{"id":999980076,"date":"2026-02-12T14:35:50","date_gmt":"2026-02-12T07:35:50","guid":{"rendered":"https:\/\/bizzi.vn\/?p=999980076"},"modified":"2026-06-09T13:39:48","modified_gmt":"2026-06-09T06:39:48","slug":"how-does-ifrs-16-affect-ebitda","status":"publish","type":"post","link":"https:\/\/bizzi.vn\/en\/how-does-ifrs-16-affect-ebitda\/","title":{"rendered":"How does IFRS 16 affect EBITDA? How to perform a &quot;true&quot; EBITDA analysis for CFOs."},"content":{"rendered":"<p><span style=\"font-weight: 400;\">IFRS 16 th\u01b0\u1eddng l\u00e0m EBITDA t\u0103ng v\u00ec chi ph\u00ed thu\u00ea ho\u1ea1t \u0111\u1ed9ng (rent) kh\u00f4ng c\u00f2n ghi nh\u1eadn trong OPEX m\u00e0 \u0111\u01b0\u1ee3c thay b\u1eb1ng kh\u1ea5u hao t\u00e0i s\u1ea3n quy\u1ec1n s\u1eed d\u1ee5ng (ROU asset) v\u00e0 l\u00e3i vay n\u1ee3 thu\u00ea \u2013 hai kho\u1ea3n n\u1eb1m d\u01b0\u1edbi EBITDA. Tuy nhi\u00ean, EBITDA \u201c\u0111\u1eb9p h\u01a1n\u201d kh\u00f4ng \u0111\u1ed3ng ngh\u0129a hi\u1ec7u qu\u1ea3 kinh doanh t\u1ed1t h\u01a1n: d\u00f2ng ti\u1ec1n kh\u00f4ng \u0111\u1ed5i, l\u1ee3i nhu\u1eadn r\u00f2ng \u0111\u1ea7u k\u1ef3 c\u00f3 th\u1ec3 gi\u1ea3m v\u00e0 c\u00e1c t\u1ef7 l\u1ec7 nh\u01b0 EV\/EBITDA hay Net Debt\/EBITDA c\u00f3 th\u1ec3 b\u1ecb b\u00f3p m\u00e9o.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">B\u00e0i vi\u1ebft n\u00e0y gi\u00fap CFO v\u00e0 FP&amp;A hi\u1ec3u r\u00f5 <\/span><b><a href=\"https:\/\/bizzi.vn\/ifrs-16-la-gi-ifrs-16-anh-huong-den-doanh-nghiep-ra-sao\/\">IFRS 16<\/a> \u1ea3nh h\u01b0\u1edfng EBITDA nh\u01b0 th\u1ebf n\u00e0o<\/b><span style=\"font-weight: 400;\">, v\u00ec sao EBITDA t\u0103ng khi \u00e1p d\u1ee5ng IFRS 16, v\u00e0 c\u00e1ch ph\u00e2n t\u00edch EBITDA d\u01b0\u1edbi IFRS 16 m\u1ed9t c\u00e1ch trung t\u00ednh v\u00e0 qu\u1ea3n tr\u1ecb \u0111\u01b0\u1ee3c.<\/span><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_80 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">M\u1ee5c l\u1ee5c<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/bizzi.vn\/en\/how-does-ifrs-16-affect-ebitda\/#IFRS_16_co_lam_EBITDA_tang_khong_va_%E2%80%9Ctang%E2%80%9D_co_phan_anh_hieu_qua_that_khong\" >IFRS 16 c\u00f3 l\u00e0m EBITDA t\u0103ng kh\u00f4ng, v\u00e0 \u201ct\u0103ng\u201d c\u00f3 ph\u1ea3n \u00e1nh hi\u1ec7u qu\u1ea3 th\u1eadt kh\u00f4ng?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/bizzi.vn\/en\/how-does-ifrs-16-affect-ebitda\/#IFRS_16_co_lam_EBITDA_tang_khong_va_%E2%80%9Ctang%E2%80%9D_co_phan_anh_hieu_qua_that_khong-2\" >IFRS 16 c\u00f3 l\u00e0m EBITDA t\u0103ng kh\u00f4ng, v\u00e0 \u201ct\u0103ng\u201d c\u00f3 ph\u1ea3n \u00e1nh hi\u1ec7u qu\u1ea3 th\u1eadt kh\u00f4ng?<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/bizzi.vn\/en\/how-does-ifrs-16-affect-ebitda\/#Co_che_ke_toan_khien_EBITDA_tang\" >C\u01a1 ch\u1ebf k\u1ebf to\u00e1n khi\u1ebfn EBITDA t\u0103ng<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/bizzi.vn\/en\/how-does-ifrs-16-affect-ebitda\/#EBITDA_tang_nhung_dong_tien_khong_doi\" >EBITDA t\u0103ng nh\u01b0ng d\u00f2ng ti\u1ec1n kh\u00f4ng \u0111\u1ed5i<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/bizzi.vn\/en\/how-does-ifrs-16-affect-ebitda\/#Khi_nao_EBITDA_khong_tang_tron_ven\" >Khi n\u00e0o EBITDA kh\u00f4ng t\u0103ng tr\u1ecdn v\u1eb9n?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/bizzi.vn\/en\/how-does-ifrs-16-affect-ebitda\/#%E2%80%9CTang_ky_thuat%E2%80%9D_va_rui_ro_KPI_ao\" >\u201cT\u0103ng k\u1ef9 thu\u1eadt\u201d v\u00e0 r\u1ee7i ro KPI \u1ea3o<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/bizzi.vn\/en\/how-does-ifrs-16-affect-ebitda\/#Vai_tro_cua_du_lieu_van_hanh_trong_phan_tich_dung_ban_chat\" >Vai tr\u00f2 c\u1ee7a d\u1eef li\u1ec7u v\u1eadn h\u00e0nh trong ph\u00e2n t\u00edch \u0111\u00fang b\u1ea3n ch\u1ea5t<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/bizzi.vn\/en\/how-does-ifrs-16-affect-ebitda\/#EBITDA_EBIT_va_loi_nhuan_rong_thay_doi_ra_sao_sau_khi_ap_dung_IFRS_16\" >EBITDA, EBIT v\u00e0 l\u1ee3i nhu\u1eadn r\u00f2ng thay \u0111\u1ed5i ra sao sau khi \u00e1p d\u1ee5ng IFRS 16?<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/bizzi.vn\/en\/how-does-ifrs-16-affect-ebitda\/#1_Mapping_bao_cao_ket_qua_kinh_doanh_truoc_va_sau_IFRS_16\" >1. Mapping b\u00e1o c\u00e1o k\u1ebft qu\u1ea3 kinh doanh tr\u01b0\u1edbc v\u00e0 sau IFRS 16<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/bizzi.vn\/en\/how-does-ifrs-16-affect-ebitda\/#2_Vi_sao_loi_nhuan_rong_thuong_giam_o_giai_doan_dau\" >2. V\u00ec sao l\u1ee3i nhu\u1eadn r\u00f2ng th\u01b0\u1eddng gi\u1ea3m \u1edf giai \u0111o\u1ea1n \u0111\u1ea7u?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/bizzi.vn\/en\/how-does-ifrs-16-affect-ebitda\/#3_So_sanh_dong_thai_cua_tung_chi_so\" >3. So s\u00e1nh \u0111\u1ed9ng th\u00e1i c\u1ee7a t\u1eebng ch\u1ec9 s\u1ed1<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/bizzi.vn\/en\/how-does-ifrs-16-affect-ebitda\/#4_Tac_dong_den_chi_so_vay_von_va_covenants\" >4. T\u00e1c \u0111\u1ed9ng \u0111\u1ebfn ch\u1ec9 s\u1ed1 vay v\u1ed1n v\u00e0 covenants<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/bizzi.vn\/en\/how-does-ifrs-16-affect-ebitda\/#5_Goc_nhin_quan_tri_Vi_sao_dieu_nay_quan_trong\" >5. G\u00f3c nh\u00ecn qu\u1ea3n tr\u1ecb: V\u00ec sao \u0111i\u1ec1u n\u00e0y quan tr\u1ecdng?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/bizzi.vn\/en\/how-does-ifrs-16-affect-ebitda\/#6_Cach_trien_khai_thuc_te_de_doc_dung_so_lieu\" >6. C\u00e1ch tri\u1ec3n khai th\u1ef1c t\u1ebf \u0111\u1ec3 \u0111\u1ecdc \u0111\u00fang s\u1ed1 li\u1ec7u<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/bizzi.vn\/en\/how-does-ifrs-16-affect-ebitda\/#Khi_nao_IFRS_16_KHONG_lam_EBITDA_tang\" >Khi n\u00e0o IFRS 16 KH\u00d4NG l\u00e0m EBITDA t\u0103ng?<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/bizzi.vn\/en\/how-does-ifrs-16-affect-ebitda\/#1_Khoan_thanh_toan_co_dinh_va_bien_doi\" >1. Kho\u1ea3n thanh to\u00e1n c\u1ed1 \u0111\u1ecbnh v\u00e0 bi\u1ebfn \u0111\u1ed5i<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/bizzi.vn\/en\/how-does-ifrs-16-affect-ebitda\/#2_Thanh_phan_dich_vu_di_kem_Non-lease_component\" >2. Th\u00e0nh ph\u1ea7n d\u1ecbch v\u1ee5 \u0111i k\u00e8m (Non-lease component)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-18\" href=\"https:\/\/bizzi.vn\/en\/how-does-ifrs-16-affect-ebitda\/#3_Mien_tru_thue_ngan_han_va_tai_san_gia_tri_thap\" >3. Mi\u1ec5n tr\u1eeb thu\u00ea ng\u1eafn h\u1ea1n v\u00e0 t\u00e0i s\u1ea3n gi\u00e1 tr\u1ecb th\u1ea5p<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-19\" href=\"https:\/\/bizzi.vn\/en\/how-does-ifrs-16-affect-ebitda\/#4_Cong_thuc_khung_de_uoc_tinh_%E2%80%9CEBITDA_uplift_thuc_te%E2%80%9D\" >4. C\u00f4ng th\u1ee9c khung \u0111\u1ec3 \u01b0\u1edbc t\u00ednh \u201cEBITDA uplift th\u1ef1c t\u1ebf\u201d<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-20\" href=\"https:\/\/bizzi.vn\/en\/how-does-ifrs-16-affect-ebitda\/#5_Diem_thuong_bi_bo_sot_trong_phan_tich_thi_truong\" >5. \u0110i\u1ec3m th\u01b0\u1eddng b\u1ecb b\u1ecf s\u00f3t trong ph\u00e2n t\u00edch th\u1ecb tr\u01b0\u1eddng<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-21\" href=\"https:\/\/bizzi.vn\/en\/how-does-ifrs-16-affect-ebitda\/#6_Kiem_soat_phan_loai_de_tranh_sai_lech_bridge\" >6. Ki\u1ec3m so\u00e1t ph\u00e2n lo\u1ea1i \u0111\u1ec3 tr\u00e1nh sai l\u1ec7ch bridge<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-22\" href=\"https:\/\/bizzi.vn\/en\/how-does-ifrs-16-affect-ebitda\/#Cach_dung_EBITDA_Bridge_truoc_va_sau_IFRS_16\" >C\u00e1ch d\u1ef1ng EBITDA Bridge tr\u01b0\u1edbc v\u00e0 sau IFRS 16<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-23\" href=\"https:\/\/bizzi.vn\/en\/how-does-ifrs-16-affect-ebitda\/#1_Ba_phien_ban_KPI_ma_CFO_can_phan_biet_ro\" >1. Ba phi\u00ean b\u1ea3n KPI m\u00e0 CFO c\u1ea7n ph\u00e2n bi\u1ec7t r\u00f5<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-24\" href=\"https:\/\/bizzi.vn\/en\/how-does-ifrs-16-affect-ebitda\/#1_Reported_EBITDA_EBITDA_theo_IFRS_16\" >(1) Reported EBITDA (EBITDA theo IFRS 16)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-25\" href=\"https:\/\/bizzi.vn\/en\/how-does-ifrs-16-affect-ebitda\/#2_Adjusted_EBITDA_phien_ban_tuong_duong_truoc_IFRS_16\" >(2) Adjusted EBITDA (phi\u00ean b\u1ea3n t\u01b0\u01a1ng \u0111\u01b0\u01a1ng tr\u01b0\u1edbc IFRS 16)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-26\" href=\"https:\/\/bizzi.vn\/en\/how-does-ifrs-16-affect-ebitda\/#3_EBITDAR\" >(3) EBITDAR<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-27\" href=\"https:\/\/bizzi.vn\/en\/how-does-ifrs-16-affect-ebitda\/#2_Dieu_chinh_phai_gan_voi_muc_tieu_so_sanh\" >2. \u0110i\u1ec1u ch\u1ec9nh ph\u1ea3i g\u1eafn v\u1edbi m\u1ee5c ti\u00eau so s\u00e1nh<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-28\" href=\"https:\/\/bizzi.vn\/en\/how-does-ifrs-16-affect-ebitda\/#a_So_sanh_theo_thoi_gian_truoc_va_sau_IFRS_16\" >(a) So s\u00e1nh theo th\u1eddi gian (tr\u01b0\u1edbc v\u00e0 sau IFRS 16)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-29\" href=\"https:\/\/bizzi.vn\/en\/how-does-ifrs-16-affect-ebitda\/#b_So_sanh_voi_doi_thu\" >(b) So s\u00e1nh v\u1edbi \u0111\u1ed1i th\u1ee7<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-30\" href=\"https:\/\/bizzi.vn\/en\/how-does-ifrs-16-affect-ebitda\/#c_Dinh_gia_va_covenants\" >(c) \u0110\u1ecbnh gi\u00e1 v\u00e0 covenants<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-31\" href=\"https:\/\/bizzi.vn\/en\/how-does-ifrs-16-affect-ebitda\/#3_Cac_buoc_kiem_tra_hop_ly_sanity_checks_bat_buoc\" >3. C\u00e1c b\u01b0\u1edbc ki\u1ec3m tra h\u1ee3p l\u00fd (sanity checks) b\u1eaft bu\u1ed9c<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-32\" href=\"https:\/\/bizzi.vn\/en\/how-does-ifrs-16-affect-ebitda\/#1_Doi_chieu_tien_thuc_tra\" >(1) \u0110\u1ed1i chi\u1ebfu ti\u1ec1n th\u1ef1c tr\u1ea3<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-33\" href=\"https:\/\/bizzi.vn\/en\/how-does-ifrs-16-affect-ebitda\/#2_Roll-forward_ROU_va_no_thue\" >(2) Roll-forward ROU v\u00e0 n\u1ee3 thu\u00ea<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-34\" href=\"https:\/\/bizzi.vn\/en\/how-does-ifrs-16-affect-ebitda\/#3_Kiem_tra_logic_tang_%E2%80%93_giam_theo_nam\" >(3) Ki\u1ec3m tra logic t\u0103ng \u2013 gi\u1ea3m theo n\u0103m<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-35\" href=\"https:\/\/bizzi.vn\/en\/how-does-ifrs-16-affect-ebitda\/#4_Diem_khac_biet_trong_cach_tiep_can\" >4. \u0110i\u1ec3m kh\u00e1c bi\u1ec7t trong c\u00e1ch ti\u1ebfp c\u1eadn<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-36\" href=\"https:\/\/bizzi.vn\/en\/how-does-ifrs-16-affect-ebitda\/#5_Cach_trien_khai_thuc_te_de_giam_sai_so\" >5. C\u00e1ch tri\u1ec3n khai th\u1ef1c t\u1ebf \u0111\u1ec3 gi\u1ea3m sai s\u1ed1<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-37\" href=\"https:\/\/bizzi.vn\/en\/how-does-ifrs-16-affect-ebitda\/#Vi_du_tinh_EBITDA_truoc_va_sau_IFRS_16\" >V\u00ed d\u1ee5 t\u00ednh EBITDA tr\u01b0\u1edbc v\u00e0 sau IFRS 16<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-38\" href=\"https:\/\/bizzi.vn\/en\/how-does-ifrs-16-affect-ebitda\/#1_Kich_ban_1_Theo_IAS_17VAS_Operating_lease\" >1. K\u1ecbch b\u1ea3n 1: Theo IAS 17\/VAS (Operating lease)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-39\" href=\"https:\/\/bizzi.vn\/en\/how-does-ifrs-16-affect-ebitda\/#2_Kich_ban_2_Theo_IFRS_16\" >2. K\u1ecbch b\u1ea3n 2: Theo IFRS 16<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-40\" href=\"https:\/\/bizzi.vn\/en\/how-does-ifrs-16-affect-ebitda\/#Buoc_1_Tinh_gia_tri_hien_tai_Present_Value_%E2%80%93_PV\" >B\u01b0\u1edbc 1: T\u00ednh gi\u00e1 tr\u1ecb hi\u1ec7n t\u1ea1i (Present Value \u2013 PV)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-41\" href=\"https:\/\/bizzi.vn\/en\/how-does-ifrs-16-affect-ebitda\/#Buoc_2_Tinh_khau_hao_va_lai_vay_nam_1\" >B\u01b0\u1edbc 2: T\u00ednh kh\u1ea5u hao v\u00e0 l\u00e3i vay n\u0103m 1<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-42\" href=\"https:\/\/bizzi.vn\/en\/how-does-ifrs-16-affect-ebitda\/#3_So_sanh_P_L_truoc_va_sau_IFRS_16\" >3. So s\u00e1nh P&amp;L tr\u01b0\u1edbc v\u00e0 sau IFRS 16<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-43\" href=\"https:\/\/bizzi.vn\/en\/how-does-ifrs-16-affect-ebitda\/#EBITDA\" >EBITDA<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-44\" href=\"https:\/\/bizzi.vn\/en\/how-does-ifrs-16-affect-ebitda\/#EBIT\" >EBIT<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-45\" href=\"https:\/\/bizzi.vn\/en\/how-does-ifrs-16-affect-ebitda\/#Loi_nhuan_rong\" >L\u1ee3i nhu\u1eadn r\u00f2ng<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-46\" href=\"https:\/\/bizzi.vn\/en\/how-does-ifrs-16-affect-ebitda\/#4_Hai_dong_kiem_dinh_quan_trong_doi_thu_thuong_bo_qua\" >4. Hai d\u00f2ng ki\u1ec3m \u0111\u1ecbnh quan tr\u1ecdng (\u0111\u1ed1i th\u1ee7 th\u01b0\u1eddng b\u1ecf qua)<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-47\" href=\"https:\/\/bizzi.vn\/en\/how-does-ifrs-16-affect-ebitda\/#1_So_sanh_tien_thuc_tra_voi_chi_phi_P_L\" >(1) So s\u00e1nh ti\u1ec1n th\u1ef1c tr\u1ea3 v\u1edbi chi ph\u00ed P&amp;L<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-48\" href=\"https:\/\/bizzi.vn\/en\/how-does-ifrs-16-affect-ebitda\/#2_Neu_co_khoan_thue_bien_doi_hoac_dich_vu_di_kem\" >(2) N\u1ebfu c\u00f3 kho\u1ea3n thu\u00ea bi\u1ebfn \u0111\u1ed5i ho\u1eb7c d\u1ecbch v\u1ee5 \u0111i k\u00e8m<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-49\" href=\"https:\/\/bizzi.vn\/en\/how-does-ifrs-16-affect-ebitda\/#5_Tom_tat_logic_tai_chinh\" >5. T\u00f3m t\u1eaft logic t\u00e0i ch\u00ednh<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-50\" href=\"https:\/\/bizzi.vn\/en\/how-does-ifrs-16-affect-ebitda\/#6_Trien_khai_thuc_te_de_tranh_sai_bridge\" >6. Tri\u1ec3n khai th\u1ef1c t\u1ebf \u0111\u1ec3 tr\u00e1nh sai bridge<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-51\" href=\"https:\/\/bizzi.vn\/en\/how-does-ifrs-16-affect-ebitda\/#IFRS_16_lam_thay_doi_EVEBITDA_the_nao\" >IFRS 16 l\u00e0m thay \u0111\u1ed5i EV\/EBITDA th\u1ebf n\u00e0o?<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-52\" href=\"https:\/\/bizzi.vn\/en\/how-does-ifrs-16-affect-ebitda\/#Khi_nao_nen_dung_EBITDAR_thay_vi_EBITDA\" >Khi n\u00e0o n\u00ean d\u00f9ng EBITDAR thay v\u00ec EBITDA?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-53\" href=\"https:\/\/bizzi.vn\/en\/how-does-ifrs-16-affect-ebitda\/#Quy_tac_so_sanh_2_buoc_de_tranh_dinh_gia_sai\" >Quy t\u1eafc so s\u00e1nh 2 b\u01b0\u1edbc \u0111\u1ec3 tr\u00e1nh \u0111\u1ecbnh gi\u00e1 sai<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-54\" href=\"https:\/\/bizzi.vn\/en\/how-does-ifrs-16-affect-ebitda\/#Buoc_1_Chuan_hoa_EV\" >B\u01b0\u1edbc 1: Chu\u1ea9n h\u00f3a EV<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-55\" href=\"https:\/\/bizzi.vn\/en\/how-does-ifrs-16-affect-ebitda\/#Buoc_2_Chuan_hoa_KPI\" >B\u01b0\u1edbc 2: Chu\u1ea9n h\u00f3a KPI<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-56\" href=\"https:\/\/bizzi.vn\/en\/how-does-ifrs-16-affect-ebitda\/#He_qua_quan_tri_cho_CFO\" >H\u1ec7 qu\u1ea3 qu\u1ea3n tr\u1ecb cho CFO<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-57\" href=\"https:\/\/bizzi.vn\/en\/how-does-ifrs-16-affect-ebitda\/#IFRS_16_anh_huong_covenants_vay_von_nhu_the_nao\" >IFRS 16 \u1ea3nh h\u01b0\u1edfng covenants vay v\u1ed1n nh\u01b0 th\u1ebf n\u00e0o?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-58\" href=\"https:\/\/bizzi.vn\/en\/how-does-ifrs-16-affect-ebitda\/#Tai_sao_du_lieu_hop_dong_thue_quyet_dinh_chat_luong_phan_tich\" >T\u1ea1i sao d\u1eef li\u1ec7u h\u1ee3p \u0111\u1ed3ng thu\u00ea quy\u1ebft \u0111\u1ecbnh ch\u1ea5t l\u01b0\u1ee3ng ph\u00e2n t\u00edch?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-59\" href=\"https:\/\/bizzi.vn\/en\/how-does-ifrs-16-affect-ebitda\/#Quy_trinh_chot_so_cuoi_thang_month-end_close_duoi_IFRS_16\" >Quy tr\u00ecnh ch\u1ed1t s\u1ed5 cu\u1ed1i th\u00e1ng (month-end close) d\u01b0\u1edbi IFRS 16<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-60\" href=\"https:\/\/bizzi.vn\/en\/how-does-ifrs-16-affect-ebitda\/#Bo_adjustments_chuan_analyst_de_so_sanh_doanh_nghiep_ap_IFRS_16_va_doanh_nghiep_chua_ap\" >B\u1ed9 adjustments chu\u1ea9n analyst \u0111\u1ec3 so s\u00e1nh doanh nghi\u1ec7p \u00e1p IFRS 16 v\u00e0 doanh nghi\u1ec7p ch\u01b0a \u00e1p<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-61\" href=\"https:\/\/bizzi.vn\/en\/how-does-ifrs-16-affect-ebitda\/#1_Dua_EBITDA_ve_dang_co_rent_cash-based_comparable\" >1. \u0110\u01b0a EBITDA v\u1ec1 d\u1ea1ng c\u00f3 rent (cash-based comparable)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-62\" href=\"https:\/\/bizzi.vn\/en\/how-does-ifrs-16-affect-ebitda\/#2_Chuan_hoa_EVEBITDA_hoac_chuyen_sang_EBITDAR\" >2. Chu\u1ea9n h\u00f3a EV\/EBITDA ho\u1eb7c chuy\u1ec3n sang EBITDAR<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-63\" href=\"https:\/\/bizzi.vn\/en\/how-does-ifrs-16-affect-ebitda\/#3_Dieu_chinh_leverage_ratio_tach_no_vay_va_no_thue\" >3. \u0110i\u1ec1u ch\u1ec9nh leverage ratio: t\u00e1ch n\u1ee3 vay v\u00e0 n\u1ee3 thu\u00ea<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-64\" href=\"https:\/\/bizzi.vn\/en\/how-does-ifrs-16-affect-ebitda\/#4_Loai_hieu_ung_front-loading_de_nhin_xu_huong_%E2%80%9Cduong_thang%E2%80%9D\" >4. Lo\u1ea1i hi\u1ec7u \u1ee9ng front-loading \u0111\u1ec3 nh\u00ecn xu h\u01b0\u1edbng \u201c\u0111\u01b0\u1eddng th\u1eb3ng\u201d<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-65\" href=\"https:\/\/bizzi.vn\/en\/how-does-ifrs-16-affect-ebitda\/#5_Dieu_chinh_ROA_va_ROCE_loai_ROU_de_nhin_hieu_suat_loi\" >5. \u0110i\u1ec1u ch\u1ec9nh ROA v\u00e0 ROCE: lo\u1ea1i ROU \u0111\u1ec3 nh\u00ecn hi\u1ec7u su\u1ea5t l\u00f5i<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-66\" href=\"https:\/\/bizzi.vn\/en\/how-does-ifrs-16-affect-ebitda\/#Gan_dieu_chinh_voi_muc_tieu_dinh_gia_covenant_hay_quan_tri\" >G\u1eafn \u0111i\u1ec1u ch\u1ec9nh v\u1edbi m\u1ee5c ti\u00eau: \u0111\u1ecbnh gi\u00e1, covenant hay qu\u1ea3n tr\u1ecb?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-67\" href=\"https:\/\/bizzi.vn\/en\/how-does-ifrs-16-affect-ebitda\/#Goi_y_thuc_thi_o_tang_du_lieu\" >G\u1ee3i \u00fd th\u1ef1c thi \u1edf t\u1ea7ng d\u1eef li\u1ec7u<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-68\" href=\"https:\/\/bizzi.vn\/en\/how-does-ifrs-16-affect-ebitda\/#Mau_Excel_Bridge_Template_toi_gian\" >M\u1eabu Excel Bridge Template t\u1ed1i gi\u1ea3n<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-69\" href=\"https:\/\/bizzi.vn\/en\/how-does-ifrs-16-affect-ebitda\/#1_Khoi_1_%E2%80%93_Input_P_L_theo_IFRS_16\" >1. Kh\u1ed1i 1 \u2013 Input P&amp;L theo IFRS 16<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-70\" href=\"https:\/\/bizzi.vn\/en\/how-does-ifrs-16-affect-ebitda\/#2_Khoi_2_%E2%80%93_Dong_dieu_chinh_lien_quan_lease\" >2. Kh\u1ed1i 2 \u2013 D\u00f2ng \u0111i\u1ec1u ch\u1ec9nh li\u00ean quan lease<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-71\" href=\"https:\/\/bizzi.vn\/en\/how-does-ifrs-16-affect-ebitda\/#3_Khoi_3_%E2%80%93_Output_P_L_Comparable\" >3. Kh\u1ed1i 3 \u2013 Output P&amp;L Comparable<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-72\" href=\"https:\/\/bizzi.vn\/en\/how-does-ifrs-16-affect-ebitda\/#4_Khoi_4_%E2%80%93_Ratio_Pack\" >4. Kh\u1ed1i 4 \u2013 Ratio Pack<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-73\" href=\"https:\/\/bizzi.vn\/en\/how-does-ifrs-16-affect-ebitda\/#Sanity_Checks_bat_buoc\" >Sanity Checks b\u1eaft bu\u1ed9c<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-74\" href=\"https:\/\/bizzi.vn\/en\/how-does-ifrs-16-affect-ebitda\/#1_PV_Check_XNPV\" >1. PV Check (XNPV)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-75\" href=\"https:\/\/bizzi.vn\/en\/how-does-ifrs-16-affect-ebitda\/#2_Roll-forward_ROU_Lease_Liability\" >2. Roll-forward ROU &amp; Lease Liability<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-76\" href=\"https:\/\/bizzi.vn\/en\/how-does-ifrs-16-affect-ebitda\/#3_Cash_Paid_Reconcile\" >3. Cash Paid Reconcile<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-77\" href=\"https:\/\/bizzi.vn\/en\/how-does-ifrs-16-affect-ebitda\/#Sheet_%E2%80%9CSchedule%E2%80%9D_bo_sung\" >Sheet \u201cSchedule\u201d b\u1ed5 sung<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-78\" href=\"https:\/\/bizzi.vn\/en\/how-does-ifrs-16-affect-ebitda\/#Diem_khac_biet_quan_trong\" >\u0110i\u1ec3m kh\u00e1c bi\u1ec7t quan tr\u1ecdng<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-79\" href=\"https:\/\/bizzi.vn\/en\/how-does-ifrs-16-affect-ebitda\/#Goi_y_thuc_thi_o_tang_du_lieu-2\" >G\u1ee3i \u00fd th\u1ef1c thi \u1edf t\u1ea7ng d\u1eef li\u1ec7u<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-80\" href=\"https:\/\/bizzi.vn\/en\/how-does-ifrs-16-affect-ebitda\/#Cau_hoi_thuong_gap_FAQ\" >C\u00e2u h\u1ecfi th\u01b0\u1eddng g\u1eb7p (FAQ)<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-81\" href=\"https:\/\/bizzi.vn\/en\/how-does-ifrs-16-affect-ebitda\/#IFRS_16_co_lam_EBITDA_tang_nhung_dong_tien_khong_doi_khong\" >IFRS 16 c\u00f3 l\u00e0m EBITDA t\u0103ng nh\u01b0ng d\u00f2ng ti\u1ec1n kh\u00f4ng \u0111\u1ed5i kh\u00f4ng?