Phan Tich Cong Ty Duong Bien Hoa

7/31/2019 Phan Tich Cong Ty Duong Bien Hoa

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PHN TCH CNG TY C PHN NG BIN HA - TCDN 07 - K32 Trang

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: [email protected]

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: 18,531,620c phn

Mnh gi c phiu: 10,000 VND

Ni nim yt: Sn giao dch chng khon thnh ph H Ch Minh (HOSE)
mailto:[email protected]://www.bhs.vn/http://www.bhs.vn/mailto:[email protected]


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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..................................................................51.1.2. Ngnh ma ng ti Vit Nam..............................................................8

1.2. Tng quan v Cng ty C phn ng Bin Ha.........................................13

1.2.1. S lc v cng ty.............................................................................13

1.2.2. Hot ng sn xut kinh doanh............................................................16

1.2.3. K hoch pht trin kinh doanh trong tng lai.......................................18

1.2.4. Trin vng pht trin ca cng ty c phn ng Bin Ha......................19

1.2.5. Phn tch SWOT................................................................................19

PHN 2: PHN TCH DNG TIN CA BHS........................................................22

2.1. Dng tin hot ng qua cc k.................................................................22

2.2. Dng tin th...........................................................................................24

2.3. Dng tin t hot ng kinh doanh.............................................................25

2.4. Dng tin t hot ng u t...................................................................28

2.5. Dng tin thun t hot ng ti tr............................................................30

2.6. Ch s m bo tin mt (Cash Flow Adequacy Ratio)...................................31

2.7. T s ti u t tin mt............................................................................32

2.8. Kt lun..................................................................................................33

PHN 3: PHN TCH KH NNG SINH LI.........................................................34


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3.1. Phn tch doanh thu.................................................................................34

3.1.1. Ngun doanh thu ch yu ca BHS......................................................34

3.1.2. Tnh bn vng ca doanh thu...............................................................35

3.1.3. Mi quan h gia doanh thu, khon phi thu v hng tn kho...................39

3.2. Phn tch gi vn hng bn.......................................................................41

3.3. Phn tch chi ph......................................................................................44

3.3.1. Chi ph bn hng v chi ph qun l doanh nghip...................................44

3.3.2. Chi ph n xu...................................................................................45

3.3.3. Chi ph ti chnh.................................................................................45

3.3.4. Chi ph thu thu nhp doanh nghip......................................................46

3.4. nh gi kh nng sinh li ca BHS...........................................................48

PHN 4: PHN TCH T SUT SINH LI TRN VN U T CA CTCP NG

BIN HA........................................................................................................49

4.1. Phn tch ROA (t sut sinh li trn tng ti sn)..........................................49

4.2. Phn tch cc thnh phn ca hiu sut s dng ti sn................................52

4.2.1. Vng quay khon phi thu...................................................................52

4.2.2. Vng quay hng tn kho......................................................................53

4.2.3. Vng quay n ngn hn......................................................................53

4.2.4. Vng quay tin mt.............................................................................54

4.3. Phn tch ROCE......................................................................................54

4.4. So snh ROA v ROCE ca BHS vi cc cng ty cng ngnh........................58

4.5. Kt lun..................................................................................................60

PHN 5: PHN TCH TRIN VNG CA BHS.....................................................615.1. D phng bo co kt qu hot ng kinh doanh.........................................61

5.2. D phng bng cn i k ton.................................................................65

5.3. D phng bo co lu chuyn tin t..........................................................71

PHN 6: NH GI CTCP NG BIN HA.....................................................72


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6.1. nh gi bng phng php FCFF.............................................................73

6.2. nh gi bng phng php FCFE.............................................................74

6.3. nh gi bng phng php thu nhp gi li................................................75

6.4. nh gi bng phng php P/E................................................................76

6.5. nh gi bng phng php P/BV..............................................................77

6.6. Gi tr cui cng ca cng ty c phn ng Bin Ha..................................78

PH LC.........................................................................................................79

A. Cc ch s ti chnh ca CTCP ng Bin Ha............................................79

B. th tng quan gia BHS V INDEX (01/2007 - 12/2009)............................80

C. Bng cn i k ton (2004 - 3 qu u 2009)................................................81

D. Bo co kt qu hot ng kinh doanh (2004 - 3 qu u 2009).......................83

E. Bo co lu chuyn tin t (2004 - 3 qu u 2009)........................................84

TI LIU THAM KHO......................................................................................85

TI LIU THAM KHO


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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 skhai 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
http://www.illovosugar.com/http://www.illovosugar.com/http://www.illovosugar.com/


