Tieu Luan Phan Tich Tai Chinh Cong Ty Co Phan Song Da 5

I HC QUC GIA THNH PH H CH MINH
TRNG I HC BCH KHOA

KHOA QUN L CNG NGHIP
-------------------------
B mn:
TI CHNH DOANH NGHIP

CBHD: TS. NGUYN THU HIN
Nhm
1.
Nguyn Th Huyn Trn
2.
Trn Th Mai Sng
3.
Nguyn i Ngc
4.
Nguyn Vn Trng
5.
Trn Vn Trng
6.
Nguyn Vn c Thng
Thnh ph H Ch Minh, 04 -10 -2011
Nhn xt ca gio vin hng dn
GVGD: TS. Nguyn Thu Hin
PHN NHN XT CA GIO VIN HNG DN

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[Bi tp nhm Ti Chnh Doanh Nghip SD5]
Page i
Mc lc
MC LC
MC LC..................................................................................................................................ii
DANH MC BNG.................................................................................................................iii
DANH MC HNH..................................................................................................................iii
Page ii
Danh mc bng Danh mc hnh
DANH MC BNG
MC LC..................................................................................................................................ii
DANH MC BNG.................................................................................................................iii
DANH MC HNH..................................................................................................................iii
DANH MC HNH
MC LC..................................................................................................................................ii
DANH MC BNG.................................................................................................................iii
DANH MC HNH..................................................................................................................iii
Gii thiu v cng ty c phn sng 5

1.1. Tn giao dch: CNG TY C PHN SNG 5
1.2. M chng khon: SD5 - nhm ngnh: Xy dng
1.3. Vn iu l hin ti: 60.940.000.000 ng
1.4. Lch s hnh thnh:

- Cng ty c phn Sng 5, tin thn l Cng ty Xy dng thu in Vnh Sn.
Cng ty l doanh nghip Nh nc n v thnh vin ca Tng cng ty Sng
chuyn i thnh Cng ty c phn Sng 5 theo Quyt nh s 1720/Q BXD
ngy 04/11/2004 ca B trng B Xy dng.
- T ngy 13/12/2006 Cng ty c phn Sng 5 c chp thun ng k giao
dch c phiu ti Trung trm giao dch chng khon H Ni theo Quyt nh s
74/Q-TTGDCKHN ca Trung Tm giao dch chng khon H Ni
1.5. Ngnh ngh kinh doanh
Xy dng cng trnh cng nghip, nh cc loi;
- X l cng trnh bng phng php khoan phun, khoan pht; Thi cng bng
phng php khoan, n mn;
- Xy dng cng trnh ngm di t, di nc, cng trnh ng b;
- Khai thc, sn xut, kinh doanh: in, vt t, vt liu xy dng, cu kin b
tng, cu kin kim loi, ph tng xe my, thit b, ph kin xy dng;
- u t, xy dng, lp t v vn hnh nh my thy in va v nh;
- Mua, bn, nhp khu: vt t, ph tng, xe my, thit b th cng;
- u t ti chnh vo cc Cng ty con, Cng ty lin kt;
- Nhn y thc u t ca cc t chc v c nhn;
Page iii
Danh mc bng Danh mc hnh
- Kinh doanh bt ng sn, quyn s dng t thuc ch s hu, ch s dng

hoc i thu.
1.6. Thng tin lin h
a ch: Tng 5, thp B, ta nh HH4 khu th Sng M nh, x M nh,
huyn T Lim, H Ni.
in thoi: 84-(04) 2225 5558 Fax: 84-(04) 2225 5558
Ngi pht ngn: ng Nguyn Mnh Ton thnh vin HQT
Email: Info@songda5.com.vn
Website: http://songda5.com.vn/
Page iv
Phn 1: Gii thiu v cng ty
Phn 1.
Phn tch ti chnh
2.1. Nhm t s thanh khon

1.1.1. T s thanh ton hin hnh
Trong phm vi bi tp nhm chng ta phn tch tnh hnh ti chnh ca cng ty
Sng 5 trong 3 nm 2008, 2009, 2010 nh gi thnh qu ca cng ty trong
nhng nm va qua. Vic so snh cc t s ti chnh vi cc t s ca ngnh xc
nh v th ca cng ty Sng 5. Bng s so snh ny ta s thy c sc mnh ti
chnh ca cng ty so vi cc i th cnh tranh v gii thch c s thnh cng hay
tht bi ca cng ty. Khi hiu c tnh hnh ti chnh trong qu kh l bc m
u a ra nhng hoch nh a ra nhng m hnh k hoch ti chnh cho
nhng nm tip theo. Trong phm vi bi tp nhm, nhng thnh vin tho lun v a
ra nhng hoch nh ti chnh trong 3 nm 2011, 2012, 2013 cho Cng ty Sng 5.
y l ch s o lng kh nng doanh nghip p ng cc ngha v ti chnh
ngn hn. Ch s ny cng thp tc l doanh nghip cng gp kh khn i vi vic
thc hin cc ngha v thanh ton ca mnh v cng l du hiu d bo trc nhng
kh khn v ti chnh s xy ra. Nu mt ch s thanh ton hin hnh cao iu c
ngha l cng ty lun sn sng thanh ton cc khon n. Tuy nhin, nu ch s thanh
ton hin hnh qu cao cng khng lun l du hiu tt, bi v n cho thy ti sn ca
doanh nghip b ct cht vo ti sn lu ng qu nhiu v nh vy th hiu qu s
dng ti sn ca doanh nghip l khng cao (V d: c qu nhiu tin mt nhn ri, n
phi i, hng tn kho ng). Ta phn tch t s thanh ton hin hnh ca cng ty
Sng 5 trong 3 nm 2008, 2009, 2010:
Bng 2.1. T s thanh ton hin hnh ca cng ty Sng 5
Nm Nm
Nm
STT
T s
2008 2009
2010
T s thanh ton hin hnh
1
1,1
1,18
1,66
RC = TSNH/NNH
Ngnh
nm 2010
1,44
T?S? THANH TON HI?N TH? I

