财务管理英语报表分析

高露洁合并资产负债表

12月31日

2006 2005 资产

流动资产

现金及现金等价物$489.5 $340.7

应收账款（各包括$46.4和$41.7的津贴）1523.2 1309.4

存货1008.4 855.8

其他流动资产279.9 251.2 流动资产总计3301.0 2757.7

固定资产（净值）2696.1 2544.1

商誉（净值）2081.8 1845.7

其他无形资产（净值）831.1 783.2

其他资产228.0 577 资产总计9138.0 8507.1

负债和股东权益

流动负债

应付票据和应付短期借款174.1 171.5

一年内到期的流动负债776.7 356.7

应付账款1039.7 876.1

应交所得税161.5 215.5

其他应付项目1317.1 1123.2 流动负债总计3469.1 2743.0

长期负债2720.4 2918.0

递延所得税309.9 554.7

其他负债1227.7 941.3 负债总计7727.1 7157.0

或有支出和或有负债——————

股东权益

优先股222.7 253.7

732.9 732.9

普通股，票面价值$1/股（1000000000注册资

本，发行732853180股）

资本公积1218.1 1064.4

留存收益9643.7 9214.4

累计的其他收入-2081.2 -1804.7

9736.2 9214.4 Unearned Compensation未取得的补偿-251.4 -283.3

库存股（以成本计价）-8073.9 -7581

股东权益总计1410.9 1350.1

负债和股东权益总计9138.0 8507.1

高露洁合并利润表

年末12月31日2006 2005 2004

销售净收入$12237.7 11396.9 10584.2 销售成本5536.1 5191.9 4747.2 毛利润6701.6 6205.0 5837.0 销售费用，日常开支和管

理费用

4355.2 3920.8 3624.6 其他的（收入）费用净值185.9 69.2 90.3 营业利润2160.5 2215.0 2122.1 利息费用净额158.7 136.0 119.7 息税前利润2001.8 2079.0 2002.4 所得税费用648.4 727.6 675.3 净利润1353.4 1351.4 1327.1 普通股每股收益 2.57 2.54 2.45 稀释后的每股普通股收益 2.46 2.43 2.33

高露洁合并的留存收益表，综合收益表和资本账户

普通股资本公积

库存股留存

收益

累计的

其他综

合收入

综合收益

股数价值股数价值

2001年12月31日的余额5161709

57

732.9 1064.4 216682223 -7581.0 8968.1 -1804.7

净收益1353.4 1353.4 其他的综合性

收入

累积换算调整

数

89.1 89.1

调整至最初财

务会计准则公

告158号，税

费净值

-380.7

最小的津贴负

债调整，税费

净值

19.2 19.2

其他-4.1 -4.1 综合收入总数1457.6 股利公告

B类可转换的

优先股，税费

净值

-28.7

普通股-649.1

以股票为基础116.9

的补偿费

股票期权的发

行数量

7095538 107.7 7095538 117.7

收回的库存股-149822

42

14982242 -884.7 其他4374334 -70.9 4374334 164.1

2006年12月31日的余额5126585

87

732.9 1218.1 220194593 -8073.9 9643.7 2081.2

高露洁合并的现金流量表

年终12月31号2006 2005 2004

经营活动

净收入1353.4 1353.4 1327.1 经营活动调整，使净收入与净现金一致

重组获得的现金净值145.4 111.6 38.3 折旧和摊销328.7 329.3 327.8 非核心产品销售的税前收入-46.5 -147.9 26.7 以股票为基础的补偿费116.9 41.4 29.3 现金变化的影响因素

应收账款-116.0 -24.1 -5.6 存货-118.5 -46.8 -76.1 应付账款和其他应付项目149.9 152.7 80.1 其他的非流动资产和负债8.2 17.1 60.1 经营活动提供的现金流量净值1821.5 1784.4 1754.3 投资活动

资本性支出-476.4 389.2 348.1 兼并需要的净现金-200.0 -38.5 -800.7 非核心产品的销售收入55.0 215.6 37.0 购买有价证券和投资-1.2 -20.0 -127.7 有价证券出售和投资带来的利得——10.0 147.3 其他 2.2 1.4 1.8 投资活动使用的净现金-620.4 -220.7 -1090.4 筹资活动

主要的债务支付-1332.0 -2100.3 -753.9 发行债务获得的收益1471.1 2021.9 1246.5 外部投资者的投资——-89.7 ——股利支付-677.8 -607.2 -536.2 库存股的购买-884.7 -796.2 -637.9 运用期权和多余的税收收益364.4 47.1 70.4 筹资活动使用的现金净值-1059.0 -1524.4 -611.1 现金及现金等价物兑换比率变化带来的影响 6.7 -18.2 1.5 现金及现金等价物增加的净值148.8 21.1 54.3

现金及现金等价物的年初净值340.7 319.6 265.3 现金及现金等价物的年末净值489.5 340.7 319.6 补充的现金流信息

支付的所得税647.9 584.3 593.8 支付的利息168.3 149.9 123.2 由公司保证的主要支付给ESOP的债务45.0 37.0 29.8

Financial Ratio Analysis

The current ratio in 2006 is 0.9515 while the number is 1.005 in 2005, the two years’ current ratios of the firm indicate that maybe it is difficult for the firm to repay its debts because the amount of current ratios are far below the given standard. The decrease of the ratio shows that the firm is failed in current assets’ management.