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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 v2008 - 2009 so vi mc 32 - 33 triu tn d kin u nin v. Bn cnh , theo cc

nh phn tch, nhu cu ng n , nc tiu dng ng ln nht th gii, c th

tng t 4 triu tn ln 5 triu tn, v thm ch l 6 triu tn. Nc nhp khu ng ln

nht ng Nam - Indonesia, c th phi tng lng ng nhp khu n nh gi

ng trong nc.
http://www.illovosugar.com/http://www.illovosugar.com/http://www.illovosugar.com/


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Ngy cng nhiu yu t khin ng tng gi khi Ai Cp, Pakistan v Bangladesh cng

d nh mua thm ng.

Din bin gi ng th giao dch ti NYBOT (v: Cent/lbs)

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 thtr 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)

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 haibn: 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


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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 qucdoanh. 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).

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 12ny 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:


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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.

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 lmcho 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 caov 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 iCEPT

08

CEPT

09

CEPT

10WTO


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ng th 25% 27% 20% 10% 5% 25%ng tinh

luyn60% 40% 20% 10% 5% 60%

Tuy nhin, bc sang nm 2010, theo l trnh hi nhp AFTA, nc ta s p dng thu

xut nhp khu ng l 5%, cng vi vic gia nhp WTO, Vit Nam s phi m ca

nhp khu trong hn ngch l 25% vi ng th, ngoi hn ngch l 65%, khi lng

nhp khu trong hn ngch cn tng 5% mi nm. y l mt kh khn ngnh ng

cnh tranh vi cc nc cng nghip ng pht trin trong khu vc v trn th

gii.

d. Trin vng pht trin ca ngnh.

Hin nay, ti nc ta, tng cu ng ton quc nin v 2008 - 2009 vo khong 1.3 -

1.4 triu tn, trong khi tng sn lng sn xut nm nay cng nh tn kho nm ngoi

ch t khong hn 1.15 triu tn. Sn lng ng thiu ht lm tng gi ng t

bin trong thi gian hin nay. Nh vy, y cng l c hi cho ngnh ma ng trong

thi gian ti.

Kh khn trc mt i vi ngnh ng trong nc trong nm 2010 v nhng nm

sp ti l vic ct gim thu xut nhp khu ma t 10% (nm 2009) xung cn 5%

(nm 2010), cng vi vic gia nhp WTO, cng thm gi thnh sn xut ng cao hnso 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 cnggim theo, d kin ch t 995.000 tn, gim so vi v trc ti 20,3%. y cng l mt

th thch cho ngnh ng Vit Nam.

C trn 60% cc ging ma ang trng ph bin trong sn xut l nhng ging c

trng ti Vit Nam trn di 10 nm v trc nh ROC 1 ROC 10, F156, F127


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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

1.2.1. S lc v cng ty

a. Lch s hnh thnh

Nm 1968, cng ty c thnh lp vi tn gi l nh my ng Bin Ha vi snphm 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. Cc thnh tu t 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 (1997-

2008), lt vo top 500 doanh nghip ln nht Vit Nam, v.v...

c. C cu t chc ca cng ty

C cu t chc ca Cng ty hin gm: Tr s cng ty t ti Khu Cng nghip Bin

Ha 1, Tp. Bin Ha, Tnh ng Nai; cng ty cn c cc chi nhnh H Ni, Tp.HCM,


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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.

d. B my lnh o v nng lc qun tr ca 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 ttnghip 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.


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e. Vn iu l

Vn iu l ca cng ty ng Bin Ha l 185,316,200,000 VND.

C cu vn c ng (17/06/2009)C ng S CP T l (%)C ng nh nc 2,084,940 11.25C ng nc ngoi 604,776 3.26C ng khc 15,841,904 85.49Tng cng 18,531,620 100.00

Cc c ng ln trong nc

C ng S c phiu T l (%)Ngn hng TMCP Si Gn Thng Tn 2,038,156 11.00

Tng cng ty ma ng II 1,895,400 10.23CTCP Sa Vit Nam 925,620 4.99Chu Kim Yn 813,806 4.39Nguyn Th Kim Vn 750,683 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.

1.2.2. Hot ng sn xut kinh doanh

a. Cc dng sn phm


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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.

Cng ty cn xut sn phm i cc th trng khi ASEAN, Trung Quc.


