I HC NGOI THNG

GVHD: O THU GIANG

BO CO THC TP GIA KHA

Bo co thc tp gia kha

ti : Phn tch tnh hnh ti chnh ca cng ty c phn thu sn

Cafatex.
Chng 1: Gii thiu khi qut v cng ty c phn thu sn Cafatex.
1.1 Tm tt ni dung thc tp:
- Thi gian thc tp ti cng ty : t ngy 26/6/2008 n ngy 17/7/2008.
- Tun 1, t ngy 26/6/2008 n 3/7/2008: tham quan nh my ch bn tm Cafatex,
gm 4 xng : s ch tm, iu phi v tinh ch tm, xng tm Nht Bn, xng tm
Bc M v Chu u.
- Tun 2, t ngy 3/7/2008 n 10/7/2008 : lm vic phng xut nhp khu v phng ti
chnh k ton, thu thp cc s liu v tnh hnh xut nhp khu v tnh hnh ti chnh ca
cng ty.
- Tun 3, t ngy 10/7/2008 n 17/7/2008: lp bo co thc tp gia kha, mang ln
Tng gim c k duyt.
1.2 Khi qut qu trnh hnh thnh v pht trin
- Cng ty c thnh lp vo thng 7/1992, t thng 8/1992 nhn hiu Cafatex chnh
thc bc vo thng trng.
- T 1997 n nay, cng ty lun l mt trong nhng doanh nghip hng u v xut khu
hi sn, kim ngch xut khu lun duy tr trong top 5 c nc.
- Nm 2000 Cafatex c nh nc phong tng danh hiu n v anh hng lao ng
trong thi k i mi.
-3/2004 Cafatex chnh thc i thnh cng ty c phn thy sn Cafatex

(Cafatex

Corporation), kim ngch xut khu t 100 triu usd/nm.

- Hin nay mng li cung cp sn phm thy sn ng lnh tinh ch cao cp ca
Cafatex tri rng trn khp th gii, nhng khch hng ln gm cc nh nhp khu
thy sn v h thng siu th, nh hng ca M, Nht Bn, Chu u.

SVTH : TH XUN KHNH Anh2- QTA-K44

I HC NGOI THNG
GVHD: O THU GIANG

BO CO THC TP GIA KHA

- Tiu chun cht lng doanh nghip t c : ISO 9001 phin bn 2000, HACCP,
GMP, SSOP, SOF 2000, BRC 2000, EU code DL.65.
- Nhng danh hiu t c v thnh tch xut khu: c B thng mi thng
xut khu cc nm 1999, 2000, 2002, 2004.
- Lc lng lao ng hin c 2300 CBCNV, cha k hn 10000 cng nhn lm vic
trong cc xng ca Cafatex.
1.3 Lnh vc sn xut kinh doanh
Nh tn gi Cng ty c phn thy sn Cafatex , cng ty chuyn sn xut ch bin cc
mt hng thy sn ng lnh (tm, c, mc, cc loi nhuyn th) t sn phm th (xut
ng) n sn phm cao cp, c th l c block, c IOF, c ming o bt, Ebifry c,
Nobashi, Sushi, tm hp, Tempura.
Thng hiu Cafatex ang c mt 31 quc gia trn ton th gii, trong Nht chim t
trng ln nht vi 25% gi tr xut khu, H Lan 19,9%, Thy S 8,3%, M 7,7%, Hn
Quc 6,7%.
1.4 C cu t chc

SVTH : TH XUN KHNH Anh2- QTA-K44

I HC NGOI THNG
GVHD: O THU GIANG

BO CO THC TP GIA KHA

1.5 Khi qut kt qu hat ng sn xut kinh doanh qua 3 nm ca cng ty c

phn thy sn Cafatex.
Bng kt qu hot ng sn xut kinh doanh qua 3 nm (2005-2007)
STT
1.

PHON
P.XUAT
G BAN
NHAP
HANG
KHAU
trong o:
kho thanh
pham

2
3

4
5
6
7.

XNG S
CHE TOM

8
9
10
11
12
13
14
15.
16

Ch tiu
2005
Doanh thu bn hng v 1.063.099.812.26
cung cp dch v
7
Cc khon gim tr
12.303.056.132
doanh thu
Doanh thu thun v
1.050.796.756.13
bn hng v cung cp
5
dv
Gi vn hng bn
939.763.672.335
Li nhun gp
111.034.083.800
Doanh thu hot ng
6.123.826.960
ti chnh
Chi ph ti chnh
22.966.358.732
Trong : chi ph li
18.894.711.067
vay
Chi ph bn hng
72.581.081.377
Chi ph qun l
15.156.293.041
Li nhun thun t
6.545.213.610
hat ng kinh doanh
Thu nhp khc
3.743.134.858
Chi ph khc
2.071.190.646
Li nhun khc
1.671.944.212
Li nhun trc thu
8.126.157.822
Thu thu nhp DN
Li nhun sau thu
8.126.157.822

