Danh sch nhm

1. Nguyn Thc V Hong 2. Hong Nh Thnh 3. Trng nh Qunh Anh 4. ng Phan Duy Anh 5. V Phng Dim

TF1 TF1 TF1 TF1 TF1

ti: Thm nh d n u t Trung tm Ngoi ng Mn: Ti Chnh Doanh Nghip Gio vin hng dn: Hong Th Phng Anh - Khoa TCDN Nhm trng: Nguyn Thc V Hong S in thoi: 01669202141 Email: nguyenthucvuhoang@gmail.com

ng dng ca Excel trong thm nh d n u t I, nh gi mt d n: D n A Nm 0 1 2 3 4 5 T sut chit khu: Chi ph 100 2 3 1 2 3 13% Thu nhp 0 24 23 32 22 23 Tng li nhun -100 22 20 31 20 20 H s chit khu 1.000 0.885 0.783 0.693 0.613 0.543

Thm nh d n da trn Gi tr hin ti rng NPV (Net Present Value) Da trn s Da trn hm NPV liu ca Excel Gi tr hin ti rng (NPV) -20.261911 -20.2619

Thm nh d n da trn t sut li nhun ni b IRR (Internal Rate of Return) IRR 4%

Nu NPV>0 th ta c th nhn nh d n kh thi. Nu IRR>T sut chit khu ta c th nhn nh d n kh thi II, So snh 2 d n Gi s ta so snh mc hiu qu ca 2 d n 1 v d n 2. Nu NPV1>NPV2 ta c th nhn nh d n 1 kh thi hn d n 2.

Nu IRR1>IRR2 ta c th nhn nh d n 1 kh thi hn d n 2. III, Mt s vn vi IRR v NPV a, Trng hp 1 Nh thy mc 2 ta thy nu NPV1>NPV2 v IRR1>IRR2 th ta s chn d n 1. Tuy nhin khng phi lc no ta cng c c 2 bt ng thc cng chiu. Vy trong trng hp: NPV1>NPV2 v IRR10 v NPV2>0 th lc n? Hay l s dng c 2 t sut ny tnh!?

nh th no? i nm 4 mc chit khu l r2% lc ta ln lt chit khu theo r1% trong 2 nm u tin ri chit khu tng theo r2%?

D n A

Mt cng ty ang trong qu trnh thm nh d n u t trc khi quyt nh c nn u t vo d n Qua cng tc phn tch v d on chi ph phi b ra v thu nhp t d n qua tng nm nh bng sa X l s liu

Nm 0 1 2 3 4 5 T sut chit khu:

Chi ph 100 2 3 1 2 3 13%

Doanh thu 0 24 50 57 22 23

Tng li H s nhun chit khu -100 22 47 56 20 20 1.000 0.885 0.783 0.693 0.613 0.543

Gi tr hin ti -100 19.46903 36.80789 38.81081 12.26637 10.8552

nh gi d n u t: Thm nh d n da trn Gi tr hin ti rng NPV (Net Present Value) Da trn Da trn hm NPV s liu ca Excel Gi tr hin ti rng (NPV) 18.2093 18.2093

Thm nh d n da trn t sut li nhun ni b IRR (Internal Rate of Return) IRR Kt lun Da theo NPV: Da theo IRR: D n kh thi D n kh thi 20%

c nn u t vo d n hay khng. a tng nm nh bng sau

Tng li nhun = Doanh thu - Chi ph H s chit khu = 1/(1+T sut chit khu) ^ Nm Gi tr hin ti = Tng li nhun * Nhn t chit khu

Thm nh d n u t - M hnh Trung tm ng Cng ty C phn UEH

I. Vn u t 1, Vn u t

II. Doanh thu c tnh 1, Doanh thu c tnh 2, D.Thu giai on

IV. hiu qu Kt qu phn tch

- M hnh Trung tm ngoi ng C phn UEH

III. Cc khon chi ph 1, Chi ph tr li vay 2, Chi ph lng nhn vin 3, Chi ph Marketing 4, Chi ph qun l 5, Chi ph nm u tin 6, Chi ph c tnh giai on

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BNG 2: NGUN VN U T (VT: VN) 1. Vn t c 2. Vn vay Cng

Ghi ch: Vn vay tr trong vng 10 nm vi mc li sut 14% nm, tr li theo phng thc k khon

BNG 2: NGUN VN U T (VT: VN) 2,500,000,000 1,500,000,000 4,000,000,000

c li sut 14% nm, tr li theo phng thc k khon c nh.

