- Thiri gian loan chnyin von bang din
2012 tang VI' 21.463 trieu dog len 90.647 trieu doing, tang 69.184 trieu thing, ttrong
2.1.6.3. Ctic chi tieu danh et; tong hop tinh kink kink doanh chung
Bing 2.3. Chi den khi ning thanh twin
Dan vi tinh: La'n
CM den Mm 2011 Nim 2012 Nim 2013 Chenh loch 2012/2011 Chenh Itch 2013/2012 KM rang thanh loin ngin han Ging ty 1,20 1,88 1,31 0,68 (0,57) Nginh 1,16 1,13 1,11 (0,03) (0,02) KM Wing thanh toiin nhanh CEng ty 0,50 1,25 1,01 0,75 (0,24) Nginh 0,67 0,67 0,66 0,00 (0,01) KM Wing thanh town tat thai
Cong ty 0,09 0,07 0,04 (0,02) (0,03)
Nginh 0,09 0,08 0,11 (0,01) 0,03
(Nguon: So lieu Cong ty CDTC viz cophieu68.vn - Tang muting tai chink nham nganh)
Nhln vao bang 2.3, chfing ta ca the dua ra mOt sa nhan xet:
Kha ning thanh town ngan how Chi lieu My Oki firth kha ning chuyen d61
trong ngin hart clic tai sin ngin hint thanh lien de chi tra cho ciic khaki nq ngin bun. Theo s6 lieu tinh town 6 tren, chi tieu My nam 2012 dat gin tri 1,88 lin so vOi 1,20 lin vao nam 2011, tang 0,68 Mn so vii nam 2011. Dieu My ca nghia la Min 2012, mOt d6ng nq ngin han duce dam MO Ming 1,88 ding tai sin ngin han, Ling 0,68 ding so vii nam 2011. Nguyen nhan la do ngu6n vin du to cho Si sin ngin km Sim 2012 tang them 138,23% trong khi nq ngin han chi ding them 51,63%. Tuy nhien, nam 2013, he so thanh tan ngin han 11 1,31 1ln, giant 0,57 lin so Wei am 2012, lac nay
mat clang nq ngin han chi dtrqc dim bio thanh toin &A 1,31 dog tai sin ngin km. Ta thiy, he s6 nay cult ci 3 niim dau 16n km 1 (tam 2011 li 1,20 lin, niim 2012 li
1,88 lin vi tam 2013 li 1,31 lin). Do da co the thiy, du Mt tii sin ngin hen cda don vi d0 'chit 'ding dam bito cho cic khoin nq ngin hon. Nguyen thin li do Cong ty C6 phin to van fillet ke ding nghe xiy dung la mat cong ty xiy lip vi cung cap djch vy Ur
vin thiet ke do da tii sin ngin hum luen chi& mat tSrtryng rat cao trong CEng ty, bOi v#y citc tai sin ngin han nay lam dim bio cho Ceing ty holm toin c6 the chi tri dtrqc cic khoin nq ngin han thong qua host gong sin xuit kinh doanh. Tuy nhien, chi tieu nay qui cao co the gay it dyng von vi tao chi phi co hOi 'thong can that khi dv tit tai sin ngin han qui nhieu khion gihm van diu to vio cic tii sin sinh lei lchic. Do vh, Cong ty nen quin ly chkit cho chi tieu nay de dim blo dung has gitta khe fling thanh khoin vii filth hieu qui du tu.
