ThS. Nguyn Vn Nht

Khoa Ti chnh

Email: nguyenvn@vnn.vn LT

1

1.Qun tr ti sn ngn hn

2.Hoch nh vn u t

3.Chnh sch c tc v mua li c phiu

4.Qun tr ri ro

5.K hoch ti chnh v d bo ti chnh

NI DUNG

2

TI LIU THAM KHO

1. TI CHNH DOANH NGHIP CN BN, TS.

Nguyn Minh Kiu, NXB Thng k, 2009.

2. QUN TR TI CHNH, Eugene F. Brigham, Joel F.

Houston, i hc Florida, dch bi GS.TS Nguyn Th

Cnh.

3. QUN TR TI CHNH NGN HN, Nguyn Tn

Bnh, NXB Thng k, 2010

4. FUNDAMENTALS OF CORPORATE FINANCE,

Breadley / Myers / Marcus, McGraw Hill Pub.

5. CASE STUDIES IN FINANCE, Bruner / Eades /

Schill, McGraw Hill Pub.

3

1.1Qun tr tin mt

1.2Qun tr hng tn kho

1.3Qun tr n phi thu

Chng 1

QUN TR TI SN NGN HN

4

Qun tr tin mt

1. Nhng l do khin doanh nghip phi

d tr tin mt?

2. Nhng u im v hn ch ca vic d

tr tin mt?

3. Nn d tr tin mt nh th no cho

hiu qu nht?

5

1.1. Qun tr tin mt

Nhng l do phi gi tin mt?

1. Giao dch

2. u c

3. D phng

6

Thu

-Tien ban hang

-Cac khoan n, tam

ng, thu khac

Chi

-Tien mua hang

-Tien lng

- Chi ph khac

au t ngan han

Cac loai chng khoan kha

nhng

7

Chi

ph

gi

tie

n m

at

Qui mo tien mat duy tr

Chi ph giao dch

Chi ph c hoi

Tong chi ph gi

tien mat

C* C1 C2

Quyt nh tn qu tin mt

- Chi ph c hi ca tin

- Chi ph giao dch chuyn i ti sn u t sang tin

8

Tien mat au ky:

C = 1,2 ty

Tien mat cuoi ky: C = 0

Tien mat bnh quan:

C/2 = 600 trieu

1 0 2 3 4 Tuan

1.1.1. Mo hnh Baumol

9

Tn qu ban

u C

Tn qu trung

bnh C/2

Chi ph c hi

K = 10%

4.800 2.400 240

2.400 1.200 120

1.200 600 60

600 300 30

300 150 15

10

Tng s tin cn b

p cho 1 nm (T) Tn qu ban u (C)

Chi ph giao dch

(T/C)*F

31.200 4.800 6,5

31.200 2.400 13,0

31.200 1.200 26,0

31.200 600 52,0

31.200 300 104,0

11

.min2

FC

TK

CTC

K

TFC

2

K : Li sut chng khon hng nm F : Chi ph cho mi ln giao dch tin (khng i) T : Tng nhu cu ti mt trong nm

12

Han che cua mo hnh Baumol

oCong ty ap dung ty le bu ap tien mat khong oi

oKhong co so thu tien mat trong ky hoach nh

oKhong co d tr tien mat cho muc ch an toan

oDong tien te ri rac ch khong phai lien tuc.

13

1.1.2. Mo hnh Miller - Orr

H

L

Z*

d

Lk

FZ 3

2..

4

3.*

H* = 3Z* - 2L

F_ Chi ph giao dch chng khoan

k Lai suat ngan han (ngy) _ chenh lech dong tien rong hang ngay ( lch chun)

14

1.1.3. Qun tr thu chi tin mt

Qun tr tin ang chuyn

+ Tin ang chuyn

+ Chi ph do tin ang chuyn

u t tin nhn ri

15

Thi iem

khach hang

phat hanh

cheque

Thi iem

cong ty nhan

cheque

Thi iem

cong ty nop

cheque

Thi iem

cong ty nhan

c tien

Thi gian

Tre do

chuyen

cheque

Tre do

x ly

cheque

Tre do

thanh

toan

cheque

Tien ang

chuyen do

chuyen

cheque

Tien ang

chuyen do

x ly

cheque

Tien ang

chuyen do

thanh

toan

cheque

Tien ang

chuyen do thu

Qua trnh thu nhan, x ly va thanh toan cheque

16

Minh hoa cach xac nh ton that do tien ang chuyen

Gia s Cong ty ABC nhan hai khoan thanh toan moi thang nh sau:

So tien Ty trong So ngay cham tre

Tien ang chuyen

Khoan th 1 500.000.000 5/8 3 1.500.000.000

Khoan th 2 300.000.000 3/8 5 1.500.000.000

Tong cong 800.000.000 3.000.000.000

Xac nh ton that rong do cham tre thanh toan hang nam cua cong ty ABC

17

Giai :

So thu bnh quan hang ngay = 800.000.000 / 30 = 26.666.667

ong

Tien ang chuyen bnh quan hang ngay = 3.000.000.000 / 30 =

100.000.000 ong

So ngay cham tre bnh quan = (5/8)*3 + (3/8)*5 = 3,75 ngay

Gia s lai suat vay ngan hang la 10%/nam, lai qui ra cho ky han

3,75 ngay se la: 0,1(3,75/365) = 0,00103

Hien gia cua so thu bnh quan hang ngay = (26.666.667) / (1 +

0,00103) = 26.639.229 ong

Ton that rong do cham tre thanh toan hang ngay = 26.639.229 -

26.666.667 = - 27.438 ong

Ton that rong do cham tre thanh toan hang nam = - 27.438x365

= - 10.014.870 ong.

18

1.2. Qun tr hng tn kho

1.2.1. ac iem hang ton kho

Vai tro:

-am bao hoat ong SX c lien tuc

-Tang chi ph

Nhng nhan to anh hng:

-Loai hnh DN

-Tnh chat cua qui trnh san xuat

-Chi ph at hang, chi ph lu kho

-Lam phat, lai suat

19

1.2.2. Mo hnh quan ly hang ton kho hieu qua EOQ

(economic odering quantity)

Xac nh lng at hang toi u

Q*

C

F

TC

C

FSQ

..2*

S - Tong lng hang tieu thu trong ky

F - Chi ph cho moi lan at hang

C - Chi ph lu kho moi n v hang

Q

20

Xac nh iem at hang lai

t

Q

Qt

21

1.3. Qun tr n phi thu

Chnh sach ban chu

Li nhuan tang?

