Nguyễn Ngọc Phan Văn

1. DAp AN MON TAl CHINH DOANH NGHI~P - DE: 151113002
CAU 1 (2d):
1.r = (1+ 14%/4)4 -1 = 0,1475
FVAI5 = [10.000.000dxFVFA(14,75%;8)x(1 + 14,75%)]x(1+ 14,75%)7 = 408.992.693d
2. r = (1+14%/2i -1 = 0,1449
Til: 5.000.000dxFVF(14,49%;10)+ CxFVFA(14,49%;4)x(1 + 14,49%)x(1 + 14,49%)5 =
100.000.000d
Suy ra C = 7.225.017d
3. PVAn=400trd+SOOtrdxPVF(1,75%;1)+600trdxPVFA(1,75%;4)xPVF(1,75%;1)=3.313trd
CAU 2: (2d): DVT: d, DVSP: chiec
Doanh thu thuan:
499.500 x25%x32.000x90%+ 499.500 x75%x32.000= 15.584.400.000
Giathanh sanxuAt cua s6 sanphamtieuthu:499.500 x18.200=9.090.900.000
Chi phiban hang: 3% x15.584.400.000=467.532.000
Chi phi quan ly: 7% x 500.000x18.200 =637.000.000
Loinhuen tieuthu: 15.584.400.000-9.090.900.000 - 467.532.000- 637.000.000 =
5.388.968.000
Loi nhusnsauthu€:5.388.968.000 x 75% = 4.041.726.000
CAU 3: (3 d) Don vi tien : 1.000d, don vi san pham: chiec
B',( hi d . 18.000.000x45% 162
len p I on VI: v = 500.000 =,
_ T6ng chi phi c6 dinh: 18.000.000x55% = 9.900.000
_ Gia ban dan vi: 45.
1. San hrong hoa von: Q = F = 9.900.000 = 343.750
p-v 45-16,2
Nam N, cong ty lai vi san hrong tieu thu 1ft500.000, IOnhon san IUQ'I1ghoa v6n.
2.SanIUQ'llgcAntieuthl,l:Q' = F+P = 9.900.000+5.760.000 =543.750 )
p-v 45-16,2
3. Tinh EBIT, DOL:
- EBIT = 500.000(45-16,2) - 9.900.000 = 4.500.000
_ DOL = Q(p- v) = 500.000(45-16,2) = 3 2
Q(p-v)-F 500.000(45-16,2)-9.900.000 '
TCDN_TCDN_CDCQ B1 TRANG 3/2 MD:151113002

2. S ' I ." h V I" h'nh700000 ' V I" 700.000-500.000 100 40°/- an uong tieu t u tang en t a ., nrc tang en x = 10
. . 500.000
Ma DOL = 3,2, nen EBIT se tang nrong img voi ty I~tang la 3,2 x 40% = 128%
EBIT luc nay la: 4.500.000 x (1+128%) = 10.260.000
4. Nam N+ 1, bien phi tang len 5%, tire 1fttang len thanh 16,2 x 105% = 17,01
Vi san hrong hoa v6n : Q = _!_ ,n~u muon Q khong d6i thi khi v tang len, p cling phai
p-v
tang nrong irng voi IUQ'ngv tang len.
Bi~n phi don vi tang len 17,01 - 16,2 = 0,81
V~y muon san hrong hoa v6n khong d6i thi P se phai tang len 0,81. Suy ra: p=45 +0,81=
45,81
CAU4:(3d)
I.L~p bang tinh dong ti€n cua du an:
Chi tieu 0 1 2 3 4
Von dau nr -4000
Von hru dong rong -200
Khau hao 1000 1000 1000 1000
EBIT 1000 1300 1400 1100
OCF 1750 1975 2050 1825
Thu hoi VLDR 200
Dong tien -4200 1750 1975 2050 2025
2. NPV = _4.200 + 1.750+ 1.975+ 2.050 + 2.025 = 99363
1.18 1.182 1.183 1,184 '
3. IRR: Chon k, = 29%: NPV1 = 29,63
Chon k2 = 30%: NPV2 = - 43,11
IRR = 29% + (30% - 29%) x 29,63 = 29,4%
29,63+ 43,11
5. EA = NPV = 993,63 = 369 37
PVFA(18%,4) 2,690062 '
TCDN_TCDN_Cf)CQ Bl TRANG 4/2_Mf):151113002

