TRNG I HC KINH T - LUT KHOA KINH T I NGOI

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TIU LUN

QUN TR CNG TY A QUC GIA

CHIN LC XUT KHU

SA TI TIT TRNG VINAMILK 100%

SANG TH TRNG MYANMAR

B mn: Qun tr cng ty a quc gia

Ging vin: TS Hunh Th Thy Giang

Lp: K11402A

Nhm 22

NHN XT CA GING VIN HNG DN

.

PHN CNG CNG VIC

STT H V TN MSSV NHIM V CHNH

1 Nguyn Hong Nh Mai K114020148 Tng hp v chnh sa ni dung ton bi

2 Th Kim Ngn K114020159 Tp hp thng tin v th trng Myanmar, chin lc xc tin, thuyt trnh

3 L Hunh Xun Thanh K114020188 Phn tch bo co ti chnh cng ty, phn tch chin lc gi v li nhun d kin v dng tin rng

4 Bi Nh Tho K114020189 Tp hp thng tin v th trng Myanmar, cc chin lc, chnh sa word

5 V Anh Tun K114020216 Phn tch bo co ti chnh cng ty, lm slide, thuyt trnh

MC LC

DANH SCH BNG BIU V HNH NH............................................................. 1

DANH MC CC T VIT TT ............................................................................. 2

LI M U ............................................................................................................... 3

CHNG I Gii thiu doanh nghip v sn phm ............................................. 4

I. Gii thiu v cng ty C phn sa Vit Nam Vinamilk ................................... 4

II. Phn tch bo co ti chnh ca cng ty ............................................................ 4

CHNG II Gii thiu th trng Myanmar ....................................................... 6

I. iu kin t nhin ............................................................................................ 6

II. Vn ha v tn gio .......................................................................................... 6

III. Chnh tr - php l ............................................................................................. 6

IV. Kinh t .............................................................................................................. 6

V. Tim nng th trng ........................................................................................ 7

VI. i th cnh tranh ............................................................................................ 8

CHNG III Chin lc thm nhp th trng .................................................... 9

I. Chin lc sn phm ........................................................................................ 9

1. Nhu cu sn phm ti th trng .................................................................... 9

2. Chin lc ...................................................................................................... 9

II. Chin lc phn phi ...................................................................................... 10

III. Chin lc xc tin ......................................................................................... 10

IV. Chin lc gi ................................................................................................. 11

CHNG IV T chc thc hin ............................................................................ 12

I. K hoch thc hin d n ............................................................................... 12

II. Cc bc tin hnh ......................................................................................... 12

III. Ngun vn huy ng ...................................................................................... 12

IV. Li nhun d kin ........................................................................................... 12

V. Phng nga ri ro ........................................................................................... 13

KT LUN ................................................................................................................. 14

TI LIU THAM KHO .......................................................................................... 15

PH LC .................................................................................................................... 16

1

DANH SCH BNG BIU V HNH NH

HNH 1. BN MYANMAR .................................................................................... 6

Bng 1. Bin ng t gi MMK/USD 2009 2013 ...................................................... 7

Biu 1. Bin ng t gi MMK/USD 2009 2013 .................................................. 7

Biu 5.1. Mc lc quan ca ngi tiu dng trn th gii (theo BCG) ............ 7

Biu 5.2. C cu thu nhp mt s nc ng Nam (theo BCG) ...................... 8

HNH 2. SA TI TIT TRNG VINAMILK 100% ............................................... 9

Biu 4: So snh gi Sa ti tit trng Vinamilk vi gi Fonterra v gi trung bnh

trn th trng Myanmar ............................................................................................ 11

2

DANH MC CC T VIT TT

VNM: Vinamilk

ROA (Return on total assets): t s li nhun rng trn ti sn

ROE (Return on common equyty): t s li nhun rng trn vn ch s hu

UTH (Ultra high temperature): l cng ngh tit trng nhanh nhit cao t 130

C n 150 C trong vi giy.

MMK: Myanmar Kyat

VND: Vit Nam ng

USD: United State Dollar

NPV (Net present value): Dng tin rng

CIF: Cost, Insurance and Freight)

3

LI M U

Vi iu kin t nhin thun li cho chn nui b sa, Vit Nam ch trng u

t cho ngnh cng nghip ch bin sa. S lng n b tng ln nhanh chng, cng

vi trang tri hin i v dy chuyn sn xut ngy cng c hon thin. Ngnh cng

nghip sa khng ch p ng nhu cu trong nc m cn phc v xut khu.

