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Cng ty c phn c in Min Trung CEMC M CK: CJC

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CNG TY C PHN C IN MIN TRUNG GVHD: Th.S V Hng Tm Nhm thc hin:1. V Th Hng 35K06.32. o Th Bch Ngc 35K06.3

3. V Th Quyn35K06.3

4. Lng Th Hoa35K06.3

CNG TY C PHN C IN MIN TRUNGA. Gii thiu khi qut v cng ty: Tn cng ty: Cng ty C Phn C IN MIN TRUNG Tn ting Anh: CENTRAL AREA ELECTRICAL MECHANICAL JSC Tn vit tt: EVN CEMC M chng khon: CJC Tr s chnh: Khu Cng Nghip Ha Cm Qun Cm L - TP Nng

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Lch s hnh thnh v pht trin

Cng ty c phn C in Min Trung (CEMC) tin thn l X nghip Sa cha C in thuc Cng ty in lc 3, c thnh lp theo Quyt nh s 207/NL/TCCB ngy 22/4/1987 ca B Nng lng vi nhim v sa cha cc thit b in, li in, my cng c; gia cng ch to ph kin c kh; th nghim v hiu chnh cc loi thit b in

Nm 2005 B Cng nghip c quyt nh s 3146/Q-BCN v vic ph duyt phng n v chuyn X nghip C in thnh cng ty c phn, v CEMC chnh thc c thnh lp vo thng 02 nm 2006T thng 9 nm 2008, Cng ty m rng quy m t chc vi s ra i ca 5 chi nhnh, ng thi lin kt vi i tc nc ngoi thnh lp cng ty lin doanh pht trin sn xut v cung cp cc thit b in lc

Cc mc lch s:

22/04/1987Thnh lp X nghip Sa cha C in thuc Cng ty in lc 3

19/10/1991B Nng lng c quyt nh s 531/NL/TCCB-L, tch ring b phn thc hin nhim v th nghim, hiu chnh thit b in v thnh lp X nghip C in trc thuc Cng ty in lc 3.

30/06/1993X nghip C in c thnh lp li theo quyt nh s 569NL/TCCB-L ca B Nng lng vi ngnh ngh kinh doanh: Sa cha gia cng, ci to cc thit b in chuyn ngnh, xy lp ng dy v trm in trung th.

06/10/2005B Cng nghip ph duyt phng n v chuyn X nghip C in thnh cng ty c phn

28/12/2005i hi c ng thnh lp CEMC

03/02/2006CEMC chnh thc hot ng theo m hnh cng ty c phn theo Giy chng nhn KKD ln u s: 3203000887 ngy 03/02/2006.

14/12/2006Nim yt c phiu ti sn giao dch chng khon H Ni (HASTC) vi m chng khon CJC

25/08/2008CEMC c xp hng Doanh nghip hng I

11/09/2008M rng quy m t chc sn xut, thnh lp cc Chi nhnh trc thuc

08/07/2010Cng ty TNHH Thng mi Trng Thng c thnh lp, l cng ty lin doanh gia CEMC v Cng ty TNHH Thit b in Zhitong Changsha Trung Quc, trong CEMC chim gi 51% c phn.

II. c im kinh doanh:

Ngnh ngh kinh doanh Sn xut, ch to, sa cha phc hi cc sn phm thit b, kt cu c kh thuc lnh vc cng nghip v dn dng, cc thit b in v my bin p.

Thit k, ch to, lp t, sa cha cc thit b chu p lc v thit b nng.

Hon thin b mt sn phm bng cc phng php: M nhng km nng, m in phn, sn tnh in.

Sn xut cc loi dy, cp in, cc sn phm bng vt liu composite.

T vn, thit k, gim st v thi cng cc cng trnh Z v trm bin p n 110KV.

T vn, u t xy dng v xy lp cc d n, cng trnh vin thng cng cng.

Kinh doanh, xut nhp khu vt t, thit b thuc lnh vc c kh v in lc.

Dch v khch sn, kinh doanh bt ng sn.

Kinh doanh vn ti hng, xp d hng ho.

Th nghim thit b in. Siu m kim tra vt liu kim loi.

Thit k, ch to, lp t thit b c kh thu cng cho cc cng trnh thu in v cc kt cu c kh khc.

Kinh doanh xe t, r mooc v ph tng thay th. Dch v cho thu xe t. Bo dng sa cha xe c ng c.

Thit k, ch to v lp t thit b c kh cho cc cng trnh nhit in.

+ Tnh hnh hot ng K t ngy chnh thc hot ng theo m hnh cng ty c phn (ngy 03/02/2006) n nay Cng ty c bc tng trng kh cao v n nh, c tnh hnh ti chnh lnh mnh, hot ng c hiu qu, t l li nhun vt k hoch t ra, i sng cn b cng nhn vin c m bo.

Sn phm ch yu ca Cng ty ang tp trung l nhng sn phm phc v cho sn xut kinh doanh ca ngnh in nh cung cp, lp t thit b c kh thu cng cho cc cng trnh thu in; x ct thp m nhng km nng cho ng dy ti in n 500kV, t bng in; hp bo v thit b in, cng t in cc loi, cc sn phm bng vt liu Composite; sa cha ci to my bin p; sn xut dy v cp in ... Trong thi gian ti cng ty khng ngng a dng ho sn phm theo nhu cu th trng.

Cng ty thit lp m hnh cu t chc mi v ang tip tc hon thin nhm gp phn nng cao hn na hiu qu sn xut kinh doanh.

3. nh hng pht trin

Mc tiu ch yu ca Cng ty : Xy dng Cng ty p ng mc tiu pht trin theo nh hng ca Tp on in lc Vit Nam (EVN), trong c nh hng pht trin v lnh vc c kh in lc ph hp vi cc d n v p ng cc mc tiu do EVN ra. Bn cnh , Cng ty s tp trung m rng lin doanh, lin kt vi cc i tc nc ngoi m rng lnh vc sn xut kinh doanh cng nh th trng tiu th sn phm nhm p ng mc tiu pht trin li nhun, to cng n vic lm cho ngi lao ng, tng c tc cho cc c ng, thc hin cc ngha v i vi Nh nc v s pht trin n nh, bn vng cho Cng ty.

Chin lc pht trin trung v di hn: Tip tc duy tr, n nh v pht trin cc lnh vc sn xut, cc sn phm nh trong thi gian qua. Trong , tp trung nng cao nng lc sn xut thit b c kh thu cng cho cc d n thu in. ng thi, tin n thit k, ch to, lp t cc thit b c kh, thit b in cho cc nh my nhit in cng nh tng bc nghin cu ch to cc t my Thu in va v nh, tin hnh lin danh lin kt tng bc trin khai sn xut cc thit b in trong nc cha sn xut c nh my ct chn khng... nhm t c mc tiu xy dng Cng ty tr thnh trung tm c kh thit b in mnh ca khu vc min Trung Ty nguyn v c nc.

III. C cu qun l ca cng ty:1. C cu t chc ca Cng ty c phn C in Min Trung

2. THNG TIN C NG V QUN TR CNG TY

Hi ng qun tr v Ban kim sot:

- Thnh phn ca HQT, Ban kim sot (nu r s thnh vin c lp khng iu hnh)

STTH v tnChc vCP s hn n uGhi ch

HI NG QUN TR

1Phan Thanh BnhCh tch HQT13.200c lp khng iu hnh

2Ng Vit HiThnh vin HQT269.533

3Nguyn Cung ThcThnh vin HQT13.500

4Ng HnThnh vin HQT4.800

5Hong Minh ChuThnh vin HQT4.150

BAN KIM SOT

1Nguyn Thnh SnTrng Ban Kim sot7.000c lp khng iu hnh

2H Th M HoThnh vin BKS200

3Ng Thanh HiThnh vin BKS500c lp khng iu hnh

Cc phng ban : Cc phng, ban chuyn mn nghip v c nhim v tham mu v gip vic cho Ban Tng Gim c, trc tip iu hnh phn cng vic theo chuyn mn v nhn s ch o ca Ban Tng Gim c, Cng ty hin c 5 phng, 1 ban, nhim v ca cc phng, ban c quy nh nh sau :

Phng T chc - Hnh chnh : C chc nng xy dng phng n kin ton b my t chc trong Cng ty, qun l nhn s, thc hin cng tc hnh chnh qun tr. Phng K hoch : C chc nng trong vic xc nh mc tiu, phng hng hot ng sn xut kinh doanh v lnh vc kinh doanh ca cng ty Phng Ti chnh k ton : C chc nng trong vic lp k hoch s dng v qun l ngun ti chnh ca Cng ty, phn tch cc hot ng kinh t, t chc cng tc hch ton k ton theo ng ch k ton thng k v ch qun l ti chnh ca Nh nc.

Phng K thut : C chc nng hoch nh chin lc pht trin khoa hc cng ngh, ng dng khoa hc cng ngh mi, nng cp hoc thay th my mc thit b hin i c tnh kinh t cao, t chc lp rp v kinh doanh thit b in, phng tin GTVT khc t hiu qu cao nht, tham gia gim st cc hot ng u t v my mc, thit b ca Cng ty v cc cng trnh u t xy dng c bn.

IV. Phn tch SWOT:1.im mnh (S) : c s gip , to iu kin thun li ca Chnh Ph, B Cng Thng v Tp on in lc Vit Nam, cc c quan hu quan ti Nng v cc a phng ni Cng ty t chc thi cng cng trnh. Nh nc v ang tp trung u t cc cng trnh ngun in, li in m bo in cho nn kinh t nn th trng tiu th sn phm ca Cng ty lun c tim nng pht trin. My mc thit b ca Cng ty c u t kp thi v ng b. Ban lnh o Cng ty rt nng ng trong tm kim i tc, k kt hp ng c gi tr kinh t cao, cng vi s on kt, quyt tm n lc khc phc mi kh khn ca ton th ngi lao ng, s tin tng v yn tm cng tc trong cng nhn lao ng, s kt hp cht ch ca cc t chc on th trong Cng ty. Mc tng trng n nh v kh cao

C s vt cht k thut tng i kh, c nng cp hng nm.

