B Gio dc v o to

Trng i hc Nguyn Tri

Bo co phn tch tnh hnh ti chnh

Cng ty c phn ng Bin Ha
H Ni, thng 2 nm 2012

H v tn: NGUYN DIU LINH

Lp: 09TCN
Trng: i hc Nguyn Tri
Khoa: Ti chnh - ngn hng v K ton

Mc lc:
I.
Tng quan v cng ty
1. Gii thiu v cng ty
1.1. Lch s hnh thnh v pht trin
1.2. C cu t chc v b my qun l ca cng ty
1.3. C cu c ng trong cng ty
2. Phn khc kinh doanh
2.1. Chin lc pht trin kinh doanh
2.2. Hot ng Marketing
3. Mng li chi nhnh v cng ty
4. Mi trng kinh t
5. nh gi cng ty theo m hnh SWOT
II. Phn tch ti chnh CTCP ng Bin Ha
1. Phn tch tm lc ti chnh cng ty
2. Phn tch Doanh thu v Li nhun
3. Hot ng c phiu trn th trng chng khon
III. Phn tch ch s ti chnh
1.

Kh nng thanh ton ngn hn

2.

Kh nng thanh ton di hn

3.

Hiu qu qun l ti sn

4.

Kh nng sinh li

5.

Phn tch cc t s gi th trng

6.

Phn tch chi ph s dng vn v c cu vn ti u

IV. Kt lun v xut

V. Ph lc (file Excel nh km)

I. Tng quan v cng ty

1.
Gii thiu v cng ty
1.1.Lch s hnh thnh v pht trin
Cng ty c phn ng Bin Ha c xy dng t nm 1969 v tin thn
l Nh my ng 400 tn, sn phm chnh lc by gi l ng ng, ru
mi, bao ay.
- n nm 1971-1972, u t Nh my ng tinh luyn.
- Nm 1994, Nh my ng Bin Ha i tn thnh Cng ty ng Bin
Ha, l doanh nghip hch ton c lp c chc nng xut nhp khu trc tip.
- Nm 1995, m rng sn xut cng ty ng Bin Ha tin hnh u t
m rng cng sut sn xut ng luyn ti Bin Ha t 200 tn/ngy ln 300
tn/ngy v khi cng xy dng nh my ng Ty Ninh (hin nay l Nh
my ng Bin Ha- Ty Ninh). Sau hn hai nm thit k, thi cng v lp
t, Nh my ng Ty Ninh chnh thc i vo hot ng ngy
26/03/1998 vi cng sut ch bin l 2500 tn ma/ngy, n nm 2001 u
t nng cng sut ch bin ln 3500 tn ma/ngy.
- Cng ty C phn ng Bin Ha ra i theo quyt nh s 44/2001/QTTg ngy 27 thng 3 nm 2001 ca Th tng Chnh Ph v vic chuyn
doanh nghip Nh nc Cng ty ng Bin Ha thnh Cng ty c phn.
Giy chng nhn ng k kinh doanh s 4703000014 do S K hoch v u
t tnh ng Nai cp ngy 16 thng 5 nm 2001.
- Cng ty c c phn nim yt ti S Giao dch chng khon Thnh ph H
Ch Minh theo Giy php s 79/UBCK-GPNY ngy 21 thng 11 nm 2006 ca
Ch tch y Ban Chng khon Nh nc.
Loi chng khon: Chng khon ph thng
Ngy nim yt ln u: 20/12/2006
Ni nim yt hin ti: HOSE
Mnh gi: 10,000 ng/c phiu
Gi cho sn: 60,000 ng/c phiu
KL ang nim yt hin ti: 29,997,580 c phiu
Nhng thnh tch t c:
Tri qua mt qu trnh phn u y gian kh v th thch, Cng ty t
khng nh, ng vng v pht trin. ch quyt tm cao ca ton th Cn b
CNV v Ban lnh o Cng ty c p li bng nhng thnh qu sau:
Cng ty c t chc BVQi cp Giy chng nhn t h thng qun l cht
lng theo tiu chun ISO 9001:2000 vo ngy 03/02/2000.
Cng ty c Ch tch nc phong tng danh hiu Anh hng lao ng
trong thi k i mi vo ngy 07/11/2000.
3

 Cng ty l n v duy nht trong ton ngnh ng c sn phm c bnh

chn lin tc trong 10 nm lin l Hng Vit Nam cht lng cao (19972006). Ring nm 2006 nm trong Top 100 thng hiu mnh nht Vit Nam
c ngi tiu dng bnh chn do bo Si Gn Tip Th t chc.
Nm 2004, 2005, Cng ty c bnh chn v c trao cp vng Top 10
Thng Hiu Vit do Hi S hu cng nghip Vit Nam- Mng thng hiu
Vit bnh chn.
Nm 2005, nhn danh hiu Thng hiu ni ting do Cc S hu tr tu
phi hp vi B Vn ha- Thng tin bnh chn.
Gn y nht Cng ty t Cp vng V s tin b x hi v pht trin
bn vng.

1.1. C cu t chc v b my qun l ca Cng ty

Cng ty C phn ng Bin Ha c t chc v iu hnh theo m hnh
cng ty C phn, tun th theo cc quy nh ca php lut hin hnh.
a) i hi ng c ng
i hi ng c ng l c quan quyn lc cao nht ca Cng ty, ton
quyn quyt nh mi hot ng ca Cng ty v c nhim v:
Thng qua iu l, phng hng hot ng kinh doanh ca Cng ty
Bu, bi nhim Hi ng qun tr v Ban kim sot
Cc nhim v khc do iu l Cng ty quy nh.
b) Hi ng qun tr (HQT)
Hi ng qun tr l t chc qun l cao nht ca Cng ty c nhim v:
Bo co trc i hi ng c ng tnh hnh kinh doanh, d kin phn phi
li nhun, li chia c phn, bo co quyt ton nm ti chnh, phng hng
pht trin v k hoch hot ng sn xut kinh doanh ca Cng ty
Quyt nh c cu t chc, b my, quy ch hot ng ca Cng ty
B nhim, bi nhim v gim st hot ng ca Tng Gim c
Kin ngh sa i v b sung iu l ca Cng ty
Quyt nh triu tp i hi ng c ng
Cc nhim v khc do iu l Cng ty quy nh
Hi ng qun tr ca Cng ty c phn ng Bin Ha hin c 9 thnh
vin bao gm: Ch tch, 2 Ph Ch tch v 7 y vin. Ch tch Hi ng qun
tr l ngi c trnh hc vn, kinh nghim qun l, c qu trnh hot ng
lu nm trong ngnh ma ng. Danh sch c th:
1. Phm Th Sum: Ch tch
2. Phm nh Mnh Thu: Ph Ch tch
3. Nguyn Xun Trnh: Ph Ch tch
4. Nguyn Vn Lc: y Vin
5. Hunh Bch Ngc: y Vin
6. Phm Cng Hi: y Vin
4

7. Thi Vn Trng: y Vin

8. ng Hunh c My: y Vin
9. Trn Tn Pht: y Vin
10. Bi Vn Lang: y Vin
c) Ban kim sot:
Do i hi ng c ng bu, thay mt c ng kim sot mi hot ng kinh
doanh, qun tr v iu hnh ca Cng ty.
Danh sch c th:
1. V Vn Nhu: Trng ban
2. Nguyn Vn B By: Thnh vin
3. L Vn Ha: Thnh vin
4. Mang Phi Hng: Thnh vin
d) Ban Gim c
Ban Gim c (BG) bao gm 5 thnh vin: Tng Gim c v 4 Ph Tng
Gim c. Danh sch c th:
1. Nguyn Vn Lc: Tng Gim c
2. Nguyn Thanh Cng: Ph Tng Gim c
3. Bi Vn Lang: Ph Tng Gim c
4. Phm Cng Hi: Ph Tng Gim c
5. Nguyn Hong Tun: Ph Tng Gim c
Tng Gim c
Tng Gim c l ngi i din theo Php lut ca Cng ty v l ngi
iu hnh cao nht mi hot ng kinh doanh hng ngy ca Cng ty. Tng
Gim c do HQT b nhim, min nhim, bi nhim v khng nht thit
phi l c ng ca Cng ty. Tng Gim c chu trch nhim trc HQT v
trc php lut v vic thc hin cc quyn v nhim v c giao. Tng
Gim c c nhim v:
T chc trin khai thc hin cc quyt nh ca HQT, k hoch kinh doanh
Kin ngh phng n b tr c cu t chc qun l ni b Cng ty theo ng
iu l Cng ty, ngh quyt i hi ng C ng v HQT;
K cc vn bn, hp ng, chng t theo s phn cp ca iu l cng ty
Bo co trc HQT tnh hnh hot ng ti chnh, kt qu kinh doanh v
chu trch nhim ton b hot ng ca cng ty trc HQT;
Thc hin cc quyn v nhim v khc theo quy nh ca php lut v ca
Cng ty.
Gip vic cho Tng Gim c l cc Ph Tng Gim c. Tng Gim c
s cn c vo kh nng v nhu cu qun l thc hin vic y quyn mt s
quyn hn nht nh cho cc Ph Tng Gim c.
Ph Tng Gim c- Ph trch nhn s- K hoch

