Nghien ciiU trao ddi
Phan tich lai nhuan
tren nan tang bao cao kdt qua kinh doanh
•Js.
Tiu. Dirong Thi Thanh H i ^ *Bao cao ket gua kinh doanh (BCKQKD) tong ket ve doanh thu, chi phi va lai nhuan trong mot ky hoat dong cua doanh nghiep, nhSm cung cap thong tin cho cac doi tuung SLP dijng danh gia hieu qua hoat dong trong qua khir, tCr do du bao thin vong tuang lai cua doanh nghiep.
BCKQKD giup cac doi tuvng quan tam nhan dien ro cac mdi quan he ca ban trong hoat dong kinh doanh; trong do, loi nhu$n la mgt chi tieu quan trong trong dm: tranh tai chinh tong the va la mot ngudn chu yeu tao tiin cho doanh nghiep.
Hieu ve bao cao ket qua kinh doanh
BCKQKD la mdt phan ciia bio cio tai chinh, giiip nhi quin tri nam dugc tinh hinh ciing nhu ket qui kinh doanh mpt each khai quat trong mgt ky ke toan. Bio cao cung cap nhirng thdng tin tdng hgp nhat ve ket qua boat ddng cita doanh nghiep (DN) trong ky va cbi ra ring, cac boat ddng dd dem lai lgi nhuan hoac sy thua Id. Qua do, ngudi su dung bio cio cung nam dugc rinh hinh su dyng cac tiem nang ve vdn, lao dpng, ky thuat vi kinh nghiem cua DN. Vi vay, day la mdt trong nhung bao cio tai chinh DN dugc cic chii the rat quan tam.
Theo che dp ke toan bien hanh, boat dpng ciia mdt DN duge chia thanh boat ddng kinh
doanh va boat ddng khac. Trong dd, boat ddng kinh doanh bao gdm boat ddng san xuat va hoat dpng tii chinh.
Nguyen tic lap BCKQKD la phii phin inh dupe timg loai doanh thu cimg cac chi phi da bd ra de dat dugc doanh thu dd. Pban chenh lech giira doanh thu va chi phi bd ra chinh li lgi nhuan trudc thue cua DN. Viee lap bao cio can tuan thii eic chi tieu va co sd d6 dim bao BCKQKD chi ti€t va diy dii nhiing ndi dung cin thiSt.
Trong BCKQKD, lgi nhuan la mdt bilt toin va chiu anh hudng ldn ciia cac quyet dinb lya chgn chinh sich ke toan cua DN. Cac nha quin ly thudng can thiep cd muc dich vao viee xac dinh lgi nhuan va cd
Nhgn. 05/9/2019 Bien tdp: 15/9/2019 Duyet ddng: 25/9/2019 the lam sai lech con sd niy. HoEit ddng nay dugc gpi l i quan tri lgi nhuan. Tuy nhien, quan tri lpi nhuan khdng giiip DN tao ra them gii tri ciia ddng tien. Chinh vi vay, nha phan tich can ket hgp vdi phan tich bao cio liru chuyen tiSn te dk danh gia chit lugng ciia lgi nhu^in thu dugc.
Phan tich Igi nhuSn trgn n^n tang BCKQKD
Ndi den BCKQKD, chung ta thudng nghT ngay den chi tieu quan trgng nhat la lgi nhuan. Ddi vdi nhi quan ly hay nha dau tu thi lgi nhuan duge trinh bay bang chi tteu lgi nhuan sau thue. Tuy nhien, doi vdi thi trudng tai chinh ndi chung thi chi tieu niy duge trinh bay bing chi tieu lai co ban tren cd phieu (EPS - Earning Per Share). Diy la chi tieu tie ddng manh me den viec ra quyet dinh mua, ban cd phiSu tren thi trudng ciing nhu cac quyet dinh lien quan khic cua cae chu th^
tham gia thi trudng tai chinh. DIU vay, chi tieu lgi nhuan sau thue hay lai co ban trSn ed phieu rat de bl tic dpng bdi eac thu thuat, ky thuat ke toan.
Liy vi du vdi mpt DN ndi tt6ng tren thj trudng chiing khoan - Cdng ty cd phin Diu tu Tb6 gidi di dgng (ma chiing khoin MWG).
