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Nguyn V Qunh Anh_A2_QTKD_K44

MC LC
MC LC..................................................................................................................................1
I. Gii thiu khi qut v cng ty c phn xut nhp khu th cng m ngh Artexport:.........2
1.Qu trnh hnh thnh v pht trin:......................................................................................2
2. Lnh vc kinh doanh:.........................................................................................................3
3. C cu t chc ca cng ty:...............................................................................................3
................................................................................................................................................4
S c cu t chc ca cng ty...........................................................................................4
4. Phn tch mi trng kinh doanh. .....................................................................................4
4.1. Th trng:...................................................................................................................4
4.2. Nh cung cp:..............................................................................................................5
4.3. Mt s i th cnh tranh:...........................................................................................5
4.3.1. Tng cng ty thng mi H Ni (Hapro):..........................................................5
4.3.2. Cng ty c phn xut nhp khu th cng m ngh (Hartexco):.........................6
4.3.3. Cng ty c phn xut nhp khu Tng hp I Vit Nam (Generalexim):.............6
II. Phn tch tnh hnh ti chnh Cng ty c phn xut nhp khu th cng m ngh Artexport
nm 2007:...................................................................................................................................7
1.Mt s vn l thuyt v phn tch ti chnh doanh nghip.............................................7
1.1. Mt s khi nim v phn tch ti chnh:....................................................................7
1.2. ngha v nhim v ca phn tch ti chnh doanh nghip:......................................7
1.2.1. ngha:................................................................................................................7
1.2.2. Nhim v:.............................................................................................................8
1.3. Mc ch ca phn tch ti chnh doanh nghip:.........................................................8
1.4. Ni dung phn tch ti chnh doanh nghip:................................................................9
2. Phn tch tnh hnh ti chnh ca cng ty trong nm 2007:..............................................10
2.1. Phn tch khi qut bo co ti chnh ca cng ty:...................................................10
2.1.1. Bng cn i k ton:.........................................................................................10
2.1.2. Bo co kt qu kinh doanh:..............................................................................13
2.1.3. Bng lu chuyn tin t:.....................................................................................14
2.2. Phn tch cc ch s ti chnh:...................................................................................16
2.2.1. Kh nng thanh ton:..........................................................................................16
2.2.2. Hiu qu s dng ti sn:...................................................................................17
2.2.3. Kh nng tr n:.................................................................................................18
3. nh gi chung:................................................................................................................21
3.1. im mnh:...............................................................................................................21
3.2. Hn ch v nguyn nhn:..........................................................................................21
III. xut gii php:............................................................................................................22
1. xut:............................................................................................................................22
2. Bo co qu trnh thc tp ti cng ty:.............................................................................23
Ti liu tham kho....................................................................................................................24

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Nguyn V Qunh Anh_A2_QTKD_K44

I. Gii thiu khi qut v cng ty c phn xut nhp khu th cng m
ngh Artexport:
1.Qu trnh hnh thnh v pht trin:
Ngy 23/12/1964, theo Quyt nh s 617/BNgT-TCCB ca B Ngoi Thng (nay l
B Thng Mi) cng ty XNK Th cng m ngh (nay l cng ty c phn XNK Th
cng m ngh Vit Nam) c thnh lp.
Trc nm 1975 khi t nc cn chin tranh c lit, M v cc nc t bn thc hin
cm vn kinh t Vit Nam nn vic xut khu gp rt nhiu kh khn, c bit l hng
th cng m ngh .Tuy nhin, vi s n lc c gng ca mnh, cng ty vn duy tr
hot ng xut khu, hon thnh c nhim v m Nh nc v B giao.
Thi k t nm 1976 n trc nm 90 mc d l thi k ho bnh thng nht t
nc nhng cng ty ch yu xut khu tr n v xut khu theo ngh nh th vi cc
nc XHCN. Mc d gp nhiu kh khn, cng ty vn t chc tt vic trin khai sn
xut v thu gom hng nn kim ngch xut khu hng nm u tng, nm sau tng hn
nm trc m nh cao l nm 1988 cng ty xut khu c gn 100 triu rp , ng
thi cng ty a m rng th trng ra mt s nc t bn pht trin nh Php, c,
Ty Ban Nha
Nm 1991 nh du bc chuyn quan trng ca Cng ty t c ch bao cp sang c
ch hch ton kinh doanh, vic xut khu theo ngh nh th v c quyn khng cn
na, vy nn cng ty gp rt nhiu kh khn do c ch c li, c v con ngi ln
c s vt cht v cng n. Tuy nhin di s lnh o sng sut ca tp th lnh o
cng ty v s ch o st sao ca B Thng Mi, cng ty dn dn y mnh xut
khu vi kim ngch hng nm khong 30 triu la.
Thi k t nm 2000 n nay chng kin cuc khng hong kinh t th gii v ng
Nam , cnh tranh gay gt gia nhng ngi sn xut hng th cng m ngh, song
cng ty bit kt hp gia sn xut, xut khu v qung b thng hiu, to lp v tr
xng ng trn th trng. Ghi nhn nhng thnh tch ln lao ca tp th cn b cng
nhn vin, Nh nc trao tng Cng ty Hun Chng Lao ng hng nht nm
2004.
Ti nm 2005, cng ty chuyn sang hot ng theo m hnh c phn, buc cng ty
phi t vn ln khng nh v tr v thng hiu ca mnh, trn con ng hi
nhp v pht trin. Vic kinh doanh v qun l c hiu qu, to ra li nhun v m
rng sn xut, m rng th trng xut khu hng th cng m ngh ng vai tr
quyt nh. Do Artexport cam kt xy dng mt thng hiu vng chc, khng
nh bc tin ca cng ty trn con ng hi nhp v tr thnh a ch tin cy cho
cc bn hng trong nc v quc t.

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Nguyn V Qunh Anh_A2_QTKD_K44

2. Lnh vc kinh doanh:


- Kinh doanh xut nhp khu (trc tip, u thc) hng th cng m ngh, nguyn vt
liu, vt t, my mc, thit b cc loi (thi cng xy dng, ngnh in, vn phng,
trang thit b y t), vt liu xy dng, n tht, ho cht(tr ho cht Nh nc cm),
hng tiu dng, hng nng, lm, hi sn, khong sn, hng cng ngh phm, dt may,
hng da,sn xut v gia cng ch bin cc sn phm g m ngh, thu ren, cc hng
ho tiu dng.
- Kinh doanh bt ng sn, cho thu vn phng v nh , kho bi , nh xng sn
xut;
- Kinh doanh dch v i l bn hng ho cho cc nh sn xut, thng mi, t chc
hi ch, trin lm th cng m ngh trong v ngoi nc theo quy nh ca php
lut;
- Kinh doanh phng tin vn ti.
- Xut nhp khu cc mt hng Cng ty kinh doanh.
3. C cu t chc ca cng ty:
Cng ty c phn XNK Th cng m ngh Artexport c tr s chnh t ti s 2A
Phm S Mnh, H Ni v 3 chi nhnh ti TP H Ch Minh, Nng v Hi Phng.
Cc phng ban chia thnh khi qun l (3 phng) v khi kinh doanh (10 phng).
Ngoi ra, cng ty cn c 3 xng sn xut cc sn phm g, thu ren, gm s trc
tip xut khu.

