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8/14/2019 [email protected] CDTN HOAN CHINH

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CHUYEN E TOT NGHIEP GVHD :TS PHAN TH BCH NGUYET

PHAN I : C S LY LUAN

I.Khai niem, muc ch, phng phap & tai lieu phan tch

tai chnh1.Khai niem :

Phan tch tai chnh la tien trnh x ly, tong hp cacthong tin c the hien tren bao cao tai chnh va cac baocao thuyet minh bo sung thanh cac thong tin hu ch chocong tac quan ly tai chnh doanh nghiep, thanh cac d lieulam c s cho nha quan ly, nha au t, ngi cho vay, hieuro tnh hnh tai chnh hien tai va d oan tiem nang trong

tng lai e a ra nhng quyet nh tai chnh, quyet nh taitr va au t thch hp, anh gia doanh nghiep mot cachchnh xac.

2.Muc ch :

Thong qua phan tch tai chnh, phat hien nhng mat tchcc hoac tieu cc cua hoat ong tai chnh, nguyen nhan cban a anh hng ti cac mat o va e xuat bien phapcan thiet, kp thi e cai tien hoat ong tai chnh tao lap

va s dung nguon tai chnh linh hoat, phuc vu ac lc chocong tac ieu chnh cac hoat ong phu hp vi dien bienthc te kinh doanh.

Qua trnh phan tch hoat ong tai chnh doanh nghiepphai hng en cac muc tieu cu the sau :

+ Hoat ong tai chnh phai giai quyet tot cac moi quanhe kinh te, the hien qua viec am bao moi quan he thanhtoan vi cac n v co lien quan trong hoat ong san xuatkinh doanh vi doanh nghiep nh : Cac to chc tn dung, nganhang, cac n v kinh te va cac to chc kinh te, can bocong nhan vien trong doanh nghiep. Moi quan he nay sec cu the hoa thanh cac ch tieu anh gia ve matlng, chat va thi gian.

+ Hoat ong tai chnh phai am bao nguyen tac hieuqua. Nguyen tac nay oi hoi toi thieu hoa viec s dungcac nguon von san xuat kinh doanh nhng qua trnh san xuat

SVTT: Nguyen Quang c ThangTrang 1


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kinh doanh cua doanh nghiep van tien hanh bnh thng vamang lai hieu qua cao.

+ Hoat ong tai chnh phai c thc hien tren c s tontrong phap luat, chap hanh va tuan thu cac che o ve

tai chnh, tn dung, ngha vu ong gop oi vi nha nc v.va ra cac d bao tai chnh.



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3.Phng phap phan tch :

Chu yeu s dung phng phap so sanh. So sanh namnay vi nam khac ve cac khoan muc tren bao cao taichnh, ket cau cac khoan muc va cac ty suat tai chnh ethay ro xu hng bien oi ve tai chnh. T o, thay ctnh hnh tai chnh c cai thien hoac xau i nh the naonham a ra cac bien phap kp thi. Khi tien hanh so sanhcan phai giai quyet van e ve ieu kien so sanh va tieuchuan so sanh.

ieu kien so sanh : Cac ch tieu kinh te phai c hnh thanh trong

cung mot khoang thi gian nh nhau. Ch tieu kinh te phai c thong nhat ve noi dung

va phng phap tnh toan.

Cac ch tieu kinh te phai cung n v o lng.

Ngoai ra khi so sanh cac ch tieu tng ng phaiquy oi ve cung mot quy mo hoat ong vi cacieu kien kinh doanh tng ng nh nhau.

Tieu chuan so sanh : Tieu chuan so sanh la cac ch tieu c chon lam

can c so sanh (hay goi la ky goc). Tuy theo yeucau phan tch ma chon ky goc cho thch hp.

Khi nghien cu xu hng s thay oi, ky goc cchon la so lieu cua ky trc. Thong qua s sosanh gia ky nay vi ky trc se thay c tnhhnh tai chnh c cai thien, hoac xau i nh thenao e co bien phap khac phuc trong ky ti.

Khi nghien cu bien ong so vi tieu chuan at ra,ky goc c chon lam so lieu ke hoach d toan.Thong qua s so sanh nay thay c mc o phanau cua doanh nghiep nh the nao.

Khi nghien cu mc o tien tien hay lac hau, kygoc c chon la mc o trung bnh cua nganh.

Thong qua s so sanh nay anh gia tnh hnh tai



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chnh cua doanh nghiep so vi cac n v trongnganh.

Khi nghien cu mot s kien nao o trong tong the,ch tieu kinh te nao o goi la phan tch theo chieudoc. Thong qua s so sanh nay thay c ty trongcua nhng s kien kinh te trong cac ch tieu tongthe.

Khi nghien cu mc o bien thien cua mot ch

tieu nao o qua cac ky khac nhau goi la phan tchtheo chieu ngang. Thong qua s so sanh nay thayc s bien oi ca ve so tuyet oi va so tng

oi cua mot ch tieu nao o qua ky lien tiep.4. Tai lieu phan tch.

Tai lieu c s dung trong phan tch la cac baocao tai chnh va cac ke hoach tai chnh cua doanhnghiep. Trong o co hai bao cao c s dung nhieunhat la : Bang can oi ke toan va bang ket quahoat ong kinh doanh.

Bang can oi ke toan

Bang can oi ke toan la mot bao cao taichnh tong hp phan anh tnh hnh tai san vanguon von cua doanh nghiep tai mot thi iemnhat nh.

Bang ket qua hoat ong kinh doanhBang ket qua hoat ong kinh doanh la mot bao

cao tai chnh tong hp phan anh ket qua hoatong san xuat kinh doanh trong ky cua doingnghiep.

II.Noi dung phan tch tnh hnh tai chnh cua doanhnghiep

1.Phan tch tnh hnh tai chnh qua bang CKT

Bang CKT la mot bao cao tai chnh phan anh tongquat tnh hnh tai san cua doanh nghiep tai mot thi iemnhat nh di hnh thai tien te theo gia tr tai san vanguon hnh thanh tai san. Bang CKT la tai lieu quan trong

e nghien cu, anh gia mot cach tong quat tnh hnh vaket qua kinh doanh, trnh o s dung von va trien vong kinh



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te, tai chnh cua doanh nghiep. Ket cau cua bang gom 2phan :

- Phan phan anh gia tr tai san goi la tai san

- Phan phan anh nguon hnh thanh tai san goi languon von hay von chu s hu va cong n.

1.1 Phan tch bien ong c cau tai san.

Phan anh gia tr toan bo tai san vao thi iem lapbao cao thuoc quyen quan ly va s dung cua doanhnghiep. No c chia thanh 2 loai :

+TSL va au t ngan han : la nhng tai san thuoc quyens hu cua doanh nghiep ma thi gian s dung, thu hoi

luan chuyen trong 1 nam hay 1 chu ky kinh doanh, bao gom :- Von bang tien : la toan bo so tien hien co cua

doanh nghiep tai mot thi iem nao o ang xet en. Chtieu nay bao gom : tien mat, tien gi ngan hang, tien angchuyen. ay la loai ch tieu quan trong ch ro so tien hienco cua doanh nghiep e thanh toan nhanh, e tra cackhoan chi ph thng xuyen cua DN.

Neu qua so sanh co so chenh lech tang co the d

oan trong ky co the a tang thu c cac khoan n, tangthu tien ban hang. Nhng neu so chenh lech tang nay chuyeu la chenh lech tang tien ang chuyen th cha han aphan anh c kha nang chi tra ngay cac khoan n canthanh toan. Neu gap trng hp nay can kiem tra chat chekhoan tien phat sinh t khi nao, hien co au e kpthi thu ve, tranh b chiem dung von.

Neu chenh lech giam di mc cho phep th tnh hnh

tai chnh cua doanh nghiep co kho khan, anh hng entnh hnh san xuat kinh doanh.

- Cac khoan au t tai chnh ngan han :phan anh chuyeu cac khoan au t chng khoan ngan han va au tngan han khac (di 1 nam). Neu qua so sanh co so chenhlech tang chng to trong ky co s au t ngan han mi vangc lai.

- Cac khoan phai thu : phan anh toan bo cong n phaithu hay la von cua doanh nghiep b chiem dung.



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Neu chenh lech tang, chng to so n cu cha thu clai phat sinh so n mi, va neu thay tang dan theo thigian, von cua doanh nghiep se b chiem dung ngay cangnhieu va en mot thi iem nao o se tr thanh so n

kho oi, gay hau qua nghiem trong cho doanh nghiep.Trng hp nay can tm hieu chi tiet cong n phai thu exac nh cu the ai n, n t khi nao, n ve khoan g va vsao ho khong thanh toan T o, co bien phap cu the giaiquyet cac khoan n, thu hoi von cho doanh nghiep.

- Hang ton kho:la toan bo nguyen vat lieu, hang hoa,thanh pham, con trong kho d tr hoac do cha tieu thu.

Trong trng hp khi so sanh thay chenh lech hang tonkho giam, chung ta cha the ket luan hien tng nay la hply hay khong hp ly v cha biet so giam o thuoc chi tietnao cua hang ton kho.

Neu tong hang ton kho giam nhng so sanh theo chi tietcho thay so giam nay thuoc nguyen vat lieu, nhien lieuma trong khi o thanh pham, ban thanh pham ngoai laitang, tong so giam ln hn tong so tang. Do o, neu tonghp lai th ch tieu hang ton kho giam. Hien tng naychng to do doanh nghiep khong tieu thu c thanh phama lam tang thanh pham ton kho nen doanh nghiep khongu tien mua nguyen vat lieu d tr theo nhu cau a xacnh. T o, lam giam lng nguyen vat lieu ton kho. Neukhong kp thi khac phuc, chan chnh se lam gian oanhoac ngng san xuat ky sau, anh hng tieu cc en hoatong san xuat cua doanh nghiep.

+TSC va au t dai han :gom nhng tai san ton taitrong doanh nghiep trong mot thi gian dai, bao gom :

- TSC hu hnh : la nhng tai san bieu hien di hnhthc vat chat nh may moc thiet b, nha xng, phngtien van tai

- TSC vo hnh : la nhng tai san khong mang hnh thaivat chat, ch bieu hien di hnh thc gia tr nh : bangphat minh sang che, chi ph thanh lap doanh nghiep.



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- Cac khoan au t tai chnh dai han :la gia tr nhngkhoan au t dai han nh gia tr chng khoan dai han, giatr gop von lien doanh dai han.

oi vi cac ch tieu TSC, qua so sanh neu so chenh

lech tang chng to trong nam co s mua sam, xay dngmi TSC. Ngc lai, neu so chenh lech giam chng to trongky co s nhng ban hoac thanh ly TSC.

- Chi ph xay dng c ban d dang : bieu hien chi ph dodoanh nghiep au t, xay dng them va tien hanh sa chaln TSC, tang cng nang lc hoat ong cua TSC.

Neu qua so sanh co chenh lech tang co the d oan

c trong ky n v ang co cong trnh xay dng c ban tlam nhng cha xong. Khi o con phai oi chieu vi thiet kecua cong trnh e co ket luan thi han xay dng cong trnhco b keo dai khong, nguyen nhan nao dan en viec keodai e co bien phap khac phuc, ay nhanh tien o xaylap, sm a cong trnh vao s dung.

- Cac khoan ky quy, ky cc dai han : la gia tr cackhoan ky quy, ky cc phat sinh nham am bao cac dch

vu lien quan en san xuat kinh doanh c thc hien unghp ong.

1.2 Phan tch bien ong c cau nguon von.

+N phai tra :la ch tieu phan anh so cong n phaitra cua doanh nghiep, trong o chu yeu la n ngan han van dai han.

Neu qua so sanh thay cong n phai tra chenh lechtang chng to so n cu cua n v cha tra xong lai phai

tra them cong n mi va neu cong n phai tra tang danse lam cho rui ro ve tai chnh, anh hng khong tot enkha nang thanh toan noi rieng, en tnh hnh tai chnh cuadoanh nghiep noi chung.

