D;il

~4~ it 7-1 .

If~ Dr.o= &VH 8j C-fie + CF tH+ C1' QLD tI f M tta( ~

/lf~ fI.!;: qT). (J15I + ffD + 13.260 t!-::: gq. O!?o (ViM N-1:: !J'J.6lJ'O + If 00 f 11. 5'1I7J + "tiJI5V 2 11 ff'1flJ

5\fO'l {J v\l.A"(tN) ~ .. />LNS T J 2 2332 r; - ~ 3.250 ;::: vs3 rJ-- )

~ L4-) ) -I{ t{} - (o / )0 " /. ~ UYS7 = 23.32-

TH

~. RV S 2. OTT :!J . Lf'{~f 0

I:-/y} ~~ J~t ~ j)TL. (fiCO ) cfJ;u

N)< .

LNST'o , !

.DTT1) .

! I ~ I 4~)

f(os~

,/?

- 0/11 f/3F'

0/02- L2/11

( % 1) ( h/1~)

(11:'1) .(1ft:J2-)

e/

NC11YJ N =

+4 7-

.,

NTICH CAD TAl CHINH

NHUNGvANDECOBANcUA PHAN TtCH BAo cAo TAl CHiNH

KHAI NleM. MVC DlcH CUA PHAN riCH BCTC

D61 Tl1gNG NGHI~N ClrU CUA PHAN riCH Bcre '. PHl10NG PHAp pHAN TiCH BAo cAo TAr CHiNH

e; T6 CHt)"C PI/AN TICI/ BCTC

1.1.1. Khlii ni~m Philn tich blio cao tili chinh Iii qua trinh phan tich cac chi tieu tili chinh tren blio cao tili chinh, hoiic cac chi tieu tili chinh co ngufm thdng tin tlr M th6ng bao cao tili chinh, nhk dilnh gia tinh hinh tai chinh cua doanh nghi~p, cung c~p thong tin cho mQi d6i tUQIlg co nhu cAu theo nhiin m\lC dich khlic nhau.

:. Cung clp thong tin vii ki~m tra tinh hinh tili chinh ~ .: quil kinh doan~ua doanh nghi~p cho cac doi tUQIlg quan tam den doanh nghi~p.

':'G6p phfm ki~m soat chi phi, til do nilng cao hi~u

(

quilSXKD. :.DJ! blio nhiing rill ro trong tuung lai cua doanh

nghi~p. '- Lfl

v(A W Cfub. to

.:. Cung clp thong tin vii ki~m tra tinh hinh tili chinh vii hi~u quil kinh doanh cua doanh nghi~p cho cac d6i tlIQIlg quan tam den doanh nghi~p.

:. Gop phdn kiem soat chi phi, til do nang cao hi~u quilSXKD.

:.DJ! blio nhiing rul ro trong tuung lai cua doanh nghi~p.

hili PTBeTe" 1aP1 p, G tQ. tj) c6 l rfiJ )lN~t' lNt~ ~il Ul!s@i/4,f

:.Do d~e diSm thong tin tren bao eao tai ehinh {tV 1it Aitl.(phlre l\lp, da d(lllg va phong phu) .:. Do tfnh ehilt eua thong tin (thong tin trnh)

- Urn ro th\lC ~g tai ehinh eua doanh nghi~p. - Nguyen nhan anh huang

- Danh gill. sat th\lC tinh hinh va khil nang thanh toano (.) Nfl vO - Nguyen nhiin anh huang.

- Chi rii c~u true tili ehinh cua DN. , - Danh gill. tlnh h(JJlIY. xu huang bien dili

pi dung, nhi?m VfI

Nqidung 1. Danh gill. \chai quat tinh hinh tai chinh

3. Phiin tleh tinh hinh va khil niIDg thanh toan

2. Phiin tlch du true tili chinh vil tinh hinh dilm bilo viin cho HDKD

- Phiin tich ket qua kinh doanh cua DN nhu doanh thu, thu nh~p, [(Ii

nhu~ .... - Lam ril hi~u qua KD tbog qual. - Urn Iil hi~u qua sli: d\log tai san, vBn

'~,iitVi dung, nhi?m VfI (tilp)iC'

4. Phan tich ket qua va hi~u qua kinh doanh

5. Djnh gia doanh nghi~p. pMn tich dau hiu khUng hoang vii nii fO tai chinh.

- Dinh gia chlnh xac gia trj DN - Chi ro nii fO tal chinh mii doanh

nghi~p c6 the g~p phai.

6. DIJ bao chi tieu tiii chinh

- D\l bao cae chi tieu tai chinh.

3

---------------

Thong tin v~ tili san va nguAn hinh thanh tai san ./ Thong tin v~ doanh thu, chi phi va k~t qua kinh

doanh &,C IC{9"t9 .. Thong tin ve tien va dong luu chuyen tien ~ t (; LC

G NGHIEN c{fU CVA Pi. 1.2.1. D6i tuvng chung

LiI he th6ng chi tieu tili chink phan anh tren baa cao tili chlnh cling m6i lien h~ gifra cac chi tieu tren timg baa cao tili chinh hay gifra cac blio cao tili chfnh vm nhau dum S\l anh hUOng cua nhlin t6 tili chinh.

"

1.2.2.1. Chi tiiu tal chfnh .:. H~ thAng chi lieu lren tirng bao cao till chinh

eTG .Cae thong tin khae v~ doanh nghi~p ~cJ'1 7. ~ .:. Moi lien M giiia cac chi lieu tren tirng BCTC hay giua

cac BCTC v6i nhan.

pi tU'{1ng C(l thl 1.2.2.2. Nhfin to tal chfnh

Yu t6 ben trong cua cae chi tieu tai chlnh rna sg bin d

WG PH.4P PHAN TicHBe ,

1.3.1. Phll'O'ng phlip so sanh 1.3.1.1. DiJu kifn tip d(lng - Cimg nQi dung kinh te phim imh - Phllung pMp dnh toan th6ng nhAt - Dun vi do 11lOng th6ng nhAt - Phili co g6c so sanh (thm gian, kh6ng gian)

"

I 5 2 (0 ~ ;6 l if~ X:O P

5

so stinh

so stinh

17

VJNDf/NG .....I'~y...::l-:.....::dL--rIr> CP ~ ui . ...--v"'

.:. V~n d\lng phucmg phap SO sftnh de phan tich dp/tcae chi tieu tlli chinh cua doanh nghi~p.

N~ ),

:zu ~rv.

tV ~ 1.. Sl l1jt

" S7 ITt 7 $T TT ,

4U6D Aoot 1j(}D WO 3011 ~:~f--, b~O f~r;(p qOO (1~ 9rL 250 ,iiL d?'O !J'J~ t ov ~PJ~ 50 4L 11-til~

.-

\ l-- ---"'-- --'

,. "';.-' /

;-4yt I 1..~(- 4r1!' c

j~ cf N%mNt ia%Cj to vscMc ~n ~p ~O VI) nam N~ d--

Ty trQ'ng (%)

ST

(4) (5-3-1) (6-511*100) (7=4-2)

TT ~%

DUng d~ de dinb m.rc d(i anb bUVng cua tirng nbin t6 d~n S\I bi~n dQng cUa chi tieu pMn tlch. bang cach d~t cac nMn t6 d6 trong di~u ki?n gia dinh khac nhau va khi xac dinh muc lInh hu6ng cua nMn t6 nao thl phlii IO\li trir lInh hUc'mg cUa cac nhan t6 khac.

:. Phuong philp IO\li trir co 2 d~: Dpng 1: Phuvmg phtip thay thi lien hoiin Dpng 2: Phuvmg phtip sachenh ljch

VJNDljNG .:. V~n d\llIg phucrng phap la\li trir de pharr tich chi lieu daanh thu ban hang thea s6 li~u sau:

Cbitieu Nlim N-t NlimN

I. s6 IUQ"lIg san phfun tieu th\l (SP)

500 400

2. Gia don vi san Iphfun (IOOOd)

10.000 12.000

7

',"'"

kung phtip lien hi elin

.:.La phuong pMp dilng d~ phiin tfch muc dQ anh hU6ng clla cac nhan t6 ma giO'a chUng c6 sfuI m6i lien h~ can d6i.

:.MQt lugng thay dbi trong meli nhiin t6 st! lam thay dbi trong chi tieu phiin tfch dung mQt lugng wong lIng.

22

La phuong phap dt,ra vao d.u trUc Clla chi tieu phiin tich d~ tach nh6 chi tieu nhdm danh gia chfnh xac k~t qua va hi~u qua d~t duQ'c mQt each chfnh xac

'-#-sk va ' lLf

. ,

8

.:.Dung d minh hQa cac chi tieu tai chinh phiin tlch du01 d~ng biu dd, dd thj.

00 thi Iii. duimg bi~u di~n qua trinh pM.t tri~

Bi~u d6 IS. duimg dirt kMe ho~ hinh khBi

"

phtip mlJ hlnh tai chfniim ,

.:. DuQ'c thl,l'c hi~n bing each dl,l'a vao mai lien h~ giua cac chi tieu d phan tlch m(lt chi tieu tang hgp thanh biu thuc c6 nhiu bi~n sa my theo m\lc dich nghien Clru.

