Bo co phn tch doanh nghip

Vietnam Airlines

Min trch
Bn bo co ny ca Cng ty C phn Chng khon Ngn hng u t v pht trin Vit Nam (BSC), ch cung cp nhng thng tin chung
v th trng v phn tch doanh nghip. Bo co ny khng c xy dng cung cp theo yu cu ca bt k t chc hay c nhn ring
l no hoc cc quyt nh mua bn, nm gi chng khon. Nh u t ch nn s dng cc thng tin, phn tch, bnh lun ca Bn bo co
nh l ngun tham kho trc khi a ra nhng quyt nh u t cho ring mnh. Mi thng tin, nhn nh v d bo v quan im trong bo
co ny c da trn nhng ngun d liu ng tin cy. Tuy nhin Cng ty C phn Chng khon Ngn hng u t v pht trin Vit Nam
(BSC) khng m bo rng cc ngun thng tin ny l hon ton chnh xc v khng chu bt k mt trch nhim no i vi tnh chnh xc
ca nhng thng tin c cp n trong bo co ny, cng nh khng chu trch nhim v nhng thit hi i vi vic s dng ton b hay
mt phn ni dung ca bn bo co ny. Mi quan im cng nh nhn nh c cp trong bo co ny da trn s cn nhc cn trng,
cng minh v hp l nht trong hin ti. Tuy nhin nhng quan im, nhn nh ny c th thay i m khng cn bo trc. Bn bo co ny
c bn quyn v l ti sn ca Cng ty C phn Chng khon Ngn hng u t v Pht trin Vit Nam (BSC). Mi hnh vi sao chp, sa i,
in n m khng c s ng ca BSC u l tri lut.

2 Bo co phn tch doanh nghip

Xy dng Vietnam Airlines tr thnh tp

on kinh t mnh, lc lng vn ti ch
lc, gi vai tr ch o trong giao thng hng
khng Vit Nam v c gi tr xng ng
trong khu vc Tiu vng CLMV vi cc c
s h tng k thut bo dng, cng nghip
hng khng v o to chuyn ngnh tin
tin, l cu ni quan h quc t ca nc
Vit Nam hi nhp, tr thnh hng hng
khng c tm c ti khu vc ng Nam ,
ng thi gp phn tch cc pht trin kinh
t x hi cc vng min v a phng, kinh
doanh c hiu qu v l lc lng d b ng
tin cy cho an ninh quc phng.
Phng n C phn ha, Vietnam Airlines

Mc lc
Gii thiu c hi u t

Trin vng ngnh Hng khng

Tng cng ty Hng khng Vit Nam

15

Phn tch ti chnh

24

D bo kt qu kinh doanh

32

Tng Cng ty Hng khng Vit Nam 3

Gii thiu c hi u t
Ngnh Hng khng Vit Nam ang trong giai on tng trng
nhanh vi ng lc mnh m.
Ngnh Hng khng th gii ang
phc hi, Vit Nam nm trong
khu vc Hng khng nng ng
nht th gii.
FDI quay tr li Vit Nam, du lch
ang tng trng nhanh. Dn s
tng nhanh, thu nhp ci thin
c bit l tng lp trung lu.

Vietnam Airlines l hng hng

khng quc gia ca Vit Nam,
ang c li th v quy m v
sc mnh ca ton chui gi
tr ngnh Hng khng. Vietnam
Airlines v ang trong qu
trnh u t v tng trng c
v quy m ti sn, doanh thu
v hiu qu hot ng. Vietnam
Airlines cng l mt trong s t
cc hng hng khng t li
nhun ngay c trong nhng
nm khng hong. Chng ti
cho rng, c phn ha s l c
hch mnh hn na Vietnam
Airlines tn dng tt nht nn
tng pht trin.

S hu h thng ti sn
hu hnh v v hnh gm
i bay tr, khu hao nhanh,
mng bay rng, slot khai thc
ti cc sn bay quc t, ngun
nhn lc c o to bi bn
v thng hiu c uy tn;

4 Bo co phn tch doanh nghip

K hoch 05 nm 2014
- 2018 ca Vietnam

Airlines hng n nng cao

hiu qu khai thc vi d bo
nhu cu cc th trng chnh
tng trng vi tc cao;

H thng cc cng ty
thnh vin hot ng
hiu qu trong lnh vc dch v
hng khng.
Chng ti nh gi c phiu
Vietnam Airlines hp dn.
Vietnam Airlines d kin cho
bn 20% cho c ng chin
lc l tp on/hng hng
khng v/hoc tp on ti
chnh, gip tng nng lc ti
chnh, kinh doanh, qun tr v
thc y tng trng sau c
phn ha.
Chng ti s dng phng
php Adj EV/EBITDAR nh
gi c phiu Vietnam Airlines.
Mc gi hp l cho mt c
phiu Vietnam Airlines l
23,412.

Tng Cng ty Hng khng Vit Nam 5

T chc pht hnh

Thng tin v t chc pht hnh

Tn cng ty
Tn Ting Anh
Tn vit tt
a ch
Tel
Fax
Website
Vn ch s hu
Lnh vc hot ng
Ngnh ngh kinh doanh chnh
Thng tin v t cho bn

Tng Cng ty Hng khng Vit Nam

Vietnam Airlines Company Limited
Vietnam Airlines
S 200, ph Nguyn Sn, phng B , qun Long
Bin, Thnh ph H Ni
+84.4.38272289
+84.4.38722375
www.vietnamairlines.com
10.016 t ng (31/12/2013)
Vn ti hng khng, ph tr vn ti v kinh doanh
hng ha dch v v hot ng khc.
Vn ti hng khng
C cu vn d kin
1.475%

Mnh gi mi cp
S lng pht hnh
ra cng chng
Gi khi im
T l

10.000 ng
49.009.008 c
phiu
22.300 ng
3.475%

0.05%

20%

Nh nc
IPO

3.475%

Nh u t chin lc
75%

6 Bo co phn tch doanh nghip

Cn b cng nhn vin

Cng on

Mt s ch tiu ti chnh chn lc

n v: t VND

Doanh thu thun

% tng trng
Tng ti sn
Vn ch s hu
Li nhun gp
Li nhun sau thu
% tng trng y-o-y
Bin li nhun gp
ROE
ROA

2010
35,342
53.25%
38,514
8,445
4,875
314
133.29%
13.79%
3.72%
0.82%

2011
44,528
25.99%
48,546
8,267
3,430
37
-88.35%
7.70%
0.44%
0.08%

2012
49,142
10.36%
55,500
9,292
4,134
138
277.51%
8.41%
1.49%
0.25%

2013
52,460
6.75%
59,336
10,016
5,548
147
6.52%
10.58%
1.47%
0.25%

Ct mc pht trin

01/1956
09/1956
27/05/1995
20/10/2002
04/04/2003
12/2006
10/06/2010
23/06/2010

Chnh ph thnh lp Cc Hng khng Dn dng

Chuyn bay ni a u tin c khai trng
Tng cng ty Hng khng Vit Nam (Vietnam Airlines) c thnh
lp
Vietnam Airlines gii thiu biu tng mi- Bng Sen Vng
Vietnam Airlines c t chc li theo m hnh Cng ty m- Cng
ty con
Tr thnh thnh vin chnh thc ca IATA
Vietnam Airlines tr thnh thnh vin th 10 ca Lin minh hng
khng ton cu SkyTeam
Vietnam Airlines c chuyn thnh cng ty TNHH MTV do Nh
nc l ch s hu.

Tng Cng ty Hng khng Vit Nam 7

Trin vng ngnh

Hng khng
Ngnh vn ti hng khng Vit Nam s tip tc tng trng
mnh trong thi gian ti, da trn cc ng lc t (1) S
phc hi ca ngnh Hng khng th gii, (2) Vit Nam nm
trong khu vc Hng khng nng ng, (3) Hot ng u t
v du lch tng trng nhanh, (4) Mc sng ngi dn c
ci thin.

8 Bo co phn tch doanh nghip

Ngnh Hng khng th gii phc hi

sau khng hong

Tng trng tr li
Ngnh Hng khng th gii phc hi sau
khng hong kinh t nm 2009. Nm
2013, ngnh Hng khng th gii t
doanh thu 708 t USD (+4.3% yoy), chim
1% GDP ton th gii, li nhun 12,9 t
USD (tng 2 ln so vi nm 2012). Vit
Nam c li th nm trong khu vc nng
ng th hai th gii v hng khng.

Tng trng doanh thu v bin li nhun ca ngnh Hng khng th gii

4%

800

2%

600

0%
400
-2%
200

-4%

-6%
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

thu
Doanh thuDoanh
(t USD)

Bin
li nhun gp
Bin li
nhun

Ngun: IATA

Tng Cng ty Hng khng Vit Nam 9

Th trng hng khng

Chu u v Bc M
Mng ng bay Chu u v Bc M c ngha chin lc lu
di vi Vietnam Airlines.

Bc M - Th trng tim nng

L th trng c nhiu tim nng pht
trin, tp trung nhiu nht s lng i
bay trn ton th gii. Bc M l khu vc
c GDP cao nht th gii (25% GDP ton
cu 2013), GDP trn u ngi cng
t mc cao nht, t 50,000 USD nm
2013.

Chu u - Th trng c dung lng ln

Vi ng bay Chu u Vit Nam,
khch hng ch yu l Vit kiu sinh sng
v lm vic ti cc quc gia Chu u (500
600 ngn ngi) v khch quc tch
Php, Anh, c, Nga (chim khong trn
70% khch chu u n Vit Nam). D
bo trong nhng nm ti khi quan h Vit
Nam Chu u ngy cng tht cht trn
phng din vn ha v kinh t s gp
phn thc y tc tng trng ca
khu vc ny.

Vietnam Airlines d kin m ca ng

bay SGN LAX vo nm 2016 pht
trin mng bay qua Thi Bnh Dng.

Tc tng trng ca cc th trng hng khng th gii

8%
7%

Chu Phi

6%

Chu Thi Bnh Dng

8%

5%
4%

Chu u
Chu M

7%

Trung ng

10%

11%

13%

1%
2%

Bc M
0%

2012

10 Bo co phn tch doanh nghip

2%

4%

2013

6%

8%

10%

12%

14%

Ngun: IATA

Khu vc tng trng mnh

Chu Thi Bnh Dng
Chu Thi Bnh Dng ang c tc tng trng v sinh li
ln th 2 trn th gii.

