bài hoàn chỉnh Kimberly

Qun tr ti chnh nng cao

GVHD: T.S Nguyn Thanh Lim

PHN I: GII THIU CHUNG V CNG TY KIMBERLY-CLARK

1. Gii thiu chung Kimberly-Clark, c thnh lp nm 1872, l mt tp on hng u ca Hoa K v cc sn phm chm sc sc khe. Mi ngy c hn 1.3 t ngi tin dng cc sn phm ca Kimberly-Clark, vi nhng thng hiu ni ting nh Kleenex, Scott, Huggies, Pull-ups, Kotex v Depend, Kimberly-Clark lun gi v tr s 1 hay s 2 v th phn ti hn 80 quc qua trn th gii. Kimberly-Clark lun t ho c tp ch Fortune lit k trong danh sch nhng tp on c yu thch nht k t nm 1983 n nay. Vi 65.000 thnh vin trn ton th gii, cng ty cng n lc tr thnh mt trong s nhng tp on Tt nht th gii.

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2. Lch s pht trin Kimberly-Clark (vit tt: K-C) ra i nm 1872 l mt cng ty giy vng Wisconsins Fox River Valley cn c gi l Thung lng Giy.

Bc vo th k 20, cng ty thc hin mt quyt nh cc k quan trng hn c vic nh bi cc i th cnh tranh trong vic kinh doanh cc sn phm giy, K-C chn hng kinh doanh mi, tp trung vo cc sn phm hng tiu dng li nhun cao hn. Khng c g ph nhn rng K-C mang ti cho ngi tiu dng sn phm vi cht lng hng u 80 nc trn ton cu. Kimberly-Clark a dng ha sn phm v KC c t chc thnh cc phn on hot ng da trn nhm sn phm.

Cc phn on hot ng ny c tp hp li thnh bn b phn kinh doanh trn ton cu:

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Chm sc c nhn, vi cc sn phm t lt, khn lau, bi, chm sc dnh cho phi n, ngi gi, tr em. Cc sn phm trong phn khc ny l ch yu cho cc h gia nh s dng v c bn di nhiu tn thng hiu, bao gm Huggies, Pull-Ups, Little, GoodNites, Kotex, Lightdays, Ty, t th nh c v tn thng hiu khc. Hng tiu dng, cc sn phm thng dng trn th trng, sn xut sn phm m mt v phng tm, khn giy, khn n v cc sn phm lin quan cho h gia nh s dng. Sn phm trong phn khc ny c bn di Kleenex, Scott, Cottonelle, Viva, Andrex, Scottex, Hakle, Page v cc thng hiu khc . Cc dng sn phm KC khc (cc sn phm chuyn dng) dnh cho i tng s dng sn phm ny trong cng vic nh mt n, gng tay, khn giy, khn n, cn gt nc ma v mt lot cc sn phm an ton cho mi trng. Sn phm trong phn khc ny c bn di cc thng hiu Kimberly-Clark, Kleenex, Scott, WypAll, Kimtech, KleenGuard, Kimcare v Jackson. Chm sc Y t, sn phm chm sc sc khe nh mn ca v o chong phu thut, cc sn phm kim sot ly nhim, khu trang, gng tay, cc sn phm ng h hp v cc sn phm y t dng mt ln khc. Cc sn phm trong phn khc ny c bn theo Kimberly-Clark, Ballard, ON-Q v cc thng hiu khc. T nm 2000, KC song song vi vic tng cng nghin cu th cng ty cng y mnh vic mua li v xy dng cc cng ty ng gi, sn xut t, bao b, giy,ti i Loan, c, Nam Phi, Nga, ng u, cy l bc tip theo trong k hoch xy dng v nh v thng hiu sn phm ton cu. Bt c ni no c ngi l c Kimberly-Clark. KC c tr s chnh nm Dallas, Texas v 57.000 nhn vin lm vic trong 36 quc gia. Gn 140 nm trong kinh doanh vi 1,3 t ngi mua sn phm ca chng ti mi ngy. Thng hiu hng u c bn ti hn 150 quc gia.

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Mc d khu vc Bc M mang li doanh thu ch yu cho Kimberly-Clark nhng mc tiu tng trng ca cng ty Chu , M Latinh, Trung ng v ng u, l nhng khu vc m KC ang tin hnh u t.

