Professional Documents
Culture Documents
MC LC
NI DUNG .................................................................................................................3
A. M U
I. Phng php nghin cu:........................................................................................4
1. Mc ch:...........................................................................................................4
2. Phng php:.....................................................................................................4
3. Phm vi:.............................................................................................................4
4. Hn ch:.............................................................................................................4
II. Gii thiu v cng ty Kinh :
1. Lch s hnh thnh v pht trin:......................................................................5
2. Lnh vc kinh doanh:........................................................................................5
3. V th ca cng ty:............................................................................................6
B. PHN TCH V M
I. Phn tch kinh t:
1. Lm pht v li sut:..........................................................................................7
2. T gi hi oi:..................................................................................................8
II. Phn tch chin lc kinh doanh ca cng ty:.......................................................8
C. PHN TCH NGNH
I. Cng cnh tranh:
1. S lng cc cng ty: .......................................................................................9
2. Th phn:............................................................................................................9
3. Nng lc ti chnh: ...........................................................................................11
4. Tng trng th trng: ...................................................................................11
5. Mc khc bit sn phm: ............................................................................12
6. Phn tch mt s cng ty i th cnh tranh ch yu:....................................13
II. Cc ro cn: ..........................................................................................................15
D. NH GI TIN CY CA S LIU
I. Cc BCTC ca KDC c kim sot bi cng ty Ernst & Young:...................... 15
2
A. M U
LI M U
Ton cu ha nn kinh t th gii lm cho nn kinh t Vit Nam bin i su sc. Thm vo
, vic Vit Nam ghi tn mnh vo WTO to cho cc doanh nghip ng trc nhng c hi v thch
thc mi trong khi th trng ti chnh Vit Nam vn cn mi m, cha pht huy ht hiu qu
hot ng ca mnh. Do , vic u t vo lnh vc ti chnh cha ng nhiu nhy cm, ri ro,
i hi cc nh u t phi cn nhc, tnh ton ht sc k lng. Mt trong iu quan trng i
vi mt nh u t no trc khi ra quyt nh u t l phn tch tnh hnh ti chnh doanh
nghip.
Phn tch tnh hnh ti chnh nhm nh gi thc trng hot ng ti chnh, kt qu hot
ng sn xut kinh doanh trong k ca mt doanh nghip. T , nh u t nhn nh tim nng,
hiu qu sn xut kinh doanh, nhng ri ro v trin vng trong tng lai ca doanh nghip.
Nhm a ra mt ci nhn khi qut, ton din v tnh hnh ti chnh ca doanh nghip
gip cc nh u t nm bt c xu hng hot ng, kh nng sinh li ca doanh nghip trong
tng lai, di y, chng ti la chn ti Phn tch tnh hnh ti chnh ca Cng ty C phn
Kinh . Bn cnh vic a ra nhng phn tch, nhn xt v cc ch s ti chnh trong hot ng
kinh doanh, chng ti cng xut mt s nhng gii php c th ci thin tnh hnh ti chnh
ca doanh nghip.
I. Phng php nghin cu:
1. Mc ch: Trong nhng nm gn y, th trng ti chnh khng ngng pht trin. V vy,
nhm chng ti thc hin ti phn tch tnh hnh ti chnh cng ty c phn Kinh nhm
gip cho NT c ci nhn tng quan hn v hnh tnh ti chnh cng ty Kinh trong nhng nm
gn y.
2. Phm vi: Nghin cu cng ty c phn Kinh , Bibica, t nm 2008 2010.
3. Phng php:
Thu thp ti liu
Tng hp v phn tch
T s
So snh
4. Hn ch:
4
Bt ng sn
B. PHN TCH V M
I. Phn tch kinh t
Giai on 2007-2010 c nhiu bin ng ca KTTG cng nh ca VN. Khng hong ti chnh
M nm 2007 lan rng thnh khng hong KTTG vi nh im nm 2008. n nay, KTTG
ni chung v KTVN ni ring t c nhiu bin chuyn tch cc. Nm 2010, tc tng
trng kinh t t mc 4,2% (cc nc pht trin: 2,3%, cc nc ang pht trin: 6,3%). Thng
mi th gii nm 2010 tng 13,5% (cc nc pht trin: 11,5%, cc nc khc: 16,5%). VN, tc
tng trng GDP nm 2010 tng 6,78% so vi nm 2009.
1. Lm pht v li sut:
Lm pht:
T l lm pht VN giai on 2007-2010
Nm
Ch tiu
T l lm pht bnh qun nm
T l lm pht thng 12 so vi cng k
nm trc
VT:%
2007
2008
2009
2010
8.30
22.97
6.88
9.19
12.63
19.89
6.52
11.75
Tp trung pht trin cc sn phm c tc tng trng cao, doanh thu ln, v li nhun
cao.
