The financial report mainly includes = = balance sheet, income statement and cash flow statement = = three tables. These three forms include consolidated statement and parent company statement respectively in financial report.
The parent company's balance sheet, parent company's income statement, parent company's cash flow statement and parent company's owner's equity statement show the operation of the headquarters of listed companies.
In reports, we mainly focus on consolidated reports. Consolidated statements are not real legal entities. This is the merger of listed companies, subsidiaries and Sun Company, and offsets their investment.
The balance sheet is the sum of assets, liabilities and equity.
The income statement is the easiest to falsify, and the fundamental reason is accrual basis. Money not received can be counted as income; Unpaid money can be recorded as cost; Money received does not count as income; The money paid is not recorded as a cost.
= = Operating profit is the core profit of the company = =, and companies with relatively large non-operating income and expenditure should pay special attention.
Cash flow statement: the inflow and outflow of cash. The most accurate figures in the table are the total cash at the beginning, the total cash at the end and the difference between them.
The company's cash-related activities are divided into three categories: business activities, investment activities and fund-raising activities.
The content of important tips and the opinions issued by accounting firms are more important. Anyone who is unwilling to publish "= = standard unqualified opinion = =" is considered to be problematic by the financial authorities. If the accountant does not publish this standard clause, please ignore the company directly.
Three items that must be read in financial report = =: financial accounting report, board report and important matters = =. Secondary contents: changes of shares and shareholders, directors, supervisors, senior managers and employees.
= = ROE (net profit/net assets) is excluded first.
This is an interesting point of view. Comparing the number of shareholders at the end of each financial statement, the number of shareholders five days before disclosure and the stock price at that time, we can draw an interesting conclusion.
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The asset part of the balance sheet is arranged according to the difficulty of realization. Mainly divided into current assets and non-current assets.
As an investor, the classification of Lao Tang
Money funds only need to pay attention to the number of consolidated statements = = data. The monetary funds in the statements of the parent company and subsidiary company are only internal transfers, and need not be read. The "accounts received in advance" in the parent company's statements has no observation significance.
After the monetary fund, it is displayed in the second column of the notes (1), indicating the description of monetary fund items. See the notes to the consolidated statements for details. Can be found through the search function.
Monetary funds need to match short-term debts (solvency of enterprises) and business needs (capital utilization ability).
(1) may represent the company's short-term debt crisis, (2) (3) and (4) may be fictitious and frozen or occupied by major shareholders for a long time.
For enterprises involved in value-added tax, notes receivable, accounts receivable and cash received all contain value-added tax collected by the tax bureau. Therefore, the tax payable in the balance sheet also includes the value-added tax levied. However, the operating income in the income statement does not record VAT.
For the seller, sales generate bills receivable; For the buyer, the debt column generates notes payable.
Notes receivable are divided into:
You can check the composition of bills receivable in the financial report to understand the company's sales policy and market position. Maotai's bills receivable are all bank acceptance bills, which shows that Maotai is very strong.
Trap:
It is also a means to manipulate financial statements to withdraw bad debt reserves from accounts receivable and recover them through the next collection.
If a long-term accounts receivable enterprise suddenly has a large sum of money to solve the accounts receivable problem, please be careful.
Prepayment refers to the payment in advance by the supplier or the price of construction in progress. If a large amount of money is often paid in advance to suppliers, then the enterprise is in a weak position.
This is a garbage basket, and all receivables unrelated to the main business are put in it. Excellent listed companies have few other receivables and other payables.
Refers to the receivables arising from enterprise financial leasing and deferred installment payment.
It is the goods held by enterprises for the purpose of sales, products in the production process and related raw materials, which are mainly composed of raw materials, workers' wages and manufacturing expenses.
Inventory valuation method
Productive related assets include
Non-monetary assets with a service life of more than one year and high value held by the Company for operation include houses, buildings, machines, machinery, means of transport and other equipment, appliances and tools related to production and business activities.
