KT

BNG CN I K TON (NM) Triu VND

A TI SN NGN HN
I Tin v cc khon tng ng tin
1 Tin
2 Cc khon tng ng tin (tin gi ngn hn)
Tin tng thm
II Cc khon u t ti chnh ngn hn
1 u t ngn hn
u t chng khon ngn hn (c phiu)
Tin gi ngn hn
Tri phiu (doanh nghip+ cc TCTD trong nc)
u t ngn hn khc
Cho cng ty Lin doanh SABMiller VietNam vay
2 D phng gim gi u t ngn hn
III Cc khon phi thu
1 Phi thu khch hng
2 Tr trc cho ngi bn
3 Phi thu ni b
4 Thu khu tr
5 Cc khon phi thu khc
6 D phng cc khon phi thu kh i
IV Hng tn kho
1 Hng mua ang i ng
2 Nguyn liu, vt liu tn kho
3 Cng c, dng cu trong kho
4 Chi ph sn xut kinh doanh d dang
5 Thnh phm tn kho
6 Hng gi i bn
7 Hng ho tn kho
8 D phng gim gi hng tn kho
V Ti sn ngn hn khc
1 Chi ph tr trc ngn hn
2 Cc khon thu phi thu nh nc
3 Ti sn ngn hn khc
4 Tm ng
5 Cc khon cm c, k qu, k cc ngn hn
6 Thu GTGT c khu tr
B TI SN DI HN
I Cc khon phi thu di hn
1 Phi thu di hn ca khch hng
2 Phi thu ni b di hn
3 Phi thu di hn khc
4 D phng phi thu di hn kh i
II Ti sn c nh
1 Ti sn c nh hu hnh
Nguyn gi
Gi tr hao mn lu k
2 Ti sn c nh thu ti chnh
Nguyn ga

KT

KT

2004
1,783,316
515,695
73,345
442,350

2005
2,406,477
500,312
130,312
370,000

2006
1,996,391
156,895
156,195
700

292,168
292,168

22,800
22,800
22,800

306,730
308,430
191,959
-

178,449
85,310
63,289
33,887
(4,037)
778,299
113,850
524,776
65
137,609
1,999
18,705
16,991
1,714
773,106
4,242
4,242
558,257
410,906
1,040,447
(629,541)
-

706,166
382,596
76,804
249,130
(2,364)
1,081,501
166,432
711,336
714
197,728
5,291
95,698
26,764
23,808
42,434
2,692
1,491,459
4,018
4,018
757,373
558,790
1,285,280
(726,490)
-

116,471
(1,700)
511,623
393,898
83,172
37,218
(2,665)
965,826
75,331
720,496
12,946
167,176
4,418
(14,541)
55,317
22,673
24,403
988
7,253
1,604,142
860
860
1,071,980
746,661
1,573,284
(826,623)
-

Gi tr hao mn lu k
3 Ti sn c nh v hnh
Nguyn gi
Gi tr hao mn lu k
4 Chi ph xy dng c bn d dang
III Bt ng sn u t
Nguyn gi
Gi tr hao mn lu k
IV Cc khon u t ti chnh di hn
1 u t vo cng ty con
2 u t vo cng ty lin doanh, lin kt
Cng ty lin doanh Campina
Cng ty TNHH Miraka
D n Horizon Apartment
Ngn hng thng mi c phn An Bnh
Cng ty lin doanh SABMILLER Viet Nam
D n pht trin ngun nguyn liu sa ti Vit Nam
CTCP Nguyn liu thc phm Chu Si Gn
3 u t chng khon di hn
Tin gi di hn
Tri phiu (doanh nghip+ cc TCTD trong nc)
Cc khon u t di hn khc
u t c phiu
4 D phng gim gi chng khon u t di hn
V Ti sn di hn khc
1 Chi ph tr trc di hn
2 Ti sn thu thu nhp hon li
3 Ti sn di hn khc
VI Li th thng mi
1 Nguyn gi
2 Gi tr hao mn
TNG TI SN
A N phi tr
I N ngn hn
1 Vay v n ngn hn
2 Phi tr cho ngi bn
3 Ngi mua tr tin trc
4 Thu v cc khon phi np nh nc
5 Phi tr cng nhn vin
6 Chi ph phi tr
7 Phi tr ni b
8 Phi tr theo tin hp ng xy dng
9 Cc khon phi tr, phi np khc
10 D phng phi tr ngn hn
11 Qu phc li khen thng
II N di hn
1 Phi tr di hn ngi bn
2 Phi tr di hn ni b
3 Phi tr di hn khc
4 Vay v n di hn
N tng thm
5 Thu thu nhp hon li phi tr

8,344
19,992
(11,648)
139,007
180,971
15,261
33,400
-

9,264
21,003
(11,739)
189,319
609,960
15,605
10,705

9,141
21,504
(12,363)
316,178
413,901
122,701
18,624

13,400
20,000

132,310
103,010
29,300

4,900
594,355
492,000
53,055
49,300

4,900
108,047
291,200
170,000
11,050
110,150

29,636
29,636
2,556,422
704,176
672,911
13,282
195,085
1,184
28,796
140,305
99,633
194,626
31,265
11,265
20,000
-

120,108
117,224
2,884
3,897,936
1,651,018
1,579,433
12,263
260,885
575
19,118
126,808
62,062
1,097,722
71,585
59,462
10,410
-

117,401
117,296
105
3,600,533
862,150
754,356
17,883
436,869
2,350
33,589
85,821
177,844
107,794
41,235
2,700
42,345
-

6 D phng tr cp mt vic
7 Doanh thu cha thc hin
8 D phng phi tr di hn
B Ngun vn ch s hu
I Vn ch s hu
1 Vn u t ca ch s hu
Vn c phn thng
Vn c phn u i
2 Thng d vn
3 Vn khc ca ch s hu
4 C phiu ngn qu
5 Chnh lch nh gi li ti sn
6 Chnh lch t gi hi oi
7 Qu u t pht trin
8 Qu d phng ti chnh
9 Li nhun cha phn phi
10 Ngun vn u t XDCB
II Ngun kinh ph v cc qu khc
1 Qu khen thng v phc li
2 Ngun kinh ph s nghip
3 Ngun kinh ph hnh thnh ti sn c nh
4 Qu d phng tr cp mt vic
C Li ch ca c ng thiu s
TNG NGUN VN

CC KHON MC CN CHU
Trch lp cc qu qua cc nm
Qu u t pht trin
Qu d phng ti chnh
Qu khen thng, phc li
Tng trch lp cc qu
Ngun kinh ph s nghip
Qu d phng tr cp mt vic
C tc cng b
nh hng ca thay i chnh sch k ton lm gia tng
li nhun gi li

1,713

21,514

1,852,246
1,814,960
1,569,237
1,569,237
9,990
52,715
26,358
156,660
37,286
36,985
301
2,556,422
-

2,246,918
2,154,586
1,590,000
1,590,000
54,217
113,263
56,632
340,474
92,332
92,206
126
3,897,936
-

2,738,383
2,683,699
1,590,000
1,590,000
54,217
580,103
88,141
371,238
54,684
54,684
3,600,533
-

2004

2005

2006

51,767
25,884
51,767
129,418
232,616

60,548
30,274
60,548
151,370
270,300

469,812
32,995
65,989
568,796
143,100
82,770

KT

KT

KT

KT

KT

2007
3,177,727
117,819
117,519
300

2008
3,187,605
338,654
132,977
205,677

2009
5,069,158
426,135
376,135
50,000

2010
5,919,803
613,472
249,472
364,000

2011
9,467,683
3,156,515
790,515
2,366,000

654,485
654,660
436,453
5,400
15,410

374,002
496,998
180,229
106,396
2,405

2,314,254
2,400,760
169,820
2,227,700
3,240

1,742,260
1,812,917
107,277
1,605,640
-

736,033
815,277
107,277
440,000
50,000

197,397
(175)
654,720
505,234
79,847
70,390
(751)
1,675,164
357,960
1,013,210
1,838
86,823
218,659
336
7,967
(11,629)
75,539
14,282
23,808
4,048
33,401
2,247,390
762
762
1,641,669
1,022,646
1,963,835
(941,189)
-

207,968
(122,996)
646,385
530,149
75,460
40,923
(147)
1,775,342
219,523
1,231,151
5,757
104,992
217,382
131
10,710
(14,304)
53,222
31,460
2,566
19,196
2,779,354
475
475
1,936,923
1,529,187
2,618,638
(1,089,451)
-

(86,507)
728,635
513,346
139,363
76,588
(663)
1,311,765
375,091
574,014
6,133
96,121
250,546
7,957
11,410
(9,506)
288,370
21,986
226,000
2,985
37,399
3,412,878
8,822
8,822
2,524,965
1,835,583
3,135,506
(1,299,924)
-

(70,658)
1,124,862
587,458
354,096
183,905
(597)
2,351,354
623,207
1,173,814
7,056
124,144
377,156
15,917
34,193
(4,133)
87,854
38,595
32,325
16,933
4,853,230
24
24
3,428,572
2,589,894
4,113,301
(1,523,407)
-

18,000
(79,244)
2,169,205
1,143,168
795,149
232,805
(1,918)
3,272,496
972,360
1,590,350
1,833
61,563
579,266
48,370
23,687
(4,934)
133,434
56,909
1,752
74,773
6,114,989
5,044,762
3,493,629
5,301,827
(1,808,198)
-

2012F
12,776,529
6,112,334
790,515
2,366,000
2,955,818
736,033
107,277
440,000
50,000
1,916,616

3,878,112

133,434

5,752,994
-

4,652,325
3,229,471
5,429,357
(2,199,887)
-

20,715
38,771
(18,056)
598,308
401,018
78,189
-

50,868
79,416
(28,548)
356,868
27,489
27,489
570,657
23,702
-

7,493
68,639
2,057
322,829
50,000
5,645
267,184

7,493
7,209
9,000
546,955
3,240
152,800
390,915
243,810
195,512
47,276
1,022
5,966,959
1,154,342
972,412
188,222
492,556
5,917
64,187
3,014
144,052
74,464
181,930
93,612
30,000
22,418
-

