投资人应当关注的财务指标 – EBIT & EBITDA (1)
russonxiao2023-08-09T21:27:18+00:00作为投资者,在做出任何投资决策之前,评估公司的财务健康状况和盈利能力至关重要。有时,被收购方(以下简称项目方)会主动公开公司的净利润、净资产或全年收入,以表明这是一项优质的投资收购。在各种财务指标中,这两种重要指标值得关注,一个是息税前利润(EBIT),另一个是息税折旧摊销前利润(EBITDA)。这样的指标为了解公司的经营业绩提供了宝贵的信息,有助于投资者做出明智的选择。
同时,我们可以发现,在中国企业的财务报表/ 审计报告或者上市公司的集团财务审计年报内,对于披露EBIT和 EBITDA指数并非强制性。但是在一些欧美主流国家,均会在财务报表或审计报告内披露,方便投资者查看这一重要指数。所以学习如何在中国财务报表内提取EBIT 和 EBITDA指数至关重要。
1. EBIT和EBITDA的概念
EBIT (Earnings Before Interest and Tax)的全称是息税前盈利。它是一种衡量公司盈利能力的指标,它只关注公司的经营业绩,不包括利息和税收等非经营性支出。这里的税是指企业所得税。其计算公式为:
息税前盈利 | = 净利润+所得税+利息 | 间接法 |
= 边际贡献-固定经营成本 | 直接法 | |
= 销售收入-变动成本-固定成本 | 直接法 | |
= 销售收入-成本-经营费用 | 直接法 |
通过息税前盈利,投资者可以评估公司在不受外部因素影响的情况下从核心业务中获取利润的能力。它能更清晰地反映一家公司的运营效率和盈利能力,让投资者可以比较同一行业中不同公司的表现。
EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization)的全称是息税折旧摊销前利润。它是另一个重要指标,可帮助人们深入了解公司的运营盈利能力。它进一步剔除了折旧和摊销等非现金支出的影响,这些支出是用于在一段时间内分配资产成本的会计措施。这里的税收指的是企业所得税。其计算公式为:
息税折旧摊销前利润 | = 净利润+所得税+利息+折旧+摊销 |
通过剔除这些非现金支出,息税折旧摊销前利润使投资者能够关注公司从运营中产生现金的能力,这在比较采用不同会计方法或资本结构的公司时非常有用。
2. EBIT和EBITDA的作用
EBIT主要用来衡量企业主营业务的盈利能力。通过剔除所得税和利息,可以使投资者评价项目时,不会考虑项目适用的所得税率和融资成本,这样方便投资者将项目放在不同的资本结构中进行考察。
EBITDA主要用来衡量企业主营业务产生现金流的能力。通过剔除所得税,利息,折旧和摊销的因素,使投资者在考察项目时,更方便的关注于未来资本支出的估计。因为摊销和折旧中包含了以前会计期取得的固定资产及无形资产时支付的成本,而并非投资人关注的当期现金支出。
然而,投资者在过于依赖EBITDA进行估值时必须谨慎。EBITDA 应与净收入、现金流和财务实力等其他财务指标一起考虑,以全面了解公司的基本情况。
我们将在下一篇文章中继续分享。在接下来的文章中,我们将逐一解释EBIT和EBITDA的各个组成部分,让投资者了解获取它们的原因和意义。
如果您有任何疑问,请随时联系我们
(Continued from the previous article)
- Provision on bona fide acquisition of false special invoices
«Circular of the State Administration of Taxation on the Settlement for the Taxpayers Obtaining the False Special Invoice of Value-added Tax without Acknowledgement» defines what is “bona fide”.
It is stated in the Circular that the purchaser shall be deemed to have obtained the false special invoice in good faith if all the following conditions are met:
- a genuine transaction between the purchaser and the seller;
- the sale is made using the special invoices of the province (autonomous region, municipality directly under the Central Government, and cities listed in the plan) in which the purchaser is located;
- all the contents of the special invoices match with the actual ones, such as the name of the seller, the seal, the number of goods, the amount, and the tax amount; and
- no evidence that the purchaser knows that the special invoices provided by the seller were obtained by illegal means.
On the other hand, tax authorities of the purchaser’s location shall grant credit for input tax or export tax refund in accordance with the law, if:
- the purchaser is able to obtain again from the seller a legal and valid special invoice issued by the anti-counterfeit tax-control system; and
- the purchaser has obtained the certificate that the tax authorities in the place where the seller is located have conducted or are conducting an investigation and punishment on the seller’s false special invoices accordingly.
However, if the above conditions cannot be met, the input tax deducted or the export tax refund obtained by the purchasing party shall be recovered accordingly.
In addition, if the taxpayer has obtained in good faith a false special invoice that has been recovered and deducted in accordance with the law, then the taxpayer does not need to consider the provisions of Article 32 of the «Tax Collection Administration Law of the People’s Republic of China»: – If the taxpayer fails to pay the tax in accordance with the prescribed period, and the withholding agent fails to settle the tax in accordance with the prescribed period, the tax authorities shall, in addition to ordering the payment within the prescribed period, impose a late payment fee of five percent of the tax due on a daily basis. If the taxpayer fails to pay the tax in accordance with the prescribed period, the taxation authority shall, in addition to ordering the payment within the prescribed period, impose a late payment fee of five ten thousandths of the late payment of tax on a daily basis from the date of the late payment of tax. In other words, tax authorities will not add the late payment fee arising from the recovery of past taxes.
