Tiểu luận môn quản trị tài chính 2 Phân tích tình hình kinh doanh của ngành mía đường Việt Nam sau khi gia nhập WTO, giáo viên hồ tấn tuyến

BẢNG LIỆT KÊ CÁC PHẦN CỦA CÁC THÀNH VIÊN ĐẢM NHIỆM
Nội dung Thành viên thực hiện
1. CHƯƠNG 1

2. CHƯƠNG 2
1. PHÂN TÍCH 7 CTY TRONG NGÀNH


!"#
$
%&%
'()* –  
2. PHÂN TÍCH NGÀNH – )*
CHƯƠNG 3
+,PHẦN DỰ TOÁN BÁO CÁO TÀI CHÍNH - 
)*
,PHẦN KẾ HOẠCH ĐẦU TƯ DÀI HẠN – 
-,PHẦN ĐÁNH GIÁ SỰ TĂNG TRƯỞNG CỦA CÁC DOANH
NGHIỆP TRONG NGÀNH – )*
4. PHƯƠNG TRÌNH TĂNG TRƯỞNG, ĐÁNH GIÁ SỰ TĂNG
TRƯỞNG CỦA CTY %&
3. CHƯƠNG 4
)*%&
4. MỞ, KẾT





Bảng đánh giá các thành viên trong nhóm
HỌ VÀ TÊN % hoàn thành

công việc
Thái độ hợp
tác – thang
Điểm đánh
giá cho cả
% đóng góp
trong bài
được giao(%) 10
quá trình–
thang 10
tiểu luận
PHAN THỊ THÙY DIỄM –
NHÓM TRƯỞNG
+ / +. +.
20%
VÕ THỊ BÍCH TRÂM
+ / +. +.
20%
NGUYỄN THỊ KIM YẾN
+ / +. 01
19%
HOÀNG NGUYỄN NGỌC
HÀ
+ / +. 01
17%
NGUYỄN BÁ MỸ
+ / +. 01
19%
LÊ ĐỨC SƠN
2./ 1 1

5%
TỔNG
  
100%









MỞ ĐẦU
3456575895:;<=:>;;39?5:9@55AB5:CDECD4556FG956HBDH56=:456=:I
JHKALM56K98NOJP9KQRHST=:>;;39?5DUAD>D56H5::H565V56RWO;:UB
SX5YK?K>=Z56RM95:CDECKQD:4DC[DS\56,AC5]O5]O69A5:^=_
575895:;<9@;AO5Q9D:C56JH56H5:5V5656:9@=5Q939`56KaDQ5:b56
c9<5D:CB?5RP5DXJ7D:d;JHRFe56,4M;K[56SX5fCd;;:Fg56OM9D>D
56H5::H565V56RWO;:UBSX5DUA9@;AODh56D:Z5689<55:b56;:ABKi9
Dj56JP9ST:[95:^=SWC3[56:g5JH4575895:;<8:CJTDJH;:<69P9,3456
KQ5V56SX5Jk5RHOV
l
;;34565:b5656H5:KZ56KECJ7SX5RFe565Q9;P95V56
SX59`
l
;AOD:mDD:m58:V56;:?;:9<CRIA6M4OnAKFG56DH=:`K97C
D:N,,,
V56SX5RHO[;Ro5:JTD8:V56;:?;:9<CJHD:9<O=:E5RP5;3456KQ566Q=
*'D:45FPD;A,3456KQOnAKFG56RHO[;56H5:8:V56;:?;:9<CJHKA56

KFeDK7D^=K<5:9@55ABL4;n5:;:TDLp56DUA5Q,q9SX5=:rODUAOq9
56H5::H56RHO3A8:V5639`56OnAKFG56K7CDE5;:9<;L4JW
l
B5:QOD:s5
OnAKFG56JHD>DDV56;BOnAKFG56RHOK7;H9=:W5;nD:,nAKFG56RHOV
l
;
SX5=:rO;:9<;B<CJH8:V568tO=:E5uCA5;3s56;3456KG9S\56,vRWCOnA
KFG56KaKFeDKEC;F=:>;;39?5w8:m=5g98:V56D:x39`569`
l
;AOcP9;n5:
;:TDLp56DUA5Q,ACOV
l
;uC>;3y5::y5:;:H5:JH=:>;;39?556H5:OnAKFG56
KaKM;KFeD5:97C;:H5:;TC;4RP5,6H5:SX5fCd;KFG56;M99@;AOKaDQ
;vRWCKG9;v8:956FG9LW5D:I56;Ac9<;RHO5`5O^;OnA;vDWBOnA5:F56
56H5:DV5656:9@=OnAKFG56;M99@;AOD:xOP9cm;KEC=:>;;39?5JHJk5
Dz53d;545;3{8:>RMD:^CS4JP98:CJTDJH;3`5;:<69P9,9`
l
55AB56H5:OnA
KFG569@;AOKA56=:X9K\9O|;JP98:Q8:]5RP5}J7DX56CB`5JW
l
;R9`
l
C
DV5656:9`
l
=SX5fCd;JHDX;:~;3FG56;9`C;:pSX5=:rO,,,
H9=:W5;nD:LFP9KWBDUA5:QOS•=:W5;nD:3€JHSWC:g5J7ST=:>;;39?5
;:TD;3M56JH;y5::y5:SX5fCd;895:L4A5:DUA56H5:OnAKFG56JHOV

l
;S\
DV56;BSX5fCd;895:L4A5:OnAKFG56,!•56;:G9RHOK9SWCJH4;:TD:9@5LT
>5;H9D:n5:D:4DV56;BOnAKFG56 AOg5:A5:QA,


CHƯƠNG 1 : KHÁI QUÁT VỀ NGÀNH MÍA ĐƯỜNG
I. Phân tích môi trường kinh doanh của ngành mía đường Việt nam
1.Môi trường tổng quát
a. Tình hình chính trị - pháp luật
‚56ST=:\9:e=5:~=5:H56!X56:H5FPD|;;3^5iuC\DD>DK4H5;:?
uCE5D:I56JHD>D;iD:ZDfa:[93[56RP5DUA5:W5LW5KaDj565:ACOA56RM9
D:4;y5::y5:D:n5:;3~9@;AOO[;STi5K~5:c75Jb56,9@;AOKA56KFeD
D>D5:HKEC;FuC\D;<K>5:69>3d;DA4w8:nADM5:5HBS4JP9D>D5FPD8:>D
;34568:CJTD,
6HB+ƒ„++3A5;:4O;459@;AOKaDV56c\8<;uCXDC[D8:X4S>;
;:>56++„ 0RdB…89<5;v:g5 KM9L9@5D>D5:HKEC;FJHD:CB`569A;F
Jd5KEC;F;M99@;AO,%<;uCXRH10/S\56FG9KFeD:†9DQD>95:y5;nD:DTD
J7;y5::y5:895:;<9@;AO;3456+;:>56;P9,:`OJH4KQ‡ƒ/56FG9;3XRG9
Ka;†3A;95;Fw563‚569@;AO:9@5KA56RHK9?OKEC;F:d=Lk5:g5D>DK9?O
KEC;F8:>D,
p;:?;3nD:Lk5RG9DUAV56%A;SC;44O99$:U;~D:89`Oi569>OK\D
DV56;B9:4559SBSJH9:4559SBS4RC;945:^;X5}ˆV95:^5;:dBOV9
;3FG56;M99@;AO3d;i5K~5:A5cy5:!X56D[56SX59@;AOKaKXO5:^5
JA9;3zRa5:KM4Kd;5FPD3d;;\;JHcEC8:V568:nD:n5:;3~i5K~5:RHO[;;3456
5:b56K[56RTDK?D:I56;V98:V56=:X9R4Rm568:9895:L4A5:,‰
P9O[;575D:n5:;3~i5K~5:KFeDD>D5:HKEC;FK>5:69>3d;DA4;3`5;:<
69P9;:y;:TDSTRHO[;B<C;\;:C:I;D>D5:HKEC;F;:WO5:^=JH=:>;;39?5;:~
;3FG56;M99@;AOw;d;DXD>D56H5::H56,
b. Tình hình kinh tế