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-82\" href=\"https:\/\/bizzi.vn\/en\/how-does-ifrs-16-affect-ebitda\/#EBITDA_tang_bao_nhieu_sau_IFRS_16_phu_thuoc_vao_yeu_to_nao\" >EBITDA t\u0103ng bao nhi\u00eau sau IFRS 16 ph\u1ee5 thu\u1ed9c v\u00e0o y\u1ebfu t\u1ed1 n\u00e0o?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-83\" href=\"https:\/\/bizzi.vn\/en\/how-does-ifrs-16-affect-ebitda\/#Vi_sao_loi_nhuan_rong_thuong_giam_trong_nam_dau_ap_IFRS_16\" >V\u00ec sao l\u1ee3i nhu\u1eadn r\u00f2ng th\u01b0\u1eddng gi\u1ea3m trong n\u0103m \u0111\u1ea7u \u00e1p IFRS 16?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-84\" href=\"https:\/\/bizzi.vn\/en\/how-does-ifrs-16-affect-ebitda\/#Khi_nao_nen_dung_EBITDAR_thay_vi_EBITDA_de_so_sanh\" >Khi n\u00e0o n\u00ean d\u00f9ng EBITDAR thay v\u00ec EBITDA \u0111\u1ec3 so s\u00e1nh?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-85\" href=\"https:\/\/bizzi.vn\/en\/how-does-ifrs-16-affect-ebitda\/#EVEBITDA_sau_IFRS_16_co_the_%E2%80%9Cre_gia_tao%E2%80%9D_vi_sao\" >EV\/EBITDA sau IFRS 16 c\u00f3 th\u1ec3 \u201cr\u1ebb gi\u1ea3 t\u1ea1o\u201d v\u00ec sao?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-86\" href=\"https:\/\/bizzi.vn\/en\/how-does-ifrs-16-affect-ebitda\/#IFRS_16_lam_rui_ro_vi_pham_covenant_tang_hay_giam\" >IFRS 16 l\u00e0m r\u1ee7i ro vi ph\u1ea1m covenant t\u0103ng hay gi\u1ea3m?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-87\" href=\"https:\/\/bizzi.vn\/en\/how-does-ifrs-16-affect-ebitda\/#Variable_lease_payments_co_duoc_von_hoa_khong_va_anh_huong_EBITDA_the_nao\" >Variable lease payments c\u00f3 \u0111\u01b0\u1ee3c v\u1ed1n h\u00f3a kh\u00f4ng v\u00e0 \u1ea3nh h\u01b0\u1edfng EBITDA th\u1ebf n\u00e0o?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-88\" href=\"https:\/\/bizzi.vn\/en\/how-does-ifrs-16-affect-ebitda\/#CFO_nen_bao_cao_EBITDA_%E2%80%9CIFRS_16_onoff%E2%80%9D_nhu_the_nao_de_quan_tri\" >CFO n\u00ean b\u00e1o c\u00e1o EBITDA \u201cIFRS 16 on\/off\u201d nh\u01b0 th\u1ebf n\u00e0o \u0111\u1ec3 qu\u1ea3n tr\u1ecb?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-89\" href=\"https:\/\/bizzi.vn\/en\/how-does-ifrs-16-affect-ebitda\/#Du_lieu_toi_thieu_nao_can_co_de_tinh_dung_lease_schedule_va_bridge\" >D\u1eef li\u1ec7u t\u1ed1i thi\u1ec3u n\u00e0o c\u1ea7n c\u00f3 \u0111\u1ec3 t\u00ednh \u0111\u00fang lease schedule v\u00e0 bridge?<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-90\" href=\"https:\/\/bizzi.vn\/en\/how-does-ifrs-16-affect-ebitda\/#Ket_luan\" >K\u1ebft lu\u1eadn<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"IFRS_16_co_lam_EBITDA_tang_khong_va_%E2%80%9Ctang%E2%80%9D_co_phan_anh_hieu_qua_that_khong\"><\/span><b>IFRS 16 c\u00f3 l\u00e0m EBITDA t\u0103ng kh\u00f4ng, v\u00e0 \u201ct\u0103ng\u201d c\u00f3 ph\u1ea3n \u00e1nh hi\u1ec7u qu\u1ea3 th\u1eadt kh\u00f4ng?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">IFRS 16 <\/span><b>th\u01b0\u1eddng l\u00e0m EBITDA t\u0103ng<\/b><span style=\"font-weight: 400;\">, v\u00ec chi ph\u00ed thu\u00ea ho\u1ea1t \u0111\u1ed9ng (operating lease expense) kh\u00f4ng c\u00f2n \u0111\u01b0\u1ee3c ghi nh\u1eadn trong OPEX nh\u01b0 tr\u01b0\u1edbc, m\u00e0 \u0111\u01b0\u1ee3c t\u00e1ch th\u00e0nh <\/span><b>kh\u1ea5u hao t\u00e0i s\u1ea3n quy\u1ec1n s\u1eed d\u1ee5ng (ROU asset)<\/b><span style=\"font-weight: 400;\"> v\u00e0 <\/span><b>l\u00e3i vay n\u1ee3 thu\u00ea (lease liability)<\/b><span style=\"font-weight: 400;\">. C\u1ea3 hai kho\u1ea3n n\u00e0y \u0111\u1ec1u n\u1eb1m d\u01b0\u1edbi EBITDA, n\u00ean kh\u00f4ng l\u00e0m gi\u1ea3m ch\u1ec9 s\u1ed1 n\u00e0y.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Tuy nhi\u00ean, m\u1ee9c t\u0103ng \u0111\u00f3 ch\u1ee7 y\u1ebfu l\u00e0 <\/span><b>t\u00e1i ph\u00e2n lo\u1ea1i k\u1ebf to\u00e1n (OPEX reclassification)<\/b><span style=\"font-weight: 400;\">, ch\u1ee9 kh\u00f4ng t\u1ea1o th\u00eam d\u00f2ng ti\u1ec1n hay c\u1ea3i thi\u1ec7n th\u1ef1c ch\u1ea5t hi\u1ec7u qu\u1ea3 v\u1eadn h\u00e0nh.<\/span><\/p>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"wp-image-999980079 size-full aligncenter\" src=\"https:\/\/bizzi.vn\/wp-content\/uploads\/2026\/02\/sai-sot-thuong-gap-khi-ap-dung-ifrs-16-1-1.png\" alt=\"IFRS 16 \u1ea3nh h\u01b0\u1edfng EBITDA nh\u01b0 th\u1ebf n\u00e0o\" width=\"1024\" height=\"683\" title=\"\" srcset=\"https:\/\/bizzi.vn\/wp-content\/uploads\/2026\/02\/sai-sot-thuong-gap-khi-ap-dung-ifrs-16-1-1.png 1024w, https:\/\/bizzi.vn\/wp-content\/uploads\/2026\/02\/sai-sot-thuong-gap-khi-ap-dung-ifrs-16-1-1-300x200.png 300w, https:\/\/bizzi.vn\/wp-content\/uploads\/2026\/02\/sai-sot-thuong-gap-khi-ap-dung-ifrs-16-1-1-768x512.png 768w, https:\/\/bizzi.vn\/wp-content\/uploads\/2026\/02\/sai-sot-thuong-gap-khi-ap-dung-ifrs-16-1-1-18x12.png 18w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/p>\n<h2><span class=\"ez-toc-section\" id=\"IFRS_16_co_lam_EBITDA_tang_khong_va_%E2%80%9Ctang%E2%80%9D_co_phan_anh_hieu_qua_that_khong-2\"><\/span><b>IFRS 16 c\u00f3 l\u00e0m EBITDA t\u0103ng kh\u00f4ng, v\u00e0 \u201ct\u0103ng\u201d c\u00f3 ph\u1ea3n \u00e1nh hi\u1ec7u qu\u1ea3 th\u1eadt kh\u00f4ng?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Trong ph\u1ea7n l\u1edbn tr\u01b0\u1eddng h\u1ee3p, IFRS 16 th\u1ef1c s\u1ef1 l\u00e0m EBITDA t\u0103ng. Tuy nhi\u00ean, m\u1ee9c t\u0103ng n\u00e0y ch\u1ee7 y\u1ebfu xu\u1ea5t ph\u00e1t t\u1eeb vi\u1ec7c thay \u0111\u1ed5i c\u00e1ch ghi nh\u1eadn k\u1ebf to\u00e1n, ch\u1ee9 kh\u00f4ng ph\u1ea3i do doanh nghi\u1ec7p v\u1eadn h\u00e0nh t\u1ed1t h\u01a1n hay t\u1ea1o ra nhi\u1ec1u ti\u1ec1n h\u01a1n.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Tr\u01b0\u1edbc khi \u00e1p d\u1ee5ng IFRS 16, chi ph\u00ed thu\u00ea ho\u1ea1t \u0111\u1ed9ng (operating lease expense \u2013 chi ph\u00ed thu\u00ea ghi nh\u1eadn th\u1eb3ng v\u00e0o chi ph\u00ed v\u1eadn h\u00e0nh) \u0111\u01b0\u1ee3c h\u1ea1ch to\u00e1n trong OPEX, t\u1ee9c l\u00e0 chi ph\u00ed ho\u1ea1t \u0111\u1ed9ng. V\u00ec OPEX n\u1eb1m ph\u00eda tr\u00ean EBITDA trong b\u00e1o c\u00e1o k\u1ebft qu\u1ea3 kinh doanh, n\u00ean m\u1ed7i \u0111\u1ed3ng ti\u1ec1n thu\u00ea tr\u1ea3 s\u1ebd tr\u1ef1c ti\u1ebfp l\u00e0m gi\u1ea3m EBITDA.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Sau khi \u00e1p d\u1ee5ng IFRS 16, ph\u1ea7n l\u1edbn h\u1ee3p \u0111\u1ed3ng thu\u00ea kh\u00f4ng c\u00f2n \u0111\u01b0\u1ee3c ghi nh\u1eadn l\u00e0 chi ph\u00ed thu\u00ea thu\u1ea7n t\u00fay n\u1eefa. Thay v\u00e0o \u0111\u00f3, doanh nghi\u1ec7p ph\u1ea3i ghi nh\u1eadn:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">T\u00e0i s\u1ea3n quy\u1ec1n s\u1eed d\u1ee5ng (ROU asset \u2013 t\u00e0i s\u1ea3n quy\u1ec1n s\u1eed d\u1ee5ng t\u00e0i s\u1ea3n thu\u00ea)<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">N\u1ee3 thu\u00ea (lease liability \u2013 ngh\u0129a v\u1ee5 thanh to\u00e1n thu\u00ea)<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Chi ph\u00ed thu\u00ea l\u00fac n\u00e0y kh\u00f4ng c\u00f2n n\u1eb1m trong OPEX, m\u00e0 \u0111\u01b0\u1ee3c t\u00e1ch th\u00e0nh hai ph\u1ea7n:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Kh\u1ea5u hao t\u00e0i s\u1ea3n quy\u1ec1n s\u1eed d\u1ee5ng (Depreciation \u2013 chi ph\u00ed ph\u00e2n b\u1ed5 t\u00e0i s\u1ea3n theo th\u1eddi gian)<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">L\u00e3i vay tr\u00ean n\u1ee3 thu\u00ea (Interest expense \u2013 chi ph\u00ed t\u00e0i ch\u00ednh)<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">C\u1ea3 hai kho\u1ea3n n\u00e0y \u0111\u1ec1u n\u1eb1m d\u01b0\u1edbi EBITDA. V\u00ec v\u1eady, khi chi ph\u00ed thu\u00ea r\u1eddi kh\u1ecfi OPEX, EBITDA s\u1ebd t\u0103ng l\u00ean m\u1ed9t c\u00e1ch c\u01a1 h\u1ecdc.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Co_che_ke_toan_khien_EBITDA_tang\"><\/span><b>C\u01a1 ch\u1ebf k\u1ebf to\u00e1n khi\u1ebfn EBITDA t\u0103ng<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">V\u1ec1 m\u1eb7t c\u00f4ng th\u1ee9c:<\/span><\/p>\n<p><span style=\"font-weight: 400;\">EBIT = Doanh thu \u2212 OPEX \u2212 Kh\u1ea5u hao<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\">EBITDA = EBIT + Kh\u1ea5u hao<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Khi chi ph\u00ed thu\u00ea c\u00f2n n\u1eb1m trong OPEX, EBITDA b\u1ecb gi\u1ea3m tr\u1ef1c ti\u1ebfp. Khi IFRS 16 chuy\u1ec3n chi ph\u00ed thu\u00ea th\u00e0nh kh\u1ea5u hao v\u00e0 l\u00e3i vay, EBITDA kh\u00f4ng c\u00f2n b\u1ecb \u1ea3nh h\u01b0\u1edfng b\u1edfi kho\u1ea3n thu\u00ea c\u1ed1 \u0111\u1ecbnh \u0111\u00f3 n\u1eefa.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Do \u0111\u00f3, m\u1ee9c t\u0103ng EBITDA c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c kh\u00e1i qu\u00e1t nh\u01b0 sau:<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u0394EBITDA x\u1ea5p x\u1ec9 b\u1eb1ng ti\u1ec1n thu\u00ea c\u1ed1 \u0111\u1ecbnh (cash rent) tr\u01b0\u1edbc \u0111\u00e2y n\u1eb1m trong OPEX, tr\u1eeb \u0111i c\u00e1c kho\u1ea3n chi ph\u00ed thu\u00ea v\u1eabn c\u00f2n ph\u1ea3i ghi nh\u1eadn trong OPEX (n\u1ebfu c\u00f3).<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Tuy nhi\u00ean, \u0111i\u1ec1u n\u00e0y ch\u1ec9 \u0111\u00fang khi h\u1ee3p \u0111\u1ed3ng thu\u00ea tr\u01b0\u1edbc \u0111\u00e2y \u0111\u01b0\u1ee3c ghi nh\u1eadn ho\u00e0n to\u00e0n nh\u01b0 thu\u00ea ho\u1ea1t \u0111\u1ed9ng truy\u1ec1n th\u1ed1ng.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"EBITDA_tang_nhung_dong_tien_khong_doi\"><\/span><b>EBITDA t\u0103ng nh\u01b0ng d\u00f2ng ti\u1ec1n kh\u00f4ng \u0111\u1ed5i<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">\u0110\u00e2y l\u00e0 \u0111i\u1ec3m quan tr\u1ecdng nh\u1ea5t m\u00e0 CFO c\u1ea7n l\u01b0u \u00fd khi ph\u00e2n t\u00edch IFRS 16 \u1ea3nh h\u01b0\u1edfng EBITDA nh\u01b0 th\u1ebf n\u00e0o.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">EBITDA l\u00e0 ch\u1ec9 s\u1ed1 \u0111o l\u01b0\u1eddng hi\u1ec7u su\u1ea5t ho\u1ea1t \u0111\u1ed9ng tr\u01b0\u1edbc kh\u1ea5u hao v\u00e0 chi ph\u00ed t\u00e0i ch\u00ednh. N\u00f3 kh\u00f4ng ph\u1ea3n \u00e1nh ngh\u0129a v\u1ee5 thanh to\u00e1n ti\u1ec1n thu\u00ea th\u1ef1c t\u1ebf.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">D\u00f9 EBITDA t\u0103ng, doanh nghi\u1ec7p v\u1eabn ph\u1ea3i tr\u1ea3 ti\u1ec1n thu\u00ea theo h\u1ee3p \u0111\u1ed3ng. D\u00f2ng ti\u1ec1n ra kh\u00f4ng thay \u0111\u1ed5i ch\u1ec9 v\u00ec c\u00e1ch tr\u00ecnh b\u00e0y k\u1ebf to\u00e1n thay \u0111\u1ed5i. N\u1ee3 thu\u00ea v\u1eabn t\u1ed3n t\u1ea1i tr\u00ean b\u1ea3ng c\u00e2n \u0111\u1ed1i k\u1ebf to\u00e1n. Ngh\u0129a v\u1ee5 thanh to\u00e1n v\u1eabn gi\u1eef nguy\u00ean.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">V\u00ec v\u1eady, vi\u1ec7c EBITDA t\u0103ng kh\u00f4ng \u0111\u1ed3ng ngh\u0129a v\u1edbi vi\u1ec7c bi\u00ean l\u1ee3i nhu\u1eadn \u0111\u01b0\u1ee3c c\u1ea3i thi\u1ec7n hay kh\u1ea3 n\u0103ng t\u1ea1o ti\u1ec1n t\u1ed1t h\u01a1n. N\u1ebfu ch\u1ec9 nh\u00ecn v\u00e0o ch\u1ec9 s\u1ed1 n\u00e0y m\u00e0 kh\u00f4ng hi\u1ec3u c\u01a1 ch\u1ebf b\u00ean d\u01b0\u1edbi, doanh nghi\u1ec7p c\u00f3 th\u1ec3 \u0111\u00e1nh gi\u00e1 sai ch\u1ea5t l\u01b0\u1ee3ng l\u1ee3i nhu\u1eadn.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Khi_nao_EBITDA_khong_tang_tron_ven\"><\/span><b>Khi n\u00e0o EBITDA kh\u00f4ng t\u0103ng tr\u1ecdn v\u1eb9n?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Kh\u00f4ng ph\u1ea3i m\u1ecdi tr\u01b0\u1eddng h\u1ee3p \u00e1p d\u1ee5ng IFRS 16 \u0111\u1ec1u l\u00e0m EBITDA t\u0103ng t\u1ed1i \u0111a.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">C\u00f3 ba t\u00ecnh hu\u1ed1ng ph\u1ed5 bi\u1ebfn khi\u1ebfn m\u1ee9c t\u0103ng b\u1ecb gi\u1ea3m:<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Th\u1ee9 nh\u1ea5t, c\u00e1c kho\u1ea3n thanh to\u00e1n bi\u1ebfn \u0111\u1ed5i (variable lease payments \u2013 ti\u1ec1n thu\u00ea ph\u1ee5 thu\u1ed9c v\u00e0o doanh thu, s\u1ea3n l\u01b0\u1ee3ng ho\u1eb7c ch\u1ec9 s\u1ed1 gi\u00e1). Nh\u1eefng kho\u1ea3n n\u00e0y th\u01b0\u1eddng v\u1eabn \u0111\u01b0\u1ee3c ghi nh\u1eadn v\u00e0o chi ph\u00ed ho\u1ea1t \u0111\u1ed9ng, do \u0111\u00f3 v\u1eabn l\u00e0m gi\u1ea3m EBITDA.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Th\u1ee9 hai, c\u00e1c th\u00e0nh ph\u1ea7n d\u1ecbch v\u1ee5 \u0111i k\u00e8m (non-lease component \u2013 v\u00ed d\u1ee5 ph\u00ed b\u1ea3o tr\u00ec, d\u1ecbch v\u1ee5 qu\u1ea3n l\u00fd). N\u1ebfu t\u00e1ch ri\u00eang, c\u00e1c kho\u1ea3n n\u00e0y v\u1eabn l\u00e0 OPEX.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Th\u1ee9 ba, c\u00e1c tr\u01b0\u1eddng h\u1ee3p \u0111\u01b0\u1ee3c mi\u1ec5n tr\u1eeb nh\u01b0 thu\u00ea ng\u1eafn h\u1ea1n ho\u1eb7c t\u00e0i s\u1ea3n gi\u00e1 tr\u1ecb th\u1ea5p. Nh\u1eefng h\u1ee3p \u0111\u1ed3ng n\u00e0y kh\u00f4ng \u0111\u01b0\u1ee3c v\u1ed1n h\u00f3a m\u00e0 ti\u1ebfp t\u1ee5c ghi nh\u1eadn chi ph\u00ed tr\u1ef1c ti\u1ebfp.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">V\u00ec v\u1eady, m\u1ee9c t\u0103ng EBITDA th\u1ef1c t\u1ebf ph\u1ee5 thu\u1ed9c v\u00e0o c\u1ea5u tr\u00fac h\u1ee3p \u0111\u1ed3ng thu\u00ea v\u00e0 c\u00e1ch ph\u00e2n lo\u1ea1i chi ph\u00ed.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"%E2%80%9CTang_ky_thuat%E2%80%9D_va_rui_ro_KPI_ao\"><\/span><b>\u201cT\u0103ng k\u1ef9 thu\u1eadt\u201d v\u00e0 r\u1ee7i ro KPI \u1ea3o<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Ph\u1ea7n l\u1edbn b\u00e0i vi\u1ebft tr\u00ean th\u1ecb tr\u01b0\u1eddng ch\u1ec9 d\u1eebng \u1edf k\u1ebft lu\u1eadn r\u1eb1ng \u201cIFRS 16 l\u00e0m EBITDA t\u0103ng\u201d. Tuy nhi\u00ean, \u0111i\u1ec1u c\u1ea7n nh\u1ea5n m\u1ea1nh l\u00e0 \u0111\u00e2y l\u00e0 s\u1ef1 t\u0103ng mang t\u00ednh k\u1ef9 thu\u1eadt do t\u00e1i ph\u00e2n lo\u1ea1i chi ph\u00ed, ch\u1ee9 kh\u00f4ng ph\u1ea3i s\u1ef1 c\u1ea3i thi\u1ec7n n\u1ed9i t\u1ea1i c\u1ee7a m\u00f4 h\u00ecnh kinh doanh.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">N\u1ebfu doanh nghi\u1ec7p s\u1eed d\u1ee5ng EBITDA \u0111\u1ec3 t\u00ednh th\u01b0\u1edfng qu\u1ea3n l\u00fd, \u0111\u00e1nh gi\u00e1 hi\u1ec7u qu\u1ea3 \u0111\u01a1n v\u1ecb ho\u1eb7c so s\u00e1nh v\u1edbi \u0111\u1ed1i th\u1ee7, th\u00ec vi\u1ec7c kh\u00f4ng d\u1ef1ng c\u1ea7u n\u1ed1i (EBITDA bridge \u2013 b\u1ea3ng \u0111\u1ed1i chi\u1ebfu tr\u01b0\u1edbc v\u00e0 sau IFRS 16) s\u1ebd d\u1ec5 d\u1eabn \u0111\u1ebfn \u0111\u00e1nh gi\u00e1 sai.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">M\u1ed9t EBITDA \u201c\u0111\u1eb9p h\u01a1n\u201d c\u00f3 th\u1ec3 ch\u1ec9 l\u00e0 k\u1ebft qu\u1ea3 c\u1ee7a chu\u1ea9n m\u1ef1c k\u1ebf to\u00e1n m\u1edbi, kh\u00f4ng ph\u1ea3i k\u1ebft qu\u1ea3 c\u1ee7a chi\u1ebfn l\u01b0\u1ee3c t\u1ed1t h\u01a1n.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Vai_tro_cua_du_lieu_van_hanh_trong_phan_tich_dung_ban_chat\"><\/span><b>Vai tr\u00f2 c\u1ee7a d\u1eef li\u1ec7u v\u1eadn h\u00e0nh trong ph\u00e2n t\u00edch \u0111\u00fang b\u1ea3n ch\u1ea5t<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Tr\u00ean th\u1ef1c t\u1ebf, kh\u00f3 kh\u0103n l\u1edbn nh\u1ea5t kh\u00f4ng n\u1eb1m \u1edf c\u00f4ng th\u1ee9c, m\u00e0 n\u1eb1m \u1edf d\u1eef li\u1ec7u. Chi ph\u00ed thu\u00ea c\u00f3 th\u1ec3 b\u1ecb tr\u1ed9n l\u1eabn v\u1edbi ph\u00ed d\u1ecbch v\u1ee5. H\u00f3a \u0111\u01a1n \u0111\u1ecbnh k\u1ef3 c\u00f3 th\u1ec3 kh\u00f4ng \u0111\u01b0\u1ee3c g\u1eafn m\u00e3 h\u1ee3p \u0111\u1ed3ng. C\u00e1c kho\u1ea3n thanh to\u00e1n c\u00f3 th\u1ec3 b\u1ecb l\u1ec7ch k\u1ef3.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">N\u1ebfu d\u1eef li\u1ec7u kh\u00f4ng \u0111\u01b0\u1ee3c chu\u1ea9n h\u00f3a, doanh nghi\u1ec7p r\u1ea5t d\u1ec5 t\u00ednh sai m\u1ee9c t\u0103ng EBITDA ho\u1eb7c hi\u1ec3u sai t\u00e1c \u0111\u1ed9ng c\u1ee7a IFRS 16.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">M\u1ed9t c\u00e1ch ti\u1ebfp c\u1eadn th\u1ef1c t\u1ebf l\u00e0:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Chu\u1ea9n h\u00f3a danh m\u1ee5c chi ph\u00ed thu\u00ea \u0111\u1ec3 t\u00e1ch r\u00f5 ti\u1ec1n thu\u00ea c\u1ed1 \u0111\u1ecbnh v\u00e0 d\u1ecbch v\u1ee5 \u0111i k\u00e8m<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Thu th\u1eadp \u0111\u1ea7y \u0111\u1ee7 h\u00f3a \u0111\u01a1n v\u00e0 g\u1eafn v\u1edbi t\u1eebng h\u1ee3p \u0111\u1ed3ng thu\u00ea<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">\u0110\u1ed1i so\u00e1t l\u1ecbch thanh to\u00e1n v\u1edbi ngh\u0129a v\u1ee5 ghi nh\u1eadn tr\u00ean b\u1ea3ng c\u00e2n \u0111\u1ed1i<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Khi d\u00f2ng ti\u1ec1n th\u1ef1c tr\u1ea3 \u0111\u01b0\u1ee3c \u0111\u1ed1i chi\u1ebfu r\u00f5 r\u00e0ng v\u1edbi ngh\u0129a v\u1ee5 k\u1ebf to\u00e1n, CFO m\u1edbi c\u00f3 th\u1ec3 kh\u1eb3ng \u0111\u1ecbnh r\u1eb1ng m\u1ee9c t\u0103ng EBITDA ch\u1ec9 l\u00e0 thay \u0111\u1ed5i tr\u00ecnh b\u00e0y, kh\u00f4ng ph\u1ea3i thay \u0111\u1ed5i kinh t\u1ebf.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Khi \u0111\u00e3 hi\u1ec3u r\u00f5 c\u01a1 ch\u1ebf n\u00e0y, b\u01b0\u1edbc ti\u1ebfp theo l\u00e0 ph\u00e2n t\u00edch s\u1ef1 kh\u00e1c bi\u1ec7t gi\u1eefa EBITDA, EBIT v\u00e0 l\u1ee3i nhu\u1eadn r\u00f2ng sau IFRS 16 \u0111\u1ec3 tr\u00e1nh \u0111\u1ecdc sai ch\u1ea5t l\u01b0\u1ee3ng l\u1ee3i nhu\u1eadn.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"EBITDA_EBIT_va_loi_nhuan_rong_thay_doi_ra_sao_sau_khi_ap_dung_IFRS_16\"><\/span><b>EBITDA, EBIT v\u00e0 l\u1ee3i nhu\u1eadn r\u00f2ng thay \u0111\u1ed5i ra sao sau khi \u00e1p d\u1ee5ng IFRS 16?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Khi ph\u00e2n t\u00edch IFRS 16 \u1ea3nh h\u01b0\u1edfng EBITDA nh\u01b0 th\u1ebf n\u00e0o, nhi\u1ec1u ng\u01b0\u1eddi ch\u1ec9 d\u1eebng l\u1ea1i \u1edf k\u1ebft lu\u1eadn r\u1eb1ng EBITDA t\u0103ng. Tuy nhi\u00ean, n\u1ebfu kh\u00f4ng \u0111\u1eb7t EBITDA c\u1ea1nh EBIT v\u00e0 l\u1ee3i nhu\u1eadn r\u00f2ng (Net Profit \u2013 l\u1ee3i nhu\u1eadn sau thu\u1ebf), CFO r\u1ea5t d\u1ec5 \u0111\u00e1nh gi\u00e1 sai ch\u1ea5t l\u01b0\u1ee3ng l\u1ee3i nhu\u1eadn.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Sau khi \u00e1p d\u1ee5ng IFRS 16, ba ch\u1ec9 s\u1ed1 n\u00e0y kh\u00f4ng d\u1ecbch chuy\u1ec3n theo c\u00f9ng m\u1ed9t h\u01b0\u1edbng v\u00e0 c\u0169ng kh\u00f4ng mang c\u00f9ng m\u1ed9t \u00fd ngh\u0129a.