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THNG IP CA CH TCH HI NG QUN TR

Tha Qu C ng, Thay mt Hi ng Qun tr Cng ty (HQT) ti xin gi n qu C ng li chc sc khe v li cho trn trng nht. Nm 2011, Cng ty t c nhng thnh tu ng ghi nhn d hot ng trong bi cnh nm 2011 l mt nm y bin ng vi nn kinh t th gii ni chung v Vit Nam ni ring. Khng hong n cng lm chao o khu vc kinh t Eurozone, nhiu nc b h xp hng tn dng. Ti Vit Nam, nn kinh t cng phi i mt vi nhiu kh khn: lm pht phi m gn 20%, th trng chng khon st gim t y, gim tn nhim tn dng v mt thanh khon ti nhiu ngn hng. V tin trnh u t nc ngoi, nm 2011, song song vi hot ng trin khai mng li v chun b cho kinh doanh ti Haiti v Mozambique, Cng ty vn tip tc xc tin u t vo nhiu th trng tim nng khc nh Tanzania, Cameroon, Kenya, Myanmar, v.v v thu c nhng trin vng kh quan thm nhp vo cc th trng ny. Bn cnh , d trong giai on khng hong, Cng ty cng c nhiu t chc tn dng ln xut cp tn dng, m bo cc d n c vn hot ng theo ng l trnh u t c ph duyt. V kt qu kinh doanh, nm 2011 cng ty t doanh thu trn 6.024 nghn t ng v li nhun t trn 365 t ng. y l con s n tng trong bi cnh nn kinh t khng hong v Cng ty ang y mnh u t cho cc d n ti nc ngoi v. Cc d n ti Campuchia v Lo n nh kinh doanh v chuyn li nhun v nc, ng gp vo kt qu kinh doanh kh quan ca Cng ty. Trong khi , d n ti Haiti bt u pht sinh doanh thu, bc u b p c mt phn chi ph. V mt t chc nhn s, Cng ty ang tin hnh ci t mnh m theo m hnh ti u c th t c kt qu kinh doanh cao nht vi chi ph qun l thp nht. Theo , Cng ty s ti cu trc li mt s phng ban, sp xp cn b vo nhng b phn, v tr ph hp vi nng lc, o to cn b cng nhn vin ti ch thng qua cng vic, ct gim nhng nhn s khng ph hp v khng t yu cu. y l xu th chung ca tt c cc cng ty trn th gii trong qu trnh hin i ho v ton cu ho hin nay.

Tha Qu C ng, Nm 2011 i qua, HQT Cng ty hy vng s c s ng hnh ca Qu c ng trong nm 2012 v nhng nm tip theo cng a Cng ty pht trin hn na. D kin k hoch doanh thu hp nht ca Cng ty trong nm 2012 s t 556 triu la M, li nhun sau thu t trn 1,000 t ng, ng thi cng ty s c nhng ci t r rt ci thin tnh hnh ti chnh nhm t c c cu vn hp l nht, kh nng thanh ton cao nht v t sut li nhun cao nht. Trong thi gian ti, Cng ty s vn tip tc theo ui chin lc v u t ra nuc ngoi trong lnh vc vin thng vi tiu ch pht trin h tng lm tin phong, phn u t c vng ph rng nht, cht lung h tng mng lui tt nht, pht trin thu bao rng khp. Song song vi cc mc tiu v kinh doanh nu trn, Cng ty lun n lc gn kt cc hot ng sn xut - kinh doanh vi cc hot ng x hi, hot ng nhn o - trit l kinh doanh nn tng v mang li thnh cng v thng hiu Viettel trong nhng nm qua. Mt ln na, cho php ti thay mt HQT v Lnh o Cng ty, xin gi li tri n n Qu C ng v tp th cn b cng nhn vin Cng ty. Chc Qu C ng v gia nh sc khe, thnh t v hnh phc. Trn trng cm n,

Hong Anh Xun Ch tch Hi ng Qun tr

LCH S HNH THNH V PHT TRIN

CC S KIN NI BT NM 2011

CNG TY VIETTEL (CAMBODIA) PTE LTD

CNG TY MOVITEL, S.A.

