Professional Documents
Culture Documents
1. ngha:
2. Mc tiu:
CC P NG P P P N TC
BCTC:
L phng php xem xt cc ch tiu phn tch bng cch da trn vic so snh
s liu vi mt ch tiu c s (ch tiu gc). Tiu chun so snh thng l: Ch
tiu k hoch ca mt k kinh doanh, tnh hnh thc hin cc k kinh doanh qua,
ch tiu cc doanh nghip tiu biu cng ngnh. iu kin so snh l: Cc ch
tiu so snh phi ph hp v yu t khng gian, thi gian, cng ni dung kinh t,
n v o lng, phng php tnh ton. Phng php so snh c hai hnh thc: So
snh tuyt i v so snh tng i. So snh tuyt i da trn hiu s ca hai ch
tiu so snh l ch tiu k phn tch v ch tiu c s. So snh tng i l t l (%)
Li rng
Doanh thu
ROA =
x
Tng ti sn
Doanh thu
Li rng
ROA
IV.
Tng ti sn
CC CH S TI CHNH:
Ti sn ngn hn
=
N ngn hn (ln)
T s ny cho thy doanh nghip c bao nhiu ti sn c th chuyn i m bo
thanh ton cc khon n ngn hn. Do , n o lng kh nng tr n ca doanh
nghip.
Tuy nhin, trong nhiu trng hp, t s ny phn nh khng chnh xc kh nng
thanh ton, bi nu hng ha tn kho l nhng loi hng kh bn th doanh nghip rt
kh bin chng thnh tin tr n.V vy, cn quan tm n kh nng thanh ton
nhanh.
3. T s kh nng thanh ton nhanh:
T s kh nng thanh
ton nhanh
N ngn hn (ln)
T s kh nng thanh
ton bng tin
Tin
=
N ngn hn
(%)
: chi ph li vay
6. T s hot ng:
Hng tn kho
iu sut s dng ti sn c nh :
Vng quay ti sn :
T s ny cho thy hiu qu s dng ton b cc loi ti sn ca doanh nghip, hoc
c th hin 1 ng ti sn b ra trong k th mang li bao nhiu ng doanh thu.
Vng quay ti sn =
7. T s doanh li:
(%)
8. Cc t s i vi cng ty c phn:
(/cp)
T l chi tr c tc:
ict= Ict / EPS
ict :T l chi tr c tc
Ict : C tc chi tr cho 1 c phiu thng
= ROA
Vng quay ti sn
x
1 T s n
1
1- T s n
Gia tng n cn n
S ti chnh Dupont
(ROE)
Li nhun sau thu
Vn ch s hu
(ROA)
(ROS)
Tng ti sn
Vn ch s hu
PHN 2: P N TC T C N
CNG TY BIBICA
A. V N T V C NG T C
P N BN
K O B B CA
I.
PHN BIBICO
tin hnh hot ng sn xut kinh doanh, doanh nghip cn phi c mt lng ti sn
nht nh. Ti sn ny khng ng yn m lun vn ng t hnh thi ny sang hnh thi
khc. Nh t tin mt chuyn thnh vt liu, t vt liu chuyn thnh thnh nhp kho,
mang thnh phm i tiu th v thnh phm quay tr li thnh tin.Ti sn ca doanh
nghip biu hin bng tin gi l vn kinh doanh, mt khc, ti sn hin c ca doanh
nghip c hnh thnh t nhiu ngun khc nhau gi l vn kinh doanh. Tm li, bng
cn i k ton l mt bc tranh ti chnh phn nh ton b ga tr cc loi ti sn m
doanh nghip ang s hu v ngun vn hnh thnh nn cc loi ti sn ti mt
thi im nht nh. Do , ta tin hnh phn tch bng cn i k ton nm 2010 v
nm 2011 ti Cng ty C Phn BIBICO thy c bc tranh ti chnh ny.