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PHN II: DOANH THU V CHI PH1. Doanh thu v thu nhp b phn

Hnh 1.1 Biu th hin doanh thu b phn

Hnh 1.2 Biu th hin thu nhp b phn

Nhn vo biu ta c th thy doanh thu ca cng ty chim phn ln phn khc chm sc c nhn v giy tiu dng.th phn ca cc phn khc khng thay i nhiu qua 10 nm. Tuy nhin, thu nhp ca cc phn khc ny li c s bin ng,c th l phn khc Chm sc c nhn, thu nhp tng qua cc nm chng t cng ty c gng ct gim chi ph bn hng, qung co phn on ny. Trong khi chi ph ny phn on giy tiu dng khng c s thay i nhiu.Ta c th thy c rng vic gia

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tng chi ph bn hng v qun l doanh nghip ln phn khc chm sc sc khe lm cho thu nhp ca phn khc ny gim i rt nhiu.C th y l chnh sch ca cng ty mun thc y tng trng mt s phn khc sn phm.

2. Doanh thu v thu nhp theo khu vc

Hnh 1.3 Biu th hin doanh thu theo khu vc

Hnh 1.4 Biu th hin thu nhp theo khu vc

Nhn vo biu doanh thu theo khu vc (hnh 1.3), ta c th thy c r rng doanh thu ca cng ty ch yu Hoa k, chu v cc nc M la tinh,; thu nhp cc khu vc ny cng khng c s thay i r rt qua cc nm cho thy cng ty khng c nhiu s thay i trong vic iu chnh chi ph bn hng cc khu vc ny. 3. Bo co thu nhp

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2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 doa nh thu thun 13287.60 13566.30 14348.00 15083.2 15902.6 16747.00 18266.00 19415.00 19115.00 19746.00 gi vn hng bn 8618.00 8750.70 9448.10 10014.70 10827.40 11665.00 12562.00 13557.00 12695.00 13196.00 li nhun gp 4669.60 4815.60 4899.90 5068.5 5075.20 5082.00 5704.00 5858.00 6420.00 6550.00 li nhun gp 4669.60 4815.60 4899.90 5068.5 5075.20 5082.00 5704.00 5858.00 6420.00 6550.00 chi ph qung co, bn hng v qun l doanh nghip 2158.30 2278.50 2375.60 2510.90 2737.40 2948.00 3106.00 3291.00 3498.00 3673.00 chi ph khc 83.70 73.30 111.90 51.20 27.20 32.00 -18.00 20.00 97.00 104.00 li nhun thun t hot ng kinh doa nh 2338.20 2463.80 2412.40 2506.4 2310.60 2102.00 2616.00 2547.00 2825.00 2773.00 chi ph khc 105.50 158.40 179.00 66.00 67.00 doanh thu t hot ng ti chnh 17.80 15.70 18.00 17.90 27.50 29.00 34.00 46.00 26.00 20.00 chi ph t hot ng ti chnh 191.60 182.10 167.90 162.50 190.20 220.00 265.00 304.00 275.00 243.00 tng li nhun k to n trc thu 2164.40 2297.40 2157.00 2203.40 1968.90 1845.00 2318.00 2289.00 2576.00 2550.00 thu thu nhp doanh nghip 645.70 666.60 514.20 483.90 438.40 496.00 537.00 618.00 746.00 778.00 thu nhp sau thu TNDN 1518.70 1630.80 1642.80 1719.50 1530.50 1349.00 1781.00 1671.00 1830.00 1772.00

Bng 1 : Bo co thu nhp ca Kymberly Clark t nm 2001-2010

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Qun tr ti chnh nng cao2001 li nhun gp bin Li nhun hot ng bin 2002 2003 2004 2005 2006

GVHD: T.S Nguyn Thanh Lim2007 2008 2009 2010

35.14

35.50

34.15

33.60

31.91

30.35

31.23

30.17

33.59

33.17

17.60

18.16

16.81

16.62

14.53

12.55

14.32

13.12

14.78

14.04

li nhun rng bin

11.43

12.02

11.45

11.40

9.62

8.06

9.75

8.61

9.57

8.97

Bng 2: t sut sinh li ca Kymberly Clark t nm 2001-2010

Hnh 2.1 Biu th hin doanh thu v gi vn ca Kymberky Clark t nm 2001-2010

Nhn vo biu hnh 2.1 ta c th thy c doanh thu v gi vn hng bn tuy c tng nhng khng ng k qua cc nm,ko theo li nhun gp cng khng c xu hng r rng.Tuy nhin nhn vo ng li nhun gp bin ta c th thy t nm 2002-2006, biu i xung c th do cng ty cha c hiu qu trong vic s dng nguyn vt liu v lao ng hoc do gi nguyn vt liu tng cao hoc cng c th do doanh nghip gia tng cc yu t u vo nhng cha khai thc ht cng sut ( lm cho khong tng ca gi vn hng bn ln hn khong tng ca doanh thu ), nhng nm sau

