BT Quan Tri TC

Phn tch tnh hnh ti chnh ti cng ty c phn Tn To trong 3
nm 2011,2012,2013
I.
Gii thiu cng ty:
Lch s hnh thnh:

CTCP Khu cng nghip Tn To (ITACO), tin thn l Cng ty TNHH u t Xy dng Kinh
doanh C s h tng KCN tp trung Tn To. Cng ty l ch u t KCN Tn To vi tng din tch
theo quy hoch l 443,25 ha. Trong :
o Khu Hin hu vi din tch 181 ha c thnh lp ngy 30/11/1996 trn c s Th Tng
Chnh Ph ph duyt D n u t xy dng v kinh doanh c s h tng Khu cng nghip
Tn To, huyn Bnh Chnh, TP.HCM.
o Khu M rng vi din tch 262,25 ha c thnh lp ngy 12/5/2000 trn c s Th Tng
Chnh Ph ph duyt D n u t xy dng v kinh doanh c s h tng Khu cng nghip
Tn To m rng, TP.HCM.
Hin nay, KCN Tn To vn l KCN dn u v s lng nh my i vo hot ng ti TP.HCM l

184 n v, thu ht trn 20.000 lao ng. n cui thng 6/2006, KCN Tn To c 203 NT trong
nc v 34 NT nc ngoi, Khu hin hu c 146 NT & Khu m rng c 91 NT.
Cng ty bt u nim yt vi m ITA ngy 15/11/2006 trn sn giao dch chng khon TP H Ch
Minh. T chc t vn: cng ty c phn chng khon Si Gn (SSI). Kim ton c lp: cng ty dch v
t vn ti chnh k ton v kim ton (AASC) v cng ty c phn kim ton v t vn (A&C).
Ngnh ngh kinh doanh:
u t xy dng v kinh doanh c s h tng trong Khu cng nghip Tn To
u t xy dng v kinh doanh khu cng nghip, khu dn c th
Cho thu t c xy dng xong c s h tng
Cho thu hoc bn nh xng do Cng ty xy dng trong khu cng nghip
Kinh doanh cc dch v trong Khu cng nghip
Dch v t vn u t, t vn khoa hc k thut v chuyn giao cng ngh
Xy dng cng nghip, dn dng, giao thng
Dch v giao nhn hng ha v dch v cho thu kho bi
Xy dng cc cng trnh in n 35KV
Kinh doanh nh (xy dng, sa cha nh bn hoc cho thu)
Dch v truyn s liu; dch v truyn tp in t, truy cp t xa; dch v truy cp d liu theo cc
phng thc khc nhau; cung cp dch v internet (ISP), cung cp dch v ng dng internet (OSP), cung
cp ni dung thng tin trn internet (khi c cp php theo quy nh ca php lut); cc dch v lu tr
v cung cp thng tin
V th cng ty:
Khu cng nghip Tn To, nm dc theo Quc l 1A, pha Ty Nam ca Tp. H Ch Minh, thuc qun
Bnh Tn, cch trung tm Tp. H Ch Minh 12 km, cch Sn bay Tn Sn Nht 12 km, cch cng Si Gn
15 km. y l v tr kh quan trng trong k hoch pht trin kinh t ca Thnh ph H Ch Minh, l u
mi giao thng ca khu vc v cc tnh min Ty. D kin, khu vc ny s pht trin thnh Trung tm
Cng nghip v Thng mi ca Thnh ph. Khu cng nghip Tn To bao gm 2 khu: Khu hin hu v
Khu m rng vi tng din tch theo thit k ban u l 443,25 ha.
Cng ty con v lin kt
Cng ty con (7)

Cng ty TNHH Khai thc Dch v - Kinh doanh Vn phng &
Nh xng Tn To
CTCP u t Tn c
CTCP Khai thc & Pht trin Kho Vn ti Tn To (Itatrans)
CTCP B bin di Tn To
CTCP u t Kinh doanh th Tn To M Kng
CTCP Bu tri Tn To M Kng
CTCP u t Tn To 276
Cng ty lin kt (3)
CTCP Bnh Vin Tn To
CTCP Xi mng Tn To
CTCP u t v Pht trin th Tn To
II.
Vn iu
l
(t ng)
Vn gp
(t ng)
T l
s hu
(%)
200
200
100%
1,255.3
5.67
1,180
5.11
0.01
10.7
8.67
5.47
4.43
99%
94.5%
60%
51%
51%
51%
n/a
n/a
379.6
n/a
n/a
145.99
49%
42%
38.46%
Phn tch bng cn i k ton
Phn tch bng cn di k ton gip nh qun l nm c tnh hnh ti chnh tng qut ca mt cng ty ti
mt thi im nht nh, gm c ti sn v ngun vn.
1. Phn tch s bin ng ti sn v ngun vn
1.1. Phn tch s bin ng ti sn
Phn tch s bin ng ti sn ca cng ty gip ta bit v quy m v s bin ng ti sn ti thi im lp
bo co nh th no. Qua bng cn i k ton ta lp c bng phn tch s bin ng ti sn qua 3 nm
2011 2013 ti cng ty nh sau:
BNG PHN TCH S BIN NG TI SN

TI SN
2011
2012
2013
A - TI SN NGN HN
I. Tin v cc khon tng ng tin
1.Tin
2.Cc khon tng ng tin
II. Cc khon u t ti chnh ngn hn
1. u t ngn hn
III. Cc khon phi thu ngn hn
1.Phi thu khch hng
2.Tr trc cho ngi bn
3. Cc khon phi thu khc
4. D phng phi thu ngn hn kh i
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 khc phi thu Nh nc
4. Ti sn ngn hn khc
B - TI SN DI HN
I. Ti sn c nh
1. Ti sn c nh hu hnh
- Nguyn gi
964.037.367.413
61.186.597.426
51.186.597.426
10.000.000.000
33.457.990.330
33.457.990.330
280.608.000.539
150.543.106.630
118.854.767.783
13.156.046.981
(1.945.920.855)
558.856.297.093
558.856.297.093
29.928.482.025
12.394.344.531
6.153.723.784
5.897.605.589
5.482.808.121
4.751.109.333.839
4.734.881.513.737
4.595.735.107.796
6.057.823.323.822
1.182.627.820.938
67.027.329.997
55.241.022.511
11.786.307.486
89.000.000.000
89.000.000.000
402.254.685.015
276.454.696.992
120.289.540.468
7.456.368.410
(1.945.920.855)
611.450.126.041
611.450.126.041
12.895.679.885
420.362.981
1.211.189.336.378
91.442.918.370
86.261.460.266
5.181.458.104
130.000.000.000
130.000.000.000
527.864.996.731
415.582.981.501
104.653.272.211
9.524.663.874
(1.895.920.855)
454.129.924.331
454.129.924.331
7.751.496.946
694.069.258
- Gi tr hao mn lu k
2. Ti sn c nh v hnh
- Nguyn gi
- Gi tr hao mn lu k
3. Chi ph xy dng c bn d dang
II. Ti sn di hn khc
1. Chi ph tr trc di hn
Tng cng ti sn
(1.462.088.216.026)
79.957.688.938
111.250.502.008
(31.292.813.070)
59.188.717.003
16.227.820.102
16.227.820.102
5.715.146.701.252
8.306.310.070
4.169.006.834
4.870.156.026.478
4.859.421.179.731
4.585.920.687.720
6.357.716.897.766
(1.771.796.210.046
)
75.398.915.304
111.560.100.028
(36.161.184.724)
198.101.576.707
10.734.846.747
10.734.846.747
6.052.783.847.416
2.309.737.711
4.747.689.977
4.516.425.872.216
4.436.856.760.885
4.420.339.349.912
6.507.007.423.339
(2.086.668.073.427
)
9.888.750.868
11.560.100.028
(1.671.349.160)
6.628.660.105
79.569.111.331
79.569.111.331
5.727.615.208.594
Chnh lch 2012/2011

+(-)
%
218.590.453.525
22,67
5.840.732.571
9,55
4.054.425.085
7,92
1.786.307.486
17,86
55.542.009.670
166,01
55.542.009.670
166,01
121.646.684.476
43,35
125.911.590.362
83,64
1.434.772.685
1,21
(5.699.678.571)
-43,32
0
0
52.593.828.948
9,41
52.593.828.948
9,41
(17.032.802.140)
-56,91
(11.973.981.550)
-96,61
(6.153.723.784)
-100
2.408.704.481
40,84
(1.313.801.287)
-23,96
119.046.692.639
2,51
124.539.665.994
2,63
(9.814.420.076)
-0,21
299.893.573.944
4,95
(309.707.994.020)
(4.558.773.634)
309.598.020
(4.868.371.654)
138.912.859.704
(5.492.973.355)
(5.492.973.355)
337.637.146.164
21,18
-5,70
0,28
15,56
234,69
-33,85
-33,85
5,91
VT: ng
Chnh lch 2013/2012
+(-)
%
28.561.515.440
2,42
24.415.588.373
36,43
31.020.437.755
56,15
(6.604.849.382)
-56,04
41.000.000.000
46,07
41.000.000.000
46,07
125.610.311.716
31,23
139.128.284.509
50,33
(15.636.268.257)
-13,00
2.068.295.464
27,74
50.000.000
-2,57
(157.320.201.710)
-25,73
(157.320.201.710)
-25,73
(5.144.182.939)
-39,89
273.706.277
65,11
(5.996.572.359)
578.683.143
(353.730.154.262)
(422.564.418.846)
(165.581.337.808)
149.290.525.573
-72,19
13,88
-7,26
-8,70
-3,61
2,35
(314.871.863.381)
(65.510.164.436)
(100.000.000.000)
34.489.835.564
(191.472.916.602)
68.834.264.584
68.834.264.584
(325.168.638.822)
17,77
-86,88
-89,64
-95,38
-96,65
641,22
641,22
-5,37
Qua bng phn tch bin ng ti sn ca cng ty c phn Tn To t nm 2011

n nm 2013 ta thy: Nhn chung tng ti sn nm 2012 tng 337.637.146.164 ng
tng ng tng 5,91% so vi nm 2011; nm 2013 gim 325.168.638.822 ng
tng ng gim 5,37% so vi nm 2012. Nh vy, ti sn ca cng ty c s bin
ng nh vy l do:
Ti sn ngn hn nm 2012 so vi nm 2011 tng 218.590.453.525 ng tng
ng tng 22,67%; nm 2013 tng 28.561.515.440 ng tng ng tng 2,42%
so vi nm 2012. Trong ch yu l do:
Khon mc tin c xu hng tng qua 3 nm, c th l nm 2012 tng
5.840.732.571 ng tng ng tng 9,55%, n nm 2013 tng thm
24.415.588.373 ng tng ng tng 36,43%. iu ny cho thy doanh nghip c
xu hng gi tin mt v tng tin gi ngn hng.
Cc khon u t ti chnh ngn hn tng lin tc qua 3 nm. C th: nm 2012
tng 55.542.009.670 ng tng ng tng 166,01% so vi nm 2011; nm 2013
tng thm 41.000.000.000 ng tng ng tng 46,07% so vi nm 2012.
Cc khon phi thu tng qua 3 nm: nm 2012 tng 121.646.684.476 dng
tng ng tng 43,35% so vi nm 2011; nm 2013 tng 125.610.311.716 ng
tng ng tng 31,23% so vi nm 2012. Nguyn nhn ch yu l do khon phi
thu khch hng tng lin tc: nm 2012 tng 125.911.590.362 ng tng ng tng
83,64% so vi nm 2011; nm 2013 tng 139.128.284.509 ng tng ng tng
50,33% so vi nm 2012. y l du hiu cho thy cng ty ang b chim dng vn.
Hng tn kho nm 2012 l 611.450.126.041, tng 52.593.828.948 ng tng
ng tng 9,41% so vi nm 2011. Sang nm 2013 lng hng tn kho l
454.129.924.331 ng, gim 157.320.201.710 ng tng ng gim 25,73% so vi
nm 2012. Chng t cng ty rt linh hot v iu chnh lng hng tn kho m bo
cho qu trnh hot ng sn xut kinh doanh.
Ti sn ngn hn khc c xu hng gim qua cc nm: nm 2012 gim
17.032.802.140 ng tng ng gim 56,91%, nm 2013 gim 5.144.182.939 ng
gim 39,89%. Nguyn nhn ch yu do chi ph tr trc ngn hn gim v trong nm
2012 v 2013 cng ty khng c thu GTGT c khu tr.
Ti sn di hn nm 2012 l 4.870.156.026.478 ng, tng 119.046.692.639

ng tng ng tng 2,51% so vi nm 2011; nguyn nhn chnh l do chi ph xy
dng c bn d dang tng 138.912.859.704 ng tng ng tng 234,69%, ch yu
l xy dng d n mi. C th thy trong nm 2012 cng ty cn kh nhiu d n mi
cha hon thnh. Sang nm 2013 ti sn di hn gim 353.730.154.262 ng tng
ng gim 8,7% so vi nm 2012. Nguyn nhn ch yu l do TSC v hnh gim
65.510.164.436 ng tng ng gim 86,88% so vi nm 2012; ng thi chi ph
xy dng c bn d dang gim 191.472.916.602 ng tng ng gim 96,65%,
chng t cng ty hon thnh xong 1 s d n mi trong nm 2013.
Qua vic phn tch tnh hnh bin ng ti sn trong 3 nm ca cng ty cha
tht tt v nm 2012 tng 5,91%, sang nm 2013 gim 5,37%. Nh vy trong 3 nm th
tng ti sn tng khng ng k.
1.2. Phn tch s bin ng ngun vn
Phn tch s bin ng ngun vn bit quy m ngun vn nh th no v s
bin ng ca cc loi vn nhm thy c tnh hnh huy ng v s dng cc loi
vn p ng nhu cu cu sn xut kinh doanh nh th no. T bng cn i k ton
ca cng ty ta lp bng phn tch s bin dng ngun vn trong 3 nm 2011 2013
nh sau:
Bng phn tch s bin ng ngun vn

NGUN VN
2011
2012
2013
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 ngi lao ng
6. Chi ph phi tr
7. Cc khon phi tr. phi np ngn hn khc
8. Qu khen thng phc li
II. N di hn
1. Phi tr di hn khc
2. Vay v n di hn
3. D phng tr cp mt vic lm
4. Doanh thu cha thc hin
B - VN CH S HU
I. Vn ch s hu
1. Vn u t ca ch s hu
2. Thng d vn c phn
3. Vn khc ca ch s hu
4. Chnh lch t gi hi oi
5. Qu u t pht trin
6. Qu d phng ti chnh
7. Li nhun sau thu cha phn phi
8. Ngun vn u t XDCB
Tng cng ngun vn
4.706.841.551.513
1.496.655.966.747
882.294.322.777
467.847.072.675
1.210.524.786
1.312.699.482
55.664.846.620
53.835.106.119
19.475.879.335
15.015.514.953
3.210.185.584.766
10.693.000
3.210.151.131.766
5.017.884.924.868
1.697.455.029.798
1.015.938.274.405
557.551.142.201
1.115.419.880
1.695.270.497
52.155.255.797
41.415.522.742
22.166.865.225
4.584.020.710.308
1.884.172.050.498
1.250.154.548.156
492.476.855.933
447.552.601
6.942.949.369
67.034.590.712
20.071.726.376
41.695.240.346
23.760.000
1.008.305.149.739
1.008.305.149.739
956.613.970.000
57.006.601.053
6.437.278.738
-301.990.097.004
207.559.938.300
24.440.499.807
57.176.174.708
1.060.784.137
5.715.146.701.252
3.320.429.895.070 2.699.848.659.810
10.693.000
10.693.000
3.320.416.592.070 2.699.837.966.810
2.610.000
1.034.898.922.548
1.034.898.922.548
956.613.970.000
57.006.601.053
6.437.278.738
-260.407.522.418
209.585.261.955
25.115.607.692
39.486.941.391
1.060.784.137
6.052.783.847.416
1.143.594.498.286
1.143.594.498.286
956.613.970.000
57.006.601.053
-184.807.522.418
219.307.736.302
26.048.543.156
68.361.695.774
1.063.474.419
5.727.615.208.594
Chnh lch 11/10