u nm 2011
Mc tng
(gim)
Khon mc
Ti sn
Cui nm 2011
T l tng (gim)
ngn hn
Ti sn
421.796.982.068
333.373.157.378
88.423.824.690
26,52397853
di hn
364.401.076.927
425.467.537.219
-61.066.460.292
-14,35278957
Tng ti sn
786.198.058.995
758.840.694.597
27.357.364.398
3,605152517
Cui nm 2011
u nm 2011
Ti sn
ngn hn
Tng ti sn
Cui
nm
nm
2011
2011
Bin ng
kt cu(
421.796.982.068
333.373.157.378
54
44
10
364.401.076.927
425.467.537.219
46
56
-10
786.198.058.995
758.840.694.597
100
100
Ti sn
di hn
Khon mc
Cui nm 2011
u nm 2011
Mc tng (gim)
Tin v cc
khon
tng
ng tin
60.321.483.966
89.081.437.503
-28.759.953.537
T l tng (gim)
-32,285
Khon mc
Tin v cc khon
Cui nm 2011
u nm 2011
Quan h kt cu
Bin
(%)
ng
u
nm
2011
kt cu
89.081.437.503
Cui
nm
2011
14,3
21,12
-6.82
421.796.982.068 333.373.157.378
100
100
60.321.483.966
(%)
tng ng tin
Ti sn
ngn hn
Khon mc
Cui nm 2011
u nm 2011
Cc khon
phi thu
229.704.535.224
78.425.252.867
Mc tng (gim)
T l tng (gim)
192,9
151.279.282.357
Khon
mc
Quan h kt cu (
Cui nm 2011
u nm 2011
Cui
nm 2011
Bin ng
u
nm
2011
kt cu
30,98
(%)
Cc
khon
phi
229.704.535.224
78.425.252.867
54,5
23,52
421.796.982.068 333.373.157.378
100
100
thu
Ti
sn
ngn
hn
T l
tng
Khon mc
Cui nm
u nm
2011
2011
Mc tng (gim)
)%
65.068.213.173 68.710.495.84
Phi thu khch hng
Tr trc cho ngi
(gim
-3.642.282.671
-5,3
4
18.346.461.915 4.272.255.959
14.074.205.956
329,4
bn
Cc khon phi thu
khc
D phng cc khon
149.941.936.34 6.178.210.722
143.763.725.618
2326,
(3.652.076.204) (735.709.658)
-2.916.366.546
396,4
phi thu kh i
Bng 1.8: Phn tch kt cu v bin ng kt cu ca cc khon mc cc khon phi thu
Khon mc
Cui nm 2011
u nm 2011
Bin
Quan h kt cu(
Cui nm
2011
u nm
2011
ng
kt
cu(
65.068.213.173
68.710.495.844
27,88
86,8
-59,92
18.346.461.915
4.272.255.959
7,86
5,4
2,46
149.941.936.340
6.178.210.722
64,25
7,8
100
100
bn
Cc khon phi thu
khc
Tng cc khon
phi thu
233.356.611.428 79.160.962.525
56,45
D phng cc khon
(3.652.076.204)
(735.709.658)
-1,56
-0,93
-0,63
phi thu kh i
n v tnh: ng
Theo kt qu tnh c trn bng phn tch, vo cui nm 2011 cc khon phi thutng
l do cc khon mc trn u tng, ch ring khon mc phi thu khch hng th c xu
hng gim. Phi thu ca khch hng gim v s tuyt i l 3.642.282.671
V gim v kt cu t 86,8% xung cn 27,88%. Khon mc ny gim cho
thy cng tc thu hi n khch hng c chuyn bin tt, lm tng kh nng t ch v
ti chnh ca cng ty.
Cc khon phi thu khc th chim t trng cao trong tng cc khon phi thu, t l
tng rt cao, vi mc tng 143.763.725.618, ng vi mc tng l 2326,9 %
Vic qun l khng chc ch cc khon phi thu khc, gp phn lm tng
tng cc khon phi thu ca cng ty.
D phng cc khon phi thu kh i vo cui nm tng cao vi mc tng
2.916.366.546,ng vi t l tng 396,4%. iu ny cho thy cng ty khng c kh
nng i thu hi n s lm gim doanh thu ca cng ty.
ng tn kho:
Bng 1.9: Phn tch bin ng theo thi gian ca hng tn kho
n v tnh: ng
Khon mc
Cui nm 2011
u nm 2011
Hng tn kho
120.841.420.630
117.410.506.725
Mc tng
(gim)
T l tng
(gim)
3.430.913.905
2,92
Khon mc
Cui nm 2011
u nm 2011
Quan h kt cu
Bin
(%)
ng
Cui
2011
(%)
-6,22
nm
Hng tn kho
Ti sn
ngn hn
kt
u
nm
2011
120.841.420.630
117.410.506.725
29
35,22
421.796.982.068
333.373.157.378
100
100
cu
Khon mc
Ti sn c nh
Cc khon u t
ti chnh di hn
Ti sn di hn
khc
Tng ti sn di
hn
T l
tng
(gim)
-57.336.586.307
-14,28
4.645.772.300
10.792.009.300
-6.146.237.000
-56,95
15.684.569.378
13.268.206.363
2.416.363.015
18,21
-14,35
Khon mc
Cui nm 2011
u nm 2011
Quan h kt cu(
Cui nm
2011
u nm
2011
Ti sn c nh
344.070.735.249
401.407.321.556
94,42
94,34
Bin
ng kt
cu( )
0,8
Cc khon u
t
ti chnh di
hn
Ti sn di hn
khc
Ti sn di
hn
4.645.772.300
10.792.009.300
1,27