The quick ratio in 2006 is 0.6609 while the number is 0.6931 in 2005,like current ratio,the quick ratio is far below the given standard ,and at the same time ,the index was decrease,it seems that the firm needs to spare more effort in assets’ management.

The cash ratio 0.1411 in 2006 and 0.1242 in 2005,the number of the index is relative low but the increase of cash ratio shows a stronger liquidity than before.

The debt ratio is 0.8456 in 2006 and 0.8413 in 2005,the assets of the firm include too many kinds of liabilities,because of the exist of the financial leverage,the firm may achieve much more expected earnings,but at the same time,the more earnings the firm achieves,the higher financial risks the firm must undertake. Meanwhile ,the index has a bit increase,it indicates that the firm expanded its scope of liabilities.

The debt-to-equity ratio is 5.4767 in 2006 and 5.5677 in 2005,compared with the equity ,the ratio shows that the debt is always in a high lever,and because of this,the firm may fail to pay its debts when the debts expire.

The equity multiplier is 6.4767 in 2006 and 6.3011,it shows that the firm uses 1$ can create 6.4767$ in 2006 and 6.3011$ in 2005, the firm’s ability of using the equity is strong, So it is with the efficiency.

The long-term debt ratio in 2006 is 0.2977 and 0.3430 in 2005,it shows that within the scope of the firm's liabilities, long term is just in a low percentage and more liabilities are short term liabilities,which will increase the firm’s financial risks. It seems that the firm needs to provide a better firm’s debt management policy.

The interest coverage ratio is 12.6137 in 2006 、15.2868 in 2005 and 16.7705,the ratios show that the firm has enough ability to meet its annual interest costs just rely on its operating income. But we can see from the change of the index, the number is decreases year by year, which may indicates firm’s operating ability is in decreasing or the debt ratio of the firm is increasing which causes more interest costs.

The cash flow coverage ratio is 14.6799、17.7081 in 2005 and 19.5159 in 2004,like the interest coverage ratio, the numbers of that are in high lever,but compare with former year, the ratio in 2005 and 2006 is decrease,which may indicates the same problems like interest coverage ratio.

(When compute the accounts receivable turnover ratio ,the ratio is determined by dividing credit

sales by the average accounts receivable outstanding,the information of credit sales was not founded, so I used Net Sales instead.）The accounts receivable turnover ratio is 8.6406, it indicates that the firm ‘s accounts receivable generate and collect 8.6406 times in one year which imply that the firm is managing its accounts receivable in a efficient way ,and its sales policies are too restrictive,maybe a lenient sales policy is needed.

Receivable collection period of the firm is 42.2424,it means that the firm uses 42.2424 days on average to convert its accounts receivable into cash.

Inventory turnover ratio of the firm is 5.9394, it implies that the inventory of the firm turnover 5.9394 times in one year, it is in a moderate lever, either too low which indicates the firm has continued to face the weaken demand or too high which may lost some sales opportunities.

Inventory processing period is 61.4541. It shows that it takes the firm 61.4541 days to process and sell its inventory.

Accounts payable turnover is 5.7794, it indicates that the firm’s accounts payable generated and paid 5.7794 times in one year.

Accounts payable payment period is 63.1552, it indicates that the firm takes 63.1552 days to pay its accounts payable on average.

The cash conversion cycle of the firm is 40.5414, it indicates that the firm takes 40.5414 days to recycle its cash on average. In order to fasten its cash conversion, the firm can collect its receivables more promptly, accelerate the inventory processing time and extend the accounts payable payment time.

The gross profit margin is 0.5476 in 2006, 0.5444 in 2005 and 0.5515 in 2004, it is obviously that the gross profit margins of the firm are in a stable situation which indicates that the firm has a great ability in profitability.

The operating profit margin of the firm is 0.1488 in 2006, 0.1566 in 2005 and 0.1657 in 2004. Generally, the three numbers of the firm’s operating profit margin shows that the firm’s operating ability is in a relatively stable level, but the dates of the operating margin’s decrease shows that the firm need to strengthen its operating ability.

The net profit margin of the firm is 0.1106 in 2006, 0,1186 in 2005 and 0,1254 in 2004. We can see from the indexes that the net profit margin of the firm is in decreasing, which probable means that some money was used incorrectly.

The return on assets of the firm is 0.1534, it indicates that the firm uses 1$ assets can create 0.1537$ of income or make 0.1534$ income occupy 1$ asset.

The total return on assets of the firm is 0.1714. It shows that the firm uses 1$ from the

shareholders to generate 0.1714$ income on average.

The return on total equity of the firm is 0.9804. The amount indicates that the firm uses 1$ from the shareholder can generate 0.9804$ of net income. The equity figure includes both common and preferred equity.

The return on common equity is 0.8191, it indicates that the firm uses 1$ from common shareholders can generate 0.8191$ of net income. (The equity just concludes common shareholders equity only.)

Because the market price of the common shares is not given,we can’t compute the market price ratios including price/earnings ratio、market-to-book value ratio and dividend yield.

The dividend payout of the firm is 0.3599 in 2006, 0.3262 in 2005 and 0.2986 in 2004. The dividend payout ratio increases year by year, so it will release a good information of development prospect to investors.