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Phn tch ti chnh v d bo

Krispy Kreme Doughnuts, Inc.


Khi thin nin k bt u, tng lai ca Krispy Kreme Doughnuts, Inc c mi ngt ngo.
Cng ty khng ch nm gi cc nhn hiu mang tnh biu tng v c mt s ngi ng
h gn nh n mc sng bi, m n nhanh chng tr thnh con cng ca ph Wall.
Cha y mt nm sau khi ra cho bn c phn ra cng chng ln u (IPO), trong thng
4 nm 2000, c phiu Krispy Kreme c bn gp 62 ln thu nhp, v nm 2003 cng
ty c tp ch Fortune bu chn l "thng hiu nng nht M. Vi k hoch y
tham vng l m 500 ca hng bnh doughnut trong na u ca thp nin, c bit logo
vi 2 mu xanh l cy v mu tr thnh biu tng c in ca cng ty v khng
th nhm ln v bng hiu neon "hot Doughnuts now" tr nn ph bin.
Vo cui nm 2004, cu chuyn ngt ngo bt u tr nn chua cht khi cng ty b
pht hin thc hin mt s gian ln k ton, sau gi c phiu ca n b gim gi
mnh. T nh cao vo thng tm nm 2003, gi c phiu ca Krispy Kreme gim mnh
hn 80% trong 16 thng ti. Cc nh u t v cc nh phn tch bt u t ra nhng
cu hi v nhng gi tr nn tng ca cng ty, nhng thm ch n u nm 2005, nhiu
cu hi trong s nhng cu c t ra vn cha c tr li. Bng 1 v 2 cung cp cc
bo co ti chnh ca Krispy Kreme trong nm ti chnh t nm 2000 ti nm 2004. y
c phi l mt Cng ty lnh mnh khng? iu g xy ra cho cng ty khi mt s ngi
ngh rng n s tr thnh mt Starbucks tip theo? Nu hu ht mi ngi u yu
thch bnh Doughnuts, ti sao rt nhiu nh u t li b qua nh sn xut bnh
Doughnuts ni ting ny?
Bi cnh cng ty
Krispy Kreme bt u l mt ca hng bnh Doughnuts duy nht Winston-Salem, min
Bc Carolina, vo nm 1937, khi Vernon Rudolph ngi mua li cng thc bnh
doughnut c bit ca cng ty t mt u bp Php New Orleans, bt u lm v bn s
bnh doughnuts cho cc siu th. Trong mt thi gian ngn, sn phm ca Rudolph tr
nn qu ph bin n ni ng phi ct mt l trn tng nh my ca mnh bn trc
tip cho khch hng, do sinh ra khi nim trung tm bn l ca Krispy Kreme (central
retail concept): ca hng ti nh my. Vo cui nhng nm 1950, Krispy Kreme c 29
ca hng ti 12 tiu bang, nhiu ca hng trong s c m ra bng cch nhng
quyn thng hiu.
Sau ci cht ca Rudolph, vo nm 1973, Beatrice Foods mua li cng ty v nhanh
chng m rng n ra hn 100 a im. Beatrice a ra cc sn phm khc, chng hn
nh sp v bnh m sandwich, v ct gim chi ph bng cch thay i s xut hin ca
1/19

cc ca hng v thay th bng cc thnh phn r hn trong hn hp bnh doughnut. Tuy


nhin, kinh doanh suy yu, Beatrice buc phi bn cng ty vo u nhng nm 1980.
Mt nhm cc c s nhn nhng quyn c dn dt bi Joseph McAleer, l ngi
c bn Krispy Kreme nhng quyn thng hiu u tin, kt thc vic mua li cng
ty bng n vay (LBO) vi gi 24 triu $ vo nm 1982. McAleer khi phc tr li
cng thc bnh doughnut ban u v logo truyn thng ca cng ty. cng l khong
thi gian m cng ty gii thiu bng hiu n neon "hot Doughnuts Now", ni vi
khch hng khi nhng chic bnh doughnut ti va mi ra khi dy chuyn. Cng ty
vn phi vt ln vi nhng kh khn trong mt thi gian, nhng ti nm 1989, Krispy
Kreme tr ht n v bt u dn m rng. Cng ty vn tp trung vo dng bnh
doughnut c trng ca mnh v to thm mt nhn hiu c ph trong nm 1996. Scott
Livengood, ngi tr thnh Gim c iu hnh vo nm 1998 v vn tip tc v tr ny
vo nhng nm sau, a cng ty ra cng chng vo thng 4 nm 2000, l mt trong
nhng t cho bn ra cng chng ln u tin (IPO) ln nht trong nhng nm gn y.
Mt ngy sau khi cho bn, gi c phiu ca Krispy Kreme l 40,63 $, a n cho cng
ty mt gi tr vn ha th trng gn 500 triu $.
HOT NG KINH DOANH CA KRISPY KREME
Sau khi cng ty IPO, Krispy Kreme cng b mt chin lc tch cc m rng s
lng ca hng t 144 ln trn 500 trong vng nm nm ti. Ngoi ra, cng ty ln k
hoch pht trin ton cu, d kin s m 32 a im ti Canada v m thm nhiu a
im hn ti Vng quc Anh, Mexico, v Australi. Bng 3 trnh by tng quan v vic
m ca hng ca cng ty.
Doanh thu ca Krispy Kreme Doughnuts c to ra thng qua bn ngun chnh: doanh
s bn l trc tip ti cc ca hng thuc s hu ca cng ty (chim 27% doanh thu);
doanh s gin tip thng qua cc hng tp ha v ca hng tin li (40%), sn xut v
phn phi cc sn phm v cc thit b pha trn (29%) v tin bn quyn v cc khon
ph lin quan ti hot ng nhng quyn (4%). Ngoi cc a im bn l truyn thng
trong nc, cng ty cn tm kim s tng trng thng qua cc ca hng nh hn to ra
cc "khi nim v tinh, tc l da vo cc ca hng ti nh my cung cp bnh
doughnut hm nng, cng nh pht trin ra th trng quc t.
Bn hng trc tip (On-premises sales): Mi ca hng ti nh my cho php ngi
tiu dng n xem vic sn xut bnh doughnut; thit b ty chnh ca Krispy
Kreme v khu vc xem bnh doughnut c cng ty c gi l mt "sn khu
bnh doughnut. Bng cch , Krispy Kreme c gng to ra mt s khc bit
cho chnh n so vi cc i th cnh tranh bng cch cung cp cho khch hng
mt tri nghim ch khng phi ch n gin l mt sn phm. Mi ca hng nh
2/19

