財(cái)務(wù)報(bào)告理論與實(shí)踐教材

財(cái)務(wù)報(bào)告分析理論與實(shí)踐

楊宇Ph.D

MBA廈門(mén)大學(xué)嘉庚學(xué)院電話漳廈)E-mail:rumac@第三講報(bào)表分析的邏輯切入點(diǎn)財(cái)務(wù)會(huì)計(jì)專(zhuān)題闡述報(bào)表分析的邏輯切入點(diǎn)基于M公司與GFC公司的案例分析本講旨在闡明報(bào)表分析的常見(jiàn)誤區(qū)，把握?qǐng)?bào)表分析的邏輯體系研討要點(diǎn)與目的財(cái)務(wù)會(huì)計(jì)專(zhuān)題三大核心問(wèn)題問(wèn)題1M公司與GFC公司孰優(yōu)孰劣？孰強(qiáng)孰弱？問(wèn)題2M公司與GFC公司股票市值的反差原因何在？?？松梨趘s.中石油問(wèn)題3如何評(píng)價(jià)M公司與GFC公司的業(yè)績(jī)？四大國(guó)有銀行社會(huì)效益

考倒全世界頂級(jí)MBA的難題財(cái)鑒務(wù)與會(huì)津計(jì)微專(zhuān)憂題

項(xiàng)目名稱(chēng)GFC公司

M公司

倍數(shù)合計(jì)M雇員人數(shù)

108.35.0521.45資產(chǎn)總額

8,862

67613.11銷(xiāo)售收入

5,236

28418.44現(xiàn)金流量

565

145

3.90股票市值

709

2,541

0.28財(cái)渠務(wù)調(diào)會(huì)累計(jì)霜專(zhuān)誰(shuí)題經(jīng)冊(cè)營(yíng)肆規(guī)叫模-蝴-雇選員礎(chǔ)人構(gòu)數(shù)財(cái)建務(wù)球會(huì)影計(jì)咸專(zhuān)紹題經(jīng)受營(yíng)姿規(guī)脖模-局-資柜產(chǎn)刻總展額財(cái)憲務(wù)便會(huì)委計(jì)譽(yù)專(zhuān)鄙題經(jīng)偽營(yíng)腫規(guī)橡?！N(xiāo)嗓售僻收稿入財(cái)扮務(wù)糧會(huì)列計(jì)微專(zhuān)益題經(jīng)章?tīng)I(yíng)怖規(guī)縫模-岔-C具F戲F猴O保A財(cái)濁務(wù)薦會(huì)棗計(jì)行專(zhuān)避題股縫票坐市觀值(C姐a兆p劃i澆t傍a放l犯i山z顆a帥t從i盛o后n)財(cái)違務(wù)為會(huì)卷計(jì)狠專(zhuān)朵題財(cái)束務(wù)巷實(shí)鬼力—凈販資歲產(chǎn)財(cái)路務(wù)岔會(huì)咽計(jì)葉專(zhuān)綢題經(jīng)蠢營(yíng)嶺績(jī)鼓效—凈嚴(yán)利商潤(rùn)財(cái)位務(wù)肥會(huì)心計(jì)近專(zhuān)罩題財(cái)乖務(wù)階數(shù)裕據(jù)寺：G哲F船C陽(yáng)v丟.丸s掌M

項(xiàng)目名稱(chēng)GFC公司

M公司

倍數(shù)GFC合計(jì)M雇員人數(shù)

36.5

35.0

36.8

108.35.0521.45資產(chǎn)總額

3,718

2,952

2,192

8,862

67613.11銷(xiāo)售收入

1,860

1,626

1,750

5,236

28418.44現(xiàn)金流量

171

186

208

565

145

3.90股票市值

200

196

313

709

2,541

0.28股東權(quán)益

68

56

408

532

540

0.99凈利潤(rùn)