+Nguon von chu s hu :loai von nay thuoc s hucua chu doanh nghiep hay nhng ben gop von, bao gom :

- Von kinh doanh : do cac thanh vien cua doanh nghiepgop von. o la nha nc oi vi cac doanh nghiep nha



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nc, cac ben lien doanh oi vi cac doanh nghiep liendoanh, cac co ong vi cong ty co phan.

- Quy va d tr : c hnh thanh t li tc hoat ongsan xuat kinh doanh va doanh nghiep dung vao viec m

rong phat trien san xuat kinh doanh hay d tr e d phongnhng rui ro bat ng hay la e khen thng, tr cap matviec lam, lam nhng cong viec phuc li phuc vu ngi laoong.

- Li tc cha phan phoi : ay la so li tc do hoatong san xuat kinh doanh cha c phan phoi hoac chac s dung.

Ch tieu nguon von chu s hu phan anh kha nangtai tr cua doanh nghiep. Qua so sanh neu thay co chenhlech tang ve cuoi ky th se lam tang kha nang t tai trva ngc lai.

2.Phan tch tnh hnh tai chnh qua bang BCKQKD

Khai niem : BCKQKD la bao cao tai chnh tonghp, phan anh mot cach tong quat cac khoan doanh thu, chiph va ket qua kinh doanh cua doanh nghiep trong mot thi

ky nhat nh theo tng loai hoat ong cua doanh nghiep.

2.1 Phan tch tnh hnh doanh thu :

Doanh thu con goi la thu nhap cua doanh nghiep, ochnh la toan bo so tien se thu c do tieu thu san phamhay cung cap dch vu cua doanh nghiep.

anh gia tnh hnh doanh thu qua BCKQKD la anh gia cacknh vc hoat ong, nguyen nhan va mc o anh hngcua cac nhan to c ban en hoat ong chung cua doangnghiep. Trong qua trnh anh gia ta co the lap bang phantch, so sanh nam nay vi nam trc e t o co the thayc s thay oi ve doanh thu.

2.2 Phan tch tnh hnh li nhuan :

Li nhuan la ket qua hoat ong cuoi cung cua hoatong SXKD va cac hoat ong tai chnh khac. La muc tieu

cuoi cung cua doanh nghiep. V vay li nhuan cua doanhnghiep cho thay chat lng hoat ong cua doanh nghiep.



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Do o, anh gia tnh hnh li nhuan la xem tnh hnh linhuan cua doanh nghiep nam nay so vi nam trc tang haygiam, co hieu qua khong so vi mc au t cua doanhnghiep.

2.3 Phan tch tac ong cua on bay len rui rova ty suat sinh li:

o nghieng on bay kinh doanh (DOL) : anhgia ty le % thay oi li nhuan do ket qua t s thay oi 1%doanh so.

DOL =

Ty le % thay oiEBIT

Ty le % thay oidoanh so

+e anh gia rui ro trong kinh doanh, ngi ta s dungch tieu o nghieng on bay kinh doanh (DOL). o nghiengon bay kinh doanh (DOL) cang ln th o rui ro trong kinhdoanh cang cao.

+Mot so cong thc khac e tnh DOL

- S thay oi cua EBIT : ( Gia s P, v, F la co nh )

EBIT1 = Q1 * (P - v) F

EBIT0 = Q0 * (P - v) F

EBIT = (Q1 Q0) * (P v)

% thay oi

EBIT

=(Q1 Q0) * (P

v)

Q0 * (P - v) F- S thay oi cua doanh so (S) :

S1 = P * Q1

S0 = P * Q0

S = P * (Q1 Q0)

% thayoi S =

P * (Q1 Q0)

P * Q0 =Q1 Q0

Q0



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Do o :

DOL =

% thay oiEBIT

% thay oiS

=

(Q1 Q0) * (P v)

Q0 * (P - v) F

*

Q0Q1 Q0

=Q0 * (P - v)

Q0 * (P - v) F

=

S - V

S V -F

=

EBIT +

FEBIT

Chu thch : S:Doanh so ban

Q:San lng

F:nh ph

v:Bien ph 1 n v san pham

V:Tong bien ph

o nghieng on bay tai chnh (DFL) : c nhngha nh la ty le % thay oi EPS do ket qua t s thay oi1% EBIT.

DFL =

Ty le % thay oiEPS

Ty le % thay oiEBIT

+e anh gia rui ro tai chnh cua doanh nghiep ngi ta

s dung ch tieu o nghieng on bay tai chnh. o nghiengon bay tai chnh cang ln th rui ro ve tai chnh cang cao.

+Mot so cong thc khac e tnh DFL :

Trng hp khong co co phan u ai

DFL

=Q * (P v) - F

Q * (P v) F R



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=

S - F - V

S F V -R

=

EBIT

EBIT - R



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Trng hp co co phan u ai

DFL

=Q * (P v) - F

Q * (P v) F R DIV / (1 -

T)

=S - F V

S - F - V - R DIV / (1 -T)

=EBIT

EBIT - R DIV / (1 T)

Chu thch : R:Chi ph tra lai vayT:Thue suat TTNDN

DIV:Li tc co phan u ai

o nghieng on bay tong hp (DTL) : anhgia o nhay cam cua EPS oi vi s thay oi cua doanh so.

DT

L=

Ty le % thayoi EPS

Ty le % thayoi S

+on bay tong hp xay ra khi 1 doanh nghiep s dung cahai on bay kinh doanh va on bay tai chnh trong no lc giatang thu nhap cho co ong. No tieu bieu cho o phong aicua gia tang (hay sut giam) doanh thu thanh gia tang (hay sutgiam) tng oi ln hn trong thu nhap moi co phan, do viecdoanh nghiep s dung ca 2 loai on bay. Tac ong so nhan

tong hp c goi la o nghieng on bay tong hp.+Mot so cong thc e tnh DTL :

oi vi nhng doanh nghiep SXKD 1 loai sanpham :

CTV c tai tr bang co phan thng va n:

DT

L

=Q * (P V)

Q * (P V) F - R



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CTV c tai tr bang co phan thng, n vaco phan u ai

DT

L=

Q * (P V)

Q * (P V) F R DIV /(1 T)

oi vi nhng doanh nghiep SXKD nhieu loaisan pham :

CTV gom co phan thng va n :

DTL

=Doanh thu

V

EBIT - R

CTV gom co phan thng, n va co phan uai :

DTL

=Doanh thu - V

EBIT - R DIV / (1 T)

3.Phan tch tnh hnh tai chnh qua cac ty so taichnh

3.1.Ty so kha nang thanh toan : Giup doanhnghiep anh gia, o lng kha nang thanh toan cua doanhnghiep oi vi cac khoan n ngan han & n dai han enhan tra thi iem phan tch. Loai ty so nay co 3 ty so :

a.Ty so kha nang thanh toan hien hanh

Ty so khanang

thanh toan hien

hanh

=

TSL

N ngan han

- Ty so nay cho thay c 1 ong n ngan han va nen han th c am bao bang bao nhieu ong TSL.

- Ty so nay cang ln hn 1 cang tot.

b.Ty so kha nang thanh toan nhanh

Ty so khanang

thanh toannhanh

=

TSL Hang tonkho

N ngan han



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Phai tr hang ton kho ra khoi TSL v hang ton kho khochuyen hoa ngay thanh tien & khi chuyen hoa co the b sutgiam gia tr, mat gia tr.

c.Kha nang thanh toan lai vay

Lai vay hang nam la chi ph tai chnh co nh vachung ta muon biet cong ty san sang tra lai enmc nao. Cu the hn chung ta muon biet ranglieuso von i vay co the s dung tot en mcnao, co the em lai khoan li nhuan bao nhieu vau bu ap lai vay hay khong. Ty so nay dung eo mc o ma li nhuan phat sinh do s dung vone am bao tra lai vay hang nam nh the nao.Neu cong ty qua yeu ve mat nay , cac chu n

co the i en kien tung va tuyen bo pha san.

Kha nang thanh toan lai vay =valai

Ebit

Trong cong thc tren, phan t so phan anh sotien ma cong ty co the c s dung e tra laivay trong nam. nay phai lay tong so li nhuantrc thue va lai vay v lai vay c tnh vao chi phtrc khi tnh thue thu nhap. Phan mau so la laivay, bao gom tien lai tra cho cac khoan vay nganva dai han ke ca lai do phat hanh trai phieu.

3.2 C cau von

a. Ty so n tren tai san

Ty so nay cho thay bao nhieu phan tram taisan cua cong ty c tai tr bang von vay.

Ty so n =sataiTongnTong

Tong n bao gom toan bo khoan n ngan hanva dai han tai thi iem lap bao cao tai chnhgom : Cac khoan phai tra, vay ngan han, n daihan cho i vay hay la phat hanh trai phieu dai han.Tong tai san : toan bo tai san cua cong ty taithi iem lap bao cao.

b. Ty so n tren von chu s hu

Ty so n tren von co phan =hschuVonnTong

e thay c mc o tai tr bang von vay motcach thng xuyen( qua o ngi ta thay c rui



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ro ve mat tai chnh ma cong ty phai chu), ngi tadung ty so n dai han tren von co phan

Ty so n dai han tren von co phan =

phancoVonhadainTong

3.3.Cac ty so hoat ong : Giup cho doanh nghiepo lng mc o hoat ong lien quan en tai san cuadoanh nghiep nh the nao. Noi cach khac, ty so nay giupcho doanh nghiep anh gia hieu qua s dung tai san cuaDN nh the nao.



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a.So vong quay hang ton kho

So vongquay

hang tonkho

=

Doanh thu

Hangton kho

Khi phan tch ty so nay can lu y so vong quay hangton kho cang ln cang tot. Tuy nhien, so vong quay hangton kho cao hay thap con tuy thuoc vao ac iem nganhkinh doanh (Nhng doanh nghiep thuoc nganh thng mai, dchvu th so vong quay hang ton kho rat cao nhng neu la doanhnghiep thuoc lnh vc san xuat th ty so nay thng khongcao bang so vi cac doanh nghiep thuoc lnh vc kinh doanh).

b.So vong quay cac khoan phai thu :

Cac khoan phai thu la nhng hoa n ban hang chathu tien ve do cong ty thc hien chnh sach ban chu va cackhoan tam ng cha thanh toan, khoan tra trc cho ngiban

So vong quay cac khoan phai thu c s dung e xemxet can than viec thanh toan cac khoan phai thu v.v Khi

khach hang thanh toan tat ca cac hoa n cua ho, luc ocac khoan phai thu quay c mot vong.

So vongquay

cac khoanphai thu

=

Doanh thu

Cac khoanphai thu

So vong quay cac khoan phai thu cao hay thap phuthuoc vao chnh sach ban chu cua cong ty. Neu so vong

quay thap th hieu qua s dung von kem do von b chiemdung nhieu. Nhng neu so vong quay cac khoan phai thuqua cao th se giam sc canh tranh dan en giam doanh thu.

c.Hieu suat s dung TSC

Hieu suat

s dungTSC

=Doanhthu

TSC



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Hieu suat s dung TSC noi len 1 ong s dung TSCtao ra c bao nhieu ong doanh thu. Do vay ty so nay cangln cang tot.

d. Hieu suat s dung toan bo tai san

Hieu suats dung

toan bo taisan

=

Doanh thu

Tong taisan

Ty so nay co y ngha la 1 ong tai san tham gia vaoqua trnh SXKD se tao ra c bao nhieu ong doanh thu. Dovay ty so nay cang ln cang tot.

e.Hieu suat s dung von co phanHieu suats dung

von co phan=

Doanh thu

Von cophan

3.4.Ty so sinh li :Giup doanh nghiep anh gia,o lng kha nang sinh licua tai san va von chu s hucua doanh nghiep nh the nao.

a.Ty so li nhuan tren doanh thu

Ty so linhuan

tren doanhthu

=

linhuan

Doanhthu

Ty so nay noi len 1 ong doanh thu tao ra c baonhieu ong li nhuan.

b. Ty so li nhuan tren tong tai san (ROA)

Ty so linhuan

tren tongtai san

=

li nhuan

Tong taisan

Ty so nay o lng kha nang sinh li tren 1 ong vonau t vao cong ty.



