Luận văn phân tích cơ cấu vốn tại công ty cổ phần x20

BO GIAO DVC VA DAO TAO TRIJIING DAI HQC THANG LONG -o0o - KHOA LUAN TOT NGHIEP BE TAI: PHAN TICH CAU VON TAI CONG TY CO PHAN X20 Giao vien h•oug tem Sinh vien thtyc hien Ma sinh vien ThS Ngo Thi Quyen Phan] Anh Phtrang A17058 Chuyin nganh Tai chinh - Ngfin hang HA NO1— 2013 LEI CAM ON Tnrac tien, em mu6n giri 16i cam an chin nhAt den giao vien huang an giang vien Ngo Thi Quyen, ngueri da tin tinh chi bao va huerng din cho em su6t th&i gian thirc hien va hoan khoa luin tot nghiep Ben canh do, thong qua khoa luin nay, em ding cam an cac thAy c6 dang giang day a tnremg Dai hoc Thang Long, nhimg ngueri da mang 14i cho em mOt nen tang kien thirc can ban nhAt de co the nhin thirc va phan tich dirge nhang vAn de, s6 lieu lien quan den kinh te, tao nen tang ve chuyen nganh hoc de em co the hoan de tai Em cling xin cam an tai dan vi thirc tip, dic biet la cac anh chi phong Tai chinh - ke toan a nhiet tinh giap d6 em viec cung cap va Op nhit s6 lieu, thong tin dm dan vi su6t thin gian thtrc hien khoa luin Cu6i ding, em chin cam an gia dinh va ban be da Ong vien, tao dieu kien de em có the hoan khoa luin melt each tot nhAt Em xin chant cam an! Thang Long University Library M1VC LUC CHVONG 1,)? LUAN CO BAN VE CO CAU VON TRONG DN 1.1Co Ciu von cfia DN 1.1.1 Khai niOn co' cau van 1.1.2 Cac nhan to cat, 1.1.3 Ccic chi lieu phiin anh co' Call von 1.1.4 L.,Pthuy4t ca cat, van tai tru ciia DN 1.1.5 Y nghia ciia vi'ec phan Lich ca cau von 1.2Chi phi von 1.2.1 Chi phi van vay 1.2.1.1 Chi phi van vay NH 1.2.1.2 Chi phi van vay DH 1.2.2 Chi phi van ca phitt tru dai 1.2.3 Chi phi van co phi eu thireng : 1.2.4 Chi phi van binh quint WA CC 1.3Tac Ong ciia co ciu von den ty suAt sinh Rri — rfii ro 1.3.1 Don bay tai chink 1.3.1.1 Phan tich diem bang quan EBIT — EPS 1.3.1.2 DO bciy tai chinh 1.3.1.3 DO beiy va rfti ro tai chinh 1.3.1.4 MOt sa phtrang phap luring rfti ro tai chinh khac 1.3.2 Ttic &Ong c eta den bay tai chinh cr' khii nang sinh en 1.4 Tac Ong cfia co ciu von den gia tri DN 1.4.1 Lf, thuy't M& M truirng hop khang c6 thui; 1.4.2 Lf, thuA M&M Throng hop ce thu' er 1.4.4 Thi truirng khang hotin heio 1 4 5 7 9 10 11 11 12 12 13 13 14 CHUONG THUC TRANG CO CAU VON CUA CONG TV CO PHAN X20.16 2.1 Gieri thi'0 cong ty c6 phin X20 16 2.1.1 Lich sir hinh thank cong ty 16 2.1.2 Dac di'dm nganh nghe kinh doanh ctia cong ty X20 16 2.1.3 Co cat, to chtk caa cong ty co phan X20 17 2.1.4 Char ming nhiem vu ctia tirng be) phtin 19 2.1.4.1 Bo phOn quan 1j) 19 2.1.4.2 BO phOn san zulit kinh doanh 19 2.2 Ket qui hoat Ong san xuAt kinh doanh ctia cong ty c6 pha'n X20 nam 2010 — 2012 20 2.2.1 Tinh hinh doanh thu — chi phi — loi tthuOn nam 2010 — 2012 20 2.2.2 nth hinh tai san — nguan von tram 2010 — 2012 cat] cong ty co phan X20 21 2.2.2.1 Tinh hinh tai san 2010 - 2012 21 2.2.2.2 Tinh hinh nguan van 2010 - 2012 24 2.2.2.3 Chi tieu tai chinh tang h9p 2.2.2.4 Chi tieu kha nang loan 2.3 That trang co eau von tai cong ty CP X20 2.3.1 No NH 2.3.1.1 Ca cau na NH 2.3.1.2 Chi phi van NH 2.3.2 N9 DH 2.3.2.1 Ca cau n9 DH 2.3.2.2 Chi phi van DH 2.3.3 Von CSH 2.3.3.1 Ca cau van CSH 2.3.3.2 Chi phi van CSH 2.3.4 Chi phi van binh quan (WACC) 2.4 Tac Ong cua co cau von den tS, suat sinh liri — rut ro 2.4.1 Anh huang ell(' ca cau van d en raj ro tai chink i 2.4.1.1 DiAm bang quan EBIT — EPS 2.4.1.2 DO bay tai chinh 2.4.1.3 Ca cau van va rai ro tai chinh 2.4.2 Anh hirong cua ca cau van ign ty suit sinh loti 2.4.2.1 Tac d5ng caa ca cau van len ROE 2.4.2.2 Tdm chdn thuA tit Icii vay 2.5 Dinh gia ve can true von tai cong ty CP X20 2.5.1 Ifu diAm 2.5.2 Nl~ tto.c diAm 27 28 30 30 30 32 33 33 34 35 35 37 38 40 40 40 41 43 44 44 46 47 47 48 CHUONG DANH GIA VA CIA! PHAP VE CO CAU VON CUA CONG TY CO PHAN X20 50 3.1 Thuan 191, kilo khan moi trtro ng kinh doanh ciia cong ty CP X20 3.1.1 Th ua ~~ 19i 3.1.2 Kith khan 3.2 Dinh htron Oat trier' ciia ding ty 3.3 Giai phi') cho co cat' yen cfia cong ty X20 3.3.1 Thay dal 1y tryng thrinh phan van 3.3.2 TiAl kiem chi phi, tang hieu quo son kinh doanh 3.3.2.1 Tiet kiAm chi phi 3.3.2.2 Tang hieu qua san xuat kinh doanh 3.4 Milt so kien nghi khac 3.4.1 Quan ly nguon van litu &Ong 3.4.2 Nang cao nh'an Mar vA ca cau van hip ly Thang Long University Library 50 50 50 50 51 51 53 53 55 56 56 57 DANH MIX VIET TAT TS NH DH CSH DN TM sin Ngan han Dai han Chu sir hiru Doanh nghi'e'p DANH MIX BANG BIEU Bang 2.1 Doanh thu-chi phi-lqi nhu4n nam 2010-2012 Bang 2.2 Tai sin cong ty 2010-2012 Bang 2.3 Ty phAn ngtiOn von 2010-2012 Bang 2.4 Nhom chi tieu phan anh kha nang sinh loi Bang 2.5 Chi tieu kha nang town Bang 2.6 Co cAu my NH 2010-2012 Bang 2.7 Chi phi von NH Bang 2.8 Ty nq DH 2010-2012 Bang 2.9 Chi phi vOn DH Bang 2.10 Ty cac phAn vOn CSH 2010-2012 Bang 2.11 Chi phi vOn CSH Bang 2.12 Chi phi vOn binh quan WACC 2010-2012 Bang 2.13 Thay dOi no' DH va von CSH Bang 2.14 Do !Ay tai chinh DFL 2010-2012 Bang 2.15 Co ciiu von va rui ro tai chinh Bang 2.16 Cong thin Dupont ciia ROE 2010-2012 Bang 2.17 TAm ctin thue 2010-2012 Bang 3.1 Chi phi Oat hanh co phieu thtr&ng Bang 3.2 Chi phi vim binh