ΠΡΠΈΠ²Π΅Ρ, Π’βΠ! Π―Β Π½Π°ΡΠΈΠ½Π°ΡΡΠΈΠΉ ΠΈΠ½Π²Π΅ΡΡΠΎΡ.
Π‘Π»ΡΡΠ°Π», ΡΡΠΎ ΠΠ»ΠΎΠ½ ΠΠ°ΡΠΊ ΠΈΒ Π£ΠΎΡΡΠ΅Π½ ΠΠ°ΡΡΠ΅ΡΡ ΠΏΠΎΡΠΏΠΎΡΠΈΠ»ΠΈ ΠΈΠ·-Π·Π° ΠΊΠ°ΠΊΠΈΡ -ΡΠΎ Β«ΡΠΊΠΎΠ½ΠΎΠΌΠΈΡΠ΅ΡΠΊΠΈΡ ΡΠ²ΠΎΠ²Β»: ΠΠ°ΡΡΠ΅ΡΡ ΡΠ²Π΅ΡΠ΄ΠΈΡ, ΡΡΠΎ Π±ΠΈΠ·Π½Π΅ΡΡ Π½ΡΠΆΠ½ΠΎ Π΄ΠΎΠ»Π³ΠΎΡΡΠΎΡΠ½ΠΎΠ΅ ΠΏΡΠ΅ΠΈΠΌΡΡΠ΅ΡΡΠ²ΠΎ, Π°Β ΠΠ°ΡΠΊ Π²Π΅ΡΠΈΡ Π²Β ΡΡΠΏΠ΅Ρ ΠΊΠΎΠΌΠΏΠ°Π½ΠΈΠΉ, ΠΊΠΎΡΠΎΡΡΠ΅ Π±ΡΡΡΡΠΎ Π²Π½Π΅Π΄ΡΡΡΡ ΠΈΠ½Π½ΠΎΠ²Π°ΡΠΈΠΈ.
ΠΠ»ΡΠ΄Ρ Π½Π°Β ΡΡΠΏΠ΅Ρ ΠΈ ΠΠ°ΡΡΠ΅ΡΡΠ° Π²Β ΠΈΠ½Π²Π΅ΡΡΠΈΡΠΈΡΡ , Π΅Π³ΠΎ ΠΌΠ½Π΅Π½ΠΈΡ Ρ ΠΎΡΠ΅ΡΡΡ Π΄ΠΎΠ²Π΅ΡΡΡΡ. Π Π°ΡΡΠΊΠ°ΠΆΠΈΡΠ΅, ΠΏΠΎΠΆΠ°Π»ΡΠΉΡΡΠ°, ΡΡΠΎ Π·Π°Β ΡΠ΅ΠΎΡΠΈΡ ΡΠΊΠΎΠ½ΠΎΠΌΠΈΡΠ΅ΡΠΊΠΈΡ ΡΠ²ΠΎΠ²? ΠΡΠΈΠ³ΠΎΠ΄ΠΈΡΡΡ Π»ΠΈΒ ΠΎΠ½Π° ΡΠ°ΡΡΠ½ΠΎΠΌΡ ΠΈΠ½Π²Π΅ΡΡΠΎΡΡ?
ΠΠ³ΠΎΡΡ Π.
ΠΠ΄ΡΠ°Π²ΡΡΠ²ΡΠΉΡΠ΅, ΠΠ³ΠΎΡΡ! Π‘Π½Π°ΡΠ°Π»Π° ΡΠ°Π·Π±Π΅ΡΠ΅ΠΌΡΡ ΡΒ ΠΠ°ΡΠΊΠΎΠΌ ΠΈΒ ΠΠ°ΡΡΠ΅ΡΡΠΎΠΌ.

Π‘Π΅ΡΠ³Π΅ΠΉ Π¨Π°Π±ΠΎΠ»ΠΊΠΈΠ½
ΡΠ°ΡΡΠ½ΡΠΉ ΠΈΠ½Π²Π΅ΡΡΠΎΡ
ΠΒ 2007 Π³ΠΎΠ΄Ρ Π£ΠΎΡΡΠ΅Π½ ΠΠ°ΡΡΠ΅ΡΡ Π²Β ΠΏΠΈΡΡΠΌΠ΅ ΠΊΒ Π°ΠΊΡΠΈΠΎΠ½Π΅ΡΠ°ΠΌ ΡΠ²ΠΎΠ΅ΠΉ ΠΊΠΎΠΌΠΏΠ°Π½ΠΈΠΈ ΡΠ°ΡΡΠΊΠ°Π·Π°Π» ΠΈΠ΄Π΅Ρ ΠΎΠ±Β Β«ΡΠΊΠΎΠ½ΠΎΠΌΠΈΡΠ΅ΡΠΊΠΈΡ ΡΠ²Π°Ρ Β». ΠΡΠΎ ΡΡΠ°Π²Π½Π΅Π½ΠΈΠ΅ Π±ΠΈΠ·Π½Π΅ΡΠ° ΡΠΎΒ ΡΡΠ΅Π΄Π½Π΅Π²Π΅ΠΊΠΎΠ²ΡΠΌ Π·Π°ΠΌΠΊΠΎΠΌ, ΡΒ ΠΊΠΎΡΠΎΡΠΎΠ³ΠΎ Π΅ΡΡΡ ΡΠ²ΡΒ β ΠΎΠ½ΠΈ Π½Π°ΠΏΠΎΠ»Π½Π΅Π½Ρ Π²ΠΎΠ΄ΠΎΠΉ ΠΈΒ Π·Π°ΡΠΈΡΠ°ΡΡ ΠΎΡΒ Π²ΡΠ°Π³ΠΎΠ².
ΠΒ Π±ΠΈΠ·Π½Π΅ΡΠ΅ ΡΠ²ΡΒ β ΡΡΠΎ ΡΠ½ΠΈΠΊΠ°Π»ΡΠ½Π°Ρ ΡΠ΅Ρ Π½ΠΎΠ»ΠΎΠ³ΠΈΡ, Π½ΠΈΠ·ΠΊΠ°Ρ ΡΠ΅Π±Π΅ΡΡΠΎΠΈΠΌΠΎΡΡΡ ΡΠΎΠ²Π°ΡΠ°, ΡΠ·Π½Π°Π²Π°Π΅ΠΌΡΠΉ Π±ΡΠ΅Π½Π΄ ΠΈΠ»ΠΈ ΠΏΠ°ΡΠ΅Π½ΡΡ. ΠΡΠ΅ ΡΡΠΎ ΠΏΠΎΠΌΠΎΠ³Π°Π΅Ρ ΠΏΠΎΠ»ΡΡΠ°ΡΡ Π±ΠΎΠ»ΡΡΠ΅ ΠΏΡΠΈΠ±ΡΠ»ΠΈ, ΡΠ΅ΠΌ ΠΊΠΎΠ½ΠΊΡΡΠ΅Π½ΡΡ, Π°Β Π·Π½Π°ΡΠΈΡ, ΠΏΡΠΎΡΠ΅ ΠΏΠ΅ΡΠ΅ΠΆΠΈΡΡ ΡΡΡΠ΄Π½ΡΠ΅ ΡΠΊΠΎΠ½ΠΎΠΌΠΈΡΠ΅ΡΠΊΠΈΠ΅ ΡΠΈΡΡΠ°ΡΠΈΠΈ Π²Β ΡΡΡΠ°Π½Π΅ ΠΈΠ»ΠΈ ΠΎΡΡΠ°ΡΠ»ΠΈ. ΠΡΠΎΠ΄Π΅ ΠΊΠ°ΠΊ ΡΒ ΡΠ²ΠΎΠ΅Π³ΠΎ Π±ΠΈΠ·Π½Π΅ΡΠ° Π΄ΠΎΠ»ΠΆΠ½Π° Π±ΡΡΡ ΠΊΠ°ΠΊΠ°Ρ-ΡΠΎ ΡΠ½ΠΈΠΊΠ°Π»ΡΠ½Π°Ρ ΡΠΈΡΠΊΠ°, Π±Π»Π°Π³ΠΎΠ΄Π°ΡΡ ΠΊΠΎΡΠΎΡΠΎΠΉ ΡΡΒ Π²ΡΠ΄Π΅Π»ΡΠ΅ΡΡΡΡ ΠΈΒ Π½Π΅Π΄ΠΎΡΡΡΠΏΠ΅Π½ Π΄Π»Ρ ΠΊΠΎΠ½ΠΊΡΡΠ΅Π½ΡΠΎΠ².
