第六組瀘州老窖利潤現(xiàn)金流量表

會計學1第六組瀘州老窖利潤現(xiàn)金流量表經(jīng)營范圍：“瀘州老窖”系列酒的生產(chǎn)、銷售、兼營科技開發(fā)。主營業(yè)務(wù)：瀘州老窖系列酒的生產(chǎn)和銷售

第1頁/共39頁報表日期一、營業(yè)總收入二、營業(yè)總成本營業(yè)成本營業(yè)稅金及附加銷售費用管理費用財務(wù)費用資產(chǎn)減值損失投資收益三、營業(yè)利潤營業(yè)外收入營業(yè)外支出非流動資產(chǎn)處置損失利潤總額所得稅費用四、凈利潤歸屬于母公司所有者的凈利潤少數(shù)股東損益五、每股收益基本每股收益稀釋每股收益瀘州老窖利潤表20111231201012312009123120081231842,791537,087437,042379,838443,395280,502257,268229,405284,601164,319145,758128,89369,52343,78632,37626,34438,95532,33749,93751,27950,06539,04729,04222,730-315756-24221567257179-613,78935,10435,68217,191403,185291,690215,456167,6233,2851,7577351,1431,9961,5521,0103,4101,0861617631404,473291,894215,181165,35698,91363,82446,03438,652305,560228,070169,146126,704290,503220,524167,334126,59915,0577,5461,812105000000000000第2頁/共39頁報表日期20111231201012312009123120081231一、營業(yè)總收入100.00%100.00%100.00%100.00%二、營業(yè)總成本52.61%52.23%58.87%60.40%營業(yè)成本33.77%30.59%33.35%33.93%營業(yè)稅金及附加8.25%8.15%7.41%6.94%銷售費用4.62%6.02%11.43%13.50%管理費用5.94%7.27%6.65%5.98%財務(wù)費用-0.04%0.14%-0.01%0.06%資產(chǎn)減值損失0.07%0.05%0.04%-0.02%投資收益0.45%6.54%8.16%4.53%三、營業(yè)利潤47.84%54.31%49.30%44.13%營業(yè)外收入0.39%0.33%0.17%0.30%營業(yè)外支出0.24%0.29%0.23%0.90%非流動資產(chǎn)處置損失0.13%0.00%0.04%0.01%利潤總額47.99%54.35%49.24%43.53%所得稅費用11.74%11.88%10.53%10.18%四、凈利潤36.26%42.46%38.70%33.36%歸屬于母公司所有者的凈利潤34.47%41.06%38.29%33.33%少數(shù)股東損益1.79%1.40%0.41%0.03%五、每股收益0.00%0.00%0.00%0.00%基本每股收益0.00%0.00%0.00%0.00%稀釋每股收益0.00%0.00%0.00%0.00%第3頁/共39頁項目2008年2009年2010年2011年一、營業(yè)總收入100.00%100.00%100.00%100.00%二、營業(yè)總成本90.31%92.71%88.85%81.02%營業(yè)成本48.21%46.29%43.88%41.28%營業(yè)稅金及附加9.37%10.15%11.04%11.18%銷售費用13.74%15.23%15.59%16.07%管理費用11.02%12.22%11.91%9.67%財務(wù)費用4.27%5.14%2.27%1.13%資產(chǎn)減值損失3.64%3.67%4.16%1.68%投資收益0.55%1.13%1.58%0.40%三、營業(yè)利潤10.24%8.43%12.71%19.37%營業(yè)外收入1.20%6.96%5.37%4.04%營業(yè)外支出0.66%0.20%1.68%0.49%非流動資產(chǎn)處置損失0.06%0.04%0.36%0.11%利潤總額10.78%15.19%16.40%22.93%所得稅費用4.84%5.22%5.83%6.54%四、凈利潤5.95%9.97%10.57%16.39%五、每股收益0.00%0.00%0.00%0.00%基本每股收益0.00%0.00%0.00%0.00%稀釋每股收益0.00%0.00%0.00%0.00%行業(yè)利潤比較—結(jié)構(gòu)百分比第4頁/共39頁項目（2008年，%）MINMAXAVERAGE瀘州老窖一、營業(yè)總收入100.00%100.00%100.00%100.00%二、營業(yè)總成本34.61%173.12%90.31%60.40%營業(yè)成本9.70%85.80%48.21%33.93%營業(yè)稅金及附加0.99%18.04%9.37%6.94%銷售費用4.73%37.18%13.74%13.50%管理費用5.67%29.76%11.02%5.98%財務(wù)費用-2.02%52.32%4.27%0.06%資產(chǎn)減值損失-0.71%35.51%3.64%-0.02%投資收益-0.54%4.53%0.55%4.53%三、營業(yè)利潤-73.12%65.40%10.24%44.13%營業(yè)外收入0.02%11.08%1.20%0.30%營業(yè)外支出0.04%2.82%0.66%0.90%非流動資產(chǎn)處置損失0.00%0.56%0.06%0.01%利潤總額-74.32%65.34%10.78%43.53%所得稅費用-4.76%16.80%4.84%10.18%四、凈利潤-69.56%48.54%5.95%33.36%五、每股收益0.00%0.00%0.00%0.00%基本每股收益0.00%0.00%0.00%0.00%稀釋每股收益0.00%0.00%0.00%0.00%行業(yè)分析–

費用控制第5頁/共39頁項目（2009年，%）MINMAXAVERAGE瀘州老窖一、營業(yè)總收入100.00%100.00%100.00%100.00%二、營業(yè)總成本37.18%196.76%92.71%58.87%營業(yè)成本9.83%80.22%46.29%33.35%營業(yè)稅金及附加1.05%19.15%10.15%7.41%銷售費用6.42%35.98%15.23%11.43%管理費用4.88%33.59%12.22%6.65%財務(wù)費用-1.38%66.91%5.14%-0.01%資產(chǎn)減值損失-1.15%32.83%3.67%0.04%投資收益-0.06%8.16%1.13%8.16%三、營業(yè)利潤-95.49%62.83%8.43%49.30%營業(yè)外收入0.05%67.85%6.96%0.17%營業(yè)外支出0.01%0.72%0.20%0.23%非流動資產(chǎn)處置損失0.00%0.18%0.04%0.04%利潤總額-67.09%62.88%15.19%49.24%所得稅費用-0.82%15.80%5.22%10.53%四、凈利潤-67.27%47.08%9.97%38.70%五、每股收益0.00%0.00%0.00%0.00%基本每股收益0.00%0.00%0.00%0.00%稀釋每股收益0.00%0.00%0.00%0.00%第6頁/共39頁項目（2010年，%）MINMAXAVERAGE瀘州老窖一、營業(yè)總收入100.00%100.00%100.00%100.00%二、營業(yè)總成本38.45%179.52%88.85%52.23%營業(yè)成本9.05%81.65%43.88%30.59%營業(yè)稅金及附加1.15%20.96%11.04%8.15%銷售費用5.82%36.17%15.59%6.02%管理費用5.29%37.99%11.91%7.27%財務(wù)費用-1.52%25.43%2.27%0.14%資產(chǎn)減值損失-4.93%52.04%4.16%0.05%投資收益-2.25%16.77%1.58%6.54%三、營業(yè)利潤-79.52%61.56%12.71%54.31%營業(yè)外收入0.05%72.86%5.37%0.33%營業(yè)外支出0.03%12.51%1.68%0.29%非流動資產(chǎn)處置損失0.00%3.74%0.36%0.00%利潤總額-91.82%61.57%16.40%54.35%所得稅費用0.03%15.67%5.83%11.88%四、凈利潤-93.65%45.90%10.57%42.46%五、每股收益0.00%0.00%0.00%0.00%基本每股收益-0.01%0.00%0.00%0.00%稀釋每股收益-0.01%0.00%0.00%0.00%第7頁/共39頁項目（2011年，%）MINMAXAVERAGE瀘州老窖一、營業(yè)總收入100.00%100.00%100.00%100.00%二、營業(yè)總成本32.98%148.69%81.02%52.61%營業(yè)成本8.43%85.87%41.28%33.77%營業(yè)稅金及附加1.41%19.91%11.18%8.25%銷售費用3.91%35.47%16.07%4.62%管理費用5.19%19.64%9.67%5.94%財務(wù)費用-2.34%14.30%1.13%-0.04%資產(chǎn)減值