Phantich TCDN Cty Duong Bien Hoa

7/23/2019 Phantich TCDN Cty Duong Bien Hoa

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B Gio dc v o toTrng i hc Nguyn Tri

Bo co phn tch tnh hnh ti chnh

Cng ty c phn ng Bin Ha

H Ni, thng 2 nm 2012

H v tn: NGUYN DIU LINHLp: 09TCN

Trng: i hc Nguyn TriKhoa: Ti chnh - ngn hng v K ton


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Mc lc:I. Tng quan v cng ty

1.Gii thiu v cng ty1.1. Lch s hnh thnh v pht trin1.2. C cu t chc v b my qun l ca cng ty1.3. C cu cng trong cng ty

2.Phn khc kinh doanh2.1. Chin lc pht trin kinh doanh2.2. Hot ng Marketing

3.Mng li chi nhnh v cng ty4.Mi trng kinh t5.nh gi cng ty theo m hnh SWOT

II. Phn tch ti chnh CTCP ng Bin Ha1.Phn tch tm lc ti chnh cng ty2.Phn tch Doanh thu v Li nhun3.Hot ng c phiu trn thtrng chng khon

III. Phn tch ch s ti chnh

1. Khnng thanh ton ngn hn

2. Khnng thanh ton di hn

3. Hiu qu qun l ti sn

4. Khnng sinh li

5. Phn tch cc t s gi thtrng6. Phn tch chi ph s dng vn v c cu vn ti u

IV. Kt lun v xut

V. Ph lc (file Excel nh km)


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I. Tng quan v cng ty1. Gii thiu v cng ty

1.1.Lch s hnh thnh v pht trinCng ty c phn ng Bin Ha c xy dng tnm 1969 v tin thn

l Nh my ng 400 tn, sn phm chnh lc by gil ng ng, rumi, bao ay.- n nm 1971-1972, u t Nh my ng tinh luyn.-Nm 1994, Nh my ng Bin Ha i tn thnh Cng ty ng BinHa, l doanh nghip hch ton c lp c chc nng xut nhp khu trc tip.-Nm 1995, mrng sn xut cng ty ng Bin Ha tin hnh u tmrng cng sut sn xut ng luyn ti Bin Ha t 200 tn/ngy ln 300tn/ngy v khi cng xy dng nh my ng Ty Ninh (hin nay l Nhmy ng Bin Ha- Ty Ninh). Sau hn hai nm thit k, thi cng v lpt, Nh my ng Ty Ninh chnh thc i vo hot ng ngy26/03/1998 vi cng sut ch bin l 2500 tn ma/ngy, n nm 2001 ut nng cng sut ch bin ln 3500 tn ma/ngy.- Cng ty C phn ng Bin Ha ra i theo quyt nh s44/2001/Q-TTg ngy 27 thng 3 nm 2001 ca Thtng Chnh Ph v vic chuyndoanh nghip Nh nc Cng ty ng Bin Ha thnh Cng ty c phn.Giy chng nhn ng k kinh doanh s 4703000014 do SK hoch v u

t tnh ng Nai cp ngy 16 thng 5 nm 2001.- Cng ty c c phn nim yt ti SGiao dch chng khon Thnh ph HCh Minh theo Giy php s 79/UBCK-GPNY ngy 21 thng 11 nm 2006 caCh tch y Ban Chng khon Nh nc.

Loi chng khon: Chng khon ph thngNgy nim yt ln u: 20/12/2006

Ni nim yt hin ti: HOSEMnh gi: 10,000 ng/c phiu

Gi cho sn: 60,000 ng/c phiuKL ang nim yt hin ti: 29,997,580 c phiu

Nhng thnh tch t c:Tri qua mt qu trnh phn u y gian kh v ththch, Cng ty t

khng nh, ng vng v pht trin. ch quyt tm cao ca ton th Cn bCNV v Ban lnh o Cng ty c p li bng nhng thnh qu sau:

Cng ty c t chc BVQi cp Giy chng nhn t h thng qun l chtlng theo tiu chun ISO 9001:2000 vo ngy 03/02/2000.

Cng ty c Ch tch nc phong tng danh hiu Anh hng lao ngtrong thi ki mi vo ngy 07/11/2000.


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Cng ty l n v duy nht trong ton ngnh ng c sn phm c bnhchn lin tc trong 10 nm lin l Hng Vit Nam cht lng cao (1997-2006). Ring nm 2006 nm trong Top 100 thng hiu mnh nht Vit Namc ngi tiu dng bnh chn do bo Si Gn Tip Th t chc. Nm 2004, 2005, Cng ty c bnh chn v c trao cp vng Top 10

Thng Hiu Vit do Hi Shu cng nghip Vit Nam- Mng thng hiu

Vit bnh chn. Nm 2005, nhn danh hiu Thng hiu ni ting do Cc Shu tr tu

phi hp vi BVn ha- Thng tin bnh chn. Gn y nht Cng ty t Cp vng V s tin b x hi v pht trin

bn vng.

1.1.C cu t chc v b my qun l ca Cng tyCng ty C phn ng Bin Ha c t chc v iu hnh theo m hnh

cng ty C phn, tun ththeo cc quy nh ca php lut hin hnh.

a) i hi ng cngi hi ng cng l c quan quyn lc cao nht ca Cng ty, tonquyn quyt nh mi hot ng ca Cng ty v c nhim v:

Thng qua iu l, phng hng hot ng kinh doanh ca Cng tyBu, bi nhim Hi ng qun tr v Ban kim sot

Cc nhim vkhc do iu lCng ty quy nh.b)Hi ng qun tr(HQT)Hi ng qun tr l t chc qun l cao nht ca Cng ty c nhim v:

Bo co trc i hi ng cng tnh hnh kinh doanh, d kin phn phili nhun, li chia c phn, bo co quyt ton nm ti chnh, phng hngpht trin v k hoch hot ng sn xut kinh doanh ca Cng ty

Quyt nh c cu t chc, b my, quy ch hot ng ca Cng ty

B nhim, bi nhim v gim st hot ng ca Tng Gim c

Kin ngh sa i v bsung iu l ca Cng tyQuyt nh triu tp i hi ng cng

Cc nhim vkhc do iu lCng ty quy nh

Hi ng qun tr ca Cng ty c phn ng Bin Ha hin c 9 thnhvin bao gm: Ch tch, 2 Ph Ch tch v 7 y vin. Ch tch Hi ng quntrl ngi c trnh hc vn, kinh nghim qun l, c qu trnh hot nglu nm trong ngnh ma ng. Danh sch c th:

1. Phm Th Sum: Ch tch2. Phm nh Mnh Thu: Ph Ch tch3. Nguyn Xun Trnh: Ph Ch tch4. Nguyn Vn Lc: y Vin

5. Hunh Bch Ngc: y Vin6. Phm Cng Hi: y Vin


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7. Thi Vn Trng: y Vin8. ng Hunh c My: y Vin9. Trn Tn Pht: y Vin10.Bi Vn Lang: y Vin

c) Ban kim sot:Do i hi ng cng bu, thay mt cng kim sot mi hot ng kinhdoanh, qun trv iu hnh ca Cng ty.

Danh sch c th:1. V Vn Nhu: Trng ban2. Nguyn Vn B By: Thnh vin3. L Vn Ha: Thnh vin4. Mang Phi Hng: Thnh vin

d)Ban Gim cBan Gim c (BG) bao gm 5 thnh vin: Tng Gim c v 4 Ph TngGim c. Danh sch c th:

1. Nguyn Vn Lc: Tng Gim c2. Nguyn Thanh Cng: Ph Tng Gim c3. Bi Vn Lang: Ph Tng Gim c4. Phm Cng Hi: Ph Tng Gim c5. Nguyn Hong Tun: Ph Tng Gim c

Tng Gim cTng Gim c l ngi i din theo Php lut ca Cng ty v l ngi

iu hnh cao nht mi hot ng kinh doanh hng ngy ca Cng ty. TngGim c do HQT b nhim, min nhim, bi nhim v khng nht thitphi l cng ca Cng ty. Tng Gim c chu trch nhim trc HQT vtrc php lut v vic thc hin cc quyn v nhim vc giao. TngGim c c nhim v:T chc trin khai thc hin cc quyt nh ca HQT, k hoch kinh doanh

Kin nghphng n btr c cu t chc qun l ni bCng ty theo ngiu l Cng ty, ngh quyt i hi ng Cng v HQT;

K cc vn bn, hp ng, chng t theo s phn cp ca iu l cng tyBo co trc HQT tnh hnh hot ng ti chnh, kt qu kinh doanh v

chu trch nhim ton b hot ng ca cng ty trc HQT;Thc hin cc quyn v nhim vkhc theo quy nh ca php lut v ca

Cng ty.Gip vic cho Tng Gim c l cc Ph Tng Gim c. Tng Gim c

scn c vo khnng v nhu cu qun l thc hin vic y quyn mt squyn hn nht nh cho cc Ph Tng Gim c.