my c th sn xut t 4000 t ti 1000 t bnh doughnut mi ngy, s bnh ny


c bn c trn c s trc tip v gin tip.
Bn hng gin tip (Off - premises sales): Khong 60% doanh s bn hng gi tip
n t cc ca hng tp ha, c trong cc trng hp c lp v trn cc k
hng. Phn cn li c bn cho cc ca hng tin li (mt t l nh c bn nh
l mt nhn hiu ring). Cng ty duy tr mt i xe ti giao hng cho cc c s bn
hng gin tip.
Sn xut v phn phi: B phn Sn xut v Phn phi ca cng ty Krispy Kreme
(KKM & D) cung cp hn hp bt bnh doughnut c quyn v cc thit b lm
bnh doughnut cho tt c cc ca hng cng ty s hu v cc ca hng nhng
quyn. M hnh qun l theo chiu dc cho php cng ty duy tr vic kim sot
cht lng v tnh nht qun ca sn phm trn ton h thng. Cng ty duy tr c
s sn xut ring ca mnh sn xut bt hn hp v thit b ca n, v c s ny
cung cp dch v hng qu cho tt c cc n v trong h thng. Tt c cc c s
nhn nhng quyn u c yu cu l phi mua bt hn hp v thit b t
Krispy Kreme. KKM & D cng qun l dng sn phm c ph rang ca cng ty,
b phn kinh doanh ny s cung cp c ph bt vi thng hiu ring n c cc
ca hng cng ty s hu v cc ca hng nhng quyn.
Tin bn quyn v cc khon ph trong hot ng nhng quyn thng mi: Vi
vic tr mt khon ph hng quyn ban u v chi ph bn quyn hng nm, cc
c s nhn nhng quyn c s h tr t Krispy Kreme trong cc hot ng,
qung co v tip th, k ton, v cc h thng qun l thng tin khc. Cc c s
nhn nhng quyn c mi quan h vi cng ty trc khi IPO vo nm 2000
c gi l cc Thnh Vin, v h thng c tr s ti th trng truyn thng
ng nam Hoa K. Cc Thnh Vin khng chu trch nhim cho vic m ca hng
mi. Nhng nh nhn nhng quyn mi c gi l nhng nh pht trin th
trng khu vc (Area Developers), v h chu trch nhim cho vic pht trin
mng li ti cc th trng tim nng cao. Nhng nh pht trin khu vc thng
tr t 20.000$ n 50.000$ ph nhng quyn ban u v mc tin bn quyn t
4,5% n 6,5% mt nm. Nhng c s nhn nhng quyn cng ng gp 1%
tng doanh thu hng nm ca h vo ngun kinh ph qun co ca cng ty.
Khong 60% doanh s bn hng ti mt ca hng ca Krispy Kreme bt ngun t sn
phm c trng ca cng ty l bnh doughnut bng (glazed doughnut). iu ny khc
bit vi DunkinDonuts, i th cnh tranh ln nht ca cng ty, phn ln doanh thu ca
i th ny n t c ph.
Cu chuyn kh khn trong kinh doanh ca Krispy Kreme
Vo ngy 07 thng 5 nm 2004, ln u tin trong lch s k t khi tr thnh cng ty i
chng, Krispy Kreme cng b kt qu kinh doanh tiu cc. Cng ty thng bo vi cc
3/19