8
Ginh thm th phn bng vic m rng v u t ton din vo h thng phn phi v
thm nhp su hon na vo th trung ni a
Cng ty
Kinh
Hi H
Th phn (%)
2009
2010(*)
20
28
6.5
6.5
9
Bin Ha
C s khc
Nhp khu
Tng cng
7
8
36.5
37.5
30
20
100
100
(*)Sau khi sp nhp thm KIDO v NKD
im bn l
KDC
200
75000
T Qung Bnh tr vo
NKD
46
18000
T H Tnh tr ra
OrionVit Nam
229
78292
C nc
BBC
75
50000
C nc
HHC
Hu Ngh
100
100
45000
C nc
C nc
Cng ty
Kinh
Tng ti sn
4247.601
Vn ch s hu
2418.02
Doanh thu
1529.3555
Hi H
192
118
460.4
20.4
Bibica
737
523
627
57.3
Theo nghin cu ca Cng ty T chc v iu phi IBA d bo, sn lng bnh ko ti Vit nam
n nm 2012 s t khong 706.000 tn v tng doanh thu ton ngnh t 27.000 t ng.
Nm
2008
2009
2010
2011
13000
16000
20000
23000
12
Kh khn:
Mt hng bnh qui & cracker chu s cnh tranh gay gt t sn phm cng loi ca cc i
phm, trong ng l nguyn liu chim ti 25% tng chi ph nguyn liu u vo ca cc sn
phm ko Hi H. Trong khi HHC khng th iu chnh ngay gi bn ra sn phm trong ngn hn,
vic gi nguyn vt liu bin ng s nh hng ti kt qu sn xut kinh doanh ca Cng ty.
* BIBICA: Trn th trng bnh ko trong
nc, bnh ko Bibica xp th 2 sau i th
cnh tranh ln nht l Kinh , y cng l
i th chnh ca Bibica ti khu vc pha
Nam.
Th mnh ca Bibica:
i vi ngun nguyn liu u vo,
c bit l mt hng ng, BBC c li th
hn cc cng ty khc trong cng ngnh v c
quan h mt thit vi cng ty ng Bin
13
Ha. Chnh v vy, BBC nm bt kh kp thi bin ng nh hng ti gi ng, cng nh gim
thiu ng k chi ph vn chuyn v lu kho.
BBC l n v duy nht trong ngnh bnh ko c Vin Dinh Dng Vit Nam chn lm
i tc hp tc pht trin cc sn phm dinh dng v chc nng.
Hn na, BBC c s hu thun ca i tc chin lc v cng l c ng ln nht,
Lotte Confectionery t qu 2/2008 v cng ngh, tnh chuyn nghip trong bn hng, tip th,
nghin cu pht trin v qun l ti chnh. V BBC kh d dng trong vic nhp khu sn phm
ca Lotte, cng nh xut khu sn phm sang Hn Quc v sang cc nc m tp on ny c h
thng knh phn phi.
Kh khn:
II. Cc ro cn:
Hin nay, khi Vit Nam gia nhp WTO ng thi tnh hnh kinh t th gii v trong nc
nhiu bin ng to nn nhiu ro cn v thch thc cho ngnh sn xut bnh ko ni chung v
cng ty Kinh ni ring:
* i vi ngnh bnh ko:
- Cc doanh nghip nh, tim lc ti chnh yu kh c th chng trong mi trng cnh
tranh ngy cng khc lit do vic gia nhp WTO mang li.
- Gi bt m v ng, nhng nguyn liu chnh sn xut bnh ko ang c xu hng tng
vo cui nm 2010 v u 2011 do ngun cung hn ch, iu ny s lm tng gi thnh sn phm.
Gi thnh sn phm tng nhanh trong khi gi bn sn phm ch tng chm s nh hng n tnh
hnh li nhun ca cc doanh nghip.
14
Ernst & Young l cng ty hng u th gii cung cp cc dch v kim ton, thu, giao
dch ti chnh v t vn. Trn ton th gii, cng ty chng ti c 130.000 nhn vin cng
on kt chia s cc gi tr chung v cam kt khng lay chuyn v cht lng. Chng ti
to s khc bit thng qua vic h tr nhn vin, khch hng v c cng ng pht huy ti
a tim nng ca mnh.
Cng ty Trch nhim Hu hn Ernst & Young Vit Nam l cng ty kim ton quc t u
tin thnh lp ti Vit Nam, cam kt em n cho khch hng trong nc v quc t cc
dch v kim ton, k ton, thu v t vn c cht lng cao nht, v tham gia tch cc vo
s pht trin bn vng ca t nc Vit Nam qua vic cung cp dch v cho ngy cng
nhiu cc doanh nghip trong nc.
15
chun mc k ton Vit nam v cc quy nh hin hnh p dng cho cc ngn hng v cc t chc
tn dng khc hot ng ti nc CHXHCN Vit Nam.
Qua nhng gii thiu v cng ty kim ton Ernst & Young ta c th thy cc kin nh
gi ca cng ty kim ton l ng tin tng. Mt khc, vi s lng c ng nc ngoi ln cho
thy s uy tn ca cng ty trn th trng. Trong cc bo co thuyt minh ti chnh c cng ty
gii trnh r rng. V vn chnh lch li nhun sau kim ton nm 2008 c Tng gim
c Kinh gii trnh r rng trc ban qun tr v cc c ng. Do cc s liu m Kinh
cung cp l ng tin cy.