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BNG 3: TNH TON DOANH THU CC (THEO QUI M THITTT 1 2 3 5 6

CC KHON THU Thu ph c s vt cht Thu hc ph (Khon thu chnh) Thu tin dn dp v sinh Thu t cc kho hc ngoi kho Thu t tin dch v a n hc sinh TNG DOANH THU THEO QUI M THIT K Hc ph trung bnh 1 hc vin trong vng 1 thng: S lng hc vin c tnh trong tng thng: im ho vn l nghim ca phng trnh: Hc ph ca 1 hc vin x S lng hc vin = nh ph b ra + Bin ph theo tng hc vin sau khi phn b

Doanh thu ca chng ti s thu c t cc ngun sau: + Thu ph c s vt cht + Thu hc ph ( khon thu chnh ) + Cc khon thu khc nh tin dn dp, tin thu t cc bui ngoi kha, dch v a n hc sinh. Trong thi k hi nhp ny Ting Anh l th ting quc t, c th hi nhp c th sinh vin, h ln Ting Anh. Vi c s vt cht trang b y tin nghi, phong cch lm vic chun mc v c i ng ging vi trung tm Anh Ng mi nhng c th thu ht c mt lng ln hc sinh, sinh vin hin nay. V chng ti tin rng s lng hc vin mi thng s trong khong 150 hc vin, "Ch trng cht l hc vin trong mi lp s c phn chia hp l cho gio vin v hc vin c thi gian tip xc bui ngoi kha giao lu vi cc sinh vin quc t ang hc tp ti Vit Nam cc hc vin c th

TNH TON DOANH THU CC DCH V HNG NM (THEO QUI M THIT K)DOANH THU (VN) 90,000,000 3,420,000,000 45,000,000 50,000,000 36,000,000

DIN GII 50,000 ng/1hc sinh/1 thng x 150 hc vin x 12 thng 1,900,000 ng/1hc sinh/1 thng x 150 hc vin x 12 thng 25,000 ng/1hc sinh x 150 hc vin/1 thng x 12 thng Cc hot ng ngoi kho nh t chc hi tho,pinic.. 150,000 ng/1hc sinh/1 thng x 20 hs x 12 thmg THU THEO QUI M THIT K 2,495,833.33 150

3,641,000,000

n ph theo tng hc vin sau khi phn b tng bin ph chung x S lng hc vin

oi kha, dch v a n hc sinh. th hi nhp c th sinh vin, hc sinh Vit Nam cn c trang b kin thc, k nng ... c bng ting Vit

c chun mc v c i ng ging vin Vit ln Anh, M chuyn nghip chng ti tin rng tuy y ch mi l 1 n hc sinh, sinh vin hin nay. ng 150 hc vin, "Ch trng cht lng, khng xem trng s l ng" l phng chm ca chng ti. S lng n v hc vin c thi gian tip xc nhiu vi nhau. Bn cnh v ic hc, chng ti s thng xuyn t chc cc p ti Vit Nam cc hc vin c th trao i kinh nghim hc Ting Anh vi nhau, hc hi ln nhau ...

c bng ting Vit

ng ti. S lng uyn t chc cc

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3,641,000,000 A/ DOANH THU THEO D TNH : B/ D KIN DOANH THU HNG NM DOANH THU C TNH HNG NM CC NM HOT NG 1 2 Nm 1 3,641,000,000 Nm 2 3,641,000,000 Nm 3 3,641,000,000 Nm 4 3,641,000,000 Nm 5 3,641,000,000 Nm 6 3,641,000,000 Nm 7 3,641,000,000 Nm 8 3,641,000,000 Nm 9 3,641,000,000 Nm 10 3,641,000,000 Tng 36,410,000,000 Trung bnh 3,641,000,000

Ghi ch: Kh nng t c da trn s hc vin ng k vo trung tm. nhng nm u tin, s lng hc sin

Mt d n trung tm Ting Anh mi m nn chng ti hoch nh doanh thu d kin cc n Chng ti tin rng sau 1 n 2 nm khi c mt s lng hc vin khng nh gn b o nh IELTS, TOEIC, ... th trung tm s thu ht c s ch ca nhiu bn sinh vin, hc

