Luận văn phân tích khả năng thanh toán và một số giải pháp cải thiện khả năng thanh toán của công ty cổ phần vinamilk

-o0o - : VINAMILK : THs MÃ SINH VIÊN : A16951 CHUYÊN NGÀNH : TÀI CHÍNH 2013 i gian qua _ tháng _ 2014 Sinh viên Thang Long University Library 1.1 1.2 1.3 1.4 1.5 1.6 1.6.1 1.6.2 1.6.3 1.7 1.7.1 .5 1.7.2 1.8 .5 .6 2.1 toán 2.1.1 Khái ni m v kh .6 2.2 S c n thi t v phân tích kh 2.3 Thông tin phân tích kh 2.3.1 Thông tin chung 2.3.2 Thông tin theo ngành kinh t 2.3.3 Thông tin k toán .8 2.4 10 2.4.1 10 2.4.2 l 11 2.4.3 th 12 2.4.4 12 2.5 Quy trình phân tích kh 12 2.6 N i dung phân tích kh 13 2.6.1 Phân tích kh n h n 13 2.6.2 Phân tích kh n 27 2.7 Các nhân t n kh a doanh nghi p 31 2.8 M i quan h gi a kh toán kh PHÂN TÍCH KH VINAMILK 3.1 i 32 A CÔNG TY 34 Gi i thi u chung v công ty c ph n s a Vinamilk 34 3.1.1 .34 3.1.2 34 3.1.3 .35 3.1.4 36 3.2 Vinamilk Khái quát tình hình s n xu t kinh doanh công ty c ph n s a .37 3.2.1 Phân tích tình hình doanh thu 3.2.2 chi phí 37 41 3.3 Phân tích kh c tr ng kh c a công ty c ph n s a Vinamilk 42 3.3.1 Phân tích bi ng tài s n ng n h n n ng n h n 42 3.3.2 Phân tích kh n h n 45 3.3.3 Phân tích kh o ti n 51 3.3.4 Phân tích chu k v ng c a v n t i kh n h n 53 3.3.5 Phân tích bi ng tài s n dài h n v n ch s h u 57 3.3.6 Phân tích kh n 59 3.4 62 3.4.1 63 3.4.2 64 3.4.3 .65 3.5 3.5.1 th c tr ng kh kh a công ty 66 66 Thang Long University Library 70 4.1 70 4.1.1 70 4.1.2 71 4.1.3 4.2 .71 72 4.3 khách hàng .73 4.3.1 74 4.3.2 .74 4.3.3 75 4.4 76 77 .16 17 28 28 38 39 .39 .51 .55 55 58 .63 .66 Thang Long University Library .37 40 41 42 46 48 50 .55 .59 .60 BCKQKD CBNV CTCP KD inh doanh SXKD GVHB TNHH TSDH TSNH VCSH GTGT Thang Long University Library 1.1 mà phân nh thông qua k Vinamilk toán 1.2 Trong em TS Tài doa Phân tích báo cáo tài , TS.Ngô Xuân Bình , Phâ 1.3 Thang Long University Library L 4.1.2 - -Orr 4.1.3 chi p hàng 12 C*= (2*T*F)/K= (2*100.000.00*12*(0,15%*100.000.000))/0,12)=189,736,659 189,736,659 00 71 4.2 toán V Q* D C2 C1 hoá) 72 Thang Long University Library Q), 4.3 hính sách , c C thâ hàng l 73 4.3.1 M v t cách t thêm th 4.3.2 t 74 Thang Long University Library 4.3.3 cách: nên tr xuyên, Công ty có tín t liên Cô ty có , 75 4.4 inamilk ông EBIT Tuy nhiên, p nên không 76 Thang Long University Library nhi công tác phân tích báo toán , tích c n v n toán ng Trên c ,t Nam Vinamilk y Nam Vinamilk có giúp cho n công tác phân tích Tuy nhiên, h 77 Vinamilk 2011 % Doanh thu bán hàng cung 2012 % 16,081,466,183,586 22,070,557,490,766 27,101,683,739,278 5,989,091,307,180 37.24 5,031,126,248,512 22.80 (328,600,184,161) (443,128,597,657) (540,109,559,314) (114,528,413,496) 34.85 (96,980,961,657) 21.89 15,752,865,999,425 21,627,428,893,109 26,561,574,179,964 5,874,562,893,684 37.29 4,934,145,286,855 22.81 (10,579,208,129,19 (15,039,305,378,36 (17,484,830,247,18 (4,460,097,249,16 42.16 (2,445,524,868,824 16.26 5,173,657,870,228 6,588,123,514,745 9,076,743,932,776 1,414,465,644,517 27.34 2,488,620,418,031 37.77 448,530,127,237 680,232,453,133 475,238,586,049 231,702,325,896 51.66 (204,993,867,084) (30.14) Chi phí tài (153,198,613,988) (246,429,909,362) (51,171,129,415) (93,231,295,374) 60.86 195,258,779,947 (79.24) Chi