2,54
-1,27
15.684.569.378
13.268.206.363
4,3
3,12
1,18
364.401.076.927
425.467.537.219
100
100
Cui nm 2011
Ti sn c nh
hu hnh
- Nguyn gi
- Gi tr hao mn
l y k
u nm 2011
309.297.066.544
364.344.884.606
514.025.137.736
548.573.965.150
(204.728.071.192)
(184.229.080.544)
Mc tng
(gim)
T l tng
(gim)
-55.047.818.062
-34.548.827.414
-20.498.990.648
-15
-6,3
-11.13
Mc tng
(gim)
T l tng
(gim)
Khon mc
Cui nm 2011
u nm 2011
N phi tr
211.890.762.223
214.267.071.869
-2.376.309.646
-1,1
Vn ch s hu
Ngun vn
574.307.296.772
786.198.058.995
544.573.622.728
758.840.694.597
29.733.674.044
27.357.364.398
5,5
3,6
Khon mc
N phi tr
Cui nm 2011
211.890.762.223
u nm 2011
214.267.071.869
Mc tng (gim)
-2.376.309.646
T l tng
(gim)
-1,1
Quan h kt cu ( )
Khon mc
Cui nm 2011
u nm 2011
N phi tr
211.890.762.223 214.267.071.869
Ngun vn
786.198.058.995 758.840.694.597
Cui
nm 2011
u nm
2011
27
28
100
Bin
ng
kt cu
(%)
-1
100
Khon mc
Cui nm 2011
N ngn hn
209.357.352.483
u nm 2011
T l tng
(gim)
Mc tng (gim)
183.690.930.005
25.666.422.478
13,97
Cui nm 2011
Quan h kt cu( )
Cui nm
u nm
2011
2011
u nm 2011
209.357.352.483
183.690.930.005
211.890.762.223
214.267.071.869
98,8
Bin
ng kt
cu( )
85,7
100
13
100
T bng 2.4 kt qu phn tch trn, cho thy n ngn hn ang vo cui nm, vi mc
tng l 25.666.422.478, t l tng 13,97%. Cn c vo bng 2.5 ta thy: n ngn hn
chim gn nh ton b n phi tr ca cng ty, n ngn hn ang tng v s tuyt i
v kt cu trong n phi tr c ng tng dn: u nm l 85.7 %, cui nm ti 98,8%
tng 13%, y s l gnh nng cho ti sn ngn hn ca cng ty trong vic m bo
kh nng thanh ton.
i su phn tch bin ng gim ca n ngn hn cho thy:
Bng 2.6: Phn tch bin ng theo thi gian cc khon mc ca n ngn hn
n v tnh: ng
Khon mc
Vay v n ngn
hn
Phi tr ngi
bn
Ngi mua
tr tin trc
Thu v cc
khon phi np
Nh nc
Phi tr cng
nhn vin
Chi ph phi tr
Cc khon phi
tr,phi np
khc
Mc tng
Cui nm 2011
u nm 2011
(gim)
876.135.746
35.730.561.961 34.854.426.215
92.476.793.641
7.059.878.473
96.204.877.283
-3.728.083.642
3.661.811.878
3.398.066.595
T l tng
(gim)
-97,54
-3,87
92,79
229
16.361.521.417
5.860.481.754
44.855.499.296
4.970.184.033
11.391.337.384
4.674.985.576 1.185.496.178
34.465.743.975 10.389.755.321
25,35
30,14
3724,18
39.735.416.279
1.039.056.422
38.696.359.857
Qu khen
thng phc li
2.131.625.877
2.943.708.877
-27,587
-812.083.000
Cui nm 2011
u nm 2011
Cui nm
2011
u nm
2011
Bin
ng
kt
cu( )
876.135.746
35.730.561.961
0,418
19,45
-19,03
92.476.793.641
96.204.877.283
44,17
52,37
-8,2
Ngi mua
tr tin trc
7.059.878.473
3.661.811.878
3,37
1,99
1,37
Thu v cc
khon phi
np Nh nc
16.361.521.417
4.970.184.033
7,81
2,7
5,11
5.860.481.754
4.674.985.576
2,79
2,54
0,25
44.855.499.296
34.465.743.975
21,42
18,76
2,66
39.735.416.279
1.039.056.422
18,97
0,56
18,41
2.131.625.877
2.943.708.877
1,02
1,6
-0,58
209.357.352.483
183.690.930.005
100
100
Quan h kt cu(
Khon mc
Vay v n
ngn hn
Phi tr ngi
bn
Phi tr cng
nhn vin
Chi ph phi
tr
Cc khon
phi tr,phi
np khc
Qu khen
thng phc
li
N ngn hn
Quan h kt cu (
Khon mc
N di hn
N phi tr
Bin ng
Cui nm
u nm
kt cu
Cui nm 2011
u nm 2011
2011
2011
(%)
2.533.409.740
30.576.141.864
1,19
14,27
-13,07
211.890.762.223 214.267.071.869 100
100
Khon mc
N di hn
Cui nm
Mc tng
2011
u nm 2011
(gim)
2.533.409.740 30.576.141.864 -28.042.732.124
T l
tng
(gim)
-91,71
Cui nm
2011
Khon mc
Vay v n
di hn
D phng tr cp
mt vic
Phi trdi hn
khc
u nm 2011
T l
tng
(gim)
%
Mc tng
(gim)
23.999.998.016
-23.999.998.016 100%
857.793.740
857.793.740
0
-4.042.734.108
1.675.616.000
5.718.350.108
0
-70,69
Quan h kt cu ( )
Khon mc
Vay v n
Cui nm 2001
u nm 2011
di hn
23.999.998.016
Cui
nm 2011
0
u nm
