TRNG I HC KINH T TP.

H CH MINH
BI TP CHUYN PHN TCH BO CO TI CHNH
GVHD: TS. L Th Khoa Nguyn
Thc hin: Nguyn Hu Quy
Lp: Cao Hc K ton Ngy K20
11/6/2012




TP.H CH MINH, THNG 11 NM 2012
Phn tch bo co ti chnh 1
MC LC
PHN 1 PHN TCH RI RO ...................................................................................................................... 2
PHN TCH RUI RO TIM N TRN BO CO TI CHNH CA CNG TY CP KINH DOANH
KH HA LNG MIN BC ........................................................................................................................ 2
GII THIU CNG TY PHN TCH (M CHNG KHON: PVG) ........................................................... 2
TRCH YU THNG TIN TRN BO CO TI CHNH ............................................................................... 2
Chnh sch k ton ............................................................................................................................................. 2
Thng tin trn bo co ti chnh .................................................................................................................. 4
RI RO TIM N TRN BO CO TI CHNH ............................................................................................. 4
Thn trng v ri ro tim n.......................................................................................................................... 4
Ghi nhn doanh thu v ri ro tm n .......................................................................................................... 4
PHN 2 PHN TCH HOT NG KINH DOANH CA GOOGLE ..................................................... 6
GII THIU GOOGLE .................................................................................................................................. 6
NH GI CHIN LC KINH DOANH ................................................................................................ 6
Phn tch chin lc kinh doanh ...................................................................................................................... 6
NH GI HOT NG KINH DOANH ........................................................................................................... 7
nh gi dng tin hot ng kinh doanh .................................................................................................... 7
Phn tch cc t s v tnh hu hiu-S vng quay ca ti sn ............................................................ 7
Phn tch cc t s v tnh hu hiu-S vng quay N phi thu .......................................................... 7
PHN TCH CC T S V HIU QU ............................................................................................................. 8
T trng cc loi doanh thu ................................................................................................................................ 8
Cc h s chi ph trn doanh thu ....................................................................................................................... 8
PH LC BO CO TI CHNH HP NHT CA GOOGLE (10-K) .......................................... 10


Phn tch bo co ti chnh 2
PHN 1 PHN TCH RI RO
PHN TCH RUI RO TIM N TRN BO CO TI CHNH CA CNG TY
CP KINH DOANH KH HA LNG MIN BC
GII THIU CNG TY PHN TCH (M CHNG KHON: PVG)
Cng ty C phn kinh doanh Kh ha lng Min Bc (PVGAS NORTH), tin thn l X nghip kinh
doanh sn phm Kh ha lng Min Bc c thnh lp 11/2000 l doanh nghip thnh vin
Cng ty Ch bin v Kinh doanh sn phm Kh(PVGAS) nay l Tng Cng ty Kh, thuc Tp on
Du Kh Quc Gia Vit Nam.
Cng ty c phn Kinh doanh Kh ho lng Min Bc c chuyn sang m hnh cng ty
c phn theo quyt nh s 3733/Q-BCN ngy 20 thng 12 nm 2006 ca B Cng
nghip.
Ngy 02/03/2007, Cng ty thc hin bn u gi bn c phn ln u ra cng chng
ti Trung tm giao dch chng khon H Ni.
Ngy 25/06/2007, Cng ty c phn Kinh doanh Kh ha lng Min Bc c S K hoch
v u t Thnh ph H Ni cp Giy chng nhn ng k kinh doanh ln u s
0103018088.
Ngnh ngh kinh doanh:
Kinh doanh kh ho lng v cc sn phm du kh;
Kinh doanh vt t, thit b, ph kin; kho bi; trm chit np kh ho lng;
Dch v vn ti kh ho lng;
T vn, thit k, u t, chuyn giao cng ngh, bo dng, sa cha, lp t my thit
b v cc dch v khc phc v cho hot ng sn xut kinh doanh gas;
o to lao ng k thut ngnh gas (Ch hot ng sau khi c c quan Nh nc c
thm quyn cho php);
Dch v u thc xut nhp khu;
Xut nhp khu cc mt hng Cng ty kinh doanh;
i l, mua bn, k gi hng ho;
Gim nh k thut chai cha kh ha lng v cc thit b chu p lc
Kim nh k thut an ton i vi chai cha kh ha lng v cc thit b chu p lc.
TRCH YU THNG TIN TRN BO CO TI CHNH
Chnh sch k ton
Ghi nhn doanh thu
Doanh thu bn hng
Doanh thu bn hng c ghi nhn khi ng thi tha mn tt c 5 iu kin sau:
Phn tch bo co ti chnh 3
(a) Doanh nghip chuyn giao phn ln ri ro v li ch gn lin vi quyn s hu sn
phm hoc hng ha cho ngi mua;
(b) Doanh nghip khng cn nm gi quyn qun l hng ha cng nh ngi s hu
hng ha hoc quyn kim sot hng ha;
(c) Doanh thu c xc nh tng i chc chn;
(d) Doanh thu s thu c li ch kinh t t giao dch bn hng; v
(e) Xc nh c chi ph lin quan n bn hng.
Tin nhn c t k qu v bnh gas c phn b vo thu nhp theo phng php
ng thng trong vng 10 nm.
Doanh thu cung cp dch v
Doanh thu ca giao dch v cung cp dch v c ghi nhn khi kt qu ca giao dch
c xc nh mt cch ng tin cy. Trng hp giao dch v cung cp dch v lin quan
n nhiu k th doanh thu c ghi nhn trong k theo kt qu phn cng vic hon
thnh ti ngy ca Bng cn i k ton ca ngy . Kt qu ca giao dch cung cp dch v
c xc nh khi tha mn tt c 4 iu kin sau:
(a) Doanh thu c xc nh tng i chc chn;
(b) C kh nng thu c li ch kinh t t giao dch cung cp dch v ;
(c) Xc nh c phn cng vic hon thnh ti ngy ca bng cn i k ton; v
(d) Xc nh c chi ph pht sinh cho giao dch v chi ph hon thnh giao dch
cung cp dch v .
Li tin gi c ghi nhn trn c s dn tch, c xc nh trn s d cc ti khon tin
gi v li sut p dng.
Li t cc khon u t c ghi nhn khi Cng ty c quyn nhn khon li.
Cc khon d phng
Cc khon d phng c ghi nhn khi Cng ty c ngha v n hin ti do kt qu t mt s
kin xy ra, v Cng ty c kh nng thanh ton ngha v ny. Cc khon d phng c
lp c xc nh trn c s c tnh ca Ban Tng gim c v cc khon chi ph cn thit
ngha v n ny ti ngy kt thc nin ti chnh.
Phn tch bo co ti chnh 4
Thng tin trn bo co ti chnh