Nhng nm gn y Vinamilk khng ngng m rng sn xut khng ch trong

nc m cn nc ngoi. Vi mt thng hiu mnh c bit n rng ri v kinh

nghim xut khu sang nhiu th trng k c th trng kh tnh nh Hoa K, Nht

Bn...khng nh v th ngn c u ca Vinamilk trong vic a sn phm sa Vit

Nam ra th trng th gii.

Trn th trng th gii ni chung v chu ni ring, Myanmar - va m ca

nn kinh t vi nm tr li y, c xem l mt mnh t mu m, vi rt nhiu tim

nng cha khai ph. Do , nhm quyt nh chn ti Chin lc xut khu sa

ti tit trng Vinamilk 100% sang Myanmar. ti c thc hin vi mc ch

khi qut nhng thun li v kh khn ca th trng Myanmar i vi sn phm sa

Vit Nam, t ra chin lc thm nhp th trng ny. Bi lm kh trnh khi s

st, rt mong s gp ca Gio vin hng dn v cc thnh vin trong lp.

4

CHNG I Gii thiu doanh nghip v sn phm

I. Gii thiu v cng ty C phn sa Vit Nam Vinamilk

Tnh theo doanh s v sn lng, Vinamilk ang dn u th trng sa Vit Nam vi 75% th phn sa c, 50% th phn sa nc v 30% th phn sa bt (nghin cu th trng ca Neilsen). Danh mc sn phm ca Vinamilk gm sn phm ch lc l sa nc v sa bt, v sn phm c gi tr cng thm nh sa c, yoghurt n v yaghurt ung, kem v phomat

Cc sn phm ca cng ty ch yu c tiu th ti th trng Vit Nam v xut khu sang cc nc khc nh M, c, Campuchia, Irac, Philipines,

Nm 2010, Vinamilk c mt trong danh sch 200 doanh nghip tt nht ti Chu - Thi Bnh Dng ca tp ch Forbest Asia. u thng 9/2013, tp ch Forbes Vit Nam va cng b danh sch 50 cng ty tt nht trn th trng chng khon, trong Vinamilk ng u.

Tng n b ca cc trang tri quy m cng nghip ca VNM tnh n thng 1/2014 (gm 5 trang tri: Tuyn Quang, Ngh An, Bnh nh, Thanh Ha, Lm ng. Gn 9.000 con nng sut bnh qun 24lt/con ( t l vt sa 50%) vi tng sn lng gn 110 tn sa/ ngy.

Tng n b ca cc h dn giao sa cho Vinamilk n cui thng 1/2014 l 65.000 con vi sn lng bnh qun 430 tn sa/ngy. Tng sn lng thu mua trn bnh qun :540 tn/ ngy c a vo sn xut ti cc nh my ca cng ty trn ton quc - y cng l lng sa ti nguyn liu a vo ch bin ln nht ti Vit Nam.

Nguyn liu ca Vinamilk c 20% n t cc trang tri b sa ca cng ty, 20% n t cc h dn chn nui b sa, cn li 60% l nhp khu t nc ngoi.

H thng nh my ca Vinamilk rt hin i v c t chc Bureau Vertitas ( Php) cp giy chng nhn t tiu chun ISO 9001:2008 cho hai trang tri chn nui b sa ca Vinamilk ti tnh Tuyn Quang v Ngh An. Vinamilk c gp vn u t vo mt nh my sa New Zealand v 13 nh my sn xut sa hin i tri di t Bc vo Nam ( Thanh Ha, Bc Ninh, H Tnh) v trong nm 2013 cng ty u t 2 nh my sa hin i t ti Bnh Dng.

II. Phn tch bo co ti chnh ca cng ty

(ph lc BNG 1. CC CH S TI CHNH)

T s thanh ton nhanh (1.98 ln) ln hn so vi trung bnh ngnh (1.13 ln). Cng ty c h s thanh ton nhanh ln hn 1, n c kh nng thanh ton cc khon n ngn hn. Hn na, t s thanh ton nhanh (1.98 ln) nh hn rt nhiu so vi t s thanh ton ngay (2.63 ln) chng t ti sn ngn hn ph thuc rt ln vo hng tn kho. Qun tr hng tn kho cha tt, qun tr tin mt cha hiu qu, nn khuyn khch cng ty i vay bn ngoi.

