1、專(zhuān)題一 財(cái)務(wù)分析與業(yè)績(jī)?cè)u(píng)價(jià)第二節(jié)財(cái)務(wù)比率分析2013年（B卷）考題分析問(wèn)題：7. Based on the financial information of the machinery business (Table 5-1, Table 5-2, Table 5-3 and Table 5-4) and the description of business arrangements(Table 5-5) provided by H Group in the due diligence data room,(1) identify the three balance sheet items

2、that had significant (over 20%) fluctuation and calculate the percentage of each fluctuation；(2) calculate the turnover days of trade receivables and inventory for both 2009 and 2010 with their year-end balances and the corresponding sales and cost amounts;(3) draft a list of questions to H Group re

3、garding (i) the significant fluctuations in balance sheet items and (ii) the inconsistencies between the financial data (Table 5-2，Table 5-3 and Table 5-4) and the description of typical business arrangements (Table 5-5). （注:第(2)小題中一年按365天計(jì)算，答案四舍五入至整天。準(zhǔn)備第(3)小題要求的問(wèn)題清單時(shí)，應(yīng)先指出有關(guān)的重大波動(dòng)及信息不一致的情況，然后提出問(wèn)題。）資料

4、：資料五 盡職調(diào)查資料室中H集團(tuán)提供了下列有關(guān)其機(jī)械制造業(yè)務(wù)的財(cái)務(wù)數(shù)據(jù)及業(yè)務(wù)描述。Table 5-1 Euro in thousands 歐元千元Overview of machinery business by product category機(jī)械業(yè)務(wù)分產(chǎn)品類(lèi)別概覽20102009 Items項(xiàng)目General Special ComponentsMachinery Machinery and Services通用機(jī)械 專(zhuān)用機(jī)械 配件及服務(wù) Total 合計(jì) Total 合計(jì)Sales銷(xiāo)售收入9807 35959 19614 6538069470Cost of sales銷(xiāo)售成本(8990)

5、 (25531) (12553)(47074)(49324)Gross profit毛利817 10428 70618% 29% 36%1830628%2014629%operating expenses營(yíng)業(yè)費(fèi)用(1307) (5034) (1504)(7845) (8336)Profit before interest and tax 息稅前利潤(rùn)(490) 5394 5557 -5% 15% 28%10461 16% 11810 17%從上表可見(jiàn)，H集團(tuán)的，通用機(jī)械的業(yè)務(wù)板塊正處于虧損狀態(tài)。H集團(tuán)的管理層認(rèn)為導(dǎo)致虧損的原因是因?yàn)橥ㄓ脵C(jī)械屬于標(biāo)準(zhǔn)型產(chǎn)品，要識(shí)別不同品牌中產(chǎn)品的差異較困難，因此通

6、用機(jī)械的購(gòu)買(mǎi)者對(duì)價(jià)格的敏感度相當(dāng)高。此外，由于中國(guó)機(jī)械生產(chǎn)商在人工及其他運(yùn)營(yíng)成本中擁有優(yōu)勢(shì)，H集團(tuán)以及其他歐洲公司正面對(duì)來(lái)自中國(guó)機(jī)械生產(chǎn)商進(jìn)行該產(chǎn)業(yè)市場(chǎng)的威脅，導(dǎo)致市場(chǎng)的競(jìng)爭(zhēng)愈來(lái)愈激烈。Table 5-2 Euro in thousands 歐元千元Balance Sheet of Machinery Business機(jī)械業(yè)務(wù)資產(chǎn)負(fù)債表 Items 項(xiàng)目 31-Dec-2010 2010.12.31. 31-Dec-2009 2009.12.31 Fixed assets固定資產(chǎn) Intangible assets無(wú)形資產(chǎn) 7 8353097 9013 15Total non-current

7、assets長(zhǎng)期資產(chǎn)總額8 1448 216Cash and bank現(xiàn)金及銀行 Prepayment to suppliers預(yù)付賬款Trade receivables應(yīng)收賬款 Inventory存貨Other receivables其他應(yīng)收款3 27810 05519 61425 4165383 4109 96913 00225 665565Total current assets流動(dòng)資產(chǎn)總額58 90152 611Bank loan銀行借款A(yù)dvance from customers預(yù)收賬款Trade payables應(yīng)付賬款 Other payables其他應(yīng)付款4 6003 6501

8、0 6363 6534 8006 9007 5153 744Total current liabilities流動(dòng)負(fù)債總額22 53922 959Net assets凈資產(chǎn)44 50637 868Table 5-3 Euro in thousands 歐元千元Aging analysis of trade receivables as at 31 Dec 2010 應(yīng)收賬款賬齡分析 Items項(xiàng)目<1 1-2 2-3 >3Year (年) Years (年) Years (年) Years(年)Total合計(jì)General Machinery通用機(jī)械Special Machiner

