Phan Tich Cty Vinamilk - [PDF Document] (2024)

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PHN TCH BO CO CNG TY C PHN SA VIT NAMGVHD: THY L VN LMLP: DL -KHA: 33

TRNG I HC KINH T THNH PH H CH MINHKHOA THNG MI - DU LCH -MARKETING

B MN TH TRNG CHNG KHON

GVHD: Thy L VN LMLP : DL - KHA: 33

TP HCM, 02/2010

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STT H & TN LP1 TRNG THY AN DL 12 L TH DIM HNG DL 13 TRNTHANH NHN DL14 LNG TH YN THI DL 15 TRN TH TRANG DL 16 PHAN TH HNGDL 27 TRN THANH GIU DL 28 NGUYN TH THANH NGN DL 2

9 L TH THANH THO DL 210 NGUYN TH THANH VN DL 211 NGUYN TH ANHUYN DL 2

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Nn kinh t Vit Nam ang trong giai on tng trng & pht trin mnhm, mc thu

nhp & i sng ngi dn c ci thin r rt. Nu trc y, ngi xa ch m c cnno mc m, th ngy nay vi nhp sng hin i, mi ngi mong mun mt nhu cucao hn,

l n ngon mc p.

Trc nhu cu ngy cng pht trin ca ngi dn. Sa cng nh cc loi thc phmt

sa ngy cng tr nn quan trng v cn thit tip thm nng lng cho cuc sngmi ngi.

Mc tiu th sa trung bnh ca ngi Vit Nam hin nay khong 7.8 kg/ ngi/nm tc l

gp 12 ln so vi nhng nm u thp nin 90. Theo d bo trong thi gian timc tiu th sa

s tng 15-20% ( do thu nhp ca ngi dn tng).Hiu c tm l , cng ty saVit Nam khng ngng a dng ha cc dng sn

phm, m rng lnh th phn phi, duy tr dn u bn vng trn th trng ni a vti a ha

li ch ca c ng cng ty. T ho vi nhn hiu c ngi tiu dng bnh chn hngVit

Nam cht lng cao nm 2005, 2006,2007. Vinamilk khng ngng pht trinchim lnh

th phn trong nc v vn xa ra th gii.

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VINAMILK l mt trong nhng doanh nghip sn xut & kinh doanh sav nhng snphm t sa u tu ca ngnh sa Vit Nam. Vi s mng Vinamilk cam ktmang n chocng ng ngun dinh dng tt nht, cht lng nht bng chnh s trntrng, tnh yu vtrch nhim cao ca mnh vi cuc sng con ngi v x hi,Vinamilk v ang khngngng c gng phn u c th Tr thnh biu tng nim tin smt Vit Nam v sn phmdinh dng v sc khe phc v cuc sng con ngi".

Mc tiu ca Cng ty l ti a ha gi tr ca c ng v theo ui chin lc phttrin kinhdoanh da trn nhng yu t ch lc sau:

M rng th phn ti cc th trng hin ti v th trng mi

Pht trin ton din danh mc sn phm sa nhm hng ti mt lc lng tiuth

rng ln ng thi m rng sang cc sn phm gi tr cng thm c t sut li nhunln hn Pht trin cc dng sn phm mi nhm tha mn nhiu th hiu tiu dng khcnhau

Xy dng thng hiu

Tip tc nng cao qun l h thng cung cp

Pht trin ngun nguyn liu m bo ngun cung sa ti n nh v tin cy .

Cc lnh vc sn xut & kinh doanh ca Vinamilk:

- Sn xut v kinh doanh sa hp, sa bt, bt dinh dng v cc sn phm t sakhc

- Sn xut v kinh doanh bnh, sa u nnh v nc gii kht

- Kinh doanh thc phm cng ngh, thit b ph tng, vt t, ho cht vnguyn liu

- Sn xut v kinh doanh bao b, in trn bao b

- Sn xut, mua bn cc sn phm nha (tr ti ch ph thi nha)

- Kinh doanh nh, mi gii cho thu bt ng sn

- Kinh doanh kho bi, bn bi

- Kinh doanh vn ti hng bng t

- Sn xut, mua bn ru, bia, ung, thc phm ch bin.

LCH S HNH THNH V PHT TRIN

Cng ty c phn sa Vit Nam tin thn l Cng ty Sa & Caf Min Nam(1976), trcthuc Tng Cng ty Lng Thc, vi 6 n v trc thuc l Nh my saThng Nht,Nh my sa Trng Th, Nh my sa Dielac, Nh my Caf Bin Ha, Nh myBtBch Chi v Lubico.

Nm 1992, X Nghip Lin hp Sa Caf v Bnh Ko I c chnh thc i tnthnhCng ty Sa Vit Nam v thuc s qun l trc tip ca B Cng Nghip Nh. Cngty

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bt u tp trung vo sn xut v gia cng cc sn phm t sa.

Nm 1996, Lin doanh vi Cng ty C phn ng lnh Quy Nhn thnh lp XNghipLin Doanh Sa Bnh nh. Lin doanh ny to iu kin cho Cng ty thm nhpthnhcng vo th trng Min Trung Vit Nam.

