【財務分析】海螺水泥的財務分析報告

1、安徽海螺水泥有限公司2011年前三季度財芻分析報告財務分析又稱財務表報分析簡單的來講財務分析就是以財 務報表和其他資料為依據,系統(tǒng)的來分析公司的財務狀況、經營 成果和現金流量的過程。它是通評價過去的經營業(yè)績和衡量現在 財務狀況從而推測出未來成長方向的一個行之有效的辦法。這篇 對海螺水泥的財務分析報告是從投資者的角度通過對公司的營 運能力、償債能力、盈利能力、現金流量情況等方面作出分析, 得出投資者所需的一些信息。一、海螺公司的基本情況:安徽海螺水泥股份有限公司成立于1997年9月1日，是中 國最大的水泥生產商和供應商,現有水泥和商品熟料的總產能已 達1660萬噸,擁有27家子公司和1家參股公司

2、,其中六大熟 料生產基地分別位于安徽省寧國、蕪湖、銅陵、池州、楓陽等地, 于199年10月21日在香港聯(lián)合交易所掛牌上市（股票代碼0914 ）公司總股本為98,348萬股其中國有股為62,248萬股,H股流通股為36,100萬股。公司憑借自身資源、能源、區(qū)位優(yōu)勢并結合技術、人才、管理優(yōu)勢，在中國建材行業(yè)有很高的知名 度和可觀的市場份額,生產能力在亞洲居第三位,世界居第十二 位。二、主要財務報表1、資產負債表I會計年JS2011-09-302011-06-302011-03-15貨幣資金6,803,674,986.008,063,111766,003,070,029,060.00交易性金融資產4

3、9,654,845-00113,598,548.004,152,155.00應收票據9,103,077,122-007,297,447,075.005,512,789,984.00應收賬款425386,066.00475,736,886.00441,010,116.00預付款項624,236,416.00609,396,596.00515,152,80&00輿他應收款4,898,452344-004,373,548,289,00440,176,970-00應收關朕公司款應收利息32,401.199-007770719,00-應收股利-存貨4,065,865,839.003,819,45

4、6,890.003,768,703,227.00輿中：淸耗性生物資產一年內到期的非流動資產奠他流動資產591,370,634.00684,072,017.00605,671,669-00流動資產合計26.594.119,451.0025,444,13&786.0014,357,685,989-00可供出e金融資產Z966,841,768-004,286,174,702.004,742,925350.00持育至到期投資長期應收款-長期股權投資292.513,977.00283,582,029.001,042,010,130.00投資性房地產園定資產3&86Z589,214.003

5、6,690,92&462.0034,150,267,437-00在建工程4.65&473,183-004,523,395,996.003,361,520,443.00工程物資2,315,781,697.002,791,865,671.002,938,067,081.00園定資產清理生產性生物資產油氣資產無形資產3,388,802,318.003,220,656,51 &002,788,069,433.00幵炭支出-商S76.157,940-0039,344,971.0016,119,621-00長期待罐費用遞延所得稅資產124209,652.00114,102,384.

6、00111,446,159-00其他非流動資產209,599,309-0096,533,966.00110,216,199-00耳電流動資產合計5Z894,969,05&0052,046,584,699.0049,260,641,853-00資產總計79,489,08&509.0077,490,723,485.0063,61 &32乙84200短期借款982,900,000-001,665,000,000.002,447,449,873.00交易性金融負債應付票據40.000,000-0010,000,000,00應付賬款4,535,254,735-004,380,38

7、0,058.003,787,268,17&00預收款項1,205,591,579-00844,920,854.0072&715,723-00應付職工薪酬53372726.0041,008,050,0029,055790-00應交稅費1,711,384,960-001,402,466,909.001,124,407,782.00應付利息343,882,985.00211,498,033.0087,278,434-00應付股利-域他應付款4,061,126,487.003,859,066,941,003,310,674,719.00應付關朕公司款一年內到期的非流動負債2,039,4

8、10,532-00Z239,543,863.001,672,403,865.00輿他流動負債流動負債合計14,972,924,004.0014,653,884,708.0013,187,254,364-00長期借款10,500,886,365-0010,576,113,637,0010,823,909,09ZOO應付債券9,464,072,84&009,462,505,988.00長期應付款171,357,997.00175,294,951.00174,235,265.00妄項應付款-預計負債遞延所得稅負債373,041,083.00708,327,525.00770,654,571-

9、00域朋E流動負債30,64&662.0031,067,909,0031,614,532-00非流動負債合計20,540,006,955-0020,953310,010.0011,800,413,460.00負債合計35,512,930,959-0035,607,194718,0024,987,667,824.00實收資本（或股本）5,299,302,579-005,299,302,579.003,532,86&386.00資本公積11,536341.178.0012,623,182,293.0014,730,299,472-00盈余公枳1,141,881,369.001,14

10、1,881,369.001,141,881,369.00減；庫存股-未分配利潤24334,76&：L540021,273,608,928,001&555,499,200-00少數股東權益1,663,864,270-001,545,553,59&00670,111,591.00外甫報表折算價甦非正常經營項目收益調整歸屬母公司所有言權益（或股東權 益）42312,293,280.0040,337,975,169.0037,960,548,427-00所有者權益（或股東權益）合計43,976157,550.0041,883,52&767.003&630,660

11、,018.00負債和所有吉（或股東權益）合計79,489,08&509.0077,490,723,485.0063,61 &327.842.002利潤表會計年康2011-09-302011-06-302011-03-15-營業(yè)收入34,974,813,908.0022,327,264,574.009,314,519,670-00減：營業(yè)成本20,438,110,944-0012,844,766,161.005,610,280,022-00營業(yè)稅金及附加193708,694-00122,869,661.0044,289,815-00請售費用1,24&82&365.