:. Chi tieu phan tlch ROE - Return on equity

Lvi nbu,n van ebu ,a bii'u BQ

,if!tgphtip mlJ hlnh tai chfnh(!,

w Ty suit sinb lqiROE - NSu don vi dub Iii % ROE

Cil IOOd van cM so hfru BQ dem I~i bao nhi~u d6ng l hieu qua kinh doanh cimg cao

S,"= ,inh lqi cua v~n chu So' hiiu Lvi nbu,n ST

van ehU ,a bii'u BQ Con goi I. M 56 sinh l

LNST x OTT x ITS BQ OTT ITS BQ VCSH BQ

ROE LNST VCSHBQ

g phdp mo hinh tai chinh~

tCach 1: NUo cllt'" vii min 86 VO; douoh thn thnilo

10

FL ITAT xROS x

g phdp mo hinh tai chinh

Cach 3: Nhio eIlt'" vii miln 86 vo; DTT va ITS BQ

LNST x OTT OTT VCSHBQ

LNST x ITS BQ ITS BQ VCSH BQ

ROE LNST VCSHBQ

ROE LNST

VCSHBQ

___8 ROS [;] ET ~ owsaits

___8 ROA [;] FL Mwm wi lfii'U

tCach 2: Nhio cllt'" vii min 86 vo; ITS BQ

OTT LTSBQ xLTS BQ VCSH BQ x

LNST OTT

g phtip mo hlnh tai chinh

ROE LNST VCSHBQ

Caeh 3: Nhlin ell tii vi min .a vOi DTI vi L TS BQ

11

FL -

Jh Nfl:::: D ifu"';' fL:= 4Mri NPT qD ?2 fL );1-

"

)~

.:. Xet iinh huemg eua nhiin t5 dim bAy tAi ehfnh BQ ~FL = (FLTH- FLKH) x TAT KH x ROSKH

(~FJ.)ROEKH )xlOO .:. Xel iinh huemg eua nhan 15 s5 yang quay eua 16ng TS

~TAT~FLTHx(TATTH-TATKH)X~ MS~fr (~TATfROE KH )xIOO

.:. Xet Imh huemg eua nhiin 16 sUe sinh lqi eua DT ~ROS = FLTH x TATTH x (ROSTH ROSKH)

(~ROS fROEKH )x 100 .:. T6ng hqp anh huemg eua cae nhan 16

~ROS + ~TAT+ ~FL = ~ROE

ROS x TAT x FL

slip xfp l~i t$"tIr linh hu

Sir dVng phl101lg phap mil hlnh Iii ehinh Dupont pUn Deh Sire sinh IQi elia tAng TS

ROA LNST LTS BQ

LNST x OTT OTT ROS x

Cbitilu

I. ROAOAn)

t\ROA= ROATH - ROAKH (8ROA IROAKH )*\00 V~y d6i tw;mg phan tich (y day Iii chi tieu ROA. SU d\Ulg phucmg phap s6 chenh I~ch, 13 IAn luQt xetcac ,nhan t6 3nh hu6ng d~n t\ROA nhu sau:

"

+

.:. Xel imh hu6ng Clla nhan 16 s6 vong quay Clla 16ng

,

HAT~(TATTII- TATKH)X ROSKH (t.TATIROAKH )xlOO

.:. Xet imh hu6ng cua nhan 16 suc sinh J cua OT 8ROS = TATTH X (ROSrn x ROSKH)

(t\ROS IROAKH )x\OO .:. T6ng h\IP imh hu6ng Clla cac nhan t6

t\TAT+ t\ROS=8ROA

"

1 I 12 I

.,pkurrngpktip pklin tick khci

"Ti~n hanh ph~n tfeh lanh gia chung ~ - Bucre 1: So sanh - Bucre 2: p~~ tleh ea, nh~ t6 anh hlIl'mg - Bucre 3: Tong hqp k't qua philn tieh, dlIll ra nhtin xet.

40

,TRiNHPHAN TicHlJ

"K~t thue pMn t1eh - K~t lutin ph~ tIch - Vi~t baD CaD philn tieh - Hom thi~n hi> sO' ph~ tich

14

TONG QUAN vt Ht THONG BAO do . 'TAl CHtNH TRONG DOANH NGHItp

DOC VA KItM TRA Ht THONG BCTC CO sa Dffutu CHU ytu DE PHAN

TicHBCTC

4

2.1. T01'\G QUANVE H~ THONG 8..\OC:\0 TAl CHiNH TRONG UOANH NGHIJj:P

2.1.1. Khai ni~m bao cao tai chinh 2

2.1.2. PlJan lo~i bao cao tai chinh

4

1

2.1.1. KHAI NItM BAo cAo TAl cHiNH

o Bao cao tili chinh du'lC l~ theo chuin rn\l'C va ch~ d k~ toan hi~n Mnh phan anh cae thong tin kinh t~ til j chinh chii y~u ciia doanh nghi~p. Ii

, '1

f 'f

~

Thong tin kinh t ali ehinh eM yu:

2.1.2. Pban lo~i bao cao tili cbinb

Theo thai gian l~p

2

2.1.2. Phn lo~i bao cao !Ai chinh " Theo nQi dung phan a.nh

2.1.2. Phiin lo~i bao cao !Ai chinh Theo phll-ffi vi 1~p

....

~

~

2.2. :DQC vA KIEM TRA BCTC

Khai ni~m dQc bao cao tili chinh b. Yeu cAu va nguyen t~c dQc BCTC 13. Trinh tv ki~m tra BCTC 14. BQI! va ki~m tra cac bao cao tai chfnh

o Bang can d6i k toan o BaD CaD k~t qua kinh doanh o !faD CaD luu chuy~n tien te o Thuy~t minh BCTC

3

(J ~ ~

2.1. Khai ni~rn dQc BCTC . DQc BCTC Ih\lC chal Iii hil!u cae chi liSu lren h~

thong BCTC. viuc8u:

"'Hi~u loan b(l k~l cAli, cach ghi chep limg lill khoan "'Hi~u ve cac nguyen tAc, chulk mlfc k~ loan "'Hil!u cae phuong pMp du

2.2.,YeU~~en t~~_dQC BCTC ..Nguyen t~c doc:

Nguyen tic trQng y~u va tang hqp: Nguyen tic lrQng y~u h1 nguyen tic coi lrQng nhUng khoan mpc quan tn;mg neu thi~u nhihlg khoan ml,lC nay s~ cO cai nhin sai I~m anh huang

2.3. TRiNH Tl/ KIEM TRA sAo do TAI cHiNH #,, ~

Trinh tv ki@m tra BCTC i "BI: Kiim tTa khtiiqUtit; DuQ'c thgc hj~n b~ng rnQt trong hai phucrng pM

,i w Phucrng pMp nh~ thuc chu quan {!{, i

w Phucrng phap logic.

2.3. TR1NHTl/KIEMTRAsAO CAOTAI cHiNH

'f ,it

1 1 }Trinh til ki@m tra BCTC

"BI: Kiim tTa khtii qutit DuQ'c thgc hi~n b~g rnQt trong hai phucrng phaI

ll:) Phucrng phap nh~ thuc cM quan: DQ chlnh xac th~p, ph\! t.huQc vao trinh dQ kinh nghi~m cua nguai kiern tea.

2.3. TRiNH Tl/ KIEM TRA sAo cAo TAI cHiNH 'Ii l'

Trinh tv ki@m tra BeTC 1 ; ....BI: Kiim tTa khtii qutit ! DuQ'c thgc hi~n b~g rn(lt trong hai phucrng pM F

ll:) Phucrng pMp nh~ thuc chu quan w Phucrng phap logic:

C6 d6 chlnh xac cao vi dl,l'a tren rn6i quan din d6i, quan h~ s6 lugng d~ chi ra dUng sai . f'

I

2.3. TRINH TV KIEM TRA BAo cAo TAI cHiNH ! Trinh tv kiSm tra BCTC .,.B2: Kiim tra kJ thuQ-t lQ-p btio cao

l

Baog eBO dai k~ toan Tail.a DN CN

A. Nq phil tri

I.

DN eN

2.

,.

" B. Tii lid lW hf.a

I.

2.

I.

2,

b. Doc, ki~m tra trong nQi bQ bang CDKT

PhU'ong trlnh co ban T

-----

--- ---

..._.,C6 "'__9l_"""" ""'''"'''Y... I-. ...._Y... -.QoIto>.......""'.~,.w.H._

... __ ..... ~_.... 'U.l I

Dol............ II-ttl.Q,,_'

':OlI~'~11.1""."......

.._,,0\ __ _......_1'1 ..... _ ... _..,._~.-rJl":r'-""!""',..,.,Z A "'I _V...._ ......"""Y........... Q40

C'&OO TloInlo .... "'""'(II BAke cAN DOl k'lt -roAN

.,,.,,_3I ....... ,:1_~U ""'TAld.N

," ..... T,;,.l.Al

D. {(IE TRA. NGl,JON Sp I.,.reV v.A NOr DUN( PHAN ANH CVA CAC cm TIEV TREN BCDKT

. Tai li~u Slr d\lng: sA sach chUng tiI k~ toan co Win quan d~n chi Wiu chQn mdu. ;1 Phuong phap ki~m tra: ChQn mAu ngAu nhien

2.4.2. DQC, KIEM TRA, pHAN TICH BAa cAo KET ., QuA HQAT DONG KINH DOANH ;! o DQC va ki~m tra mAi quan M gilia cac chi tieu ,f

trong nQi bQ bang Bao cao KQHD kinh doanh ~ o Ki~m tra m3i quan h~ gilia cac chi tieu tren r~

BCKQKD vai bao cao tai chinh khk .1 o Ki~m tra ngu6n sb li~u va nQi dung prum anh i

tren BCKQKD. v '@, ,r,

:~ Z. fo'P(

PRAN TICR BAa CAD KET QUA ROAT DONG KINH DOANH

o

o

,- J

, Io ~:~

:!' i~

Phan tieh theo chi~u ngang i Ph8.n tich thea chi~u dQc (L~y doanh thu thuh ! f. lam gbc d~ tinh ty trQng cac chi tieu khac) : l;

;..

10

I '

'l ,I

~

Bao cao ket qua kinh doanh CTY.BcHintu CTY.A

.. DoIln" lila hAa IWII i cunl rip dtdr vy Cae. kboin pi... trY doaDb thu

]. BeaDh diu muia >

Gil. v6a hiul han"

5. L"a..... It. DoaDh thu. tii chinh.

1. Chi phi tii cbinh .. Chi pbi hiD blInl

Chi phi quia It douh npitp to. Lqi nhq,n tit ho,,t dial SXKD . 11. Tha uhf' kluic .>- Chi pbi We ll. Lqi nhofn kb4c

Lqi nhu tnnh: thiJ IS. Chi pili Ihu~ TNDN .6- Lti nhu'R Ia. Ib~i ~N111. UICG'bintrinc:3phletl LJ

CO"G TV cO PHAN sCtA VIeT "AM I &AD cAo K!TQUAHO~TDQNG10"," OQANH HQ1' NHAr

:1.1.U.2G12 31.13.21111M' '.....o. 1Mfl WI"'inh D.nUUnt.21t ZUTO.5llTAtll.TN

"

r.4tI 'OU~9_J14\ '44J.!Ztt597.857;

OCl:lnh Ihi. aoub .... bill! """'~. CUlItl cAp dtc:h 'r1,I '2(_1 2lIi.!61.!74.1rLH4 Z'l.Il27.421..IU.11l1

Q1j.611~bIIl1 t'!7.....8Sl.z4J.t.B8) (IUm.3tU1lUU)

" "

Lvi ......." i'OPvl ball "'''lI ..... c""" ..., *h-.y Ul'uoQ.lu.n. I.SM.I%U'4.145

" 2: Cbanl1 ltiy ~1lI!:Y,lng It< d1i~h 22(0) .L1!~U&!i~ll 1II1)m:.4~_'33 II O1i~IifII~il .'.1r..l;lB.41~\ CZ"'.429.iOUUj

hl1l16.Cioo~!Ulnl " (3.t!4.U7.S73; ,'1:t.iJ1.1.:alU"J" C1i plllllenhhll C2..!4!189.3&~81Sf l1.81~_1l!4.~7A2g)" Q), ill!'>! qu*l Ii' :i=-~h "",t..eP (!2S.~8r.26Q_~""! l'~'.G'.wr.~&Ql" " "

" lvl ....Lt6" 1111lclft d6"8 klllh doInll LIlt.nUTa.IU A..15G.57U1UN

NlIlI b\l1 cNrih kftUlilc ng!y T"'", 31.12.21l12 31.tUm /IIinll VN. "'.

