PHN TCH BO CO TI CHNH

CNG TY C PHN XY DNG GIAO THNG THA THIN HU

(HCTC)
Nhm 3:
1. Trn Kim B
2. L Th Hng
3. Trng Ngc Vn Thu
4. Vn Th Kiu Trang
5. Tn N Phng Trm
BI LM
I.

TNG QUAN V CNG TY HCTC

1. Thng tin chung:

- Tn n v: Cng ty c phn xy dng giao thng Tha Thin Hu.
- Tn vit tt: HCTC
- Vn iu l: 19.000.000.000 VN (mi chin t ng)
- Giy php ng k kinh doanh v MST: 3300101011
- C phiu nim yt trn th trng chng khon: GTH
- a ch lin lc: L 77, ng Phm Vn ng, Phng V D, Thnh ph Hu
- in thoi lin lc: 054 3823486; 054 3812846
- a ch Email: hc@xdgt-tth.com.vn
- a ch website ca n v: http://xdgt-tth.com.vn/
- Loi hnh DN: Cng ty c phn

Fax: 054 3823486

- Ngnh ngh kinh doanh: Xy dng cc cng trnh giao thng, thy li, kt cu h tng, Cc
cng trnh Dn dng v cng nghip, khai thc khong sn, kinh doanh xng du, vt liu xy
dng, kho st thit k cc cng trnh giao thng, h tng k thut ...
2. Cc lnh vc kinh doanh ch yu:
- Xy dng, sa cha, t vn, kho st v thit k cc cng trnh giao thng
- Xy dng cc cng trnh cng nghip, dn dng, thu li.
- Khai thc, ch bin v kinh doanh khong sn phi qung, khai hoan ng rung.
- Gia cng sa cha phng tin vn ti, xe my thi cng.
- San lp mt bng h tng th
- Thi cng li in h th v cp nc sinh hot.
- Cung ng phng tin vt t thit b, ph tng giao thng vn ti
- Kinh doanh xng du
- Kinh doanh vt liu xy dng, cu kin b tng c sn
- Kinh doanh vn ti hnh khch theo hp ng v theo tuyn c nh, i l vn ti.
- Kinh doanh vn ti hng ha bng ng b.
- Th nghim vt liu xy dng cng trnh giao thng
3. Tm tt qu trnh hnh thnh v pht trin:

Cng ty c thnh lp theo quyt nh s 143 Q/UB ngy 05/02/1993 ca Ch tch

UBND tnh Tha Thin Hu v vic thnh lp doanh nghip Nh nc: Cng ty cng trnh
giao thng
Quyt nh s 564/Q-UB ngy 27/02/2002 ca UBND tnh Tha Thin Hu V/v sp
nhp Cng ty xy dng giao thng 3/2 TT Hu vo Cng ty cng trnh giao thng Tha Thin
Hu v i tn thnh Cng ty Xy dng Giao thng Tha Thin Hu. Cng ty chnh thc
chuyn i sang Cng ty c phn theo quyt nh s 139/Q-UBND ngy 16/01/2006 ca
UBND tnh TT Hu Chuyn Cng ty Xy dng Giao thng Tha Thin Hu thnh Cng ty
c phn Xy dng Giao thng Tha Thin Hu. T khi thnh lp n nay, Cng ty c vn
iu l l 19 t ng.

4. K hoch pht trin kinh doanh:

Trong tin trnh t nc hi nhp ang trn pht trin khi Vit Nam ngy cng hi
nhp su v rng vo nn kinh t th gii, s cnh tranh khc lit ca 2 nm vo WTO mi ch
l bc u. Giai on sp ti s cha ng khng t thi c thun li cng nh kh khn thch
thc. c bit, khng nhng cnh tranh khc lit ngay ti th trng trong nc m cn phi ng
u vi cc Cng ty ca cc nc trong khu vc v th gii.
Do vy, thi gian ti thch thc pha trc vn cn rt nhiu cho nn Cng ty phi c hng
chuyn i mnh, nm bt c hi t chc tt hot ng SXKD vi cc ngnh truyn thng, th
mnh ca Cng ty v m rng mt s ngnh ngh, sn phm m x hi ang c nhu cu.
khai thc cc ngnh ngh, Cng ty phi u t, m rng sn xut, khai thc ti a cng
sut thit b sn c c sn lng chim lnh th phn trong tnh v ln cn.
Mc tiu hng n l tip tc xy dng thng hiu Cng ty, nng dn gi tr DN c gi
tr vn ha ln mc quy m tm c tng giai on. C th, HQT Cng ty a ra nhng ch
tiu phn u nh sau:
K hoch kinh doanh trong cc nm n
Ni dung

Nm 2009

Nm 2010

Nm 2011

Nm 2012

Nm 2013

Doanh thu ( t)

186,6

205.3

225,8

248,4

273,2

LN trc thu

5.540.387.742

5.817.407.129

6.108.277.486

6.413.691.360

6.734.375.928

C tc

15.5%

16.0%

16.5%

17%

17,5%

TNBQ

2.303.833

2.535.216

2.787.638

3.066.402.554

3.506.402.554

5. c im ngnh kinh doanh:

Xy dng cc cng trnh giao thng l mt trong nhng lnh vc c vai tr quan trng i vi
s pht trin kinh t x hi ca c nc. Trong nhng nm qua, nhiu cng trnh giao thng c
u t, p ng nhu cu vn chuyn, i li ca cng chng, to iu kin thun li cho nn kinh t
pht trin. Hng lot cng trnh c quy m ln v ang c trin khai, l c hi ln cho cc
doanh nghip trong Ngnh.