9@;AORH575895:;<RP5;:Z‡w!V56AOJHRP5;:Z1ƒ;3`5;:<69P9ft;
;:Š4uCBOV;i56SX5=:rO5[9K~ALA5:56:oA5]O.++JHKZ56;:Z+‹ft;
;:Š4;i56SX5=:rO5[9K~ALA5:56:oAcy5:uCW5KEC56FG9,!WBRH575895:;<
:q5:e==:p;:C[DDA4JH4fCd;8:rC;:VJHKEC;F;3TD;9<=5FPD564H9,!X56
[56SX59@;AOD:U;3Fg56fWBLT56w9@;AOO[;:@;:\56895:;<;:~
;3FG56K~5::FP56fa:[9D:U56:oA,v5]O+0ƒ‡L4D:xO[;KX56Ra5:KM4
Kd;5FPDST;:]56;3EODUA575895:;<9@;AO=:p;:C[D3d;5:97CJH4A9
Ra5:KM4JHD>DD:n5:S>D:DUA!X56[56SX5JH:n5:=:UKFA3A,
34565:b56;:>56KEC5]O.+575895:;<5FPD;AKaKM;KFeD5:b568<;
uCX8:>;nD:DTD} MO=:>;wOZD;:d=895:;<JoOVDgcX5i5K~5:A5S95:fa
:[9KFeDcX4KXO,CB5:9`5SX5fCd;895:L4A5:6|=5:97C8:Q8:]5SZD
OCADUA;:~;3FG5669XO;\DK[;]56;:d=:g5S4JP9Dj568Œ5]O.++,]O
.+K|Dc9@;;34565•AKEC5]OKaKFeDDX5:c>45:FRHO[;;34565:b56
5]O8:Q8:]55:d;DUA895:;<9@;AOJH;:<69P9,:TD;<2;:>56KEC5]O
.+D:4;:dB5:b56;n5:9@C8:XuCA5J7897OD:<RMO=:>;,
!9?O5:d55i9c^;DUAcZD;3A5:;4H5DX5:L4A5:56:9@=9@;AO:9@55ABRH
S\RFe56D>DL4A5:56:9@=6|=8:Q8:]5=:X969X9;:?Lv56:4M;K[56DQ;:G9
:M5:4|D8:V56=:>;S95:L4A5:;:C;:CARq=:>SX55e5E5D:•56D:d;JH;:C
:Ž=SX5fCd;$895:L4A5::H56;•58:4RP5;:~;3FG56fCd;8:rC8:Q8:]5;3456
8:9SZDOCAJH;:~=:E5;34565FPD;:C:Ž=,,,:97CL4A5:56:9@=8:V565[=
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c. Tình hình phát triển khoa học – công nghệ
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=:E5RHO;]56;3Fw56895:;<JHDX9;:9@55:97CO|;;3456KG9S\56D4556FG9,
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- Dân số
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:FP56;]565:A5::g5w5V56;:V5,
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DQ;n5:;:nD:56:9;\;:g5K97CKQS•;M4K97C89@5D:4D>DR4M9;:TD=:rO:Fg56
J~OP9RM;:WO5:^=;:~;3FG56JH;:ZD]55:A5:Dh568:V56=:X9RH564M9R@,
- Nông nghiệp
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‘>DK[56K<5;]56;3Fw5656H5:

]56;3Fw5669>;3~SX5fCd;5V5656:9@=L9•53AJP9;’R@;v1/K<5‡/„5]O
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*'DUA56H5:;:d=:g5JHDh56;:d;;:FG56;v-/K<52/,
T;:ABKi9J7;\DK[;]56;3Fw565V5656:9@=;345625]OuCAD:4;:dBSAC
69A5:^=_SX5fCd;5V5656:9@=;]5669XO;:d;;:FG56;3456K97C89@5
5:b56;:ABKi9;34565FPD;:Š4D>DDAO8<;_D:FA;:^;OM5:O•,!97C5HB
=:X5>5:STR@;:C[DOM5:DUA5V5656:9@=9@;AOJH4;:~;3FG56;:<69P9
;3456K97C89@5K~5::FP56fCd;8:rCSX5=:rO5V56SX5KaOw3[565:A5:
;34565:b565]OJvAuCAK•56;:G9D:4;:dB;>DK[56DUA69A5:^=_K<5
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c9@;w5:b56SX5=:rODQRe9;:<DM5:;3A5:5:F56D:UB<CRHD>DSX5=:rO
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$>DK[56K<5:4M;K[56SX5fCd;;3•56;3s;;34565FPD
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3€3@;:g5D>DJj56SX5fCd;;^=;3C56=:j:e=JP9B`CDECS95::sDDUAD>DR4M9
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;:C[DDWB;:ZD]5D:469ASID,,,:b56DWB;3•565HBKac~69XODXJ7L9@5;nD:

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JP9;3•56;3s;JHD:]55CV9D:FA6Q==:E5;nD:DTDJH4uC>;3y5:5W56DA45]56
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‘w3[56;:~;3FG56fCd;8:rC}
AC25]O69A5:^=_56H5:5V5656:9@=9@;AOKaOw3[56fCd;8:rC
JP989O56MD:fCd;8:rC;]562/„5]OKM;+‡,2ƒ1;39@C*JH45]O ‹;CB
5]O 0RM9c~69XO,
>5DW5fCd;5:^=8:rC5V5656:9@=5:b565]OuCARHLFg56;34568:9D>5
DW5fCd;5:^=8:rCDUA;4H5575895:;<RHWO,X5=:rO5V56SX5fCd;8:rC
8:V5656v56Ow3[56J7;:~;3FG56JHD:U56R4M9,
‘w3[56;:~;3FG56;9`C;:p;34565FPD}
:~;3FG565V56SX55[9K~AKaJHKA56KFeDOw3[5669bAD>DJj56O975DX
J7S\RFe56D:U56R4M9JHOkCOa,>DL4A5:56:9@=;:Fg56OM95qRTDKFA
:H56:QA5V56SX5D:<c9<5J7;9`C;:p;M9Jj565V56;:V5K?8nD:DEC;9`CLj56
JHD:9<ORo5:;:~;3FG565V56;:V5;34565FPD;3FPD8:9D>DDV56;B5FPD564H9
Ow3[56:4M;K[56J75V56;:V5,
:b56;:ABKi9J7L9@5;nD:SX5RFe56JH69>;3~5V5656:9@=;345625]OuCA
=:X5>5:;>DK[56DUA69A5:^=_J7DgcX5RH;nD:DTD;M4DgSw;:TD;9•5
D:4J9@DK~5::y5:O[;DgDdC”=:j:e=JP95:CDECDUA;:~;3FG56;3456
JH564H95FPD=:>;:CBDA45:d;Re9;:<;T5:9`5DUAD>DJj56S95:;:>9;3`5Dg
SwKQDQ;:?;:9<;8<D>DD:n5:S>D:=:>;;39?55V5656:9@==:j:e=;:Š456H5:
SX5=:rOJH;:Š4Jj56SX5fCd;,CB5:9`5Dh56DE5;:dB3‚56DgDdC”

