PTTC - CTCP Duong Bien Hoa

PHN TCH CNG TY C PHN NG BIN HA - TCDN 07 - K32
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GII THIU
CNG TY C PHN NG BIN HA
(BIEN HOA SUGAR JOINT STOCK COMPANY)
Giy CNKKD s 4703000014 do S K hoch v u t tnh ng Nai cp ngy

16/05/2001)
Tr s chnh: 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
E-mail: bsc@hcm.vnn.vn
Webside: www.bhs.vn
Vn iu l: 185,316,200,000 VND
Nim yt c phiu ti trung tm giao dch chng khon Thnh ph H Ch Minh
(HOSE).
Giy php nim yt s 79/UBCK-GPNY do Ch tch y ban chng khon nh nc
cp ngy 21/11/2006.
Tn c phiu: C phiu Cng ty C phn ng Bin Ha
M c phiu: BHS
S lng c phiu: 18,531,620 c phn
Mnh gi c phiu: 10,000 VND
Ni nim yt: Sn giao dch chng khon thnh ph H Ch Minh (HOSE)
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MC LC
GII THIU........................................................................................................ 1
MC LC........................................................................................................... 2
PHN 1: S LC NGNH MA NG V CNG TY C PHN NG BIN
HA.................................................................................................................. 5
1.1 Tng quan ngnh ma ng...................................................................5
1.1.1 Tnh hnh ma ng th gii.............................................................5
1.1.2. Ngnh ma ng ti Vit Nam.........................................................8
1.2. Tng quan v Cng ty C phn ng Bin Ha...................................13
1.2.1. S lc v cng ty..........................................................................14
1.2.2. Hot ng sn xut kinh doanh......................................................17
1.2.3. K hoch pht trin kinh doanh trong tng lai...............................18
1.2.4. Trin vng pht trin ca cng ty c phn ng Bin Ha............19
1.2.5. Phn tch SWOT..............................................................................20
PHN 2: PHN TCH DNG TIN CA BHS.......................................................23
2.1. Dng tin hot ng qua cc k............................................................23
2.2. Dng tin th........................................................................................25
2.3. Dng tin t hot ng kinh doanh.......................................................26
2.4. Dng tin t hot ng u t..............................................................29
2.5. Dng tin thun t hot ng ti tr.....................................................31
2.6. Ch s m bo tin mt (Cash Flow Adequacy Ratio)...........................32
2.7. T s ti u t tin mt.......................................................................33
2.8. Kt lun................................................................................................34
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PHN 3: PHN TCH KH NNG SINH LI........................................................35

3.1. Phn tch doanh thu..............................................................................35
3.1.1. Ngun doanh thu ch yu ca BHS.................................................35
3.1.2. Tnh bn vng ca doanh thu..........................................................36
3.1.3. Mi quan h gia doanh thu, khon phi thu v hng tn kho........40
3.2. Phn tch gi vn hng bn...................................................................42
3.3. Phn tch chi ph...................................................................................45
3.3.1. Chi ph bn hng v chi ph qun l doanh nghip..........................45
3.3.2. Chi ph n xu.................................................................................46
3.3.3. Chi ph ti chnh..............................................................................46
3.3.4. Chi ph thu thu nhp doanh nghip...............................................47
3.4. nh gi kh nng sinh li ca BHS......................................................49
PHN 4: PHN TCH T SUT SINH LI TRN VN U T CA CTCP NG
BIN HA........................................................................................................ 50
4.1. Phn tch ROA (t sut sinh li trn tng ti sn)..................................50
4.2. Phn tch cc thnh phn ca hiu sut s dng ti sn.......................53
4.2.1. Vng quay khon phi thu..............................................................53
4.2.2. Vng quay hng tn kho.................................................................54
4.2.3. Vng quay n ngn hn..................................................................54
4.2.4. Vng quay tin mt........................................................................55
4.3. Phn tch ROCE.....................................................................................55
4.4. So snh ROA v ROCE ca BHS vi cc cng ty cng ngnh.................59
4.5. Kt lun................................................................................................61
PHN 5: PHN TCH TRIN VNG CA BHS.....................................................62
5.1. D phng bo co kt qu hot ng kinh doanh.................................62
5.2. D phng bng cn i k ton............................................................68
5.3. D phng bo co lu chuyn tin t....................................................74
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PHN 6: NH GI CTCP NG BIN HA.....................................................75

6.1. nh gi bng phng php FCFF.........................................................76
6.2. nh gi bng phng php FCFE.........................................................77
6.3. nh gi bng phng php thu nhp gi li.........................................78
6.4. nh gi bng phng php P/E............................................................79
6.5. nh gi bng phng php P/BV..........................................................80
6.6. Gi tr cui cng ca cng ty c phn ng Bin Ha..........................81
PH LC......................................................................................................... 82
A. Cc ch s ti chnh ca CTCP ng Bin Ha........................................82
B. th tng quan gia BHS V INDEX (01/2007 - 12/2009).....................83
C. Bng cn i k ton (2004 - 3 qu u 2009)........................................84
D. Bo co kt qu hot ng kinh doanh (2004 - 3 qu u 2009).............86
E. Bo co lu chuyn tin t (2004 - 3 qu u 2009)................................87
TI LIU THAM KHO......................................................................................88
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PHN 1: S LC NGNH MA NG V CNG TY

C PHN NG BIN HA
(Thc hin: TRN TH NHT)
1.1 Tng quan ngnh ma ng

1.1.1 Tnh hnh ma ng th gii
a. Lch s pht trin ca ngnh ng
ng c coi l sn phm thit yu trong i sng ca mi ngi, l thnh phn
chnh to ra cc sn phm nh bnh ko, nc gii kht v gia v. Ngoi ra, ph phm
ca ngnh ng cng c s dng nh mn sn xut phn bn v cy ma cn
c dng lm nguyn liu sn xut ethanol - sn phm c th c dng thay
th cho xng.
Ngnh ma ng trn th gii pht trin kh lu i, vo khong th k th 16, khi s
khai thc u tin c hnh thnh Puerto Rico, ri n Cuba, nguyn liu sn xut
ng ch yu lc ny l cy ma, v th sn lng ng thu c khng cao. Cho
n th k th 19, khi chng ta bit tinh lc ra ng t cy c ci ng, m ra
mt ngnh cng nghip sn xut ng Chu u. T , sn xut ng t c
nhiu t ph: t khong 820,000 tn vo u nhng nm u cch mang cng nghip,
n 18 triu tn trc chin tranh th gii I (1914 - 1918).
Hin nay, trn th gii, sn xut ng t khong 160 triu tn/nm. Cc nc sn
xut ng ln trn th gii l Brazil, n , Thi Lan, Trung Quc chim 50% sn
lng v 56% xut khu ca th gii.
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Top 10 nc sn xut ng nin v 2007 - 2008 (v: triu tn)
Top 10 nc xut khu ng nin v 2007 - 2008 (v: triu tn)
Ngun: www.illovosugar.com
Nhu cu tiu th ng mi ngi cng kh cao. Theo s liu thng k nm 2008
cho thy rng M mt ngi tiu th khong 45.3 kg ng/nm, ngi Brazil l 58
kg/nm, ngi n 20 kg/nm, ngi Trung Quc 11 kg/nm, Vit Nam l 15
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kg/nm, vi mc tng trng mi nm khong 2.7%/nm. Nh vy, trung bnh trn th

gii tiu th khong 30 kg/ngi/nm.
Tiu th ng tnh trn u ngi 2007 - 2008 (v: kg)
Ngun: www.illovosugar.com
b. Din bin ca gi ng trong thi gian gn y
Nhu cu tiu th ng bnh qun tng khong 2%/nm trong nhng nm gn y.
Trong nin v 1997 - 1998 n nay, sn xut lun cao hn so vi nhu cu tiu th nn
dn n vic tn kho ng tng. Tuy nhin, trong nin v 2008 - 2009, sn lng
ng sn xut thp hn tiu th khong 5 triu tn. V vy, y cng l mt l do lm
bin ng gi ng trong thi gian gn y, m nh im l vo cui thng 12/2009,
khi gi ng th giao ti New York l 26.98 us cent/lb - cao nht so vi cc giai on
trc y.
Nguyn nhn dn n tnh trng ng tng gi trong thi gian qua l do lng cung
qu thp trong khi , lng cu li tip tc tng cao. Ma ln Brazil - nc xut
khu ng ln nht th gii, khin thu hoch chm li gy cng thng cho ngun cung
ng. Sn lng ng ti Brazil d tnh ch t c 30.3 triu tn trong nin v
2008 - 2009 so vi mc 32 - 33 triu tn d kin u nin v. Bn cnh , theo cc
nh phn tch, nhu cu ng n , nc tiu dng ng ln nht th gii, c th
tng t 4 triu tn ln 5 triu tn, v thm ch l 6 triu tn. Nc nhp khu ng ln
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nht ng Nam - Indonesia, c th phi tng lng ng nhp khu n nh gi

ng trong nc.
Ngy cng nhiu yu t khin ng tng gi khi Ai Cp, Pakistan v Bangladesh cng
d nh mua thm ng.
Din bin gi ng th giao dch ti NYBOT (v: Cent/lbs)
1.1.2. Ngnh ma ng ti Vit Nam

Ngnh sn xut ng ti Vit Nam c t lu i, t khi ngi dn chng ta bit lm
nn mt ma t cy ma, nhng ngnh cng nghip ma ng ti Vit Nam ch mi bt
u pht trin vo u nhng nm 1990, vn cn rt non tr v kh lc hu. Cho n
giai on hin nay ngnh ma ng ti Vit Nam vn cha pht trin mnh c th
tr thnh ngnh cng nghip ch lc ca nn kinh t.
Nc ta sn xut 3 loi ng chnh:
ng tinh luyn RE hay cn gi l ng ct trng
ng vng RS
ng xay (hay ng th)
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c trng ca ngnh ma ng Vit Nam l c tnh thi v, thng ch yu thu hoch,

vn chuyn v sn xut trong thi gian khong 5 thng (thng 11 n thng 4 nm sau),
sau tn kho thnh phm bn cho cc thng cn li trong nm. V vy nn chi ph
tn tr hng ha ny rt cao v gi thnh sn phm kh cao.
a. Nng lc sn xut ca ngnh ma ng
Ngnh sn xut ma ng khng c nh nc quan tm ng mc. Nu nh cc
ngnh khc nh: la, cao su, ng, v.v c nh nc khuyn khch pht trin th
ngnh ma ng hu nh khng c h tr. Vic trng ma l s tha thun gia hai
bn: ngi trng ma v cc ch doanh ngip sn xut ma. Chnh v yu t ny m din
tch trng ma khng c n nh v nng sut ma cha thc s cao.
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Nhn vo s liu ta thy rng din tch trng ma v sn lng ma khng n nh. C
th vo nm 2008, din tch trng ma gim so vi nm 2007 l 7.6% v sn lng cng
gim tng ng l 7.3%. V vy m lng cung cu ma ng trong nc khng c
n nh, iu ny xut pht t hai nguyn nhn:
Th nht, cy ma khng th cnh tranh ni vi mt s loi cy trng khc, in

hnh nht c l l cy sn.
Th hai, khng th khng k n nhng cam kt khng kt dnh gia ngi

nng dn trng ma v cc ch nh my ma. Khi nhng nm nng sut ma cao
th cc cc doanh nghip ma li chn p gi ca ngi dn, y gi ma xung
thp. Cn vo nhng nm mt ma th ngc li, v mc ch li nhun, ngi
dn t ph v hp ng bn ma vi gi cao, lm thit hi cho cc ch
sn xut ma.
Hin nay c nc c khong 40 nh my sn xut ma ng a s l nh my quc

doanh. Cc nh my ln nh l: nh my ng Ngh An Tatte & Lyle, nh my ng
Sn La, nh my ng Bin Ha, nh my ng Lam Sn, nh my ng Bourbon
Ty Ninh Nhng hin nay ch mi c 3 cng ty ma ng nim yt trn sn HOSE l:
CTCP ng Bin Ha (BHS), CTCP ma ng Lam Sn (LSS), CTCP Bourbon Ty
Ninh (SBT).
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Theo s liu thng k th tng cng sut ch bin ma ch l 175,750 tn, ngha l cng
sut bnh qun mi nh my ng ca nc ta hin nay ch l 2,644 tn ma cy/ngy.
Trong , nu khng k 8 cng ty ln ca Vit Nam hin nay, vi tng cng sut 50
nghn tn ma cy/ngy - tc l cng sut bnh qun ca nhm ny l 6,250 tn ma
cy/ngy, th tng cng sut ca 32 nh my ng cn li ch l 55.7 nghn tn ma
cy/ngy v cng sut bnh qun ca mi nh my thuc nhm ny ch l 1,742 tn ma
cy/ngy. y qu thc l mt tnh trng ng bo ng i vi ngnh ma ng Vit
Nam. Bi trn th gii, quy m c coi l ti thiu t c hiu qu kinh t ca
mt nh my ng phi vo khong 6 - 7 nghn tn ma cy/ngy, nh ca nhm 8
cng ty ma ng ln nht trong nc. Quy m bnh qun ca cc nh my ng
Thi Lan hin vo khong 12 nghn tn ma cy/ngy, ca Australia khong 10 nghn
tn ma cy/ngy, hay ca Mexico tuy thp hn rt nhiu, nhng cng l 5 nghn tn
ma cy/ngy... cng cho thy iu .
b. Gi ma ng trong nc
Tng cu ng ton quc nin v 2008 - 2009 vo khong 1.3 - 1.4 triu tn, trong khi
tng sn lng sn xut nm nay cng nh tn kho nm ngoi ch t khong hn 1.15
triu tn. Gi bn ng trong nc lin tc tng, c bit l thi gian trong thng 12
ny gi bn bun tng ln mc gi 16,000 - 16,500 ng/kg, gi bn l t mc t
18,000 -19,000 ng/kg, mc gi cao nht t trc n nay.
Nguyn nhn lm gi ng ti Vit Nam tng cao trong thi gian gn y l do:
Gi ng trong nc chu nh hng ca gi ng th gii, do nh hng

ca thi tit (hn hn, l lt,...), do cc yu t thy li cn hn ch. Gi ng
s cn tng do phi phc v cho ma sn xut hng Tt m lch nm nay.
Gi ma nguyn liu tng, theo cc cng ty ma ng cho bit gi ma nguyn

liu lin tc b y tng cao trong thi gian gn y. thi im thng 10/2009,
gi ma ng 8 CCS ti rung l 630,000 ng/tn, 10 CCS l 730,000
ng/tn. Gi xng du tng v gi phn bn lin tc tng cao, lm din tch
ma nguyn liu nm nay gim so vi nm ngoi (khong 22,300 ha), cng l
nguyn nhn y gi nguyn liu ma tng cao.
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Ngoi ra do chnh sch bo h ca nh nc i vi ngnh ng lm cho gi

ng trong nc cao hn gi trn th gii.
Tuy nhin, bc sang nm 2010, chnh sch bo h ngnh ng s b ni lng s lm

cho cc nh my ng phi ci thin quy m sn xut v h gi bn sn phm c
th tr c.
c. S cnh tranh trong ngnh ma ng
Ngnh ng Vit Nam 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 nc ta
cha cao so vi cc nc trn th gii.
Gi ng trn th gii ang c xu hng thp hn so vi trong nc. Mt v d c
th, theo s liu thng k cho thy vo thng 2/2009, khi gi ng nhp khu ca New
York v London v VN ch khong 9.000 ng/kg, th Vit Nam, gi ln n khong
13,000 - 14,000 ng/kg. R rng l chng ta cha th cnh tranh ni v gi c trn th
trng quc t.
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.
Thu sut nhp khu mt hng ng 2008
Mt hng
Thng thng
u i
CEPT 08
CEPT 09
CEPT 10
WTO
ng th
25%
27%
20%
10%
5%
25%
ng tinh luyn
60%
40%
20%
10%
5%
60%
Tuy nhin, bc sang nm 2010, theo l trnh hi nhp AFTA, nc ta s p dng thu
xut nhp khu ng l 5%, cng vi vic gia nhp WTO, Vit Nam s phi m ca
nhp khu trong hn ngch l 25% vi ng th, ngoi hn ngch l 65%, khi lng
nhp khu trong hn ngch cn tng 5% mi nm. y l mt kh khn ngnh ng
cnh tranh vi cc nc cng nghip ng pht trin trong khu vc v trn th
gii.
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d. Trin vng pht trin ca ngnh.