( VN/ Nm) ( VT: VN ) TNG DOANH THU T C 4=2*3 2,366,650,000 2,548,700,000 2,730,750,000 2,912,800,000 2,912,800,000 3,094,850,000 3,276,900,000 3,276,900,000 3,458,950,000 3,641,000,000 30,220,300,000 3,022,030,000

D KIN KH NNG 3 65.0% 70.0% 75.0% 80.0% 80.0% 85.0% 90.0% 90.0% 95.0% 100.0%

m u tin, s lng hc sinh c tnh s khng cao bng cc nm tip theo nn dn n s chnh lch.

doanh thu d kin cc nm vi mt t l t c s t 65% ri s tng mi nm. n khng nh gn b o to ti trung tm t c nhng im s cao trong cc k thi nhiu bn sinh vin, hc sinh trn a bn TP HCM.

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CHI PH CHO NM U TIN (U T THUN)

TT1 2 3

Ni dung chi phChi ph thu mt bng Chi ph mua mi trang thit b Chi ph tin hnh d n

VTThng

Cph / thng 30,000,000

Tng u t thun

Ghi ch: Cc khon chi ph nh thu mt bng, thu trang thit b, tr trc trong vng 1

u t thun = Chi ph d n mi + Chi ph lin quan ti mua TSC + Tng vn lu t vic bn TSC hin c + Thu pht sinh do bn cc ti sn c nh hin c (tro sch NBV) Trong trng hp ca d n l mt d n mi nn khng c thanh l TSC hin

T THUN)

S thng/nm120

Cph / nm 3,600,000,000 500,000,000 150,000,000

4,250,000,000

tr trc trong vng 10 nm

ua TSC + Tng vn lun chuyn ban u - Thu nhp thm n c nh hin c (trong trng hp Gi bn > Gi tr s

thanh l TSC hin c v vn lun chuyn

Tr li Menu Mc vay: Mc li sut: 1,500,000,000 14% BNG: TR N VAY

NM 1 2 3 4 5 6 7 8 9 10 Tng

D N U K S LI PHI TR HNG NM 1,500,000,000 210,000,000 1,422,429,689 199,140,156 1,333,999,534 186,759,935 1,233,189,157 172,646,482 1,118,265,328 156,557,146 987,252,163 138,215,303 837,897,154 117,305,602 667,632,445 93,468,542 473,530,676 66,294,295 252,254,659 35,315,652 1,375,703,113

Tuy nhin trong tnh ton dng tin th ta KHNG a li vay vo tnh m phi thuy

Li vay l mt khon tin m doanh nghip phi chi ra hng k tr cho nh cho vay. Tuy nhi vay khng c tnh vo dng tin chi ca d n. Vic li vay khng c coi l dng tin chi c

+ Th nht: quyt nh u t ca doanh nghip c lp vi quyt nh ti tr ca nh cho v c l gii nh sau: CF = Doanh thu bng tin Chi ph bng tin (khng bao gm li vay) Nu chi ph bng tin bao gm c li vay th dng tin ca d n nh sau: CF = (1) Li vay (2).

Nhn vo cng thc (2) trn ta thy, nu tnh li vay vo dng tin chi ca d n th CF ph thu (vay n nhiu) th li vay s cao, dn n lm cho CF gim, t nh hng n hiu qu ca d n). Kt qu l s lm nh hng n quyt nh ti tr vn ca ngn hng. Do , kt qu t khch quan vi quyt nh u t ca doanh nghip th khi thm nh d n, ngn hng s loi b cch khng tnh li vay vo dng tin chi ca d n, tc l s ly dng tin theo cng thc (1).

+ Th hai: TIPV l quan im thm nh hiu qu d n ng trn gc tng th ca d n, k khng phn bit ti sn ca d n c ti tr t vn vay hay vn t c, ngha l khng thm nhm Gio s Trng i hc Harvard Hoa k v c nhiu ngi tha nhn). Theo , TIP vo d n m khng phn bit n c u t bng vn vay hay vn t c. Do vy, TIPV xem d (cc nh cho vay, cc ch u t, bn cho thu, nh cung cp, nh bao tiu, ...). Cc ch th tha vn, cho thu vn, h tr v cng ngh, h tr v u vo, bo m v u ra cho d n, ... Qua ng vi mc tham gia vo d n. Hay ni cch khc, cc ch th ny u tham gia vo d ch t d n nn c th ni cc ch th ny cng nm trong d n. V TIPV xem d n l mt t n nn khi Ch u t tr li vay cho cc Nh cho vay th li vay ch chuyn t ti ca ch th n