17/76


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 mav. ng thi, cng ty c nng lc cung ng kp thi sn phm c cht lng cao

cho th trng trong v ngoi nc. Trong ngnh ma ng Vit Nam, cng ty C phn

ng Bin Ha l n v duy nht c Ngi tiu dng bnh chn Hng Vit Nam

cht lng cao lin tc 10 nm. Trn th trng tiu dng ng, duy nht ch c cng

ty C phn ng Bin Ha l n v cung ng sn phm ng phong ph, p ng

nhu cu s dng a dng cho mi i tng. Do vy c th ni cng ty ng Bin Ha

l mt thng hiu mnh trong ngnh ng Vit Nam.

1.2.3. K hoch pht trin kinh doanh trong tng lai

Trong thi k hi nhp kinh t, ng vn c xem l mt hng thit yu, do vy trong

chin lc pht trin, cng ty c phn ng Bin Ha lun hng n tnh bn vng

ca cc d n:

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.


18/76


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 giikht, 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 vng trn th gii. Do vy, ngnh ng c nhiu thun li trong tng lai.

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 bnhchn 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


19/76


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

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 vkhng 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.


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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 snxut ca cng ty cao hn cc nc trong khu vc cng nh th gii. V vy, vic cnh

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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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)

(100000)

(50000)

0

50000

100000

150000

200000

TriuVND

Lu chuyn tin thun t H SXKD (25484) 91267 152131 (57459) 13157 8 7164

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

2004 2005 2006 2007 20083 qu unm 2009

Da vo th, ta c nhn xt rng dng tin thun qua cc nm 2004 - 2009 bin ng

khng nhiu.

Nm 2004: dng tin thun t hot ng sn xut kinh doanh v hot ng u t m

do cng ty chi nhiu tin cho hot ng sn xut, cho vay v mua cc cng c n ca

n v khc. Tuy nhin, dng tin chi ra t 2 hot ng ny c b tr t dng tin thu

v t hot ng ti tr nn dng tin thun trong nm gim khng nhiu.


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Nm 2005 - 2006: dng tin t hot ng sn xut kinh doanh v dng tin t hot

ng ti tr bin ng ln, nhng khng nh hng nhiu ti dng tin thun v 2 dng

tin ny bin ng ngc chiu nhau. Trong giai on ny, hot ng sn xut kinh

doanh ca BHS t li nhun cao nn cng ty dng dng tin thu vo ny chi tr n

gc v chi tr c tc cho c ng, chnh iu ny lm dng tin chi ra cho hot ngti 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. iuny 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.


23/76


2.2. Dng tin th

Dng tin th = Thu nhp rng + Khu hao

( 2 0 , 0 0 0 , 0 0 0 , 0 0 0 )

0

2 0 , 0 0 0 , 0 0 0 , 0 0 0

4 0 , 0 0 0 , 0 0 0 , 0 0 0

6 0 , 0 0 0 , 0 0 0 , 0 0 0

8 0 , 0 0 0 , 0 0 0 , 0 0 0

1 0 0 , 0 0 0 , 0 0 0 , 0 0 0

1 2 0 , 0 0 0 , 0 0 0 , 0 0 0

VND

dn g t in t h 2 4 , 3 7 0 , 9 1 2 , 8 69,968,279,6 1 0 4 , 4 3 5 , 8 1 9 , 8 9 , 6 9 7 , 6 9 5 , 5 (7 ,920,046,5 97 ,192,329,3

2 0 0 4 2 0 0 5 2 0 0 6 2 0 0 7 2 00 8 3 q u u n 2 0 0 9

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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2.3. Dng tin t hot ng kinh doanh

(500,000,000,000)

0

500,000,000,000

1,000,000,000,000

1,500,000,000,000

2,000,000,000,000

2,500,000,000,000

3,000,000,000,000

VND

Tng dng tin vo t H SXKD 801,663,432,774 1,081,580,192,39 2,537,021,042,61 2,259,385,240,452,643,277,579,61 1,962,298,056,96

Tng dng tin ra t H SXKD 827,147,283,836 989,502,047,650 2,377,398,470,23 2,316,340,068,882,628,711,188,08 1,870,522,515,17

Lu chuyn tin thun t H SXK (25,483,851,062) 91,266,943,072 152,131,102,971 (57,459,325,356) 13,157,485,888 87,164,261,085

2004 2005 2006 2007 2008 3 qu u 2009

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, chuynnhng ti sn kh cao. V cng trong thi k ny, chi ph cho li vay cng cao (n 27

t ng). ng thi, BHS cng ni lng tn dng hn cho khch hng (khon phi thu

khch hng nm 2003 l 45 t ng, nm 2004 l hn 52 t ng, tng 7 t ng),

nhng li cc khon tn dng m BHS nhn c li b tht cht li (phi tr cho ngi

bn nm 2003 l 63.6 t ng, nhng n nm 2004 gim cn 52.6 t ng). Nhng

khon ny gp phn lm cho dng tin thun hot ng kinh doanh nm 2004 m.