12、00800,614,875.0035&779,760.00管理費用1,125,685,360-00702,229,165.00344,616,528.00勘探費用-財務費用434,597,538-00282,139,983.00131,21 &608.00資產減值攝失-27,976.00-27,976-00-20,000.00加：公允價值變動凈收益-7,078,869-006,850,353.002,399,155-00投資收益124,259,521.0087,728,979.005,137,055-00輿中：對朕曹企業(yè)和合營企業(yè)的投 資收益22,59&047.0020

13、,434,014.005,137,055-00影營業(yè)利潤的具他科目-二.營業(yè)利潤11,651,091,635-007,669,252,037.002,832,891,147-00加:補貼收入-營業(yè)外收入526,789,360-00382,292,235.0017&866,452.00減：營業(yè)外支出1,862,55&001,712,815,00512,599.00輿中：非流動資產處置凈5失932737-00916,291.00327,627.00加:影利潤總饌的輿他科目-三.利潤總離12,176,018,437.00&049,831,457.003,011,245,000

14、-00減：所得稅2,930,189,278-001,951,475,440.00753,594704.00加：影響凈利潤的輿他科目-四.凈利潤9,245,829,159-006,09&356,017,002,257,650,296-00歸屬于母公司所有番的凈利潤9,055,209,131-005,994,049,905.002,216,079,661-00少數股東廈益190,620,028.00104,306,112.0041,570,635.00五.每股收益(-)基本每股收益1711130-63(二)稀澤每股收益1711130-633、 現金流量表報吿年廈2011-09-302011

15、-06-302011-03-15-活動產生的現金流量銷S商品、堤供勞務收到的現金41,548,800,617-0027,139,391,860.0011,587,026,776-00收到的稅費返還97,945,504-0061,803,609,0032,978,459-00收到輿他與經活動構關的現金410,177,843-00325,521,161,00145,695,713-00經S活動現金汛入小計42,056,923,964.0027,526,716,630.0011,765700,948.00購買商品、接S勞務支付的現金26,292,646,510-0017,347,162,499.00

16、7,927,917,938.00支付給職工以及為職工支付的現金1,71&131,676-001.169.162,834-00667,682,423-00支付的項稅費5,587,066,421-003,416,285,241.001,320,34&707.00支付集他與經曹活動育關的現金654,149,19&00419,074,215.00101,209,993-00經童活動現金流出小計34,251,993,805-0022,351,684,789.0010,017,159,061-00經螢活動產生的現金流量凈額7,804,930,159-005,175,031,841-

17、001,748,541,887.00二.投資活動產生的現金:寫宣收回投資收到的現金1,061,822,622-00800,000,000,00-取得投資收益收到的現金處aa定資產、無形資產和典他長 期資產收回的現金凈饌2,504,337-001,639,906-001,450,81ZOO處置子公司及輿他營業(yè)單位收到的 現金凈離363(356423.00363,356,423.00收到毀他與投資活動有關的現金139,803,468-0062,307,579.0022,434,466-00投資活動現金流入小計1,567,486,850-001,227,303,90&0023,885,278

18、-00購建固定資產、無形資產和輿他長 期資產支付的現金6,279,800,966-004,017,281355-002,042,575,069.00投資支付的現金5,313,497,046-004,909,899795-00取得子公司及典他童業(yè)單位支付的157,487,734.0019,134,000.00現金凈饌支付輿他與投資活動構關的現金110,000,000.00投資活動現金汛出小計11,860,785746-00&946,315,150-002,042,575,069.00投資活動產生的現金流量凈談-10,293,29&896.00-7,719,011,242.00-2

19、,018,689791.00三.籌資活動產生的現金流S吸收投資收到的現金-取得借款收到的現金3,145,000,000.003,145,000,000-001,187,449,873.00收到輿他與籌資活動育關的現金16,932,344-006,631,925-00籌資活動現金流入小計12,625,067,046-0012,608,134,702,001,194,081,79&00償還債務支付的現金4,821,522,727-003,574,022,728.00465,500,000-00分配股利.利潤或償付利息支付的 現金1,480,442,571.001,320,20&72

20、5.00115,290,000-00支付輿他與籌資活動構關的現金15,619,197-0016761,633,009,474,026-00籌資活動現金流出小計6,317,584,495-004,910,993,086-00590,264,026-00籌資活動產生的現金流量凈顫6,307,482,551-007,697,141,616.00603,817772-00四.匯率變動對現金的影四(2)、輿他原因對現金的影響五現金及現金等價物凈熠加饌期初現金及現金等價物余離2,689,148,569-002,689,14&569.002,689,148,569.00期末現金及現金等價物余離6,508,262,383-007,842310,784-003,022,818,437.00附注：1.將凈利潤調節(jié)為經S活動現金流量凈利潤6,09&356,017-00加:資產減值準備-27,976.00s定資產折舊.油氣資產折