Ra quyet nh

Theo doi, quan ly n

Tang doanh thu

Tang khoan

phai thu khach

hang tang chi ph

22

1.3.1. Xay dng chnh sach ban chu

Tieu chuan ban chu:

-ng x cua khach hang

-Von t co

-Kha nang tra n

-Tai san the chap

-Kinh te v mo

ieu khoan ban chu:

-Thi han ban chu

-Chnh sach chiet khau

23

Gia s rang gia ban san pham cua cong ty ABC Ltd. la 10$/ n v,

trong o chi ph kha bien trc thue la 8$.

Hien tai cong ty hoat ong cha het cong suat nen s gia tang

doanh thu khong oi hoi phai gia tang chi ph co nh.

Doanh thu hang nam cua cong ty hien tai la 2,4 trieu $. Neu ni

long chnh sach ban chu, doanh thu ky vong tang 25%.

Gia s rang n gia hang ban khong thay oi va chi ph c hoi thc

hien khoan phai thu tang them la 20%.

Phan tch xem cong ty ABC co nen ni long tieu chuan ban chu

san pham hay khong? Biet rang ky thu tien bnh quan cua khach

hang mi tang them la 2 thang.

Quyet nh tieu chuan ban chu

24

Gia s rang gia ban san pham cua cong ty ABC Ltd. la 10$/v,

trong o chi ph kha bien trc thue la 8$.

Hien tai cong ty hoat ong cha het cong suat nen s gia tang

doanh thu khong oi hoi phai gia tang chi ph co nh.

Doanh thu hang nam cua cong ty hien tai la 2,4 trieu $.

Gia s cong ty thay oi thi han ban chu t net 30 thanh net 60 tc la gia tang thi han ban chu t 30 ngay len thanh 60 ngay.

S thay oi nay a en ket qua la ky thu tien bnh quan tang t 1

thang len thanh 2 thang va doanh thu ban hang tang them

360.000$. Cho chi ph vn = 20%.

Chung ta phan tch xem s thay oi nay anh hng nh the nao va

cong ty co nen thay oi thi han ban chu hay khong?

Phan tch va quyet nh chnh sach thi han ban chu

25

Gia s rang cong ty ABC Ltd. co doanh thu hang nam la 3 trieu $

va ky thu tien bnh quan la 2 thang.

Cong ty hien ang ap dung ieu khoan ban chu la net 60. Neu cong ty thay oi ieu khoan ban chu thanh 2/10 net 60 th ky thu tien bnh quan ky vong giam con 1 thang va c tnh co

khoang 60 phan tram khach hang (tng ng 60% doanh thu) se

lay chiet khau .

Vi nhng thong tin a cho, phan tch xem cong ty co nen thay

oi ty le chiet khau hay khong? Biet rang chi ph c hoi cua

khoan phai thu van mc 20%.

Phan tch va ra quyet nh thay oi ty le chiet khau

26

Anh hng cua rui ro ban chu

Chnh sach Hien tai A B

Nhu cau, doanh thu ban chu 2.400.000 3.000.000 3.300.000

Doanh thu tang them 600.000 300.000

Ton that do n khong the thu hoi

Doanh thu goc 2%

Doanh thu tang them 10% 18%

Ky thu tien bnh quan

Doanh thu goc 1 thang

Doanh thu tang them 2 thang 3 thang

27

Ch tieu Chnh sach A Chnh sach B

1. Doanh thu tang them

2. Li nhuan tang them do tang doanh thu

(Doanh thu tang them x lai gop)

3. Khoan phai thu tang them

(Doanh thu tang them/Vong quay khoan

phai thu mi)

4. au t khoan phai thu tang them

(Khoan phai thu tang them x gia von)

5. Chi ph c hoi do au t them vao khoan

phai thu (20%)

6. Ton that do n khong the thu hoi

(Doanh thu tang them x ty le n khong

the thu hoi)

7. Tong thiet hai ( dong 5+6)

8. Li nhuan tang them sau khi tr thiet

hai: (2) (7) 28

Ch tieu Chnh sach A Chnh sach C

1. Doanh thu tang them

2. Li nhuan tang them do tang doanh thu

(Doanh thu tang them x lai gop)

3. Khoan phai thu tang them

(Doanh thu tang them/Vong quay khoan

phai thu mi)

4. au t khoan phai thu tang them

(Khoan phai thu tang them x gia von)

5. Chi ph c hoi do au t them vao khoan

phai thu (12%)

6. Ton that do n khong the thu hoi

(Doanh thu tang them x ty le n khong

the thu hoi)

7. Tong thiet hai ( dong 5+6)

8. Li nhuan tang them sau khi tr thiet

hai: (2) (7) 29

Chnh sach ban chu

A B C D

Mc tang doanh thu cua chnh sach sau so

vi chnh sach trc (ty ong)

2,8 1,8 1,2 0,6

Ky thu tien bnh quan (ngay) 45 60 90 144

Ton that n khong the thu hoi (%) 3 6 10 15

30

Thong tin

ve khach hang

-Bao cao tai chnh

-Xep hang tn dung

-Kiem tra cua ngan hang

-Kiem tra thng mai khac

Uy tn

cua

khach

hang

T choi ban chu

Quyet

nh

ban

chu

khong

co

1.3.2 Phan tch uy tn tai chnh

cua khach hang mua chu

31

1. Khai niem, phan loai d an au t

2. Dong tien cua d an au t

3. Cac ch tieu anh gia d an au t

4. Suat chiet khau d an

Chng 2

HOCH NH VN U T

32

2.1. Khai niem, phan loai d an au t

2.1.1 Khai niem ve au t:

La viec bo von ra dung vao viec san xuat, kinh doanh nham muc

ch sinh li, bao gom hai giai oan:

1. Giai oan bo von au t

-au t ra ben ngoai DN: mua chng khoan, gop von lien

doanh

-au t vao ben trong DN: mua sam TSC va TSL

2. Giai oan thu hoi von va co lai

Doanh nghiep thu von la tien lai. Trong giai oan nay DN van

phai tiep tuc bo chi ph cho cac loai TSL.

33

2.1.2 Phan loai au t

Can c vao thi gian bo von au t va thc hien:

- au t ngan han: mua trai phieu, gop von lien doanh

di 1 nam

- au t dai han: mua co phieu, trai phieu, gop von

LD, mua TSC

Can c vao muc tieu au t:

- au t thay the

- au t nang cap

- au t mi

34

2.1.3 Qui trnh phan tch va ra quyet nh au t

Xac nh d an:

Tm c hoi va

a ra e ngh

au t vao d an

anh gia d an:

c lng dong

tien lien quan va

suat chiet khau

hp ly

La chon tieu

chuan quyet

nh:

(PBP, NPV, PI,

IRR, MIRR)

Ra quyet nh:

Chap nhan hay t

choi d an

Tm nguon von

tai tr cho d an

D

A

35

2.2.1 Khai niem

Dong tien (lu chuyen tien te cash flow) the hien s van ong (thu vao, chi ra) cua tien te trong mot d an

au t.