2006

2007

893.831.083.844

817.311.605.571

9.827.106.422

1.559.221.068

884.003.977.422

815.752.384.503

811.121.540.640
72.882.436.782

748.980.201.224
66.772.183.279

7.737.368.449

6.527.908.018

23.922.975.958

25.327.106.146

18.850.744.862

19.929.447.733

38.359.470.888
13.996.572.216

27.704.542.251
15.842.495.169

4.340.786.169

4.425.947.731

5.865.136.748
4.856.855.992
1.008.280.756
5.349.066.925
363.854.069
4.975.212.856

1.447.980.031
1.459.428.789
11.448.758
4.414.498.973
115.667.468
4.298.831.505

SVTH : TH XUN KHNH Anh2- QTA-K44

I HC NGOI THNG
GVHD: O THU GIANG

BO CO THC TP GIA KHA

Nhn vo bng trn ta thy tng doanh thu ca cng ty qua tng nm c s gim st ng
k. Li nhun nm 2006 so vi 2005 b tt rt mnh (ch cn 65.6%), n 2007 li nhun
ch cn 61.1% so vi 2005. Nguyn nhn chnh l do trong giai on ny cng ty phi
thanh tan cc chi ph khch quan, c th l cc chi ph pht sinh trong v kin bn ph
gi tm, c da trn va qua. Li nhun trc thu trn doanh thu thun gim mnh, nm
2005 l 0.77%, qua 2006 ch cn 0.6% v n 2007 gim cn 0.54%. Sau v kin ngy
cng t ngi nui c tra, c ba sa v h qu l vic thiu ht ngun nguyn liu. Cng ty
hu nh cng khng xut khu c sang th trng M nn doanh s tiu th gim. Bn
cnh , ngy cng nhiu doanh nghip ra i khin cnh tranh trong sn xut kinh doanh
ngy cng cao.
Nm 2004 cng ty c phn ha nn 2004,2005 c min thu thu nhp doanh nghip.
2006 cng ty ch phi np 50% thu thu nhp doanh nghip.

SVTH : TH XUN KHNH Anh2- QTA-K44

I HC NGOI THNG
GVHD: O THU GIANG

BO CO THC TP GIA KHA

Chng 2: Thc trng tnh hnh ti chnh ca cng ty c phn thu sn Cafatex
2.1 Khi qut tnh hnh ti chnh:
Gii thiu bng cn i k ton (tm tt) ca cng ty qua 3 nm, t 2005-2007:
Ch tiu
2005
TI SN
A. TI SN NGN HN 416.915.200.770
1. Tin v cc khon tng 3.964.930.312
ng tin
2 Khon phi thu
3 Hng tn kho
4. Ti sn ngn hn khc
B. TI SN DI HN
1. Ti sn c nh
2. u t ti chnh di hn
3. Ti sn di hn khc
TNG TI SN
NGUN VN
A. N PHI TR
1. N ngn hn
2. N di hn
B. VN CH S HU
1. Vn ch s hu
2. Ngun kinh ph, qu khc
TNG NGUN VN

2006

2007

286.156.345.570
1.048.350.974

496.844.677.152
5.290.950.222

77.824.962.212
310.270.287.945
24.855.020.301
95.668.172.678
95.668.172.678
512.583.373.448

54.155.208.670
212.107.154.955
18.845.630.971
107.015.901.289
93.868.990.402
13.146.910.887
393.172.246.859

86.396.206.853
391.459.933.235
13.697.586.842
113.229.369.364
96.434.236.944
16.795.132.420
610.074.046.516

387.175.742.991
380.528.833.992
6.646.908.999
125.407.630.457
121.375.458.973
4.032.171.484
512.583.373.448

283.083.321.345
278.240.279.608
4.843.041.737
110.088.925.514
108.637.480.245
1.451.445.269
393.172.246.859

500.747.140.311
487.856.029.421
12.891.110.890
109.326.906.205
109.306.252.600
200.653.605
610.074.046.516

SVTH : TH XUN KHNH Anh2- QTA-K44

I HC NGOI THNG
GVHD: O THU GIANG

BO CO THC TP GIA KHA

Phn tch tnh hnh bin ng ti sn, ngun vn:

2.1.1 C cu ti sn:
a) Bng t trng ti sn ngn hn trong tng ti sn:

Ch tiu

2005

Ti sn ngn hn
416.915
Tng ti sn
512.583
Ti sn ngn hn/ Tng
81.34%
ti sn

2006

2007

286.156
393.172

496.844
610.074

Chnh lch (%)

06-05
07-06
(31.36)
73.64
(23.3)
55.17

72.78%

81.44%

(8.56)