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c. Ty so li nhuan tren von co phan(ROE)

Ty so linhuan

tren von cophan

=

linhuan

Von cophan

ay la ch tieu ma nha au t rat quan tam v no chothay kha nang tao lai cua 1 ong von ma ho bo ra eau t vao cong ty.

3.5.Ty so gia tr th trng : Giup cho doanh nghiepthay c doanh nghiep c cac nha au t anh gia nhthe nao.

a.Thu nhap moi co phan (EPS) : La yeu toquan trong nhat, quyet nh gia tr cua co phan bi v no olng sc thu nhap cha ng trong mot co phan hay noicach khac no the hien thu nhap nha au t co c do muaco phan

EPS

=

Thu nhap rong cua co

ong thngSo lng co phan

thng

Thu nhap rong cua co ong thng c tnh bangcach lay lai rong tr i tien lai cua CP.

b.Ty le chi tra co tc

Ty le chi traco tc =

Co tc moi cophan

Thu nhap moico phan

Thu nhap moi cophan

=

Tong co tc

So lng co phanthng

Ch tieu ty le chi tra co tc noi len cong ty chi traphan ln thu nhap cho co ong hay gi lai e tai au t.ay la mot nhan to quyet nh en gia tr th trng cuaco phan.



19/71


c.Ty so gia th trng tren thu nhap (P/E)

P/E =

Ga th trng moico phan

Thu nhap moi cophan

ay cung la ch tieu ma nha au t rat quan tam vno the hien gia co phan at hay re so vi thu nhap.

d.Ty suat co tc

Ty suatco tc

=

Co tc moi cophan

Ga th trng moi

co phan



20/71


3.6 Phan tch Dupont


Ty suat sinh litren

Doanh thu Tong taicDoanh thuLai song c

Ty suat sinhli

Tong n1 -Tong tai san

c

Vong quaytai san

nhaTy suat sinhlai ten doanh

thu

Doanh thu

Lai vay

Thue thunhap doanh

Chi ph hoat

Tai san luong

Tai san conh

Khoan phai

Hang ton

Tien mat

Tai san lu


21/71


4. Lap ke hoach tai chnh

4.1 Khai niem ke hoach tai chnh:

Khi a mot quyet nh au t hay quyet nh tai tr

cho mot d an th cac giam oc tai chnh luon quantam en hieu ng tong the. Tien trnh nay c goi lalap ke hoach tai chnh va ket qua cuoi cung la banke hoach tai chnh.

Ke hoach tai chnh la qua trnh gom :

- Phan tch cac gia phao au t, tai tr va co tc madoanh nghiep co the la chon.

- D kien cac ket qua tng lai cua cac quyet nhhien tai e tranh cac bat ng, hieu c moi lien

he gia cac quyet nh hien tai va tng lai.- Quyet nh nen la chon giai phap nao. Nhng quyet

nh c thc hien trong ke tai chnh cuoi cung.

- o lng thanh qua at c sau nay so cac muc tieue ra trong ke hoach tai chnh.

4.2 Mo hnh ke hoach tai chnh

Cac nha hoach nh tai chnh thng dung ke hoachtai chnh e anh gia cac ket qua cua nhng chien

lc tai chnh khac nhau, nhng mo hnh nay bao gomnhng mo hnh co muc ch chung khong phc tap ennhng mo hnh chua hang tram phng trnh va nhngbien so tac ong lan nhau. Hau het cac doanh nghiepln co mot mo hnh tai chnh hay co the tiep can motmo hnh tai chnh rieng cho mnh hay co the tiep canmo hnh tai chnh khac. oi khi cac doanh nghiep naydung nhieu hn mot mo hnh co the la mot mo hnhchi tiet ke hoach ngan sach von va lap ke hoach cachoat ong khac cong vi mot mo hnh n gian hn tap

trung vao cac tac onh cua chien lc tai chnh vamot mo hnh ac biet cho viec anh gia cac cuoc hpnhat sap nhap neu co.

L do cua tnh thong dung cua cac mo hnh nay lachung n gian va thc tien. Chung ho qua trnh lapke hoach tai chnh bang cach lam cho qua trnh nay dehn va re hn cach lap bao cao tai chnh d kien . Cacmo hnh se t ong hoa mot phan quan trong cua vieclap ke hoach va von d thng rat nham chan, chiem

nhieu thi gian va cong sc lao ong.



22/71


Viec thao chng trnh cho nhng mo hnh ke hoach taichnh thng chiem mot lng thi gian s dung maytnh nhieu va lao ong tr tue. Ngay nay cac chng trnhban tai chnh phan cot mot tieu chuan thuong c sdung e giai quyet cac bai toan lap ke hoach taichnh kha phc tap.



23/71


MO HNH KE HOACH TAI CHNH

Cac phng trnh bao cao thu nhap

1. REV = d bao cua ngi s dung mo hnh

2. CGS = a1 x REV3. INT = a2 x D ( a2 :

lai suat )

4. TAX = a3 x ( REV CGS INT ) ( a3 : thuesuat )

5. NET = REV CGS INT TAX( ong nhat thc ke toan )

Cac phng trnh bao cao nguon va s dung nguon:

6. DEP = a4 x FA7. D = NWC + INV + DIV NET DEP SI (ong nhat thcke toan )

8 .SI = gia tr do ngi s dung mo hnh an nh

9 .NWC = NWC NWC ( -1 ) ( ong nhat thc ke toan )

10. INV = DEP + FA FA ( -1) ( ong nhat thc ke toan )

11. DIV = a5 x NET ( a5 : ty le chia co tc )

Cac phng trnh ban can oi ke toan

12. NWC = a6 x REV

13. FA = a7 x REV

14. D = D + D (-1) ( ong nhat thc ke toan )

15. E = E(-1) + NET DIV + SI ( ong nhat thc ke toan )

CHU THCH:

- REV : DOANH THU

- CGS : GIA VON HANG BAN

- INT : LAI VAY

- TAX : THUE THU NHAP DOANH NGHIEP

- NET : LAI RONG.

- DEP : KHAU HAO TAI SAN CO NH

- D : VAY THEM

- SI : PHAT HANH CO PHAN

- NWC : TANG VON LUAN CHUYEN



24/71


- NIV: AU T

- DIV : CO TC

- NWC : VON LUAN CHUYEN

- FA : TAI SAN CO NH- D : N VAY

- E : VON CO PHAN.

III.Cac nguyen tac va y ngha cua viec lap KHTC

1.Cac nguyen tac lap KHTC

e KHTC lap ra am bao tnh khoa hoc, linh hoat va hienthc, TCDN nen tuan thu mot so nguyen tac c ban sau :

1.Su tam va chnh ly lai cac bao cao tai chnh namtrc. Su tam cac bao cao tai chnh trong nhng nam aqua nham giup cho TCDN co c s tien hanh phan tch valap KHTC. Tuy nhien ieu can lu y giai oan nay la cacbao cao tai chnh can phai dc chnh ly lai cho phu hpnham loai bo nhng nhan to khong hp ly.

2.Ket hp vi cac bo phan ke hoach khac hoac cac

phong ban khac e lap KHTC. Co mot so nhng ch tieutai chnh phu thuoc rat ln vao o tin cay do cac bo phankhac xac nh. Chang han lu lng tien te thu vao qua cacnam e anh gia d an au t phu thuoc rat ln vaonguon so lieu va o tin cay cua cac ch tieu doanh thu, chiph docac bo phan ban hang va SXKD lap.

3.Phai da tren cac ch tieu nh mc kinh te ky thuattrung bnh, tien tien e lap. Mac du nha nc chu trng

m rong quyen t chu tai chnh cua doanh nghiep, tuy nhiene cho cac ch tieu tai chnh phan anh hp ly cac ket quad kien th viec tuan thu cac ch tieu nh mc kinh te kythuat do cac c quanquan ly ban hanh la ieu het sc quantrong.

4.Phai da tren th trng e nh cac tieu chuan, giatr thch hp. ac biet la cac ch tieu quan trong co thelam sai lech cac quyet nh tai chnh nh cac ch tieu ve

lai suat vay von, ty suat li nhuan bnh quan, ty suat linhuan tren gia co phieu, ty gia ngoai te, ty le lam phat



25/71


d kien Cac ch tieu nay can phai c TCDN xem xet,phan tch va the hien vao cac KHTC thch hp.



26/71


2.Y ngha cua viec lap KHTC

- Cac giam oc tai chnh luon quan tam en hieu ngtong the cua quyet nh au t va quyet nh tai tr. Tientrnh nay c goi la lap KHTC va ket qua cuoi cung laban KHTC. Lap KHTC rat can thiet bi v cac quyet nhau t, tai tr va co tc luon tng tac lan nhau va khongnen c xem xet rieng le. Noi mot cach khac, tong hpchung ca hai quyet nh nay co ket qua co the nhieu hnhoac t hn ca hai phan cong lai.

- KHTC giup cac giam oc tai chnh tranh c cac batng va se chu ong phan ng nh the nao khi nhng skien bat ng khong the tranh c xay ra.

- KHTC giup thiet lap nhng muc tieu nhat quan ekhuyen khch cac giam oc va cung cap nhng tieu chuancho viec o lng thanh qua hoat ong.



27/71


PHAN II : TNH HNH THC TIEN TAI CONG TY

CO PHAN NAM TIEN

I. Gii Thieu Ve Cong Ty Co Phan Nam Tien.1. Lch S Hnh Thanh Va Phat Trien.

Cong ty co phan nam tien goi tat la NATICO, ten giao

dch oi ngoai: NAMTIEN JOIN-STOCK COMPANY la doanh

nghiep c thanh lap di hnh thc chuyen toan bo

cong ty vai si may mac mien nam la doanh nghiep nha

nc thanh cong ty co phan theo quyet nh so 483/Q-

TTg ngay 20/06/2002 cua thu tng chnh phu. Giay

chng nhan ang ky kinh doanh so 4103001211 do s ke

hoach va au t Thanh Pho Ho Ch Minh cap ngay

20/09/2002. cong ty c to chc va hoat ong theo luat

doanh nghiep, chnh thc i vao hoat ong ngay

01/10/2002.

Von ieu le theo giay chng nhan ang ky kinh doanhla 11.700.000.000 ong. Tuy nhien theo cong van so 5167

TM/TCCB ngay 07/11/2003 cua bo thong mai ong y vi

cong ty CP Nam Tien giam von ieu le xuong con

9.900.000.000 ong. C cau von gon co: phan von nha

nc 20%, can bo cong nhan vien 50%, khach hang

than thiet 30%.

Nganh gnhe kinh doanh: cong ty kinh doanh ve bong, x,

vai, si, nguyen phu lieu, thuoc nhuom, hoa chat cho

thuoc da, det may cho san xuat, kinh doanh nha hang may

mac, kinh doanh du lch, khach san, nha hang va cac dch

vu an uong, karaoke, massage, thc pham hang tieu dung,

thiet b trong o, san pham chnh ma cong ty kinh doanh

la bong x, vai si, quan ao cac loai, va cac san

pham, dch vu thuoc nganh nghe a ang ky.



28/71


Cong ty thc hien che o hach toan kinh te oc lap,

oc lap ve tai san, t chu ve tai chnh, co t cach

phap nhan, co con dau rieng, c m tai khaon tai kho

bac nha nc, cac ngan hang trong va ngoai nc. Chutrach nhiem ve ket qua san xuat kinh doanh. Co bang

can oi ke toan rieng, oc lap cac quy theo quy nh

cua luat doanh nghiep va ngh quyet ai hoi ong co

ong va ieu le to chc hoat ong cua cong ty.

Tru s cua cong ty at tai 80 Trng nh, Quan 3, TP .

