2023年度万科企业股份有限公司财务分析报告

2010背景分析万科企业股份成立1984年5月，是目前中国最大的专业住宅开发企208523.3万平方米529.4万平方米478.7404.940.3亿元。1988止到2009年3月3114.73%。公司主营业务为地〔具体工程另行申报〔；进出口业务〔按深经发审证字113〕009年3月31本109.958,164.3227.56%；归属于母公司全部768.767.050.07元。万科认为，坚守价值底线、拒绝利益诱惑，坚持以专业力量从市场猎取公正回报，是万科获得成功的基石。公司致力于通过标准、透亮的企业文化和稳健、专注的进展模式，成为最受客户、最受投资者、最受员工、最受合作伙伴欢送，最受社会敬重的企业。凭借公司治理和道德准则上的表现，公司连续六次获008“中国十大最受尊敬企业目前房地产业进展形势：2010②估量2010年房地产调控政策将以稳健的调控政策为主，保证房地产市场的平稳运行；③低碳经济与节能环保的理念渐渐深入人心，而房地产行业在节能减排中将扮演重要角色。能否领先完成绿色转型，对于参与绿色经济背景下的市场竞争至关重要。关注审计报告的措辞计师认为，公司的财务报表，符合以下条件：①会计报表的编制符合《企业会计准则》和国家其他财务会计法规的规定。②会计报表在全部重要方面恰当地反映了被审计单位的财务状况。③会计处理方法遵循了全都性原则。碍和限制。⑤不存在影响会计报表的重要的未确定事项。⑥不存在应调整而被审计单位未予调整的重要事项。高的信任度。资产负债表分析a水平分析法：资产负债表〔水平分析〕资产负债表〔水平分析〕AA单位：元会计年度2010/12/312009/12/31〔减〕%货币资金37,816,932,911.8423,001,923,830.8064.41%交易性金融资产0740,470.77-100.00%应收账款1,594,024,561.07713,191,906.14123.51%预付款项17,838,003,464.718,736,319,500.73104.18%其他应收款14,938,313,217.777,785,809,435.4191.87%存货133,333,458,045.9390,085,294,305.5248.01%流淌资产合计205,520,732,201.32130,323,279,449.3757.70%可供出售金融资产404,763,600.00163,629,472.66147.37%长期股权投资4,493,751,631.163,565,383,001.5126.04%投资性房地产129,176,195.26228,143,157.99-43.38%固定资产1,219,581,927.471,355,977,020.48-10.06%在建工程764,282,140.58593,208,234.1328.84%无形资产373,951,887.2981,966,325.94356.23%长期盼摊费用32,161,415.8531,318,689.652.69%递延所得税资产1,643,158,028.391,265,649,477.6629.83%其他非流淌资产1,055,992,714.510#DIV/0!非流淌资产合计10,116,819,540.517,285,275,380.0238.87%资产总计215,637,551,741.83137,608,554,829.3956.70%短期借款1,478,000,000.001,188,256,111.1124.38%交易性金融负债15,054,493.430#DIV/0!应付票据030,000,000.00-100.00%应付账款16,923,777,818.9816,300,047,905.753.83%预收款项74,405,197,318.7831,734,801,163.76134.46%应付职工薪酬1,415,758,826.87806,504,472.2075.54%应交税费3,165,476,401.561,176,877,640.28168.97%应付利息127,806,502.79122,643,721.104.21%其他应付款16,814,029,349.109,258,734,468.3081.60%一年内到期的非流淌负 15,305,690,786.98 7,440,414,366.78 105.71%债流淌负债合计129,650,791,498.4968,058,279,849.2890.50%长期借款24,790,499,290.5017,502,798,297.1141.64%应付债券5,821,144,507.035,793,735,805.140.47%估量负债41,107,323.1534,355,814.9519.65%递延所得税负债738,993,358.99802,464,465.02-7.91%其他非流淌负债8,816,121.268,408,143.824.85%非流淌负债合计31,400,560,600.9324,141,762,526.0430.07%负债合计161,051,352,099.4292,200,042,375.3274.68%实收资本〔或股本〕10,995,210,218.0010,995,210,218.000.00%资本公积8,789,344,008.848,557,716,583.442.71%盈余公积10,587,706,328.798,737,841,436.8521.17%未安排利润13,470,284,310.058,808,398,744.0552.93%少数股东权益10,353,522,851.308,032,624,392.9328.89%外币报表折算价差390,131,925.43276,721,078.8040.98%44,232,676,791.1137,375,888,061.1444,232,676,791.1137,375,888,061.1418.35%54,586,199,642.4145,408,512,454.0720.21%215,637,551,741.83137,608,554,829.3956.70%〔或股东权益〕全部者权益〔或股东权益〕合计负债和全部〔或股东权益〕合计215,637,551,741.356.70流淌资产的变化主要表达在预付账款增长幅14.18302,363.764.41〕56.2356.70%。