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S c cu t chc ca cng ty
4. Phn tch mi trng kinh doanh.
4.1. Th trng:
Theo thng k kim ngch xut nhp khu nm 2006, cng ty tin hnh xut khu
cc sn phm th cng m ngh ti 40 th trng trn ton th gii. Kim ngch xut
khu nm 2006 t hn 11 triu la trong ng u l th trng B 1.9 triu
la, n 1.4 triu la v xut khu sang th trng Nht Bn t kim ngch 1.3
triu la. Trong cc nm ti cng ty s y mnh khai thc cc th trng ln nh
Nga, M ng thi cng tp trung hn na vo cc th trng ln cn quan trng :
i Loan, Hng Kng, Hn Quc, Trung Quc.y l cc th trng gn ta, c nhu
cu nhp khu hng th cng m ngh ca Vit Nam vi khi lng hng nm tng
i kh, trong Trung Quc l nc xut khu ln v hng th cng m ngh v l
i th cnh tranh mnh, nhng ta vn c th bng nhng sn phm c o ca mnh
y mnh xut khu cc sn phm ny sang Trung Quc.
Cng trong nm 2006, Artexport nhp khu thit b, my mc, hng tiu dng,
nguyn liu t gn 30 quc gia. Trong kim ngch nhp khu t th trng
4

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Nguyn V Qunh Anh_A2_QTKD_K44

Singapore t gn 5 triu la, Nht 3.7 triu la, th trng Trung Quc gn 3.6
triu la.
4.2. Nh cung cp:
Trong lnh vc xut khu cng ty c 1 li th rt ln l 3 xng sn xut sn phm
g, thu ren v gm s cung cp cc mt hng trc tip xut khu. Bn cnh l
ngun hng rt phong ph v mu m t cc lng ngh th cng m ngh truyn
thng trn c nc. C th k ra y 1 s ci tn ni ting nh lng la Vn Phc, g
ng K, gm s Bt Trng, c ng Yn, th cm Ha Bnh, th cm Chm,
thu Hu, chm bc ng Xm, ng i Bi, ng Phc Kiu ca Qung Nam,
la H ng, la M Chu, Qung Nam, tre H Nam, nn l bi th Hu, Non
nc, gm s Chu u, Hi Dng, th cm ty Bc. mi lng ngh hin c nhiu
loi hnh sn xut kinh doanh; l cc t sn xut, h gia nh, doanh nghip t
nhn, cng ty c phn, cng ty TNHH, hp tc x, v.v...iu cng to iu kin
cho cng ty trong vic la chn nh cung cp ph hp, khng cn tnh trng gom
hng t cc h sn xut nh l manh mn.
Cc mt hng phc v cho gia cng sn xut hng xut khu nh nguyn liu thu,
dt may, bng ch yu c nhp t cc nh cung cp Trung Quc, c, M; ha
cht, sn bng, vcni dng sn xut mt hng ci, my tre, hng m ngh nhp khu
phn ln t cc nc Trung Quc, Singapore, MalaixiaCc loi vt t, my mc,
thit b thng c nhp t cc doanh nghip Nht Bn , Trung Quc, Hn Quc v
i Loan.
4.3. Mt s i th cnh tranh:

4.3.1. Tng cng ty thng mi H Ni (Hapro):


Tng cng ty thng mi H Ni - tn giao dch Hapro l doanh nghip Nh nc
hot ng theo m hnh cng ty m - cng ty con, bao gm cng ty m - Tng cng ty
thng mi H ni v 23 cng ty con l cc cng ty TNHH mt thnh vin, cc cng
ty c phn v cc cng ty lin doanh lin kt.
Tng cng ty thng mi H Ni trc tip t chc thc hin cc nhim v sn xut
kinh doanh; thc hin quyn, ngha v ca ch s hu i vi phn vn u t vo
cc cng ty con.
Nhim v sn xut kinh doanh ch yu:
- Xut khu hng TCMN, nng sn, thc phm, ung c cn v khng c cn, may
mc thi trang, hng tiu dng...;
- Nhp khu my mc, thit b, vt t phc v sn xut v i sng, hng tiu dng; Kinh doanh thng mi ni a, hng min thu;
- Sn xut, ch bin thc phm, ung cc loi, hng TCMN, gm s, may mc thi
trang phc v XK v tiu dng ni a;
- u t pht trin h tng thng mi bao gm trung tm thng mi, siu th, nh
hng, vn phng cho thu v cn h cao cp;
- Dch v khch sn, nh hng, chm sc sc khe, du lch l hnh;
- Dch v kho vn...

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4.3.2. Cng ty c phn xut nhp khu th cng m ngh (Hartexco):


Cng ty Hartexco kinh doanh xut nhp khu trc tip cc nhm mt hng:
- Xut khu : Cc mt hng sn mi, gm, snh s, my - c - tre -, thu, g,
nhng sn phm c lm t si -ay, cy g bc, x da, ci, ng voi, xng, sng,
gi da, kim loi v nhng nguyn vt liu bng kim loi qu ...
- Nhp khu cc mt hng: Ha cht, trang thit b, my mc vn phng, thit b trang
tr ni tht v nhng nguyn vt liu khc phc v cho qu trnh sn xut ca ngnh
tiu th cng nghip v nhng sn phm th cng m ngh.
Ngoi phng trng by v cc ca hng trng by, bn l sn phm, HARTEXCO cn
iu hnh 03 phn xng sn xut trc tip vi hn 120 cng nhn lnh ngh m
trch vic sn xut ra nhng sn phm cht lng cao:
- Phn xng sn xut sn phm g gia dng.
- Phn xng sn xut sn phm mnh trc
- Phn xng chnh sn xut hng th cng m ngh
Vi cht lng cao, mu m p mt, li cun, sn phm a dng cng knh phn
phi rng ri v cch thc kinh doanh linh hot, bao gm nghip v xut nhp khu
chuyn nghip, phng thc thanh ton d dng, n gin, hiu qu cao,... gp phn
to nn uy tn cao cho HARTEXCO trn th trng th gii.
Vi hn 30 khch hng t khp ni trn th gii nh: c, Php, , Netherlands, an
Mch, Norway, Thy in, Anh, i Loan, Hng Kng, Nht, Singapore, Hn
Quc, ....HARTEXCO c nh gi cao v t kim ngch xut khu hng nm t
2,7 triu la n 3 triu USD.

4.3.3. Cng ty c phn xut nhp khu Tng hp I Vit Nam (Generalexim):
Cng ty c phn Xut nhp khu Tng hp I Vit Nam - Tn giao dch Generalexim,
tin thn l doanh nghip nh nc c thnh lp nm 1981 v uc c phn vo
nm 2006. Cng ty c phn Xut nhp khu Tng hp I Vit Nam t tr s chnh ti
46 Ng Quyn, H Ni, Vit Nam
Generalexim c thnh lp t nm 1981 trc thuc B Thng mi v chuyn i
thnh cng ty c phn nm 2006. Generalexim c thnh lp t nm 1981 trc thuc
B Thng mi v chuyn i thnh cng ty c phn nm 2006. Thi k u thnh
lp, Generalexim hot ng ch yu trong lnh vc xut nhp khu nhng sau
nhanh chng chuyn sang cng ty kinh doanh a ngnh ngh, trong xut nhp khu
chim khong 85% doanh thu v li nhun hng nm. Trn th trng trong v ngoi
nc cng ty lun c nh gi cao v uy tn giao dch v nng lc ti chnh lnh
mnh, p ng quy m kinh doanh. Cng ty c tr s chnh ti H Ni vi c 3 chi
nhnh ti Hi Phng, Nng, Tp. H Ch Minh.Cng ty kinh doanh cc lnh vc
chnh sau:
1. Kinh doanh thng mi:
- Xut khu: Cc sn phm nng sn: c ph, ht tiu, go, lc nhn, hnh , ht
iu, ch, hoa hi, qu, sn lt,cc loi u...; cc sn phm g; hng may mc; hng
cng nghip nh; khong sn; hng th cng m ngh,...
6

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Nguyn V Qunh Anh_A2_QTKD_K44

- Nhp khu: Thit b cng nghip (my cn thp, bng ti...), my mc, phn bn,
phng tin vn ti, nguyn vt liu cho cc ngnh sn xut v xy dng (st, thp,
nhm, ng, bt thc n gia sc, gia cm, nguyn liu sn xut thuc th y...), cc loi
ho cht (theo quy nh nh nc cho php), hng tiu dng...
2. Sn xut: x nghip gia cng hng may mc xut khu ti Hi Phng.
3. Dch v: lm i l mua/bn hng ho theo yu cu ca khch hng trong v ngoi
nc; cho thu vn phng, kho hng ti H Ni, Hi Phng, Nng v thnh ph
H Ch Minh; XNK u thc, cc dch v v thng mi, giao nhn hng ho xut
nhp khu, tm nhp ti xut...
4. Hot ng ti chnh, lin doanh - lin kt:
+ i tc chin lc ca Ngn hng TMCP Xut nhp khu Vit Nam (Eximbank)
+ Hot ng u t ti chnh
+ Cng ty c phn Bt ng sn Tng hp 1 (G-Land)
+ Hp tc chin lc vi BeeLogistic thnh lp Cng ty c phn Gii php phn phi
BEEGEN
+ C ng sng lp Cng ty c phn Khong sn ML Qung Ngi
Vi thnh tch trong hot ng kinh doanh ca mnh, Cng ty c phn Xut nhp khu
Tng hp I Vit Nam vinh d c Nh nc Cng ha x hi ch ngha Vit
Nam trao tng Hun chng c lp hng Ba. V c bit, thng hiu cu Cng ty
c khng nh khi Cng ty c trao gii thng Sao Vng t Vit, mt gii
thng ginh cho cc thng hiu xut sc cu Vit Nam trong qu trnh hi nhp.
II. Phn tch tnh hnh ti chnh Cng ty c phn xut nhp khu th
cng m ngh Artexport nm 2007:
1.Mt s vn l thuyt v phn tch ti chnh doanh nghip
1.1. Mt s khi nim v phn tch ti chnh:
Ti chnh doanh nghip l qu trnh to lp, phn phi v s dng cc qu tin t pht
sinh trong qu trnh hot ng ca doanh nghip nhm t ti mc tiu ca doanh
nghip.
Phn tch ti chnh doanh nghip l mt tp hp cc khi nim, phng php v cng
c cho php x l cc thng tin k ton v thng tin khc v qun l nhm nh gi
tnh hnh ti chnh, ri ro, cht lng hiu qu cc haotj ng c doanh nghip .
1.2. ngha v nhim v ca phn tch ti chnh doanh nghip:

1.2.1. ngha:
- Bng cch phn tch tnh hnh ti chnh ca doanh nghip ta c th gi y , chnh
xc tnh hnh phn phi, s dng v qun l cc loi vn, ngun vn, vch r kh
nng tim tng v vn ca x nghip. Trn c s ra bin php nng cao hiu qu
s dng vn, gip doanh nghip cng c tt hn hot ng ti chnh ca mnh.

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- Phn tch tnh hnh ti chnh l cng c khng th thiu phc v cho cng tc qun l
ca c quan cp trn, c quan ti chnh, ngn hng nh: nh gi tnh hnh thc hin
cc ch , chnh sch v ti chnh ca nh nc, xem xt vic cho vay vn

1.2.2. Nhim v:
- nh gi tnh hnh s dng vn, ngun vn nh: xem xt tnh hp l trong vic phn
b vn, ngun vn; xem xt mc m bo vn cho nhim v sn xut kinh doanh,
pht hin nhng nguyn nhn dn n tnh trng tha, thiu vn.
- nh gi tnh hnh thanh ton, kh nng thanh ton ca x nghip, tnh hnh chp
hnh cc ch , chnh sch ti chnh, tn dng ca nh nc.
- nh gi hiu qu vic s dng vn.
- Pht hin kh nng tim tng, ra cc bin php ng vin, khai thc kh nng tim
tng nhm nng cao hiu qu s dng vn.
1.3. Mc ch ca phn tch ti chnh doanh nghip:
Phn tch tnh hnh ti chnh ca doanh nghip mt mt khc l p ng nhu cu s
dng thng tin ca nhiu i tng. i vi tng i tng s dng thng tn m phn
tch ti chnh phc v nhng mc ch c th.
i vi nh qun tr doanh nghip: Phn tch tnh hnh ti chnh nhm mc tiu:
- To thnh cc chu k nh gi u n v cc hot ng kinh doanh qu kh, tin
hnh cn i ti chnh, kh nng sinh li, kh nng thanh ton, tr n, ri ro ti chnh
ca doanh nghip.
- nh hng cc quyt nh ca ban gim c nh: quyt nh u t, ti tr, phn
chia li tc, c phn,
- L c s cho cc d bo ti chnh: k hoch u t, phn ngn sch tin mt,
- L cng c kim sot cc hot ng qun l.
i vi ch s hu/ c ng: H cng quan tm n li nhun v kh nng tr n, s
an ton ca tin vn b ra, thng qua phn tch tnh hnh ti chnh gip h nh gi
hiu qu ca qu trnh sn xut kinh doanh, kh nng iu hnh hot ng ca nh
qun tr quyt nh s dng hoc bi min nh qun tr, cng nh quyt nh vic
phn phi kt qu kinh doanh.
i vi ngi cho vay: (Ngn hng, cc nh cho vay, nh cung cp) mi quan tm ca
h hng vo kh nng tr n ca doanh nghip. Do h cn ch n tnh hnh v
kh nng thanh ton ca n v cng nh quan tm n lng vn ca ch s hu,
kh nng sinh li nh gi n v c kh nng tr n c hay khng khi quyt
nh cho vay, bn chu sn phm cho n v.
i vi cc i tng khc: Nh c quan thu, thng qua thng tin trn bo co ti
chnh xc nh cc khon ngha v n v phi thc hin i vi nh nc, c quan
thng k tng hp phn tch hnh thnh s liu thng k, ch s thng k,

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1.4. Ni dung phn tch ti chnh doanh nghip:


Ni dung ch yu ca phn tch bo co ti chnh i t khi qut n c th bao gm
cc ni dung sau:
- Phn tch tnh hnh b tr c cu ti sn, ngun vn
- Phn tch tnh hnh lun chuyn vn
- Phn tch tnh hnh v kt qu kinh doanh
- Phn tch kh nng thanh ton ca doanh nghip
- Phn tch kh nng sinh li
- Phn tch kh nng tr n
- Phn tch hiu qu s dng ngun ti sn

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Nguyn V Qunh Anh_A2_QTKD_K44

2. Phn tch tnh hnh ti chnh ca cng ty trong nm 2007:


2.1. Phn tch khi qut bo co ti chnh ca cng ty:

2.1.1. Bng cn i k ton:

Ti sn
A.Ti sn ngn hn
I.Tin v cc khon
tng ng tin
1.Tin
II.Cc khon u t ti
chnh ngn hn
1.u t ngn hn
2.D phng gim gi
u t ngn hn
III.Cc khon phi thu
ngn hn
1.Phi thu ca khch
hng
2.Tr trc cho ngi
bn
3.Cc khon phi thu
khc
IV.Hng tn kho
1.Hng tn kho
V.Ti sn ngn hn
khc
1.Chi ph tr trc
ngn hn
2.Thu GTGT c
khu tr
3.Thu v cc khon
phi thu Nh nc
4.Ti sn ngn hn
khc
B.Ti sn di hn
I.Cc khon phi thu
di hn
II.Ti sn c nh
1.Ti sn c nh hu
hnh
_Nguyn gi
_Gi tr hao mn ly
k
2.Ti sn c nh v
hnh
_Nguyn gi
_Gi tr hao mn ly
k
3.Chi ph xy dng c

264,881,800,193

210,490,851,439

T l theo quy
m
Cui
u
nm
nm
74.03
80.13

39,226,592,583

5,916,358,905

10.96

2.25

33,310,233,678.00

563.02

39,226,592,583

5,916,358,905

10.96

2.25

33,310,233,678.00

563.02

1,120,160,000

88,000,000

0.31

1.49

1,032,160,000.00

1172.91

1,483,772,130

88,000,000

0.41

0.03

1,395,772,130.00

1586.10

Cui nm

u nm

(363,612,130)

(0.10)

Chnh lch

54,390,948,754.00

Tng
i
25.84

Tuyt i

(363,612,130.00)

177,329,015,115

118,325,834,606

49.56

45.04

59,003,180,509.00

49.87

104,003,936,065

100,583,481,748

29.07

38.29

3,420,454,317.00

3.40

36,553,131,183

4,527,480,562

10.22

1.72

32,025,650,621.00

707.36

36,771,947,837

13,214,872,296

10.28

5.03

23,557,075,541.00

178.26

37,590,982,845
37,590,982,845

75,836,267,467
75,836,267,467

10.51
10.51

28.87
28.87

(38,245,284,622.00) (50.43)
(38,245,284,622.00) (50.43)

9,615,049,650

10,324,390,461

2.69

3.93

(709,340,811.00)

28,571,429
560,359,974

0.01
5,624,439,475

758,320,256

0.16

(6.87)

28,571,429.00
2.14

0.21

(5,064,079,501.00)

(90.04)

758,320,256.00

8,267,979,991

4,699,950,986

2.31

1.79

3,568,029,005.00

75.92

92,921,713,388

52,193,604,496

25.97

19.87

40,728,108,892.00

78.03

0.00
67,642,333,000

44,275,405,917

18.90

16.85

23,366,927,083.00

52.78

39,927,889,043

43,160,837,792

11.16

16.43

(3,232,948,749.00)

(7.49)

63,462,743,935

63,093,800,640

17.74

24.02

368,943,295.00

0.58

(23,534,854,892) (19,932,962,848) (6.58)

(7.59)

(3,601,892,044.00)