Ho Ch Minh

2 .Bo May Quan Ly.

a. ai Hoi ong Co ong: la c quan quyet nh cao nhat

cua cong ty.

b. Hoi ong Quan Tr: la c quan cua quan tr cao nhat

cua cong ty gia hai ky ai hoi ong co ong. HQT

co 5 thanh vien do HC bau hoac mien nhiem.

c. Ban Tong Giam oc: gom mot Tong Giam oc va haipho Tong Giam oc do hoi ong quan tr bo nhiem

va mien nhiem theo e ngh cua Tong Giam oc. Tong

Giam oc la ngi ai dien phap nhan cua cong ty

trong moi giao dch. Quan ly va ieu hanh moi hoat

ong san xuat kinh doanh cua cong ty. Chu trach nhiem

trc hoi ong quan tr va ai hoi ong co ong ve

trach nhiem quan ly dieu hanh cong ty, giup viec cho

Tong Giam oc la pho Tong Giam oc.

d. Cac Phong Ban:

- Phong kinh doanh: chc nang va nhiem vu cua phong

la tham mu cho Ban Giam oc ve cac nghiep vu mua

ban hang hoa. Thng xuyen tiep can th trng e

nam bat cac nhu cau tieu thu di cac hnh thctuyen truyen, quang cao, hoi ch giao lu t o to



29/71


chc nguon hang va phng thc tieu thu cho phu hp

mang lai hieu qua kinh te cao. e xuat vi Ban Giam

oc x ly kp thi ve gia ban, gia mua, cac phng

an giai quyet kp thi nhng mac hang ton kho chamban e ban giam oc x ly.

- Nhan nhap khau uy thac cho cac doanh muc theo n v

theo doanh muc hang nha nc cho phep. To chc ai ly

ban cac mac hang ma cong ty c phep kinh doanh khi

co chu trng.

- Phong xuat nhap khau: tong hp xay dng ke hoach,

thong ke san xuat kinh doanh, thiet lap cac hp ong

lien quan en nghiep vu mua ban, gai cong xuat khau

hang hoa theo yeu cau cua Ban Giam oc. To chc

thc hien nghiep vu lien quan en xuat nhap khau nh

thu tuc hai quan, xuat nguyen phu lieu va hang hao

- Phong to chc hanh chanh: to chc sap xep nhan s,

xay dng nh mc lao ong, thc hien cac chnh sachche o lao ong tien lng, khen thng, phuc li xa

hoi, bao hiem y te, hu tr

- Phong bao ve: bao ve an toan tai san, hang hoa

khong e xay ra h hao, ton that di bat ky hnh thc

nao. Bao ve an ninh trat t. To chc cong tac phong

chay cha chay e ngan chan va ng pho kp thi

khi co tnh huong xau xay ra.

- Phong tai chnh ke toan: to chc hoach toan ke toan,

giam sat va bao toan von kinh doanh, thc hien cac

chnh sach che o tai chanh-ke toan theo quy nh nha

nc. Ke toan trng chu trach nhiem trc Ban Giam

oc ve tat ca cac mac co lien quan en ke toan tai

chnh cua cong ty va cung vi Tong Giam oc chutrach nhiem trc hoi ong quan tr va hoi ong co



30/71


ong ve viec ap dung cac che o chnh sach tai chnh

ke toan tai cong ty.

- Cac ca hang, tram trc thuoc: cac n v phu nay

khong co t cach phap nhan, khong c m taikhoan tai ngan hang, khong co nguon von rieng, ch

s dung nguon von cong ty giao xuong va hoat ong

theo ke hoach chung cua cong ty. Moi s giao dch mua

ban, trao oi ky ket hp ong kinh te gia cac n v

phu thuoc nay oi vi ben ngoai hoac oi vi cac n

v phu thuoc khac eu phai thong qua cong ty va chu

s giam sat, ch ao cua Ban Giam oc.

- Cac ca hang trc thuoc nay co nhiem vu to chc

ban buon, ban le cac mac hang vai si may mac do

cong ty a xuong va cac mac hang ma ca hang t

khai thac. Cac chng t, phieu xuat cua cac ca hang

eu do ke toan cong ty hach toan va quy nh gia ban

cho cac ca hang.



31/71


3.Nganh nghe kinh doanh,chc nang & nhiem vucua cong ty:

3.1.Nganh nghe kinh doanh:- Xuat nhap khau hang hoa tieu dung va vat t.

- Xuat khau hang may mac.

- Nhap khau, mua ban nguyen nhien lieu va hang hoaphuc vu san xuat va tieu dung.

- San xuat gia cong hang may mac

- Dch vu an uong.

- Cho thue nha va van phong, du lch.- Uy thac xuat nhap khau, thu tuc hai quan, van tai

hang hoa, trong rng nhien lieu.

- au t xay dng cac khu thng mai, sieu th, cac loainha phuc vu nhu cau cua nhan dan thanh pho va oth.

3.2.Chc nang cua cong ty

Can c theo quyet nh so 483/Q-TTg ngay 01/10/2002 cuathu tng chnh phu, Cong ty co phan Nam Tien chnh thc ivao ong kinh doanh vi cac chc nang c quy nh sau :

San xuat e che bien hang XNK trc tiep trongkhuon kho cho phep cua Bo Thng Mai.

au t m rong san xuat kinh doanh cho cac thanhphan kinh te quoc doanh tren a ban quan va liendoanh lien ket vi cac thanh phan kinh te khac tren

ca nc e huy ong hang hoa nham muc ch xuatkhau.

To chc dch vu XNK va dch vu chi tra kieu hoi theoch tieu ke hoach cua UBND Quan 3 trong pham vicho phep cua thanh pho.

Tham gia vao chng trnh : ke hoach XNK thanh phanva c phan bo lai kim ngach xuat khau.

Tom lai: Cong ty a xay dng va to chc thc hien kehoach XNK ap ng c nang lc san xuat, chu trach



32/71


nhiem trc khach hang trong va ngoai nc oi vi nhnghp ong a ky ket, lap phng an au t phat trien sanxuat kinh doanh cua x nghiep trc thuoc, am bao ve vane dch vu XNK. ong thi Cong ty con phai thc hien tot

cac chnh sach ve quan ly tai chnh.3.3.Nhiem vu cua Cong ty

Cong ty xay dng cac nhiem vu chu yeu trong nam nh sau :

Ve hang hoa XNK : Cong ty chu trng am phan vikhach hang trong va ngoai nc nham am bao c hanghoa kinh doanh cua cong ty len mc cao nhat

Ve th trng kinh doanh : Cong ty tng bc m rong

th trng trong va ngoai nc, m them cac ca hanggii thieu san pham ti tay ngi tieu dung nh:

Ca hang quan ao.

Ca hang tui xach.

Ve ngha vu nop ngan sach : Cong ty nop ngan sachnam 2003, tang 8% so vi nam 2002.

Ve hieu qua kinh te : Cong ty xay dng mc lai tang

20% so vi nam 2002.Noi chung, cong ty khong ngng xay dng va phat

trien cac hoat ong san xuat kinh doanh nham toi a hoa linhuan co the co c cho cong ty, cai thien ieu kiennang cao thu nhap va i song ngi lao ong trong cong ty,am bao li ch cho so ong, lam tron ngha vu vi nhanc.

Cong ty c thanh lap t viec co phan hoa cac doanh

nghiep nha nc da tren c s t nguyen cung gop voncua co ong va hoat ong theo luat doanh nghiep Cong tythuoc quyen s hu cua cac co ong co t cach phapnhan va theo phng phap thanh toan kinh te oc lap, tchu ve tai chnh va t chu trach nhiem ve hoat ong sanxuat kinh doanh cua mnh.

4.Muc tieu kinh doanh, ke hoach SXKD nam 2005cua cong ty :

4.1.Muc tieu kinh doanh hien tai :



33/71


Muc tieu kinh doanh hien tai cua cong ty la nham thchien tot cac phng an, ke hoach kinh doanh a e ra trongnhng nam trc mat. ong thi lam tien e va ieukien cho cac muc tieu kinh doanh tng lai.

4.2.Muc tieu kinh doanh tng lai :

Muc tieu cua cong ty la khong ngng phat trien cachoat ong SXKD nham toi a hoa li nhuan co the co ccua cong ty, cai thien c ieu kien lam viec, nang caothu nhap va i song cua ngi lao ong trong cong ty, ambao li ch cho cac co ong, lam tron ngha vu thue vingan sach nha nc.

4.3.Ke hoach SXKD cua cong ty trong nam 2005:

Ke hoach san xuat kinh doanh nam 2005 :

Ve kim ngach xuat khau : Cong ty phan au at kimngach xuat khau la 8.600.000 USD tang 15% so vi thchien nam 2004.

Ve kim ngach nhap khau : Cong ty phan au at kimngach nhap khau la 1.500.000 USD tang 100% so vi thc

hien nam 2004. Ve tong doanh thu : Cong ty phan au at tong doanh thu

la 185 ty ong, tang 15% so vi thc hien nam 2004.

Mc co tc 2005 la 20% tren menh gia.

Cac d an au t khac :

+ Lap d an au t mi X nghiep May , X nghiep May khu at 5 ha tai khu cong nghiep Tay Bac Cu Chi theo ke

hoach di di cac XN o nhiem cua TP.+ au t cai tao nang cap nha so 56 Ben Van on

lam van phong cho thue.

+ Lap d an au t xay dng lo C chung c Khanh Hoitai phan xng I X nghiep May e co the khi cong xaydng vao nam 2005.

+ Lap d an au t cao oc van phong cho thue tai so72- 74 Nguyen Tat Thanh e khi cong xay dng vao nam2005.



34/71


Vi li the cua Cong ty hien nay la va c to chcBVQI/UKAS (Vng quoc Anh) cap chng ch cong nhan attieu chuan he thong quan tr chat lng ISO 9002:1994, Congty co ieu kien thuan li trong viec nang cao kha nang canh

tranh va hieu qua san xuat kinh doanh cua mnh trong tientrnh hoi nhap vi nen kinh te khu vc ang phat trien manhme. Cty se tiep tuc nghien cu m rong th trng xuatkhau cho cac mat hang con nhieu kha nang phat trien vau the canh tranh nh: hang may mac, cac hang da va gia da(giay dep, ba lo, tui xach), duy tr moi quan he tot vi cacoi tac e khai thac nguon hang va th trng tieu thusan pham.



35/71


5.Thuan li & kho khan cua cong ty :

5.1.Thuan li :

- Ve v tr a ly : Cong ty nam Quan 3, ay la aumoi lu thong hang hoa XNK ln nhat pha nam. Viec giao -nhan hang XNK, thu tuc hai quan co nhieu thuan li hn.

- Tham nien trong hoat ong XNK cua Cong ty a giupCong ty co quan he kinh te vi nhieu khach hang trong vangoai nc, co th trng tieu thu hang hoa on nh.

- Nhu cau cua th trng quoc te ngay cang tang oivi cac san pham ma Cong ty co the manh.

- oi ngu quan ly kinh doanh co trnh o cao va kinhnghiem trong lnh vc kinh doanh XNK.

5.2.Kho khan :

- V tr cac X nghiep trc thuoc cach xa tru s Cong ty,chi ph van chuyen va cong tac quan ly gap nhieu khokhan.

- S canh tranh san pham cung loai cua cac nc trong

khu vc ngay cang tang tren th trng quoc te.- Th hieu ngi tieu dung luon co xu hng thay oi

nhanh

- Ph va le ph van chuyen, xep d, lu kho hang hoacao.

- Chnh sach di di cac X nghiep ra ngoai thanh cua Nhanc lam cho qua trnh san xuat kinh doanh khong on nh.

II. Phan tch tnh hnh tai chnh tai cong ty co phanNAM TIEN

1.Phan tch tnh hnh tai chnh qua BCKT nam 2003-2004

1.1.Phan tch ket cau va tnh hnh bien ongtai san cua cong ty

Da vao bang di ay ta thay ty trong cua TSL &

au t ngan han ca 2 nam 2003, 2004 eu co nhng thayoi. Cu the nam 2003 ty trong cua TSL & au t ngan han



36/71


chiem 77.93% tren tong tai san th en nam 2004 con sonay giam con 72.59%, tc la giam 5.34%.