phí bán hàng (1,438,185,805,872) (1,811,914,247,629) (2,345,789,341,875) (373,728,441,757) 25.99 (533,875,094,246) 29.46 (388,147,124,772) (459,431,997,199) (525,197,269,346) (71,284,872,427) 18.37 (65,765,272,147) 14.31 3,642,656,452,833 4,750,579,813,688 6,629,824,778,189 1,107,923,360,855 30.42 1,879,244,964,501 39.56 982,987,168,616 323,106,037,829 350,323,343,748 (659,881,130,787) (67.13) 27,217,305,919 8.42 (374,201,668,313) (85,880,005,676) (63,006,276,113) 288,321,662,637 (77.05) 22,873,729,563 (26.63) 608,785,500,303 237,226,032,153 287,317,067,635 (371,559,468,150) (61.03) 50,091,035,482 21.12 (234,529,528) (8,813,950,770) 12,526,171,255 (8,579,421,242) 21,340,122,025 (242.12) 4,251,207,423,608 4,978,991,895,071 6,929,668,017,079 727,784,471,463 3,658.1 17.12 1,950,676,122,008 39.18 Các Doanh thu cung Giá bán hàng hàng bán bán hàng cung Doanh thu Chi phí tài chínhh lý doanh kinh Thu doanh khác Chi phí khác khác lãi / liên doanh toán Thang Long University Library Chi phí TNDN Chi phí TNDN hoãn sau doanh hành thu (645,058,588,114) (778,588,561,106) (1,137,571,835,560) (133,529,972,992) 20.70 (358,983,274,454) 46.11 9,344,103,477 17,778,374,972 27,358,535,564 8,434,271,495 90.26 9,580,160,592 53.89 3,615,492,938,971 4,218,181,708,937 5,819,454,717,083 602,688,769,966 16.67 1,601,273,008,146 37.96 2011 % A-TÀI 2012 % 5,919,802,789,330 9,467,682,996,094 11,080,537,816,712 3,547,880,206,764 59.93 1,612,854,820,618 17.04 613,472,368,080 3,156,515,396,990 1,252,120,160,804 2,543,043,028,910 414.53 -1,904,395,236,186 (60.33) 249,472,368,080 790,515,396,990 852,120,160,804 541,043,028,910 216.87 61,604,763,814 7.79 Các 364,000,000,000 2,366,000,000,000 400,000,000,000 2,002,000,000,000 550.00 -1,966,000,000,000 (83.09) 1,742,259,762,292 736,033,188,192 3,909,275,954,492 1,006,226,574,100 (57.75) 3,173,242,766,300 431.13 1,812,917,431,792 815,277,431,792 4,039,304,630,112 -997,640,000,000 (55.03) 3,224,027,198,320 395.45 -70,657,669,500 -79,244,243,600 -130,028,675,620 -8,586,574,100 12.15 -50,784,432,020 64.09 1,124,862,162,625 2,169,205,076,812 2,216,290,611,750 1,044,342,914,187 92.84 47,085,534,938 2.17 587,457,894,727 1,143,168,467,855 1,269,841,759,012 555,710,573,128 94.60 126,673,291,157 11.08 bán 354,095,973,554 795,149,182,591 576,619,318,260 441,053,209,037 124.56 -218,529,864,331 (27.48) Các thu khác 183,904,850,455 232,805,433,796 373,682,118,364 48,900,583,341 26.59 140,876,684,568 60.51 thu -596,556,111 -1,918,007,430 -3,852,583,886 -1,321,451,319 221.51 -1,934,576,456 100.86 2,351,354,229,902 3,272,495,674,110 3,472,845,352,518 921,141,444,208 39.17 200,349,678,408 6.12 2,355,487,444,817 3,277,429,580,780 3,476,300,517,903 921,942,135,963 39.14 198,870,937,123 6.07 -4,133,214,915 -4,933,906,670 -3,455,165,385 -800,691,755 19.37 1,478,741,285 (29.97) 87,854,266,431 133,433,659,990 230,005,737,148 45,579,393,559 51.88 96,572,077,158 72.37 38,595,473,073 56,909,099,519 72,343,567,654 18,313,626,446 47.45 15,434,468,135 27.12 I II Các tài phòng giá III Các thu thu khách hàng cho phòng IV Hàng Hàng kho kho phòng V Tài Chi phí khó giá hàng khác kho Thang Long University Library GTGT 16,933,368,421 74,772,661,634 154,118,437,302 57,839,293,213 