Ph Tng Gim c- Ph trch nhn s- K hoch do HQT b nhim, l

ngi tham mu cho Tng Gim c, c Tng Gim c phn trch nhim,
quyn hn v chu trch nhim trc Tng Gim c v kt qu qun l v
iu hnh cc hot ng tng hp xy dng chin lc, k hoch sn xut kinh
doanh, cung ng vt t nguyn, nhin vt liu (tr nguyn liu ng) cho sn
xut ti Cng ty v Nh my, iu sn xut, qun tr nhn s, tin lng,
khen thng v o to CBCNV.
Ph Tng Gim c- Ph trch sn xut
Ph Tng Gim c- Ph trch sn xut do HQT b nhim, l ngi tham
mu cho Tng Gim c, c Tng Gim c phn trch nhim, quyn hn
v chu trch nhim trc Tng Gim c v kt qu qun l v iu hnh cc
hot ng sn xut, u t trong lnh vc cng nghip, tham gia qun l u t
nng nghip ti nh my, nghin cu sn phm mi, h thng mng thng tin,
o to cng nhn sn xut.
Ph Tng Gim c- Ph trch kinh doanh
Ph Tng Gim c- Ph trch kinh doanh do HQT b nhim, l ngi
tham mu cho Tng Gim c, c Tng Gim c phn trch nhim, quyn
hn v chu trch nhim trc Tng Gim c v kt qu qun l v iu hnh
cc hot ng xy dng chin lc, k hoch di hn, trung hn v ngn hn:
tiu th sn phm, Marketing, huy ng nguyn liu ng v xut nhp khu
hng ha.
Ph Tng Gim c- Gim c Nh my ng Bin Ha- Ty Ninh
Ph Tng Gim c- Gim c Nh my ng Bin Ha- Ty Ninh do
HQT b nhim, l ngi tham mu cho Tng Gim c, c Tng Gim
c phn trch nhim, quyn hn v chu trch nhim trc Tng Gim c v
kt qu qun l, iu hnh cc hot ng sn xut kinh doanh ti Nh my
ng Bin Ha- Ty Ninh.
e) Cc phng chc nng
Phng Ti chnh- k ton
Hch ton k ton
Qun l, kim sot hot ng ti chnh
Thng k, bo co v phn tch hot ng kinh t
Qun l h thng mng vi tnh.
Phng Nhn s
Qun l lao ng, tin lng, ch , chnh sch i vi ngi lao ng;
Thc hin cng tc thi ua, khen thng, k lut;
Dch v y t, chm sc sc khe cho ngi lao ng;
Hun luyn, o to;
Qun l hnh chnh, vn th;
Qun l ti sn, trang thit b, dng c vn phng; bo v trt t an ninh;
6

 Qun l, iu hnh xe a rc, dch v.

Phng K hoch- Vt t
Tng hp xy dng k hoch sn xut kinh doanh ngn hn v di hn. Theo
di h tr cc n v trong cng tc trin khai thc hin k hoch. Tng hp
xy dng cc chin lc sn xut kinh doanh ca Cng ty.
Theo di, tng hp thng tin, nh gi, iu sn xut
Cung ng nhin vt liu phc v sn xut, vt t, thit b phc v sa cha,
lp t d n u t (mua trong nc)
Qun l kho tng.
Phng Dch v
T chc phc v n ung ni b;
Kinh doanh dch v n ung.
Phng Kinh doanh
Thu thp thng tin tc thi v nghin cu th trng
Thit lp chin lc Marketing
Qun l v khai thc h thng phn phi ca Cng ty
Cung ng nguyn liu ng, mt ch cho sn xut
Kinh doanh cc sn phm khc
Qun l h thng kho tng
Tham mu Ban iu hnh xy dng k hoch, kim sot, theo di v tng
hp nh gi tnh hnh iu chnh k hoch kinh doanh, huy ng nguyn liu
ng ca ton Cng ty.
Phng Xut Nhp Khu
Thc hin cng tc xut nhp khu, xut nhp khu y thc
Thu thp v x l thng tin v tnh hnh kinh t th gii lin quan n hot
ng ca Cng ty
Cung cp thng tin, dch thut ti liu, phin dch cho Ban lnh o.
Phng QM
Cng tc qun l v trin khai cng tc ca h thng qun l cht lng
Gim st qu trnh sn xut ca cc phn xng
Kim tra cht lng sn phm ph hp vs h thng qun l cht lng,
nghim thu nguyn, vt liu cho sn xut
Phng K thut- u t
Qun l thit lp, lu tr h s k thut thit b ton Cng ty, kim sot tnh
hnh s dng ca cc n v, qun l h s cc s c, tham mu trong s
dng thit b v gii quyt s c;
Thit lp cc quy trnh k thut cng ngh sn xut cc sn phm v kim
sot vic thc hin trong ton Cng ty;

 Xy dng, qun l d n u t xy dng c bn; Tng hp xy dng cc k

hoch sa cha thng, k, nm. Tng kt quyt ton;
Tham gia qun l u t nng nghip ti Nh my;
Nghin cu, thit k, pht trin sn phm mi;
Tham gia hun luyn, o to cng nhn k thut.
f) Cc phn xng sn xut
T chc iu hnh sn xut theo k hoch c ph duyt
Kim sot thc hin cc quy trnh, quy phm v thit b, cng ngh
Kim sot qu trnh sn xut sn phm theo tiu chun cht lng quy nh
Qun l thit b, nh xng, vt kin trc thuc phm vi trch nhim k c h
thng x l nc thi. Xy dng k hoch bo dng sa cha thng, nm.
Ring phn xng ng cn c thm chc nng sau:
Qun l thit b gia cng c kh, dng c cm tay thuc n v
Thc hin gia cng c kh, tu b, sa cha thit b theo k hoch v nhu cu
ca cc n v; Thc hin thi cng lp t, ch to cho cc d n.

1.2. C cu c ng trong cng ty

Co cau co dong
11.25%

4.10%

S hu nh nc
S hu nc ngoi
S hu khc
84.65%

C ng quan trng:
Tn
CTCP BOURBON
Ty Ninh
Ngn hng TMCP Si
Gn Thng Tn (do
ng H Don Cng
lm i din)
Grinling International
Limited
VIETNAM
INVESTMENT
LIMITED
CTCP Sa Vit Nam
Vinamilk
Chu Kim Yn
Nguyn Th Kim Vn
Hunh Bch Ngc
Chu Th Vn (M b
Hunh Bch Ngc)
Triu Phi Yn
Phm Th Sum
Nguyn Vn Lc
V Vn Nhu
Cng on CTCP

V tr

S c phn

T l s
hu

Ngy cp
nht

---

4,210,000

22.72%

22/06/2011

---

1,854,156

10.00%

24/06/2010

---

1,056,100

6.52%

20/10/2006

---

936,795

5.78%

20/10/2006

---

925,620

4.90%

30/09/2009

----Thnh vin
HQT

813,806
750,683

6.34%
4.05%

04/08/2008
04/12/2008

417,817

2.25%

22/06/2011

334,115

1.80%

08/11/2010

258,780

5.21%

25/05/2010

121,100

0.65%

01/11/2011

61,440
57,503
54,420

0.33%
0.19%
0.18%

01/11/2011
24/02/2012
24/02/2012

----Ch tch
HQT
TG
Trng BKS
---

ng Bin Ha
Bi Vn Lang
Phm Cng Hi
Nguyn Xun Trnh
Mang Phi Hng

Thnh vin
HQT
Thnh vin
HQT
Ph Ch tch
HQT
Thnh vin
BKS
Ph TG

Nguyn Thanh Cng

Nguyn Xun Thu
(Em ng Nguyn Xun
--Trnh)
Nguyn Hong Tun
Ph TG
Thi Th Din (v ng
--Nguyn Xun Trnh)

2.

36,820

0.19%

03/08/2010

33,124

0.18%

03/03/2010

33,016

0.11%

06/02/2012

20,671

0.11%

09/11/2011

12,006

0.07%

04/11/2009

9,690

0.05%

16/06/2010

5,720

0.03%

07/04/2009

4,673

0.02%

05/01/2011

Phn khc kinh doanh

2.1. Chin lc pht trin kinh doanh

Trong thi k hi nhp kinh t khu vc v th gii, ng vn c xem

l mt hng thit yu v l mt ngnh kinh t x hi. Do vy trong chin lc
pht trin sn xut kinh doanh ca Cng ty lun hng n tnh bn vng vi
cc d n c th sau:
u t l hi t than cng ngh th h mi vi cng sut 30 tn hi/gi,
nhm mc ch h gi thnh sn phm v bo v mi trng;
Xy dng v pht trin cm ch bin cng nghip pha Ty sng Vm C
ng, ch ng nguyn liu p ng nhu cu cho hot ng sn xut vi
mc tiu cung ng ra th trng 100,000 tn ng tinh luyn hng nm;
u t xy dng nh my ch bin ethanol ph hp vi nhu cu nng lng
sch trong tng lai;
Pht in ln li quc gia t ngun nguyn liu l b ma, p ng nhu cu
nng lng ngy cng cao;
Sn xut thc n gia sc t ph phm ng, sn xut phn vi sinh t ph liu
qua qu trnh sn xut ng.
Ngoi ra to th bn vng cho s pht trin kinh doanh v khai thc li th
a l, Cng ty cn thc hin mt s d n sau:
Nng cp v tp trung u t nng cao sn lng, cht lng ca cc sn
phm ru cao cp, kh nng thay th cc loi ru nhp;
Pht huy v m rng hot ng kinh doanh dch v cho thu kho bi;
u t dy chuyn sn xut sn phm c s dng hm lng ng cao.

