- nut trang sir dung nu c6 dinh
19.448.786.330 ding Chi tieu he s6 hao mon TSCD cang gAn tai 1, cluing to TSCD
cua DN di qui eft, DN phii chit trung den viec dig mai vi hien dii hoa TSCD. He so hao mon ctia cong ty hien yin nhe hon 1 khi nhieu chfmg td cac TSCDdeu van con
gii trj sir dung liu
Kit luen: Ket qui phin tich ket cau VCD va viec tinh toin khau hao tai cis djnh
cho thay viec dau to vio TSCD clic% cong ty la hup ly cho hoit dOng sari xuit kinh doanh ve lau dai. Tuy nhien, viec trich khiu hao chua hap lY lam cho he so hao men tang cao lim giam gii trj TSCD cua cong ty. Vi voy, lanh duo cong ty phii ce giii
phip hup ly de dieu chinh firth twig nay.
KU Ming dim bio von ca djnh
Viec phan tich kha nring dim Ho VCD cho Ed& lirqng vim cong ty diu to vao TSCD la tir ngutm nag, tir d6 c6 the dua ra nhon zit ve kha nang dam bao tai chinh Ha cong ty trong tuang lai
Bing 2.4. Khi fling dim bio van co djnh
Don vi: clang
Chi tieu Nam 2011 Nam 2012 Nam 2013
Von CSH 24.180.923.133 26.269.714.787 25.438.372.987
VCD 29.415.213.571 23.264.527.448 19.448.786.330
Kb* ning dim bio VCD (5.234.290.438) 3.005.187.339 5.989.586.657
(Nguo'n: Nguon so lieu phdng ke tocin )
Luang von dau to cho TSCD cua cong ty giam. Ltrqng VCD trong 3 nim 2011, 2012, 2013 lin luqt li 24.180.923.133 ding, 23.264.527.448 ding vi 19.448.786.330 ding, trong khi do luqng yen CSH cua ding ty tang giam kh8ng on djnh la
24.180.923.133 ding trong nam 2011, 26/69.714.787 ding niim 2012 vi 25.438.372.987 ding nim 2013. Nim 2011 cong ty Meng co kha ning dam bio VCD
khi ma VCSH kern VCD tbi han 5 ty ding. Tuy nhien sang 2012 vi 2013 tinh hinh di duqc ciu thien re ret khi ma khi fling dim bio diu duong va c45 xu Enron tang din. Dieu nay cluing to khi riling dam bio ve tai chinh da duqc cong ty chi trung han rit nhieu.
— Thvc tr3ng sir dyng von hru dOng
Gi6ng nhu VCD, viec xic dinh duqc co ciu VLD clang vai trd rat quan tong.
xic dinh duce tS, tong cim VLD giirp DN thay dugc lieu co eau van nhu hien tai c6 pith hop khong dE co ck bien phip dieu chinh kip then.
Bien dó 2.2. Co ciu van giai doan 2011-2013
Dan %
(Ngu an: Ngudn se; lieu phong ke wan giai doan 2011-2013)
Nhin vio bleu 46 c6 thE &gin ra rang, ty tong VLD tat cao va dang tang dan qua the nam. T$' tong VLD b ck nam 2011, 2012, 2013 lin ltrot chiem 79,73%, 87,18% vi 89,65% trong tong v6n. VLD tang cao la do Itrong v6n dilu to vao TSLD tang.
DE co the thiy duce cu the so biEn dung cim VLD nhu the nao, to hay quan sat bang tinh tam sg bien dung cua VLD trong thin gian nay.
+ Von bang tan
Vtn bang den dm Gong ty co xu huOng tang giam kh8ng on trong ba nam
trb lai day.
Nam 2011, von bang tien cua cong ty la 5.016 trieu ding chi& 4,33% trong tS , tong VLD.
Nam 2012, s6 nay tang ding ke chi& 8,64% trong tong VLD vai Iturng tie'n ton quy Ia 13.666 trieu ding tang den 8.650 trieu ding Wong duong tang 172,45%. Nguyen nhan la do thin diem nay cong ty da thu hii duqc mOt so Ichoan phai thu tir nhUng nam truk.
Din wino 2013, Itrung tien Iii gitim 30,78% , chi con I.i 9.460 trieu &Ong, ttrcrng throng vai 5,62% trong tong Wong VLD. trong khi no phai tri co xu huang nwly rang cao thi Wong von bang film cita cong ty lei tang gitim that thtrimg, neu thin h3n thanh town nhang mon no ngin h@n nay dang c$n ke ma Itrung von bang tien ciut cling ty kh8ng duy td On dinh thi se AM Wang den lchai Wing thanh Wan cua cling ty.