E. PHN TCH NGNH
Cc Bo co Ti chnh ca DN
Bng 1: Bng Cn i k ton Cng ty Kinh trong giai on 08 10
16
BNG CN I K TON
Ti Sn
Ti sn ngn hn
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
TNG TI SN NGN HN
Cc khon phi thu di hn
Ti sn c nh
(Gi tr hao mn ly k)
Bt ng sn u t
Cc khon u t ti chnh di hn
Tng ti sn di hn khc
Li th thng mi
TNG TI SN
N Phi Tr
N ngn hn
N di hn
Tng N
Ngun Vn
Vn ch s hu
Ngun kinh ph v qu khc
Tng Ngun Vn
Li ch ca c ng thiu s
TNG NGUN VN
nm 2010
nm 2009
nm 2008
672,316
161,660
1,018,355
434,328
42,877
2,329,537
612
937,725
-572,940
29,165
1,209,978
104,720
428,128
5,039,864
984,611
518,184
825,183
162,476
19,621
2,510,074
22,553
656,085
-274,861
N/A
994,535
32,318
32,036
4,247,601
206,808
584,291
489,407
181,656
12,271
1,474,434
31,059
787,519
-218,131
N/A
673,385
17,012
N/A
2,983,410
1,033,997
151,454
1,185,452
1,637,574
134,757
1,772,331
663,885
172,041
835,926
3,738,215
N/A
3,738,215
116,198
5,039,864
2,413,130
N/A
2,413,130
62,140
4,247,601
2,075,923
N/A
2,075,923
71,561
2,983,410
17
Kt Qu Kinh Doanh
Doanh Thu Thun
Gi Vn Hng Bn
Li Nhun Gp
Chi ph hot ng
Chi ph ti chnh
Trong : Chi ph li vay
Chi ph bn hng
Chi ph qun l doanh nghip
Tng Chi ph hot ng
Tng doanh thu hot ng ti chnh
Li nhun thun t hot ng kinh doanh
Li nhun khc
Tng li nhun k ton trc thu
Chi ph li nhun
Chi ph thu TNDN
Li ch ca c ng thiu s
Tng Chi ph li nhun
Li nhun sau thu TNDN
nm 2010 nm 2009
1,933,634
1,529,355
1,248,244
1,023,963
685,390
505,393
nm 2008
1,455,768
1,085,980
369,789
242,453
42,458
347,589
141,635
731,677
663,953
617,667
21,364
673,993
-8,807
43,758
164,175
112,090
267,458
63,854
301,789
257,840
572,309
313,379
52,364
133,178
121,882
568,439
118,538
-80,112
19,566
-61,689
95,381
56,040
151,421
522,572
49,366
42,419
91,785
480,524
-1,087
24,714
23,627
-85,316
I. Phn tch khi qut tnh hnh ti chnh ca Cng ty trong giai on 2008 2010
1. Phn tch khi qut tnh hnh TC qua BCKQKD:
18
Kt Qu
nm
nm
Kinh Doanh
2008
2009
nm 2010
%
5.05
-5.71
S tin
404,279
224,281
%
26.43
21.90
1,455,768
1,085,980
1,529,355
1,023,963
1,933,634
1,248,244
S tin
73,587
-62,017
369,789
505,393
685,390
135,604
36.67
179,997
35.62
568,439
313,379
267,458
-8,807
731,677
242,453
-300,981
-322,186
-52.95
-102.81
464,219
251,260
173.57
2852.96
52,364
43,758
42,458
-8,606
-16.43
-1,300
-2.97
Chi ph bn hng
Chi ph qun l doanh
133,178
164,175
347,589
30,997
23.27
183,414
111.72
nghip
121,882
112,090
141,635
-9,792
-8.03
29,545
26.36
118,538
63,854
663,953
-54,684
-46.13
600,099
939.80
-80,112
301,789
617,667
381,901
-476.71
315,878
104.67
19,566
257,840
21,364
238,274
1217.80
-236,476
-91.71
-61,689
572,309
673,993
633,998 -1027.73
101,684
17.77
-1,087
49,366
95,381
50,453 -4641.49
46,015
93.21
thiu s
24,714
42,419
56,040
17,705
71.64
13,621
32.11
23,627
91,785
151,421
68,158
288.48
59,636
64.97
-85,316
480,524
522,572
565,840
-663.23
42,048
8.75
19
C cu sn phm ca KDC
cung cp cho th trng a dng
v chng loi v mu m. Hin
Cng ty ang chim lnh th
11%
19%
trng ni a vi 4 nhm sn
28%
bnhquy
bnhbnglan
bnhcracker
21%
21%
bnhm
Cc loi khc
20
BNG CN I K
TON
nm
nm
nm
Chnh lch
nm
nm
nm
2008
2009
2010
10/09
2008
2009
2010
S tin
T trng (%)
Chnh
So vi tng ti sn
TI SN
Ti sn ngn hn
Tin v cc khon
1 tng ng tin
Cc khon u t
2 ti chnh ngn hn
Cc khon phi
3 thu ngn hn
4 Hng tn kho
Ti sn ngn hn
5 khc
Tng ti sn ngn
hn
Ti sn di hn
Cc khon phi
1 thu di hn
2 Ti sn c nh