ΠΒ Π²ΠΎΡ ΠΠ»ΠΎΠ½ ΠΠ°ΡΠΊ Π½Π΅Β Π²Π΅ΡΠΈΡ Π²Β ΡΠΊΠΎΠ½ΠΎΠΌΠΈΡΠ΅ΡΠΊΠΈΠ΅ ΡΠ²Ρ. ΠΠ½Β ΡΡΠΈΡΠ°Π΅Ρ, ΡΡΠΎ Π³Π»Π°Π²Π½ΠΎΠ΅Β β ΡΠΊΠΎΡΠΎΡΡΡ Π²Π½Π΅Π΄ΡΠ΅Π½ΠΈΡ ΠΈΠ½Π½ΠΎΠ²Π°ΡΠΈΠΉ. Π’ΠΈΠΏΠ° Β«Π£Β ΡΠ΅Π±Ρ ΠΌΠΎΠ³Π»ΠΎ Π±ΡΡΡ ΠΏΡΠ΅ΠΈΠΌΡΡΠ΅ΡΡΠ²ΠΎ ΡΠ°Π½ΡΡΠ΅, Π½ΠΎΒ ΡΒ ΡΠ΅ΠΉΡΠ°Ρ Π½Π°Π²Π½Π΅Π΄ΡΡΡ ΠΊΠ»Π°ΡΡΠ½ΡΡ ΡΠ΅Ρ Π½ΠΎΠ»ΠΎΠ³ΠΈΠΉ ΠΈΒ ΠΎΠ±ΠΎΠΉΠ΄Ρ ΡΠ΅Π±Ρ. ΠΠ°ΠΊ ΡΠ΅Π±Π΅ ΡΠ°ΠΊΠΎΠ΅, Π£ΠΎΡΡΠ΅Π½ ΠΠ°ΡΡΠ΅ΡΡ?Β»
ΠΠ°ΡΡΠ΅ΡΡ ΠΎΡΠ²Π΅ΡΠΈΠ»: Β«Π Π°Π· Π½Π΅Β Π²Π΅ΡΠΈΡΡ, ΡΠΎΒ ΠΈΒ Π½Π΅Β ΡΠΌΠΎΠΆΠ΅ΡΡ ΡΡΠ³Π°ΡΡΡΡ ΡΒ ΠΌΠΎΠΈΠΌ ΠΊΠΎΠ½Π΄ΠΈΡΠ΅ΡΡΠΊΠΈΠΌ Π±ΠΈΠ·Π½Π΅ΡΠΎΠΌ. Π£Β ΠΌΠ΅Π½Ρ Π΅ΡΡΡ ΡΠΎΠ², Π°Β ΡΡΒ ΡΠΎΒ ΡΠ²ΠΎΠΈΠΌΠΈ ΡΠΎΠ±ΠΎΡΠ°ΠΌΠΈ ΠΌΠΎΠΆΠ΅ΡΡ Π»Π΅ΡΠ΅ΡΡ Π½Π°Β ΠΠ°ΡΡΒ». ΠΠ»ΠΎΠ½ ΠΠ°ΡΠΊ ΡΠΎΠ±ΡΠ°Π»ΡΡ Π΄ΠΎΠΊΠ°Π·Π°ΡΡ ΠΎΠ±ΡΠ°ΡΠ½ΠΎΠ΅ ΠΈΒ ΠΎΡΠΊΡΡΡΡ ΡΠΎΠ±ΡΡΠ²Π΅Π½Π½ΡΡ ΠΊΠΎΠ½Π΄ΠΈΡΠ΅ΡΡΠΊΡΡ ΡΠ°Π±ΡΠΈΠΊΡ.
Π§Π΅ΠΌ ΠΊΠΎΠ½ΡΠΈΡΡΡ ΠΈΡ Β ΡΠΏΠΎΡΒ β ΠΏΠΎΡΠΌΠΎΡΡΠΈΠΌ. ΠΒ ΠΌΡΒ ΡΡΡ ΡΠΎΠ±ΡΠ°Π»ΠΈΡΡ ΡΠ°Π΄ΠΈ ΠΌΠ°ΡΡΠ°ΡΡΠΈ. ΠΠ΅Π»ΠΎ Π²Β ΡΠΎΠΌ, ΡΡΠΎ ΡΠ΅ΠΎΡΠΈΡ ΡΠΊΠΎΠ½ΠΎΠΌΠΈΡΠ΅ΡΠΊΠΈΡ ΡΠ²ΠΎΠ² ΠΠ°ΡΡΠ΅ΡΡΠ° ΠΌΠΎΠΆΠ΅Ρ ΠΏΠΎΠΌΠΎΡΡ Π²Β Π²ΡΠ±ΠΎΡΠ΅ Π°ΠΊΡΠΈΠΉ Π΄Π»Ρ ΠΈΠ½Π²Π΅ΡΡΠΈΡΠΎΠ²Π°Π½ΠΈΡ. Π Π°ΡΡΠΌΠΎΡΡΠΈΠΌ ΠΏΡΠΈΠΌΠ΅Ρ.
ΠΠ°Β ΡΡΠΎ ΡΠΌΠΎΡΡΠ΅ΡΡ



Π Π΅Π·ΡΠ»ΡΡΠ°ΡΡ Β«ΠΠΏΠ»Π°Β» Π·Π°Β 2017 ΡΠΈΠ½Π°Π½ΡΠΎΠ²ΡΠΉ Π³ΠΎΠ΄
ΠΠΎΠΊΠ°Π·Π°ΡΠ΅Π»Ρ | Π‘ΡΠΌΠΌΠ°, ΠΌΠ»Π½Β $ |
---|---|
ΠΡΡΡΡΠΊΠ° | 229Β 234 |
ΠΠ°Π»ΠΎΠ²Π°Ρ ΠΏΡΠΈΠ±ΡΠ»Ρ | 88Β 186 |
ΠΠΏΠ΅ΡΠ°ΡΠΈΠΎΠ½Π½Π°Ρ ΠΏΡΠΈΠ±ΡΠ»Ρ | 61Β 344 |
ΠΡΠΈΠ±ΡΠ»Ρ Π΄ΠΎΒ Π½Π°Π»ΠΎΠ³ΠΎΠ² | 64Β 089 |
Π£ΠΏΠ»Π°ΡΠ΅Π½Π½ΡΠ΅ Π½Π°Π»ΠΎΠ³ΠΈ | 15Β 738 |
ΠΡΠΈΠ±ΡΠ»Ρ | 48Β 351 |
ΠΠ΅Π½Π΅ΠΆΠ½ΡΠ΅ ΡΡΠ΅Π΄ΡΡΠ²Π° | 20Β 289 |
ΠΡΠ°ΡΠΊΠΎΡΡΠΎΡΠ½ΡΠΉ Π΄ΠΎΠ»Π³ | 6496 |
ΠΠΎΠ»Π³ΠΎΡΡΠΎΡΠ½ΡΠΉ Π΄ΠΎΠ»Π³ | 97Β 207 |
ΠΠ°ΠΏΠΈΡΠ°Π» | 134Β 047 |
ΠΠΎΠΊΠ°Π·Π°ΡΠ΅Π»Ρ
ΠΌΠ»Π½Β $
ΠΠ°Π»ΠΎΠ²Π°Ρ ΠΏΡΠΈΠ±ΡΠ»Ρ
88Β 186
ΠΠΏΠ΅ΡΠ°ΡΠΈΠΎΠ½Π½Π°Ρ ΠΏΡΠΈΠ±ΡΠ»Ρ
61Β 344
ΠΡΠΈΠ±ΡΠ»Ρ Π΄ΠΎΒ Π½Π°Π»ΠΎΠ³ΠΎΠ²
64Β 089
Π£ΠΏΠ»Π°ΡΠ΅Π½Π½ΡΠ΅ Π½Π°Π»ΠΎΠ³ΠΈ
15Β 738
ΠΠ΅Π½Π΅ΠΆΠ½ΡΠ΅ ΡΡΠ΅Π΄ΡΡΠ²Π°
20Β 289
ΠΡΠ°ΡΠΊΠΎΡΡΠΎΡΠ½ΡΠΉ Π΄ΠΎΠ»Π³
6496
ΠΠΎΠ»Π³ΠΎΡΡΠΎΡΠ½ΡΠΉ Π΄ΠΎΠ»Π³
97Β 207
Π§ΡΠΎ ΡΡΠΈΡΠ°ΡΡ
Π§ΡΠΎΠ±Ρ ΠΎΡΠ΅Π½ΠΈΡΡ ΠΊΠΎΠΌΠΏΠ°Π½ΠΈΡ ΠΏΠΎΒ ΠΏΡΠΈΠ½ΡΠΈΠΏΡ ΡΠΊΠΎΠ½ΠΎΠΌΠΈΡΠ΅ΡΠΊΠΈΡ ΡΠ²ΠΎΠ², Π½ΡΠΆΠ½ΠΎ ΠΏΠΎΡΡΠΈΡΠ°ΡΡ Π½Π΅ΡΠΊΠΎΠ»ΡΠΊΠΎ ΠΌΡΠ»ΡΡΠΈΠΏΠ»ΠΈΠΊΠ°ΡΠΎΡΠΎΠ²Β β ΠΏΡΠΎΠΈΠ·Π²ΠΎΠ΄Π½ΡΡ ΡΠΈΠ½Π°Π½ΡΠΎΠ²ΡΡ ΠΏΠΎΠΊΠ°Π·Π°ΡΠ΅Π»Π΅ΠΉ. ΠΠ°ΡΠΈ ΡΠ°ΡΡΠ΅ΡΡ ΠΌΠΎΠΆΠ½ΠΎ ΠΏΠΎΡΠΌΠΎΡΡΠ΅ΡΡ Π²Β ΡΠ°Π±Π»ΠΈΡΠ΅. Π Π°ΡΡΠΊΠ°ΠΆΡ, ΡΡΠΎ ΠΈΒ Π·Π°ΡΠ΅ΠΌ ΡΡΠΈΡΠ°Π».