Sau , chnh thc chuyn i thnh cng ty c phn vo 12/2003 v i tn thnhCngty C phn Sa Vit Nam cho ph hp vi hnh thc hot ng ca cng ty.

Nm 2004, Vinamilk mua li Cng ty C phn sa Si Gn, v tng vn iu l cacngty ln 1,590 t ng.

Nm 2005, Vinamilk tip tc mua s c phn cn li ca i tc lin doanhtrong Cng tyLin doanh Sa Bnh nh (sau c gi l Nh my Sa Bnh nh) v khnhthnhNh my Sa Ngh An vo 30/06/2005, c a ch t ti Khu Cng Nghip CaL,Ngh An.

Vinamilk nim yt trn th trng chng khon Thnh ph H Ch Minh vo19/01/2006,khi vn ca Tng Cng ty u t v Kinh doanh Vn Nh nc c t l nmgi l

50.01% vn iu l ca Cng ty. Cng ty mua c phn chi phi 55% ca Cng tysa Lam Sn vo 9/2007, c tr s ti

Khu cng nghip L Mn, Thanh Ha.

CC THNH TU T C

1985: Hun chng Lao ng Hng III

1991:Hun chng Lao ng Hng II

1996: Hun chng Lao ng Hng I 2000:Anh Hng Lao ng

2001:Hun chng Lao ng Hng III cho 3 nh my thnh vin Vinamilk lDielac,Thng Nht, Trng Th

2005:Hun chng c lp Hng III cho Cng ty; Hun chng Lao ng Hng IIIchonh my Sa H Ni

2006:Hun chng Lao ng Hng II cho 3 nh my thnh vin Vinamilk lDielac,Thng Nht, Trng Th; c tn vinh v ot gii thng ca T chc s hu trtuTh gii WIPO; 2006 Siu Cp Hng Vit Nam cht lng cao v uy tn; Hip his

hu tr tu & Doanh nghip va v nh Vit Nam 1991 - 2005: Lin tcnhn c lun lu l "n v dn u phong tro thi ua Ngnh

Cng Nghip VN"

1995 - 2007: Top 10 Hng Vit Nam cht lng cao Bo Si Gn tip th

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BO CO TI CHNH

1. Khi nim Bo co ti chnh (Financial Statements)- l cc chng t cnthit trong kinh doanh.

+ Cc nh qun l s dng chng nh gi nng lc thc hin v xc nh cc lnhvccn thit phi c can thip.

+ Cc c ng s dng chng theo di tnh hnh vn u t ca mnh ang c qunl nhth no.

+ Cc nh u t bn ngoi dng chng xc nh c hi u t.+ Cn ngi cho vay vnh cung ng li thng xuyn kim tra bo co ti chnh

xc nh kh nng thanh ton ca nhng cng ty m h ang giao dch. Bo co tichnh l mt h thng cc s liu cho bit tnh hnh ti sn v ngun vn,

lung tin v hot ng kinh doanh ca doanh nghip.

Bo co ti chnh ca cc cng ty u theo mu chung thng nht. Mc d mt shngmc c th khc nhau ty theo c im kinh doanh ca mi cng ty, nhng ccbo coti chnh lun ging nhau v c bn, cho php bn so snh vic kinh doanhca cng tyny vi cc cng ty khc.

2. Bo co ti chnh Vit Nam so vi quc t

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3. Bo co ti chnh bao gm3.1 Bng cn i k ton (Balance Sheet)

+ Cn c gi l bo co v tnh trng ti chnh - Statement of financialposition -ti mt thi im (thi im lp bo co ti chnh).+ BCKTdng nh gihot ng sn xut kinh doanh ca doanh nghip angtin trin th no; nh gitnh hnh ti chnh, v ngha v tr n ca doanh nghip.+ S dng bng cn i kton m bo cc khon vay ca doanh nghip v ngnhng da vo cc bng cn i kton nh gi kh nng hon tr n ca doanhnghip.+ BCKT th hin theo phngtrnh: Tng ti sn = Tng ngun vn.

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BNG CN I K TON(Dng y )

Ti ngy 31 thng 12 nm 2009

Mu s B 01 DN/HN

n v tnh: VNTI SN M s Thuyt minh u nm Cui nm

1 2 3 4 5

So snh c cu vn ti sn v ngun vn ca cng ty nm 2008 2009

TI SNT trng (%)

SO SNH2008 2009

A. TI SN NGN HN 57,68 59,99 + 2.31%1. Tin & cc khon tng ngtin 5,67 4,99 -0,68%2. Cc khon u t ti chnh ngn hn 9,55 27,13 +17,58%3. Cc khon phi thu 11,57 9,12 -2,45%4.Hng tn kho 29,99 15,38-14,61%5.Ti sn ngn hn khc 0,90 3,38 + 2,48%