18.07

296,700,000

296,700,000

0.08

0.11

0.00

0.00

296,700,000

296,700,000

0.08

0.11

0.00

0.00

27,417,743,957

817,868,125

7.66

0.31

26,599,875,832.00

3252.34

10

BO CO THC TP
bn d dang
III.Bt ng sn u t
IV.Cc khon u t
ti chnh di hn
1.u t vo cng ty
lin kt lin doanh
V.Ti sn di hn khc
1.Chi ph tr trc di
hn

Nguyn V Qunh Anh_A2_QTKD_K44

5,800,405,808

3,750,000,000

1.62

1.43

2,050,405,808.00

54.68

5,800,405,808

3,750,000,000

1.62

1.43

2,050,405,808.00

54.68

19,478,974,580

4,168,198,579

5.44

1.59

15,310,776,001.00

367.32

19,478,974,580

4,168,198,579

5.44

1.59

15,310,776,001.00

367.32

Tng cng ti sn
Ngun vn
A.N phi tr
I.N ngn hn
1.Vay v n ngn hn
2.Phi tr ngi bn
3.Ngi mua tr tin
trc
4.Thu v cc khon
phi np Nh nc
5.Phi tr cng nhn
vin
6.Chi ph phi tr
7.Cc khon phi tr,
phi np khc
II.N di hn
1.Vay v n di hn
2.D phng tr cp
mt vic lm
B.Ngun vn ch s
hu
I.Vn ch s hu
1.Vn u t ca ch
u t
2.Thng d vn c
phn
3.Qu u t pht trin
4.Qu d phng ti
chnh
5.Li nhun cha phn
phi
II.Ngun kinh ph v
qu khc
1.Qu khen thng
phc li

357,803,513,581

262,684,455,935

100.0
0

100.0
0

95,119,057,646.00

36.21

253,676,275,721
220,000,382,740
73,062,783,625
23,503,962,942

204,105,893,002
191,040,001,002
134,668,486,171
31,159,271,243

70.90
61.49
20.42
6.57

77.70
72.73
51.27
11.86

49,570,382,719
28,960,381,738
(61,605,702,546)
(7,655,308,301)

24.29
15.16
(45.75)
(24.57)

20,998,286,472

9,085,963,604

5.87

3.46

11,912,322,868

131.11

3,624,714,637

7,323,958,984

1.01

2.79

(3,699,244,347)

(50.51)

0.00

0.00

5,400,000

Tng cng ngun vn

5,400,000
3,303,773,580

1,559,191,483

0.92

0.59

1,744,582,097

111.89

95,501,464,484

7,243,129,517

26.69

2.76

88,258,334,967

1218.51

33,675,892,981
33,605,468,081

13,065,892,000
13,065,892,000

9.41
9.39

4.97
4.97

20,610,000,981
20,539,576,081

157.74
157.20

0.02

0.00

70,424,900

70,424,900
104,127,237,860

58,578,562,933

29.10

22.30

45,548,674,927

77.76

103,923,585,525

58,436,698,513

29.04

22.25

45,486,887,012

77.84

85,220,000,000

50,000,000,000

23.82

19.03

35,220,000,000

70.44

18,100,000,000

2,700,000,000

5.06

1.03

15,400,000,000

570.37

678,732,075

3,198,732,075

0.19

1.22

(2,520,000,000)

(78.78)

234,024,250

170,031,278

0.07

0.06

63,992,972

37.64

(309,170,800)

2,367,935,160

(0.09)

0.90

(2,677,105,960)

(113.06)

203,652,335

141,864,420

0.06

0.05

61,787,915

43.55

203,652,335

141,864,420

0.06

0.05

61,787,915

43.55

357,803,513,581

262,684,455,935

100.0
0

100.0
0

95,119,057,646

36.21

Qua bng phn tch tnh hnh bin ng ti sn v ngun vn ta thy t tng ti sn
(tng ngun vn) ca doanh nghip cui nm so vi u nm tng 95,119,057,646
ng, tng ng vi 36.21%.

11

BO CO THC TP

Nguyn V Qunh Anh_A2_QTKD_K44

V c cu ti sn c s thay i: Ti sn ngn hn vo u nm chim 80.13% tng


ti sn v gim 74.03% vo cui nm. Trong khi ti sn di hn trong tng ti sn
tng t 19.87% ln 25.87%.
Ti sn ngn hn tng 54,390,948,754 ng (25.84%). Nguyn nhn ca s gia tng
ny l do lng vn bng tin ca doanh nghip tng 33,310,233,678 ng t
5,916,358,905 ng ln n mc 39,226,592,583 ng (tng gp 5.63 ln so vi u
nm). Cc khon u t ti chnh ngn hn tng kh cao, vo cui nm u t ti
chnh ngn hn t 1,120,160,000 ng, tng 11.73 ln so vi con s 88 triu ng
u nm. Ti sn ngn hn gia tng mt nguyn nhn khc l do cc khon phi thu
ngn hn cng tng 59,003,180,509 ng ng vi 49.87%. Bn cnh khon mc
hng tn kho v ti sn ngn hn khc li c chiu hng gim. Hng tn kho ca
doanh nghip gim ng k t 75,836,267,467 ng xung cn 37,590,982,845
ng, gim 50.43%. Ti sn ngn hn khc gim nh 709,340,811 ng, gim 6.87%.
Qua ta thy qui m sn xut kinh doanh ca doanh nghip tng ln nhng cng ty
vn gim c mc tn ng ti sn lu ng bng cch gim ng k lng hng tn
kho tit kim chi ph v ng thi qun l c hiu qu hn ngun ti sn ngn hn
khc. Ngoi ra vic gia tng tin v cc khon tng ng tin s gip cho kh nng
thanh ton tc thi ca doanh nghip hiu qu hn; vic tng u t ngn hn chng
t doanh nghip ang y mnh hot ng u t, cc khon ny s to ngun li
nhun trong ngn hn cho doanh nghip. Nh vy y l biu hin tch cc v chuyn
bin ti sn lu ng trong k gp phn hn ch nhng ng vn, tit kim vn
phc v cho hot ng sn xut kinh doanh.
Ti sn di hn tng 78.03% t 52,193,604,496 ng ln 92,921,713,388 ln. Trong
khon mc ti sn c nh, mc d ti sn c nh hu hnh gim 7.49% so vi u
nm cn ti sn c nh v hnh khng thay i gi tr nhng khon mc ti sn c
nh vn tng 23,366,927,083 ng (52.78%). l do chi ph xy dng d dang ca
doanh nghip tng t bin 26,599,875,832 ng t 817,868,125 ng ln
27,417,743,957 ng, tng 32.52 ln. Nguyn nhn ca s gia tng ny l do nm
2007 vic u t xy dng tr s mi s 2A ph Phm S Mnh thay cho vn
phng c trn ph Ng Quyn i vo giai on hon thin nn doanh nghip phi chi
tr 1 khon tin ln cho ch thu; ng thi trong nm ny doanh nghip cng tin m
rng qui m ca cc xng sn xut (xng thu, xng gm v xng g). iu ny
cng th hin qua vic khon mc ti sn di hn khc tng 3.67 ln. Bn cnh ,
doanh nghip cng tng cng u t cho cc cng ty lin kt lin doanh do vy cc
khon u t ti chnh di hn tng ln 54.68%.
Nh vy, trong nm 2007 c s vt cht ca cng ty c tng cng xy mi v
sa cha m rng. Vic gia tng u t di hn, u t vo cc cng ty lin kt lin
doanh s gip doanh nghip thu c ngun li nhun trong tng lai.
V c cu ngun vn: Vo thi im u nm n phi tr chim 77.70% tng ngun
vn trong khi ngun vn ch s hu ch chim 22.30%. Cui nm c cu ngun vn
c chuyn bin tch cc tuy nhin t l n ng vn rt cao, gi mc 70.90%.