2.2. Hot ng Marketing

Qung b thng hiu
10

Thng hiu l ti sn v hnh khng th thiu c trong c ch th

trng qung b v tip th sn phm. Nhn thc c tm quan trng ca
thng hiu, Cng ty khng ngng cng c v pht trin thng hiu gi
vng v tr ca mnh trn th trng:
Thng xuyn cng c v hon thin tnh chuyn nghip ca cc b phn
nghip v, trong c bit l b phn Marketing c nhim v thit lp chin
lc marketing v qun l thng hiu. V vy, sn phm ca Cng ty lin tc
c bnh chn l Hng Vit Nam cht lng cao trong 10 nm lin (19972006) do bo Si Gn Tip Th t chc v Cng ty hin nm trong danh sch
100 thng hiu mnh ca Vit Nam.
Ngoi ra Cng ty cn t c nhiu gii thng khc, khng nh thng
hiu nh: Cp vng Top Ten Thng hiu Vit do mng Thng hiu Vit
(http://www.thuonghieuviet.com/News/Home/) bnh chn trong 02 nm 20042005, t danh hiu thng hiu ni ting nm 2005 do B Vn ha- Thng tin
trao tng.
Tip tc duy tr s n nh cht lng sn phm m bo uy tn thng hiu
pht trin vng bn. Cng ty t gii thng Doanh nghip Vit Nam uy tn
cht lng nm 2006 do B Thng Mi trao tng.
Hot ng qung co, tip th v quan h cng ng:
Xy dng v trin khai mnh chin lc chiu th c ng
Tham gia qung co, ti tr cho cc chng trnh gii tr ang thu ht nhiu
khn gi xem truyn hnh theo di nh: chng trnh Vui cng Hugo trn
VTV7, chng trnh Vt ln chnh mnh trn HTV7, chng trnh m
vang tui tr trn VTV1.
Tham gia cc hot ng mang tnh cht cng ng
- H tr tr em ngho vo cc dp L, Tt Nguyn n v Tt Trung thu ti cc
a phng.
- Hp tc cng Trung tm dinh dng TP.H Ch Minh trin khai chng trnh
b sung Vitamin A cho b m v tr em.
- Tham gia ng gp vo qu h tr nn nhn cht c mu da cam
- Phng dng 19 b m Vit Nam anh hng
V nhng hot ng ng gp tch cc ny, BSJC c phong tng danh hiu
Doanh nghip v s tin b x hi v pht trin bn vng.
Chnh sch gi c
Cng ty xy dng mt chin lc gi c linh hot trn c s gi thnh hp l, kt
hp vi din bin gi trn th trng iu chnh chin lc gi cho ph hp vi
cc yu cu nh:
Xy dng chin lc gi theo th trng, mc tiu kinh doanh Cng ty trong
tng giai on;
11

 Xy dng chin lc gi hp l theo tng phn khc th trng, theo h

thng phn phi;
Xy dng chin lc gi cho sn phm mi thm nhp, m rng pht
trin th trng.
H thng phn phi
H thng phn phi sn phm ca Cng ty tri u trn c nc, bao gm trn 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. Ngoi ra,
cng ty cng quan tm pht trin kinh doanh xut khu v trong cc nm qua
xut khu ng tinh luyn i 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 ra 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

3.

Mng li chi nhnh v i l

Vi h thng hn 200 i l tri di t Bc n Nam v cc chi nhnh: Tp.

Nng, Tp. H Ch Minh v Tp. Cn Th, cc sn phm ca Cng ty c ng
o ngi tiu dng trong c nc bit n v tin dng.
Tr s chnh: Cng ty C phn ng Bin Ha
Tr s
: Khu Cng nghip Bin Ha 1, Phng An Bnh, Tp.Bin Ha,
Tnh ng Nai
in thoi : (061) 3 836 199
Fax
: (061) 3 836 213
Website
: http://www.bhs.vn
Email
: bhs@bhs.vn
n v trc thuc:
Nh my ng Bin Ha- Ty Ninh
a ch: X Tn Bnh, Th X Ty Ninh- Tnh Ty Ninh
in thoi: (066) 821 995
Fax: (066) 823 602
Chc nng:
Thc hin cng tc t chc, qun l nhn s ca Nh my
T chc iu hnh hot ng sn xut kinh doanh ti Nh my
Thc hin cng tc hch ton k ton, qun l ti chnh ca Nh my
Quy hoch, pht trin vng nguyn liu; qun l vn u t nng nghip,
huy ng nguyn liu, pht trin v p dng khoa hc- k thut trong
nng nghip
12

 Vn chuyn nguyn liu ma phc v cho sn xut ca Nh my, vn

chuyn ng v Cng ty
Nghin cu sn xut ma ging cung cp Nng dn vng trng ma
Thc hin cc hot ng khuyn nng i vi nng dn vng nguyn
liu
Thc hin cng tc sa cha ln, bo tr my mc thit b, xy dng
cng trnh kin trc
i din cho Cng ty lm vic vi cc c quan, chnh quyn a phng
Trin khai thc hin cc ch trng, chnh sch ca Cng ty ti Nh
my.
Cc chi nhnh ca Cng ty:
Chc nng
Xy dng chin lc, k hoch v t chc thc hin khi c ph duyt cc
hot ng kinh doanh sn phm ca Cng ty v ngoi Cng ty theo ng
quy ch hot ng ca Cng ty v ca Chi nhnh
Qun l s dng hiu qu ti sn v vn do Cng ty cp. Thc hin dch v
hnh chnh ca Cng ty ti khu vc
T chc hot ng Marketing nghin cu th trng, tham mu cho phng
Kinh doanh, Ban lnh o xy dng k hoch, chin lc kinh doanh
Thc hin cc cng tc cung ng huy ng vt t, nguyn liu theo cc yu
cu ca Cng ty.
Chi nhnh H Ni
a ch: 87B Lnh Nam- Q.Hong Mai- H Ni
in thoi: (04) 8 621 785
Fax: (04) 8 624 359
Chi nhnh TP.HCM
a ch: 34-35 Bn Vn n- Q.4- Tp.HCM
in thoi: (08) 8 269 717
Fax: (08) 8 264 873
Chi nhnh Nng
a ch: 120 ng ch Khim- Q.Thanh Kh- Tp. Nng
in thoi: (0511) 744 622
Fax: (0511) 744 623
Chi nhnh Cn Th
a ch: 550 CMT8- P.An Thi- Q. Bnh Thy- Tp.Cn Th
in thoi: (071) 761 488
Fax: (071) 761 489

4. Mi trng kinh t
- Ngnh cng nghip ma ng ti Vit Nam ch mi bt u pht trin vo u
nhng nm 1990, cho n giai on hin nay ngnh ma ng ti Vit Nam vn
13

cha pht trin mnh c th tr thnh ngnh cng nghip ch lc ca nn kinh

t.
- Hin ti, sn xut ng trong nc mi ch p ng c khong 70% nhu cu
tiu th, phn cn li nhp khu t Trung Quc v Thi Lan. Nh biu di,
ta c th thy, th phn tiu th hin nay ngoi SBT, LSS, BHS v NHS, trn th
trng cn c cng ty ng Qung Ngi v cng ty ng Cn Th l cc cng
ty ln c sc cnh tranh cao. Phn cn li ca th trng l cc cng ty nh chim
di 2% th phn v cc doanh nghip nhp khu ng kinh doanh chim di
2% th phn.

- Nhn chung qua cc nm, tnh trng cnh tranh khng din ra d di do ngun
cung yu hn cu. Tuy nhin, trong nm 2011, sn lng ng trong nc p
ng c nhu cu tiu th nhng B Cng Thng li cho nhp 250,000 tn
ng gy tnh trng d tha.
Quota nhp khu ng: k t nm 2010, khi thu nhp khu chnh ngch gim
v 5% v p dng chnh sch quota nhp khu linh hot, thay i theo hng tng
ln ty thuc vo nhu cu ni a. Vit Nam phi nhp khu ng gn 30% sn
lng tiu th hng nm, trong khi s cnh tranh ca cc doanh nghip ni a cn
thp, do vy gi ng trong nc b tc ng ln bi gi ng th gii.
S cnh tranh trong ngnh ma ng khng cao. Ngnh ng Vit Nam cng
khng c tnh cnh tranh cao so vi cc nc trong khu vc v trn th gii, do gi
thnh sn xut cao, mt phn l do gi mua nguyn liu ma cao hn cc nc
trong khu vc khong 30%, ng thi dy chuyn sn xut ma ng nc ta
cha cao so vi cc nc trn th gii.
Mt khc, trong cc nm gn y, gi ng Vit Nam c bo h bi thu
quan cao v hn ngch nhp khu, to iu kin thun li cho cc doanh nghip
trong nc.
Tuy nhin bc sang nm sau, theo l trnh hi nhp AFTA, nc ta s p dng
thu sut 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
14

kh khn ngnh ng phi vt qua cnh tranh vi cc nc cng nghip

ng pht trin trong khu vc v trn th gii.

