chuong_6

CHNG 6TNH TON KHU HAO

& PHN TCH D N SAU & PHN TCH D N SAU THU

GIO TRNH PHN TCH D N U T - GS. PHM PH

NI DUNG

Gii thiu v chi ph khu hao1

M hnh khu hao u - SL2

Thu li tc3 Thu li tc3

Dng tin t sau thu CFAT4 Dng tin t sau thu - CFAT4

5 So snh phng n theo CFAT p g

GII THIU V CHI PH KHU HAOHAO

z Chi ph khu hao (Depreciation): - L mt khon khu tr vo tin thu ca

DN ( C ) ( )Tin thu = (Li tc Cc khon khu tr) . (Thu sut)

- Chi ph khu hao trong thi an cng ln th tin thu trong thi on cngln th tin thu trong thi on cng nh.- Khu hao thu li hon tr li- Khu hao thu li, hon tr li ngun vn hay phn gi tr b gim i ca ti sn.- Khng phi l mt khon thc chi.

M HNH KHU HAO U STRAIGHT LINE (SL) STRAIGHT LINE (SL)

z Mang tnh truyn thng.z Dng cho ti sn tui th > 1 nm, thi on tnh l

nmz Chi ph khu hao hng nm:z Chi ph khu hao hng nm:

D = (P- SV)/ND: CP Khu hao hng nm

P: Gi tr u t ban u ca ti snSV: Gi tr cn li ca ti sn

N: S nm tnh khu haoN: S nm tnh khu haoz Gi tr bt ton cui nm x:

BVX = P D.x = P [(P- SV).x / N]

M HNH KHU HAO U STRAIGHT LINE (SL) STRAIGHT LINE (SL)

V d: Mt ti sn c mua vi gi 15tr, khu hao u trong 12 nm, gi tr cn li sau 12 nm l

1,5tr.Tnh Chi ph khu hao hng nm v gi tr bt ton ca ti sn vo cui nm 3?ton ca ti sn vo cui nm 3?Li gii:Chi ph khu hao hng nm ca TS:Chi ph khu hao hng nm ca TS:D = (15 1,5) / 12 = 1,125 tr/nmGi tr bt ton ca TS vo cui nm 3:BV3 = 15 1,125*3 = 11,625 tr

THU LI TCTHU LI TC

z Thu nh trn thu nhp hay li tc thu c trong hot ng sn xut kinh doanh v trn

cc khon di vn qua chuyn nhng ti snsn.

z Thu = (TI) * (TR)z TI : li tc chu thu (Taxable Income)z TI : li tc chu thu (Taxable Income)z TR : thu sut (Tax Rate)

z TI = [(Tng doanh thu) (Chi ph hot ng kinhz TI = [(Tng doanh thu) (Chi ph hot ng kinh doanh) (Chi ph khu hao)] + (Li tc khc, nu c)

THU LI TC

z Thu sut thu li tcz c qui nh bi lut thu li tc (iu 10)

z V dz Trong nm 2007, cng ty du lch Q c doanh

thu 20 triu VN, tng chi ph sn xut v khu hao l 10 triu VN. Tnh tin thu phi ng cho Nh Nc.z Theo lut thu li tc ca Vit Nam, TR = 50%z TI = 20 triu 10 triu = 10 triu

Thu = TI * TR = 10 triu * 0 5 = 5 triuz Thu = TI * TR = 10 triu * 0,5 = 5 triu

THU LI TC

z Khon Di vn Ht vn

THU LI TC

z Khon Di vn Ht vn

FC: Gi mua ban uSP1, SP2, SP3: Gi bnBV: Gi tr bt ton

DNG TIN T TRONG PHN TCH KINH T SAU THU -

z Sut thu li sau thu:

PHN TCH KINH T SAU THU -CFAT

z Chui dng tin tz Trc thu : CFBT (Cash Flow Before Tax)

z Sau thu : CFAT (Cash Flow After Tax)z Khng vay vn (100% vn cng ty)z Dng tin trc thu: CFBT = (Doanh thu) (Chi ph)g ( ) ( p )z Li tc chu thu: TI = CFBT - (Khu hao)z Thu = (TI)*(TR) vi TR: Thu

sutsutz Dng tin sau thu: CFAT = CFBT (Thu)

DNG TIN T TRONG PHN TCH KINH T SAU THU -PHN TCH KINH T SAU THU -

CFATz C vay vn z Dng tin trc thu: CFBT = (Doanh thu) g ( )

(Chi ph)z Li tc chu thu: TI = CFBT

(Khu hao) (Tin tr li)z Thu = (TI)*(TR) vi ( ) ( )

TR: Thu sutz Dng tin sau thu: CFAT = CFBT g

(Thu) (Tin tr li) (Tin tr vn)

DNG TIN T TRONG PHN TCH KINH T SAU THU -PHN TCH KINH T SAU THU

CFATV d: Mt cng ty u t vo mt dy chuynV d: Mt cng ty u t vo mt dy chuyn

sn sut sa chua vi chi ph u t ban u ca thit b l 15 tr. Sau 5 nm s dng, gi tr cn li l 2tr Thu nhp hng nm l 7 tr chicn li l 2tr. Thu nhp hng nm l 7 tr, chi ph hng nm l 1 tr. Thu sut l 50%. Khu hao u hng nm. Gi bn thit b sau 5 nm g l 3 tr.

1. Xc nh CFAT nu 100% vn ca Cng ty.2 X h CFAT 40% h h 2. Xc nh CFAT nu 40% vn ch s hu v

60% l vn vay. Li sut ca vn vay l 10% v l li sut n. Phng thc thanh ton l tr sut g t c t a to t u trong 5 nm c li ln vn.

DNG TIN T TRONG PHN TCH KINH T SAU THU - CFAT

0 1 2 3 4 5

b 15

1. 100% vn cng ty

u t ban u -15Gi tr cn li 2Gi bn 3Gi bn 3Khon di khu hao 1Doanh thu 7 7 7 7 7Doanh thu 7 7 7 7 7Chi ph 1 1 1 1 1CFBT 6 6 6 6 9CFBT 6 6 6 6 9CP khu hao 2.6 2.6 2.6 2.6 2.6

Li tc chu thu 3.4 3.4 3.4 3.4 4.4Li tc chu thu 3.4 3.4 3.4 3.4 4.4Thu 1.7 1.7 1.7 1.7 2.2CFAT -15 4.3 4.3 4.3 4.3 6.8

DNG TIN T TRONG PHN TCH KINH T SAU THU - CFAT

2. 40% vn cng ty0 1 2 3 4 5

u t ban u -6.0Gi tr cn li 2.0Gi bn 3.0Gi bn 3.0Khon di khu hao 1.0Doanh thu 7.0 7.0 7.0 7.0 7.0Chi ph 1.0 1.0 1.0 1.0 1.0CFBT 6.0 6.0 6.0 6.0 9.0CP khu hao 2.6 2.6 2.6 2.6 2.6CP tr li 0.9 0.9 0.9 0.9 0.9Li tc chu thu 2.5 2.5 2.5 2.5 3.5Thu 1 25 1 25 1 25 1 25 1 75Thu 1.25 1.25 1.25 1.25 1.75CP Tr vn 1.80 1.80 1.80 1.80 1.80CFAT -6.00 2.05 2.05 2.05 2.05 4.55

DNG TIN T TRONG PHN TCH KINH T SAU THU CFATPHN TCH KINH T SAU THU - CFAT

Bi tp: ng Phng va mua ming t (gi 1 t ng) xymt khch sn mini (tng chi ph xy l 3 t ng). ngd h h th t 3 i kh th hd nh cho thu trong 3 nm vi khon thu rng hngnm l 400 triu ng, v s bn khch sn cng t vocui nm 3 vi gi 5 5 t ng (trong 1 t ng l tincui nm 3 vi gi 5,5 t ng (trong 1 t ng l tinbn t). ng dng khu hao ng thng cho khch sn,vi gi tr cn li l 500 triu ng, thi gian khu hao l10 nm (lu : t khng khu hao). Thu sut cho cckhon li tc thng thng, di vn, ht vn l 40%.H h CFAT d ?Hy c tnh CFAT ca d n ny?