2.2. Dong tien cua d an

Dong tin ra (outflows)

Dong tin vo (inflows)

Dong tin hot ng (operating cash flows_OCF)

Dong tin thun (net cash flows)

Dong tien la bang d toan thu chi trong suot thi gian

tuoi tho cua d an, no bao gom nhng khoan thc thu

(dong tien vao) va thc chi (dong tien ra) cua d an tnh

theo tng nam.

36

DOANH THU

- Chi ph bng tin (khng bao gm li vay)

- Khu hao

Thu nhp hot ng trc li vay v thu _ EBIT

- Thu TNDN (EBIT * t)

Thu nhp hot ng thun sau thu _ NOPAT

+ Khu hao

OCF _ Dng tin hot ng

- Chi ph vn u t TSC

- Chnh lch vn lu ng tng thm

NCF _ Dng tin thun

37

Dng tin hot ng OCF = EBIT.(1-t) + khu hao

EBIT.(1-t) _ Li nhun hot ng thun sau thu NOPAT

38

Nm 0 1 2 3 4 5

Tng nhu cu vn lu ng

hng nm 0 500 700 1000 900 700

Thay i vn lu so vi

nm trc 0 500 200 300 -100 -200

Vn lu ng tng thm

(phi b sung thm) 0 -500 -200 -300 100 200

Chnh lch vn lu ng

39

X l dng tin cui d n

1. Ton b vn lu ng c thu hi

2. Thu thanh l ti sn c nh: s dng dng tin sau

khi tnh thu TNDN t bn thanh l ti sn.

A B C

1. Nguyn gi 10,000 10,000 10,000

2. Khu hao 10,000 5,000 5,000

3. GTCL (1) (2 ) 0 5,000 5,000

4. Thu thanh l 3,000 3,000 7,000

5. Chnh lch (4) (3) 3,000 (2,000) 2,000

6. Thu (25%) 750 (500) 500

7. CF 2,250 3,500 6,500 40

2.2.2 Cac nguyen tac trong xay dng dong tien

41

0 1 2 3 4 5

A. HOT NG

Doanh thu

Chi ph bng tin

Khu hao

EBIT

Thu TNDN

NOPAT

OCF

B. U T (VN)

TSC

TSL

ICF

D. NCF

C. DT cui DA

Thu thanh l

Thu hi vn L

ECF

42

Mt d n u t c nhu cu vn u t ban u

vo ti sn c nh l 5.000 triu ng v vo ti sn

lu ng l 1.000 triu ng.

D n c thi gian hot ng l 5 nm. Ti sn c

nh c khu hao u trong 5 nm.

Chi ph bng tin chim 40% doanh thu.

Doanh thu nm u l 10.000 triu ng, cc nm

sau mi nm l 25.000 triu ng.

Thu sut thu TNDN l 25%.

Khi kt thc d n thu thanh l ti sn c nh c

500 triu ng (sau thu). Thu hi ton b vn u t

vo ti sn lu ng.

Xc nh dng tin thun ca d n.

43

0 1 2 3 4 5

A. HOT NG

Doanh thu

Chi ph bng tin

Khu hao

EBIT

Thu TNDN

NOPAD

OCF

B. U T (VN)

TSC

TSL

ICF

C. DNG TIN

THUN NCF

44

Hot ng (7 nm)

Doanh thu 3 nm u: 24.000, t nm th 4 tr i: 32.000

Chi ph bng tin 3 nm u: 20.000; t nm th 4 tr i: 25.000

Khu hao mi nm: 1.000

Thu sut thu TNDN 28%

u t

Hin ti chi u t TSC: 7.000, chi u t TSL: 2.000

Nm th 3: u t thm TSC: 1.000, TSL: 500

Thu thanh l TSC (cha tr thu TNDN): 2.389 Thu hi ton b vn lu ng

Yu cu:

Tnh NPV, IRR, MIRR Li sut chit khu r = 12%, li sut ti u t i = 11%

45

Nm 0 1 2 3 4 5 6 7

A. Hot ng

Doanh thu

Chi phi bng tin

Khu hao

LN trc thu

Thu (28%)

LN sau thu

Dong tin hoat

ng OCF

B. u t

u t vo TSC

u t vo TSL

Dong tin u t

NCF

46

2.3 Cac phng phap anh gia

d an au t

1. Phng php hin gi thun NPV

2. Phng php t sut sinh li ni b - IRR

3. Phng php t sut sinh li ni b hiu chnh MIRR

4. Phng php thi gian hon vn - PBP

47

Nm 0 1 2 3 4 5

NCF -100 27 25 24 24 24

NPV 3)1( r

4)1( r5)1( r

2)1( r

1)1( r

2.3.1 PHNG PHP HIN GI THUN

NPV - Net present value

L gi tr hin ti ca dng tin trong tng lai c

chit khu bng chi ph s dng vn r.

n

tt

t

n

n

r

CF

r

CF

r

CF

r

CFCFNPV

02

2

1

10

)1()1(...

)1()1(48

Nm 0 1 2 3 4 5

A. Hot ng

Doanh thu

Chi phi bng tin

Khu hao

LN trc thu

Thu (25%)

LN sau thu

Dong tin hoat ng OCF

B. Chi u t

u t vo TSC

u t vo TSL

Dong tin u t ICF

C. Dng tin cui d n

Thu Thanh l TSC

Thu hi vn lu ng

ECF

FCF = OCF ICF + ECF

49

Nhng d n c lp

Nhng d n loi tr nhau

a. Chn d n c NPV ln hn

b. Xem xt s khc bit v thi gian v qui m d

n

LA CHN D N KHI KHNG B GII HN

V NGUN LC TI CHNH

50

Ty suat sinh li noi bo la lai suat rieng cua d an. Vi lai suat

nay th tong hien gia cua cac khoan thu nhap trong tng lai

bang tong hien gia cua von au t, v vay NPV = 0.