T l n trn tng ti sn ca cng ty l 23.2% (nm 2013) thp hn so vi trung bnh ngnh l 35.5% (nm 2013). Hin nay, tnh hnh li sut cng vi chi ph li vay to nn nhiu p lc cho cc cng ty cng ngnh. Tuy nhin, cng ty Vinamilk c kh nng t ti tr ngun vn, ng thi p ng nhu cu v vn cho mi hot ng ca cng ty.

5

Vng quay hng tn kho c t s cao chng t cng ty c tc lun chuyn hng tn kho tt hn so vi cc doanh nghip trong ngnh. Vng quay khon phi thu gim trong khi k thu tin bnh qun tng, iu ny phn nh tc thu hi n chm.

H s thanh ton li vay rt cao phn nh hot ng sn xut kinh doanh ca cng ty rt tt. Cng ty c kh nng vay vn ngn hng v cc i tng vay khc ng thi khng gp nhiu ri ro v ti chnh.

ROA, ROS gim trong khi ti sn c nh tng chng t cng ty s dng li nhun u t vo ti sn c nh. C th l do Vinamilk m rng sn xut thm 2 siu nh my ti Bnh Dng, xy dng thm trang tri chn nui b sa ti Thanh Hagip ngun cung sa tng ln nn khuyn khch xut khu.

Chi ph bn hng, chi ph qun l doanh nghip tng chng t cng ty qun tr chi ph cha tt, cng ty cn phi ci thin.

P/E cao l mt tn hiu tt chng t gi c phiu trn th trng c nh gi cao, thu ht c nh u t.

T s n trn vn ch s hu thp phn nh cng ty t ph thuc vo hnh thc vn vay bng n, t gp kh khn v ti chnh

Nh vy, vi tnh hnh ti chnh hin nay, cng ty c th s dng 60% vn ch s hu u t cho d n thm nhp vo Myanmar.

6

CHNG II Gii thiu th trng Myanmar

I. iu kin t nhin

Myanmar c tng din tch 680.500 km, l nc c din tch ln nht trong khu vc ng Nam . C ng b bin di 3.000 km thun li trong vic giao thng vi cc nc. Myanmar c kh hu nhit i vi 3 ma r rt, ma h hay cn gi l ma nng, ma ma v ma mt.

Din tch t nng nghip ca Myanmar l 23 triu hecta, nhng mi khai thc c hn 10 tric hecta. Ti nguyn thin nhin ti Myanmar rt phong ph.

HNH 1. BN MYANMAR

II. Vn ha v tn gio

Vn ha Myanmar c nhu nt tng ng vi vn ha Vit Nam. Hn 80% ngi dn y theo o Pht. Con ngi ni y sng ha ng v nhit tnh. Trong bun kinh doanh, bun bn v lm n, ngi Myanmar tht th v rt xem trng uy tn.

III. Chnh tr - php l

Nn chnh tr ca Myanmar cn bt n, nhng chnh ph ang n lc ci cch cc chnh sch n nh tnh hnh v t c kt qu kh quan.

Chnh sch thu thu nhp doanh nghip ca Myanmar l 25%. Hng ha a vo Myanmar chu thu nhp khu 5%. Myanmar khng p dng thu gi tr gia tng (VAT) nhng nh thu thng mi i vi hng nhp khu 10%.

IV. Kinh t

Myanmar mi m ca nn kinh t vi nm gn y , vi dn s vo khong hn 55 triu ngi, thu nhp bnh qun u ngi l 869USD/ngi v mc tng trng GDP hng nm l 6% (IMF). y c nh gi l mt trong nhng th trng tim nng v hp dn nht ng Nam .

Theo bo co ca Cc u t v Qun l Doanh Nghip nc ny, trong nm

ti chnh 2012 - 2013, FDI ng k vo Myanmar tng t 1,4 t USD ln hn 4,1 t

USD, to ra 50,751 vic lm cho ngi dn a phng.

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T gi ng Kyat ca Myanmar ang tng nhanh t bin nh vo vic thng nht h thng hi oi nhiu t gi, thnh mt h thng th ni c kim sot vo 2/4/2012 v chnh sch m ca ca chnh ph.

