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Phân Tích Tình Hình Tài Chính C A Vinamilk
Phân Tích Tình Hình Tài Chính C A Vinamilk
NCMK2B
B C NI DUNG
CHNG
th
Th trng sa Vit Nam c mc cnh tranh
cao. Bn cnh cc nh sn xut sa trong nc
nh Hanoimilk Vinamilk cn phi cnh
tranh vi cc sn phm nhp khu vi nhng
tn tui ln nh Abbott, Mead Johnson, Nestl,
Dutch Lady
nh hng pht trin cng ty
Vinamilk ang m rng kinh doanh sang cc
lnh vc khc nh c ph (Moment), bia
(lin doanh vi SABMiller).
C CU T CHC CNG TY
CHNG II C S L LUN V
PHN TCH TI CHNH CA DOANH
NGHIP
Mt
BNG CN I K TON
Bo
co kt qu kinh doanh
Bo
co lu chuyn tin t
Thuyt
minh bo co ti chnh
Bao
gm 4 nhm nhm ch s nh
gi:
Nhm t s sinh li.
Nhm t s ri ro (thanh ton).
Nhm t s qun l ti sn.
Nhm ch s nh gi c phiu.
Nhm
t s sinh li.
nh
t s thanh ton.
Nhm
t s qun l ti sn.
Nhm
Nhm
Ch
ch s nh gi c phiu.
12,000,000
10,613,771
10,000,000
8,208,982
8,000,000
7,882,413
6,837,669
6,000,000
2008
2009
4,000,000
2,731,358
2,000,000
1,371,313
0
Doanh thu
Chi ph
Li nhun
KHON MC
TI SN
Ti sn ngn hn
Tin v cc khon tng ng tin
Tin
Cc khong tng ng tin
u t ngn hn
u t ngn hn
D phng gim gi u t ngn hn
Phi thu ngn hn
Phi thu thng mi
Tr trc cho ngi bn
Cc khon phi thu khc
D phng phi thu kh i
Hng tn kho
Hng tn kho
D phong gim gia hng tn kho
Ti sn ngn hn khc
Chi ph tr trc ngn hn
Thu gi tr gia tng c khu tr
Thu thu nhp doanh nghip tr trc Nh nc
Ti sn ngn hn khc
3,187,605
338,645
132,977
205,677
374,002
496,998
-122,996
646,385
530,149
75,460
40,923
-147
1,775,342
1,789,646
-14,304
53,222
31,460
19,196
2,566
2009
5,069,157
426,135
376,135
50,000
2,314,253
2,400,760
-86,507
728,634
513,346
139,363
76,588
-663
1,311,765
1,321,271
-9,506
288,370
21,986
37,399
226,000
2,985
Ti sn di hn
Phi thu di hn
Phi thu khc
Ti sn c nh
Ti sn c nh hu hnh
Nguyn gi
Khu hao ly k
Ti sn c nh v hnh
Nguyn gi
Phn b ly k
Xy dng c bn d dang
Bt ng sn u t
Nguyn gi
u t di hn
u t vo cng ty lin kt
u t di hn khc
D phng gim gi u t di hn
Ti sn di hn khc
Chi ph tr trc di hn
Ti sn thu thu nhp hon li
Ti sn di hn khc
2,779,354
475
475
1,936,923
1,529,187
2,618,638
-1,089,451
50,868
79,416
-28,548
356,868
27,489
27,489
570,657
23,702
546,955
243,810
195,512
47,276
1,022
3,412,879
8,822
8,822
2,524,964
1,835,583
3,135,507
-1,299,924
39,241
82,339
-43,098
650,140
27,489
27,489
602,479
26,152
672,732
-96,405
249,125
194,714
53,521
890
TNG TI SN
NGUN VN
N PHI TR
N ngn hn
Vay ngn hn
Phi tr thng mi
Ngi mua tr tin trc
Thu phi np Ngn sch Nh nc
Phi tr cng nhn vin
Chi ph phi tr
Cc khon phi tr khc
N di hn
Phi tr thng mi
N di hn khc
Vay di hn
5,966,959
8,482,036
1,154,432
972,502
188,222
492,556
5,917
64,187
3,104
144,052
74,464
181,930
93,612
30,000
22,418
1,808,931
1,552,606
13,283
789,867
28,827
399,962
28,688
208,131
83,848
256,325
116,940
92,000
12,455
35,900
4,761,913
4,761,913
1,752,757
1,064,948
34,930
6,637,739
6,637,739
3,512,653
869,697
175,276
96,198
803,037
50,614
5,966,959
-154
1,756,283
294,348
182,265
892,344
35,366
8,482,036
PHN TCH KT CU TI SN
2008
2009
40%
Ti sn ngn hn
47%
Ti sn di hn
53%
Ti sn ngn hn
60%
Ti sn di hn
2009
19.51%
21.42%
N PHI TR
VN CH S HU
N PHI TR
VN CH S HU
80.49%
78.58%
Khon mc
Li nhun bin (MP)
2008
2009
15.21%
22.39%
Sc sinh li c s
BEP = EBIT/TA
Khon mc
Li nhun trc thu v li vay
(EBIT)
Tng ti sn (TA)
Sc sinh li c s (BEP)
2008
2009
1,398,284
5,966,959
23.43%
2,738,013
8,482,036
32.28%
Mt ng ti sn ca nm 2008 to ra c 0.2343
ng doanh thu trc li vay v thu cho c ng.
