Professional Documents
Culture Documents
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GII THIU
CNG TY C PHN NG BIN HA
(BIEN HOA SUGAR JOINT STOCK COMPANY)
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MC LC
GII THIU........................................................................................................1
MC LC..........................................................................................................2
PHN 1: S LC NGNH MA NG V CNG TY C PHN NG BIN
HA..................................................................................................................5
1.1 Tng quan ngnh ma ng.......................................................................5
1.1.1 Tnh hnh ma ng th gii..................................................................5
1.1.2. Ngnh ma ng ti Vit Nam..............................................................8
1.2. Tng quan v Cng ty C phn ng Bin Ha.........................................13
1.2.1. S lc v cng ty.............................................................................13
1.2.2. Hot ng sn xut kinh doanh............................................................16
1.2.3. K hoch pht trin kinh doanh trong tng lai.......................................18
1.2.4. Trin vng pht trin ca cng ty c phn ng Bin Ha......................19
1.2.5. Phn tch SWOT................................................................................19
PHN 2: PHN TCH DNG TIN CA BHS........................................................22
2.1. Dng tin hot ng qua cc k.................................................................22
2.2. Dng tin th...........................................................................................24
2.3. Dng tin t hot ng kinh doanh.............................................................25
2.4. Dng tin t hot ng u t...................................................................28
2.5. Dng tin thun t hot ng ti tr............................................................30
2.6. Ch s m bo tin mt (Cash Flow Adequacy Ratio)...................................31
2.7. T s ti u t tin mt............................................................................32
2.8. Kt lun..................................................................................................33
PHN 3: PHN TCH KH NNG SINH LI.........................................................34
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Ngun: www.illovosugar.com
Nhu cu tiu th ng mi ngi cng kh cao. Theo s liu thng k nm 2008
cho thy rng M mt ngi tiu th khong 45.3 kg ng/nm, ngi Brazil l 58
kg/nm, ngi n 20 kg/nm, ngi Trung Quc 11 kg/nm, Vit Nam l 15
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Ngun: www.illovosugar.com
b. Din bin ca gi ng trong thi gian gn y
Nhu cu tiu th ng bnh qun tng khong 2%/nm trong nhng nm gn y.
Trong nin v 1997 - 1998 n nay, sn xut lun cao hn so vi nhu cu tiu th nn
dn n vic tn kho ng tng. Tuy nhin, trong nin v 2008 - 2009, sn lng
ng sn xut thp hn tiu th khong 5 triu tn. V vy, y cng l mt l do lm
bin ng gi ng trong thi gian gn y, m nh im l vo cui thng 12/2009,
khi gi ng th giao ti New York l 26.98 us cent/lb - cao nht so vi cc giai on
trc y.
Nguyn nhn dn n tnh trng ng tng gi trong thi gian qua l do lng cung
qu thp trong khi , lng cu li tip tc tng cao. Ma ln Brazil - nc xut
khu ng ln nht th gii, khin thu hoch chm li gy cng thng cho ngun cung
ng. Sn lng ng ti Brazil d tnh ch t c 30.3 triu tn trong nin v
2008 - 2009 so vi mc 32 - 33 triu tn d kin u nin v. Bn cnh , theo cc
nh phn tch, nhu cu ng n , nc tiu dng ng ln nht th gii, c th
tng t 4 triu tn ln 5 triu tn, v thm ch l 6 triu tn. Nc nhp khu ng ln
nht ng Nam - Indonesia, c th phi tng lng ng nhp khu n nh gi
ng trong nc.
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Ngy cng nhiu yu t khin ng tng gi khi Ai Cp, Pakistan v Bangladesh cng
d nh mua thm ng.
Din bin gi ng th giao dch ti NYBOT (v: Cent/lbs)
ng vng RS
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Nhn vo s liu ta thy rng din tch trng ma v sn lng ma khng n nh. C
th vo nm 2008, din tch trng ma gim so vi nm 2007 l 7.6% v sn lng cng
gim tng ng l 7.3%. V vy m lng cung cu ma ng trong nc khng c
n nh, iu ny xut pht t hai nguyn nhn:
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Mt hng
Thng thng
u i
CEPT
CEPT
CEPT
08
09
10
WTO
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25%
27%
20%
10%
5%
25%
60%
40%
20%
10%
5%
60%
Tuy nhin, bc sang nm 2010, theo l trnh hi nhp AFTA, nc ta s p dng thu
xut nhp khu ng l 5%, cng vi vic gia nhp WTO, Vit Nam s phi m ca
nhp khu trong hn ngch l 25% vi ng th, ngoi hn ngch l 65%, khi lng
nhp khu trong hn ngch cn tng 5% mi nm. y l mt kh khn ngnh ng
cnh tranh vi cc nc cng nghip ng pht trin trong khu vc v trn th
gii.
d. Trin vng pht trin ca ngnh.
Hin nay, ti nc ta, tng cu ng ton quc nin v 2008 - 2009 vo khong 1.3 1.4 triu tn, trong khi tng sn lng sn xut nm nay cng nh tn kho nm ngoi
ch t khong hn 1.15 triu tn. Sn lng ng thiu ht lm tng gi ng t
bin trong thi gian hin nay. Nh vy, y cng l c hi cho ngnh ma ng trong
thi gian ti.
Kh khn trc mt i vi ngnh ng trong nc trong nm 2010 v nhng nm
sp ti l vic ct gim thu xut nhp khu ma t 10% (nm 2009) xung cn 5%
(nm 2010), cng vi vic gia nhp WTO, cng thm gi thnh sn xut ng cao hn
so vi cc nc trong khu vc v trn th gii to p lc ln cho cc doanh nghip
sn xut ng trong nc. V vy, nu cc nh my ch bin ng Vit Nam khng
nng cao cng sut sn xut, ci thin h thng dy chuyn sn xut hin i nh ca
th gii th vic nhiu doanh nghip s tip tc l l rt ln.
Theo thng k, din tch ma c nc nin v 2008 - 2009 ch khong 270,000 ha, gim
22,300 ha so vi v trc, sn lng ma gim 7,3% vi khong 1,27 triu tn, nng
sut bnh qun gim cn 50 tn/ha (gn 8%). Tng sn lng ng sn xut cng
gim theo, d kin ch t 995.000 tn, gim so vi v trc ti 20,3%. y cng l mt
th thch cho ngnh ng Vit Nam.
C trn 60% cc ging ma ang trng ph bin trong sn xut l nhng ging c
trng ti Vit Nam trn di 10 nm v trc nh ROC 1 ROC 10, F156, F127
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b. Cac thanh tu at c
Qua qu trnh hot ng hn 40 nm, cng ty t c nhiu thnh qu cao: c
t chc BVQi cp giy chng nhn t h thng qun l cht lng theo tiu chun ISO
9001:2000, c Ch tch nc phong tng danh hiu Anh hng lao ng trong thi k
i mi, sn phm ca cng ty 12 nm lin l Hng Vit Nam cht lng cao (19972008), lt vo top 500 doanh nghip ln nht Vit Nam, v.v...
c. C cu t chc cua cng ty
C cu t chc ca Cng ty hin gm: Tr s cng ty t ti Khu Cng nghip Bin
Ha 1, Tp. Bin Ha, Tnh ng Nai; cng ty cn c cc chi nhnh H Ni, Tp.HCM,
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e. Vn iu l
Vn iu l ca cng ty ng Bin Ha l 185,316,200,000 VND.
C cu vn c ng (17/06/2009)
C ng
C ng nh nc
C ng nc ngoi
C ng khc
Tng cng
S CP
2,084,940
604,776
15,841,904
18,531,620
T l (%)
11.25
3.26
85.49
100.00
Cac c ng ln trong nc
C ng
Ngn hng TMCP Si Gn Thng Tn
Tng cng ty ma ng II
CTCP Sa Vit Nam
Chu Kim Yn
Nguyn Th Kim Vn
S c phiu
2,038,156
1,895,400
925,620
813,806
750,683
T l (%)
11.00
10.23
4.99
4.39
4.05
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ng tinh luyn:
Ru :
Vang nho 130, Champange 100, st napoleon 390, Marten 390, stick su, ru
Rhum 290, ru Rhum du 290, Rhum cam 290, chanh Rhum 290.
Tnh n thng 02/2007, tng din tch cho thu kho bi khong hn 25.000m2.
H thng kho bi ca cng ty uc xy dng kh kin c, hin i, thit k thun
tin cho vn chuyn hng ha ra vo kho. Ngoi ra h thng kho bi cn nm
a th thun tin, gn ung quc l 1A, cng ng Nai, cng Cogido v qua
bn cn c ti trng ln nn tit kim uc nhiu chi ph cho cc n v thu
kho.
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n nay, ng Bin Ha chim 10% tng th phn ng c nc, ring knh tiu
dng trc tip (ng ti) th cng ty chim 70% th phn.