quail WACC phat hanh them co phieu Bang 3.3 Don !Ay tai chinh ciia cac phiron an Bang 3.4 Chi phi nguyen vat lieu trqc tiep Bang 3.5 Chi phi quan ly DN Bang 3.6 Tinh hinh doanh thu- chi phi — lqi nhOn 20 22 25 27 29 31 33 34 35 36 37 38 40 41 43 45 47 52 52 53 54 54 55 DANH M>i1C BIEU DO Bleu coo 2.1 Doanh thu-chi phi- loi nhuin Bleu coo 2.2 Ty mot so phan tai sin 2010-2012 Bien coo 2.3 Ca can von 2010-2012 Bleu coo 2.4 Chi tieu phin anh co cau von Bleu coo 2.5 Chi phi von binh quail WACC Bien (14 2.6 Diem bang quan EBIT - EPS Bieu coo 2.7 DO bay tai chinh DFL Bleu dO 2.8 ROE 20 23 25 26 38 40 42 45 DANH Mk1C HINH VE, SO DO Hinh 1.1 Diem bang quan EBIT - EPS Hinh 1.2 Chi phi khOn kho tai chinh So coo 1.1 TO chtrc bO may quin ly cOng ty Thang Long University Library 10 14 18 Len Mei DAU Ly nghien cam Cac nha dau tir lap DN voi muc Bich la tien hanh san xuat kinh doanh, tao hang hoa djch vu de tien hanh trao 6i vai cac don vj kinh to khac nhim muc tieu sinh lei Mu6n nhtr vay, nha dau to can thiet phai co von VOn &roc dau Pr vao qua trinh kinh doanh tao co hOi cho DN ma rOng quy mo, nang cao san xuat, tao them nhi'eu lqi nhuan va tang them gia tri DN Ben canh dO, co cau v6n va hieu qua sir dung von la yeti to rat quan trong, quyet djnh den hieu qua san xuat kinh doanh ding nhu str song dm DN Vi vay, viec danh gia, nang cao hieu qua sir dung von ding vai mOt cau true von t6i tru la rat can thiet va coy nghia quan trj tai chinh cua doanh nghiep Viec del hoi phai danh gia mOt each town dien de tim nguyen nhan, nhang y6u t6 anh htrang tai hieu qua san xuat kinh doanh, tir dua cac chinh sach, chitin ltroc dung din phat trien DN Thtrc to hien nay, v&i sir canh tranh gay git nen kinh to thj tn.rang de co the ton tai va tao chi; dung tren thircrng tn.rang, van Ian dang ducfc dat cho cac DN la nhu cau v'e nguOn von, each quail ly von hieu qua va tim mOt co cau von hop 13", cho DN co the dat ducc lqi nhuan cao nhAt muc phi sir dung thip nhAt Tir nhang van de tren, qua qua tranh tim hieu, thtrc tap tai ding ty CP X20, em da hinh y Wang ve tai khoa luan tot nghiep cua minh: "Phan tich ca eau win tai ding ty CP X20" Muc tieu nghien ctru Khoa luan tap trung nghien ciru thtrc tang, phan tich co cau von va chi phi von cua ding ty CP X20 giai doan 2010-2012 Tir danh gia &roc uu, nhugc diem va tim cac giai phap nhim nang cao hieu qua sir dung v6n, dua m6t co cau hop lY nhAt dOi voi ding ty Phtrcrng phip nghien cum Phuong phap nghien dru duqc sir dung khoa luan la phucmg phap phan tich, tong hop, khai quat hoa dtra tren co sa cac s8 lieu, thong tin &roc cung cap va tinh hinh thtrc to cua ding ty Ket cau khoa Wan Ngoai phan ma dau va ket luan, danh muc tham khao, khoa luan duoc chia ba phan chinh Phan 1: Ly luan co ban ye co cau von DN Phan 2: ThIrc tang ca cau v6n cua eking ty CP X20 Phan 3: Danh gia va giai phap ve co cau von cua ding ty CP X20 a CHVONG LY LUAN CC BAN VE COr CAU VON TRONG DN 1.1 Ccr cAu von ctia DN I 1.1 Khdi nrem ca cau van Trong nen kinh te DN c6 the sir dung nhiEu ngutin von khac de dap rng nhu cAu vE v6n hoat dOng kinh doanh Tuy nhien, DN phai biet phi hqp, sir dung cac ngu6n vein de tao ca cAu vein hap 1j , dem 14i lqi ich t6i da cho doanh nghiep Ca cAu von la quan he ve t5, giea nq va vein CSH (bao g6m vein co phAn uu dal va vein c6 phAn thuang) tong so ngutin vein dm ding ty Quyet (firth ve ca cAu ngutm vein la van dE tai chinh het sec quan ctia DN N6 la mOt nhUng yeti to guyet (firth den chi phi von binh quan ti suAt sinh Igi d6i veri v6n CSH ding nip" rui ro tai chinh dm DN 1.1.2 Cdc nhan to cau themh , , DN co the huy &Ong v6n cho nhu cAu kinh doanh tir nhieu ngutin khac nhau, nhien, to c6 the qui ngutin Vein cua DN vE ngutin chinh: Vo'n CSH va ngutin Kr Vim CSH Thy timg loci hinh DN, vein CSH dtrac hinh tir nhiEu nguton khac Tuy nhien, cac b0 phan chu yeu la v6n gop ban dAu, lai nhuan de lai va tang nguto vein bang vi'ec phat hanh c6 phieu doi vai ding ty c6 phAn Van gop ban &Ili: La s6 v6n nhAt (firth ma mai lap mci DN den can phai co Vai cong ty nha nuac, v6n ban dAu la win dAu tu cita nha nuac ved ding ty co phAn, vim cac c6 dung dung gop la yeu to quyet djnh de hinh ding ty Trong loci hinh DN khac nhu cong ty co von dau tu nuac ngoai thi ngu6n von ban d'Au bao g6m: von ctia chu dAti tu, von cac ben tham gia, cac doi tac gop Ty le va guy mo vein gop My thuOc vao dac diem nganh nghe va ca cAu lien doanh cua cong ty Lei nhudn cue Trong qua trinh san xuAt kinh doanh, net' DN hoat dOng hieu qua thi se co diEu kien thuan lqi de tang ngulin vein hoat dOng, d6 la ngutin v6n tich ley tir lqi nhuan dtrac sir dung de tai dAu tu, ma rOng san xuAt kinh doanh Day la ngutin vein CSH nOi sinh cua ding ty, ngutin v6n chi c6 the thkrc hien &Kit ntu DN da va dang hoat dOng va co 19i nhuan, ducc phep tiep ti gic dAu tu Phat hanh ca phiiu: Ngoai viec tang ngu6n vein bang cach ttr tai tra bing 19i nhuan de 14i, DN can co the phat halal co phieu mai, day duqc coi la hoat dOng tai tra DH ctia DN DN co the phat hanh co phieu thtdmg va c6 phieu tru dal Ngutm my Trong qua trinh san xuAt kinh doanh, hAu nhur khong DN nao