損失-0.97%14.85%1.68%0.07%投資收益-0.06%2.44%0.40%0.45%三、營業(yè)利潤-48.75%67.04%19.37%47.84%營業(yè)外收入0.04%29.66%4.04%0.39%營業(yè)外支出0.02%3.64%0.49%0.24%非流動資產(chǎn)處置損失0.00%1.37%0.11%0.13%利潤總額-34.19%67.03%22.93%47.99%所得稅費用0.17%16.76%6.54%11.74%四、凈利潤-34.40%50.27%16.39%36.26%五、每股收益0.00%0.00%0.00%0.00%基本每股收益0.00%0.00%0.00%0.00%稀釋每股收益0.00%0.00%0.00%0.00%第8頁/共39頁費用控制還沒有弄出來，可以不用弄出那張表，但在講的時候要講出費用控制方面的第9頁/共39頁報表日期200812312009123120101231201101231以銷售收入為基礎(chǔ)銷售毛利率39.60%41.13%47.77%39.60%營業(yè)利潤率44.13%49.30%54.31%44.13%銷售利潤率43.53%49.24%54.35%43.53%（息稅前利潤率）43.59%49.23%54.49%43.59%銷售凈利潤率33.36%38.70%42.46%33.36%成本費用盈利能力成本費用利潤率55.23%65.75%81.31%55.23%成本利潤率98.30%116.05%138.80%98.30%以資產(chǎn)為基礎(chǔ)總資產(chǎn)報酬率32.47%35.97%36.37%13.25%息稅前總資產(chǎn)利潤率32.51%35.96%36.46%13.27%資產(chǎn)凈利潤率24.88%28.27%28.42%10.15%資本盈利能力凈資產(chǎn)收益率36.28%39.66%41.00%17.54%資本金利潤率90.88%121.32%163.58%90.88%資本保值增值率108.36%105.67%111.27%110.75%322335.34403581.61499898.97652353.41盈利能力指標百分比分析第10頁/共39頁后面的這幾張空白的ppt是用在分析每一個的百分比下面的數(shù)據(jù)的，比如像后面插的老師這張ppt第11頁/共39頁盈利能力–成本費用盈利能力成本費用利潤率2.92%2.94%3.09%3.68%成本利潤率3.78%3.84%4.13%4.80%報表日期20111231201012312009123120081231營業(yè)成本49,395.9040,012.4028,102.3037,587.10營業(yè)稅金及附加500.51306.66333.85445.28銷售費用5,189.234,683.083,304.184,377.25管理費用5,612.425,008.883,936.834,289.34財務(wù)費用2,978.232,165.761,707.762,011.58所得稅費用285.81182.48140.96267.02總計63,962.1052,359.2637,525.8848,977.57第12頁/共39頁第13頁/共39頁第14頁/共39頁第15頁/共39頁第16頁/共39頁年份2011201020092008銷售增長率56.92%22.89%15.06%29.78%營業(yè)利潤增長率38.22%35.38%28.54%57.74%凈利潤增長率31.73%31.79%32.18%63.70%增長能力這個會不會有點簡單呢，要不要再添點東西呢和老師那個比起來，還差點內(nèi)容哈第17頁/共39頁市盈率市凈率代碼簡稱實際流通A股每股凈資產(chǎn)(元)排名收盤價20121130市凈率排名000557*ST廣夏6.600.101767.931000995ST皇臺1.771.05158.762600809山西汾酒8.664.0098.243600365通葡股份4.641.09147.634002304洋河股份4.8912.3827.145600559老白干酒1.404.2187.016600519貴州茅臺10.3830.1116.367000799酒鬼酒2.065.6375.508002646青青稞酒0.603.64125.219000568瀘州老窖13.945.9165.1610600084中葡股份4.641.04165.0211600238海南椰島4.421.48134.4712600779水井坊2.953.65114.4113000596古井貢酒3.506.3153.9614000858五糧液37.957.6433.2315600702沱牌舍得3.376.5943.0816600059古越龍山6.043.71102.8117第18頁/共39頁排名代碼簡稱實際流通A股