Tuy nhin, bn cnh nhng thun li ny, cc doanh nghip xy dng cng trnh giao thng
gp khng t kh khn, bi cc nguyn nhn khch quan:

Thi gian trin khai cc cng trnh giao thng thng ko di nn d chu tc ng ca s
thay i v c ch, chnh schv t nh hng n qu trnh trin khai d n.

Cng tc gii phng mt bng chm, ko di thi gian thc hin d n.

Vic gii ngn vn chm nh hng ln n tin cng vic, gy kh khn v ti chnh
cho doanh nghip, do thi gian tr li vay ko di.

6. Thnh tch t c v v th ca cng ty trong ngnh:

Mc d mi c phn ha t thng 01/2006, nhng sau mt thi gian hot ng, Cng ty
sm khng nh c v th ca mnh trn th trng. Cng ty l mt trong nhng doanh nghip
c sc cnh tranh v hot ng kinh doanh hiu qu trong ngnh xy dng ti Tha Thin Hu,
c s tin cy, hp tc ca cc Ch u t, c UBND tnh cng nhn Tp th lao ng xut
sc nm 2008 v 03 c nhn c UBND tnh tng bng khen; Gii thng doanh nghip pht
trin bn vng do B Cng Thng trao tng; c 02 cng trnh t Huy chng vng cht lng
do B Xy dng trao tng l:

Cng trnh Cu B Lu

Tr s Cng ty s x kin thit TT.Hu.

ng b Khi doanh nghip cng nhn ng b trong sch vng mnh; Cng on ngnh GTVT
tng Giy khen Cng on c s t vng mnh; on Thanh nin khi doanh nghip tnh tng
giy khen c nhiu thnh tch trong cng tc on v phong tro thanh nin nm 2008.
Hin ti Cng ty chim mt th phn ln v ng k trong lnh vc xy dng giao thng, Dn dng
Cng nghip, H tng v Thy li.
7. nh hng php l i vi doanh nghip:

Cng ty c phn Xy dng - Giao thng Tha thin Hu hot ng theo m hnh cng ty c
phn, mi hot ng ca Cng ty c iu chnh bi h thng cc vn bn quy phm php lut
bao gm: Lut doanh nghip; Lut chng khon, cc vn bn php lut v cc thng t hng dn
lin quan.

Vit Nam ang trong qu trnh pht trin v hi nhp vi kinh t th gii, mi s thay i v
chnh sch qun l cng nh s thay i v cc vn bn quy phm php lut iu chnh hot ng
ca cc doanh nghip ni chung cng nh ca cc doanh nghip trong ngnh lun c th xy ra,
nh hng n hot ng ca Cng ty.
8. S t chc b my:
I HI NG C NG

HI NG QUN TR

BAN KIM
SOT

BAN TNG GIM

C

P. T
CHC

CHI
NHNH
QUNG
TR

P. TI V

CC
XN
THI
CNG
CU

CC
XN
XY
LP

P. K HOCH

CC XN
KHAI
THC,
CH BIN

II. PHN TCH BO CO TI CHNH (vt: VN)

1. Phn tch khi qut tnh hnh ti chnh ca DN

P. K
THUT

CC
XN
C
GII

P. H CHNH

XN
C
KH

CH
KD
XNG
DU

 Bng cn i k ton ngy 31/12/2010

CH TIU
TI SN
A. TI SN NGN HN
I. Tin v cc khon tng ng tin
1. Tin
2. Cc khon tng ng tin
II. Cc khon u t ti chnh ngn hn
III. Cc khon phi thu ngn hn
1. Phi thu ca khch hng
2. Tr trc cho ngi bn
3. Cc khon phi thu khc
4. D phng cc khon phi thu kh i
IV. Hng tn kho
1. Hng tn kho
2. D phng gim gi Hng tn kho
V. Ti sn ngn hn khc
1. Chi ph tr trc ngn hn
2. Ti sn ngn hn khc
B. TI SN DI HN
I. Cc khon phi thu di hn
II. Ti sn c nh
1. Ti sn c nh hu hnh
- Nguyn gi
- Gi tr hao mn ly k
2. Chi ph xy dng c bn d dang
III. Bt ng sn u t
IV. Cc khon u t ti chnh di hn
V. Ti sn di hn khc
1. Chi ph tr trc di hn
2. Ti sn di hn khc
TNG CNG TI SN
NGUN VN
A. N PHI TR
I. N ngn hn
1. Vay v n ngn hn
2. Phi tr ngi bn
3. Ngi mua tr tin trc
4. Thu v cc khon phi np nh nc

U NM

CUI K

151,226,056,502
13,461,979,083
13,461,979,083

177,913,329,535
9,691,523,543
9,691,523,543

77,857,182,373
56,947,990,730
20,215,866,265
2,218,569,767
(1,525,244,389)
53,715,026,155
53,715,026,155

93,501,811,919
77,311,338,473
17,014,457,444
2,334,276,506
(3,158,260,504)
61,431,168,719
61,431,168,719

6,191,868,891
376,551,213
5,815,317,678

13,288,825,354
905,503,229
12,383,322,125

47,672,733,257

77,152,157,035

46,166,593,851
40,998,620,371
74,312,864,271
(33,314,243,900)
5,167,973,480

75,758,736,324
75,459,520,262
116,224,751,066
(40,765,230,804)
299,216,062

1,506,139,406
1,407,614,406
98,525,000

1,393,420,711
1,238,249,211
155,171,500

198,898,789,759

255,065,486,570

171,409,762,929
149,033,233,286
25,439,501,564
48,253,234,551
61,362,290,838
6,312,607,761