Th trng hp dn
Tc tng trng ti th trng chu
- Thi Bnh Dng 2013 t 7.6% ch sau
khu vc Trung ng. Xt theo li nhun
nm 2013, ton th trng t tng quy
m 3.2 t USD ch sau khu vc Bc M.
Cc hng hng khng chu ang tng
cng sut phc v bng vic t mua mt
lng ln cc my bay mi, xy dng
thm cc ng bay, nh ga. Giai on
2014 2020 c d bo s l giai on
cnh tranh khc lit.
ng Bc - Th trng hiu qu chnh
Quan h kinh t gia Vit Nam v cc
quc gia ny ngy mt cht ch, chim
phn ln lng u t FDI vo Vit Nam.
Mng ng bay ny ang chim ti
46.35% t trng vn ti quc t ca
Vietnam Airlines; gm Nht Bn, Hn
Quc, Trung Quc, Hng Kng v i
Loan vi 27 ng bay, 14 im n v
tn sut 128 chuyn/tun. Vietnam Airlines
ang chim th phn p o trn mng
ng bay gia Vietnam v ng Bc .
Vietnam Airlines s tip tc y mnh khai
thc th trng ny nh tng tn sut bay,
s dng cc loi my bay thn rng c
trang b hin i, nng cao cht lng
dch v, nng lc cnh tranh v hiu qu
khai thc.

ng Nam - Th trng tng trng

nhanh
ng Nam l th trng hng khng
c tc tng trng cao nht ton
cu. Theo s liu thng k ca CAPA v
Innovata, th trng quc t ca ng
Nam c mc tng trng 20% ch trong
18 thng (04/2012 10/2013), t mc 4.7
triu gh/tun ln 5.6 triu gh/tun.
Mng ng bay ny ang chim 21.94%
tng lng khch vn chuyn quc t
ca Vietnam Airlines nm 2013. Vietnam
Airlines chim khong 5% th phn ti
cung ng trn th trng hng khng khu
Cng sut phc v ca cc hng hng khng theo tun t 20/10/2014 n
26/10/2014 (nghn gh)

Cebu Pacific
Thai AirAsia
Vietnam Airlines
Singapore Airlines
Thai Airways
Malaysia Airlines
AirAsia
Garuda Indonesia
0

100

200

300

400

500

600

700
Ngun: CAPA

Tng Cng ty Hng khng Vit Nam 11

vc, khai thc 7 ng bay v 4 im

n l Thi Lan, Singapore, Malaysia v
Indonesia vi tn sut 99-102 chuyn/
tun.
c
Lng khch t c n Vit Nam tip
tc t mc tng trng n nh 10%.
Vietnam Airlines l hng hng khng duy
nht khai thc ng bay thng gia c
v Vit Nam. Tuy nhin, Vietnam Airlines
s phi tip tc cnh tranh vi cc hng
c ng bay vng cht lng cao, c
bit t Singapore Airlines, Thai Airways v
Malaysia Airlines.

Tiu vng CLMV

y l th trng tng trng nhanh, giai
on 4/2012 n 10/2013 t hn 27%
i vi Lo v Campuchia, v 76.8% i
vi Myanmar. Tnh n thi im hin
ti, theo CAPA, ti Cambodia, Vietnam
Airlines chim 13,3% th phn vn ti
quc t, trong khi Cambodia Angkor Air
(Cng ty lin kt ca Vietnam Airlines)
chim th phn 16,3%. Vietnam Airlines
ang duy tr vai tr l hng hng khng
ch cht ti cc th trng ny vi 8
ng bay vi 5 im n: Vientiane,
LuangPrabang (Lo); Phnom Penh, Siem
Riep (Campuchia) v Yangon (Myanmar).
Tn sut khai thc ti y t mc hn
81 chuyn/tun.

Vietnam Airlines chim th phn ln nht

trong th trng hng khng i v n Vit
Nam, b kh xa cc hng hng khng khc.
Th phn vn chuyn hnh khch
trn cc ng bay quc t i v n
Vit Nam

T trng vn ti quc t ca Vietnam

Airlines
14.61%
12.10%

5.00%

40.6%
59.4%
21.94%
46.35%

Vietnam
Airlines

Khc

Ngun: CAPA

12 Bo co phn tch doanh nghip

Chu u

ng Bc

CLMV

ng Nam

Ngun: Vietnam Airlines

Trin vng th trng

Hng khng ni a
Th trng Hng khng ni a ang trong thi k tng trng
nhanh vi nhiu yu t h tr thun li t ngnh du lch v dn s.

Tng trng mnh m

Nm 2013, tng th trng vn chuyn
ca cc hng Hng khng Vit Nam c
t 20.7 triu lt khch (+18.2% yoy) v
221 nghn tn hng ha (+11% yoy)1. y
l mc tng trng rt cao so vi mc
tng 5.3% mng vn ti hnh khch v
gim 1% mng vn ti hng ha ca
khu vc Chu Thi Bnh Dng.
Chng ti nh gi th trng hng khng
ni a cn nhiu tim nng tng trng.
Trong giai on 2014 2018, th trng
ni a c d bo tng trng bnh
qun 15%/nm2, t hn 28.8 triu lt
vo nm 2018. Ngnh Du lch ang tng
trng nhanh km vi hot ng u
t FDI v dn s tng nhanh s l ng
lc ngnh Hng khng tip tc tng
trng mnh.
Cc nhn t h tr
Ngnh du lch Vit Nam c tc tng
trng rt nhanh. Ngoi tr nm 2009 do
nh hng ca suy thoi kinh t, doanh
thu ngnh du lch v lng khch du lch
lin tc tng vi tc tng trung bnh
hng nm ln lt l 22% v 10.57%.
Vit Nam c dn s ng v thu nhp
bnh qun u ngi ang trn tng
mnh. Dn s Vit Nam cao th 3 trong
khu vc, tng trung bnh 1.05%/nm theo
1 Bo co tng kt nm, Cc Hng Khng Vit
Nam, 2013
2 Theo Vietnam Airlines

d bo 5 nm ca IMF. Nm 2013, thu

nhp bnh qun u ngi ca Vit Nam
t 1960 USD v k vng tng trung bnh
6.5% trong 5 nm ti.
FDI s duy tr mc tng n nh trong cc
nm tip theo nh cc yu t: (1) Vic
cam kt gi n nh t gi v kim ch
lm pht ca Chnh ph; (2) Cc nc
ng Nam , c bit l Vit Nam nhiu
kh nng hng li t s chuyn dch
dng vn FDI ra khi Trung Quc; (3) Hip
nh thng mi t do FTA cng vi trin
vng v TPP trong nhng nm ti.
V th ca Vietnam Airlines
Vietnam Airlines c u th ln ti th
trng ni a vi chin lc thng hiu
kp (dual-brand) gia Vietnam Airlines v
Jetstar Pacific Airlines.
Doanh thu t khch du lch (nghn t VND) v tng trng ti th trng hng
khng Vit Nam
300

50%

250

40%

200

30%

150
100
50
0

56

60

68

2007

2008

2009

96

130

160

200

240

20%
10%
%

Doanh thu khch du lch

2010

2011

2012

2013

2014F

Tng trng

Ngun: Cc Hng khng dn dng Vit Nam

Tng Cng ty Hng khng Vit Nam 13

Vietnam Airlines s dng chin lc thng hiu kp cung cp di sn

phm a dng , trong Vietnam Airlines hng n phn khc khch hng
thu nhp cao v trung bnh, v Jetstar Pacific hng n phn khc khch hng
thu nhp thp.
Trong giai on 2008 2013:
Th phn vn chuyn hnh khch, hnh
l ni a trung bnh t 73.52%, tng
trng hnh khch vn chuyn ni a
bnh qun t 10.76%
Th phn vn ti hng ha, bu kin gn
nh chim t l tuyt i, vi mc th
phn trung bnh trong giai on 5 nm
t xp x 90%, tng trng sn lng
hng ha lun chuyn ni a t trung
bnh 5.6%/nm.
ng bay

im n

2008

27

19

2009

31

20

2010

35

20

2011

37

20

2012

38

20

2013

39

21

14 Bo co phn tch doanh nghip

Chin lc ca Vietnam Airlines l hp

tc cht ch vi sn phm ca Jetstar
Pacific duy tr th phn ni a ca 2
hng khong 70 72%.
Vietnam Airlines ang chu p lc cnh
tranh kh ln ti th trng ni a. Theo
Cc Hng khng Dn dng Vit Nam, th
phn ni a nm 2013 ca Vietjet Air
t 26.1%, vi 3.2 triu hnh khch (tng
khong 3 ln so vi nm 2012), trong khi
Jetstar Pacific Airlines cng ty con ca
Vietnam Airlines (hng hng khng hot
ng theo m hnh chi ph thp) ch
chim 15.2% th phn.

Vietnam Airlines
Vietnam Airlines l hng hng khng quc gia ca
Vit Nam, chim th phn ln nht (51.8%) trong s
cc hng hng khng khai thc ti Vit Nam. Nm 2013
Vietnam Airlines vn chuyn 15 triu lt khch v
184.606 tn hng ha qua 39 ng bay ni a v 52
ng bay quc t.
Vietnam Airlines cng l hng hng khng c quy m
ln trong khu vc ng Nam vi hai thng hiu (1)
Hng hng khng truyn thng (Full-service carrier) vi
mc tiu xy dng hnh nh hng hng khng 4 sao vo
nm 2015-2016, (2) Cng ty con l Jetstar Pacific p
ng nhu cu ngy cng cao ti phn khc hng khng
gi r (LLC). Vietnam Airlines l thnh vin ca T chc
Hng khng Dn dng Quc t (ICAO), Hip hi Vn ti
Hng khng Quc t (IATA) v Lin minh Hng khng
Skyteam (mt trong 3 lin minh hng khng ln nht th
gii).

Tng Cng ty Hng khng Vit Nam 15

Hot ng kinh doanh

tng trng nhanh
Vietnam Airlines ang duy tr tc tng trng cao so vi
trung bnh ca khu vc Chu vn l khu vc nng ng ca
hng khng th gii.
Doanh thu v li nhun
Doanh thu tng trng trung bnh hng
nm t 15.8% trong giai on 2008-2013
nh Vietnam Airlines m thm cc ng
bay mi v nhu cu vn ti hng khng
tng ln khi kinh t hi phc. So snh vi
khu vc Chu , t l tng trng doanh
thu ca Vietnam Airlines thuc nhm tng
trng nhanh nht.
Bin li nhun gp trung bnh ln ti
10.66% trong 5 nm 2009-2013. Vietnam

Airlines ch ng nhiu hot ng hng

khng v dch v u vo thng qua
nhng cng ty con/lin kt ca Vietnam
Airilnes nh nhin liu my bay (Jet A1),
bo dng sa cha...
Doanh thu ca Vietnam Airlines n t
04 hot ng: (1) Hot ng vn ti hnh
khch, hnh l; (2) Hot ng vn ti hng
ha, bu kin; (3) Dch v ph tr vn ti
hng khng v (4) u t ti chnh.

Tc tng trng doanh thu ca cc hng hng khng trong khu vc nm 2013

13%

10%

07%

04%
-01%

China
Southern

Air China

01%

China Eastern Cathay Pacific

07%

01%

Malaysia
Airlines

Garuda
Indonesia

Singapore
Airlines

-01%

Thai Airways

Vietnam
Airlines

Ngun: Bo co ti chnh cc hng hng khng, BSC tng hp

16 Bo co phn tch doanh nghip

Vn ti hnh khch & hnh l

y l hot ng nn tng ca Vietnam
Airlines, chim 86% doanh thu 2013.

Quy m doanh thu (nghn t) ca Vietnam Airlines

Nm 2013, doanh thu vn ti hnh khch,

hnh l t 45,407 t ng, tng hn
5% so vi 2012. Vietnam Airlines chim
51.8% th phn vn chuyn hnh khch
tng mng trong ni a 63.2% v
quc t 40.6%. Xt v c cu doanh thu,
phn khc quc t gp n 66% trong c
cu doanh thu vn ti hnh khch, hnh l.