1.66
1.80
1.44
1.60
1.40
1.20
1.10
1.18
1.00
0.80
0.60
0.40
0.20
0.00
2008
2009
2010
Ngnh nam 2010
Hnh 2.1. T s thanh ton hin hnh ca cc cng ty Sng 5
Page 5
Cc t s thanh ton ca cng ty trong 3 nm u tnh trng tt (>1) cho thy

tnh hnh ti chnh ca cc cng ty n nh, d dng thanh ton cc khon n khi cn
thit. Tuy nhin, nu so snh vi trung bnh ngnh (t s thanh ton hin hnh ca
ngnh l 1.31) th ta thy nm 2010 c t s thanh ton cao hn trung bnh ngnh, cn
hai nm 2008 v 2009 thp hn trung bnh ngnh. Trong 3 nm t s t s thanh ton
c xu hng tng tuy nhin s dao ng khng qu ln, nm 2010 t s thanh ton
hin hnh kh cao so vi 2 nm cn li l do thi gian ny khon n ngn hn ca
Cng ty thp.Nm 2008 v nm 2009, tnh hnh kinh t trong nc v th gii c
nhiu bin ng, lm pht tng cao, gi c mt s loi vt t chnh tng t bin, th
trng tin t din bin phc tp, chnh sch tht cht cho vay ca cc ngn hng v
cc t chc tn dng gy khng t kh khn v vn u t v SXKD nh hng
trc tip n tnh hnh thc hin k hoch SXKD ca Cng ty. Do , Cng ty c nhu
cu s dng ti sn tin mt chuyn thnh chi ph sn xut, iu ny lm gim tng
ti sn lu ng nn t s thanh ton hin hnh gim so vi cc nm trc.
Bn cnh , ta cng xt n ri ro c th ca ngnh xy dng l thi gian thi
cng ko di, vic nghim thu, bn giao c thc hin theo tng giai on, cc cng
trnh thi cng xy dng thng l cc cng trnh c quy m ln nn pht sinh thng
xuyn nhu cu tn dng ngn hn, Do , ch nn duy tr t s ny mc thp so vi
cc ngnh khc. Mc d, t s ny thp hn khng nhiu so vi t s ngnh iu
th hin cng ty ang gim t kh nng thanh ton n nhng khng ng quan tm v
cng ty ang s dng hiu qu ti sn ngn hn vo u t v sn xut.
1.1.2. T s thanh ton nhanh
Ch s thanh ton nhanh o lng mc thanh khon cao hn. Ch nhng ti sn
c tnh thanh khon cao mi c a vo tnh ton. Hng tn kho v cc ti sn
ngn hn khc c b ra v khi cn tin tr n, tnh thanh khon ca chng rt
thp. Do , t s ny c mc nh gi tnh thanh khon chnh xc hn.
Bng 2.2. T s thanh ton nhanh ca cng ty Ha Bnh
Nm
Nm
STT
T s
2008
2009
T s thanh ton nhanh: Rq =
1
0,29
0,62
(TSNH HTK)/NNH
Nm
2010
Ngnh nm
2010
0,89
0,86
Page 6

T?S? THANH TON NHANH
1.66
1.80
1.44
1.60
1.40
1.20
1.10
1.18
1.00
0.80
0.60
0.40
0.20
0.00
2008
Hnh 2.2.
2009
2010
Ngnh nam
2010
T s thanh ton nhanh ca cc cng ty Sng 5
T s Rq qua 3 nm 2008, 2009, 2010 nh hn 1 cho nn tr ht n ngn hn

cng ty l phi thanh l hng tn kho tuy nhin trong lnh vc ngnh xy dng lm
vic ny kh kh khn v cc cng trnh ch to doanh thu khi c nghim thu
hon thnh. V vy, gi tr hng tn kho ca cng ty lun mc cao. y s l ri ro
nht l i vi cc doanh nghip c t s n ln. Trong 3 nm cho thy Rq c xu
hng tng. Nm 2008 Rq thp, tim n ri ro trong tnh hnh khng hong kinh t ko
theo tnh hnh thi cng mt s cng trnh b tr tr v tin cng nh kh nng thanh
quyt ton chm nn gi tr hng tn kho ng cao. Sang nm 2009, t s thanh ton
ln hn (0.62) tng ng vi kh nng thanh ton cao hn. Nm 2010 t s thanh ton
cao nht trong 3 nm (0.89) v cao hn trung bnh ngnh (0.86) nn kh nng thanh
khon cng kh tt hn so vi tnh chung ca ton ngnh.
Tm li, trong cc t s nh gi tnh thanh khon: cc t s lu ng RC, T s
thanh ton nhanh Rq c gi tr cng cao th kh nng thanh ton n ca doanh nghip
cng ln. Doanh nghip cng t chu ri ro nhng li nhun cng t i. Nh vy mi
doanh nghip u phi la chn nh i gia li nhun v kh nng thanh ton n.
2.2. Nhm t s hiu qu hot ng
ng trn gc ngn hng khi phn tch ti chnh doanh nghip chng ta quan
tm nhiu nht n cc t s thanh khon, t s n v t s trang tri li vay v cc t
s ny trc tip o lng kh nng thanh ton n v li ca khch hng. Tuy nhin
cng cn phn tch thm cc t s o lng hot ng kinh doanh ca cng ty cc
nh qun tr c c s gim st tnh hiu qu ca vic s dng ti sn trong vic to ra
doanh thu v cc phn ng v tc tr n ca khch hng. Do , cc t hot ng
Page 7
cn l thc o lng tc chuyn cc ti khon b phn thnh tin. Trong , chu

k thanh ton ca cc khon phi thu nh hng nhiu n doanh thu ca cng ty.
2.2.1.
S vng quay hng tn kho
nh gi hiu qun l tn kho ca cng ty chng ta c th s dng t s hot

ng s quay hng tn kho. Ch s vng quay hng tn kho cng cao cng cho thy
doanh nghip bn hng nhanh v hng tn kho khng b ng nhiu trong doanh
nghip. C ngha l doanh nghip s t ri ro hn nu nhn thy trong bo co ti
chnh, khon mc hng tn kho c gi tr gim qua cc nm. Tuy nhin ch s ny qu
cao cng khng tt v nh th c ngha l d tr nguyn liu vt liu u vo cho vic
thi cng khng dn ti khng p ng nhu cu khch hng. V vy ch s vng
quay hng tn kho cn phi ln m bo mc sn xut p ng c nhu cu
khch hng.
Bng 2.3. Vng quay hng tn kho
STT
1
2
T s
S vng quay hng tn kho:
GVHB/HTK
Tng ng s ngy lun
chuyn hng tn kho
Nm
2008
Nm
2009
Nm
2010
Ngnh
nm 2010
0,05
0,06
0,05
0,07
VNG QUAY HNG T? N KHO