Do anh hng nay ma ty trong cua TSC &au t daihan nam 2004 a tang so vi nam 2003. Cu the t 22.07%

(nam 2003) tang len 27.41% (nam 2004), tng ng vi mctang 1.365.005.184 ong, trong o :

- TSC nam 2004 giam so vi nam 2003 la 319.759.170ong, tng ng vi ty le giam 0,15%.

CH TIEU

Nam 2003 Nam 2004 Chenh lech2003/2004

So tien

Ty

trong(%)

So tien

Ty

trong(%)

Mcchenhlech

Ty

le+/-(%)

(1) (2) (3) (4) (5) = (3) - (1)(6) =(5) /(1)

A. Tai san luong va au tngan han

28,032,865,189

77.93

17,412,583,985

72.59

(10,620,281,204) (0.38)

I. Tien mat4,201,584,2

2211.6

8643,652,677 2.68 (3,557,931,54

5)(0.85)

1. Tien mat tai quy

(gom ca nganphieu)524,658,665 1.46 367,101,158 1.53

(157,557,507) (0.30)

2. Tien gi nganhang

3,676,925,557

10.22 276,551,519 1.15

(3,400,374,038) (0.92)

II. Cac khoan aut tai chnh nganhan

0 0 0 0 0

III. Cac khoan phaithu

18,477,642,475

51.37

7,428,179,659

30.97

(11,049,462,816) (0.60)

1. Phai thu khachhang

17,385,167,771

48.33

5,635,404,796

23.49

(11,749,762,975) (0.68)

2. Tra trc chongi ban 97,649,267 0.27 11,649,267 0.05 (86,000,000) (0.88)3. Thue gia tr giatang c khau tr

59,894,360 0.17 901,801,426 3.76 841,907,066 14.06

4. Cac khoan phaithu khac

934,931,077 2.60 879,324,170 3.67 (55,606,907) (0.06)

IV. Hang ton kho5,130,033,4

9214.2

68,475,568,8

0535.3

33,345,535,31

30.65

1. Nguyen lieu, vatlieu ton kho

18,918,142 0.05 14,950,815 0.06 (3,967,327) (0.21)

2. Chi ph san xuat,kinh doanh d dang

113,220,598 0.31 0 0 (113,220,598) (1.00)

3. Thanh pham tonkho192,357,683 0.53 171,523,888 0.72 (20,833,795) (0.11)



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4. Hang hoa ton kho4,860,890,0

5213.5

18,365,094,1

0234.8

73,504,204,05

0 0.72

5. D phong giamgia hang ton kho

(55,352,983)

(0.15)

(76,000,000)

(0.32) (20,647,017) 0.37

V. Tai san lu ongkhac

223,605,000 0.62 865,182,844 3.61 641,577,844 2.87

1. Tam ng 38,470,000 0.11 66,155,000 0.28 27,685,000 0.72

2. Ch ph tra trc 56,276,500 0.16 47,870,501 0.20 (8,405,999) (0.15)3. Ch ph ch ketchuyen

128,358,500 0.36 168,437,928 0.70 40,079,428 0.31

4. Tai san thieu chs ly

0 0 77,823,415 0.32 77,823,415

5. Cac khoan camco, ky quy, ky ccngan han

500,000 0 504,896,000 2.10 504,396,000 1008.79

B.Tai san co nhva au t dai han

7,939,652,133

22.07

6,574,646,949

27.41

(1,365,005,184) (0.17)

I.Tai san co nh2,163,919,5

886.02 1,844,160,4

187.69 (319,759,170

)(0.15)

1. Tai san co nhhu hnh

2,013,622,014 5.60

1,744,160,424 7.27

(269,461,590) (0.13)

2.Tai san co nhvo hnh

150,297,574 0.42 99,999,994 0.42 (50,297,580) (0.33)

II.Cac khoan aut tai chnh daihan

5,775,732,545

16.06

4,730,486,531

19.72

(1,045,246,014) (0.18)

1.au t dai hankhac

5,775,732,545

16.06

4,730,486,531

19.72

(1,045,246,014) (0.18)

TONG CONG 35,972,517,322 100 23,987,230,934 100 (11,985,286,388) (0.33)

Mat khac, ty trong TSL & au t ngan han nam 200chiem gan 77.93%, nam 2004 chiem 72.59% giam 5.34% trongo chiem ty le cao nhat va co mc tang cao la hang tonkho. Cu the nam 2003 la 14.26%, nam 2004 la 35.33%.

1.1.1.Phan tch TSL & au t ngan han :



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Ch tieuvon lu

ong

Nam

2003

Nam

2004

Chenh lechQuan heket cau

Mc(ong)

Ty

le(%)

Nam

2003

(%)

Nam

2004

(%)

1.Tien 4.201.584.222

643.652.677

(3.557.931.545)

(84,68) 14,99

3,7

2.Cackhoan phaithu

18.477.642.475

7.428.179.659

(11.049.462.816)

(59,80) 65,91

42,66

3.Hang tonkho

5.130.033.492

8.475.568.805

3.345.535.313

65,21 18,3 48,67

4.TSL khac 223.605.000 865.182.844

641.577.844 2,87 0,8 4,97

Tong cong 28.032.865.189

17.412.583.985

(10.620.281.204)

(37,89)

100 4,97

Can c vao bang tren ta thay TSL & au t ngan hannam 2004 giam 10.620.281.190 ong so vi nam 2003, tngng vi ty le giam 37,89%. Cac nhan to chnh tac ongen s thay oi nay la do :

- Hang ton kho tang 3.345.535.313 ong, tng ng vity le tang 65,21%. Ke tiep la cac khoan phai thu giam11.049.462.816 ong, tng ng vi ty le giam 59,80%. ac

biet cung co s gaim len ang ke cua von bang tien. Cuthe von bang tien a giam t 4.201.584.222 ong (nam2003) xuong con 643.652.677 ong (nam 2004), tng ng vity le giam 84,68%. Ngc lai TSL khac tang 641.577.844ong, tng ng vi ty le tang 2,87%.

- Ve mat ket cau trong nam 2003 ca hang ton kho lancac khoan phai thu eu chiem ty trong cao. Cu the hangton kho chiem ty trong 14.26%, cac khoan phai thu chiem ty

trong 51,37%. Sang en nam 2004 ch tieu cac khoan phaithu giam manh (t 51,37% giam xuong con 30,97% trong tong



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tai san ). Trong khi o ch tieu hang ton kho lai tang khanhanh t 14,26% (nam 2003) len en 35,33% (nam 2004). Quao cho thay trong nam 2004 ty trong hang ton kho con khaln va so von ma cong ty b chiem dung cung khong phai

la nho. ay cung chnh la mot van e gay khong t khokhan cho cong ty. ieu nay cung chng to rang cong ty aco gang ay manh, tang cng san xuat hang hoa nhnglng hang ton kho con qua cao va cac khoan phai thu vancha thu c tien. V vay, cong ty can co nhng bien phaptch cc va hp ly ay manh viec tieu thu hang hoa nhamtang doanh thu.

a.Phan tch ket cau von bang tien:

BANG CH TIEU VON BANG TIEN

Ch tieu Nam 2003Nam2004


Mc (ong)

Ty

le(%)

Nam2003(%)

Nam2004(%)

1.Tien mat 524.658.665 367.101.158

(157.557.507) 30,03 12,49 57,03

2.Tien gingan hang

3.676.925.557

276.551.519

3.400.374.038 92,48 87,51 42,97

Tong cong 4.201.584.222

643.652.677

(3.557.931.545)

84,68 100 100

Qua bang ch tieu von bang tien ta thay von bangtien nam 2004 giam so vi nam 2003. Cu the gaim3.557.931.545 ong, tng ng vi ty le gaim 84,68%.

Nguyen nhan dan en s gia giam nay la do :- Ca tien mat lan tien gi ngan hang eu giam. Cu

the tien mat giam 157.557.507 ong (tng ng vi ty legiam 30,03%), tien gi ngan hang giam 3.400.374.038 ong(tng ng vi ty le giam 92,48%).

- Ty trong tien mat trong nam 2003 chiem 12,49% vatien gi ngan hang la 87,51% cho thay cong ty s dung vonkha linh hoat. Sang nam 2004 co s thay oi nho trong tytrong tien mat va tien gi ngan hang, tronh o tien mat



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chiem ty trong 57,03%, tien gi ngan hang chiem 42,97%.ieu o cho thay trong nam 2004 cong ty a quyet nhtang lng tien mat e thuan tien hn trong viec thanh toan,chi tra. ong thi cong ty cung au t gi tien vao ngan

hang e tang li nhuan. ay cung la mot van e tot oivi cong ty.

Viec von bang tien cua cong ty tang nhanh la motieu kien thuan li e cong ty m rong hoat ong SXKD.ong thi qua o cong ty cung can phai co nhng bienphap s dung von mot cach hieu qua trong viec kinh doanhnham em lai li nhuan cao hn cho cong ty.



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b.Phan tch tnh hnh d tr hang tonkho :

BANG CH TIEU HANG TON KHO

Chtieu

Nam 2003 Nam 2004


Mc(ong)

Tyle(%)

Nam2003

(%)

Nam200

4(%)

1.Nguyen lieu,vatlieu

18.918.142 14.950.815 (3.967.327) (20,97)

0,38 0,17

2.Chi phSXKDddang

113.220.598

0 (113.220.598)

100 2,18 0

3.Thanh phamton kho

192.357.683

171.523.888

(20.833.795) 10,83 3,7 (2,01)

4.Hanghoaton kho

4.860.890.052

8.365.094.102

3.504.204.050

72,09 93,74

97,82

Tongcong

5.185.386.475

8.551.568.805

3.366.182.330

64,92

100 100

Theo so lieu bang tren cho thay trong khoan muchang ton kho tr chi ph san xuat kinh doanh d dang giam iang ke (chi ph san xuat kinh doanh d dang t

113.220.598 ong nam 2003 a giam het). Cung trongnam 2003 nguyen, nhien lieu va thanh pham ton kho la18.918.142 ong va 192.357.683 ong en nam 2004 nguyen

nhien lieu va thanh pham ton kho giam lan lt la14.950.815 ong va 171.523.888 ong. ac biet la hang hoa



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ton kho t 4.860.890.052 ong nam 2003 tang len8.365.094.102 ong trong nam 2004 tc la tang 3.504.204.050ong, tong ng vi ty trong tang t 13,51% (nam 2003) len34,87% (nam 2004) tren tong tai san.

c.Phan tch TSL khac :

BANG CH TIEU TSL KHAC

Ch tieuNam2003

Nam2004

Chenh lechQuan he

ketcau

Mc(ong)

Tyle(%)

N

am

2003

(%)

N

am

2004

(%)

1.Tam ng 38.470.000

66.155.000

27.685.000

71,97 40,60

34,48

2.Chi ph tra

trc

56.276.5

00

47.870.5

01

(8.405.999

)

(14,9

4)

59,4

0

24,9

53.Tai santhieu chx ly

0 77.823.415

77.823.415

0 40,57

Tongcong

94.746.500

191.848.916

97.102.416

102,49

100 100

TSL khac nam 2004 tang so vi nam 2003 la 97.102.416

ong, tng ng vi ty le tang 102,49%. Cu the la do :- S gia tang cua ch tieu tam ng va tai san thieu

ch x ly, trong o tam ng tang 27.685.000 ong, tngng vi ty le tang 71,97%. ac biet co s phat sinh cuatai san thieu ch x ly nam 2004 la 77.823.415 ong (trongkhi nam 2003 khong co s phat sinh ch tieu nay)

- Chi ph tra trc giam t 56.276.500 ong (nam 2003)xuong con 47.870.501 ong (nam 2004), tng ng vi ty legiam 14,94%.



