PHN TCH CH S TI CHNH

1) T s hin hnh:

- T s thanh ton hin hnh 2009 =

TSNH
=
NNH

341,516
= 2,17
157, 211

C 1 ng n ngn hn nm 2009 th c 2,17 ng GTTS NH m bo.

T s thanh ton hin hnh 2010 =

333,373
= 1,81
183, 691

C 1 ng n ngn hn nm 2010 th c 1,81 ng GTTS NH m bo

Phn tch mc ti chnh pht trin th kh nng thanh ton nm 2009 mnh
hn, mc thanh khon cao hn nhiu l 0,36 ln so vi nm 2010,iu ny cho
thy nm 2009 DN b ng tin mt.nm 2010 c phn ci thin ng k hn 1
phn l do n tng nhng tng khng ng k l 14,4%,tuy nhin DN s dng
TSNH tt hn nm 2009, tin mt gim xung dn tri ra thanh ton cc
khon phi tr v u t TSNH, nhng tnh thanh khon vn cao.
2) T s thanh ton nhanh
- T s thanh ton nhanh 2009 =

TSNH HTK 341,516 -70,835

= 1, 72
=
157, 211
NNH

+ Nm 2009, c 1 ng N NH th c m bo bi 1 ng GTTS NH khng tnh

n HTK.
- T s thanh ton nhanh 2010 =

333,373 117, 411

= 1,17
183, 691

+ C 1 ng N NH nm 2010 th c m bo bi 1,59 ng GTTS NH khng

tnh n HTK
T y ta thy kh nng thanh ton nhanh ca DN gim hn vi nm 2009, do
nm 2010 DN u t nhiu vo TSNH,HTK nm 2010 tng ng k v nm nay d
phng cc khon nhiu, DN ang tng kh nng s dng TSNH 1 cch ti u nht.
3) K thu tin bnh qun
- K thu tin bnh qun 2009 =

BQKPT *360
= [(43236 + 78425 )/2] x 360 / 626954
DTT

= 35 ngy
- K thu tin bnh qun 2010 = [(43236 + 78425 )/2] x 360 / 787836 = 28 ngy
Chnh sch thu n nm 2010 tt hn gim c 7 ngy mc ci thin so
vi mc ton b gim hn.
4) Vng quay hng tn kho
Vng quay HTK2009 =
=>

GVHB( DTT )
441, 049
=
= 5vng
HTKBQ
(70,835 + 117, 411) / 2

360
= 72
5

+Nm 2009 cn 5 vng hng ho tng kho lun chuyn trong k, t khi nhp
HTK n khi bn HTK l 72 ngy

578, 217
= 6vng
(70,835 + 117, 411) / 2

Vng quay HTK 2010 =

=>

360
= 60
6

+ Nm 2010 cn 6 vng hng ho trong kho lun chuyn trong k, t khi

nhp HTK n khi bn HTK l 60 ngy.
Vng quay HTK nm 2010 tng hn 1 vng so vi nm 2009, gi vn bn hng
tng, tuy gi vn hng bn nm nay tng hn nm 2009 l 137,168 triu ng,
nhng cng ch cn 6 vng trong 60 ngy.
5) Vng quay ti sn lu ng
- Vng quay TSNH 2009 =

DTT
626,954
=
= 1,85
TSNHBQ (341,516 + 333,373) / 2

+ Nm 2009 c 1 vng GTTS NH to ra c 1,85 ng doanh thu

-

Vng quay TSNH 2010 =

787,836
= 2,33
(341,516 + 333,373) / 2

+ Nm 2010 c 1 ng GTTS NH to ra c 2,33 ng doanh thu

Nm 2010 tng hn nm 2009 iu ny cho thy DN s dng kh hiu qu
TSNH ca mnh.
6) Vng quay ti sn c nh
- Vng quay TSC 2009 =

DTT
626,954
=
= 1, 63
TSCDBQrng (366,591 + 401, 407) / 2

+ Nm 2009 c 1 ng GTTS C to ra 1,63 ng doanh thu

-

Vng quay TSC 2010=

787,836
= 2, 05
(366,591 + 401, 407) / 2

+ Nm 2010 c 1 ng GTTS C to ra 2,05 ng doanh thu

Ta thy 2010 tng hn so vi nm 2009, do c th thy DN ang s dng
hiu qu GTTS C ca mnh, c s chuyn i r rt.
7) Vng quay tng ti sn
- Vng quay tng ti sn 2009 =

DTT
626,954
=
= 0,84
BQGTTTS (736,809 + 758,841) / 2

+ Nm 2009 c 1 ng GTTTS li to ra 0,84 ng doanh thu

-

Vng quay TTS 2010 =

787,836
= 1, 05
(736,809 + 758,841) / 2

+ Nm 2010 c 1 ng GTTTS li to ra 1,05 ng doanh thu

Vng quay tng ti sn nm 2010 cao hn so vi nm 2009, chng t s dng
hiu qu ti sn ca DN nm 2010 tt hn,
8) H s v c cu ti chnh
- T s n 2009 =

