Professional Documents
Culture Documents
(Cafatex
I HC NGOI THNG
GVHD: O THU GIANG
- Tiu chun cht lng doanh nghip t c : ISO 9001 phin bn 2000, HACCP,
GMP, SSOP, SOF 2000, BRC 2000, EU code DL.65.
- Nhng danh hiu t c v thnh tch xut khu: c B thng mi thng
xut khu cc nm 1999, 2000, 2002, 2004.
- Lc lng lao ng hin c 2300 CBCNV, cha k hn 10000 cng nhn lm vic
trong cc xng ca Cafatex.
1.3 Lnh vc sn xut kinh doanh
Nh tn gi Cng ty c phn thy sn Cafatex , cng ty chuyn sn xut ch bin cc
mt hng thy sn ng lnh (tm, c, mc, cc loi nhuyn th) t sn phm th (xut
ng) n sn phm cao cp, c th l c block, c IOF, c ming o bt, Ebifry c,
Nobashi, Sushi, tm hp, Tempura.
Thng hiu Cafatex ang c mt 31 quc gia trn ton th gii, trong Nht chim t
trng ln nht vi 25% gi tr xut khu, H Lan 19,9%, Thy S 8,3%, M 7,7%, Hn
Quc 6,7%.
1.4 C cu t chc
I HC NGOI THNG
GVHD: O THU GIANG
PHON
P.XUAT
G BAN
NHAP
HANG
KHAU
trong o:
kho thanh
pham
2
3
4
5
6
7.
XNG S
CHE TOM
8
9
10
11
12
13
14
15.
16
Ch tiu
2005
Doanh thu bn hng v 1.063.099.812.26
cung cp dch v
7
Cc khon gim tr
12.303.056.132
doanh thu
Doanh thu thun v
1.050.796.756.13
bn hng v cung cp
5
dv
Gi vn hng bn
939.763.672.335
Li nhun gp
111.034.083.800
Doanh thu hot ng
6.123.826.960
ti chnh
Chi ph ti chnh
22.966.358.732
Trong : chi ph li
18.894.711.067
vay
Chi ph bn hng
72.581.081.377
Chi ph qun l
15.156.293.041
Li nhun thun t
6.545.213.610
hat ng kinh doanh
Thu nhp khc
3.743.134.858
Chi ph khc
2.071.190.646
Li nhun khc
1.671.944.212
Li nhun trc thu
8.126.157.822
Thu thu nhp DN
Li nhun sau thu
8.126.157.822
2006
2007
893.831.083.844
817.311.605.571
9.827.106.422
1.559.221.068
884.003.977.422
815.752.384.503
811.121.540.640
72.882.436.782
748.980.201.224
66.772.183.279
7.737.368.449
6.527.908.018
23.922.975.958
25.327.106.146
18.850.744.862
19.929.447.733
38.359.470.888
13.996.572.216
27.704.542.251
15.842.495.169
4.340.786.169
4.425.947.731
5.865.136.748
4.856.855.992
1.008.280.756
5.349.066.925
363.854.069
4.975.212.856
1.447.980.031
1.459.428.789
11.448.758
4.414.498.973
115.667.468
4.298.831.505
I HC NGOI THNG
GVHD: O THU GIANG
Nhn vo bng trn ta thy tng doanh thu ca cng ty qua tng nm c s gim st ng
k. Li nhun nm 2006 so vi 2005 b tt rt mnh (ch cn 65.6%), n 2007 li nhun
ch cn 61.1% so vi 2005. Nguyn nhn chnh l do trong giai on ny cng ty phi
thanh tan cc chi ph khch quan, c th l cc chi ph pht sinh trong v kin bn ph
gi tm, c da trn va qua. Li nhun trc thu trn doanh thu thun gim mnh, nm
2005 l 0.77%, qua 2006 ch cn 0.6% v n 2007 gim cn 0.54%. Sau v kin ngy
cng t ngi nui c tra, c ba sa v h qu l vic thiu ht ngun nguyn liu. Cng ty
hu nh cng khng xut khu c sang th trng M nn doanh s tiu th gim. Bn
cnh , ngy cng nhiu doanh nghip ra i khin cnh tranh trong sn xut kinh doanh
ngy cng cao.
