燕京啤酒股份有限公司財務(wù)分析報告

《財務(wù)分析》結(jié)課論文——燕京啤酒股份財務(wù)分析報告《財務(wù)分析》結(jié)課論文——燕京啤酒股份財務(wù)分析報告1劉衛(wèi)清1劉衛(wèi)清班燕京啤酒股份財務(wù)分析報告一，公司簡介：燕京1980年建廠，1993年組建集團(tuán)。經(jīng)過30多年快速、安康的進(jìn)展，燕京已經(jīng)成為中國最大啤酒企業(yè)集團(tuán)之一。燕京用20年的時間跨越了世界啤酒業(yè)100年的進(jìn)展歷程。2023年燕京進(jìn)展成為擁有有形資產(chǎn)187億元、2023年燕京商標(biāo)商譽(yù)價值總計365.94億元。員工43000389〔廠〕4240500益工業(yè)企業(yè)、中國行業(yè)百強(qiáng)企業(yè)。燕京啤酒集團(tuán)一九九六年開頭股份制改造，經(jīng)過一年籌備工作，燕京啤酒集團(tuán)公司于1997年完成了股份制改造，并在半年內(nèi)獲得了兩個融資渠道：一個是 1997年5月參加了北京控股在香港的紅籌股上市，二是 市場A股上市。二，財務(wù)報表分析：〔一〕資產(chǎn)負(fù)債表分析〔1〕水平分析：表1 燕京啤酒期資產(chǎn)負(fù)債表水平分析表 單位：元工程流淌資產(chǎn)：2023-12-312023-12-31變動狀況變動額變動〔%〕對總資產(chǎn)的影響〔%〕貨幣資金1,516,375,960.511,042,269,671.22474,106,289.2945.494．00應(yīng)收票據(jù)2,678,750.0033,759,689.00-31,080,939.00-92.07-0.26應(yīng)收賬款75,108,413.82108,432,777.60-33,324,363.78-30.73-0.28預(yù)付款項430,857,176.44225,212,737.54205,644,438.9091.311.73其他應(yīng)收款70,060,513.2670,782,351.89-721,838.63-1.02-0.01存貨2,983,040,905.262,430,027,096.67553,013,808.5922.764.66其他流淌資產(chǎn)5,078,121,719.293,910,484,323.92流淌資產(chǎn)合計1,516,375,960.511,042,269,671.221,167,637,395.3729.869.85非流淌資產(chǎn)：長期股權(quán)投資198,542,876.0366,542,876.03132,000,000.00198.371.11固定資產(chǎn)7,475,613,917.516,850,940,119.97624,673,797.549.125.27在建工程1,008,393,367.71352,494,134.30655,899,233.41186.075.53《財務(wù)分析》結(jié)課論文——燕京啤酒股份財務(wù)分析報告《財務(wù)分析》結(jié)課論文——燕京啤酒股份財務(wù)分析報告2劉衛(wèi)清2劉衛(wèi)清班工程物資579,477.31-579,477.31-1000無形資產(chǎn)711,308,967.89612,786,381.7198,522,586.1816.080.83商譽(yù)187,407,536.8850,461,810.27136,945,726.61271.381.16遞延所得稅資產(chǎn)11,315,477.1411,647,092.95-331,615.81-2.850非流淌資產(chǎn)合計9,592,582,143.167,945,451,892.541,647,130,250.6220.7313.89資產(chǎn)總計14,670,703,862.4511,855,936,216.462,814,767,645.9923.7423.74流淌負(fù)債：短期借款1,621,000,000.001,205,000,000.00416,000,000.0034.523.51應(yīng)付票據(jù)39,454,050.6323,828,276.3315,625,774.3065.580.13應(yīng)付賬款802,619,269.28553,317,880.95249,301,388.3345.062.1預(yù)收款項288,388,274.32277,819,275.3210,568,999.003.80.09應(yīng)付職工薪酬42,871,115.1036,250,252.856,620,862.2518.260.06應(yīng)交稅費(fèi)63,053,449.3792,002,020.10-28,948,570.73-31.47-0.24應(yīng)付利息3,411,438.331,509,000.001,902,438.33126.070.02應(yīng)付股利22,390,405.1324,301,708.88-1,911,303.75-7.86-0.02其他應(yīng)付款1,216,968,875.65884,206,275.99332,762,599.6637.632.81一年內(nèi)到期的非流淌負(fù)債9,614,656.8190,000,000.00