CNG TY NATCOM

CNG TY LIN KT CNG TY CON CNG TY TNHHVIETTEL OVERSEAS

CNG TY STAR TELECOM LIMITED

BAN TNG GIM C

VPD TI LO

VPD TI MYANMAR

VN PHNG I DIN

HI NG QUN TR

VPD TI MOZAMBIQUE

BAN KIM SOT I HI NG C NG

S T CHC

C CU NHN S

Qun s cu Cng ty tng dn the tng nm tng ng vi tien trien khi cc d n u t nc ngi cu Cng ty. en het 2010, tng qun s cu Cng ty len ti 1011 ngi

S nhn vien c bng i hc hc tren i hc l 1.016 ngi, chiem 80,12% tng cun s

S nhn vien c chuyen mn lien qun en cc ngnh Kinh te chiem 35,73%, s nhn vien thuc khi Ky thut chiem 51,74%, cn li l cc ngnh nghe khc

Trng nm 2011, qun s cu Cng ty c phn b tng i ng eu gi cc thi trng. ieu ny m b mi d n m Cng ty thm gi eu c ngn lc thc hin cc mc ti r

BO CO CA HI NG QUN TR
c im tnh hnh nm 2011
THUN LI KH KHN

c Tp n Vin thng Qn i h tr mi mt Kiem st chi ph ch tt c biet l cc chi ph ht ve vn, nhn s, kinh nghiem ng (lng, chi ph khi thc) Viec Viettel Glbl tng Vn ieu le len 6.219.060.000.000 trng nm 2011 khien Cng ty chu Cnh trnh mnh gi cc nh mng, ti thi trng ng hn v m b vn ch cc d n ng trin t rt khc lit khi Cc thi trng ng kinh dnh l: Str Telecm v VTC c dnh thu ben vng, m b ngun li i ng cn b cng nhn vin cn thi v y v nhun n inh chuyen ve nc. NATCOM tuy mi nng lc chuyen mn cung nh kinh nghiem qun ly, khi trng dich vu t Thng 9/2011 nhng ch ht ng phn tn tren i bn rng ti cc nc. thy tiem nng ln vi 10,7 trieu USD Thnh cng t cc d n trien khi bt u t tieng vng ch Viettel Glbl tren trng quc te. Nhieu t chc t vn v tn dung chu ng tm en Viettel Glbl e r cc kh nng hp tc. Thi trng xuc tien u t, c nhieu kh khn, trng ghi nhn s ni ln c cc cng ty c chnh sch v li the cnh trnh khng kem Viettel nh Airtel Bhrti.

Thnh tu nm 2010
Trong nm 2011, Star Telecom (STL) v VIETTEL (CAMBODIA) PTE LTD (VTC) tip tc pht trin bn vng v doanh thu trong khi NATCOM c nhng thanh tu bc u.
CNG TY STL VTC NATCOM K hoch 2011 Kt qu 2011

Hot ng ca Hi ng Qun tr
Nm 2011, HQT a triu tp, t chc 01 cuc hop i hi ng c ng thng nin; thc hin ly kin i hi ng c ng bng vn bn: 02 ln, thc hin 21 ln biu quyt bng vn bn v ra 21 Ngh quyt thc hin iu hnh cc hot ng ca Cng ty. Cc Ngh quyt, Quyt nh ca HQT ban hnh u da trn s thng nht, chp thun ca cc thnh vin HQT v v li ch hp php ca Cng ty. Trong cc hot ng nu trn, ng lu nht l vic Hi ng Qun tr a t chc thnh cng vic pht hnh c phn ring l tng Vn iu l ca Cng ty ln 6.219.060.000.000 ng, qua m bo cn cn ti chnh v kh nng trin khai cng lc 5 d n ti nc ngoi.

Doanh thu: USD % TH/KH

260,765,510 106,259,284 10,590,988

256,410,504 109,837,922 10,654,393

98.3% 103.4% 100.6%

Th lao HQT & BKS

STT 1 2 n v Hi ng qun tr Ban kim sot Tng cng Tng th lao (VN) 923.520.000 255.000.000 1.178.520.000