Ph Tng Gim c- Ph trch nhn s- K hoch


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Ph Tng Gim c- Ph trch nhn s- K hoch do HQT b nhim, lngi tham mu cho Tng Gim c, c Tng Gim c phn trch nhim,quyn hn v chu trch nhim trc Tng Gim c v kt qu qun l viu hnh cc hot ng tng hp xy dng chin lc, k hoch sn xut kinhdoanh, cung ng vt t nguyn, nhin vt liu (tr nguyn liu ng) cho snxut ti Cng ty v Nh my, iu sn xut, qun tr nhn s, tin lng,khen thng v o to CBCNV.Ph Tng Gim c- Ph trch sn xut

Ph Tng Gim c- Ph trch sn xut do HQT b nhim, l ngi thammu cho Tng Gim c, c Tng Gim c phn trch nhim, quyn hnv chu trch nhim trc Tng Gim c v kt qu qun l v iu hnh cchot ng sn xut, u t trong lnh vc cng nghip, tham gia qun l u tnng nghip ti nh my, nghin cu sn phm mi, h thng mng thng tin,o to cng nhn sn xut.Ph Tng Gim c- Ph trch kinh doanh

Ph Tng Gim c- Phtrch kinh doanh do HQT b nhim, l ngitham mu cho Tng Gim c, c Tng Gim c phn trch nhim, quynhn v chu trch nhim trc Tng Gim c v kt qu qun l v iu hnhcc hot ng xy dng chin lc, k hoch di hn, trung hn v ngn hn:tiu th sn phm, Marketing, huy ng nguyn liu ng v xut nhp khuhng ha.Ph Tng Gim c- Gim c Nh my ng Bin Ha- Ty Ninh

Ph Tng Gim c-Gim c Nh my ng Bin Ha- Ty Ninh doHQT b nhim, l ngi tham mu cho Tng Gim c, c Tng Gimc phn trch nhim, quyn hn v chu trch nhim trc Tng Gim c vkt qu qun l, iu hnh cc hot ng sn xut kinh doanh ti Nh myng Bin Ha- Ty Ninh.e) Cc phng chc nngPhng Ti chnh- k ton Hch ton k ton Qun l, kim sot hot ng ti chnh

Thng k, bo co v phn tch hot ng kinh t Qun l h thng mng vi tnh.Phng Nhn sQun l lao ng, tin lng, ch, chnh sch i vi ngi lao ng;

Thc hin cng tc thi ua, khen thng, k lut;

Dch v y t, chm sc sc khe cho ngi lao ng; Hun luyn, o to;

Qun l hnh chnh, vn th;Qun l ti sn, trang thit b, dng cvn phng; bo v trt t an ninh;


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Qun l, iu hnh xe a rc, dch v.Phng K hoch- Vt tTng hp xy dng k hoch sn xut kinh doanh ngn hn v di hn. Theo

di h trcc n v trong cng tc trin khai thc hin k hoch. Tng hpxy dng cc chin lc sn xut kinh doanh ca Cng ty.

Theo di, tng hp thng tin, nh gi, iu sn xut

Cung ng nhin vt liu phc v sn xut, vt t, thit b phc v sa cha,lp t dn u t (mua trong nc)Qun l kho tng.Phng Dch vT chc phc vn ung ni b;

Kinh doanh dch vn ung.Phng Kinh doanh

Thu thp thng tin tc thi v nghin cu thtrng

Thit lp chin lc MarketingQun l v khai thc h thng phn phi ca Cng ty

Cung ng nguyn liu ng, mt ch cho sn xutKinh doanh cc sn phm khc

Qun l h thng kho tng

Tham mu Ban iu hnh xy dng k hoch, kim sot, theo di v tnghp nh gi tnh hnh iu chnh k hoch kinh doanh, huy ng nguyn liung ca ton Cng ty.

Phng Xut Nhp KhuThc hin cng tc xut nhp khu, xut nhp khu y thc

Thu thp v x l thng tin v tnh hnh kinh t th gii lin quan n hotng ca Cng ty

Cung cp thng tin, dch thut ti liu, phin dch cho Ban lnh o.Phng QM

Cng tc qun l v trin khai cng tc ca h thng qun l cht lngGim st qu trnh sn xut ca cc phn xng

Kim tra cht lng sn phm ph hp vs h thng qun l cht lng,nghim thu nguyn, vt liu cho sn xut

Phng K thut- u tQun l thit lp, lu tr hs k thut thit b ton Cng ty, kim sot tnh

hnh s dng ca cc n v, qun l hs cc s c, tham mu trong sdng thit b v gii quyt s c;

Thit lp cc quy trnh k thut cng ngh sn xut cc sn phm v kim

sot vic thc hin trong ton Cng ty;


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Xy dng, qun l dn u t xy dng c bn; Tng hp xy dng cc khoch sa cha thng, k, nm. Tng kt quyt ton;

Tham gia qun l u t nng nghip ti Nh my;Nghin cu, thit k, pht trin sn phm mi;

Tham gia hun luyn, o to cng nhn k thut.f)Cc phn xng sn xut

T chc iu hnh sn xut theo k hoch c ph duytKim sot thc hin cc quy trnh, quy phm v thit b, cng ngh

Kim sot qu trnh sn xut sn phm theo tiu chun cht lng quy nh

Qun l thit b, nh xng, vt kin trc thuc phm vi trch nhim k c hthng xl nc thi. Xy dng k hoch bo dng sa cha thng, nm.

Ring phn xng ng cn c thm chc nng sau:Qun l thit bgia cng c kh, dng c cm tay thuc n vThc hin gia cng c kh, tu b, sa cha thit b theo k hoch v nhu cu

ca cc n v; Thc hin thi cng lp t, ch to cho cc d n.

1.2. Ccu cng trong cng ty


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Cng quan trng:

Tn V tr S c phnT l s

huNgy cpnht

CTCP BOURBONTy Ninh

--- 4,210,000 22.72% 22/06/2011

Ngn hng TMCP SiGn Thng Tn (dong HDon Cng

lm i din)

--- 1,854,156 10.00% 24/06/2010

Grinling InternationalLimited

--- 1,056,100 6.52% 20/10/2006

VIETNAMINVESTMENTLIMITED

--- 936,795 5.78% 20/10/2006

CTCP Sa Vit NamVinamilk

--- 925,620 4.90% 30/09/2009

Chu Kim Yn --- 813,806 6.34% 04/08/2008

Nguyn Th Kim Vn --- 750,683 4.05% 04/12/2008Hunh Bch Ngc

Thnh vinHQT

417,817 2.25% 22/06/2011

Chu Th Vn (M bHunh Bch Ngc)

--- 334,115 1.80% 08/11/2010

Triu Phi Yn --- 258,780 5.21% 25/05/2010

Phm Th SumCh tchHQT

121,100 0.65% 01/11/2011

Nguyn Vn Lc TG 61,440 0.33% 01/11/2011

V Vn Nhu Trng BKS 57,503 0.19% 24/02/2012Cng on CTCP --- 54,420 0.18% 24/02/2012

11.25% 4.10%

84.65%

Co cau co dong

S hu nh nc

S hu nc ngoi

S hu khc


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ng Bin Ha

Bi Vn LangThnh vinHQT

36,820 0.19% 03/08/2010

Phm Cng HiThnh vinHQT

33,124 0.18% 03/03/2010

Nguyn Xun TrnhPh Ch tchHQT

33,016 0.11% 06/02/2012

Mang Phi Hng Thnh vinBKS 20,671 0.11% 09/11/2011

Nguyn Thanh Cng Ph TG 12,006 0.07% 04/11/2009Nguyn Xun Thu(Em ng Nguyn XunTrnh)

--- 9,690 0.05% 16/06/2010

Nguyn Hong Tun Ph TG 5,720 0.03% 07/04/2009Thi Th Din (vngNguyn Xun Trnh)

--- 4,673 0.02% 05/01/2011

2. Phn khc kinh doanh2.1. Chin lc pht trin kinh doanhTrong thi k hi nhp kinh t khu vc v th gii, ng vn c xem

l mt hng thit yu v l mt ngnh kinh t x hi. Do vy trong chin lcpht trin sn xut kinh doanh ca Cng ty lun hng n tnh bn vng vicc d n c th sau:

u t l hi t than cng ngh th h mi vi cng sut 30 tn hi/gi,

nhm mc ch h gi thnh sn phm v bo vmi trng;Xy dng v pht trin cm ch bin cng nghip pha Ty sng Vm C

ng, chng nguyn liu p ng nhu cu cho hot ng sn xut vimc tiu cung ng ra thtrng 100,000 tn ng tinh luyn hng nm;

u t xy dng nh my ch bin ethanol ph hp vi nhu cu nng lngsch trong tng lai;

Pht in ln li quc gia t ngun nguyn liu l b ma, p ng nhu cunng lng ngy cng cao;

Sn xut thc n gia sc t ph phm ng, sn xut phn vi sinh t ph liuqua qu trnh sn xut ng.