* Khoa K^toAn, Trudng B^i hoc Duy TSn
MSM
0 chi -^/{etodn is6 thdng 9/2019Hghien ciili trao adi
Dya vao sd lieu gdc tren BCKQKD 3 nam lien ti6p 216,2017,2018 ciia cdng ty nay, sir dung hai ky thuat phan tich la:
phan tich ngang (theo ddng thdi gian) de danh gia qua timg nam cac chi tieu h-en BCKQKD thay ddi nhu the nao; phan tich dpc (theo kSt cau bao eio) de tinh toan ty le cac chi tieu trgng yeu tren BCKQKD so vdi doanh thu thuan bin hang va cung cap dich vu nhu ty le lai gdp, ty le EBITDAR (lgi nhuan trudc thu6, khiu trir, khau hao, va ca cau lai hogc chi phi thue) tren doanh thu, ty le EBIT (lgi nhu^n trudc lai vay va thue) tren doanh thu..,(bing 1).
Ket qui nhu sau;
* Doanh thu:
Qua 3 nam, doanh thu ciia The gidi di ddng tang manh. Nam 2017, tang trudng 48,4% so vdi 2016. Nam 2018 tang trudng thip ban, nhung vin cho con sd rit cao, vdi 29,6%.
* Lai gop, ty 1$ lai gop:
Ddi vdi mdt DN bin le nhu Thi gidi di dgng thi ty le bien lai gdp ddng vai trd rat quan trgng, cho thay miie dp dam phan eua The gidi di ddng ddi vdi cac nha cung cap, nhi sin xuit nhu Apple, Samsung, Huawei... Ty le lai gdp khi eao: nam 2016 ty le lai gdp la 16,2% va tang nhe len 16,8% trong nam 2017, miie tang trudng
Bang 1 : Bao cao ket qua kinh doanh - bang phan tich
1 Doanh Ihu 2 Cac khoan qiam trCr 3 Doanh thu thuan 4 Gia v6n hanq bdn 5 Ldiqop Tv i# isi q^p 6, Thu nhap tai chinh EBITDAR
Tv le EBITAR tren doanh thu Tronq do
Khciu hao va hao mon Thue tai san EBIT
Tv l# EBIT tren doanh thu 7. Chi phi tai chinh - Tronq do Chi phi lai vav Chi so thanh toan lai vav 8 Chi phi banhSng Ty 1? Chi phi ban hang tren doanh thu
9 Chi phi quan lyDN Ty 1$ chi phi quan ly tren doanh thu
10 Lai/(l6) ti> hogt dpng l<inh doanh
Bi6n Ilil kmh doanh tren doanh thu
11 Thu nhap khac 12 Chi phi khac 13, Thu nhap khac, ronq 14. Lai/(l6) ronq Iryo'c thue Ty l# Lpi nhuan Irifoc thue tren doanh thu
15 Thue thu nhap DN - hien (hoi 16 Thue thu nhap DN - hoan lai 17 Chi phi thu^ thu nhap DN 18 Lai/('6) thuan sau thue Ty 1? LOI nhuan sau thue tren doanh thu
19, Lpi ich CO <36nq thieu so 20 Co donq cua Conq ty me 21 LSi CO ban tren CO phieu 22 L3i tren co phiSu pha loanq
2016 (€}akiem
toin) 45,612,677 (999,344) 44.613,333 (37,399,226) 7.214.106 16 2%
135,328 3,344.539 7 5%
336,534 832,345 2,125,560 4 8%
(120,086) (119,646) 17 77 (4,287,696) 9 6%
(934,777) 2 1%
2,006,875 4 5%
31,130 (32.091) (961) 2,005,914 4 5%
(495,801) 68.137 (427,663) 1,578,251 3 5%
878 1,577,372 10,246 9,948
2017 (Da krem
toan) 67.698,541 (1.358.736) 66,339.804 (55,198,025) 11,141,779 16.8%
250,510 4,941,130 7 4%
689,713 1,208,903 3,042,514 4 6%
(234,287) (233.202) 13 05 (7,017,061) 10 6%
(1,345,497) 2 0%
2,795,444 4 2%
17,685 (3,816) 13,868 2,809,312 4 2%
(639.744) 37,329 (602,415) 2,206,897 3.3%
1.217 2.205,680 7,162
+ / - %
48 4%
36.0%
48.7%
47.6%
54 4%
3 9%
85.1%
47.7%
-0.6%
78.4%
45 2%
43 1 % -3 7%
95 1 % 94.9%
-25 6%
63 7%
10 1%
43 9%
-3 2%
39 3%
-6 3%
-43 2%
-88 1%
-1543,1%
40 1%
-5 8%
29 0%
^ 5 . 2 % 40 9%
39 8%
-6 0%
38 6%
39 8%
-30 1 % .2018 todn]
87,738,379 (1,222,092) 86,516,287 (71,224,159) 15,292,128 17 7%
342,084 7,269,878 8 4%
1,222,868 1,824,274 4,222,736 4.9%
(436,573) (436,417) 9 68 (9,659,741) 11 2%
(1,761,614) 2 0%
3,774,182 4 4%
33,233 (21,097) 12,136 3,786,319 4 4%
(933,837) 27.827 (906,010) 2,880,309 3 3%
1,585 2,878,724 6,689 6,689
+ / - %
29.6%
-10 1%
30.4%
29 0%
37 3%
5 2%
36 6%
47 1%
12 8%
77 3%
50 9%
38 8%
6 4%
86 3%
87 1%
-25 8%
37.7%
5 6%
30 9%
0 4%
35,0%
3 5%
87 9%
452 9%
-12 5%
34 8%
3 3%
46 0%
-25 5%
50 4%
30 5%
0 1%
30 2%
30 5%
"^ ehi ^gtorn ^'mSm torn so thang 9/2019 Q |
Nghien ciihi trao floi
la 3,9%. Tuy nhien, den nam 2018 ty le lai ggp da tang rat manh, len dSn 17,7%, tang trudng 5,2%. Day la mot dau hieu rat tieh cue ddi vdi ket qui kinh doanh cua Cdng ty.