Mt ng ti sn ca nm 2009 to ra c 0.3228
ng doanh thu trc li vay v thu cho c ng.
Nh vy nm 2009 qun l tt hn nm 2008.
Khon mc
2008
2009
1,248,698
2,376,067
Tng ti sn (TA)
5,966,959
8,482,036
20.93%
28.01%
Mt ng ti sn nm 2008 to ra c 0.2093
ng li cho c ng.
Mt ng ti sn nm 2009 to ra c 0.2801
ng li cho c ng.
Ta thy nm 2009 c sut sinh li trn ti sn cao
hn nm 2008.
NI
ROE
TI
Khon mc
2008
2009
1,248,698
2,376,067
4,761,913
6,637,739
26.22%
35.80%
Khon mc
Tin mt
Khon phi thu
N ngn hn
Kh nng thanh ton nhanh
(QR)
2008
338,645
646,860
972,502
2009
426,135
737,456
1,552,606
1.01
0.75
Khon mc
Ti sn ngn hn
N ngn hn
Kh nng thanh ton hin thi
(CR)
2008
2009
3,187,605
5,069,157
972,502
1,552,606
3.28
3.26
Khon mc
Li nhun trc thu v li vay
(EBIT)
Li vay
2008
2009
1,398,284 2,738,013
26,971
6,655
51.84
411.42
T sut n trn vn
D/A = TD/TA
Khon mc
2008
2009
Tng n (TD)
1,154,432
1,808,931
Tng vn (TA)
5,966,959
8,482,036
0.1935
0.2133
T s n trn vn (D/A)
Tng s n trn vn ch s hu
D/E = AD/AE
Khon mc
Vn vay di hn (AD)
VCSH (AE)
T s n trn vn ch s
hu (D/E)
2008
2009
22,418
12,455
4,761,913
6,637,739
0.00471
0.00188
Nhm t s qun l ti sn
Vng quay hng tn kho
Cs = SC/AS
Khon mc
2008
2009
5,610,969
6,735,062
1,775,342
1,311,765
3.161
5.134
Cs
Khon mc
Khon phi thu (KPT)
2008
2009
646,860
737,456
8,208,982
10,613,771
29
25
Khon mc
2008
2009
DSO
29
25
RT
13
14
Vng quay ti sn c nh
RFA = TR/FA
Khon mc
Tng doanh thu (TR)
Ti Sn C nh (FA)
RFA
2008
8,208,982
1,936,923
4.238
2009
10,613,771
2,524,964
4.204
Khon mc
2008
2009
8,208,982
10,613,771
Tng TS (TA)
5,966,959
8,482,036
1.376
1.251
RTA
Mt ng ti sn nm 2008 to ra c 1.376 ng
doanh thu.
Mt ng ti sn nm 2009 to ra c 1.251 ng
doanh thu.
Vng quay ti sn nm 2009 c s gim st hn nm
2008
Nhm ch s nh gi c phiu.
2.4.1 Li nhun trn mt c phiu EPS
Khon mc
2008
2009
1,248,698
2,376,067
175.27567
351.24998
7124
6765
C tc DPS
Khon mc
Tng c tc (ID)
S c phiu pht hnh
(QS)
C tc (DPS)
2008
2009
351,281
353,057
175.27567
351.24998
2004
1005
Khon mc
Li nhun trn mt c phiu (EPS)
Gi th trng ca c phiu (P)
(ng)
T s gi c phiu trn li nhun ca
mt c phiu (P/E)
2008
7,124
2009
6,765
78,500
82,500
11.02
12.20
Khon mc
2008
2009
78,500
82,500
10,000
10,000
7.850
8.250
S DU PONT
T sut thu hi vn c phn
ROE = 0.358
T sut thu hi ti sn
Ti sn/vn c phn
ROA = 0.28
Li nhun bin
MP = 0.2239
Li rng
2,376,067
Doanh thu
10,613,771
TA/TS = 1.278
Doanh thu
Doanh thu
10,613,771
10,613,771
Tng chi ph
Ti sn c nh
8,237,704
3,412,879
Tng ti sn
8,482,036
Ti sn lu ng
5,069,157
Gi vn
Khu hao
Li vay
Thu
Tin mt
Tn kho
6,735,062
1,096,025
6,655
399,962
426,135
737,456
3,905,566
Nhn
NGUYN LIU
CHI LI VAY
LM PHT
N PHI TR
LAO NG
Kin ngh
i vi Nh nc
Chnh sch khuyn kch v u i i vi DN: chnh sch
thu, to iu kin cho doanh nghip pht trin trong v
ngoi nc.
u tin trong vic vay vn u t, chnh sch li sut thp,
thc y nng cao hiu qu sn xut.
i vi doanh nghip
u t khoa hc k thut v m rng quy m trong kinh
doanh sn xut.
Nn cao trnh tay ngh lm vic ca cng nhn thng
qua cc kha o to v hun luyn.
i vi b phn bn hng, qun l cn phi hun luyn v
o to nhm nng cao trnh chuyn mn, thc y
vic kinh doanh pht trin.
KT LUN
Qua