Depreciation should be accrued for fixed assets (1); (2) Conduct impairment test; (3) Depreciation policies include life average method, workload method, double declining balance method and sum of years method; (4) Depreciation expenses should be deducted from the income statement; (5) Depreciation does not mean that assets have really suffered losses.
Construction in progress is a construction in progress, consuming engineering materials and creating fixed assets.
If the profitability of an enterprise exceeds the normal profitability of identifiable net assets, the excess must be brought by another asset, which is called "goodwill".
Expenses paid by the enterprise but valid for more than one year. The larger the number, the worse the quality of enterprise assets.
Transactional financial assets, held due investments, available-for-sale financial assets, financial assets bought for resale, long-term equity investments and investment real estate.
The company intends to hold it for a short time to get the difference. It shall not be transferred to other subjects, and the change of fair value during the holding period shall be regarded as the current profit and loss of the asset, and enter the income account of fair value change, which will affect the company's current profit. When a listed company holds shares of other companies, it will be listed in the report of the board of directors or important matters, which is usually called holding shares of other listed companies.
The transaction costs of purchasing transactional financial assets are directly deducted from the current income statement as expenses.
Items that have an impact on the income statement
Usually all kinds of bonds. The interest charged each year is directly invested in the income statement.
Items that have an impact on the income statement
Fair value measurement is adopted.
Classification of investments in other companies
= = Influence of dividends or business changes held by the company on the company's income statement = =
It is the rights and interests of creditors. According to whether the maturity time is within one year, it is divided into current liabilities and non-current liabilities.
First of all, the sources of liabilities are divided into operating liabilities, distributive liabilities and financing liabilities; Second, whether or not to bear interest is divided into interest-bearing liabilities and interest-free liabilities.
Investors are most concerned about whether cash and cash equivalents can cover interest-bearing liabilities, followed by the proportion of interest-bearing liabilities to total assets.
Also known as shareholders' equity or net assets, it is obtained by subtracting total liabilities from the company's total assets.
Paid-in capital, also called share capital, is the registered capital on the business license. The face value is generally 1 yuan. What is the paid-in capital, which represents how many shares the company has.
Capital reserve is a part of the equity premium when issuing shares. Capital reserve can be converted into share capital, but it cannot be used for distribution.
Surplus reserves and undistributed profits. Profit distribution order:
Enterprises may send bonus shares with surplus reserves or undistributed profits, after which the surplus reserves shall not be less than 25% of the registered capital.
Liabilities and owners' equity take precedence. Look at the "total liabilities and owners' equity" to know how much property the company has, and then look at the "total owners' equity" to know how much money is owned and how much is borrowed.
Debt, why, from whom, how long, interest geometry? If you are in doubt about the figures, you can search for relevant explanations.
Tangible assets (productive assets) include fixed assets in the balance sheet of an enterprise, projects under construction in intangible assets, engineering materials and land.
Production assets/total assets, the large proportion is called heavy company, and the small proportion is called light company.
Or you can use the pre-tax profit/production assets of the year to get a ratio higher than twice the bank loan interest rate.
The ratio of accounts receivable to total assets: whether it is too large; Divide the accounts receivable by the average monthly operating income to see if it is too large.
The ratio of monetary funds to interest and liabilities: see if the company has a debt crisis.
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Also known as the income statement, the stock price is related to the price-earnings ratio and earnings per share.
Earnings per share based on existing share capital.
Diluted earnings per share: Earnings per share calculated by the existing share capital plus potential share capital (the share capital that the company may increase through warrants, stock options, convertible bonds and other instruments issued to the outside world).
Minority shareholders' rights and interests refer to the rights and interests of other shareholders belonging to subsidiaries.
= = Profit is not equal to earning money = =, because no actual money has been received.
