B GIO DC &O TO

TRNG I HC CNG NGH SI GN

KHOA QUN TR KINH DOANH

TIU LUN
PHN TCH BO CO TI CHNH
CNG TY C PHN NHA
THIU NIN TIN PHONG
GVHD: Th.S PHM HONG NHN
NHM SVTH
1.
2.
3.
4.
5.
6.
7.
8.

Nguyn Th Vn
Dng Th Cn
Trn Nguyn Hiu
Lm Thanh Hin
T M Nghi
Nguyn Lu Duy Phong
Nguyn Anh Th
Bi Dim Hng

Lp
C10_KD06
C10_KD05
C10_KD06
C10_KD06
C10_KD06
C11_KD07
C11_KD07
C11_KD07

Tp. H Ch Minh, ngy 10 thng 12 nm 2012

NHN XT CA GIO VIN HNG DN

..........................................................................................................................................
..........................................................................................................................................
..........................................................................................................................................
..........................................................................................................................................
..........................................................................................................................................
..........................................................................................................................................
..........................................................................................................................................
..........................................................................................................................................
..........................................................................................................................................
..........................................................................................................................................
..........................................................................................................................................
..........................................................................................................................................
..........................................................................................................................................
..........................................................................................................................................
..........................................................................................................................................
..........................................................................................................................................
..........................................................................................................................................
..........................................................................................................................................
..........................................................................................................................................
..........................................................................................................................................
Ngy..Thng..Nm 2012
K tn

CNG TY C PHN NHA

THIU NIN TIN PHONG
STT

H & TN

GVHD: ThS. PHM HONG NHN

LP

IM

IM

CH

CNG

Nguyn Th Vn

C10_KD06

1.575

Dng Th Cn

C10_KD05

0.4275

Trn Nguyn Hiu

C10_KD06

0.625

Lm Thanh Hin

C10_KD06

0.525

T M Nghi

C10_KD06

0.525

Nguyn Lu Duy Phong

C11_KD07

0.1375

Nguyn Anh Th

C11_KD07

0.25

Bi Dim Hng

C11_KD07

0.15

CNG TY C PHN NHA

THIU NIN TIN PHONG

GVHD: ThS. PHM HONG NHN

DANH SCH NHM V PHN CNG CNG VIC

STT

H & TN

CNG VIC
Bng kt qu hot ng kinh

HON
THNH

Nguyn Th Vn

Dng Th Cn

Trn Nguyn Hiu

Lm Thanh Hin

Tm kim ti liu c lin quan

100%

T M Nghi

T s sinh li

100%

Nguyn Lu Duy

Tng quan v ngnh nha v

Phong

s lc cng ty NTP

Nguyn Anh Th

Bng Cn i k ton

Bi Dim Hng

doanh v tng hp
Tm kim ti liu c lin quan
Lm Powerpoint & Tm kim
ti liu c lin quan

9 ch s u trong phn tch

ch s ti chnh

100%

100%

100%

100%

100%

100%

GHI CH
Nhm
Trng

CNG TY C PHN NHA

THIU NIN TIN PHONG

GVHD: ThS. PHM HONG NHN

MC LC
PHN A : GII THIU TNG QUAN V NGNH NHA & TNG CNG TY
C PHN NHA THIU NIN TIN PHONG (NTP) .............................................. 6
I. GII THIU TNG QUAN V NGNH NHA ........................................................ 6
1. Nhu cu th trng ........................................................................................................... 6
2. VPG- S liu th trng ................................................................................................... 9
2.1 Sn lng nha: .................................................................................................... 9
2.2 Cng ngh sn xut nha ..................................................................................... 9
2.2.1 Cng ngh phun p (Injection technology). .............................................. 10
2.2.2 Cng ngh n-thi (Blow-Extrusion technology): ................................. 10
2.2.3 Cng ngh sn xut nha s dng thanh Profile (Profile Technology) .... 10
3. Cc doanh nghip nha ................................................................................................. 10
4. K hoch pht trin ngnh nha nm 2011 .................................................................. 10
5. Cc nh cung cp chnh ................................................................................................. 12
II. GII THIU TNG QUAN V CNG TY ............................................................... 13
1.
2.
3.
4.

Lch s hnh thnh ......................................................................................................... 13

Phng chm ................................................................................................................. 14
Thnh tu ....................................................................................................................... 15
Nhng ngnh ngh kinh doanh ..................................................................................... 18

PHN B: PHN TCH TNH HNH TI CHNH CNG TY .................................. 19

I. Phn tch bng cn i k ton ..................................................................................... 19
1. Tnh hnh ti sn ............................................................................................................ 19
1.1 Tng ti sn. ....................................................................................................... 19
1.1.1 Ti sn ngn hn........................................................................................ 20
a) Tin v cc khan tng ng tin: ........................................................ 21
b) Cc khon phi thu ngn hn: ................................................................. 21
c) Hng tn kho: ........................................................................................... 22
1.1.2 Ti sn di hn:. ........................................................................................ 22
2.1 Tng ngun vn: . .............................................................................................. 23
2.1.1 N phi tr: ........................................................................................... 24
3

CNG TY C PHN NHA

THIU NIN TIN PHONG

GVHD: ThS. PHM HONG NHN

2.1.2 Vn ch s hu: ........................................................................................ 26

2.1.3 Li ch ca cc c ng ti thiu: ............................................................. 28
II. Phn tch kt qu hot ng kinh doanh ....................................................................... 28
1. Tnh hnh doanh thu....................................................................................................... 28
1.1 Doanh thu thun:. ............................................................................................... 28
1.2 Doanh thu hot ng ti chnh:. ......................................................................... 30
1.3 Doanh thu khc: .................................................................................................. 30
2. Tnh hnh chi ph: .......................................................................................................... 30
2.1 Gi vn hng bn: ............................................................................................. 31
2.2 Chi ph ti chnh: ................................................................................................ 32
2.3 Chi ph bn hng:................................................................................................ 32
2.4 Chi ph qun l doanh nghip: ........................................................................... 33
2.5 Chi ph khc:....................................................................................................... 33
3. Tnh hnh li nhun ....................................................................................................... 34
III. Phn tch ch s ti chnh ............................................................................................ 35
1. T s thanh khon ......................................................................................................... 35
1.1 Tnh thanh hin thi ........................................................................................... 35
1.2 Tnh thanh khon nhanh .................................................................................... 36
2. T s n by kinh doanh ............................................................................................. 37
2.1 T s n so vi vn ch s hu ......................................................................... 37
2.2 T s n so vi tng ti sn ............................................................................... 38
3. T s hiu qu hot ng ti chnh ............................................................................... 38
3.1 Vng quay khon phi thu & k thu tin:........................................................... 39
3.2 Vng quay ngy tn kho & s ngy tn kho : ................................................... 39
3.3 Vng quay tng ti sn: ..................................................................................... 40
4. T s kh nng sinh li ................................................................................................. 41
4.1 T l li nhun trn doanh thu (ROS) : ............................................................. 41
4.2 T l li nhun trn tng ti sn (ROA) : .......................................................... 42
4.3 T l li nhun trn vn ch s hu (ROE) : .................................................... 43
PHN C: NH GI CHUNG TNH HNH TI CHNH ....................................... 48
I. im mnh & im yu ................................................................................................ 45
II. Kt lun & xut ........................................................................................................ 45
4

CNG TY C PHN NHA

THIU NIN TIN PHONG

GVHD: ThS. PHM HONG NHN

1. Kt lun .......................................................................................................................... 45
2. xut ........................................................................................................................... 46
PH LC

CNG TY C PHN NHA

THIU NIN TIN PHONG

GVHD: ThS. PHM HONG NHN

PHN A : GII THIU TNG QUAN

V NGNH NHA & TNG CNG TY C PHN NHA
THIU NIN TIN PHONG (NTP)
I.

GII THIU TNG QUAN V NGNH NHA

VPG - Ngnh sn xut sn phm nha l mt trong nhng ngnh cng nghip
ang pht trin nhanh nht ti Vit Nam vi tc tng trng trung bnh trong 10 nm
tr li y l 15 20%. Vit Nam sn xut rt nhiu chng loi sn phm nha bao gm
sn phm ng gi, gia dng, vt liu xy dng, thit b in v in t, linh kin xe
my v t v cc linh kin phc v cho ngnh vin thng v giao thng vn ti.

1.

Nhu cu th trng

K t nm 2000 tr li y, ngnh cng nghip sn xut nha ca Vit Nam

duy tr tc tng trng cao nh tiu dng trong nc v xut khu khu tng mnh.
Chnh ph hy vng n nm 2010 sc tiu th bnh qun u ngi s l 40kg/nm. Tiu
th sn phm nha tng to ra mt ln sng u t trc tip nc ngoi ti Vit Nam,
to iu kin thun li cho ngnh xy dng, giao thng vn ti v cc ngnh sn xut
khc pht trin.
Hnh 1: Tiu th sn phm nha bnh qun theo u ngi ti VN (n v: kg/ngi)

Ngun: B Cng Thng

6

CNG TY C PHN NHA

THIU NIN TIN PHONG

GVHD: ThS. PHM HONG NHN

Sn phm nha Vit Nam c tim nng pht trin rt ln to c v th vng

chc trn th trng quc t. Nhiu c hi xut khu cho sn phm nha ca Vit Nam.
Sn phm nha Vit Nam c v th kh cnh tranh trn trng quc t nh vo (1) vic
p dng cc cng ngh sn xut tin tin; (2) c hng nhng u i v thu quan v
(3) c kh nng thm nhp th trng tt.
Hnh 2: Kim ngch XK nha ca VN t nm 2004 n nm 2009 (n v: triu USD)

Ngun: Hip hi nha Vit Nam

Sn phm nha Vit Nam hin c mt ti hn 55 nc trn th gii, bao gm cc

nc Chu , Chu M, Chu Phi, Chu u v Trung ng. 10 th trng xut khu
ln nht ca Vit Nam l Hoa K, Nht Bn, Campuchia, c, Anh, H Lan, Php, i
Loan, Malaysia v Philippines. V hin c 530 cng ty nha ti Vit Nam hot ng
trong lnh vc xut khu.

CNG TY C PHN NHA

THIU NIN TIN PHONG

GVHD: ThS. PHM HONG NHN

Tham kho mt s th trng xut khu sn phm nha t kim ngch cao

Th trng

Thng 3/2010 (USD)

So T2/2010

So T3/2010

Nht Bn

21,807,579

64%

43%

8,584,888

64%

-45%

H Lan

4,848,555

51%

61%

6,001,882

90%

93%

Anh

3,839,701

48%

34%

Campuchia

4,999,245

113%

34%

Malaysia

2,921,517

36%

181%

Philippin

3,136,487

70%

142%

Indonesia

4,409,497

182%

418%

Php

2,571,649

117%

39%

Ngun: Hip hi nha Vit Nam

Nhm p ng nhu cu sn xut nha ngy cng tng do s gia tng mnh trong
tiu dng c trong v ngoi nc, Vit Nam phi nhp khu nhiu hn nha nguyn
liu cng nh thit b v my mc sn xut.
Hin nay, Vit Nam phi nhp khu t 70-80% nha nguyn liu cn thit cho
hot ng sn xut. Theo Hip hi nha Vit Nam, ch c 300 nghn tn nguyn liu
nha, ch yu l polyvinyl clorua (PVC) v Polyethylene Telephthalete (PET) c sn
xut trong nc, trong khi ton ngnh cn phi nhp khu ln n 1.6-1.7 tn nguyn liu
nha mi nm cng vi hng trm cc ph gia phc v nhu cu sn xut.

