4/11/2012

Bi ging 17

Phn tch bo co ti chnh

Thin Anh Tun

1

Ni dung
Mc tiu phn tch bo co ti chnh
i tng phn tch
Ti liu s dng phn tch
Cc cng c v phng php phn tch
Cc t s ti chnh c bn
Tc ng ca thu v n by ti chnh
Mt s lu khi phn tch bo co ti chnh

Thin Anh Tun

4/11/2012

Mc tiu phn tch bo co ti chnh

Ai phn tch? Phn tch cho ai?
Quan tm iu g?
Mc tiu sv. Mc ch?

Hiu c thc trng ti chnh ca cng ty

Hiu c cc im mnh, im yu cng nh
nhng kh khn, thch thc v mt ti chnh ca
cng ty
Cng c v ci thin nng lc ti chnh cng ty
Hoch nh ti chnh v qun tr ri ro ti chnh
a ra cc quyt nh u t, ti tr
3

i tng phn tch ti chnh

Tnh hnh ti chnh cng ty th hin qua cc bo

ti chnh

Nng lc ti chnh
Hiu qu ti chnh
Cc cn i ti chnh
Kh nng thanh ton
Cc ri ro ti chnh

Thin Anh Tun

4/11/2012

Ti liu s dng phn tch

Cc bo co ti chnh ca cng ty

Bng cn i k ton
Bo co thu nhp
Bo co ngn lu
Thuyt minh bo co ti chnh

Bo co kim ton c lp v bo co ti chnh

Bo co thng nin ca cng ty
Bng co bch (nu c)
Cc bo co qun tr
D liu v m, d liu ngnh, DN trong ngnh

Cc cng c v phng php phn tch

Phn tch quy m v c cu
Phn tch xu hng
Phn tch so snh (k trc, ch tiu, bnh qun
ngnh, i th cng ngnh)
Phn tch tc ng cc nhn t thnh phn (s
dng phng php thay th lin hon, phng
php lin h cn i)
Phn tch DuPont

Thin Anh Tun

4/11/2012

Cc bo co ti chnh ca Vinamilk
Bng cn i k ton
vt: Triu ng
TI SN NGN HN
Tin v cc khon tng ng tin
Cc khon u t ti chnh ngn hn
Cc khon phi thu ngn hn
Hng tn kho
Ti sn ngn hn khc
TI SN DI HN
Cc khon phi thu di hn
Ti sn c nh
Bt ng sn u t
Cc khon u t ti chnh di hn
Li th thng mi
Ti sn di hn khc
TNG TI SN
N PHI TR
N ngn hn
Vay ngn hn
Phi tr ngi bn
Ngi mua tr tin trc
Cc khon phi tr khc
N di hn
VN CH S HU
Vn ch s hu
Thng d vn c phn
C phiu qu
Qu u t pht trin
Qu d phng ti chnh
Li nhun sau thu cha phn phi
Li ch ca c ng thiu s
TNG NGUN VN

2008
3,187,605
338,654
374,002
646,385
1,775,342
53,222
2,779,354
475
1,936,923
27,489
570,657
243,810
5,966,959
1,250,630
1,068,700
188,222
492,556
5,917
382,005
181,930
4,665,715
1,752,757
1,064,948
869,697
175,276
803,037
50,614
5,966,959

2009
5,069,159
426,135
2,314,254
728,635
1,311,765
288,370
3,412,877
8,822
2,524,964
27,489
602,478
249,124
8,482,036
1,991,196
1,734,871
13,283
789,867
28,827
902,895
256,325
6,455,475
3,512,653
(154)
1,756,283
294,348
892,345
35,365
8,482,036

2010
5,919,802
613,472
1,742,260
1,124,862
2,351,354
87,854
4,853,230
24
3,428,572
100,818
1,141,798
19,557
162,461
10,773,032
2,808,595
2,645,012
567,960
1,089,417
30,515
957,120
163,583
7,964,437
3,530,721
(669)
2,172,291
353,072
1,909,022

2011
9,467,683
3,156,515
736,033
2,169,205
3,272,496
133,434
6,114,988
5,044,762
100,671
846,714
15,503
107,338
15,582,671
3,105,466
2,946,537
1,830,959
116,845
998,733
158,929
12,477,205
5,561,148
1,276,994
(2,522)
908,024
556,115
4,177,446