31 T."ilrltl~k~t S50.323~.148 3n~oe,oS1.B29 Oliphllh~e iS3.D06.2'18.!131 (5H180.005.816i

., " Thu nt4p ~Mc ~ iJI thuAn zr 211J11.1l11.nS 'lJl.2Z6.Ol:Z.,5J

.. PtJa 11.le) tronlJliin 0GilIr*\, liin .6t t2,52U71J55 (9.B13.95O.110)

" T6rq Ivlnhl4n'" toantrvae th.... BJ2U5U17.07I UaJl1,6t!U1t

" "

Chi phi IlIulIlhu nhtp doInh lIlIhitp .hifn 1Wl/\ (1.131J71.B35J5111 r71B.58U61.106) Chi phi ItllIi thu ntr+P ~"llhltP hoIn ~ " 1JJ5UIU&4 17.17AJ1U72

"" ., l.Irinl1utnnuWtlllJl\hfI,ollIIInhl>9h i'p 5..B1t.dol.117.on 4J1II.161.70U37 ,~

"",..bln .... cllt'iol'''_ ~.14$ ~ --/

11

b.

2.4.3.)9c va ki~m tra va phin tich Bia cia LeTT

Cae laili bao cao + Baa caa LCn thea phlYO'ng phap trl,l'c ti{,p + Bia cao LCn thea phlYO'ng phap giin ti{,p f)9c. /dl1m tro bao cao luu chuyl1n tit!n t~ +Thl,J'C chat la hitlu cac thong tin trEm bao cao lU'u

chu~n titln t/il. Dong titln vao - Dong ti~n ra =Titln thu~n cling

(giam) trong kyo

+ It

PhU'O'ng trlnh Can bang thu - chi

12

Cae dong tiem

LU'U churin tiin thuln trans"

1 ~==:..~~::=_d>u_ !T~""_dp .... bo>o""'" IT..... ridioopolll ... 'SO'

4TiAn."'~.., 31'""_.."""'_..... " ,.. w.611: __ 1'1 _ ....._'*"__ '-

BaD CaD lU'u chuy~n ti~n t$ rlllntv ..... 1M _ ..Il N"J(l1J

II LlJ'U CBUY'bf Tlt.1Ir{ Tt'BG.!-T b!"C bAtI nr 1. 'N.. .~"".at IuqT5CD dt-. T5DH Id*. .. TL ..... u. tIoM, lj.... n.:o .. '* 1SDlf U* J. Ti6adli_l'JI._~ qlfII't'cUtblvj\htls

~, IlI..dIlltJOil;llo,.."btIllei.:lil:ca.."C:Ptl/e61lo&lMYi...

5. r*dlip~~tlt""'dalltl.),h& 6. rlbdlutJi-*'.*t .-ou.ritl* 7 Titftlha.lIi"nf,~.lOi"4n~dtia.

l.lIIIdI~.ti-"'4N"I ..

II

" D,.

" " " ,.

(1115..6'J't.'m)

100m.,. .....",....,

(....OIU'lUtI)

D,4?:l.ll4:1

"''''"'''''''

BaD CaD lU'u chuy~n ti~n t$

CIU1'l.W M.a.' 1M !"f,.ltn: *_20U Ul, 1.1.'" CHTJrtN Tlt;1I 'fir 8O+r DQNG TA(C"Jlbm 1. T.I.lblIrkpWfbMbc&ph;&"n!lflo..dnll6po:.CSH

" Il.,3tU,JO,1JIl!IG

1. rai-dli ..... jOp.:boucd.u.a-bOu,_ca l2 .........1ltflifp4l.~

J, 1'1&~_b ... dIi,*aUllGol9t l2 IU.6JI..c2U.211 181.11U.J1U'" 4. '*~ldaqopu,.

" (1(7."'I.111S14) (l~1161_DI6.2ll8)

j. Tihtdl'll&aqo~tii.

Thuylt minh BCTC ,. two, .......,j""'" 'lIIUljp

co.a,,!o;< .... I!f..~~......I;I-ooIilr""".."""..~""h'llolp O);DI7UH liIl &,J (" l~,' oil tlI'TPHOI dp Iljiy I~JIlOO4Ii k9r drin:Il""lb 1bi1naiY ",'1,'111100 20'1 kala............

LNTI= DT-CP LNTI = (Ti~n + nO' phai thu) - (n~n + Khau hao + HTK + Dlf phong + Lai yay + NO' phai tra + Chi phi tra trlf6'c)

LCT = LNTI + Khtlu hao + DV' phOng + fai yay + (HTK + NPT + CP tra trlf6'c) - NO' phai thu. LNTI Bao gOm: LN (dt) + Chenh l(lch ty gia.

sAo ell:> LW CHlIY!. TI!. ~ HOP _KAT IThoo .............. llIp)

U1U C:H\lYEN lltN t\I' HQ4.TDQIIIGKINH DQANIt

" ~1Ill""'trriclflu4

~ehiM~Qeilholin:

" ~ikIhnla"',d;r:>flh

" t;i3in ~IT~ ckiUridl,rpr&gllltp dv ~!lenv

" L&d11M ifd'.11;it ~IiOtIic..r'~h;tn

" l.dttft,lrI/li'&iI"'~~1l

os Th\lIi~6P~":ajri~lIIt

" L5tlr!'J::.t~rv"k:l.'''''k

06 Or. phi JIi vry

11.11JD11 ...

U2Ua.ol1.o71

HO gs.~St~S.29B !15.02UOS4191

2l," 23.TSD lT5.3~ :0 Zi.674.4li2G4~ U~) /lI2.mll.426.45$)

~2-1n05U5V

" 11";4.J37.9i3

3U1J01I 'NO

"~".9I1"IS.011

":~.~.'28.X'8 I.248.!B9.182

r.6~.7T4.ee. 21448.9X1.7'

i4Q2.S2UI"V 14} 924Q.f44.7li4 ~3.9:ij.:30.'19!

Bao CaO lU'u chuym tien t~ (tillp) 1)11 Lvi ..t1l4n tir hOljltdl)ng kirlhdoa'nk IrvOl: n!llrllg

lhlIr 4&~~ kn O't)rtg 1.Dl1U1l8A1U04 5.OO0.5ZUiBI.1~1 O{j TqceckMI!rJPli6i eN ('11_r~1.U2.1 {I10S.!lSl8Q.2~7j 10 Tq h'~\1 ~.1 tho I213J9t911.7r-ll \t021.!m~.:-44,29~1 1: T!rlgcectl\l:ll!rJphiilrll :s~m.l.51lU m,891.:0UH :2 Tingtkdlil'hHfhWc (!11~..o\US21 i2.8."'1.3S5.$$3\ 13 Tlnili'Ia'Jr:'I!Ili {3t!U1H1S} OUB5.8SV-ll

Bao cao lU'u chuyen ti~n ti;! (tiep) 31.11.1In2 ,11.'2.201'

.......".

'Me YND

LU\I DtuttN TI!:I'Il Tl1 ~'I' DOHO DJ.u Tl1 2: rAn d-.I~ FNoIdl'l!"l_da ~fm vtodyllIm';lQl!JAn (,!..11HlII.281,'?'1} l' 1Sl'.2lHl.~651!3; U nhIhUW~;~.~~nlilll",,,,dl!lnh 16.UO.384.6U "1_t~ 16i1.S3oII U T"'nd1iclD.::6tllllylil:'lkd,WlIJI !~8nl_o.:>~.OOOI

()O,OOO.C'3~i7').'123 rJ!llll:t;jchlll&n~blil'4)' 12,S3UOO.OOO,OOOj

24 l'h\"t.&oC:;I)"'*Ytio.'l!l9~f"njojj 24 rr."9J~lmllln.gu1rIp.*"c6i.~~n

18.000 !XIoooa 24 T'.nhlvlnllni'll~cKkt:aI"diulltd6i"'n 1'0114.:Jlll'.31! ,.:;j:.~12,~82 2. r"nmu tra.ot;ll\l:dttI'lh", 2!I0.000,OOQ.DO-:l '00.000 OOO.O!IG 11 tho''''T,c6ll)erib!nIlJ1n4\f11,rt;il ~.29U.~nT 472.SOSI~94.8iJ9r.n"

i4-01UC1.,18A251 UDU2U7230 l&nl ;~"II tllnlhu.\", hi hD\d 4~1l1!l1l'"

2.4.4. DQC va kiem tra thuy~t minh BCTe a. D9C vel kibn tra ngu6n dCl' li~u tId I~p Thuyet mlnh SCTC

can ki~m Ira cae nOi dung chinh sau: - l~e ailm ho~t ailng ella doanh nghi/ilp - Ky k~ toan, aan vi tilln t/il sUo dl,mg trong k~ toan - Chu~n ml,re va eh~ ail k~ toan ap dl,lng - cae ehfnh saeh k~ toan ap dl,lng

b. Klem tra m6, quan h~ gliJu aie chi tllu trong Thuyet mlnh baa aio tell ehinh vOl cae baa cao tell chinh khOe.

C~e s6 Heu lrang ban th~1 minh b~o cao Ui ehinh vai cae b~o cao kh~e pha; phil h9'P (

Chltim '"

T._ '"

TT TT

Luu cbayhl ti&l tV HDKD TJ!n thu tV Wn h1ng va

a:ov

rJbl chL

Lwucbu}in ti!n tir HDDT

Lvu chuyb1 ~ tV HDTC

l..u\l chuy," din thuln

.......kY 100 100 lien t& dAu kY

6 Tiin tOn cu6i kYL

Cbitifu ". TT TT1:T"I"I'"

t..u chuy&t tien tV HOKO ItCn thu til: b.Ion haug ....

CCDY

TI~D chi...

Uru chuyht ~ tV HOOT

Luuchuy&n ~ til' Hurc

Lu'u chuy~ tiAn thuln

100 100

Ti!n tOn diu IcY .......kY

T~t&_kY Ii. i

,

'I

18

CHl1aNG 3

aANH GIA KHAI QUAT TINH HINH TAl CHINH

DANH GIA KHAI QUAT TINH H1NH TAl CHfNH

.- '!!.I,J~.~~~.t:I'~~~.~f~R~47~'~~lt~AIQUAT ..._ __...__e.~N_~_:.~=~~~~ ..~INH .._.~~~.:~~-~t~~.l,~~~~w .._..._..__~~~~._~~~:~~~~~~~-.~G

ElANH GIA KHAI QUAT KHA NANG SINH L01e...~.... '~.._....- .._-_.._.__ ..__.._._....-.__.._----_.__._-.