CNG TY C PHN NHA

THIU NIN TIN PHONG

GVHD: ThS. PHM HONG NHN

Hnh 3: Kim ngch nhp khu nha nguyn liu ca Vit Nam (n v: triu USD)

Ngun: Hip hi nha Vit Nam

Vit Nam nhp khu nha nguyn liu ch yu t i Loan, Hn Quc, Thi Lan,
Singapore, Nht Bn, Malaysia, Hoa K, Trung Quc v Rp X-t.
Ngoi vic nhp khu nguyn liu nha u vo mi nm. Vit Nam nhp khu
hu nh tt c cc thit b v my mc cn thit sn xut cc sn phm nha. Phn ln
cc thit b v cc loi my sn xut nha c nhp khu t mt s nc chu bao
gm i Loan, Trung Quc, Hn Quc, v Nht Bn. Ngoi ra, Vit Nam cn nhp khu
mt s lng cc thit b sn xut nha v my mc t c v .
2. VPG- S liu th trng
2.1 Sn lng nha:
Trong tng sn lng nha hng nm, sn phm nha bao b chim khong 36%
trong khi nha vt liu xy dng, gia dng v cc loi dnh cho cc ngnh cng
nghip khc nh in t, in, giao thng vn ti ln lt chim khong 16%, 36% v
12% tng ng.
2.2 Cng ngh sn xut nha
Cc cng ngh m Vit Nam s dng sn xut cc sn phm nha bao gm:

CNG TY C PHN NHA

THIU NIN TIN PHONG
2.2.1

GVHD: ThS. PHM HONG NHN

Cng ngh phun p (Injection technology) cng ngh ny c s dng

lm cho cc thnh phn nha v ph tng cho cc thit b in t, in lc, xe my v

ngnh cng nghip t. Theo cc chuyn gia cng nghip, c khong 3.000 loi thit b
phun p ti Vit Nam.
2.2.2

Cng ngh n-thi (Blow-Extrusion technology): y l cng ngh thi

mng, sn xut ra cc loi vt liu bao b nha t mng, dng trong cc cng ngh thi
ti PE, PP v mng (cn mng PVC). Hin nay nhiu doanh nghip nha s dng cng
ngh n thi bng nhiu thit b nhp t cc nc, nhiu th h sn xut cc sn
phm bao b nha.
2.2.3

Cng ngh sn xut nha s dng thanh Profile (Profile Technology):

Vit Nam, cng ngh ny c s dng lm cc sn phm nh ng thot nc PVC,

ng cp nc PE, ng nhm nha, cp quang, ca ra vo PVC, khung hnh, tm lp, ph
tng, v.v
3.

Cc doanh nghip nha

n nay, c khong 2.000 doanh nghip nha, ch yu min Nam. S lng

doanh nghip ti thnh ph H Ch Minh v cc tnh ln cn nh ng Nai, Bnh Dng
v Long An chim 80% tng s lng DN nha trn c nc trong khi s lng DN
min Bc v min Trung ch chim 15% v 5%.
4.

K hoch pht trin ngnh nha nm 2011

- p dng cng ngh tin tin m bo sn phm nha Vit Nam p ng yu

cu v cht lng, an ton, v sinh v tc ng mi trng theo quy nh ca Vit Nam
v quc t, t nng cao nng lc cnh tranh trong v ngoi nc;
- u t xy dng nh my sn xut vt liu nha, bn thnh phm, ha cht, ph
gia, v khun mu;
- Sn xut cc sn phm nha cng ngh cao v sn phm nha dnh cho xut
khu;
- Pht trin ngnh ch bin cc cht thi t sn phm nha v nha nguyn liu.

10

CNG TY C PHN NHA

THIU NIN TIN PHONG

GVHD: ThS. PHM HONG NHN

Mc tiu t ra trong nm 2011:

- Tc tng trng hng nm: 15%

- Tiu th sn phm nha theo u ngi: 40kg/nm
- Nha vt liu sn xut trong nc p ng c 50% nhu cu th trng
- 132,000 b khun mu/nm
- Xy dng mt c s ch bin cht thi nha vi cng sut 200.000 tn / nm

Trin vng

Do nhu cu cp thit cn phi nng cp cng ngh sn xut v a dng ha sn

phm duy tr v tng kh nng cnh tranh trong v ngoi nc, Vit Nam nhp
khu nhiu trang thit b v my mc sn xut nha tin tin hn cng vt liu nha cht
lng cao hn.
Chnh Ph ph duyt v quy hoch tng th pht trin ngnh Nha Vit Nam
n nm 2010; trong tp trung vo cc d n sn xut nguyn liu nha. Hin nay,
nhiu d n nguyn vt liu cho ngnh nha c u t xy dng nh: nh my sn
xut PP1, PP2, nh my sn xut P E Nu cc d n mi ny uc thc hin ng tin
th n ht nm 2010 th cc nh my mi ny c th nng tng cng sut sn xut
thm 1.2 triu tn/nm. Do c th gip cc doanh nghip ch ng hn trong ngun
cung nguyn liu u vo v gim ri ro bin ng gi nguyn liu v ri ro v t gi.
(theo bo co ca SBBS)

11

CNG TY C PHN NHA

THIU NIN TIN PHONG

GVHD: ThS. PHM HONG NHN

Mc tiu sn lng nguyn vt liu trong nc nm 2011 (tn/nm)

Nguyn liu

2011

Bt PVC

500.000

Ht PP

450.000

Ht PE

450.000

Mng BOPP

40.000

Ho do DOP

60.000

Ht PS

60.000

Tng cng

1.560.000

Ngun: B Cng Thng

5.

Cc nh cung cp chnh

Hin nay, vt liu nha PVC v PET c th c p ng trong nc. C hai nh

sn xut PVC vi cng sut tng hp 200.000 tn/nm, trong 30% l dnh cho xut
khu v 70% l dnh cho th trng trong nc. l Cng ty TPC Vina v Cng ty
Nha v Ha cht Ph M. Ngoi ra, cn c Cng ty Formusa Vit Nam, cng ty 100%
vn ca i Loan vi cng sut sn xut nguyn liu nha PET l 145.000 tn/nm.
Tuy nhin, Vit Nam vn phi nhp khu 70 - 80% nguyn liu nha, ch yu l
PP, PE, PS v Polyester v hu ht cc thit b v my mc cn thit cho sn xut sn
phm nha.

12

CNG TY C PHN NHA

THIU NIN TIN PHONG

GVHD: ThS. PHM HONG NHN

Hnh 4: Cc nc cung cp chnh nguyn liu nha cho Vit Nam

Ngun: Hip hi nha Vit Nam

II.

GII THIU TNG QUAN V CNG TY

1.

Lch s hnh thnh

Cng ty CP Nha Thiu nin Tin Phong tin thn l Nh my Nha Thiu nin
Tin phong, c thnh lp t nm 1960 vi quy m gm 4 nh xng chnh: Phn
xng c kh, phn xng nha trong (polystyrol) v phn xng bng bn, chi.
Ngy 19/05/1960, Nh my Nha Thiu nin Tin phong chnh thc khnh thnh i vo
hot ng vi nhim v ch yu: Chuyn sn xut cc mt hng phc v thiu nin nhi
dng. Vi ngha lch s thing ling , 50 nm qua, tp th CBCNV Cng ty tng
bc n lc ht mnh, pht huy tinh thn ch ng, sng to, dm ngh dm lm, a
Cng ty tng bc pht trin vng mnh m bo hon thnh xut sc cc nhim v m
ng, Nh nc v nhn dn giao ph.
Tri qua nhiu thng trm, ngy 29/4/1993 vi Quyt nh s 386/CN/CTLD ca
B Cng Nghip Nh (nay l B Cng Thng), nh my Nha Thiu nin Tin Phong
c i tn thnh Cng ty Nha Thiu nin Tin phong. Theo Cng ty Nha Thiu
nin Tin phong tr thnh mt doanh nghip Nh nc, sn xut cc sn phm t cht
do. Vi m hnh t chc mi, ch ng p ng nhu cu ca th trng, Cng ty
13

CNG TY C PHN NHA

THIU NIN TIN PHONG

GVHD: ThS. PHM HONG NHN

mnh dn chuyn i mt hng truyn thng tng ni ting mt thi nhng hiu qu thp
chuyn hn sang sn xut ng nha PVC, PEHDT nhng bc i ng n, vng
chc, sn phm ca Cng ty v ang chim lnh th trng bng uy tn v cht lng
cng nh tnh cnh tranh v gi bn. n ngy 17/8/2004, cng ty Nha Thiu nin Tin
Phong c chuyn i sang hnh thc cng ty C phn bng quyt nh s
80/2004/Q-BCN ca b Cng nghip. nh du mt bc i pht trin mi ca cng
ty.
Cng vi qu trnh i mi nn kinh t v thc hin cng nghip ha hin i ha
t nc, Cng ty mnh dn u t, i mi nhiu chng loi sn phm cho ph hp
vi nhu cu th trng. Mt hng ng nha u.PVC, PEHD, PPR dng trong lnh vc cung
cp nc sch, tiu thot nc thi phc v nhu cu dn dng v s dng trong cc
nghnh xy dng, cng nghip, nng nghip nhanh chng chim lnh th trng.
2.

Phng chm

Vi phng chm Cht lng l trn ht, m bo quyn li chnh ng cho

ngi tiu dng thng hiu Nha Tin Phong c khng nh trn th trng c
sc lan ta mnh m. Tip tc duy tr h thng kim sot cht lng mt cch cht ch,
ng thi la chn a phng thc phc v nhm ti a nhu cu khch hng. V vy
trong nhng nm ti, cng ty chc chn s duy tr c tc pht trin cao, gi vng v
ngy cng m rng th trng, khng ch th trng trong nc m cn vn ra th
trng nc ngoi, Cng ty cng ng k b h nhn hiu hng ha 5 nc :Trung
Quc, Lo, Thi Lan, Campuchia v Myanma . Doanh s xut khu sang cc th trng
trong khu vc trong thi gian ti s c y mnh, ring doanh s xut khu sang nc
Cng ha dn ch Nhn dn Lo s t t 1.200.000 n 1.800.000 USD/nm.
Vi mng li tiu th gm 6 Trung tm bn hng tr chm v gn 300 i l bn
hng, sn phm Nha Tin phong v ang c mt cc min trn c nc. c bit ti
min Bc, sn phm Nha Tin Phong s chim 70-80% th phn ng nha. ha nhp
tc pht trin ca t nc, cng ty phn u doanh thu bn hng, GTSXCN, li
14

CNG TY C PHN NHA

THIU NIN TIN PHONG

GVHD: ThS. PHM HONG NHN

nhun rng v np ngn sch nm sau s tng hn nm trc t 10-15%. Tng bc

nng cao i sng ca CBCNV, qua to iu kin cng ty thc hin tt cng tc t
thin v an sinh x hi.
3.