224,240,564,174
176,503,593,724
84,694,514,566
45,040,919,460
36,061,729,949
6,494,345,228

5. Phi tr ngi lao ng

6. Chi ph phi tr
7. Cc khon phi tr phi np khc
8. Qu khen thng, phc li
II. N di hn
1. Phi tr di hn ngi bn
2. Vay v n di hn
3. D phng tr cp mt vic lm

22,242,341,906
134,187,737

2,225,889,559
310,118,049
1,342,461,091
333,615,822
47,736,970,450
23,829,095,598
23,688,659,106
219,215,746

B. VN CH S HU
I. Vn ch s hu
1. Vn u t ca ch s hu
2. Qu u t pht trin
3. Qu d phng ti chnh
4. Qu khc thuc vn ch s hu
5. Li nhun sau thu cha phn phi
II. Ngun kinh ph v qu khc

27,488,926,830
27,488,926,830
19,000,000,000
2,898,466,761
327,279,475
621,003,109
4,642,177,485
-

30,815,922,396
30,815,922,396
20,520,000,000
3,678,636,933
559,488,350
945,955,533
5,111,841,580
-

198,898,689,759

255,056,486,570

TNG CNG NGUN VN

1,042,717,877
172,463,140
5,607,564,157
842,853,398
22,376,529,643

a) Nhn xt s bin ng ti sn
Tng ti sn ca doanh nghip cui k tng so vi u nm l 56.166.696.811 ng, tng
ng vi 28,24%. Trong :
Ti sn ngn hn tng 26.687.273.033 ng, ng vi 17, 65%. Nguyn nhn ca s gia
tng ny l do cng ty gim lng tin v cc khon tng ng tin u t nhiu hn vo
cc loi ti sn ngn hn, hng tn kho. Mt khc, ti sn ngn hn tng l do khon phi thu
ngn hn tng ln 20,09%.
Ti sn di hn tng 29.479.423.278 ng, ng vi 61,84%. Nguyn nhn ca s bin
ng ny ch yu do ti sn c nh tng 29.592.142.473 ng (64.10%). Ti sn di hn tng
c th do cng ty ch trng m rng quy m hoc nng cao cht lng hot ng sn xut
kinh doanh, ci tin trang thit b k thut v vt cht trong cng ty. y l mt du hiu kh
quan i vi mt cng ty xy dng v giao thng ni ring.
b) Nhn xt v s bin ng ngun vnl

Cng vi s bin ng tng ca tng ti sn, tng ngun vn cui nm so vi u nm

tng thm 56.157.796.811 ng, tng ng vi 28.24%. Trong :
N phi tr tng 52.830.801.245 ng, ng vi 30,82%, gm n ngn hn 27.470.360.428
ng(18.43%) v n di hn tng 25.360.440.807 ng (113,34%)
Vn ch s hu tng 3.326.995.566 ng, ng vi 12,10%. Nguyn nhn ch yu l do s
tng ln ca vn u t ca ch s hu (tng 1.520.000.000 ng) v qu u t pht trin
(tng 780.170.182 ng).

Bng phn tch din bin ngun vn v s dng vn

CH TIU

U NM

CUI K

DIN BIN

S DNG

NGUN VN

VN

TI SN
A. TI SN NGN
HN
1. Tin v cc khon

151,226,056,502

177,913,329,535

tng ng tin
1. Tin
Cc khon tng

13,461,979,083
13,461,979,083

9,691,523,543
9,691,523,543

2. ng tin
2. Cc khon u t

77,857,182,373

93,501,811,919

1. khch hng
2. Tr trc cho

56,947,990,730

77,311,338,473

ngi bn
3. Cc khon phi

20,215,866,265

17,014,457,444

2,218,569,767

2,334,276,506

(1,525,244,389)
53,715,026,155

(3,158,260,504)
61,431,168,719

ti chnh ngn hn
3. Cc khon phi

26,687,273,033

3,770,455,540.00

thu ngn hn
Phi thu ca

thu khc

20,363,347,743
3,201,408,821.00
115,706,739

4
.

D phng cc
khon phi thu

kh i
4. Hng tn kho

1,633,016,115.00

1. Hng tn kho
2. D phng gim

53,715,026,155

61,431,168,719

7,716,142,564

khc
1. Chi ph tr trc

6,191,868,891

13,288,825,354

ngn hn
2. Ti sn ngn hn

376,551,213

905,503,229

528,952,016

5,815,317,678

12,383,322,125

6,568,004,447

47,672,733,257

77,152,157,035

46,166,593,851

75,758,736,324

hu hnh
- Nguyn gi
- Gi tr hao mn

40,998,620,371
74,312,864,271

75,459,520,262
116,224,751,066

ly k
2. Chi ph xy dng

(33,314,243,900)

(40,765,230,804)