Nham anh gia hieu qua cua d an

Nm 0 1 2 3 4 5

NCF -100 27 25 24 24 24

NPV =

0

1)1( IRR

2.3.2 PHNG PHP T SUT SINH LI NI B

IRR Internal Rate of Return

2)1( IRR

3)1( IRR

4)1( IRR

5)1( IRR

51

IRR r

NPV

0

52

So snh phng php NPV v phng php IRR

Sut chit khu giao nhau

0 1 2 3

A -700 500 300 100

B -700 100 300 600

5% 10% 15% 20% 25% 30%

A $134.68 $77.61 $27.38 ($17.13) ($56.80) ($92.35)

B $185.65 $89.63 $8.31 ($61.11) ($120.80) ($172.46)

IRRB = 16% IRRA = 18%

53

($200,000)

($150,000)

($100,000)

($50,000)

$,000

$50,000

$100,000

$150,000

$200,000

$250,000

5% 10% 15% 20% 25% 30%

A B

rc = 11,8% NPV = $58,8

54

So snh phng php NPV v phng php IRR

Sut chit khu giao nhau

Nhng d n c lp

Nhng d n loi tr nhau

Xem xt s khc bit v thi gian v qui m d n

55

2.3.3 PHNG PHP T SUT SINH LI NI B HIU CHNH

MIRR Modified Internal Rate of Return

Ty suat sinh li noi bo co hieu chnh la ty suat sinh li lam

cho hien gia cua dong tien chi ra cho au t d an bang vi

hien gia gia tr ti han (terminal value) cua dong tien thu ve t

d an.

Gi tr ti hn l tng gi tr tng lai ca dng tin thu vo

c tnh li kp theo li sut ti u t.

i ty suat ti u t r Ty suat chiet khau (lai suat yeu cau cua d an)

TV gia tr ti han cua dong tien thu ve t d an MIRR ty suat sinh li noi bo co hieu chnh n so nam d an hoat ong

56

Nm 0 1 2 3 4 5

NCF -100 27 25 24 24 24

TV 2)1( ni1)1( ni

PVdt MIRR ?

3)1( ni

1 ntPV

TVMIRR

57

2.3.4 PHNG PHP THI GIAN HON VN

Thi gian

hon vn =

S nm trc

khi thu hi ton

b vn (t)

+

Chi ph cha thu hi

u nm (t +1)

Dong tin trong nm thu

hi ton b vn (t+1)

58

D an oc lap, la d an ma viec chap nhan hay bac bo d an khong anh hng g en nhng d an khac ang c

xem xet.

D an phu thuoc, la d an ma viec chap nhan hay bac bo d an phu thuoc vao viec chap nhan hay bac bo mot d an

khac.

D an loai tr nhau, la nhng d an khong the c chap nhan ong thi, ngha la ch c chon mot trong so nhng

d an o ma thoi.

PHN LOI D N

59

D an Loai ch tieu Quyet nh

oc

lap

Thi gian hoan

von

(PBP)

Chap nhan neu nho hn

thi gian hoan von yeu

cau

T choi neu ln hn thi

gian hoan von yeu cau

Hien gia thuan

(NPV)

Chap nhan neu NPV > 0

T choi neu NPV < 0

Ch so li nhuan

(PI)

Chap nhan neu PI > 1

T choi neu PI < 1

Ty suat sinh li

noi bo

(IRR)

Chap nhan neu IRR > Suat

sinh li yeu cau

T choi neu IRR < Suat

sinh li yeu cau 60

D an Loai ch tieu Quyet nh

Hai d an

loai tr

nhau

Thi gian hoan von

(PBP)

Chap nhan d an nao co

thi gian hoan von ngan

hn

T choi d an co thi

gian hoan von dai hn

Hien gia thuan

(NPV)

Chap nhan d an co NPV

ln hn

T choi d an co NPV

nho hn

Ch so li nhuan

(PI)

Chap nhan d an co PI

ln hn

T choi d an co PI nho

hn

Ty suat sinh li noi bo

(IRR)

Chap nhan d an co IRR

ln hn

T choi d an co IRR nho

hn 61

2.4. Chi ph s dung von bnh quan

Nguon von Ty trong (%) Chi ph

(%)

N vay

Vay dai han ngan hang

Phat hanh trai phieu)

Wd

rd

Von chu s hu

Li nhuan gi lai Wre rre

Co phan u ai Wp rp

Co phan thng We re

C phn mi pht hnh Wne rne

nenerereeeppddWACC rWrWrWrWt)-1(r Wr 62

Chi ph s dung von co phan thng (re)

g

P

Dr

e

0

1

63

S dung mo hnh CAPM

).(fmfe

rrrr

gcP

Drne

)1.(0

1

Chi ph s dung von co phan mi phat hanh

64

p

p

p

P

D

r

'

Chi ph s dung von co phan u ai (rp)

4.1.2. Chi ph s dung von co phan u ai (rp)

p

p

p

P

D

r

'

P

p - Menh gia co phan u ai

Pp: tien thu c t phat hanh co phan

u ai

V du:

Cong ty o to Trng Hai d kien phat hanh co phieu

u ai co menh gia 1.000.000 /cp vi mc chia co

tc la 15%/nam. Chi ph phat hanh 2% menh gia.

%31,15

000.980

000.150

'

p

p

p

P

D

r

priority 65

oi vi khoan n dai han

1

'0

n nD

P

Fr

Tra lai va von goc 1 lan

P0: MV _ menh gia trai phieu

P0: von vay thc te nhan c

Fn: Von goc va lai phai tra khi ao han

n

rFP )1(

66

Chng 3

QUN TR RI RO

3.1 Mc tiu ca qun tr ri ro

- Khi nim, phn loi

- Nhn din

3.2 Cc hnh thc qun tr ri ro

- Mua bo him

- S dng cc cng c phi sinh

Khi nim ri ro

Phn loi ri ro

-Ri ro bt thng Mua bo him

- Ri ro k vng S dng cc cng c phi sinh

Nhn din ri ro ti chnh

-Ri ro bin ng gi

-Ri ro t gi

- Ri ro li sut

Mc tiu qun tr ri ro

- Ri ro bt thng

- Ri ro k vng

Cc cng c bo him ri ro

Cc cng c bo him ri ro ra i trn nguyn tc

Zero sum game. y l mt l thuyt tr chi m tng

thit hi v li ch ca nhng ngi tham gia bng

zero, li ch ca bn ny bng thit hi ca bn kia.

