财务分析报告英文版课件.ppt

1、.1CHINT ELECTRICS2011 FINANCIAL REPORTING AND ANALYSIS.2Team Members：Liu ZhaoyeCommon-SizeWang YuyaoDebt-PayingXue JianchaoProfitability/OperationShen KangliangInvestment/OperationJiang RuiCompetitor/IntroductionLI xinCompetitor/Introduction.3CHINT ELECTRICSCHINT ELECTRICS Is Chinas largest Is China

2、s largest production of low voltage electric appliance production of low voltage electric appliance manufacturing enterprise, the specialty is engaged in manufacturing enterprise, the specialty is engaged in distribution appliances, control electric appliances, distribution appliances, control elect

3、ric appliances, terminal apparatus, and power electronic and electric terminal apparatus, and power electronic and electric power supply low-voltage products development, power supply low-voltage products development, production and sales. Chint is recognized for a famous production and sales. Chint

4、 is recognized for a famous Chinese trademark, chint brand universal type circuit Chinese trademark, chint brand universal type circuit breaker, plastic shell type breaker series product has breaker, plastic shell type breaker series product has been awarded China famous brand product title. The bee

5、n awarded China famous brand product title. The company in 2004 won the Chinese quality management of company in 2004 won the Chinese quality management of the highest award, the national quality management the highest award, the national quality management award award .4Company profile Company prof

6、ile Stock name: Stock name: CHINT ELECTRICS Stock code:Stock code: 601877601877l Is Chinas leading company in the field of low voltage Is Chinas leading company in the field of low voltage electrical appliances electrical appliances l Adhere to the independent innovation, research and Adhere to the

7、independent innovation, research and development a series of with independent intellectual development a series of with independent intellectual property rights, reach the international advanced property rights, reach the international advanced level of low voltage electric products level of low vol

8、tage electric products l The companys brand to borrow Jacques realize from The companys brand to borrow Jacques realize from low voltage electrical supplier to solution low voltage electrical supplier to solution provider change, so as to get higher gross margin and provider change, so as to get hig

9、her gross margin and wide development space, the realization enterprise of wide development space, the realization enterprise of in-depth development. in-depth development. .5The review of latest earnings The sales were 82,880,000,000 in 2011, increased to 30.75% of the 2010 level in 2011. Realized

10、earnings before income tax provision and interests were 10,190,000,000. An increase of 24.70%. The net profit were 8,430,000,000. An increase of 31.82%. Realized 797 million net profit after buckle, increased by 31.16%. The diluted EPS is 0.91. Due to the significantly decrease in main raw material

11、cost price, made the gross earnings ratio increase to 28.71% in the fourth quarter, increased the gross earnings level t h r o u g h o u t t h e y e a r o b v i o u s l y 2 4 . 0 3 % .6Common-Size Analysis Balance Sheet Vertical Common-size200920102011Current Assets：Monetary capital36.79%62.16%52.11

12、%Notes receivable5.80%6.22%13.11%Accounts receivable17.20%8.17%8.30%Advance payment2.23%1.84%0.80%Accounts receivable-others0.35%0.22%0.12%Inventory17.36%10.92%10.29%Current assets-others0.19%0.07%0.05%Total current assets79.93%89.60%84.79%Non-current assets：Equity investment-long term2.23%1.00%5.09

13、%Investment Property 0.14%0.06%0.04%Fixed assets13.27%5.63%4.58%Construction in process0.31%0.98%2.48%Intangible assets2.50%1.61%1.97%Deferred expenses-long term0.47%0.21%0.14%Deferred income tax assets1.15%0.92%0.91%Total non-current assets20.07%10.40%15.21%Total assets:100.00%100.00%100.00%Current

14、 liabilities：2009年年2010年年2011年年Short-term borrowing0.05%0.00%0.01%Account payable33.93%19.63%15.64%Account collected in advance1.49%0.79%0.84%Pay roll payable6.05%3.98%4.10%Tax payable1.22%0.38%0.74%Other payables4.82%2.92%2.58%Current liabilities-others0.75%0.55%0.29%Total current liability48.31%28

15、.25%24.69%Non-current liability：Bonds payable0.00%0.00%17.83%Anticipation liabilities0.86%0.50%0.48%Non-current liability-others0.00%0.07%0.09%Total non-current liability0.86%0.58%18.41%Total liability49.17%28.83%43.10%Owners equity：Paicl-up capital33.24%16.24%12.03%Capital reserve0.17%39.79%28.24%S

16、urplus reserves3.45%2.56%2.98%Undistributed profits10.50%10.61%11.83%Total owners equity vest in parent company47.37%69.20%55.06%Minority equity3.45%1.97%1.84%Total owners equity50.83%71.17%56.90%Total liabilities and owners equity100.00%100.00%100.00%Balance Sheet Vertical Common-size.9In 2011, the