56.70〕74.6856.70%；股东权益本期增长幅度20.21%，使权4.79%，两者合计使权益总额增长幅度6.70〔2〕本期股东权益的变化对权益总额的影响稍大于负债对权益的影响，其中对股东权益影响最大的科目是未安排利润，使权益总额增加了52.93%。而其中外币报表折算差额较期初有所增40.98〔3〕流淌负债的增长是负债34.46%。资产负债表〔垂直分析〕A资产负债表〔垂直分析〕A20101231单位：元项目2010.12.312009.12.3120102009货币资金37,816,932,911.8423,001,923,830.8017.54%16.72%交易性金融资产0740,470.770.00%0.00%应收账款1,594,024,561.07713,191,906.140.74%0.52%预付款项17,838,003,464.718,736,319,500.738.27%6.35%其他应收款14,938,313,217.777,785,809,435.416.93%5.66%存货133,333,458,045.9390,085,294,305.5261.83%65.46%流淌资产合计205,520,732,201.32130,323,279,449.3795.31%94.71%可供出售金融资产404,763,600.00163,629,472.660.19%0.12%长期股权投资4,493,751,631.163,565,383,001.512.08%2.59%投资性房地产129,176,195.26228,143,157.990.06%0.17%固定资产1,219,581,927.471,355,977,020.480.57%0.99%在建工程764,282,140.58593,208,234.130.35%0.43%无形资产373,951,887.2981,966,325.940.17%0.06%长期盼摊费用32,161,415.8531,318,689.650.01%0.02%递延所得税资产1,643,158,028.391,265,649,477.660.76%0.92%其他非流淌资产1,055,992,714.5100.49%0.00%非流淌资产合计10,116,819,540.517,285,275,380.024.69%5.29%资产总计215,637,551,741.83137,608,554,829.39100%100%负债及股东权益流淌负债：短期借款1,478,000,000.001,188,256,111.110.69%0.86%交易性金融负债15,054,493.4300.01%0.00%应付票据030,000,000.000.00%0.02%应付账款16,923,777,818.9816,300,047,905.757.85%11.85%预收款项74,405,197,318.7831,734,801,163.7634.50%23.06%应付职工薪酬1,415,758,826.87806,504,472.200.66%0.59%应交税费3,165,476,401.561,176,877,640.281.47%0.86%应付利息127,806,502.79122,643,721.100.06%0.09%其他应付款16,814,029,349.109,258,734,468.307.80%6.73%一年内到期的非流淌负债15,305,690,786.987,440,414,366.787.10%5.41%流淌负债合计129,650,791,498.4968,058,279,849.2860.12%49.46%非流淌负债：0.00%0.00%长期借款24,790,499,290.5017,502,798,297.1111.50%12.72%应付债券5,821,144,507.035,793,735,805.142.70%4.21%估量负债41,107,323.1534,355,814.950.02%0.02%递延所得税负债738,993,358.99802,464,465.020.34%0.58%其他非流淌负债8,816,121.268,408,143.820.00%0.01%非流淌负债合计31,400,560,600.9324,141,762,526.0414.56%17.54%负债合计161,051,352,099.4292,200,042,375.3274.69%67.00%股东权益：0.00%0.00%实收资本〔或股本〕10,995,210,218.0010,995,210,218.005.10%7.99%资本公积8,789,344,008.848,557,716,583.444.08%6.22%盈余公积10,587,706,328.798,737,841,436.854.91%6.35%未安排利润13,470,284,310.058,808,398,744.056.25%6.40%少数股东权益10,353,522,851.308,032,624,392.934.80%5.84%外币报表折算价差390,131,925.43276,721,078.800.18%0.20%44,232,676,791.1137,375,888,061.1420.51%27.16%44,232,676,791.1137,375,888,061.1420.51%27.16%54,586,199,642.4145,408,512,454.0725.31%33.00%负债和全部者〔或股负债和全部者〔或股东权益〕合计215,637,551,741.83137,608,554,829.39100%100%从静态方面分析95.3114.56%，依据该公司的资产构造认为该公司资产弹性较险较小从动态方面分析.6-3.02%，3.63%，预付款项比重上升1.62动资产比重上升了一点外，其他工程变化不是很大，说明该公司的资产构造相比照较稳定。资本构造分析从静态方面看74.6925.31度都不大，说明该公司资本构造还是比较稳定的。