Cng ty c qu t ln C uy tn v cht lng, s lng hng ha Thng hiu CEMC tng i mnh trong ngnh.

Thi phc v ca ngi lao ng kh tt.

Tnh hnh ti chnh lnh mnh, minh bch.

2 im yu (W) :

+ Kh khn:

- Gi c nguyn vt liu chnh nh st thp, ng, nhm trong nm qua bin ng theo chiu hng tng lin tc, li vay ngn hng cao.

- Vi c th phi t chc sn xut ti cng trng i vi cc thit b c kh thu cng c kt cu ln nn t nhiu b nh hng ca nhng bt li v thi tit Thng tin th trng, i th cn hn ch.

u t nhn lc cha theo kp tc pht trin ca cng ty.

Tc phong lm vic ca i ng CB.CNV cha tht s chuyn nghip.

Cng tc Marketing, PR cha chuyn nghip.

Vn phng cng ty cht hp, nm v tr khng thun li.3.C hi (O) :

Mi trng chnh tr n nh, Thnh ph ang pht trin nhng khu th, khu cng nghip mi. Chuyn dch c cu kinh t theo hng cng nghip v dch v.

Dn s ng, tr, thu nhp ngy cng tng.

Vit Nam gia nhp WTO v khu vc, mi trng u t ngy cng thng thong.

Nh nc c nhiu chnh sch u i cho cc doanh nghip chng suy gim kinh t.

4.Thch thc (T) :

Khng hong ti chnh, suy thoi kinh t ( nn kinh t kh phc hi nhanh..

Nh nc cho php cc cng ty nc ngoi kinh doanh nc ngoi trong tng lai.V. Phn tch cc ni dung ti chnh c bn:V.I Phn tch cu trc ti sn:STTCH TIUNm 2008200920102011

1Gi tr cn li TSC32.254.906.40728.128.933.53426.399.364.79829.532.914.836

1.a Ti sn c nh hu hnh22.764.044.95722.610.054.79526.345.275.79829532914836

1.bTSCD V hnh0000

1.cChi ph XDCB DD9.490.861.4505.518.878.73954.089.0000

2Gi tr cc khon u t TC2.000.000.0002.000.000.00010.500.000.0002.860.843.261

3Ga tr n pthu165.126.727.421155.518.505.525155.064.337.01993.107.713.133

4Gi tr HTK233.431.358.589177.359.168.357143.574.137.41571.973.801.461

5Tng ti sn445.114.082.731387.397.956.173384.665.375.362226.269.036.462

6T trng TSC(%)(6)=(1):(5)7,257,266,8613,05

6.aT trng TSC hu hnh (%) (6.a)=(1.a):(5)5,115,846,8513,05

6.bT trng TSCD v hnh (%)(6.b)=(1.b):(5)0,000,000,000,00

6.cT trng CPXDCBDD(%)(6.c)=(1.c):(5)2,131,420,010,00

7T trng khon TTC(%)(7)=(2):(5)0,450,522,731,26

8T trng n pthu(%)(8)=(3):(5)37,1040,1440,3141,15

9T trng HTK(%)(9)=(4):(5)52,4445,7837,3231,81

Nhn xt: Qua bng phn tch trn cho thy quy m ca cng ty c xu hng gim t 2008 n nm 2011 v TSNH chim t trng cao ,c bit l HTK v NPT.Gi tr ti sn vo cui nm 2008 l 445.114.082.731 ng c tng hn so vi nm 2007 mt mc l 135.611.551.778 ng , tng ng vi t l tng l 43,82. Nhng sang nm 2009 tr i th TS c xu hng gim c th sang nm 2009 TS cui nm cn 387.397.956.173 nh vy so vi 2008 gim mt mc l 57.716.126.558 ng, tng ng vi t l gim l 12,97% cng kh mnh, trong chu nh hng ch yu ca TSNH gim n 13,07% , TSDH gim 11.75% Song ng ch hn l qua nm 2011 TS cng ty gim rt mnh so vi 2010 vi mc gim l 158.396.338.900 ng, tng ng vi t l gim l 41,18% , t l ny rt cao m nguyn nhn ch yu gim l do TSNH gim mnh n 45.61% trong khi TSDH th tng c mt mc l 4.084.454.049 ng tng ng vi t l tng l 14.38% . Tm li ta nhn thy qua bng phn tch trn th TS ca cng ty gim v gim mnh qua nm 2011 vi nguyn nhn ch yu l do gim TSNH nh HTK, NPT v cc khon u t TC . xem xt c th nguyn nhn ta xem s bin ng c th ca cc khon mc trong TSNH in hnh lm gim TS ca cng ty.( Hng tn kho: HTK chim t trng rt cao trong c cu TS c th ni l cao nht trong 2 nm 2008 v 2009 chim n 52.44% v 45.78% .

Qua bng phn tch bin ng TS ta nhn thy TT HTK gim i qua cc nm t 2008-2011 ch c tng ln so vi 2007 . Mc tng HTK trong nm 2008 so vi 2007 l 163.664.727.824 ng , t l tng tng ng l 234,59% rt cao do TT HTK trong nm 2008 chim nhiu nht trong c cu TS l 52.44%. Nhng sang nm 2009 HTK gim dn ,mc gim HTK ca nm 2009 so vi 2008 l 56.072.190.232 , t l gim tng ng l 24,02% v qua nm 2010 HTK gim so vi nm 2009 mt mc l 33785030942 ng , t l gim l 19.05% .ng ch hn c l nm 2011 HTK gim mnh nht vi mc gim l 71.600.335.954, t l gim rt cao 49.78% iu ny lm cho TTHTK trong nm 2011ch cn chim 31.81% sau khon phi thu. thy c nguyn nhn ca xu hng ny cn phi i su vo phn tch cc b phn cu thnh hng tn kho:Bng bin ng HTK qua cc nm 2008-2011

STTCh tiu2008200920102011

1 Nguyn liu vt liu42.870.460.35622.939.081.12224.661.245.42630.237.546.170

2 Cng c dng c77.327.50489.702.80296.812.32346.280.902

3Chi ph sn xut KDDD183.016.456.501149.515.809.787111.337.528.78639.105.682.882

4Thnh phm7.109.668.8693.277.385.9574.956.269.4941.743.324.185

5Hng ha2.084.529.4252.518.676.293611.528.819

6Hng gi i bn 357.445.35950.690.867170.856.048378.167.394

7D phng gim gi HTK-167.250.955-148.728.891

8Hng tn kho233.431.358.589177.359.168.357143.574.137.41571.973.801.461

9T trng nguyn liu vt liu % (9)=(1):(8)18,3712,9317,1842,01

10T trng cng c dng c % (10)=(2):(8)0,030,050,070,06

11T trng chi ph sn xut KDDD %(11)=(3):(10)78,4084,3077,5554,33

12T trng thnh phm %(12)=(4):(8)3,051,853,452,42

13T trng hng ha %(13)=(5):(8)0,001,181,750,85

14T trng hng gi i bn %(14)=(6):(8)0,150,030,120,53

Qua bng s liu trn ta thy nguyn nhn gim HTK ca cng ty l do gim mnh v Chi ph SXKDD v thnh phm c bit l do CPSXKDD. Cc loi khc nh NVL. CCDC, HH c xu hng tng ln nhng rt t .V c th thy rng cng ty ang ct gim tn kho v CPSXKDD trong nm 2011. V trong nm 2010 v 2011 Dn c lp d phng gim gi HTK .

(Khon phi thu (ch yu l cc khon phi thu khch hng trong ngn hn v cc khon tin ng trc nh cung cp): chim tng i trong cu trc TS ch ng sau HTK vo nm 2008 v 2009 , sang nm 2009 v 2010 th chim t trng ln nht. C th ta c th thy trong nm 2008 chim 37.10% t trng ny tng ln qua cc nm nhng thc cht l NPT ca cng ty gim xung nhng tc gim ca NPT vn t hn tc gim ca TS nn t trng ny tng ln . C th thy r iu qua bng bin ng TS: mc gim NPT ca nm 2009 so vi 2008 l 9.608.221.896 ng , t l gim l 5.82%. ng ch nht l nm 2011 mc gim mnh ng k so vi nm 2010 mt mc l 61.956.623.886 tng ng t l gim ln ti 39.96% lm cho TSNH ca cng ty gim ng k , nhng trong nm 2011 TT NPT l ln nht iu chng t tc gim NPT ng sau HTK.Nhn chung NPT c xu hng gim i nhng nguyn nhn ch yu l do n v thc hin mua hng nn tr vo khon tin hng ng trc hoc do n v ct gim khng thc hin mua hng ng trc na lm cho NPTNH gim t ngt iu chng t gi tr cc khon NPTNH c tng ln trong nhng nm u 2007.2008 l do cc khon tin ng trc ln . Cc khon phi thu khch hng li ngc li c xu hng tng t 2008-2010 ri mi gim qua nm 2011 .T 43.708.342.749 (2008) tng ln ti 97.358.470.815 nh vy tng khong 50 triu , sang nm 2011 gim xung cn 85.310.626.822 ng v doanh nghip phi lp d phng phi thu kh i khon 1.512.530.847 iu chng t cng tc qun l n ca n v cha c tt v n v b chim dng vn tng ln tr nm 2011 vn ca DN t b khch hng chim dng hn nhng c th xut pht t nhiu nguyn nhn c th DN xit cht tn dng hn trong tiu th hoc cung c th cng tc thu hi n v qun l tn dng c thc y v thc hin tt . Qua qu trnh tm hiu th thy rng trong iu kin nn kinh t gp rt nhiu kh khn nh gi c nguyn vt liu u vo bin ng theo chiu hng tng lin tc, li vay Ngn hng tng cao, Ngn hng tht cht iu kin cho vay vn nn vic vay vn cng nh cng tc thu hi n cng ty gp rt nhiu kh khn. Do , Ban lnh o CEMC thc hin iu chnh k hoch kinh doanh theo hng kin quyt t chi nhng n hng khng c hiu qu, kh thu hi vn, nh m Cng ty gim khon NPT do y thc v chnh sch tn dng ca cng ty.(Khon u t ti chnh ngn hn: Nhn chung cc khon TTC khng bin ng qua 2 nm 2008-2009 , nhng bin ng mnh trong 2 nm 2010-2011.