5. Phn tch SWOT

im mnh:
- Cng ty l mt trong nhng DN sn xut ng u tin ti Vit Nam vi hn 40
nm kinh nghim. Cng ty c ngun nguyn liu v th trng tiu th n nh vi
nhiu mt hng truyn thng.
- Cng ty 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.
- Cng ty c nng lc cung ng kp thi sn phm c cht lng cao cho th
trng trong v ngoi nc.
- Sn phm ng tinh luyn ca Cng ty rt a dng nh ng bao 50kg phc
v sn xut, cung ng cho th trng; ng nguyn, ng mn ng ti cc
loi phc v tiu dng trc tip. Nh vy, cng ty l n v cung ng sn phm
ng phong ph, p ng nhu cu s dng a dng cho mi i tng.
im yu:
- Cng ngh c k lc hu, khu hao ti sn ln.
- Ngun nguyn liu v gi ng thng xuyn bin ng gy nh hng ln ti
hot ng kinh doanh ca Cng ty.
- Chi ph li vay cng gy p lc ln ti li nhun ca Cng ty.
- Hot ng u t ti chnh s dng vn ln nhng khng hiu qu ang l gnh
nng cho Cng ty.
C hi:
- Kinh t Vit Nam trn phc hi v pht trin, nhu cu th trng v gi ng
tng.
- Chnh Ph tip tc c chnh sch qun l v m tip theo h tr sn xut kinh
doanh (gim li sut, cho vay u i, b sung kch cu cho khu vc nng
nghip).
- Gi cc loi cy trng cnh tranh gay gt vi cy ma ang gim mnh l c hi
tt cho vic phc hi nhanh vng ma ti ng Nam B v ng Nai, Ty Ninh.
Thch thc:
- Chi ph nguyn liu u vo tng.
- Cnh tranh gay gt ti t cc doanh nghip nc ngoi, c bit l Thi Lan khi
cc hng ro thu quan v hn ngch nhp khu gim.
- Gnh nng li t nh my Ma ng Tr An c vn cha khc phc ht.

15

II.

Phn tch ti chnh CTCP ng Bin Ha

1. Tm lc v ti chnh cng ty

- Phn tch quy m ti sn v vn ch s hu:

1,400,000,000,000

1,281,737,217,308

1,200,000,000,000
1,015,192,298,358
1,000,000,000,000

884,740,161,966
Tng ti sn

800,000,000,000
669,426,348,853
598,525,324,275
600,000,000,000
400,000,000,000

548,499,013,542
496,674,654,773
425,466,388,416
376,513,514,467
331,059,755,021

Tng n
Vn ch s hu

200,000,000,000
0
2007

2008

2009

2010

2011

Quy m ti sn ca CTCP ng Bin Ha nhn chung 5 nm qua u tng ln

v chim phn ln l Ti sn ngn hn. Nm 2007, Ti sn lu ng ca cng ty l
362.064 t (chim 54.09% Tng TS) v n cui qu IV/2011, TSL l 769.762
t (chim 60.06% Tng TS). Trong , Hng tn kho v cc khon phi thu
chim a s. Nm 2010, cc khon phi thu l 254.984 t (chim 41.26% TSL)
v sang nm 2011, cc khon phi thu l 251.634 t (chim 32.69% TSL), nh
vy l cc khon phi thu trong nm 2011 gim i 3.349 t tng ng vi
1.31%. Cng tng t nh vy, Hng tn kho nm 2007 mi ch c 77.619 t
(chim 21.44% TSL) nhng sang n nm 2008 ln ti 165.314 t (chim
59.52% TSL) v t u tng qua cc nm. n nm 2010, Hng tn kho l
299.228 t (chim 48.42%), sang nm 2011 tng thm 33.839 t tng ng tng
11.31% ln 333.067 t.
Vn ch s hu trong 5 nm qua tuy c s tng ln nhng khng tng nhiu nh
ti sn. Nm 2007, VCSH l 376.513 t (chim 56.24% Tng NV) th sang nm
2008 l 331.059 t (chim 56.24% Tng NV) gim 45.453 t tng ng vi
12.07%. Nm 2009, VCSH tng ln 425.466 t (chim 48.09% Tng NV), nh
vy, qua nm 2009 t trng ca VCSH trong c cu Ngun vn gim i, cng
ty ang c xu hng vay n nhiu hn, gim dn s ph thuc vo ngun vn u
t ca ch s hu. Nm 2010, VCSH l 496.674 t (chim 48.92% Tng NV) th
sang nm 2011, VCSH l 548.499 t, tng 51.824 t tng ng tng 10.43%.
Sau y l s phn tch chi tit qua tng nm:
- Nm 2008: tng Ti sn gim cn 277,753 t tc gim 84,310 t so vi nm
2007, tng ng gim 23,29% . Tip theo , tng N cng gim cn 267,465 t
(gim 8,69% so vi nm 2007). Vn Ch s hu cng ch cn 331,059 t ng,
16

gim 45,453 t tng ng gim 12,07% so vi nm ngoi. Trong nm ny, cng ty

u t thm 48,611 t vo Ti sn c nh nhng li rt bt vn lu ng ra,
khong 88,458 t ng. Ngun u t ch yu l t bn trong cng ty vi 35,201
t t vic trch Khu hao v huy ng c thm 14,670 t t vn Ch s hu.
Cng ty tr c 29,594 t n di hn. Nm nay do vic lm n khng c
kh quan nn li nhun gi li u t b m 60,123 t.
Nm 2008
TS u t thm
Ngun u t
u t thm
TSC

48,611,127,819

35,201,505,298 KH
-60,123,879,511 RE

B sung VL
rng

-88,458,161,785
-39,847,033,966

-29,594,779,818 Vay DH
14,670,120,065 VCSH
-39,847,033,966

- Nm 2009: cng ty tip tc y mnh u t vo Ti sn thm 286,214 t ln

884,740 t, tng 47,82% so vi nm ngoi, trong u t vo Ti sn c nh l
62,751 t. Tng N cng tng ln 459,273 t, tng 9,77% so vi nm ngoi trong
N ngn hn tng ln 334,913 t, tng hn 223.842 t tng ng vi hn
200%. Tip , b sung vo vn lu ng rng l 31,035 t. Nm ny, ngun u
t ch yu ca cng ty l t bn trong, vi 101,555 t ca Li nhun gi li v
31,414 t vic ti u t Khu hao. Sau mt nm 2008 y bin ng, nm 2009
cng ty tng bc pht trin li, khng cn phi vay n di hn thm m cn tr
c hn 32,034 t v cn tr thm c vn cho ch s hu l 7,148 t.
Nm 2009
TS u t thm
Ngun u t
31,414,727,974 KH

u t thm
TSC

62,751,078,845

B sung VL
rng

31,035,532,067

101,555,066,019 RE

93,786,610,912

-32,034,750,457 Vay DH
-7,148,432,624 VCSH
93,786,610,912

- Nm 2010: tng Ti sn tng thm 130,452 t (tng 14,74% so vi nm ngoi),

Tng N cng tng thm 59,243 t (tng 12,9% so vi nm 2009) v Vn ch s
hu tng 71,208 t ln 496,674 t (tng 16,74 so vi nm ngoi). Nm nay, cng
ty tip tc u t thm 95,921 t, tng 2,135 t tng ng tng 2,28% so vi nm
ngoi, trong , ch yu l u t vo ti sn c nh l 78,976 t, cn li 16,945
17

t l b sung vo vn lu ng rng. Ngun u t vn t bn trong vi 81,008 t

t Li nhun gi li sau thu v 33,992 t t vic trch Khu hao. Nm nay, cng
ty tip tc khng nhng khng phi vay n di hn thm hay huy ng thm vn
ch s hu m cn tr c hn 9 t cho vic vay n di hn v khong 9,8 t cho
ch s hu, chng t hot ng kinh doanh ca cng ty ngy cng pht trin, c
th ch ng trong ngun vn m khng cn phi i vay hoc huy ng thm vn
t ch s hu.
Nm 2010
TS u t thm
Ngun u t
u t thm
TSC

33,922,369,568 KH

78,976,675,773

81,008,949,431 RE
B sung VL
rng

-9,208,809,985 Vay DH

16,945,150,166

-9,800,683,074 VCSH
95,921,825,940

95,921,825,939

- Nm 2011: tng Ti sn tip tc tng ln 769,762 t (tng 151,732 t so vi nm

2010 tng ng vi 24,55%) trong tng mnh nht l khon Tin v cc
khon tng ng tin (tng 120,019 t so vi nm ngoi) v khon Ti sn c
nh (tng 129,021 t so vi nm ngoi). Tng N nm nay l 733,238 t, nh
vy l tng 214,720 t tng ng vi 41,41%. Vn Ch s hu cng tip tc
tng ln 548,499 t, tng 51,824 t so vi nm 2010 (tng 10,43%). Cng ty nm
nay ch u t c 91,788 t, t hn nm 2010 l 4,133 t nhng khon u t vo
TSC li tng ln gn nh l gp i vi 164,814 t trong khi li rt bt tin t
vn lu ng rng l 73,026 t. Tuy vy, ngun vn vn khng h b thiu ht,
cng ty tip tc tr n c 10,037 t v tr cho ch s hu 58,345 t. Li nhun
gi li sau thu dng u t tng ln 110,169 t, tng 29,161 t (tng 36% so
vi nm 2010) chng t cng ty ngy cng pht trin c v 2 mt: m rng quy m
sn xut v doanh s bn hng.
Nm 2011
TS u t thm
u t thm
TSC

164,814,696,163

Ngun u t
50,002,218,160 KH
110,169,955,787 RE

B sung VL
rng

-73,026,040,613
91,788,655,550

-10,037,921,380 Vay DH
-58,345,597,018 VCSH
91,788,655,549

Kt lun: qua s liu trn ta thy, trong 5 nm va qua, t Tng ti sn cho

n Vn ch s hu u tng qua cc nm, mc vay n cng tng nhng ch
yu l vay n ngn hn, n di hn khng nhng khng vay thm m cn tr c
18

nhiu hn qua tng nm. H s n ca cng ty cng ngy cng tng, tuy khng
tng qu 5% qua mi nm, trong khi h s t ti tr ca cng ty cng ngy cng
gim, nm 2007 l 56%, sang nm 2008 l 55%, nm 2009 l 48%, nm 2010 l
49% v nm 2011 ch cn 43% cho thy, cng ty v ang bt nhp c vi xu
th hin nay l gim s ph thuc vo vn Ch s hu, thay vo l i vay n
nhiu hn, lm nh vy s d ti a ha c li nhun, li nhun tnh trn mi
ng vn s nhiu hn.