17

-10

55

62

78

0.79ROE

25%

-18%

13%

12%

14%

0.86新似經(jīng)根濟(jì)鎮(zhèn)與瓜舊璃經(jīng)巴濟(jì)斥的油反菌差—戲—行羊業(yè)財(cái)雙務(wù)市會(huì)竟計(jì)傷專(zhuān)確題1幸.科茶學(xué)括管顛理(時(shí)獨(dú)間往和榜動(dòng)饒作貝研銅究)2珠.成魯本驚核暮算脈和儉差萍異隱分楊析3合.商柿業(yè)庸研敏究貢實(shí)他驗(yàn)兇室(科栗學(xué)屆產(chǎn)聞業(yè)窯化)獄(袍G美E賺)4旗.左(尚R里O釣I冬&帶R瞇O嗎E訴)資礙本圾分啟析鈔和租資查本芝預(yù)培算5堅(jiān).品泉牌槐管孝理(惰P頑&浙G致)6塊.大獻(xiàn)規(guī)窮模圣項(xiàng)江目城管敘理7旅.事細(xì)業(yè)醋部蓄制(誦G蕩M輕)8予.領(lǐng)膊導(dǎo)萬(wàn)力轎開(kāi)仿發(fā)(糾G衰E乒)9岸.產(chǎn)良業(yè)簡(jiǎn)內(nèi)捉聯(lián)評(píng)合(多版公野司貴合咐作修組勒織)狹(饑V舒i孟s舊a黨)1稼0勤.極格度時(shí)分潤(rùn)權(quán)歸化(自隱我炸組買(mǎi)織)吉(搶G寨o牧o增g之l勉e討)1唯1逝.正肉式秘化作戰(zhàn)賽略混分冰析1菌2世.員剖工傍驅(qū)憤動(dòng)五問(wèn)里題習(xí)解詳決逼法(則T麥o違y扎o申t孟a個(gè))D東u朱P菌o據(jù)n偵tA香n稱(chēng)a膠l土y血s顧i澤s1趨3倡.臭昨鼬寫(xiě)工命廠(內(nèi)赴部題攻迎堅(jiān)速小脾組)1球4樹(shù).客痰戶(hù)讓管蹤蝶理1著5郊.業(yè)究務(wù)盟流支程拳再谷造1炒9蠢0福0相-著2披0肅0悶0年1期7文5項(xiàng)跌管肢理該創(chuàng)松新1短.是辮否間明斬顯渡脫捐離費(fèi)以季前宿的漁管嫂理牛實(shí)慕踐2竹.是長(zhǎng)否檔給繩率堤先蝦創(chuàng)誓新遠(yuǎn)的控公來(lái)司箏帶錢(qián)來(lái)競(jìng)逐爭(zhēng)喘優(yōu)價(jià)勢(shì)3月.是房誠(chéng)否圾在樹(shù)當(dāng)藍(lán)今繭的襯組贊織餓中團(tuán)留桐下齒烙拳印2謠0世叢紀(jì)移現(xiàn)癥代犧管懂理廢的1稼2大侮創(chuàng)片新財(cái)微務(wù)葡會(huì)蔽計(jì)效專(zhuān)壤題凈借資膜產(chǎn)構(gòu)收耐益胸率(收蔑入+利授得)燒–矮(成悄本+費(fèi)陰用+損騙失)實(shí)圓收邪資煎本+資純本陰公質(zhì)積+盈勺余牲公辟積+未邁分博配壇利鹽潤(rùn)凈并利畜潤(rùn)R依O揀E仍=凈約資芝產(chǎn)做滋大別分餓子:增社收耐節(jié)勝支做塘小嗽分晝母:資收本止結(jié)殃構(gòu)R餡O撞E陷漲阱財(cái)捉務(wù)純會(huì)蜻計(jì)猾專(zhuān)淋題權(quán)款衡嫂理逮論綜枝合菊考畫(huà)慮唇稅顧盾撫效練應(yīng)鹽和由破址產(chǎn)鏡成燈本企批業(yè)速價(jià)墻值巧的卡計(jì)塘算疏公管式基：有廟負(fù)聯(lián)債敬企吸業(yè)撲價(jià)困值躁＝螞無(wú)趴負(fù)皺債壓企零業(yè)艙價(jià)撲值扣＋嫁稅堆盾給－逐破昆產(chǎn)搖和暮代咽理浴成籍本負(fù)雖債譯比亞例企嘴業(yè)秒價(jià)既值0D受1D氣2無(wú)敞負(fù)姐債允企糧業(yè)歐價(jià)盛值企豎業(yè)席實(shí)物際控價(jià)害值破色產(chǎn)什成而本稅慈盾財(cái)烈務(wù)叢會(huì)腥計(jì)佳專(zhuān)旗題經(jīng)肥營(yíng)富活你動(dòng)覺(jué)與首財(cái)劣務(wù)蜘報(bào)夸表經(jīng)呼營(yíng)賭活頭動(dòng)營(yíng)話業(yè)殿活徑動(dòng)投法資榴活盛動(dòng)融陵資匹活氣動(dòng)會(huì)花計(jì)也系械統(tǒng)計(jì)個(gè)量愈和叛報(bào)夾告企潔業(yè)蔽活梨動(dòng)搖的狼經(jīng)慶濟(jì)萄結(jié)掀果財(cái)米務(wù)味報(bào)練表管艇理贏人亡員牽對(duì)戰(zhàn)企待業(yè)院業(yè)把務(wù)活時(shí)動(dòng)惱的轉(zhuǎn)信駱息沙優(yōu)腰勢(shì)會(huì)納計(jì)毯估究計(jì)宗錯(cuò)罵誤會(huì)泊計(jì)恢選惡擇繭導(dǎo)扇致濱的關(guān)歪秤曲經(jīng)折營(yíng)月環(huán)績(jī)境勞估動(dòng)逢力屈市銹場(chǎng)資吐本喚市躲場(chǎng)產(chǎn)選品奧市宮場(chǎng)供捉應(yīng)痰商消端費(fèi)殘者競(jìng)村爭(zhēng)坦對(duì)席手所摘處切行顫業(yè)會(huì)遭計(jì)顛環(huán)攪境資委本請(qǐng)市野場(chǎng)歲結(jié)屆構(gòu)契晃約庭和掏治滔理會(huì)炸計(jì)按規(guī)賓定直和基慣彎例稅責(zé)法柔和悠財(cái)利務(wù)錘會(huì)蕉計(jì)授的騎關(guān)紗系外省部確審雜計(jì)會(huì)再計(jì)惡?jiǎn)栧N題乓的拳法貸律籃規(guī)趕定經(jīng)棋營(yíng)衡戰(zhàn)吹略企翠業(yè)仗經(jīng)堂營(yíng)炕范敏圍:多培樣宣化霧經(jīng)頃營(yíng)喚的餓程萌度多昏樣行化峰經(jīng)握營(yíng)塞的皺類(lèi)駕型競(jìng)箏爭(zhēng)推地穗位:成享本漢領(lǐng)古先差脖異界化成紡功痕關(guān)停鍵苗因病素告和旁主艦要喘風(fēng)勢(shì)險(xiǎn)會(huì)虜計(jì)使策糾略會(huì)珍計(jì)桃政蜘策喬的立選占擇會(huì)健計(jì)升估篇計(jì)巡壽的灰選鬧擇報(bào)面告歸形葵式癥的霸選孝擇財(cái)啞務(wù)梯報(bào)虹告豆附改注污披啞露內(nèi)釋容努的射選街擇財(cái)懸務(wù)理會(huì)印計(jì)鍛專(zhuān)傻題盈貢利饞質(zhì)墻量現(xiàn)紐奉金慶流停量資支產(chǎn)件質(zhì)掩量財(cái)激務(wù)苗報(bào)拋表鈴分察析曠的勻三冰大桃邏霞輯危切獅入芽點(diǎn)財(cái)哄務(wù)橡會(huì)過(guò)計(jì)生專(zhuān)削題盈粉利南質(zhì)儀量收救入不質(zhì)北量利躺潤(rùn)便質(zhì)左量毛挨利護(hù)率成踐長(zhǎng)針性波公動(dòng)黑性研績(jī)發(fā)要營(yíng)扮銷(xiāo)盈靜利根質(zhì)優(yōu)量躲分燒析靈方崇法財(cái)沫務(wù)軌會(huì)川計(jì)序?qū)Ｊ[題收維入威質(zhì)烤量(淋Q灰u面a葬l燒i鈔t抽y關(guān)o曉f呢R溜e雞v征e舉n踏u辦e)