NG: TR N VAY

S VN GC PHI TR K KHON 77,570,311 287,570,311 88,430,155 287,570,311 100,810,377 287,570,311 114,923,829 287,570,311 131,013,165 287,570,311 149,355,008 287,570,311 170,264,710 287,570,311 194,101,769 287,570,311 221,276,017 287,570,311 252,254,659 287,570,311 1,500,000,000 2,875,703,113

a li vay vo tnh m phi thuyt minh mt cch c lp trong mt bo co ti chnh khc

ng k tr cho nh cho vay. Tuy nhin, theo Quan im tng u t (Total investment point of view vay khng c coi l dng tin chi ca d n theo TIPV c l gii bi nhng l do sau:

p vi quyt nh ti tr ca nh cho vay th ta khng nn a li vay vo dng tin chi ca d n u t. iu ny

gm li vay) Thu (1). d n nh sau:

dng tin chi ca d n th CF ph thuc vo li vay. Nh vy, nu doanh nghip s dng n by ti chnh cao m, t nh hng n hiu qu ca d n (hiu qu d n s tng ln hoc gim xung ty thuc vo mc vay n ca ngn hng. Do , kt qu thm nh d n v quyt nh c ti tr d n hay khng mt cch c lp v hi thm nh d n, ngn hng s loi b tc ng ca n by ti chnh n kt qu thm nh hiu qu d n bng s ly dng tin theo cng thc (1).

ng trn gc tng th ca d n, khng xem xt hiu qu d n c ti tr t cc hay vn t c, ngha l khng thm nh hiu qu d n mt cch phin din, mt chiu (y l quan im ca mt nhiu ngi tha nhn). Theo , TIPV xem xt hiu qu d n mt cch tng th, trn quan im tng vn u t vay hay vn t c. Do vy, TIPV xem d n nh mt tng th, trong n c ti tr t nhiu ch th khc nhau cp, nh bao tiu, ...). Cc ch th tham gia vo d n bng nhiu hnh thc, c th l gp vn, c th l cho vay , bo m v u ra cho d n, ... Qua , mi ch th cng nhn v phn mnh mt phn li ch t d n tng c ch th ny u tham gia vo d n, cng ti tr cho d n, cng gn trch nhim vo d n v cng hng li ng d n. V TIPV xem d n l mt tng th c ti tr t nhiu ch th m cc ch th ny li cng nm trong d li vay ch chuyn t ti ca ch th ny sang ti ca ch th khc ch khng chy ra khi d n.

mt bo co ti chnh khc

tment point of view TIPV) th li i nhng l do sau: n chi ca d n u t. iu ny

nh nghip s dng n by ti chnh cao oc gim xung ty thuc vo mc vay i tr d n hay khng mt cch c lp v n kt qu thm nh hiu qu d n bng

c ti tr t cc ngun vn ring l hay din, mt chiu (y l quan im ca mt th, trn quan im tng vn u t c ti tr t nhiu ch th khc nhau thc, c th l gp vn, c th l cho vay n mnh mt phn li ch t d n tng rch nhim vo d n v cng hng li m cc ch th ny li cng nm trong d khng chy ra khi d n.

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BNG 6: BNG XC NH TIN LNG NHN VIN TRONG 1 NMTT 1 1 2 3 4 DIN GII 2 T k thut T li xe T bo v Gio vin ging dy S L. LNG/THNG 3 4 1 2,000,000 1 1,700,000 2 1,500,000 10 8,000,000 Cng Chi Ph nhn cng hng nm

NHN VIN TRONG 1 NMVT: VNLNG/ NM TNG LNG 5 6 =3*5 24,000,000 24,000,000 20,400,000 20,400,000 18,000,000 36,000,000 96,000,000 960,000,000 1,040,400,000

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BNG : CHI PH MARKETING HNG NM CA D Nm D.n 1Nm 1 Nm 2 Nm 3 Nm 4 Nm 5 Nm 6 Nm 7 Nm 8 Nm 9 Nm10 Tng Ga tr TB

Chi Ph Marketing trong nc Doanh Thu T l 2 32,366,650,000 2,548,700,000 2,730,750,000 2,912,800,000 2,912,800,000 3,094,850,000 3,276,900,000 3,276,900,000 3,458,950,000 3,641,000,000 30,220,300,000 3,022,030,000 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00%

Mt trung tm Ting Anh mi thnh lp s rt t ngi bit n. Do vy, chng ti s dng hnh thc nh pht t ri, t bn ti cc trng i hc trn a bn thnh ph, cng vi tng cc vouncher gim 10-15% hc ph cho cc hc vin ng k sm chng hn. V doanh thu c tnh mi nm chng ti s trch 1% cho chi ph marketing. Trung bnh c VN cho Marketing hng nm.