3.1. MUC f)fCH, YEU cAu f)ANH GIA KHAI QUAT TiNH . HiNH TAl CHINH

3.1.1. M",c (fich "' f)u"a ra nhG'ng nhljn xet sa bQ vi! th....c tr,lng tili chinh cola doanh nghl~p trl!n cac khfa canh mU'c dQ dQc I~p tal chfnh, cac kho kh~n tal chfnh se phal dl1dng dllu d~c bi~t 1a trong Iinh vl/c thanh toan va

hl~u qua klnh doanh. "' Co nhG'ng quyet dinh tal chfnh phol h

3.2.1. Chi tieu daDh gia

,;'Tang s6 ngu6n v6n: ,;'T6ng 56 D'1 phlii trli ./T6ng 56 v6n chi SO' hfru

./cO'du van

3.2. lANH GIA KHAI QUAT TiNH HINH HUY lQNG VON

3.2.2. Phuong phlip philn tfch

.:.PhlfO'Dg phlip so sanh Tlnh ra tri 56 cua cae chi tieu So sanh IcY phan tfch vcri IcY g6c Nh~n xet: D\flI vao k,h qua so sanh va y nghia cua timg chi tieu

.:.NQi dung pban nch dUV'c tb~ bi~n qua Bang danh gia khai quat tlnh hlnh huy dQng v6n

3.2.2. Phll'O'ng phap phan tich

NPT

TOng NV

100 100

3.3. DANH GIA KHAI QUAT MlrC DQ DQC ~p v~ M~T TAl cHiNH

3.3.1. Chi tieu l'fanh gia (3 chi tieu)

van chu sO- hihl 1. Ife 56 tai trq A 1:'Tong nguon von

.:. He s6 til.i trQ' cho bi~t v6n cM sa hihI chi~m mAy phful trong tBng ngu6n tili trQ'til.i san. He s6 nay phan anh tinh hinh dQc I~p tili chinh hay khil nling tv dilm boo tili chlnh trong hO\lt dQng SXKD cua DN

.:. Tri s6 nay cang Ian muc dQ dQc l?p tili chinh dng cao vii nguQ'c l\li

.:. Thong thulmg he s6 nay n~m trong khoilng 0,55

0,75 la hgp IY.

3.3.1. Chi tieu l'fanh gia (3 chi tieu)

van chu so' hUlI 2.l'fe s6 tai trQ" TSDH . Ti'Ii san, d~i h\lD

.:. He so tili trQ' TS dili h\ln cho biet vai so von chu sa hihI hien co doanh nghiep co du d trang trili tili siln dili h(ll1 hay khong.

:. HS nily cho bi~ttrong Id TSDH duQ'C tili trQ' mily dBng tir YCSH, HS nily cang cao chUng to khil nang d(lc l~p vii tII cM vb tili chinh cang Ian.

:. Trj s6 nily ~ 1 du, thila .:. Trj s6 nily < 1 thiu

3

3.3.1. Chi lieu danh gia (3 chi lieu)

l If '." TSCD vAn obi sci' bfhle so ,.lIrv = . TSCD dA va dang d~u I1r (~~~ rht' eft;ltuH~ 56 tAi irQ' TSCD cho bi~t vm 56 yin 15M 5a hcni ) hi~n co doanh nghi~p c6 du trang trii TSCD hay khong. (TSCD duQ'c tinh theo gill Iri cOn I:).i)

Trj 56 nay ~ I dli, thim Trj 56 nay < I thi~u

3.3.2. Phuong phap dauh gia

.:- Sir d\mg phuong philp 50 5anh va l~p Bang phan tich kMi quat mire d9 dQc l~p tai ehinh theo mdu 5au:

rAi ~, Diu Cu3i Chboh Ifch_vOi~Cbl lieu aim aim

Tylf(%)MIi

3.4.1. Chi tieu philo tich (5 chi tieu)

.:. H~ sA kha nilng thanh toan tAng quat cho bi~t I d nv phai tra duvc dam bao bCri mAy d tai san. (vO! luvng tili san hi~n nay doanh nghi~p co diJ kha nling de trang tnil toan bQ nv phal triI hay khong?).

:. Trj 55 nay"': I ON dam boo diJ va thua kha nang thanh toan tbng qual.

.:. Tri sA nay < I ON khong dam bao kha nang thanh toan t6~g qual.

Tang 56 tsi san Tang 56 qu phai tra

l.lfe 56 kha nang thanh toan tang quat

3.4.1. Chi tieu philo tich (5 chi tieu)

2. Q@ s6 kha nang thanh Tili sin ngiln han toan n'l ngin h~n N'lngAn h~n

.:. H~ s5 kha nilng thanh toa"!' nv NH cho biet I d nv nAn h(lIl duvc dam boo bCri may d tai san NH. (val luvng tal san NH hi~n nay doanh nghiep co diJ kha nang d~ !rang trai toan bQ nv ngiin h(lIl hay khong?).

:. Trj s6 OIlY"': I ON dam boo diJ va thlra kha nang thanh toan nv ngdn h(ln.

-:. Trj 56 nay < I ON khong dam bao kha nang thanh toan nv ngAn h(ln.

3.4.1. Chitii'!u philn tich (5 chi tieu)

3.lje ~ kba ning Ihanh Tai sio ngAn ban Gii In bing 160 kho loan nbanb Nv ngin h!n

Y nghill: gMng cae chi tieu tren g. /5 N 1..::..1.-+ _ ~,' 1 '

d 'l,en b.!1ean T.JI) -tinCaf/ ~

2- Jtcif4 til TC NI-I 3 q, ftTt.-r;. Gt~ bh.dn 15 (Yfl .t

5

3.4.1. Chi tleu phi" lich (5 chi lieu)

4. 1ft sa kha nang thanb _ ri~n vil cae khoan lIII71Ig dlll71lg ti~n loOn ltic thM - NV ngin b,n

-:-Y nghia: gi6ng qic chi tieu tren -:-Tien Iii TS cua QN t6n ~ dlIai hinh thai gili trj (tien m~t. tien ~ nglln hllng va tien dang chuyBn)

3.4.1. Chi lieu phi" tich (5 chi lieu)

4.lfe sa kha nlng Ibanh _ riAn vi de khoan lIrang dlllJ1lg ti!n In me IbM - NV ngin hfD

-:-Oic khoim tuong dlIong tien: Ill. cae khoan dAu til tai chinh ngfut hlpl cua DN co kha nang th6a man cae dieu ki~n sau: Thai gian chuyBn d6i thllnh tien (dao h~n) trong vang 90 ngay (3 thang) tinh tu thai diBm dAu til.

Vi~c chuyBn d6i III ch~c chfut (khong g~p riIi ro)

'M Uld DN cua flIV . "

3.4.1. Chi lieu pMn tich (5 chi tieu)

5. H~ ,6 kbi nAng tbanb toan nlf dili b,n

-:-Y nghia: tlIong t\l' cae chi tieu tren

3.4.2. PbU'O'llg pbap pban ticb .:. su d\lllg phuong philp so simh vill~p Bang phan tich khOi quat kha nAng thanh loan thea mAn sau: r.rJ ..J1j

Chi ti@u mu olm

Cuai olm

Chioh I,ch 1l1'I .61 SIlM.n:(lio) Ty It (10)

I. Hf s& khi nlng ttlanh loin tang quA' (lAo)

2. He sO khi D!n8 dumb toift nq ngin "'" (lin)

3. Ui ~ khi nlng !hanh toan nunh (lin)

4. H~ sa khi nlng thanh loin tli't: thM (IAn)

5. He 56 khB ning thanh toin oq dii hon(llnj

3.5. eANH GIA KHAI QUAT KHA NANG SINH Lal

ElANH GIA KHAIQUAT KHANANG SINH LOI

3.5.1. Chi tieu phin tich (3 chi tieu)

l. H~.ci .ioh 1M cua vAo thu '0" hiru (ROE)

L9; ohuu .au Ihu~ vAn chii sa hifu binh quAn

.:. Trong c16: V6n CSH BQ = (V6n CSHd\< + V6n CSHek)/2

.:. H~ s6 nity cho bi~t Cll ld VCSH d~u tu dem l\li baa nhieu d6ng Iqi nhu~ sau t11U~ .

:. Trj s6 mlY citng 1611 hi~u quit cua VCSH citng cao, hi~u quit kinh doanh citng 1611

7

3.5.1. Chi lieu pMn tich (3 chi lieu)

2. Hf sa sinb Uri kinb Lqi nboio Irtni'c Ibo~ vlllili vay I~ clia TS (ROI)

TAog TS binb qoia

.:. Trong d6: Tang TS BQ = (TSdk + TSck)/2

.:. H~ 56 nay cho biet '?tc Id TS dem I~i boo nhieu d6ng l

3.5.2. Phu01lg phlip tJaoh ghi .:. Sir d\mg phucrng phap so sanh va l(i.p Bang phan

tlch khili quat kha nang sinh lqi theo rndu sau:

nju Cu3i Oeoh ijeh DN .Iii eNChi tiiu .Im .Im TY 1,(%) 1.H~ sa sinh l(ri eua VCSH (ROE)

M"'(li.)

2. H~ sa sinh l(Yi KT eua TS (ROl) 3. H~ s

CHU'ONG IV

PHAN TicH cAu TRUC TAl CHfNH, DON BAy TAl cHiNH vA CAN BANG TAl

cHiNH CVA DOANH NGHI.E;P

" PHAN TicH cAu TRUC TAl CHiNH ION BAy TAl " cHiNH vA CAN BANG TAl tHiNH

PHAN TicH cAu TRUc TAl cHINH

PHAN TlcH ION BAy TAl CHiNH 3

.. PHAN TlcH CAN BANG TAl CHiNH

4.1. PHAN TicH cAu TRUC TAl cHiNH 4.1.1. Khai ni~m

Ph~n treh dIU true tai ehinh la vi$e xem xet ca elu tai san, ca elu nguOn vOn ella doanh nghi$p va mOi quan h(! giCra tai san vai nguOn vOn ella ON.