10,773,032

15,582,671

Cc bo co ti chnh ca Vinamilk
Bo co kt qu kinh doanh
vt: Triu ng
2008
Doanh thu bn hng v cung cp dch v
Cc khon gim tr doanh thu
Doanh thu thun v bn hng v cung cp dch v
Gi vn hng bn
Li nhun gp v bn hng v cung cp dch v
Doanh thu hot ng ti chnh
Chi ph ti chnh
Trong chi ph li vay
Chi ph bn hng
Chi ph qun l doanh nghip

2009

8,380,563

10,820,142

2010

2011

16,081,466

22,070,557

(171,581)

(206,371)

(328,600)

(443,129)

8,208,982

10,613,771

15,752,866

21,627,428

(5,610,969)

(6,735,062)

(10,579,208)

(15,039,305)

2,598,013

3,878,709

5,173,658

6,588,123

264,810

439,936

448,530

680,232

(197,621)

(184,828)

(153,199)

(246,430)

(26,971)

(6,655)

(6,172)

(13,933)

(1,052,308)

(1,245,476)

(1,438,186)

(1,811,914)

(297,804)

(292,942)

(388,147)

(459,432)

1,315,090

2,595,399

3,642,656

4,750,579

Thu nhp khc - S thun

130,173

135,959

608,786

237,226

Phn l trong cng ty lin doanh, lin kt

(73,950)

(235)

(8,814)

1,371,313

2,731,358

4,251,207

4,978,991

(161,874)

(361,536)

(645,059)

(778,589)

39,259

6,246

9,344

17,778

(375)

693

1,248,698

2,375,693

3,616,185

4,218,180

Li nhun t hot ng kinh doanh

Tng li nhun k ton trc thu

Chi ph thu thu nhp doanh nghip hin hnh
Chi ph thu thu nhp doanh nghip hon li
L phn b cho c ng thiu s
Li nhun sau thu thu nhp doanh nghip

Thin Anh Tun

4/11/2012

Phn tch bo co ti chnh Vinamilk

Gii thiu v Vinamilk
Uy tn v v th ca Vinamilk
Ngnh ngh, lnh vc hot ng
Cc sn phm chnh
Th trng tiu th
Quy m th trng
Chin lc kinh doanh
Cc vn v qun tr

Phn tch c cu: Vinamilk

TI SN NGN HN
Tin v cc khon tng ng tin
Cc khon u t ti chnh ngn hn
Cc khon phi thu ngn hn
Hng tn kho
TI SN DI HN
Cc khon phi thu di hn
Ti sn c nh
Bt ng sn u t
Cc khon u t ti chnh di hn
TNG TI SN
N PHI TR
N ngn hn
Vay ngn hn
Phi tr ngi bn
Ngi mua tr tin trc
N di hn
VN CH S HU
Vn ch s hu
Qu u t pht trin
Qu d phng ti chnh
Li nhun sau thu cha phn phi
Li ch ca c ng thiu s
TNG NGUN VN

Thin Anh Tun

2008
53.42%
5.68%
6.27%
10.83%
29.75%
46.58%
0.01%
32.46%
0.46%
9.56%
100.00%
20.96%
17.91%
3.15%
8.25%
0.10%
3.05%
78.19%
29.37%
14.58%
2.94%
13.46%
0.85%
100.00%

2009
59.76%
5.02%
27.28%
8.59%
15.47%
40.24%
0.10%
29.77%
0.32%
7.10%
100.00%
23.48%
20.45%
0.16%
9.31%
0.34%
3.02%
76.11%
41.41%
20.71%
3.47%
10.52%
0.42%
100.00%

2010
54.95%
5.69%
16.17%
10.44%
21.83%
45.05%
0.00%
31.83%
0.94%
10.60%
100.00%
26.07%
24.55%
5.27%
10.11%
0.28%
1.52%
73.93%
32.77%
20.16%
3.28%
17.72%
0.00%
100.00%

2011
60.76%
20.26%
4.72%
13.92%
21.00%
39.24%
0.00%
32.37%
0.65%
5.43%
100.00%
19.93%
18.91%
0.00%
11.75%
0.75%
1.02%
80.07%
35.69%
5.83%
3.57%
26.81%
0.00%
100.00%