*EBITDAR (= Lai nhudn sau thue + Thue + Ldi vay + Khdu hao + Thue hoat dong)
EBITDA la mdt trong nhieu chi bao ve ket qua boat ddng tai chinh cua mdt cdng ty, ehi sd nay loai bd cic khoin khau hao dua tren ca sd chiing li nhiing khoin cbi phi khdng dinh tdi tien mat (non-cash items), EBITDAR cd tinh them ygu td thue boat ddng Mac dii EBITDAR khdng phai la mdt thudc do tii cbinb dugc cdng nhan trong cac nguyen tie ke toan dugc chap nhan rdng rai, nd duac sii dung rdng rai trong nhieu linh vuc tai chinh khi dinh gii hieu qui boat dpng ciia mdt cdng ty, chang ban nhu phan tich chiing khoan.
EBITDAR du dinh cbo phep so sinh lgi nhuan giiia cic cdng ty khac nhau bang each chiet khau tic ddng cua thanh toin lai vay tu cac hinh thiic tii chinh khac nhau {bang cich bd qua thanh toin lai), bang cich bd qua thue, bang each bd qua khiu hao tai san va thue boat dpng.
Trong dd chi tieu khau hao va hao mdn CO the liy tu 3 ngudn: thuyet minh ve tai san cd dinh tren thuyet minh bao cio tii ehinh, gdm c i thuyet minh tai san cd dinh huu hinh vi vd hinh; hoae tir chi tieu khiu hao va hao mdn tren bao cao luu chuyen tien te dugc lap theo phuang phip gian tiep, nhung khdng tinh dugc chi tieu khau hao nim trong hang tdn kho; hoac lay tir hao mdn liiy ke tren bang can ddi kg toan eudi ky tni di dau ky. Tuy nhien, chi tieu khiu hao v i hao mdn, cung nhu thue boat ddng la chi tieu phi tien te can loai trir de tinh dugc ddng tien.
Chi tieu EBITDAR ddng vai trd cue ky quan trpng, de hinh dung
dugc khi nang tao tien ciia ThS gidi di dpng ma khdng chiu anh hudng bdi cau tnic vdn (ty le vdn vay tren tdng tai sin), ciu tnic tii sin (khiu hao), chinh sach thuS cd lien quan.,. Bin chit ciia thue hoat ddng giong nhu khoin khau hao va hao mdn ma The gidi di ddng phai chi tra, cung the hien rd tren thuyet minh bao cao tai chinh. Nam 2016, EBITDAR tren doanh thu cua Th6 gidi di dgng l i 7,5%, giam nhe trong nam 2017 cdn 7,4%, den nam 2018 tang trudng manh, dat 12,8% vi chigm 8,4% tren doanh thu thuin. Day la mdt trong nhiing yeu td tic ddng manh me den ket qui kinh doanh cua Cdng ty, chiing td rang hieu qua kinh doanh duge cii thien manh me,
* EBIT (= Lai nhugn sau thue + Thue + Ldi vay).
Chi tieu nay rat quan trpng bdi nd loai anh hudng cua cau tnic vdn, cung nhu cua thue.
Nam 2016, chi tieu EBIT ciia The gidi di ddng tuang ddi tdt, nhung nam 2017 con sd giam nhe (tir 4,8% xudng cdn 4,6%), bdi nhin chung hoat dgng kinh doanh ciia Cdng ty cho ket qua khdng tdt.