203,941
195,613
8,017
311
5,425,117
1,073,230
933,357
9,963
621,376
5,717
35,331
426
132,466
128,078
139,873
81,002
32,381
-

39,241
82,340
(43,098)
650,140
27,489
27,489
602,478
26,152
179,315
9,943
7,209
9,000
672,732
600,000
122,800
313,346
(96,405)
249,124
194,714
53,521
889
8,482,037
1,991,197
1,734,872
13,283
789,867
28,827
399,962
28,688
208,131
83,849
182,265
256,325
116,940
92,000
12,454
-

173,395
263,171
(89,776)
665,282
100,818
104,060
(3,242)
1,141,798
214,232

256,046
383,409
(127,363)
1,295,087
100,671
117,666
(16,995)
846,714
205,418

25,718
206,141
(180,423)
1,397,137
100,671
117,666
(16,995)
892,659
205,418

179,315
9,943
7,209
17,765
1,036,146
600,000
122,800
313,346
(108,580)
162,461
97,741
62,865
1,855
19,557
19,557

173,228
9,943
7,209
15,038
783,646
350,000
120,300
313,346
(142,351)
107,338
25,598
80,643
1,096
15,503
15,503

173,228
9,943
7,209
15,038
783,646
350,000
120,301
313,346
(96,405)
107,338

10,773,032
2,808,596
2,645,012
567,960
1,089,417
30,515
281,789
33,549
264,151
118,236
259,395
163,583
92,000
-

15,582,672
3,105,466
2,946,537
1,830,959
116,845
287,463
44,740
260,678
59,479
346,373
158,929
92,000
-

18,529,523
2,581,686
2,237,705
434,349

15,503

343,981

12,454
-

26,490

35,900

34,931
6,455,475
6,455,475
3,512,653
3,512,653
(154)
1,756,283
294,348
892,345
35,365
8,482,037
(0)

51,374
20,210
7,964,437
7,964,437
3,530,721
3,530,721
(669)
2,172,291
353,072
1,909,022
10,773,032
-

66,924
5
12,477,205
12,477,205
5,561,148
5,561,148
1,276,994
(2,522)
908,024
556,115
4,177,446
15,582,672
-

4,315,937
4,224,315
1,752,757
1,752,757
1,064,948
744,540
136,313
525,757
91,622
91,622
35,950
5,425,117
-

4,761,913
4,665,715
1,752,757
1,752,757
1,064,948
869,697
175,276
803,037
96,198
96,198
50,614
5,966,869
90

15,947,837
15,947,837
5,561,148
5,561,148
1,276,994
(2,522)
1,935,819
761,674
6,414,724
18,529,523
-

2007

2008

2009

2010

2011

2012F

164,437
48,172
96,345
308,954
499,975

125,155
38,964
125,155
289,274
680,733

886,586
119,072
238,144
1,243,803
-

416,008
58,724
474,732
1,765,200

588,625
203,043

1,027,795
205,559
1,233,354
1,668,344

791,668
741,428

2013F
15,788,735
7,791,753
790,515
2,366,000
4,635,238
736,033

2014F
19,052,843
9,416,532
790,515
2,366,000
6,260,016
736,033

2015F
22,889,235
11,236,550
790,515
2,366,000
8,080,035
736,033

2016F
27,386,829
13,254,004
790,515
2,366,000
10,097,488
736,033

107,277
440,000
50,000

107,277
440,000
50,000

107,277
440,000
50,000

107,277
440,000
50,000

2,357,437

2,899,648

3,566,567

4,386,877

4,770,078

5,867,196

7,216,651

8,876,481

133,434

133,434

133,434

133,434

8,495,795
-

10,138,974
-

12,160,085
-

14,646,052
-

7,395,126
5,644,890
8,347,637
(2,702,747)
-

9,038,306
6,885,390
10,267,593
(3,382,203)
-

11,059,416
8,411,206
12,629,139
(4,217,933)
-

13,545,383
10,287,959
15,533,841
(5,245,882)
-

31,758
253,553
(221,795)
1,718,478
100,671
117,666
(16,995)
892,659
205,418

39,187
311,871
(272,683)
2,113,728
100,671
117,666
(16,995)
892,659
205,418

48,325
383,601
(335,276)
2,599,885
100,671
117,666
(16,995)
892,659
205,418

59,565
471,829
(412,265)
3,197,859
100,671
117,666
(16,995)
892,659
205,418

173,228
9,943
7,209
15,038
783,646
350,000
120,302
313,346
(96,405)
107,338

173,228
9,943
7,209
15,038
783,646
350,000
120,303
313,346
(96,405)
107,338

173,228
9,943
7,209
15,038
783,646
350,000
120,304
313,346
(96,405)
107,338

173,228
9,943
7,209
15,038
783,646
350,000
120,305
313,346
(96,405)
107,338

15,503

15,503

15,503

15,503

24,284,530
4,347,829
3,927,597
534,249

29,191,817
5,344,965
4,830,944
657,126

35,049,320
6,571,442
5,942,061
808,265

42,032,880
7,378,391
6,607,117
994,166

420,232

514,021

629,381

771,274

12,454
-

12,454
-

12,454
-

12,454
-

19,936,702
19,936,702
5,561,148
5,561,148
1,276,994
(2,522)
3,489,150
1,010,207
8,601,725
24,284,530
-

23,846,852
23,846,852
5,561,148
5,561,148
1,276,994
(2,522)
5,300,860
1,300,080
10,410,292
29,191,817
-

28,477,878
28,477,878
5,561,148
5,561,148
1,276,994
(2,522)
7,362,303
1,629,911
12,650,044
35,049,320
-

34,654,490
34,654,490
5,561,148
5,561,148
1,276,994
(2,522)
9,879,657
2,032,688
15,906,525
42,032,880
-

2013F

2014F

2015F

2016F

1,553,331
248,533
1,801,864
2,224,459

1,811,710
289,874
2,101,583
3,336,689

2,061,443
329,831
2,391,274
3,614,746

2,517,354
402,777
2,920,130
3,892,803

Tnh trng bo co

BNG BO CO KT QU KINH DOANH (triu VN)

Doanh thu
Cc khon gim tr
Doanh thu thun
Gi vn hng bn
Li nhun gp
Doanh thu hot ng ti chnh
Li tin gi, tin cho vay
Li bn c phiu
Li t u t c phiu, tri phiu
C tc, li nhun c chia
Li do chnh lch t gi hi oi
Li nh gi li cc khon c gc ngoi t cui nm
Cc thu nhp ti chnh khc
C phiu thng
Chi ph ti chnh
Chi ph li
L do chnh lch t gi hi oi
L do u t tri phiu, c phiu
D phng gim gi cc khon u t
Chi ph ti chnh khc
Chi ph bn hng
Chi ph qun l doanh nghip
Li nhun t hot ng kinh doanh
Thu nhp khc
Chi ph khc
Thu nhp khc, s thun
Phn l trong lin doanh
Li nhun trc thu
Thu thu nhp doanh nghip hin hnh
Thu thu nhp doanh nghip hon li
Tng mc thu thu nhp doanh nghip
Li nhun sau thu
Phn b cho c ng thiu s
Phn b cho c ng cng ty m
Bnh qun s c phiu ph thng ang lu hnh (Triu CP)
Li c bn trn mi c phiu (VN)

KT

2004
4,226,843
4,226,843
(3,166,393)
1,060,450
69,253
45,760
9,479
2,266
3,429
8,292
27
(51,861)
(8,362)
(43,369)
(130)

(446,371)
(99,624)
531,847

12,234
544,081
(26,410)
(26,410)
517,671
517,671

KT

KT

KT

2005
5,659,290
(20,506)
5,638,784
(4,379,796)
1,258,988
55,373
40,506
5,752
3,562
1,069
3,742
742

2006
6,289,440
(43,821)
6,245,619
(4,678,114)
1,567,505
74,253
34,268
17,968
7,740
5,230
5,170
3,877

2007
6,675,244
(137,280)
6,537,964
(4,835,772)
1,702,192
257,865
86,251
150,901
1,398
9,650
8,838
827

(19,988)
(10,030)
(9,362)
(695)

(49,227)
(43,591)
(3,896)
(1,700)
(40)
(859,396)
(112,888)
620,247
387,125
(335,728)
51,397
(8,870)
662,774
(2,884)
(2,884)
659,890
659,890
159
4,150

(25,862)
(11,667)
(14,747)
(690)
1,524
(282)
(864,308)
(297,804)
772,083
197,490
(3,185)
120,790
(30,538)
862,335
8,017
8,017
870,352
(50)
870,402
172
5,065

(654,102)
(80,438)
559,833
45,112
(524)
42,767
602,600
2,884
2,884
605,484
605,484
159
3,816

KT

2008
8,380,563
(171,581)
8,208,982
(5,610,969)
2,598,013
264,810
60,270
119,553
3,598
29,890
46,050
5,454
5,205
(197,621)
(26,971)
(47,314)
(516)
(122,820)
(1,052,308)
(297,804)
1,315,090
136,902
(3,429)
130,173
(73,950)
1,371,313
(161,874)
39,259
(122,615)
1,248,698
(1,422)
1,250,120
175
7,132

KT

KT

2009
10,820,142
(206,371)
10,613,771
(6,735,062)
3,878,709
439,936
106,586
17,704
9,274
14,588
132,217
155,256
4,311
(184,828)
(6,655)
(118,124)
(133)
59,916
(1,245,476)
(292,942)
2,595,399
143,031
(7,072)
135,959
2,731,358
(361,536)
6,246
(355,291)
2,376,067
(428)
2,376,495
351
6,769
-