Khci ndng thanh tacit; nhanh: Chi tieu nay phan firth khi nang chuyen tat then tai sin ngin han think) din de chi tri cho cic khoin nq ngin hurt.Vi v#y mil Ming ton kho dtrqc loci tra vl day 11 khoin myc c6 tinh thanh khoin thip nhat tong s6 cic tai sin ngin han. C6 the thiy, khi Wing thanh tot nhanh cua CEng ty tang lchong diu gifts 3 nom nlumg rang ve nhitng niim sau, gii tri he s6 thanh train ngin han luon giao dOng quail gia trj 1. Cy the, nam 2011, he s6 khi pang thanh toin nhanh cua Cong ty CO phin tu yin thiet ke ding nghe xiy dyng la 0,50 lin, ttic la mOt ding nq ngin ciut COng ty chi duqc dam bio thanh toin Uri 0,50 dang tii sin ngin ham c6 then gian chuyen dal nhanh. Niim 2012, he s6 thanh toin nhanh dat 1,25 lin, tang 0,75 lin so vei tam 2011. Nguyen than la do trong tam 2012, tii sin ngin han tang 138,23%, trong khi da hang tan kho chi tang them 36,62% vi nq ngin han tang 51,63% 1am cho s6 thanh toin nhanh ding len. Sang den tam 2013, he s6 thanh toin nhanh bang giim xu6ng con 1,01 lin, giim 0,24 lin so vii tam 2012. He s6 thanh toin nhanh tam 2013 gut= do khoin myc hang tim kho m*c du chi tang 12,23%, trong kho tai sin ngin han tang them 63,52%, thy nhien do nq ngin han tang qui nhanh vOi t6c dO tang len ten
134,16% then cho mfrc dO tii trq cda tai sin ngin han de ding chuyen dal tren khoin den nq ngin han giina. Tuy nhien, gii trj tam 2012 vi niim 2013 khi On djnh, lam dao dOng quash nuic 1 lin cho thiy khi nang sin sing thanh tofu) coca COng ty diln ra lcha tot.
KM ndng thanh tocin tar that: Trii nguvc v6i khi Ming thanh town nq ngin han vi khi nang thanh toin nhanh thl khi Hang thanh toin ttic thai phin kilt mac dO chi tri ngay bang din ck khoin nq ngin hen ci5a doanh nghiep khi thip. Chimg to ce the than thiy so yeti cic chi tieu tren, chi tieu nay nhe nhit vi nhO lam 0,5 rat nhieu. Dieu nay phan ash mirc dO dy Mt den mat cda CEng ty chua do de chi tit ngay ck nghia vy nq ngin hen. Cy the, tam 2011, chi tieu My la 0,09 lin, nghia la mot dang nq ngin
hurt nhtmg doanh thu than tang nhanh cho they tinh hieu qui cia viec sir dung tii sin da tot hon.
Giai dogn 2012 - 2013: Viet tikp tuc diu to vio tai sin tang ten 80,26%, m$c du
doanh thu than nam 2013 vin tang nhanh tuy nhien so voi quy m8 du tu vio tai sin thi doanh thu than vai chua tuang ximg, dieu d6 khien cho higu suit sir dung Si sin elm xuOng chi can 0,89 len. Tirc lit nam 2013, mOt ding tai sin be m diu tu chi thu
duqc 0,89 ding doanh thu thuin. Nguyen nhlin lit do trong nam 2013, gong ty vin tiep tug Me ring sin xuet kinh doanh vi doanh thu vin tang nIumg bi inh huimg cua su gia tang m3nh me ctia cic khoin phii thu ngin hgn vi hang ton Um khien cho tong Si sin binh quart tang len. Dieu nay chinh lit nguyen nhan lim giim hieu suet sir dung tii sin giim trong nam.
De flirt hinh sin )(at kinh doanh thi mOt yiu to 'dieing the thieu duqc li phii ce von. C6 hai ngu6n von: von chit sb hftu vi von vay. Dui day, khOa lufm tot nghiep trinh bay hai chi tieu dinh gii khi nang quin ly ngu6n von trong CEng ty CO phen to van thiet ke ding nghe xay dung.