:9@55ABD:FAi5K~5:c[DR[5:97C:M5D:<,
2. Môi trường ngành mía đường :
a. Thực trạng ngành mía đường thế giới .
!FG56KFeDD49RHSX5=:rO;:9<;B<C;3456KG9S\56DUAOs956FG9RH;:H5:
=:E5D:n5:;M43AD>DSX5=:rO5:Fc>5:8Ž45FPD69X98:>;JH69AJ~,64H9
3A=:<=:rODUA56H5:KFG56Dh56KFeDS•Lp565:FOj5K?SX5fCd;=:W5
cQ5JHDWBOnADz5KFeDLj56RHO56CB`5R9@CK?SX5fCd;Š;:A54R$SX5=:rO
DQ;:?KFeDLj56K?;:AB;:<D:4f]56,
6H5:OnAKFG56;3`5;:<69P9=:>;;39?58:>RWCKG9JH48:4X56;:<8’;:Z+‡
8:9ST8:A9;:>DKEC;9`5KFeD:y5:;:H5:w'CŠ3;49D43•9K<5CcA56CB`5
R9@CSX5fCd;KFG56D:UB<CRID5HBRHDWBOnAJy;:<SX5RFe56KFG56;:C
KFeD8:V56DA4,:4K<5;:<8’;:Z+08:9D:I56;Ac9<;;95:RsD3AKFG56;v
DUDX9KFG56KaOw3AO[;56H5:D[5656:9@=SX5fCd;KFG56w:WCC,v
KQSX5fCd;KFG56KM;KFeD5:97CK[;=:>,
9@55AB;3`5;:<69P9SX5fCd;KFG56KM;8:4X56+‡.;39@C;d5„5]O,>D5FPD
SX5fCd;KFG56RP5;3`5;:<69P9RH3A•9R–5![:>9 A53C56C\DD:9<O
1./SX5RFe56JH1‡/fCd;8:rCDUA;:<69P9,
:Š4c>4D>4OP95:d;;v9@=:[9OnAKFG56;:<69P9SAC5]O5:CDEC
;9`C;:pJFe;;i56DC56;:<69P9R`5K<5+1;39@C;d5RFe56KFG56;•58:4KA56
wOZD3d;;:d=JH=:X9DE5n;5:d;5]OK?=:pD:•9RM9OZD;•58:4;3FPDKWB,
b. Môi trường ngành mía đường Việt Nam
6H5:SX5fCd;KFG56;M99@;AOKaDQ;vRWCKG9;v8:956FG9LW5D:I56;A
c9<;RHO5`5O^;OnA;vDWBOnA5:F5656H5:DV5656:9@=OnAKFG56;M99@;
AOD:xOP9cm;KEC=:>;;39?5JH4KEC5:b565]O+00.Jk5Dz53d;545;3{JH
8:>RMD:^CS4JP98:CJTDJH;3`5;:<69P9:9@55ABOnAKFG569@;AOKA56
K\9O|;JP9O[;S\Jd5K75:F};:9<C56C•556CB`5R9@CDV56SCd;5:HO>B
;:d=;’R@;:C:•9KFG568:V56DA4O>BOQDDV5656:@RMD:^CY
!|D;3F56DUA56H5:OnAKFG569@;AORHDQ;n5:;:G9Jp;:FG56D:UB<C
;:C:4MD:J^5D:CB?5JHSX5fCd;;3456;:G969A58:4X561;:>56—;v;:>56++
K<5;:>5625]OSAC˜SACKQ;•58:4;:H5:=:rOK?c>5D:4D>D;:>56Dz5RM9

;34565]O,yJ^B5`5D:9=:n;•5;3b:H56:QA5HB3d;DA4JH69>;:H5:=:rO
8:>DA4,
:Š4Lz56DgD:<;:~;3FG56;3456;:G969A56E5KWBSX5=:rOKFG56DUA9@;
AOc~DM5:;3A5:6AB6m;JP9KFG56DUAD>D5FPD;34568:CJTD:g55bAL4
D:FADQSTuC9:4MD:8:4A:sD5`5L9@5;nD:5]56SCd;SX5RFe56OnADUA9@;
AO;:FG568:V56i5K~5:,
:4K<569A9K4M5:9@55AB56H5:OnAKFG56;M99@;AOJk5D:FA=:>;;39?5
OM5:K?DQ;:?;3w;:H5:56H5:DV5656:9@=D:URTDDUA575895:;<,
3`5DX5FPD:9@55ABDQ8:4X562.5:HO>BSX5fCd;KFG56;CB5:9`5OP9D:x
K>=Z56KFeD8:4X56ƒ./5:CDECDz5RM9=:X95:^=8:rC;v5FPD564H95:F
J^B;97O5]56;v;:~;3FG565[9K~AJk5Dz53d;RP5,
ZD;9`C;:pKFG56cy5:uCW5KEC56FG99@;AO;:d=:g5S4JP9OZD;3C56
cy5:;:<69P9RH;97O5]56K?;]56;3Fw56DUA56H5:OnAKFG569@;AO,HLj
SX5RFe56K>=Z56KFeD5:CDEC5:F5669>;:H5:DA4RH3H4DX5RHR…L4K?
D>DL4A5:56:9@=;9`C;:pKFG56:FP56K<556C•5DC56;v5FPD564H96WB
8:Q8:]58:V565:†D:4ST=:>;;39?5DUA56H5:OnAKFG569@;AO,
9>KFG56;:<69P9;vKEC5]O.++K<55ABL9•5c9<5=:ZD;M=JHKA56DQfC
:FP5669XO;CB5:9`569>KFG56;34565FPDJk5LCB;3y8:>DA4O|DLjKA56RH
OjADA4K9?ODUA56C•5DC56;34565FPD,
9>OnAKFG56;34565FPD;]56DA4JP9;i56DECKFG56;4H5uC\D59`5Jp
 ‹$ 0JH48:4X56+,-$+,2;39@C;d5;34568:9;i56SX5RFe56SX5fCd;
5]O5ABDh565:F;•58:45]O564>9D:xKM;8:4X56:g5+,+1;39@C;d5,9>c>5
KFG56;34565FPDR9`5;pD;]56K|Dc9@;RH;:G969A5;3456;:>56+5HB69>c>5
cCV5Ka;]56R`5OZD69>+‡ $+‡1 K•56„8669>c>5R{KM;OZD;v+‹
$+0 K•56„86OZD69>DA45:d;;v;3FPDK<55AB,
3. Sự cạnh tranh của các doanh nghiệp mía đường Việt Nam
6H5:KFG569@;AO8:V56DQ;n5:DM5:;3A5:DA4S4JP9D>D5FPD;34568:C
JTDJH;3`5;:<69P9L469>;:H5:SX5fCd;DA4O[;=:E5RHL469>OCA56CB`5
R9@COnADA4:g5D>D5FPD;34568:CJTD8:4X56 /K•56;:G9LWBD:CB75
SX5fCd;OnA5FPD;AD:FADA4S4JP9D>D5FPD;3`5;:<69P9,