Dgn nam 2018, EBIT tren doanh thu chiem den 4,9%, tang 6,4% so vdi nam trudc - day la mdt trong nhirng chi tieu quan trgng cho thay ciu tnic vdn cua DN tdi uu thi DN se tdi uu dugc ket qua kinh doanh.
Hay EBIT cdn su dung de phan anb hieu qui sii dung ddn bay tai chinh ciia DN di vay.
* Khd ndng thanh todn lai vay (= EBIT/Chiphi ldi vay). Ban than EBIT la chi tieu phin inh Igi nhuan khdng chiu inh hudng bdi cau tnic vdn, nen khi tinh cbi sd thanh toan lai vay thudng tinh tren ty le EBIT/Chi phi lai vay. Chi sd thanh toan lai vay ciia The gidi di ddng cho ket qui rit tdt (17%), tuy nhien ty sd nay cang giam, vi bat diu tir nam 2017 den 2018, Cdng ty bit
diu xuit hien cic khoan vay dai ban hren bing can ddi kg toan.
* Chi phi bdn hdng vd chi phi qudn ly DN
Thdng thudng, chi tieu niy dupe hiSu la chi tieu phan anh chi phi boat ddng va chi nhin duoc miie dp ddng gdp eua chi phi ban bang va chi phi quan ly vao doanh thu, hay l i danh gia muc do thay ddi, miic do bien ddng ciia chi phi ban hing va chi phi quan ly tren BCKQKD qua cac nam. Tuy nhien, can luu y ty le chi phi ban hing v i ehi phi quan ly tren doanh thu eho thiy muc dp boat dpng cua cdng ty, nhieu khi chi phi ban hang tang them tuang img vdi doanh thu tang them lai phan anh chat lugng cua eac khoan doanh thu. Vi du, neu doanh thu tang manh nhung chi phi bin hang/doanh thu khong tang thi can nghi ngd ve chat lupng cie khoan doanh thu tang do.
* Bien lai kinh doanh tren doanh thu
Bien lai kinh doanh tren doanh thu = Lgi nhuan tir boat ddng kinh doanb/Doanh thu. Chi tieu nay phan anh hieu qua kmh doanh, bao gdm ciu true vdn va cau tnic tai sin cua DN. Bien lai kinh doanh tren doanh tbu cua The gidi di dpng ehiem khoing tren 4%, co xu hudng giam vao nam 2017 vitang trd lai vao nam 2018, nhung ket qui 2018 lai thap ban so vdi 2016, Mac du ket qui kinh doanh tong the cua The gidi di ddng tang trudng rat manh trong nam 2018, nhung bien lai kinh doanh tren doanh thu thap hem bdi chi phi ban hang va chi phi quan ly DN lang nhanh v i ddng thdi xuit hi$n them cac khoin lai vay do bit diu thyc hi6n cic khoan vay dii ban.
* Ty le lai nhugn truac tliui tren doanh thu.
Chi tieu nay cho ket qua gin giong vdi bien lai kinh doanh h-fin
^ Q ^^chi^etodn<&^Kiem,todns6
Hghien GIIU trao ddi
doanb thu, bdi gia tri cic boat dpng khac ehiem ty trpng khdng dang ke.
* Chi phi thue thu nhap DN Chi phi thue thu nhgp DN = Thue thu nhdp DNhien hdnh + Chi phi thue thu nhdp DN hodn lgi.
Ddy Id khodn md DN phdi chi trd, CO dong phdi chi trd.
* Ty le lai nhugn sau thue tren doanh thu.
Day la chi tieu quan trgng bac nhit va giam nhe qua timg nam, nam 2017 va 2018 chigm 3,3% n-gn doanh thu. Ddi vdi DN bin le thi diy la con sd dang khich le va ddi vdi Thg gidi di dpng thi day la con sd cao so vdi chudi bin le khac, khdng cbi d Viet Nam ma cdn tren the gidi.
* Cdc chi tieu con lgi Cie chi tieu cdn lai nhu lpi ich ciia cd ddng thigu sd; cd ddng ciia cdng ty me; lai ca ban tren cd phieu
la cae ehi tieu ea ban va tic ddng manh me den thi trucmg. Chi tieu lai ca ban tren ed phieu (EPS) tic dpng den y thiic cua nha dau tu.
Cling nhu cac chu thg khac tren thi trudng khi nd li thinh phan quan trgng de tinh chi tieu P/E (Price Per Earning). Chi tieu P/E thudng dugc cac chii the tham gia thi trudng sii dyng rat nhieu trong cic md hinh dinh gia v i tac ddng dgn hinh vi mua va ban, hanh vi diu tu trgn thi trudng tai chinh.