12

BO CO THC TP

Nguyn V Qunh Anh_A2_QTKD_K44

Cui nm 2007, n ngn hn chim 61.49% tng ngun vn v n di hn chim 9.41


%. N ngn hn tng t 191,040,001,002 ng n mc 220,000,382,740 ng,
tng ng vi 15.16%. Trong n ngn hn, mc d m rng sn xut kinh doanh, cc
khon vay ngn hn thc hin hp ng hay tin n cc nh cung cp u gim
nhng khon mc phi tr khc li tng gp 12.19 ln. Nm 2007, n di hn cng gia
tng ng k, tng 20,610,000,981 ng (157.74%). y chnh l khon cng ty vay
n ca ngn hng m rng nh xng sn xut v u t vo xy mi c s vt
cht. Vic m rng v xy mi c s ny cng th hin khon mc qu u t v
pht trin trong vn ch s hu. Nm 2007 so vi nm 2006 qu u t v pht trin
gim 2,520 t ng, tng ng vi 78.78%. c bit phi ch n mc li nhun
cha phn phi cui nm 2007 l m 309,170,800 ng gp phn lm gim mc
tng ca vn ch s hu. S d con s ny m l kh ln l do hot ng khng hiu
qu nhng cng ty vn phi tin hnh chia c tc nhm gi chn cc nh u t.
Trong cuc hp c ng thng nin nm ti chnh 2007 cng ty thng qua
phng n chia c tc mc 600 ng/c phn.

2.1.2. Bo co kt qu kinh doanh:


Ch tiu
Nm 2006
Gi vn hng bn
533,547,226,691
Chi ph bn hng
24,288,182,376
Chi ph qun l DN
13,391,779,674
Doanh thu thun
538,571,043,808
Gi vn/Doanh thu thun
92.43%
Chi ph bn hng v qun l
6.46%
doanh nghip/ Doanh thu thun

Nm 2007
572,736,463,304
39,138,835,474
23,318,328,541
638,602,971,513
89.69%

Chnh lch
7.35%
61.14%
74.12%
9.43%
2.74%

9.78%

3.32%

T nm 2006 n nm 2007 gi vn hng bn tng 7.35%. Trong khi doanh thu thun
v bn hng v cung cp dch v tng 9.43%. Nm 2006 gia vn hng bn bng
92.43% so vi doanh thu thun th nm 2007 gim 2.74% cn 89.69%. Hot ng
bn hng v cung cp dch v ca doanh nghip nm 2007 c m rng hn so
vi nm 2006 v to ra nhiu doanh thu hn. Li nhun gp theo cng tng t hn
50 t ng ln gn 66 t ng (tng 31.67%)
D vy chi ph bn hng v qun l doanh nghip nm 2007 li tng cao t bin
mc 61.14% v 74.12% nn nm 2007 tng chi ph bn hng v qun l doanh nghip
chim ti 9.78% doanh thu thun, tng thm 3.32%.Qua bo co lu chuyn tin t
cng thp c tin tr cho ngi cup cp hng tng 10.12% cng vi tin chi khc
cho hot ng kinh doanh tng 188.55%.
Ch tiu
Thu nhp hot ng ti chnh
Chi ph hot ng ti chnh
Li nhun hot ng ti chnh

Nm 2006

Nm 2007

7,619,954,304
13,091,464,724
-5,471,510,420

9,088,954,947
11,354,437,938
-2,265,482,991

Chnh
lch
19.28%
-13.27%
58.59%

Thu nhp t hot ng ti chnh tng trong khi chi ph cho hot ng ny gim
13.27% nn li nhun ti chnh thu c nm 2007 tng 58.59%. Mc d vy y
13

BO CO THC TP

Nguyn V Qunh Anh_A2_QTKD_K44

vn l mt con s m do chi ph hot ng ti chnh ca doanh nghip qua 2 nm vn


cao hn thu nhp.Nhng con s ny cho thy hot ng ti chnh ca cng ty l khng
c hiu qu cao. Chi ph li vay lun chim hn t l ln chi ph hot ng ti chnh:
nm 2006 l 66.77%, nm 2007 l 69.30%. iu ny cng th hin bo co lu
chuyn tin t khi dng tin t hot ng ti chnh qua 2 nm u l dng tin ra kh
ln xp x m 273 t nm 2006 v m 260 t nm 2007.
Ch tiu
Thu nhp khc
Chi ph khc
Li nhun khc

Nm 2006
407,146,850
116,766,494
290,380,356

Nm 2007
40,039,867
1,084,896,878
-1,044,857,011

Chnh lch
-90.17%
829.12%
-459.82%

Qua bng phn tch ta thy nm 2006 cc hot ng khc ca doanh nghip to ra
290,380,356 ng li nhun. Tuy nhin n nm 2007 thu nhp khc gim 90.17%
cn chi ph khc tng n hn 1 t ng v vy hot ng khc ca cng ty b thua l
rt nng. y l do nhng sai phm ca Tng gim c trong 2 nm 2005 v 2006
kin cng ty tht thot hng t ng. Vic chi ph khc nm 2007 tng t bin l do
hch ton sai ca k trc.

2.1.3. Bng lu chuyn tin t:


Ch tiu
I.Lu chuyn tin t hot ng SX-KD
1.Tin thu BH,cung cp DV v DT khc
2.Tin chi tr cho ngi cung cp hng ha
v DV
3.Tin chi tr cho ngi lao ng
4.Tin chi tr li vay
5.Tin chi np thu TNDN
6.Tin thu khc t hot ng KD
7.Tin chi khc cho hot ng KD
Lu chuyn tin thun t hot ng SX-KD
II.Lu chuyn tin t hot ng u t
1.Tin chi mua sm, xy dng TSC v cc
TS di hn khc
2.Tin thu t thanh l. Nhng bn TSC v
cc TS di hn khc
3.Tin chi cho vay, mua cc cng c n ca
n v khc
4.Tin thu li cho vay,c tc v LN c
chia
Lu chuyn tin thun t hot ng u t
III.Lu chuyn tin t hot ng ti chnh
1.Tin thu t pht hnh c phiu, nhn vn
gp ca CSH
2.Tin chi tr vn gp cho cc CSH,mua li
CP pht hnh
3.Tin vay ngn hn,di hn nhn c
14

Nm 2007

Nm 2006

741,781,280,711

720,321,161,387

(496,081,292,862)
(8,759,268,548)
(7,178,025,904)
(656,097,143)
280,392,485,234
(219,671,099,369)
289,827,982,119

(450,504,982,805)
(8,885,632,638)
(9,683,450,180)

(1,049,206,742)

(2,247,551,000)

92,465,391,188
(76,129,922,500)
267,582,564,452

(40,103,748)
(147,199,921)
4,529,885,967
3,440,575,477

2,427,412,381
32,661,460
24,939,392,000

(2,000,000,000)

(2,645,500,000)
19,950,309,983

BO CO THC TP

Nguyn V Qunh Anh_A2_QTKD_K44

4.Tin chi tr n gc vay


5.C tc,LN tr cho CSH
Lu chuyn tin thun t hot ng ti chnh
Lu chuyn tin thun trong k
Tin v tng ng tin u k
Tin v tng ng tin cui k

(257,958,323,919) (315,058,981,654)
(3,942,232)
(259,958,323,919 (272,818,721,903
)
)
33,310,233,677
(5,203,495,991)
5,916,358,906
11,119,854,897
39,226,592,583
5,916,358,906

Nm 2006 hot ng chnh to ra tin ca doanh nghip l hot ng sn xut kinh


doanh. Lu chuyn tin thun t hot ng sn xut kinh doanh l 267,582,564,452
ng trong khi lu chuyn tin thun t hot ng u t l 32,661,460 ng cn hot
ng ti chnh l -272,818,721,903 ng. V vy lu chuyn tin thun trong k l
dng tin m, -5,203,495,991 ng.
Nm 2007 hot ng chnh to ra tin ca doanh nghip vn l hot ng sn xut
kinh doanh vi con s lu chuyn tin trong k l 289,827,982,119 ng. Lu chuyn
tin thun t hot ng u t tng 105.34 ln t 3,440,575,477 ng. Trong khi
hot ng ti chnh hu nh vn gi nguyn 259,958,323,919 ng. Trong c k lu
chuyn tin thun l dng tin dng 33,310,233,677 ng.
Nm 2007 lu chuyn tin t hot ng sn xut kinh doanh tng 1.08 ln so vi nm
2006. Mc d doanh nghip gim c 1 phn tin chi tr cho ngi lao ng v
chi tr li vay nhng tin tr cho ngi cung cp hng ha v dch v li tng hn 45
t ng. iu ny c gii thch do l hot ng kinh doanh ca doanh nghip c
m rng v cng c th hin trn bo co kt qu kinh doanh khi gi vn hng bn
nm 2007 tng gp 1.07 ln so vi nm 2006. Tin thu khc v tin chi khc ca hot
ng kinh doanh nm 2007 u tng tuy nhin mc thu t hot ng kinh doanh tng
nhanh hn mc chi, iu ny cng gp phn lm cho dng tin t hot ng kinh
doanh tng v l dng tin vo.
Hot ng u t xy dng tr s mi bt u t nm 2006 v i vo hon thin cng
trnh vo cui nm 2007 nn tin chi mua sm, xy dng ti sn c nh v cc ti sn
di hn khc lun mc cao. Mc d vy nh c khon thu li cho vay, c tc v li
nhun c chia trong nm 2007 tng gp 1.87 ln; ng gp rt ln vo vic tng
mc lu chuyn thun t hot ng u t.
Vic xem xt dng tin t hot ng ti chnh cng cho thy mt hn ch ca doanh
nghip. l vn cng n cn mc rt c. Nm 2006 tin phi chi thanh ton
n gc vay l 315,058,981,654 ng v nm 2007 l 257,958,323,919 ng. Nm
2007 doanh nghip cng mt kh nng chi tr c tc cho ch s hu. Bo co kt qu
kinh doanh cng th hin kh r vn ny khi li nhun sau thu thu nhp doanh
nghip nm 2007 ch cn hn 85 triu ng so vi mc hn 7 t ng nm 2006.
Cng n qu cao dn ti dng tin t hot ng ti chnh trong c 2 nm u l
dng tin m.