Ngoi ra, cng ty c phn ng Bin Ha l n v duy nht c nh my luyn ng
chuyn bit, c kh nng sn xut ng luyn quanh nm, khng ph thuc vo ma
v. ng thi, cng ty c nng lc cung ng kp thi sn phm c cht lng cao
cho th trng trong v ngoi nc. Trong ngnh ma ng Vit Nam, cng ty C phn
ng Bin Ha l n v duy nht c Ngi tiu dng bnh chn Hng Vit Nam
cht lng cao lin tc 10 nm. Trn th trng tiu dng ng, duy nht ch c cng
ty C phn ng Bin Ha l n v cung ng sn phm ng phong ph, p ng
nhu cu s dng a dng cho mi i tng. Do vy c th ni cng ty ng Bin Ha
l mt thng hiu mnh trong ngnh ng Vit Nam.
1.2.3. K hoch pht trin kinh doanh trong tng lai
Trong thi k hi nhp kinh t, ng vn c xem l mt hng thit yu, do vy trong
chin lc pht trin, cng ty c phn ng Bin Ha lun hng n tnh bn vng
ca cc d n:
Pht huy v m rng hot ng kinh doanh dch v cho thu kho bi.
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200000
150000
Triu VND
100000
50000
(50000)
(100000)
(150000)
(200000)
2004
2005
2006
2007
2008
3 qu u
nm 2009
(25484)
91267
152131
(57459)
13157
87164
(32272)
(21651)
3915
14921
11700
(82552)
45770
(37427)
(164865)
23721
(18130)
17849
(11986)
32189
(8819)
(18817)
6728
22461
Da vo th, ta c nhn xt rng dng tin thun qua cc nm 2004 - 2009 bin ng
khng nhiu.
Nm 2004: dng tin thun t hot ng sn xut kinh doanh v hot ng u t m
do cng ty chi nhiu tin cho hot ng sn xut, cho vay v mua cc cng c n ca
n v khc. Tuy nhin, dng tin chi ra t 2 hot ng ny c b tr t dng tin thu
v t hot ng ti tr nn dng tin thun trong nm gim khng nhiu.
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Nm 2005 - 2006: dng tin t hot ng sn xut kinh doanh v dng tin t hot
ng ti tr bin ng ln, nhng khng nh hng nhiu ti dng tin thun v 2 dng
tin ny bin ng ngc chiu nhau. Trong giai on ny, hot ng sn xut kinh
doanh ca BHS t li nhun cao nn cng ty dng dng tin thu vo ny chi tr n
gc v chi tr c tc cho c ng, chnh iu ny lm dng tin chi ra cho hot ng
ti tr tng cao. Nhn chung, dng tin thun trong giai on ny trong ng ngi, cng
ty vn gi lng tin mt mc an ton.
Nm 2007: dng tin thun ca BHS khng tt, ch yu l do dng tin t hot ng
sn xut kinh doanh m. C mt iu r rng l trong nm 2007, cng ty t mc li
nhun rng hn 53 t ng, nhng dng tin chi ra thun t hot ng sn xut kinh
doanh li n hn 57 t ng. Nm 2007 cng l nm cng ty c thu TNDN bng 0%.
Do , vic dng tin t hot ng u t m trong nm ny c iu bt thng. iu
ny xy ra l do cng ty gia tng lng hng tn kho, m rng chnh sch tn dng
cho khch hng, chi ph sn xut v chi ph qun l tng, ngoi ra, cng ty cn phi
gim gi hng bn cho khch hng.
n nm 2008: dng tin thun vo c ci thin, tin thu vo c nm l hn 6 t.
Dng tin thun t hot ng kinh doanh l dng, mc d tnh hnh sn xut kinh
doanh trong nm ca cng ty ang b l n 43 t. C c thnh qu ny l do cng ty
tin hnh thu tin t bn hng tr chm cho khch hng nm 2007.
Trong 3 qu u nm 2009: hot ng sn xut ca cng ty t c nhiu kt qu
kh quan sau khi vt qua giai on kh khn vo cui nm 2008. Chnh iu ny
gip cho dng tin thu vo t hot ng sn xut kinh doanh tng, to iu kin cho
cng ty chi tin cho u t nhiu hn.
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VND
6 0 ,0 0 0 ,0 0 0 ,0 0 0
4 0 ,0 0 0 ,0 0 0 ,0 0 0
2 0 ,0 0 0 ,0 0 0 ,0 0 0
0
(2 0 ,0 0 0 ,0 0 0 ,0 0 0 )
2004
2005
2006
2007
2008
3 qu u nm
2009
Dng tin th ca BHS tng i tt, chng t hot ng kinh doanh ca BHS to ra
li nhun cho cng ty. Khu hao hng nm cng ng gp mt phn ng k vo dng
tin th ca cng ty. Nhn vo th ta d dng thy dng tin th c xu hng tng
qua cc thi k.
Tuy nhin nm 2008, dng tin th gim ng k v b m. Trong nm ny, tnh hnh
khng hong ang din ra kh phc tp nn chi ph hot ng sn xut tng cao v v
hot ng u t c phiu ca cng ty b thua l nn lm cho thu nhp rng sau thu
ca cng ty b l nng n.
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3,000,000,000,000
2,500,000,000,000
VND
2,000,000,000,000
1,500,000,000,000
1,000,000,000,000
500,000,000,000
(500,000,000,000)
2004
2005
2006
2007
2008
3 qu u 2009
801,663,432,774 1,081,580,192,3932,537,021,042,6122,259,385,240,4552,643,277,579,6171,962,298,056,969
87,164,261,085
Dng tin thun t hot ng kinh doanh ca BHS din bin tng gim qua cc thi k.
Nm 2004: dng tin t hot ng kinh doanh ca BHS m. Nguyn nhn l do thi k
ny, doanh thu t hot ng bn hng v cung cp dch v ca BHS khng cao. Bn
cnh , cc chi ph cho sn xut hng ha bn ra v cc chi ph cho thanh l, chuyn
nhng ti sn kh cao. V cng trong thi k ny, chi ph cho li vay cng cao (n 27
t ng). ng thi, BHS cng ni lng tn dng hn cho khch hng (khon phi thu
khch hng nm 2003 l 45 t ng, nm 2004 l hn 52 t ng, tng 7 t ng),
nhng li cc khon tn dng m BHS nhn c li b tht cht li (phi tr cho ngi
bn nm 2003 l 63.6 t ng, nhng n nm 2004 gim cn 52.6 t ng). Nhng
khon ny gp phn lm cho dng tin thun hot ng kinh doanh nm 2004 m.
Nm 2005 v 2006: dng tin t hot ng kinh doanh ca BHS din bin tt hn.
Nm 2005, doanh thu t bn hng v cung cp dch v tng v n nm 2006 th tng
t bin, iu ny mt phn l do gi ng bn ra vo nm 2006 tng t 9,000
ng/kg ln 12,000 ng/kg, khon tin mt thu vo t bn hng v cung cp dch v
cng kh ln nn dn ti dng tin t hot ng sn xut kinh doanh tng ln.
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Nm 2004, tin bn hng, cung cp dch v v kinh doanh khc chim t trng ln trong
dng tin vo t hot ng kinh doanh ca BHS (63.94%). Nhng t nm 2005 tr i
tin bn hng, cung cp dch v v kinh doanh khc dn dn b thay th bi tin thu
khc t hot ng kinh doanh.
100%
80%
60%
40%
20%
0%
2004
2005
2006
2007
2008
3 qu u
2009
36.06%
52.16%
69.37%
69.80%
69.16%
65.25%
63.94%
47.84%
30.63%
30.20%
30.84%
34.75%
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2006
Dng tin t hot ng SXKD
Dng tin mua thm ti sn
152,131,102,971
304,317,215
2007
(57,459,325,356
)
21,563,989,409
2008
Tng cng
13,157,485,888
107,829,263,503
11,653,593,600
33,521,900,224
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1,196,795,590
13,106,746,691
87,695,235,858
101,998,778,139
16,200,000,000
22,565,271,800
218,648,100
38,983,919,900
2.7. T s ti u t tin mt
T s ti u t tin mt l thc o cho thy t l phn trm tin mt t dng tin hot
ng sn xut kinh doanh c gi li ti u t v thay th ti sn.
T s ti u t tin mt=Dng tin t hot ng SXKD-C tc tin mtTi
sn c nh hu hnh v v hnh+Chi u t+Vn lun chuyn
2004
(25,483,851,062
)
2005
2006
91,266,943,072
152,131,102,971
2007
(57,459,325,356
2008
13,157,485,888
(16,200,000,000
)
(22,565,271,800
275,591,032,619
)
259,948,841,700
)
307,361,810,952
320,771,433,473
5,584,768,535
255,321,484,302
259,011,240,149
166,853,502,225
29.58%
26.38%
-14.13%
2.65%
(2,591,820,000)
(8,100,000,000)
309,515,305,050
(40,389,622,244
)
-10.43%
(218,648,100)
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2.8. Kt lun
C th ni dng tin thun hng nm ca cng ty kh n nh, khng bin ng nhiu.