Thnh tu

T nhng c gng v thnh cng t c trong sut 50 nm qua, Cng ty Nha

Thiu nin Tin phong vinh d c ng v nh nc trao tng nhng danh hiu cao
qu . l : Hun chng c lp hng Ba (2010); danh hiu Anh hng Lao ng thi k
i mi (1994-2005); Hun chng Lao ng hng Nht, Nh, Ba ; Nhiu nm lin c
nhn C thi ua xut sc ca chnh ph, b Cng Nghip, Tng LL Vit Nam,
UBND thnh ph Hi Phng ; bng khen ca ch tch Phng Thng mi v Cng
nghip Vit nam. Bn cnh l 127 Huy chng vng ti c k hi ch hng cng
nghip Quc t v trong nc, c ngi tiu dng bnh chn l Hng Vit nam cht
lng cao ; 02 cp Bc v 02 gii Qu cu vng Bng sen vng nm 2002, cp V s
nghip xanh Vit nam nm 2003, cp V s pht trin cng ng nm 2004; C
phiu vng Vit Nam nm 2009; Gii thng Top 20 Nhn hiu ni ting Vit Nam
nm 2010. Cng ty cn l 1 trong 50 doanh nghip ln nht Vit Nam nm 2008; l 1
trong 10 doanh nghip tiu biu ca thnh ph Hi phng nm 2001, 2003, 2004, 2005,
2008, 2009 v cn rt nhiu cc danh hiu dnh cho c nhn v tp th khc. c bit
nm 2010 Cng ty ginh gii thng Sao Vng t Vit dnh cho top 10 thng hiu ni
ting.
Vic xy dng v duy tr mt h thng qun l cht lng cng c Ban Lnh
do cng ty nghim tc ch o vic xy dng v vn hnh mt cch nghim ngt. Cc
sn phm ca Nha Tin Phong u t cc tiu chun Quc t, cc c tnh c, l, ho,
v sinh cng nghip... u t v vt ch tiu cho php. Tri qua hn 50 nm xy dng
v trng thnh, Cng ty lun lun l mt trong nhng c s sn xut kinh doanh hng
u v ngnh nha ca c nc. Hin nay, Cng ty ang p dng h thng qun l cht

15

CNG TY C PHN NHA

THIU NIN TIN PHONG

GVHD: ThS. PHM HONG NHN

lng ton din TQM v t tiu chun qun l cht lng theo H thng qun l cht
lng ISO 9001:2008.
Cc sn phm ca Nha Tin Phong c s dng rng ri trong cc lnh vc cp
thot nc, cng nghip xy dng, ging nc ngm cho dn dng v cng nghip, cu
ng, ho cht, a cht, du kh, h thng nc thot thi cc th, khu cng nghip,
nc ti tiu trong nng, lm nghip... p sut biu kin cho cc loi sn phm ng
nha t 5 Bar n 25 Bar v c th sn xut cc sn phm t tiu chun cao theo cc yu
cu c bit ca khch hng.
Vi i ng k s hng hu, nng ng sng to kt hp vi kinh nghim nhiu
nm trong lnh vc sn xut cc sn phm nha xy dng, Nha Tin Phong lun nghin
cu tm ti, i mi khng ngng ci tin v nng cao cht lng sn phm, to ra cc
sn phm tt nht trn th trng.
Vi ba nh my sn xut Hi Phng, Bnh Dng (Vit Nam) v Vientiane
(Lo), nng lc sn xut ca Nha Tin Phong hng nm ln ti 75 ngn tn sn phm
cc loi. Hin nay, ti pha Bc Vit Nam cng ty ang xy dng nh xng v chuyn
i dn a im sn xut t s 2 An , TP. Hi Phng sang phng Hng o qun
Dng Kinh, TP. Hi Phng trn mt din tch sn xut mi rng 13,6 ha, gp hn 4 ln
din tch sn xut c. Vic chuyn i a im sn xut ca Nha Tin Phong nhm p
ng cho chin lc pht trin cao v quy m v sn lng sn xut, tng sc cnh tranh
trn th trng sn phm ti Vit Nam v cc nc trong khu vc.
Nha Tin Phong pha nam chnh thc xy dng xong nh my ti tnh Bnh
Dng, Vit Nam, sn phm c th trng pha Nam nh gi cao. Hin nay, Nha
Tin Phong Nam ang xy dng mt h thng phn phi i mi v hin i, mang li
nhng tin ch cao nht cho ngi tiu dng. Cng vi vic nng cao uy tn, hnh nh ca
Nha Tin Phong ti min Nam, Nha Tin Phong Nam xy dng mt chin lc v
k hoch sn xut, tiu th, chun b sn sng v thit b sn sut nng cao gp nhiu

16

CNG TY C PHN NHA

THIU NIN TIN PHONG

GVHD: ThS. PHM HONG NHN

ln cng sut hin ti theo chin lc ca Cng ty v chim lnh th phn ti min Nam
Vit Nam.
Cng ty Lin doanh Nha Tin Phong SMP ti Cng ha dn ch Nhn dn Lo
c u t vi chin lc cung cp sn phm cho hu ht cc d n cp thot nc ca
nc bn Lo m ch yu l cc d n do World Bank v ADB ti tr. Hin nay, Nha
Tin Phong - SMP i vo sn xut n nh v cung cp cho nhiu d n ln. Cho n
nay, Nha Tin Phong SMP cng l m my sn xut ng nha ln nht ca CHDCND
Lo.
Ni n Nha Tin Phong l ni n mt thng hiu nha hng u Vit Nam.
Khng phi by gi m t nhiu nm qua, ci tn Nha Tin Phong i vo tim thc
ca ngi tiu dng vi mt hnh nh, mt thng hiu ca cht lng sn phm, s a
dng v kiu dng mu m cng nh cc dch v hu mi, bo tr tin cy. NTP hin
chim khong 65% th phn ng nha pha Bc, ring sn phm ng nha chu nhit th
c chim c nc. Cc dy truyn thit b c nhp t Chu u, tin tin ngang
bng cc nc trong khu vc.
Nhn thc c tm quan trong ca vic duy tr v pht trin thng hiu, to
nim tin cho ngi tiu dng, Ban Lnh o v ton th CBCNV Nha Tin Phong lun
lun phn u, n lc khng ngng Nha Tin Phong lun l con chim u n trong
ngnh nha Vit Nam v dn khng nh v tr thng hiu ca mnh trn trng Quc
t.

17

CNG TY C PHN NHA

THIU NIN TIN PHONG

GVHD: ThS. PHM HONG NHN

4.

Nhng ngnh ngh kinh doanh

Sn xut kinh doanh cc sn phm nha dn dng.

Sn xut kinh doanh cc sn phm nha phc v cho ngnh xy dng, cng

nghip, nng nghip, ng nghip, giao thng vn ti

18

CNG TY C PHN NHA

THIU NIN TIN PHONG

GVHD: ThS. PHM HONG NHN

PHN B: PHN TCH

TNH HNH TI CHNH CNG TY
I.

Phn tch bng cn i k ton

1.

Tnh hnh ti sn

CH TIU

Nm 2009

Nm 2010

Nm 2011

TI SN NGN HN

706,039,592,187

995,486,619,666

960,569,946,784

15,437,543,728

68,490,447,599

49,454,713,518

418,316,425,467

433,647,187,047

454,014,027,665

Hng tn kho

260,146,006,408

478,321,634,476

453,931,587,708

Ti sn ngn hn khc

12,139,616,584

15,027,350,544

3,169,617,893

TI SN DI HN

293,814,821,336

406,510,619,088

595,110,294,225

Ti sn c nh

254,440,099,836

356,654,959,380

495,436,356,723

27,974,637,064

22,956,133,267

77,966,234,921

999,854,413,523

1,401,997,238,754 1,555,680,241,009

Tin & cc khon tng

ng tin
Cc khon phi thu ngn
hn

Cc khon u t ti chnh
di hn
TNG CNG TI SN

(ngun trch dn t bng cn i k ton)

1.1

Tng ti sn: Nhn chung, tnh hnh tng ti sn ca cng ty NTP tng dn

qua 3 nm. C th l

Nm 2010

tng ti sn l 1,401,997,238,754 ng ,tng

402,142,825,231 ng tng ng tng 40.22% so vi nm 2009. Nm 2011 l

1,555,680,241,009 ng tng 153,683,002,555 tng ng tng 10.96% so vi nm 2010.
Nguyn nhn lm cho tnh hnh tng ti sn ca cng ty bin ng theo xu hng tng

19

CNG TY C PHN NHA

THIU NIN TIN PHONG

GVHD: ThS. PHM HONG NHN

nhanh l do tc ng ch yu ca ti sn ngn hn chim t trng ln trong tng ti

sn ca cng ty.

so snh ti sn ngn hn & ti sn di hn

995,486,619,666
1,000,000,000,000

960,569,946,784

900,000,000,000
800,000,000,000

706,039,592,187

700,000,000,000

595,110,294,225

600,000,000,000

Ti sn ngn hn

500,000,000,000
400,000,000,000

406,510,619,088

Ti sn di hn

293,814,821,336

300,000,000,000
200,000,000,000
100,000,000,000
0
2009

2010

2011

Hnh 5: Th hin ti sn ngn hn & ti sn di hn

1.1.1 Ti sn ngn hn: y l phn ti sn m trong qu trnh hot ng kinh

doanh chng khng ngng quay vng v thay i hnh thi ca mnh. ng thi, y
cng l mt phn trong c cu u t v vic thay i ca ti sn ngn hn s c nh
hng ng k n li nhun cng nh tnh hnh ti chnh ca cng ty.
Qua bng s liu trn cho ta thy ti sn ngn hn qua 3 nm c nhiu bin ng .
C th l trong nm 2010, TSNH tng mnh ln

995,486,619,666 ng , tng

289,447,027,479 ng, tng ng tng 41.00% so vi nm 2009. Nhng n nm 2011

ti sn ngn hn li gim xung cn 960,569,946,784 ng, gim 34,916,672,882 ng,
tng ng gim 3.51% so vi nm 2010. Nguyn nhn Ti sn ngn hn nm 2010 tng
t bin l do cng ty NTP ang m rng quy m kinh doanh ca mnh, c th l u
t m rng vic kinh doanh min Trung, min Nam v Lo. S d c s thay i v

20

CNG TY C PHN NHA

THIU NIN TIN PHONG

GVHD: ThS. PHM HONG NHN

kt cu ca ti sn ngn hn nh vy l do s nh hng v bin ng ca cc nhn t

sau:
a)

Tin v cc khan tng ng tin: c xem l khon mc ti sn

quan trng i vi hot ng ca doanh nghip. y l loi ti sn gip doanh nghip

thc hin ngay vic thanh ton trong qu trnh hot ng kinh doanh ca mnh. Do ,
phn tch c cu v s bin ng ca khon mc vn bng tin l ht sc cn thit.
Qua bng d liu ta thy vn bng tin ca cng ty qua 3 nm c nhiu bin ng .
c bit , nm 2010 tng mnh ln 68,490,447,599 ng , chim 4.89% trong tng ti
sn, tng 53,052,903,871 ng , tng ng tng 343.66% so vi nm 2009. Nhng n
nm 2011, th li gim xung cn 49,454,713,518 ng, chim 3.18% trong tng ti sn,
gim 19,035,734,081 ng, tng ng gim 27,79% so vi nm 2010. S d khon mc
vn bng tin ca cng ty c xu hng tng v mt gi tr nhanh t bin trong khon
mc ny l v y l thi im cng ty mun tng kh nng thanh ton ca mnh ln, do
chnh sch m rng quy m kinh doanh, nn i hi cng ty cn phi c mt lng tin
nht nh p ng nhu cu mua hng ha. Do , lm cho khon mc vn bng
tin tng ln ng k.
b)

Cc khon phi thu ngn hn: L nhng khon tin m cng ty b khch

hng chim dng. Cc khon phi thu chim t trng kh ln trn tng ti sn, ng thi
s bin ng ca chng qua tng nm cng theo chiu hng gim , c th: Nm 2009 l
418,316,425,467 ng . Nhng n nm 2010 tng ln l 433,647,187,047 ng ,
tng 15,330,761,580 ng, tng ng tng 3.66% so vi nm 2009. n nm 2011 ,
khon mc ny li tip tc tng ln 454,014,027,665 ng, tng ng tng
20,366,840,618 ng, tng ng tng 4.7% so vi nm 2011. Tuy nhin, dng nh
khon mc ny c xu hng gim t trong gim dn trn tng ti sn, c th ln lt l
41.84% (nm 2009 ) gim cn 30.93% (nm 2010) v tip tc gim cn li 29.18% (nm
2011). Nguyn nhn ch yu l do chnh sch bn hng ca cng ty NTP . NTP y
mnh bn hng thng qua cc i l phn phi v vic NTP cho khch hng c mua
21