每股收益(元)排名收盤價20121130市盈率%排名600238海南椰島4.421.4813911.781000995ST皇臺1.771.0515120.332600365通葡股份4.641.091457.553600559老白干酒1.404.21838.634600059古越龍山6.043.711037.715002646青青稞酒0.603.641229.006600702沱牌舍得3.376.59421.007600779水井坊2.953.651119.938000596古井貢酒3.506.31518.209600809山西汾酒8.664.00917.3210000799酒鬼酒2.065.63716.5711002304洋河股份4.8912.38215.1212600519貴州茅臺10.3830.11114.5113000568瀘州老窖13.945.91610.9314000557*ST廣夏6.600.10179.7915第19頁/共39頁代碼簡稱實際流通A股每股凈資產(chǎn)(元)排名收盤價20121130市凈率排名篩選000557*ST廣夏6.600.101767.931N000995ST皇臺1.771.05158.762N600809山西汾酒8.664.0098.243Y600365通葡股份4.641.09147.634Y002304洋河股份4.8912.3827.145Y600559老白干酒1.404.2187.016Y600519貴州茅臺10.3830.1116.367Y000799酒鬼酒2.065.6375.508N002646青青稞酒0.603.64125.219N000568瀘州老窖13.945.9165.1610基于市凈率分析的

相對價值定價法第20頁/共39頁基于市凈率、市盈率分析的

相對價值定價法市凈率模型運用的前提條件？市盈率模型運用的前提條件？第21頁/共39頁基于市凈率分析的相對價值定價法

修正的參考標準代碼簡稱市凈率排名600809山西汾酒8.243600365通葡股份7.634002304洋河股份7.145600559老白干酒7.016600519貴州茅臺6.367簡單的算術(shù)平均數(shù)7.276000568目前的每股凈資產(chǎn)5.91目前預期每股最高價第22頁/共39頁瀘州老窖現(xiàn)金流量表第23頁/共39頁報告期20111231201012312009123120081231一、經(jīng)營活動產(chǎn)生的現(xiàn)金流量:經(jīng)營活動現(xiàn)金流入小計977515553523514341444366經(jīng)營活動現(xiàn)金流出小計580259418395407605362968經(jīng)營活動產(chǎn)生的現(xiàn)金流量凈額39725713512810673681397.9二、投資活動產(chǎn)生的現(xiàn)金流量：投資活動現(xiàn)金流入小計14233.33581.36653.7496249.3投資活動現(xiàn)金流出小計23033.425736.812161.212983.7投資活動產(chǎn)生的現(xiàn)金流量凈額-8800.11-22155.5-11507.4-6734.43三、籌資活動產(chǎn)生的現(xiàn)金流量：籌資活動現(xiàn)金流入小計1199.9327581.443553.31394.49籌資活動現(xiàn)金流出小計18263312629811542250086.2籌資活動產(chǎn)生的現(xiàn)金流量凈額-181433-98716.2-71868.3-48691.7現(xiàn)金的期末余額31489010791193728.170363.8現(xiàn)金的期初余額10791193728.170363.844430.8現(xiàn)金及現(xiàn)金等價物的凈增加額20697914182.823364.325933經(jīng)營活動產(chǎn)生的現(xiàn)金流量凈額39725713512810673681397.9投資活動產(chǎn)生的現(xiàn)金流量凈額-8800.11-22155.5-11507.4-6734.43籌資活動產(chǎn)生的現(xiàn)金流量凈額-181433-98716.2-71868.3-48691.7NCF207023.8914256.323360.325971.77第24頁/共39頁報告期20111231201012312009123120081231一、經(jīng)營活動產(chǎn)生的現(xiàn)金流量:經(jīng)營活動現(xiàn)金流入小計977515553523514341444366經(jīng)營活動現(xiàn)金流出小計59.36%75.59%79.25%81.68%經(jīng)營活動產(chǎn)生的現(xiàn)金流