3. DAP AN DE THI TAl CHINH DOANH NGHI$P
Bac Cao d~ng - H~ chinh quy
----------Dap d€ 151113004----------
Biti 1:
1) Gia tri va la:isuch cua dong tien
a) Gia tri dong ti€n cu6i ky thir 5:
1.000(1+13%)5 + 900(1+13%)4- 800(1+13%)3 + 700(1+13%i + 600(1+13%) + 500
= 4.227,374
b) Gia tri hien tai cua dong tien:
1.000 + 900(1+13%r1 - 800(1+13%r2 + 700(1+13%r3 + 600(1+13%r4 +
500(1+ 13%r5 = 2.294,45.
c) Lai suchd€ gia tri hien tai cua dong ti€n Ia 2.240
Taco:
2.240 =1.000 + 900(1 +irl- 800(1+ir2 + 700(1+ir3 + 600(1 +ir4 + 500(1+ir5
1.240 = 900(1+irl- 800(1+ir2 + 700(1+ir3 + 600(1 +ir4 + 500(1+ir5
Tlnr lfut hrot va noi suy.
Chon il = 14%, tinh duoc:
NPV = -1.240+ 900 _ 800 + 700 + 600 + 500 = 21 31
I 114 1142 1143 1144 1145 ', , , , ,
Chon i2= 15%, tinh duoc:
NPV = -1.240+ 900 _ 800 + 700 + 600 + 500 = -10 40
2 1,15 1,152 1,153 1,154 1,155 '
i= 14% + 21,31(15% -14%) ~ 14,67%
21,31 + 10,40
2) Ti€n gui cua ong A (Don vi tien: d6ng)
a) Tfmg ti€n co sau 10 nam
20.000.000xFVFA(7%,10)(1+7%) = 20.000.000x13,816448x1,07 = 295.671.986
b) Mu6n co s6 tien sau 10 nam la 500.000.000
Ti€n giri dAum6i nam:
C = 500.000.000 - 30.000.000(1 + 7%yo = 34.407.775
FVFA(7%,9)(1 + 7%)
Biti 2: (I)O'nvi ti~n: dAng)
1) Trai phieu
Lai suat coupon 6 thang = 6,5%; la:isuat thi tnrong 6 thang = 6%
Ti€n la:im6i ky: 800.000 x 6,5% = 52.000
Gia tri hien tai cua trai phi€u:
PB =52.0001-(1+6%rIO +800.000(1 + 6%r10 =829.440
6%
Gia tri trciiphi€u sau 2 nam:
P4=52.0001-(1+6%f6 +800.000(1+6%)-6 =819.669
6%
2) C6 phi~u
C6 ruc hi~n t~i:
C6 tuc nam 1:
C6 tuc nam 2:
5.000
5.000(1 +8%)
5.400(1 + 10%)
= 5.400
5.940
TCDN_TCDN_CDCQ_A2, B2 TRANG 3/2 MD 151113004

4. C6 nrc nam 3: 5.940(1 + 10%) = 6.534
C6 rue nam 4: 6.534(1 +9%) = 7.122
Til nam tlnr 4 e6 tire tang tnrong voi ty l~ 6n dinh nen tinh duoc gia e6 phieu (1 nam
3: P3 = 7.122 = 79.133
18%-9%
Gia tri hien tai cua e6 phieu:
p = 5.400 + 5.940 + 6.534+ 79.133 = 60.892
o 1,18 1,182 1,183
Gia e6 phieu sau 5 nam k~ illhien tai:
P, = P3(I+g)2 = 79.133(1+9%i = 94.018.
Bai 3: (BV tien: trieu d6ng)
1. Dong ti~n ciia cac d., an
Dtr an A·.
Chi lieu
Nam
0 1 2 3 4 5
Chi phi dau tU' -8.500
Bo sung von luu dong -2.400
Doanh thu 46.700 49.035,00 51.486,75 54.061,09 56.764,14
Chi phi chua k~ khau hao 42.400 44.096,00 45.859,84 47.694,23 49.602,00
Khau hao 1.700 1.700 1.700 1.700 1.700
EBIT 2.600 3.239,00 3.926,91 4.666,85 5.462,14
OCF 3.650,00 4.129,25 4.645,18 5.200,14 5.796,60
Thu hOi von luu dong 2.400
Thu hOi tai san rang 300
Dang ti~n rang -10.900 3.650,00 4.129,25 4.645,18 5.200,14 8.496,60
DIl an B
Chi lieu
Nam
0 1 2 3 4 5
Chi phi dau tU' -8.500
Bo sung von luu dong -2.400
Doanhthu 47.000 48.880,00 50.835,20 52.868,61 54.983,35
Chi phi chua k~ khau hao 41.300 43.365,00 45.533,25 47.809,91 50.200,41
Khau hao 1.700 1.700 1.700 1.700 1.700
EBIT 4.000 3.815,00 3.601,95 3.358,70 3.082,94
OCF 4.700,00 4.561,25 4.401,46 4.219,02 4.012,21
Thu hOi von luu dong 2.400
Thu hOi tai san rang 300
Dang ti~n rang -10.900 4.700,00 4.561,25 4.401,46 4.219,02 6.712,21
2. Chon d., an theo NPV va IRR
D., an A:
NPV = -10.900+ 3.650 + 4.129,25 + 4.645,18 + 5.200,14 + 8.496,60 = 7.083 08
1,12 1,122 1,123 1,124 1,125 '
B~ tinh IRR, dung phuong phap tlnr Idn hrot va n9i suy.
TCDN_TCDN_CDCQ_A2, B2 TRANG 4/2 MD 151113004

