Professional Documents
Culture Documents
PHN MT:
TNG QUAN V CNG TY BIBICA
I. VI NT V CNG TY C PHN BNH KO
BIBICA
1. Nhng nt c bn
Tn
ting
Anh:
a ch email: bibica@hcm.vnn.vn
Website: www.bibica.com.vn
Ni m ti khon:
Ti khon ng Vit Nam:
710A.00305 ti ngn hng Cng Thng
M s thu: 3600363970
2. Th mnh kinh t
Bibica l mt thng hiu mnh trn th trng bnh ko
Vit Nam hin nay. Thng hiu Bibica lun c ngi tiu
dng tn nhim bnh chn t danh hiu hng Vit Nam cht
lng cao t nm 1997-2007.
Thng hiu Bibica cng c chn l mt thng hiu
mnh trong mt trm thng hiu mnh ti Vit Nam, ng thi
cng l thng hiu mnh trong 500 thng hiu ni ting do
tp ch Business Forum thuc VCCI v cng ty truyn thng
cuc sng (Life) thc hin. Mt s sn phm ca Bibica nh
bnh bng lan kem cao cp Hura, ko cng c nhn cao cp
Volcano... c chn ti tr cho cc hi ngh mang tm quc
t nh Hi ngh ASEM 5, Hi ngh APEC 14.
Cng ty Bibica v cng ty TNHH bnh ko thuc tp
on Lotte ca Hn Quc k kt hp tc chin lc lu di
nhm to iu kin m rng v pht trin sn xut kinh doanh
trong lnh vc bnh ko ng u Vit Nam. Hai bn hp tc
pht trin sn phm mi, p dng cng ngh, m rng
marketting v bn hng. Bibica xut khu sn phm vo h
thng phn phi ca Lotte.
Vi d n pht trin dng bnh mi th trong 3 nm u
tin cng ty khng phi np thu thu nhp doanh nghip.
gia tng chi ph trong vic nhp khu nguyn vt liu phc v
cho s sn xut. ngoi ra, khi nn kinh t khng n nh s to
ra s thay i v gi chng khon trn th trng khin cho
cng ty khng ch ng trong vic huy ng ngun vn.
c. c im kinh doanh
Theo xu hng ca th trng th ngi tiu dng quan
tm hng u n cc mt hng thc phm, ngnh bnh ko ch
l th yu, nn trong chi tiu ca ngi tiu dng th hng bnh
ko khng c a vo khon tiu dng chnh m n hon
ton ph thuc vo thu nhp. Do vy, bt c mt s bin ng
nh no trong thu nhp ca ngi dn cng khin thu nhp ca
cng ty b nh hng.
Vi c im ca ngnh hng bnh ko l chu nh
hng rt ln theo ma v nh: ma trung thu, tt nguyn n,
ma hc sinh ngh h. Do vy thu nhp c th tng nhanh vo
dp ny nhng li gim vo nhng dp khc. vic ny nh hng
ln dng tin v chi ph ma v tng nhanh.
Do tnh cht ca ngnh ngh kinh doanh nn s thng
xuyn c s thay i nhn s. c bit l nhn vin bn hng,
nu nhn vin bn hng qua lm vic cho i th cnh tranh s
khin cho mng li tiu th ti khu vc nhn vin qun l
s b i th ch tranh nm bt v chim lnh th phn
tt c cc quc gia v Vit Nam cng khng ngoi tr.
Khi x hi ngy cng pht trin th mi ngi cng quan tm ti
nhu cu dinh dng v sc khe ca mnh. Chnh iu ny bt
buc cng ty phi lun nghin cu, tm hiu v pht trin cc
sn phm mi p ng nhu cu ca khch hng. y l mt vn
i hi cng ty phi ht sc quan tm.
d. Hn ch khch quan
Nhm bnh
Sn phm bnh ca cng ty kh a dng gm cc dng
sn phm sau:
Dng bnh kh: gm cc loi bnh quy, quy xp, kp
kem, ph scla, hn hp vi cc nhn hiu Nutri-Bis, Creamy,
Orienco, Orris, Happy, Victory, Palomino, Giving, Glory,
Hilary, ABC,dng sn phm ny c sn xut trn hai dy
chuyn hin i ca Chu u v M vi hai cng sut khong
4000 tn/nm chim 20-25% t trng doanh s v khong 20%
th phn bnh biscuit, cookies trn th trng. Cc sn phm ny
c ch ng kh vng trn th trng do cht lng tt, n
nh, mu m phong ph, nhn hiu quen thuc vi ngi tiu
dng.
Dng sn phm snack: gm cc loi snack tm, cua,
mc, g nng, b, ch c, cay ngtvi nhn hiu On t t,
PHN HAI :
THNG TIN TI CHNH CA CNG TY BIBICA
I. CH K TON C P DNG TI CNG TY:
1. K k ton, n v tin t s dng trong k ton
nht k chung.
lch so vi li nhun k ton do iu chnh cc khon chnh lch tm thi gia thu
v k ton cng nh iu chnh cc khon thu nhp v chi ph khng phi chu thu
hay khng c khu tr.
Thu thu nhp hon li l
khon thu thu nhp doanh nghip s phi np hoc s c hon li do chnh lch
tm thi gia gi tr ghi s ca ti sn v n phi tr cho mc ch bo co ti chnh
v cc gi tr dng cho mc ch thu. Thu thu nhp hon li phi tr c ghi nhn
cho tt c cc khon chnh lch tm thi chu thu. Ti sn thu thu nhp hon li
ch c ghi nhn khi chc chn trong tng lai s c li nhun tnh thu s dng
nhng chnh lch tm thi c khu tr ny.
Gi tr ghi s ca ti sn thu thu nhp doanh nghip hon li c xem xt
li vo ngy kt thc nm ti chnh v s c ghi gim n mc m bo chc chn
c li nhun tnh thu cho php li ch ca mt phn hoc ton b ti sn thu thu
nhp hon li c s dng.
