《伊利财务分析资料》PPT课件.ppt

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1、公司财务案例分析公司财务案例分析-伊利财务分析目 录伊利财务比率分析（2009年）伊利十年资产负债表分析（2000年2009年）伊利十年利润表分析（2000年2009年）乳制品企业之间的比较（伊利&蒙牛&光明）伊利财务综合分析伊利财务比率分析（2009年）变现能力比率变现能力比率流动比率0.76速动比率0.55盈利能力比率盈利能力比率销售净利率0.03销售毛利率0.35资产净利率0.05净值报酬率0.19股东权益（净资产）负债比率负债比率资产负债率0.72产权比率2.74已获利息倍数37.2401税息前利润834279555.9长期负债与营运资金比率-0.1835资产管理比率资产管理比率存货周

2、转率8.18存货周转天数43.99应收账款周转率117.23应收账款周转天数3.07流动资产周转率3.97总资产周转率1.95市价比率市价比率每股盈余0.81市盈率每股股利0.81留存盈利比例-0.02股利支付率每股账面价值1伊利十年资产负债表分析（2000年2009年）比较资产比较资产负债表负债表年份年份2000(2000(基年基年)20012001200220022003200320042004200520052006200620072007200820082009200920102010前前3 3季度季度项目项目流动资产流动资产合计合计520435001.3796659089.31653

3、919879229653244828688246692932148638357267946146359180895417862814 68312854237995379981存货存货181382303.8303051668377156843.2656341465.5709666328.6844561728.3150474254017373711212020365900 18356510292171095565固定资产固定资产502357298.4705282201.5937020610.915460082721697397343210680289234526288114407399561500

4、7185519 51092089195144979512资产总计资产总计11611531381639096125289854373840262658364850390713545046413475247591221017390051111780488935 1315214364714975171639负债负债流动负债流动负债合计合计309430708.8675379440.3978507448.1160555206824340667402686169820436083493050871655758201028312 903742635010147883103非流动负非流动负债合计债合计5551

5、6398.957901827.5563034665.9920443913061903498.13166932195.1216655621.7379501690.5351890597.8 404778435.3553759338.6所有者权所有者权益益实收资本实收资本146671070146671070195632494391264988391264988391264988516469784666102292799322750799322750799322750未分配利未分配利润润64754473.1186241940.12139260211.5278842225.4305158656.5411

6、737975.1584432745.1359468443.9-1066173178-418513471.1132216219.1负债及权负债及权益合计益合计 11611531381639096125289854373840262658364850390713545046413475247591221017390051111780488935 1315214364714975171639伊利十年资产负债表分析（2000年2009年）比较资产负债表比较资产负债表(定基百分比定基百分比)2000(2000(基年基年)200120012002200220032003200420042005200520

7、06200620072007200820082009200920102010前前3 3季季度度流动资产流动资产合计合计100153.075617317.7956661441.2717135551.2359204 563.403428686.4794744890.77753761041.0258341312.610683 1536.287906存货存货100167.0789606207.9347518361.8552922391.2544464465.6252074829.5972146957.85039891113.8715621012.034245 1196.972097固定资产固定资产10

8、0140.3945367186.5247333307.7507338337.8864701419.3833549687.2854882877.343591996.73788651017.046818 1024.167366资产总计资产总计100141.161064249.6263105346.7471863417.7218795469.4009734648.0419226876.18938241014.5508411132.6795071289.68102负债负债流动负债合计流动负债合计100218.2651628316.2282929518.8728922786.6274003868.100

9、59361409.3090331644.0403072650.3601872920.6623953279.53329非流动负债合非流动负债合计计100104.2968113.5424257368.2499839111.5048875300.6898834390.2551785683.5848471633.849826729.1150783997.469846所有者权所有者权益益实收资本实收资本100100133.3817869266.7635738266.7635738266.7635738352.1279173454.1470189544.9764224544.9764224 544.976

10、4224未分配利润未分配利润100133.1829849215.0588288430.6146155471.2549448635.8448388902.5364844555.1252703-1646.48576-646.3082024 204.1808276负债及权负债及权益合计益合计 100141.161064249.6263105346.7471863417.7218795469.4009734648.0419226876.18938241014.5508411132.6795071289.68102伊利十年利润表分析（2000年2009年）200020002001200120022002

11、2003200320042004200520052006200620072007200820082009200920102010前前3 3季度季度一、营业收入一、营业收入1,502,564,044.832,706,490,322.274,019,822,261.726,299,333,498.198,734,990,975.3612,175,264,123.6116,338,985,866.1519,359,694,864.9421,658,590,273.0024,323,547,500.3123,524,630,991.23减：营业成本减：营业成本1,086,016,290.501,917