4.59
5.00
4.50
4.00
4.86
3.61
3.50
3.00
2.50
2.00
2.40
1.50
1.00
0.50
0.00
2008
Hnh 2.3.
2009
2010
Ngnh nam
2010
Vng quay hng tn kho ca cng ty Sng 5
th vng quay hng tn kho cho thy rng nm 2010 vng quay hng tn kho
cao hay s ngy lun chuyn hng tn kho kh nhanh ngha l trong iu kin nn kinh
t n nh th sn phm ca cng ty c tiu th rt nhanh iu ny cng phn nh
ng nng lc, uy tn ca cng ty trong lnh vc xy dng vi mc p ng yu
cu khch hng tt. Cc cng trnh lun p ng ng v mt tin thi cng bn giao
cng nh v cht lng cng trnh do m bo tt v mt thanh quyt ton vi ch
u t. iu ny lm tng doanh thu nhng gim gi tr hng tn kho. Ring nm
Page 8
2008, nn kinh t khng hong nn ko theo cc i tc cng kh khn v kinh t nn

tnh trng lun chuyn gi tr cng trnh thc hin thnh doanh thu cng ko di v
vy gi tr vng quay hng tn kho thp. Song song nm 2008 s lng cc cng
trnh thc hin t i hoc ch mang tnh cm chng nn nhu cu d tr nguyn vt liu
cho thi cng cng gim. So snh nm 2010 vi ngnh th gn nh tng ng, iu
ny th hin cng ty m bo c s cn bng trong vic lun chuyn hng tn
kho so vi cc cng ty cng ngnh
2.3. Cc t s v n by ti chnh
T s n by ti chnh nh gi mc mt cng ty s dng ngun vn vay vo
cc hot ng sn xut kinh doanh. Cc t s ny th hin mc vay n ca cng ty.
Khi vay n ngn hng cn c vo cc t s ny nh gi mc ri ro v tnh li
sut cho vay. iu c ngha l cng ty cng vay nhiu li sut cng cao. i vi
cng ty, t s n gip cc nh qun tr la chn cu trc ngun vn hp l cho cng ty
mnh. Ngoi ra, cc ty s ny cn th hin mc ri ro v ti chnh ca cng ty. C
th mt doanh nghip vay n cng nhiu so vi tng gi tr ti sn ca doanh nghip s
c n cn n cng ln, ri ro v li nhun cng cng ln. C hai dng o lng n
vay: o lng mc n vay v o lng kh nng hon tr n vay.
2.3.1. T s n trn ti sn
Ch s ny cho thy t l n c s dng trong tng cu trc vn ca cng ty.
Ni chung t s ny nn bin ng t 0 n di 1. Nu bng 1 hoc ln hn 1 c
ngha l ton b gi tr ti sn ca cng ty khng tr n v thc t cng ty s ph
sn ngay nu cc ch n i n cng mt lc.Nhng lu , Cng ty tn dng vn vay
gia tng li nhun cho cc c ng cng nn gi mt t l vay thch hp pht
trin n nh bn vng, hn ch cc ri ro ti chnh.
Bng 2.4. T s n trn ti sn
Nm
Nm
Nm
Ngnh
STT
T s
2008
2009
2010 nm 2010
T s n trn TS (Debt ratio):
1
0,83
0,78
0,49
0,62
Rd = Tng n vay/Tng ti sn
Page 9

T?S? N?
0.9
0.8
0.7
0.6
0.5
0.4
0.3
0.2
0.1
0
0.83
0.78
0.62
0.49
2008
2009
2010
Ngnh nam
2010
Hnh 2.4. T s n trn ti sn ca Cng ty Sng 5

Nhn vo th ta thy, cng ty c ch s n cao trong 2 nm 2008 v 2009 (cao
hn so vi ngnh), cc t s ny th hin mc ri ro v ti chnh ca cng ty cao,
doanh nghip vay n nhiu so vi tng gi tr ti sn ca doanh nghip nn n cn n
ln, ri ro v li nhun cng cng ln. Nm 2010 vi ch s n trn ti sn thp nht
trong 3 nm v thp hn so vi ngnh, cng ty hon ton c th vay vn vi li th v
li sut so vi 2 nm 2008 v 2009. Do , cng ty ang trong giai on nhn hng
lot cng trnh c quy m ln i hi ngun vn nhiu nn cn thit tn dng ngun
vn vay cho hot ng sn xut thi cng.
2.3.2.
T s kh nng thanh ton li vay
L loi t s phn nh mi quan h gia kh nng trang tri chi ph v chi ph ti

chnh cng ty phi gnh chu. Chi ph ti chnh thng gp l li vay. Phn tch t s
kh nng thanh ton li vay l o lng kh nng m li nhun pht sinh do s dng
vn m bo thanh ton li vay hng nm ca cng ty nh th no.
Bng 2.5. T s kh nng thanh ton li vay
STT
T s
Nm 2008 Nm 2009 Nm 2010
Ch s kh nng thanh ton li vay:
1
Thu nhp trc thu v li vay (EBIT)/
2,18
3,36
2,87
li vay
Page 10
T?S? KH? NANG THANH TON LI VAY

3.36
3.5
2.87
2.18
2.5
2
1.5
1
0.5
0
2008
2009
2010
Hnh 2.5. T s kh nng thanh ton li vay ca Cng ty Sng 5

