TI CHNH DOANH NGHIP

Mt s vn c bn

KT CU CHNG
1. Tng quan v ti chnh doanh nghip 2. Ti sn v ngun vn ca DN 3. Qun l chi ph v thu nhp ca DN 4. Phn tch kt qu kinh doanh ca DN

I.TNG QUAN V TI CHNH DOANH NGHIP

z Bn cht ca TCDN z c im ca TCDN z Vai tr ca TCDN

z Nguyn tc hot ng TCDN

Bn cht ca TCDN
KN:TCDN l h thng cc QHKT pht sinh trong qu trnh phn phi cc ngun TC gn lin vi qu trnh to lp v s dng cc QTT trong H SX-KD ca DN nhm t ti mc tiu nht inh. Cc quan h ti chnh bao gm:

DQuan h ti chnh gia doanh nghip vi Nh

nc.

D Quan h gia doanh nghip vi th trng. D Quan h ti chnh trong ni b doanh nghip.
4

Ba vn ca TCDN

- Quyt nh u t vo u? (Investment/Capital
Budgeting Decisions). - Quyt nh v cu trc vn ti u (Capital Structure Decisions). - Qun tr vn lu ng (Working Capital Management).

c im ca TCDN
(i) TCDN gn lin vi cc H SX-KD ca DN. (ii) TCDN gn lin vi hnh thc s hu DN (ii) Mi s vn ng ca cc ngun TC trong DN u nhm t ti MT kinh doanh ca DN l ti a ho li nhun.

Vai tr ca TCDN
m bo huy ng y v kp thi vn

cho hot ng ca DN.

Gp phn nng cao hiu qu KD ca DN:

- T chc s dng vn tit kim v hiu qu. - To lp cc n by TC kch thch iu tit cc hot ng KT trong DN.
Gim st kim tra cht ch hot ng SX-KD

ca DN.
7

Nguyn tc hot ng TCDN

Nguyn m Gi

tc hch ton kinh doanh

bo an ton kinh doanh

ch tn trong kinh doanh

II- TI SN V NGUN VN CA DOANH NGHIP

1. TI SN CA DOANH NGHIP 2. NGUN VN TI TR CA DN

Bng cn i k ton (Balance Sheet)

L mt bo co ti chnh phn nh tng qut tnh hnh ti sn ca DN v ngun vn ti tr cho DN ti mt thi im c th, thng l cui 1 qu hay mt nm ti chnh
Cng ty TRIBECO (31.12.2006)

Ti sn Ti sn ngn (Current Assets)

Ngun vn hn 149 N phi tr (Liabilities) 149 - N ngn hn (Current 147 Liabilities) - N di hn (Long term 2 Debt) 62 211
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Ti sn di hn (Long 62 Vn ch s hu (Owners term Assets) Equity) Tng ti sn 211 Tng ngun vn

Tng ti sn = Tng ngun vn

1. TI SN CA DOANH NGHIP
(assets)
- Ti sn ngn hn (Current assets) - Ti sn di hn(Long term Assets)

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Ti sn ngn hn (Current assets)

Ti sn ngn hn l biu hin bng tin ton b ti sn ch tham gia vo 1 chu k kinh doanh (hoc c chuyn thnh tin trong 1 nm) ca DN. Bao gm: z Tin mt v cc khon tng ng tin (Cash and
equivalents)

z Nguyn vt liu (raw materials) v bn thnh phm

(Work in process) (inventory)

z Thnh phm (Finished Goods) v Hng tn kho z Cc khon phi thu ngn hn (accounts receivable) z Cc khon u t ti chnh ngn hn (marketable
securities)

z Ti sn ngn hn khc
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Ti sn ngn hn (Current assets) c im:

Lun vn hnh, thay th v chuyn ha ln
nhau qua cc cng on ca chu k kinh doanh. Cc ti sn c chuyn thnh tin trong thi hn 1 chu k kinh doanh hoc 1 nm.

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Ti sn ngn hn (Current assets)

Tin (Cash)

Nguyn vt liu (Raw Materials)

Khon phi thu (Accounts Receivable) Thnh phm (Finished Goods)

Bn thnh phm (Work in process)

S chu trnh lun chuyn ca ti sn ngn hn

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Ti sn di hn (Long term Assets)

Ti sn di hn l biu hin bng tin ton b ti sn tham gia vo nhiu chu k kinh doanh (hoc c chuyn thnh tin trong thi hn trn 1 nm) ca DN.