9、y專(zhuān)用機(jī)械Components and Services配件及服務(wù)2 239 1 326 358 5 768 2 941 791 1 288 4 003 900 3 92310 7884 903Total合計(jì)12 010 5 167 1149 1 28819 614Table 5-4 Euro in thousands 歐元千元Inventory aging analysis as at 31 Dec 2010存貨賬齡分析 Items項(xiàng)目0-6 6-12 1-2 >2Months(月) Months(月) Years (年) Years (年)Total合計(jì)Raw materials 原

10、材料Work in progress 在產(chǎn)品Finished goods產(chǎn)成品2312 1166 3349914 4 580 756 3064 1234 56 20003 812 15250 6 354Total合計(jì)15290 6980 56 309025416Table5-5 Description of typical business arrangementsSales terms - 10% down payment upon the signing of the contract；30% schedule payment during the production ( or serv

11、ice provision)；30% payment upon the completion of product ( or service) delivery ( when sales are recognized)；20% payment within three months from the completion of product or service delivery；10% retention payment to be paid at the end of the retention period.Retention period - 1 to 3 years ( after

12、 product delivery) for General Machinery and Special Machinery businesses. 6 to 12 months ( after component or service delivery) for the Components and Services business.Sales backlog - Sales backlog is analyzed on a weekly basis by tracking the signing of sales contracts and the contract delivery s

13、tatus. As at the end of 2010, H Group had sales backlog of Euro 58 million.Purchase terms - Framework contracts are negotiated and signed annually with majorProduction arrangement - Production volume plan is prepared on a monthly basis. Raw materials are usually purchased 3 - 6 months ahead of produ

14、ction. General Machinery is made to stock, while the Special Machinery is made to order. Finished products of Machinery normally stay in the warehouse no longer than 1 year；Components normally stay in the warehouse no longer than 2 years, Any inventory older than 2 years is subject to obsolescence r

15、eview.答案（1）(1)Balance sheet items with significant fluctuation:Trade receivables. It increased by 50.85%. Advance from customers. It decreased by 47.10%.Trade payables. It increased by 41.53%.答案（2）(2) Calculations:Trade receivable turnover days = 365÷ (Sales÷ Trade receivables)2009 trade r

16、eceivable turnover days = 365 ÷ (69 470 ÷ 13 002) = 68 days2010 trade receivable turnover days = 365 ÷ (65 380 ÷ 19 614) = 110 daysInventory turnover days=365÷ (Cost of sales÷Inventory)2009 inventory turnover days = 365÷ (49 324÷25 665) = 190 days2010 inventor

17、y turnover days = 365 ÷ (47 074÷25 416) = 197 days答案（3）(3) Draft list of questions:Trade receivables increased by 50.85%.Please explain the reason for the significant increase in trade receivables. Whether there has been any major changes in sales terms or accounting treatment. According t

18、o the description of the business arrangements, normally the aging of trade receivables related to General and Special Machinery should be no longer than 3 years, and the aging of trade receivables related to Components and Services should be no longer than-l year. However, the aging analysis show.s

19、 that Euro 1 288 thousands of trade receivables related to Special Machinery were over 3 years, and Euro 900 thousands of trade receivables related to Components and Services were over l year. Please explain the reasons for the long overdue, and confirm whether sufficient bad debt provision has been

20、 provided.Inventory. According to the description of the business arrangements；inventory aging should not be longer than 2 years. However, the aging analysis shows that Euro 3.09 million of inventory were over 2 years. Please explain the reasons for the long aging, and confirm whether proper obsoles

21、cence review has been performed.According to the description of the-business arrangements, raw materials are usually purchased 3-6 months ahead of production. This indicates that usually the aging of raw materials should be within 6 months. However, the inventory aging analysis shows that more than

22、Euro 1 million of raw materials were over 6 months. Please explain the reasons for the long aging, and confirm whether proper obsolescence review has been performed.Advance from customers decreased by 47.10%.Please explain the reason for the significant decrease in advance from customers. Whether th

23、ere has been any major changes in sales terms or accounting treatment. According to the description of the business arrangements, 10% down payments are made upon the signing of the contract, and as at the end of 2010, H Group had sales backlog of Euro 58 million. So the advance from customer should

24、be Euro 5.8 million (58×10%). However, the advance from customers shown on the balance sheet at the end of 2010 was only Euro 3.65 million, significantly less than 5.8 million. Please explain the reason for the inconsistency.Trade payables increased by 41.53%. Please explain the reason for the

25、significant.increase in trade payables. Whether there has been any major changes in purchase terms or accounting treatment. According to the sales, cost and inventory data, there seems no indication of significant purchase volume increase, which might in turn cause the increase in trade payables. Pl