2012

2013

52.83
49.58

2011

44.87

2010

35.60

2009

23.20
0

10

20

30

40

50

60

Bin li nhun Vietnam Airlines

2013

10.58%

2012

8.41%

2011

7.70%

2010

13.79%

2009

12.80%

0.00%

5.00%

10.00%

15.00%

Doanh thu vn chuyn hnh khch hnh l v tng s lt hnh khch vn chuyn

60

16

45

12

30

15
19

18

2008

2009

27

2010

Doanh thu (nghn t ng)

34

2011

43

45
4

2012

2013

Lt khch vn chuyn (triu khch)

Ngun: Vietnam Airlines

Tng Cng ty Hng khng Vit Nam 17

Vn ti hng ha, bu kin

L hot ng quan trng th 2 ng gp
8% vo tng doanh thu ca Vietnam
Airlines nm 2013.

Doanh thu vn ti hng ha, bu kin v sn lng hng ha vn chuyn

Nm 2013, doanh thu vn ti hng ha,

bu kin t 4,377 t, tng nh so vi
2012. Th phn tng mng ca Vietnam
Airlines t mc 29%, trong th phn
ni a t 75%, th phn quc t t
khong 17%. Phn khc quc t ng
gp n 78% tng doanh thu vn ti hng
ha, bu kin ca Vietnam Airlines. Chng
ti nh gi mng hot ng ny cn
nhiu tim nng tng trng.

250

200

150
4.4

2
1

2.2

2008

2.6

2.8

2010

2011

4.4

50

1.5
2009

Doanh thu (nghn t ng)

2012

2013

Sn lng hng ha vn chuyn (nghn tn)

Ngun: Vietnam Airlines

S chui gi tr
Vietnam Airlines
DCH V NM TRONG DY CHUYN
VN TI HNG KHNG
Sut n TSN

TECS

Sut n Ni bi

NCTS

TCS

VINAPCO

VAECO

18 Bo co phn tch doanh nghip

100

CC HNG HNG KHNG

Cambodia Angkor
Air (K6)

Jetstar Pacific
Airline

CUNG NG DCH V LIN QUAN N

HNG KHNG
VINAKO

APLACO

dng HK

ALS

NASCO

VNI

MASCO

Cng trnh
HK

VALC

Airimex

VFT

Alsimexco

Airserco

AITS

In HK

T vn xy

Abacus
u t
HKVN
Khch sn
HK

S hu khi ti sn gi tr
Vietnam Airlines ang s hu nhng ti sn hu hnh v v hnh c gi tr
ln i bay, mng bay, slot, thng hiu v ngun nhn lc. Chng ti nh
gi, gi tr s sch hin ti phn no cha phn nh ht c gi tr ti sn ca
Vietnam Airlines.
i bay tr
Ti thi im 31/12/2013, Vietnam
Airlines c i bay gm 83 my bay gm
8 my bay s hu (3 Airbus 321, 3ATR
72 v 2 Fokker 70), 38 my bay thu ti
chnh (4 Boeing777, 28 Airbus 321 v 6
ATR 72), 37 my bay thu khai thc (6
Boeing 777, 17 Airbus 321 v ton b i
9 tu Airbus 330 v 5 ATR 72). C th:
Dng my bay 280 - 300 gh (10 tu
B777 v 9 tu A330): khai thc tm xa
cc th trng Chu u, c v 1 s
ng bay ti khu vc ng Bc .
Dng my bay 150 - 180 gh (48 Airbus
321): S dng khai thc cc chuyn
bay ni a, cc chuyn bay quc t ti
khu vc ng Nam , ng Bc .

C cu s hu i bay ca Vietnam Airlines (chic)

100
80
60

39

40

28

20

21

Mua

37

38

38

23

31

38

36

2009

2010

2011

2012

2013

Thu ti chnh

Thu khai thc

Ngun: Vietnam Airlines

Dng my bay 70 gh (14 ATR 72 v

2 Fokker 70): Dng khai thc cc
ng bay a phng, tm bay ngn.

Tng Cng ty Hng khng Vit Nam 19

Khu hao nhanh

Chng ti nh gi gi tr s sch hin ti
ca i bay cha th hin ht gi tr thc
t do chnh sch khu hao nhanh:
Tui my bay tr. i bay ca Vietnam
Airlines c tui bay trung bnh l 5.34
nm, rt tr so vi khu vc cng nh
th gii (thng thng my bay vn
hnh c trn 25 nm).
Khu hao nhanh hn so vi thng
l. Thi gian khu hao my bay ca
Vietnam Airlines trung bnh 12-15 nm,
thp hn so vi trung bnh ngnh t 15
n 20 nm, dn n chi ph khu hao
cao hn cc hng hng khng khc.
Mng ng bay & gi h ct cnh
(slot) ti cc sn bay quc t
Vietnam Airlines l hng hng khng Vit
Nam c mng ng bay ln nht v tng
nhanh. Mng ng bay l ti sn v hnh
khng c nh gi ca Vietnam Airlines,
gm 52 ng bay quc t v 39 ng
bay ni a, gp nhiu ln so vi s lng
ng bay ca cc hng hng khng Vit
Nam khc. Mng ng bay ni a ca
Vietnam Airlines bao gm:

S lng my bay ca cc hng hng khng truyn thng chu (chic)

China Airlines
PhilippineAirlines
Vietnam Airlines
Thai Airways
Singapore Airlines
Garuda Indonesia
Malaysia Airlines
Cathay Pacific
China Eastern
Air China
China Southern
0

600

China Airlines
PhilippineAirlines
Vietnam Airlines
Thai Airways
Singapore Airlines

Cc ng bay trc l H Ni Cn
Th, TPHCM Hi Phng, TPHCM
Vinh;

Malaysia Airlines

Cc ng bay a phng ti Qung

Bnh, Quy Nhn, Ty Nguyn,...

400

Tui trung bnh ca i bay ca cc hng hng khng dch v y chu (nm)

Cc ng bay trc chnh H Ni

TPHCM, H Ni Nng, H Ni
TPHCM;

Cc ng bay du lch n cc im du
lch ni ting nh Hu, Nha Trang, Ph
Quc, Lt, Cn o,...

200

Garuda Indonesia

Cathay Pacific
China Eastern
Air China
China Southern
0

10

12

Ngun: BSC tng hp

20 Bo co phn tch doanh nghip

Mng ng bay, slot, thng hiu v i ng nhn s

hin l ti sn v hnh c gi tr ca Vietnam Airlines.
Hin Vietnam Airlines s hu trn 400
slot ti 29 im n ti cc sn bay quc
t, trong c nhiu sn bay rt kh
c cp quyn khai thc do mt
khai thc ti cc sn bay ny cao nh
Narita, Haneda (Nht Bn), Thng Hi,
Hng Kng, Qung Chu, Bc Kinh (Trung
Quc), Charles de Gaulle (Php)...

C cu mng ng bay ca Vietnam Airlines

45
40

39

35
30

27

25
20

Chin lc pht trin cc ng bay quc

t v cc ng bay ni a ca Vietnam
Airlines hiu qu. Trong giai on 20142018, Vietnam Airlines s m rng khai
thc cc ng bay quc t ng thi
hon thin cc ng bay hin ti. c
bit l nhng ng bay mang li hiu
qu cao nh cc ng bay n khu vc
ng Bc .
Thng hiu Vietnam Airlines c gi tr
Vietnam Airlines hin l thng hiu c
uy tn v v th tt trong cng ng hng
khng th gii. Tng gim c Vietnam
Airlines hin ang l thnh vin trong Hi
ng iu hnh ca Hip hi Vn ti Hng
khng Quc t IATA. Vietnam Airlines l
hng Hng khng u tin trong khu vc
ng Nam tham gia Skyteam, vt qua
Malaysia Airlines v Garuda Airlines.
i ng nhn s tr, c o to bi
bn
S lng lao ng tr chim 75.9% di
45 tui, trong di 30 tui chim gn
mt na. Lao ng c trnh trn i
hc chim 45.8%. i ng lao ng qun
l cp cao, c kin thc, chuyn mn v
kinh nghim vng vng. i ng lao ng
c th phi cng, k s, tip vin, k
thut c o to bi bn, c nhit
huyt cng hin cho ngnh Hng khng.

15
8

10

0
Ni a CLMV ng ng Chu Chu
Bc Nam c
u
Ngun: Vietnam Airlines

S lng ng bay ca cc hng hng khng Vit Nam,

31/12/2013

100
80
52

60
40
20

39

15

14

Vietjet Air

Jetstar

0
Vietnam
Airlines
Ni a

Quc t
Ngun: BSC tng hp

Tng Cng ty Hng khng Vit Nam 21

K hoch 05 nm Tng hiu qu

khai thc
Chng ti nh gi nng lc khai thc
ca Vietnam Airlines s c tng cng
ng k m bo vic thc hin k
hoch 05 nm 2014 2018. Cc ch tiu
hiu qu s tng ln mc tim cn vi cc
hng hng khng trong khu vc n nm
2018.
Tp trung u t my bay thn rng
Vietnam Airlines ln k hoch tng quy
m i bay ln 116 chic vo nm 2018
(s my bay thn rng tng t 19 ln 38
chic v thanh l cc my bay trn 15
tui). Tng s my bay khai thc s thc
hin tip nhn trong giai on 2014 - 2018
ch yu gm 7 tu bay A321, 19 tu bay
B787-9, v 12 tu bay A350.
Bng vic a vo khai thc v s dng
hiu qu i tu bay Boeing 787 v A350
mi, Vietnam Airlines s tng hiu sut
s dng my bay trung bnh ca ton i
bay.
Tng tn sut cc ng bay hiu qu
(ni a v quc t)
Vietnam Airlines s tp trung tng tn sut
khai thc, hon thin sn phm 2 chuyn/
ngy vi cc ng bay ng Bc
& ng Nam , hon thin mng bay
n Chu u. i vi th trng ni a,
hng s tip tc tng tn sut ca nhng
ng bay chnh.
Nng hng dch v v ci thin c cu
khch hng
Vietnam Airlines t mc tiu nng cao
cht lng dch v ln tiu chun 4 sao
vo nm 2015-2016 (hin ti mt s ch
tiu t 4 sao v 5 sao). iu gip
Vietnam Airlines ci thin c cu khch

22 Bo co phn tch doanh nghip

Trn c s tim nng nng cao hiu qu khai

thc, Vietnam Airlines trin khai k hoch 05
nm 2014 - 2018, hng n mc tiu thuc
nhm hng hng khng dn u khu vc Asean
v quy m.
D bo s gi bay trung bnh ca i bay Vietnam Airlines (gi/ngy/my bay)

2018F

10.56

2017F

10.41

2016F

10.14

2015F

9.80

2014F
2013

9.12
8.63

2012

9.05

2011

9.08

hng, t tng doanh thu trung bnh trn

mt hnh khch.
y mnh hp tc vi cc hng hng
khng quc t trong v ngoi Skyteam
Vietnam Airlines s tng cng hp tc vi
cc hng hng khng ln, c uy tn trn th
gii thng qua cc hnh thc: Hp tc lin
danh (codeshare), hp tc chia chng c
bit (SPA) v hp tc cng nhn chng t
(Interlines). Nh , Vietnam Airlines m rng
c mng li kinh doanh, a dng ha
sn phm, gip tng hiu sut chuyn ch v
gi v bnh qun.

Trong khun kh lin minh ton cu

SkyTeam, Vietnam Airlines nghin cu kh
nng m rng mng ng bay thng
qua hp tc lin danh tng bc thm
nhp cc th trng mi; nng cao, ng
b ha cht lng dch v tiu chun
quc t. Vietnam Airlines m rng hp
tc sang cc lnh vc hp tc a phng
trong cc lnh vc hp tc v u t, mua
sm chung nhm tn dng th mnh ca
tng hng thnh vin, phi hp lch bay v
mng bay, i bay.

