萬科企業(yè)財務分析報告

1、萬科企業(yè)財務解析報告萬科企業(yè)財務解析報告目錄大綱房地產(chǎn)行業(yè)大要1.1.房地產(chǎn)行業(yè)的發(fā)展遠景萬科地產(chǎn)會計解析2.1萬科地產(chǎn)的財富情況2.2萬科地產(chǎn)的收益情況收益表綜合解析現(xiàn)金流量表一般解析萬科房產(chǎn)財務解析短期償債能力指標解析長遠償債能力指標解析3.2營運能力解析營運能力指標解析3.3.企業(yè)盈利能力解析財富經(jīng)營盈利能力解析資本經(jīng)營能力解析商品經(jīng)營盈利能力解析每股收益解析解析結論及建議4.1財務問題4.2改進建議房地產(chǎn)行業(yè)大要房地產(chǎn)行業(yè)的發(fā)展遠景從宏觀經(jīng)濟上看，中國人均GDP高出7000美元，長遠內房地產(chǎn)業(yè)正處于快速發(fā)展的起步階段。居民的花銷能力大大提高，花銷結構也會變化，這類花銷結構的變化主要表現(xiàn)

2、在居民對汽車和住處這類代表著財富和財富的商品需求的快速增加上。中國宏觀經(jīng)濟正處于快速增加階段，房地產(chǎn)投資在其中起重視要的貢獻作用，外國經(jīng)濟發(fā)展歷程也證明，公民經(jīng)濟中房地產(chǎn)業(yè)的貢獻是必需的而且是牢固的。國家的宏觀調控政策使房地產(chǎn)行業(yè)外面環(huán)境發(fā)生變化，錢幣的縮短使得企業(yè)不得不擔當巨大的資本壓力，開發(fā)企業(yè)將比過去更加重視融資能力。在資本壓力及金融風險下，很有可能會出現(xiàn)新的融資渠道，房地產(chǎn)企業(yè)的融資手段會表現(xiàn)出多樣化和專業(yè)化。由此融資能力所帶來的強弱分化將使行業(yè)整合進一步張開，各種資源向營運效率較高的企業(yè)集中。目前中國房地產(chǎn)處于行業(yè)快速發(fā)展階段，短期內由于新政策影響，市場不可以防備出現(xiàn)調整。在土地、資

3、本、市場觀看的壓力之下，行業(yè)內部不斷調整和變革，市場將會更加規(guī)范，遠期來看市場擁有牢固的需求。萬科地產(chǎn)會計解析2.1萬科地產(chǎn)的財富情況表2-1萬科地產(chǎn)合并財富負債表年12月31日單位:元項目期末數(shù)期初數(shù)流動財富:錢幣資本44,365,409,795.2352,291,542,055.49應收賬款3,078,969,781.371,886,548,523.49預付賬款28,653,665,102.6133,373,611,935.08其他應收款34,815,317,241.4120,057,921,836.24存貨331,133,223,278.99255,164,112,985.07流動財富合

4、計442,046,585,199.61362,773,737,335.37非流動財富:可供銷售金融財富2,466,185,867.934,763,600.00長遠股權投資10,637,485,708.347,040,306,464.29投資性房地產(chǎn)11,710,476,284.302,375,228,355.79固定財富2,129,767,863.361,612,257,202.22在建工程913,666,777.101,051,118,825.93無形財富430,074,183.12426,846,899.52商譽201,689,835.80201,689,835.80長遠待攤花銷63,51

5、0,505.2142,316,652.03遞延所得稅財富3,525,262,051.953,054,857,904.42其他非流動財富5,080,619,213.82218,492,000.00非流動財富合計:37,158,738,290.9316,027,877,740.00財富總計479,205,323,490.54378,801,615,075.37流動負債:短期借款5,102,514,631.149,932,400,240.50交易性金融負債11,686,986.0225,761,017.27應付票據(jù)14,783,899,946.374,977,131,435.22應付賬款63,958

6、,459,138.7844,860,995,716.97預收款項155,518,071,436.35131,023,977,530.61應付職工薪酬2,451,674,436.712,177,748,944.37應交稅費4,578,205,233.594,515,588,914.24應付利息291,243,561.80649,687,938.74其他應付款54,704,285,269.2636,045,315,768.94一年內到期的非流動負債27,521,791,569.9025,624,959,204.23流動負債合計328,921,832,209.92259,833,566,711.09

7、非流動負債:長遠借款36,683,128,420.0836,036,070,366.26應付債券7,398,391,932.47預計負債46,876,821.1544,292,267.15其他非流動負債2,955,020.8515,677,985.06遞延所得稅負債672,715,687.44733,812,757.71非流動負債合計44,844,067,881.9936,829,853,376.18負債合計373,765,900,091.91296,663,420,087.27所有者權益:股本11,014,968,919.0010,995,553,118.00資本公積8,532,222,93