Π§ΡΠΎ ΡΠ°ΠΊΠΎΠ΅ ΠΌΡΠ»ΡΡΠΈΠΏΠ»ΠΈΠΊΠ°ΡΠΎΡΡ
ΠΡΠ»ΡΡΠΈΠΏΠ»ΠΈΠΊΠ°ΡΠΎΡΡ Β«ΠΠΏΠ»Π°Β»
ΠΠ°Π»ΠΎΠ²Π°Ρ ΠΌΠ°ΡΠΆΠ°
Π₯ΠΎΡΠΎΡΠΎ ΠΏΠΎΒ ΠΌΠ½Π΅Π½ΠΈΡ ΠΠ°ΡΡΠ΅ΡΡΠ°
ΠΠΎΠ»ΡΡΠ΅ 40%
Π Π΅Π½ΡΠ°Π±Π΅Π»ΡΠ½ΠΎΡΡΡ ΠΈΠ½Π²Π΅ΡΡΠΈΡΠΎΠ²Π°Π½Π½ΠΎΠ³ΠΎ ΠΊΠ°ΠΏΠΈΡΠ°Π»Π° (ROIC)
Π₯ΠΎΡΠΎΡΠΎ ΠΏΠΎΒ ΠΌΠ½Π΅Π½ΠΈΡ ΠΠ°ΡΡΠ΅ΡΡΠ°
ΠΠΎΠ»ΡΡΠ΅ 12%
ΠΠΎΠ»Π³ ΠΊΒ ΠΊΠ°ΠΏΠΈΡΠ°Π»Ρ
Π₯ΠΎΡΠΎΡΠΎ ΠΏΠΎΒ ΠΌΠ½Π΅Π½ΠΈΡ ΠΠ°ΡΡΠ΅ΡΡΠ°
ΠΠ΅Π½ΡΡΠ΅ 1
ΠΠ°ΡΠΆΠ° ΡΠ²ΠΎΠ±ΠΎΠ΄Π½ΠΎΠ³ΠΎ Π΄Π΅Π½Π΅ΠΆΠ½ΠΎΠ³ΠΎ ΠΏΠΎΡΠΎΠΊΠ° (FCF margin)
Π₯ΠΎΡΠΎΡΠΎ ΠΏΠΎΒ ΠΌΠ½Π΅Π½ΠΈΡ ΠΠ°ΡΡΠ΅ΡΡΠ°
ΠΠΎΠ»ΡΡΠ΅Β β Π»ΡΡΡΠ΅
ΠΠ°Π»ΠΎΠ²Π°Ρ ΠΌΠ°ΡΠΆΠ°Β β ΠΏΠΎΠΊΠ°Π·ΡΠ²Π°Π΅Ρ, ΡΠΊΠΎΠ»ΡΠΊΠΎ Π΄Π΅Π½Π΅Π³ ΠΎΡΡΠ°Π΅ΡΡΡ ΡΒ ΠΊΠΎΠΌΠΏΠ°Π½ΠΈΠΈ ΠΎΡΒ ΠΏΡΠΎΠ΄Π°ΠΆΠΈ ΡΠΎΠ²Π°ΡΠΎΠ² Π·Π°Β Π²ΡΡΠ΅ΡΠΎΠΌ ΡΠ΅Π±Π΅ΡΡΠΎΠΈΠΌΠΎΡΡΠΈ Π½Π°Β ΠΏΡΠΎΠΈΠ·Π²ΠΎΠ΄ΡΡΠ²ΠΎ ΠΏΡΠΎΠ΄ΡΠΊΡΠ°. Π€ΠΎΡΠΌΡΠ»Π°: Π²Π°Π»ΠΎΠ²Π°Ρ ΠΏΡΠΈΠ±ΡΠ»Ρ / Π²ΡΡΡΡΠΊΠ°. ΠΠ°ΡΡΠ΅ΡΡ ΡΡΠΈΡΠ°Π΅Ρ, ΡΡΠΎ Π΅ΡΠ»ΠΈ Π·Π½Π°ΡΠ΅Π½ΠΈΠ΅ Π²Π°Π»ΠΎΠ²ΠΎΠΉ ΠΌΠ°ΡΠΆΠΈ Π±ΠΎΠ»ΡΡΠ΅ 40%, ΡΠΎΒ ΡΒ ΠΊΠΎΠΌΠΏΠ°Π½ΠΈΠΈ Π΅ΡΡΡ Π΄ΠΎΠ»Π³ΠΎΡΡΠΎΡΠ½ΠΎΠ΅ ΠΊΠΎΠ½ΠΊΡΡΠ΅Π½ΡΠ½ΠΎΠ΅ ΠΏΡΠ΅ΠΈΠΌΡΡΠ΅ΡΡΠ²ΠΎ. Π£Β Β«Πпла» β 38,5%, ΡΒ Β«Π‘Π°ΠΌΡΡнга» β 46%.
Π. ΠΠ°ΡΡΠ΅ΡΡ, Π. ΠΠ»Π°ΡΠΊ Β«Warren Buffett and the Interpretation ofΒ Financial StatementsΒ», Π³Π»Π°Π²Π° 10
Π Π΅Π½ΡΠ°Π±Π΅Π»ΡΠ½ΠΎΡΡΡ ΠΈΠ½Π²Π΅ΡΡΠΈΡΠΎΠ²Π°Π½Π½ΠΎΠ³ΠΎ ΠΊΠ°ΠΏΠΈΡΠ°Π»Π° (ROIC)Β β Π΄ΠΎΡ ΠΎΠ΄Π½ΠΎΡΡΡ ΠΊΠΎΠΌΠΏΠ°Π½ΠΈΠΈ ΠΎΡΒ Π²ΡΠ΅Π³ΠΎ ΠΈΠ½Π²Π΅ΡΡΠΈΡΠΎΠ²Π°Π½Π½ΠΎΠ³ΠΎ ΠΊΠ°ΠΏΠΈΡΠ°Π»Π°. ΠΠ½Π²Π΅ΡΡΠΈΡΠΎΠ²Π°Π½Π½ΡΠΉ ΠΊΠ°ΠΏΠΈΡΠ°Π»Β β ΡΡΠΎ ΡΡΠΌΠΌΠ° ΡΠΎΠ±ΡΡΠ²Π΅Π½Π½ΠΎΠ³ΠΎ ΠΊΠ°ΠΏΠΈΡΠ°Π»Π°, ΠΊΡΠ°ΡΠΊΠΎΡΡΠΎΡΠ½ΡΡ ΠΈΒ Π΄ΠΎΠ»Π³ΠΎΡΡΠΎΡΠ½ΡΡ ΠΊΡΠ΅Π΄ΠΈΡΠΎΠ² Π·Π°Β Π²ΡΡΠ΅ΡΠΎΠΌ Π΄Π΅Π½Π΅ΠΆΠ½ΡΡ ΡΡΠ΅Π΄ΡΡΠ² Π½Π°Β ΡΡΠ΅ΡΠ°Ρ . ΠΠ°ΡΡΠ΅ΡΡ ΡΡΠΈΡΠ°Π΅Ρ ΠΏΡΠΈΠ΅ΠΌΠ»Π΅ΠΌΡΠΌ ΡΠ΅Π·ΡΠ»ΡΡΠ°Ρ Π½Π΅Β ΠΌΠ΅Π½Π΅Π΅ 12%. Π€ΠΎΡΠΌΡΠ»Π°: ΠΎΠΏΠ΅ΡΠ°ΡΠΈΠΎΠ½Π½Π°Ρ ΠΏΡΠΈΠ±ΡΠ»Ρ ΓΒ (1Β βΒ ΡΡΠ°Π²ΠΊΠ° Π½Π°Π»ΠΎΠ³Π°) / ΠΈΠ½Π²Π΅ΡΡΠΈΡΠΎΠ²Π°Π½Π½ΡΠΉ ΠΊΠ°ΠΏΠΈΡΠ°Π». Π£Β Β«Πпла» β 21,3%, ΡΒ Β«Π‘Π°ΠΌΡΡнга» β 19,7%.
