Doko - VN 1786895 Phan Tich Tinh Hinh Tai Chinh

Nhm 6_CQT10K
GVHD: Th.S Nguyn Ngc Long
MC LC
A - M U
1. L do chn ti:
Mt doanh nghip trong c ch th trng ngy nay mun pht trin bn
vng v cnh tranh lnh mnh, trc ht phi c c c cu ti chnh ph
hp. Vn t ra cho cc doanh nghip l phi thng xuyn tin hnh cng
tc phn tch ti chnh v khng ngng hon thin cng tc ny trn c s
nh hng cho cc quyt nh nm nng cao hiu qu sn xut kinh
doanh, ci thin tnh hnh ti chnh ca doanh nghip.
V vy, nhm la chn ti Phn tch tnh hnh ti chnh ca cng
ty c phn Bibica nhm xc nh tm quan trng ca vic phn tch ti
chnh.
2. Mc ch nghin cu:
Vn dng nhng l lun v phn tch tnh hnh ti chnh nhm thy r xu
hng , tc tng trng v thc trng ti chnh ca doanh nghip. Trn c
s , xut nhng kin ngh v gii php gip ci thin tnh hnh ti chnh
doanh nghip hot ng hiu qu hn.
3. Phng php nghin cu:
Thu thp s liu cc bo co v ti liu lin quan ca cng ty c phn
Bibica.
S dng phng php so snh, phn tch, tng hp s liu v nh gi
s liu v s tuyt i v s tng i. T , a ra nhn xt v thc
trng ti chnh ca doanh nghip.
Phn tch tnh hnh ti chnh ca cng ty c phn Bibica
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4. i tng v phm vi nghin cu:

i tng nghin cu: thng tin, s liu, cc ch tiu th hin tnh hnh
ti chnh c tng hp trn bo co ti chnh ca cng ty c phn
Bibica.
Phm vi nghin cu: tp trung nghin cu v tnh hnh ti chnh ca

cng ty c phn Bibica trong nm 2007, 2008, 2009.
5. ngha l lun v thc t:

Nhn thy c tm quan trng ca cng tc phn tch ti chnh i vi
mi doanh nghip.
C th vn dng vic phn tch ti chnh ny khi cn tm hiu v

mt cng ty no .
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B - NI DUNG
I. C S L LUN:
Phn tch tnh hnh ti chnh qua cc t s ti chnh l mt phng php
quan trng thy c cc mi quan h c ngha gia hai thnh phn ca
mt bo co ti chnh. c ch nht, nghin cu mt t s cng phi bao
gm vic nghin cu d liu ng sau cc t s . Cc t s l nhng hng
dn hoc nhng phn tch c ch trong vic nh gi tnh hnh ti chnh, hot
ng ca mt doanh nghip v trong vic so snh chng vi cc kt qu ca
nhng nm trc hoc cc doanh nghip khc. Mc ch chnh ca vic phn
tch t s l ch ra nhng lnh vc cn c nghin cu nhiu hn.
Gm 5 loi t s ti chnh :
Cc t s v kh nng thanh khon: Phn nh kh nng tr n

ngn hn ca doanh nghip
Cc t s v c cu ti chnh: Phn nh mc m doanh nghip

dng n vay sinh li hay phn nh mc t ch ti chnh ca
doanh nghip
Cc t s v hot ng: Phn nh tnh hnh s dng ti sn hay

phn nh cng tc t chc iu hnh v hot ng ca doanh
nghip.
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Cc t s v kh nng sinh li: Phn nh hiu qu s dng ti

nguyn ca doanh nghip hay phn nh hiu nng qun tr ca
doanh nghip.
Cc t s gi th trng: o lng k vng ca nh u t dnh

cho c ng.
1. T s v kh nng thanh khon:

1.1. Kh nng thanh ton hin thi:
Ch tiu ny l thc o kh nng c th t tr n trong k ca doanh
nghip, ng thi n ch ra phm vi, quy m m cc yu cu ca cc ch n
c trang tri bng nhng ti sn c th chuyn i thnh tin ph hp vi
thi hn tr n.
T s ny c xc nh bi cng thc:
Ti sn ngn hn
T s thanh ton hin thi =
N ngn hn
Trong :
Ti sn ngn hn l nhng ti sn c th chuyn i thnh tin trong khon

thi gian di 1 nm. C th bao gm cc khon: tin mt, u t ngn hn ,
cc khon phi thu v tn kho.
N ngn hn: l ton b khon n c thi hn tr di 1 nm k t ngy lp

bo co. C th bao gm: cc khon phi tr, vay ngn hn, n tch ly v cc
khon n ngn hn khc.
T s thanh ton hin thi ln hn hoc bng 2 ( > = 2) chng t s
bnh thng trong hot ng ti chnh doanh nghip. Khi gi tr t s ny
gim, chng t kh nng tr n ca doanh nghip gim v cng l du hiu
bo trc nhng kh khn ti chnh tim tng. Tuy nhin, khi t s ny c gi
tr qu cao th n c ngha l doanh nghip u t qu nhiu vo ti sn lu
ng , n gin l vic qun tr ti sn lu ng ca doanh nghip khng hiu
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qu bi c nhiu tin mt nhn ri hay c qu nhiu n phi i Do c

th gim li nhun ca doanh nghip.
1.2. T s thanh ton nhanh:
T s ny cho bit kh nng thanh khon thc s ca doanh nghip v
c tnh ton da trn cc ti sn lu ng c th chuyn i nhanh thnh
tin p ng nhng yu cu thanh ton cn thit.
T s thanh ton nhanh c tnh theo cng thc:
Ti sn ngn hn hng tn kho
T s thanh ton nhanh =
N ngn hn
T s ny cng ln th hin kh nng thanh ton nhanh cng cao. Tuy

nhin, h s qu ln gy tnh trng mt cn i ca vn lu ng, tp trung
qu nhiu vo vn bng tin, u t ngn hn hoc cc khon phi thu c
th khng hiu qu.
2. T s v c cu ti chnh:
2.1. T s n trn tng ti sn:
Thng gi l t s n, o lng mc s dng ca cng ty so vi ti
sn. Cng thc ca t s ny nh sau:
Tng n
T s n =
Tng ti sn
Trong :
Tng n gm n ngn hn v n di hn phi tr

Tng ti sn gm ti sn ngn hn v ti sn di hn.
2.2. T s thanh ton li vay:
H s ny cho bit s vn m doanh nghip i vay c s dng nh
th no em li mt khon li nhun l bao nhiu v c b p tin li
vay hay khng? Cng thc tnh:
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Li nhun thun t HKD
T s kh nng chi tr li vay =

Li vay
Trong :
Li nhun trc thu v li vay (EBIT) phn nh s tin m doanh nghip

c th s dng tr li vay trong nm.
Li vay l s tin li n vay trong nm m doanh nghip phi tr, c th l

li vay ngn hng hoc cc t chc khc
2.3. T s n trn vn ch s hu
Cc nh cho vay di hn mt mt quan tm n kh nng tr li, mt
khc cng ch trng n s cn bng hp l gia n phi tr v ngun vn
ch s hu, bi v iu ny nh hng n s m bo cc khon tn dng
ca ngi cho vay.
T s nay ch ra mc doanh nghip c ti tr bng n. Cng thc nh
sau:
Tng n
T s n trn vn ch s hu =
Tng vn ch s hu
y l t s cho bit c cu ti chnh ca doanh nghip mt cch r rng nht.

2.4. T s vn ch s hu trn tng ti sn:
T s ny cho bit c 1 ng ti sn ca doanh nghip th s c bao
nhiu vn ch s hu. Cng thc nh sau:
Tng vn ch s hu
T s vn ch s hu trn tng ti sn =
Tng ti sn
3. T s v hot ng:
3.1. T s hot ng tn kho:
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T s ny o lng mc doanh s bn lin quan n mc tn kho ca cc

loi hng ha thnh phm, nguyn vt liu. T s ny c tnh theo cng
Gi vn hng bn
thc:
S vng quay hng tn kho =

Hng ha tn kho bnh qun
Trong :
Hng tn kho bnh qun = (hng tn kho trong bo co nm trc+ hng tn

kho nm nay)/2
Vng quay hng tn kho cng cao chng t (s ngy cho 1 vng ngn)
cng tt. Tuy nhin, vi s vng qu cao s th hin s trc trc trong khu
cung cp, hng ha d tr khng kp cung ng kp thi cho khch hng, gy
mt uy tn doanh nghip.
Ngoi ra, ta c
S ngy trong nm
S ngy tn kho =
S vng quay hng tn kho
3.2. T s vng quay khon phi thu:

Tc lun chuyn khon phi thu phn nh kh nng thu hi n ca
doanh nghip v c xc nh bi cng thc sau:
Doanh thu thun
S vng quay khon phi thu=
Khon phi thu bnh qun
Trong :
Khon phi thu bnh qun = ( khon phi thu u k + khon phi thu cui
k) / 2
Ngoi ra nh gi vic qun l ca cng ty i vi cc khon phi thu
c th hn ta kt hp phn tch vi ch tiu k thu tin. l s ngy ca mt
vng quay khon phi thu.
S ngy lm vic trong nm ( 360 ngy)
Phn tchKtnh
ti chnh
thuhnh
tin bnh
qun ca
= cng ty c phn Bibica
Vng quay khon phi thhu
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3.3. T s vng quay khon phi tr

Ch s ny cho bit doanh nghip s dng chnh sch tn dng ca nh
cung cp nh th no. Ch s vng quay cc khon phi tr qu thp c th
nh hng khng tt n xp hng tn dng ca doanh nghip. Cng thc tnh
nh sau:
Doanh s mua hng thng nin
S vng quay khon phi tr =
Phi tr bnh qun
Trong :
Doanh s mua hng thng nin= gi vn hng bn + hng tn kho cui k

- hng tn kho u k.
Tng t, ta c:
S ngy lm vic trong nm( 360 ngy)
K thanh ton bnh qun =
Vng quay khon phi tr
3.4 T s vng quay ti sn c nh

T s ny o lng hiu qu s dng ti sn c nh nh my mc, thit
b v nh xng. Cng thc xc nh t s ny nh sau:
Doanh thu thun
T s vng quay ti sn c nh =
Ti sn c nh bnh qun
Trong :
Ti sn c nh bnh qun = ( TSC u k + TSC cui k) /2

3.5. T s vng quay tng ti sn
T s ny o lng hiu qu s dng ti sn ni chung khng c phn
bit l ti sn lu ng hay ti sn c nh. Cng thc:
Doanh thu thun
T s vng quay tng ti sn =
ti sn bnh qun
Phn tch tnh hnh ti chnh ca cng ty c phnTng
Bibica
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4. T s kh nng sinh li
4.1. T s li nhun trn doanh thu:
Ch tiu ny th hin hiu qu hot ng kinh doanh ca doanh nghip.
N phn nh quan h gia li nhun v doanh thu nhm cho bit mt ng
doanh thu to ra bao nhiu ng li nhun. Cng thc tnh t s ny nh sau:
Li nhun rng
T s li nhun trn doanh thu =
Doanh thu thun
4.2. T s li nhun rng trn tng ti sn (ROA)

T s ny o lng kh nng kh nng sinh li trn mi ng ti sn
ca cng ty. Phn tch t s li nhun rng trn tng ti sn cho bit hiu qu
s dng ti sn chung ca ton doanh nghip. Ta c cng thc:
Li nhun rng
T s li nhun rng trn tng ti sn (ROA) =
Tng ti sn
4.3. T s li nhun rng trn vn ch s hu

T s ny o lng kh nng sinh li trn mi ng vn ca c ng
thng, l phn trm li nhun thu c ca ch s hu trn vn u t
ca mnh.
Cng thc tnh nh sau:
Li nhun rng
T s li nhun rng trn vn ch s hu (ROA) =
Vn ch s hu
5. T s gi th trng
5.1. T s P/E
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T s ny cho thy nh u t sn sng tr bao nhiu c c mt

ng li nhun ca cng ty. Cng thc tnh t s ny nh sau:
Gi c phn
T s P/E =
Li nhun trn c phn
5.2. T s M/B
T s M/B so snh gi tr th trng ca c phiu vi gi tr s sch hay
mnh gi ca c phiu. Cng thc xc nh t s ny nh sau:
Gi tr th trng c phiu
T s P/E =
Mnh gi c phiu
Trong :
Mnh gi c phiu = Vn ch s hu/ s c phn ang lu hnh
II. PHN TCH TNH HNH TI CHNH TI CNG TY C PHN
BIBICA:
1. Tng quan v cng ty c phn Bibica:
1.1. Thng tin c bn:
Tn cng ty: Cng ty C phn Bibica
Tn quc t: Bien Hoa Confectionery Corporation
Tn vit tt: Bibica
a ch: 443 L Thng Kit, F8, Qun Tn Bnh, TP.HCM
in thoi: (84-61) 836 576 - 836 240
Fax: (84-61) 836 950
Website: www.bibica.com
1.2. Lch s hnh thnh
Cng ty C Phn Bnh Ko Bin Ha c thnh lp theo quyt nh
s: 234/1998/Q-TTg ngy 01/12/1998 ca Th Tng Chnh Ph c phn
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ha t 03 phn xng: bnh, ko, nha thuc Cng ty ng Bin Ha.

Giy php ng k kinh doanh s 059167 do S K Hoch u t
Tnh ng Nai cp ngy 16/01/1999 vi ngnh ngh kinh doanh chnh l sn
xut kinh doanh cc sn phm ng, bnh, ko, nha, ru (nc ung c
cn).
Cng ty C Phn Bnh Ko Bin Ha chnh thc i tn thnh "Cng
Ty C Phn Bibica" k t ngy 17/1/2007.
Ngy 4/10/2007, L k kt Hp ng Hp tc chin lc gia Bibica
v Lotte din ra, theo chng trnh hp tc, Bibica chuyn nhng cho
Lotte 30% tng s c phn (khong 4,6 triu c phn).
1.3.Lnh vc kinh doanh
Ngnh ngh kinh doanh chnh:
- Sn xut v kinh doanh cc sn phm bnh ko.
- Xut khu cc sn phm bnh ko v cc hng ho khc.
- Nhp khu cc trang thit b, k thut v nguyn vt liu phc v qu
trnh sn xut ca cng ty.
1.4. B my t chc:
S 2.1. S b my t chc ca cng ty Bibica
1.5. V th cng ty
Thng hiu Bibica lun c ngi tiu dng tn nhim bnh chn t
danh hiu hng Vit Nam cht lng cao t nm 1997-2006. Thng hiu
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Bibica c chn l thng hiu mnh trong top 100 thng hiu mnh ti
Vit Nam nm 2006 do bo Si Gn tip th bnh chn, ng thi l 1 trong
500 thng hiu ni ting do Tp ch Vit Nam Business Forum thc hin.
Qua cho thy Bibica lun c v tr nm trong Top Five ca ngnh hng
bnh ko ti Vit Nam v gi v tr dn u th trng v sn phm bnh ko.
Tuy nhin, trn thc t BCC phi cnh tranh vi cng ty Kinh , cng ty
bnh ko Hi H, cng ty bnh ko Hi Chu.
1.6. i th cnh tranh: Cng ty C phn ng Bin Ho, Cng ty C
phn Bnh ko Hi H, Cng ty C phn Thc phm Quc t, Cng ty C
phn Kinh , Cng ty C phn Ch bin Hng xut khu Long An, Cng ty
C phn Ma ng Lam Sn, Cng ty C phn Ch bin thc phm Kinh
min Bc, Cng ty C phn Bourbon Ty Ninh, Cng ty C phn Xut nhp
khu Sa Giang, Cng ty C phn Thc phm Lm ng
1.7. Chin lc pht trin
Chin lc u t ca Cng ty C phn Bnh ko Bin Ho trong thi gian
ti nh sau:
- Xy dng c cu sn phm hiu.
- Tp trung u t phn xng ko cao cp.
- Trin khai xy dng nh my mi ti KCN M Phc - Bnh Dng, sn
xut cc loi sn phm ch lc c sc tiu th cao.
- y mnh th trng xut khu
2. Phn tch, nhn xt, nh gi tnh hnh ti chnh ca cng ty bng
phng php t s ti chnh:
Cc t s ti chnh c phn tch di y ly s liu t bng cn
i ti khon v bo co kt qu hot ng kinh doanh ca cng ty
Bibica trnh by phn ph lc.
2.1. Phn tch t s v kh nng thanh khon
2.1.1. T s thanh ton hin thi
Bng 2.1: Bng phn tch t s kh nng thanh ton hin thi
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n v tnh: Triu ng
CH TIU
Ti sn ngn hn
N ngn hn
T s thanh
ton hin thi
Nm
2007
Nm
2008
Nm
2009
179,079
141,006
402,269
101,122
341,516
157,211
1.27
3.98
2.17
Chnh lch
2007 2008
2008 2009
Tuyt
Tng
Tuyt
Tng
i
i
i
i
223,190 124.63% (60,753)
-15.1%
(39,884) -28.29%
56,089
55.47%
2.71
213.23%
(1.81)
-45.39%
(Ngun www.bibica.com)
500,000
400,000
300,000
200,000
100,000
0
3.98
2.17
1.27
Nm 2007
Ti sn ngn hn
Nm 2008
N ngn hn
5
4
3
2
1
0
Ln
Triu ng
Biu 2.1: Biu t s kh nng thanh ton hin hnh
Nm 2009
T s thanh ton hin thi
Giai on 2007 2008: T s thanh ton hin thi nm 2007 l 1.27,