Quyn chn (options)

Hp ng k hn (forwards)

Hp ng tng lai (futures)

Hp ng hon i (swaps)

Hp ng quyn chn (Options)

Khi nim, phn loi

Cn c vo v th ca ngi mua hp ng quyn chn

Cn c vo thi gian thc hin hp ng quyn chn

Cn c vo ti sn c s

Gi tr quyn chn

P0 l gi thc hin ca ti sn c s

Pt l gi th trng ca ti sn c s vo thi im thc hin hp ng

C l gi ca quyn chn mt n v ti sn c s

N l s lng ti sn c s trong hp ng

Bb l gi tr nhn c ca ngi mua quyn chn

Bs l gi tr nhn c ca ngi bn quyn chn

Call Options

Pt

Bb

0

- C

P0

C

P0+C

Bs = (P0 + C Pt)* N Bb = (Pt P0 C)*N

Pt

Bb

0

- C

P0

C

ThS. Nguyn Vn Nht

Put Options

Bb = (P0 Pt C)*N

Hp ng k hn (Forwards)

L hp ng tha thun gia hai bn, trong hai bn

cam kt s thc hin bn (hoc mua) mt s lng ti sn

c s vo mt thi im xc nh trong tng lai vi mt

mc gi c xc nh ti thi im k hp ng.

Li ch ca ngi mua, Bb = (Pt P0)* N

Li ch ca ngi bn, Bs = (P0 Pt)*N

Tng li ch = 0

Hp ng tng lai (futures)

Khi nim:

c im:

-Giao dch qua S giao dch

- K qu

- Thanh ton li (l) hng ngy

Ngy 20/3/2013, cng ty A k hp ng tng lai

mua 1.000 tn go vi gi 15 triu ng/tn vo

ngy 30/6/2013. Tng gi tr thc hin hp ng l

15 t ng.

Cng ty A phi ng mt khon tin k qu ban

u trong ti khon bo chng ti cng ty thanh ton

b tr 500 triu ng. Mc duy tr thp nht l 300

triu ng (maintenance margin), nu ti khon k

qu cn li di 300 triu, cng ty A phi np thm

tin vo duy tr mc k qu tr li 500 triu ng.

VT: ngn ng

Ngy Gi ng ca

(ngn ng/tn) Gi tr H tng lai

Li (l) hng ngy

S d trong TK bo chng

20/3 15.000 15 (t ) 500.000 21/3 15.040 15.04 40.000 540.000 23/3 15.025 15.025 (15.000) 525.000 24/3 15.012 15.012 (13.000) 512.000 25/3 14.968 14.968 (44.000) 468.000 26/3 14.947 14.947 (21.000) 447.000 27/3 14.730 14.730 (217.000) 230.000 28/3 14.742 14.742 12.000 512.000

Cng (258.000)

Hp ng hon i (swaps)

Khi nim:

Hp ng hon i l hp ng m hai bn tham gia tha

thun hon i mt ngha v thanh ton c xc nh

trc.

Hp ng hon i c th l hp ng hon i li sut,

hon i tin t, hon i c phiu, hon i hng ha

Hon i li sut:

Vay vi li sut c nh

Ri ro khi li sut th trng gim.

Cho vay vi li sut c nh

Ri ro khi li sut th trng tng.

Cng ty A pht hnh tri phiu vi tng mnh gi l 40 t

ng, tri phiu tr li hng nm vo cui k, li sut c nh

10%/nm, thi hn 5 nm. Hng nm cng ty A phi tr mt

khon li c nh l 4 t ng. Cng ty mun hon i chi ph

li theo li sut LIBOR bng cch tham gia hp ng hon i

li sut vi ngn hng X.

Theo tha thun trong hp ng hon i, ngn hng X hng

nm phi tr cho cng ty A mt khon li c nh 8%, i li

cng ty A s tr cho ngn hng X mt khon li hng nm theo

li sut LIBOR + 2% tnh trn tng d n 40 t ng.

Nm 1 nm 2 Nm 3 Nm 4 Nm 5

Li sut LIBOR 6.2% 6% 5.9% 5.5% 6.3%

Nhn c t NH 3.2 3.2 3.2 3.2 3.2

Chi tr cho NH -3.28 -3.2 -3.16 -3 -3.32 Chnh lch thu chi (NCF) -0.08 0 0.04 0.2 -0.12

Hon i tin t:

Hon i tin t nhm gip cc cng ty vay n bng ngoi

t c th hon i thnh cc khon vay ni t nhm gim

ri ro t gi.

Cng ty A vay 1 triu USD vi li sut 6%/nm, thi hn vay 5

nm, li tr nh k hng nm, gc tr khi o hn, cng ty A

cn chuyn 1 triu USD sang VN s dng cho hot ng

kinh doanh ti Vit Nam. Tuy nhin cng phi i ph vi ri

ro t gi, bi v li tr nh k v n gc phi tr bng USD

nhng cng ty khng c ngun thu t USD, nu t gi tng,

cng ty s b l. bo him ri ro t gi, cng ty k hp ng

hon i khon vay ngoi t bng mt khon vay ni t tng

ng 1 triu USD, tnh theo t gi hin ti l 21.000

ng/USD, li sut 10%/nm.

Cng ty A chuyn giao 1 triu USD vay cho bn k hp

ng hon i tin t v nhn 21 t ng. Mi nm cng ty s

b tr ngha v tr li vay v tr n gc cho bn cho vay bng

ngoi t ca bn k hp ng hon i tin t ng thi cng

ty s tr li li v gc bng tin ng tnh theo li sut vay

10%.

Nm 0 Nm 1- 4 Nm 5

USD VN USD VN USD VN 1. Vay v tr n USD 1,000 (60) (1,060) 2. Hon i USD sang VN - Cng ty A nhn bng USD (1,000) 60 1,060 - Cng ty A tr bng VN 21,000 (2,100) (23,100)

3. Ngn lu rng - 21,000 - (2,100) - (23,100)

Chng 4

CHNH SCH C TC V

MUA LI C PHIU

4.1 Cc hnh thc v cch thc chi tr c tc

4.2 Chnh sch c tc v gi tr cng ty

4.3 Chi tr c tc bng c phiu v chia tch c phn

4.4 Mua li c phn

87

Tra co tc bang tien mat

Cash devidend

4.1.1 Cac hnh thc chi tra co tc (Dividend)

4.1 Cac hnh thc va cach thc chi tra co tc

Tra co tc bang co phieu

Stock devidend

88

TDH TRA CO TC BANG CO PHIEU

Vn iu l hin c: 170 t

Tr c tc bng c phiu t 4/2006:

S lng pht hnh: 3.400.000 c phiu

T l pht hnh: 5:1 (cn c vo ngy cht danh sch, c ng s

hu 05 c phiu c s c chia 01 c phiu mi).

