tiểu luận môn phân tích tài chính phân tích khả năng sinh lợi

 !"#"#
BỘ GIÁO DỤC VÀ ĐÀO TẠO
TRƯỜNG ĐẠI HỌC KINH TẾ HỒ CHÍ MINH
KHOA TÀI CHÍNH
$$$$$$$$$$
CHƯƠNG 12
PHÂN TÍCH KHẢ NĂNG SINH LỢI
GVHD: TS Nguyễn Thị Uyên Uyên
HVTH: Nhóm 7
Lớp: TCDN Đêm 3
Khóa: 22
%&'$()*
Nhóm 7 – TCDN Đêm 3 – K22 Trang
 !"#"#
DANH SÁCH NHÓM
Stt Họ và tên Chữ kí
1 +,-.
2 +/!#
3 0123
Nhóm 7 – TCDN Đêm 3 – K22 Trang
 !"#"#
Mc lc
Nhóm 7 – TCDN Đêm 3 – K22 Trang
 !"#"#
PHẦN 1. PHÂN TÍCH LÃI RÒNG
1. Mục tiêu
a. Phân tích chất lượng lãi ròng
- 45615+780(9:+;<=>0>0?5@AB0A
C5%0DE63A/7F(7G.?5=>0>0EDH1(AC6I
DJ8:+;AK%JE63A/L?DMEMDA+AN
?D!6D>>7>%

i. >1OPQ<AEDHDM1(Q1(:+;69M
Cc đng cơ lm tăng li rng:
o RSD?F0J0S
o 4KQ5S(>DT0QA+05D&QAEMOD!JK1(
BU(V:+;8D!WX:8=#F0(VOD!+U%
o ?A0I#OADJJO0SDH@AK
Cc đng cơ lm gim li rng:
o '9#(J
o Y(>DT0E0K<KD01Y((60Z
.1(@AK%
o Y(ADT0E0K<@@EMAS.
S+0Z8S>0AQW+:1>WEM+:1OP
0Z-W
o >1DH1((8@A:+;
o [2A\>#]J0>Y(=>0>0AC=8J@AA0B!%B9
(H1BT786(HKEM2A\55>58
A0F0#QT=8JW55>58A0DT0Z8
A0AX5^5%1J55>58A0F0B_DJ5
8A08555>58A0DTA8A0A+0N(D/W
:+;+0N(D/XA01<B955>58A0DTA
8A0A%
o 8+3S>A0B!Y(DS(9D#8D!%B9KEM8+3S
.S>00#DMD?10#0SDH%`IQWJ?1
0#1WK5+8A0B0DE1(5Q1(?
@AK%
o aB9>UQ1D!K2J%B91(Q;D.@A10Z
>+!;S@A1%4DE58A0X(Q11(:+;%
ii. 'H-B8C=>0@AQCb5&?5
o ?B0AU(%+0T+.56B0AD?AD@>
DTCDM?B0A$3KX+W=1>DTCDM?B0A

+05/A%
Nhóm 7 – TCDN Đêm 3 – K22 Trang
 !"#"#
o 2>=CNA-DH+IB;T0SDHQ1:+;% KEM
?+I:+;#B;T0SDHWS(0Z(B/EM1
B8C@AQC?B0AU(0Z+W0:?5%0DEc-NA
B;T0SDHQ1:+;d(HB10Z(B/X1B8C%
o -DH+IB0A=8.0QU#J6160Z>K+0
1%-DH+I=8.EMDJ2H2V(S@AK6#
eEMB0DJ<J0>%405+IAB0ADc+A
=IWT=WOB/6EM1=YV@AQC?B0AU(%
o -DH+I1&00QUB0A%1&0EM1B01EA
f.0ZQCO+!1&0G(6eEM1B0?O>A0>
+!1&06(>Q-1=>Q1B0DE1(:+;%
o 3DL?B0A=YQC50S?5=8.1?5<0S
DH@AK%`gQC1:+;KADb#-DH+IB0A
@AKW%
o +W0:?5%K-]Q-EA>5DM1(0:+;@AK
+I#5g%B9(H-55DDAQ105=>1A
OPB0AC5KSDA3Q105++U.5=b%
o 8=YQC50SQ105=8.%C1(1X1(?
<0SDH@AK%
o h[ijkOBA0lD1+.5(1K=>T1(1KD:
(A0Z78F055>5?5A$78+U%0DE6XE(Z1
D?5+UDEQU>85+0SD=>QU(V>CS%RT11(
0?H5(SK5DJ<H2@AK%3AEM
WQ10B2+N[ijkm12>=CNA>+!1&0F055>5jijk0
QU[ijknD+W=1+0J(=>0>01%
o Q;D.aB91%RT1X1((58A0Q11(:+;%
3AEM0>Q;D.@A1@AK0QU>K>+0^