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"1_Mapping_bao_cao_ket_qua_kinh_doanh_truoc_va_sau_IFRS_16\"><\/span><b>1. Mapping b\u00e1o c\u00e1o k\u1ebft qu\u1ea3 kinh doanh tr\u01b0\u1edbc v\u00e0 sau IFRS 16<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Tr\u01b0\u1edbc IFRS 16:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Chi ph\u00ed thu\u00ea ho\u1ea1t \u0111\u1ed9ng (rent expense) n\u1eb1m trong OPEX<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Rent expense l\u00e0m gi\u1ea3m c\u1ea3 EBITDA v\u00e0 EBIT<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Kh\u00f4ng c\u00f3 l\u00e3i vay li\u00ean quan thu\u00ea tr\u00ean b\u00e1o c\u00e1o k\u1ebft qu\u1ea3 kinh doanh<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Sau IFRS 16:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Rent expense r\u1eddi kh\u1ecfi OPEX<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Thay v\u00e0o \u0111\u00f3 l\u00e0:<\/span>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Kh\u1ea5u hao t\u00e0i s\u1ea3n quy\u1ec1n s\u1eed d\u1ee5ng (ROU \u2013 t\u00e0i s\u1ea3n quy\u1ec1n s\u1eed d\u1ee5ng)<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">L\u00e3i vay tr\u00ean n\u1ee3 thu\u00ea (lease liability \u2013 ngh\u0129a v\u1ee5 thu\u00ea)<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Kh\u1ea5u hao l\u00e0m gi\u1ea3m EBIT nh\u01b0ng kh\u00f4ng l\u00e0m gi\u1ea3m EBITDA.<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\">L\u00e3i vay l\u00e0m gi\u1ea3m l\u1ee3i nhu\u1eadn tr\u01b0\u1edbc thu\u1ebf v\u00e0 l\u1ee3i nhu\u1eadn r\u00f2ng, nh\u01b0ng c\u0169ng kh\u00f4ng \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn EBITDA.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">V\u00ec v\u1eady:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">EBITDA th\u01b0\u1eddng t\u0103ng<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">EBIT c\u00f3 th\u1ec3 gi\u1ea3m nh\u1eb9 ho\u1eb7c thay \u0111\u1ed5i kh\u00f4ng \u0111\u00e1ng k\u1ec3<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">L\u1ee3i nhu\u1eadn r\u00f2ng th\u01b0\u1eddng gi\u1ea3m \u1edf giai \u0111o\u1ea1n \u0111\u1ea7u<\/span><\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"2_Vi_sao_loi_nhuan_rong_thuong_giam_o_giai_doan_dau\"><\/span><b>2. V\u00ec sao l\u1ee3i nhu\u1eadn r\u00f2ng th\u01b0\u1eddng gi\u1ea3m \u1edf giai \u0111o\u1ea1n \u0111\u1ea7u?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">\u0110i\u1ec3m c\u1ed1t l\u00f5i n\u1eb1m \u1edf c\u01a1 ch\u1ebf \u201cfront-loading\u201d (hi\u1ec7u \u1ee9ng chi ph\u00ed cao \u1edf \u0111\u1ea7u k\u1ef3).<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Theo ph\u01b0\u01a1ng ph\u00e1p l\u00e3i su\u1ea5t th\u1ef1c (effective interest method \u2013 ph\u01b0\u01a1ng ph\u00e1p t\u00ednh l\u00e3i d\u1ef1a tr\u00ean d\u01b0 n\u1ee3 th\u1ef1c t\u1ebf), chi ph\u00ed l\u00e3i vay \u0111\u01b0\u1ee3c t\u00ednh nh\u01b0 sau:<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Interest_t = r \u00d7 Lease liability_{t-1}<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Trong \u0111\u00f3:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">r l\u00e0 l\u00e3i su\u1ea5t chi\u1ebft kh\u1ea5u (th\u01b0\u1eddng l\u00e0 l\u00e3i su\u1ea5t vay t\u0103ng th\u00eam \u2013 IBR)<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Lease liability_{t-1} l\u00e0 d\u01b0 n\u1ee3 thu\u00ea \u0111\u1ea7u k\u1ef3<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Do d\u01b0 n\u1ee3 thu\u00ea l\u1edbn nh\u1ea5t \u1edf \u0111\u1ea7u k\u1ef3, n\u00ean chi ph\u00ed l\u00e3i vay n\u0103m \u0111\u1ea7u cao h\u01a1n c\u00e1c n\u0103m sau.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Kh\u1ea5u hao th\u01b0\u1eddng \u0111\u01b0\u1ee3c ph\u00e2n b\u1ed5 theo \u0111\u01b0\u1eddng th\u1eb3ng:<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Depreciation_t \u2248 ROU \/ Lease term<\/span><\/p>\n<p><span style=\"font-weight: 400;\">T\u1ed5ng chi ph\u00ed li\u00ean quan thu\u00ea tr\u00ean P&amp;L m\u1ed7i n\u0103m l\u00e0:<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Total lease cost_t = Dep_t + Interest_t<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u1ede nh\u1eefng n\u0103m \u0111\u1ea7u, t\u1ed5ng chi ph\u00ed n\u00e0y th\u01b0\u1eddng cao h\u01a1n ti\u1ec1n thu\u00ea th\u1ef1c tr\u1ea3 (cash rent). V\u00ec v\u1eady, d\u00f9 EBITDA t\u0103ng, l\u1ee3i nhu\u1eadn r\u00f2ng c\u00f3 th\u1ec3 gi\u1ea3m do ph\u1ea7n l\u00e3i vay l\u1edbn h\u01a1n tr\u01b0\u1edbc \u0111\u00e2y.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">V\u1ec1 sau, khi d\u01b0 n\u1ee3 thu\u00ea gi\u1ea3m d\u1ea7n, chi ph\u00ed l\u00e3i vay gi\u1ea3m, t\u1ed5ng chi ph\u00ed thu\u00ea tr\u00ean P&amp;L th\u1ea5p h\u01a1n cash rent, v\u00e0 l\u1ee3i nhu\u1eadn r\u00f2ng c\u00f3 xu h\u01b0\u1edbng c\u1ea3i thi\u1ec7n.<\/span><\/p>\n<p><img decoding=\"async\" class=\"wp-image-999980078 size-large aligncenter\" src=\"https:\/\/bizzi.vn\/wp-content\/uploads\/2026\/02\/IAS-17-1024x576.jpg\" alt=\"\" width=\"1024\" height=\"576\" title=\"\" srcset=\"https:\/\/bizzi.vn\/wp-content\/uploads\/2026\/02\/IAS-17-1024x576.jpg 1024w, https:\/\/bizzi.vn\/wp-content\/uploads\/2026\/02\/IAS-17-300x169.jpg 300w, https:\/\/bizzi.vn\/wp-content\/uploads\/2026\/02\/IAS-17-768x432.jpg 768w, https:\/\/bizzi.vn\/wp-content\/uploads\/2026\/02\/IAS-17-1536x864.jpg 1536w, https:\/\/bizzi.vn\/wp-content\/uploads\/2026\/02\/IAS-17-18x10.jpg 18w, https:\/\/bizzi.vn\/wp-content\/uploads\/2026\/02\/IAS-17.jpg 1920w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/p>\n<h3><span class=\"ez-toc-section\" id=\"3_So_sanh_dong_thai_cua_tung_chi_so\"><\/span><b>3. So s\u00e1nh \u0111\u1ed9ng th\u00e1i c\u1ee7a t\u1eebng ch\u1ec9 s\u1ed1<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><b>EBITDA (L\u1ee3i nhu\u1eadn tr\u01b0\u1edbc l\u00e3i vay, thu\u1ebf v\u00e0 kh\u1ea5u hao)<\/b><b><br \/>\n<\/b><span style=\"font-weight: 400;\">T\u0103ng do chi ph\u00ed thu\u00ea r\u1eddi OPEX. \u0110\u00e2y l\u00e0 thay \u0111\u1ed5i mang t\u00ednh t\u00e1i ph\u00e2n lo\u1ea1i k\u1ebf to\u00e1n.<\/span><\/p>\n<p><b>EBIT (L\u1ee3i nhu\u1eadn tr\u01b0\u1edbc l\u00e3i vay v\u00e0 thu\u1ebf)<\/b><b><br \/>\n<\/b><span style=\"font-weight: 400;\">V\u1eabn b\u1ecb gi\u1ea3m b\u1edfi kh\u1ea5u hao ROU. Do \u0111\u00f3, EBIT kh\u00f4ng t\u0103ng m\u1ea1nh nh\u01b0 EBITDA, th\u1eadm ch\u00ed c\u00f3 th\u1ec3 gi\u1ea3m n\u1ebfu t\u1ed5ng chi ph\u00ed (Dep + Interest) cao h\u01a1n rent c\u0169.<\/span><\/p>\n<p><b>L\u1ee3i nhu\u1eadn r\u00f2ng (Net Profit)<\/b><b><br \/>\n<\/b><span style=\"font-weight: 400;\">D\u1ec5 gi\u1ea3m \u1edf giai \u0111o\u1ea1n \u0111\u1ea7u do l\u00e3i vay cao (front-loading effect). \u0110\u00e2y l\u00e0 l\u00fd do nhi\u1ec1u doanh nghi\u1ec7p \u00e1p IFRS 16 ghi nh\u1eadn l\u1ee3i nhu\u1eadn gi\u1ea3m n\u0103m \u0111\u1ea7u d\u00f9 EBITDA t\u0103ng.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"4_Tac_dong_den_chi_so_vay_von_va_covenants\"><\/span><b>4. T\u00e1c \u0111\u1ed9ng \u0111\u1ebfn ch\u1ec9 s\u1ed1 vay v\u1ed1n v\u00e0 covenants<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">S\u1ef1 thay \u0111\u1ed5i c\u1ea5u tr\u00fac chi ph\u00ed n\u00e0y c\u00f3 \u1ea3nh h\u01b0\u1edfng tr\u1ef1c ti\u1ebfp \u0111\u1ebfn:<\/span><\/p>\n<p><b>Interest coverage ratio (H\u1ec7 s\u1ed1 \u0111\u1ea3m b\u1ea3o l\u00e3i vay)<\/b><b><br \/>\n<\/b><span style=\"font-weight: 400;\">C\u00f4ng th\u1ee9c ph\u1ed5 bi\u1ebfn:<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Interest Coverage = EBITDA \/ Interest expense<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Sau IFRS 16:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">EBITDA t\u0103ng<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Interest expense c\u0169ng t\u0103ng (do l\u00e3i vay n\u1ee3 thu\u00ea)<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">T\u00f9y c\u1ea5u tr\u00fac h\u1ee3p \u0111\u1ed3ng vay, h\u1ec7 s\u1ed1 n\u00e0y c\u00f3 th\u1ec3 c\u1ea3i thi\u1ec7n ho\u1eb7c x\u1ea5u \u0111i. N\u1ebfu h\u1ee3p \u0111\u1ed3ng vay \u0111\u1ecbnh ngh\u0129a \u201cInterest\u201d bao g\u1ed3m c\u1ea3 l\u00e3i thu\u00ea, th\u00ec m\u1eabu s\u1ed1 t\u0103ng c\u00f3 th\u1ec3 g\u00e2y \u00e1p l\u1ef1c.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Ngo\u00e0i ra, c\u00e1c covenant nh\u01b0 Net Debt\/EBITDA c\u0169ng thay \u0111\u1ed5i do:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Net Debt t\u0103ng (v\u00ec lease liability \u0111\u01b0\u1ee3c coi nh\u01b0 n\u1ee3)<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">EBITDA t\u0103ng<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">T\u00e1c \u0111\u1ed9ng r\u00f2ng ph\u1ee5 thu\u1ed9c \u0111\u1ecbnh ngh\u0129a trong h\u1ee3p \u0111\u1ed3ng vay. \u0110\u00e2y l\u00e0 l\u00fd do CFO kh\u00f4ng th\u1ec3 ch\u1ec9 nh\u00ecn EBITDA ri\u00eang l\u1ebb m\u00e0 ph\u1ea3i \u0111\u1ecdc \u0111\u1ed3ng th\u1eddi EBITDA \u2013 EBIT \u2013 Net Profit \u2013 Leverage.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"5_Goc_nhin_quan_tri_Vi_sao_dieu_nay_quan_trong\"><\/span><b>5. G\u00f3c nh\u00ecn qu\u1ea3n tr\u1ecb: V\u00ec sao \u0111i\u1ec1u n\u00e0y quan tr\u1ecdng?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Nhi\u1ec1u b\u00e0i ph\u00e2n t\u00edch ch\u1ec9 d\u1eebng l\u1ea1i \u1edf k\u1ebft lu\u1eadn \u201cEBITDA t\u0103ng\u201d. Tuy nhi\u00ean, v\u1edbi CFO, c\u00e2u h\u1ecfi quan tr\u1ecdng h\u01a1n l\u00e0:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Bonus management c\u00f3 g\u1eafn v\u1edbi EBITDA kh\u00f4ng?<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Covenant vay v\u1ed1n c\u00f3 t\u00ednh theo chu\u1ea9n k\u1ebf to\u00e1n m\u1edbi hay Frozen GAAP (gi\u1eef nguy\u00ean chu\u1ea9n c\u0169)?<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 hi\u1ec3u front-loading effect hay kh\u00f4ng?<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">N\u1ebfu kh\u00f4ng gi\u1ea3i th\u00edch r\u00f5, doanh nghi\u1ec7p c\u00f3 th\u1ec3 g\u1eb7p ba r\u1ee7i ro:<\/span><\/p>\n<ol>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Th\u01b0\u1edfng qu\u1ea3n l\u00fd t\u0103ng d\u00f9 hi\u1ec7u qu\u1ea3 kinh t\u1ebf kh\u00f4ng \u0111\u1ed5i<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">L\u1ee3i nhu\u1eadn r\u00f2ng gi\u1ea3m g\u00e2y hi\u1ec3u l\u1ea7m ti\u00eau c\u1ef1c<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Covenant b\u1ecb si\u1ebft do \u0111\u1ecbnh ngh\u0129a Debt thay \u0111\u1ed5i<\/span><\/li>\n<\/ol>\n<h3><span class=\"ez-toc-section\" id=\"6_Cach_trien_khai_thuc_te_de_doc_dung_so_lieu\"><\/span><b>6. C\u00e1ch tri\u1ec3n khai th\u1ef1c t\u1ebf \u0111\u1ec3 \u0111\u1ecdc \u0111\u00fang s\u1ed1 li\u1ec7u<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">\u0110\u1ec3 ph\u00e2n t\u00edch ch\u00ednh x\u00e1c t\u00e1c \u0111\u1ed9ng c\u1ee7a IFRS 16, CFO c\u1ea7n c\u00f3 hai lu\u1ed3ng d\u1eef li\u1ec7u song song:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">D\u1eef li\u1ec7u k\u1ebf to\u00e1n theo IFRS 16 (Reported)<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">D\u1eef li\u1ec7u qu\u1ea3n tr\u1ecb theo ti\u1ec1n th\u1ef1c tr\u1ea3 (Cash-based)<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Trong th\u1ef1c t\u1ebf v\u1eadn h\u00e0nh, d\u1eef li\u1ec7u ti\u1ec1n thu\u00ea th\u01b0\u1eddng n\u1eb1m r\u1ea3i r\u00e1c trong h\u00f3a \u0111\u01a1n \u0111\u1ecbnh k\u1ef3, h\u1ee3p \u0111\u1ed3ng thu\u00ea v\u00e0 c\u00f4ng n\u1ee3 ph\u1ea3i tr\u1ea3.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">M\u1ed9t quy tr\u00ecnh ki\u1ec3m so\u00e1t h\u1ee3p l\u00fd c\u00f3 th\u1ec3 g\u1ed3m:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">T\u1eadp h\u1ee3p chu\u1ed7i \u201ccash rent\u201d theo th\u00e1ng\/qu\u00fd t\u1eeb h\u00f3a \u0111\u01a1n v\u00e0 thanh to\u00e1n th\u1ef1c t\u1ebf<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">\u0110\u1ed1i chi\u1ebfu cash rent v\u1edbi l\u1ecbch thanh to\u00e1n trong h\u1ee3p \u0111\u1ed3ng \u0111\u1ec3 ph\u00e1t hi\u1ec7n l\u1ec7ch k\u1ef3 (cut-off) ho\u1eb7c ph\u00ed ph\u00e1t sinh<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Xu\u1ea5t d\u1eef li\u1ec7u chu\u1ea9n cho b\u1ed9 ph\u1eadn FP&amp;A \u0111\u1ec3 l\u1eadp b\u00e1o c\u00e1o song song: IFRS 16 (k\u1ebf to\u00e1n) v\u00e0 cash-based (qu\u1ea3n tr\u1ecb)<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Khi c\u00f3 hai g\u00f3c nh\u00ecn n\u00e0y, CFO c\u00f3 th\u1ec3 gi\u1ea3i th\u00edch r\u00f5 v\u1edbi H\u1ed9i \u0111\u1ed3ng qu\u1ea3n tr\u1ecb v\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0 r\u1eb1ng EBITDA t\u0103ng do thay \u0111\u1ed5i chu\u1ea9n m\u1ef1c, c\u00f2n l\u1ee3i nhu\u1eadn r\u00f2ng \u0111\u1ea7u k\u1ef3 gi\u1ea3m do c\u01a1 ch\u1ebf front-loading.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Khi_nao_IFRS_16_KHONG_lam_EBITDA_tang\"><\/span><b>Khi n\u00e0o IFRS 16 KH\u00d4NG l\u00e0m EBITDA t\u0103ng?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">EBITDA kh\u00f4ng ph\u1ea3i l\u00fac n\u00e0o c\u0169ng t\u0103ng t\u1ed1i \u0111a sau IFRS 16. M\u1ee9c t\u0103ng th\u1ef1c t\u1ebf ph\u1ee5 thu\u1ed9c v\u00e0o c\u1ea5u tr\u00fac h\u1ee3p \u0111\u1ed3ng thu\u00ea v\u00e0 c\u00e1ch ph\u00e2n lo\u1ea1i chi ph\u00ed.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">C\u00f3 b\u1ed1n nh\u00f3m y\u1ebfu t\u1ed1 quan tr\u1ecdng.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"1_Khoan_thanh_toan_co_dinh_va_bien_doi\"><\/span><b>1. Kho\u1ea3n thanh to\u00e1n c\u1ed1 \u0111\u1ecbnh v\u00e0 bi\u1ebfn \u0111\u1ed5i<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><b>Fixed lease payments (ti\u1ec1n thu\u00ea c\u1ed1 \u0111\u1ecbnh)<\/b><b><br \/>\n<\/b><span style=\"font-weight: 400;\">\u0110\u00e2y l\u00e0 ph\u1ea7n th\u01b0\u1eddng \u0111\u01b0\u1ee3c v\u1ed1n h\u00f3a th\u00e0nh ROU v\u00e0 lease liability. Ph\u1ea7n n\u00e0y r\u1eddi OPEX n\u00ean l\u00e0m EBITDA t\u0103ng.<\/span><\/p>\n<p><b>Variable lease payments (ti\u1ec1n thu\u00ea bi\u1ebfn \u0111\u1ed5i)<\/b><b><br \/>\n<\/b><span style=\"font-weight: 400;\">N\u1ebfu ti\u1ec1n thu\u00ea ph\u1ee5 thu\u1ed9c v\u00e0o doanh thu, s\u1ea3n l\u01b0\u1ee3ng ho\u1eb7c ch\u1ec9 s\u1ed1 gi\u00e1 (indexation \u2013 \u0111i\u1ec1u ch\u1ec9nh theo CPI), nhi\u1ec1u tr\u01b0\u1eddng h\u1ee3p kho\u1ea3n n\u00e0y v\u1eabn \u0111\u01b0\u1ee3c ghi nh\u1eadn v\u00e0o OPEX theo b\u1ea3n ch\u1ea5t. Ph\u1ea7n n\u00e0y v\u1eabn l\u00e0m gi\u1ea3m EBITDA.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"2_Thanh_phan_dich_vu_di_kem_Non-lease_component\"><\/span><b>2. Th\u00e0nh ph\u1ea7n d\u1ecbch v\u1ee5 \u0111i k\u00e8m (Non-lease component)<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Trong nhi\u1ec1u h\u1ee3p \u0111\u1ed3ng, ti\u1ec1n thu\u00ea bao g\u1ed3m c\u1ea3 d\u1ecbch v\u1ee5 b\u1ea3o tr\u00ec, qu\u1ea3n l\u00fd, v\u1eadn h\u00e0nh. N\u1ebfu t\u00e1ch ri\u00eang \u0111\u01b0\u1ee3c, ph\u1ea7n d\u1ecbch v\u1ee5 (non-lease component) th\u01b0\u1eddng v\u1eabn ghi nh\u1eadn v\u00e0o OPEX.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Do \u0111\u00f3, EBITDA kh\u00f4ng t\u0103ng to\u00e0n b\u1ed9 b\u1eb1ng s\u1ed1 ti\u1ec1n ghi tr\u00ean h\u00f3a \u0111\u01a1n thu\u00ea.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"3_Mien_tru_thue_ngan_han_va_tai_san_gia_tri_thap\"><\/span><b>3. Mi\u1ec5n tr\u1eeb thu\u00ea ng\u1eafn h\u1ea1n v\u00e0 t\u00e0i s\u1ea3n gi\u00e1 tr\u1ecb th\u1ea5p<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">IFRS 16 cho ph\u00e9p \u00e1p d\u1ee5ng mi\u1ec5n tr\u1eeb:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Thu\u00ea ng\u1eafn h\u1ea1n (\u2264 12 th\u00e1ng, kh\u00f4ng c\u00f3 quy\u1ec1n mua)<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">T\u00e0i s\u1ea3n gi\u00e1 tr\u1ecb th\u1ea5p<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">C\u00e1c kho\u1ea3n n\u00e0y th\u01b0\u1eddng v\u1eabn ghi nh\u1eadn chi ph\u00ed tr\u1ef1c ti\u1ebfp v\u00e0o OPEX, kh\u00f4ng v\u1ed1n h\u00f3a. V\u00ec v\u1eady, ph\u1ea7n n\u00e0y ti\u1ebfp t\u1ee5c l\u00e0m gi\u1ea3m EBITDA.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"4_Cong_thuc_khung_de_uoc_tinh_%E2%80%9CEBITDA_uplift_thuc_te%E2%80%9D\"><\/span><b>4. C\u00f4ng th\u1ee9c khung \u0111\u1ec3 \u01b0\u1edbc t\u00ednh \u201cEBITDA uplift th\u1ef1c t\u1ebf\u201d<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">M\u1ee9c t\u0103ng EBITDA th\u1ef1c t\u1ebf c\u00f3 th\u1ec3 \u01b0\u1edbc t\u00ednh:<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u0394EBITDA \u2248 Cash Rent_fixed<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\">\u2212 OPEX_variable<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\">\u2212 OPEX_non-lease<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\">\u2212 OPEX_exemptions<\/span><\/p>\n<p><span style=\"font-weight: 400;\">C\u00f4ng th\u1ee9c n\u00e0y gi\u00fap CFO kh\u00f4ng b\u1ecb \u201c\u1ea3o gi\u00e1c\u201d r\u1eb1ng to\u00e0n b\u1ed9 ti\u1ec1n thu\u00ea tr\u01b0\u1edbc \u0111\u00e2y s\u1ebd bi\u1ebfn th\u00e0nh ph\u1ea7n t\u0103ng EBITDA.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"5_Diem_thuong_bi_bo_sot_trong_phan_tich_thi_truong\"><\/span><b>5. \u0110i\u1ec3m th\u01b0\u1eddng b\u1ecb b\u1ecf s\u00f3t trong ph\u00e2n t\u00edch th\u1ecb tr\u01b0\u1eddng<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Nhi\u1ec1u b\u00e0i vi\u1ebft ch\u1ec9 n\u00f3i r\u1eb1ng IFRS 16 l\u00e0m EBITDA t\u0103ng m\u00e0 kh\u00f4ng ph\u00e2n lo\u1ea1i r\u00f5 kho\u1ea3n n\u00e0o v\u1eabn n\u1eb1m tr\u00ean EBITDA.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Trong th\u1ef1c t\u1ebf, \u0111\u1ec3 bridge \u0111\u00fang, doanh nghi\u1ec7p c\u1ea7n:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Ph\u00e2n lo\u1ea1i ti\u1ec1n thu\u00ea c\u1ed1 \u0111\u1ecbnh<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">X\u00e1c \u0111\u1ecbnh kho\u1ea3n thanh to\u00e1n bi\u1ebfn \u0111\u1ed5i<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">T\u00e1ch d\u1ecbch v\u1ee5 \u0111i k\u00e8m<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">R\u00e0 so\u00e1t mi\u1ec5n tr\u1eeb<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">N\u1ebfu kh\u00f4ng l\u00e0m b\u01b0\u1edbc n\u00e0y, EBITDA bridge s\u1ebd sai ngay t\u1eeb \u0111\u1ea7u.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"6_Kiem_soat_phan_loai_de_tranh_sai_lech_bridge\"><\/span><b>6. Ki\u1ec3m so\u00e1t ph\u00e2n lo\u1ea1i \u0111\u1ec3 tr\u00e1nh sai l\u1ec7ch bridge<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">\u1ede c\u1ea5p \u0111\u1ed9 v\u1eadn h\u00e0nh, sai ph\u00e2n lo\u1ea1i chi ph\u00ed thu\u00ea l\u00e0 nguy\u00ean nh\u00e2n l\u1edbn nh\u1ea5t l\u00e0m l\u1ec7ch ph\u00e2n t\u00edch.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">M\u1ed9t c\u00e1ch ti\u1ebfp c\u1eadn th\u1ef1c t\u1ebf:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Chu\u1ea9n h\u00f3a danh m\u1ee5c chi ph\u00ed thu\u00ea: t\u00e1ch r\u00f5 \u201crent fixed\u201d, \u201crent variable\u201d, \u201cd\u1ecbch v\u1ee5 \u0111i k\u00e8m\u201d, \u201cph\u00ed ph\u00e1t sinh\u201d<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">T\u1ef1 \u0111\u1ed9ng \u0111\u1ecdc h\u00f3a \u0111\u01a1n \u0111\u1ecbnh k\u1ef3 v\u00e0 g\u1ee3i \u00fd ph\u00e2n lo\u1ea1i theo nh\u00e0 cung c\u1ea5p, \u0111i\u1ec1u kho\u1ea3n h\u1ee3p \u0111\u1ed3ng<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">T\u1ed5ng h\u1ee3p b\u00e1o c\u00e1o theo nh\u00f3m chi ph\u00ed \u0111\u1ec3 FP&amp;A bi\u1ebft ch\u00ednh x\u00e1c ph\u1ea7n n\u00e0o c\u00f2n n\u1eb1m tr\u00ean EBITDA<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Khi bi\u1ebft ch\u00ednh x\u00e1c m\u1ee9c t\u0103ng h\u1ee3p l\u00fd, CFO m\u1edbi c\u00f3 th\u1ec3 d\u1ef1ng EBITDA bridge chu\u1ea9n v\u00e0 so s\u00e1nh tr\u01b0\u1edbc\u2013sau IFRS 16 ho\u1eb7c gi\u1eefa c\u00e1c doanh nghi\u1ec7p v\u1edbi c\u1ea5u tr\u00fac thu\u00ea kh\u00e1c nhau.