+(-)
311.043.373.355
200.799.063.051
133.643.951.628
89.704.069.526
(95.104.906)
382.571.015
(3.509.590.823)
(12.419.583.377)
2.690.985.890
(15.015.514.953)
110.244.310.304
%
6,61
13,42
15,15
19,17
-7,86
29,14
-6,30
-23,07
13,82
-100
3,43
110.265.460.304
2.610.000
(23.760.000)
26.593.772.809
26.593.772.809
3,43
41.582.574.586
2.025.323.655
675.107.885
(17.689.233.317)
-13,77
0,98
2,76
-30,94
337.637.146.164
5,91
-100
2,64
2,64
n v tnh: ng
Chnh lch 12/11
+(-)
(433.864.214.560)
186.717.020.700
234.216.273.751
(65.074.286.268)
(667.867.279)
5.247.678.872
14.879.334.915
(21.343.796.366)
19.528.375.121
%
-8,65
11
23,05
-11,67
-59,88
309,55
28,53
-51,54
88,10
(620.581.235.260)
-18,69
(620.578.625.260)
(2.610.000)
-18,69
-100
108.695.575.738
108.695.575.738
10,50
10,50
(6.437.278.738)
75.600.000.000
9.722.474.347
932.935.464
28.874.754.383
2.690.282
(325.168.638.822)
-100
-29,03
4,64
3,71
73,12
0,25
-5,37
Qua bng phn tch s bin ng ca ngun vn, ta thy ngun vn ca cng ty nm 2012
337.637.146.164 ng tng ng tng 5,91% so vi nm 2011; nm 2013 gim
325.168.638.822 ng tng ng gim 5,37% so vi nm 2012. Nguyn nhn do:
N phi tr nm 2012 tng 311.043.373.355 ng tng ng tng 6,61% so vi nm
2011. C s tng ny l do tng n ngn hn 200.799.063.051 ng tng ng tng 13,42%
v n di hn tng 110.244.310.304 ng tng ng tng 3,43%; trong : tng vay v n
ngn hn 133.643.951.628 ng tng ng tng 15,15%, phi tr ngi bn tng
89.704.069.526 ng tng ng tng 19,17%, thu v cc khon phi np nh nc tng
382.571.015 ng tng ng tng 29,14%, cc khon phi tr pha np ngn hn khc tng
2.690.985.890 ng tng ng tng 13,82%, vay v n di hn tng 110.265.460.304 ng
tng ng tng 3,43%. S d n di hn ca cng ty trong nm 2012 tng l do cng ty cn
mua sm thm 1 s my mc thit b mi phc v cho qu trnh sn xut Sang nm 2013, n
phi tr gim 433.864.214.560 ng tng ng gim 8,65% so vi nm 2012. C chiu
hng gim ny ch yu l do gim n di hn 620.581.235.260 ng tng ng gim
18,69%, gim tr ngi bn 65.074.286.268 ng tng ng 11,67%; gim ngi mua tr tin
trc 667.867.279 ng tng ng 59,88%, gim chi ph phi tr 21.343.796.366 ng tng
ng 52,54%. Cn vay ngn hn tng 234.216.273.751 ng tng ng tng 23.05%, tng
thu v cc khon phi np nh nc 5.247.678.872 ng tng ng tng 309,55%.
Ngun vn ch s hu tng qua cc nm: nm 2012 tng 26.593.772.809 ng
tng ng tng 2,64% so vi nm 2011; trong ch yu l tng qu u t pht trin
2.025.323.655 ng tng ng tng 0,98%, v tng qu d phng ti chnh 675.107.885 ng
tng ng tng 2,76%; chnh lch t gi hi oi tng 41.582.574.586 ng tng ng
tng 13,77%, li nhun sau thu cha phn phi gim 17.689.233.317 ng tng ng gim
30,94% l do cng ty trch lp cc qu nm 2012 ln hn nm 2011. Sang nm 2013 tc tng
nhanh hn nm 2012 c th l tng 108.695.575.738 ng tng ng tng 10,5%; trong
trong ch yu l tng qu u t pht trin 9.722.474.347 ng tng ng tng 4,64%,
tng qu d phng ti chnh 932.935.464 ng tng ng tng 3,71 %; chnh lch t gi hi
oi tng 75.600.000.000 ng tng ng tng 29,03%, li nhun sau thu cha phn phi
tng 28.874.754.383 ng tng ng tng 73,12%.
Nh vy, ngun vn ca doanh nghip c xu hng tng theo kiu tng vn ch s hu

v gim n phi tr. y l du hiu tt cho thy kh nng t ch v vn ca doanh nghip, uy
tn ca cng ty ngy cng c cng c trn th trng
2. Phn tch kt cu ti sn v ngun vn
2.1. Phn tch kt cu ti sn
Bng phn tch kt cu ti sn

TI SN
A - TI SN NGN HN
I. Tin v cc khon tng ng tin
1.Tin
2.Cc khon tng ng tin
II. Cc khon u t ti chnh ngn hn
1. u t ngn hn
III. Cc khon phi thu ngn hn
1.Phi thu khch hng
2.Tr trc cho ngi bn
3. Cc khon phi thu khc
4. D phng phi thu ngn hn kh i
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 khc phi thu Nh nc
4. Ti sn ngn hn khc
B - TI SN DI HN
I. Ti sn c nh
1. Ti sn c nh hu hnh
- Nguyn gi
- Gi tr hao mn lu k
2. Ti sn c nh v hnh
- Nguyn gi
- Gi tr hao mn lu k
3. Chi ph xy dng c bn d dang
II. Ti sn di hn khc
1. Chi ph tr trc di hn
Tng cng ti sn
T trng
2011
16,87
6,35
5,31
1,04
3,47
3,47
29,11
15,62
12,33
1,36
-0,20
57,97
57,97
3,10
1,29
0,64
0,61
0,57
83,13
99,66
96,73
127,50
-30,77
1,68
2,34
-0,66
1,25
0,34
0,34
100
2012
19,54
5,67
4,67
1,
7,53
7,53
34,01
23,38
10,17
0,63
-0,16
51,70
51,70
1,09
0,04
0,00
0,70
0,35
80,46
99,78
94,16
130,54
-36,38
1,55
2,29
-0,74
4,07
0,22
0,22
100
2013
21,15
7,55
7,12
0,43
10,73
10,73
43,58
34,31
8,64
0,79
-0,16
37,49
37,49
0,64
0,06
0,00
0,19
0,39
78,85
98,24
97,87
144,07
-46,20
0,22
0,26
-0,04
0,15
1,76
1,76
100
VT: %
Chnh lch
2012/2011
2,67
-0,68
-0,64
-0,04
4,06
4,06
4,91
7,76
-2,16
-0,73
0,04
-6,27
-6,27
-2,01
-1,25
-0,64
0,09
-0,22
-2,67
0,12
-2,57
3,04
-5,61
-0,13
-0,05
-0,08
2,82
-0,12
-0,12
0
2013/2012
1,61
1,88
2,45
-0,57
3,21
3,21
9,57
10,94
-1,53
0,16
0,01
-14,21
-14,21
-0,45
0,02
0
-0,51
0,04
-1,61
-1,54
3,17
13,53
-9,82
-1,33
-2,03
0,71
-3,92
1,54
1,54
0
Bn cnh vic phn tch s bin ng ca ti sn v ngun vn, ta cn phn tch kt cu

ca n phn b nh th no? T c th thy c tnh hp l trong vic phn b vn mc
s dng vn. i vi cng ty c phn Tn Tokt cu ti sn c th hin nh sau:
Qua bng phn tch kt cu ti sn ca cng ty ta thy ti sn di hn qua cc nm u

chim t trng cao trn 70% v kt cu ti sn ang c xu hng gim dn t trng ti sn di
hn ng thi tng dn t trng ti sn ngn hn.
Nm 2012, t trng ti sn ngn hn tng 2,67% v t trng ti sn di hn gim 2,67% so
vi nm 2011.
Ti sn ngn hn nm 2011 chim 16,87%; nm 2012 chim 19,54% trong tng ti sn. S
thay i ny b nh hng ch yu bi hng tn kho, cc khon phi thu v cc khon u t
ti chnh ngn hn. C th l:
o T trng hng tn kho lun chim t trng ln nht trong ti sn ngn hn: nm 2011
chim 57,97%, nm 2012 chim 51,7% gim 6,27% so vi nm 2011. Chng t kh
nng tiu th hng ha ca cng ty tt.
o Cc khon phi thu mc d c t trng thay i theo chiu hng khc nhau trong ti
sn ngn hn nhng nhn chung cng chim t trng cao trong ti sn ngn hn.
Nm 2011 chim 29,11%, nm 2012 chim 34,01% c tng 4,91%.
o Tin chim t trng ng th ba trong t trng ti sn ngn hn. Nm 2011 chim
6,35%, nm 2012 chim 5,67% gim 0,68%.
Ti sn di hn nm 2011 chim 83,13%, nm 2012 chim 80,28% gim so vi nm 2011 l
2,67%. Ch yu l do t trng TSC hu hnh gim, c th t trng TSC hu hnh nm
2011 l 96,73%, n nm 2012 l 94,16%
Nm 2013, t trng ti sn ngn hn tng 1,61% v t trng ti sn di hn gim 1,61% so
vi nm 2012.
Ti sn ngn hn nm 2013 chim 21,15% tng hn so vi nm 2012 l 1,61% ch yu l do
cc phi thu tng thm 9,57% trong nm 2013 chng t cng ty ang b chim dng vn
nhiu. Bn cnh , hng tn kho gim 14,21% v tin trong nm 2013 tng 1,88%; qua
cho ta thy cng ty c nhng chnh sch thch hp cho cng tc tiu th hng ha .Ti sn
di hn ca cng ty trong nm 2013 gim 1,61% so vi nm 2012 chng t cng ty khng
u t thit b mi.
Nh vy, kt cu ti sn ca cng ty c xu hng tng dn TSNH v gim TSDH, trong
cc khon phi thu v hng tn kho chim t trng ch yu v chiu hng l gim t trng
hng tn kho nhanh hn tng phi thu khch hng; ti sn c nh c gim dn v cng ty t
u t thit b mi.
2.2. Phn tch kt cu ngun vn

Phn tch kt cu ngun vn nhm nh gi kh nng t ti tr v mt ti chnh
ca cng ty cng nh mc t ch ch ng trong kinh doanh. Tnh hnh kt cu
ngun vn ca cng ty c th hin qua bng sau:
Bng phn tch kt cu ngun vn

VT: %
Chnh lch
T trng
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 ngi lao ng
6. Chi ph phi tr
7. Cc khon phi tr. phi np ngn hn khc
8. Qu khen thng phc li
II. N di hn
1. Phi tr di hn khc
2. Vay v n di hn
3. D phng tr cp mt vic lm
4. Doanh thu cha thc hin
B - VN CH S HU
I. Vn ch s hu
1. Vn u t ca ch s hu
2. Thng d vn c phn
3. Vn khc ca ch s hu
4. Chnh lch t gi hi oi
5. Qu u t pht trin
6. Qu d phng ti chnh
7. Li nhun sau thu cha phn phi
8. Ngun vn u t XDCB
Tng cng ngun vn
2011
82,36
31,80
18,74
9,94
0,03
0,03
1,18
1,14
0,41
0,32
68,20
2012
82,90
33,83
20,25
11,11
0,02
0,03
1,04
0,83
0,44
0
66,17
2013
80,03
41,10
27,27
10,74
0,01
0,15
1,46
0,44
0,91
58,90
2012/2011
0,54
2,03
1,50
1,17
0
0,01
-0,14
-0,32
0,03
-0,32
-2,03
2013/2012
-2,87
7,27
7,03
-0,37
-0,01
0,12
0,42
-0,39
0,47
0
-7,27
68,20
66,17
58,90
-2,03
-7,27
17,64
100
94,87
5,65
0,64
-29,95
20,59
2,42
5,67
0,11
100
17,10
100
92,44
5,51
0,62
-25,16
20,25
2,43
3,82
0,10
100
19,97
100
83,65
4,98
0
-16,16
19,18
2,28
5,98
0,09
100
-0,54
0
-2,44
-0,15
-0,02
4,79
-0,33
0,00
-1,85
0,00
0
2,87
0
-8,79
-0,52
-0,62
9,00
-1,07
-0,15
2,16
-0,01
0
Qua bng phn tch kt cu ngun vn ca cng ty t nm 2011 n nm 2013 ta thy:

nhn chung kt cu ngun vn ca cng ty khng c s bin ng ln, n phi tr vn chim t
trng ln hn so vi vn ch s hu trong tng ngun vn. Trong :
N phi tr chim t trng tng i cao; nm 2011 chim 82,36% trong tng
ngun vn, sang nm 2012 tng ln 82,9% v n nm 2013 gim xun cn 80,03%. N phi tr
tuy c bin ng song khng ng k v s bin ng ny l do vay n ngn hn v vay n di
hn quyt nh, c th l trong nm 2011 n ngn hn chim 31,8% v n di hn l 68,2%, nm
2012 chim 33,83% v 66,17%, nm 2013 chim 41,1% v 58,9% trong n phi tr. iu ny
cho thy phn ln ngun vn ca doanh nghip c hnh thnh t vic i vay v n ngn hn
v di hn.
Vn ch s hu chim t trng khng cao trong tng ngun vn, c th l nm
2011 chim 17,64% trong tng ngun vn, sang nm 2012 gim xung cn 17,1% v n nm
2013 tng ln 19,97%. Trong :
o
Vn u t ch s hu nm 2011 l 94,87%, nm 2012 l 92,44%; nm
2010 l 83,65%. S bin ng t trng ny c xu hng gim dn qua 3 nm nhng bin

ng khng ln lm. V vy, cho thy doanh nghip vn c xu hng t ch v vn.
o
S gim ca t trng cc qu u t pht trin v qu d phng ti
chnh ; c th nm 2011 t trng 2 qu ny l 20,59% v 2,42%, nm 2012 l 20,25%

v 2,43%, nm 2013 l 19,18% v 2,28%%.
Nh vy, qua phn tch c th thy t trng n phi tr cn rt ln, cho thy ngun vn
phc v cho qu trnh sn xut kinh doanh ph thuc ch yu vo ngun vn i vay v vn
chim dng.
Tm li; vn ca cng ty ch yu c u t vo ti sn lu ng v c hnh thnh
t ngun vn vay n. Do s bin ng ca ti sn lu ng s nh hng n hot ng sn
xut kinh doanh ca cng ty.
III.
Phn tch BCKQHKD
Chnh lch 2012/2011
Chnh lch 2013/2012
+(-)
+(-)
2011
2012
2013
1. Doanh thu bn hng v cung cp dch v
2,720,759,373,666
3,331,327,200,895
3,747,498,620,368 610,567,827,229 22.44%
2. Cc khon gim tr doanh thu
(10,268,040)
(44,244,632,134)
(231,163,038,352)
3,287,082,568,761
3,516,335,582,016 566,333,463,135 20.82%
229,253,013,255 6.97%
3. Doanh thu thun v bn hng v cung cp dch