(Gi tr hao
3 mn ly k)
Bt ng sn u
4 t
Cc khon u t
5 ti chnh di hn
Tng ti sn di
6 hn khc
Li th thng
7 mi
Tng ti sn di
hn
TNG TI SN
10/09
206,808
984,611
672,316
-312,295
-31.72
6.93
23.18
13.34
-9.84
584,291
518,184
161,660
-356,524
-68.80
19.58
12.20
3.21
-8.99
489,407
825,183
1,018,355
193,172
23.41
16.40
19.43
20.21
0.78
181,656
162,476
434,328
271,852
167.32
6.09
3.83
8.62
4.79
12,271
19,621
42,877
23,256
118.53
0.41
0.46
0.85
0.39
-180,537
-7.19
49.42
59.09
46.22
-12.87
31,059
22,553
612
-21,941
-97.29
1.04
0.53
0.01
-0.52
787,519
656,085
937,725
281,640
42.93
26.40
15.45
18.61
3.16
-218,131
-274,861
-572,940
-298,079
108
-7.31
-6.47
-11.37
-4.90
N/A
N/A
29,165
29,165
100.00
0.00
0.00
0.58
0.58
673,385
994,535
1,209,978
215,443
21.66
22.57
23.41
24.01
0.59
17,012
32,318
104,720
72,402
224.03
0.57
0.76
2.08
1.32
91,283
32,036
428,128
396,092
1236.40
0.00
0.75
8.49
7.74
674,722
46.13
46.33
34.44
42.41
7.97
792,263
18.65
T trng (%)
NGUN VN
N Phi Tr
1 N ngn hn
2 N di hn
lch
So vi tng
Chnh
Ngun vn
lch
22
663,885
172,041
835,926
1,637,574 1,033,997
134,757
151,454
1,772,331 1,185,452
-603,577
16,697
-586,879
-36.86
12.39
-33.11
22.25
5.77
28.02
38.55
3.17
41.73
20.52
3.01
23.52
-18.04
-0.17
-18.20
Cc khon c tnh thanh khon cao nh tin gim lm gim kh nng thanh ton
tc thi ca cng ty. Bn cnh hng tn kho ca doanh nghip tng chng t sn phm ca
doanh nghip cha ph hp vi nhu cu ca khch hng hoc cng tc qun l hng tn kho v
chnh sch bn chu cha hp l.
nhm khuyn khch khch hng tiu th nhiu hn, ph hp vi bi cnh th trng cnh tranh gay
gt nh ngy nay. Tuy nhin iu ny chng t vic bn chu hng ha ln dn cng nh cng tc
thu hi n ca cng ty cha hiu qu, nh hng rt ln n c cu ti sn ca cng ty nm 2010.
Nu khng thu hi c vn, cng ty c th s mt kh nng thanh ton.
Ti sn c nh v u t di hn: Ti sn c nh nm 2009 gim i 130 t nhng n
nm 2010 tng so vi nm 2009 l 674 triu ng, tng 46,13 xt v mt t trng tng
7.97%. u t di hn tng u trong giai on 2008 2010. Nm 2010 nh du s m rng vo
lnh vc BS T (c th l d n cn h An Phc v SJC Tower) vi 29,165 triu ng. Cc
khon u t di hn khc tng ln rt nhiu so vi nm ngoi (t 224,03%). Nhng ng k n
nht l li th thng mi thng hiu ca cng ty (TSCVH) c nng ln tm cao mi,
tng vt 396,092 triu ng tc 1236,4%. l thnh qu ln lao ng ghi nhn, v c xu hng
tng ln trong tng lai. Cho thy c s vt cht ca doanh nghip c tng cng, qui m v
nng lc sn xut c m rng, ng thi doanh nghip cng gia tng u t di hn, s
gia tng ny s to ngun li tc trong di hn cho doanh nghip.
2.1.2 Phn tch tnh hnh bin ng ngun vn:
Ngun vn ca doanh nghip t nm 2008 n 2010 ng tng ln u
23
TS
4,021,509
3,422,418
2,494,003
NV
5,039,864
4,247,601
2,983,410
Chnh lch
1,018,355
825,183
489,407
Kt qu phn tch th hin tng lng vn vay v vn t c ca doanh nghip trang tri cho
hot ng kinh doanh v cn tha vn. Lng vn tha ny b cc n v khc chim dng nh:
24
khch hng n tin cha thanh ton, tr trc cho ngi bn, tm ng, ti sn s dng vo vic th
chp, k qu, k cc, Qua bng phn tch, lng vn tha c xu hng tng ln, iu ny
ng ngha vi lng vn b chim dng ca doanh nghip ngy cng tng. Nh phn tch
trong phn ti sn, kt qu ny l do doanh nghip m rng chnh sch bn chu, nhm tng doanh
s bn hng, m rng th trng. Tuy nhin nu qu lm dng chnh sch ny tc chnh sch bn
chu ca doanh nghip qu d dng, doanh nghip c th b lm vo tnh trng thu hi n km, nh
hng xu n tnh hnh ti chnh ca doanh nghip, ng thi lm gim lng tin ca cc nh u
t hin ti cng nh cc nh u t tim nng.