Mc d vy, nu xt ring t khon mc trong dng tin ny, th ta nhn thy mt iu
rt ng lo ngi t dng tin hot ng sn xut kinh doanh ca cng ty. Dng tin
thun t hot ng sn xut kinh doanh ca BHS bin ng tht thng qua mi nm,
iu ny cho thy mt iu l ri ro t hot ng sn xut kinh doanh ca cng ty kh
ln, cng ty cn phi ci thin ng k vic ny nu khng mun lm vo thanh khon
km v t hn l lm vo tnh trng thiu kh nng chi tr n n hn. Nhng b li,
cng ty c nhn u i tn dng kh ln, th hin qua cc khon vay ca cng ty, cc
khon vay ny b tr cho vic thiu ht tin mt t hot ng sn xut kinh doanh.
Tuy nhin, BHS khng th lc no cng da vo hot ng ti tr ci thin tin mt
cho hot ng. Do , cn nhn mnh ln cui rng, nu BHS mun pht trin n nh
th cng ty cn ci thit hot ng qun l sn xut kinh doanh ca mnh.
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Mua bn, i l k gi hng nng sn, thc phm cng ngh, nguyn liu, vt t
ngnh ma ng.
Dch v vn ti.
Dch v n ung.
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li nhun cho cng ty, ng ru 18% doanh thu v 12% li nhun (nm 2004). Sn
phm chnh ca cng ty c phn ng Bin Ha ch yu l ng tinh luyn. ng
tinh luyn Bin Ho t c tinh khit cao nht hin nay ( Pol: 99,9). Mt
trong nhng thnh qu nghin cu ni bt ca ng Bin Ha l sn xut thnh cng
ng Vitamin A.
ng luyn
80%
85%
Doanh thu
Li nhun
ng ru
18%
12%
Cc dch v khc
2%
3%
2005
2006
483.54
540.66
766.12
641.38
790.09
1009.88
% thay i
11.81%
41.7%
(*) c tnh bng (1009,88*12/11-792,24)/792,24
-16.28%
23.19%
(*) 39.4%
2007
2008
11 thng u 2009
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
Gi ng th gii (Cent/lbs) 12.49 8.8 11.39 10.47 8.03 9.07 9.32 11.84 19.3 12.37 15.79 26.98
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17,000 ng/kg. Chnh v vy, doanh thu 2009 ca BHS cng tng cao cha tng thy,
doanh thu tnh cho n ht thng 11/2009 tng 39,4% so vi c nm 2008.
Nhn chung, doanh thu ca BHS c xu hng tng qua cc nm.
Doanh thu ca BHS tng bnh qun hn 12%/nm trong 5 nm t 2004 n 2008. Tuy
nhin tc tng trng doanh thu ca BHS cha n nh. C th, nm 2006 c mt
s gia tng t bin trong doanh thu (gy ra mt s st gim 16,28% vo nm 2007),
iu ny xut pht t vic gi ng trong nc bin ng lin tc.
Khch hng:
Sn phm ca BHS kh a dng c v chng loi v kch c. Do , i tng khch
hng ca BHS cng kh rng t cc doanh nghip ln, nh, ti cc c s sn xut v
c bit l ngui tiu dng c nhn. y cng l mt nhn t quan trng ng gp vo
s n nh v bn vng trong doanh thu ca BHS.
Th trng tiu th:
Ti th trng ni a, ng Bin Ha c h thng phn phi sn phm tri u trn c
nc, bao gm hn 100 n v sn xut s dng ng lm nguyn liu u vo v
trn 130 nh phn phi, i l, siu th trc tip bn s, bn l trn th trng tiu dng.
Th trng xut khu ca cng ty l mt s nc trong khi ASEAN, Trung Quc v
Iraq.
H thng phn phi ca Cng ty gm 2 knh:
Phn phi vo lnh vc sn xut: ng tinh luyn Bin Ha c s dng lm
nguyn liu sn xut cc sn phm thc phm v dc phm cao cp.
Phn phi tiu dng trc tip: ch yu thng qua h thng cc i l trn c
nc v qua cc siu th nh: BigC, Coopmark, Maximark, Metro, Siu th H
Ni,v.v...
Nng lc cnh tranh v i th cnh tranh:
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nh gi:
T nhng phn tch trn, ta thy tng trng doanh thu ca BHS c nh gi l
kh n nh v bn vng. T tc tng trng doanh s, khch hng, th trng tiu
th v yu t cnh tranh u ng h cho lp lun v s n nh v bn vng trong
doanh thu ca BHS. Mc d vn c yu t c kh nng e da doanh thu ca BHS, tuy
nhin mc nh hng c nh gi l khng cao. V vy, chng ta c th lc quan
v ln cng nh cht lng doanh thu ca BHS trong tng lai gn.
3.1.3. Mi quan h gia doanh thu, khon phi thu v hng tn kho
a. Mi quan h gia doanh thu v khon phi thu:
Bng thng k s liu v khon phi thu qua cc nm (v: t ng)
2004
483.54
111.11
22.98%
4.35
2005
540.66
119.88
22.17%
4.51
2006
2007
2008
766.12 461.38 790.09
85.14
92.28
90.91
11.11% 20.00% 11.50%
9.00
5.00
8.69
BHS
LSS
SBT
2004
22.98%
-
2005
22.17%
7.05%
2006
11.11%
12.86%
6.00%
2007
20.00%
16.06%
19.27%
2008
11.50%
15.41%
26.59%
Nhn vo bng s liu ta thy cc khon phi thu ca BHS chim t l tng i nh v
n nh qua cc nm (trung bnh khong 17.55% doanh thu mi nm). Con s ny cha
c tt so vi LSS nhng c v tt hn ca SBT ang c chiu hng gia tng.
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2004
483.54
96.35
19.93%
5.02
2005
540.66
63.32
11.71%
8.54
2006
766.12
64.51
8.42%
11.88
2007
461.38
77.62
16.82%
5.94
2008
790.09
165.31
20.92%
4.78
2004
5.02
-
2005
8.54
4.66
2006
11.88
5.88
4.47
2007
5.94
9.20
4.33
2008
4.78
9.54
2.41
Cng ging nh khon phi thu, hng tn kho ca BHS cng duy tr t l thp. y
cng l c im chung ca cc cng ty ma ng cn li. Nhn chung, lng hng tn
kho ca cng ty duy tr mc n nh, ch tr nm 2008, do khng hong kinh t lm
sn xut v kinh doanh b nh tr v nng dn b mt ma ma, do , cng ty phi
tranh th thu mua ma v d tr. Vng quay hng tn kho thp hm cng ty s
dng vn lun chuyn hiu qu hn v hiu sut s dng ti sn cng cao hn.
Trang
37
2004
483.54
416.93
66.61
13.78%
2005
540.66
461.84
78.82
14.58%
2006
766.12
667.69
98.43
12.85%
2007
641.38
564.93
76.45
11.92%
2008
790.09
739.77
50.32
6.37%
3 qu u 2009
656.61
554.27
102.34
15.59%
2004
13.78%
-
2005
14.58%
22.41%
2006
12.85%
19.65%
28.95%
2007
11.92%
18.09%
26.55%
2008
6.37%
18.48%
20.48%
Trang
38
Trang
39
2004
2005
14,242.8
2.9%
8,853.5
1.8%
13,066.3
2.4%
12,457.3
2.3%
2006
4,248.5
160.5
350.5
2,988.6
5,760.2
2,124.5
14,635.9
1.9%
13,777.2
1.8%
2007
3,190.4
221.8
217.7
2,617.1
6,601.9
1,384.3
15,230.1
2.3%
17,034.1
2.6%
2008
4,049.3
121.5
583.5
3,985.5
6,150.5
4,344.5
14,234.9
1.8%
19,649.0
2.5%
3.3.2. Chi ph n xu
Chi ph n xu thng c xem l chi ph tip th ca cng ty. Chi ph n xu c lin
quan cht ch ti chnh sch tn dng ca cng ty (thng c th hin di hnh
thc bn hng thu tin tr chm). Mt chnh sch tn dng ni lng s gip cng ty c
c nhiu khch hng hn nhng b li cng ty s gp ri ro khch hng tr tin
chm hoc khng tr tin cao hn. Mt chnh sch tn dng tht cht gip cng ty m
bo an ton cao hn cho khon phi thu nhng li thu hp lng khch hng.
2004
111.11
0.90
0.81%
2005
119.88
1.89
1.58%
2006
85.14
1.50
1.76%
2007
92.28
3.95
4.28%
2008
90.91
0.11
0.12%
T l D phng gim gi khon phi thu/Khon phi thu lun mc thp (di 5%)
(hay t l n xu thp) th hin mc ri ro thp trong khon phi thu ca BHS. iu
Trang
40
ny mt ln na cng c cho cht lng doanh thu cao ca BHS. y cng l tnh trng
chung ca cc cng ty sn xut ng trong bi cnh cu vt cung nh hin nay.
