1、Financial analysis course work Guangzhou Baiyunshan Pharmaceutical Co.,Ltd.2010 Annual Report Analysis International Institute of Accounting 0803 Team members Analysis Outline n1.Introduction n2.Common ratio analysis n3.Related Ratio Analysis n4.Comparative Analysis of competitors n5.Conclusions 1.I
2、ntroduction(1)Basic information of company nChinese Company Name:Guangzhou Baiyunshan Pharmaceutical Co.,Ltd.nName in English:Guangzhou Baiyunshan Pharmaceutical Co.,Ltd.nChinese abbreviation of the company:Baiyunshan PharmaceuticalnCompany abbreviation:BYSnLegal representative:Mr.Xie BinnBoard Secr
3、etary:Mr.Qiao YongnAddress:Baiyun District,Guangzhou City,Guangdong Province,and the street with 88 Yunxiang RoadnPhone:020-87062599 Fax:020-87,063,699nE-mail:nSecurities Affairs Representative:Miss Gao YanzhunAddress:Baiyun District,Guangzhou City,Guangdong Province,and the street with 88 Yunxiang
4、RoadnPhone:020-87062599 Fax:020-87,063,699nE-mail: 1.Introduction(2)Company Business Description Guangzhou Baiyunshan Pharmaceutical Co.,Ltd.Established in 1973,1992,Guangzhou Municipal Peoples Government of 11 menstrual approved by the General Pharmaceutical Factory,Guangzhou Baiyun Mountain,such a
5、s the establishment of five joint-stock companies through the restructuring of enterprises,in November 1993 as the first batch of Guangzhou City Listed companies listed on the Shenzhen Stock Exchange,now has total share capital of 469 million.Sales volume in 2007 reached 3.61 billion yuan in 2008 sa
6、les volume of over 4 billion yuan.?company focused on the pharmaceutical industry,the business includes the production and management of a variety of dosage forms of Chinese and Western medicine,chemical raw materials,external use,childrens medicine,health medicine and other drugs.After years of dev
7、elopment,under the White Cloud Mountain a total of 12 member companies,have all passed the national GMP,GSP certification,Guangzhou Baiyun Mountain Innovation Centre Chemical Pharmaceutical Engineering Technology Center in Guangdong Province.?the company over the years to brand building,establishing
8、 the first pharmaceutical preparations in the country one of the brand,its brand awareness and reputation among consumers in the country has a strong influence.2006 White Cloud Mountain trademark was identified as well-known trademarks in China in 2007,was identified as focus on training and develop
9、ment of exports of Guangdong Province Famous Brand title brand value in 2008 was assessed to be 10.52 billion yuan.Business:development,production,sales of Chinese and Western medicine,chemical raw materials,external use,childrens medicine,health medicine.Operation of commercial and material supply
10、and marketing.Operating various types of goods and technology import and export business(except for national limit and prohibition).Management and feed processing and the three to fill a business.Production of two types of clinical testing of the instruments and diagnostic reagents.1.IntroductionMai
11、n operations by industry Sub-industry or product Revenue Operating costs Gross margin(%)Operating income over last year Operating cost over last year Gross margin over last year Chemicals,pharmaceutical raw materials manufacturing industry 43,678.35 39,405.26 9.78%26.74%30.63%-2.69%Chemical preparat
12、ions manufacturing 193,184.22 116,208.43 39.85%22.67%15.09%+3.97%Chinese herbal medicines and traditional Chinese medicine processing industry 82,040.35 54,892.24 33.09%6.48%17.72%-6.39%Other Pharmaceutical Manufacturing 614.93 624.58-1.57%-12.17%-31.42%+28.51%Pharmaceutical commodity circulation 5,
13、684.95 2,449.00 56.92%5.29%9.46%-1.64%Total 325,202.80 213,579.51 34.32%18.22%18.06%+0.09%(3)2010 annual operating results Unit:million 一、公司介绍(3)annual operating results in 2010 Unit:millionMain business by product Amoxicillin 22,265.91 11,471.46 48.48%-3.41%6.01%+1.43%Qingkailing 27,359.76 13,684.5