341.57 79,345,775,668 106.12 32,325,424,937 1,751,898,837 3,543,732,192 -30,573,526,100 (94.58) 1,791,833,355 102.28 4,853,229,506,530 6,114,988,554,657 8,587,258,231,415 1,261,759,048,127 26.00 2,472,269,676,758 40.43 thu dài 23,624,693 - - khác 23,624,693 - - 3,428,571,795,589 5,044,762,028,869 8,042,300,548,493 1,616,190,233,280 47.14 2,997,538,519,624 59.42 2,589,894,051,885 3,493,628,542,454 4,223,443,459,603 903,734,490,569 34.89 729,814,917,149 20.89 4,113,300,629,871 5,301,826,836,260 6,512,875,316,427 1,188,526,206,389 28.89 1,211,048,480,167 22.84 -1,523,406,577,986 -1,808,198,293,806 -2,289,431,856,824 -284,791,715,820 18.69 -481,233,563,018 26.61 173,395,289,975 256,046,089,531 253,615,655,556 82,650,799,556 47.67 -2,430,433,975 (0.95) - Nguyên giá 263,171,406,266 383,409,370,867 387,180,023,184 120,237,964,601 45.69 3,770,652,317 0.98 - Giá -89,776,116,291 -127,363,281,336 -133,564,367,628 -37,587,165,045 41.87 -6,201,086,292 4.87 665,282,453,729 1,295,087,396,884 3,565,241,433,334 629,804,943,155 94.67 2,270,154,036,450 175.29 III 100,817,545,211 100,671,287,539 96,714,389,090 -146,257,672 (0.15) -3,956,898,449 (3.93) - Nguyên giá 104,059,758,223 117,666,487,460 117,666,487,460 13,606,729,237 13.08 0.00 -3,242,213,012 -16,995,199,921 -20,952,098,370 -13,752,986,909 424.19 -3,956,898,449 23.28 1,141,798,415,275 846,713,756,424 284,428,762,040 -295,084,658,851 (25.84) -562,284,994,384 (66.41) 214,232,426,023 205,418,475,253 217,944,646,507 -8,813,950,770 (4.11) 12,526,171,254 6.10 1,036,146,073,800 783,646,073,800 80,840,000,000 -252,500,000,000 (24.37) -702,806,073,800 (89.68) -108,580,084,548 -142,350,792,629 -14,355,884,467 -33,770,708,081 31.10 127,994,908,162 (89.92) 162,461,317,098 107,338,146,303 150,152,345,194 -55,123,170,795 (33.93) 42,814,198,891 39.89 Tài khác B- TÀI DÀI I Các thu dài II Tài Tài hình - Nguyên giá - Giá hao mòn Tài vô hình hao mòn Chi phí xây - Giá dang hao mòn IV Các tài dài vào công ty liên dài khác phòng giá V Tài dài khác liên doanh tài dài Chi phí dài Tài dài VI TÀI (73.81) 15,475,663,327 60.46 80,643,411,508 108,001,947,072 17,778,374,972 28.28 27,358,535,564 33.93 1,855,467,240 khác -72,142,498,527 62,865,036,536 hoãn 41,073,978,122 1,096,420,000 1,076,420,000 -759,047,240 (40.91) -20,000,000 (1.82) 15,503,335,522 13,662,186,598 -4,053,473,142 (20.73) -1,841,148,924 (11.88) 10,773,032,295,860 thu 25,598,314,795 19,556,808,664 Tài 97,740,813,322 15,582,671,550,751 19,667,796,048,127 4,809,639,254,891 4,085,124,497,376 26.22 44.65 2011 2012 % % 2010 A- 2,808,595,705,578 3,105,466,354,267 4,174,699,452,270 296,870,648,689 10.57 1,069,233,098,003 34.43 I 2,645,012,251,272 2,946,537,015,499 4,114,917,931,040 301,524,764,227 11.40 1,168,380,915,541 39.65 567,960,000,000 0 (567,960,000,000) (100.00) 1,089,416,813,120 1,830,959,100,474 2,217,586,777,551 741,542,287,354 68.07 386,627,677,077 21.12 30,515,029,293 116,844,952,210 21,589,364,414 86,329,922,917 282.91 -95,255,587,796 (81.52) 281,788,660,883 287,462,890,828 333,952,869,847 5,674,229,945 2.01 46,489,979,019 16.17 33,549,296,245 44,740,312,110 106,150,509,860 11,191,015,865 33.36 61,410,197,750 137.26 264,150,983,635 260,678,009,293 365,103,636,850 (3,472,974,342) (1.31) 104,425,627,557 40.06 118,236,497,397 59,478,925,315 664,137,048,409 (58,757,572,082) (49.69) 604,658,123,094 1,016.59 259,394,970,699 346,372,825,269 406,397,724,109 86,977,854,570 33.53 60,024,898,840 17.33 163,583,454,306 158,929,338,768 59,781,521,230 (4,654,115,538) (2.85) -99,147,817,538 (62.38) 92,000,000,000 92,000,000,000 0 0.00 -92,000,000,000 (100.00) Vay bán mua Nhà lao Chi phí Các 11 II khác khen phúc dài dài khác Thang Long University Library phòng 51,373,933,083 66,923,897,268 59,635,777,000 15,549,964,185 30.27 -7,288,120,268 (10.89) 20,209,521,223 5,441,500 145,744,230 (20,204,079,723) (99.97) 140,302,730 2,578.38 B- 7,964,436,590,282 12,477,205,196,484 15,493,096,595,857 56.66 3,015,891,399,373 24.17 I 7,964,436,590,282 12,477,205,196,484 15,493,096,595,857 56.66 3,015,891,399,373 24.17 3,530,721,200,000 5,561,147,540,000 8,339,557,960,000 57.51 2,778,410,420,000 49.96 1,276,994,100,000 1,276,994,100,000 0.00 -669,051,000 -2,521,794,000 -4,504,115,000 (1,852,743,000) 276.92 -1,982,321,000 78.61 2,172,290,789,865 908,024,236,384 93,889,017,729 (1,264,266,553,48 1) (58.20) -814,135,218,655 (89.66) 353,072,120,000 556,114,754,000 588,402,022,008 203,042,634,000 57.51 32,287,268,008 5.81 1,909,021,531,417 4,177,446,360,100 5,198,757,611,120 118.83 1,021,311,251,020 24.45 10.773.032.295.860 15,582,671,550,751 19,667,796,048,127 44.65 4,085,124,497,376 26.22 Doanh thu 10 phát phòng tài sau phân 4,512,768,606,20 4,512,768,606,20 2,030,426,340,00 1,276,994,100,00 2,268,424,828,68 4,809,639,254,89 (Ngu n: Tính toán c a tác gi - Báo cáo tài 2010 2012) Ph l c Các ch tiêu Ch tiêu Tài s n ng n h 5,919,802,789,330 9,467,682,996,094 11,080,537,816,712 N ng n h 2,645,012,251,272 2,946,537,015,499 4,114,917,931,040 2.23 3.21 2.69 H s kh ng n h n (l n) 5.1 Ch tiêu 2010 Tài s n ng n h 5,919,802,789,330 9,467,682,996,094 11,080,537,816,712 Hàng t n 2,351,354,229,902 3,272,495,674,110 N ng n h 2,645,012,251,272 H s kh n) 2,946,537,015,499 3,472,845,352,518 4,114,917,931,040 1.35 2.10 1.84 613,472,368,080 3,156,515,396,990 1,252,120,160,804 2,645,012,251,272 2,946,537,015,499 4,114,917,931,040 0.23 1.07 0.30 5.2 Ch tiêu Ti n kho N ng n h H s kh c th i (L n) 5.3 (Ngu n: Tính toán c a tác gi - Báo cáo tài 2010 Thang Long University Library 2012) Chênh l ch Ch tiêu 2010 2011 2011 - 2012 4,251,207,423,608 4,978,991,895,071 6,929,668,017,079 17.12 39.18 6.171.553.959 13.933.130.085 3.114.837.973 125.76 (77.64) 10,773,032,295,860 15,582,671,550,751 19,667,796,048,127 44.65 26.22 4,853,229,506,530 6,114,988,554,657 8,587,258,231,415 26.00 40.43 173.395.289.975 256.046.089.531 253.615.655.556 47.67 (0.95) 2,808,595,705,578 3,105,466,354,267 4,174,699,452,270 10.57 34.43 163,583,454,306 158,929,338,768 59,781,521,230 (2.85) (62.38) - - - 3.84 5.02 4.71 30.82 (6.11) 29.67 38.48 143.64 29.69 273.33 688.84 357.35 2,224.73 (48.12) 522.56 H s n tài s n (L n) 0.26 0.20 0.21 (23.56) 6.51 H s n v n ch s h u (L n) 0.35 0.25 0.27 (29.42) 8.26 H s n tài s 0.26 0.20 0.22 (23.53) 6.13 T ng tài s Tài s n dài h Tài s T ng n N dài h Quy n s d H s kh Kh ng quát (L n) dài h n (L n) Kh n) m b o (L n) 5.4 (Ngu n: Tính toán c a tác gi - Báo cáo tài 2010 2012)