CHNG 6

TNH TON KHU HAO

& PHN TCH D N SAU THU

NI DUNG
1

Gii thiu v chi ph khu hao

M hnh khu hao u - SL

Thu li tc

Dng tin t sau thu - CFAT

So snh phng n theo CFAT

GII THIU V CHI PH KHU HAO

z

Chi ph khu hao

- L mt khon khu tr vo tin thu ca DN
- Chi ph khu hao trong thi on cng ln th
tin thu trong thi on cng nh.
- Khu hao thu li, hon tr li ngun vn
hay phn gi tr b gim i ca ti sn.
- Khng phi l mt khon thc chi.

KHU HAO U
z Mang tnh truyn thng.
zDng cho ti sn tui th > 1 nm, thi on
tnh l nm
z Chi ph khu hao hng nm:
D = (P- SV)/N
D
: CP Khu hao hng nm
P
: Gi tr u t ban u ca ti sn
SV
: Gi tr cn li ca ti sn
N
: S nm tnh khu hao
z Gi tr bt ton cui nm x:
BVX = P D.x = P [(P- SV).x / N]

KHU HAO U
V d: Mt ti sn c mua vi gi 15tr, khu
hao u trong 12 nm, gi tr cn li sau 12 nm
l 1,5tr.Tnh Chi ph khu hao hng nm v gi
tr bt ton ca ti sn vo cui nm 3?
Li gii:
Chi ph khu hao hng nm ca TS:
D = (15 1,5) / 12 = 1,125 tr/nm
Gi tr bt ton ca TS vo cui nm 3:
BV3 = 15 1,125*3 = 11,625 tr

THU LI TC
z

Thu nh trn thu nhp hay li tc thu c

trong hot ng sn xut kinh doanh v trn cc
khon di vn qua chuyn nhng ti sn.

Thu = (TI) * (TR)

TI : li tc chu thu (Taxable Income)
TR : thu thu nhp doanh nghip (Tax Rate)

TI = [(Tng doanh thu) (Chi ph hot ng

kinh doanh) (Chi ph khu hao)] + (Li tc
khc, nu c)

THU LI TC
z

Thu sut thu li tc

c qui nh bi lut thu thu nhp doanh nghip
V d
Trong nm 2009, cng ty du lch Q c doanh thu
20 triu VN, tng chi ph sn xut v khu hao l
10 triu VN. Tnh tin thu phi ng cho Nh
Nc.
Theo lut thu li tc ca Vit Nam, TR = 25%
TI = 20 triu 10 triu = 10 triu
Thu = TI * TR = 10 triu * 0,25 = 2.5 triu

THU LI TC
z

Khon Di vn Ht vn

FC: Gi mua ban u

SP1, SP2, SP3: Gi bn
BV: Gi tr bt ton

DNG TIN T SAU THU - CFAT

z

Sut thu li sau thu:

Chui dng tin t

Trc thu : CFBT (Cash Flow Before Tax)
Sau thu : CFAT (Cash Flow After Tax)
Khng vay vn (100% vn cng ty)
Dng tin trc thu: CFBT = (Doanh thu) (Chi ph)
Li tc chu thu:
TI
= CFBT - (Khu hao)
Thu
= (TI)*(TR) vi TR: Thu sut
Dng tin sau thu: CFAT = CFBT (Thu)
C vay vn
Dng tin trc thu: CFBT = (Doanh thu) (Chi ph)
Li tc chu thu:
TI = CFBT (Khu hao) (Tin tr li)
Thu
= (TI)*(TR) vi TR: Thu sut
Dng tin sau thu: CFAT = CFBT (Thu) (Tin tr li) (Tin tr
vn)

DNG TIN T SAU THU - CFAT

V d: Mt cng ty u t vo mt dy chuyn sn sut sa
chua vi chi ph u t ban u ca thit b l 15 tr. Sau
5 nm s dng, gi tr cn li l 2tr. Thu nhp hng nm
l 7 tr, chi ph hng nm l 1 tr. Thut sut l 50%.
Khu hao u hng nm. Gi bn thit b sau 5 nm l 3
tr.
1. Xc nh CFAT nu 100% vn ca Cng ty.
2. Xc nh CFAT nu 40% vn ch s hu v 60% l vn
vay. Li sut ca vn vay l 10% v l li sut n.
Phng thc thanh ton l tr u trong 5 nm c li ln
vn.

