Tieu Luan Phan Tich Tai Chinh Cong Ty Co Phan Song Da 5

8/3/2019 Tieu Luan Phan Tich Tai Chinh Cong Ty Co Phan Song Da 5

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I HC QUC GIA THNH PH H CH MINH

TRNG I HC BCH KHOA

KHOA QUN L CNG NGHIP

-------------------------

B mn:

TI CHNH DOANH NGHIP

CBHD: TS. NGUYN THU HIN

Nhm

1. Nguyn Th Huyn Trn

2. Trn Th Mai Sng

3. Nguyn i Ngc

4. Nguyn Vn Trng

5. Trn Vn Trng

6. Nguyn Vn c Thng

Thnh ph H Ch Minh, 04 -10 -2011


2/29

Nhn xt ca gio vin hng dn GVGD: TS. Nguyn Thu Hin

PHN NHN XT CA GIO VIN HNG DN

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[Bi tp nhm Ti Chnh Doanh Nghip SD5] Page i


3/29

Mc lc GVGD: TS. Nguyn Thu Hin

MC LC

MC LC .................................................................................................................................. ii

DANH MC BNG ................................................................................................................. iii

DANH MC HNH .................................................................................................................. iii

[Bi tp nhm Ti Chnh Doanh Nghip SD5] Page ii


4/29

Danh mc bng Danh mc hnh GVGD: TS. Nguyn Thu Hin

DANH MC BNG

MC LC .................................................................................................................................. ii

DANH MC BNG ................................................................................................................. iii

DANH MC HNH .................................................................................................................. iii

DANH MC HNH

MC LC .................................................................................................................................. ii

DANH MC BNG ................................................................................................................. iii

DANH MC HNH .................................................................................................................. iii

Gii thiu v cng ty c phn sng 5

1.1.Tn giao dch: CNG TY C PHN SNG 5

1.2.M chng khon: SD5 - nhm ngnh: Xy dng

1.3.Vn iu l hin ti: 60.940.000.000 ng

1.4. Lch s hnh thnh:

- Cng ty c phn Sng 5, tin thn l Cng ty Xy dng thu in Vnh Sn.

Cng ty l doanh nghip Nh nc n v thnh vin ca Tng cng ty Sng

chuyn i thnh Cng ty c phn Sng 5 theo Quyt nh s 1720/Q BXD

ngy 04/11/2004 ca B trng B Xy dng.- T ngy 13/12/2006 Cng ty c phn Sng 5 c chp thun ng k giao

dch c phiu ti Trung trm giao dch chng khon H Ni theo Quyt nh s

74/Q-TTGDCKHN ca Trung Tm giao dch chng khon H Ni

1.5.Ngnh ngh kinh doanh

Xy dng cng trnh cng nghip, nh cc loi;

- X l cng trnh bng phng php khoan phun, khoan pht; Thi cng bng

phng php khoan, n mn;

- Xy dng cng trnh ngm di t, di nc, cng trnh ng b;

- Khai thc, sn xut, kinh doanh: in, vt t, vt liu xy dng, cu kin b

tng, cu kin kim loi, ph tng xe my, thit b, ph kin xy dng;

- u t, xy dng, lp t v vn hnh nh my thy in va v nh;

- Mua, bn, nhp khu: vt t, ph tng, xe my, thit b th cng;

- u t ti chnh vo cc Cng ty con, Cng ty lin kt;

- Nhn y thc u t ca cc t chc v c nhn;

[Bi tp nhm Ti Chnh Doanh Nghip SD5] Page iii


5/29

Danh mc bng Danh mc hnh GVGD: TS. Nguyn Thu Hin

- Kinh doanh bt ng sn, quyn s dng t thuc ch s hu, ch s dng

hoc i thu.

1.6. Thng tin lin h

a ch: Tng 5, thp B, ta nh HH4 khu th Sng M nh, x M nh,

huyn T Lim, H Ni.in thoi: 84-(04) 2225 5558 Fax: 84-(04) 2225 5558

Ngi pht ngn: ng Nguyn Mnh Ton thnh vin HQT

Email:[email protected]

Website:http://songda5.com.vn/

[Bi tp nhm Ti Chnh Doanh Nghip SD5] Page iv
mailto:[email protected]://songda5.com.vn/http://songda5.com.vn/mailto:[email protected]


6/29

Phn 1: Gii thiu v cng ty GVGD: TS. Nguyn Thu Hin

Phn 1. Phn tch ti chnh2.1. Nhm t s thanh khon

1.1.1. T s thanh ton hin hnh

Trong phm vi bi tp nhm chng ta phn tch tnh hnh ti chnh ca cng ty

Sng 5 trong 3 nm 2008, 2009, 2010 nh gi thnh qu ca cng ty trong

nhng nm va qua. Vic so snh cc t s ti chnh vi cc t s ca ngnh xc

nh v th ca cng ty Sng 5. Bng s so snh ny ta s thy c sc mnh ti

chnh ca cng ty so vi cc i th cnh tranh v gii thch c s thnh cng hay

tht bi ca cng ty. Khi hiu c tnh hnh ti chnh trong qu kh l bc m

u a ra nhng hoch nh a ra nhng m hnh k hoch ti chnh cho

nhng nm tip theo. Trong phm vi bi tp nhm, nhng thnh vin tho lun v a

ra nhng hoch nh ti chnh trong 3 nm 2011, 2012, 2013 cho Cng ty Sng 5.