Nhn vo th ta c th thy l t s thanh ton li vay ca Cng ty trong nm
2008 thp nht trong 3 nm, nm 2008 nn kinh t khng hong ko theo s lng
cng trnh thc hin t i hoc ch mang tnh cm chng nn li nhun hot ng ca
Cng ty thp. Sang nm 2009 v 2010, nn kinh t dn dn c nhng bc chuyn
bin tch cc, hot ng trong lnh vc xy dng c u t nhiu hn v pht trin,
Cng ty t c li nhun hot ng trc thu v li vay cao. Nm 2009 l c t s
thanh ton li vay cao nht chng t trong nm 2009 Cng ty hot ng tt, t c
li nhun rng sau thu cao nht trong 3 nm.
2.4. Nhm t s kh nng sinh li
T s sinh li o lng li nhun ca cng ty vi cc nhn t khc to ra li

nhun nh vn c phn, tng ti sn, doanh thu. Loi t s ny bao gm cc ch tiu
sau:
2.4.1. Bin li nhun (Net profit margin ratio)
T s ny chu nh hng ca li nhun rng v cc chi ph hot ng, chi ph tr
li, thu. T c th thy c t s ny thp hay cao l do u m c bin php iu
chnh.
Bng 2.6. T s bin li nhun
STT
1
T s
T s bin li nhun =
Thu nhp rng / Tng doanh thu
Nm
2008
Nm
2009
Nm
2010
Ngnh
nm 2010
0,053
0,058
0,052
0,07
Page 11
BIN L? I NHU?N
0.07
0.07
0.06
0.05
0.06
0.05
0.05
0.04
0.03
0.02
0.01
0
2008
2009
2010
Ngnh nam
2010
Hnh 2.6. T s bin li nhun

T th c th thy t l li nhun rng trn doanh thu ca Cng ty cao nht
vo nm 2009, ng thi t s li nhun so vi doanh thu ca Cng ty kh thp so vi
ngnh. iu ny c th gii thch v ngun vn vay ca Sng 5 c chi ph cao hn
so vi ngnh hoc l li nhun hot ng thp hn ngnh. iu ny cho thy kh nng
qun l chi ph cha tt ca Cng ty.
2.4.2.
Sut sinh li trn tng ti sn (Return On Total Asset Ratio ROA)
Sut thu li ca ti sn c gi l sut sinh li ca vn u t ROI, l thc o

hiu qu qun l to li nhun i vi tng ti sn hin c ca doanh nghip. T s
ny o lng kh nng sinh li so vi ti sn, hay ni khc i t s ny cho bit 1$
ng gi tr ti sn ca cng ty to ra bao nhiu ng li nhun. Li nhun s dng
trong cng thc tnh ton c th l li nhun trc thu hoc li nhun rng sau thu,
ty theo mc tiu phn tch. Chng hn, i c ng thng quan tm n phn li
nhun h c phn chia nn khi tnh ton ch tiu li nhun so vi ti sn thng s
dng li nhun rng sau thu.
Bng 2.7. Sut sinh li trn tng ti sn
STT
T s
Nm
2008
Nm
2009
Nm
2010
Ngnh
nm 2010
T sut sinh li trn tng ti sn:

ROA = LNR/TS
0,07
0,08
0,09
0,06
Page 12

ROA
0.09
0.09
0.08
0.07
0.08
0.07
0.06
0.06
0.05
0.04
0.03
0.02
0.01
0
2008
2009
2010
Ngnh nam
2010
Hnh 2.7. Biu sut sinh li trn tng ti sn

T th ta thy rng ROA tng u trong 3 nm v cao hn so vi ngnh.
iu ny cho thy hiu qu hot ng ca Cng ty trong vic s dng ti sn c nh
hin c cao.
2.4.3.
Sut thu li ca vn ch s hu (Return On Equity Ratio ROE)
Thc o li nhun thu c t vn ch s hu (c c phn thng ln c phn

u i) u t vo doanh nghip.
Bng 2.8. Sut sinh li ca vn ch s hu
Nm
STT
T s
2008
T sut sinh li trn vn c
1
0,4
phn: ROE = LNR/VCP
Nm
2009
Nm
2010
Ngnh
nm 2010
0,38
0,19
0,17
ROE
0.4
0.4
0.38
0.35
0.3
0.25
0.19
0.2
0.17
0.15
0.1
0.05
0
2008
2009
2010
Ngnh nam
2010
Hnh 2.8. Biu sut sinh li trn c phn
Page 13
ROE cao hn so vi ngnh ngha l cng ty c cu trc ngun vn thch hp nn

c hiu qu v li nhun rng trn vn c ng cao. Tuy nhin vic ROE gim nhiu
trong nm 2010 so vi 2 nm 2008 v 2009 chng t rng hiu qu s dng vn c
phn ca cng ty tuy cao hn hiu qu chung ca ton ngnh nhng li ang st gim
so vi chnh kh nng ca cng ty cng ty cn cu trc li ngun vn c phn
t c hiu qu s dng ngun vn ny l cao nht.
2.5. Cc t s gi th trng (Market Value Ratio)
Cc nh u t c phn thng c bit quan tm n cc gi tr m c phn nh

gi tr th trng ca c phn. C th l vi gi tr sau:
2.5.1. Thu nhp mi c phn (EPS Earning per share)
y l i lng quan trng quyt nh gi c phn v n th hin thu nhp ca
nh u t c phn.
Bng 2.9. Thu nhp mi c phn
STT
T s
Thu nhp mi c phn:
1
EPS = TNRCT/S CPT
Nm 2008
8.276
Nm 2009 Nm 2010
11.211
8.763
EPS
11211
12000
10000
8276
8163
8000
5858
6000
4000
2000
0
2008
Hnh 2.9.
2009
2010
Ngnh nam
2010
Biu thu nhp trn mi c phn
Nhn chung, gi tr li nhun trn mi c phiu ca Cng ty trong 3 nm u cao