2. Phn tch Doanh thu v li nhun

2007
2008
2009
664,197,603,223 808,160,081,331 1,203,303,102,803
76,452,495,339
50,320,657,458
161,870,759,316
53,420,133,726 (43,502,557,234)
127,879,579,044
53,633,026,705 (43,121,551,879)
128,122,662,626
53,633,026,705 (43,276,152,511)
120,086,686,019

Tng doanh thu

Li nhun gp
Li nhun/l t HKD
Li nhun trc thu
Li nhun sau thu
2010
2011
2,027,067,282,985
2,611,046,153,157
248,705,693,580
269,654,988,230
165,504,005,944
149,136,360,749
165,666,761,086
160,017,677,319
145,869,619,431
147,233,195,787

Nhn bng s liu trn th ta c th thy tng doanh thu ca cng ty trong 5 nm
va qua tng ln mt cch r rt. Nm 2007 doanh thu mi ch l 664,197 t m
sang nm 2008 tng ln thnh 808,160 t, tc tng 143,962 t (tng 21,67% so
vi nm 2007). Nm 2009, doanh thu tip tc tng ln mc 1.203 t v nm 2010,
c s tng vt bc ca doanh thu, t hn 1000 t nm ngoi th nm nay l
2.027 t, gp 1,69 ln. Nm 2011, doanh thu tng thm 575,196 t ln mc 2.611
t, tng ng tng 28,25% so vi nm 2010.

Tng Doanh thu

3,000,000,000,000
2,611,046,153,157

2,500,000,000,000

2,027,067,282,985

2,000,000,000,000
1,500,000,000,000

1,203,303,102,803
808,160,081,331

1,000,000,000,000
500,000,000,000

Tng Doanh thu

664,197,603,223

0
2007

2008

2009

2010

2011

19

2007

Doanh thu
thun v BH..
Doanh thu
HTC
Thu nhp khc
Tng doanh thu

2008

2009

641,379,420,936 790,087,548,664 1,189,447,960,432

22,166,229,004

17,506,780,172

13,581,013,334

651,953,283

565,752,495

274,129,037

2010

2011

2,004,518,000,661 2,564,622,002,294

17,785,046,874

35,024,068,534

4,649,043,757
11,400,082,329
664,197,603,223 808,160,081,331 1,203,303,102,803 2,027,067,282,985 2,611,046,153,157

Tng doanh thu bao gm doanh thu thun v bn hng v cung cp dch v,
doanh thu v hot ng ti chnh v doanh thu khc. Trong , doanh thu thun v
bn hng v cung cp dch v lun l ngun thu nhiu li nhun nht cho cng ty.
Bn cnh th doanh thu t hot ng ti chnh v doanh thu khc cng mang li
mt phn li nhun khng nh.
2007

Doanh thu
thun
Gi vn
hng bn
Li nhun
gp

2008

2009

2010

2011

641,379,420,936 790,087,548,664 1,189,447,960,432 2,004,518,000,661 2,564,622,002,294

564,926,925,597 739,766,891,206 1,027,577,201,116 1,755,812,307,081 2,294,967,014,064
76,452,495,339

50,320,657,458

161,870,759,316

248,705,693,580

269,654,988,230

Nhn vo bng s liu trn, ta thy tuy doanh thu thun tng ln qua cc nm
nhng gi vn hng bn nm no cng tng ln, nh vy lm cho li nhun gp
gim i rt nhiu. Nm 2007, gi vn hng bn l 564,926 t nhng sang n nm
2008 tng ln ti 739,766 t tc l tng thm 174,839 t (tng 30,95% so vi
nm ngoi) lm cho li nhun gp nm 2008 ch cn l 68,393 t, gim 26,131 t
so vi nm 2007 (tng ng vi gim 34,18%). Nguyn nhn g khin cho gi
vn hng bn nm 2008 tng ln mt cch bt thng nh th?
- Th nht, l do nh hng chung ca cuc khng hong ti chnh lm cho gi
ca tt c cc chi ph u vo tng cao t u qu II nm 2008 trong khi mt s
hp ng vi sn lng tiu th ln ca Cng ty k trc vi gi c nh,
dn n gi vn hng bn chim t trng ln lm hiu qu kinh doanh thp.
- Th hai, l do gi mua ma nguyn liu tng cao do c s cnh tranh ngy cng
gay gt t mt s cy trng khc lm din tch ma b thu hp (gim 38% din tch
so vi trc), gi mua ma bnh qun v ma ng 08-09 l 600.000 ng/tn so
vi v ma ng 07-08 l 450.000 ng/tn khuyn khch ngi nng dn
trng ma nhm khi phc v pht trin vng nguyn liu ma cho nhng v k
tip, lm cho chi ph thu mua ma nguyn liu ca qu IV nm 2008 tng thm
khong 16 t ng. Do din tch ma b thu hp nn sn lng ng th ca qu
IV nm 2008 gim mnh so vi cng k nm trc (gim khong 25%) lm cho
kt cu nh chi ph trong gi thnh sn phm ng th tng cao, nht l chi ph
20

Khu hao. C th chi ph khu hao ca qu IV nm 2007 cho 01kg ng th l

426 ng/kg, qu IV nm 2008 l 1.057 ng/kg.

Doanh thu t hot ng ti chnh:

3,000,000,000,000
2,500,000,000,000
2,000,000,000,000
1,500,000,000,000

3. Doanh thu thun v bn hng

v cung cp dch v

1,000,000,000,000

6. Doanh thu hot ng ti

chnh

500,000,000,000
0
Nm
2007

Nm
2008

Nm
2009

Nm
2010

Nm
2011

- Nhn vo biu trn, ta c th thy doanh thu t hot ng ti chnh chim t

trng rt nh so vi doanh thu thun v bn hng v cung cp dch v. Cng c th
hiu c v cng ty c phn ng Bin Ha l cng ty hot ng trong lnh vc
sn xut ch bin thc phm, nn tt nhin hot ng bn hng v cung cp dch
v s l ngun thu chnh.
2007

Doanh thu
thun v BH..
Doanh thu
HTC

2008

2009

2010

2011

641,379,420,936 790,087,548,664 1,189,447,960,432 2,004,518,000,661 2,564,622,002,294

22,166,229,004

17,506,780,172

13,581,013,334

17,785,046,874

35,024,068,534

Doanh thu hot ng ti chnh nm 2007 l 22,166 t ng. Nm 2008 l 17,506

t, gim 4,659 t so vi nm ngoi. Sang nm 2009 li tip tc gim i 3,925 t
ch cn 13,582 t, tng ng gim 22,42% so vi nm 2008. Nguyn nhn hai
nm ny doanh thu hot ng ti chnh lin tip gim mnh xung l do li t vic
u t trng ma cng nh vic u t ti chnh khng c nhiu, thm vic li t
vic tin gi ngn hng gim, nm sau li li c t hn nm trc. Nh bng
thng k di y, in hnh nh nm 2008, li tin gi NH ch cn hn 5 t ng,
tc l gim xung ch cn hn mt na so vi nm 2007, li u t t vic
trng ma gim gn 3 t, ch mi tnh qua 2 khon ny m cho thy doanh thu
t HTC nm 2008 gim mt khong 8 t ng so vi nm 2007, tuy nm ny
hot ng ti chnh cng c thu thm nhiu khon na nhng khng th b p
c s st gim qu ln ca hai khon kia.
21

Li tin gi NH
Li t u t trng ma
Li t u t CK
Li cho vay
C tc, LN c chia
Li t chnh lch t gi
Khc
Tng

2007
10,323,800,870
8,625,169,216

2008
5,062,120,267

2009
1,972,211,082

5,695,519,511

7,490,640,438

3,042,760,000

2,938,071,667
1,227,531,817
729,500,000
971,010,381
343,026,529
17,506,780,172

164,993,500
1,332,628,387
12,000,000
2,591,419,927
17,120,000
13,581,013,334

100,243,094
74,255,824
22,166,229,004

Thm mt nguyn nhn na khin cho doanh thu hot ng ti chnh gim l do
chi ph ti chnh tng. Nm 2007, chi ph ti chnh l 13,528 t, n nm 2008, con
s tng ln ti 72,446 t, tng 58,917 t tng ng vi 435,50%. Nhng ti sao
sang nm 2009, chi ph ti chnh gim mnh xung cn c 3,273 t (gim 95,48%
so vi nm 2008) nhng doanh thu hot ng ti chnh vn c gim m li khng
h tng??? mt phn l do cng ty u t chng khon khng hiu qu, nm
2008, li t u t chng khon l gn 2,9 t nhng nm 2009 li ch cn 164,993
triu, l t u t chng khon l 2,598 t. Bn cnh , cng ty cn ly thm hn
17 t t qu d phng tn tht u t chng khon trong chi ph hot ng ti
chnh.
90,000,000,000
80,000,000,000
70,000,000,000
60,000,000,000
50,000,000,000

6. Doanh thu hot ng ti

chnh

40,000,000,000

7. Chi ph ti chnh

30,000,000,000
20,000,000,000
10,000,000,000
0
Nm 2007Nm 2008Nm 2009Nm 2010Nm 2011

Li nhun trc thu:

2007
2008
2009
2010
2011
LN trc thu 53,633,026,705 (43,121,551,879) 128,122,662,626 165,666,761,086 160,017,677,319
53,633,026,705 (43,276,152,511) 120,086,686,019 145,869,619,431 147,233,195,787
LN sau thu

Nhn vo bng s liu trn, ta c th thy, li nhun trc thu ca cng ty nhn
chung u tng qua cc nm t 2007-2010, nm 2011 c gim cht t. Nm 2009,
Li nhun trc thu l 128,122 t, sang nm 2010 l 165,666 t, tng 37,544 t
22

so vi nm 2008, tng ng tng 29,30%. Nm 2011, li nhun trc thu l

160,017 t, gim 5,649 t (gim 3,41% so vi nm ngoi). Nguyn nhn l do mt
s chi ph tng nh nh chi ph ti chnh (tng thm 33,990 t- tng 73.31% so vi
nm 2009), chi ph bn hng (tng thm 6,740 t- tng 25.92%) v chi ph qun l
doanh nghip (tng thm 13,824 t- tng 48,30%) khin li nhun thun t hot
ng kinh doanh gim t dn n li nhun trc thu nm 2011 gim so vi
nm 2010. Tuy nhin, li nhun sau thu nm 2011 vn tng mt t so vi nm
2010, tng 1,363 t (tc tng 0,93%). Nguyn nhn l do chi ph thu TNDN nm
2011 gim so vi nm 2010. Chi ph thu TNDN nm 2010 l 19,797 t. Nm
2011 l 12,784 t, ng ngha vi vic gim 7,012 t , tng ng vi gim
35,42% so vi nm 2010. y l mt du hiu rt tt i vi tnh hnh kinh t th
gii cng nh trong nc m m nh hin nay.
Khi nhn biu bn di ta c th thy c s chnh lch rt ln gia tng
doanh thu v li nhun sau thu. Nm 2007, li nhun sau thu ch chim c
8,07% Tng doanh thu, sang nm 2009, n chim 9,98% tng doanh thu v nm
2010, chim 7,17%. Nm 2011, li nhun sau thu chim 5,64% tng doanh thu.

3,000,000,000,000

2,611,046,153,157

2,500,000,000,000
2,035,849,226,569
2,000,000,000,000
1,500,000,000,000

Tng doanh thu

1,203,303,102,803

Li nhun sau thu

808,160,081,331
1,000,000,000,000664,197,603,223
500,000,000,000

53,633,026,705

0
2007

145,869,619,431
120,086,686,019

(43,276,152,511)
2008
2009

2010

147,233,195,787

2011

(500,000,000,000)

Kt lun: Nhn chung th tnh hnh kinh doanh nm 2011 ca CTCP ng

Bin Ha l mt nm tt p, khng c nhiu bin ng v tt c cc ch s u
tng. Doanh thu nm 2011 va qua tng nh so vi nm ngoi, gi vn hng bn
tuy cng tng nhng khng nhiu nh doanh thu (t 1.755 t ln 2.294 t), nh
vy vn m bo vic sinh li cho cng ty nhng khng th cao nh nm 2010.
Doanh thu t hot ng ti chnh nm 2011 tng 96.93% so vi nm 2010, y l
s tng trng vt bc ca hot ng u t ti chnh ca cng ty trong 5 nm
gn y, chng t vic cng ty ch trng hn vo u t nhng g c th mang
li li nhun, nhng hot ng ny vn chim t trng nh trong tng doanh thu
(chim 1,34% tng doanh thu). Tuy Li nhun trc thu gim do mt s chi ph
tng nh nhng Li nhun sau thu ca cng ty vn tng so vi nm 2010.
23

3. Hot ng c phiu trn th trng chng khon

Hin ti (03/04/2012): gi t mc 18.6
- Bin dao ng ca gi c phiu BHS kh ln vi gi cao nht l vo ngy
9/3/2010 vi mc 39.3, thp nht l vo ngy 21/12/2011 vi mc l 17.1.
- Khi lng giao dch cn t v khng u n.

III. Phn tch t s ti chnh

1. Kh nng thanh ton ngn hn
2007
2008
1.77
0.19
2.66
1.01
3.39
2.50
38
28
235.58 136.33

T s tc thi
T s thanh ton nhanh
T s hin hnh
T s VL rng so vi tng Ti sn
T s thi gian duy tr hot ng

2009
0.26
0.99
1.59
22
186.85

2010
2011
0.15
0.28
0.79
0.70
1.53
1.23
21
11
126.65 121.07

Vi cc ch s trn, ta so snh vi ch s ngnh ma ng

n v
Ln
Ln
Ln
%
Ngy

T s tc thi
T s thanh ton nhanh
T s hin hnh
T s VL rng so vi tng Ti sn
T s thi gian duy tr hot ng

2011
0.31
1.43
1.89
26
221.32

2010
1.34
2.93
4.11
38
360.19

2009
0.84
1.62
2.75
21
305.52

4.00
3.50

3.39

3.00
2.66
2.50
2.00

Kh nng thanh ton tc thi

2.50

Kh nng thanh ton nhanh

1.77
1.59
1.53

1.50
1.01
1.00

1.23

0.99
0.79

Kh nng thanh ton hin

hnh

0.70

0.50

0.19

0.26

0.15

0.28

0.00
2007

2008

2009

2010

2011

- Nh vy, trong 5 nm va qua t s tc thi ca cng ty c chiu hng

gim dn. Nm 2007, t s tc thi l 1,77 ln nhng sang n nm 2008 v t
n nay, t s tc thi ca cng ty lun nh hn 1, tc l Tin mt lun trong trng
thi nh hn N ngn hn. Trong 3 nm gn y nht th t s tc thi ca cng ty
lun nh hn t s tc thi ca ngnh, chng t kh nng thanh ton n ngn hn
ca cng ty l cha tt, iu ny ng ngha vi vic t l n ngn hn tng ln
qua cc nm v chim t trng ln trong Tng N. Nm 2009 l 0,26 ln trong khi
24

 ca ngnh l 0,84 ln. Nm 2010 l 0,15 ln ca ngnh l 1,34 ln. Nm 2011,

t s tc thi ca cng ty tng ln l 0.28 ln v ca ngnh l 0.31 ln.
1.60
1.40

1.34

1.20
1.00

T s tc thi

0.84

0.80

T s tc thi ca
ngnh

0.60
0.40

0.31

0.26

0.20

0.28
0.15

0.00
2009

2010

2011

- T s thanh ton nhanh cng trong tnh trng ging nh t s tc thi.

Trong 5 nm va qua, t s ny lun c xu hng gim dn v lun thp hn t s
ca ngnh. Nm 2007 l 2,66 ln sang nm 2008 l 1,01 ln, nm 2009 gim
xung cn 0,99 ln trong khi t s ngnh l 1,62 ln. n nm 2010 v sang c
nm 2011 t s ny ln lt l 0,79 ln v 0,70 ln, t s ngnh ln lt l 2,93 ln
v 1,43 ln. iu ny chng t kh nng thanh ton cng n ca doanh nghip l
kh thp, tnh trng ti sn ngn hn (tr hng tn kho) lun nh hn N ngn hn,
kh nng khng th chi tr n n hn khi khng dng tin mt l kh cao.
3.50
3.00

2.93

2.50
Kh nng thanh ton
nhanh

2.00
1.62

1.50
1.00

1.43

Kh nng thanh ton

nhanh ca ngnh

0.79
0.99

0.50

0.70

0.00
2009

2010

2011

- Nh vy trong 3 nm gn y nht, t s c xu hng gim i nhng nhn

chung l bin ng khng nhiu, c bit l cc t s ny u ln hn 1, iu ny
l chp nhn c. Nm 2009 l 1,59 ln ca ngnh l 2,75 ln. Nm 2010 l 1,53
ln ca ngnh l 4,11 ln. Nm 2011l 1,23 ln ca ngnh l 1,89 ln. Nh vy, t
25

s hin hnh ca cng ty nh hn t s ngnh, iu ny chng t kh nng thanh

ton ngn hn ca cng ty vn cn yu so vi cc cng ty hot ng cng lnh vc.
4.50

4.11

4.00
3.50
3.00
2.50
2.00
1.50

Kh nng thanh ton hin

hnh

2.75

Kh nng thanh ton hin

hnh ca ngnh

1.89

1.53
1.59

1.00

1.23

0.50
0.00
2009

2010

2011

2. Kh nng thanh ton di hn

T s tng N
T s tng N- Vn CSH
S nhn vn CSH
T s n di hn
T s thanh ton li vay (TIE)
T s m bo tin mt thanh
ton li vay

n v
Ln
Ln
Ln
Ln
Ln

2007
0.44
0.78
1.78
0.22
4.99

Ln

2008
0.45
0.81
1.81
0.25
-0.56

2009
0.52
1.08
2.08
0.44
8.20

2010
0.51
1.04
2.04
0.45
4.89

2011
0.57
1.34
2.34
0.53
3.22

0.71

9.96

5.69

3.91

Cng vi cc ch tiu trn, ta so snh vi t s nhm ngnh

T s tng N
T s tng N- Vn CSH
S nhn vn CSH
T s n di hn
T s thanh ton li vay (TIE)
T s m bo tin mt thanh
ton li vay

n v
Ln
Ln
Ln
Ln
Ln
Ln

2009
0.25
0.42
1.42
0.07
23.70

2010
0.25
0.41
1.42
0.09
22.50

2011
0.37
0.68
1.69
0.12
12.29

29.18

25.33

12.41

- Vi t s tng N, ta nhn thy rng t s ny ang c xu hng tng ln. Nm

2009 l 0,52 ln v nm 2010 gim nh xung cn 0,51 ln, nm 2011 l 0,57 ln,
tc l vi 1 ng vn b ra th trong c ti tn 57% l n, iu ny vn c th
chp nhn c. Nhng t s ny qu cao so vi mt bng chung ca ton ngnh,
t s tng N ca cng ty trong 3 nm gn y nht lun cao hn so vi t s
ngnh (cao gp 2 ln so vi t s ngnh), nm 2010 t s ngnh l 0,25 ln, cn t
s ca cng ty l 0.51 ln, iu ny l cha tt. Chng t kh nng thanh ton di
hn ca cng ty l rt thp.
26