ngha l c mt ng n ngn hn th c m bo bng 1.27 ng ti sn
lu ng. n nm 2008, t s ny tng ln n 3.98, tc tng 2.71 nm
2007, hay ni cch khc mc trang tri ca ti sn ngn hn i vi n
ngn hn cui nm 2008 tng so vi cui nm 2007. Nguyn nhn l do ti
sn ngn hn tng 124.63% (ch yu l do cc khon u t ngn hn tng)
v n ngn hn gim 28.29%.T s thanh ton hin thi cui nm 2008 tng
nhiu nh th cho thy kh nng thanh ton n ca cng ty l rt tt.
Giai on 2008 2009: n cui nm 2009, t s ny gim hn nm
trc, t 3.89 ln xung cn 2.17 , tc gim 1.72. Nguyn nhn l do ti sn
ngn hn gim 15%, trong khi n ngn hn li tng 55.27%.
Tuy t s thanh ton hin thi nm 2009 t mc 2.17 nhng vn
m bo kh nng thanh ton cc khon n ngn hn (>1). tng kh nng
thanh ton hin thi doanh nghip cn tng t trong ngun vn ch s hu,
gim n ngn hn v v s dng ti sn lu ng hiu qu hn.
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Tuy nhin, trong ti sn ngn hn bao gm nhng khon mc c tnh

thanh khon cao v nhng khon mc c tnh thanh khon km nn h s
thanh khon hin thi vn cha phn nh ng kh nng thanh ton ca
doanh nghip, ta tip tc phn tch t s thanh khon nhanh t c mc
chnh xc hn.
2.1.2. T s thanh ton nhanh
Bng 2.2: Bng phn tch t s thanh ton nhanh
n v tnh: Triu ng
CH TIU
Ti sn ngn hn
Hng tn kho
Ti sn c tnh
thanh khon cao
N ngn hn
T s thanh
ton nhanh
Nm
2007
Nm
2008
Nm
2009
179,079
86,851
402,269
86,640
341,516
70,835
Chnh lch
2007 2008
2008 2009
Tuyt
Tng
Tuyt
Tng
i
i
i
i
223,190 124.63% (60,753)
-15.1%
(211)
-0.24%
(15,805) -18.24%
92,228
315,629
270,681
223,401
242.23%
(44,948)
-14.24%
141,006
101,122
157,211
(39,884)
-28.29%
56,089
55.47%
0.65
3.12
1.72
2.47
377.21%
-1.40
-44.84%
Biu 2.2: Biu t s kh nng thanh ton nhanh
4
3.12
300,000
200,000
100,000
1.72
Ln
Triu ng
400,000
0.65
0
Nm 2007
Ti sn c tnh thanh khon cao
Nm 2008
N ngn hn
Nm 2009
T s thanh ton nhanh
T biu trn ta thy t s thanh ton nhanh vo cui nm 2008 tng

v sau gim vo cui nm 2009, c th nh sau:
Giai on 2007 2008: kh nng thanh ton nhanh c xu hng tng,
tng t 0.65 ln 3.12, tc tng 2.47 (377.21%). Con s 3.12 cho ta bit vo
thi im cui nm 2008 c 1 ng n ngn hn th c 3.12 ng ti sn c
kh nng thanh ton cao m bo, tng 2.47 ng so vi nm 2007
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Giai on 2008 2009: kh nng thanh ton ca doanh nghip gim ch

cn 1.72 vo nm 2009. Nguyn nhn l do ti sn c tnh thanh khon cao
gim, trong khi n ngn hn li tng. Tuy nhin, t s thanh ton nhanh cui
nm 2009 vn ln hn 1, chng t kh nng thanh ton n ca doanh nghip
vn c m bo.
Nh vy, ta thy nm 2007 t s thanh ton nhanh ca cng ty thp
(<1), khng m bo kh nng thanh ton nhanh nn doanh nghip iu
chnh li trong nm 2007.
Ta nhn thy, vo thi im cui nm 2007 t s thanh ton hin thi
gp hn 2 ln so vi t s thanh ton nhanh, t s thanh ton nhanh mc <
1. iu ny chng t hng tn kho ca Bibica lc ny nhiu.
2.2. T s kt cu ti chnh
2.2.1 T s n trn tng ti sn
Bng 2.3: Bng phn tch t s n trn tng ti sn
n v tnh: Triu ng
CH TIU
Tng n
Tng ti sn
T s n/
Tng ti sn
Nm
2007
Nm
2008
Nm
2009
172,177
379,172
111,738
606,168
213,556
736,809
0.45
0.18
0.29
Chnh lch
2007 2008
2008 2009
Tuyt
Tng
Tuyt
Tng
i
i
i
i
(60,439) -35.10% 101,818
96.12%
226,996
59.87%
130,641
21.55%
-0.27
0.11
60%
61.11%
Triu ng
800,000
0.45
600,000
0.29
400,000
0.18
200,000
0
Nm 2007
Tng n
Nm 2008
Tng ti sn
0.5
0.4
0.3
0.2
0.1
0
Ln
Biu 2.3: Biu t s n trn tng ti sn
Nm 2009
T s n/ Tng ti sn
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Giai on 2007 2008: Nm 2007, t s n/ tng ti sn l 0.45, tc c ng

ti sn ca cng ty th c 0.45 ng n. Qua n nm 2008, t s ny c xu
hng gim, gim xung cn 0.18 ( 60%) so vi nm 2007). Nguyn nhn l
do n phi tr gim 35.1%, trong khi tng ti sn li tng 59.87%. Chng t
trong k, doanh nghip c gng trong vic trang tri cc khon n.
Giai on 2008 2009: t s n/ tng ti sn tng t 0.18 ln 0.29, tc tng
61.11% so vi nm trc.
2.2.2. T s kh nng tr li
Bng 2.4: Bng phn tch t s kh nng tr li tin vay
n v tnh: Triu ng
CH TIU
Li nhun
thun t
HKD
Li vay
T s tr li
vay
Chnh lch
2007 2008
2008 2009
Tuyt
Tng
Tng
Tuyt i
i
i
i
Nm
2007
Nm
2008
Nm
2009
32,762
18,757
63,478
(14,005)
-42.75%
44,721
238.42%
3,297
7,215.43
1,804.11
3,918
118.85%
(5,411.32)
-75%
9.44
2.60
35.19
(6.84)
-72.46%
32.59
1,253.5%
70,000
60,000
50,000
40,000
30,000
20,000
10,000
0
40
30
20
Ln
Triu ng
Biu 2.4: Biu t s kh nng tr li
10
0
Nm 2007
Nm 2008
Li nhun thun t HKD
Li vay
Nm 2009
T s tr li vay
Giai on 2007 2008: t s kh nng tr li tin vay ca doanh nghip nm

2008 l 9.44, tc l c mi ng chi ph li vay th cng ty c 9.44 ng li
nhun tr li. Sang nm 2008, t s ny gim xung cn 2.6, gim hn
trc 6.84 ln tng ng gim 72.46%. Ta thy li nhun gim 14,005 triu
16/38
Nhm 6_CQT10K
ng tng ng gim 42.75% v chi ph li tng 3,918 triu ng tng ng

72.46% lm cho h s ny gim.
Giai on 2008 2009: n nm 2009 tng ln 35.19, tc tng thm 32.59
tng ng tng 1,254.5% so vi nm 2008. Nguyn nhn tng mnh nh th
l do EBIT nm 2009 tng 238.42% v chi ph li vay gim 75%.
Nh vy, qua hai nm gn y, ta thy kh nng thanh ton li ca
doanh nghip l rt tt.
2.2.3. T s n trn vn ch s hu
Bng 2.5: Bng phn tch t s n trn vn ch s hu
n v tnh: Triu ng
CH TIU
Tng n
Tng vn
T s n/ Vn
ch s hu
Nm
2007
Nm
2008
Nm
2009
172,177
206,996
111,738
494,429
213,556
523,253
0.83
0.23
0.41
Chnh lch
2007 2008
2008 2009
Tuyt
Tng
Tuyt
Tng
i
i
i
i
(60,439)
-35.1%
101,818
91.12%
287,433 138.86%
28,824
5.83%
(0.61)
-72.83%
0.18
80.59%
600,000
0.83
400,000
200,000
0.23
0.41
0
Nm 2007
Tng n
Nm 2008
Tng vn
1
0.8
0.6
0.4
0.2
0
Ln
Triu ng
Biu 2.5: Biu t s n trn vn ch s hu
Nm 2009
T s n/ Vn ch s hu
Giai on 2007 2008: Trong giai on ny t s n/ vn ch s hu gim,