nh u t thu nhp mong i s thp hn 10% so vi mc mc d kin, nguyn nhn


l do xu hng a chung ch n ung thp carbohydrate gn y ti Hoa K nh
hng n doanh thu bn bun v bn l. Cng ty cng cho bit hin ang c k hoch
bn chui ca hng Montana Mills, gm 28 qun c ph bnh mua li trong thng 1
nm 2003 vi gi 40 triu $ v c th phi chu chi ph t 35 triu $ n 40 triu $ trong
qu u tin. Ngoi ra, Krispy Kreme thy rng tnh hnh kinh doanh ca chui ca hng
Hot Doughnut and Coffee mi ca n ang gim nh so vi mc k vng v cng ty
c k hoch ng ca ba ca hng trong s (dn n mt chi ph t 7 triu $ n 8
triu $). C phiu ca Krispy Kreme khi ng ca gim 30%, mc 22,51 $ mt c
phiu.
Sau , vo ngy 25 thng 5, thi bo Wall Street ng ti mt bi bo cp n vic
hch ton k ton ca cc thng v mua li nhng quyn do Krispy Kreme thc hin.
Theo bi bo, trong nm 2003, Krispy Kreme bt u mt cuc m phn cng thng
nhm mua li 7 ca hng nhng quyn thng mi Michigan. Cc c s nhn nhng
quyn ny cn n cng ty nhiu triu la tin thit b, nguyn liu, v cc khon ph
nhng quyn, v mt phn ca cuc tha thun l Krispy Kreme yu cu bn nhn
nhng quyn ng hai ca hng hot ng km hiu qu v tr cho Krispy Kreme
khon li pht sinh trn khon n qu hn. i li, Krispy Kreme ha s nng cao gi
mua nhng quyn.
Theo t bo, Krispy Kreme ghi nhn tin li do cc bn nhn nhng quyn thanh ton l
thu nhp li vay v v th l li nhun trc tip, tuy nhin, cng ty ghi s chi ph mua
li nhng quyn nh l mt ti sn v hnh, di khon mc quyn mua li nhng
quyn thng mi (reacquired franchise right), m cng ty khng phi trch khu hao
(amortize). Krispy Kreme cng cho php nhng nh qun l cp cao nhng quyn
thng mi Michigan vn lm vic ti cng ty sau khi tha thun, nhng ngay sau khi
tha thun ny c hon thnh, nhng nh qun l ny thi vic. Theo mt tha
thun n b thi vic, Krispy Kreme buc phi tr thm cho cc nh qun l thi vic 5
triu $, y cng l mt khon chi ph m cng ty a vo khon mc ti sn khng
trch khu hao nh quyn mua li nhng quyn.
Cng ty ph nhn bt c sai st no trong vic hch ton trn v tip tc duy tr quan
im l cng ty hch ton thng v nhng quyn ny ph hp vi chun mc k
ton (GAAP). Vo ngy 29 thng 7, cng ty l thng tin rng y ban Chng khon
v Hi oi M (SEC) bt u mt cuc iu tra phi chnh thc lin quan n cc v
mua li nhng quyn v vic ct gim trong thu nhp d kin c cng b. Cc
nh quan st hoi nghi. Mt nh phn tch ti thi im pht biu rng vic hch
ton k ton ca Krispy Kreme trong thng v mua li nhng quyn thng mi l
trng hp nghim trng nht m chng ti bit". "Chng ti kho st 18 cng ty giao
dch i chng c hot ng nhng quyn, bn trong s c cc nhng quyn c
4/19

mua li, v h u thc hin khu hao cho hot ng ny. V y r rng l hnh ng
phi c thc hin. Trong ba nm trc , Krispy Kreme ghi nhn 174,5 triu
USD ti sn v hnh (quyn mua li nhng quyn), m cng ty khng i hi phi khu
hao. Ngy SEC ra thng bo, c phiu ca Krispy Kreme gim thm 15%, vi gi
ng ca mc $ 15,71 mt c phiu.
PHN NG CA CC CHUYN GIA
So vi giai on si ng vo nm 2001, khi 80% cc nh phn tch c phiu u a ra
khuyn ngh nn mua c phiu ca cng ty Krispy Kreme, nhng nhn nh thng gp
hin nay v cng ty thay i. Vo thi im t Wall Street ng ti bi vit v vic
thc hnh hch ton k ton nghip v mua li nhng quyn thng mi ca Krispy
Kreme trong thng 5/2004, ch cn 25% cc nh phn tch khuyn ngh mua c phiu
ca Krispy Kreme, 50% a khuyn ngh xung mc nm gi. Bng 4 v 5 cung cp
bng cc khuyn ngh ca cc nh phn tch tng hp v cc c tnh EPS. Khi kh khn
ca Krispy Kreme ln n nh im vo na cui nm 2004, cc nh phn tch ngy
cng tr nn bi quan v c phiu ca cng ty.
Khi s kin v cuc iu tra ca SEC v cc vn qun l khc ca Krispy Kreme vn
cn ang c tip din (v d, gim c iu hnh ca Krispy Kreme b sa thi vo ngy
16 thng 8, 2004), nh quan st nhn thy s nghim trng trong nn tng hot ng kinh
doanh ca Krispy Kreme. Trong thng 9, Wall Street Journal li ng ti mt bi bo tp
trung ch vo s tng trng ca cng ty ny:
Vn ln nht i vi Krispy Kreme c th l do cng ty pht trin qu nhanh v dn tri hot
ng kinh doanh ca mnh bng cch bn bnh doughnut ca n ti qu nhiu ca hng, trong n
lc gy n tng vi Ph Wall. S lng ca hng ca Krispy Kreme tng gn gp ba ln k
t u nm 2000, vi 427 ca hng ti 45 bang v bn quc gia nc ngoi. Khong 20.000 siu
th, ca hng tin ch, ca hng ti cc bn xe, v cc dng ca hng khc cng bn bnh
doughnut ca cng ty.
Mt vn khc l Krispy Kreme da vo ng k li nhun t vic bn thit b vi li nhun
bin cao m n yu cu cc bn nhn nhng quyn phi mua cho mi ca hng mi. Li nhun
ca n cng b rng buc cht ch vi s tng trng v s lng ca cc ca hng nhn nhng
quyn, v nhng khon ph m cc ca hng nhn nhng quyn phi tr trc cho cng ty.

Trong thng 9 nm 2004, Krispy Kreme thng bo rng n s gim s lng cc ca


hng mi trong nm xung khong 60 so vi con s thng bo ban u 120.
Nh phn tch
John Ivankoe,
J.P.
Morgan
Securities, Inc

Nhn nh
Ngy
Ngoi ra khi xem xt li bo co thu nhp, chng ti tin 29/7/2004
rng vn cn tn ti nhiu vn c bn, bao gm mt s
tc ng ca phng php gim cn"low-carb".
Gim khi lng giao dch ca cc ca hng mi l biu
th ca mt m hnh u t ngy cng xu i, v chng
5/19

ti tin rng vic ti cu trc cc ca hng hnh thc ca


hng nh hn v gim bt cc khon ph c tnh cho
thit b v cc nguyn liu bn cho cc c s nhn
nhng quyn l iu cn thit.
Jonathan
M.
Waite,
KeyBanc
Capital Markets