26、ease explain the inconsistency.二、上市公司特殊財(cái)務(wù)分析指標(biāo)每股收益Earning per share市盈率Price to earning ratio(PE Ratio)= Price per share / Earnings per share每股凈資產(chǎn)（每股賬面價(jià)值）Equity per share市凈率Price to equity ratio（Market-to-book ratio） = market value per share / book value per share每股銷(xiāo)售收入Sales per share市銷(xiāo)率Price to sales

27、 ratio= Price per share / Sales per share補(bǔ)充指標(biāo)：（1）股利支付率(Dividend Payout)=每股股利/每股收益（2）留存盈利比率(Retention Ratio)=（凈利-全部股利）/凈利三、杜邦分析體系DuPont Analysis of ROE（一）杜邦體系的分解杜邦體系的核心公式： 權(quán)益凈利率=資產(chǎn)凈利率´權(quán)益乘數(shù) 資產(chǎn)凈利率=銷(xiāo)售凈利率´資產(chǎn)周轉(zhuǎn)率 權(quán)益凈利率=銷(xiāo)售凈利率´資產(chǎn)周轉(zhuǎn)率´權(quán)益乘數(shù)（二）傳統(tǒng)杜邦分析體系的局限性 1.計(jì)算總資產(chǎn)凈利率的“總資產(chǎn)”與“凈利潤(rùn)”不匹配：總資產(chǎn)是全部資金提供

28、者享有，而凈利潤(rùn)是專(zhuān)門(mén)屬于股東的，兩者不匹配。 2.沒(méi)有區(qū)分經(jīng)營(yíng)活動(dòng)損益和金融活動(dòng)損益。 3.沒(méi)有區(qū)分金融負(fù)債與經(jīng)營(yíng)負(fù)債。第三節(jié)管理用財(cái)務(wù)報(bào)表分析一、管理用報(bào)表編制的原因由于通用財(cái)務(wù)報(bào)表要平衡各類(lèi)報(bào)表使用者的不同信息需要，其所提供的信息并不完全適用于財(cái)務(wù)分析和企業(yè)內(nèi)部管理。雖然近些年會(huì)計(jì)準(zhǔn)則在劃分金融資產(chǎn)和經(jīng)營(yíng)資產(chǎn)方面做出了改進(jìn)，但是問(wèn)題依然存在。因此，需要對(duì)其進(jìn)行調(diào)整，以適應(yīng)財(cái)務(wù)分析和企業(yè)內(nèi)部管理的需要。二、管理用財(cái)務(wù)報(bào)表的編制（一）應(yīng)注意的問(wèn)題1.要明確企業(yè)從事的是什么業(yè)務(wù)。2.經(jīng)營(yíng)性資產(chǎn)和負(fù)債形成的損益，屬于經(jīng)營(yíng)損益；金融性資產(chǎn)和負(fù)債形成的損益，屬于金融損益。（二）基本框架總體思路區(qū)分經(jīng)

29、營(yíng)活動(dòng)和金融活動(dòng)資產(chǎn)負(fù)債表區(qū)分經(jīng)營(yíng)資產(chǎn)和金融資產(chǎn)、經(jīng)營(yíng)負(fù)債和金融負(fù)債利潤(rùn)表區(qū)分經(jīng)營(yíng)損益和金融損益現(xiàn)金流量表區(qū)分經(jīng)營(yíng)活動(dòng)現(xiàn)金流量和金融活動(dòng)現(xiàn)金流量（三）管理用資產(chǎn)負(fù)債表基本等式： 凈經(jīng)營(yíng)資產(chǎn)=凈金融負(fù)債+股東權(quán)益Net Operating Assets= Net Financial Liabilities+ Shareholders Equity（四）管理用利潤(rùn)表1.區(qū)分經(jīng)營(yíng)損益和金融損益金融損益是指金融負(fù)債利息與金融資產(chǎn)收益的差額，經(jīng)營(yíng)損益是指除金融損益以外的當(dāng)期損益。2.管理用利潤(rùn)表的基本公式稅后經(jīng)營(yíng)凈利潤(rùn)-稅后利息費(fèi)用=凈利潤(rùn)Net Operating Profit After Tax= Interest After Tax+ Net profit After Tax（五）管理用現(xiàn)金流量表1.區(qū)分經(jīng)營(yíng)現(xiàn)金流量和金融現(xiàn)金流量經(jīng)營(yíng)現(xiàn)金流量經(jīng)營(yíng)現(xiàn)金流量是指企業(yè)因銷(xiāo)售商品或提供勞務(wù)等營(yíng)業(yè)活動(dòng)以及與此相關(guān)的生產(chǎn)性資產(chǎn)