2011
78,49
Bin
ng kt
cu ( )
-78,49
D phng tr cp
mt vic
857.793.740
Phi tr di hn
khc
N di hn
857.793.740
33,85
2,8
31,05
1.675.616.000
5.718.350.108
2.533.409.740 30.576.141.864
66,14
18,7
47,44
100
100
Khon mc
Tng vn
ch s hu
Cui nm 2011
u nm 2011
574.307.296.772 544.573.622.728
T l tng
(gim)
Mc tng (gim)
29.733.674.044
5,45
Quan h kt cu (
Khon mc
Tng vn
ch s hu
Ngun vn
Cui nm 2011
u nm 2011
574.307.296.772
786.198.058.995
544.573.622.728
758.840.694.597
Bin ng
kt cu
(%)
71,76
100
1,28
Khon mc
Cui nm 2011
u nm 2011
154.207.820.000
Mc tng
(gim)
0
T l tng
(gim)
0
Vn u t ca ch s hu
154.207.820.000
Thng d vn c phn
302.726.583.351
302.726.583.351
Chnh lch t gi hi oi
317.338.936
-543.191.032
225.852.096
41,57
Qu u t pht trin
62.102.469.603
39.909.445.831
22.193.023.772
55,60
Qu d phng ti chnh
9.244.431.382
7.155.431.382
2.089.000.000
29,19
45.708.653.500
41.117.533.196
4.591.120.304
11,16
Cui nm 2011
u nm 2011
Quan h kt cu ( )
Cui nm
u nm
2011
2011
26,85
28,31
Bin
ng kt
cu ( )
Vn u t ca ch
s hu
154.207.820.000
154.207.820.000
Thng d vn c
phn
302.726.583.351
302.726.583.351
52,71
55,58
-2,87
Chnh lch t gi
hi oi
Qu u t pht
trin
317.338.936
-543.191.032
0,05
-0,09
0,15
62.102.469.603
39.909.445.831
10,81
7,32
3,48
Qu d phng ti
chnh
9.244.431.382
7.155.431.382
1,60
1,31
0,29
Li nhun cha
phn phi
45.708.653.500
41.117.533.196
7,95
7,55
0,41
Tng vn
ch s hu
574.307.296.772
544.573.622.728
100
100
-1,46
DOAN
Ch tiu
1. Doanh thu bn hng v cung cp dch v
2. Cc khon gim tr doanh thu
3. Doanh thu thun v bn hng v cung cp dich v
4. Gi vn hng bn
5. Li nhun gp v bn hng v cung cp dch v
6. Doanh thu hot ng ti chnh
7. Chi ph ti chnh
trong : chi ph li vay
8. Chi ph bn hng
9. Chi ph qun l doanh nghip
10. Li nhun thun thot ng kinh doanh
11. Thu nhp khc
12. Chi ph khc
13. Li nhun khc
14. Tng li nhun k ton trc thu
15. Chi ph thuTNDN hin hnh
17. Li nhun sau thuTNDN
18. Li cbn trn cphiu
P N T Nm 2011
Nm 2011
Nm 2010
VND
VND
1.009.368.246.676 792.664.245.426
9.059.852.801
4.828.073.831
1.000.308.393.875 787.836.171.595
709.972.778.184 578.217.499.791
290.335.615.691 209.618.671.804
14.809.152.705
13.707.409.807
13.463.591.909
9.357.169.916
6.728.033.220
5.151.610.567
188.969.964.301 139.920.749.105
49.105.784.274
35.003.982.524
53.605.427.912
39.044.180.066
5.623.241.655
7.153.795.506
3.899.544.846
1.072.926.905
1.723.696.809
6.080.868.601
55.329.124.721
45.125.048.667
8.959.788.645
3.346.832.895
46.369.336.076
41.778.215.772
3.007
2.709
Khon mc
DT bn hng v cung
cp dch v
Cc khon gim tr DT
DT thun v bn hng v
cung cp dch v
DT hot ng ti chnh
Thu nhp khc
Tng DT
nm 2011
nm 2010
Mc tng (gim)
T l
tng
(gim)
216.704.001.250
27,33
1.009.368.246.676
792.664.245.426
9.059.852.801
4.828.073.831
4.231.778.970
87,64
1.000.308.393.875
787.836.171.595
212.472.222.280
26,96
14.809.152.705
13.707.409.807
1.101.742.898
8,03
5.623.241.655
7.153.795.506
-1.530.553.851
-21,39
1.020.740.788.235
808.697.376.908
212.043.411.327
26,22
Qua phn tch bin ng theo thi gian cho thy doanh thu bn hng v cung cp
dch v nm 2011 tng 27,33%, mc tng 216.704.001.250 ng, nhng doanh thu
thun v bn hng v cung cp dch v ch tng c 26,96%, mc tng 212.472.222.280
ng. iu ny do tc tng qu cao ca cc khon gim tr doanh thu tng
87,64%, mc tng 4.231.778.970ng.
Doanh thu hot ng ti chnh (thu t li tin gi, tin cho vay) tng nh ch c
8,03% vi mc tng l 1.101.742.898. thu nhp khc th gim mc 1.530.553.851
ng ng vi t l gim 21,39%.
Bt chp s kh khn ca nn kinh t nhng tnh hnh doanh thu ca cng ty vn
chuyn bin theo hng tch cc, tng doanh thu tng212.043.411.327ng , t l tng
26,22%.
