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茅台靓丽财报被指造假 或涉嫌隐藏利润45.66亿元
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Topic: 茅台靓丽财报被指造假 或涉嫌隐藏利润45.66亿元 (Read 389 times)
zaisha
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茅台靓丽财报被指造假 或涉嫌隐藏利润45.66亿元
April 19, 2017, 12:22:29 PM
#1
贵州茅台上周末交出靓丽的2016年年报却遭到了“造假”质疑。近日,有媒体报道茅台业绩涉嫌造假,与此同时,又有微博名为“扬韬”的财经大V发文质疑茅台涉嫌隐藏利润45.66亿元,或为方便股权激励。
上周末,贵州茅台发布2016年年报显示,公司实现营业收入388.62亿元,同比增长18.99%;净利润167.18亿元,同比增长7.84%;其中茅台酒营业收入367.14亿元,占总营收94.47%。
有酒企业绩“蓄水池”之称的预收账款项目,也是体现公司未来业绩增长潜力的一个指标,贵州茅台2016的预收账款创新高,达到了惊人的175.41亿元,较上年同期增长112.32%。年报解释称,预收账款增长是经销商预付的货款增加所致,经营现金流更是达到374.51亿元,同比增长114.79%。
然而,扬韬发文《茅台财报涉嫌造假:隐藏利润45.66亿或为方便做股权激励》称:茅台母公司的营业成本基本是茅台酒的生产成本,合并报表的营业成本也是茅台酒的生产成本,两者的数据应该基本一致。2016年,母公司报表营业成本40.12亿,合并报表营业成本34.10亿。为什么差距这么大?
外界质疑声认为,如果母公司报表和合并报表里的营业成本差距大,说明利润有可能被操纵。而2016年贵州茅台母公司报表营业成本40.12亿,合并报表营业成本34.10亿。差距之所以这么大,是因为母公司把茅台酒卖给了子公司销售公司,但是销售公司并没有把全部的酒都卖给经销商,所以合并报表营业成本比母公司报表少,而这就说明利润可能被操纵。
据悉,2016年茅台增收不增利,毛利率比去年还下降了0.93%,但茅台一直在涨价,市场人士因此对其财报表示质疑。
有报道指出,“消费税一直是茅台操纵利润的法宝之一。2016年,茅台消费税为50.95亿,同比增长了105%,增长了26.1亿。假设茅台的消费税跟茅台酒的收入是完全匹配的,根据相关数据反推计算,2016年茅台的消费税应该为:24.85*118.95%=29.56亿。2016年茅台消费税虚增:50.95-29.56=21.36亿。所以,收入少确认和消费税虚增隐藏的利润为29.51+21.36-(68.48/388*29.56)=45.66亿。”
茅台隐藏利润到底是为何?投资界认为,或为高管股权激励铺路。扬韬微博也指出:“10多年前,我曾强烈质疑过哈药集团等公司的利润造假情况(全部是隐瞒利润),当时的主要手法是调节应付工资来减少当期利润。对于靠广告营销为主的公司,这种隐藏主要是为了平滑利润。茅台2016年的利润显然不合理,是为了将来兑现,未来会有一次性大爆发。如果是为了某些管理人员的股权激励,必须举报它。”
据悉,贵州茅台2014年7月30日,控股股东准备给高管和核心技术团队进行股权激励,并于2017年12月底完成股权激励办法。而这几年隐藏利润,后面几年就可以释放利润,释放利润的年度正好是股权激励承诺业绩的年度。
另外,贵州茅台的关联交易还被指涉嫌利益输送。据悉,2016年,贵州茅台上市公司及子公司将资金归集到贵州茅台集团财务有限公司,但是,上市公司只占财务公司51%股份,那么享受的利息收入只占51%。2016年末,茅台的货币资金高达668亿,利息收入12.9亿,这对于上市公司股东来说,损害极大。
京华时报记者4月18日与茅台方面联系,但是未获得相关回复。
香颂资本执行董事沈萌表示,在国内,狭义的利润造假是以谋求非法利益为目的,通过伪造单据合同等方式制造虚假利润数字,但如果是说通过会计手段调整利润数字,并不涉嫌伪造证据凭证并以不正当利益为目标,这个只算是广义的利润造假,也是很常见的。
但如果这些手段的运用是以损害全体股东利益而使少数人受益,那么就涉嫌违背股东信托义务甚至涉嫌违法。
qianh8
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Re: 茅台靓丽财报被指造假 或涉嫌隐藏利润45.66亿元
April 19, 2017, 01:36:54 PM
#2
卧槽,这么多钱
zhuiyi
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Re: 茅台靓丽财报被指造假 或涉嫌隐藏利润45.66亿元
April 20, 2017, 01:09:38 AM
#3
茅台贵的一比,表示喝不起
jilin
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Re: 茅台靓丽财报被指造假 或涉嫌隐藏利润45.66亿元
April 20, 2017, 01:40:18 AM
#4
查查资金流向那里了
Eric pink
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Re: 茅台靓丽财报被指造假 或涉嫌隐藏利润45.66亿元
April 20, 2017, 01:56:19 AM
#5
可怕
vapor steam
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Re: 茅台靓丽财报被指造假 或涉嫌隐藏利润45.66亿元
April 20, 2017, 02:08:28 AM
#6
卖酒真挣钱
jilin
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Re: 茅台靓丽财报被指造假 或涉嫌隐藏利润45.66亿元
April 20, 2017, 04:01:52 AM
#7
违法了,好好查查
dihan
Sr. Member
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Re: 茅台靓丽财报被指造假 或涉嫌隐藏利润45.66亿元
April 20, 2017, 04:43:33 AM
#8
隐藏这么多钱,可怕啊
shiwe
Sr. Member
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Merit: 250
Re: 茅台靓丽财报被指造假 或涉嫌隐藏利润45.66亿元
April 20, 2017, 04:44:01 AM
#9
太黑了
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