Hin nay, ti nc ta, tng cu ng ton quc nin v 2008 - 2009 vo khong 1.3 1.4 triu tn, trong khi tng sn lng sn xut nm nay cng nh tn kho nm ngoi
ch t khong hn 1.15 triu tn. Sn lng ng thiu ht lm tng gi ng t
bin trong thi gian hin nay. Nh vy, y cng l c hi cho ngnh ma ng trong
thi gian ti.
Kh khn trc mt i vi ngnh ng trong nc trong nm 2010 v nhng nm
sp ti l vic ct gim thu xut nhp khu ma t 10% (nm 2009) xung cn 5%
(nm 2010), cng vi vic gia nhp WTO, cng thm gi thnh sn xut ng cao hn
so vi cc nc trong khu vc v trn th gii to p lc ln cho cc doanh nghip
sn xut ng trong nc. V vy, nu cc nh my ch bin ng Vit Nam khng
nng cao cng sut sn xut, ci thin h thng dy chuyn sn xut hin i nh ca
th gii th vic nhiu doanh nghip s tip tc l l rt ln.
Theo thng k, din tch ma c nc nin v 2008 - 2009 ch khong 270,000 ha, gim
22,300 ha so vi v trc, sn lng ma gim 7,3% vi khong 1,27 triu tn, nng
sut bnh qun gim cn 50 tn/ha (gn 8%). Tng sn lng ng sn xut cng
gim theo, d kin ch t 995.000 tn, gim so vi v trc ti 20,3%. y cng l mt
th thch cho ngnh ng Vit Nam.
C trn 60% cc ging ma ang trng ph bin trong sn xut l nhng ging c
trng ti Vit Nam trn di 10 nm v trc nh ROC 1 ROC 10, F156, F127
l nhng ging ma d canh tc nhng tr lng ng rt thp. Nhn chung trn c
nc, din tch nhng ging ma mi hin mi ch t rt khim tn vi khong 30,000
ha. Hin nay, ngnh ma ng ang tp trung u t ging mi v k thut thm canh
m bo cho cc nh my c nguyn liu v nng cao hiu qu sn xut cng
nh nng lc cnh tranh ca ngnh ma ng.
1.2. Tng quan v Cng ty C phn ng Bin Ha
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1.2.1. S lc v cng ty
a. Lich s hinh thanh
Nm 1968, cng ty c thnh lp vi tn gi l nh my ng Bin Ha vi sn
phm chnh l ng ng, cng sut 400 tn/ngy v chng ct ru Rhum. Cng ty
t tr s chnh ti ng s 1 Khu cng nghip Bin Ho I, ng Nai. Tng din tch
mt bng ca cng ty l 198,245.9 m. Qua qu trnh pht trin v lin tc i mi cng
ngh a dng ha ngnh ngh sn xut th n nm 2001, cng ty chnh thc c phn
ha vi tn gi l cng ty c phn ng Bin Ha. n thng 12/2006, c phiu cng
ty chnh thc c nim yt trn sn giao dch chng khon thnh ph H Ch Minh
(HOSE) vi m chng khon BHS.
b. Cac thanh tu at c
Qua qu trnh hot ng hn 40 nm, cng ty t c nhiu thnh qu cao: c
t chc BVQi cp giy chng nhn t h thng qun l cht lng theo tiu chun ISO
9001:2000, c Ch tch nc phong tng danh hiu Anh hng lao ng trong thi k
i mi, sn phm ca cng ty 12 nm lin l Hng Vit Nam cht lng cao (19972008), lt vo top 500 doanh nghip ln nht Vit Nam, v.v...
c. C cu t chc cua cng ty
C cu t chc ca Cng ty hin gm: Tr s cng ty t ti Khu Cng nghip Bin
Ha 1, Tp. Bin Ha, Tnh ng Nai; cng ty cn c cc chi nhnh H Ni, Tp.HCM,
Nng, Cn Th v n v trc thuc l Nh my ng Bin Ha - Ty Ninh to lc ti
X Tn Bnh, th x Ty Ninh, vi mt nng trng v cc nng tri trc thuc c din
tch hn 1,000 ha. y l ni cung ng nguyn liu cho sn xut ng luyn v cng
l ni sn xut ra hng ngn tn phn hu c vi sinh phc v cho nng nghip.
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d. B may lanh ao va nng lc quan tri cua cng ty
Hi ng qun tr ca cng ty bao gm 10 ngi. ng u l ch tch hi ng qun

tr: ng Thi Vn Trng, tt nghip c nhn chuyn ngnh kinh t, vi nhiu nm kinh
nghim thc t, m nhim ch tch hi ng qun tr nhim k III (2007-2011), l ngi
c nng lc v giu kinh nghim. V vy, chc chn cng ty s pht trin tt hn na
trong tng lai. Ngoi ra, cc thnh vin trong hi ng qun tr ca cng ty u l
nhng ngi c nhiu nm kinh nghim trong lnh vc kinh doanh sn xut, u tt
nghip c nhn kinh t, cc trng i hc khc nh bch khoa, cng nghip. H u
c kinh nghim v kin thc cn thit cho qu trnh pht trin ca cng ty. Ngoi ra,
cng ty cn c: ban gim c, k ton trng v ban kim sot cng ty, m bo mt
b my hot ng minh bch v hiu qu cao.
e. Vn iu l
Vn iu l ca cng ty ng Bin Ha l 185,316,200,000 VND.
C cu vn c ng (17/06/2009)
C ng
S CP
T l (%)

C ng nh nc
C ng nc ngoi
C ng khc
Tng cng
2,084,940
604,776
15,841,904
18,531,620
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11.25
3.26
85.49
100.00
Cac c ng ln trong nc
C ng
Ngn hng TMCP Si Gn Thng Tn
Tng cng ty ma ng II
CTCP Sa Vit Nam
Chu Kim Yn
Nguyn Th Kim Vn
S c phiu
2,038,156
1,895,400
925,620
813,806
750,683
T l (%)
11.00
10.23
4.99
4.39
4.05
f. nh hng pht trin

Vi quan im pht trin: cng ty c phn ng Bin Ha hng n vic to ra gi tr
cho tt c cc bn lin quan bao gm cc c ng s hu, ngi lao ng, nng dn
vng nguyn liu, cc khch hng, cc nh cung ng, v cc bn lin quan khc, cng
ty c chin lc pht trin nh sau:
Pht trin n nh vng nguyn liu ma.
Gi vng v tr dn u v uy tn sn phm v cht lng ng tinh

luyn.
a dng ha hot ng sn xut kinh doanh.
Pht huy lin doanh lin kt.
T chc qun l sn xut kinh doanh hp l, p dng cc nguyn tc

qun tr doanh nghip hin i, p ng nhu cu m rng a bn hot
ng v a dng ha ngnh ngh.
o to v pht trin ngun nhn lc.
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1.2.2. Hot ng sn xut kinh doanh

a. Cc dng sn phm
ng tinh luyn:
ng RS ng bao, RS + vitamin A, RS ti xanh l.
RE ti cnh mai, RE b sung vitamin A, RE que 8 gr ti in, RE ti xanh dng,

RE c bit, RE sn xut.
Ru :
Vang nho 130, Champange 100, st napoleon 390, Marten 390, stick su, ru
Rhum 290, ru Rhum du 290, Rhum cam 290, chanh Rhum 290.
Dch v cho thu kho bi:
Tnh n thng 02/2007, tng din tch cho thu kho bi khong hn 25.000m2.
H thng kho bi ca cng ty uc xy dng kh kin c, hin i, thit k thun
tin cho vn chuyn hng ha ra vo kho. Ngoi ra h thng kho bi cn nm
a th thun tin, gn ung quc l 1A, cng ng Nai, cng Cogido v qua
bn cn c ti trng ln nn tit kim uc nhiu chi ph cho cc n v thu
kho.
b. H thng phn phi

Vi h thng hn 200 i l tri di t Bc n Nam v 4 chi nhnh ti: th H Ni,
thnh ph Nng, thnh ph H Ch Minh v thnh ph Cn Th, cc sn phm ca
cng ty c ng o ngi tiu dng trong c nc bit n v tin dng.
c. V th cng ty trong ngnh
Cng ty ng Bin Ha c thnh lp 41 nm, c th ni l mt trong nhng cng
ty ng c thnh lp sm nht Vit Nam. V vy, sn phm ng Bin Ha tr
thnh mt thng hiu quen thuc i vi ngi dn Vit Nam v cc doanh nghip
trong nc. Cng vi c cu sn phm a dng v hn 200 i l tri di t Bc xung
Nam, th phn cng ty chim mt v tr khng nh trong ngnh sn xut ng c nc.
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18
Cng ty cn xut sn phm i cc th trng khi ASEAN, Trung Quc.

n nay, ng Bin Ha chim 10% tng th phn ng c nc, ring knh tiu
dng trc tip (ng ti) th cng ty chim 70% th phn.
Ngoi ra, cng ty c phn ng Bin Ha l n v duy nht c nh my luyn ng
chuyn bit, c kh nng sn xut ng luyn quanh nm, khng ph thuc vo ma
v. ng thi, cng ty c nng lc cung ng kp thi sn phm c cht lng cao
cho th trng trong v ngoi nc. Trong ngnh ma ng Vit Nam, cng ty C phn
ng Bin Ha l n v duy nht c Ngi tiu dng bnh chn Hng Vit Nam
cht lng cao lin tc 10 nm. Trn th trng tiu dng ng, duy nht ch c cng
ty C phn ng Bin Ha l n v cung ng sn phm ng phong ph, p ng
nhu cu s dng a dng cho mi i tng. Do vy c th ni cng ty ng Bin Ha
l mt thng hiu mnh trong ngnh ng Vit Nam.
1.2.3. K hoch pht trin kinh doanh trong tng lai
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19
Trong thi k hi nhp kinh t, ng vn c xem l mt hng thit yu, do vy trong

chin lc pht trin, cng ty c phn ng Bin Ha lun hng n tnh bn vng
ca cc d n:
u t l hi t than cng ngh th h mi vi cng sut 30 tn hi/gi vo

hot ng, 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.
1.2.4. Trin vng pht trin ca cng ty c phn ng Bin Ha

ng l mt sn phm rt thng dng trong ngnh thc phm v ch bin nc gii
kht, bnh ko. Theo s liu thng k, ng dng trong cng nghip ch bin v
cn li c dng trc tip trong i sng ca ngi dn. Tuy nhin, ti Vit Nam,
lng cung ng cha p ng ni nhu cu tiu th ng trong nc, tng lng
cung ng c c tnh khong 1.15 triu tn trong khi nhu cu ng ln ti 1.3
- 1.4 tn mi nm. V vy, y l c hi tt cho trin vng pht trin ca cng ty.
V tnh hnh sn xut v tiu th ng trn th gii. Vic s dng nc ma vo sn
xut ethnol, b sung nhin liu s tip tc c tc ng ln n quan h cung - cu v
ng trn th gii. Do vy, ngnh ng c nhiu thun li trong tng lai.
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20
Ngoi ra, d kin sn lng ma p ca 2 nh my v 2009 - 2010 khong trn 450,000

tn, nh my ng Bin Ha - Tr An bt u sn xut vo ngy 02/11/2009 vi cng
sut p 1,000 tn ma/ngy v nh my ng Bin Ha - Ty Ninh sn xut vo ngy
05/11/2009 vi cng sut p 3,500 tn ma/ngy.
Trong thi gian qua, BHS cng 2 nh my phi hp vi chnh quyn a phng lp
quy hoch phn vng chuyn canh ma cho 2 nh my. D kin din tch trng ma ca
2 nh my v 2009 - 2010 khong trn 9.000 ha.
1.2.5. Phn tch SWOT
a. im mnh
Cng ty ng Bin Ha c thnh lp hn 40 nm, v th, thng hiu ng Bin
Ha c ngi tiu dng thn thuc, lin tip trong 12 nm c ngi tiu dng bnh
chn l hng Vit Nam cht lng cao, cng ty ginh c nhiu gii thng xut sc
nh: Sao vng t Vit, thng hiu mnh, top 100 doanh nghip ni ting,v.v
Vi h thng hn 200 i l tri di t Bc n Nam v 4 chi nhnh ln ti: th H
Ni, thnh ph Nng, thnh ph H Ch Minh v thnh ph Cn Th, cc sn phm
cu cng ty c ng o ngi tiu dng trong c nc bit n v tin dng.
Cc dng sn phm ca cng ty kh a dng v chng loi, mu m p ng c nhu
cu tiu th ca ngi tiu dng. V vy, cho n nay, ng Bin Ha chim 7.6%
tng th phn ng c nc, ring knh tiu dng trc tip (ng ti) th cng ty
chim 70% th phn.
b. im yu
Ri ro kinh t: nh hng ca cuc khng hong ti chnh ln nht trong lch s pht
trin kinh t ton cu cng nh hng ln doanh thu v chi ph.
Ri ro ti chnh ca cng ty cao: do cng ty s dng n by ti chnh kh cao, lm cho
cng ty i mt vi ri ro ti chnh rt ln. Khi li sut cho vay thay i hoc kt qu
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21
kinh doanh khng b p cho chi ph li vay ny s nh hng nghim trng n

hot ng kinh doanh v k hoch pht trin ca cng ty.
Ri ro v vng nguyn liu: nh s liu thng k trn, nguyn liu trong nin v 2008 2009 gim c v din tch v sn lng. Cng vi l vic gi nguyn liu ma tng
rt cao trong nin v 2009 - 2010 lm gi thnh sn xut ma tip tc c y ln cao.
Hot ng sn xut: huy ng nguyn liu ti nh my ng Bin Ha - Tr An cn
phi vt qua nhiu kh khn tr ngi, c bit l ngun nguyn liu ma do d m
ca Cng ty Ma ng Tr An (n v c) li cn sm c khc phc t hiu
qu trong thi gian ti.
c. C hi
Nm 2010 v nhng nm sp ti c d bo ngun cung ca ma ng s gim v
khng p ng nhu cu tiu dng ng. Nguyn nhn xut pht t vic ngun
nguyn liu gim, thi tit bt li ng thi vi vic sn xut ethanal t cy ma lm
gim ngun nguyn liu ma cho vic sn xut ng. V vy c th ni rng trong nm
nay v nhng nm ti l nhng c hi cng ty tip tc m rng sn xut v nng
cao sn lng ca ton cng ty.
S cnh tranh t cc loi cy trng khc i vi cy ma trc y ang gim mnh l
c hi tt cho vic phc hi nhanh vng ma ti khu vc ng Nam B ni chung v
ng Nai, Ty Ninh ni ring.
Cng vi chnh sch kch thch pht trin kinh t ca nh nc trong nm 2009, nh:
gim li sut, cho vay u i, b sung vn kch cu cho sn xut nng nghip,v.v
tc ng tch cc n tnh hnh ti chnh v li nhun ca cng ty.
d. Thch thc
Gia nhp WTO v theo l trnh AFTA, nc ta s thc hin ct gim thu v hn ngnh
nhp khu ng l mt kh khn v th thch ln i vi cng ty, v gi thnh sn
xut ca cng ty cao hn cc nc trong khu vc cng nh th gii. V vy, vic cnh
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22
tranh vi lng ng nhp khu ny s nh hng n th trng tiu th v gi

thnh ca cng ty.
S pht trin ngy cng cao ca dn tr Vit Nam s dn n vic kht khe hn trong
vic la chn sn phm v vic tr gi cho sn phm cng l mt th thch ca
cng ty.
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23
PHN 2: PHN TCH DNG TIN CA BHS

(Thc hin: HUNH TH THY DIM)
2.1. Dng tin hot ng qua cc k
200000
150000
Triu VND
100000
50000
(50000)
(100000)
(150000)
(200000)
2004
2005
2006
2007
2008
3 qu u
nm 2009
Lu chuyn tin thun t H SXKD
(25484)
91267
152131
(57459)
13157
87164
Lu chuyn tin thun t H u t
(32272)
(21651)
3915
14921
11700
(82552)
Lu chuyn tin thun t H Ti tr
45770
(37427)
(164865)
23721
(18130)
17849
Lu chuyn tin thun trong k
(11986)
32189
(8819)
(18817)
6728
22461
Da vo th, ta c nhn xt rng dng tin thun qua cc nm 2004 - 2009 bin ng
khng nhiu.
Nm 2004: dng tin thun t hot ng sn xut kinh doanh v hot ng u t m
do cng ty chi nhiu tin cho hot ng sn xut, cho vay v mua cc cng c n ca
n v khc. Tuy nhin, dng tin chi ra t 2 hot ng ny c b tr t dng tin thu
v t hot ng ti tr nn dng tin thun trong nm gim khng nhiu.
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24
Nm 2005 - 2006: dng tin t hot ng sn xut kinh doanh v dng tin t hot
ng ti tr bin ng ln, nhng khng nh hng nhiu ti dng tin thun v 2 dng
tin ny bin ng ngc chiu nhau. Trong giai on ny, hot ng sn xut kinh
doanh ca BHS t li nhun cao nn cng ty dng dng tin thu vo ny chi tr n
gc v chi tr c tc cho c ng, chnh iu ny lm dng tin chi ra cho hot ng
ti tr tng cao. Nhn chung, dng tin thun trong giai on ny trong ng ngi, cng
ty vn gi lng tin mt mc an ton.
Nm 2007: dng tin thun ca BHS khng tt, ch yu l do dng tin t hot ng
sn xut kinh doanh m. C mt iu r rng l trong nm 2007, cng ty t mc li
nhun rng hn 53 t ng, nhng dng tin chi ra thun t hot ng sn xut kinh
doanh li n hn 57 t ng. Nm 2007 cng l nm cng ty c thu TNDN bng 0%.
Do , vic dng tin t hot ng u t m trong nm ny c iu bt thng. iu
ny xy ra l do cng ty gia tng lng hng tn kho, m rng chnh sch tn dng
cho khch hng, chi ph sn xut v chi ph qun l tng, ngoi ra, cng ty cn phi
gim gi hng bn cho khch hng.
n nm 2008: dng tin thun vo c ci thin, tin thu vo c nm l hn 6 t.
Dng tin thun t hot ng kinh doanh l dng, mc d tnh hnh sn xut kinh
doanh trong nm ca cng ty ang b l n 43 t. C c thnh qu ny l do cng ty
tin hnh thu tin t bn hng tr chm cho khch hng nm 2007.
Trong 3 qu u nm 2009: hot ng sn xut ca cng ty t c nhiu kt qu
kh quan sau khi vt qua giai on kh khn vo cui nm 2008. Chnh iu ny
gip cho dng tin thu vo t hot ng sn xut kinh doanh tng, to iu kin cho
cng ty chi tin cho u t nhiu hn.
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25
2.2. Dng tin th