c th nm 2008 t s l 0.23, gim 72.83% so vi nm 2007. Nguyn nhn
gim l do n phi tr gim, v trong giai on ny cng ty khng m rng
quy m hot ng nn khng vay nhiu vn (nm 2006 xy dng h thng
nh my mi ti khu cng nghip M Phc thuc tnh Bnh Dng, xy
17/38
Nhm 6_CQT10K
dng phn xng ko cao cp t tiu chun HACCP, u t dy chuyn sn

xut ko)
Giai on 2008 2009: Trong nm 2009, t s n l 0.41, tc tng 80.59% so
vi nm 2008. Nguyn nhn l do n phi tr tng 91.12% v tng nhiu hn
so vi tc tng ca tng vn (5.83%).
Nh vy, ta nhn thy rng cng v sau ny doanh nghip ngy cng t
ch v ti chnh, hn ch s dng ngun vn vay.
2.2.4. T s vn ch s hu trn tng ti sn
Bng 2.6: Bng phn tch t s vn ch s hu trn tng ti sn
n v tnh: Triu ng
CH TIU
Vn ch s
hu
Tng ti sn
T s
VCSH/
tng TS
Chnh lch
2007 2008
2008 2009
Tuyt
Tng
Tuyt
Tng
i
i
i
i
Nm
2007
Nm
2008
Nm
2009
206,996
494,429
523,253
287,433
138.86%
28,824
5.83%
379,172
606,168
736,809
226,996
59.87%
130,641
21.55%
0.55
0.82
0.71
0.27
49.41%
(0.11)
-12.93%
Triu ng
800,000
0.82
600,000
400,000
0.71
0.55
200,000
0
Nm 2007
Vn ch s hu
Nm 2008
Tng ti sn
1
0.8
0.6
0.4
0.2
0
Ln
Biu 2.6: Biu t s vn ch s hu trn tng ti sn
Nm 2009
T s VCSH/
Giai on 2007 2008: T s vn ch s hu trn tng ti sn nm 2007 l

0.55, ngha l c 1 ng ti sn th s c 0.55 ng vn ch s hu. n nm
2008, t s ny tng ln 0.82, tc tng 49.41%. Nguyn nhn l do vn ch s
hu tng nhiu hn tng ti sn (138.86% > 59.87%).
18/38
Nhm 6_CQT10K
Giai on 2008 2009: t s vn ch s hu trn tng ti sn nm 2009 gim

xung cn 0.71, gim 12.93%. Nguyn nhn l tng ti sn tng nhanh hn
vn ch s hu (21.55% > 5.83%).
2.3. T s hot ng:
2.3.1.T s hot ng tn kho
Bng 2.7. Bng phn tch t s hot ng tn kho
n v tnh: Triu ng
CH TIU
Gi vn hng
bn
Hng TKK
Hng TKCK
Hng TKBQ
Vng quay
hng tn kho
S ngy tn
kho
Chnh lch
2007 2008
2008 2009
Tuyt
Tng
Tuyt
Tng
i
i
i
i
Nm
2007
Nm
2008
Nm
2009
335,662
420,514
441,049
84,852
25.28%
20,535
4.88%
63,823
86,851
75,337
86,851
86,640
86,745.5
86,640
70,835
78,737.5
23,028
(211)
11,408.5
36.08%
-0.24%
15.14%
(211)
(15,805)
(8,008)
-0.24%
-18.24%
-9.23%
4.46
4.85
5.60
0.39
8.8%
0.75
15.55%
81.92
75.29
65.16
(6.63)
-8.09%
(10.13)
-13.46%
500,000
400,000
300,000
200,000
100,000
0
4.46
Nm 2007
Gi vn hng bn
5.6
4.85
Nm 2008
Hng tn kho bnh qun
6
5
4
3
2
1
0
Vng
Triu ng
Biu 2.7: Biu t s hot ng tn kho
Nm 2009
Vng quay hng tn kho
Giai on 2007 2008: Nm 2007, s vng quay hng tn kho l 4.46,

ngha l thi gian hng ha trong kho trc khi ra bn trung bnh l 81.92
ngy. S vng quay hng tn kho cui nm 2008 l 4.46, mi vng l 75.29
ngy. So vi nm 2007, tc lun chun hng tn kho tng 0.39 vng , mi
vng gim 6.63 ngy. Nguyn nhn do gi vn hng bn nm 2008 tng
19/38
Nhm 6_CQT10K
25.28% so vi nm 2007, tr gi hng tn kho bnh qun tng 15.14% nhng

tng t hn so vi gi vn hng bn.
Giai on 2008 2009: Trong nm 2009, tc lun chuyn hng tn
kho tip tc tng v t 5.6 vng, tc tng 0.75 vng, mi vng gim 10.13
ngy.
Qua , cho thy hot ng sn xut kinh doanh ca doanh nghip
ang tin trin tt. Bn cnh , doanh nghip cng cn tnh ton nguyn vt
liu d tr hp l khng b thiu ht trong qu trnh sn xut.
2.3.2. T s vng quay khon phi thu
Bng 2.8: Bng phn tch t s vng quay khon phi thu
n v tnh: Triu ng
CH TIU
Doanh thu thun
Khon phi tr
u k
Khon phi tr
cui k
Khon phi tr
bnh qun
S vng quay
khon phi thu
K thu tin
bnh qun
Nm
2007
Nm
2008
Nm
2009
453,975
544,419
626,954
Chnh lch
2007 2008
2008 2009
Tuyt
Tng
Tuyt
Tng
i
i
i
i
90,444
19.92%
82,535
15.16%
33,167
30,318
80,918
(2,849)
-8.59%
50,600
166.90%
30,318
80,918
43,236
50,600
166.9%
(37,682)
-46.57%
31,742.5
55,618
62,077
23,875.5
75.22%
6,459
11.61%
14.30
9.79
10.10
(4.51)
-31.54%
0.31
3.18%
25.52
37.29
36.14
11.77
46.11%
(1.15)
-3.08%
Biu 2.8: Biu t s vng quay khon phi thu
600,000
20
15
14.3
400,000
10.1
9.79
200,000
10
Vng
Triu ng
800,000
0
Nm 2007
Nm 2008
Doanh thu thun
Nm 2009
Khon phi tr bnh qun
S vng quay khon phi thu
20/38
Nhm 6_CQT10K
Giai on 2007 2008: Nm 2007, s vng quay khon phi thu l

14.3 vng, tc l trong nm phi mt bnh qun 25.52 ngy thu hi cc
khon n. Nm 2008 s vng quay phi thu l 9.79 vng, mi vng 36.14
ngy, tc gim 4.51 vng, mi vng tng 11.77 ngy. Nguyn nhn l do
doanh thu thun tng vi mc nh hn mc tng ca khon phi thu
bnh qun.
Giai on 2008 2009: tc lun chuyn ca khon phi thu tng nh
vo nm 2009, s vng quay khon phi thu tng 0.31 vng, mi vng gim
1.15 ngy.
Nh vy, so vi nm 2007, nm 2008 v nm 2009 kh nng thu hi
vn chm hn trong qu trnh thanh ton. iu ny cho ta thy doanh nghip
qun l n phi thu khng tt bng nm 2007.
2.3.3.T s vng quay khon phi tr:
Bng 2.9: Bng phn tch t s vng quay khon phi tr
n v tnh: Triu ng
CH TIU
Gi vn hng
bn (1)
Hng tn kho
cui k (2)
Hng tn kho
u k (3)
Doanh s mua
hng thng
nin = (1) + (2)
(3)
Phi tr u k
Phi tr cui k
Phi tr bnh
qun
S vng quay
khon phi tr
K thanh ton
bnh qun
Chnh lch
2007 2008
2008 2009
Tuyt
Tng
Tuyt
Tng
i
i
i
i
Nm
2007
Nm
2008
Nm
2009
335,662
420,514
441,049
84,852
25.28%
20,535
4.88%
86,851
86,640
70,835
(211)
-0.24%
(15,805)
-18.24%
63,823
86,851
86,640
23,028.00
36.08%
(211)
-0.24%
358,690
420,303
425,244
61,613
17.18%
4,941
1.18%
59,618
172,177
172,177
111,738
111,738
213,556
112,559
(60,439)
188.80%
-35.10%
(60,439)
101,818
-35.10%
91.12%
115,897.5
141,957.5
162,647
26,060
22.49%
20,689.5
14.57%
3.09
2.96
2.61
(0.13)
-4.21%
(0.35)
11.69%
117.94
123.28
139.60
5.34
4.53%
16.33
13.24%
21/38
Nhm 6_CQT10K
Biu 2.9: biu t s vng quay khon phi tr
400,000
3.2
3.09
2.96
300,000
2.8
2.61
200,000
2.6
100,000
2.4
2.2
Nm 2007
Nm 2008
Doanh s mua hng thng nin
Vng
Triu ng
500,000
Nm 2009
Phi tr bnh qun
S vng quay khon phi tr
Giai on 2007 2008: s vng quay khon phi tr nm 2007 l 3.09, c