利润表分析利润表〔水平分析〕业的投资收益利润表〔水平分析〕业的投资收益失1,211,776.171,577,638.38-23.19%00编制单位A2010年1231工程2010/12/312009/12/31〔减一、营业收入50,713,851,442.6348,881,013,143.493.75%减：营业本钱30,073,495,231.1834,514,717,705.00-12.87%营业税金及附加5,624,108,804.743,602,580,351.8256.11%销售费用2,079,092,848.941,513,716,869.3537.35%治理费用1,846,369,257.591,441,986,772.2928.04%勘探费用00财务费用504,227,742.57573,680,423.04-12.11%资产减值损失-545,451,004.03-524,239,596.144.05%加：公允价值变动净收益-15,054,493.432,435,350.77-718.17%投资收益777,931,240.02924,076,829.10-15.82%其中对联营企业和合营企 291,703,045.44541,860,864.68-46.17%影响营业利润的其他科目00二、营业利润11,894,885,308.238,685,082,798.0036.96%加：补贴收入00营业外收入71,727,162.8270,678,786.741.48%减：营业外支出25,859,892.03138,333,776.65-81.31%目三、利润总额11,940,752,579.028,617,427,808.0938.57%减：所得税3,101,142,073.982,187,420,269.4041.77%00四、净利润8,839,610,505.046,430,007,538.6937.47%1,211,776.171,211,776.171,577,638.380.00%0.00%000.00%0.00%归属于母公司全部者的净7,283,127,039.155,329,737,727.0036.65%利润少数股东损益1,556,483,465.891,100,269,811.6941.46%五、每股收益00〔一〕根本每股收益0.660.4837.50%〔二〕稀释每股收益0.660.4837.50%利润表〔垂直分析〕A利润表〔垂直分析〕A2010年1231单位：元工程 2010/12/31 2009/12/31产处置净损失20102009一、营业收入50,713,851,442.6348,881,013,143.49100.00%100%减：营业本钱30,073,495,231.1834,514,717,705.0059.30%70.61%营业税金及附加5,624,108,804.743,602,580,351.8211.09%7.37%销售费用2,079,092,848.941,513,716,869.354.10%3.10%治理费用1,846,369,257.591,441,986,772.293.64%2.95%勘探费用000.00%0.00%财务费用504,227,742.57573,680,423.040.99%1.17%资产减值损失-545,451,004.03-524,239,596.14-1.08%-1.07%-15,054,493.432,435,350.77-0.03%0.00%动净收益投资收益777,931,240.02924,076,829.101.53%1.89%业和合营企业291,703,045.44541,860,864.680.58%1.11%的投资收益影响营业利润000.00%0.00%的其他科目二、营业利润11,894,885,308.238,685,082,798.0023.45%17.77%加：补贴收入000.00%0.00%营业外收入71,727,162.8270,678,786.740.14%0.14%25,859,892.03138,333,776.650.05%0.28%额的其他科目三、利润总额11,940,752,579.028,617,427,808.0923.55%17.63%减：所得税3,101,142,073.982,187,420,269.406.11%4.47%的其他科目四、净利润8,839,610,505.046,430,007,538.6917.43%13.15%归属于母公司全部者的净利7,283,127,039.155,329,737,727.00润少数股东损益1,556,483,465.891,100,269,811.690000.00%0.00%五、每股收益〔一根本每股收益〔二稀释每股收益000.660.480.660.481．净利润分析201088.392437.47%，增长幅度较高。从水平分析表来看，公司净利润增长主要是由于利润总额比上年387%引起的。2.利润总额分析万科公司合并利润总额增3333.37%；同时营业利润增长也是导致利润总额增237.2%.3.营业利润分析19加3,89构，增加产量，不断满足市场需求，从而造成的主营业务收入大幅上升；财务费用的大幅降低；但由于营业本钱3333.7%。从企业的构成状况来看，盈利力量较上年度都有所提高。各项财务成果构造增长的缘由，从营业利润构造增长看，主要是资产减值损失构造下降所致，说明营业本钱及营业税金和财务费用下降是提高营业利润比重的根本缘由。但是利润总额构造增长的主要缘由，除受营业利润影响以外，主要还在于资产减值损失比重的下降。另外投资收益比重下降和营业外支出的提高，对营业利润，利润总额和净利润构造都带来了肯定的不利影响。现金流量表分析a现金流量表水平分析A现金流量表〔水平分析〕20101231单位：元工程2010/12/312009/12/31〔减%一、经营活动产生的现金流量金-2,976,047,156.821,889,792,191.43-2,976,047,156.821,889,792,191.4357.48%91,095,741,650.1259,485,125,736.9353.14%66,645,895,259.8534,560,212,561.8992.84%1,848,827,752.371,197,521,164.6154.39%9,381,585,316.906,537,312,459.4843.51%10,982,177,869.557,936,728,231.4038.37%88,858,486,198.6750,231,774,417.3876.90%2,237,255,451.459,253,351,319.55-75.82%收到其他与经营活动有关的现金经营活动现金流入小计金支付给职工以及为职工支付的现金支付的各项税费支付其他与经营活动有关的现金经营活动现金流出小计经营活动产生的现金流量净额

