万科2011年度财务报表分析

Vanke's profit statement

2011 2010 2009 % %

Gross revenue 71,782,749,800.6 50,713,851,442. 48,881,013,143. 0.42 0.04 operating cost 56,716,379,546.6 39,581,842,880.9 41,122,442,525. 0.43 -0.04 operating cost 43,228,163,602.1 30,073,495,231.1 34,514,717,705. 0.44 -0.13 Business tax and

additional 7,778,786,086.49 5,624,108,804.74 3,602,580,351. 0.38 0.56 Sales cost 2,556,775,062.26 2,079,092,848.94 1,513,716,869.3 0.23 0.37 Management 2,578,214,642.30 1,846,369,257.59 1,441,986,772.2 0.40 0.28 Finance costs 509,812,978.62 504,227,742.57 573,680,423.04 0.01 -0.12 Asset

impairment loss 64,627,174.84 （545,451,004.) （524,239,596.) -1.12 0.04 Add:losses on

the changes

in the fair

price （2,868,565.33) （15,054,493.43) 2,435,350.77 -0.18 -7.18 Return on

investment 699,715,008.48 777,931,240.02 924,076,829.10 -0.10 -0.16 Investments in

associated

enterprises and

joint ventures 643,987,754.62 291,703,045.44 541,860,864.68

1.21 -0.46

Operating profit 15,763,216,697. 11,894,885,308.2 8,685,082,798.0 0.33 0.37 Add:

non-operating

income 76,186,678.42 71,727,162.82 70,678,786.74 0.06 0.01 Reduction:

non-business

expenses 33,520,955.29 25,859,892.03 138,333,776.6 0.30 -0.81 Disposal of

non-current

assets loss 1,144,283.45 1,211,776.17 1,577,638.38 -0.06 -0.23 The total profit 15,805,882,420.3 11,940,752,579. 8,617,427,808.0 0.32 0.39 Reduction: the

income tax

expenses 4,206,276,208.55 3,101,142,073.98 2,187,420,269.4 0.36 0.42 Net profit 11,599,606,211.7 8,839,610,505.04 6,430,007,538. 0.31 0.37 Owner's net

profit attributable

to parent

company 9,624,875,268.23 7,283,127,039.15 5,329,737,727.0 0.32 0.37 Minority interests 1,974,730,943.54 1,556,483,465.89 1,100,269,811. 0.27 0.41

Earnings per share

Basic earnings

per share 0.88 0.66 0.48

0.33 0.38

Diluted

earnings per

share 0.88 0.66 0.48

0.33 0.38

Other

comprehensive

income 183,017,341.02 6,577,300.53 62,370,848.23 26.83 -0.89 Total

comprehensive

income 11,782,623,552.7 8,846,187,805.57 6,492,378,386. 0.33 0.36 The total amount

of

comprehensive

income belongs

to parent

company owners9,807,892,609.25 7,289,704,339.68 5,392,108,575.

0.35 0.35

Total comprehensive income attributable to

the minority

shareholders1,974,730,943.54 1,556,483,465.89 1,100,269,811.6

0.27 0.41

Analysis of total operating revenue: main business is real estate and property management, in which the real estate revenue accounted for about 98% years, 09-11 has been in a rising state, 11 years compared with 10 years of growth in terms of a sales structure from 42% companies to disclose their mainly in Beijing and the Guangzhou region caused by the extension of real estate business. Description of the main business advantages, continue to expand market share, is a very rare but also in the macro environment is not good situation of sustained high growth,

Analysis of total operating costs: 11 years compared with 10 years grew 43% except for the 11 years the company business growth and material cost increases and rising wages, increase of 40% combined statements can know the rise cost management is mainly due to the rise of corporate executive compensation from the management cost is 10 years.

Profit analysis: from the table we can see that, in operating profit in 2011 than in 2010 increased by 3868300000, a growth rate of 32.50%, increase in operating profit was mainly due to an increase in operating income, and the financial cost of relative income savings. Changes in financial costs during the period of no with significant growth in operating income and the corresponding increase, its growth rate is very small, the growth rate of 1.10%, compared to last year, basically unchanged, the reason from the financial