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Khi \u0111\u00e3 x\u00e1c \u0111\u1ecbnh \u0111\u01b0\u1ee3c \u201ct\u0103ng bao nhi\u00eau l\u00e0 h\u1ee3p l\u00fd\u201d, b\u01b0\u1edbc ti\u1ebfp theo l\u00e0 x\u00e2y d\u1ef1ng EBITDA Bridge chu\u1ea9n \u0111\u1ec3 \u0111\u1ea3m b\u1ea3o so s\u00e1nh nh\u1ea5t qu\u00e1n gi\u1eefa c\u00e1c k\u1ef3 v\u00e0 gi\u1eefa c\u00e1c doanh nghi\u1ec7p.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Cach_dung_EBITDA_Bridge_truoc_va_sau_IFRS_16\"><\/span><b>C\u00e1ch d\u1ef1ng EBITDA Bridge tr\u01b0\u1edbc v\u00e0 sau IFRS 16<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Khi IFRS 16 l\u00e0m EBITDA thay \u0111\u1ed5i, v\u1ea5n \u0111\u1ec1 kh\u00f4ng n\u1eb1m \u1edf con s\u1ed1 t\u0103ng hay gi\u1ea3m, m\u00e0 n\u1eb1m \u1edf kh\u1ea3 n\u0103ng so s\u00e1nh. N\u1ebfu kh\u00f4ng d\u1ef1ng <\/span><b>EBITDA bridge<\/b><span style=\"font-weight: 400;\"> (c\u1ea7u n\u1ed1i \u0111i\u1ec1u ch\u1ec9nh EBITDA), doanh nghi\u1ec7p r\u1ea5t d\u1ec5 r\u01a1i v\u00e0o t\u00ecnh tr\u1ea1ng:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">So s\u00e1nh sai gi\u1eefa tr\u01b0\u1edbc v\u00e0 sau khi \u00e1p d\u1ee5ng IFRS 16<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">So s\u00e1nh l\u1ec7ch gi\u1eefa doanh nghi\u1ec7p \u00e1p IFRS v\u00e0 doanh nghi\u1ec7p ch\u01b0a \u00e1p<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">\u0110\u1ecbnh gi\u00e1 sai khi d\u00f9ng EV\/EBITDA<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">\u0110\u1ecdc nh\u1ea7m c\u00e1c ch\u1ec9 s\u1ed1 trong h\u1ee3p \u0111\u1ed3ng vay (covenants)<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">EBITDA bridge v\u00ec v\u1eady kh\u00f4ng ph\u1ea3i \u201cfile Excel cho c\u00f3\u201d, m\u00e0 l\u00e0 c\u00f4ng c\u1ee5 chu\u1ea9n h\u00f3a ng\u00f4n ng\u1eef k\u1ebf to\u00e1n v\u1ec1 c\u00f9ng m\u1ed9t m\u1eb7t b\u1eb1ng kinh t\u1ebf.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"1_Ba_phien_ban_KPI_ma_CFO_can_phan_biet_ro\"><\/span><span style=\"font-weight: 400;\">1. Ba phi\u00ean b\u1ea3n KPI m\u00e0 CFO c\u1ea7n ph\u00e2n bi\u1ec7t r\u00f5<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">\u0110\u1ec3 d\u1ef1ng bridge \u0111\u00fang, tr\u01b0\u1edbc ti\u00ean c\u1ea7n hi\u1ec3u m\u00ecnh \u0111ang l\u00e0m vi\u1ec7c v\u1edbi phi\u00ean b\u1ea3n EBITDA n\u00e0o.<\/span><\/p>\n<h4><span class=\"ez-toc-section\" id=\"1_Reported_EBITDA_EBITDA_theo_IFRS_16\"><\/span><span style=\"font-weight: 400;\">(1) Reported EBITDA (EBITDA theo IFRS 16)<\/span><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><span style=\"font-weight: 400;\">\u0110\u00e2y l\u00e0 EBITDA \u0111\u01b0\u1ee3c tr\u00ecnh b\u00e0y theo chu\u1ea9n k\u1ebf to\u00e1n hi\u1ec7n h\u00e0nh, sau khi chi ph\u00ed thu\u00ea ho\u1ea1t \u0111\u1ed9ng \u0111\u00e3 \u0111\u01b0\u1ee3c t\u00e1i ph\u00e2n lo\u1ea1i th\u00e0nh:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Kh\u1ea5u hao t\u00e0i s\u1ea3n quy\u1ec1n s\u1eed d\u1ee5ng (ROU)<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">L\u00e3i vay n\u1ee3 thu\u00ea<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Reported EBITDA ph\u1ea3n \u00e1nh \u0111\u00fang chu\u1ea9n m\u1ef1c k\u1ebf to\u00e1n, nh\u01b0ng kh\u00f4ng c\u00f2n so s\u00e1nh tr\u1ef1c ti\u1ebfp \u0111\u01b0\u1ee3c v\u1edbi c\u00e1c k\u1ef3 tr\u01b0\u1edbc IFRS 16.<\/span><\/p>\n<h4><span class=\"ez-toc-section\" id=\"2_Adjusted_EBITDA_phien_ban_tuong_duong_truoc_IFRS_16\"><\/span><span style=\"font-weight: 400;\">(2) Adjusted EBITDA (phi\u00ean b\u1ea3n t\u01b0\u01a1ng \u0111\u01b0\u01a1ng tr\u01b0\u1edbc IFRS 16)<\/span><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><span style=\"font-weight: 400;\">M\u1ee5c ti\u00eau c\u1ee7a phi\u00ean b\u1ea3n n\u00e0y l\u00e0 \u0111\u01b0a EBITDA v\u1ec1 tr\u1ea1ng th\u00e1i \u201cgi\u1ed1ng nh\u01b0 tr\u01b0\u1edbc \u0111\u00e2y v\u1eabn c\u00f2n rent trong OPEX\u201d.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">C\u00f4ng th\u1ee9c \u0111i\u1ec1u ch\u1ec9nh ph\u1ed5 bi\u1ebfn:<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Adjusted EBITDA<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\">= Reported EBITDA<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\">\u2212 (Kh\u1ea5u hao ROU + L\u00e3i vay n\u1ee3 thu\u00ea)<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Cash Rent t\u01b0\u01a1ng \u0111\u01b0\u01a1ng<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">L\u01b0u \u00fd quan tr\u1ecdng:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">N\u1ebfu cash rent kh\u00f4ng c\u00f2n xu\u1ea5t hi\u1ec7n tr\u00ean P&amp;L do IFRS 16, b\u1ea1n ph\u1ea3i \u201cc\u1ed9ng l\u1ea1i\u201d d\u00f2ng ti\u1ec1n thu\u00ea th\u1ef1c t\u1ebf \u0111\u1ec3 \u0111\u01b0a EBITDA v\u1ec1 tr\u1ea1ng th\u00e1i c\u00f3 rent nh\u01b0 tr\u01b0\u1edbc.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">\u0110i\u1ec1u ch\u1ec9nh n\u00e0y nh\u1eb1m ph\u1ee5c v\u1ee5 so s\u00e1nh theo th\u1eddi gian (pre\/post IFRS 16).<\/span><\/li>\n<\/ul>\n<h4><span class=\"ez-toc-section\" id=\"3_EBITDAR\"><\/span><span style=\"font-weight: 400;\">(3) EBITDAR<\/span><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><span style=\"font-weight: 400;\">EBITDAR l\u00e0 vi\u1ebft t\u1eaft c\u1ee7a:<\/span><\/p>\n<p><span style=\"font-weight: 400;\">L\u1ee3i nhu\u1eadn tr\u01b0\u1edbc l\u00e3i vay, thu\u1ebf, kh\u1ea5u hao v\u00e0 ti\u1ec1n thu\u00ea.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">C\u00f4ng th\u1ee9c kh\u00e1i qu\u00e1t:<\/span><\/p>\n<p><span style=\"font-weight: 400;\">EBITDAR = EBITDA + Rent expense<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Trong b\u1ed1i c\u1ea3nh IFRS 16, rent expense c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c hi\u1ec3u l\u00e0 \u201ccash rent t\u01b0\u01a1ng \u0111\u01b0\u01a1ng\u201d ho\u1eb7c ph\u1ea7n thu\u00ea c\u1ed1 \u0111\u1ecbnh tr\u01b0\u1edbc \u0111\u00e2y.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">EBITDAR \u0111\u1eb7c bi\u1ec7t h\u1eefu \u00edch trong c\u00e1c ng\u00e0nh c\u00f3 c\u01b0\u1eddng \u0111\u1ed9 thu\u00ea cao nh\u01b0 b\u00e1n l\u1ebb, logistics, h\u00e0ng kh\u00f4ng \u2013 n\u01a1i c\u1ea5u tr\u00fac \u201cthu\u00ea hay s\u1edf h\u1eefu\u201d kh\u00e1c nhau c\u00f3 th\u1ec3 l\u00e0m m\u00e9o EBITDA.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"2_Dieu_chinh_phai_gan_voi_muc_tieu_so_sanh\"><\/span><span style=\"font-weight: 400;\">2. \u0110i\u1ec1u ch\u1ec9nh ph\u1ea3i g\u1eafn v\u1edbi m\u1ee5c ti\u00eau so s\u00e1nh<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">M\u1ed9t sai l\u1ea7m ph\u1ed5 bi\u1ebfn l\u00e0 d\u00f9ng m\u1ed9t c\u00f4ng th\u1ee9c chung cho m\u1ecdi m\u1ee5c \u0111\u00edch. Tr\u00ean th\u1ef1c t\u1ebf, m\u1ed7i m\u1ee5c ti\u00eau c\u1ea7n m\u1ed9t logic bridge kh\u00e1c nhau.<\/span><\/p>\n<h4><span class=\"ez-toc-section\" id=\"a_So_sanh_theo_thoi_gian_truoc_va_sau_IFRS_16\"><\/span><span style=\"font-weight: 400;\">(a) So s\u00e1nh theo th\u1eddi gian (tr\u01b0\u1edbc v\u00e0 sau IFRS 16)<\/span><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><span style=\"font-weight: 400;\">M\u1ee5c ti\u00eau: xem hi\u1ec7u qu\u1ea3 v\u1eadn h\u00e0nh c\u00f3 thay \u0111\u1ed5i th\u1eadt kh\u00f4ng.<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\">Gi\u1ea3i ph\u00e1p: \u0111\u01b0a EBITDA v\u1ec1 d\u1ea1ng cash-rent comparable (Adjusted EBITDA).<\/span><\/p>\n<h4><span class=\"ez-toc-section\" id=\"b_So_sanh_voi_doi_thu\"><\/span><span style=\"font-weight: 400;\">(b) So s\u00e1nh v\u1edbi \u0111\u1ed1i th\u1ee7<\/span><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><span style=\"font-weight: 400;\">N\u1ebfu \u0111\u1ed1i th\u1ee7 ch\u01b0a \u00e1p IFRS 16 ho\u1eb7c d\u00f9ng chu\u1ea9n kh\u00e1c, b\u1ea1n c\u00f3 hai l\u1ef1a ch\u1ecdn:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">\u0110i\u1ec1u ch\u1ec9nh EBITDA c\u1ee7a m\u00ecnh v\u1ec1 d\u1ea1ng c\u0169<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Ho\u1eb7c s\u1eed d\u1ee5ng EBITDAR cho c\u1ea3 hai b\u00ean<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">\u0110i\u1ec1u quan tr\u1ecdng l\u00e0 \u0111\u1ea3m b\u1ea3o <\/span><b>comparability<\/b><span style=\"font-weight: 400;\"> (t\u00ednh so s\u00e1nh \u0111\u01b0\u1ee3c).<\/span><\/p>\n<h4><span class=\"ez-toc-section\" id=\"c_Dinh_gia_va_covenants\"><\/span><span style=\"font-weight: 400;\">(c) \u0110\u1ecbnh gi\u00e1 v\u00e0 covenants<\/span><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><span style=\"font-weight: 400;\">Khi ph\u00e2n t\u00edch EV\/EBITDA ho\u1eb7c Net Debt\/EBITDA, c\u1ea7n chu\u1ea9n h\u00f3a c\u1ea3:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">EBITDA<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">V\u00e0 EV (Enterprise Value \u2013 gi\u00e1 tr\u1ecb doanh nghi\u1ec7p)<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">EV c\u00f3 th\u1ec3 bao g\u1ed3m c\u1ea3 lease liabilities (n\u1ee3 thu\u00ea). N\u1ebfu EBITDA t\u0103ng nh\u01b0ng EV c\u0169ng t\u0103ng do n\u1ee3 thu\u00ea, h\u1ec7 s\u1ed1 \u0111\u1ecbnh gi\u00e1 c\u00f3 th\u1ec3 b\u1ecb b\u00f3p m\u00e9o.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Trong h\u1ee3p \u0111\u1ed3ng vay v\u1ed1n, nhi\u1ec1u ng\u00e2n h\u00e0ng \u00e1p d\u1ee5ng nguy\u00ean t\u1eafc \u201cfrozen GAAP\u201d (gi\u1eef nguy\u00ean chu\u1ea9n k\u1ebf to\u00e1n t\u1ea1i th\u1eddi \u0111i\u1ec3m k\u00fd h\u1ee3p \u0111\u1ed3ng). N\u1ebfu covenant \u0111\u01b0\u1ee3c t\u00ednh theo chu\u1ea9n c\u0169, CFO c\u1ea7n \u0111i\u1ec1u ch\u1ec9nh bridge v\u1ec1 logic tr\u01b0\u1edbc IFRS 16.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"3_Cac_buoc_kiem_tra_hop_ly_sanity_checks_bat_buoc\"><\/span><span style=\"font-weight: 400;\">3. C\u00e1c b\u01b0\u1edbc ki\u1ec3m tra h\u1ee3p l\u00fd (sanity checks) b\u1eaft bu\u1ed9c<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">M\u1ed9t EBITDA bridge t\u1ed1t kh\u00f4ng ch\u1ec9 c\u00f3 c\u00f4ng th\u1ee9c, m\u00e0 ph\u1ea3i c\u00f3 <\/span><b>reconciliation<\/b><span style=\"font-weight: 400;\"> (\u0111\u1ed1i chi\u1ebfu).<\/span><\/p>\n<h4><span class=\"ez-toc-section\" id=\"1_Doi_chieu_tien_thuc_tra\"><\/span><span style=\"font-weight: 400;\">(1) \u0110\u1ed1i chi\u1ebfu ti\u1ec1n th\u1ef1c tr\u1ea3<\/span><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><span style=\"font-weight: 400;\">So s\u00e1nh:<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Cash paid<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\">vs<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\">Bi\u1ebfn \u0111\u1ed9ng c\u00f4ng n\u1ee3 ph\u1ea3i tr\u1ea3 thu\u00ea<\/span><\/p>\n<p><span style=\"font-weight: 400;\">N\u1ebfu s\u1ed1 ti\u1ec1n tr\u1ea3 th\u1ef1c t\u1ebf kh\u00f4ng kh\u1edbp v\u1edbi l\u1ecbch thanh to\u00e1n h\u1ee3p \u0111\u1ed3ng, bridge c\u00f3 th\u1ec3 \u0111ang sai \u1edf cut-off ho\u1eb7c ph\u00e2n lo\u1ea1i.<\/span><\/p>\n<h4><span class=\"ez-toc-section\" id=\"2_Roll-forward_ROU_va_no_thue\"><\/span><span style=\"font-weight: 400;\">(2) Roll-forward ROU v\u00e0 n\u1ee3 thu\u00ea<\/span><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><span style=\"font-weight: 400;\">C\u1ea7n l\u1eadp b\u1ea3ng theo d\u00f5i:<\/span><\/p>\n<p><span style=\"font-weight: 400;\">D\u01b0 \u0111\u1ea7u k\u1ef3<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Ph\u00e1t sinh m\u1edbi<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\">\u2212 Thanh to\u00e1n g\u1ed1c<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\">= D\u01b0 cu\u1ed1i k\u1ef3<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">N\u1ebfu roll-forward kh\u00f4ng kh\u1edbp v\u1edbi l\u1ecbch t\u00ednh l\u00e3i v\u00e0 kh\u1ea5u hao, bridge s\u1ebd kh\u00f4ng b\u1ec1n khi ki\u1ec3m to\u00e1n.<\/span><\/p>\n<h4><span class=\"ez-toc-section\" id=\"3_Kiem_tra_logic_tang_%E2%80%93_giam_theo_nam\"><\/span><span style=\"font-weight: 400;\">(3) Ki\u1ec3m tra logic t\u0103ng \u2013 gi\u1ea3m theo n\u0103m<\/span><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><span style=\"font-weight: 400;\">T\u1ed5ng chi ph\u00ed thu\u00ea theo P&amp;L (Dep + Interest) ph\u1ea3i th\u1ec3 hi\u1ec7n hi\u1ec7u \u1ee9ng front-loading:<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\">Cao \u1edf \u0111\u1ea7u k\u1ef3, gi\u1ea3m d\u1ea7n v\u1ec1 sau.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">N\u1ebfu \u0111\u01b0\u1eddng chi ph\u00ed \u201c\u0111i ngang\u201d, c\u00f3 th\u1ec3 doanh nghi\u1ec7p \u0111ang ghi nh\u1eadn sai ph\u01b0\u01a1ng ph\u00e1p.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"4_Diem_khac_biet_trong_cach_tiep_can\"><\/span><span style=\"font-weight: 400;\">4. \u0110i\u1ec3m kh\u00e1c bi\u1ec7t trong c\u00e1ch ti\u1ebfp c\u1eadn<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Nhi\u1ec1u b\u00e0i vi\u1ebft ch\u1ec9 \u0111\u01b0a m\u1ed9t c\u00f4ng th\u1ee9c \u0111i\u1ec1u ch\u1ec9nh chung. Tuy nhi\u00ean, \u0111i\u1ec1u ch\u1ec9nh EBITDA ph\u1ea3i g\u1eafn v\u1edbi:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">M\u1ee5c ti\u00eau qu\u1ea3n tr\u1ecb n\u1ed9i b\u1ed9<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">M\u1ee5c ti\u00eau \u0111\u1ecbnh gi\u00e1<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">M\u1ee5c ti\u00eau tu\u00e2n th\u1ee7 covenant<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Ba m\u1ee5c ti\u00eau n\u00e0y kh\u00f4ng d\u00f9ng chung m\u1ed9t c\u1ea7u n\u1ed1i.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">M\u1ed9t bridge \u0111\u00fang b\u1ea3n ch\u1ea5t ph\u1ea3i:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">X\u00e1c \u0111\u1ecbnh r\u00f5 m\u1ee5c \u0111\u00edch<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">\u0110i\u1ec1u ch\u1ec9nh nh\u1ea5t qu\u00e1n<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">C\u00f3 \u0111\u1ed1i chi\u1ebfu ch\u1ee9ng t\u1eeb v\u00e0 d\u00f2ng ti\u1ec1n<\/span><\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"5_Cach_trien_khai_thuc_te_de_giam_sai_so\"><\/span><span style=\"font-weight: 400;\">5. C\u00e1ch tri\u1ec3n khai th\u1ef1c t\u1ebf \u0111\u1ec3 gi\u1ea3m sai s\u1ed1<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Trong th\u1ef1c t\u1ebf, d\u1eef li\u1ec7u ph\u1ee5c v\u1ee5 bridge th\u01b0\u1eddng b\u1ecb ph\u00e2n t\u00e1n gi\u1eefa:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">H\u00f3a \u0111\u01a1n thu\u00ea \u0111\u1ecbnh k\u1ef3<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">H\u1ee3p \u0111\u1ed3ng<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">L\u1ecbch thanh to\u00e1n<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">C\u00f4ng n\u1ee3 ph\u1ea3i tr\u1ea3<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">\u0110\u1ec3 d\u1ef1ng bridge ch\u00ednh x\u00e1c, doanh nghi\u1ec7p c\u1ea7n:<\/span><\/p>\n<ol>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Tr\u00edch xu\u1ea5t cash rent theo t\u1eebng nh\u00e0 cung c\u1ea5p, h\u1ee3p \u0111\u1ed3ng v\u00e0 k\u1ef3 thanh to\u00e1n<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">G\u1eafn m\u00e3 h\u1ee3p \u0111\u1ed3ng thu\u00ea v\u00e0o t\u1eebng h\u00f3a \u0111\u01a1n v\u00e0 chi ph\u00ed li\u00ean quan<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">\u0110\u1ed3ng b\u1ed9 d\u1eef li\u1ec7u n\u00e0y sang h\u1ec7 th\u1ed1ng FP&amp;A \u0111\u1ec3 t\u1ea1o dashboard song song:<\/span>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Reported EBITDA<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Adjusted EBITDA<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">EBITDAR<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ol>\n<p><span style=\"font-weight: 400;\">Khi d\u1eef li\u1ec7u \u0111\u01b0\u1ee3c chu\u1ea9n h\u00f3a ngay t\u1eeb t\u1ea7ng giao d\u1ecbch (h\u00f3a \u0111\u01a1n \u2013 chi ph\u00ed \u2013 c\u00f4ng n\u1ee3), vi\u1ec7c d\u1ef1ng EBITDA bridge kh\u00f4ng c\u00f2n ph\u1ee5 thu\u1ed9c ho\u00e0n to\u00e0n v\u00e0o Excel th\u1ee7 c\u00f4ng.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Sau khi \u0111\u00e3 hi\u1ec3u c\u00e1ch d\u1ef1ng bridge v\u00e0 ki\u1ec3m tra h\u1ee3p l\u00fd, b\u01b0\u1edbc ti\u1ebfp theo l\u00e0 minh h\u1ecda b\u1eb1ng v\u00ed d\u1ee5 s\u1ed1 c\u1ee5 th\u1ec3 tr\u01b0\u1edbc v\u00e0 sau IFRS 16 \u0111\u1ec3 th\u1ea5y r\u00f5 m\u1ee9c \u0111\u1ed9 \u201cEBITDA uplift\u201d tr\u00ean th\u1ef1c t\u1ebf.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Vi_du_tinh_EBITDA_truoc_va_sau_IFRS_16\"><\/span><b>V\u00ed d\u1ee5 t\u00ednh EBITDA tr\u01b0\u1edbc v\u00e0 sau IFRS 16<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">\u0110\u1ec3 th\u1ea5y r\u00f5 IFRS 16 \u1ea3nh h\u01b0\u1edfng EBITDA nh\u01b0 th\u1ebf n\u00e0o, ta gi\u1ea3 \u0111\u1ecbnh m\u1ed9t h\u1ee3p \u0111\u1ed3ng thu\u00ea \u0111\u01a1n gi\u1ea3n:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Ti\u1ec1n thu\u00ea: <\/span><b>500 tri\u1ec7u \u0111\u1ed3ng\/n\u0103m<\/b><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Th\u1eddi h\u1ea1n thu\u00ea: <\/span><b>5 n\u0103m<\/b><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Thanh to\u00e1n cu\u1ed1i m\u1ed7i n\u0103m<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">L\u00e3i su\u1ea5t chi\u1ebft kh\u1ea5u (IBR \u2013 l\u00e3i su\u1ea5t vay t\u0103ng th\u00eam m\u00e0 doanh nghi\u1ec7p ph\u1ea3i tr\u1ea3 n\u1ebfu vay ti\u1ec1n \u0111\u1ec3 mua t\u00e0i s\u1ea3n t\u01b0\u01a1ng \u0111\u01b0\u01a1ng): <\/span><b>8%\/n\u0103m<\/b><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Kh\u00f4ng c\u00f3 kho\u1ea3n thu\u00ea bi\u1ebfn \u0111\u1ed5i v\u00e0 kh\u00f4ng c\u00f3 th\u00e0nh ph\u1ea7n d\u1ecbch v\u1ee5 t\u00e1ch ri\u00eang<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Gi\u1ea3 s\u1eed tr\u01b0\u1edbc khi t\u00ednh \u0111\u1ebfn chi ph\u00ed thu\u00ea, doanh nghi\u1ec7p c\u00f3:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Doanh thu: 10 t\u1ef7<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Chi ph\u00ed v\u1eadn h\u00e0nh kh\u00e1c (ch\u01b0a bao g\u1ed3m thu\u00ea): 8 t\u1ef7<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Kh\u1ea5u hao t\u00e0i s\u1ea3n kh\u00e1c: 500 tri\u1ec7u<\/span><\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"1_Kich_ban_1_Theo_IAS_17VAS_Operating_lease\"><\/span><span style=\"font-weight: 400;\">1. K\u1ecbch b\u1ea3n 1: Theo IAS 17\/VAS (Operating lease)<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Theo chu\u1ea9n c\u0169, to\u00e0n b\u1ed9 500 tri\u1ec7u ti\u1ec1n thu\u00ea \u0111\u01b0\u1ee3c ghi nh\u1eadn v\u00e0o chi ph\u00ed ho\u1ea1t \u0111\u1ed9ng (OPEX).<\/span><\/p>\n<p><span style=\"font-weight: 400;\">C\u00f4ng th\u1ee9c:<\/span><\/p>\n<p><span style=\"font-weight: 400;\">EBITDA = EBIT_before_rent \u2212 Rent<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Ta c\u00f3:<\/span><\/p>\n<p><span style=\"font-weight: 400;\">EBITDA = (10 \u2212 8) \u2212 0.5<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\">EBITDA = 2 t\u1ef7 \u2212 0.5 t\u1ef7<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\">EBITDA = <\/span><b>1,5 t\u1ef7<\/b><\/p>\n<p><span style=\"font-weight: 400;\">EBIT sau khi tr\u1eeb kh\u1ea5u hao 500 tri\u1ec7u:<\/span><\/p>\n<p><span style=\"font-weight: 400;\">EBIT = 1,5 \u2212 0,5<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\">= <\/span><b>1 t\u1ef7<\/b><\/p>\n<p><span style=\"font-weight: 400;\">\u1ede \u0111\u00e2y, chi ph\u00ed thu\u00ea l\u00e0m gi\u1ea3m tr\u1ef1c ti\u1ebfp c\u1ea3 EBITDA v\u00e0 EBIT.