hn so vi ngnh, l du hiu cho thy cng ty lm n kh tt, to c uy tn v thu
ht c cc nh u t mua c phiu ca Cng ty. Vi nhng phn tch trn, nm
2009 c t s bin li nhun cao nht, hiu qu hot ng cao nn li nhun trn mi
c phiu cng tng cao. Nm 2008 l nm y bt n v phc tp v gi c, li sut
ngn hng. Gi c u vo ca ngnh xy dng gm nguyn vt liu xy dng, nhn
cng, xng du, vn chuyn, c bit st thp, gch xy, ximng, , ct tng rt cao
Page 14
trong 2 qu u nm. Ch s gi tiu dng nm 2008 tng 22,97%. Hn na, li sut

cho vay ca ngn hng tng t bin t khong 12% ln n 21%, y chi ph li vay
tng cao. Nhng yu t trn y gi thnh xy dng tng cao, cng vi li sut tng v
vic sit cht tn dng dn n th trng a c ng bng. Cc ch u t gin
tin hoc gim mc u t nn nh hng n doanh thu v li nhun ca
cng ty.
2.6. Phn tch Dupont
Ta da vo bng thng k cc d liu phn tch Dupont thy c mt cch
tng qut hn v tnh hnh ti chnh ca cng ty.
Bng 2.10.Cc ch s phn tch Dupont
STT
T s
Cch tnh
Nm 2008
952.707.049.91
1
Doanh thu
(1)
2
2
Li rng
(2)
67.683.330.977
746.959.789.72
3
Tng ti sn
(3)
5
T sut sinh
4
li trn
(4)=(2)/(1)
doanh thu
0,053
Vng quay
5
(5)=(1)/(3)
ti sn
1,275
6
ROA
(6)=(4)x(5)
0,07
Tha s
7
vn c ng
(7)
(EM)
5,964
8
ROE
(8)=(6)x(7)
0,4
Nm 2009
Nm 2010
1.174.966.939.64
1.291.224.631.007
8
68.321.327.124
50,432,402,384
819.924.422.939
716.524.405.994
0,058
0,052
1,426
0,08
1,686
0,09
4,587
0,38
2,102
0,19
Nm 2008 b nh hng bi khng hong kinh t, mc d sut sinh li trn ti

sn ROA thp nhng h s n by (tha s vn c ng) cao nn sut sinh li trn
vn c ng ROE cao nht trong 3 nm. iu ny c ngha nm 2008, Cng ty c cu
trc ngun vn thch hp nn hiu qu s dng ngun vn vay u t rt tt. Sang
nm 2009, cng ty qua c giai on khng hong nn u t c hiu qu, t c
li nhun cao nht trong 3 nm do t s li nhun trn doanh thu cng cao nht, cc
t s li nhun trn tng ti sn, h s n by v t s li nhun trn vn c ng
cng kh cao. Nm 2010, cng ty c li rng thp hn so vi 2008 v 2009, tuy nhin
t s vng quay ti sn cao nn t c sut sinh li trn ti sn cao nht trong 3
nm. Mt iu ng ch l nm 2010 tha s vn c ng ca Cng ty thp nn dn
ti t s sut sinh li trn vn thp, iu ny th hin vic s dng vn u t ca
Cng ty trong nm 2010 cha tht s hiu qu.
Page 15
Phn 2: Phn tch ti chnh

Phn 2.
Hoch nh ti chnh
hoch nh ti chnh ca doanh nghip, ta cn a ra gi nh Doanh thu, gi

vn hng bn v li nhun ca doanh nghip trong cc nm tip theo.
3.1 Mt s thng tin lin quan nh hng n doanh thu v li nhun ca SD5
trong nhng nm ti.
3.1.1. c im hot ng ca Cng ty SD5
Cng ty c phn Sng 5, vi ngnh ngh kinh doanh ca cng ty gm lnh vc
thi cng xy lp cc cng trnh Thu in, thi cng cu ng, o thi cng hm,
khoan phun gia c, x l nn mng cng trnh. Cng ty c phn Sng 5 v
ang tham gia xy dng nhiu cng trnh trng im ln ca t nc nh: Thu in
Vnh Sn, Thu in Yaly, Thu in Cn n, Thu in Ssan 3A, Thu in
Tuyn Quang, Thu in Bn V, Thu in Sn La, Thy in Lai Chu, Nh my Xi
mng Sng Yaly, Xi mng Diu Tr
Hin nay Cng ty l doanh nghip ng u trong ngnh thi cng b tng vi
khi ln. Cng ty v ang u t dy chuyn sn xut b tng m ln thi
cng p b tng m ln ti cng trnh thu in Sn La, y l cng ngh hon ton
mi v phc tp, ln u c p dng ti Vit Nam. Cng ty vt tri v tt c cc mt
nh thng hiu, quy m, cng ngh trnh tay ngh v kinh nghim ca ngi
lao ng, th trng, chin lc pht trin
3.1.2. Doanh thu v li nhun n nh
Theo bo co ti chnh ca Cng ty trong 3 nm gn nht th Doanh thu ca Cng ty
lun duy tr mc cao (hn 1000 t ng). Nu xt t l li nhun sau thu/ doanh thu th
t l ny ca SD5 c duy tr trong khong 5.4-6%, Nhm nh gi y l mt con
s rt cao i vi mt doanh nghip hot ng trong ngnh xy dng nh SD5 v
SD5 s c kh nng duy tr t l ny trong nhiu nm ti.
Li th ln t cng ngh hin i. Hin ti, SD5 l mt trong s t doanh nghip ti
Vit Nam s hu dy chuyn sn xut b tng m ln lin hon cng ngh ca c,
Nht, Php v cc thit b nhp trc tip t cc nc EU c tnh n nh rt cao. Nh vy,
cht lng thi cng ca SD5 lun t mc rt tt, y l yu t quyt nh gip SD5
khng nh l doanh nghip s 1 ti Vit Nam v thi cng cc cng trnh m ln phc
tp v cng l li th ln gip SD5 thng thu thi cng c gii trong nhng cng trnh
ln c tnh cht quan trng nh thy in Sn La, thy in Lai Chu v cc d n c s
Page 16
dng vn FDI, nhng cng trnh ln ny i li em li doanh thu v li nhun n nh