Pht hnh cho c ng hin hu:

S lng pht hnh: 1.700.000 c phiu

T l pht hnh: 10:1 (cn c vo ngy cht danh sch, c ng

s hu 10 c phiu s nhn c 10 quyn mua, v vi 10 quyn

mua th s c mua 1 c phiu mi vi gi l 50.000 ng/c

phiu). 89

NGUON VON S tin

A-N PHAI TRA 338,000,000,000

I. N ngan han

II. N dai han 338,000,000,000

B- VON CHU S HU 753,000,000,000

I. Von chu s hu 745,000,000,000

1. Von au t cua chu s hu 170,000,000,000

2. Thang d von co phan 355,000,000,000

7. Quy au t phat trien 69,000,000,000

8. Quy d phong tai chnh 10,000,000,000

10. LNST cha phan phoi 141,000,000,000

II. Nguon kinh ph va quy khac 8,000,000,000

1. Quy khen thng, phuc li 8,000,000,000

CONG NGUON VON 1,091,000,000,000

90

NGUON VON S tin

A-N PHAI TRA 338,000,000,000

I. N ngan han

II. N dai han 338,000,000,000

B- VON CHU S HU 753,000,000,000

I. Von chu s hu 745,000,000,000

1. Von au t cua chu s hu 170,000,000,000

2. Thang d von co phan 355,000,000,000

7. Quy au t phat trien 69,000,000,000

8. Quy d phong tai chnh 10,000,000,000

10. LNST cha phan phoi 141,000,000,000

II. Nguon kinh ph va quy khac 8,000,000,000

1. Quy khen thng, phuc li 8,000,000,000

CONG NGUON VON 1,091,000,000,000

91

Cac ch tieu:

C tc: divident

T l tr c tc:

divident payout = divident/EPS

T sut li nhun c tc:

Dividend Yield = annual dividend per share / stock's

price per share

4.1.2 Cach thc chi tra co tc

92

Cong bo Xac lap

quyen

hng

co tc

Khoa so Chi tra

co tc

MCP

Ngy ng k cui cng tr c tc t I nm 2008

Loi chng khon: C phiu ph thng

Mnh gi: 10.000

Ngy giao dch khng hng quyn: 18/11/2008

Ngy ng k cui cng: 20/11/2008

T l c tc t I/2008: 10% (1.000 ng/c phiu)

Ngy chi tr c tc: 10/12/2008

30/10 18/11 20/11 10/12

4.1.3 Qui trnh chi tr c tc

93

4.2 Chnh sach co tc

Li nhuan

(c phn thng)

Li nhuan gi lai Chia co tc

Phat hanh co phan mi

hay s dung li nhuan gi lai?

Chnh sach co tc phai co tnh on nh, khong thay oi that

thng va phai ac biet than trong trc khi quyet nh thay oi

mot chnh sach co tc nay bang mot chnh sach co tc khac.

94

THIT LP CHNH SCH C TC

1. Chnh sch c tc sau u t

2. Chnh sch tr c tc n nh

(tng i, tuyt i)

3. Chnh sch tha hip

95

Kha cnh mang tnh chin lc:

-Khng chia c tc nn long c ng gi gim

- Chia c tc Phi pht hnh chng khon mi; nh hng kh nng kim sot cng ty

Kh nng thanh ton:

-Ch n thng nh gi kh nng tr n ca cng ty.

- Nu tr c tc kh nng thanh ton gim

96

Cc l thuyt v chnh sch c tc

1. Chnh sch c tc c nh hng n gi tr cng ty:

nu khng tn ti ngun ti tr bn ngoi, gi tr cng ty

b nh hng bi ROI.

97

Tnh huong 1:

Toan bo nguon ngan lu rong c dung e tra co tc

Gia du cong ty A tao ra mot dong ngan lu rong vnh

vien la 1000$/nam.

Cong ty quyet nh s dung toan bo nguon ngan lu

rong nay e tra co tc la D (CF = D),

Neu suat sinh li ma co ong oi hoi la ke = 10%

Gia tr cua von chu s hu theo mo hnh chiet khau co tc se la:

V0 = D/k

e = 1000 / 0,1 = 10.000$

98

Tnh huong 2: 50% cua nguon ngan lu rong c gi lai e tai

au t vao d an co suat sinh li tren von au t ROI xay ra bi

mot trong ba kha nang sau:

Neu ROI = ke = 10%

V0 = CF(1 b) / (k

e b * ROI) = 1000(1 0,5) / (0,1 0,5 *0,1) =

10.000

Neu ROI = 15% > ke = 10%

V0 = CF(1 b) / (k

e b * ROI) = 1000(1 0,5) / (0,1 0,5 *0,15) =

20.000

Neu ROI = 5% < ke = 10%

V0 = CF(1 b) / (k

e b * ROI) = 1000(1 0,5) / (0,1 0,5 *0,05) =

6.666

99

Cc l thuyt v chnh sch c tc: 1. Chnh sch c tc c nh hng n gi tr cng ty:

nu khng tn ti ngun ti tr bn ngoi, gi tr cng ty

b nh hng bi ROI.

2. Chnh sch c tc khng nh hng n gi tr

cng ty: c tn ti ngun ti tr bn ngoi

100

Gia s rang c hoi au t mi oi hoi cong ty A phai

chi au t 1000$ vao nam nay, va nhan c mot nguon

ngan lu rong la 200$/nam t nam ti cho en vnh vien,

biet suat sinh li oi hoi cua co ong la 10%, khi ay

NPV cua d an se la:

NPV = -1000 + (200 / 0,1) = +1000$

101

Tnh hung 1:

Neu cong ty A gi lai toan bo nguon ngan lu rong cua nam

nay e au t vao d an mi va nh vay ong ngha vi viec

co ong cua cong ty A se khong nhan c co tc trong nam

nay, khi o, gia tr th trng cua von chu s hu se la:

V0 = Co tc nam nay + (PV cua co tc t hoat

ong hien hanh) + (PV cua co tc t au t mi)

= 0 + (1000 / 0,1) + (200 / 0,1) = 12.000$

0 1 2 3 ...n

Hin hnh 1.000 1.000 1.000 1.000

T mi 200 200 200 200

102

Tnh huong 2:

.Chi ph au t 1000$ cho d an mi c huy ong t viec phat

hanh co phieu mi, khi o:

V0 = Co tc nam nay + (PV cua co tc t hoat ong hien hanh) +

(PV cua co tc t au t mi) (Chi ph au t cho d an mi co c t phat hanh co phieu mi)

= 1000 + (1000 / 0,1) + (200 / 0,1) 1000 = 12.000$

0 1 2 3 ...n

Hin hnh 1.000 1.000 1.000 1.000 1.000

T mi (1.000) 200 200 200 200

103

Cai lam thay oi gia tr cua von chu s hu la quyet

nh au t ch khong phai chnh sach co tc.

Nhng phn bin cc l thuyt v chnh sch c tc:

-Mc quan tm m cc c ng dnh cho thu nhp t

c tc nh th no?