2,720,749,105,626
v
416,171,419,473 12.49%
(44,234,364,094) 430796.57% (186,918,406,218) 422.47%
4. Gi Vn hng bn
(2,239,020,951,114) (2,409,249,260,435)
(2,716,272,766,065) (170,228,309,321) 7.60%
(307,023,505,630) 12.74%
5. Li nhun gp v bn hng v cung cp dch

v
481,728,154,512
877,833,308,326
800,062,815,951
396,105,153,814 82.23%
(77,770,492,375) -8.86%
6. Doanh thu hot ng ti chnh
6,666,173,230
5,861,575,074
43,882,038,159
(804,598,156)
-12.07%
38,020,463,085
648.64%
7. Chi ph ti chnh
(184,814,307,978)
(529,716,415,020)
(444,546,697,178)
(344,902,107,042) 186.62%
85,169,717,842
-16.08%
(170,438,277,528)
(425,065,607,634)
(366,799,755,935)
(254,627,330,106) 149.40%
58,265,851,699
-13.71%
8. Chi ph bn hng
(138,078,631,793)
(180,127,323,883)
(178,308,335,432)
(42,048,692,090) 30.45%
1,818,988,451
-1.01%
9. Chi ph qun l doanh nghip
(112,570,653,223)
(126,124,943,293)
(129,976,583,214)
(13,554,290,070) 12.04%
(3,851,639,921)
3.05%
10. Li nhun thun t hot ng kinh doanh
52,930,734,748
47,726,201,204
91,113,238,286
(5,204,533,544)
-9.83%
43,387,037,082
90.91%
11. Thu nhp khc
15,336,504,637
22,301,765,833
27,593,231,624
6,965,261,196
45.42%
5,291,465,791
23.73%
12. Chi ph khc
(10,736,721,054)
(12,724,625,754)
(26,845,984,592)
(1,987,904,700)
18.52%
(14,121,358,838) 110.98%
13. Li nhun khc
4,599,783,583
9,577,140,079
752,247,032
4,977,356,496
108.21%
(8,824,893,047)
-92.15%
14. Tng li nhun trc thu
57,530,518,331
57,303,341,283
91,865,485,318
(227,177,048)
-0.39%
34,562,144,035
60.31%
15. Chi ph thu TNDN hin hnh
12,765,846,701
7,737,890,608
22,966,371,329
(5,027,956,093)
-39.39%
15,228,480,721
196.80%
16. Li nhun sau thu TNDN
44,764,671,630
49,565,450,675
68,899,113,989
4,800,779,045
10.72%
19,333,663,314
39.01%
17. Li c bn trn c phiu
572
518
720
(54)
-9.44%
202
39.00%
Trong : Chi phi li vay
Qua bng phn tch kt qu hot ng kinh doanh ca cng ty trong 3 nm 2011-2012, ta
thy rng cng ty lm n c hiu qu tng li nhun sau thu ca cng ty ang c xu hng gia
tng, l iu ng mng i vi tp th cng ty. Li nhun sau thu ca cng ty nm 2011 l
44.764.671.630 ng, nm 2012 l 49.565.450.675 ng tng 4.800.779.045 ng tcs tng
10,72% so vi nm 2011; n nm 2013 l 68.899.113.989 ng tng 39,01% so vi nm 2012.
Li nhun trc thu ca cng ty nm 2012 tng 10,72% ; nm 2013 tng 39,01% so vi cng
k nm trc. Chng t cng ty lm n c hiu qu. Li nhun sau thu tng ln do :
Li nhun gp v bn hng nm 2011 l 481.728.154.512 ng nm 2012 tng mnh t
877.833.308.326 ng , tng 396.105.153.814 ng tng ng 82,83% so vi nm 2011;
nm 2013 gim cn 800.062.815.951 ng tc gim 77.770.492.375 ng tng ng
8,86%.Nguyn nhn do:
o Doanh thu bn hng nm 2011 l 2.720.759.373.666 ng; nm 2012 t
3.331.337.207.200.895 ng tng 610.567.827.229 ng tng ng 22,24%;
nm 2013 l 3.747.498.620.368 ng tng 12,46% so vi nm 2012.Cc khon
gim tr doanh thu cng tng mnh tc nm 2011 l 10.268.040 ng sang nm
2012 l 44.224.632.134 ng tng 430.796,57%; nm 2013 tng
196.918.406.218 ng t 44.224.632.134 ng ln 231.163.038.352 ng vo
nm 2013. Nh vy mc d doanh thu bn hng tng cao nhng cc khon gim
tr doanh thu nm 2012 v 2013 cng tng gp nhiu ln so vi nm 2011
nguyn nhn ch yu do doanh nghip chit khu thng mi cho cho thu
vn phng. iu ny cng d hiu bi trong tnh trng bt ng sn b ng bng
nh 2 nm qua th cng ty phi thi hnh chnh sch bn hng hp l mi c th
thu ht c khch hng n vi cng ty.Mc d vy doanh thu thun v bn
hng vn lin tc tng qua cc nm, nm 2011 l 2.720.749.105.626 ng; nm
2012 l 3.287.08.568.761 ng tng 556.333.463.135 ng so vi nm trc;
nm 2013 t 3.516.335.582.016 ng tng 229.253.013.255 ng so vi nm
2012.
o
Gi vn hng bn nm 2012 tng 170.228.309.321 ng t 2.239.020.951.114

ng vo nm 2011 ln 2.409.249.260.435 ng vo nm 2012; nm 2013 l
2.716.272.766.065 ng tng 307.023.505.630 ng so vi nm 2012 tc tng
12,74%.Nh vy, gi vn hng bn c s gia tng lin tc tuy nhin khng c s
t bin mnh. iu ny cng d hiu v tnh hnh kinh t ngy cng lm pht
nn chi ph u vo ngy mt tng cao.
Li nhun thun t hot ng kinh doanh qua 3 nm c s bin ng tng gim khng u
c th nm 2011 l 52.930.734.748 ng; nm 2012 l 47.726.201.204 ng gim
5.204.533.544 ng tc 9,83%; nm 2013 tng vt ln 91.113.238.286 ng tng
43.387.037.082 ng tng ng 90,91%. Nguyn nhn :
o Doanh thu t hot ng ti chnh c s bin ng tng gim mnh nm 2011 l
6.666.173.230 ng; nm 2011 l 5.861.575.074 ng gim 804.598.156 ng
tng ng 12,07%; nm 2013 l 43.882.038.159 ng tng 38.020.463.085
ng tng ng tng 648,64%.Nguyn nhn ch yu do trong nm 2013 cng
ty c 20.816.689.920 ng li t gi cha thc hin v li t gi thc hin, li
tin gi, tin cho vay cng tng mnh so vi nm trc.
o Chi ph ti chnh cng bin ng qua 3 nm t 184.814.307.978 ng nm 2011
ln 529.716.415.020 ng tc tng 344.902.107.042 ng tng ng
186,62%; nm 2013 l 444.546.697.178 ng gim 16,08% tng ng
85.169.717.842 ng.Nguyn nhn nm 2012 tng t bin l do chi ph li vay
tng mnh do hu qu ca lm pht v cc khon vay ngn hn,di hn trong
nm u cao hn nm 2011 nhng sang nm 2013 chi ph li vay gim v
cng ty gim ng k cc khon vay ngn hn v di hn.
o Chi ph bn hng cng tng gim khng u qua 3 nm c th trong nm 2011 l
138.078.631.793 ng; nm 2012 l 180.127.323.883 ng tng 42.048.692.090
ng tng ng 30,45%; nm 2013 cn 178.308.335.432 ng gim
1.818.988.451 ng tng ng 1,01%.
o Chi ph qun l doanh nghip tng lin tc qua 3 nm t 112.570.653.223 ng
nm 2011 ln 126.124.943.293 ng nm 2012 v nm 2013 l 129.976.583.214
ng.Nh vy nm 2012 tng 12,04% so vi nm 2011 nhng nm 2013 ch tng
3,05% so vi nm 2012 tc l 2012 cng ty u t thm 13.554.290.070 ng
cho qun l cng ty nhng nm 2013 trn c s ca nm 2012 ch tng
3.851.639.921 ng. Cng ty cng nn c nhng k honh di lu khng nn
chi ph qun l doanh nghip tng lin tc qua tng nm.
Nh vy li nhun thun nm 2013 tng cao so vi nm 2012 ch yu l do trong nm cng ty
gim hu ht cc khon mc chi ph, t mang li li nhun cao cho doanh nghip.
Li nhun khc c s bin ng qua 3 nm c th nm 2011 l 4.599.783.583 ng; nm

2012 l 9.577.140.079 ng tng 4.977.356.496 ng tng ng 108,21%; nm 2013 l
752.247.032 ng gim 8.824.893.047 ng tng ng 92,15%. Nguyn nhn:
o Chi ph khc nm 2011 l 10.736.721.054 ng, nm 2012 l 12.724.625.754
ng tng 1.987.904.700 ng tng ng 18,52%; nm 2013 l
26.845.984.592 ng tng 14.121.358.838 ng tng ng 110,98%. Trong
nm 2013 chi ph khc tng cao do trong nm cng ty tn 11.983.540.260
ng cho chi ph vn chuyn. Tuy nhin y l do khch hng ca cng ty ch
yu xa v do tnh hnh cnh tranh khc lit, cng ty cn thc hin nhng chnh
sch u i dch v i vi khch hng.
o Thu nhp khc tng lin tc qua 3 nm t 15.336.504.637 ng nm 2011 ln
22.301.765.833 ng v nm 2013 l 27.598.231.196 ng. Nh vy, nm 2012
tng 6.965.261.196 ng tng ng 45,42% so vi nm 2011; nm 2013 tng
5.296.465.791 ng tng ng 23,75% so vi cng k nm trc.
Nh vy mc d thu nhp khc nm 2013 c tng nhng tng t hn nhiu so vi chi ph khc
kt qu lm cho li nhun khc nm 2013 b gim mnh.
IV.
Phn tch bo co lu chuyn tin t

Phn tch bo co lu chuyn tin t cn gi l phn tch ngn lu l cng vic quan
trng, ngy cng chim nhiu cng sc v thi gian ca cc nh qun tr, ca cc gim c ti
chnh. K hoch lu chuyn tin t c s chi phi ton b hot ng kinh doanh nn phi c
d bo v xy dng da trn s phn tch tnh hnh lu chuyn tin t.
Cn c vo bo co lu chuyn tin ca cng ty ta lp bng phn tch bo co lu
chuyn tin t nh sau:
BO CO LU CHUYN TIN T
2011
I. LU CHUYN TIN T HOT
NG KINH DOANH
Li nhun (l) trc thu
iu chnh cho cc khon:
Khu hao ti sn c nh
Cc khon d phng
Li (l) chnh lch t gi hi oi cha
thc hin
Li (l) t hot ng u t
Chi ph li vay
Li nhun (l) t hot ng kinh doanh
trc thay i vn lu ng
(Tng) gim cc khon phi thu
Tng (gim) hng tn kho
Tng (gim) cc khon phi (khng bao
gm li vay, thu TNDN phi tr)
(Tng) gim chi phi tr trc
Tin li vay tr
Thu TNDN np
Tin thu khc t hot ng kinh doanh
Tin chi khc cho hot ng kinh doanh
2012
2013
64.254.151.367
57.303.341.283
91.865.485.318
215.190.677.950
3.432.143.240
309.505.069.367
9.758.676.178
Chnh lch 2012/2011

+(-)
%
(6.950.810.084)
vt:
VN
Chnh lch 2013/2012
+(-)
%
-10,82%
34.562.144.035
60,31%
324.218.677.360
(50.000.000)
94.314.391.417 43,83%
(3.432.143.240) -100,00%
14.713.607.993
(50.000.000)
4,75%
41.5S2.574.586
54.783.310.180
31.823.898.408 326,11%
13.200.735.594
31,75%
(6.572.602.304)
108.749.500.024
(5.692.610.091)
425.065.607.634
(10.896.674.152)
366.799.755.935
879.992.213 -13,39% (5.206.064.061)

256.316.107.610 151,89% (58.265.851.699)
91,45%
-13,71%
454.812.546.455
827.763.982.779
826.718.554.641
372.951.436.324
(42.144.087.776)
1.841.624.380.742
(ll6.869.501.993)
(52.593.828.949)
51.025.127.712
107.923.595.647
82,00%
(1.045.428.138)
-0,13%
(119.563.739.357)
(74.725.414.217) 177,31%
199.574.286.755 (1.894.218.209.691) -102,86%
(2.694.237.364)
252.168.115.704
2,31%
-479,46%
111,51% (160.137.445.150)
-148,38%
44.364.808.658 -164,94% (21.574.925.776)

(271.255.767.822) 175,66% 48.475.258.540
10.211.834.872 -59,54% (12.699.900.912)
24.796.360.605 1247,17% (26.784.569.561)
(15.409.672.949) 52,50% 37.608.184.398
-123,52%
-11,48%
183,03%
-100,00%
-84,09%
(52.213.849.503)
(26.897.S53.753)
17.466.954.905
(4.107.970.871)
(150.982.680.248) (422.23S.448.070) (373.763.189.530)
(17.150.650.410)
(6.938.815.538) (19.638.716.450)
1.988.208.956
26.784.569.561
(29.315.603.911) (44.725.276.860)
(7 117 092 462)
56.898.467.935
Lu chuyn tin thun t hoat ng

kinh doanh
II. LU CHUYN TIN T HOT
NG U T
Tin chi mua sm, xy dng ti sn c
nh
Tin thu do thanh l, nhng bn TSC
v cc ti sn di hn khc
Tin chi cho vay, mua cc cng c n ca
n v khc
Tin thu hi cho vay, bn li cng c n
ca n v khc
Tin thu li cho vay, c tc v li nhun
c chia
Lu chuyn tin thun t hot ng u t
III. LU CHUYN TIN T HOT
NG TI CHNH
Tin vay ngn hn, di hn nhn c
Tin chi tr n gc vay
C tc, li nhun tr cho ch s hu
Lu chuyn tin thun t (s dng vo)
hot ng ti chnh
Lu chuyn tin thun trong nm
Tin v tng ng tin u nm
Anh hng ca thay i t gi hi oi
quy i ngoi t
Tin v tng ng tin cui nm
2.082.959.387.767
336.573.231.482
449.888.283.223 (1.746.368.156.285) -83,84%
(2.368.390.398.908)
(439.116.031.668)
(8.930.673.322)
1.368.185.455
1.056.756.000
113.315.051.741
33,67%
1.929.274.367.240
-81,46% 430.185.358.346
-97,97%
1.368.185.455
(311.429.455)
-22,76%
704,49%
(10.000.000.000)
(89.000.000.000) (716.000.000.000)
(79.000.000.000) 790,00% (627.000.000.000)
6.542.009.670
675.000.000.000
(6.542.009.670) -100,00% 675.000.000.000
6.572.602.304
9.864.247.025
(2.365.275.786.934) (526.747.846.213)
-92,50%
831.996.573.950 1.824.403.760.172 1.870.062.666.626

992.407.186.222 119,28% 45.658.906.454
(486.799.204.584) (1.580.494.348.240) (2.256.525.692.079) (1.093.695.143.656) 224,67% (676.031.343.839)
(95.661.397.000) (47.830.698.500)
47.830.698.500 -50,00% 47.830.698.500
2,50%
42,77%
-100,00%
109.078.713.432 (386.463.025.453)
1.838.527.040.721
9.864.247.925
-77,73% 487.738.176.816
249.535.972.366
(39.009.669.397)
(6.572.602.304) -100.00%
(53.457.258.934)
-21,42% (582.541.738.885)
-297,10%
(32.780.426.801)
93.577.426.078.956
5.904.098.701
61.186.597.426
24.415.588.373
38.684.525.502 -118,01%
67.027.329.997 (93.516.239.481.530) -99,93%
18.511.489.672
5.840.732.571
313,54%
9,55%
398.945.271
(63.366.130)
(462.311.401) -115,88%
63.366.1.30
-100,00%
61.186.597.426
67.027.320.997
24.415.588.373
36,43%
91.442.918.370
5.840.732.571
9,55%
Qua bng phn tch ta thy lu chuyn tin thun tng mnh u qua cc nm, nm
2011 l m 32.780.426.801 ng ; nm 2012 l 5.904.098.701 ng; nm 2013 l
24.415.588.373 ng.Nh vy nm 2012 tng 38.684.525.502 ng so vi nm 2011; nm
2013 tng 18.511.489.672 ng tng ng 313,54 %.Nguyn nhn ca s gia tng t bin
ny l do:
Lu chuyn tin thun t hot ng sn xut kinh doanh: Nm 2011 l
2.082.959.387.676 ng n nm 2012 l 336.573.231.482 ng gim 1.746.386.156.285 ng
tng ng 83,84%. Nguyn nhn ch yu do trong nm 2011 cng ty trch lp d phng v
c gi tr hng tn kho ln. Sang nm 2012, li nhun trc thu gim 6.950.810.084 ng;
cc khon phi thu tng 74.725.414.217 ng; tng tin li vay tr 271.255.767.82 ng;
lng hng tn kho gim 1.894.218.209.691 ng; tin chi khc cho cc hot ng kinh doanh
tng 15.409.672.949 ng nh vy do dng tin lu chuyn tin t hot ng sn xut kinh
doanh c cc dng chi ra tng cao v cc dng thu vo gim mnh khng b p cho cc
khon chi ra. n nm 2013 tng nh ln 449.888.283.223 ng tc tng 113.315.051.741
ng so vi nm 2012 ch yu do trong nm li nhun trc thu tng t 91.865.485.318
ng tc tng 34.562.144.035 ng tng ng 60,31%; hng tn kho l 199.547.286.755
ng tng 252.168.115.704 ng so vi nm 2012.
Lu chuyn tin thun t hot ng u t lin tc m trong 3 nm c th: nm 2011 l
m 2.365.275.786.934 ng; nm 2012 l m 526.747.864.213 ng; nm 2013 l m
39.009.669.397 ng. Nm 2011 lu chuyn tin thun t hot ng u t m nhiu nh vy
l do cng ty ch yu u t cho mua sm ti sn c nh 2.368.390.398.908 ng. Sang nm
2012 cng ty chi thm 439.116.031.668 ng mua sm ti sn c nh; chi 89.000.000.000
ng cho vay v mua cng c n. n nm 2013 cng ty chi 8.930.673.322 ng mua sm ti
sn c nh; chi 716.000.000.000 ng cho vay v mua cng c n nhng cng thu hi
675.000.000.000 ng t cho vay, bn cng c n ca n v khc.Nh vy , trong 3 nm cng
ty lin tc mua sm, xy dng ti sn c nh chng t h thng dy chuyn sn xut ca
cng ty ngy cng c hin i ha gp phn nng cao nng sut v hiu qu lao ng cho
cng ty.
Lu chuyn tin thun t hot ng ti chnh gim lin tc qua 3 nm c th nm 2011
l 249.353.972.366 ng, nm 2012 l 5.904.098.701 ng ; nm 2013 l m 386.463.025.453
ng .Nguyn nhn ch yu l do trong nm 2012 mc d cng ty nhn c
1.824.403.760.172 ng t vay ngn hn v di hn nhng li chi tr n gc vay n
1.580.494.348.240 ng. Sang nm 2013 cng tng t cng ty nhn c 1.870.062.66.626

ng t vay ngn hn, di hn nhng li chi tr n gc vay 2.256.692.079 ng. Nh vy, trong
3 nm cng ty lin tc tng tr n gc vay y cng l 1 du hiu tt chng t cng ty c kh
nng thanh ton tt cc khon n v s dng c hiu qu ng vn vay ca mnh
V.
PHN TCH TNH HNH TI CHNH THNG QUA CC CH S

