Xu Xiangdong "Research on Financial Data of China's Listed Airports" (3)

Xu Xiangdong "Research on Financial Data of China's Listed Airports" (3)

Source: Civil Aviation Resource Net Expert Author: Xu Xiangdong 2009-03-24 16:11:19 I have two sentences ( 0 )

[ professional classification ] finance and finance [ Article number ] 15-2009-0056

4. Shenzhen Airport

Shenzhen Airport main financial indicators ratio analysis table

Financial indicators (units) year 2004 2005 year 2006
Gross profit margin (%) 46.95 46.96 48.06
OPE(%) 43.15 43.08 44.16
Roe(%) 8.97 11.80 12.50
Inventory turnover(%) 371.62 304.90 277.64
Accounts receivable turnover rate (%) 8.11 7.76 9.31
Total asset turnover (%) 0.28 0.30 0.32
Main business income growth rate (%) 22.62 10.42 12.78
Operating profit growth rate (%) 14.41 16.19 15.76
After-tax profit growth rate (%) -15.63 42.92 12.52
Net asset growth rate (%) 1.92 8.58 6.24
Total asset growth rate (%) 0.43 7.14 5.08
Assets and liabilities(%) 11.56 10.39 9.31
Shareholder equity ratio (%) 86.92 88.08 89.06
Current ratio (%) 1.25 3.22 4.05
Quick ratio (%) 1.24 3.22 4.05
Net cash flow growth rate of operating activities (%) 11.48 20.68 12.23
Cash received from sales of goods and main income ratio (%) 98.50 102.30 103.11
Cash flow from operating activities to net profit ratio (%) 156.21 134.51 134.17
Net cash flow to net profit ratio (%) 22.90 57.08 -83.72

(1) Profitability analysis

Shenzhen Airport three-year profitability growth trend comparison chart

The gross profit margin of Shenzhen Airport sales showed a growth trend. The profit rate of the main business and the profit margin of the net assets all showed an increasing trend, indicating that Shenzhen Airport has strong profitability.

(2) Analysis of management and development capabilities

Shenzhen Airport's three-year operation and development capacity growth trend comparison chart

Shenzhen Airport inventory turnover rate, main business income rate showed a downward trend, accounts receivable turnover rate, net asset growth rate, operating profit growth rate, total asset turnover rate, after-tax profit growth rate, total asset growth rate and other indicators Showing a growing trend. It shows that Shenzhen Airport has relatively strong operational and development capabilities.

(3) Analysis of solvency

Shenzhen Airport three-year solvency growth trend comparison chart

The debt-to-asset ratio showed a downward trend, and the debt-servicing indicators such as the equity ratio, the current ratio and the quick ratio showed an increasing trend.

(4) Cash flow analysis

Shenzhen Airport three-year cash flow growth trend comparison chart

The net cash flow growth rate of operating activities, the cash received from sales of goods and the main income ratio showed a growth trend, and the cash flow to net profit ratio of operating activities, net cash flow and net profit showed a downward trend.

5. Singapore Airport

Singapore Airport Main Financial Indicators Ratio Analysis Table

financial indicator year 2004 2005 year 2006
Operating profit margin% 23.5 36.0 38.5
Average return on fixed assets % 6.4 12.6 13.8
Net asset average yield % 5.9 10.1 9.5

The operating profit margin and the average yield of fixed assets both maintained a trend of increasing year by year. Among them: operating profit margin increased from 23.5% in 2004 to 38.5% in 2006; the average yield of fixed assets increased from 6.4% in 2004 to 13.8% in 2006.

6. Hong Kong Airport

The return on assets has increased year by year. Return on assets increased from 0.70% in 2004 to 4.90% in 2006; the asset-liability ratio increased from 20% in 2004 to 30% in 2006.

Hong Kong Airport Main Financial Indicators Ratio Analysis Table

category year 2004 2005 year 2006
Return on assets % 0.70 3.40 4.90
Assets and liabilities% 20 32 30
Passenger throughput (million) 27.7 38.3 41.6
Cargo throughput (million) 2.7 3.1 3.5
Aircraft number (thousands) 190 242 270

7. Incheon Airport

Incheon Airport main financial indicator ratio analysis table

category year 2004 2005 year 2006
Current ratio % 9.6 10.1 9.1
Debt ratio% 54.3 31.6 17.3
Operating profit margin% 29.9 39.1 43.4
Return on Assets% -0.5 2.4 1.9
Roe% -1.3 5.9 4.3
sales growth rate% 7.0 18.9 12.4
Main business income growth rate% 19.9 55.4 24.6
Total asset growth rate% -1.3 2.9 6.6

Operating profit margins rose steadily, from 29.2% in 2004 to 43.4% in 2006; the debt ratio fell from 54.3% in 2004 to 17.3% in 2006.

(3) Comparison of horizontal ratios

Considering that the financial indicators disclosed in the selected foreign airports are mostly inconsistent, the horizontal ratio analysis of this paper only analyzes the major domestic listed airports.