MSFT

GM

F

DCX(ED)

1999

197

1690

1601

1482

2000

230

1739

1698

1603

2001

253

1691

1609

1540

2002

284

1773

1623

1474

2003

322

1855

1642

1364

2004

368

1935

1709

1421

2005

398

1926

1771

1498

2006

443

2073

1601

1516

2007

511

1881

1725

1526財(cái)辭務(wù)像會(huì)蓬計(jì)竹專(zhuān)免題收壓入求質(zhì)摟量(豪Q鄭u灶a費(fèi)l換i液t票y旁o輪f嫩R冒e飾v峰e(cuò)班n缸u(yù)芬e)霜—提—趨傘勢(shì)涼圖信表財(cái)疾務(wù)斥會(huì)好計(jì)竄專(zhuān)浩題利貌潤(rùn)意質(zhì)繁量(唱Q在u譜a詞l刪i痰t趕y科o刃f價(jià)P夠r丸o壞f界i肺t蒜)

MSFT

GM

F

DCX(ED)

1999

79

6072

57

2000

94

4535

79

2001

736-55

-7

2002

7817-10

47

2003

95385

4

2004

902835

25

2005

122-10620

28

2006

126-21-124

32

2007

141-387-25

40財(cái)慚務(wù)今會(huì)壞計(jì)貧專(zhuān)優(yōu)題利別潤(rùn)油質(zhì)燃量(靜Q洲u抵a探l賽i街t猛y習(xí)o匙f慶P栽r束o片f為i舍t(yī)略)財(cái)如務(wù)渡會(huì)者計(jì)斥專(zhuān)周題

Rival

Amount

DateTimeWarner（2002虧損987億美元）

$750m

May2003SunMicro

$1.95b

April2004Novell

$536m

Nov.2004B

$60mMarch2005Gateway

$150mApril2005IBM

$775mJune2005

Total

$4.221bM禾i泡c清r痰o終s行o喜f浮t票S宿e拒t工t宿l葬e駕m喇e慨n慨t善(全A見(jiàn)n尸t目i椒t愛(ài)r頸u星s淋t妻s站u域i響t馬f弱i常l放e俘d抽i訊n甜1始9闖9健8喪,劉s服e唇t慎t漸l曲e資d相i便n瘡2犁0滅0蘋(píng)1囑)財(cái)咬務(wù)掃會(huì)掙計(jì)稿專(zhuān)彈題項(xiàng)目名稱(chēng)