ΠΠΎΠ»Π³ ΠΊΒ ΠΊΠ°ΠΏΠΈΡΠ°Π»Ρ, ΠΈΠ»ΠΈ Debt-to-equity,Β β ΠΏΠΎΠΊΠ°Π·ΡΠ²Π°Π΅Ρ ΡΠΎΠΎΡΠ½ΠΎΡΠ΅Π½ΠΈΠ΅ Π΄ΠΎΠ»Π³ΠΎΠ² ΠΊΠΎΠΌΠΏΠ°Π½ΠΈΠΈ ΠΊΒ ΡΠΎΠ±ΡΡΠ²Π΅Π½Π½ΡΠΌ Π΄Π΅Π½ΡΠ³Π°ΠΌ. Π€ΠΎΡΠΌΡΠ»Π°: ΡΡΠΌΠΌΠ° ΠΊΡΠ΅Π΄ΠΈΡΠΎΠ² ΠΈΒ Π·Π°ΠΉΠΌΠΎΠ² / ΠΊΠ°ΠΏΠΈΡΠ°Π». ΠΠ΅Π½ΡΡΠ΅ 1Β β Ρ ΠΎΡΠΎΡΠΎ. Π£Β Β«ΠΠΏΠ»Π°Β» Π·Π½Π°ΡΠ΅Π½ΠΈΠ΅ 0,8Β β Π½Π°Β 1Β Π΄ΠΎΠ»Π»Π°Ρ ΡΠΎΠ±ΡΡΠ²Π΅Π½Π½ΡΡ ΡΡΠ΅Π΄ΡΡΠ² ΠΏΡΠΈΡ ΠΎΠ΄ΠΈΡΡΡ 0,8Β Π΄ΠΎΠ»Π»Π°ΡΠ° Π·Π°Π΅ΠΌΠ½ΡΡ . ΠΒ ΡΠ»ΡΡΠ°Π΅ Π½Π΅ΠΏΡΠ΅Π΄Π²ΠΈΠ΄Π΅Π½Π½ΠΎΠΉ ΡΠΈΡΡΠ°ΡΠΈΠΈ ΡΒ ΠΊΠΎΠΌΠΏΠ°Π½ΠΈΠΈ Ρ Π²Π°ΡΠΈΡ ΡΡΠ΅Π΄ΡΡΠ² ΠΏΠΎΠΊΡΡΡΡ Π²ΡΠ΅ Π΄ΠΎΠ»Π³ΠΈ.
ΠΠ°ΡΠΆΠ° ΡΠ²ΠΎΠ±ΠΎΠ΄Π½ΠΎΠ³ΠΎ Π΄Π΅Π½Π΅ΠΆΠ½ΠΎΠ³ΠΎ ΠΏΠΎΡΠΎΠΊΠ°Β β ΠΏΠΎΠΊΠ°Π·ΡΠ²Π°Π΅Ρ, ΡΠΊΠΎΠ»ΡΠΊΠΎ ΡΒ ΠΊΠΎΠΌΠΏΠ°Π½ΠΈΠΈ Π΄Π΅Π½Π΅ΠΆΠ½ΠΎΠΉ ΠΏΡΠΈΠ±ΡΠ»ΠΈ ΠΏΠΎΡΠ»Π΅ ΠΎΠ±ΡΠ·Π°ΡΠ΅Π»ΡΠ½ΡΡ ΠΈΠ½Π²Π΅ΡΡΠΈΡΠΈΠΉ Π²Β Π±ΠΈΠ·Π½Π΅Ρ. Π€ΠΎΡΠΌΡΠ»Π°: ΡΠ²ΠΎΠ±ΠΎΠ΄Π½ΡΠΉ Π΄Π΅Π½Π΅ΠΆΠ½ΡΠΉ ΠΏΠΎΡΠΎΠΊ / Π²ΡΡΡΡΠΊΠ°. ΠΠΎΠ»ΡΡΠ΅Β β Π»ΡΡΡΠ΅. Π‘Π²ΠΎΠ±ΠΎΠ΄Π½ΡΠΉ Π΄Π΅Π½Π΅ΠΆΠ½ΡΠΉ ΠΏΠΎΡΠΎΠΊΒ β ΡΠ°Π·Π½ΠΈΡΠ° ΠΎΠΏΠ΅ΡΠ°ΡΠΈΠΎΠ½Π½ΠΎΠ³ΠΎ Π΄Π΅Π½Π΅ΠΆΠ½ΠΎΠ³ΠΎ ΠΏΠΎΡΠΎΠΊΠ° ΠΈΒ ΠΊΠ°ΠΏΠΈΡΠ°Π»ΡΠ½ΡΡ ΡΠ°ΡΡ ΠΎΠ΄ΠΎΠ². ΠΡΡΠΎΠΊΠΈΠΉ ΡΡΠΎΠ²Π΅Π½Ρ ΠΌΠ°ΡΠΆΠΈ ΡΠ²ΠΎΠ±ΠΎΠ΄Π½ΠΎΠ³ΠΎ Π΄Π΅Π½Π΅ΠΆΠ½ΠΎΠ³ΠΎ ΠΏΠΎΡΠΎΠΊΠ° ΠΏΠΎΠΊΠ°Π·ΡΠ²Π°Π΅Ρ, ΡΡΠΎ ΠΊΠΎΠΌΠΏΠ°Π½ΠΈΠΈ Π½Π΅Β Π½ΡΠΆΠ½ΠΎ Π²ΠΊΠ»Π°Π΄ΡΠ²Π°ΡΡ ΠΌΠ½ΠΎΠ³ΠΎ Π΄Π΅Π½Π΅Π³, ΡΡΠΎΠ±Ρ ΠΏΠΎΠ΄Π΄Π΅ΡΠΆΠΈΠ²Π°ΡΡ Π±ΠΈΠ·Π½Π΅Ρ Π½Π°Β ΠΎΠ΄Π½ΠΎΠΌ ΡΡΠΎΠ²Π½Π΅.
Π‘ΠΈΠ»Π° Π±ΡΠ΅Π½Π΄Π°. Π‘ΡΠ±ΡΠ΅ΠΊΡΠΈΠ²Π½ΡΠΉ ΠΏΠΎΠΊΠ°Π·Π°ΡΠ΅Π»Ρ, ΠΌΠΎΠΆΠ½ΠΎ Π²ΠΎΡΠΏΠΎΠ»ΡΠ·ΠΎΠ²Π°ΡΡΡΡ ΡΠ΅ΡΠ²ΠΈΡΠΎΠΌ Β«ΠΠ½ΡΠ΅ΡΠ±ΡСнд» β ΠΊΠΎΠΌΠΏΠ°Π½ΠΈΡ ΠΎΡΠ΅Π½ΠΈΠ²Π°Π΅Ρ ΡΡΠΎΠΈΠΌΠΎΡΡΡ Π±ΡΠ΅Π½Π΄Π° ΠΏΠΎΒ ΡΠ²ΠΎΠ΅ΠΉ ΡΠΎΡΠΌΡΠ»Π΅. Π‘Π΅ΡΠ²ΠΈΡ ΡΡΠΈΡΡΠ²Π°Π΅Ρ ΡΠΎΡΠΈΠ°Π»ΡΠ½ΡΠΉ ΡΡΠ°ΡΡΡ ΠΊΠΎΠΌΠΏΠ°Π½ΠΈΠΈ: Π»Π°ΠΉΠΊΠΈ, ΡΠ΅ΡΡ, ΡΠ΅ΠΏΠΎΡΡΡ Π²Β ΡΠΎΡΠΈΠ°Π»ΡΠ½ΡΡ ΡΠ΅ΡΡΡ . Π‘Π΅ΡΠ²ΠΈΡ ΠΎΡΠ΅Π½ΠΈΠ» Β«ΠΠΏΠ»Β» Π²Β 184Β ΠΌΠ»ΡΠ΄ Π΄ΠΎΠ»Π»Π°ΡΠΎΠ²Β β ΡΠ°ΠΌΡΠΉ Π΄ΠΎΡΠΎΠ³ΠΎΠΉ Π±ΡΠ΅Π½Π΄ Π²Β ΡΠ΅ΠΉΡΠΈΠ½Π³Π΅.
Π‘Π΅ΡΠ³Π΅ΠΉ, ΡΠ΄Π΅Π»Π°ΠΉ Π·Π°Β Π½Π°Ρ Π²ΡΠ²ΠΎΠ΄Ρ!