Ngoi ra to th bn vng cho s pht trin kinh doanh v khai thc li tha 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, khnng thay th cc loi ru nhp;Pht huy v mrng hot ng kinh doanh dch v cho thu kho bi;

u t dy chuyn sn xut sn phm c s dng hm lng ng cao.

2.2. Hot ng MarketingQung b thng hiu


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Thng hiu l ti sn v hnh khng th thiu c trong c ch thtrng qung b v tip th sn phm. Nhn thc c tm quan trng cathng hiu, Cng ty khng ngng cng c v pht trin thng hiu givng v tr ca mnh trn thtrng:

Thng xuyn cng c v hon thin tnh chuyn nghip ca cc b phnnghip v, trong c bit l b phn Marketing c nhim v thit lp chin

lc marketing v qun l thng hiu. V vy, sn phm ca Cng ty lin tcc bnh chn l Hng Vit Nam cht lng cao trong 10 nm lin (1997-2006) do bo Si Gn Tip Th t chc v Cng ty hin nm trong danh sch100 thng hiu mnh ca Vit Nam.

Ngoi ra Cng ty cn t c nhiu gii thng khc, khng nh thnghiu nh: Cp vng Top Ten Thng hiu Vit do mng Thng hiu Vit(http://www.thuonghieuviet.com/News/Home/) bnh chn trong 02 nm 2004-2005, t danh hiu thng hiu ni ting nm 2005 do BVn ha- Thng tin

trao tng.Tip tc duy tr sn nh cht lng sn phm m bo uy tn thng hiu

pht trin vng bn. Cng ty t gii thng Doanh nghip Vit Nam uy tncht lng nm 2006 do BThng Mi trao tng.

Hot ng qung co, tip th v quan h cng ng:Xy dng v trin khai mnh chin lc chiu th cngTham gia qung co, ti trcho cc chng trnh gii tr ang thu ht nhiukhn gi xem truyn hnh theo di nh: chng trnh Vui cng Hugo trn

VTV7, chng trnh Vt ln chnh mnh trn HTV7, chng trnh mvang tui tr trn VTV1.

Tham gia cc hot ng mang tnh cht cng ng- H trtr em ngho vo cc dp L, Tt Nguyn n v Tt Trung thu ti cc

a phng.- Hp tc cng Trung tm dinh dng TP.H Ch Minh trin khai chng trnh

b sung Vitamin A cho b m v tr em.- Tham gia ng gp vo qu h trnn nhn cht c mu da cam

- Phng dng 19 b m Vit Nam anh hngV nhng hot ng ng gp tch cc ny, BSJC c phong tng danh hiuDoanh nghip v s tin b x hi v pht trin bn vng.Chnh sch gi cCng ty xy dng mt chin lc gi c linh hot trn c sgi thnh hp l, kthp vi din bin gi trn thtrng iu chnh chin lc gi cho ph hp vicc yu cu nh:

Xy dng chin lc gi theo thtrng, mc tiu kinh doanh Cng ty trong

tng giai on;
http://www.thuonghieuviet.com/News/Home/http://www.thuonghieuviet.com/News/Home/http://www.thuonghieuviet.com/News/Home/http://www.thuonghieuviet.com/News/Home/


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Xy dng chin lc gi hp l theo tng phn khc thtrng, theo hthng phn phi;

Xy dng chin lc gi cho sn phm mi thm nhp, mrng phttrin thtrng.

H thng phn phiH thng phn phi sn phm ca Cng ty tri u trn cnc, bao gm trn 100

n v sn xut s dng ng lm nguyn liu u vo v trn 130 nh phnphi, i l, siu th trc tip bn s, bn l trn thtrng tiu dng. Ngoi ra,cng ty cng quan tm pht trin kinh doanh xut khu v trong cc nm qua xut khu ng tinh luyn i mt snc 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 lmnguyn liu sn xut ra cc sn phm thc phm v dc phm cao cp.Phn phi tiu dng trc tip: ch yu thng qua h thng cc i l trn cnc

v qua cc siu thnh: BigC, Coopmark, Maximark, Metro, Siu th H Ni3. Mng li chi nhnh v i lVi h thng hn 200 i l tri di t Bc n Nam v cc chi nhnh: Tp.

Nng, Tp. H Ch Minh v Tp. Cn Th, cc sn phm ca Cng ty c ngo ngi tiu dng trong cnc bit n v tin dng.

Tr schnh: Cng ty C phn ng Bin HaTr s : Khu Cng nghip Bin Ha 1, Phng An Bnh, Tp.Bin Ha,

Tnh ng Naiin thoi : (061) 3 836 199Fax : (061) 3 836 213Website :http://www.bhs.vnEmail :[email protected]

n v trc thuc:Nh my ng Bin Ha- Ty Ninh

a ch: X Tn Bnh, Th X Ty Ninh- Tnh Ty Ninh

in thoi: (066) 821 995Fax: (066) 823 602Chc nng:

Thc hin cng tc t chc, qun l nhn s ca Nh my

T chc iu hnh hot ng sn xut kinh doanh ti Nh my

Thc hin cng tc hch ton k ton, qun l ti chnh ca Nh my Quy hoch, pht trin vng nguyn liu; qun l vn u t nng nghip,

huy ng nguyn liu, pht trin v p dng khoa hc- k thut trong

nng nghip
http://www.bhs.vn/http://www.bhs.vn/http://www.bhs.vn/mailto:[email protected]:[email protected]:[email protected]:[email protected]://www.bhs.vn/


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Vn chuyn nguyn liu ma phc v cho sn xut ca Nh my, vnchuyn ng v Cng ty

Nghin cu sn xut ma ging cung cp Nng dn vng trng ma Thc hin cc hot ng khuyn nng i vi nng dn vng nguyn

liu Thc hin cng tc sa cha ln, bo tr my mc thit b, xy dng

cng trnh kin trc i din cho Cng ty lm vic vi cc c quan, chnh quyn a phng

Trin khai thc hin cc chtrng, chnh sch ca Cng ty ti Nhmy.

Cc chi nhnh ca Cng ty:Chc nng

Xy dng chin lc, k hoch v t chc thc hin khi c ph duyt cchot ng kinh doanh sn phm ca Cng ty v ngoi Cng ty theo ng

quy ch hot ng ca Cng ty v ca Chi nhnh Qun l s dng hiu qu ti sn v vn do Cng ty cp. Thc hin dch v

hnh chnh ca Cng ty ti khu vc T chc hot ng Marketing nghin cu thtrng, tham mu cho phng

Kinh doanh, Ban lnh o xy dng k hoch, chin lc kinh doanh Thc hin cc cng tc cung ng huy ng vt t, nguyn liu theo cc yu

cu ca Cng ty.Chi nhnh H Ni

a ch: 87B Lnh Nam- Q.Hong Mai- H Niin thoi: (04) 8 621 785Fax: (04) 8 624 359Chi nhnh TP.HCM

a ch: 34-35 Bn Vn n- Q.4- Tp.HCMin thoi: (08) 8 269 717Fax: (08) 8 264 873Chi nhnh Nng

a ch: 120 ng ch Khim- Q.Thanh Kh- Tp. Nngin thoi: (0511) 744 622Fax: (0511) 744 623Chi nhnh Cn Tha ch: 550 CMT8- P.An Thi- Q. Bnh Thy- Tp.Cn Thin thoi: (071) 761 488Fax: (071) 761 489

4. Mi trng kinh t

- Ngnh cng nghip ma ng ti Vit Nam ch mi bt u pht trin vo unhng nm 1990, cho n giai on hin nay ngnh ma ng ti Vit Nam vn


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cha pht trin mnh c th trthnh ngnh cng nghip ch lc ca nn kinht.- Hin ti, sn xut ng trong nc mi chp ng c khong 70% nhu cutiu th, phn cn li nhp khu t Trung Quc v Thi Lan.Nh biu di,ta c th thy, th phn tiu th hin nay ngoi SBT, LSS, BHS v NHS, trn thtrng cn c cng ty ng Qung Ngi v cng ty ng Cn Th l cc cngty ln c sc cnh tranh cao. Phn cn li ca thtrng l cc cng ty nh chimdi 2% th phn v cc doanh nghip nhp khu ng kinh doanh chim di2% th phn.