Dng tin th = Thu nhp rng + Khu hao
1 2 0 ,0 0 0 ,0 0 0 ,0 0 0
1 0 0 ,0 0 0 ,0 0 0 ,0 0 0
8 0 ,0 0 0 ,0 0 0 ,0 0 0
VND
6 0 ,0 0 0 ,0 0 0 ,0 0 0
4 0 ,0 0 0 ,0 0 0 ,0 0 0
2 0 ,0 0 0 ,0 0 0 ,0 0 0
0
(2 0 ,0 0 0 ,0 0 0 ,0 0 0 )
2004
2005
2006
2007
2008
3 qu u nm
2009
d n g ti n th24 ,3 7 0 ,9 1 2 ,8 0629 ,9 6 8 ,2 7 9 ,6 9160 4 ,4 3 5 ,8 1 9 ,88 39 ,6 9 7 ,6 9 5 ,5 1(78 ,9 2 0 ,0 4 6 ,5 8917),1 9 2 ,3 2 9 ,3 0 6
Dng tin th ca BHS tng i tt, chng t hot ng kinh doanh ca BHS to ra
li nhun cho cng ty. Khu hao hng nm cng ng gp mt phn ng k vo dng
tin th ca cng ty. Nhn vo th ta d dng thy dng tin th c xu hng tng
qua cc thi k.
Tuy nhin nm 2008, dng tin th gim ng k v b m. Trong nm ny, tnh hnh
khng hong ang din ra kh phc tp nn chi ph hot ng sn xut tng cao v v
hot ng u t c phiu ca cng ty b thua l nn lm cho thu nhp rng sau thu
ca cng ty b l nng n.
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26
2.3. Dng tin t hot ng kinh doanh
3,000,000,000,000
2,500,000,000,000
VND
2,000,000,000,000
1,500,000,000,000
1,000,000,000,000
500,000,000,000
(500,000,000,000)
2004
2005
2006
2007
2008
3 qu u 2009
Tng dng tin vo t H SXKD
801,663,432,774 1,081,580,192,3932,537,021,042,6122,259,385,240,4552,643,277,579,6171,962,298,056,969
Tng dng tin ra t H SXKD
827,147,283,836 989,502,047,650 2,377,398,470,2312,316,340,068,8832,628,711,188,0871,870,522,515,174
Lu chuyn tin thun t H SXKD(25,483,851,062) 91,266,943,072 152,131,102,971 (57,459,325,356) 13,157,485,888
87,164,261,085
Dng tin thun t hot ng kinh doanh ca BHS din bin tng gim qua cc thi k.
Nm 2004: dng tin t hot ng kinh doanh ca BHS m. Nguyn nhn l do thi k
ny, doanh thu t hot ng bn hng v cung cp dch v ca BHS khng cao. Bn
cnh , cc chi ph cho sn xut hng ha bn ra v cc chi ph cho thanh l, chuyn
nhng ti sn kh cao. V cng trong thi k ny, chi ph cho li vay cng cao (n 27
t ng). ng thi, BHS cng ni lng tn dng hn cho khch hng (khon phi thu
khch hng nm 2003 l 45 t ng, nm 2004 l hn 52 t ng, tng 7 t ng),
nhng li cc khon tn dng m BHS nhn c li b tht cht li (phi tr cho ngi
bn nm 2003 l 63.6 t ng, nhng n nm 2004 gim cn 52.6 t ng). Nhng
khon ny gp phn lm cho dng tin thun hot ng kinh doanh nm 2004 m.
Nm 2005 v 2006: dng tin t hot ng kinh doanh ca BHS din bin tt hn.
Nm 2005, doanh thu t bn hng v cung cp dch v tng v n nm 2006 th tng
t bin, iu ny mt phn l do gi ng bn ra vo nm 2006 tng t 9,000
ng/kg ln 12,000 ng/kg, khon tin mt thu vo t bn hng v cung cp dch v
cng kh ln nn dn ti dng tin t hot ng sn xut kinh doanh tng ln.
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27
Nm 2007: dng tin t hot ng sn xut kinh doanh li m. L do mt phn l do gi

ng bn ra gim lm cho doanh s b st gim, bn cnh , cc khon chi tr cho
chi ph t hot ng sn xut kinh doanh cao hn so vi dng tin thu vo. Mc d
trong nm ny, cc khon chi tr cho thu v li vay c gim nhiu so vi nm 2006,
nhng vn khng b p c cho khon chi ra.
n nm 2008: do nh hng ca khng hong ti chnh, chi ph ti chnh ca BHS
tng t bin. Gi chng khon lin tc gim nn BHS trch lp d phng cho tn
tht u t chng khon ln ti 44 t ng, v cng trong nm ny, li sut tng t
0.81%/thng tng ln n 1.75%/thng, lm cho chi ph li vay ca BHS tng hn 100%
so vi nm 2007 (27.69 t ng so vi 13.45 t ng). Doanh thu nm 2008 c tng ln
nhng vn khng b p c cc khon chi ph ti chnh kh ln ny nn BHS b l c
nm n 43 t ng. Tuy nhin dng tin thun nm 2008 vn dng l do khon d
phng gim gi chng khon ch mi c trch lp, cng ty cha bn cc chng khon
ny nn khon l ny cha c tnh l khon tin chi ra, ngoi ra cn l do cng ty thu
tin t bn hng ca nm 2007.
Vo 3 qu u ca nm 2009: khi khng hong ti chnh dn dn lng xung, dng
tin thun t hot ng kinh doanh ca BHS tht s c chuyn bin tt. y l iu
ng mng cho BHS cng nh cc nh u t vo BHS. Cho n qu 3 nm 2009,
dng tin thun t hot ng kinh doanh ca BHS tng ln ng k so vi nm 2009
(87 t ng so vi cui nm 2008 l 13 t ng). y l kt qu t hot ng bn hng
v cung cp dch v, hon nhp d phng ca khon u t ti chnh.
So snh thu nhp rng sau thu v dng tin thun t hot ng sn xut kinh doanh
R rng dng tin thun t hot ng sn xut kinh doanh thng lun cao hn thu
nhp rng ca cng ty (ngoi tr nm 2004 v 2007), iu ny pht ra mt tnh hiu tt
cho cc nh u t vo BHS, v n cho thy rng hot ng sn xut kinh doanh ca
cng ty thng sn sinh ra mt lng tin mt thng d kh cao, gip cng ty chi
tiu cho cc hot ng khc.
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28
T trng cc dng tin vo t hot ng kinh doanh

Dng tin vo t hot ng kinh doanh bao gm:
Tin bn hng, cung cp dch v, kinh doanh khc
Tin thu khc t cc hot ng kinh doanh
Nm 2004, tin bn hng, cung cp dch v v kinh doanh khc chim t trng ln trong
dng tin vo t hot ng kinh doanh ca BHS (63.94%). Nhng t nm 2005 tr i
tin bn hng, cung cp dch v v kinh doanh khc dn dn b thay th bi tin thu
khc t hot ng kinh doanh.
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29
100%
80%
60%
40%
20%
0%
2004
2005
2006
2007
2008
3 qu u
2009
Tin thu khc t hot ng kinh

doanh
36.06%
52.16%
69.37%
69.80%
69.16%
65.25%
Tin bn hng, cung cp dch v

v kinh doanh khc
63.94%
47.84%
30.63%
30.20%
30.84%
34.75%
Vn ny l iu m BHS cn phi xem xt li, khi m dng tin t bn hng v cung

cp dch v, kinh doanh khc (hot ng chnh ca cng ty) li chim t trng ngy cng
thp trong dng tin vo t hot ng kinh doanh ca cng ty.
Tin thu khc t hot ng kinh doanh ngy cng chim t trng ln, v th tin chi khc
cho hot ng kinh doanh cng kh ln qua cc nm. Nm 2008 s tin chi khc cho
hot ng kinh doanh ln ti 1,824 t ng. iu ny cng d hiu v nm ny s tin
thu khc t hot ng kinh doanh chim 69.16% dng tin vo (tng ng 1,828 t
ng).
2.4. Dng tin t hot ng u t

Dng tin thun t hot ng u t ca BHS bin i nhiu qua cc nm
Nm 2004 v 2005: dng tin thun t hot ng u t m. Tuy nhin, dng tin m
ny khng dng chi xy dng ti sn c nh, m l chi ra u t ti chnh, nh
cho vay, mua cc cng c n ca cc n v khc (nm 2004: 38.7 t ng v nm
2005: 61.6 t ng). iu ny s dn ti nhiu ri ro cho doanh nghip hn.
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30
Nm 2006, 2007 v 2008: dng tin thun t hot ng u t dng. iu ny khng

c ngha l cng ty khng c cc d n u t, m tc ng lm cho dng tin dng l
do tin thu vo t thu hi vn cho vay, bn cc cng c n, thu li vay v c chia c
tc,v.v Cng ty vn c cc d n u t nh nm 2007, ngoi ra, cng ty cn u t
rt nhiu vo xy dng c bn:
Cng ty tham gia u gi v mua li thnh cng Cng ty Ma ng Tr An

vi mc gi l 53.9 t ng.
Trin khai D n Cm ch bin cng nghip pha Ty sng Vm C ng: n

b gii phng mt bng cho D n Cm ch bin cng nghip pha Ty sng
Vm C ng thuc huyn Chu Thnh tnh Ty Ninh
n 3 qu u nm 2009: dng tin thun t hot ng u t ca BHS li m. Mt

trong nhng l do ch yu l nm 2009 th trng ti chnh dn dn phc hi bnh n
nn cng ty u t mt ngun vn kh ln vo cc cng c ti chnh, bn cnh
dng thu t cc cng c ti chnh cng gim ng k so vi nm 2008 (4,751,325,822
VND so vi 53,961,073,387 VND) lm cho dng tin m. Tuy nhin y ch mi l 3 qu
u nm 2009 nn cng cha th nh gi chnh xc dng tin u t trong nm 2009.
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31
2.5. Dng tin thun t hot ng ti tr

Ta thy dng tin thun t hot ng ti tr bin ng phc tp qua cc nm. Dng tin
ti tr c dng chi cho cc d n u t, chi cho qun l doanh nghip v mua
cc cng c ti chnh ngn hn v di hn.
Thng qua dng tin t hot ng ti tr cng cho ta thy kh nng vay ca BHS l kh
cao, th hin thng qua dng tin vay ngn hn v di hn m cng ty nhn c
qua cc nm.
BHS c kh nng vay tn dng cao, iu ny cng ng ngha cng ty c cc t chc

tn dng tn nhim. Ngoi ra cng ty cng c nh nc u i v cc khon nh
thu,... Vic ny cng lm tng kh nng vay ca BHS.
Dng tin thun t ti tr nm 2005 v 2006 l m v trong 2 nm ny, cng ty tr n
gc nhiu, kt hp vi l vic cng ty c chia c tc cho cc c ng, lm cho dng
tin thun t hot ng ti tr ca BHS gim mnh.
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32
n nm 2007 dng tin thun t hot ng ti tr tng ln v tng i n nh qua

nm 2008, v 3 qu u nm 2009.
2.6. Ch s m bo tin mt (Cash Flow Adequacy Ratio)

T s m bo tin mt l thc o cho thy xem lng tin mt to ra t hot ng
sn xut kinh doanh c tha mn nhu cu chi tin vn, hng tn kho v chi c tc
tin mt cho c ng.
Dng tin t hot ng SXKD

Dng tin mua thm ti sn
Dng tin mua thm hng tn kho
Chia c tc bng tin mt
2006
2007
2008
Tng cng
152,131,102,971
(57,459,325,356)
13,157,485,888
107,829,263,503
304,317,215
21,563,989,409
11,653,593,600
33,521,900,224
1,196,795,590
13,106,746,691
87,695,235,858
101,998,778,139
16,200,000,000
22,565,271,800
218,648,100
38,983,919,900
Ch s m bo tin mt c tnh cho 3 nm (2006 - 2008):
T s ny thp hn 1 cho thy rng ngun tin ni b ca BHS khng duy tr

c tc v tng trng, mc tin mt hin gi c th lm cho cng ty lm vo thiu ht
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33
tin mt. T s ny cng cho thy rng BHS ti tr cho tng trng (bng cch u
t vo ti sn, hng tn kho v c tc) t ngun vn bn ngoi kh nhiu.
2.7. T s ti u t tin mt
T s ti u t tin mt l thc o cho thy t l phn trm tin mt t dng tin hot
ng sn xut kinh doanh c gi li ti u t v thay th ti sn.
2004
2005
2006
2007
2008
(25,483,851,062)
91,266,943,072
152,131,102,971
(57,459,325,356)
13,157,485,888
(2,591,820,000)
(8,100,000,000)
(16,200,000,000)
(22,565,271,800)
(218,648,100)
Tng ti sn di hn
309,515,305,050
275,591,032,619
259,948,841,700
307,361,810,952
320,771,433,473
Vn lun chuyn
(40,389,622,244)
5,584,768,535
255,321,484,302
259,011,240,149
166,853,502,225
26.38%
-14.13%
2.65%
Dng tin t hot ng SXKD

Chia c tc bng tin mt
T s ti u t bng tin mt
-10.43%
29.58%
T s ny thay i kh tht thng cng ty BHS, nu trong nm 2004, t s ny l m

10.43% th n nm 2005 v 2006, t s ny trn 26%. Nhn chung, dng tin t hot
ng sn xut kinh doanh thay i kh tht thng, iu ny phn no ni ln ri ro t
hot ng sn xut kinh doanh ca BHS trong thi im hin ti. Cng ty cn phi lm
vic c th ci thin tnh hnh ny.
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34
2.8. Kt lun
C th ni dng tin thun hng nm ca cng ty kh n nh, khng bin ng nhiu.
Mc d vy, nu xt ring t khon mc trong dng tin ny, th ta nhn thy mt iu
rt ng lo ngi t dng tin hot ng sn xut kinh doanh ca cng ty. Dng tin
thun t hot ng sn xut kinh doanh ca BHS bin ng tht thng qua mi nm,
iu ny cho thy mt iu l ri ro t hot ng sn xut kinh doanh ca cng ty kh
ln, cng ty cn phi ci thin ng k vic ny nu khng mun lm vo thanh khon
km v t hn l lm vo tnh trng thiu kh nng chi tr n n hn. Nhng b li,
cng ty c nhn u i tn dng kh ln, th hin qua cc khon vay ca cng ty, cc
khon vay ny b tr cho vic thiu ht tin mt t hot ng sn xut kinh doanh.
Tuy nhin, BHS khng th lc no cng da vo hot ng ti tr ci thin tin mt
cho hot ng. Do , cn nhn mnh ln cui rng, nu BHS mun pht trin n nh
th cng ty cn ci thit hot ng qun l sn xut kinh doanh ca mnh.
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35
PHN 3: PHN TCH KH NNG SINH LI

(Thc hin: NGUYN TH THY)
3.1. Phn tch doanh thu

3.1.1. Ngun doanh thu ch yu ca BHS
Ngun doanh thu ca BHS ch yu t hot ng sn xut kinh doanh chnh v cc hot
ng khc nh:
Sn xut v kinh doanh cc sn phm ma ng, cc sn phm sn xut c s

dng ng v cc sn phm sn xut t ph phm, ph phm ca ngnh ma
ng.
Mua bn my mc, thit b, vt t ngnh ma ng.
Sa cha, bo dng, lp t cc thit b ngnh ma ng.
Cho thu kho bi.
Xy dng cng trnh dn dng, cng nghip.
Mua bn, i l k gi hng nng sn, thc phm cng ngh, nguyn liu, vt t
ngnh ma ng.
Dch v vn ti.
Dch v n ung.
Sn xut, mua bn sn phm ru cc loi.
Kinh doanh bt ng sn.
Sn xut, mua bn cn.
Trong , sn xut v kinh doanh cc sn phm ngnh ma ng l hot ng sn

xut kinh doanh chnh v ch yu ca BHS, chim khong 10% th phn ng Vit
Nam, ring knh tiu dng trc tip (ng ti) th cng ty chim 70% th phn.
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36
Ngun doanh thu m BHS c c t cc nhm sn phm chnh ca cng ty bao gm

ng luyn v sn phm ng ru gm c ru bnh dn v ru cao cp. Trong
nhm sn phm ng luyn chim trn 80% doanh thu v ng gp khong 85%
li nhun cho cng ty, ng ru 18% doanh thu v 12% li nhun (nm 2004). Sn
phm chnh ca cng ty c phn ng Bin Ha ch yu l ng tinh luyn. ng
tinh luyn Bin Ho t c tinh khit cao nht hin nay ( Pol: 99,9). Mt
trong nhng thnh qu nghin cu ni bt ca ng Bin Ha l sn xut thnh cng
ng Vitamin A.
Doanh thu
Li nhun
ng luyn
80%
85%
ng ru
18%
12%
Cc dch v khc
2%
3%
3.1.2. Tnh bn vng ca doanh thu

Tng trng doanh thu
2004
2005
2006
483.54
540.66
766.12
641.38
790.09
1009.88
% thay i
11.81%
41.7%
(*) c tnh bng (1009,88*12/11-792,24)/792,24
-16.28%
23.19%
(*) 39.4%
Doanh thu (t ng)
2007
2008
11 thng u 2009
Trang
37
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
Gi ng th gii (Cent/lbs) 12.49 8.8 11.39 10.47 8.03 9.07 9.32 11.84 19.3 12.37 15.79 26.98
C mt s tng gi t bin ca gi ng th gii vo nm 2006. Nm 2007 gi

ng gim thp v c xu hng tng tr li vo 2008, tuy nhin mc gi ny vn cn
thp hn so vi nm 2006.
Ti th trng Vit Nam, gi ng tng t mc 8,000 ng/kg vo nm 2005 ln n
12,000 ng/kg vo nm 2006 v gim xung 8,000 - 9,000 ng/kg vo nm 2007.
iu ny gii thch cho s gia tng doanh thu bt thng ca BHS trong nm 2006.
Nm 2008 gi ng tng tr li, c bit l giai on cui, nm song tnh bnh qun
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38
cng ch t 10,000 ng/kg. T u nm 2009 ti nay, gi ng lin tc tng cao, t

mc 10,000 ng/kg hi u nm, leo ln n 14,500 ng/kg. C thi im t ti
17,000 ng/kg. Chnh v vy, doanh thu 2009 ca BHS cng tng cao cha tng thy,
doanh thu tnh cho n ht thng 11/2009 tng 39,4% so vi c nm 2008.
Nhn chung, doanh thu ca BHS c xu hng tng qua cc nm.
Doanh thu ca BHS tng bnh qun hn 12%/nm trong 5 nm t 2004 n 2008. Tuy
nhin tc tng trng doanh thu ca BHS cha n nh. C th, nm 2006 c mt
s gia tng t bin trong doanh thu (gy ra mt s st gim 16,28% vo nm 2007),
iu ny xut pht t vic gi ng trong nc bin ng lin tc.
Khch hng:
Sn phm ca BHS kh a dng c v chng loi v kch c. Do , i tng khch
hng ca BHS cng kh rng t cc doanh nghip ln, nh, ti cc c s sn xut v
c bit l ngui tiu dng c nhn. y cng l mt nhn t quan trng ng gp vo
s n nh v bn vng trong doanh thu ca BHS.
Trang
39
Th trng tiu th:

Ti th trng ni a, ng Bin Ha c h thng phn phi sn phm tri u trn c
nc, bao gm hn 100 n v sn xut s dng ng lm nguyn liu u vo v
trn 130 nh phn phi, i l, siu th trc tip bn s, bn l trn th trng tiu dng.
Th trng xut khu ca cng ty l mt s nc trong khi ASEAN, Trung Quc v
Iraq.
H thng phn phi ca Cng ty gm 2 knh:
Phn phi vo lnh vc sn xut: ng tinh luyn Bin Ha c s dng lm
nguyn liu sn xut cc sn phm thc phm v dc phm cao cp.
Phn phi tiu dng trc tip: ch yu thng qua h thng cc i l trn c
nc v qua cc siu th nh: BigC, Coopmark, Maximark, Metro, Siu th H
Ni,v.v...
Nng lc cnh tranh v i th cnh tranh:
Thng hiu ng Bin Ha c nh gi l thng hiu hng u ca ngnh
ng. Cng ty C phn ng Bin Ha l n v duy nht c nh my luyn ng
chuyn bit, c kh nng sn xut ng luyn quanh nm, khng ph thuc nhiu vo
ma v vi cht lng cao. Trong ngnh ma ng Vit Nam, Cng ty C phn ng
Bin Ha l n v duy nht c Ngi tiu dng bnh chn Hng Vit Nam cht
lng cao lin tc 10 nm. Trn th trng tiu dng ng, Cng ty C phn ng
Bin Ha c li th l n v duy nht cung ng sn phm ng phong ph, a dng
m cc n v khc cha cnh tranh c nh sn phm ng c b sung Vitamin
A SugarA c B Y t v Vin Dinh dng Quc gia nh gi cao v cht lng sn
phm mang n cho cng ng li ch thit thc, ph hp. Vi nng lc sn xut 5,000
tn ma nguyn liu/ngy v 100,000 tn ng/nm, ng Bin Ha l nh my c
quy m kh ln trong ngnh.
Hin nay lng cung sn phm ca cng ty khng p ng nhu cu trong nc nn
ri ro cnh tranh u ra vi cc doanh nghip kinh doanh ng khc l hu nh khng
ng k. Theo c tnh, ng Bin Ho chim gn 10% th trng ng trong nc.
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40
Tc ng ca mi trng kinh doanh ln doanh s:

S thay i ca mi trng kinh doanh c th tc ng theo chiu hng xu n
doanh thu ca BHS. l vo nm 2010, mt hng ng s nm trong din ct gim
thu nhp khu v c mc thu sut mi l 5%, thay v mc 30% i vi ng th v
40% i vi ng trng nh trc y. Trong khi , ngnh sn xut ng hin ang
b xp vo ngnh c kh nng cnh tranh thp do nng sut, cht lng thp hn so
vi khu vc, trong khi gi thnh ma v sn phm ng th li cao hn so vi cc
nc trong khu vc. V vy, ng Bin Ha c th gp ri ro ln khi hi nhp, khng
c bo h t nh nc nh hin ti, sn phm ca cng ty s kh cnh tranh c
vi ng nhp khu c cht lng cao hn v gi thnh r hn.
Mc d vy, ti th trng Vit Nam, mt hng ng c nh gi l cu nhiu hn
cung v c xu hng ngy cng tng, cho nn, d ng ngoi c thm nhp vo Vit
Nam, th theo d bo, gi ng ti Vit Nam cng s giao ng trong khong 13.000 15.000 ng/kg. Do , mc nh hng n doanh s BHS l khng ln.
nh gi:
T nhng phn tch trn, ta thy tng trng doanh thu ca BHS c nh gi l
kh n nh v bn vng. T tc tng trng doanh s, khch hng, th trng tiu
th v yu t cnh tranh u ng h cho lp lun v s n nh v bn vng trong
doanh thu ca BHS. Mc d vn c yu t c kh nng e da doanh thu ca BHS, tuy
nhin mc nh hng c nh gi l khng cao. V vy, chng ta c th lc quan
v ln cng nh cht lng doanh thu ca BHS trong tng lai gn.
3.1.3. Mi quan h gia doanh thu, khon phi thu v hng tn kho
a. Mi quan h gia doanh thu v khon phi thu:
Bng thng k s liu v khon phi thu qua cc nm (v: t ng)
Doanh thu thun

Khon phi thu
% so vi doanh thu thun
Vng quay khon phi thu
2004
483.54
111.11
22.98%
4.35
2005
540.66
119.88
22.17%
4.51
2006
2007
766.12 461.38
85.14
92.28
11.11% 20.00%
9.00
5.00
Trang
41
2008
790.09
90.91
11.50%
8.69
So snh vi s liu ca cc cng ty khc cng ngnh
BHS
LSS
SBT
2004
22.98%
-
2005
22.17%
7.05%
2006
11.11%
12.86%
6.00%
2007
20.00%
16.06%
19.27%
2008
11.50%
15.41%
26.59%
Biu t l khon phi thu/doanh thu ca BHS, LSS v SBT
Nhn vo bng s liu ta thy cc khon phi thu ca BHS chim t l tng i nh v
n nh qua cc nm (trung bnh khong 17.55% doanh thu mi nm). Con s ny cha
c tt so vi LSS nhng c v tt hn ca SBT ang c chiu hng gia tng.
Nhn chung, t l khon phi thu/doanh thu nh vy l kh tt. iu th hin chnh
sch bn hng, qun l khon phi thu kh cht ch. Chng ta cng khng cn lo lng
chnh sch ny c th lm cho BHS mt khch hng v mt hng ng ca Vit Nam
Trang
42
ang c mc cu ln hn cung, do , hu ht cc cng ty trong lnh vc sn xut ma

ng u c mt ch s vng quay khon phi thu rt cao (hay t l khon phi
thu/doanh thu thp).
b. Mi quan h gia doanh thu v hng tn kho

(v: t ng)
Doanh thu thun
Hng tn kho
% so vi doanh thu thun
Vng quay hng tn kho
2004
483.54
96.35
19.93%
5.02
2005
540.66
63.32
11.71%
8.54
2006
766.12
64.51
8.42%
11.88
2007
461.38
77.62
16.82%
5.94
2008
790.09
165.31
20.92%
4.78
So snh vng quay hng tn kho vi cc cng ty cng ngnh

BHS
LSS
SBT
2004
5.02
-
2005
8.54
4.66
2006
11.88
5.88
4.47
2007
5.94
9.20
4.33
2008
4.78
9.54
2.41
Cng ging nh khon phi thu, hng tn kho ca BHS cng duy tr t l thp. y
cng l c im chung ca cc cng ty ma ng cn li. Nhn chung, lng hng tn
kho ca cng ty duy tr mc n nh, ch tr nm 2008, do khng hong kinh t lm
sn xut v kinh doanh b nh tr v nng dn b mt ma ma, do , cng ty phi
tranh th thu mua ma v d tr. Vng quay hng tn kho thp hm cng ty s
dng vn lun chuyn hiu qu hn v hiu sut s dng ti sn cng cao hn.
3.2. Phn tch gi vn hng bn

Gi vn hng bn l chi ph chim ln nht trong hu ht cc cng ty sn xut, trong
c cng ty ng Bin Ha. Trong chi ph gi vn hng bn ca BHS th chi ph nguyn
vt liu u vo (ch yu l cy ma) l chim a s. Ngoi ra, chi ph nhn cng v
nhin liu (than, xng du,v.v...) cng chim mt phn ng k.
Chi ph gi vn hng bn ca BHS
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43
Doanh thu thun

Gi vn hng bn
Li nhun gp
Li nhun gp/Doanh thu
2004
483.54
416.93
66.61
13.78%
2005
540.66
461.84
78.82
14.58%
2006
766.12
667.69
98.43
12.85%
2007
641.38
564.93
76.45
11.92%
2008
790.09
739.77
50.32
6.37%
3 qu u 2009
656.61
554.27
102.34
15.59%
Biu phn tch gi vn hng bn ca BHS
So snh t l li nhun gp/doanh thu ca BHS vi LSS v SBT

BHS
LSS
SBT
2004
13.78%
-
2005
14.58%
22.41%
2006
12.85%
19.65%
28.95%
2007
11.92%
18.09%
26.55%
2008
6.37%
18.48%
20.48%
Trang
44
S liu cho thy t l li nhun gp ca BHS mc thp hn rt nhiu so vi 2 cng ty

cng ngnh l cng ty c phn ma ng Lam Sn v cng ty c phn Bourbon Ty
Ninh. T l li nhun gp trung bnh ca BHS ch dng li mc 11.9% trong khi ca
LSS l 18.74% v ca SBT l 24.6% (gp 2.07 ln so vi BHS). iu ny cho thy chi
ph gi vn hng bn ca BHS hin nay l kh cao, vt qu trung bnh ngnh.
i vi bt k mt cng ty sn xut ng no th yu t ma nguyn liu u vo l
cc k quan trng. Do , cng ty ch ng pht trin vng nguyn liu bng cch
giao t cho nng dn trng ma v k hp ng thu mua ma. gi chn c ngi
nng dn gn b vi cy ma, cng ty ch ng thu mua ma vi gi cao. y l mt
nguyn nhn khin cho gi vn hng bn ca BHS lun cao hn so vi nhng cng ty
khc trong ngnh.
Nm 2008 t l li nhun gp ca BHS ch l 6.37%. Nguyn nhn ca s st gim ny
ch yu l do nh hng ca cuc khng hong kinh t ton cu lm cho chi ph ma
nguyn liu cng nh nhin liu tng cao lm tng gi vn ca BHS, trong khi gi
bn ra tng khng tng xng vi s gia tng chi ph. Thm vo l vic nh kho ca
BHS b chy vo 7/2008, gy thit hi ln n 15 t ng.
Trong 3 qu u nm 2009, t l li nhun gp c xu hng tng so vi nhng nm
trc (15.6%). S gia tng ny l kt qu ca vic gi mt hng ng bn ra tng
cao trong nm 2009 v do cng ty mua d tr ma nguyn liu vi gi r t nm
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45
2008. Tnh t u nm 2009 n nay, gi ng tng t 11,000 ng/kg ln 14,500

ng/kg trong qu 3 v n thng 12/2009 l 16,500 ng/kg. Tuy nhin, nu em so
snh vi nhng cng ty khc th con s 15.6% ny vn cn khim tn.
nh gi:
C th thy mt iu rt r rng l gi vn hng bn cao l mt im bt li ca BHS so
vi nhng cng ty khc thi im hin ti. Ga vn hng bn cao tc ng rt xu
ti kh nng sinh li ca BHS. Tuy nhin, u ny cng m ra mt tng lai sng sa
cho BHS nu nh cng ty bit cch iu chnh kim sot chi ph tt hn h thp chi
ph gi vn hng bn. V vy, BHS vn ang l mt c phiu c tim nng tng trng
li nhun rt ln, cao hn LSS v SBT do t l li nhun gp ca hai cng ty ny hin
ang gi mc cao v kh c th gia tng thm na.
3.3. Phn tch chi ph

3.3.1. Chi ph bn hng v chi ph qun l doanh nghip
Chi ph bn hng cng ty ng Bin Ha bao gm cc chi ph nh: tin lng cho
nhn vin b phn bn hng, chi ph qung co, chi ph phn phi, vn chuyn, hoa
hng i l, chi ph thu TNDN, v.v...
Bng chi tit chi ph bn hng (v: triu ng)
Tin lng nhn vin
Vt liu, dng vn phng
Khu hao ti sn c nh
Tip th, khuyn mi
Chi ph dch v mua ngoi
Chi ph khc
Tng cng chi ph bn hng
% chi ph bn hng/doanh thu
Chi ph qun l doanh nghip
% chi ph QLDN/doanh thu
2004
2005
14,242.8
2.9%
8,853.5
1.8%
13,066.3
2.4%
12,457.3
2.3%
2006
4,248.5
160.5
350.5
2,988.6
5,760.2
2,124.5
14,635.9
1.9%
13,777.2
1.8%
2007
3,190.4
221.8
217.7
2,617.1
6,601.9
1,384.3
15,230.1
2.3%
17,034.1
2.6%
2008
4,049.3
121.5
583.5
3,985.5
6,150.5
4,344.5
14,234.9
1.8%
19,649.0
2.5%
Tng khon mc chi ph trong chi ph bn hng c s giao ng ln qua cc nm

nhng tng cng li th chi ph bn hng vn gi n nh. Do c th ca ngnh sn
xut ng l sn phm c phn phi n cc siu th, trung tm thng mi, ca
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46
hng bn l,v.v nn cng ty khng cn phi tn chi ph thu mua mt bng, v vy, chi
ph bn hng ca cc doanh nghip ny thng nh v n nh, mc d doanh thu (nh
phn tch trn) c xu hng tng qua mi nm. Chi ph qun l doanh nghip cng
chim t l nh v n nh, nh hng khng ng k ln doanh thu. c im ny cho
ta thy mt tin tng lc quan vo kh nng sinh li ca BHS.
3.3.2. Chi ph n xu
Chi ph n xu thng c xem l chi ph tip th ca cng ty. Chi ph n xu c lin
quan cht ch ti chnh sch tn dng ca cng ty (thng c th hin di hnh
thc bn hng thu tin tr chm). Mt chnh sch tn dng ni lng s gip cng ty c
c nhiu khch hng hn nhng b li cng ty s gp ri ro khch hng tr tin
chm hoc khng tr tin cao hn. Mt chnh sch tn dng tht cht gip cng ty m
bo an ton cao hn cho khon phi thu nhng li thu hp lng khch hng.
Khon phi thu

D phng gim gi khon phi thu
T l D phng/Khon phi thu
2004
111.11
0.90
0.81%
2005
119.88
1.89
1.58%
2006
85.14
1.50
1.76%
2007
92.28
3.95
4.28%
2008
90.91
0.11
0.12%
T l D phng gim gi khon phi thu/Khon phi thu lun mc thp (di 5%)
(hay t l n xu thp) th hin mc ri ro thp trong khon phi thu ca BHS. iu
ny mt ln na cng c cho cht lng doanh thu cao ca BHS. y cng l tnh trng
chung ca cc cng ty sn xut ng trong bi cnh cu vt cung nh hin nay.
3.3.3. Chi ph ti chnh
Chim t trng a s trong chi ph ti chnh ca BHS chnh l chi ph li vay v khon d
phng gim gi cc khon u t ti chnh.
Chi ph li vay (t ng)
(*) Li sut c hiu lc c tnh theo cng thc:
2003
Vay ngn hn
Vay di hn
Tng n vay
Chi ph li vay
Li sut c hiu lc (*)
215.498
123.509
339.007
30.562
-
2004
135.890
204.750
340.640
27.165
7.80%
2005
152.436
170.136
322.572
21.048
6.35%
2006
38.841
161.392
200.233
26.854
10.30%
2007
60.744
185.909
246.734
13.450
6.02%
2008
72.263
156.395
228.658
27.696
11.65%
3 qu
u 2009
97.462
149.265
246.727
12.570
-
Trang
47
Do thiu vn, li phi lin tc u t vo nhng d n mi m rng sn xut nn

BHS ph thuc rt nhiu vo cc khon vay ti tr, c bit l vay di hn. Chi ph li
vay lun chim t trng ln trong chi ph ti chnh v l chi ph ln th hai ca BHS ch
sau chi ph gi vn hng bn. Chi ph li vay ph thuc rt ln vo bin ng li sut th
trng. C th, chi ph li vay nm 2008 ca BHS tng vt khi li sut th trng tng
cao k lc vt ngung 20%/nm.
Nm 2009, li sut th trng gim gip BHS gim ng k chi ph li vay. c bit,
trong nm 2009 ny, BHS cn c hng li vi li sut vay u 4% t gi kch cu
t 1 ca Chnh ph.
D phng gim gi cc khon u t ti chnh:
Trong giai on 2004 - 2007, BHS khng phi trch lp d phng gim gi cc khon
u t ti chnh (di hn). Tuy nhin, vo nm 2008, th trng chng khon Vit Nam
tt dc nghim trng, khin cho gi tr thun c th thc hin c ca cc chng
khon ny thp hn gi gc mua. Do , cng ty phi trch lp d phng cho s
chng khon ny vi s tin ln n 42,9 t ng. y cng chnh l nguyn nhn trc
tip khin cho kt qu kinh doanh ca cng ty b thua l trong nm 2008. S d phng
ny c BHS trch lp ch yu cho 2 loi chng khon u t di hn m cng ty
ang nm gi l: Cng ty c phn chng khon Si Gn (SSI) v Ngn hng Si Gn
Thng Tn (STB). Tuy nhin, trong 3 qu u nm 2009, BHS hon nhp d phng
c 20.34 t ng, do gi ca 2 m c phiu ny tng tr li. y l mt trong
nhng nhn t quan trng to ra li nhun cao cho BHS trong nm 2009.
3.3.4. Chi ph thu thu nhp doanh nghip
Nm 2001, cng ty c phn ng Bin Ha chnh thc c cp giy php hot ng
kinh doanh v hng thu sut thu TNDN vi mc u i l 15% trong 12 nm k t
khi c cp php v hot ng c li. Theo quy nh ti mc 4 Ngh nh s
152/2004/N-CP ngy 6/8/2004 ca Chnh ph, BHS s c min thu 2 nm k t
khi lm n c li v gim 50% s thu TNDN cho 9 nm tip theo. BHS bt u c li t
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nm 2001. Nm 2006, BHS nim yt ln u trn sn giao dch chng khon thnh ph
H Ch Minh nn c gim 50% thu TNDN trong 2 nm sau 2007 v 2008. Do ,
thu sut thu TNDN ca BHS nh sau
Thu nhp chu thu, thu TNDN v thu sut thu TNDN t nm 2004 (v: t ng)
Thu nhp
chu thu
Thu TNDN
Thu sut
thu TNDN
2004
2005
2006
2007
2008
19.05
36.61
54.75
53.85
(43.21)
(*) 1.43
3.27
4.11
0.00
7.5%
7.5%
7.5%
0.0%
0.0%
2009
2010
2011
2012
7.5%
7.5%
7.5%
15%
2013
tr i
25%
(*) Theo s liu lc u, vo nm 2004, cng ty vn ang trong qu trnh chuyn l nn khng pht sinh thu nhp chu thu.
Tuy nhin, vo nm 2005, cng ty c B ti chnh xa n li vay v n thu GTGT tng ng vi s l ly k n nm
2003 nn li nhun nm 2004 ca BHS vn phi chu thu TNDN vi mc thu sut 50%*15%=7.5%.
Do vn ang trong thi gian c hng nhiu u i v thu TNDN nn chi ph thu
TNDN ca BHS tng i nh nhng. So vi LSS v SBT th BHS ang c u th hn
v thu. BHS s cn hng u i v thu n 2012, trong khi , LSS ht thi hn
hng u v thu v bt u b p dng mc thu sut 28% nm 2007 - 2009 v 25%
t nm 2009 tr i. Tuy nhin, c BHS v LSS u khng th bng SBT v khon u
i thu do SBT xut thn l doanh nghip 100% vn nc ngoi. Khi chuyn i t
cng ty TNHH Bourbon Ty Ninh sang cng ty c phn Bourbon Ty Ninh, cng ty tip
tc c hng mc thu sut u i 10% cho n vnh vin, min thu TNDN giai
on 2004 - 2007 v hng thu sut 5% giai on 2008-2011, t nm 2012 tr i,
thu sut l 10%. Nh vy, li th v thu ca SBT l qu r rng nu so vi BHS.
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49
Nu cn thn xem xt, ta thy rng li nhun rng sau thu ca BHS l thp hn so vi
LSS v SBT. Mc d BHS vn hng u i thu, nhng vi mc sinh li ca li
nhun rng nh th ny th qu l ng lo ngi, v n nm 2013, nhng u i ny s
khng cn na. Do , cng ty cn phi n lc rt nhiu nu mun em v li nhun
cao cho c ng.
3.4. nh gi kh nng sinh li ca BHS