ΠΠ΅Π»Π°Ρ Π²ΡΠ²ΠΎΠ΄. Π£ΠΎΡΡΠ΅Π½ ΠΠ°ΡΡΠ΅ΡΡΒ β ΠΈΠ½Π²Π΅ΡΡΠΎΡ, ΠΊΠΎΡΠΎΡΡΠΉ ΠΏΠΎΠΊΡΠΏΠ°Π΅Ρ Π°ΠΊΡΠΈΠΈ ΠΊΠΎΠΌΠΏΠ°Π½ΠΈΠΉ ΠΈΒ ΠΏΠΎΠ»ΡΡΠ°Π΅Ρ Π΄ΠΈΠ²ΠΈΠ΄Π΅Π½Π΄Ρ. ΠΠ»ΠΎΠ½ ΠΠ°ΡΠΊ Π±ΠΎΠ»ΡΡΠ΅ ΠΈΠ·ΠΎΠ±ΡΠ΅ΡΠ°ΡΠ΅Π»Ρ, ΠΊΠΎΡΠΎΡΡΠΉ ΠΏΡΡΠ°Π΅ΡΡΡ ΡΠ΅Π°Π»ΠΈΠ·ΠΎΠ²Π°ΡΡ ΠΏΡΠΎΡΡΠ²Π½ΡΠ΅ ΠΈΠ΄Π΅ΠΈ. Π Π°Π·Π½ΡΠ΅ ΡΠ΅Π»ΠΈΒ β ΡΠ°Π·Π½ΡΠ΅ ΠΈΠ½ΡΡΡΡΠΌΠ΅Π½ΡΡ. ΠΡΡΠ²Π»ΡΡΡ, ΠΊΡΠΎ ΠΏΡΠ°Π², Π±Π΅ΡΡΠΌΡΡΠ»Π΅Π½Π½ΠΎ.
ΠΠ°ΡΡΠ΅ΡΡ ΠΈΡΠΏΠΎΠ»ΡΠ·ΡΠ΅Ρ Β«ΡΠΊΠΎΠ½ΠΎΠΌΠΈΡΠ΅ΡΠΊΠΈΠ΅ ΡΠ²ΡΒ» Π½Π°Β ΠΏΡΠΎΡΡΠΆΠ΅Π½ΠΈΠΈ Π²ΡΠ΅ΠΉ ΠΈΠ½Π²Π΅ΡΡΠΈΡΠΈΠΎΠ½Π½ΠΎΠΉ ΠΊΠ°ΡΡΠ΅ΡΡ.
ΠΡΠ»ΠΈ Π²Π΅ΡΠΈΡΡ ΠΠ°ΡΡΠ΅ΡΡΡ, ΡΠΎΒ ΡΒ ΠΊΠΎΠΌΠΏΠ°Π½ΠΈΠΈ Β«ΠΠΏΠ»Β» Π΅ΡΡΡ Π½Π΅ΠΊΠΎΡΠΎΡΠΎΠ΅ ΠΊΠΎΠ½ΠΊΡΡΠ΅Π½ΡΠ½ΠΎΠ΅ ΠΏΡΠ΅ΠΈΠΌΡΡΠ΅ΡΡΠ²ΠΎ, ΠΊΠΎΡΠΎΡΠΎΠ΅ ΠΏΠΎΠ·Π²ΠΎΠ»ΠΈΡ Π΅ΠΉΒ Π²ΡΡΡΠΎΡΡΡ Π²Β ΡΡΡΠ΄Π½ΡΡ Π³ΠΎΠ΄ΠΈΠ½Ρ. Π£Β Β«ΠΠΏΠ»Π°Β» Π΅ΡΡΡ ΡΠΎΠ². ΠΠ΅Π³Π»ΡΠ±ΠΎΠΊΠΈΠΉ, Π½ΠΎΒ Π΅ΡΡΡ.
ΠΠ°Π΄ΠΎ Π»ΠΈΒ ΠΏΠΎΠΊΡΠΏΠ°ΡΡ Π°ΠΊΡΠΈΠΈ Β«ΠΠΏΠ»Π°Β»? ΠΒ ΡΡΠΎΠ³ΠΎ Π½ΠΈΠΊΡΠΎ Π½Π΅Β Π·Π½Π°Π΅Ρ, Ρ Π΅-Ρ Π΅. ΠΠ°ΡΡΠ΅ΡΡ Π²ΠΎΠ½ ΠΏΠΎΠΊΡΠΏΠ°Π΅Ρ, Π½ΠΎΒ ΡΠΎΒ ΠΠ°ΡΡΠ΅ΡΡ. ΠΠΌΡ Π½Π΅ΡΡΡΠ°ΡΠ½ΠΎ ΠΈΒ ΠΏΠΎΡΠ΅ΡΡΡΡ Π½Π΅ΠΌΠ½ΠΎΠΆΠΊΠΎ.
ΠΡΠ»ΠΈ ΡΒ Π²Π°Ρ Π΅ΡΡΡ Π²ΠΎΠΏΡΠΎΡ ΠΎΠ±Β ΠΈΠ½Π²Π΅ΡΡΠΈΡΠΈΡΡ , Π»ΠΈΡΠ½ΡΡ ΡΠΈΠ½Π°Π½ΡΠ°Ρ ΠΈΠ»ΠΈ ΡΠ΅ΠΌΠ΅ΠΉΠ½ΠΎΠΌ Π±ΡΠ΄ΠΆΠ΅ΡΠ΅, ΠΏΠΈΡΠΈΡΠ΅: [email protected]. ΠΠ°Β ΡΠ°ΠΌΡΠ΅ ΠΈΠ½ΡΠ΅ΡΠ΅ΡΠ½ΡΠ΅ Π²ΠΎΠΏΡΠΎΡΡ ΠΎΡΠ²Π΅ΡΠΈΠΌ Π²Β ΠΆΡΡΠ½Π°Π»Π΅.
ROIC — ΡΡΠΎ… Π§ΡΠΎ ΡΠ°ΠΊΠΎΠ΅ ROIC?
ROIC β noun [C or U] ACCOUNTING, FINANCE βΊ abbreviation for RETURN ON INVESTED CAPITAL(Cf. βreturn on invested capital) β¦ Β Financial and business terms
roiΔ β {{/stl 13}}{{stl 8}}cz. ndk VIIb, rojΔ, roi, rΓ³j, rojony {{/stl 8}}{{stl 7}} snuΔ nierealne plany, marzyΔ o nierealnych rzeczach; fantazjowaΔ : {{/stl 7}}{{stl 10}}RoiΕ o wielkich podrΓ³ΕΌach. {{/stl 10}} β¦ Β Langenscheidt Polski wyjaΕnieΕ
roiΔ β ndk VIa, rojΔ, roisz, rΓ³j, roiΕ, rojony Β«myΕleΔ, marzyΔ czΔsto o czymΕ nierealnym, ukΕadaΔ nierealne plany; fantazjowaΔΒ» RoiΕa o przyszΕym szczΔΕciu. roiΔ siΔ 1. Β«o pszczoΕach i mrΓ³wkach skrzydlatych: wylatywaΔ gromadnie z ula lub mrowiska (poβ¦ β¦ Β SΕownik jΔzyka polskiego
ROIC β Return On Invested Capital (Business Β» Accounting) Return On Invested Capital (Business Β» Accounting) * ReadOut Integrated Circuit (Academic & Science Β» Electronics) * Resident Officer In Charge (Academic & Science Β» Architecture) * Residentβ¦ β¦ Β Abbreviations dictionary
ROIC β Readout Integrated Circuit Contributor:Β CASI β¦ Β NASA Acronyms
roiΔ siΔ β I {{/stl 13}}{{stl 8}}cz. 3. os ndk VIIb, roi siΔ {{/stl 8}}β wyroiΔ siΔ {{/stl 13}}{{stl 8}}dk VIIb {{/stl 8}}{{stl 7}} o pszczoΕach, mrΓ³wkach latajΔ cych: wylatywaΔ gromadnie z nowΔ matkΔ , opuszczaΔ miejsce dotychczasowego pobytu, aby zaΕoΕΌyΔβ¦ β¦ Β Langenscheidt Polski wyjaΕnieΕ
Return On Invested Capital — ROIC β A calculation used to assess a company s efficiency at allocating the capital under its control to profitable investments. The return on invested capital measure gives a sense of how well a company is using its money to generate returns.β¦ β¦ Β Investment dictionary
Apartmani RoiΔ β (Π‘ΡΠ°ΡΠΈ ΠΡΠ°Π΄,Π₯ΠΎΡΠ²Π°ΡΠΈΡ) ΠΠ°ΡΠ΅Π³ΠΎΡΠΈΡ ΠΎΡΠ΅Π»Ρ: 4 Π·Π²Π΅Π·Π΄ΠΎΡΠ½ΡΠΉ ΠΎΡΠ΅Π»Ρ ΠΠ΄ΡΠ΅Ρ: Domobranska 26, 2146 β¦ Β ΠΠ°ΡΠ°Π»ΠΎΠ³ ΠΎΡΠ΅Π»Π΅ΠΉ
Readout integrated circuits β (under development sep 15)Readout integrated circuit (ROIC) is an electrical circuit multiplexer that mechanically and electrically interfaces or couples to a focal plane array (FPA) sensor/detector serving to function as a voltage buffer whichβ¦ β¦ Β Wikipedia
Vorkosigan Saga β The Vorkosigan Saga is a series of science fiction novels and short stories set in a common fictional universe by American author Lois McMaster Bujold.[1] Most of these were published between 1986 and 2002, with the exceptions being βWinterfairβ¦ β¦ Β Wikipedia
NRDC Equity Partners β NRDC Equity Partners, LLC Type Private Ownership Industry Private Equity Founded 2006 Founder(s) β¦ Β Wikipedia
ROIC — ΡΡΠΎ… Π§ΡΠΎ ΡΠ°ΠΊΠΎΠ΅ ROIC?