y l ch s o lng kh nng doanh nghip p ng cc ngha v ti chnhngn hn. Ch s ny cng thp tc l doanh nghip cng gp kh khn i vi vic

thc hin cc ngha v thanh ton ca mnh v cng l du hiu d bo trc nhng

kh khn v ti chnh s xy ra. Nu mt ch s thanh ton hin hnh cao iu c

ngha l cng ty lun sn sng thanh ton cc khon n. Tuy nhin, nu ch s thanh

ton hin hnh qu cao cng khng lun l du hiu tt, bi v n cho thy ti sn ca

doanh nghip b ct cht vo ti sn lu ng qu nhiu v nh vy th hiu qu s

dng ti sn ca doanh nghip l khng cao (V d: c qu nhiu tin mt nhn ri, n

phi i, hng tn kho ng). Ta phn tch t s thanh ton hin hnh ca cng tySng 5 trong 3 nm 2008, 2009, 2010:

Bng 2.1. T s thanh ton hin hnh ca cng ty Sng 5

STT T sNm2008

Nm2009

Nm2010

Ngnhnm 2010

1T s thanh ton hin hnhRC = TSNH/NNH

1,1 1,18 1,66 1,44

1.101.18

1.66

1.44

0.00

0.20

0.40

0.60

0.80

1.00

1.20

1.40

1.60

1.80

2008 2009 2010 Ngnh nam 2010

T?S? THANH TON HI?N TH? I

Hnh 2.1. T s thanh ton hin hnh ca cc cng ty Sng 5

[Bi tp nhm Ti Chnh Doanh Nghip SD5] Page 5


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Cc t s thanh ton ca cng ty trong 3 nm u tnh trng tt (>1) cho thy

tnh hnh ti chnh ca cc cng ty n nh, d dng thanh ton cc khon n khi cn

thit. Tuy nhin, nu so snh vi trung bnh ngnh (t s thanh ton hin hnh ca

ngnh l 1.31) th ta thy nm 2010 c t s thanh ton cao hn trung bnh ngnh, cn

hai nm 2008 v 2009 thp hn trung bnh ngnh. Trong 3 nm t s t s thanh tonc xu hng tng tuy nhin s dao ng khng qu ln, nm 2010 t s thanh ton

hin hnh kh cao so vi 2 nm cn li l do thi gian ny khon n ngn hn ca

Cng ty thp.Nm 2008 v nm 2009, tnh hnh kinh t trong nc v th gii c

nhiu bin ng, lm pht tng cao, gi c mt s loi vt t chnh tng t bin, th

trng tin t din bin phc tp, chnh sch tht cht cho vay ca cc ngn hng v

cc t chc tn dng gy khng t kh khn v vn u t v SXKD nh hng

trc tip n tnh hnh thc hin k hoch SXKD ca Cng ty. Do , Cng ty c nhu

cu s dng ti sn tin mt chuyn thnh chi ph sn xut, iu ny lm gim tngti sn lu ng nn t s thanh ton hin hnh gim so vi cc nm trc.

Bn cnh , ta cng xt n ri ro c th ca ngnh xy dng l thi gian thi

cng ko di, vic nghim thu, bn giao c thc hin theo tng giai on, cc cng

trnh thi cng xy dng thng l cc cng trnh c quy m ln nn pht sinh thng

xuyn nhu cu tn dng ngn hn, Do , ch nn duy tr t s ny mc thp so vi

cc ngnh khc. Mc d, t s ny thp hn khng nhiu so vi t s ngnh iu

th hin cng ty ang gim t kh nng thanh ton n nhng khng ng quan tm v

cng ty ang s dng hiu qu ti sn ngn hn vo u t v sn xut.

1.1.2. T s thanh ton nhanh

Ch s thanh ton nhanh o lng mc thanh khon cao hn. Ch nhng ti sn

c tnh thanh khon cao mi c a vo tnh ton. Hng tn kho v cc ti sn

ngn hn khc c b ra v khi cn tin tr n, tnh thanh khon ca chng rt

thp. Do , t s ny c mc nh gi tnh thanh khon chnh xc hn.

Bng 2.2. T s thanh ton nhanh ca cng ty Ha Bnh

STT T s Nm2008 Nm2009 Nm2010 Ngnh nm2010

1T s thanh ton nhanh: Rq =(TSNH HTK)/NNH

0,29 0,62 0,89 0,86



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1.10 1.18

1.66

1.44

0.00

0.20

0.40

0.60

0.80

1.00

1.20

1.40

1.60

1.80

2008 2009 2010 Ngnh nam2010

T?S? THANH TON NHANH

Hnh 2.2. T s thanh ton nhanh ca cc cng ty Sng 5T s Rq qua 3 nm 2008, 2009, 2010 nh hn 1 cho nn tr ht n ngn hn

cng ty l phi thanh l hng tn kho tuy nhin trong lnh vc ngnh xy dng lm

vic ny kh kh khn v cc cng trnh ch to doanh thu khi c nghim thu

hon thnh. V vy, gi tr hng tn kho ca cng ty lun mc cao. y s l ri ro

nht l i vi cc doanh nghip c t s n ln. Trong 3 nm cho thy Rq c xu

hng tng.Nm 2008 Rq thp, tim n ri ro trong tnh hnh khng hong kinh t ko

theo tnh hnh thi cng mt s cng trnh b tr tr v tin cng nh kh nng thanh

quyt ton chm nn gi tr hng tn kho ng cao. Sang nm 2009, t s thanh tonln hn (0.62) tng ng vi kh nng thanh ton cao hn. Nm 2010 t s thanh ton

cao nht trong 3 nm (0.89) v cao hn trung bnh ngnh (0.86) nn kh nng thanh

khon cng kh tt hn so vi tnh chung ca ton ngnh.

Tm li, trong cc t s nh gi tnh thanh khon: cc t s lu ng R C, T s

thanh ton nhanh Rq c gi tr cng cao th kh nng thanh ton n ca doanh nghip

cng ln. Doanh nghip cng t chu ri ro nhng li nhun cng t i. Nh vy mi

doanh nghip u phi la chn nh i gia li nhun v kh nng thanh ton n.