Nm 2004 cng ty c phn ha nn 2004,2005 c min thu thu nhp doanh nghip.
2006 cng ty ch phi np 50% thu thu nhp doanh nghip.
I HC NGOI THNG
GVHD: O THU GIANG
Chng 2: Thc trng tnh hnh ti chnh ca cng ty c phn thu sn Cafatex
2.1 Khi qut tnh hnh ti chnh:
Gii thiu bng cn i k ton (tm tt) ca cng ty qua 3 nm, t 2005-2007:
Ch tiu
2005
TI SN
A. TI SN NGN HN 416.915.200.770
1. Tin v cc khon tng 3.964.930.312
ng tin
2 Khon phi thu
3 Hng tn kho
4. Ti sn ngn hn khc
B. TI SN DI HN
1. Ti sn c nh
2. u t ti chnh di hn
3. Ti sn di hn khc
TNG TI SN
NGUN VN
A. N PHI TR
1. N ngn hn
2. N di hn
B. VN CH S HU
1. Vn ch s hu
2. Ngun kinh ph, qu khc
TNG NGUN VN
2006
2007
286.156.345.570
1.048.350.974
496.844.677.152
5.290.950.222
77.824.962.212
310.270.287.945
24.855.020.301
95.668.172.678
95.668.172.678
512.583.373.448
54.155.208.670
212.107.154.955
18.845.630.971
107.015.901.289
93.868.990.402
13.146.910.887
393.172.246.859
86.396.206.853
391.459.933.235
13.697.586.842
113.229.369.364
96.434.236.944
16.795.132.420
610.074.046.516
387.175.742.991
380.528.833.992
6.646.908.999
125.407.630.457
121.375.458.973
4.032.171.484
512.583.373.448
283.083.321.345
278.240.279.608
4.843.041.737
110.088.925.514
108.637.480.245
1.451.445.269
393.172.246.859
500.747.140.311
487.856.029.421
12.891.110.890
109.326.906.205
109.306.252.600
200.653.605
610.074.046.516
I HC NGOI THNG
GVHD: O THU GIANG
Ch tiu
2005
Ti sn ngn hn
416.915
Tng ti sn
512.583
Ti sn ngn hn/ Tng
81.34%
ti sn
2006
2007
286.156
393.172
496.844
610.074
72.78%
81.44%
(8.56)
8.66
Qua bng phn tch ta thy tng ti sn ca doanh nghip c mc bin ng mnh trong
giai on 2005-2007, t 2005-2006 tng ti sn (TTS) gim 23,3%, sang 2007 tng tr
li v vt mc t c nm 2005 (mc tng tng i 73,64%). Trong :
- 2005 t trng ti sn ngn hn (TSNH) trong tng ti sn l 81,34%. n 2006 TTS
gim 23,3% nhng TSNH gim 31,36%, nhiu hn mc gim tng i ca TTS. Do
t trng TSNH/ TTS gim xung, cn 72,78%. Nguyn nhn ca bin ng m ny ch
yu l v gi tr hng tn kho (HTK) ca doanh nghip gim 31,64%. Lng tin mt
trong DN gim hn 2/3 so vi 2005. Sau v kin chng bn ph gi tm, c da trn, th
trng M ngy cng kht khe hn vi cc DN xut khu ca Vit Nam, trong c
Cafatex. Lng sn phm xut sang M trong 2005 l 3.019.651kg tng ng
26.784.255$, sang 2006 ch cn 284.033kg, tng ng2.285.375$ (gim 12ln, s liu
t Bo co xut khu 2005,2006). y li l th trng mi nhn ca DN nn sau bin c
ny, doanh thu DN gim mnh. V th 2006 DN thu nh quy m sn xut, tp trung
tiu th lng hng tn kho v thu hi cc khon n. Bn cnh DN cng y mnh
phm vi tiu th bng cch xc tin thng mi, tm kim cc i tc, bn hng mi
khu vc Chu u. Nu nh 2005 th trng ca Cafatex ch gii hn phm vi 17 nc,
trong cc i tc chnh l M, Nht v H Lan th n 2006 c thm 3 nc l Ba
Lan, B v Italia.