Bao gm: z Cc khon phi thu di hn (long term receivable) z Ti sn c nh (fixed assets) z Bt ng sn u t (immovables) z Cc khon u t ti chnh di hn (long term investments) z Cc ti sn di hn khc (other long term assets)
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 Th no l TSC?
Gi tr ca TS phi ln (tu theo sc mua ng tin xc nh cho hp l) Thi gian s dng di (trn 1 nm) TS c SD trc tip hoc gin tip vo qu trnh SXKD ca DN v thu c li ch KT t vic s dng .

16

Trng hp ca Vit nam?

4 iu kin:
Chc chn thu c li ch kinh t trong tng lai t vic s dng TS ; Nguyn gi TS phi c xc nh mt cch tin cy; C thi gian s dng t 1 nm tr ln; C gi tr t 10.000.000 ng tr ln.
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Phn loi TSC

a) Cn c vo hnh thi hin hu v kt cu, c:
- TSC hu hnh (tangible assets) l nhng ti sn c hnh thi vt

cht c th. Nh: nh ca, vt kin trc,my mc thit b, phng tin vn ti, t ai - TSC v hnh (intangible assets) l nhng ti sn khng c hnh thi vt cht c th. Nh: chi ph v s dng t, chi ph thnh lp DN, chi ph nghin cu pht trin.v.v.

b) Cn c vo quyn s hu, c:
- TSC do DN s hu - TSC do DN i thu.

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 c im ca TSC:
Tham gia nhiu chu k SXKD nhng khng

thay i hnh thi vt cht. Trong qu trnh s dng nng lc SX v gi tr ca chng b gim dn do chng b hao mn dn. B phn gi tr i din cho phn hao mn c gi l tin khu hao.
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Trch khu hao TSC (depreciation)

KN: Trch (tnh) khu hao TSC l xc nh
gi tr TSC b hao mn chuyn dch vo gi tr hng ho, dch v.
S tin c tch lu li ti sn xut TSC gi l qu khu hao

Ti sao phi trch khu hao?

- thu hi vn u t - L c s xc nh chi ph SX v gi thnh sn phm - To K ti SX gin n v ti SXMR TSC
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Cc phng php tnh khu hao

(i) Phng php tnh khu hao ng thng (ii) Phng php tnh khu hao nhanh (iii) Phng php tnh KH theo sn lng.

21

Phng php khu hao ng thng

(Straight line deprecition) zCng thc:

Trong :

NG MKH = ----------T - MKH: mc trch KH nm (t). - NG: nguyn gi TSC (original cost) - T: thi gian s dng nh mc TSC

22

V d: Cng ty A mua mt TSC (mi 100%) vi gi thanh ton theo ho n l 119 tr.ng, chit khu mua hng l 5 tr.ng, chi ph vn chuyn l 3 tr.ng, chi ph lp t chy th l 3 tr.ng. Hy tnh mc KH hng nm theo phng php ng thng, bit rng: TSC c tui th k thut l 12 nm v thi gian s dng ca TSC d kin l 10 nm. zTa tnh: zNGTSC= 119 5 +3 +3 =120 triu ng zMc trch khu hao hng nm: zMKH= 120 triu ng :10 nm =12 triu ng/nm zMc trch khu hao trung bnh hng thng: z12 triu ng : 12 thng = 1 triu ng/thng zHng nm c.ty phi trch 12 triu ng chi ph KH TSC vo chi ph KD.

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Phng php Khu hao nhanh

(Accelerated depreciation) C 2 cch tnh: z Tnh KH nhanh theo s d gim dn (tnh khu hao theo gi tr cn li) z Tnh KH nhanh theo t l khu hao gim dn

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Tnh KH nhanh theo s d gim dn

zCng thc :

MKH(t) = TKH (c) x GTCL(t)

Trong : - MKH(t): l mc khu hao nm th (t). - GTCL(t): l gi tr cn li ca TSC nm th (t). - TKH (c): l t l KH iu chnh (t l KH nhanh), TKH (c) = TKH x HSC. Trong :aTKH: l t l KH theo p.p ng thng (TKH= 1/T*100%)

aHSC: l H s iu chnh lun c X ln hn 1 v thi gian s dng TSC cng di th HSC cng ln. Do vy, TKH(c) thng l ln hn TKH.
Lu : Nhng nm cui, khi mc KH xc nh theo p.p s d gim dn mc KH bnh qun gia GTCL v s nm SD cn li ca TSC, th k t nm mc KH c tnh bng GTCL ca TSC chia (:) cho s nm SD cn li ca TSC.