2. Phn tch chi ph :
Bng 3.2: Phn tch bin ng theo thi gian ca chi ph
n v tnh: ng
Khon mc
Gi vn
hng bn
Chi ph
ti chnh
Chi ph
bn hng
Chi ph qun l
doanh nghip
Chi ph khc
2011
2010
Mc tng
(gim)
T l
tng
(gim)
709.972.778.184
578.217.499.791
131.755.278.393
22,79
13.463.591.909
9.357.169.916
4.106.421.993
43,89
188.969.964.301
139.920.749.105
49.049.215.196
35,05
49.105.784.274
3.899.544.846
35.003.982.524
1.072.926.905
14.101.801.750
2.826.617.941
40,29
264,44
Tng chi ph
965.411.663.514
763.572.328.241
201.839.335.273
26,43
Gi vn hng bn
2011
709.972.778.184
Chi ph ti chnh
13.463.591.909
9.357.169.916
1,34
1,18
0,15
Chi ph bn hng
188.969.964.301
139.920.749.105
18,89
17,76
1,13
49.105.784.274
35.003.982.524
4,90
4,44
0,46
3.899.544.846
1.072.926.905
0,38
0,13
0,25
1.000.308.393.875
787.836.171.595
100
100
Qua phn tch kt cu, ta thy trong 100 ng doanh thu thun nm 2010 c
73,39 ng gi vn hng bn, nm 2011 th trong 100 ng doanh thu thun c 70,97
ng gi vn hng bn. Nh vy, khi so snh v mt kt cu cho thy vi cng 100
ng doanh thu thun, gi vn hng bn nm 2011 thp hn nm 2010, dn n li
T l
tng
(gim)
2011
2010
290.335.615.691
209.618.671.804
80.716.943.887 38,5
53.605.427.912
39.044.180.066
14.561.247.846 37,29
-4.357.171.792
-71,65
1.723.696.809
6.080.868.601
55.329.124.721
45.125.048.667
10.204.076.054 22,61
46.369.336.076
41.778.215.772
4.591.120.304 10,99
Qua bng phn tch trn cho thy, nm 2011 cng ty kinh doanh rt hiu qu nn tt
cc khon li nhun c t l tng cao hn so vi nm 2010, ch c li nhun khc l
gim.
Bn cnh vic phn tch xem li nhun qua cc nm tng gim nh th no, ta
c ng cn quan tm n cc t s sau:
Bng 3.5: Cc t sut li nhun trn doanh thu
n v tnh: %
2011
2010
29,02
26,6
5,35
4,95
4,54
5,16
III.
P N TC
BO CO LU C U N TIN T:
Phn tch bo co lu chuyn tin t nhm gii thch qu tin mt trn bng cn
i k ton thay i do nhng nguyn nhn g. Bi v, ngn lu rng hot ng kinh
doanh cng ngn lu rng hot ng u t v cng ngn lu rng hot ng ti chnh
ng bng chnh lch qu tin mt cui k so vi u k trn bng cn i k ton.
Gii thch c chu k hot ng ca mt doanh nghip ang giai on pht trin
no, doanh nghip quan tm n chnh sch u t, chnh sch ti tr n mc no.
Quan trng hn l ch ra c ti sao c i khi cng ty hot ng c li nhng vn
thiu ht tin hoc hot ng b l m tin vn d tha.. Chnh v tm quan trng
nh trn ta tin hnh phn tch bo co lu chuyn tin t nm 2010 v nm 2011.
Bng lu chuyn tin t qua 2 nm: 2010,2011
n v tnh: ng
ch tiu
I. LU CHUYN TIN T HOT NG KINH
DOANH
1. Li nhun trc thu
2. iu chnh cho cc khon
- Khu hao ti sn c nh
- Cc khon d phng
- Li/l t hot ng u t
- Chi ph li vay
3. Li nhun t hot ng kinh doanh trc thay i
vn lu ng
- Tng/gim cc khon phi thu
- Tng/gim hng tn kho
- Tng/gim cc khon phi tr (khng k li vay phi
tr, thuTNDN phi np
- Tng/gim chi ph tr trc
- Tin li vay tr
- Thu thu nhp doanh nghip np
nm 2011 VND
nm 2010 VND
55.329.124.721
45.125.048.667
30.285.281.637
-2.132.656.999
35.761.664.632
-7.062.143.084
6.728.033.220
83.147.648.495
1.767.126.83
-13.517.093.154
5.151.610.567
74.288.357.547
-155.553.800.114
-2.854.509.974
55.842.843.973
-27.614.858.261
-47.416.149.133
32.576.708.958
-3.274.515.991
-6.728.033.220
-7.512.435.033
863.677.724
-5.036.207.805
-3.304.652.239
1.854.697.325
-1.310.387.000
-36.388.491.539
10.053.061.450
-2.307.361.567
32.102.576.674
-6.405.449.975
-70.685.737.511
1.364.082.281
37.978.948
-292.219.877.000
253.000.000.000
360.224.797.000 213.000.000.000
-54.690.000
6.118.007.000
12.826.184.711
81.853.054.017
-26.770.000
2.774.805.000
13.479.114.206
-94.420.609.357