2.2. Nhm t s hiu qu hot ng

ng trn gc ngn hng khi phn tch ti chnh doanh nghip chng ta quan

tm nhiu nht n cc t s thanh khon, t s n v t s trang tri li vay v cc t

s ny trc tip o lng kh nng thanh ton n v li ca khch hng. Tuy nhin

cng cn phn tch thm cc t s o lng hot ng kinh doanh ca cng ty cc

nh qun tr c c s gim st tnh hiu qu ca vic s dng ti sn trong vic to ra

doanh thu v cc phn ng v tc tr n ca khch hng. Do , cc t hot ng



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cn l thc o lng tc chuyn cc ti khon b phn thnh tin. Trong , chu

k thanh ton ca cc khon phi thu nh hng nhiu n doanh thu ca cng ty.

2.2.1. S vng quay hng tn kho

nh gi hiu qun l tn kho ca cng ty chng ta c th s dng t s hot

ng s quay hng tn kho. Ch s vng quay hng tn kho cng cao cng cho thydoanh nghip bn hng nhanh v hng tn kho khng b ng nhiu trong doanh

nghip. C ngha l doanh nghip s t ri ro hn nu nhn thy trong bo co ti

chnh, khon mc hng tn kho c gi tr gim qua cc nm. Tuy nhin ch s ny qu

cao cng khng tt v nh th c ngha l d tr nguyn liu vt liu u vo cho vic

thi cng khng dn ti khng p ng nhu cu khch hng. V vy ch s vng

quay hng tn kho cn phi ln m bo mc sn xut p ng c nhu cu

khch hng.

Bng 2.3. Vng quay hng tn kho

STT T sNm2008

Nm2009

Nm2010

Ngnhnm 2010

1S vng quay hng tn kho:GVHB/HTK

0,05 0,06 0,05 0,07

2Tng ng s ngy lunchuyn hng tn kho

2.40

3.61

4.594.86

0.00

0.50

1.00

1.50

2.00

2.50

3.00

3.50

4.00

4.50

5.00

2008 2009 2010 Ngnh nam2010

VNG QUAY HNG T? N KHO

Hnh 2.3. Vng quay hng tn kho ca cng ty Sng 5

th vng quay hng tn kho cho thy rng nm 2010 vng quay hng tn kho

cao hay s ngy lun chuyn hng tn kho kh nhanh ngha l trong iu kin nn kinh

t n nh th sn phm ca cng ty c tiu th rt nhanh iu ny cng phn nh

ng nng lc, uy tn ca cng ty trong lnh vc xy dng vi mc p ng yu

cu khch hng tt. Cc cng trnh lun p ng ng v mt tin thi cng bn giao

cng nh v cht lng cng trnh do m bo tt v mt thanh quyt ton vi ch

u t. iu ny lm tng doanh thu nhng gim gi tr hng tn kho. Ring nm



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2008, nn kinh t khng hong nn ko theo cc i tc cng kh khn v kinh t nn

tnh trng lun chuyn gi tr cng trnh thc hin thnh doanh thu cng ko di v

vy gi tr vng quay hng tn kho thp. Song song nm 2008 s lng cc cng

trnh thc hin t i hoc ch mang tnh cm chng nn nhu cu d tr nguyn vt liu

cho thi cng cng gim. So snh nm 2010 vi ngnh th gn nh tng ng, iuny th hin cng ty m bo c s cn bng trong vic lun chuyn hng tn

kho so vi cc cng ty cng ngnh

2.3. Cc t s v n by ti chnhT s n by ti chnh nh gi mc mt cng ty s dng ngun vn vay vo

cc hot ng sn xut kinh doanh. Cc t s ny th hin mc vay n ca cng ty.

Khi vay n ngn hng cn c vo cc t s ny nh gi mc ri ro v tnh li

sut cho vay. iu c ngha l cng ty cng vay nhiu li sut cng cao. i vi

cng ty, t s n gip cc nh qun tr la chn cu trc ngun vn hp l cho cng tymnh. Ngoi ra, cc ty s ny cn th hin mc ri ro v ti chnh ca cng ty. C

th mt doanh nghip vay n cng nhiu so vi tng gi tr ti sn ca doanh nghip s

c n cn n cng ln, ri ro v li nhun cng cng ln. C hai dng o lng n

vay: o lng mc n vay v o lng kh nng hon tr n vay.

2.3.1. T s n trn ti snCh s ny cho thy t l n c s dng trong tng cu trc vn ca cng ty.

Ni chung t s ny nn bin ng t 0 n di 1. Nu bng 1 hoc ln hn 1 c

ngha l ton b gi tr ti sn ca cng ty khng tr n v thc t cng ty s phsn ngay nu cc ch n i n cng mt lc.Nhng lu , Cng ty tn dng vn vay

gia tng li nhun cho cc c ng cng nn gi mt t l vay thch hp pht

trin n nh bn vng, hn ch cc ri ro ti chnh.

Bng 2.4. T s n trn ti sn

STT T sNm2008

Nm2009

Nm2010

Ngnhnm 2010

1T s n trn TS (Debt ratio):Rd = Tng n vay/Tng ti sn

0,83 0,78 0,49 0,62



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0.830.78

0.49

0.62

0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

0.9

2008 2009 2010 Ngnh nam2010

T?S? N?