3.3.3. Chi ph ti chnh
Chim t trng a s trong chi ph ti chnh ca BHS chnh l chi ph li vay v khon d
phng gim gi cc khon u t ti chnh.
Chi ph li vay (t ng)
Vay ngn hn
Vay di hn
Tng n vay
Chi ph li vay
Li sut c hiu lc (*)
2003
2004
2005
2006
2007
2008
215.498
123.509
339.007
30.562
-
135.890
204.750
340.640
27.165
7.80%
152.436
170.136
322.572
21.048
6.35%
38.841
161.392
200.233
26.854
10.30%
60.744
185.909
246.734
13.450
6.02%
72.263
156.395
228.658
27.696
11.65%
3 qu
u 2009
97.462
149.265
246.727
12.570
-
Trang
41
tip khin cho kt qu kinh doanh ca cng ty b thua l trong nm 2008. S d phng
ny c BHS trch lp ch yu cho 2 loi chng khon u t di hn m cng ty
ang nm gi l: Cng ty c phn chng khon Si Gn (SSI) v Ngn hng Si Gn
Thng Tn (STB). Tuy nhin, trong 3 qu u nm 2009, BHS hon nhp d phng
c 20.34 t ng, do gi ca 2 m c phiu ny tng tr li. y l mt trong
nhng nhn t quan trng to ra li nhun cao cho BHS trong nm 2009.
3.3.4. Chi ph thu thu nhp doanh nghip
Nm 2001, cng ty c phn ng Bin Ha chnh thc c cp giy php hot ng
kinh doanh v hng thu sut thu TNDN vi mc u i l 15% trong 12 nm k t
khi c cp php v hot ng c li. Theo quy nh ti mc 4 Ngh nh s
152/2004/N-CP ngy 6/8/2004 ca Chnh ph, BHS s c min thu 2 nm k t
khi lm n c li v gim 50% s thu TNDN cho 9 nm tip theo. BHS bt u c li t
nm 2001. Nm 2006, BHS nim yt ln u trn sn giao dch chng khon thnh ph
H Ch Minh nn c gim 50% thu TNDN trong 2 nm sau 2007 v 2008. Do ,
thu sut thu TNDN ca BHS nh sau
Thu nhp chu thu, thu TNDN v thu sut thu TNDN t nm 2004 (v: t ng)
Thu nhp
chu thu
Thu TNDN
Thu sut
thu TNDN
2004
2005
2006
2007
2008
19.05
36.61
54.75
53.85
(43.21)
(*) 1.43
3.27
4.11
0.00
7.5%
7.5%
7.5%
0.0%
0.0%
2009
2010
2011
2012
7.5%
7.5%
7.5%
15%
2013
tr i
25%
(*) Theo s liu lc u, vo nm 2004, cng ty vn ang trong qu trnh chuyn l nn khng pht sinh thu nhp chu
thu. Tuy nhin, vo nm 2005, cng ty c B ti chnh xa n li vay v n thu GTGT tng ng vi s l ly k
n nm 2003 nn li nhun nm 2004 ca BHS vn phi chu thu TNDN vi mc thu sut 50%*15%=7.5%.
Do vn ang trong thi gian c hng nhiu u i v thu TNDN nn chi ph thu
TNDN ca BHS tng i nh nhng. So vi LSS v SBT th BHS ang c u th hn
v thu. BHS s cn hng u i v thu n 2012, trong khi , LSS ht thi hn
hng u v thu v bt u b p dng mc thu sut 28% nm 2007 - 2009 v 25%
t nm 2009 tr i. Tuy nhin, c BHS v LSS u khng th bng SBT v khon u
i thu do SBT xut thn l doanh nghip 100% vn nc ngoi. Khi chuyn i t
cng ty TNHH Bourbon Ty Ninh sang cng ty c phn Bourbon Ty Ninh, cng ty tip
Trang
42
tc c hng mc thu sut u i 10% cho n vnh vin, min thu TNDN giai
on 2004 - 2007 v hng thu sut 5% giai on 2008-2011, t nm 2012 tr i,
thu sut l 10%. Nh vy, li th v thu ca SBT l qu r rng nu so vi BHS.
Nu cn thn xem xt, ta thy rng li nhun rng sau thu ca BHS l thp hn so vi
LSS v SBT. Mc d BHS vn hng u i thu, nhng vi mc sinh li ca li
nhun rng nh th ny th qu l ng lo ngi, v n nm 2013, nhng u i ny s
khng cn na. Do , cng ty cn phi n lc rt nhiu nu mun em v li nhun
cao cho c ng.
Trang
43
8.36%
8.78%
0.9518
2005
10.43%
9.89%
1.0542
2006
13.26%
9.43%
1.4060
2007
10.65%
10.46%
1.0187
2008
-2.46%
-1.97%
1.2462
2009
13.70%
13.74%
0.9976
Trang
44
Gi mua ma nguyn liu tng cao, trong khi gi ng tinh luyn bn ra bnh
qun ca nm 2008 vn tng ng so vi nm 2007, dn n vic gi vn
hng bn tng 31% v li nhun gp gim n 34% so vi nm 2007.
Trang
45
2004
2005
2006
2007
2008
4.1722
6.2648
1.9542
33.8844
4.6812
6.7723
2.2742
22.1827
7.4739
11.9868
5.2228
21.2469
7.2302
9.0251
7.2242
28.8390
8.6260
6.5046
7.3856
48.7850
2009
5.2421
4.6661
4.8663
15.7016
S vng quay khon phi thu c xu hng tng u qua cc nm, iu ny cho thy
cng ty ang tht cht tn dng i vi khch hng, ng ngha vi vic cng ty thc
hin chnh sch thu tin nhanh hn. Ch n 3 qu u nm 2009, s vng quay khon
phi thu mi gim xung thp so vi cc nm trc, nguyn nhn l do khon ng
trc cho ngi bn (c bit l ng trc cho nng dn trng ma) trong 3 qu u
nm 2009 tng n 110 t ng, tng 458.48% so vi nm 2008.
Trang
46
i vi hng tn kho, vng quay hng tn kho t nm 2006 - 2009 c xu hng gim.
Nht l trong nm 2008, cng mua mt lng ln ma nguyn liu vi gi r d
tr cho hot ng sn xut nm 2009, lm cho lng hng tn kho nm 2008 tng n
112.98% so vi nm 2007, trong thnh phm tng 62.28% so vi nm 2007.
4.2.3. Vng quay n ngn hn
Trong giai on 2004 - 2006, vng quay tin mt gim l do cng ty ang tin hnh tht
cht tn dng i vi khch hng (gim khon phi thu) v gim u t vo hng tn
kho. Chng lm cho tin mt ca cng ty tng ln.
Giai on 2006 - 2008, cng ty dng tin mt u t tr li vo hng tn kho, lm cho
tin mt gim, cui cng, khin cho vng quay tin mt tng tr li.
n 3 qu u nm 2009, cng ty bn c mt lng ln hng tn kho d tr t
nm 2008 (gi thu mua nm 2008 l rt r) chuyn thnh doanh thu v tin mt, iu
ny lm vng quay ca tin mt gim mnh.
Trang
47
2004
2005
2006
2007
2008
ROCE
34.51%
38.78%
20.40%
14.61%
-12.16%
2009
21.21%
3.58%
6.29%
6.19%
8.36%
-5.48%
11.96%
3.88%
6.90%
6.73%
8.36%
-5.46%
12.42%
92.38%
91.22%
92.03%
100.00%
100.00%
96.36%
0.9518
1.0542
1.4060
1.0187
1.2462
0.9976
n by
10.1189
5.8478
2.3441
1.7149
1.7818
1.7768
Trang
48
Cui cng, cng ty phi trch lp d phng gim gi chng khon n 43.6 t
ng, lm cho chi ph hot ng ti chnh ca cng ty tng mnh.
Trang
49
SBT
LSS
BHS
2004
2005
2006
2007
2008
8.36%
10.43%
13.39%
13.26%
11.92%
10.26%
10.65%
4.79%
11.37%
-2.46%
3 qu
u 2009
7.19%
12.46%
13.70%
SBT
LSS
BHS
3 qu
2004
2005
2006
2007
2008
34.51%
38.78%
14.55%
20.40%
12.63%
15.72%
14.61%
5.33%
15.72%
-12.16%
u 2009
7.79%
17.40%
21.21%
4.5. Kt lun
C tc Cp thng
T l chi tr c tc
T l tng trng
2004
9,720,000,000
56.09%
15.15%
2005
16,200,000,000
47.63%
20.31%
2006
24,300,000,000
51.24%
9.95%
2007
30,325,908,600
56.54%
6.35%
2008
0
0.00%
-12.16%
Trang
50
Trang
51
Phn tch trin vng s cho chng ta c c ci nhn r nt v tng lai ca cng ty c
phn ng Bin Ha, cng l cht xc tc chng ta tin hnh nh gi BHS.
