
Báo cáo tài chính năm 2011.
 !"Phân tích hoạt động kinh doanh”, #$%&'(
)*&+,&-.,/báo cáo trin khai hoạt động kinh doanh

0*1234 báo cáo tình hình nhân
công.
1



 !
2

"#$%&&'& $($($
$ $/563
$ $/-78%
$# $9,-:;<=-
# >?/;<=-
@ A-
 B7-CDE
)*$+, /
3
F/,8=G+H3=IE7BJ4HK&--CAL9,M-N-'(O8P
-Q6,M-N-'ERNSB/BT-+6UNV--BTH/,8=G+WLW
8D8-XE3B,DYU6-BT&:P8(Z-Q6
M-N-'B7&[-DL\\&-8-H3N-CM/E&-B/BT(-Q6,M-N-'
P&9H3N-C],PSE876HG>/N-CH3N-CP12^
4NJDH-48PBT-YF_P-EN3&,/IE9BS&-+
IE%+P-B-'8<12,M-N-'=&P/H/,8=G+B5L14(
B,ME%IE7BJ,33L7,7,H/,8=G+]8<U8B5-XE

 -+&+3T-B/3/h
 -/3/h
 q9;E5N3;E5&RE
 N5-+&+7H,-IEd7,T-B//N78d
6,7Br^!
 @/8,-+&+T-B//D],`EN3],'EdE(
5
• *:V!gF3^^^(!&-'-78%
-XmH3=AMs/.,;E+67B-:>/
N38*-[->/SBT8<67B-:3-/_-C/],-56t6
&-.,/M%^^(!
QWLX):'(/51!:Y%$EHZ8!<'65+)*+),!-!23
QWY!E>E[&[/)\)*+),!-]#H^

]/Y!E>_H/`!'F!<FaW^
6
] -61Y'^
QWQ-4@'.:V%$5
u_P7H,N9-/,56U6&REO3IE%_&,83-H,/E
v/&-w]/M&/],/EN9-T-B/^^!N3=M%H,-N9-&7gN9-./
-9./H,QxH/M/-N9-HV-^

7
,3-B/*Me.yDH,-N9-5H/,B,VN,/
EHy/AZ^!
uDE'6yH-CE&7gQ&,]Px/.m&t,^
u-C7.,/-C6M9;E5B,VxE287H,-N9-L9
B,  &-  3  /  h  T-  B/  B5  d  E_  E'  6y  H-CE  8/  . 
$'8P*/&:-7L7E'6yH-CEB,VT/,A3U6
&RE45kz&{],8PH3E_E56H`5H/818S(

uP-XE8T/8=87,
uQL5Me.yEU-CPQ8/&-H';E%8r/8Tx,39,
uP2V8:&+68T/8T'E
uix8=B=K-xK-'E
u7'(
c/ -%e!EfMe.yH,-7NWM4H3g
ƒ7NWM1MTIEd7,G8=gH3H,-7NWM1P:NW8Pe//Nx/gNx/
L'N3Nx/87IEdIEdmN37,„/&],h78T%-N7(8TNWM18
NW8…6LX($W8dEN3&+Q>/8T%-88-XE&-:Ls-L3,IE/8-C
IEt(7G8=V.`8TN-X4;78-XEx89L9,8=B=8T
NW6i6.Y],,3L=-XE.3-8T/(
ƒ7NWM1G8=g
C%7NWM1j†q‡)H3=C%L7G8=[Y(&DNW
M1G8=-M]/MB'IEd3*-M]/MNx/7,„/&]N7,h/7,(((
9
u/ -)e!%H'M>.yH,-7WN9-G8=,6EP:W8-XEH,-N9-
&7/EgM&-HHE„]/^N3P:WNV-MEmHVH3-9%-8/T-
-/(
,3-B/*PD7P-+LS&7gL3>-7t6&],V8,&-
8SNS&t,WN9-65/^((
PWE:C!f)k))*+),!-
k);'./%I)*+) )_Y&l!"5_Y/ -mH@=
n+2' /L>)
BG-+68-XE3N3IE+8SY-,8=M9;E5&-.,/>/;4-C6
],8Q>BA676HEU>/3VSEB7-CNXY-,8=>/;4
-C6(
-XE3N3IE9HfY-,8=>/;4-C6],8Q8SV67B-:
>/;4-C6(
10
FU6&+,M9;E5N38-XE37,8=M9;E5>/;4-C68:876

BT/E7,8S-+H&-.,/J&-+S6dV-
,8S-+HNX-7M96RG-C&+,NX;E5U6&RE(
op$'IF5 
127%&'&+,7>/;4-C66i6NV-676HEU(E56
8d8>4;773-H-CENXE2.GBDMe.y7H,-3-M98:P66d
IE9HfN3Me.y73-M98P86Hf(v-:B/JJG-C78S2
-'E/,E'NUH-CEH/,8=7.G8,7-646yNyN3IE9HfM9;E5Z
Q8RMe.y6HfN3-+&-CE'NUH-CE(12C%M1M7&+,7
-t68Q:HC+8=3-4>/3V(E56-NXJJ3-
4NX&+IE9&-.,/H3AMs,L/H<8,B/IE+8S(S&ˆHU6L7,
7,T-,-78%N37L/32L7,7,NV--78%J
JG-C&+,M9;E5&-.,/JJEE/E2E'NU
H-CE^(&S6T-(X;E57L-C676-9-IE+7BT6L56HfNX,8=
3-4>/;4-C68XB/7&+,HEmE:N%/8:m/,-CEIE9
M9;E5&-.,/>/;4-C6(
opql!
SEB7-CNX7&|EU-;4-C6-'2EM9;E5&|EU
M9;E5--+,3-CM96R],8A8h3L/3IE8SIE9Hf&|
12
EUB,;4-C6&-:B/&|EUM9;E55HM96RN3L736R
B'O8,128-XE3L=6U&|EU6m;s(
nYolodrJ
SEB7-CU&+,M9;E5128-XE3G-C8&+,M9
;E589L9,&‰EU5HM96RME5BV-78%;4-C6IE9HfH/,
8=IE9Hf3-M9N3IE9HfM9;E5NCM--C6(
12G-C72-CNy>/;s],IE-8S>/-78%
;4-C6&S6T-/P8QIE-BJIE-8S(
v-:M,7U6;E5_&,(
T;E'&-:B/N-C-t6N3,r&,>/>&,3,7NUB,
&,8MW6;+66Hf/(%--+EM%H-CEU6;E5>/>&,N3&+,7(