0.70
0.60

0.52

0.57

0.51

0.50
0.40
0.30

0.37
0.25

0.25

2009

2010

T s tng N
T s tng N ca
nhm ngnh

0.20
0.10
0.00
2011

- T s tng N/Vn Ch s hu ca cng ty trong nhng nm gn y cng ging

nh t s tng N, gim nh vo nm 2010 v tng mnh vo nm 2011, nhng
nhn chung vn cao hn so vi t s ngnh. Nhn vo biu di y, ta c th
nhn thy rng, t s tng N/ tng Vn CSH u ln hn 1, c th kt lun c
rng, ti sn ca cng ty c ti tr ch yu bi cc khon n, nh vy cng ty s
gp kh khn trong vic tr n hoc kh nng ph sn ca cng ty rt d xy ra.
Tuy nhin, vic s dng n cng c mt u im, l chi ph li vay s c tr
vo thu thu nhp DN. Lm th no c th cn bng gia ri ro ti chnh v u
im ca vay n m bo mt t l hp l nht cho cng ty, l mt bi ton
ca cc nh lnh o.
1.60
1.40
1.20

1.34
1.08

1.00

1.04

T s Tng N/Vn
CSH

0.80
0.68

0.60
0.40

0.42

T s tng N/Vn
CSH ca nhm ngnh

0.41
0.20
0.00
2009

2010

2011

- T s thanh ton li vay (TIE) ca cng ty trong 3 nm va qua: nm 2009 l

8,20 ln, ca ngnh l 23,70 ln. Nm 2010 l 4,89 ln ca ngnh l 22,50 ln.
Nm 2011 l 3,22 ln ca ngnh l 12,29 ln. Nh vy, ta c th nhn xt c l
kh nng thanh ton li vay ca cng ty trong 3 nm va qua l thp hn rt nhiu
so vi ton ngnh, chng t kh nng thanh ton li vay ca cng ty l rt xu.
27

25.00
22.50

23.70
20.00

15.00

TIE

12.29
10.00

TIE (nhm ngnh)

8.20
4.89

5.00
3.22
0.00
2009

2010

2011

3. Hiu qu qun l ti sn
.v

2007

2008

2009

2010

2011

T s vng quay hng tn kho

Vng

7.28

4.47

5.11

5.87

6.89

K hn vng quay hng tn kho

Ngy

50.15

81.57

71.49

62.20

52.97

T s vng quay cc khon phi thu

Vng

7.20

8.89

4.98

7.95

10.38

K thu tin bnh qun

Ngy

50.71

41.06

73.25

45.91

35.18

T s vng quay VL rng

Vng

2.60

4.85

6.09

9.44

18.43

T s vng quay TSC

Vng

2.16

2.52

3.42

5.10

5.10

T s vng quay tng Ti sn

Vng

0.99

1.35

1.36

2.00

2.04

- T s vng quay hng tn kho c s tng ln qua tng nm. Trong nm 2007
hiu qu qun l hng tn kho tt nht vi 7,28 vng. Nm 2008 gim xung cn
4,47 vng, y cng l nm c hiu qu qun l hng tn kho km nht trong 5
nm gn y. Nm 2009, 2010 t s tng dn ln v n nm 2011 l xp x 7
vng. T s ny cng ngy cng tng ln chng t vic qun l hng tn kho ca
cng ty cng ngy cng tt, hiu qu cao.
- Nm 2011, k hn vng quay hng tn kho l 52,97 ngy, tc l c 1 n v hng
tn kho th c bnh qun lu kho l khong 53 ngy, nu so snh vi nm trc ,
nm 2010, k hn vng quay hng tn kho l 62,20 ngy, chng t hiu qu qun
l hng tn kho nm 2011 tt hn hn.
- T s vng quay cc khon phi thu nm 2009 l 4,98 vng sang nm 2010 tng
ln mc 7,95 vng v n nm 2011, t s ny l 10,38 vng, chng t hiu qu
qu vic qun l hot ng mua bn hng ha kh tt. Nm 2011, c 1 ng bn
chu th mt khong 35 ngy th thu c tin v. Nu so snh vi nm 2010, k
thu tin bnh qun l khong 46 ngy th nm 2011 tip tc l nm qun l hiu
qu ca cng ty.
28

4. Kh nng sinh li
T s li nhun bin
T s li nhun bin gp
T s li nhun bin thun
ROE
ROA
BEP

n v
%
%
%
%
%
%

2009

n v
%
%
%
%

2009

2010

9.98
13.61
10.75
28.22
13.57
16.49

7.20
12.41
8.26
29.37
14.37
20.51

2011
5.64
10.51
5.82
26.84
11.49
18.12

So snh vi t s ngnh
T s li nhun bin
BEP
ROA
ROE

2010
20
17
14
20

2011
23
23
18
25

19
22
19
24

- Qua bng s liu v biu di y ta thy, li nhun bin qua cc nm u

thp hn so vi ngnh t nm 2009 n nm 2011, ngha l mi ng doanh thu
m cng ty b ra mang v li nhun thp hn so vi cc cng ty cng ngnh, ng
ngha vi vic hot ng kinh doanh ca cng ty cha tt. Khng nhng th, li
nhun bin trong 3 nm u c chiu hng gim dn, nm 2009 l 9,98%. Nm
2010 gim xung cn 7,20% v n nm 2011 tip tc gim cn 5,64%.
25%
23%
20%

19%

20%
15%

Li nhun bin ca
ngnh

9.98%
10%

Li nhun bin

7.20%
5.64%

5%
0%
2009

2010

2011

- ROA ca cng ty trong nhng nm gn y lun thp hn so vi t s ngnh.

(Nm 2009 l 13,57% ca ngnh l 14%. Nm 2010 l 14,37% ca ngnh l 18%.
Nm 2011 l 11,49% ca ngnh l 19%). Nm 2010, ROA tng nh ln mc
14,37% nhng sang nm 2011 gim xung ch cn 11,49%, iu ny cho ta bit
hiu qu ca vic s dng ti sn cng ty kim li l khng tt, cng ty u t
cng nhiu nhng li kim c t tin hn trn lng u t . Trong khi ROA
ca doanh nghip ngy mt gim qua cc nm th ROA ca ngnh li c xu hng
tng t 14% ln 19%. iu ny cng chng t kh nng sinh li ca doanh nghip
l rt thp.
29

20.00%
18.00%
16.00%
14.00%
12.00%
10.00%
8.00%
6.00%
4.00%
2.00%
0.00%

19%
18%
14%
13.57%

14.37%
11.49%

ROA
ROA ca nhm ngnh

2009

2010

2011

- T s ROE ca cng ty c s gim nh t 28,22% nm 2009 xung cn

26,84% nm 2011. iu ny phn nh cng ty cha thc s s dng hiu qu
ng vn ca c ng. Nhn vo biu ta thy ROE ca cng ty qua cc nm
lun cao hn so vi nhm ngnh. Nh vy cho ta thy tuy cng ty cha thc s s
dng hiu qu ng vn ca c ng khi tham gia sn xut kinh doanh nhng vn
cn tt hn so vi mt bng chung ca ton ngnh.
35.00%
30.00%

29.37%
28.22%

26.84%

25.00%
20.00%

20%

25%

24%

15.00%

ROE
ROE ca nhm ngnh

10.00%
5.00%
0.00%
2009

2010

2011

5. T s gi th trng
Thu nhp trn mi c phiu (EPS)
C tc trn mi c phiu (DPS)
T s P/E
T s P/B

n v
ng
ng
Ln
Ln

2009
6,480
1,000
2.22
0.62

2010
7,871
3,500
2.26
0.66

2011
4,908
1,236
3.55
0.95

30

EPS:

EPS
10,000
8,000

7,871
6,480

6,000

4,908
4,000

3,235

EPS

2,000
0
2007
(2,000)

2008

2009

2010

2011

(2,446)

(4,000)

Nhn vo biu trn ta c th thy, li c bn trn mt c phiu (EPS) ca

cng ty c s ln xung khng ng u qua cc nm. EPS nm 2007 l 3.235
ng/c phiu nhng n nm 2008, EPS xung ti -2.446 ng/c phiu, tc
l gim 5.681 ng/c phiu. Nm 2009, EPS li tng ln mc 6.480 ng/c
phiu, tng 8.927 ng/c phiu so vi nm 2008. Nm 2010 EPS li tip tc tng
ln 7.871 ng/c phiu, tng 1.391 ng/c phiu, tc tng 21,47%. Nhng n
nm 2011, EPS li gim xung ch cn 4,908 ng/c phiu, tc gim 2.963
ng/c phiu, tng ng vi gim 37,65%.
Bng di y s ch r cho ta thy ti sao li c s tht thng nh vy.
Li nhun sau thu
SL CP ang l.hnh
EPS