Nm 2005 v 2006: dng tin t hot ng kinh doanh ca BHS din bin tt hn.Nm 2005, doanh thu t bn hng v cung cp dch v tng v n nm 2006 th tng

t bin, iu ny mt phn l do gi ng bn ra vo nm 2006 tng t 9,000

ng/kg ln 12,000 ng/kg, khon tin mt thu vo t bn hng v cung cp dch v

cng kh ln nn dn ti dng tin t hot ng sn xut kinh doanh tng ln.


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Nm 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 dphng 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 chitiu cho cc hot ng khc.

T trng cc dng tin vo t hot ng kinh doanh


26/76


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 trongdng 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.

0%

20%

40%

60%

80%

100%

Tin thu khc t hot ng kinhdoanh

36.06% 52.16% 69.37% 69.80% 69.16% 65.25%

Tin bn hng, cung cp dch vv kinh doanh khc

63.94% 47.84% 30.63% 30.20% 30.84% 34.75%

2004 2005 2006 2007 20083 qu u

2009

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 tinthu 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


27/76


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 nm2005: 61.6 t ng). iu ny s dn ti nhiu ri ro cho doanh nghip hn.

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 Anvi 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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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 muacc 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.

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.

2006 2007 2008 Tng cng

Dng tin t hot ng SXKD 152,131,102,971(57,459,325,356

)13,157,485,888 107,829,263,503

Dng tin mua thm ti sn 304,317,215 21,563,989,409 11,653,593,600 33,521,900,224


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Dng tin mua thm hng tn kho 1,196,795,590 13,106,746,691 87,695,235,858 101,998,778,139

Chia c tc bng tin mt 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):

107,829,263,50333,521,900,224+101,998,778,139+38,983,919,900=0.6179

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

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.

T s ti u t tin mt=Dng tin t hot ng SXKD-C tc tin mtTi

sn c nh hu hnh v v hnh+Chi u t+Vn lun chuyn

2004 2005 2006 2007 2008

Dng tin t hot ng SXKD (25,483,851,062)

91,266,943,072 152,131,102,971 (57,459,325,356)

13,157,485,888

Chia c tc bng tin mt (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

T s ti u t bng tin

mt-10.43% 29.58% 26.38% -14.13% 2.65%

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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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 tinthun 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 nhth cng ty cn ci thit hot ng qun l sn xut kinh doanh ca mnh.


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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 VitNam, ring knh tiu dng trc tip (ng ti) th cng ty chim 70% th phn.

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%


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li nhun cho cng ty, ng ru 18% doanh thu v 12% li nhun (nm 2004). Sn

phm chnh ca cng ty c phn ng Bin Ha ch yu l ng tinh luyn. ng

tinh luyn Bin Ho t c tinh khit cao nht hin nay ( Pol: 99,9). Mt

trong nhng thnh qu nghin cu ni bt ca ng Bin Ha l sn xut thnh cng

ng Vitamin A.

ng luyn ng ru Cc dch v khcDoanh thu 80% 18% 2%Li nhun 85% 12% 3%

3.1.2. Tnh bn vng ca doanh thu

Tng trng doanh thu

2004 2005 2006 2007 2008 11 thng u 2009

Doanh thu (t ng) 483.54 540.66 766.12 641.38 790.09 1009.88

% thay i 11.81% 41.7% -16.28% 23.19% (*) 39.4%(*) c tnh bng (1009,88*12/11-792,24)/792,24

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 n12,000 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

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

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

Gi ng th gii (Cent/lbs) 12.49 8.8 11.39 10.47 8.03 9.07 9.32 11.84 19.3 12.37 15.79 26.98


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17,000 ng/kg. Chnh v vy, doanh thu 2009 ca BHS cng tng cao cha tng thy,

doanh thu tnh cho n ht thng 11/2009 tng 39,4% so vi c nm 2008.

Nhn chung, doanh thu ca BHS c xu hng tng qua cc nm.