Ti sn thu thu
nhp hon li v thu thu nhp hon li phi tr c xc nh theo thu sut d tnh
s p dng cho nm ti sn c thu hi hay n phi tr c thanh ton da trn
cc mc thu sut c hiu lc ti ngy kt thc nm ti chnh. Thu thu nhp hon
li c ghi nhn trong Bo co kt qu hot ng kinh doanh tr khi lin quan n
cc khon mc c ghi thng vo vn ch s hu khi thu thu nhp doanh
nghip s c ghi thng vo vn ch s hu.
3.13 Nguyn tc chuyn i ngoi t
Cc nghip v pht sinh bng ngoi t c chuyn i theo t gi ti ngy
pht sinh nghip v. S d cc khon mc tin t c gc ngoi t cui k cha c
qui i theo t gi ti ngy cui k.
Chnh
lch t gi pht sinh trong k c ghi nhn vo thu nhp hoc chi ph trong k.
3.14 Nguyn tc ghi nhn doanh thu
Khi bn hng ha, thnh phm doanh thu c ghi nhn khi phn ln ri ro
v li ch gn lin vi vic s hu hng ha c chuyn giao cho ngi mua v
khng cn tn ti yu t khng chc chn ng k lin quan n vic thanh ton tin,
chi ph km theo hoc kh nng hng bn b tr li.
Khi cung cp dch v,
doanh thu c ghi nhn khi khng cn nhng yu t khng chc chn ng k lin
quan n vic thanh ton tin hoc chi ph km theo. Trng hp dch v c thc
hin trong nhiu k k ton th vic xc nh doanh thu trong tng k c thc hin
cn c vo t l hon thnh dch v ti ngy kt thc nm ti chnh.
Tin li, c tc v li nhun c chia c ghi nhn khi Cng
ty c kh nng thu c li ch kinh t t giao dch v doanh thu c xc nh
tng i chc chn. Tin li c ghi nhn trn c s thi gian v li sut tng k.
ST
T
Ni dung
Ti sn ngn hn
4
5
Tin v cc khon
tng ng tin
Cc khon u t ti
chnh ngn hn
Cc khon phi thu
ngn hn
Hng tn kho
Ti sn ngn hn khc
II
Ti sn di hn
Ti sn c nh
1
2
3
- Ti sn c nh hu
Qu 3
Nm2007(ly
k)
150,541,398,70
9
Nm 2006
Nm 2005
156,306,589,24
7
100,830,486,720
20,245,193,832
22,569,254,239
11,158,972,479
35,000,000,000
50,338,821,309
33,166,654,300
27,896,506,491
76,284,687,885
3,672,695,683
170,118,911,35
9
63,822,664,865
1,748,015,843
61,414,409,410
360,598,340
86,670,014,998
77,821,142,178
64,626,860,632
65,831,998,937
58,548,317,000
63,905,528,141
116,047,273,72
3
52,428,380,263
hnh
- Ti sn c nh v
hnh
- Ti sn c nh thu
ti chnh
- Chi ph xy dng c
bn d dang
Bt ng sn u t
Cc khon u t ti
chnh di hn
Ti sn di hn khc
III
Tng cng ti sn
IV
N phi tr
N ngn hn
N di hn
Vn ch s hu
Vn ch s hu
3
4
1,098,989,728
538,934,796
62,853,696,968
4,979,553,904
1,387,536,000
41,834,900,322
9,753,219,388
3,719,805,000
12,236,737,314
320,660,310,06
8
12,289,934,978
242,976,604,24
5
8,269,338,241
- Vn u t ca ch s
hu
- Thng d vn c phn
119,053,182,40
7
116,494,307,87
6
2,558,874,531
201,607,127,66
1
199,983,432,27
8
101,617,000,00
0
70,258,833,351
- C phiu qu
- Chnh lch nh gi
li ti sn
- Chnh lch t gi hi
oi
- Cc qu
765,196,492
178,651,628,898
59,617,754,851
86,886,793,280
56,438,880,320
83,286,318,749
3,178,874,531
183,358,849,39
4
182,493,104,01
1
3,600,474,531
91,764,835,618
90,184,590,235
89,900,000,000
56,000,000,000
70,258,833,351
27,382,833,351
9,527,554,230
6,650,040,658
6650040658
18,580,044,697
15,684,230,002
151,716,226
1,623,695,383
865,745,383
1,580,245,383
1,623,695,383
865,745,383
1,580,245,383
VI
- Ngun kinh ph
hnh thnh TSC
320,660,310,06
8
242,976,604,24
5
178,651,628,898
STT
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
CH TIU
Doanh thu bn hng v
cung cp dch v
Cc khon gim tr
doanh thu
Doanh thu thun v bn
hng v cung cp dch v
Gi vn hng bn
LN gp v bn hng v
cung cp dch v
Doanh thu hot ng ti
chnh
Chi ph ti chnh
Chi ph bn hng
Chi ph qun l doanh
nghip
Li nhun thun t hot
ng kinh doanh
Thu nhp khc
Chi ph khc
Li nhun khc
Tng li nhun k ton
trc thu
Thu thu nhp doanh
nghip
Li nhun sau thu thu
nhp doanh nghip
c tnh nm
2007
392,194,675,42
7
Nm 2006
Nm 2005
343,061,150,26
7
287,091,873,695
2,310,084,504
1,730,500,189
1,729,630,268
389,884,590,92
3
282,722,592,78
7
107,161,998,13
6
341,330,650,07
8
254,957,271,57
5
86,373,378,503
69,066,189,474
11,954,923,492
8,996,554,183
219,830,271
2,321,426,260
65,971,459,151
3,270,215,531
51,331,387,150
3,152,731,691
35,855,608,472
17,929,797,891
16,312,967,470
14,356,957,577
32,894,238,327
24,455,362,535
15,920,722,005
946,575,215
599,476,883
347,098,332
1,160,267,499
538,102,347
622,165,152
560,727,081
390,346,920
170,380,161
33,241,336,659
25,077,527,687
16,091,102,166
8,670,231,893
5,541,746,009
3,772,985,317
24,571,104,764
19,325,537,571
12,318,116,849
285,362,243,427
216,296,053,953
17
18
Li c bn trn c phiu
C tc trn mi c phiu
2,579
-
2,967
-
2,200
-
Nm 2005
Nm 2006
Qu 3/2007
01
16,015,950,746
12,699,615,378
24,931,002,494
02
8,270,584,159
2,941,147,277
8,031,042,776
Cc khon d phng
Li, l chnh lch t gi
hi oi cha thc hin
Li, l t hot ng u t
03
335,143,653
6,664,500,725
8,885,462,882
Chi ph li vay
Li nhun t hot ng
kinh doanh trc thay
i vn lu ng
Tng, gim cc khon
phi thu
Tng, gim hng tn kho
Tng, gim cc khon
phi tr
Tng gim chi ph tr
trc
Tin li vay tr
Thu thu nhp doanh
nghip np
Tin thu khc t hot ng
kinh doanh
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 ti sn c nh v
cc ti sn di hn khc
Tin thu t thanh l,
nhng bn ti sn c
nh v cc ti sn di hn
khc
Tin chi cho vay, mua cc
cng c n ca n v
06
3,094,576,449
230,448,500
1,445,923,994
08
27,716,255,007
22,535,711,880
43,293,432,146
09
(3,068,290,163)
(879,861,907)
(17,172,167,009)
10
(2,745,423,501)
4,007,154,478
(12,462,023,020)
11
5,481,298,172
(17,645,279,424)
16,800,565,927
12
876,128,812
(4,359,203,301)
1,401,594,192
13
(3,094,576,449)
(230,448,500)
(1,445,923,994)
14
(5,143,423,080)
(2,295,965,830)
(5,617,779,141)
15
440,892,190
16
(3,800,000)
(600,000,000)
20
20,459,060,988
532,107,396
24,797,699,101
21
(6,741,110,031)
(4,423,576,587)
(61,883,493,334)
s
I.