14、2 49.98%25.72%34.64%-3.32%Yili Keteling 20,778.76 18872.159.18%5.49%9.76%-3.53%Cephalosporin sulfide injection 26,499.15 13781.0147.99%29.23%37.18%-3.02%Cefixime 14,685.91 4273.9970.90%23.27%20.45%+0.69%Ceftriaxone API 12,737.83 12920.93-1.44%54.41%59.96%-3.52%Cefuroxime 10,073.58 9716.133.55%13.71%
15、16.86%-2.60%(3)2010 annual main business regions Unit:millionRegion Revenue Operating income over last year South China 153171.5715.95%East China 40378.8130.20%North China 39083.7439.35%Northeast 11390.0611.15%Southwest 28585.8134.39%Northwest 4986.6223.38%Central China 47606.19-1.58%Total 325202.81
16、8.22%二、共同比分析Comparison of accounting data calendar Unit:Yuan201020092008Total operating income 3,316,861,029.18 2,795,105,546.58 2,635,870,540.72 Gross profit 257,089,118.33 117,617,343.45 115,966,090.00 Net profit attributable to shareholders of listed companies 204,736,590.14 107,765,675.43 76,407
17、,343.62 Deduction attributable to shareholders of the Companys net non-recurring gains and losses 163,981,242.93 49,316,518.08 38,644,489,063.00 Cash flow from operating activities Net 327,214,424.47 300,141,134.16 83,532,831.99 The end of 2010The end of 2009 The end of 2008 Total assets 3,055,310,5
18、11.65 2,945,054,275.46 2,814,309,427.45 Therefore attributable to shareholders of listed companies the rights and interests 1,106,532,618.04 912,534,940.30 804,974,766.55 Equity(shares)469,053,689.00 469,053,689.00 469,053,689.00 2.Common ratio analysisLongitudinal analysis of the common ratio Balan
19、ce Sheet Assets December 31,2010 December 31,2009 December 31,2008 Total current assets 50.05%49.67%45.76%Total non-current assets 49.95%50.33%54.24%Total assets 100.00%100.00%100.00%Total liabilities and equity December 31,2010 December 31,2009 December 31,2008 Total current liabilities 56.90%62.29
20、%63.55%Total non-current liabilities 4.97%4.83%6.03%Total Liabilities 61.87%67.13%69.58%Total equity 38.13%32.87%30.42%Total liabilities and equity 100.00%100.00%100.00%2.Common ratio analysisLongitudinal analysis of the common ratio Income Statement Income Statement December 31,2010 December 31,200
21、9 December 31,2008 Revenue 100.00%100.00%100.00%Operating costs 65.00%65.41%67.40%Business tax and surcharges 0.73%0.90%0.83%Selling expenses 15.46%16.84%15.16%Management fees 11.25%12.07%11.31%Finance costs 1.57%2.28%3.62%Impairment of assets 0.10%0.63%0.58%Operating profit 7.19%3.03%2.77%Gross pro
22、fit 7.75%4.21%4.40%Net profit 6.60%4.34%3.19%2.Common ratio analysisnSummary of longitudinal analysis of the common ratio Company for more rational use of funds in the future development of the debt the company is facing down,the company increased mobility,improved ability to repay the debt,the ente
23、rprises reputation is more secure.Company attaches importance to the use of new technologies,improve the internal management more streamlined,better customer service.Net income increased to increase the effectiveness of the company,the investors have more confidence in the stability.2.Common ratio a
24、nalysisAssets December 31,2010December 31,2009December 31,2008Total current assets 118.72%113.56%100%Total non-current assets 99.99%97.12%100%Total assets 108.56%104.65%100%Total liabilities and equity December 31,2010December 31,2009December 31,2008Total current liabilities 97.19%102.57%100%Total n
25、on-current liabilities 89.57%83.86%100%Total Liabilities 96.53%100.95%100%Total equity 136.09%113.10%100%Total liabilities and equity 108.56%104.65%100%Common ratio of horizontal Balance Sheet 2.Common ratio analysisCommon ratio of horizontal Income Statement Income Statement December 31,2010Decembe