Accounting methods are divided into
Refers to the total inflow of economic benefits formed by enterprises in the daily business process such as selling goods, providing services and transferring the right to use assets.
classify
Total operating income = main business income+other business income or total operating income = product sales (or service volume) * product unit price (or service unit price)
The sales income of main and by-products (or products of different grades) should be fully included in the operating income; Income from providing different types of services should also be included in operating income.
Operating income refers to the income obtained from the main business or other businesses. Refers to the monetary income obtained by commercial enterprises in selling goods or providing services within a certain period of time.
= = Recognition principle of operating income = =: Search for "Recognition when the following conditions are met" in the financial report to find the recognition principle of income.
= = Investors should pay attention to the ratio of operating costs to main business income. ==
Gross profit margin is the ratio of gross profit to main business income.
In the analysis, we should compare the gross profit margin of several years, analyze the reasons for the change, and consider whether the change is reasonable.
= = The final profit of an enterprise is determined by three factors.
The costs and expenses in the income statement must be incurred during this period to obtain income, which is called the matching principle in accounting.
operating costs
Changes in sales expenses and management expenses should be consistent with changes in operating income.
Operating costs are also called operating costs and operating costs. Refers to the cost of selling goods or providing services.
Asset impairment loss, equity, fixed assets, intangible assets, goodwill, inventory, bad debts, available-for-sale financial assets, held due investments, etc. It is possible to generate asset impairment losses.
= = Impairment loss of inventory, accounts receivable and creditor's rights investment is an important means for enterprises to manipulate profits. If yes, please analyze the problem. ==
= = Net profit must be compared with the "net operating cash flow" in the cash flow statement, or the ratio of net operating cash flow to net profit can be used to represent the printing machine, which is greater than 1. ==
Main concerns of income statement
= =: Operating income, gross profit margin, expense ratio and operating profit = =
The first enterprise should grow in the past, present and future. There are three ways to increase the income of enterprises: potential demand growth, market share expansion and price increase.
High gross profit margin means that the company has a strong competitive distribution advantage, with few substitutes or high replacement cost. Avoiding enterprises with low gross profit margin will greatly reduce the probability of failure.
It is also used to exclude enterprises. Expenses are also called three expenses, including sales expenses, management expenses and financial expenses.
The expense ratio can also be divided by the proportion of expenses to total operating income, or by gross profit. If the cost can be controlled within 30% of the gross profit, it is considered as an excellent enterprise.
R&D expenses: Kelly formula. (learning)
7. Operating profit margin
Operating profit rate is the core data in financial report. Enterprises like Maotai have a gross profit margin of 90% and an operating profit of 70%.
The change of operating profit rate depends not only on figures, but also on whether it is due to the increase of selling price, the reduction of cost or the effective control of expenses. Need to think specifically about the whole industry, whether it is one-off, the same behavior of competitors.
Determine whether the cash will be returned to the company. The method is to divide the "net operating cash flow" in the cash flow statement by the net profit in the income statement. If it is greater than 1, it represents a good company.
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Cash flow is responsible for showing the change process of "cash and cash equivalents" in assets, liabilities and monetary funds, which can truly reflect the source of cash.
The balance sheet only has the beginning and end changes of cash, and whether the enterprise borrowed money or earned money by itself.
As can be seen from the income statement, enterprises earn their own money.
Investment dignitaries only care about = = consolidated cash flow statement = =.
The cash flow statement is divided into
= = Important figures of cash flow from operating activities = =
There are two kinds of cash inflow from investment activities: one is the seller's pawn, and the other is the dividend or interest of investment.
There are two kinds of cash outflows from investment activities: one is to invest in yourself and form fixed assets; One is to invest, buy other people's stocks and bonds, or set up subsidiaries and joint ventures.
(1) The net cash flow generated by investment activities is negative, indicating that enterprises are in the stage of spending money to expand, and vice versa.
(2) Whether the return on investment is higher than the average return level of social funds.
The cash flow statement comes from the income statement and the balance sheet.
The deduction of cash flow statement can be divided into two types.