John S. Glass,
CIBC
World
Markets

Glenn
Guard,
Mason

M.
Legg

Chng ti tin rng nhng thch thc m KKD phi i 12/10/2004


mt, bao gm s gim li nhun bin, gim t sut sinh
li, vic iu tra ca SEC, v bo ha sn phm, ang
mnh hn nhng yu t tch cc ca cng ty. Ngoi ra, c
phiu ca KKD ang giao dch mc 16.6 ln thu nhp
so vi tc tng trng 15%. Nh vy, chng ti nh
gi c phiu KKD l HOLD (nn nm gi).
Bng cn i k ton ca Krispy Kreme tr nn cng 8/11/2004
knh trong hai nm qua bi vic mua li thng hiu
(acquisition goodwill) m c th s phi hch ton li l
mt khon l (write down). Kt qu l, t sut sinh li
trn vn u t ca KKD gim xung khong 10% so
vi 18% trc khi nhng v mua li c thc hin cch
y hai nm. Chng ta c th thy bng cn i k ton
iu chnh, bao gm c vic loi b mt phn ng k $
170 triu trong "quyn mua li nhng quyn thng
mi" nh l mt bc i ng hng u tin.
Theo kin ca chng ti, s qun l khng tp trung 23/11/2004
vo nhng hot ng m l n phi c tin hnh. Kt
qu, qu nhiu c s c m ti cc a im ngho
khi cng ty tng gp ba ln s c s ca n k t nm
2000. Ngoi ra, chng ti cho rng cc c s nhn
nhng quyn thng mi khng c o to ng cch
duy tr tt nht hot ng kinh doanh gin tip. Kt
qu l, nhiu c s ang thua l t cc c s gin tip, v
bn nhn nhng quyn khng phi l mt ng lc
pht trin hot ng kinh doanh. Chng ta cng thy tr
ngi c bn, gii quyt cc vn , vic iu hnh v tit
kim chi ph (cost Discipline) ang khim khuyt nghim
trng c cng ty ln h thng cc c s nhn nhng
quyn, iu ny dn n s khng hiu qu.

Cng b hng khc phc


Ngy 4 Thng 1, 2005, ban gim c ca Krispy Kreme thng bo rng bo co ti chnh
m cng ty cng b trc cho nm ti chnh kt thc vo ngy 01 thng 2 nm
2004 (FY2004) s c trnh by li "hiu chnh mt vi sai st ". Hi ng qun tr
quyt nh iu chnh, m ch yu lin quan n vic hch ton k ton i vi hot
ng mua li mt s nhng quyn ca cng ty, iu ny s lm gim thu nhp trc
6/19

thu ca nm ti chnh 2004 trong khong t 6,2 triu $ n 8,1 triu $. Cng ty cng d
kin s trnh by li bo co ti chnh cho qu u tin v th hai ca nm ti chnh 2005.
Krispy Kreme cng cho bit n s tr hon vic np bo co ti chnh cho n khi cuc
iu tra ca SEC c gii quyt v vic chnh n li ni b ca cng ty hon tt.
Tuy nhin, Vic cng ty khng cung cp cc bo co ti chnh cho cc ch n vo ngy
14 Thng Mt nm 2005 c th to nn mt s kh khn i vi khon tn dng 150 triu
$ ca cng ty. Trong tnh cnh kh khn nh vy, cc ngn hng ca Krispy Kreme c
quyn chm dt vic cho vay v yu cu thanh ton ngay lp tc i vi cc khon n
cha thanh ton. Krispy Kreme khng np bo co kp thi cng t cng ty vo nguy c
l c phiu ca n b hy b nim yt khi S Giao dch Chng khon New York
(NYSE). n cui ngy hm sau, c phn ca Krispy Kreme c giao dch mc thp
hn $ 10 mt c phn.
Hu ht cc nh phn tch cm thy rng ngi cho vay ca Krispy Kreme s cp cho
cng ty mt khon h tr trong tnh cnh kh khn v hn mc tn dng, v ch mt vi
nh phn tch cm thy cng ty thc s ri vo nguy c b hy b nim yt trn NYSE.
Tuy nhin, thng bo ca hi ng qun tr ch ng vai tr lm dy ln thm cc mi lo
ngi v cng ty. K t thng 8 nm 2003, gi tr th trng vn c phn ca cng ty
gim 2,5 t $. Bng 6 m t din bin gi c phiu cng ty trong mi lin h vi ch s
S&P 500. Liu s pht hin v cc thc hnh k ton nhng quyn ca cng ty
khin gi c phiu gim mnh n vy? Liu cn vn g n giu ti Krispy Kreme cn
c xem xt k lng? Bng 7, 8 v 9 cung cp cc t s ti chnh ca Krispy Kreme v
so snh vi mt nhm cc cng ty trong cng ngnh.
Hnh 1. Mu hnh gi c phiu cng ty so vi ch s tng hp S&P 500

Ngun: Datastream

7/19

BNG 1: BO CO THU NHP


Ngn $, ngoi tr s lng c phn
30/1/2000 28/1/2001

3 thng kt thc

3 thng kt thc

3/2/2002

2/2/2003

1/2/2004

5/5/2003

2/5/2004

3/8/2003

1/8/2004

Tng doanh thu

220,243

300,715

394,354

491,549

665,592

148,660

184,356

159,176

177,448

Chi ph hot ng

190,003

250,690

316,946

381,489

507,396

112,480

141,383

120,573

145,633

14,856
4,546

20,061
6,457

27,562
7,959

28,897
12,271

36,912
19,723

8,902
4,101

10,664
6,130

9,060
4,536

11,845
6,328

9,075

(525)

(525)

Chi ph qun l v chi ph chung


Chi ph khu hao
Li nhun t kinh doanh chch lch gi
Cc khon d phng cho vic ti cu trc,
ph h hng v ph ng ca
Thu nhp t hot ng