2004
2005
2006
2007
2008
11.85%
41.34%
-16.22%
23.14%
0.46%
0.49%
0.24%
0.31%
0.27%
86.22%
85.42%
87.15%
88.08%
93.63%
2.95%
2.42%
1.99%
2.28%
2.43%
1.83%
2.30%
1.80%
2.66%
2.49%
6.18%
8.32%
6.73%
11.25%
1.0020
1.0453
1.0005
1.0059
2.6158
7.62%
8.78%
7.97%
0.00%
0.00%
Trang
52
0.35%
86.72%
2.41%
2.22%
7.08%
1.0134
421,325,093
218,284,300
18,531,620
V thu sut thu TNDN ca cng ty c phn ng Bin Ha, bo co thuyt minh
cng b cho thy:
2009
7.5%
2010
7.5%
2011
7.5%
2012
15.0%
2013 tr i
25.0%
2009
39%
2010
24%
2011
19%
2012
15%
2013 tr i
10%
Bc 1: D phng doanh thu (da trn tc tng trng doanh thu c tnh).
Trang
53
Trang
54
M
s
01
02
- 02)
4. Gi vn hng bn
5. Li nhun gp v bn hng v cung cp dch v (20 = 10 11)
6. Doanh thu hot ng ti chnh
10
11
20
21
2009F
2010F
2011F
2012F
2013F
1,101,220,109,
1,365,512,935,
1,624,960,393,
1,868,704,452,
2,055,574,897,
498
3,901,605,195
1,097,318,504,
777
4,837,990,441
1,360,674,945,
575
5,757,208,625
1,619,203,184,
611
6,620,789,919
1,862,083,662,
872
7,282,868,911
2,048,292,028,
303
951,587,708,00
336
1,179,968,757,
950
1,404,162,821,
692
1,614,787,245,
962
1,776,265,969,
5
145,730,796,29
927
180,706,187,40
933
215,040,363,01
223
247,296,417,47
745
272,026,059,21
8
10,966,445,227
(4,601,100,729
9
13,048,220,163
(2,295,678,693
7
14,736,682,251
0
15,684,871,364
7
14,388,599,836
)
19,399,655,592
21,131,728,573
22,234,089,748
24,909,116,034
20,852,067,737
21,939,840,080
24,579,464,619
7. Chi ph ti chnh
22
23
)
16,156,636,102
8. Chi ph bn hng
24
26,481,935,643
32,837,600,197
39,076,744,234
44,938,255,869
49,432,081,456
25
24,308,152,062
110,508,254,55
30,142,108,557
133,070,377,51
35,869,109,183
133,699,463,27
41,249,475,560
154,559,467,65
45,374,423,116
166,699,038,44
31
0
421,325,093
2
421,325,093
8
421,325,093
5
421,325,093
6
421,325,093
32
218,284,300
218,284,300
218,284,300
218,284,300
218,284,300
40
50
203,040,793
110,711,295,34
203,040,793
133,273,418,30
203,040,793
133,902,504,07
203,040,793
154,762,508,44
203,040,793
166,902,079,23
51
52
5
13,216,596,118
(3,221,089,745
1
12,190,080,969
(2,147,393,163
9
24,288,072,849
(1,073,696,582
9
41,725,519,810
3
9,352,422,039
(4,294,786,326
60
)
105,653,659,63
)
123,277,911,93
)
123,859,816,26
)
131,548,132,18
125,176,559,42
0
18,531,620
2
18,531,620
6
18,531,620
1
18,531,620
9
18,531,620
5,701
6,652
6,684
7,099
6,755
22 - 24 - 25)
11. Thu nhp khc
30
70
Trang
55
Trang
56
CC T S
2005
2006
2007
2008
TI SN NGN HN
Cc khon phi thu ngn hn
Vng quay doanh thu thun/phi thu khch hng ngn hn
18.1100
20.2341
19.7614
16.9234
5.5548
6.35%
14.4150
9.2764
17.3271
4.03%
12.16%
0.23%
7.2943
10.3497
7.2782
4.4749
2,230,398,382
15,169,280,596
12,332,882,649
7,652,141,829
32,303,461,108
52,497,990,595
35,550,066,540
34,437,548,457
Hng tn kho
Vng quay gi vn hng bn/hng tn kho
TI SN DI HN
Ti sn c nh hu hnh
Nguyn gi TSC hu hnh tng thm
Khu haoTSC hu hnh tng thm
T s nguyn gi TSC hu hnh tng thm/doanh thu thun
0.41%
1.98%
1.92%
0.97%
9.21%
14.87%
9.66%
9.05%
1,165,831,574
3,084,147,000
3,031,076,000
Ti sn c nh v hnh
Nguyn gi TSC v hnh tng thm
Khu hao TSC v hnh tng thm
379,115,244
410,051,549
514,602,273
763,956,841
0.22%
0.00%
0.48%
0.38%
11.08%
8.94%
11.22%
9.96%
N PHI TR
Vng quay gi vn hng bn/phi tr cho ngi bn
12.6192
54.3627
35.1178
35.9269
65.5852
102.4413
194.1421
243.0782
T s n di hn/tng ti sn
34.02%
27.32%
27.71%
26.07%
22.21%
60.00%
56.82%
55.34%
VN CH S HU
T s vn ch s hu/tng ti sn
2004
17,328,239,323
9,720,000,000
2005
34,013,404,450
16,200,000,000
2006
47,421,437,317
24,300,000,000
2007
53,633,026,705
30,325,908,600
T l chia c tc
T l li nhun gi li
56.09%
43.91%
47.63%
52.37%
51.24%
48.76%
56.54%
43.46%
Trang
57
16.84
11.81
4.89%
4.50
TI SN DI HN
Ti sn c nh hu hnh
T s nguyn gi TSC hu hnh tng thm/doanh thu thun
T s khu hao tng thm/nguyn gi TSC hu hnh nm trc
Ti sn c nh v hnh
T s nguyn gi TSC v hnh tng thm/doanh thu thun
T s khu hao tng thm/nguyn gi TSC v hnh nm trc
N PHI TR
Vng quay gi vn hng bn/phi tr cho ngi bn
Vng quay doanh thu thun/ngi mua tr tin trc
VN CH S HU
T s vn ch s hu/tng ti sn
T s n di hn/tng ti sn
T l li nhun gi li
1.95%
9.50%
0.27%
10.30%
35.50
250.00
55.00%
26.00%
50.00%
Bc 1: D phng cc khon phi thu bng cch s dng dng quay khon
phi thu c tnh trc vi doanh thu d phng trong bng bo co kt
qu kinh doanh.
Trang
58
Trang
59
Li nhun cha chia nm nay=Li nhun cha chia nm trc+Thu nhp rng
nm nay x T l li nhun gi li
Bc 10: Tnh ngun kinh ph v qu khc bng cch ly con s trung bnh di
ng trong 5 nm.
=> Tng hp bc 9 v bc 10, ta d phng c ngun vn ch s hu.