B. TI SN DI HN 42,32 40,00 -3,32%

1.Cc khon phi thu di hn 0,008 0,10 + 0,092%2.Ti sn c nh 30,8412,15 -18,69%3.Bt ng sn u t - 0,32 -4.Cc khon u t ti chnh di hn7,79% 7,06 -0,735.Ti sn di hn khc 3,68% 2,92 -0,76%TNG TI SN100

NGUN VNT trng (%)

SO SNH2008 2009

A. N PHI TR 22,82 21,78 -1,04%1.N ngn hn 20,32 18,77 -1,55%2.Ndi hn 2,50 3,00 + 0,5%

B. VN CH S HU 77,18 77,81 + 0,63%1.Vn ch s hu 75,57 75,67 +0,1%2.Ngun kinh ph & qu khc 1,61 2,14 + 0,53%TNG NGUN VN100%

Qua bng trn, ta thy ti sn cng ty thay i theo hng tng t trngtrong ti sn ngnhn (+2,31%) so vi nm 2008, cho thy kh nng thanh khoncao, nhng li c xu

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hng gim t trng ti sn di hn (-3,32%) l do ti sn c nh gim 18,69%iu nylm gim ri ro kinh doanh do khu hao lm gim tng nh ph. T trng tisn ngnhn nm 2008 l 57,68%, n nm 2009 l 59,99%. Trong ch yu l gim ttrngcc khon phi thu (-2,45%) v tin & cc khon tng ng tin(-0,68%) do cng tysa ny u t tin mt vo cc khon ngn hn, m rng quy mtiu th sn phm, nh

m s lng hng tn kho gim 14,61%. Cc khon u t ti chnh ngn hn tngmnh(+17,58%).

V ngun vn, vo nm 2009 cng ty Vinamilk gim 1,04% n phi tr, n ngnhngim 1,55%, nhng n di hn tng 0.5% so vi nm 2008. Vn ch s hu nm2009tng 0,63 % so vi nm 2008, trong vn u t ca ch s hu tng 0,1%, iunychng t nm 2009 cng ty Vinamilk tng ngun vn ca cng ty bng a s vn utthm ca ch s hu.Kt lun:c cu vn ti sn v ngun vn ca Vinamilk nm 2009so vi nm 2008khng c bin ng ln v c xu hng tt hn.3.2 Bo co kt qu kinhdoanh (bo co li l)

+ cho bit doanh nghip kim c bao nhiu tin sau khi tr ht cc chiph.

+ cho bit doanh thu v chi ph ti mt khong thi gian nht nh.

BO CO KT QU HOT NG KINH DOANH CNG TY VINAMILKNm 2009

MU S B02-DN/NHn v tnh: VN

CH TIUMs

Thuytminh

Nm nay Nm trc

1 3 6 71. Doanh thu bn hng v cung cp dch v 1 VI.110.821.195.385.815 8.380.562.493.1322. Cc khon gim tr 3 VI.1(203.370.629.645) (171.580.600.304)3. Doanh thu thun v bn hng vcung

cp dch v (10=01+03)10 VI.1 10.614.824.756.1708.208.981.892.828

4. Gi vn hng bn 11 VI.2 (6.736.215.420.796)(5.610.968.563.053)5. Li nhun gp v bn hng v cung cp

dch v (20 = 10 + 11)20 3.878.609.335.374 2.598.013.329.775

6. Doanh thu hot ng ti chnh 21 VI.3 439.936.099.518264.810.320.8897. Ch ph ti chnh 22 VI.4 (184.827.894.243)(197.621.967.048)8. Ch ph bn hng 24 VI.8 (1.245.476.021.840)(1.052.307.508.224)9. Chi ph qun l doanh nghip 25 VI.8(292.762.880.656) (297.804.167.761)10. Li nhun thun t hot ngkinh

doanh {30 = 20 + (21+22) + (24+25)}30 2.595.478.638.1531.315.090.007.631

11. Thu nhp khc 31 VI.5 147.640.500.135 136.902.216.35612. Chiph khc 32 VI.6 (11.408.794.114) (6.729.682.745)13. Li nhun khc (40= 31 + 32) 40 136.231.706.021 130.172.533.61114. Phn l trong lindoanh - (73.949.506.654)

15. Tng li nhun k ton trc thu(50= 30 + 40)

50 2.731.710.344.174 1.371.313.034.588

16. Ch ph thu TNDN hin hnh 51 (361.536.490.197)(161.873.920.364)17. Chi ph thu TNDN hon li 52 6.245.696.82939.258.388.33418. Li nhun sau thu thu nhp doanh

nghip (60=50+51+52)60 2.376.419.550.806 1.248.697.502.558

Phn b choC ng thiu s 427.841.875 (1.421.985.144)

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C ng ca Cng ty 2.375.991.708.931 1.250.119.487.70219. Li c bntrn c phiu 70 VI.7 6.770 3.563

a. doanh thu thun = doanh thu cc khon gim tr

DTTVinamilk2009 = 10.821.195.385.815 + 439.936.099.5181.245.476.021.840 292.762.880.656= 9,722892578 x 1012 VND9,722892578 x 1012 VND l phn cn li ca tng doanh thu (doanh thu thot ng sn

xut kinh doanh v cc hot ng ti chnh) c nm 2009 sau khi tr i cckhon chiph (chi ph bn hng, chi ph qun l doanh nghip), n phn nh sthu nhp t bnhng v cung ng dch v m Vinamilk thc s hng th.