cho SD5.
3.1.3. Li th ln v chi ph
Dy chuyn sn xut b tng m ln ca SD5 c u t vi s vn ban u l
20 triu EUR vo nm 2007 phc v cho d n xy dng thy in Sn La v hin
ang c chuyn n phc v d n Thy in Lai Chu. Cng ty thc hin chnh
sch khu hao nhanh cho cc thit b ln. Nhng thit b quan trng nht nh bng ti,
trm trn lnh, thit b iu khin u c khu hao ti 95% trong vng 4 nm k t
2007 ti nay.
Nm 2011 v cc nm tip theo, khi dy chuyn trn b tng m ln c khu
hao ht, SD5 s ct gim ng k chi ph khu hao, vn chim khong 15% trong tng
chi ph gi vn hng bn ca SD5.
3.1.4. Li th v thu
Nm 2005 n v chuyn i t hnh thc doanh nghip nh nc sang Cng ty c
phn nn c min 2 nm u (nm 2005,2006) v gim 50% trong 8 nm tip theo
theo quy nh ca Lut thu TNDN hin hnh.
Bn cnh , lnh vc hot ng ca doanh nghip thuc loi lnh vc c u i v
thu sut thu nhp doanh nghip. Theo bo co ti chnh kim ton ca cc nm, c th l
nm 2010 trong tng thu nhp ch thu l 77.82 t th khong thu nhp chu thu c
hng thu sut u i 5% l 75.3 t ng (chim 96.8%), phn cn li chu thu 25%.
y cng l mt li th tng i ln ca SD5.
3.1.5. Tim nng t cc mng kinh doanh khc
Hin ti, duy tr hot ng kinh doanh sau khi cc d n thy in hon
tt, SD5 d kin chuyn sang cc mng kinh doanh khc, trong bao gm pht
trin bt ng sn, thi cng ng b v pht trin in ht nhn do Tng cng ty Sng
u t trong SD5 s thc hin cng trnh ngm.
3.2 D bo doanh thu v li nhun
Page 17
Bng 3.1
: C cu doanh thu ca SD5

STT
Doanh thu sn xut cng nghip

Doanh thu dch v
Doanh thu hot ng xy lp
Tng
Gi tr 2010 (t
ng)
616
94
605
1315
T trng
46%
8%
46%
100%
(Ngun: Bo co kim ton 2010)

Doanh thu ca Cng ty thun ca Cng ty tng trng nhanh trong cc nm 20072009, tuy nhin n nm 2010 doanh thu thun tng chm li (bng 10%) so vi nm
2009 l v d n Thy in Sn La ang trong giai on cui cng hon thnh,
doanh thu ca Cng ty trong nm 2011 ch yu l da vo doanh thu t d n Thy in
Lai Chu, Nm Chin, Ha Na, Bn v v mt cng trnh s tham gia u thu mi.
Da trn nh gi chung tnh hnh nn kinh t v m ca t nc s gp nhiu kh
khn trong nm 2011, lm pht v li sut tng cao, gi nguyn vt liu c xu hng tng
mnh, ngun vn cho cc d n b hn ch, vic ct gim hoc gin tin ca cc d n
c th xy ra. ng thi cn c trn k hoch trin khai cc hp ng k kt vi i
tc, HQT v ban iu hnh Cng ty ln k d kin k hoch cho nm 2011 nh sau:
: Kk hoch d kin trong nm 2011
Nm
Ch tiu
VT
2010
K hoch SXKD
t
Doanh thu thun
t
1315.8
Li nhun trc thu
t
72.7
Li nhun sau thu
t
67.8
K hoch u t
t
Nng cao nng lc thi
t
7.34
cng
u t ti chnh
t
72
Bng 3.2
STT
I
1
2
3
II
1
2
K hoch
2011
Tng
trng
900
60
57
-32%
75.4
38
Ban lnh o Cng ty SD5 thn trng t k hoch SXKD ca Cng ty nm 2011
gim 32% so vi nm 2010 v nhn nh s gp nhiu kh khn trong nm 2011. Theo
nh gi ca Nhm, t nm 2012 tr i, tnh hnh kinh t v m s dn n nh, lm pht
v li sut s bt u c kim ch v do hot ng sn xut kinh doanh ca Cng ty
c th ly li tng trng.
Page 18
Nhm d bo mc tng trng ca Cng ty SD5 trong 2 nm 2012 v 2013 nh

sau:
+ Doanh thu tng 10% hng nm.
+ Li nhun bin thun d kin: 60/900=6.6% ( y l mc cao hn so vi cc
nm 2008-2010 v Cng ty s khu hao ht gi tr h thng sn xut b tng m ln
trong thi gian ch gn 3 nm, gi tr s sch thit b khong 20 triu Eur. Do gi vn
s gim mnh do ch ph khu hao gim v lm tng li nhun bin thun).
+ u t my mc thit b nng cao nng lc thi cng: D kin khong 70 t/nm
+ Mc u t ti chnh: d kin 38 t/nm (bng 2011)
+ Cc ti khon ngn hn gm: Khon phi thu, khon phi tr, tn kho hng ha d
kin s thay i theo t l tng trng doanh thu.
+ Ti sn n di hn d kin khng thay i theo t l tng trng doanh thu.
+ Ti sn c nh s thay i ph thuc vo chi ph khu hao v mc u t thit b
my mc thi cng, nh xng theo d kin.
3.3 Bo co ti chnh d kin cho 03 nm (2011-2013)
Page 19
Phn 3: Hoch nh ti chnh
Bng 3.3
: Bo co kt qu hot ng kinh doanh

n v tnh: T ng
BO CO KT QU HOT NG KINH DOANH
2008
1 Doanh thu bn hng v cung cp dch v
2 Cc khon gim tr doanh thu
3
Doanh thu thun v bn hng v cung

cp dch v
2009
2010
2011F
2012F
2013F
952,707.0 1,194,042.9 1,315,819.3 900,000.0 1,035,000.0