DTTC chim t trng rt thp v cng ty mi i vo hot ng c lp c vi nm ln cn cn phi cng c nn ti chnh ni b trc mt ln vic u t cn hn ch. Song trong nm 2010 th s tin u t tng ln mnh ti 10.500.000.000 tng 8.500.000.000 so vi nm 2008 v t l tng l 425% rt cao , nguyn nhn l do cng ty c mua k phiu 9 thng 8.500.000.000, tnh DTTCNH nhng sang nm 2011 th DTTC li gim mnh bt ng khong 72.75% nguyn nhn l o hn k phiu 9 thng trong nm 2010 v ng thi cng ty u t vn cho cng ty TNHH Thng Mi Trng Thng vi s vn l 1.545.352.131 nh vy l tnh hnh DTTC ca cng ty c m rng hn mt cht.(Ti sn c nh: Nhn chung TSC ca cng ty gim i qua 4 nm t 2008- 2011 . T trng TSC khng cao lm ng th 3 sau HTK v NPT .Nhn mt cch tng qut nht th gi tr TSCD tng trong nm 2008 so vi nm 2007 mc tng l 13.821.846792.ng , t l tng l 74.98% kh cao. Nhng sang nm 2009 th TSCD gim mnh nht mc gim so vi 2008 l 4.125.972.873 t l gim tng ng l 12.79%. Sang nm 2011 th TSCD c tng ln mt lng so vi 2010 l 3.133.550.038 t l tng l 11.87% . gi thch r cho s bin ng tht thng ny chng ta hy tm hiu chi tit bin ng TSCD STTCh tiu2008200920102011

1TI SN C NH HU HNH22.764.044.95722.610.054.79426.345.275.79829.532.914.836

2Nh ca, vt kin trc3.628.693.62311.507.154.16419.078.790.98723.733.846.924

3My mc thit b8.687.557.8704.709.766.1574.463.354.2794.253.303.540

4P.tin vn ti truyn dn10.343.160.3146.300.835.5772.655.152.7261.336.532.475

5Thit b dng c qun l104.633.15092.298.89690.459.615172.347.034

6Ti sn c nh khc0057.518.19136.884.863

7T trng nh ca, vt kin trc %(7)=(2):(1)15,9450,8972,4280,36

8T trng My mc thit b %(8)=(3):(1)38,1620,8316,9414,40

9T trng P.tin vn ti truyn dn %(9)=(4):(1)45,4427,8710,084,53

10T trng Thit b dng c qun l %(10)=(5):(1)0,460,410,340,58

11T trng ti sn c nh khc %(11)=(6):(1)0,000,000,220,12

12TI SN C NH V HNH

13Phn mm my tnh 0000

15CP XDCBDD9.490.861.4505.518.878.73954.089.0000

16Nh vm 19.490.861.45054.089.0000

17Nh vm khu A3.948.982.285

18ng ni b cng ty1.569.132.104

19Cng trc 2*7,5T764.350

20Ci to my nn kh

21T trng Nh vm 1/CPXDCBDD %(21)=(16):(15)100,0000,000100,0000,000

22T trng nh vm khu A/CPXDCBDD %(22)=(17):(15)0,00071,5540,0000,000

23T trng ng ni b cng ty /CPXDCBDD %(23)=(18):(15)0,00028,4320,0000,000

24T trng cng trc 2*7.5T %(24)=(19):(15)0,0000,0140,0000,000

25T trng ci to my nn kh %(25)=(20):(15)0,0000,0000,0000,000

Nhn thy rng TSCD tng ln trong nm 2008 l do TCSD hu hnh tng ln 4.330.985.314 v CPXDCBDD cng tng mnh mc tng l 9.490.861.450 so vi 2007 lm cho TSCD tng .

Sang nm 2009 v 2010 TSCD u gim xung, nguyn nhn ch yu l do gim TCSD hu hnh v CPXDCBDD tuy nhin nm 2010 thi TS CDHH tng ln nhng mc tng khng b p c s gim CPXDCBDD lm TSCD vn gim . Sang nm 2011 th TSCD hu hnh tng mnh b p cho phn gim xung ca CP XDCBDD v lm tng TSCD ln .

Nhn vo bng bin ng chi tit TCSD trn ta thy :trong nm 2009 TSCDHH gim ch yu l do thanh l , bn cc thit b my mc lm TSCDHH gim 8.032.450.704 cn ring nh ca, cng trnh th c xy dng thm gi tr tng l 7.878.460.541nh vy tng th lm gim TSCDHH gim khong 153.990.163 .Nhn xung mc bin ng CP XDCBDD ta thy nguyn nhn trn :do cng trnh nh vm 1 c hon thnh vo nm 2009 v trong nm 2009 n v c xy dng thm mt s cng trnh khc nh khu nh A,... nhng gi tr CBDD tng thm l 5.518.878.739 m nghim thu cng trnh nh vm 1 l 9.490.861.450 nh vy CPXDCB tng th gim 3.971.982.711 ng .Nhng tnh hnh thay i khi sang nm 2011 TSCD ca n v tng cao mc tng so vi 2010 l 3.133.550.038 ng , t l tng l 11,87%. c th ta i tm hiu nguyn nhn do u:

S tng ln ca TSCD trong nm 2011 l do TS CDHH tng v c th l 3.187.639.038 ng , nhn vo bng bin ng chi tit ta thy ngay do trong nm n v hon thnh cng tnh xy DCBDD nh vm 1 tr gi l khong hn 4 t trong khi n v tin hnh bn thanh l cc lo TSCDHH khc tr gi khong gn 1 t nh vy tng TSCDHH tng khong hn 3 t.

iu cng l nguyn nhn ca s gim mnh CPXSCBDD ca n v trong nm 2011 do cng trnh nh vm 1 c hon thnh

Nhn mt cch tng qut ta thy TSCD ca n v c xu hng gm xung nhng ch yu l do thanh l nhng bn cc thit b my mc, ptin vn ti . Cn nh ca, vt kin trc c u t nhiu hn n cui nm 2011 n v hon thnh nhiu cng trnh i vo s dng nh Nh vm 1, Nh vm khu A, ng ni b cng ty, Cng trc 2*7,5T iu cng ph hp vi chnh sch m rng c s h tng kinh doanh sn xut ca n v trong tng lai.

II. Phn tch cu trc ngun vn1.Phn tch tnh t ch v mt ti chnh:

STTCh tiu2.0082.0092.0102.011

1N phi tr412.862.644.678346.508.613.254339.223.434.184176.598.260.860

1.aN ngn hn407.779.162.064337.159.906.469256.879.924.907140.830.587.308

1.bN di hn5.083.482.6149.348.706.78582.343.509.27735.767.673.552

2Vn ch s hu32.251.438.05340.889.342.91945.441.941.17849.670.775.602

3Tng ngun vn445.114.082.731387.397.956.173384.665.375.362226.269.036.462

4T sut n %(4)=(1):(3)92,7589,4588,1978,05

5T sut t ti tr %(5)=(2):(3)7,2510,5511,8121,95

6T sut n/VCSH %(6)=(1):(3)1.280,14847,43746,50355,54

*Nhn xt: Qua bng s liu trn ta thy doanh nghip c t sut t ti tr rt thp cao nht ch t 22% v c xu hng tng nh qua cc nm 2008-2011.

Nm 2008, t sut t ti tr ca doanh nghip l 7,25%, tc ton b ti sn ca cng ty c ti tr bi 7,25 vn ch s hu v 92,75 vn vay.