Hnh 2.4. T s n trn ti sn ca Cng ty Sng 5

Nhn vo th ta thy, cng ty c ch s n cao trong 2 nm 2008 v 2009 (cao

hn so vi ngnh), cc t s ny th hin mc ri ro v ti chnh ca cng ty cao,doanh nghip vay n nhiu so vi tng gi tr ti sn ca doanh nghip nn n cn n

ln, ri ro v li nhun cng cng ln. Nm 2010 vi ch s n trn ti sn thp nht

trong 3 nm v thp hn so vi ngnh, cng ty hon ton c th vay vn vi li th v

li sut so vi 2 nm 2008 v 2009. Do , cng ty ang trong giai on nhn hng

lot cng trnh c quy m ln i hi ngun vn nhiu nn cn thit tn dng ngun

vn vay cho hot ng sn xut thi cng.

2.3.2. T s kh nng thanh ton li vay

L loi t s phn nh mi quan h gia kh nng trang tri chi ph v chi ph tichnh cng ty phi gnh chu. Chi ph ti chnh thng gp l li vay. Phn tch t s

kh nng thanh ton li vay l o lng kh nng m li nhun pht sinh do s dng

vn m bo thanh ton li vay hng nm ca cng ty nh th no.

Bng 2.5. T s kh nng thanh ton li vaySTT T s Nm 2008 Nm 2009 Nm 2010

1Ch s kh nng thanh ton li vay:Thu nhp trc thu v li vay (EBIT)/

li vay

2,18 3,36 2,87



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2.18

3.36

2.87

0

0.5

1

1.5

2

2.5

3

3.5

2008 2009 2010

T?S? KH? NANG THANH TON LI VAY

Hnh 2.5. T s kh nng thanh ton li vay ca Cng ty Sng 5

Nhn vo th ta c th thy l t s thanh ton li vay ca Cng ty trong nm2008 thp nht trong 3 nm, nm 2008 nn kinh t khng hong ko theo s lng

cng trnh thc hin t i hoc ch mang tnh cm chng nn li nhun hot ng ca

Cng ty thp. Sang nm 2009 v 2010, nn kinh t dn dn c nhng bc chuyn

bin tch cc, hot ng trong lnh vc xy dng c u t nhiu hn v pht trin,

Cng ty t c li nhun hot ng trc thu v li vay cao. Nm 2009 l c t s

thanh ton li vay cao nht chng t trong nm 2009 Cng ty hot ng tt, t c

li nhun rng sau thu cao nht trong 3 nm.

2.4. Nhm t s kh nng sinh liT s sinh li o lng li nhun ca cng ty vi cc nhn t khc to ra li

nhun nh vn c phn, tng ti sn, doanh thu. Loi t s ny bao gm cc ch tiu

sau:

2.4.1. Bin li nhun (Net profit margin ratio)

T s ny chu nh hng ca li nhun rng v cc chi ph hot ng, chi ph tr

li, thu. T c th thy c t s ny thp hay cao l do u m c bin php iu

chnh.Bng 2.6. T s bin li nhun

STT T sNm2008

Nm2009

Nm2010

Ngnhnm 2010

1T s bin li nhun =Thu nhp rng / Tng doanh thu

0,053 0,058 0,052 0,07



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0.05

0.06

0.05

0.07

0

0.01

0.02

0.03

0.04

0.05

0.06

0.07

2008 2009 2010 Ngnh nam2010

BIN L? I NHU?N

Hnh 2.6. T s bin li nhun

T th c th thy t l li nhun rng trn doanh thu ca Cng ty cao nhtvo nm 2009, ng thi t s li nhun so vi doanh thu ca Cng ty kh thp so vi

ngnh. iu ny c th gii thch v ngun vn vay ca Sng 5 c chi ph cao hn

so vi ngnh hoc l li nhun hot ng thp hn ngnh. iu ny cho thy kh nng

qun l chi ph cha tt ca Cng ty.

2.4.2. Sut sinh li trn tng ti sn (Return On Total Asset Ratio ROA)

Sut thu li ca ti sn c gi l sut sinh li ca vn u t ROI, l thc o

hiu qu qun l to li nhun i vi tng ti sn hin c ca doanh nghip. T s

ny o lng kh nng sinh li so vi ti sn, hay ni khc i t s ny cho bit 1$

ng gi tr ti sn ca cng ty to ra bao nhiu ng li nhun. Li nhun s dng

trong cng thc tnh ton c th l li nhun trc thu hoc li nhun rng sau thu,

ty theo mc tiu phn tch. Chng hn, i c ng thng quan tm n phn li

nhun h c phn chia nn khi tnh ton ch tiu li nhun so vi ti sn thng s

dng li nhun rng sau thu.

Bng 2.7. Sut sinh li trn tng ti sn

STT T s Nm2008 Nm2009 Nm2010 Ngnhnm 2010

1T sut sinh li trn tng ti sn:ROA = LNR/TS

0,07 0,08 0,09 0,06



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0.07

0.08

0.09

0.06

0

0.01

0.02

0.03

0.04

0.05

0.06

0.07

0.08

0.09

2008 2009 2010 Ngnh nam2010

ROA

Hnh 2.7. Biu sut sinh li trn tng ti sn

T th ta thy rng ROA tng u trong 3 nm v cao hn so vi ngnh.iu ny cho thy hiu qu hot ng ca Cng ty trong vic s dng ti sn c nh

hin c cao.

2.4.3. Sut thu li ca vn ch s hu (Return On Equity Ratio ROE)

Thc o li nhun thu c t vn ch s hu (c c phn thng ln c phn

u i) u t vo doanh nghip.

Bng 2.8. Sut sinh li ca vn ch s hu

STT T sNm2008

Nm2009

Nm2010

Ngnhnm 2010

1T sut sinh li trn vn cphn: ROE = LNR/VCP

0,4 0,38 0,19 0,17

0.40.38

0.190.17

0

0.05

0.1

0.15

0.2

0.25

0.3

0.35

0.4

2008 2009 2010 Ngnh nam2010

ROE

Hnh 2.8. Biu sut sinh li trn c phn



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ROE cao hn so vi ngnh ngha l cng ty c cu trc ngun vn thch hp nn

c hiu qu v li nhun rng trn vn c ng cao. Tuy nhin vic ROE gim nhiu

trong nm 2010 so vi 2 nm 2008 v 2009 chng t rng hiu qu s dng vn c

phn ca cng ty tuy cao hn hiu qu chung ca ton ngnh nhng li ang st gim

so vi chnh kh nng ca cng ty cng ty cn cu trc li ngun vn c phn t c hiu qu s dng ngun vn ny l cao nht.