-80,385,343.19-89.32-0.68流淌負(fù)債合計4,109,771,534.623,188,234,690.42921,536,844.2028.97.77非流淌負(fù)債：長期借款150,000,000.008,800,000.00141,200,000.001604.551.19應(yīng)付債券882,710,506.93882,710,506.937.45遞延所得稅負(fù)債291,665.000291,665.000其他非流淌負(fù)債18,949,350.5616,578,664.182,370,686.3814.30.02非流淌負(fù)債合計1,051,951,522.4925,378,664.181,026,572,858.314045.028.66負(fù)債合計5,161,723,057.103,213,613,354.601,948,109,702.5060.6216.43股東權(quán)益：股本1,210,266,963.001,210,266,963.000.0000資本公積3,896,225,752.473,652,993,855.91243,231,896.566.662.05盈余公積878,373,742.44760,796,815.59117,576,926.8515.450.99未安排利潤2,189,925,051.311,731,271,434.69458,653,616.6226.493.87歸屬于母公司全部者權(quán)益合計8,174,791,509.227,355,329,069.19819,462,440.0311.146.91少數(shù)股東權(quán)益1,334,189,296.121,286,993,792.6747,195,503.453.670.4股東權(quán)益合計9,508,980,805.348,642,322,861.86866,657,943.4810.037.31負(fù)債和股東權(quán)益總計14,670,703,862.4511,855,936,216.462,814,767,645.9923.7423.74資產(chǎn)負(fù)債表構(gòu)造變動狀況的分析評價依據(jù)表1，可以對燕京啤酒總資產(chǎn)變動狀況作如下分析評價：2,814,767,645.9923.74%，說明該公司2023年資產(chǎn)規(guī)模有較大幅度增長。進(jìn)一步分析可以覺察：1，1,167,637,395.3729.86%，使總資產(chǎn)規(guī)模增加了1,647,130,250.6220.73%，使總資產(chǎn)規(guī)模增13.892,814,767,645.9923.74%。2，本期總資產(chǎn)的增長主要表達(dá)在非流淌資產(chǎn)的增長上。盡管非流淌資產(chǎn)的各工程都有不加，說明企業(yè)生產(chǎn)規(guī)模的擴(kuò)大，生產(chǎn)力量的增加。3，流淌資產(chǎn)的變動主要表達(dá)在兩個方面。一是存貨的大規(guī)模增長。存貨本期增加了22.76%，4.66%。結(jié)合固定資產(chǎn)和在建工45.494.00%。貨幣資金的增長應(yīng)結(jié)合企業(yè)現(xiàn)金需要量，從資金利用效果方面進(jìn)展分析，這樣才能做出恰當(dāng)?shù)脑u價。垂直分析工程2023-12-312023-12-312023工程2023-12-312023-12-3120232023變動狀況〔%〕〔%〕(%)流淌資產(chǎn)：非流淌資產(chǎn)：貨幣資金1,516,375,960.511,042,269,671.2210.348.791.55應(yīng)收票據(jù)2,678,750.0033,759,689.000.020.28-0.26應(yīng)收賬款75,108,413.82108,432,777.600.510.91-0.40預(yù)付款項430,857,176.44225,212,737.542.941.901.04其他應(yīng)收款70,060,513.2670,782,351.890.480.60-0.12存貨2,983,040,905.262,430,027,096.6720.3320.50-0.17流淌資產(chǎn)合計5,078,121,719.293,910,484,323.9234.6132.981.63長期股權(quán)投資198,542,876.0366,542,876.031.350.560.79固定資產(chǎn)7,475,613,917.516,850,940,119.9750.9657.78-6.82在建工程1,008,393,367.71352,494,134.306.872.973.90工程物資579,477.31無形資產(chǎn)711,308,967.89612,786,381.714.855.17-0.32商譽(yù)187,407,536.8850,461,810.271.280.430.85遞延所得稅資產(chǎn)11,315,477.1411,647,092.950.080.10-0.02非流淌資產(chǎn)合計9,592,582,143.167,945,451,892.5465.3967.02-1.63資產(chǎn)總計14,670,703,862.451,621,000,000.0011,855,