-Sang 2007 DN ly li tng trng. TSNH tng 73,64%, cao hn mc tng 55,17%
ca TTS, khin t trng TSNH tng 8,66%, ln mc 81,44%. Lng tin mt tng 404%,
phi thu tng 59,53%, hng tn tng 84,56%. iu ny cho thy bin ng trong 2006
I HC NGOI THNG
GVHD: O THU GIANG
khng n t nguyn nhn ch quan (nng lc qun l, kh nng sn xut kinh doanh ca
DN). Tuy trong hin ti DN phi chi thm cc chi ph cho vic qung b v vn chuyn,
nhng v lu di y l hng i ng n. M rng th trng tiu th khng nhng
gip DN tng th phn, cng c uy tn thng hiu m cn gip DN ch ng, khng b
l thuc vo mt th trng ch lc no, trnh c nhng kh khn c th xy ra nh v
kin chng bn ph gi va qua.
b) T sut u t (TST)
Ch tiu
2005
Ti sn di hn
95.668
Ti sn c nh
95.668
Tng ti sn
512.583
T sut u t tng qut
18.66
(%)
T sut u t ti sn c
18.66
nh (%)
2006
2007
Chnh lch(%)
107.015
93.868
393.172
113.229
96.434
610.074
11.86
(1.88)
(23.3)
5.8
2.73
55.17
27.22
18.56
8.56
(8.66)
23.87
15.8
5.21
(8.07)
I HC NGOI THNG
GVHD: O THU GIANG
Ch tiu
2005
2006
2007
N phi tr
Tng ngun vn
T sut n (%)
387.175
512.583
75.53
283.083
393.172
72
500.747
610.074
82.08
2005
2006
2007
Vn ch s hu
Tng ngun vn
T sut t ti tr(%)
125.407
512.583
24.47
110.088
393.172
28
109.326
610.074
17.92
Chnh lch
06-05
(12.21%)
(23.3%)
3.53
07-06
(0.7%)
55.17%
(10.08)
I HC NGOI THNG
GVHD: O THU GIANG
quy m sn xut v th trng tiu th, th hin mc n vay ngn hng tng cao. N
ngn hn trong 2006 l 269.076.737.038 th n 2007 l 474.206.572.280. Nu nh vic
kinh doanh tip tc thun li th vic vn n nn ca DN khng thc s ng lo.
Nhng s l vn ln khi DN gp bt k bt n no v kh nng t chi tr ca DN kh
yu, mt khc y cng l yu t khin DN tr nn km hp dn vi cc ngn hng khi
cn vay thm vn kinh doanh.
2.2 Tnh hnh thanh ton v kh nng thanh ton:
2.2.1 Phn tch tnh hnh thanh ton:
a) Phn tch khon phi thu: (KPT)
Tnh hnh bin ng v cc ch s lin quan n khon phi thu:
Ch tiu
2005
86.396
496.844
500.747
Chnh lch
06-05
(30.41%)
(31.36%)
(26.89%)
07-06
59.53%
73.63%
76.89%
18.92
17.39
0.25
(1.53)
19.13
17.25
(0.97)
(1.88)
2006
2007
54.155
286.156
283.083
I HC NGOI THNG
GVHD: O THU GIANG
2005
Khon phi tr
387.175
Ti sn lu ng
416.915
Khon phi tr/ ti sn
92,87
lu ng(%)
2006
2007
283.083
286.156
500.747
496.844
Chnh lch
06-05
07-06
(26,89%)
76,89%
(31,36%)
73,63%
98,93
100,78
6,06
1,85
Qua bng phn tch ta thy t l KPT/ ti sn lu ng c xu hng tng trong giai on
2005-2007. Ring 2006 DN gim quy m sn xut v tp trung tiu th lng thnh
phm tn kho, thu hi cc khon n v tr n ngn hng, do c ti sn lu ng v
KPT u gim. Mc gim tng i ca ti sn lu ng cao hn nn t l ny tng
(6,06%). 2007 KPT v ti sn lu ng tng mnh, v t l gia chng cng tng, iu
ny th hin lng vn do doanh nghip chim dng ca cc n v khc tng. Du hiu
ny cho thy DN cn lu v c cc iu chnh kp thi v DN c xu hng mc n
nhiu hn.