1
2
3
-
II
.
-
04
05
22
23
(10,460,501,325)
(5,000,000,000)
khc
-
II
I.
1
.
2
.
3
.
4
.
5
.
6
.
24
25
(2,774,715,000)
26
7,661,074,203
32,000,000,000
(29,623,300,140)
18,107,624,208
27
167,832,269
2,137,535,940
30
(9,515,825,031)
(7,055,171,440)
(44,261,633,326)
31
16,850,000,000
11,717,000,000
32
(945,000,000)
33
75,977,912,342
4,299,860,000
33,315,894,614
34
(80,756,337,786)
(16,210,895,309)
(27,893,020,796)
35
36
(1,578,730,500)
40
(7,302,155,944)
4,938,964,691
17,139,873,818
50
3,641,080,013
(1,584,099,353)
(2,324,060,407)
60
7,529,033,775
12,138,533,497
22,569,254,239
70
11,170,113,788
10,554,434,144
20,245,193,832
PHN BA
PHN TCH TI CHNH CNG TY BIBICA
I. PHN TCH KHI QUT S BIN NG CA DNG TIN
1. Phn tch bo co dng tin theo t l:
BO CO DNG TIN QUA CC NM
CNG TY C PHN BIBICA
(Theo phng php gin tip)
n v:VN
CH TIU
Nm
2005
Nm
2006
Qu
3/2007
s
I.
2
3
-
II.
-
III.
1.
01
02
03
16.61%
0.00%
8.58%
0.35%
43.03%
0.00%
9.97%
0.00%
20.42%
0.00%
6.58%
0.00%
04
0.00%
0.00%
0.00%
05
06
0.00%
3.21%
22.58%
0.78%
7.28%
1.18%
08
28.74%
76.36%
35.46%
09
10
11
12
13
14
15
16
-3.18%
-2.85%
5.68%
0.91%
-3.21%
-5.33%
0.46%
0.00%
-2.98%
13.58%
-59.79%
-14.77%
-0.78%
-7.78%
0.00%
-2.03%
-14.07%
-10.21%
13.76%
1.15%
-1.18%
-4.60%
0.00%
0.00%
20
21.21%
1.80%
20.31%
0.00%
0.00%
0.00%
21
-6.99%
-14.99%
-50.69%
22
0.00%
0.00%
0.00%
23
0.00%
-35.45%
-4.10%
24
0.00%
25.96%
26.21%
25
-2.88%
0.00%
-24.27%
26
0.00%
0.00%
14.83%
27
0.00%
0.57%
1.75%
30
-9.87%
-23.91%
-36.26%
0.00%
0.00%
0.00%
0.00%
57.10%
9.60%
31
2.
3.
4.
5.
6.
32
-0.98%
0.00%
0.00%
33
34
35
36
78.79%
-83.74%
0.00%
-1.64%
14.57%
-54.93%
0.00%
0.00%
27.29%
-22.85%
0.00%
0.00%
40
-7.57%
16.74%
14.04%
50
60
3.78%
7.81%
-5.37%
41.13%
-1.90%
18.49%
61
0.00%
0.00%
0.00%
70
11.58%
35.76%
16.58%
Trong
thi k gn 3
nm,
nm
2005
ht
qu 3/2007, ta
thy trong hai
nm
2005
nm
v
2007
ngun tin mt
t
hot
kinh
chim
ng
doanh
mt
trng tng i
trong dng tin
vo ca cng ty.
S tin(triuVN)
30
25
20
15
10
5
0
Nm 2005
2.
Nm 2006
Qu 3/2007
Ngun tin to ra t u?
-
Qu 3/2007
76,284,687,88
5
2006
63,822,664,86
5
2005
61,414,409,410
qu 3/2007
dng tin ti tr
Nm 2006
dng tin u t
Nm 2005
(10,000,0
00,000)
Xt qua hot ng u t
Cng ty gia
tng u t
vo ti sn
di hn m
rng
sn
xut lin tc
trong sut 3
nm
T s ROA
ca Bibica
c xu th
gim u
qua 3 nm.