-Nhn chung qua cc nm, tnh trng cnh tranh khng din ra d di do nguncung yu hn cu. Tuy nhin, trong nm 2011, sn lng ng trong nc png c nhu cu tiu thnhng BCng Thng li cho nhp 250,000 tn

ng gy tnh trng d tha.Quota nhp khu ng: k tnm 2010, khi thu nhp khu chnh ngch gimv 5% v p dng chnh sch quota nhp khu linh hot, thay i theo hng tngln ty thuc vo nhu cu ni a. Vit Nam phi nhp khu ng gn 30% snlng tiu thhng nm, trong khi s cnh tranh ca cc doanh nghip ni a cnthp, do vy gi ng trong nc btc ng ln bi gi ng th gii.

S cnh tranh trong ngnh ma ng khng cao. Ngnh ng Vit Nam cngkhng 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 nctrong khu vc khong 30%, ng thi dy chuyn sn xut ma ng nc tacha cao so vi cc nc trn th gii.

Mt khc, trong cc nm gn y, gi ng Vit Nam c bo h bi thuquan cao v hn ngch nhp khu, to iu kin thun li cho cc doanh nghiptrong nc.

Tuy nhin bc sang nm sau, theo l trnh hi nhp AFTA, nc ta s p dngthu sut nhp khu ng l 5%, cng vi vic gia nhp WTO, Vit Nam s phi

mca nhp khu trong hn ngch l 25% vi ng th, ngoi hn ngch l65%, khi lng nhp khu trong hn ngch cn tng 5% mi nm. y l mt


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kh khn ngnh ng phi vt qua cnh tranh vi cc nc cng nghipng pht trin trong khu vc v trn th gii.

5. Phn tch SWOT

im mnh:- Cng ty l mt trong nhng DN sn xut ng u tin ti Vit Nam vi hn 40nm kinh nghim. Cng ty c ngun nguyn liu v thtrng tiu thn nh vi

nhiu mt hng truyn thng.- Cng ty l n v duy nht c nh my luyn ng chuyn bit, c khnngsn xut ng luyn quanh nm, khng ph thuc vo ma v.- Cng ty c nng lc cung ng kp thi sn phm c cht lng cao cho thtrng trong v ngoi nc.- Sn phm ng tinh luyn ca Cng ty rt a dng nh ng bao 50kg phcv sn xut, cung ng cho thtrng; ng nguyn, ng mn ng ti ccloi phc v tiu dng trc tip. Nh vy, cng ty l n v cung ng sn phm

ng phong ph, p ng nhu cu s dng a dng cho mi i tng.im yu:- Cng nghc k lc hu, khu hao ti sn ln.- Ngun nguyn liu v gi ng thng xuyn bin ng gy nh hng ln tihot ng kinh doanh ca Cng ty.- Chi ph li vay cng gy p lc ln ti li nhun ca Cng ty.- Hot ng u t ti chnh s dng vn ln nhng khng hiu quang l gnhnng cho Cng ty.

C hi:- Kinh t Vit Nam trn phc hi v pht trin, nhu cu thtrng v gi ngtng.- Chnh Ph tip tc c chnh sch qun l v m tip theo h trsn xut kinhdoanh (gim li sut, cho vay u i, b sung kch cu cho khu vc nngnghip).- Gi cc loi cy trng cnh tranh gay gt vi cy ma ang gim mnh l c hitt cho vic phc hi nhanh vng ma ti ng Nam Bv ng Nai, Ty Ninh.

Thch thc:- Chi ph nguyn liu u vo tng.- Cnh tranh gay gt ti t cc doanh nghip nc ngoi, c bit l Thi Lan khicc hng ro thu quan v hn ngch nhp khu gim.- Gnh nng li tnh my Ma ng TrAn c vn cha khc phc ht.


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II. Phn tch ti chnh CTCP ng Bin Ha1. Tm lc v ti chnh cng ty

- Phn tch quy m ti sn v vn ch shu:

Quy m ti sn ca CTCP ng Bin Ha nhn chung 5 nm qua u tng lnv chim phn ln l Ti sn ngn hn. Nm 2007, Ti sn lu ng ca cng ty l362.064 t (chim 54.09% Tng TS) v n cui qu IV/2011, TSL l 769.762t (chim 60.06% Tng TS). Trong , Hng tn kho v cc khon phi thuchim a s. Nm 2010, cc khon phi thu l 254.984 t (chim 41.26% TSL)v sang nm 2011, cc khon phi thu l 251.634 t (chim 32.69% TSL), nhvy l cc khon phi thu trong nm 2011 gim i 3.349 ttng ng vi1.31%. Cng tng tnh vy, Hng tn kho nm 2007 mi ch c 77.619 t(chim 21.44% TSL) nhng sang n nm 2008 ln ti 165.314 t (chim59.52% TSL) v t u tng qua cc nm. n nm 2010, Hng tn kho l299.228 t (chim 48.42%), sang nm 2011 tng thm 33.839 ttng ng tng11.31% ln 333.067 t.

Vn ch shu trong 5 nm qua tuy c stng ln nhng khng tng nhiu nhti sn. Nm 2007, VCSH l 376.513 t (chim 56.24% Tng NV) th sang nm2008 l 331.059 t (chim 56.24% Tng NV) gim 45.453 ttng ng vi12.07%. Nm 2009, VCSH tng ln 425.466 t (chim 48.09% Tng NV), nhvy, qua nm 2009 t trng ca VCSH trong c cu Ngun vn gim i, cngty ang c xu hng vay nnhiu hn, gim dn s ph thuc vo ngun vn ut ca ch shu.Nm 2010, VCSH l 496.674 t (chim 48.92% Tng NV) thsang nm 2011, VCSH l 548.499 t, tng 51.824 ttng ng tng 10.43%.

Sau y l s phn tch chi tit qua tng nm:-Nm 2008: tng Ti sn gim cn 277,753 t tc gim 84,310 t so vi nm

2007, tng ng gim 23,29% . Tip theo , tng Ncng gim cn 267,465 t(gim 8,69% so vi nm 2007). Vn Ch shu cng ch cn 331,059 tng,

0

200,000,000,000

400,000,000,000

600,000,000,000

800,000,000,000

1,000,000,000,000

1,200,000,000,000

1,400,000,000,000

2007 2008 2009 2010 2011

669,426,348,853598,525,324,275

884,740,161,966

1,015,192,298,358

1,281,737,217,308

376,513,514,467331,059,755,021

425,466,388,416496,674,654,773

548,499,013,542

Tng ti sn

Tng n

Vn ch s hu


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17

gim 45,453 ttng ng gim 12,07% so vi nm ngoi.Trong nm ny, cng ty u t thm 48,611 t vo Ti sn cnh nhng li rt bt vn lu ng ra,khong 88,458 tng. Ngun u t ch yu l t bn trong cng ty vi 35,201t t vic trch Khu hao v huy ng c thm 14,670 t t vn Ch shu.Cng ty trc 29,594 t ndi hn. Nm nay do vic lm n khng ckh quan nn li nhun gi li u t b m 60,123 t.

Nm 2008TS u t thm Ngun u t

u t thmTSC 48,611,127,819

35,201,505,298 KH

-60,123,879,511 REB sung VL

rng -88,458,161,785-29,594,779,818 Vay DH

14,670,120,065 VCSH-39,847,033,966 -39,847,033,966

-Nm 2009: cng ty tip tc y mnh u t vo Ti sn thm 286,214 t ln884,740 t, tng 47,82% so vi nm ngoi, trong u t vo Ti sn cnh l62,751 t. Tng Ncng tng ln 459,273 t, tng 9,77% so vi nm ngoi trong Nngn hn tng ln 334,913 t, tng hn 223.842 ttng ng vi hn200%. Tip , b sung vo vn lu ng rng l 31,035 t. Nm ny, ngun ut ch yu ca cng ty l t bn trong, vi 101,555 t ca Li nhun gi li v31,414 t vic ti u t Khu hao. Sau mt nm 2008 y bin ng, nm 2009

cng ty tng bc pht trin li, khng cn phi vay ndi hn thm m cn trc hn 32,034 t v cn trthm c vn cho ch shu l 7,148 t.

Nm 2009

TS u t thm Ngun u t

u t thmTSC

62,751,078,84531,414,727,974 KH

101,555,066,019 RE

B sung VLrng

31,035,532,067-32,034,750,457 Vay DH

-7,148,432,624 VCSH93,786,610,912 93,786,610,912

-Nm 2010: tng Ti sn tng thm 130,452 t(tng 14,74% so vi nm ngoi),Tng Ncng tng thm 59,243 t(tng 12,9% so vi nm 2009) v Vn ch shu tng 71,208 t ln 496,674 t(tng 16,74 so vi nm ngoi). Nm nay, cng

ty tip tc u t thm 95,921 t, tng 2,135 ttng ng tng 2,28% so vi nmngoi, trong , ch yu l u t vo ti sn cnh l 78,976 t, cn li 16,945


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t l b sung vo vn lu ng rng. Ngun u t vn t bn trong vi 81,008 tt Li nhun gi li sau thu v 33,992 t t vic trch Khu hao. Nm nay, cngty tip tc khng nhng khng phi vay ndi hn thm hay huy ng thm vnch shu m cn trc hn 9 t cho vic vay ndi hn v khong 9,8 t choch shu, chng t hot ng kinh doanh ca cng ty ngy cng pht trin, cth chng trong ngun vn m khng cn phi i vay hoc huy ng thm vnt ch shu.