5. Chon fl = 32%, tinh diroc:
3.650 4.129,25 4.645,18 5.200,14 8.496,60 87 73
NPV1 =-10.900+--+ 2 + 1 323 + 1324 + 1 325 = ,
1,32 1,32 , , ,
Chon f2 = 33%, tinh duoc:
_ _ 3.650 4.129,25 4.645,18 + 5.200,14 + 8.496,60 = -143,23
NPV2- 10.900+ + 332 + 1 333 1 334 1 3351,33 1, , , ,
_ 201' 87,73(33%-32%)_323801'
IRR - 3 ;to + - , zo
87,73+143,23
DO'an B:
4.700 4.561,25 4.401,46 4.219,02 6.712,21 6555 45
NPV=-10.900+--+ 2 + 3 + 4 + 1125 =. ,
1,12 1,12 1,12 1,12 ,
Dung phuong phap tlnr 1finhrot va n9i suy.
Chon fl = 33%, tinh duoc:
4.700 4.561,25 4.401,46 4.219,02 6.712,21 44 53
NPV =-10.900+--+ + + + =,
I 1,33 1,332 1,333 1,334 1,335
Chon f2= 34%, tinh duoc:
NPV =-10.900+ 4.700 + 4.561,25 + 4.401,46 + 4.219,02 + 6.712,21 =-160,85
2 1,34 1,342 1,343 1,344 1,345
IRR=33%+ 44,53(34%-33%) ~33,21%
44,53+ 160,85
Ket qua tinh toan cho thay:
• Neu thea tieu chuan NPV thi nen chon du an A
• Neu thea tieu chuan IRR thi nen chon du an B.
Ket luan cuei cung nen chon du an A vi ca hai du an c6 rmrc v6n dfiu tu va thai gian
hoat dong nhu nhau nhung du an A dem lai thu nhap rong 16n hon.
3. Tim van diu to' cua dl' an A dS IRR cua bai dl' an bing nbau
D~ IRR cua du an A bang IRR cua du an B la 33,21 % thi t6ng mire v6n dfiu tu cua
du an A phai b~ng t6ng gia tri hien tai cua dong tien thu rong til nam thir nhftt d€n nam cu6i
cung tinh thea chi phi sir dung v6n la 33,21%. Do d6 t6ng rmrc v6n dfiu tu cua dl,Ian Ala:
3.650 + 4.129,25 + 4.645,18+ 5.200,14 + 8.496,60 =10.70927
1,3321 1,33212 1,33213 1,33214 1,33215 '
Tfuang hqp nay cong ty vftn nen chQn dl,Ian A vi t6ng muc v6n dfiu tu nh6 hon tru6c
nhung dong ti€n thu fong khong d6i nen NPV cang 16nhon so v6i dl,Ian B.
Bid 4: (Don vi:* San phftm: chiec;
* Ti€n: d6ng)
1.DiSm boa van, dB tbi boa van
T6ng chi phi c6 dinh: 540.000.000.000x50% =
Chi phi bien d6i don vi san phftm:
540.000.000.000- 270.000.000.000 = 150.000
1.800.000
270.000.000.000
San 1uqng hoa v6n:
270.000.000.000 = 1.000.000
, 420.000-150.000
Doanh thu hoa von: 1.000.000x420.000 = 420.000.000.000
TCDN_TCDN_CDCQ_A2,B2 TRANG 5/2_MD 151113004

6. 270.000
Dthu,chipbf
(tnt)
420.000
2. Tinb DOL, DFL, DTL 1.000.000 San luqng (c)
Lai yay: 130.909.200.000 x 15% = 19.636.380.000
1.800.000(420.000-150.000) _ 2 25
DOC = -,
1.800.000(420.000-150.000) - 270.000.000.000
1.800.000(420.000-150.000) - 270.000.000.000 11
DK= =,
1.800.000(420.000-150.000) - 270.000.000.000 -19.636.380.000
DTL = 2,25 x 1,1 = 2,475.
3. Tinb EPS khi doanb tbu tang d~n 2.160.000
Tai san IUQ'Ilg1.800.000, DTL = 2,475 co nghia tY l~ tang EPS gAp 2,475 lfuI ty l~
tang doanh thu. Khi san hrong tang d€n 2.160.000, ty l~ doanh thu bang ty l~ tang san hrong
la 20% thi ty l~ tangEl'S la: 20%x2,475 = 49,50%.
EPS tai san hrong 2.160.000 la: 18.800(1+49,5%) = 28.106.
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TCDN_TCDN_CDCQ_A2,B2
TRANG 6/2_MD 151113004