T nhng phn tch nh gi trn, kh nng sinh li ca BHS trong hin ti l tng i
thp. Mc d vn c nhiu yu t kh quan nh t l khon phi thu thp; doanh thu c
cht lng, bn vng v c xu hng tng qua cc nm; chi ph bn hng, chi ph qun
l doanh nghip v chi ph n xu thpv.vTuy nhin, tt c nhng yu t b chi
ph gi vn hng bn cao lm gim hiu qu. c bit, so vi LSS v SBT th BHS c
kh nng sinh li thp nht trong 3 cng ty. V vy, trong tng lai, nu BHS mun ci
thin kh nng sinh li ca mnh th iu quan trng nht l phi tm cch h thp chi
ph gi vn (nht l chi ph ma nguyn liu u vo). Bn cnh , chi ph li vay ln do
s dng cu trc vn nhiu n cng l mt iu rt ng quan tm. Nu cng ty c th
ci thin nhng iu ny, cng vi nhng thun li khc m BHS c c, chc
chn BHS s t c mc sinh li rt cao.
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50
PHN 4: PHN TCH T SUT SINH LI TRN VN U

T CA CTCP NG BIN HA
(Thc hin: NGUYN NGC TRM)
Phn tch thnh qu cng ty i hi mt phn tch kt hp, chng ta nh gi mt

thc o trong mi lin quan vi mt thc o khc. V d mt khon li nhun l 1
triu c nh gi mt cch khc hn nu cng ty u t ch 2 triu thay v 200
triu . V vy, thc o v t sut sinh li trn vn u t (ROI) l thc o hiu qu
nh gi cng ty. N biu hin quan h gia thu nhp v vn u t. Thc o ny
xc nh kh nng thnh cng ca cng ty, thu ht ngun ti tr, ti chi tr ch n v
mang li li nhun cho cc ch s hu.
4.1. Phn tch ROA (t sut sinh li trn tng ti sn)

Ch tiu ROA ni ln rng 1 ng cng ty u t vo ti sn s sn sinh ra mc li
nhun l bao nhiu. Phn tch ROA l phn tch ng trn gc phn tch ROI khng
phn bit gia vn c phn v n.
Chng ta s tin hnh phn tch tng thnh phn trong ROA c c ci nhn r nt
nht v ROA ca cng ty c phn ng Bin Ha.
3 qu
ROA
TSSL trn doanh thu
Hiu sut s dng ti sn
2004
2005
2006
2007
2008
8.36%
8.78%
0.9518
10.43%
9.89%
1.0542
13.26%
9.43%
1.4060
10.65%
10.46%
1.0187
-2.46%
-1.97%
1.2462
2009
13.70%
13.74%
0.9976
Trang
51
Trang
52
Xt ht giai on t nm 2004 n ht 3 qu u nm 2009, ta nhn thy rng ROA ca

cng ty ng Bin Ha c xu hng tng. Ch trong 2 nm 2007 v 2008, ROA ca
cng ty gim, nhng n 3 qu u 2009, xu hng tng ca ROA quay tr li.
Chng ta s phn tch chi tit tng giai on:
Giai on 2004 - 2006: hiu sut s dng ti sn tng l l do chnh khin cho ROA
ca BHS tng. L gii cho vic ny, ta nhn thy rng trong giai on ny, vng quay
hng tn kho, vng quay khon phi thu, vng quay ti sn c nh tng cao (s c
trnh by bn di), chng l nhng nhn t chnh lm cho hiu sut s dng ti sn
tng. Ngoi ra, hiu sut s dng ti sn tng cn l v gi bn mt hng ng tng
cao trong giai on ny, nht l trong nm 2006 ( c trnh by phn 3), lm
cho doanh thu tng ln t bin. Tt c nhng iu gip ROA tng ln.
Nm 2007: gi bn ra ca mt hng ng trn th trng gim khin cho doanh thu
trong nm 2007 ca BHS gim theo ( c trnh by trong phn 3), cng vi l
vic cng ty gia tng d tr hng tn kho, ni lng chnh sch tnh dng cho khch
hng v u t thm vo ti sn c nh, lm cho hiu sut s dng ti sn gim.
Cui cng, n lm cho ROA ca cng ty gim trong.
Nm 2008: ROA ca cng ty ng Bin Ha gim mnh v c gi tr m 2.46%.
Nguyn nhn chnh l do t sut sinh li trn doanh thu ca cng ty b gim t ngt.
Theo bo co ti chnh, kt qu kinh doanh trong nm 2008 ca BHS l n 43.2 t
ng. L gii cho vic ny, ta c th nu nhng nguyn nhn sau y:
Gi mua ma nguyn liu tng cao, trong khi gi ng tinh luyn bn ra bnh
qun ca nm 2008 vn tng ng so vi nm 2007, dn n vic gi vn
hng bn tng 31% v li nhun gp gim n 34% so vi nm 2007.
nh hng ca cuc khng hong ti chnh lm chi ph li vay ca cng ty

tng t bin so vi nm 2007 (tng n 100%).
Cui cng, nm 2008 l nm m th trng chng khon trong nc chu nh

hng ca c bo khng hong ti chnh ton cu, gi ca hng lot chng
khon b gim mnh, l do chnh khin cho cng ty phi trch lp d phng
gim gi chng khon n 43.6 t ng, lm cho chi ph hot ng ti chnh ca
cng ty tng mnh.
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53
Trong 3 qu u nm 2009: cng ty ng Bin Ha c li nhun rng sau thu tng.

Nguyn nhn l do s phc hi ca th trng chng khon, cng ty hon nhp d
phng gim gi u t chng khon hn 20 t ng, cng vi l vic chi ph li vay
gim 54.61% so vi nm 2008, lm cho chi ph ti chnh gim mnh (gim 86.22%
so cng k nm 2008). Chnh nhng iu ny lm cho t sut sinh li trn doanh thu
ca BHS tng mnh tr li, v cng s l nguyn nhn a ROA quay tr li tng
trng trong c nm 2009 ny.
4.2. Phn tch cc thnh phn ca hiu sut s dng ti sn

Hiu sut s dng ti sn ca cng ty qua cc nm nhn chung l tt, c xu hng n
nh v hu ht u ln hn 1. Hiu sut s dng ti sn t mc cao nht vo nm
2006 (1.4060 ln).
2004
Vng quay khon phi thu
Vng quay hng tn kho
Vng quay n ngn hn
Vng quay tin mt
4.1722
6.2648
1.9542
33.8844
2005
4.6812
6.7723
2.2742
22.1827
2006
7.4739
11.9868
5.2228
21.2469
2007
7.2302
9.0251
7.2242
28.8390
2008
8.6260
6.5046
7.3856
48.7850
3 qu
u 2009
5.2421
4.6661
4.8663
15.7016
4.2.1. Vng quay khon phi thu
S vng quay khon phi thu c xu hng tng u qua cc nm, iu ny cho thy
cng ty ang tht cht tn dng i vi khch hng, ng ngha vi vic cng ty thc
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54
hin chnh sch thu tin nhanh hn. Ch n 3 qu u nm 2009, s vng quay khon
phi thu mi gim xung thp so vi cc nm trc, nguyn nhn l do khon ng
trc cho ngi bn (c bit l ng trc cho nng dn trng ma) trong 3 qu u
nm 2009 tng n 110 t ng, tng 458.48% so vi nm 2008.
4.2.2. Vng quay hng tn kho
i vi hng tn kho, vng quay hng tn kho t nm 2006 - 2009 c xu hng gim.
Nht l trong nm 2008, cng mua mt lng ln ma nguyn liu vi gi r d
tr cho hot ng sn xut nm 2009, lm cho lng hng tn kho nm 2008 tng n
112.98% so vi nm 2007, trong thnh phm tng 62.28% so vi nm 2007.
4.2.3. Vng quay n ngn hn
i vi vic s dng n ngn hn, ta thy t s vng quay n ngn hn c xu hng

ngy cng tng. iu ny cho thy n ngn hn ca cng ty ang c xu hng gim,
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55
cng ty ang t c hng cc chnh sch u i tn dng hn. Nm 2008 c n ngn

hn gim 49.33% so vi nm 2005.
4.2.4. Vng quay tin mt
Trong giai on 2004 - 2006, vng quay tin mt gim l do cng ty ang tin hnh tht
cht tn dng i vi khch hng (gim khon phi thu) v gim u t vo hng tn
kho. Chng lm cho tin mt ca cng ty tng ln.
Giai on 2006 - 2008, cng ty dng tin mt u t tr li vo hng tn kho, lm cho
tin mt gim, cui cng, khin cho vng quay tin mt tng tr li.
n 3 qu u nm 2009, cng ty bn c mt lng ln hng tn kho d tr t
nm 2008 (gi thu mua nm 2008 l rt r) chuyn thnh doanh thu v tin mt, iu
ny lm vng quay ca tin mt gim mnh.
4.3. Phn tch ROCE

Nu ng trn gc ca cc c ng ca cng ty th vn u t nn l vn c phn
thng. V vy, t sut sinh li trn vn c phn thng (ROCE) l mt trong nhng t
s c c ng cng ty quan tm nhiu nht.
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56
Trong :
3 qu u
2004
2005
2006
2007
2008
ROCE
34.51%
38.78%
20.40%
14.61%
-12.16%
2009
21.21%
TSSL trn doanh thu iu chnh
3.58%
6.29%
6.19%
8.36%
-5.48%
11.96%
3.88%
6.90%
6.73%
8.36%
-5.46%
12.42%
92.38%
91.22%
92.03%
100.00%
100.00%
96.36%
Hiu sut s dng ti sn
0.9518
1.0542
1.4060
1.0187
1.2462
0.9976
n by
10.1189
5.8478
2.3441
1.7149
1.7818
1.7768
TSSL trn doanh thu trc thu

T l gi li thu
Trang
57
Trang
58
ROCE ca BHS t mc cao nht vo 2 nm 2004 - 2005 (hn 30%), ch yu do n

by ti chnh ca cng ty qu cao trong 2 nm ny.
n giai on 2006 v 2007, n by ti chnh ca cng ty gim cn khong 1.77 ln,
nn mc t sut sinh li ny c xu hng quay v mc 15% - 20%. Xt trong giai on
ny th ROCE ca nm 2007 thp hn so vi nm 2006, iu ny c l gii bi hiu
sut s dng ti sn ca cng cng ty b gim (nguyn nhn trnh by trn).
Tuy nhin, n nm 2008, ROE ca cng ty li gim nghin trng (-12.16%). Nguyn
nhn chnh ca vic ny l do thu nhp rng ca cng ty st gim t bin bt thng
trong nm 2008 ( c trnh by phn trn):
Gi mua ma nguyn liu tng cao lm cho gi vn tng.
Li sut vay tng t bin ln gp i lm cho chi ph li vay ca cng ty cng b

tng ln gp i theo.
Cui cng, cng ty phi trch lp d phng gim gi chng khon n 43.6 t
ng, lm cho chi ph hot ng ti chnh ca cng ty tng mnh.
Trong 3 qu u 2009, gi bn ng ra tng lm doanh thu ca cng ty tng

mnh, cng vi l vic gim u t vo vn lun chuyn, lm cho cng ty c mt
mc t sut sinh li ROCE kh cao.
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59
Nu xt n tng thnh phn trong khon mc ROCE, ta nhn thy n by v t sut

sinh li trn doanh thu l 2 ch tiu ng c quan tm nhiu nht.
Nhn chung t sut sinh li trn doanh thu ca BHS vn ang trong xu hng tng
qua cc nm, ch duy nht nm 2008 l t sut sinh li trn doanh thu b gim t ngt.
Tc ng ca thu i vi t sut sinh li trn doanh thu khng cao, v trong giai on
ny, cng ty ang hng mc u i thu l 7.5% v 0% nn t l gi li thu lun t
mc cao (khng di 92%).
Ni n n by, ta nhn thy ngay rng BHS l mt cng ty c s dng yu t n by
n kh cao, cao nht l trong nm 2004 v 2005. iu ny gp phn lm phng i
mc ROCE, tuy nhin, n by l mt nhn t cha ng nhiu ri ro tim n, c th
khin cho ROCE ca BHS bin ng bt thng.
n by ti chnh BHS lm cho bin ng ca ROCE cao hn so vi ROA
4.4. So snh ROA v ROCE ca BHS vi cc cng ty cng ngnh
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60
Bng s liu ROA ca BHS, SBT v LSS
SBT
LSS
BHS
2004
2005
2006
2007
2008
8.36%
10.43%
13.39%
13.26%
11.92%
10.26%
10.65%
4.79%
11.37%
-2.46%
3 qu u
2009
7.19%
12.46%
13.70%
Bng s liu ROCE ca BHS, SBT v LSS
SBT
LSS
BHS
2004
2005
2006
2007
2008
34.51%
38.78%
14.55%
20.40%
12.63%
15.72%
14.61%
5.33%
15.72%
-12.16%
3 qu u
2009
7.79%
17.40%
21.21%
Nhn chung, ROCE v ROA ca BHS c mc bin ng cao hn so vi LSS v SBT,

cho thy ri ro khi u t vo BHS s ln hn, tuy nhin t sut sinh li li khng c
hng cao tng ng vi mc ri ro . in hnh nht l ROA ca BHS thng thp
hn so vi ROA ca SBT v LSS. iu ny cho thy kh nng sinh li ca cng ty vn
cn kh km nu so vi c ngnh. Tnh hnh c l s lc quan hn trong nm 2009, khi
m mc ROA v ROCE ca BHS tng trng tr li v t c mc sinh li cao hn
so vi 2 cng ty kia.
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61
4.5. Kt lun
C tc Cp thng
T l chi tr c tc
T l tng trng
2004
9,720,000,000
56.09%
15.15%
2005
16,200,000,000
47.63%
20.31%
2006
24,300,000,000
51.24%
9.95%
2007
30,325,908,600
56.54%
6.35%
2008
0
0.00%
-12.16%
Nhn chung, t l tng trng trong di hn ca BHS c th t mc 8%, tuy nhin,

mc tng trng ny gi n nh th cng ty cn phi c nhiu ci thin trong cng
tc qun l v u t.
Chnh vic u t chng khon qu cao to cho BHS mt khon thua l rng n 43
t trong nm 2008, v iu ny ko tc tng trng v ROCE ca cng ty trong
nm 2008 xung mc m (-12.16%). Ngoi ra, n by ti chnh cao cng l nguyn
nhn khin cho t sut sinh li trn vn c phn thng ROCE c s bin ng bt
thng. Chnh t nhng iu , ta c th kt lun BHS l m chng khon c ri ro
kh cao cho cc nh u t, v do , chng ta cn phi thn trng khi quyt nh u
t vo m ny.
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62
PHN 5: PHN TCH TRIN VNG CA BHS

(Thc hin: TRN NGC THIN)
Phn tch trin vng s cho chng ta c c ci nhn r nt v tng lai ca cng ty c
phn ng Bin Ha, cng l cht xc tc chng ta tin hnh nh gi BHS.
5.1. D phng bo co kt qu hot ng kinh doanh

Da trn bng bo co kt qu hot ng kinh doanh nm 2004 cho n hin nay, ta s
tnh c cc t s sau y:
CC T S
2004
2005
2006
2007
11.85%
41.34%
-16.22%
23.14%
0.46%
0.49%
0.24%
0.31%
0.27%
T l gi vn hng bn/doanh thu thun
86.22%
85.42%
87.15%
88.08%
93.63%
T l chi ph bn hng/doanh thu thun
2.95%
2.42%
1.99%
2.28%
2.43%
T l chi ph qun l doanh nghip/doanh thu thun
1.83%
2.30%
1.80%
2.66%
2.49%
6.18%
8.32%
6.73%
11.25%
Tng trng doanh thu

T l khon gim tr doanh thu/doanh thu
T l li vay/tng n ngn hn v di hn nm trc
2008
Chi ph ti chnh/chi ph li vay
1.0020
1.0453
1.0005
1.0059
2.6158
Chi ph thu TNDN
7.62%
8.78%
7.97%
0.00%
0.00%
T cc t s trong qu kh (2004 - 2008), ta nhn thy:
T l khon gim tr doanh thu/doanh thu dao ng quanh t l 0.35%
T l gi vn hng bn/doanh thu thun dao ng quanh mc 86.72%
T l chi ph bn hng/doanh thu thun dao ng quanh mc 2.41%
T l chi ph qun l doanh nghip/doanh thu thun dao ng quanh mc 2.22%
T l li vay/tng n vay nm trc l khong 7.08%
T s chi ph ti chnh/chi ph li vay l 1.0134
(Cc s liu trong nm 2008 bin ng bt thng l do trong nm ny, cng ty b nh

hng nhiu bi cuc khng hong ti chnh, do , phn d phng s ly cc t s n
nh trc )
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63
Chng ta s dng cc con s ny d phng cho kt qu hot ng kinh doanh trong

5 nm sau (2009 - 2013):
CC CH S C S DNG D BO K T NM 2009 TR I
T l khon gim tr doanh thu/doanh thu
T l gi vn hng bn/doanh thu thun
T l chi ph bn hng/doanh thu thun
T l chi ph qun l doanh nghip/doanh thu thun
T l li vay/(n di hn nm trc + n ngn hn nm trc)
Chi ph ti chnh/chi ph li vay
Thu nhp khc
Chi ph khc
Tng s c phiu
0.35%
86.72%
2.41%
2.22%
7.08%
1.0134
421,325,093
218,284,300
18,531,620
V thu sut thu TNDN ca cng ty c phn ng Bin Ha, bo co thuyt minh
cng b cho thy:
THU SUT THU TNDN CA BHS
2009
7.5%
2010
7.5%
2011
7.5%
2012
15.0%
2013 tr i
25.0%
Da trn kt qu phn tch kh nng sinh li trong phn 3, ta c th c lng c

mc tng trng doanh thu trong cc nm sau:
Tc tng trng doanh thu c tnh
2009
39%
2010
24%
2011
19%
2012
15%
2013 tr i
10%
Chng ta s tin hnh d phng kt qu hot ng kinh doanh theo th t sau y:
Bc 1: D phng doanh thu (da trn tc tng trng doanh thu c tnh).
Bc 2: D phng mc gim tr doanh thu.
Bc 3: D phng gi vn hng bn.

