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1、The Income Statement 利润表 The purpose of this article is to provide the lessexperienced investor with an understanding of the components of the income statement in order to simplify investment analysis and make it easier to apply it to your own investment decisions.本章的目的是为缺少经验的投资者介绍利润表的组成部分，以帮助他们简化投资
2、分析，并在投资决策中方便运用这些知识。 51General Terminology and Format Clarifications 常用的报表术语及类型介绍 利润表的名称“statement of income，” “statement of earnings，” “statement of operations” “statement of operating results.” “P&L，” 非书面语表示“利润”的词 “profits” 盈利“earnings” 收入“income” 收益Two basic formatsfor the income statement are use
3、d in financial reporting presentations the multistep and the singlestep . Theseare illustrated below in two simplistic examples: 在财务报告中，有两个主要的利润表的编制格式多步式和单步式，简单的举例如下：MultiStep Format 多步式表格 MultiStep FormatNet SalesCost of SalesGross IncomeSelling，General and Administrative Expenses (SG & A)Operating
4、 IncomeOther Income & ExpensesPretax IncomeTaxesNet Income (after tax)多步式表格销售净收入销售成本毛利润管理费用营业利润其他业务收入支出税前利润所得税净利润SingleStep Format 单步式表格 SingleStep FormatNet SalesMaterials and ProductionMarketing and AdministrativeResearch and Development Expenses(R & D)Other Income & ExpensesPretax IncomeTaxesNet
5、Income单步式表格销售净收入生产成本销售费用和管理费用研发支出其他业务收入支出税前利润所得税净利润MultiStep FormatSingleStep FormatNet SalesNet SalesCost of SalesMaterials and ProductionGross IncomeMarketing and AdministrativeSelling，General and Administrative Expenses(SG & A)Research and Development Expenses(R & D)Operating IncomeOther Income &
6、 ExpensesOther Income & ExpensesPretax IncomePretax IncomeTaxesTaxesNet IncomeNet Income(after tax)In the multi step income statement，four measures of profitability (*) are revealed at four critical junctions in a companys operationsgross，毛利润operating，营业利润 Pretax，税前利润 and after tax.税后利润 主营业务收入主营业务成本
7、主营业务税金及附加利润总额所得税=净利润（主营业务利润+其他业务利润）存货跌价损失营业费用管理费用财务费用营业利润+投资收益+补贴收入+营业外收入营业外支出 In the singlestep presentation，the gross and operating income figures are not stated; nevertheless，they can be calculated from the data provided.在单步式的利润表中，毛利润和营业利润的数据被进行披露，但是它们也能够根据表中所列式的数据进行计算 52Income Statement Accounts
8、 (MultiStep Format)利润表项目(多步式) Net Sales (a.k.a.sales or revenue) 净销售收入(销售收入或者收入) These all refer to the value of a companys sales of goods and services to its customers. 净销售收入针对的是公司为客户提供的商品和服务。 Even though a companys “bottom line” (its net income) gets most of the attention from investors，the “top l
9、ine” is where the revenue or income process begins. 尽管一个公司的净利润是投资者最关注的，但是，销售收入是利润的首要来源。 Also，in the long run，profit margins on a companys existing products tend to eventually reach a maximum that is difficult on which to improve. Thus，companies typically can grow no faster than their revenues.另外，长期来
10、看，公司现有商品的边际利润最后趋于最大化，最终难以继续改善，因此，公司的增长通常不会超过收入的增长。 Cost of Sales 销售成本a.k.a.cost of goods (or products) sold (COGS)，and cost of services (销售产品的成本或者服务成本)For a manufacturer，cost of sales is the expense incurred for raw materials，labor and manufacturing overhead used in the production of its goods. 对于一个
11、制造企业，销售成本是指为制造产品而消耗的原材料成本、人工成本和期间费用。 While it may be stated separately，depreciation expense belongs in the cost of sales. For wholesalers and retailers，the cost of sales is essentially the purchase cost of merchandise used for resale. 这些项目可能需要分开记录。与生产相关的折旧费用属于销售成本。对于批发商和零售商户，销售成本主要是用于出售的商品的购进成本。 For
12、 servicerelated businesses，cost of sales represents the cost of services rendered or cost of revenues 对于提供服务的企业，销售成本代表提供服务的成本。 Gross Profit (a.k.a. gross income or gross margin)毛利润(边际利润) A companys gross profit does more than simply represent the difference between net sales and the cost of sales. 一
13、个公司的毛利润不仅仅代表销售收入和销售成本的差额。 Gross profit provides the resources to cover all of the companys other expenses. Obviously，the greater and more stable a companys gross margin，the greater potential there is for positive bottom line (net income) results. 毛利润用于承担公司运营产生的所有其他的费用。 显然，公司的毛利润金额越大、越稳定，公司获得正的净利润的潜力
14、越大。Selling，General and Administrative Expenses管理费用 Often referred to as SG&A，this account comprises a companys operational expenses.管理费用项目(SG&A，Selling，General and Administrative Expenses)，包括公司运营中的花费 Financial analysts generally assume that management exercises a great deal of control over this expe
15、nse category. The trend of SG&A expenses，as a percentage of sales，is watched closely to detect signs，both positive and negative，of managerial efficiency.财务分析师通常认为公司管理层对管理费用项目具有相当的控制权。用销售收入的百分比表示的管理费用的变化趋势，会被财务分析师密切关注，作为发现关于公司管理效率的正面或负面的信号。 Operating Income营业利润 Deducting SG&A from a companys gross pr
16、ofit produces operating income. This figure represents a companys earnings from its normal operations before any socalled nonoperating income and/or costs such as interest expense，taxes and special items.营业利润等于毛利润减去管理费用。营业利润代表一个公司从正常运营中获得的利润，而不包括所谓的非营业收入和(或)费用，例如利息费用、税款和特殊项目。 Income at the operating level，which is viewed as more reliable，is often used by financial analysts rather than net income as a measure of profitability.相对于净利润，营业利润被认为更加稳定，常被财务分析师作为衡量营利性的指标。Interest Expense利息费用 This item ref