Bing 2.4. CM tien khi sing gain It upon von
Dan vi tinh:
Chi flu Mm Nim Nim
Chesil tech Chenh tech 2011 2012 2013 2012/2011 2013/2012 TS, s6 nq tren tong tai sin 0,81 0,53 0,76 (0,28) 0,24 TS, 56 nq tren von chti so
hitu 4,26 1,12 3,23 (3,14) 2,12
(Nguon: So iteu tinh duqc tie bcio cao tai chink) He so no (7)) so ng nein king tai san): He so nq duqc sir dung de xic djnh nghia vu cim doanh nghiep d6i voi cic chit ng trong viec gap von. TS , se niy cho biet c6 bao nhieu phin tram Si sin ciut doanh nghiep lit ttl di vay. Qua day biet duqc khi nang tu chit tai chlnh curt doanh nghiOp. Th8ng qua bang tren to they cir 1 ding diu tu cho Si sin cua C8ng ty nam 2011 thl trong d6 c6 tbi 0,81 ding li huy (long Nr ngu6n von vay. TS, s6 niy cho they, nam 2011, doanh nghiep chit yku di vay de c6 von kinh doanh, him tang mirc dO rei ro cis Cong ty len cao hon. TS , s6 niy dang c6 xu huang giim nhg cho they dung thii tich cue tar phia gang ty khi khOng mu6n dua dim quit nhieu vio ngu6n von vay, tuy nhien tjr s6 niy giant chim, qua 3 nam phis tich chi s6 ray chi giim 0,28 len vio nam 2012, tuy nhien sang nam 2013 lgi tang len 0,24 len. Nhu 4y, nam 2012, car 1 deg du tu cho tii sin thi trong d6 chi c6 0,53 ang lit huy dung 111 ngutin von vay. Sang nam 2013, 1 ding du tu cho Si sin thi trong d6 c6 0,76 ding lit
huy dung ttl ngu6n von vay. Mic di am 2013, he sO nq tang tuy nhien gib tri di thip hon so yeti am 2011 cho thiy nhitng co ging tich cuc trong vier can dei ngu6n huy dOng von Cong ty. Tuy nhien, Cemg ty nen co ging dua gib tri he s6 thu nq ve rink gib tri tuong duang nim 2012 - duqc cho la Mm co ca ceu huy dOng von hil hba vi hqp ly.
Ty :4 nq teen yen chti so hew TS, so nq tren yin chi sa hit IA mOt chi lieu tai
chinh do luting fling lye si< dung vi quin IS, nq cos doanh nghiep. TS, sO nay cho biet quan he gifts von huy Ong bing di vay vi von cho se hitu. Ta thiy tir Mm 2011 den Mm 2013, ty se, ay gitirn cho thiy doanh nghiep ngiy cling it phu thuOc vtlo hinh thtic huy dOng yin bAng vay my, gitlp giant nguy co rii ro tel chinh cho doanh nghiep. Nam 2012, ty so nq tren von chi ser frau chi con 1,12 lin trong khi nam 2011 con s6 nay len
teri 4,26 lin. Tuy nhien, sang Mm 2013, ty so nq tren von chit so him dg tang len mtic 3,23 lin, twang img tang 2,12 Mn. Dieu nay dun to den mOt nhon xdt la trong hoot dung kinhd doanh cos Ging ty, viec huy dung von nq 18 hoot Ong khong the tich ttih. Mic di Ceng ty ngtly cling c6 xu hang phu thac it hap vio von vay nhung !thong the phut thin luting von vay tpi Ging ty yin con rit 16n, chimg to Cong ty biet cich vay nq de kinh doanh vi khai thic lqi ich cia hieu qui tiot kiem thug.