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"2_Kich_ban_2_Theo_IFRS_16\"><\/span><span style=\"font-weight: 400;\">2. K\u1ecbch b\u1ea3n 2: Theo IFRS 16<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<h4><span class=\"ez-toc-section\" id=\"Buoc_1_Tinh_gia_tri_hien_tai_Present_Value_%E2%80%93_PV\"><\/span><span style=\"font-weight: 400;\">B\u01b0\u1edbc 1: T\u00ednh gi\u00e1 tr\u1ecb hi\u1ec7n t\u1ea1i (Present Value \u2013 PV)<\/span><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><span style=\"font-weight: 400;\">Theo IFRS 16, doanh nghi\u1ec7p ph\u1ea3i ghi nh\u1eadn:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">T\u00e0i s\u1ea3n quy\u1ec1n s\u1eed d\u1ee5ng (ROU asset)<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">N\u1ee3 thu\u00ea (Lease liability)<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">C\u1ea3 hai \u0111\u01b0\u1ee3c t\u00ednh theo gi\u00e1 tr\u1ecb hi\u1ec7n t\u1ea1i c\u1ee7a d\u00f2ng ti\u1ec1n thu\u00ea:<\/span><\/p>\n<p><span style=\"font-weight: 400;\">PV = \u03a3 [Payment_t \/ (1+r)^t]<\/span><\/p>\n<p><span style=\"font-weight: 400;\">V\u1edbi Payment = 500 tri\u1ec7u<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\">r = 8%<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\">n = 5 n\u0103m<\/span><\/p>\n<p><span style=\"font-weight: 400;\">PV x\u1ea5p x\u1ec9 <\/span><b>1,996 t\u1ef7 \u0111\u1ed3ng<\/b><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Do \u0111\u00f3:<\/span><\/p>\n<p><span style=\"font-weight: 400;\">ROU \u2248 1,996 t\u1ef7<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\">Lease liability \u2248 1,996 t\u1ef7<\/span><\/p>\n<p><span style=\"font-weight: 400;\">(Gi\u1ea3 \u0111\u1ecbnh kh\u00f4ng c\u00f3 \u01b0u \u0111\u00e3i thu\u00ea hay chi ph\u00ed ban \u0111\u1ea7u.)<\/span><\/p>\n<h4><span class=\"ez-toc-section\" id=\"Buoc_2_Tinh_khau_hao_va_lai_vay_nam_1\"><\/span><span style=\"font-weight: 400;\">B\u01b0\u1edbc 2: T\u00ednh kh\u1ea5u hao v\u00e0 l\u00e3i vay n\u0103m 1<\/span><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><span style=\"font-weight: 400;\">Kh\u1ea5u hao (theo ph\u01b0\u01a1ng ph\u00e1p \u0111\u01b0\u1eddng th\u1eb3ng \u2013 straight-line depreciation):<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Dep_1 = ROU \/ Lease term<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\">= 1,996 \/ 5<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\">\u2248 <\/span><b>399 tri\u1ec7u<\/b><\/p>\n<p><span style=\"font-weight: 400;\">L\u00e3i vay n\u0103m 1 (theo ph\u01b0\u01a1ng ph\u00e1p l\u00e3i su\u1ea5t th\u1ef1c \u2013 effective interest method):<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Interest_1 = Lease liability \u00d7 r<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\">= 1,996 \u00d7 8%<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\">\u2248 <\/span><b>160 tri\u1ec7u<\/b><\/p>\n<p><span style=\"font-weight: 400;\">T\u1ed5ng chi ph\u00ed thu\u00ea n\u0103m 1 tr\u00ean b\u00e1o c\u00e1o k\u1ebft qu\u1ea3 kinh doanh:<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Dep_1 + Interest_1<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\">= 399 + 160<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\">= <\/span><b>559 tri\u1ec7u<\/b><\/p>\n<h3><span class=\"ez-toc-section\" id=\"3_So_sanh_P_L_truoc_va_sau_IFRS_16\"><\/span><span style=\"font-weight: 400;\">3. So s\u00e1nh P&amp;L tr\u01b0\u1edbc v\u00e0 sau IFRS 16<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<h4><span class=\"ez-toc-section\" id=\"EBITDA\"><\/span><span style=\"font-weight: 400;\">EBITDA<\/span><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><span style=\"font-weight: 400;\">Theo IFRS 16:<\/span><\/p>\n<p><span style=\"font-weight: 400;\">EBITDA = EBIT_before_rent<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\">= <\/span><b>2 t\u1ef7<\/b><\/p>\n<p><span style=\"font-weight: 400;\">V\u00ec kh\u1ea5u hao ROU v\u00e0 l\u00e3i vay n\u1eb1m d\u01b0\u1edbi EBITDA.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Tr\u01b0\u1edbc IFRS 16: 1,5 t\u1ef7<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\">Sau IFRS 16: 2 t\u1ef7<\/span><\/p>\n<p><span style=\"font-weight: 400;\">EBITDA t\u0103ng \u0111\u00fang 500 tri\u1ec7u<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\">T\u0103ng kho\u1ea3ng <\/span><b>33%<\/b><\/p>\n<h4><span class=\"ez-toc-section\" id=\"EBIT\"><\/span><span style=\"font-weight: 400;\">EBIT<\/span><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><span style=\"font-weight: 400;\">EBIT = EBITDA \u2212 kh\u1ea5u hao (bao g\u1ed3m ROU)<\/span><\/p>\n<p><span style=\"font-weight: 400;\">EBIT m\u1edbi:<\/span><\/p>\n<p><span style=\"font-weight: 400;\">2 t\u1ef7 \u2212 (0,5 + 0,399)<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\">\u2248 1,101 t\u1ef7<\/span><\/p>\n<p><span style=\"font-weight: 400;\">So v\u1edbi 1 t\u1ef7 tr\u01b0\u1edbc \u0111\u00f3, EBIT t\u0103ng nh\u1eb9 v\u00ec kh\u1ea5u hao ROU (399 tri\u1ec7u) nh\u1ecf h\u01a1n rent c\u0169 (500 tri\u1ec7u).<\/span><\/p>\n<h4><span class=\"ez-toc-section\" id=\"Loi_nhuan_rong\"><\/span><span style=\"font-weight: 400;\">L\u1ee3i nhu\u1eadn r\u00f2ng<\/span><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><span style=\"font-weight: 400;\">\u1ede n\u0103m \u0111\u1ea7u, t\u1ed5ng chi ph\u00ed thu\u00ea tr\u00ean P&amp;L l\u00e0 559 tri\u1ec7u, cao h\u01a1n cash rent 500 tri\u1ec7u.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u0110\u00e2y l\u00e0 hi\u1ec7u \u1ee9ng \u201cfront-loading\u201d \u2013 chi ph\u00ed cao \u1edf \u0111\u1ea7u k\u1ef3 do l\u00e3i vay t\u00ednh tr\u00ean d\u01b0 n\u1ee3 l\u1edbn.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">V\u00ec v\u1eady, l\u1ee3i nhu\u1eadn r\u00f2ng n\u0103m \u0111\u1ea7u th\u01b0\u1eddng <\/span><b>gi\u1ea3m nh\u1eb9<\/b><span style=\"font-weight: 400;\">, d\u00f9 EBITDA t\u0103ng.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"4_Hai_dong_kiem_dinh_quan_trong_doi_thu_thuong_bo_qua\"><\/span><span style=\"font-weight: 400;\">4. Hai d\u00f2ng ki\u1ec3m \u0111\u1ecbnh quan tr\u1ecdng (\u0111\u1ed1i th\u1ee7 th\u01b0\u1eddng b\u1ecf qua)<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<h4><span class=\"ez-toc-section\" id=\"1_So_sanh_tien_thuc_tra_voi_chi_phi_P_L\"><\/span><span style=\"font-weight: 400;\">(1) So s\u00e1nh ti\u1ec1n th\u1ef1c tr\u1ea3 v\u1edbi chi ph\u00ed P&amp;L<\/span><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><span style=\"font-weight: 400;\">N\u0103m 1:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Cash paid: 500 tri\u1ec7u<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">T\u1ed5ng chi ph\u00ed P&amp;L: 559 tri\u1ec7u<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Ch\u00eanh l\u1ec7ch 59 tri\u1ec7u l\u00e0 ph\u1ea7n chi ph\u00ed \u201c\u0111i tr\u01b0\u1edbc\u201d do l\u00e3i vay.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Qua c\u00e1c n\u0103m sau, l\u00e3i gi\u1ea3m d\u1ea7n v\u00ec d\u01b0 n\u1ee3 gi\u1ea3m theo amortization schedule (l\u1ecbch ph\u00e2n b\u1ed5 g\u1ed1c v\u00e0 l\u00e3i).<\/span><\/p>\n<h4><span class=\"ez-toc-section\" id=\"2_Neu_co_khoan_thue_bien_doi_hoac_dich_vu_di_kem\"><\/span><span style=\"font-weight: 400;\">(2) N\u1ebfu c\u00f3 kho\u1ea3n thu\u00ea bi\u1ebfn \u0111\u1ed5i ho\u1eb7c d\u1ecbch v\u1ee5 \u0111i k\u00e8m<\/span><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><span style=\"font-weight: 400;\">N\u1ebfu h\u1ee3p \u0111\u1ed3ng c\u00f3:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Kho\u1ea3n thu\u00ea bi\u1ebfn \u0111\u1ed5i theo doanh thu<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Ho\u1eb7c th\u00e0nh ph\u1ea7n d\u1ecbch v\u1ee5 (non-lease component)<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Ph\u1ea7n n\u00e0y v\u1eabn ghi v\u00e0o OPEX v\u00e0 v\u1eabn l\u00e0m gi\u1ea3m EBITDA.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Khi \u0111\u00f3:<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u0394EBITDA th\u1ef1c t\u1ebf<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\">&lt; 500 tri\u1ec7u<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u0110\u00e2y l\u00e0 l\u00fd do v\u00ec sao kh\u00f4ng ph\u1ea3i m\u1ecdi tr\u01b0\u1eddng h\u1ee3p IFRS 16 \u0111\u1ec1u l\u00e0m EBITDA t\u0103ng \u201ctr\u1ecdn v\u1eb9n\u201d.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"5_Tom_tat_logic_tai_chinh\"><\/span><span style=\"font-weight: 400;\">5. T\u00f3m t\u1eaft logic t\u00e0i ch\u00ednh<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">IFRS 16 kh\u00f4ng l\u00e0m doanh nghi\u1ec7p ki\u1ebfm th\u00eam ti\u1ec1n.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">N\u00f3 ch\u1ec9:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Chuy\u1ec3n rent kh\u1ecfi OPEX<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">\u0110\u01b0a chi ph\u00ed xu\u1ed1ng d\u01b0\u1edbi EBITDA<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">L\u00e0m EBITDA \u201c\u0111\u1eb9p\u201d h\u01a1n v\u1ec1 m\u1eb7t k\u1ef9 thu\u1eadt<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Trong khi \u0111\u00f3:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">D\u00f2ng ti\u1ec1n kh\u00f4ng \u0111\u1ed5i<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">N\u1ee3 t\u0103ng<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">L\u1ee3i nhu\u1eadn r\u00f2ng \u0111\u1ea7u k\u1ef3 c\u00f3 th\u1ec3 gi\u1ea3m<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">\u0110\u00e2y l\u00e0 l\u00fd do CFO ph\u1ea3i \u0111\u1ecdc \u0111\u1ed3ng th\u1eddi:<\/span><\/p>\n<p><span style=\"font-weight: 400;\">EBITDA \u2013 EBIT \u2013 L\u1ee3i nhu\u1eadn r\u00f2ng \u2013 v\u00e0 Cash flow<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"6_Trien_khai_thuc_te_de_tranh_sai_bridge\"><\/span><span style=\"font-weight: 400;\">6. Tri\u1ec3n khai th\u1ef1c t\u1ebf \u0111\u1ec3 tr\u00e1nh sai bridge<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Trong th\u1ef1c t\u1ebf, sai s\u1ed1 th\u01b0\u1eddng \u0111\u1ebfn t\u1eeb:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Cut-off h\u00f3a \u0111\u01a1n sai k\u1ef3<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Thanh to\u00e1n l\u1ec7ch l\u1ecbch<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">H\u1ee3p \u0111\u1ed3ng kh\u00f4ng \u0111\u01b0\u1ee3c t\u1eadp trung \u0111\u1ea7y \u0111\u1ee7<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">\u0110\u1ec3 gi\u1ea3m r\u1ee7i ro:<\/span><\/p>\n<ol>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">L\u1ea5y d\u1eef li\u1ec7u thanh to\u00e1n v\u00e0 h\u00f3a \u0111\u01a1n thu\u00ea theo th\u00e1ng \u0111\u1ec3 x\u00e1c nh\u1eadn \u0111\u1ee7 500 tri\u1ec7u\/n\u0103m.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">\u0110\u1ed1i so\u00e1t c\u00f4ng n\u1ee3 thu\u00ea v\u1edbi l\u1ecbch h\u1ee3p \u0111\u1ed3ng \u0111\u1ec3 tr\u00e1nh l\u1ec7ch k\u1ef3.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Xu\u1ea5t d\u1eef li\u1ec7u sang template bridge \u0111\u1ec3 c\u1eadp nh\u1eadt KPI t\u1ef1 \u0111\u1ed9ng thay v\u00ec ch\u1ec9nh tay.<\/span><\/li>\n<\/ol>\n<p><span style=\"font-weight: 400;\">Khi d\u1eef li\u1ec7u t\u1ea7ng giao d\u1ecbch \u0111\u01b0\u1ee3c ki\u1ec3m so\u00e1t, EBITDA bridge m\u1edbi ph\u1ea3n \u00e1nh \u0111\u00fang b\u1ea3n ch\u1ea5t kinh t\u1ebf.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">EBITDA t\u0103ng nh\u01b0 v\u00ed d\u1ee5 tr\u00ean s\u1ebd k\u00e9o theo thay \u0111\u1ed5i trong c\u00e1c t\u1ef7 l\u1ec7 ph\u1ed5 bi\u1ebfn nh\u01b0 EV\/EBITDA v\u00e0 Net Debt\/EBITDA. Ph\u1ea7n ti\u1ebfp theo s\u1ebd ph\u00e2n t\u00edch c\u00e1ch \u0111\u1ecdc \u0111\u00fang c\u00e1c h\u1ec7 s\u1ed1 n\u00e0y \u0111\u1ec3 tr\u00e1nh \u0111\u1ecbnh gi\u00e1 sai doanh nghi\u1ec7p sau IFRS 16.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"IFRS_16_lam_thay_doi_EVEBITDA_the_nao\"><\/span><b>IFRS 16 l\u00e0m thay \u0111\u1ed5i EV\/EBITDA th\u1ebf n\u00e0o?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Khi ph\u00e2n t\u00edch <\/span><b>IFRS 16 \u1ea3nh h\u01b0\u1edfng EBITDA nh\u01b0 th\u1ebf n\u00e0o<\/b><span style=\"font-weight: 400;\">, nhi\u1ec1u CFO d\u1eebng l\u1ea1i \u1edf vi\u1ec7c EBITDA t\u0103ng. Tuy nhi\u00ean, trong \u0111\u1ecbnh gi\u00e1 doanh nghi\u1ec7p, c\u00e2u h\u1ecfi quan tr\u1ecdng h\u01a1n l\u00e0: EV\/EBITDA thay \u0111\u1ed5i ra sao v\u00e0 thay \u0111\u1ed5i \u0111\u00f3 c\u00f3 ph\u1ea3n \u00e1nh gi\u00e1 tr\u1ecb kinh t\u1ebf th\u1eadt hay ch\u1ec9 l\u00e0 hi\u1ec7u \u1ee9ng k\u1ebf to\u00e1n?<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Sau khi \u00e1p d\u1ee5ng IFRS 16, EBITDA th\u01b0\u1eddng t\u0103ng v\u00ec chi ph\u00ed thu\u00ea ho\u1ea1t \u0111\u1ed9ng kh\u00f4ng c\u00f2n n\u1eb1m trong chi ph\u00ed v\u1eadn h\u00e0nh (OPEX) m\u00e0 \u0111\u01b0\u1ee3c t\u00e1ch th\u00e0nh kh\u1ea5u hao t\u00e0i s\u1ea3n quy\u1ec1n s\u1eed d\u1ee5ng v\u00e0 l\u00e3i vay n\u1ee3 thu\u00ea \u2013 hai kho\u1ea3n n\u1eb1m d\u01b0\u1edbi EBITDA. Khi EBITDA t\u0103ng, m\u1eabu s\u1ed1 c\u1ee7a h\u1ec7 s\u1ed1 <\/span><b>EV\/EBITDA<\/b><span style=\"font-weight: 400;\"> (h\u1ec7 s\u1ed1 \u0111\u1ecbnh gi\u00e1 d\u1ef1a tr\u00ean gi\u00e1 tr\u1ecb doanh nghi\u1ec7p chia cho EBITDA) l\u1edbn h\u01a1n, n\u00ean v\u1ec1 m\u1eb7t c\u01a1 h\u1ecdc, h\u1ec7 s\u1ed1 n\u00e0y c\u00f3 th\u1ec3 gi\u1ea3m. Doanh nghi\u1ec7p nh\u00ecn qua c\u00f3 v\u1ebb \u201cr\u1ebb h\u01a1n\u201d, d\u00f9 ho\u1ea1t \u0111\u1ed9ng kinh doanh v\u00e0 d\u00f2ng ti\u1ec1n th\u1ef1c t\u1ebf kh\u00f4ng \u0111\u1ed5i.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Tuy nhi\u00ean, c\u00e2u chuy\u1ec7n kh\u00f4ng d\u1eebng \u1edf \u0111\u00f3. IFRS 16 \u0111\u1ed3ng th\u1eddi \u0111\u01b0a ngh\u0129a v\u1ee5 thu\u00ea l\u00ean b\u1ea3ng c\u00e2n \u0111\u1ed1i k\u1ebf to\u00e1n d\u01b0\u1edbi d\u1ea1ng <\/span><b>lease liabilities (n\u1ee3 thu\u00ea)<\/b><span style=\"font-weight: 400;\">. Trong nhi\u1ec1u m\u00f4 h\u00ecnh \u0111\u1ecbnh gi\u00e1, n\u1ee3 thu\u00ea \u0111\u01b0\u1ee3c xem t\u01b0\u01a1ng t\u1ef1 n\u1ee3 t\u00e0i ch\u00ednh v\u00e0 \u0111\u01b0\u1ee3c c\u1ed9ng v\u00e0o <\/span><b>net debt (n\u1ee3 r\u00f2ng)<\/b><span style=\"font-weight: 400;\">. Khi \u0111\u00f3:<\/span><\/p>\n<p><span style=\"font-weight: 400;\">EV = Market Cap + Net Debt (+ Lease liabilities n\u1ebfu coi nh\u01b0 n\u1ee3)<\/span><\/p>\n<p><span style=\"font-weight: 400;\">N\u1ebfu tr\u01b0\u1edbc \u0111\u00e2y doanh nghi\u1ec7p c\u00f3 2.000 t\u1ef7 n\u1ee3 vay v\u00e0 kh\u00f4ng ghi nh\u1eadn n\u1ee3 thu\u00ea, th\u00ec sau IFRS 16 c\u00f3 th\u1ec3 xu\u1ea5t hi\u1ec7n th\u00eam 1.000 t\u1ef7 n\u1ee3 thu\u00ea. EV v\u00ec th\u1ebf t\u0103ng l\u00ean, ngay c\u1ea3 khi v\u1ed1n h\u00f3a th\u1ecb tr\u01b0\u1eddng kh\u00f4ng \u0111\u1ed5i.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Ta c\u00f3 hai t\u00e1c \u0111\u1ed9ng di\u1ec5n ra \u0111\u1ed3ng th\u1eddi:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">EBITDA t\u0103ng \u2192 EV\/EBITDA gi\u1ea3m (t\u00e1c \u0111\u1ed9ng c\u01a1 h\u1ecdc t\u1eeb m\u1eabu s\u1ed1)<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">EV t\u0103ng do n\u1ee3 thu\u00ea \u2192 EV\/EBITDA t\u0103ng (t\u00e1c \u0111\u1ed9ng t\u1eeb t\u1eed s\u1ed1)<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Trong th\u1ef1c t\u1ebf, hai t\u00e1c \u0111\u1ed9ng n\u00e0y hi\u1ebfm khi tri\u1ec7t ti\u00eau ho\u00e0n to\u00e0n. T\u00f9y c\u1ea5u tr\u00fac thu\u00ea, EV\/EBITDA c\u00f3 th\u1ec3 gi\u1ea3m nh\u1eb9 ho\u1eb7c g\u1ea7n nh\u01b0 kh\u00f4ng \u0111\u1ed5i. \u0110i\u1ec1u nguy hi\u1ec3m l\u00e0 n\u1ebfu ch\u1ec9 nh\u00ecn EBITDA t\u0103ng m\u00e0 kh\u00f4ng \u0111i\u1ec1u ch\u1ec9nh EV, nh\u00e0 ph\u00e2n t\u00edch c\u00f3 th\u1ec3 k\u1ebft lu\u1eadn sai r\u1eb1ng doanh nghi\u1ec7p \u0111ang \u0111\u01b0\u1ee3c \u0111\u1ecbnh gi\u00e1 th\u1ea5p.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Khi_nao_nen_dung_EBITDAR_thay_vi_EBITDA\"><\/span><b>Khi n\u00e0o n\u00ean d\u00f9ng EBITDAR thay v\u00ec EBITDA?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">V\u1edbi nh\u1eefng ng\u00e0nh c\u00f3 t\u1ef7 tr\u1ecdng thu\u00ea cao nh\u01b0 b\u00e1n l\u1ebb, logistics, h\u00e0ng kh\u00f4ng ho\u1eb7c chu\u1ed7i nh\u00e0 h\u00e0ng, c\u1ea5u tr\u00fac thu\u00ea c\u00f3 th\u1ec3 chi\u1ebfm ph\u1ea7n l\u1edbn chi ph\u00ed v\u1eadn h\u00e0nh. Trong tr\u01b0\u1eddng h\u1ee3p n\u00e0y, s\u1eed d\u1ee5ng <\/span><b>EBITDAR<\/b><span style=\"font-weight: 400;\"> (l\u1ee3i nhu\u1eadn tr\u01b0\u1edbc l\u00e3i vay, thu\u1ebf, kh\u1ea5u hao v\u00e0 ti\u1ec1n thu\u00ea) gi\u00fap lo\u1ea1i b\u1ecf s\u1ef1 kh\u00e1c bi\u1ec7t gi\u1eefa doanh nghi\u1ec7p thu\u00ea t\u00e0i s\u1ea3n v\u00e0 doanh nghi\u1ec7p s\u1edf h\u1eefu t\u00e0i s\u1ea3n.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">EBITDAR = EBITDA + Rent<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Vi\u1ec7c d\u00f9ng EBITDAR \u0111\u1eb7c bi\u1ec7t h\u1eefu \u00edch khi:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">So s\u00e1nh doanh nghi\u1ec7p \u00e1p IFRS 16 v\u1edbi doanh nghi\u1ec7p ch\u01b0a \u00e1p<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">So s\u00e1nh c\u00f4ng ty thu\u00ea m\u1eb7t b\u1eb1ng nhi\u1ec1u v\u1edbi c\u00f4ng ty s\u1edf h\u1eefu b\u1ea5t \u0111\u1ed9ng s\u1ea3n<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Ph\u00e2n t\u00edch hi\u1ec7u qu\u1ea3 v\u1eadn h\u00e0nh \u201ctr\u01b0\u1edbc c\u1ea5u tr\u00fac t\u00e0i s\u1ea3n\u201d<\/span><\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Quy_tac_so_sanh_2_buoc_de_tranh_dinh_gia_sai\"><\/span><span style=\"font-weight: 400;\">Quy t\u1eafc so s\u00e1nh 2 b\u01b0\u1edbc \u0111\u1ec3 tr\u00e1nh \u0111\u1ecbnh gi\u00e1 sai<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Thay v\u00ec ch\u1ec9 khuy\u1ebfn ngh\u1ecb \u201cc\u1ea7n c\u1ea9n tr\u1ecdng\u201d, m\u1ed9t c\u00e1ch ti\u1ebfp c\u1eadn ch\u1eb7t ch\u1ebd h\u01a1n l\u00e0 \u00e1p d\u1ee5ng quy t\u1eafc 2 b\u01b0\u1edbc:<\/span><\/p>\n<h4><span class=\"ez-toc-section\" id=\"Buoc_1_Chuan_hoa_EV\"><\/span><span style=\"font-weight: 400;\">B\u01b0\u1edbc 1: Chu\u1ea9n h\u00f3a EV<\/span><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><span style=\"font-weight: 400;\">X\u00e1c \u0111\u1ecbnh r\u00f5 trong net debt c\u00f3 bao g\u1ed3m lease liabilities hay kh\u00f4ng. N\u1ebfu m\u1ed9t c\u00f4ng ty ghi nh\u1eadn n\u1ee3 thu\u00ea c\u00f2n c\u00f4ng ty kh\u00e1c th\u00ec kh\u00f4ng, c\u1ea7n \u0111i\u1ec1u ch\u1ec9nh \u0111\u1ec3 c\u00f9ng m\u1ed9t \u0111\u1ecbnh ngh\u0129a n\u1ee3.<\/span><\/p>\n<h4><span class=\"ez-toc-section\" id=\"Buoc_2_Chuan_hoa_KPI\"><\/span><span style=\"font-weight: 400;\">B\u01b0\u1edbc 2: Chu\u1ea9n h\u00f3a KPI<\/span><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><span style=\"font-weight: 400;\">Ch\u1ecdn m\u1ed9t trong ba h\u01b0\u1edbng:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">D\u00f9ng Reported EBITDA (\u0111\u00e3 IFRS 16) cho c\u1ea3 hai c\u00f4ng ty<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">\u0110i\u1ec1u ch\u1ec9nh v\u1ec1 cash-based EBITDA (\u0111\u01b0a rent tr\u1edf l\u1ea1i)<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Ho\u1eb7c d\u00f9ng EBITDAR \u0111\u1ec3 lo\u1ea1i b\u1ecf kh\u00e1c bi\u1ec7t c\u1ea5u tr\u00fac thu\u00ea<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Ch\u1ec9 khi c\u1ea3 t\u1eed s\u1ed1 v\u00e0 m\u1eabu s\u1ed1 \u0111\u01b0\u1ee3c chu\u1ea9n h\u00f3a, h\u1ec7 s\u1ed1 \u0111\u1ecbnh gi\u00e1 m\u1edbi c\u00f3 t\u00ednh so s\u00e1nh th\u1ef1c s\u1ef1 (comparability).