RI RO TIM N TRN BO CO TI CHNH
Thn trng v ri ro tim n
Khon mc D phng gim gi u t ti chnh di hn trn bng cn i k ton nm 2010 l
12.309.880.858 c lp da trn c s xt on ca Ban Tng Gim c. Tuy nhin, khon mc
ny trng yu trn bo co ti chnh, v c th b thay i khi bn nhn u t cng b bo co
ti chnh c kim ton ca h. Ti thi im cng b bo co ti chnh ca PVG cha ng
ri ro rt ln lin quan n vic lp d phng ca khon mc ny, c th d phng ny c
lp t hn so vi thc t, v li nhun nm 2010 b thi phng.
Ghi nhn doanh thu v ri ro tm n
PVG ghi nhn vo Doanh thu ti chnh trong k i vi thu nhp t c tc u t s tin
9.281.250.000.Theo chnh sch k ton ca PVG c ghi r Li t cc khon u t c ghi
nhn khi Cng ty c quyn nhn khon li. Nhng ti thi im lp bo co ti chnh, bn
nhn u t vn cha c quyt nh v chia c tc, cho n ngy 28/02/2011 mi c quyt nh
Phn tch bo co ti chnh 5
nhng PVG ghi nhn khon doanh thu ny vo nm 2010. iu ny lm cho li nhun ca
PVG tng ln tng ng. S tht l, khon doanh thu ny khng c ghi nhn vo nm 2010 v
khng hi iu kin ghi nhn doanh thu. Bo co ti chnh nm 2010 b thi phng li
nhun.

