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.
a(EPS) LAn 480,
2.4.2 Anh huifrng cua co eau van cl'n ty suit sinh kn 1 Tac clang cua ca cau van len ROE
Bang 2.16 Cong thin Dupont ciia ROE 2010-2012
(Dan vi:nghin deng)
Chi tieu Dan vi tinh 2012 2011 2010
Lai nhun rung Nghin (long 35.209.281 27.465.075 47.679.678 DTT Nghin Citing 785.142.130 838.620.615 704.034.968 Ring TS Nghin dOng 566.635.037 575.261.606 561.176.508 V8n CSH Nghin (tong 242.483.597 240.131.762 240.704.816
Lai nhu'in reng/DTT LAn 0,05 0,03 0,07
DT/TOng TS Lan 1,39 1,46 1,26
Tong TSN'on CSH Lan 2,34 2,40 2,33
ROE Lan 0,15 0,11 0,20
(Nguen:tac gia tinh town) Bleu dA 2.8 ROE 0.2 0.2 0.15 0.18 0.16 411111.• 0.11 0.14 0.12 4111111110 0.1 ■ ROE 0.08 0.06 0.04 0.02 0 2012 2011 2010
(Nguen: tic gia tinh town) COng tit& Dupont la mOt cOng cu don gian nhtmg vO ding hieu qua cho phep nha phin tich co the nhin khai quit dtrqc tan b4 cac van cfe ca ban curt DN tir do dtra ra cac quyet (fifth dung din. Ta co the thAy chi tieu ROE dtrgc ciu thanh bei ba yeu t6
do la he s6 sinh loci ten doanh thu, hieu suit sir dung tong tai san va he s6 to tai trg. Nam 2010-2011: ROE nim 2011 giam tir 0,2 trong nim 2010 xu6ng con 0,11. Nhirt thiy, nguyen nhatn din den su tut giam tren la do yeu t6 tS, suit sinh loi ten doanh thu, giam tir 0,068 xu6ng mire 0,033. Trong nim 2011, t6c dO tang chi phi dAu
lgi nhukt rung, khien lgi nhub rung cua cong ty (tat mitt tang truemg am. Ngugc lai veri kha nang sinh lOi cua doanh thu, hieu suit sir dung tong tai san cua cling ty lai thay d6i theo xu htrang tich c1rc, nam 2011 dat 1,46 (so veri nam 2010 la 1,26, tucmg ling tang 0,20). Ben cash d6, he s6 ter tai trg tang nhe len mix 2,4. He so nay luon co gia tri cao chimg t6 tai san cua cong ty chit yeu dugc tai trg tir ngu'on ng va dang tiep tut tang khi tri s6 nam 2011 lem hon nam 2010. Du co scr tang len trong hieu suit sir dung tai san nhung lqi nhuan dat dugc tren doanh thu er mut thip lai anh htrong manh me ham vao ROE. Cac nha quan tri cling ty can xem xet a dtra ra cac phurmg An tiet giam chi phi mOt cach phu hop, giap ROE cai thin hcrn.
Nam 2011-2012: ROE trong nam 2012 lai co xu huang tang len, tir 0,11 len mire 0,15. Nguyen nhin can den thay d6i nay la do su tang len dm he so sinh 16i tren doanh thu. Nam 2012, doanh thu cua cong ty tuy co giam nhung chi phi diu vao cua ding ty cling giam theo, ben canh d6 cong ty dugc tru dai ve thue khi thue thu nhap DN trong nam 2012 chi con 18%, gitlp lgi nhuOn sau thue tang. Doanh thu giam clang von do lgi nhuOn sau thue tang khien ty' suit sinh 16i cua doanh thu tang len. Ngtrgc lai, hieu suit sir dung tong tai san cua cong ty co xu huang giam, xueing con 1,389. Tang tai san cua cong ty tang len nhung doanh thu tit hoat dOng kinh doanh cua ding ty giam xu6ng lam hieu suit sir dung kern hieu qua hon so von nam 2011. Yeu t6 thu ba cAu thanh nen ROE cling giam xu6ng nhe xuling 2,34. Nam 2012, ding tai san va von CSH cua cong ty au tang nhtmg tot dO tang khong bing nhau din den bien dOng tren. Tuy nhien, he s6 nay van lom horn 2 cho thay cong ty van phu thuOc nhieu vao ng de tai trg cho tai san.