chi hoat dOng dva vao ngutin von CSH ma can phai huy dOng nhi&I ngu6n vein khac nhau, va ding ke tai nhAt la ngu6n ng Thang Long University Library Ngujn nq NH: la nhang nguan tai trg ding ty có the huy dOng dtra vao sir dung mOt khoang thtri gian NH, thutmg yang mOt nam ThOng thutmg, ding ty khO co the sir dung nguan van DH de dAu tu vao tai san ltru dOng vi nhu cau van de dAu tu vao tai san c6 dinh la rat lan va nguan DH se kho huy &Ong Do do, nguan vay NH thutmg dung du tu vao tai san Itru dOng Tir bang can dai ke toan, to co the thAy nguan van vay NH thterng bao gam: phai tra ngutri ban, vay NH ngan hang, cac khoan phai tra va cac khoan vay khac Lai suAt dm nguan vay thutmg thAp han vay DH a Nguijn nq DH: XuAt phat tir nhu cAu dAu tu van vao cac du an dau tu, mua sim ho4c nang cap tai san ca dinh, cai tien quy trinh san xuAt kinh doanh nham nang cao chAt lugng san phAm hoAc chi phi Cac nhu cAu ten du la ke hoach DH can bo van va thu hai ve voi thtri han Ian ham mOt nam De dap img dugc nhu cAu do, ngoai van CSH, DN can mOt nguan van dAu tu DH, la nq vay DH (thtri han tren mOt nam) Ng vay DH khong chi bao gam nq vay ngan hang ma bao gam ca ng huy dOng qua thi tnrimg van dutri hinh attic phat hanh trai phieu Trai phieu la mOt cam ket cua cong ty di vay se tra 10i von g6c vao mOt nhAt dinh, thuarng bao gam: so tien gac, lai suAt, each thirc tra lai, thai han vay va cac diEu khoan phu Lai suAt vay DH thutmg cao horn lai suAt vay NH Tuy dugc khAu trir thud va CO the tan dung lgi the vE don bAy tai chinh de gia tang lgi nhu'On cho co dong, cac khoan ng vin gay ap luc tai chinh cho DN, gia tang raj ro va lam he so nq ctia Ong ty x'Au di 1.1.3 Cdc chi tieu pliiin dnh co cau von He song= Tang ng Tang tai san (Tang nguan van) He s6 cho biet ng phai tra chiem bao nhieu phAn tram tang nguan vein DN hay tang tai san hinh CO bao nhieu phan tram la tir nguan ng phai tra He s6 the hien mire dO php thuOc tai chinh dm DN Neu ty s6 ng cao cho thAy dO phu thuOc ctla DN vao chu ng cang lan, tinh tu chu dm DN cang thAp, twang lai DN se kh6 huy dOng tien vay de kinh doanh TS , s6 ng thAp cho thAy tinh tu chi' ctia DN tang len nhung qua ding nhan thAy rang, DN chtra CO dung kenh huy dOng von bang ng, tirc chtra khai khac tot don bAy tai chinh He so ng tren van CSH = Tang ng Van CSH Chi tieu cho biet, dr mOt d'ang tai san tai trg bang van CSH thi Wang ung vai may d'ang tai trg bang ng phai tra TS, le tang ng ten van CSH giiip nha dAu tu c6 mOt cai nhin khai quat ve sue mph tai chinh, cAu trim tai chinh dm DN va lam the nao DN c6 the chi tra cho cac hoot dOng Thong thutrng, ndu he s6 16.n han 1, co nghia la tai san cua DN dugc tai trg chu ydu beri cac khoan ng, ngtrgc 10i thi tai san dm DN dirge tai trq chti y6u bori ngu6n von CSH VE nguyen tic, he s6 cang nhe, co ngliia la ng phai tra chitm t -S, le nho so vai tong tai san hay tong ngu6n Win thi DN it gap kho khan han tai chinh TS, le cang lan thi kha nang gap kho khan viec tra ng hoac pha san cua DN cang km Tuy nhien, viec sir dung ng ding co mOt tru didm, la chi phi lai vay se dugc trfr vao thud thu nhap DN Do do, DN phai can nhic dua cac quyet dinh hgp 13't a VOn CSH „ To ng nguson von He so la chi tieu phan ant) kha nang ter bao dam vd mat tai chinh va mire dO dOc lap vd mat tai chinh dm DN Chi tieu cho bidt, tong so ngu6n von tai trg, ngu6n von CSH chidm may phAn Tri so cua chi tieu cang lon chirng to kha nang to bao dam vd mat tai chinh cang cao, mire dO dOc lap vd mat tai chinh cua DN cang tang Ngugc 14i, tri so thAp thi kha nang tu bao dam cua DN se thAp va mac di) dOc lap se giam Ndu DN co tri s cua he so tai trg thip, he so ng tren von CSH va he so ng cao, s6 tai trg = DN se rat kh6 khan thuydt phuc cac nha diu to tin dung cho vay Do vay, DN can phai co cac giai phap thich hap co mOt ty' le hap nhAt a T'Ong TS V6n CSH He so la chi tieu phan anh mix dAu to tai san cua DN bang von CSH Tri so dm chi tieu ndu Lan han 1, chung t6 DN sir dung ca von CSH va ng phai tra de tai trg tai san Tri so dm chi tieu cang lan han bao nhieu, mix dO sir dung ng phai tra de tai trg tai san cang cao biy nhieu va ngugc 14i Tnrong hap tri so dm chi tieu nh6 han 0, ng phai tra dugc DN sir dung viva dii de bu 18 va vira trang trai tai san cho hog dOng He s6 ter tai tro = a 1.1.4 1.35 thuyit ca cam von tji au cua DN Lieu ca cAu von co anh htrong tai gia tri DN va !al nhuan cua co dong? Ly thuyEt ca cAu von toi uu cho rang, ban quan tri ding ty co thd gia tang gia tri cua ding ty bing each sir dung ty so don bAy tai chinh pha hgp Vai each nay, cong ty co the h4 thAp chi phi von thong qua viec gia tang sir dung ng boi chi phi sir dung ng thAp han c6 khoan tidt kiem thud Viec sir dung nq nhidu lam gia tang rui ro cong ty, nhung ty le ng cao not chung dua ddn lgi nhuan kS, vgng cao Rui ro tang co the lam thAp gia co phidu, nhung lgi nhuan cao 14i co khuynh huorng gia tang gia co phidu cong ty Tir do, ca cAu von tdi uu cua DN la ca cAu von can ddi dugc giCra nil ro va lgi nhuan, Thang Long University Library CHVONG DANH GIA VA GIAI PHAP VE CO CAU VON CUA CONG TY CO PHAN X20 3.1 Thu#n Iqi, kho khan