8.66

Qua bng phn tch ta thy tng ti sn ca doanh nghip c mc bin ng mnh trong
giai on 2005-2007, t 2005-2006 tng ti sn (TTS) gim 23,3%, sang 2007 tng tr
li v vt mc t c nm 2005 (mc tng tng i 73,64%). Trong :
- 2005 t trng ti sn ngn hn (TSNH) trong tng ti sn l 81,34%. n 2006 TTS
gim 23,3% nhng TSNH gim 31,36%, nhiu hn mc gim tng i ca TTS. Do
t trng TSNH/ TTS gim xung, cn 72,78%. Nguyn nhn ca bin ng m ny ch
yu l v gi tr hng tn kho (HTK) ca doanh nghip gim 31,64%. Lng tin mt
trong DN gim hn 2/3 so vi 2005. Sau v kin chng bn ph gi tm, c da trn, th
trng M ngy cng kht khe hn vi cc DN xut khu ca Vit Nam, trong c
Cafatex. Lng sn phm xut sang M trong 2005 l 3.019.651kg tng ng
26.784.255$, sang 2006 ch cn 284.033kg, tng ng2.285.375$ (gim 12ln, s liu
t Bo co xut khu 2005,2006). y li l th trng mi nhn ca DN nn sau bin c
ny, doanh thu DN gim mnh. V th 2006 DN thu nh quy m sn xut, tp trung
tiu th lng hng tn kho v thu hi cc khon n. Bn cnh DN cng y mnh
phm vi tiu th bng cch xc tin thng mi, tm kim cc i tc, bn hng mi
khu vc Chu u. Nu nh 2005 th trng ca Cafatex ch gii hn phm vi 17 nc,
trong cc i tc chnh l M, Nht v H Lan th n 2006 c thm 3 nc l Ba
Lan, B v Italia.
-Sang 2007 DN ly li tng trng. TSNH tng 73,64%, cao hn mc tng 55,17%
ca TTS, khin t trng TSNH tng 8,66%, ln mc 81,44%. Lng tin mt tng 404%,
phi thu tng 59,53%, hng tn tng 84,56%. iu ny cho thy bin ng trong 2006

SVTH : TH XUN KHNH Anh2- QTA-K44

I HC NGOI THNG
GVHD: O THU GIANG

BO CO THC TP GIA KHA

khng n t nguyn nhn ch quan (nng lc qun l, kh nng sn xut kinh doanh ca
DN). Tuy trong hin ti DN phi chi thm cc chi ph cho vic qung b v vn chuyn,
nhng v lu di y l hng i ng n. M rng th trng tiu th khng nhng
gip DN tng th phn, cng c uy tn thng hiu m cn gip DN ch ng, khng b
l thuc vo mt th trng ch lc no, trnh c nhng kh khn c th xy ra nh v
kin chng bn ph gi va qua.
b) T sut u t (TST)

Ch tiu

2005

Ti sn di hn
95.668
Ti sn c nh
95.668
Tng ti sn
512.583
T sut u t tng qut
18.66
(%)
T sut u t ti sn c
18.66
nh (%)

2006

2007

Chnh lch(%)

107.015
93.868
393.172

113.229
96.434
610.074

11.86
(1.88)
(23.3)

5.8
2.73
55.17

27.22

18.56

8.56

(8.66)

23.87

15.8

5.21

(8.07)

- Giai on 2005-2006 : nm 2006 TST tng qut 27,22% nu so vi 2005 th tng

9,06%, trong TST ti sn c nh l 23,87% tng 5,21%. Ta c th thy nguyn nhn
tng khng n t vic DN u t thm vo TSC ( TSC gim 1,88% so vi 2005) m
do chi ph tr trc di hn tng. Trong l chi ph cng c dng c, chi ph sa cha,
gi tr li th thng mi v chi ph cho v kin chng bn ph gi pht sinh t 2005 tr
v trc (13.146.910.887). TTS gim khin c TST tng qut v TST ti sn c nh
tng, trong TST tng qut tng 8.56%, TST ti sn c nh tng 5,21%.
-Giai on 2006-2007: nm 2007 TSDH tng nh (5,8%) trong TSC tng 2.73%.
Tuy nhin t sut u t tng qut ca DN gim, thp hn 2005, mc 18,56%. L gii
cho iu ny l TTS tng t bin 55,17%, trong ch yu l TSNH.
2.1.2 C cu ngun vn
a) T sut n:
Bng phn tch t sut n:
SVTH : TH XUN KHNH Anh2- QTA-K44

I HC NGOI THNG
GVHD: O THU GIANG

BO CO THC TP GIA KHA

Ch tiu

2005

2006

2007

N phi tr
Tng ngun vn
T sut n (%)

387.175
512.583
75.53

283.083
393.172
72

500.747
610.074
82.08

Chnh lch (%)

06-05
07-06
(26.88)
76,89
(23.3)
55,17
(3.53)
10,08

-Giai on 2005-2006: 2006 cc khon phi tr ca DN gim ti 26,88%. Tng ngun

vn cng gim 23,3%, thp hn mc gim ca n nn t sut n gim 3,53% xung cn
72%. Nh ni trn, DN gim cng sn xut, tng cng tiu th lng thnh
phm tn kho v tr bt n ngn hn. Gi tr hng tn gim t 310.270.287.945 xung
212.107.154.955.
-Giai on 2006-2007: 2007 quy m sn xut ca DN tng vt tuy nhin n phi tr cng
tng rt mnh 76,89% do t sut n cng tng theo, ln n 82,08% (tng 10,08%).
Trong chim ch yu l cc khon n ngn hn. iu ny cho thy 2007 DN tp trung
tng cng lng vn bng cch i vay phc hi nng lc sn xut kinh doanh nh
trc y.
b) T sut t ti tr (TSTTT):
Bng phn tch t sut t ti tr:
Ch tiu