Ket luan
Lgi nhuan giii vi tri quan trpng vi l i mgt chi tieu chit lugng tdng hgp ndi len kgt qui cua toan bd boat ddng san xuit - kinh doanh, DN cd tdn tai va phat trien hay khdng thi digu quygt dinh l i DN cd tao ra dupe lgi nhuan hay khdng? Lpi nhuan dugc coi la mdt trong nhiing ddn biy kinh tg quan trpng; dong thdi li mpt cbi tieu co bin danh gia hieu qua san xuat - kinh doanh. Lgi nhuan tic ddng
dgn tat ca cie mat boat ddng cua DN, anh hudng true tiep den tinh hinh tai ehinh cua DN, viec thuc hien chi tieu lgi nhuan li dieu kien quan trpng dam bio cho tinh hinh tii chinh cua DN dugc dn dinh, viing chac.
Thdng thudng, de phin tich Igi nhuan, nha phan tich dua tren sd lieu chu ygu tirBCKQKD cimg cac ehi tieu quan trgng khac, tir dd danh gia dugc chat lugng boat ddng san xuat - kinh doanh eiia D N . P
Tdi lieu tham khdo
1 Gido trinh phdn tich bdo cdo tdi chinh, 2017, GS.TS Nguyin Vdn Cong, NXB Dgi hoc Kinh le Qudc ddn.
2 Gido trinh Bdo cdo tdi chinh Phdn tich - Du bao vd Dinh gid. 2018, TS Phgm Thi Thiiy. NXB Dgi hoc Kinh ti Quoc ddn.
3. https://www.afa edu vn
(Tiep theo trang 27)
* Xdc dinh muc tdn kho an todn
Viec thiet lip miic tdn kho an toan se giiip cho cac DN san xuat tranh tinh trang cd nhiing nhu cau dot xuit, bit ngd ma DN khdng ludng trudc dugc. Chang ban, viec quy dinh 10%) lugng tdn kho binh quin cua loai thanh pham nay cung ky nam trudc lim mirc tdn kho an toan se giiip DN kip thdi img phd vdi nhirng nhu cau bat thudng ddi vdi loai sin pham dd, Quy dinh muc tdn kho nen dua vio cac chi tieu sau: dae diem ly hda ciia HTK, nhu ciu sir dung vat tu nam trudc, bio cio phan tich du kign tieu tbu.
Miic tdn kho an toan dugc xac dinh theo cdng thuc sau:
Mirc ton kho an todn = Nhu cdu sdn phdm dir kien tieu thii ky sau x Tyle% ton kho uac tinh
Td chirc xay dung du toan H T K la mdt ndi dung ciia td chiic ke toin quan tri HTK trong DN nhim cung cap cac thdng tin vg HTK de mdi DN thuc hien chiic nang quan tri yeu td ngudn luc tieu dung cho cac boat ddng, nham giup cic nha quan tri xay dung ke hoach, kiem soat, danh gii hoat dgng va dua ra cic quygt dinh hgp ly. Tai cac DN sin xuat Viet Nam, trong nhiing nam gan diy, mac dii nhin thiic ve tam quan trpng cua xay dung du toan HTK da dugc ning Ign nhung vin cdn khdng it DN chua thue su quan tim den van dg nay. Do vay, cac nha quin tri DN ein sdm thay ddi nhan thirc ve vai trd cua du toan HTK trong digu hinh DN. Tu duy quan tn truygn thong, mang tinh kinh nghiem can dugc thay the bang cac phuang phip ke toin quan tri hien dai, bd sung, cap nhat kign thiic mdi dg tir do nang cao hieu qui quin ly HTK trong DN.D
Tdi lieu tham khdo
1. Nguyen Van Dung (2010), Gido trinh Qudn tti sdn xudt vd van kdnh, NXB Lao dong.
2 Ddo Thi Thu Giang (2012), Gido trinh Ke todn qudn tn, NXB Khoa hoc vd Ky thuat.
i. Huynh Lai (2009). Gido trinh Ke loan qudn Iri, NXB Giao thong vdn tdi
4 Dodn Ngoc Que (2015), Gido trinh Ki todn qudn In. NXB Kmh li TPHCM
5 Ivanov (2010). An adaptive frame- work for aligning (re)planning decisions on supply chain strategy, design, tactics, and operations, Internationa! journal of pro- duction research.
6. Nzuza (2013). Factors affecting the success of inventory control in the Stores Divisionof the eThekwim Municipality.
Durban: a case study. Thesis of doctor.
Durban University of Technology Durban.
South Africa.
^cM^e todn S^iem todn SO thdng 9/2019 B T l