GM

Ford

DaimlerChrysler

2004

2005

2004

2005

2004

2005銷(xiāo)售收入1,935.171,926.041,716.461,781.01

1,682.261,773.65其中:汽車(chē)1,615.461,582.211,471.281,545.15

1,517.191,590.82金融

319.71

343.83

245.18

235.86

165.07

182.83凈利潤(rùn)

27.89

-105.54

34.87

19.98

29.20

33.70其中:汽車(chē)

-1.05

-130.62

-1.55

-39.26

n.a

n.a金融

28.08

25.08

50.08

58.81

n.a

n.a經(jīng)粘營(yíng)灶業(yè)味績(jī):2勉0誕0睜5嗽v股s肺.密2們0煩0始4財(cái)太務(wù)倆會(huì)咬計(jì)趕專(zhuān)挪題2炮0返0更6滅:艱拿難凡的柜轉(zhuǎn)布折?C冶h匪r支y扮s矩l漏e卵r篩G峽r銳o卷u動(dòng)p2喘0姻0驕6勁O估p費(fèi)e首r修a沸t親i店n跌g宿L絹o除s卸s喬$凳1格52探0夏0江7頁(yè)t軋o帖t磨a頭l蛛L某o運(yùn)s跌s袍$饑2勺9楊.泄2M證a蓮y搖1譜5研,丑2殖0已0乓7曾s蓮o誓l乏d碎f更o咽r墻$寫(xiě)7澇4M篩a綿y鏟1哄0農(nóng),夫1欲9搖9擺8還b悼o彼u勞g困h冊(cè)t超f濁o障r呀$姻3脾6椅0

GM

Ford

DCX

Q1

4.45

-11.87

2.99

Q2

-33.79

-2.54

18.10

Q3

-1.15

-58.00

5.51

Q4

+9.50

-51.64

5.67

Total

-20.99

-124.05

32.272正0秋0載7壓:姓-拔$互3炮8鈔72撤0偶0焦8肯H夏1權(quán):究-訴$腐1嬸9脅0S敬E慎a勿s肺o閘f彈t詢(xún)h倍e波e鉛n顏d赴o卷f孫2夢(mèng)0懂0肥8蕩H琴1G書(shū)M離:乏-世5落7煮0嘆;臂F拾o饅r杏d樣:付-窮1虎72巴0收0絞8除H滑1-抗$普8咐4財(cái)才務(wù)凝會(huì)辨計(jì)孟專(zhuān)壩題毛紀(jì)利殊率(絹G悔r搶o消s冰s餡P該r稀o枯f垂i鎖t版M泉a譯r領(lǐng)g肢i嘴n巖)會(huì)計(jì)年度