15

BO CO THC TP

Nguyn V Qunh Anh_A2_QTKD_K44

2.2. Phn tch cc ch s ti chnh:

2.2.1. Kh nng thanh ton:


H s thanh ton ngn hn
H s thanh ton nhanh
H s thanh ton tc thi

Nm 2006
1.102
0.650
0.031

Nm 2007
1.204
0.984
0.178

Biu so snh h s thanh ton nm 2007 ca


Artexport v Generalexim
1.4
1.2
1
H s thanh ton ngn
hn

0.8
0.6

H s thanh ton nhanh

0.4
0.2
0

H s thanh ton tc thi


Artexport Generalaxim

- H s thanh ton ngn hn:


Nm 2007 h s thanh ton ngn hn ca Artexport l 1.204 tng 1.093 ln so vi nm
2006 (1.102). C 2 nm h s thanh ton u ln hn 1 cho thy ti sn ngn hn ca
doanh nghip c kh nng thanh ton cc khon n ngn hn tuy nhin v ch mc
xp x 1 nn ti sn ngn hn v n ngn hn chnh lch nhau l khng nhiu.
Nm 2006 mi 1 VN n ngn hn c m bo bng 1.102 VN ga tr ti sn
ngn hn. Mc d ti sn ngn hn chim ti 80.13% tng ti sn nhng h s thanh
ton ngn hn ch mc 1.102 v n ngn hn ca doanh nghip ln ti
191,040,001,002, chim 72.73% tng ngun vn ca doanh nghip.
Nm 2007 h s thanh ton ngn hn tng cho thy kh nng thanh ton n ngn hn
ca doanh nghip tng v n ngn hn tng gp 1.152 ln trong khi ti sn ngn hn
ch tng nhanh hn, so vi nm 2006 ti sn ngn hn gia tng 1.258 ln. Tuy nhin so
vi cng ty Generalexim (1.366)h s thanh ton ngn hn ca Artexport vn thp
hn. Mc d ti sn ngn hn ca danh nghip c kh nng thanh ton cc khon n
ngn hn nhng so vi doanh nghip cng ngnh h s ny vn cn thp v vic n
ngn hn mc khc cao cng l mt kh khn i vi tnh hnh ti chnh ca
Artexport.
- H s thanh ton nhanh:
H s thanh ton nhanh nm 2006 ca Artexport l 0.650 v nm 2007 l 0.984 cho
thy kh nng tr cc khon n ngn hn m khng cn vay thm, khng cn dng ti
sn d tr ca cng ty cn hn ch. Mc d h s thanh ton nhanh nm 2007 l cao
16

BO CO THC TP

Nguyn V Qunh Anh_A2_QTKD_K44

hn hn so vi cng ty Generalemix (0.631). Tuy nhin khi so snh vi h s thanh


ton ngn hn, h s thanh ton nhanh ch ra rng c kh nhiu ti sn ngn hn nm
di dng hng tn kho: nm 2006 hng tn kho chim ti 75,836,267,467 ng v
nm 2007 mc d gim nhng s lng hng tn kho vn chim ti 10.51% tng
ti sn (37,590,982,845). Do kh nng ca cng ty ch c 0.650 VN sn sng
p ng cho 1 VN n ngn hn vo nm 2006 v nm 2007 l 0.984 VN/ 1 VN
n ngn hn. Kh nng thanh ton thc s ca Artexport da trn cc ti sn ngn hn
c th chuyn i nhanh thnh tin l yu.
- H s thanh ton tc thi:
Nm 2006 h s thanh toan tc thi ca cng ty l 0.031 cho thy kh nng thanh ton
cc khon n ngn hn bng tin mt (khng phi vay thm v khng phi bn hng
tn kho)ca Artexport l rt yu. Tin mt ca cng ty ch mc 5,916,358,905 ng
trong khi n ngn hn l 191,040,001,002 ng, gp 32.29 ln.
Nm 2007 h s nay la 0,178 tng 5.757 ln so vi nm 2006. S thay i ny l do
tin mt (co kha nng thanh khoan cao nht) tng nhanh hn so vi mc tng cua n
ngn han. Chnh lch tin mt nm 2007 so vi nm 2006 l 33,310,233,678.00 ng
(84.92 %) trong khi n ngn hn ch tng 28,960,381,738 ng, ng vi 15.16%. So
snh vi doanh nghip cng ngnh Generalexim (1.880) th h s ny thp hn, kh
nng thanh ton n ngn hn bng tin mt ca Artexport l km hn.

2.2.2. Hiu qu s dng ti sn:


S vng quay ti sn
S vng quay ti sn c nh
S vng quay vn lu ng
S ngy quay vng vn lu ng
S vng quay hng tn kho
S ngy quay vng hng tn kho

Nm 2006
2.222
13.181
30.002
11.999
7.036
51.169

Nm 2007
1.785
9.441
14.229
25.301
15.236
23.628

Biu so snh hiu qu s dng ti sn nm 2007 ca


Artexport v Generalexim
90
80
70
60
50
40
30
20
10
0

S vng qua ti sn
S vng quay ti sn c nh
S vng quay vn lu ng
S vng quay hng tn kho

Artexport Generalaxim

- S vng quay ti sn:


17

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Nguyn V Qunh Anh_A2_QTKD_K44

Nm 2007 s vng quay ti sn ca Artexport thp hn so vi nm 2006 v th nu


nh nm 2006 1 ng tng ti sn c th to ra 2.222 ng doanh thu th nm 2007
ch c 1.785, thp hn 0.437 ng. Ngoi ra, trong nm 2007 ch s ny ca Artexport
thp hn ng k so vi Generalaxim (3.070)cho thy bnh qun 1 ng ti sn ca
Artexport to ra c t doanh thu hn so vi Generalexim. L do y l Artexport
cha s dng ngun vn mt cch c hiu qu v c mt s khon mc tng mnh so
vi nm 2006: u t ngn hn, chi ph xy dng c bn d dang. Trong tng lai
cng ty cn phi ch trng ci thin sao cho hiu qu s dng ti sn c tt hn
bng cch n lc gia tng doanh thu, bn bt i nhng ti sn ng khng cn thit
v xem xt kh nng v ngun vn trc khi u t vo m rng kinh doanh cng nh
ti sn trnh tnh trng n qu cao nh hin nay.
- S vng quay ti sn c nh:
Vng quay ti sn c nh nm 2007 (9.441) thp hn 2006 (13.181) do tc tng
doanh thu ca Artexport chm hn tc tng ti sn c nh. i vi Generalexim
con s ny l 81.423 do cng s dng ti sn ca doanh nghip l rt cao, doanh
nghip ang hot ng vi cng sut ti a. Cn i vi Artexport vng quay ti sn
mc thp l v doanh nghip s dng ngun ti sn c nh cha ng vi cng sut
thc t.
- S vng quay vn lu ng:
S vng quay vn lu ng nm 2007 l 14.229, mi vng l 25.301 ngy. So vi
nm 2006 s vng quay vn lu ng gim 15.773 vng v tng s ngy quay vng
vn lu ng; nguyn nhn l do doanh thu thun tng khng cao trong khi vn lu
ng rng c s dng tng. Nh vy chng t hiu qu s dng vn lu ng ca
cng ty trong nm 2007 thp hn so vi nm 2006. Cng ty cn c nhng bin php
gii quyt vic ng vn v cc khon d tr hiu qu s dng vn lu ng
c tt hn.
- S vng quay hng tn kho:
Trong nm 2006 s vng quay hng tn kho l 7.036, nm 2007 tng ln mc 15.236
trong khi s ngy tn kho li c chiu ngc li, ln lt l 51.169 nm 2006 v
23.629 nm 2007. Nu lin h s vng quay hng tn kho vi h s thanh ton ngn
hn v h s thanh ton nhanh th Artexport cn c nhiu ti sn ng, ti sn tn ti
di dng hng tn kho. Nm 2007 hng tn kho gim 50.43% nn s vng quay
hng tn kho phn no c ci thin. So snh vi con s vng quay ca
Generalexim (20.416) th Artexport vn thp hn 5.18.