TI CHNH
nh gi khi qut tnh hnh ti chnh cng ty thng qua phn tch kt cu ti
sn v ngun vn ca doanh nghip.
1. Phn tch c cu ti sn ca cng ty
T sut u t
ti sn di hn
Ti sn di hn (M s 200 - Phn ti sn)
=
Tng ti sn (M s 270 Phn ti sn)
Ti sn ngn hn (M s 100 Phn ti sn)
T sut u t
ti sn ngn hn
=
Qua bng cn i k ton ca cng ty nm 2011, 2012 v 2013 ta lp c bng

phn tch t sut u t ti sn nh sau:
Bng Phn tch t sut u t ti sn
Ch tiu
1.TSNH
2.TSDH
3.Tng TS
4.T sut
u t
TSNH
5.T sut
u t
TSDH
VT
ng
ng
ng
2011
964.037.367.413
4.751.109.333.839
5.715.146.701.252
2012
1.182.627.820.938
4.870.156.026.478
6.052.783.847.416
2013
1.211.189.336.378
4.516.425.872.216
5.727.615.208.594
Chnh lch 2012/2011

+(-)
%
218.590.453.525 22,67%
119.046.692.639 2,51%
337.637.146.164 5,91%
Chnh lch 2013/2012

+(-)
%
28.561.515.440
2,42%
-353.730.154.262 -7,26%
-325.168.638.822 -5,37%
16,87%
19,54%
21,15%
3%
15,83%
2%
8,23%
83,13%
80,46%
78,85%
-3%
-3,21%
-2%
4,00%
Biu T sut u t ti sn.

Qua bng phn tch trn ta thy:
Nm 2011 t sut u t ti sn ngn hn chim t l 16,87% trong tng ti sn
ca cng ty, ti sn di hn chim t l rt cao n 83,13%. iu ny cho thy cng ty
u t nhiu vo ti sn c nh phc v cho hot ng di hn. Cng ty hot ng
trong lnh vc sn xut xi mng nn cng d hiu khi t l ti sn di hn ln bi v
c th hot ng sn xut ca cng ty l u t vo my mc, thit b,....; hng lu
kho khng qu nhiu.
Nm 2012, t sut u t ti sn di hn thay i so vi nm 2011 l gim
3% tng ng gim 3,21% v t xut ti sn ngn hn tng nh 3% so vi nm
2011.
Nm 2013, t sut u t ti sn ngn hn li tip tc tng 2% v t sut ti sn
di hn gim 2% so vi nm 2012.
2. Phn tch c cu ngun vn ca cng ty
T s
n
T s t
ti tr
Hay
N phi tr (M s 300 Phn ngun vn)

=
Tng ngun vn (M s 440 Phn ngun vn)
Vn ch s hu (M s 400 Phn ngun vn)
=
Tng ngun vn (M s 440 Phn ngun vn)
T s t ti tr = 1 t s n.
Da vo bng cn i k ton ca cng ty qua 3 nm 2011, 2012 v 2013 ta lp

c bng phn tch t s n v t s ti tr nh sau:
Bng Phn tch c cu ngun vn ca cng ty
Ch tiu
1.N phi tr
2.Vn ch s hu
VT
2011
4.706.841.551.513
1.008.305.149.739
2012
5.017.884.924.868
1.034.898.922.548
2013
4.584.020.710.308
1.143.594.498.286
3.Tng ngun vn
4.H s n
5.H s t ti tr
6.NPT/VCSH
7.NPT/Tng TS
ln
ln
ln
ln
5.715.146.701.252
0,82
0,18
6.052.783.847.416
0,83
0,17
5.727.615.208.594
0,8
0,2
Chnh lch 2012/2011

+(-)
%
311.043.373.355 6,61%
26.593.772.809 2,64%
337.637.146.16
4
5,91%
0,01
0,66%
-0,01
-3,09%
Chnh lch 2013/2012

+(-)
%
-433.864.214.560 -8,65%
108.695.575.738
10,50%
-325.168.638.822
-0,03
0,03
Biu T s n v t s t ti tr
Qua bng phn tch t s n v t s t ti tr ca cng ty t nm 2011 n nm
2013 ta thy:
Nm 2011 t s n ca cng ty l 0,82; t s t ti tr l 0,18; iu c ngha
l n phi tr chim phn ln trong tng ngun vn ca cng ty. Sang nm 2012, t s
n ca cng ty l 0,83 cn t s t ti tr l 0,17; qua mt nm t s n ca cng ty
tng 0,01 ln tng ng tng 0,66%, cn t s t ti tr gim 0,01 ln tng ng
gim 3,09%.
n nm 2013, c s thay i ng k c bit l t s t ti tr tng 16,78%
tc tng 0,03 ln v t s n gim 3,46% tc gim 0,03 ln so vi nm 2012.
Nh vy, cng qua vic phn tch t s trn ta thy nhn chung n phi tr vn
chim phn ln trong tng ngun vn ca cng ty, chng t ti sn ca doanh nghip
-5,37%
-3,46%
16,78%
phn nhiu c hnh thnh bng cch i vay n. Tuy nhin, vic t s t ti tr ca
doanh nghip ang c xu hng tng ln. y l mt du hiu tt th hin tnh t ch
v ti chnh ca cng ty ngy cng tng. Tnh hnh ti chnh ca cng ty lnh mnh.
3. Cc ch tiu nh gi kh nng thanh ton
3.1. Phn tch kh nng thanh ton tng qut
H s thanh ton
tng qut

=
N phi tr (M s 300 Phn ngun vn)
Da vo bng cn i k ton ca cng ty qua 3 nm 2011 2013 ta lp c

bng phn tch kh nng thanh ton hin hnh nh sau:
Bng Phn tch kh nng thanh ton tng qut
Ch tiu
1.Tng TS
2.N phi
tr
3.Kh nng
thanh ton
tng qut
VT
ng
2011
5.715.146.701.252
2012
6.052.783.847.416
2013
5.727.615.208.594
Chnh lch 2012/2011

+(-)
%
337.637.146.164 5,91%
Chnh lch 2013/2012

+(-)
%
-325.168.638.822
-5,37%
ng
4.706.841.551.513
5.017.884.924.868
4.584.020.710.308
311.043.373.355
6,61%
-433.864.214.560
-8,65%
Ln
1,21
1,21
1,25
0,00%
0,04
3,58%
Biu :Kh nng thanh ton tng qut

Qua bng phn tch ta thy kh nng thanh ton hin hnh ca cng ty lun ln
hn 1 v khng bin ng ri tng ln. C th nm 2011 kh nng thanh ton hin
hnh l 1,21 ln c ngha l c 1 ng vn n phi tr th c m bo bng 1,21
ng ti sn; sang nm 2012 th kh nng thanh ton hin hnh khng thay i ng
k. n nm 2013 th kh nng thanh ton hin hnh tng ln 1,25 ln c ngha l c 1
ng vn n phi tr th c m bo bng 1,25 ng ti sn v so vi nm 2012 th
tng 0,04 ln tng ng tng 3,58%.
Nh vy, qua ba nm ta thy mc d cng ty c nng lc thanh ton tt c
cc khon n, cng ty vn hot ng sn xut kinh doanh bnh thng v to c uy
tn i vi tt c cc n v khc.
3.2.
Phn tch kh nng thanh ton n ngn hn

Ti sn ngn hn (M s 100 Phn ti sn)
H s thanh ton
=
ngn hn
N ngn hn (M s 310 Phn ngun vn)
Da vo bng cn i k ton ca cng ty qua 3 nm 2011 2013 ta lp c

bng phn tch kh nng thanh ton ngn hn nh sau:
Bng Phn tch kh nng thanh ton n ngn hn
Ch tiu
VT
2011
2012
2013
Chnh lch 2012/2011

+(-)
%
Chnh lch 2013/2012

+(-)
%
1.Ti sn ngn hn
2.N ngn hn
ng
ng
964.037.367.413
1.496.655.966.747
1.182.627.820.938
1.697.455.029.798
1.211.189.336.378
1.884.172.050.498
218.590.453.525
200.799.063.051
22,67%
13,42%
28.561.515.440
186.717.020.700
2,
11
3.Kh nng thanh ton

n ngn hn
Ln
0,64
0,7
0,64
0,06
9,37%
-0,06
-8
Biu : Kh nng thanh ton n ngn hn

Qua vic phn tch kh nng thanh ton thy:
Kh nng thanh ton n ngn hn ca cng ty nm 2011 l 0,64 ln c ngha l
c 1 ng n ngn hn c m bo bng 0,64 ng ti sn ngn hn.
Nm 2012, kh nng thanh ton n ngn hn l 0,7 ln c ngha l c 1 ng n
ngn hn c m bo bng 0,7 ng ti sn ngn hn tc l tng 0,06 ln tng
ng tng 9,37% so vi nm 2011.
Nm 2013, kh nng thanh ton n ngn hn l 0,64 ln c ngha l c 1 ng
n ngn hn c m bo bng 0,64 ng ti sn ngn hn tc l gim 0,06 ln tng
ng gim 8,57% so vi nm 2012.
Nhn chung qua ba nm h s kh nng thanh ton ngn hn ca cng ty u nh
hn 1, cho thy cng ty cha c kh nng thanh ton n ngn hn. Tuy nhin, mun
khng nh r hn v kh nng thanh ton ca cng ty ta cn phn tch thm kh nng
thanh ton nhanh, kh nng thanh ton n di hn v kh nng thanh ton li vay.
3.3.
Phn tch kh nng thanh ton nhanh
Da vo bng cn i k ton ca cng ty qua 3 nm 2011 2012 ta lp c bng

phn tch kh nng thanh ton nhanh nh sau:
Bng Phn tch kh nng thanh ton bng tin
Ch tiu
1.TSNH - Hng tn
kho
2.N ngn hn
3.Kh nng thanh
ton nhanh
VT
2011
2012
2013
Chnh lch 2012/2011

+(-)
%
Chnh lch 2013/2012

+(-)
%
ng
ng
405.181.070.320
1.496.655.966.747
571.177.694.897
1.697.455.029.798
757.059.412.047
1.884.172.050.498
165.996.624.577
200.799.063.051
40,97%
13,42%
185.881.717.150
186.717.020.700
32,54%
11,00%
Ln
0,27
0,34
0,4
0,07
25,93%
0,06
17,65%
Biu : Kh nng thanh ton nhanh

Qua bng phn tch trn ta thy kh nng thanh ton nhanh ca cng ty cn
thp, mc d trong 3 nm c s tng ln nhng khng ng k.
Nm 2011, kh nng thanh ton nhanh l 0,27 ln
Nm 2012, kh nng thanh ton nhanh l 0,34 ln gim 0,07 ln so vi nm
2011, vi tc gim l 25,93%
Nm 2013, kh nng thanh ton nhanh l 0,40 ln gim 0,06 ln so vi nm
2012, vi tc gim l 17,65%
Nhn chung, cng ty nn c nhng bin php nh tng tin, cc khon phi thu
hoc u t ti chnh ngn hn lm tng kh nng thanh ton nhanh i vi cc
khon n n hn tr (ch tiu ny nn tip tc tng n 0,5 l tt)
3.4. Kh nng thanh ton bng tin
Tin v tng ng tin (M s 110 Phn ti sn)
H s thanh ton
=
bng tin
N ngn hn (M s 310 Phn ngun vn)
Da vo bng cn i k ton ca cng ty qua 3 nm 2011-2013 ta lp c

bng phn tch kh nng thanh ton bng tin nh sau
Bng Phn tch kh nng thanh ton bng tin
Ch tiu
1.Tin + Tng ng
tin
2.N ngn hn
3.Kh nng thanh ton
bng tin
VT 2011
2012
2013
Chnh lch 2012/2011
Chnh lch 2013/2012
+(-)
+(-)
ng 61.186.597.426 67.027.329.997
91.442.918.370
5.840.732.571 9,55% 24.415.588.373 36,43%
ng 1.496.655.966.747 1.697.455.029.798 1.884.172.050.498 200.799.063.051 13,42% 186.717.020.700 11,00%
Ln 0,041
0,039
0,049
-0,001
-3,41% 0,009
22,91%
Biu Kh nng thanh ton bng tin

Qua bng phn tch trn ta thy kh nng thanh ton bng tin ca cng ty cn
thp. Tin v cc khon tng ng tin vn cha m bo thanh ton c cc
khon n ngn hn. C th nh sau: nm 2011 kh nng thanh ton bng tin l 0,044
ln c ngha l c 1 ng n ngn hn c m bo bi 0,044 ng tin v cc khon
tong ng tin. n nm 2012, t s ny l 0,039 ln c ngha l c 1 ng n ngn
hn c m bo bi 0,039 ng tin v tng ng tin; t s ny gim 0,001 ln
tng ng gim 3,41% so vi nm 2011 l do tin v tng ng tin tng 9,55%
cn n ngn hn tng nhanh hn 13,42%. Sang nm 2013, kh nng thanh ton bng
tin l 0,049 ln c ngha l c 1 ng n ngn hn c m bo bng 0,049 ng
tin v tng ng tin; t s ny tng 0,009 ln tng ng tng 22,91% so vi
nm 2012 ch yu l do tc tng ca tin v tng ng tin nhanh hn tc
tng ca n ngn hn.
Nhn chung cng ty cn gp kh khn trong kh nng thanh ton bng tin,
nguyn nhn ch yu l do cc khon n ngn hn ca cng ty cn cao. Tuy nhin, d
tr tin qu nhiu c nh gi l khng tt v n gy ng vn, nhng d tr qu
t s khng m bo kh nng thanh ton, c th gy mt uy tn trong kinh doanh, lm

nh hng khng tt n cng vic kinh doanh ca cng ty.
3.5. Kh nng thanh ton li vay
H s thanh ton
li vay
Li nhun trc thu + Chi ph li vay
=
Chi ph li vay
Da bng bo co kt qu hot ng sn xut kinh doanh ca cng ty trong 3

nm 2011 2013 ta tin hnh lp bng sau:
Bng Phn tch kh nng thanh ton li vay
V
Ch tiu
T
1.Li nhun trc thu n
v li vay
g
n
g
2.Chi ph li vay
3.Kh nng thanh ton
li vay
Ln
2011
2012
2013
Chnh lch 2012/2011