936,216.461,205,000,000.00100.001.05100.0010.160.89應(yīng)付票據(jù)39,454,050.6323,828,276.330.270.200.07應(yīng)付賬款802,619,269.28553,317,880.955.474.670.80預(yù)收款項288,388,274.32277,819,275.321.972.34-0.37應(yīng)付職工薪酬42,871,115.1036,250,252.850.290.31-0.01應(yīng)交稅費(fèi)63,053,449.3792,002,020.100.430.78-0.35應(yīng)付利息3,411,438.331,509,000.000.020.010.01應(yīng)付股利22,390,405.1324,301,708.880.150.20-0.05其他應(yīng)付款1,216,968,875.65884,206,275.998.307.460.84一年內(nèi)到期的非流淌負(fù)債9,614,656.8190,000,000.000.070.76-0.69流淌負(fù)債合計4,109,771,534.623,188,234,690.4228.0126.891.12非流淌負(fù)債：長期借款150,000,000.008,800,000.001.020.070.95應(yīng)付債券882,710,506.9300.020.000.02遞延所得稅負(fù)債291,665.0000.000.000.00其他非流淌負(fù)債18,949,350.5616,578,664.180.130.140.01非流淌負(fù)債合計1,051,951,522.4925,378,664.187.170.216.96負(fù)債合計5,161,723,057.103,213,613,354.6035.1827.118.08股東權(quán)益：股本1,210,266,963.001,210,266,963.008.2510.21-1.96資本公積3,896,225,752.473,652,993,855.9126.5630.81-4.25盈余公積878,373,742.44760,796,815.595.996.42-0.43未安排利潤2,189,925,051.311,731,271,434.6914.9314.600.32歸屬于母公司全部者權(quán)益合計8,174,791,509.227,355,329,069.1955.7262.04-6.32少數(shù)股東權(quán)益1,334,189,296.121,286,993,792.679.0910.86-1.76股東權(quán)益合計9,508,980,805.348,642,322,861.8664.8272.89-8.08負(fù)債和股東權(quán)益總計14,670,703,862.4511,855,936,216.46100.00100.000.00資產(chǎn)負(fù)債表構(gòu)造變動狀況的分析評價1，資產(chǎn)構(gòu)造的分析評價2從靜態(tài)方面分析。就一般意義而言，企業(yè)流淌資產(chǎn)變現(xiàn)力量強(qiáng)，其資產(chǎn)風(fēng)險小；非流淌資產(chǎn)變現(xiàn)力量較差，其資產(chǎn)風(fēng)險較大。該公司本期流淌資產(chǎn)比重為34.61%，而非流淌資產(chǎn)比重高達(dá)65.39%。依據(jù)該公司的資產(chǎn)構(gòu)造，可認(rèn)為該公司資產(chǎn)的流淌性較差，資產(chǎn)風(fēng)險較大。1.63%1.63%。結(jié)合各資產(chǎn)工程的構(gòu)造變動狀況來看，除貨幣資金比重上升了1.55%，預(yù)付款項比重上升了1.04%，固定資產(chǎn)比重下降了6.82%，在建工程比重上升了3.90%外，其他資產(chǎn)比重變動不大，定。2，資本構(gòu)造的分析評價從靜態(tài)方面看，該公司股東權(quán)益比重為64.82%，負(fù)債比重為35.18%，資產(chǎn)負(fù)債率35.18%，該比率相對較小，說明企業(yè)經(jīng)營相比照較安全，但企業(yè)同時也會較多的負(fù)擔(dān)資金本錢。從動態(tài)方面看，該公司股東權(quán)益比重下降了8.08%，負(fù)債比重上升了8.08%，除歸6.32%，4.25%變動較大外，其他各項比重變動幅度不大，說明該公司資本構(gòu)造還是相對穩(wěn)定的，財務(wù)實(shí)力有所下降?！捕忱麧櫛矸治霰? 