1%
o `8.Q10-(%C+I=8.Q10OP*EM1B0J-(^AQ1
eEM1B8C@AQCb5&?5%
 [P+Y+#D1B8C088@A:+;EM=!((1
K5#OADJ2AB-+0=>0>01%
- 5>558:+;0>:+;QUB;T/<0SDH
B0A%
b. Phân tích tính bền vững của lãi ròng
=TQN@A:+;EM785><
- =TQN@AB0A
Nhóm 7 – TCDN Đêm 3 – K22 Trang
 !"#"#
- bD!@A5
2. Phương pháp và nội dung phân tích
a. Phương pháp phân tích
- 0>
- o+\
b. Nội dung phân tích
,+W*=U
Bước 1 +78:+;@AKOA>(<`Q1:+;@A>D-
@S+A+0^1%W(9#D/#@A51
58:+;6B0DE+0=U13A/P7F(>S0>
J0>@AKEM1(AC0(9:+;TAK%
Bước 2: Dùng phương pháp so sánh:
o [:+;KOA>(7F(7U=JDHOA>(EbD!AKp
IA19(p
o [:+;KQU:+;@A>D-@S+A+0^1%
Bước 3: RA+A>?D!6D>>6W(M#B_DJ2=JDH
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Bước 4: RA+ANJ!Q1=>0%
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5/=A0=W2AJOA>(%
`[:+;
Năm 2011 2012 2013
Công Ty CP Bao BZ Nh[a Tân
Ti\n uv6*w) *)6x)y wz6w*
Công Ty TNHH RKW Lotus y)6zx *y6zxy vz6vu
`B;T0SDH
Năm 2011 2012 2013
Công Ty CP Bao BZ Nh[a Tân
Ti\n *)6 6 vy6)u
Nhóm 7 – TCDN Đêm 3 – K22 Trang
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Công Ty TNHH RKW Lotus $ yu6*v) uy6z))
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PHẦN 2. PHÂN TÍCH DOANH THU
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D!@A5%+0163AXDQ10J05/5B0A

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o '9#
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Nhóm 7 – TCDN Đêm 3 – K22 Trang
 !"#"#
1. Doanh thu và những điều chỉnh cần thi\t
a. Doanh thu & Thu nhập không thường xuyên
• Doanh thu
0ADS0+A<B;TQ100ZB;TQ10+0A|785>
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o ;T=>1
o ;TA<=>1+?(
Q?B0A+0}Q1B;TQ10+0}m+#0c#B0An
XE(H0#C=Y0
Doanh thu từ bán hàng trả chậm trong kỳ - Doanh thu từ bán hàng trả chậm trong
các kỳ trước được trả trong kỳ này
• Thu nhập không thường xuyên
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5><>A0B!Q12CK#OAWDJ>0SDHB0ADAB 
+A@AK%

B9?5<QC=>>1K.7#
Doanh thu>Thu nhập
Doanh thu Thu nhập
<  >  0S  DH    B0A
DAB +A@AK
<>0SDH>
~D! 4KEZ5DZ5S
 [P/5=C8S0@A0(9doanh thu tài chính+0=>0>0@A>
KCA(%0SDHS0+AB0A1@A>B0AC5EMD
7F(10SDHKE8Z5DZ5SQW2=JDH@A!+.+0
AEEB2=>0&?51%2>=C1+8OA+\
56DZ=C17>D!?5=TQN%QWQ?6?5DS0+A<
0SDHD/1D7F(10?5K(A8=TQN
B08K#C5@AK%
 E(S6>+!>BA(9D/1=!>DH(S=I>=JDH!
+.61B0>OA(ASVK5<>1O+!%QWQ?6
D>>2@A1O+!/>=C0?51%
 453A/7aPk•"Q1"€4•>AmB0A
D}Q\1bD!;?5>WKn
Nhóm 7 – TCDN Đêm 3 – K22 Trang
 !"#"#
b. Ghi nhận doanh thu
NDTcDM5@A3A@J=Y>aB9KQT
?B0A%8DTOA+\1100ZIDM(10?B0A1
5%JQC?B0AK5^5EMB_DJJOK
(0(-
o J(HK?B0AU(0Z+ 0AD5=bKD3
}%
o J(HK?B0A+U]]D0AEMD
?+0(H}Q1ADE@=d+0(H}>?5A0+0}