Trang
60
M
s
2009F
2010F
2011F
2012F
2013F
A. TI SN NGN HN
100
372,867,265,086
463,734,899,122
574,310,751,295
701,480,998,653
830,157,593,637
110
12,100,064,181
17,114,184,879
43,585,022,159
91,515,955,450
159,955,285,934
1. Tin
111
12,100,064,181
17,114,184,879
43,585,022,159
91,515,955,450
159,955,285,934
112
120
1. u t ngn hn
121
129
130
147,938,128,715
182,860,186,462
216,993,506,232
249,395,162,409
274,089,438,865
131
65,159,260,219
80,797,482,672
96,149,004,380
110,571,355,037
121,628,490,540
132
80,558,272,843
99,892,258,326
118,871,787,408
136,702,555,519
150,372,811,071
133
134
135
2,327,996,789
2,277,846,601
2,080,115,582
2,228,652,991
2,195,538,391
139
(107,401,137)
(107,401,137)
(107,401,137)
(107,401,137)
(107,401,137)
140
211,463,935,112
262,215,279,539
312,036,182,652
358,841,610,049
394,725,771,054
1. Hng tn kho
141
211,463,935,112
262,215,279,539
312,036,182,652
358,841,610,049
394,725,771,054
149
V. Ti sn ngn hn khc
150
1,365,137,078
1,545,248,242
1,696,040,252
1,728,270,745
1,387,097,783
151
152
1,089,805,419
1,293,304,010
1,393,707,174
1,448,501,151
1,136,762,271
154
4. Ti sn ngn hn khc
158
275,331,658
251,944,232
302,333,078
279,769,594
250,335,512
B. TI SN DI HN
200
327,546,974,299
349,351,587,959
351,106,745,407
343,873,629,658
328,210,503,318
210
17,910,305,872
14,979,240,364
15,871,206,346
16,253,584,194
15,701,343,635
211
212
3. Phi thu di hn ni b
213
218
17,910,305,872
14,979,240,364
15,871,206,346
16,253,584,194
15,701,343,635
219
II. Ti sn c nh
220
276,437,206,401
266,124,122,160
259,243,870,989
256,635,473,793
242,904,084,142
1. Ti sn c nh hu hnh
221
232,333,418,166
213,266,579,600
196,720,391,371
181,910,798,557
167,282,758,900
Nguyn gi
222
480,000,000,000
506,533,161,434
538,107,623,541
574,418,254,963
614,359,949,528
Gi tr hao mn ly k
223
(247,666,581,834)
(293,266,581,834)
(341,387,232,170)
(392,507,456,406)
(447,077,190,628)
2. Ti sn c nh thu ti chnh
224
Nguyn gi
225
Gi tr hao mn ly k
226
3. Ti sn c nh v hnh
227
9,931,339,773
12,198,350,333
14,785,124,423
17,577,521,762
20,354,973,771
Nguyn gi
228
13,666,411,442
17,340,683,518
21,713,067,288
26,741,308,624
32,272,374,093
Gi tr hao mn ly k
229
(3,735,071,669)
(5,142,333,184)
(6,927,942,865)
(9,163,786,862)
(11,917,400,322)
Trang
61
230
34,172,448,461
40,659,192,226
47,738,355,195
57,147,153,474
55,266,351,471
III. Bt ng sn u t
240
Nguyn gi
241
Gi tr hao mn ly k
242
250
28,044,484,136
64,240,113,333
73,063,484,444
69,101,199,259
68,801,599,012
1. u t vo cng ty con
251
20,000,000,000
20,000,000,000
20,000,000,000
20,000,000,000
252
3. u t di hn khc
258
50,000,000,000
44,240,113,333
53,063,484,444
49,101,199,259
48,801,599,012
259
(21,955,515,864)
V. u t di hn khc
260
5,154,977,890
4,008,112,101
2,928,183,628
1,883,372,412
803,476,529
1. Chi ph tr trc di hn
261
860,191,564
787,022,357
780,790,464
809,675,830
803,476,529
262
4,294,786,326
3,221,089,745
2,147,393,163
1,073,696,582
3. Ti sn di hn khc
268
TNG CNG TI SN
270
700,414,239,385
813,086,487,082
925,417,496,701
1,045,354,628,311
1,158,368,096,955
NGUN VN
M
s
2009F
2010F
2011F
2012F
2013F
A. N PHI TR
300
315,186,407,723
365,888,919,187
416,437,873,515
470,409,582,740
521,265,643,630
I. N ngn hn
310
132,723,416,688
154,105,383,818
175,469,516,102
198,253,692,083
219,724,980,149
1. Vay v n ngn hn
311
92,034,158,382
83,263,808,858
69,429,356,052
75,546,961,083
78,507,514,341
2. Phi tr ngi bn
312
26,805,287,549
33,238,556,561
39,553,882,308
45,486,964,654
50,035,661,120
313
4,389,274,017
5,442,699,781
6,476,812,740
7,448,334,651
8,193,168,116
314
1,234,602,163
762,306,793
883,032,793
959,980,583
868,440,056
315
4,812,266,728
5,304,809,460
5,463,184,755
5,303,532,071
5,753,530,509
6. Chi ph phi tr
316
2,910,307,698
2,657,787,824
2,325,500,280
2,367,800,582
2,193,799,414
7. Phi tr ni b
317
318
319
537,520,151
23,435,414,541
51,337,747,174
61,140,118,459
74,172,866,593
320
II. N di hn
330
182,462,991,036
211,783,535,368
240,968,357,414
272,155,890,657
301,540,663,481
1. Phi tr di hn ngi bn
331
2. Phi tr di hn ni b
332
3. Phi tr di hn khc
333
4. Vay v n di hn
334
182,107,702,240
211,402,486,641
240,608,549,142
271,792,203,361
301,175,705,208
335
6. D phng tr cp mt vic lm
336
355,288,795
381,048,727
359,808,272
363,687,296
364,958,273
7. D phng phi tr di hn
337
B. VN CH S HU
400
385,227,831,662
447,197,567,895
508,979,623,186
574,945,045,571
637,102,453,325
I. Vn ch s hu
410
383,886,584,836
445,525,540,802
507,455,448,935
573,229,515,026
635,817,794,741
1. Vn u t ca ch s hu
411
185,316,200,000
185,316,200,000
185,316,200,000
185,316,200,000
185,316,200,000
2. Thng d vn c phn
412
154,476,840,000
154,476,840,000
154,476,840,000
154,476,840,000
154,476,840,000
3. Vn khc ca ch s hu
413
4. C phiu qu
414
5. Chnh lch nh gi li ti sn
415
Trang
62
416
7. Qu u t pht trin
417
27,632,282,412
27,632,282,412
27,632,282,412
27,632,282,412
27,632,282,412
8. Qu d phng ti chnh
418
6,910,585,120
6,910,585,120
6,910,585,120
6,910,585,120
6,910,585,120
9. Qu khc thuc vn ch s hu
419
420
9,550,677,304
71,189,633,270
133,119,541,403
198,893,607,494
261,481,887,209
421
430
1,341,246,826
1,672,027,093
1,524,174,250
1,715,530,545
1,284,658,585
431
1,341,246,826
1,672,027,093
1,524,174,250
1,715,530,545
1,284,658,585
2. Ngun kinh ph
432
433
440
700,414,239,385
813,086,487,082
925,417,496,701
1,045,354,628,311
1,158,368,096,955
Trang
63
FCFF
FCFE
Thu nhp gi li
P/E
P/BV
Tng cng
T trng
30%
30%
20%
10%
10%
100%
Trang
64
N di hn
Vn ch s hu
WACC
Chi ph
T trng
7%
32%
20%
68%
15.84%
2009F
2010F
2011F
2012F
2013F
86,252
102,969
123,859
131,548
125,177
37,972
47,007
49,906
53,356
57,323
14,944
17,944
19,288
18,649
18,435
102,572
85,853
84,105
79,239
60,237
21,823
21,381
21,364
22,784
21,471
32,416
36,694
43,026
50,748
43,592
26,003
66,755
87,287
96,350
118,577
(*) Li nhun sau thu ca 2009 v 2010 c iu chnh. L do l nm 2008, BHS trch lp d phng gim gi u t
chng khon gn 43 t ng, n nm 2009 v 2010, khon trch lp ny c d on l s hon tr li (nm 2009: 21 t v
nm 2010: 22 t), chng s lm tng li nhun sau thu ca cng ty, do chng s c tr ra cc khon hon tr ny vi:
Gi tr tr ra = Khon hon tr x (1-Thu)
2009F
2010F
2011F
2012F
Gi tr chit khu cc nm
26,003
57,627
65,048
61,983
2013F
65,851
709,374
985,887,840,560
18,531,620
53,200
Trang
65
2009F
2010F
2011F
2012F
2013F
86,252
102,969
123,860
131,548
125,176
37,972
47,007
49,906
53,356
57,323
102,573
85,854
84,105
79,239
60,237
32,416
36,694
43,026
50,747
43,591
-10,765
27,429
46,635
54,917
78,671
(*) Dng tin sau thu c iu chnh li 2 nm 2009 v 2010 (l do iu chnh nu trong phn 6.1)
2009F
2010F
2011F
2012F
-10,764
22,857
32,385
31,781
2013F
37,939
287,254
401,451,836,187
18,531,620
21,663
Trang
66
2009F
2010F
2011F
2012F
2013F
86,252,317,304
102,969,059,758
123,859,816,266
131,548,132,181
125,176,559,429
67,958,608,000
67,958,608,000
67,958,608,000
67,958,608,000
67,958,608,000
18,293,709,304
35,010,451,758
55,901,208,266
63,589,524,181
57,217,951,429
(*) Dng tin sau thu c iu chnh li 2 nm 2009 v 2010 (l do iu chnh nu trong phn 6.1)
(**) Ch tr cho gi tr s sch = (Vn ch s hu + Thng d vn)x20% = 399,793,040,000 x 20%
2009F
2010F
2011F
2012F
18,294
29,175
38,820
36,799
2013F
27,594
208,922
339,793
Gi tr ca doanh nghip vo cui nm 2009 theo phng php thu nhp cn li:
Gi tr doanh nghip cui nm 2009
S lng c phn
Gi tr ca 1 c phn
699,397,905,380
18,531,620
37,741
Trang
67
BHS
LSS
SBT
SEC
P/E trung bnh ngnh
PHNG PHP P/E
EPS
2009F
2010F
P/E
12.140
11.350
21.320
7.090
12.975
2011F
2012F
2013F
4,654
5,556
6,684
7,099
6,755
12.975
12.975
12.975
12.975
12.975
Gi ca 1 c phn
60,390
72,094
86,721
92,104
87,643
79,790
Trang
68
BHS
LSS
SBT
SEC
P/BV trung bnh ngnh
P/BV
1.6
2.1
1.1
2.0
1.7
2009F
2010F
2011F
2012F
2013F
BV
20,715
24,041
27,383
30,933
34,310
1.7
1.7
1.7
1.7
1.7
35,216
40,870
46,551
52,585
58,327
46,710
Trang
69
FCFF
FCFE
Thu nhp gi li
P/E
P/BV
Gi bnh qun
Gi c phn
T trng
53,200
21,663
37,741
79,790
46,710
30%
30%
20%
10%
10%
100%
Bnh qun
gia quyn
15,960
6,499
7,548
7,979
4,671
42,657
Cui cng, sau khi tnh ton xong, gi tr ca 1 c phn BHS c chng ti nh gi
l 42,657 ng.
thi im hin ti, gi ca 1 c phn BHS l 35,200 ng (15/01/2010). Do , chng
ti khuyn ngh nh u t ang nm gi BHS hy bt u bn c phiu ny khi gi
tng ln gn n 42,000 ng.
