Phn tch bo co ti chnh ca CTCP Dc Phm Imexpharm

TRNG I HC M TP H CH MINHKHOA QUN TR KINH DOANH

PHN TCH BO CO TI CHNHCNG TY C PHN DC PHM IMEXPHARM

GING VIN: V Minh Long Nhm thc hin: Nhm 6

Tp H Ch Minh, ngy 12 thng 12 nm 2013DANH SCH NHM 61. on Tn Giu11540100902. H Th Ngc Ho11540101423. Bi Th Bch Ngc11540103504. Trn Th Qunh Th11540106015. L Th Cm Thin11540105596. Nguyn Phc Bo11540100287. Nguyn Hu Minh Kit11540102578. Nguyn Th Gin11540101319. La Vnh Lng115401030310. inh Minh Thnh115401051711. Nguyn th D Thy1154010596

NHN XT NH GI CA GING VIN

MC LCLI M U6CHNG I.GII THIU CNG TY C PHN DC PHM IMEXPHARM:7I.Lch s hnh thnh pht trin v c cu t chc b my:71.Lch s hnh thnh v pht trin:72.Mc tiu hot ng ca Cng ty:83.n v trc thuc v hot ng sn xut kinh doanh94.C cu t chc105.Nhng thun li v kh khn ca cng ty:10Thun li:10Kh khn:11CHNG II.PHN TCH BO CO TI CHNH CA CNG TY C PHN DC PHM IMEXPHARM121.Phn tich bang CKT theo chiu ngang:122.Phn tch tnh hnh ti chnh thng qua bng bo co thu nhp:143.Phn tch tnh hnh ti chnh thng qua cc t s ti chnh:193.1.Phn tch t s thanh ton:193.1.1.T s thanh ton ngn hn( t s thanh ton hin thi)193.1.2.T s thanh ton nhanh:213.1.3.T s thanh ton bng tin:223.2.Phn tch t s hot ng243.2.1.S vng quay tn kho243.2.2.K thu tin bnh qun253.2.3.Vng quay ti sn263.2.4.Vng quay ti sn c nh273.3.Phn tch c cu ti chnh283.3.1.Phn tch t s n:283.3.2.T s t ti tr:293.3.3.T s kh nng tr li vay (trang tri li vay)303.4.Phn tch t s li nhun313.4.1.Li nhun gp trn doanh thu thun.323.4.2.T s doanh li tiu th.323.4.3.Doanh li vn u t (ROA)343.4.4.Doanh li vn ch s hu (ROE)353.5.Phn tch kh nng sinh li bng phng trnh dupont363.6.Cc ch s chng khon403.6.1.Thu nhp mi c phiu thng (Earning Per Share: EPS)403.6.2.T s gi th trng trn thu nhp (Price- Earning: P/E)41CHNG III.NHN XT, GII PHP V KIN NGH:421.Nhn xt422.Gii php v kin ngh43PH LC45Bng cn i K ton cng ty c phn dc phm Imexpharm.45Bng kt qu kinh doanh cng ty c phn dc phm Imexpharm50Cc biu 52

LI M UNn kinh t ngy cng pht trin ko theo nhiu doanh nghip cng ra i p ng th trng. Nhng cnh tranh v pht trin lu di th i hi doanh nghip cn c mt ngun ti chnh vng mnh. Vic phn tch ti chnh khng km phn quan trng, v mt doanh nghip cn phi bit c tnh hnh ti chnh ca cng ty nh th no a ra cc bin php hoc xut cc hng i trong tng lai, gip doanh nghip pht trin hn v trnh c cc ri ro, hn ch tn tht trong kinh doanh cng nh a ra cc quyt nh u t. Mc khc vic phn tch ti chnh cn gip cho cc nh u t bit c kh nng tr n, kh nng sinh li hay l ca mt cng ty a ra cc quyt nh ti chnh c nn u t hay khng v kh nng ri ro l bao nhiu phn trm.V th m vic phn tch ti chnh l mt vn rt quan trng trong mt cng ty ng thi cng rt quan trng i vi cc nh u t. Xut pht t nhng yu cu thc tin chng ti quyt nh chn ti Cng Ty C Phn Dc Phm IMEXPHARM.

CHNG I. GII THIU CNG TY C PHN DC PHM IMEXPHARM:I. Lch s hnh thnh pht trin v c cu t chc b my:1. Lch s hnh thnh v pht trin: Lch s hnh thnh: 01/3/1977 Cng ty Dc phm Cp 2. 28/9/1983 - X nghip Lin hip Dc ng Thp. 25/11/1992 - Cng ty Dc phm ng Thp. 05/11/1999 - Cng ty Dc phm Trung ng 7. 25/7/2001 - Cng ty c phn Dc phm IMEXPHARM. Nhng ct mc trong qu trnh pht trin: Nm 1997: Imexpharm t ho l nh my u tin ca Vit nam c B Y t chng nhn t tiu chun GMP- ASEAN dy chuyn sn xut Non Betalactam. Nm 1999: c B Y t chng nhn t tiu chun GMP- ASEAN dy chuyn sn xut Betalactam. Nm 2005: c B Y t chng nhn t tiu chun GMP - GLP GSP. Nm 2006: t tiu chun ISO 9001:2000. Thng 08/2006: c B Y t chng nhn t tiu chun GMP WHO, GLP, GSP. Thng 02/2008: Intertek chng nhn t tiu chun ISO 22000:2005 Nh my sa Imexmilk. Thng 04/2008: S Y T ng Thp chng nhn t tiu chun "Thc hnh tt phn phi thuc GDP. Thng 09/2008: Tip tc c B Y t chng nhn t tiu chun GMP-WHO, GLP, GSP. Thng 04/2009: t tiu chun ISO 9001:2008 Thng 08/2010: Tip tc c B Y t chng nhn t tiu chun GMP-WHO, GLP, GSP. Thng 05/2012: Ti chng nhn ISO 9001:2008 Thng 09/2013: Tip tc c B Y t chng nhn t tiu chun GMP-WHO, GLP, GSP.2. Mc tiu hot ng ca Cng ty: S tr thnh cng ty dc phm uy tn, c tin cy nht Vit Nam. Khng ch l cng ty c phn dc phm Imexpharm cn phn u th hin nng lc ca con ngi, vi tm nhn chin lc quyt xy dng nn mt cng ty c uy tn ti vit Nam da trn k nng cua ton th cn b cng nhn vin, tinh thn kinh doanh s mi mi ph bin ti Imexpharm. Cng ty s tip bc con ng ca cc bc khai quc cng than duy tr v pht huy thnh tu ca mnh ti qu hng ng Thp Ti Vit Nam. Cht lng sn phm Hng u. Dch v khch hng chu o. Quan tm chia s cng cng ng. y l cam kt v cht lng sn phm, dch v v s thu chung vi li ha, trc sau nh mt, gn b vi khch hng, quyt i theo con ng chn, du gp kh khn vn khng nn ch v tin tng s i n cng ca s cam kt. T HO - TIN TNG - THY CHUNG - TM L - TO DNG - TINH THN - THNH CNG.

3. n v trc thuc v hot ng sn xut kinh doanh

CN3 Bnh DngTR S CHNHCN TP. HCMCN2 TP. HCMCN An GiangCN Cu Long 1CN H NiCN. Ty NinhCN NngCN Kin GiangCc Nh thuc Ti ng ThpTr s chnh Cng ty C phn Dc phm Imexpharm: Trn din tch 13.253,4m2, tr s chnh ca Cng ty l ni t hai nh my sn xut chnh v cng l ni t vn phng lm vic ca Tng gim c, cc Ph Tng gim c v cc phng chuyn mn ca Cng ty gm: Phng m bo cht lng phng kim tra cht lng , Phng nghin cu pht trin, Phng k thut, tng kho, Phng nhn s, Phng tip th, Phng cung ng, Phng ti chnh k ton, Phng k ton qun tr, Phng cng ngh thng tin (phng bn hng, vn phng tng hp v Ban xy dng c bn.

4. C cu t chc

5. Nhng thun li v kh khn ca cng ty: Thun li: H thng qun l cht lng GMP ngy cng pht huy tc dng v to hiu qu tch cc n nhiu mt hot ng ca Cng ty. Thng hiu Imexpharm c nh gi cao, gii iu tr ti bnh vin tn nhim sn phm ca Imexpharm. Th trng cn nhiu nhu cu i vi cc sn phm dc ca Cng ty. Tim nng pht trin cc sn phm mi cn rt cao. i ng cn b nhn vin c trnh , c o to cn bn, nm vng cng ngh v c kinh nghim vng vng. Kh khn: Gi cc loi dc liu tng do khan him ngun cung v b tc ng bi nhng bin ng v gi du ho, dch bnh, c bit l cm gia cm ang xut hin nhiu nc, nhiu khu vc, tnh hnh khng b, an ninh v chnh tr xy ra trn th gii v h qu l nhiu quc gia gia tng vic d tr nguyn liu dc vi mc ch d phng cho nhng bin c pht sinh. Cnh tranh gay gt gia cc doanh nghip sn xut thuc trong nc vi nhau v gi i vi cc sn phm thuc thng thng (generic). Ngun vn p ng cho nhu cu tn tr nguyn liu, nhu cu u t pht trin h thng tiu th v xy dng nh my sn xut mi .v.v cn b hn ch t pha Ngn hng. Thiu ngun nhn lc p ng cho nhu cu pht trin.