D/Q185+0}A%
AI1S0+AN>DHTA0>:+;%0
DE63A/?+\QT>?B0A@AB0AC5(13A/
5%
• >#?B0A
o >0SDHS0+AB0AD:018=6K/b2#(10DM018
NA%
o r@+0QTOTINB0ADM(H>COA.(A%
o 0ADD0.0ZUQUDH7>5P%
o 0AD?.S0+A(H2AT(Z60560ZV
0>%+0NDTC10DE6ES0+A(H2A1&00ZN
1>60Z(%
o A0B!S0+AB0A1;5g6QU(Hm0ZTnD->DH?5mK5
>D->DM(0>n%
o >A0B!S0+AB0AK59HQ10QC@=dmOT+S1|
+0‚+F+n%
• 2K]]+0B0A
>KaB90(9B25;DM5>K]]D-
QU05<ND1+?(%'HKXDTc
B2A+#W-KKMD(=040NA%C
DTc1EM?+\0ZEMaB9ND!2B00ZSOA%
4K;DD(=0(H>85?D6W2J05G5
(HO+WDM+W0:QC?B0A0DJDT%
• 0AEOT+S1
4.(AEOT+S16B0ADQ10.DM(=>
1cdA(:NDTCA
o >>1-D!0ZEM7>D!DQ101=>1
Nhóm 7 – TCDN Đêm 3 – K22 Trang
 !"#"#
o .(AA0>0.=>0Z=!=HA0>0.=>mK59

HQ10QC=>Sn%
o .(AE1J>+..=>%
o C+S1EMUD%
JdANDTC+#6B0A=>1Q15=>1D?
=!(DDM5>>+!U1=!+SQ1>5#OAƒJ
KdA>DTC+#6QC?B0AXDhon lại.
• 0A<OT
>L(2J0>0>bV0OT#/+Y0A<
5OTEMD?01=H>B!Q9Q?80Z>DTC
#OADJQC=>1D2CD/D@0Z.0OTdA(:%
RT1e>5B90>5OT6B0Af5Q1(-OACNA
.0OTQ1.OT%
c. Những điều chỉnh cần thi\t
 `>0>0?51OA+\D-QU5Q1D!>B0AC5%
#67GQT5BC1OPEEM]=EZXQU1O6?5
@A\%VQ10DH@A=AOP63A}Q\(H>5P1=AO
PX\2AQ1>5B9>#]J0>5^58@A(W%45
63A5>7U@A=AOPD-QUQ8DT1Q12^CQT
(ZJ0>%3A/53+\Q10>55>5J0>DM=J]C
3E5>D32JJK%
B9J(H178??5<=>10(H1=K6W
53A5DZdQT1&0@A1=K1Q1>DTC!
+.|=IQW0SDHS0?522=A0&(QC=>10.#B^
-^%RKDMhD>=El1O0(H}0Z(H(9D10DE%h1
=KlA1WA0p
K]]+0?B0AA.1B0.(AE
Q-(d60ZDQAT60Z1@A.(A@J1N1
(A@A.=>%WQ?53A/3P5WW1
@A>K>1DMENDTc505%
?(6K?DN0T(Z60Z=8}2D(=00Z

dA?10>D;dKMT(Z0.(AX>DHDJ
C2@AQC?B0A%0AXKD?+<
o ;T<0SDHB0AD@DM+QAQ1bVm+#I5>n0Z6
Nhóm 7 – TCDN Đêm 3 – K22 Trang
 !"#"#
o >B2>D/@AKQ10bV(AD:D60ZEMDM1T
(ZQ1KK;=8}„AQ910NA+0Kb>D(=00Z
NdA?>D;dD/#(Q-Q10bV(A%
 15/3PW-1DMENDTc/J%
o KQT>+!>0+?(6=A0&(:QA+?(60Z0bV
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=JDHB0A1-AKDM<DE7>D!IDJ:+;1-A
K%