2010
16,081,466
(328,600)
15,752,866
(10,579,208)
5,173,658
448,530
196,899
1,038
60,570
18,024
124,057
47,711
231
(153,199)
(7,475)
(105,840)
(3,519)
(5,996)
(1,438,186)
(388,147)
3,642,656
608,786
608,786
(235)
4,251,207
(645,059)
9,344
(635,714)
3,615,493
693
3,616,186
529
6,834

KT

2011
22,070,557
(443,129)
21,627,429
(15,039,305)
6,588,124
680,232
368,961
97,989
25,577
133,012
53,335
1,359
(246,430)
(15,107)
(166,239)
(42,357)
(59)
(1,811,914)
(459,432)
4,750,580
237,226
237,226
(8,814)
4,978,992
(778,589)
17,778
(760,810)
4,218,182
4,218,182
547
7,717

2012F
27,146,786

2013F
33,390,546

2014F
41,070,372

2015F
50,516,558

27,146,786
(18,459,814)
8,686,971
402,816
91,545
97,989
25,577
133,012
53,335
1,359
(220,469)
(11,814)
(166,239)
(42,357)
(59)
(2,171,743)
(734,966)
5,962,609

33,390,546
(22,705,572)
10,684,975
402,816
91,545
97,989
25,577
133,012
53,335
1,359
(233,493)
(24,838)
(166,239)
(42,357)
(59)
(2,671,244)
(834,764)
7,348,290

41,070,372
(27,927,853)
13,142,519
402,816
91,545
97,989
25,577
133,012
53,335
1,359
(239,063)
(30,407)
(166,239)
(42,357)
(59)
(3,285,630)
(1,191,041)
8,829,602

50,516,558
(34,351,259)
16,165,298
402,816
91,545
97,989
25,577
133,012
53,335
1,359
(245,913)
(37,257)
(166,239)
(42,357)
(59)
(4,041,325)
(1,515,497)
10,765,380

237,226
(8,814)
6,191,022

237,226
(8,814)
7,576,702

237,226
(8,814)
9,058,014

237,226
(8,814)
10,993,792

(1,052,474)
5,138,548
(428)
5,138,976
556
9,241

(1,363,806)
6,212,896
(428)
6,213,324
556
11,173

(1,811,603)
7,246,411
(428)
7,246,839
556
13,031

(2,748,448)
8,245,344
(428)
8,245,772
556
14,827

2016F
62,135,366
62,135,366
(42,252,049)
19,883,317
402,816
91,545
97,989
25,577
133,012
53,335
1,359
(254,339)
(45,683)
(166,239)
(42,357)
(59)
(4,970,829)
(1,864,061)
13,196,904

237,226
(8,814)
13,425,316

(3,356,329)
10,068,987
(428)
10,069,415
556
18,107

Tnh trng bo co

KT

BNG BO CO KT QU KINH DOANH (triu VN)

Doanh thu
Cc khon gim tr
Doanh thu thun
Gi vn hng bn
Li nhun gp
Chi ph bn hng
Chi ph qun l doanh nghip
LN hot ng kinh doanh chnh trc thu (Operating profit)
Doanh thu hot ng ti chnh
Li tin gi, tin cho vay
Li bn c phiu
Li t u t c phiu, tri phiu
C tc, li nhun c chia
Li do chnh lch t gi hi oi
Li nh gi li cc khon c gc ngoi t cui nm
Cc thu nhp ti chnh khc
C phiu thng
Chi ph ti chnh
Chi ph li
L do chnh lch t gi hi oi
L do u t tri phiu, c phiu
D phng gim gi cc khon u t
Chi ph ti chnh khc
Thu nhp khc
Chi ph khc
Thu nhp khc, s thun
Phn l trong lin doanh
Li nhun trc thu
Thu thu nhp doanh nghip hin hnh
Thu thu nhp doanh nghip hon li
Tng mc thu thu nhp doanh nghip
Thu sut hiu lc
Li nhun sau thu
Phn b cho c ng thiu s
Phn b cho c ng cng ty m
S c phiu ph thng bnh qun ang lu hnh (Triu CP)
EPS c bo co (VN)
S c phiu ph thng bnh qun ang lu hnh (Triu CP)
EPS iu chnh (VND)

2004
4,226,843
4,226,843
(3,166,393)
1,060,450
(446,371)
(99,624)
506,093
69,253
45,760
9,479
2,266
3,429
8,292
27
(51,861)
(8,362)
(43,369)
(130)
12,234
544,081
(26,410)
(26,410)
4.9%
517,671
517,671
351
1,474

Thu sut hiu lc hot ng

Li nhun sau thu hot ng
S c phiu ph thng bnh qun ang lu hnh (Triu CP)
EPS hot ng c bo co,(VND)
S c phiu ph thng bnh qun ang lu hnh (Triu CP)
EPS hot ng iu chnh (VND)

506,093

EBIT

552,443

547
926

EBITDA

KT

KT

KT

KT

KT

2005
5,659,290
(20,506)
5,638,784
(4,379,796)
1,258,988
(654,102)
(80,438)
514,418
55,373
40,506
5,752
3,562
1,069
3,742
742
(19,988)
(10,030)
(9,362)
(695)
45,112
(524)
42,767
602,600
2,884
2,884
-0.5%
605,484
605,484
159
3,816
351
1,725

2006
6,289,440
(43,821)
6,245,619
(4,678,114)
1,567,505
(859,396)
(112,888)
551,630
74,253
34,268
17,968
7,740
5,230
5,170
3,877
(49,227)
(43,591)
(3,896)
(1,700)
(40)
387,125
(335,728)
51,397
(8,870)
662,774
(2,884)
(2,884)
0.4%
659,890
659,890
159
4,150
351
1,880

2007
6,675,244
(137,280)
6,537,964
(4,835,772)
1,702,192
(864,308)
(297,804)
528,413
257,865
86,251
150,901
1,398
9,650
8,838
827
(25,862)
(11,667)
(14,747)
(690)
1,524
(282)
197,490
(3,185)
120,790
(30,538)
862,335
8,017
8,017
-0.9%
870,352
(50)
870,402
172
5,065
351
2,479

2008
8,380,563
(171,581)
8,208,982
(5,610,969)
2,598,013
(1,052,308)
(297,804)
1,220,930
264,810
60,270
119,553
3,598
29,890
46,050
5,454
5,205
(197,621)
(26,971)
(47,314)
(516)
(122,820)
136,902
(3,429)
130,173
(73,950)
1,371,313
(161,874)
39,259
(122,615)
8.9%
1,248,698
(1,422)
1,250,120
175
7,132
351
3,561

2009
10,820,142
(206,371)
10,613,771
(6,735,062)
3,878,709
(1,245,476)
(292,942)
2,333,636
439,936
106,586
17,704
9,274
14,588
132,217
155,256
4,311
(184,828)
(6,655)
(118,124)
(133)
59,916
143,031
(7,072)
135,959
2,731,358
(361,536)
6,246
(355,291)
13.0%
2,376,067
(428)
2,376,495
351
6,770
351
6,769

2010
16,081,466
(328,600)
15,752,866
(10,579,208)
5,173,658
(1,438,186)
(388,147)
3,339,850
448,530
196,899
1,038
60,570
18,024
124,057
47,711
231
(153,199)
(7,475)
(105,840)
(3,519)
(5,996)
608,786
608,786
(235)
4,251,207
(645,059)
9,344
(635,714)
15.0%
3,615,493
(428)
3,615,921
529
6,771
529
6,833

514,418
159
3,242
547
941

551,630
159
3,469
547
1,009

528,413
172
3,075
547
967

1,220,930
175
6,965
547
2,234

12.5%
2,041,932
351
5,816
547
3,736

12.5%
2,922,369
529
5,523
547
5,346

612,630

706,365

874,002

1,398,284

2,738,013

4,258,682

807,122

994,261

1,557,038

2,963,036

4,532,085

2011
22,070,557
(443,129)
21,627,429
(15,039,305)
6,588,124
(1,811,914)
(459,432)
4,301,671
680,232
368,961
97,989
25,577
133,012
53,335
1,359
(246,430)
(15,107)
(166,239)
(42,357)
(59)
237,226
237,226
(8,814)
4,978,992
(778,589)
17,778
(760,810)
15.3%
4,218,182
(428)
4,218,610
547
6,772
547
7,718

2012F
27,146,786
27,146,786
(18,459,814)
8,686,971
(2,171,743)
(734,966)
5,768,449
402,816
91,545
97,989
25,577
133,012
53,335
1,359
(220,469)
(11,814)
(166,239)
(42,357)
(59)
237,226
(8,814)
6,191,022
17.0%
6,191,022
(428)
6,191,449
556
6,771
556
11,133

2013F
33,390,546
33,390,546
(22,705,572)
10,684,975
(2,671,244)
(834,764)
7,154,130
402,816
91,545
97,989
25,577
133,012
53,335
1,359
(233,493)
(24,838)
(166,239)
(42,357)
(59)
237,226
(8,814)
7,576,702
18.0%
7,576,702
(428)
7,577,130
556
6,772
556
13,625

2014F
41,070,372
41,070,372
(27,927,853)
13,142,519
(3,285,630)
(1,191,041)
8,635,441
402,816
91,545
97,989
25,577
133,012
53,335
1,359
(239,063)
(30,407)
(166,239)
(42,357)
(59)
237,226
(8,814)
9,058,014
20.0%
9,058,014
(428)
9,058,442
556
6,773
556
16,289

2015F
50,516,558
50,516,558
(34,351,259)
16,165,298
(4,041,325)
(1,515,497)
10,571,220
402,816
91,545
97,989
25,577
133,012
53,335
1,359
(245,913)
(37,257)
(166,239)
(42,357)
(59)
237,226
(8,814)
10,993,792
25.0%
10,993,792
(428)
10,994,220
556
6,774
556
19,770