2005

2006

2007

Vn ch s hu
Tng ngun vn
T sut t ti tr(%)

125.407
512.583
24.47

110.088
393.172
28

109.326
610.074
17.92

Chnh lch
06-05
(12.21%)
(23.3%)
3.53

07-06
(0.7%)
55.17%
(10.08)

-Giai on 2005-2006: 2005 TSTTT ca DN l 24,47% n 2006 tng 3,53%. Cng vi

gim ca tng ngun vn trong 2006 th vn ch s hu (VCSH) cng gim, tuy nhin
mc gim tng i ca VCSH li thp hn ca tng ngun vn, do TSTTT 2006
tng tng i.
-Giai on 2006-2007: mc d tng ngun vn ca DN 2007 tng gp ri (55,17) nhng
VCSH li c xu hng gim, thay vo l n tng (bng trn: tng 76,89%) do
TSTTT tip tc gim, cn 17,92%. Con s ny cho thy mt s khng chc chn v mc
t ch ca doanh nghip v mt ti chnh, v trn thc t TSTTT ca DN cn nm
trong khang 30 70% mi l tt. DN ang trong giai on cn rt nhiu vn m rng

SVTH : TH XUN KHNH Anh2- QTA-K44

I HC NGOI THNG
GVHD: O THU GIANG

BO CO THC TP GIA KHA

quy m sn xut v th trng tiu th, th hin mc n vay ngn hng tng cao. N
ngn hn trong 2006 l 269.076.737.038 th n 2007 l 474.206.572.280. Nu nh vic
kinh doanh tip tc thun li th vic vn n nn ca DN khng thc s ng lo.
Nhng s l vn ln khi DN gp bt k bt n no v kh nng t chi tr ca DN kh
yu, mt khc y cng l yu t khin DN tr nn km hp dn vi cc ngn hng khi
cn vay thm vn kinh doanh.
2.2 Tnh hnh thanh ton v kh nng thanh ton:
2.2.1 Phn tch tnh hnh thanh ton:
a) Phn tch khon phi thu: (KPT)
Tnh hnh bin ng v cc ch s lin quan n khon phi thu:
Ch tiu

2005

Khon phi thu

77.824
Ti sn lu ng
416.915
Khon phi tr
387.175
Khon phi thu/ ti sn
18.67
lu ng (%)
Khon phi thu/khon
20.1
phi tr(%)

86.396
496.844
500.747

Chnh lch
06-05
(30.41%)
(31.36%)
(26.89%)

07-06
59.53%
73.63%
76.89%

18.92

17.39

0.25

(1.53)

19.13

17.25

(0.97)

(1.88)

2006

2007

54.155
286.156
283.083

2006 so vi 2005: c KPT v ti sn l ng, khon phi tr u gim. Tuy nhin t l

KPT/ ti sn lu ng 2006 li tng 0,25%, cn t l KPT/ khan phi tr gim 0,97%. L
do nm ch tc gim ca KPT thp hn ca ti sn lu ng nhng li cao hn ca
khon phi tr.
2007 t l KPT/ ti sn lu ng v KPT/khon phi tr gim so vi 2006, do tc tng
KPT thp hn tc tng ca ti sn lu ng v khon phi tr. T l KPT/ khon phi
tr tip tc gim do mc tng tng i ca khon phi tr (76,89%) cao hn mc tng
tng i ca KPT (59,53%).
Nh vy trong 3 nm t 2005-2007 t l KPT/ khon phi tr c chiu hng gim dn,
ring 2006 t l KPT/ ti sn lu ng c tng nh nhng n 2007 li gim r rt
(1,53%). iu ny cho thy DN c c gng trong vic kim sat v thu hi n nhanh
chng a vn vo sn xut. D vy mc bin ng theo hng ln qu cao ca c KPT,

SVTH : TH XUN KHNH Anh2- QTA-K44

I HC NGOI THNG
GVHD: O THU GIANG

BO CO THC TP GIA KHA

ti sn lu ng v khon phi tr 2007 khng thc s l du hiu tt nu xt v mc

ri ro. N nhiu v vn b chim gi cao c th khin DN kh ng ph vi nhng bin
ng kinh doanh.
b) Phn tch cc khan phi tr:
Tnh hnh bin ng cc khon phi tr( KPT):
Ch tiu

2005

Khon phi tr
387.175
Ti sn lu ng
416.915
Khon phi tr/ ti sn
92,87
lu ng(%)