Bing 2.5. Chi den khi ning sinh 161
Dan vj tinh: % CM den Nim 2011 Nim 2012 Nim 2013 Chenh Itch 2012/2011 Chenh Tech 2013/2012
TS, suit sinh lisi tren doanh thu (ROS)
Cong ty 0,36 0,03 0,02 (0,32) (0,01)
Nginh 4,00 (1,00) (2,00) (5,00) (1,00)
Ty suit sinh kri
tren tong tai sin
(ROA)
Ceeng ty 0,19 0,03 0,02 (0,16) (0,01)
Nginh 2,00 0,00 (1,00) (2,00) (1,00)
TS, suit sinh kri tren yin chi ser Win (ROE)
Citing ty 1,01 0,07 0,09 (0,94) 0,02
Nginh 10,00 (2,00) (4,00) (12,00) (2,00)
(Nguon: So Nu Cling ty CDTC va cophieu68.vn - Tang trttemg tai chinh nhom nganh)
Ty sat sinh lai tren doanh thu: Day IA tS, suit quan trong dal WA cic nhi quirt
trj vi n6 cho biet khi fling kiem sat cic chi phi hold dOng cling nhu phin firth tinh hien qui cis qua trinh hot dung kinh doanh, no cho biet lqi nhan do doanh thu Wing nim dem lai. Qua bang pan tich 2.5 to co the thiy sat lqi nhuon tren doanh thu tpi Cong ty rit thip vi dang ce xu htrang giitm nhanh. Chi lieu ay &aim 11 diu hieu cho
they c8ng tic kiim soft chi phi cic host dOng dang tap khien cho lqi nhu$n rang &int vi !thong cao. Cu the:
Giai down 2011 - 2012: Nam 2012 ty suit sinh 1?ri tren doanh thu 1i 0,03% giitm so voi am 2011 li 0,32%. Dieu niy cho to but cur 100 clang doanh thu than chi tao ra duqc 0,03 ding lqi nhu$n sau tha am 2012, it ham nam 2011 li 0,32 thing lqi nhu$n sau tha. Trong nam 2012, doanh thu than &I tang tir 21.558 trieu don am 2011 len den 90,939 trieu dong am 2012, chi phi gii win am 2012 chiem tai 94,51% doanh thu than vi cic chi phi khic tang nhanh da him cho lqi nhan sau tha nam 2012 bj giant 59,74%, chi 4t gii tri ret nhe li 31 trieu dong, m#c cho doanh thu thuin trong am tang them ten 332,34%. Nguyen nit niy da Mm giim tS, suet 10 nhu$n tren doanh thu trong am giai down 2011 - 2012.
Giai down 2012 - 2013: ROS giai *loan niy yen dep tuc giim. Nam 2013, m$c
du doanh thu than yin tang len den 147.021 trieu d'Ong ( tang 62,19% so yeti nam 2012) tuy ninon mut lqi nhu$n sau thui yin chi tang them 4 trieu dimg, dot gii tri 35 trieu ?Ong vio nam 2013. Di dang nhon they sy chenh lech rat len gitta lcri nhu$n sau tha vi doanh thu thulin tai Cong ty. Chi phi gii von nam 2013 tang nhanh, chiem tai 96,37% doanh thu thuin da khien cho Id nhu$n gOp giam, trong am chi phi quin ly
kinh doanh cua CEng ty yen dip tuc tang len. Dieu niy da inh huang tieu cyc tai lqi nhu$n sau tha cue doanh nghiep. Bing chimg cho they li nam 2013, lqi nhu$n sau thue dui CEng ty chi dat 35 trieu dog, tang 12,90% so vai Mm 2012. Chinh dieu niy da lim cho ty sat sinh 101 tren doanh thu trong am 2013 dip tuc giim sau. Cu the, am 2013, ty sat sixth 101 tren doanh thu curt Cong ty tiep Arc giarn tir 0,03% xuting can 0,02%, diiu nay e6 nghia li trong nam 2013, 100 Ming doanh thu than kiem duqc chi dem lai 0,02 dog lqi nhu$n sau thus cho Cling ty. Day la mOt co s6 ding bio dOng dOi veri C8ng ty, cho thiy kit qui host dung kinh doanh tai C8ng ty khong lim gia tang quy m8 von cho Cong ty.