+(-)
%
64.254.151.367
482.368.948.917
458.665.241.253
418.114.797.550
425.065.607.634
366.799.755.935
425.065.607.634
1,13
1,25
1,13
650,72%
Chnh lch 2013/2012

+(-)
%
23.703.707.664 -4,91%
13,71
58.265.851.699 %
10,27
0,116
%
Biu Kh nng thanh ton li vay

Qua bng phn tch kh nng thanh ton li vay ta thy:
H s thanh ton li vay u ln hn 1, chng t cng ty c kh nng thanh
ton li vay v mc an ton i vi nh cung cp tn dng. C th l, nm 2011
cng ty khng i vay. Sang nm 2012, kh nng thanh ton li vay l 1,13 ln c ngha
l c 1 ng li vay th c m bo bng 1,13 ng li nhun trc thu v li vay;
Nm 2013, kh nng thanh ton li vay l 1,25 ln c ngha l c 1 ng li vay c
m bo bng 1,25 ng li nhun trc thu v li vay; tc tng 0,016 ln tng
ng tng 10,27% so vi nm 2012. Do khon n vay gim lm chi ph li vay gim
vi tc ln hn tc gim ca li nhun trc thu v li vay.
Bng Tng hp kh nng thanh ton ca cng ty qua 3 nm 2011-2013

Ch tiu
VT
1.Kh nng thanh ton tng qut %
2.Kh nng thanh ton n ngn hn %
3.Kh nng thanh ton nhanh
%
4.Kh nng thanh ton bng tin %
5.Kh nng thanh ton li vay
%
Nm
2011
Nm
2012
Nm
2013
1,21
1,21
1,25
0,64
0,7
0,64
0,27
0,34
0,4
0,041
0,039
0,049
1,13
1,25
Chnh lch 2012/2011`

+(-)
%
0,00
0,00%
0,06
9,37%
0,07
25,93%
0,00
-4,88%
1,13
Chnh lch 2013/2012

+(-) %
0,04 3,31%
-0,06 -8,57%
0,06 17,65%
0,01 25,64%
0,12 10,62%
c ci nhn ton cnh v tnh hnh kh nng thanh ton ca cng ty, ta c
bng tng hp phn nh kh nng thanh ton ca cng ty. Qua , ta thy cc ch tiu
th hin kh nng thanh ton c s bin ng ln.
i vi ch tiu phn nh kh nng thanh ton tng qut: nm 2011 v 2012 u
l 1,21 ln; ring nm 2013 tng ln 1,25 ln. Tuy nhin n vn ln hn 1 nn cng ty
vn c kh nng thanh ton tng qut.
i vi ch tiu phn nh kh nng thanh ton n ngn hn: nm 2011 l 0,64
ln, nm 2012 tng ln l 0,7 ln, sang nm 2013 gim xung cn 0,64 ln.
i vi ch tiu phn nh kh nng thanh ton nhanh, nm 2011 l 0,27 ln,
nm 2012 l 0,34 ln, nm 2013 l 0,4 ln. Ch s ny b hn 0,5 chng t cng ty kh
c kh nng thanh ton nhanh cc khon n n hn
i vi ch tiu kh nng thanh ton bng tin: ch s ny ca cng ty trong 3
nm u thp v b hn 0,1. Chng t cng ty kh c kh nng thanh ton nhanh bng
tin.
i vi kh nng thanh ton li vay, nm 2012 l 1,13 ln, n nm 2013 tng
ln 1,25 ln. Qua c th cho thy cng ty s dng vn vay ng mc ch.
Nhn chung, tnh hnh ti chnh ca cng ty khng c tt. Cng ty ch c kh
nng thanh ton n phi tr. Cn kh nng thanh ton nhanh cc khon n n hn ca
cng ty cn thp
4. Phn tch cc t s hot ng
Vic phn tch kh nng hot ng ca doanh nghip da trn vic phn tch
cc t s hot ng sn xut kinh doanh c tc dng o lng mc hot ng ca
doanh nghip, c lin quan n vic s dng ti sn v hiu qu hot ng kinh doanh
ca doanh nghip. i vi doanh nghip, hiu qu kinh doanh khng ch l thc o

cht lng, phn nh trnh t chc, qun l kinh doanh m cn l vn sng cn
ca doanh nghip.
4.1. Phn tch tnh hnh s dng hng tn kho
Gi vn hng bn
(M s 11 Bo co KQHKD)
S vng quay
hng tn kho
K lun chuyn
hng tn kho
Hng tn kho bnh qun

(M s 140 Phn ti sn)
S ngy trong k
=
S vng quay hng tn kho
S ngy trong k l 360 ngy.

Hng tn kho l nhng ti sn m doanh nghip d tr sn xut hoc bn
nhm m bo cho qu trnh sn xut kinh doanh c thng xuyn lin tc. Tnh
hnh s dng hng tn kho ca cng ty c th nh sau:
Bng Phn tch tnh hnh s dng hng tn kho
Ch tiu
1.Gi vn hng bn
V
T
ng
2011
2012
2013
Chnh lch 2012/2011

+(-)
%
2.233.892.524.656
2.409.249.260.435
2.716.272.766.065
175.356.735.779
532.790.025.186
894.515.275.899
4,12
5,1
2,61
87
71
-151
2.Hng tn kho bnh

qun
ng 1.479.668.487.466
3.S vng quay hng tn V
kho
ng 1,51
4.K lun chuyn hng
tn kho
Ng
y
238
585.153.211.567
7,85%
60,45
%
172,85
%
63,45
%
Chnh lch 2013/2012

+(-)
%
307.023.505.63 12,74
0
%
52.363.186.381 -8,95%
23,79
0,98
%
18,39
-16
%
Biu Phn tch tnh hnh s dng hng tn kho

Qua bng phn tch tnh hnh s dng hng tn kho ca doanh nghip trong 3
nm t nm 2011 n nm 2013 ta thy: s vng quay ca cng ty c xu hng ngy
cng tng.
Trong nm 2011, s vng quay hng tn kho ca cng ty l 1,51 vng v n
nm 2012 l 4,12 vng; tng 2,61 vng tng ng tng 172,85% so vi nm 2011.
Sang n nm 2013 s vng quay hng tn kho ca cng ty tng ln thnh 5,1vng;
tip tc tng 0,98 vng tng ng tng 23,79% so vi nm 2012. iu ny lm cho
k lun chuyn hng tn kho ca cng ty ngy cng gim. Nm 2011, mi t hng
tn kho ca cng ty trung bnh mt nhng 238 ngy quay vng, nhng sang nm
2012 ch cn 81 ngy v nm 2013 l 71 ngy. Nh vy l s ngy ca mt vng quay
hng tn kho trong nm 2012 gim 151 ngy so vi nm 2011 tng ng gim
63,45%; trong nm 2013 gim 16 ngy tng ng gim 18,39% so vi nm 2012.
Nguyn nhn l do lng hng tn kho bnh qun nm 2012 gim 894.515.275.899
ng so vi nm 2011 tng ng gim 60,45%, v gi vn hng bn tng lin tc
trong 3 nm. Ngoi ra, cn do nh hng ca cc yu t khc nh chi ph nguyn vt
liu tng. Chnh v vy m lng hng tn kho d tr trong kho gim. n nm 2013
lng hng tn kho vn gim -52.363.186.381 ng tng gim 8,95 % v gi vn
hng bn tng 307.023.505.630 tung ng tng 12,74% nn lm cho s vng quay
hng tn kho tng. Lng hng tn kho trong 3 nm gim cng vi gi vn tng mnh
trong 3 nm lm cho vng quay hng tn kho tng, dn ti k lun chuyn hng tn
kho gim.
4.2. Phn tch tnh hnh lun chuyn cc khon phi thu
S vng quay cc
khon phi thu
Doanh thu v thu nhp

(M s 10,21 v 31 Bo co KQHKD)
=
Cc khon phi thu bnh qun
(M s 130 Phn ti sn)
Trong :
Doanh thu v thu nhp = Doanh thu thun + Doanh thu ti chnh + Thu nhp khc.
K thu tin
bnh qun
S ngy trong k
=
S vng quay cc khon phi thu
Tnh hnh s dng cc khon phi thu ca cng ty trong 3 nm 2011 2013 nh sau:
Bng Phn tch tnh hnh lun chuyn cc khon phi thu
Ch tiu
1.Doanh thu v thu nhp
khc
2.Cc khon phi thu bnh
qun
3.S vng quay cc khon
phi thu
4.K lun chuyn khon
phi thu
2012
3.315.245.909.66
8
ng
2011
2.742.658.212.5
67
256.263.886.46
1
341.431.342.777
Chnh lch N-1/N-2

2013
+(-)
%
3.587.815.851. 572.587.697.1 20,88
799
01
%
465.059.840.87 85.167.456.31 33,23
3
7
%
Vng
10,7
9,71
7,71
-0,99
-9,28%
Chnh lch N/N-1

+(-)
%
272.569.942.1
31
8,22%
123.628.498.0
96
36,21%
-2
20,55%
Ngy
34
37
47
8,82%
10
VT
ng
27,03%
Biu
Tnh hnh lun chuyn cc khon phi thu
Qua bng phn tch tnh hnh cc khon phi thu trong 3 nm 2011-2013 ta thy:
Nm 2011, cc khon phi thu quay 10,7 vng tng ng vi s ngy thu
tin bnh qun l 34 ngy. Sang nm 2012, vng quay cc khon phi thu l 9,71 vng
tng ng vi s ngy thu tin bnh qun l 37 ngy. Ta thy nm 2013 vng quay cc
khon phi thu tng vng tng ng tng 41,42% v s ngy thu tin bnh qun
gim 0,99 ngy tng ng gim 9,28%. y l du hiu tt chng t cng ty t
khch hng chim dng vn.
n nm 2013, cc khon phi thu quay 7,71 vng, tng ng vi s ngy thu
tin bnh qun l 47 ngy. Ta thy nm 2013 vng quay cc khon phi thu gim 2
vng tng ng gim 20,55% v k thu tin bnh qun tng 10 ngy tng ng
tng 27,03%. Nguyn nhn lm cho vng quay cc khon phi thu gim xung l do
trong nm doanh thu v thu nhp khc tng nhanh hn so vi khon phi thu
4.3. Phn tch hiu sut lun chuyn vn ngn hn
Hiu sut s dng ti

sn ngn hn
Doanh thu v thu nhp

(M 10,21 v 31 Bo co KQHKD)
=
Ti sn ngn hn bnh qun
(M s 100 Phn ti sn)
Tnh hnh s dng vn ngn hn ca cng ty trong 3 nm 2011 2013 c th hin

bng sau:
Bng Phn tch hiu sut lun chuyn vn ngn hn
Ch tiu
VT
1. DT v TN khc
ng
2. TSNH bnh qun

3. S vng quay VNH
4. K lun chuyn VNH
ng
Vng
Ngy
Nm 2011
2.742.668.480.60
7
1.874.218.763.63
4
1,46
246
Nm 2012
3.315.254.710.76
8
1.073.332.594.17
6
3,09
117
Nm 2013
3.818.978.890.15
1
1.196.908.578.65
8
3,19
113
Chnh lch 2012/2011

+(-)
%
572.586.230.161
(800.886.169.458
)
1,63
(129)
20,88%
-42,73%
111,07%
-52,62%
Chnh lch 2013/2012

+(-)
%
503.724.179.38
3
15,19%
123.575.984.48
3
11,51%
0,1
3,30%
(4)
-3,20%
Biu hiu sut lun chuyn vn ngn hn

Nm 2011, bnh qun 1 ng vn ngn hn cng ty b vo kinh doanh
th thu c 1,46 ng doanh thu v thu nhp, v s ngy lun chuyn vn ngn hn
bnh qun l 246 ngy. Sang nm 2012, bnh qun 1 ng vn ngn hn cng ty b vo
kinh doanh th thu c 3,09 doanh thu v thu nhp, v s ngy lun chuyn vn ngn
hn bnh qun l 117 ngy. So vi nm 2011 tng 1,63 ng tng ng tng
111,07% ko theo k lun chuyn vn ngn hn bnh qun gim 129 ngy tc l gim
52,62%. Nguyn nhn l do tc gim ca ti sn ngn hn bnh qun cao hn tc
tng ca doanh thu v thu nhp khc.
n nm 2013, vic s dng vn ngn hn ca cng ty tng nh so vi
nm 2012. C th nh sau: trong nm 2013, bnh qun 1 ng vn ngn hn cng ty
b vo kinh doanh th thu c 3,19ng doanh thu v thu nhp, v s ngy lun
chuyn vn ngn hn bnh qun l 113 ngy/ So vi nm 2012 th tng 0,10 ng tc
l tng 3,30% iu ny lm cho k lun chuyn vn ngn hn gim 4 ngy tc l gim
3,20% ch yu l do doanh thu v thu nhp nm 2013 tng 15,19%.
\4.4. Phn tch hiu sut lun chuyn vn di hn
Hiu sut s dng ti

sn di hn
Doanh thu v thu nhp

(M s 10,21 v 31 Bo co KQHKD)
=
Ti sn di hn bnh qun
(M s 200 Phn ti sn)
Tnh hnh s dng vn di hn ca cng ty trong 3 nm 2011 2013 nh sau:

Bng Phn tch hiu sut lun chuyn vn di hn
Ch tiu
VT
1. DT v TN khc
ng
2. TSDH bnh qun

3. S vng quay VDH
4. K lun chuyn VDH
ng
Vng
Ngy
Nm 2011
2.742.668.480.60
7
3.668.362.312.15
0
0,75
482
Nm 2012
3.315.254.710.76
8
4.810.632.680.15
9
0,69
522
Nm 2013
3.818.978.890.15
1
4.693.290.949.34
7
0,81
442
Biu hiu sut lun chuyn vn di hn
Chnh lch 2012/2011

+(-)
%
Chnh lch 2013/2012

+(-)
%
572.586.230.161
1.142.270.368.00
9
(0,06)
41
20,88%
503.724.179.383
15,19%
31,14%
-7,82%
8,49%
(117.341.730.812)
0,12
(80)
-2,44%
18,07%
-15,31%

Nm 2011, bnh qun 1 ng vn di hn cng ty b vo kinh doanh th
thu c 0,75 ng doanh thu v thu nhp, v s ngy lun chuyn vn di hn bnh
qun l 482 ngy.
Sang nm 2012, bnh qun 1 ng vn di hn cng ty b vo kinh doanh th thu
c 0,69 ng doanh thu v thu nhp, v s ngy lun chuyn vn di hn bnh qun
l 522 ngy. So vi nm 2011, th gim nh 0,06 ng tng ng gim 7,82% ko
theo k lun chuyn vn di hn bnh qun tng 41 ngy tng ng tng 8,49%.
n nm 2013, bnh qun 1 ng vn di hn cng ty b vo kinh doanh th thu
c 0,81 ng doanh thu v thu nhp, v s ngy lun chuyn vn di hn bnh qun
l 442 ngy. So vi nm 2012 th tng 0,12 ng tng ng tng 18,07% lm cho k lun chuyn
vn di hn bnh qun gim 80 ngy tng ng gim 15,31%.
Qua phn tch ta thy hiu qu s dng vn di hn ca cng ty gim trong nm
2012 ch yu l do ti sn di hn tng mnh. Nhng n nm 2013 th hiu qu s
dng vn di hn tng tr li.Chng t cng tc qun l, s dng ti sn ngn hn nm
2012 km hiu qu.
Bng Tng hp cc ch tiu phn tch t s hot ng ca cng ty
Ch tiu
VT
Nm
2011
Nm
2012
Nm
2013
1. K lun chuyn HTK