8、3.578,683,860,667.82盈利公積20,135,409,720.2417,017,051,382.39未分配收益36,706,888,864.0826,688,098,566.77外幣報表折算差額506,492,902.81440,990,190.32歸屬于母企業(yè)所有者權益76,895,983,339.7063,825,553,925.30少許股東權益28,543,440,058.9318,312,641,062.80所有者權益合計105,439,423,398.6382,138,194,988.10負債及所有者權益總計479,205,323,490.54378,801,615,

9、075.372-2萬科地產(chǎn)財富負債表水平解析表金額單位：元項目xx年xx年變動情況對總數(shù)*(%)變動額變動(%)流動財富：錢幣資本44,365,409,795.2352,291,542,055.49-7,926,132,260.26-15.16-2.09應收賬款3,078,969,781.371,886,548,523.491,192,421,257.8863.210.31預付賬款28,653,665,102.6133,373,611,935.08-4,719,946,832.47-14.14-1.25其他應收款34,815,317,241.4120,057,921,836.2414,757,

10、395,405.1773.573.90存貨331,133,223,278.99255,164,112,985.0775,969,110,293.9229.7720.06流動財富合計442,046,585,199.61362,773,737,335.3779,272,847,864.2421.8520.93非流動財富：可供銷售金融財富2,466,185,867.934,763,600.002,461,422,267.9351,671.470.65長遠股權投資10,637,485,708.347,040,306,464.293,597,179,244.0551.090.95投資性房地產(chǎn)11,710

11、,476,284.302,375,228,355.799,335,247,928.51393.032.46固定財富2,129,767,863.361,612,257,202.22517,510,661.1432.100.14在建工程913,666,777.101,051,118,825.93-137,452,048.83-13.08-0.04無形財富430,074,183.12426,846,899.523,227,283.600.760.00商譽201,689,835.80201,689,835.800.000.000.00長遠待攤花銷63,510,505.2142,316,652.0321

12、,193,853.1850.080.01遞延所得稅財富3,525,262,051.953,054,857,904.42470,404,147.5315.400.12其他非流動財富5,080,619,213.82218,492,000.004,862,127,213.822,225.311.28非流動財富合計：37,158,738,290.9316,027,877,740.0021,130,860,550.93131.845.58財富總計479,205,323,490.54378,801,615,075.37100,403,708,415.1726.5126.51流動負債：短期借款5,102,5

13、14,631.149,932,400,240.50-4,829,885,609.36-48.63-1.28交易性金融負債11,686,986.0225,761,017.27-14,074,031.25-54.630.00應付票據(jù)14,783,899,946.374,977,131,435.229,806,768,511.15197.042.59應付賬款63,958,459,138.7844,860,995,716.9719,097,463,421.8142.575.04預收款項155,518,071,436.35131,023,977,530.6124,494,093,905.7418.696

14、.47應付職工薪酬2,451,674,436.712,177,748,944.37273,925,492.3412.580.07應交稅費4,578,205,233.594,515,588,914.2462,616,319.351.390.02應付利息291,243,561.80649,687,938.74-358,444,376.94-55.17-0.09其他應付款54,704,285,269.2636,045,315,768.9418,658,969,500.3251.774.93一年內到期的非流動負債27,521,791,569.9025,624,959,204.231,896,832,3

15、65.677.400.50流動負債合計328,921,832,209.92259,833,566,711.0969,088,265,498.8326.5918.24非流動負債：長遠借款36,683,128,420.0836,036,070,366.26647,058,053.821.800.17應付債券7,398,391,932.477,398,391,932.471.95預計負債46,876,821.1544,292,267.152,584,554.005.840.00其他非流動負債2,955,020.8515,677,985.06-12,722,964.21-81.150.00遞延所得稅負

16、債672,715,687.44733,812,757.71-61,097,070.27-8.33-0.02非流動負債合計44,844,067,881.9936,829,853,376.188,014,214,505.8121.762.12負債合計373,765,900,091.91296,663,420,087.2777,102,480,004.6425.9920.35所有者權益：股本11,014,968,919.0010,995,553,118.0019,415,801.000.180.01資本公積8,532,222,933.578,683,860,667.82-151,637,734.25

17、-1.75-0.04盈利公積20,135,409,720.2417,017,051,382.393,118,358,337.8518.320.82未分配收益36,706,888,864.0826,688,098,566.7710,018,790,297.3137.542.64外幣報表折算差額506,492,902.81440,990,190.3265,502,712.4914.850.02歸屬于母企業(yè)所有者權益76,895,983,339.7063,825,553,925.3013,070,429,414.4020.483.45少許股東權益28,543,440,058.9318,312,641

18、,062.8010,230,798,996.1355.872.70所有者權益合計105,439,423,398.6382,138,194,988.1023,301,228,410.5328.376.15負債及所有者權益總計479,205,323,490.54378,801,615,075.37100,403,708,415.1726.5126.512-2解析：該企業(yè)總財富本期增加元，增加幅度為26.51%，說明萬科地產(chǎn)今年財富規(guī)模有了較大幅度的增加。進一步解析可以發(fā)現(xiàn)：流動財富本期增加79272847864.24元，增加的幅度為21.85%，使總財富規(guī)模增加了20.93%。非流動財富本期增加了21130860550.93元，增加的幅度為131.84%，使得總財富規(guī)模增加了5