G

F

C

M

2001

9.2%

1.8%

16.1%

86.3%

2002

7.8%

6.8%

18.8%

81.6%

2003

8.0%

6.2%

19.4%

81.2%

2004

7.0%

7.8%

19.4%

81.8%

2005

-2.5%

5.6%

17.9%

84.4%

2006

4.8%

-3.9%

17.1%

81.1%

2007

6.7%

7.6%

24.8%

79.1%

2008

80.8%財(cái)夜務(wù)該會(huì)氧計(jì)奴專(zhuān)壟題M公額司錦的倒成主本尚費(fèi)朵用琴結(jié)陡構(gòu)3粥E復(fù)S眉t降r剛a嶄t須e太g序yE司m兇b艦r豬a稱(chēng)c并e侵E燭x歪t(yī)活i統(tǒng)n掃g昏u甘i陪s紅hE燃x遙t裕e葬n季d財(cái)殼務(wù)恨會(huì)胃計(jì)壟專(zhuān)毯題R蟻&佳D占壁銷(xiāo)丈售艱收截入日比肆重2吳0不0權(quán)6年2隨2叛4挺8家斜企悔業(yè)扎集瞧團(tuán)R毀&岡D占脂比1歇.船1煤%G磚M僵2刷0鄭0符3釋-誤2需0求0鍵53早.宅3攏3丙%等;獲3扭.弱3晃4還%曉;襖3克.辯4水7泥%財(cái)騙務(wù)建會(huì)阻計(jì)肢專(zhuān)喂題資取產(chǎn)氣質(zhì)女量資栗產(chǎn)堪結(jié)旅構(gòu)現(xiàn)鋸金挪含混量退創(chuàng)出頌壁目壘經(jīng)孔營(yíng)宅風(fēng)甘險(xiǎn)財(cái)橡務(wù)遷彈趕性潛賊在桌損也失資迷產(chǎn)未質(zhì)域量喚分沾析猶方誓法技桂術(shù)是風(fēng)野險(xiǎn)財(cái)拿務(wù)妄會(huì)拐計(jì)逐專(zhuān)僚題何質(zhì)為窯風(fēng)恐險(xiǎn)?R箭i挨s鐘k即i稈s隨u自n吃c恥e勺r榨t慎a蓬i微n廣t制y風(fēng)過(guò)險(xiǎn)允的倒類(lèi)礎(chǔ)別經(jīng)臭濟(jì)閱風(fēng)億險(xiǎn)(剖E升c議o法n怎o哭m荷i價(jià)c西R獄i嗓s噸k適)環(huán)明境鏈風(fēng)巡壽險(xiǎn)(經(jīng)鞋濟(jì)栗條鏈件妄、叢政擋治奇及竹社闖會(huì)貧環(huán)作境掙）市潔場(chǎng)患風(fēng)禮險(xiǎn)繪（粱市絕場(chǎng)專(zhuān)結(jié)盼構(gòu)擱、似企摔業(yè)砌競(jìng)文爭(zhēng)越優(yōu)勺勢(shì)修）經(jīng)辭營(yíng)殺風(fēng)炸險(xiǎn)撐（O好p暫e束r胳a評(píng)t期i天o毀n鴨a陶l(shuí)律R地i盈s裙k授)固職定是成艱本姜與暗變涉動(dòng)余成汪本科比廳例財(cái)降務(wù)屆風(fēng)床險(xiǎn)筍（F呈i堆n葉a錦n自c聰i鋸a握l(shuí)悲R那i拒s治k翻)資寬本慮結(jié)啟構(gòu)越與賓金薯融回市顛場(chǎng)縱利升率營(yíng)故業(yè)仔風(fēng)貢險(xiǎn)B盛u價(jià)s批i俗n屋e惡s滾s豎R薪i堡s才k利箏潤(rùn)滅易腐變汪性P艦r蠢o跳f薄i荒t爺V悼o拋l絹a舊t盛i頂l傲i誕t接y傳導(dǎo)傳導(dǎo)成惱本喚結(jié)愧構(gòu)垮與痰風(fēng)緒險(xiǎn)通傳平導(dǎo)財(cái)趣務(wù)閘會(huì)幅計(jì)趕專(zhuān)僚題X狹Y杯Z公仍司圾風(fēng)鹽險(xiǎn)穿評(píng)循估明測(cè)原算約表預(yù)期數(shù)

銷(xiāo)售收入+5%

銷(xiāo)售收入-5%銷(xiāo)售收入

50,000

+5%52,500

-5%

47,500減:變動(dòng)成本

19,000

+5%19,950

-5%

18,050

固定成本

20,000

0%20,000

0%

20,000息稅前利潤(rùn)

11,000

+14%12,550

-14%

9,450減:固定利息支出

2,500

0%

2,500

0%

2,500稅前利潤(rùn)

8,500

+18%10,050

-18%

6,950減:所得稅

2,125

+18%

2,513

-18%

1,738稅后利潤(rùn)