Phn tch bo co ti chnh 6
PHN 2 PHN TCH HOT NG KINH DOANH
CA GOOGLE
GII THIU GOOGLE
Google l mt cng ty Internet c tr s ti Hoa K, c thnh lp vo nm 1998. Sn phm
chnh ca cng ty ny l cng c tm kim Google, c nhiu ngi nh gi l cng c tm
kim hu ch v mnh m nht trn Internet. Tr s ca Google tn l "Googleplex" ti Mountain
View, California. Gim c l Tin s Eric Schmidt, trc y l gim c cng ty Novell. Tn
"Google" l mt li chi ch ca t googol, bng 10100. Google chn tn ny th hin s
mnh ca cng ty sp xp s lng thng tin khng l trn mng. Googleplex, tn ca tr s
Google, c ngha l 10googol.
u nm 2012, Google ng u trong danh sch 100 cng ty c mi trng lm vic tt nht
M do tp ch Fortune bnh chn vi t l tng trng vic lm trong nm 2011 l 33%.
Pht hnh c phiu ln u
Vo thng 1 nm 2004, Google tuyn b thu cng ty Morgan Stanley v Goldman Sachs
Group t chc pht hnh c phiu ln u ra cng chng. Google chn cch bn c phiu bng
u gi, mt iu him c. T khi ra th trng, gi Google ln n gn $200 mi c phiu t
$85 lc u. Gi th trng ca Google n nay l trn 100 t la.
NH GI CHIN LC KINH DOANH
Phn tch chin lc kinh doanh
VT: triu USD
Ch tiu Nm 2011 Nm 2010
Doanh thu 37,905 29,321
Gi vn hng bn 13,118 10,417
Chi ph hot ng 7,813 4,761
Chi ph R&D 5,162 3,762
Li nhun thun t kinh doanh 11,742 10,381
Li nhun thun 9,737 8,505
Tng ti sn 72,074 57,851
T sut li nhun trn doanh thu (ROS) (%) 25.7 29.0
T sut li nhun trn tng ti sn (ROA) (%) 13.4 14.7
S vng quay ca tng ti sn (TAT) (vng) 0.52 0.51

Nhn nh chin lc ca Google: ROS nm 2010 l 29.0% v 2011 l 25.7%, ch tiu ny kh
ln trong khi TAT nm 2010 l 0.51 v nm 2011 l 0.52, s vng quay ny kh nh. T y c
th cho thy Goolge ang theo ui chin lc khc bit ha sn phm.
Phn tch bo co ti chnh 7
NH GI HOT NG KINH DOANH
nh gi dng tin hot ng kinh doanh
Ch tiu Nm 2011 Nm 2010
Tin thun t hot ng kinh doanh 14,565 11,081
Tng ti sn 72,074 57,851
Li nhun thun 9,737 8,505
T sut tin t hot ng kinh doanh trn tng ti sn (%) 20.21 19.15
T s tin t hot ng kinh doanh trn li nhun (ln) 1.50 1.30

Kh nng ti sn to ra tin t hot ng kinh doanh kh n nh, nm 2010 l 19.15% v nm
2011 l 20.21%. Trong khi tin t hot ng kinh doanh trn li nhun nm 2010 l 1.3 ln
v nm 2011 l 1.5 ln, iu ny cho thy Google bn hng v thu tin kh tt, v tr hon c
trong khu thanh ton cho nh cung cp.
Phn tch cc t s v tnh hu hiu-S vng quay ca ti sn
Ch tiu Nm 2011 Nm 2010
Doanh thu 37,905 29,321
Tng ti sn 72,574 57,851
Ti sn ngn hn 52,758 41,562
Ti sn c nh hu hnh 9,603 7,759
S vng quay ca tng ti sn 0.52 0.51
S vng quay ca ti sn ngn hn 0.72 0.71
S vng quay ca ti sn c nh hu hnh 3.95 3.78

Kt qu tnh ton 3 ch tiu vng qua cho thy, trong tng ti sn t trng ca ti sn c hu hnh
chim t trng khng cao trong tng ti sn, v ti sn ngn hn chim t trng kh cao. S vng
quay ca tng ti sn nm 2010 l 0.51 v nm 2011 l 0.52, s vng quay tng i u gia
hai nm. S vng quay ca Ti sn ngn hn nm 2010 l 0.71 vng v nm 2011 l 0.72 vng
cng kh n nh. Bn cnh , Google l mt cng ty chuyn v dch v nn vic s dng ti sn
c nh hu hnh th t, iu ny th hin qua S vng quay ca ti sn c nh hu hnh nm
2010 l 3.78 vng v 2011 l 3.95 vng.
Phn tch cc t s v tnh hu hiu-S vng quay N phi thu
Ch tiu Nm 2011 Nm 2010
Doanh thu 37,905 29,321
N phi thu 5,427 4,252
S vng quay n phi thu (vng) 6.98 6.90
S ngy thu tin (ngy) 52 53

Phn tch bo co ti chnh 8
PHN TCH CC T S V HIU QU
T trng cc loi doanh thu
Ch tiu Nm 2011 Nm 2010
Doanh thu qung co website Google 26,145 69% 19,444 66%
Doanh thu qung co thnh vin ca Google 10,386 27% 8,792 30%
Doanh thu khc 1,085 4% 1,374 4%
Tng doanh thu 37,905 29,321