CNG TY C PHN NHA

THIU NIN TIN PHONG

GVHD: ThS. PHM HONG NHN

chu v thanh ton chm nhiu hn . Ngoi ra, NTP tn dng nhng li th ca mnh
hng ti khch hng l nhng cng trnh xy dng ln min Bc; phng thc bn
hng thng qua u thu. Nh vy c th thy cng ty duy tr chin lc cnh tranh
hng ti cc khch hng ln.
c)

Hng tn kho: phn nh kh nng cung cp cho th trng cng nh tnh

hnh tiu th hng ha ca cng ty. Vic phn tch ch tiu hng tn kho c vai tr quan
trng cho vic iu chnh chin lc bn hng ca cng ty. Lng hng tn kho c nhiu
bin ng qua 3 nm, c th Nm 2009 l 260,146,006,408 ng chim 26.02% trong
tng ti sn. n nm 2010, khon mc ny tng nhanh n 478,321,634,476 ng,
chim 34.12% trong tng ti sn, tng 218,175,628,068 ng, tng ng tng 83.87% so
vi nm 2009. Tuy nhin sau khi tng mnh vo nm 2010 va qua th n nm 2011
gim xung cn 453,931,587,708 ng, chim 29.18% tng ti sn, gim 24,390,046,768
ng, tng ng gim 5.10% so vi nm 2010. Nguyn nhn hng tn kho ca cng ty
NTP mc cao v c nhiu bin ng l do khng hong kinh t th gii, do nm bt
c thi c vo nm 2009, khi gi nguyn liu r (lc gi du th xung ti mc
42USD/thng) NTP u c tch tr mt s lng ln nguyn vt liu. Nhng nm tip
theo, hng tn kho vn tng cao v phn nhiu bi tnh hnh bt n ti khu vc Trung
ng v Libya, tng gi du th 20% khin NTP mua lng ln nguyn liu d tr
s dng khi gi nguyn liu tng cao. Ngoi ra, do nm 2010 cng ty ang m rng quy
m kinh doanh. V th vic gia tng hng tn kho l mc tiu chin lc nhm chim lnh
th trng ang trong giai on pht trinny. Tuy nhin , n nm 2011 khon muc ny
gim do gi ht nha tng cao so vi nm v ng t sng thn Nht Bn
lm cho gy nh hng nghim trng, dn n khan him nguyn liu cung cp cho vic
sn xut ca cng ty NTP. iu ny cho thy xng du l mt trong nhng mt hng ch
lc ca cng ty, vi s bin ng gi nguyn vt liu trn th trng th vic tng hng
tn kho ca mt hng ny cng ph hp vi thc trang ca NTP.
1.1.2 Ti sn di hn: Ti sn di hn ca cng ty trong 3 nm qua tng lun
tng v mt gi tr, c th nm 2010 t 406,510,619,088 ng, tng 112,695,797,752
22

CNG TY C PHN NHA

THIU NIN TIN PHONG

GVHD: ThS. PHM HONG NHN

ng tng ng 38.36% so vi nm 2009. n nm 2011 li tip tc tng ln

595,110,294,225 ng, tng 188,599,675,137 ng, tng ng tng 46.39% so vi nm
2010. Nguyn nhn ca s tng ny l cng ty phi di di n a im mi; u t
m rng kinh doanh ti cng ty nha Thiu Nin Tin Phong min Nam (Bnh Dng)
; min Trung v Lo nhm thc hin chnh sch m rng quy m kinh doanh, m rng
mng li phn phi. Ngoi ra, c bit nm 2010 cng ty tin hnh u t hng trm
t ng mua trang thit b my mc, thit b, nng cao nng lc sn xut, trong c h
thng dy chuyn sn xut ng PEHD n c 1200 mm.
Qua nhng phn tch trn ta c th nh gi chung nh sau: Ti sn ngnhn
tng i tt, khon mc tin mc d c s tng gim qua cc nm nhngvn nm trong
mc n nh v hp l. Khon mc khon phi thu ca cng ty tng i cao v c xu
hng tng ln l do chnh sch bang hng tr chm, kch thch tng doanh thu, nn vn
c th chp nhn c. Khon mc hng tn kho tng cao trong nm 2010, do cng ty
ang m rng quy m kinh doanh, iu ny l hp l.

2. Tnh hnh ngun vn

CH TIU
N PHI TR
VN CH S HU
LI CH CA CC C
NG TI THIU
TNG CNG NGUN
VN

Nm 2009
Nm 2010
410,485,500,808 576,741,497,198
542,229,635,453 780,699,145,444

Nm 2011
626,191,011,105
929,489,229,904

47,139,277,262

47,139,277,262

999,854,413,523 1,404,579,919,904 1,555,680,241,009

(ngun: trch dn bng cn i k ton)

2.1

Tng ngun vn: Do tnh cht cn i ca bng cn i k ton nn s

thay i trong tng ti sn ca cng ty cng chnh l s thay i tng ng bn phn tng
ngun vn. Qua bng s liu trn cho ta thy tnh hnh tng ngun vn tng dn qua 3
nm ln lt l 999,854,413,523 ng; 1,404,579,919,904 ng; 1,555,680,241,009
ng. Nm 2010 tng 402,142,825,231 tng ng tng 40.22% so vi nm 2009. Nm

23

CNG TY C PHN NHA

THIU NIN TIN PHONG

GVHD: ThS. PHM HONG NHN

2011 tng 153,683,002,555 tng ng tng 10.96%. Nguyn nhn tng ngun vn tng
ch yu l l do s tng ln nhanh ca n phi tr v vn ch s hu.

so snh n phi tr & vn ch s hu

929,489,229,904
1,000,000,000,000

780,699,145,444

800,000,000,000
542,229,635,453
600,000,000,000
410,485,500,808

576,741,497,198

626,191,011,105
n phi tr
vn ch s hu

400,000,000,000
200,000,000,000
0
2009

2010

2011

Hnh 6 : th hin so snh n phi tr v vn ch s hu

2.1.1 N phi tr: L ngun vn quan trng khng ch i vi cc doanh nghip

m cn i vi c nn kinh t. Trong qu trnh hot ng ca cc doanh nghip tt yu
pht sinh nhu cu v n bao gm c n vay ngn hng v tn dng thng mi,

Qua hnh 6, cho thy qua 3 nm n phi tr lin tc tng, tuy nhin tc

tng chm dn. C th l nm 2009 l 410,485,500,808 ng, chim 41.05% trong

tng ngun vn. c bit, n nm 2010 tng mnh ln 576,741,497,198 ng, chim
41.06% trong tng ngun vn, tng 166,255,996,390 ng, tng ng tng 40.50% so
vi nm 2009. n nm 2011 li tip tc tng ln 626,191,011,105 ng, chim 40.25%
trong tng ngun vn. Tuy nhin tc tng chm li cn 49,449,513,907 ng,
tng ng tng 8.57% so vi nm 2010. Nguyn nhn lm cho tng n phi tr tng qua
3 nm ch yu l do s thay i ca cc yu t sau:
a)

N ngn hn: th chu tc ng ca nhiu mc khc nhau nh vay v n

ngn hn, phi tr ngi bn, ngi mua tr tin trc bit c nguyn nhn lm

24

CNG TY C PHN NHA

THIU NIN TIN PHONG

GVHD: ThS. PHM HONG NHN

cho n ngn hn tng nhanh nh vy ta s tip tc phn phn tch cc khon mc cu

thnh nn yu t n ngn hn:
Vay & n ngn hn: l ngun ti tr nhanh nht cho cng ty khi ngun
vn khng p ng nhu cu tc thi. Tuy nhin, n li chim gn nh ton b s
n phi tr v c xu hng tng dn qua 3 nm. C th l nm 2009 l 249,100,676,726
ng, chim 24.91% trong tng ngun vn. n nm 2010 khon mc ny tng ln ti
340,571,623,931, tng 91,470,947,205 ng, chim 24.25%, tng ng tng 36.72% so
vi nm 2009. n nm 2011, khon mc ny li tip tc tng ln 381,309,759,058 ng,
chim 24.51%, tng 40,738,135,127 tng ng tng 11.96% so vi nm 2010. Nguyn
nhn lm cho khon vay v n ngn hn bin ng nh vy l do trong nm 2009 cng ty
c hng chnh sch u i v li sut ca nh nc, khuyn khch u t v pht
trin, yu t ny to iu kin thun li cho cng ty b sung ngun ti sn ca mnh
m rng quy m hot ng kinh doanh. Mc d k t nm 2010 cng ty khng cn c
hng li sut u i hay chnh sch c bit t chnh ph na, song do nhu cu ng
nha tng cao nn cng ty tin hnh trin khai tng mnh u t & m rng kinh
doanh nn cn nhiu vn. Tuy nhin, do s thay i theo chiu hng tng li sut ngn
hng nn xu hng c tng nhng tc chm li, ct gim khon n vay ny
tit kim chi ph v m bo kh nng trong thanh ton.
Phi tr ngi bn: Ta thy khon mc ny chim t trng tng i ln
(th 2) trong tng n ngn hn v c xu hng tng v mt gi tr qua 3 nm. Trong ,
c bit l nm 2010 vi s tin l 98,591,495,579 ng tng 33,242,633,402 tng ng
tng 50.87% so vs nm 2009. Nguyn nhn ch yu lm cho khon phi tr ngi bn
tng dn l do cng ty y mnh vic mua hng ha vi s lng ln tng vic p
ng nhu cu kp thi cho khch hng.
Ngi mua tr tin trc: Nn kinh t nc ta ang trn pht trin
cng vi s bin ng ngy cng phc tp ca th trng, iu ny i hi cc doanh
nghip phi c nhng la chn tht sng sut khi quyt nh cch mua hng ca mnh sao
cho tit kim c chi ph l thp nht. Nm 2010 th trng ngnh xy dng tng cao,
25

CNG TY C PHN NHA

THIU NIN TIN PHONG

GVHD: ThS. PHM HONG NHN

lm cho nhu cu ng nha tng cao. Do , trc s bin ng v gi c nh th mt s

khch hng ln nht l nhng cng ty xy dng thay i phng thc thanh ton ca
mnh bng hnh thc tr trc gim c khon chi ph nht nh do s tng gi.
Chnh v th lm cho khon ngi mua tr tin trc ty tng cao trong nm 2010 l
5,544,852,970 ng, tng 4,966,561,804ng, tng ng tng 858.83% so vi nm 2009.
Thu v cc khon phi np cho Nh nc: y l khon mc mang tnh
cht bt buc. Nhn chung th thu v cc khon phi np nh nc c xu hng tng,
trong cao nht l nm 2010 t 37,501,112,234 ng, tng 20,378,114,953 ng
tng ng tng 119.01% so vi nm 2009. Nguyn nhn l do cng ty khng cn c
gim 50% thu (k t nm 2010) v thu thu nhp doanh nghip ca cng ty u tng.
Phi tr ngi lao ng: Khon mc ny qua 3 nm tng, ln lt l
19,548,903,042 (1.96%); 17,590,629,377 (1.25%) v 26,378,931,586 (1.7%). Nm 2010
gim 1,958,273,665 ng tng ng gim 10.02% so vi nm 2009. Nm 2011 tng
8,788,302,209 ng tng ng tng 49.96% so vi nm 2010. Nguyn nhn lm cho phi
tr ngi lao ng tng cao trong nm 2010 l do chnh sch tng lng ca nh nc,
ng thi, do cng ty ang m rng quy m nn cn tng s lng cng nhn vin cc
i l chi nhnh phc v cho vic bn hng c hiu qu hn
Chi ph phi tr; Chi ph phi tr, phi np ngn hn khc; Qu khen
thng v phc li: ta thy cc khon mc ny c s bin i tng gim trong 3 nm
gn y v c s nh hng khng ng k do chim t trng rt thp trong tng ngun
vn ca cng ty.
b)