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ng ny c xu hng dao ng lin tc, tng ng k t nm 2008-2009 v gim nh vo nm 2010. 4. Chi ph

Hnh 2.2 Biu th hin li nhun gp, chi ph bn hng v qun l doanh nghip, chi ph khc, li nhun thun t HKD ca Kymberky Clark t nm 2001-2010 Vic cng ty s dng kh nhiu chi ph bn hng v qun l doanh nghip (c th do mun m rng quy m kinh doanh ) lm cho li nhun thun t hot ng kinh doanh thay i .Nhn vo li nhun hot ng bin (hnh 2.2) ta c th thy c vic gia tng chi ph bn hng,qung co v qun l doanh nghip t nm 2001-2010 lm cho ng li nhun hot ng bin c xu hng i xung trong 5 nm(t nm 2002-2006) ( do vic gia tng doanh thu thp hn so vi vic gia tng chi ph, c th l do s m rng quy m ca cng ty lm chi ph quy m tng nhanh). Vi xu hng ca ng li nhun hot ng bin i xung t nm 2002-2006 c th l do cng ty cha khai thc tt chi ph b ra hoc do n by hot ng qu ln, trong nhng nm sau ng ny lin tc dao ng tng gim trong bin khng cao lm, xu hng tng t nh ng li nhun gp bin.

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a. Chi ph hot ng ti chnh

Hnh 2.3 Biu th s tc ng v thay i ca chi ph ti chnh n li nhun k ton trc thu ca Kymberly Clark t nm 2001-2010. Chi ph ti chnh lin tc thay i v c xu hng gim t nm 2001-2004 gia tng t nm 2005-2008,gim trong 2 nm sau cho thy vic thay i cu trc vn ca cng ty(c th l do cng ty tng cng vay n, s dng n by ti chnh ln hoc do li sut tng ) lm thay i li nhun k ton trc thu. b. Kh nng sinh li

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Hnh 2.4 Biu th hin kh nng sinh li ca Kymberly Clark t nm 2001-2010 S thay i ca gi vn hng bn, chi ph bn hng v qun l doanh nghip, chi ph ti chnh lm cho li nhun gp , li nhun hot ng v li nhun trc thu thay i..Tuy nhin nhn vo biu ta c th thy 3 ng ny c xu hng thay i gn nh tng t nhau ( s chnh lch xu hng gia cc ng l khng nhiu) do ,cu trc chi ph gia cc nm tng i u c th cho ta bc u hnh dung ban u v tnh hnh hot ng ca cng ty l tng i n nh.

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PHN III: PHN TCH V NH GI TNH HNH TI CHNH CA CNG TY1. nh gi khi qut v s bin ng ti sn v ngun vnCh tiu I.Ti sn A. TSNH + TNH B. TSDH + TDH II. Ngun vn A. N phi tr B. Vn ch s hu 2001 100.0 26.1 73.9 100.0 62.4 37.6 2002 100.0 27.7 72.3 100.0 63.9 36.1 2003 100.0 26.4 73.6 100.0 59.7 40.3 2004 100.0 29.2 70.8 100.0 61.0 39.0 2005 100.0 29.3 70.7 100.0 65.9 34.1 2006 100.0 30.9 69.1 100.0 64.3 35.7 2007 100.0 33.1 66.9 100.0 71.7 28.3 2008 100.0 32.1 67.9 100.0 78.6 21.4 2009 100.0 30.5 69.5 100.0 70.4 29.6 2010 100.0 31.9 68.1 100.0 68.8 31.2

Nhn chung quy m cng ty c m rng qua 10 nm v gi tr tng ti sn t gi tr l 19,864 triu USD, tng 4856.4 triu USD tng ng 32,36% so vi nm 2001. Trong ti sn ngn hn tng 2405.8 triu USD tng ng 61.33% so vi nm 2001 nhng vn thp hn so vi ti sn di hn. Vi quy m ca doanh nghip c m rng th mc huy ng vn cng tng ln tng ng dm bo vn cho qu trnh sn xut kinh doanh. Trong , n phi tr c xu hng tng hn so ngun vn ch s hu. Qua ta thy c cng ty s dng n phi tr ti tr cho ti sn nh vy cng ty s dng n by. 2. Ngn qu