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V d: Tnh KH nhanh theo s d gim dn

i Cng ty A mua mt thit b SX mi vi nguyn

gi l 100 triu ng. Thi gian SD ca TSC xc nh l 5 nm. Xc nh s KH hng nm theo phng php s d gim dn, bit h s iu chnh l 2,0.

i Xc nh mc KH hng nm nh sau: z T l KH hng nm theo p.p ng thng l: TKH = (1 : 5) x 100% = 20% z T l KH nhanh theo p.p s d gim dn l: TKH (c)= 20% x 2 = 40% z Mc trch KH hng nm ca TSC trn c xc nh theo bng di y:
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V d (tip):Bng trch KH hng nm ca TSC

n v tnh: Triu ng

Nm GTCL Cch tnh s Mc th ca KH hng nm KH hng TSC nm 100 1 100 x 40% 40

Mc KH KH lu k hng thng cui nm

3,333333 2,0 1,2 0,90 0,90

40 64 78,4 89,2 100

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2 3 4 5

60 36 21,6 10,8

60 x 40% 36 x 40% 21,6: 2 21,6: 2

24 14,4 10,8 10,8

Tnh KH theo t l KH gim dn

z Cng thc: MKH(t) = TKH(t) x NG Vi: T(t) TKH(t) = -------------T(i)
(i = 1,n) Trong : - TKH (t) : T l khu hao nm th (t). - NG : Nguyn gi TSC. - n : Thi hn phc v ca TSC. - T(t) hoc T(i) l s nm cn li ca TSC t nm th (t) hoc nm th (i) n ht thi hn phc v (n).
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V d: Tnh KH theo t l KH gim dn

i Cng ty A mua mt thit b SX mi vi nguyn gi l 10 triu ng. Thi gian SD ca TSC xc nh l 5 nm. Xc nh s KH hng nm theo p.p t l khu hao gim dn. N m th 1 2 3 4 5 cng

T l KH
5/15 4/15 3/15 2/15 1/15 100%

S tin KH
100 x 5/15 = 33,33 100 x 4/15 = 26,67 100 x 3/15 = 20 100 x 2/15 = 13,33 100 x 1/15 = 6,67 100
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T(1)= 5, T(2)= 4,.., T(5)= 1 T(i) =5+4+3+2+1=15

(i = 1,5)

Phng php tnh KH theo sn lng

z Cng thc:

MKH = mKH x Qt
Trong : - Qt: khi lng s.p thc t SX trong k (t) - mKH: mc trch KH b.q cho mt n v SP

mKH = NG/Q0. Vi:

9NG: Nguyn gi ca TSC 9Q0: Sn lng theo cng sut thit k * Nu cng sut thit k hoc nguyn gi ca TSC thay i, DN phi xc nh li mc trch KH ca TSC.
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10

v d: Phng php tnh KH theo sn lng

Thng z Cng ty A mua my i t (mi 100%) vi nguyn gi l 450 tr.. 1 Cng sut thit k ca my i ny l 2 30m3/h. Sn lng c i theo cng 3 sut thit k ca my i ny l 4 2.400.000m3.Khi lng s.p t c 5 c nm ca my i l: (bng bn) 6
K.lng SP hon thnh (m3)

Thng

K.lng SP hon thnh (m3)

14.000 15.000 18.000 16.000

7 8 9 10 11 12

15.000 14.000 16.000 16.000 18.000 18.000

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15.000 14.000

z V d (tip):
z Mc trch KH b.q tnh cho 1m3 l: 450 tr. : 2.400.000 m3 =187,5/m3 z Mc trch KH ca my i c tnh theo bng bn:

Thng

S.lng t.t (m3)

Mc KH thng (ng)
14.000 x 187,5 = 2.625.000 15.000 x 187,5 = 1.812.000 18.000 x 187,5 = 3.375.000 16.000 x 187,5 = 3.000.000 15.000 x 187,5 = 1.812.000 14.000 x 187,5 = 2.625.000 15.000 x 187,5 = 1.812.000 14.000 x 187,5 = 2.625.000 16.000 x 187,5 = 3.000.000 16.000 x 187,5 = 3.000.000 18.000 x 187,5 = 3.375.000 18.000 x 187,5 = 3.375.000

1 2 3 4 5 6 7 8 9 10 11 12

14.000 15.000 18.000 16.000 15.000 14.000 15.000 14.000 16.000 16.000 18.000 18.000 Cng c nm