Tm li, qu trnh phn tch KPT v KPT ca DN cho thy KPT thp hn KPT. Mc cao
nht ca KPT/ ti sn lu ng l 18.67% (2005), v c xu hng gim. Trong khi ,
mc thp nht ca KPT/ ti sn lu ng l 92,87% (2005) v c xu hng tng. DN v
th cn thn trng trong cc phng n kinh doanh do cc khon n ny c th tr thnh
n qu hn nu khng thnh cng.
2.2.2 Phn tch kh nng thanh ton:
a) Kh nng thanh ton ngn hn:
Ch tiu
2005
Ti sn ngn hn
416.915
N ngn hn
380.528
H s thanh ton ngn 1,096
2006
2007
286.156
278.240
1,028
496.844
487.856
1,018
Chnh lch
06-05
(31,36%)
(26,88%)
(0,068)
07-06
73,63%
75,34%
(0,01)
10
I HC NGOI THNG
GVHD: O THU GIANG
hn
Bng phn tch kh nng thanh ton ngn hn cho thy h s thanh ton ngn hn ca DN
qua 3 nm c chiu hng gim dn. Nm 2005 t l ny l 1,096 ln, sang 2006 gim
0,068 ln v n 2007 tip tc gim 0,01 ln. Nguyn do l trong 2006 c TSNH v NNH
ca DN u gim, nhng TSNH ca DN li c tc gim nhanh hn NNH. n 2007
bin ng theo chiu ngc li, do t l ny vn gim mc d c TSNH v NNH tng.
Mc d hng chung l gim nhng t l ny vn gi c mc trn 1, cho thy doanh
nghip vn c kh nng chi tr cc khon n ngn hn.
b) Kh nng thanh ton nhanh:
Ch tiu
2005
2006
2007
81.789
380.528
0,215
55.203
278.240
0,198
91.687
487.856
0,188
Chnh lch
06-05
(32,5%)
(26,88%)
(0,017)
07-06
66%
75,34%
(0,01)
Nhn chung h s thanh ton nhanh ca DN kh thp, mc cao nht cng ch khong
0,215 (nm 2005), chng t kh nng chi tr n ngn hn ca DN c ti tr ch yu
bi gi tr hng tn kho l loi ti sn c tnh thanh khon thp. iu ny cho thy
ri ro cao trong sn xut kinh doanh v DN khng c kh nng chi tr ngay cho cc khon
n ngn hn. Hn na h s ny c xu hng gim, do DN cn c cc bin php ci
thin trnh trng hp v n do khng chi tr c n ngn hn trong thi gian ngn.
c) Kh nng thanh ton tc thi:
Ch tiu
2005
Tin
3.964
N ngn hn
380.528
H s thanh ton tc
0,01
thi
2006
2007
1.048
278.240
5.290
487.856
Chnh lch
06-05
07-06
(73,56%)
404,77%
(26,88%)
75,34%
0,004
0,011
(0,006)
0,007
Qua bng phn tch kh nng thanh ton tc thi ta thy kh nng thanh ton bng tin
ca doanh nghip rt thp, d ch s ny n 2007 c ci thin i cht (tng 0,001
11
I HC NGOI THNG
GVHD: O THU GIANG
so). Nm 2006 h s thanh ton tc thi gim 0,006 do c lng tin v n ngn hn ca
DN u gim, nhng tc gim ca tin mt cao hn ( 73,56%) dn ti ch s ny
gim. 2007 c tin v n ngn hn ca DN u tng, nhng tin c mc bin ng vt
tri hn (404,7%) v th h s thanh ton tc thi ca DN cng c y ln 0,011. Nm
2007 nh du bc chuyn ca DN trong chin lc m rng th trng tiu th, dn
n lng tin mt thu v tng mnh. Nhng nu so vi NNH th t l ny vn mc rt
thp, do trong nhng nm ti DN cn c cc bin php khc phc bng cch nng d
tr tin mt v gim dn NNH p ng nhu cu thanh ton.