b. Li nhun gp = doanh thu thun gi vn hng bnLNGVinamilk2009 =9,722892578 x 1012 - 6.736.215.420.796 = 2,986677158 X 1012 VND

2,986677158 X 1012 VND l phn chnh lch gia doanh thu thun vi givn hng bnnm 2009 ca Vinamilk.

c. T sut li nhun gp = LNG / DTTHT sut LNG Vinamilk2009 =2,986677158 X 1012 / 9,722892578 x 1012 = 0,31

0,31 phn nh mc li nhun gp 31 VND c c t 100 VND doanh thuthun.

d. LN hot ng kinh doanh chnh = DTT GVHB CPBH CPQLDNLN HDKDCVinamilk2009 = 9,722892578 x 1012 - 6.736.215.420.796 -1.245.476.021.840 -292.762.880.656 = 1,448438256 x 1012 VND

e. LN t hot ng ti chnh = DT t hot ng ti chnh CF cho hot ng tichnhLNHDTC Vinamilk2009 = 439.936.099.518 184.827.894.243 =2,551083053 x 1011 VND

Hoot ng ti chnh ca Vinamilk lin quan n vic huy ng vn v s dng vnnhnri ca doanh nghip u t ra bn ngoi. 2,551083053 x 10 11 VND l phnchnhlch gia doanh thu hot ng ti chnh v chi ph ca hot ng ti chnh nm2009 caVinamilk. Chi ph hot ng ti chnh bao gm chi ph vay, chi phhot ng u t tichnh, chit khu thanh ton tr cho khch hng v cc khon lpht sinh t hot ngu t ti chnh v l do chnh lch t gi.

f. LN khc = thu nhp khc chi ph khcLNKVinamilk2009 =147.640.500.135 11.408.794.114 = 1,36231706 x 1011 VND

1,36231706 x 1011 VND l phn li nhun Vinamilk thu c t cc nghip vkhc bitvi hot ng thng thng ca Vinamilk, chng hn nh nhng bn, thanh lTSC,

tin pht, bi thng c hng do i tc vi phm hp ng, thu hi cc khonphithu x ly l khon li nhun pht sinh khng thng xuyn, khng n nh, dovymc tng ln ca khon li nhun ny thng c xem l kt qu tt.

g. LN sau thu(EBT) = LN k ton trc thu Chi ph thuTNDNEBTVinamilk2009 = 2.731.710.344.174 - 361.536.490.197 =2,370173854 x 1012 VND

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2,370173854 x 1012 VND l phn chnh lch gia tng li nhun trc thu vis thuthu nhp doanh nghip Vinamilk phi np, y chnh l s thu nhp m ch shuVinamilk c hng.

Bng xc nh li nhun hot ng kinh doanh chnh

n v: 1.000.000 VND

Ch tiuGa tr

2008 2009 So snh1. Doanh thu thun 9.722.892,5782. Ga vn hng bn6.736.215,4207963. Li nhun gp 2.986.677,1584. Chi ph bn hng1.245.476,021.8405. Chi ph qun l doanhnghip

292.762,880.656

6. LN hot ng kinh doanhchnh

1.448.438,256

3.3 Bo co lu chuyn tin t (Statement of cash flows)+ Phn nh cckhon thu, chi tin trong k kinh doanh theo tng loi hot ng: hotngkinh doanh, hot ng u t v hot ng ti chnh.+ Cho ngi s dng thng tin nhgi c hiu qu ca tng loi hot ng cadoanh nghip, bit c tin ca doanhnghip c s dng nh th no.+ Thng qua bo co LCTT c th nh gi kh nng tora tin trong tng lai cadoanh nghip, kh nng thanh ton v nhu cu tichnh cho u t trong tng laica doanh nghip.

3.4 Thuyt minh bo co ti chnh+ Dng gii thch v b sung thng tin vtnh hnh hot ng sn xut kinh doanh,tnh hnh ti chnh cng nh kt qu kinhdoanh ca doanh nghip trong k bo com cc bng bo co khc khng th trnhby r rng v chi tit. Qua , nh u thiu r v chnh xc hn v tnh hnh hot ngthc t ca doanh nghip.+ Thuyt minh BCTC gm nhng ni dung c bnsau:

- c im hot ng ca doanh nghip.- K k ton, n v tin t s dng trong kton.- Chun mc k ton v ch k ton p dng.- Cc chnh sch k ton p dng.-Thng tin b sung cho cc khon mc trnh by trong bng cn i k ton, bo

co KQ HKD, bo co lu chuyn tin t.

