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
|
||
|
营业额 (revenue)
|
1,000,000
|
|
|
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
|
|
|
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
|
|
|
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
|
||
|
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
|
|
|
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
|
|
|
长期债务 (non current liabilities)
|
||
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银行贷款 (borrowing)
|
500,000
|
|
|
短期债务 (current liabilities)
|
||
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应付账款 (payables)
|
100,000
|
(未过帐的款项)
|
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总股本与负债 (total equities and liabilities)
|
1,734,680
|
|
|
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)
|
||
|
应收账款 (receivable)
|
200,000
|
(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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This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
wolf515
谢谢你 ^.^
2014-03-31 13:58