Doanh thu qung co trn website ca Google chim t trng ln nht, v Nm 2011 t trng
doanh thu ny tng 3% so vi nm 2010. Bn cnh doanh thu qung co thnh vin ca
Goolge chim a s phn cn li trong tng doanh thu ca 2 nm.
Cc h s chi ph trn doanh thu
Ch tiu Nm 2011 Nm 2010
T sut li nhun hot ng trn doanh thu 31% 35%
T sut chi ph hot ng trn doanh thu 19% 15%
T sut gi vn trn doanh thu 35% 36%
T sut chi ph R&D trn doanh thu 14% 13%

Bng phn tch c h s chi ph trn cho thy Google s dng cc loi chi ph to ra doanh
thu nh sau:
Mc d Google hot ng trong lnh vc dch v (qung co), khng c gi vn hng tn
kho, tuy nhin t sut gi vn hng bn trn doanh thu vn chim cao nht trong trong
cc loi chi ph khc, nm 2010 l 36% v nm 2011 l 35%.
Chi ph ph hot ng nghin cu v pht trin (R&D) chim n 13% doanh thu nm
2010 v 14% nm 2011. iu ny cho thy Google u t rt nhiu cho hot ng
R&D sng to v nng cp c website v cc phn mm khc.
Chi ph hot ng (chi ph bn hng v qun l doanh nghip) chim 15% trn doanh thu
nm 2010 v 19% nm 2011.
iu thy r nt nht, l t sut li nhun hot ng trn doanh thu ca Google kh cao,
nm 2010 l 35% v 2010 l 31%.
Nhn xt chung:
Google thc hin chin lc khc bit ha so vi i th cnh tranh. Trn th trng
qung co trn Internet c rt nhiu i th cnh tranh, Goolge thnh cng trong
chin lc ca mnh. iu ny th hin thng qua ch tiu ROS qua 2 nm 2010 v 2011.
V theo ui chin lc khc bit ha, v hot ng trong lnh vc dch v nn c cu ti
sn ngn hn ln hn ti sn di hn, c bit l ti sn c nh hu hnh chim t trng
nh trong c cu ti sn. Do xt v tnh hu hiu s dng ti sn lin h vi chin
lc ca Google th Google s dng hu hiu ti sn ca mnh.
Phn tch bo co ti chnh 9
i vi khon phi thu, Google duy tr thi gian thu tin bnh qun kh n nh (nm
2010 l 53 ngy v 2011 l 52 ngy). Kt hp vi ch tiu T s tin thun t hot ng
kinh doanh trn li nhun cho thy Google c dng tin thu t hot ng kinh doanh
ln hn so vi tin chi t hot ng kinh doanh. iu ny cng cho thy Google c lng
tin m bo thanh ton.
Xt v tnh hiu qu, Google s dng hiu qu cc loi chi ph to ra doanh thu.
Trong chi ph R&D chim t trng cng kh cao, iu ny cng cho thy Google tiu
tn nhiu tin vic khng ngng ci tin cng ngh cho chin lc khc bit ha.








Phn tch bo co ti chnh 10
PH LC BO CO TI CHNH HP NHT CA GOOGLE (10-K)

2010 2011
Assets
Current assets:
Cash and cash equivalents 13,630 9,983
Marketable securities 21,345 34,643
Total cash, cash equivalents, and marketable securities (including securities loaned
of $4,031 and $2,778) 34,975 44,626
Accounts receivable, net of allowance of $101 and $133 4,252 5,427
Receivable under reverse repurchase agreements 750 745
Deferred income taxes, net 259 215
Prepaid revenue share, expenses and other assets 1,326 1,745
Total current assets 41,562 52,758
Prepaid revenue share, expenses and other assets, non-current 442 499
Deferred income taxes, net, non-current 265 -
Non-marketable equity securities 523 790
Property and equipment, net 7,759 9,603
Intangible assets, net 1,044 1,578
Goodwill 6,256 7,346
Total assets 57,851 72,574
Liabilities and Stockholders Equity
Current liabilities:
Accounts payable 483 588
Short-term debt 3,465 1,218
Accrued compensation and benefits 1,410 1,818
Accrued expenses and other current liabilities 961 1,370
Accrued revenue share 885 1,168
Securities lending payable 2,361 2,007
Deferred revenue 394 547
Income taxes payable, net 37 197
Total current liabilities 9,996 8,913
Long-term debt - 2,986
Deferred revenue, non-current 35 44
Income taxes payable, non-current 1,200 1,693
Deferred income taxes, net, non-current - 287
Other long-term liabilities 379 506
Commitments and contingencies
Stockholders equity:
- -
Class A and Class B common stock and additional paid-in capital,
$0.001 par value per share: 9,000,000 shares authorized; 321,301
(Class A 250,413, Class B 70,888) and par value of $321 (Class A
$250, Class B $71) and 324,895 (Class A 257,553, Class B 67,342)
and par value of $325 (Class A $258, Class B $67) shares issued
and outstanding 18,235 20,264
Accumulated other comprehensive income 138 276
Retained earnings 27,868 37,605
Total stockholders equity 46,241 58,145
Total liabilities and stockholders equity 57,851 72,574
Convertible preferred stock, $0.001 par value per share,
Year Ended December 31
Google Inc.
CONSOLIDATED BALANCE SHEETS
(In millions, except share and par value amounts which are reflected in thousands,
and par value per share amounts)
Phn tch bo co ti chnh 11