-Thu nhp t c tc trong tng lai c ri ro cao hn?

-S nh hng ca th trng khng hon ho?

-nh hng ca chnh sch thu?

-Chnh sch c tc cho thy sc khe ca cng ty?

104

Cac yeu to anh hng chnh sach co tc

1. Cac han che phap ly:

-Khong c dung von e tra co tc

-Co tc ch c chi tra t li nhuan rong

-Khong the chi tra co tc khi DN mat kha nang thanh

toan

105

2. Chnh sach thue:

-Co tc b anh thue thu nhap ca nhan

-Co the co qui nh han che viec khong chi tra co tc

e tranh thue thu nhap ca nhan

106

3. Kha nang thanh khoan:

-Co the DN co li nhuan cao nhng van khong co kha

nang chi tra co tc.

-Cac DN ang tang trng nhanh thng co nhieu c

hoi au t sinh li nhng van phai am bao tnh thanh

khoan.

107

4. Kha nang vay n va tiep can cac th trng von:

-Kha nang thanh khoan rat can cho DN e bao ve DN

khi gap khung hoang tai chnh va tan dung cac c hoi

au t kp thi.

-Co the i vay e lam gia tang tnh thanh khoan tc

thi

-Li nhuan gi lai lam gia tang tnh thanh khoan cua

DN.

108

5. On nh thu nhap:

Cac DN ln thng duy tr mc chi tra co tc eu

an hoac tang them

DN hoat ong on nh

Tao niem tin cho th trng

6. Trien vong tang trng:

DN tang trng nhanh thng can so von ln e

tai tr cac d an hap dan co nhu cau gi lai li nhuan.

109

7. Bao ve chong loang gia:

Khi chi tra co tc nhieu th sau o thng phai

phat hanh co phan mi e huy ong von, hoac i vay

von.

8. Lam phat:

DN phai chuan b von ngay cang nhieu hn e au

t va mot tai san do lam phat cao Nhu cau tien mat tang gi lai LN.

110

4.3 Chi tra co tc bang co phieu va chia tach co phan

111

4.4 Mua lai co phan

+ Th thc mua li c phn

+ Cc tc ng ca thu

+ Cc tc ng pht tn hiu

112

5.1 D bo doanh thu

5.2 Lp bo co ti chnh d kin

Chng 5

K HOCH TI CHNH V

D BO TI CHNH

113

5.1 D bo doanh thu

Lp k hoch ti chnh oi hi phi d bo v phn tch cc bo

co ti chnh.

D bo doanh thu c xy dng da trn s liu v doanh thu

nhiu nm trc v k hoch kinh doanh sp ti ca cng ty.

D bo doanh thu sai lch:

D bo t hn so vi thc t Khng cung cp nhu cu th trng Khch hng mua hng ca cng ty cnh tranh Mt th phn

D bo nhiu hn thc t: Vng quy vn thp, chi ph tn kho cao, li hun thp. Gim gi c phiu

114

Phng php d bo doanh thu trc tip

)*(1

1 PiQiSn

115

Phng php cn c vo tc tng trng BQ

ca doanh thu

Nm Doanh thu ( triu

ng)

Tc tng

trng (thc t)

D bo

2008 14.500 -

2009 18.125 25%

2010 19.940 10%

2011 24.930 25%

2012 30.000 20,3%

2013 20%

-> D bo DT 2013 = 36.000 tr

116

Nm ( t) Doanh thu

thc t ( St)

Doanh thu

d bo

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

12.000

17.000

15.000

14.000

14.000

18.000

20.000

19.000

21.000

22.000

14.500

15.000

15.250

16.500

17.750

19.500

Tng s 20.500

Phng php bnh qun di ng

St+1 = ( St+ St-1+St-2 + . + St-n+1)/ n

117

Nm ( t) Doanh thu

thc t ( St)

Doanh thu

d bo

Sai s tuyt

i

T l sai s Sai s bnh

phng

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

12.000

17.000

15.000

14.000

14.000

18.000

20.000

19.000

21.000

22.000

14.500

15.000

15.250

16.500

17.750

19.500

500

3.000

4.750

2.500

3.250

2.500

0,036

0,167

0,238

0,132

0,155

0,114

250.000

9000.000

22.562.500

6.250.000

10.562.500

6.250.000

Tng s 20.500 16.500 0,842 54.875.000

Phng php bnh qun di ng

St+1 = ( St+ St-1+St-2 + . + St-n+1)/ n 118

Bng cn i k ton

2005 2004

Ti sn

Tin v cc khan tng ng tin 10 80

Khon phi thu khch hng 375 315

Tn kho 615 415

Tng ti sn ngn hn 1000 810

Gi tr nh xng v thit b 1000 870

Tng ti sn 2000 1680

Ngun vn

Phi tr nh cung cp 60 30

Vay n ngn hn 110 60

Khon phi tr khc 140 130

Tng n ngn hn 310 220

Tri phiu 750 580

Tng n 1060 800

C phiu thng (50 triu CP) 130 130

Li nhun gi li 810 750

Tng vn ch s hu 940 880

Tng Ngun vn 2000 1680 119

Bo co thu nhp 2005 2004

Doanh thu thun 3000 2850 Chi ph hot ng cha k khu hao 2616.2 2497

Thu hp trc thu, li vay v khu hao (EBITDA) 383.8 353 Khu hao 100 90 Thu nhp trc thu v li vay (EBIT) 283.8 263 Li vay 88 60 Thu nhp trc thu (EBT) 195.8 203 Thu 78.3 81.2 Li rng 117.5 121.8 C tc CP thng 57.5 53 Li nhun gi li tng thm 60 68.8

S liu mi c phn Gi c phiu thng 23 26 Thu nhp trn mi c phn (EPS) 2.35 2.44 C tc mi c phn 1.15 1.06 Gi tr s sch mi c phn (BVPS) 18.8 17.6 Dng tin trn mi c phn (CFPS) 4.35 4.24 120

Xc nh vn cn huy ng thm t bn ngoi - AFN

Additional funds needed

Vn cn

huy ng

thm

=

Ti sn

d tnh

tng

thm

-

N phi

tr tng

thm

-

Li

nhun

gi li

tng

thm

RRSMSS

LS

S

AAFN ..