7,450,986,904.00

c bn d dang
3. Bt ng sn u

5,167,973,480

299,216,062

4,868,757,418.00

khc
1. Chi ph tr trc

1,506,139,406

1,393,420,711

di hn
2. Ti sn di hn

1,407,614,406

1,238,249,211

98,525,000

155,171,500

TI SN

198,898,789,759

255,065,486,570

NGUN VN
A. N PHI TR
1. N ngn hn
1. Vay v n ngn

171,409,762,929
149,033,233,286

224,240,564,174
176,503,593,724

25,439,501,564

84,694,514,566

gi Hng tn kho
5. Ti sn ngn hn

khc
B. TI SN DI
HN
1. Cc khon phi
thu di hn
2. Ti sn c nh
1. Ti sn c nh

34,460,899,891
41,911,886,795

t
4. Cc khon u t ti
chnh di hn
5. Ti sn di hn

khc

169,365,195.00
56,646,500

TNG CNG

hn

59,255,013,002.00

2. Phi tr ngi bn
3. Ngi mua tr

48,253,234,551

45,040,919,460

3,212,315,091

tin trc
4. Thu v cc

61,362,290,838

36,061,729,949

25,300,560,889

nh nc
5. Phi tr ngi lao

6,312,607,761

6,494,345,228

181,737,467.00

ng
6. Chi ph phi tr
7. Cc khon phi

1,042,717,877
172,463,140

2,225,889,559
310,118,049

1,183,171,682.00
137,654,909.00

tr phi np khc
8. Qu khen thng,

5,607,564,157

1,342,461,091

4,265,103,066

842,853,398
22,376,529,643

333,615,822
47,736,970,450

509,237,576

22,242,341,906

23,829,095,598
23,688,659,106

23,829,095,598.00
1,446,317,200.00

134,187,737

219,215,746

85,028,009.00

B. VN CH S

27,488,926,830

30,815,922,396

HU
1. Vn ch s hu
1. Vn u t ca

27,488,926,830

30,815,922,396

ch s hu
2. Qu u t pht

19,000,000,000

20,520,000,000

1,520,000,000.00

trin
3. Qu d phng ti

2,898,466,761

3,678,636,933

780,170,172.00

chnh
4. Qu khc thuc

327,279,475

559,488,350

232,208,875.00

vn ch s hu
5. Li nhun sau

621,003,109

945,955,533

324,952,424.00

4,642,177,485

5,111,841,580

469,664,095.00

198,898,689,759

255,056,486,570

khon phi np

phc li
2. N di hn
1. Phi tr di hn
ngi bn
2. Vay v n di hn
3. D phng tr cp
mt vic lm

thu cha phn

phi
2. Ngun kinh ph v
qu khc
TNG CNG
NGUN VN

a) Phn tch din bin ngun v s dng ngun

Nm 2010 so vi 2009, ngun v s dng ngun u tng ln chng t doanh nghip y mnh
hot ng sn xut kinh doanh v dng tin lun chuyn nhiu hn.
V s dng ngun: Doanh nghip tng cho khch hng tr hon thanh ton, cho khch hng thanh
ton chm hoc cung cp tn dng thng mi cho khch hng chim 20.09%. DN s dng tr
n gc di hn. Chim t trng cao l hng tn kho, doanh nghip u t vo hng tn kho.
Nhn xt: Tng hai ngun tin t li nhun gi li trong k v khu hao ch va cho DN cung
cp TDTM cho KH v tr n gc di hn. Vn t ra l khon phi thu tng ln chim t trng
qu ln trong s dng ngun tin ca DN. Nu nhu cu v hng ha, dch v ca DN trn th
trng thp, vic tiu th kh khn th iu ny c th chp nhn c. Nu vic tiu th hgn ha
khng gp kh khn->DN phi tm cc bin php nh chit khu thanh ton v thay i chnh sch
TDTM theo hng hp l hn gim cc khon phi thu.
b) Phn tch tnh hnh m bo ngun vn cho hot ng sn xut kinh doanh
NWC

Vn lu ng rng

Ti sn ngn hn N ngn hn

1.409.735.811 ng

Ti sn di hn N di hn

29.415.186.585 ng

Vy, kh nng thanh ton ca doanh nghip tt do ti sn ngn hn sc thanh ton cho
n ngn hn, ti sn di hn c ti tr nh k bi mt ngun di hn.
Bo co kt qu hot ng kinh doanh ngy 31 thng 12 nm 2010
CH TIU
1

Doanh thu bn hng v cung cp dch v

Cc khon gim tr doanh thu

Nm 2010

Nm 2009

266.191.670.373

250.387.163.922

1...831.444.070

276.080.435

Doanh thu thun v bn hng v cung cp dch

3

264.360.226.303

250.111.083.437

Gi vn hng bn

237.079.525.860

232.186.097.190

Li nhun gp v bn hng v cung cp dch v

Doanh thu hot ng ti chnh

27.280.700.443

17.924.986.247

189.998.140

155.325.154

8.656.932.03
7

Chi ph ti chnh
- Trong : Chi ph li vay

3.017.553.685

8.656.932.034

3.0/ 7.553.685

Chi ph bn hng

7.194.225.401

6.187.944.841

Chi ph qun l doanh nghip

4.416.750.275

3.658.110.799

10

Li nhun thun t hot ng kinh doanh

7.202.790.873

5.216.702.076

11

Thu nhp khc

12

Chi ph khc

201.752.284
513.685.954

874.289.087
563.349.727

13

Li nhun khc

(311.933.670)

310.939.360

14

Phn li/ l t cng ty lin kt

6.890.857.203

5.527.64 1.436

15

Tng li nhun k ton trc thu

1.805.009.213

921.950.676

16

Chi ph thu TNDN hin hnh

17

Chi ph thu TNDN hon li

5.085.847.990

4.605.690.760

18

Li nhun sau thu TNDN

2.578

2.554

Nhn xt: Doanh thu thun (DTT) ca DN qua cc nm tng v lng tuyt i v tc tng
trng ngy cng cao th hin DN hot ng ngy cng tt hn v kh nng tiu th sn phm
hng ha, dch v ca DN ngy cng cao.
Gi vn hng bn (GVHB) cc nm xt v lng tuyt i tng ln theo s tng ln ca
DTT. Nu xt v t trng chim ngy cng nh trong DTT. iu ny lm cho t trng li nhun
gp trong DTT ngy cng cao (ch tiu li nhun bin).
Chi ph qun l v bn hng tng ln.