ngha l trung bnh 117.94 ngy th doanh nghip phi tr n ch n. Nm
2008, s vng gim xung cn 2.96 vng, mi vng l 123.28 ngy, tc gim
0.13 vng, mi vng gim 5.34 ngy. Nguyn nhn l do n phi tr bnh
qun tng 22.49%, nhiu hn so vi tc tng doanh s mua hng thng
nin (17.18%).
Giai on 2008 2009: s vng quay phi tr c xu hng tip tc gim nm
2009, gim xung cn 2.61 vng (gim 4.21% so vi nm 2008), mi vng l
139.6 ngy. Nguyn nhn gim tng t giai on 2007 2008.
Nh vy, qua phn tch v tc lun chuyn khon phi tr trong 3 nm, ta
thy t s vng quay khon phi tr ca cng ty ngy cng gim qua mi
nm. Nu c tip tc gim nh th ny th c th nh hng khng tt n
xp hng tn dng ca doanh nghip.
2.3.4. T s vng quay ca ti sn c nh
Bng 2.10: Bng phn tch t s vng quay ti sn c nh
n v tnh: Triu ng
CH TIU
Nm
2007
Nm
2008
Nm
2009
Doanh thu thun

Tng TSC K
Tng TSC CK
Tng TSC BQ
453,975
64,627
149,435
107,031
544,419
149,435
173,676
161,555
626,954
173,676
366,591
270,133
Chnh lch
2007 2008
2008 2009
Tuyt
Tng
Tuyt
Tng
i
i
i
i
90,444
19.92%
82,535
15.16%
84,808
131.23%
24,241
16.22%
24,241
16.22%
192,915 111.08%
54,524
50.94%
108,578
67.21%
22/38
Nhm 6_CQT10K
T s vng
quay ca TSC
4.24
3.37
2.32
(0.87)
-20.52%
-1.05
-31.13%
700,000
600,000
500,000
400,000
300,000
200,000
100,000
0
5
4.24
3.37
2.32
3
2
Vng
Triu ng
Biu 2.10: Biu t s vng quay ti sn c nh
1
0
Nm 2007
Doanh thu thun
Nm 2008
Tng TSC bnh qun
Nm 2009
T s vng quay ca TSC
Tc lun chuyn ti sn c nh nm 2007 l 4.24 vng. Nm 2008

s vng quay gim xung cn 3.37 vng, tc gim 0.87 vng (tng ng
20.52%). Sang nm 2009, tc lun chuyn tip tc gim cn 2.32, tc
gim 1.05 vng (tng ng 31.13%).
Nh vy nhn chung qua 3 nm hot ng t 2007 2009, tc lun
chuyn ti sn c nh c xu hng ngy cng gim, nguyn nhn dn n
tnh hnh ny l do doanh thu thun tng chm hn tng TSC, c th nm
2008 doanh thu thun tng 19.92% trong khi TSC tng n 50.94% so vi
nm 2007, nm 2009 doanh thu thun tng 15.16% trong khi tng TSC tng
67.21%. Kt qu phn tch chng t hiu qu s dng TSC ca doanh
nghip c xu hng ngy cng gim.
2.3.5. T s vng quay Tng ti sn:
Bng 2.11: Bng phn tch t s vng quay tng ti sn
n v tnh: Triu ng
CH TIU
Doanh thu
thun
Tng ti sn
u k
Chnh lch
2007 2008
2008 2009
Tuyt
Tng
Tuyt
Tng
i
i
i
i
Nm
2007
Nm
2008
Nm
2009
453,975
544,419
626,954
90,443
19.92%
82,535
15.16%
242,977
379,172
606,168
136,196
56.05%
226,995
59.87%
23/38
Nhm 6_CQT10K
Tng ti sn
cui k
Tng ti sn
bnh qun
T s vng
quay tng ti
sn
379,172
606,168
736,809
226,995
59.87%
130,642
21.55%
311,074.5
492,670
671,488.5
181,595
58.38%
178,818
36.30%
1.46
1.11
0.93
-0.35
-23.97%
-0.18
-16.36%
800,000
600,000
1.5
1.46
1.11
400,000
0.93
200,000
Vng
Triu ng
Biu 2.11: Biu t s vng quay tng ti sn
0.5
0
Nm 2007
Doanh thu thun
Nm 2008
Tng ti sn bnh qun
Nm 2009
T s vng quay tng ti sn
Giai on 2007 2008: t s vng quay tng ti sn nm 2007 l 1.46, ngha

l c 1 ng ti sn ca cng ty th to ra c 1.46 doanh thu. Nm 2008, t
s ny gim xung cn 1.11, tc gim 23.97% hay 1 ng ti sn ca cng ty
to ra t doanh thu hn so vi nm 2007.
Giai on 2008 2009: tc lun chuyn tng ti sn tip tc gim xung
cn 0.93, tc gim 16.36%. Nguyn nhn gim cng ging nh giai on
trn, tc l tc tng ca doanh thu thun chm hn ca tng ti sn.
Nh vy, ta thy tc lun chuyn tng ti sn ca cng ty Bibica ngy
cng gim. iu cho thy hiu qu s dng ti sn to ra doanh thu ca
doanh nghip vn cha tt.
2.4. T s kh nng sinh li
2.4.1. T s li nhun trn doanh thu
Bng 2.12: Bng phn tch t s li nhun trn doanh thu
n v tnh: Triu ng
CH TIU
Nm
2007
Nm
2008
Nm
2009
Li rng
Doanh thu thun
T s li nhun/
24,443
453,975
5.38%
20,851
544,419
3.83%
57,293
626,954
9.14%
Chnh lch
2007 2008
2008 2009
Tuyt
Tng
Tuyt
Tng
i
i
i
i
-3,592
-14.70% 36,442
174.77%
90,444
19.92%
82,535
15.16%
-1.55%
5.31%
24/38
Nhm 6_CQT10K
Doanh thu
Triu ng
Biu 2.12: Biu t s li nhun trn doanh thu

700,000
600,000
500,000
400,000
300,000
200,000
100,000
0
10.00%
9.14%
8.00%
6.00%
5.38%
4.00%
3.83%
2.00%
0.00%
Nm 2007
Li rng
Nm 2008
Doanh thu thun
Nm 2009
T s li nhun/ Doanh thu
Giai on 2007 2008: T s li nhun trn doanh thu nm 2007 l 5.38%,

tc l c 100 ng doanh thu thun em li 5.38 ng li nhun. So vi nm
2007 th t s li nhun trn doanh thu ca nm 2008 gim 1.55 ng.
Nguyn nhn gim l do doanh thu tng (tng 19.92% so vi 1007), bn cnh
do gi vn, chi ph qun l, chi ph li vay v cc chi ph khc cng tng
ln lm cho li nhun gim (14.7% so vi nm 2007)
Giai on 2008 2009: T s li nhun trn doanh thu nm 2009 tng ln
n 9.14%, tc tng 5.31% so vi nm trc. Nguyn nhn l do nm 2009
doanh nghip hot ng kinh doanh hiu qu gip doanh thu tng, t li
nhun cng tng. Li nhun tng m chi ph ti chnh ca doanh nghip gim
nn co s tng trng ln n 174.77% (so vi nm 2008).
2.4.2. T s li nhun rng trn tng ti sn
Bng 2.13: Bng phn tch t s li nhun rng trn tng ti sn
n v tnh: Triu ng
Chnh lch
CH
TIU
Nm
2007
Nm
2008
Nm
2009
64,301
2007 2008
Tuyt
Tng
i
i
(11,400)
-34.21%
2008 2009
Tuyt
Tng
i
i
42,376
193.27%
Li rng
Tng ti
sn
ROA
33,325
21,925
379,172
606,168
736,809
226,996
130,641
87.88%
36.17%
87.26%
59.87%
-51.71%
21.55%
51.09%
Biu 2.13: Biu t s li nhun rng trn tng ti sn
25/38
Nhm 6_CQT10K
Triu ng
800,000

87.88%
87.26%
600,000
100.00%
80.00%
60.00%
400,000
40.00%
36.17%
200,000
20.00%
0.00%
Nm 2007
Nm 2008
Li rng
Tng ti sn
Nm 2009
ROA
Giai on 2007 2008: Nm 2007, ROA ca cng ty l 87.88% tc l