Mini& sinh led Din tot ing tai san: Tfr am 2010 den am 2012, tS, sat mirth 101 tren tong tii sand) xu htremg glum, cy the: Nam 2011, ty suet sinh loi ten tii sin dm Ging ty la 0,19% nhung din am 2012 thi ty suit niy gum nhanh can 0,03% (gitim so yen am 2011 li 0,16%), ttic li cur 100 ding tel sin duqc deu to thi tong ty chi thu ve 0,03 (fang lqi nhu$n sau tha vilo am 2012, it han so yen am 2011 la 0,16 clang 191 nhu$n sau tha. Viec glum khi Hang sinh Ioi tren da cho thiy thin chung vai so yen CEng ty be ra thi viec thu lei lqi nhu$n chtra cao, hieu qui sir dyng vim giim vi yen con thip.
Nam 2013, tS, wait nay tiep tyc &am vi chi con 0,02%. Sy thay 461 kitting On dinh cue tS, sat sinh 16i tren tong tii sin cho they cong tic khai thic hieu qui su dtmg tel sin can chug duqc hieu qui vi (long bO. Trong thou gian tot C8ng ty can co nhang
bier phip khai thic Wing lye sin xuit cis tai sin, dim bio cho ty suit sinh Wri pith then theo hueng tang vi on djnh.
TS, suit sinh lett tren yin chi set Itilit: Tucrng to the chi s6 &nit gii khtii quit
hien qui sinh Wi &I phan tich a trol, to cling de thiy ty suit sixth lei tren von chi sir hfru Bang ca xu Wong giim qua 3 niim phan tich. Cu the:
Nam 2012 ty suit sinh Wi tren von chi so hank\ 0,07%, giim mg& so voi nam 2011 li 0,94%, tic li ell 100 dung von chi So hftu duqc du tu thl CEng ty thu ve 0,94 d8ng lqi nhu$n sau dime vio niim 2012. Tuy nhien, sang nam 2013, ty suit niy ca tang
nhc len mire 0,09%, tuy nhien gii tri yin can rat thip vi khOng ttrcmg ming yeti quy
me cis Cong ty. Nguyen nhiin cia viec giim dOt ngOt li do trong nam 2012 lqi nhu$n rang giim 59.74%, con von chit so frau yin tang them 467,42% so vOi nam 2011 nen da lim ty suit giim monh trong nam. Din nam 2013, von chit se hay da giim so yeti
giai down three. Cu the nam 2013, von chi se hen giim 9,82% so vai nam 2012, trong
khi lqi nhu$n sau thug cling cho thiy buoy tang truemg nhc khi tang them 12,90% so vOi nam 2012. Do do, ROE nam 2013 da tang them 0,02%, dot gii tri 0,09% vao nam 2013.
Tam 13i, thong qua phin tich khi Wing sinh 16i toi CEng ty Co phan tu yin thief ke ding nghe xay dtmg to tii#n thiy khi wing sinh lei cia Cong ty dang o mac rat
thip vi c6 xu huOng giim nhanh. Nguyen When khich quan do chi phi nh$p nguyen
v& lieu tang khien cho gii tri gii von tai C8ng ty lutin chiem mOt ty trqng len trong doanh thu 'chi& cho lqi nhu$n sau thug thu duce nit the. Nguyen titan chit quan do
Cong ty me ring quy me doanh nghiep lim gia tang chi phi quirt ly, m#c di da c6
rating Bien phip tich clic trong viec kiem soft chi phi tai chinh nhitng a hai khoin chi phi niy hang nam yen khien cho lqi nhu$n thuin curt Cong ty luon trong tong thtii bj am. Lqi nhu$n sau thue lie niy kheng phii din tar hoot doing kinh doanh chinh cia Cong ty li xliy lip vi tu yin thiet ke, mi den fir khoin Ice nhu$n kinh doanh tin viec
bin nguyen v#t lieu, may mac xay clung.
Khi thin vio met doanh nghiep, nhi du tu thutng xem xet xem khi niing sinh lei cia doanh nghiep d6 nhu the nao, neu mOt doanh nghiep ca khi riling sinh 16i thip vi giim se khien cho MA diu tu ii ngoi khi mu& diu to vio doanh nghiep. KM niing