12、,283,776.292,675,384,012.274,273,893,157.446,139,252,849.658,641,079,629.2611,811,941,470.4014,347,272,657.0615,849,142,905.6215,778,073,722.7016,388,169,558.75销售费用销售费用222,215,051.96517,775,000.65903,031,394.691,390,616,525.601,867,703,095.582,596,514,433.913,387,200,372.933,911,268,086.505,532,389,

13、959.266,496,091,518.775,383,767,351.60管理费用管理费用65,228,551.85120,718,197.26202,085,443.77296,219,529.91303,656,561.32417,351,298.18516,926,807.03884,390,861.361,915,430,908.851,190,963,077.551,059,252,770.86二、营业利润二、营业利润128,819,319.05144,252,925.84220,127,160.11308,580,308.16363,595,213.98480,904,084.1

14、4564,437,728.4884,682,307.69-2,050,011,862.52665,413,561.81593,183,523.72营业外收入营业外收入2,281,829.582,185,401.278,389,230.0911,485,646.5914,315,380.8512,668,344.704,769,650.67121,434,688.07218,705,100.55209,232,829.42170,507,544.43三、利润总额三、利润总额128,222,015.38141,055,433.54213,338,438.53318,891,466.53378,87

15、8,640.56491,611,392.29561,778,884.27106,392,183.55-1,955,643,359.65811,876,849.96682,679,553.77减：所得税减：所得税24,551,032.3918,088,773.8652,028,203.1970,535,446.47121,858,140.71152,145,916.97177,617,999.00110,955,473.80-218,932,440.78146,608,521.73119,928,322.73四、净利润四、净利润98,476,957.81119,676,679.62141,948

16、,405.32248,356,020.06264,638,256.57338,605,960.34393,016,110.14-4,563,290.25-1,736,710,918.87665,268,328.23562,751,231.04伊利十年利润表分析（2000年2009年）200120012002200220032003200420042005200520062006200720072008200820092009差额%差额%差额%差额%差额%差额%差额%差额%差额%一、营业收入一、营业收入1,203,926,277.440.801,313,331,939.450.492,279,5

17、11,236.470.572,435,657,477.170.393,440,273,148.250.394,163,721,742.540.343,020,708,998.790.182,298,895,408.060.1218,346,261,021.620.85减：营业成本减：营业成本831,267,485.790.77758,100,235.980.401,598,509,145.170.601,865,359,692.210.442,501,826,779.610.413,170,861,841.140.372,535,331,186.660.211,501,870,248.560.

18、1014,649,734,952.840.92销售费用销售费用295,559,948.691.33385,256,394.040.74487,585,130.910.54477,086,569.980.34728,811,338.330.39790,685,939.020.30524,067,713.570.151,621,121,872.760.415,977,286,478.691.08管理费用管理费用55,489,645.410.85 81,367,246.510.6794,134,086.140.477,437,031.410.03113,694,736.860.3799,575,50

19、8.850.24367,464,054.330.711,031,040,047.491.171,128,338,769.860.59二、营业利润二、营业利润15,433,606.790.12 75,874,234.270.5388,453,148.050.4055,014,905.820.18117,308,870.160.3283,533,644.340.17-479,755,420.79-0.85-2,134,694,170.21-25.21518,805,040.08-0.25营业外收入营业外收入-96,428.31-0.046,203,828.822.843,096,416.500.3

20、72,829,734.260.25-1,647,036.15-0.12-7,898,694.03-0.62116,665,037.4024.4697,270,412.480.8062,624,307.690.29三、利润总额三、利润总额12,833,418.160.10 72,283,004.990.51105,553,028.000.4959,987,174.030.19112,732,751.730.3070,167,491.980.14-455,386,700.72-0.81-2,062,035,543.20-19.38146,608,521.73-0.07减：所得税减：所得税-6,46

21、2,258.53-0.26 33,939,429.331.8818,507,243.280.3651,322,694.240.7330,287,776.260.2525,472,082.030.17-66,662,525.20-0.38-329,887,914.58-2.97146,608,521.73-0.67四、净利润四、净利润21,199,721.810.22 22,271,725.700.19106,407,614.740.7516,282,236.510.0773,967,703.770.2854,410,149.800.16-397,579,400.39-1.01-1,732,14

