅度异常大,特别值得注意,它会严重影响公司的偿债水平.它的增加很可能的原因是thesharpincreaseofProperty,plantandequipmentandConstru