4/11/2012

C cu ti sn v ngun vn ca VNM

11

C cu ti sn ngn hn ca VNM
100%
90%
Tin v cc khon
tng ng tin
Cc khon u t ti
chnh ngn hn
Cc khon phi thu
ngn hn
Hng tn kho

80%
70%
60%
50%
40%
30%

Ti sn ngn hn khc

20%
10%
0%
2008

2009

2010

2011
12

Thin Anh Tun

4/11/2012

C cu n ca VNM
100%
90%
Vay ngn hn

80%
70%

Phi tr ngi bn

60%

Ngi mua tr tin

trc
Cc khon phi tr khc

50%
40%
30%

N di hn

20%
10%
0%
2008

2009

2010

2011
13

Phn tch c cu: Vinamilk

Doanh thu thun v bn hng v cung cp dch v
Gi vn hng bn
Li nhun gp v bn hng v cung cp dch v
Doanh thu hot ng ti chnh
Chi ph ti chnh
Trong chi ph li vay
Chi ph bn hng
Chi ph qun l doanh nghip
Li nhun t hot ng kinh doanh
Thu nhp khc - S thun
Phn l trong cng ty lin doanh, lin kt
Tng li nhun k ton trc thu
Chi ph thu thu nhp doanh nghip hin hnh
Chi ph thu thu nhp doanh nghip hon li
L phn b cho c ng thiu s
Li nhun sau thu thu nhp doanh nghip

Thin Anh Tun

2008
100.00%
68.35%
31.65%
3.23%
2.41%
0.33%
12.82%
3.63%
16.02%
1.59%
0.90%
16.71%
1.97%
0.48%
0.00%
15.21%

2009
100.00%
63.46%
36.54%
4.14%
1.74%
0.06%
11.73%
2.76%
24.45%
1.28%
0.00%
25.73%
3.41%
0.06%
0.00%
22.38%

2010
100.00%
67.16%
32.84%
2.85%
0.97%
0.04%
9.13%
2.46%
23.12%
3.86%
0.00%
26.99%
4.09%
0.06%
0.00%
22.96%

2011
100.00%
69.54%
30.46%
3.15%
1.14%
0.06%
8.38%
2.12%
21.97%
1.10%
0.04%
23.02%
3.60%
0.08%
0.00%
19.50%
14

4/11/2012

Phn tch xu hng: Vinamilk

2009
TI SN NGN HN
Tin v cc khon tng ng tin
Cc khon u t ti chnh ngn hn
Cc khon phi thu ngn hn
Hng tn kho
TI SN DI HN
Cc khon phi thu di hn
Ti sn c nh
Bt ng sn u t
Cc khon u t ti chnh di hn
TNG TI SN
N PHI TR
N ngn hn
Vay ngn hn
Phi tr ngi bn
Ngi mua tr tin trc
N di hn
VN CH S HU
Vn ch s hu
Qu u t pht trin
Qu d phng ti chnh
Li nhun sau thu cha phn phi
Li ch ca c ng thiu s
TNG NGUN VN

59.03%
25.83%
518.78%
12.72%
-26.11%
22.79%
1757.26%
30.36%
0.00%
5.58%
42.15%
59.22%
62.33%
-92.94%
60.36%
387.19%
40.89%
38.36%
100.41%
101.94%
67.93%
11.12%
-30.13%
42.15%

2010
16.78%
43.96%
-24.72%
54.38%
79.25%
42.20%
-99.73%
35.79%
266.76%
89.52%
27.01%
41.05%
52.46%
4175.84%
37.92%
5.86%
-36.18%
23.37%
0.51%
23.69%
19.95%
113.93%
-100.00%
27.01%

2011
59.93%
414.53%
-57.75%
92.84%
39.17%
26.00%
-100.00%
47.14%
-0.15%
-25.84%
44.65%
10.57%
11.40%
-100.00%
68.07%
282.91%
-2.85%
56.66%
57.51%
-58.20%
57.51%
118.83%
44.65%

Tng trng ti sn ngn hn ca Vinamilk

vt: Triu ng
3,500,000
3,000,000

Tin v cc khon
tng ng tin
Cc khon u t ti
chnh ngn hn
Cc khon phi thu
ngn hn
Hng tn kho