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1.2.Phan tch tnh hnh bien ong nguon voncua cong ty :

Tong nguon von nam 2004 giam so vi nam 2003 la11.985.286.388 ong, tng ng vi ty le giam 33%. Trong o:

+N phai tra giam 12.224.148.578 ong, tng ngvi ty le giam 54%. Trong o :

- N ngan han giam 12.258.503.900 ong, tng ngvi ty le giam 55%.

- N khac tang 34.355.322ong, tng ng vi ty le

tang 46%.+Nguon von chu s hu tang 238.862.190 ong, tng

ng vi ty le tang 2%. Nguon von chu s hu bien ongchu yeu do cac yeu to sau :

- Nguon von _ quy tang 115.142.121 ong, tng ngvi ty le tang 1%.



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Ch Tieu Nam 2003 Nam 2004Chenh lech

2004/2003

So tien

Tytrong(%)

So tien

Tytrong(%)

Mcchenhlech

Tyle+/-(%)

(1) (2) (3) (4)(5) = (3) -

(1)

(6) =(5) /(1)

A. N phai tra22,490,961,1

2362.5

2 10,266,812,54542.8

0(12,224,148,

578) (0.54)

I. N ngan han22,416,764,2

9062.3

2 10,158,260,39042.3

5(12,258,503,

900) (0.55)

1. Vay ngan han 15,000,000 0.04 2,966,076,00012.3

72,951,076,0

00 196.74

2. Phai tra chongi ban

19,000,782,484

52.82 4,349,470,710

18.13

(14,651,311,774) (0.77)

3. Ngi mua tratien trc 403,842,165 1.12 151,172,349 0.63

(252,669,816) (0.63)

4. Thue va cackhoan phai nop 32,180,151 0.09 27,253,372 0.11 (4,926,779) (0.15)5. Phai tra congnhan vien

1,492,752,968 4.15 913,240,275 3.81

(579,512,693) (0.39)

6. Cac khoanphai tra, phai

nop khac

1,472,206,522

4.09 1,751,047,684 7.30 278,841,162 0.19

II.N dai han 0 0 0 0 0III.N khac 74,196,833 0.21 108,552,155 0.45 34,355,322 0.461. Chi ph phai tra 74,196,833 0.21 28,692,308 0.12 (45,504,525) (0.61)2. Tai san thach x ly 0 0 79,859,847 0.33 79,859,847B.Nguon vonchu s hu

13,481,556,199

37.48 13,720,418,389

57.20 238,862,190 0.02

I.Nguonvon,quy

13,481,556,199

37.48 13,596,698,320

56.68 115,142,121 0.01

1. Nguon von kinhdoanh

11,291,344,458

31.39 9,900,000,000

41.27

(1,391,344,458) (0.12)

2. Chenh lechanh gia lai tai

san1,277,448,889 3.55 1,265,216,389 5.27 (12,232,500) (0.01)

3. Quy au tphat trien 0 0 2,298,924,742 9.58

2,298,924,742

4. Quy d phongtai chnh 111,838,770 0.31 224,733,189 0.94 112,894,419 1.015. Li nhuan chaphan phoi 800,924,082 2.23 0 0

(800,924,082) (1.00)

6. Co phan mualai 0 0 (92,176,000)

(0.38) (92,176,000)

II.Nguon kinh ph 0 0 123,720,069 0.52 123,720,069

1. Quy khenthng va phuc

0 0 123,720,069 0.52 123,720,069



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li

TONG CONG35,972,517,3

22 100 23,987,230,934 100(11,985,286,

388) (0.33)



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- Nguon kinh ph, quy khac tang 123.720.069 ong.

Qua cac so lieu tren cho thay trong nam cong ty co tchluy noi bo, chng to hoat ong SXKD cua cong ty co hieuqua.

Nguon von chu s hu tang, ty trong lai tang en19,72% chng to toc o tang cua nguon von chu s huap ng kp thi cho yeu cau SXKD, oi hoi cong ty phaitang cng huy ong t cac nguon khac nh : n khac tang34.355.322 ong, cac khoan phai tra, phai nop khac tang278.841.162 ong, nhat la nguon vay ngan han tang2.951.067.000 ong so vi nam 2003.

Nh vay, s bien ong ve nguon von nam 2004 cuacong ty chu yeu la do cong ty a m rong quy mo au ttheo mot hng khac so vi hoat ong bnh thng trcay. o la viec au t vao lnh vc kinh doanh bat ongsan. Cu the la thc hien phng an xay dng chung c caotang, cao oc, khach san. Ngoai viec tang cng cac khoanvay tren cong ty a huy ong tien at coc cua khach hange bo sung vao nguon von thc hien phng an. ieu naycho thay cong ty a co nhng bien phap kha linh hoat trongqua trnh au t nham mang lai hieu qua toi u.

1.2.1.Phan tch n phai tra :

Phan tch ket cau n ngan han :

Qua so lieu 2 nam ta thay ch tieu n ngan han nam2004 giam so vi nam 2003 la 12.258.503.900 ong, tng ngvi ty le giam 55%. Nguyen nhan la do :

+S giam cua cac ch tieu : phai tra cho ngi ban,

phai tra cong nhan vien, Trong o :- Phai tra cho ngi ban giam 14.651.311.774 ong, tng

ng ty le giam 77%.

- Phai tra cong nhan vien giam: 579.512.693 ong, tngng vi ty le giam 39%.

+Ch tieu ngi mua tra tien trc nam 2004 giam iang ke so vi nam 2003. Cu the giam 252.669.816 ong,

tng ng vi ty le giam 63%. ay la 1 iem yeu ma congty can tm hieu ro nguyen nhan nham a ra cac bien phap



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giai quyet thch hp e co the huy ong nhieu nguon vontrong hoat ong SXKD trong nhng nam ti. Tuy nhien oi vicac ch tieu thue & cac khoan phai nop nha nc cungnh phai tra cong nhan vien nam 2004 co s giam xuong

ang ke.Cu the tng ng vi cac ty le giam 15% va 39%.Qua o cho thay cong ty a thc hien kha tot ngha vu nopthue cho nha nc cung nh cac chnh sach oi vi ngilao ong

BANG CH TIEU N NGAN HAN

Ch

tieu

Nam 2003Nam

2004

Chenh lechQuan he

ket cau

Mc(ong)

Tyle(%)

Nam2003

(%)

Nam

2004

(%)

1.Vay

nganhan

15.000.000 2.966.076.0

00

2.951.076.00

0

196,

74

0,07 29,2

0

2. Phaitra chongiban

19.000.782.484

4.349.470.710

(14.651.311.774)

(77) 84,76

42,82

3.Ngimua tra

tientrc

403.842.165 151.172.349

(252.669.816)

(63) 1,8 1,5



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4.Thueva cackhoanphai

nopnhanc

32.180.151 27.253.372 (4.926.779) (15) 0,14 0,27

5.Phaitracongnhanvien

1.492.752.968

913.240.275

(579.512.693)

(39) 6,66 8,99

6.Cackhoanphaitra,nopkhac

1.472.206.522

1.751.047.684

278.841.162 19 6,57 17,24

Tongcong

22.416.764.290

10.158.260.390

(12.258.503.900)

55 100 100

.



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1.2.2.Phan tch nguon von chu s hu :

BANG CH TIEU NGUON VON CHU S HU

Ch

tieu

Nam 2003

Nam2004

Chenh lechQuan he

ket cau

Mc(ong)

Tyle(%)

Nam

2003

(%)

Nam2004(%)

I.Nguon

von_quy

13.481.556

.199

13.596.698

.320

115.142.12

1

0,85 100 99.0

9

1.Vonkinhdoanh

11.291.344.458

9.900.000.000

(1.391.344.458)

(12,32)

83,75

72,16

2.Chenhlech tygia

1.277.448.889

1.265.216.389

(12.232.500.)

(0,96)

9,48 9,22

3.Quyau tphattrien

0 2.298.924.742 2.298.924.742 0 16,76

4.Quydphongtai chnh

111.838.770 224.733.189

112.894.419 100,94

0,09 1,64

5.Linhuanchaphanphoi

800.924.082 0 (800.924.082) 100 5,94 0

6.Cophanmua lai

0 (92.176.000)

(92.176.000) 0 0,67



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II-Nguonkinh ph,

0 123.720.069

123.720.069

0 0,90

Quy

khenthngphuc li

0 123.720.06

9

123.720.06

9

0 0,90

Tongcong

13.481.556.199

13.720.418.389

238.862.190

1,77 100 100

Can c vao bang ch tieu nguon von chu s hu tathay nguon von chu s hu nam 2004 tang len so vinam 2003 la 238.862.190 ong, tng ng vi ty le tang1,77%. Trong o :

+Nguon von _ quy tang 115.142.121 ong, tng ngvi ty le tang 0,85%. Mac du nguon von _ quy tang nhngxet ve ty trong lai giam nhe 0,91%. ieu nay chng tonguon von _ quy tuy co tang nhng van cha ap ng ucho nhu cau SXKD. Tuy nhien v ty trong ve nguon von _ quy

ch giam nhe (0,91%) nen van e nay cung khong co gang lo ngai lam. Cu the :

- Von kinh doanh giam 1.391.344.458 ong, tng ngvi ty le tang 12,32%.

- Quy au t phat trien tang 2.298.924.742 ong,ong thi ty trong cua quy au t phat trien t 0% (nam2003) len 16,76% (nam 2004).

- Quy d phong tai chnh tang 112.849.419 ong,

tng ng vi ty le tang 100,94%. Ben canh o ty trongcua quy d phong tai chnh cung tang 1,55% tng ng.

+Nguon kinh ph, quy khac cung tang len ang ke. Cuthe tang 123.720.069 ong. Ty trong nguon kinh ph, quykhac cung tang len tng ng t 0% (nam 2003) len 0,9%(nam 2004). Co the noi ay la 1 dau hieu kha quan oivi nguon von cua cong ty nham phuc vu cho hoat ongSXKD.



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Tom lai, qua cac so lieu phan tch tren ta thay trongnam 2004 cong ty co chu trong, quan tam en viec tch luynoi bo. Qua o cung cho thay rang hoat ong SXKD cuacong ty mang lai hieu qua nhat nh. V vay cong ty can

phai tm cach duy tr va phat huy iem manh nay.2.Phan tch tnh hnh tai chnh qua BKQHKD nam

2003- 2004

2.1.Phan tch tnh hnh doanh thu :

Bang phan tch tren cho thay doanh thu thuan cua congty tang t 213.638.697.385 ong (nam 2003) len234.550.141.034 ong (nam 2004).e co c doanh thu thuan

tang 9,8% cong ty a tang tong gia tr hang tieu thu10,18%. Nh vay trong khi doanh thu tang 10,18% th doanh thuthuan tang 9,8% so vi nam 2003. ieu nay cho thay chatlng tieu thu cua cong ty a tang. Va qua o cung chngto c s co gang ang ke cua cong ty, phan au lamtang li nhuan cua cong ty.