Doanh thu ca BHS tng bnh qun hn 12%/nm trong 5 nm t 2004 n 2008. Tuy

nhin tc tng trng doanh thu ca BHS cha n nh. C th, nm 2006 c mt

s gia tng t bin trong doanh thu (gy ra mt s st gim 16,28% vo nm 2007),

iu ny xut pht t vic gi ng trong nc bin ng lin tc.

Khch hng:

Sn phm ca BHS kh a dng c v chng loi v kch c. Do , i tng khch

hng ca BHS cng kh rng t cc doanh nghip ln, nh, ti cc c s sn xut v

c bit l ngui tiu dng c nhn. y cng l mt nhn t quan trng ng gp vo

s n nh v bn vng trong doanh thu ca BHS.

Th trng tiu th:

Ti th trng ni a, ng Bin Ha c h thng phn phi sn phm tri u trn c

nc, bao gm hn 100 n v sn xut s dng ng lm nguyn liu u vo v

trn 130 nh phn phi, i l, siu th trc tip bn s, bn l trn th trng tiu dng.

Th trng xut khu ca cng ty l mt s nc trong khi ASEAN, Trung Quc v

Iraq.

H thng phn phi ca Cng ty gm 2 knh:

Phn phi vo lnh vc sn xut: ng tinh luyn Bin Ha c s dng lm

nguyn liu sn xut cc sn phm thc phm v dc phm cao cp. Phn phi tiu dng trc tip: ch yu thng qua h thng cc i l trn c

nc v qua cc siu th nh: BigC, Coopmark, Maximark, Metro, Siu th H

Ni,v.v...

Nng lc cnh tranh v i th cnh tranh:


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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 ngBin 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.

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.


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nh gi:

T nhng phn tch trn, ta thy tng trng doanh thu ca BHS c nh gi l

kh n nh v bn vng. T tc tng trng doanh s, khch hng, th trng tiu

th v yu t cnh tranh u ng h cho lp lun v s n nh v bn vng trongdoanh 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)

So snh vi s liu ca cc cng ty khc cng ngnh

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.

2004 2005 2006 2007 2008Doanh thu thun 483.54 540.66 766.12 461.38 790.09Khon phi thu 111.11 119.88 85.14 92.28 90.91% so vi doanh thu thun 22.98% 22.17% 11.11% 20.00% 11.50%Vng quay khon phi thu 4.35 4.51 9.00 5.00 8.69

2004 2005 2006 2007 2008BHS 22.98% 22.17% 11.11% 20.00% 11.50%LSS - - 12.86% 16.06% 15.41%SBT - 7.05% 6.00% 19.27% 26.59%


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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

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 phithu/doanh thu thp).

b. Mi quan h gia doanh thu v hng tn kho

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

So snh vng quay hng tn kho vi cc cng ty cng ngnh

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.

2004 2005 2006 2007 2008BHS 5.02 8.54 11.88 5.94 4.78LSS - - 5.88 9.20 9.54SBT - 4.66 4.47 4.33 2.41


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Chi ph gi vn hng bn ca BHS

Biu phn tch gi vn hng bn ca BHS

So snh t l li nhun gp/doanh thu ca BHS vi LSS v SBT

2004 2005 2006 2007 2008BHS 13.78% 14.58% 12.85% 11.92% 6.37%

LSS - - 19.65% 18.09% 18.48%SBT - 22.41% 28.95% 26.55% 20.48%

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

2004 2005 2006 2007 2008 3 qu u 2009

Doanh thu thun 483.54 540.66 766.12 641.38 790.09 656.61

Gi vn hng bn 416.93 461.84 667.69 564.93 739.77 554.27Li nhun gp 66.61 78.82 98.43 76.45 50.32 102.34Li nhun gp/Doanh thu 13.78% 14.58% 12.85% 11.92% 6.37% 15.59%


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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 tngcao trong nm 2009 v do cng ty mua d tr ma nguyn liu vi gi r t nm

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...


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Bng chi tit chi ph bn hng (v: triu ng)

2004 2005 2006 2007 2008Tin lng nhn vin 4,248.5 3,190.4 4,049.3Vt liu, dng vn phng 160.5 221.8 121.5

Khu hao ti sn c nh 350.5 217.7 583.5Tip th, khuyn mi 2,988.6 2,617.1 3,985.5Chi ph dch v mua ngoi 5,760.2 6,601.9 6,150.5Chi ph khc 2,124.5 1,384.3 4,344.5Tng cng chi ph bn hng 14,242.8 13,066.3 14,635.9 15,230.1 14,234.9% chi ph bn hng/doanh thu 2.9% 2.4% 1.9% 2.3% 1.8%Chi ph qun l doanh nghip 8,853.5 12,457.3 13,777.2 17,034.1 19,649.0% chi ph QLDN/doanh thu 1.8% 2.3% 1.8% 2.6% 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, cahng 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.