213,556
TN
= 0, 29 = 29%
=
TTS 736,809

+ Nm 2009 c 29% GTTS ca DN l c ti tr t cc khon n

- T s n 2010 =

214, 267
= 0, 28 = 28%
758,841

+ Nm 2010 c 28% GTTS ca cty l c ti tr t cc khon n

T s n ca cty l tng i thp, nm 2010, nm 2010 gim hn so vi nm
2009, iu ny cho thy kh nng t ch ti chnh DN l tt, DN c th vay n thm
t bn ngoi, tuy nhin DN vn k tn dng c li th n by ti chnh
9) H s vn ch s hu
- H s VCSH 2009 =

VCSH 523, 253

= 0, 71
=
736,809
TTS

+ Nm 2009 c 71% GTTS c ti tr t VCSH

- H s VCSH 2010 =

544,574
= 0, 72
758,841

+ Nm 2010 c 72% GTTS c ti tr t VCSH

iu ny cho thy kh nng t ch ti chnh ca DN l tt khi GTTS hu ht u
c ti tr t VCSH, nm 2010 th h s ny tng ln thm so vi nm 2009.
10) H s trn VCSH
- T s n trn vn CSH 2009 =

213,556
TN
= 0, 4
=
TVCSH 523, 253

+ Nm 2009 c 1 ng VCSH th cng ty s dng 0,4 ng vn vay

- T s n trn vn CSH 2010 =

214, 267
= 0,39
544,574

+ Nm 2010 c 1 ng VCSH th DN s dng 0,39 ng vn vay

Ta thy DN t s dng vn vay, nm 2010 nm 2010 t s s dng vn vay vn
khng thay i so vi nm 2009, cho thy cty ang tp trung u t ngn hn
11) Ch s trang tri li vay
- T s trang tri li vay 2009 =

66,105
EBIT
= 36, 64
=
1,804
CPLV

+ Nm 2009 DN to c LNTT gp 36,64 ln chi ph li vay

- T s trang tri li vay 2010 =

50, 277
= 9, 76
5,152

+ Nm 2010 cty to c LNTT gp 9,76 ln chi ph li vay

Con s chi ph li vay y kh thp, tuy nhin nm 2010 cao hn ,c 1 ng
CPLV th DN c n 36,64 ng hoc 9,76 ng tr li vay,nm 2010 t s ny
gim xung cn 9,76 do CPLV cao hn v li nhun hot ng kinh doanh gim.
12) H s kh nng sinh li
ROA 2009=

LNST
57, 293
=
*100% = 7, 66
BQTTS (758,841 + 736,809) / 2

+ Nm 2009 c 100 ng ti sn ca DN to ra 7660 ng li nhun sau thu

ROA 2010 =

41, 778
*100% = 5, 6
(758,841 + 736,809) / 2

+ Nm 2010 c 100 ng ti sn ca DN to ra 5600 ng li nhun sau thu

Nm 2010 thp hn so vi nm 2009 2,06%, tuy nhin nm 2010 li nhun
trc thu v li nhun sau thu chnh lch nhau 3,347 , m 2009 li chnh lch ti
7,006 . Vy nu nh CPLV ca 2010 gim bng vi 2009 th li nhun ca doanh
nghip s cao hn rt nhiu so vi 2009, do CPLV nm 2010 cao nn h s kh
nng sinh li gim ch khng phi do hot ng kinh doanh ca cty gim.
ROE 2009 =

LNST
57, 293
*100% =
*100% = 10, 73
BQVCSH
(523, 253 + 544,574) / 2

+ Nm 2009 c 100 ng vn CSH ca DN th to ra 1073 ng li nhun

sau thu
ROE 2010 =

41, 778
*100% = 7,82
(523, 253 + 544,574) / 2

+ Nm 2010 c 100 ng vn CSH ca DN th to ra 7820 ng li nhun sau

thu
T sut sinh li trn vn CSH xu hng gim so vi nm 2009, do VCSH nm
2010 tng nn DN s dng VCSH khng b ng vn, nn ROE nm 2010
gim, nh vy l hp l.
Phn tch DUPONT 2009:
10.96%

7.77%

1.41

9.14%

0.85

57293

Phn tch DUPONT 2010:

626954

626954

736809

7.59%

41778

5.46%

1.39

5.30%

1.03

787836

787836

758841

ROA09 = TSLNR 09 x VQTS 09

ROA = TSLNR 10 x VQTS 09 = 5.30% x 0.85 = 4.28%
ROE = ROA10 x ( TTS / VCSH )09 = 7.59% x 1.41 = 10.70%
* ROA 09 = 7.77% ; ROA10 = 5.46% gim 2.31%
Do: TSLNR ( 4,28% - 7.77%) = - 3.49%
VQTS ( 5,46% - 4,28%) = 1.18%
Kt qu kinh doanh cha tt, chnh sch qun l ti sn tt.
* ROE09 = 10.96% ; ROE10 = 7.59% gim 3.37%
Do: ROA ( 10.70% - 10.96%) = 0.26%
(TTS/VCSH) ( 7.59% - 10.70%) = - 3.11%
mc s dng vn n DN tt, c xu hng thay i c cu vn hiu qu hoch
nh ca DN tt.