Nm 2005
12,284,055,606
Nm 2006
19,325,537,571
3 qu nm 2007
18,428,328,573
95,072,027,757
210,732,718,832
281,818,457,157
12.92%
9.17%
6.54%
Bng tnh trn cho thy ROA ca cng ty gim nhanh qua 3 nm,
nhng vic nh gi xu th s r rng hn nu c th hin ln biu
. Ta c:
Biu th hin ROA ca BIBICA qua 3 nm
12.92%
10.00%
9.17%
8.00%
6.54%
6.00%
ROA
4.00%
2.00%
0.00%
Nm 2005
Nm 2006
3qu nm 2007
Cng ty c
mt t l vn
ha cha cao
trn
th
trng, thp
hn nhiu mt
s cng ty i
th nh Kinh
min bc
v min nam,
t s ROA ch
bng 1/2 so
vi ngnh v
thua xa mt
s cng ty
cng ngnh
30.00%
25.00%
20.00%
15.00%
10.00%
5.00%
0.00%
24.70%
17.40%
14.40%
17.20%
ROA
7.50%
Nhnh
ngnh
Thc
Phm ung
Bibica BBC
3.90%
Kinh
min
NamKDC
Kinh
min bc
- NKD
XNH H
Giang SGC
Tribeco TRI
LN
rng
TSn
ROA
Hi
H
Nm 2006
Bibic
Kinh
a
Hi
H
3qu nm 2007
Bibic
Kinh
a
Bibica
Kinh
Hi
H
14.8
12.2
95
15
19.3
170.6
7.23
18.4
165
157.2
9.4%
95
12.9%
696
13.6%
166.9
8.99%
210.7
9.17%
936.3
18.2%
162.64
4.5%
281.8
6.5%
1,164.50
25.6%
25.00%
20.00%
15.00%
10.00%
Qua ba nm
t 2005-2007,
Bibica lun c
t s ROA
thp
hn
Kinh rt
nhiu nhng
so vn cn cao
hn Hi H,
v t l cao
hn ny rt
b, iu
vn th hin
chnh
sch
ca
Bibica
khng
hiu
qu, cn c
ci thin
18.20%
Hi H
Bibica
12.90%13.60%
9.40%
Kinh
8.99% 9.17%
6.50%
4.50%
5.00%
0.00%
Nm 2005
Nm 2006
3qu nm 2007
Nm
2006
3qu
nm 2007
Qua hai bng s liu ta c th biu din thnh hai biu sau:
1 7 0 .6
165
160
1000
Hi H
95
B ib ic a
80
K in h
60
40
20
1 5 1 9 .3 2
1 4 .81 2 .2 3
1 8 .4 3
7 .2 3
9 3 6 .3
800
H i H
696
B ib ic a
600
K in h
400
200
2 81.8
15 7 .2
2 10 .7
166 .9
16 2.6 4
95
0
N m 2005
S
tng
nhanh
li
nhun
rng
ca Kinh
v s tng
trng chm
chp
li
nhun
rng
ca Bibica l
nguyn nhn
cng ty c t
s ROA qu
thp. Tuy vy,
li
nhun
rng
ca
Bibica vn cao
hn Hi H
trong c ba
nm
Li nhun rng
120
100
1,16 4 .5 0
1200
140
Nm 2005
C Kinh v
Bibica u c
tng ti sn
tng dn theo
hng
nm
nhng Kinh
to ra li nhun
tng nhanh t
s tng trng
ca ti sn,
Bibica
th
khng lm c
nh vy. Hi
H khng c s
tng
trng
nhanh c v li
nhun v ti
sn.
Tng ti sn
Ch tiu
Nm 2005
Nm 2006
3qu nm 2007
Doanh
thu thun
Thu nhp
rng
Tng ti
sn bnh
285,362,243,42
7
341,330,650,07
8
12,284,055,606
95,072,027,757
n v tnh:VN
Chnh lch
(05-06)
(06-07)
292,413,443,19
2
19.61%
-14.33%
19,325,537,571
18,428,328,573
57.32%
-4.64%
210,732,718,83
2
281,818,457,15
7
121.66%
33.73%
qun
T sut
sinh li
trn dthu
Hiu sut
s dng
ti sn
ROA
4.30%
5.66%
6.30%
1.36%
0.64%
300.2%
162.0%
103.8%
-138.18%
-58.21%
12.92%
9.17%
6.54%
-3.75%
-2.63%
S thay i t
sut sinh li
trn doanh thu
v s st gim
mnh hiu sut
s dng ti sn
l nguyn nhn
ca s thay i
ROA qua ba
nm ca cng ty
Bibica
12.92%
12.00%
10.00%
9.17%
8.00%
5.66%
6.00%
6.54%
6.30%
4.30%
4.00%
2.00%
0.00%
Nm 2005
Nm 2006
3qu nm
2007
Nm 2005
285,362,243,427
12,284,055,606
Nm 2006
341,330,650,078
19,325,537,571
3qu nm 2007
292,413,443,192
18,428,328,573
4.30%
5.66%
6.30%
S ch trng
vo u t cc
d n mi
trong
nm
2006 v nm
2007
l
nguyn nhn
khin t sut
sinh li trn
doanh thu ca
Bibica
tng
trng chm
chp
STT
HNG MC
B
C
D
Thit b l dy chuyn bt n dm
TNG GI TR
D N
THC HIN
2006
57.526.079.000
4.057.773.143
30.086.051.412
3.625.183.226
2.500.000.000
2.538.000.000
615.000.000
470.645.011
762.000.000
500.000.000
Tng
91.489.130.412
11.191.601.379
Trong lc th ngun vn dnh cho kinh doanh, thc y
tiu th cc sn phm c b thu hp do cng ty ch trng vo vic u
t v trin khai d n ca nm va qua. Phi k thm l dng sn
phm dinh dng vi cc sn phm bt n dm tr em Growsure, cc
sn phm sa bt Netsure high calci, Quasure light, Mumsure,
Makesure y l mt dng bnh dnh cho nhiu i tng khch
hng c kh nng d tiu th th vn ang c thc y hon
thnh ch cha c tung ra th trng vo nm 2007.
Nm 2005
285,362,243,427
Nm 2006
341,330,650,078
3qu nm 2007
292,413,443,192
95,072,027,757
210,732,718,832
281,818,457,157
300.2%
162.0%
103.8%
12.92%
9.17%
6.54%
350.00%
300.2%
300.00%
250.00%
ROA
200.00%
162.0%
150.00%
103.8%
100.00%
50.00%
12.92%
9.17%
6.54%
Nm 2005
Nm 2006
3qu nm
2007
0.00%
A-
TI SN
2005
2006
2007
TI SN NGN HN
100,830,486,720
155,996,344,013
150,541,398,709
I.