4.1.2. NQi dung pMn tich J ) ~ PMn lieh CC1 elu tai san ( ~ cJ) t:r ~ Ph~n tfeh CC1 elu nguOn vOn ~ Ph~n lieh mOi quan h(! giCra ea clu tai san va ea elu nguOn vOn

1

!-:J1(;PIi J..;'., bn %() L 7J :? a. Phin tich cO'du tlii san va ngu6n v6n Trinh t'l' phin tlch _~LVcs 1:/ - t) Z:.1i.!l~~inh fa tY trong timg bQ ph~ TS va NY trong tAng TS h~c

t8ngNV. So sanh Sl' bitn dQng tuy~t d6i V!I tucmg d5i cua timg bQ p~ TS ho~c NV giua IcY th\lC hi~n vrn IcY gAc. Rut fa ~ xct vt tinh hIJP ly coo co cAu TS, NY hi~n ~ ciing nhu xu hUl'mg bitn dOng cua co cAu TS, NV Irong tucmg lai Lien h~ vrn sA li~u binh quan cua ngAnh va cae doanh nghi~p tienti.!n. .

~ Up bang phan lich co cAu TS (NY)

L Til sin nlin hfn I. Tib.. .... cae khoan hrong

duungli!n 2. Df.u til tili chinh NH 3. PJWthuNH 4. Hang IOn kilo S.TaiSlinNHWc H. Til Ian dii h," 1. Nq phai thu dii b\Ul 2. TSCD 3. Diu lu tii chinh DH 4. Tai san dii ~ khac

Mi}t s6 ~hi tieu phin tich CO' du TS CO' ban T:Y l~ TSOHff6ng TS ' T:Y I~ TSNHff6ng TS Ty I~ phiIi tlIU khach hangIT6ng TS

T:Y l~ hang tAn khorr6ng TS T:Y J~ Tien va TDTrr6ng TS T:Y I~ TScDrrtmg TS

= I; > I; < 1

,~NG PHAN rtCH co cAu NGu6N V6N II

Chi tiiu Biu nAIII emii Dim Cbfnh lfeb ON. eN Sf Tt ST Ty Sf Tyl~ Ty

trqar. tnptr: trqD:

I.NCf phii rnl I. NQ'ngin hfn 2. NQ'diai hfn

n. van cluj 10' hiiu I. V6nchuwhiiu 2. Ngu6n kinh phi vi quy khi.c

Mqt s~ chi tieu phan tich cO" du NV cO" ban

Ty Ie ng phili trillT6ng NV Ty Ie V6n CSHlT6ng NV Ty Ie yay NHlT6ng NV Ty I~ phili tra nguai ban It6ng NV

aTSvaNV

II" Chi tieu phi. trch (3 chi lieu) 1. H~ .Ii .v,o vOi NPT

TS TAng tai sBD TAng tili sao - Veln chu. sO- hu'u

Tang tiJi san = 1 vii. cho scr hihJ ------c;----~__,_--Ta.g .gua. vlin

1- H~ .Ii 1,!"liIi IrV Danh gia mire dQ tili Irq lili sfm b~ng cae khoiln nq Trj s5 e6lh~

3

--=---=---=-----=- ---------

" a: PUa ~cb I.iab blab dim bio van theo Ill"'" dOan.t~in .. " cua aguoa til trQ" ' ... ' .,

Khi TAi san ban dAu cua doanh nghi~p dU/;rc tai trQ hoan toan bcri V6n cM so hihl

=>Tai san dUQc hinh thanh khong phai do chiem d\lng => Quaa h~ can dAi thO- nhit

" a. Phiin tfeh tlnh hinh dim bio v6n theo mu~ ~(l a~,.t~.in " cua nguAn tii trQ" " ' ... . ..

Thy-c t~ luoo xiy ra mqt trong hai tinh huAng sau: VCSH> TSB> => S6 Y6n du thira 5e bi chifrn

dl,lng VCSH < TSB> => Lugng TS du ra duqc hinh

thanh boi 56 Y6n di chifrn dl,lUg => Quan h~ clin dtii thti hai

" a. Phiia tfch tloh hloh dim bllo van theo mucd9 a~..t~iill " cua nguAo tii trQ" ' ' - '

Thy-c t~ luon dy ra mqt trong hai tinh huAng sau: VCSH + V6n yay hqp pMp > TSB> => S6 Y6n du

thira 5e bi chifrn d\lng VCSH + V6n yay hgp pMp < TSB> => Lugng TS

du fa duQ'C hinh tMnh boo 56 y6n di chifrn dl,lUg => Quan h~ clin dtii thti ba '!

P ! " "i

",e

~ II

8

\lANG plIAN TicH CO CAU NGU()N V()N '" .." Chi tieu Diu Dim

ST Tj h"9D&

I. NV' pbii tra I.NO'Dsin~ 2.NO'd8i~

IL van dll' sa hinl I. Van chu sa hihl 2. Ngu3n kinh phi vi qU}I We

100Tane nr;u&n vAn

CuM nJm ST Tj

tl'9fll

CIImh Itch DN, CN

ST Tjrt Tj lr91l&

Mqt sa chi tien phan tieh elY dn NV elY ban .

TY l~ nQ phai trarr6ng NV TY I~ V6n CSHff6ng NV TY Ie vay NHff6ng NV TY l~ phai tra nguiYi ban It6ng NV

aTSviNV

" Chi lieu phllu lith (3 chi lieu) " I. H~ ,3 nil' so vOi NPT

TS Tang fili san TAng fili sao - van chu 50' hiru

T3ng laidu = 1 ~ van chu 50' bihl

Tang nguAn van 1 - Hf ,6 Ilf la; Irll'

Diinh gili muc d9 tii trQ tai san bdng cae khoan nQ Trjs6c6thS=I;>I;

aTSvaNV

" " Chi tih pbiin ticb (3 cbi tifu)

= 1: TOl\n bQ TS hi~n cO cua ON duQ'C hinh thanh til ngu6n v6n di chi~m d\lng.

< 1: TS cua ON dUQ"c tili trg mQt phfut til NPT, ph~n con IlI-i til dugc tili trQ" til VCSH.

> 1: NPT rna ON di chiSm d\mg mi)t phfut dugc tai trQ" cho TS cua ON, mi)t phan d~ biI 16

a TS vii NV

7 ~jTS ~ ~1lh~~ Chi tieu pblln tich (3 cbi tieu) 2. Hf .6 f\r tiii tr., veSH / VCSf.t _

TS TangTS

H~ s6 nay cho biSt ml)t d6ng tdng TS dung cho HDSXKD dU\7c tai tr\7 tir mAy phfut VCSH

Chi tieu m\y cO trj sd cang 160 (cang gfut = 1) kM nang dQc l~p tai chinh cang cao. (Nhiing TS cua ON hAu nhu duge tai tr\7 bAng VCSH)

a TSvii NV

" " Chi lieu pbin Iich (3 chi tieu) 3. Hf .a IAi s:ln .0 Tang tAis:ln

vo;VeSH veSH van cho .a hihl + TAng NPT

veSH 1+ TangNPT

---,------=-----vAn chu So' biru

H~ sd nay cang cao muc dQ dl)c l~p tai chinh cua ON cang thAp, nii ro cang coo va ngu\7c lai.

Trj sd co thS = 1; > 1

"

aTSvaNV

" Chi tiiu phio li

4.2. pHAN TicH DON BAy TAl CIDNH 4.2.2. Cong tMe xae dinh (3 phuang pMp xac dinh)

1. Don bAy I~i Tang nguAn van cbinb

van chi .... hihl

Khi tAng Nl,T phili tra => Tang Ngu5n vAn Uing => Dim bAy tAi chlnh se !ling

4.2. pHAN TicH DON BAy TAl CH:iNH 4.2.2. Cong tMc xac dinh (3 phuang ptulp xac dinh)

2. Don bAy I~i N,! phii Iri chlnh

van chi So' hiio

- Khi tAng Nl,T phii tnI => Dim bAy t:li chinh so tAng

4.2.PHANTiCHDON BAYTMCHiNH

4.2.2. Cong thuc xac dinh (3 phuang phap xac dinh)

3. Don bAy Iili N'1 phii Ira chinh Tang ngn5n van

TAng NV - VCSH

Tang nguAn van

1 VCSH

TAng ngu5n van

6

4.2. PHAN TtCH BON BAy TAl CHtNH 4.2.3. Phucrng phAp pMn tfch:

Tfnh ra tIi s6 Clla Bon b~y tii chfnh So sanh IcY phan neh vcr; IcY g/,e

NI$l xet v~ ehfnh sach sir d\Ulg N\1 phili Ira Clla doanh nghi~p.

Khi BOn bAy tili ehfnh tang (him an thl$ll\1i) => chi tieu ROE se tang.

4.3. PHAN TicH CAN BANG TAl CHtNH 4.31. Khlii oi~m:

Can bang tii chinh Ia thu~t ngil dimg de phlin linh ro6; quan h~ can d6i giiia T6ng TS va T6ng NY dU\1e xliy d\1J1g Iren co sa phucrng trinh kinh te co ban.

Phan t[ch can bQng tai ehinh cOn du\lC gQi Philo ticb tiob bioh dam ban vAo cbo hnft d(log kioh dnaoh.

4.3. PHAN TlcH CAN BANG TAl CHtNH 4.3.2. N(li dung philo nch:

Phan dch tioh hinh dam bao v6n thea mire d(l an toan eua ngu6n tai irQ'.

Phlin tfch tinh hinh dam bao v6n kinh doanh then quan difun 6n djnh ngu6n tai tr\1.

7

" a. Pbin ticb tlob blnb dim bio van tbeo '1'"" 40 an fgi~ " cua ngulln tii trV "" " F"""

Khi Hi san ban &u cUa doanh nghi~p TSBD => S6 v6n dlI

thira si! bi chiem dVng VCSH + V6n yay hgp phap < TSBD => LUQl1g TS

du ra duqc hlnh thanh bOi s6 v6n di chiem d\lOg => Quan h~ clin d6i thO- ba

8

" a. Phin 11th Ilnh hlnh dim bio vAn Iheo mlh: dO a", 1~,6n " tu. ngu6n 1M Irq' ..".,

" . Phio 11th Iloh hloh dim bio vAo Iheo mile dO.OloO" " eua ogu60 t6i Irq' . .

1 i I I

" b. Phao lieh Iloh hloh dam bao v6n kinh doanhtheo " quan di~m 60 dioh ogu60 lili Irq' .

Nguon iii tr9'NguOn tid tlV t~m thO'Ithuotmg Jiuy6n

NguOn v6n CSH N9' ngin hfO

e Nq'dal h,n

9

C;\n bAng lSi chinh quan diAm 6n dinh nguOl1 lSi,!rll"" ""

,,2.4 Phao tic~.tio~ hi?h dam ~ao,:60 kioh doaoh " theo quao dIem 00 dlOh oguoo till trlt ... Dum g6c dQ nay can bfulg lai chinh th~ hi~n TSNH +TSDH = Ngulln T.trV TX + Ngulln T.trV I,m Ibm

Ngullo tai tr'l t,m thOi v~ Ih\lc chAt chinh la 0'l ogio h,o Iret! bang CDKT. Nhu v~y: Ngullo T.tr'lTX - TSDH =TSNH - N'l ogio h,o

V60 ho,t dqog thulo = TSNH - N'l ogio h,o

vao \doh doaoh thulo =Ngullo til; trq'TX - TSDH

" 2.4 PhiIi tkh.tio~ hi?h dam ~ao v60 kioh doaoh " theo quao diem 00 d!oh oguoo tal tr'l .