6H5:OnAKFG568:V56D:xDM5:;3A56JP9D>DL4A5:56:9@=;345656H5:OH
cX5;:W5SX5=:rOOnAKFG56Dh56DM5:;3A5:3d;6AB6m;JP9D>DR4M9KFG56
5:^=8:rC—D>DDV56;B5FPD564H9˜K•56;:G9O[;RFe56RP5KFG56KFeD
5:^=R^CuCAc9`569P9JP969>3{:g5DH56RHOD:4STDM5:;3A5:DUAKFG56
;34565FPD:9@55ABDA4:g5cA469G:<;,
4. Áp lực từ phía nhà cung cấp nguyên liệu
34565:97C5]O5AB5:H5V56;3•56OnAJH5:HO>BD:<c9<5KFG56KaJH
KA56DQ5:97C;3]5;3w$SX5fCd;D:<c9<5;:CARq,Q5g9L469>OnA™3{5:F
cN4™5`55V56LW5K\;D:CB?5SA56;3•56DWB8:>D—5:FSm556p,,,˜DQ5g9c†
:4A56,:HO>B;:9<C56CB`5R9@C56:9`O;3s56,
6H5:DV5656:9@=OnAKFG56;34565FPDRCV5;3456;y5:;3M56;:9<C:p;56CB`5
R9@C56CB`55:W5}
9@D;3•56OnARHST;:†A;:C^569bA:A9c`5}56FG9;3•56OnAJHD>DD:UL4A5:
56:9@=SX5fCd;OnA,:n5:JyB<C;\5HBOHL9@5;nD:;3•56OnA8:V56KFeDi5
K~5:JH5]56SCd;OnAD:FA;:TDSTDA4,:FAD:UK[56KFeD56C•5DC56OnA
56CB`5R9@C,EC:<;D>D5:HO>BK7C;:COCAOnA;3456LW5OHD:FADQD>D
Jj56;3•5639`56,*4J^BD:d;RFe56OnAJHSX5RFe56K7CD:FAK>=Z56KFeD,
j5656CB`5R9@COnAR9`5;pDc~;:C:Ž=56FG9;3•56OnALE5D:CB?5:FP56
D:s5D>DDWBD:469>;3~895:;<DA48:>DL4D:9=:n;3•56JH;:C:4MD:OnA8:>
DA4“D[56JP969>OnAc9<5K[56;:d;:FG56KV98:98:V56KUcjKm=KFeD;975
DV56;:C:4MD:;M4;WOR…cd=c`5:D:456FG9;3•56OnAKaDQ5:b56JpOjA
56FG9;3•56OnAD:xc>55:†R{D:4D>DDgSwRHOO^;KFG565:†R{;:UDV56
;:ABJyc>5D:45:HO>BL469>OnAuC>3{,
*9@5;nD:OnA;3FPD;:G9K9?O8<;;:IDD:Fg56;3y5:+;39@C;d5KFG56—5]O
 ˜KaKM;Kx5:-22, :tD;AJHSX5RFe56OnA;3`5+1;d5;:yK<55]O ‡
Dh56Jk5wOZD‹‹, :tD;AJHSX5RFe56OnAJk5RH+‡ƒ;39@C;d5D:45`5
D:xDE5SX5RFe56OnA;]56cy5:uCW5-0/„5]ORHKaDQKUOnA56CB`5R9@CK?
KM;KFeDOpD;9`C+1;39@C;d5KFG56L4DV56SCd;DUAD>D5:HO>BKFG56Ka
uC>RP5,
*4J^B>=RTD;v5:HDC56Dd=RH;>DRTDOM5:K\9JP956H5:OnAKFG56,

5. Áp lực từ những sản phẩm thay thế đường mía
>DR4M9KFG56DQ;:?;:AB;:<KFG56OnA
$!FG565:W5;M4
!FG565:W5;M4DQK[56s;6d=5:97CRE5KFG568n5:;i56:e=;v5:b56D:d;
DQ;3456;T5:9`5KFeDLj563[563a9;3456DV5656:9@=;:TD=:rO5:Fc>5:
5FPD56s;8Ž4;:TD=:rOKQ56:[=OZ;JH;:MD:SX5=:rO;vSbAJH:H56
R4M;;:ZD]5JHC\568:>D,
$>DR4M9KFG565:W5;M4
(S=A3;AO}56s;6d= RE5KFG56;:V56;:FG56, 4M9KFG565HBL•c~:C’cw9
5:9@;5`58:V56KFeDLj56D:45dC5FP56—DQ;:?;:`OJH4;:ZD]5SAC8:9Ka
D:<c9<5˜,
ADD:A395}56s;6d= RE5KFG56;:V56;:FG56,%:V56c~:C’cw95:9@;,
CD3AR4SŠ}56s;6d=‡ RE5KFG56;:V56;:FG56,%:V56c~:C’cw95:9@;K[—DX
5Q56JHRM5:˜
(DŠSCRšAO%}56s;6d= RE5KFG56;:V56;:FG56,%:V56c~:C’cw95:9@;K[,
%:9S•Lp56Kg5K[D;:yDQJ~:g9Km56L4KQDE58<;:e=D>DD:d;;M456s;
8:>D,
$!FG56ARD4:4R
!FG56ARD4:4R—S4OAR; AD;9;4RAR;9;4RA559;4R43c9;4R”BR9;4R˜RH
DA3c4:BL3A;ŠDQ;3456D>DR4M9;3>9DWBJH;:X4O[DKFeDLj56K?SX5fCd;
;:H5:KFG56S•Lp56, 4M9KFG565HB8:V5656s;:g5KFG56OnA,
%:>DJP9KFG565:W5;M48:V56D:ZADAR439ŠR4M9KFG565HBDQD:ZAO[;
RFe56DAR439Š5:d;K~5:,*4KQ5:97C56FG9KaLj565Q;:AB;:<D:4KFG56;95:
;:V56;:FG56,|DLj;`56s9RHˆKFG56ARD4:4R‰5:F565Q8:V56:7D:ZAD•5
8:V56DQŠ;:A54R5:FD>DR4M93FeCc9A,
$:d;;M456s;;T5:9`5
:d;;M456s;;T5:9`5—5FPD;3>9DWBDVK|DO^;:4AO^;456O^;KFG56
OA=RŠSB3C=˜RHD>DR4M9KFG56;:AB;:<KFeDfŠO;\;D:4SZD8:4{:g5KFG56
;95:;:V56;:FG56:4|DD>DR4M9KFG56;:AB;:<,:I56KFeDS•Lp563d;5:97C
;M969AKy5:JHDX;3456DV5656:@;:TD=:rO,:I56KFeDLj56RHO56s;;:ZD