Ch tiu
TSL v TNH
N NH
Chnh lch
TSC v TDH
N DH
Chnh lch
Nm 2008
1,474,434
663,885
810,549
1,290,844
172,041
1,118,803
Nm 2009
2,510,074
1,637,574
872,500
1,462,666
134,757
1,327,909
Nm 2010
2,329,537
1,033,997
1,295,540
2,137,388
151,454
1,985,934
2009
Ngun
Lng
T
trng
2010
S dng ngun
Lng
T
trng
Ngun
Lng
T
trng
S dng ngun
Lng
T
trng
25
Ti sn ngn hn
Tin v cc
1
khon tng
777,803
51.71
312,295
14.97
356,524
17.09
ng tin
Cc khon u
2
3
4
5
t ti chnh
6
7
4.40
ngn hn
Cc khon phi
thu ngn hn
Hng tn kho
Ti sn ngn
hn khc
Ti sn di hn
Cc khon phi
1
thu di hn
2 Ti sn c nh
Bt ng sn
4
u t
Cc khon u
5
66,108
335,775
19,180
1.28
7,349
8,506
0.57
131,434
8.74
t ti chnh di
hn
Tng ti sn di
hn khc
Li th thng
mi
NGUN VN
N Phi Tr
1 N ngn hn
2 N di hn
Vn CSH
1 Vn ch s hu
Li ch ca c
ng thiu s
Tng
973,689
1,536,124
0.49
21,941
9.26
271,852
13.03
23,255
1.11
281,640
13.50
29,165
1.40
1.05
21.35
215,443
10.33
15,306
1.02
72,404
3.47
32,036
2.13
396,092
18.98
603,577
28.93
2,086,601
100
64.74
2.48
22.42
100
193,173
321,150
37,284
337,207
22.32
16,697
0.80
1,325,086
63.50
9,421
0.63
54,058
2.59
1,536,124
100
2,086,601
100
26
HTK tng ln ng k c v s lng ln t trng, trong khi khon phi thu gim i so
vi nm ngoi. iu cho thy nhu cu v sn phm ca DN trn th trng thp, vic tiu th
gp kh khn. Cc chnh sch v tn dng thng mi cn c s thay i, cn ni lng cc khon
bn chu, kch thch tiu th sn phm.
4. Phn tch tnh hnh m bo ngun vn cho hot ng SXKD:
Ta c cng thc tnh:
NWC = TSNH N NH = Ngun DH TSDH
Nhu cu NWC = TSNH (k k tin) N NH
Bng phn tch:
Ch tiu
1. N DH
2. Vn CSH
3. TSDH
NWC
2008
172,041
2,075,923
1,508,975
738,989
2,009
134,757
2,413,130
1,737,527
810,360
2010.00
151,454
3,738,215
2,710,330
1,179,339
27
1. Phi thu
2. HTK
3. N NH
Nhu cu NWC
Ngn qu
489,407
181,656
663,885
7,178
731,811
825,182
162,476
1,637,574
-649,916
1,460,276
1,018,355
434,328
1,033,997
418,686
760,653
2008
835,926
2,983,410
28.01%
2009
1,772,331
4,247,601
41.73%
2010
1,185,452
5,039,865
23.52%
Bibica (2010)
214,267
758,841
28,24%
(n v: triu ng)
Nhn xt:
28
Nm 2008
Nm 2009
Nm 2010
Ti sn ngn hn
N ngn hn
Vn lu ng rng
1,474,435
663,885
810,550
2,510,074
1,637,574
872,500
2,329,535
1,033,997
1,295,538
Chnh lch
2010/2009
2009/2008
-7.19%
70.24%
-36.86%
146.67%
48,49%
7,64%
vt: triu ng
Nhn xt:
Nhn vo bng vn lu ng rng ca Kinh trong 3 nm, ta thy vn lu ng rng tng t
810,550 trong nm 2008 ln nm 2009 l 872,500 ( 48,91%) v nm 2010 l 1,295,538 ( tng
7,64% so vi 2010). Qua 3 nm, lng vn lu ng c xu hng tng mnh, lm cho ti sn
ngn hn c ti tr t ngun vn lu di tng, hay ni cch khc l thanh ton i vi ti sn
ngn hn tng.
Vn lu ng rng cho ta ci nhn khi qut v kh nng chi tr, nh gi chnh xc hn, ta tin
hnh phn tch nhng ch tiu sau:
2.2 H s v kh nng thanh ton hin hnh:
Ch s ny o lng kh nng thanh ton n ngn hn ca mt cng ty khi n hn tr. N
th hin mc m bo ca ti sn lu ng i vi n ngn hn m khng cn ti mt khon
vay mn thm.
H s thanh ton hin hnh =
29
Nm 2008
Nm 2009
Nm 2010
Ti sn ngn hn
N ngn hn
H s TT hin hnh
1,474,435
663,885
2.22
2,510,074
1,637,574
1.53
2,329,535
1,033,997
2.25
Chnh lch
2010/2009
-7.19%
-36.86%
0.47
2009/2008
70.24%
146.67%
-0.31
vt: triu ng
Nhn xt:
Qua bng trn cho thy trong giai on 2008 - 2010, h s thanh ton hin thi ca cng ty mc
c th chp nhn c. H s ny bin ng khng mnh, chng t kh nng doanh nghip p
ng cc ngha v ti chnh ngn hn ca tt.
2.3 H s kh nng thanh ton nhanh:
H s thanh ton nhanh =
Ta c bng phn tch h s ny ca DN:
Ch tiu
Nm 2008
Nm 2009
Nm 2010
Tin
Khon PTNH
N ngn hn
H s TT nhanh
206,808
489,407
663,885
1.05
984,611
825,182
1,637,574
1.105
672,316
1,018,355
1,033,997
1.635
Chnh lch
2010/2009
2009/2008
-31.72%
376.1%
23.41%
68.61%
-36.86%
146.67%
0.56
0.052
vt: triu ng
Nhn xt:
H s thanh ton nhanh ca cng ty Kinh t nm 2008-2010 lun ln hn 1 tc cng ty c
kh nng thanh ton, c mc tng u. iu cho thy cng ty Kinh khng gp kh khn nu
cn phi thanh ton ngay cc khon n ngn hn. ng thi, h s thanh ton nhanh khng nh
hn rt nhiu so vi h s thanh ton hin thi cho thy ti sn ngn hn ca cng ty khng ph
thuc nhiu vo hng tn kho nn tnh thanh khon ca TSNH tng i cao.