10

" 2.4 Pbin tleh tinb hinh dim bio van kinh doa.nh " tben quan di~m AD djnb nguAn tai trq'"

" 2.4 Phari tich tinh hinh dam bao v:~n kinh " doanh thea quan diAm On djnh "guOn 13i trQ'

NgoAn Iii IrQ' I,m IbM (NQ' nglin b,n)

SIT ChI lieu Cong lhait: Hoh Ynghia

1. H~ s6 tW tr9' Ngu6n tili Irv thubng xuyen TIi 56 cing Urn doh an thUCmg xuyen T6ng ngu6n van dinh can bAng tili chinh CBng cao va ngtIQ'C ll;li

2. He sA t8.i IrQ' Ngu6n tai In) ~m thai Trj sA cin~ Ian tinh im ~thOi TOng ngu6n vbn dinh can bilng Iii chinh

cang tbAp va ngugc l~. 3. H~sAvCSH vAn chu sO' hiiu Tn s6 cimg lan tinh tg

sov6iNTI Ngu6n t8i IrQ' thllang xuyen cM va d~ lap Iii chinh thll

SIT Chitieu

4. He sll giiia nguAn tAi trq thuang xuy~n sovenTSDH

Cong tbli'c tinh

Nguiln tii Irq thllimg xuyen Tais8ndii~

Ynghis

Tn sA cang ian hon 1 tinh iln dinh, ~ vilng v~ tii chinh cang cao vi nguqcW

Chltieu DN CN Chhh I~

CHVONGV

PHAN TtCH TINH HiNH CONG NQ vA KHA NANG THANH ToAN

CUA DOANH NGHq:P

PHAN TicH TINH HiNH CONG NQ vA KHA NANG THANH ToAN CVA DOANH NGHIE:P

Philn t1eh tinh hinh eong n9' ella doanh nghi~p

PMn tieh kh;i ning thanh toan ella doanh nghi~p3

5.1. PMn tieh tinh hinh eong n9' (thanh toan) ella doanh nghi~p ~

5.1.1. Ynghia o Xac djnh dUQ"c thllc tr(lJlg, tinh hinh tai chinh cua doanh

nghiep. o Cung dp thong tin v: co cf.u Ng phai thu, Ng phili Ira, tit do co bien philp quan ly v6n hieu qua

o Cung cAp co c~u tinh hinh cong nQ": NQ" ng~ h\lll, dai hllll, nQ" chua den h\lll, qua h\lll, ... tu do giup doanh nghi~p co bi~n phap ting xu kip thm.

o Dua ra cac bi~n philp nh5m hllll ch~ s6 v6n bi chi~m dl,lng nhung vfu1 dam baa tinh hinh san xuAt kinh doanh.

1

5.1.2. Danh gia khai quat tinh hinh thanh toan / Tf{ ? Ltro I:c J)...Di..Jp"f2M~ ct~ v6.. ~;1IlI.11I!I.211l1.11IlI.cllllhlll!jllll!tieEulllpllllhanlll!IIlItlllliClllllh:---------~ h hh ct' etfn ;&M10 vri Cung clip thong tin cho ON bi~t dUIlc qua trioo thanh toan.'l d . cua DN IA di chi~m d\lng hay bi chi~m d\lng, dUIlc th~ hi~n 11.t-." ( 46f) to ON :t~ -Ck!l~l d.VJj

qua cac chi lieu sau: EI!,

N'l phii thu x 100 ,.( b t

o L,p Baog phio deh tloh hloh thaoh toao Nl1 phai tho (hoie Nl1 phai tra)

Chi t1~u DN eN CL DN so "en eN ST Ty ST Ty

"'101 trqng ST Ty

If Ty

tr9llg

I. N'I' phii Ihu ngl. h,n 1, PhAi thu clia Weh hang Trong ~o: PT Qua h(Ul 2. Tni wac cho ngum him Trong do: PT Qua h(Ul 3. Phai thu nili b(i Troog do: PT Qua h~n n. N'I'phii Ih. ~ii h,u T8ngcyug 100 100

o Cac bll6"c tbl/C hi~o B I. Tinh ra tri s6 eua cac chi lieu phitn itnh 16e di,l kha

nang thanh loan. B2. So saM trj s6 do giila cae IcY B3. Nh~ xel k~l qua so sanh va ynghia eua cae chi

lieu

5.1.3.1.Chi tieu phin tich tac d9 thanh toan

.

1. sf> yang quay ClIc TAng ti~n hl\ng bOn chiu khoin phii thu NQ' phii thu blnh quin

3

5.1.3.1.Chi tieu phin tfeh tOe dQ thanh toan

3. Tbiri gian mQI v6ng = Thm gian ky nghien e..... quay de khoan phii 86 v6ng quay de kho8n phiii thu

thu

l-Ul{ ~: ham: %0 Vlfoff / ~: ~ 0 ~ : gO

4

5.1.3.2. Bang phlin tich cong nQ' phai thu khBch Mng (pMi tni ngtn'ri Mn)

I11III : Chitieu 'I!:~ IHf'~L1:hinh I~h ON.o v.n CN rJ ~~ %

1. S6 vong quay dc khoin phii thu khach hilng (dog) 2. Thiri lian mOt vong quay dc khoin phil thu khac:h hang (ngay)

Cbitieu B!'l heN-! Chenh 1i';~.1}N sn v.n CN ~q~ ,,.1l;I +. l-\,q~ 1. sA vong quay de: khoin phil tra nguM ban(v4ng) 2. Tho; gian m~t vAng quay de khoan phil tri nguiri bin (ogay)

.

5.2. Phan tieh kha nling thanh loan eua doanh nghi~piIIIIII:----------l

5.2.1. YnghTa Cho bi~t nang h,l'e tai ehlnh eua doanh nghi(!p

hi(!n tOili va dl,J' doan tU'O'ng fai. > HOiln eh~ nhiing rui ro tal ehlnh e6 tha xay ra

trong tU'O'ng lai

5.2.2. Phan tieh kha nang lhanh toan nq ng~n hi;m

5.2.2.1. Chi tieu phsD tich (5 chi tieu)

1.I-tA sO thanh toan Tal san ngin han N9' ngin h~n TOng sO ".0' ngin hf;m

.. H~ 56 cho bi~t vOi t6ng gia tri TSNH cua ON co diJ trang trili cae khoim ng NH hay khong.

.. H~ 55 cimg cao chUng to khil nilng thanh toan cimg t6t, 6n dinh tinh hinh tai chinh KD va ngugc 1(1.1.

.. Thong thuimg h~ 55 phili co trj 56 tir rnQt Ira len (,=: I)

5

5.2.2. PMn lich kha n!lng lhanh loan nO' ngan hl;ln

5.2.2.1. Chi tieu phin tich (5 chi tieu)

2. 11& .6 khl nlng thanh loan TSNHHTK nhlnh Nvngin h,n

.. He sA cho bi~1 kha nang !hanh loan nhiing khoan no NH clla ON bang nhiing TSNH c6 tinh thanh khoan ca~. (da

chuy~n dbi thanh tiSn).

5.2.2. Phan lich kha n!lng lhanh loan nO' ngan h~n

5.2.2.1. Chi tieu phlin tith (5 chi tieu)

3. 111 .b khA nlng Ihanh loan TI.ln vA cAe khaAn TOT ngay (lire Ihl>;) N9' quA & d6n h,n (N,/, NH)

". He s6 cho bi~t kha nang thanh toan clla v6n b~ng liSn va cac khoan lUang duang tiSn so voi N \I ngfut h~ .

., Trj s6 cua chi tieu qua coo chUng to khit nang sir d\lng vAn thfrp vi bi ir dQng nhiing TS co tinh thanh khoan rfrt cao.

" Tri s6 cua chi tieu qua Ihfrp va keo dai thi ON phai d6i m~t voi nguy co kh6ng tra duQ'c nQ' va pM san.

5.2.2. Phan lich kha n!lng lhanh loan nO' ngan h~n 5.2.2.1. Chi tieu phin tich (5 chi tieu)

4. HI .0 ehuy.ln dO' T.In yi etc kholn TOT TS'NH lhlnh U.ln TSNH

., H~ s6 cho bi~t kha nang chuy~n dbi thanh ti~n va CKTDT cua cac TSNH.

v Tri s6 cua chi tieu cang coo chUng to t6c dQ chuy~n dbi cua TSNH thanh v6n bfutg ti~n cang nhanh, lhUc dfry kha nang thanh toan cua ON.

., Nhung tri s6 cua chi tieu qua cao chUng t6 ON dang nfun giu qua nhiu lUQ'ng TSNH bfulg tin => giam hieu qua sir d\lng v6n

5.2.2.2. Phuong phap phan deh

L~p bang phan tich khiL nang thanh toan nq ng~n h/lon

Chi tieu ON CN Chklh lieh ON so yO; CN

sa ,;!. % I. Hf s& th.nh to'n ngay (IAn) 2. Hf sa thanh tob nhanh (lin)

3. He .4 lhanh lob 09' NH (lin) 4. Ht s6 chuyn 116i TSNK .hlnh

'~(Iln)

5.3. Phin tich khli nang thanh toan nC}' diii hl)n

5.3.1. Chi tieu phan tich (3 chi tieu) 1. H~ sO thanh toan nQ' Tal Sl1n dill han

dalh~n = TOng sO n.O' dili h~n

.. He 56 cho bi~t khi c6 mot dang Nq OH d~n h

5.3. PUn tlch khli nang thanh toan n9' diU h~n

5.3.1. Chi tieu phin tich (3 chi tieu)

3. Ht s6 lhanh loan LNKTTT + Chi phi Ill; yay chi phi IAi yay Chi phlllU yay

.. Chi tieu cho bi~t kM nang thanh toan chi phi lili vay cuaDN.

.. Chi tieu cO tri sa cling cao chUng to khil nang thanh toan chi phi lili vay cilog t5t vii ngUl,Tc 1\\1.