mai tru&ng kinh doanh cilia ding ty CP X20 3.1.1 ThuOn 10 Tuy da la mOt DN CP nhtmg cong ty van c6 nhiEm vu chinh tri la san xuAt va trang bi quart trang, quan phvc phvc vv quan d6i Chinh nh& nhiEm vv ma hang nam ding ty van dtrac Cvc Quin nhu-TOng cac Hau can-B6 Quoc phong giao kE hoach san xuAt hang quan trang voi so lacing va gia tri 16n Dieu giap cong ty tranh dugc ganh fling vE ding an viEc lam cho ngutri lao d6ng Cong ty c6 hE thong may moc, trang thiet bi hiEn dai, cung yen dOi ngil can 130, cong nhan vien lanh nghe g6p phan tang nang suit lao dOng, giam chi phi va dam bao kha nang dam nhan cac dan hang 16n 3.1.2 Kho khdn Doi vai nhiEm vv san xuAt hang quOc ph6ng, tiEn d6 cung cap mOt so nguyen liEu theo chi dinh cham, nhAt la m6t so loai vai may Le phvc khong 16t, may quart phvc, le phvc can b6 cho cac Quart chung, chAt lacing nguyen liEu may Le phuc khong lot co 10 chua dam bao phai tra lai nha cung cap Thi truong nganh may bi anh huOng dAu cham tieu thv, nen mOt so khach hang xuAt khAu, dac bit la khach hang truyEn thong da d)t ngOt giam san lacing din hang qu)", I va II anh Wong dEn on dinh san xuAt cua m6t s6 dun vi lam hang xuAt khAu, nhiEu dan hang xuAt khu ctia cac khach hang truyEn thOng cham va kh6ng dOng b6 vat tu, anh Wong dEn cong tic b6 tri san xuAt quy IV-2012 oh cac don vi Thi tru6ng nganh dEt tiep tvc trim ling, viEc tim kiEm nguOn hang gip nhiEu khO khan, hang dEt tkr cung (mg va giao vai qu6c phong vori san lacing ca nam 2012 thip, hang thi tnr6ng chi dap (mg du 50% nang li zrc san xuAt cilia xi nghiEp dEt vai BiEn dOng lao &Ong giam tai khu vkrc Ha N6i, nhAt la sau dip tet Nguyen dan kdo dai dEn hEt q4 111-2012, lao dOng thoi viEc va chuyEn ding tic nhiEu, ding ty phai diEu chinh nang ivy va sip xep lai t6 chirc cua m6t don vi tai khu vtrc Ha N6i, cling anh huong dEn kEt qua san xuAt-kinh doanh cua cong ty Chi phi dAu vao nam 2012 tiep tvc tang nhu tiEn lacing, xang dAu, diEn, bong xa, sgi ki din gia ky hang gia cong xuAt khu tang thAp, clan dEn tang chi phi san xuAt, anh hiking lem dEn ket qua san xuAt kinh doanh cua ding ty 3.2 Dinh hirerng phit triin cua cong ty Cong ty tiep tuc hoan tha.nh viEc xay dvng va triEn khai chitin lugc phat triEn cong ty, trgng tam la chitin lugc san phAm, khach hang va thi tnrong, giai doan 20132018 Thanh lap b6 phan nghien ciru chE mau trirc thuOc phong ki thuat cong nghE, tap trung chi dao cong tic nghien cfru, the mau chao hang cac khach hang 16n may thing phvc nganh, cac khach hang truyEn thOng cua cong ty Timg buerc chi dao tap trung 50 ding tic phan dinh tiep thi, thi truang vii cac don vi vien, dam bao thong nhat va hieu qua khai thac don hang Tap trung mgi ngu6n luc tot !that de hoin tot nhiem vu san xuAt qu6c phong, hoan nhiem vu san xuat quan trang cho quan, tuyen quan, hang hQc vien, cap thing va cac don hang gap theo chi lenh cho cac don vi dung tien d' i then c gian va dam bao chat lugng Tiep tuc thirc hien muc tieu nang cao nang suit lao d6ng gin yeti chat lugng san phAm 136 tri chuyen mon hoa sau ve don hang, khach hang va hgp 1)' , hem san xuAt de khai thac tai da nang lire thiet bi ke ca nganh det, nganh may va nhu6m, tiep tuc co ca the tai chinh thu hitt nhung lao d6ng co trinh d6 b6 sung cho cac nganh ngh'e, chu lao d6ng det nhu6m va kinh doanh thuang mai Trien khai cac boat d6ng kinh doanh thuang mai theo huang chu eking, tich cuc, hieu qua dem lai lgi nhuan cho ding tYTie) tuc soat, tinh gian va sip xep , bien the t6 chirc phi.' hgp vii mo hinh cong ty CP Tang cuang cong tic tham mtru de xuAt cLia co quan, ding tic kiem tra, ph6i hgp Oita ca quan va cac don vi Nang cao nang luc va trach nhiem lam viec ctia ngtrai lao d6ng, dam bao tinh chuyen nghiep cao a tat ca cac vi tri cong tic 3.3 Giii phip cho co cAu vim ctia cong ty X20 Vai nen kinh to thi truing xu the ma cfra va h6i nhap, ca h6i cho cong ty la rat km Ben canh dO, sir da clang ciia san pham, dich vu ding vii cac loai hinh kinh doanh tren thi truong ding gay sire ep canh ve cant' tranh cho cong ty Thay d6i ca eau von CO the tai uu han nfra se giup cong ty tai da h6a duac gia tri ctia von CSH, tai thieu hoa rui ro va chi phi vein, nang cao lgi nhuan, tao them ngutin On diu to cling nhu nang lire canh tranh cho ding ty tren thi truing 3.3.1 Thay dai trong phan von Viec sir dung ng vay DH ca cAu von gifip cong ty tao dugc don bAy tai chinh, tan dung dugc lgi ich tir la chin thud, tao them nhieu lgi nhuan han cho cong ty Tuy nhien, ng vay DH có chi phi v6n cao nhat cac ngu6n tai trg Ng NH co uu diem la chi phi von thap han nhien tS, trong ca cau rat lan, han num viec chiem dung ngu6n von se anh huong khong nho den hinh inh dm cong ty Tir to se xem xet den kha nang phat hinh co phieu thuang mai, giarn ng vay DH, giiip ding ty tier kiem them chi phi Dat gia thiet nam 2012, cong ty se huy d6ng v6n bing each phat hinh c6 phieu thuong mai, chi phi phat hinh lac se la: a 51 Thang Long University Library Biing 3.1 Chi phi phat hanh ct, phieu thuirng mei Don vI tfnh Chi tieu Nghin ding EPS % TS/ le Chia co tirc Nghin ding DPS Nghin ding Po Nghin (long F (1*Po) 2012 2.041 14% 285,76 