Nm 2010TS u t thm Ngun u t

u t thmTSC 78,976,675,773

33,922,369,568 KH

81,008,949,431 REB sung VL

rng 16,945,150,166-9,208,809,985 Vay DH

-9,800,683,074 VCSH95,921,825,939 95,921,825,940

-Nm 2011: tng Ti sn tip tc tng ln 769,762 t(tng 151,732 t so vi nm2010 tng ng vi 24,55%) trong tng mnh nht l khon Tin v cckhon tng ng tin (tng 120,019 t so vi nm ngoi) v khon Ti sn cnh(tng 129,021 t so vi nm ngoi). Tng Nnm nay l 733,238 t, nhvy l tng 214,720 ttng ng vi 41,41%. Vn Ch s hu cng tip tctng ln 548,499 t, tng 51,824 t so vi nm 2010 (tng 10,43%). Cng ty nmnay chu t c 91,788 t, t hn nm 2010 l 4,133 tnhng khon u t voTSC li tng ln gn nh l gp i vi 164,814 ttrong khi li rt bt tin t

vn lu ng rng l 73,026 t. Tuy vy, ngun vn vn khng h b thiu ht,cng ty tip tc tr nc 10,037 t v tr cho ch shu 58,345 t. Li nhungi li sau thudng u t tng ln 110,169 t, tng 29,161 t(tng 36% sovi nm 2010) chng t cng ty ngy cng pht trin c v 2 mt: mrng quy msn xut v doanh s bn hng.

Nm 2011

TS u t thm Ngun u t

u t thmTSC 164,814,696,163 50,002,218,160 KH

110,169,955,787 REB sung VL

rng -73,026,040,613-10,037,921,380 Vay DH

-58,345,597,018 VCSH91,788,655,550 91,788,655,549

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

n Vn ch shu u tng qua cc nm, mc vay ncng tng nhng chyu l vay nngn hn, ndi hn khng nhng khng vay thm m cn trc


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nhiu hn qua tng nm. H s nca cng ty cng ngy cng tng, tuy khngtng qu 5% qua mi nm, trong khi h s t ti trca cng ty cng ngy cnggim, nm 2007 l 56%, sang nm 2008 l 55%, nm 2009 l 48%, nm 2010 l49% v nm 2011 ch cn 43% cho thy, cng ty v ang bt nhp c vi xuth hin nay l gim s ph thuc vo vn Ch shu, thay vo l i vay nnhiu hn, lm nh vy s d ti a ha c li nhun, li nhun tnh trn ming vn s nhiu hn.

2. Phn tch Doanh thu v li nhun2007 2008 2009

Tng doanh thu 664,197,603,223 808,160,081,331 1,203,303,102,803Li nhun gp 76,452,495,339 50,320,657,458 161,870,759,316Li nhun/l t HKD 53,420,133,726 (43,502,557,234) 127,879,579,044Li nhun trc thu 53,633,026,705 (43,121,551,879) 128,122,662,626

Li nhun sau thu 53,633,026,705 (43,276,152,511) 120,086,686,019

2010 20112,027,067,282,985 2,611,046,153,157

248,705,693,580 269,654,988,230165,504,005,944 149,136,360,749165,666,761,086 160,017,677,319

145,869,619,431 147,233,195,787

Nhn bng s liu trn th ta c th thy tng doanh thu ca cng ty trong 5 nmva qua tng ln mt cch r rt. Nm 2007 doanh thu mi ch l 664,197 t m

sang nm 2008 tng ln thnh 808,160 t, tc tng 143,962 t(tng 21,67% sovi nm 2007).Nm 2009, doanh thu tip tc tng ln mc 1.203 tv nm 2010,c stng vt bc ca doanh thu, thn 1000 t nm ngoi th nm nay l2.027 t, gp 1,69 ln. Nm 2011, doanh thu tng thm 575,196 t ln mc 2.611t, tng ng tng 28,25% so vi nm 2010.

664,197,603,223

808,160,081,331

1,203,303,102,803

2,027,067,282,985

2,611,046,153,157

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

2007 2008 2009 2010 2011

Tng Doanh thu

Tng Doanh thu


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2007 2008 2009 2010 2011

oanh thuhun v BH..

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

oanh thuHTC

22,166,229,004 17,506,780,172 13,581,013,334 17,785,046,874 35,024,068,534

Thu nhp khc 651,953,283 565,752,495 274,129,037 4,649,043,757 11,400,082,329

ng doanh thu 664,197,603,223 808,160,081,331 1,203,303,102,803 2,027,067,282,985 2,611,046,153,157

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

2007 2008 2009 2010 2011

Doanh thu

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

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

Li nhungp

76,452,495,339 50,320,657,458 161,870,759,316 248,705,693,580 269,654,988,230

Nhn vo bng s liu trn, ta thy tuy doanh thu thun tng ln qua cc nmnhng gi vn hng bn nm no cng tng ln, nh vy lm cho li nhun gpgim i rt nhiu. Nm 2007, gi vn hng bn l 564,926 tnhng sang n nm

2008 tng ln ti 739,766 t tc l tng thm 174,839 t(tng 30,95% so vinm ngoi) lm cho li nhun gp nm 2008 ch cn l 68,393 t, gim 26,131 tso vi nm 2007 (tng ng vi gim 34,18%). Nguyn nhn g khin cho givn hng bn nm 2008 tng ln mt cch bt thng nh th?- Th nht, l do nh hng chung ca cuc khng hong ti chnh lm cho gica tt ccc chi ph u vo tng cao tu qu II nm 2008 trong khi mt shp ng vi sn lng tiu th ln ca Cng ty k trc vi gi cnh,dn n gi vn hng bn chim t trng ln lm hiu qu kinh doanh thp.

- Th hai, l do gi mua ma nguyn liu tng cao do c s cnh tranh ngy cnggay gt t mt s cy trng khc lm din tch ma b thu hp (gim 38% din tchso vi trc), gi mua ma bnh qun vma ng 08-09 l 600.000 ng/tn sovi vma ng 07-08 l 450.000 ng/tn khuyn khch ngi nng dntrng ma nhm khi phc v pht trin vng nguyn liu ma cho nhng v ktip, lm cho chi ph thu mua ma nguyn liu ca qu IV nm 2008 tng thmkhong 16 tng. Do din tch ma b thu hp nn sn lng ng th ca quIV nm 2008 gim mnh so vi cng knm trc (gim khong 25%) lm cho

kt cu nh chi ph trong gi thnh sn phm ng th tng cao, nht l chi ph


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Khu hao. C th chi ph khu hao ca qu IV nm 2007 cho 01kg ng th l426 ng/kg, qu IV nm 2008 l 1.057 ng/kg.

Doanh thu thot ng ti chnh:

- Nhn vo biu trn, ta c th thy doanh thu t hot ng ti chnh chim ttrng rt nh so vi doanh thu thun v bn hng v cung cp dch v. Cng c thhiu c v cng ty c phn ng Bin Ha l cng ty hot ng trong lnh vcsn xut ch bin thc phm, nn tt nhin hot ng bn hng v cung cp dchv s l ngun thu chnh.

2007 2008 2009 2010 2011

oanh thuhun v BH..

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

oanh thuHTC

22,166,229,004 17,506,780,172 13,581,013,334 17,785,046,874 35,024,068,534

Doanh thu hot ng ti chnh nm 2007 l 22,166 tng. Nm 2008 l 17,506t, gim 4,659 t so vi nm ngoi. Sang nm 2009 li tip tc gim i 3,925 tch cn 13,582 t, tng ng gim 22,42% so vi nm 2008. Nguyn nhn hai

nm ny doanh thu hot ng ti chnh lin tip gim mnh xung l do li t vicu t trng ma cng nh vic u t ti chnhkhng c nhiu, thm vic li tvic tin gi ngn hng gim, nm sau li li c t hn nm trc.Nh bngthng k di y, in hnh nh nm 2008, li tin gi NH chcn hn 5 tng,tc l gim xung chcn hn mt na so vi nm 2007, li u t t victrng ma gim gn 3 t, ch mi tnh qua 2 khon ny m cho thy doanh thutHTCnm 2008 gim mt khong 8 tng so vi nm 2007, tuy nm nyhot ng ti chnh cng c thu thm nhiu khon na nhng khng thb p

c s st gim qu ln ca hai khon kia.