2006

2007

283.083
286.156

500.747
496.844

Chnh lch
06-05
07-06
(26,89%)
76,89%
(31,36%)
73,63%

98,93

100,78

6,06

1,85

Qua bng phn tch ta thy t l KPT/ ti sn lu ng c xu hng tng trong giai on
2005-2007. Ring 2006 DN gim quy m sn xut v tp trung tiu th lng thnh
phm tn kho, thu hi cc khon n v tr n ngn hng, do c ti sn lu ng v
KPT u gim. Mc gim tng i ca ti sn lu ng cao hn nn t l ny tng
(6,06%). 2007 KPT v ti sn lu ng tng mnh, v t l gia chng cng tng, iu
ny th hin lng vn do doanh nghip chim dng ca cc n v khc tng. Du hiu
ny cho thy DN cn lu v c cc iu chnh kp thi v DN c xu hng mc n
nhiu hn.
Tm li, qu trnh phn tch KPT v KPT ca DN cho thy KPT thp hn KPT. Mc cao
nht ca KPT/ ti sn lu ng l 18.67% (2005), v c xu hng gim. Trong khi ,
mc thp nht ca KPT/ ti sn lu ng l 92,87% (2005) v c xu hng tng. DN v
th cn thn trng trong cc phng n kinh doanh do cc khon n ny c th tr thnh
n qu hn nu khng thnh cng.
2.2.2 Phn tch kh nng thanh ton:
a) Kh nng thanh ton ngn hn:
Ch tiu

2005

Ti sn ngn hn
416.915
N ngn hn
380.528
H s thanh ton ngn 1,096

2006

2007

286.156
278.240
1,028

496.844
487.856
1,018

SVTH : TH XUN KHNH Anh2- QTA-K44

Chnh lch
06-05
(31,36%)
(26,88%)
(0,068)

07-06
73,63%
75,34%
(0,01)

10

I HC NGOI THNG
GVHD: O THU GIANG

BO CO THC TP GIA KHA

hn
Bng phn tch kh nng thanh ton ngn hn cho thy h s thanh ton ngn hn ca DN
qua 3 nm c chiu hng gim dn. Nm 2005 t l ny l 1,096 ln, sang 2006 gim
0,068 ln v n 2007 tip tc gim 0,01 ln. Nguyn do l trong 2006 c TSNH v NNH
ca DN u gim, nhng TSNH ca DN li c tc gim nhanh hn NNH. n 2007
bin ng theo chiu ngc li, do t l ny vn gim mc d c TSNH v NNH tng.
Mc d hng chung l gim nhng t l ny vn gi c mc trn 1, cho thy doanh
nghip vn c kh nng chi tr cc khon n ngn hn.
b) Kh nng thanh ton nhanh:
Ch tiu

2005

2006

2007

Tin+Khon phi thu

N ngn hn
H s thanh ton nhanh

81.789
380.528
0,215

55.203
278.240
0,198

91.687
487.856
0,188

Chnh lch
06-05
(32,5%)
(26,88%)
(0,017)

07-06
66%
75,34%
(0,01)

Nhn chung h s thanh ton nhanh ca DN kh thp, mc cao nht cng ch khong
0,215 (nm 2005), chng t kh nng chi tr n ngn hn ca DN c ti tr ch yu
bi gi tr hng tn kho l loi ti sn c tnh thanh khon thp. iu ny cho thy
ri ro cao trong sn xut kinh doanh v DN khng c kh nng chi tr ngay cho cc khon
n ngn hn. Hn na h s ny c xu hng gim, do DN cn c cc bin php ci
thin trnh trng hp v n do khng chi tr c n ngn hn trong thi gian ngn.
c) Kh nng thanh ton tc thi:
Ch tiu

2005

Tin
3.964
N ngn hn
380.528
H s thanh ton tc
0,01
thi

2006

2007

1.048
278.240

5.290
487.856

Chnh lch
06-05
07-06
(73,56%)
404,77%
(26,88%)
75,34%

0,004

0,011

(0,006)

0,007

Qua bng phn tch kh nng thanh ton tc thi ta thy kh nng thanh ton bng tin
ca doanh nghip rt thp, d ch s ny n 2007 c ci thin i cht (tng 0,001

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so). Nm 2006 h s thanh ton tc thi gim 0,006 do c lng tin v n ngn hn ca
DN u gim, nhng tc gim ca tin mt cao hn ( 73,56%) dn ti ch s ny
gim. 2007 c tin v n ngn hn ca DN u tng, nhng tin c mc bin ng vt
tri hn (404,7%) v th h s thanh ton tc thi ca DN cng c y ln 0,011. Nm
2007 nh du bc chuyn ca DN trong chin lc m rng th trng tiu th, dn
n lng tin mt thu v tng mnh. Nhng nu so vi NNH th t l ny vn mc rt
thp, do trong nhng nm ti DN cn c cc bin php khc phc bng cch nng d
tr tin mt v gim dn NNH p ng nhu cu thanh ton.