11,158,972,479
10,554,434,144
20,245,193,832
47,000,000,000
27,896,506,491
32,902,705,878
50,338,821,309
Hng tn kho
61,414,409,410
63,822,664,865
76,284,687,885
V.
Ti sn ngn hn khc
360,598,340
1,716,539,126
3,672,695,683
B-
TI SN DI HN
77,821,142,178
86,817,464,752
170,118,911,359
II.
III
.
IV.
II.
65,831,998,937
64,909,591,515
116,047,273,723
Ti sn c nh hu hnh
63,905,528,141
58,548,317,000
52,428,380,263
Ti sn c nh thu ti
chnh
Ti sn c nh v hnh
538,934,796
1,381,720,611
765,196,492
Chi ph xy dng c bn
d dang
1,387,536,000
4,979,553,904
62,853,696,968
III
.
Bt ng sn u t
IV.
Cc khon u t ti
chnh di hn
3,719,805,000
9,806,508,123
41,834,900,322
V.
Ti sn di hn khc
8,269,338,241
12,101,365,114
12,236,737,314
TNG CNG TI SN
178,651,628,898
242,813,808,765
320,660,310,068
I.
Nm 2006, cng
ty qu ch trng
vo u t ti
chnh, vay n v
s dng n vay
khng hiu qu,
chnh sch bn
chu khng pht
huy tc dng
lm cho hiu
sut s dng ti
sn gim rt
mnh
hng tn kho tng qua cc nm. Chnh sch cha hiu qua cn phi
c ban qun tr ca cng ty nhn nhn mt cch ng n v c
thm nhiu chnh sch trong nm ti tng doanh thu cho cng ty.
- Th hai l s gia tng trong ti sn ngn hn. iu ny cho
thy cng ty phi gia tng chi ph tr trc ca mnh hn. Cng ty
c th phi gia tng nhng chi ph tr trc cho qu trnh kinh
doanh nhm thc y doanh s trong nhng nm tip theo.
- Tip theo l hot ng u t ti chnh ngn v di hn.
Nu nm 2005 Bibica khng u t vo hot ng u t ti chnh
ngn hn th nm nay khon mc tng ng k. Cn u t di
hn, nm 2006 u t di hn ca Bibica l 3.7t th nm 2006
tng ln 9.8t, mt con s khng phi nh. Nguyn nhn ca s tng
ln ny chnh l do s pht trin ca th trng tin t trong nm
2006. Cng ty cng nhn thy iu ny nn tp trung vo vic u
t hn l sn xut v bn hng. y l mt du hiu khng tt cho
cng ty khi m kt qu kinh doanh khng my sng ca.
Cn trong nm 2007, nhng bin ng ln trong tin mt,
hng tn kho, chi ph xy dng d dang, u t ti chnh di hn
cng lm cho cng ty c mt hiu sut s dng ti sn gim mnh,
ko theo l cng ty c mt t s ROA thp nht trong 3 nm.
Nm 2007, cng
ty tip tc tng
mnh
khon
mc u t ti
chnh do th
trng
chng
khon pht trin
mnh,
lng
tin mt tng
nhanh v chi ph
xy dng c bn
tng t ngt do
nhiu d n
cha c thc
hin khin hiu
sut s dng ti
sn khng c
ci thin m
cng
trm
trng .
T sut sinh li
trn vn c
phn (ROCE):
mt
ch
s
khng th thiu
khi phn tch
cng ty
ROCE =
Nm
ROCE
Mc d t sut
sinh li trn
vn c phn
nm 2007 gim
so vi nm
2006,
nhng
Doanh
thu
thun v li
nhun
rng
nm 2007 lai
tng iu
g xy ra ?
2006
14,05%
2007
12,77%
Doanh
thu
thun
Li
nhun
rng
Nm 2007
Nm 2006
Nm 2005
389,884,590,92
3
341,330,650,078
285,362,243,427
24,571,104,764
19,325,537,571
12,318,116,849
D o a n h th u th u n c c n m 2 0 0 5 -2 0 0 6 -2 0 0 7
38 9 ,88 4 ,5 90 ,9 2 3
3 4 1,3 3 0,6 5 0 ,0 7 8
2 8 5 , 3 6 2 ,2 4 3 , 4 2 7
Nm 2005
Nm 2006
Nm 2007
L i n h u n r n g c c n m 2 0 0 5 -2 0 0 6 -2 0 0
2 4 ,5 7 1 ,1 0 4 ,7 6 4
1 9 ,3 2 5 ,5 3 7 ,5 7 1
1 2 ,3 1 8 ,1 1 6 ,8 4 9
L o i n h u a n ro n g
T sut sinh li
trn doanh thu,
Hiu sut s
dng
ti
sn,n by ti
chnhnhng
ch s khng th
thiu khi phn
tch t sut sinh
li trn vn u
t.
R O C E v t s u t s in h l i tr n d o a n h t h u
1 6 .0 0
1 4 .0 0
1 4 .0 5
1 2 .7 7
1 2 .0 0
ROCE
1 0 .0 0
8 .0 0
6 .0 0
6 .3 0
5 .6 6
T s u t s in h l i t r n d o a n h
th u
4 .0 0
2 .0 0
N m 2006 va 2007
T l duy tr, t
sut sinh li
trn doanh thu
iu chnh,
nhng ch s
th hin tnh
hiu qu trong
qun l thu v
hiu qu hot
ng ca cng
ty
tng lai ca cng ty,s gia tng trong t sut sinh li trn doanh thu
chng minh c mt iu l chnh sch m rng d n Bibica
Min ng v Bibica Min Bc v chnh sch tung hng lot sn
phm bnh cao cp l hon ton hp l v em li doanh thu ng
k cho cng ty.