2.2.3. Kh nng tr n:
T l n/ ti sn
T l vn ch s hu/ ti sn
T l n phi tr/ vn ch s hu
H s chi tr li vay

Nm 2006
77.7
22.3
348.4
1.819

18

Nm 2007
70.9
29.1
243.6
1.013

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Nguyn V Qunh Anh_A2_QTKD_K44

Biu so snh kh nng tr n nm 2007 ca


Artexport v Generalexim
250
200

T l n/ti sn

150

T l VCSH/ti sn

100
T l n phi tr/VCSH
50
0

Artexport Generalaxim

- T l n/ tng ti sn:
T l n trn tng ti sn ca cng ty lun mc trn 70% qua 2 nm lin tip (nm
2007 l 0.709 cao hn so vi Generalaxim). iu cho thy t l n lun chim mt
t l ln trong tng ti sn, iu ny dn n nhng ri ro trong kh nng thanh ton
trong di hn v thanh khon trong ngn hn cho Artexport. Ngc li t s n cao
gip cho cng ty c th tn dng c n by ti chnh ni chung gia tng kh
nng sinh li. V t l n/ tng ti sn mc cao nn nm 2007 doanh nghip cng
gp kh khn trong vic vay thm tin.
- T l vn ch s hu/ ti sn:
T l VCSH/ ti sn ca Artexport nm 2006 l 22.3% v nm 2007 tng n 29.1.
Nm 2007 mc d t l VCSH/ ti sn tng nhung so snh vi t l 32.9 ca
Generalexim th vn cn thp hn.Qua ta thy c ngun vn ch s hu ca
Artexport chim mt t l cn thp so vi tng ti sn hay kh nng t ti tr cho vn
lu ng rng l thp nn mc ri ro trong hot ng sn xut kinh doanh l tng
i cao.
-T l n phi tr/ vn ch s hu:
Qua 2 nm ta thy t s n phi tr trn vn ch s hu lun duy tr mc cao 3.484
v 2.463. Trong khi nm 2007, Generealexim t l ny l 2.035 thp hn so vi
Artexport. iu ny c th c gii thch bi n ngn hn lun chim mt t l rt
cao so vi cc khon n (nm 2006 l 72.73%, nm 2007 l 61.49%). S liu ny mt
ln na cho thy mc ri ro cao trong chin lc kinh doanh ca Artexport cng
nh doanh nghip cng ngnh Generalexim.
- H s chi tr li vay:
H s chi tr li vay nm 2006 l 1.819 trong khi nm 2007 ch cn 1.013. iu
cho thy chi ph tr li vay chim t l ln so vi EBIT. Doanh nghip ang ng
trc nhng kh khn ln ca vic tr n. Mc tng doanh thu thp hn mc tng ca
cc khon chi ph khin cho li nhun gim. Nm 2007 li nhun sau thu ch cn
hn 85 triu ng (gim 83 ln).
19

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Nguyn V Qunh Anh_A2_QTKD_K44

2.2.4. Kh nng sinh li


T sut li nhun gp
T sut li nhun hot ng
T sut li nhun rng
T sut sinh li ca ti sn (ROA)
T sut sinh li ca vn ch s hu
(ROE)

Nm 2006
8.57
1.18
1.23
2.73

Nm 2007
10.31
0.18
0.01
0.02

12.23

0.08

- T sut li nhun gp:


T sut li nhun gp nm 2007 tng so vi nm 2006 l 17.4% cho thy kh nng to
ra li nhun gp ca doanh thu nm 2007 tt hn nm 2006. Nm 2006 1 VN doanh
thu c 0.0857 ng li nhun gp. Nm 2007 li nhun gp ca Artexport l gn 66 t
ng, tng 24.05% so vi nm 2006. V vy, 1 VN doanh thu c ti 0.1031 ng li
nhun gp.
- T sut li nhun hot ng:
T sut li nhun t hot ng sn xut kinh doanh ca Artexport suy gim qua 2
nm, nm 2006 l 1.18% nhng nm 2007 ch cn 0.18% cho thy mi ng doanh
thu nm 2007 gim hn 0.01 ng so vi nm trc. Con s ny cho thy chi ph hot
ng ca doanh nghip tng kh cao trong nm 2007. So snh vi Generalexim
nm 2007, 1VN doanh thu c 0.0254 ng li nhun gp thp hn Artexport nhng
1 VN doanh thu li c ti 0.0589 ng t hot ng sn xut kinh doanh. Nh vy,
mc d doanh thu t hot ng sn xut kinh doanh tng nhng chi ph hot ng tng
nhanh hn doanh thu lm mc li nhun ca Artexport gim.
- T sut li nhun rng:
Cng nh t sut li nhun hot ng, t sut li nhun rng nm 2007 gim rt nhiu
so vi nm 2006, gim 1.22% ch cn 0.01%. iu ny cho bit kh nng to ra li
nhun rng ca 1 ng doanh thu gim 1.22% so vi nm 2006. S d li nhun
rng gim l do cc chi ph kh tng kh cao trong khi mc li nhn khc nm 2007
li l con s m.
- T sut sinh li ca ti sn:
T sut sinh li ca ti sn nm 2006 l 2.73% th nm 2007 cng gim xung ch cn
0.02%. Nm 2006 1 ng u vo ti sn ch to ra 0.0002 ng li nhun rng. R
rng hiu qu qun l v phn phi cc ngun lc doanh nghip l rt thp
- T s li nhun rng trn vn ch s hu:
Cng nh cc t sut sinh li khc, ROE nm 2007 ca Artexport gim ng k so vi
nm 2006, ch cn 0.08% cho bit kh nng sinh li trn mi ng vn ch s hu suy
gim qua 2 nm. ROA, vng quay ti sn u gim khin ROE mc rt thp. ROE
cho thy hu nh ng vn u t ca cc ch s hu khng mang li hiu qu.

20

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Nguyn V Qunh Anh_A2_QTKD_K44

3. nh gi chung:
3.1. im mnh:
T nm 2006 n nm 2007 hot ng kinh doanh ca cng ty c nhiu chuyn
bin, cng ty tng bc m rng kinh doanh th hin mc tng kim ngch xut
khu tng 15,23% t 39,251,670 USD. l v cc doanh nghip Vit Nam ni
chung v Artexport ni ring c c rt nhiu thun li sau khi Vit Nam gia nhp
WTO. Bn cnh , mt hng th cng m ngh - mt trong s ngnh c nh gi
l c nhiu tim nng pht trin bn vng, xut khu ln v c t sut li nhun cao v
th cng m ngh l ngnh hng xut khu c t l ngoi t ln hn hn cc ngnh
ngh khc, do ch yu sn xut t ngun nguyn liu sn c trong nc.
Ba xng sn xut sn phm thu, gm v g trc thuc cng ty gip Artexport
ch ng hn trong ngun cung mt hng. Sn phm c mu m a dng, cht lng
c m bo to c uy tn vi khch hng.
Thng qua vic phn tch tnh hnh ti chnh ca cng ty chng ta cng thy c
cng ty ang n lc gim c mc tn ng ti sn lu ng bng cch gim ng
k lng hng tn kho tit kim chi ph ng thi gia tng tin v cc khon tng
ng tin ci thin hn na kh nng thanh ton.
c bit trong thng 7 nm 2007, Artexport s c thm mt s cng ty thnh vin
trong c:
- Cng ty CP Bt ng sn Artexport (tn ting Anh: Artexport Land)
- Cng ty CP u t v xy dng Artexport (tn ting Anh: Artexport Construction)
- Cng ty CP Chng khon Artexport (tn ting Anh: Artexport Securities)
Vic gia tng u t di hn, u t vo cc cng ty thnh vin c cng ty k vng
to ra ngun li nhun ln trong tng lai ng thi a dng ha ngnh ngh kinh
doanh ca cng ty
3.2. Hn ch v nguyn nhn:
Tuy nhin, li nhun sau thu nm 2007 gim t ngt cho thy nhiu bt cp cn tn
ti trong doanh nghip. Bn cnh nhng im mnh c c t ngnh ngh v mi
trng kinh doanh cng nh nhng n lc trong thi gian qua ca cng ty, Artexport
cn phi i mt vi hng lot cc kh khn.
u tin phi k n tnh trng cng n qu cao dn n mt cn i ngun vn ca
cng ty. Mc d n lc trong vic tng tin mt, cc khon u t ngn hn v
gim lng hng tn kho ci thin kh nng thanh ton nhng vic n ngn hn
lun mc cao khin kh nng thanh ton ca Artexport l khng my sng sa.
ng thi cc khon phi thu cng t hn so vi n phi tr. Mc d c gng thu
hi n nhng t trng cc khon phi thu trong tng ti sn lu ng li c xu hng
tng cho thy tnh trng thu hi n kh i ca Artexport cha t c hiu qu nh
mong i.
Th hai l n lc gim mc ti sn lu ng bng cch gim lng hng tn kho
tit kim chi ph nhng Artexport li s dng khng hiu qu cc ngun chi ph khc
nh chi ph bn hng, chi ph qun l doanh nghip. Trong nm 2007, 2 chi ph trn
tng cao khin li nhun thun t hot ng kinh doanh gim i ng k. Bn cnh
21