6,375

+18%

7,537

-18%

5,212風(fēng)需險(xiǎn)折傳年導(dǎo)沸放史大款效亡應(yīng)財(cái)煎務(wù)信會(huì)巡壽計(jì)桑專(zhuān)鋼題+震5漢%震+苦1甲4悶%劑+石1逝8行%-犧5忙%常-熄1炮4望%轎-譜1旬8芝%經(jīng)藥濟(jì)額風(fēng)糠險(xiǎn)經(jīng)嚇營(yíng)都風(fēng)么險(xiǎn)營(yíng)敏業(yè)乓風(fēng)法險(xiǎn)財(cái)樹(shù)務(wù)買(mǎi)風(fēng)鈴險(xiǎn)經(jīng)鑰濟(jì)默狀概況政蝦治降社轉(zhuǎn)會(huì)話環(huán)穴境銷(xiāo)肆售收遺入息案稅搶前利稈潤(rùn)稅頑后利對(duì)潤(rùn)市媽場(chǎng)聞結(jié)饒構(gòu)競(jìng)灰爭(zhēng)壤優(yōu)敢勢(shì)風(fēng)廢險(xiǎn)創(chuàng)的敵傳睡導(dǎo)遷與絨放識(shí)大財(cái)徐務(wù)邀會(huì)未計(jì)黑專(zhuān)柱題資女產(chǎn)沖質(zhì)效量(禍Q(jìng)拾u滔a費(fèi)l孩i金t濕y尖o補(bǔ)f銅A杯s購(gòu)s竹e逐t然s恥)歉(語(yǔ)2煙0好0繩1)財(cái)漆務(wù)怎會(huì)介計(jì)恨專(zhuān)答題資追產(chǎn)古質(zhì)賽量(父Q炸u許a暑l膊i綱t錘y魂o濃f途A鈴s藏s本e慎t監(jiān)s萌)夕(熔2爛0雅0狐2)財(cái)摸務(wù)耳會(huì)聯(lián)計(jì)抖專(zhuān)膝題資建產(chǎn)裁質(zhì)慕量(仔Q雞u撓a催l吳i叛t穩(wěn)y馳o銹f侮A睛s璃s笛e螞t穩(wěn)s閃)第(庭2產(chǎn)0抄0暖3)財(cái)蹦務(wù)沉?xí)佑?jì)蟲(chóng)專(zhuān)索題資菌產(chǎn)凱質(zhì)然量(謹(jǐn)Q囑u衫a謀l布i析t慮y武o積f終A蝴s薪s饒e農(nóng)t雹s呆)刪(甲2輝0防0披4)財(cái)恰務(wù)犧會(huì)爛計(jì)艙專(zhuān)懷題資朝產(chǎn)民質(zhì)騎量(握Q援u造a面l荷i夏t辣y妨o陰f彩A纖s相s儲(chǔ)e遲t煎s鍵)畝(還2纏0佳0格5)財(cái)農(nóng)務(wù)每會(huì)披計(jì)役專(zhuān)也題財(cái)括務(wù)舟會(huì)甲計(jì)轟專(zhuān)晃題現(xiàn)銜金著流以量經(jīng)冊(cè)營(yíng)胞現(xiàn)云金省流贏量自醫(yī)由秤現(xiàn)落金傘流地量“訴造床血簽”斑功秩能自愿由綁裁麗量現(xiàn)籮金詳流銹量廣分皮析谷方響法財(cái)冬務(wù)閥會(huì)貿(mào)計(jì)掘?qū)Ｕ愁}現(xiàn)惜金恭流掛量哪表經(jīng)源營(yíng)免活平動(dòng)幅產(chǎn)版生圖的礙現(xiàn)轉(zhuǎn)金房誠(chéng)流猛量投皆資仗活鑄動(dòng)穩(wěn)產(chǎn)第生陸的慣現(xiàn)監(jiān)金濤流油量籌腳資皇活賊動(dòng)毀產(chǎn)享生拍的敵現(xiàn)吐金虧流塞量造則血串功剩能抽因血患功估能輸漿血詢(xún)功斗能財(cái)籌務(wù)曠會(huì)布計(jì)蛙專(zhuān)桂題廣輕義廣的語(yǔ)自住由男現(xiàn)快金過(guò)流旨量F已C送F舌=經(jīng)造營(yíng)暫性福現(xiàn)諒金透流蜓量-資晃本荒支鐘出狗（撒更原新重改炮造芒）用絲式于葉評(píng)圍估猜還星本駝付拼息嚇和申股藥利剛支論付枯的關(guān)能報(bào)力狹玩義雀的獻(xiàn)自井由犯現(xiàn)理金冠流施量F爹C荷F喝=經(jīng)結(jié)營(yíng)等性墻現(xiàn)舌金宇流賊量-資以本掠支擴(kuò)出-現(xiàn)毛金魚(yú)股睜利用殺于匯評(píng)姐估裝企好業(yè)碌的財(cái)群務(wù)粥彈存性利水用雨市鞋場(chǎng)金機(jī)趟遇行和醋應(yīng)醋對(duì)藥市戚場(chǎng)陸逆河境妹的接能?chē)?guó)力用稠于號(hào)評(píng)液估桑企逝業(yè)盡依抗靠橫內(nèi)巴部罷現(xiàn)挺金野資輪源柿謀妄求含發(fā)容展毀的具能冰力C陽(yáng)F粥F韻O浮A激v族s咸.惡F銀r妙e存e凈C媽a逢s唉h轎F閃l液o隆w財(cái)容務(wù)喪會(huì)氧計(jì)躺專(zhuān)柄題現(xiàn)嘩金遣流血量僵趨筍勢(shì):G(旬1蕉2饞v繭s久.癢7舒3悟)200420052006FCF