2004 2005 2006 2007 2008Khon phi thu 111.11 119.88 85.14 92.28 90.91D phng gim gi khon phi thu 0.90 1.89 1.50 3.95 0.11T l D phng/Khon phi thu 0.81% 1.58% 1.76% 4.28% 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


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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:

Li sut c hiu lc nm nay= Li vay nm nay(Tng n nm trc+Tng n

nm nay)/2

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

2003 2004 2005 2006 2007 20083 qu

u 2009Vay ngn hn 215.498 135.890 152.436 38.841 60.744 72.263 97.462Vay di hn 123.509 204.750 170.136 161.392 185.909 156.395 149.265Tng n vay 339.007 340.640 322.572 200.233 246.734 228.658 246.727

Chi ph li vay 30.562 27.165 21.048 26.854 13.450 27.696 12.570Li sut c hiu lc (*) - 7.80% 6.35% 10.30% 6.02% 11.65% -


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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 trongnhng 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 tkhi lm n c li v gim 50% s thu TNDN cho 9 nm tip theo. BHS bt u c li t

nm 2001. Nm 2006, BHS nim yt ln u trn sn giao dch chng khon thnh ph

H Ch Minh nn c gim 50% thu TNDN trong 2 nm sau 2007 v 2008. Do ,

thu sut thu TNDN ca BHS nh sau

Thu nhp chu thu, thu TNDN v thu sut thu TNDN t nm 2004 (v: t ng)

(*) 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 hnv 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

2004 2005 2006 2007 2008 2009 2010 2011 20122013

tr i

Thu nhpchu thu

19.05 36.61 54.75 53.85 (43.21)

Thu TNDN (*) 1.43 3.27 4.11 0.00 -Thu sut

thu TNDN7.5% 7.5% 7.5% 0.0% 0.0% 7.5% 7.5% 7.5% 15% 25%


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tc c hng mc thu sut u i 10% cho n vnh vin, min thu TNDN giai

on 2004 - 2007 v hng thu sut 5% giai on 2008-2011, t nm 2012 tr i,

thu sut l 10%. Nh vy, li th v thu ca SBT l qu r rng nu so vi BHS.

Nu cn thn xem xt, ta thy rng li nhun rng sau thu ca BHS l thp hn so vi

LSS v SBT. Mc d BHS vn hng u i thu, nhng vi mc sinh li ca li

nhun rng nh th ny th qu l ng lo ngi, v n nm 2013, nhng u i ny s

khng cn na. Do , cng ty cn phi n lc rt nhiu nu mun em v li nhun

cao cho c ng.

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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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.

ROA=TSSL trn doanh thu x Hiu sut s dng ti sn

ROA=Thu nhp rng+Li vay x (1-Thu)Doanh thuxDoanh thuTng ti sn

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.

2004 2005 2006 2007 2008

3 qu

u

2009ROA 8.36% 10.43% 13.26% 10.65% -2.46% 13.70%TSSL trn doanh thu 8.78% 9.89% 9.43% 10.46% -1.97% 13.74%Hiu sut s dng ti sn 0.9518 1.0542 1.4060 1.0187 1.2462 0.9976


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Xt ht giai on t nm 2004 n ht 3 qu u nm 2009, ta nhn thy rng ROA cacng 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 sntng. 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


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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 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 dphng 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 2005 2006 2007 2008

3 qu

u

2009Vng quay khon phi thu 4.1722 4.6812 7.4739 7.2302 8.6260 5.2421

Vng quay hng tn kho 6.2648 6.7723 11.9868 9.0251 6.5046 4.6661Vng quay n ngn hn 1.9542 2.2742 5.2228 7.2242 7.3856 4.8663

Vng quay tin mt 33.8844 22.1827 21.2469 28.8390 48.7850 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 thchin 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.


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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,

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 tnm 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


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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.