Financial indicators (units) years Baiyun Airport Shanghai Airport Xiamen Airport Shenzhen Airport
Gross profit margin (%) year 2004 55.34 59.82 48.28 46.95
2005 44.82 60.82 52.72 46.96
year 2006 47.67 61.72 56.58 48.06
OPE(%) year 2004 51.77 55.76 44.38 43.15
2005 41.26 56.91 48.71 43.08
year 2006 44.03 57.84 52.39 44.16
Roe(%) year 2004 7.54 16.32 6.42 8.97
2005 6.31 15.25 8.06 11.8
year 2006 6.99 14.92 10.28 12.5
Inventory turnover(%) year 2004 39.91 60.07 70.01 371.62
2005 46.85 72.98 130.33 304.9
year 2006 44.22 76.14 134.31 277.64
Accounts receivable turnover rate (%) year 2004 3.17 7.86 7.63 8.11
2005 2.77 5.61 7.75 7.76
year 2006 2.65 5.35 7.53 9.31
Total asset turnover (%) year 2004 0.26 0.31 0.2 0.28
2005 0.27 0.3 0.22 0.3
year 2006 0.31 0.27 0.26 0.32
Main business income growth rate (%) year 2004 48.23 32.34 37.56 22.62
2005 36.56 13.98 15.92 10.42
year 2006 12.12 10.24 16.01 12.78
Operating profit growth rate (%) year 2004 2.14 71.62 100.74 14.41
2005 -16.64 12.15 27.85 16.19
year 2006 18.33 9.34 28.68 15.76
After-tax profit growth rate (%) year 2004 1.43 100.63 92.62 -15.63
2005 -16.27 7.55 20.99 42.92
year 2006 16.18 8.94 31.89 12.52
Net asset growth rate (%) year 2004 5.4 28.8 -2.5 1.92
2005 0.06 15.12 -3.63 8.58
year 2006 4.81 11.34 3.38 6.24
Total asset growth rate (%) year 2004 81.74 15.45 9.67 0.43
2005 0.02 16.96 -3.79 7.14
year 2006 -4.4 25.95 4.06 5.08
Assets and liabilities(%) year 2004 47.28 3.3 4.64 11.56
2005 47.07 4.82 3.93 10.39
year 2006 41.9 15.87 4.36 9.31
Shareholder equity ratio (%) year 2004 50.78 96.7 86.48 86.92
2005 50.8 95.18 86.63 88.08
year 2006 55.7 84.13 86.06 89.06
Current ratio (%) year 2004 0.47 6.31 5.77 1.25
2005 0.61 2.66 6.98 3.22
year 2006 0.51 0.71 7.7 4.05
Quick ratio (%) year 2004 0.47 6.25 5.75 1.24
2005 0.6 2.63 6.97 3.22
year 2006 0.5 0.71 7.67 4.05
Net cash flow growth rate of operating activities year 2004 -23.69 5.27 56.38 11.48
2005 59.56 47.25 -56.05 20.68
year 2006 123.97 -1.15 17.5 12.23

Domestic listed airport sales gross margin three-year growth trend comparison chart

The gross profit margin of Baiyun Airport is declining, and the rising trend of other airports indicates that the profitability of Baiyun Airport has weakened.

Comparison of the three-year growth trend of the profit rate of domestic listed airport main business

The profit margin of the main business business Baiyun Airport showed a downward trend, and other airports showed an upward trend. It shows that the profitability of Baiyun Airport is relatively weak.

Domestic listed airport return on net assets three-year growth trend comparison chart

The return on net assets Baiyun and Shanghai Airport showed a downward trend, and other airports showed an upward trend. Explain that Baiyun and Shanghai Airport's net profit contributed low to assets.

Domestic listed airport inventory turnover rate three-year growth trend comparison chart

Inventory turnover rate Shenzhen Airport showed a downward trend, and other airports showed an upward trend. It shows that Shenzhen Airport's current assets turnover is fast.

Domestic listed airport accounts receivable turnover rate three-year growth trend comparison chart

The receivables turnover rate of Shenzhen Airport is on the rise, and other airports are on the decline.

Comparison of the three-year growth trend of the total asset turnover rate of domestic listed airports

The total asset turnover rate of Shanghai Airport is on a downward trend, and other airports are on the rise.

Comparison chart of three-year growth trend of domestic listed airport main business income growth rate

The main business income growth rate of domestic listed airports showed a downward trend.

Comparison chart of three-year growth trend of domestic listed airport operating profit growth rate

Operating profit growth rate Shanghai and Xiamen airports showed a downward trend, and other airports showed an upward trend.

Domestic listed airport after-tax profit growth rate three-year growth trend comparison chart

After-tax profit growth Baiyun Airport is on the rise, and other airports are on a downward trend.

Comparison of three-year growth trend of domestic listed airport net asset growth rate

The net asset growth rate of Baiyun Airport is on a downward trend, and other airports are on the rise.

Comparison chart of three-year growth trend of total assets growth rate of domestic listed airports

The total asset growth rate of Baiyun and Xiamen Airport showed a downward trend, and other airports showed an upward trend.

Comparison chart of three-year growth trend of domestic listed airport asset-liability ratio

The asset-liability ratio of Shanghai Airport is on the rise, and other airports are on the decline.

Comparison of the three-year growth trend of domestic listed airport shareholders' equity ratio

Shareholders' equity ratio Shanghai Airport showed a downward trend, and other airports showed an upward trend.

Comparison chart of three-year growth trend of domestic listed airport current ratio

The current ratio of Shanghai Airport is on a downward trend, and other airports are on the rise.

Domestic listed airport quick-moving ratio three-year growth trend comparison chart

The quick-moving ratio of Shanghai Airport is on a downward trend, and other airports are on the rise.

Three-year growth rate of net cash flow from domestic listed airport operations

The net cash flow from operating activities Baiyun Airport is on the rise, and other airports are on a downward trend.

Analysis conclusion: Through the analysis of market airport financial statement data ratio, we believe that: Guangzhou Airport solvency is relatively weak; Shanghai, Shenzhen and Xiamen airports have relatively strong profitability; Shenzhen, Xiamen and Shanghai airports have relatively strong operational capacity; Shanghai And the development capacity of Guangzhou Airport is relatively strong.

Xu Xiangdong "Research on Financial Data of China's Listed Airports" (1)

Xu Xiangdong "Research on Financial Data of China's Listed Airports" (2)

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