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2001 Hot ng kinh doanh Thu nhp rng Mt mt bt thng, thu thu nhp rng do Kimberly-Clark Khu hao Bi thng c phiu Thu thu nhp hon li Hao ht do cc quy nh v ti sn Thu nhp vn ch s hu vt mc (t hn) chi tr c tc C phn ca c ng thiu s ca thu nhp rng cng ty con Gim (tng) trong vn lu ng hot ng Phc li hu tr Khc Tin mt c cung cp bi HKD Hot ng u t Chi ph u t Tin rng cho vic mua li ca doanh nghip u t vo th trng chng khon Tin thu c t vic bn cc khon u t (Tng) gim tin gi c k hn Tin thu c t x l ti sn Khc Tin mt c s dng cho HDT Hot ng ti chnh Thanh ton c tc tin mt Tng (gim) n ngn hn Tin thu t pht hnh n di hn Tr n cc khon n di hn Tin chi tr v quy i chng khon u tin cng ty con 1,609

2002 1,674 11

2003 1,643

2004 1,771

2005 1,581 844 32 (142) 80 45.8

2006 1,499 932 67 (208) 6 116

2007 1,823

2008 1,829 8

2009 1,994

2010 1,943

650 39 102 (39) 63 (232) (54) 105 2,253 (1,099) (135) (19) 33 (21) (5) (1,247) (590) 288 76 (271)

706 197 38 (8) 58 (197) (118) 61 2,424 (870) (410) (9) 44 (36) (11) (1,294) (612) (423) 823 (154)

745 (50)35

800 (19)45

806 62 (103) 29

775 47 151 51 (34)

783 86 141 36 (53)

813 52 (12) 26 (48)

(9) 55111

(30) 73103

23 40 (52) 2,312 (709) (17)

(26) 33 5 2,579 (972) (99) (20) 46 (35) 44.1 1 (1,035) (884) (390) 261 (104)

39 14 36 2,428 (989) (15) (12) 58 (10) 96.7 (25) (898) (932) 43 2,128 (339)

(335) (38) 62 2,516 (906) (98) (9) 48 72 28 14 (847) (950) (436) 551 (274) (47)

1,105 (609) (2) 3,481 (848) (458)

24 (125) 71 2,744 (964)

(59) 81 2,552 (872) (258) (10) 29 (149) 7.6 (6) (1,260)(671) (424) 540 (481)

(54) 36 2,726 (535)

(11) 38 (22) 30.7 5 (495)(767) (54) 38 (199)

(2) 27 75 46.8 (16) (596) (838) 524 397 (599)

1 40 (47) 25 (1,288) (986) (312) 2 (278) (53) 47 117 9 9 (781) (1,066) (28) 515 (506) (54)

Tin thu c t chng khon u i ca cng ty con Tin thu c t thc hin quyn chn c phiu Mua li c phiu ph thng C phn c mua t quyn li khng kim sot Khc Tin mt c s dng cho HTC Ngn qu rng cui nm nh hng ca thay i t gi ln tin mt v tng ng tin mt Tng (Gim) tin mt v tng ng tin mt Tin v tng ng tin mt u nm Tin v tng ng tin mt cui nm

516 101 (891) 68 (680)31

125 290

172 142 (1,519) 331 (761) 348 (2,813) 113 (653) 165 (7) (293) 131 (803)

(546)

(1,598)