5.514.295.808
-64.368.720.039
-15.380.001.000
-74.234.425.231
-28.769.862.753
30.811.945.350
-68.740.103.467
-15.300.760.000
-53.228.918.117
115.546.950.800
89.081.437.503 204.756.220.545
9.909.216
-127.832.242
60.321.483.966 89.081.437.503
ch tiu
I. LU CHUYN
TIN T HOT
NG KINH
DOANH
1. Li nhun trc
thu
2. iu chnh cho cc
khon
- Khu hao ti sn c
nh
- Cc khon d phng
nm 2011 VND
nm 2010 VND
Chnh lch
S tin
T l
55.329.124.721
45.125.048.667
10.204.076.054
22,6
30.285.281.637
35.761.664.632
-5.476.382.995
-15,5
-2.132.656.999
1.767.126.83 -3.899.783.834
-220,6
- Li/l t hot ng
u t
- Chi ph li vay
-7.062.143.084
-13.517.093.154
6.454.950.070
-47,7
6.728.033.220
5.151.610.567
1.576.422.653
30,6
3. Li nhun t hot
ng kinh doanh
trc thay i vn
lu ng
- Tng/gim cc
khon phi thu
- Tng/gim hng tn
kho
- Tng/gim cc
khon phi tr (khng
k li vay phi tr,
thuTNDN phi np)
- Tng/gim chi ph
tr trc
- Tin li vay tr
83.147.648.495
74.288.357.547
8.859.290.948
11,9
-155.553.800.114
-27.614.858.261
-127.938.941.853
463,29
-2.854.509.974
-47.416.149.133
44.561.639.159
-93,98
55.842.843.973
32.576.708.958
23.266.135.015
71,4
-3.274.515.991
863.677.724
-4.138.193.715
-479
-6.728.033.220
-5.036.207.805
-1.691.825.415
51
-7.512.435.033
-3.304.652.239
-4.207.782.794
127,3
1.854.697.325
10.053.061.450
-8.198.364.125
-81,5
-1.310.387.000
-2.307.361.567
996.974.567
-43,2
-36.388.491.539
32.102.576.674
-68.491.068.213
-213,3
Ch tiu
Tin chi mua
sm, xy dng
TSC v cc ti sn
di hn khc
Tin thu t thanh l,
nhng bn TSC
v cc ti sn di
hn khc
Tin chi cho vay,
mua cc cng c n
ca n v khc
Tin thu hi cho
vay, bn li cc
cng c n ca n
v khc
Tin chi u tgp
vn vo n v khc
Tin thu hi u t
gp vn vo n v
khc
Tin thu li cho vay,
c tc v li nhun
c chia
Lu chuyn tin
thun t hot ng
u t
-6.405.449.975
-70.685.737.511
Chnh lch
S tin
T l
64.280.287.536 -90,9
1.364.082.281
37.978.948
1.326.103.333
3491,7
-292.219.877.000
-253.000.000.000
-39.219.877.000
15,5
360.224.797.000
213.000.000.000
147.224.797.000 69,12
-54.690.000
-26.770.000
-27.920.000
104,3
6.118.007.000
2.774.805.000
3.343.202.000
120,4
12.826.184.711
13.479.114.206
-652.929.495
-4,8
81.853.054.017
-94.420.609.357
176.273.663.374 -186,6
2011
2010
5.514.295.808
30.811.945.350
Chnh lch
S tin
-25.297.649.542
-64.368.720.039
-68.740.103.467
4.371.383.428
-6,3
-15.380.001.000
-15.300.760.000
-79.241.000
0,5
-74.234.425.231
-53.228.918.117
-21.005.507.114
39,5
2011
Tin vay ngn
hn, di hn
nhn c
Tin chi tr n
gc vay
C tc, li
nhun tr cho
ch s hu
Lu chuyn
tin thun t
hot ng ti
chnh
2010
T l
-82
Lu
chuyn tin thun t hot ng ti chnh nm 2010 l 74.234.425.231ng
So vi nm ngoi t chi rng 53.228.918.117 ng tng so vi nm 2010 l
21.005.507.114 ng.
Chi tr li vay mc 25.297.649.542 ng nm 2010 doanh nghip t mc chi rng
37.928.158.117 ng (30.811.945.350-68.740.103.467) nhng n nm 2011 doanh
nghip t mc chi rng 58.854.424.231ng (64.368.720.039-5.514.295.808), gim
l thuc vo n.
Chnh sch chi tr c tc nhiu hn nm ngoi gi nh u t.
-74.234.425.231
-53.228.918.117
-21.005.507.114
39
Lu chuyn tin t
thun trong k
-28.769.862.753
-115.546.950.800
86.777.088.047
-75
S tin
T l
-36.388.491.539 126,48
S tin
32.102.576.674
T l
-27,78
chnh
lch
T l
154,26
81.853.054.017 -284,51
-94.420.609.357
81,72
-366,23
211,96
2011
Lu chuyn tin
thun t hot ng
kinh doanh
Lu chuyn tin t
t hot ng u t
Lu chuyn tin t
t hot ng ti
chnh
Lu chuyn tin t
thun trong k
2010
-74.234.425.231
258,03
-53.228.918.117
46,07
-28.769.862.753
100
-115.546.950.800
100
IV.