2,500,000
2,000,000
1,500,000
1,000,000

Ti sn ngn hn khc

500,000
2008

2009

2010

2011
16

Thin Anh Tun

4/11/2012

Tng trng ti sn di hn ca Vinamilk

vt: Triu ng
6,000,000

5,000,000

Cc khon phi thu di hn

Ti sn c nh

4,000,000

Bt ng sn u t
3,000,000
Cc khon u t ti chnh di
hn
Li th thng mi

2,000,000

Ti sn di hn khc

1,000,000

2008

2009

2010

2011
17

Tng trng n phi tr ca Vinamilk

vt: Triu ng
2,000,000
1,800,000
Vay ngn hn

1,600,000
1,400,000

Phi tr ngi bn

1,200,000

Ngi mua tr tin

trc
Cc khon phi tr khc

1,000,000
800,000
600,000

N di hn

400,000
200,000
2008

2009

2010

2011
18

Thin Anh Tun

4/11/2012

Tng trng vn ch s hu ca Vinamilk

vt: Triu ng
6,000,000
5,000,000
Vn iu l

4,000,000

Qu u t pht trin
3,000,000
Qu d phng ti chnh
2,000,000

Li nhun sau thu

cha phn phi

1,000,000
2008

2009

2010

2011
19

Phn tch xu hng: Vinamilk

Doanh thu bn hng v cung cp dch v
Cc khon gim tr doanh thu
Doanh thu thun v bn hng v cung cp dch v
Gi vn hng bn
Li nhun gp v bn hng v cung cp dch v
Doanh thu hot ng ti chnh
Chi ph ti chnh
Trong chi ph li vay
Chi ph bn hng
Chi ph qun l doanh nghip
Li nhun t hot ng kinh doanh
Thu nhp khc - S thun
Phn l trong cng ty lin doanh, lin kt
Tng li nhun k ton trc thu
Chi ph thu thu nhp doanh nghip hin hnh
Chi ph thu thu nhp doanh nghip hon li
L phn b cho c ng thiu s
Li nhun sau thu thu nhp doanh nghip

Thin Anh Tun

2009
29.11%
20.28%

2010
48.63%
59.23%

2011
37.24%
34.85%

29.29%
20.03%
49.30%
66.13%
-6.47%
-75.33%
18.36%
-1.63%
97.36%
4.44%
-100.00%
99.18%
123.34%
-84.09%

48.42%
57.08%
33.39%
1.95%
-17.11%
-7.26%
15.47%
32.50%
40.35%
347.77%

37.29%
42.16%
27.34%
51.66%
60.86%
125.75%
25.99%
18.37%
30.42%
-61.03%
3658.64%
17.12%
20.70%
90.26%
-100.00%
16.65%

90.25%

55.64%
78.42%
49.60%
-284.80%
52.22%

10

4/11/2012

Tng trng doanh thu, li nhun ca Vinamilk

vt: Triu ng
25,000,000
Doanh thu thun v bn
hng v cung cp dch
v
Gi vn hng bn

20,000,000
15,000,000
10,000,000

Tng li nhun k ton

trc thu

5,000,000

Li nhun sau thu thu

nhp doanh nghip

2008

2009

2010

2011
21

Phn tch cc t s ti chnh c bn

Xc nh mc
tiu phn tch

Xc nh t s
cn phn tch

Xc nh cng
thc tnh t s

nh gi t s,
so snh vi bnh
qun ngnh

Gii thch
ngha ca t s

Xc nh d liu
lp vo cng
thc cn tnh

Ch ra cc yu t
nh hng n
t s

Ch ra cch thc
duy tr hoc ci
thin t s

Vit bo co
phn tch
22

Thin Anh Tun

11

4/11/2012

Cc nhm t s ti chnh
T s thanh khon
T s hiu qu s dng ti sn
T s qun l n v n by ti chnh
T s kh nng sinh li
T s tng trng
T s gi tr th trng

23

Nhm t s thanh khon

H s thanh ton hin hnh (current ratio):

Ti sn ngn hn
=
N ngn hn

9.467.683
2.946.537

3,21

H s thanh ton nhanh (quick ratio):

Tin mt + CK ngn hn + Phi thu
3.156.515+736.033+2.169.205
=
= 2,06
N ngn hn
2.946.537

H s thanh ton tin mt (cash ratio):