26、r 31,2009December 31,2008Revenue 125.84%106.04%100%Operating costs 121.35%102.91%100%Business tax and surcharges 110.37%115.50%100%Selling expenses 128.37%117.85%100%Management fees 125.08%113.15%100%Finance costs 54.77%66.99%100%Impairment of assets 22.29%115.35%100%Operating profit 326.83%116.09%1
27、00%Gross profit 221.69%101.42%100%Net profit 260.83%144.27%100%2.Common ratio analysisnSummary of the common ratio of horizontal Company for more robust use of funds and reasonable,the companys operations more smoothly,liquidity,solvency,corporate reputation,and other areas have been protected.Decli
28、ne in the companys debt,the company for reducing the burden of debt,more money into the business sales,the company earnings could increase further.Company revenue has increased each year,significantly improved the effectiveness of the company,net income doubled up,so that investors have more confide
29、nce in investment.In management,the company tends to improve the management and the companys strength year after year strong,with investors for greater stability.3.Related Ratio AnalysisLiquidity Units 201020092008The number of days accounts receivable recovery Days 54.73 71.68 94.94 Accounts receiv
30、able turnover Times/year 13.34 10.18 7.69 Accounts receivable turnover days Days 27.36 35.84 47.47 Inventory turnover days Days 101.5793.7495.99Business inventory turnover Times/year3.59 3.89 3.80 Inventory Turnover Days101.57 93.74 95.99 Operating cycle Days152.14 128.26 145.29 Working capital Yuan
31、(209326944.93)(371935725.92)(500657936.26)Current Ratio 0.88 0.79 0.72 Quick Ratio 0.46 0.54 0.45 Cash Ratio 0.20 0.18 0.09 Sales and working capital ratio Times/year-15.85-7.52-5.26 Cash flow from operations/current liabilities and current portion of long term notes receivable and Times/year4.24 6.
32、80 2.54 3.Related Ratio AnalysisnFlow Analysis Summary Significant improvement in liquidity,and a sliding scale year after year,very good ability to more stable capital flows.Timely recovery of accounts receivable,inventory flow capacity increased significantly in terms of accounts receivable and in
33、ventory is to obtain better returns.Sales did not keep up with the pace of working capital,which is a bad trend.3.Related Ratio AnalysisLong-term solvency Units 201020092008Interest cover Times 5.92 2.84 2.22 Debt ratio%61.8767.1369.58The gearing ratio%162.28204.19228.77Ratio of debt to net tangible
34、 assets%196.01259.34305.88Cash flow from operations/total liabilities%10.7110.192.973.Related Ratio AnalysisnSummary of long-term solvency of The solvency of the company very well,the creditors interest is well maintained.The company has a good reputation that in the banks to get funds to help bette
35、r.In the interests of creditors bankruptcy can be well maintained.3.Related Ratio AnalysisProfitability Units201020092008Net profit margin%6.604.343.19Total assets turnover Times/year1.11 0.97 0.95 Return on assets%7.304.213.02Operating margin%7.193.032.77Operating asset turnover Times/year1.24 1.06
36、 1.01 Return on operating assets%8.943.212.79Ratio of sales to fixed assets Times/year5.51 4.20 3.73 ROI%20.2613.1210.11Return on total equity%13.288.686.70Return on common equity%13.288.686.70Gross profit margin%35.0034.5932.603.Related Ratio AnalysisnProfitability Analysis Summary From 2008 to 201
37、0,the companys profitability continues to improve,net interest margin and operating margin increased significantly,the situation is quite good.The higher the profitability that investors have confidence in the future the company is willing to pay the purchase price for each dollar surplus,the compan
38、y can get more revenue.3.Related Ratio AnalysisInvestor Analysis Units201020092008Financial Leverage 1.00 1.01 1.02 Earnings per share Yuan0.43650.22980.1629PE 39.22 58.31 30.13 Rate of retained earnings%94.4691.8891.63Dividend payout ratio%7.3919.9524.36Dividend yield%0.150.160.42Book value per sha