Ti sn ngn hn
N ngn hn
T s kh nng thanh ton hin thi
2011
2010
421.796.982.068
333.373.157.378
209.357.352.483 183.690.930.005
2,01
1,81
T s kh nng thanh ton hin thi nm sau cao hn nm trc v c xu hng tng
dn. Nm 2010 vi t s kh nng thanh ton hin 1.81 ln c ngha l gi tr ti sn
ngn hn ln hn gp 1.81 ln so vi n ngn hn v cng ty cn n 55,1% gi tr ti
sn ngn hn thanh ton cc khon n n hn. . Lp lun tng t trn, nm
2011 cn 49,6% (gim 5,5% so vi nm 2010) gi tr ti sn ngn hn thanh ton
cc khon n n hn. Cho thy, t s ny tng i tt v ang chuyn bin tch cc.
1.2. T s kh nng thanh ton nhanh:
T s kh nng thanh ton nhanh = (Ti sn ngn hn Hng tn kho) / N ngn
hn
Bng 5.2: Bng tnh t s kh nng thanh ton nhanh
n v tnh: ln
Ti sn ngn hn
Hng tn kho
N ngn hn
T s kh nng thanh ton nhanh
2011
421.796.982.068
120.841.420.630
209.357.352.483
1,4
2010
333.373.157.378
117.410.506.725
183.690.930.005
1,2
Tin
N ngn hn
T s kh nng thanh ton
nhanh bng tin
0,06
0,08
T s kh nng thanh ton nhanh bng tin gim vo nm 2011 v t s ny qua 2 nm
qu thp. Cng ty duy tr mt lng tin mt thp nh vy l s khng an ton.
2. T s c cu ti chnh:
2.1. T s n :
T s n = (Tng n/ Tng ti sn) x 100
Bng 5.4: Bng tnh t s n
n v tnh: %
2011
2010
Tng n
211.890.762.223 214.267.071.869
Tng ti sn
786.198.058.995
758.840.694.597
26,95
28,24
T s n
2011
2010
62.057.157.941
50.276.660.234
Li vay
6.728.033.220
5.151.610.567
9,22
9,76
2011
2010
Cc khon phi thu
229.704.535.224
78.425.252.867
Doanh thu thun
1.000.308.393.875
787.836.171.595
K thu tin bnh qun
82,7
35,8
K thu tin bnh qun cua doanh nghip vo nm 2011 tng 47 ngy so vi nm
2010 cho thy cng tc thu hi cc khon phi thu ca cng ty chm s gy nguy c
ri ro v tn dng v mt vn.
3.2. Vng quay hng tn kho:
Vng quay hng tn kho = Doanh thu thun / Hng tn kho
Bng 5.7: Bng tnh vng quay hng tn kho
n v tnh: ln
2011
Doanh thu thun
Hng tn kho
Vng quay hng tn kho
S ngy ca 1 vng quay
2010
1.000.308.393.875
787.836.171.595
120.841.420.630
8,3
43,37
117.410.506.725
6,7
53,73
2010
1.000.308.393.875
787.836.171.595
344.070.735.249
401.407.321.556
2,9
2,0
2011
1.000.308.393.875
786.198.058.995
1,3
2010
787.836.171.595
758.840.694.597
1,0
Qua bng phn tch trn cho thy, nm 2010 c 1 ng tng ti sn b ra mang li 1
ng doanh thu thun, nm 2011 c 1 ng tng ti sn b ra mang li 1,3 ng doanh
thu thun (tng 0,3 ng) y l chuyn bin tch cc. Kt hp vi cc t s ti chnh
trn c th cho ta kt lun l: nguyn nhn ch yu lm cho vng quay ti sn tng , l
do hiu sut s dng ti sn c nh cao v vng quay hng tn kho tng.
4. T s doanh li:
4.1. Doanh li tiu th (ROS):
ROS =( Li nhun sau thu / Doanh thu thun) x 100
Bng 5.10: Bng tnh doanh li tiu th
n v tnh: %
2011
46.369.336.076
1.000.308.393.875
4,6
2010
41.778.215.772
787.836.171.595
5,3
V vy, cng ty cn c bin php qun l tt hn na cc loi chi ph nhm gim thp
chi ph gia tng mc sinh li.