Theo chng ti, BHS l mt cng ty kh tt, tuy nhin, vi vic s dng n by ti
chnh kh cao, cng vi l vic dng tin u t qu nhiu vo th trng chng
khon, khin cho li nhun ca BHS bin ng kh tht thng. Do , u t vo
BHS c th ni l mt hnh thc u t mo him cao.
Trang
70
PH LC
2004
2005
2006
2007
2008
3 qu
u 2009
11.81%
41.70%
-16.28%
23.19%
-16.89%
Li nhun gp
18.32%
24.90%
Li nhun rng
96.29%
39.42%
-22.33%
-34.18%
103.37%
13.10%
-180.69%
N/A
Tng ti sn
-4.88%
Vn ch s hu
72.50%
17.95%
13.50%
-10.59%
19.94%
218.70%
7.49%
-12.92%
23.67%
13.78%
14.58%
12.85%
11.92%
6.37%
15.59%
EBIT bin
9.50%
3.88%
10.79%
10.23%
10.46%
-1.95%
14.33%
6.90%
6.73%
8.36%
-5.46%
12.42%
3.58%
6.29%
ROA
8.36%
10.43%
6.19%
8.36%
-5.48%
11.96%
13.26%
10.65%
-2.46%
13.70%
34.51%
38.78%
20.40%
14.61%
-12.16%
21.21%
CH TIU HIU QU
Li nhun gp bin
ROCE
PHN TCH DUPONT
Li nhun trn doanh thu iu chnh (1)
3.58%
6.29%
6.19%
8.36%
-5.48%
11.96%
95.18%
105.42%
140.60%
101.87%
124.62%
99.76%
1011.89%
584.78%
234.41%
171.49%
178.18%
177.68%
34.51%
38.78%
20.40%
14.61%
-12.16%
21.21%
83.9
80.9
40.6
52.5
42.0
S ngy tn kho
84.4
50.0
35.3
50.1
81.6
S ngy phi tr
66.1
35.4
10.8
12.5
11.8
0.9
1.1
1.3
1.0
1.3
0.8
1.0
4.4
3.5
2.5
2.2
0.5
0.7
3.6
2.8
1.0
1.4
0.0
0.2
0.4
0.1
0.2
0.4
N/A
N/A
11.4
15.3
-6.8
7.3
N/A
N/A
4.9
5.0
0.6
1.6
2,139
4,199
4,305
3,235
-2,446
4,239
59,697
66,748
69,550
38,686
44,656
35,429
Gi tr s sch (VND/CP)
10,000
10,000
28,730
19,480
19,205
18,334
EPS (VND)
N/A
N/A
49,000
49,500
Trang
71
16,700
31,100
Trang
72
M
s
A. TI SN NGN HN
100
216,207,772,845
224,451,910,004
329,832,132,342
362,064,537,901
277,753,890,802
345,979,202,815
110
8,278,186,740
40,467,531,580
31,648,710,866
12,831,231,768
19,559,334,401
64,076,835,510
1. Tin
111
8,278,186,740
40,467,531,580
31,648,710,866
12,831,231,768
19,559,334,401
44,076,835,510
112
20,000,000,000
120
147,000,000,000
175,900,010,000
1,372,000,000
1. u t ngn hn
121
147,000,000,000
175,900,010,000
2,788,816,500
129
(1,416,816,500)
130
111,113,668,924
119,877,385,564
85,136,033,431
92,279,913,633
90,907,280,995
159,605,810,335
131
52,708,507,776
29,854,098,846
37,863,068,655
32,456,092,339
46,686,058,687
53,662,400,959
132
33,384,689,713
83,142,587,489
46,318,846,569
60,899,059,319
42,694,120,090
104,125,508,968
133
134
135
25,920,411,226
8,775,593,612
2,478,447,353
2,871,039,660
1,634,503,355
1,919,869,071
139
(899,939,790)
(1,894,894,383)
(1,524,329,146)
(3,946,277,685)
(107,401,137)
(101,968,663)
140
96,351,335,925
63,315,704,667
64,512,500,257
77,619,246,948
165,314,482,806
116,125,158,064
1. Hng tn kho
141
96,351,335,925
63,315,704,667
65,138,974,803
77,619,246,948
165,314,482,806
116,125,158,064
149
(626,474,546)
V. Ti sn ngn hn khc
150
464,581,255
791,288,193
1,534,887,788
3,434,135,552
600,792,600
6,171,398,906
151
152
72,312,463
791,288,193
1,119,737,288
3,007,195,552
458,493,600
599,305,306
154
4. Ti sn ngn hn khc
158
392,268,792
415,150,500
426,940,000
142,299,000
5,572,093,600
B. TI SN DI HN
200
309,515,305,050
275,591,032,619
259,948,841,700
307,361,810,952
320,771,433,473
371,876,719,130
210
26,703,502,395
12,303,342,420
14,724,072,801
29,899,252,699
211
212
3. Phi thu di hn ni b
213
218
26,703,502,395
12,303,342,420
21,629,425,602
40,017,563,027
219
(6,905,352,801)
(10,118,310,328)
II. Ti sn c nh
220
299,308,109,449
273,546,410,801
231,238,635,669
276,447,796,197
281,992,953,232
283,844,858,135
1. Ti sn c nh hu hnh
2004
2005
2006
2007
2008
3 qu u 2009
221
294,712,349,321
264,639,286,595
227,310,576,596
204,093,392,705
177,307,986,077
246,258,881,443
Nguyn gi
222
350,719,924,773
352,950,323,155
368,119,603,751
380,452,486,400
388,104,628,229
472,434,560,238
Gi tr hao mn ly k
223
(56,007,575,452)
(88,311,036,560)
(140,809,027,155)
(176,359,093,695)
(210,796,642,152)
(226,175,678,795)
2. Ti sn c nh thu ti chnh
224
Nguyn gi
225
Gi tr hao mn ly k
226
3. Ti sn c nh v hnh
227
2,857,030,492
3,643,746,822
3,233,695,273
5,803,240,000
8,070,359,159
7,790,367,234
228
3,422,234,226
4,588,065,800
4,588,065,800
7,672,212,800
10,703,288,800
10,703,288,800
Nguyn gi
Trang
73
229
(565,203,734)
(944,318,978)
(1,354,370,527)
(1,868,972,800)
(2,632,929,641)
(2,912,921,566)
4. Gi tr xy dng c bn d dang
230
1,738,729,636
5,263,377,383
694,363,800
66,551,163,492
96,614,607,996
29,795,609,458
III. Bt ng sn u t
240
Nguyn gi
241
Gi tr hao mn ly k
242
250
8,981,158,000
1,226,400,000
1,370,340,000
17,770,000,000
22,020,400,000
37,690,000,000
1. u t vo cng ty con
251
252
3. u t di hn khc
258
8,981,158,000
1,226,400,000
1,370,340,000
17,770,000,000
64,950,340,000
59,645,515,864
259
(42,929,940,000)
(21,955,515,864)
V. u t di hn khc
260
1,226,037,601
818,181,818
636,363,636
840,672,335
2,034,007,440
20,442,608,296
1. Chi ph tr trc di hn
261
1,226,037,601
818,181,818
636,363,636
840,672,335
779,702,430
15,074,125,388
262
1,254,305,010
5,368,482,908
3. Ti sn di hn khc
268
TNG CNG TI SN
270
525,723,077,895
500,042,942,622
589,780,974,042
669,426,348,853
598,525,324,275
717,855,921,945
NGUN VN
M
s
2004
2005
2006
2007
2008
3 qu u 2009
A. N PHI TR
300
461,351,666,158
389,003,486,273
235,902,963,783
289,042,944,038
267,295,255,045
308,226,957,692
I. N ngn hn
310
256,597,395,089
218,867,141,469
74,510,648,040
103,053,297,752
110,900,388,577
158,961,780,006
1. Vay v n ngn hn
311
135,885,906,001
152,436,072,888
38,841,330,895
60,744,194,793
72,263,287,332
97,461,571,164
2. Phi tr ngi bn
312
52,686,766,363
36,598,442,025
12,282,082,644
16,086,623,167
20,590,902,772
7,399,727,701
313
22,776,907,468
8,243,566,941
7,478,661,543
3,303,659,882
3,250,343,520
911,903,533
314
15,896,907,775
6,562,663,824
2,651,488,273
400,128,791
652,189,424
14,012,788,132
315
2,349,553,066
4,512,932,988
6,261,448,173
3,053,539,881
7,883,859,531
9,318,317,365
6. Chi ph phi tr
316
4,172,907,070
4,319,225,541
2,113,998,773
3,237,806,419
707,600,687