ROIC β noun [C or U] ACCOUNTING, FINANCE βΊ abbreviation for RETURN ON INVESTED CAPITAL(Cf. βreturn on invested capital) β¦ Β Financial and business terms
roiΔ β {{/stl 13}}{{stl 8}}cz. ndk VIIb, rojΔ, roi, rΓ³j, rojony {{/stl 8}}{{stl 7}} snuΔ nierealne plany, marzyΔ o nierealnych rzeczach; fantazjowaΔ : {{/stl 7}}{{stl 10}}RoiΕ o wielkich podrΓ³ΕΌach. {{/stl 10}} β¦ Β Langenscheidt Polski wyjaΕnieΕ
roiΔ β ndk VIa, rojΔ, roisz, rΓ³j, roiΕ, rojony Β«myΕleΔ, marzyΔ czΔsto o czymΕ nierealnym, ukΕadaΔ nierealne plany; fantazjowaΔΒ» RoiΕa o przyszΕym szczΔΕciu. roiΔ siΔ 1. Β«o pszczoΕach i mrΓ³wkach skrzydlatych: wylatywaΔ gromadnie z ula lub mrowiska (poβ¦ β¦ Β SΕownik jΔzyka polskiego
ROIC β Return On Invested Capital (Business Β» Accounting) Return On Invested Capital (Business Β» Accounting) * ReadOut Integrated Circuit (Academic & Science Β» Electronics) * Resident Officer In Charge (Academic & Science Β» Architecture) * Residentβ¦ β¦ Β Abbreviations dictionary
ROIC β Readout Integrated Circuit Contributor:Β CASI β¦ Β NASA Acronyms
Return On Invested Capital — ROIC β A calculation used to assess a company s efficiency at allocating the capital under its control to profitable investments. The return on invested capital measure gives a sense of how well a company is using its money to generate returns.β¦ β¦ Β Investment dictionary
Apartmani RoiΔ β (Π‘ΡΠ°ΡΠΈ ΠΡΠ°Π΄,Π₯ΠΎΡΠ²Π°ΡΠΈΡ) ΠΠ°ΡΠ΅Π³ΠΎΡΠΈΡ ΠΎΡΠ΅Π»Ρ: 4 Π·Π²Π΅Π·Π΄ΠΎΡΠ½ΡΠΉ ΠΎΡΠ΅Π»Ρ ΠΠ΄ΡΠ΅Ρ: Domobranska 26, 2146 β¦ Β ΠΠ°ΡΠ°Π»ΠΎΠ³ ΠΎΡΠ΅Π»Π΅ΠΉ
Readout integrated circuits β (under development sep 15)Readout integrated circuit (ROIC) is an electrical circuit multiplexer that mechanically and electrically interfaces or couples to a focal plane array (FPA) sensor/detector serving to function as a voltage buffer whichβ¦ β¦ Β Wikipedia
Vorkosigan Saga β The Vorkosigan Saga is a series of science fiction novels and short stories set in a common fictional universe by American author Lois McMaster Bujold.[1] Most of these were published between 1986 and 2002, with the exceptions being βWinterfairβ¦ β¦ Β Wikipedia
NRDC Equity Partners β NRDC Equity Partners, LLC Type Private Ownership Industry Private Equity Founded 2006 Founder(s) β¦ Β Wikipedia

ΠΡΡΡ ΠΌΠ½ΠΎΠ³ΠΎ ΠΌΠ½Π΅Π½ΠΈΠΉ, ΡΡΠΎ ΡΠ²Π»ΡΠ΅ΡΡΡ Π·Π°Π΄Π°ΡΠ΅ΠΉ ΠΌΠ΅Π½Π΅Π΄ΠΆΠ΅ΡΠ°. ΠΠΎ ΠΌΠΈΠΌΠΎ ΡΠ²Π½ΡΡ , ΡΠ°ΠΊΠΈΡ ΠΊΠ°ΠΊ: ΠΎΡΠ³Π°Π½ΠΈΠ·Π°ΡΠΈΡ ΡΠ°Π±ΠΎΡΠ΅Π³ΠΎ ΠΏΡΠΎΡΠ΅ΡΡΠ°, ΡΠΏΡΠ°Π²Π»Π΅Π½ΠΈΠ΅ ΠΈΠ½ΡΠΎΡΠΌΠ°ΡΠΈΠΎΠ½Π½ΡΠΌΠΈ ΠΏΠΎΡΠΎΠΊΠ°ΠΌΠΈ, ΠΌΠΎΡΠΈΠ²Π°ΡΠΈΡ, ΡΠ°Π·Π²ΠΈΡΠΈΠ΅ ΠΏΠ΅ΡΡΠΎΠ½Π°Π»Π°, ΠΊΠΎΠ½ΡΡΠΎΠ»Ρ ΠΈ Ρ.