2. K lun chuyn khon PT
3. S vng quay vn ngn hn
4.K lun chuyn vn ngn hn
5. S vng quay vn di hn
6. K lun chuyn vn di hn
Ngy
Ngy
Vng
Ngy
Vng
Ngy
238
34
1,46
246
0,75
482
87
37
3,09
117
0,69
522
71
44
3,19
113
0,81
442
Chnh lch
2012/2011
+(-)
%
(151)
-63,45%
3
8,82%
1,63
111,64%
(129)
-52,44%
(0,06) -8,00%
40
8,30%
Chnh lch
2013/2012
+(-)
%
(16)
-18,39%
7
18,92%
0,1
3,24%
(4)
-3,42%
0,12
17,39%
(80)
-15,33%
Qua bng tng hp cc ch tiu hot ng ca cng ty t nm 2011 n nm

2013 ta thy: hu ht cc ch tiu phn nh kh nng hot ng ca cng ty u c s
thay i . C th l k lun chuyn hng tn kho gim chng t sn phm ca cng ty
c ngi tiu dng a thch khin cho s lng sn phm bn ra nhiu. K lun
chuyn cc khon phi thu c xu hng tng chng t vic thu hi n ca cng ty
ang c ko di do p dng chnh sch ni lng cng n, v vy cng ty cn c bin
php hp l gp phn ci thin v nng cao hiu qu s dng vn cho cng ty.
Thm vo hiu sut s dng vn ngn hn trong nhng nm va qua lun mc
thp v ngy cng c xu hng tng, cho thy tnh hnh s dng vn ngn hn ca
cng ty tng i tt. Hiu sut s dng vn ngn hn trong nhng nm va qua cng
mc thp v c xu hng gim trong nm 2012 nhng tng tr li trong nm 2013.
iu ny cho thy cng ty c nhng chnh sch ng n trong nm 2013 gip cho
vic s dng ti sn di hn tng ln.
5. Phn tch t s sinh li
Li nhun l mc tiu ca doanh nghip v ng thi n cng l ch tiu cht
lng tng hp biu hin kt qu ca qu trnh sn xut kinh doanh. N phn nh y
cc mt s lng v cht lng hot ng ca doanh nghip, phn nh kt qu s
dng cc yu t c bn sn xut nh lao ng, vt t, ti sn c nh, kh nng qun tr
ca nh qun l doanh nghip,Kh nng sinh li l iu kin duy tr, tn ti v pht
trin ca doanh nghip. Chu k sng ca doanh nghip di hay ngn ph thuc rt ln
vo kh nng sinh li; n cng l n by kinh t quan trng kch thch ngi lao
ng lm vic. nh gi kh nng sinh li ca doanh nghip, ta s dng cc ch tiu
sau:
5.1. Phn tch t sut li nhun trn doanh thu v thu nhp
T sut li nhun
trn doanh thu v thu =
nhp
Li nhun trc thu (sau thu)

(M s 50 (60) - Bo co KQHKD)
Tng doanh thu v thu nhp
(M s 10, 21 v 31 Bo co KQHKD)
Kh nng sinh li ca cng ty trong 3 nm qua c th hin qua bng sau:
Bng Phn tch t sut li nhun trn doanh thu v thu nhp
Ch tiu
VT
1. DT v TN khc
2. LNTT
3. LNST
4. T sut
LNTT/DT&TN khc
5. T sut
LNST/DT&TN khc
572.586.230.161
(6.950.810.084)
(5.115.600.500)
20,88%
-10,82%
-9,36%
Chnh lch 2013/2012

+(-)
%
503.724.179.38
3
15,19%
34.562.144.035 60,31%
19.333.663.314 39,01%
2,41%
-0,61%
-26,22%
0,007
39,17%
1,80%
-0,005
-25,01%
0,003
20,67%
ng
ng
ng
Nm 2011
2.742.668.480.60
7
64.254.151.367
54.681.051.175
Nm 2012
3.315.254.710.76
8
57.303.341.283
49.565.450.675
Nm 2013
3.818.978.890.15
1
91.865.485.318
68.899.113.989
2,34%
1,73%
1,99%
1,50%
Chnh lch 2012/2011

+(-)
%
Biu Phn tch t sut li nhun trn doanh thu v thu nhp
Qua bng nh gi t sut li nhun trn doanh thu ta thy:
Nm 2011, t sut LNTT/DT & TN l 2,34%c ngha l c 100 ng doanh thu v
thu nhp khc m cng ty lm ra trong nm th c 2,34 ng li nhun trc thu. T
sut LNST/DT & TN l 1,99% c ngha l c 100 ng doanh thu v thu nhp khc
m cng ty lm ra trong nm th c 1,99 ng li nhun sau thu.
Sang nm 2011t sut LNTT/DT & TN l 1,73%ngha l c 100 ng doanh thu v
thu nhp khc m cng ty lm ra trong nm th c 1,73 ng li nhun trc thu. So
vi nm 2011, t sut ny gim 0,61% tng ng gim 26,22%. Nguyn nhn tng l
do trong nm 2012 tc tng ca li nhun trc thu gim so vi nm 2011. T sut
LNST/DT & TN l 1,50% c ngha l c 100 ng doanh thu v thu nhp khc m cng
ty lm ra trong nm th c 1,50 ng li nhun sau thu. So vi nm 2011, t sut ny
gim 0,49% tng ng gim 25,01%/
n nm 2013, t sut LNTT/DT & TN l 2,41% ngha l c 100 ng doanh thu

v thu nhp khc m cng ty lm ra trong nm th c 2,41 ng li nhun trc thu.
So vi nm 2012, t s ny tng 0,68% tng ng tng 39,17%. Nhuyn nhn l do li
nhun trc thu tng 34.562.144.035 ng tng ng tng 60,31%. T sut LNST/DT & TN l
1,80% ngha
l c 100 ng doanh thu v thu nhp khc m cng ty lm ra trong nm
th c 1,80 ng li nhun sau thu. So vi nm 2012, t s ny tng 0,30% tng ng

tng 20,67%. Nguyn nhn l do li nhun sau thu tng mnh hn so vi mc tng
ca doanh thu v thu nhp khc.
Nh vy, qua vic phn tch ta thy t sut li nhun trn doanh thu v thu nhp
trong nm 2012 gim cho thy cng ty hot dng km hiu qu. Tuy nhin, n nm
2013 th t sut li nhun trn doanh thu v thu nhp tng tr li cho thy s phc hi
ca cng ty.
5.2. Phn tch t sut li nhun trn tng ti sn (ROA)
T sut li
nhun trn
=
Kh
tng
tinng
sn si

(M s 50 (60) Bo co KQHKD)
x 100
Tng ti sn bnh qun
(M s 270 Phn ti sn)
Kh nng sinh li ca cng ty trong 3 nm qua c th hin qua bng sau:

Bng Phn tch t sut li nhun trn tng ti sn
ng
Nm 2011
5.542.581.075.78
4
Nm 2012
5.883.965.274.33
4
Nm 2013
5.890.199.528.00
5
Chnh lch 2012/2011

+(-)
%
341.384.198.55
1
6,16%
2. LNTT
ng
64.254.151.367
57.303.341.283
91.865.485.318
(6.950.810.084)
-10,82%
3. LNST
4. T sut LNTT/TS
5. T sut LNST/TS
ng
%
%
54.681.051.175
1,16%
0,99%
49.565.450.675
0,97%
0,84%
68.899.113.989
1,56%
1,17%
(5.115.600.500)
(0,19)
(0,15)
-9,36%
-15,99%
-14,61%
Ch tiu
VT
1. Tng TS
Chnh lch 2013/2012

+(-)
%
6.234.253.671
34.562.144.03
5
19.333.663.31
4
0,59
0,33
0,11%
60,31%
39,01%
60,14%
38,86%
Biu :T sut li nhun trn tng ti sn

Qua bng nh gi t sut li nhun trn tng ti sn trn ta thy:
Nm 2011, t sut LNTT/TS l 1,16% ngha l c 100 ng ti sn a vo kinh
doanh th em v cho cng ty l 1,16 ng li nhun trc thu. T sut LNST/TS l
0,99% c ngha l c 100 ng ti sn a vo kinh doanh th em v cho cng ty l
0,99 ng li nhun sau thu.
Sang nm 2012, t sut LNTT/TS l 0,97% c ngha l c 100 ng ti sn a
vo kinh doanh th em v cho cng ty l 0,97 ng li nhun trc thu. T sut
LNST/TS l 0,84% c ngha l c 100 ng ti sn a vo kinh doanh th em v cho
cng ty l 0,84 ng li nhun sau thu. So vi nm 2011 th t sut LNTT/TS gim
0,19 ng tng ng gim 15,99% v t sut LNST/TS gim 0,15 ng tng
ng tng 14,61%. iu ny cho thy doanh nghip hot ng khng hiu qu.
Nguyn nhn l do li nhun trc v sau thu gim mnh so vi nm 2011.
n nm 2013, t sut LNTT/TS l 1,56% c ngha l c 100 ng ti sn a
vo kinh doanh th em v cho cng ty l 1,56 ng li nhun trc thu. T sut
LNST/TS l 1,17% c ngha l c 100 ng ti sn a vo kinh doanh th em v cho
cng ty l 1,17 ng li nhun sau thu. So vi nm 2008 th t sut LNTT/TS tng
0,59 ng tng ng tng 60,14% do li nhun trc thu tng 34.562.144.035
tng ng tng 60,31%. Cng vi s gia tng ca t sut LNTT/TS th t sut
LNST/TS cng tng 0,33 ng tng ng tng 38,86%.
5.3. Phn tch t sut li nhun trn ti sn ngn hn
T sut li nhun
trn ti sn ngn =
hn

x 100
Tng ti sn ngn hn bnh qun
(M s 100 Phn ti sn)
Kh nng sinh li trn ti sn ngn hn ca cng ty trong 3 nm qua c th

hin bng sau:
Bng Phn tch t sut li nhun trn ti sn ngn hn
Ch tiu
VT
1. TSNH bnh qun

2. LNTT
3. LNST
4. T sut LNTT/TSNH
5. T sut LNST/TSNH
ng
ng
ng
%
%
Nm 2011
1.874.218.763.63
4
64.254.151.367
54.681.051.175
3,43%
2,92%
Nm 2012
1.073.332.594.17
6
57.303.341.283
49.565.450.675
5,34%
4,62%
Nm 2013
1.196.908.578.65
8
91.865.485.318
68.899.113.989
7,68%
5,76%
Biu T sut li nhun trn ti sn ngn hn
Chnh lch 2012/2011

+(-)
%
(800.886.169.458
)
-42,73%
(6.950.810.084)
-10,82%
(5.115.600.500)
-9,36%
1,19%
55,73%
1,7%
58,28%
Chnh lch 2013/2012

+(-)
%
123.575.984.48
3
11,51%
34.562.144.035 60,31%
19.333.663.314 39,01%
2,34%
43,76%
1,14%
24,65%
Qua bng nh gi t sut li nhun trn ti sn ngn hn trn ta thy:

Nm 2007, t sut LNTT/TSNH l 3,43% c ngha l c 100 ng ti sn ngn hn a vo kinh doanh th em v cho cng ty l
3,43 ng li nhun trc thu. T sut LNST/TSNH l 2,92% c ngha l c 100 ng ti sn ngn hn a vo kinh doanh th em v
cho cng ty l 2,92 ng li nhun sau thu.
Sang nm 2012, t sut LNTT/TSNH l 5,34% c ngha l c 100 ng ti sn ngn hn a vo kinh doanh th em v cho cng ty l
cho cng ty l 4,62 ng li nhun sau thu. So vi nm 2011 th t sut LNTT/TSNH tng 1,91 ng tng ng tng 55,73% v t sut
LNST/TSNH tng 1,7 ng tng ng tng 58,28%. y l mt s chuyn bin tt ca cng ty trong nm ny. Nguyn nhn ch yu l
do tc tng ca li nhun trc thu l 10,82% v tc gim ca li nhun sau thu l 9,36% thp hn tc tc gim ca ti sn ngn hn
bnh qun l 42,73%.
n nm 2013, t sut LNTT/TSNH l 7,68% c ngha l c 100 ng ti sn ngn hn a vo kinh doanh th em v cho cng ty l
cho cng ty l 5,76 ng li nhun sau thu. So vi nm 2011th t sut LNTT/TSNH tng 2,34ng tng ng tng 43,76% do tc
tng ca li nhun trc thu l 60,31% nhanh hn tc tng ca ti sn ngn hn ch l 11,51%. T sut LNST/TSNH tng 1,14 ng
tng ng tng 24,65% ch yu l do tc tng ca li nhun sau thu l 39,01% cao hn tc tng ca ti sn ngn hn l 11,51%
nn lm cho t sut ny tng . y cng l mt s chuyn bin tt ca cng ty trong nm ny t sut l nhun trc thu trn ti sn ngn
hn gim nhng t sut li nhun sau thu trn ti sn ngn hn tng.
Nh vy, c th thy rng qua 3 nm t sut li nhun sau thu trn ti sn ngn hn tng iu ny chng t hiu qu s dng ti sn
ngn hn ngy cng tng.
5.4. Phn tch t sut li nhun trn ti sn di hn
T sut li nhun
trn ti sn di =
hn

x 100
Tng ti sn di hn bnh qun

(M s 200 Phn ti sn)
Kh nng sinh li trn ti sn di hn ca cng ty 3 nm qua c th hin qua bng sau:

Bng Bng phn tch t sut li nhun trn ti sn di hn
Ch tiu
VT
1. TSDH bnh qun

2. LNTT
3. LNST
4. T sut LNTT/TSDH
5. T sut LNST/TSDH
ng
ng
ng
%
%
Nm 2011
3.668.362.312.15
0
64.254.151.367
54.681.051.175
1,75%
1,49%
Nm 2012
4.810.632.680.15
9
57.303.341.283
49.565.450.675
1,19%
1,03%
Nm 2013
4.693.290.949.34
7
91.865.485.318
68.899.113.989
1,96%
1,47%
Chnh lch 2012/2011

+(-)
%
1.142.270.368.00
9
31,14%
(6.950.810.084)
-10,82%
(5.115.600.500)
-9,36%
(0,56)
-31,99%
(0,46)
-30,88%
Chnh lch 2013/2012

+(-)
%
(117.341.730.812)
34.562.144.035
19.333.663.314
0,77
0,44
-2,44%
60,31%
39,01%
64,32%
42,48%
Biu T sut li nhun trn ti sn di hn

Qua bng nh gi t sut li nhun trn ti sn di hn trn ta thy:
Nm 2011, t sut LNTT/TSDH l 1,75% c ngha l c 100 ng ti sn di hn a vo kinh doanh th em v cho cng ty l 1,75
ng li nhun trc thu. T sut LNST/TSDH l 1,49% c ngha l c 100 ng ti sn di hn a vo kinh doanh th em v cho cng
ty l 1,49 ng li nhun sau thu.
Sang nm 2012, t sut LNTT/TSDH l 1,19% c ngha l c 100 ng ti sn di hn a vo kinh doanh th em v cho cng ty l
1,19 ng li nhun trc thu. T sut LNST/TSDH l 1,03% c ngha l c 100 ng ti sn di hn a vo kinh doanh th em v cho
cng ty l 1,03 ng li nhun sau thu. So vi nm 2011 th t sut LNTT/TSDH gim 0,56 ng tng ng tng 31,99% v t sut
LNST/TSDH tng 0,46 ng tng ng tng 30,88%. iu ny cho thy doanh nghip lm n khng hiu qu. Nguyn nhn ch yu l
do ti sn di hn tng 31,14% trong khi li nhun trc v sau thu u gim (gim 10,82% v 9,36%).
n nm 2013, t sut LNTT/TSDH l 1,96% c ngha l c 100 ng ti sn di hn a vo kinh doanh th em v cho cng ty l
1,96 ng li nhun trc thu. T sut LNST/TSDH l 1,47% c ngha l c 100 ng ti sn di hn a vo kinh doanh th em v cho
cng ty l 1,47 ng li nhun sau thu. So vi nm 2012 th t sut LNTT/TSDH tng 0,77 ng tng ng tng 64,32% do li nhun
trc thu tng 60,31% trong khi ti sn di hn gim 2,44%. T sut LNST/TSDH tng 0,43 ng tng ng tng 42,48% ch yu l do
li nhun sau thu tng 39,01% nhng ti sn di hn gim 2,44%.
Nh vy, c th thy rng nm 2012 doanh nghip u t km hiu qu khin cho li nhun trc v sau thu gim xung. Tuy nhin,
sang nm 2013 doanh nghip c nhng iu chnh tch cc gip vic kinh doanh thun li.
5.5. Phn tch t sut li nhun trn vn ch s hu (ROE)
T sut li nhun
trn vn ch s =
hu
Li nhun sau thu