報告期內(nèi)公司的利潤構(gòu)造單位：元利潤構(gòu)造 2023-12-312023-12-31金額金額營業(yè)總收入 1,516,375,960.511,042,269,671.22營業(yè)總本錢 9,314,859,564.118,671,928,860.28營業(yè)本錢 6,041,722,029.505,712,954,138.04營業(yè)稅金及附加 1,178,222,140.841,120,646,653.91銷售費(fèi)用 1,212,126,350.401,012,826,603.80治理費(fèi)用 829,091,325.07743,497,517.09財務(wù)費(fèi)用 46,109,408.8368,148,046.16資產(chǎn)減值損失 7,588,309.4713,855,901.28投資收益 571,841.16465,941.51對聯(lián)營企業(yè)和合營企業(yè)的投資收-187,222.96益營業(yè)利潤 984,103,724.45818,655,442.03加：營業(yè)外收入 125,983,901.43125,055,433.66減：營業(yè)外支出 22,187,094.0715,365,301.08其中：非流淌資產(chǎn)處置損失 7,255,779.239,722,723.94四、利潤總額〔虧損總額以“-”1,087,900,531.81928,345,574.61號填列〕凈利潤〔凈虧損以“-”號填列〕868,252,169.06752,309,213.66歸屬于母公司全部者的凈利潤769,873,257.55627,492,974.16營業(yè)利潤對總利潤的奉獻(xiàn)0.900.88202320.2%。其增長的緣由主要是擴(kuò)大市場等緣由。2023產(chǎn)減值損失有所削減，主要是集團(tuán)內(nèi)部加以掌握，降低了減值損失。〔三〕現(xiàn)金流量表分析現(xiàn)金流量4報告期內(nèi)公司的現(xiàn)金流量構(gòu)造2023-12-31金額單位：元2023-12-31金額經(jīng)營活動現(xiàn)金流出小計12,603,153,137.6511,816,354,013.69經(jīng)營活動現(xiàn)金流出小計1,516,375,960.511,042,269,671.22投資活動現(xiàn)金流入小計2,678,750.0033,759,689.00投資活動現(xiàn)金流出小計75,108,413.82108,432,777.60籌資活動現(xiàn)金流入小計430,857,176.44225,212,737.54籌資活動現(xiàn)金流出小計70,060,513.2670,782,351.89匯率變動對現(xiàn)金及現(xiàn)金等價物的影響2,983,040,905.262,430,027,096.67現(xiàn)金及現(xiàn)金等價物凈增加額5,078,121,719.293,910,484,323.92期末現(xiàn)金及現(xiàn)金等價物余額1,008,393,367.71352,494,134.30經(jīng)營活動現(xiàn)金流出小計8,724,083,366.147,782,234,781.90投資活動現(xiàn)金流入小計27,670,035.6748,698,537.42投資活動現(xiàn)金流出小計1,641,065,289.42986,778,087.57籌資活動現(xiàn)金流入小計5,214,284,150.361,214,420,000.00籌資活動現(xiàn)金流出小計4,907,913,118.01389,209,493.13匯率變動對現(xiàn)金及現(xiàn)金等價物的影響2,983,040,905.262,430,027,096.67現(xiàn)金及現(xiàn)金等價物凈增加額777.77期末現(xiàn)金及現(xiàn)金等價物余額854,395,703.231,168,260,375.28從表4中可以看出，在2023年現(xiàn)金流量有變化，公司的經(jīng)營活動現(xiàn)金流出增加，籌集活2023會導(dǎo)致經(jīng)營上的問題。三，財務(wù)效率分析〔一〕償債力量分析1，短期償債力量流淌比率：流淌比率＝(流淌資產(chǎn)/流淌負(fù)債)*100%流淌比率越高說明資產(chǎn)流淌性強(qiáng)，短期償債力量強(qiáng)。5報告期內(nèi)流淌比率表單位：元2023-12-312023-12-31流淌資產(chǎn)合計5,078,121,719.293,910,484,323.92流淌負(fù)債合計4,109,771,534.623,188,234,690.42流淌比率1.2356214151.226535906從表5很強(qiáng)。速動比率速動比率＝〔速動資產(chǎn)/流淌負(fù)債〕*100%產(chǎn)的流淌性越強(qiáng)，短期償債力量越強(qiáng)。資產(chǎn)負(fù)債率資產(chǎn)負(fù)債率負(fù)債總額/資產(chǎn)總額6資產(chǎn)負(fù)債率表單位：元2023-12-312023-12-31負(fù)債總額5,161,723,057.113,213,613,354.60資產(chǎn)總額14,670,703,862.4511,855,936,216.46資產(chǎn)負(fù)債率0.3518388150.27105521660.4公司的長期償債力量不是很強(qiáng)。〔二，營運(yùn)力量分析流淌資產(chǎn)周轉(zhuǎn)率＝主營業(yè)務(wù)收入÷平均流淌資產(chǎn)其中：平均流淌資產(chǎn)=〔年初流淌資產(chǎn)+年末流淌資產(chǎn)〕/2降低企業(yè)盈利力量。下面從總資產(chǎn)周轉(zhuǎn)率，存貨周轉(zhuǎn)率和流淌資產(chǎn)周轉(zhuǎn)率來說明燕京啤酒的營運(yùn)力量：7營運(yùn)力量分析表單位：元主營業(yè)務(wù)收入1,516,375,960