17、 non-current liabilities item of company is the proportion of the 2010s increase obviously, mainly because the company in 2011 to raise funds for company executed bonds issue 1.5 billion Yuan.From the current liabilities to see, the companys short term loans has always been the proportion is very lo

18、w，In 2010 the company short-term borrowing all paid off, in 2011 the company only had an increase of 1.1 million Yuan short-term borrowing，Should say this benefits from the company is very sufficient liquidity 。The proportion of accounts payable is low, on the whole, the companys short-term debt ser

19、vice pressure is very low. Balance Sheet Vertical Common-size Analysis2009年年2010年年2011年年Current Assets：Monetary capital100.00%386.21%437.18%Notes receivable100.00%245.13%697.67%Accounts receivable100.00%108.53%148.98%Advance payment100.00%188.00%111.17%Accounts receivable-others100.00%145.51%106.79%

20、Inventory100.00%143.73%182.91%Current assets-others100.00%91.20%86.33%Total current assets100.00%256.26%327.46%Non-current assets：Equity investment-long term100.00%102.77%704.53%Investment Property 100.00%90.25%80.50%Fixed assets100.00%96.89%106.56%Construction in process100.00%725.53%2485.20%Intang

21、ible assets100.00%146.79%242.62%Deferred expenses-long term100.00%104.57%94.24%Deferred income tax assets100.00%183.21%246.14%Total non-current assets100.00%118.47%233.96%Total assets:100.00%228.60%308.69%Current liabilities：2009年年2010年年2011年年Short-term borrowing100.00%0.00%88.25%Account payable100.

22、00%132.22%142.28%Account collected in advance100.00%122.04%173.41%Pay roll payable100.00%150.43%209.49%Tax payable100.00%71.01%187.52%Other payables100.00%138.56%165.18%Current liabilities-others100.00%166.88%121.18%Total current liability100.00%133.68%157.79%Non-current liability：Bonds payableAntic

23、ipation liabilities100.00%132.71%171.32%Non-current liability-othersTotal non-current liability100.00%152.50%6575.03%Total liability100.00%134.01%270.56%Owners equity：Paicl-up capital100.00%111.67%111.67%Capital reserve100.00%52587.67%50395.17%Surplus reserves100.00%169.55%266.38%Undistributed profi

24、ts100.00%231.01%347.70%Total owners equity vest in parent company100.00%333.93%358.81%Minority equity100.00%130.69%164.26%Total owners equity100.00%320.12%345.59%Total liabilities and owners equity100.00%228.60%308.69%.12Company sales growth not only brought ample liquidity, more subsequent receivab

25、les. Accounts receivable compared to above increase is not a lot, but notes receivable is nearly seven times to 2009. The annual report to make a explained, in order to reduce the risk of bad loans, the company adjust credit policy, increase the settlement scale of bank acceptance.13A long-term equi

26、ty investment of 2011 years is 2009 7 times, mainly due to the value of 161.59 million Yuan this company to purchase the “ZKtechnology 9.18125 million shares, in addition to the company invested 200 million RMB.The project under construction company in 2011 is 2009 years of 24 times, mainly due to c

27、urrent period to raise funds based construction project in caused by increase. The company non-current liabilities in 2011 is 2009 65 times, mainly because of the increase of bonds payable project, that company was to issue 1.5 billion bonds.Capital reserve in 2011 and 2010 were more than 500 times

28、in 2009, mainly because of the company 2010 years was just listed.Items Crosswise 2009Crosswise 2010Crosswise 2011NO.1、Taking100.00%132.02%172.62%Cut：Operating costs100.00%136.17%182.55%Business Taxes and Surcharges100.00%109.65%125.26%Selling expenses100.00%125.46%140.07%Management expenses100.00%1

29、35.57%161.47%Financial Expense(Be negative for three consecutive years)100.00%185.99%1208.81%Loss from as set devaluation100.00%-31.93%31.37%Income on investment(be negative in 2009)100.00%-465.57%-872.47%NO.2、Operating profit 100.00%119.65%155.06%Plus：Non-business income100.00%15.87%7.43%Cut：Non-bu

30、siness expenditure100.00%11.11%15.09%NO.3、Total profit100.00%121.88%156.36%Cut：Total profit100.00%116.61%142.94%NO.4、Net profit100.00%122.97%159.12%Items Vertical 2009Vertical 2010Vertical 2011NO.1、Taking100.00%100.00%100.00%Cut：Operating costs71.84%74.09%75.97%Business Taxes and Surcharges0.65%0.54

31、%0.48%Selling expenses5.05%4.80%4.10%Management expenses7.58%7.79%7.09%Financial Expense(Be negative for three consecutive years)-0.11%-0.15%-0.76%Loss from as set devaluation0.39%-0.09%0.07%Income on investment(be negative in 2009)-0.01%0.04%0.05%NO.2、Operating profit 14.59%13.22%13.11%Plus：Non-bus