(M s 60 Bo co KQHKD)
x 100
Vn ch s hu bnh qun
(M s 400 Phn ti sn)
Kh nng sinh li trn vn ch s hu ca cng ty trong 3 nm qua c th hin qua bng sau:
Bng Phn tch thu nhp trn vn ch s hu (ROE)
Ch tiu
VT
Nm 2011
Nm 2012
Nm 2013
Chnh lch 2012/2011

+(-)
%
1. LNST
ng
54.681.051.175
49.565.450.675
68.899.113.989
(5.115.600.500)
-9,36%
Chnh lch 2013/2012

+(-)
%
19.333.663.31
4
39,01%
2. Vn CSH
3. Thu nhp trn
VCSH
ng
1.081.421.610.13
6
1.021.602.036.14
4
1.089.246.710.41
7
(59.819.573.993
)
-5,53%
67.644.674.27
4
6,62%
5,06%
4,85%
6,33%
(0,21)
-4,05%
1,48
30,37%
Biu Thu nhp trn vn ch s hu

Qua bng nh gi t sut li nhun trn ti sn di hn trn ta thy:
Nm 2011, t sut li nhun trn vn ch s hu l 5,06% c ngha l c 100 ng vn ch s hu a vo hot ng sn xut kinh
doanh th thu c 5,06 ng li nhun sau thu. Sang nm 2012, t sut li nhun trn vn ch s hu l 4,85% c ngha l c 100 ng
vn ch s hu a vo kinh doanh th thu c 4,85 ng li nhun sau thu; gim 0,21ng tng ng gim 4,05%. Nguyn nhn ch
yu l do tc gim ca li nhun sau thu l 9,36% gim mnh hn tc gim ca vn ch s hu bnh qun l 5,53%.
n nm 2013, t sut li nhun trn vn ch s hu l 6,33% c ngha l c 100 ng vn ch s hu a vo kinh doanh th thu c
6,33 ng li nhun sau thu; tng 1,48 ng tng ng tng 30,37%. Do trong nm qua cng ty thc hin vic nng cao cht lng
sn phm, m rng th trng lm cho sn phm tiu th c nhiu hn trn th trng, t lm cho li nhun tng ln, ko theo s gia
tng ca t sut li nhun.
Nhn chung qua cc nm th t sut ny c xu hng gim nm 2012 nhng c du hiu phc hi trong nm 2013.
Bng Tng hp phn tch t sut sinh li qua 3 nm 2007- 2010

Ch tiu
VT
Nm
2011
Nm
2012
Nm
2013
Chnh lch
2012/2011
+(-)
%
Chnh lch
2013/2012
+(-)
%
1. T sut
LNST/DT&TN
2. T sut LNST/TS
3. T sut LNST/TSNH
4. T sut LNST/TSDH
5. Thu nhp Trn VCSH
%
%
%
%
%
1,99%
0,99%
2,92%
1,49%
5,06%
1,50%
0,84%
4,62%
1,03%
4,85%
1,80%
1,17%
5,76%
1,47%
6,33%
(0,49)
(0,15)
0,2
(0,46)
(0,21)
0,3
0,33
0,014
0,44
1,48
-25,01%
-14,61%
58,28%
-30,88%
-4,05%
20,67%
38,86%
24,65%
42,48%
30,37%
Qua phn tch cc t s phn nh kh nng sinh li ca cng ty qua ba nm 2011 2013 ta thy phn ln cc ch tiu li nhun sau
thu ca nm 2012 u thp hn so vi nm 2011 (ngoi tr ch tiu LNST/TSNH). Tuy nhin, n nm 2013 th cc ch tiu u tng so
vi nm 2012. mt s ch tiu vn thp nh t sut li nhun trn doanh thu v thu nhp, t sut li nhun trn tng ti sn. Do cng ty
cn gia tng t s ny bng cch gim cc chi ph khng cn thit, ng thi tip tc gi cho t sut li nhun trn vn ch s hu tng
thy c s hiu qu trong qu trnh sn xut ca cng ty.
V. Phn tch din bin ngun vn v s dng vn:
Nm 2011
CH TIU
2010
2011
2012
2013
Ngun vn
A.
1
Phn ti sn
Tin
93.577.078.956
51.186.597.426
55.241.022.511
86.261.460.266
42.390.481.530
2
3
4
5
6
7
Cc khon tng ng tin

u t ngn hn
Phi thu khch hng
Tr trc cho ngi bn
Cc khon phi thu khc
D phng phi thu ngn hn kh i
40.000.000.000
57.510.844.713
165.579.909.415
14.207.082.349
(5.378.064.095)
10.000.000.000
33.457.990.330
150.543.106.630
118.854.767.783
13.156.046.981
(1.945.920.855)
11.786.307.486
89.000.000.000
276.454.696.992
120.289.540.468
7.456.368.410
(1.945.920.855)
5.181.458.104
130.000.000.000
415.582.981.501
104.653.272.211
9.524.663.874
(1.895.920.855)
8
9
10
Hng tn kho
Chi ph tr trc ngn hn
Thu GTGT c khu tr
Thu v cc khon khc phi thu Nh
nc
Ti sn ngn hn khc
Ti sn c nh hu hnh
2.400.480.677.838
1.641.722.380
11.093.135.971
558.856.297.093
12.394.344.531
6.153.723.784
611.450.126.041
420.362.981
454.129.924.331
694.069.258
800.459.000
4.887.313.327
702.231.707.797
5.897.605.589
5.482.808.121
4.595.735.107.796
8.306.310.070
4.169.006.834
4.585.920.687.720
2.309.737.711
4.747.689.977
4.420.339.349.912
1.954.348.523.381
(1.252.116.815.584)
84.791.956.446
6.057.823.323.822
(1.462.088.216.026
)
79.957.688.938
6.357.716.897.766
(1.771.796.210.046
)
75.398.915.304
6.507.007.423.339
(2.086.668.073.427
)
9.888.750.868
110.865.492.008
111.250.502.008
111.560.100.028
11.560.100.028
11
12
13
14
15
16
17
- Nguyn gi
- Gi tr hao mn lu k
Ti sn c nh v hnh
- Nguyn gi
Nm 2012
S dng vn
Ngun vn
Nm 2013
S dng vn
Ngun vn
4.054.425.085
10.000.000.000
1.786.307.486
55.542.009.670
125.911.590.362
1.434.772.685
6.542.009.670
93.032.261.917
46.725.141.632
1.051.035.368
31.020.437.755
6.604.849.382
41.000.000.000
139.128.284.509
15.636.268.257
5.699.678.571
2.068.295.464
50.000.000
3.432.143.240
1.841.624.380.74
5
52.593.828.948
10.752.622.151
4.939.412.187
5.097.146.589
595.494.794
273.706.277
2.408.704.481
385.010.000
5.996.572.359
1.313.801.287
578.683.143
299.893.573.94
4
309.707.994.02
0
209.971.400.442
157.320.201.71
0
11.973.981.550
6.153.723.784
4.103.474.800.44
1
S dng vn
149.290.525.573
314.871.863.38
1
309.598.020
100.000.000.00
0
18
19
20
21
- Gi tr hao mn lu k
Chi ph xy dng c bn d dang
u t di hn khc
Chi ph tr trc di hn
Tng cng ti sn
(26.073.535.562)
(31.292.813.070)
1.793.509.037.718
5.000.000.000
82.588.500
5.370.015.450.315
(36.161.184.724)
(1.671.349.160)
5.219.277.508
1.734.320.320.71
5
5.000.000.000
59.188.717.003
198.101.576.707
6.628.660.105
16.227.820.102
5.715.146.701.252
10.734.846.747
6.052.783.847.416
79.569.111.331
5.727.615.208.594
4.868.371.654
34.489.835.564
138.912.859.70
4
16.145.231.602
191.472.916.60
2
0
5.492.973.355
68.834.264.584
Biu k ngun vn v s dng vn qua 3 nm t 2011 2013

VT: ng
B.
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
Phn ngun vn
Vay v n ngn hn
Phi tr ngi bn
Ngi mua tr tin trc
Thu v cc khon phi np Nh
nc
Phi tr ngi lao ng
Chi ph phi tr
Cc khon phi tr. phi np ngn
hn khc
Qu khen thng phc li
Phi tr di hn khc
Vay v n di hn
D phng tr cp mt vic lm
Doanh thu cha thc hin
Vn u t ca ch s hu
Thng d vn c phn
Vn khc ca ch s hu
Chnh lch t gi hi oi
Qu u t pht trin
Qu d phng ti chnh
612.934.871.944
409.771.011.875
8.947.523.044
882.294.322.777
467.847.072.675
1.210.524.786
1.015.938.274.405
557.551.142.201
1.115.419.880
1.250.154.548.156
492.476.855.933
447.552.601
4.708.401.024
58.597.510.945
33.992.811.989
1.312.699.482
55.664.846.620
53.835.106.119
1.695.270.497
52.155.255.797
41.415.522.742
6.942.949.369
67.034.590.712
20.071.726.376
17.871.450.711
13.132.375.115
10.693.000
3.068.348.964.813
294.140.437
19.475.879.335
15.015.514.953
10.693.000
3.210.151.131.766
22.166.865.225
41.695.240.346
956.613.970.000
57.006.601.053
6.437.278.738
(246.432.192.881)
149.995.741.124
16.974.175.353
23.760.000
956.613.970.000
57.006.601.053
6.437.278.738
(301.990.097.004)
207.559.938.300
24.440.499.807
10.693.000
3.320.416.592.070
2.610.000
10.693.000
2.699.837.966.810
269.359.450.833
58.076.060.800
133.643.951.628
89.704.069.526
7.736.998.258
3.395.701.542
2.932.664.325
65.074.286.268
667.867.279
95.104.906
382.571.015
3.509.590.823
12.419.583.377
19.842.294.130
1.604.428.624
1.883.139.838
2.690.985.890
141.802.166.953
110.265.460.304
2.610.000
5.247.678.872
14.879.334.915
21.343.796.366
19.528.375.121
15.015.514.953
294.140.437
23.760.000
956.613.970.000
57.006.601.053
6.437.278.738
(260.407.522.418)
209.585.261.955
25.115.607.692
234.216.273.751
620.578.625.260
2.610.000
23.760.000
956.613.970.000
57.006.601.053
6.437.278.738
(184.807.522.418)
219.307.736.302
26.048.543.156
55.557.904.123
57.564.197.176
7.466.324.454
41.582.574.586
2.025.323.655
675.107.885
75.600.000.000
9.722.474.347
932.935.464
19
20
21
Qu khc thuc vn ch s hu
Li nhun sau thu cha phn phi
Ngun vn u t XDCB
Tng cng ngun vn
490.000.000
199.493.335.483
57.176.174.708
39.486.941.391
68.361.695.774
826.786.548
5.370.015.450.315
1.060.784.137
5.715.146.701.252
1.060.784.137
6.052.783.847.416
1.063.474.419
5.727.615.208.594
490.000.000
142.317.160.775
233.997.589
4.455.639.280.194
4.455.639.280.194
731,.600.457.761
17.689.233.317
28.874.754.383
731.600.457.761
2.690.282
1.180.838.496.780
1.180.838.496.7
Nm 2011
STT Ch tiu
A. Ngun vn
1
Gim d tr tin
2
Gim u t ngn hn
3
Gim tr trc cho ngi bn
4
Gim cc khon phi thu khc
5
Gim hng tn kho
6
Gim thu GTGT c khu tr
7
Tng khu hao TSCHH
8
Tng khu hao TSCVH
9
Gim chi ph xy dng c bn d dang
10
Gim u t di hn khc
11
Tng vay v n ngn hn
12
Tng phi tr ngi bn
13
Tng chi ph phi tr
14
Tng cc khon phi tr, phi np ngn hn khc
15
Tng qu khen thng phc li
16
Tng vay v n di hn
17
Tng doanh thu cha thc hin
18
Tng qu u t pht trin
19
Tng qu d phng ti chnh
20
Tng ngun vn u t XDCB
Cng
B. S dng vn
1
Tng cc khon tng ng tin
2
Tng phi thu khch hng
3
Tng d phng phi thu ngn hn kh i
4
Tng ch ph tr trc ngn hn
5
Tng thu v cc khon khc phi thu Nh nc
6
Tng ti sn ngn hn khc
S tin
T trng (%)
42.390.481.530
6.542.009.670
46.725.141.632
1.051.035.368
1.841.624.380.745
4.939.412.187
209.971.400.442
5.219.277.508
1.734.320.320.715
5.000.000.000
269.359.450.833
58.076.060.800
19.842.294.130
1.604.428.624
1.883.139.838
141.802.166.953
23.760.000
57.564.197.176
7.466.324.454
233.997.589
4.455.639.280.194
0,95
0,15
1,05
0,02
41,33
0,11
4,71
0,12
38,92
0,11
6,05
1,30
0,45
0,04
0,04
3,18
0,00
1,29
0,17
0,01
100
10.000.000.000
93.032.261.917
3.432.143.240
10.752.622.151
5.097.146.589
595.494.794
0,22
2,09
0,08
0,24
0,11
0,01
7
8
9
10
11
12
13
14
15
16
Cng
u t thm TSCHH
u t thm TSCVH
Tng chi ph tr trc di hn
Gim ngi mua tr tin trc
Gim thu v cc khon phi np Nh nc
Gim phi tr ngi lao ng
Gim d phng tr cp mt vic lm
Gim chnh lch t gi hi oi
Gim qu khc thuc vn ch s hu
Gim li nhun sau thu cha phn phi
4.103.474.800.441
385.010.000
16.145.231.602
7.736.998.258
3.395.701.542
2.932.664.325
294.140.437
55.557.904.123
490.000.000
142.317.160.775
4.455.639.280.194
92,10
0,01
0,36
0,17
0,08
0,07
0,01
1,25
0,01
3,19
100
Qua bng phn tch ngun v s dng ngun nm 2011 ta thy:

Nm 2011, cng ty tm ngun vn p ng nhua cu sn xut kinh doanh ca mnh ch yu t 2 ngun chnh: gim hng tn kho
1.841.624.380.745 ng chim 41,33%; gim chi ph xy dng c bn d dang 1.734.320.320.715 ng chim 38,92% tng ngun vn huy ng. Bn
cnh , tng ngun vn cho hot ng cng ty huy ng vn bng cch tng vay v n ngn hn 269.3594.50.833 ng chim 6,05%; tng vay v
n di hn 141.802.166.953 ng chim 3,18%; tng khu hao ti sn c nh hu hnh 209.971.400.442 ng chim 4,17%; tng qu u t pht trin
57.564.197.176 ng chim 1,29% v t mt s ngun khc.
Vi tng s vn huy ng c l 4.455.639.280.194 ng cng ty s dng u t vo mt s khon mc sau: u t thm ti sn c nh
hu hnh vi tng s vn l 4.103.474.800.441 ng chim 92,10%.Ngoi ra, cng ty gim li nhun sau thu cha phn phi 142.317.160.775 ng
chim 3,19%; tng phi thu khch hng 93.032.261.917 ng chim 2,09%; gim chnh lch t gi hi oi 55.557.904.123 ng chim 1,25%; tng chi
ph tr trc di hn 16.145.231.602 ng chim 0,36% v mt s khon mc khc.
Qua bng trn, ta thy c nm 2011 cng ty huy ng c 414.557.042.079 ng u t TSC. Tuy nhin, cng ty dng n
4.103.859.810.441 ng mua sm TSC. iu ny cho thy cng ty vi phm vo nguyn tc s dng vn.
Bng phn tch ngun vn v s dng vn nm 2012