De nh#n thay anh hu6ng r8 ret nhAt len ROE chinh la tS , suit sinh kri tren doanh thu qua cac nam, ROE co si,r thay doi cling chieu v6i ti le tang giam cua he s6 nay. Qua d6 to thiy dugc nguyen nhan din den sv thay al ROE khong bit ngu6n tir cAu tile vein cua cling ty (trong 3 nam co cAu von bien d'Ong khong dang ke) ma bi anh huang beri cong tic quan ly chi phi. Cling ty can tim phucrng an sao cho sir dung von va chi phi von mOt cach hieu qua, tao thu nh4p tot nhit cho cong ty.
Bang 2.17 TAm chAn thud 2010-2012 (Dan vi:Nghin d6ng) Chi tali 2012 2011 2010 T6ng NV 566.635.037 575.261.606 561.176.508 Nq vay 30.000.000 30.000.000 30.000.000 Lai vay 4.392.000 5.580.000 4.680.000
Tim chin thud 790.560 1.171.800 1.170.000
(Nguon:tac gia tinh toan) Gia tang sir dung nq ding se lam gia tang nil ro tai chinh cho cong ty, tuy nhien cong ty van Won sir dung mOt khoan nq nhAt dint) do kri ich ma no dem lai giup cong ty tiet kiem chi phi, dO chinh la la chin thud tir !Ai vay nq. COng ty dtrqc lcri khi sir dung mOt b0 phAn von ma khong mat chi phi do khoan lai vay tir huy dOng nq dem lai. Khoan lai nay dtrqc trir di trong chi phi tai chinh, khong tinh thud thu nhAp DN, dtrcrc nha mac khAu trir cho cong ty.
NAm 2010-2011: Lai suit huy dOng trong nam 2011 tang cao khien chi phi lai tang len tir 4.680.000 nghin eking den 5.580.000 nghin d6ng. Dieu de giup la chin thud
cua DN trong nam 2011 tang han so voi nam 2010. NhAn thAy 2 nam DN deu duqc mien thud tren khoan lai vay nay vao khoang 1,2 ty d6ng, day la mOt khoan chi phi khong he nho cho cong ty. Dieu d6 the hien firth hieu qua trong sir dung d6ng nq de tai trq cho hoat dOng kinh doanh ctia cong ty, gia tang vao ngu6n von diu tu cho cac hog dOng khac.
Nam 2011-2012: La chin thud cua cong ty sut giam xu6ng mirc 790.560 nghin d6ng, twang img giam 381.240 nghin ding. Si di" co su skit giam nay la do nam 2012,
du khoan nq vay khong d6i nhtmg vii lai suit huy d(ing "de" tha" han, lai vay cua ding ty bien dOng giam. Kem theo do, trong nam nay, thud thu nhAp DN cua along ty chi a mirc 18%, lam cho khoan tiet kiem tir lai vay giam hin, &PM 1 ti d6ng. Vi co them uu dai thud nen viec la chin thud c6 giam r6 ret nhtmg kh6ng the khing dinh duqc cong ty khong sir dung d6ng nq hieu qua.
La chin thud thirc sir dem lai cho ding ty mOt khoan lqi rat 16n, vira tiet kiem chi phi, vira co them ngu6n von diu tu. De co the huerng lqi mOt cach t6i da tir la chin thud ma van dam bao duqc tu chu tai chinh, mOt ca cAu von hieu qua la van de quan trong giup cong ty co the phat trien ben yang trong twang lai.