G NM CA D NVT: VN Tng Chi ph Maketting 4 =2*323,666,500 25,487,000 27,307,500 29,128,000 29,128,000 30,948,500 32,769,000 32,769,000 34,589,500 36,410,000 302,203,000 30,220,300

vy, chng ti s dng chin lc marketing bng cc n thnh ph, cng vi chng ti s kt hp vi vic m chng hn. arketing. Trung bnh chng ti s chi khong 30 triu

CHI PH KHU HAO HNLu : Trch khu hao theo phng php s d gim dn, khu hao trong 10 Hai nm cui khu hao theo phng php ng thng.

Nm (1) 1 2 3 4 5 6 7 8 9 10

Gi tr cn li (2) 500,000,000 450,000,000 410,000,000 378,000,000 352,400,000 331,920,000 315,536,000 302,428,800 291,943,040 270,971,520 Thuyt minh Ti sn c nh dnh cho d n

STT 1 2 3 4 5 6 7 Tng

Tn thit b My tnh My cassette My chiu thuyt trnh Bn gh dnh cho hc vin Bn gh dnh cho nhn vin My iu ha Chi ph mua TSC (chi ph vn chuyn, lp t)

Mt trung tm anh ng th nhng trang thit b, ti sn khng th thiu: + My tnh, my cassette, my chiu. + Bn, gh. + My iu ha. Chi ph c tnh cho tt c nhng th ny vo khong: 500 triu VN. Cng vi , chng ti s s dng phng php khu hao theo s d gim dn, h s kh nh 2 nm cui.

CHI PH KHU HAO HNG NM

hao theo phng php s d gim dn, khu hao trong 10 nm. H s khu hao nhanh : 2. i khu hao theo phng php ng thng.

Chi ph trang thit b c nh T l khu hao (3) 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.5 0.5 S khu hao (4) = (2) * (3) 50000000 40000000 32000000 25600000 20480000 16384000 13107200 10485760 20971520 20971520

i sn c nh dnh cho d n S Lng 15 15 10 200 10 15 265 n gi Tng 120,000,000 15,000,000 200,000,000 60,000,000 20,000,000 67,500,000 17,500,000 35,800,000 500,000,000 8,000,000 1,000,000 20,000,000 300,000 2,000,000 4,500,000

C (chi ph vn chuyn, lp t)

g thit b, ti sn khng th thiu:

ny vo khong: 500 triu VN. ng php khu hao theo s d gim dn, h s khu hao : 2. Kt hp tuyn tnh c

500,000,000

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Tnh ton chi ph qun lTT1 2 3 5 6 12

Ni dung chi phChi ph in thoi Chi ph in chiu sng Chi ph vn phng phm Tin lng nhn vin k ton Tin lng nhn vin hnh chnh Chi ph khc

VTThng Thng Thng Ngi Ngi

SL1 1 1 3 5 10%

Tng Chi Ph qun l hng nm

n lS thng/nm12 12 12 12 12 Cph / nm 30,000,000 60,000,000 60,000,000 90,000,000 180,000,000 42,000,000

Cph / thng 2,500,000 5,000,000 5,000,000 2,500,000 3,000,000

462,000,000

Tr li Menu CHI PH C TNH THEO GIAI ON Tr li Menu CC NM HOT NG 1 Nm 0 Nm 1 Nm 2 Nm 3 Nm 4 Nm 5 Nm 6 Nm 7 Nm 8 Nm 9 Nm 10tr i Tng Trung bnh CHI PH C TNH HNG NM 2 4,250,000,000 1,526,066,500 1,527,887,000 1,529,707,500 1,531,528,000 1,531,528,000 1,533,348,500 1,535,169,000 1,535,169,000 1,536,989,500 1,538,810,000 15,326,203,000 1,532,620,300

