B TI CHNH

HC VIN TI CHNH
Khoa Ti chnh doanh nghip

BO CO THC TP TT NGHIP

n v thc tp: Cng ty c phn Vin thng in t VINACAP

Sinh vin thc tp: Thu Trang Lp CQ 46/11.06
Gio vin hng dn: Thc s Nguyn Tun Dng

H Ni, 2012

Bo co thc tp

Hc vin Ti chnh

Phn 1: Khi qut tnh hnh n v thc tp.

1.1.

Qu trnh hnh thnh v pht trin cng ty

Tn gi: Cng ty Cng ty C phn Vin thng in t (VINACAP)
Tn vit tt: VINACAP.,JSC
Tr s: Dc Vn, x Yn Vin, huyn Gia Lm, thnh ph H Ni
in thoi : (84.4) 38272312
Website:

Fax: (84.4) 38272292

www.vinacap.vn Email: vinacap@vinacap.vn

M s thu: 0102306413
Vn iu l: 150.000.000.000 ng (Mt trm nm mi t ng)
Lnh vc hot ng ca cng ty l sn xut v kinh doanh thng mi
Qu trnh hnh thnh v pht trin:
Cng ty c phn Vin thng in t VINACAP tin thn l Cng ty
lin doanh Vinadaesung mt trong nhng n v lin doanh u tin ca
ngnh bu in v cng l n v sn xut cp vin thng hng u Vit
Nam. Thng 07/2007, cng ty Vinadaesung chm dt hot ng do ht thi
hn lin doanh. Ngy 28/06/2007 Cng ty CP cp v vt liu mng c
thnh lp v sau hn 03 nm hot ng, vi yu cu m rng ngnh ngh
kinh doanh Cng ty cp v vt liu mng chnh thc i tn thnh Cng ty CP
Vin thng in t VINACAP vo ngy 02/11/2010

Tng s c phn: 15.000.000 c phn

Mnh gi c phn: 10.000 ng

Vn php nh: 6.000.000.000 ng (Su t ng)

1.2.

T chc hot ng kinh doanh ca cng ty

Lnh vc hot ng kinh doanh:

Sn xut v kinh doanh cc loi dy v cp; H thng vin thng, cp
thng tin, cp in, cp cng nghip, ph tng v ph kin cp; Sn xut, kinh
doanh cc loi vt t, vt liu, ph kin v cc thit b u ni mng vin

Thu Trang Lp CQ 46/11.06

Bo co thc tp

Hc vin Ti chnh

thng, mng in lc hay mng chuyn ngnh khc; Sn xut cc sn phm

in dn dng, cng nghip; i l dch v vin thng; i l bo himv.v
Tr s hot ng ca Cng ty
Cng ty C phn Cp v Vt liu Mng
a ch: Dc Vn, Yn Vin, Gia Lm, H Ni
Vn phng ti H Ni
a ch: 25/5 Lng H, Ba nh, H Ni
C cu t chc ca cng ty

T chc b my qun l ti chnh k ton:

K ton
trng

K ton tng
hp

K ton
cng n

K ton vt
t kim
TSC

Thu Trang Lp CQ 46/11.06

K ton tin
lng

Th qu

Bo co thc tp

Hc vin Ti chnh

c im hot ng kinh doanh:

- Quy trnh sn xut sn phm ch yu: Cp in

C s vt cht k thut: gm 01 nh my sn xut sn phm dy, cp v

thit b it t tiu chun SO 9001:2000; 01 xng sn xut bng n

compact; 04 vn phng i din gm H Ni, Nng, Tp H Ch Minh, Cn
Th; 01 trung tm bo hnh c h thng ha, vi tnh ha mc cao

Tnh hnh cung cp vt t:

Gi c ca ngun nguyn vt liu chnh dng trong sn xut dy cp

in v cp vin thng nhp khu t nc ngoi tng i n nh v b nh

hng ch yu bi chnh sch thu nhp khu ca cc nc nhp khu.
Mt trong nhng loi nguyn liu quan trng dng trong sn xut dy
cp in v cp vin thng l nha PPE, sn xut v bc cc si quang v si
ng c mua t cc nh phn phi trong nc. Vi ngun cung di do v
gi c cnh tranh l mt li th cho qu trnh sn xut ca doanh nghip.
Sn phm in thoi c cng ty xy dng, thit k, yu cu k thut
v t sn xut OEM/ODM ti Trung Quc nn chu tc ng ri ro mt phn
t nn kinh t Trung Quc nh ng Nhn dn t, gi nguyn vt liu, gi