22、7,628.62379.58665,268,328.23-0.38乳制品企业之间的比较（伊利&蒙牛&光明）乳制品企业之间的比较（伊利&蒙牛&光明）变现能力比率的比较流动比率速动比率乳制品企业之间的比较（伊利&蒙牛&光明）200920082007流动资产6,831,285,422.895,417,862,813.944,635,918,089.16流动负债9,037,426,349.878,201,028,312.325,087,165,574.85存货1,832,651,029.352,020,365,899.351,737,371,120.52流动比率0.760.660.91速动比率0.55

23、0.410.57乳制品企业之间的比较（伊利&蒙牛&光明）200920082007流动资产8,014,467,000.004,772,551,000.003,763,576,000.00流动负债4,553,940,000.005,483,457,000.006,317,889,000.00存货714,897,000.00824,453,000.00877,443,000.00流动比率1.760.870.60速动比率1.600.720.46乳制品企业之间的比较（伊利&蒙牛&光明）200920082007流动资产2,157,327,269.001,984,574,157.002,146,605,46

24、8.00流动负债1,756,315,179.001,803,054,615.001,501,144,085.00存货518,861,344.00607,353,545.00555,763,813.00流动比率1.231.101.42速动比率0.930.761.06乳制品企业之间的比较（伊利&蒙牛&光明）资产管理比率存货周转率应收账款周转率流动资产周转率总资产周转率乳制品企业之间的比较（伊利&蒙牛&光明）200920082007销售费用15,778,073,000.0015,849,142,000.0014,347,272,229.00销售收入24,323,547,500.0021,658,59

25、0,273.0019,359,694,085.00平均存货1,928,008,464.001,878,868,509.001,621,056,830.00平均流动资产6,124,574,117.005,026,890,451.004,011,979,082.00平均资产总额12,466,316,290.0010,977,194,722.008,769,192,188.00平均应收账款207,478,396200,966,904.00274,055,645.00存货周转率8.188.458.85应收账款周转率117.0115.070.64流动资产周转率3.974.304.82总资产周转率1.95

26、1.972.21乳制品企业之间的比较（伊利&蒙牛&光明）200920082007销售费用18,858,229,000.0019,195,576,000.0016,514,557,000.00销售收入25,710,460,000.0023,864,975,000.0021,318,062,000.00平均存货769,675,000.00850,948,000.00974,451,500.00平均流动资产6,557,984,500.004,243,063,500.003,352,870,000.00平均资产总额12,516,225,000.0010,498,277,000.008,722,478,

27、500平均应收账款405,691,000272,722,000.00224,170,500.00存货周转率24.5022.6016.90应收账款周转率63.3787.6095.10流动资产周转率3.925.636.36总资产周转率2.051.821.89乳制品企业之间的比较（伊利&蒙牛&光明）200920082007销售成本4,960,554,000.004,956,471,000.005,601,069,000.00销售收入7,943,169,000.007,358,544,000.008,206,011,000.00平均存货563,107,000.00581,558,000.00520,3

28、89,500.00平均流动资产2,070,950,000.002,065,589,000.001,985,734,000.00平均资产总额4,080,325,000.004,099,579,000.004,071,696,000平均应收账款544,741,000552,827,000.00545,908,000.00存货周转率8.808.5210.76应收账款周转率14.5813.3115.03流动资产周转率3.833.564.13总资产周转率1.961.792.01乳制品企业之间的比较（伊利&蒙牛&光明）负债比率资产负债率产权比率已获利息倍数乳制品企业之间的比较（伊利&蒙牛&光明）20092

29、0082007负债总额7,532,565,000.006,873,794,000.004,365,959,000.00资产总额10,466,985,000.009,466,033,000.007,612,107,000.00股东权益2,914,419,000.002,547,423,000.003,246,148,000.00稅息前利润EBIT834,278,000.00-2,050,011,000.00113,835,000.00利息费用146,608,000.00-220,995,000.00110,955,000资产负债率0.710.730.57产权比率2.582.701.34已获利息倍

30、数5.689.271.02乳制品企业之间的比较（伊利&蒙牛&光明）200920082007负债总额5,184,432,000.006,294,655,000.003,846,575,000.00资产总额14,096,126,000.0011,315,275,000.009,681,279,000.00股东权益8,911,694,000.004,737,971,000.005,834,704,000.00稅息前利润EBIT1,346,346,000.001,089,275,000.001,130,310,000.00利息费用126,240,000.00161,454,000.0021,658,0

31、00资产负债率0.370.550.40产权比率0.581.320.65已获利息倍数10.666.7452.10乳制品企业之间的比较（伊利&蒙牛&光明）200920082007负债总额1,924,883,000.001,958,190,000.001,694,902,000.00资产总额4,122,987,000.004,037,663,000.004,161,495,000.00股东权益2,198,104,000.004,737,971,000.002,466,593,000.00稅息前利润EBIT189,821,000.00319,543,000.00273,285,000.00利息费用61

