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1、包钢钢铁上市公司财务报表分析报告-2011年报10商会计 浦笑月 1010404113一、 资产负债表分析期末余额年初余额增减金额增减百分比年初结构百分比年末结构百分比流动资产货币资金4,046,437,097.303,490,823,138.53555,613,958.7715.92%8.23%8.14%交易性金融资产26,070,449.2631,381,597.22-5,311,147.96-16.92%0.07%0.05%应收票据6,226,356,384.613,680,299,588.972,546,056,795.6469.18%8.68%12.52%应收账款1,000,995,
2、213.14885,570,733.17115,424,479.9713.03%2.09%2.01%预付款项524,422,800.13988,822,994.71-464,400,194.58-46.96%2.33%1.05%其他应收款745,156,775.37232,947,127.71512,209,647.66219.88%0.55%1.50%存货13,724,715,113.5911,232,271,001.412,492,444,112.1822.19%26.49%27.60%其他流动资产30,570,918.9838,870,918.97-8,299,999.99-21.35%
3、0.09%0.06%流动资产合计26,324,724,752.3820,580,987,100.695,743,737,651.6927.91%48.54%52.93%非流动资产长期股权投资357,745,697.01289,401,362.3468,344,334.6723.62%0.68%0.72%固定资产16,562,659,819.1916,540,808,602.3121,851,216.880.13%39.01%33.30%在建工程5,848,137,463.294,208,338,634.331,639,798,828.9638.97%9.92%11.76%工程物资829,059
4、.83829,059.830.00%0.00%无形资产206,864.00232,722.00-25,858.00-11.11%0.00%0.00%递延所得税资产638,779,090.43783,102,803.67-144,323,713.24-18.43%1.85%1.28%非流动资产合计23,408,357,993.7521,821,884,124.651,586,473,869.107.27%51.46%47.07%资产总计49,733,082,746.1342,402,871,225.347,330,211,520.7917.29%100.00%100.00%流动负债短期借款3,0
5、25,300,000.001,520,000,000.001,505,300,000.0099.03%3.58%6.08%应付票据4,209,830,000.003,253,980,000.00955,850,000.0029.37%7.67%8.46%应付账款9,544,811,797.187,356,535,056.802,188,276,740.3829.75%17.35%19.19%预收款项4,702,030,909.174,767,616,019.04-65,585,109.87-1.38%11.24%9.45%应付职工薪酬287,490,958.04237,396,596.4250
6、,094,361.6221.10%0.56%0.58%应交税费-605,165,162.05-581,798,054.73-23,367,107.324.02%-1.37%-1.22%应付利息143,856,159.4046,810,000.0097,046,159.40207.32%0.11%0.29%应付股利267,940.08267,940.080.000.00%0.00%0.00%其他应付款935,931,203.221,010,697,526.25-74,766,323.03-7.40%2.38%1.88%一年内到期的非流动负债4,968,476,300.002,199,165,11
7、1.662,769,311,188.34125.93%5.19%9.99%流动负债合计27,212,830,105.0419,810,670,195.527,402,159,909.5237.36%46.72%54.72%非流动负债长期借款4,983,242,894.827,260,817,914.82-2,277,575,020.00-31.37%17.12%10.02%应付债券3,000,000,000.001,000,000,000.002,000,000,000.00200.00%2.36%6.03%长期应付款1,514,368,292.001,513,651,266.00717,02
8、6.000.05%3.57%3.04%递延所得税负债1,435,164.342,762,951.33-1,327,786.99-48.06%0.01%0.00%非流动负债合计9,499,046,351.169,777,232,132.15-278,185,780.99-2.85%23.06%19.10%负债合计36,711,876,456.2029,587,902,327.677,123,974,128.5324.08%69.78%73.82%所得税权益实收资本6,423,643,659.006,423,643,659.000.000.00%15.15%12.92%资本公积3,790,600,
9、601.344,092,326,505.24-301,725,903.90-7.37%9.65%7.62%专项储备11,686,062.808,111,784.983,574,277.8244.06%0.02%0.02%盈余公积874,646,179.09874,646,179.090.000.00%2.06%1.76%未分配利润1,791,605,295.951,373,774,510.92417,830,785.0330.41%3.24%3.60%归属于母公司所有者12,892,181,798.1812,772,502,639.23119,679,158.950.94%30.12%25.9