12.100 121 LAn 0,058 g % Chi phi vim 8,19% (Ngu n: tac gia at gia thi t va tinh town) Chi phi von binh quail sau thay dOi ti Ng vay DH qua nAm khong &Si IA 30 tS/ ding moi nArn De xem xet tinh ti& ki'em viec phat hanh co phi6u mai, dAt gia thuy& cac y&I to khac khong dii, to se chuy6n dich dan lugng ng DH sang lugng phat hanh co phiL mai vai cac phucmg an nhu sau: Phucmg an 1: Ng DH IA 20 tS/ ding va lugng phat hanh mai la 10 tS/ ding Phucmg an 2: Ng DH IA 10 tS, ding va luomg Oat hanh mai IA 20 tS/ ding Phucmg an 3: Phat hanh co phieu thuang mai 30 tS/ ding Bang 3.2 Chi phi vim binh (lan WACC phat hanh them di phi4u (Dan vi Nghin ding) Chi lieu 2012 Phulmg an Phtrang an Pinning in Phai tra nguiri ban 69.049.912 69.049.912 69.049.912 69.049.912 TS/ tong 21,15% 21,15% 21,15% 21,15% Chi phi Vim NH 7,35% 7,35% 7,35% 7,35% Ng vay DH 30.000.000 20.000.000 10.000.000 Ty (%) 6,12% 9,19% 3,06% Chi phi vim DH (%) 12,00% 12,00% 12,00% Co phiL thirsting mai 10.000.000 20.000.000 30.000.000 TS/ (%) 3,06% 6,12% 9,19% Chi phi yin (%) 8,19% 8,19% 8,19% Von CSH va lgi nhuAn sau thu6 chua phan 227.496.328 227.496.328 227.496.328 227.496.328 phoi het TS/ tong (%) 69,67% 69,67% 69,67% 69,67% Chi phi von CSH (%) 8,16% 8,16% 8,16% 8,16% Ting NV sir ding chi phi (tS/ tong 100%) 326.546.240 326.546.240 326.546.240 326.546.240 - WACC (%) EPS 8,34% 2.041 8,23% 8,11% 7,99% 2.111 2.180 2.250 (Ngu n: tic gia dAt gia thi t va tinh town) 52 Don by tai chinh Bang 3.3 Don bay tai chinh ctia cac plum -rig an (Dan vi:nghin d6n Chi Wen EBIT I DFL (Ian) 2012 44.251.974 4.392.000 1,11 Phtrcrng an Phirong an Phtrang an 44.251.974 2.928.000 1,07 44.251.974 1.464.000 1,03 44.251.974 - (ngu n: tac gia tfnh todn) Nhan thay, giam ng vay DH, tang von CSH bang cach phat hanh c6 phitu thuang mai gift') cong ty giam chi phi mOt cach rO ret Nam 2012, WACC (fat mirc thAp nhAt nam, 8,34% nhung khoan ng vay khong doi nguyen nhan chit ytu la khoan nwc phai tra ngtrall ban giam d6t ngOt khitn chi phi binh quan twang umg giam Vai phtrcmg an 1, sau phat hanh them trieu c6 phitu mai yeti menh gia 10.000 d6ng (Wang dtrcmg 10 ty' demg) cung vai ng vay DH giam xuting 20 tS , d6ng, WACC giam dr 8,34% xu6ng 8,23% Cac phtumg an tit!) theo cho thay, cang sir ding it ng DH, tang v6n CSH giOp cong ty tit kiem chi phf mOt cach clang kE (WACC dual 8% ntu khong sir ding ng) Kern theo dO, EPS qua tirng phtrcmg an ding tang len EPS cua phuang an da tang len mire 2.111 va (tat dtrgc mix 2.250 ntu hoan toan khong huy dOng ng vay DH Tuy nhien, d6 by tai chinh cling theo dO giam xding a mix 1,07 va 1,03 Vi vay, de vira co the giam chi phi binh quart, tang thu &tap tren moi c6 phitu cho cong ty ma van tan ding dtrgc kha nang dm don bAy tai chinh, ding ty van tri hot dOng vay DH vai s6 lugng nha ding vai phat hanh them c6 phitu thuang mai 3.3.2 Tilt kifm chi phi, tang hi'eu qua san xulit kinh doanh Nhu da phan tich ey tren, ROA qua cac nam (tat gia tri kha khiem ton the hien kha nang sinh 16i ten tai san , cita cong ty chtra (tat duvc hieu qua Ben canh ding tac quart chi phi non yeu, anh huang den lgi nhuan rang cong ty De co the tang gia tri dm ROA, to can xem xet cac khoan chi phi dt tim cach cat giam hgp ly , ding vai da tang hieu qua san xuAt kinh doanh 3.3.2.1 Tat kiem chi phi Chi phi nguyen vat ligu tryc tiep: Chi phi , nguyen vat lieu tivc titp chti ytu gom vai popalin pevi cac mau, keo mex, chi may vat so, citc (long, nhan det, Chi phi dAu vao chitm khoang 72% gia von hang ban, do m6t sir thay d6i nha chi phi cling anh huang rat lam dtn gia vein, khitn lcri nhuan thuAn ding bitn dOng theo Tuy nhien, cong ty co han 150 nha cung cap nguyen vat lieu, bao gam cac cong ty 'an nhtr cong ty ca lchi 17- BQP, cling ty CP 199, cac d6i tac nha va h6 gia dinh Chenh tech gia dAu vao cua cac cong ty Ian vai cac nha cung cAp nha la 5% DO gia dat han nhung thai gian chitm ding von dugc lau nen s6 ltrgng nha cung cAp nh6 van chitm khoang 30% ding s6 hrgng cac nha cung cAp Vic chitm ding v6n dOi 14i lam cong ty tang chi phi sir ding, do, cong ty nen dat tap trung vao cac d6i tac Ian, vita tang arong m6i quan he glib ben, vita tao ca hOi giam gia hoac hu -erng chi& khAu vai s6 , Thang Long University Library 53 luting lam toting lai Dat giA thiet Ong ty at hang het cac cong ty Ian, loci bO nhimg nha cung cap nh6 Id nhu WO gia dinh, chi phi nguyen vat lieu trkrc tip dm cong ty se 1A: Bing 3.4 Chi phi nguyin vat I 4:41 trkrc tip (Dun vi: nghin diing) Chi Heti (2012) Sir dung nha cung Khong sir ding nha cap nho le cung cap nho le Nha cung cap lom ' 331.412.987,2 486.484.586,5 Nha cung cap nho 163.233.262,4 Nguyen vat lieu trkic tip 494.646.249,6 486.484.586,5 (Nguon: Lac gia tinh toan) Chi phi quin 157 DN: Hin tai, cong ty có 75 nhan vien quart 1/, chiEm 16,7% tong chi phi TiEp dEn IA cac chi phi hOi nghi, tip khach chiEm 6,2% V6i (firth huang tip toe soat, tinh gian bien the ph6 hop mo hinh cong ty CP, cong ty dA len ke hoach cat giam nhan vien quan Vf, cu thE film sau: Phong kE hoach nguati, phong tai chinh kE toan ngtayi, phong chinh tri ngtroi vA phong ky thu4t chAt luting nguai Thay vao