CHNG II. PHN TCH BO CO TI CHNH CA CNG TY C PHN DC PHM IMEXPHARM1. Phn tich bang CKT theo chiu ngang:Nhn xet nm 2009 va 2010 Tai san: Nhin chung tng tai san cua cng ty qua 2 nm 2009 va 2010 co s thay i. Tng tai san nm 2010 so vi nm 2009 a tng 2.67%. Tai san ngn han cua cng ty nm 2010 so vi nm 2009 giam 5.59%. Trong o: Cac chi tiu tin va cac khoan tng ng tin nm 2010 giam so vi nm 2009 la 17.79% tng ng 24,033 triu ng, tin cua cng ty giam 26,032 triu ng ng vi ty l 214.14% qua cac s liu cho thy cng ty manh dan dung lng tin em vao hoat ng u t. Cac khoan u t ngn han: Nm 2010 so vi nm 2009 a giam hn 9,000 triu ng tng ng vi ty l 71.88%. Trong o u t ngn han giam 8,699 triu ng tng ng ty l 127.38%, d phong giam gia u t ngn han tng 15.72% tng ng 507 triu ng. Cac khoan phai thu ngn han. y chinh la chi tiu anh gia cac gia tri tai san cua cng ty bi cac n vi khac chim dung, i vi chi tiu nay nm 2010 tng 24,000 triu. Trong o phai thu khach hang tng 34,000 triu ng tng ng vi ty l 18.05%, tra trc ngi ban giam 21.42%. Qua cac s liu trn chng to cng ty a m rng mang li khach hang nn cac khoan phai thu a tng ln. Hang tn kho: Chi tiu hang tn kho nm 2010 a giam so vi nm 2009 mt khoang 23,000 triu ng tng ng ty l 11.87%.Tai san ngn han khac nm 2010 tng 289,000 triu ng so vi 2009 tng ng ty l 38.49%. Tai san dai han nm 2010 tng 24% so vi nm 2009. Qua s liu cho thy cng ty u t manh chi cho k hoach v lu v dai. Tai san c inh: Trong nm 2010 so vi nm 2009 a tng 52,000 triu ng tng ng ty l 34.62%. Trong o tai san c inh hu hinh tng 103,000 triu ng tng ng ty l 71.17%, tai san c inh v hinh 730.7 triu ng tng ng ty l 1.3% khoan muc trn tng chng to cng ty phuc vu tt cho hoat ng san xut kinh doanh. Ngun vn:Tng ngun vn cua cng ty qua 2 nm 2009 va nm 2010 tng 1,953 triu ng tng ng ty l 2.67%. Cac nhn t anh hng n ngun vn: N phai tra giam 3,199 triu ng tng ng ty l 16.5%. Trong o n ngn han giam 2,289 triu ng tng ng t l 12.5%, n dai han giam 84.22%. Ngun vn chu s hu cua cng ty nm 2010 so vi 2009 a tng 5,152 triu ng tng ng ty l 9.58%. Li nhun sau thu cha phn phi tng 2,275 triu ng tng ng ty l 28.28%. Trn y la mt s anh gia chi tiu chung cua nm 2009 va 2010 da trn mi quan h cung mt dong.Nhn xet nm 2011 va nm 2012 Tai san:Tng tai san cua cng ty qua 2 nm 2011 va 2012 tng 3,392 triu ng tng ng ty l 3.94%, chng to cng ty thay i theo chiu hng tt. Tai san ngn han nm 2012 so vi nm 2011 giam 19,405 triu ng tng ng ty l 3.42%. Trong o cac chi tiu tin va cac khoan tng ng tin giam 18,153 triu ng tng ng ty l 12.94%, tin giam 59,590 triu ng tng ng 2.55%. Qua cac s liu cho thy cng ty manh dan u t. Cac khoan u t ngn han: Nm 2012 so vi nm 2011 tng 3,818 triu ng tng ng ty l 125.8%. Trong o u t ngn han tng 6,650 triu ng tng ng ty l 43.55%, d phong giam gia u t ngn han tng 2,831 triu ng tng ng ty l 4.07%. Cac khoan phai thu ngn han: Chi tiu anh gia cac gia tri tai san cua cng ty bi cac cng ty khac chim dung. Nm 2012 so vi nm 2011 a tng 7,908 triu ng tng ng ty l 4.07%. Trong o phai thu khach hang tng 21,891 triu ng tng ng ty l 11.08%, tra trc ngi ban giam 17,741 triu ng tng ng 191.07%, cng ty m rng mang li khach hang. Hang tn kho: Chi tiu hang tn kho nm 2012 so vi nm 2012 giam 1,419 triu ng tng ng ty l 6.8%, tai san ngn han khac tng 1,214 triu ng tng ng ty l 17.95%. Tai san dai han: Tai san dai han nm 2012 so vi nm 2011 tng 53,327 triu ng tng ng ty l 20.44%. Chng to cng ty co u t v lu v dai. Tai san c inh: Nm 2012 so vi nm 2011 tng 56,708 triu ng tng ng 26.62%. Trong o tai san c inh hu hinh tng 3,677 triu ng tng ng ty l 19.65%, tai san c inh v hinh tng 2,844 triu ng tng ng ty l 4.68%. cac khoan nay u tng chng to cng ty u t tt cho phn tai san c inh phuc vu cho hoat ng kinh doanh. Ngun vn:Tng ngun vn nm 2012 so vi nm 2011 tng 3,392 triu ng tng ng ty l 3.94%. Cac nhn t anh hng n ngun vn: N phai tra nm 2012 so vi 2011 tng 28,756 triu ng tng ng ty l 24.23%. Trong o n ngn han tng 18,107 triu ng tng ng ty l 15.52%, n dai han tng 10,649 triu ng tng ng ty l 525.22%.Ngun vn chu s hu cua cng ty nm 2012 so vi nm 2011 tng 5,165 triu ng tng ng ty l 0.72%, li nhun sau thu cha phn phi giam 9,389 triu ng tng ng ty l 15.72%.Phn tch bo co ti chnh ca CTCP Dc Phm Imexpharm

2. Phn tch tnh hnh ti chnh thng qua bng bo co thu nhp:Nhm 65

STTCh tiu2010 so vi 20092011 so vi 20102012 so vi 2011

Gitr%Gitr%Gitr%

1Doanh thu bn hng v cung cp dch v

102,989,651,530

15.52

10,592,506,769

1.38

42,593,614,325

5.48

2Cc khon gim tr

(928,740,216)

-27.00

(1,778,002,714)

-70.82

836,933,926

114.23

3Doanh thu thun v bn hng v cung cp dch v

103,918,391,746

15.74

12,370,509,483

1.62

41,756,680,399

5.38

4Gi vn hng bn

44,453,772,829

12.12

(22,667,041,569)

-5.51

52,087,197,278

13.41

5li nhun gp bn hng v cung cp dch v

59,464,618,917

20.27

35,037,551,052

9.93

(10,330,516,879)

-2.66

6Doanh thu hot ng ti chnh

(1,114,140,614)

-9.90

2,800,487,576

27.62

(1,214,441,345)

-9.38

7chi ph ti chnhtrong : li vay phi tr

(1,656,055,507)646,570,080

-17.1035.99

(851,023,036)(1,720,677,581)

-10.60-70.43

371,765,489(192,773,993)

5.18-26.68

8

9chi ph bn hng

38,393,057,443

21.11

14,312,526,520

6.50

(19,096,991,908)

-8.14

10chi ph qun l doanh nghip

5,474,710,910

18.27

12,657,974,862

35.72

13,099,174,830

27.23

11li nhun thun t cc hot ng kinh doanh

16,147,765,457

19.42

11,718,560,282

11.80

(5,918,906,635)

-5.33

12Thu nhp khc

(33,711,068,310)

-90.77

940,638,309

27.44

(1,719,611,479)

-39.36

13chi ph khc

(35,157,937,953)

-88.42

294,423,965

6.39

(786,055,657)

-16.04

14li nhun khc

1,446,869,643

-55.15

646,214,344

-54.93

(933,555,822)

176.04

15tng li nhun k ton trc thu

17,594,635,100

21.85

12,364,774,626

12.60

(6,852,462,457)

-6.20

16chi ph thu TNDN hin hnh

3,321,778,325

23.17

15,223,696,443

86.21

(6,860,123,292)

-20.86

17chi ph thu TNDN hon li

00

18li nhun sau thu

14,758,246,455

22.46

(2,858,921,817)