Bng 1. Bin ng t gi MMK/USD 2009 - 2013

Nm 2009 2010 2011 2012 2013

Ti gi

(MMK/USD) 5.58 5.63 5.44 640.65 933.57

Biu 1. Bin ng t gi MMK/USD 2009 - 2013

(Ngun World Bank)

V. Tim nng th trng

Theo nghin cu v ngi tiu dng ca The Boston Consulting Group (BCG),

ngi tiu dng Myanmar thuc nhm lc quan nht th gii.

Biu 5.1. Mc lc quan ca ngi tiu dng trn th gii (theo BCG)

Ngi tiu dng Myanmar mun c cuc sng hin i. H sn sng tri

nghim nhng iu mi l, nhng h cng rt thn trng. H mt mi v vic b la

di, do quy nh bo v ngi tiu dng trc y cn yu, v vy h thng thn

trng vi cc sn phm mi.

0

200

400

600

800

1000

2009 2010 2011 2012 2013

Bin ng t gi MMK/USD 2009-2013

T gi ( MMK/USD)

8

Biu 5.2. C cu thu nhp mt s nc ng Nam (theo BCG)

Myanmar l mt trong nhng nc c nhm khch hng thu nhp cao v thu

nhp kh (MAC) c xu hng tng nhanh nht ng Nam .

Khi ngi dn Myanmar mua sm, h c xu hng la chn cc sn phm v

dch v c bn. Theo BCG, gn phn na c dn thnh th a dng cc sn phm nh

socola, kem hay sa ti.

VI. i th cnh tranh

Sn lng sa hng nm ca Myanmar l 1.5 triu tn vi n b quy m

khong 500,000 con. Nhng do cha u t tt v trang tri, quy trnh sn xut cng

nh ti chnh nn nn cng nghip sa Myanmar cha p ng c nhu cu trong

nc.

Nn cng nghip sn xut sa ni a ca Myanmar cha pht trin, do th

trng sa b p o bi cc sn phm nc ngoi nh New Zealand, Thi Lan, Trung

Quc.

9

CHNG III Chin lc thm nhp th trng

I. Chin lc sn phm

1. Nhu cu sn phm ti th trng

Theo s liu nm 2011, ngi dn Myanmar trung bnh s dng 26.3 kg

sa/nm (LBVD Cc chn nui gia sc Myanmar Livestock Breeding and Veterinary

Department). Hin ti Chnh ph Myanmar ang c chnh sch khuyn khch thi

quen ung sa ti ca ngi dn, v n c nhiu dinh dng hn sa bt. Chng hn

nh Chng trnh School Milk Programme. iu cho thy nhu cu s dng sa

ca ngi dn c th s tng trong nhng nm ti.

2. Chin lc

Mc tiu chin lc sn phm l a dng ha sn phm p ng nhu cu v sa

ti Myanmar.

Vinamilk s xut khu sn phm Sa ti tit trng Vinamilk 100%. Sn phm Sa ti tit trng Vinamilk 100% xut hin ln u vo nm 2008 v ngy cng khng nh uy tn ca mnh v vn ln thnh mt trong nhng nhn hiu sa tit trng hng u Vit Nam nm 2013.

HNH 2. SA TI TIT TRNG VINAMILK 100%

Cc loi sn phm ca sa ti tit trng 100% Vinamilk.

Sa ti khng ng tit trng

Sa ti c ng tit trng

Sa ti hng du tit trng

Sa ti hng Socola tit trng

10

Sa ti tit trng Vinamilk 100% loi hp giy 1L, hp giy 180ml, hp giy

110ml. Bao b c ng theo cng ngh UHT do Tetra Pak Thy in cung cp vi

lp bao b c bit 7 lp v cng ngh Aseptic chit rt v trng hin i hng u

ca Nht Bn. Bao b sn phm khi xut khu sang Myanmar vn c gi nguyn.

Trn bao b s ghi ting Anh v ting Myanmar.

V thnh phn bn cnh nhng dng cht cn thit Sa ti tit trng Vinamilk 100% c b sung Vitamin D v cc dng cht khc (Vitamin A, C, Selen) h tr min dch.

V s lng, Vinamilk s u tin cho loi hp 180ML, hai loi hp 180ML v 110ML s c s lng t hn.

II. Chin lc phn phi

Mc tiu chin lc phn phi nhm a sn phm tip cn ngi tiu dng hiu

qu.