NH GI CHUNG NM 2011

NH HNG PHT TRIN NM 2012

Ve chien lc thm nhp: Di ng v bng rng i trc, mng li rng khp dch v ph cp. S dng tri thc v cch lm Viettel lm hnh trng thm nhp vo cc th trng. Ve h tng mng li vien thng: H tng i trc, kinh dnh i su 2 nm trien khi phi c h tng s 1 hc s 2 ti nc se u t, qung h 75%-95% x 100% trung tm huyen. Ve dnh thu: Su 2-3 nm kinh dnh chnh thc dnh thu phi bu p c chi ph v c li. Nm th 3-4 kinh dnh phi c c li nhun mng ve nc. Su 5 -7 nm thu hi tn b vn t v nc. Ve b my t chc: Trng nm kinh dnh u tien b my c mt 100% huyen, ht ng kinh dnh en tuyen x (nm th 2), l ng ngi viet 5 -10% (trng nm th 3) cn li t s dung l ng ti i phng. Kenh phn phi: X hi h bn hng, kenh phn phi y u thnh phn: c hng trc tiep, i ly, nhn vin lng x ph 99% x s 2 nm kinh dnh. S dng knh lng x l ch kh thm nhp s v thi trng. Ve xuc tien u t: Ti cc nc u t Viettel se eu tr thnh nh cung cp y u cc dich vu vien thng: di ng+c inh+internet.. Ve vn u t: u t ln v nhnh, c phn chi phi hc chiem quyen ieu hnh gii n u l ieu kien kien quyet. Ket hp ly giy phep t u v mu li cng ty, ke c ti cc nc pht trien. ng gp ch t nc t: Vittl mng r th gii nhng g tt p nht c dnh nghip, cu t nc. Gn kinh dnh vi trch nhiem x hi ch t nc s ti, tren c s hc tp kinh nghiem trng nc v cc nc u t. Ti cc nc u t se s dung thng hieu rieng, khng gn vi thng hieu Viettel, VD: Metfne ti Cmpuchi, Unitel ti L, NATCOM ti Hiti v MOVITEL ti Mzmbique.

BO CO CA BAN TNG GIM C

Tm tt kt qu kinh doanh 2011
Dnh thu hp nht cu Cng ty t 6.024 nghn t ng, tng 38% s vi 2010 Dnh thu thun t tren 5,779 nghn t ng, tng 33% s vi nm 2010 Li nhun hp nht su thue t tren 365 t ng, gim 47% s vi nm 2010 d NATCOM v MOVITEL ng trng gii n u t bn u

n v: t VN

Cc d n ang trin khai

D n u t xy dng v khai thc mng vin thng ti Lo Tng vn u t: 59.465.567.35 USD, trng , phn vn gp c Cng ty: 29,138,128 USD, chiem 49%.. en het nm 2011, Cng ty hy ng 29,138,128 USD D n u t xy dng v khai thc mng vin thng ti Haiti Tng vn u t cu d n l 99,9 trieu USD, trng phn vn gp cu Cng ty thng qu Cng ty TNHH Viettel Ocerses l 59 trieu USD, chiem 60%. Tnh en het 2010, Cng ty hy ng 59 tri USD D n u t xy dng v khai thc mng vin thng ti Campuchia Tng vn u t cu d n l 151 trieu USD, 100% d Cng ty ng gp. Tnh en het 2010, Cng ty huy ng 40,3 trieu USD

D n u t xy dng v khai thc mng vin thng ti Mozambique Tng vn u t cu d n l 493,7 trieu USD, trng phn vn gp cu Cng ty l 345,7 trieu USD, chiem 70%. Tnh en het 2010, Cng ty huy ng 140,6 trieu USD

KT QU HOT NG KINH DOANH 2011

TNH HNH TI CHNH 2011

Ch s & Ch tiu ti chnh
CH S TI CHNH Doanh thu thun (ng) T sut li nhun gp/ Doanh thu thun T sut li nhun hot ng / Doanh thu thun T sut li nhun sau thu/ Doanh thu thun Tng trng doanh thu thun Tng trng li nhun sau thu N phi tr/Vn ch s hu Li nhun sau thu/Vn ch s hu (ROE) Li c bn trn c phn (EPS) (ng/c phn) 2011 5,779 t VN 15,59% -2,29% 6,31% 32,68% -53,46% 87,80% 4,76% 647,26 2010 4,355 t VN 24% 15% 18% 4.276% NA 153% 21% 2,770 2009 992 t VN (8%) (43%) (46%) 694% NA 3.55 -51% -3.424 CH TIU Doanh thu thun Gi vn hng bn Li nhun gp Li nhun hot ng Li nhun sau thu Ti sn ngn hn Ti sn di hn Tng ti sn N phi tr Vn ch s hu 2011 (t VN) 5,779.14 4,878.20 900.93 -132.40 365.04 5,721.98 8,668.21 14,390.19 6,727.83 7,662.36 2010 2009 (t VN) (t VN) 4,355.38 3,313.71 1,041.67 638.99 784.28 3,269.06 6,163.05 9,432.12 5,699.84 3,732.28 99.52 1,070.12 -78.59 -428.50 -451.94 1,609.00 3,336.08 4,945.08 3,889.20 1,055.88