1,190,250.00
5
5
2
0
0
264.23
387.32
147.37
952,442.8 1,193,655.6 1,315,671.9 900,000.0 1,035,000.0

1,190,250.00
2
3
5
0
0
807,050.8 1,029,526.5 1,126,395.9 760,283.3
4
6
8
2
874,325.82 1,005,474.69
145,391.9
8
164,129.07
189,275.97
139,716.6
8
160,674.18
184,775.31
1,956.99
3,779.94
3,029.35
2,072.03
2,382.83
2,740.26
7 Chi ph ti chnh
56,506.43
41,038.29
45,710.80 31,265.48
35,955.30
41,348.59
8 Trong : Chi ph li vay
42,764.42
29,062.14
38,990.97 26,669.22
30,669.60
35,270.04
1.87
2.14
2.47
4 Gi vn hng bn
5
Li nhun gp v bn hng v cung cp

dch v
6 Doanh thu hot ng ti chnh
9 Chi ph bn hng
10 Chi ph qun l doanh nghip
11
Li nhun thun t hot ng Kinh

doanh
12 Thu nhp khc

2.73
41,347.31
57,408.82
74,948.00 51,263.27
58,952.76
67,795.67
49,495.24
6,946.19
71,643.79 59,258.10
68,146.81
78,368.83
1,067.96
2,132.08
901.55
1,036.78
1,146.16
Page 20
783.95
13 Chi ph khc
130.80
1,689.50
61.48
42.05
48.36
55.61
14 Li nhun khc
937.16
442.58
1,084.68
741.90
853.19
981.17
50,432.40
69,904.49
72,728.47 60,000.00
69,000.00
79,350.00
3,000.00
3,450.00
3,967.50
67,683.33 57,000.00
65,550.00
75,382.50
7,283
8,376
15 Tng li nhun trc thu

16 Chi ph thu doanh nghip hin hnh
5,045.14
17 Li nhun sau thu TNDN
50,432.40
69,904.49
8,267
11,471
18 LI C BN TRN C PHIU
Bng 3.4
8,163
6,333
: Bng cn i k ton
n v tnh: T ng
BNG CN I K TON D KIN
TI SN
A- Ti sn ngn hn
2008
2009
2010
2011F
2012F
2013F
457,228
587,331
520,076
354,724
407,933
469,123
13,814
2,852
9,260
6,333
7,283
8,376
13,814
2,852
9,260
6,333
7,283
8,376
97,535
285,906
252,435
172,662
198,561
228,345
77,896
184,212
231,704
158,482
182,254
209,593
I. Tin v cc khon tng ng tin

1. Tin
Ghi ch
Tng theo phn
trm DT
2. Cc khon tng ng tin

II. Cc khon u t ti chnh ngn
hn
III. Cc khon phi thu ngn hn
1. Phi thu khch hng
Page 21
Tng theo phn

trm DT
2. Tr trc cho ngi bn
19,004
96,084
22,192
15,179
17,456
20,074
635
5,610
4,207
2,877
3,309
3,805
(5,668)
(3,877)
(4,459)
(5,128)
3. Phi thu ni b ngn hn

4. Phi thu theo tin k hoch
hp ng XD
5. Cc khon phi thu khc
6. D phng phi thu ngn hn kh
i
IV. Hng tn kho
1. Hng tn kho
Tng theo phn

trm DT
Tng theo phn

trm DT
336,884
280,301
240,221
164,308
188,954
217,297
336,884
280,301
240,221
164,308
188,954
217,297
8,994
18,271
18,160
12,421
14,284
16,427
Tng theo phn

trm DT
4,900
2,294
10,885
7,445
8,562
9,846
Tng theo phn

trm DT
15,977
7,275
4,976
5,722
6,581
Tng theo phn

trm DT
2. D phng gim gi 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
728
3,365
Page 22

B- Ti sn di hn
289,732
232,594
196,449
217,054
262,782
293,502
263,834
205,135
80,964
63,570
109,297
140,018
I. Cc khon phi thu di hn

II. Ti sn c nh
1. Ti sn c nh hu hnh
263,166
200,997
76,213
60,320
105,560
135,720
- Nguyn gi
492,598
573,870
597,775
75,400
150,800
226,200
(15,080) (45,240)
(90,480)
- Gi tr hao mn lu k
(229,433) (372,872) (521,563)
TSC c khu
hao ht. u t
thit b, nng cao
nng lc sx
2. Ti sn c nh thu ti chnh
3. Ti sn c nh v hnh
- Nguyn gi
- Gi tr hao mn lu k
4. Chi ph xy dng c bn d dang
1,105
1,105
1,105
1,105
1,105
1,105
(1,105)
(1,105)
(1,105)
(1,105)
(1,105)
(1,105)
668
4,138
4,751
3,250
3,737
4,298
25,899
27,459
115,484
153,484
153,484
153,484
62,000
100,000
100,000
100,000
Tng theo phn

trm DT
III. Bt ng sn u t
IV. Cc khon u t ti chnh di hn
1. u t vo cng ty con
2. u t vo cng ty lin kt, lin
doanh
3. u t di hn khc
Gp vn vo cng
ty Sng 505
8,140
9,710
8,140
8,140
8,140
8,140
Ly bng 2010
17,759
17,749
45,345
45,345
45,345
45,345
Ly bng 2010 +
Page 23
K hoch u t
2011
4. D phng gim gi u t ti
chnh di hn
V. Ti sn di hn khc
TNG CNG TI SN
746,960
819,924
716,524
571,778
670,714
762,625
A- N phi tr
621,708
641,984
352,278
306,693
321,492
338,512
I. N ngn hn
415,431
496,010
313,321
267,736
282,535
299,555
1. Vay v n ngn hn
136,555
209,797
169,071
169,071
169,071
169,071
Ly bng gi tr
2010
89,875
90,553
61,274
41,910
48,197
55,427
Tng theo phn

