Cu 3:

*D liu:
Ch tiu
Doanh thu
Li nhun trc thu
CP thu TNDN (25%)
Li nhun sau thu
C tc
Li nhun gi li
Ti sn ngn hn
Ti sn di hn
Tng ti sn
N ngn hn
N di hn
Vn ch s hu
Tng ngun vn
*Thng tin b sung:
Ch tiu
- Chi ph R&D mi nm:
- Chi ph li vay
- Chi ph khu hao k ton
- Chi ph khu hao kinh t
- Li sut n di hn
- Li sut s dng vn c ng
- Th gi c phiu

VT: 1.000.000
20x7
608
134
(33.5)
100.5
(29)
71.5
300
256
556
50
126
380
556
20x7
10
12.6
20.0
22.6
10%
17%
2,280

Bi Gii:
Ch tiu
Li sut i vay sau thu
WACC = ((LS vay sau thu x Th gi n di hn) + (LS s dng VCSH x Th gi
VCSH))/(Th gi n di hn + Th gi VCSH)

Ch tiu
Li nhun trc thu v li vay
Cc khon cn iu chnh:
Chi ph li vay
Chi ph khu hao k ton
Chi ph khu hao kinh t
Chi ph c vn ho: Chi ph nghin cu v pht trin

20x7
7.50%

16.95%
20x7
134.00
12.6
20.0
(22.6)

10

Li nhun trc thu v li vay iu chnh

Chi ph thu TNDN = LN trc thu v li vay /c * Thu sut
Li nhun hot ng sau thu

Ch tiu

154
39
115.50
20x7

Tng TS

556

Tr cc khon khng phi vn u t:

Cc khon vay khng tnh li
Cng cc khon:
Chi ph c vn ho: Chi ph nghin cu v pht trin
Cc khon chi ph khng bng tin: khu hao + d phng
Vn u t sau khi iu chnh

Ch tiu
* Tnh EVA = Li nhun hot ng sau thu c iu chnh ( WACC x Vn
u t c iu chnh)

(50)
10
20
536
20x7
24.66

VT: 1.000.000
20x6
520
108
(27.0)
81.0
(24)
57
242
208
450
50
88
312
450
20x6
10
8.8
20.0
12.8
10%
15%
1,560

20x6
7.5%

14.96%
20x6
108.00
8.8
20.0
(12.8)

10

134
34
100.50
20x6
450
(50)
10
20
430
20x6
36.18

Cu 5:
Tnh EVA tng giai on sn xut
* Giai on sn xut ri rc:
- WACC = 12%
- Chi ph khu hao kinh t: (18,450,000 - 17,550,000) = 900,000
- Tng ti sn hot ng bnh qun: (18,450,000 + 17,550,000)/2 = 18,000,000
Ch tiu

S tin
5,400,000
(1,800,000)
(900,000)
2,700,000
675,000
2,025,000
12%
18,000,000
2,160,000
(135,000)

Doanh thu
Chi ph hot ng cha tnh KH
Chi ph KH kinh t
LN trc thu iu chnh
Thu TNDN (25%)
LN sau thu iu chnh
WACC
Tng TS hot ng bnh qun
Chi ph s dng vn
EVA
* Giai on lp rp:
- WACC = 12%
- Chi ph khu hao kinh t: (10,800,000 - 7,200,000) = 3,600,000
- Tng ti sn hot ng bnh qun: (10,800,000 + 7,200,000) = 9,000,000
Ch tiu
Doanh thu
Chi ph hot ng cha tnh KH
Chi ph KH kinh t
LN trc thu iu chnh
Thu TNDN (25%)
LN sau thu iu chnh
WACC
Tng TS hot ng bnh qun
Chi ph s dng vn
EVA = (6) - (7)*(8)
* Giai on phn phi s:
- S lng (chic)
- Gi bn (/chic)
- Chi ph hot ng bao gm KH
- Chi ph s dng vn bnh qun
Ch tiu
Doanh thu

S tin
27,000,000
(22,500,000)
(3,600,000)
900,000
225,000
675,000
12%
9,000,000
1,080,000
(405,000)
10,000
3,150
90
216
S tin
31,500,000

Gi vn
Chi ph hot ng gm CP KH
Chi ph KH kinh t
LN trc thu iu chnh
Thu TNDN (25%)
LN sau thu iu chnh
Tng CP s dng vn bnh qun
EVA = (7) - (8)
* Giai on bn l:
- S lng (chic)
- Gi bn (/chic)
- Chi ph hot ng bao gm KH
- Chi ph s dng vn bnh qun
Ch tiu
Doanh thu
Gi vn
Chi ph hot ng gm CP KH
Chi ph KH kinh t
LN trc thu iu chnh
Thu TNDN (25%)
LN sau thu iu chnh
Tng CP s dng vn bnh qun
EVA = (7) - (8)

(27,000,000)
(900,000)
3,600,000
900,000
2,700,000
2,160,000
540,000
10,000
4,500
594
72
S tin
45,000,000
(31,500,000)
(5,940,000)
7,560,000
1,890,000
5,670,000
720,000
4,950,000

T vn cho nh qun tr cng ty BestBike nn xy dng chui gi tr nh th no

Bng gi tr EVA tnh ra cho ta bit giai on sn xut cc b phn ri rc v giai on lp
rp khng to nn gi tr kinh t tng thm cho doanh nghip. Nguyn nhn l do chi ph s
dng vn 2 giai on ny ln so vi li nhun hot ng. Cng ty nn cn nhc vic thu
gia cng nhng b phn phn khng to ra gi tr tng thm v s nh hng n cht
lng sn phm cng nh thng hiu ca doanh nghip. Cng ty nn nhng li giai on
lp rp do n khng to ra gi tr ct li ca cng ty; mc khc, giai on lp rp ny tuy li
nhun hot ng dng, nhng mang li gi tr kinh t m, s khng mang li s n nh lu
di cho BestBike. Giai on sn xut cc b phn ri l giai on to ra gi tr ct li nh
cht lng, cng ngh c quyn cng ty nn gi li.
V phn phi, cng ty khng th m nhn vic phn phi l vi ngun nhn lc v c s h
tng ca mt n v chuyn sn xut. Vic ny i hi rt nhiu chi ph. Cng ty nn thc
hn bn l c EVA dng v nng cao gi tr kinh t cho mnh.