2009 2010 2011
Revenues 23,651 29,321 37,905
Costs and expenses:
Cost of revenues (including stock-based compensation
expense of $47, $67, $249) 8,844 10,417 13,188
Research and development (including stock-based
compensation expense of $725, $861, $1,061) 2,843 3,762 5,162
Sales and marketing (including stock-based compensation
expense of $231, $261, $361) 1,984 2,799 4,589
General and administrative (including stock-based
compensation expense of $161, $187, $303) 1,668 1,962 2,724
Charge related to the resolution of Department of
Justice investigation 0 0 500
Total costs and expenses 15,339 18,940 26,163
Income from operations 8,312 10,381 11,742
Interest and other income, net 69 415 584
Income before income taxes 8,381 10,796 12,326
Provision for income taxes 1,861 2,291 2,589
Net income 6,520 8,505 9,737
Net income per share of ClassA and Class B common stock:
Basic 20.62 26.69 30.17
Diluted 20.41 26.31 29.76
Google Inc.
CONSOLIDATED STATEMENTS OF INCOME
(In millions, except per share amounts)
Year Ended December 31,
Phn tch bo co ti chnh 12





2009 2010 2011
Operating activities
Net income 6,520 8,505 9,737
Adjustments:
Depreciation and amortization of property and equipment 1,240 1,067 1,396
Amortization of intangible and other assets 284 329 455
Stock-based compensation expense 1,164 1,376 1,974
Excess tax benefits from stock-based award activities (90) (94) (86)
Deferred income taxes (268) 9 343
Impairment of equity investments - - 110
Other (20) (12) 6
Changes in assets and liabilities, net of effects of acquisitions:
Accounts receivable (504) (1,129) (1,156)
Income taxes, net 217 102 731
Prepaid revenue share, expenses and other assets 262 (414 (262)
Accounts payable 34 272 101
Accrued expenses and other liabilities 243 745 795
Accrued revenue share 158 214 259
Deferred revenue 76 111 162
Net cash provided by operating activities 9,316 11,081 14,565
Investing activities
Purchases of property and equipment (810) (4,018) (3,438)
Purchases of marketable securities (29,139) (43,985) (61,672)
Maturities and sales of marketable securities 22,103 37,099 48,746
Investments in non-marketable equity securities (65) (320) (428)
Cash collateral received (returned) from securities lending - 2,361 (354)
Investments in reverse repurchase agreements - (750) 5
Acquisitions, net of cash acquired, and purchases of intangible and other assets (108) (1,067) (1,900)
Net cash used in investing activities (8,019) (10,680) (19,041)
Financing activities
Net proceeds (payments) from stock-based award activities 143 294 (5)
Excess tax benefits from stock-based award activities 90 94 86
Repurchase of common stock in connection with acquisitions - (801 -
Proceeds from issuance of debt, net of costs - 5,246 10,905
Repayment of debt - (1,783) (10,179)
Net cash provided by financing activities 233 3,050 807
Effect of exchange rate changes on cash and cash equivalents 11 (19) 22
Net increase (decrease) in cash and cash equivalents 1,541 3,432 (3,647)
Cash and cash equivalents at beginning of year 8,657 10,198 13,630
Cash and cash equivalents at end of year 10,198 13,630 9,983
Year Ended December 31
Google Inc.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
2009 2010 2011
Advertising revenues:
Google websites 15,723 19,444 26,145
Google Network Members websites 7,166 8,792 10,386
Total advertising revenues 22,889 28,236 36,531
Other revenues 762 1,085 1,374
Revenues 23,651 29,321 37,905
Year Ended December 31,
Google Inc.
The following table presents our revenues by revenue source (in millions):
Phn tch bo co ti chnh 13