ROCE=TSSL trn doanh thu iu chnh x Hiu sut s dng t i sn x n by

ROCE=Thu nhp rng-C tc u iDoanh thuxDoanh thuTng ti snxTngti snVn c phn

Trong :

TSSL trn doanh thu hiu chnh=T l gi li thu x TSSL trn doanh thu iu

chnh trc thu

Thu nhp rng-C tc u iDoanh thu=Thu nhp rng-C tc u iThu

nhp trc thu-C tc u ixThu nhp trc thu-C tc u iDoanh thu

2004 2005 2006 2007 2008 3 qu u2009

ROCE 34.51% 38.78% 20.40% 14.61% -12.16% 21.21%

TSSL trn doanh thu iu chnh 3.58% 6.29% 6.19% 8.36% -5.48% 11.96%

TSSL trn doanh thu trc thu 3.88% 6.90% 6.73% 8.36% -5.46% 12.42%

T l gi li thu 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

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.


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n giai on2006 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.

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 thkhin cho ROCE ca BHS bin ng bt thng.

n by ti chnh BHS lm cho bin ng ca ROCE cao hn so vi ROA


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4.4. So snh ROA v ROCE ca BHS vi cc cng ty cng ngnh

Bng s liu ROA ca BHS, SBT v LSS

2004 2005 2006 2007 20083 qu

u 2009SBT - - 13.39% 11.92% 4.79% 7.19%

LSS - - - 10.26% 11.37% 12.46%

BHS 8.36% 10.43% 13.26% 10.65% -2.46% 13.70%

Bng s liu ROCE ca BHS, SBT v LSS

2004 2005 2006 2007 20083 qu

u 2009SBT - - 14.55% 12.63% 5.33% 7.79%

LSS - - - 15.72% 15.72% 17.40%

BHS 34.51% 38.78% 20.40% 14.61% -12.16% 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 vncn 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.

4.5. Kt lun

2004 2005 2006 2007 2008

C tc Cp thng 9,720,000,000 16,200,000,000 24,300,000,000 30,325,908,600 0T l chi tr c tc 56.09% 47.63% 51.24% 56.54% 0.00%

T l tng trng 15.15% 20.31% 9.95% 6.35% -12.16%


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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 43t 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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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 2008

Tng trng doanh thu 11.85% 41.34% -16.22% 23.14%

T l khon gim tr doanh thu/doanh thu 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%

T l li vay/tng n ngn hn v di hn nm trc 6.18% 8.32% 6.73% 11.25%

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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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 0.35%T l gi vn hng bn/doanh thu thun 86.72%

T l chi ph bn hng/doanh thu thun 2.41%

T l chi ph qun l doanh nghip/doanh thu thun 2.22%

T l li vay/(n di hn nm trc + n ngn hn nm trc) 7.08%

Chi ph ti chnh/chi ph li vay 1.0134

Thu nhp khc 421,325,093

Chi ph khc 218,284,300

Tng s c phiu 18,531,620

V thu sut thu TNDN ca cng ty c phn ng Bin Ha, bo co thuyt minhcng b cho thy:

2009 2010 2011 2012 2013 tr i

THU SUT THU TNDN CA BHS 7.5% 7.5% 7.5% 15.0% 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:

2009 2010 2011 2012 2013 tr i

Tc tng trng doanh thu c tnh 39% 24% 19% 15% 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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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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HNG BO CO KT QU HOT NG KINH DOANH

BHS

Ch tiuM

s2009F 2010F 2011F 2012F 201

anh thu bn hng v cung cp dch v 011,101,220,109,

498

1,365,512,935,

777

1,624,960,393,

575

1,868,704,452,

611

2,055,5

khon gim tr doanh thu 02 3,901,605,195 4,837,990,441 5,757,208,625 6,620,789,919 7,282,8

anh thu thun v bn hng v cung cp dch v (10 = 0110

1,097,318,504,

303

1,360,674,945,

336

1,619,203,184,

950

1,862,083,662,

692

2,048,2

vn hng bn 11951,587,708,00

5

1,179,968,757,

927

1,404,162,821,

933

1,614,787,245,

223

1,776,2

nhun gp v bn hng v cung cp dch v (20 = 10 -20

145,730,796,29

8

180,706,187,40

9

215,040,363,01

7

247,296,417,47

0

272,026

anh thu hot ng ti chnh 21 10,966,445,227 13,048,220,163 14,736,682,251 15,684,871,364 14,388,5

ph ti chnh 22(4,601,100,729

)

(2,295,678,693

)21,131,728,573 22,234,089,748 24,909,

: Chi ph li vay 23 16,156,636,102 19,399,655,592 20,852,067,737 21,939,840,080 24,579,4

ph bn hng 24 26,481,935,643 32,837,600,197 39,076,744,234 44,938,255,869 49,432,0

ph qun l doanh nghip 25 24,308,152,062 30,142,108,557 35,869,109,183 41,249,475,560 45,374,4

i nhun thun t hot ng kinh doanh (30 = 20 + 21 -4 - 25)