2.5. Cc t s gi th trng (Market Value Ratio)

Cc nh u t c phn thng c bit quan tm n cc gi tr m c phn nh

gi tr th trng ca c phn. C th l vi gi tr sau:

2.5.1. Thu nhp mi c phn (EPS Earning per share)

y l i lng quan trng quyt nh gi c phn v n th hin thu nhp ca

nh u t c phn.Bng 2.9. Thu nhp mi c phn

STT T s Nm 2008 Nm 2009 Nm 2010

1Thu nhp mi c phn:EPS = TNRCT/S CPT

8.276 11.211 8.763

8276

11211

8163

5858

0

2000

4000

6000

8000

10000

12000

2008 2009 2010 Ngnh nam2010

EPS

Hnh 2.9. Biu thu nhp trn mi c phn

Nhn chung, gi tr li nhun trn mi c phiu ca Cng ty trong 3 nm u cao

hn so vi ngnh, l du hiu cho thy cng ty lm n kh tt, to c uy tn v thu

ht c cc nh u t mua c phiu ca Cng ty. Vi nhng phn tch trn, nm

2009 c t s bin li nhun cao nht, hiu qu hot ng cao nn li nhun trn mi

c phiu cng tng cao. Nm 2008 l nm y bt n v phc tp v gi c, li sut

ngn hng. Gi c u vo ca ngnh xy dng gm nguyn vt liu xy dng, nhn

cng, xng du, vn chuyn, c bit st thp, gch xy, ximng, , ct tng rt cao



16/29


trong 2 qu u nm. Ch s gi tiu dng nm 2008 tng 22,97%. Hn na, li sut

cho vay ca ngn hng tng t bin t khong 12% ln n 21%, y chi ph li vay

tng cao. Nhng yu t trn y gi thnh xy dng tng cao, cng vi li sut tng v

vic sit cht tn dng dn n th trng a c ng bng. Cc ch u t gin

tin hoc gim mc u t nn nh hng n doanh thu v li nhun cacng ty.

2.6. Phn tch Dupont

Ta da vo bng thng k cc d liu phn tch Dupont thy c mt cch

tng qut hn v tnh hnh ti chnh ca cng ty.

Bng 2.10.Cc ch s phn tch DupontSTT T s Cch tnh Nm 2008 Nm 2009 Nm 2010

1 Doanh thu (1)

952.707.049.91

2

1.174.966.939.64

8 1.291.224.631.0072 Li rng (2) 67.683.330.977 68.321.327.124 50,432,402,384

3 Tng ti sn (3)746.959.789.72

5819.924.422.939 716.524.405.994

4T sut sinhli trndoanh thu

(4)=(2)/(1)0,053 0,058 0,052

5Vng quayti sn

(5)=(1)/(3)1,275 1,426 1,686

6 ROA (6)=(4)x(5) 0,07 0,08 0,09

7Tha svn c ng(EM)

(7)5,964 4,587 2,102

8 ROE (8)=(6)x(7) 0,4 0,38 0,19

Nm 2008 b nh hng bi khng hong kinh t, mc d sut sinh li trn ti

sn ROA thp nhng h s n by (tha s vn c ng) cao nn sut sinh li trn

vn c ng ROE cao nht trong 3 nm. iu ny c ngha nm 2008, Cng ty c cu

trc ngun vn thch hp nn hiu qu s dng ngun vn vay u t rt tt. Sang

nm 2009, cng ty qua c giai on khng hong nn u t c hiu qu, t cli nhun cao nht trong 3 nm do t s li nhun trn doanh thu cng cao nht, cc

t s li nhun trn tng ti sn, h s n by v t s li nhun trn vn c ng

cng kh cao. Nm 2010, cng ty c li rng thp hn so vi 2008 v 2009, tuy nhin

t s vng quay ti sn cao nn t c sut sinh li trn ti sn cao nht trong 3

nm. Mt iu ng ch l nm 2010 tha s vn c ng ca Cng ty thp nn dn

ti t s sut sinh li trn vn thp, iu ny th hin vic s dng vn u t ca

Cng ty trong nm 2010 cha tht s hiu qu.



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Phn 2: Phn tch ti chnh GVGD: TS. Nguyn Thu Hin

Phn 2. Hoch nh ti chnh

hoch nh ti chnh ca doanh nghip, ta cn a ra gi nh Doanh thu, gi

vn hng bn v li nhun ca doanh nghip trong cc nm tip theo.

