東方報業﹕財務上的分析

列表5﹕

	股數	股東權益	商譽	有形股東權益	盈利	股息	自由現金	投資物業	租金收入
2000	2,194,259	2,576,306	0	2,576,306	42,817		(279,438)
2001	2,397,917	2,211,663	0	2,211,663	268,998	263,771	534,913
2002	2,397,917	2,432,513	0	2,432,513	303,328	215,813	526,900
2003	2,397,917	2,531,568	0	2,531,568	340,186	239,792	527,584
2004	2,397,917	2,692,824	0	2,692,824	438,797	335,709	366,871	0	2,422
2005	2,397,917	2,603,925	0	2,603,925	302,222	251,781	(15,637)	0	2,422
2006	2,397,917	2,512,937	0	2,512,937	126,583	119,896	258,302	142,211	4,573
2007	2,397,917	2,594,695	0	2,594,695	123,068	95,917	101,944	145,673	8,662
2008	2,397,917	2,781,403	0	2,781,403	311,586	263,771	452,859	69,472	18,835
2009	2,397,917	2,770,192	0	2,770,192	379,972	239,792	(3,494)	201,830	8,383
2010	2,397,917	2,989,397	0	2,989,397	307,492		269,123	255,985	4,989
2011	2,397,917	3,283,863	0	3,283,863	291,277	263,771	246,390	301,200	6,816

列表6﹕

	有形股東權益
	年初	年尾	增/減	3年檢驗	盈利	股息	盈利保留	3年檢驗	自由現金	3年檢驗
2001	1.17	0.92	(0.25)		0.11	0.110	0.00		0.22
2002	0.92	1.01	0.09		0.13	0.090	0.04		0.22
2003	1.01	1.06	0.04		0.14	0.100	0.04		0.22
2004	1.06	1.12	0.07		0.18	0.140	0.04		0.15
2005	1.12	1.09	(0.04)	0.02	0.13	0.105	0.02	0.04	(0.01)	0.12
2006	1.09	1.05	(0.04)		0.05	0.050	0.00		0.11
2007	1.05	1.08	0.03		0.05	0.040	0.01		0.04
2008	1.08	1.16	0.08	0.02	0.13	0.110	0.02	0.01	0.19	0.11
2009	1.16	1.16	(0.00)		0.16	0.100	0.06		(0.00)
2010	1.16	1.25	0.09		0.13	0.000	0.13		0.11
2011	1.25	1.37	0.12	0.07	0.12	0.110	0.01	0.07	0.10	0.07
		合計	0.20			合計	0.38	合計	1.36

列表7﹕

	12 mth	12 mth	12 mth	12 mth	12 mth	12 mth	12 mth	12 mth	12 mth	12 mth	12 mth	12 mth
	30-Mar-11	30-Mar-10	30-Mar-09	30-Mar-08	30-Mar-07	30-Mar-06	30-Mar-05	30-Mar-04	30-Mar-03	30-Mar-02	30-Mar-01	30-Mar-00
EBIT/Sales	15%	17%	1%	15%	4%	4%	19%	24%	20%	11%	10%	4%
Net profit/EBIT	120%	117%	2545%	112%	191%	161%	76%	90%	84%	123%	106%	48%
Net profit/Sales	18%	20%	23%	17%	7%	7%	15%	22%	17%	14%	11%	2%
Sale/Total Assets	45%	48%	55%	61%	60%	65%	63%	65%	67%	78%	88%	76%
Total Assets /Sh. Equity	1.1	1.1	1.1	1.1	1.2	1.2	1.2	1.2	1.2	1.2	1.3	1.2
ROE	8.9%	10.3%	13.7%	11.2%	4.7%	5.0%	10.9%	16.3%	13.4%	12.5%	12.2%	1.7%
ROA	8.2%	9.5%	12.7%	10.4%	4.1%	4.3%	9.3%	14.0%	11.5%	10.7%	9.5%	1.4%
RO Fixed Asset	24.7%	26.3%	33.3%	27.7%	9.1%	9.1%	17.2%	28.3%	28.2%	25.3%	20.6%	2.2%

列表8﹕

	12 mth	12 mth	12 mth	12 mth	12 mth	12 mth	12 mth	12 mth	12 mth	12 mth	12 mth	12 mth
	30-Mar-11	30-Mar-10	30-Mar-09	30-Mar-08	30-Mar-07	30-Mar-06	30-Mar-05	30-Mar-04	30-Mar-03	30-Mar-02	30-Mar-01	30-Mar-00
經營業務產生之現金	316,586	279,962	60,711	464,260	189,281	372,413	318,416	556,876	568,874	556,928	562,148	155,053
已付所得稅	(49,896)	(11,372)	(79,157)	(41,628)	(65,655)	(61,237)	(116,845)	(88,844)	(36,066)	(14,742)	(253)	0
退回所得稅	2,348	23,017	44,837	59,267	867	5,968	1,632	627	3,731	527	17,932	4,479
經營業務的現金流入	269,038	291,607	26,391	481,899	124,493	317,144	203,203	468,659	536,539	542,713	579,827	159,532
購買物業、廠房及設備	(21,418)	(20,918)	(21,607)	(22,016)	(17,511)	(53,814)	(215,356)	(113,151)	(8,955)	(15,813)	(27,235)	(434,491)
自由現金	247,620	270,689	4,784	459,883	106,982	263,330	(12,153)	355,508	527,584	526,900	552,592	(274,959)
每股自由現金	0.103	0.11	0.00	0.19	0.04	0.11	(0.01)	0.15	0.22	0.22	0.23	(0.13)

列表9﹕

	12 mth	12 mth	12 mth	12 mth	12 mth		2H (6mth)	1H (6mth)	2H (6mth)	1H (6mth)
	30-Mar-11	30-Mar-10	30-Mar-09	30-Mar-08	30-Mar-07		30-Mar-11	30-Sep-10	30-Mar-10	30-Sep-09
收益	1,589,356	1,567,277	1,637,522	1,835,604	1,798,808		776,346	813,010	809,812	757,465
所用原料及消耗品	(483,698)	(464,248)	(674,795)	(620,224)	(701,087)		(256,898)	(226,800)	(219,967)	(244,281)
毛利	1,105,658	1,103,029	962,727	1,215,380	1,097,721		519,448	586,210	589,845	513,184
毛利%	70%	70%	59%	66%	61%		67%	72%	73%	68%

1. 列表5-6﹐2001年至今﹐股數沒有變動。股東權益和盈利保留能夠平衡。澳洲投資物業雖然不理想﹐不過仍然有租金收入。自由現金大約是平均0.10港元。
2. 列表7﹐ROE是單位數﹐是大量庫存現金造成。
3. 列表8﹐2009年的自由現金大量減少﹐因為收入大量減少。
4. 列表9﹐最近兩年的每6個月收益﹐平平淡淡。