Vietnam Airlines t k hoch duy tr t

l phi cng Vit Nam trn 70% trong giai
on 2014 2018. Do tin lng phi cng
lun chim t trng ln nht trong c cu
chi ph nhn cng ca hng (72%), vic
tng t trng phi cng ngi Vit s gip
Vietnam Airlines tit kim c mt khon
chi ph nhn cng ng k.

T l phi cng trong nc tng dn gip

tit kim chi ph
Phi cng l ngun nhn lc quan trng
nht ca Vietnam Airlines, c bit khi
hng s chuyn sang khai thc cc th h
my bay mi (B787, A350) trong cc nm
tip theo.
D kin c cu phi cng ca Vietnam Airlines

1200

1000

800

600

400

200

0
2014

Vit Nam

2015

2016

2017

2018

Nc ngoi

Ngun: Vietnam Airlines

Tng Cng ty Hng khng Vit Nam 23

Phn tch ti chnh

Ti ngy 31/12/2013, Tng Cng ty Hng
Khng Vit Nam c tng cng 26 n v, trong
gm 17 cng ty con; 9 cng ty lin kt c
hch ton theo phng php vn ch s hu
trong bo co ti chnh hp nht.

24 Bo co phn tch doanh nghip

Tng quan ti chnh doanh nghip

Chng ti cho rng, phm vi phn tch, nh gi gi tr doanh
nghip c c phn ha cn c m rng thc hin trn c
bo co ti chnh hp nht.

C th, gi tr c phiu ca Vietnam Airlines s c cu thnh

t gi tr ca cc mng hot ng kinh doanh v u t vn bao
gm:
Kt qu hot ng sn xut kinh doanh ca Cng ty m.
Gi tr kt qu hot ng sn xut kinh doanh ca nhm cc
cng ty con sau khi khu tr li ch ca cc c ng thiu s.
Gi tr thu v t hot ng u t vn di hn vo cc cng ty
lin kt v cc khon u t vn di hn khc.
Chng ti nh gi tnh hnh ti chnh ca Vietnam Airlines lnh
mnh. Trong giai on 2009 - 2013, h s Tng Ti sn/Vn ch
s hu hin ang mc cao nhng chng ti nh gi sc khe
ti chnh ca Vietnam Airlines s tip tc c ci thin sau c
phn ha trn cc phng din (1) tng trng doanh thu, li
nhun v (2) cht lng ti sn, danh mc u t v c cu vn.

Tng Cng ty Hng khng Vit Nam 25

Phn tch ti chnh cng ty m

i vi bo co ti chnh ring ca Vietnam Airlines, chng ti
phn tch trn mt s im trng yu gm quy m v c cu ti sn,
ngun vn, nng lc hot ng v kh nng sinh li.

Ti sn
Quy m Tng ti sn tng trng nhanh v t trng
ti sn di hn c xu hng tng dn. Trong giai on
2009 2013, tng ti sn ca Vietnam Airlines tng
trng bnh qun 16.57%.
Quy m ti sn v doanh thu ca Vietnam Airlines

70

Ti ngy 31/12/2013, theo BCTC kim ton,

Vietnam Airlines c tng cng 37 my bay thu
hot ng, 38 my bay thu ti chnh v 8 my bay
s hu.
C cu ti sn ca Vietnam Airlines

60

15%

50

2012

87%

13%

40

2011

10

2009

44.5
48.5

35.3
38.5

20

23.1
32.1

30

52.5
59.3

85%

49.1
55.5

2013

82%

2010

76%

2009

Ti sn di hn

2010

Doanh thu thun

2011

2012

2013

Tng ti sn

Ngun: Vietnam Airlines

Trong giai on ny, Vietnam Airlines tin hnh

nng cp i bay t 57 my bay (2009) ln 83 my
bay (2013). Tnh ti thi im 31/12/2013, tng gi
tr ti sn l my bay/ng c my bay (bao gm
c cc khon tr trc tin mua, t cc my bay/
ng c my bay) ln ti 44,575 t ng v chim
75.12% tng ti sn. Trong gi tr my bay/ng
c my bay s hu v thu ti chnh ln lt chim
ti 10.34% v 47.59% tng ti sn).

26 Bo co phn tch doanh nghip

24%

84%
0%

18%

50%

16%
100%

Ti sn ngn hn

Ngun: Vietnam Airlines

C cu ngun vn
Do c th ngnh Hng khng vi quy m u t
ti sn rt ln, nn h s N/Vn ch s hu ca
Vietnam Airlines ang mc cao, t trung bnh 4.92
trong 3 nm gn y. Tnh n 31/12/2013, ton b
khon vay v n di hn ca Vietnam Airlines c tr
gi 37.82 nghn t ng. Tuy nhin, kh nng tr li
vay ca doanh nghip vn c duy tr tt vi ch s
Interest coverage ratio (EBIT/Interest expense) t
trung bnh 1.11. Hn na, chng ti nhn thy chi ph
ti chnh ca Vietnam Airlines c tit gim ng k
do doanh nghip c hng mc li sut thp vi

Vietnam Airlines s dng ti a cc ngun vn vn vay tn

dng xut khu c bo lnh ca B Ti chnh vi thi hn
di, chi ph vn thp.

ton b cc ngun vay tn dng xut khu c bo

lnh bi B Ti chnh.
V li sut c th, vi cc khon n di hn, c
hng li sut th ni LIBOR 6 thng cng bin
dao ng t 0% 3.95%; hoc li sut c nh dao
ng t 2.1% - 4.86%/nm. Vi cc khon vay di
hn, tng ng vi tng loi tin t VND, USD v
EUR chu li sut bnh qun gia quyn ln lt vi
li sut tng ng khong 6.2%/nm, 4.6%/nm v
2.1%/nm.
Cc ch tiu nng lc
Do c th ca ngnh vn ti hng khng (bn v
thu tin trc vn chuyn sau, nhiu khon chi dch
v c thanh ton sau) nn Vietnam Airlines lun
c ngun vn kh dng n nh. Cc ch tiu s ngy
vng quay hng tn kho v phi thu u mc thp,
trong khi s ngy vng quay phi tr mc cao.
a s cc khon phi thu ngn hn v di hn khc
l cc khon tr trc ca cc hp ng mua hoc
sa cha my bay, ng c,Cc khon tr trc
ny chim ln lt ti 71.47% v 69.28% khon phi
thu ngn hn/di hn nm 2012 v 2013.

Cc ch tiu nng lc hot ng v thanh ton u

mc tt so vi ngnh Hng khng khu vc.
Trong giai on 5 nm (2009 2013), h s thanh
ton hin thi ca Vietnam Airlines trung bnh l 0.59,
h s thanh ton nhanh trung bnh t 0.54 u cao
hn v tt hn so vi ch s trung bnh ca nhm
cc hng hng khng thuc th trng chu mi
ni ln lt t 0.52 v 0.36.

S ngy hng tn kho

2010

2011

2012

2013

5.84

3.99

3.05

2.69

S ngy khon phi thu

18.99 18.32 16.72 15.02

S ngy khon phi tr

46.99 47.13 50.00 57.52

Doanh thu
H s Doanh thu/Tng ti sn t trung bnh 0.90,
cao hn so vi cc hng hng khng trong khu
vc (ch t 0.68). Giai on 2009 2013, doanh
thu thun t tc tng trng bnh qun CAGR
22.81%, cao hn tc tng trng ca ti sn
(16.57%).

Doanh thu tng trng nhanh, ch yu xut pht

t vic m rng hot ng khai thc trn cc
ng bay quc t.
Qu trnh u t tng thm my bay mang li hiu
qu khi h s chuyn ch hnh khch tng mng
tng u qua cc nm (t 73.1% ln 79.3%). Ngun
thu ngoi t ca Vietnam Airlines hin chim 48,59%
tng ngun thu, phn ln l cc ng tin USD, EUR,
JPY, AUD, KRW v CNY.
C cu chi ph
Bin li nhun ca Vietnam Airlines c ci thin
ng k, tng t mc 7.7% (2011) ln 8.41% (2012)
v t 10.58% (2013).Trong c cu gi vn gm cc
loi chi ph chnh nh sau: chi ph nguyn liu vt
liu, chi ph khu hao ti sn c nh, chi ph nhn
cng v chi ph dch v mua ngoi.
Chi ph nhin liu lun chim t trng ln, chim
khong 37% tng chi ph, y l nhin liu c
chng, khng c hng ha thay th v c th ca
hot ng vn ti hng khng nn s thay i v
gi nhin liu s c tc ng mnh ti chi ph v li
nhun ca Vietnam Airlines. Do , t nm 2009,
Vietnam Airlines k cc hp ng bo him ri ro
gi nhin liu vi cc ngn hng uy tn, t gip
gim chi ph gi nhin liu l 149 t ng (2011) v
hn 65 t ng (2013).
T l khu hao my bay ca Vietnam Airlines ln
hn so vi cc hng hng khng full-service trong
khu vc. Vi s nm khu hao my bay t 12 15
nm, chng ti nh gi Vietnam Airlines ang s
dng mc khu hao cao cho ti sn my bay do

Tng Cng ty Hng khng Vit Nam 27

Trong 3 nm gn y cc chi ph hot ng n nh

gip ch s ROE ca Vietnam Airlines c ci
thin tt, tng t 0.44% nm 2011 ln 1.47% trong
nm 2013
cng trong th trng chu , cc hng hng khng
Trung Quc nh Air China, China Southern s dng
mc khu hao 15 20 nm, Singapore Airlines s
dng khu hao trn 15 nm, Malaysia Airlines trn 20
nm v Garuda Indonesia t 18 22 nm, cho thy
mc li nhun nh hin nay cha th hin ht hiu
qu kinh doanh ca Vietnam Airlines.
Chi ph nhn cng c nh hng tit gim theo
chnh sch tit kim v tng nng sut lao ng.
Trong giai on 2009 - 2013, h s hnh khch vn
chuyn/nhn vin tng t 1,661 ln 1,840. Nm
2013, chi ph nhn cng mc 3,848.67 t ng,
bng 98.89% chi ph nhn cng nm 2012 mc d

2009

2010

sn lng dch v cung ng tng ln ng k. Hn

na, chi ph nhn cng r ang l li th ca Vietnam
Airlines, ch chim 7% trong tng chi ph, trong khi
chi ph ny chim ti hn 10% - 15% i vi cc
hng hng khng khc trong khu vc.
Chi ph dch v mua ngoi nm 2013 t 23.108 t
ng, tng 7.18% so vi nm 2012 ch yu do tng
thu hot ng thm 3 my bay A321 v 2 ng c
my bay; cn li cc chi ph thuc khon ny nh chi
ph phc v chuyn bay, bo him hng khng, dch
v phc v hnh khch v dch v phc v bn u
mc tng ng nm 2012.