(33) (804) 364 (24.5) 177.8 186.7 364

(34) (1,014) 494 14.7 103 364.5 494

(18) (1,570)290 18.6 (203.9) 494.5 290

(9) (2,174)594 4.1 303.4 290.6 594

(36.8) (1,929) 364 (15.9) (230.0) 594.0 364

(3.7) (1,551) 360 4.5 (3.2) 364.0 360

(34) (1,426.8) 472 7.9 111.9 360.8 472

(51) (1,747) 364 -31 -109 473 364

(26) (1,788) 798 29 434 364 798

(48) (1,859) 876 -26 78 798 876

Nhn vo bng bo co ngn qu trn ta c th nhn thy s thay i trong dng tin dnh cho hot dng kinh doanh v hot ng u t v hot ng ti chnh. Ta c th thy dng tin ca cng ty c cung cp bi HKD v s dng cho HT v HTCNm Lu chuyn tin t HKD Lu chuyn tin t HT Lu chuyn tin t HTC Ngn qu rng cui nm 2001 2,253 (1,247) (804) 364 2002 2,424 (1,294) (1,014) 494 2003 2,552 (1,260) (1,570) 290 2004 2,726 (495) (2,174) 594 2005 2,312 (596) (1,929) 364 2006 2,579 (1,035) (1,551) 360 2007 2,428 (898) (1,426.8) 472 2008 2,516 (847) (1,747) 364 2009 3,481 (1,288) (1,788) 798 2010 2,744 (781) (1,859) 876

HKD: Trong HKD dng tin ch yu c cung cp t li nhun rng v khu hao. Tin thu t HKD tng gim khng nhiu qua cc nm c th l do thu nhp rng v khu hao thay i khng nhiu. Dng tin HKD n nh c th cho thy mt thc t v hot ng n nh ca cng ty. HT: Ngn qu s dng trong HT ch yu l s dng cho chi ph u t. iu ny th hin mt thc t l cng ty tp trung u t vo c s h tng cho hot ng sn xut kinh doanh l hot ng chnh ca cng ty.Nm Lu chuyn tin t HKD Lu chuyn tin t HT 2001 2,253 (1,247) 2002 2,424 (1,294) 2003 2,552 (1,260) 2004 2,726 (495) 2005 2,312 (596) 2006 2,579 (1,035) 2007 2,428 (898) 2008 2,516 (847) 2009 3,481 (1,288) 2010 2,744 (781)

Dng tin t HKD ln hn so vi chi ph u t ca cng ty cho thy cng ty c kh nng ti tr bng tin cho cc HT HTC: Ngn qu t HTC ch yu s dng cho thanh ton c tc tin mt, tr cc khon n di hn v mua li c phiu ph thng. Vic chi cho thanh ton c tc tin mt chim ch yu cho dng tin s dng cho HTC c th thy cng ty quan tm n vic tr c tc cho c ng.

3. Thu nhp trn tng ti sn (ROA)Ch tiu Li nhun thun sau thu Tng ti sn ROA (%) 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

1518.715,007.6

1630.815,639.6

1642.816,779.9

1719.517,018.0

1530.516,303.2

134917,067.0

178118,440

167118,089

183019,209

177219,864

10.12 %

10.43 %

9.79%

10.10 %

9.39%

7.90%

9.66%

9.24%

9.53%

8.92%

Qua biu ta thy ROA c s giao ng qua 10 nm, ch yu l do s m rng ca ti sn ng k hn do s thay i ca li nhun sau thu iu cho thy cng ty n lc trong vic khai thc ti sn ca mnh hn. Kt lun: Ta thy rng kh nng to ra li nhun ca ti sn vn cn khong cch kh ln i vi kh nng to ra doanh thu, iu ny cho thy hiu qu s dng vn ca cng ty vn cha cao. 4. Thu nhp trn vn ch s hu (ROE)Ch tiu Li nhun thun sau thu Tng vn ch s hu ROE (%) 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

1518. 75,646.9

1630. 85,650.3

1642. 86,766.3

1719. 56,629.5

1530. 55,558.2

13496,097.4

17815,224

16713,878

18305,690

17726,202

26.89 %

28.86 %

24.28 %

25.94 %

27.54 %

22.12 %

34.09 %

43.09 %

32.16 %

28.57 %

Nhn chung ROE khng c xu hng r rt qua 10 nm dao ng nh t nm 2002-2006, do cu trc vn thay i ( tng vn ch, gim n), khong tng ny so vi khong tng ca li nhun thun sau thu khng ng u lm cho ROE dao ng. Sau t nm 2006-2008, s tng mnh ca vic vay n, lm cho vn ch s hu gim mnh, theo ROE tng vi bin cao hn, 2 nm cn li ROE bt u gim mnh. nh gi chnh xc bin ng tang gim nh trn l tch cc hay tiu cc ta cn nhn ROE mt cch ton in hn, tc l t n trong mi quan h vi ROA. Bi v vn ch s hu l mt phn ca tng vn, hnh thnh nn ti sn do sut sinh li ca ch s hu ph thuc vo sut sinh li ca ti sn. iu th hin qua ng thc sau:

ROE = ROA x n by ti chnh Trong n by ti chnh (hay cn gi l n cn n) l ch tiu th hin co cu ti chnh ca cng ty, cho bit t l n hay vn ch s hu so vi ti sn: n by ti chnh = Tng ti sn / Vn ch s hu T hai cng thc trn ta thy khi n by ti chnh cng tng s c tc ng by cho ROE tng theo, nhng khi n ca doanh nghip cung s tng do ko theo ri ro rt ln. Ta s thy r nhng thng qua thc t ti cng ty nh sau:Ch tiu Tng ti sn Vn ch s hu n by ti chnh ROA ROE 2001 15,007.6 5,646.9 2.66 10.12% 26.89% 2002 15,639.6 5,650.3 2.76 10.43% 28.86% 2003 16,779.9 6,766.3 2.48 9.79% 24.28% 2004 17018.0 6,629.5 2.57 10.10% 25.94% 2005 16,303.2 5,558.2 2.93 9.39% 27.54% 2006 17,067.0 6,097.4 2.8 7.90% 22.12% 2007 18,440 5,224 3.53 9.66% 34.09% 2008 18,089 3,878 4.66 9.24% 43.09% 2009 19,209 5,690 3.55 9.53% 32.16% 2010 19,864 6,202 3.36 8.92% 28.57%

Nm 2001, t sut sinh li ca ti sn ch bng 10,12%, nhng vi tc dng ca n by ti chnh m ROE t n 26.89%. Nm 2002, sut sinh li ca ti sn tng km theo n by ti chnh tng lm cho ROE tng t n 28.86%. T nm 2004 n nm 2006, t sut sinh li ca ti sn gim ngc li n by li tng. y l biu hin khng tt, v vi s gim st ca ROA vic gia tng n by ti chnh trong trung hp ny lm cho ROE gim. Sau xu hng ROE li tng t nm 2006-2008 bi s gia tng n by cng vi s gia tng t sut sinh li ca ti sn lm ROE tng. l du hiu tt, vi kh nng to ra li nhun tng nhng cng gp khng t ri ro v ti chnh. 5. n by hot ng Phn nh mi quan h gia chi ph c nh v chi ph bin i. Mt thay i nh trong doanh thu s c phng i thnh mt thay i ln trong li trc thu v li vay (EBIT).

Ch tiu Ebit Doanh thu BH

2001 2,165 13,288

2002 2,202 13,232 -4.06

2003 2,076.3 14,026.3 -0.95

2004 2,203.4 15,083.2 0.81

2005 1,968.9 15,902.6 -1.96

2006 1,844.9 16,746.9 -1.19

2007 2,317.5 18,266 2.82

2008 2,289 19,415 -0.20

2009 2,576 19,115 -8.11

2010 2,550 19,746 -0.31

n by hot ng25000 4 2 0 15000 10000 -2 -4 -6 5000 -8 -10 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 ebit doanh thu dbhd

20000

0

Hiu ng n by hot ng ch nhy ca li nhun hot ng i vi s bin ng ca doanh thu. n by kinh doanh cao nht khi cng ty c t l chi ph hot ng c nh so vi chi ph hot ng bin i cao. iu ny c ngha l cng ty ang s dng nhiu ti sn c nh hn trong hot ng ca mnh. Ngc li, n by kinh doanh thp nht khi cng ty c t l chi ph hot ng c nh so vi chi ph hot ng bin i l thp.. Ta c th thy rng hiu ng n by kinh doanh ca Kimberly Clark lin tc dao ng qua cc nm v nhn chung mc khng cao lm.Tuy rng cng ty u t phn ln vo ti sn di hn, chi ph c nh l kh cao nhng khng thay i nhiu qua cc nm lm cho hiu ng ny kh thp. 6. n by ti chnh:

Ph thuc vo kt cu vn ca doanh nghip (h s n (HV) ca doanh nghip). Mt thay i nh trong EBIT s c phng i thnh mt thay i ln trong thu nhp mi c phn (EPS).