TÌNH HUỐNG:AW(M#biến đng doanh thu‹đ nhạy cm đối với cc
điều kiện kinh doanh@AKr4s[0+0()w
Nhóm 7 – TCDN Đêm 3 – K22 Trang
 !"#"#
W6bB0A()w0vx6voD&mv{n6@JDJ
<2A+0B0A78Lmv*oD&n%01+ADEE5Q102
B0A1<B0AHD!AQ1B0A>%dDZ+A1WA0B0A<
78LSA(SQ?p
ADQ10W(M3K7>D!D#+0B0A
78L1B02A+0B0A-78LQ1D>=>%0BE3A/
DW(M#=JDH@A-1%
Nhóm 7 – TCDN Đêm 3 – K22 Trang
 !"#"#
<D&!wA8=JDHB0A-78LQ1B0A78L<>
DJ>)63AEM?+A3=JDb01QUA%RT1E
„A1KEN=8.7+AmQB9=JDHU+0>=>n%0A-
@JDJ<N>1(UF=AA+‚6ŒA0A6=•(=A6
(F0+56FFA5F+6A0+AAŠ`#SDE6)>1@AK
  r4s  m  j55  ABF(A+F6  (=  ‹  0%6  A+  i(50+  (`6  +A$
0FA'A+F[ŠnD:ADZ10QU()%N>1
1J(0x){bB0A78L%
<D&!Q163A8+YB0A-Q1B0A()w=JDH
VQUB0A-Q1B0A()+0/J>>%0S+<
o >Q1>B0-(^AQ9$J(!B0A-Q1D>()wDT
(0QU()I>J(!mnr4sK=>DT1+0
(^AJ%
o >u$>zB0A-Q1B0A()wDT85^}(+U%
#1B0B0A-(DŽ(QU2(B0AB02A1=>=!
Nhóm 7 – TCDN Đêm 3 – K22 Trang
 !"#"#

+S+0>1(1f1I5;0%+0>z6E(H-0AF+1
KDM<DJ>1D3!(15DDJ>y%R1P
B0SA08B0A<>0AF+115D?+0>y(
)w B0A+0>z855>5/P5;03PDZ=C
Q8DT1%8DT1=!hNlS0c1(3A-#(50=:659
57J5B•SŠmn(1;1((8@A3AQU>>1%
o <>x+ID6B0A+ISQ1J590DJ-(m(^AQ9U@A
Kn%AW(M63KW(+A>#r4sD:EDN
JU+0(>(EJ=!17IA78ƒN>
1(UIt<NA()ADZ1ƒ3#(>
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(H-D1<(H->1(1+UD(A<>178+,-
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78n%3KJ?+Y62=JDHB0A-+0/J>>Q1E
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Nhóm 7 – TCDN Đêm 3 – K22 Trang
 !"#"#
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Doanh thu nội địa năm 2013 theo khách hàng
Mã Tên khách hàng 1000 VND
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 Tổng doanh thu nội địa năm 2013 15,977,439
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

Nhóm 7 – TCDN Đêm 3 – K22 Trang
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• [#B0A->AA=F
ĐVT: Tỷ đồng
Chỉ tiêu 2005 2006 2007 2008F
0A *%vv *% *%v*v v%*u
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W6JO?bD!Q1OA>(%
- T2C(@A>1QUr4sD:DT?5+05/+U63KD>
>2C(@A>>1B10r4s>A0%`MCIb6B0A-DZ
1@A)K0SU8OA>(6DZ=C8+0(
)w%R&.6r4s;B1D(H->1(U<A>178
+,-mKD>5VD>#L8n0B^>K1DA+A
(V>85B_T%
E(S6AD>>>1@A@Ar4sOAwc#?5
+6bD!Q12C(@A>1%3KD>>0A1=T
QN
RM01C05/D>>>1Q1!+.D/+A3A/
7F(7G#(NJB+WQ1(I+H!5/@A5;B0AJ
10%AW(M3K?8DNb2@AK+0QCDABS
EA5L(DMW(J(&Nh>l!5/(U%`#SDE6K<
C(>(E6D/0KCA0DMS0+AN5L(CQU
(K+.%R1(HB8C-DMDF(ST(0>1e
NH5>+M6EDN>1(U+0A%
b. Mối quan hệ giữa doanh thu với các tài sản khác

