贵州茅台利润表分析

单击此处编辑母版标题样式,单击此处编辑母版文本样式,第二级,第三级,第四级,第五级,*,单击此处编辑母版标题样式,单击此处编辑母版文本样式,第二级,第三级,第四级,第五级,*,贵州茅台,利润表结构分析,项 目,2009,2010,2009,比重（,%,）,2010,比重（,%,）,差异（,%,）,营业收入,2828135207.35,3639957612.24,100.00,100.00,0.00,减,:,营业成本,963088110.00,1174075050.91,34.05,32.26,-1.80,营业税金及附加,798775796.97,1412773952.74,28.24,38.81,10.57,销售费用,41712466.40,41086446.71,1.47,1.13,-0.35,管理费用,1094047301.36,1183527060.28,38.68,32.51,-6.17,财务费用,-11477261.32,-14407271.43,-0.41,-0.40,0.01,资产减值损失,444004.00,2210002.15,0.02,0.06,0.05,加：公允价值变动收益,投资收益,5888471899.62,6059149729.42,208.21,166.46,-41.75,其中：对联营企业和合营企业的投资收益,营业利润,5830016689.56,5899842100.30,206.14,162.09,-44.06,加：营业外收入,2943340.00,2783700.48,0.10,0.08,-0.03,减：营业外支出,1228603.08,3477352.48,0.04,0.10,0.05,其中：非流动资产处置损失,利润总额,5831731426.48,5899148448.30,206.20,162.07,-44.14,减：所得税费用,-13591750.30,-11731972.41,-0.48,-0.32,0.16,净利润,5845323176.78,5910880420.71,206.68,162.39,-44.30,除去投资收益后的利润表,项 目,2009,2010,营业收入,2828135207.35,3639957612.24,减,:,营业成本,963088110.00,1174075050.91,营业税金及附加,798775796.97,1412773952.74,销售费用,41712466.40,41086446.71,管理费用,1094047301.36,1183527060.28,财务费用,-11477261.32,-14407271.43,资产减值损失,444004.00,2210002.15,加：公允价值变动收益,投资收益,0.00,0.00,其中：对联营企业和合营企业的投资收益,营业利润,-58455210.06,-159307629.12,加：营业外收入,2943340.00,2783700.48,减：营业外支出,1228603.08,3477352.48,其中：非流动资产处置损失,利润总额,-56740473.14,-160001281.12,减：所得税费用,-13591750.30,-11731972.41,净利润,-43148722.84,-148269308.71,投资收益均来自,长期股权投资,成本法核算长期股权投资,持股均,50%,以上,被投资单位,2009,2010,贵州茅台酒销售有限公司,5,883,521,899.62,6,053,099,729.42,贵州茅台名将酒业有限公司,2,750,000.00,3,300,000.00,北京茅台神舟商贸有限公司,2,200,000.00,2,750,000.00,投资收益,2009,年猛增,但未披露增长原因，,合理性值得怀疑,项 目,2009,2010,变动额（,%,）,变动率（,%,）,营业收入,2828135207.35,3639957612.24,811822404.89,28.71,减,:,营业成本,963088110.00,1174075050.91,210986940.91,21.91,营业税金及附加,798775796.97,1412773952.74,613998155.77,76.87,销售费用,41712466.40,41086446.71,-626019.69,-1.50,管理费用,1094047301.36,1183527060.28,89479758.92,8.18,财务费用,-11477261.32,-14407271.43,-2930010.11,25.53,资产减值损失,444004.00,2210002.15,1765998.15,397.74,加：公允价值变动收益,投资收益,5888471899.62,6059149729.42,170677829.80,2.90,其中：对联营企业和合营企业的投资收益,营业利润,5830016689.56,5899842100.30,69825410.74,1.20,加：营业外收入,2943340.00,2783700.48,-159639.52,-5.42,减：营业外支出,1228603.08,3477352.48,2248749.40,183.03,其中：非流动资产处置损失,利润总额,5831731426.48,5899148448.30,67417021.82,1.16,减：所得税费用,-13591750.30,-11731972.41,1859777.89,-13.68,净利润,5845323176.78,5910880420.71,65557243.93,1.12,利润表水平分析,营业外支出增加是因为,支付抗旱救灾款,资产减值损失增加是因为,计提坏账准备,营业税金及附加增加是因为,白酒消费税新政策,的影响,利润表项目分析,营业收入分析,项 目,2009,2010,主营业务收入,9,669,670,009.59,11,632,417,331.90,其他业务收入,329,055.80,866,408.28,主营业务酒类占,主营业务收入,100%,公司前五名客户的营业收入占全部营业收入的,6.98,，均为非关联方,营业收入增长不快,要进一步扩大产能，加大销售力度,利润表项目分析,营业成本费用分析,项 目,2009,2010,变动额,变动率（,%,）,营业收入,2828135207.35,3639957612.24,811822404.89,28.71,营业成本,963088110.00,1174075050.91,210986940.91,21.91,销售费用,41712466.40,41086446.71,-626019.69,-1.50,管理费用,1094047301.36,1183527060.28,89479758.92,8.18,财务费用,-11477261.32,-14407271.43,-2930010.11,25.53,营业成本增长与营业收入相匹配,销售费用减少,主营业,务收入增加主要因提价因素,管理费用增加,管理人员工资开支加大,财务费用减少,利息收入增加，筹资现金流虽然为负，但投资收回现金流较多,总结,该公司最大的问题是投资收益占营业收入比例太大，,投资收益是非经常性损益，占比高，不利于企业的正常发展，,又没披露其原因，合理性不高，需加大关注。,公司的营业增长速度近年来放缓，需通过扩大产能，加强管,理，正确制定经营策略等再创辉煌。,感谢聆听,!,Thanks for your time,