2016F
62,135,366
62,135,366
(42,252,049)
19,883,317
(4,970,829)
(1,864,061)
13,002,743
402,816
91,545
97,989
25,577
133,012
53,335
1,359
(254,339)
(45,683)
(166,239)
(42,357)
(59)
237,226
(8,814)
13,425,316
25.0%
13,425,316
(428)
13,425,744
556
6,775
556
24,142

12.5%
3,763,962
547
6,886
547
6,886

25.0%
4,326,337
556
7,780
556
7,780

25.0%
5,365,597
556
9,648
556
9,648

25.0%
6,476,581
556
11,646
556
11,646

25.0%
7,928,415
556
14,257
556
14,257

25.0%
9,752,058
556
17,536
556
17,536

4,994,099

6,200,827

7,597,069

9,082,340

11,021,735

13,459,579

5,330,230

6,645,575

8,141,302

9,812,684

11,920,059

14,564,516

1
2
3
4
5
6
7
8
9
10
1
2
3
4
5
6
7
1
2
3
4
5
6
7
1
2
3
4
5
6
7
8
9
1
2
3
4

1
2

T S TI CHNH
TC TNG TRNG (GROW RATE)
Year-on-Year
Doanh thu thun
Gi vn hng bn
Li nhun trc thu
Li nhun sau thu
Li nhun hot ng trc thu
EPS iu chnh
Tng ti sn
Vn ch s hu
Vn iu l
Vn lun chuyn
Compound Annual (CARG)
Doanh thu thun
Li nhun trc thu
Li nhun sau thu
Li nhun hot ng trc thu
EPS iu chnh
Tng ti sn
Vn ch s hu
C CU KT QA KINH DOANH
Tin hot ng ngn hn/doanh thu
Li nhun hot ng trc thu/ li nhun trc thu
Li nhun t hot ng ti chnh (loi tr chi ph li vay)/LNTT
Li nhun khc/LNTT
Gi vn hng bn/ Doanh thu
Chi ph bn hng/ Doanh thu
Chi ph QLDN/ Doanh thu
C CU TI SN
Tng tin/Tng ti sn
Cc khon phi thu ngn hn/Tng ti sn
Hng tn kho/Tng ti sn
Ti sn c nh/Tng ti sn
u t ti chnh di hn/Tng ti sn
Tng n/Tng ti sn
Tng n/ Ngun vn ch s hu
N vay ngn hn/ n ngn hn
N vay di hn/n di hn
PHN TCH DUPONT
(LNST ca cng ty m-chi khen thng phc li) / Doanh thu
Doanh thu/ Tng ti sn bnh qun
Tng ti sn bnh qun/ Ngun vn ch s hu BQ ( tr qu PLKT)
ROEA
HIU QU HOT NG KINH DOANH
Kh nng sinh li
Li nhun gp/ Doanh thu
Li nhun sau thu/Doanh thu

2004

1.7%
93.0%
2.2%
74.9%
10.6%
2.4%

25.1%
12.2%

3
4
5
6
7
8
9
1
2
3
4
5
6
7
8
9
10

1
2
3
4
1
2
1
2
3
1
2
3
4
5
6
7
8
9
10
11
12
13

Li nhun hot ng sau thu/Doanh thu

EBITDA/ Doanh thu
EBITDA/ Tng ti sn bnh qun
EBITDA/ Ngun vn ch s hu bnh qun (tr Qu PLKT)
ROAA
ROAA iu chnh hay ROI
ROIC (Return on invested capital)
Hiu qu hot ng
Vng quay TSC hu hnh bnh qun
Vng quay TSC v hnh bnh qun
Vng quay tng ti sn bnh qun
Vng quay cc khon phi thu ngn hn bnh qun
K thu tin bnh qun (ngy)
Vng quay cc khon phi tr bnh qun
K thanh ton bnh qun (ngy)
Vng quay hng tn kho
Thi gian tn kho bnh qun (ngy)
Chu k chuyn i tin mt (ngy)
Kh nng thanh ton
Kh nng thanh ton ngn hn
Kh nng thanh ton hin hnh
Kh nng thanh ton nhanh
Kh nng thanh ton tin mt
EBITDA/Tng n
Kh nng thanh ton li vay
EBIT/ Chi ph li vay
EBITDA/ Chi ph li vay
Cu trc ti chnh
Cu trc vn (N di hn/ Ngun vn ch s hu ( tr qu PLKT)
Tng n c li/ Tng ti sn
Tng n di hn/ Tng ti sn
Ch s th trng
Gi th trng (cha iu chnh pht hnh thm cho qu kh)
EPS c bn (cha iu chnh pht hnh thm cho qu kh)
P/E
E/P
PEG
BVS (cha iu chnh pht hnh thm cho qu kh)
P/BV
DIV
Tng trng c tc
T l chi tr c tc
D/P
Doanh s trn mi c phn
P/S

12.0%

(2.00)

9.87

2005

2006

2007

2008

2009

2010

33.4%
38.3%
10.8%
17.0%
1.6%
1.6%
52.5%
18.7%
1.3%

10.8%
6.8%
10.0%
9.0%
7.2%
7.2%
-7.6%
24.6%
0.0%
-22%

25.6%
16.0%
59.0%
43.5%
131.1%
131.1%
10.0%
10.4%
0.0%

21.6%
10.4%
12.9%
110.2%
65.2%
25.0%
23.6%

4.7%
3.4%
30.1%
31.9%
-4.2%
-4.2%
50.7%
57.4%
10.2%
46%
4 nm
15.6%
16.6%
18.9%
84.9%
40.2%
25.7%
23.5%

5 nm
18.1%
26.0%
24.6%
68.9%
32.8%
30.2%
31.1%

29.3%
20.0%
99.2%
90.3%
91.1%
67.2%
42.2%
38.4%
100.4%
-3082%
6 nm
20.2%
38.1%
35.6%
61.3%
35.0%
27.8%
30.4%

48.4%
57.1%
55.6%
52.2%
43.1%
43.1%
27.0%
23.4%
0.5%
-136%
7 nm
24.5%
40.9%
38.3%
54.4%
32.8%
28.4%
29.5%

7.1%
77.7%
11.6%
1.4%

2.5%
83.2%
10.4%
7.8%
74.9%
13.7%
1.8%

1.8%
61.3%
28.3%
14.0%
74.0%
12.9%
4.5%

2.9%
89.0%
6.9%
9.5%
68.4%
12.6%
3.6%

24.1%
85.4%
9.6%
5.0%
63.5%
11.5%
2.7%

11.5%
93.2%
7.1%
14.3%
67.2%
8.9%
2.4%

4.9%
28.8%
20.4%
12.3%
36.5%
57.5%
1.1%
29.6%

17.9%
4.4%
27.3%
24.4%
13.7%
33.5%
50.4%
1.3%
29.4%

5.5%
10.6%
29.3%
30.1%
9.0%
21.4%
27.4%
1.6%
30.2%

5.4%
9.0%
30.3%
31.4%
8.5%
19.6%
24.5%
10.4%
17.0%

21.4%
18.6%
21.4%
30.9%
8.1%
21.8%
28.0%
7.4%
8.0%

25.3%
21.1%
19.0%
30.9%
9.1%
24.9%
33.3%
13.3%
3.0%

9.7%
1.75
1.63
30.5%

11.1%
1.68
1.55
27.3%

12.5%
1.48
1.31
25.2%

14.9%
1.47
1.28
28.1%

22.9%
1.50
1.30
42.7%

22.5%
1.67
1.34
50.2%

22.2%
10.7%

24.9%
10.5%

25.5%
13.0%

31.0%
14.9%

35.8%
22.0%

32.2%
22.5%

3 nm

2.7%
85.4%

(105.21)

9.1%
0.0%
0.0%
0.0%
18.8%
19.1%
30.7%

8.8%
12.8%
21.5%
33.4%
17.6%
18.8%
28.8%

7.9%
14.9%
22.0%
28.8%
19.3%
19.5%
15.6%

14.6%
18.6%
27.3%
35.0%
21.9%
22.4%
25.2%

18.9%
27.4%
41.0%
53.3%
32.9%
33.0%
55.3%

18.2%
28.2%
47.1%
62.9%
37.6%
37.6%
56.7%

11.67
642.8
1.75
12.79
28.5
5.03
72.6
6.09
59.97
15.87

9.64
683.4
1.68
10.33
35.3
5.39
67.7
6.14
59.41
27.02

7.55
447.2
1.48
11.45
31.9
7.91
46.1
5.06
72.20
57.95

6.57
234.1
1.47
12.88
28.3
8.79
41.5
4.86
75.14
61.97

6.43
240.2
1.50
15.74
23.2
7.99
45.7
7.01
52.07
29.60

7.27
151.3
1.67
17.35
21.0
7.34
49.7
8.78
41.57
12.90

1.86
1.03
0.45
0.00

1.89
1.01
0.28
0.64

3.07
1.50
0.16
1.03

3.34
1.53
0.24
1.40

3.05
1.91
0.28
1.88

2.51
1.67
0.24
1.89

61.1
0.0

16.2
18.5

74.9
85.2

51.8
57.7

411.4
445.2

569.7
606.3

0.77%
0.87%
0.47%

1.09%
1.11%
0.70%

1.08%
1.14%
0.83%

0.62%
2.22%
0.48%

0.31%
1.64%
0.24%

0.09%
3.08%
0.06%

125,000
4,150
30.12
3.3%
3.44
16,879
7.41

164,000
5,065
32.38
3.1%
1.47
24,101
6.80
2,900

83,000
7,132
11.64
8.6%
0.29
26,619
3.12
2,900
0.0%
40.7%
3.5%
47,814
1.74

75,000
6,769
11.08
9.0%
(2.18)
18,378
4.08
2,000
-31.0%
29.5%
2.7%
30,803
2.43

86,000
6,834
12.58
7.9%
13.10
22,558
3.81
3,000
50.0%
43.9%
3.5%
45,547
1.89

3,816

13,551

57.3%
1.8%
38,084
4.31

Hin ti
2011

2012F

2013F

2014F

2015F

2016F

37.3%
42.2%
17.1%
16.7%
28.8%
28.8%
44.6%
56.7%
57.5%
4.3
8 nm
26.3%
37.2%
34.9%
49.0%
30.9%
27.2%
28.1%