100 ng u t vo ti sn ca cng ty thu c li nhun l 87.88 ng.
Nm 2008, Roa ca cng ty gim xung cn 36.17%, gim 51.71% so vi
nm 2007. Nguyn nhn l v li nhun gim 11,400 triu ng tng 0ng
vi 34.21%, trong khi quy m ti sn tng 59.87%.. y l biu hin
khng tt, hiu qu hot ng kinh doanh ca cng ty gim.
Giai on 2008 2009: ROA t c 87.26%, tng hn trc
51.09%. Mc tng ny a ROA nm 2009 gn bng vi ROA 2007.
iu ny cho thy cng ty n lc khai thc hiu qu ti sn ca mnh hn.
Biu hin l li nhun tng 42,376 triu ng tng ng vi 193.27%,
trong khi th mc tng ca ti sn nh hn (21.55%). y l biu hin
tt cng ty cn pht huy. Li nhun tng l nh cng ty ch ng c tnh
hnh,ci thin doanh s, gim gi thnh v tit kim chi ph tt.
2.4.3. T s li nhun rng trn vn ch s hu
Bng 2.14: Bng phn tch t s li nhun rng trn vn ch s hu
n v tnh: Triu ng
CH TIU
Li rng
Vn ch s
hu
ROE
Nm
2007
Nm
2008
Nm
2009
24,443
20,851
57,293
Chnh lch
2007 2008
2008 2009
Tuyt
Tng
Tuyt
Tng
i
i
i
i
(3,592)
-14.7%
36,442
174.77%
206,996
494,429
523,253
287,433
11.81%
4.22%
10.95%
138.86%
-7.59%
28,824
5.83%
6.73%
Biu 2.14: Biu t s li nhun rng trn vn ch s hu
26/38
Triu ng
Nhm 6_CQT10K
600,000
500,000
400,000
300,000
200,000
100,000
0
15.00%
11.81%
10.95%
10.00%
5.00%
4.22%
0.00%
Nm 2007
Nm 2008
Li rng
Nm 2009
Vn ch s hu
ROE
Giai on 2007 2008: t s ROE ca doanh nghip nm 2007 l 11.81%,

ngha l 100 ng vn doanh nghip b ra th em li 11.81 ng li nhun.
Nm 2008, t s ny gim xung cn 4.22%, tc gim 7.59% hay gim 7.59
ng li nhun trong 100 ng vn b ra.
Giai on nm 2008 2009: t s ROE tng ln n 10.95%. Nguyn nhn
tng l do li nhun sau thu tng vi tc ln hn tc tng ca vn ch
s hu bnh qun (174.77% > 5.83%)
Phn tch kh nng sinh li qua ch s DuPont:
n v tnh: Triu ng
Chnh lch
CH TIU
DT thun/ tng TS
T sut LN/DT
TS/VCSH
T sut li nhun/
VCSH (ROE)
Nm
2007
Nm
2008
Nm
2009
1.20
5.38%
1.83
0.90
3.83%
1.23
0.85
9.14%
1.41
11.81%
4.22%
10.95%
2007 2008
Tuyt
i
-0.3
-0.6
Tng
i
-25%
-1.55%
-32.79%
-7.59%
2008 2009
Tuyt
i
-0.05
0.18
Tng
i
-5.56%
5.31%
14.63%
6.73
2.5. T s gi th trng
2.5.1. T s P/E
Bng 2.15: Bng phn tch t s P/E
CH TIU
Nm
2007
Nm
2008
Nm
2009
Gi c phn
23,000
23,000
23,000
Chnh lch
2007 2008
2008 2009
Tng
Tuyt
Tng
Tuyt i
i
i
i
27/38
Nhm 6_CQT10K
Li nhun
trn c phn
P/E
2,718.94
8.46

1,352.16
17.01
3,724.83 (1,366.78)
6.17
8.55
-50.27%
101.06%
2,372.67
(10.84)
175.47%
-63.70%
25,000
18
16
14
12
10
8
6
4
2
0
17.01
Triu ng
20,000
15,000
8.46
10,000
6.17
5,000
0
Nm 2007
Nm 2008
Gi c phn
Ln
Biu 2.15: Biu t s P/E
Nm 2009
Li nhun trn c phn
P/E
Giai on 2007 2008: t s P/E nm 2007 l 8.46, iu ny c ngha l cng

ty Bibica sn sng b ra 8.46 ng kim c 1 ng li nhun. n nm
2008, t s ny tng ln 17.01, tc tng 8.55 ln hay tng ng vi 101.06%.
Nguyn nhn tng l do li nhun trn c phn nm 2008 gim 1,336.16
tng ng gim 50.27% so v nm 2007.
Giai on 2008 2009: Nm 2009, t s P/E ca cng ty c xu hng gim.
ch cn 6.17, gim 10.84 ln tng ng gim 63.70%. Nguyn nhn tng l
do li nhun trn c phn tng 175.47%.
Nh vy, qua 3 nm ta thy ti nm 2008, nh u t sn sng b ra
nhiu hn c kim c 1 ng li nhun. iu cho thy vo thi im
ny nh u t rt k vng vo cng ty.
2.5.2. T s M/B
Bng 2.16: Bng phn tch t s M/B
CH TIU
Gi tr th
trng ca c
phiu
Mnh gi c
phiu
M/B
Chnh lch
2007 2008
2008 2009
Tng
Tuyt
Tng
Tuyt i
i
i
i
Nm
2007
Nm
2008
Nm
2009
23,000
23,000
23,000
20,177.32
18,981.99
31,734.19
(1,195.33)
-5.92%
12,752.20
67.18%
1.14
1.21
0.72
0.07
6.30%
-0.49
-40.18%
Biu 2.16: Biu t s M/B

28/38
35,000
30,000
25,000
20,000
15,000
10,000
5,000
0

1.14
1.4
1.2
1
0.8
0.6
0.4
0.2
0
1.21
0.72
Nm 2007
Nm 2008
Gi tr th trng ca c phiu
Ln
Triu ng
Nhm 6_CQT10K
Nm 2009
Mnh gi c phiu
M/B
Giai on 2007 2008: T s M/B nm 2007 ca cng ty Bibica l 1.14.

iu ny c ngha l nh u t sn sng mua c phiu ca cng ty cao hn
mnh gi cht it. n nm 2008, t s ny tng ln 1.21, tc tng 0.07 ln
tng ng tng 6.30%. Nguyn nhn tng l do mnh gi c phiu gim
1,195.33 tng ng gim 5.92%.
Giai on 2008 2009: Sang nm 2009, t s M/B ca cng ty Bibica gim
xung ch cn 0.72, gim n 40.18%. iu ny c ngha l nh u t ch
mua c phiu ca cng ty thp hn mnh gi ca n.
Qua phn tch trn, ta thy mc k vng ca cc nh u t vo
cng ty nm 2008 l cao nht trong 3 nm ang xt.
Qua ton b qu trnh phn tch, ta c bng tm tt cc t s ti chnh
ca cng ty c phn Bibica v so snh ch s ti chnh vi hai doanh
nghip cng ngnh l cng ty c phn bnh ko Hi H v cng ty c phn
bnh ko Kinh nh sau:
29/38
Nhm 6_CQT10K

n
CH TIU
Nm 2007
Bibica
Hi H
tnh
Thanh ton hin thi
Thanh ton nhanh
T s n/ Ti sn
T s tr li vay
T s n/ VCSH
T s VCSH/ Ti sn
Vng quay HTK
S ngy lu kho
Vng quay khon phi thu
K thu tin bnh qun
Vng quay khon phi tr
K thanh ton bnh qun
Vng quay TSC
Vng quay tng ti sn
LN/ DT
ROA
ROE
P/E
M/B
Ln
Ln
Ln
Ln
Ln
Ln
Vng
Ngy
Vng
Ngy
Vng
Ngy
Vng
Vng
%
%
%
Ln
Ln
1.27
0.65
0.45
0.83
0.55
4.46
81.92
14.3
25.52
3.09
117.94
4.24
1.46
5.38
87.88
11.81
8.46
1.14
0.7
0.47
10.43
0.87
0.53
4.52
80.71
11.25
32.46
3.04
119.88
5.54
1.87
6.0
12.0
24.0
Nm 2008
Kinh
3.45
0.19
-6.02
0.24
0.8
-7.08
-51.54
3.25
112.23
-1.96
186.43
3.33
0.61
18.0
11.20
14.75
7.29
1.1
Bibica
Hi H
3.98
3.12
0.18
2.6
0.23
0.82
4.85
75.29
9.79
37.29
2.96
123.28
3.37
1.11
3.83
36.17
42.22
17.01
1.21
1.77
0.68
0.47
6.17
0.9
0.53
5.08
71.84
16.73
21.81
3.51
104.01
5.37
2.07
4.57
9.44
18.7
30/38
Nm 2009
Kinh
2.22
1.93
0.28
2.18
0.4
0.7
-6.83
-53.43
2.77
131.6
-1.58
-230.58
2.37
0.48
-4.16
-2.82
-3.77
-23
1.63
Bibica
2.17
1.72
0.29
35.19
0.41
0.71
5.6
65.16
10.1
36.14
2.61
139.6
2.32
0.93
9.14
87.26
10.95
6.17
0.72
Hi
H
1.73
0.73
0.39
28.73
0.64
0.61
5.19
70.34
17.35
21.04
4.53
80.63
6.7
2.31
4.44
10.24
17
Kinh
1.54
1.43
0.42
-12.08
0.73
0.57
-0.01
32,045.51
0.43
847.12
18.0
13.29
21.39
6.36
1.87
Nhm 6_CQT10K
III. MT S GII PHP NHM NNG CAO HIU QU S DNG TI