32、iness income1.65%0.20%0.07%Cut：Non-business expenditure1.87%0.16%0.16%NO.3、Total profit14.37%13.26%13.01%Cut：Total profit2.45%2.17%2.03%NO.4、Net profit11.91%11.10%10.98%.16The company business income in 2011 was 1.7 times than that in 2009, operating income increased year by year, explain the compan

33、y sales scale expands unceasingly. The annual report says the company mainly due to the increasing domestic and foreign market development and promotion of new strength, so domestic auxiliary market demand increase, sales volume growth.The company business cost 2011 is 1.8 times more than in 2009, o

34、perating costs increased year by year, and compared with the business income greater proportion. This is mainly because 2011 product sales growth and raw material prices caused by common effect, but net profit in operating income proportion and not as a substantial increase in the sales increase, so

35、 the pressure of the rising costs was more.17 The financial cost three years are negative, suggests the company continued interest income were more than interest expenses and financial expenses in 2011 is 2009 of 12 times, annual report also shows that 2011 net interest revenue by two hundred and tw

36、enty percent more than at the beginning, because that does not exist is annual report has the controlling shareholders and their affiliates non-business take fund, then according to illustrate the annual report because the 2011 main source of revenue for the financial risk control increased cash res

37、erves, interest income increase.18.19We can see that the power distribution, terminal and control electric appliance is the companys three big blockbuster products. Low voltage electric low end the market the main competitive factors is cost control ability and product prices, and the company with d

38、omestic similar enterprise brand advantage compared significantly, bargaining power, stronger, cost control ability outstanding, higher growth performance for many years the industry average more than 10% of the companys market share increases company experienced industry inside remain relatively hi

39、gh growth.analyses of short-term debt-paying abilityanalyses of short-term debt-paying ability.21comparisons between some ratios of recent 3 yearscomparisons between some ratios of recent 3 years yearyearratioratioyear2009year2009year2010year2010year2011year2011Working Working capitalcapital85601815

40、0.3856018150.3yuanyuan 36979044213697904421yuanyuan50221431635022143163yuanyuan current current ratioratio1.651.653.123.123.433.43Acid-test Acid-test ratioratio1.301.302.732.733.023.02 cash ratiocash ratio0.760.762.202.202.112.11net cash net cash provided by provided by operating operating activitie

41、s/curactivities/current rent liabilitiesliabilities0.840.840.400.400.060.06.22Analyses of Working CapitalAnalyses of Working Capital As we can see from the chart，this companys working capital has been positive and gradually increased recently，because the recent 3 years current assets and liabilities

42、 have gradually increased respectively，and the difference between these two have also increased; this difference is the working capital. This increase in the working capital indicates that the companys short-term debt-paying ability is guaranteed，and strengthened recently。.23Analyses of Current Rati

43、oAnalyses of Current Ratio As we can see from the chart ， this companys current ratio has been positive and gradually increased recently，because the current assents and current liabilities have gradually increased, but the current assets have increased faster. The increase of current ratio indicates

44、 that the company has a growing ability to pay the current liabilities, and the short-term debt-paying ability has strengthened.24Analyses of Acid-test RatioAnalyses of Acid-test Ratio As we can see from the chart ，the companys acid-test ratio has gradually increased recently，because the current ass

45、ets and inventories have both increased but the current assets have increased much faster, which made the difference between them increase. The increase in the acid-test ratio indicates that the company has a growing ability to immediately realize and pay short-term liabilities. At the same time, th

46、is tendency is consistent with the current ratios tendency, which means that the companys inventories have been stable recent.25Analyses of Cash RatioAnalyses of Cash Ratio As we can see from the chart ，the companys year2011s cash ratios is much bigger than year2009s，but the year 2011s is slightly s

47、maller than the years. Because the cash equivalents grew much faster than the current liabilities, causing their ratio to increase. As to year 2011 and 2010,the cash equivalents and the current liabilities have both increased but their ratios have a little difference. The tendency in cash ratio indi

48、cates that the companys ability to pay immediately has increased enormously and decreased a bit.26Analyses of Net Cash Provided by Operating Analyses of Net Cash Provided by Operating Activities/Current LiabilitiesActivities/Current Liabilities As we can see from the chart ，the companys net cash pro

49、vided by operating activities/current liabilities has gradually increased, because the net cash provided by operating activities have decreased and the current liabilities have increased, causing their ratio to decrease. This ratios tendency indicates that the company has a gradually decreased abili

50、ty to pay its short-term debts by using net cash. This ratio in the recent 3 years has been below 1, so the company cant pay its debt using just net cash provided by operating activities. It must obtain cash in other ways to ensure that its liabilities can be paid in time. analyses of long-term debt