+53

-250

-197Interest

120

158

1702粱0妹0廢7C介F告-墊O懼:夠7要7知;紋C稻F舒-甩C消E充:蛙7射5I冷n羨t例.征:遵2碰9鉛;崇P炭:智1裁8孝4援4財(cái)格務(wù)都會(huì)按計(jì)奮專(zhuān)器題1穴.慕1搬m掠i攪l很l咳i仙o蛋n組o涂f同e目m脹p海l勒o解y捏e禿e宅s旁c披o腹v絕e罷r滔e葵d掃,譽(yù)p幕e管n袋s趴i失o螞n尾a示n而d劃h文e匯a貼l掘t境h拆c啄a休r碰e短l嗽i窗a肯b級(jí)i耕l趕i葬t(yī)木y補(bǔ)t由o睬t假a詠l州e慈d俊$竭1談7覆0障b味,愛(ài)c績(jī)u經(jīng)r約r生e伐n疾tS型h使o婆r共t夸a怒g災(zāi)e思$陰5幸4誘bG熔M甲-不摔堪狗重忌負(fù)費(fèi)的肚醫(yī)慘療瘡與憲退唇休被債脈務(wù)財(cái)忍務(wù)漁會(huì)浮計(jì)海專(zhuān)啦題現(xiàn)擋金控流邁量慶趨薄勢(shì):M財(cái)索務(wù)蛾會(huì)扁計(jì)歉專(zhuān)保題M映i耳c叮r驕o寄s紛o礦f豈t新:股歸票敗期施權(quán)宏的程妙嗽用I足f豬y燒o獵u駛w肝o據(jù)r告k償f堤o潑r義M隆i耀c捉r池o政s大o階f極t井,M恒i豆c娃r(nóng)杏o攝s估o傅f霜t籠d律o快e繁s促n雨o悼t耽p矮a吉y論y悉o濱u搞,取y誘o鐘u昂h匯a盲v懶e型t平o麗p宋a壘y狗M常i圾c啊r遇o僵s嘗o霧f孟t2糾0勤0忌3鋒-勾2礙0曲0紙81短6卻6懷.鋪4寫(xiě)0財(cái)夫務(wù)詢(xún)會(huì)紀(jì)計(jì)殺專(zhuān)懷題B瓜i益l厚l蟻G雞a漿t之e下s的含”卵裸墨捐斤”W反a戒r葬r援e岡n逼B乞u宜f但f董e陣t忠t咐d擴(kuò)o旅n懶a種t鵲e紫d槳$忍3脾7佩b盾i玻l刻l讀i船o獸n吉,練m刺a攝i貧n代l歲y棵t義o脆t悠h教e睡B凡i重l綢l掀&晝M疏e粉l庫(kù)i柜n包d鎮(zhèn)a終G摸a墳t焰e凍s杰F高o掃u灶n陶d至a肯t攜i逃o蹄n+段$漆5奶0財(cái)亭務(wù)芝會(huì)經(jīng)計(jì)印專(zhuān)有題三野大邏賀輯切鏟入點(diǎn)盈蹲利蜂質(zhì)道量資穗產(chǎn)模質(zhì)企量現(xiàn)枕金鴨流坑量收拉入童質(zhì)襖量利喪潤(rùn)戲質(zhì)幫量毛拍利憲率李高碰低成畫(huà)長(zhǎng)說(shuō)性退常出位壁王壘潛叛在獅損大失經(jīng)衛(wèi)營(yíng)華現(xiàn)富金章流雁量自島由臺(tái)現(xiàn)冶金凝流較量波憲動(dòng)垂性資委產(chǎn)膨結(jié)應(yīng)構(gòu)現(xiàn)紛金毒含蟲(chóng)量”緣瑞造疼血霜“喚功嫩能自投由甩裁填量研滋發(fā)可營(yíng)姜銷(xiāo)報(bào)遇表刪分戶(hù)析賽三喇大興邏響輯幸切予入洽點(diǎn)財(cái)媽務(wù)遇會(huì)紹計(jì)繩專(zhuān)符題盈乓利英質(zhì)分量掘與勇資雁產(chǎn)無(wú)質(zhì)候量秘相夠互紫背音離狼案疲例財(cái)攔務(wù)謙會(huì)霸計(jì)蕩專(zhuān)中題年度凈利潤(rùn)C(jī)FFOA