33.562.500
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2.NGUN VN KINH DOANH

KN: Ngun vn kinh doanh l ngun ti tr hnh thnh nn cc ti sn kinh doanh ca DN.
sn ca DN hin c ti thi im c phn nh vo bng cn i k ton. Phn loi: & Cn cu vo tnh cht s hu, c: - ngun vn ch s hu - ngun vn tn dng. & Cn c vo thi hn s dng,c: - ngun ti tr ngn hn - ngun ti tr di hn

) Ngun vn phn nh ngun gc hnh thnh nn cc ti

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11

Ngun vn ch s hu (Equity)
Bao gm:

DNgun vn t s ng gp ca ch s hu
(Contributed Capital). Bao gm: ng gp vn c phn (Capital stock); v thng d vn c phn(Additional paid in capital).

D Li nhun li khng chia (Retained earnings). D(+/-) Cc khon chnh lch nh gi li ti sn. D (-) C phiu qu (Treasury stocks): L c phiu ca
chnh DN m DN b tin ra mua li t th trng. C phiu qu lm gim gi tr vn ch s hu ca DN.

D Li nhun cha c phn phi ti thi im bo

co.

D Khc

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Ngun vn tn dng (Liabilities/Debt)

Ngun vn tn dng (n phi tr) phn nh ton b vn kinh doanh ca DN c hnh thnh do DN chim dng hoc i vay t cc c nhn, n v khc hin c ti thi im bo co. Bao gm: - N phi tr ngn hn (Current Liabilities) - N di hn (Long term Debt)

35

N phi tr ngn hn (Current Liabilities)

l cc khon tin m DN cn chim dng hay i vay cha tr cho cc c nhn, n v khc trong thi hn mt nm hoc trong mt chu k kinh doanh. Bao gm: - Phi tr nh cung cp (accounts payable) ) tn dng thng mi - Vay ngn hn (Notes payable) ; - N di hn n hn tr (current portion of long term debt); - N thu (taxes payable); - N lng (Wage payable); - N phi tr khc.
36

12

N di hn (Long term Debt)

N di hn l s tin DN vay hay n cc c nhn, n v khc c thi hn thanh ton ln hn 1 nm hoc hn mt chu k kinh doanh. Bao gm: - Ngun vn tn dng ngn hng di hn - Ngun vn huy ng bng pht hnh tri phiu DN - Vn tn dng thu mua&
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Mi quan h gia Ti sn v Ngun vn

Theo nguyn tc cn i Bng cn i k ton, th: Tng Ti sn = Tng Ngun vn Hay, Tng Ti sn = N phi tr + Ngun vn Ch s hu (Total Assets = Liabilities + ShareholdersEquity) ) - Mun c ti sn th phi c ngun vn ti tr - Nu c ngun vn th ngun vn phi c th hin bng ti sn no . Lu : - Ti sn tng (gim) ngun vn tng (gim) - Ti sn tng, ti sn gim Ngun vn khng i - Ngun vn tng, ngun vn gim Ti sn khng i.
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C cu TS v chin lc ti tr ca doanh nghip

C cu ti sn:
Theo quy lut vn ng ca TS, ton b TS ca DN c chia lm 2 loi: Ti sn thng xuyn: gm TSC v mt b phn ca TSL lun tn ti sut chu k SX-KD (TSL thng xuyn). TS lu ng tm thi: l nhng TSL lc c lc khng &
39

13

 Chnh sch ti tr
Chnh sch 1 (CS bo th): Ton b TS thng xuyn v mt phn TSL tm thi c ti tr bng ngun vn di hn, phn TSL tm thi cn li c ti tr bng ngun vn ngn hn.& Chnh sch 2 (CS mo him): Ton b TSC v mt phn TSL thng xuyn c ti tr bng ngun vn di hn, mt phn TSL thng xuyn v ton b phn TSL tm thi c ti tr bng ngun vn ngn hn.& Chnh sch 3 (CS trung dung): Ngun ti tr di hn dng ti tr cho TS thng xuyn cn ngun ti tr ngn hn dng ti tr cho TS tm thi&.