do, cong ty se nang cap cac phAn mEm dA co cac ph6ng tai chinh, phong kE hoach, trac tinh khoang 352 trieu d6ng Ciing vai giA thiet cong ty khong sir dung cac nha cung cap [the Id, do, chi phi hOi nghi tip khach cua ding ty ding có thE giam bat Nhu vay, \fed ke hoach tren, chi phi quAn ljt cua cong ty se IA: Bing 3.5 Chi phi quin IS, DN (Dom vi: nghin d6ng) Chi Hen 2012 Ke hoach Chi phi quart , DN 47.908.452 46.380.170 Chi phi 'than vien 8.000.711 7.152.636 Chi phi hOi nghi, tip khach 2.970.324 1.990.117 Chi phi kit& 36.937.416 37.237.416 (Ngu n: tac giA tinh toan) Vai cac yEu t6 khac khong d6i, chi phi cua cong ty giam xu6ng clang kE, lgi nhuan sau thud va ROA cua cong ty se IA: a 54 Bang 3.6 Tinh hinh doanh t h u- chi phi h i nhuan (Dan vi• nghin d6n ) CM Heir Doanh thu thuAn ve ban hang va cung cAp dich vu Gia von hang ban 1.9.i nhuan g6p ve ban hang va cung cap dich vu Doanh thu hoat Ong tai chinh Chi phi tai chinh - Trong do: Lai vay phai tra Chi phi ban hang Chi phi quan 19 DN Loi nhuan thuan to hoat d6ng kinh doanh Thu nhap khdc Chi phi khac Loi nhuan khac Tong lqi nhuan ke toan truck thud Chi phi thud TNDN hien hanh Nam 2012 id ho#ch 785.142.130 687.008.680 785.142.130 678.847.017 98.133.450 106.295.113 2.029.470 2.029.470 4.811.145 4.811.145 4.392.000 4.392.000 7.583.349 7.583.349 47.908.452 46.380.170 39.859.974 3.510.692 432.518 49.549.919 3.510.692 432.518 3.078.174 3.078.174 42.938.148 52.628.093 7.728.867 9.473.057 IAA nhu4n sau thud thu nha) DN T6ng tai san ROA (%) 35.209.281 43.155.036 566.635.037 566.635.037 6,21% 7,62% (Nguon: phong tai chinh ke toan va tac gia tinh toan) Bang cach cat giam nhtrng chi phi nhO khong can thidt, kha nang sinh lai tr'en tong tai san cfra ding ty da thay d6i r6 ret, tang to 6,21% len ddn mtrc 7,62% Qua thay duqc ding tac quan 19 chi phi anh hirang twc tiep len ROA dm cong ty Chi can CO cac bien phap chat the hcm, tiet kiem chi phi se gitip kha nang sinh lai cua doanh thu thuAn tang len clang ke 3.3.2.2 Tang hieu qua san nick kinh doanh Lru diem cua cong ty nam 2011, 2012 la cac khoan giam trir doanh thu co gid tri bang Dieu the hien chAt lacing san phim cua cong ty rat tot, thoa man yeu cAu cua ngeri sir dung Ben cant' la citing tac van chuydn, bao quan chuyen nghiep Thang Long University Library 55 a gitip tang chAt lugng san phim Cong ty can phat huy the mph co Ca hei tang se lugng dcm dat hang, tang doanh thu cua cong ty tuang lai ChAt lucmg san phAm cua cling ty dap ting du dieu kien cua ngu&i tieu dimg nhien hAu het san phAm cua ding ty van chi la quart trang phpc vu quan del Mau ma san phAm ngheo nan nen thj trutmg cua cong ty khong giarn nhtmg ding khong ma reng them Val trinh d'e tay nghe cao cua ding nhan ding ty ding van trang thiet bj may m6c hien dal., cong ty nen da dang hoa mh ma san phAm, cu the, ding ty co the tiep can thj truOng hang thOi trang ntrac San phAm sa mi, vest, khoac nam nit cua cong ty co chAt Itrerng tot nhien chtra da dong kieu clang muc dich chi phuc vu quan dei Thtri trang cong se hien dang rAt phat trien von rAt nhieu nha d'au to cling hang nghin mh ma khac Vai the manh cua minh cimg uy tin dugc xay dung tir lau, ca Wei tiep can met thj trulyng mai dm ding ty la khong nhe Da clang mau ma san pham giitp cac dan dat hang dm cong ty khong chi giai han linh vkrc quan dei ma qua ma reng han, tao dieu kien doanh thu va lcri nhuan cua cong ty tang cao 3.4 MCA so kien nghi khic 3.4.1 Quan I y nguan von lwu d'Ong Von ltru deng la bleu hien bang tien cua tai san ltru deng nen dac diem cua von ltru deng dugc the hien qua nheing dac diem cua tai san ltru deng De sir dung von ltru dOng co hieu qua, DN can co cac bien phap quan b", tai san Lau &Ong met each hap lSr Quan ly tai san luu deng dugc chia nOi dung quan 15, chinh: Quan l3"/ du tit, hang din kho; quan ly tien mat va cac chimg khoan khoan cao; quart ly cac khoan phai thu Quan If? du trii; hang tan kho Du trir , eon kho la met be phan quan cua von ltru deng, la nfang butrc dem can thiet cho qua trinh hoat deng binh thuOng cua DN Nhan thAy, hang din kho DN Won chiem met tS, tang kh6ng nh6 phan tong tai san (20%-30%) gay nen kho khan cho ding ty hang din kho rAt de hOng hoc, Am m6c neu than tiet kh6ng thuan lai hoac gap thien tai, keo theo s,r giarn gia tri hang hea de Trong nam to lai day, hang din kho cua ding ty lien tuc giarn cho thAy cong ty da co bien phap de giai ph6ng cac vat to phAm Tuy nhien, tS , tang cua hang din kho van rAt cao, cling ty can c6 bien phap ki'em ke, danh gia nhu eau tieu dimg hap 1/ han, tranh dugc tinh trang Cr dong lan nhu hien Ben canh do, nguyen vat lieu dir ht du khong trirc tiep too lai nhuan nhtmg dong vai trO rAt lbn hoot deng kinh doanh dm cong ty Vi vay, viec quan l)", vat lieu dir tit hieu qua se gep phan nang cao hieu qua sir dung von ltru deng, gift') cong ty hoat deng kinh doanh dugc xuyen suiit ma van khong gap phai tinh tang din lan lam phat sinh nhieu chi phi , 56 • Quern ly tan mkt va cac chang khodn thank Ahotin cao Viec giar tien mat hog dOng kinh doanh rAt quan tong, gitip cong ty dam bao cac giao dich hang ngay, Ming kri the thtrcmg luang