Tin mt + Chng khon ngn hn
=
N ngn hn

3.156.515+736.033
2.946.537

= 1,32
24

Thin Anh Tun

12

4/11/2012

Cc t s li nhun

Sut sinh li trn doanh thu (ROS)

4.978.991+13.933

EBIT
=
Doanh thu thun

21.627.428

23,09%

Sut sinh li trn ti sn (ROA)

EBIT
=
Tng ti sn bnh qun

4.978.991+13.933
(10.773.032+15.582.671)
2

= 37,89%

Sut sinh li trn vn ch s hu (ROE)

Li nhun rng
Vn ch s hu bnh qun =

4.218.180
(7.964.437+12.477.205)
2

= 41,27%
25

Cc t s li nhun (tt)

T sut li nhun gp (gross profit margin)

Li nhun gp
Doanh thu thun

6.588.123
= 30,46%
21.627.428

T sut li nhun rng (net profit margin)

Li nhun rng
Doanh thu thun

4.218.180
= 19,50%
21.627.428

26

Thin Anh Tun

13

4/11/2012

Cc t s s dng ti sn

Vng quay tng ti sn (total asset turnover)

Doanh thu thun
Tng ti sn bnh qun =

21.627.428
(10.773.032+15.582.671) = 1,64
2

Vng quay ti sn c nh (fixed asset turnover)

Doanh thu thun
=
Ti sn c nh bnh qun

21.627.428
= 5,10
(3.428.572+5.044.762)
2
Vng quay hng tn kho (inventory turnover)
Gi vn hng bn
=
Hng tn kho bnh qun

15.039.305
(2.351.354+3.272.496)
2
S ngy quay vng hng tn kho (ngy)
S ngy trong nm
S vng quay hng tn kho

= 5,35

365
= 68,24
5,35

27

Cc t s s dng ti sn (tt)

K thu tin bnh qun (days receivables)

Khon phi thu bnh qun
=
Doanh thu thun
365

(1.125.862+2.169.205)
2
= 27,80
21.627.428
365

S vng quay cc khon phi thu (gi nh 50% doanh thu bn chu)

Doanh thu bn chu

10.813.714
=
=
Khon phi thu bnh qun 1.125.862+2.169.205
2
K tr n bnh qun (days payables)
Khon phi tr bnh qun
=
Gi vn hng bn
365

(1.089.417+1.830.959)
2
15.039.305
365

6,56

35,44
28

Thin Anh Tun

14

4/11/2012

Cc t s n by ti chnh

H s gnh nng li vay (interest burden)

EBIT - Li vay
EBIT

4.992.924 13.933
=
4.992.924

1,00

H s thanh ton li vay (interest coverage)

EBIT
4.992.924
=
= 358,35
Li vay
13.933

H s n by (leverage ratio)
Tng ti sn
15.582.671
=
= 1,25
Vn ch s hu 12.477.205

H s n (debt ratio)
N phi tr
Vn ch s hu

3.105.466
= 24,89%
12.477.205
29

Cc t s tng trng

T s li nhun tch lu (VNM: 2010)

Li nhun tch lu
2.268.424
Li nhun sau thu = 3.616.185 =

62,73%

T s tng trng bn vng (VNM: 2011)

Li nhun tch lu
Vn ch s hu

T s li nhun tch lu *
Li nhun sau thu
Vn ch s hu bnh qun

T s li nhun tch lu * ROE

62,73% * 4.218.180
=

(7.964.437 + 12.477.205)
2

62,72% * 41,27%

= 25,89%

30

Thin Anh Tun

15

4/11/2012

Cc t s gi th trng (31/12/2011)

H s P/B (market to book)

Th gi c phn 86.500
=
= 3,85
Th gi c phn 22.446

H s P/E (price earnings ratio)

Th gi c phn 86.500
=
= 11,35
EPS
7.623

Li sut thu nhp (earnings yield)

EPS
7.623
=
8,81%
Th gi c phn 86.500
31

Phn tch ROE, thu v n by ti chnh

2.399.896
] = 50,16%
7.209.956
2.957.031
ROE2011 = (1 15,28%)[37,89% (37,89% 0,47%)
] = 41,27%
10.220.821
32

ROE2010 = (1 14,94%)[44,22% (44,22% 0,26%)