T trng GVHB v chi ph bn hng v QLDN u mc cao lm cho t trng Li nhun

thun v hot ng KD ca DN cc nm cn thp
nm 2010, mc d li nhun gp mc cao nht trong cc nm nhng do t trng chi ph
bn hng v QLDN cao nn t trng LN thun t hot ng KD cn thp. DN cn phi xc nh
nhng nguyn nhn lm cho chi ph bn hng v qun l DN cao trong nm t c bin php
thch hp gim chi ph bn hng v QLDN.

Phn tch bo co lu chuyn tin t

CH TIU

NM 2010

NM 2009

(VN)

(VN)

CHNH LCH
S TIN

I. Lu chuyn tin t hot

ng kinh doanh
1. Tin thu t bn hng,

245.132.340.301

281.504.439.689

-36.372.099.388

-12,92%

(226.649.820.565)

(281.391.330.099)

54.741.509.534

-19,45%

(24.123.116.209)

(12.498.297.875)

-11.624.818.334

93,01%

4. Tin chi tr li vay

(8.656.932.034)

(3.017.553.685)

-5.639.378.349

186,89%

5. Tin chi np thu thu nhp

(313.685.500)

(476.487.836)

162.802.336

-34,17%

62.567.863.436

65.597.437.013

-3.029.573.577

-4,62%

(68.037.479.772)

(47.087.998.959)

-20.949.480.813

44,49%

(20.080.830.343)

2.630.208.248

-22.711.038.591

-863,47%

CCDV v doanh thu khc

2.Tin chi tr cho ngi cung
cp HH v DV
3. Tin chi tr cho ngi lao
ng

doanh nghip
6. Tin thu khc t hot ng
kinh doanh
7. Tin chi khc cho hot
ng kinh doanh
Lu chuyn tin thun
t hot ng kinh doanh

II. Lu chuyn tin t t

hot ng u t
1. Tin chi mua sm XD

(40.154.269.103)

(21.321.611.850)

TSC v cc TSDH khc

2. Tin thu t thanh l,

557,33%

118.832.657.253
220.000.000

251.818.182

-31.818.182

-12,64%

189.998.140

155.325.154

34.672.986

22,32%

(39.744.270.963)

(20.914.468.514)

-18.829.802.449

90,03%

174.372.174.885

176.261.410.070

-1.889.235.185

-1,07%

2. Tin chi tr n gc vay

(116.892.529.119)

(150.032.163.135)

33.139.634.016

-22,09%

3. C tc, li nhun tr

(1.425.000.000)

(2.570.647.500)

1.145.647.500

-44,57%

56.054.645.766

23.658.599.435

32.396.046.331

136,93%

(3.770.455.540)

5.374.339.169

-9.144.794.709

-170,16%

13.461.979.083

8.087.639.914

5.374.339.169

66,45%

nhng bn TSC v cc
TSDH khc
3. Tin thu li cho vay, c tc
v li nhun c chia
Lu chuyn tin thun
t hot ng u t
III. Lu chuyn tin t hot
ng ti chnh
1. Tin vay ngn hn, di hn
nhn c

cho ch s hu
Lu chuyn tin thun
t hot ng ti chnh
Lu chuyn tin thun
trong nm
Tin v tng ng
tin u nm
nh hng ca thay i t

gi hi oi qui i ngoi t
Tin v tng ng

9.691.523.543

13.461.979.083

tin cui nm

a) Nhn xt khi qut v bo co lu chuyn tin t :

-3.770.455.540

-28,01%

Lu chuyn tin thun t hot ng kinh doanh : -20.080.830.343 VN

Lu chuyn tin thun t hot ng u t :

Lu chuyn tin thun t hot ng ti chnh :

-39.744.270.963 VN
56.054.645.766 VN

Dng tin t hot ng kinh doanh m, hot ng u t m, hot ng ti chnh

dng. Chng t y l mt doanh nghip mi , ang pht trin nhanh, hot ng cha c li,
khon phi thu v hng tn kho cao ( khon phi thu : 93.501.811.919 VN ; hang tn kho :
61.431.168.719 VN).
Dng tin thu vo ch yu t hot ng ti chnh l t tin vay ngn hn, di hn :
174.372.174.855 VN.
Hot ng chi nhiu tin nht l hot ng u t: chi tin mua sm XD TSC v cc
TSDH khc.
Ring i vi hot ng kinh doanh:

Thu vo ch yu t bn hang, cung cp dch v v doanh thu khc l

245.132.340.301 VN.

Chi ra nhiu nht cho vic tr n cho nh cung cp hng ha dch v:

226.649.820.565 VN.

Ngoi ra, chi cho cc hot ng khc nh: tr lng, tr li vay, lm cho ngn
lu rng t hot ng kinh doanh m.