Trong nm 2007,t sut sinh li trn doanh thu tng t
5,66% ln n 6,30% th nhng trong ch s ny cn hai ch s t
sut sinh li trn doanh thu iu chnh v t l duy tr,y l thc
o tnh hiu qu hot ng ca cng ty v t t l duy tr chng ta c
th thy c tnh hiu qu qun l thu.
Ta c:
T sut sinh li trn doanh thu = T sut sinh li trn doanh thu
iu chnh x T l duy tr
Nm
2006
2007
Tssl trn
doanh thu
5,66 %
6,30 %
T l duy tr
77,06 %
73,92 %
Nm
Tc tng trng vn c
phn
2006
2007
14,05 %
12,77 %
Bibica c c
cu sn phm
trong doanh
thu a dng
tiu th trong
nc,
xut
khu sang cc
th trng ln
nh
M,
Singapore
Ko
10%
Layer cake
33%
4%
7%
Bnh
Snack
Cc sn phm dinh dng
Cc sn phm khc
15%
24%
Doanh thu
thun
2004
2005
2006
KH 2007
244.01
285.36
341.33
480.5
500
400
300
341.33
244.01
285.36
200
100
0
2004
Doanh
thu
ca cng ty
mang tnh n
nh v bn
vng
2005
2006
KH 2007
Doanh thu ca
cng ty bnh
ko Bin Ho
c xu hng
tng qua cc
nm. Kt qu
kh quan ny
c c nh
vo
thng
hiu, h thng
phn phi, cht
lng
sn
phm, mu m
hng ho.
2003
2004
2005
2006
Qu
3/2007
247.98
244.01
285.36
341.33
292.41
-1.60%
16.95%
19.61%
26.62
23.64
27.9
32.9
-11.18%
18%
17.95%
50.34
Mi quan h
gia doanh thu
v cc khon
phi thu ca
bibica khng c
g bt thng.
Do cc khon
phi thu chim
t trng nh trn
doanh thu nn
cht lng thu
nhp cao
2004
Doanh thu
2005
2006
Qu
3/2007
2003
2004
2005
2006
Qu 3/2007
247.98
244.01
285.36
341.33
292.413
0.105
0.003
2.099
29.615
34.354
42.019
54.394
0.226
1.01
1.407
3.287
2.731
1.989
1.408
13.956
21.101
16.911
18.722
Hng ha tn kho
0.133
0.013
0.047
0.047
Hng gi i bn
0.03
0.057
0.082
0.307
-0.335
-0.335
47.126
58.486
61.414
63.823
76.285
T nm 2003qu
3/2007,
thnh
phm
tn
kho,
nguyn vt liu
tng trong khi
chi ph sn
xut d dang
gim th hin
kh nng sn
xut ngy cng
ci thin v
ph hp vi s
tng
trng
trong
doanh
thu.
Mua ng
RS,RE
Bt m
Bt sn
Ph gia ,Sa bt
Mua nhn gi
bnh,nhn gi
ko,ti bnh,ti
ko
S.I.M
Robertet SA
JJ Degussa
Cty CP ng
Bin Ha
Cty TNHH
Trng Sn
Cty bt m Bnh
ng
Cty TNHH UniPresident VN
Cty lin doanh
Tapioca VN
Cty TNHH
Thng Mi
Qun
Cty Bao b
Nha Thnh
Ph
Cty SX KD
XNK Giy in v
bao b Liksin
Shortening,bt
ca cao,sa
Cc loi hng
liu
Cc loi hng
liu
n v
08/2005
08/06
08/07
ng*
VND/kg
8.4
10
6.566
0%
19%
-22%
1.5
2.2
5.5
0%
47%
267%
4.2
0%
5%
100%
0%
0%
50%
% tng/gim
Sa bt**
US$/tn
% tng/gim
Bt m*
VND/kg
% tng/gim
Gluco
VND/kg
% tng/gim
2003
Chi Ph
Gi
tr
Gi vn
hng bn
Chi ph
bn hng
185.6
8
37.09
4
%
Doanh
thu
74.88
%
14.96
%
2004
Gi
tr
178.9
1
37.44
4
%
Doanh
thu
73.32
%
15.35
%
2005
Gi
tr
216.3
35.85
6
%
Doanh
thu
75.80
%
12.57
%
2006
Gi
tr
254.9
1
51.30
8
%
Doanh
thu
74.68
%
15.03
%
Qu 3/2007
Gi
tr
212.0
4
49.47
9
%
Doanh
thu
72.51
%
16.92
%
Chi ph
qun l
Tng chi
ph
11.94
4
234.7
2
4.82%
94.65
%
12.49
3
228.8
4
5.12%
93.79
%
14.35
7
266.5
1
5.03%
93.39
%
16.11
5
322.3
3
4.72%
94.43
%
13.44
7
274.9
7
4.60%
94.03
%
Gi vn hng bn
40%
Chi ph bn hng
30%
Chi ph qun l
20%
10%
0%
2003
2004
2005
2006
Qu
3/2007
a.Gi vn hng bn
Nm 2004, dch cm gia cm xy ra. Bibica l cng ty sn
xut bnh ko. Cc nguyn liu lin quan n trng l mt trong
nhng ngun ch yu sn xut bnh. Khi c cm gia cm, ngi
dn s bi bnh nn hn ch tiu dng cc loi bnh c thnh phn
trng gia cm. Do , dng bnh ti gim mnh tiu th lm cho
tng sn lng hng bn ra gim. iu ny lm cho gi vn hng
bn gim theo. Nm 2003-2004, gi vn hng bn gim nh (6,7723 trd). Sau , dch cm gia cm c kim sot, ngi dn
sau 1 thi gian cm thy an ton nn bt u tiu th li cc loi
bnh. Nm 2004-2006, gi vn hng bn tng tr li do s lng
hng bn ra tng. Ring nm 2007, ch c 3 qu m gi vn hng
Tng chi ph
(gi vn hng
bn, chi ph
bn hng, chi
ph qun l)
c xu hng
tng qua cc
nm v chim
t trong rt
ln
trong
doanh
thu
thun
b.Chi ph bn hng
Chi ph bn hng ch chim 1 t trng tng i trong doanh
thu. Cc vn lin quan n bn hng c nh hng rt ln n
doanh thu ca cc cng ty, nht l cc cng ty hot ng trong lnh
vc cnh tranh nh bnh ko. Hin nay c khong 30 cng ty bnh
ko trn th trng nn cc cng ty bnh keo phi canh tranh nhau
kh gay gt. tiu th sn phm, gi vng thng hiu BBC phi
thc hin hot ng xy dng hnh nh thng hiu. Bn cnh ,
BBC phi nghin cu th trng qung co, tuyn truyn, thc hin
cc bin php nhm tiu th hng ho nn chi ph bn hng ngy
cng tng l iu hp l. Tuy nhin, nm 2006 chi ph bn hng
tng 42%, trong khi doanh thu ch tng 20% cho thy chnh sch
bn hng ca cng ty khng hiu qu. Do cng ty cn phi ci
tin phng php chi ph bn hng c s dng hiu qu hn
c.Chi ph qun l
Chi ph qun l cng c xu hng tng u qua cc nm
2003-2007. Cng ty ngy cng pht trin, m rng quy m nn chi
ph qun l tng l iu hp l. Bn cnh , cng ty s dng h
thng qun l ERP l mt h thng hin i v hiu qu nn vic
qun l ca cng ty ngay cng nng cao.