13,929,163,154
7. Phi tr ni b
317
318
319
22,828,447,347
6,194,237,262
4,880,637,289
16,227,344,819
5,552,205,311
15,928,308,957
320
II. N di hn
330
204,754,271,069
170,136,344,804
161,392,315,743
185,989,646,286
156,394,866,468
149,265,177,686
1. Phi tr di hn ngi bn
331
2. Phi tr di hn ni b
332
3. Phi tr di hn khc
333
4. Vay v n di hn
334
204,754,271,069
170,136,344,804
161,140,066,675
185,523,635,736
156,050,574,295
148,906,574,295
335
6. D phng tr cp mt vic lm
336
252,249,068
466,010,550
344,292,173
358,603,391
7. D phng phi tr di hn
337
B. VN CH S HU
400
64,371,411,736
111,039,456,349
353,878,010,259
380,383,404,815
331,230,069,230
409,628,964,253
I. Vn ch s hu
410
64,684,066,244
108,628,165,045
353,310,617,483
376,513,514,467
331,059,755,021
409,622,789,275
1. Vn u t ca ch s hu
411
81,000,000,000
81,000,000,000
162,000,000,000
168,477,270,000
185,316,200,000
185,316,200,000
2. Thng d vn c phn
412
154,476,840,000
154,476,840,000
154,476,840,000
154,476,840,000
3. Vn khc ca ch s hu
413
4. C phiu qu
414
Trang
74
5. Chnh lch nh gi li ti sn
415
6. Chnh lch t gi hi oi
416
(1,329,880,000)
7. Qu u t pht trin
417
1,510,760,853
13,668,306,022
667,236,903
13,309,353,903
27,632,282,412
27,632,282,412
8. Qu d phng ti chnh
418
2,490,928,142
2,490,928,142
4,624,872,142
6,910,585,120
6,910,585,120
9. Qu khc thuc vn ch s hu
419
420
(16,496,814,609)
11,468,930,881
33,675,612,438
35,625,178,422
(43,276,152,511)
35,286,881,743
421
430
(312,654,508)
2,411,291,304
567,392,776
3,869,890,348
170,314,209
6,174,979
431
(312,654,508)
2,411,291,304
567,392,776
3,869,890,348
170,314,209
6,174,979
2. Ngun kinh ph
432
433
440
525,723,077,895
500,042,942,622
589,780,974,042
669,426,348,853
598,525,324,275
717,855,921,945
2004
2005
2006
2007
2008
3 qu u 2009
01
485,789,779,463
543,334,890,619
767,947,391,616
643,350,915,260
792,244,683,092
657,738,454,346
02
2,245,833,069
2,678,606,541
1,823,644,125
1,971,494,324
2,157,134,428
1,126,569,241
10
483,543,946,394
540,656,284,078
766,123,747,491
641,379,420,936
790,087,548,664
656,611,885,105
4. Gi vn hng bn
11
416,929,771,728
461,841,455,950
667,687,246,927
564,926,925,597
739,766,891,206
554,272,829,754
20
66,614,174,666
78,814,828,128
98,436,500,564
76,452,495,339
50,320,657,458
102,339,055,351
21
5,634,035,638
4,605,909,724
9,995,736,690
22,166,229,004
17,506,780,172
5,889,980,135
Ch tiu
7. Chi ph ti chnh
22
27,218,409,502
22,000,954,082
26,868,494,576
13,528,678,101
72,446,085,317
(6,974,011,199)
23
27,164,636,883
21,048,271,305
26,854,035,732
13,449,769,635
27,695,961,987
12,570,352,867
8. Chi ph bn hng
24
14,242,829,178
13,066,280,493
15,230,082,539
14,635,902,024
19,234,870,317
13,793,857,190
25
8,853,468,908
12,457,272,632
13,777,246,262
17,034,101,492
19,649,039,230
20,065,241,885
30
21,933,502,716
35,896,230,645
52,556,413,877
53,420,133,762
(43,502,557,234)
81,343,947,611
31
1,300,876,269
3,756,562,274
237,196,011
651,953,283
575,752,495
220,398,582
32
4,477,610,922
2,367,089,575
1,265,832,195
439,060,304
184,747,140
31,045,455
40
(3,176,734,653)
1,389,472,699
(1,028,636,184)
212,892,979
381,005,355
189,353,127
50
18,756,768,063
37,285,703,344
51,527,777,693
53,633,026,705
(43,121,551,879)
81,533,300,738
51
1,428,528,740
3,272,298,893
4,106,340,376
1,408,905,642
7,084,444,383
52
(1,254,305,010)
(4,114,177,898)
60
(43,276,152,511)
78,563,034,253
70
17,328,239,323
34,013,404,450
47,421,437,317
53,633,026,705
11,015,433
16,578,988
4,305
3,235
17,692,622
(2,446)
18,533,389
4,239
Trang
75
2004
2005
2006
2007
2008
3 qu u 2009
01
512,580,431,138
517,430,537,184
776,989,775,490
682,305,191,514
815,255,681,331
681,815,696,082
02
(460,801,474,025)
(321,715,808,804)
(514,753,039,110)
(532,195,805,030)
(746,863,386,735)
(492,160,971,004)
03
(16,022,586,235)
(17,899,673,628)
(21,424,736,274)
(28,571,754,728)
(29,822,209,268)
(27,837,175,593)
04
(21,313,351,490)
(19,767,513,031)
(26,716,898,904)
(12,538,671,771)
(27,695,955,503)
(10,675,335,552)
05
(811,201,671)
(7,491,469,410)
(504,496,928)
(1,408,905,642)
(4,611,280,710)
06
289,083,001,636
564,149,655,209
1,760,031,267,122
1,577,080,048,941
1,828,021,898,286
1,280,482,360,887
07
(329,009,872,086)
(630,119,052,187)
(1,814,503,795,943)
(1,743,033,837,354
)
(1,824,329,636,581)
(1,339,849,033,025)
20
(25,483,851,062)
91,266,943,072
152,131,102,971
(57,459,325,356)
13,157,485,888
87,164,261,085
21
(1,515,970,819)
(257,421,000)
(304,317,215)
(21,563,989,409)
(11,653,593,600)
(7,119,369,076)
22
1,106,538,094
3,820,950,000
231,327,750
660,782,200
309,131,906
23
(38,685,765,578)
(61,617,792,487)
(61,148,810,030)
(43,536,434,704)
(41,414,029,135)
(85,178,153,400)
24
34,859,206,940
63,747,569,596
73,574,201,166
53,961,073,387
4,751,325,822
25
(832,440,000)
(143,900,000)
(17,600,000,000)
26
5,228,775,006
27
2,426,427,723
1,544,468,959
1,533,118,287
22,185,785,846
10,497,659,688
1,927,492,763
30
(32,272,435,565)
(21,650,587,588)
3,914,988,388
14,920,685,099
11,700,242,246
(82,552,103,891)
1,200,340,000
3,066,600,000
31
32
33
467,202,538,181
328,745,336,096
444,019,937,358
243,043,387,200
452,936,409,150
341,869,372,875
34
(418,840,701,791)
(358,072,598,667)
(592,684,849,431)
(196,756,954,241)
(470,847,386,551)
(324,011,976,973)
35
36
(2,591,820,000)
(8,100,000,000)
(16,200,000,000)
(22,565,271,800)
(218,648,100)
(8,592,000)
40
45,770,016,390
(37,427,262,571)
(164,864,912,073)
23,721,161,159
(18,129,625,100)
17,848,803,902
50
(11,986,270,273)
32,189,092,913
(8,818,820,714)
(18,817,479,098)
6,728,102,633
22,460,961,096
60
20,262,613,641
8,278,186,740
40,467,531,580
31,648,710,866
12,831,231,768
19,559,334,401
61
1,843,336
251,928
70
8,278,186,740
40,467,531,580
2,056,540,012
31,648,710,866
12,831,231,768
19,559,334,401
44,076,835,509
Trang
76
Phn Tch Ti Chnh - PGS.TS. Nguyn Th Lin Hoa & PGS.TS. Nguyn Th
Ngc Trang.