PHN TCH KH NNG SINH LI

Ch tiu Nm 2012 Nm 2011 Chnh lch

Tuyt i Tng i (%)
2011-2012 2011-2012
Li nhun sau thu 4,598,500,616 946,599,135 3,651,901,481 385.79
Doanh thu thun 95,583,952,995 33,254,024,343 62,329,928,652 187.44
Tng ti sn bnh
qun
134,131,735,593 143,559,521,319 -9,427,785,726 -6.57
VCSH bnh qun 77,337,241,648 81,491,912,880 -4,154,671,232 -5.10
S vng quay tng ti
sn
0.71 0.23 0.48 207.64
H s TS/ VCSH 1.73 1.76 -0.03 -1.55
T sut li nhun
trn doanh thu
(ROS)
4.81% 2.85% 1.96% 69.01
T sut li nhun
trn ti sn (ROA)
3.43% 0.66% 2.77% 419.94
T sut li nhun
trn VCSH (ROE)
5.95% 1.16% 4.78% 411.89
T sut li nhun
trc thu v li vay
trn vn u t (
ROIe)
8.04% 2.50% 5.44% 221.82
T sut li nhun trn
doanh thu (ROS :
PROFI T MARGI N ON
SALES).
T s ny phn nh mi quan h
gia li nhun v doanh thu. Nm
2011 t sut li nhun trn doanh
thu l 2.85%, ngha l c 100 ng
doanh thu to ra c 2.85 ng
li nhun. Nm 2012 t sut ROS
t 4.81.T sut li nhun trn
0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
6.00%
T sut li nhun
trn doanh thu
(ROS)
T sut li nhun
trn ti sn (ROA) T sut li nhun
trn VCSH (ROE)
2.85%
0.66% 1.16%
4.81%
3.43%
5.95%
Nm 2011 Nm 2012
doanh thu nm 2012 tng 1.96% so vi nm 2011 vi tc 69.01%.
iu ny cho thy cht lng v hiu qu hot ng kinh doanh ca cng ty ang c xu
hng tng,nhng t sut li nhn trn doanh thu vn cn mc thp,cho thy kh nng
qun l chi ph ca daonh nghip cha hiu t hiu qu cao.
T sut li nhun trn ti sn (ROA : RETURN ON TOTAL ASSETS).
T s li nhun rng trn tng ti sn dng o lng kh nng sinh li trn mi ng ti sn
ca cng ty. T s ROA cho bit bnh qun mi 100 ng ti sn ca cng ty to ra bao nhiu
ng li nhun dnh cho c ng. Nm 2011 t sut li nhun trn ti sn l 0.66% tng ng
vi bnh qun 100 ng ti sn ca cng ty to ra 0.66 ng li nhun dnh cho c ng. T sut
li nhun trn ti sn nm 2012 mc l 3.43% tng 2.77% so vi nm 2011 vi tc
419.94%. Trong nm 2011 cng ty kinh doanh km hiu qu ( t sut li nhun trn ti sn rt
thp).
T xut li nhun trn ti sn nm 2012 tng so vi nm 2011,cho thy cng ty s dng ti sn
c hiu qu hn trong hot ng sn xut kinh doanh. Tuy nhin, t s ny vn cn mc thp,
ch ra hiu qu s dng ti sn ca cng ty km, kh nng qun l v chi ph cha t hiu qa
cao (ROS). Tuy nhin so vi mc ROA trung bnh ngnh l 1% th ta thy ROA ca cng ty nm
2012 tt so vi ngnh, c tim nng pht trin cao.
Phn tch DUPONT mi quan h gia ROA v ROS
Mi quan h ROA v ROS th hin qua cng thc:
ROA = ROS x S vng quay ti sn
Hay: ROA = (Li nhun thun/ Doanh thu thun)*(Doanh thu thun/Tng Ti Sn)
Bng phng php thay th lin hon ta xc nh c mc nh hng n ROA ca
2 nhn t Li nhun trn doanh thu ROS v hiu sut s dng ti sn nh sau:
Mc nh hng tng t sut li nhun trn doanh thu n ROA
ROA = ( 4.81% -2.85%) * 0.71 = 0.0139
Do t sut li nhun trn doanh thu tng 1.96% lm cho ROA tng 0.0139
Mc nh hng tng s vng quay tng ti sn n ROA:
ROA = 2.85% * (0.71-0.23) = 0.01368
S vng quay tng ti sn tng 0.48 vng lm cho ROA tng 0.01368
Tng gi tr nh hng l 0.02758 (2.76%). ROA tng ln 2.77% l do tc ng ca t
sut li nhun trn doanh thu lm tng 1.39% v nh hng s vng quay tng ti sn
lm tng 1.368%.