3.1 Mt s thng tin lin quan nh hng n doanh thu v li nhun ca SD5trong nhng nm ti.

3.1.1. c im hot ng ca Cng ty SD5

Cng ty c phn Sng 5, vi ngnh ngh kinh doanh ca cng ty gm lnh vc

thi cng xy lp cc cng trnh Thu in, thi cng cu ng, o thi cng hm,

khoan phun gia c, x l nn mng cng trnh. Cng ty c phn Sng 5 v

ang tham gia xy dng nhiu cng trnh trng im ln ca t nc nh: Thu in

Vnh Sn, Thu in Yaly, Thu in Cn n, Thu in Ssan 3A, Thu in

Tuyn Quang, Thu in Bn V, Thu in Sn La, Thy in Lai Chu, Nh my Xi

mng Sng Yaly, Xi mng Diu Tr

Hin nay Cng ty l doanh nghip ng u trong ngnh thi cng b tng vi

khi ln. Cng ty v ang u t dy chuyn sn xut b tng m ln thi

cng p b tng m ln ti cng trnh thu in Sn La, y l cng ngh hon ton

mi v phc tp, ln u c p dng ti Vit Nam. Cng ty vt tri v tt c cc mt

nh thng hiu, quy m, cng ngh trnh tay ngh v kinh nghim ca ngi

lao ng, th trng, chin lc pht trin

3.1.2. Doanh thu v li nhun n nhTheo bo co ti chnh ca Cng ty trong 3 nm gn nht th Doanh thu ca Cng ty

lun duy tr mc cao (hn 1000 t ng). Nu xt t l li nhun sau thu/ doanh thu th

t l ny ca SD5 c duy tr trong khong 5.4-6%, Nhm nh gi y l mt con

s rt cao i vi mt doanh nghip hot ng trong ngnh xy dng nh SD5 v

SD5 s c kh nng duy tr t l ny trong nhiu nm ti.

Li th ln t cng ngh hin i. Hin ti, SD5 l mt trong s t doanh nghip ti

Vit Nam s hu dy chuyn sn xut b tng m ln lin hon cng ngh ca c,

Nht, Php v cc thit b nhp trc tip t cc nc EU c tnh n nh rt cao. Nh vy,cht lng thi cng ca SD5 lun t mc rt tt, y l yu t quyt nh gip SD5

khng nh l doanh nghip s 1 ti Vit Nam v thi cng cc cng trnh m ln phc

tp v cng l li th ln gip SD5 thng thu thi cng c gii trong nhng cng trnh

ln c tnh cht quan trng nh thy in Sn La, thy in Lai Chu v cc d n c s



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dng vn FDI, nhng cng trnh ln ny i li em li doanh thu v li nhun n nh

cho SD5.

3.1.3. Li th ln v chi ph

Dy chuyn sn xut b tng m ln ca SD5 c u t vi s vn ban u l

20 triu EUR vo nm 2007 phc v cho d n xy dng thy in Sn La v hinang c chuyn n phc v d n Thy in Lai Chu. Cng ty thc hin chnh

sch khu hao nhanh cho cc thit b ln. Nhng thit b quan trng nht nh bng ti,

trm trn lnh, thit b iu khin u c khu hao ti 95% trong vng 4 nm k t

2007 ti nay.

Nm 2011 v cc nm tip theo, khi dy chuyn trn b tng m ln c khu

hao ht, SD5 s ct gim ng k chi ph khu hao, vn chim khong 15% trong tng

chi ph gi vn hng bn ca SD5.

3.1.4. Li th v thu

Nm 2005 n v chuyn i t hnh thc doanh nghip nh nc sang Cng ty c

phn nn c min 2 nm u (nm 2005,2006) v gim 50% trong 8 nm tip theo

theo quy nh ca Lut thu TNDN hin hnh.

Bn cnh , lnh vc hot ng ca doanh nghip thuc loi lnh vc c u i v

thu sut thu nhp doanh nghip. Theo bo co ti chnh kim ton ca cc nm, c th l

nm 2010 trong tng thu nhp ch thu l 77.82 t th khong thu nhp chu thu c

hng thu sut u i 5% l 75.3 t ng (chim 96.8%), phn cn li chu thu 25%.y cng l mt li th tng i ln ca SD5.

3.1.5. Tim nng t cc mng kinh doanh khc

Hin ti, duy tr hot ng kinh doanh sau khi cc d n thy in hon

tt, SD5 d kin chuyn sang cc mng kinh doanh khc, trong bao gm pht

trin bt ng sn, thi cng ng b v pht trin in ht nhn do Tng cng ty Sng

u t trong SD5 s thc hin cng trnh ngm.

3.2 D bo doanh thu v li nhun



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Bng 3.1 : C cu doanh thu ca SD5

STTGi tr 2010 (t

ng)T trng

Doanh thu sn xut cng nghip 616 46%Doanh thu dch v 94 8%Doanh thu hot ng xy lp 605 46%Tng 1315 100%

(Ngun: Bo co kim ton 2010)

Doanh thu ca Cng ty thun ca Cng ty tng trng nhanh trong cc nm 2007-

2009, tuy nhin n nm 2010 doanh thu thun tng chm li (bng 10%) so vi nm

2009 l v d n Thy in Sn La ang trong giai on cui cng hon thnh,

doanh thu ca Cng ty trong nm 2011 ch yu l da vo doanh thu t d n Thy in

Lai Chu, Nm Chin, Ha Na, Bn v v mt cng trnh s tham gia u thu mi.

Da trn nh gi chung tnh hnh nn kinh t v m ca t nc s gp nhiu kh

khn trong nm 2011, lm pht v li sut tng cao, gi nguyn vt liu c xu hng tng

mnh, ngun vn cho cc d n b hn ch, vic ct gim hoc gin tin ca cc d n

c th xy ra. ng thi cn c trn k hoch trin khai cc hp ng k kt vi i

tc, HQT v ban iu hnh Cng ty ln k d kin k hoch cho nm 2011 nh sau:

Bng 3.2 : Kk hoch d kin trong nm 2011

STT Ch tiu VT Nm2010 K hoch2011 TngtrngI K hoch SXKD t

1 Doanh thu thun t 1315.8 900 -32%2 Li nhun trc thu t 72.7 603 Li nhun sau thu t 67.8 57

II K hoch u t t

1Nng cao nng lc thicng

t 7.34 75.4

2 u t ti chnh t 72 38

Ban lnh o Cng ty SD5 thn trng t k hoch SXKD ca Cng ty nm 2011

gim 32% so vi nm 2010 v nhn nh s gp nhiu kh khn trong nm 2011. Theo

nh gi ca Nhm, t nm 2012 tr i, tnh hnh kinh t v m s dn n nh, lm pht

v li sut s bt u c kim ch v do hot ng sn xut kinh doanh ca Cng ty

c th ly li tng trng.