-3.55

7,660,835

0.01

19Li c bn trn c phiu

1,276

22.55

-1,602

-23.10

-416

-7.80

Nhn vo bng phn tch ta thy nm 2010 tng doanh thu ca cng ty tng 102,989,651,530 ng (15.52%) so vi nm 2009, cc khon gim tr gim 928,740,216 ng (27%) so vi nm 2009, doanh thu thun tng ln l do doanh thu bn hng ca cng ty tng ln v cc khon gim tr gim xung, iu ny cho thy cng ty ang hot ng rt n nh v hiu qu. Mc d chu nh hng ca cuc khng hong nhng sang nm 2011 doanh thu ca cng ty vn tip tc tng (tuy khng ng k) 10,592,506,769 (1.38%) so vi nm 2010. Cc khon gim tr tip tc gim 1,778,002,714 (70.82%). n nm 2012 cc gi tr v doanh thu vn tip tc tng 42,593,614,325 (5.48%), nhng cc khon gim tr tng mnh 836,933,926 (114.23%) so vi nm 2011. Gi vn hng bn ca nm 2010 tng 44,453,772,829 (12.12%) so vi nm 2009. iu ny cho thy cng ty cha kim sot tt ngun nguyn liu u vo tuy nhin li nhun gp v bn hng v cung cp dch v vn tng 59,464,618,917 (20.27%). Sang nm 2011, cng ty kim sot c u vo lm cho gi vn hng bng gim ng k 22,667,041,569 (5.51%) v lm cho li nhun gp tip tc tng 35,037,551,052 (9.93%). n nm 2012 gi vn hng bn tng 52,087,197,278 (13.41%) lm cho li nhun gp gim 10,330,516,879 (2.66%), iu ny cho thy cng ty khng tm c ngun cung ng tt hn, v khng kim sot c ngun nguyn liu u v lm cho gi nguyn vn hng bn tng nhng li nhun gp th li gim. Doanh thu cc hot ng ti chnh nm 2010 gim so vi nm 2009 l 1,114,140,614 (-9.90%) do chi ph li vay tng 35.99%. Nm 2011 so vi 2010, doanh thu t hot ng ti chnh tng 2,800,487,576 (27.62%), do chi ph ti chnh gim 10.60%, chi ph li vay gim mnh 70.43 qua cho thy ci thin c vn u t v kim sot c chi ph ti chnh v to ra c li nhun t hot ng ti chnh cho cng ty. Nm 2012 so vi 2011, doanh thu t cc hot ng ti chnh gim nh 1,214,441,345 (9.38%), iu ny l do chi ph hot ng ti chnh ca cng ty tng 5.18 mc khc do chi ph li vay gim 26.68% nn doanh nghip tng u t. Nm 2010 chi ph bn hng tng mnh 38,393,057,443 (21.11%) so vi nm 2009, ng thi chi ph qun l doanh nghip tng 18.27%, nhng do doanh nghip bit cch qun l v hot ng kinh doanh hiu qu nn li nhun tng 19.42%. Nm 2011 so vi 2010, chi ph bn hng tng nh 14,312,526,520 (6.05%), trong khi , chi ph qun l doanh nghip tng mnh 12,657,974,862 (35.72%) iu ny l do doanh nghip ang tp trung y mnh u t bn hng v qun l doanh nghip tng hiu qun qun l hot ng bn hng, v lm cho li nhun tng 11.80%. Nm 2012 so vi 2011, chi ph bn hng gim 19,096,991,908 (8.14%), chi ph qun l doanh nghip tng mnh 27.23 %. Do doanh nghip qu ch trng vo vic tng chi ph qun l doanh nghip m khng ch trng n chi ph bn hng lm cho vic bn hng gim, li nhun gim 5,918,906,635 (5.33%). V vy doanh nghip cn ch trng n hot ng bn hng tng li nhun. T cc hot ng tng gim trn, ta c th thy c li nhun trc thu ca cng ty nm 2010 tng 17,594,635,100 (21.85%) so vi nm 2009, nm 2011 tng 12,364,774,626 (12.60%) so vi nm 2010. V nm 2012 so vi nm 2011 gim 6,852,462,457 (6.20%). Chi ph thu thu nhp ca doanh nghip nm 2010 tng so vi nm 2009 3,321,778,325 (23.17%), nhng v li nhun trc thu tng nhiu nn li nhun sau thu vn tng 14,758,246,455 (22,46%). Nm 2011 so vi nm 2010, chi ph thu thu nhp doanh nghip tng mnh 15,223,696,443 (86.21%), lm cho li nhun sau thu ca doanh nghip gim 2,858,921,817 (3.55%). Nm 2012 so vi 2011, li nhun trc thu ca doanh nghip gim nn chi ph thu thu nhp ca doanh nghip gim l iu hin nhin v gim 6,860,123,292 (20.86%). Do li nhun sau thu ca doanh nghip tng, nhng tng nh 7,660,835 (0.01%). iu ny cho thy cng ty bt u c nhng khi sc hn so vi nm trc. Cng ty kim sot c cc chi ph nguyn vt liu u vo, ng thi ch trng nhiu hn vo chi ph bn hng v chi ph qun l doanh nghip. iu ny lm cho li c bn trn mi c phiu cng tng gim theo, nm 2010 so vi 2009 tng 1,276 (22.55%), nm 2011 so vi 2010 gim 1,602 (23.10%), nm 2012 so vi 2011 gim 416 (7.80%).3. Phn tch tnh hnh ti chnh thng qua cc t s ti chnh:3.1. Phn tch t s thanh ton:3.1.1. T s thanh ton ngn hn( t s thanh ton hin thi)

Bng phn tch t s thanh ton ngn hn:n v: lnCh tiu2009201020112012

Ti sn ngn hn527,191,362,616497,687,799,358566,759,037,166547,353,277,519

N ngn hn.182,931,007,569.161,740,638,564116,643,883,532134,751,003,548

T s thanh ton ngn hn ca IMP (ln)2.883.114.864.06

T s thanh ton ngn hn ca DHG (ln)2.483.062.742.78

Nhn xt: Qua phn tch trn ta thy, nm 2010 t s thanh ton ngn hn ca cng ty tng ln 0.23 ln so vi nm 2009. Nguyn nhn l ti sn ngn hn nm 2010 gim 5.6% so vi nm 2009 tuy nhin do n ngn hn c tc gim ln hn gim 11.58% so vi nm 2009 lm cho t s thanh ton ngn hn ca cng ty tng ln. Nm 2011, t s thanh ton ngn hn ca cng ty tip tc tng mnh (tng ln 1.75 ln so vi nm 2010). Nguyn nhn do ti sn ngn hn tng mnh 13.87 % trong khi n ngn hn li gim ti 27.88 %. Nm 2012, t s ny gim 0.36 ln so vi nm 2011). Nguyn nhn l do tc tng trng ca ti sn ngn hn gim 3.36% so vi s tng trng ca n ngn hn l 13.23%. So snh t s i th cnh tranh: Giai on 2009 - 2010: T s thanh ton ngn hn ca CTCP Dc Phm Imexpharm c tng 0.23 ln trong khi CTCT Dc Hu Giang cng tng 0.58 ln (gp i Cng ty Imexpharm). iu ny chng t kh nng thanh ton ca Cng ty CP Dc Hu Giang c kh nng thanh ton n ngn hn t ti sn ngn hn tt hn cng ty CT Imexpharm. Giai on 2010-2011: T s thanh ton ngn hn cu cng ty Imexpharm tng mnh 1.75 ln trong khi cng ty Hu Giang li gim xung 0.32 ln. iu ni ln rng cng ty Imexpharm c kh nng thanh ton tt hn nhiu so vi i th, cao. Nhc im: T s thanh ton ngn hn ca cng ty hin ang gim xung trong nhng nm gn y, chng t rng ti sn ngn hn ang c nguy c gim trong khi n ngn hn ngy cng tng ln.3.1.2. T s thanh ton nhanh:

Bng phn tch s liu nhanhn v: VNCh tiu2009201020112012

Ti sn ngn hn527,191,362,616497,687,799,358566,759,037,166547,353,277,519

N ngn hn.182,931,007,569161,740,638,564116,643,883,532134,751,003,548

Tn kho195,920,860,918172,674,152,596222,399,783,739208,206,113,499

T s thanh ton nhanh IMP (ln)1.812.032.952.52

T s thanh ton nhanh DHG (ln)1.852.321.792.00

Nhn xt: T s thanh ton nhanh nm 2009 l 1.81 tc l trong nm 2009 cng ty c 1.81 ng ti sn c tnh thanh khon nhanh tt cho mi ng n n hn. T s ny n nm 2010, 2011 th tng ln lin tc l 2.03 v 2.95. Nhng n nm 2012 th gim xung cn 2.52. Gii thch cho s gim gi tr ny l do gi tr tng gim ca n ngn hn. C th: T nm 2009 - 2010, ti sn ngn hn c tc gim 5.6 %trong khi n ngn hn c tc gim 11.57% v tn kho gim 11.87 %. T nm 2010 - 2011, ti sn ngn hn tng 13.87% trong khi n ngn hn c tc gim 27.88% khng b p c khon tng tn kho l 28.8%. T nm 2011 - 2012, ti sn ngn hn gim 3.36% khng b p c cho n ngn hn tng 13.23% v tn kho ch gim 6.38%. So snh vi i th cnh tranh:.Qua 4 nm: T s thanh ton nhanh ca cng ty dc phm Imexpharm vo nm 2009 thua cng ty dc Hu Giang 0.4 ln, nhng Cng ty Imexpharm tng mnh ngay sau , c thi gian vt mt n 1.16 ln (nm 2011) v hin ti vn ang thng th hn cng ty Hu Giang 0.52 ln. Nhc im: Kh nng thanh ton nhanh ca cng ty khng n nh, ang c nguy c gim st. Nguyn nhn c th: Ti sn ngn hn v lng tn kho ca cng ty khng n nh, tn kho. Chin lc ca cng ty, tng lng tn kho.3.1.3. T s thanh ton bng tin:

Ch tiu2009201020112012

Ti sn ngn hn527,191,362,616497,687,799,358566,759,037,166547,353,277,519

Cc khon phi thu12,808,230,0793,601,370,0003,034,744,5386,852,998,250

Tn kho195,920,860,918172,674,152,596222,399,783,739208,206,113,499

N ngn hn182,931,007,569161,740,638,564116,643,883,532134,751,003,548

T s thanh ton bng tin IMP (ln)0.740.691.20.91

T s thanh ton bng tin DHG (ln)1.191.360.861.10

Nhn xt: T s thanh ton bng tin giai on nm 2009 - 2010 gim t 0.74 xung 0.69 nhng n nm 2011 li tng vt ln 1.2, sau li tip tc gim gi tr ny xung cn 0.91. Gii thch cho s gim gi tr ny do ti sn ngn hn khng b p c phn tng ca tn kho v s gim st ca phi thu khch hng, n ngn hn. T nm 2009 - 2010, phi thu khch hng tng 13.69% trong khi ti sn ngn hn gim 5.6%, tn kho v n ngn hn gim mnh hn 11%. T nm 2010 - 1011, ti sn ngn hn t tng 13.87%, tn kho cng tng hn gp i l 28.8% trong khi phi thu khch hng gim nh 2.85% v n ngn hn 28.8%. T nm 2011 - 2012: ti sn ngn hn gim nh 3.36%, tn kho gim 6.38% trong khi phi thu khch hng tng 4.07% v n ngn hn tng 13.23%. So snh vi i th:Qua 4 nm, t s thanh ton bng tin ca cng ty dc phm Imexpharm c xu hng tng cn cng ty dc Hu Giang c xu hng ln ri li xung trong khi i th l Cng ty li tng nh nhng thng thng th vi mc chnh lch nh vo nm 2012 l 0.19 ln. Nhc im: T s thanh ton bng tin cn mc thp. Nu c vn xy ra th kh i ph kp

3.2. Phn tch t s hot ng3.2.1. S vng quay tn kho

Bng phn tch s vng quay tn kho. n v: VNCh tiu2009201020112012

Gi vn hng bn66,643,390,955411,097,163,784388,430,122,215440,517,319,493

Hng tn kho bnh qun172,087,715,888

184,395,650,257

197,536,968,167.5

215,302,948,619

S vng quay tn kho IMP2.132.231.972.05

S vng quay tn kho DHG2.682.932.492.9

Nhn xt Vng quay tn kho nm 2009 l 2.13 ln v tng nh ln l 2.23 vo nm 2010 nguyn nhn l do gi vn hng bn nm 2010 tng ln 12.12% so vi nm 2009, trong khi hng tn kho bnh qun nm 2010 ch tng ln 7.15% so vi nm 2009. Vng quay hng tn kho nm 2011 li gim mnh xung cn 1.97 ln so vi nm 2010 l 2.23 ln. Nguyn nhn ch yu l do gi vn hng bn nm 2011 gim 5.51% so vi nm 2010, nhng hng tn kho bnh qun nm 2011 li tng ln 7.13% so vi nm 2010. Vng quay tn kho nm 2012 li tng tr li t mc 2.05 nhng vn thp hn nm 2009 v 2010. Nguyn nhn l do gi vn hng bn nm 2012 tng ln 13.41% ng thi hng tn kho bnh qun tng nh hn l 8.99% so vi nm 2011. So snh vi i th: Nhn chung qua 4 nm s vng quay tn kho ca cng ty u thp hn so vi cng ty Dc Hu Giang trung bnh 0.66 ln. Vic qun l tn kho ca IMP km hn cng ty Dc Hu Giang, iu ny c ngha Cng ty bn hng chm, hng ha b ng hn cng ty Dc Hu Giang. Nhc im:Vng quay tn kho ca cng ty thp th hin tc quay vng ca hng ha trong kho thp, ngun vn ca cng ty b chn trong hng tn kho, s ngy tn kho cao, dn n tng chi ph v gim li nhun cng ty.3.2.2. K thu tin bnh qun

Bng phn tch k thu tin bnh qun n v: VNCh tiu2009201020112012

Phi thu bnh qun141,379,508,389.5187,793,143,466.5197,127,854,866.5198,228,869,107.5

Doanh thu thun660,076,129,781763,994,521,527776,365,031,010818,121,711,409

K thu tin bnh qun IMP77889187

K thu tin bnh qun DHG61797170

Nhn xtK thu tin bnh qun nm 2009 ca cng ty dc phm Imexpharm l 77 ngy, tc l bnh qun khong 77 ngy th cng ty thu hi c n.K thu tin bnh qun tng 11 ngy vo nm 2010 (88 ngy) v tip tc tng nh 3 ngy vo nm 2011 (91 ngy), v n nm 2012 th gim xung 4 ngy cn 87 ngy. Nguyn nhn l do cc khon thu ngn hn bnh qun nm 2010 tng 32.83% so vi nm 2009, nm 2011 tng 4.97% so vi nm 2010, nm 2012 tng ch 0.56% so vi nm 2011. Bn cnh , c s tng ln ca doanh thu thun: nm 2010 tng 15.74% so vi nm 2009, nm 2011 tng 1.62% so vi nm 2010, nm 2012 tng 5.38% so vi nm 2011. So snh vi i th: Qua 4 nm, k thu tin ca cng ty c phn dc phm Imexpharm cao hn so vi cng ty Dc Hu Giang: Nm 2009 cao gp 1.26 ln, nm 2010 cao gp 1.11 ln, nm 2011 cao gp 1.28 ln, nm 2012 cao gp 1.24 ln. Nhc im:Kh nng thu hi n ca cng ty thp, Vn cng ty ang b khch hng chim dng. Nguyn nhn c th:Do chin lc pht trin ca cng ty, cng ty mun chim lnh th trng thng qua qua chin lc bn hng tr chm hay ti tr cho cc chi nhnh, i l nn dn n s ngy thu tin bnh qun cao.3.2.3. Vng quay ti sn

Ch tiu2009201020112012

Doanh thu thun660,076,129,781763,994,521,527776,365,031,010818,121,711,409

Tng ti sn732,989,695,745750,749,805,484824,703,424,736861,610,857,560

Vng quay ti sn IMP (vng)0.991.030.980.97

Vng quay ti sn DHG (vng)1.341.221.311.34

Nhn xt:Vng quay ti sn nm 2009 l 0.99 ngha l trong nm 2009 th 1 ng ti sn ca Cng ty s to ra 0.99 ng doanh thu. V s ny vo nm 2010 l 1.03 v nm 2011 l 0.97. Gi tr ny tng, gim khng u qua cc nm, cho thy kh nng s dng ti sn to ra doanh thu ca cng ty ngy cng gim. Nguyn nhn do doanh thu thun v tng ti sn u tng nhng tc tng ca doanh thu thun thp hn so vi tc tng ca tng ti sn. C th tc tng ca doanh thu thun nm 2010 so vi nm 2009 l 15.74% v nm 2011 c tc tng l 1.62% v nm 2012 tng 5.38%. Trong khi tng ti sn c tc tng 2.42% so vi nm 2009, n nm 2011 tng ti sn tng ln 10.25%,v nm 2012 l 4.1%. So snh vi i th cnh tranh:Vng quay ti sn ca cng ty c phn dc Imexpharm thp hn cng ty dc Hu Giang: nm 2009 l 35.35%, 2010 l 18.45%, 2011 l 33.67%, sang nm 2012 thp hn 38.14%. Bn cnh , vng quay ti sn ca cng ty c phn Imexpharm cn c xu hng gim t nm 2010 n 2012.Cng ty dc Imexpharm cn phi ci thin tnh hnh s dng ti sn.3.2.4. Vng quay ti sn c nh

Ch tiu2009201020112012

Doanh thu thun660,076,129,781763,994,521,527776,365,031,010818,121,711,409

TSC152,338,481,860205,072,858,494213,029,696,465269,737,803,586

Vng quay TSC IMP4.644.283.713.39

Vng quay TSC DHG7.547.536.636.00

Nhn xt:Vng quay ti snc nh nm 2009 l 4.64 ln tc l trong nm 2010 th 4.64 ng doanh thu c to ra t 1 ng ti sn c nh. Con s ny gim xung cn 4.28 ln vo nm 2010, 3.71 vo nm 2011 v 3.39 vo nm 2012. Nguyn nhn l do: TSC tng nhanh hn so vi doanh thu qua tng nm. Ta c th thy tc tng ca doanh thu thun nm 2010 so vi nm 2009 l 15.74%, nm 2011 c tc tng l 1.62% v nm 2012 tc tng l 5.38%. Trong khi TSC nm 2010 c tc tng 34.39% so vi 2009, nm 2011 l 4.06% so vi 2010 v nm 2012 tng 26.2% so vi nm 2011. So snh vi i th cnh tranh:So vi cng ty c phn dc Hu Giang, th vng quay TSC nm 2009 ca Imexpharm thp hn 38.46%, nm 2010 thp hn 43.16%, nm 2011 thp hn 44.04%,v nm 2012 thp hn 43.5%. iu ny cho thy Imexpharm khng lm tt cng tc s dng ti sn c nh bng i th cnh tranh.3.3. Phn tch c cu ti chnhPhn tch t s n:

Ch tiu2009201020112012

Tng n188,183,065,512161,142,139,481118,671,482,838147,428,003,558

Tng ti sn731,468,923,490750,749,805,484827,689,053,164861,610,857,560

T s n (%)25.7321.4614.3417.11

T s n i th cnh tranh (DHG) (%)33.1029.1630.1828.37

Nhn xt: T s n cho thy t l n c s dng trong tng ngun vn ca doanh nghip. T s ny cho bit c bao nhiu phn trm ti sn ca doanh nghip l t i vay. Qua y bit c kh nng t ch ti chnh ca doanh nghip. T s n nm 2010 l 21.46% gim so vi nm 2009 l 25.73%. Nguyn nhn l do tng n ca cng ty gim 14.37%, kt hp vi tng ti sn tng 2.64%. Lm cho t s n gim i. T s n nm 2011 l 14.34% gim so vi nm 2010 l 21.46%. Nguyn nhn l do tng n ca cng ty gim 26.34%, kt hp vi tng ti sn tng 10.25%. Lm cho t s n gim i. T s n nm 2012 l 17.11% tng so vi nm 2011 l 14.34%. Nguyn nhn l do tng n cng ty tng 24.23%, kt hp vi vic tng ti sn tng 4.1%. Lm cho t s n tng ln. So snh vi i th cnh tranh:Nhn chung, t s n ca IMP c 4 nm u thp hn so vi DHG. Nm 2009, t s n ca IMP thp hn DHG l 7.37%. Nm 2010, IMP thp hn DHG l 7.7%. Nm 2011, IMP thp hn DHG 15.84%. Nm 2012, IMP thp hn DHG 11.26%. Mc chnh lch t s n gia IMP v DHG trung bnh ca 4 nm l 10.54%, iu ny chng t IMP cha tht s s dng tt n by ti chnh so vi dc Hu Giang. Nhc im:T s n ca cng ty IMP kh thp khi so snh vi i th cnh tranh cng ngnh, iu ny lm cho vic s dng n by ti chnh ca cng ty khng s dng tt.Cha huy ng c nhiu vn bng hnh thc i vay.T s t ti tr:

Ch tiu2009201020112012

Vn ch s hu543,285,857,978589,607,666,003709,017,570,326714,182,854,002

Tng ti sn731,468,923,490750,749,805,484827,689,053,164861,610,857,560

T s t ti tr (%)74.2778.5485.6682.89

T s n ca i th cnh tranh DHG (%)66.970.8469.8271.63

Nhn xt: T s t ti tr ca IMP trong nm 2010 l 78.54% tng so vi nm 2009 l 74.27%. Nguyn nhn l do tng ti sn ca IMP tng ln 2.64%, ng thi vn ch s hu ca IMP tng ln 8.53%. Lm cho t s t ti tr tng ln. T s t ti tr ca IMP trong nm 2011 l 85.66% tng so vi nm 2010 l 78.54%. Nguyn nhn l do tng ti sn ca IMP tng ln 10.25%, ng thi vn ch s hu ca IMP tng ln 20.25%. Lm cho t s t ti tr tng ln. T s t ti tr ca IMP trong nm 2012 l 82.89% gim so vi nm 2011 l 85.66%. Nguyn nhn l do tng ti sn ca IMP tng ln 4.1%, ng thi vn ch s hu ca IMP tng ln 0.73%. Lm cho t s t ti tr gim xung. So snh vi i th canh tranh Nhn chung, t s t ti tr ca IMP c 4 nm u cao hn hn khi so vi DHG. Nm 2009, t s t ti tr ca IMP cao hn DHG 7.37%. Nm 2010, t s t ti tr ca IMP cao hn DHG 7.7%. Nm 2011, t s t ti tr ca IMP cao hn DHG 15.84%. Nm 2012, t s t ti tr ca IMP cao hn DHG 11.26%. Nhc im:T s t ti tr ca IMP trong c 4 nm u cao hn khi so vi i th cnh tranh cng ngnh, t s t ti tr ca IMP nhn chung l tng trong 4 nm t 2009 n nm 2012. iu ny cho thy rng kh nng t ch ca IMP l rt tt. Tuy nhin, t s ny qu cao, chng t doanh nghip cha huy ng c nhiu vn t i vay dn n vic s dng n by ti chnh ca IMP cha tt. T s kh nng tr li vay (trang tri li vay)

Bng kh nng tr lin v: VNCh tiu2009201020112012

Li nhun trc thu80,528,353,03798,120,827,716110,487,762,763103,635,300,306

Li vay1,796,689,8732,443,259,953722,528,372529,808,379

Kh nng tr li vay ca IMP (ln)45.8241.16153.91196.61

Kh nng tr li nay ca DHG (ln)121.84216.92241.79224.92

Nhn xt: Kh nng tr li vay o lng kh nng s dng li nhun t hot ng sn xut kinh doanh tr li vay ca cng ty. Kh nng tr li vay ca cng ty nm 2009 l 45.82 ln, nm 2011 gim xung cn 41.16 ln. Nguyn nhn l do doanh thu thun gim t 17.48% xung cn 15.74 % trong khi chi ph li vay tng 35.98% Kh nng tr li vay ca cng ty nm 2011 l 153.91 ln tng so vi nm 2010 l 41.16 ln.Nguyn nhn l do doanh thu thun tng 1.62% so vi nm 2010 v chi ph li vay gim mnh 70.43% so vi nm 2010. iu ny cho thy doanh thu tng l do hot ng sn xut kinh doanh ca cng ty tt hn do s dng ngun vn mt cch hiu qu. Kh nng tr li ca cng ty nm 2012 l 196.61 ln tng so vi nm 2011 l 153.91 ln. Nguyn nhn l do doanh thu thun tng 5.38% so vi nm 2011 v chi ph li vay gim 26.68% so vi nm 2011. Hot ng sn xut kinh doanh ca cng ty ang tin trin tt. Nhn chung, t s kh nng tr li vay ca cng ty c s thay i qua cc nm. c bit t s kh nng tr li vay nm 2012 mnh ln 196.61 ln c ngha l c mi ng chi ph li vay cng ty c n 196.61 ng li nhun t hot ng sn xut kinh doanh c th s dng tr li vay ngn hng. Vic cng ty c kh nng tr li vay cao s lm cho cc ch n, c ng v cc nh u t di hn hi lng. So snh vi i th cnh tranh:Ta thy kh nng tr li vay ca cng ty IMP thp hn rt nhiu so vi DHG. Nm 2009 kh nng tr li vay ca IMP l 45.82 ln trong khi DHG l 121.84 ln. Nm 2010 kh nng tr li vay ca IMP l 41.16 ln trong khi DHG l 216.92 ln. Nm 2011 kh nng tr li vay ca IMP l 153.91 ln thp hn so vi DHG l 241.79 ln. Nm 2012 kh nng tr li vay ca IMP l 196.61 ln trong khi DHG l 224.92 ln. Qua ta c th nhn thy cng ty c phn dc IMEXPHARM (IMP) c kh nng tr li vay km hn nhiu so vi cng ty c phn dc Hu Giang (DHG). 3.4. Phn tch t s li nhun3.4.1. Li nhun gp trn doanh thu thun.Bng phn tch t s li nhun gp trn doanh thu.(VT: VN)Ch tiu201020112012

Li nhun gp352,897,357,743387,934,908,795377,604,391,916

Doanh thu thun763,994,521,527776,365,031,010818,121,711,409

Li nhun gp trn doanh thu ca IMP46.19%50.00%46.16%

Li nhun gp trn doanh thu ca Dc Hu Giang50.06%48.53%49.26%

Nhn xt:T nm 2010 n 2011 t s li nhun gp trn doanh thu c xu hng tng (t 46.19% ln 49.97%). V: Trong giai on ny li nhun gp tng 10% do doanh thu bn hng v cung cp dch v tng 1.4% ng thi cc khon gim tr doanh thu cng gim 70.8% so vi nm 2010. ng thi gi vn hng bn cng gim 5.5% so vi 2010. Doanh thu thun c s tng nh trong giai on ny l v: doanh thu bn hng v cung cp dch v tng 1.4% so vi 2010, trong khi cc khon gim tr li gim mnh (gim 70.8%) so vi nm trc l 2010.Nhng t nm 2011 n nm 2012 th t s ny li c xu hng gim nh (t 49.97% xung 46.15%). V: Li nhun gp gim 2.6% v ga vn hng bn tng 13.4% so vi 2011. Doanh thu thun c xu hng tng do nh hng ca doanh thu bn hng v cung cp dch v tng 5.5% v cc khon gim tr doanh thu tng 14% so vi 2011.Tuy nhin, nu so snh vi t s ca cng ty dc Hu Giang th nhn chung vn thp hn. C th l nm 2010 ca cng ty l 46.19% thp hn ca dc Hu Giang l 50.06%, 2011 l 49.97% cao hn 48.53% ca dc Hu Giang, 2012 l 46.15% thp hn 49.26% ca h.