Ngn lu rng t hot ng u t m (thu 409.998.140 VN < chi 40.154.269.103

VN ) cho thy doanh nghip ang m rng quy m u t v y l kt qu ca s rin chi ra
mua sm ti sn.
Ngn lu rng t hot ng ti chnh dng 56.054.645.766 VN. Th hin vic doanh
nghip tng vic s dng ngun vn t bn ngoi (vay, n). iu cho thy tin to ra t hot
ng ti chnh l do s ti tr t bn ngoi v nh vy doanh nghip c th b ph thuc v ti
chnh (p lc tr n) , ph thuc vo ngi cho vay (v cc iu khon qui nh s dng vn u
t khi k kt hp ng cho vay).
b) Phn tch cch doanh nghip s dng tin

A. Ngun cung cp tin: 495.944.355.845

I. Ngun ni b
1. T cc hot ng sn xut kinh doanh: 307.700.203.737
2. T tin mt d tr:

13.461.979.083

II. Ngun bn ngoi

1. T cc hot ng ti chnh :

174.372.174.885

III. Ngun khc

1. Hot ng u t :
B. S dng;

409.998.140
(490.023.287.842)

1. Cho cc hot ng sn xut kinh doanh : (327.781.034.080)

2. Cho cc hot ng u t :

(40.154.269.103)

3. Cho cc hot ng ti chnh :

(118.317.529.119)

4. D tr tin mt :

(3.770.455.540)

Nhn xt :
Ngun thu < chi dng tin thun m.
Nm nay cng ty chi nhiu tin hn cho cc hot ng sn xut kinh doanh v hot ng ti
chnh lm gim ngn lu rng mt cch ng k so vi nm trc ( Nm nay [2011] l
-3.770.455.540 ; nm trc [2009] l 5.374.339.169 ).
Hn tch nng lc thc hin cc ngha v i vi nhng khon n
T l ngn lu t hot ng sn xut kinh doanh i vi n ngn hn =
100% = -11,38%
t l ny cho thy tnh hnh ti chnh ca cng ty ang c nhng rc ri, kh nng thanh ton
i vi cc ngha v n rt thp ( theo khuyn ngh ca Morning Star, mt cng ty lnh mnh v
ti chnh thng c t l ny trn 40% ).

T l ngn lu t SXKD i vi tng n =

100% = -8,96%

t l ny cho thy kh nng ti chnh ca cng ty km ( theo khuyn ngh th t l ny nn

mc t 20% tr ln m bo tnh hnh thanh ton, chi tr tc thi ca cng ty )
2. Phn tch BCTC qua cc h s ti chnh
Phn tch n ngn hn nm 2010
o

N phi thu ngn hn =

93,501,811,919

(ng)

N phi tr ngn hn =

176,503,593,724

(ng)

nh gi: V N phi thu ngn hn < N phi tr ngn hn, c cu n ngn hn mt cn bng,
doanh nghip chim dng vn.
H s v kh nng thanh ton

H s kh nng thanh ton hin thi =

Nm 2010:

1,01 ln

Nm 2009:

0,88 ln

Gii thch ngha : H s kh nng thanh ton hin thi cho bit mt ng n ngn hn
c m bo thanh ton bng bao nhiu ng TSNH. C th vi cng ty trn th mt ng n
ngn hn nm 2010 c m bo thanh ton bng 1,01 ng TSNH , trong khi con s ny ca
nm 2009 l 0,88 ng.
nh gi : h s tng l du hiu tt cho tnh hnh ti chnh ca cng ty do kh nng thanh
ton ngy cng cao.

H s kh nng thanh ton nhanh =

Nm 2010:

0,66 ln

Nm 2009 :

= 0,57 ln

Gii thch ngha : H s kh nng thanh toan nhanh cho bit mt ng n ngn hn cn
bao nhiu ng ti sn ngn hn c th huy ng ngay thanh ton. C th vi cng ty ny
th mt ng n ngn hn nm 2010 c m bo thanh ton ngay bng 0,66 ng TSNH,
trong khi con s ny ca nm 2009 l 0,57 ng.
nh gi : H s kh nng thanh ton nhanh nm 2010 ca cng ty c phn xy dng giao
thng Tha Thin Hu l 0,66 < 1. iu ny c ngha l TSNH c th s dng ngay ca cng
ty ny khng m bo cho kh nng thanh ton ngay ( hay kh nng thanh ton b hn ch )
cc khon n ngn hn, nu nh ch n i tin cng mt lc.

H s kh nng thanh ton li vay =

Li nhun trc thu + li vay

Li vay

Nm 2010:

Nm 2009:

3,15 ln

= 5,94 ln

Gii thch ngha : H s ny ch o lng kh nng thanh ton di hn , phn nh kh

nng trang tri chi ph v chi ph ti chnh phi gnh chu. H s kh nng thanh ton li vay
ca cng ty trong hai nm 2009 v 2010 l rt tt v c mi ng chi ph li vay ca cng ty c
n 3,15 ng li nhun t hot ng sn xut kinh doanh c th s dng thanh ton ( nm
2010), cn nm 2009 l 5,94 ng
nh gi : H s ny ln hn 1 cho thy li t hot ng kinh doanh tha b p li
vay cng ty c th tr c gc v li cng ty d dng vay c vn t kh nng
sinh li tng.

Bng cc h s:
Ch tiu

vt

Nm 2009

Nm 2010

76,04

69,75

C cu ti sn
Ti sn ngn hn/tng ti sn

Ti sn di hn/tng ti sn

23,96

30,25

N phi tr/tng ngun vn

85,75

87,91

Ngun vn ch s hu/tng ngun vn

14,25

12,09

Kh nng thanh ton nhanh

Ln

0,08

0,04

Kh nng thanh ton hin hnh

Ln

1,02

1,01

T sut li nhun sau thu/tng ti sn

2,32

1,994

T sut li nhun sau thu/doanh thu thun

1,84

1,92

T sut li nhun sau thu/ngun vn ch s hu

16,26

16,5

C cu ngun vn

Kh nng thanh ton

T sut li nhun

Cng ty c phn xy dng giao thng Tha Thin Hu c mc n trn tng ti sn

tng nh t nm 2009 ti nm 2010, chng t y l doanh nghip s dng tt n by ti
chnh t cc khon vay cng nh vn c kh nng t ch ti chnh . T l s dng n thng
xuyn t trn 50%, chng t KBC ch trng vo vic s dng n by ti chnh trong vic
tng doanh thu.