+ Khoin phii thu
Chiem tong 16n nhat trong tong von. Khoin phai thu coy nghia v8 cling quan tong d6i yeti filth hinh tai chinh ciut ding ty, va dac biet anh hubng den hieu qui sir ding VLD. CO khoan phai thu nghia Ia DN dang bi khach hang chiem dung vein. Dieu nay gitip cong ty tao duqc moi quan he vial khach hang tit dO co the c6 them &lieu nhi thou giao thiu cho cac cong birth. Tuy vay, dO cling IA mOt con dao hai ludri. Khoin phai thu nay co the trey thanh nhUmg khoitn nq xAu nq khe del. Viec khong dirqc thanh town khien clang tien kheong duqc hm chuyen anti huong lon den lqi nhuan cua cong ty. Viec von bi dcmg lai nhu v#y se giam co hOi dAtt to cilia cong ty vao cac linh v‘rc khic, lam giam lqi ich cilia cong ty. Them vao dO, Ong ty con phai mat them Tanen chi phi , th&i gian de dei nq, ma ngubn von ding ty sir ding phAn lem la von di vay, viec nay lthn cho DN phiti Wirth chili Ili.
Bing 2.5. Sly Min dung cis von Mu dung giai down 2011-2013
Dan vi: trieu dang
CM tieu Mint 2011 2011 Nita 2012 Man 2013 Chenh loch 2012-2011 Chenh Itch 2013-2012 Tuyet di Twang di (%) Tuytt diii Twang diii (%) Von bang tien 5.016 13.666 9.460 8.650 172,45 (4.260) (30,78) Khoan phai thu 67.723 83.944 106.464 16.221 23,95 22.520 26.83 Hang ton kho 42.853 60.435 51.745 17.582 41,05 (8.690) (14,38) TSNH khac 136 121 775 (15) (11,03) 654 540,5 T6ng VLD 115.728 158.166 168.444 42.438 36,67 10.278 6,5
(Nguan: Nguan so lieu phong ke Wan giai cloan 2011-2013)
Nhin vio Bang 2.5 0 tren co the they ductc lumig tien cilia khoim phai thu trong tong VLD dang tang din qua cac nam va chiem mOt t9 le cao.
Nam 2011, khoan phai thu la 67.723 trieu d6ng.
Nam 2012, khoitn phiti thu tang len la 83.944 trieu ang ttrcmg duong vial tang
trong thang 10/2012, DN c6 thanh 19 mit sift tai sin co djnh cho Cong ty co phAn dau to Phit Cubing den nay yin chua thu had duqc Mt my.
Nam 2013, khoin phii thu cua cong ty tiep tirc tang len 106.464 trieu clang, tang 22.520 trieu clang so voi nam 2012, tucmg ling voi mirc tang 26,83%. Dieu nay cho thAy van cita drag ty dang bj chiem dung nhieu, clang thbi cho thAy tinh hinh thu hai nq cita cong ty can han chi, litm giim hieu qui sir dung VLD nOi rieng vi tong van nOi chung.
Trong cic khoin phii thu, hang muc phii thu khich hang tang math qua cic nam.
+ Fling tin kho
Do dac diem nginh nghe kinh doanh li cong ty xay clung nen t9 trong hang tin kho cua ding ty la rAt lon.
Luqng hing tan kho nom 2011 li 42.853 trieu clang .
Sang nom 2012, con so nay tang them 17.582 trieu ding. Litc nay, luang hang
tin kho cua cong ty la 60.435 trieu drag
Nam 2013, Iturng hing tin kho lac nay cua cong ty giim nhe so vol 2012 (ttrcmg
duang giim 14,38%) xutrag 51.745 trieu deang.
Ly giii cho nhemg con s6 nay, c6 hai 19 do duqc dua ra:
Thu nhdt, firth hinh kinh to bet On, lam phit tang cao len den 2 con s6, de dim bio cho viec sin xuAt kinh doanh, lath dao cong ty da quyet dish du tnt cic nguyen
vat lieu phuc cho viec sin xuAt, thi cong cic Ong trinh xay dung nhu: sit thep, xi-
mttng vi dac biet IA dAu phuc vu cho miy mac thi Ong cOng trinh, do khang muon gia du yin lim ink hu?mg tai cic chi phi khic
Dieu nay se gifip cling ty chit Ong han trong viec Iciem soft chi phi cling nhu
dim bio tien di thi Ong Ong birth, frith phii chju sir ep gii hay khan hing tfr phis
ngtrai cung cop. Tuy nhien van de tro nen ding lo niu nhu luqng hang tin kho qui Ion
se clan den chi phi luu kho tang len cao vi khien doanh thu giim cling nhu cOng ty
kh6 ce the quay \Tang yin cling nhu sin xuttt din tin viec kinh doanh bi ngung tre. Thir hai, dac diem chung ciut cic cong ty thuic nginh xay dung. Theo so lieu mia http://vietstock.vn/ van ngity 30/6/2013 thi hang tin kho ctia ngiura xay dung tren tang tai sin chiem 27% thi t9 trong hing tin kho 38,55% tren tong tii sin li rAt cao (gip
1.43 Ian so vol trong birth nginh). L9 do quan tong nhAt Ichien cho hing tan kho cim cong ty loon o mac cao, d6 lit cic sin phim do dang, cu the 0 day li nhang drag With thi cong cda cong ty chua duet hoin think. Do tinh chit cua nhang con trinh xay dung phii mit nhieu thbri gian thi cling c6 the la tb mit vii thing, mit nam vi co the han.