D KIN KH NNG 3 100.0% 100.0% 103.0% 80.0% 90.0% 90.0% 100.0% 100.0% 100.0% 100.0%

TNG CHI PH T C 4=2*3 1,526,066,500 1,527,887,000 1,575,598,725 1,225,222,400 1,378,375,200 1,380,013,650 1,535,169,000 1,535,169,000 1,536,989,500 1,538,810,000 14,759,300,975 1,475,930,097.5

T sut chit khu: Thu thu nhp doanh nghip

14% 10%

Ti Khon 3, Mc II, Phn H Thng t s 130/2008/TT-BTC ngy 26/12/2008 ca B Ti ch iu ca Lut thu thu nhp doanh nghip quy nh thu sut u i: Thu sut vi phn thu nhp ca doanh nghip c c t hot ng trong lnh vc gio dc thao v mi trng (sau y gi chung l lnh vc x hi ho). Danh mc chi tit cc ho c thc hin theo danh mc do Th tng Chnh ph quy nh; Mc II Thng t s 135/2008/TT-BTC ngy 31/12/2008 ca B Ti chnh, quy nh iu ki khch pht trin x hi ha theo quy nh ti iu 2 Ngh nh s 69/2008/N-CP: C s th vc: Gio dc - o to, dy ngh; y t; vn ho; th dc th thao; mi trng phi thuc da tiu ch quy m, tiu chun ban hnh km theo Quyt nh s 1466/Q-TTg ngy 10 thng Chnh ph c hng cc chnh sch khuyn khch pht trin x hi ha quy nh ti Ngh Cn c Danh mc loi hnh, tiu ch quy m, tiu chun ca cc c s c hng chnh s hi ho theo Ngh nh s 69/2008/N-CP (Ban hnh km theo Quyt nh s 1466/Q Th tng Chnh ph) th Trung tm khng thuc trong danh mc cc c s c hng ch x hi ha nn khng c hng cc u i v thu TNDN theo hng dn trn.

26/12/2008 ca B Ti chnh hng dn thi hnh mt s Thu sut 10% trong sut thi gian hot ng i gio dc - o to, dy ngh, y t, vn ho, th Danh mc chi tit cc hot ng trong lnh vc x hi ho

i chnh, quy nh iu kin c hng chnh sch khuyn 9/2008/N-CP: C s thc hin x hi ha trong cc lnh ; mi trng phi thuc danh mc loi hnh v p ng cc TTg ngy 10 thng 10 nm 2008 ca Th tng hi ha quy nh ti Ngh nh s 69/2008/N-CP.; s c hng chnh sch khuyn khch pht trin x uyt nh s 1466/Q-TTg ngy 10 thng 10 nm 2008 ca cc c s c hng chnh sch khuyn khch pht trin hng dn trn.

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KT QU Nm 0 1 2 3 4 5 6 7 8 9 10 Tng Doanh thu (1) 0 2366650000 2548700000 2730750000 2912800000 2912800000 3094850000 3276900000 3276900000 3458950000 3641000000 30220300000 Chi ph (2) 4,250,000,000 1,526,066,500 1,527,887,000 1,575,598,725 1,225,222,400 1,378,375,200 1,380,013,650 1,535,169,000 1,535,169,000 1,536,989,500 1,538,810,000 19,009,300,975

NPV IRR PI Payback Period

2,074,170,995 D n kh thi 23% D n kh thi 1.49 D n kh thi

S dng hm If v And trong Excel tnh: Nm Dng tin Ly K 0 -4250000000 -4250000000 1 661525150 -3588474850

S dng hm RoundUp v RoundDown trong Excel tnh chnh xc thi g Thi gian hon vn ca d n: 4

KT QU KINH DOANH Chi ph khu hao EBIT (3) (4)=(1)-(2)-(3) 0 -4,250,000,000 50,000,000 790,583,500 40,000,000 980,813,000 32,000,000 1,123,151,275 25,600,000 1,661,977,600 20,480,000 1,513,944,800 16,384,000 1,698,452,350 13,107,200 1,728,623,800 10,485,760 1,731,245,240 20,971,520 1,900,988,980 20,971,520 2,081,218,480 250,000,000 10,960,999,025 T sut chit khu: Thu thu nhp doanh nghip

EAT (5)=(4)x(1-10%) -4,250,000,000 711,525,150 882,731,700 1,010,836,148 1,495,779,840 1,362,550,320 1,528,607,115 1,555,761,420 1,558,120,716 1,710,890,082 1,873,096,632 9,439,899,123 14% 10%