25.0%
22.7%
24.3%
21.8%
34.1%
13.0%
18.9%
27.8%
0.0%
-37.9%

23.0%
23.0%
22.4%
20.9%
24.0%
24.0%
31.1%
25.0%
0.0%
-133.6%

23.0%
23.0%
19.6%
16.6%
20.7%
20.7%
20.2%
19.6%
0.0%
-306.1%

23.0%
23.0%
21.4%
13.8%
22.4%
22.4%
20.1%
19.4%
0.0%
23.0%

23.0%
23.0%
22.1%
22.1%
23.0%
23.0%
19.9%
21.7%
0.0%
100.5%
5 nm
23.0%
21.4%
18.3%
22.5%
21.3%
22.7%
21.4%

5.6%
94.4%
9.0%
4.8%
69.5%
8.2%
2.1%

4.5%
93.2%
3.1%
3.8%
68.0%
8.0%
2.7%

3.7%
94.4%
2.6%
3.1%
68.0%
8.0%
2.5%

3.0%
95.3%
2.1%
2.6%
68.0%
8.0%
2.9%

2.4%
96.2%
1.8%
2.2%
68.0%
8.0%
3.0%

2.0%
96.9%
1.4%
1.8%
68.0%
8.0%
3.0%

22.1%
9.4%
21.3%
32.1%
7.5%
22.4%
28.9%
10.2%
0.0%

29.8%
4.3%
21.0%
28.4%
5.1%
16.7%
20.0%
8.4%
2.5%

34.5%
3.4%
20.2%
28.1%
4.2%
16.2%
19.3%
15.7%
3.3%

33.8%
2.8%
19.9%
30.7%
3.3%
18.1%
22.1%
13.6%
2.7%

33.5%
2.3%
20.4%
31.3%
2.8%
18.5%
22.8%
13.6%
2.2%

32.9%
1.9%
20.9%
31.9%
2.3%
18.1%
22.1%
14.4%
1.8%

19.1%
1.67
1.29
41.3%

18.9%
1.59
1.20
36.2%

18.6%
1.56
1.19
34.6%

17.6%
1.54
1.22
33.1%

16.3%
1.57
1.23
31.5%

16.2%
1.61
1.22
31.9%

29.9%
19.1%

32.0%
18.9%

32.0%
18.6%

32.0%
17.6%

32.0%
16.3%

32.0%
16.2%

17.1%
24.2%
40.4%
52.2%
32.0%
32.1%
37.9%

15.9%
24.5%
39.0%
46.8%
30.1%
30.2%
35.2%

16.1%
24.4%
38.0%
45.4%
29.0%
29.1%
33.8%

15.8%
23.9%
36.7%
44.8%
27.1%
27.2%
32.7%

15.7%
23.6%
37.1%
45.6%
25.7%
25.8%
31.1%

15.7%
23.4%
37.8%
46.1%
26.1%
26.2%
31.1%

7.26
102.8
1.67
13.40
27.2
7.89
46.2
7.85
46.50
27.51

8.08
192.7
1.59
13.29
27.5
10.47
34.9
7.59
48.07
40.69

7.53
1,161.9
1.56
15.62
23.4
10.83
33.7
7.72
47.27
36.93

6.56
1,157.8
1.54
15.62
23.4
9.38
38.9
7.72
47.27
31.71

6.60
1,154.5
1.57
15.62
23.4
9.38
38.9
7.72
47.27
31.71

6.65
1,151.8
1.61
15.62
23.4
9.90
36.9
7.72
47.27
33.77

2.75
1.75
0.67
1.80

4.29
2.91
1.79
2.34

4.63
3.23
2.26
2.35

3.98
2.76
1.96
2.02

3.89
2.68
1.92
2.00

4.01
2.72
1.95
2.09

330.6
352.8

524.9
562.5

305.9
327.8

298.7
322.7

295.8
319.9

294.6
318.8

0.00%
2.15%
0.00%

0.04%
1.31%
0.04%

0.07%
2.32%
0.06%

0.06%
2.27%
0.05%

0.05%
2.32%
0.04%

0.04%
2.37%
0.03%

86,500
7,717
11.21
8.9%
0.87
22,436
3.86
4,000
33.3%
51.8%
4.6%
39,687
2.18

86,500
9,241
9.36
10.7%
0.47
28,677
3.02
3,000
-25.0%
32.5%
3.5%
48,815
1.77

86,500
11,173
7.74
12.9%
0.37
35,850
2.41
4,000
33.3%
35.8%
4.6%
60,043
1.44

86,500
13,031
6.64
15.1%
0.40
42,881
2.02
6,000
50.0%
46.0%
6.9%
73,852
1.17

86,500
14,827
5.83
17.1%
0.42
51,209
1.69
6,500
8.3%
43.8%
7.5%
90,838
0.95

86,500
18,107
4.78
20.9%
0.22
62,315
1.39
7,000
7.7%
38.7%
8.1%
111,731
0.77

CHI TIU VN
Triu VND
Ti sn c nh hu hinh
Nguyn gi
Khu hao lu k
Ti sn thu ti chnh
Nguyn gi
Khu hao lu k
Ti sn c nh v hnh
Nguyn gi
Khu hao lu k
Bt ng sn u t
Nguyn gi
Khu hao lu k
Chi ph xy dng c bn d dang

2004
410,906
1,040,447
(629,541)
8,344
19,992
(11,648)
139,007

2005
558,790
1,285,280
(726,490)
9,264
21,003
(11,739)
189,319

Tng khu hao lu k

Khu hao hng nm
Ti sn c nh u t thm
T l khu hao TSC hu hnh hng nm
T l khu hao TSTTC hng nm
T l khu hao TSC v hnh hng nm
T l khu hao BS hng nm

(641,189)

(738,229)
(97,040)
296,156
8.3%

VN LUN CHUYN
Triu VND
Thay i vn lun chuyn
Thay i hng tn kho
Thay i cc khon phi thu
Thay i cc ti sn ngn hn khc
Thay i cc khon phi tr

Vn lun chuyn/doanh s

0.4%

2004
-

2005
(604,710)
(527,717)
(76,993)

10.7%

2006
746,661
1,573,284
(826,623)
9,141
21,504
(12,363)
316,178

2007
1,022,646
1,963,835
(941,189)
20,715
38,771
(18,056)
598,308

2008
1,529,187
2,618,638
(1,089,451)
50,868
79,416
(28,548)
27,489
27,489
356,868

2009
1,835,583
3,135,506
(1,299,924)
39,241
82,340
(43,098)
27,489
27,489
650,140

2010
2,589,894
4,113,301
(1,523,407)
173,395
263,171
(89,776)
100,818
104,060
(3,242)
665,282

2011
3,493,629
5,301,827
(1,808,198)
256,046
383,409
(127,363)
100,671
117,666
(16,995)
1,295,087

(838,986)
(100,757)
415,364
7.0%

(959,245)
(120,259)
689,948
6.5%

(1,117,999)
(158,754)
454,008
6.5%

(1,343,022)
(225,023)
813,064
7.3%

(1,616,425)
(273,403)
1,173,768
6.2%

(1,952,557)
(336,132)
1,938,569
6.0%

2.9%

18.9%

17.8%

18.0%

27.0%

11.6%

2006
(474,478)
115,675
194,543
40,381
(825,077)

2007
(693,656)
(709,338)
(143,097)
(20,222)
179,001

2008
(30,471)
(100,178)
8,335
22,317
39,055

2009
908,639
463,577
(82,250)
(235,148)
762,460

2010
(325,160)
(1,039,589)
(396,227)
200,516
910,140

2011
(1,709,539)
(921,141)
(1,044,343)
(45,579)
301,525

7.5%

10.4%

0.4%

-8.4%

2.0%

7.7%

2012F
3,229,471
5,429,357
(2,199,887)
25,718
206,141
(180,423)
100,671
117,666
(16,995)
1,397,137

2013F
5,644,890
8,347,637
(2,702,747)
31,758
253,553
(221,795)
100,671
117,666
(16,995)
1,718,478

2014F
6,885,390
10,267,593
(3,382,203)
39,187
311,871
(272,683)
100,671
117,666
(16,995)
2,113,728

2015F
8,411,206
12,629,139
(4,217,933)
48,325
383,601
(335,276)
100,671
117,666
(16,995)
2,599,885

2016F
10,287,959
15,533,841
(5,245,882)
59,565
471,829
(412,265)
100,671
117,666
(16,995)
3,197,859

(2,397,305)
(444,748)
52,311

(2,941,537)
(544,233)
3,287,033

(3,671,881)
(730,344)
2,373,524

(4,570,205)
(898,323)
2,919,434

(5,675,142)
(1,104,938)
3,590,904

2012F
(1,061,859)
(605,617)
252,589
(708,832)

