L co vay n gD !Ai suit RD nen hang nam se tao them mOt khoan dugc goi la la chin thud cua no vay Gia tri cua la chin thus chinh bang Tc*D.
Du có nhidu bin d6ng trong tong cdc thanh phAn cuang DH, khoan mvc nay
2.3.4 Chi phi van binh quail (WACO
Bang 2.12 Chi phi v6n binh quin WACC 2010-2012
(Dan vi: %)
Chi tieu 2012 2011 2010
Phiti tra nguii ban (nghin diing) 69.049.912 105.220.860 93.101.141
TS, tong 21,15% 28,97% 26,10%
Chi phi von NH 7,35% 15,01% 6,01%
Nq vay DH (nghin (king) 30.000.000 30.000.000 30.000.000
Ty tong 9,19% 8,26% 8,41%
Chi phi v6n DH 12,00% 14,69% 11,70%
VOn CSH vA lqi nhurp sau thue
chua phAn phOi het (nghin d6ng) 227.496.328 228.032.490 233.602.723
TS, tong 69,67% 62,78% 65,49%
Chi phi van CSH 8,16% 7,47% 11,91%
'Ring NV sir dung chi phi
(tS, tong 100%) 326.546.240 363.253.350 356.703.864
WACC 8,34% 10,25% 10,35%
(Ngu n:tac gia tinh town)
Bleu 2.5 Chi phi von binh quin WACC
(Dun vi: %)
WACC
8,34%
11).15°/„ 10,35%
2012 2011 2010
(Ngu6n: tac gia tinh town) WACC ctia cling ty la chi phi binh quart ctia b4 phAn nq NH, nq vay DH va v6n c6 phan thtrong. WACC cho thity, dr 1 dOng von ciut ding ty thi mat may ding chi phi sir dung. Tir (16 cling ty dAt ra ke hooch hoot dOng kinh doanh sao cho Iqi nhuAn tOi
thidu phai bang WACC. Noi cach khdc, WACC la ti suAt sinh lod toi thidu ma cac nha dau tir CO thd chAp nhdn khi ho dAu to tidn von vao cong ty.
Nam 2010-2011: WACC cua cong ty khong co su thay d6i ra ret (tir 10,35% xu6ng 10,25%). Nam 2011, tS, tong va chi phi sir di,ing cua thanh phAn Ks tang len. Khoan mix phai tra ngutri ban tang len kern theo do chi phi sir ding tang gAp 2,5 lin so v6i nam 2010 (6,01% len 15,01%). Trong nam dO, du tS~~tong giam nhung chi phi vay nq NH cling tang len mix 14,69% (so WA nam truck chi co 11,7%). Tuy nhien, tong tS, tong 2 thanh phAn chi dat 37,23% trong nam 2011 (nam 2010 la 34,51%). Chidm tS, tong 16n, gay anh hu6ng nhidu nhAt d'dn WACC la thanh phAn V6n CSH va lqi nhudn sau thud chua phan ph6i hdt. V6n CSH va lai nhudn sau thud chua phan phi cling co su chenh Lech nhe, tir 65,49% xu6ng 62,78% nam 2011. TS , le chia c6 tirc cua cong ty khong thay d6i trong nam 2011 nhung chi phi von co phAn giam ding kE, tir 12,87% nam 2010 giam 4,91% xueing con 7,96% nam 2011. Chi phi sir ding giam la do lai nhudn sau thud cong ty dat dtrac trong nam nay thAp han so vii nam ngoai lam EPS giam (2.764 d6ng xuting 1.592 d6ng), tan ddn c6 tirc cho m& c6 dong thAp han. Du teic dO tang chi phi v6n cua thanh phAn nq cao han vein CSH nhung tS , tong dm thanh phAn v6n CSH chidm han 60% tong tong nen khong gay ra bidn d6ng lan trong WACC.
Nam 2011-2012: WACC tidp tpc giam tir 10,25% xu6ng con 8,34% trong nam 2012. Cac chi phi cAu thanh nen WACC trong thanh phAn nq lai co xu huang giam. Khoan rntic phai tra ngtroi ban trong 2012 chi con 69.049.912 nghin d6ng, ty tong 21,15% cong vii do chi phi vein hien tai chi 6 mire 1 con s6, 7,35%. Ben canh do, lai suAt vay DH ctia cong ty giam gitip cho chi phi vein vay sau thud twang ling giam con 12%. Cling trong nam nay, EPS dm cong ty cao han so yeti nam 2011 nhung ty le chia c6 tirc cua cong ty chi 6 mix 14% nen chi phi v6n CSH tang nhe len mirc 8,65%. Chi phi nq vay ding vii ty tong cua cong ty giam r6 ret, nhung tS , le ctia v6n CSH lai tang len giup sir giam chi phi ctia WACC khong 16n.
Tuy WACC cua ding ty trong 3 nam ddu kha nho, chua an 11% giap cong ty tidt kiem dtrac mot Wang chi phi khong nh6 nhung Igi tirc cua cac c6 dong giam c6 thd se gay anh htrang cho cong ty. Viec giam lai tirc khidn c6 dong "khong vui", ben canh dO c6 the nghi ng6 ve tinh hieu qua trong float dOng kinh doanh cua cong ty, qua do se lam cong ty gdp kho khan cho viec thu but dAu to trong twang lai.