)7+E8'EdEM•&f&+68_H/,8=(M•G-C+8=8P
$#$€,T-H/,8=(
-CE:.ymN-',7L=6UM•.,>IE97L=6U8XS(
$o;t.ECN3s-,mMG-+3E:.y(M%HE:&IE7M%
HE8<L-'+B,L9mMG(
s''+@$/%'.)%$u'
0$*12+#$345’-Tl3‡3Ed(y:g
uM7gO )u)
u-XEgO)uk
14
0/6-72689
T-H/,8=8xH3N-CEsE'HAD3H”g
• +.AHSgx3l.AHS!(
• -}1iNAl)mHS!gx3(
• )l0gx3
• lkIE%+H/,8=!gx3
• lpu3IE%&7gx3
• +1BEXg033E%-N3)38dE!(
+ED3B'BiN3,3x3EdJT-H/,8=8x
LiN3,D3-+6],(
3x8sE'HA(
• v+gx)3
• ,&+8GAx3(
• $%…9L'NN3L'_!+N,h_+,+8
x)3
t6gT-H/,8=P68_}-783x6t6s
E'HA(
2kH3N-C8x'3(
T-H/,8=E%x6t669-H38AL7,BV,>IE945
3NXT--/3x^8:MW6;+6L%B4N-C(BV&-x6t6


16
17
!5$@+5:YW
8S&ˆ12U6E5E5HEEC,mNXIEBJNU3
7=-IE-/,3H/,8=/,7;eHf7-+LSP'EdE-'hN+/
,3H/,8=6*7D/7^
59H/,8=B,8XE69-56N3G-C8Q7IEBJNU
37P-+LS8_T-Pf2L9,IE97.yy-+LS&S6T-Me/
D/&-PMG%((
B,&-M9;E569-Me.y8d8>7B/LSL9,=H/,8=8<8
5667-'x5637IE8SNX/,3H/,8=(
BT6A-H3N-CP7P-+LSPEAm/-H/,8=69-
L7,7,NV-DT-PB7-C81&W6y(
-'5N-C/NK&45.”71N3,(
BV&-B/NX69-&-:B//,38-CVA-H3N-C(
ZM•12&7M2&,r8S&ˆ,T-H/,8=(
59T-H/,8=69-H3N-C8Q-TIE8S&8-B”NXMV69-
563=-IEB/N3,1(
v88+A-H3N-CB,JBM/BEL-/N37H,-2E%
P_&7(
T-H/,8=69-PB7-CL9,NC3-M98hL-CH3.yy7
P(
G-CB-C8:-+&-CNU&mH<64E'H-'yG-C8Q
8S2NU(
-'xG-C8Q=-IE6*7D/7(
v861L-+3-H-CE&|EUB/,3-+E&86t6>/$(
18
v8BT-&[-A-H3N-C8+7L=6U&73J&PB7
-C(

[-+LS(
uQE%sDA-.”7PL95QE%(
@/N3,5.”7158=NK&4N37H,-E&4DNU
E-:(
%H-MGx8,6Hf>/56B'%H-MG&-:B/8QE'W>/
L9,NCN3mB%-&-N3,(
nE9Hf&],.•-&S6T-hM/-MP,h8-XE3N-C&
&,/Y.`8+MG%B,IE7BJM9;E59s8+5HM96R
7P/-^
P3N-RE89L,HGm1AT-&787LE%BEB,
(
<LS;eHf&‰HEU&-:B73*7-6B,T--/)7(
xN-C&Hf.,)3BsH'B,7(
0VU&($-F$#G$H&>*IJ5
T-H/,8=P3N-B=W6/-+H=L4UC&-.,/
,hP3N-&7m-C--'BYNX3-M9H-4>/(
20
T-H/,8=8<LS;eHf&‰HEUE:H3N-C&73*7-6
B,T--//;,7&‰HEU(
T-H/,8=GfxN-Ck3=._B,7,h3B,
3&PHf.,487(
F3-9W6,.5E(
F-.y./?/EH-L54-+8,3-M9(
%f67,-7P,hH3M/-IEBJ.`8+15-'BY(
v48=.,t6LE=T-&78JB7-676HEUm9s
-'BY8+H-43-M9>/(
,3-B/&-T-H/,8=N-673N-3;t5PJ-+
hJ-/,,4IEX2;eHf(+EP&+HEU],+E%N-6
676HEUM•M/9-(
v--+3;eHfN-6&‰HEUH/,8=69-Ph8AMGN38- C