2.3 Phn tch kh nng lun chuyn vn:2.3.1 Lun chuyn hng tn kho:

Ch tiu

2005

2006

2007

Gi vn hng bn
Tr gi HTK u k
Tr gi HTK cui k
Tr gi HTK bnh qun
S vng quay HTK
Thi gian tn kho

939.763
347.175
310.270
328.722
2.86
125

811.121
310.270
212.107
261.188
3.1
116

748.980
212.107
391.459
301.783
2.48
145

Chnh lch(%)
06-05
07-06
(13,69%) (7,67%)
(10.63%)
(31,64%)
(31,64%)
84,56%
(20.54%)
15.54%
0.24
(0.62)
(9)
29

Xt giai on 2005-2006: s vng quay HTK trong 2006 l 3,1 vng, mi vng l 116
ngy. So vi 2005 th tc lun chuyn HTK l 2,86 vng, mi vng l 125 ngy.
Giai on 2006-2007: s vng quay HTK gim cn 2,48 vng, do thi gian tn kho
cng tng ln 145 ngy ( tng 29 ngy so vi 2006).
Nh vy t bng phn tch lun chuyn HTK ta c th thy s vng quay HTK c xu
hng gim, th hin tnh hnh bn ra ca DN c xu hng chm li, dn n vn b
ng, gy cn tr cho vic m rng sn xut kinh doanh. ci thin tnh trng ny DN
cn c cc bin php, chin lc xc tin thng mi nhm gia tng kh nng tiu th
hng ha, gii phng vn d tr t xoay vng vn nhanh, gp phn tng li nhun khi
hot ng kinh doanh hiu qu.
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2.3.2 Lun chuyn khon phi thu:

Ch tiu

2005

2006

2007

Doanh thu thun

Phi thu u k
Phi thu cui k
Phi thu bnh qun
S vng quay KPT
K thu tin bnh qun

1.050.796
215.654
77.824
146.739
7,16
50

884.003
77.824
54.155
65.989
13,4
26

815.752
54.155
86.396
70.275
11,6
31

Chnh lch
06-05
(15,87%)
(63,91%)
(30,41%)
(55,02%)
6.24
(24)

07-06
(7,72%)
(30,41%)
59,53%
6,5%
(1,8)
5

Nhn chung giai on 2005-2007 s vng quay KPT ca DN tng, trong 2006 l 13,4
(tng 6,24 vng) mi vng 26 ngy. n 2007 s vng quay gim i cht cn 11,6
vng, mi vng 31 ngy. Nhng con s trn c th c gii thch nh sau:
+) 2006 c doanh thu thun (DTT) v phi thu bnh qun (PTBQ) u gim trong
PTBQ gim mnh (55,02%) lm s vng quay KPT tng gn gp i, k thu tin bnh
qun v vy cng gim theo (gim 24 ngy). iu ny cho thy trong 2006 kh nng thu
hi cc khon n ca DN c ci thin r rt, lng vn b chim dng ca DN
gim.
+) 2007 DTT tip tc gim nh (7,72%) v PTBQ tng nh (6,5%) dn n s vng quay
KPT gim 1,8 vng, k thu tin bnh qun tng ln 5ngy/k. D mc bin ng ny
khng ln nhng du hiu gim ca DTT v tng ca PTBQ cho thy DN cn c nhng
iu chnh thch hp tng DT v gim hoc gi lng PTBQ mc n nh.

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2.3.3 Lun chuyn vn lu ng rng:

815.752
496.844
487.856
8.988
90.76

Chnh lch
06-05
(15,87%)
(31,36%)
(26,88%)
(78,24%)
81,14

07-06
(7,72%)
73,63%
75,34%
13,54%
(19,52)

(9)

Ch tiu

2005

2006

2007

Doanh thu thun

Ti sn ngn hn
N ngn hn
TSNH NNH
S vng quay VLR
S ngy quay vng

1.050.796
416.915
380.528
36.387
28,88

884.003
286.156
278.240
7.916
110,28

12

VLR

Giai on 2005-2006: nm 2006 s vng quay VLR ca DN l 110,28 vng, mi vng

3 ngy. So vi 2005 s vng quay tng mnh 81,14 vng v s ngy quay vng gim
9ngy/ vng. Nguyn nhn l do hiu s (TSNH NNH) gim mnh 78,24% trong khi
DTT ch gim 15,87%. Nh vy chng t hiu qu s dng vn ca cng ty trong 2006
tt hn 2005 rt nhiu. DN gim thiu vic ng vn t tng tc vng quay sn xut
kinh doanh.
Giai on 2006-2007: 2007 DTT gim cn hiu s (TSNH NNH) tng 13,54% khin s
vng quay VLR gim 19,52 vng v do tng 1ngy/ vng quay. Tc lun chuyn
vn gim cng c ngha l thi gian cho mt vng quay vn ngy cng di hn, nh vy
trong giai on ny hiu qu s dng vn ca DN c gim.
Tm li, qua qu trnh phn tch trn ta thy tc lun chuyn VL qua 3 nm c xu
hng tng v lng VL cn thit a vo sn xut kinh doanh to ra 1 ng DTT
c xu hng gim; tc lun chuyn VL tng gip hn ch vic ng vn v b
chim dng vn bi cc DN khc.