Sang nm 2009, th t sut n gim xung cn 89,49% t sut t ti tr tng ln t 10,55%. V nh vy sang nm 2010 v 2011 , th t sut n c xu hng gim xung cn 88,19% v tip tc gim trong nm 2011 cn 78,05% tc l doanh nghip gim bt s ph thuc vo ngun vn vay trong 2 nm ny, iu lm tng tnh t ch v mt ti chnh ca cng ty 2 nm 2010 v 2011 so vi nm 2009. iu ny cng th hin r qua ch tiu T sut n /VCSH. T sut ny t 1280,4% vo nm 2008, iu ny c ngha c 100 ng VCSH th cng ty huy ng 1280,4 ng n. Sang nm 2009 th t sut ny gim cn 847,43%. Nm 2010 v 2011 tip tc gim v t 355,54%

Nhn chung, cng ty vn ang c cu trc ngun vn tnh t ch v ti chnh rt thp , n phi tr chim t trng trung bnh trn 80% trong c cu vn nhng cng ty c xu hng nng cao tnh t ch ti chnh ca mnh

c th thy c nguyn nhn trn ta hy i vo phn tch bng s liu sau:

Ch tiuChnh lch 2008/2007Chnh lch 2009/2008Chnh lch 2010/2009Chnh lch 2011/2010

Mc%Mc %Mc%Mc%

Ti sn 135.611.551.77843,82-57.716.126.558-12,97-2.732.580.811-0,71-158.396.338.900-41,18

Vn CSH1.843.201.0286,068.637.904.86626,784.552.598.25911,134.228.834.4249,31

Qua bng s liu trn, ta thy t sut t ti tr s gim i trong nm 2008 so vi nm 2007 l do tng ti sn tng 43,82%, trong khi vn ch s hu ch tng ln 6,06%, chnh iu lm tng t l n phi tr trong c cu ngun vn nm 2008 do t sut t ti tr gim v t sut n tng trong nm 2008. n nm 2009, tng quy m ca cng ty gim mnh nguyn nhn do nn kinh t kh khn cng ty ct gim hng tn kho, tin hng ng trc v gim CPSXKDD v tin hnh thanh l my mc thit bi lm tng TS ca n v gim mnh so vi nm 2008, trong khi vn ch s hu tng 26,78% cao hn tc gim ca tng ti sn; nhng cng ty vn phi huy ng thm mt lng vn t cc ngn hng v cc t chc khc v kh nng t ti tr cn rt thp. Chnh iu ny lm cho t sut n ca cng ty gim 3% v tng t sut t ti tr 3% so vi nm 2008. Nm 2010, ti sn ca cng ty gim xung 0,71% so vi nm 2009, vn ch s hu tng ln thm 11,13% so vi nm 2009, nn n phi tr s gim i, do t sut n trong nm ny gim so vi nm 2009, gim xung cn 88,19%. Sang nm 2011, tng ti sn ca cng ty tip tc gim xung 41,18% v vn ch s hu tng 9,31% nn n phi tr tip tc gim, v theo , t sut n gim cn 78,05%.Nh vy ta thy cng c t l n rt cao ta hy xem c th cc khon n ny

Qua phn tch cc khon vay ca cng ty, ta thy cc khon n ngn hn chim t trng rt ln trung bnh trn 60%, trong khi cc khon n phi tr v cc khon n di hn th li chim t trng rt thp. Nm 2008, t trng n ngn hn chim n 92,75% trong tng s n phi tr, t l ny cao nht trong 4 nm, sang nm 2009,2010 ,2011 n ngn hn gim i ch cn t 78,05% nm 2011 nhng vn rt cao.

Nhng khon n ngn hn ch yu l do i vay ngn hng . N di hn tuy thp nhng c xu hng tng c bit mnh nht l vo nm 2010 xut pht t nhng ngun n v d phng bo hnh cc cng trnh thy in , ct thp v nh hng hn c l doanh thu cha thc hin vi mt s cng trnh thi cng ng ng thy in , ct anten..

N ngn hn nhiu cng ty cng chu p lc thanh ton trong ngn hn nhiu ,nu n v khng c kh nng thanh ton c th dn ti ph sn.NH vy cn phi ci thin cn bng ti chnh trong ngn hn2. Phn tch tnh n nh ca ngun ti tr:

STTCHI TIEU2008200920102011

1N phi tr412.862.644.678346.508.613.254339.223.434.184176.598.260.860

1aN ngn hn407.779.162.064337.159.906.469256.879.924.907140.830.587.308

1bN di hn5.083.482.6149.348.706.78582.343.509.27735.767.673.552

2Ngun vn ch s hu32.251.438.05340.889.342.91945.441.941.17849.670.775.602

3Tng ngun vn445.114.082.731387.397.956.173384.665.375.362226.269.036.462

4Ngun vn thng xuyn37.334.920.66750.238.049.704127.785.450.45585.438.449.154

5Ngun vn tm thi407.779.162.064337.159.906.469256.879.924.907140.830.587.308

6T sut NVTX %(6)=(4):(3)8,3912,9733,2237,76

7T sut NVTT %(7)=(5):(3)91,6187,0366,7862,24

8T sut NVCSH/NVTX %(8)=(2):(4)86,3881,3935,5658,14

Bng phn tch trn cho thy t sut ngun vn thng xuyn ca doanh nghip ny mc kh thp trung bnh ch t 15% nhng c xu hng tng ln qua cc nm 2008-2011.Trong kh NVTT chim tt cao trn 70% v c xu hng gim .

Nm 2008, t sut NVTX t 8,39% , iu ny c ngha trong 100 ng ngun vn ang s dng th ch c 8,39 ng cng ty c s dng thng xuyn, lu di. Nhng sang nm 2009,2010 v 2011 tng ln v t con s ln lt l 12,97%,32,22% v cao nht trong nm 2011 l 37,76% iu ny cho thy tnh n nh tng i i vi ngun vn s dng ca cng ty c xu hng tng, cng l mt du hiu tch cc.

Ngc li, t sut ngun vn tm thi ca cng ty gim t 91,61% nm 2008 xung cn 62,24% nam 2011, iu ny chng t trong nm 20011 cng ty gm n ngn hn ng k nhng tc gim ca NHH cn chm hn tc gim ca TSNH ln NVTT ca n v gim .

Vic s dng cc ngun vn n ngn hn trong vic u t vo ti sn ca cng ty; chnh iu ny lm tng p lc thanh ton n trong ngn hn. Tuy nhin, cc nm sau th t sut ngun vn tm thi ca cng ty li c xu hng gim. T l ny gim xung cn 62,24% vo nm 2011. iu ny c ngha l p lc thanh ton n trong ngn hn ca cng ty cng ang c gim dn vo nm 2010 v 2011.Nhng vn cn rt cao cn phi ci thin tip Tuy nhin nh gi mt cch chnh xc hn, cn phi xem xt mi quan h gia tnh t ch vi tnh n nh ca ngun ti tr thng qua ch tiu t sut gia ngun vn ch s hu vi ngun vi ngun vn thng xuyn. Qua s liu v t sut ny cho thy mt iu trong ngun vn thng xuyn th b phn ngun vn ch s hu chim t trng cao, chim TB khong trn 60%.T trng ny t cao nht l 86,38% vo nm 2008 sau gim dn vo cc nm sau cho ti nm 2011 ch cn l 58,14 % nhng nguyn nhn khng phi do VCSH gim m do nh ta xem xt NVCSH th tng nhng tc tng ca NVCSH nh hn tc tng ca NVTX rt nhiu vo 2 nm 2009 v 2010 chng t trong nm ny NDH tng mnh hn VCSH do mi gim t trng VCSH/VTX nh vy.Nhng sang nm 2011 th t s ny tng do tc tng ca VCSH ln hn ca NVTX.Qua vic phn tch cc ch tiu phn nh tnh t ch v tnh n nh ca ngun vn cho thy phn no tnh hnh cu trc ti chnh ca cng ty cng nh nhng vn cng ty cn phi ch trng quan tm n trong thi gian n cng ty cn c cc chnh sch v cc chin lc i chiu cc t sut lin quan n n ca cng ty vi cc hn mc ca ngn hng t c tnh kh nng n ca mnh c quyt nh huy ng vn. hp l. Qua , xy dng mt cu trc ngun vn hp l, gim thiu chi ph s dng vn mc thp nht c th, ti a ho gi tr ca cng ty, la chn mt t l hp l gia ngun vn thng xuyn v ngun vn tm thi cn c vo tnh cht v lnh vc hot ng ca cng ty.

Tm li trong c cu vn ca cng ty ang dn c ci thin NVCSH ang c huy ng nhiu hn, gim n vay NH v gia tng ngun vay di hn ch yu trong nm 2010 v 2011 . c bit nm 2010 , nm 2011 do nh hng suy thoi kinh t nhiu khon mc gim nh NDH,NNH, Tnh n nh v t ch c ci thin trong di hn.III. Phn tch cn bng ti chnh:

Chi tiu2008200920102011

1. Tai san dai han34.254.906.40730.228.933.53428.399.364.79832.483.818.847

2. N dai han5.083.482.6149.348.706.78582.343.509.27735.767.673.552

3. Tng cng ngun vn445.114.082.731387.397.956.173384.665.375.362226.269.036.462

4. Ngun vn chu s hu32.251.438.05340.889.342.91945.441.941.17849.670.775.602

5. NVTX (5)=(2)+(4)37.334.920.66750.238.049.704127.785.450.45585.438.449.154

6. Hang tn kho233.431.358.589177.359.168.357143.574.137.41571.973.801.461

7.Ti sn ngn hn khc 329.038.1132.224.377.785205.359.775934.008.203

8. Khoan phai thu ngn han165.126.727.421155.518.505.525155.064.337.01993.107.713.133

9. N ngn han407.779.162.064337.159.906.469256.879.924.907140.830.587.308

10. Vay n ngn han48.791.464.74953.560.754.52868.635.915.00754.620.124.287

11. N N.hn ko gm vay ngn han (11)=(9)-(10)358.987.697.315283.599.151.941188.244.009.90086.210.463.021

12. Vn lu ng rong3.080.014.26020.009.116.17099.386.085.65752.954.630.307

(12)=(5)-(1)

13. Nhu cu VL rong39.899.426.80851.502.899.726110.599.824.30979.805.059.776

(13)=(6)+(7)+(8)-(11)

14. Ngn quy rong-36.819.412.548-31.493.783.556-11.213.738.652-26.850.429.469

(14)=(12)-(13)

Nhn xt: Nhn chung, doanh nghip t cn bng ti chnh trong di hn, vn lu ng rng qua cc nm u dng. NVTX khng nhng ti tr cho TSDH m con ti tr mt phn TSNH ca cng ty. Cn bng ti chnh trong di hn c nh gi tt v an ton. C th VLR t 3.080.014.260 (nm 2008), 20.009.116.170 (nm 2009), 99.386.085.657 (nm 2010), 52.954.630.307 (nm 2011) .-T nm 2007 n 2008 VLR gim 11.263.305.346, tng ng t l gim 78.53%. Nguyn nhn l do: TSDH tng 61.28%, ngun VCSH ch tng 6.06%, trong khi NDH

Li gim ch c 1.75% nh vy nguyn nhn chnh l do TSDH tng trong nm 2008 do n v u t vo xy dng c bn nh mi vm 1 ,Nh vy VLDR gim khng th hin du hiu xu ca n v ch l n v u t TS nhiu hn ha hn HQKD trong tung lai.-Giai on 2008 2009: VLR tng 549.64% t l tng cao mc tng l 16.929.101.910 so vi nm 2008. Nguyn nhn l do n di tng 83.90%, v VCSH cng tng 26.78% trong khi th TSDH gim 11.75% do nghim thu cng trnh trong nm 2008 nh vm 1 nn VLR mi tng mnh nh vy. NVTX lc ny khng nhng ti tr cho TSDH m con ti tr mt phn TSNH ca cng ty-Giai on 2009 2010: VLR tip tc tng 396.7% m nguyn nhn ch yu l do n v gia tng NDH v gim TSDH .