=> c lng c mc li nhun gp cc nm sau.
Bc 4: D phng doanh thu hot ng ti chnh bng cch ly trung bnh di

ng trong 5 nm.
Bc 5: D phng li vay hng nm bng tch ca li vay c lng (7.08%)

v tng n vay d phng trong bng cn i k ton.
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64
Bc 6: D phng chi ph ti chnh s d trn t s chi ph ti chnh/chi ph li

vay v chi ph li vay d phng.
Bc 7: D phng chi ph bn hng v chi ph qun l doanh nghip.

=> D phng li nhun thun cc nm sau.
Bc 8: Doanh thu khc v chi ph khc c gi nh l n nh ln lt

mc 421,325,093 ng v 218,284,300 ng.
=> D phng c li nhun trc thu v li nhun rng sau thu.
Lm theo cc bc , chng ta c c bng d phng chi tit kt qu hot ng kinh

doanh trang sau.
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65
D PHNG BO CO KT QU HOT NG KINH DOANH CA BHS

Ch tiu
Trang
662013F
M s
2009F
2010F
2011F
2012F
1. Doanh thu bn hng v cung cp dch v
01
1,101,220,109,498
1,365,512,935,777
1,624,960,393,575
1,868,704,452,611
2,055,574,897,872
2. Cc khon gim tr doanh thu
02
3,901,605,195
4,837,990,441
5,757,208,625
6,620,789,919
7,282,868,911
3. Doanh thu thun v bn hng v cung cp dch v (10 = 01 - 02)
10
1,097,318,504,303
1,360,674,945,336
1,619,203,184,950
1,862,083,662,692
2,048,292,028,962
4. Gi vn hng bn
11
951,587,708,005
1,179,968,757,927
1,404,162,821,933
1,614,787,245,223
1,776,265,969,745
5. Li nhun gp v bn hng v cung cp dch v (20 = 10 - 11)
20
145,730,796,298
180,706,187,409
215,040,363,017
247,296,417,470
272,026,059,217
6. Doanh thu hot ng ti chnh
21
10,966,445,227
13,048,220,163
14,736,682,251
15,684,871,364
14,388,599,836
7. Chi ph ti chnh
22
(4,601,100,729)
(2,295,678,693)
21,131,728,573
22,234,089,748
24,909,116,034
Trong : Chi ph li vay
23
16,156,636,102
19,399,655,592
20,852,067,737
21,939,840,080
24,579,464,619
8. Chi ph bn hng
24
26,481,935,643
32,837,600,197
39,076,744,234
44,938,255,869
49,432,081,456
9. Chi ph qun l doanh nghip
25
24,308,152,062
30,142,108,557
35,869,109,183
41,249,475,560
45,374,423,116
10. Li nhun thun t hot ng kinh doanh (30 = 20 + 21 - 22 - 24 - 25)
30
110,508,254,550
133,070,377,512
133,699,463,278
154,559,467,655
166,699,038,446
11. Thu nhp khc
31
421,325,093
421,325,093
421,325,093
421,325,093
421,325,093
12. Chi ph khc
32
218,284,300
218,284,300
218,284,300
218,284,300
218,284,300
13. Li nhun khc (40 = 31 - 32)
40
203,040,793
203,040,793
203,040,793
203,040,793
203,040,793
14. Tng li nhun k ton trc thu (50 = 30 + 40)
50
110,711,295,343
133,273,418,305
133,902,504,071
154,762,508,449
166,902,079,239
15. Chi ph thu TNDN hin hnh
51
9,352,422,039
13,216,596,118
12,190,080,969
24,288,072,849
41,725,519,810
16. Chi ph thu TNDN hon li
52
(4,294,786,326)
(3,221,089,745)
(2,147,393,163)
(1,073,696,582)
17. Li nhun sau thu TNDN (60 = 50 - 51 - 52)
60
105,653,659,630
123,277,911,932
123,859,816,266
131,548,132,181
125,176,559,429
18,531,620
18,531,620
18,531,620
18,531,620
18,531,620
5,701
6,652
6,684
7,099
6,755
Trong : Tng s c phiu

18. Li c bn trn c phiu
70
Trang
67
Trang
68
5.2. D phng bng cn i k ton

Trc khi tin hnh d phng bng cn i k ton, chng ta s tin hnh tnh ton mt
vi t s d trn s liu 2004 - 2008:
CC T S
2005
2006
2007
2008
TI SN NGN HN
Cc khon phi thu ngn hn
Vng quay doanh thu thun/phi thu khch hng ngn hn
18.1100
20.2341
19.7614
16.9234
Vng quay gi vn hng bn/tr trc cho ngi bn
5.5548
14.4150
9.2764
17.3271
T s d phng phi thu ngn hn kh i/phi thu ngn hn
6.35%
4.03%
12.16%
0.23%
7.2943
10.3497
7.2782
4.4749
Hng tn kho
Vng quay gi vn hng bn/hng tn kho
TI SN DI HN
Ti sn c nh hu hnh
Nguyn gi TSC hu hnh tng thm
2,230,398,382
15,169,280,596
12,332,882,649
7,652,141,829
32,303,461,108
52,497,990,595
35,550,066,540
34,437,548,457
T s nguyn gi TSC hu hnh tng thm/doanh thu thun
0.41%
1.98%
1.92%
0.97%
T s khu hao tng thm/nguyn gi TSC HH nm trc
9.21%
14.87%
9.66%
9.05%
1,165,831,574
3,084,147,000
3,031,076,000
379,115,244
410,051,549
514,602,273
763,956,841
T s nguyn gi TSC v hnh tng thm/doanh thu thun
0.22%
0.00%
0.48%
0.38%
T s khu hao tng thm/nguyn gi TSC VH nm trc
11.08%
8.94%
11.22%
9.96%
Vng quay gi vn hng bn/phi tr cho ngi bn
12.6192
54.3627
35.1178
35.9269
Vng quay doanh thu thun/ngi mua tr tin trc
65.5852
102.4413
194.1421
243.0782
T s n di hn/tng ti sn
34.02%
27.32%
27.71%
26.07%
22.21%
60.00%
56.82%
55.34%
Khu haoTSC hu hnh tng thm
Ti sn c nh v hnh
Nguyn gi TSC v hnh tng thm
Khu hao TSC v hnh tng thm
N PHI TR
VN CH S HU
T s vn ch s hu/tng ti sn
Ta cng bit c t l chia c tc qua cc nm nh sau:
Li nhun rng sau thu

C tc c chia
2004
17,328,239,323
9,720,000,000
2005
34,013,404,450
16,200,000,000
2006
47,421,437,317
24,300,000,000
2007
53,633,026,705
30,325,908,600
T l chia c tc
T l li nhun gi li
56.09%
43.91%
47.63%
52.37%
51.24%
48.76%
56.54%
43.46%
Trang
69
Cui cng, chng ta s c c cc t s sau, v gi nh rng cc t s ny s khong

thay i trong 5 nm ti (2009 - 2013):
CC T S C S DNG D PHNG CHO NM 2009 TR I

TI SN NGN HN
Cc khon phi thu ngn hn
Vng quay doanh thu thun/phi thu khch hng ngn hn
Vng quay gi vn hng bn/tr trc cho ngi bn
T s d phng phi thu ngn hn kh i/khon phi thu ngn hn
Hng tn kho
Vng quay gi vn hng bn/hng tn kho
TI SN DI HN
Ti sn c nh hu hnh
T s nguyn gi TSC hu hnh tng thm/doanh thu thun
T s khu hao tng thm/nguyn gi TSC hu hnh nm trc
Ti sn c nh v hnh
T s nguyn gi TSC v hnh tng thm/doanh thu thun
T s khu hao tng thm/nguyn gi TSC v hnh nm trc
N PHI TR
Vng quay gi vn hng bn/phi tr cho ngi bn
Vng quay doanh thu thun/ngi mua tr tin trc
VN CH S HU
T s vn ch s hu/tng ti sn
T s n di hn/tng ti sn
T l li nhun gi li
16.84
11.81
4.89%
4.50
1.95%
9.50%
0.27%
10.30%
35.50
250.00
55.00%
26.00%
50.00%
Quy trnh d phng ca chng ta s c tin hnh qua cc bc sau:
Bc 1: D phng cc khon phi thu bng cch s dng dng quay khon
phi thu c tnh trc vi doanh thu d phng trong bng bo co kt
qu kinh doanh.
Bc 2: D phng hng tn kho bng cch s dng ch s vng quay hng tn

kho c tnh vi doanh thu d phng.
Bc 3: D phng cc khon mc trong ti sn ngn hn khc bng cch s

dng trung bnh di ng trong 5 nm.
=> D phng c ti sn ngn hn (tr tin mt)
Bc 4: D phng khon phi thu di hn bng cch s dng trung bnh di

ng trong 5 nm.
Trang
70
Bc 5: D phng ti sn c nh hu hnh, bao gm:

+
D phng nguyn gi tch ly ca ti sn c nh, cng thc d phng:
Trong :
(T l gi tng nguyn gi c tnh ca chng ta l 1.95%)
D phng gi tr khu hao ly k, cng thc:
Trong :
T l khu hao ca TSC c c tnh l 9.50%
Bc 6: D phng ti sn c nh v hnh, cch d phng cng y nh d phng

ti sn c nh hu hnh, l s d phng c nguyn gi ti sn c nh v gi
tr hao mn ly k. (T s gia tng nguyn gi TSC v hnh l 0.27% doanh thu
v gi tr khu hao l 10.30% nguyn gi ti sn trong mi nm)
Bc 7: D phng khon u t ti chnh di bng cch ly trung bnh di ng

5 nm. Tuy nhin, cn lu mt s iu:
+
Trong nm 2009, cng ty ng Bin Ha c u t mt s vn 20 t
vo cng ty con Bin Ha - Thnh Long, chnh v vy nn khon mc u t

vo cng ty con s c c tnh l 20 t t nm 2010 tr i.
+
Trong nm 2009, trong ty hon nhp d phng gim gi u t chng
khon gn 21 t ng, do khon mc ny nm 2009 gim xung gn mt

na, ch cn khong 22 t ng, v n nm 2010, d bo cng ty s hon
nhp hon ton khon d phng ny, ng thi cng gi nh rng cng ty
khng cn thua l trong u t chng khon na, chnh v vy, khon mc
D phng gim gi u t ti chnh t nm 2010 tr i l mc 0.
Bc 8: D phng cc khon u t di hn khc bng cch ly trung bnh di

ng. Lu , trong khon mc ny c Ti sn thu hon li, y chnh l tch
ly thu TNDN m BHS ng vt mc cho c quan thu (so vi s thu tnh
theo lut k ton), do , gi nh rng cui cc nm t 2009 tr i, cng ty s
c hon li s thu ny mi nm l 1/5 gi tr.
Trang
71
=> n y, ta d phng c tng ti sn di hn.
Bc 9: D phng vn ch s hu. Ngun vn ch s hu c gi nh l n

nh v khng thay i trong sut giai on 2009 - 2013. Ring phn Li nhun
sau thu cha chia, ta s tnh n bng cng thc sau:
Bc 10: Tnh ngun kinh ph v qu khc bng cch ly con s trung bnh di
ng trong 5 nm.
=> Tng hp bc 9 v bc 10, ta d phng c ngun vn ch s hu.
Bc 11: D phng tng ti sn. Cn gi nh mt iu rng cng ty ng

Bin Ha s c gng duy tr cu trc vn hin nay cho n tng lai vi 55%
vn ch s hu v 45% n. Ta d phng c con s vn ch s hu qua 2
bc 9 v 10, do , ta d dng d phng c gi tr tng ti sn:
Bc 12: D phng n di hn. Ta cng gi nh rng BHS s duy tr mc n

di hn t l 26% tng ti sn cho cc nm sau .
Bc 13: D phng n ngn hn = Tng ti sn - Vn ch s hu - N di hn.

Cc khon mc trong n di hn s c d phng bng cch ly cc vng
quay khon phi tr vi doanh thu v trung bnh di ng trong 5 nm.
Bc 14: D phng khon mc tin mt:
(Cc khon mc ti sn ngn hn tr tin mt c d phng cui bc 3)
Sau khi lm ln lt xong cc bc trn, chng ta s d phng thnh cng bng cn

i k ton ca cng ty c phn ng Bin Ha.
Trang
72
D PHNG CHI TIT BNG CN I K

TON
TI SN
M
s
2009F
2010F
2011F
2012F
2013F
A. TI SN NGN HN
100
372,867,265,086
463,734,899,122
574,310,751,295
701,480,998,653
830,157,593,637
I. Tin v cc khon tng ng tin
110
12,100,064,181
17,114,184,879
43,585,022,159
91,515,955,450
159,955,285,934
1. Tin
111
12,100,064,181
17,114,184,879
43,585,022,159
91,515,955,450
159,955,285,934
2. Cc khon tng ng tin
112
II. Cc khon u t ti chnh ngn hn
120
1. u t ngn hn
121
2. D phng gim gi CK u t ngn hn
129
III. Cc khon phi thu
130
147,938,128,715
182,860,186,462
216,993,506,232
249,395,162,409
274,089,438,865
1. Phi thu khch hng
131
65,159,260,219
80,797,482,672
96,149,004,380
110,571,355,037
121,628,490,540
2. Tr trc cho ngi bn
132
80,558,272,843
99,892,258,326
118,871,787,408
136,702,555,519
150,372,811,071
3. Phi thu ni b ngn hn
133
4. Phi thu theo tin k hoch HXD
134
5. Cc khon phi thu khc
135
2,327,996,789
2,277,846,601
2,080,115,582
2,228,652,991
2,195,538,391
6. D phng phi thu ngn hn kh i
139
(107,401,137)
(107,401,137)
(107,401,137)
(107,401,137)
(107,401,137)
IV. Hng tn kho
140
211,463,935,112
262,215,279,539
312,036,182,652
358,841,610,049
394,725,771,054
1. Hng tn kho
141
211,463,935,112
262,215,279,539
312,036,182,652
358,841,610,049
394,725,771,054
2. D phng gim gi hng tn kho
149
V. Ti sn ngn hn khc
150
1,365,137,078
1,545,248,242
1,696,040,252
1,728,270,745
1,387,097,783
1. Chi ph tr trc ngn hn
151
2. Thu GTGT c khu tr
152
1,089,805,419
1,293,304,010
1,393,707,174
1,448,501,151
1,136,762,271
3. Thu v cc khon khc phi thu Nh nc
154
4. Ti sn ngn hn khc
158
275,331,658
251,944,232
302,333,078
279,769,594
250,335,512
B. TI SN DI HN
200
327,546,974,299
349,351,587,959
351,106,745,407
343,873,629,658
328,210,503,318
I. Cc khon phi thu di hn
210
17,910,305,872
14,979,240,364
15,871,206,346
16,253,584,194
15,701,343,635
1. Phi thu di hn ca khch hng
211
2. Vn kinh doanh n v trc thuc
212
3. Phi thu di hn ni b
213
4. Phi thu di hn khc
218
17,910,305,872
14,979,240,364
15,871,206,346
16,253,584,194
15,701,343,635
5. D phng phi thu di hn kh i
219
II. Ti sn c nh
220
276,437,206,401
266,124,122,160
259,243,870,989
256,635,473,793
242,904,084,142
1. Ti sn c nh hu hnh
221
232,333,418,166
213,266,579,600
196,720,391,371
181,910,798,557
167,282,758,900
Nguyn gi
222
480,000,000,000
506,533,161,434
538,107,623,541
574,418,254,963
614,359,949,528
Gi tr hao mn ly k
223
(247,666,581,834)
(293,266,581,834)
(341,387,232,170)
(392,507,456,406)
(447,077,190,628)
2. Ti sn c nh thu ti chnh
224
Nguyn gi
225
Gi tr hao mn ly k
226
3. Ti sn c nh v hnh
227
9,931,339,773
12,198,350,333
14,785,124,423
17,577,521,762
20,354,973,771
Nguyn gi
228
13,666,411,442
17,340,683,518
21,713,067,288
26,741,308,624
32,272,374,093
Gi tr hao mn ly k
229
(3,735,071,669)
(5,142,333,184)
(6,927,942,865)
(9,163,786,862)
(11,917,400,322)
Trang
73