2 842731700 -2745743150

3 978836147.5 -1766907003

4 1470179840 -296727162.5

n trong Excel tnh chnh xc thi gian: nm 3 thng

Chi ph khu hao (6) 0 50,000,000 40,000,000 32,000,000 25,600,000 20,480,000 16,384,000 13,107,200 10,485,760 20,971,520 20,971,520 250,000,000

Dng tin rng (7)=(5)-(6) -4,250,000,000 661,525,150 842,731,700 978,836,148 1,470,179,840 1,342,070,320 1,512,223,115 1,542,654,220 1,547,634,956 1,689,918,562 1,852,125,112 9,189,899,123

5 1342070320 1045343158

6 1512223115

7 1542654220

8 1547634956

9 10 1689918562 1852125112

Quy trnh hoch ngn sch vn (tn chnh xc ca ti th ko r l g, qun ghi li >< ): 1, Cc thit lp cho d n: Cc mc tiu ca d n (VD nh l u t vo mt lnh vc tim nng v c kh nng sinh li cao) Phn tch vi m, v m. (Phm tch v cung cu th trng trong lnh vc m d n cp, phn tch cc Phn tch bn thn d n (Nhng iu khc bit m bn thn d n c th to ra cnh tranh vi cc i 2, Hoch nh dng tin: Xc nh doanh thu, chi ph, ti sn c nh (khu hao, mua bn ti sn), vn lu chuyn, thu, (T m Chit khu dng tin DCF, tnh NCF (Net Cash Flow) 3, nh gi d n, cc ch s nh gi (NPV,IRR,DPP,PI), nh gi ri ro (c thm trong sch TCDN chng 4). "Kt qu Kinh doanh" tuy nhin cn phi hiu chnh li sao cho hp l. Ni dung th c tab 4, To thm 1 d n loi tr so snh vi d n mi lp. (Ch cn lp dng tin cui cng m ko cn thuyt minh s l Cng vic l to ra 1 s chi tit, v d vn u t thun, dng tin v tnh cc ch s ti chnh (NPV,IRR,PI,D

Phn cng vic: 1, Qunh Anh, Dim 2, Hong, Thnh 3, C nhm 4, Duy Anh Deadline: 5/3 Np bi cho c, 29/2 np bi li chnh sa (Gi vo mail ca Hong: nguyenthucvuh C th np bi word cho phn (1), phn 2,3,4 c th trnh by Excel sau s trnh by sang f thuyt phc v gy n tng + kim thm im :D

V d minh ho cho mt d n u t (mang tnh cht tham kho, s trnh by li sao cho hp vi m ca nhm) phn 1: m t doanh nghip. phn 2: nh gi th trng phn 3: k hoch marketing. phn 4: t chc kinh doanh phn 5:c tnh vn khi s. phn 6. c tnh doanh thu hng thng. phn 7. K hoch doanh thu v chi ph phn 8: bng lu chuyn tin mt. phn 9:tnh cc ch tiu ca d n phn 10: kt lun

PHN 1: M T DOANH NGHIP. Tn trung tm: Trung tm Anh ng H.H.P. Tn giao dch: H.H.P English Center. Hnh thc s hu: Cng ty t nhn. Trung tm Anh ng H.H.P l trung tm ting Anh ln u tin ra i Hi Dng, hot ng trong ln o to vi mc ch l ging dy v nng cao trnh hc tp, hiu bit v ting Anh ca hc sinh, s cng nh mi tng lp dn c khc trong thnh ph Hi Dng. Trung tm hot ng di hnh thc Cng ty t nhn, do Hong Quc Hng Khoa Kinh t u t - i hc Kinh t Quc Dn thnh lp. I. Mc tiu ca trung tm. 1.Mc ch ca d n. Trung tm ra i vi mc ch ging dy ting Anh cho hc sinh, sinh vin v cc tng lp dn c kh thnh ph Hi Dng. Nng cao trnh hiu bit v s dng ting Anh ca hc sinh, sinh vin cng nh ca cc tng lp d khc trong thnh ph. Kinh doanh thu li nhun cao trn c s tha mn tt nht nhu cu c hc tp v tm hiu ting An hc vin. 2. Chin lc pht trin ca trung tm.