7,543

1,802

10,838

23,507

41,887

59,817

102,086

23,702

18,636

25,007

11,840

293

2,325

2,980

1,966

921

227

176

205

226

(1,525)

(607)

(337)

(1,781)

(4,409)

(866)

(1,433)

(997)

(1,366)

L vn ch s hu trong hot ng lin


doanh

(706)

(602)

(2,008)

(1,836)

(694)

(575)

(802)

(399)

Li ch c ng thiu s

(716)

(1,147)

(2,287)

(2,072)

(616)

(126)

(616)

267

(20)

(235)

(934)

(13)

(25)

(156)

(343)

114

Thu nhp li
Chi ph li vay

Cc chi ph rng khc


Thu nhp trc thu thu nhp

9,606

23,783

42,546

54,773

94,677

21,728

6,522

22,454

10,682

D phng thu thu nhp

3,650

9,058

16,168

21,295

37,590

8,588

6,675

9,014

4,438

4,285

439

480

13,001

5,764

Cc hot ng gin on

Thu nhp rng


Thu nhp mi c phn pha long

5,956

14,725

26,378

33,478

57,087

13,140

(24,438)

0.15

0.27

0.45

0.56

0.92

0.22

(0.38)

0.21

0.09

39.70

54.50

58.60

59.80

62.10

60.70

63.60

62.10

63.40

Gi c phiu (kt thc nm ti chnh)


S lng c phn ang lu hnh (triu)
Ngun d liu: Bo co cng ty gi SEC

T vic bn li Montana Mills

8/19

BNG 2: BNG CN I K TON


NGN $
TI SN
TI SN NGN HN
Tin v cc khon tng ng tin
u t ngn hn
Cc khon phi thu khch hng
Cc khon phi thu ni b
Cc khon phi thu khc
Phi thu ni b khc
Hng tn kho
Chi ph tr trc
Thu thu nhp c th hon li
Thu thu nhp hon li (deffered income
taxes)
Ti sn c gi bn
TNG TI SN NGN HN
t ai v my mc thit b (rng)
Thu thu nhp hon li (deffered income
taxes)
u t di hn
Phi tr di hn phi thu ni b
u t vo cng ty lin doanh
Quyn mua li nhng quyn thng mi,
thng hiu v mt s ti sn v hnh khc
Cc ti sn khc
TNG TI SN
CC KHON N V VN CH S HU
N NGN HN

30/1/2000

KT THC NM TI KHA
28/1/2001
3/2/2002
2/2/2003

1/2/2004

KT THC 3 THNG
2/5/2004
1/8/2004

3,183
17,965
1,608
794
9,979
3,148
861

7,026
18,103
19,855
2,599
2,279
12,031
1,909
-

21,904
15,292
26,894
9,017
2,771
16,159
2,591
2,534

32,203
22,976
34,373
11,062
884
24,365
3,478
1,963

20,300

13,715

19,309

45,283
20,482
2,363
458
28,573
5,399
7,946

47,434
20,740
3,169
4,404
32,974
4,675
7,449

44,329
19,933
4,868
5,440
33,076
6,749
8,139

3,500

3,809

4,607

9,824

41,038
60,584

67,611
78,340

101,769
112,577

141,128
202,558

6,453
36,856
174,113
281,103

13,280
3,374
151,214
301,160

20,005
3,325
165,173
297,154

1,398
-

17,877
2,827

12,700
3,400

4,344
1,000
6,871

7,609
12,426

2,988
10,728

2,925
9,921

1,938
104,958

4,838
171,493

16,621
8,309
255,376

49,354
5,232
410,487

175,957
9,456
660,664

176,078
12,315
654,483

176,045
10,390
661,608

9/19

Cc khon phi tr khch hng


N ngn hn ngn hng
Phi tr khc
Khon pht theo phn quyt ta n
(arbitration award)

13,106
14,080

8,211
5,147
21,243

12,095
9,107
26,729

14,055
11,375
20,981

18,784
8,123
23,744

9,075

Hn ngch tn dng chu chuyn


N di hn n hn tr
N ngn hn khc
Thu thu nhp phi tr
TNG N NGN HN
Thu thu nhp hon li (deffered income
taxes)
Tin bi thng cha thanh ton
Hn ngch tn dng chu chuyn
N di hn
Phi tr cho vic ti cu trc
Cc ngha v di hn khc
TNG N DI HN
Quyn li thiu s
VN CH S HU
C phiu thng, khng c mnh gi,
300.000 c phn c quyn pht hnh v
lu hnh

2,400
29,586

3,526
41
38,168

3,871
731
52,533

3,301
900
59,687

2,842
53,493

990

579
1,106

3,930

9,849

C phiu thng, mnh gi 10$, 1.000 c


phn c quyn pht hnh v lu hnh
Vn c phn ng gp (paid in capital)
B p quyn chn cha thc hin ca nhn
vin (unearned compensation)
Phi thu, ngi lao ng
K hoch li ch nhn vin
Phi tr cho k hoch li ch nhn vin
Li (hoc l) ly k
Li nhun gi li

20,502
4,259
1,866
27,617

18,866
12,670
27,107

18,817
13,107
32,249

4,663

5,566

63,306

69,739

6,374

16,468

25,564

87,000
48,056

72,000
58,469

62,000
50,135

3,109
1,735
6,529
1,117

3,912

7,288
49,900

4,843
12,685
2,491

5,218
72,255
5,193

11,211
152,641
2,323

10,774
157,711
2,815

12,078
149,777
2,593

85,060

121,052

173,112

294,477

296,812

299,865

(188)
(2,349)
(126)
126
609
42,547

(186)
(2,580)
(138)
138
456
68,925

(119)
(558)
(339)
339
(1,486)
102,403

(62)
(383)
(369)
369
(1,315)
159,490

(47)
(383)
(264)
264
(783)
135,052

(31)
(383)
(264)
264
(768)
140,816

4,670
10,805

(2,547)