Hin cc cng ty nc ngoi cha c php lm thng mi trc tip ti

Myanmar. Hng tiu dng ch yu c phn phi qua mt s cng ty chuyn v

phn phi ca Myanmar. Sc mua tp trung nhiu cc bang Yangon, Mandalay v

Ayeyawady. Vinamilk cn c mi quan h vi i tc a phng pht trin sn

phm ti cc thnh ph ny.

Do , Vinamilk quyt nh s hp tc vi cc nh phn phi c uy tn ti

Myanmar:

- Myanmar Distribution Group (MDG)

- C.T Group

III. Chin lc xc tin

Mc tiu chin lc xc tin nhm qung b sn phm n ngi tiu dng,

lm cho thng hiu c bit n rng ri hn trn th trng.

Vinamilk tham gia cc hi ch trin lm hng Vit Myanmar nm 2011, 2012 v 2013 v s tip tc tham d trong nhng nm ti. Ti cc hi ch ny doanh nghip c iu kin kho st th trng thc t, tm hiu m thc ca ngi tiu dng Myanmar. V do ngi Myanmar ch yu giao dch trc tip nn khi h nhn thy v th nghim sn phm s d dng ly lng tin v gip cho doanh nghip thm nhp th trng.

Vinamilk s tham gia vo cc chng trnh khuyn khch ngi dn ung sa ca Myanmar.

11

IV. Chin lc gi

Phn khc th trng m Vinamilk nhm n l nhm ngi c thu nhp trung

bnh v cao. Gi sa trung bnh th trng Myanmar l 1.5 USD/1 lt (gi sa trung

bnh ca Fonterra l 1.695 USD/1lt).

Biu 4: So snh gi Sa ti tit trng Vinamilk vi gi Fonterra v gi

trung bnh trn th trng Myanmar

Vinamilk p dng chin lc gi cnh tranh cho th trng Myanmar, theo ,

vn vi cht lng tt nht, nhng m bo mc gi thp hn i th. Mc tiu ca

chin lc gi nhm cnh tranh vi cc nhn hng sa ang c mt ti Myanmar.

Gi bn Sa ti tit trng Vinamilk Myanmar:

T gi S = 21,080VN/USD Gi CIF (HCMC Port)

Gi bn sn phm

Hp giy 1L 1.23 USD

Hp giy 180ML 0.22 USD

Hp giy 110ML 0.135 USD

Gi vn hng bn l 15,110 VND 0.717 USD/1 litre

Chi ph ban u cho d n u t l 590,000,000 VND

0 1 2

USD/Lt Vinamilk

Myanmar

Fonterra

12

CHNG IV T chc thc hin

(Ph lc Bng d bo s liu ti chnh d n v Bng NPV qua cc nm)

I. K hoch thc hin d n

Cng ty s thc hin k hoch xut khu sa trong 3 nm t thng 10/2014 n

10/2017 vi sn lng nm th nht l 200,000 lt, nm hai 600,000 lt, nm ba

1,200,000 lt.

II. Cc bc tin hnh

Tm nh nhp khu uy tn ca Myanmar

Nh chin lc phn phi trn, v chnh sch ca Myanmar nn Vinamilk s

lin h vi cc nh nhp khu ti Myanmar phn phi sn phm ca mnh ti tay

ngi tiu dng a phng.

K kt hp ng vi nh nhp khu

- Tin hnh m phn v k kt hp ng, xut hng ha sang Myanmar

Thc hin chin lc xc tin sn phm, thng qua nh nhp khu

- Tham gia cc hi ch trin lm hng tiu dng ti Myanmar

- Phi hp vi Chnh ph Myanmar trong cc chng trnh khuyn khch

ung sa.

iu chnh chin lc xut khu

- Thu nhn v phn tch nh gi kin t khch hng sau khi s dng sn

phm.

- Qun tr ri ro dng tin.

- iu chnh sn lng xut theo mc tiu th ca th trng.

III. Ngun vn huy ng

Nm 2013, theo bo co ti chnh th li nhun sau thu ca cng ty l 6,534

t ng , con s ny gip cng ty c th vay vn vay u i vi li vay thp.

Do , ngun vn m cng ty cp cho d n s ly t vn ch s hu 60% v

vay ngn hng 40%.

IV. Li nhun d kin

Doanh thu d kin nm th nht l 5,2 t VN (200 nghn lt), nm hai 15.6 t

VN (600 nghn lt), nm ba 31.2 t VN (1,200,000 lt) (Bng S liu ti chnh ca

d n).