Deduce net operating cash flow from net profit.
Free cash flow refers to the money earned by the business activities of an enterprise, excluding the money that must be reinvested to maintain the profitability of the enterprise. Simply put, it is = = net cash flow from operating activities minus net cash outflow from investment activities = =.
Focus: = = Pay attention to the consolidated cash flow statement = =
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Net profit of the income statement = surplus reserve at the end of the balance sheet+undistributed profit at the end of the period-surplus reserve at the beginning-undistributed profit at the beginning+dividends implemented in the current period.
Most enterprises falsify = = will inflate assets = =.
Refers to whether an enterprise can repay short-term debts (current liabilities) in time when necessary. There are two common indicators, current ratio and quick ratio.
The current ratio is about 2, and the quick ratio is about 1, which is the ideal state of the enterprise.
From two perspectives.
Gross profit margin shows the competitiveness of enterprise products;
Operating profit and net profit are accompanied by expense information.
From the perspective of income and assets.
Mainly observe the turnover rate of accounts receivable, inventory, fixed assets and total assets.
Return on net assets = net profit/net assets, which can be changed to:
= = Return on net assets = (net profit/sales revenue) (sales revenue/average total assets) (average total assets/net assets) = =
Divide the net profit of an enterprise into three parts.
Through this analysis, it can be concluded whether the enterprise relies on high net profit rate (product net profit rate), operating ability (total assets turnover rate), or whether the company uses enough leverage (leverage coefficient).
Three methods of evaluating enterprises
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Income comes from changes or accidents in the value of assets. Unlike income, income refers to daily business activities.
The profit score is divided into two parts
Notes to financial reports are the most abundant information in financial reports.
= = Part VII = = (explanation of consolidated statements) and Part XIII = = (explanation of major items in the financial statements of the parent company) are the most important contents.
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Analysis and discussion on business situation
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The impairment loss of inventory, accounts receivable and creditor's rights investment is an important means for enterprises to manipulate profits. If yes, please analyze the problem.
Monetary funds need to match short-term debts (solvency of enterprises) and business needs (capital utilization ability).
This is a garbage basket, and all receivables unrelated to the main business are put in it. Excellent listed companies have few other receivables and other payables.
Making a profit does not mean making money, because no actual money has been received. The income statement is the easiest to falsify, and the fundamental reason is accrual basis. Unpaid money can be counted as unpaid income or recorded as cost. The money received does not count as income, nor does it count as cost.
Recognition principle of operating income: search for "recognition when the following conditions are met" in the financial report to find the recognition principle of income.
Investors should pay attention to the ratio of operating costs to main business income.
The impairment loss of inventory, accounts receivable and creditor's rights investment is an important means for enterprises to manipulate profits. If yes, please analyze the problem.
The net profit must be compared with the "net operating cash flow" in the cash flow statement, and the ratio of net operating cash flow to net profit can also be used to represent the printing machine.
= = Important figures of cash flow from operating activities = =
Refers to whether an enterprise can repay short-term debts (current liabilities) in time when necessary. There are two common indicators, current ratio and quick ratio.
The current ratio is about 2, and the quick ratio is about 1, which is the ideal state of the enterprise.
From two perspectives.
Gross profit margin shows the competitiveness of enterprise products;
Operating profit and net profit are accompanied by expense information.
From the perspective of income and assets.
Mainly observe the turnover rate of accounts receivable, inventory, fixed assets and total assets.
Return on net assets = net profit/net assets, which can be changed to:
= = Return on net assets = (net profit/sales revenue) (sales revenue/average total assets) (average total assets/net assets) = =
Divide the net profit of an enterprise into three parts.
Through this analysis, it can be concluded whether the enterprise relies on high net profit rate (product net profit rate), operating ability (total assets turnover rate), or whether the company uses enough leverage (leverage coefficient).
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Self-evaluation of previous students 1
Time flies, time flies. In a blink of an eye, the study life of the research semester has come to an e