Thu Trang Lp CQ 46/11.06

Bo co thc tp

Hc vin Ti chnh

nhn cng v cc chnh sch xut nhp khu, ti chnh tin t ca Vit
Nam.
Tnh hnh tiu th cc sn phm u ra:
Cng ty hin a dng ho hot ng sn xut kinh doanh vi nhiu
sn phm khc nhau: Cp cc loi; Thit b u cui vin thng(my tnh 3G,
in thoi Avio); Thit b in (Bng compact, cm, mng n); Vt t
(Simcard, ph kin)
Mt hng cp v vt liu vin thng trn th trng hin nay ch yu
cung cp cho cc khch hng tiu th chnh nh cc tp on, cc cng ty ln.
Do vic phn phi v tiu th sn phm ca Cng ty ch yu thng qua
u thu.
Mt hng Dy cp in v thit b in ch yu cung cp cho tiu dng
dn sinh, qua knh phn phi thit lp trn ton quc.
Mt hng thit b u cui vin thng (my tnh 3G, in thoi di ng
AVIO) l nhng sn phm c nhu cu cao trn th trng, nht l khi cng
ngh 3G ang c pht trin mnh, sn phm ca Cng ty c tch hp
vi dch v vin thng ca VNPT (Vinaphone) nn c h tr thng hiu
v th trng y l s khc bit mang n nhng thun li cho cng ty.
V th ca cng ty:
Sau khi ti c cu vo nm 2007, k tha nhng thnh qu ca
Vinadaesung, Cng ty VINACAP thc hin chin lc a dng ha sn
phm, thot ly khi vic ph thuc duy nht vo sn phm cp vin thng si
ng. Nm 2008, ch trong vng mt nm t khi doanh nghip n thun sn
xut cp thng tin si ng, cng ty u t mnh m a ra th trng
sn phm cp mng LAN, cp thng tin si quang, sn phm v dy cp in.
VINACAP chnh thc bc chn vo vic pht trin th trng in dn
dng, xy dng thng hiu i chng.

Thu Trang Lp CQ 46/11.06

Bo co thc tp

Hc vin Ti chnh

T thng 6/2010 sn phm in thoi di ng AVIO c a ra th

trng v ang dn thu ht ng o ngi s dng.
V th ca cng ty tng ln mt bc na khi vo thng 7/2010, cng ty
a ra th trng cc sn phm dn dng: Bng n compact, cm, mng
in hon thin cc dng sn phm p ng nhu cu phn phi ca h
thng i l, tit gim chi ph qun l.

C cu v trnh nhn vin: tng s cn b cng nhn vin trong ton

cng ty hin nay l 216 ngi. Trong : i hc v trn i hc: 67 ngi

(42 nam v 25 n), t Cao ng tr xung: 149 ngi (126 nam v 23 n)
Phn 2: Tnh hnh ti chnh ch yu ca cng ty
2.1. Nhng thun li, kh khn v kt qu kinh doanh ch yu ca cng ty
2.1.1. Nhng thun li v kh khn ch yu:
Thun li:
Nhu cu th trng i vi cp si quang v vt liu vin thng ngy
cng tng vi khi lng ln t nm 2006 tr li y l mt c hi ln cho
Cng ty khi chuyn hng u t sang sn xut cp quang ng thi vn duy
tr sn xut cp ng l mt sn phm truyn thng ca doanh nghip. Nhu
cu i vi sn phm Dy cp v thit b in dn dng pht trin rt mnh do
yu cu ca qu trnh th ho. S kin cp php dch v 3G vi cam kt
u t hng t la xy dng c s h tng cho vic cung cp dch v 3G
ca 04 nh khai thc vin thng (Vinaphone, Mobifone, Viettel, EVN+HT
Mobile) chnh l c hi Cng ty tham gia vo cc d n, gi thu ca cc
nh cung cp dch v trn.
Cng ty tip tc nhn c s ng h ca Tp on Bu chnh vin
thng Vit Nam v cc cng ty thnh vin ca Tp on trong cc mt hot

Thu Trang Lp CQ 46/11.06

Bo co thc tp

Hc vin Ti chnh

ng. Do vy y mnh vic pht trin cc sn phm tch hp gia in

thoi AVIO v cc gi cc dch v ca VNPT.
Kh khn ch yu:
Vit Nam gia nhp WTO s to nn cnh tranh gay gt vi cc sn
phm nhp ngoi cng loi, cc doanh nghip nc ngoi ang tp trung u
t t vo Vit Nam trong lnh vc dy v cp in.
Gi c ca nguyn vt liu chnh cho sn xut dy v cp in tip tc
bin ng kh lng.
Chi ph ti chnh tng cao do li sut ngn hng tng, chi ph vn ti
tng cng gi xng du, t gi hi oi bin ng bt thng dn n tng chi
ph sn xut, gim kh nng cnh tranh v hiu qu sn xut kinh doanh.
2.1.2. Cc ch tiu ch yu v tnh hnh hot ng kinh doanh ca cng ty
trong mt s nm gn y
Ch tiu
Doanh thu thun t
hot ng kinh doanh
Li nhun thun t
hot ng kinh doanh
Li nhun khc
Li nhun trc thu
Li nhun sau thu
ROAe
ROA
ROE
C tc 1 c phn
Thu nhp 1 c phn
T l c tc / Li
nhun sau thu
Thu nhp bnh qun
ca lao ng trn thng
Thu v cc khon phi
np ngn sch NN