% thay i EPS % thay i Ebit B ti chnh

01-02 3.58 1.71 2.10

02-03 6.38 -5.71 -1.12

03-04 8.39 6.12 1.37

04-05 -9.05 -10.64 0.85

05-06 -0.86 -6.30 0.14

06-07 25.66 25.62 1.00

07-08 -1.32 -1.23 1.07

08-09 12.01 12.54 0.96

09-10 -1.47 -1.01 1.45

S dng n by ti chnh l giai on th 2 trong qu trnh khuych i li nhun. giai on 1, li nhun hot ng khuych i s thay i ca doanh thu ln li nhun hot ng, th giai on ny li nhun hot ng s c khuych i mang n s thay i ca li c bn trn c phiu. Ta c th thy rng vic s dng chi ph ti chnh kh ln trong 10 nm lm cho hiu ng n by ti chnh ca cng ty lin tc dao ng cho thy s thay i ln trong vic vay n ca cng ty. Mc d vic s dng n by ny c th mang li ri ro cho cng ty nhng trn thc t c th thy c rng cng ty s dng kh hiu qu

lm cho li c bn trn c phiu c xu hng tng hn so s thay i nh v li nhun t hot ng kinh doanh. 7. Thu nhp rng trn c phn (EPS)EPS =

Thu nhp rng Lng c phiu (triu) EPS

2001 1610 533 3.02

2002 1627 520 3.13

2003 1694.2 509 3.33

2004 1800.2 499 3.61

2005 1568.3 478 3.28

2006 1499.5 461 3.25

2007 1822.9 446 4.09

2008 1,690 419 4.03

2009 1,884 417 4.52

2010 1,843 414 4.45

Ch s EPS (Earning Per Share) l li nhun (thu nhp) trn mi c phiu. y l phn li nhun m cng ty phn b cho mi c phn thng thng ang c lu hnh trn th trng. EPS c s dng nh mt ch s th hin kh nng kim li nhun ca doanh nghip. EPS ca cng ty tng qua cc nm do thu nhp rng gi mc tng n nh ng thi lng c phiu trn th trng c xu hng gim dn. 8. H s gi trn thu nhp mt c phn (P/E) P/E =P/E KMB S&P 500 2001 19.9 23.2 2002 14.7 19.7 2003 17.8 21.1 2004 18.6 19.2 2005 18 17.2 2006 20.9 16.8 2007 16.9 16.5 2008 13 10.9 2009 14.1 18.6 2010 14.2 15.5

So snh gia ch s P/E v ch EPS cho thy mc d li c bn trn c phiu mc kh n nh (tng hoc gim trong bin thp) nhng nh gi ca nh u t mt s nm li c xu hng tri chiu. c th do NT thy hiu ng ca n by ti chnh dao ng qu ln lm cho NT lo ngi ri ro v nh gi c phiu ny thp.t 2008-2010 s tng nh ca ch s EPS cng vi vic hiu ng ca n by ti chnh gim lm NT k vng vo mc tng trng ca c phiu v lm ch s P/E cao. 9. Kh nng thanh ton ngn hn a. Kh nng thanh tan hin thiCh tiu 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

Tng ti sn ngn hn Tng n ngn hn Kh nng thanh tan hin thi

3,922.2 4,168.3 0.94

4,327.7 4,092.1 1.06

4,438.1 3,918.7 1.13

4961.9 4,537.2 1.09

4,783.1 4,642.9 1.03

5,269.7 5,015.8 1.05

6,097 4,929 1.24

5,813 4,752 1.22

5,864 4,923 1.19

6,328 5,338 1.19

H s thanh tan hin thi biu th s cn bng gia ti sn lu ng v cc n ngn hn. Kh nng thanh ton hin thi qua cc nm c s bin ng nh, nhng c xu hng tng dn, n nm 2009, v nm 2010 gim nh do tng n ngn hn nhiu hn so vi tng tng ti sn. Kh nng thanh ton qua 10 gn nh ch s ny >1 cho nh gi ban u kh nng thanh ton c th mc an ton. b. Kh nng thanh tan nhanh H s thanh ton hin hnh gom ton b ti sn lu ng li m khng phn bit hot tnh ca chng nn nhiu khi khng phn nh chnh xc kh nng thanh ton ca doanh cng ty. khc phc iu ny ngui ta dng h s thanh ton nhanh.Ch tiu Ti sn ngn hn v khan phi thu Tng n ngn hn Kh nng thanh ton nhanh 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

2084.15 4,168.3

2496.181 4,092.1

2233.659 3,918.7

2631.576 4,537.2

2460.737 4,642.9

2708.532 5,015.8

3055.98 4,929

2851.2 4,752

3544.56 4,923

3576.46 5,338

0.5

0.61

0.57

0.58

0.53

0.54

0.62

0.6

0.72

0.67

Nh vy ta thy h s thanh ton nhanh tng i thp (

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