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Nguyn V Qunh Anh_A2_QTKD_K44

nm 2007, vic xy dng tr s mi ca cng ty ti s 2A ph Phm S Mnh i vo


giai on cui khin chi ph xy dng c bn d dang cng tng cao cng vi s gia
tng ca chi ph khc cng l mt im ng lu .
Th ba, cng v l do n cao nn kh nng tr n ca cng ty ang trong tnh trng
ng bo ng. T sut n lun mc cao chng t doanh nghip c s dng n
cn n y nhanh tc tng ca li nhun. Vic s dng n cn n lm mc
ri ro trong kinh doanh ca doanh nghip l rt cao.
Nhn li tt c cc kh khn trn, chng ta thy ch yu vn 2 nguyn nhn chnh l
tnh trng cng n cao v yu km trong khu qun l. Nm 2007 trong phin hp bt
thng ca HQT Cng ty c phn XNK th cng m ngh, cc thnh vin HQT
i n quyt nh bi nhim chc v Tng gim c cng ty i vi ng Nguyn Vn
Bnh. Ch sau 2 nm ng Bnh lnh o cng ty (2005-2006), cng n, n kh i ca
cng ty ln ti hng chc t ng. c bit nghim trng l ng Bnh li dng
chc v, quyn hn c nhn, chuyn nhiu chc t ng ca cng ty (t hot ng cho
thu tr s 31-33 Ng Quyn, H Ni) vo ti khon ring kim li. Bn cnh cng
min nhim chc v K ton trng cng ty i vi b Nguyn Th Minh Nguyt. Vi
cng v K ton trng b Nguyt khng lm trn nhim v ca mnh, khng c
nhng kin kp thi vi Ban gim c v Hi ng qun tr khi tnh trng n ca
cng ty lun mc bt thng. Vic theo di s sch giy t khng st sao cng
to iu kin cho Tng gim c trc li trong 1 thi gian di.
III. xut gii php:
1. xut:
Th nht v cc sn phm th cng m ngh xut khu: Artexport cn tp trung khai
thc hn na cc im mnh ca cng ty. c bit vi cc sn phm thu ren, g sn
mi - m ngh, gm s m cng ty trc tip c 3 xng sn xut th ngy cng phi
lm mi mu m sn phm v nng cao cht lng, gi vng uy tn vi bn hng. i
vi cc mt hng m cng ty phi t hng ti cc lng ngh, c s sn xut gia
cngth cng ty cn ch khu kim tra khi nhn hng; m bo hng ng mu
m v m bo cht lng. Bn cnh phi ch trng chn nh cung cp c uy tn
m bo tin thc hin hp ng, nht l vi nhng hp ng i hi lng
hng c giao ln v ng thi hn.
Th hai l tnh trng cng n,n kh i qu cao ang y cng ty vo hng lot
cc kh khn trong thanh ton v kh nng tr n. Trong nm 2007 cng ty khng vay
thm cc khon ngn hn hay di hn no. V vy, gim tnh trng cng n cng ty
khng th trng ch vo cc khon vay. Trc mt cng ty cn bn bt lng hng
tn kho gii phng s vn b ng. Thm vo l vic thu hi cc khon phi
thu ngn hn cn c nhanh chng thc hin, m bo vic quay vng vn cho sn
xut kinh doanh. ng thi cng c th huy ng thm vn bng cc pht hnh c
phiu thng nh lm trong nm 2007. Cng ty cng cn y nhanh vic thu hi
cc khon n ca khch hng. lm c vic ny, Artexport cn iu chnh t l
gi tr hp ng c tr chm, ch thc hin ton b hp ng khi khch hng
thanh ton y

22

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Nguyn V Qunh Anh_A2_QTKD_K44

Th ba l vic gim chi ph bn hng v chi ph qun l doanh nghip.R rng


cng vi vic m rng sn xut kinh doanh chi ph bn hng v qun l ca cng ty
cng tng cao nhng li nhun thun t hot ng kinh doanh gim i r rt. iu
cho thy cng ty chi ph vo nhng khon khng hp l. Cng ty xy dng 1
trang web gii thiu sn phm v ng ti tin tc nhng cc mc v mt hng cn
cha c th v gi thnh, phm chtNu ch trng xy dng chi tit hn mc ny s
gip khch hng d dng hn trong vic tm kim sn phm ph hp. Cng vi
vic bn hng trn mng v k kt hp ng qua Internet cng l mt xu hng mi
trong thi i cng ngh thng tin m doanh nghip cn tm hiu v p dng gim
ti a chi ph. Cng ty cn tn dng trit hiu qu ca qung co trn cc trang web
qung b c hnh nh rng khp vi chi ph hp l v d dng hn trong vic tm
kim cc i tc, bn hng v nh cung cp.
2. Bo co qu trnh thc tp ti cng ty:
Tham gia kha thc tp t ngy 24/06/2008 n ngy 22/07/2008 ti cng ty c phn
th cng m ngh Artexport, di s hng dn ca ngi ph trch v ca nhn vin
phng thu ren, phng ti chnh k hoch, em hon thnh mt s cng vic nh
sau:
- Tm hiu quy trnh xut khu v nhp khu hng ha ni chung v nhng im lu
trong xut nhp khu hng th cng m ngh ni ring. Tm hiu v xut nhp khu
trc tip v y thc.
- Tp son tho mt s mu th cho hng, hi hng, cc iu khon trong hp ng
xut khu cc sn phm th cng m ngh nh hng thu ren - dt may, g sn mi m ngh
- Lp bng tng hp kim ngch xut khu cc mt hng th cng m ngh theo tng
nc trong nm 2006 v 2007
- Tm hiu v cc chng t k ton ca cng ty, s liu bo co ti chnh nm 2006,
2007.
- Lp bng bo co kim ngch xut nhp khu na u nm 2008 da trn s liu tng
hp t cc phng kinh doanh.
Trong thi gian thc tp trn, em la chn ti Phn tch tnh hnh ti chnh ca
cng ty c phn xut nhp khu th cng m ngh Artexport vit bo co thc
tp.

23

BO CO THC TP

Nguyn V Qunh Anh_A2_QTKD_K44

Ti liu tham kho


1. Nguyn Hi Sn (nm 2001), Qun tr ti chnh doanh nghip, Nh xut bn thng
k.
2.Cc thng tin v cng ty c phn xut nhp khu th cng m ngh Artexport ti
trang web http://www.artexport.com.vn
3. Website tng cng ty thng mi H Ni http://www.haprogroup.vn
4. Website http://www.hartexco.com
5. Trang web ca Cng ty c phn xut nhp khu Tng hp I Vit Nam

http://www.generalexim.com.vn
6. Bo co ti chnh nm 2007 ca cng ty Artexport.
7. Bn cn i k ton v bo co kt qu kinh doanh nm 2007 ca cng ty
Generalexim.

24

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