mua hang, dap ling nhu cAu du phOng truorng hap bien deing kh6ng ltgmg truac gay nen rai ro khoan tan Quanitien mat lien quan den viec quan 1S, tien giAy va tien giri ngfin hang, tinh hieu qua cim no duqc the hien qua cach quan 1y cac loaf tai san nhtr tien mat va cac lo4i chirng khoan co kha nang khoan cao Nam 2010, cong ty CO dAu to vao cac chirng khoan DH nhung tinh den cu6i nam 2012, cac khoan muc d'E'u dtrov chuyen d6i thinh tien mat t4o sir tang dOt bien ltrang tien mat dm cong ty Dien hinh nam 2012 Wong tien mat dat gia tri hcrn 173 ty', chiem 36% tong ty TSNH Du tit lug:mg tien mat nhan rOi qua 16n cong ty lam tang chi phi ca hOi bi mat di cua cong ty len cao, dO chi phi cho viec mua ban cac chirng khoan NH 14i khong dang ke so vai chi phi bi mat di tren Do d6, DN Can 14p ke ho4ch rO rang nhu cAu v6n, can bang giaa hrong tien mat nhan r8i cong ty va cac chirng khoan de chuyen doi xay dung Itrong der trir tien mat hop ly d co the dap ling von cho qua trinh san xuAt kinh doanh va nhu eau d'Au tir du an tucmg lai, tang yang quay von nhung vAn dam bao kha !tang khoan Quern ly khan phiii thu Mich hang Phai thu NH khach hang dm cong ty nam c6 nh&tg bien dOng clang ke, khong on dirth va luon chiem tong khong nhe TSNH chirng to DN bi chiem dung vein rAt Ian De tranh that thoat v6n tucmg lai, DN can xay dung mOt thuac danh gia nang luc cua dtii tac, ding vai de quan sat, tim hieu, nghien ciru de co the xay dung chinh sach tin dung thuang mai tucmg lai Chinh sach tin dung thucmg mai la mot cong cu huu hieu va khong the thieu, gitip cho cong ty dimg wing ten thi trtthng va tr& nen giau co nhung mat khac cling t4o rui ro cho hog dOng cita ding ty Vi very, cong ty ding can phai dua nhimg phan tich, nhttng nghien cim va quyet dinh cap tin dung thucrng mai cho tong d6i Wong khach hang Hien tai cong ty der thue mOt cong ty to yin de phan tich nguyen nhan va v4ch chien ltrac ve chinh sach tin dung cho cong ty nam tai 3.4.2 Nang cao nhon therc v'd co cju van hop ly Trong hog dOng san xuAt kinh doanh, nhu cAu ve von la dieu tat yeu dal h6i cac nha quan ly phai tim cac nguOn tai act, danh gia loi nhu4ri dem 14i tir ngu'On tai trcr mOt each chinh xac, ding veri la chi phi sir dung tof thieu cho ding ty, tir d6 xay dung nen mot ca cAu gifra nguOn v6n CSH va nguOn von vay hop 1)%, hieu qua va an toan Viec xay dung mOt ca cau von toi tru giup DN d4t dtrac hieu qua cao nhat sir dung von veri chi phi thAp nhAt, t4o su c4nh tranh manh tren thi truOng Tuy nhien, tren thud te, vAn de vAn chua dtrot nhin nh4n dung mirc Cac nha quan V, chi xet den nao CO nhu cAu von tim cac nguim vay 'chic chir chua chu y danh gia den thari , , • a Thang Long University Library 57 gian vay, lugng tien vay va tinh an town ctia khoan vay dO MAt khac, voi tam 1S , chiem dung von cua cac nha cung cap lau de t4o ngu6n von six dung vai chi phi thap dan den su bien ding lan ca cau, cac khoan ng NH cang chiem ty tong 16n, cung vai la hinh anh, uy tin dm cong ty yen d6i tac cang xau di Nhtmg neu khong tim nhieu ngu6n vay ma chi sir dung von tu c6, ding ty co the nang cao kha nAng to chti tai chinh nhung 14i mat di nhieu co hOi dAu to khac va khong tan dung dugc kha nAng dm don bAy tai chinh Vi the, viec xay dung ca cau von toi uu chinh la phai can bang dugc luang v6n vay va v6n CSH cua cong ty Viec nhAn thirc dOng d&n tam quan tong xay dung ca cau von bao nhieu se gill!) cong ty nhanh chong tim dugc cong thirc xay dung mOt ca cau hieu qua cho minh bay nhieu Vai ca cau hap ly, cong ty khong chi dat hieu qua kinh doanh vao thoi diem hien tai ma nang cao kha nang tAng truang ben viing twang lai 58 KET LUAN Ca cAu von khong tic dOng trirc tiep den tinh hinh san xuAt kinh doanh nhung lai la met yeu t6 cuc ki quan quyet dinh duqc den hieu ,qua ,hoat dOng, inh huang den doanh thu va lqi nhuan cong ty Tim duqc ca cau von phis hqp yeti nganh nghe cua ding ty se gift!) cong ty t6i da hoa duqc lqi ich cua von CSH, dat &rex lqi nhuan lore nhAt lucmg dau to la nhe nhAt Trong khuon khO cua khoa Juan, buck dAu em chi phan tich ca cAu von thkrc t6 hien cua cong ty met cach ca ban nhAt va neu met s6 giai phap chit quan dga ten viec phan tich cac s6 lieu cua minh Tuy chi mai nam dtrqc met each tong quit viec nghien cfru, em ding da tich lily them ducc met s6 kien thtic thkrc to di sau vao tim hieu, qua gift!) em c6 cal nhin dung din va duqc ma reng han ve de tai dm mirth Tuy nhien, day la met Iinh vkrc nhieu vAn de phirc tap, del hoi nhang kien thgc chuyen sau ding voi kinh nghiem quan sat, phan tich lau nam, vii trinh de nhieu han che, luan van cua em se khong tranh kh6i nhirng thi'eu sat Em rAt mong nhan duqc skr gap y cua cac thAy, c6 vien HOi diing de luan van duqc hoan thin va Co )", nghia thgc tin han Met lan nita, em xin gtii Lai cam an tai giao vien huang an, co Ngo Thi Quyen da giang day, chi bao cho em rAt nhieu qua trinh thkrc hien kh6a luan Em xin chin thimh cam an! Ha Nqi net), 29 thing 10 nam 2013 Sinh vien thgc hien , Pharr Anh Phtrcrng Thang Long University Library 59 TAI LIEU THAM KHAO NguyEn Van Tiic (2008), giao trinh tai chinh doanh nghiEp, NXB Tai