2011

2012

2013

Gi tr

Gi tr

Gi tr

Gi tr

Gi tr

Chi ph nguyn
liu, vt liu

8,336

36.89%

13,492

39.01%

17,716

39.34%

19,597

40.10%

20,351

39.68%

Chi ph nhn
cng

2,028

8.97%

2,720

7.86%

3,843

8.53%

3,892

7.96%

3,849

7.50%

Chi ph khu
hao ti sn c
nh

1,560

6.90%

1,791

5.18%

2,171

4.82%

2,796

5.72%

3,419

6.67%

Chi ph dch v
mua ngoi

10,370

45.88%

16,177

46.77%

20,573

45.69%

21,559

44.12%

23,108

45.05%

306

1.35%

406

1.17%

726

1.61%

1,023

2.09%

567

1.11%

22,601

100.00

34,587

100.00

45,028

100.00

48,867

100.00

51,294

100.00

Chi ph khc
bng tin
Tng

28 Bo co phn tch doanh nghip

Phn tch bo co ti
chnh hp nht
Bo co ti chnh hp nht phn nh tnh hnh sn xut kinh doanh tng
hp ca Cng ty m - Tng cng ty Hng khng Vit Nam, cc cng ty con
v cng ty lin kt.
Bo co ti chnh hp nht phn nh tnh hnh sn
xut kinh doanh tng hp ca Cng ty m - Tng
cng ty Hng khng Vit Nam, cc cng ty con v
cng ty lin kt.
Ti sn
Quy m Tng ti sn tip tc duy tr tng qua cc
nm do Cng ty m ang trong l trnh nng cp i
bay: Giai on 2009 2013, tng trng bnh qun
Tng ti sn t 18.41%, quy m t 69,644 t nm
2013.
C cu ti sn trn BCTC hp nht

2013

25%

75%

2012

25%

75%

2011

30%

2010

70%

34%

2009

66%

25%
0%

20%

75%
40%

60%

80%

100%

tingn
sn hn
Ti sn
disn
hndi hn
Tng
Ti sn
Ti

So snh vi BCTC Cng ty m, mc chnh lch ti

sn ngn hn ln, ch yu gm: (1) Chnh lch khon
tng ng tin hn 2,400 t ng, trong 2,112
t ng l khon tin gi ngn hng ca Vinapco; (2)
Chnh lch hng tn kho 3,727 t, trong 3,188 t
ng l ti sn ca Vinapco ti thi im 31/12/2013.

Chnh lch ti sn di hn khng ng k, do phn

ti sn c gi tr ln nht l i tu bay thuc s hu
ca Cng ty m.
Vay v N di hn
Vay v N di hn chim t trng ln trong c cu
Vn v ch yu phc v hot ng ca Cng ty m:
H s N/Tng ti sn tng t 0.78 (2009) ln 0.85
(2013); Vay v N/Tng ti sn tng tng ng t
0.57 ln 0.62 ch yu do Cng ty m tng cc khon
thu ti chnh my bay v ng c my bay.
C th, vi Vay v N di hn, ngoi tr cng ty m
c N di hn do thu ti chnh my bay, cc cng
ty con v lin kt ch Vay di hn vi gi tr nh; trong
, Cng ty TNHH K thut my bay (VAECO) l cng
ty con c gi tr vay di hn cao nht t 190.14 t
ng l khon vay cho Cng trnh nh xng Hangar
A76. Vi Vay v N ngn hn, khon vay ngn hn
ca Vinapco ng gp ti 5,226.79 t ng (chim
99.35% mc vay ngn hn trong BCTC hp nht).
y l cc khon vay bng USD di hnh thc vay
tn chp, mc li sut t 2 2.5%/nm, ch yu dng
thanh ton tin nhp khu nhin liu Jet A1.
Doanh thu
Doanh thu hot ng kinh doanh t mc tng
trng cao v hot ng u t ti chnh mang li
hiu qu tt. Tng ng vi mc tng bnh qun tng
ti sn 18.41% (2009 2013), Doanh thu thun t
mc tng trng 20.55%, t s Doanh thu/Tng ti
sn trung bnh t 1.0. Bin li nhun gp lun dao
ng qua cc nm (do nh hng ca din bin gi
nhin liu), trung bnh t 10.94%.

Tng Cng ty Hng khng Vit Nam 29

C cu doanh thu hp nht

Tc tng trng doanh thu v ti sn hp nht

80

4.9%

70

17.2%

60

10

69.64

64.72

64.86

56.38

56.47

43.06

35.43

20

32.61

30

46.35

40

68.86

50

77.9%

2009
Doanh thu bn
hng

Doanh thu Vn
ti hng khng

Doanh thu hot

ng ph tr
vn ti

Hot ng ti chnh c hiu qu tt, vi t sut thu

c t c tc, li nhun c chia v c phiu
thng trn tng gi tr phn vn u t t 9.36%
nm 2013 (7.73% nm 2012). Ngoi ra, trong nm
2013, hot ng ti chnh cn c thm 185 t ng
li chuyn nhng vn gp t hot ng thoi vn ti
Techcombank.
Kh nng thanh ton
Kh nng thanh ton v nng lc hot ng mc
kh tt so vi trung bnh ngnh qua cc nm: giai
on 2009 2013, kh nng thanh ton suy yu nh
khi h s thanh ton ngn hn v h s thanh ton
nhanh c xu hng gim, t ln lt 0.66 v 0.49
nm 2013, tuy nhin vn c nh gi mc kh

30 Bo co phn tch doanh nghip

2010

Doanh thu thun

2011

2012

2013

Tng ti sn

tt nu so vi trung bnh ngnh trong khu vc chu

mi ni (0.52 v 0.36). V nng lc hot ng, ng
ch s ngy khon phi thu ang trong xu hng
gim t 20.74 ngy (2010) xung cn 17.42 ngy
(2013), s ngy khon phi tr li tng r rt t 44.26
ngy (2010) ln 57.42 ngy (2013) cho thy kh nng
chim dng vn v vng quay quy i tin ang dn
c ci thin. Xt tng th hp nht, kh nng chi
tr cc khon vay vn c m bo tt vi ch s
Interest coverage ratio c duy tr quanh mc 1.37
trong 3 nm gn y.

Phn tch SWOT

SWOT
trength

SWOT
eakness

L hng hng khng quc gia, c thng

hiu mnh trong ni a v khu vc CLMV;

Doanh thu trung bnh ti cc ng bay

quc t cn cha cao do t trng khch c
thu nhp cao thp.

L hng hng khng truyn thng duy nht

ti Vit Nam; sn phm ni a c s khc
bit ha (hng C, chng trnh GLP);

Cht lng dch v cn mc thp hn so

vi cc hng ln trong khu vc;

H thng phc v ng b, a dng, hn

ch ph thuc vo i tc cung ng;

Nng lc cnh tranh trn th trng quc t

cha cao;

Dn u th phn trn cc ng bay

thng Vit Nam - Chu u; Vit Nam CLM
v ni a Vit Nam.

Chi ph khai thc c nh vn mc cao;

Nng lc ti chnh, vn b hn ch;

i bay tip tc c i mi vi s b
sung ca A350-900 v B787-9 t nm
2015 lm tng kh nng cnh tranh ca
ngun lc, i u xu hng pht trin v
cng ngh tu bay so vi cc hng trong
khu vc.

SWOT
pportunities

SWOThreats

V tr a l: Nm gia ng Bc , ng
Nam , Chu u, Nam Thi Bnh Dng
v Trung Quc nn l ca ng ca cc khu
vc;

Tnh hnh kinh t chnh tr ti cc quc gia

l im n ca Vietnam Airlines cn nhiu
bin ng;

Tc pht trin ca ngnh du lch nhanh;

Vit Nam l im u t hp dn (nm
2012 xp th 11 trn th gii);
Dn s trn 88,7 triu v thu nhp ngy
cng ci thin. GDP Vit Nam c d bo
s tip tc tng trng vi mc tng trn
5%/nm;

Cc ri ro kinh t v m vn hin hu: lm

pht tng cao, ng ni t mt gi, gi
nhin liu ng mc cao;
Cnh tranh gay gt t cc hng hng
khng truyn thng v cc LCC ln trn
th gii, c bit ti th trng ni a, khu
vc v chu u;

Khch i/n Vit Nam vn tip tc tng

trng vi tc bnh qun 10%/nm
(theo d bo ca IATA);

H tng sn bay cha theo kp vi yu cu

pht trin ca ngnh Hng khng; s lng
ch tu bay ti cc sn bay cn c
HAN, SGN b hn ch;

C hi hp tc i vi cc thnh vin trong

lin minh SkyTeam.

Lao ng chuyn ngnh Hng khng khan

him, c bit l phi cng, th k thut;

Tng Cng ty Hng khng Vit Nam 31

D bo kt qu
kinh doanh
Chng ti d bo kt qu kinh doanh giai on 2014 2018 ca
Vietnam Airlines cn c trn k hoch kinh doanh do doanh nghip
xy dng (gm k hoch i bay, k hoch u t, k hoch ti
chnh, nhn lc, mng ng bay...). Chng ti cng lu , bn cnh
k hoch ca Vietnam Airlines, d bo ca chng ti da trn cc gi
nh thn trng v nhu cu vn ti hng khng n v i t Vit Nam.
Tuy nhin, chng ti cho rng s phc hi ca nhu cu vn chuyn
hng khng c th s mnh m hn d kin, dn n thc t kt qu
ca cng ty m c th cao s hn d bo thn trng ca chng ti.

32 Bo co phn tch doanh nghip

Phng php lun

Chng ti tin hnh d bo doanh thu cn c trn 4

mng hot ng chnh l (1) Hot ng vn ti hnh
khch, hnh l; (2) Hot ng vn ti hng ha, bu
kin; (3) Dch v ph tr vn ti hng khng v (4)
u t ti chnh. C th nh sau:
Doanh thu vn ti hnh khch & hnh l
(S gh cung ng x h s chuyn ch x gi v)
Chng ti d bo nh vic m rng mng bay, tp
trung u t my bay thn rng gip s gh cung
ng tng trung bnh mi nm khong hn 10%; h
s chuyn ch c duy tr khong 80% v gi v
n nh. Doanh thu vn chuyn hnh khch c d
bo tng trng kp hng nm t 15.09% t 20142018.
Doanh thu vn ti hng ha & bu kin
(Ti cung ng x h s chuyn ch x doanh thu vn chuyn/
tn)
Trong giai on 2014-2018, BSC d bo doanh thu
vn ti hng ha s tng nh vo nm 2014 v 2015
sau tng mnh vo cc nm tip theo do nng lc
vn chuyn phc v vn ti hng ha bu kin c
ci thin thng qua vic Vietnam Airlines a cc
dng my bay thn rng Boeing 787 v A350 vo
khai thc. ng thi, h s chuyn ch v cc vn
chuyn c d bo duy tr n nh.
Doanh thu t dch v khc
Doanh thu khc ca Vietnam Airlines bao gm doanh
thu t cc dch v ph tr vn ti hng khng (doanh
thu phc v k thut thng mi mt t v u t
ti chnh, qung co, cho thu my bay Chng ti
thc hin d bo doanh thu khc da theo t l tng

trng ca doanh thu vn chuyn hnh khch hoc

theo t l tng trng bnh qun hng nm ca tng
loi doanh thu.
Doanh thu hot ng ti chnh
Trong 05 nm tip theo BSC d bo cc cng ty
con v cng ty lin kt ca Vietnam Airlines s tng
trng tt, em li ngun thu nhp n nh cho
Vietnam Airlines trn c s pht trin cc v th sn
c ti th trng ni a.
Chi ph
Cc chi ph chnh bao gm chi ph nhin liu, bo
dng, thu my bay, nhn cng, khu hao, , dch v
hnh khc, bo him, ph,) v cc chi ph gin tip
(bn hng, qun l,). Cc chi ph ny c d bo
theo cc biu ph v k hoch pht trin ng bay,
i bay v nhn lc ca Vietnam Airlines. C th:
Chi ph trc tip: cn c theo nh mc cc chi
ph trc tip cho tng chuyn bay.
Chi ph gin tip: da theo t l tng trng
doanh thu.
Chi ph khu hao: chng ti d bo chi ph khu
hao s tng mnh trong giai on 2014-2018
do gn lin vi k hoch pht trin i bay ca
Vietnam Airlines.
Chi ph ti chnh: cn c vo k hoch ti chnh
ca Vietnam Airlines,