CC THNG S TI CHNH

1. C cu ngun vn v ti sn1.1 Khi nim

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C cu vn l quan h v t trng ca tng loi vn di hn bao gm vn vay, vncphn u i v vn c phn thng trong tng s ngun vn ca cng ty.Vn iu l l svn do tt c thnh vin gp v c ghi vo iu l cng ty. Vn gpc th l tin VitNam, ngoi t t do chuyn i, vng, gi tr quyn s dng t, gi trquyn s hutr tu, cng ngh, b quyt k thut, cc ti sn khc ghi trong iu l cng

ty do thnh vin gp to thnh vn ca cng ty. Vn iu l l do cc thnh vinttho thun v cam kt gp vn. Trn c s doanh nghip k khai v ng k vicquan ng k kinh doanh. (khon 6, iu 3 Lut doanh nghip 2005)1.2 Cc chs lin quan T s n trn tng vn(D/A): cho thy t l n c s dng trong tngcu trc

vn ca cng ty. T s n trn vn ln m ch rng cc c ng ang thc hinchnhsch thm dng n v v do lm cho cng ty tr nn ri ro hn.

(D/A) = tng n / tng vnTrong :

Tng n = n ngn hn + n di hnTng vn = tng n + tng vn ch s hu.

Theo , t Bng cn i k ton ca Vinamilk ngy 31/12/2009, ta thy:Tng nca cng ty = 1.601.363.156.731 + 256.294.578.495 = 1,857657734 x1012Tng vn = 1,857657734 x 1012 + 6.455.773.448.690 = 8,313431182 x1012

D/A = 22,35%,

T s n di hn trn vn ch s hu(D/E): cho thy t l vn di hn so vivn chs hu c a vo sn xut kinh doanh ca mt doanh nghip.

D/E = vn vay / vn c phnTrong :

T s n di hn = n di hn / (n di hn + vn c phn)D/Evinamilk =256.394.578.495 / 6.455.773.448.690 = 3,97%

S ln thanh ton li vay t thu nhp (TIE): cho thy kh nng thanh tonlivay t thu nhp ca mt doanh nghip. Ngoi ra, TIE cn o lng ri ro mtkhnng thanh ton n di hn ca doanh nghip.TIE = EBIT / I

Trong :EBIT: thu nhp trc thu v li vayI : li vay phi tr

EBITvinamilk2009 = 3.878.609.335.374 1.254.476.021.840292.762.880.656 =2.331.370.433.000

Vn lu ng = TSNH Cc khon phi tr ngn hnVLVinamilk =5.118.618.135.307 789.866.508.433 77.584.157.132 399.962.484.36328.687.738.983 83.848.669.881 = 3,738668576 x 1012 VND (1)3,738668576 x 1012 VND l ngun vn huy ng ti tr cho ti sn ngn hnca

Vinamilk. N cho thy nhng nhn t nh hng n s bin ng ca vn lu ng lti sn ngn hn v cc khon phi tr ngn hn (phi tr ngi bn, ngi mua trtrctin, thu & cc khon phi np nh nc, phi tr ngi lao ng, phi trni

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b, cc khon phi tr & np khc). Khi nhng yu t trong ti sn ngnhn tng s lmtng vn lu ng v ngc li. Vn lu ng rng = TSNH N ngn hn

VLR = 5.118.618.135.307 1.601.657.735.226 = 3,5169604 x 1012 VND(2) T l VLR trn VL = (2) / (1) =94,07%

Ta thy 94,07% l mt con s kh cao, iu ny cho thy Vinamilk c c cuti chnh nnh, ri ro ti chnh v ri ro thanh ton thp. Tuy nhin, iu nycng cng s lmtng chi ph s dng vn, ng thi lm cho vic s dng vn km linhhot, d dn ntnh trng tha vn, v vy hiu qu s dng vn s gim.

Vn lu ng v vn lu ng rng ca Vinamilk nm 2009n v: 1.000.000VND

Ch tiu Cui nm u nm So snh1. Vn lu ng 3.738.668,5762.547.194,84

8+1.191.473,729

2. Vn lu ng rng 3.516.960,4 2.215.102,571

+1.301.857,829

3. T l VLR / VL 94,07% 86,96% -7,11% Ta thy vn lu ng rng c xuhng tng (+1.301.857,829) gia u nm v cui

nm 2009. Tuy nhin, nu con s ny qu ln th Vinamilk s phi gnh chumc chi phti chnh cao, do chi ph ngun vn di hn cao hn chi ph ngun vnngn hn. Ngoira, vic ch s dng ngun vn di hn s lm gim tnh mm do ca ccu ti chnh,Vinamilk s kh iu chnh ngun vn huy ng ph hp vi s thay ica nhu cuvn, dn ti d tha vn.

2. Chng khon2.1 Cc khi nim

Chng khon l hng ho trn th trng chng khon bao gm: c phiu, triphiuv mt s loi khc nh quyn mua c phiu mi, hp ng tng lai, hpng quyn lachn, chng ch qu u t. Trong , ch yu l tri phiu v cphiu.

C phiu l chng t xc nhn quyn s hu v li ch hp php ca ngi shu cphiu i vi ti sn hoc vn ca cng ty c phn. Khi s hu c phiu,ngi s hu str thnh c ng ca cng ty .