2.4 H s kh nng thanh ton tc thi:
30
Ngoi h s kh nng thanh ton nhanh, nh gi kh nng thanh ton mt cch kht khe hn
na ta s dng h s kh nng thanh ton tc thi. H s ny cho bit kh nng thanh ton ngay
bng tin mt nu cc ch n i thanh ton tc thi.
H s thanh ton tc thi = Tin / N NH
Ta c bng phn tch:
vt: triu ng
Nhn xt :
Qua bng trn, ta thy thanh khon ca TSNH ca cng ty tng i cao, lun duy tr mc cao
nht so vi doanh nghip trong ngnh. iu ny chng t doanh nghip va c kh nng ng ph
Chnh lch
2010/2009
2009/2008
Tin
206,808
984,611
672,316
-31.72%
376.1%
N ngn hn
663,885
1,637,574
1,033,997
-36.86%
146.67%
H s TT tc thi
0.31
0.6
0.65
0.08
0.94
vi cc khon n ngn hn tt trong khi vn duy tr hng tn kho m bo cho sn xut.
Ch tiu
Nm 2008
Nm 2009
Nm 2010
3. H s phn nh c cu ngun vn v c cu ti sn :
3.1 H s n:
Cho bit trong mt ng vn ca DN c bao nhiu ng hnh thnh t vay n bn ngoi
DN. Nhm nh gi mc s dng n trong tng ngun vn hay mc s dng n by ti
chnh ca DN, h s ny cng ln th ri ro ti chnh cng cao.
Cng thc:
2008
Tng n
Ch
tiungun vn
Tng
H s n
Tin
835,926
Nm 2008
2,983,410
28%
206,808
N ngn hn
H s TT tc thi
663,885
0.31
Chnh lch
2010/2009
2009/2008
1,772,331
1,185,452
112%
-33.11%
Chnh
lch
Nm
2009
Nm
2010
4 247 601
5 039 865
18.65%
42.37%
2010/2009
2009/2008
42%984,611 24% 672,316 -42.86%
-31.72%50% 376.1%
1,637,574
1,033,997
-36.86%
146.67%
0.6
0.65
0.08
0.94
2009
2010
vt: triu ng
Nhn xt:
31
2008
2 075 923
2 983 410
69.6%
2009
2 413 130
4 247 601
56.8%
2010
3 738 215
5 039 865
74.2%
vt: triu ng
Nhn xt:
-
Nm
2008
2009
2010
Bibica (2010)
1,455,768
1,529,355
1,933,634
787,836
Tng ti sn
2,983,410
4,247,601
5,039,865
758.841
0.49
0.36
0.38
1.04
Ch Tiu
vt: triu ng
Nhn xt:
So vi binh qun nganh nm 2010 thi h s nay cua Kinh thp hn cng ty Bibica. H
s nay co bin ng ln qua 3 nm kha nng thu hi vn cua cty giam v thp hn so vi
Bibica nn anh hng n hoat ng tai u t cua cng ty. Nguyn nhn l do anh hng mt
phn t cac yu t kinh t vi m nh khung hoang kinh t, lam phat va do thay i trong nhng
chinh sach u t cua cng ty.
4.2 Vng quay hng tn kho:
vt: triu ng
Nm
2008
2009
2010
Bibica (2010)
Gi vn hng bn
1,085,980
1,023,963
1,248,244
578,217
Hng tn kho bq
181,656
162,476
434,328
117,410
S vng quayHTK
5,9
6,3
2,9
4.9
61
57
124
73
Ch tiu
Nhn xt:
-
ngy, trong khi n nm 2009, s vng quay l 6,3 vng, mi vng ko di 57 ngy.
-
Nh vy, nhn chung, tc lun chuyn hng tn kho c xu hng tng 2008-2009 cn 20092010 gim l do vic tiu th sn phm ca doanh nghip trong giai on ny gp nhiu kho khn
do mt phn mi trng kinh t, cng ngy cng c nhiu i th cnh tranh. Nhn chung, So vi
Bibica th vng quay hng tn kho ca Kinh vn cao hn.
5. H s sinh li:
i vi doanh nghip mc tiu cui cng l li nhun. Li nhun l mt ch tiu ti chnh
tng hp phn nh hiu qu ca ton b qu trnh u t, sn xut, tiu th v nhng gii php k
thut, qun l kinh t ti doanh nghip. V vy, li nhun l ch tiu ti chnh m bt k mt i
tng no mun t quan h vi doanh nghip cng u quan tm.