CHNH TI DOANH NGHIP
1. Tng li nhun:
Trong nn kinh t th trng, s cnh tranh ca cc doanh nghip lun l ng
lc kch thch doanh nghip tm mi bin php pht huy ti a tim nng ca
mnh nhm t hiu qu cao. Vn c bn doanh nghip tn ti v pht trin
l sn phm lm ra phi tiu th nhanh hon vn v c iu kin tip tc thc
hin chu k sn xut mi. Do , doanh nghip cn phi quan tm n cc vn
sau:
1.1.Tng doanh thu:
* Cht lng sn phm:
Nng cao vai tr chc nng qun tr h thng cht lng v kim tra gim
st cc qu trnh ti b phn qun tr cht lng cng ty.
Thit lp c ch t kim tra - gim st cc b phn, nhm m bo ti mi b
phn, phn xng phi c y d liu, h s c thng k phn tch phc v
cho cng tc qun l iu hnh v ci tin lin tc.
* y mnh cng tc tip th v bn hng:
Trc mt, cn tp trung m rng th phn khch hng c thng qua cc
bin php gim gi hng bn v tng cng cng tc chm sc khch hng. Tng
bc pht trin v m rng th phn i vi khch hng tim nng, khch hng
mi. Thnh lp i chuyn nghin cu cc i th cnh tranh t t vn cho
ban lnh o, b phn kinh doanh thay i ci thin cng tc qun l cng
ngh kp thi duy tr li th cnh tranh.
a dng ha sn phm trn c s thc hin ng cc quy trnh v kho st
th trng, kim sot cc hot ng thit k bao b sn phm, nhm m bo mc
31/38
Nhm 6_CQT10K
tiu ph hp vi nhu cu ca khch hng, ng thi mang li hiu qu cho cng

ty.
Tng cng xc tin thng mi, tm nhng c hi thng thng qua
mng internet, bo ch, nhng cuc trin lm hi tr hoc trc tip kho st th
trng.
1.2. Gim chi ph:
Tip tc r sot v ci tin h thng kim sot chi ph tng b phn, phn
xng vi mc tiu gim gi bn tng sc cnh tranh ca sn phm trn th
trng.
T chc o to, hng dn cc bin php tit gim nh mc.
Kim sot chi ph cho tng t sn xut, b phn, phn xng nhm nng cao
thc tit kim v loi b cc lng ph pht sinh trong qu trnh sn xut kinh
doanh.
C c ch ch ti cng nh khen thng hp l nhm ng vin cc c nhn
v b phn thc hin tt k hoch kim sot chi ph ti n v mnh.
2. Qun l cc khon phi thu:
Cng ty nn hn ch lng vn tn ng trong thanh ton. Mun lm c
iu , cng ty phi thc hin mt s gii php sau:
nh gi cc chnh sch bn chu trong cng ty tm ra chnh sch

bn chu hp l nhm mang li hiu qu kinh t cao nht vi ri ro
thp nht.
Cn nh gi, phn loi khch hng da vo lch s quan h mua

bn gia cng ty vi khch hng, hoc nh gi hot ng kinh doanh
v ti chnh ca khch hng. Nu khch hng tt th bn vi khi
lng ln, khch hng trung bnh th bn vi khi lng hn ch,
khch hng yu km th khng nn bn chu.
32/38
Nhm 6_CQT10K
Cn n c theo di cng n v thu n.
X l v mt php l i vi trng hp n qu hn c tnh dy

da, chim dng vn ca cng ty.
3. Hon thin c cu b my qun l:

Phn nh chc nng, nhim v cc phng ban c th. To iu kin
i ng cn b qun l nng cao trnh chuyn mn nghip v. pht huy
kh nng v hon thnh cc cng vic c giao mt cch hiu qu, cng ty cn
khuyn khch ng vin, khen thng kp thi cho nhng c nhn tp th c
thnh tch ni bt trong qun l cng nh trong sn xut.
33/38
Nhm 6_CQT10K
C KT LUN
phn tch tnh hnh ti chnh ca mt doanh nghipi hi phi nhn
nhn t tng th n chi tit ca vn mi c th tng hp c cc thng tin

v thy c thc trng ca doanh nghip trong k phn tch, ng thi c th
tr li c nhng cu hi lin quan n tnh hnh ti chnh ca doanh nghip v
mc sinh li, s vng mc v tim lc ca doanh nghip.
Thc tin chng minh, nu cc nh qun tr quan tm ng mc n
cng tc phn tch ti chnh th h s c quyt nh ng n v c nhiu c hi
thnh t trong kinh doanh. Phn tch ti chnh l yu cu khng th thiu i
vi nh qun tr, cc nh u t, cc ch n v c quan qun l nh nc trong
vic a ra quyt nh kinh t. N l c s cho nh qun l lp k hoch ti
chnh trong tng lai v a ra cc gii php nhm nng cao hiu qu hot ng
ca doanh nghip.
34/38
Nhm 6_CQT10K
D- PHN PH LC
Ph lc 1: (Ngun http://hsc.com.vn)
BNG CN I K TON 4 NM 2006, 2007, 2008, 2009
n v tnh: Triu ng
ChCTIU CH
TI SN
Ti sn ngn hn
Tin v cc khon tng ng tin
Tin
Cc khon tng ng tin
Cc khon u ti chnh ngn hn
u t chng khon ngn hn
D phng gim gi u t ngn hn
Cc khon phi thu ngn hn
Phi thu ca khch hng
Tr trc cho ngi bn
Phi thu ni b
Phi thu theo tin k hoch hp ng
xy dng
Cc khon phi thu khc
D phng cc khon phi thu kh i
Hng tn kho
Hng tn kho
D phng gim gi hng tn kho
Ti sn ngn hn khc
Chi ph tr trc ngn hn
Thu GTGT c khu tr
Thu v cc khon phi thu nh nc
Ti sn ngn hn khc
Ti sn di hn
Cc khon phi thu di hn
Phi thu di hn ca khch hng
Vn kinh doanh n v trc thuc
Phi thu ni b di hn
2006
242,977
156,307
22,569
10,569
12,000
35,000
35,000
33,167
24,533
4,203
-
2007
379,172
179,079
44,423
44,423
14,055
14,055
30,318
25,248
2,156
-
2008
606,168
402,269
30,533
30,533
196,055
196,055
80,918
33,029
40,659
-
2009
736,809
341,516
204,756
12,756
192,000
5,000
5,000
43,236
32,991
5,361
-
4,431
63,823
64,158
-335
1,748
1,522
226
86,670
-
3,553
-639
86,851
86,851
3,432
1,752
494
1,187
200,093
-
7,684
-454
86,640
86,640
8,123
1,080
3,262
3,045
736
203,899
-
5,316
-431
70,835
72,218
-1,382
17,688
1,038
7,545
876
8,229
395,294
-
35/38
Nhm 6_CQT10K
Phi thu di hn khc
D phng phi thu di hn kh i
Ti sn c nh
Ti sn c nh hu hnh
Nguyn gi
Gi tr hao mn ly k
Ti sn c nh thu ti chnh
Nguyn gi
Gi tr hao mn ly k
Ti sn c nh v hnh
Nguyn gi
Gi tr hao mn ly k
Chi ph xy dng c bn d dang
Bt ng sn u t
Nguyn gi
Gi tr hao mn ly k
Cc khon u t ti chnh di hn
u t vo cng ty con
u t vo cng ty lin kt, lin doanh
u t di hn khc
D phng gim gi u t ti chnh di
hn
Ti sn di hn khc
Chi ph tr trc di hn
Ti sn thu thu nhp hon li
Ti sn di hn khc
Li th thng mi
NGUN VN
N phi tr
N ngn hn
Vay v n ngn hn
Phi tr cho ngi bn
Ngi mua tr tin trc
Thu v cc khon phi np Nh nc
Phi tr ngi lao ng
Chi ph phi tr
Phi tr ni b
Phi tr theo tin k hoch hp ng
xy dng
Cc khon phi tr, phi np ngn hn
khc