2.2 Cc t s nh gi T s gi c phiu trn thu nhp ca 1 c phiu (P/E):dng o lng t s

th gi c phiu trn thu nhp ca mt c phiu. Cc nh u t da vo P/E donthi gian thu li vn u t ban u t li nhun ca doanh nghip.

P/E=EPSP0

Trong :P0 : gi c phiuESP: thu nh p trn mt c phiu

P/E = 71.291 / 6770 = 10,53

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cho thy c 1 ng li nhun ca Vinamilk, th trng phi u t 10,53 ngvn.

Sut sinh li tng i trn vn u t (E/P)

E/P=0

P

EPS

E/P = 0,095 T s th gi c phiu th trn th gi c phiu (M/B)

T s=B

Po

Trong :PO: th gi c phiuB: th gi c phiu

Th gi (B) = vn CSH bnh qun /s CP ang lu hnhTh gi (gi tr s sch mtc phiu) bao gm gi pht hnh mt CP v cc khon li nhun gili, li nhun chaphn phi tnh cho mt CP.

B = ((6455773448690 + 4665714594626) / 2) / 175.450.597 =15.842VND /CP

PO = B x t gi = 15.842 x 4,5 = 71.291VND /CP

(vi B = 4,5 theo tnh ton ca cng ty)

Thu nhp trn mi c phn (EPS) (earning per share) l phn li nhunm

cng ty phn b cho mi c phn thng ang c lu hnh trn th trng. EPSc sdng nh mt ch s th hin kh nng kim li nhun ca doanh nghip.

EPS = (Thu nhp rng C tc c phn u i) /Cthng ang lu hnh

= ROE x gi tr s sch mt CP (B)

i vi cc c ng ca cng ty Vinamilk, thu nhp trn mi c phn thng nm2009:

EPS = (2.376.419.550.806 427.841.875) / 175.450.597 =6.770VND/CP

= 42,7% x 15.842 = 6.766 = 6770VND/CP

C tc chi tr cho mi c phn (DPS) (devidend per share)

DPS =(TR c tc CP u i - TNGL) / CP thng ang lu hnh

3. Ch s kh nng thanh ton

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T l thanh ton hin hnh (CR) (current ratio): o lng kh nngdoanhnghip p ng cc ngha v ti chnh ngn hn ( mc 2-3 c xem l tt). Chsny cng thp, doanh nghip s gp kh khn i vi vic thc hin cc nghav camnh nhng nu qu cao cng khng lun l du hiu tt - v n cho thyti sn cadoanh nghip b ct cht vo ti sn lu ng qu nhiu v nh vy

th hiu qu s dng ti sn ca doanh nghip l khng cao.

CR=NoNganHan

HanTaiSanNgan

CRvinamilk cui nm2009 = 5.118.618.135.307 / 1.601.363.156.731 =3,196413

CRvinamilk dau nam2009 = 3187605013312 / 972502442356 =3,2777347

Ta thy CR ca Vinamilk u > 1 v n nh mc trn 3, chng t Vinamilkc ti

sn ngn hn m bo cho cc khon n ngn hn.

T l thanh ton nhanh (QR) (quick ratio): o lng mc thanh khon caohn.Ch nhng ti sn c tnh thanh khon cao mi c a vo tnh ton. Hngtn khov cc ti sn ngn hn khc c b ra v khi cn tin tr n, tnhthanh khon cachng rt thp.

QR = (tin + u tu ngn hn + khon phi thu) / N ngn hn

QRVinamilk cui nm2009 = (376.134.657.958 + 2.400.760.431.792 +778.010.643.038) /1.601.363.156.731 = 2,2199247

QRvinamilk u nm2009 = (132.976.253.257 + 496.998.072.070 +646.384.971.761) / 972.502.442.356= 1,3124484

QR cao cho thy, cc ti sn ngn hn ca Vinamilk c tnh thanh khoncao.

K thu tin bnh qun (DSO): L thi giant rung bnh doanh nghip thuctin bn hng tr chm, chnh l thi gian lun chuyn ca cc khon phithukhch hng hay cn gi l thi gian tn ng khon phi thu khch hng.

DSO = Gia tr khon phi thu x360 / DT hng nm

DSOvinamilk nam 2008 = 646.384.971.761 x 360/ 3.187.605.013.312= 28 ngy

DSOvinamilk nam 2009 = 778.010.643.038 x 360 /10.821.195.385.815 = 26 ngy

Kt qu cho thy, k thu tin bnh qun nm 2009 so vi nm 2008 caVinamilk gim 2ngy. Vng quay cc khon phi thu (L) = 360 / DSO

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LVinamilk2008 = 360 / 22.77336568 = 15,81Lvinamilk2009 = 360 /18.70007374 = 19,25

DT bn chu bnh qun/ngy = DT / 360

DTBCBQ1NVinamilk nam 2009 = 10.821.195.385.815 /360 =30.058.876.060 VND

DTBCBQ1Nvinamilk nam 2008 = 8.380.562.493.132 / 360 =23.279.340.260 VND

Vng quay hng tn kho (V) = DT / Ga tr hng tn kho

VVinamilk2008 = 8.380.562.493.132 / 1.789.645.993.109 =4,68Vvinamilk2009 = 10.821.195.385.815 / 1.321.292.673.484 = 8,19Tc lun chuyn hng tn kho nm 2009 tng 3,51 so nm 2008, iu ny thhin

vinamilk hot ng tt, vic gia tng khi lng sn phm tiu th lm tng givnhng bn (t 5.610.968.563.053VND ln 6.736.215.420.796VND).