34,827

10/19

TNG VN CH S HU
TNG N V VN CH S HU
Ngun d liu: Bo co cng ty gi cho SEC

47,755
104,958

125,679
171,493

187,667
255,376

273,352
410,487

11/19

452,207
660,664

430,651
654,483

439,499
661,608

BNG 3: S PHT TRIN CA CC CA HNG


S PHT TRIN CA CC CA HNG
30/1/2000 28/1/2001 3/2/2002 2/2/2003 1/2/2004
TNG CC CA HNG NH MY CA
CNG TY
u k
61
58
63
75
99
S ca hng c m
2
8
7
14
28
S ca hng ng ca
(5)
(3)
(2)
(3)
(2)
Cc ca hng c mua t nhng ngi nhn nhng
quyn
0
0
7
13
16
Cui k
58
63
75
99
141
Thay i rng
(3)
5
12
24
42
Tc tng trng % gia cc nm
9%
19%
32%
42%
TNG CC CA HNG NHNG QUYN
u k
70
86
111
143
177
Cc c s c m
19
28
41
49
58
S c s ng ca
(3)
(3)
(2)
(2)
(3)
Cc ca hng chuyn giao li cho cng ty
0
0
(7)
(13)
(16)
Cui k
86
111
143
177
216
Thay i rng
16
25
32
34
39
Tc tng trng % gia cc nm
29%
29%
24%
22%
TNG CC CA HNG NH MY
u k
131
144
174
218
276
S ca hng c m
21
36
48
63
86
S ca hng ng ca
(8)
(6)
(4)
(5)
(5)
Cui k
144
174
218
276
357
Thay i rng
13
30
44
58
81
Tc tng trng % gia cc nm
21%
25%
27%
29%
% CA CC CA HNG
Cng ty s hu
40.3%
36.2%
34.4%
35.9%
39.5%
Nhng quyn thng mi
59.7%
63.8%
65.6%
64.1%
60.5%
Ngun d liu: bo co ca cng ty, ngi phn tch vit tnh hung

BNG 4: KHUYN CO CA CC NH PHN TCH

Thi gian
14/06/2001
19/07/2001
16/08/2001
20/09/2001
18/10/2001

% cc khuyn co
nm
gi
mua
bn
80.0% 20.0%
0.0%
80.0% 20.0%
0.0%
80.0% 20.0%
0.0%
80.0% 20.0%
0.0%
80.0% 20.0%
0.0%
12/19

15/11/2001
20/12/2001
17/01/2002
14/02/2002
14/03/2002
18/04/2002
16/05/2002
20/06/2002
18/07/2002
15/08/2002
19/09/2002
17/10/2002
14/11/2002
19/12/2002
16/01/2003
20/02/2003
20/03/2003
17/04/2003
15/05/2003
19/06/2003
17/07/2003
14/08/2003
18/09/2003
16/10/2003
20/11/2003
18/12/2003
15/01/2004
19/02/2004
18/03/2004
15/04/2004
20/05/2004
17/06/2004
15/07/2004
19/08/2004
16/09/2004
14/10/2004
18/11/2004
16/12/2004
20/01/2005
Ngun d liu: I/B/E/S (Thomsom financial/first call)

80.0%
80.0%
66.7%
57.1%
71.4%
66.7%
66.7%
71.4%
71.4%
71.4%
66.7%
57.1%
57.1%
50.0%
50.0%
62.5%
62.5%
62.5%
55.6%
66.7%
80.0%
83.3%
66.7%
66.7%
66.7%
42.9%
42.9%
28.6%
28.6%
37.5%
25.0%
25.0%
33.3%
28.6%
25.0%
14.3%
14.3%
14.3%
14.3%

20.0%
20.0%
33.3%
28.6%
28.6%
33.3%
33.3%
28.6%
28.6%
28.6%
33.3%
28.6%
28.6%
12.5%
12.5%
12.5%
12.5%
12.5%
11.1%
0.0%
0.0%
0.0%
16.7%
16.7%
16.7%
14.3%
14.3%
14.3%
14.3%
25.0%
25.0%
25.0%
11.1%
28.6%
37.5%
42.9%
42.9%
57.1%
57.1%

0.0%
0.0%
0.0%
14.3%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
14.3%
14.3%
37.5%
37.5%
25.0%
25.0%
25.0%
33.3%
33.3%
20.0%
16.7%
16.6%
16.6%
16.6%
42.8%
42.8%
57.1%
57.1%
37.5%
50.0%
50.0%
55.6%
42.8%
37.5%
42.8%
42.8%
28.6%
28.6%

13/19

BNG 5: CC C LNG THUN NHT CA EPS


c lng (gi tr trung bnh)
Ngy c lng
$ 0.38
02/07/2001
$ 0.43
24/08/2001
$ 0.41
25/10/2001
$ 0.44
16/11/2001
$ 0.43
21/12/2001
$ 0.62
08/03/2002
$ 0.63
24/05/2002
$ 0.63
03/06/2002
$ 0.63
01/07/2002
$ 0.64
29/08/2002
$ 0.64
03/09/2002
$ 0.63
08/10/2002
$ 0.66
22/11/2002
$ 0.65
10/01/2003
$ 0.66
14/02/2003
$ 0.87
20/03/2003
$ 0.89
29/05/2003
$ 0.90
30/07/2003
$ 0.90
21/08/2003
$ 0.91
15/09/2003
$ 0.91
17/10/2003
$ 0.92
27/01/2004
$ 1.17
10/03/2004
$ 1.00
07/05/2004
$ 0.99
26/05/2004
$ 0.98
24/06/2004
$ 0.92
16/08/2004
$ 0.59
27/08/2004
$ 0.69
10/09/2004
$ 0.65
13/09/2004
$ 0.58
03/11/2004
$ 0.45
23/11/2004
Ngun d liu: I/B/E/S (Thomsom financial/first call)