C\565:F;3HJHD4D8;A9RD>DOQ5c>5:;3>56O9@56D:4JH456hD\DJHK?RHO
c>5:,
6. Áp lực từ những đối thử cạnh tranh tiềm ẩn
9@5;M9SX5fCd;KFG56;34565FPDOP9D:xK>=Z56KFeD8:4X56ƒ./
5:CDEC;9`C;:p=:E5Dz5RM9D:UB<C5:^=8:rC;v3C56C\DJH:>9 A5,
<CS4JP9:>9 A5;:y56H5:OnAKFG56DUA5FPD;AK9SAC:H56D:pD5]O,
9@5;M95V56LW5:>9 A5SX5fCd;OnA;:Š4OV:y5:DV5656:9@=;3A56;3M9
uCBOVRP5Ycy5:uCW5Oq9:[DA5:;>D;vJH9D:pD;P9JH9;3]O:tD;A:s>=
Lp56Dg69P9:QA;3`5K•56OnA“;vKQ69XOOM5:D:9=:n69>;:H5:D:d;RFe56
OnAKM;3d;DA48:4X56+-D:bKFG56,›5FPD;A56FeDRM9SX5fCd;OnADz5
LM565:†R{D:x.1$+:A„:[RHO;:Š4LM56;:UDV565`5D:9=:n;]56DA4D:d;
RFe56OnA;:d=cy5:uCW5D:x‹$0D:bKFG56,
p;:?D>D5:HO>Bw! SX5fCd;3A+86KFG56=:X9;\5;P9+,1 K•56
;975OCAOnA“;34568:9:>9 A5D:xOd;:g5‡, K•56;975OCAOnAK?D:43A
+86KFG56—L4D:bKFG56OnADUA:>9 A5DA4˜,7D:9=:n5:9`5R9@CJ^5
:H5:RA4K[56YK?3A+86KFG56D>D5:HO>B;34565FPD=:X9;\5;:`O-,
K•56“w:>9 A5D:9=:n5HB;:d=L4D>D5:HO>BKFeDK97C8:9?5;TK[56,:F
J^B69>;:H5:SX5fCd;+86KFG56;34565FPD8:4X56+1,1 K•56—D:FA8?Ra9
56W5:H56˜“w:>9 A569>;:H5:D:FA;P9+., K•56,ZDD:`5:R@D:DA4
5:FJ^B5`5D>D5:HO>BKFG56;34565FPDRCV5;:CA;:9@;,
*4KQRe9;:<DM5:;3A5:DUA56H5:OnAKFG56K\9JP9D>D5FPD8:CJTDRH3d;
B<C8:QDQ;:?DM5:;3A5:KFeD,yJ^BK\9;:UDM5:;3A5:;97OE5RH;>DRTD
OM5:
II. Cơ hội và thách thức của ngành mía đường Việt Nam
1. Cơ hội
FPD;AJk5KA56RH+5FPDV5656:9@=KA56;3456uC>;3y5:9@5KM9JHV56
56:9@=:QA,|;8:>DJP95:b56B<C;\K97C89@5;T5:9`5;:C^5Re93d;=:j:e=
K\9JP9=:>;;39?5V5656:9@=,yJ^BV5656:9@=Jk5RH+56:H5:DE5KFeDFC
;9`5KEC;F;v;3FPDK<55AB,P95:b56K97C89@5;T5:9`5;:C^5Re9w5FPD
;A56:H5:nAKFG56RH+;34565:b5656:H5:DQ;:C^5Re9K?=:>;;39?5JHFC

;9`5KEC;F:H56KEC,!EC;FJH4nAKFG56;:Z5:d;K?K>=Z56;3FPDOm;5:C
DEC;9`C;:pKFG56;34565FPDKA56Lk5KFeD5W56DA4;:Š4K97C89@5OZD
S\56DUA56FG9LW556HBDH56KFeD5W56R`5,:Z:A9RHK?=:pDJpD:4fCd;
8:rCKFG563A;:<69P9;:C:I;;:`ORe95:C^5D:4C\D69A,
9@;AODh56cm;KEC;:AO69AJH4;9<5;œ5:OwD•A:[95:^=JH;4H5DEC:4>
c‚56J9@D3A5:^=(•(JH_,P9K|DK9?ODUAO[;5FPD5V5656:9@=KA56
=:>;;39?59@;AODQ5:97CRe9;:<DM5:;3A5:J7D>DSX5=:rO5V56SX5,”Cd;
8:rC5V56SX5K]JHKA56KQ566Q=O[;=:E58:>RP5JH4;i5689O56MD:fCd;
8:rCDUADX5FPD6Q==:E5;:C564M9;@JHDC56Dd=J\5D:4575895:;<,V56
SX5K];3w;:H5:O[;56H5:fCd;8:rCD:URTDDUA9@;AO,
nAKFG56DQJ~;3n8:>uCA5;3s56;345656H5:D:<c9<55V56SX5JHRH56H5:
SX5fCd;K]DQ;vRWCw9@;AO,QKQ56JA9;3
l
uCA5;3s56;3456J9@DK>=Z56
5:CDEC8:>RP5;34565FPD69X9uCB<;J9@DRHOJH;3456DV56DC[DDV5656:9@=
:4>$:9@5KM9:4>Kd;5FPD,X5fCd;KFG56i5K~5:JH=:>;;39?5S•6Q==:E5
=:>;;39?5K•56c[D>D56H5:DV5656:@D:<c9<58:>D,
2. Thách thức .
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JP9ƒ.56:y5;d5KFG565:^=8:rC;:Š4DAO8<;_Dj56JP9KFG565:^=R^C
KA56;3H5JH4;:~;3FG56JP9S\RFe56RP5D:FA;:?89?OS4>;KFeD8:9<569>
KFG56;34565FPD69XOJHD:FADQLdC:9@C5:nD:R`5,,,6H5:OnAKFG56
5FPD;A=:X9K\9O|;JP95:97C8:Q8:]5;:>D:;:ZD,
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AO:9@55ABRHJd5K756CB`5R9@COnA,V56;>DOnA69\568ž;:C^;DA5:;>D
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69XOfC\56LFP9+1,1 K•56„86;:y5:97C5:HO>BKaJHKA56;:CARq,[;B<C
;\5bAX5::Fw568:V565:†RH;34565]O.++JHKEC5]O.+Ra9SCd;56W5

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34568:9KQJ9@D:q;3eRa9SCd;K?LT;3bKFG56D:FAKFeD69X9uCB<;,:H
5FPDDh56D:FADQD>DJ]5cX5DQ;n5:=:>=R…DA4K?K97CD:x5:D>D:4M;K[56
;345656H5:SX5fCd;OnAKFG56,:I56;AJk5D:FA>=Lp56KdC;:ECDV$;A
5:^=8:rCKFG56DgD:<f95D:4J75:^=8:rC;M4;WOR…O45656Q56KFeD
D:4DUAO[;S\L4A5:56:9@=S•Lp56KFG56D:4D:<c9<55`58:V56O|5OH
;3456J9@DOCAKFG56DUAD>DDgSwSX5fCd;;34565FPDO|DLjKFG56Dz5
;•58:45:97C,`5DM5:KQKFG565:^=R^CJH69A5R^5;:Fg56OM9DUAJ9@D
;MO5:^=;>9fCd;RHOD:469>KFG56;34565FPD69XO,ŸFG565:^=R^CD:FA
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6WB8:Q8:]5D:4KFG56SX5fCd;;34565FPD,
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fCd;DV5656:9@=Dz5OA56B<C;\;T=:>;8:V56;:Š4uCB:4MD:JH8<:4MD:
KaRHOX5::Fw56LWB;3CB75;P9:9@CuCXSX5fCd;JHD:<c9<5KFG56,
CX5R…JHK97C:H5:SX5fCd;895:L4A5:Dz58tOD:^OKi9OP9J75]56RTD
Ra5:KM4;:9<C5]56K[56DV56;>DKH4;M4RA4K[56RH5:56:78:V56KFeDD:I
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;:CARqY
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JH5V56;:V5J\5RH5:b56Jj568:Q8:]5D:FAKFeDKEC;FD>DDV56;3y5:
;:UBRe969A4;:V56Y
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KFG565[9;9`C;:V56uCA;:C<5:^=8:rCJHD:n5:S>D::M556MD:;:C<uCA5
8:V565:97C,
III. Chu kỳ phát triển của ngành mía đường Việt Nam
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D:C8Œfd=fx15]OJP969>DXJHRe95:C^5DUA56H5:DQO\9uCA5:@56:~D:

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;:d=JH56H5:D:Cr5c~KQ5O[;Ke;Sp;69XORe95:C^5L4:@uCXDUA56C•5
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;9`C;:pKFG56;3TD;9<=69A;]56;3456+.5]OuCA—;3C56cy5:8:4X56-/„5]O˜
5]56SCd;OnADh5669A;]56;vOZD1.;d5„:A;34565]O R`511;d5„:A69A9
K4M5 ƒ$ ‹JHK<5‡+$‡-;d5„:A69A9K4M5.+$.+-5`5L9@5;nD:OnADQ
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KFG569@;5AO,
Hình 1 : Diện tích và giá mía, 2003 – 2013E
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Nguồn: Bộ Nông Nghiệp, Hiệp Hội Mía Đường
Lưu ý: Diện tích niên vụ 2012-2013 (gọi tắt là niên vụ 2013) dựa trên kế hoạch
sản xuất của 40 nhà máy đường. Giá đường niên vụ 2013 được lấy ở thời điểm
hiện tại của khu vực ĐBSCL để phản ánh xu hướng giảm giá đường, không đại
diện cho cả niên vụ 2013
9`5Jp.+5]56SCd;OnA;]565:ŽJHL9@5;nD:OnA;]56+56H5:AS4JP9
.++KM;‹-56H5:A5‚Ow69bAD:C8ŒDUA56H5:5`5J9@DD>DL4A5:56:9@=
OnAKFG566E5KWBDV56c\Re95:C^56[=-uC…5]O.+Sp;69XOS4JP9Dj56
8Œ5]O;3FPDDh56RHO[;K97CL•:9?CJk55‚O;3456D:C8ŒDUA56H5:OnA,
Hình 2: Diện tích mía và lợi nhuận gộp của SBT và BHS, 2003 – 2011
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;:G969A5Jy—+˜Re95:C^56[=D:x=:X5>5:O\9uCA5:@69bA5:HO>BKFG56JP9
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8:>D“—˜:A95:HO>BKFG56JHDQLbR9@C;H9D:n5:uC>8:ZKULH9JH
KM9L9@5KFeDD:456H5:OnAKFG56,
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5:C^5DA45:d;;34565:b565]O56H5:KFG56DQL9@5;nD:wJj56K>B—8:4X56
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JH.++,
Hình 3: Giá đường thế giới (USD cents/lb), 2000 – 11T/2012
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NGUỒN : FAO
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D:C8Œ—;3•56JH;:C:4MD:;3456-5]O˜,CA5S>;c9<5K[5669>KFG56;:<69P9
—:y5:-˜DQ;:?;:dB69>KFG56KM;Kx5:JH4D>D59`5Jp + ‡.++JHKM;
K>BJH4D>D59`5Jp  ƒ,
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56H5:Ac`5DM5:KQRH-,1 :AOHJHKaZ56J\5D:4D>D
L4A5:56:9@=K\9;>DAO=CD:9A;3•56OP9;M9;x5:JAB9`565W56;i56L9@5
;nD:OnA;9`C;:p;M99@;AOR`5 56H5:A—8:V56;n5:L9@5;nD:OnA+.56H5
:ADUA( JySX5fCd;;M9 H4JH[H9:n5:8:V56D:d=5:^5K756:~DUA
[V56:Fg56Dd=:M556MD:5:^=8:rCKFG5639`56D:4( ;:Š4DV56
J]5ƒ.2-„$( Dh56=:U5:^5;:V56;95fCd;J79@;AO˜,
vLbR9@CuC>8:ZL9@5;nD:OnAKA56c>4:9@C56H5:wJj56Kx5:DUAD:C8Œ,
H;:TDJ^BL9@5;nD:5HBRP5:g5O\DDX5:c>4 56H5:A5‚O;3456D:C8Œ
15]ODUA56H5:OnA  ‹.+-—fŠO:y5:+˜;3j56JP9;39?5Js5669>
KFG56;:<69P9KA56Sp;69XO8:9D>D5FPDSX5fCd;KFG56D:n5:5:F3A•9R–5
![3C56C\DDQJpOjAc[9;:CJH;:Š48<:4MD:SX5fCd;DUA2.5:HO>B
KFG56;345659`5Jp.+-;:ySX5RFe56KFG56LT89<5KM;+,‡;39@C;d5OZD
SX5RFe568’RpDDUA56H5:KFG569@;AO
yJ^B;Fg56Z56JP9Jj56Kx5:OnA$KFG563€3H563‚56ˆOnA‰DUA56FG95V56
LW5ˆKFG56‰DUAD>D5:HO>BJHD>D*59`OB<;S•8:V56Dz556s;;34565]O
.+-8:956C•5DC56KFG56S•;3w5`5;:vA;:a9JH69>KFG56KA56;9<=;pDK9