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BANG BAO CAO KET QUA HOAT ONG KINH DOANHNAM 2003- 2004

CH TIEU

Nam 2003 Nam 2004 Chenh lech 2004/2003

So tien

Ty

trong(%)

So tien

Ty

trong(%)

Mc chenhlech

Ty

le+/-(%)

Ccau(%)

(1) (2) (3) (4) (5) = (3) - (1)(6) =(5) /(1)

(7) =(4) -(2)

Doanh thu banhang va cungcap dich vu

213,861,717,928

235,629,803,267

21,768,085,339

0.10

Cac khoan giam

tr223,020,543

1,079,662,23

3856,641,690 3.84

- Chiec khauthng mai 0 0

- Giam giahang ban

146,558,685 72,243,442 (74,315,243) (0.5)

- Hang ban btra lai

63,605,190 994,894,712 931,289,522 14,64

- Thue TTB,thue XK, thue

GTGT theo pp trctiep phai nop

12,856,668 12,524,079

(332,589) (0.03

)

1. Doanh thu thuan 213,638,697,385

100 234,550,141,034

100 20,911,443,649

0,10 0

2. Gia von hangban

206,645,864,211

96.73

227,236,914,455

96.88

20,591,050,244

0,10 0.16

3. Li nhuan gop6,992,833,17

4 3.277,313,226,57

9 3.12 320,393,405 0,05(0.16

)4. Doanh thu hoatong tai chnh

2,521,504,829 1.18

1,433,067,807 0.61

(1,088,437,022) (0,43)

(0.57)

5. Ch ph tai chnh1,363,992,20

7

0.64 852,483,327 0.36(511,508,88

0)

(0,38)(0.28

)Trong o: Laivay phai tra

31,118,567 0.01 225,352,691 0.10 194,234,124 6,24 0.08

6. Chi ph banhang

3,680,522,015

1.72 2,622,651,541

1.12 (1,057,870,474)

(0,29) (0.60)

7. Chi ph quan lydoanh nghiep

2,223,776,475

1.04 2,159,679,398

0.92 (64,097,077) (0,03) (0.12)

8. Li nhuanthuan t HKD

2,246,047,306 1.05

3,111,480,120 1.33 865,432,814 0,39 0.28

9. Thu nhap khac 644,879,247 0.30 129,196,607 0.06(515,682,64

0) (0,80)(0.25

)10. Chi ph khac 11,264,277 0.01 66,141,198 0.03 54,876,921 4,87 0.0211. Li nhuankhac 633,614,970 0.30 63,055,409 0.03

(570,559,561) (0,90)

(0.27)



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12. Tong linhuan trc thue

2,879,662,276

1.35 3,174,535,529

1.35 294,873,253 0,10 0.01

Tong thu nhapchu thue

2,502,887,756

1.17 2,685,936,602

1.15 183,048,846 0,07 (0.03)

Thue suat 32% 0.00 28% 0.00 0 0.0013. Thue TNDNphai nop 800,924,082 0.37 752,062,249 0.32 (48,861,833) 0.06

(0.05)

14. Li nhuan sauthue

2,078,738,194 0.97

2,422,473,280 1.03 343,735,086 0,17 0.06

- Quy au tphat trien

251.080.639 401.441.939

- Ty le 12,08% 17,94%- Quy khenthong 10%

207.863.376 225.788.837

- Quy phuc li 5% 103.931.688 112.894.419

- Co tc 1.332.000.000

1.421.128.729

- % tren von ieule

13,45%13,99%

(Nguon t phong ke toan)

2.2.Phan tch tnh hnh li nhuan :

Da vao so lieu bang phan tch KQHKD 2003- 2004cua cong ty ta thay cong ty co tong li nhuan trc thue

nam 2003 la 2.879.662.276 ong, nam 2004 la 3.174.535.529ong. Nh vay, so vi nam 2003 tong li nhuan trc thuenam 2004 tang 294.873.253 ong, tng ng vi ty le tang10,24%. ay la bieu hien tot ve chieu hng gia tang linhuan cua cong ty. Trong o :

- Do hoat ong kinh doanh lam tang 865.432.814 ong,tng ng vi ty le tang 39%.

- Do thu nhap khac lam giam 515.682.640 ong, tngng vi ty le giam 79,97%.

Tom lai, nhn chung ket qua hoat ong SXKD cua cong tytrong nam ha hen nhieu trien vong. The hien tong linhuan trc thue a tang 10,24%, doanh thu thuan tang 9,8%,chat lng tieu thu tang. Cac bien phap kch thch tieu thuva thanh toan a c s dung hp ly, cac chi ph cquan ly va s dung co hieu qua.

2.3.Phan tch tac ong cua on bay lendoanh li va rui ro :



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a.o nghieng on bay kinh doanh

BANG PHAN TCH TAC ONG CUA ON BAY LEN DOANHLI VA RUI RO

Ch tieuNam 2003 Nam 2004 Chenh lech

So tien So tien So tienTytrong

%

1. Tong doanhthu

213.638.697.385

234.550.141.034

20.911.443.649

9,79

2. Tong nh ph(F)

5.904.298.490

4.782.330.939

(1.121.967.551)

(19,00)

3. Tong bien ph(V)

206.645.864.211

227.236.914.455

20.591.050.244

9,96

4. EBIT 1.088.534.684

2.530.895.640

1.442.360.956

132,50

5. Lai vay (R) 31.118.567 225.352.691 194.234.124 624,17

DOL=(EBIT+F)/EBIT

6,42 2,89 (3,53) (55,02)

DFL=(EBIT/[EBIT-R])

1,03 1,10 0,07 6,64

DTL=DOL*DFL 6,61 3,17 (3,44) (52,03)

DOL2003 = EBIT F

EBIT

+= 6,42

DOL2004 = EBIT F

EBIT

+

= 2,89

o nghieng on bay kinh doanh cua nam 2004 giam sovi nam 2003 t 6,42 (nam 2003) con 2,89 (nam 2004). Quao cho thay o rui ro trong kinh doanh nam 200 thap hn sovi nam 2003. DOL cua nam 2004 bang 2,89 co ngha la c1% thay oi trong doanh thu t mc doanh thu c ban la234.550.141.034 ong a en 2,89% thay oi trong EBIT theocung chieu vi thay oi trong doanh thu. Noi cach khac, mot

gia tang 10% trong doanh thu a en mot gia tang 28,9% trong



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EBIT. Tng t, mot sut giam 10% trong doanh thu a en motsut giam 28,9% trong EBIT. DOL cua mot doanh nghiep cangln, o phong ai cua thay oi doanh thu oi vi thay oiEBIT cang cao.

b.o nghieng on bay tai chnh (DFL) :

DFL2003 =EBIT

EBIT R=1,03

DOL2004 =EBIT

EBIT R= 1,10

Nam 2004 o nghieng on bay tai chnh cua cong ty

tang so vi nam 2003 cho thay o rui ro trong tai chnh nam2004 cao hn so vi nam 2003. DFL cua nam 2004 bang 1,10co ngha la moi thay oi 1% trong EBIT t mc EBIT c ban2.530.895.640 ong se a en mot thay oi 1,10% trong EPStheo cung chieu vi thay oi trong EBIT.

c. o nghieng on bay tong hp (DTL) :

DTL2003 = DOL*DFL = 6,61

DTL2004 = DOL*DFL = 3,17

Tac ong so nhan tong hp cua on bay kinh doanhva on bay tong hp c goi la o nghieng on bay tonghp (DTL). DTL cua nam 2003 bang 6,61 co ngha la moi thayoi 1% trong doanh thu t mc doanh thu c ban213.638.697.385 ong a en mot thay oi 6,61% trong EPScua cong ty. Tng t nh vay DTL nam 2004 cua cong tybang 3,17 (thap hn nam 2003) co ngha la moi thay oi 1%trong doanh thu t mc doanh thu c ban 234.550.141.034 ong

a en mot thay oi 3,17% trong EPS cua cong ty co phanNAM TIEN.

3.Phan tch tnh hnh tai chnh qua cac ty so taichnh :

3.1.Phan tch ty so kha nang thanh toan :

a.Ty so kha nang thanh toan hien hanh :



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Nam2003 =28.032.865.189

22.416.764.290= 1,25

Nam2004 =17.412.583.985

10.158.260.390= 1,71

Kha nang thanh toan hien hanh nam 2003 thap hnnam 2004 la 0,46. ay la 1 ty so tng oi thap the hienkha nang thanh toan cua cong ty. Cu the :

- Tnh hnh d tr tai san nam 2004 cao hn nhieu so vinan 2003. Ben canh o n ngan han cung gaim theo tngng. Do o, dan den kha nang thanh toan hien hanh cuanam 2004 la cao hn so vi nam 2003.

- Ty so nay ca 2 nam tuy co hi thap nhng aykhong phai la 1 xu hng xau. Bi v trong ca 2 nam naycong ty a s dung kha nhieu von lu ong cho viec mrong hoat ong kinh doanh. Vi ty so 1,71 lan (nam 2004) congha la tr gia TSL cua cong ty ln gap 1,71 lan so vi nngan han.



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b.Ty so kha nang thanh toan nhanh :

Nam2003 =28.032.865.189 5.130.033.492

22.416.764.290

= 1,02

Nam2004 =17.412.583.985 8.475.568.805

10.158.260.390

= 0,8

Ty so kha nang thanh toan nhanh cua cong ty nam2004 thap hn nam 2003 va eu tng oi thap, bieu hienkha nang thanh toan cua cong ty ang tnh trang khongc tot v can phai tieu thu hang ton kho mi co the

thanh toan ngay cac khoan n en han.c. kha nang thanh toan lai vay.

Nam2003 =1.088.534.684

31.118.567= 34,98

Nam2004 =2.530.895.640

225.352.691= 11,23

Kha nang thanh toan lai vay nam 2004 tahp hn so vinam 2003. Tuy nhien tuy theo nganh nghe kinh doanh va chu

ky hoat ong cua n v ma ty le nay co the cao hn hoacthap hn so vi nguyen tac c ban.

Trong nam 2003 so lan hoan tra lai vay la 34,98 lan,ngha la c 1 ong chi ph lai n vay th cong ty phai co 34,98ong li nhuan trc thue va trc lai vay e thanh toan.Nam 2004 kha nang thanh toan lai vay gaim con 11,23 lan.Neu so vi nguyen tac c ban th kha nang thanh toan laivay cua 2 nam nay la hi thap.

3.2 C cau von.

a. Ty so n tren tai san.

Nam2003 =22.490.961.123

35.972.517.322= 62,52

Nam2004 =10.266.812.545

23.987.230.934= 42,80

He so n nam 2004 thap hn so vi nam 2003. Cu the :



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- Trong nam 2004 cong ty a gia tang nguon von chus hu. Cu the la cong ty a gia tang nguon von _ quy vanguon kinh ph, quy khac.

- He so n giam xuong la 1 bieu hien tot cho cac

chu n. T o co the anh hng en viec vay n cuacong ty, anh hng en lai suat ma cong ty phai tra chocac chu n khi vay n them.

b.Ty so n tren von co phan :

Nam2003 =22.490.961.123

13.481.556.199= 1,67

Nam2004 = 10.266.812.54513.720.418.389

= 0,75

He so n tren von co phan cua cong ty nam 2004giam so vi nam 2003. Cu the :

- Trong nam 2004 cong ty a tang von co phan t13.481.556.199 ong (nam 2003) len 13.720.418.389 ong.

- Khi so sanh tng quan cua viec giam n vi lai rongtren von co phan cho thay cong ty giam n t 167% (nam

2003) xuong con 75% (nam 2004) a lam cho lai rong trenvon co phan giam xuong. V vay cong ty nen can nhac,xem xet ky van e nay.

3.3.Phan tch ty so hoat ong :

a.So vong quay hang ton kho :

Nam2003 =213.638.697.385

5.130.033.492= 41,64

Nam2004 =234.550.141.034

8.475.568.805= 27,67

So vi nam 2003 th so vong quay hang ton kho cuacong ty nam 2004 thap hn nhieu. Tuy nhien ty so nay (27,67vong) cung khong phai la qua thap so vi 1 doanh nghiepthuoc lnh vc san xuat nh cong ty co phan NAM TIEN. ieu



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nay cho thay tnh hnh luan chuyen hang ton kho cua cong tykha tot. T o, gop phan nang cao hieu qua s dung vonlu ong cho cong ty. ay la 1 iem manh ma cong ty canphat huy.