64,627
58,548
161,615
103,067
1,099
1,219
-120
4,980
9,753
10,319
149,435
81,827
194,908
113,082
921
1,242
-321
66,687
38,499
2,775
36,433
173,676
139,457
269,807
130,350
2,317
2,923
-606
31,902
18,208
2,775
40,133
366,591
166,013
315,204
149,191
1,944
3,043
-1,098
198,633
14,162
2,775
25,991
-566
12,290
12,290
242,977
59,618
56,439
5,431
41,244
1,322
2,701
1,967
1,814
-
-709
12,159
12,159
379,172
172,177
141,006
55,898
72,214
1,786
4,098
4,809
-
-24,700
12,015
12,015
606,168
111,738
101,122
16,975
57,437
4,137
7,630
691
11,410
-
-14,603
14,541
14,541
736,809
213,556
157,211
43,659
75,147
3,413
4,570
1,266
23,357
-
1,960
2,201
2,842
5,799
36/38
Nhm 6_CQT10K
D phng phi tr ngn hn

N di hn
Phi tr di hn ngi bn
Phi tr di hn ni b
Phi tr di hn khc
Vay v n di hn
Thu thu nhp hon li phi tr
D phng tr cp mt vic lm
D phng phi tr di hn
Vn ch s hu
Vn ch s hu
Vn u t ca ch s hu
Thng d vn c phn
Vn khc ca ch s hu
C phiu qu
Chnh lch nh gi li ti sn
Chnh lch t gi hi oi
Qu u t pht trin
Qu d phng ti chnh
Qu khc thuc vn ch s hu
Li nhun cha phn phi
Ngun vn u t XDCB
Ngun kinh ph v qu khc
Qu khen thng v phc li
Ngun kinh ph
Ngun kinh ph hnh thnh TSC
Qu d phng tr cp mt vic lm
Li ch ca c ng thiu s
3,179
1,208
1,600
370
183,359
182,493
89,900
70,259
5,540
1,110
15,684
866
866
-
31,170
29,513
800
858
206,996
205,372
107,708
70,227
7,458
2,069
17,910
1,624
1,624
-
10,616
1,548
8,211
858
494,429
491,683
154,208
302,727
10,588
3,291
20,869
2,747
2,747
-
56,345
1,488
54,000
858
523,253
521,579
154,208
302,727
-714
14,018
4,291
47,049
1,674
1,674
-
Ph lc 2: (ngun http://hsc.com.vn)
BO CO KT QU HOT NG KINH DOANH
4 NM 2006, 2007, 2008, 2009
n v tnh: Triu ng
ChCTIU CH
Doanh thu bn hng v cung cp dch v
Cc khon gim tr doanh thu
Doanh thu thun v bn hng v cung cp
dch v
Gi vn hng bn
2006
343,06
1
1,730
341,33
1
254,90
2007
456,85
0
2,875
453,97
6
335,66
2008
2009
545,20
8 631,962
788
5,008
544,41
9 626,954
420,51 441,049
37/38
Nhm 6_CQT10K

9
Li nhun gp v bn hng v cung cp

dch v
Doanh thu hot ng ti chnh
Chi ph ti chnh
Trong : Chi ph li vay
Chi ph bn hng
Chi ph qun l doanh nghip
Li nhun thun t hot ng kinh doanh
Thu nhp khc
Chi ph khc
Li nhun khc
Phn li nhun hoc l trong cng ty lin kt
lin doanh
Li nhun trc thu
Chi ph thu TNDN hin hnh
Chi ph thu TNDN hon li
Li nhun sau thu thu nhp doanh
nghip
Li ch ca c ng thiu s
Li nhun sau thu ca c ng ca cng ty
m
Li c bn trn c phiu
2
118,31
3
14,190
4,427
3,297
74,254
21,061
32,762
1,223
659
564
4
123,90
6 185,905
31,517 26,956
32,509
7,279
7,215
1,804
76,055 109,306
28,102 32,798
18,757 63,478
3,721
3,341
553
2,518
3,168
823
25,332
6,149
-
33,325
8,882
-
21,925
1,074
-
64,301
7,008
-
19,183
-
24,443
-
20,851
-
57,293
-
19,183
2,59
24,443
2,51
20,851
1,46
57,293
3,71
86,422
9,011
3,324
2,478
51,308
16,092
24,710
1,160
538
622
TI LIU THAM KHO

Ti chnh doanh nghip, TS Nguyn Minh Kiu, NXB Thng K, 2007
Website:
http://cophieu68.com
http://rongviet.vn
http://hsc.com.vn
38/38

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Nhm 6_CQT10K

GVHD: Th.S Nguyn Ngc Long

GVHD: Th.S Nguyn Ngc Long

4. i tng v phm vi nghin cu:

Phm vi nghin cu: tp trung nghin cu v tnh hnh ti chnh ca

5. ngha l lun v thc t:

C th vn dng vic phn tch ti chnh ny khi cn tm hiu v

Phn tch tnh hnh ti chnh ca cng ty c phn Bibica

GVHD: Th.S Nguyn Ngc Long

Cc t s v kh nng thanh khon: Phn nh kh nng tr n

Cc t s v c cu ti chnh: Phn nh mc m doanh nghip

Cc t s v hot ng: Phn nh tnh hnh s dng ti sn hay

Phn tch tnh hnh ti chnh ca cng ty c phn Bibica

GVHD: Th.S Nguyn Ngc Long

Cc t s v kh nng sinh li: Phn nh hiu qu s dng ti

Cc t s gi th trng: o lng k vng ca nh u t dnh

1. T s v kh nng thanh khon:

Ti sn ngn hn l nhng ti sn c th chuyn i thnh tin trong khon

N ngn hn: l ton b khon n c thi hn tr di 1 nm k t ngy lp

Phn tch tnh hnh ti chnh ca cng ty c phn Bibica

GVHD: Th.S Nguyn Ngc Long

qu bi c nhiu tin mt nhn ri hay c qu nhiu n phi i Do c

T s ny cng ln th hin kh nng thanh ton nhanh cng cao. Tuy

Tng n gm n ngn hn v n di hn phi tr

GVHD: Th.S Nguyn Ngc Long

T s kh nng chi tr li vay =

Li nhun trc thu v li vay (EBIT) phn nh s tin m doanh nghip

Li vay l s tin li n vay trong nm m doanh nghip phi tr, c th l

y l t s cho bit c cu ti chnh ca doanh nghip mt cch r rng nht.

Phn tch tnh hnh ti chnh ca cng ty c phn Bibica

GVHD: Th.S Nguyn Ngc Long

T s ny o lng mc doanh s bn lin quan n mc tn kho ca cc

S vng quay hng tn kho =

Hng tn kho bnh qun = (hng tn kho trong bo co nm trc+ hng tn

3.2. T s vng quay khon phi thu:

Vng quay khon phi thhu

GVHD: Th.S Nguyn Ngc Long

3.3. T s vng quay khon phi tr

Doanh s mua hng thng nin= gi vn hng bn + hng tn kho cui k

3.4 T s vng quay ti sn c nh

Ti sn c nh bnh qun = ( TSC u k + TSC cui k) /2

GVHD: Th.S Nguyn Ngc Long

4.2. T s li nhun rng trn tng ti sn (ROA)

4.3. T s li nhun rng trn vn ch s hu

Phn tch tnh hnh ti chnh ca cng ty c phn Bibica

GVHD: Th.S Nguyn Ngc Long

T s ny cho thy nh u t sn sng tr bao nhiu c c mt

GVHD: Th.S Nguyn Ngc Long

ha t 03 phn xng: bnh, ko, nha thuc Cng ty ng Bin Ha.

GVHD: Th.S Nguyn Ngc Long

GVHD: Th.S Nguyn Ngc Long

Biu 2.1: Biu t s kh nng thanh ton hin hnh

Giai on 2007 2008: T s thanh ton hin thi nm 2007 l 1.27,

GVHD: Th.S Nguyn Ngc Long

Tuy nhin, trong ti sn ngn hn bao gm nhng khon mc c tnh

Ti sn c tnh thanh khon cao

T biu trn ta thy t s thanh ton nhanh vo cui nm 2008 tng

GVHD: Th.S Nguyn Ngc Long

Giai on 2008 2009: kh nng thanh ton ca doanh nghip gim ch

Biu 2.3: Biu t s n trn tng ti sn

Phn tch tnh hnh ti chnh ca cng ty c phn Bibica

GVHD: Th.S Nguyn Ngc Long

Giai on 2007 2008: Nm 2007, t s n/ tng ti sn l 0.45, tc c ng