30 110,508,254,550

133,070,377,512

133,699,463,278

154,559,467,655

166,699

u nhp khc 31 421,325,093 421,325,093 421,325,093 421,325,093 421,3

i ph khc 32 218,284,300 218,284,300 218,284,300 218,284,300 218,2

i nhun khc (40 = 31 - 32) 40 203,040,793 203,040,793 203,040,793 203,040,793 203,0

ng li nhun k ton trc thu (50 = 30 + 40) 50110,711,295,34

3

133,273,418,30

5

133,902,504,07

1

154,762,508,44

9

166,902

i ph thu TNDN hin hnh 51 9,352,422,039 13,216,596,118 12,190,080,969 24,288,072,849 41,725,5

i ph thu TNDN hon li 52(4,294,786,326

)

(3,221,089,745

)

(2,147,393,163

)

(1,073,696,582

)

i nhun sau thu TNDN (60 = 50 - 51 - 52) 60105,653,659,63

0

123,277,911,93

2

123,859,816,26

6

131,548,132,18

1

125,176

: Tng s c phiu 18,531,620 18,531,620 18,531,620 18,531,620 18,5i c bn trn c phiu 70 5,701 6,652 6,684 7,099


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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%

Hng tn kho

Vng quay gi vn hng bn/hng tn kho 7.2943 10.3497 7.2782 4.4749

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

Khu haoTSC hu hnh tng thm 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%

Ti sn c nh v hnh

Nguyn gi TSC v hnh tng thm 1,165,831,574 0 3,084,147,000 3,031,076,000

Khu hao TSC v hnh tng thm 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%

N PHI TRVng 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%

VN CH S HU

T s vn ch s hu/tng ti sn 22.21% 60.00% 56.82% 55.34%

Ta cng bit c t l chia c tc qua cc nm nh sau:

2004 2005 2006 2007

Li nhun rng sau thu 17,328,239,323 34,013,404,450 47,421,437,317 53,633,026,705

C tc c chia 9,720,000,000 16,200,000,000 24,300,000,000 30,325,908,600

T l chia c tc 56.09% 47.63% 51.24% 56.54%

T l li nhun gi li 43.91% 52.37% 48.76% 43.46%


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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 HNCc khon phi thu ngn hn

Vng quay doanh thu thun/phi thu khch hng ngn hn 16.84

Vng quay gi vn hng bn/tr trc cho ngi bn 11.81

T s d phng phi thu ngn hn kh i/khon phi thu ngn hn 4.89%

Hng tn kho

Vng quay gi vn hng bn/hng tn kho 4.50

TI SN DI HN

Ti sn c nh hu hnh

T s nguyn gi TSC hu hnh tng thm/doanh thu thun 1.95%

T s khu hao tng thm/nguyn gi TSC hu hnh nm trc 9.50%

Ti sn c nh v hnh

T s nguyn gi TSC v hnh tng thm/doanh thu thun 0.27%

T s khu hao tng thm/nguyn gi TSC v hnh nm trc 10.30%

N PHI TR

Vng quay gi vn hng bn/phi tr cho ngi bn 35.50

Vng quay doanh thu thun/ngi mua tr tin trc 250.00

VN CH S HU

T s vn ch s hu/tng ti sn 55.00%

T s n di hn/tng ti sn 26.00%

T l li nhun gi li 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 sdng 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.

Bc 5: D phng ti sn c nh hu hnh, bao gm:


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+ D phng nguyn gi tch ly ca ti sn c nh, cng thc d phng:

Nguyn gi TSC nm nay = Gia tng trong nguyn gi trong nm

nay+Nguyn gi TSC nm trc

Trong :Gia tng trong nguyn gi nm nay=Doanh thu nm nay x T l gia tng

nguyn gi c tnh

(T l gi tng nguyn gi c tnh ca chng ta l 1.95%)

+ D phng gi tr khu hao ly k, cng thc:

Khu hao nm nay=Khu hao tng thm+Khu hao nm trc

Trong :

Khu hao tng thm=Nguyn gi nm trc x T l khu hao

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 ding. 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.

=> n y, ta d phng c tng ti sn di hn.


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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:

Li nhun cha chia nm nay

Phan Tich Cong Ty Duong Bien Hoa

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