Tng Cng ty Hng khng Vit Nam 33

Kt qu d bo
Chng ti d bo kt qu kinh doanh ca Vietnam Airlines s c ci thin
nhanh chng trong giai on 2014-2018
Kt qu kinh doanh ca Vietnam Airlines s c ci
thin nhanh chng trong giai on 2014-2018 nh
tp trung u t mi i my bay thn rng (Boeing
787 v A350) c tnh nng tit kim nhin liu, m
rng cc ng bay quc t v nng tn sut cc
ng bay hin ti gip doanh thu tng trng
nhanh, tng hiu qu khai thc, tit kim chi ph, t
ci thin li nhun. C th:
Trn quan im thn trng, BSC d bo doanh thu
ca Vietnam Airlines s t 57,357 t ng vo
nm 2014 v t 105,863 t ng vo nm 2018,

34 Bo co phn tch doanh nghip

tng ng vi tc tng trng kp bnh qun

t 15.07% trong giai on 2014-2018. K vng
tip tc tng trng nhanh ca th trng ng
Bc v cc ng bay ni a hiu qu l nhng
yu t ng gp chnh cho vic tng trng doanh
thu trong giai on ny.
Li nhun sau thu ca Vietnam Airlines s t 269
t ng vo nm 2014 v tng nhanh ln 2,990 t
ng vo nm 2018.
Kt qu d bo chi tit ca BSC c trnh by c
th trong ph lc 05

nh gi
Chng ti s dng kt hp 3 phng php
(Adj EV/EBITDAR, P/E v P/B) nh gi
Vietnam Airlines v cc cng ty con, cng ty
lin kt.

Tng Cng ty Hng khng Vit Nam 35

Phng php lun

Cng ty m, cc cng ty con v cc cng ty lin kt ca Vietnam
Airlines c nh gi ring, sau cng gp gi tr.

i vi Cng ty m
Chng ti s dng Phng php Adj EV/EBITDAR
do y l phng php c hu ht cc t chc
t vn s dng nh gi cc hng hng khng.
Phng php trn c hai u im chnh: (1) Phn
nh lng vn c s dng c tnh n mt cch
y cc chi ph c c i bay khai thc (i
bay s hu v i bay thu hot ng); (2) Hn ch
nh hng ca chnh sch k ton (khu hao), chnh
sch thu v chi ph vn vay trong qu trnh so snh
kt qu hot ng ca cc hng hng khng.
Phng php ny tham chiu mc bi EV/EBITDAR
ca gi tr doanh nghip so vi EV/EBITDAR ca cc
hng hng khng khu vc Chu tng ng
lm c s xc nh gi tr cho Vietnam Airlines. Gi tr
ca Vietnam Airlines sau c tr n rng (debt -

36 Bo co phn tch doanh nghip

cash), gi tr vn ha ca khon thu (Capitalization

of Operating Leases).
i vi cc cng ty con v cc cng ty lin kt
Chng ti p dng 02 Phng php:
Phng php Gi/Thu nhp (P/E). Chng ti
tham chiu ch s P/E ca VNindex trn sn chng
khon TP H Ch Minh (c iu chnh chit khu do
cc cng ty cha nim yt), sau nhn (x) vi thu
nhp sau thu v t l s hu ca Vietnam Airlines
ti cc cng ty ny ti thi im 31/12/2013.
Phng php Gi/Gi tr s sch (P/B). i vi
cc cng ty cn li chng ti gi nguyn phn gi
tr s sch ca khon u t ca Vietnam Airlines
vo cc cng ty ny (P/B = 1 ln).

Kt qu nh gi
S dng phng php lun nu trn, chng ti nh gi c phiu
Vietnam Airlines mc 23,412 VND.

nh gi Cng ty m
Chng ti tin hnh nh gi Vietnam Airlines da trn
mt s gi nh c bn sau:
Mc bi Adj EV/EBITDAR c tham chiu mc
bi ca gi tr doanh nghip so vi EBITDAR ca
cc hng hng khng truyn thng tng ng
trong khu vc chu . C th mc bi p dng cho
Vietnam Airlines l 8.19.
Mc bi khon thu Multiple of Rent l tha s ca
tui trung bnh ca i bay v chi ph bay v mc 7
l mc bi thng c s dng nhiu nht trong
vic tnh ton gi tr vn ha khon thu my bay.
Mt s d bo cho nm 2014 ca Cng ty m
Tin mt: 6,769 t ng, tng mnh do thu c t
vic c phn ha trong nm.

Vay n di hn: 35,233 t, tng 4,047 t ng so

vi cui nm 2013 do vay thm mua 4 my bay
A321 trong nm.
Vay n ngn hn: 7,516 t ng, tng 863 t ng
do n ngn hn ch yu l vay n di hn v n
thu ti chnh n hn tr.
Chi ph thu hot ng: 6,129 t ng, gim nh so
vi 2013 do hp ng thu 2 chic B777 ht hn
vo thng 5 v thng 12 trong khi khng c hp
ng thu my bay mi trong nm 2014.
EBITDAR: 12,101 t ng, tng 12% so vi nm
2013 do tng khu hao ca 4 my bay mi mua
ng thi li nhun rng c ci thin do hiu qu
khai thc tng ln.
Da trn cc gi nh v d bo trn, gi tr ring ca
phn vn ti Cng ty m c tnh ton theo s
sau:

S nh gi Cng ty m (t ng)

EBITDAR
12,101

Adj EV/EBITDAR
8.19

Gi tr cng ty c iu chnh
99,107

N ngn hn
7,516

N di hn
35,233

N rng 35,980

Tin mt
6,769

Operating
lease 6,129

Multiple of
Rent 7

Capitalised operating lease

42,900

Gi tr phn vn 20,227

Tng Cng ty Hng khng Vit Nam 37

nh gi cc n v thnh vin
BSC cho rng P/E v P/B ca ch s
chng khon chnh phn nh mc
chp nhn ca nh u t i vi gi tr
ca c phiu. Do vy BSC tham chiu cc
ch tiu ny lm cn c nh gi phn
vn ca Vietnam Airlines trong cc doanh
nghip thnh vin.
P/E s dng l 12.0 ln (chit khu so
vi P/E VNindex 15.3)
P/B s dng l 1.0 ln (chit khu so vi
P/B ca VNindex 2)
Kt qu tng gi tr phn vn gp ca
Vietnam Airlines ti 16 cng ty con v
cng ty lin kt c nh gi l 7,956 t
ng, tng 4,533 t ng.

Chi tit nh gi vi tng doanh nghip

c trnh by c th ti ph lc 01.
Kt qu nh gi
Cng ty m, cc cng ty con v cc cng
ty lin kt c nh gi ring sau
cng gp tng phn. Tng gi tr Vietnam
Airlines l 24,760 t ng tng ng
vi 23,412 ng/cp. C th trong :
Gi tr ca Cng ty m Vietnam Airlines:
20,227 t ng
Gi tr tng thm khi nh gi li phn
vn gp ti cc n v thnh vin: 4,533
t ng

Phng php cng hp

Tng gi tr Vietnam Airlines

T VND

24,760

Cng ty m

T VND

20,227

Chnh lch nh gi li cng ty con v cng ty lin kt

T VND

4,533

Tr CP

1,058

VND/CP

23,412

S lng CP
Gi CP Vietnam Airlines

38 Bo co phn tch doanh nghip

Ph lc 01 Thnh vin tiu biu

Jetstar Pacific Airlines
JPA cung cp cc dch v vn chuyn
hng khng hnh khch, hng ha trn
cc chuyn bay ni a v quc t hng
vo phn khc gi r LCC, i th cnh
tranh chnh ti Vit Nam l Viet Jet Air.

CTCP Hng khng Jestar Pacific

Airlines l hng hng khng gi r u
tin ti Vit Nam, tin thn l Pacific
Airlines, c thnh lp nm 1992.
Cc c ng ln gm Vietnam Airlines
(67.8%), Qantas (30%) v Saigon Tourist
(2.14%).
Doanh thu thun t 2,656 t ng nm
2013 (giai on 2011 2013 tng bnh
qun 1.29%) v bt u c li nhun gp
36 t ng. Nm 2013, JPA vn chyn
hn 2 triu lt hnh khch trn 12,511
chuyn tng, 9.8% so vi 2012. Trc
nm 2013, JPA trong tnh trng LNST
m v ch ci thin khi cng ty tit gim
c chi ph thu v bo dng my bay
cng nh chi ph nhn cng, hon thnh

chng trnh chuyn i ton b i bay

t B737 c sang A320 khai thc hiu
qu hn.
Doanh thu thun JPA (t VND)

2013

2656

2012

2581

2011

2588

2010
2009

2077
1775
1,000

2,000

3,000

JPA ang y mnh k hoch pht trin

i bay v mng ng bay trong nm
2014 tng nng lc cnh tranh vi
Vietjet Air; JPA t mc tiu tng i bay,
t 10 chic A320 trong nm 2014. Th
trng Hng Khng gi r cn rt nhiu
tim nng pht trin ti Vit Nam, v JPA
c nhiu c hi gia tng th phn.

Ch tiu

n v

Thc hin 2013

So vi 2012

S chuyn

chuyn

12,511

9.80%

Khch vn chuyn

khch

2,011,972

11.90%

RPK

khch km

1,876,444,309

8.40%

ASK

khch km

2,090,975,400

9.50%

H s s dng gh

89.70%

-0.90%

Hng ha

tn

9,017

0.20%

Cambodia Angkor Air (K6)

Cambodia Angkor Air l hng hng khng
ln nht Campuchia v l hng hng
khng quc gia ln th 9 trong khu vc.
Tnh n thi im hin ti K6 chim v
tr c quyn trong th trng ni a ca
Campuchia vi th phn 100% v th phn

quc t i/n Campuchia t 16.3%.

Hin Cambodia Angkor Air ang khai thc
thng l 2 tuyn bay ni a v 7 tuyn
ng bay quc t n Vit Nam, Thi
Lan v Trung Quc.

Tng Cng ty Hng khng Vit Nam 39

Trong giai on 2009 - 2012, hot ng

kinh doanh ca Cambodia Angkor Air u
c li vi bin li nhun gp quanh mc
14%. Nm 2013 l giai on u khai thc
nhng ng bay mi nn h s s dng
gh cha cao, ng thi tnh hnh hnh
chnh tr bt n ti Thi Lan v hot ng
bay chuyn c b nh hng. Do , mc
d nng lc vn ti quc t ca K6 tng
hn 70%yoy, khin doanh thu nm 2013
tng n 77.38%yoy, t 69.36 triu
USD, nhng nhun gp ghi nhn m 1.48
triu USD.

K6 c thnh lp thng 7 nm 2009

gia Vietnam Airlines, Chnh ph Hong
gia v cc nh u t Campuchia, trong
Vietnam Airlines c t l quyn biu
quyt nm gi 49%

69.36

2012

40.14

2011

Tuy nhin bin li nhun thp v khng

n nh do b nh hng bi gi du th
gii, trung bnh trong giai on 2009
2013, bin li nhun gp t 1.91%. Nm
2013, VINAPCO t doanh thu 26,311 t
ng (+2.52%yoy), LNST t 67 t ng
(+9.84%yoy).