88,119,694,493.30

57,595,333,545.5053.00%二、投资活动产生的现金流量282,454,288.12210,421,893.79282,454,288.12210,421,893.7934.23%367,769,277.76392,060,350.54-6.20%462,241.52142,450,545.00-99.68%17,179,172.33119,164,800.00-85.58%2,032,857,298.14304,714,390.00567.14%2,700,722,277.871,168,811,979.33131.07%261,938,551.22806,062,156.74-67.50%2,183,848,057.741,577,467,490.5238.44%1,364,056,191.972,975,942,928.47-54.16%取得投资收益收到的现金处置固定资产他长期资产收回的现金净额处置子公司及其他营业单位收到的现金净额收到其他与投资活动有关的现金投资活动现金流入小计购建固定资产他长期资产支付的现金投资支付的现金取得子公司及其他营业单位支付的现金净额支付其他与投资活动有关的现金1,082,538,787.40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 4,892,381,588.335,359,472,575.73-8.72%投资活动产生的现金流量净 -2,191,659,310.46-4,190,660,596.40-47.70%三、筹资活动产生的现金流量吸取投资收到的现金1,979,021,435.08829,084,667.00138.70%取得借款收到的现金27,070,090,551.0220,731,516,740.8230.57%收到其他与筹资活动有关的-- --筹资活动现金流入小计29,049,111,986.1021,560,601,407.8234.73%归还债务支付的现金11,985,374,651.5421,640,510,970.25-44.62%现金安排股利利润或偿付利息支 4,039,207,571.752,948,745,658.4336.98%付的现金支付其他与筹资活动有关的-- --现金筹资活动现金流出小计16,024,582,223.2924,589,256,628.68-34.83%筹资活动产生的现金流量净额四、汇率变动对现金的影响

13,024,529,762.8124,034,574.57

-3,028,655,220.86-530.04%-9,546,494.83-351.76%四(2)、其他缘由对现金的影----响13,094,160,478.372,024,489,007.46546.79%额期初现金及现金等价物余额22,002,774,937.3819,978,285,929.9210.13%期末现金及现金等价物余额35,096,935,415.7522,002,774,937.3859.51%b现金流量表垂直分析：现金流量垂直分析表工程工程流入流出比20102009201020092010200920102009一、经营活动产生的现金流量销售商品、供给劳务收到的现96.73%96.82%金收到的税费返还0.000.00收到其他与经营活动有关的现3.27% 3.18%金经营活动现金流入小计100%100%74.15%72.35%购置商品、承受劳务支付的现75.00%68.80%金支付给职工以及为职工支付的2.08%2.38%现金支付的各项税费10.56%13.01%支付其他与经营活动有关的现12.36%15.80%金经营活动现金流出小计100%100%80.95%62.65%经营活动产生的现金流量净额1.025181.1842二、投资活动产生的现金流量收回投资收到的现金10.46%18.00%取得投资收益收到的现金13.62%33.54%处置固定资产、无形资产和其0.02%12.19%0.64%10.20%0.02%12.19%0.64%10.20%收到其他与投资活动有关的现75.27%26.07%金投资活动现金流入小计购建固定资产、无形资产和其他长期资产支付的现金