Nhng ch s tch cc
Dnh thu tng gp 2 ln s vi nm 2010. Tuy nhien,
dnh thu hp nht ch tng 32,68% l d khi hp nht dnh thu ni b gi VTG v cc thi trng phn ln bi li b .

Nhng mt hn ch
Mc du trng nm 2011, Cng ty y mnh cng tc
len ti sn nhng cc khn xy dng d dng trng c cu Ti sn di hn vn mc c, 4.409 t VN, chiem khng 61,27% khi ti sn di hn. ieu ny l d trng nm 2011 Cng ty c them 2 d n ng trng gii n trien khi mng li Hiti v Mzmbique.

EBITDA tng 68% t 1,298 ty len 2,179 ty. Bien

EBITDA tng t 29% len 36%. ieu ny phn nh kh nng t r dng tien cu dnh nghiep tng, gp phn v viec gim n tng kh nng t chu ve ti chnh.

Cc cng ty cn/lien ket cu Cng ty ch trch lp d

phng hng tn kh., dn ti kh nng bi nh hng bi bien ng t gi.

Ti sn tng 53% t 9.432 ty len 14.390 ty. Trng

tng d li nhun mng li trng ky l 365 ty, cn li l d cc khn u t mi ti Mzmbique v Hiti

Li c bn tren c phn (EPS) gim 75,52% d trng

nm 2011 tng s c phn pht hnh len ti 621.906.000. Trong th gn t Cong ty cn tp trng v cc ngun huy ng vn khc e trnh ph lng c phn cu cc c ng hien hu.

N phi tr/vn chu s hu gim t 1,53 xung ch cn

0,88. Nguyen nhn l d tng vn v tng ngun tien t r trng ky (EBITDA gp 2 ln nm 2010) e gim n. Vn CSH tng gp 2 ln, EBITDA tng 2 ln, trng luc n ch tng 1.18 ln. Kh nng t ti tr vn cu Cng ty c ci thien, p lc tr n gim bt, hn mc vy vi ngn hng tng len.

Dnh thu tng nhng li nhun gim, ty sut li

nhun su thue/Dnh thu thun t 6% gim 12% s vi nm 2010 (18%). ROA 2.54% ch bng 31% nm 2010. ROE t 4,76%, bng 23% nm 2010. Ly do ROA thp l d tng vn, u t v 2 thi trng mi l Mzmbique v Hiti. Trng nm 2012, NATCOM v MOVITEL cn y mnh kinh dnh e bu p chi ph.

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Phn tch SWOT

Mc tiu 2012
Xc tin u t:
Nghien cu chien lc xuc tien u t v nhng nc nh. Nghien cu kh nng thnh lp/thm gi cc cng ty nc ngi vi s c phn < 50% m vn c quyen kiem st. Tiep tuc y mnh cc d n xuc tien u t ng tin hnh.

Ch tiu Doanh thu & Li nhun

Cng ty VTC STL NATCOM MOVITEL VTO VTG Hp nht Doanh thu (USD) 330,000,000 180,000,000 70,000,000 50,000,000 5,622 106,000,000 556,005,622 Li nhun (USD) 85,859,100 55,931,380 (17,574,388) (52,068,688) (609,782) (10,345,167) 61,192,455 Li nhun VTG c hng (USD) 85,859,100 24,665,739 (10,544,633) (36,448,081) (609,782) (10,345,167) 52,577,176

K HOCH HOT NG KINH DOANH 2012

K HOCH HOT NG KINH DOANH 2012

D bo doanh thu v ngn sch 2012
D kin nm 2012 (USD) 376,960,000 71,300,000 188,370,000 7,280,000 40,440,000 19,570,000 50,000,000 343,240,000 235,340,000 21,160,000 24,740,000 60,000,000 33,720,000