2.3 Phn tch kh nng lun chuyn vn:2.3.1 Lun chuyn hng tn kho:
Ch tiu
2005
2006
2007
Gi vn hng bn
Tr gi HTK u k
Tr gi HTK cui k
Tr gi HTK bnh qun
S vng quay HTK
Thi gian tn kho
939.763
347.175
310.270
328.722
2.86
125
811.121
310.270
212.107
261.188
3.1
116
748.980
212.107
391.459
301.783
2.48
145
Chnh lch(%)
06-05
07-06
(13,69%) (7,67%)
(10.63%)
(31,64%)
(31,64%)
84,56%
(20.54%)
15.54%
0.24
(0.62)
(9)
29
Xt giai on 2005-2006: s vng quay HTK trong 2006 l 3,1 vng, mi vng l 116
ngy. So vi 2005 th tc lun chuyn HTK l 2,86 vng, mi vng l 125 ngy.
Giai on 2006-2007: s vng quay HTK gim cn 2,48 vng, do thi gian tn kho
cng tng ln 145 ngy ( tng 29 ngy so vi 2006).
Nh vy t bng phn tch lun chuyn HTK ta c th thy s vng quay HTK c xu
hng gim, th hin tnh hnh bn ra ca DN c xu hng chm li, dn n vn b
ng, gy cn tr cho vic m rng sn xut kinh doanh. ci thin tnh trng ny DN
cn c cc bin php, chin lc xc tin thng mi nhm gia tng kh nng tiu th
hng ha, gii phng vn d tr t xoay vng vn nhanh, gp phn tng li nhun khi
hot ng kinh doanh hiu qu.
SVTH : TH XUN KHNH Anh2- QTA-K44
12
I HC NGOI THNG
GVHD: O THU GIANG
Ch tiu
2005
2006
2007
1.050.796
215.654
77.824
146.739
7,16
50
884.003
77.824
54.155
65.989
13,4
26
815.752
54.155
86.396
70.275
11,6
31
Chnh lch
06-05
(15,87%)
(63,91%)
(30,41%)
(55,02%)
6.24
(24)
07-06
(7,72%)
(30,41%)
59,53%
6,5%
(1,8)
5
Nhn chung giai on 2005-2007 s vng quay KPT ca DN tng, trong 2006 l 13,4
(tng 6,24 vng) mi vng 26 ngy. n 2007 s vng quay gim i cht cn 11,6
vng, mi vng 31 ngy. Nhng con s trn c th c gii thch nh sau:
+) 2006 c doanh thu thun (DTT) v phi thu bnh qun (PTBQ) u gim trong
PTBQ gim mnh (55,02%) lm s vng quay KPT tng gn gp i, k thu tin bnh
qun v vy cng gim theo (gim 24 ngy). iu ny cho thy trong 2006 kh nng thu
hi cc khon n ca DN c ci thin r rt, lng vn b chim dng ca DN
gim.
+) 2007 DTT tip tc gim nh (7,72%) v PTBQ tng nh (6,5%) dn n s vng quay
KPT gim 1,8 vng, k thu tin bnh qun tng ln 5ngy/k. D mc bin ng ny
khng ln nhng du hiu gim ca DTT v tng ca PTBQ cho thy DN cn c nhng
iu chnh thch hp tng DT v gim hoc gi lng PTBQ mc n nh.