N di hn: Qua bng s liu trn cho thy NTP chim t trng thp

trong tng ngun vn. C th l chi n di hn trong 2 nm 2009 v 2010, ln lt l

9,108,125,754 (0.91%) v 16,638,388,944 (1.18%). Nm 2010 tng 7,530,263,190 tng
ng tng 82.68% so vi nm 2009.
2.1.2 Vn ch s hu: y l ngun ti tr quan trng v an ton nht quyt
nh tnh t ch ca n v trong hot ng kinh doanh v vic c c mt ngun ti tr
mnh, an ton v vng chc s m bo c tnh canh tranh, khi phi i mt vi c ch
26

CNG TY C PHN NHA

THIU NIN TIN PHONG

GVHD: ThS. PHM HONG NHN

th trng ngy nay. Qua bng s liu cho thy ngun vn ca NTP qua 3 nm khng
ngng tng mnh, c th l nm 2009 l 542,229,635,453 ng, chim 54.23% trong tng
ngun vn. c bit n nm 2010 khon mc ny tng t ngt n 780,699,145,444
ng, tng 238,469,509,991 ng, tng ng tng 43.98% so vi nm 2009. n nm
2011 l 929,489,229,904 ng , tng 148,790,084,460 ng, tng ng tng 19.06% so
vi nm 2010. Nguyn nhn tc ng ch yu l ngun vn ch s hu khng ngng
tng cao qua 3 nm. Bn cnh vic tng v mt gi tr, vn ch s hu cn nng t trng
vn ch s hu ln 55.58% trn tng ngun vn trong nm 2010 v tip tc nng cao ln
t n 59.75% trong tng ngun vn nm 2011. iu ny cho thy, NTP ang tch cc
huy ng v b sung ngun vn nhm m rng quy m sn xut. V vic tng cao cc
khon mc ny l rt hp l v ph hp vi thc trng hin c do cng ty t c trong
nhng nm gn y.
nh gi chung v tnh hnh ngun vn ca cng ty Qua phn tch trn ta thy,
ngun vn kinh doanh ca cng ty tng dn qua3 nm gn y. Nguyn nhn ch yu l
do n phi tr v ngun vn ch s huiu tng v gi tr. Nm 2008 do tc nhu cu
vn tng qu cao lm cho nphi tr tng theo m ch yu l do s tc ng ca khon
mc n ngn hn, khikhon mc ny tng qu cao ng ngha vi vic cng ty s vay n
cng nhiu iu ny l khng tt v s dn n chi ph ti chnh cng tng, do cng ty
cn phi c chnh sch hp l nhm hn ch vic vay n tng hiu qu hot ngca
mnh. Tuy nhin, bn cnh vic tng th ngun vn ch s hu qua ccnm cng tng
tng i cao v mt gi tr v c xu hng chim t trng tngi ln, iu ny cho
thy cng ty vn kim sot c tnh t ch v tnh hnh ti chnh ca mnh. y l mt
du hiu kh quan cho thy vn s dng ngunvn v qu trnh hot ng kinh doanh
ca cng ty trong 3 nm qua l c hiuqu. Ngoi ra, qua hnh 7 v bng d liu cho thy
trong tng ngun vn th vn ch s hu chim t trng cao hn n phi tr, bnh qun
qua 3 nm vn ch s hu ca NTP chim t trng l 56.52% trong tng ngun vn. Cn
li l n phi tr. Ngoi ra, tc tng ca vn ch s hu cng tng nhanh hn n phi

27

CNG TY C PHN NHA

THIU NIN TIN PHONG

GVHD: ThS. PHM HONG NHN

tr. iu ny cho thy cng ty ang c xu hng s dng vn ch s hu hn l n

hot ng sn xut kinh doanh.
2.1.3 Li ch ca cc c ng ti thiu: Qua bng s liu trn cho thy khon
mc ny khng chim t trng nh trong tng ngun vn. ng thi s thay i cng
khng ng k.

ch tiu

II.

Phn tch kt qu hot ng kinh doanh

1.

Tnh hnh doanh thu

Nm 2009
s tin

Nm 2010
%

s tin

Nm 2011
%

s tin

DT thun t
BH

1,546,899,935,124 99.39%

2,001,814,892,109 99.73%

2,425,536,668,719 99.45%

8,407,907,296

0.54%

4,042,629,206

0.20%

11,831,970,491

0.49%

khc

1,110,151,894

0.07%

1,357,073,555

0.07%

1,476,765,241

0.06%

Tng DT

1556417994314

100.00% 2007214594870

DT

hot

ng TC
11. Thu nhp

100.00% 2438845404451

(ngun : trch dn t bng kt qu hot ng kinh doanh)

Nhn chung th tng doanh thu tng qua 3 nm. Nguyn nhn l do cc khon mc
cu thnh nn tng doanh thu lun bin ng, c th:
1.1 Doanh thu thun: y l khon mc chim t trng rt ln v chim hn 99% trong
tng doanh thu.
Nm 2009 l 1,546,899,935,124 ng, chim t trng 99.39%. Nguyn nhn l
nh s gim gi ca nguyn liu u vo, mt bng li sut thp v h tr li sut t
chnh ph cng vi l nhu cu ng nha tng ln nh cc gi kch cu tp trung vo
28

100.00%

CNG TY C PHN NHA

THIU NIN TIN PHONG

GVHD: ThS. PHM HONG NHN

xy dng nn NTP thu c kt qu cao nht trong lch s Nm 2010 doanh thu thun
tng ln 2,001,814,892,109 ng chim t trong 99.73% , tng 454,914,956,985 ng vi
tc tng l 29.41% so vi nm 2009. Trong , do hot ng ca cng ty con - CTCP
Nha Thiu Nin Tin Phong pha Nam nm 2010 kh tt , c li sau 2 nm hot ng
v bc u thm nhp th trng ng nha pha nam. Cng ty Lin doanh Nha Tin
Phong - SPM ti lo bt u i vo hot ng t thng 1/2010, nm u tin hot ng
SPM l 77.8 nghn t USD. Ngoi ra, c s tng trng mnh v doanh thu l do ngnh
xy dng ang trong giai on tng trng cao. 7 thng u nm 2010 nhu cu th trng
ng nha tng qu nhanh trong khi thng 5-8/2010 do thiu in trm trng dn ti nng
lc sn xut ca cng ty khng p ng kp nhu cu .Nhng n nm 2011, doanh thu t
c l 2,425,536,668,719 ng, chim t trng 99.45%, tng 423,721,776,610 ng so
vi nm 2010. Tuy nhin tc tng gim t 29.41% xung cn 21.17%. Nguyn
nhn l do ng t ti Nht Bn trong qu 1/2011 gy nh hng nghim trng n
lng cung sn lng sn lng nguyn liu nha t Nht Bn (nh cung cp nha ln
nht ca NTP) khin cho ngun nguyn liu khan him v gi nguyn liu gia tng.
Trc s tng trng mnh ca nguyn vt liu u vo, 3/2011 NTP tng gi bn sn
phm uPVC, HDPE, PPR ln lt 5%,10% v 15%. S tng gi bn sn phm v s u
c tch tr ca khch hng gip doanh nghip ca NTP tng mnh. Mc d ngnh xy
ang gp kh khn nhng NTP duy tr c mc doanh thu ny l kh cao v n nh.

29

CNG TY C PHN NHA

THIU NIN TIN PHONG

GVHD: ThS. PHM HONG NHN

1.2 Doanh thu hot ng ti chnh: Khon mc ny chim t l rt thp v

khng nh hng ln n s bin ng ca tng doanh thu. Nm 2009 l 8,407,907,296
ng, chim 0.54% trong tng doanh thu. c bit nm 2010 gim, ch t
4,042,629,206 ng, chim t trng 0.20% trong tng doanh thu, gim 4,365,278,090
ng , tng ng gim 51.92% so vi nm 2009. Nhng n nm 2011, th doanh thu t
hot ng ti chnh li tng ln nhanh chng , t 11,831,970,491 ng, chim 0.49% ,
tng 7,789,341,285 ng tng ng tng 192.68% so vi nm 2010.
1.3 Doanh thu khc: y l khon chit khu thanh ton m doanh nghipc
hng do thanh ton tin hng sm v mt s khon thu khc. Khon mcny chim t
trng cng tng i thp ch gn 1% so vi tng doanh thu, v mtgi tr n c s bin
ng tng gim qua cc nm. Qua 3 nm doanh thu khc ca NTP ln lt t c l
1,110,151,894 ng, 1,357,073,555 ng v 1,476,765,241 ng. Tuy kt qu c tng ln
qua mi nm nhng khng ng k.
Tm li: Qua phn tch trn, ta thy tnh hnh doanh thu c xu hng tng.
Trong , t bit l nm 2008 lm doanh thu tng cao ngoi yu t cng ty y mnh
vic tng sn lng tiu th th yu t tc ng khng nh n tnh hnh doanh thu, l
do vic thc hin chnh sch thu tin bn hng ca cng ty.

2.

ch tiu
Gi vn HB
CP ti chnh
CP BH
CP qun l
DN
CP khc
Tng CP

Tnh hnh chi ph:

Nm 2009

Nm 2010

Nm 2011

s tin
%
989,556,799,272 81.90%
25,866,773,812
2.14%
145,660,811,456 12.06%

s tin
%
1,325,419,849,942 80.64%
33,951,890,417
2.07%
195,807,473,061
11.91%

s tin
%
1,648,972,137,821 79.27%
76,312,829,751
3.67%
257,290,482,887
12.37%

45,838,241,858
3.79%
1,302,095,355
0.11%
1208224721753 100.00%

86,935,318,325
1,517,517,814
1643632049559

( ngun: bng kt qu hot ng kinh doanh)