5.1. H s li nhun hot ng:
Ch tiu ny th hin hiu qu hot ng kinh doanh ca doanh nghip v c tnh da
vo cng thc sau:
Ch s LNH = Li nhun thun HKD/ Doanh thu thun
Tnh hnh ti cng ty:
Ch tiu
Li nhun thun H
Doanh thu thun
Ch s li nhun H
2009
301,789
1,529,355
0.197
2010
617,667
1,933,634
0.32
Chnh lch
2010/2009
104.67
26.43
0.62
Bibica
2010
209,109
787,836
0.267
vt: triu ng
Nhn xt:
Nm 2009, ch s ny ca Cng ty l 0,197 c ngha l c 1 ng doanh thu thun s em li
0,197 ng li nhun. Nm 2010 , ch s ny tng ln 0,32 cho ta thy kh nng sinh li tt hn
ca cng ty, 1 ng doanh thu nm 2010 to ra 0,32 ng li nhun. Doanh thu tng ln qua 2 nm
1 phn cng do chi ph t 2009 sang 2010 gim ng k Doanh nghip ngy cng lm n tt
hn, qun l chi ph hiu qu hn.
5.2.T sut li nhun trn tng ti sn ( ROA):
Phn tch t sut li nhun trn tng ti sn cho ta bit hiu qu s dng ti sn chung ca
ton doanh nghip:
Ta c cng thc: ROA = Li nhun trc thu / tng ti sn
34
Ch tiu
Li nhun trc thu
Tng ti sn
ROA
Nm 2008
-61,689
2,983,410
-2.07%
nm 2009
572,309
4,247,601
13.47%
nm 2010
673,993
5,039,865
13.37%
2009/2008
2010/2009
110.78%
17.77%
42.37%
18.65
115.37%
-1%
vt: triu ng
Nhn xt:
T bng phn tch ta thy Ty s ROA qua cac nm 2008-2010 tng, nht l tng mnh t 20082009, s tng t bin l do mt phn cng ty chuyn t mt cng ty thun ty kinh doanh
trong lnh vc thc phm ung sang kinh doanh a ngnh vi li nhun t bt ng sn v vic
tin hnh sp nhp NKD v Kido vo KDC s gip nng cao hot ng qun tr doanh nghip lm
tng thanh khon c phiu.
Nm 2008
-60,602
2,075,923
-2.87%
Nm 2009
522,943
2,413,130
21.67%
Nm 2010
578,612
3,738,215
15.48%
2010/2009
Bibica(2010)
10.65%
41,778
54.91%
544,574
-28.56%
7.67%
vt: triu ng
6. H s gi tr th trng :
6.1 Thu nhp trn mi c phiu (EPS):
EPS =
Nm
Ch tiu
Li nhun sau thu
2008
2009
2010
Bibica(2010)
-60,602
522,943
578,612
41,778
35
43,374,800
65,806,200
100.243.482
-1,397
7,947
5,772
15,421,926
2,709
vt: triu ng
Nhn xt:
Nh vy, ch s EPS ca cng ty Kinh trong giai on 2008-2010 c xu hng tng. l mt
biu hin tt v cho thy kh nng to ra li nhun rng trn mt c phn ca cng ty tng. Nm
2010, ch s EPS ca cng ty Kinh cao hn nhiu so vi cng ty Bibica chng t li nhun to
ra t cc c phn ca Kinh cao hn ca Bibica, ng ngha vi vic c phn ca Kinh c
sc ht ln hn so vi c phn ca Bibica. l nh chnh sch kinh doanh hp l ca nhng nh
qun l ca cng ty
2008
2009
2010
Bibica(2010)
Th gi mi c phn(VND)
30,100
60,500
51,500
21,700
-1,397
7,947
5,772
2,709
P/E
-21.5
7,61
8.92
8.01
Ch tiu
Nhn xt :
Qua bng trn, ta thy t s gi trn thu nhp qua cc nm 2008-2010 tng nhanh, chng t c
phiu KDC hp dn vi cc nh u t. Cng ty Kinh c cu li danh mc sn phm bng
cch m rng danh mc sn phm hin c, ng thi vn tp trung vo cc sn phm em li hiu
qu cao nn my nm qua cng ty kinh doanh tt v c nh u t nh gi cao . So vi
Bibica th Kinh vn c nh gi cao hn.
7. Phn tch phng trnh dupont:
ROE =
LNST
VN CSH
LNST
DOANH THU
DOANH THU
TNG TS
TNG TS
VN CSH
36
Ch tiu
2008
2009
2010
Li nhun bin
-0.042
0.342
0.299
0.49
0.36
0.38
n by ti chnh
1.44
1.76
1.35
-0.030
0.217
0.153
ROE
Nhn xt :
2008
2009
2010
(60,602)
522,943
578,612
iu chnh cho:
Khu hao v tr dn
Thay i hng tn kho
72,995
56,729
86.996
(45,384)
19,180
70,911
(335,776)
40,724
123,166
897,367
(788,889)
158,912
1,160,443
(820.515)
(341,226)
36,277
(62.314)
Thay i ti sn c nh
(169,346)
37
Thay i u t ngn hn
(61,773)
66,107
27,393
Thay i u t di hn
123,965
(321,150)
755,085
(279,034)
(218,766)
778.478
(42,891)
(100,564)
33.649
Thay i cc qu khc
(6,098)
4,891
72,919
71,431
405,005
(603,577)
Thay i n vay di hn
46,328
(37,284)
16,697
C tc c chia
(84,569)
(104,100)
(14,311)
(165,626)
(271.010)
(134,433)
776,051
(313,047)
Tin mt u k
530,438
206,808
984,610
Tin mt cui k
396,006
982,859
672,316
(122.784)
2008
2009
2010
158,912
100%
1,160,443
730.24%
(820.515)
-0.52%
(279,034)
100%
(218,766)
78.40%
778.478
-0.28%
(14,311)
100%
(165,626)
1157.33%
(271.010)
1.89%
Dng tin t hot ng SXKD tng mnh trong nm 2009 l nh s gia tng rt ln t n
ngn hn, cc khon tin v tng ng tin tng hn 777 t ng. Vic bn i TSC v cc
nghip v bt thng lm li nhun khc tng ln n 257 t ng. 1 phn ca s gia tng dng
38
Trong mi trng cnh trnh trong ngnh ngy cng gay gt, tuy doanh thu thun tng
nhng km theo l s tng ln ca cc khon phi thu. Li nhun ln nhng lng tin mt tn
qu b gim i do nhiu yu t nh hng n kh nng thanh ton ca DN.