2007
2008
2009
2010
2011
53,633,026,705 (43,276,152,511) 120,086,686,019 145,869,619,431 147,233,195,787
16,579,763
17,689,674
18,531,620
18,531,620
29,997,580
3,235
(2,446)
6,480
7,871
4,908

Nm 2008, do li nhun sau thu gim mnh cng vi vic cng ty pht hnh
thm c phiu thng b sung thm vn iu l nn EPS nm 2008, vi mi
mt c phiu, cng ty phi b l l 2.446 ng. n nm 2010, li nhun sau thu
vn tng ln nhiu hn so vi nm 2009, trong khi th s lng c phiu ang
lu hnh vn gi nguyn, iu ny lm cho EPS s tng ln n mc s li c
7.871 ng/c phiu. Sang nm 2011, cng ty tip tc pht hnh thm c phiu
b sung vn iu l, trong khi li nhun sau thu tng ln khng nhiu so vi
nm 2010, nn trong nm ny li c bn trn mi mt c phiu s gim i, khng
cn c nh nm 2010 na.
Nu nh so snh vi ch s EPS ca ngnh, ta cng c th thy EPS ca cng ty
cng nm trong xu hng tng gim chung ca ton ngnh. Nhng nhn chung,
EPS ca cng ty trong 3 nm gn y u cao hn so vi EPS ton ngnh, ch
ring nm 2011 va qua EPS thp hn ca ngnh. y l mt du hiu tt chng
t thu nhp trn mi c phiu ang tng ln. Nm 2009, EPS ca ngnh l 4.032
ng/c phiu, trong khi EPS ca cng ty l 6.480 ng/c phiu. Nm 2010,
31

EPS ton ngnh tng ln 6.593 ng/cp (tng 64% so vi nm 2009), cng vi ,
EPS ca cng ty tng ln 7.871 ng/cp (tng 21% so vi nm 2009). Nhng sang
nm 2011, EPS ca nhm ngnh gim nh, xung cn 5.680 ng/cp (gim 913
ng/cp- tng ng gim 14% so vi nm 2010).
9,000
7,871

8,000
7,000
6,480

6,000

6,593

5,000

4,908

4,032

4,000

5,680

EPS
EPS ca nhm ngnh

3,000
2,000
1,000
0
2009

2010

2011

T s P/E:
- T s P/E ca cng ty trong my nm gn y c xu hng tng. Nm 2009 l
2,22 ln sang n nm 2010 tng ln 2,26 ln v l 3,55 ln vo cui nm 2011.
iu ny c ngha l nh u t chu b ra 3,55 ng thu c 1 ng li t c
phiu ca cng ty.
- Nu so snh vi t s ngnh th nm 2010, t s P/E ca cng ty thp hn so vi
t s ngnh. Nhng sang nm 2011, t s P/E ca cng ty l 3,55 cao hn so vi t
s ngnh l 3,14. Nh vy, ta c th nhn xt rng th trng ang k vng cng ty
ny s n nn lm ra trong thi gian ti.
4.00
3.55
3.33

3.50

3.14

3.00
2.50

2.26
P/E

2.00

P/E ca nhm ngnh

1.50
1.00
0.50
0.00
2010

2011

32

6. Phn tch chi ph s dng vn v c cu vn ti u

Kd
Ke
WACC

n v
%
%
%

2007
16
19
15.94

2008
21
24
20.31

2009
15
17
14

2010
16
18
14.94

2011
20
22
18

- Chi ph s dng n vay (Kd) chnh l li sut cho vay ca ngn hng, t s ny
thng c so snh vi BEP.
25.00%
20.51%

21%

20.00%

20%
16.49%

15.00%

16%

18.12%
16%

15%
10.00%

10.02%

BEP
Kd

5.00%
0.00%
2007
-5.00%

2008

2009

2010

2011

-3.99%

-10.00%

- Nhn vo biu qua cc nm ta thy rng t s sinh li c s m cng ty t

c qua cc nm nhn chung l tng, nm 2007 l 10,02% n nm 2011 l
18,12%. Duy ch c nm 2007 v nm 2008, t s sinh li c s ca cng ty l
thp hn so vi chi ph s dng n vay, iu ny cng d hiu v vo nm 2008, do
nh hng chung ca cuc khng hong ti chnh lm chi ph ti chnh ca
cng ty tng t bin (c bit l qu II v qu III nm 2008, t mc li sut
0,81%/thng tng ln cao nht 1,75%/thng), lm cho chi ph li vay ca cng ty
tng hn 100% so vi nm 2007. T nm 2009 n nm 2010, t s sinh li c s
ca cng ty u tng so vi nm trc v cao hn so vi chi ph s dng n vay.
Mi ng EBIT thu c t ti sn cn cao hn so vi tin gi li ngn hng.
Khi BEP > Kd th chng t kh nng sinh li ca cng ty trong giai on ny l rt
tt. Nhng n nm 2011, chi ph s dng n vay tng, trong khi BEP li gim
lm cho BEP < Kd, chng t kh nng sinh li ca cng ty b gim i.
- Chi ph s dng vn ch s hu Ke c so snh vi ROE

33

35%
28.22%

30%

26.84%

24%

25%
20%

19%

22%

18%

15%
10%

29.37%

17%
14.24%

Ke

5%

ROE

0%
-5%

2007

2008

2009

2010

2011

-10%
-13.07%

-15%
-20%

Nhn vo biu trn, ta thy ch c nm 2007, 2008 ROE nh hn Ke , cn t

nm 2009 n nm 2011 th ROE lun ln hn Ke. Nh vy, ta c th kt lun
rng, trong 3 nm gn y, thu nhp mang li trn mi ng vn ch s hu c th
tha mn cc nh u t.
- Chi ph s dng vn bnh qun
25.00%
20.31%

20.00%
15.00%

15.94%

14.00%
13.57%

14.94%
14.37%

10.00%

18.00%

11.49%
ROA

8.01%

WACC

5.00%
0.00%
2007

2008

2009

2010

2011

-5.00%
-7.23%
-10.00%

Nhn vo biu cho thy ROA ca cng ty tuy c tng t 8,01% nm 2007 ln
11,49% nm 2011 nhng nhn chung, ROA < WACC. y l ch s m nh qun
l s l ngi quan tm n nhiu nht v t c li ch mong i th ROA >
WACC. Ni cch khc, vi biu nh trn th li ch mong i ca nh qun l
ngy cng xu i.
Kt lun: ta thy chi ph s dng vn ca cng ty cha c tt nh mong i
v ROE< Ke, BEP>Kd, ROA<WACC.

34

S Dupont ca cng ty
T sut thu hi vn ch
s hu- ROE
26,84%

T sut thu hi
TS- ROA
11,49%

Li nhun bin
5,64%

Li nhun
sau thu
147,233 t

Chia cho

Tng chi ph
Tr t
156,056 t

Gi vn hng
bn
2.294,967 t
Chi ph bn
hng, QLDN
75,187 t

Chi ph ti
chnh
80,354 t
Chi ph khc
518,765 triu

S nhn vn Ch
S Hu
2,34

Nhn vi

Nhn vi

Vng quay tng TS

2,04

Doanh
thu
2,611 t

Doanh
thu
2,611 t

Doanh
thu
2,611 t

Ti sn di
hn
511,794 t

Chia cho

Tng Ti
sn
1.281,737 t

Ti sn

Cng ngn hn
769,762 t

Tin,
Cc
Hng tn
tng
khon
kho
ng
phi thu 333,067 t
tin
254,984 t
178,778 t

TS ngn
hn khc
6,281 t

Thu TNDN
154,600 triu

35

IV. Kt lun v xut

- Trong nhng nm va qua, t Tng ti sn cho n Vn ch s hu u tng qua
cc nm, mc vay n cng tng nhng ch yu l vay n ngn hn, n di hn
khng nhng khng vay thm m cn tr c nhiu hn qua tng nm. Nm
2011, quy m ti sn tng nhng doanh thu tng nhiu hn, quy m ti sn ch
tng 151,732 t so vi nm 2010 nhng doanh thu tng thm ti 575,196 t so vi
nm 2010. Li nhun sau thu ca cng ty nm 2011 l 147,223 t tng 1,363 t
so vi nm 2010. Nhn chung th tnh hnh hot ng sn xut kinh doanh ca cng
ty c s tng trng so vi nm ngoi.
- Tuy nhin, kh nng thanh ton ngn hn cha tt, kh nng thanh ton di hn
xu, cn thp hn nhiu so vi ngnh. Duy ch c t s hiu qu qun l ti sn l
tt. EPS nm 2011 c thp hn nm 2010 nhng nhn chung l thu nhp trn mi
c phiu ang c tng ln so vi nm 2007. Cc ch s so snh ROE<Ke,
BEP>Kd, ROA<WACC nh vy l cha tt. ng gc nh u t, h khng
dm u t vo c phiu ca cng ty v EPS nm 2011 va qua c xu hng gim,
tnh hnh ti chnh khng n nh, kh nng thanh ton di hn ln ngn hn ca
cng ty u xu. ng gc ngn hng, sau nm 2011, c l s kh c th
ngn hng ng cho cng ty vay thm na v cng ty vay n nhiu, BEP thp
hn li sut vay vn ca ngn hng, t l sinh li trn mi ng vn gim hn na
cn thp hn WACC.
- V vy doanh nghip nn xem xt li chnh sch ca cng ty mnh, nn c gii
php c th gip doanh nghip pht trin hn na. V d, kh nng thanh ton
di hn ln ngn hn ca cng ty u khng tt, cng ty nn gim cc khon n
ngn hn, tng t l d tr tin mt..

36