n v tnh : t ng
2004
2005
2006
KH
2007
244.01
285.36
341.33
480.5
Chi ph
232.04
269.44
316.62
448.16
Li nhun thun t
hot ng kinh
doanh
11.96
15.92
24.71
32.34
2004
2005
2006
KH
2007
Doanh
thu
thun
100.00
116.95
139.89
196.92
Chi ph
100.00
116.12
136.45
193.14
250
200
Doanh thu
thun
150
Chi ph
100
50
2004
2005
2006
KH 2007
BBC
Doanh thu
thun
Chi ph
hot ng
Li nhun
gp trc
thu
Li nhun
sau thu
2004
Kinh
Hi
H
BBC
244.01
718.51
285.36
232.04
629.72
269.44
11.96
15.92
88.785
9.194
81.026
12.284
2005
Kinh
798.7
5
683,6
08
Hi H
332.80
313.26
112.0
30
14.80
99.18
14.80
BBC
341.33
306.87
2006
Kinh
998.
15
866.2
7
Hi
H
325.80
308.30
170.
25.332
03
170.
17.50
19.183
67
15.00
Hiu qu hot ng
Li nhun gp bin t
25.30% 28.41%
15.77%
Li nhun hot ng
7.16%
15.18%
5.06%
bin t
Li nhun trc thu
7.35%
15.98%
5.36%
bin t
Li nhun rng bin t
5.66%
15.98%
4.61%
Hiu sut s dng ti
sn
Vng quay tin mt
Vng quay cc khon
phi thu
Vng quay vn lun
chuyn
Vng quay ti sn c
nh
Vng quay tng ti sn
Bibica c v
th
ngang
vi Hi H
nhng cn
kh nh so
vi
Kinh
.
32.34
19.78
16.61
13,9
4.37
9.04
10.37
4.70
3.67
3.84
3.87
7.65
1.41
1.08
1.95
Ngnh
21,00%
8,50%
7,80%
12,3
1,5
Nm 2005
Nm 2006
16.94%
20%
24%
25%
13%
15%
5%
5%
23%
23%
Doanh thu v
li nhun gp
ca cng ty
trong nm 2006
v 2007 gia tng
ng k v cao
hn h s trung
bnh
ngnh.
iu ny d
bo cho mt s
tng trng tt
trong nm 2008.
Thng qua bng s liu trn ta thy tng trng doanh thu
ca cng ty qua cc nm c mt s bin ng r rt. Doanh thu nm
2005 so vi nm 2004 tng 16,94%, li nhun gp tng 24% v tip
tc tng cao trong nm 2006 vi mc tng 20% doanh thu v 25%
li nhun gp. y c th ni doanh thu v li nhun ca cng ty
nm 2005 v nm 2006 gia tng l do cng ty ch trng u t
vo mng li phn phi vi vic m ca hng gii thiu sn phm,
xy dng cc i cho bn hng trc tip ng thi m rng
xut khu sang cc nc trong khu vc v trn th gii nh M,
Trung Quc, MalaysiaTh nhng chng ta cng cn phi nhn
nhn li rng tc tng trng doanh thu v li nhun rng ca
cng ty Bibica l kh tt. Tc ny gia tng qua cc nm v iu
c bit l khng nhng doanh thu v li nhun ca cng ty cao ma
cn cao hn c trung bnh ngnh. H s doanh thu ca Bibica nm
2006 l 20% trong khi h s ny ca ngnh ch l 12,7%. H s
li nhun rng nm 2006 l 25% so vi trung bnh ngnh ch c
13,4%. C th ni y l mt con s gia tng kh tt. iu ny
chng t cng ty c nhng chin lc pht trin v tiu th sn
phm tt.
Do cng ty
tung dng sn
phm mi cao
cp
ra
th
trng vo thi
im cui nm
2007 nn d
bo nm 2008
doanh thu s
tng
khong
26%.
Nn kinh t Vit
nam hin nay
tng
trng
kh nng. ng
thi lm pht
trong nc tng
cao v s bt n
ca gi du th
gii y chi
ph nguyn vt
liu tng cao.