5.3.2. Phuang phap phan tich

L~p Mng philo tich khil nang thanh toan ng ng~n h\\D

Chiti~u ON eN Chenh l~ ON so vOi eN

I. H~ .1 th.nh toin tang quit (lin) 2. H~ s6 thRnh toan nQ" DB (lin)

ST %

J. Hf 36 thanh loan chi pM IAi L~y(li.n)

CHUONGVI

PHANTiCH KHA NANG SINH LQI vA cHi TrEU DO LUONG KHA NANG

SINHLQI

pHAN TfcH KHA NANG SINH LOr vA cHi TIEU DO Uf

6.1. KHA NANG SINH LQI

. lJV: l-Ai

6.1.2. Chi tieu do hrirng Khi Ding sinh lqi eua tiing d~i

,G \ ,~"'J'~u :dAu va. ..__-

Trj sLqi obu,o

f, cua lirug df,1 luvng

~ ~ Wwi;

6.1. KHA NANG SINH u;n1IIIIII mIIlj 6.1.3. PhtrO'llg phap phin tich Khli nling sinh IQi .. BUl1c 1: Danh gia chung

.. Tinh loan chi lieu Kha nling sinh [(Ii ky TH (I) va KH (0)

., Tinh chenh lech Kh:i nang sinh [(Ii gilla kY TH v6i KH

.. Tinh 16c dO lling tnr{mg cUa Khil nling sinh 19i = Chenh loch Khil nAng sinh 19i1Khil nAng sinh l(li KH' 100

.. Nh,n xet: .. Neu: > 100% Khil nAng sinh J(Ii lang .:. < 100% Khil nang sinh [(Ii giiun

6.1.3. PhuO'Dg phap phan tich Khii nang sinh IQi ~! Btr6'c 2: Phao tich cae ohan fB aoh hUfrngClcJ.'rt)

each 1: Phin tich kh:i nling sinh l'li theo cling thu-c g6c (ap dyng phmrng phap thay th~ lien hoan)

Khil nAng sinh = L(Ii nhulin TS l(li cua... Vf,n chu BQ. TS BQ, CP)'(;l ~

AM hll

6.1.3. PhllO'llg phap phin tieh Kha nang sinh lQi B.roc 2: Phin tieh cae nhin t6 anh hllO'ng _,IIIIIlIIIII\IIIIIIIIlIIIII\IIIIIIIIlIIIII\IIIIIIIIlIIIII\IIIIIIIIlIIIII\III_IIIIIlIIIII\IIIIIIIIlIIIII\III~ each 2: Phan tich kha nAng sinh lqi theo clIng thuc Dupont (Dupont kh hW)

Buac 1: Dung ccng thue Dupont de bien dbi

Buae 2: S~p x6p l'1-i cae nMn t6

Buae 3: Xae dinh anh hu6'ng eua cae nMn t& theo phuang phap 10l;\i lric (s& ehenh I~eh)

Dli th'!c hi~n qi chU'ung 1 m\lc 1.3.6

6.2. DANH GL\ KHAI QuAT H1~U QuA KD ClJA DN

6.2.1. Danh gia khlli quat HQKD qua clic chi lieu: 6.2.1.1. Chi tieu sir dyng: (4 chi lieu)

TY suAt sinh I...,i kinh ~ cu. TS (ROl)

LNKTTT+CPllii v.y x 100

T6ng TS binh quan

TY suAt sinh I...,i cua DT(ROS)

LNST x 100 DTIDTT

3

t VCU-j

____L_N_S_T x 100 YCSHBQ

Ty su.dt sinh ICli eua YCSH(ROE)

Ty suAt sinh il;Ji cUa ~ LNKTTT x 100 t6ng CP (ROTC) ---T~6~n-g-ch-i-p-hi--

______-~ ~-__""t_

6.2.1. Danh gia khlli qual HQKD qua cac chi tieu: 6.2.1.1. Chi tien sir dyng: (4 chi lien)

6.2. DANH GIA. KHAI QUAT Hl~U QuA KD ClJA DN

L{'( lTTT

6.2. DANH GIA KHA.I QUAT HIt:U QuA KD CUA DN

6.2.1. Dlinh gia khai quat HQKD qua cac chi tieu: 6.2.1.2. PhU'01lg phllp phin tlch: I,p bing danb gill khlli qullt hi~u qui KD qua dc cbi tieu.

6.2. DANH GIA. KHA.I QUAT HIt:U QuA KD CUA DN

6.2.1. Danh gia khai quat HQKD qua cllc cbi tieu: SU d\lIlg bao coo KQKD rna la tbllC hi~n vi~c so sllnb ngang va so sanb dQc

... So sllnh ngang: So sllnb timg chi lieu cua BCKQKD d~ Ihay dUIlC quy mo tAng gilirn cita cae chi lieu anh huimg nbu ~ nao 1m lc;ri nbt$l.

.. So slInh o19C: SO sanh lOe d!) lang gilirn clia timg chi lieu d~ tbAy dlIl1C bilo chAt cita Sl' thay db; DT, CP ilnb huimg lOi lc;ri

nb~n . .. Tl:r 016 c6 nhiing bi~n pMp Cll tb~ vOi timg nbilo 16 Ihlch hQP

6.2. DANH GIA. KHA.I QuAT HIt:U QuA KD CUA DN

II6.2.1. Danh gili khai quat HQKD qua cac chi lieu:

ChitiAu Ham N-l N&mN Chinhl. ST ~l;..

1.0T BH vo CCOV 2. Cae kho3n giam trCP 01 3. DT tooAn 4.GVHB S. LN gp ....

14. IN trU'O'c thu~ I S. CP thu~ TNDN 16. IN 50U thu~

4

, 6.3. PHAN TiCH HI~U QuA SlYD"VNG CUA TAl SAN 6.3.1. Ph"n lIch hieu qua sir dvng cua Tang tHi san

6.3.1.1. Chi tieu sO- dyng (4 chi tieu)

Sifc sin xuit CUB DTIDTI Tang tHi san (TAT) TangTSBQ

Su-c sinh ((Ii cua LNST Tang tHi .an (ROA) TangTS BQ

6.3. PHAN TlcH HI~U QuA slY D"VNG CVA TAl SAN 6.3.1. Phin tich hieu qua.ir dyng cua Tang tHi san

6.3.1.1. Chi tieu sO- dyng (4 chi tieu) Su't hao ph( CUs tang TangTSBQ TS '0 v6i DTIDTI DTIDTI

Su!t hao phi cua tang TangTSBQ TS so v6i LNST LNST

6.3. PHANTicH HI~U QuA SlYD"VNG CVA TAl sAN 6.3.1. Ph"n tich hieu qua sir dvng cua Tang tHi san

6.3.1.2.PhU"O"ng ph3p phan tich L~p bimg phim tieh hi~u qua sli d\lng eua t6ng tili san

'\ ;l

6.3. PHANTicH HI~U QuA StY DVNG CiJA TAl sAN 6.3.1. Phin li.b bi~u qui sir dyng .u. Tang lai san

6.3.2. Pbin Ilcb bi~u qua sir dyng .Ii. TS DH (hnl1lg IV)Ito~ f~TA7 6.3.3. Pbin li.b bifu qua sir dyng .Ii. TS NH (ItnI1Ig IV) } ok 6.3.4. Pbin li.b bi~u quA sir dyng .Ii. GVHB (ItnI1Ig IV)

~ 6.3.5. Pbin n.b 16. 4q luin .buy~n tbuin .Ii. TS NH 6.3.5.1. Cbi tieu sir dyng (3 .bi lieu) l.s6 vong quay .Ii. T6ng s6 luin .buy~n Ibuln

= TSNH T6ngTSNHBQ

.... ~ !-NG

7 ()-VH f) J)TT Gt/fJ 8

6.3. PHAN TieH m~u QuA stY DVNG CiJATAl sAN 6.3.5. Ph8n tltb 16. dq luin .buy~n Ibuln .Ii. TSNH 2. ThiJi gian mOt vilng quay C1ia TSNH (1")

ThiJi gian leY PT (360 ngay) sa vong quay cUa TSNH

(TTH TKH) x DT TH ThiJi gian leY PT (360 ngay)

3. sa v6n tiet ki~m (lilng pbi) do thay dOi 16t dO luiln .buyen TSNH

N~u TTH < TKH se liel ki~ID 4ugc IDot luqng van viJi 56 (-) Neu TTH > TKH se lilng phi IDlil luqng van vCri 56 (+)

6.3. PHAN TiCH m~u QuA stY DVNG CiJA TAl sAN 6.3.5. Phin n.h 16. dq luin .huy~n lhuln

6.3. PHAN TicH HI~U QuA sir DVNG CVA TAl SAN 6.3.5. Phiin tich tac 40 luin chuyen thuln cila TSNH

6.3.5.3. Phiin lich cae nhin ta anh hml'ng 4~n tho; gian mOt vang quay cua TSNH

Tho; gian mot vilng quay ella TSNH (T)

Tho; gian IcY PT (360 ngay) S6 vilng quay ciIa TSNH

360 x T:.:S:.:-N~H:..:B:..:Q",----__ OTIOTI

6.3. PHAN TtcH HI~U QuA sir DVNG CUA TAl SAN 6.3.5. Phiin tich tac 49 luin chuyen thuln elia TSNH

6.3.5.3. Phin tich de ohin ta anh hilling 4~n tho; gian mqt vang quay cua TSNH

Bang PT thili gian mqt vang quay cua TSNH.

3. DTIOTI

Wy d6i t1rQng pMn tich lA chi li~ TIKri gian mOt vlntg quay Clla TSNH (T). Sli d""g phuong phAp sA cMnh I~h la Idn IUQl xol aM hutmg cua dc nhAn to t6i aT nhu sau:

6.3.5.3. Phan tieh die nhan t6 imh huemg d~n thai gian mQt vong quay eua TSNH

-~"~~-----nl

- X~t anh hilling cua nhin ta TSNH BQ

360 X {_T_S_N_H_B_Q_T_H_-_T_S_N_H_B_Q_KH_) _toTS OT/OTT

- XH anh hilling cila nhin ta DTIDTT

tooT ~ 360 x TSNH BQTH x 1 1 OTTH DTKH

TAng hQ1> anh hlfling cua cae nhiin ta, ta co: tiTS + tiDT = tiT

7

6.3. PHAN TlcH HI~U QUA sirDVNG CVA TAl SAN 6.3.6. Philn lich IDc i1q luilo chuy~o IhuAn cua HTK1JmI'-------_1MEj6.3.6.1. Chi lieu sli' dVng (02 chi lieu)

1. S6 yang quay cua GYHB trong kY HTK Gia tri HTK BQ

HTKBQ (HTKDK - HTKcK) 2

.:. Chi lieu nay cho biet trong m(lt IcY phan t!ch HTK quay duQ'c boo nhieu yang

.:. sA yang quay cang coo chtmg to IUQ'Dg HTK v~ d(lng cang t6t, gop phful tiing DT va LN cho DN va nguQ'c I~i

6.3. PHAN TicH HI~U QUA stY DVNG CVA TAl SAN 6.3.6. Philn Hch ulc i1q luiln chuy~n thuAn cu. HTK

6.3.6.1. Chi tieu sli' dVng (02 chi tieu) 2. Thiri gian m(lt Thiri gian kY PT (360)

yang quay cua HTK S6 yang quay cu. HTK

':'Chi tieu nay cho biet trong m(lt IcY philo tich d quay htt m(lt yang thi HTK phili mlit bao nhieu ngay.