Thin Anh Tun

16

4/11/2012

Phn tch DuPont

ROE

Li nhun rng
Vn ch s hu

Li nhun rng
Tng ti sn
*
Tng ti sn
Vn ch s hu

=
=

Li nhun rng
EBIT

Li nhun rng
Doanh thu thun
Tng ti sn
*
*
Doanh thu thun
Tng ti sn
Vn ch s hu
EBIT
Doanh thu thun
Tng ti sn
*
*
Doanh thu thun
Tng ti sn
Vn ch s hu

Li nhun rng
Li nhun trc thu
EBIT
Doanh thu thun
Tng ti sn
*
*
*
*
Li nhun trc thu
EBIT
Doanh thu thun
Tng ti sn
Vn ch s hu

ROE =

H s gnh
H s gnh nng li
T sut li nhun
Vng quay ti H s n
*
*
*
*
nng thu
vay
trn doanh thu
sn
by

H s gnh
T sut li nhun
H s gnh
H s n
*
* Vng quay ti sn *
*
nng thu
trn doanh thu
nng li vay
by

ROE =

H s gnh
nng thu

ROA

H s n by kp
33

Phn tch DuPont: Vinamilk

Li nhun Li nhun
rng
trc thu
Nm

EBIT

Doanh thu

Tng ti sn
bnh qun

ROE =
Li nhun
trc thu

EBIT

Doanh thu

Tng ti sn Vn ch s
bnh qun hu bnh qun

2008

26.76%

91.06%

98.07%

17.03%

1.38

1.28

2009

42.72%

86.98%

99.76%

25.80%

1.47

1.30

2010

50.16%

85.06%

99.86%

27.03%

1.64

1.34

2011

41.27%

84.72%

99.72%

23.09%

1.64

1.29
34

Thin Anh Tun

17

4/11/2012

Phn tch DuPont

120.00%

1.80
1.64

1.64

100.00%

99.86%

99.72%
1.40

1.38
80.00%

1.60

1.47
99.76%

98.07%
91.06%

1.28

86.98%
1.30

1.3485.06%

84.72%
1.29

1.20
1.00

60.00%
0.80

50.16%
42.72%

40.00%

41.27%

0.60
0.40

26.76%
20.00%

27.03%

25.80%

23.09%

0.20

17.03%
0.00%

2008

2009

2010

2011

ROE

H s gnh nng thu

H s gnh nng li vay

T sut li nhun trn doanh thu

Vng quay ti sn

H s n by
35

Tm tt mt s ch tiu ti chnh ca Vinamilk

vt: T ng

2008

2009

2010

2011

Bo co thu nhp
Tng doanh thu
Li nhun trc thu
Li nhun sau thu

8.381
1.371
1.249

10.820
2.731
2.376

16.081
4.251
3.616

22.071
4.979
4.218

C tc
Thu nhp c bn (ng)
Tr c tc (ng)

3.563
2.900

6.769
3.000

6.834
4.000

7.717
3.000

1.753
4.666
5.967
22
26.619

3.513
6.455
8.482
12
18.378

3.531
7.964
10.773
0
22.556

5.561
12.477
15.583
0
22.446

Ti sn v vn
Vn iu l
Vn ch s hu
Tng ti sn
N vay di hn
Gi tr s sch/c phn (ng)

Thin Anh Tun

18

4/11/2012

Tm tt cc t s ti chnh ca VNM
Cc t s thanh khon
H s thanh ton hin hnh
H s thanh ton nhanh
H s thanh ton tin mt
Cc t s li nhun
Sut sinh li trn ti sn (ROA)
Sut sinh li trn vn ch s hu (ROE)
Sut sinh li trn doanh thu (ROS)
Cc t s s dng ti sn
Vng quay tng ti sn
Vng quay ti sn c nh
Vng quay hng tn kho
K thu tin bnh qun (ngy)
Cc t s n by
H s gnh nng li vay
H s thanh ton li vay
H s n by
H s n by kp