S ngy tn kho (N) = 360 / VNVinamilk2008 = 360 / 4,68 = 76,92ngyNVinamilk2009 = 360 / 8,19 = 43,96 ngy

4. Cc ch s v kh nng sinh li Li nhun bin t (sut doanh thu)l t s olng lng li rng c trong 1

ng doanh thu thu c. cho thy kh nng ca doanh nghi p trong vic kimtramc chi ph lin quan n doanh thu. Chng hn t 1 mc doanh thu nodoanh nghi p c th tng li rng bng cch gim cc loi chi ph.

LNM= Li rng / doanh thuLNMVinamilkdau nam 2009 =1.248.697.502.558/8.380.562.493.132=0,148999247LNM vinamilkcuoi nam2009 = 2.376.419.550.806 / 10.821.195.385.815=0,219607859

Li nhun bin t ca Vinamilk c s thay i theo hng tch cc, c th tng0,0706.Tc li rng c trong 1 ng doanh thu vinamilk thu c tng thm0,0706 ng. Sut sinh li trn tng ti sn(ROA): o lng hiu qu hot ng ca 1cng

ty trong vic s dng ti sn to ra li nhun sau khi tr thu, khngphnbit ti sn ny c hnh thnh bi ngun vn vay hay vn ch s hu.

ROA=TongVon

LR

ROAVinamilkdau nam 2009 = 1.248.697.502.558/5.966.958.226.276=20,93%ROAVinamilkcuoi nam 2009 = 2.376.419.550.806 /8.531.061.983.065= 27,86%

ROA ca vinamilk nm 2009 tng so vi 2008, chng t cng ty hot ng hiuqu(trong vic s dng ti sn) v li nhun sau thu tng 6,93%. Sut sinh litrn vn c phn thng(ROE): L mc hon vn u t cho vn

ch s hu (VCSH). ROE dng o lng hiu qu s dng VCSH ca mt doanhnghip to ra thu nh p v li cho cc c ng c phn thng, ni cch khcn o lng thunh p trn mt ng VCSH c a vo SXKD. Nh vy, vic

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o lng kh nng sinh li ny s c kt hp vi kt qu ca hot ng SXKD,u t vcc quyt nh huy ng vn.

ROE=VCSHBQ

LNR

ROEVinamilk = 2.375.991.708.931 / ((6.455.773.448.690 +4.665.714.594.626) / 2) = 42,7%

T l hon vn u t- Return on Investment - (ROI): o lng kh nng torali nhun trn mt ng vn u t vo cng ty, khng phn bit vn u t chnh thnht nhng ngun no, mt ng vn u t vo cng ty to ra cho nnkinh t bao nhiung li nhun.

ROI=hQuanTongVonBin

EBIT

5. Ch s tng trng bn vng

Khi nim: T s tng trng bn vng (g) l mt t s ti chnh nh gi khnngtng trng ca vn ch s hu thng qua tch ly li nhun. N cho bit tctngtrng li nhun cao nht m doanh nghip c th t c nu khng tng vn chshu.

T s tng trng bn vng (g) = 100%x

Li nhun giliVn ch s hu

= (1 c tc trn mi CP / EPS) x ROE

gvinamilk2009 = (1 30% x 10.000) / 6.770 x 42,7% = 23,78%

1. im mnh

Thng hiu Vinamilk gn lin vi sa v cc sn phm t sa c ngi tiu dng tnnhim nhiu nm qua.Thng hiu ny c

bnh chn l mt thng hiu ni ting v l mt trong nhm 100

thng hiu mnh nht do B Cng thng bnh chn nm2006.Vinamilk cng c ngitiu dng bnh chn trong Top10hng Vit Nam cht lng cao t nm 1995 n2009.

Vinamilk l mt trong 10 doanh nghip t nhn ln nht Vit Nam,l doanhnghip hng u ca ngnh cng nghip ch bin sa,chim lnh 37% th phn c nc vi125.000 im bn hng, bao

ph 65/65 tnh thnh ph.

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Vinamilk tiu th hn mt na sn lng sa ti nguyn liu snxut trong nc.iu ny gip cho Vinamilk c sc mnh chi phiv gi sa ti nguyn liu trn thtrng

Cng ty v ang c nhng d n trc tip chn nui b sa,

ngoi ra cn h tr nng dn nui b sa, t cng ty ch nghn v nguyn vt liuu vo. Bn cnh , cng ty cng c dn nui b sa New Zealand (quc gia xutkhu sa nguyn liuv sa thnh phm nhiu nht vo th trng Vit Nam) nhm chngv nguyn liu cng nh hc hi kinh nghim, k thut nui bsa tin tin ncny.