14/19

BNG 7: PHN TCH CC CH S TI CHNH CA KRISPY KREME


KT THC NM TI KHA
30/1/2000
T s thanh ton
T s thanh ton nhanh
T s thanh ton hin hnh
T s n by
N trn vn c phn (gi tr s sch)
N trn tng ti sn
Kh nng thanh ton li vay
Ti sn trn vn ch s hu
T s hot ng
Vng quay khon phi thu
Vng quay hng tn kho
Vng quay tng ti sn
Vng quay tin mt
T s kh nng sinh li
Li nhun trn tng ti sn
Li nhun trn vn c phn
T sut li nhun hot ng trn doanh
thu
T sut li nhun rng trn doanh thu
Ngun d liu: Bo co cng ty gi cho SEC

1/2/2004 nh ngha cc t s

28/1/2001

3/2/2002

2/2/2003

1.05
1.39

1.46
1.77

1.63
1.94

1.96
2.36

47.96%
32.41%
7.11
2.20

0.00%
0.00%
38.73
1.36

2.47%
2.41%
124.29
1.36

19.46%
16.29%
33.59
1.50

10.81
19.04
2.10
69.19

12.16
20.84
1.75
42.80

10.19
19.61
1.54
18.00

10.61
15.66
1.20
15.26

5.67%
12.47%

8.59%
11.72%

10.33%
14.06%

8.16%
12.25%

8.64% Thu nhp rng/tng ti sn


12.62% Thu nhp rng/vn ch s hu

4.92%
2.70%

7.82%
4.90%

10.62%
6.69%

12.17%
6.81%

15.34% Thu nhp hot ng/Doanh thu thun


8.58% Thu nhp rng/ doanh thu

2.72 (ti sn ngn hn -hng tn kho)/n ngn hn


3.25 ti sn ngn hn/n ngn hn
11.26% N di hn/vn ch s hu
10.12% N di hn/(vn ch s hu+n)
23.15 EBIT/chi ph li vay
Tng ti sn/vn ch s hu
9.70
17.76
1.01
32.79

Doanh thu/cc khon phi thu


Gi vn hng bn/hng tn kho
Doanh thu/tng ti sn
Doanh thu/tin v cc khon tng ng tin

15/19

BNG 8: CC T S TI CHNH CA CC NH HNG CUNG CP DCH V THC N NHANH


NM TI KHA 2003
TN CNG TY
DOANH THU THUN(TRIU $)
T s thanh ton
T s thanh ton nhanh
T s thanh ton hin hnh
T s n by
N trn vn c phn (gi tr s sch)
N trn tng ti sn
Kh nng thanh ton li vay
Ti sn trn vn ch s hu
T s hot ng
Vng quay khon phi thu
Vng quay hng tn kho
Vng quay tng ti sn
Vng quay tin mt
T s kh nng sinh li
Li nhun trn tng ti sn
Li nhun trn vn c phn
T sut li nhun hot ng trn doanh
thu
T sut li nhun rng trn doanh thu
nmf: khng c s liu tnh

CHECKERS

CKE

190.00 1,413.00

DOMINO'S

JACK IN
THE BOX

KRISPY
KREME

Mc
DONALD'S

1,333.00

2,058.00

666.00

17,141.00

0.96
1.42

0.47
0.76

0.60
0.99

0.23
0.63

2.72
3.25

0.49
0.76

33.97
25.36
6.99
1.76

262.97
72.45
(0.09)
5.29

(131.07)
421.90
2.05
(0.62)

61.82
38.20
5.44
2.50

11.26
10.12
23.15
1.46

77.97
43.81
6.93
2.13

65.08
133.39
1.50
12.00

35.15
59.30
1.75
38.83

20.63
46.88
3.16
40.90

71.22
52.83
1.84
147.12

9.70
17.76
1.01
32.79

21.56
89.84
0.69
41.64

12.23
21.55

(5.92)
31.30

8.66
nmf

6.26
15.65

8.64
12.62

5.91
12.59

8.24
8.32

3.49
(3.24)

13.20
2.91

6.94
3.58

15.34
8.58

19.62
8.80

16/19

TN CNG TY

PAMERA
BREAD

DOANH THU THUN(TRIU $)


T s thanh ton
T s thanh ton nhanh
T s thanh ton hin hnh
T s n by
N trn vn c phn (gi tr s sch)
N trn tng ti sn
Kh nng thanh ton li vay
Ti sn trn vn ch s hu
T s hot ng
Vng quay khon phi thu
Vng quay hng tn kho
Vng quay tng ti sn
Vng quay tin mt
T s kh nng sinh li
Li nhun trn tng ti sn
Li nhun trn vn c phn
T sut li nhun hot ng trn doanh
thu
T sut li nhun rng trn doanh thu
nmf: khng c s liu tnh
Ngun d liu: nghin cu ca Standard & Poor

