3

Chng

XY DNG DNG TIN HNG NM CA D N - NHNG IU CN LU

Phn B: Thm nh ti chnh

Cu hi
1. Khu hao c nh hng nh th no ti dng tin d n? 2. Ghi nhn chi ph cho t ai trong nm u thc hin d n, cc nm hot ng v sau khi kt thc d n nh th no trong cc trng hp: Trng hp 1: mua / gp vn QSD t lu di v chi tr trong nm u thc hin d n Trng hp 2: thu QSD t c thi hn v chi tr trong nm u thc hin d n. Trng hp 3: thu QSD t c thi hn v tr tin thu hng nm.
3-2

Cu hi (tt)
3. Thi gian vay l g? Thi gian n hn khc thi gian gia hn nh th no? 4. Li vay trong thi gian xy dng v thi gian hot ng nh hng nh th no ti dng tin theo quan im TIPV v EPV (trng hp thc chi v khng thc chi) 5. Khi thu nhp trc thu (EBT) m th x l nh th no?
3-3

Cu hi (tt)
6. Ti sao dng tin theo TIPV theo phng php trc tip khng iu chnh chi ph tr li, trong khi theo phng php gin tip th c iu chnh chi ph tr li? 7. chit khu dng tin theo quan im TIPV, chng ta s dng WACC c l chn thu hay WACC khng c l chn thu? 8. Ti sao li c s khc bit gia NPV bng cch tnh thng thng v s dng cng thc tnh NPV trong excel (=npv(li sut chit khu,dng tin)). Cch x l nh th no?
3-4

KHU HAO
L chi ph k ton phn b v thu hi chi ph u t ti sn c nh thng qua gi thnh sn phm. Khng phi l ngn lu vo hay ra ca d n, khng nh hng trc tip ti dng tin d n Nhng c nh hng gin tip ti dng tin rng hng nm thng qua thu TNDN v gi tr thu hi TSC
3-5

CHI PH T AI
Trng hp 1: mua / gp vn QSD t lu di v chi tr trong nm u thc hin d n Trng hp 2: thu QSD t c thi hn v chi tr trong nm u thc hin d n. Trng hp 3: thu QSD t c thi hn v tr tin thu hng nm.

3-6

CHI PH T AI (tt)
Nm u xy dng d n TH 1 TH 2 TH 3 Hng nm trong TGH Chi ph thu hi cui k

Gi mua/gi th Khng c Gi mua/gi th trng trng ban u* Tng tin thu Khu hao tin Khng c thc chi thu t Tin thu hng Tin thu Khng c nm thc chi, CP qun l vn ha * Nu d n khng c s ci thin hoc tn ph trc tip t ai 3-7

Thi gian vay

Thi gian vay = Thi gian gii ngn + Thi gian n hn + Thi gian thu n

3-8

CHI PH LI VAY
Khng thc chi khng a vo ngn lu Thc chi a vo ngn lu theo quan im EPV Li vay iu kin vn ha (li vay trong thi gian xy dng) s c hch ton vo nguyn gi ti sn c nh v thu v bng hnh thc khu hao Li vay trong thi gian hot ng, khng iu kin vn ha, c hch ton vo chi ph trong bng kt qu kinh doanh
3-9

S dng WACC
S dng sut chit khu khng c l chn thu chit khu dng tin theo quan im TIPV S dng chi ph vn ch s hu chit khu dng tin EPV - Equity owner point of view S dng sut chit khu c l chn thu chit khu dng tin theo quan im AEPV All Equity Point of View.

3 - 10