-c bit giai on 2010-2011 VL gim mnh t l gim 27.84% nguyn nhn l do NDH gim mnh trong khi VCSH tng khng ng k v TSDH li tng khong 4 t ,, trong ch yu do tng TSCD khon 3 t cn li l chi ph tr trc di hn . VCSH tng 9.31%, NDH gim 56.5% nguyn nhn ch yu l do doanh thu cha thc hin gim mnh. Nhu cu vn lu ng rng dng qua 4 nm v c xu hng tng nn doanh nghip b mt cn bng ti chnh trong ngn hn. C th, NCVLR l 39.899.426.808 (nm 2008), 51.502.899.726 (nm 2009), 110.599.824.309 (nm 2010), 79.805.059.776 (nm 2011).-Giai on 2008 2009: NCVL rng tng. Nm 2009 tng 29.08%, mc tng l 11.603.472.918 do HTK v NPTNH du gim ln lt l 24.02% v 5.82% tng mc gim l 65.680.412.128 TSNH khc l rt t th vn nh hn mc gim ca NNH l 75.388.545.374.nh vy tc gim ca nn ngn hn khng k vay v n ngn hn rt nhanh, iu cng d hiu v n ngn hn ca cng ty ch yu l n vay ngn hn chim t trng rt cao nn tr khon ny ra th tc gim NNH l rt nhanh do lm NCVLDR tng- Giai on 2009-2010 tng t nh giai on trn NCVLDR tng do nguyn nhn trn l do tc gim ca NNH gim mnh hn (khng bao gm khon vay v n vay)

- Giai on 2010-2011

NCVLDDR gim xung mt mc 30.794.764.533, t l gim tng ng l 27.84% nguyn nhn l do tc gim ca HTK v NPT vt xa tc d gim ca NHH do DN xit cht tn dng v gim tin hng ng trc v tng cng cng tc thu hi n .. Nhn mt cch tng th, doanh nghip khng t trng thi cn bng ti chnh v ngn qu rng qua cc nm u m v hu nh c xu hng tng ln (tr nm 2011). iu ny cho thy VLR khng p ng NCVLR ca cng ty nn cng ty phi vay thm n ti ch cho NCVLDR .y l mt n v hot ng kinh doanh a ngnh song doanh thu chnh t vic ch to sn xut thit b in ln cho cc cng trnh ln nn HTK v NPT chim phn ln .v thi gian cng trnh l lu v chu nh hng ca thi tit ,tnh ma v .Tm li n v cha t cn bng ti chnh trong ngn hn , n v b chim dng vn ln v HTK cn d tr nhiu tuy c xu hng gim , v ngun ti tr cho TS ch yu l vay ngn hn nn n v cng chu p lc thanh ton ln.Nhng cc ch tiu trn dn c ci thin theo xu hng tch cc hn.IV. Phn tch hiu qu hot ng ca doanh nghip:1. Phn tch hiu qu kinh doanh c bit:

STTCh tiu2008200920102011

1DTT SXKD255.626.940.401326.266.371.822391.911.535.471326.288.469.183

2Doanh thu ti chnh686.160.015581.266.9032.595.801.2601.882.565.300

3Thu nhp khc1.820.867.1574.901.714.1923.458.009.4864.325.106.897

4DTTSXKD, DTTC, Thu nhp khc258.133.967.573331.749.352.917397.965.346.217332.496.141.380

5NGTSC bnh qun25.343.983.01130.191.919.97127.264.149.16627.966.139.817

6HTK bnh qun151.598.994.677205.395.263.473160.466.652.886107.773.969.438

7GVHB233.155.531.013291.512.882.507332.238.279.563281.440.991.704

8VL bnh qun349.561.423.699384.014.099.482356.717.516.602275.025.614.090

9VAT u ra25.562.694.04032.626.637.18239.191.153.54732.628.846.918

10Khon phi thu khch hng bnh qun59.987.836.69149.154.035.51975.979.099.55291.334.548.819

11Tng TS bnh qun377.308.306.842416.256.019.452386.031.665.768305.467.205.912

12Hsut s dng TSC (ln)(12)=(1):(5)10,0910,8114,3711,67

13S vng quay VL (vng)0,730,851,101,19

14S ngy mt vng VL (14)=360:(13)492,29423,72327,67303,44

15Hiu sut s dng TS (15)=(1):(11)0,680,781,021,07

16S vng quay HTK (vng)(15)=(7):(6)1,541,422,072,61

17S ngy mt vng quay HTK(17)=360:(16)234,07253,65173,88137,86

18S vng quay Kpthu (vng)(18)=[(1)+(9)]:(10)4,697,305,673,93

19S ngy 1 vgKPThu (ngy/vng)(19)=360:(18)76,8049,3163,4591,61

20S VL lng ph(20)DTT1*(N1-N0)/360166.210.027.310-62.144.420.666-86.846.492.267-21.961.848.356

Nhn xt:

-Hiu sut s dng TSC: Qua bng s liu trn ta thy rng hiu sut s dng TSC ca cng ty cha cao v c xu hng tng qua cc nm. Nm 2008, ch tiu ny t 10.09 ln, tc 1 ng u t vo TSC th to ra c 10.09 ng doanh thu v tng ln 10.81 ln vo nm 2009, t 14.37 ln nm 2010. Nguyn nhn dn n hiu qu s dng TSC tng ln trong nm 2009 l do tc tng ca doanh thu ln hn tc tng ln ca TSC, iu ny chng minh c rng vic u t pht trin c s vt cht k thut, xy dng thm nh ca l c hiu qu, to tin tng doanh thu.trong nm 2010 Doanh thu vn tng trong khi TSCD li gim nn lm Htscd tng.Nhng t giai on 2010 2011 hiu qu s dng TSC c xu hng gim mnh, nhng vn cao hn 2 nm 2008 v 2009 c th vo nm 2010 t 14.37 ln nhng n nm 2011 gim ch cn li 11.67 ln tc gim 2.31 ln. C s gim ny l do: vo nm 2011 TSCbq tng trong khi DTT gim xung, mc gim DTT so vi 2010 l 65.623.066.288 ng c th l do DTT mt hng c kh thit b in gim mnh ta cng xem chi tit qua bng s liu sau:STTCh tiu 2008200920102011

1Doanh thu bn hng v cung cp dch v255.761.167.938326.431.071.822393.009.825.111326.348.469.183

2Doanh thu bn cc sn phm c kh , thit b in 229.344.696.812297.193.736.969368.165.923.554298.253.655.960

3Doanh thu sa cha, th nghim in5.070.828.8295.336.241.06618.501.927.95315.763.045.300

4Doanh thu bn vt thng ha v kinh doanh khc16.745.789.50819.945.033.0453.232.390.91510.406.497.675

5Doanh thu cung cp dch v4.599.852.7893.956.060.7423.109.582.6891.925.270.248

6Cc khon gim tr doanh thu134.227.537164.700.0001.098.289.64060.000.000

7chit khu thng mi0000

8Hng bn b tr li255.626.940.401164.700.0001.098.289.64060.000.000

9T trng (%) (9)=(2):(1)89,6791,0493,6891,39

10T trng (%) (10)=(3):(1)1,981,634,714,83

11T trng (%) (11)=(4):(1)6,556,110,823,19

12T trng (%) (12)=(5):(1)1,801,210,790,59

13T trng % ca GTDT/DTBH&CCDV0,050,050,280,02

Qua bng ta thy 2 loi hng gim l DT bn cc thit b in , c kh v DT cung cp dch v m t trng ca loi hng (2) ny l ln nht nn lm gim DTT ca n v Trong bi cnh nn kinh t kh tiu th sn phm v cung ng dch v cho khch hng nn cng ty cn tch cc tng cng qung co v s dng nhiu chnh sch bn hng hp dn hn thu ht khch hng , Nhng v trong nhng nm 2010 v 2011 kinh t bin ng nn n v kim sot cht ch hn mc tn dng khch hng v hy b nhiu n t hng mua chu . iu gp phn tng cn bng TC trong ngn hn nhng lm gim 1 phn DT ca n v. -Tc lu chuyn vn lu ng: Ta thy rng VL ca doanh nghip thay i theo xu hng tng nhng khng nhiu. Tc quay vng ca VL l rt chm .Cng c th iu ny ph thuc vo c im lnh vc kinh doanh ca n v.Nm 2009, VL lun chuyn nhanh hn so vi nm 2008 lm cho s ngy mt vng quay VL gim t 492.29 ngy/vng xung cn 423.72 ngy/vng. n nm 2010 th VL lun chuyn nhanh hn tng t 423.72 ngy/vng ln 327.67 ngy/vng. Sang n nm 2011 th VL ca doanh nghip lun chuyn nhanh hn so vi nhng nm trc , s vng quay VL lc ny l 11.67vng/nm, tng ng vi s ngy mt vng quay VL l 303.44 ngy/vng. n v c tc lu chuyn VLD chm c th do c im ngnh kinh doanh ca n v ta hy i vo phn tch xem cc nhn t nh hng v rt ra im mnh yu .S vng quay vn lu ng chu nh hng ca hai nhn t: doanh thu thun v vn lu ng bnh qun, chng ta xem xt nh hng ca tng nhn t nh sau:

Nm 2008 v 2009:

+ i tng phn tch

HVL = HVL2009 - HVL2008

= 0.85 - 0.73

= 0.12+ Phn tch nh hng ca cc nhn t:

nh hng ca nhn t doanh thu thun:

=0.85-0.67

=

0.18

nh hng ca nhn t VLbq :

=0.67_0.73

=-0.06

+ Tng hp kt qu:

HVL = HVL(DTT) + HVL(VLbq)

= 0.18 + (- 0.06)

= 0.12

S vn lu ng tit kim hay lng ph:

=326.266.371.822 *

`

=

-62.144.420.666

Nm 2010 v 2011

HVL = HVL2011 - HVL2010

= 1,19 - 1,1

= 0,09

+ Phn tch nh hng ca cc nhn t:

nh hng ca nhn t doanh thu thun:

=1,19

_1,43

=

-0,24

= 1,43

_1,1

=

0,33

+ Tng hp kt qu:

HVL = HVL(DTT) + HVL(VLbq)

= (-0,24) + 0,33 = 0,09+ S VL tit kim hay lng phSVL tit kim =

= 326.288.469.183 *

=

- 21.961.848.356

Nhn xt:

Nm 2008 v 2009:

+ Nhn xt: Nhn chung s vng quay VL ca nm 2009 l nhanh hn nm 2008 l 0,12 vng . Nguyn nhn chu nh hng ca 2 nhn t: DTT tng trong nm 2009 mc tng so vi nm 2008 l 70.639.431.421 ng , t l tng tng ng l 27,63%. DTT tng lm cho vng quay vn lu ng tng ln 0,18 vng do c th thy cng tc tiu th kinh doanh c hiu qu hn .

Nhn t VLbq tng trong nm 2009 mt mc l 34.452.675.783 ng, t l tng tng ng l 9,85 % lm cho vng quay VL gim xung 0,06 vng /nm .

Nh vy tng hp nh hng ca 2 nhn t th vng quay VL tng 0,12 vng/nm ch yu l do n v thc y tiu th tt hn cn VLbq tng l do TSNH tng mnh trong nm 2008 ri gim qua nm 2009 nhng mc gim ny vn m bo VLbq ca nm cao hn 2008 , Nh vy tng vng quay ca VL n v cn tng cng hn na trong cng tc thu hi n v gim d tr qu nhiu HTK m ch yu y l CPKDDD v y khng phi l chnh sch d tr HTK cho nhng nm ti ca n v. V vi tc quay nhanh hn 0.12 vng th s vn lu ng n v tit kim c l 21.961.843.356 ng

Nm 2010 v 2011:

+ Nhn xt:

Nhn chung s vng quay VL ca nm 2011 l nhanh hn nm 2010 l 0,09 vng . Nguyn nhn chu nh hng ca 2 nhn t:

DTT gim trong nm 2011 mc gim so vi nm 2010 l 65.623.066.288 ng , t l gim tng ng l 16,75%. DTT gim lm cho vng quay vn lu ng chm mt 0,24 vng/nm do c th thy cng tc tiu th kinh doanh cha c hiu qu .

Nhn t VLbq gim trong nm 2011 mt mc l 81.691.902.512 ng, t l gim tng ng l 22,9 % lm cho vng quay VL quay nhanh hn 0,33 vng /nm .

Nh vy tng hp nh hng ca 2 nhn t th vng quay VL tng 0,09vng/nm ch yu l do n v thc hin nghim khc chnh sch tn dng v gim tin hng ng trc cho nh cung cp v tnh hnh kinh t kh khn v ng thi ct gim lng tn kho trong CPSXKDD ca n v .Nhng cng tc tiu th trong nm 2011 th cha thc tt c th l nhiu nguyn nhn n v cn xem xt do kh khn nn kinh t kh bn hay chnh sch km hp dn.Theo tm hiu th thy rng trong nm 2011 mt s mt hng kh bn v nh hng xu th chung ca nn kinh t , cc cng trnh dng nh l ng yn ln n v kh cung ng cho th trng nhiu mt hng ch lc c.Qua phn tch cc nhn t nh hng ca s vng quay vn lu ng nhn chung ta thy c rng: qua cc nm theo nh phn tch in hnh 2 nm 2008 -2009, 2010-2011 th nhn t DTT lun c tc ng lm cho VL ca doanh nghip quay vng nhanh hn ch tr trong nm 2011, DTT gim lm chm vng quay VL cn nhn t VL bnh qun c xu hng gim cng lun c tc ng lm tng tc quay vng ca VL (tr nm 2009). Nh vy, ta c th thy rng: hiu sut s dng VL ti doanh nghip ang dn c ci thin nhng vn cha c cao. tm hiu r hn v tnh hnh quay ca VL ta xem xt s vng quay HTK v NPT ri rt ra mt kt lun tng th cho hiu qu s dng vn L

S vng quay hng tn kho: Nhn chung, s vng quay hng tn kho ca n v cn thp v c xu hng tng (ngoi tr giai on 2008-2009), do c im kinh doanh ca cng ty l kinh doanh thit b c in,thit b m mt hng c tnh thi v v ch thc thit yu cho cc cng trnh ln , c nhn dng nh l khng c nhu cu nhiu ,nhng ngoi tr cc mt hng kinh doanh thm nh xng du, xe c thit yu,th vi s vng quay HTK ca n v c th chm hn so vi nhiu n v thng mi khc. Trong giai on 2008 2009 c xu hng gim t 1,54 vng xung 1,42 vng tng ng vi s ngy 1 vng quay hng tn kho tng t 234,07 ngy/vng ln 253,65 ngy/vng. Nhng trong giai on 2009 2010 li c xu hng tng t 1,427 vng nm 2009 ln 2,07 vng. Giai on ny c s gia tng l do chnh sch d tr HTK ca doanh nghip. n nm 2011 s vng quay HTK l 2,61 vng/nm tng ng vi s ngy ca mt vng quay HTK l 137,86 ngy/vng. Gi vn hng bn u tng qua cc nm v c tc ng lm tng tc quay HTK .D vng quay HTK c nhanh hn nhng bn cht xut pht ca n cha thc s phn nh mt tnh hnh kh quan hn cho cng ty , ta tm hiu tip vng quay n phi thu c ci nhn ton din hn v tnh hnh ti chnh ca n v

S vng quay cc khon phi thu khch hng : Qua bng s liu trn ta thy rng hiu sut qun l cc khon phi thu bin ng dng nh tri chiu vi vng quay HTK v s vng quay VL. Vng quay NPT c xu hng gim qua cc nm ngoi tr giai on 2008-2009.V sao vy???

Nu nh nm 2008, s vng quay khon phi thu l 4,69 vng/nm, tng ng vi s ngy ca mt vng quay khon thu l 76,8 ngy/vng th n nm 2009, s vng quay khon phi thu tng ln l 7,3 vng/nm , tng ng vi s ngy ca mt vng quay khon phi thu l 49,31 ngy/vng. L do tng l do DTT tng ln v NPTbq gim trong nm 2009. DTT tng cho thy biu hin tt ca cng tc tiu th nhng khon phi thu khch hng trong nm 2009 tng so vi 2008 ch khng phi gim , nhng mc tng vn m bo cho NPTbq ca 2009 < 2008 nh vy chng t NPTKH 2007 cao hn nhiu 2008 v 2009. Nh vy mc d vng quay nhanh hn nhng n v vn b Kh chim dng vn.Cng c th y l chnh sch ni lng tn dng thc y tiu th ca n v lm tng doanh s trong 2 nm 2009 , 2010Tuy nhin, trong giai on 2009 2010 s vng quay khon phi thu li gim rt mnh mc d cng tc tiu th vn rt tt DTT tng mc tng l 65.645.163.649 ng ,t l tng l 20,21% .Nh vy c th thy ngay nguyn nhn y l NPTbq tng ln ? chng t trong nm 2009 2010 n v tip tc ni lng tn dng cho KH lm gim tc quay ca NPT.Nh vy n v cn xem li chnh sch tn dng v cng tc thu hi n .

Giai on 2010-2011: Tc quay tip tc gim do c 2 nhn t tiu th gim v NPTbq tng mc d trong nm 2011 n v xit cht tn dng nhng NPTKH trong 2011 vn cao hn so vi nm 2008 nn lm NPTbq ca 2011 cao hn 2009.

Nh vy tng hp ta thy

Nm 2011 l mt nm nhiu khn ca cng ty, mc d s vng quay HTK tng ln v s ngy mt vng quay HTK gim xung cng to gip doanh nghip trnh c tnh trng ng vn qu cao trong HTK, gim thiu c chi ph lu kho, lu bi, gp phn thc y pht trin hot ng kinh doanh ca doanh nghip v tc lu chuyn VL tng nhng tc quay vng NPT gim xung .iu cng d hiu tc quay HTK nhanh hn v thc y tiu th thc hin chnh sch bn hng hp dn hn , ni lng tn dng cho KH nhiu hn trc nhng sang nm 2011 th n vi xit cht li lp tc lm gim DT v cng tc thu n kh thc hin nhiu khch hng ph sn khng c kh nng thanh ton.