-
Trong nm 2010, dng tin t hot ng SXKD c s st gim mnh, cc khon tin v
tng ng tin gim hn 312 t ng. Tin ca DN ng ln trong hng tn kho, cc khon
phi thu ln cng lm tng chi ph, v cc ti sn ngn hn khc lm gim ngun tin ca DN. DN
cng tp trung tr n ngn hn, tng ti sn c nh lm tng chi ph hot ng SXKD. Nm 2010,
chi ph ny t gp 3 ln chi ph SXKD cng k nm trc. Li nhun ch t 552 t trong 1933 t
doanh thu thun, dng tin t hot ng SXKD b m n 820 t ng l con s khng h nh.
Bn cnh , cng ty Kinh cn c s tham gia ca nhiu cng ty nc ngoi c ti chnh vng
chc. nh hng chuyn sang a ngnh l 1 yu t lm lung tin t hot ng SXKD gim i.
-
Tt c lm cho dng tin hot ng kinh doanh ca cng ty c xu hng cng ngy
cng m, mt xu hng khng h tt cho hot ng kinh doanh.Nu cng ty vn cho dng tin
thun hot ng kinh doanh tip tc m th iu ny cc k nguy him. Nu chng ta loi b khon
mc hng tn kho ra khi dng tin hot ng sxkd th dng tin s tr thnh dng. C th doanh
nghip ang tng tch tr hoc d phng v s bin ng trn th trng. Chng ta cng khng nn
qu lo lng v vn ny. Dng tin hot ng kinh doanh ca cng ty m mt phn do cng ty
ang thc hin mc tiu tng trng nhanh v tng th phn trong ngnh. Dng tin ny c th s
c xu hng tt hn trong tng lai.
Dng tin t hot ng u t:
Dng tin t hot ng u t c s gim mnh vo nm 2008-2009, do hu qu khng hong
kinh t th gii v mi trng v m c nhiu bin ng lm cng ty u t khng my hiu
qu, dng tin vo hn ch. Nhng nm 2010, cng ty tng u t chuyn t thun ty kinh doanh
trong lnh vc thc phm ung sang kinh doanh a ngnh vi li nhun t bt ng sn v vic
tin hnh sp nhp NKD v Kido vo KDC lm dng tin hot ng u t t mc cao.
Dng tin t hot ng ti chnh:
-
hiu qu, li nhun em v ln, vic chi tr c tc v th cng tng ln, iu ny lm dng tin c
s st gim.
F. KT LUN
Kt thc na u nm 2009, KDC t 532,7 t doanh thu thun, tng 3,7% so vi cng k nm
2008, nh vo c hai yu t l sn lng bn hng tng v gi mt s sn phm tng nh. ng
thi, t sut li nhun gp bin trong 1H-09 cng c ci thin, t 25.2% so vi mc 23.5% ca
1H-08, do chi ph nguyn liu u vo nm nay thp hn cng k nm ngoi cng nh KDC tp
trung y mnh hn cc sn phm c t sut li nhun cao.
Tuy nhin, phi nhn nhn rng s hi phc ca TTCK ng mt vai tr ht sc quan trng
gip KDC t c mc li nhun kh quan sau 6 thng u nm. Hot ng u t ti chnh
em li cho cng ty khong 66,7 t li nhun thng qua vic c cu li danh mc u t ngn hn
gim 63,1 t cng vi vic hon nhp hn 190 t d phng u t chng khon, gm hon nhp
d phng ngn hn l 42,7 t v hon nhp d phng di hn l 147,6 t ng. Li nhun sau thu
ca cng ty m sau khi tr li ch c ng thiu s trong 1H-09 do t 97 t ng, tng
mnh 74,8% so vi 1H nm trc.
Nhn nh trong thi gian ti v Cng ty Kinh :
-
Vic tn dng cc mi quan h ni ngnh cho hot ng pht trin kinh doanh l mt chin
lc kinh doanh ng n ca Kinh , tuy nhin doanh nghip cng cn c chnh sch
hp l tng cng kh nng thu hi cng n t cc bn hng ni ngnh ca mnh.
Phng php qun l hng tn kho hiu qu gip Kinh lun duy tr c doanh thu
cao trong thi k gi nguyn vt liu lin tc bin ng.
40
STT
4
5
Tn thnh
vin
Nguyn Hoi
Nam
ng Th Linh
Chi
Nguyn Th
Thy Ngn
Nguyn c
Hoi Nam
Nguyn Th
Khnh Huyn
Lp
41