- Necessary documentation in case the tax inspection happens
Through the above layer-by-layer analysis, accountants of enterprises need to prepare the necessary financial documents to respond to tax inspection, while supporting themselves if they are bona fide purchasers, including but not limited to: –
- the original special invoice was identified as a false invoice
- purchase and sale contracts/business contracts or other contracts involving the invoice
- the goods involved in the incoming order, outgoing order, transfer orders, or transport documents
- relevant accounting documents
- bank payment voucher
- VAT declaration report for the month in which VAT is deducted, and CIT annual return
- statement of the entire business transaction and tax declaration
To sum up, enterprises do not need to be too panicky after receiving the Notice of Tax Inspection. Prepare the above list of supporting materials first and conduct self-inspection after communicating with the relevant tax officer to understand the situation. Companies that have evidence to prove they are bona fide invoice purchasers should actively respond to the tax authorities’ inspection and cooperate with the follow-up investigation. The enterprise will usually pass the tax inspection successfully if they respect all the conditions mentioned previously.
If you have any questions, please feel free to contact us.
References:
«Circular of the State Administration of Taxation on the Settlement for the Taxpayers Obtaining the False Special Invoice of Value-added Tax without Acknowledgement»
http://www.chinatax.gov.cn/chinatax/n359/c448/content.html
China is now fully open! In order to better coordinate the epidemic prevention and control as well as the needs of economic and social development, and to facilitate the people-to-people exchange between China and foreign countries, the National Immigration Administration of PRC has decided to adjust the visa and entry policy starting as of Beijing time at 00:00 on March 15, 2023.
- Valid visas issued before 28 March 2020 by the Chinese visa authorities abroad will resume functioning.
- Foreigners may apply for all types of visas, including tourism and medical treatment.
- Port visas shall resume being issued in line with the relevant laws and regulations.
- The visa-exemption policy for Hainan, visa-exemption cruise policy for Shanghai, visa-exemption policy for foreigners to visit Guangdong from Hong Kong and Macao, and visa-exemption policy for ASEAN tour groups to Guilin, Guangxi shall resume operation.
In recent times, the immigration policies of many countries are updated in real-time. In addition to the reopening policy, other restrictions are listed below for your consideration.
Chinese embassies in many countries notice: From 15 March, antigen testing instead of nucleic acid testing.
According to the latest requirements of the Chinese government regarding the optimization of pre-trip testing measures for people traveling to China, starting from 15 March 2023, passengers flying directly from specific countries[1] to China are allowed to replace nucleic acid testing with antigen testing (including self-testing with kits). In order to facilitate the pre-trip preparation of travelers, the embassies concerned have issued guidelines on epidemic prevention and control.
- Distal testing: Nucleic acid testing within 48 hours before boarding or self-testing with antigen kits, negative results before going to China, positive results please go to China after turning negative.
- Customs declaration: After obtaining a negative test result, fill out the “Health Declaration Card of the People’s Republic of China” through the WeChat app “Customs Passenger Service” (“海关旅客指尖服务”), the Customs APP or the web version to make declaration.
- Airlines are not required to check pre-boarding nucleic acid test certificates and antigen test results.
- In-flight epidemic prevention: Please insist on wearing a mask during the flight and do your personal protection to reduce the risk of infection.
- Entry quarantine: Upon arrival at the port, complete the necessary customs clearance procedures with the customs health declaration code. Customs will test a sample of people with abnormal health declarations or fever and other symptoms in accordance with a certain percentage.
- passengers with positive test results, in accordance with the requirements of the notification letter, go home/living place for isolation, or medical treatment;
- passengers with negative test results, by the Customs and Excise Department in accordance with the “Frontier Health and Quarantine Law of PRC” and other laws and regulations to implement routine quarantine;
- passengers with normal health declarations and tests can pass the entrance.
- Territorial epidemic prevention and control: Passengers should strictly comply with the requirements of territorial epidemic prevention and control after entering the country.
Policies vary from country to country, so it is recommended that you pay attention to the latest Chinese embassy and consulate notices in real-time before making travel arrangements, read them carefully, and follow them to avoid affecting your trip.
Should you have any further questions, please feel free to contact us.
Reference:
Further Adjustment of Visa and Entry Policy for Foreigners to China
Authority: National Immigration Administration
Date: 2023-03-14
https://www.nia.gov.cn/n897453/c1566449/content.html
Notice on Further Adjustment of Visa and Entry Policy for Foreigners to China
Authority: Embassy of the People’s Republic of China in the United States of America
Date: 2023-3-13
http://us.china-embassy.gov.cn/chn/lsfw/zj/qz/202303/t20230314_11040138.htm
[1] Currently, the following countries have issued this notice: France, Italy, Denmark, Spain, Georgia, Tanzania, Nepal, Mongolia, Vietnam, Iran, Greece, Brunei, Thailand, New Zealand, Malaysia, etc.