Sau khi thm nhp th trng v to dng c uy tn cho thng hiu,

Vinamilk s tng lng sa nc vo th trng ny. Vi vic xy dng cc nh my

sa hin i t chun, nng sut v hiu qu sn xut s c tng cao, tn dng

c li th quy m ny doanh thu ca cng ty s tng ln, em li hiu qu hn cho

d n xut khu sa nc sang Myanmar.

NPV qua cc nm ln lt l 647 triu, 3,407 t, 8.007 t (VN) (Bng NPV

qua cc nm).

13

V. Phng nga ri ro

Trong nm 2013, ng Kyat ca Myanmar tng gi tng i so vi VN.

Nm MMK/VND

2012 32.56

2013 22.58

hn ch ri ro v t gi, cng ty s lp ha n xut khu bng ng USD

v s dng hp ng k hn.

14

KT LUN

T nhng phn tch trong bi tiu lun, c th nhn thy Myanmar l mt th

trng ha hn, do mc d th trng ny cn nhiu vn nh nn chnh tr v h

thng ngn hng vn c rt nhiu nh u t coi Myanmar l mnh t vng. Vi

tnh hnh ti chnh n nh, Vinamilk hon ton c kh nng thm nhp vo th trng

ny. Bn cnh , cng ty cng cn y mnh hn na s lng n b v trang tri

tng ngun cung sa.

Vic thm nhp vo th trng Myanmar s l bc m tin vo cc th

trng ln cn nh Bangladesh. Nn cng nghip sa Vit Nam s ngy cng ln

mnh v khng nh thng hiu trn th trng th gii.

15

TI LIU THAM KHO

- Trang web ca Qu tin t th gii IMF

www.imf.org/

- H s th trng Myanmar Ban quan h quc t VCCI

- Bi bo u t nc ngoi ti Myanmar: C HI V THCH THC ca

thc s Trn Hunh Thy Phng

- Bi nghin cu Vit Nam v Myanmar: Th trng tng trng mi ti

ng Nam ca BCG (the Boston Consulting Group)

- Trang web ca Vinamilk

www.vinamilk.com.vn/

- Trang web ca C.T Group Vit Nam

http://ctgroupvietnam.com/web/www/?cgi=about&catid=0

16

PH LC

BNG 1. KT QU KINH DOANH (n v: triu VND)

KT QU KINH DOANH Nm 2010KT/HN

Nm 2011KT/HN

Nm 2012KT/HN

Nm 2013KT/HN

Doanh thu thun v bn hng v cung cp dch v 15,752,866 21,627,429 26,561,574 30,948,602

Gi vn hng bn 10,579,208 15,039,305 17,484,830 19,765,794

Li nhun gp v bn hng v cung cp dch v 5,173,658 6,588,124 9,076,744 11,182,808

Doanh thu hot ng ti chnh 448,530 680,232 475,239 507,348

Chi ph ti chnh 153,199 246,430 51,171 90,791

Chi ph bn hng 1,438,186 1,811,914 2,345,789 3,276,432

Chi ph qun l doanh nghip 388,147 459,432 525,197 611,256

Li nhun thun t hot ng kinh doanh 3,642,656 4,750,580 6,629,825 7,711,678

Li nhun khc 608,786 237,226 287,317 254,638

Phn li nhun/l t cng ty lin kt lin doanh (235) (8,814) 12,526 43,941

Tng li nhun k ton trc thu 4,251,207 4,978,992 6,929,668 8,010,257

Li nhun sau thu thu nhp doanh nghip 3,615,493 4,218,182 5,819,455 6,534,107

Li nhun sau thu ca c ng Cng ty m 3,616,186 4,218,182 5,819,455 6,534,134

Li c bn trn c phiu (VN) 10,251 7,717 6,981 7,839

17

BNG 2. CN I K TON (n v: triu VND)