fC\56,[;RE55bAR~D:S•56H5:KFG56KA56R|=RM9D:n5:5QJH;Fg56RA9Ka
DQ;:?5:y5;:dB;3FPD



Hình 4: diện tích trồng mía và lợi nhuận SBT ,LSS 2005-2012

Hình 5 : diện tích trồng mía Việt Nam 1999-2012

[;c9?CK•8:>Dw;3`5Dh56D:4;:dBD:C8Œ895:L4A5:DUA56H5:OnAKFG56
9@;AO;:FG568t4LH9;v2$15]O—fŠO:y5:2˜JHOjAJp;3•56OnA;:FG56
8t4LH9D:x+5]O,%:9D:C8Œ5HBKM;Kx5:JH45]O ƒ—:y5:2˜;:y56C•5
DC56OnADh56KM;8:\9RFe56DA45:d;,*4KQRe95:C^5;vDWBOnAS•cm;KEC
69XOLE5L4STDM5:;3A5:OM5:O•69bA5:b5656FG9;3•56OnA,yJ^B56FG9
;3•56OnA;:FG56D:CB?5SA56D>DR4M9DWB;3•568:>DJP9Re95:C^5DA4:g5,
]O 08:9L9@5;nD:OnA56CB`5R9@CD:MOK>B;:yDh56RHRID56C•5DC56
OnA56CB`5R9@C8:V56K>=Z56KU5:CDECJHRe95:C^5;vDWBOnAcm;KEC;]56
;3wRM9,T;]56;3Fw56Re95:C^5;vDWBOnAS•;:IDKrB56FG9;3•56OnAOw
3[56L9@5;nD:K?69A;]56Re95:C^5,:GJ^BL9@5;nD:OnA56CB`5R9@CDUA9@;
AOKaKFeDOw3[56K>568?;v 0$.+,
e95:C^5D:4DX56FG9;3•56OnAJHD>DDV56;BOnAKFG56JyJ^Bcm;KECSp;
69XO;34565]O.+8:9D:C8ŒDUA56H5:OnAKFG56KaKM;Kx5:,*bR9@CR~D:
S•—:y5:1˜DUA56H5:D:4;:dBSTSp;69XOL9@5;nD:OnA56CB`5R9@CSAC8:9KM;
Kx5:;:FG56D:x8t4LH9;v+$5]O;3FPD8:9:•9=:pD;3wRM9,*4KQ56H5:
KFG56DQ;:?S•;9<=;pD8:V56;:C^5Re9;34565]O.+-JHcm;KEC:•9=:pD;3w
RM9;v5]O.+2,
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CHƯƠNG 2 : PHÂN TÍCH LỢI THẾ CẠNH TRANH CỦA CÁC DOANH NGHIỆP
TRONG NGÀNH THÔNG QUA PHÂN TÍCH TÀI CHÍNH
A. Phân tích 7 công ty trong ngành
1. Công ty CP Đường Biên Hòa, mã CK: BHS, thành lập năm 1969,
hiện đặt trụ sở chính tại Khu công nghiệp Biên Hòa I, tỉnh Đồng Nai,
khu vực Đông Nam bộ. (trâm)
1.1. y5::y5:;H9D:n5:DUADV56;B69A9K4M5 0$.++}(phục
lục 1)
1.2. ':W5;nD:D:xS\JH=:W5;nD:8:\9}
*/ Phân tích chỉ số :
$Bảng cân đối kế toán ( Phụ lục 1 – bảng 1.3)
*TAJH4cX56!%uCAJ9@D=:W5;nD:;H9D:n5:;:Š4=:Fg56=:>==:W5;nD:
D:xS\—=:W5;nD:;:Š4D:97C56A56˜;ADQ;:?K>5:69>KFeD8:>9uC>;;y5::y5:
c9<5K[56DUAD>DD:x;9`C;H9D:n5:Dp;:?uCAJ9@D=:W5;nD:D>DD:x;9`CDUA
5]O 0$.++;A;:dB}
CBOVDUADV56;B56HBDH56KFeDOw3[56c‚56D:Z56RH;i56;H9SX5;]56
K7CuCAD>D5]O;v5]O 0K<5.++Dp;:?}
!\9JP9;H9SX5;:y5]O.+.;]56+‡ /S4JP95]O 0D:UB<CRHL4
:H56;•58:4;]56R`55:A5:D:Q56JP9;’R@;]562‹‡ƒ/JH8:>D;]56JP9
;’R@8:>DA4-2ƒ‡/;CB5:9`55]O.+.;975JHD>D8:4X5;Fg56KFg56;975
DQfC:FP5669XOOM5:JP9;’R@69XO-+ƒ‹/,CA5]O.++;]56
+‹/S4JP95]O.+.;34565]O5HBDV56;BKaK97CD:x5:RFe56;975JHD>D
8:4X5;Fg56KFg56;975;]56OM5:JP9;’R@;]56.2‡/JH:H56;•58:4;]56
5:ŽJP9;’R@;]56++-+/,H56;•58:4;]56R`5;:?:9@58:X5]56D:9<ORo5:;:~
;3FG56DUAL4A5:56:9@=DQST;]56R`5,*5]O.+.;]56+‹/S4JP9
5]O 056CB`55:W5RHL4!;]565:Ž—;]561+/˜JHST;]56R`5DUA
*8:>D;34568:9KQD>D8:4X5KEC;F;H9D:n5:LH9:M569XO+201/,3456
5]O.++*;]56 +‡/S4JP95]O.+.L4A5:56:9@=Ka;^=;3C56JH4
J9@DKEC;FJH45:b56O>BOQD;:9<;c~5:HfFw56H!;]56OM5:JP9;’R@
;]562‡1/D>D8:4X5KEC;F;H9D:n5:LH9:M5DQfC:FP56;]565:ŽJP9;’R@

;]561 /,9@D;]56!JH69XOD>D8:4X5KEC;F;H9D:n5:LH9:M5D:Z56
;†L4A5:56:9@=KauCA5;WOK<5J9@D;]565]56RTDDV56;BOw3[56895:
L4A5:H;]56SZDOM5:DM5:;3A5:,
':E556C•5J\5DUADV56;B5]O.+.;]56+2ƒ2/S4JP95]O 05]O.++
;]56‡‡/S4JP95]O.+.Jy}
!\9JP95e=:X9;3XDUADV56;B5]O.+.;]56+-‡‡/S4JP95]O 0Dp;:?
RHL45e56m5:M5DUADV56;B;]56+11/;34568:95eLH9:M569XOƒ2/,
]O.++5e=:X9;3X;]562+2+/;3456KQ5e56m5:M5;]5611,ƒ/JH5e
LH9:M569XO‹ƒ/,
!\9JP9J\5D:USw:bC;:y5]O.+.;]56+‡ƒ2/S4JP95]O 05]O.++
;]56+.2-/S4JP95]O.+.,
Báo cáo hoạt động kinh doanh ( Phụ lục 1 – Bảng 1.4)
CA=:W5;nD:c>4D>4:4M;K[56895:L4A5:;v5]O 0$.++DUADV56;B;A
;:dB 5]O.+.;]56+2ƒ/S4JP95]O 056CB`55:W5RHL4L4A5:
;:Cc>5:H56JHDC56Dd=L~D:JpDUADV56;B5]O.+.;]56‡‹1/S4JP9
5]O 0Jy;:<;CBD>D8:4X569XO;3vL4A5:;:C5]O.+.DQ;]56:g5S4JP9
5]O 0JP9;’R@;]56‡12/5:F56L4A5:;:C;:CE5DUADV56;BJk5;]56
;Fg56KFg56;’R@RH‡‹1-/
*/ Phân tích khối :
Bảng CĐKT ( Phụ lục 1 – Bảng 1.5)
CA=:W5;nD:8:\9cX56!%;A;:dB}
7;H9SX5};’;3s56D:9<O;’;3s56;Fg56K\9DA4:g5¡;i56;H9SX55]O
 0D:9<O‡./5]O.+.D:9<O‡.‹‹/5]O.++D:9<O1‹ƒ2/
D:9<O;’;3s56DA456CB`55:W5RHL4;•58:4JHD>D8:4X5=:X9;:C56m5:M5
D:9<O;’;3s56DA4;3456H;n5:S95:Re98:V56DA4,CB5:9`5DV56;B
KA56DQfC:FP5669XOD:UB<CRH69XO5:b568:4X5=:X9;:C56m5:M5
K?KEC;FD:4*c‚56D:Z56RH;v5]O 0$.++DV56;BKA56DQfC
:FP56;]56*Dp;:?RH5]O 0*D:9<O-0‹/5]O.+.D:9<O
-0+/5]O.++D:9<O2+‡/,!97C5HB;:?:9@5STD:I;3s56DUADV56;B
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2. Công ty CP Đường Kon Tum, mã CK: KTS, thành lập năm
1995, hiện đặt trụ sở chính tại Tp. Kon Tum, tỉnh Kon Tum, khu vực
Tây Nguyên. (yến)
2.1. Tình hình tài chính của công ty giai đoạn 2009 – 2011 (PHỤ
LỤC 2)
2.2. Phân tích chỉ số và phân tích khối
2.2.1. Phân tích chỉ số
a. Bảng cân đối kế toán ( Phụ lục 2 –Bảng 2.3)
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!\9JP956C•5J\5;:y5]O.+.;]565:Ž+ƒ‹/S4JP95]O 05]O
.++;]56‡.‡2/S4JP95]O.+.Jy}
!\9JP95e=:X9;3XDUADV56;B5]O.+.69XO12ƒ/S4JP95]O 0
Dp;:?RHL45e56m5:M5DUADV56;B69XO5:Ž-+/JH5eLH9:M5DUADV56;B
69XOOM5:‡‡‹1/,]O.++;:y5e=:X9;3X;]561‹12/;3456KQ5e56m5:M5
;]56OM5:ƒ0-/JH5eLH9:M569XOK>568?1-02/,
!\9JP9J\5D:USw:bC;:y5]O.+.;]56‡2-‹/S4JP95]O 05]O
.++;]56‡+0-/S4JP95]O.+.,
b. Báo cáo hoạt động kinh doanh ( Phụ lục 2 – Bảng 2.4)
CA=:W5;nD:c>4D>4:4M;K[56895:L4A5:;v5]O 0$.++DUADV56;B;A
;:dB 5]O.+.;]56OM5:+ƒ2.‹/S4JP95]O 056CB`55:W5RHL4
L4A5:;:Cc>5:H56JHDC56Dd=L~D:Jp;]562‡/S4JP95]O 0D>D
8:4X569XO;3vL4A5:;:CRH8:V56K>568?5`5L4A5:;:C;:CE5DUADV56;B
;]56;Fg56KFg56;’R@+ƒ2.‹/,
2.2.2. Phân tích khối
Bảng cân đối kế toán– phụ lục 2 – bảng 2.5
CA=:W5;nD:8:\9cX56*%;A;:dB}
7;H9SX5};’;3s56D:9<O;’;3s563d;DA4DA4:g5¡;i56;H9SX55]O
 0D:9<O‹.ƒ‹/5]O.+.D:9<O‹00/5]O.++D:9<Oƒƒƒ./,
D:9<O;’;3s56DA456CB`55:W5RHL4975JHD>D8:4X5;Fg56KFg56;975JH
H56;•58:4D:9<O;’;3s56DA4;3456N;n5:S95:Re98:V56DA4,CB
5:9`5DV56;BKA56DQfC:FP5669XOD:UB<CRH69XO5:b568:4X5=:X9