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III- KIM SOT CHI PH V THU NHP

1. Bo co kt qu kinh doanh (Income statement) 2. Chi ph sn xut kinh doanh v im ha vn 3. Gi thnh sn phm, gi vn hng bn 4. Thu nhp v li nhun ca doanh nghip
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BO CO KT QU SXKD (Income Statement) (V: triu )

CH TIU
-Tng doanh thu Trong : DT hng XK -Cc khon gim tr (04+05+06+07) +Chit khu + Gim gi + gi tr hng bn b tr li + Thu TTB, thu XK 1. Doanh thu thun (01-03) 2.Gi vn hng bn 3.Li nhun gp (10-11) 4.Chi ph bn hng 5. Chi ph QLDN 6. Li nhun thun t HKD (20 -21-22) - Thu nhp t hot ng ti chnh - Chi ph hot ng ti chnh Trong : Li vay phi tr 7. Li nhun t hot ng ti chnh (31-32) - Cc thu nhp bt thng - Chi ph bt thng 8. Li nhun bt thng (42- 50) 9. Tng li nhun trc thu (30+41+60) 10. Thu thu nhp phi np 11. Li nhun sau thu (70-80)

M S
01 02 03 04 05 06 07 10 11 20 21 22 30 31 32 40 41 42 50 60 70 80

K TRC 6.600 600 50 550 6.000 3.500 2.500 300 420 1.780 200 180 100 20 50 10 40 1.840 515,2 1.324,8

K NY 8.200 1.100 100 1.000 7.100 3.800 3.300 350 550 2.400 220 190 140 30 100 20 80 2.510 702,8 42 1.807,2

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Bo co kt qu SXKD ca Cng ty XNK Thy sn Bn Tre

n v: Triu ng

Khon mc 2008 Doanh thu bn hng v cung cp dch v (revenue) Cc khon gim tr doanh thu (less deduction) Doanh thu thun v bn hng v cung cp dch v (net revenue) Gi vn hng bn (cost of good sold) Li nhun gp v bn hng v cung cp dch v (gross profit) Doanh thu hot ng ti chnh (financial income) Chi ph ti chnh (financial expenses). Trong : - Chi ph li vay (interest expenses) Chi ph bn hng (selling expenses) Chi ph qun l doanh nghip (general and administrative expenses) Li nhun thun t hot ng kinh doanh (operating profit) Thu nhp khc (other income) Chi ph khc (other expenses) Li nhun khc (other profit) Tng li nhun k ton trc thu (Net accounting profit before tax) Chi ph thu TNDN hin hnh (income tax expenses) Chi ph thu TNDN hon li (deferred income tax) 22.586 473.428 473.428 350.384 123.043 22.447 81.297 4.635 37.676 4.596 21.922 2.836 626 2.210 24.132 1.546

Nm 2007 431.521 1.816 429.706 360.658 69.048 17.071 4.859 3.916 33.403 3.247 44.609 2.050 1.254 795 45.404 4.483

Li nhun sau thu thu nhp doanh nghip (profit after tax)

43 40.922

KIM SOT CHI PH

z KN: Chi ph SXKD ca DN l biu hin bng tin ton b cc hao ph v vt cht v lao ng m DN b ra SXKD trong mt thi k nht nh. z Nguyn tc x.: - phi l nhng khon chi ph c lin quan n vic to ra thu nhp trong k ca DN; - phi l nhng khon chi ph m DN thc s c chi ra; - phi l nhng khon chi ph c tnh thu nhp hn l tnh vn.
44

Phn loi chi ph SX-KD

a) Cn c vo lnh vc hot ng,c: - Chi ph hot ng SX- KD hng ho, dch v - Chi ph hot ng ti chnh - Chi ph khc b) Cn c vo tnh cht kinh t: c cc yu t sau:
- Chi ph nguyn vt liu mua ngoi - Chi ph nhn cng - Khu hao TSC - Chi ph dch v mua ngoi - Cc chi ph bng tin khc
45

15

c) Cn c vo cc giai on ca qu trnh

KD,c: - Chi ph sn xut trc tip - Chi ph bn hng: - Chi ph qun l doanh nghip d) Cn c vo MQH gia chi ph vi sn phm,c: - Chi ph bin i: NVL, tin cng, tin in s.x, hoa hng bn hng.v.v - Chi ph c nh: chi ph QLDN, KHTSC...
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im ho vn (Breakeven Point)
KN: l im m ti tng doanh thu bng tng chi ph (EBIT=0).