CN I K TON Nm 2010KT/HN

Nm 2011KT/HN

Nm 2012KT/HN

Nm 2013KT/HN

Ti sn ngn hn 5,919,803 9,467,683 11,110,610 13,018,930

Tin v cc khon tng ng tin 263,472 3,156,515 1,252,120 2,745,645

Cc khon u t ti chnh ngn hn 2,092,260 736,033 3,909,276 4,167,318

Cc khon phi thu ngn hn 1,124,862 2,169,205 2,246,363 2,728,421

Hng tn kho 2,351,354 3,272,496 3,472,845 3,217,483

Ti sn ngn hn khc 87,854 133,434 230,006 160,063

Ti sn di hn 4,853,230 6,114,989 8,587,258 9,856,484

Ti sn c nh 3,428,572 5,044,762 8,042,301 8,918,417

Bt ng sn u t 100,818 100,671 96,714 149,446

Cc khon u t ti chnh di hn 1,141,798 846,714 284,429 318,308

Tng cng ti sn 10,773,032 15,582,672 19,697,868 22,875,414

N phi tr 2,808,596 3,105,466 4,204,772 5,307,061

N ngn hn 2,645,012 2,946,537 4,144,990 4,956,398

N di hn 163,583 158,929 59,782 350,663

Vn ch s hu 7,964,437 12,477,205 15,493,097 17,545,489

Vn u t ca ch s hu 3,530,721 5,561,148 8,339,558 8,339,558

Thng d vn c phn 3,530,721 1,276,994 1,276,994 1,276,994

Li nhun sau thu cha phn phi 1,909,022 4,177,446 5,198,758 6,149,812

Li ch ca c ng thiu s - - 22,864

Tng cng ngun vn 10,773,032 15,582,672 19,697,868 22,875,414

18

BNG 3. CC CH S TI CHNH (n v: triu VND)

CH S TI CHNH n v Nm 2010

KT/HN

Nm 2011 KT/HN

Nm 2012 KT/HN

Nm 2013

KT/HN

TB

Ngnh

2013

Thu nhp trn mi c phn (EPS)

VN 10,254 11,518 10,471 8,411

Gi tr s sch ca c phiu (BVPS)

VN 22,561 22,447 27,881 21,051

Ch s gi th trng trn thu nhp (P/E)

Ln 8.39 7.51 8.4 16.05 10.09

Ch s gi th trng trn gi tr s sch (P/B)

Ln 3.81 3.85 3.16 6.41

T sut li nhun gp bin

% 32.84 30.46 34.17 36.13 33.4

T sut sinh li trn doanh thu thun

% 22.95 19.5 21.91 21.11 21.19

T sut li nhun trn Vn ch s hu bnh qun (ROEA)

% 50.16 41.27 41.61 39.55 43.15

T sut sinh li trn Tng ti sn bnh qun (ROAA)

% 37.56 32.01 32.99 30.7 33.3

T s thanh ton hin hnh (ngn hn)

Ln 2.24 3.21 2.68 2.63 1.96

T s thanh ton nhanh Ln 1.35 2.1 1,84 1.98 1.13

Kh nng thanh ton li vay

Ln 689.84 358.35 2,225.73 77,002.67 20,069.15

T s n trn Tng ti sn

% 26.07 19.93 21.35 23.2 35.5

T s N vay trn Vn ch s hu

% 7.13 - - 2.07 4.45

Vng quay cc khon phi thu

Ngy 28.62 24.99 22.02 19.56 23.79

Vng quay hng tn kho

Vng 5.78 5.35 5.18 5.91 4.32

K thu tin bnh qun Ngy 25.71 36.11 30.45 31.74 34.42

19

BNG 4. D BO S LIU TI CHNH D N

D bo s liu ti chnh d n (n v: triu VND) (vi mc gi trung bnh ca thnh phm l $1.424/lt)

Nm 1 (sn lng

d kin 200,000 lt) Nm 2 (sn lng

d kin 600,000 lt)

Nm 3 (sn lng d kin 1,200,000

lt)

Doanh thu d kin 5,200 15,600 31,200

Gi vn hng bn 3,022 9,066 18,132

Li gp 2,178 6,534 13,068

Chi ph hot ng 457 1,371 2,742

_ Bin ph 457 1,371 2,742

EBIT 1,721 5,163 10,326

Chi ph li vay 22.17 66.51 133.02

EBT 1,699 5,096 10,193

Thu TNDN 22% 374 1,121 2,242

EAT 1,325 3,975 7,951

BNG 4. NPV qua cc nm (V: triu VND)

Nm 0 1 2 3

Dng tin rng sau thu d tnh cc nm (chi ph s dng vn 12%)

(457) 1325 3975 7951

Dng tin cc nm chit khu

(457) 1104 2760 4601

Dng tin cng dn qua cc nm

(457) 647 3407 8008