;:C56m5:M5K?KEC;FD:4*c‚56D:Z56RH;v5]O 0$.++DV56;B
KA56DQfC:FP56;]56*Dp;:?RH5]O 0*D:9<O+0/5]O
.+.D:9<O+ƒ.+/5]O.++D:9<O /,!97C5HB;:?:9@5STD:I;3s56
DUADV56;BJH4KEC;F;H9SX5D\K~5:69I=D:4DgSwJ^;D:d;DUADV56;B56HB
DH56;]56DFG56JHuCBOVJ75]56RTDSX5fCd;56HBDH56KFeDOw3[56:g5,
756C•5J\5}e=:X9;3XJH56C•5J\5DUADV56;BDQ;’;3s56;Fg56KFg56
5:ACDp;:?RH5e=:X9;3X5]O 0D:9<O1222/5]O.+.D:9<O-ƒ0‡/
5]O.++D:9<O-ƒ2‡/,6C•5J\55]O 0D:9<O21‡/5]O.+.D:9<O
‡,.2/5]O.++D:9<O‡12/,6C•5J\5D:9<O;’;3s56DA4D:UB<CRHJ\5
D:USw:bC;3456KQD:9<O;’;3s56DA45:d;RHJ\5KEC;FD:USw:bCJ\5D:U
Sw:bCDQfC:FP56;]56;v2,1‡/5]O 0R`5‡,12/5]O.++K97C5HB
X5::Fw56K<58:X5]56;:A5:8:4X5DUADV56;B8:X5]56;:A5:8:4X5DUA
DV56;BDh56;]56,
Báo cáo kết quả hoạt động kinh doanh - phụ lục 2- bảng 2.6
CA=:W5;nD:8:\9c>4D>48<;uCX:4M;K[56895:L4A5:;A;:dB9>J\5:H56
c>5D:9<O;’;3s56DA4;3456;i56S\L4A5:;:CJH69XOLE5uCAD>D5]OK97C
5HBD:4;:dBJ9@DuCX5R…D>D8:4X5D:9=:n;34569>J\5:H56c>5DUADV56;B
RH;Fg56K\9;\;,’;3s56D:9=:nc>5:H56JHD:9=:nuCX5R…L4A5:56:9@=DUA
DV56;BDQfC:FP5669XOD:Z56;†DV56;>Dc>5:H56JHuCX5R…DUADV56;BDQ
:9@CuCX,
2.3. Phân tích thông số tài chính ( Phụ lục 2 – Bảng 2.7)
a. Nhận xét doanh thu thuần


9A9K4M5 0$.++K97C89@5895:;<6|=5:97C8:Q8:]55:F}RMO=:>;
;]56DA4Ra9SCd;RCV5KZ56wOZDDA469>KECJH4SX5fCd;Dh56;]568:>
OM5:6WB3AO[;S\8:Q8:]5;3456:4M;K[56SX5fCd;895:L4A5:,CB5:9`5
DV56;BJk5;9<=;pDLCB;3yKFeDOZD;]56;3Fw56L4A5:;:CL4A5:;:C5]O
.+.;]562,‡/S4JP95]O 0L4A5:;:C5]O.++;]56+ ,‡-/S4JP9
5]O.+.,

b. Nhận xét thông số khả năng thanh toán

%:X5]56;:A5:;4>5DUADV56;B5]O.+.;]56S4JP95]O 0
56CB`55:W5RHL4DV56;B69XOOM5:J9@DS•Lp56J\5JAB56m5:M5D:4:4M;
K[56895:L4A5:,%:X5]56;:A5:;4>5DUADV56;B5]O.++69XOS4JP95]O
.+.L4;34565]ODV56;BD:UK[5669A;]56OM5:J9@DS•Lp56J\5JAB56m5
:M5D:4:4M;K[56895:L4A5:K?69A;]56SX5RFe56SX5fCd;K>=Z565:CDEC
56HBDH56RP5:g5DUA8:>D::H56,3456D>D5]OuCA5:y5D:C568:X5]56
;:A5:;4>5DUADV56;BKFeD69b8:>i5K~5:JP9OZDK[LA4K[568:V56RP5,
@S\8:X5]56;:A5:;4>55:A5:JH;:A5:;4>5:9@5;:G9K7CRP5:g5+D:4
;:dBDV56;BJk569bKFeDOZDA5;4H5;3456:4M;K[56,
c. Nhận xét thông số hoạt động


:?:9@5STDX9;:9@53d;5:A5:JHOM5:;3456D>D5]OuCA5i9c^;5:d;
RHJz56uCABD>D8:4X5=:X9;:CJP9OZD;]56+RE5;3456-5]O—;]56;v‡,01
Jz565]O 0R`5+2,1+Jz565]O.++˜D:4;:dBJ~;:<DUADV56;B56HBDH56
RP5S4JP98:>D::H56SX5RFe56;9`C;:p56HBDH56RP55:F56J9@Dc>5:H56
;3XD:^OD:48:>D:56HBDH5669XO,z56uCAB:H56;•58:4Dh56KA56DX9
;:9@53d;;\;—;]56;v,0Jz565]O 0R`52,+Jz565]O.++˜8:9SX5=:rO
;9`C;:pDUADV56;BKA56DQ;9<5;39?5;\;JHJ9@DLT;3b:H56;•58:48:>:e=R…,
z56uCAB;H9SX5Dh56KA56KFeDDX9;:9@5—;v+,++Jz565]O 0R`5+,ƒ‹
Jz565]O.++˜D:4;:dBJ9@DS•Lp56;H9SX5DUADV56;BKA5656HBDH56DQ
:9@CuCX,
d. Nhận xét cơ cấu vốn

gDdCJ\5DUADV56;B;34565]O.++8:>A5;4H5JP9OZDJAB5e8:V56uC>
DA4—JP9:@S\5eD:x8:4X56-ƒ/˜,!|Dc9@;ft;;3456D>D5]OuCADV56;B
KA56DQSTDX9;:9@5;nD:DTD3€3@;;3456DgDdCJ\58:9;xR@J\5D:USw
:bC„;i56;H9SX5KA56;]56LE58:>;\;—;v2,1‡/5]O 0R`5‡,12/5]O

.++˜8:956C•5J\5;nD:RhBDUADV56;BKA5656HBDH56L•9LH4:g569XO8:>
OM5:J9@DS•Lp56J\5JABK|Dc9@;RHJ\5JABLH9:M5—69XO;v.,+2/5]O
 0fC\56Dz5+,ƒ/5]O.++˜,
e. Nhận xét thông số khả năng sinh lời