Tm li tc quay nhanh hn ca HTK v VL trong nm 2011 l do VL gim xung do cng ty ct gim NPT v d tr HTK ch cng tc tiu th l cha tt nh vy c th nh gi tnh hnh trong nm cn kh khn.- Hiu sut s dng ti sn: Qua bng s liu trn, ta thy rng hiu sut s dng ti sn ni chung ca doanh nghip thp v c xu hng tng

. Trong giai on t 2008 2009 c xu hng tng t 0,68 ln ln 0,78 ln. iu ny c ngha l vo nm 2008 c 1 ng ti sn b ra th to ra 0,68 ng doanh thu thun. n nm 2008, ch tiu ny tng ln, c 1 ng ti sn b ra th to ra 0,78 ng doanh thu thun. V trong cc giai on 2009-2010, 2010-2011 Hts vn tng nhng khng nhiu ni chung vn rt thp. Nguyn nhn ca s gia tng ny l ch yu TS ca n v gim nh phn tch trn v cng tc tiu th tt hn trong mt s nm 2008.2009,2010 ch ring 2011 th gim tc ng lm tng Hts.hay ni cch khc vi s liu phn tch ta thy Htscd v tc quay ca VL tng qua cc nm lm cho Hts tng ln .

Tuy nhin, xt chung li th ta nhn thy rng trong tng lai, doanh nghip cn phi khai thc hn na nng lc ca TSC hin c, tm kim v m rng th trng gp phn y mnh doanh s, ng thi c chnh sch d tr HTK, chnh sch tn dng ph hp nng cao hn na hiu sut s dng ca ton b ti sn v hin ti doanh nghip cha tht s tn dng c ti a nhng tim lc ti sn m doanh nghip ang thc s s hu, kim sot.

So snh hiu qu KDCB so vi TB ngnh hoc i th cnh tranh (cha tm c s liu)2. Phn tch hiu qu kinh doanh tng hp

STTCh tiu2008200920102011

1. DTT SXKD255.626.940.401326.266.371.822391.911.535.471326.288.469.183

2Doanh thu ti chnh686.160.015581.266.9032.595.801.2601.882.565.300

3Thu nhp khc1.820.867.1574.901.714.1923.458.009.4864.325.106.897

4DTT SXKD, DTTC, TN khc258.133.967.573331.749.352.917397.965.346.217332.496.141.380

5Li nhun thun SXKD9262454627127686283821424509189514248841199

6Chi ph khu hao8.601.000.40910.309.201.6218.727.638.9908.194.180.819

7LN thun SXKD trc KH(7)=(5)+(6)17.863.455.03623.077.830.00322.972.730.88522.443.022.018

8LN trc thu10.425.625.30413.438.980.00215.067.040.52715.129.624.163

9Chi ph li vay3.138.533.6854.427.558.5189.678.674.36611.175.873.644

10EBIT (LNTT+LV)13.564.158.98917.866.538.52024.745.714.89326.305.497.807

11Tng TS bnh qun377.308.306.842416.256.019.452386.031.665.768305.467.205.912

12T sut LNTT/DT (%)(12)=(8):(4)4,044,053,794,55

13T sut LNSXKD+KH/DTT %(13)=(7):(1)6,997,075,866,88

14T sut LNTT/DTT %(14)=(8):(1)4,084,123,844,64

15T sut LNTHDKD/DTT %(15)=(5):(1)3,623,913,634,37

16T sut sinh li TS (ROA) %(16)=(8):(11)2,763,233,904,95

17T sut sinh li kinh t TS (RE) %(18)=(10):(11)3,594,296,418,61

a. Phn tch kh nng sinh li t cc hot ng ca doanh nghip

-T sut li nhun trn doanh thu: Qua bng s liu trn ta thy kh nng sinh li chung t cc hot ng ca doanh nghip c xu hng tng qua cc nm ngoi tr nm 2010

. C th trong giai on 2008 2009 c xu hng tng. Nm 2008 c 100 ng doanh thu ch to c 4,04 ng li nhun trc thu th n nm 2009 c 100 ng doanh thu s to c 4,05 ng li nhun trc thu, tng khng ng k. Tuy nhin, giai on 2009 -2010 li c xu hng gim, nm 2009 c 100 ng doanh thu th to ra c 4,05 ng LNTT. Nhng nm 2010 ch to c 3,79 ng LNTT.Nguyn nhn do DTT trong nm 2010 tng mnh tc tng LNTT nh hn tc tng DTT ln lm cho t sut sinh li gim .

Giai on 2010-2011 t sut ny tng t 3,79% ln ti 4,55% l do xut pht t DTT ca n v gim d LNTT c tng chng t nm 2011 n v cng thu t mt s lnh vc khc .

Nh vy l t sut ny c xu hng tng v DTT tng l nguyn nhn trn .y l mt du hiu lc quan, th hin nhng n lc ca cng ty trong vic tng doanh thu,

-T sut li nhun trn doanh thu thun sn SXKD: Qua ch tiu t sut LNTHDKD/DTT SXKD cng cho ta thy c kh nng sinh li t hot ng kinh doanh ca DN c nhiu tin b. Nu trong nm 2008, 2009 con s ny vo khong 3,62 % n 3,91 % th n nm 2010, c 100 ng DTT SXKD ch to ra c 3,63 ng LN thun t HKD. Nhng trong giai on 2010 - 2011, do cng tc tiu th khng tt lm cp gi vn gim mnh lm tng LNTTHDKD kt hp vi gim DTT lm cho t sut ny tng ln 4,37%-T sut LN/DTT SXKD khi loi tr tc ng ca chnh sch khu hao: kh nng sinh li t HKD cng bin ng nh t sut li nhun trc thu trn doanh thu thun. Nm 2008, vi 100 ng DTT SXKD trc khu hao th to ra c 6,99 ng LNSXKD + khu hao, n nm 2009 l 7,07 ng, nm 2010 gim xung l 3,63 ng, n nm 2011 tng ln l 4,37 ng. Nguyn nhn lm cho t sut li nhun trn doanh thu thun gim trong nm 2010 l :

+ DTT tng , LNKD vn tng nhng khu hao ca n v gim nh ni trong rthangs 10 ch yu gim TS CD l do thanh l cc thit b my mc v phung tin vn ti iu lm LNKD+KH gim m DTT tng nn t s ny gim .

T su LNTT/DTT : cho bit c th hn mc sinh li ca DT t hot ng sn xut kinh doanh.T s ny c xu hng tng nhng t ngoi tr nm 2010 .i xem xt 2 nm in hnh cho s tng v gim ca t sut sinh li ny.

Giai on 2009- 2010 t sut ny gim t 4.12% xung cn 3.84% tc l 100 ng DTT to c 4,12 ng LNTT (2009). 3,84 (2010).Do DTT v LNTT u tng ln nhng tc tng ca DTT cao hn lm cho t s ny gim xung .Nh vy n v khng cn lo lng v khng c s st gim LN y

Giai on 2010- 2011 t sut ny tng nhng khng th hin du hiu tt ca cng tc tiu th v DTT gim mnh xung do tnh hnh kinh t kh khn v chnh sch tn dng cht ch nhng DTT gim tc ng ln n gim LNTT v chi ph gi vn qu cao gim mnh xung iu chng t cng tc tit kim chi ph cha tt .trong nm 2010 n v gia tng chi ph nhiu hn. Cng c th tng cng tiu th sn phm th n v phi gia tng mt s chi ph nh qung co maketing, tng cht lng sn phm tng tnh cnh tranh trong iu kin c nhiu nh cung cp sa nh hin nay, i ng bn hng nng ng, sng togip y mnh doanh s bn hng ca cng ty.

+ Gi vn hng bn cao dn tn li nhun thun gim. Qua bng sau ta s thy r hn v iu ny:

STTCh tiu2008200920102011

1DTT SXKD255.626.940.401326.266.371.822391.911.535.471326.288.469.183

2GVHB233.155.531.013291.512.882.507332.238.279.563281.440.991.704

3Chi ph bn hng418.309.5224.166.345.97223.080.718.9061.213.979.367

4Chi ph qun l DN10.338.271.56913.764.059.10715.252.770.49219.189.002.144

5Chi ph ti chnh3.138.533.6854.635.722.7579.690.475.87512.078.220.069

6T trng GVHB/DTT %(6)=(2):(1)91,2189,3584,7786,26

7T trng CPBH/DTT %(7)=(3):(1)0,161,285,890,37

8. T trng CPQLDN/DTT %(8)=(4):(1)4,044,223,895,88

9T trng CPTC/DTT( %)(9)=(5):(1)1,231,422,473,70

Qua bng trn ta thy gi vn hng bn chim t trng rt ln i vi doanh thu, chnh iu ny lm li nhun thun thp. T trng GVHB trn doanh thu thun c xu hng gim t nm t nm 2008 n nm 2010 nhng thc t khng phi l gi vn gim do tiu th t m l do tc tng gi vn < tc tng DTT

Nhng nm 2011 tc gim gi vn cao hn tc gim DT lm cho LNTT vn tng do ch s trn tng .Nu xem xt chi ph ca n v ta thy rng qua 3 nm 2008-2010 cc khon chi ph ca n v u tng ln c bit l chi ph bn hng v sau l chi ph qun l .Chi ph tng ln do n v tch cc qung co , dng cc chnh sch qun co thu ht khch hng do mi thc y DT trong giai on ny. V chi ph bn hng, nu nh nm 2008, to ra 100 ng DTT th cn b ra 0,16 ng chi ph bn hng, th nm 2010, con s ny ln ti l 5.89 ng. V chi ph qun l doanh nghip, nm 2008 to ra 100 ng DTT th cn b ra 4,04 ng chi ph qun l doanh nghip, n nm 2011 th con s ny ln ti l 5,88 ng. y thc s l mt du hiu khng tt v rt ng xem xt li v trong iu kin doanh thu bin ng tng qua cc nm 2008-2010 vi lng DT tng m chi ph tng nh vy l qu nhiu , v mt tnh trng kinh doanh kh khn trong nm 2011 DT gim m chi ph vn c tng l khng n nn n v cn c chnh sch cht ch tit kim chi ph . Mt khc vic gia tng chi ph nu m rng lnh vc u t nh chi ph ti chnh th l iu khng ng lo .Nhng thc t cc khon chi ph ti chnh ca n v l chi ph li tin vay ngn hng do n v n ngn hn nhiu

.Chi ph ti chnh ca doanh nghip c xu hng tng v ngy cng chim t trng ng k, chng t tnh t ch ca n v cn thpb. Phn tch kh nng sinh li ti sn

-T sut sinh li ca ti sn ROA: Nhn chung, ROA ca doanh nghip c xu hng tng T 2008 2011, vo nm 2008 c 100 ng TS ch to ra 2,76 ng li nhun trc thu, th trong nm 2009 mc li nhun to ra l 3,23 ng LNTT, v n nm 2010 mc li nhun tng ln l 3,9 ng. sang nm 2011 l 4,95 ng y l mt du hiu tt v trong nguyn nhn ROA tng xut pht t LNTT tng c th l DTT tng mc d TSbq c nm tng mnh nh nm 2009 nhng tc tng LN vn cao hn ln ROA vn tng. S d TSbq nm 2009 bin ng mnh l do c n v ng trc tin hng cho nh cung cp lng tin rt ln vo nm 2008 nhng khi quy m ts gim sang nm 2009 nhng gi tr vn t cao hn nm 2007. lm r cn phn tch nhn t nh hng n kh nng sinh li.

