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内蒙古伊利集团股份有限公司财务报表分析

目 录

第一部分公司概况 ····························································································· 2

1.公司基本情况 ·························································································· 2

1.1公司信息 ························································································ 2 1.2公司股票简介 ·················································································· 2 1.3信息披露及备置地点 ········································································· 2 2.业务及发展情况 ······················································································· 2

2.1主营业务 ························································································ 2 2.2发展情况 ························································································ 3

第二部分内蒙古伊利集团股份有限公司财务分析报告正文 ········································· 4

1．内蒙古伊利集团股份有限公司财务报表 ······················································· 4

1.1司合并资产负债表 ············································································ 4 1.2母公司合并利润表 ············································································ 6 1.3母公司合并现金流量表 ······································································ 7 2偿债能力分析 ·························································································· 9

2.1短期偿债能力分析 ············································································ 9 2.2长期偿债能力分析 ··········································································· 13 2.3 同行业偿债能力对比 ······································································· 16 3.营运能力指标分析 ·················································································· 17

3.1应收账款周转率指标的计算 ······························································· 17 3.2存货周转率指标的计算 ····································································· 17 3.3流动资产周转率指标的计算 ······························································· 18 3.4固定资产周转率指标的计算 ······························································· 19 3.5总资产周转率指标的计算 ································································· 19 4.盈利能力分析 ························································································· 21

4.1销售毛利率指标的计算 ····································································· 21 4.2销售利润率指标的计算 ····································································· 21 4.3销售净利率指标的计算 ····································································· 22 4.4总资产报酬率指标的计算 ·································································· 23 4.5 资本保值增值率指标的计算 ······························································ 23 4.6 成本费用利润率指标的计算 ······························································ 24 5.发展能力指标分析 ··················································································· 26

5.1销售增长率指标的计算 ····································································· 26 5.2股权资本增长率指标的计算 ······························································· 26 5.3资产增长率指标的计算 ····································································· 27 5.4利润增长率指标的计算 ····································································· 28 6.获现能力指标分析 ··················································································· 29

6.1销售获现比率 ················································································· 29 6.2资产现金流量比率 ··········································································· 29 7.资产负债表水平及结构分析 ······································································· 30

7.1资产负债表水平分析 ········································································ 30

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7.2资产负债表结构分析 ········································································ 33 8.利润表水平及结构分析 ············································································· 36

8.1利润表水平分析 ·············································································· 36 8.1.1净利润分析 ·················································································· 37 8.1.2利润总额分析 ··············································································· 37 8.1.3营业利润分析 ··············································································· 37 8.2利润表结构分析 ·············································································· 38 9．现金流量表水平及结构分析 ····································································· 40

9.1现金流量表水平分析 ········································································ 40 9.2现金流入流出结构分析 ····································································· 43 10.所有者权益变动表水平及结构分析 ····························································· 47

10.1所有者权益变动表水平分析 ····························································· 47 10.2所有者权益变动表结构分析 ····························································· 49 11.沃尔综合评分法 ····················································································· 51

11.1流动比率指标 ················································································ 51 11.2产权比率指标 ················································································ 51 11.3固定资产比率指标 ·········································································· 51 11.4存货周转率指标 ············································································· 52 11.5应收账款周转率指标 ······································································· 52 11.6固定资产周转率指标 ······································································· 52 11.7所有者权益周转率指标···································································· 53 11.8 沃尔综合评分法综合比率分析 ·························································· 53 12.EVA指标分析 ······················································································· 55

12.1 EVA税收调整计算 ········································································· 55 12.2 税后净营业利润计算 ······································································ 55 12.3 资本总额计算 ··············································································· 55 12.4 EVA计算 ··················································································· 56 13.杜邦分析 ······························································································ 58

13.1杜邦财务分析体系 ········································································· 58 图13-1 杜邦财务分析体系分解图 ···························································· 58 13.2各项目变动情况分析 ······································································ 59 14.总结 ···································································································· 63

14.1对伊利现状的总体分析 ··································································· 63 14.2对伊利集团管理的建议 ··································································· 63 14.3 个人心得 ····················································································· 64

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内蒙古伊利集团股份有限公司财务报表分析

前言

内蒙古伊利集团股份有限公司财务报告是很据提有关企业经营成果、财务状况及其现金流动方面的信息，对财务报表提供的历史数据运用正确的方法进一步加工、分析、比较、评价和解释的一份报表分析，以便报表使用者做出正确的经济决策。财务报告的分析，不仅是方法的使用问题，还应把过去、现在和未来联系在一起，分析当今财务报告使用者的需求及财务报告的未来发展趋势。

【摘要】财务报表分析报告对内蒙古伊利集团股份有限公司2008、2009、2010、2011

动比率、速动比率、资产负债率等。营运能力分析：着重分析应收账款周转率、存货周转率、营业周期、总资产周转率。盈利能力分析：着重分析销售净利率、从资产报酬率、净资产收益率。发展能力分析还有获现能力，乃至资产负债表、利润表现金流量表的水平及结构分析，并采用杜邦分析法、沃尔分析、EVA指标分析等分析方法对内蒙古伊利集团股份有限公司进行一系列全面的分析。

关键字： 财务报表分析 资产负债 利润 盈利 营运 发展

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第一部分公司概况

1.公司基本情况

1.1公司信息

公司名称 公司性质 总部地点 董事长 经营范围 资产总额 1.2公司股票简介

股票种类 A股 股票上市交易所 上海证券交易所 股票简称 *ST伊利 股票代码 600887 内蒙古伊利实业集团股份有限公司 上市公司 内蒙古呼和浩特 潘刚 乳品企业 54.5亿元 1.3信息披露及备置地点

公司选定的报纸披露名称 《中国证券报》、《上海证券报》 登载年度报告的中国证监会指点http://sse.com.cn 的网址 公司年度报告备置地点 董事会办公室 2.业务及发展情况

2.1主营业务

伊利集团由液态奶、冷饮、奶粉、酸奶和原奶五大事业部组成，全国所属分公司及子公司130多个，旗下拥有雪糕、冰淇淋、奶粉、奶茶粉、无菌奶、酸奶、奶酪等1000多个产品品种。其中，伊利金典有机奶、伊利营养舒化奶、畅轻酸奶、金领冠婴幼儿配方奶粉和巧乐兹冰淇淋等是目前市场中最受欢迎的“明星产品”。

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内蒙古伊利集团股份有限公司财务报表分析

2.2发展情况

从2003年至今，伊利集团始终以强劲的实力领跑中国乳业，并以极其稳健的增长态势成为了持续发展的行业代表。

如今，伊利雪糕、冰淇淋产销量已连续16年居全国第一，伊利超高温灭菌奶产量连续多年在全国遥遥领先，伊利奶粉、奶茶粉产销量自2005年起即跃居全国第一位。

2009年前三季度，伊利累计实现主营业务收入192.22亿，同比增长1.03%，同时前三季度累计实现净利润5.51亿元，较去年同期增长636.66%，再度摘得行业桂冠，继续以稳健的发展态势引领中国乳业健康发展。

2010年，在国内乳品行业市场占有率最高，品牌知名度、美誉度、忠诚度最高；全面推进国际化经营战略，进入世界乳业20强，成为中国最有竞争力的企业之一。

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