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

Nm

2007

Nm

2008Nm2009 Nm2010 Nm2011

3. Doanh thu thun v bn hngv cung cp dch v

6. Doanh thu hot ng tichnh


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22

2007 2008 2009

Li tin gi NH 10,323,800,870 5,062,120,267 1,972,211,082Li tu t trng ma 8,625,169,216

5,695,519,511 7,490,640,438

Li tu t CK 3,042,760,000 2,938,071,667 164,993,500Li cho vay 1,227,531,817 1,332,628,387C tc, LN c chia 100,243,094 729,500,000 12,000,000Li t chnh lch t gi 971,010,381 2,591,419,927

Khc 74,255,824 343,026,529 17,120,000Tng 22,166,229,004 17,506,780,172 13,581,013,334

Thm mt nguyn nhn na khin cho doanh thu hot ng ti chnh gim l dochi ph ti chnh tng. Nm 2007, chi ph ti chnh l 13,528 t, n nm 2008, cons tng ln ti 72,446 t, tng 58,917 ttng ng vi 435,50%. Nhng ti saosang nm 2009, chi ph ti chnh gim mnh xung cn c 3,273 t (gim 95,48%so vi nm 2008) nhng doanh thu hot ng ti chnh vn c gim m li khnghtng??? mt phn l do cng ty u t chng khon khng hiu qu, nm2008, li tu t chng khon l gn 2,9 tnhng nm 2009 li ch cn 164,993triu, l tu t chng khon l 2,598 t. Bn cnh , cng ty cn ly thm hn17 t t qu d phng tn tht u t chng khon trong chi ph hot ng tichnh.

Li nhun trc thu:2007 2008 2009 2010 2011

LN trc thu 53,633,026,705 (43,121,551,879) 128,122,662,626 165,666,761,086 160,017,677,319

LN sau thu 53,633,026,705 (43,276,152,511) 120,086,686,019 145,869,619,431 147,233,195,787

Nhn vo bng s liu trn, ta c th thy, li nhun trc thu ca cng ty nhn

chung u tng qua cc nm t 2007-2010, nm 2011 c gim cht t. Nm 2009,Li nhun trc thu l 128,122 t, sang nm 2010 l 165,666 t, tng 37,544 t

0

10,000,000,000

20,000,000,000

30,000,000,000

40,000,000,000

50,000,000,000

60,000,000,00070,000,000,000

80,000,000,000

90,000,000,000

Nm 2007Nm 2008Nm 2009Nm 2010Nm 2011

6. Doanh thu hot ng tichnh

7. Chi ph ti chnh


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so vi nm 2008, tng ng tng 29,30%. Nm 2011, li nhun trc thu l160,017 t, gim 5,649 t (gim 3,41% so vi nm ngoi). Nguyn nhn l do mtschi ph tng nhnh chi ph ti chnh(tng thm 33,990 t- tng 73.31% so vinm 2009), chi ph bn hng (tng thm 6,740 t- tng 25.92%) v chi ph qun ldoanh nghip (tng thm 13,824 t- tng 48,30%) khin li nhun thun t hotng kinh doanh gim t dn n li nhun trc thunm 2011 gim so vinm 2010. Tuy nhin, li nhun sau thunm 2011 vn tng mt t so vi nm2010, tng 1,363 t (tc tng 0,93%). Nguyn nhn l do chi ph thuTNDN nm2011 gim so vi nm 2010. Chi ph thuTNDN nm 2010 l 19,797 t. Nm2011 l 12,784 t, ng ngha vi vic gim 7,012 t, tng ng vi gim35,42% so vi nm 2010. y l mt du hiu rt tt i vi tnh hnh kinh t thgii cng nh trong nc m m nh hin nay.

Khi nhn biu bn di ta c th thy c s chnh lch rt ln gia tngdoanh thu v li nhun sau thu. Nm 2007, li nhun sau thu ch chim c8,07% Tng doanh thu, sang nm 2009, n chim 9,98% tng doanh thu v nm2010, chim 7,17%. Nm 2011, li nhun sau thu chim 5,64% tng doanh thu.

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

Bin Ha l mt nm tt p, khng c nhiu bin ng v tt c cc ch sutng. Doanh thu nm 2011 va qua tng nh so vi nm ngoi, gi vn hng bntuy cng tng nhng khng nhiu nh doanh thu (t 1.755 t ln 2.294 t), nhvy vn m bo vic sinh li cho cng ty nhng khng thcao nh nm 2010.Doanh thu t hot ng ti chnh nm 2011 tng 96.93% so vi nm 2010, y lstng trng vt bc ca hot ng u t ti chnh ca cng ty trong 5 nmgn y, chng t vic cng ty ch trng hn vo u t nhng g c th mangli li nhun, nhng hot ng ny vn chim t trng nh trong tng doanh thu

(chim 1,34% tng doanh thu). Tuy Li nhun trc thu gim do mt s chi phtng nhnhng Li nhun sau thu ca cng ty vn tng so vi nm 2010.

(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

2007 2008 2009 2010 2011

664,197,603,223808,160,081,331

1,203,303,102,803

2,035,849,226,569

2,611,046,153,157

53,633,026,705

(43,276,152,511)

120,086,686,019145,869,619,431

147,233,195,787

Tng doanh thu

Li nhun sau thu


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24

3.Hot ng c phiu trn thtrng chng khonHin ti (03/04/2012): gi t mc 18.6- Bin dao ng ca gi c phiu BHS kh ln vi gi cao nht l vo ngy9/3/2010 vi mc 39.3, thp nht l vo ngy 21/12/2011 vi mc l 17.1.- Khi lng giao dch cn t v khng u n.

III. Phn tch t s ti chnh1.Khnng thanh ton ngn hn

2007 2008 2009 2010 2011

T stc thi 1.77 0.19 0.26 0.15 0.28T s thanh ton nhanh 2.66 1.01 0.99 0.79 0.70T shin hnh 3.39 2.50 1.59 1.53 1.23T s VL rng so vi tng Ti sn 38 28 22 21 11

T s thi gian duy tr hot ng 235.58 136.33 186.85 126.65 121.07

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

- Nh vy, trong 5 nm va qua t s tc thi ca cng ty c chiu hnggim dn. Nm 2007, t s tc thi l 1,77 ln nhng sang n nm 2008 v tn nay, t s tc thi ca cng ty lun nhhn 1, tc l Tin mt lun trong trngthi nhhn Nngn hn. Trong 3 nm gn y nht th t s tc thi ca cng tylun nhhn t s tc thi ca ngnh, chng t khnng thanh ton nngn hnca cng ty l cha tt, iu ny ng ngha vi vic t l nngn hn tng lnqua cc nm v chim t trng ln trong Tng N. Nm 2009 l 0,26 ln trong khi

1.77

0.19 0.26 0.15 0.28

2.66

1.01 0.990.79

0.70

3.39

2.50

1.591.53

1.23

0.00

0.50

1.00

1.50

2.00

2.50

3.00

3.50

4.00

2007 2008 2009 2010 2011

Kh nng thanh ton tc thi

Kh nng thanh ton nhanh

Kh nng thanh ton hinhnh

n v 2011 2010 2009T s tc thi Ln 0.31 1.34 0.84T s thanh ton nhanh Ln 1.43 2.93 1.62T s hin hnh Ln 1.89 4.11 2.75T sVL rng so vi tng Ti sn % 26 38 21T s thi gian duy tr hot ng Ngy 221.32 360.19 305.52


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25

ca ngnh l 0,84 ln. Nm 2010 l 0,15 ln ca ngnh l 1,34 ln.Nm 2011,t s tc thi ca cng ty tng ln l 0.28 ln v ca ngnh l 0.31 ln.

- T sthanh ton nhanh cng trong tnh trng ging nh t s tc thi.Trong 5 nm va qua, t sny lun c xu hng gim dn v lun thp hn t sca ngnh. Nm 2007 l 2,66 ln sang nm 2008 l 1,01 ln, nm 2009 gimxung cn 0,99 ln trong khi t s ngnh l 1,62 ln. n nm 2010 v sang cnm 2011 t s ny ln lt l 0,79 ln v 0,70 ln, t s ngnh ln lt l 2,93 lnv 1,43 ln. iu ny chng t khnng thanh ton cng nca doanh nghip lkh thp, tnh trng ti sn ngn hn (tr hng tn kho) lun nhhn Nngn hn,khnng khng th chi tr nn hn khi khng dng tin mt l kh cao.