1998

9,876-17,191

1999

12,308-21,248

2000

17,844-53,576

2001

3,610-2,594

2002

2,280-84,807

2003-18,683-15,544

2004

1,982

45,300

2005-69,600

21,600

2006-71,866

16,413年度凈利潤(rùn)比例調(diào)整前

17,844調(diào)整后

6,995

39.2%調(diào)整額

10,849

60.8%調(diào)整原因?qū)⒃?jì)入長(zhǎng)期待攤費(fèi)用和在建工程的R&D，作為重大會(huì)計(jì)差錯(cuò)進(jìn)行調(diào)整“紙雀面麗富堪貴”的D公辛司財(cái)杏務(wù)慚會(huì)喊計(jì)戲?qū)２念}樂(lè)趕極跪生步悲燦的廁四濕川耍長(zhǎng)站虹凈征利探潤(rùn)2悲0公0姻1跡0醒.蓬8蹦91申.鳳7晴62南.蹈4噸12狼0徹0霸4姐-嚼3鉆6對(duì).旗8蜂12嘉0董0瓶4溉Q府1境-聰Q盆3C墓F益F管O緣瑞A-付3烤.尚1堤2財(cái)告務(wù)摔會(huì)釘計(jì)陣專(zhuān)頓題哈盲佛霜分視析緩框饞架經(jīng)員營(yíng)遷活講動(dòng)營(yíng)獻(xiàn)業(yè)見(jiàn)活哀動(dòng)投蠟資滑活違動(dòng)融雄資辭活耗動(dòng)會(huì)象計(jì)凈系攪統(tǒng)計(jì)享量癥和肺報(bào)珍告企找業(yè)疼活經(jīng)動(dòng)擋的復(fù)經(jīng)灰濟(jì)必結(jié)鵝果財(cái)顧務(wù)找報(bào)伏表管乏理隙人葡員選對(duì)喘企違業(yè)搜業(yè)匆務(wù)活語(yǔ)動(dòng)千的倚信始息狀優(yōu)眼勢(shì)會(huì)份計(jì)膏估強(qiáng)計(jì)連錯(cuò)陽(yáng)誤會(huì)跌計(jì)構(gòu)選俊擇竄導(dǎo)伙致?lián)舻氖淄岫芮?jīng)會(huì)營(yíng)信環(huán)到境勞反動(dòng)銀力滔市摔場(chǎng)資掉本沙市容場(chǎng)產(chǎn)渡品遷市夾場(chǎng)供督應(yīng)閣商消砍費(fèi)繼者競(jìng)岔爭(zhēng)目對(duì)閱手所訊處怪行此業(yè)會(huì)挑計(jì)國(guó)環(huán)圣境資宗本利市筋場(chǎng)妻結(jié)律構(gòu)契雕約稼和熔治比理會(huì)乒計(jì)由規(guī)蠢定稠和蓮慣美例稅膝法慕和賊財(cái)掌務(wù)或會(huì)巧計(jì)虹的報(bào)關(guān)闖系外準(zhǔn)部宋審逮計(jì)會(huì)幕計(jì)魯問(wèn)稠題錄的傲法刃律聞規(guī)宴定經(jīng)鳳營(yíng)出戰(zhàn)潮略企儉業(yè)壩經(jīng)辣營(yíng)池范掃圍:多錫樣飼化本經(jīng)短營(yíng)笨的慕程暮度多釀樣盾化陡經(jīng)抱營(yíng)鵲的洗類(lèi)援型競(jìng)碰爭(zhēng)玩地近位:成頂本輛領(lǐng)撥先差炒異義化成居功唐關(guān)卸鍵致因手素腐和登主逆要湊風(fēng)饑險(xiǎn)會(huì)身計(jì)戚策媽略會(huì)你計(jì)捐政談策境的株選亮擇會(huì)潛計(jì)撐估衡計(jì)拍的榮選械擇報(bào)抓告名形蜂式予的竭選存擇財(cái)就務(wù)痛報(bào)凍告胃附銹注遣披戲露內(nèi)鐮容鉗的日選答擇財(cái)碧務(wù)像會(huì)窯計(jì)帳專(zhuān)闖題哈腿佛蒜分可析抱框暑架之構(gòu)直成兄要快素戰(zhàn)責(zé)略勸分由析會(huì)版計(jì)蒸分寒析財(cái)匠務(wù)屈分租析前犬景謎分身析財(cái)練務(wù)禍會(huì)粘計(jì)躺專(zhuān)安題D執(zhí)e裁l檢l的噸凈忌資慚產(chǎn)鎖收允益昂率2腿0歡0峽3松-戶(hù)2冒0磨0西6$爸9點(diǎn)2旗m耍v襪s鉆.懼$蘋(píng)1虜2醉b財(cái)陸務(wù)此會(huì)牽計(jì)泰專(zhuān)咸題D勞e遺l亡l的士?jī)魻C利兔潤(rùn)v款s腰.經(jīng)外營(yíng)蛛性稿現(xiàn)竊金跳流掀量財(cái)晶務(wù)然會(huì)勾計(jì)耗專(zhuān)奇題D偵e報(bào)l懲l她:流用動(dòng)品比非率財(cái)握務(wù)絞會(huì)晃計(jì)窗專(zhuān)耕題D涂e排l端l信:存毫貨世周降轉(zhuǎn)匠天吵數(shù)財(cái)昆務(wù)鬼會(huì)敘計(jì)夜專(zhuān)燃題D茂e涂l納l編:應(yīng)畢收吊賬休款脫周惰轉(zhuǎn)陳天歲數(shù)財(cái)堪務(wù)膨會(huì)禾計(jì)融專(zhuān)乏題D誦e綱l具l嘆:應(yīng)形付鞠賬鴉款緊周方轉(zhuǎn)名天遼數(shù)財(cái)臂務(wù)夫會(huì)嚼計(jì)蒙專(zhuān)怕題項(xiàng)目名稱(chēng)

99

00

01

02

03

04

05

0607

08應(yīng)收賬款周轉(zhuǎn)天數(shù)

36

34

32

29

28

28

27

2931

36存貨周轉(zhuǎn)天數(shù)

6

6

5

4

3

3

4

5