Nhn xt: ROA ca cng ty gian on 2011-2012 tng do 2 yu t. Th nht, t sut li
nhun trn doanh thu tng,cho thy vic qun l chi ph ca cng ty ang dc ci thin. Th hai,
s vng quay tng ti sn tng th hin hiu qu ca vic s dng ti sn cng ang tng.
T sut li nhun trn vn ch s hu (ROE : RETURN ON COMMON EQUI TY).
T s ROE l t s rt quan trng i vi cc c ng v n gn lin vi hot ng u t ca
h. T s ROE phn nh mt cch chnh xc kh nng sinh li t ton b vn c ng ng gp,
m s vn ny, ngoi vn ca c ng di dn c phn , bao gm c li nhun dnh cho cc
qu, chnh lch pht hnh...
ROE ca mt cng ty cng cao cng chng t cng ty ny s dng ng vn c hiu qu, kh
nng thu hi vn ca cc c ng cao v gi c phiu ca cng ty ny trn sng giao dch chng
khon cng cng cao.
T sut li nhun trn vn ch s ha ca cng ty nm 2011 l 1.16%. T s ny phn nh
tnh hnh ca cng ty kh xu, c bnh qun 100 ng vn ch s ha b ra th thu c 1.16
ng li nhun, chng t cng ty ang thu hp quy m vo nm 2011. Chnh v th kh nng thu
ht c ngun vn huy ng vn t cc nh u s mc thp. Tuy nhin, trong nm 2012 t
s ROE c xu hng tng v ti mc 5.95% so vi nm 2011 tng ng vi 441.89%, cho
thy cng ty ang m rng quy m trng giai on sau, c th cnh tranh c vi cc cng ty
khc, kh nng thu ht c ngun vn huy ng vn t cc nh u t c bit l cc nh u
t ln v cng ty c ci thin v cng ty chng minh cho cc c ng ca mnh thy rng
kh nng sinh li m cng ty mang li cho cc c ng tng trng cao. l kt qu ca qu
trnh qun l cng ty, lm cho li nhun gia tng, a ra xu hng gia tng thu nhp trong tng
lai cho cc c ng. So vi ngnh c ROE l -1% th ROE ca cng ty rt tt, cn ngy cng
nng cao hn.
Phn tch DUPONT mi quan h gia ROE v ROS
Mi quan h ROE v ROS th hin qua cng thc sau:
ROE = ROS * Vng quay ti sn * n by ti chnh
Hay: ROE = (Li nhun thun / Doanh thu thun) * (Doanh thu thun / Tng ti sn) *
(Tng ti sn / Vn ch s hu)
Phn tch chnh lch ROE gia nm 2012 so vi nm 2011:
Mc nh hng ca ROA:
ROE= (3.43% - 0.66%) *1.73= 0.047921
nh hng gim ca thay i n by ti chnh:
ROE= 0.66% *( 1.73 - 1.76) = -0.000198
Tng mc nh hng: 0.047921 + (-0.000198)= 0.047723 (4.77%)
ROE trong nm 2012 l 5.95%, nm 2011 l 1.16% . ROE nm 2012 tng 4.78% so
vi nm 2011 nguyn nhn l do chu s nh hng ca :
ROA: Trong nm 2012 ROA tng so vi nm 2011 l 2.77% l cho ROE
trong nm 2012 tng thm 0.047921. ROA tng l do chu s tc ng ca
ROS v s vng quay tng ti sn nh phn tch trn.
n by ti chnh : T nm 2010 n nm 2011 gim 0/03 ROE trong
nm 2011 gim tng ng l 0.000198
Nhn xt: Tm li ROE nm 2012 tng so vi nm 2011 nguyn nhn ch yu l do ROS (t
sut li nhun trn doanh thu ) v s vng quay tng ti sn tng lm cho ROA tng theo qua hai
nm 2011 v 2012,nhng h s n by( Ti sn bnh qun/ VCSH bnh qun) li gim,tuy
mc thp nhng cng lm ROE gim xung. ROE tng l du hiu tt,nhng cng cho thy
hiu qu s dng vn ca cng ty vn cn mc thp, t xut li nhun trn doanh thu v s
vng ti sn cn nh, vic s dng h s n by cha mang li hiu qu cao.