4. Gi tr xy dng c bn d dang
230
34,172,448,461
40,659,192,226
47,738,355,195
57,147,153,474
55,266,351,471
III. Bt ng sn u t
240
Nguyn gi
241
Gi tr hao mn ly k
242
IV. Cc khon u t ti chnh di hn
250
28,044,484,136
64,240,113,333
73,063,484,444
69,101,199,259
68,801,599,012
1. u t vo cng ty con
251
20,000,000,000
20,000,000,000
20,000,000,000
20,000,000,000
2. u t vo cng ty lin kt, lin doanh
252
3. u t di hn khc
258
50,000,000,000
44,240,113,333
53,063,484,444
49,101,199,259
48,801,599,012
4. D phng gim gi u t ti chnh di hn
259
(21,955,515,864)
V. u t di hn khc
260
5,154,977,890
4,008,112,101
2,928,183,628
1,883,372,412
803,476,529
1. Chi ph tr trc di hn
261
860,191,564
787,022,357
780,790,464
809,675,830
803,476,529
2. Ti sn thu thu nhp hon li
262
4,294,786,326
3,221,089,745
2,147,393,163
1,073,696,582
3. Ti sn di hn khc
268
TNG CNG TI SN
270
700,414,239,385
813,086,487,082
925,417,496,701
1,045,354,628,311
1,158,368,096,955
NGUN VN
M
s
2009F
2010F
2011F
2012F
2013F
A. N PHI TR
300
315,186,407,723
365,888,919,187
416,437,873,515
470,409,582,740
521,265,643,630
I. N ngn hn
310
132,723,416,688
154,105,383,818
175,469,516,102
198,253,692,083
219,724,980,149
1. Vay v n ngn hn
311
92,034,158,382
83,263,808,858
69,429,356,052
75,546,961,083
78,507,514,341
2. Phi tr ngi bn
312
26,805,287,549
33,238,556,561
39,553,882,308
45,486,964,654
50,035,661,120
3. Ngi mua tr tin trc
313
4,389,274,017
5,442,699,781
6,476,812,740
7,448,334,651
8,193,168,116
4. Thu v cc khon phi np Nh Nc
314
1,234,602,163
762,306,793
883,032,793
959,980,583
868,440,056
5. Phi tr ngi lao ng
315
4,812,266,728
5,304,809,460
5,463,184,755
5,303,532,071
5,753,530,509
6. Chi ph phi tr
316
2,910,307,698
2,657,787,824
2,325,500,280
2,367,800,582
2,193,799,414
7. Phi tr ni b
317
8. Phi tr theo tin k hoch HXD
318
9. Cc khon phi tr, phi np khc
319
537,520,151
23,435,414,541
51,337,747,174
61,140,118,459
74,172,866,593
10. D phng phi tr ngn hn
320
II. N di hn
330
182,462,991,036
211,783,535,368
240,968,357,414
272,155,890,657
301,540,663,481
1. Phi tr di hn ngi bn
331
2. Phi tr di hn ni b
332
3. Phi tr di hn khc
333
4. Vay v n di hn
334
182,107,702,240
211,402,486,641
240,608,549,142
271,792,203,361
301,175,705,208
5. Thu thu nhp hon li phi tr
335
6. D phng tr cp mt vic lm
336
355,288,795
381,048,727
359,808,272
363,687,296
364,958,273
7. D phng phi tr di hn
337
B. VN CH S HU
400
385,227,831,662
447,197,567,895
508,979,623,186
574,945,045,571
637,102,453,325
I. Vn ch s hu
410
383,886,584,836
445,525,540,802
507,455,448,935
573,229,515,026
635,817,794,741
1. Vn u t ca ch s hu
411
185,316,200,000
185,316,200,000
185,316,200,000
185,316,200,000
185,316,200,000
2. Thng d vn c phn
412
154,476,840,000
154,476,840,000
154,476,840,000
154,476,840,000
154,476,840,000
3. Vn khc ca ch s hu
413
4. C phiu qu
414
5. Chnh lch nh gi li ti sn
415
Trang
74

6. Chnh lch t gi hi oi
416
7. Qu u t pht trin
417
27,632,282,412
27,632,282,412
27,632,282,412
27,632,282,412
27,632,282,412
8. Qu d phng ti chnh
418
6,910,585,120
6,910,585,120
6,910,585,120
6,910,585,120
6,910,585,120
9. Qu khc thuc vn ch s hu
419
10. Li nhun sau thu cha phn phi
420
9,550,677,304
71,189,633,270
133,119,541,403
198,893,607,494
261,481,887,209
11. Ngun vn u t XDCB
421
II. Ngun kinh ph v qu khc
430
1,341,246,826
1,672,027,093
1,524,174,250
1,715,530,545
1,284,658,585
1. Qu khen thng, phc li
431
1,341,246,826
1,672,027,093
1,524,174,250
1,715,530,545
1,284,658,585
2. Ngun kinh ph
432
3. Ngun kinh ph hnh thnh TSC
433
TNG CNG NGUN VN
440
700,414,239,385
813,086,487,082
925,417,496,701
1,045,354,628,311
1,158,368,096,955
5.3. D phng bo co lu chuyn tin t

Cn phi ni rng d phng bo co lu chuyn tin t trong tng lai di hn l mt
vic lm khng kh thi, v chnh xc ca mt bo co dng tin trong 5 nm ti l rt
thp.
Ngoi ra, ta cng nhn thy mt iu rng, vic d phng bng cn i k ton cng
c xem nh l d phng lu chuyn tin mt trong di hn, v ti khon tin mt
trong bng cn i k ton l phn cui cng ca qu trnh d phng.
Khng ch vy, bo co lu chuyn tin t ca cng ty c phn ng Bin Ha c
thc hin theo phng php trc tip v tng khon mc trong bng bo co ny
khng c trnh by chi tit trong bo co thuyt minh. Chnh v vy, tht kh d
phng n nu khng phi l ngi hiu r v hot ng ca cng ty.
Chnh v nhng l do , chng ti khng tin hnh d phng lu chuyn tin t. Tuy
nhin, nhng g d phng c trong bng cn i k ton v bng kt qu hot
ng kinh doanh cng gip chng ta tin n bc cui cng ca vic phn tch mt
cng ty: nh gi doanh nghip.
Trang
75
PHN 6: NH GI CTCP NG BIN HA

(Thc hin: TRN NGC THIN)
S c 5 phng php c s dng tin hnh nh gi CTCP ng Bin Ha:
Phng php dng tin t do ca doanh nghip (FCFF)
Phng php dng tin t do ca vn ch s hu (FCFE)
Phng php thu nhp cn li
Phng php P/E
Phng php P/BV
mi phng php u c u nhc im ring, do , gi tr cui cng s c tnh

ton bng cch s dng gi tr trung bnh c trng s, vi t l trng s tng phng
php s l:
FCFF
FCFE
Thu nhp gi li
P/E
P/BV
Tng cng
T trng
30%
30%
20%
10%
10%
100%
Trang
76
6.1. nh gi bng phng php FCFF

Theo tnh ton trong qu kh v c lng cho n tng lai, chng ti tnh ton c
WACC ca BHS l 15.84%.
N di hn
Vn ch s hu
WACC
Chi ph
T trng
7%
32%
20%
68%
15.84%
Tip , chng ti tin hnh tnh ton dng tin t do FCFF.
PHNG PHP FCFF (v: triu VND)
2009F
2010F
2011F
2012F
2013F
Li nhun sau thu (*)
86,252
102,969
123,859
131,548
125,177
Cng: Khu hao TSC hu hnh v v hnh
37,972
47,007
49,906
53,356
57,323
Cng: Li vay x (1-Thu)
14,944
17,944
19,288
18,649
18,435
102,572
85,853
84,105
79,239
60,237
21,823
21,381
21,364
22,784
21,471
32,416
36,694
43,026
50,748
43,592
26,003
66,755
87,287
96,350
118,577
Tr: Tng ln ca ti sn ngn hn tr tin mt

Cng: Tng ln ca n ngn hn
Tr: Tng ln ca nguyn gi TSC hu hnh
v hnh v xy dng c bn d dang
Dng tin t do ca doanh nghip (FCFF)
(*) Li nhun sau thu ca 2009 v 2010 c iu chnh. L do l nm 2008, BHS trch lp d phng gim gi u t
chng khon gn 43 t ng, n nm 2009 v 2010, khon trch lp ny c d on l s hon tr li (nm 2009: 21 t v
nm 2010: 22 t), chng s lm tng li nhun sau thu ca cng ty, do chng s c tr ra cc khon hon tr ny vi: Gi
tr tr ra = Khon hon tr x (1-Thu)
(v: triu VND)
2009F
2010F
2011F
2012F
Gi tr chit khu cc nm
26,003
57,627
65,048
61,983
Gi tr chit khu dng tin nm 2014 tr i (g = 6%)
Gi tr doanh nghip thi im cui nm 2009

S lng c phn
Gi tr ca 1 c phn
2013F
65,851
709,374
985,887,840,560
18,531,620
53,200
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77
6.2. nh gi bng phng php FCFE

Da trn c lng cho trc , chi ph s dng vn c phn l 20%.
PHNG PHP FCFE (v: triu VND)
2010F
2011F
2012F
2013F
Li nhun sau thu (*)
86,252
102,969
123,860
131,548
125,176
Cng: Khu hao TSC hu hnh v v hnh
37,972
47,007
49,906
53,356
57,323
102,573
85,854
84,105
79,239
60,237
32,416
36,694
43,026
50,747
43,591
-10,765
27,429
46,635
54,917
78,671
Tr: Tng ln ca ti sn ngn hn tr tin mt

Tr: Tng ln ca nguyn gi TSC hu hnh
v hnh v xy dng c bn d dang
Dng tin t do ca vn ch s hu (FCFE)
2009F
(*) Dng tin sau thu c iu chnh li 2 nm 2009 v 2010 (l do iu chnh nu trong phn 6.1)
(v: triu VND)
2009F
2010F
2011F
2012F
Gi tr chit khu cc nm (r = 20%)
-10,764
22,857
32,385
31,781
Gi tr chit khu dng tin nm 2014 tr i (g = 6%)
Gi tr doanh nghip ca vn ch s hu cui nm 2009

S lng c phn
Gi tr ca 1 c phn
2013F
37,939
287,254
401,451,836,187
18,531,620
21,663
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78
6.3. nh gi bng phng php thu nhp gi li

Phng php thu nhp gi li s vn tip tc ly chi ph s dng vn l 20%.
PHNG PHP THU NHP GI LI
2009F
2010F
2011F
2012F
2013F
Li nhun sau thu (*)
86,252,317,304
102,969,059,758
123,859,816,266
131,548,132,181
125,176,559,429
Tr: Chia tr cho gi tr s sch (**)
67,958,608,000
67,958,608,000
67,958,608,000
67,958,608,000
67,958,608,000
Bng: Thu nhp cn li
18,293,709,304
35,010,451,758
55,901,208,266
63,589,524,181
57,217,951,429
(*) Dng tin sau thu c iu chnh li 2 nm 2009 v 2010 (l do iu chnh nu trong phn 6.1)
(**) Ch tr cho gi tr s sch = (Vn ch s hu + Thng d vn)x20% = 399,793,040,000 x 20%
Chit khu thu nhp cn li:
(v: triu VND)
2009F
2010F
2011F
2012F
Chit khu thu nhp cn li cc nm v thi im cui nm 2009
18,294
29,175
38,820
36,799
2013F
27,594
Chit khu thu nhp cn li t nm 2014 tr i v thi im cui nm 2009 (g = 6%)
208,922
Gi tr s sch ca vn c phn cui nm 2009
339,793
Gi tr ca doanh nghip vo cui nm 2009 theo phng php thu nhp cn li:
Gi tr doanh nghip cui nm 2009
S lng c phn
Gi tr ca 1 c phn
699,397,905,380
18,531,620
37,741
Trang
79
6.4. nh gi bng phng php P/E

Chng ti s ly P/E trung bnh ca 4 cng ty thuc ngnh ma ng thi im hin
ti v gi nh rng trong tng lai, P/E ca BHS s tin v mc P/E trung bnh ngnh.
BHS
LSS
SBT
SEC
P/E trung bnh ngnh
PHNG PHP P/E
EPS
2009F
2010F
4,654
5,556
P/E trung bnh ngnh
12.975
Gi ca 1 c phn
60,390
P/E
12.140
11.350
21.320
7.090
12.975
2011F
2012F
2013F
6,684
7,099
6,755
12.975
12.975
12.975
12.975
72,094
86,721
92,104
87,643
(*) Dng tin sau thu c iu chnh li 2 nm 2009 v 2010 (l do iu chnh

nu trong phn 6.1)
Gi tr trung bnh ca 1 c phn theo P/E
79,790
Theo phng php P/E, gi tr ca 1 c phn BHS l 79,790 ng.
Trang
80
6.5. nh gi bng phng php P/BV

Chng ti cng tin hnh ly P/BV trung bnh ngnh nh cch tin hnh phng
php P/BV.
BHS
LSS
SBT
SEC
P/BV trung bnh ngnh
P/BV
1.6
2.1
1.1
2.0
1.7
PHNG PHP P/BV
2009F
2010F
2011F
2012F
2013F
BV
20,715
24,041
27,383
30,933
34,310
P/BV trung bnh ngnh

Gi ca 1 c phn
1.7
1.7
1.7
1.7
1.7
35,216
40,870
46,551
52,585
58,327
Gi tr trung bnh ca 1 c phn theo P/BV
46,710
Gi tr ca mt c phn theo phng php P/BV l 46,710 ng.
Trang
81
6.6. Gi tr cui cng ca cng ty c phn ng Bin Ha

Nh ni lc u ca phn 6 ny, chng ti s nh gi tr ca BHS bng cc tnh
ton trung bnh gia quyn c trng s.
FCFF
FCFE
Thu nhp gi li
P/E
P/BV
Gi bnh qun
Gi c phn
T trng
53,200
21,663
37,741
79,790
46,710
30%
30%
20%
10%
10%
100%
Bnh qun
gia quyn
15,960
6,499
7,548
7,979
4,671
42,657
Cui cng, sau khi tnh ton xong, gi tr ca 1 c phn BHS c chng ti nh gi
l 42,657 ng.
thi im hin ti, gi ca 1 c phn BHS l 35,200 ng (15/01/2010). Do , chng
ti khuyn ngh nh u t ang nm gi BHS hy bt u bn c phiu ny khi gi
tng ln gn n 42,000 ng.
Theo chng ti, BHS l mt cng ty kh tt, tuy nhin, vi vic s dng n by ti
chnh kh cao, cng vi l vic dng tin u t qu nhiu vo th trng chng
khon, khin cho li nhun ca BHS bin ng kh tht thng. Do , u t vo
BHS c th ni l mt hnh thc u t mo him cao.
Trang
82
PH LC
A. Cc ch s ti chnh ca CTCP ng Bin Ha
2004
2005
2006
2007
2008
3 qu
u 2009
CH TIU TNG TRNG

Doanh thu
11.81%
41.70%
-16.28%
23.19%
-16.89%
Li nhun gp
18.32%
24.90%
-22.33%
-34.18%
103.37%
Li nhun rng
96.29%
39.42%
13.10%
-180.69%
N/A
Tng ti sn
-4.88%
17.95%
13.50%
-10.59%
19.94%
Vn ch s hu
72.50%
218.70%
7.49%
-12.92%
23.67%
CH TIU HIU QU
Li nhun gp bin
13.78%
14.58%
12.85%
11.92%
6.37%
15.59%
EBIT bin
9.50%
10.79%
10.23%
10.46%
-1.95%
14.33%
Li nhun trc thu bin
3.88%
6.90%
6.73%
8.36%
-5.46%
12.42%
Li nhun rng bin
3.58%
6.29%
6.19%
8.36%
-5.48%
11.96%
ROA
8.36%
10.43%
13.26%
10.65%
-2.46%
13.70%
34.51%
38.78%
20.40%
14.61%
-12.16%
21.21%
3.58%
6.29%
6.19%
8.36%
-5.48%
11.96%
ROCE
PHN TCH DUPONT
Li nhun trn doanh thu iu chnh (1)
Hiu sut s dng ti sn (2)
95.18%
105.42%
140.60%
101.87%
124.62%
99.76%
1011.89%
584.78%
234.41%
171.49%
178.18%
177.68%
34.51%
38.78%
20.40%
14.61%
-12.16%
21.21%
S ngy phi thu
83.9
80.9
40.6
52.5
42.0
S ngy tn kho
84.4
50.0
35.3
50.1
81.6
S ngy phi tr
66.1
35.4
10.8
12.5
11.8
0.9
1.1
1.3
1.0
1.3
H s thanh ton hin hnh
0.8
1.0
4.4
3.5
2.5
2.2
H s thanh ton nhanh
0.5
0.7
3.6
2.8
1.0
1.4
H s thanh ton tin mt
0.0
0.2
0.4
0.1
0.2
0.4
P/E
N/A
N/A
11.4
15.3
-6.8
7.3
P/BV
N/A
N/A
4.9
5.0
0.6
1.6
2,139
4,199
4,305
3,235
-2,446
4,239
Doanh thu/CP (VND/CP)
59,697
66,748
69,550
38,686
44,656
35,429
Gi tr s sch (VND/CP)
10,000
10,000
28,730
19,480
19,205
18,334
n by (3)
ROCE = (1) x (2) x (3)
CH TIU QUN L
Vng quay tng ti sn

H S THANH TON
CH TIU TRN C PHN
EPS (VND)