/5(-OACNAB0AQU>1>056
1&06T(Z61]S61-D!6b1ŠDMD>>C
OaB91%
- 8C
o E(>o-0SDH
o OANAB0AQU>1OA>(%9M60>-DH
+IB0AQU-DH+I>1Q17F(7G-DH+I@A
B0A60561&0ŠEbD!AK%
Nhóm 7 – TCDN Đêm 3 – K22 Trang
 !"#"#
i. Phân tích mối quan hệ doanh thu với khoản phải thu
o ;OA05D0.-DH&>05%4}T=WO
D0.-1+=W&>05Q1>5J5%
o ;OA0559H+8TQ101T„Q20SDH@AK
6Q;D.5L(Q1>=>1@AKŠ
o JQ;OA>0585Vd&?(6QC&K
@AKG(CO%
o JQ;OA>05UVd&1A6QC&
KCO6KXSJ=U&Q-=!J(B9%#6Q;OA
>05O>A0MC5V=>1V]6A0>@J
=YT(ZAA]D:-QWIDJVS+AQ1(I+H!5/
@AK%
o 40508>K>5B9>=>1+?(0>1%
+0DTC=W.-DH+IB0A5D-QU-DH
+I05%JE2#ANAAc#1A/5W(M
#DJ<DDMEMD>>=TQN@AB0A
o B9JB0A605e
405QUoC85VdKM(0>D05
@A(W6KE>=>!-%
405QUoCA0EMKDAUdB96.

5/]?+\QCUd>=>!@AKE35
K3D>1T(AK6AcJ0B0A
K+I#G(=TQN%
405VQUoCB0Ao+\05
+0B0AbD!08>=>!@AKDADB+W%
TÌNH HUỐNG: Kr4s[0
 2013 2012 2011
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Nhóm 7 – TCDN Đêm 3 – K22 Trang
 !"#"#
Wo+\405+0B0A>bD!OA>(%
#63AEM8(HDM(DZ=C+0()w0A*%w{
05(v%{%AW(M6+.1B0+0()64rs
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05()A0%()w6.>&DC6
4rsD:&D>051%RT1E55/1(005
()w(v%{=885B0A*%w{%
AD1BA>K^12A$`A0=W%2AQ10(H-#QT
Q-’D!ADM(B0A63K\DM50>QU>K
^10c#;OA05’4}T=WO

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mz0QUn6VdKE>OP05-%`WO>
1K$z160-1e>bD!Q185T0QU
m*)$u1n%
Nhóm 7 – TCDN Đêm 3 – K22 Trang

 !"#"#
ii. Phân tích mối quan hệ doanh thu với hàng tồn kho
o ;OA1&05>-/M1&0+0(H.}8
D!%81&0MC@AKaB9Q1=>1&0%
o ;OA1&0(F0.A0Z85+=W108>
0S1M?(B0S?6B0/850ZE=>%
o -Q;OA&0U6.A&0]KcMCB0AC5DA
COaB9Q-(1;08WW!+.6#95L(@AK
DA?%#6JQ;OAO>A00QU(V=WO@A1e
+0.A0SDHQ<AOA@AKW/7F(7GS856B2
+N#Q?C615L(ED@D>5V/786=>16DFB\A(-OA
CQU>1Q1B0A-+0A%
o .AMDb0Z}\ADHJ5}T=WOQU-1=>
1&0DMED.AM1&01T(Z-1+=W
=>1&0’4}T=WO“.AMDb%mx)’u)“v)RT
1E„A15(8v)1DMK=>1&0Q1>05n%
o 3P>55>5S0>1&0e.0+A>>+!&0>
A[ijk6jijk6`WOAO”TŠ%%
o -Q;OA1&0#OADJ81&0Q1C8aB91
%>15/1&0.5>C+A>D/(-E>+!D-
QUB0AQ10SDHB0AA%B96A15L(D^
QU(3#Q?CQ15L(BIBA63AB2D0>(H9(+0
78%#CQ15L(BIBAAQ1KJ(o+\U
+0b1&0%RE1B8C080SDH78B0A@AK
bD!Q1+I>-%
TÌNH HUỐNG: Kr4s[0
Nhóm 7 – TCDN Đêm 3 – K22 Trang
 !"#"#
A8+0-w(/D1&0K<A6VQU
2+I+0B0A%+0DE&0#Q?CAA6D1

(H8(DC(-00SDH78%-DH&015L(>V
QU-DH+IB0A(C16Q11CD>5V-2B0A
}Q\+0>(U%#63A5P0-&0K96B9
9Q1B25;(>4()w
o +0>J->@A1&0DT+IDMD>5V02A
B0A-WK9B99S(>=8.%Š%
o 25;(>4((Smxw{nŠ%
PHẦN 3. PHÂN TÍCH CHI PHÍ
bOA55
Mục tiêu
o R>>2bD!QT5%
o R>>M(0>QT5@AB0AC5%
Phương pháp:
o ^55>55c+\60>c+\<0(9@A5+0
B0ADMD>>QTQCADb85%,ADE6DA+A?7GQTQCO
+!5@AK%
o ^55>50>D>>7U=JDHOA>(6c+\5+0
B0ADMD>>2bD!5@AB0AC5%
`wc+\5+#B0A@AKr4sOA>(
2011 2012 2013
Giá vốn hàng bán yu%*w{ yy%uz{ yy%*{
Chi phí lãi vay )%)w{ )%)w{ )%){
Chi phí bán hàng %)y{ %v{ %{
Chi phí quản l{ doanh
nghiệp w%v{ w%yy{ w%xw{
Chi phí thu\ %x{ %){ %x{
Nhóm 7 – TCDN Đêm 3 – K22 Trang
 !"#"#
WQ10=wAEM8+Y85@AKr4sOA>(>
bD!%