:- Chi tieu nay cO trj s6 clmg thlip thi HTK quay cfmg nhanh, thuc dAy t6c dQ luan chuyn cua TSNH va nguQ'cl~i.

6.3.6.1. Phtr01lg phip philn lich: Lip bing pbiln lich t6c i1Q luiln chuy~n cua HTK

6 PHAN TlcH HI~U QUA stY DVNG CVA NGUON VON 6 1. Pbiln lich bieu qua sli' dvng cua VCSH

6....1.1. Cbi tieu pbiln lich (.. chi tieu)

Suc san xuAt cua VCSH - Equity Turnover (ET)

Sfrc sinh lqi cua VCSH (ROE)

DTffirr VCSHBQ

LNST VCSHBQ

6.4. PRAN TicH HI~U QuA slY DVNG NV 6.4.1. Phin tlth hifu qui sli' dVng da VCSH

6.4.1.1. Chi tieu phin tlth (4 thi tieu)

SuAt hao phi cua VCSHBQ VCSH so vOi DTIDTT DTIDTT

SuAt hao phi cua VCSHBQ VCSH so vOi LNST LNST

6.4. PHAN TiCH HI~U QuA slY DVNG CllA NV 6.4.1. Philo tlch hieu qui su dVng da VCSH

6.4.1.2. PhU'01lg phap phin tith L~p bang philn t1ch hieu qua sli d\lng Clla tbng tai san

6.4. PHAN TicH HlE;u QuA slY DVNG NV 6.4.2. Philo lich rnai quan he giii'a hieu qui sli' dvng VCSH vOi 40n bAy TC

6.4.2.1. Khlii ni~m Don biy ta; thinh (Finaneial-FL)

(. 81m bAy tili chinh (hieu qua sli d\lng ng, h~ s6 ng) Iii chi tieu philn imh co du tai chinhlNV hay vi~c co hay khong sli d\lng ng trang kinh doanh cua ON

.;. Don bAy tili chinh dugc xac dinh thea nhi~u cach khac nhau, b~ng viec xem xel tY s6 giila N

6.4. PHAN T CH HIJi:U QUA S Dl,TNG NY 6.4.2. Phiin lIeh rna; quan he giira hieu qua.u- dyng VCSH vOi don bAyTC

6.4.2.2. Phuvng phap phin tich (sO- dl.'ng phuvng phBp phiin tich mo hinh tai chinh Dupont - chuvng I

ROE LNST VCSHBQ

LNST x l:TSBQ ITSBQ VCSHBQ

ROA X FL Sire sinh l\li Donbiylili

efulTS ehinh..

6.4. PHAN T CH HIJi:U QUA S Dl,TNG NV 6.4.2. Phiin lieh rna; quan he giii"a hieu qua .u- dyng VCSH va; don bAyTC

6.4.2.2. Phuvng phap philn tich Bang philn lieh chi lieu ROE !rong m5i quan he vm don bAy TC

~ROE = ROETH-ROEXH ; (~ROE IROEKH)X 100 Wi Im;mg philn lich Iii chi lieu ROE sir d\lng phUlJIlg phap s6 chenh lech la llin IUl;It xel iInb h\JOng cua cae nhiln 15 1m ~ ROE

..

6.4. PHAN TlCH HIJi:U QUA SU Dl,TNG NV 6.4.2. Phiin lieh mai qnan he gifta hieu qua .u- dyng VCSH vOi don bilyTC

6.4.2.2. Phuvng phlip philn tich - Xet anh h\Jang eua nhan t6 don bAy lai ehinh (FL)

~FL = (FL TH - FL KH) x ROA KH ~FUROE KH xlOO

- Xel anh huang eua nhan 16 sue sinh Illi eua TS (ROA) ~ROA = FL TH x (ROA TIl - ROA KH)

~ROAIROEKH x 100

- Tang hgp anh hu

6.4. PRAN TicH HI~U QUA sll' DI,1NG CiJA NGu6N V6N .. 6.4.3. PhAo tlch hieu qua sli- dyng cua van vay

.:_--------~6.4.3.1. Chi tieu phin tich (2 chi tieu) Ty suAt kha nAng LNKT IT + CP IAi vay

x 100 thanh toan CP IAi vay CPIAi vay

Ty suAt sinh IQi cua LN sau thu~----:="'-=-'--=':=...c==-=--=-:-- x 100ti~n vay Ti~n vay BQ (NPT BQ)

6.4. PHAN TicH HI~U QUA sll' DI,1NG CiJA NGu6N V6N.i6.4.3. Phfin lich hieu qui sli- dyng cUs van vay ~

6.4.3.2. PhUD1lg phi P phfin tich Lip bing phin tich hieu qua sli- dyng van vay

6.5. PHAN TiCH HI~U QUA sll' DI,1NG CiJA CHI PHi 6.5.1. Chi tieu phin lich (4 chi tieu)

.' -1 Ty suAt sinh IQi cua

___~L=N':-'g":Q:'-p--- X 100 GVHB GVHB

Ty suAt sinh IQi cUs LN thuln til" HDSXKD x 100 CPBH CPBH

Ty suAt sinh IQi cua LN thuin til" HDSXKD x 100 CPQLDN CPQLDN

Ty suAt sinh IQi cua LNKTTT x 100 tAng CP (ROTC) TAngCP

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6.5. PHAN TicH HI~U QuA SU DVNG CUA CHI PHi 6.5.1. PbllO'llg pUp phOn titb

.. L'p bing phin tieh hi~u qui sir dyng chi phi

6.6. Phlin tieh hi~u qua kinh doanh trong cae eong ty ec3 phin

Ilillllit__~__IIIIlIIII'IIIII_IIIIlIIII'IIIII_-I 6.6.1. TAng quan v~ Ciing ty cA phin

- C6 phdn la nhihlg phdn bAng nhau rna v6n di@u l~ ciJa c6ng Iy c6 phdn dugc chia thea nhihlg tY I~ nhat djnh

- M~nh gia: la gia bAng v6n c6 phdn chia thea tY l~ nhat dinh

6.6. Phlln tieh hi~u qua kinh doaoh troog cae eong ty ec3 phin

lie: tiF pm, 31' 6.6.1. TAng quaD v~ Cong ty cA phin

- C6 phi~u: Iii giay xac nh~ hay bilt toan djnh khoan quy~n sa hihl ciJa c6 d6ng khi mua mQt hay nhi@u c6 phdn

- Gia c6 phi~u Iii gia binh quiin mua vii ban c6 phi~u tren thi truimg chung khoan

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6.6. Phin tich hi~u qua kinh doanh trang cac cong ty cA phin

6.6.2. Cac chi tieu phlln tich

- Thu nh~ m{lt ctl phi~u ph6 thong (EPS - Earnings Per Share): Ili k~t qua cA phi~u thu v~ (sau khi tru thu@) dugc chia d~u cho cac CP ph6 thong

EPS LNST - ca tifu. CP 1111 iii; sA CP pha thOng BQ trDng ky

- EPS cho bi~t !rong nron hO

..

6.6. Phlln tieh hi~u qua kinh doanh trong cae eong ty e6 phin iIB,III\IIiIilIIiI~----- ~

6.6.2. Cae chi tieu philo neh

- TY sulll c6 tUc clla mOt c6 phiSu ph6 thong so vai m~nhgill

Tji su4t 0/\ two oua mljl CP PT so vtli meob gia

C/\ twe elio I CP PT Menb giacuo I CP PT

x 100

- Chi ti~u nay cho biSt trong nllm hO\lt dOng cae nM d~u tu bo ra 100 dang theo m~nh gia thi truang dugng boo

nhi~u dang c6 tUc. Chi ti~u nay co tri s6 cang cao cang t6t va ngugc l\li.

6.6. Phin tlch hi~u qua kinh doanh trong cae cong ty c6 phin

6.6.2. Cae chi neo philo tlch

- TY suAt ca tUc c6 phiSu ph6 thong so vai gia thi truang

Tji su4t 0/\ Iwo CP PT so vtli gia tbi Irtrimg

ell I.... ouo I CP PT Gia Ib.,o I~ clio I CP PT x 100

- Chi ti~u nay cho biS! trong nam hO\lt dOng cac nM d~u tu bo ra 100 dang theo thi truimg dugng boo nhieu d6ng c6 tUc. Chi tieu nay co tri s6 cang cao cang t6t va nguqc l\1i.

6.6. Phao tich hi~u qua kinh doanh trong Clic cong ty c6 phftn1I!iIlII1II\IIiIilIIiI~ ~

6.6.2. Cae chi ti@u phlin tich

- H~ s6 gia c6 phiSu

He s6 gia e/\ pbi~u Gi. tbl(C I~ clio I CP PT Menb gia euo I CP PT

H~ s6 nay eho bi~1 rn6i quan he gifta gia thlle I~ ella c6 phi~u so vOi rn~nh gia. H~ s6 nay e6 Irj s6 dng eao chUng t6 cae CP dUllC cae nha dliu tu ua ehui)ng ho~c tinh hinh tai ehinh ella C6ng ty t6t

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6.6. Phlln tfch hi~u qua kinh doanh trong cac dIng ty c8 phn

I

s6 CP BQ trong kY TAng TS - NQ' phsi trs Gill trj sA sllch ciia _

mf)t cA phi~u -

6.6.2. Cac chi tieu phlln tfch

- Gis trj theo sd sach cua m(it c6 phiilu

Chi lieu nay cho gia trj th$t cua mOt cd phi~u Iii baD nhieu ti~n. Trj s6 cua chi tieu cilng CaD chimg to doanh nghiep c6 Slf lAng truimg vii phat tri~n, Iii nhiln t6 thu bUt cae nha dau tu.

j'.. ,~:

i

i,'."6.6.2. Cae chi tieu phlln tieh Ir

- Chi .aPIE I,Tuy nhien Chi sO PIE qua CaD ciing kMng pha; hi tat nu xay ra tinh trang dau C

r,

6.6. Phan tich hi~u qua kinh doanh trong cac .... ,1;" cong ty co phaniIlB,------------ml

6.6.2. Pbmmg pbap pbAD ticb:

c Tinh loan cac chi lieu

c qp bang pMn tich so sanh cac chi tieu sinh 19i

c Nh~ xel, ki~n nghi

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