- Nh vy trong 3 nm gn y nht, t s c xu hng gim i nhng nhnchung l bin ng khng nhiu, c bit l cc t sny u ln hn 1, iu nyl chp nhn c. Nm 2009 l 1,59 ln ca ngnh l 2,75 ln. Nm 2010 l 1,53

ln ca ngnh l 4,11 ln. Nm 2011l 1,23 ln ca ngnh l 1,89 ln.Nh vy, t

0.26

0.15

0.28

0.84

1.34

0.31

0.00

0.20

0.40

0.60

0.80

1.00

1.20

1.40

1.60

2009 2010 2011

T s tc thi

T s tc thi cangnh

0.990.79

0.70

1.62

2.93

1.43

0.00

0.50

1.00

1.50

2.00

2.50

3.00

3.50

2009 2010 2011

Kh nng thanh tonnhanh

Kh nng thanh tonnhanh ca ngnh


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26

s hin hnh ca cng ty nhhn t sngnh, iu ny chng t khnng thanhton ngn hn ca cng ty vn cn yu so vi cc cng ty hot ng cng lnh vc.

2.Khnng thanh ton di hnn v 2007 2008 2009 2010 2011

T s tng N Ln 0.44 0.45 0.52 0.51 0.57T s tng N- Vn CSH Ln 0.78 0.81 1.08 1.04 1.34S nhn vn CSH Ln 1.78 1.81 2.08 2.04 2.34T s ndi hn Ln 0.22 0.25 0.44 0.45 0.53T s thanh ton li vay (TIE) Ln 4.99 -0.56 8.20 4.89 3.22T sm bo tin mt thanhton li vay Ln 0.71 9.96 5.69 3.91

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

n v 2009 2010 2011T s tng N Ln 0.25 0.25 0.37T s tng N- Vn CSH Ln 0.42 0.41 0.68S nhn vn CSH Ln 1.42 1.42 1.69T s ndi hn Ln 0.07 0.09 0.12T s thanh ton li vay (TIE) Ln 23.70 22.50 12.29T sm bo tin mt thanh

ton li vayLn 29.18 25.33 12.41

- Vi t s tng N, ta nhn thy rng t sny ang c xu hng tng ln. Nm2009 l 0,52 ln v nm 2010 gim nh xung cn 0,51 ln, nm 2011 l 0,57 ln,tc l vi 1 ng vn bra th trong c ti tn 57% l n, iu ny vn c thchp nhn c. Nhng t s ny qu cao so vi mt bng chung ca ton ngnh,t s tng Nca cng ty trong 3 nm gn y nht lun cao hn so vi t sngnh (cao gp 2 ln so vi t s ngnh), nm 2010 t s ngnh l 0,25 ln, cn ts ca cng ty l 0.51 ln, iu ny l cha tt. Chng t khnng thanh ton di

hn ca cng ty l rt thp.

1.59

1.53

1.23

2.75

4.11

1.89

0.00

0.50

1.00

1.50

2.00

2.50

3.00

3.50

4.00

4.50

2009 2010 2011

Kh nng thanh ton hinhnh

Kh nng thanh ton hinhnh ca ngnh


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- T s tng N/Vn Ch shu ca cng ty trong nhng nm gn y cng gingnh t s tng N, gim nhvo nm 2010 v tng mnh vo nm 2011, nhng

nhn chung vn cao hn so vi t s ngnh. Nhn vo biu di y, ta c thnhn thy rng, t s tng N/ tng Vn CSH u ln hn 1, c th kt lun crng, ti sn ca cng ty c ti trch yu bi cc khon n, nh vy cng ty sgp kh khn trong vic tr nhoc khnng ph sn ca cng ty rt d xy ra.Tuy nhin, vic s dng ncng c mt u im, l chi ph li vay sc trvo thu thu nhp DN. Lm thno c th cn bng gia ri ro ti chnh v uim ca vay nm bo mt t l hp l nht cho cng ty, l mt bi tonca cc nh lnh o.

- T s thanh ton li vay (TIE) ca cng ty trong 3 nm va qua: nm 2009 l8,20 ln, ca ngnh l 23,70 ln. Nm 2010 l 4,89 ln ca ngnh l 22,50 ln.

Nm 2011 l 3,22 ln ca ngnh l 12,29 ln. Nh vy, ta c th nhn xt c lkhnng thanh ton li vay ca cng ty trong 3 nm va qua l thp hn rt nhiu

so vi ton ngnh, chng t khnng thanh ton li vay ca cng ty l rt xu.

0.520.51

0.57

0.25 0.25

0.37

0.00

0.10

0.20

0.30

0.40

0.50

0.60

0.70

2009 2010 2011

T s tng N

T s tng N ca

nhm ngnh

1.08

1.04

1.34

0.42

0.41

0.68

0.00

0.20

0.40

0.60

0.80

1.00

1.20

1.40

1.60

2009 2010 2011

T s Tng N/VnCSH

T s tng N/VnCSH ca nhm ngnh


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28

3.Hiu qu qun l ti sn

.v 2007 2008 2009 2010 2011

T s vng quay hng tn kho Vng 7.28 4.47 5.11 5.87 6.89

K hn vng quay hng tn kho Ngy 50.15 81.57 71.49 62.20 52.97

T s vng quay cc khon phi thu Vng 7.20 8.89 4.98 7.95 10.38

K thu tin bnh qun Ngy 50.71 41.06 73.25 45.91 35.18

T svng quay VL rng Vng 2.60 4.85 6.09 9.44 18.43

T svng quay TSC Vng 2.16 2.52 3.42 5.10 5.10

T s vng quay tng Ti sn Vng 0.99 1.35 1.36 2.00 2.04- T s vng quay hng tn kho c stng ln qua tng nm. Trong nm 2007hiu qu qun l hng tn kho tt nht vi 7,28 vng. Nm 2008 gim xung cn4,47 vng, y cng l nm c hiu qu qun l hng tn kho km nht trong 5nm gn y.Nm 2009, 2010 t stng dn ln v n nm 2011 l xp x 7vng. T sny cng ngy cng tng ln chng t vic qun l hng tn kho cacng ty cng ngy cng tt, hiu qu cao.

-Nm 2011, k hn vng quay hng tn kho l 52,97 ngy, tc l c1 n v hng

tn kho th c bnh qun lu kho l khong 53 ngy, nu so snh vi nm trc ,nm 2010, k hn vng quay hng tn kho l 62,20 ngy, chng t hiu qu qunl hng tn kho nm 2011 tt hn hn.

- T s vng quay cc khon phi thu nm 2009 l 4,98 vng sang nm 2010 tngln mc 7,95 vng v n nm 2011, t s ny l 10,38 vng, chng t hiu ququ vic qun l hot ng mua bn hng ha kh tt. Nm 2011, c1 ng bnchu th mt khong 35 ngy th thu c tin v. Nu so snh vi nm 2010, kthu tin bnh qun l khong 46 ngy th nm 2011 tip tc l nm qun l hiu

qu ca cng ty.

8.20

4.89

3.22

23.70 22.50

12.29

0.00

5.00

10.00

15.00

20.00

25.00

2009 2010 2011

TIE

TIE (nhm ngnh)


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29

4.Khnng sinh lin v 2009 2010 2011

T s li nhun bin % 9.98 7.20 5.64T s li nhun bin gp % 13.61 12.41 10.51T s li nhun bin thun % 10.75 8.26 5.82ROE % 28.22 29.37 26.84ROA % 13.57 14.37 11.49

BEP % 16.49 20.51 18.12So snh vi t s ngnh

n v 2009 2010 2011T s li nhun bin % 20 23 19BEP % 17 23 22ROA % 14 18 19ROE % 20 25 24

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

thp hn so vi ngnh tnm 2009 n nm 2011, ngha l mi ng doanh thum cng ty b ra mang v li nhun thp hn so vi cc cng ty cng ngnh, ngngha vi vic hot ng kinh doanh ca cng ty cha tt. Khng nhng th, linhun bin trong 3 nm u c chiu hng gim dn, nm 2009 l 9,98%. Nm2010 gim xung cn 7,20% v n nm 2011 tip tc gim cn 5,64%.

- ROA ca cng ty trong nhng nm gn y lun thp hn so vi t s ngnh.(Nm 2009 l 13,57% ca ngnh l 14%. Nm 2010 l 14,37% ca ngnh l 18%.

Nm 2011 l 11,49% ca ngnh l 19%).Nm 2010, ROA tng nh ln mc14,37% nhng sang nm 2011 gim xung ch cn 11,49%, iu ny cho ta bithiu qu ca vic s dng ti sn cng ty kim li l khng tt, cng ty u tcng nhiu nhng li kim c t tin hntrn lng u t . Trong khi ROAca doanh nghip ngy mt gim qua cc nm th ROA ca ngnh li c xu hng

tng t14% ln 19%. iu ny cng chng t khnng sinh li ca doanh nghipl rt thp.