J5F03K8()1(-DMLD2ADb5OA>
(%
`*0>2ADb5OA>(
2011 2012 2013
Doanh thu )){ v{ *w{
Giá vốn hàng bán )){ y{ *u{
Chi phí lãi vay )){ wy{ uy{
Chi phí bán hàng )){ v){ x*{
Chi phí quản l{ doanh
nghiệp )){ wy{ u){
Chi phí thu\ )){ xx{ w{
+0=16A8+Y5>D>MOA>(%9M>Q-
=>*u{65=>1Q1OPB0AC5x*{Q1u){%T
85KKADbT6#:+;()w){0QU
()%0DE3K?7G+YQCO+!5@AK1>-%
1. Giá vốn hàng bán
a. Khái niệm:
o >Q-1=>0ZB!Q98515Eo+\U8+0/J>K
61>2J780@A-5L(m&(5(A1D-QUB0AC5
(Sn0Z1>12JB!Q9011Q1D:D7>D!1#9Q1
>0>DQ10>Q-DM7>D!JOB0A+0}%
o 2JQC50S+‰+1>5@AB0AC5DM5=bQ10>Q-1=>6
5=>1Q1OPB0AC5Q15:QA1D-EQ15^
HTQ10L(2J0>@A(fO-A%
b. Mục tiêu:
o 08M(0>5@AB0AC5m-DH>Q-0QU-DH
B0A/n%
o R>>8Q17U=JDH>Q-1=>CS@AB0AC5E5^
5QU(9#AJ(1B0AC5DZ+AAKp
c. Phương pháp phân tích :

o ET55>57>D!>Q-1=>5>QU55>5(1B0A
C52A\65DCV@AQC2A\55>5DEIDJ
:+;@AB0AC5J10p9M(HK\55>5?5+U
78+UmjijknXB_DJJO1>QU(HKaB955>5
?5A78+Um[ijkn
Nhóm 7 – TCDN Đêm 3 – K22 Trang
 !"#"#
RM(\A63K0>>#1@AAKaB95
5>5jijkQ1[ijk+0+.5>
[ijk jijk
>Q-1=> A0 85
[?H5 85 A0
:+; 85 A0
1&0 85 A0
;OA1&0 A0 85
0DE60>AKQU>>?>Q-1=>>
AWA/DTc>0(9DMD(=02%
o ^55>5o+\DM5o+\68@A<0(95+0
>Q-1=>DM7>D!0(9@J10IDJ>Q-1=>6
351O+!?BC+0>Q-1=>510J(o+\A086
5101=8.DM<DEIDJ>Q-1=>%
o RA+AN?D!6D>>6W(M#6>DH+08Q17U
=JDH%q=U1.55J5#(QCaB9>c-#
=C+05A00D>5VD>(9#5>Q-1=>DT+A%
o 4J!6=>0%
Bước 1R0.?H5
o [?H5“0A/|>Q-1=>
o [?H51UD01O@J6D(=0+>5;S
+0B0AC55:QA65OP65=>165#
V5>+M6+?5B25;65++UŠ

o [?H5ADb>ANA>16O(KD/Q-Š
o aB955>55F0o+\Q10>%
'\A?H5@Ar4sDQ!A
`?H5@Ar4sQ1J
RKW
Năm 2011 Năm 2012 Năm 2013
Số tiền Tỷ trọng Số tiền Tỷ trọng Số tiền Tỷ trọng
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Năm 2011 Năm 2012 Năm 2013
Số tiền
Tỷ
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Tỷ
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Nhóm 7 – TCDN Đêm 3 – K22 Trang
 !"#"#
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 [?H5@AKr4sD-bD!OA>(%0DZ^1#
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% Chi Phí nguyên vật liệu tr[c ti\p:
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Nhóm 7 – TCDN Đêm 3 – K22 Trang