Π΄. Π΅ΡΡΡ ΡΠ° Π·Π°Π΄Π°ΡΠ°, ΠΊΠΎΡΠΎΡΠ°Ρ ΠΎΠ±ΡΡΠΆΠ΄Π°Π΅ΡΡΡ ΠΊΡΠ°ΠΉΠ½Π΅ ΡΠ΅Π΄ΠΊΠΎ, Π° ΠΈΠΌΠ΅Π½Π½ΠΎ β ΡΠΎΠ·Π΄Π°Π½ΠΈΠ΅ ΡΡΠΎΠΈΠΌΠΎΡΡΠΈ ΠΊΠΎΠΌΠΏΠ°Π½ΠΈΠΈ. ΠΡΠΈΠ½ΡΡΠΎ ΡΡΠΈΡΠ°ΡΡ, ΡΡΠΎ Π·Π° ΡΡΠΎΠΈΠΌΠΎΡΡΡ ΠΊΠΎΠΌΠΏΠ°Π½ΠΈΠΈ ΠΎΡΠ²Π΅ΡΠ°Π΅Ρ ΡΠΎΠ»ΡΠΊΠΎ Π²ΡΡΡΠΈΠΉ ΠΌΠ΅Π½Π΅Π΄ΠΆΠΌΠ΅Π½Ρ ΠΈ ΡΠΎΠ²Π΅Ρ Π΄ΠΈΡΠ΅ΠΊΡΠΎΡΠΎΠ², ΠΎΡ ΡΠ°ΡΡΠΈ ΡΡΠΎ ΡΠ°ΠΊ, Π½ΠΎ ΡΠΎΠ»ΡΠΊΠΎ ΠΎΡ ΡΠ°ΡΡΠΈ. ΠΠ½Π΅ Π·Π°Π²ΠΈΡΠΈΠΌΠΎΡΡΠΈ ΠΎΡ ΡΡΠΎΠ²Π½Ρ ΠΌΠ΅Π½Π΅Π΄ΠΆΠ΅ΡΠ° Π΅Π³ΠΎ Π΄Π΅ΠΉΡΡΠ²ΠΈΡ Π²Π»ΠΈΡΡΡ Π½Π° ΡΡΠΎΠΈΠΌΠΎΡΡΡ ΠΊΠΎΠΌΠΏΠ°Π½ΠΈΠΈ, ΠΏΡΡΡΡ Π΄Π°ΠΆΠ΅ ΠΊΠΎΡΠ²Π΅Π½Π½ΠΎ. ΠΠΎΠ½ΠΈΠΌΠ°Π½ΠΈΠ΅ ΠΌΠ΅Π½Π΅Π΄ΠΆΠ΅ΡΠΎΠΌ, ΠΊΠ°ΠΊ ΡΠΎΡΠΌΠΈΡΡΠ΅ΡΡΡ ΡΡΠΎΠΈΠΌΠΎΡΡΡ ΠΊΠΎΠΌΠΏΠ°Π½ΠΈΠΈ, Π° ΡΠ°ΠΊΠΆΠ΅ ΠΊΠ°ΠΊΠΈΠ΅ ΠΏΠΎΠΊΠ°Π·Π°ΡΠ΅Π»ΠΈ Π·Π° ΡΡΠΎ ΠΎΡΠ²Π΅ΡΠ°ΡΡ Π²Π°ΠΆΠ½ΠΎ Π½Π΅ ΡΠΎΠ»ΡΠΊΠΎ Π΄Π»Ρ ΠΎΠ±ΡΠ΅Π³ΠΎ ΡΠ°Π·Π²ΠΈΡΠΈΡ ΠΌΠ΅Π½Π΅Π΄ΠΆΠ΅ΡΠ°, Π½ΠΎ Π²Π»ΠΈΡΠ΅Ρ Π½Π° ΠΊΠ°ΡΠ΅ΡΡΠ²ΠΎ ΠΏΡΠΈΠ½ΠΈΠΌΠ°Π΅ΠΌΡΡ ΠΈΠΌ ΡΠ΅ΡΠ΅Π½ΠΈΠΉ. Π ΡΡΠΎΠΉ ΡΡΠ°ΡΡΠ΅ ΠΌΡ
EBITDA
Π Π΄Π°Π½Π½ΠΎΠΌ ΠΏΠΎΠΊΠ°Π·Π°ΡΠ΅Π»Π΅ Π½Π°Π²Π΅ΡΠ½ΡΠΊΠ° ΡΠ»ΡΡΠ°Π» ΠΊΠ°ΠΆΠ΄ΡΠΉ β ΡΡΠΎ Β«ΠΊΡΠ°Π΅ΡΠ³ΠΎΠ»ΡΠ½ΡΠΉ ΠΊΠ°ΠΌΠ΅Π½ΡΒ» Π½Π° ΠΊΠΎΡΠΎΡΠΎΠΌ ΡΡΡΠΎΠΈΡΡΡ ΠΎΡΠ΅Π½ΠΊΠ° ΠΊΠΎΠΌΠΏΠ°Π½ΠΈΠΈ, Π½Π° ΠΊΠΎΡΠΎΡΠΎΠΌ Π΄Π΅ΡΠΆΠΈΡΡΡ ΠΈΠ½Π²Π΅ΡΡΠΈΡΠΈΠΎΠ½Π½ΠΎΠΉ ΠΏΡΠΈΠ²Π»Π΅ΠΊΠ°ΡΠ΅Π»ΡΠ½ΠΎΡΡΠΈ ΠΊΠΎΠΌΠΏΠ°Π½ΠΈΠΈ. EBITDA (Earnings before interest, tax, Depreciation and Amortization) β ΠΏΡΠΈΠ±ΡΠ»Ρ Π΄ΠΎ Π²ΡΡΠ΅ΡΠ° ΠΏΡΠΎΡΠ΅Π½ΡΠΎΠ², Π½Π°Π»ΠΎΠ³ΠΎΠ² ΠΈ Π°ΠΌΠΎΡΡΠΈΠ·Π°ΡΠΈΠΈ. ΠΠΎ ΡΠ°ΠΊΡΡ ΡΡΠΎ ΠΏΠΎΠΊΠ°Π·Π°ΡΠ΅Π»Ρ ΠΎΡΡΠ°ΠΆΠ°Π΅Ρ Π΄ΠΎΡ ΠΎΠ΄ ΠΊΠΎΠΌΠΏΠ°Π½ΠΈΠΈ Π±Π΅Π· ΡΡΠ΅ΡΠ° ΡΡΡΡΠΊΡΡΡΡ ΠΊΠ°ΠΏΠΈΡΠ°Π»Π° β Ρ.Π΅. Π΄ΠΎ ΡΠΏΠ»Π°ΡΡ ΠΎΠ±ΡΠ·Π°ΡΠ΅Π»ΡΡΡΠ² ΠΏΠΎ Π·Π°Π΅ΠΌΠ½ΠΎΠΌΡ ΠΊΠ°ΠΏΠΈΡΠ°Π»Ρ, Π° ΡΠ°ΠΊΠΆΠ΅ Π±Π΅Π· ΠΎΡΠΎΠ±Π΅Π½Π½ΠΎΡΡΠ΅ΠΉ Π°ΠΌΠΎΡΡΠΈΠ·Π°ΡΠΈΠΎΠ½Π½ΠΎΠΉ ΠΏΠΎΠ»ΠΈΡΠΈΠΊΠΈ ΠΊΠΎΠΌΠΏΠ°Π½ΠΈΠΈ. ΠΡΠΎ Π³ΡΡΠ±Π°Ρ ΠΎΡΠ΅Π½ΠΊΠ° Π΄Π΅Π½Π΅ΠΆΠ½ΠΎΠ³ΠΎ ΠΏΠΎΡΠΎΠΊΠ° ΠΊΠΎΠΌΠΏΠ°Π½ΠΈΠΈ. ΠΡΠ½ΠΎΠ²Π½Π°Ρ ΡΠ΅Π»Ρ Π΄Π°Π½Π½ΠΎΠ³ΠΎ ΠΏΠΎΠΊΠ°Π·Π°ΡΠ΅Π»Ρ β ΡΡΠΎ ΡΡΠ°Π²Π½Π΅Π½ΠΈΠ΅ Ρ Π΄ΡΡΠ³ΠΈΠΌΠΈ ΠΎΡΠ³Π°Π½ΠΈΠ·Π°ΡΠΈΡΠΌΠΈ ΠΏΠΎ ΠΎΡΡΠ°ΡΠ»ΠΈ Π΄Π»Ρ ΠΎΡΠ΅Π½ΠΊΠΈ ΡΡΠΏΠ΅ΡΠ½ΠΎΡΡΠΈ ΠΎΡΠ³Π°Π½ΠΈΠ·Π°ΡΠΈΠΈ. ΠΠΎΡΡΠΎΠΌΡ Π½ΠΈΠ·ΠΊΠΈΠ΅ ΠΏΠΎΠΊΠ°Π·Π°ΡΠ΅Π»ΠΈ ΠΊΠΎΠΌΠΏΠ°Π½ΠΈΠΈ ΠΎΡΠ½ΠΎΡΠΈΡΠ΅Π»ΡΠ½ΠΎ ΠΎΡΡΠ°ΡΠ»ΠΈ Π½Π΅Π³Π°ΡΠΈΠ²Π½ΠΎ Π²ΠΎΡΠΏΡΠΈΠ½ΠΈΠΌΠ°ΡΡΡΡ ΠΈΠ½Π²Π΅ΡΡΠΎΡΠ°ΠΌΠΈ.
OIBDA (Operating Income Before Depreciation And Amortization) β ΠΎΠΏΠ΅ΡΠ°ΡΠΈΠΎΠ½Π½Π°Ρ ΠΏΡΠΈΠ±ΡΠ»Ρ ΠΊΠΎΠΌΠΏΠ°Π½ΠΈΠΈ Π΄ΠΎ Π²ΡΡΠ΅ΡΠ° Π°ΠΌΠΎΡΡΠΈΠ·Π°ΡΠΈΠΎΠ½Π½ΡΡ ΠΎΡΡΠΈΡΠ»Π΅Π½ΠΈΠΉ. ΠΡΠ»ΠΈ ΠΊΡΠΎ-ΡΠΎ Π½Π΅ ΡΡΠ°Π»ΠΊΠΈΠ²Π°Π»ΡΡ Ρ EBITDA, ΡΠΎ ΡΠΊΠΎΡΠ΅Π΅ Π²ΡΠ΅Π³ΠΎ Π΅ΠΌΡ Π·Π½Π°ΠΊΠΎΠΌΠΎ OIBDA. ΠΠ°Π½Π½ΡΠ΅ ΠΏΠΎΠΊΠ°Π·Π°ΡΠ΅Π»Ρ ΠΎΡΡΠ°ΠΆΠ°Π΅Ρ Π΄ΠΎΡ ΠΎΠ΄ ΠΎΡΠ³Π°Π½ΠΈΠ·Π°ΡΠΈΠΈ ΠΎΡ ΠΎΡΠ½ΠΎΠ²Π½ΠΎΠΉ Π΄Π΅ΡΡΠ΅Π»ΡΠ½ΠΎΡΡΡ ΠΈΡΠΊΠ»ΡΡΠ°Ρ ΠΊΠ°ΠΊΠΈΠ΅-Π»ΠΈΠ±ΠΎ Π½Π΅ΡΠ΅Π³ΡΠ»ΡΡΠ½ΡΠ΅, ΡΠ°Π·ΠΎΠ²ΡΠ΅ ΠΎΠΏΠ΅ΡΠ°ΡΠΈΠΈ. ΠΠΎΠΊΠ°Π·Π°ΡΠ΅Π»Ρ ΠΎΡΡΠ°ΠΆΠ°Π΅Ρ Π½Π° ΡΠΊΠΎΠ»ΡΠΊΠΎ ΠΎΡΠ³Π°Π½ΠΈΠ·Π°ΡΠΈΡ ΡΠΏΠΎΡΠΎΠ±Π½Π° Π³Π΅Π½Π΅ΡΠΈΡΠΎΠ²Π°ΡΡ Π΄Π΅Π½Π΅ΠΆΠ½ΡΠΉ ΠΏΠΎΡΠΎΠΊ ΠΎΡ ΡΠ²ΠΎΠ΅ΠΉ ΠΎΡΠ½ΠΎΠ²Π½ΠΎΠΉ Π΄Π΅ΡΡΠ΅Π»ΡΠ½ΠΎΡΡΠΈ, ΠΈΠ½ΡΠ΅ΡΠ΅ΡΠ½ΠΎ ΡΠ°ΡΡΠΌΠ°ΡΡΠΈΠ²Π°ΡΡ Π² ΡΡΠ°Π²Π½Π΅Π½ΠΈΠΈ Ρ ΠΊΠΎΠ½ΠΊΡΡΠ΅Π½ΡΠ°ΠΌΠΈ Π² ΠΎΠ΄Π½ΠΎΠΉ ΠΎΡΡΠ°ΡΠ»ΠΈ. Π‘ΡΡΡ Π΅Π΅ ΠΈΡΠΏΠΎΠ»ΡΠ·ΠΎΠ²Π°Π½ΠΈΡ ΡΠ°ΠΊΠ°Ρ ΠΆΠ΅, ΠΊΠ°ΠΊ ΠΈ Ρ EBITDA.