100% 100% 2.20% 1.42%5.35%15.04%付的现金筹资活动现金流出小计

25.21%11.99%投资支付的现金44.64%投资支付的现金44.64%29.43%取得子公司及其他营业单位支27.88%55.53%付的现金净额支付其他与投资活动有关的现22.13%0金投资活动现金流出小计100%100%4.46%6.68%投资活动产生的现金流量净额0.552030.2181三、筹资活动产生的现金流量吸取投资收到的现金6.81%3.85%取得借款收到的现金93.19%96.15%筹资活动现金流入小计100%100%23.65%26.22%归还债务支付的现金74.79%88.01%安排股利、利润或偿付利息支

14.60%30.67%筹资活动产生的现金流量净额合计

100% 100% 100% 100%

1.812780.8768㈠现金流量表总体状况的初步分析13,094,160,478.37，同比增长了546.792,237,255,451.452009年的值为9,253,351,319.55-2,191,659,310.46-47.70%；筹资活动现金流量净额为13,024,529,762.812009年的值为-3,028,655,220.86㈡现金流量表主要工程的分析对经营活动现金流量的分析53.14%，在现金流入量中的占比由年初的72.35%增长到年末的74.15%，比重较大，说明公司现金流入很大一局部来自于经营活53.00%，占比由年初的96.82%略下降至年末的96.73%，保持稳定的较高比例，公司经营活动现金流入正常。经营活动现金流出量同比增长了76.90%，在现金总流出量中的占比由年初的62.65%上升到年末的80.9518.3%。增净额也明显处于高位〔如图19所示。200520062005200620072008200910,000,000,000.005,000,000,000.000.00-5,000,000,000.00-10,000,000,000.00-15,000,000,000.00对投资活动现金流量的分析

年份图19三家公司经营活动现金流量净额比较131.07%，在现金总流入量中的占比由年初的1.42%增长到年末的2.20%34.23%，18.00%降到年末的10.46%做具体的披露，推想应当是公司意在将投资扩张作为将来制造利润的增长点。投资活动现金流出量同比下降-8.72%6.68%略下降到年末的4.46%-67.50%，占整个投资活动现金流出量的比例有年初的15.04%下降到年末的5.35%，说明公司降低了扩大生产规模的力度，缩小了其生产力量。有利于可持续进展，符合公司的长期进展战略。同时构建固定资产的支出远大于处置固定资产的收入也说明白公司正在扩大生产经营规模与资产负债表分析中的结论全都。投资活动现金流量净额同比下降了-47.70%，主要缘由是投资活动现金流出量的减幅大于投资活动现金流入量的增幅〔如图20所示。1,000,000,000.000.00

2005

2006 2007 2008 2009-1,000,000,000.00-2,000,000,000.00-3,000,000,000.00-4,000,000,000.00-5,000,000,000.00对筹资活动现金流量的分析

年份图20 三家公司投资活动现金流量从现金流量表中可以看出，筹资活动现金流入量同比增长34.73138.703.85%93.19%。款筹资的比重在上升。公司调整了集资构造，筹资本钱随之降低，但风险增加。筹资活动现金流出量同比增长-34.83%，主要是由于“归还债务支付的现金”同比增长88.01%下降到年末的74.7920082009年从较高的水平降低到了行业中的最低额〔如图21所示。说明公司自身资金周转已进入良性循环阶段，公司债务负担有所减轻。25,000,000,000.0020,000,000,000.0015,000,000,000.0010,000,000,000.005,000,000,000.000.00

2005

2006 2007 2008 2009-5,000,000,000.0