H thng phn phi kt hp gia hin i v truyn thng. Sn phmca cng ty cphn phi thong qua h thng Metro,siu th ...nngi tiu dung( knh hin i);nh phn phi n im b l nngi tiu dng( knh truyn thng). Mng li phn phirng khp65 tnh thnh,vi 250 nh phn phi, hn 125000 im bn l trntonquc.

Vinamilk cng u t mnh vo hnh nh v uy tn ca cngty thng qua cc chngtrnh hc bng, hot ng gip ngingho, cu tr bo l, nui dng b m Vit NamAnh Hng Cchot ng ny nng cao hnh nh ca cng ty i vi ngi tiudng. T totnh n nh v tng trng trong doanh thu.

2. im yu Ngun nguyn liu u vo trong nc khng p ng , lng sa tich

p ng c 28% nhu cu trong nc, cn li phi nhp khu bt sa. Dovy, chiph u vo b tc ng mnh bi gi sa th gii v bin ng tgi. Nm 2007 l nm cnhiu bin ng mnh ,c lc gi bt sa ln n5400 USD/ tn, nhung n nay gim.Nm 2009, gi bt sa li c xuhng tng lin tc, so vi cui nm 2008, tng n80%. Hin nay, gi sa

bt nguyn kem vo khong 3600 USD/tn, tuy nhim Vinamilk k kthp ngmua nguyn liu bt sa vi gi c nh t u nm nn tnh hnhkinh doanh nm 2009t bin ng nhiu so vi gi sa th gii.

Khi u nm 2010 cho thy gi bt sa nguyn liu s giao ng theo chiu

hng tng .V vy, ngay t u nm Vinamilk tng gi mt s sn phm.Nhiu snphm sa trong v ngoi nc cng ng lot tng gi 5-10%.Mc d vy cng khng nhhng n sc cu do tnh cht l sn phmthit yu.

30% doanh thu ca cng ty l t xut khu, th trng chnh lIraq,Campuchia v mt s nc khc. Tnh hnh bt n Iraq c th khindoanh thut hng xut khu sang th trng ny suy gim.

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Hot ng Marketing ca cng ty ch yu tp trung min Nam, trongkhi MinBc, chim ti 2/3 dn s c nc li cha c cng ty u tmnh cho cc hot ngMarketing, iu ny c th dn n vic cngVinamilk mt dn th trng vo tay cci th cnh tranh ca mnh nh

Dutch Lady, Abbott3. C hi Vi quy m dn s trn 86 triu dn, tc tngbnh qun 1.2% nm, cho

thy Vit Nam l th trng hp dn. Mc tiu dng sn phm sa bnh qun u ngiVit Nam c

t 12,3lt/ngi/nm, thp hn rt nhiu so vi 35 lt/ngi/nm catrung bnhchu (ngun Euromonitor International, trch ti Vinamilk,2008), so viThi Lan l 30lt/ngi/nm, Trung Quc l 60 lt/ngi/nmv Hn Quc l 100lt/ngi/nm.

Quyt nh s 10/2008/Q TTg ca Th Tng Chnh ph ncCHXHCN Vit Nam t rach tiu pht trin ngnh sa vi cc mc tiuti 2010 ngnh sa s t sn lng 380ngn tn, 2015 t sn lng 700ngn tn v 2020 s t sn lng l 1 triu tn. Vichnh sch trn, vn v nguyn liu cho cng ty s khng cn l gnh nng quln.

i th cnh tranh ln( Dutch Lady) ang mt lng tin vi khch hng vchtlng sn phm.

4. Thch thc Sn lng sa sn xut trong nc hin mi p ng c 22% nhucu

tiu dng trong nc, v vy tim n nhng ri ro v cht lng nguyn

liu, gi c v t gi hi oi. K thut chn nui b sa ca nng dn cng vi vicchn nui b sa

theo phong tro, quy m nh l (1 20 con chim 94%) cng gy ranhngthch thc khng nh i vi s n nh ca ngun nguyn liu sa.

Vo nm 2012, nu vng m phn Doha thnh cng, cc nc phttrin s ct gimhoc b tr cp nng nghip ni chung v ngnh chnnui b sa ni ring, gi sanguyn liu s tng.

Chi ph thc n chn nui b sa chim ti 70% gi bn sa trong khi ,chi phny Thi Lan ch chim 57%, i Loan th cha n 43%. y

l nguyn nhn chnh dn n gi thnh sa nguyn liu cao, trong khi ginhpnguyn liu ca cc cng ty ch bin sa thp, ngi nng dn nuib sa khng mn mlm vi cng vic ca mnh.

Cnh tranh t ngun sa ngoi rt ln,nht l mt hng sa bt. l nhngsn phmc thng hiu ni ting nh: c.Nht,H Lan ,M Bn cnh tm l a thch s dng hngngoi ca ngi VN cng l thch thc lni vi Vinamilk v cc doanh nghip khctrong ngnh.

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