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Nhm d bo mc tng trng ca Cng ty SD5 trong 2 nm 2012 v 2013 nh

sau:

+ Doanh thu tng 10% hng nm.

+ Li nhun bin thun d kin: 60/900=6.6% ( y l mc cao hn so vi cc

nm 2008-2010 v Cng ty s khu hao ht gi tr h thng sn xut b tng m lntrong thi gian ch gn 3 nm, gi tr s sch thit b khong 20 triu Eur. Do gi vn

s gim mnh do ch ph khu hao gim v lm tng li nhun bin thun).

+ u t my mc thit b nng cao nng lc thi cng: D kin khong 70 t/nm

+ Mc u t ti chnh: d kin 38 t/nm (bng 2011)

+ Cc ti khon ngn hn gm: Khon phi thu, khon phi tr, tn kho hng ha d

kin s thay i theo t l tng trng doanh thu.

+ Ti sn n di hn d kin khng thay i theo t l tng trng doanh thu.

+ Ti sn c nh s thay i ph thuc vo chi ph khu hao v mc u t thit b

my mc thi cng, nh xng theo d kin.

3.3 Bo co ti chnh d kin cho 03 nm (2011-2013)



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Phn 3: Hoch nh ti chnh GVGD: TS. Nguyn Thu Hin

Bng 3.3

:Bo co kt qu hot ng kinh doanh

n v tnh: T ng

BO CO KT QU HOT NG KINH DOANH

2008 2009 2010 2011F 2012F 2013F

1 Doanh thu bn hng v cung cp dch v 952,707.05

1,194,042.95

1,315,819.32

900,000.00

1,035,000.00

1,190,250.00

2 Cc khon gim tr doanh thu 264.23 387.32 147.37

3Doanh thu thun v bn hng v cung

cp dch v

952,442.8

2

1,193,655.6

3

1,315,671.9

5

900,000.0

0

1,035,000.0

01,190,250.00

4 Gi vn hng bn807,050.8

4

1,029,526.5

6

1,126,395.9

8

760,283.3

2874,325.82 1,005,474.69

5Li nhun gp v bn hng v cung cp

dch v

145,391.9

8164,129.07 189,275.97

139,716.6

8160,674.18 184,775.31

6 Doanh thu hot ng ti chnh 1,956.99 3,779.94 3,029.35 2,072.03 2,382.83 2,740.26

7 Chi ph ti chnh 56,506.43 41,038.29 45,710.80 31,265.48 35,955.30 41,348.598 Trong : Chi ph li vay 42,764.42 29,062.14 38,990.97 26,669.22 30,669.60 35,270.04

9 Chi ph bn hng 2.73 1.87 2.14 2.47

10 Chi ph qun l doanh nghip 41,347.31 57,408.82 74,948.00 51,263.27 58,952.76 67,795.67

11Li nhun thun t hot ng Kinh

doanh49,495.24 6,946.19 71,643.79 59,258.10 68,146.81 78,368.83

12 Thu nhp khc 1,067.96 2,132.08 1,146.16 783.95 901.55 1,036.78



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13 Chi ph khc 130.80 1,689.50 61.48 42.05 48.36 55.61

14 Li nhun khc 937.16 442.58 1,084.68 741.90 853.19 981.17

15 Tng li nhun trc thu 50,432.40 69,904.49 72,728.47 60,000.00 69,000.00 79,350.00

16 Chi ph thu doanh nghip hin hnh 5,045.14 3,000.00 3,450.00 3,967.50

17 Li nhun sau thu TNDN 50,432.40 69,904.49 67,683.33 57,000.00 65,550.00 75,382.50

18 LI C BN TRN C PHIU 8,267 11,471 8,163 6,333 7,283 8,376

Bng 3.4 :Bng cn i k ton

n v tnh: T ng

BNG CN I K TON D KIN

TI SN 2008 2009 2010 2011F 2012F 2013F Ghi ch

A- Ti sn ngn hn 457,228 587,331 520,076 354,724 407,933 469,123

I. Tin v cc khon tng ng tin 13,814 2,852 9,260 6,333 7,283 8,376 Tng theo phn

trm DT

1. Tin 13,814 2,852 9,260 6,333 7,283 8,376

2. Cc khon tng ng tin

II. Cc khon u t ti chnh ngn

hn

III. Cc khon phi thu ngn hn 97,535 285,906 252,435 172,662 198,561 228,345Tng theo phn

trm DT

1. Phi thu khch hng 77,896 184,212 231,704 158,482 182,254 209,593



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2. Tr trc cho ngi bn 19,004 96,084 22,192 15,179 17,456 20,074

3. Phi thu ni b ngn hn

4. Phi thu theo tin k hoch

hp ng XD

5. Cc khon phi thu khc 635 5,610 4,207 2,877 3,309 3,805Tng theo phn

trm DT

6. D phng phi thu ngn hn khi

(5,668) (3,877) (4,459) (5,128)

IV. Hng tn kho 336,884 280,301 240,221 164,308 188,954 217,297 Tng theo phn

trm DT

1. Hng tn kho 336,884 280,301 240,221 164,308 188,954 217,297

2. D phng gim gi hng tn

kho

V. Ti sn ngn hn khc 8,994 18,271 18,160 12,421 14,284 16,427 Tng theo phn

trm DT

1. Chi ph tr trc ngn hn

2. Thu GTGT c khu tr 4,900 2,294 10,885 7,445 8,562 9,846Tng theo phn

trm DT

3. Thu v cc khon khc phi thu

Nh nc728

4. Ti sn ngn hn khc 3,365 15,977 7,275 4,976 5,722 6,581Tng theo phn

trm DT



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B- Ti sn di hn 289,732 232,594 196,449 217,054 262,782 293,502