DT CF
im ha vn

Doanh thu Tng CF Li gp

E
L

F
S.lng

47

im ho vn (Breakeven Point)
z HV c x.nh theo 3 ch tiu: Sn lng ho vn Detail Qhv = F/(P-Vu)
Trong : - F: l chi ph c nh (Fixed cost) - Vc: l chi ph bin i (Variable cost) - P: l gi ca n v SP

Doanh thu ho vn: DThv = P Qhv Thi im ho vn: Thv= SnxQhv/Q

Trong : - Sn l s ngy trong k - Q l sn lng sn xut trong k * Sau khi t c im ho vn, li nhun c th tnh:

EBIT= (P-Vu)(Q - Qhv)

48

16

 im ho vn (Breakeven Point)
i vi DN SX-KD nhiu loi h.ho th HV c x.nh theo 2 ch tiu: DT ho vn:
Ti im ho vn: DT=Tng chi ph, tc l: Vc DThv = F + Vc= F + ---------- x DThv = F+Vc.DThv DThv JDThv= F/(1- Vc) Trong : Vc l t l bin ph so vi doanh thu. Vc thng khng i khi DT bin i Thi im ho vn: Thv= Snx DThv/DT Trong : - Sn l s ngy trong k - DT l doanh thu trong k
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GI THNH SN PHM (cost price)

Gi thnh sn phm ca DN l biu hin bng tin ca ton b chi ph ca DN hon thnh vic SX v tiu th mt loi sn phm nht nh. z Phn bit: { gi thnh sn phm {Gi vn hng bn

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Cch xc nh gi thnh sn phm

- Gi Zsx l tng chi ph sn xut trong mt chu k
kinh doanh: Z sx = Cpsx trong k + gi tr sp d dang u k gi tr sp d dang cui k - Gi Zsp l gi thnh n v sn phm: Zsp = Zsx/Q
Trong Q l s lng sn phm sn xut trong k.

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17

Gi vn hng bn (cost of goods sold)

z Gi vn hng bn phn nh tng s chi ph sn xut thc t pht sinh cho s lng sn phm c tiu th trong k kinh doanh.

z Gi vn hng bn = Zsp x Qtt

Trong : Qtt l s sn phm bn ra trong k.

Mi quan h gia chi ph sx v Zsp ?

52

Bin php h thp chi ph SXKD

1. Nng cao NSL 2. Tit kim NVL tiu hao 3. Tn dng cng sut my mc thit b 4. Gim bt chi ph thit hi 5. Tit kim chi ph qun l

53

THU NHP V LI NHUN

z Thu nhp z Li nhun z Cc nhn t nh hng n C.S pp li nhun

54

18

THU NHP (Income)

z Thu nhp phn nh s tin doanh nghip thu c t hot ng SXKD, u t ti chnh trong k kinh doanh. z Thu nhp ca doanh nghip trong k kinh doanh bao gm: (1) Doanh thu hot ng kinh doanh (revenue); (2) Thu nhp t hot ng u t ti chnh (financial income) (3) Ngun thu nhp khc (other income).
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LI NHUN (Earnings)
Li nhun l khon tin chnh lch gia doanh thu v chi ph m DN b ra t c doanh thu t cc hot ng kinh doanh ca DN a li.

Phn loi: a) cn c vo lnh vc hot ng, c:

- Li nhun t hot ng SX-KD h.ho, d.v - Li nhun t hot ng ti chnh - Li nhun t hot ng khc
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Phn loi li nhun (tip)

b) Cn c vo quyn chim hu, c: - Li nhun trc thu (EBT-Earning Before Tax); - Li nhun sau thu - li nhun rng Pnet = EBT - T c) Cn c vo yu cu qun tr, c: - Li nhun trc li, trc thu (EBIT-Earning Before Interest and Tax); EBIT = EBT + I - Li nhun thc li- li nhun rng Pnet = EBIT - I - T
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19

Trnh t phn phi li nhun

1- Np thu TNDN cho Nh nc. 2- B cc khon l nm trc khng c tr vo LN trc thu. 3- Tr cc khon tin b pht, bi thng do vi phm PL. 4- Tr cc khon chi ph t.t chi nhng khng c tnh vo chi ph hp l khi xc nh TN chu thu. 5- Tr li tc c phn, chia li cho cc i tc gp vn lin doanh (nu c). 6- Cn li trch lp cc qu chuyn dng ca DN:
(i) Qu d phng ti chnh, (ii) Qu u t pht trin, (iii) Qu d phng tr cp mt vic lm, (iv) Qu khen thng v qu phc li
58

Cc nhn t nh hng n pp li nhun

a- Cc hn ch php l: b- Cc nh hng ca thu c- Cc nh hng ca kh nng thanh khon; d- Kh nng vay n v tip cn th trng vn; e- chnh sch n nh thu nhp; f- Trin vng tng trng; g- Lm pht; h- quan im u tin ca cc c ng; i- Chnh sch bo v chng li kh nng mt quyn qun l cng ty.
59