Ta c: Theo cng thc Dupont:

hay chnh lROA= H LNTT/DTT * HTSTrong :

- HTS : Hiu sut s dng ti sn.

- H LNTT/DTT : T sut li nhun trn doanh thu.

+ Phn tch cc nhn t nh hng n kh nng sinh li ca ti sn nm 2008:

- i tng phn tch:

ROA = ROA2009 ROA2008 = 3,23 % - 2,76%

= 0,47 %.

- Phn tch cc nhn t nh hng:

nh hng ca nhn t hiu sut s dng ti sn:

ROA(HTS) = H LNTT/DTT2008 * (HTS2009- HTS2008 )

= 4,08 % * ( 0,78 0,68)

= 0,41%

nh hng ca nhn t t sut li nhun trn doanh thu:

ROA(H LNTT/DTT ) = (H LNTT/DTT2009 - H LNTT/DTT2008 ) * HTS2009

= ( 4,12 % - 4,08 % ) * 0,78 = 0.06%

- Tng hp kt qu:

ROA = ROA(HTS) + ROA(H LN/DT )

= 0,41% + 0.06 %

= 0,47 %

Nhn xt: Kh nng sinh li t ti sn ca doanh nghip nm 2009 tng 0,47 % so vi nm 2007 l do nh hng ca hai nhn t:

- T sut sinh li tng 0.04% lm ROA tng 0.41% trong nm 2009- Hts tng 0,11% lm ROA tng 0,06%Nh vy c hai nhn t u tng lm ROA ca n v tng

+ Phn tch cc nhn t nh hng n kh nng sinh li ca ti sn nm 2010:

- i tng phn tch:

ROA = ROA2010 - ROA2009 = 3,9 % - 3,63 %

= 0,67 %

- Phn tch s nh hng ca cc nhn t:

nh hng ca nhn t hiu sut s dng ti sn:

ROA(HTS) = H LNTT/DTT2009 * (HTS2010 - HTS2009 )

= 4,12 % * ( 1,02 0,78)

= 0,99 %

nh hng ca nhn t t sut li nhun trn doanh thu:

ROA(H LN/DT ) = (H LN/DT2010 - H LN/DT2009 ) * HTS2010

= ( 3,84 % - 4,12 % ) * 1,02

= -0.,32%

- Tng hp kt qu:

ROA = ROA(HTS) + ROA(H LN/DT )

= 0,99% + (-0,32 )%

= 0,67 %

Nhn xt: Kh nng sinh li t ti sn ca doanh nghip nm 2010 tng 0.67 % so vi nm 2009 l do nh hng ca hai nhn t:

- Trong iu kin kh nng sinh li t doanh thu khng i nm 2009 th hiu sut s dng ti sn ca doanh nghip tt hn lm kh nng sinh li t ti sn tng 0.99 %.

- Trong iu kin hiu sut s dng ti sn khng i nm 2010 th kh nng sinh li t doanh thu gim lm kh nng sinh li t ti sn tng gim 0.32%+ Phn tch cc nhn t nh hng n kh nng sinh li ca ti sn nm 2011:

- i tng phn tch:

ROA = ROA2011 - ROA2010

= 4,95 % - 3,9 %

= 1,05 %

- Phn tch s nh hng ca cc nhn t:

nh hng ca nhn t hiu sut s dng ti sn:

ROA(HTS) = H LNTT/DTT2010 * (HTS2011 - HTS2010 )

= 3,84 % * ( 1,07 - 1,02 )

= 0,19 %

nh hng ca nhn t t sut li nhun trn doanh thu:

ROA(H LN/DT ) = (H LNTT/DTT2011 - H LNTT/DTT2010) * HTS2011

= ( 4,64 % - 3,84 % ) * 1,07 = 0,86 %

- Tng hp kt qu:

ROA = ROA(HTS) + ROA(H LN/DT )

= 0,19% + 0,86 %

= 1,05 %

Nhn xt: Kh nng sinh li t ti sn ca doanh nghip nm 2011 tng 1,05 % so vi nm 2010 l do nh hng ca hai nhn t:

- Trong iu kin kh nng sinh li t doanh thu khng i nm 2010 th hiu sut s dng ti sn ca doanh nghip tt hn lm kh nng sinh li t ti sn tng 0,19 %.

- Trong iu kin hiu sut s dng ti sn khng i nm 2011 th kh nng sinh li t doanh thu tt hn lm kh nng sinh li t ti sn tng 0,86 %.

Kt qu phn tch trn cho thy: kh nng sinh li ti sn ca doanh nghip ny t c qua cc nm l kh tt, v bt ngun t c hai hot ng l: kh nng sinh li t cc hot ng thng qua cc kt qu tng doanh thu, v hiu sut s dng ti sn ngy cng c ci thin. Tuy nhin, s tc ng mnh hn vn n t hiu sut s dng ti sn, kh nng sinh li t doanh thu ca doanh nghip nh hng cha nhiu d DTT ca n v tng song kim sot chi ph cha tt lm LNTT tng khng nhiu . C th thy, doanh nghip ny lun c s theo di st sao i vi nhng ti sn m doanh nghip c kp thi khc phc vic s dng khng hiu qu ti sn. Trong tng lai, nu doanh nghip lm tt hn cng tc qun l VL, khai thc hn na nng lc TSC hin c th cng c iu kin tng kh nng sinh li.

Kh nng sinh li ti sn ca doanh nghip ch yu bt ngun t kh nng sinh li t cc hot ng thng qua cc kt qu tng doanh thu, gim VL(s liu vi trung bnh ngnh nm 2011)CEMCCng Nghip

ROA (%)4,953,19

So vi ngnh th ROA ca Cng ty nm 2011 cao hn chng toe so vi cc cng ty khc n v c chnh sch s dng TS hiu qu hn v cng c th l do quy m TS ca n v gim gp phn tng cao ROA ch DT k ny l gim nn khng lm tng ROA .

C th minh ha ROA ca mt s nm qua PT DUPONT

Nm 2011 (lm thm ci na)

-Kh nng sinh li kinh t ca ti sn ( RE ): Nhng phn tch trn v kh nng sinh li ca ti sn cn chu tc ng bi cu trc ngun vn. Nu loi tr nh hng ca cu trc ngun vn th ta thy kh nng sinh li kinh t ca ti sn t c rt cao v cng tng nhanh qua cc nm. Nm 2008, vi 100 ng u t vo ti sn ti n v th to ra c 3,59 ng li nhun trc thu v chi ph li vay, nm 2009 con s ny l 4,29 ng, nm 2010 l 6,41 ng, cn nm 2011 l 8,61 ng 3. Phn tch hiu qu ti chnh:STTCh tiu2008200920102011

1NVCSH32.251.438.05340.889.342.91945.441.941.17849.670.775.602

2NVCSH bnh qun31.329.837.53936.570.390.48643.165.642.04947.556.358.390

3N phi tr412.862.644.678346.508.613.254339.223.434.184176.598.260.860

4LN trc thu10.425.625.30413.438.980.00215.067.040.52715.129.624.163

5Chi ph li vay3.138.533.6854.427.558.5189.678.674.36611.175.873.644

6LN sau thu10.425.625.30413.214.715.05813.191.912.08212.271.930.974

7Tng ti sn445.114.082.731387.397.956.173384.665.375.362226.269.036.462

8Tng TS bqun377.308.306.842416.256.019.452386.031.665.768305.467.205.912

9ROE (%)(9)=(6):(2)33,2836,1430,5625,81

10ROA (%)(10)=(4):(8)2,763,233,904,95

11RE (%)(11)=[(4)+(5)]:(8)3,594,296,418,61

12T sut t ti tr (%)(12)=(1):(7)7,2510,5511,8121,95

13Kh nng thanh ton li vay(13)=[(5)+(4)]:(5)4,324,042,562,35

14 ln BTC(14)=(3/1)12,808,477,463,56

Nhn xt: Qua bng trn ta thy, t sut sinh li ca vn ch s hu c xu hng gim ngoi tr nm 2009.

Nm 2008, ROE l 33,28%, tc l 100 ng Vn ch s hu s to ra 33,28 ng li nhun sau thu. Nhng sang nm 2009, ROE tng ln l 36,14 6.36%. T nm 2010 -2011 ROE gim ln lt l 30,56% v 25,81%.

. Nguyn nhn ROE tng mnh trong nm 2009 l do ROE (2008)