chinh, HANOI TS Nguyen Minh KiEu (2009), tai chinh doanh nghiEp can ban, NXB Th6ng ke, Ha N6i PGS.TS NguyE'n Dinh Kim (2009), giao trinh tai chinh doanh nghiEp, NXB Tai chinh PGS.TS NguyEn Nang Phfic , gido trinh phan tich bao cao tai chinh, NXB Dai hoc Kinh to qu6c dan Cac website: http:luanvan.net.vn/ http:luarivan.co/ www.fetp.edu.vn/ PHI; L1,1C Bao cdo k6t qua kinh doanh 2010-2012 Bang can d6i k6 toin 2010-2012 Thang Long University Library BANG BAO CAO KET QUA KINH DOANH Chi flex' Doanh thu ban hang va cung cap dich IN Cac khoan giam trir doanh thu Doanh thu thuan ve ban hang va cung cap dich vu (10 = 01 - 02) Gia von hang ban Lai nhu4.n Op v'e' ban hang va ' cung cap dich vu (20 = 10 - 11) Doanh thu hot Ong tai chinh Chi phi tai chinh - Trong do: Lai vay phai tra Chi phi ban hang Chi phi quail 1S, doanh nghie.p 10 Lqi nhuan thuan to hoat ding kink doanh {30 = 20 + (21 - 22) (24 + 25)} 11.Thu nhap khac 12 Chi phi khk _I• f 13.14 nhu#n khac (40 = 31 - 32) 14.Tong lai nhuari ke toan truck thu (50=30+ 40) 15.Chi phi thue TNDN hien hanh 17.Lai nhuari sau thu thu nhap doanh nghiep (60 = 50 - 51 - 52) 18.LE ca ban ten c6 phi& Nam 2012 Nam 2011 Don vi: nsthin d6n Nam 2010 785.142.130 838.620.615 704.711.773 676.805 785.142.130 687.008.680 838.620.615 748.996.639 704.034.968 590.762.942 98.133.450 2.029.470 4.811.145 4.392.000 7.583.349 47.908.452 89.623.976 6.363.568 5.885.679 5.580.000 8.319.723 41.371.107 113.272.026 10.135.515 4.781.931 4.680.000 7.713.537 46.700.502 39.859.974 3.510.692 432.518 40.411.035 266.775 5.911.892 64.211.571 1.118.218 1.756.885 3.078.174 -5.645.117 -638.667 42.938.148 7.728.867 34.765.918 7.300.843 63.572.904 15.893.226 35.209.281 2.041 27.465.075 1.592 47.679.678 2.764 BANG CAN DOI ICE TOAN Chi tali A TAI SAN NGAN HAN I TIEN VA CAC KTIOAN TUONG DUONG TIEN Tien Cac khoan tucmg ducmg tien II CAC KHOAN DAU TU TAI CHINH NGAN HAN DAu to ngan han Dv phang giam gia chimg khoan dau to ngin III CAC KHOAN PHAI mu NGAN HAN Phai thu ctia khach hang Tra truor cho ngtthi ban Phai thu n6i b6 ngin han Phai thu theo tien d6 KH hap d6ng XD Cac khoan phai thu khac Dv ph6ng cac khan phai thu kh6 doi IV HANG TON KHO Hang ton kho Dv phong giam gia hang ton kho V TM SAN NGAN HAN KHAC Chi phi tra wok ngAn han Thue GTGT ducfc khAu trii 3.Thue va cac khan phai thu nha nu6c Tai san ngin han khac B TAI SAN DAI HAN II TM SAN CO DINH TSCD halt hinh - Nguyen gia - Gia tri hao mon luy ke TSCD vo hinh - Nguyen gia - Gia tri hao mon lily Ice Chi phi xay dvng ca ban clang IV CAC KHOAN DAU TU TAI CHINH DAI HAN Dan v : NQhin d6n _ 2012 2011 2010 477.704.938 476.764.687 455.370.825 173.496.843 173.496.843 53.857.173 53.857.173 119.701.811 119.701.811 0 0 30.000.000 30.000.000 193.082.712 163.591.521 30.035.302 270.546.170 230.415.819 33.261.119 127.773.384 101.811.585 20.368.420 5.459.575 7.704.383 5.645.579 -6.003.686 108.640.120 109.570.479 -835.151 148.179.389 150.848.095 -52.200 173.286.200 174.825.882 -930.359 2.485.263 56.872 -2.668.706 4.181.955 84.988 -1.539.682 4.609.430 200.101 1.526.753 62.537 2.365.854 88.930.099 87.262.927 58.484.404 277.837.420 -219.353.016 70.013 6.130.934 -6.060.921 72.342 4.024.625 98.496.919 96.837.919 69.905.724 275.815.199 -205.909.475 54.322 6.086.934 -6.032.612 45.184 2.837.392 105.805.683 104.146.683 98.870.605 276.030.231 -177.159.626 6.027.674 -6.027.674 28.708.510 26.877.873 5.276.078 1.659.000 1.659.000 1.659.000 Thang Long University Library DAu to vao cong ty DAu tu vao cong ty lien ket, lien doanh DAu tu dai han khac V TAI SAN DAI HAN KHAC Chi phi tra truce dai han TONG CONG TAI SAN A NQ PHAI TRA I NQ NGAN HAN Vay va nq ngin han Phai tra nguCri ban Ngugi mua tra tien truck Thu va cac khoan phai nt5p Nha ntrac Phai tra nguel lao d(ing Chi phi phai tra Phai tra nOi b6 Cac khoan phai tra, phai n6p ngin hart khac 10 Dtz phong phai tra ngin han 11 Quy khen thuang & phtic lgi H NQ DAI HAN Phai tra dai hart cho nguOi ban Phai tra dai han n6i b0 Phai tra dai han khac Vay va ng dai han s 1.659.000 8.172 8.172 566.635.037 324.150.440 272.932.613 70.000.000 69.049.912 689.703 1.659.000 0 1.659.000 575.261.606 335.129.844 301.379.876 85.000.000 105.220.860 2.311.169 561.176.508 320.471.692 287.993.711 90.000.000 93.101.141 380.000 14.319.978 33.725.965 8.606.641 13.791.334 8.992.445 5.806.538 9.866.496 15.264.712 3.498.990 73.532.118 3.008.296 51.217.827 0 520.832 30.000.000 77.628.496 2.629.034 33.749.968 0 500.000 30.000.000 74.007.462 300.000 30.000.000 20.696.995 242.483.597 242.483.597 172.500.000 7.327.716 7.023.265 2.779.786 470.182 240.131.762 240.131.762 172.500.000 -21.435 5.742.210 5.742.209 1.817.981 360.000 240.704.816 240.704.816 172.500.000 102.938 3.181.439 3.181.439 Quy khac thu6c von chit so him 10 Lqi nhuan sau thue chtra phan ph6i TONG CONG NGUON VON -• Dtr phong try cap mat viec lam Doanh thu chua thtrc hien B VON CHU SO HITrU I VON CHU SO HaU V6n dAu tu cita chit ser hiru Chenh lech tS, gia h6i doai Quy dAti to phat trien Quy chr phong tai chinh • 636.288 636.288 636.277 54.996.328 566.634.037 55.532.490 575.261.606 61.102.723 561.176.508 1.874.910 32.477.981