4.2. Doanh li ti sn (ROA):
ROA = (Li nhun sau thu / Tng ti sn) x 100
Bng 5.11: Bng tnh doanh li ti sn
n v tnh: %
2011
2010
46.369.336.076 41.778.215.772
786.198.058.995 758.840.694.597
5,9
5,5
Bnh qun
ngnh
14
2011
46.369.336.076
574.307.296.772
8,07
2010
41.778.215.772
544.573.622.728
7,67
Bnh qun
ngnh
24
Ch tieu
Nam 2011
Nam 2010
46.369.336.076
41.778.215.772
786.198.058.995
758.840.694.597
0,059
0,055
ROI
2011
3.007
2010
2.709
Ict
2011
46.369.336.076
2010
41.778.215.772
22.360
129.770
2.073.763
3.007
690
321.940
2.709
119
2011
2010
10.000
3.007
2.709
P/E
3,33
3,69
Gi c phiu
P/B = ----------------------------------------------------------------Tng gi tr ti sn gi tr ti sn v hnh n
Bng 5.15: t l gi trn gi ghi s
Ch tiu
2011
2010
Gi c phiu
154.207.820.000
154.207.820.000
Tng gi tr ti sn
786.198.058.995
758.840.694.597
Gi tr ti sn v hnh
1.519.953.635
1.941.912.123
Tng n
211.890.762.223
214.267.071.869
P/B
0,27
0,28
2010
4,6
5,3
1,3
H s ti sn/VCSH
1,37
1,39
ROE
8,19
7,37
NHN XT:
K thu tin bnh qun tng th khng tt, vng quay hng tn kho, hiu sut s
dng ti sn c nh v hiu sut s dng tng ti sn tng, cho thy cc t s hot
ng ca cng ty ang chuyn bin theo chiu hng tt.
V t s doanh li:
Doanh li tiu th gim nh vo nm 2011 do cc loi chi ph tng cao doanh
nghip cn gim chi ph li nhun t hiu qu cao, tng nhiu nht l gi vn hng
bn. Doanh li ti sn, doanh li vn t c ca cng ty tng cho thy cng ty s dng
kh hiu qu ti sn v tnh hnh sn xut kinh doanh ang pht trin tt.
V tnh hnh hot ng sn xut kinh doanh:
Nhn chung, trong 2 nm 2010, 2011: doanh thu, li nhun v thu nhp trn mi
c phiu lin tc tng, chng t kt qu hot ng kinh doanh rt kh quan.
MT S GII PHP
Vic nghin cu cc bin php nhm nng cao kh nng ti chnh ti chnh ca
doanh nghip l rt quan trng v cn thit.N s a ra cho doanh nghip
nhng hng gii quyt nht nh ty thuc vo tng trng hp c th.Trn c
Qua 2nm 2010, 2011 ta thy lng hng tn kho ca cng ty tng vo
cui nm 2011, ch yu l lng nguyn vt liu tn kho v thnh phm tn
kho, cng ty c th da vo m hnh qun l tn kho hiu qu - EOQ, gim
lng hng tn kho ny, gim chi ph tn tr hng trong kho, chi ph t mua
hng nhng vn p ng nhu cu sn xut v nhu cu tiu th ca cng ty.
3. Gim thiu chi ph kinh doanh.
V chi ph l mt b phn nh hng trc tip n li nhun kinh doanh. Do ,
mun tng c li nhun th ngoi kinh doanh c hiu qu, vic gim chi ph kinh
doanh l mt bin php hu hiu nng cao c kh nng ti chnh. Mun vy, lnh
o cng ty cn phi phi hp trc tip vi cc nhn vin thc hin kinh doanh tm ra
nhng bt hp l trong khu sn xut, bn hng, qun l doanh nghip.T , phn
loi chi ph trc tip v c k hoch thc hin gim chi ph pht sinh trong cc khu
ny. V vy, bin php tt nht tit kim chi ph l s ng lng t ban gim c
n ton th cn b cng nhn vin phi c thc tit kim chi ph trong tng cng
vic v hnh ng ca mnh s dng chi ph hp l nht.
V gi vn hng bn: li nhun ca cng ty khng ngng tng qua cc
nm, bn cnh vic tng doanh thu cng ty cn phi p dng mt s bin php nhm
kim sot gi vn hng bn ca cng ty. Bt u t gim chi ph t khu mua vo. K
tip l vic a nguyn liu, vt liu vo qu trnh sn xut, phi thng xuyn gim
st tt c cc dy chuyn trong qu trnh sn xut sn phm, gim lng ph nguyn
liu, c chnh sch lng ph hp cho cng nhn trc tip sn xut, ng vin h
tng nng sut lm vic, tng sn phm c cht lng, gim nhng sn phm khng
t yu cu phi a vo sn xut li. ng thi, cng ty c ng phi gim chi ph sn
xut chung nh gim chi ph dch v mua ngoi, chi ph khc bng tin,
khng cn
Song
song vi vic kim tra xem xt, pht cc phng ban s dng vo mc ch c nhn, th
cn phi c bin php khen thng cc phng ban, phn xng s dng di mc chi
ph, lm cho mi c nhn c thc hn trong vic xy dng mt tp th cng ty vng
mnh.
Trn y l mt s gii php gp phn nng cao kh nng ti chnh ca cng
ty. Hy vng n s ng gp phn no cho s pht trin ca cng ty trong tng lai
Mc Lc
PHN 1:C S L LU N ...................................................................................................... 1
V PHN TCH BO CO TI CHNH ............................................................................... 1
KHI NIM PTBCTC: .................................................................................................. 1
I.
II.
ngha: ....................................................................................................................... 1
1.
2. Mc tiu: ..................................................................................................................... 3
3. Nhim v: ................................................................................................................... 3
CC PH NG PHP PHN TCH BCTC: ............................................................ 3
III.
IV.
I.
IV.
NH N X T: ................................................................................................................. 47