33.23

2010

30.50

2009

7.89
0

20

40

60

80

Chng ti nh gi K6 c trin vng tng

trng tt trong cc nm ti nh sc ht
du lch v u t ca th trng Cambodia
l rt ln.

40 Bo co phn tch doanh nghip

Trong giai on 2009 2013, tc tng

trng bnh qun ca Doanh thu thun t
CAGR 36.32% do nhu cu nhin liu hng
khng tng cao cng vi s tng trng
nhanh ca ngnh Hng khng Vit Nam.

Vinapco c thnh lp trn c s

chuyn i t chc ca 3 X nghip:
Xng du Ni Bi, Nng v Tn Sn
Nht vi tng vn iu l l 400 t ng.
Vietnam Airlines nm 100% vn iu l.

Doanh thu thun K6 (triu USD)

2013

Cty TNHH MTV Xng Du Hng Khng

Vit Nam (Vinapco)
Vinapco l nh cung cp nhin liu hng
khng Jet A1 ti Vit Nam vi th phn
chim trn 90%. ng thi VINAPCO l
n v duy nht cung ng nhin liu ti tt
c cc sn bay dn dng trn ton lnh
th Vit Nam c nhu cu s dng nhin
liu hng khng. Hin VINAPCO ang thc
hin hp ng cung cp nhin liu cho 30
hng hng khng quc t v 4 hng hng
khng ni a bao gm Vietnam Airlines,
Jetstar Pacific, Vasco v Vietjet Air.

Chng ti nh gi Vinapco c trin vng

tng trng tt trong cc nm ti do nhu
cu nhin liu tng ln cng nhp vi s
pht trin ngnh Hng khng Vit Nam.

Doanh thu thun Vinapco (t VND)

2013

Doanh thu thun v li nhun sau thu VAECO

(t VND)

1,600

26,311

1,400
2012

25,664

2011

2010

1,200
1,000

21,971

800
600

12,736

400
2009

7,618

200
10,000

20,000

30,000

Cty TNHH MTV K thut My bay

(VAECO)
VAECO l t chc bo dng my bay
ln nht Vit Nam vi quy m hn 2000
lao ng, 2 chi nhnh v 7 trung tm bo
dng my bay v thit b my bay v 1
trung tm o to ti Vit Nam. Cng ty
c ph chun chng ch bo dng
VAR-145 ca Cc hng khng Vit Nam
v FAR-145 ca Cc hng khng lin
bang M. VAECO cung cp dch v bo
dng k thut cho Vietnam Airlines v
cc hng hng khng quc t v trong
nc ti Vit Nam. Trong , Vietnam
Airlines l khch hng ln nht ca
VAECO, mang li n 86.10% doanh thu
cho doanh nghip.
Doanh thu v LNST ca cng ty tng
trng u qua cc nm, trong giai on
2010 2013, tng trng doanh thu bnh
qun CAGR t 10.21%, tng trng
CAGR LNST t 15.12%, bin li nhun
thun t trung bnh 4.8%.

0
2009

2010

Doanh thu thun

2011

2012

2013

Li nhun sau thu

Nm 2013, VAECO t doanh thu 1,381

t ng (+18.96%yoy), LNST t 72.83
t ng (+103.02%yoy). Chng ti nh
gi VAECO c trin vng tng trng cao
v bn vng trong cc nm ti. Nghuyn
nhn do nhu cu bo dng, sa cha
my bay tng ln khi Vietnam Airlines,
Jetstar Pacific v Cambodia Angkor Air
u c k hoch m rng i bay giai
on 2014 2018.
CTCP Dch v Hng ha Ni Bi (NCTS)
NCTS nh hng tr thnh cng ty phc
v hng ha chuyn nghip, hng u
ti sn bay quc t Ni Bi. Th phn
phc v hng ha ca Cng ty nm 2012
t 94% (98% quc t v 92% ni a).
Khch hng ch yu bao gm 28 hng
hng khng v hn 100 cng ty giao
nhn v hng triu lt khch hng l mi
nm.

Tng Cng ty Hng khng Vit Nam 41

Doanh thu thun v li nhun sau thu NCTS (t VND)

700
600
500

sn bay Tn Sn Nht. Cc khch hng

chnh gm Vietnam Airlines (29.14%),
Cathay Pacific (10.29%), China Airlines
(10.07%), v 32 hng hng khng khc
v cng ty giao nhn.
Doanh thu thun nm 2013 t 440.65 t
ng (-2.93%yoy) do cnh tranh khc lit
dn n sn lng hng ha nm 2013
gim 4.5%yoy. H qu l cng ty tng
chit khu, gim gi dch v cung cp
gi c cc hng bay ln v k c
hp ng di hn.

400
300
200
100
0
2009

2010

Doanh thu thun

2011

2012

2013

Li nhun sau thu

Doanh thu v li nhun tng trng

mc cao trong giai on 2009 2013, vi
tng trng bnh qun doanh thu CAGR
t 32.11% v tng trng bnh qun
LNST CAGR 23.61%. Nm 2013, doanh
thu ca NCTS tng trng 34.85%yoy
t 574.52 t ng, LNST t 247.5 t
ng (+40.87%yoy).

Doanh thu thun v li nhun sau thu TCS (t VND)

700
600
500
400
300
200
100

Chng ti nh gi NCTS c trin vng

tng trng n nh trong cc nm ti.
Sn lng hng ha qua ng hng
khng ti Ni Bi s tng nh (1) m rng
nh ga T2 v (2) cc nh u t ca Nht
Bn, Hn Quc u t xy dng, m
rng cc khu cng nghip sn xut sn
phm in t (Samsung, LG,) ti cc
tnh pha Bc.
Cty TNHH Dch V Hng ha Tn Sn
Nht (TCS)
Dch v ch yu ca TSC l cung cp
cc dch v kho qun l hng ha, i
l giao nhn hng ha v phc v hng
ha. Nm 2013 phc v 193,178 tn hng
ha, chim 76% lng hng ha qua

42 Bo co phn tch doanh nghip

0
2009
Doanh thu

2010

2011

2012

2013

Li nhun sau thu

Chng ti nh gi TCS c trin vng

tng trng n nh. Cng ty d kin s
tng vn iu l thm 77.27 t ng trong
nm 2014, nng tng s vn iu l ln
170.996 t ng. Vic tng vn s gip
TCS c nng lc m rng cc mng
dch v hnh thnh chui dch v hon
chnh ti Sn bay Tn Sn Nht khi m
rng.

Cng ty TNHH MTV Sut n Hng

khng Vit Nam (VACS)
VACS l cng ty cung ng sut n hng
khng duy nht ti sn bay quc t Tn
Sn Nht. Cng ty ang cung cp sut
n cho trn 30 hng hng khng trong
v ngoi nc, chim trn 95% th phn
cung cp sut n hng khng ti sn bay
Tn Sn Nht (hin cng ty ch cha cung
cp c sut n cho cc hng quc t
c bay qu cnh qua Bangkok).
Doanh thu v li nhun tng trng n
nh: giai on 2008-2013, doanh thu v
li nhun sau thu ca doanh nghip tng
u qua cc nm vi tc tng trng
bnh qun hng nm CAGR t ln lt
l 8.55% v 4.17%. Nm 2013, VACS
t 25.67 triu USD doanh thu (+7.08%
y.o.y) v 4.32 triu USD li nhun sau thu
(3.92%)

Doanh thu thun v li nhun sau thu VACS (triu

USD)
30
25
20
15
10
5
0
2009

Doanh thu

2010

2011

2012

2013

Li nhun sau thu

Chng ti nh gi y l mt trong
nhng cng ty con kinh doanh hiu qu
nht ca Vietnam Airlines vi bin li
nhun bnh qun ROS, ROE v ROA trong
giai on 2008-2013 t ln lt l 19%,
49% v 39%. Hn na, n nm 2013,
kt thc thi hn hot ng 20 nm ca
Lin doanh vi Cng ty sut n Cathay
Pacific (CPCS), Vietnam Airlines mua li
phn vn gp ca pha nc ngoi v
tng t l s hu t 60% ln 100%. Nh
, ng gp hng nm t VACS cho
Vietnam Airlines s tng ln ng k.

Tng Cng ty Hng khng Vit Nam 43

Ph lc 02 Kt qu nh gi n v
thnh vin1
T l
s hu

LNST

P/E

P/B

Gi tr
theo P/E

100%

91

12

1.0

1.090

CT TNHH Dch v Hng ha Tn Sn Nht (TCS)

55%

132

12

1.0

870

CTCP Sut n Hng khng Ni Bi (NCS)

60%

32

12

1.0

228

CTCP Dch v hng ha Ni Bi (NCTS)

55%

248

12

1.0

1.637

CT TNHH Giao nhn hng ha (Vinako)

65%

15

12

1.0

114

CT TNHH Phn phi ton cu Abacus Vit Nam

90%

12

1.0

31

CTCP In Hng khng (AVIPRINT)

51%

12

1.0

18

CTCP Cung ng XNK Lao ng Hng khng

(ALSIMEXCO)

51%

12

1.0

CTCP Dch v hng khng sn bay Ni Bi (NASCO)

51%

37

12

1.0

225

CTCP Cng trnh Hng khng (AVICON)

65%

12

1.0

18

CT TNHH Dch v Giao nhn hng ha Tn Sn Nht

(TECS)

51%

23

12

1.0

141

100%

67

12

1.0

807

52%

12

1.0

34

CT TNHH MTV Sut n Hng khng Vit Nam

CT TNHH MTV Xng du Hng khng (Vinapco)

CTCP o to bay Vit (VFT)
CT TNHH MTV K thut my bay (VAECO)

Gi tr
theo P/B

100%

73

12

1.0

1.110

CTCP Tin hc Vin thng Hng khng (AITS)

53%

12

1.0

34

CTCP Cung ng dch v Hng khng (AIRSERCO)

53%

12

1.0

CTCP Hng khng Jetstar Pacific Airlines (JPA)

68%

(274)

12

1.0

Hng Hng khng Cambodia Angkor Air (K6)

49%

(142)

12

1.0

986

CTCP Cho thu my bay Vit Nam

32%

12

1.0

428

CTCP Bo him Hng khng

20%

12

1.0

100

CTCP Khch sn Hng khng

44%

12

1.0

42

CTCP XNK Hng khng (Arimex)

41%

12

1.0

11

CTCP Dch v Hng khng Sn bay Nng

36%

12

1.0

11

CTCP Nha cao cp Hng khng

30%

12

1.0

CTCP Vn ti t Hng khng

49%

12

1.0

CTCP T vn Xy dng v Dch v Hng khng

43%

12

1.0

Tng cng

1 n v t VND.