20%

23%

19%

9.98%

7.20%

5.64%

0%

5%

10%

15%

20%

25%

2009 2010 2011

Li nhun bin cangnh

Li nhun bin


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30

- T s ROE ca cng ty c s gim nh t28,22% nm 2009 xung cn26,84% nm 2011. iu ny phn nh cng ty cha thc s s dng hiu qung vn ca cng. Nhn vo biu ta thy ROE ca cng ty qua cc nm

lun cao hn so vi nhm ngnh. Nh vy cho ta thy tuy cng ty cha thc s sdng hiu qung vn ca cng khi tham gia sn xut kinh doanh nhng vncn tt hn so vi mt bng chung ca ton ngnh.

5.T s gi thtrngn v 2009 2010 2011

Thu nhp trn mi c phiu (EPS) ng 6,480 7,871 4,908C tc trn mi c phiu (DPS) ng 1,000 3,500 1,236T s P/E Ln 2.22 2.26 3.55T s P/B Ln 0.62 0.66 0.95

13.57%14.37%

11.49%

14%

18%

19%

0.00%

2.00%

4.00%

6.00%

8.00%

10.00%

12.00%

14.00%

16.00%

18.00%

20.00%

2009 2010 2011

ROA

ROA ca nhm ngnh

28.22%29.37%

26.84%

20%25%

24%

0.00%

5.00%

10.00%

15.00%

20.00%

25.00%

30.00%

35.00%

2009 2010 2011

ROE

ROE ca nhm ngnh


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31

EPS:

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

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

2007 2008 2009 2010 2011Li nhun sau thu 53,633,026,705 (43,276,152,511) 120,086,686,019 145,869,619,431 147,233,195,787SL CP ang l.hnh 16,579,763 17,689,674 18,531,620 18,531,620 29,997,580

EPS 3,235 (2,446) 6,480 7,871 4,908

Nm 2008, do li nhun sau thu gim mnh cng vi vic cng ty pht hnhthm c phiu thng b sung thm vn iu lnn EPS nm 2008, vi mimt c phiu, cng ty phi b ll 2.446 ng. n nm 2010, li nhun sau thuvn tng ln nhiu hn so vi nm 2009, trong khi th slng c phiu anglu hnh vn ginguyn, iu ny lm cho EPS stng ln n mc s li c7.871 ng/c phiu. Sang nm 2011, cng ty tip tc pht hnh thm c phiu b sung vn iu l, trong khi li nhun sau thutng ln khng nhiu so vinm 2010, nn trong nm ny li c bn trn mi mt c phiu s gim i, khngcn c nh nm 2010 na.

Nu nh so snh vi ch s EPS ca ngnh, ta cng c th thy EPS ca cng tycng nm trong xu hng tng gim chung ca ton ngnh. Nhng nhn chung,EPS ca cng ty trong 3 nm gn y u cao hn so vi EPS ton ngnh, chring nm 2011 va qua EPS thp hn ca ngnh. y l mt du hiu tt chngt thu nhp trn mi c phiu ang tng ln. Nm 2009, EPS ca ngnh l 4.032ng/c phiu, trong khi EPS ca cng ty l 6.480 ng/c phiu. Nm 2010,

3,235

(2,446)

6,480

7,871

4,908

(4,000)

(2,000)

0

2,000

4,000

6,000

8,000

10,000

2007 2008 2009 2010 2011

EPS

EPS


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32

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

T sP/E:- T s P/E ca cng ty trong my nm gn y c xu hng tng. Nm 2009 l2,22 ln sang n nm 2010 tng ln 2,26 ln v l 3,55 ln vo cui nm 2011.iu ny c ngha l nh u t chu bra 3,55 ng thu c 1 ng li t cphiu ca cng ty.- Nu so snh vi t sngnh th nm 2010, t s P/E ca cng ty thp hn so vi

t sngnh. Nhng sang nm 2011, t s P/E ca cng ty l 3,55 cao hn so vi tsngnh l 3,14. Nh vy, ta c th nhn xt rng thtrng ang k vng cng tyny sn nn lm ra trong thi gian ti.

6,480

7,871

4,9084,032

6,5935,680

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

2009 2010 2011

EPS

EPS ca nhm ngnh

2.26

3.553.33

3.14

0.00

0.50

1.00

1.50

2.00

2.50

3.00

3.50

4.00

2010 2011

P/EP/E ca nhm ngnh


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33

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

n v 2007 2008 2009 2010 2011Kd % 16 21 15 16 20

Ke % 19 24 17 18 22WACC % 15.94 20.31 14 14.94 18

- Chi ph s dng nvay (Kd) chnh l li sut cho vay ca ngn hng, t s nythng c so snh vi BEP.

- Nhn vo biu qua cc nm ta thy rng t s sinh li c sm cng ty tc qua cc nm nhn chung l tng, nm 2007 l 10,02% n nm 2011 l

18,12%. Duy chc nm 2007 v nm 2008, t s sinh li c sca cng ty lthp hn so vi chi ph s dng nvay, iu ny cng d hiu v vo nm 2008, donh hng chung ca cuc khng hong ti chnh lm chi ph ti chnh cacng ty tng t bin (c bit l qu II v qu III nm 2008, t mc li sut0,81%/thng tng ln cao nht 1,75%/thng), lm cho chi ph li vay ca cng tytng hn 100% so vi nm 2007. Tnm 2009 n nm 2010, t s sinh li c sca cng ty u tng so vi nm trc v cao hn so vi chi ph s dng nvay.Mi ng EBIT thu c t ti sn cn cao hn so vi tin gi li ngn hng.Khi BEP > Kd th chng t khnng sinh li ca cng ty trong giai on ny l rt

tt. Nhng n nm 2011, chi ph s dng nvay tng, trong khi BEP li gimlm cho BEP < Kd, chng t khnng sinh li ca cng ty b gim i.

- Chi ph s dng vn ch shu Kec so snh vi ROE

10.02%

-3.99%

16.49%

20.51%

18.12%16%

21%

15%

16%

20%

-10.00%

-5.00%

0.00%

5.00%

10.00%

15.00%

20.00%

25.00%

2007 2008 2009 2010 2011

BEP

Kd


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34

Nhn vo biu trn, ta thy chc nm 2007, 2008 ROE nhhn Ke , cn tnm 2009 n nm 2011 th ROE lun ln hn Ke. Nh vy, ta c th kt lunrng, trong 3 nm gn y, thu nhp mang li trn mi ng vn ch shu c th

tha mn cc nh u t.- Chi ph s dng vn bnh qun

Nhn vo biu cho thy ROA ca cng ty tuy c tng t8,01% nm 2007 ln

11,49% nm 2011 nhng nhn chung, ROA < WACC. y l ch s m nh qunl sl ngi quan tm n nhiu nht v t c li ch mong i th ROA >WACC. Ni cch khc, vi biu nh trn th li ch mong i ca nh qun lngy cng xu i.

Kt lun: ta thy chi ph s dng vn ca cng ty cha c tt nh mong iv ROE< Ke, BEP>Kd, ROA


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35

S Dupont ca cng ty

T sut thu hi vn chshu- ROE

26,84%

T sut thu hiTS- ROA

11,49%

S nhn vn ChSHu

2,34

Li nhun bin

5,64%

Nhn vi

Vng quay tng TS

2,04

Li nhunsau thu

147,233 t

Doanhthu

2 611 t

Doanhthu

2 611 t

Tng Tisn

1.281,737 t

Nhn vi

Chia cho Chia cho

Tng chi ph156,056 t

Doanhthu

2 611 t

Ti sn dihn511,794 t

Ti snngn hn769,762 t

Chi ph ti

chnh

80,354 t

Gi vn hngbn

2.294,967 t

Chi ph khc

518,765 triu

Thu TNDN154,600 triu

Chi ph bn

hng, QLDN

75,187 t

Tin,tngng

tin178,778 t

Cc

khonphi thu

254,984 t

Hng tnkho

333,067 t

TS ngnhn khc6,281 t

Trt Cng


36/36

IV. Kt lun v xut- Trong nhng nm va qua, t Tng ti sn cho n Vn ch shu u tng quacc nm, mc vay ncng tng nhng ch yu l vay nngn hn, ndi hnkhng nhng khng vay thm m cn trc nhiu hn qua tng nm. Nm2011, quy m ti sn tng nhng doanh thu tng nhiu hn, quy m ti sn ch

tng 151,732 t so vi nm 2010 nhng doanh thu tng thm ti 575,196 t so vinm 2010. Li nhun sau thu ca cng ty nm 2011 l 147,223 ttng 1,363 tso vi nm 2010. Nhn chung th tnh hnh hot ng sn xut kinh doanh ca cngty c stng trng so vi nm ngoi.

- Tuy nhin, khnng thanh ton ngn hn cha tt, khnng thanh ton di hnxu, cn thp hn nhiu so vi ngnh. Duy ch c t s hiu qu qun l ti sn ltt. EPS nm 2011 c thp hn nm 2010 nhng nhn chung l thu nhp trn mic phiu ang c tng ln so vi nm 2007. Cc ch s so snh ROEKd, ROA

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