30

5.29% 95,841,377,700
0.09% 1,832,372,771
100.00% 2080249200930

4.61%
0.09%
100.00%

CNG TY C PHN NHA

THIU NIN TIN PHONG

GVHD: ThS. PHM HONG NHN

Ngnh nha Vit Nam hin nay vn c coi l ngnh gia cng bi v chi
ph nguyn vt liu u vo (ht nha PVC; ht nha PE; bt nha...), hin nay chim
n hn 90% gi thnh sn xut. Do m gi tr gia tng trong sn phm l khng
cao. Hin nay, c nc mi ch c ba nh my sn xut c ht nha cn li hon
ton phi nhp khu t nc ngoi. Mc d y khng phi l mt hng c th v s
lng cc nh cung cp trn th gii tng i nhiu nhng vic khng ch ng
c nguyn liu u vo s khin cho hot ng ca cc doanh nghip b ph thuc.
Kh nng b p t v gi nguyn liu u vo l tng i ln. y l yu t ch yu
lm tng chi ph.
Chi ph c vai tr rt quan trng v mun to ra doanh thu th cn phi b vn u
t vo mua sn phm dch, ng thi tiu th sn phm dch v .V th, chi ph
c xem l yu t u vo ca qu trnh hot ng kinh doanh vn c nh hng rt
ln n kt qu hot ng kinh doanh ca cng ty.
Qua bng d liu ta thy tng chi ph tng dn qua 3 nm, hiu r nguynnhn
ca s bin ng ny ta i xem xt c th tng yu t ca chi ph:
2.1 Gi vn hng bn: NTP ch tp trung vo hot ng sn xut kinh doanh
chnh nn c th thy gi vn chnh l chi ph ln nht ca doanh nghip v qua 3 nm
c xu hng khng ngng tng. Bao gm tt c cc chi ph u vo mua hng ha
dch v:
Ring nm 2009, gi vn gim so vi cc nm trc xung cn 63.97% doanh
thu do gi du gim c lc xung 42$/thng nn trong nm 2009 gi vn ca NTP
tng i thp so vi cc nm trc v l 989,556,799,272 ng , tng ng 81.90%
tng chi ph. n nm 2010 con s ny tng ln1,325,419,849,942 ng, chim ln
lt 80.64%

so vi tng chi ph, tng 335,863,050,670 tng ng tng 33.94% so

vi nm 2009. Nm 2011 tng ln l 1,648,972,137,821 ng, chim 79.79% tng chi

ph, tng 323,552,287,879 ng tng ng 24.41%. Nguyn nhn l s thun li v
31

CNG TY C PHN NHA

THIU NIN TIN PHONG

GVHD: ThS. PHM HONG NHN

gi nguyn liu khng c di. Gi du th ang tng tr li k t nm 2009 do

c hi cho NTP nhp c nguyn liu gi r l khng cn nhiu. Ngoi ra, do Cng
ty c chnh sch chit khu thng mi cho khch hng vi t l chit khu qua cc
nm c tnh ton mc t 0.1% n 0.3%.
2.2 Chi ph ti chnh: Trong nm 3 nm chi ph ti chnh xu hng tng ln lt
l l 25,866,773,812 ng, 195,807,473,061 ng v 76,312,829,751 ng , tng ng
chim t trng ln lt l 2.14% , 2.07% v 3.67% so vi tng chi ph. Nguyn nhn
ch yu l hin nay t gi cng ang duy tr mc cao nn vic nhp khu phn ln
nguyn liu u vo s lm gia tng chi ph ti chnh ca cng ty. Ngoi ra do khng c
hng gi kch cu v li sut u i t chnh ph, ng thi li sut ngn hng khng
ngng tng t 16%-20%.
Tuy nhin, cng ty cng c ch trng chnh sch s dng vn ch s hu thay
cho vn vay ngn hng, bng cch gim t l nm gi ti CTCP Nha Thiu Nin Tin
Phong pha Nam: NTP thng qua HC quyt nh gim ty l nm gi xung 37.7%
vn iu l sau t tng vn iu l sp ti ca CTCP Nha Thiu Nin Tin Phong pha
Nam bi theo NTP gim t l nm gi xung nhng vn c quyn biu quyt cao. V cc
hnh thc huy ng vn t vic bn c phiu cc giy t c gi v vay cng nhn vin ti
cng ty vi li sut 13%.
2.3 Chi ph bn hng: y l loi chi ph thi k v khng km phn quan trng
v n c tc dng thc y qu trnh tiu th sn phm dch v. Trong c cu chi ph
bn hng, chi thng khuyn mi v chi ph bc xp vn chuyn chim t trng ln
nht. Chi ph thng, khuyn mi l cc khon chit khu gi bn cho khch hng. NTP
hin ang chit khu trung bnh 15% cho cc nh phn phi, v cc nh phn phi ny
li chit khu cho cc i l cp 2 khong 14%.
Vi chnh sch v c cu khch hng n nh, nn trong 3 nm qua ch ph bn
hng s c xu hng tng .Nm 2009 chi ph bng hng l 145,660,811,456 ng, chim
12.06% tng chi ph .Trong cng ty cng chi tr ton b chi ph bc xp vn chuyn
32

CNG TY C PHN NHA

THIU NIN TIN PHONG

GVHD: ThS. PHM HONG NHN

n ni khch hng yu cu v khon mc chi ph bc xp vn chuyn cng chim

24.06% trong chi ph bn hng nm 2009. Nm 2010 v nm 2011 tng ln ln lt l:
195,807,473,061 ng v 257,290,482,887 ng, tng ng t trng chim l 11.92% v
12.37% tng chi ph.
2.4 Chi ph qun l doanh nghip: y l khon mc chi ph c nh hngn
cht lng ca vic iu hnh v qun l cng vic. Khon mc ny c stng dn qua
cc nm nh sau:
Nm 2009 chi ph qun l doanh nghip l 45,838,241,858 ng, chim t trng
3.79% so vi tng chi ph. Trong 2 nm tip theo, c xu hng tng v ln lt l
86,935,318,325 ng v 86,935,318,325 ng tng ng chim t trng ln lt l
5.29% v 6.41% trn tng chi ph. Nguyn nhn ch yu l do tin lng phi tr cho
ngi lao ng v chi ph o to tng theo chnh sch qun l ca n v nhm nng cao
trnh cho cn b, cng nhnvin.
2.5 Chi ph khc: y l khon mc c tnh cht bt thng, chim t trngv c
nh hng tng i thp trong tng c cu chi ph. Khon mc ny tng dn qua 3 nm
ln lt 86,935,318,325 ng (nm 2009); 1,517,517,814 ng (nm 2010) v
1,517,517,814 ng (nm 2011). Nguyn nhn do chi ph t hot ng thu hi, thanh l
ti sn v cc khon chi ph bt thng khc iu gim.
Tm li: Qua phn tch trn ta thy tnh hnh tng chi ph c xu hng tng nhanh
trong do s tc ng ch yu ca 2 yu t gi vn hng bn v chi ph bn hng bin
ng mnh v c xu hng tng dn do tnh cht hoat ng kinh doanh ca cng ty NTP
ngy cng c m rng. Tuy nhin chi ph ca NTP vn cao hn BMP, do BMP c
chnh sch tit kim chi ph tt. Nhn chung th tng chi ph vn cn mc kh cao, do
cn c bin php thch hp kim sot cc khon mc chi ph nhm nngcao hiu
qu hot ng kinh doanh ca cng ty.

33

CNG TY C PHN NHA

THIU NIN TIN PHONG
3.

GVHD: ThS. PHM HONG NHN

Tnh hnh li nhun

Li nhun l mc ch cui cng m cng ty mun t c. V th hiu r

hn tnh hnh li nhun nh th no. Ta tin hnh xem xt s bin ng catng li
nhun trc thu, v y l khon mc c tnh cht quyt nh s li, ca doanh nghip.
C th l nm 2009 li nhun trc thu t c l 351,333,197,625 ng. Nm 2010
li nhun tng ln l 363,701,229,108 ng ,tng 12,368,031,483 ng tng ng tng
3.52% so vi nm 2009. ng thi trong nm 2010 NTP c Cuc thu thnh ph hon
li 39.24 t, khon ny c hoch ton vo cc khon gim tr thu TNDN. Tuy nhin
n nm 2011, li nhun trc thu gim cn 361,500,719,114 ng, gim
2,200,509,994 ng, tng ng gim 0.61% so vi nm 2010 . Nguyn nhn do tc
chi ph tng nhanh hn tc ca doanh thu , hu ht cc chi ph u gia tng t chi ph
nguyn liu, chi ph ti chnh, chi ph qun l doanh nghip v chi ph bn hng. ng
thi, hin nay chnh sch tin t tht cht c bit l ch th 01/CT- NHNN tc ng
n th trng bt ng sn cng nh n hot ng u t xy dng, y chnh l th
trng u ra ca cc doanh nghip sn xut ng nha do s lm nh hng n nhu
cu ng nha xy dng, thm vo s tng gi sn phm ng nha xy dng ni ring
v s tng gi cc loi vt liu xy dng khc ni chung khin cho ngnh xy dng kh
khn nay cn kh khn hn.
Tm li: Qua cc phn tch trn ta thy mc d 2 khon mc doanh thu v chi ph
iu tng, nhng vi tc tng ca chi ph nhanh hn tc tng ca doanh thu. Tuy
nhin, tnh hnh kinhdoanh ca cng ty rt thun li v lun t c li nhun cao.
Trong cc nm qua cng ty khng ch quan tmn s tng trng li nhun v s lng
m cn quan tm n s tng trng v cht lng. Vi bin php tch cc v hp l, bn
cnh cng ty thc hincc ch trng giao hng ng hp ng, cht lng c
bo m v gi c ngy cng cnh tranh nn chim c lng tin ca khch hng, do
thu htngy cng nhiu khch hng mi vi hp ng c gi tr ln hn.

34

CNG TY C PHN NHA

THIU NIN TIN PHONG

GVHD: ThS. PHM HONG NHN

III. Phn tch ch s ti chnh

Cc ch s ti chnh khng ch c ngha vi nh phn tch ti chnh, m cn rt
quan trng vi nh u t cng nh vi chnh bn thn doanh nghip v cc ch nCc
ch s ti chnh cho php chng ta so snh cc mt khc nhau ca cc bo co ti chnh
trong mt doanh nghip vi cc doanh nghip khc trong ton ngnh xem xt kh
nng chi tr c tc cng nh kh nng chi tr n vay

1.

T s thanh khon

L mt thc o v an ton ca doanh nghip trc nhng khon n ngn hn

nhng khon n gy cho cng ty nhiu p lc nht, do vy y l nhm h s c bn nht
m cc nh u t thng quan tm mi khi ra quyt nh u t vo mt doanh nghip.
H s ny cho bit kh nng ng ph vi cc khon n ngn hn bng cch s dng cc
ti sn ngn hn ca mi cng ty ra sao.
NHM T S

CNG THC TNH

Nm

Nm

Nm

2009

2010

2011

1.76

1.78

1.53

6.83

1.11

0.92

0.81

4.08

BMP

T s thanh khon
Tnh thanh khon GT ti sn lu ng / GT
hin thi

n ngn hn
( GT ti sn lu ng - GT

Tnh thanh khon hng tn kho ) / GT n

ngn hn

nhanh

(ngun trch dn t bng ch s ti chnh)

1.1

Tnh thanh hin thi

Qua bng s liu trn cho thy tnh thanh khon hin thi qua 3 nm c th ln
lt l: 1.76 ;1.78 v 1.53 . iu ny c ngha l c 1 ng n ngn hn s c ln lt
1.76; 1.78 v 1.53 ng ti sn lu ng sn sng chi tr. Bn cnh , tnh thanh khon
ca cng ty hin ti lun > 1 nn cho thy kh nng thanh ton hin thi ca cng ty
35

CNG TY C PHN NHA

THIU NIN TIN PHONG

GVHD: ThS. PHM HONG NHN

NTP l tt. Tuy nhin, tnh thanh khon hin thi ca cng ty NTP trong 2 nm 2009 &
2010 c tng ln nhng khng ng k. Ring nm 2011 t s ny li gim, nguyn nhn
ch yu l do tc tng ca n ngn hn nhanh hn tc tng ca TSL. V vic tng
nhanh chng n ngn hn ca cng ty NTP ch yu l t ngun vay ngn hn. V vic s
dng vn vay ny ca cng ty NTP l b sung ti sn ngn hn, mua nguyn vt liu, m
th tn dng v dnh cho nhp khu. Bn cnh , NTP khng cn c hng li t gi
kch cu ca chnh ph (k t nm 2010).
1.2

Tnh thanh khon nhanh

Tng t tnh thanh khon hin thi, tnh thanh khon nhanh ca NTP qua 3
nm ln lt l 1.11; 0.92; v 0.81. iu ny c ngha l tng ng 1 ng n ngn
hn th cng ty c ln lt l 1.11; 0.92 v 0.81 ng TSL c tnh thanh khon nhanh
sn sng chi tr. V tnh thanh khon nhanh ca cng ty NTP c xu hng gim. Nm
2009 kt qu t s ny > 1, cho thy kh nng thanh ton nhanh ca NTP l tt. Tuy
nhin, 2 nm tip theo t s ny c xu hng gim. Tuy nhin, do c cu vn ca NTP
ch yu l ngun vn ch s hu, vn vay chim t trng nh trong tng ngun vn v
nguyn nhn tc ng lm gim kh nng thanh ton nhanh ch yu l hng tn kho.
Nhng hng tn kho ca cng ty NTP ch yu l nguyn vt liu v thnh phm, cn
hng ha ch chim 1 t l rt nh. Nguyn liu chnh cho hot ng sn xut ca
NTP l ht nha nhp khu t nc ngoi m nguyn liu chnh sn xut cc loi
ht ny chnh l du m cho nn bin ng gi du m c quan h cht ch vi gi
nguyn liu u vo ca NTP. Chnh bi v th m cng ty lun la chn nhng thi
im gi du gim mnh tranh th nhp nguyn liu u vo. Nn khi gi du th
trn th gii c mc gim mnh nht) th cng l lc lng hng tn kho ca cng
ty tng ln t bin. Thng thng ch s an ton ch cn t mc 0,8. y chnh l
minh chng cho thy cng ty hot ng trn c s nng lc ti chnh n nh, vng
chc v kh nng thanh ton nhanh ca NTP vn mc kh an ton.