44 Bo co phn tch doanh nghip

5.222

2.733

Ph lc 03 Cc ch tiu ti chnh
Cng ty m
2009

2010

2011

2012

2013

H s thanh ton ngn hn

0.66

0.74

0.64

0.45

0.48

H s thanh ton nhanh

0.55

0.67

0.60

0.42

0.45

Kh nng thanh ton tc thi

0.18

0.21

0.15

0.13

0.08

Ti sn Ngn hn/ Tng ti sn

0.16

0.24

0.18

0.13

0.15

Ti sn Di hn/ Tng ti sn

0.84

0.76

0.82

0.87

0.85

H s N/ Tng ti sn

0.79

0.78

0.83

0.83

0.83

0.57

0.64

0.66

0.64

Ch tiu v kh nng thanh ton

Ch tiu v c cu vn

Tng vay / TTS

H s N/ Vn ch s hu

3.76

3.56

4.87

4.97

4.92

N ngn hn/TTS

0.25

0.32

0.28

0.30

0.30

N di hn/TTS

0.54

0.46

0.55

0.54

0.53

Vng quay hng tn kho

62.48

91.53

119.55

135.57

Vng quay cc khon phi thu

19.22

19.93

21.83

24.31

Vng quay cc khon phi tr

7.77

7.74

7.30

6.35

S ngy hng tn kho

5.84

3.99

3.05

2.69

S ngy khon phi thu

18.99

18.32

16.72

15.02

S ngy khon phi tr

46.99

47.13

50.00

57.52

H s li nhun sau thu/Doanh thu thun (%)

0.89%

0.08%

0.28%

0.28%

H s li nhun sau thu/Vn ch s hu (%)

3.72%

0.44%

1.49%

1.47%

H s li nhun sau thu/Tng ti sn

0.82%

0.08%

0.25%

0.25%

-0.46%

-1.65%

-1.31%

-0.30%

Ch tiu v nng lc hot ng

Ch tiu v kh nng sinh li

H s li nhun t HKD/Doanh thu thun

M hnh DuPont (5 nhn t)
H s Tng ti sn/Vn ch s hu

4.76

4.56

5.87

5.97

5.92

H s Doanh thu/Tng ti sn

0.72

0.92

0.92

0.89

0.88

H s Li trc thu, li sut/Doanh thu

0.04

0.03

0.02

0.02

0.02

H s li trc thu/Li trc thu, li sut

0.16

0.31

0.04

0.13

0.12

H s li rng/Li trc thu

1.00

0.96

1.00

1.00

1.00

1.99%

3.72%

0.44%

1.49%

1.47%

ROE

Tng Cng ty Hng khng Vit Nam 45

Ph lc 04 So snh mc bi EV/EBITDAR
ca cc hng hng khng trong khu vc
EV/EBITDAR

2013

2014

2015

2016

Singapore Airlines

3.27

2.89

2.59

2.36

Garuda Indonesia

1.93

1.90

1.73

1.42

China Southern

7.01

6.83

6.26

5.69

China Eastern

7.31

6.69

6.08

5.41

Air China

9.95

7.60

6.82

6.18

Malaysia

24.94

24.80

12.08

9.21

Thai Airway

4.38

7.53

5.19

4.66

Cathay Pacific

8.40

7.28

6.30

5.70

Trung bnh

8.40

8.19

5.88

5.08

46 Bo co phn tch doanh nghip

Ph lc 05 D bo kt qu
kinh doanh ca Cng ty m1
Bng cn i k ton

2012

2013

2014F

2015F

2016F

55,500

59,336

70,082

88,796

113,171

7,416

8,612

14,583

16,108

23,148

Tin v cc khon tng ng tin

2,148

1,440

6,769

6,911

11,904

Cc khon u t ti chnh ngn hn

58

4,791

6,520

7,168

8,445

10,349

Hng tn kho

330

362

392

463

547

Ti sn ngn hn khc

147

232

254

289

348

48,084

50,725

55,499

72,688

90,023

3,464

5,143

5,623

6,414

7,720

34,234

35,694

38,366

54,081

68,133

Cc khon u t ti chnh di hn

4,380

3,584

3,958

4,332

4,706

Ti sn di hn khc

6,005

6,304

7,553

7,862

9,464

N phi tr

46,206

49,320

55,298

73,643

92,228

N ngn hn

16,453

17,830

19,735

24,369

29,964

Vay v n ngn hn

6,862

6,653

7,516

10,431

13,185

Phi tr cho ngi bn

6,259

8,536

9,410

10,952

13,092

Tng ti sn
Ti sn ngn hn

Cc khon phi thu ngn hn

Ti sn di hn
Cc khon phi thu di hn
Ti sn c nh

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 khc
Qu khen thng phc li

120

132

150

181

32

32

35

40

48

566

484

529

604

727

2,536

1,692

1,774

1,804

2,263

153

90

98

112

135

44

222

242

276

333

29,754

31,490

35,562

49,274

62,264

29,654

31,189

35,233

48,898

61,812

100

301

329

375

451

Vn ch s hu

9,293

10,017

14,784

15,153

20,944

Vn ch s hu

9,292

10,016

14,784

15,153

20,943

8,716

9,062

14,102

14,102

18,642

87

87

101

131

236

Qu d phng ti chnh

362

434

447

478

582

Li nhun sau thu cha phn phi

127

134

442

1,484

91

Ngun vn u t XDCB

343

Ngun kinh ph v qu khc

55,500

59,336

70,082

88,796

113,171

N di hn
Vay v n di hn
Phi tr di hn khc
D phng phi tr di hn

Vn u t ca ch s hu
Qu u t pht trin

Qu khc thuc vn ch s hu

TNG NGUN VN

1 n v: t VND

Tng Cng ty Hng khng Vit Nam 47

Bo co kt qu kinh doanh

2012

2013

2014F

2015F

2016F

Doanh thu thun v bn hng v cung cp dch v

49,142

52,460

57,357

65,423

78,752

Gi vn hng bn

45,008

46,912

49,319

55,918

66,031

Li nhun gp v bn hng v cung cp dch v

4,134

5,548

8,038

9,505

12,722

Doanh thu hot ng ti chnh

1,149

1,205

881

917

943

Chi ph ti chnh

2,069

2,528

3,226

3,407

4,219

947

1,093

1,782

2,108

2,662

Chi ph bn hng

2,530

3,272

3,725

4,249

5,114

Chi ph qun l doanh nghip

1,329

1,110

1,213

1,384

1,666

(645)

(157)

754

1,382

2,666

822

352

38

38

486

767

582

783

315

(486)

(767)

(582)

138

147

269

615

2,084

2012

2013

2014F

2015F

2016F

138

158

269

615

2,084

2,796

3,419

3,297

4,124

4,919

379

139

18

15

38

98

350

95

282

519

Trong : Chi ph li vay

Li nhun (l) thun t hot ng kinh doanh

Thu nhp khc
Chi ph khc
Li nhun (l) khc
Li nhun t cng ty lin kt
LI NHUN (L) SAU THU TNDN

Bo co lu chuyn tin t
Lu chuyn tin t hot ng kinh doanh
Li nhun trc thu
iu chnh cho cc khon
Khu hao TSC
Cc khon d phng
Li, l cc khon chnh lch t gi hi oi cha thc hin
(Li), l hot ng u t
Chi ph li vay
Li nhun t hot ng kinh doanh trc thay i vn lu
ng
Tng/gim cc khon phi thu ngn hn
Tng/gim cc khon tn kho

(608)

(661)

947

1,093

1,782

2,108

2,662

3,751

4,497

5,460

7,143

10,222

372

(657)

(648)

(1,277)

(1,904)

48

(8)

(30)

(71)

(83)

Tng/gim chi ph tr trc

181

273

(8)

(13)

(21)

Tng/gim cc khon phi tr ngn hn (tr li vay, thu

TNDN)

678

1,667

1,040

1,714

2,832

(1,354)

(1,244)

(1,782)

(2,108)

(2,662)

(117)

3,372

1,602

Tin li vay tr
Thu TNDN np
Tin thu khc t hot ng SXKD

48 Bo co phn tch doanh nghip

2012

2013

2014F

2015F

2016F

(1,986)

(3,514)

5,061

2,499

4,033

5,388

8,383

(10,484)

(5,203)

(6,593)

(20,808)

(20,573)

Tin thu thanh l, nhng bn TSC v cc ti sn di hn

khc

Tin thu hi cho vay, bn li cc cng c n

83

Bo co lu chuyn tin t
Tin chi khc t hot ng kinh doanh
Lu chuyn tin thun t hot ng kinh doanh
Lu chuyn tin t hot ng u t
Tin chi mua sm, xy dng TSC v cc ti sn di hn
khc

Tin thu hi u t gp vn
Tin chi u t gp vn
Tin thu li vay, c tc v li nhun c chia
Lu chuyn tin thun t hot ng u t

40

152

(385)

(223)

(374)

(374)

(374)

486

662

881

917

943

(10,340)

(4,529)

(6,087)

(20,265)

(20,003)

346

5,040

4,540

14,477

8,092

(1,593)

939

(5)

Lu chuyn tin t hot ng ti chnh

Tin thu t pht hnh c phiu, nhn vn gp ca ch s
hu
Tin vay ngn hn nhn c chi tr
C tc, li nhun tr cho ch s hu

(107)

(246)

(834)

Tin vay di hn nhn c chi tr( Chi tr n gc vay)

(5,977)

(3,653)

4,044

13,665

12,913

Tin chi tr n thu ti chnh

(3,058)

(3,477)

5,441

1,308

7,383

14,358

16,614

Lu chuyn tin thun trong nm

162

(721)

5,329

(518)

4,994

Tin v tng ng tin u nm

1,971

2,148

1,440

7,429

6,911

15

13

2,148

1,440

6,769

6,911

11,904

Lu chuyn tin thun t hot ng ti chnh

nh hng ca thay i t gi hi oi quy i ngoi t

TIN V TNG NG TIN CUI NM

Tng Cng ty Hng khng Vit Nam 49

Gii thiu v BSC

Cng ty C phn Chng khon Ngn hng u t v Pht trin Vit
Nam (BSC) c thnh lp v vinh d tr thnh Cng ty chng khon
u tin trong ngnh ngn hng tham gia kinh doanh trong lnh vc
chng khon, ng thi l mt trong hai Cng ty chng khon u
tin ti Vit Nam.
Tri qua gn 15 nm pht trin, BSC t c nhiu thnh tu to
ln, tr thnh Cng ty ng trong top 03 th trng Vit Nam v t
vn pht hnh tri phiu doanh nghip; l Cng ty dn u th trng
v th phn mi gii tri phiu nm 2013, v nm Top 10 nh mi gii
c phiu nm 2013 ti hai sn giao dch. Nm trong c cu khch
hng ca BSC l nhiu doanh nghip c thng hiu ln, uy tn,
ng vai tr u tu trong nn kinh t Vit Nam nh Vietnam Airlines,
Vinacomin, Vinatex
Nhim v ca BSC l kt ni nh u t vi nhng sn phm u t
ph hp nht. Chng ti lun ng hnh cng cc bn i ti thnh
cng.

Lin h
BSC Tr s chnh
Tng 10, 11 Thp BIDV
35 Hng Vi Hon Kim H Ni
Tel: 84 4 39352722
Fax: 84 4 22200669
Website: www.bsc.com.vn

Chi nhnh BSC H Ch Minh

Tng 9 146 Nguyn Cng Tr
Qun 1, Tp. H Ch Minh
Tel: 84 8 3 8218885
Fax: 84 8 3 8218510
Facebook: www.facebook.com/BIDVSecurities

Trn Thng Long

Gim c Khi Phn tch
longtt@bsc.com.vn
(+84) 43935 2722 ext. 118

L Th Hi ng
Gim c Khi Mi gii
duonglh@bsc.com.vn
(+84) 43935 2722 ext. 155

50 Bo co phn tch doanh nghip