Yu cu

STT I 1 2 3 4 5 6 II 1 2 3 4 III

Hng mc Dng tin vo Tin cn u k Doanh thu t bn thit b Doanh thu t hot ng ti chnh Tin li nhun nm 2011 chuyn v t VTC, STL Ngun thu khc (b lng, t H b tr cng n) Vay Ngn hng (phc v u t mi) Dng tin ra Chi tr i tc bn thit b Chi hot ng thng xuyn ti VTG Chuyn tin gp vn iu l vo VTO v chuyn tin cho d n ti Mozambique Chi u t cho th trng mi Tin cn cui k

Huy ng vn 2012
Vi viec tng vn ieu le len 6.219.060.000.000 VN, Cng ty c u ngun vn cn thiet ch cc d n ng trien khi. Tuy nhien e d phng ch kh nng c the thm nhp thnh cng v 1 en 2 thi trng mi trng nm 2012, Cong ty co th s cn thm khong 60 tr USD. D kien Cng ty se vy khn vn neu tren t ngn hng. Trng nm 2011 nhieu ngn hng quc te c uy tn tieps cn Cng ty e e xut ch vy. D , Cng ty hn tn c the l chn mt ngn hng i tc c uy tn v vy c vi cc i kin i tt. Vic vy ngn hng cng trnh ph lng vn cu cc c ng hien hu.

i u 2 chn: Thch thc ng t r cho VTG l vn cn y nhnh vic ly giy php mi v/hoc mu cong ty do c hoi ch con khong 1 vi nm ti TRONG KHI vn phi toi u vic khi thc cc thi trng ng co (Los, Cmbodi, Hiti) cung nh kim sot tot tin o, cht lng cc d n ng trin khi (Hiti, Mozmbiqu). L chon l vn phi i u 2 chn nu muon t c muc tiu vung phu dn so 300 n 500 triu dn vi tong donh thu ln n 50,000 ty ong vo nm 2015. Tng cng b no: Vic nhn thy tc thi cc hot ong hng ngy cc thi trng v iu chnh kip thi cc bt cp l nhim vu song con cu bt ky mot cong ty no, c bit l hnh thi kinh donh trn cc quoc gi, thi trng khc nhu. Khong co cch no khc l phi co h thong cong cu (KPIs, Procsss, IT) u mnh v nhom nhn s xut sc u no ti Vit Nm. BOT (Build Operate Transfer): Nhiu si sot c bn xy r thng xuyn; cc vic thng trnh vn c sng to li tho nhng phng cch rt lng ph v mt thi gin. Nguon nhn lc ngi VN vn chim t trong co (trn 20%) v s l vn u u nht khi tip tuc m rong u t r nc ngoi. Do o, cn mnh m cc tin trnh cong vic vo khuon mu BOT; o, Build ngh l lp r cc oi st-up chuyn nghip, co ky nng chuyn mon tot tin hnh nhim vu trin khi (ton bo cc cong tc kho st, lp k hoch mng li, xy lp, tch hp, pht song, v toi u trc khi trng) Vit Nm v i lm cc nc tho tng d n. Su o, h thong mng hon chnh ny, bo gom c cc qui trnh sn xut kinh donh, s c chuyn gio cho Thi trng, vi khung nhn s cot cn l ngi Vit Nm, c l chon v toi gin v so lng (con so muc tiu l 10%), lm cong tc khi thc (Oprt). Toi u chi ph khi thc v toi hiu qu SXKD l u tin hng u cu bo my ny. Qu trnh chuyn gio cho ngi bn i cung c tin hnh ngy vi muc tiu su 1 nm khi thc ho co th lm cc cong vic thng trnh v su 2 nm khi thc t l nhn s Vit Nm s gim ng k (con so muc tiu l <5%). Cng c cc nn tng ti chnh v php ch: Cc th ch v ti chnh v php ch luon cn s minh bch v vng vng. Nguon nhn lc v ti chnh v php ch s c u tin tuyn dung v o to u c v so lng v cht lng; c Vit Nm v cc thi trng. H thong Kim sot noi bo c xy dng m bo thong tin luon c thong suot v chnh xc t cc thi trng v Vit Nm. Chun tc v tin hc ha cc qui trnh cng vic: y v l yu cu, v l gii php thc hin, bin Cong ty thnh mot cong ty Globl ung ngh, kh cnh s chuyn nghip v hiu qu cu cc qui trnh cong vic. y cung l 1 vn mng tnh nn tng cho bt ky mot cong ty hot ong ton cu no.

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