**1

00

121

S0 Doanh thu nm bo co

3,000

S1 Doanh thu d bo 3,300

S Doanh thu tng thm = 3.300 - 3000 300

A*/S0 % ti sn/doanh thu = 2.000/3.000 66.7%

L*/S0 = (Phi tr ngi bn + Phi tr khc)/Doanh thu 6.67%

L* N phi tr tng t ng (Phi tr ngi bn, phi tr khc) 20

M Li nhun rong / Doanh thu 3.92%

RR T l % LN rong c gi li 51%

Ti sn d tnh tng thm: 66,7% * 300 = 200

Gia tng n phi tr tng ng: 6,67% * 300 20

Li nhun gi li tng thm: 3.300 * 3,92% * 51% 66

AFN = 114

122

Cc yu t nh hng n ngun vn cn huy ng thm?

1. S tng trng doanh thu : S

2. Mc thm dng vn: A*/S0

3. T l n hot ng so vi doanh thu: : L*/S0

4. T l li rong: M

5. T l li nhun gi li: RR

123

TS 2006 2005 NV 2006 2005 1. TSNH 1.000 1. N 1.060 Tin 10 PT n. bn 60 HTK 615 Vay NH 110 Phi thu 375 P.Tr khc 140 2. TSDH 1.000 Vay DH 750

2. VN 940 CP thng 130 LN g.li 810

CNG 2.000 2.000

Doanh thu 2005: 3.000 $ D kin DT nm 2006 tng 10% LN sau thu nm 2005: 117,5 $ LN gi li tng thm nm 2005: 60$

124

iu chnh cng sut d tha

Doanh thu mc cng

sut ti a =

Doanh thu thc t

T l % s dng TS c nh

T l TS c

nh/DT mc tiu =

TS c nh thc t

Doanh thu ti a

Mc TS c

nh cn thit =

T l TS c nh/DT

mc tiu x Doanh thu d kin

125

5.2 Lp bo co ti chnh d kin D ton 2006

Nm 2005 Ln 1 Ln 2 Ln 3 Ln 4

TI SN

Tin 10.0 11.0 11.0 11.0 11.0

Khon phi thu 375.0 412.5 412.5 412.5 412.5

Tn kho 615.0 676.5 676.5 676.5 676.5

Tng TS lu ng 1,000.0 1,100.0 1,100.0 1,100.0 1,100.0

TS c nh rong 1,000.0 1,100.0 1,100.0 1,100.0 1,100.0

Tng ti sn 2,000.0 2,200.0 2,200.0 2,200.0 2,200.0

NGUN VN

Phi tr ngi bn 60.0 66.0 66.0 66.0 66.0

Vay ngn hn 110.0 110.0 122.1 122.7 122.8

Phi tr khc 140.0 154.0 154.0 154.0 154.0

Tng n ngn hn 310.0 330.0 342.1 342.7 342.8

N di hn 750.0 750.0 832.4 836.8 837.0

Tng n 1,060.0 1,080.0 1,174.5 1,179.5 1,179.8

Vn gp ca c ng 130.0 130.0 144.3 145.0 145.1

LN gi li 810.0 881.3 875.5 875.2 875.2

Tng vn CP thng 940.0 1,011.3 1,019.8 1,020.2 1,020.2

Tng ngun vn 2,000.0 2,091.3 2,194.2 2,199.7 2,200.0

AFN 108.7 5.8 0.3 0.0 126

D ton 2006

Nm 2005 Ln 1 Ln 2 Ln 3 Ln 4

Doanh thu 3,000.0 3,300.0 3,300.0 3,300.0 3,300.0

Chi ph (cha KH) 2,616.2 2,877.8 2,877.8 2,877.8 2,877.8

Khu hao 100.0 110.0 110.0 110.0 110.0

Tng CP hot ng 2,716.2 2,987.8 2,987.8 2,987.8 2,987.8

EBIT 283.8 312.2 312.2 312.2 312.2

Li vay 88.0 88.0 97.6 98.2 98.2

EBT 195.8 224.2 214.5 214.0 214.0

Thu (40%) 78.3 89.7 85.8 85.6 85.6

LN rng 117.5 134.5 128.7 128.4 128.4

C tc 57.5 63.3 63.3 63.3 63.3

LN gi li 60.0 71.3 65.5 65.2 65.2

127

Doanh thu tng 10%

C tc tng 10%

Cc khon phi tr ngi bn, phi tr khc tng t ng theo mc tng doanh thu

Ti sn tng thm c ti tr t Vay ngn hn, N di hn v Vn c phiu thng

Li vay = 10,23%*(Vay ngn hn + N di hn)

128

D ton 2006

Nm 2005 Ln 1 Ln 2 Ln 3 Ln 4

Doanh thu 3,000.0 3,300.0 3,300.0 3,300.0 3,300.0

Chi ph (cha KH) 2,616.2 2,877.8 2,877.8 2,877.8 2,877.8

Khu hao 100.0 110.0 110.0 110.0 110.0

Tng CP hot ng 2,716.2 2,987.8 2,987.8 2,987.8 2,987.8

EBIT 283.8 312.2 312.2 312.2 312.2

Li vay 88.0 88.0 97.6 98.2 98.2

EBT 195.8 224.2 214.5 214.0 214.0

Thu (40%) 78.3 89.7 85.8 85.6 85.6

LN rng 117.5 134.5 128.7 128.4 128.4

C tc 57.5 63.3 63.3 63.3 63.3

LN gi li 60.0 71.3 65.5 65.2 65.2

D ton 2006

Nm 2005 Ln 1 Ln 2 Ln 3 Ln 4

TI SN

Tin 10.0 11.0 11.0 11.0 11.0

Khon phi thu 375.0 412.5 412.5 412.5 412.5

Tn kho 615.0 676.5 676.5 676.5 676.5

Tng TS lu ng 1,000.0 1,100.0 1,100.0 1,100.0 1,100.0

TS c nh rong 1,000.0 1,100.0 1,100.0 1,100.0 1,100.0

Tng ti sn 2,000.0 2,200.0 2,200.0 2,200.0 2,200.0

NGUN VN

Phi tr ngi bn 60.0 66.0 66.0 66.0 66.0

Vay ngn hn 110.0 110.0 122.1 122.7 122.8

Phi tr khc 140.0 154.0 154.0 154.0 154.0

Tng n ngn hn 310.0 330.0 342.1 342.7 342.8

N di hn 750.0 750.0 832.4 836.8 837.0

Tng n 1,060.0 1,080.0 1,174.5 1,179.5 1,179.8

Vn gp ca c ng 130.0 130.0 144.3 145.0 145.1

LN gi li 810.0 881.3 875.5 875.2 875.2

Tng vn CP thng 940.0 1,011.3 1,019.8 1,020.2 1,020.2

Tng ngun vn 2,000.0 2,091.3 2,194.2 2,199.7 2,200.0

AFN 108.7 5.8 0.3 0.0

129