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2.4 Phn tch kh nng sinh li:

2.4.1 T sut li nhun hot ng:
Ch tiu

2005

Li nhun thun
6.545
Doanh thu thun
1.050.796
T sut li nhun hat
0,62
ng (%)

2006

2007

4.340
884.003

4.425
815.752

Chnh lch (%)

06-05
07-06
(33,69)
1,96
(15,87%)
(7,72%)

0,49

0,54

(0,13)

0,05

Nm 2006 t sut li nhun hot ng l 0,49 %, iu ny c ngha l c 100 ng doanh

thu s mang ti 0,49 ng li nhun, nu so vi 2005 th gim 0,13 ng. n 2007
100 ng doanh thu mang li 0,54 ng li nhun, tng 0,05 ng so vi 2006. Nguyn
nhn l do trong nm 2006 li nhun thun ca cng ty gim mnh ( gim 33,69%).
Doanh thu thun 2006 gim 15,87% trong khi cc chi ph ch yu nh gi vn hng
bn, chi ph ti chnh, chi ph qun l ch gim nh hoc tng lm cho li nhun thun
gim nhiu hn so vi tc gim ca doanh thu
Sang 2007 li nhun thun tng nh ( tng 1,96%) v doanh thu thun tip tc gim, do
ch s li nhun hat ng tng tr li ( tng 0,05%). Nhn chung ch s li nhun hat
ng ca cng ty vn c chiu hng gim.
2.4.2 T sut li nhun trn doanh thu:
Ch tiu

2005

Li nhun trc thu

8.126
Doanh thu thun
1.050.796
T sut li nhun trn
0,77
doanh thu (%)

2006

2007

5.349
884.003

4.414
815.752

Chnh lch (%)

06-05
07-06
(34,17)
(17,48)
(15,87%)
(7,72%)

0,61

0,54

(0,16)

(0,07)

Qua bng t sut li nhun trn doanh thu ca DN trong 3 nm t 2005-2007 ta thy ch
s ny gim dn qua cc nm. C th l nm 2005 t l ny l 0,77%, tc l 100 ng
doanh thu th mang ti 0,77 ng li nhun. 2006 gim xung 0,16 ng v bc qua

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2007 tip tc gim thm 0,07 ng. Mc chnh lch li nhun trc thu (LNTT) v
DTT qua cc nm l gii cho hin tng i xung ny.
LNTT nm 2006 gim mnh so vi 2005 ( 34,17%) , cc khon mc gi vn hng bn,
chi ph bn hng, chi ph qun l khng c bin ng ln trong khi DTT gim, tc
gim ca LNTT li cao hn tc gim ca DTT do m t sut li nhun gim.
2007 LNTT tip tc gim, tuy mc gim tng i l 17,48% ch bng mt na so vi
mc gim ca nm trc v DTT cng gim, nhng mc gim thp hn (7,72%) khin t
l ny ni tip gim d gim nh hn so vi 2006.
Mt khc ch s ny cng rt thp, mc cao nht trong 3 nm cng ch l 0.77%. Do
trong nhng nm ti gip ci thin dn ch tiu ny DN cn c cc bin php gim
thiu chi ph y nhanh tc tng ca li nhun.
2.4.3 T sut sinh li ca ti sn (ROA)
Ch tiu

2005

Li nhun trc thu

8.126
Tng ti sn
512.583
T sut sinh li ca ti
1,59
sn (%)

2006

2007

5.349
393.172

4.414
610.074

Chnh lch (%)

06-05
07-06
(34,17)
(17,48)
(23.3)
55.17

1,36

0,72

(0,23)

(0,64)

T bng phn tch t sut li nhun trn tng ti sn ta thy, trong nm 2006 c 100 ng
em u t vo ti sn s thu v 1,36 ng li nhun, so vi 2005 l gim 0,23 ng,
TTS gim 23,3% nhng li thp hn mc gim tng i ca LNTT (34,17%), chng t
hiu qu s dng ti sn ca DN c phn gim hn.
Sang 2007 t l ny gim gn phn na, cn 0,72%. Nguyn nhn l do LNTT tip tc
gim nhng TTS li tng rt mnh, ln n 55,17% so vi 2006. iu ny cho thy mc
d m rng quy m kinh doanh nhng DN cha ci thin c hiu qu s dng ti sn,
mc khc li nhun cn c phn gim. y l du hiu ng lu cho DN khi m kh
nng sinh li ca cng ty ngy cng gim. DN cn c nhng chin lc ph hp ci
thin tnh hnh li nhun trong iu kin gia tng sn xut kinh doanh.
2.4.4 T sut sinh li ca vn ch s hu (ROE):
Ch tiu

2005

2006

2007

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Chnh lch (%)

06-05
07-06

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Li nhun trc thu
Vn ch s hu
ROE (%)

BO CO THC TP GIA KHA

8.126
125.407
6,48

5.349
110.088
4,86

4.414
109.326
4,04

(34,17)
(12,21)
(1,62)

(17,48)
(0,69)
(0,82)