DNG TIN T TRONG PHN TCH KINH T SAU THU CFATPHN TCH KINH T SAU THU - CFAT

0 1 2 3u t ban u -(1+3)

Gi tr cn li 2 25Gi tr cn li 2.25

Gi bn 1+4.5

Di khu hao 2 25Di khu hao 2.25

CFBT 0.4 0.4 0.4

CP Khu hao 0 25 0 25 0 25CP Khu hao 0.25 0.25 0.25Li tc chu thu 0.15 0.15 2.4

Thu 0.06 0.06 0.96

CFAT -4 0.34 0.34 4.94

SO SNH V LA CHN PHNG N U T THEO CFATPHNG N U T THEO CFAT

S liu ban u My tin A My tin B y y Chi ph v thu nhp( triu )u t ban uChi h h

10,02 2

15,04 3Chi ph hng nm

Thu nhp hng nmGi tr cn li (c tnh

2,25,02,0

4,37,00,0 (

thc)Tui th (nm) 5 10

MARR(%) %MARR(%) 5%

Phn tch kinh t sau thu la chn PA u t theo AW nu: M hnh khu hao u SV gi nh dng tnh khunu: M hnh khu hao u. SV gi nh dng tnh khu hao cho c 2 PA sau 5 nm l 1,5 tr. Thu sut l 55% cho tt c cc khon li tc thng thng, di vn v ht vn.

SO SNH V LA CHN PHNG N U T THEO CFATPHNG N U T THEO CFAT

SV i h d t h kh h hSV gi nh dng tnh khu hao cho c 2 PA sau 5 nm l 1,5 tr Gi t bt t A B i Gi tr bt ton ca A v B vo cui

nm th 5 l 1,5 tr. PA A c khon di khu hao: 2 1 5 = PA A c khon di khu hao: 2 - 1,5 =

0,5 tr. PA B c khon ht vn l: 0 1 5 = 1 5 PA B c khon ht vn l: 0 1,5 = -1,5

tr


CFATPhng n A

0 1 2 3 4 5 AWu t ban u -10.0Gi tr cn li 1 5Gi tr cn li 1.5Gi c tnh thc 2.0Khon di khu hao 0.5Doanh thu 5.0 5.0 5.0 5.0 5.0Chi ph 2.2 2.2 2.2 2.2 2.2CFBT 2 8 2 8 2 8 2 8 2 8CFBT 2.8 2.8 2.8 2.8 2.8CP Khu hao 1.7 1.7 1.7 1.7 1.7Li tc chu thu 1.1 1.1 1.1 1.1 1.6Thu 0.61 0.61 0.61 0.61 0.88CFAT -10.0 2.20 2.20 2.20 2.20 3.92 0.2013


CFATPhng n B

0 1 2 . 9 10 AWu t ban u -15.0Gi tr cn li 1 5Gi tr cn li 1.5Gi c tnh thc 0.0Khon ht vn -1.5Doanh thu 7.0 7.0 7.0 7.0 7.0Chi ph 4.3 4.3 4.3 4.3 4.3CFBT 2 7 2 7 2 7 2 7 2 7CFBT 2.7 2.7 2.7 2.7 2.7CP Khu hao 1.4 1.4 1.4 1.4 1.4Li tc chu thu 1.4 1.4 1.4 1.4 -0.2Thu 0.74 0.74 0.74 0.74 -0.08CFAT -15.00 1.96 1.96 1.96 1.96 2.78 0.08

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