13
I HC NGOI THNG
GVHD: O THU GIANG
815.752
496.844
487.856
8.988
90.76
Chnh lch
06-05
(15,87%)
(31,36%)
(26,88%)
(78,24%)
81,14
07-06
(7,72%)
73,63%
75,34%
13,54%
(19,52)
(9)
Ch tiu
2005
2006
2007
1.050.796
416.915
380.528
36.387
28,88
884.003
286.156
278.240
7.916
110,28
12
VLR
14
I HC NGOI THNG
GVHD: O THU GIANG
2005
Li nhun thun
6.545
Doanh thu thun
1.050.796
T sut li nhun hat
0,62
ng (%)
2006
2007
4.340
884.003
4.425
815.752
0,49
0,54
(0,13)
0,05
2005
2006
2007
5.349
884.003
4.414
815.752
0,61
0,54
(0,16)
(0,07)
Qua bng t sut li nhun trn doanh thu ca DN trong 3 nm t 2005-2007 ta thy ch
s ny gim dn qua cc nm. C th l nm 2005 t l ny l 0,77%, tc l 100 ng
doanh thu th mang ti 0,77 ng li nhun. 2006 gim xung 0,16 ng v bc qua
15
I HC NGOI THNG
GVHD: O THU GIANG
2007 tip tc gim thm 0,07 ng. Mc chnh lch li nhun trc thu (LNTT) v
DTT qua cc nm l gii cho hin tng i xung ny.
LNTT nm 2006 gim mnh so vi 2005 ( 34,17%) , cc khon mc gi vn hng bn,
chi ph bn hng, chi ph qun l khng c bin ng ln trong khi DTT gim, tc
gim ca LNTT li cao hn tc gim ca DTT do m t sut li nhun gim.
2007 LNTT tip tc gim, tuy mc gim tng i l 17,48% ch bng mt na so vi
mc gim ca nm trc v DTT cng gim, nhng mc gim thp hn (7,72%) khin t
l ny ni tip gim d gim nh hn so vi 2006.
Mt khc ch s ny cng rt thp, mc cao nht trong 3 nm cng ch l 0.77%. Do
trong nhng nm ti gip ci thin dn ch tiu ny DN cn c cc bin php gim
thiu chi ph y nhanh tc tng ca li nhun.
2.4.3 T sut sinh li ca ti sn (ROA)
Ch tiu
2005
2006
2007
5.349
393.172
4.414
610.074
1,36
0,72
(0,23)
(0,64)
T bng phn tch t sut li nhun trn tng ti sn ta thy, trong nm 2006 c 100 ng
em u t vo ti sn s thu v 1,36 ng li nhun, so vi 2005 l gim 0,23 ng,
TTS gim 23,3% nhng li thp hn mc gim tng i ca LNTT (34,17%), chng t
hiu qu s dng ti sn ca DN c phn gim hn.
Sang 2007 t l ny gim gn phn na, cn 0,72%. Nguyn nhn l do LNTT tip tc
gim nhng TTS li tng rt mnh, ln n 55,17% so vi 2006. iu ny cho thy mc
d m rng quy m kinh doanh nhng DN cha ci thin c hiu qu s dng ti sn,
mc khc li nhun cn c phn gim. y l du hiu ng lu cho DN khi m kh
nng sinh li ca cng ty ngy cng gim. DN cn c nhng chin lc ph hp ci
thin tnh hnh li nhun trong iu kin gia tng sn xut kinh doanh.
2.4.4 T sut sinh li ca vn ch s hu (ROE):
Ch tiu
2005
2006
2007
16
I HC NGOI THNG
GVHD: O THU GIANG
Li nhun trc thu
Vn ch s hu
ROE (%)
8.126
125.407
6,48
5.349
110.088
4,86
4.414
109.326
4,04
(34,17)
(12,21)
(1,62)
(17,48)
(0,69)
(0,82)
(1 + N/ Vn ch s hu)
n by ti chnh
Ch tiu
2005
2006
2007
N phi tr
Vn ch s hu
n by ti chnh
387.175
125.407
3,09
283.083
110.088
2,57
500.747
109.326
4,58
17
I HC NGOI THNG
GVHD: O THU GIANG
18
I HC NGOI THNG
GVHD: O THU GIANG
19