IV.PHN TCH TCDN

z KN: l vic nh gi ton b thc trng TCDN, pht hin cc nguyn nhn tc ng ti T phn tch v xut cc gii php gip DN nng cao hiu qu HKD. z Cc vn cn c gii quyt: - Hiu qu hot ng ca DN - im yu, im mnh ca DN - Cc kh khn hin ti ca DN - Kh nng sinh li ca DN z Ti liu phn tch: - Bng cn i k ton (Balance Sheet)& - Bng kt qu HKD (Income Statement) & - Bo co lu chuyn tin t (Statement of Cash Flows) & - Thuyt minh cc bo co ti chnh (explanations of Statements) 60

20

Bng cn i k ton (Balance Sheet) (V tnh: triu

)

Ti sn
A-TS NGN HN
I-Tin
1- Tin mt 2 - TGNH

s K
2000 800 300 500 200 200 170 150 20 800 300 500 30 30 -

Ngun vn
A- N PHI TR
I- N ngn hn
1- vay ngn hn
2-N di hn n hn tr

s K
1400 1000
500 250 50 100 100

II-Cc khon TTC ng.hn

1- T CK ngn hn 2- T ngn hn khc

3- Phi tr ngi bn
4- Ng.mua tr tin trc

III- Cc khon phi thu

1- Phi thu ca k.hng 2-Thu GTGT c kh/tr

5- thu phi np NN 6 - Phi tr CBCNV

II- N di hn
1- Vay di hn 2- N di hn khc

400
400 -

IV- Hng tn kho

1- NVL, c.c l tn kho 2- thnh phm tn kho

V- TSL khc
1- tm ng 2- chi ph tr trc

B- NGUN VN CH S HU I- Ngun vn,qu

2600
2500
61

Bng cn i k ton (Balance Sheet)

Ti sn
B- TS DI HN I- TSC
1-TSC hu hnh 2-TSC v hnh 3- Gi tr hao mn lu k

(tip)

s K
2000 1800
1900 200 -300

Ngun vn
I- Ngun vn,qu
1- ngun vn KD 2-Chnh lch nh gi li TS 3- Chnh lch t gi 4- Qu T pht trin 5- Qu d phng TC 6- Li nhun cha p/phi 7- Ngun vn XDCB

s K
2500
1500 500 300 200

II- T TC di hn
1- u t CK di hn 2- gp vn lin doanh 3- Cc khon T di hn khc 4- D phng gim gi T di hn

200
180 100 20

II- Ngun kinh ph, qu khc

1-Qu KT, phc li 2- Qu d phng tr cp mt vic lm

100
100
-

Tng cng TS

4000

T. cng ngun vn

4000

62

BO CO KT QU SXKD (Income Statement)

(V: triu ) CH TIU
-Tng doanh thu Trong : DT hng XK -Cc khon gim tr (04+05+06+07) +Chit khu + Gim gi + gi tr hng bn b tr li + Thu TTB, thu XK 1. Doanh thu thun (01-03) 2.Gi vn hng bn 3.Li nhun gp (10-11) 4.Chi ph bn hng 5. Chi ph QLDN 6. Li nhun thun t HKD (20 -21-22) - Thu nhp t hot ng ti chnh - Chi ph hot ng ti chnh Trong : Li vay phi tr 7. Li nhun t hot ng ti chnh (31-32) - Cc thu nhp bt thng - Chi ph bt thng 8. Li nhun bt thng (42- 50) 9. Tng li nhun trc thu (30+41+60) 10. Thu thu nhp phi np 11. Li nhun sau thu (70-80)

M S
01 02 03 04 05 06 07 10 11 20 21 22 30 31 32 40 41 42 50 60 70 80

K TRC 6.600 600 50 550 6.000 3.500 2.500 300 420 1.780 200 180 100 20 50 10 40 1.840 515,2 1.324,8

K NY 8.200 1.100 100 1.000 7.100 3.800 3.300 350 550 2.400 220 190 140 30 100 20 80 2.510 702,8 63 1.807,2

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BO CO LU CHUYN TIN T (Statement of Cash Flows)