10、2%权益合计少数股东权益129,024,491.7542,466,258.4486,558,233.31203.83%0.10%0.26%所有者权益合计13,021,206,289.9312,814,968,897.67206,237,392.261.61%30.22%26.18%负债和所有者权益49,733,082,746.1342,402,871,225.347,330,211,520.7917.29%100.00%100.00%通过计算得出该公司资产总额增加，该公司呈现繁荣的趋势。该公司负债总额增加，流动负债增加，非流动负债减少。该公司所有者权益增加，未分配利润增加。公司呈现盈利状态。经
11、分析，该公司属于负债变动型。资产的增长大多数由于负债所引起的，该企业经营规模扩大了，但并不代表企业经营出色。对于这种变化，是不能作出良好评价的，只能说是企业理财的结果。资产负债表的横向结构分析：1、其他应收款、应收票据较快增长，但预付款项、其他流动资产和递延所得税资产的下降，使总资产变化不大；2、应付利息、应付债券和少数股东权益大幅增加，短期借款、一年内到期的非流动负债稍有增加，未分配利润有所增加资产负债表的纵向结构分析：1、固定资产占总资产比重较大，其次是存货、应收票据和在建工程，应收票据和固定资产变动比较大；2、归属于母公司所有者所占比重较大，其次是应付账款、长期借款和实收资本，而长期借款
12、所占比重明显下降。二、利润表分析项目本期金额上期金额上期结构百分比本期结构百分比增减金额增减百分比营业总收入42,814,922,834.1440,090,326,471.67100%100%2,724,596,362.476.80%其中：营业收入42,814,922,834.1440,090,326,471.672,724,596,362.476.80%营业总成本42,158,308,572.0539,718,774,690.972,439,533,881.086.14%其中：营业成本39,866,243,776.7838,001,409,280.5494.79%93.11%1,864,83
13、4,496.244.91%营业税金及附加183,635,925.24163,578,854.060.41%0.43%20,057,071.1812.26%销售费用470,373,186.45440,625,717.361.10%1.10%29,747,469.096.75%管理费用635,118,789.50506,903,219.251.26%1.48%128,215,570.2525.29%财务费用933,345,374.70708,052,898.201.77%2.18%225,292,476.5031.82%资产减值损失69,591,519.38-101,795,478.44-0.25
14、%0.16%171,386,997.82-168.36%加：公允价值变动损益-5,311,147.96-17,466,559.67-0.04%-0.01%12,155,411.71-69.59%投资收益22,183,817.9027,214,276.340.07%0.05%-5,030,458.44-18.48%其中：对联营企业和合营企业的投资收益4,641,070.332,430,209.740.01%0.01%2,210,860.5990.97%汇总收益45.0045.00营业利润673,486,932.03381,299,497.370.95%1.57%292,187,434.6676.
15、63%加：营业外收入38,628,909.6616,472,963.270.04%0.09%22,155,946.39134.50%减：营业外支出65,628,497.3732,894,028.280.08%0.15%32,734,469.0999.51%其中：非流动资产处置损失63,330,496.1729,967,544.220.07%0.15%33,362,951.95111.33%利润总额646,487,344.32364,878,432.360.91%1.51%281,608,911.9677.18%减：所得税费用149,935,802.6163,613,063.980.16%0.3
16、5%86,322,738.63135.70%净利润496,551,541.71301,265,368.380.75%1.16%195,286,173.3364.82%图 1利润表的横向结构分析：1、 资产减值损失、公允价值变动损益大幅下降，投资收益稍微有些减少。2、 非流动资产处置损失比例较大幅度增加，随之导致营业外收入增加较多。所得税费用也增加较多。利润表的纵向结构分析：1.通过收支结构分析：企业盈利的主要原因是营业成本。2.通过盈利结构分析：总收入中营业成本的比例占据大部分，表明绝大多数收入来自于货物的销售。2011年度金额占利润总额%经营利润673486932.03104.18%投资收益
17、22183817.93.43%公允价值变动收益-5311147.96-0.82%营业外收支净额-26999587.71-4.18%利润总额646487344.3100%图 2经计算，利润随着经营利润和投资收益的增加而增加，经营利润占最大比例。公允价值变动损益和营业外收支净额稍微减少，但由于经营利润占大多数，所以不影响利润总额的增加。利润结构-是指构成利润的各组成要素相互之间的比例关系或在利润总额中所占的比重。企业的利润来源主要有：（1）主营业务利润-持续稳定（2）其他业务利润-较稳定（3）投资收益-不太稳定（4）资产减值损失-不稳定（5）公允价值变动收益-不稳定（6）营业外收支净额 -不稳定三
18、、现金流量表项目本年金额上年金额增减变动额增减变动率一、经营活动产生的现金流量销售商品、提供劳务收到的现金12,192,376,430.954,292,697,202.097,899,679,228.86 184.03%收到的税费返还5,059,133.244,332,037.90727,095.34 16.78%收到其他与经营活动有关的现金188,601,655.93195,661,027.89-7,059,371.96 -3.61%现金流入小计12,386,037,220.124,492,690,267.887,893,346,952.24 175.69%购买商品、接受劳务支付的现金6,5
19、48,662,926.202,026,512,566.564,522,150,359.64 223.15%支付给职工以及为职工支付的现金638,967,621.62471,735,677.74167,231,943.88 35.45%支付的各项税费2,897,208,995.04827,972,304.542,069,236,690.50 249.92%支付其他与经营活动有关的现金353,389,960.07223,032,156.10130,357,803.97 58.45%现金流出小计10,438,229,502.933,549,252,704.946,888,976,797.99 194