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b.So vong quay cac khoan phai thu :

Nam2003 =213.638.697.385

18.477.642.475= 11,56

Nam2004 =234.550.141.034

7.428.179.659 = 31,58

So vong quay cac khoan phai thu nam 2004 cao hn sovi nam 2003 nhng mc chenh lech nay co the chap nhanc v viec giam so vong quay cac khoan phai thu la docong ty ang ap dung chnh sach ban chu e tang cngkha nang canh tranh va tieu thu san pham cho cong ty.

c.Hieu suat s dung TSC :

Nam2003 =213.638.697.385

2.163.919.588= 98,73

Nam2004 =234.550.141.034

1.844.160.418= 127,19

Nam 2003 von co nh quay c 98,73 vong co nghala c 1 ong von co nh th tao c 98,73 ong doanh thuthuan. Nam 2004 von co nh quay nhanh hn so vi nam2003 va at 127,19 vong. Nguyen nhan lam cho so vong quaytang la do ca doanh thu thuan va TSC nam 2004 eu tangso vi nam 2003 nhng do toc o tang cua doanh thu thuanln hn toc o tang cua TSC t o dan en hieu suats dung TSC nam 2004 at hieu qua cao hn.

d.Hieu suat s dung toan bo tai san :

Nam2003=

213.638.697.385

35.972.517.322

=5,94



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Nam2004=

234.550.141.034

23.987.230.934

=9,78

Nam 2004 hieu qua s dung toan bo von cao hnnam 2003. Doanh thu thuan tang 9,8%, tong tai san giam33,32% dan en hieu suat s dung toan bo tai san nam2004 tang so vi nam 2003 nhng ty le giam khong angke. ieu nay cung cho thay hieu qua s dung tai san cuacong ty at hieu qua. V vay, cong ty can co bien phap caitien tnh hnh s dung tai san.

e.Hieu suat s dung von co phan :

Nam2003 =

213.638.697.385

13.481.556.199

=15,85

Nam2004 =

234.550.141.034

13.720.418.389

=

17,09

Hieu suat s dung von co phan cua ca 2 nam eukha cao va tng oi on nh. ieu nay chng to hieu suats dung von co phan cua cong ty kha tot. Do o cong tycan duy tr va phat huy iem manh nay.

3.4 Ty so sinh li.

a. Ty so li nhuan tren doanh thu.

Nam2003 =719.042.960

213.638.697.385= 0,003

Nam2004 =1.659.990.923

234.550.141.034= 0,007

Ty so li nhuan tren doanh thu cua nam 2004 hn gapoi so vi nam 2003. ieu nay chng to hoat ong SXKDcua cong ty mang lai hieu qua tot. ay cung la 1 van eang c quan tam bi v nguyen nhan co the la do chi phthap hn hoac do gia ban cao hn hoac do ca hai.



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b. Ty so li nhuan tren tong tai san(ROA).

Nam2003 =719.042.960

35.972.517.322 = 0,02

Nam2004 =1.659.990.923

23.987.230.934= 0,07



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Theo phng phap phan tch Dupont ta co cong thc tnhROA nh sau :

ROA =

Lairong

Tongtai san

=

Lairong

Doanhthu

*

Doanhthu

Tongtai san

Da vao so lieu a phan tch tren th ty so linhaun tren tong tai saan3 cua nam 2004 (7%) ln hn nam2003 (3%) chng to kha nang sinh li cua cong ty co tanglen. Nh vay, ty so li nhuan tren tong tai san nam 2004cao hn nam 2003 la do so vong quay toan bo von nam 2004cao hn nhieu so vi nam 2003, co ngha la viec to chc sdung von cua cong ty at hieu qua cao.

c. Ty so li nhuan tren von co phan(ROE).

Nam2003 =719.042.960.

13.481.556.199= 0,05

Nam2004 =1.659.990.923

13.720.418.389= 0,12

Nam 2004 ty so li nhuan tren von co phan a c

nang cao so vi nam 2003. ac biet ty so li nhuan trentong tai san cua 2 nam : nam 2003 la 2%, nam 2004 la 7%trong khi ty so li nhuan tren von co phan nam 2003 la 5%,nam 2004 la 12%. ieu nay cho thay cong ty a s dungvon vay co hieu qua nen a khuyech ai c ty so lairong tren von co phan cao hn ty so lai rong tren tongtai san.

III. Thc trang lap KHTC tai cong ty trong thi gian vaqua :

1. Cong tac lap KHTC cho nam 2004 va qua cuacong ty :

Can c vao ket qua hoat ong SXKD a at c cungnh tnh hnh tai chnh cu the cua cong ty nam 2003, kethp vi nhng nang lc san co cua mnh, cong ty a lapcac bao cao tai chnh cho nam 2004 nh sau : Doanh thu thuannam 2004 tang so vi nam 2003 vi EBIT la 2.530.895.640



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ong. Li nhuan la 1.659.990.923 ong sau khi tra tren108.552.155 ong vay n (t nam 2004 tr i cong ty cgiam thue thu nhap doanh nghiep).

Da vao bang Nguon va s dung nguon nam 2004

cho thay dong tien hoat ong cua cong ty khong u e trali tc co phan va e cung cap tien mat can thiet cho aut va gia tang von luan chuyen.



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Cac bao cao tai chnh cho nam 2004 cua cong ty NAMTIEN :

BAO CAO THU NHAP

Ch tieu Nam 20041.Doanh thu thuan (REV) 234.550.141.034

2.Chi ph hoat ong (CGS) 232.019.245.394

3.EBIT 2.530.895.640

4.Lai vay ( INT) 225.352.691

5. Lai trc thue (EBT) 2.305.542.949

6.Thue thu nhap doanhnghiep (Tax)

645.552.026

7.Lai rong 1.659.990.923

NGUON VA S DUNG NGUON

Nguon

Lai rong (NET) 1.659.990.923

Khau hao (DEP) 657.464.695

Dong tien hoat ong (OCF) 2.317.455.618

Vay (D) 34.335.322

Phat hanh co phan (SI) 0

Tong nguon 2.351.790.940

S dung nguon

Tang von luan chuyen (NWC) 1.638.223.326

au t (INV) (707.540.489)Li tc co phan (DIV) 1.421.108.103

Tong s dung 2.351.790.940



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PHAN III : NHAN XET VE TNH HNH TAI CHNHTRONG 2 NAM 2003 2004, LAP KHTC NAM 2005, CACGIAI PHAP VA KIEN NGH VE VIEC LAP KHTC TAICONG TY CO PHAN NAM TIEN

I. Nhan xet ve tnh hnh tai chnh cua cong ty trong 2nam 2003 2004 :

1.u iem :

- Lng von trch lap cac quy tang len chng to congty co tch luy noi bo, hoat ong SXKD cua cong ty co hieuqua.

- Hieu qua s dung TSC cua cong ty ngay cang cao.- Kha nang thanh toan cua cong ty ang tot dan len,

cong ty co kha nang thanh toan cac khoan n.

- Phat huy c hieu qua s dung nguon von hien co,thu nhap moi co phieu ngay cang tang.

- Hang ban b tra lai giam chng to chat lng hanghoa tang len, tiet kiem c chi ph ban hang.

- Trong ieu kien kinh doanh co lai nh hien naycua congty th viec s dung von vay la u iem ln cua cong ty v nose khuyech ai lai rong cua cong ty.

2.Nhc iem :

- Cong ty a hoat ong lau nam nen viec ng trcnhng kho khan ve TSC nh nha xng, may moc, congnghe cu ky, lac hau la ieu khong the tranh khoi. Chnh vvay viec trang b may moc hien ai, nang cap nha xng

la van e cap thiet e tang nang suat lao ong.- Kha nang t chu ve tai chnh cua cong ty b giam

xuong do cac khoan n vay tang len.

- N vay tang len ac biet la cac khoan vay ngan hantang cao lam tang ganh nang tra lai vay cua cong ty.

- So von cua cong ty b ben ngoai chiem dung tanglen. ac biet la cac khoan phai thu khach hang va tra

trc ngi ban.



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- Ty so vong quay cac khoan phai thu giam, kha nangthanh toan hien hanh va kha nang thanh toan tc thi concha cao.

- Chi ph SXKD co ty le tang cao hn ty le tang cua

doanh thu thuan anh hng en li nhuan cua cong ty.

- Viec m rong hoat ong kinh doanh xuat khau cuacong ty con cha cao.

II. Lap KHTC d kien nam 2005 tai cong ty co phanNAM TIEN:

Cac bao cao tai chnh (d kien) nam 2005 cuacong ty :

BAO CAO THU NHAPCh tieu Nam 2005

1.Doanh thu thuan 304.915.183.344

2.Chi ph hoat ong 278.423.094.473

3.EBIT 26.492.088.871

4.INT 222.700.212

5.EBT 26.269.388.659

6.TAX 7.355.428.825

7.NET 18.913.959.834

BANG CAN OI KE TOAN D KIEN 2005

Nam 2005

Tai san

Von luanchuyen (NWC)

TSC (FA)

Tong tai san

N va von cophan

N vay (D)

Von co phan (E)

9.430.620.674

8.547.041.034

17.977.661.707

2.474.446.8



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Tong n va vonco phan

07

15.503.214.900

17.977.661.707



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NGUON VA S DUNG NGUON

Nguon

Lai rong (NET) 18.913.959.834

Khau hao (DEP) 657.464.695

Dong tien hoat ong (OCF) 19.571.424.529

Vay (D) 2.365.894.652

Phat hanh co phan (SI) 0

Tong nguon 21.937.319.181

S dung nguon

Tang von luan chuyen (NWC) 2.176.297.079

au t (INV) 2.738.458.251DIV (90% NET) 17.022.563.851

Tong s dung 21.937.319.181

KHTC d kien nam 2005 cho cong ty co phan NAM TIENla doanh so tang 30%, chi ph hoat ong d kien tang 20%cong ty se khong phat hanh co phan thng, neu thieu thcong ty se vay them vi lai suat 9%, ty le chi tra co tc

90%, von luan chuyen va tai san co nh tang 30% e hotr cho doanh so tang them.

III. Cac giai phap, kien ngh ve viec lap KHTC taicong ty co phan NAM TIEN :

- Do cong ty co nhieu x nghiep san xuat tai nhng aiem khac nhau, san xuat nhng loai hnh san pham khacnhau nen ton tai he thong so sach ke toan cho tng xnghiep. Do vay khi tong hp so lieu bo phan ke toantong hp cua cong ty co nhng khoan muc thng hay btrung lap nh thue tieu thu ac biet, chi ph ban hang, chiph QLDN, dan en nhng d bao sai sot trong viec lapKHTC oi vi hieu qua hoat ong SXKD cua cong ty. Hien taitrong bao cao quyet toan hang nam cong ty cha lap baocao lu chuyen tien te. V vay cong ty nen sm lap baocao nay v no that s can thiet cho 1 ong ty XNK thng

phat sinh nhieu loai ngoai te nh cong ty co phan NAM TIEN.



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Khi tien hanh phan tch bao cao nay se cho thay cac dongtien ra, dong tien vao cua cac loai tien mat (bao gom tienmat tai quy, tien gi ngan hang, cac loai chng th co giatr nh tien ). Vi noi dung c ban la phan anh lng tien

chu chuyen qua cac mat hoat ong SXKD cua cong ty, baocao lu chuyen tien te chnh la cong cu hu hieu e anhgia kha nang ap ng nhng c hoi kinh doanh, la 1 congcu lap ke hoach : lien ket cac chnh sach tra lai vi cacmat hoat ong cua cong ty, lap ke hoach tai tr cho viectai san xuat Cac ty so tien mat co the thiet lap tbao cao lu chuyen tien te la ket qua cua 1 qua trnh tchluy trong suot mot ky bao cao se giup cho ngi phan tch

co c cai nhn tong quat hn ve tnh hnh tai chnh von oikhi khong c anh gia chnh xac do b phu thuoc quanhieu vao tnh chat thi diem cua viec lap bao cao taichnh. Tuy nhien neu xet ve chi ph e tien hanh cong viecnaytong moi quan he vi li ch ma no co the em lai trongs phat trien lau dai cua cong ty th cong ty nen tng bchoan chnh he thong bao cao tai chnh.

- Hien tai cong ty cha chu trong lam vao viec lap KHTC.

V vay, e tranh cac bat ng va chu ong oi pho vinhng s kien bat ng khong the tranh c xay ra trongkinh doanh, cong ty nen lap KHTC hang nam ket hp chatche vi viec lap ke hoach kinh doanh cua mnh cho nam tie at c ket qua tot hn trong kinh doanh.

Tom lai, lap KHTC la 1 cong viec quan trong trong ieuhanh cung nh quan ly cac hoat ong SXKD cua doanhnghiep.

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