Nhn chung qua 3 nm ta thy ch s ROE ca DN c chiu hng gim, chng t kh

nng sinh li ca vn ch s hu ngy cng gim. C th l nm 2006 ch s ny cn
4,86%, tc l c 100 ng vn ch s hu s mang v 4,86 ng li nhun, gim 1,62
ng so vi 2005. n 2007 tip tc gim thm 0,82 ng na, cn li 4,04 ng. C
LNTT v VCSH u gim qua 3 nm, nhng LNTT lun c mc bin ng tng i
cao hn, do m t sut sinh li trn vn ch s hu ca DN cng gim.
n by ti chnh :
Ta c ROE = Li nhun trc thu/ Vn ch s hu
= ROA x Tng ti sn/ Vn ch s hu
= ROA x

(1 + N/ Vn ch s hu)
n by ti chnh

Ch tiu

2005

2006

2007

N phi tr
Vn ch s hu
n by ti chnh

387.175
125.407
3,09

283.083
110.088
2,57

500.747
109.326
4,58

Chnh lch (%)

06-05
07-06
(26,89)
76,89
(12,21)
(0,69)
(0,52)
2,01

Nm 2006 n by ti chnh ca DN iu chnh gim, gim 0,52 ln so vi 2005, l do l

DN y mnh vic thanh ton cc khan n khin n phi tr gim nhiu hn so vi vn
ch s hu ( mc gim tng i 26,89%). Ring 2007 DN li vay thm n lm n phi
tr tng rt cao, ln n 76,89% trong khi VCSH vn gim, do n by ti chnh cng
tng 2,01 ln. iu ny cho thy mc t ch ca DN c xu hng ngy cng gim.
Nu tnh hnh kinh doanh khng kh quan th y s l yu t rt bt li cho DN v lu
di.
2.5 Nhn xt:
2.5.1 Nhn xt chung v cng tc qun l v t chc hnh chnh ca cng ty.

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S b my t chc ca DN cho thy s phn b nhim v v quyn hn rt hp l

trong ni b cng ty. Cc phng ban c quy nh r rng v c iu phi trc tp
bi Tng gim c. Bn cnh cc ban d n, ban nguyn liu v ban iso marketing
c vai tr thu thp v x l cc thng tin, s liu v tnh hnh kinh doanh, xut nhp khu,
cng vi Ph tng gim c h tr hat ng iu hnh ca Tng gim c. Ban kim
sot c hi ng c ng bu ra vi t cch kim duyt tnh xc thc cc thng tin lin
quan n tnh hnh hat ng cng ty v gi c phiu trn th trng.
2.5.2 Nhn xt v cng tc k ton:
Cng ty chn hnh thc K Ton tp trung, nht k chung kt hp vi x l s liu bng
my vi tnh rt ph hp vi quy m a bn hot ng. T nhp s liu, chnh l, ghi s
k ton chi tit - tng hp cho ton b hot ng sn xut kinh doanh ca n v, n
tng hp bo co s liu K Ton u c tp trung phng K Ton, u c x l
bng my vi tnh. Do , m bo c s tp trung thng nht cht ch, m bo vic
tit kim cng sc cho nhn vin nhng mang li hiu qu kinh t cao, gip cho nhn
vin k ton cung cp thng tin nhanh chng, nng cao cht lng k ton.

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CHNG 3: Gii php, kin ngh:

4.1 V tnh hnh huy ng vn:
Da vo kt qu phn tch ta thy hin nay cng ty c phn thy sn Cafatex ang s
dng mt c cu vn vi ngun ti tr ch yu t vn vay do ngun vn t c ca cng
ty cn hn ch. Nh vy nhm mc ch ti a ha li nhun cng ty s dng n cn
n. iu ny s gip cng ty gia tng t sut sinh li ca vn ch s hu khi doanh
nghip hat ng hiu qu, nhng ng thi cng gia tng ri ro cho ngun vn ca
doanh nghip v c th dn n tnh trng doanh nghip mt kh nng chi tr. Do
trong nhng nm ti gim bt ri ro cng ty nn gim bt ngun vn vay v thay vo
l nhanh chng thu hi cc khan n a vo vn sn xut.
4.2 V tnh hnh thanh ton v kh nng thanh ton:
Doanh nghip cn ci thin tnh hnh thanh ton v kh nng thanh ton, c bit l kh
nng thanh ton bng tin. thc hin iu cn qun tr tt tin mt v khon phi
thu. Vic qun tr tt mc ny gip doanh nghip gim lng vn b ng, vn b
chim dng, mt khc c th tn dng cc khon vn ny mt cch hiu qu hn vo sn
xut hoc dng p ng kp thi vic thanh tan, trnh tnh trng thanh tan chm tr
lm mt lng tin i vi cc nh cho vay.
4.3 Bin php nng cao kh nng sinh li:
Hin ti doanh nghip cha c i ng nghin cu th trng, mt b phn khng th
thiu trong giai on cnh tranh gia cc doanh nghip ni a v cnh tranh vi doanh
nghip nc ngoi ngy cng tng. Do doanh nghip cn tuyn m t ni b hoc bn
ngoi nhng nhn vin chuyn nghin cu th trng nm bt kp thi, chnh xc
nhng thng tin v nguyn liu, th trng tiu th, trnh nhng thit hi do bin ng v
gi c v m rng th phn, ch ng hn na trong sn xut kinh doanh.

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