3.4.2. T s doanh li tiu th.

Bng phn tch doanh li tiu th (ROS)n v: VNCh tiu201020112012

Li tc sau thu80,464,967,39377,606,045,57677,613,706,411

Doanh thu thun763,994,521,527776,365,031,010818,121,711,409

ROS ca IMP10,53%10%9,49%

ROS ca Dc Hu Giang18,84%16,85%16,76%

Nhn xtROS ca cng ty qua 3 nm u gim v thp hn rt nhiu so vi i th cnh tranh l cng ty dc Hu Giang. Giai on 2010 2011: gim 0.53% v :Trong giai on ny, li nhun sau thu gim mnh ng thi doanh thu thun li c xu hng tng nh. C th l: doanh thu thun tng 1.62% so vi nm trc, cn li nhun sau thu gim 3.55% so vi nm trc. Nguyn nhn l: Li nhun sau thu nm 2011 gim l do nh hng t tng li nhun k ton trc thu v chi ph thu thu nhp doanh nghip hin hnh. Tng li nhun k ton trc thu ch tng 12.6% trong khi chi ph thu thu nhp doanh nghip hin hnh li tng n 86.2% lm cho phn trm ca li nhun sau thu gim. ng thi cc chi ph khc nh chi ph bn hng tng 6.5%, chi ph QLDN tng 35.7% so vi nm 2010 cng gp phn lm cho li nhun sau thu gim. Doanh thu thun c s tng nh trong giai on ny l v: doanh thu bn hng v cung cp dch v tng 1.4% so vi 2010, trong khi cc khon gim tr li gim mnh (gim 70.8%) so vi nm trc l 2010. Giai on 2011 2012: cng ging giai on trc, giai on ny ROS tip tc gim 0.51%. V:C hai yu t l li nhun sau thu v doanh thu thun u tng. Tuy nhin, li nhun sau thu li tng khng ng k so vi phn trm gia tng ca doanh thu thun. C th: li nhun sau thu ch tng hn 0.98% cn doanh thu thun tng 5.4% so vi nm 2011. Nguyn nhn: Li nhun sau thu tng nh do tng li nhun k ton trc thu gim nh (6.2%) trong khi chi ph thu TNDN hin hnh li gim mnh hn (20.9%). ng thi, nm 2012 th chi ph bn hng gim 8.1% cng lm li nhun sau thu tng. Doanh thu thun c xu hng tng do nh hng ca doanh thu bn hng v cung cp dch v tng 5.5% v cc khon gim tr doanh thu tng 14% so vi 2011.Kt lun: Kh nng sinh li trn doanh thu ca cng ty tng i tt, tuy nhin vn thp hn rt nhiu so vi i th cnh tranh l cng ty dc Hu Giang. Cng ty cn c cc chnh sch qun tr chi ph tt hn cng nh m rng sn xut v cht lng sn phm tng doanh thu.3.4.3. Doanh li vn u t (ROA)

n v : VNCh tiu201020112012

Li nhun sau thu80,465,662,19777,606,045,57677,613,706,411

Tng ti sn751,000,320,463827,689,053,164861,610,857,560

Doanh li vn u t10.86 %9.83%9.19 %

i th cnh tranh DHG22.94 %21.78 %22.22 %

Nhn xt : Doanh li vn u t phn nh kt qu hot ng sn xut kinh doanh, nh hiu qu ca cc ti sn c u t hay cn gi l kh nng sinh li ca u t. ROA nhn chung gim u qua cc nm vi mc gim nh. Giai on 2010 2011: Gim 1.03 % Li nhun sau thu gim 3.7 % nhng tng ti sn li tng thm 10.2% so vi nm 2010. Li nhun sau thu gim l do nh hng ca vic gim mnh chi ph li vay t 2010 2011. ng thi c s tng ln ca cc khon ti sn ngn hn 13.9 %, v ti sn di hn 3% so vi nm 2010 dn n vic lm gim ROA. Giai on 2011 - 2012: Gim 0.64 % Nhn chung nguyn nhn lm cho ROA trong giai on ny gim l do tng ti sn tng 4.1% so vi nm 2011 ch yu l do s tng ln ca ti sn di hn (20.4 %) trong khi li nhun sau thu ch chnh lch khng ng k (0.0099%). So snh doanh li vn u t :Doanh li vn u t ca cng tu c phn dc HU GIANG cao hn cng ty c phn dc phm IMEXPHARM. Nm 2010 s chnh lch v doanh li vn u t ca 2 cng ty l 12.08% (dc HU GIANG cao hn dc phm IMEXPHARM), n nm 2012 khong cch li tip tc tng nh n 13.03%. iu ny cho thy cng ty c phn dc HU GIANG hot ng kinh doanh tt hn cng ty c phn dc phm IMEXPHARM, hot ng qun l v s dng ti sn t hiu qu tt hn.3.4.4. Doanh li vn ch s hu (ROE)

n v: VNCh tiu201020112012

Li nhun sau thu80.464.967.39377.606.045.57677.613.706.411

Vn ch s hu589.259.681.899709.017.570.326714.182.854.002

Doanh li vn ch s hu14.3%11.96%10.9%

i th cnh tranh (DHG)33.47%31.22%31.66%

Nhn xt: Doanh li vn ch s hu phn nh hiu qu ca vn t c, hay chnh xc hn l o lng mc sinh li u t ca vn ch s hu. y l ch tiu c cc nh u t quan tm n v n cho h bit kh nng thu c li nhun so vi vn h b ra ban u. ROE c 2 giai on u c xu hng gim, nm 2011 gim 2.34% so vi nm 2010 v nm 2012 tip tc gim nhng gim nh, khong 1.06%. V ROE ca cng ty vn thp hn trung bnh ngnh kh nhiu. Giai on 2010 2011: gim 2.7% Trong khi li nhun sau thu gim 3.7% so vi nm 2011 th vn ch s hu tng 20.3%. Do vn ch s hu tng nhiu hn so vi li nhun sau thu nn lm gim ROE. Vn ch s hu tng nhanh mt phn l do cng ty tng qu d phng ti chnh (21.7 %) v s gia tng ca thng d vn c phn (23.4%). Giai on 2011 2012: gim 1.06% Li nhun sau thu v vn ch s hu u tng nhng khng ng k ( li nhun tng 0.0099% cn vn ch s hu tng 0.7%). Mt phn vn do cng ty tng qu u t pht trin (16%) v qu d phng ti chnh (7.2%) nn vn ch s hu tng nhanh hn li nhun sau thu, v vy tip tc lm ROE gim, tuy nhin mc gim khng ng k.3.5. Phn tch kh nng sinh li bng phng trnh dupont Phn tch Dupont: l k thut phn tch bng cch tch mt t s tng hp phn nh mc sinh li ca doanh nghip nh: ROA v ROE thnh tch s ca chui cc t s c mi quan h nhn qu vi nhau t phn tch s nh hng, nh gi tc ng ca tng yu t ln kt qu cui cng. Phn tch Dupont: thng c s dng c ci nhn c th, tm ra c nguyn nhn ca hin trng ti chnh ra quyt nh xem nn ci thin tnh hnh ti chnh ca cng ty bng cch no. Mc ch chnh ca vic s dng phng php ny nhm ch ra cch s dng vn ch s hu sao cho hiu qu sinh li l nhiu nht.Cc khon mc201220112010

Gi vn bn hng khng gm khu hao440.517.319.493388.430.122.215411.098.324.305

Chi ph bn hng khng gm khu hao215.485.271.431234.589.263.339220.269.736.819

Chi ph qun l khng gm khu hao61.196.864.88048.097.690.05035.440.715.188

Khu hao28.644.884.23416.747.340.529

Chi ph ti chnh7.549.624.9657.216.066.4768.028.882.512

Thu thu nhp doanh nghip26.021.593.89533.138.720.03017.655.165.519

Tr li nhun khc1.463.853.966515.926.5721.176.512.488

Tin v cc khon tng ng tin122.127.216.023140.281.015.336111.006.558.369

Khon phi thu khch hng197.655.839.401175.764.621.814193.039.884.714

Hng tn kho211.432.941.243224.083.511.919173.357.386.690

Ti sn c nh269.737.803.586213.029.696.465205.072.858.494

u t di hn29.928.534.70033.039.734.70033.809.734.700

Ti sn khc14.591.241.75514.860.584.83314.429.927.911

Ta c s phn tch Dupont nh sau:

Qua s ta thy: t sut li nhun trn vn ch s hu (ROE) chu nh hng bi 2 nhn t l li nhun trn ti sn (ROA) v t s n m ROA chu tc ng bi 2 nhn t l t s li nhun trn doanh thu (ROS) v vng quay ti sn. Do , cc yu t tc ng n ROE gm: ROS, vng quay ti sn v t s n. Phn tch t sut sinh li trn doanh thu (ROS)

Li nhun sau thu = Doanh thuthun Tng chi ph v thuSo snh t s li nhun trn doanh thuCh tiu201020112012

Li tc sau thu80.464.967.39377.606.045.57677.613.706.411

Doanh thu thun763.994.521.527776.365.031.010818.121.711.409

ROS ca IMP10,53%10%9,49%

ROS ca Dc Hu Giang18,84%16,85%16,76%

Nm 2010, t s li nhun trn doanh thu ca cng ty IMP l 10.53% thp hn t s li nhun trn doanh thu ca cng ty Dc Hu Gianng l 18.84%. v gim lin tip trong 2 nm 2011, 2012 ln lt l 10%, 9.49%. Kt lun: Kh nng sinh li trn doanh thu ca cng ty tng i tt, tuy nhin vn thp hn rt nhiu so vi i th cnh tranh l cng ty dc Hu Giang.Cng ty cn c cc chnh sch qun tr chi ph tt hn cng nh m rng sn xut v cht lng sn phm tng doanh thu. Doanh li vn u t (ROA)

n v : VNCh tiu2009201020112012

Li nhun sau thu65.706.720.93880.465.662.19777.606.045.57677.613.706.411

Tng ti sn731.468.923.490751.000.320.463827.689.053.164861.610.857.560

Doanh li vn u t9.89%10.86 %9.83%9.19 %

i th cnh tranh DHG27.43%22.94 %21.78 %22.22 %

Kt lun: Giai on 2009 2010 cng ty hot ng c hiu qu nn doanh li ti sn tng 0.97%. Nhng sau nm 2011, doanh li ti sn gim so vi nm 2010 cho thy vic s dng ti sn ca cng ty gim Nm 2012, con s ny vn tip tc gim nhng gim t hn so vi nm trc, qua cho thy cng ty v ang c nhng chnh sch qun l v s dng ti sn hp l nhm ci thin tnh hnh. Tuy vy, c th do vic t chc s dng ti sn cng ty cha t yu cu nn mc ci thin cha cao. Cng ty khng t mc tiu vi 1 ng ti sn thu v cho c ng hin ti v tng lai phi nhiu hn cc k trc . Doanh li vn ch s hu (ROE)