36

CNG TY C PHN NHA

THIU NIN TIN PHONG

GVHD: ThS. PHM HONG NHN

Nhn chung, kh nng thanh ton ca NTP tuy khng cao bng ca BMP,
nguyn nhn do BMP lun duy tr t l n thp v n ch yu l n thng mi. Tuy
nhin 2 ch tiu thanh ton ca cng ty NTP vn tt v an ton. iu ny mt ln na
khng nh hiu qu kinh doanh ca cng ty v v th dn u th trng min Bc, cng
nh uy tn i vi cc ngn hng v cc i tc.

2.

T s n by kinh doanh

NHM T S

CNG THC TNH

Nm

Nm

Nm

2009

2010

2011

0.76

0.74

0.67

0.11

0.41

0.41

0.40

0.10

BMP

T s n by ti chnh
T s n so vi Tng GT n / GT vn
vn ch s hu

ch s hu

T s n so vi Tng GT n / Tng ti
tng ti sn
2.1

sn
T s n so vi vn ch s hu

Qua bng s liu cho thy ty s n trn vn ch s hu trong 3 nm c th ln

lt l 0.76 ( nm 2009 );0.74 (nm 2010) v 0.67 (nm 2011). iu ny c ngha l
tng ng 1 ng vn ch s hu b ra th cng ty c ti tr ln lt l 0.76; 0.74 v
0.67 ng vn vay. Qua 3 nm, h s ny lun <1 nn chng t cng ty khng ph thuc
hon ton vo vn vay v c kh nng t ch v mt ti chnh. Tuy cc khon n ch yu
l n ngn hng (t 16%-20%) v n cn b cng nhn vin trong cng ty (li sut 13%)
phc v nhu cu vn lu ng, d tr nguyn vt liu.Tuy nhin cc h s n u
gim v mc chp nhn c, cho thy cng ty hn ch s dng n by ti chnh v
theo chin lc thn trng, ch yu s dng vn ch s hu hn l n h;pot ng
sn xut kinh doanh. Phn ln cc khon n ca NTP l vay n ngn hn p ng nhu
cu vn lu ng nh nhp nguyn vt liu iu ny cho thy, cng ty ang hot ng
trn nn tng kt cu vn vng chc v an ton.S d vic gim vn vay ny l do trong 3
m qua, li sut cho vay c du hiu tng cao mc t 16%-20%.
37

CNG TY C PHN NHA

THIU NIN TIN PHONG
2.2

GVHD: ThS. PHM HONG NHN

T s n so vi tng ti sn

Qua kt qu bng s liu 3 nm cho thy t s n trn tng ti sn ln lt l :

0.41 (nm 2009 & nm 2010) v 0.40 (nm 2011).iu ny c ngha l ,tng ng 1
ng tng ti sn, th cng ty c ti tr ln lt l 0.41 ; 0.41 v 0.40 ng vn vay.
Qua 3 nm kt qu lun <1, nn cho thy cng ty khng ph thuc hon ton vo vn
vay. ng thi, qua 3 nm, kt qu c xu hng gim nhng khng ng k.
Qua kt qu ca t s n so vi vn ch s hu v t s n so vi tng ti sn
cho thy khng ph thuc hon ton vo vn vay v c kh nng t ch v mt ti chnh.
ng thi khng nh ngun vn mnh v vng chc ca NTP. Nhng t s n ca NTP
vn cao hn i th cnh tranh BMP.

3.

T s hiu qu hot ng ti chnh

Nhm t s

Cng thc tnh

Nm

Nm

Nm

2009

2010

2011

3.70

4.70

5.47

5.59

97

77

66

64.36

5.95

5.42

5.20

5.87

61

66

69

61.35

1.55

1.67

3.12

1.70

BMP

T s hiu qu hot ng
Vng quay khon DT thun / Bnh qun
phi thu

GT khon phi thu

S ngy trong nm /

K thu tin bnh Vng quay khon phi

qun

thu

Vng quay hng DT thun / Bnh qun

tn kho

GT hng tn kho
S ngy trong nm /

S ngy tn kho

Vng quay hng tn

kho

Vng quay tng ti DT thun / Bnh qun

sn

GT tng ti sn
38

CNG TY C PHN NHA

THIU NIN TIN PHONG
3.1

GVHD: ThS. PHM HONG NHN

Vng quay khon phi thu & k thu tin:

Qua bng s liu cho thy vng quay khon phi thu ca cng ty cng ngy cng
tng, ln lt l : 3.70 ; 4.70 v 5.47 . Tng ng k thu tin bnh qun gim ln lt l :
97 ngy (nm 2009) ; 77 ngy (nm 2010) v cn 66 ngy (nm 2011). S ngy thu tin
bnh qun mc kh cao, t 2.5 n 3 thng , nm ngoi bin 30 - 60 ngy. iu ny
l khng tt. Tuy nhin, dng nh NTP c nhng chnh sch thng thong hn v
h tr khch hng bng vic cho n lu hn. iu ny cng th hin kh nng iu
chnh chnh sch linh hot ca NTP. Tuy nhin n cng lm tng ri ro v kh nng thanh
ton ca Cng ty cng nh ri ro n kh i.
So vi BMP th vic thu cc khon phi thu ca NTP mt kh nhiu thi gian
hn. Nguyn nhn ca vic ny l s khc bit v chnh sch bn hng ca hai doanh
nghip. Nu nh BMP y mnh knh phn phi thng qua hnh thc bn l th NTP y
mnh bn hng thng qua cc i l phn phi v vic NTP cho khch hng c mua
chu v thanh ton chm nhiu hn .Ngoi ra, NTP tn dng nhng li th ca mnh
hng ti khch hng l nhng cng trnh xy dng ln min Bc; phng thc bn
hng thng qua u thu. Nh vy c th thy cng ty duy tr chin lc cnh tranh
hng ti cc khch hng ln cn BMP li tn dng h thng bn l phn phi sn
phm n ngi tiu dng. Vi chin lc ny khng nhng em li cho cng ty ngun
thu ln v n nh m khi c cung cp u vo cho cc cng trnh ln ny cht lng
sn phm ca cng ty s c khng nh, to dng c thng hiu tt cho chnh
mnh. Chnh sch bn hng ny ca NTP mt mt lm tng doanh thu thu bn hng ca
NTP ln hn (v mt con s tuyt i) so vi BMP.
3.2

Vng quay ngy tn kho & s ngy tn kho :

Qua bng s liu cho thy vng quay hng tn kho c nhiu thay i, c th ln
lt l : 5.95 (nm 2009) ; 5.42 (nm 2010) v 5.20 (nm 2011). Tng ng s ngy tn
kho ln lt l 61 ngy ;66 ngy v 69 ngy .S ngy tn kho ca NTP vt mc cho
php trong bin 30- 60 ngy, iu ny khng thc s tt. Tht t, hng tn kho ca
39

CNG TY C PHN NHA

THIU NIN TIN PHONG

GVHD: ThS. PHM HONG NHN

DN ch yu l nguyn vt liu, mt b phn nh l thnh phm.V hu ht ht nha c

tinh luyn iu sn xut t du th v kh gas thin nhin, ch mt s c sn xut t
ng hoc cc sn phm sinh hc khc nn gi ht nha nguyn liu ph thuc ln vo gi
du v gi gas t nhin trn th gii.
Nm 2009, khi gi nguyn liu gi r (lc gi du th xung ti mc 42$
USD/thng), Cng ty mua tch tr nguyn liu khi gi xung thp do khng hong ti
chnh ton cu), cng nh hng li t gi h tr li sut ca Chnh ph v s phc hi
ca nn kinh t.
Xu hng tng gi ca NVL ht nha cui nm 2010 v u nm 2011 do phn
nhiu bi tnh hnh bt n ti khu vc Trung ng v Libya, tng gi du th 20% cng
thm vo chi ph sn xut NVL v tng gi ht nha so vi cng k 2010 . Gi nguyn
ph liu ht nha nm 2010 tng do gi du v gas t nhin tng.
3.3

Vng quay tng ti sn:

Qua bng s liu cho thy vng quay tng ti sn c nhiu thay i, c th l :1.55
(nm 2009); 1.67 (nm 2010) v 1.64 (nm 2011). iu ny c ngha l tng ng 1
ng ti sn b ra th cng ty thu c ln lt 1.55; 1.67 v 1.64 ng doanh thu. V kt
qu iu ny u >1 nn chng t vic cng ty qun l v s dng ti sn c hiu qu .
Ring nm 2010, p ng nhu cu th trng ngy cng tng cao, cng ty u t hng
trm t ng trang b my mc, thit b, nng cao nng lc sn xut, trong c h thng
dy chuyn sn xut ng PEHD n c 1200 mm. tng cng tiu th sn phm
PEHD v PPR ph hp vi xu th pht trin ca cc nc trong khu vc, cng ty ra
nhiu bin php kch thch th trng tiu th nh khuyn khch khch hng vi t l
chit khu thch hp, c bit l vi cc d n ln, cc trung tm nc sch ca cc tnh,
thnh ph. ng thi, tng cng qung co, tip th, gii thiu sn phm mi nh hng
ro nha li thp, mng hng nc ma ra th trng, bc u nhn c nhng phn
ng tch cc. Trong cng tc qun l sn xut kinh doanh, cng ty lun ch trng khu
tit kim hp l cc chi ph nng cao hiu qu.
40

CNG TY C PHN NHA

THIU NIN TIN PHONG
4.