DNG TIN T SAU THU - CFAT

1. 100% vn cng ty
0
u t ban u

-15

Gi tr cn li

Gi bn

Khon di khu hao

Doanh thu

Chi ph

CP khu hao

CFBT

2.6

2.6

2.6

2.6

2.6

Li tc chu thu

3.4

3.4

3.4

3.4

4.4

Thu

1.7

1.7

1.7

1.7

2.2

4.3

4.3

4.3

4.3

6.8

CFAT

-15

DNG TIN T SAU THU - CFAT

2. 40% vn cng ty
0
u t ban u

-6.0

Gi tr cn li

2.0

Gi bn

3.0

Khon di khu hao

1.0

Doanh thu

7.0

7.0

7.0

7.0

7.0

Chi ph

1.0

1.0

1.0

1.0

1.0

CFBT

6.0

6.0

6.0

6.0

6.0

CP khu hao

2.6

2.6

2.6

2.6

2.6

CP tr li

0.9

0.9

0.9

0.9

0.9
3.5

Li tc chu thu

2.5

2.5

2.5

2.5

Thu

1.25

1.25

1.25

1.25

1.75

CP Tr vn

1.80

1.80

1.80

1.80

1.80

2.05

2.05

2.05

2.05

4.55

CFAT

-6.00

DNG TIN T SAU THU - CFAT

Bi tp:
ng A va mua ming t (gi 1 t ng) xy mt
khch sn mini (tng chi ph xy l 3 t ng). ng
d nh cho thu trong 3 nm vi khon thu rng
hng nm l 400 triu ng, v s bn khch sn
cng t vo cui nm 3 vi gi 5,5 t ng (trong
1 t ng l tin bn t). ng dng khu hao ng
thng cho khch sn, vi gi tr cn li l 500 triu
ng, thi gian khu hao l 10 nm (lu : t khng
khu hao). Thu sut cho cc khon li tc thng
thng, di vn, ht vn l 40%. Hy c tnh CFAT
ca d n ny?

DNG TIN T SAU THU - CFAT

0
u t ban u

-(1+3)

Gi tr cn li

2.25

Gi bn

1+4.5

Di khu hao

2.25

CFBT

0.4

0.4

0.4

CP Khu hao

0.25

0.25

0.25

Li tc chu
thu

0.15

0.15

2.4

Thu

0.06

0.06

0.96

0.34

0.34

4.94

CFAT

-4

SO SNH V LA CHN
PHNG N U T THEO CFAT
S liu ban u
Chi ph v thu nhp( triu )
u t ban u
Chi ph hng nm
Thu nhp hng nm
Gi tr cn li (c tnh

thc)
Tui th (nm)
MARR(%)

My tin A

My tin B

10,0
2,2
5,0
2,0

15,0
4,3
7,0
0,0

10
5%

Phn tch kinh t sau thu la chn PA u t theo AW

nu: M hnh khu hao u. SV gi nh dng tnh khu
hao cho c 2 PA sau 5 nm l 1,5 tr. Thu sut l 55% cho
tt c cc khon li tc thng thng, di vn v ht vn.

SO SNH V LA CHN
PHNG N U T THEO CFAT
SV gi nh dng tnh khu hao cho c 2 PA sau 5
nm l 1,5 tr
Gi tr bt ton ca A v B vo cui nm th 5 l 1,5
tr.
PA A c khon di khu hao: 2 - 1,5 = 0,5 tr.
PA B c khon ht vn l: 0 1,5 = -1,5 tr

DNG TIN T SAU THU - CFAT

Phng n A
0
u t ban u

-10.0

Gi tr cn li

1.5

Gi c tnh thc

2.0

Khon di khu hao

0.5

Doanh thu

5.0

5.0

5.0

5.0

5.0

Chi ph

2.2

2.2

2.2

2.2

2.2

CFBT

2.8

2.8

2.8

2.8

2.8

CP Khu hao

1.7

1.7

1.7

1.7

1.7

Li tc chu thu

1.1

1.1

1.1

1.1

1.6

Thu

AW

0.61 0.61 0.61 0.61 0.88

CFAT

-10.0 2.20 2.20 2.20 2.20 3.92 0.2013

DNG TIN T SAU THU - CFAT

Phng n B
0
u t ban u

10

-15.0

Gi tr cn li

1.5

Gi c tnh thc

0.0

Khon ht vn

-1.5

Doanh thu

7.0

7.0

7.0

7.0

7.0

Chi ph

4.3

4.3

4.3

4.3

4.3

CFBT

2.7

2.7

2.7

2.7

2.7

CP Khu hao

1.4

1.4

1.4

1.4

1.4

Li tc chu thu

1.4

1.4

1.4

1.4

-0.2

Thu
CFAT

AW

0.74 0.74 0.74 0.74 -0.08

-15.00 1.96 1.96 1.96 1.96

2.78

0.08