trm DT
145,255
84,927
36,751
25,137
28,908
33,244
Tng theo phn

trm DT
6,349
30,082
13,123
8,976
10,322
11,870
Tng theo phn

trm DT
13,229
17,455
18,292
12,511
14,388
16,546
Tng theo phn

trm DT
5,034
2,403
1,083
741
852
980
Tng theo phn

trm DT
NGUN VN
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
Page 24
7. Phi tr ni b
8. Phi tr theo tin k hoch hp
ng xy dng
9. Cc khon phi tr, phi np ngn
hn khc
19,133
60,794
7,871
5,384
6,191
7,120
Tng theo phn

trm DT
1,016
2,121
5,856
4,005
4,606
5,297
Tng theo phn

trm DT
206,277
145,974
38,957
38,957
38,957
38,957
Khng i theo
DT
206,118
145,554
38,065
38,957
38,957
38,957
159
420
893
B- Vn ch s hu
125,252
177,941
364,247
357,164
395,831
445,699
I. Vn ch s hu
124,236
175,820
364,247
357,164
395,831
445,699
60,940
60,940
90,000
90,000
90,000
90,000
10. D phng phi tr ngn hn

11. Qy khen thng phc li
II. N di hn
1. Phi tr di hn ngi bn
2. Phi tr di hn ni b
3. Phi tr di hn khc
4. Vay v n di hn
5. Thu thu nhp hon li phi tr
6. D phng tr cp mt vic lm
7. D phng phi tr di hn
III. N khc
1. Vn u t ca ch s hu
Page 25
Khng i theo
KH
2. Thng d vn c phn
116,115
116,115
116,115
116,115
Khng i theo
KH
3. Vn khc ca ch s hu
4. C phiu qu
5. Chnh lch nh gi li ti sn
6. Chnh lch t gi hi oi
7. Qu u t pht trin
8. Qu d phng ti chnh
10,878
40,023
73,081
49,987
57,485
66,107
Tng theo phn

trm DT
1,985
6,535
12,701
8,687
9,990
11,489
Tng theo phn

trm DT
3,083
2,108
2,425
2,788
Tng theo phn

trm DT
9. Qu khc thuc vn ch s hu
10. Li nhun sau thu cha phn phi
50,432
68,321
69,266
90,266
119,816
159,199
746,960
819,924
716,524
663,857
717,324
784,211
-92,078
-46,609
-21,586
11. Ngun vn u t XDCB

TNG CNG NGUN VN
NGUN VN CN TNG THM
(AFN)
Page 26
Theo KH chia c
tc 40%
- c im ca SD5 l c ngun thng d vn c phn rt ln v t sut li
nhun trn vn iu l rt cao, tuy nhin Cng ty chia t l c tc thp tip tc ti

u t sn xut. Ngun vn ch s hu chim t trng cao trong Tng ngun vn ca
doanh nghip.
- Theo nh bng cn i k ton d kin ca 03 nm ti th Tng ti sn nh hn
tng ngun vn, do Cng ty khng cn tng thm ngun vn. Do c cu ti

chnh ca SD5 c nh gi l rt an ton.
Page 27
ROA
0.12
0.12
0.1
0.09
0.09
0.08
0.07
0.06
0.06
0.04
0.02
0.02
0.03
0.02
0
SD5
SD7
CTD
SC5
HBC
S99
SDB
Ngnh
nam 2010
Page 28

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I HC QUC GIA THNH PH H CH MINH

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TI CHNH DOANH NGHIP

Nguyn Th Huyn Trn

Trn Th Mai Sng

Thnh ph H Ch Minh, 04 -10 -2011

Nhn xt ca gio vin hng dn

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PHN NHN XT CA GIO VIN HNG DN

[Bi tp nhm Ti Chnh Doanh Nghip SD5]

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[Bi tp nhm Ti Chnh Doanh Nghip SD5]

Danh mc bng Danh mc hnh

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Gii thiu v cng ty c phn sng 5

1.4. Lch s hnh thnh:

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Danh mc bng Danh mc hnh

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- Kinh doanh bt ng sn, quyn s dng t thuc ch s hu, ch s dng

[Bi tp nhm Ti Chnh Doanh Nghip SD5]

Phn 1: Gii thiu v cng ty

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Phn tch ti chnh

2.1. Nhm t s thanh khon

T?S? THANH TON HI?N TH? I

Ngnh nam 2010

Hnh 2.1. T s thanh ton hin hnh ca cc cng ty Sng 5

[Bi tp nhm Ti Chnh Doanh Nghip SD5]

Phn 1: Gii thiu v cng ty

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Cc t s thanh ton ca cng ty trong 3 nm u tnh trng tt (>1) cho thy

[Bi tp nhm Ti Chnh Doanh Nghip SD5]

Phn 1: Gii thiu v cng ty

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T s thanh ton nhanh ca cc cng ty Sng 5

T s Rq qua 3 nm 2008, 2009, 2010 nh hn 1 cho nn tr ht n ngn hn

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Phn 1: Gii thiu v cng ty

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cn l thc o lng tc chuyn cc ti khon b phn thnh tin. Trong , chu

S vng quay hng tn kho

nh gi hiu qun l tn kho ca cng ty chng ta c th s dng t s hot

VNG QUAY HNG T? N KHO

Vng quay hng tn kho ca cng ty Sng 5

Phn 1: Gii thiu v cng ty

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2008, nn kinh t khng hong nn ko theo cc i tc cng kh khn v kinh t nn

[Bi tp nhm Ti Chnh Doanh Nghip SD5]

Phn 1: Gii thiu v cng ty

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Hnh 2.4. T s n trn ti sn ca Cng ty Sng 5

T s kh nng thanh ton li vay

L loi t s phn nh mi quan h gia kh nng trang tri chi ph v chi ph ti

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Phn 1: Gii thiu v cng ty

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T?S? KH? NANG THANH TON LI VAY

Hnh 2.5. T s kh nng thanh ton li vay ca Cng ty Sng 5

T s sinh li o lng li nhun ca cng ty vi cc nhn t khc to ra li

[Bi tp nhm Ti Chnh Doanh Nghip SD5]

Phn 1: Gii thiu v cng ty

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Hnh 2.6. T s bin li nhun