2013F
357,104
(891,966)
(440,822)
1,689,891

2014F
(735,981)
(1,097,118)
(542,211)
903,347

2015F
(905,257)
(1,349,455)
(666,919)
1,111,117

2016F
(1,815,085)
(1,659,830)
(820,310)
665,055

3.9%

-1.1%

1.8%

1.8%

2.9%

12,223,206.08

CC T S D PHNG
BNG BO CO THU NHP
1 Tng trng doanh s
2 T s li nhun gp bin
3 Chi ph bn hng/ Doanh thu
4 Chi ph qun l doanh nghip/ Doanh thu
5 Chi ph li vay/N c li bnh qun
6 Thu sut thu TNDN hin hnh
BNG CN I K TON
Ti sn lu ng
1 Vng quay cc khon phi thu bnh qun
2 Vng quay hng tn kho bnh qun
Ti sn di hn
1 Vng quay ti sn c nh hu hnh bnh qun nguyn gi
2 T l khu hao TSC hu hnh hng nm
3 Vng quay ti sn c nh v hnh bnh qun nguyn gi
4 T l khu hao TSC v hnh
5 Vng quay ti sn c nh cho thu ti chnh bnh qun nguyn gi
6 T l khu hao TSCTTC
7 Xy dng c bn d dang/ Doanh thu
N ngn hn
1 Vay v n ngn hn/ Doanh thu
2 Vng quay cc khon phi tr (khng tnh vay v n ngn hn)
N di hn
1 Vng quay cc khon phi tr di hn (khng tnh vay v n di hn)
Vn ch s hu
Trch lp qu u t pht trin
Trch lp qu d phng ti chnh
Trch lp qu khen thng phc li
Chi tr c tc bng tin mt (VN)
T l chi tr c tc

HOT NG TI CHNH
Tin gi ngn hng ngn hn v cho vay ngn hn
Tin gi ngn hng di hn v cho vay di hn
Tng
Li sut tin gi gi nh
Li tin gi

Triu VND

2004

2005

25.09%
10.56%
2.36%

33.40%
22.33%
11.56%
1.42%
35.9%

4.9%
2004

-0.5%
2005

12.8
6.1
4.87
8.3%
276.1
0.4%
2.9%
0.2%
5.08
156.2

1,500

2006

2007

2008

2009

2010

2011

2012F

2013F

2014F

10.76%
25.10%
13.66%
1.79%
105.2%

4.68%
26.04%
12.95%
4.46%
22.7%

25.56%
31.65%
12.56%
3.55%
21.3%

29.29%
36.54%
11.51%
2.71%
5.6%

48.42%
32.84%
8.94%
2.41%
2.5%

37.29%
30.46%
8.21%
2.08%
5.3%

23.00%
32.00%
8.00%
2.50%
5.0%

23.00%
32.00%
8.00%
2.90%
5.0%

23.00%
32.00%
8.00%
3.00%
5.0%

0.4%
2006

-0.9%
2007

8.9%
2008

13.0%
2009

15.0%
2010

15.3%
2011

17.0%
2012F

18.0%
2013F

20.0%
2014F

10.3
6.1

11.4
5.1

12.9
4.9

15.7
7.0

17.4
8.8

13.4
7.8

14.2
7.0

14.2
7.0

14.2
7.0

4.40
7.0%
295.9
2.9%
4.0%

3.77
6.5%
221.5
18.9%
6.8%

3.66
6.5%
141.8
17.8%
5.7%

3.76
7.3%
133.8
18.0%
4.7%

4.44
6.2%
93.1
27.0%
4.1%

4.69
6.0%
68.3
11.6%
4.4%

5.00
7.3%
131.69
18.0%
5.1%

4.00
7.3%
131.69
18.0%
5.1%

4.00
7.3%
131.69
18.0%
5.1%

0.2%
5.46

0.2%
8.04

1.2%
9.82

0.9%
8.64

1.8%
8.47

1.3%
8.79

1.6%
6.00

1.6%
8.00

1.6%
8.00

99.3

77.2

62.8

53.6

78.9

136.9

81.88

81.88

81.88

2,900
57.3%

10.0%
3.1%
10.0%
2,900
40.7%

37.3%
5.0%
10.0%
2,000
29.5%

24.5%
3.3%
6.6%
3,000
43.9%

21.0%
2.8%
5.6%
4,000
51.8%

20%
4.0%
0.0%
3,000
32.5%

25%
4.0%
0.0%
4,000
35.80%

25%
4.0%
0.0%
6,000
46.0%

490,000
120,300
610,300
15%
91,545

2015F

2016F

23.00%
32.00%
8.00%
3.00%
5.0%

23.00%
32.00%
8.00%
3.00%
5.0%

25.0%
2015F

25.0%
2016F

14.2
7.0

14.2
7.0

4.00
7.3%
131.69
18.0%
5.1%

4.00
7.3%
131.69
18.0%
5.1%

1.6%
8.00

1.6%
9.00

81.88

81.88

25%
4.0%
0.0%
6,500
43.8%

25%
4.0%
0.0%
7,000
38.7%

PHN TCH DNG TIN

Triu VND
Li nhun sau thu
Khu hao
Gi tr hao mn li th thng mi
Chi ph li vay sau thu
Trch lp qu u t pht trin
Trch lp qu d phng ti chnh
Trch lp qu phc li khen thng
Dng tin trc thay i vn lu ng
Thay i vn lu ng
Thay i tn kho
Thay i cc khon phi thu
Thay i cc khon phi tr
Thay i ti sn ngn hn khc
Chi ph u t
u t ti sn c nh
Bt ng sn u t
u t ti chnh di hn
Ti sn di hn khc
Dng tin t do to ra cho cng ty (FCFF)
Chi ph li vay sau thu
Vay mi/(tr n vay)
N di hn (khng tnh n vay ngn hng)
Tng vn iu l
Tng (gim) thng d vn
Tng (gim) c phiu qu
Tng (gim) qu u t pht trin
Tng (gim) qu d phng ti chnh
Tng (gim) li nhun cha phn phi
Tng (gim) ngun kinh ph v qu khc
Dng tin t do to ra cho ch s hu (FCFE)

2005
517,671
97,040
9,543
(60,548)
(30,274)
(60,548)
472,884
(527,717)
(76,993)
(815,617)
(296,156)
(428,989)
(90,472)
(342,733)
(9,543)
(9,590)
49,910
44,227
60,548
30,274
183,814
55,046
61,953

2006
605,484
100,757
43,800
(469,812)
(32,995)
(65,989)
181,245
(474,478)
115,675
194,543
(825,077)
40,381
(216,598)
(415,364)
196,059
2,707
(509,831)
(43,800)
31,935
4,274
466,840
31,509
30,764
(37,648)
(25,957)

2007
659,890
120,259
11,616
(164,437)
(48,172)
(96,345)
482,811
(693,656)
(709,338)
(143,097)
179,001
(20,222)
(763,605)
(689,948)
12,883
(86,540)
(974,450)
(11,616)
(9,964)
42,043
162,757
1,010,731
164,437
48,172
154,519
36,938
623,567

2008
870,402
158,754
27,222
(125,155)
(38,964)
(125,155)
767,104
(30,471)
(100,178)
8,335
39,055
22,317
(691,005)
(454,008)
(27,489)
(169,639)
(39,869)
45,628
(27,222)
(9,963)
52,020
125,157
38,963
277,280
4,576
506,439

2009
1,250,120
225,023
6,060
(886,586)
(119,072)
(238,144)
237,400
908,639
463,577
(82,250)
762,460
(235,148)
(850,200)
(813,064)
(0)
(31,821)
(5,314)
295,839
(6,060)
(9,964)
84,359
1,759,896
(1,064,948)
(154)
886,586
119,072
89,308
(96,198)
2,057,736

2010
2,376,495
273,403
6,503
(416,008)
(58,724)
2,181,669
(325,160)
(1,039,589)
(396,227)
910,140
200,516
(1,702,996)
(1,173,768)
(76,571)
(539,320)
86,663
153,513
(6,503)
(12,454)
(80,287)
18,068
(515)
416,008
58,724
1,016,677
1,563,230

2011
3,616,186
336,132
12,539
(588,625)
(203,043)
3,173,188
(1,709,539)
(921,141)
(1,044,343)
301,525
(45,579)
(1,601,968)
(1,938,569)
(13,607)
295,085
55,123
(138,319)
(12,539)
(4,654)
2,030,426
1,276,994
(1,853)
(1,264,267)
203,043
2,268,425
4,357,257

2012F
2,376,495
444,748
10,008
(1,027,795)
(205,559)
1,597,897
(1,061,859)
(605,617)
252,589
(708,832)
(98,257)
(52,311)
(45,946)
437,782
(10,008)
12,454
172,597
-

612,825

2013F
5,138,976
544,233
20,615
(1,553,331)
(248,533)
3,901,960
357,104
(891,966)
(440,822)
1,689,891
(3,287,033)
(3,287,033)
972,031
(20,615)
76,251
-

2014F
6,213,324
730,344
24,934
(1,811,710)
(289,874)
4,867,018
(735,981)
(1,097,118)
(542,211)
903,347
(2,373,524)
(2,373,524)
1,757,514
(24,934)
93,789
-

2015F
7,246,839
898,323
29,806
(2,061,443)
(329,831)
5,783,694
(905,257)
(1,349,455)
(666,919)
1,111,117
(2,919,434)
(2,919,434)
1,959,003
(29,806)
115,360
-

2016F
8,245,772
1,104,938
34,263
(2,517,354)
(402,777)
6,464,842
(1,815,085)
(1,659,830)
(820,310)
665,055
(3,590,904)
(3,590,904)
1,058,853
(34,263)
141,893
-

1,027,666

1,826,369

2,044,558

1,166,484

M HNH CHIT KHU DNG TIN

ASSUMPTION
Tng trng dng tin FCFF di hn (g)

19.00%

WACC
Vn ch s hu bnh qun (Equity)

24,572,752

N di hn c li bnh qun (Debt)

12,454

E/(D+E) =w(e)

99.95%

D/(D+E) =w(d)

0.05%

Chi ph n (Rd)

18.00%

Thu sut (T)

20.0%

Chi ph s dng n sau thu= Rd*(1-T)

14.40%

Chi ph vn (Re)

20.00%

WACC= Re* w(e)+Rd*(1-T)*w(d)