hc vin. 2. Chin lc pht trin ca trung tm. M rng m hnh kinh doanh sang cc lnh vc o to, phi hp o to... cc chuyn ngnh khc n hc, cng ngh thng tin Thc hin lin kt vi cc trng, cc trung tm o to trong v ngoi nc nng cao cht lng ca trung tm tin ti m rng quy m v phm vi hot ng ca trung tm. i tng phc v ca trung tm trong tng lai khng ch dng li cc hc vin trong thnh ph H Dng m s m rng cho ton tnh Hi Dng. 3. ngha kinh t x hi. p ng nhu cu hc tp v nng cao trnh ting Anh ca hc sinh, sinh vin cng nh mong mu tm hiu, hc tp v c o to nhm phc v cho nhu cu hin ti v tng lai ca cc tng lp d khc trong thnh ph Hi Dng. To ra mt trng giao tip ting Anh lin tc, nhm nng cao kh nng s dng ting Anh khng ch hc sinh, sinh vin m cn c cc tng lp dn c khc.Pht huy ht kin thc s phm c o i ng gio vin tr thnh ph, m hin ti ang b hn ch do thiu thn v c s h tng, kh kh b tr v t chc lp hc. Gp phn nng cao trnh dn tr,nng cao hiu qu lm vic cng nh nng lc cho lc lng lao hin ti, v tng lai trong a bn thnh ph Hi Dng ni ring, trong ton Tnh Hi Dng ni chu M rng mi quan h cng nh nng cao tnh on kt cho hc sinh, sinh vin ca cc trng hc tro bn thnh ph Hi Dng.

g, qun ghi li >< ):

tim nng v c kh nng sinh li cao) ng lnh vc m d n cp, phn tch cc i th cnh tranh) n d n c th to ra cnh tranh vi cc i th khc)

bn ti sn), vn lu chuyn, thu, (T m hnh c b sung thm cc chi tit cho ph hp vi yu cu mn hc)

i ro (c thm trong sch TCDN chng 4). hin cn phi hiu chnh li sao cho hp l. dng tin cui cng m ko cn thuyt minh s lu chuyn tin t ca dng tin -> Mc tiu l so snh vi d n mi lp) tin v tnh cc ch s ti chnh (NPV,IRR,PI,DPP) so snh v chn ra phng n u t no l ti u.

a (Gi vo mail ca Hong: nguyenthucvuhoang@gmail.com) h trnh by Excel sau s trnh by sang file Word. Bi vit s c np km file thm nh d n bng Excel tng tnh

t tham kho, s trnh by li sao cho hp vi m hnh

u tin ra i Hi Dng, hot ng trong lnh vc hc tp, hiu bit v ting Anh ca hc sinh, sinh vin

do Hong Quc Hng Sinh vin nm th 3, K44 C,

o hc sinh, sinh vin v cc tng lp dn c khc trong

hc sinh, sinh vin cng nh ca cc tng lp dn c

nht nhu cu c hc tp v tm hiu ting Anh ca

o, phi hp o to... cc chuyn ngnh khc nh tin

o trong v ngoi nc nng cao cht lng o to ng ca trung tm. g ch dng li cc hc vin trong thnh ph Hi

nh ca hc sinh, sinh vin cng nh mong mun c hu cu hin ti v tng lai ca cc tng lp dn c

ng cao kh nng s dng ting Anh khng ch ca c.Pht huy ht kin thc s phm c o to ca hn ch do thiu thn v c s h tng, kh khn trong

lm vic cng nh nng lc cho lc lng lao ng ng ni ring, trong ton Tnh Hi Dng ni chung. t cho hc sinh, sinh vin ca cc trng hc trong a

h hp vi yu cu mn hc)

so snh vi d n mi lp) u t no l ti u.

m nh d n bng Excel tng tnh

NPV 2,224,686,540 D n kh thi IRR 24% D n kh thi Sut sinh li #REF! #REF! Payback Period

S dng hm If v And trong Excel tnh: Nm 0 Dng tin -4,250,000,000 Payback Period N/A N/A 1 790,583,500 N/A 2 980,813,000

S dng hm RoundUp v RoundDown trong Excel tnh chnh xc thi g Thi gian hon vn ca d n: 3 nm

3 4 5 1,123,151,275 1,661,977,600 ######## N/A 3.815565881 N/A

6 7 8 9 1,698,452,350 ######## ######## ######## 3.928159406

Excel tnh chnh xc thi gian: 12 thng

10 ########