YC Invest
怎么阅读和分析财务报告
财务报告里基本上最重要的有3份:
1. 损益表 - 记录公司的营业额, 开支, 盈利, 每股盈利等等.
2. 资产负债表 - 记录公司的所有资产, 资本和负债
3. 现金流量表 - 记录公司的现金收入与支出
与其长篇大论的向大家说每个财务表会有什么东西,什么性质,什么东西放哪里.我想,让我举个例子,让大家可以更清楚和容易的明白,财务表到底怎么看.
李先生欲开始寿司生意.他自己拿出RM1,000,000做为该生意的资本. 然后他又去银行借RM500,000.李先生需要在5年里, 每年付5%利息,然后5年后一次性还清该贷款额.
李先生然后用了RM800,000购买店屋,器材和店面装修.又用了RM500,000购买生意的食材.RM100,000用做周转现金,另外RM100,000存放在银行定期,每年3%利息.
一年后,李先生把所有的食材都卖光,营业额为RM1,000,000. 他也请了10位工人,每人的工资为RM2,000/月.资产折旧率2.5%. 其它开支RM36,000.税务26%.该公司也提供客户60天摊还期,公司还有RM200,000的盈利还未过帐.除此之外,该公司的货物提供者也提供摊还期,公司目前还有RM100,000的食材费用还未以现金支付.
好,那么现在我们来看看损益表.此财务表只记录公司的收入与支出:
|
损益表
|
||
|
RM
|
||
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营业额 (revenue)
|
1,000,000
|
|
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货物成本 (cost of goods sold)
|
500,000
|
|
|
毛利 (gross profit)
|
500,000
|
|
|
利息收入 (interest income)
|
3,000
|
|
|
利息支出 (interest expense)
|
-25,000
|
|
|
店租 (rental)
|
0
|
|
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员工薪金 (salary and wages)
|
-240,000
|
(10*2,000*12)
|
|
资产折旧 (depreciation)
|
-20,000
|
(800,000*2.5%)
|
|
其它费用 (other expenses)
|
-36,000
|
|
|
税前盈利 (profit before tax)
|
182,000
|
|
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税务 (tax)
|
-47,320
|
|
|
税后盈利/净利 (profit after tax or net profit)
|
134,680
|
接下来就是现金流量表. 现金流量表分3段: 1经营(公司主要业务),2投资及3融资.此财务表只记录真正的”现金交易”. 任何还未进帐的收入和未过帐的支出都将在这里”折回”.
现金流量表的”前段”有两种做法,这里我将教大家比较普遍的一种.通常在现金流量表的第一项项目都是”税前盈利”.
|
现金流量表
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经营现金流量
|
RM
|
|
|
税前盈利 (profit before tax)
|
182,000
|
|
|
固定资产折旧 (depreciation)
|
20,000
|
(李先生在生意开始时就
用RM800,000买了该资 产,这折旧只是资产折价, 并不影响现金.) |
|
无形资产摊销 (amortization)
|
0
|
(公司注册商标的折旧)
|
|
利息收入 (interest income)
|
-3,000
|
(这不是公司经营(主要业
务)的收入,而是投资收入, 所以在经营现金流量部分 将被扣除出来) |
|
利息支出 (interest expense)
|
25,000
|
(这不是公司经营(主要业
务)的开支,而是融资开支, 在这里也将被加回) |
|
营运资金变动前经营现金流量
(operating cash flow before changes in working capital) |
224,000
|
|
|
营运资金变动 (changes in working capital)
|
-100,000
|
(RM100,000的开支还未过
帐(加回),RM200,000的收 入还未进帐(扣除)) |
|
营运产生的现金
(cash from operating activities) |
124,000
|
|
|
税务 (tax)
|
-47,320
|
|
|
营运产生的净现金
(net cash generated from operating activities) |
76,680
|
(公司业务经营产生的净
现金) |
|
投资现金流量
|
||
|
资产开支 (capital expenditure)
|
-800,000
|
|
|
利息收入 (interest income)
|
3,000
|
|
|
投资产生的净现金
(net cash generated from investment activities) |
-797,000
|
|
|
融资现金流量
|
||
|
借贷 (borrowing)
|
500,000
|
(向银行借RM500,000,公司现金增加RM500,000)
|
|
利息开支 (interest expenses)
|
-25,000
|
|
|
融资产生的净现金
(net cash generated from financing activities) |
475,000
|
|
|
现金总变动 (net changes in cash)
|
-245,320
|
|
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期初现金及现金等价物余额 (beginning cash flow)
|
1,000,000
|
(李先生付出的资金)
|
|
期末现金及现金等价物余额 (ending cash flow)
|
754,680
|
(公司目前的现金余额)
|
最后我们来看的就是资产负债表,这里将记录公司所有资产的价值,股东的股本变动,和公司的负债.
|
资产负债表
|
||
|
资本
|
||
|
股东资本 (Share Capital)
|
1,000,000
|
(李先生付出的资本)
|
|
储备(公司盈利) (reserves)
|
134,680
|
(公司赚的钱,可以发回给投资人,又或者留着做储备金,以充做公司未来营运用途)
|
|
总资本 (Total Share Capital)
|
1,134,680
|
|
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长期债务 (non current liabilities)
|
||
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银行贷款 (borrowing)
|
500,000
|
|
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短期债务 (current liabilities)
|
||
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应付账款 (payables)
|
100,000
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(未过帐的款项)
|
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总股本与负债 (total equities and liabilities)
|
1,734,680
|
|
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长期资产 (non current asset)
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资产 (fixed asset)
|
780,000
|
(店屋,器具,装修-以2.5%折旧后的价值)
|
|
短期资产 (current asset)
|
||
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应收账款 (receivable)
|
200,000
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(未进帐的收入)
|
|
净现金余额 (cash)
|
754,680
|
(从现金流量表)
|
|
总资产 (total asset)
|
1,734,680
|
在资产负债表里,总资产必须和总股本与负债相同.
相信各位读者现在都明白财务表是怎么看了.哪里是重点,哪里可以忽略.那一样项目你希望它每年上涨?(营业额?毛利?净盈利?).哪一样项目你希望它逐年下跌?(营运成本?开支?负债?).
如果有任何不明白的话,可以联络笔者,笔者将回答你的问题. (yipchun.lee@gmail.com)
**下一篇我们将探讨一些财务表里应看的重要数字,还有财务比率的分析**
转载:本人Blog, ycinvest.blogspot.com
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5 people like this. Showing 10 of 10 comments
每股净现金和每股现金不同.如果是每股净现金的话:
(现金-所有债务)/流通股票
(cash and cash equivalent - total liabilities)/total outstanding shares
2014-04-04 17:30
hi YC, may i ask "Trade receivables in current asset of balance sheet"is the cash already received or going to receive soon?
2014-05-04 21:13
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谢谢你 ^.^
2014-03-31 13:58