Bng tm tt thng tin ti chnh v h s c bn t nm 2008 n nm 2010

KT QU KINH DOANH

Nm 2008

Nm 2009

Nm 2010

70,510

250,111

264,360

1,083

17,925

27,281

LN thun t HKD

-1,260

5,217

7,203

LNST thu nhp DN

-65

4,606

5,086

LNST ca C cty m

-65

4,606

5,086

Nm 2008

Nm 2009

Nm 2010

Ti sn ngn hn

107,820

151,226

177,913

Tng ti sn

135,429

198,899

255,065

Doanh thu thun

LN gp

CN I K TON

N ngn hn

110,656

149,033

176,504

N phi tr

114,725

171,410

224,241

20,704

27,489

30,825

Nm 2008

Nm 2009

Nm 2010

ROS

-0.09

1.84

1.91

ROA

-0.05

2.76

2.24

ROE

-0.32

19.11

17.44

EPS

2.478

BVPS

15.022

P/E

3,35

Vn ch s hu
Li ch C thiu s
CH TIU C BN

P/B

0.47

H s ngnh:
S

Nhm

cng

ngnh
Xy
dng

+/-

P/E

EPS

ROA ROE Beta P/B

ty
60

1.3% 26.9 2,229 2.7% 8.5% 0.0

Tng Khi

Nc ngoi

Vn th

lng

s hu

trng (t)

64% 830,940,147 13,694,429

6,742

Nhn xt:

ROA cung cp cho nh u t thng tin v cc khon li c to ra t lng vn u t

(hay lng ti sn). ROA i vi cc cng ty c phn c s khc bit rt ln v ph thuc
nhiu vo ngnh kinh doanh. l l do ti sao khi s dng ROA so snh cc cng ty, tt
hn ht l nn so snh ROA ca mi cng ty qua cc nm v so gia cc cng ty tng ng
nhau.
Ti sn ca mt cng ty c hnh thnh t vn vay v vn ch s hu. C hai ngun vn
ny c s dng ti tr cho cc hot ng ca cng ty. Hiu qu ca vic chuyn vn u
t thnh li nhun c th hin qua ROA. ROA cng cao th cng tt v cng ty ang kim
c nhiu tin hn trn lng u t t hn.

ROA, t s li nhun rng trn tng ti sn gi mc tng u t nm 2009 n nm 2010

chng t cng ty ang s dng tt ti sn ca mnh trong vic to li nhun, u t t nhng
hiu qu v c li nhun cao
ROE cao c ngha l cng ty ang s dng ng vn c hiu qu. ROE l t s li nhun rng
trn vn ch s hu (Return on common equyty). ROE l t s quan trng nht i vi cc c
ng, t s ny o lng kh nng sinh li trn mi ng vn ca c ng thng. Ch s ny
l thc o chnh xc nh gi mt ng vn b ra v tch ly to ra bao nhiu ng li. H
s ny thng c cc nh u t phn tch so snh vi cc c phiu cng ngnh trn th
trng, t tham kho khi quyt nh mua c phiu ca cng ty no.
T l ROE cng cao cng chng t cng ty s dng hiu qu ng vn ca c ng, c
ngha l cng ty cn i mt cch hi ha gia vn c ng vi vn i vay khai thc li
th cnh tranh ca mnh trong qu trnh huy ng vn, m rng quy m. Cho nn h s ROE
cng cao th cc c phiu cng hp dn cc nh u t hn.
Vi tnh hnh hot ng t nm 2008-2010, Cng ty s dng ng vn rt hiu qu
vi ROE tng t -0.32% nm 2008 v ti nm 2010 t mc 17.44%.
So snh vi trung bnh ngnh: Nm 2008, ROE thp hn trung bnh ngnh v mang du m,
nhng sang nm 2009 ROE ca cng ty c tng vt bc vt mc trung bnh ngnh
mc 19,11 %. Tuy sang nm 2010, ROE c gim xung cn 17.44% nhng vn cao hn ROE
ca ngnh
3. Phn tch mi quan h tng tc gia cc h s qua phng trnh Dupont

ROE
23.37%

ROA

h s n
12.09%

2.82%

Vng quay ti sn

T sut sinh li trn

doanh thu
2.92%

1.04

Li nhun rng
7,202,790,873

Tng ti sn

Doanh thu thun

Doanh thu thun
264,360,226,303

Doanh thu thun

264,360,226,303

Doanh thu hot ng

ti chnh
189,998,140

Tng chi ph
257,347,433,570

Gi vn
237,079,525,860
Chi ph hot ng
11,610,975,676
Chi ph li vay
8,656,932,034

Ti sn c nh
75,758,736,324

255,065,486,5
70

264,360,226,303

Ti sn lu ng
177,913,329,535

Ti sn khc
1,393,420,71
1

Tin v cc khon
tng ng tin
9,691,523,543

Khon phi thu

93,501,811,919

Hng tn kho
61,431,168,719

Ti sn lu ng khc
13,288,825,354

Cc t s ti chnh c trnh by phn trn u dng mt phn s.