量凈額40.64%24.41%20.75%18.32%二、投資活動產(chǎn)生的現(xiàn)金流量：投資活動現(xiàn)金流入小計1.46%0.65%0.13%1.41%投資活動現(xiàn)金流出小計2.36%4.65%2.36%2.92%投資活動產(chǎn)生的現(xiàn)金流量凈額-0.90%-4.00%-2.24%-1.52%三、籌資活動產(chǎn)生的現(xiàn)金流量：籌資活動現(xiàn)金流入小計0.12%4.98%8.47%0.31%籌資活動現(xiàn)金流出小計18.68%22.82%22.44%11.27%經(jīng)營活動產(chǎn)生現(xiàn)金流量凈額40.64%24.41%20.75%18.32%現(xiàn)金的期末余額32.21%19.50%18.22%15.83%現(xiàn)金的期初余額11.04%16.93%13.68%10.00%現(xiàn)金及現(xiàn)金等價物的凈增加額21.17%2.56%4.54%5.84%現(xiàn)金流量表分析(百分比%)第25頁/共39頁1、經(jīng)營活動現(xiàn)金流量報告期20111231201012312009123120081231單位萬元萬元萬元萬元銷售商品、提供勞務(wù)收到的現(xiàn)金969006545385510450441544收到的稅費返還123.169.3973.6873.14收到的其他與經(jīng)營活動有關(guān)的現(xiàn)金8386.038130.403817.222748.46經(jīng)營活動現(xiàn)金流入小計977515553523514341444366購買商品、接受勞務(wù)支付的現(xiàn)金308143228544231405217558支付給職工以及為職工支付的現(xiàn)金20178.6023486.7016326.3013737.50支付的各項稅費21995613956612329394934支付的其他與經(jīng)營活動有關(guān)的現(xiàn)金31981.2026798.2036580.7036740.90經(jīng)營活動現(xiàn)金流出小計580259418295407605362968經(jīng)營活動產(chǎn)生的現(xiàn)金流量凈額39725713512810673681397.90第26頁/共39頁2、投資活動現(xiàn)金流量報告期20111231201012312009123120081231單位：萬元萬元萬元萬元收回投資所收到的現(xiàn)金00145.300取得投資收益所收到的現(xiàn)金14022.803485.9323.1435.00處置固定資產(chǎn)、無形資產(chǎn)和其他長期資產(chǎn)所收回的現(xiàn)金凈額210.4895.43375.89257.15投資活動現(xiàn)金流入小計14233.303581.36653.756249.30購建固定資產(chǎn)、無形資產(chǎn)和其他長期資產(chǎn)所支付的現(xiàn)金18168.4025736.8012161.2012983.70投資所支付的現(xiàn)金4865000投資活動現(xiàn)金流出小計23033.4025736.8012161.2012983.70投資活動產(chǎn)生的現(xiàn)金流量凈額-8800.11-22155.50-11507.40-6734.43第27頁/共39頁3、籌資活動現(xiàn)金流量報告期20111231201012312009123120081231單位萬元萬元萬元萬元吸收投資收到的現(xiàn)金02100274.50900取得借款收到的現(xiàn)金00240000發(fā)行債券收到的現(xiàn)金0000收到其他與籌資活動有關(guān)的現(xiàn)金1199.9325481.4019278.80494.49籌資活動現(xiàn)金流入小計1199.9327581.4043553.301394.49償還債務(wù)支付的現(xiàn)金00240000分配股利、利潤或償付利息所支付的現(xiàn)金15697610784591312.7049983.80支付其他與籌資活動有關(guān)的現(xiàn)金25656.4018452.30108.83102.40籌資活動現(xiàn)金流出小計18263312629811542250086.20籌資活動產(chǎn)生的現(xiàn)金流量凈額-181433-98716.20-71868.30-48691.70第28頁/共39頁現(xiàn)金流量表相關(guān)指標分析指標20111231201012312009123120081231銷售收現(xiàn)率114.98%101.55%116.80%116.25%經(jīng)營現(xiàn)