Do d bo
gi vn hng
bn nm 2008
s tng khong
35%
MT VI T S D
BO
Tng trng doanh thu
Gi vn hng
bn/Doanh thu
Li gp/Doanh thu
Chi ph bn hng/Doanh
thu
Chi ph qun l doanh
nghip/Doanh thu
Thu thu nhp DN
Chi tiu li vay/Doanh
thu
2007
2008
2009
2010
2011
35.0%
26.00%
30.00%
23.00%
21.00%
75%
75%
75%
75%
75%
28.00%
25.00%
25.00%
25.00%
25.00%
14.00%
13.00%
13.00%
13.00%
13.00%
5.50%
5.50%
5.50%
5.50%
5.50%
26.00%
26.00%
26.00%
26.00
%
26.00
%
0.65%
0.20%
0.38%
0.20%
0.08%
CH TIU
2007
(d kin)
2008F
2009F
2010F
2011F
580,602
754,783
928,383
1,123,344
Gi vn hng bn
345,597
435,452
566,087
696,287
842,508
Li nhun gp
115,199
145,151
188,696
232,096
280,836
11,954
8,500
4,500
3,500
Chi ph li vay
1,161
2,830
1,857
899
2,995
Chi ph bn hng
,511
64
75,478
98,122
0,690
12
035
,344
25
31,933
41,513
51,061
784
,303
146,
61,
34
75,
48,532
54,730
62,988
619
8
Chi
ph
thu
thu
nhp
,919
12,618
14,230
16,377
661
Trong
nm
2007
Bibica
25
Libt
nhun
rng
,384
35,914
40,501
46,611
958
u c
nhng chuyn
hng trong
1.2. D phng bng cn i k ton
chnh
sch
bn hng ca
Qua bng cn i k ton trong cc nm 2005 v nm 2006,
mnh, l
vng quay cc khon phi thu ca Bibica trung bnh l 10.2 vng,
gia tng cc
tuy nhin trong 3 qu u ca nm 2007 th vng quay cc khon
khan
tn
phi thu ch c 6 vng, thp hn ch s ngnh 12.3 vng. iu ny
dng
tr
cho thy trong nm 2007 Bibica c nhng chuyn hng trong
chm
cho
khch hng
19,
55,
Tn kho ca
Bibica
tng
ln ng k,
tc lu
chuyn
ca
hng
trong
kho c xu
hng gim i
nhiu.,
cao
hn ch s
hng tn kho
ca ngnh.
Nm 2008
2010, mc
tng trong
xy dng c
bn
vn
tng cao, ti
sn di hn
ca cng ty
s gia tng
ng k
Cu
trc
vn
ca
cng ty ang
dn c chiu
hng thm
dng vn c
phn hn l
thm dng
n.
2007
2008
2009
2010
2011
9.5
9.5
11
13
5.5
5.5
5.7
6.3
t l n/vn ch s hu
60%
20%
20%
20%
20%
12%
12%
11%
11%
9%
t l chi tr c tc
12%
14%
14%
16%
16%
40%
40%
40%
40%
30%
Ch tiu
Ti sn ngn hn
Tin v cc khon tng ng
2,007 (d
kin)
2,008F
2,009F
2,010F
2,011F
170,100
35,120
238,477
71,797
267,903
56,034
319,233
80,104
321,691
56,972
tin
Cc khon phi thu
51,200
61,116
79,451
84,398
86,411
Hng tn kho
83,781
105,564
132,418
154,731
178,309
Ti sn di hn
169,269
152,498
193,262
152,501
133,337
nguyn gi
163,965
192,895
225,662
262,425
285,164
(111,619)
(125,894)
(142,636)
(162,159)
(184,063)
ti sn c nh rng
52,346
67,002
83,026
100,265
101,101
62,853
31,427
68,000
30,000
10,000
115,199
98,428
151,026
130,265
111,101
cc khon u t di hn
41,834
41,834
30,000
10,000
10,000
Ti sn di hn khc
khu hao ly k
tng ti sn c nh
12,236
12,236
12,236
12,236
12,236
TNG CNG TI SN
339,369
390,975
461,165
471,734
455,028
N phi tr
120,820
126,474
139,934
141,992
131,972
N ngn hn
118,241
124,153
136,569
139,300
129,549
N di hn
2,578
2,321
3,365
2,692
2,423
Cc khon phi tr
1,278
1,321
1,365
1,392
1,423
Vay di hn
1,300
1,000
2,000
1,300
1,000
Vn ch s hu
218,139
257,668
306,491
306,116
285,912
Vn ch s hu
215,980
255,117
303,456
303,686
283,643
- Vn u t ca ch s hu
101,617
111,779
134,134
138,158
142,303
- Thng d vn c phn
85,258
100,601
120,721
110,527
85,382
- Cc qu
10,154
14,365
16,200
18,644
16,787
18,951
28,372
32,400
36,357
39,170
2,160
2,551
3,035
2,429
2,269
339,369
390,975
461,165
471,734
455,028
Trong nm
2008 mc d
lu
chuyn
1.3. D phng bng bo co lu chuyn tin t
tin t hot
Nh ta d bit mt trong nhng ngun thng tin ni
ng u t
b quan trng nht ca mt cng ty l cc bo co ti chnh.
v hot ng
Nu nh bng cn i k ton ca mt cng ty phn nh bc
ti chnh kh
tranh v tt c cc ngun ngn qu ni b ( n v vn ca
cao
nhng
ch s hu) v vic s dng cc ngun ngn qu ti m
lu
chuyn
thi im nht nh. V bo co thu nhp th li ging nh
tin
thun
mt cun bng video, n chiu li trong nm va qua cng
trong k b
ty thu li nh th no. Thm vo thu nhp thng
m do dng
tin t hot
ng u t
ca cng ty
cao.
2007 (d
kin)
2008F
2009F
2010F
2011F
34,303
8,433
11,654
2995.17
48,532
14,274
11,654
1161.2
54,730
16,742
8,200
2830.4
61,488
19,523
4,200
1856.8
7
5,119
21,904
3,200
899
57,385
(18,034)
(19,959)
300
75,622
(9,917)
(21,783)
(42)
82,503
(18,335)
(26,854)
(44)
87,068
(4,948)
(22,312)
(27)
10
1,121
(2,013)
(23,578)
(31)
(4,587)
(4,991)
(4,166)
(4,890)
(5,454)
15,105
38,889
33,104
54,891
(44,261)
(48,687)
(53,556)
(58,911)
(64,803)
17,139
18,853
20,738
22,812
25,093
(12,017)
22,569
35,120
9,055
35,120
71,797
287
71,797
56,034
18,792
56,034
80,104
30,336
80,104
56,972
II
2. D BO V NH GI
Sau qu trnh
nh gi cho
thy gi tr c
phiu Bibica
ang b nh
gi thp v
mt li khuyn
cho cc nh
u t l nn
mua c phiu
ca Bibica.
7
0,045