<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"He_qua_quan_tri_cho_CFO\"><\/span><span style=\"font-weight: 400;\">H\u1ec7 qu\u1ea3 qu\u1ea3n tr\u1ecb cho CFO<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">IFRS 16 kh\u00f4ng l\u00e0m doanh nghi\u1ec7p \u201cr\u1ebb h\u01a1n\u201d hay \u201c\u0111\u1eaft h\u01a1n\u201d v\u1ec1 b\u1ea3n ch\u1ea5t. Nh\u01b0ng n\u00f3 l\u00e0m thay \u0111\u1ed5i c\u00e1ch th\u1ecb tr\u01b0\u1eddng nh\u00ecn nh\u1eadn ch\u1ec9 s\u1ed1 \u0111\u1ecbnh gi\u00e1. Khi nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111\u1eb7t c\u00e2u h\u1ecfi v\u00ec sao EV\/EBITDA gi\u1ea3m, CFO ph\u1ea3i gi\u1ea3i th\u00edch \u0111\u01b0\u1ee3c:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Bao nhi\u00eau ph\u1ea7n do t\u00e1i ph\u00e2n lo\u1ea1i k\u1ebf to\u00e1n<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Bao nhi\u00eau ph\u1ea7n do thay \u0111\u1ed5i hi\u1ec7u su\u1ea5t v\u1eadn h\u00e0nh th\u1ef1c s\u1ef1<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">T\u1ef7 tr\u1ecdng thu\u00ea (rent intensity) trong t\u1ed5ng chi ph\u00ed l\u00e0 bao nhi\u00eau<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Trong th\u1ef1c t\u1ebf tri\u1ec3n khai, vi\u1ec7c n\u00e0y ph\u1ee5 thu\u1ed9c l\u1edbn v\u00e0o d\u1eef li\u1ec7u t\u1ea7ng giao d\u1ecbch. N\u1ebfu chi ph\u00ed thu\u00ea kh\u00f4ng \u0111\u01b0\u1ee3c t\u00e1ch r\u00f5 gi\u1eefa thu\u00ea c\u1ed1 \u0111\u1ecbnh, thu\u00ea bi\u1ebfn \u0111\u1ed5i v\u00e0 d\u1ecbch v\u1ee5 \u0111i k\u00e8m, vi\u1ec7c t\u00ednh EBITDAR hay bridge EV\/EBITDA s\u1ebd r\u1ea5t d\u1ec5 sai l\u1ec7ch.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">M\u1ed9t c\u00e1ch ti\u1ebfp c\u1eadn th\u1ef1c t\u1ebf l\u00e0:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Ph\u00e2n t\u00edch t\u1ef7 tr\u1ecdng thu\u00ea trong t\u1ed5ng chi ph\u00ed v\u1eadn h\u00e0nh \u0111\u1ec3 quy\u1ebft \u0111\u1ecbnh c\u00f3 c\u1ea7n d\u00f9ng EBITDAR hay kh\u00f4ng.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Chu\u1ea9n h\u00f3a d\u1eef li\u1ec7u chi ph\u00ed thu\u00ea theo \u0111\u01a1n v\u1ecb kinh doanh (BU) \u0111\u1ec3 gi\u1ea3i th\u00edch bi\u1ebfn \u0111\u1ed9ng bi\u00ean l\u1ee3i nhu\u1eadn khi investor h\u1ecfi.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Thi\u1ebft l\u1eadp dashboard so s\u00e1nh EV\/EBITDA v\u00e0 EBITDAR theo nhi\u1ec1u k\u1ecbch b\u1ea3n thu\u00ea kh\u00e1c nhau, nh\u1eb1m \u0111\u00e1nh gi\u00e1 \u0111\u1ed9 nh\u1ea1y \u0111\u1ecbnh gi\u00e1.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">N\u1ebfu \u0111\u1ecbnh gi\u00e1 c\u00f3 th\u1ec3 b\u1ecb \u201c\u1ea3o\u201d v\u00ec thay \u0111\u1ed5i k\u1ebf to\u00e1n, th\u00ec r\u1ee7i ro th\u1ef1c s\u1ef1 l\u1ea1i th\u01b0\u1eddng n\u1eb1m \u1edf <\/span><b>covenants vay v\u1ed1n<\/b><span style=\"font-weight: 400;\"> \u2013 t\u1ee9c c\u00e1c \u0111i\u1ec1u kho\u1ea3n t\u00e0i ch\u00ednh r\u00e0ng bu\u1ed9c trong h\u1ee3p \u0111\u1ed3ng t\u00edn d\u1ee5ng. \u0110\u00e2y m\u1edbi l\u00e0 n\u01a1i IFRS 16 c\u00f3 th\u1ec3 t\u1ea1o ra t\u00e1c \u0111\u1ed9ng th\u1ef1c t\u1ebf \u0111\u1ebfn thanh kho\u1ea3n v\u00e0 kh\u1ea3 n\u0103ng ti\u1ebfp c\u1eadn v\u1ed1n c\u1ee7a doanh nghi\u1ec7p.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">N\u1ebfu \u0111\u1ecbnh gi\u00e1 c\u00f3 th\u1ec3 b\u1ecb \u201c\u1ea3o\u201d v\u00ec thay \u0111\u1ed5i k\u1ebf to\u00e1n, th\u00ec r\u1ee7i ro th\u1ef1c s\u1ef1 l\u1ea1i th\u01b0\u1eddng n\u1eb1m \u1edf <\/span><b>covenants vay v\u1ed1n<\/b><span style=\"font-weight: 400;\"> \u2013 t\u1ee9c c\u00e1c \u0111i\u1ec1u kho\u1ea3n t\u00e0i ch\u00ednh r\u00e0ng bu\u1ed9c trong h\u1ee3p \u0111\u1ed3ng t\u00edn d\u1ee5ng. \u0110\u00e2y m\u1edbi l\u00e0 n\u01a1i IFRS 16 c\u00f3 th\u1ec3 t\u1ea1o ra t\u00e1c \u0111\u1ed9ng th\u1ef1c t\u1ebf \u0111\u1ebfn thanh kho\u1ea3n v\u00e0 kh\u1ea3 n\u0103ng ti\u1ebfp c\u1eadn v\u1ed1n c\u1ee7a doanh nghi\u1ec7p.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"IFRS_16_anh_huong_covenants_vay_von_nhu_the_nao\"><\/span><b>IFRS 16 \u1ea3nh h\u01b0\u1edfng covenants vay v\u1ed1n nh\u01b0 th\u1ebf n\u00e0o?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Khi IFRS 16 \u0111\u01b0a n\u1ee3 thu\u00ea l\u00ean b\u1ea3ng c\u00e2n \u0111\u1ed1i k\u1ebf to\u00e1n, t\u1ed5ng n\u1ee3 t\u0103ng l\u00ean \u0111\u00e1ng k\u1ec3. \u0110i\u1ec1u n\u00e0y l\u00e0m thay \u0111\u1ed5i c\u00e1c ch\u1ec9 s\u1ed1 \u0111\u00f2n b\u1ea9y t\u00e0i ch\u00ednh (leverage ratio), ngay c\u1ea3 khi d\u00f2ng ti\u1ec1n v\u00e0 hi\u1ec7u qu\u1ea3 v\u1eadn h\u00e0nh kh\u00f4ng \u0111\u1ed5i.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">M\u1ed9t ch\u1ec9 s\u1ed1 ph\u1ed5 bi\u1ebfn trong h\u1ee3p \u0111\u1ed3ng vay l\u00e0:<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Leverage = Net Debt \/ EBITDA<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Trong \u0111\u00f3, Net Debt (n\u1ee3 r\u00f2ng) th\u01b0\u1eddng bao g\u1ed3m n\u1ee3 vay tr\u1eeb ti\u1ec1n m\u1eb7t. Sau IFRS 16, n\u1ebfu h\u1ee3p \u0111\u1ed3ng \u0111\u1ecbnh ngh\u0129a \u201cDebt\u201d bao g\u1ed3m c\u1ea3 lease liabilities (n\u1ee3 thu\u00ea), th\u00ec Net Debt t\u0103ng. D\u00f9 EBITDA c\u0169ng t\u0103ng, m\u1ee9c t\u0103ng c\u1ee7a n\u1ee3 c\u00f3 th\u1ec3 l\u1edbn h\u01a1n t\u1ef7 l\u1ec7 t\u0103ng EBITDA, khi\u1ebfn leverage ratio x\u1ea5u \u0111i.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">M\u1ed9t ch\u1ec9 s\u1ed1 kh\u00e1c l\u00e0:<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Interest Coverage Ratio = EBITDA \/ Interest Expense<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Khi \u00e1p d\u1ee5ng IFRS 16, Interest Expense (chi ph\u00ed l\u00e3i vay) t\u0103ng v\u00ec xu\u1ea5t hi\u1ec7n th\u00eam l\u00e3i vay n\u1ee3 thu\u00ea. EBITDA t\u0103ng, nh\u01b0ng n\u1ebfu lease interest l\u1edbn, t\u1ef7 l\u1ec7 bao ph\u1ee7 l\u00e3i vay c\u00f3 th\u1ec3 gi\u1ea3m. \u0110i\u1ec1u n\u00e0y \u0111\u1eb7c bi\u1ec7t nh\u1ea1y c\u1ea3m v\u1edbi doanh nghi\u1ec7p c\u00f3 t\u1ef7 tr\u1ecdng thu\u00ea cao.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">V\u00ec v\u1eady, IFRS 16 c\u00f3 th\u1ec3:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">L\u00e0m t\u0103ng t\u1ed5ng n\u1ee3 k\u1ebf to\u00e1n<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">L\u00e0m thay \u0111\u1ed5i c\u00e1ch t\u00ednh l\u00e3i vay<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">\u1ea2nh h\u01b0\u1edfng tr\u1ef1c ti\u1ebfp \u0111\u1ebfn covenant headroom (kho\u1ea3ng d\u01b0 \u0111\u1ecba tr\u01b0\u1edbc khi vi ph\u1ea1m \u0111i\u1ec1u kho\u1ea3n)<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">\u0110i\u1ec1u \u0111\u00e1ng l\u01b0u \u00fd l\u00e0 nhi\u1ec1u h\u1ee3p \u0111\u1ed3ng vay \u0111\u01b0\u1ee3c k\u00fd tr\u01b0\u1edbc khi IFRS 16 c\u00f3 hi\u1ec7u l\u1ef1c. Do \u0111\u00f3, m\u1ed9t s\u1ed1 h\u1ee3p \u0111\u1ed3ng \u00e1p d\u1ee5ng c\u01a1 ch\u1ebf g\u1ecdi l\u00e0 \u201cFrozen GAAP\u201d \u2013 ngh\u0129a l\u00e0 c\u00e1c ch\u1ec9 s\u1ed1 t\u00e0i ch\u00ednh \u0111\u01b0\u1ee3c t\u00ednh theo chu\u1ea9n k\u1ebf to\u00e1n c\u0169 \u0111\u1ec3 tr\u00e1nh vi ph\u1ea1m do thay \u0111\u1ed5i chu\u1ea9n m\u1ef1c k\u1ebf to\u00e1n ch\u1ee9 kh\u00f4ng ph\u1ea3i do thay \u0111\u1ed5i kinh doanh.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">N\u1ebfu kh\u00f4ng c\u00f3 \u0111i\u1ec1u kho\u1ea3n n\u00e0y, CFO c\u1ea7n r\u00e0 so\u00e1t r\u1ea5t k\u1ef9:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">\u0110\u1ecbnh ngh\u0129a \u201cDebt\u201d c\u00f3 bao g\u1ed3m n\u1ee3 thu\u00ea kh\u00f4ng?<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">\u0110\u1ecbnh ngh\u0129a \u201cEBITDA\u201d c\u00f3 \u0111i\u1ec1u ch\u1ec9nh IFRS 16 kh\u00f4ng?<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">D\u01b0 \u0111\u1ecba an to\u00e0n (headroom) c\u00f2n bao nhi\u00eau ph\u1ea7n tr\u0103m?<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">\u0110\u00e2y kh\u00f4ng ch\u1ec9 l\u00e0 c\u00e2u chuy\u1ec7n k\u1ebf to\u00e1n, m\u00e0 l\u00e0 v\u1ea5n \u0111\u1ec1 qu\u1ea3n tr\u1ecb r\u1ee7i ro thanh kho\u1ea3n. M\u1ed9t doanh nghi\u1ec7p c\u00f3 th\u1ec3 \u201c\u0111\u1eb9p\u201d h\u01a1n tr\u00ean b\u00e1o c\u00e1o EBITDA, nh\u01b0ng l\u1ea1i ti\u1ebfn g\u1ea7n ng\u01b0\u1ee1ng vi ph\u1ea1m covenant.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Tai_sao_du_lieu_hop_dong_thue_quyet_dinh_chat_luong_phan_tich\"><\/span><b>T\u1ea1i sao d\u1eef li\u1ec7u h\u1ee3p \u0111\u1ed3ng thu\u00ea quy\u1ebft \u0111\u1ecbnh ch\u1ea5t l\u01b0\u1ee3ng ph\u00e2n t\u00edch?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">\u1ede g\u00f3c \u0111\u1ed9 k\u1ef9 thu\u1eadt, m\u1ee9c \u201cEBITDA uplift\u201d \u2013 t\u1ee9c m\u1ee9c t\u0103ng EBITDA \u2013 ph\u1ee5 thu\u1ed9c r\u1ea5t l\u1edbn v\u00e0o ch\u1ea5t l\u01b0\u1ee3ng d\u1eef li\u1ec7u h\u1ee3p \u0111\u1ed3ng thu\u00ea. Kh\u00f4ng ph\u1ea3i m\u1ecdi h\u1ee3p \u0111\u1ed3ng \u0111\u1ec1u t\u1ea1o ra t\u00e1c \u0111\u1ed9ng gi\u1ed1ng nhau.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Nh\u1eefng y\u1ebfu t\u1ed1 then ch\u1ed1t g\u1ed3m:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Th\u1eddi h\u1ea1n thu\u00ea th\u1ef1c t\u1ebf (bao g\u1ed3m quy\u1ec1n gia h\u1ea1n)<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">L\u00e3i su\u1ea5t chi\u1ebft kh\u1ea5u \u2013 th\u01b0\u1eddng g\u1ecdi l\u00e0 incremental borrowing rate (IBR), t\u1ee9c l\u00e3i su\u1ea5t vay gi\u1ea3 \u0111\u1ecbnh c\u1ee7a doanh nghi\u1ec7p cho h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng t\u1ef1<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">C\u00e1c kho\u1ea3n thanh to\u00e1n bi\u1ebfn \u0111\u1ed5i theo doanh thu ho\u1eb7c ch\u1ec9 s\u1ed1 gi\u00e1 (indexation, v\u00ed d\u1ee5 CPI-linked)<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Ph\u1ea7n d\u1ecbch v\u1ee5 \u0111i k\u00e8m c\u00f3 \u0111\u01b0\u1ee3c t\u00e1ch ri\u00eang kh\u1ecfi ti\u1ec1n thu\u00ea hay kh\u00f4ng<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Thay \u0111\u1ed5i h\u1ee3p \u0111\u1ed3ng (modification) ho\u1eb7c \u0111\u00e1nh gi\u00e1 l\u1ea1i (remeasurement)<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Gi\u00e1 tr\u1ecb ghi nh\u1eadn ban \u0111\u1ea7u c\u1ee7a n\u1ee3 thu\u00ea \u0111\u01b0\u1ee3c t\u00ednh theo gi\u00e1 tr\u1ecb hi\u1ec7n t\u1ea1i (present value \u2013 PV):<\/span><\/p>\n<p><span style=\"font-weight: 400;\">PV = \u03a3 [Payment_t \/ (1 + r)^t]<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Trong \u0111\u00f3 r l\u00e0 IBR v\u00e0 Payment_t l\u00e0 d\u00f2ng ti\u1ec1n thu\u00ea t\u1eebng k\u1ef3.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Ch\u1ec9 c\u1ea7n sai l\u00e3i su\u1ea5t chi\u1ebft kh\u1ea5u ho\u1eb7c sai th\u1eddi h\u1ea1n thu\u00ea, to\u00e0n b\u1ed9 lease liability v\u00e0 ROU asset (t\u00e0i s\u1ea3n quy\u1ec1n s\u1eed d\u1ee5ng) s\u1ebd sai, k\u00e9o theo sai l\u1ec7ch trong kh\u1ea5u hao, l\u00e3i vay v\u00e0 cu\u1ed1i c\u00f9ng l\u00e0 sai EBITDA bridge.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">M\u1ed9t v\u1ea5n \u0111\u1ec1 \u00edt \u0111\u01b0\u1ee3c nh\u1eafc \u0111\u1ebfn nh\u01b0ng c\u00f3 tr\u1ecdng s\u1ed1 l\u1edbn l\u00e0 \u201cembedded lease\u201d \u2013 t\u1ee9c h\u1ee3p \u0111\u1ed3ng d\u1ecbch v\u1ee5 nh\u01b0ng th\u1ef1c ch\u1ea5t trao quy\u1ec1n ki\u1ec3m so\u00e1t m\u1ed9t t\u00e0i s\u1ea3n x\u00e1c \u0111\u1ecbnh. N\u1ebfu kh\u00f4ng nh\u1eadn di\u1ec7n \u0111\u00fang, chi ph\u00ed n\u00e0y c\u00f3 th\u1ec3 v\u1eabn n\u1eb1m trong OPEX v\u00e0 l\u00e0m ph\u00e2n t\u00edch EBITDA thi\u1ebfu nh\u1ea5t qu\u00e1n.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">V\u00ec v\u1eady, ngo\u00e0i vi\u1ec7c hi\u1ec3u IFRS 16 \u1ea3nh h\u01b0\u1edfng EBITDA nh\u01b0 th\u1ebf n\u00e0o, CFO c\u1ea7n \u0111\u1ea3m b\u1ea3o c\u00f3 m\u1ed9t lease register (danh m\u1ee5c h\u1ee3p \u0111\u1ed3ng thu\u00ea) \u0111\u1ea7y \u0111\u1ee7 v\u00e0 \u0111\u01b0\u1ee3c c\u1eadp nh\u1eadt: m\u00e3 h\u1ee3p \u0111\u1ed3ng, l\u1ecbch thanh to\u00e1n, l\u00e3i su\u1ea5t chi\u1ebft kh\u1ea5u, \u0111i\u1ec1u kho\u1ea3n gia h\u1ea1n, ch\u1ec9 s\u1ed1 \u0111i\u1ec1u ch\u1ec9nh gi\u00e1 v\u00e0 ph\u00e2n t\u00e1ch lease\/non-lease.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Quy_trinh_chot_so_cuoi_thang_month-end_close_duoi_IFRS_16\"><\/span><b>Quy tr\u00ecnh ch\u1ed1t s\u1ed5 cu\u1ed1i th\u00e1ng (month-end close) d\u01b0\u1edbi IFRS 16<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Ngay c\u1ea3 khi d\u1eef li\u1ec7u h\u1ee3p \u0111\u1ed3ng \u0111\u00fang, EBITDA bridge v\u1eabn c\u00f3 th\u1ec3 l\u1ec7ch theo th\u00e1ng n\u1ebfu quy tr\u00ecnh ch\u1ed1t s\u1ed5 kh\u00f4ng ki\u1ec3m so\u00e1t t\u1ed1t.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">C\u00e1c nguy\u00ean nh\u00e2n th\u01b0\u1eddng g\u1eb7p g\u1ed3m:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">H\u00f3a \u0111\u01a1n thu\u00ea ghi nh\u1eadn sai k\u1ef3 (cut-off)<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">\u0110i\u1ec1u ch\u1ec9nh gi\u00e1 theo ch\u1ec9 s\u1ed1 CPI ch\u01b0a c\u1eadp nh\u1eadt<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Gia h\u1ea1n h\u1ee3p \u0111\u1ed3ng nh\u01b0ng ch\u01b0a \u0111i\u1ec1u ch\u1ec9nh l\u1ea1i l\u1ecbch kh\u1ea5u hao<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">T\u00e1ch sai ph\u1ea7n d\u1ecbch v\u1ee5 v\u00e0 ph\u1ea7n thu\u00ea<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">H\u1ee3p \u0111\u1ed3ng b\u1eb1ng ngo\u1ea1i t\u1ec7 g\u00e2y ch\u00eanh l\u1ec7ch t\u1ef7 gi\u00e1<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Do \u0111\u00f3, quy tr\u00ecnh month-end close n\u00ean c\u00f3 t\u1ed1i thi\u1ec3u ba l\u1edbp ki\u1ec3m so\u00e1t:<\/span><\/p>\n<ol>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">\u0110\u1ed1i chi\u1ebfu h\u1ee3p \u0111\u1ed3ng \u2013 h\u00f3a \u0111\u01a1n \u2013 thanh to\u00e1n (3-way match)<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">B\u00e1o c\u00e1o \u0111\u1ed1i chi\u1ebfu ti\u1ec1n th\u1ef1c tr\u1ea3 so v\u1edbi l\u1ecbch thanh to\u00e1n h\u1ee3p \u0111\u1ed3ng<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">B\u00e1o c\u00e1o roll-forward (di\u1ec5n bi\u1ebfn) c\u1ee7a ROU asset v\u00e0 lease liability theo th\u00e1ng<\/span><\/li>\n<\/ol>\n<p><span style=\"font-weight: 400;\">Ch\u1ec9 khi c\u00f3 audit trail (d\u1ea5u v\u1ebft ki\u1ec3m to\u00e1n) \u0111\u1ea7y \u0111\u1ee7 v\u00e0 \u0111\u1ed1i so\u00e1t \u0111\u1ecbnh k\u1ef3, doanh nghi\u1ec7p m\u1edbi \u0111\u1ea3m b\u1ea3o EBITDA bridge kh\u00f4ng \u201ctr\u00f4i\u201d theo th\u1eddi gian.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Bo_adjustments_chuan_analyst_de_so_sanh_doanh_nghiep_ap_IFRS_16_va_doanh_nghiep_chua_ap\"><\/span><b>B\u1ed9 adjustments chu\u1ea9n analyst \u0111\u1ec3 so s\u00e1nh doanh nghi\u1ec7p \u00e1p IFRS 16 v\u00e0 doanh nghi\u1ec7p ch\u01b0a \u00e1p<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Khi so s\u00e1nh hai doanh nghi\u1ec7p \u2013 m\u1ed9t b\u00ean \u0111\u00e3 \u00e1p d\u1ee5ng IFRS 16 v\u00e0 m\u1ed9t b\u00ean v\u1eabn theo chu\u1ea9n c\u0169 \u2013 n\u1ebfu ch\u1ec9 nh\u00ecn v\u00e0o EBITDA b\u00e1o c\u00e1o, EV\/EBITDA hay leverage ratio, k\u1ebft lu\u1eadn r\u1ea5t d\u1ec5 sai l\u1ec7ch. Do \u0111\u00f3, nh\u00e0 ph\u00e2n t\u00edch chuy\u00ean nghi\u1ec7p th\u01b0\u1eddng th\u1ef1c hi\u1ec7n m\u1ed9t lo\u1ea1t \u0111i\u1ec1u ch\u1ec9nh (adjustments) \u0111\u1ec3 \u0111\u01b0a s\u1ed1 li\u1ec7u v\u1ec1 c\u00f9ng m\u1ed9t \u201cng\u00f4n ng\u1eef kinh t\u1ebf\u201d.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u0110i\u1ec3m quan tr\u1ecdng kh\u00f4ng ph\u1ea3i l\u00e0 \u0111i\u1ec1u ch\u1ec9nh cho \u201c\u0111\u1eb9p\u201d, m\u00e0 l\u00e0 \u0111i\u1ec1u ch\u1ec9nh theo \u0111\u00fang m\u1ee5c ti\u00eau: \u0111\u1ecbnh gi\u00e1 (valuation), ki\u1ec3m tra covenant vay v\u1ed1n, hay ph\u00e2n t\u00edch qu\u1ea3n tr\u1ecb n\u1ed9i b\u1ed9. M\u1ed7i m\u1ee5c ti\u00eau s\u1ebd c\u1ea7n m\u1ed9t b\u1ed9 \u0111i\u1ec1u ch\u1ec9nh kh\u00e1c nhau.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">D\u01b0\u1edbi \u0111\u00e2y l\u00e0 n\u0103m nh\u00f3m \u0111i\u1ec1u ch\u1ec9nh c\u1ed1t l\u00f5i th\u01b0\u1eddng \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"1_Dua_EBITDA_ve_dang_co_rent_cash-based_comparable\"><\/span><b>1. \u0110\u01b0a EBITDA v\u1ec1 d\u1ea1ng c\u00f3 rent (cash-based comparable)<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">N\u1ebfu doanh nghi\u1ec7p A \u00e1p d\u1ee5ng IFRS 16 v\u00e0 doanh nghi\u1ec7p B ch\u01b0a \u00e1p d\u1ee5ng, EBITDA c\u1ee7a A th\u01b0\u1eddng cao h\u01a1n do chi ph\u00ed thu\u00ea \u0111\u00e3 \u0111\u01b0\u1ee3c t\u00e1i ph\u00e2n lo\u1ea1i. \u0110\u1ec3 so s\u00e1nh c\u00f4ng b\u1eb1ng, analyst th\u01b0\u1eddng t\u00ednh adjusted EBITDA \u2013 t\u1ee9c EBITDA \u0111\u00e3 \u0111i\u1ec1u ch\u1ec9nh.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">C\u00f4ng th\u1ee9c kh\u00e1i qu\u00e1t:<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Adjusted EBITDA = Reported EBITDA \u2212 (Kh\u1ea5u hao ROU + L\u00e3i vay thu\u00ea) + Cash Rent t\u01b0\u01a1ng \u0111\u01b0\u01a1ng<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Trong \u0111\u00f3:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Reported EBITDA: EBITDA theo IFRS 16<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Cash Rent: ti\u1ec1n thu\u00ea th\u1ef1c chi trong k\u1ef3 (ph\u1ea3n \u00e1nh \u0111\u00fang \u00e1p l\u1ef1c ti\u1ec1n m\u1eb7t)<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">M\u1ee5c ti\u00eau c\u1ee7a \u0111i\u1ec1u ch\u1ec9nh n\u00e0y l\u00e0 \u0111\u01b0a EBITDA c\u1ee7a doanh nghi\u1ec7p \u00e1p IFRS 16 tr\u1edf v\u1ec1 tr\u1ea1ng th\u00e1i \u201cc\u00f3 rent\u201d nh\u01b0 tr\u01b0\u1edbc \u0111\u00e2y, \u0111\u1ec3 so s\u00e1nh theo th\u1eddi gian ho\u1eb7c v\u1edbi doanh nghi\u1ec7p ch\u01b0a \u00e1p d\u1ee5ng.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u0110\u00e2y l\u00e0 \u0111i\u1ec1u ch\u1ec9nh ph\u1ee5c v\u1ee5 m\u1ee5c ti\u00eau comparability (so s\u00e1nh ngang h\u00e0ng), kh\u00f4ng ph\u1ea3i \u0111\u1ec3 thay th\u1ebf b\u00e1o c\u00e1o ch\u00ednh th\u1ee9c.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"2_Chuan_hoa_EVEBITDA_hoac_chuyen_sang_EBITDAR\"><\/span><b>2. Chu\u1ea9n h\u00f3a EV\/EBITDA ho\u1eb7c chuy\u1ec3n sang EBITDAR<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Khi \u0111\u1ecbnh gi\u00e1, h\u1ec7 s\u1ed1 EV\/EBITDA r\u1ea5t nh\u1ea1y c\u1ea3m v\u1edbi IFRS 16. EV (Enterprise Value \u2013 gi\u00e1 tr\u1ecb doanh nghi\u1ec7p) th\u01b0\u1eddng \u0111\u01b0\u1ee3c t\u00ednh:<\/span><\/p>\n<p><span style=\"font-weight: 400;\">EV = Gi\u00e1 tr\u1ecb v\u1ed1n h\u00f3a th\u1ecb tr\u01b0\u1eddng + Net Debt<\/span><\/p>\n<p><span style=\"font-weight: 400;\">N\u1ebfu lease liabilities (n\u1ee3 thu\u00ea) \u0111\u01b0\u1ee3c coi nh\u01b0 n\u1ee3 t\u00e0i ch\u00ednh, EV c\u1ea7n c\u1ed9ng th\u00eam ph\u1ea7n n\u00e0y. \u0110\u1ed3ng th\u1eddi, EBITDA \u0111\u00e3 t\u0103ng do IFRS 16. \u0110i\u1ec1u n\u00e0y t\u1ea1o ra t\u00e1c \u0111\u1ed9ng k\u00e9p:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">EBITDA t\u0103ng \u2192 EV\/EBITDA gi\u1ea3m c\u01a1 h\u1ecdc<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Net Debt t\u0103ng \u2192 EV t\u0103ng<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">\u0110\u1ec3 chu\u1ea9n h\u00f3a, analyst c\u00f3 th\u1ec3:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">C\u1ed9ng lease liabilities v\u00e0o net debt c\u1ee7a c\u1ea3 hai doanh nghi\u1ec7p<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\">ho\u1eb7c<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">S\u1eed d\u1ee5ng EBITDAR (l\u1ee3i nhu\u1eadn tr\u01b0\u1edbc l\u00e3i vay, thu\u1ebf, kh\u1ea5u hao v\u00e0 ti\u1ec1n thu\u00ea)<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">C\u00f4ng th\u1ee9c:<\/span><\/p>\n<p><span style=\"font-weight: 400;\">EBITDAR = EBITDA + Rent expense (ti\u1ec1n thu\u00ea)<\/span><\/p>\n<p><span style=\"font-weight: 400;\">EBITDAR \u0111\u1eb7c bi\u1ec7t h\u1eefu \u00edch v\u1edbi ng\u00e0nh c\u00f3 c\u01b0\u1eddng \u0111\u1ed9 thu\u00ea cao (retail, logistics, h\u00e0ng kh\u00f4ng), n\u01a1i c\u1ea5u tr\u00fac thu\u00ea kh\u00e1c nhau c\u00f3 th\u1ec3 l\u00e0m m\u00e9o m\u00f3 h\u1ec7 s\u1ed1 \u0111\u1ecbnh gi\u00e1.