STTCh tiu
S tin (tr)
A. Ngun vn
1 Gim cc khon phi thu khc
5.699.678.571
2 Gim chi ph tr trc ngn hn
11.973.981.550
3 Gim thu GTGT c khu tr
6.153.723.784
4 Gim TSNH khc
1.313.801.287
5 Tng khu hao TSC hu hnh
309.707.994.020
6 Tng khu hao TSC v hnh
4.868.371.654
7 Gim chi ph tr trc di hn
5.492.973.355
8 Tng vay v n NH
133.643.951.628
9 Tng phi tr ngi bn
89.704.069.526
10 Tng thu v cc khon phi np NN
382.571.015
11 Tng cc khon phi tr, phi np NH khc 2.690.985.890
12 Tng vay v n DH
110.265.460.304
13 Tng d phng tr cp mt vic lm
2.610.000
14 Tng chnh lch t gi hi oi
41.582.574.586
15 Tng qu u t pht trin
2.025.323.655
16 Tng qu d phng ti chnh
675.107.885
Cng
731.600.457.761
B. S dng ngun vn
1 Tng tin
4.054.425.085
2 Tng cc khon tng ng tin
1.786.307.486
3 Tng u t ngn hn
55.542.009.670
4 Tng phi thu khch hng
125.911.590.362
5 Tng tr trc cho ngi bn
1.434.772.685
6 Tng hng tn kho
52.593.828.948
7 Tng thu v cc khon phi thu NN
2.408.704.481
8 u th thm TSC hu hnh
299.893.573.944
9 u t thm TSC v hnh
309.598.020
10 Tng chi ph xy dng c bn d dang
138.912.859.704
11 Gim khon ngi mua tr tin trc
95.104.906
12 Gim phi tr ngi L
3.509.590.823
13 Gim chi ph phi tr
12.419.583.377
14 Gim qu khen thng phc li
15.015.514.953
15 Gim doanh thu cha thc hin
23.760.000
16 Gim LNST cha phn phi
17.689.233.317
Cng
731.600.457.761
T trng (%)
0,78
1,64
0,84
0,18
42,33
0,67
0,75
18,27
12,26
0,05
0,37
15,07
0,00
5,68
0,28
0,09
100
0.55
0.24
7.59
17.21
0.20
7.19
0.33
40.99
0.04
18.99
0.01
0.48
1.70
2.05
0.00
2.42
100

Trong nm 2012, cng ty c phn Tn To tm ngun vn p ng nhu cu sn xut kinh doanh ca mnh bng cch tng khu
hao TSC, tng vay v n ngn hn, vay v n di hn, tng phi tr ngi bn. Nh vy t 4 ngun ny p ng c
643.321.475.478 ng nhu cu vn cho cng ty chim 87,93% ngun vn huy ng cho hot ng sn xut kinh doanh ca cng ty. Bn
cnh , tng ngun vn hot ng cho cng ty huy ng vn bng cch gim chi ph tr trc ngn hn 11.973.981.550 ng chim
1,64%, tng chnh lch t gi hi oi 41.582.574.586 chim 5,68% v mt s khon khc
Vi tng s vn huy ng c l 731.600.457.761 ng, cng ty s dng u t vo 1 s khon mc sau: u t thm
TSC hu hnh 299.893.573.944 ng chim 40.99%, tng chi ph xy dng c bn d dang 138.912.859.704 ng chim 18.99%, tng
phi thu khch hng 125.911.590.362 ng chim 17.21% tng vn s dng. Ngoi ra cng ty tng u t ngn hn 55.542.009.670 ng
chim 7.59%, tng hng tn kho 52.593.828.948 ng chim 7.19% tng vn s dng v 1 s khon khc.
Qua bng trn, ta thy c nm 2012 cng ty huy ng c 426.867.149.633 ng u t TSC; v cng ty dng 300.203.171.964
ng mua sm TSC. Nh vy cng ty khng vi phm vo nguyn tc s dng vn.
Bng phn tch ngun vn v s dng vn nm 2013

STTCh tiu
A. Ngun vn
1 Gim cc khon tng ng tin
2 Gim tr trc cho ngi bn
3 Gim hng tn kho
4 Gim thu v cc khon phi thu NN
5 Tng khu hao TSCHH
6 Gim TSC v hnh
7 Gim chi ph xy dng c bn d dang
8 Tng vay v n ngn hn
9 Tng thu v cc khon phi np NN
10 Tng phi tr NL
11 Tng cc khon phi tr, phi np ngn hn khc
12 Tng chnh lch t gi hi oi
13 Tng qu u t pht trin
14 Tng qu d phng ti chnh
15 Tng LNST cha phn phi
16 Tng ngun vn u t XDCB
Cng
B. S dng ngun vn
1 Tng tin
2 Tng u t ngn hn
3 Tng phi thu khch hng
4 Tng cc khon phi thu khc
5 Tng d phng phi thu ngn hn kh i
6 Tng chi ph tr trc ngn hn
7 Tng TSNH khc
8 u t thm TSC hu hnh
9 Gim khu hao TSC v hnh
10 Tng chi ph tr trc di hn
11 Gim phi tr ngi bn
12 Gim ngi mua tr tin trc
13 Gim chi ph phi tr
14 Gim vay v n di hn
15 Gim d phng tr cp mt vic lm
16 Gim vn khc ca CSH
Cng
S tin (tr)
T trng (%)
6.604.849.382
15.636.268.257
157.320.201.710
5.996.572.359
314.871.863.381
100.000.000.000
191.472.916.602
234.216.273.751
5.247.678.872
14.879.334.915
19.528.375.121
75.600.000.000
9.722.474.347
932.935.464
28.874.754.383
2.690.282
1.180.838.496.780
0,56
31.020.437.755
41.000.000.000
139.128.284.509
2.068.295.464
50.000.000
273.706.277
578.683.143
149.290.525.573
34.489.835.564
68.834.264.584
65.074.286.268
667.867.279
21.343.796.366
620.578.625.260
2.610.000
6.437.278.738
1.180.838.496.780
2.63
3.47
11.78
0.18
0.00
0.02
0.05
12.64
2.92
5.83
5.51
0.06
1.81
52.55
0.00
0.55
100
1,32
13,32
0,51
26,67
8,47
16,21
19,83
0,44
1,26
1,65
6,40
0,82
0,08
2,45
0,00
100

Trong nm 2013, cng ty tm ngun vn p ng nhu cu sn xut kinh doanh ca mnh bng cch tng vay v n ngn hn,
tng khu hao TSC hu hnh, gim hng tn kho, gim chi ph xy dng c bn d dang. Nh vy, ch ring t 4 ngun ny p ng
c 897.881.255.444 ng, chim 76.04% ngun vn huy ng cho SXKD ca doanh nghip. Bn cnh , tng ngun vn ca mnh,
cng ty cn gim TSC v hnh 100.000.000.000 ng chim 8.47%, tng chnh lch t gi hi oi 75.600.000.000 ng chim 6.4% v
mt s khon khc.
Vi s vn huy ng c l 1.180.838.496.780 ng, cng ty s dng u t vo 1 s khon mc sau:tr tin vay n
di hn 620.578.625.260 ng chieems.55% tng vn s dng, tng phi thu khch hng 139.128.284.509 ng chim 11.78%, u t thm
TSC hu hnh 149.290.525.573 ng chim 12.64%, tng chi ph tr trc di hn 68.834.264.584 ng chim 5.83%, tng tin mt
31.020.437.755 ng chim 2.63%, tng u t ngn hn 41.000.000.000 ng chim 3.47% v 1 s khon khc.
Qua bng trn, ta thy c nm 2013 cng ty huy ng c 324.594.337.728 ng u t TSC; v cng ty dng 149.290.525.573
ng mua sm TSC. Nh vy cng ty khng vi phm vo nguyn tc s dng vn
STT Ch tiu
VT
Nm 2011
1
2
3
4
5
6
7
8
9
10
ng
ng
ng
ng
%
Vng
%
Ln
Ln
%
54.681.051.175
2.742.668.480.607
5.542.581.075.784
4.711.517.669.767
1,99
0,49
0,99
0,85
0,15
6,58
LNST
DT & TN khc
Tng ti sn
N phi tr
Doanh li doanh thu ROS (1/2)
Vng quay tng vn (2/3)
Doanh li tng vn ROA (5*6)
T s n (4/3)
T s t ti tr 1 - (8)
Doanh li vn ch s hu ROE (7/9)
VI. Phn tch tnh hnh ti chnh theo phng php Dupont:
Mt s ch tiu dng trong phn tch Dupont
Chnh lch 2012/2011

+(-)
%
49.565.450.675
68.899.113.989
(5.115.600.500) -9,36%
3.315.254.710.768 3.818.978.890.151 572.586.230.161 20,88%
5.883.965.274.334 5.890.199.528.005 341.384.198.551 6,16%
5.017.884.924.869 4.584.020.710.308 306.367.255.102 6,50%
1,50
1,80
(0,5)
-25,01%
0,56
0,65
0,07
13,86%
0,84
1,17
(0,14)
-14,61%
0,85
0,78
0,00
0,32%
0,15
0,22
0
-1,83%
5,72
5,27
(0,86)
-13,02%
Nm 2012
Nm 2013
Chnh lch 2013/2012

+(-)
%
19.333.663.314
39,0
503.724.179.383
15,1
6.234.253.671
0,11%
(433.864.214.561) -8,65
0,31%
20,6
0,08
15,0
0,33%
38,8
(0,07)
-8,74
0,07
50,6
(0,45)
-7,83
Phn tch Dupont nm 2011:

Trong nm 2011 t sut li nhun trn vn (ROA) ca cng ty l 0,99% thp so vi li sut bnh qun trn th trng rt nhiu. iu
ny c l gii theo phng php phn tch Dupont l do t sut LNST/DT (ROS) ca cng ty l rt thp, ch s ny ca cng ty ch c
1,99% v vng quay tng vn ca cng ty ch t 0,49 vng.
Qua phn tch ch s ROE ta thy ch s ny ca cng ty nm 2011 l 6,58% kh cao so vi ch s ROA, ROS. Trong nm 2011 li
nhun ca ch s hu l nh vo t s n ca cng ty cao 0,85 ln nn t s 1/(1-t s n) cng ln.
T phn tch ch s ROA, ROE trn ta thy, gia tng hai ch s ny cng ty c th tc ng vo ch s ROS (LNST/DT) v ch s
ROS ca cng ty thp, ch khng nn tip tc gia tng vn n phi tr y t s ti tr qu cao v n s lm cng ty gp phi nhng kh
khn nht nh trong kh nng thanh ton n phi tr, qua cho thy ri ro ti chnh ca cng ty cao.
Phn tch Dupont nm 2012
Nm 2012 t sut li nhun trn tng vn u t (ROA) ca cng ty l 0,84% thp hn so vi nm 2007 0,14% v vn thp hn li
xut bnh qun trn th trng kh nhiu. iu ny c l gii theo phng php phn tch Dupont l do t sut LNST/DT (ROS) ca
cng ty c gim so vi nm 2012 l 0,50% v vn mc thp, ch s ny ca cng ty ch l 1,50%. Nm 2012 vng quay tng ti sn ca
cng ty t mc 0,56 vng tng 0,07 vng do trong nm doanh thu tiu th hng ha trong k tng.
Qua phn tch ch s ROE ta thy ch s ny ca cng ty nm 2012 l 5,72% gim 0,86% so vi nm 2011. Trong nm 2012 li
nhun cho ch s hu giml do trong nm ny ROS gim 0,503% ; T s n vn gi nguyn mc l 0,85 ln.
T phn tch ch s ROA, ROE trn ta thy gia tng hai ch s ny cng ty c th tc ng thm vo ch s ROS v ch s ROS
ca cng ty gim xung kh thp.
Phn tch Dupont nm 2013

Nm 2013 t sut li nhun trn tng vn u t (ROA) ca cng ty l 1,17% cao hn so vi nm 2012 l 0,33% nhng vn thp
hn li xut bnh qun trn th trng kh nhiu. iu ny c l gii theo phng php phn tch Dupont l do t sut LNST/DT (ROS)
ca cng ty c tng so vi nm 2012 l 0,31% nhng vn mc thp, ch s ny ca cng ty ch l 1,80%. Nm 2013 vng quay tng ti
sn ca cng ty t mc 0,65 vng tng 0,08 vng do tc tng ca DT tng nhanh hn so vi tc tng ca tng ti sn.
Qua phn tch ch s ROE ta thy ch s ny ca cng ty nm 2013 l 5,27% gim 0,45% so vi nm 2012. Trong nm 2013 li
nhun cho ch s hu gim l do trong nm ny cng ty ROS tng 0,31%.
T phn tch ch s ROA, ROE trn ta thy gia tng hai ch s ny cng ty c th tc ng thm vo ch s ROS v ch s ROS
ca cng ty cn kh thp.
Nhn chung , doanh li tng vn bin ng tng khng ng k, nhng doanh li vn ch s hu th gim lin tc trong ba nm,
iu ny th hin cng ty cha s dng c hiu qu ngun vn ch s hu ca mnh.

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Phn tch tnh hnh ti chnh ti cng ty c phn Tn To trong 3

Gii thiu cng ty:

Lch s hnh thnh:

Hin nay, KCN Tn To vn l KCN dn u v s lng nh my i vo hot ng ti TP.HCM l

Ngnh ngh kinh doanh:

u t xy dng v kinh doanh c s h tng trong Khu cng nghip Tn To

u t xy dng v kinh doanh khu cng nghip, khu dn c th

Cho thu t c xy dng xong c s h tng

Kinh doanh cc dch v trong Khu cng nghip

Dch v t vn u t, t vn khoa hc k thut v chuyn giao cng ngh

Xy dng cng nghip, dn dng, giao thng

Dch v giao nhn hng ha v dch v cho thu kho bi

Xy dng cc cng trnh in n 35KV

Kinh doanh nh (xy dng, sa cha nh bn hoc cho thu)

Cng ty con v lin kt

Cng ty con (7)

Phn tch bng cn i k ton

BNG PHN TCH S BIN NG TI SN

Chnh lch 2012/2011

Qua bng phn tch bin ng ti sn ca cng ty c phn Tn To t nm 2011

Ti sn di hn nm 2012 l 4.870.156.026.478 ng, tng 119.046.692.639

Bng phn tch s bin ng ngun vn

Chnh lch 11/10

Nh vy, ngun vn ca doanh nghip c xu hng tng theo kiu tng vn ch s hu

Bng phn tch kt cu ti sn

Bn cnh vic phn tch s bin ng ca ti sn v ngun vn, ta cn phn tch kt cu

Qua bng phn tch kt cu ti sn ca cng ty ta thy ti sn di hn qua cc nm u

2.2. Phn tch kt cu ngun vn

Bng phn tch kt cu ngun vn

Qua bng phn tch kt cu ngun vn ca cng ty t nm 2011 n nm 2013 ta thy:

Vn ch s hu chim t trng khng cao trong tng ngun vn, c th l nm

Vn u t ch s hu nm 2011 l 94,87%, nm 2012 l 92,44%; nm

2010 l 83,65%. S bin ng t trng ny c xu hng gim dn qua 3 nm nhng bin

S gim ca t trng cc qu u t pht trin v qu d phng ti

chnh ; c th nm 2011 t trng 2 qu ny l 20,59% v 2,42%, nm 2012 l 20,25%

Phn tch BCKQHKD

Chnh lch 2012/2011

Chnh lch 2013/2012

1. Doanh thu bn hng v cung cp dch v

3,747,498,620,368 610,567,827,229 22.44%

2. Cc khon gim tr doanh thu

3,516,335,582,016 566,333,463,135 20.82%

3. Doanh thu thun v bn hng v cung cp dch

(44,234,364,094) 430796.57% (186,918,406,218) 422.47%

(2,716,272,766,065) (170,228,309,321) 7.60%

5. Li nhun gp v bn hng v cung cp dch

6. Doanh thu hot ng ti chnh

9. Chi ph qun l doanh nghip

10. Li nhun thun t hot ng kinh doanh

11. Thu nhp khc

12. Chi ph khc

13. Li nhun khc

14. Tng li nhun trc thu

15. Chi ph thu TNDN hin hnh

16. Li nhun sau thu TNDN

17. Li c bn trn c phiu

Trong : Chi phi li vay

Gi vn hng bn nm 2012 tng 170.228.309.321 ng t 2.239.020.951.114

Li nhun khc c s bin ng qua 3 nm c th nm 2011 l 4.599.783.583 ng; nm

Phn tch bo co lu chuyn tin t

Chnh lch 2012/2011

879.992.213 -13,39% (5.206.064.061)

44.364.808.658 -164,94% (21.574.925.776)