32、,365,000.0051,985,000.0072,431,000资产负债率0.020.480.41产权比率0.870.410.68已获利息倍数3.096.143.77乳制品企业之间的比较（伊利&蒙牛&光明）盈利能力比率销售净利率销售毛利率资产净利率净值报酬率乳制品企业之间的比较（伊利&蒙牛&光明）200920082007净利润665,268,000.00-1,736,710,000.00-4,563,290.00销售收入24,323,547,000.0021,658,590,000.0019,359,694,000.00毛利650,288,000.00-2,070,026,000.0087

33、,562,000.00平均资产总额12,466,316,290.0010,977,194,722.008,769,192,880平均股东权益2,730,921,000.002,896,785,000.003,838,855,000销售净利率0.02-0.08-0.23销售毛利率0.027-0.090.004资产净利率0.05-0.16-0.0005净值报酬率0.24-0.60-0.001乳制品企业之间的比较（伊利&蒙牛&光明）200920082007净利润1,220,106,000.00924,464,000.001,108,652,000.00销售收入25,710,460,000.0023,

34、864,975,000.0021,318,062,000.00毛利6,852,231,000.004,669,399,000.004,803,505,000.00平均资产总额12,516,225,000.0010,498,277,000.008,722,478,500平均股东权益6,824,832,000.005,286,337,000.004,733,692,000.00销售净利率0.050.040.05销售毛利率0.270.200.23资产净利率0.100.090.13净值报酬率0.190.170.23乳制品企业之间的比较（伊利&蒙牛&光明）200920082007净利润128,456,0

35、00.00267,558,000.00200,854,000.00销售收入7,943,169,000.007,358,544,000.008,206,011,000.00毛利149,496,000.002,402,073,000.002,604,942,000.00平均资产总额4,080,325,000.004,099,579,000.004,071,696,000平均股东权益2,138,788,000.002,273,032,000.002,432,964,000.00销售净利率0.020.040.02销售毛利率0.020.320.31资产净利率0.030.070.05净值报酬率0.060.

36、120.08伊利财务综合分析杜邦分析体系杜邦分析体系2000200120022003200420052006200720082009股东权益报酬率0.660.510.60.480.430.420.350.410.240.26资产报酬率0.080.070.050.040.050.050.050-0.140.05权益乘数1.44931.8182 1.56251.8182 2.04082.8333 2.56312.17393.7037 3.5714总资产周转率1.41.931.771.821.972.362.522.191.971.95 沃尔的比重评分法沃尔的比重评分法财务比率比重标准比率实际比率相

37、对比率评分流动比率2520.760.389.5净资产/负债251.50.39290.266.5资产/固定资产152.52.57421.0315.45销售成本/存货1083.53880.444.4销售额/应收账款106111.586918.6186销售额/固定资产1044.76071.1911.9销售额/净资产536.55632.1910.95合计100244.7伊利财务综合分析伊利财务综合分析伊利财务综合分析综合能力是用来衡量公司综合财务状况。根据因子分析的结论，对盈利能力得分、偿债能力得分、成长能力得分、资产经营得分、市场表现得分和投资收益六个方面，分别赋予权重计算出公司综合财务能力得分，该

38、能力得分越高，说明财务能力越好。伊利财务综合分析盈利能力是用来衡量公司获取利润的能力。以总资产收益率、每股收益、成本费用利润率、主营业务利润率、净资产收益率、每股未分配利润作为主要解释因子，计算盈利能力得分，该能力得分越高，说明盈利能力越好。伊利财务综合分析偿债能力是用来衡量公司对负债能及时、足额偿还的保证程度。以速动比率、流动比率、现金负债比率、股东权益比率、资产负债率作为主要解释因子，计算偿债能力得分，该能力得分越高，说明偿债能力越好。伊利财务综合分析成长能力是用来衡量公司扩展经营的能力。以总资产扩张率、主营业务增长率、固定资产投资扩张率、每股收益增长率、净利润增长率作为主要解释因子，计算成长能力得分，该能力得分越高，说明成长能力越好。伊利财务综合分析除了以上的数据分析之外，结合宏观情况，我们可以看出：一个企业的发展与整个行业在国家中的地位息息相关，如果行业出现危机，则每个企业都会受到牵连。企业的发展受整个经济的影响，如在经济危机的情况下，企业的财务状况也不容乐观。企业应该有危机意识，提前做好风险预备案。在企业遇到风险时，应该改变财务支出结构，在处理公共事件上有所倾斜。