20、.10%经营活动产生的现金流量净额1,947,807,717.19943,437,562.941,004,370,154.25 106.46%二、投资活动产生的现金流量收回投资收到的现金2,000,000.0012,722,471.27-10,722,471.27 -84.28%取得投资收益收到的现金2,206,491.516,314,288.38-4,107,796.87 -65.06%处置固定资产、无形资产和其他长期资产收回的现金净额1,334,933.0025,500.001,309,433.00 5135.03%现金流入小计5,541,424.5119,062,259.65-13,52
21、0,835.14 -70.93%购建固定资产、无形资产和其他长期资产支付的现金271,401,210.99207,082,162.7764,319,048.22 31.06%投资支付的现金24,153,714.50383,941,765.09-359,788,050.59 -93.71%取得子公司及其他营业单位支付的现金净额14,073,683.2014,073,683.20 支付其他与投资活动有关的现金127,748.57127,748.57 现金流出小计295,554,925.49605,225,359.63-309,670,434.14 -51.17%投资活动产生的现金流量净额-290,
22、013,500.98-586,163,099.98296,149,599.00 -50.52%三、筹资活动产生的现金流量吸收投资收到的现金21,600,000.0021,600,000.00 其中：子公司吸收少数股东投资收到的现金21,600,000.0021,600,000.00 取得借款收到的现金2,046,572,901.901,741,747,222.26304,825,679.64 17.50%发行债券收到的现金398,400,000.00398,400,000.00 收到其他与筹资活动有关的现金24,961,778.15144,199,035.00-119,237,256.85 -
23、82.69%现金流入小计2,093,134,680.052,284,346,257.26-191,211,577.21 -8.37%偿还债务支付的现金1,981,732,750.002,009,512,000.00-27,779,250.00 -1.38%分配股利、利润或偿付利息支付的现金445,254,409.41180,668,056.29264,586,353.12 146.45%其中：子公司支付给少数股东的股利、利润275,840,333.5977,277,607.00198,562,726.59 256.95%支付其他与筹资活动有关的现金492,216,650.08120,507,1
24、78.71371,709,471.37 308.45%现金流出小计2,919,203,809.492,310,687,235.00608,516,574.49 26.33%筹资活动产生的现金流量净额-826,069,129.44-26,340,977.74-799,728,151.70 3036.06%四、汇率变动对现金及现金等价物的影响-21,752.451,920.96-23,673.41 -1232.37%五、现金及现金等价物净增加额831,703,334.32330,935,406.18500,767,928.14 151.32%加：期初现金及现金等价物余额1,564,110,086.
25、691,233,174,680.51330,935,406.18 26.84%六、期末现金及现金等价物余额2,395,813,421.011,564,110,086.69831,703,334.32 53.17%图 32011 年经营活动现金净流量为1,947,807,717.19,从流入、流出分析原因如下1、现金流入分析:现金流入相比 比上年增加7,893,346,952.24元，主要原因为：销售现金流入增加7,899,679,228.86元。销售现金流入增加与公司主营业务销售量进一步增加有关。2、现金流出分析：现金流出相比第二季度增加6,888,976,797.99元，但注意到以下流出项目
26、有大幅增加：1）购买商品、接受劳务支付的现金增加4,522,150,359.64元，这与可变成本增加、应收账款减少有关。2）支付给职工以及为职工支付的现金增加167,231,943.88元，这与公司雇员人数的增加有关。3）支付的各项税费增加2,069,236,690.50 元。总的来说，与去年相比,公司的购买原材料和服务的现金支出增加，销售收入增加，公司现金量增加，利润增加。这说明，公司营业现金净流量对销售收入和主营业务利润相当敏感，销售收入和主营业务利润的增加转化成营业现金净流量的大幅增加。结合现金流量表来看，营业现金净流量呈递增的趋势，这表明，包钢很好的控制住利润增加对营业现金净流量的影响
27、。3、（1）经营活动产生的现金流量净额大于零，则意味着企业通过正常的商品购、产、销所带来的现金流入量足以支付因经营活动而引起的货币流出。（2）投资活动产生的现金净流量小于零，则表明投资活动处于投资时期，需投入现金。所需资金“缺口”应该这样解决。消耗企业现存的货币积累；挤占本来用于经营活动的现金；利用经营活动积累的现金进行补充；进行额外贷款融资；通过权益资本来满足需求。（3）筹资活动产生的现金净流量小于零，则表明企业处于资金偿还期或支付了可观的股利。项目现金流量流入结构流出结构净流量结构流入流出比经营活动：现金流入12386037220.12 85.51%118.66%现金流出104382295
28、02.93 76.45%现金净流量1947807717.19 234.19%投资活动：现金流入5541424.510.04%1.87%现金流出295554925.49 2.16%现金净流量-290,013,500.98-34.87筹资活动：现金流入2093134680.05 14.45%71.70%现金流出2919203809.49 21.38%现金净流量-826,069,129.44-99.32%图 4现金流量合理性分析一般来说，经营活动产生的现金流量应该有盈余，这样才能保证经营活动流入的现金用于经营活动的各项现金支出，由上图可以看出合理；另外从总量上看，经营活动产生的现金流量应占现金流量总额的比例较大，包钢的情况也为合理。投资活动现金流量净额0，则经营活动现金流量净额用于投资活动所需，不够则考虑筹资活动。