CH TIU I. LU CHUYN TIN T HOT NG SN XUT KINH DOANH 1. Tin thu t bn hng 2. Tin thu t cc khon n phi thu 3. Tin thu t cc khon khc 4. Tin tr cho ngi bn Lu chuyn tin thun t hot ng sn xut kinh doanh II. LU CHUYN TIN T HOT NG U T 1. Tin thu hi cc khon u t vo cc n v khc 2. Tin thu li cc khon u t vo cc n v khc 3. Tin thu do bn ti sn c nh Lu chuyn tin thun t hot ng u t III. LU CHUYN TIN T HOT NG TI CHNH 1. Tin thu do i vay 2. Tin thu do cc ch s hu gp vn 3. Tin thu t li tin gi 4. Tin tr n vay Lu chuyn tin thun t hot ng ti chnh Lu chuyn tin thun trong k Tin tn u k Tin tn cui k M S 01 02 03 04 K TRC K NY

21 22 23

31 32 33 34

64

NI DUNG PHN TCH

1. T s v kh nng thanh ton (Liquidity ratios) 2. T s kt cu ti chnh/t s n (Leverage ratios) 3. T s hot ng hay hiu sut s dng VKD (Efficiency/turnover ratios) 4. T s doanh li (Profitability ratios) 5. T s gi th trng (Market value ratios) 6. Phn tch Dupont.
65

4.1.Cc t s thanh khon (Liquidity ratios)

Cc ch tiu ny l thc o kh nng ca DN trong vic p ng nhu cu thanh ton cc khon n ngn hn khi DN chuyn i cc ti sn lu ng thnh tin mt trong nhng iu kin nht nh. Bao gm: y Vn lu ng thng xuyn thun = ti sn ngn hn - n ngn hn y T s kh nng thanh ton hin thi (Current Ratio):
Current Ratio = Current Assets Current Liabilities
66

22

Nhm t s thanh khon (Liquidity ratios)

z T s kh nng thanh ton nhanh (Quick (or Acid-Test) Ratio)
Quick Ratio = currentAss ets Inventorie s current liability

z T s kh nng thanh ton tin mt (Cash Ratio) Cash

Cash Ratio = Current liabilities
Cash + marketable sec urities Current liabilitie s
67

Cash Ratio =

4.2. T s kt cu ti chnh/t s n (Leverage ratios)

z T s n (Total debt Ratio)
Total debt ratio = Total debt Total assets

z T s n/vn ch s hu: Debt-equity ratio = Total debt/Total equity z H s nhn vn ch s hu: Equity multiplier = Total assets/Total equity z T s n di hn (Long term debt ratio - LDR)
LDR = Long term Debt Total Assets
68

4.3 Cc t s hot ng (Efficiency/turnover

ratios) z Hiu qu s dng ti sn (Asset Turnover Ratio)
Asset Turnover Ratio = Sales Average Total Assets

z K thu tin bnh qun (Average Collection Period

- ACP)
ACP = Average Re ceivables Average Daily Sales

z T s vng quay hng tn kho (Inventory Turnover Ratio - ITR)

Inventory Turnover = Cost of Goods Sold Average Inventory
69

23

4.4. Nhm t s kh nng sinh li (Profitability ratios)

z T sut li nhun (Profit Margin -PM)
Net Income Sales Net Income + Interest Net profit m arg in = Sales Net profit m arg in =

z T sut li nhun trn ti sn (Return on Assets - ROA) Net Income

ROA = Average Total Assets

ROA =

Net Income + Interest Average Total Assets

70

4.4 Nhm t s kh nng sinh li (Profitability ratios)

zT sut li nhun thun trn vn ch s hu (Return on Equity - ROE)

ROE =

Net Income Equity

71

4.5. Nhm t s gi tr th trng (market value ratio)

z T s gi trn thu nhp (P/E) :

P/E = Price/EPS
z Li c bn trn c phiu (Earning per share EPS) Earning EPS = Shares z T s gi trn gi tr s sch (Market to Book ratio P/B)
P/B = Market Pr ice Book Pr ice
72

24

4.6 Phng php phn tch Du Pont

ROE =
ROE =

Net Income Equity

Net Income Assets Net Income Assets x = x Equity Assets Assets Equity

ROE = ROA x Equity Multiplier = ROA x (1 + Debt / equity Ratio )

ROE =
ROE =

Sales Net Income Assets x x Sales Assets Equity

Net Income Sales Assets x x Assets Equity Sales = Pr ofit M arg in x Total Asset Turnover x Equity Multiplier
73

Gii php tng t sut li nhun trn vn ch s hu (ROE)

(i) Tng t sut li nhun trn doanh thu; (ii) S dng hiu qu ti sn hin c (tng vng quay vn); (iii) Gia tng n cn n trong mc cho php.

74

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