PAPA
JOHNS

SONIC

STARBUCKS WENDY'S

YUM
BRANDS

356.00

917.00

447.00

4,076.00

3,149.00

3,380.00

1.34
1.58

0.33
0.77

0.77
0.92

0.76
1.52

0.61
0.88

0.26
0.55

0.00
0.00
1,014.10
1.26

38.30
26.98
8.93
2.18

0.21
0.21
1.31

39.39
28.26
9.25
1.80

183.57
64.74
5.79
5.02

32.42
38.75
1.64
8.74

50.29
44.87
2.57
110.73

27.49
111.24
1.00
40.31

38.44
10.58
1.62
10.84

28.42
79.58
1.08
17.12

49.73
91.32
1.52
46.04

12.46
15.64

9.79
21.33

10.75
19.69

9.83
12.89

7.46
13.42

11.00
58.18

14.02
8.61

6.38
3.70

23.42
11.70

9.48
6.58

13.35
7.49

12.77
7.37

62.53
38.11
14.09 nmf
1.83

Bng 8: M T CC CNG TY I TH
Checkers Drive-in Restaurants, Inc: checkers l mt # 1 chui cc nh hng thc n nhanh, vi hn 780 a im thuc s hu ca
cng ty v nhng quyn. Gn 30% cc a im ca n l thuc s hu ca cng ty.
CKE Restaurants, Inc: CKE l mt cng ty hng u trong lnh vc cung cp thc an nhanh, vi hn 3100 a im. CKE s hu v
iu hnh hn 1 / 3 cc nh hng ca n, phn cn li c iu hn Panera Bread Company: h bi ngi nhn nhng quyn.
17/19

Dominos Pizza, Inc: Domino l mt chui cc ca hng bn Pizza ln th 2 th gii, vi hn 7.750 a im hn 50 quc gia. Ca
hng ca Domino l mt a im giao hng v thng khng c bt k ch ngi no cho vic n ung.
Jack in the Box Inc: Jack trong Box cc hot ng v nhng quyn thng mi hn 2000 ca hng bnh hamburger hng u ca
n 17 bang. Hn 1550 a im cng ty thuc s hu, trong khi phn cn li c nhng quyn.
Tp on McDonalds: McDonald l cng ty bn thc n nhanh s 1 th gii vi hn 31.000 nh hng hng u phc v bnh m
kp tht v khoai ty chin ti hn 100 quc gia. Gn 30% cc ca hng ca n l cng ty thuc s hu, nhng ca hng cn li c
iu hnh bi nhng ngi nhn nhong quyn.
Panera Bread Company: Panera Bread l mt ngi tin phong trong lnh vc kinh doanh nh hng thc n nhanh tin li(quickcasual restaurant), vi hn 740 qun c ph tim bnh khong 35 bang. Khong 70% cc a im ca n c iu hnh bi nhng
ngi nhn nhng quyn.
Papa Johns International, Inc: Papa John l mt trong 3 chui ca hng cung cp bnh pizza, vi 3000 pizzerias trn khp Hoa K v
trong 17 th trng quc t. Papa John s hu v iu hnh khong 20% cc a im ca n.
Tp on Sonic: l mt tp on ln nht trong hot ng cung cp dch v thc n nhanh ti Hoa K, Sonic iu hnh khong 535
nh hng v cc c s nhng quyn thng mi ti hn 2.325 a im trong 30 tiu bang.
Tp on Starbucks: L mt tp on bn l c ph c sn s 1 th gii, Starbuck hot ng v c giy php hn 8500 ca hng c
ph ti hn 30 quc gia. Ngoi ra, Starbucks cung cp c ph thng qua cc ca hng tp ha, v xin giy php thng hiu ca mnh
cho thc phm v cc sn phm nc gii kht khc.
Wendys International, Inc: Wendy l mt trong 3chui bn bnh hamburger. Wendy C gn 6700 nh hng trn ton th gii,
khong 78% trong s l ca hng nhng quyn thong mi.
YUM! Brands, Inc: YUM! Brands, Incl mt trong nhng thng hiu nhn nhng quyn trong lnh vc cung cp thc n nhanh
ln nht trn ton th gii, ch sau McDonald trong tng doanh thu. N ng khch nh vo bnh burger khng l, tuy nhin ti cc
ca hng, vi hn 33.000 c s trong khong 100 quc gia (cng ty s hu v iu hnh khong 1/4 s ca hng v nhn nhng
quyn thng mi ca nhng ngi khc) . Cc thng hiu hng u ca cng ty bao gm KFC, Pizza Hut, Taco Bell. Yum! Cng
s hu A & W All-American Food Restaurants v Long John Silvers. chin lc di hn ca cng ty l multibranding (cung cp
nhiu hn mt thng hiu ti mt khu vc) c chng minh l thnh cng.

18/19

BNG 9: Bo co ti chnh theo quy m chung: Trung bnh dch v nh hng v


Krispy Kreme (KKD)
2001

2002

2003 KKD2003

Bng cn i: ti sn (%)
Tin v tong ng tin
12.8
12.4
13.7
3.1
Phi thu khch hng (rng)
1.6
0.9
1.4
10.4
Hng tn kho
4
3.3
3.8
4.3
Cc ti sn ngn hn khc
2.6
2.6
3.5
8.6
Tng ti sn ngn hn
11
9.6
10
4.5
Bng cn i: N v vn ch s hu(%)
Phi tr, ngn hn
4.7
5.6
5.8
0
N di hn n hn tr
6.1
6
6.8
0.4
Phi tr ngi bn
9.2
7.4
9.3
2.8
Thu thu nhp phi tr
0.2
0.2
0.3
0
Cc khon n ngn hn khc
13.9
16.9
14
4.8
Tng n ngn hn
34.1
36.1
36.4
8.1
N di hn
40.2
45.6
41.9
7.3
Thu thu nhp tr hon
0.1
0.2
0.1
1
Cc khon n di hn khc
4.7
8.3
8.7
14.9
Vn ch s hu
20.9
9.9
12.9
68.4
Tng n v vn ch s hu
100
100
100
100
Bo co thu nhp(%)
Doanh thu thun
100
100
100
100
Chi ph hot ng
56.3
55.6
58.1
76.2
Li nhun hot ng
4
4.7
4
15.3
Cc chi ph khc (rng)
1.3
1.6
1.5
1.1
Li nhun trc thu
2.7
3
2.5
14.2
Ngun d liu: Ngin cu bo co thng nin: 2004-2005, Hip hi qun tr ri ro

19/19

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