I. Cc khon phi thu di hn

II. Ti sn c nh 263,834 205,135 80,964 63,570 109,297 140,018

1. Ti sn c nh hu hnh 263,166 200,997 76,213 60,320 105,560 135,720

TSC c khu

hao ht. u t

thit b, nng cao

nng lc sx- Nguyn gi 492,598 573,870 597,775 75,400 150,800 226,200

- Gi tr hao mn lu k (229,433) (372,872) (521,563) (15,080) (45,240) (90,480)

2. Ti sn c nh thu ti chnh

3. Ti sn c nh v hnh

- Nguyn gi 1,105 1,105 1,105 1,105 1,105 1,105

- Gi tr hao mn lu k (1,105) (1,105) (1,105) (1,105) (1,105) (1,105)

4. Chi ph xy dng c bn d dang 668 4,138 4,751 3,250 3,737 4,298Tng theo phn

trm DT

III. Bt ng sn u tIV. Cc khon u t ti chnh di hn 25,899 27,459 115,484 153,484 153,484 153,484

1. u t vo cng ty con 62,000 100,000 100,000 100,000Gp vn vo cng

ty Sng 505

2. u t vo cng ty lin kt, lin

doanh8,140 9,710 8,140 8,140 8,140 8,140 Ly bng 2010

3. u t di hn khc 17,759 17,749 45,345 45,345 45,345 45,345 Ly bng 2010 +



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K hoch u t

2011

4. D phng gim gi u t ti

chnh di hn

V. Ti sn di hn khc

TNG CNG TI SN 746,960 819,924 716,524 571,778 670,714 762,625

NGUN VN

A- N phi tr 621,708 641,984 352,278 306,693 321,492 338,512

I. N ngn hn 415,431 496,010 313,321 267,736 282,535 299,555

1. Vay v n ngn hn 136,555 209,797 169,071 169,071 169,071 169,071Ly bng gi tr

2010

2. Phi tr ngi bn 89,875 90,553 61,274 41,910 48,197 55,427Tng theo phn

trm DT

3. Ngi mua tr tin trc 145,255 84,927 36,751 25,137 28,908 33,244Tng theo phn

trm DT

4. Thu v cc khon phi np Nh

nc6,349 30,082 13,123 8,976 10,322 11,870

Tng theo phn

trm DT

5. Phi tr ngi lao ng 13,229 17,455 18,292 12,511 14,388 16,546Tng theo phn

trm DT

6. Chi ph phi tr 5,034 2,403 1,083 741 852 980Tng theo phn

trm DT



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7. Phi tr ni b

8. Phi tr theo tin k hoch hp

ng xy dng

9. Cc khon phi tr, phi np ngn

hn khc19,133 60,794 7,871 5,384 6,191 7,120

Tng theo phn

trm DT

10. D phng phi tr ngn hn

11. Qy khen thng phc li 1,016 2,121 5,856 4,005 4,606 5,297 Tng theo phntrm DT

II. N di hn 206,277 145,974 38,957 38,957 38,957 38,957 Khng i theo

DT

1. Phi tr di hn ngi bn

2. Phi tr di hn ni b

3. Phi tr di hn khc

4. Vay v n di hn 206,118 145,554 38,065 38,957 38,957 38,957

5. Thu thu nhp hon li phi tr

6. D phng tr cp mt vic lm 159 420 8937. D phng phi tr di hn

III. N khc

B- Vn ch s hu 125,252 177,941 364,247 357,164 395,831 445,699

I. Vn ch s hu 124,236 175,820 364,247 357,164 395,831 445,699

1. Vn u t ca ch s hu 60,940 60,940 90,000 90,000 90,000 90,000Khng i theo

KH



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2. Thng d vn c phn 116,115 116,115 116,115 116,115Khng i theo

KH

3. Vn khc ca ch s hu

4. C phiu qu

5. Chnh lch nh gi li ti sn

6. Chnh lch t gi hi oi

7. Qu u t pht trin 10,878 40,023 73,081 49,987 57,485 66,107Tng theo phn

trm DT

8. Qu d phng ti chnh 1,985 6,535 12,701 8,687 9,990 11,489Tng theo phn

trm DT

9. Qu khc thuc vn ch s hu 3,083 2,108 2,425 2,788Tng theo phn

trm DT

10. Li nhun sau thu cha phn phi 50,432 68,321 69,266 90,266 119,816 159,199Theo KH chia c

tc 40%

11. Ngun vn u t XDCB

TNG CNG NGUN VN 746,960 819,924 716,524 663,857 717,324 784,211

NGUN VN CN TNG THM

(AFN)-92,078 -46,609 -21,586



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- c im ca SD5 l c ngun thng d vn c phn rt ln v t sut li

nhun trn vn iu l rt cao, tuy nhin Cng ty chia t l c tc thp tip tc ti

u t sn xut. Ngun vn ch s hu chim t trng cao trong Tng ngun vn ca

doanh nghip.

- Theo nh bng cn i k ton d kin ca 03 nm ti th Tng ti sn nh hn

tng ngun vn, do Cng ty khng cn tng thm ngun vn. Do c cu ti

chnh ca SD5 c nh gi l rt an ton.



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SD5 SD7 CTD SC5 HBC S99 SDB Ngnhnam 2010

ROA

Tieu Luan Phan Tich Tai Chinh Cong Ty Co Phan Song Da 5

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Transcript of Tieu Luan Phan Tich Tai Chinh Cong Ty Co Phan Song Da 5