n
v
Tr
Tr
Tr
Tr
Tr
%
%
%
ng
ng
%
Tr
Tr

Thu Trang Lp CQ 46/11.06

Nm
2008

Nm
2009

Nm
Nm
2010
2011
1.605.08
2.017.657
1

106.875

235.356

7.254

11.475

32.431

68.430

301
7.555
5.248
2,01
1,03
4,00
400
610

1.743
13.218
11.516
12,30
7,81
20,82
850
1.151

98
32.529
24.718
10,35
4,10
17,61
700
1.831

446
68.876
49.529
13,99
4,84
21,17
750
3.302

68

74

38

23

5,22

6,58

6,14

5,65

850

2.816

15.428

94.087

Bo co thc tp

Hc vin Ti chnh

2.2. Tnh hnh ti chnh ch yu ca cng ty

2.2.1. Khi qut tnh hnh ti chnh
Tnh hnh bin ng ti sn, ngun vn ca cng ty:
n v: triu ng
Ch tiu
Ti sn ngn hn
Ti sn di hn
N phi tr
N ngn hn
N di hn
Vn ch s hu
Tng ngun vn

31/12/2011
T
S tin
trng
1.514.549 89,69%
174.109 10,31%
1.390.783 82,36%
1.380.825 99,28%
9.958
0,72%
297.875 17,64%
1.688.658
100%

31/12/2010
T
S tin
trng
634.704 87,42%
91.298 12,58%
555.935 76,57%
555.535 99,93%
400
0,07%
170.067 23,43%
726.002
100%

Chnh lch
S tin

T l

879.845
82.811
834.848
825.290
9.558
127.808
962.656

139%
91%
150%
149%
2390%
75%
133%

Tnh hnh bin ng 1 s ch tiu khc:

n v: triu ng
Ch tiu

Nm 2011

Nm 2010

Doanh thu thun v bn

2.009.447 1.601.963
hng v cung cp dch v
Gi vn hng bn v dch
(1.687.654) (1.481.574)
v cung cp
Li nhun gp v bn
321.793
120.388
hng v cung cp dch v
Doanh thu hot ng ti
8.210
3.118
chnh
Chi ph ti chnh
(123.533)
(34.608)
Chi ph bn hng
(76.397)
(42.618)
Chi ph qun l doanh
(61.642)
(13.849)
nghip
Li nhun thun t hot
68.430
32.431
ng kinh doanh
Thu nhp khc
636
307

Thu Trang Lp CQ 46/11.06

Chnh
lch

T l CL

407.484

25,54%

(206.080)

13,91%

201.405

167,30%

5.092

163,27%

(88.925)
(33.779)

256,95%
79,26%

(47.793)

345,09%

35.999

111,00%

329

106,94%

Bo co thc tp
Chi ph khc
Li nhun khc
Tng li nhun k ton
trc thu
Li nhun sau thu
TNDN
2.2.2.

Hc vin Ti chnh
(190)
446

(209)
98

19
348

(9,26%)
354,65%

68.876

32.529

36.347

111,74%

49.529

24.718

24.811

100,38%

Tnh ton mt s ch tiu ti chnh ch yu nm 2011

H s kh nng thanh ton:

H s kh nng thanh ton hin
thi
H s kh nng thanh ton nhanh
H s kh nng thanh ton tc
thi
H s thanh ton li vay

n
v

Cui
nm

u
nm

Chnh
lch

Ln

1,097

1,143

(0,046)

Ln

0,453

0,560

(0,107) (19,12%)

Ln

0,114

0,155

(0,041) (26,31%)

Ln

H s c cu ti sn
H s c cu ti sn ngn hn
H s c cu ti sn di hn
H s n
H s vn ch s hu

Ln
Ln
Ln
Ln

H s hiu sut hot ng

S vng quay hng tn kho

Vng

K thu tin trung bnh

Ngy

S vng quay vn lu ng
Vng
Hiu sut s sng vn c nh v
vn di hn khc
Vng quay ti sn hay ton b
Vng
vn

Thu Trang Lp CQ 46/11.06

(4,00%)

(0,911) (35,05%)
0,023
2,59%
(0,023) (18,01%)
0,058
7,56%
(0,058) (24,70%)
(4,362) (61,03%)
17,922

60,38%

(1,933) (50,83%)
(2,788) (15,49%)