GVHD: ThS. PHM HONG NHN

T s kh nng sinh li

NHM T S

T s li nhun trn doanh

thu(ROS)
T s li nhun trn tng ti
sn(ROA)
T s li nhun trn tng vn
ch s hu (ROE)

CNG THC TNH

Nm
2009

T s kh nng sinh li
Li nhun sau thu / Doanh thu
thun
19.37%
Li nhun sau thu / GT tng ti
sn
29.96%
Li nhun sau thu / Vn ch s
hu
55.25%

Nm
2010

Nm
2011

BMP

15.48%

11.39%

16.13%

22.10%

17.75%

25.25%

39.69%

29.71%

28.07%

Qua phn tch ta thy t s kh nng sinh li ca NTP bin ng mnh theo bin
li nhun ca cty. Cc t l ROS, ROA, ROE c xu hng gim t nm 2009 mc d
mc doanh thu vn tng trng iu. Nguyn nhn chnh l do li nhun bin ca NTP
khng n nh v gim dn qua cc nm.
4.1

T l li nhun trn doanh thu (ROS) :

Qua 3 nm t l li nhun trn tng doanh thu (ROS) ln lt t c l:

19.37%; 15.48% v 11.39%. iu ny c ngha l trong 1 ng doanh thu thu vo th
cng ty thu c: 0.1937 ; 0.1548 v 0.1139 ng li nhun .Ta thy qua 3 nm, t s
nay ang c xu hng gim, nhng vn nm trong khong c th chp nhn c.
Nguyn nhn st gim t s ROS l do:
+Tng trng mnh v doanh thu nhng li nhun sau thu li gim:
C th DT nm 2010 tng 29.41% so vi nm 2009.DT tng l do nhu cu th
trng ng nha tng nhanh v ngnh xy dng lc ny ang trong giai on pht trin
cao. Ngoi ra DT tng 1 phn cng do hot ng ca cng ty con - CTCP Nha Thiu
Nin Tin Phong pha Nam nm 2010 c li sau 2 nm hot ng v bc u thm
nhp vo th trng ng nha pha Nam. Mc d DT tng trng mnh nhng li nhun
sau thu li gim do bn cht bin ng lin tc v phc tp ca gi du m trn th gii

41

CNG TY C PHN NHA

THIU NIN TIN PHONG

GVHD: ThS. PHM HONG NHN

lm gi nguyn vt liu u vo tng ln. c bit s gia tng ca Gi in, xng du, t
gi v li sut lm chi ph ti chnh tng,do lm gim li nhun trc thu ca DN.
n nm 2011, DT tip tc tng 21.17% so vi 2010. NTP nhp khu nguyn
liu nha ch yu Nht Bn. Trn ng t Nht vo qu 1/2011 khng nhng lm
tng gi nguyn liu nha m cn nh hng n ngun cung nguyn liu ca cng ty.
Trc s tng gi mnh ca nguyn liu nha u vo, NTP tng gi bn mt s sn
phm, S tng gi bn sn phm v s u c tch tr ca khch hng gip doanh thu
ca NTP tng mnh nhng li nhun li st gim bi hu ht cc chi ph: chi ph nguyn
liu, chi ph ti chnh, chi ph qun l u tng c bit l s gia tng ca chi ph ti chnh.
Mc d nm 2011 ngnh xy dng gp kh khn, nhng NTP vn duy tr c
mc doanh thu cao l nh s iu chnh v gi bn sn phm.
4.2

T l li nhun trn tng ti sn (ROA) :

Trong 3 nm qua ROA t c kt qu ln lt l : 29.96 %; 22.10% v 17.75%.

iu ny c ngha l tng ng 1ng ti sn b ra th cng ty thu v ln lt 0.2996;
0.2210 v 0.1775 ng li nhun. Ta thy qua 3 nm, t s ny ang c xu hng gim,
nhng vn nm trong khong c th chp nhn c. Nguyn nhn st gim t s ROA
l do:
+Tr gi tng ti sn ca doanh nghip trong nhng nm gn y lin tc tng ln
vi tc khong 30%/nm nhng li nhun sau thu li gim.
Trong , ng ch l mc ti sn di hn. C th l mc ti sn c nh v
mc cc khon u t ti chnh di hn.
Do cng ty ang thc hin d n di chuyn c s sn xut kinh doanh ti
a im mi ti Phng Hng o,qun Dng Kinh,thnh ph Hi Phng. Do mt
bng sn xut mi ln gp nhiu ln ( t 3.2 ha 13.6 ha) nn nm 2011 cty a vo
s dng mt s hng mc xy lp,my mc thit b v phng tin vn ti c gi tr ln
n hng trm t ng. c bit l cng ty mua vo 6 dy chuyn sn xut ng PVC
42

CNG TY C PHN NHA

THIU NIN TIN PHONG

GVHD: ThS. PHM HONG NHN

v PE-HD ng knh 1200mm ( hin nay VN ch c 2 dy chuyn).Mt s kin ng

ch l vo ngy 30/9/2011, cc c ng sang lp khc ca cty C Phn Nha Thiu
Nin Tin Phong pha Nam hon thnh vic gp vn b sung, t t l s hu ca
cng ty m ti cng ty con ny gim xung cn 37.78%. Theo cng ty mt quyn
kim sot vi cng ty con v thay i vic trnh by khon u t vo cng ty C Phn
Nha Thiu Nin Tin Phong pha Nam thnh khon u t vo cng ty lin kt. l l
do khon mc khon mc ny tng t ngt t 22.956 t(2010) ln 77.966 t(2011).
4.3

T l li nhun trn vn ch s hu (ROE) :

Trong 3 nm t l ny ln lt t c l: 55.25% ; 39.69% v 29.71% .iu

ny c ngha l tng ng 1 ng vn ch s hu b ra th cng ty thu c li nhun
ln lt l 0.5525; 0.3969 v 0.2971 ng li nhun. Ta thy qua 3 nm, t s nay ang
c xu hng gim, nhng vn nm trong khong c th chp nhn c.
Nguyn nhn st gim t s ROE l do Vn Ch S Hu ca cty tng ln.Trong
Vn iu l ca cng ty tng ln 100%.L do ngy 4/11/2011 i Hi ng c
ng ca cng ty ph duyt phng n tng vn iu l thng qua vic pht hnh c
phiu thng t li nhun sau thu nm 2009 v 2010 cho cc c ng hin hu. Ngoi
ra cty cng thc hin vic trch lp b sung 15.6 t vo Qu d phng ti chnh t li
nhun sau thu 2010.
Qua 3 t s kh nng sinh li trn cho thy kh nng sinh li ca cng ty gim
nhng kt qu thu li c vn mc cao v c th chp nhn c. So snh vi BMP ta
thy ROS, ROA ca NTP vn thp hn 4.74% v 7.5% so vi BMP, chi c ROE cao hn
1.64% ( NTP c ROE cao hn so vi BMP l do NTP c t l n by cao hn v hiu
qu hot ng tt hn). Nm 2009, nm 2010 khi LNST ca NTP vn cao hn BMP th
n nm 2011 BMP vt mt NTP vi mc LNST 294.529 t ng.cao hn NTP
6.64%.
Li gii p cho s tng trng ny l do hiu qu qun l ti chnh v chnh sch
bn hng ca BMP c nhng im ni tri: BMP k nhng hp ng giao hng cho cc
43

CNG TY C PHN NHA

THIU NIN TIN PHONG

GVHD: ThS. PHM HONG NHN

cng trnh ln, ni lng thi gian thu hi n. Vi cc i l, BMP to iu kin cho
khch hng mua n vi mc ti a gi tr cc ti sn m h th chp. Vi s u i ny,
doanh s ca cng ty tng mnh. Chi ph bn hng v qun l ca BMP ch chim
5,1% trong doanh thu thun. Trong khi chi ph bn hng ca NTP chim ti gn 15%
doanh thu. Nm 2011, chi ph bn hng ca NTP tng rt ln so vi BMP mc 248 t
ng, trong khi nm 2010 l 187 t ng. Do cc loi chi ph tng cao khin li nhun
trc thu ca NTP gim, theo cng ty l do chi ph bn hng ln l do cng ty tng chit
khu cho cc i l phn phi.

44

CNG TY C PHN NHA

THIU NIN TIN PHONG

GVHD: ThS. PHM HONG NHN

PHN C: NH GI CHUNG TNH HNH TI CHNH

I.

im mnh & im yu
im mnh

im yu
- Nguyn liu ch yu nhp khu t nc
ngoi. L c th chung ca ngnh, kt qu

- L doanh nghip c th phn ln nht,

h thng phn phi rng khp c nc;

- Khi gi nguyn vt liu u vo tng kinh doanh ph thuc rt nhiu vo bin

NTP c th iu chnh gi bn chuyn ng nguyn vt liu u vo;
s gia tng chi ph cho ngi mua nh c
th phn ln v cht lng sn phm tt,
uy tn doanh nghip cao;
- Ngun vn mnh, vng chc;
- Cc ch tiu c bn tt;
- Trin vng ngnh ng nha xy dng

- T l chi ph bn hng v chi ph qun l

doanh nghip trn doanh thu cao;
- B chim dng vn thng mi ln, t l cc
khon phi thu khch hng trn cc khon
phi tr ngi bn;
- Phi nhp khu nguyn liu nn cng ty

tt trong di hn to ra tim nng tng phi i mt vi bin ng gi nguyn liu v

trng cho cng ty c uy tn, thng hiu ri ro t gi.
v th phn ln nh NTP. V Vit Nam vn - Dng nh NTP ang t ra chm chn hn
trong qu trnh xy dng c s h tng,nn i th chnh BMP trong vic m rng th
to tim nng tng trng cho ngnh ng
nha xy dng. c bit, sc p t tc
th, dn s v t l tht thot nc ang
khin Vit Nam i mt vi nguy c qu ti
khin nhu cu ng cp thot nc l rt ln.
Do s to tim nng tng trng ln cho
sn phm ng nha HDPE m NTP ang

phn. Nng sut lao ng ca BMP cng cao

hn so vi NTP. Vi 37.1% c phn c s
hu bi SCIC, mi quyt nh quan trng ca
NTP u b nh hng bi SCIC nn khng
k vng nhiu vo nhng chin lc mang tnh
t ph c th c;

y mnh u t

ro t gi hiu qu

II.
1.

- Cng ty vn cha c c ch hn ch ri

Kt lun & xut

Kt lun

Nhn chung, cc t s ti chnh & li nhun ca cng ty NTP c xu hng gim,

nhng kt qu va t c c bn l tt v kh an ton. Tuy nhin, y ch khong thi

45

CNG TY C PHN NHA

THIU NIN TIN PHONG

GVHD: ThS. PHM HONG NHN

gian suy yu tm thi ca NTP. V NTP vn l doanh nghip ln, dn u v th phn v

h thng phn phi ln, tc tng trng doanh thu v li nhun vn duy tr mc cao.
V cc hot ng u t ti cng ty con ti min Nam bt u c li & Cng ty Lin
doanh Nha Tin Phong - SPM ti Lo bt u i vo hot ng t thng 1/2010, s em
li li nhun trong khong thi gian t 2-3 nm ti. Ngoi ra, NTP ang u t cho d
n m thm nh my sn xut ti khu vc min Trung d kin lm doanh thu tng thm
t 300-350 t/nm. Bn cnh , theo NTP, gim t l nm gi c phn cng ty min
Nam ( nhng vn c quyn biu quyt cao ) u t vn ti nh my pha Bc s mang
li li nhun nhiu hn. Thm vo , NTP ang dn hon thin v xc tin bn hng cc
sn phm mi l: hng ro nha v mng hng nc ma - y l nhng sn phm s
pht trin trong tng lai. ng thi, trin vng ngnh ng nha xy dng tt trong di
hn to ra tim nng tng trng cho cng ty c uy tn, thng hiu v th phn ln nh
NTP. Nhng c th tr vng v tip tc pht trin mnh trong thi i kinh t kh
khn hin nay, NTP cn c mt bin php qun l ti chnh v chnh sch bn hng hiu
qu.
2.

xut

- S dng nha ti ch v gim nhp khu nguyn liu bng cch s dng nha
trong nc nhm gim ri ro t gi & ri ro nguyn liu.
- Nng cao nng sut thit k, gip a dng sn phm, d cnh tranh.
- Tp trung phn khc nha dn dng, gim c thit hi khi c chnh sach
tht cht tin t lm nh hng n th trng bt ng sn v th trng u t xy
dngs khng b nh hng qu ln.
- Gim t ln n hn na, gip gim chi ph ti chnh, trong tnh hnh li sut
ngy mt tng cao./.

46