39、re Yuan2.48 2.06 2.45 Operating cash flow per share Yuan0.70 0.64 0.18 Cash Flow/Cash Dividend Times/year26.98 30.51 11.89 End market Yuan17.12 13.40 4.82 3.Related Ratio AnalysisnInvestor Analysis Summary Shareholders has increased,the stock price rose year by year.Volatile earnings,a greater impac
40、t for the company.Declining dividend payment will result in some shareholders sell their shares.Between the price-earnings ratio is normal in 5-20.When the stock market are factors that do not interfere with the normal,some of the stock market should not have been bid up to the height of price-earni
41、ngs ratio will be too high.More than 20 price-earnings ratio is not considered normal.The stock price decline is likely a precursor to higher risk.As the companys largest shareholder,the proceeds will be good;and as ordinary shareholders,although the interest is not compromised,but compared with the
42、 previous income,will decline.4.Comparative Analysis of competitorsLiquidity Units Baiyunshan 2010Yunnanbaiyao2010The number of days accounts receivable recovery Days 54.73 72.79 Accounts receivable turnover Times/year 13.34 10.03 Accounts receivable turnover days Days 27.36 36.39 Inventory turnover
43、 days Days 101.57 88.38Business inventory turnover Times/year3.59 4.13 Inventory Turnover Days101.57 88.38 Operating cycle Days128.94 124.77 Working capital Yuan(209326944.93)3336109462.96 Current Ratio 0.88 2.10 Quick Ratio 0.46 1.20 Cash Ratio 0.20 0.66 Sales and working capital ratio Times/year-1
44、5.85 3.02 Cash flow from operations/current liabilities and current portion of long term notes receivable and Times/year4.24 2.53 4.Comparative Analysis of competitorsnSummary of Comparative Analysis of Liquidity In accounts receivable,the Baiyun Mountain is better than the company Yunnanbaiyao comp
45、any.In the inventory,the company is better than the Baiyun Mountain Yunnanbaiyao company.In working capital,current ratio,quick ratio,cash ratio,etc.,Yunnanbaiyao companies are better than the White Cloud Mountain Company.Yunnanbaiyao companys liquidity is better in the Baiyun Mountain,the companys
46、liquidity.Yunnanbaiyao companies better access to funds of funds can take advantage of faster production and lower earnings.4.Comparative Analysis of competitorsLong-term solvency Units Baiyunshan 2010Yunnanbaiyao2010Interest cover Times 5.92 70.39Debt ratio%61.87%42.17%The gearing ratio%162.28%72.9
47、1%Ratio of debt to net tangible assets%196.01%74.94%Cash flow from operations/total liabilities%10.71%5.66%4.Comparative Analysis of competitorsnSummary Comparison of long-term solvency In debt,Yunnanbaiyao company data are better than each of the White Cloud Mountain Company,the companys solvency r
48、atio Yunnanbaiyao Baiyun Mountain,the companys ability to better the lot.Yunnanbaiyao better the credibility of the company that in banking,financial assistance can be better,and in the interests of creditors,bankruptcy can be well maintained.4.Comparative Analysis of competitorsProfitability UnitsB
49、aiyunshan 2010Yunnanbaiyao2010Net profit margin%6.609.19Total assets turnover Times/year1.11 1.48 Return on assets%7.3013.58Operating margin%7.1910.35Operating asset turnover Times/year1.24 2.15 Return on operating assets%8.9422.29Ratio of sales to fixed assets Times/year5.51-18.57 ROI%20.2623.01Ret
50、urn on total equity%13.2814.87Return on common equity%13.2814.87Gross profit margin%35.010.274.Comparative Analysis of competitorsnSummary of Comparative Analysis of profitability In terms of profitability,Yunnanbaiyao companies are better than most of the data the company Baiyun Mountain,only sales