Gi tr th trng (VND/CP)
N/A
N/A
49,000
49,500
B. th tng quan gia BHS V INDEX (01/2007 - 12/2009)
Trang
83
16,700
31,100
Trang
84
C. Bng cn i k ton (2004 - 3 qu u 2009)
TI SN
M
s
A. TI SN NGN HN
100
216,207,772,845
224,451,910,004
329,832,132,342
362,064,537,901
277,753,890,802
345,979,202,815
I. Tin v cc khon tng ng tin
110
8,278,186,740
40,467,531,580
31,648,710,866
12,831,231,768
19,559,334,401
64,076,835,510
1. Tin
111
8,278,186,740
40,467,531,580
31,648,710,866
12,831,231,768
19,559,334,401
44,076,835,510
2. Cc khon tng ng tin
112
20,000,000,000
II. Cc khon u t ti chnh ngn hn
120
147,000,000,000
175,900,010,000
1,372,000,000
1. u t ngn hn
121
147,000,000,000
175,900,010,000
2,788,816,500
2. D phng gim gi CK u t ngn hn
129
(1,416,816,500)
III. Cc khon phi thu
130
111,113,668,924
119,877,385,564
85,136,033,431
92,279,913,633
90,907,280,995
159,605,810,335
1. Phi thu khch hng
131
52,708,507,776
29,854,098,846
37,863,068,655
32,456,092,339
46,686,058,687
53,662,400,959
2. Tr trc cho ngi bn
132
33,384,689,713
83,142,587,489
46,318,846,569
60,899,059,319
42,694,120,090
104,125,508,968
3. Phi thu ni b ngn hn
133
4. Phi thu theo tin k hoch HXD
134
5. Cc khon phi thu khc
135
25,920,411,226
8,775,593,612
2,478,447,353
2,871,039,660
1,634,503,355
1,919,869,071
6. D phng phi thu ngn hn kh i
139
(899,939,790)
(1,894,894,383)
(1,524,329,146)
(3,946,277,685)
(107,401,137)
(101,968,663)
IV. Hng tn kho
140
96,351,335,925
63,315,704,667
64,512,500,257
77,619,246,948
165,314,482,806
116,125,158,064
1. Hng tn kho
141
96,351,335,925
63,315,704,667
65,138,974,803
77,619,246,948
165,314,482,806
116,125,158,064
2. D phng gim gi hng tn kho
149
(626,474,546)
V. Ti sn ngn hn khc
150
464,581,255
791,288,193
1,534,887,788
3,434,135,552
600,792,600
6,171,398,906
1. Chi ph tr trc ngn hn
151
2. Thu GTGT c khu tr
152
72,312,463
791,288,193
1,119,737,288
3,007,195,552
458,493,600
599,305,306
3. Thu v cc khon khc phi thu Nh nc
154
4. Ti sn ngn hn khc
158
392,268,792
415,150,500
426,940,000
142,299,000
5,572,093,600
B. TI SN DI HN
200
309,515,305,050
275,591,032,619
259,948,841,700
307,361,810,952
320,771,433,473
371,876,719,130
I. Cc khon phi thu di hn
210
26,703,502,395
12,303,342,420
14,724,072,801
29,899,252,699
1. Phi thu di hn ca khch hng
211
2. Vn kinh doanh n v trc thuc
212
3. Phi thu di hn ni b
213
4. Phi thu di hn khc
218
26,703,502,395
12,303,342,420
21,629,425,602
40,017,563,027
5. D phng phi thu di hn kh i
219
(6,905,352,801)
(10,118,310,328)
II. Ti sn c nh
220
299,308,109,449
273,546,410,801
231,238,635,669
276,447,796,197
281,992,953,232
283,844,858,135
1. Ti sn c nh hu hnh
221
294,712,349,321
264,639,286,595
227,310,576,596
204,093,392,705
177,307,986,077
246,258,881,443
Nguyn gi
222
350,719,924,773
352,950,323,155
368,119,603,751
380,452,486,400
388,104,628,229
472,434,560,238
Gi tr hao mn ly k
223
(56,007,575,452)
(88,311,036,560)
(140,809,027,155)
(176,359,093,695)
(210,796,642,152)
(226,175,678,795)
2. Ti sn c nh thu ti chnh
224
Nguyn gi
225
Gi tr hao mn ly k
226
3. Ti sn c nh v hnh
227
2,857,030,492
3,643,746,822
3,233,695,273
5,803,240,000
8,070,359,159
7,790,367,234
228
3,422,234,226
4,588,065,800
4,588,065,800
7,672,212,800
10,703,288,800
10,703,288,800
Nguyn gi
2004
2005
2006
2007
2008
3 qu u 2009

Gi tr hao mn ly k
229
(565,203,734)
(944,318,978)
4. Gi tr xy dng c bn d dang
230
1,738,729,636
5,263,377,383
III. Bt ng sn u t
240
Nguyn gi
241
Gi tr hao mn ly k
242
IV. Cc khon u t ti chnh di hn

1. u t vo cng ty con
(1,354,370,527)
Trang
85
(1,868,972,800)
(2,632,929,641)
(2,912,921,566)
694,363,800
66,551,163,492
96,614,607,996
29,795,609,458
250
8,981,158,000
1,226,400,000
1,370,340,000
17,770,000,000
22,020,400,000
37,690,000,000
251
2. u t vo cng ty lin kt, lin doanh
252
3. u t di hn khc
258
8,981,158,000
1,226,400,000
1,370,340,000
17,770,000,000
64,950,340,000
59,645,515,864
4. D phng gim gi u t ti chnh di hn
259
(42,929,940,000)
(21,955,515,864)
V. u t di hn khc
260
1,226,037,601
818,181,818
636,363,636
840,672,335
2,034,007,440
20,442,608,296
1. Chi ph tr trc di hn
261
1,226,037,601
818,181,818
636,363,636
840,672,335
779,702,430
15,074,125,388
2. Ti sn thu thu nhp hon li
262
1,254,305,010
5,368,482,908
3. Ti sn di hn khc
268
TNG CNG TI SN
270
525,723,077,895
500,042,942,622
589,780,974,042
669,426,348,853
598,525,324,275
717,855,921,945
NGUN VN
M
s
2004
2005
2006
2007
2008
3 qu u 2009
A. N PHI TR
300
461,351,666,158
389,003,486,273
235,902,963,783
289,042,944,038
267,295,255,045
308,226,957,692
I. N ngn hn
310
256,597,395,089
218,867,141,469
74,510,648,040
103,053,297,752
110,900,388,577
158,961,780,006
1. Vay v n ngn hn
311
135,885,906,001
152,436,072,888
38,841,330,895
60,744,194,793
72,263,287,332
97,461,571,164
2. Phi tr ngi bn
312
52,686,766,363
36,598,442,025
12,282,082,644
16,086,623,167
20,590,902,772
7,399,727,701
3. Ngi mua tr tin trc
313
22,776,907,468
8,243,566,941
7,478,661,543
3,303,659,882
3,250,343,520
911,903,533
4. Thu v cc khon phi np Nh Nc
314
15,896,907,775
6,562,663,824
2,651,488,273
400,128,791
652,189,424
14,012,788,132
5. Phi tr ngi lao ng
315
2,349,553,066
4,512,932,988
6,261,448,173
3,053,539,881
7,883,859,531
9,318,317,365
6. Chi ph phi tr
316
4,172,907,070
4,319,225,541
2,113,998,773
3,237,806,419
707,600,687
13,929,163,154
7. Phi tr ni b
317
8. Phi tr theo tin k hoch HXD
318
9. Cc khon phi tr, phi np khc
319
22,828,447,347
6,194,237,262
4,880,637,289
16,227,344,819
5,552,205,311
15,928,308,957
10. D phng phi tr ngn hn
320
II. N di hn
330
204,754,271,069
170,136,344,804
161,392,315,743
185,989,646,286
156,394,866,468
149,265,177,686
1. Phi tr di hn ngi bn
331
2. Phi tr di hn ni b
332
3. Phi tr di hn khc
333
4. Vay v n di hn
334
204,754,271,069
170,136,344,804
161,140,066,675
185,523,635,736
156,050,574,295
148,906,574,295
5. Thu thu nhp hon li phi tr
335
6. D phng tr cp mt vic lm
336
252,249,068
466,010,550
344,292,173
358,603,391
7. D phng phi tr di hn
337
B. VN CH S HU
400
64,371,411,736
111,039,456,349
353,878,010,259
380,383,404,815
331,230,069,230
409,628,964,253
I. Vn ch s hu
410
64,684,066,244
108,628,165,045
353,310,617,483
376,513,514,467
331,059,755,021
409,622,789,275
1. Vn u t ca ch s hu
411
81,000,000,000
81,000,000,000
162,000,000,000
168,477,270,000
185,316,200,000
185,316,200,000
2. Thng d vn c phn
412
154,476,840,000
154,476,840,000
154,476,840,000
154,476,840,000
3. Vn khc ca ch s hu
413
4. C phiu qu
414

-
Trang
86
5. Chnh lch nh gi li ti sn
415
6. Chnh lch t gi hi oi
416
(1,329,880,000)
7. Qu u t pht trin
417
1,510,760,853
13,668,306,022
667,236,903
13,309,353,903
27,632,282,412
27,632,282,412
8. Qu d phng ti chnh
418
2,490,928,142
2,490,928,142
4,624,872,142
6,910,585,120
6,910,585,120
9. Qu khc thuc vn ch s hu
419
10. Li nhun sau thu cha phn phi
420
(16,496,814,609)
11,468,930,881
33,675,612,438
35,625,178,422
(43,276,152,511)
35,286,881,743
11. Ngun vn u t XDCB
421
II. Ngun kinh ph v qu khc
430
(312,654,508)
2,411,291,304
567,392,776
3,869,890,348
170,314,209
6,174,979
1. Qu khen thng, phc li
431
(312,654,508)
2,411,291,304
567,392,776
3,869,890,348
170,314,209
6,174,979
2. Ngun kinh ph
432
3. Ngun kinh ph hnh thnh TSC
433
TNG CNG NGUN VN
440
525,723,077,895
500,042,942,622
589,780,974,042
669,426,348,853
598,525,324,275
717,855,921,945
D. Bo co kt qu hot ng kinh doanh (2004 - 3 qu u 2009)

M
s
2004
2005
2006
2007
2008
3 qu u 2009
1. Doanh thu bn hng v cung cp dch v
01
485,789,779,463
543,334,890,619
767,947,391,616
643,350,915,260
792,244,683,092
657,738,454,346
2. Cc khon gim tr doanh thu
02
2,245,833,069
2,678,606,541
1,823,644,125
1,971,494,324
2,157,134,428
1,126,569,241
10
483,543,946,394
540,656,284,078
766,123,747,491
641,379,420,936
790,087,548,664
656,611,885,105
4. Gi vn hng bn
11
416,929,771,728
461,841,455,950
667,687,246,927
564,926,925,597
739,766,891,206
554,272,829,754
5. Li nhun gp v bn hng v cung cp dch v

(20 = 10 - 11)
20
66,614,174,666
78,814,828,128
98,436,500,564
76,452,495,339
50,320,657,458
102,339,055,351
6. Doanh thu hot ng ti chnh
21
5,634,035,638
4,605,909,724
9,995,736,690
22,166,229,004
17,506,780,172
5,889,980,135
7. Chi ph ti chnh
22
27,218,409,502
22,000,954,082
26,868,494,576
13,528,678,101
72,446,085,317
(6,974,011,199)
Trong : Chi ph li vay
23
27,164,636,883
21,048,271,305
26,854,035,732
13,449,769,635
27,695,961,987
12,570,352,867
8. Chi ph bn hng
24
14,242,829,178
13,066,280,493
15,230,082,539
14,635,902,024
19,234,870,317
13,793,857,190
9. Chi ph qun l doanh nghip
25
8,853,468,908
12,457,272,632
13,777,246,262
17,034,101,492
19,649,039,230
20,065,241,885
10. Li nhun thun t hot ng kinh doanh

(30 = 20 + 21 - 22 - 24 - 25)
30
21,933,502,716
35,896,230,645
52,556,413,877
53,420,133,762
(43,502,557,234)
81,343,947,611
11. Thu nhp khc
31
1,300,876,269
3,756,562,274
237,196,011
651,953,283
575,752,495
220,398,582
12. Chi ph khc
32
4,477,610,922
2,367,089,575
1,265,832,195
439,060,304
184,747,140
31,045,455
13. Li nhun khc (40 = 31 - 32)
40
(3,176,734,653)
1,389,472,699
(1,028,636,184)
212,892,979
381,005,355
189,353,127
14. Tng li nhun k ton trc thu (50 = 30 + 40)
50
18,756,768,063
37,285,703,344
51,527,777,693
53,633,026,705
(43,121,551,879)
81,533,300,738
15. Chi ph thu TNDN hin hnh
51
1,428,528,740
3,272,298,893
4,106,340,376
1,408,905,642
7,084,444,383
16. Chi ph thu TNDN hon li
52
17. Li nhun sau thu TNDN (60 = 50 - 51 - 52)
60
17,328,239,323
34,013,404,450
47,421,437,317
53,633,026,705
11,015,433
16,578,988
4,305
3,235
Ch tiu
3. Doanh thu thun v bn hng v cung cp dch v

(10 = 01 - 02)
Trong : Tng s c phiu

18. Li c bn trn c phiu
70
(1,254,305,010)
(4,114,177,898)
(43,276,152,511)
78,563,034,253
17,692,622
(2,446)
18,533,389
4,239
Trang
87
E. Bo co lu chuyn tin t (2004 - 3 qu u 2009)

M
s
2004
2005
2006
2007
2008
3 qu u 2009
I. LU CHUYN TIN T HOT NG SN SUT KINH DOANH

1. Tin bn hng, cung cp dch v v kinh doanh khc
01
512,580,431,138
517,430,537,184
776,989,775,490
682,305,191,514
815,255,681,331
681,815,696,082
2. Tin chi tr cho ngi cung cp hng ha dch v
02
(460,801,474,025)
(321,715,808,804)
(514,753,039,110)
(532,195,805,030)
(746,863,386,735)
(492,160,971,004)
3. Tin chi tr cho ngi lao ng
03
(16,022,586,235)
(17,899,673,628)
(21,424,736,274)
(28,571,754,728)
(29,822,209,268)
(27,837,175,593)
4. Tin chi tr li vay
04
(21,313,351,490)
(19,767,513,031)
(26,716,898,904)
(12,538,671,771)
(27,695,955,503)
(10,675,335,552)
5. Tin chi np thu TNDN
05
(811,201,671)
(7,491,469,410)
(504,496,928)
(1,408,905,642)
(4,611,280,710)
6. Tin thu khc t hot ng kinh doanh
06
289,083,001,636
564,149,655,209
1,760,031,267,122
1,577,080,048,941
1,828,021,898,286
1,280,482,360,887
7. Tin chi khc cho hot ng kinh doanh
07
(329,009,872,086)
(630,119,052,187)
(1,814,503,795,943)
(1,743,033,837,354)
(1,824,329,636,581)
(1,339,849,033,025)
Lu chuyn tin thun t hot ng Sn xut kinh doanh
20
(25,483,851,062)
91,266,943,072
152,131,102,971
(57,459,325,356)
13,157,485,888
87,164,261,085
1. Tin chi mua sp, xy dng TSC v cc loi ti sn di hn khc
21
(1,515,970,819)
(257,421,000)
(304,317,215)
(21,563,989,409)
(11,653,593,600)
(7,119,369,076)
2. Tin thu t thanh l, nhng bn TSC v cc loi ti sn di hn khc
22
1,106,538,094
3,820,950,000
231,327,750
660,782,200
309,131,906
3. Tin chi cho vay, mua cc cng c n ca n v khc
23
(38,685,765,578)
(61,617,792,487)
(61,148,810,030)
(43,536,434,704)
(41,414,029,135)
(85,178,153,400)
4. Tin thu hi cho vay, bn li cc cng c n ca n v khc
24
34,859,206,940
63,747,569,596
73,574,201,166
53,961,073,387
4,751,325,822
5. Tin chi u t gp vn vo n v khc
25
(832,440,000)
(143,900,000)
(17,600,000,000)
6. Tin thu hi u t gp vn vo n v khc
26
5,228,775,006
7. Tin thu li cho vay, c tc v li nhun c chia
27
2,426,427,723
1,544,468,959
1,533,118,287
22,185,785,846
10,497,659,688
1,927,492,763
Lu chuyn tin thun t hot ng u t
30
(32,272,435,565)
(21,650,587,588)
3,914,988,388
14,920,685,099
11,700,242,246
(82,552,103,891)
II. LU CHUYN TIN T HOT NG U T
1,200,340,000
3,066,600,000
III. LU CHUYN TIN T HOT NG TI CHNH

1. Tin thu t pht hnh c phiu, nhn vn gp ca ch s hu
31
2. Tin chi tr vn gp cho cc ch s hu

mua li c phiu ca doanh nghip pht hnh
32
3. Tin vay ngn hn v di hn nhn c
33
467,202,538,181
328,745,336,096
444,019,937,358
243,043,387,200
452,936,409,150
341,869,372,875
4. Tin chi tr n gc vay
34
(418,840,701,791)
(358,072,598,667)
(592,684,849,431)
(196,756,954,241)
(470,847,386,551)
(324,011,976,973)
5. Tin chi tr n thu ti chnh
35
6. C tc, li nhun tr cho ch s hu
36
(2,591,820,000)
(8,100,000,000)
(16,200,000,000)
(22,565,271,800)
(218,648,100)
(8,592,000)
Lu chuyn tin thun t hot ng Ti chnh
40
45,770,016,390
(37,427,262,571)
(164,864,912,073)
23,721,161,159
(18,129,625,100)
17,848,803,902
Lu chuyn tin thun trong k
50
(11,986,270,273)
32,189,092,913
(8,818,820,714)
(18,817,479,098)
6,728,102,633
22,460,961,096
Tin v tng ng tin u k
60
20,262,613,641
8,278,186,740
40,467,531,580
31,648,710,866
12,831,231,768
19,559,334,401
nh hng ca thay i t gi hi oi quy i ngoi t
61
1,843,336
251,928
Tin v tng ng tin cui k
70
8,278,186,740
40,467,531,580
2,056,540,012
31,648,710,866
12,831,231,768
19,559,334,401
44,076,835,509
Trang
88
TI LIU THAM KHO
Ti Chnh Doanh Nghip Hin i - GS.TS. Trn Ngc Th.
Phn Tch Ti Chnh - PGS.TS. Nguyn Th Lin Hoa & PGS.TS. Nguyn Th
Ngc Trang.
Ma ng: T trin vng v gi c n ngnh cng ng Vit Nam - MBA

Nguyn Th Phng Thy.
Bo co ti chnh cc nm 2004, 2005, 2006, 2007, 2008 v 3 qu u 2009 ca

CTCP ng Bin Ha.
Bo co thng nin cc nm 2007 v 2008 ca CTCP ng Bin Ha.
Bn co bch ca CTCP ng Bin Ha.

PTTC - CTCP Duong Bien Hoa

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