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">M\u1ee5c ti\u00eau \u1edf \u0111\u00e2y l\u00e0 valuation fairness \u2013 \u0111\u1ea3m b\u1ea3o so s\u00e1nh d\u1ef1a tr\u00ean hi\u1ec7u su\u1ea5t kinh t\u1ebf th\u1ef1c ch\u1ee9 kh\u00f4ng ph\u1ea3i kh\u00e1c bi\u1ec7t chu\u1ea9n k\u1ebf to\u00e1n.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"3_Dieu_chinh_leverage_ratio_tach_no_vay_va_no_thue\"><\/span><b>3. \u0110i\u1ec1u ch\u1ec9nh leverage ratio: t\u00e1ch n\u1ee3 vay v\u00e0 n\u1ee3 thu\u00ea<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Leverage th\u01b0\u1eddng \u0111\u01b0\u1ee3c t\u00ednh:<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Leverage = Net Debt \/ EBITDA<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Sau IFRS 16, Net Debt t\u0103ng do c\u1ed9ng th\u00eam lease liabilities, c\u00f2n EBITDA c\u0169ng t\u0103ng. Tuy nhi\u00ean, trong ph\u00e2n t\u00edch covenant ng\u00e2n h\u00e0ng, nhi\u1ec1u t\u1ed5 ch\u1ee9c v\u1eabn mu\u1ed1n nh\u00ecn \u201cbank debt leverage\u201d \u2013 t\u1ee9c \u0111\u00f2n b\u1ea9y d\u1ef1a tr\u00ean n\u1ee3 vay thu\u1ea7n.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Do \u0111\u00f3, analyst c\u00f3 th\u1ec3 t\u00ednh hai phi\u00ean b\u1ea3n:<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Leverage thu\u1ea7n ng\u00e2n h\u00e0ng = Bank Debt \/ EBITDA cash-based<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Leverage to\u00e0n ph\u1ea7n = (Bank Debt + Lease liabilities) \/ EBITDA reported<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Vi\u1ec7c t\u00e1ch n\u00e0y gi\u00fap ph\u1ea3n \u00e1nh \u0111\u00fang \u00e1p l\u1ef1c vay v\u1ed1n th\u1ef1c t\u1ebf so v\u1edbi ngh\u0129a v\u1ee5 thu\u00ea v\u1eadn h\u00e0nh.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">M\u1ee5c ti\u00eau \u1edf \u0111\u00e2y l\u00e0 covenant analysis \u2013 ki\u1ec3m tra kh\u1ea3 n\u0103ng \u0111\u00e1p \u1ee9ng \u0111i\u1ec1u kho\u1ea3n vay.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"4_Loai_hieu_ung_front-loading_de_nhin_xu_huong_%E2%80%9Cduong_thang%E2%80%9D\"><\/span><b>4. Lo\u1ea1i hi\u1ec7u \u1ee9ng front-loading \u0111\u1ec3 nh\u00ecn xu h\u01b0\u1edbng \u201c\u0111\u01b0\u1eddng th\u1eb3ng\u201d<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">IFRS 16 \u00e1p d\u1ee5ng ph\u01b0\u01a1ng ph\u00e1p l\u00e3i su\u1ea5t th\u1ef1c t\u1ebf (effective interest method), khi\u1ebfn chi ph\u00ed l\u00e3i vay cao \u1edf \u0111\u1ea7u k\u1ef3 v\u00e0 gi\u1ea3m d\u1ea7n theo th\u1eddi gian. \u0110i\u1ec1u n\u00e0y t\u1ea1o ra front-loading effect \u2013 t\u1ed5ng chi ph\u00ed k\u1ebf to\u00e1n (kh\u1ea5u hao + l\u00e3i) cao h\u01a1n ti\u1ec1n thu\u00ea th\u1ef1c tr\u1ea3 \u1edf nh\u1eefng n\u0103m \u0111\u1ea7u.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">N\u1ebfu mu\u1ed1n nh\u00ecn xu h\u01b0\u1edbng l\u1ee3i nhu\u1eadn \u1ed5n \u0111\u1ecbnh, analyst c\u00f3 th\u1ec3:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">So s\u00e1nh t\u1ed5ng chi ph\u00ed thu\u00ea k\u1ebf to\u00e1n v\u1edbi cash rent t\u1eebng n\u0103m<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Chu\u1ea9n h\u00f3a l\u1ea1i b\u1eb1ng c\u00e1ch s\u1eed d\u1ee5ng cash rent thay cho (Dep + Interest)<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">M\u1ee5c ti\u00eau \u1edf \u0111\u00e2y l\u00e0 front-loading normalization \u2013 lo\u1ea1i nhi\u1ec5u k\u1ebf to\u00e1n \u0111\u1ec3 ph\u00e2n t\u00edch xu h\u01b0\u1edbng kinh doanh d\u00e0i h\u1ea1n.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"5_Dieu_chinh_ROA_va_ROCE_loai_ROU_de_nhin_hieu_suat_loi\"><\/span><b>5. \u0110i\u1ec1u ch\u1ec9nh ROA v\u00e0 ROCE: lo\u1ea1i ROU \u0111\u1ec3 nh\u00ecn hi\u1ec7u su\u1ea5t l\u00f5i<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">IFRS 16 l\u00e0m t\u1ed5ng t\u00e0i s\u1ea3n t\u0103ng do ghi nh\u1eadn ROU asset (t\u00e0i s\u1ea3n quy\u1ec1n s\u1eed d\u1ee5ng). \u0110i\u1ec1u n\u00e0y c\u00f3 th\u1ec3 l\u00e0m ROA (Return on Assets \u2013 t\u1ef7 su\u1ea5t sinh l\u1eddi tr\u00ean t\u00e0i s\u1ea3n) ho\u1eb7c ROCE (Return on Capital Employed \u2013 t\u1ef7 su\u1ea5t sinh l\u1eddi tr\u00ean v\u1ed1n s\u1eed d\u1ee5ng) gi\u1ea3m c\u01a1 h\u1ecdc.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">ROA = L\u1ee3i nhu\u1eadn sau thu\u1ebf \/ T\u1ed5ng t\u00e0i s\u1ea3n<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\">ROCE = EBIT \/ V\u1ed1n s\u1eed d\u1ee5ng<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Khi so s\u00e1nh hi\u1ec7u su\u1ea5t l\u00f5i, analyst c\u00f3 th\u1ec3:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Lo\u1ea1i ROU asset kh\u1ecfi m\u1eabu s\u1ed1<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\">ho\u1eb7c<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">T\u00ednh ROCE tr\u00ean v\u1ed1n s\u1eed d\u1ee5ng \u201ccore\u201d, kh\u00f4ng bao g\u1ed3m t\u00e0i s\u1ea3n thu\u00ea<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">M\u1ee5c ti\u00eau \u1edf \u0111\u00e2y l\u00e0 management performance analysis \u2013 \u0111\u00e1nh gi\u00e1 hi\u1ec7u qu\u1ea3 v\u1eadn h\u00e0nh th\u1ef1c s\u1ef1, tr\u00e1nh b\u1ecb \u1ea3nh h\u01b0\u1edfng b\u1edfi thay \u0111\u1ed5i chu\u1ea9n m\u1ef1c.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Gan_dieu_chinh_voi_muc_tieu_dinh_gia_covenant_hay_quan_tri\"><\/span><span style=\"font-weight: 400;\">G\u1eafn \u0111i\u1ec1u ch\u1ec9nh v\u1edbi m\u1ee5c ti\u00eau: \u0111\u1ecbnh gi\u00e1, covenant hay qu\u1ea3n tr\u1ecb?<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">M\u1ed9t \u0111i\u1ec3m th\u01b0\u1eddng b\u1ecb b\u1ecf qua l\u00e0: kh\u00f4ng c\u00f3 \u201cm\u1ed9t b\u1ed9 \u0111i\u1ec1u ch\u1ec9nh chu\u1ea9n cho m\u1ecdi m\u1ee5c \u0111\u00edch\u201d.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">N\u1ebfu m\u1ee5c ti\u00eau l\u00e0 \u0111\u1ecbnh gi\u00e1 \u2192 chu\u1ea9n h\u00f3a EV v\u00e0 EBITDA ho\u1eb7c d\u00f9ng EBITDAR<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">N\u1ebfu m\u1ee5c ti\u00eau l\u00e0 covenant \u2192 t\u00e1ch n\u1ee3 vay v\u00e0 n\u1ee3 thu\u00ea, ki\u1ec3m tra headroom<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">N\u1ebfu m\u1ee5c ti\u00eau l\u00e0 qu\u1ea3n tr\u1ecb n\u1ed9i b\u1ed9 \u2192 d\u00f9ng adjusted EBITDA cash-based \u0111\u1ec3 theo d\u00f5i hi\u1ec7u su\u1ea5t<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Ch\u00ednh v\u00ec v\u1eady, vi\u1ec7c \u0111i\u1ec1u ch\u1ec9nh ph\u1ea3i \u0111i k\u00e8m m\u1ee5c \u0111\u00edch r\u00f5 r\u00e0ng, tr\u00e1nh t\u00ecnh tr\u1ea1ng \u201c\u0111i\u1ec1u ch\u1ec9nh v\u00ec th\u1ea5y ng\u01b0\u1eddi kh\u00e1c \u0111i\u1ec1u ch\u1ec9nh\u201d.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Goi_y_thuc_thi_o_tang_du_lieu\"><\/span><span style=\"font-weight: 400;\">G\u1ee3i \u00fd th\u1ef1c thi \u1edf t\u1ea7ng d\u1eef li\u1ec7u<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">C\u00e1c \u0111i\u1ec1u ch\u1ec9nh tr\u00ean ch\u1ec9 ch\u00ednh x\u00e1c khi d\u1eef li\u1ec7u cash rent, c\u00f4ng n\u1ee3 v\u00e0 ph\u00e2n lo\u1ea1i chi ph\u00ed thu\u00ea \u0111\u01b0\u1ee3c chu\u1ea9n h\u00f3a ngay t\u1eeb \u0111\u1ea7u.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Trong th\u1ef1c t\u1ebf v\u1eadn h\u00e0nh:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Vi\u1ec7c t\u1ed5ng h\u1ee3p cash rent theo nh\u00e0 cung c\u1ea5p v\u00e0 \u0111\u01a1n v\u1ecb kinh doanh gi\u00fap \u0111\u01b0a s\u1ed1 li\u1ec7u ch\u00ednh x\u00e1c v\u00e0o bridge template.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Ph\u00e2n lo\u1ea1i chi ph\u00ed thu\u00ea theo cost center cho ph\u00e9p t\u00ednh EBITDAR theo t\u1eebng m\u1ea3ng v\u1eadn h\u00e0nh \u2013 h\u1eefu \u00edch khi benchmark ng\u00e0nh.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">D\u1eef li\u1ec7u c\u00f4ng n\u1ee3 v\u00e0 l\u1ecbch thanh to\u00e1n gi\u00fap reconciliation (\u0111\u1ed1i chi\u1ebfu) v\u1edbi ki\u1ec3m to\u00e1n v\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0 khi c\u1ea7n gi\u1ea3i tr\u00ecnh.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">N\u1ebfu kh\u00f4ng c\u00f3 l\u1edbp d\u1eef li\u1ec7u n\u00e0y, m\u1ecdi \u0111i\u1ec1u ch\u1ec9nh ch\u1ec9 l\u00e0 \u01b0\u1edbc t\u00ednh tr\u00ean Excel.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Khi \u0111\u00e3 hi\u1ec3u b\u1ed9 adjustments chu\u1ea9n analyst v\u00e0 m\u1ee5c ti\u00eau t\u1eebng lo\u1ea1i \u0111i\u1ec1u ch\u1ec9nh, b\u01b0\u1edbc ti\u1ebfp theo l\u00e0 c\u1ea5u tr\u00fac m\u1ed9t Excel Bridge Template t\u1ed1i gi\u1ea3n \u2013 \u0111\u1ee7 \u0111\u1ec3 t\u1ef1 \u0111\u1ed9ng h\u00f3a c\u00e1c ph\u00e9p quy \u0111\u1ed5i v\u00e0 ki\u1ec3m tra h\u1ee3p l\u00fd. Ph\u1ea7n sau s\u1ebd \u0111i v\u00e0o c\u1ea5u tr\u00fac c\u1ee5 th\u1ec3 v\u00e0 c\u00e1c sanity checks b\u1eaft bu\u1ed9c \u0111\u1ec3 tr\u00e1nh sai l\u1ec7ch.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Mau_Excel_Bridge_Template_toi_gian\"><\/span><b>M\u1eabu Excel Bridge Template t\u1ed1i gi\u1ea3n<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">M\u1ed9t <\/span><b>bridge template<\/b><span style=\"font-weight: 400;\"> (m\u1eabu c\u1ea7u n\u1ed1i \u0111i\u1ec1u ch\u1ec9nh s\u1ed1 li\u1ec7u) t\u1ed1t kh\u00f4ng c\u1ea7n ph\u1ee9c t\u1ea1p, nh\u01b0ng ph\u1ea3i \u0111\u1ee7 c\u1ea5u tr\u00fac \u0111\u1ec3 ph\u1ee5c v\u1ee5 ba m\u1ee5c ti\u00eau: so s\u00e1nh tr\u01b0\u1edbc\u2013sau IFRS 16, chu\u1ea9n h\u00f3a \u0111\u1ecbnh gi\u00e1 (EV\/EBITDA) v\u00e0 ki\u1ec3m tra covenant vay v\u1ed1n. M\u1ed9t template t\u1ed1i gi\u1ea3n nh\u01b0ng hi\u1ec7u qu\u1ea3 n\u00ean c\u00f3 b\u1ed1n kh\u1ed1i ch\u00ednh, k\u00e8m theo c\u00e1c ki\u1ec3m tra h\u1ee3p l\u00fd (sanity checks) \u0111\u1ec3 tr\u00e1nh sai l\u1ec7ch do chi\u1ebft kh\u1ea5u gi\u00e1 tr\u1ecb hi\u1ec7n t\u1ea1i (PV) ho\u1eb7c ghi nh\u1eadn sai k\u1ef3 (cut-off).<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"1_Khoi_1_%E2%80%93_Input_P_L_theo_IFRS_16\"><\/span><b>1. Kh\u1ed1i 1 \u2013 Input P&amp;L theo IFRS 16<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">\u0110\u00e2y l\u00e0 ph\u1ea7n nh\u1eadp d\u1eef li\u1ec7u b\u00e1o c\u00e1o \u0111\u00e3 l\u1eadp theo IFRS 16. Kh\u00f4ng \u0111i\u1ec1u ch\u1ec9nh g\u00ec \u1edf b\u01b0\u1edbc n\u00e0y. C\u00e1c d\u00f2ng c\u01a1 b\u1ea3n bao g\u1ed3m:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Doanh thu<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">EBITDA (reported)<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Kh\u1ea5u hao (bao g\u1ed3m kh\u1ea5u hao ROU)<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Chi ph\u00ed l\u00e3i vay (bao g\u1ed3m l\u00e3i vay thu\u00ea)<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">L\u1ee3i nhu\u1eadn tr\u01b0\u1edbc thu\u1ebf<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">D\u1eef li\u1ec7u \u1edf \u0111\u00e2y ph\u1ea3i kh\u1edbp 100% v\u1edbi b\u00e1o c\u00e1o ch\u00ednh th\u1ee9c \u0111\u1ec3 \u0111\u1ea3m b\u1ea3o t\u00ednh nh\u1ea5t qu\u00e1n. Bridge template kh\u00f4ng thay th\u1ebf b\u00e1o c\u00e1o t\u00e0i ch\u00ednh m\u00e0 ch\u1ec9 l\u00e0 l\u1edbp ph\u00e2n t\u00edch b\u1ed5 sung.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"2_Khoi_2_%E2%80%93_Dong_dieu_chinh_lien_quan_lease\"><\/span><b>2. Kh\u1ed1i 2 \u2013 D\u00f2ng \u0111i\u1ec1u ch\u1ec9nh li\u00ean quan lease<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">\u0110\u00e2y l\u00e0 ph\u1ea7n quan tr\u1ecdng nh\u1ea5t c\u1ee7a bridge. C\u1ea5u tr\u00fac b\u1ea3ng n\u00ean theo d\u1ea1ng:<\/span><\/p>\n<p><span style=\"font-weight: 400;\">| Items | IFRS 16 (A) | Adjustments | Comparable (B) |<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Trong \u0111\u00f3:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">C\u1ed9t (A): s\u1ed1 li\u1ec7u IFRS 16<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">C\u1ed9t Adjustments: \u0111i\u1ec1u ch\u1ec9nh theo m\u1ee5c ti\u00eau<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">C\u1ed9t (B): s\u1ed1 li\u1ec7u sau \u0111i\u1ec1u ch\u1ec9nh<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">V\u00ed d\u1ee5 \u0111i\u1ec1u ch\u1ec9nh v\u1ec1 d\u1ea1ng cash-rent comparable:<\/span><\/p>\n<p><b>EBITDA (Comparable)<\/b><b><br \/>\n<\/b><span style=\"font-weight: 400;\">= EBITDA (Reported)<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\">\u2212 Kh\u1ea5u hao ROU<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\">\u2212 L\u00e3i vay thu\u00ea<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Cash Rent t\u01b0\u01a1ng \u0111\u01b0\u01a1ng<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">T\u00f9y m\u1ee5c ti\u00eau, CFO c\u00f3 th\u1ec3:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">C\u1ed9ng ng\u01b0\u1ee3c kh\u1ea5u hao ROU n\u1ebfu mu\u1ed1n lo\u1ea1i \u1ea3nh h\u01b0\u1edfng t\u00e0i s\u1ea3n thu\u00ea<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">C\u1ed9ng ng\u01b0\u1ee3c l\u00e3i vay thu\u00ea n\u1ebfu mu\u1ed1n nh\u00ecn l\u1ee3i nhu\u1eadn tr\u01b0\u1edbc to\u00e0n b\u1ed9 ngh\u0129a v\u1ee5 thu\u00ea<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Ho\u1eb7c ch\u1ec9 th\u00eam l\u1ea1i cash rent n\u1ebfu m\u1ee5c ti\u00eau l\u00e0 so s\u00e1nh v\u1edbi giai \u0111o\u1ea1n tr\u01b0\u1edbc IFRS 16<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">\u0110i\u1ec3m c\u1ed1t l\u00f5i l\u00e0 m\u1ed7i adjustment ph\u1ea3i g\u1eafn v\u1edbi m\u1ee5c ti\u00eau r\u00f5 r\u00e0ng: comparability, valuation hay covenant.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"3_Khoi_3_%E2%80%93_Output_P_L_Comparable\"><\/span><b>3. Kh\u1ed1i 3 \u2013 Output P&amp;L Comparable<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Ph\u1ea7n n\u00e0y hi\u1ec3n th\u1ecb b\u00e1o c\u00e1o sau \u0111i\u1ec1u ch\u1ec9nh, ph\u1ee5c v\u1ee5 ph\u00e2n t\u00edch qu\u1ea3n tr\u1ecb ho\u1eb7c tr\u00ecnh b\u00e0y v\u1edbi nh\u00e0 \u0111\u1ea7u t\u01b0. Th\u00f4ng th\u01b0\u1eddng s\u1ebd c\u00f3 hai b\u1ed9 s\u1ed1 song song:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Reported (theo IFRS 16)<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Comparable (\u0111\u00e3 chu\u1ea9n h\u00f3a cash-rent ho\u1eb7c EBITDAR)<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Vi\u1ec7c \u0111\u1eb7t hai c\u1ed9t c\u1ea1nh nhau gi\u00fap ng\u01b0\u1eddi \u0111\u1ecdc hi\u1ec3u ngay t\u00e1c \u0111\u1ed9ng k\u1ebf to\u00e1n v\u00e0 t\u00e1c \u0111\u1ed9ng kinh t\u1ebf.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"4_Khoi_4_%E2%80%93_Ratio_Pack\"><\/span><b>4. Kh\u1ed1i 4 \u2013 Ratio Pack<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">\u0110\u00e2y l\u00e0 ph\u1ea7n t\u00ednh c\u00e1c t\u1ef7 l\u1ec7 t\u00e0i ch\u00ednh sau \u0111i\u1ec1u ch\u1ec9nh. M\u1ed9t ratio pack c\u01a1 b\u1ea3n n\u00ean bao g\u1ed3m:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">EV\/EBITDA (reported v\u00e0 comparable)<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Net Debt\/EBITDA<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Interest Coverage (EBITDA \/ Chi ph\u00ed l\u00e3i vay)<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">N\u1ebfu m\u1ee5c ti\u00eau l\u00e0 covenant, n\u00ean t\u00ednh th\u00eam:<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Leverage = Net Debt \/ EBITDA<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Interest Cover = EBITDA \/ Interest expense<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Vi\u1ec7c \u0111\u1eb7t ratio pack ngay trong bridge template gi\u00fap CFO nh\u00ecn th\u1ea5y t\u00e1c \u0111\u1ed9ng t\u1ee9c th\u1eddi c\u1ee7a t\u1eebng \u0111i\u1ec1u ch\u1ec9nh l\u00ean h\u1ec7 s\u1ed1 t\u00e0i ch\u00ednh.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Sanity_Checks_bat_buoc\"><\/span><b>Sanity Checks b\u1eaft bu\u1ed9c<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">M\u1ed9t bridge template t\u1ed1t kh\u00f4ng ch\u1ec9 c\u00f3 c\u00f4ng th\u1ee9c, m\u00e0 ph\u1ea3i c\u00f3 ki\u1ec3m tra \u0111\u1ed1i chi\u1ebfu (reconcile) r\u00f5 r\u00e0ng.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"1_PV_Check_XNPV\"><\/span><b>1. PV Check (XNPV)<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Gi\u00e1 tr\u1ecb hi\u1ec7n t\u1ea1i c\u1ee7a ngh\u0129a v\u1ee5 thu\u00ea (PV \u2013 present value) n\u00ean \u0111\u01b0\u1ee3c ki\u1ec3m tra l\u1ea1i b\u1eb1ng h\u00e0m XNPV trong Excel:<\/span><\/p>\n<p><span style=\"font-weight: 400;\">PV = XNPV(rate, cashflows, dates)<\/span><\/p>\n<p><span style=\"font-weight: 400;\">N\u1ebfu PV t\u00ednh l\u1ea1i kh\u00f4ng kh\u1edbp v\u1edbi lease liability ghi nh\u1eadn, c\u00f3 th\u1ec3 c\u00f3 sai l\u1ec7ch v\u1ec1 l\u00e3i su\u1ea5t chi\u1ebft kh\u1ea5u (IBR \u2013 l\u00e3i su\u1ea5t vay gia t\u0103ng) ho\u1eb7c sai l\u1ecbch thanh to\u00e1n.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"2_Roll-forward_ROU_Lease_Liability\"><\/span><b>2. Roll-forward ROU &amp; Lease Liability<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">M\u1ed9t b\u1ea3ng roll-forward (b\u1ea3ng di\u1ec5n bi\u1ebfn s\u1ed1 d\u01b0) c\u1ea7n th\u1ec3 hi\u1ec7n:<\/span><\/p>\n<p><span style=\"font-weight: 400;\">S\u1ed1 d\u01b0 \u0111\u1ea7u k\u1ef3<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Ph\u00e1t sinh m\u1edbi<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\">\u2212 Thanh to\u00e1n g\u1ed1c<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\">\u00b1 \u0110i\u1ec1u ch\u1ec9nh l\u1ea1i (remeasurement)<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\">= S\u1ed1 d\u01b0 cu\u1ed1i k\u1ef3<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">N\u1ebfu s\u1ed1 d\u01b0 cu\u1ed1i k\u1ef3 kh\u00f4ng kh\u1edbp v\u1edbi b\u1ea3ng c\u00e2n \u0111\u1ed1i, bridge \u0111ang c\u00f3 l\u1ed7i.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"3_Cash_Paid_Reconcile\"><\/span><b>3. Cash Paid Reconcile<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">So s\u00e1nh:<\/span><\/p>\n<p><span style=\"font-weight: 400;\">T\u1ed5ng ti\u1ec1n thu\u00ea \u0111\u00e3 tr\u1ea3 trong k\u1ef3<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\">vs<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\">Gi\u1ea3m ngh\u0129a v\u1ee5 thu\u00ea tr\u00ean b\u1ea3ng c\u00e2n \u0111\u1ed1i<\/span><\/p>\n<p><span style=\"font-weight: 400;\">N\u1ebfu kh\u00f4ng kh\u1edbp, c\u1ea7n ki\u1ec3m tra cut-off ho\u1eb7c ph\u00e2n lo\u1ea1i sai k\u1ef3.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Sheet_%E2%80%9CSchedule%E2%80%9D_bo_sung\"><\/span><b>Sheet \u201cSchedule\u201d b\u1ed5 sung<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">N\u00ean th\u00eam m\u1ed9t sheet ri\u00eang cho:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Payment timeline (l\u1ecbch thanh to\u00e1n theo n\u0103m\/th\u00e1ng)<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Interest profile (di\u1ec5n bi\u1ebfn l\u00e3i vay theo th\u1eddi gian)<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Amortization schedule (l\u1ecbch ph\u00e2n b\u1ed5 g\u1ed1c v\u00e0 l\u00e3i)<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Sheet n\u00e0y gi\u00fap ki\u1ec3m tra hi\u1ec7u \u1ee9ng front-loading v\u00e0 gi\u1ea3i th\u00edch v\u00ec sao l\u1ee3i nhu\u1eadn r\u00f2ng \u0111\u1ea7u k\u1ef3 c\u00f3 th\u1ec3 th\u1ea5p h\u01a1n cash rent th\u1ef1c chi.