n v: VNCh tiu2009201020112012

Li nhun sau thu65.706.720.93880.464.967.39377.606.045.57677.613.706.411

Vn ch s hu537.729.915.921589.259.681.899709.017.570.326714.182.854.002

Doanh li vn ch s hu12.5%14.3%11.96%10.9%

i th cnh tranh (DHG)41.73%33.47%31.22%31.66%

Kt lun: Giai on 2009 2010 cng ty vn ang hot ng tt, doanh li vn ch s hu tng 1.8%. Tuy nhin, trong 2 giai on sau th doanh li vn ch s hu u gim dn, tuy giai on 2011-2012 gim khng ng k nhng qua vn thy c cng ty hot ng cha c hiu qu. Li nhun cho cc c ng gim. Hn na li thp hn mc trung bnh ngnh, iu ny s khng c cc ch s hu tn thnh.3.6. Cc ch s chng khon3.6.1. Thu nhp mi c phiu thng (Earning Per Share: EPS)y l phn li nhun m cng ty phn b cho mi c phn thng thng ang c lu hnh trn th trng. EPS c s dng nh mt ch s th hin kh nng kim li nhun ca doanh nghip, c tnh bi cng thc:

EPS ca IMP v DHG:2009201020112012

IMP (ng)5,656.00 6,934.00 5,469.00 5,104.00

DHG (ng)17,045.00 14,342.00 9,695.00 7,445.00

Nhnxt:T nm 2009 n nm 2010 th EPS ca IMP tng ln 1,278 (tng 22.6%). T nm 2010 n nm 2011 th EPS ca IMP gim i 1,465 (gim 21.13%). T nm 2011 n nm 2012 th EPS ca IMP gim i 365 (gim 6.67%) So snh vi i th cnh tranh:Nhn chung c 4 nm t nm 2009 n nm 2012 th ch s EPS ca IMP u t hn khi so vi DHG. Nm 2009, DHG hn IMP l 11,389, nm 2010 th DHG hn IMP l 7,408, nm 2011 th DHG hn IMP l 4226, nm 2012 th DHG hn IMP l 2341. Khong cch EPS gia DHG v IMP c gim dn qua cc nm nhng DHG vn hn IMP. T thy rng kh nng kim li nhun ca IMP t hn DHG3.6.2. T s gi th trng trn thu nhp (Price- Earning: P/E)T s P/E lt s ti chnhdng nh gi mi lin h gia th gi hin ti ca mtc phiu(gi c phiu ch chng khon) vt s thu nhp trn c phn, hay cho bitnh u tsn sng tr gi bao nhiu cho mt c phiu trn th trng chng khon.

P/E ca IMP v DHG:2009201020112012

IMP (ln)14.94 8.87 7.08 6.92

DHG (ln)6.69 8.37 5.78 9.81

Nhn xt:T nm 2009 n nm 2012, ch s P/E ca IMP gim dn qua cc nm. Nm 2009 n nm 2010 th P/E ca IMP gim i 6.07 (gim 40.63%). Nm 2010 n nm 2011 th P/E ca IMP gim i 1.79 (gim 20.18%). Nm 2011 n nm 2012 th P/E ca IMP gim i 0.16 (gim i 2.26%) So snh vi i th cnh tranh:Ch s P/E ca IMP trong 3 nm t 2009 n nm 2011 u cao hn DHG, nm 2012 th DHG c ch s P/E cao hn IMP. Nm 2009, IMP cao hn DHG l 8.25. Nm 2010, IMP cao hn DHG l 0.5. Nm 2011, IMP cao hn DHG l 1.3. Nm 2012, DHG cao hn IMP l 2.89.CHNG III. NHN XT, GII PHP V KIN NGH:1. Nhn xtMt doanh nghip mun t c kt qu tt trong hot ng sn xut kinh doanh cn phi c mt k hoch c th c xy dng mt cch khoa hc.Bng vic phn tch bo co ti chnh cng ty ta c th thy tnh hnh phn phi, s dng vn, ti sn, ng thi tm ra nhng hn ch cng nh kh nng tim tng ca cng ty.T a ra nhng nhn nh chnh xc v hp l trong tng lai.i vi cng ty c phn dc phm IMEXPHARM, trc tnh trng kh khn ca nn kinh t hin nay cng ty cng lm vo tnh trng kh khn.iu khin cng ty cn c nhng bin php nng cao kh nng sinh li nhng vn m bo kh nng thanh ton v kh nng tr n. Thu nhp trn mi c phn (EPS) ca cng ty khng n nh qua cc nm. Nm 2009-2010 tng 22.6% nhng li gim mnh cc nm tip theo nm 2012 EPS l 5,101,00 ng gim 9.76% so vi nm 2009. Gi tr s sch ca c phiu (BVPS) tng trng khng n nh. Ch s gi trn thu nhp (P/E) gim mnh qua cc nm. Nm 2012 l 6.92 ln gim 50.68% so vi nm 2009 H s bin li nhun gp tng u qua cc nm.nm 2009 l 44.45% n nm 2012 l 46.16% H s bin li nhun rng c s bin ng qua cc nm. So vi nm 2009 l 9.95% th nm 2010, 2011 tng nh ln lt l 10.53% v 10.00%. nhng n nm 2012 gim xung cn 9.49% T sut sinh li trn VCSH tng trng khng n nh.so vi nm 2009 l 12.51% th nm 2010 tng ln l 14.28%. nhng 2 nm 2011, 2012 li gim xung cn 11.96% v 10.91% T sut sinh li trn tng ti sn thay i qua tng nm.so vi nm 2009 l 9.90% th nm 2012 gim cn 9.19% Kh nng thanh ton hin hnh tng qua tng nm. 2009 l 2.88 ln n 2012 tng mnh l 4.06 ln Kh nng thanh ton li vay tng mnh theo tng nm. 2009 l 45.82 ln nhng n 2012 tng 196.61 ln T s n trn tng ti sn gim u theo nm. 2009 t s n / tng ti sn 26.49% n 2012 gim cn 17.11% T s n vay trn vn ch s hu gim mnh.2009 l 7.4% n 2011 l 0.00%2. Gii php v kin nghQun l cc yu t u vo Tit kim v gim thiu chi ph kinh doanh nh hng u t TSC: u t TSC trong sn xut kinh doanh nhm to ra nng lc sn xut mi cho DN, p ng nhu cu sn xut kinh doanh cng nh m rng quy m sn xut, phc v cho pht trin lu di ca DN. u t s lm cho DN ngy cng pht trin, to tin cho thnh cng ca DN trong tng lai. V vy, u t di hn c ngha rt quan trng mang tnh chin lc, quyt nh s sng cn ca DN v vic la chn cc khon mc u t cn c nghin cu v thm nh k. Qua qu trnh phn tch, ta thy rng, cng u t TSC th t sut li nhun ca DN cng cao, do vy cc DN cn mua thm my mc v trang thit b hin i ng thi c k hoch m rng quy m h thng kho. Ch ng ngun nguyn liu: Mua nc ngoi: Mua v sn xut nguyn liu trong nc Nng cao cht lng ngun nhn lcQun l cc yu t u ra Bin php y mnh tiu th y nhanh tc thu n i vi khch hng Nng cao cht lng sn phm, m bo p dng tiu chun GPP cho cc nh thuc. Chnh sch tn dng vi ngn hng v ngi bn Tng cng u tin tr n ngn hng u tin thanh ton cho nhng ngi bn c chit khu cao, i tc quan trong ca doanh nghipChin lc trong tng lai DN phi c nh v c sn phm, to c nt c trng ring trong chin lc pht trin trung v di hn. Bn cnh , cc DN cn nh v c phn khc th trng v sn phm, trnh u t dn tri ra ngoi lnh vc dc. Tng cng m rng, tm kim th trng u ra i vi cc nh my xy dng mi v chun b a vo sn xut trong nhng nm tip theo. y l yu t rt quan trng quyt nh hiu qu hot ng ca DN dc trong nhng nm sp ti.