20.00%

M HNH CHIT KHU DNG TIN CH

ASSUMPTION
Tng trng dng tin FCFE di hn (g)

19.00%

Chi ph s dng vn c phn (Re)

20.00%

M HNH CHIT KHU DNG TIN

ASSUMPTION
Tng trng dng tin DDM di hn (g)

16.00%

Chi ph s dng vn c phn (Re)

20.00%

M HNH CHIT KHU THU NHP CN L

ASSUMPTION
Tng trng dng tin RE di hn (g)

12.50%

Chi ph s dng vn c phn (Re)

20.00%

M HNH NH GI TNG I
ASSUMPTION
P/E

11.00

P/B

3.00

P/S

2.00

M hnh

Gi

FCFF

98,905

FCFE

107,031

DDM

96,279

RE

87,152

P/E

101,649

P/B

86,032

P/S

97,630

Bnh qun

96,383

M HNH CHIT KHU DNG TIN CNG TY ( FCFF MODEL)

n v:

Triu VND, Triu CP

FCFF (a)

2011

2012F

(138,319)

437,782

Tng trng FCFF bnh qun t 2012-2016

Sut chit khu (b)
Hin gi ca dng tin (c)=(a)/(b)
Tng hin gi ca dng tin (5 nm) (1)= Tng cc (c)

1.20
364,827
3,427,436

Gi tr thng xuyn (d)= FCFF (2016)*(1+g)/(WACC-g)

Hin gi ca gi tr thng xuyn (2)= (d)/(b)

50,788,050

Gi tr cng ty (3)=(1)+(2)

54,215,486

N (4)

3,105,466

Tin v cc chng khon ngn hn (5)

3,892,549

Gi tr vn ch s hu (6)=(3)-(4)+(5)

55,002,568

S c phiu hin hnh (triu CP) (7)

Gi tr ni ti (8)=(6)/(7)

556
98,905

M HNH CHIT KHU DNG TIN CHO C NG ( FCFE MODEL)

n v:

Triu VND, Triu CP

FCFE (a)

2011

2012F

4,357,257

612,825

Tng trng FCFF bnh qun t 2012-2016

Sut chit khu (b)
Hin gi ca dng tin (c)=(a)/(b)
Tng hin gi ca dng tin (5 nm) (1)= Tng cc (c)

1.20
510,687
3,736,048

Gi tr thng xuyn (d)= FCFE (2016)*(1+g)/(Re-g)

Hin gi ca gi tr thng xuyn (2)= (d)/(b)

55,785,246

Gi tr ch s hu (3)=(1)+(2)

59,521,294

S c phiu hin hnh (triu CP) (7)

556

Gi tr ni ti (8)=(6)/(7) (ng/CP)

107,031

M HNH CHIT KHU DNG TIN C TC ( DDM MODEL)

2011
DDM (ng/CP) (a)

2012F

4,000

3,000

Tng trng DDM bnh qun t 2012-2016

Sut chit khu (b)
Hin gi ca dng tin (c)=(a)/(b)

1.20
2,500

Tng hin gi ca dng tin (5 nm) (1)= Tng cc (c)

14,698

Gi tr thng xuyn (d)= DDM (2016)*(1+g)/(Re-g)

Hin gi ca gi tr thng xuyn (2)= (d)/(b)
Gi tr ni ti (3)=(1)+(2)

81,581
(ng/CP)

96,279

M HNH CHIT KHU THU NHP CN LI ( RESIDUAL INCOME MODEL)

2011
Li nhun sau thu cho c ng cng ty m (triu VND) (1)
S lng c phiu hin ti (triu CP) (2)
EPS (ng/CP)
C tc-DPS (ng/CP)

(3)= (1)/(2)
(4)

BVS (ng/CP)

(5)= BVS(nm trc)+(3)-(4)

ROCE
T sut sinh li yu cu

2012F

4,218,182

5,138,976

556

556

7,585
4,000

9,241
3,000

22,436

28,677

(6)=(3)/BVS (nm trc)

41.2%

(7)

20.0%

Thu nhp cn li- RE

(8)= BVS (nm trc)*((6)-(7))
Tng trng RE bnh qun 2012-2016

4,754

Sut chit khu

(9)

Hin gi ca RE

(10)=(8)/(9)

120.00%
3,961

Tng hin gi ca RE

(11)= Tng cc (10)

17,305

Gi tr thng xuyn

(12)= RE (2016)*(1+g)/(Re-g)

Hin gi ca gi tr thng xuyn (13)= (12)/(9)

Gi tr ni ti (14)=(5)+(11)+(13)

47,411
(VND)

87,152

M HNH NH GI TNG I (RELATIVE VALUATION)

2011
EPS
Gi tr hp l theo P/E

7,717

2012F
9,241

101,649

BVS

22,436

Gi tr hp l theo P/B

86,032

Doanh s mi c phn

40,377

Gi tr hp l theo P/S

97,630

28,677
48,815

PHN TCH NHY

2013F
972,031
1.44
675,053

2014F

2015F

1,757,514

1,959,003

1.73
1,017,152

2.07
944,825

2016F

WACC

1,058,853

98,905

24.7%

17.0%

2.49
425,580

19.50%

18.0%
19.0%
20.0%

126,361,983

21.0%

NH GI LN CA K V
Hin gi ca gi tr thng xuyn/ Gi tr cng ty

PHN TCH NHY

2013F

2014F

2015F

1,027,666

1,826,369

2,044,558

1.44
713,657

1.73
1,056,926

2.07
985,994

2016F

Re

1,166,484

107,031

17.5%

17.0%

2.49
468,784

19.50%

18.0%
19.0%
20.0%

138,811,543

21.0%

NH GI LN CA K V

Hin gi ca gi tr thng xuyn/ Gi tr cng ty

PHN TCH NHY

2013F

2014F

4,000
1.44
2,778

6,000
1.73
3,472

2015F

2016F

6,500
2.07
3,135

Re

7,000

96,279

23.6%

14.0%

2.49
2,813

18.00%

15.0%
16.0%
17.0%

203,000

18.0%

NH GI LN CA K V
Hin gi ca gi tr thng xuyn/ Gi tr cng ty

PHN TCH NHY

2013F

2014F

2015F

2016F

Re

6,213,324

7,246,839

8,245,772

10,069,415

87,152

556

556

556

556

10.5%

11,173
4,000

13,031
6,000

14,827
6,500

18,107
7,000

35,850

42,881

51,209

62,315

13.5%

39.0%

36.3%

34.6%

35.4%

14.5%

20.0%

20.0%

20.0%

20.0%

5,437

5,861

6,251

7,865
13.4%

1.44

1.73

2.07

2.49

3,776

3,392

3,015

3,161
117,975

18.00%

11.5%
12.5%

NH GI LN CA K V
Hin gi ca gi tr thng xuyn/ Gi tr cng ty

2013F

2014F

2015F

2016F

11,173

13,031

14,827

18,107

35,850

42,881

51,209

62,315

60,043

73,852

90,838

111,731

PHN TCH NHY

WACC
19.75%

20.00%

20.25%

20.50%

NH GI LN CA K VNG
thng xuyn/ Gi tr cng ty

93.7%

PHN TCH NHY

Re
19.75%

20.00%

NH GI LN CA K VNG

20.25%

20.50%

thng xuyn/ Gi tr cng ty

93.7%

PHN TCH NHY

Re
19.00%

20.00%

21.00%

22.00%

NH GI LN CA K VNG
thng xuyn/ Gi tr cng ty

84.7%

PHN TCH NHY

Re
19.00%

20.00%

21.00%

22.00%

NH GI LN CA K VNG
thng xuyn/ Gi tr cng ty

54.4%

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18

19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37

VN U T
Tin mt hot ng
Cc khon phi thu, rng
Hng tn kho
Cc ti sn ngn hn khc
TI SN LU NG HOT NG
Cc khon phi tr (tr n v vay ngn hn)
N NGN HN HOT NG
Vn lun chuyn hot ng
Ti sn c nh hu hnh rng
Ti sn c nh thu ti chnh rng
Ti sn c nh v hnh rng
Thu hot ng vn ho
Ti sn di hn khc
Cc khon phi thu di hn
VN U T (khng c li th thng mi)
Li th thng mi
Gi tr hao mn
VN U T (c li th thng mi)
u t ti chnh ngn hn
u t ti chnh di hn
Chi ph xy dng c bn d dang
Bt ng sn u t rng
TNG NGUN VN U T
CHNH HP
Vay v n ngn hn
Vay v n di hn
Thu hot ng vn ho
Li ch ca c ng thiu s
Cc khon phi tr di hn (tr n v vay di hn)
N v cc khon tng ng n
Vn u t ca ch s hu
Thng d vn
Vn khc ca ch s hu
C phiu ngn qu
Chnh lch nh gi li ti sn
Chnh lch t gi hi oi
Qu u t pht trin
Qu d phng ti chnh
Li nhun cha phn phi
Ngun vn u t XDCB
Qu khen thng v phc li
Ngun kinh ph s nghip
Ngun kinh ph hnh thnh ti sn c nh
Qu d phng tr cp mt vic
Vn c phn v cc khon tng ng vn c phn
TNG NGUN VN U T
Chech lech

2004
515,695
178,449
778,299
18,705
1,491,148
659,629
659,629
831,519
410,906
8,344

2005
500,312
706,166
1,081,501
95,698
2,383,677
1,567,170
1,567,170
816,507
558,790
9,264

2006
156,895
511,623
965,826
55,317
1,689,661
736,473
736,473
953,188
746,661
9,141

29,636
4,242
1,284,647
1,284,647
292,168
180,971
139,007
1,896,793

120,108
4,018
1,508,687
1,508,687
22,800
609,960
189,319
2,330,766

117,401
860
1,827,251
1,827,251
306,730
413,901
316,178
2,864,060

2004
13,282
20,000

2005
12,263
10,410

2006
17,883
42,345

11,265
44,547
1,569,237
9,990
52,715
26,358
156,660
36,985
301
1,852,246
1,896,793
0