2008

2009

2010

2011

2.98
1.27
0.67

2.92
2.00
1.58

2.24
1.32
0.89

3.21
2.06
1.32

23.43%
26.76%
17.03%

37.90%
42.72%
25.80%

44.22%
50.16%
27.03%

37.89%
41.27%
23.09%

1.38
4.24
3.16
28.74

1.47
4.76
4.36
23.64

1.64
5.29
5.78
21.47

1.64
5.10
5.35
27.80

0.98
51.84
1.28
1.25

1.00
411.42
1.31
1.31

1.00
689.79
1.35
1.35

1.00
358.35
1.25
1.25

Tnh hnh thanh khon ca Vinamilk

3.50
3.00

3.21
2.98

2.92

2.50

2.24

2.06

2.00

2.00

1.58
1.50
1.00

1.32

1.27

1.32

0.89
0.67

H s thanh khon hin

hnh
H s thanh khon
nhanh
H s thanh khon tin
mt

0.50
0.00
2008

2009

2010

2011
38

Thin Anh Tun

19

4/11/2012

Cc t s li nhun
60.00%
50.16%
50.00%
42.72%

44.22%
41.27%
37.89%

37.90%

40.00%

Sut sinh li trn ti sn (ROA)

30.00%

20.00%

26.76%
23.43%

25.80%

27.03%
23.09%

17.03%

Sut sinh li trn vn ch s

hu (ROE)
Sut sinh li trn doanh thu
(ROS)

10.00%

0.00%
2008

2009

2010

2011
39

Cc t s s dng ti sn
7.00

35

6.00

30

5.00

25

4.00

20

3.00

15

2.00

10

1.00

0.00

Vng quay tng ti

sn
Vng quay ti sn c
nh
Vng quay hng tn
kho
K thu tin bnh qun
(ngy)

0
2008

2009

2010

2011
40

Thin Anh Tun

20

4/11/2012

Phn tch lu chuyn tin t

vt: T ng

4,000,000
3,000,000
2,000,000
1,000,000
(1,000,000)
(2,000,000)
(3,000,000)
LCTT hot ng kinh doanh
LCTT hot ng u t
LCTT hot ng ti chnh
LCTT thun

2005
573,655
(386,589)
(201,258)
(14,192)

2006
499,471
(589,403)
(253,420)
(343,352)

2007
313,478
(1,015,978)
663,413
(39,087)

2008
1,269,759
(531,785)
(517,149)
220,825

2009
2010
3,231,250
2,018,774
(2,611,021)
993,051
(532,691) (1,188,384)
87,538
187,338

2011
2,411,169
6,007
126,247
2,543,423

Cc t s ti chnh ca cc nhm
ngnh chnh Hoa K
Ton b
cng
nghip ch
to
Lng
thc thc
phm
Qun o
In/xut
bn
Ha cht
Dc
phm
My mc
in
Phng
tin c
gii
My tnh
v in t

Thin Anh Tun

N di
hn
Ti sn

H s
thanh ton
li vay

H s
thanh ton
hin hnh

Vng
quay
tng ti
sn
0,95

T sut
li
nhun
(%)
6,73

Sut sinh
li trn
ti sn
(%)
6,39

Sut sinh
li trn vn
s hu (%)

T l
chi tr
c tc

1,31

H s
thanh
ton
nhanh
0,91

0,19

4,08

16,97

0,36

0,23

4,14

1,26

0,76

1,21

6,55

7,92

16,88

0,31

0,23
0,38

5,68
1,99

1,29
1,33

0,41
1,01

1,76
1,39

4,78
5,58

8,43
7,75

13,92
11,97

0,15
0,35

0,20
0,16

4,00
6,51

1,28
1,39

0,94
1,12

0,59
0,43

11,27
18,99

6,71
8,23

18,21
19,67

0,29
0,22

0,17
0,13
0,26

4,88
4,98
-1,12

1,20
1,10
0,97

0,77
0,70
0,68

0,92
0,70
0,96

8,20
9,01
-3,13

7,51
6,34
-3,00

16,72
14,27
-19,54

0,22
0,66
-0,40

0,14

2,04

1,61

1,31

0,61

3,07

1,87

5,00

0,56

21

4/11/2012

Hn ch ca phn tch bo co ti chnh

Gi tr s sch sv. gi tr th trng

Quan im k ton sv. thu sv. ti chnh
Khc nhau v ch v chun mc k ton
Hn ch v s liu ngnh, doanh nghip trong ngnh
(i th cnh tranh)
S khc bit gia cc ngnh ngh, lnh vc hot ng
Tnh cht thi im v hiu ng ca chu k kinh doanh
Cc iu kin kinh t v php l c th thay i
Mt s t s ti chnh c tng quan vi nhau

43

Thin Anh Tun

22