1,671

3,144

Nm
2011

Nm
2010

2,45

1,54

0,91

59,40%

13,99

10,35

3,36

35,08%

H s sinh li
T sut LNST/Doanh thu (H s
li rng)
T sut sinh li kinh t ca ti

Nm
Nm
2011
2010
1,689 2,600
Cui
u
nm
nm
0,897 0,874
0,103 0,126
0,824 0,766
0,176 0,234
Nm
Nm
2011
2010
2,785 7,147
47,60
29,684
5
1,870 3,803
15,20
17,992
4

T l CL
(%)

(1,473) (46,85%)

Bo co thc tp
sn
T sut LN trc thu trn VKD
T sut LNST/VKD
T sut li nhun VCSH
Thu nhp 1 c phn EPS
C tc 1 c phn
H s tr c tc
T sut c tc

Hc vin Ti chnh

%
%
%
ng
ng
%

5,70
4,10
21,17
3.302
750
0,227
6,82

6,37
4,84
17,61
1.831
700
0,382
6,36

(0,67) (10,47%)
(0,74) (15,28%)
3,56 20,18%
1.471
80,29%
50
7,14%
(0,155) (40,57%)
0,46
7,14%

2.2.3. Nhn xt s b v tnh hnh ti chnh ca cng ty nm 2011

Nhng kt qu t c
Nm 2011, cng ty CP Vin thng in t Vinacap duy tr v pht
trin sn xut, y mnh hot ng kinh doanh, n lc m bo tng trng.
Cc ch tiu doanh thu v li nhun u tng, chi ph c tng nhng tc
tng ca chi ph nh hn tc tng ca doanh thu v cng ph hp vi s
tng ln nhanh chng ca quy m hot ng sn xut kinh doanh. Cng ty
m bo cng n vic lm v n inh i sng cho cn b cng nhn vin,
ng thi cc khon np ngn sch nh nc cng tng ln ng k.
t c iu ny l do cng ty tip tc thc hin a dng ha sn
phm, lnh vc hot ng sn xut kinh doanh, lin tc m rng th trng
trong nc v xut khu, xy dng thnh cng thng hiu mnh cho cc sn
phm ca cng ty v c c h thng knh phn phi rng khp ton quc.
Vn lu ng tng cho thy kh nng thanh ton ca cng ty c
nng cao. Vinacap u tin c bit cho vic pht trin vn lu ng, tng
kh nng nm bt thi c pht trin kinh doanh.
Tnh hnh ti chnh ca cng ty kh lnh mnh, hu ht cc ch tiu
kinh t ti chnh u mc c th chp nhn c. T sut sinh li kinh t
ca ti sn v t sut li nhun vn ch s hu u tng. Nhng kt qu ny
phn nh s n lc khng ngng ca CBCNV cng ty nhm duy tr hot ng

Thu Trang Lp CQ 46/11.06

10

Bo co thc tp

Hc vin Ti chnh

kinh t v to c s vng chc cho s pht trin mnh m ca cng ty trong

nhng nm ti.
Nhng hn ch cn tn ti
Bn cnh nhng thnh tch t c, cng ty cng cn tn ti mt s
nhc im trong hot ng ti chnh nh c cu ti sn, ngun vn cn cha
hp l, kh nng thanh ton v hiu qu s dng vn cha cao.
T sut u t vo ti sn c nh trong tng ti sn cn thp. Vo cui
nm, t sut ny gim hn khin cho hiu qu s dng TSC thp, tn ti s
mt cn i gia TSC v TSL, TSC chim qu t, TSL chim t l
nhiu nhng phn ln li c u t vo ti sn d tr, gim nng lc hot
ng ca vn.
T trng vn ch s hu trong tng ngun vn thp, th hin nng lc
t ch v ti chnh ca cng ty yu, nhng thay i ca mi trng bn ngoi
s nh hng rt ln ti hot ng ca cng ty. H s n cao chng t ri ro
ti chnh cao v kh nng vay vn ca cng ty trong thi k ti c th b hn
ch.
H s kh nng thanh ton nhanh v tc thi, h s hiu sut hot ng
gim cho thy s gim st v kh nng sinh li ca ng vn kinh doanh. S
vng quay hng tn kho gim, k thu tin trung bnh tng ln cho thy vic
qun l n phi thu v hng tn kho cha c tt. TSC c ti cng ty tuy
chim t trng cn t nhng cha c s dng trit , ht cng sut. Trong
k, cng ty li u t thm TSC lm cho chi ph tng nhanh, gim kh nng
sinh li. Trong khi , vn lu ng c u t nhiu nhng li b s dng
lng ph do u t cho hng d tr nhiu lm chm tc lun chuyn vn.
Chi ph li vay kh ln cng lm gim li nhun ca cng ty.

Thu Trang Lp CQ 46/11.06

11