61,175
83,848
1,590,000
54,217
113,263
56,632
340,474
92,206
126
2,246,918
2,330,766
0

65,449
125,677
1,590,000
54,217
580,103
88,141
371,238
54,684
2,738,383
2,864,060
0

2007
117,819
654,720
1,675,164
75,539
2,523,242
923,394
923,394
1,599,848
1,022,646
20,715

2008
338,654
646,385
1,775,342
53,222
2,813,603
784,190
784,190
2,029,413
1,529,187
50,868

2009
426,135
728,635
1,311,765
288,370
2,754,905
1,721,589
1,721,589
1,033,316
1,835,583
39,241

2010
613,472
1,124,862
2,351,354
87,854
4,177,543
2,077,052
2,077,052
2,100,491
2,589,894
173,395

2011
3,156,515
2,169,205
3,272,496
133,434
8,731,650
2,946,537
2,946,537
5,785,113
3,493,629
256,046

2012F
6,112,334
1,916,616
3,878,112
133,434
12,040,495
1,803,357
1,803,357
10,237,138
3,229,471
25,718

2013F
7,791,753
2,357,437
4,770,078
133,434
15,052,702
3,393,348
3,393,348
11,659,354
5,644,890
31,758

203,941
762
2,847,912
2,847,912
654,485
401,018
598,308
4,501,723

243,810
475
3,853,753
3,853,753
374,002
570,657
356,868
27,489
5,182,769

249,124
8,822
3,166,086
3,166,086
2,314,254
602,478
650,140
27,489
6,760,448

162,461
24
5,026,265
19,556.81
5,045,822
1,742,260
1,141,798
665,282
100,818
8,695,980

2007
9,963
32,381

2008
188,222
22,418

2009
13,283
12,454

2010
567,960
0

2011
0
0

2012F
434,349
12,454

2013F
534,249
12,454

35,950
107,492
185,786
1,752,757
1,064,948
744,540
136,313
525,757
91,622
4,315,937
4,501,723
0

50,614
159,512
420,766
1,752,757
1,064,948
869,697
175,276
803,037
96,198
4,761,913
5,182,679
90

35,365
243,871
304,973
3,512,653
(154)
1,756,283
294,348
892,345
6,455,475
6,760,448
0

163,583
731,543
3,530,721
(669)
2,172,291
353,072
1,909,022
7,964,437
8,695,980
0

158,929
158,929
5,561,148
1,276,994
(2,522)
908,024
556,115
4,177,446
12,477,205
12,636,135
0

331,526
778,329
5,561,148
1,276,994
(2,522)
1,935,819
761,674
6,414,724
15,947,837
16,726,166
0

407,777
954,480
5,561,148
1,276,994
(2,522)
3,489,150
1,010,207
8,601,725
19,936,702
20,891,182
0

107,338
107,338
107,338
0
0
0
9,642,126 13,599,665 17,443,340
15,503.34
9,657,629 13,599,665 17,443,340
736,033
736,033
736,033
846,714
892,659
892,659
1,295,087
1,397,137
1,718,478
100,671
100,671
100,671
12,636,135 16,726,166 20,891,182

2014F
9,416,532
2,899,648
5,867,196
133,434
18,316,809
4,173,818
4,173,818
14,142,991
6,885,390
39,187

2015F
11,236,550
3,566,567
7,216,651
133,434
22,153,202
5,133,797
5,133,797
17,019,405
8,411,206
48,325

2016F
13,254,004
4,386,877
8,876,481
133,434
26,650,795
5,612,951
5,612,951
21,037,845
10,287,959
59,565

107,338
0
21,174,907
21,174,907
736,033
892,659
2,113,728
100,671
25,017,999

107,338
0
25,586,275
25,586,275
736,033
892,659
2,599,885
100,671
29,915,524

107,338
0
31,492,707
31,492,707
736,033
892,659
3,197,859
100,671
36,419,930

2014F
657,126
12,454

2015F
808,265
12,454

2016F
994,166
12,454

501,566
1,171,147
5,561,148
1,276,994
(2,522)
5,300,860
1,300,080
10,410,292
23,846,852
25,017,999
0

616,926
1,437,646
5,561,148
1,276,994
(2,522)
7,362,303
1,629,911
12,650,044
28,477,878
29,915,524
0

758,820
1,765,440
5,561,148
1,276,994
(2,522)
9,879,657
2,032,688
15,906,525
34,654,490
36,419,930
0

1
2
3
4
5
6
7

NOPLAT
Doanh thu thun
Gi vn hng bn
Li nhun gp
Chi ph bn hng
Chi ph qun l doanh nghip
EBITA c iu chnh
Thu tin mt hot ng
NOPLAT
Trch lp qu d phng tr cp mt vic lm
Trch lp qu phc li khen thng
NOPLAT sau khi iu chnh cc qu

Thu hot ng
9 Thu bo co
10

Thu t thu nhp hot ng ti chnh

(khng tnh chi ph li vay)

11 Thu t thu nhp khc

12 Tm chn thu t chi ph li vay
13 Gim (tng) trong thu tm hon
Thu tin mt hot ng
CHNH HP VI THU NHP RNG
13
14
15
16
17

Thu nhp rng phn b cho c ng cng ty m

Thu nhp rng phn b cho c ng thiu s
L trong lin doanh
Tng trong thu tm hon
Chi ph li vay sau thu
Thu nhp hot ng ti chnh sau thu
18
(Khng tnh chi ph li vay)
19 Thu nhp khc sau thu
NOPLAT
Trch lp qu d phng tr cp mt vic lm
Trch lp qu phc li khen thng
NOPLAT sau khi iu chnh cc qu
Chnh lch

2005
5,638,784
(4,379,796)
1,258,988
(654,102)
(80,438)
524,448
-374
524,074
(60,548)
463,526

2006
6,245,619
(4,678,114)
1,567,505
(859,396)
(112,888)
595,221
-2,551
592,670
(65,989)
526,681

(2,884)

2,884

217

(299)

205
(48)
2,884
374

(224)
190
2,551

2005
605,484
(2,884)
10,078

2006
659,890
8,870
43,401

(45,632)

(68,318)

(42,972)
524,074
(60,548)
463,526
0

(51,173)
592,670
(65,989)
526,681
0

2007
6,537,964
(4,835,772)
1,702,192
(864,308)
(297,804)
540,080
-396
539,684
(96,345)
443,339

2008
8,208,982
(5,610,969)
2,598,013
(1,052,308)
(297,804)
1,247,901
-152,244
1,095,657
(125,155)
970,502

2009
10,613,771
(6,735,062)
3,878,709
(1,245,476)
(292,942)
2,340,291
-349,926
1,990,365
(238,144)
1,752,220

2010
15,752,866
(10,579,208)
5,173,658
(1,438,186)
(388,147)
3,347,325
-497,604
2,849,721
2,849,721

2011
21,627,429
(15,039,305)
6,588,124
(1,811,914)
(459,432)
4,316,777
-667,148
3,649,630
3,649,630

2012F
27,146,786
(18,459,814)
8,686,971
(2,171,743)
(734,966)
5,780,262
-987,392
4,792,871
4,792,871

(8,017)

122,615

355,291

635,714

760,810

1,052,474

2,265

(8,419)

(34,050)

(51,477)

(80,804)

(33,007)

1,123
(108)
5,133
396

(11,639)
2,412
47,276
152,244

(17,685)
866
45,505
349,926

(103,494)
1,271
15,590
497,604

(42,701)
2,719
27,122
667,148

(40,328)
2,008
6,246
987,392

2007
870,402
(50)
30,538
(5,133)
11,775

2008
1,250,120
(1,422)
73,950
(47,276)
24,559

2009
2,376,495
(428)
(45,505)
5,789

2010
3,616,186
693
235
(15,590)
6,204

2011
4,218,182
8,814
(27,122)
12,388

2012F
5,138,976
(428)
8,814
(6,246)
9,805

(245,935)

(85,741)

(227,713)

(251,329)

(368,106)

(161,153)

(121,913)
539,684
(96,345)
443,339
0

(118,534)
1,095,657
(125,155)
970,502
0

(118,274)
1,990,365
(238,144)
1,752,220
0

(505,292)
2,851,107
2,851,107
-1,386

(194,525)
3,649,630
3,649,630
0

(196,898)
4,792,871
4,792,871
0

2013F
33,390,546
(22,705,572)
10,684,975
(2,671,244)
(834,764)
7,178,967
-1,290,628
5,888,340
5,888,340

2014F
41,070,372
(27,927,853)
13,142,519
(3,285,630)
(1,191,041)
8,665,849
-1,731,407
6,934,442
6,934,442

2015F
50,516,558
(34,351,259)
16,165,298
(4,041,325)
(1,515,497)
10,608,477
-2,649,916
7,958,561
7,958,561

2016F
62,135,366
(42,252,049)
19,883,317
(4,970,829)
(1,864,061)
13,048,427
-3,259,903
9,788,524
9,788,524

1,363,806

1,811,603

2,748,448

3,356,329

(34,949)

(38,832)

(48,540)

(48,540)

(42,701)
4,471
1,290,628

(47,445)
6,081
1,731,407

(59,307)
9,314
2,649,916

(59,307)
11,421
3,259,903

2013F
6,213,324
(428)
8,814
20,367

2014F
7,246,839
(428)
8,814
24,326

2015F
8,245,772
(428)
8,814
27,943

2016F
10,069,415
(428)
8,814
34,263

(159,212)

(155,328)

(145,620)

(145,620)

(194,525)
5,888,340
5,888,340
0

(189,781)
6,934,442
6,934,442
0

(177,920)
7,958,561
7,958,561
0

(177,920)
9,788,524
9,788,524
0