iu c ngha l mi t s ti chnh s tng hay gim tu thuc vo hai nhn t: l mu
s v t s ca phn s . Mt khc cc t s ti chnh cn nh hng ln nhau. Hay ni cch
khc, mt t s ti chnh lc ny c trnh by bng tch mt vi t s ti chnh khc nh trn ta
thy.
Mt s vn gp phi khi phn tch t s ti chnh:
Mc d phn tch ti chnh l con ng sng gi c c thng tin, nhng khng hn
n khng gp phi nhng li lm tim n.
Th nht, s khc bit gia gi tr s sch k ton v gi th trng ca cc loi ti sn v
ngun vn nht l trong iu kin c lm pht cao. iu ny bp mo cc bo co ti chnh v
ko theo tnh khng chnh xc ca cc ch s ti chnh.
Th hai, do cc nguyn tc k ton ph bin c s dng lm cho vic xc nh thu
nhp ca cng ty khng ng vi gi tr tht ca n. Chng hn nh vic p dng phng php
khu hao nhanh lm cho li nhun ca nhng nm u rt t hoc khng c. iu ny khng
hn do cng ty lm n khng c hiu qu.
Mc d vy, khng c ngha l vic phn tch bng cc ch s ti chnh khng c ngha.
Nh trnh by: cc nh qun tr ti chnh, nh u t v ngi cung cp tn dng c c thng
tin ng k qua cc ch s ti chnh ny.
Tm li, khi c thit lp mt cch chnh xc, khch quan, cc ch s ti chnh s l
nhng ngi dn ng cho cc nh qun tr v nhng ngi bn ngoi cng ty nhn nh v
khuynh hng tng lai ca cng ty.
III.

KT LUN:
Trong cc nm qua, Cng ty c phn xy dng v giao thng Tha Thin Hu lun

c cc ngnh chc nng nh gi tt v vic thi cng cng trnh t cht lng, v c
nhiu nh u t tn nhim.

K t khi c phn ha, cng ty hon ton ch ng trong cng tc qun l, sn

xut kinh doanh. Cng ty lin tc u t nng cao trnh k thut, nng lc qun l ca
cn b, k s cng nh nng lc xe my, thit b. Hng chc d n u t nng cao nng lc
xe my, thit b c thc hin. Cng ty tch cc i mi tt c cc khu t tuyn
dng, o to nng cao trnh v tay ngh c t chc cho CBCNV ca cng ty, b
sung ngun nhn lc n u t trang thit b mi, hin i, ng b p ng mi yu cu
sn xut kinh doanh, to li th cnh tranh lu di v i trc n u kp thi nm bt cc
c hi.
lnh vc xy dng giao thng, thu li, h tng k thut, xy dng dn dng v
cng nghip Cng ty c phn Xy dng - Giao thng TT Hu c bit n l mt nh thu
chuyn nghip t qun l n thi cng. Vi dy chuyn cng ngh v dn thit b mi, hin
i nguyn gi trn 98 t ng, c nhp khu t cc nc cng nghip pht trin nh:
c, M, , Nht Bn, Hn Quc, Nga, Trung Quc..., cng sut ln nh trm B tng
Asphalt 60-70T/h, trm B tng xi mng thng phm 45m3/h, Nh my gch Tuynel cng
sut khong 30 triu vin/nm, my bm b tng JACON 90m3/h, cn cu 25T QY25E421,
Dy chuyn khoan cc nhi, khoan cc nhi t hnh, dn ba ng cc t 0,6T n 3,5T,
dn xe my o, my xc lt, my lu cc loi, dn xe vn ti chuyn dng kt hp vi i
ng cn b giu kinh nghim, nng ng v y sc tr, Cng ty l nh thu chnh ca nhiu
cng trnh ln, hon thnh hng chc d n cu, ng, h tng, xy dng dn dng v
cng nghip c gi tr ln. C phn ho t u nm 2006, n cui nm doanh thu t c
gn 104 t, vi s pht trin bn vng ca Cng ty, doanh thu bnh qun 3 nm tr li
y t trn 226 t ng/nm. Trc nhng thnh tu , Cng ty c cc Ch u t,
ban qun l d n nh gi l mt trong nhng cng ty ln, mnh hng u Tha Thin
Hu c kh nng thc hin cc d n ln, p ng c yu cu v cht lng v tin .
Tnh ring nm 2010, bng nng lc v uy tn ca mnh cng ty t doanh thu hn 266 t
ng.
Cng ty c phn Xy dng - Giao thng TT Hu cng to dng mt nn tng ti
chnh mnh cng ty pht trin bn vng. Doanh thu ca Cng ty nm sau lun cao hn
nm trc. Cng ty cng ang p dng mt chnh sch qun l cht ch v minh
bch, nim yt c phiu trn th trng chng khon.

Qua vic phn tch bo co ti chnh thng qua bng cn i k ton, bo co thu
nhp v bng lu chuyn tin t, cho thy tnh hnh hot ng ca cng ty t nm 2008 n
nm 2010 t c nhng mc li nhun cao vi mc chi ph ph hp. ng thi qua vic
phn tch cc t s hot ng, thanh ton v li nhun cng nh phn tch c cu, cho thy
cng ty cng s dng rt hiu qu cc cng c ti chnh t mc tiu li nhun ca
mnh. Mc ROE v ROA cho thy vic s dng n v vn hiu qu, ng thi c phiu
KBC l c phiu c nh gi cao trn th trng chng khon vi mc P/E v P/B cao.
Trong tng lai, cng ty c rt nhiu tim nng pht trin. Chnh v vy, vic a ra
cc bin php kp thi l rt quan trng trnh nhng nguy c c th c.