Va cac yeu to Ithach quan mang lai nen dan den cac cong trinh N ch#m tien dg thi cong. Do thieu von, titian lye, Ong nghe lam WI htrang den thin gian thi cong.
Them nita cac yeu t6 ve theri tiet (mua, dja chit hay dan cu (den be, giai tea chug hqp ly...) cling anh hutimg khong nheo den tien de thi cling cfm cac cong trinh.
Trong nhftng nAm qua gia trj hang ton kho lien We tang ye s6 tuyet d6i va ty tong hang ton kho ding tAng len trong tong VLD la do cong tac chinh sach dg tit hang ton kho !thong hqp ly. Nhin chung, phai khic phgc lugng hang bin kho chiem ty tong cao, nhanh ch6ng giai ph6ng him lugng hang ton kho, gap phin lam tAng yang quay von de day nhanh hog dOng sin xuat kinh doanh
TSLD khic: TSLD khic cua cong ty chiem tong !the) trong ding VLD. Nam
2012 tai sin nay giam tir 136 trieu dOng nAm 2011 xuting 121 trieu dOng. Deg nam 2013 lai tang len 775 then ang Wong dtrcmg veri taqung 540,5%. DAy la nAm tAng manh nhat trong 3 nam.
Kb Wm VIM dk thu cea met cong ty xay dgng, yOy nen TSLD cua cong ty In&
6 mirc cao va kheng ngimg tAng len qua cac nam. Cu the, nAm 2011 lugng VLD la 115.728 trieu dong; nam 2012 la 158.166 trieu egg va nAm 2013 la 168.444 trieu thing. Dieu nay cho thiy co ciu von cgs cong ty thay &Si theo Wong chua hqp 11 , qua cac nam, m#c du dk diem nganh nghe kinh doanh la xAy dgng thi ti tong TSLD phai cao nhung so veri TSCD lai chenh qua nhieu.
Str tang len cea von !au Ong lai xuit phai tir nguyen nhan tAng lugng hang ton kho va tang khoan phai thu ma hai yeu t6 nay lai chiem ty trgng chu yeu trong tong
Win luu dOng
Nhu vOy, trong qua trinh sir dung vi quail ly VLD, c6 the thiy ring hang ton kho
kha lem, nen ding ty can phai )(tic tien giiti phong nhanh lugng hang ton kho nhu dua vao sin xuit va kinh doanh, dOng uteri Ong ty can ap dung chinh sfich tin dung thuong mai de tang doanh s6 ban, gap plain nang cao yang quay von tang lqi nhuk cho cong tY•
Khi Sing dim bio von km dOng
Bing 2.6. KM Ming dim bio von Int ding
Dan vi: (king
Chi teu Mm 2011 Min 2012 ?Him 2013
Ng ngin han 107.488.134.055 141.673.352.059 148.966.165.628
VLD 115.729.330.320 158.166.358.309 168.443.571.196
Khi Ming dim bio VLD (8.241.196.265) (16.493.006.250) (19.477.405.568)
Qua bang 2.6 ta they, Sim 2011 thu ciu VLD elm ding ty la 115.729.330.320 ding, ding ty da di vay ngin hon 107.488.134.055 ding de dim bio cho hoot ding cue ding ty, phin con lot lit 8.241.196.265 ding DN phii di chiem dgig 6 dun vj khac.
Nim 2012, thu cAu VLD tang moth len la 158.166.358.309 ding khien ding ty phai tang khoin vay ngin hon len tai 141.673.352.059 ding vi tiep Mc bit dip khoan thieu but 16.493.006.250 ding bang each chiem dung yin tir c8ng ty khac.
Nam 2013, thu cAu VLD tiep tic tang len tai 168.443.571.196 clang, khoan vay ngin hon cling tang len 148.966.165.628 ding, khoin 19.477.405.568 ding thieu but con loi c8ng ty tiep tic s* dung khoin chiem dung de dim bao cho thu cAu tang them cue VLD. Qua cac nam khoin chiem dun cum c8ng ty ngay cang tang len do nq ngin hon tang nhanh nhung mire tang Ichong cao bang mire tang ciut VLD.
Kit hien: Viec sir dung nhieu vein vay nhu tren se lam cho kha nang to chit ve tai
chinh cult c8ng ty giim thip, c8ng ty phiti thuong xuyen dot mat vOi viec thanh town
lei vay. Ve Mu dai, ding ty an phai cal thien tinh hinh nay tir viec nang cao hieu qui san xuitt kinh doanh vi tang tich My tir nil bp.