[CVA valuation training camp] how to quickly read the annual reports of listed companies - Lesson 4

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Write it at the front ： The main content of this lecture is the analysis of asset and liability structure 、 Analysis of investment status and use of raised funds . It is necessary to make a judgment on the company's operating conditions by referring to the details of the notes to the company's annual reports in recent years .

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Assets and liabilities

Structural analysis of assets and liabilities

The core ：「 Analyze the change trend of the company's asset structure in recent years 」

• Operating assets / Proportion of total assets 、 Investment assets / Proportion of total assets

Evaluating the actual business of the company is guided by operation or investment , Whether it is in line with the field they are good at

• Productive assets / Proportion of total assets

A direct indicator to evaluate the weight of the company's assets , Reflect the vulnerability of the company to market risks

• Monetary funds / Proportion of total assets

If too much , Whether there is room for optimization of asset utilization efficiency ; If too small , Whether there are business risks . Pay attention to restricted monetary funds ！！

• Monetary funds / Interest bearing debt ratio

Measure the coverage of interest bearing liabilities , Reflect the real financial security situation of the company

Assets and liabilities measured at fair value

• Fair value measurement and its changes are included in other comprehensive income

• Fair value measurement and its changes are included in the current profit and loss

The income from changes in fair value only belongs to the floating loss and floating profit held , Although it affects the current profits, it cannot bring real cash flow to the enterprise , The corresponding profits cannot be distributed → Such as 「 The project accounts for a large proportion of the net profit attributable to the parent company 」, This profit and loss fluctuation will seriously affect the company's operating performance , It affects the gold content of profits , It also affects the sustainability of profits

The income from changes in fair value belongs to （“ Eat in the sky ） Profit and loss , about 「 Non financial institutions 」 It usually belongs to non recurring profit and loss

• Non recurring profit and loss items

Investment analysis

Significant equity investment ——“ Change of consolidation scope ”

• Judge whether it conforms to the development strategy of the company according to the main business of the invested company
• Through “ Analysis of major holding and participating companies ” Partially track their performance contributions （ Such as “ Acquisition of Jinhong group ”）

Significant non equity investments

• Track the company's interim announcements and regular reports over the years “ Major non equity investments in progress during the reporting period ”
• “ Projects under construction ” Relevant project information in the notes , Such as ： Budget 、 Current year and accumulated actual investment amount 、 Current year and accumulated interest capitalization amount 、 Project progress 、 Reasons for not achieving the planned progress and benefits

Use of raised funds

Analysis of the situation in recent years （ The fundraising year began to roll back ）, Focus on the project 「 change 」, If the change is too great , Need to find out the reason

• The overall use of the raised funds ： Pay extra attention to companies that are newly listed or have additional issues
• Information about the projects committed to raising funds ： Pay attention to the investment progress （ Whether to make full use of funds ？）, The date when the project reaches its intended serviceable state （ Whether to push again ？）, Whether the expected benefits are achieved （ Whether the production capacity is fully utilized ？）, And the reasons for not achieving the expected benefits
• Information about the project of raising funds ： Pay attention to the proportion of raised funds for changing purposes and the reasons for project changes （ Changes that keep pace with the times ？ The rogue behavior of collecting money and changing face ？）, You can judge the conduct of the management

Be alert that the information on the company's official website is not updated in time , It is best to mutually verify the project progress information through multiple information sources ！！！

More information

https://zhuanlan.zhihu.com/p/546508752

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