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Diem_khac_biet_quan_trong\"><\/span><b>\u0110i\u1ec3m kh\u00e1c bi\u1ec7t quan tr\u1ecdng<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Nhi\u1ec1u b\u00e0i vi\u1ebft ch\u1ec9 \u0111\u01b0a m\u1ed9t b\u1ea3ng m\u1eabu m\u00e0 kh\u00f4ng n\u00f3i r\u00f5 m\u1ee5c ti\u00eau so s\u00e1nh v\u00e0 kh\u00f4ng c\u00f3 sanity checks. M\u1ed9t bridge template kh\u00f4ng c\u00f3 ki\u1ec3m tra \u0111\u1ed1i chi\u1ebfu ch\u1ec9 l\u00e0 \u201cb\u1ea3ng t\u00ednh \u0111\u1eb9p\u201d. M\u1ed9t bridge c\u00f3 PV check, roll-forward v\u00e0 reconcile m\u1edbi l\u00e0 c\u00f4ng c\u1ee5 qu\u1ea3n tr\u1ecb th\u1ef1c s\u1ef1.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Goi_y_thuc_thi_o_tang_du_lieu-2\"><\/span><b>G\u1ee3i \u00fd th\u1ef1c thi \u1edf t\u1ea7ng d\u1eef li\u1ec7u<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">\u0110\u1ec3 template ho\u1ea1t \u0111\u1ed9ng \u1ed5n \u0111\u1ecbnh, d\u1eef li\u1ec7u \u0111\u1ea7u v\u00e0o ph\u1ea3i s\u1ea1ch:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Xu\u1ea5t cash rent theo th\u00e1ng\/qu\u00fd t\u1eeb h\u1ec7 th\u1ed1ng chi ph\u00ed.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">G\u1eafn m\u00e3 nh\u00e0 cung c\u1ea5p v\u00e0 h\u1ee3p \u0111\u1ed3ng \u0111\u1ec3 ph\u00e2n b\u1ed5 theo \u0111\u01a1n v\u1ecb kinh doanh (BU) ho\u1eb7c cost center.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">\u0110\u1ea3m b\u1ea3o d\u1eef li\u1ec7u c\u00f4ng n\u1ee3 kh\u1edbp v\u1edbi thanh to\u00e1n th\u1ef1c t\u1ebf \u0111\u1ec3 tr\u00e1nh l\u1ec7ch bridge.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Khi c\u1ea7n d\u1ef1 b\u00e1o ho\u1eb7c ph\u00e2n t\u00edch k\u1ecbch b\u1ea3n (what-if), n\u00ean \u0111\u1ed3ng b\u1ed9 d\u1eef li\u1ec7u sang h\u1ec7 th\u1ed1ng FP&amp;A thay v\u00ec ph\u1ee5 thu\u1ed9c ho\u00e0n to\u00e0n v\u00e0o Excel.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Sau khi n\u1eafm c\u1ea5u tr\u00fac bridge template v\u00e0 c\u00e1c ki\u1ec3m tra b\u1eaft bu\u1ed9c, ph\u1ea7n ti\u1ebfp theo s\u1ebd t\u1ed5ng h\u1ee3p c\u00e1c c\u00e2u h\u1ecfi th\u01b0\u1eddng g\u1eb7p nh\u1ea5t c\u1ee7a CFO v\u00e0 k\u1ebf to\u00e1n khi \u00e1p IFRS 16 v\u00e0o ph\u00e2n t\u00edch EBITDA, \u0111\u1ecbnh gi\u00e1 v\u00e0 covenant vay v\u1ed1n.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Cau_hoi_thuong_gap_FAQ\"><\/span><b>C\u00e2u h\u1ecfi th\u01b0\u1eddng g\u1eb7p (FAQ)<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"IFRS_16_co_lam_EBITDA_tang_nhung_dong_tien_khong_doi_khong\"><\/span><b>IFRS 16 c\u00f3 l\u00e0m EBITDA t\u0103ng nh\u01b0ng d\u00f2ng ti\u1ec1n kh\u00f4ng \u0111\u1ed5i kh\u00f4ng?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">C\u00f3. Trong ph\u1ea7n l\u1edbn tr\u01b0\u1eddng h\u1ee3p, EBITDA t\u0103ng do <\/span><b>t\u00e1i ph\u00e2n lo\u1ea1i chi ph\u00ed<\/b><span style=\"font-weight: 400;\"> (OPEX reclassification \u2013 chuy\u1ec3n chi ph\u00ed thu\u00ea ra kh\u1ecfi chi ph\u00ed ho\u1ea1t \u0111\u1ed9ng). Tr\u01b0\u1edbc \u0111\u00e2y, ti\u1ec1n thu\u00ea (cash rent) l\u00e0m gi\u1ea3m EBITDA v\u00ec n\u1eb1m trong OPEX. Sau IFRS 16, chi ph\u00ed n\u00e0y \u0111\u01b0\u1ee3c t\u00e1ch th\u00e0nh kh\u1ea5u hao t\u00e0i s\u1ea3n quy\u1ec1n s\u1eed d\u1ee5ng (ROU) v\u00e0 l\u00e3i vay n\u1ee3 thu\u00ea, \u0111\u1ec1u n\u1eb1m d\u01b0\u1edbi EBITDA.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Tuy nhi\u00ean, <\/span><b>d\u00f2ng ti\u1ec1n th\u1ef1c tr\u1ea3 cho thu\u00ea kh\u00f4ng thay \u0111\u1ed5i<\/b><span style=\"font-weight: 400;\">. Doanh nghi\u1ec7p v\u1eabn ph\u1ea3i chi ti\u1ec1n theo h\u1ee3p \u0111\u1ed3ng. V\u00ec v\u1eady c\u1ea7n ph\u00e2n bi\u1ec7t gi\u1eefa EBITDA b\u00e1o c\u00e1o (reported EBITDA \u2013 EBITDA theo chu\u1ea9n m\u1ef1c) v\u00e0 EBITDA \u0111i\u1ec1u ch\u1ec9nh (adjusted EBITDA \u2013 EBITDA ph\u1ee5c v\u1ee5 so s\u00e1nh qu\u1ea3n tr\u1ecb).<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"EBITDA_tang_bao_nhieu_sau_IFRS_16_phu_thuoc_vao_yeu_to_nao\"><\/span><b>EBITDA t\u0103ng bao nhi\u00eau sau IFRS 16 ph\u1ee5 thu\u1ed9c v\u00e0o y\u1ebfu t\u1ed1 n\u00e0o?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">M\u1ee9c t\u0103ng EBITDA ph\u1ee5 thu\u1ed9c v\u00e0o c\u1ea5u tr\u00fac h\u1ee3p \u0111\u1ed3ng thu\u00ea. N\u1ebfu ph\u1ea7n l\u1edbn chi ph\u00ed thu\u00ea tr\u01b0\u1edbc \u0111\u00e2y l\u00e0 kho\u1ea3n thanh to\u00e1n c\u1ed1 \u0111\u1ecbnh (fixed lease payments), m\u1ee9c t\u0103ng s\u1ebd l\u1edbn v\u00ec to\u00e0n b\u1ed9 ph\u1ea7n n\u00e0y r\u1eddi kh\u1ecfi OPEX.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Ng\u01b0\u1ee3c l\u1ea1i, n\u1ebfu h\u1ee3p \u0111\u1ed3ng c\u00f3 nhi\u1ec1u kho\u1ea3n thanh to\u00e1n bi\u1ebfn \u0111\u1ed5i (variable payments \u2013 kho\u1ea3n thu\u00ea ph\u1ee5 thu\u1ed9c doanh thu ho\u1eb7c ch\u1ec9 s\u1ed1), ho\u1eb7c doanh nghi\u1ec7p \u00e1p d\u1ee5ng mi\u1ec5n tr\u1eeb thu\u00ea ng\u1eafn h\u1ea1n\/gi\u00e1 tr\u1ecb th\u1ea5p (exemptions), th\u00ec m\u1ed9t ph\u1ea7n chi ph\u00ed v\u1eabn n\u1eb1m tr\u00ean EBITDA v\u00e0 l\u00e0m m\u1ee9c t\u0103ng gi\u1ea3m \u0111i. Th\u1eddi h\u1ea1n thu\u00ea (lease term) v\u00e0 vi\u1ec7c t\u00e1ch hay kh\u00f4ng t\u00e1ch ph\u1ea7n d\u1ecbch v\u1ee5 \u0111i k\u00e8m (lease components) c\u0169ng \u1ea3nh h\u01b0\u1edfng \u0111\u00e1ng k\u1ec3.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Vi_sao_loi_nhuan_rong_thuong_giam_trong_nam_dau_ap_IFRS_16\"><\/span><b>V\u00ec sao l\u1ee3i nhu\u1eadn r\u00f2ng th\u01b0\u1eddng gi\u1ea3m trong n\u0103m \u0111\u1ea7u \u00e1p IFRS 16?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Nguy\u00ean nh\u00e2n n\u1eb1m \u1edf hi\u1ec7u \u1ee9ng <\/span><b>front-loading<\/b><span style=\"font-weight: 400;\"> (chi ph\u00ed d\u1ed3n nhi\u1ec1u v\u1ec1 \u0111\u1ea7u k\u1ef3). L\u00e3i vay thu\u00ea \u0111\u01b0\u1ee3c t\u00ednh theo ph\u01b0\u01a1ng ph\u00e1p l\u00e3i su\u1ea5t th\u1ef1c t\u1ebf (effective interest method \u2013 t\u00ednh l\u00e3i tr\u00ean d\u01b0 n\u1ee3 gi\u1ea3m d\u1ea7n).<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u1ede n\u0103m \u0111\u1ea7u, d\u01b0 n\u1ee3 thu\u00ea c\u00f2n l\u1edbn n\u00ean chi ph\u00ed l\u00e3i vay cao. Khi c\u1ed9ng v\u1edbi kh\u1ea5u hao ROU, t\u1ed5ng chi ph\u00ed tr\u00ean b\u00e1o c\u00e1o k\u1ebft qu\u1ea3 kinh doanh c\u00f3 th\u1ec3 cao h\u01a1n ti\u1ec1n thu\u00ea th\u1ef1c tr\u1ea3, khi\u1ebfn l\u1ee3i nhu\u1eadn r\u00f2ng gi\u1ea3m d\u00f9 EBITDA t\u0103ng.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Khi_nao_nen_dung_EBITDAR_thay_vi_EBITDA_de_so_sanh\"><\/span><b>Khi n\u00e0o n\u00ean d\u00f9ng EBITDAR thay v\u00ec EBITDA \u0111\u1ec3 so s\u00e1nh?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">EBITDAR (l\u1ee3i nhu\u1eadn tr\u01b0\u1edbc l\u00e3i vay, thu\u1ebf, kh\u1ea5u hao v\u00e0 ti\u1ec1n thu\u00ea) n\u00ean \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng khi doanh nghi\u1ec7p c\u00f3 t\u1ef7 tr\u1ecdng thu\u00ea cao (rent intensity \u2013 m\u1ee9c \u0111\u1ed9 ph\u1ee5 thu\u1ed9c v\u00e0o thu\u00ea l\u1edbn), v\u00ed d\u1ee5 b\u00e1n l\u1ebb ho\u1eb7c logistics.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Trong nh\u1eefng ng\u00e0nh n\u00e0y, c\u1ea5u tr\u00fac \u201cthu\u00ea hay s\u1edf h\u1eefu\u201d c\u00f3 th\u1ec3 l\u00e0m EBITDA bi\u1ebfn \u0111\u1ed9ng m\u1ea1nh gi\u1eefa c\u00e1c doanh nghi\u1ec7p. EBITDAR gi\u00fap lo\u1ea1i b\u1ecf nhi\u1ec5u n\u00e0y v\u00e0 t\u0103ng kh\u1ea3 n\u0103ng so s\u00e1nh (comparability).<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"EVEBITDA_sau_IFRS_16_co_the_%E2%80%9Cre_gia_tao%E2%80%9D_vi_sao\"><\/span><b>EV\/EBITDA sau IFRS 16 c\u00f3 th\u1ec3 \u201cr\u1ebb gi\u1ea3 t\u1ea1o\u201d v\u00ec sao?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Khi EBITDA t\u0103ng do IFRS 16, m\u1eabu s\u1ed1 c\u1ee7a h\u1ec7 s\u1ed1 EV\/EBITDA l\u1edbn h\u01a1n, l\u00e0m h\u1ec7 s\u1ed1 gi\u1ea3m. Doanh nghi\u1ec7p c\u00f3 th\u1ec3 tr\u00f4ng \u201cr\u1ebb h\u01a1n\u201d v\u1ec1 m\u1eb7t c\u01a1 h\u1ecdc.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Tuy nhi\u00ean, EV (Enterprise Value \u2013 gi\u00e1 tr\u1ecb doanh nghi\u1ec7p) c\u0169ng th\u01b0\u1eddng t\u0103ng v\u00ec ngh\u0129a v\u1ee5 thu\u00ea \u0111\u01b0\u1ee3c c\u1ed9ng v\u00e0o n\u1ee3 thu\u1ea7n (net debt). N\u1ebfu kh\u00f4ng chu\u1ea9n h\u00f3a c\u1ea3 EV v\u00e0 EBITDA, vi\u1ec7c so s\u00e1nh b\u1ed9i s\u1ed1 \u0111\u1ecbnh gi\u00e1 (multiples) c\u00f3 th\u1ec3 g\u00e2y hi\u1ec3u nh\u1ea7m.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"IFRS_16_lam_rui_ro_vi_pham_covenant_tang_hay_giam\"><\/span><b>IFRS 16 l\u00e0m r\u1ee7i ro vi ph\u1ea1m covenant t\u0103ng hay gi\u1ea3m?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Kh\u00f4ng c\u00f3 c\u00e2u tr\u1ea3 l\u1eddi c\u1ed1 \u0111\u1ecbnh. EBITDA t\u0103ng c\u00f3 th\u1ec3 c\u1ea3i thi\u1ec7n m\u1ed9t s\u1ed1 t\u1ef7 l\u1ec7, nh\u01b0ng t\u1ed5ng n\u1ee3 c\u0169ng t\u0103ng v\u00ec n\u1ee3 thu\u00ea \u0111\u01b0\u1ee3c ghi nh\u1eadn tr\u00ean b\u1ea3ng c\u00e2n \u0111\u1ed1i.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">T\u00e1c \u0111\u1ed9ng th\u1ef1c t\u1ebf ph\u1ee5 thu\u1ed9c v\u00e0o \u0111\u1ecbnh ngh\u0129a trong h\u1ee3p \u0111\u1ed3ng vay: Debt c\u00f3 bao g\u1ed3m n\u1ee3 thu\u00ea kh\u00f4ng? EBITDA c\u00f3 \u0111i\u1ec1u ch\u1ec9nh IFRS 16 kh\u00f4ng? M\u1ed9t s\u1ed1 h\u1ee3p \u0111\u1ed3ng \u00e1p d\u1ee5ng nguy\u00ean t\u1eafc Frozen GAAP (t\u00ednh theo chu\u1ea9n c\u0169) \u0111\u1ec3 gi\u1eef t\u00ednh so s\u00e1nh. CFO c\u1ea7n ki\u1ec3m tra headroom (bi\u00ean an to\u00e0n covenant) tr\u01b0\u1edbc v\u00e0 sau khi \u00e1p d\u1ee5ng.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Variable_lease_payments_co_duoc_von_hoa_khong_va_anh_huong_EBITDA_the_nao\"><\/span><b>Variable lease payments c\u00f3 \u0111\u01b0\u1ee3c v\u1ed1n h\u00f3a kh\u00f4ng v\u00e0 \u1ea3nh h\u01b0\u1edfng EBITDA th\u1ebf n\u00e0o?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Kho\u1ea3n thu\u00ea bi\u1ebfn \u0111\u1ed5i theo doanh thu ho\u1eb7c th\u1ef1c t\u1ebf s\u1eed d\u1ee5ng th\u01b0\u1eddng <\/span><b>kh\u00f4ng \u0111\u01b0\u1ee3c v\u1ed1n h\u00f3a<\/b><span style=\"font-weight: 400;\">, m\u00e0 ghi nh\u1eadn tr\u1ef1c ti\u1ebfp v\u00e0o chi ph\u00ed ho\u1ea1t \u0111\u1ed9ng (OPEX).<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Do \u0111\u00f3, c\u00e1c kho\u1ea3n n\u00e0y v\u1eabn l\u00e0m gi\u1ea3m EBITDA. N\u1ebfu doanh nghi\u1ec7p c\u00f3 t\u1ef7 tr\u1ecdng variable payments l\u1edbn ho\u1eb7c \u0111i\u1ec1u ch\u1ec9nh theo ch\u1ec9 s\u1ed1 (indexation \u2013 v\u00ed d\u1ee5 g\u1eafn v\u1edbi CPI), m\u1ee9c \u201cEBITDA uplift\u201d s\u1ebd kh\u00f4ng tr\u1ecdn v\u1eb9n.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"CFO_nen_bao_cao_EBITDA_%E2%80%9CIFRS_16_onoff%E2%80%9D_nhu_the_nao_de_quan_tri\"><\/span><b>CFO n\u00ean b\u00e1o c\u00e1o EBITDA \u201cIFRS 16 on\/off\u201d nh\u01b0 th\u1ebf n\u00e0o \u0111\u1ec3 qu\u1ea3n tr\u1ecb?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Th\u1ef1c t\u1ebf t\u1ed1t nh\u1ea5t l\u00e0 duy tr\u00ec hai b\u1ed9 s\u1ed1 song song:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">B\u1ed9 s\u1ed1 theo chu\u1ea9n m\u1ef1c (IFRS 16 on) \u0111\u1ec3 ph\u1ee5c v\u1ee5 tu\u00e2n th\u1ee7 v\u00e0 b\u00e1o c\u00e1o b\u00ean ngo\u00e0i.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">B\u1ed9 s\u1ed1 qu\u1ea3n tr\u1ecb (management reporting \u2013 b\u00e1o c\u00e1o n\u1ed9i b\u1ed9) theo c\u01a1 s\u1edf cash ho\u1eb7c EBITDA \u0111i\u1ec1u ch\u1ec9nh \u0111\u1ec3 ph\u1ee5c v\u1ee5 d\u1ef1 b\u00e1o, t\u00ednh th\u01b0\u1edfng v\u00e0 covenant.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Bridge (c\u1ea7u n\u1ed1i \u0111i\u1ec1u ch\u1ec9nh) gi\u1eefa hai b\u1ed9 s\u1ed1 c\u1ea7n minh b\u1ea1ch v\u00e0 c\u00f3 th\u1ec3 truy v\u1ebft.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Du_lieu_toi_thieu_nao_can_co_de_tinh_dung_lease_schedule_va_bridge\"><\/span><b>D\u1eef li\u1ec7u t\u1ed1i thi\u1ec3u n\u00e0o c\u1ea7n c\u00f3 \u0111\u1ec3 t\u00ednh \u0111\u00fang lease schedule v\u00e0 bridge?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Doanh nghi\u1ec7p c\u1ea7n m\u1ed9t <\/span><b>lease register<\/b><span style=\"font-weight: 400;\"> (s\u1ed5 \u0111\u0103ng k\u00fd h\u1ee3p \u0111\u1ed3ng thu\u00ea) \u0111\u1ea7y \u0111\u1ee7, bao g\u1ed3m:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">L\u1ecbch thanh to\u00e1n (payment schedule)<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Th\u1eddi h\u1ea1n thu\u00ea<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">L\u00e3i su\u1ea5t chi\u1ebft kh\u1ea5u ho\u1eb7c l\u00e3i su\u1ea5t vay gia t\u0103ng (IBR \u2013 incremental borrowing rate)<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">\u0110i\u1ec1u kho\u1ea3n gia h\u1ea1n<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Ph\u00e2n t\u00e1ch ph\u1ea7n thu\u00ea v\u00e0 ph\u1ea7n d\u1ecbch v\u1ee5<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Thi\u1ebfu d\u1eef li\u1ec7u n\u00e0y s\u1ebd d\u1eabn \u0111\u1ebfn sai l\u1ecbch ph\u00e2n b\u1ed5 (lease schedule), sai remeasurement (\u0111i\u1ec1u ch\u1ec9nh l\u1ea1i ngh\u0129a v\u1ee5 thu\u00ea) v\u00e0 sai bridge EBITDA.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Ket_luan\"><\/span><b>K\u1ebft lu\u1eadn<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">IFRS 16 kh\u00f4ng l\u00e0m doanh nghi\u1ec7p \u201cgi\u00e0u h\u01a1n\u201d hay t\u1ea1o th\u00eam d\u00f2ng ti\u1ec1n, nh\u01b0ng n\u00f3 l\u00e0m thay \u0111\u1ed5i c\u00e1ch ch\u00fang ta nh\u00ecn v\u00e0o hi\u1ec7u qu\u1ea3 ho\u1ea1t \u0111\u1ed9ng th\u00f4ng qua EBITDA. Khi chi ph\u00ed thu\u00ea \u0111\u01b0\u1ee3c t\u00e1i ph\u00e2n lo\u1ea1i t\u1eeb chi ph\u00ed v\u1eadn h\u00e0nh sang kh\u1ea5u hao t\u00e0i s\u1ea3n quy\u1ec1n s\u1eed d\u1ee5ng v\u00e0 l\u00e3i vay n\u1ee3 thu\u00ea, <\/span><b>EBITDA t\u0103ng l\u00ean v\u1ec1 m\u1eb7t k\u1ef9 thu\u1eadt<\/b><span style=\"font-weight: 400;\">, trong khi d\u00f2ng ti\u1ec1n th\u1ef1c chi (cash rent) kh\u00f4ng \u0111\u1ed5i. N\u1ebfu kh\u00f4ng hi\u1ec3u r\u00f5 c\u01a1 ch\u1ebf n\u00e0y, CFO v\u00e0 nh\u00e0 ph\u00e2n t\u00edch r\u1ea5t d\u1ec5 \u0111\u1ecdc sai ch\u1ea5t l\u01b0\u1ee3ng l\u1ee3i nhu\u1eadn, \u0111\u1ecbnh gi\u00e1 sai EV\/EBITDA ho\u1eb7c \u0111\u00e1nh gi\u00e1 sai r\u1ee7i ro covenant.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">V\u1ea5n \u0111\u1ec1 c\u1ed1t l\u00f5i kh\u00f4ng n\u1eb1m \u1edf vi\u1ec7c \u201cEBITDA c\u00f3 t\u0103ng kh\u00f4ng\u201d, m\u00e0 \u1edf ch\u1ed7: t\u0103ng bao nhi\u00eau, t\u0103ng v\u00ec l\u00fd do g\u00ec v\u00e0 c\u00f3 c\u1ea7n \u0111i\u1ec1u ch\u1ec9nh \u0111\u1ec3 so s\u00e1nh hay kh\u00f4ng. M\u1ed9t h\u1ec7 th\u1ed1ng ph\u00e2n t\u00edch \u0111\u00fang b\u1ea3n ch\u1ea5t c\u1ea7n \u00edt nh\u1ea5t ba l\u1edbp:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Ph\u00e2n bi\u1ec7t Reported EBITDA (tu\u00e2n th\u1ee7 IFRS 16) v\u1edbi Adjusted EBITDA ho\u1eb7c EBITDAR (ph\u1ee5c v\u1ee5 so s\u00e1nh v\u00e0 qu\u1ea3n tr\u1ecb).<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Chu\u1ea9n h\u00f3a c\u1ea3 EV v\u00e0 EBITDA khi \u0111\u1ecbnh gi\u00e1 \u0111\u1ec3 tr\u00e1nh \u201cr\u1ebb gi\u1ea3 t\u1ea1o\u201d.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Thi\u1ebft l\u1eadp EBITDA bridge c\u00f3 ki\u1ec3m so\u00e1t, g\u1eafn v\u1edbi d\u1eef li\u1ec7u h\u1ee3p \u0111\u1ed3ng thu\u00ea, l\u1ecbch thanh to\u00e1n v\u00e0 ngh\u0129a v\u1ee5 n\u1ee3.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">V\u1ec1 m\u1eb7t qu\u1ea3n tr\u1ecb, IFRS 16 bu\u1ed9c CFO ph\u1ea3i n\u00e2ng c\u1ea5p t\u01b0 duy t\u1eeb \u201c\u0111\u1ecdc b\u00e1o c\u00e1o\u201d sang \u201cki\u1ec3m so\u00e1t d\u1eef li\u1ec7u \u0111\u1ea7u v\u00e0o\u201d. Sai l\u1ec7ch kh\u00f4ng \u0111\u1ebfn t\u1eeb c\u00f4ng th\u1ee9c PV hay l\u00e3i su\u1ea5t chi\u1ebft kh\u1ea5u, m\u00e0 \u0111\u1ebfn t\u1eeb h\u1ee3p \u0111\u1ed3ng thi\u1ebfu metadata, ph\u00e2n lo\u1ea1i sai lease\/non-lease, cut-off h\u00f3a \u0111\u01a1n kh\u00f4ng \u0111\u00fang k\u1ef3 v\u00e0 thi\u1ebfu \u0111\u1ed1i so\u00e1t c\u00f4ng n\u1ee3. Khi d\u1eef li\u1ec7u thu\u00ea \u0111\u01b0\u1ee3c chu\u1ea9n h\u00f3a theo h\u1ee3p \u0111\u1ed3ng, \u0111\u01a1n v\u1ecb kinh doanh v\u00e0 trung t\u00e2m chi ph\u00ed, vi\u1ec7c d\u1ef1ng bridge, chu\u1ea9n h\u00f3a KPI hay \u0111\u00e0m ph\u00e1n covenant s\u1ebd tr\u1edf n\u00ean ch\u1ee7 \u0111\u1ed9ng thay v\u00ec b\u1ecb \u0111\u1ed9ng gi\u1ea3i tr\u00ecnh.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Do \u0111\u00f3, c\u00e2u h\u1ecfi \u0111\u00fang cho CFO kh\u00f4ng ph\u1ea3i l\u00e0 \u201cIFRS 16 c\u00f3 l\u00e0m EBITDA t\u0103ng kh\u00f4ng\u201d, m\u00e0 l\u00e0:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Ch\u00fang ta \u0111ang d\u00f9ng phi\u00ean b\u1ea3n EBITDA n\u00e0o cho m\u1ee5c \u0111\u00edch n\u00e0o?<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Bridge \u0111\u00e3 ph\u1ea3n \u00e1nh \u0111\u1ea7y \u0111\u1ee7 cash rent v\u00e0 lease liability ch\u01b0a?<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">H\u1ec7 th\u1ed1ng d\u1eef li\u1ec7u c\u00f3 \u0111\u1ee7 v\u1eefng \u0111\u1ec3 gi\u1ea3i tr\u00ecnh v\u1edbi ng\u00e2n h\u00e0ng, nh\u00e0 \u0111\u1ea7u t\u01b0 v\u00e0 ki\u1ec3m to\u00e1n hay kh\u00f4ng?<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">IFRS 16, n\u1ebfu \u0111\u01b0\u1ee3c ph\u00e2n t\u00edch \u0111\u00fang v\u00e0 ki\u1ec3m so\u00e1t d\u1eef li\u1ec7u t\u1ed1t, s\u1ebd kh\u00f4ng c\u00f2n l\u00e0 r\u1ee7i ro k\u1ebf to\u00e1n, m\u00e0 tr\u1edf th\u00e0nh m\u1ed9t c\u00f4ng c\u1ee5 gi\u00fap doanh nghi\u1ec7p hi\u1ec3u r\u00f5 c\u1ea5u tr\u00fac thu\u00ea, \u00e1p l\u1ef1c n\u1ee3 v\u00e0 ch\u1ea5t l\u01b0\u1ee3ng l\u1ee3i nhu\u1eadn th\u1ef1c s\u1ef1 c\u1ee7a m\u00ecnh.<\/span><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>IFRS 16 typically increases EBITDA because operating lease expenses (rent) are no longer recognized in OPEX but are instead accounted for as depreciation\u2026<\/p>","protected":false},"author":56,"featured_media":999980015,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"content-type":"","inline_featured_image":false,"footnotes":""},"categories":[76],"tags":[],"class_list":["post-999980076","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-goc-nhin-cfo"],"acf":[],"_links":{"self":[{"href":"https:\/\/bizzi.vn\/en\/wp-json\/wp\/v2\/posts\/999980076","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bizzi.vn\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bizzi.vn\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bizzi.vn\/en\/wp-json\/wp\/v2\/users\/56"}],"replies":[{"embeddable":true,"href":"https:\/\/bizzi.vn\/en\/wp-json\/wp\/v2\/comments?post=999980076"}],"version-history":[{"count":2,"href":"https:\/\/bizzi.vn\/en\/wp-json\/wp\/v2\/posts\/999980076\/revisions"}],"predecessor-version":[{"id":999980080,"href":"https:\/\/bizzi.vn\/en\/wp-json\/wp\/v2\/posts\/999980076\/revisions\/999980080"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bizzi.vn\/en\/wp-json\/wp\/v2\/media\/999980015"}],"wp:attachment":[{"href":"https:\/\/bizzi.vn\/en\/wp-json\/wp\/v2\/media?parent=999980076"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bizzi.vn\/en\/wp-json\/wp\/v2\/categories?post=999980076"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bizzi.vn\/en\/wp-json\/wp\/v2\/tags?post=999980076"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}