PH LCBng cn i K ton cng ty c phn dc phm Imexpharm.n v (VN)CN I K TONN/2009N/2010N/2011N/2012

TI SN-

A. TI SN NGN HN527.191.362.616497.687.799.358566.759.037.166547.353.277.519

I. Tin v cc khon tng ng tin135.040.362.163111.006.558.369140.281.015.336122.127.216.023

1. Tin38.188.705.81612.156.558.36982.981.015.33623.390.216.023

2. Cc khon tng ng tin96.851.656.34798.850.000.00057.300.000.00098.737.000.000

II. Cc khon u t ti chnh ngn hn12.808.230.0793.601.370.0003.034.744.5386.852.998.250

1. u t ngn hn15.528.721.7706.829.361.7706.770.259.77013.420.376.920

2. D phng gim gi u t ngn hn(2.720.491.691)(3.227.991.770)(3.735.515.232)(6.567.378.670)

III. Cc khon phi thu ngn hn175.894.946.772199.980.951.371194.274.758.362202.182.979.853

1. Phi thu khch hng158.194.094.276193.039.884.714175.764.621.814197.655.839.401

2. Tr trc cho ngi bn18.008.166.23714.831.329.00827.026.418.8469.285.259.237

3. Phi thu ni b ngn hn---

4. Phi thu theo tin k hoch hp ng xy dng---

5. Cc khon phi thu khc3.555.940.844996.078.3491.479.066.6306.093.036.141

6. D phng phi thu ngn hn kh i(3.863.254.585)(8.886.340.700)(9.995.348.928)(10.851.154.926)

IV. Hng tn kho195.920.860.918172.674.152.596222.399.783.739208.206.113.499

1. Hng tn kho196.943.207.259173.357.386.690224.083.511.919211.432.941.243

2. D phng gim gi hng tn kho(1.022.346.341)(683.234.094)(1.683.728.180)(3.226.827.744)

V. Ti sn ngn hn khc7.526.962.68410.424.767.0226.768.735.1917.983.969.894

1. Chi ph tr trc ngn hn-43.324.245-1.825.602

2. Thu GTGT c khu tr537.837.3022.908.447.8233.973.832.7113.350.355.962

3. Thu v cc khon khc phi thu Nh nc-87.003.36785.394.08785.394.087

---

4. Ti sn ngn hn khc6.989.125.3827.385.991.5872.709.508.3934.546.394.243

B. TI SN DI HN204.277.560.874253.312.521.105260.930.015.998314.257.580.041

I. Cc khon phi thu di hn---

II. Ti sn c nh152.338.481.860205.072.858.494213.029.696.465269.737.803.586

1. Ti sn c nh hu hnh41.741.255.762144.801.049.985150.427.924.834187.205.647.037

- Nguyn gi132.360.994.776237.011.718.922265.024.967.914332.996.993.286

- Gi tr hao mn ly k(90.619.739.014)(92.210.668.937)(114.597.043.080)(145.791.346.249)

2. Ti sn c nh thu ti chnh---

3. Ti sn c nh v hnh55.070.374.84255.801.160.68157.935.497.78760.780.407.955

- Nguyn gi56.444.913.74357.944.913.74360.652.480.89564.057.943.259

- Gi tr hao mn ly k(1.374.538.901)(2.143.753.062)(2.716.983.108)(3.277.535.304)

4. Chi ph xy dng c bn d dang55.526.851.2564.470.647.8284.666.273.84421.751.748.594

III. Bt ng sn u t---

IV. Cc khon u t ti chnh di hn37.648.493.70033.809.734.70033.039.734.70029.928.534.700

1. u t vo cng ty con---

2. u t vo cng ty lin kt, lin doanh19.810.876.70019.810.876.70019.810.876.70023.139.676.700

3. u t di hn khc22.892.628.00020.653.858.00016.368.495.90010.778.858.000

4. D phng gim gi u t ti chnh di hn(5.055.011.000)(6.655.000.000)(3.139.637.900)(3.990.000.000)

V. Li th thng mi---

VI. Ti sn di hn khc14.290.585.31414.429.927.91114.860.584.83314.591.241.755

1. Chi ph tr trc di hn14.290.585.31414.429.927.91114.860.584.83314.591.241.755

TNG CNG TI SN731.468.923.490751.000.320.463827.689.053.164861.610.857.560

NGUN VN-

A. N PHI TR193.739.007.569161.740.638.564118.671.482.838147.428.003.548

I. N ngn hn182.931.109.156160.034.916.818116.643.883.532134.751.003.548

1. Vay v n ngn hn30.761.248.04314.587.075.6863.500.000.000

2. Phi tr ngi bn56.364.422.82074.783.665.62720.698.843.67864.398.444.317

3. Ngi mua tr tin trc46.624.828.36221.746.555.00917.532.723.9839.764.881.040

4. Thu v cc khon phi np Nh nc23.076.948.1679.261.104.52712.892.684.0656.451.015.585

5. Phi tr ngi lao ng6.642.709.5888.540.113.59516.655.427.95319.334.808.601

6. Chi ph phi tr9.239.615.79022.534.687.71331.326.117.42928.957.870.223

7. Phi tr ni b---

8. Phi tr theo tin k hoch hp ng xy dng---

9. Cc khon phi tr, phi np ngn hn khc4.665.394.3298.204.729.1895.223.670.9172.730.634.894

10. D phng phi tr ngn hn---

11. Qu khen thng phc li5.555.942.057376.985.4728.814.415.5073.113.348.888

II. N di hn10.807.898.4131.705.721.7462.027.599.30612.677.000.000

1. Phi tr di hn ngi bn---

2. Phi tr di hn ni b---

3. Phi tr di hn khc1.127.000.0001.127.000.0001.177.000.0001.177.000.000

4. Vay v n di hn9.029.287.017--

5. Thu thu nhp hon li phi tr---

6. D phng tr cp mt vic lm651.611.396578.721.746850.599.306

7. D phng phi tr di hn---

8. Doanh thu cha thc hin---

9. Qu pht trin khoa hc v cng ngh---11.500.000.000

B. VN CH S HU537.729.915.921589.259.681.899709.017.570.326714.182.854.012

I. Vn ch s hu537.729.915.921589.259.681.899709.017.570.326714.182.854.012

1. Vn u t ca ch s hu116.598.200.000116.598.200.000152.145.000.000167.058.100.000

2. Thng d vn c phn267.362.709.609267.450.449.609330.105.159.609315.192.059.609

3. Vn khc ca ch s hu2.420.789.1422.420.789.1422.420.789.1422.420.789.142

4. C phiu qu(3.287.060.000)-(2.209.806.000)(11.838.266.000)

5. Chnh lch nh gi li ti sn---

6. Chnh lch t gi hi oi(129.199.249)(1.287.881.759)(136.176.902)

7. Qu u t pht trin85.397.935.480111.952.642.710143.395.558.901166.419.364.850

8. Qu d phng ti chnh11.659.820.00011.659.820.00014.191.000.00015.214.500.000

9. Qu khc thuc vn ch s hu---

10. Li nhun sau thu cha phn phi57.706.720.93980.465.662.19769.106.045.57659.716.306.411

II. Ngun kinh ph v qu khc---

C. LI CH CA C NG THIU S---

TNG CNG NGUN VN731.468.923.490751.000.320.463827.689.053.164861.610.857.560

Bng kt qu kinh doanh cng ty c phn dc phm ImexpharmKT QU KINH DOANHN/2009N/2010N/2011N/2012

1. Doanh thu bn hng v cung cp dch v663.515.533.920766.505.185.450777.097.692.219819.691.306.544

2. Cc khon gim tr3.439.404.1392.510.663.923732.661.2091.569.595.135

3. Doanh thu thun v bn hng v cung cp dch v660.076.129.781763.994.521.527776.365.031.010818.121.711.409

4. Gi vn hng bn366.643.390.955411.098.324.205388.430.122.215440.517.319.493

5. Li nhun gp v bn hng v cung cp dch v293.432.738.826352.896.197.322387.934.908.795377.604.391.916

6.Doanh thu hot ng ti chnh11.245.618.01510.140.477.40112.940.964.97711.726.523.632

7. Chi ph ti chnh9.684.938.0198.028.882.5127.177.859.4767.549.624.965

Trong :Chi ph li vay1.796.689.8732.443.259.953722.582.372529.808.379

8. Chi ph bn hng181.876.679.376220.269.736.819234.582.263.339215.485.271.431

9. Chi ph qun l doanh nghip29.965.004.27835.440.715.18848.097.690.05061.196.864.880

10. Li nhun thun t hot ng kinh doanh83.151.735.16899.297.340.204111.018.060.907105.099.154.272

11. Thu nhp khc37.139.255.5403.428.187.2304.368.825.5392.649.214.060

12. Chi ph khc39.762.637.6714.604.699.7184.899.123.6834.113.068.026

13. Li nhun khc(2.623.382.131)(1.176.512.488)(530.298.144)(1.463.853.966)

14. Phn li nhun/l t cng ty lin kt lin doanh---

15. Tng li nhun k ton trc thu80.528.353.03798.120.827.716110.487.762.763103.635.300.306

16. Chi ph thu TNDN hin hnh14.336.242.41917.655.165.51932.881.717.18726.021.593.895

17. Chi ph thu TNDN hon li485.389.680--

18. Li nhun sau thu thu nhp doanh nghip65.706.720.93880.465.662.19777.606.045.57677.613.706.411

18.1 Li ch ca c ng thiu s---

18.2 Li nhun sau thu ca c ng Cng ty m65.706.720.93880.465.662.19777.606.045.57677.613.706.411

19. Li c bn trn c phiu5.6596.9345.3335.016

Cc biu Biu th hin t s thanh ton ngn hn:n v: ln

Biu th hin t s thanh ton nhanh:n v: ln

Biu th hin t s thanh ton bng tin.n v: ln

th s vng quay tn khon v: vng

th k thu tin bnh qun. n v: ngy

Biu th hin vng quay ti sn:n v: vng

Biu th hin vng quay ti sn:n v: vng

Biu th hin T s nn v: %

Biu th hin T s t ti tr:n v: %

Biu th hin kh nng tr li vay. n v : ln

41,1645,82

Biu li nhun gp trn doanh thun v: %

Biu ROS ca IMP v DHG:n v: %

Biu EPSn v: ng

Biu P/En v: %