ROIC
ROIC (Return On Invested Capital, ROIC) β ΠΊΠΎΡΡΡΠΈΡΠΈΠ΅Π½Ρ ΡΠ΅Π½ΡΠ°Π±Π΅Π»ΡΠ½ΠΎΡΡΠΈ ΠΈΠ½Π²Π΅ΡΡΠΈΡΠΈΠΉ. ΠΠΎΠΊΠ°Π·Π°ΡΠ΅Π»Ρ ΡΠ°ΡΠ΅ ΠΈΡΠΏΠΎΠ»ΡΠ·ΡΠ΅ΡΡΡ ΠΈΠ½Π²Π΅ΡΡΠΎΡΠ°ΠΌΠΈ, ΠΈ Π½Π΅ ΠΊΠ°ΠΆΠ΄ΡΠΉ ΠΌΠ΅Π½Π΅Π΄ΠΆΠ΅Ρ Ρ Π½ΠΈΠΌ Π²ΡΡΡΠ΅ΡΠ°Π΅ΡΡΡ, Π² ΠΎΡΠ»ΠΈΡΠΈΠΈ ΠΎΡ OIBDA ΠΈ EBITDA. Π ΠΊΡΡΠΏΠ½ΡΡ
ΠΏΡΠΎΠ΅ΠΊΡΠ°Ρ
, Π² ΠΊΠΎΡΠΎΡΡΡ
ΠΏΡΠΈΠ²Π»Π΅ΠΊΠ°ΡΡΡΡ Π²Π½Π΅ΡΠ½ΠΈΠ΅ ΠΈΠ½Π²Π΅ΡΡΠΎΡΡ, Π΄Π°Π½Π½ΡΠΉ ΠΏΠΎΠΊΠ°Π·Π°ΡΠ΅Π»Ρ ΠΎΠ±ΡΠ·Π°ΡΠ΅Π»ΡΠ½ΠΎ ΡΠ°ΡΡΠΌΠ°ΡΡΠΈΠ²Π°Π΅ΡΡΡ ΠΏΡΠΈ Π·Π°ΡΠΈΡΠ΅ ΠΊΠ΅ΠΉΡΠ° ΠΏΡΠΎΠ΅ΠΊΡΠ°. ROIC ΠΏΠΎΠΊΠ°Π·ΡΠ²Π°Π΅Ρ Π½Π° ΡΠΊΠΎΠ»ΡΠΊΠΎ ΠΊΠΎΠΌΠΏΠ°Π½ΠΈΡ ΡΡΠΏΠ΅ΡΠ½ΠΎ ΡΠΎΠ·Π΄Π°Π΅Ρ Π΄ΠΎΠ±Π°Π²Π»Π΅Π½Π½ΡΡ ΡΡΠΎΠΈΠΌΠΎΡΡΡ Π½Π° ΠΈΠ½Π²Π΅ΡΡΠΈΡΠΎΠ²Π°Π½Π½ΡΠΉ ΠΊΠ°ΠΏΠΈΡΠ°Π». ROIC ΠΊΠ°ΠΊ ΠΏΡΠ°Π²ΠΈΠ»ΠΎ ΡΠ°ΡΡΠΌΠ°ΡΡΠΈΠ²Π°ΡΡ ΠΎΡΠ½ΠΎΡΠΈΡΠ΅Π»ΡΠ½ΠΎ Π΄ΡΡΠ³ΠΎΠ³ΠΎ ΡΡΠ½Π΄Π°ΠΌΠ΅Π½ΡΠ°Π»ΡΠ½ΠΎΠ³ΠΎ ΠΏΠΎΠΊΠ°Π·Π°ΡΠ΅Π»Ρ β WACC
Π€ΠΎΡΠΌΡΠ»Π° ROIC: NOPLAT/ΠΠ½Π²Π΅ΡΡΠΈΡΠΈΠΈ*100%
(NOPLAT β ΡΠΈΡΡΠ°Ρ ΠΎΠΏΠ΅ΡΠ°ΡΠΈΠΎΠ½Π½Π°Ρ ΠΏΡΠΈΠ±ΡΠ»Ρ Π·Π° Π²ΡΡΠ΅ΡΠΎΠΌ Π½Π°Π»ΠΎΠ³ΠΎΠ²)
WACC
WACC (Weighted average cost of capital) β ΡΡΠ΅Π΄Π½Π΅Π²Π·Π²Π΅ΡΠ΅Π½Π½Π°Ρ ΡΡΠΎΠΈΠΌΠΎΡΡΡ ΠΊΠ°ΠΏΠΈΡΠ°Π»Π° ΠΊΠΎΠΌΠΏΠ°Π½ΠΈΠΈ. ΠΠΎΠ³Π΄Π° Π²Ρ Π΅Π΄ΠΈΠ½ΠΎΠ»ΠΈΡΠ½ΠΎ Π²Π»Π°Π΄Π΅Π΅ΡΠ΅ ΠΊΠ°ΠΊΠΈΠΌ-Π»ΠΈΠ±ΠΎ ΠΌΠ°Π»Π΅Π½ΡΠΊΠΈΠΌ Π±ΠΈΠ·Π½Π΅ΡΠΎΠΌ, Π±Π΅Π· ΠΊΡΠ΅Π΄ΠΈΡΠΎΠ², Π±Π΅Π· ΠΈΠ½Π²Π΅ΡΡΠΎΡΠΎΠ², ΡΠΎ WACC Π½Π΅ΡΡ, Π΅ΡΡΡ ΡΠΎΠ»ΡΠΊΠΎ ΠΠ°ΡΠ° ΠΎΡΠ΅Π½ΠΊΠ° ΡΠΈΡΠΊΠ° ΠΈ Π²Π°ΡΠ° ΡΠ΅Π½ΡΠ°Π±Π΅Π»ΡΠ½ΠΎΡΡΡ Π½Π° ΠΊΠΎΡΠΎΡΡΡ Π²Ρ ΡΠΎΠ³Π»Π°ΡΠ½Ρ. ΠΠΎΠ³Π΄Π° ΠΌΡ Π³ΠΎΠ²ΠΎΡΠΈΠΌ ΠΎ ΠΊΡΡΠΏΠ½ΡΡ ΠΊΠΎΠΌΠΏΠ°Π½ΠΈΡΡ ΠΈΠ»ΠΈ ΠΊΠΎΡΠΏΠΎΡΠ°ΡΠΈΡΡ , ΡΠΎ ΡΡΡΡΠΊΡΡΡΠ° ΠΈΡ ΠΊΠ°ΠΏΠΈΡΠ°Π» ΡΡΡΡ Π±ΠΎΠ»Π΅Π΅ ΡΠ΅ΠΌ ΡΠ»ΠΎΠΆΠ½Π° ΠΈ ΠΈΠ½ΡΠ΅ΡΠ΅ΡΠ½Ρ ΠΊΠ°ΠΆΠ΄ΠΎΠ³ΠΎ Π²Π»Π°Π΄Π΅Π»ΡΡΠ° ΠΊΠ°ΠΏΠΈΡΠ°Π»Π° ΡΠ°Π·Π½ΡΠ΅. Π£ ΠΊΡΡΠΏΠ½ΠΎΠΉ ΠΊΠΎΡΠΏΠΎΡΠ°ΡΠΈΠΈ Π΅ΡΡΡ ΡΠΎΠ±ΡΡΠ²Π΅Π½Π½ΡΠ΅ ΡΡΠ΅Π΄ΡΡΠ²Π°, ΡΡΠ΅Π΄ΡΡΠ²Π° Π·Π°Π΅ΠΌΠ½ΡΠ΅ Ρ Π±Π°Π½ΠΊΠΎΠ², ΠΎΠ±ΡΠ·Π°ΡΠ΅Π»ΡΡΡΠ²Π° ΠΏΠΎ ΠΎΠ±Π»ΠΈΠ³Π°ΡΠΈΡΠΌ, ΠΎΠ±ΡΠ·Π°ΡΠ΅Π»ΡΡΡΠ²Π° ΠΏΠ΅ΡΠ΅Π΄ ΠΈΠ½Π²Π΅ΡΡΠΎΡΠ°ΠΌΠΈ. Π’Π°ΠΊ ΠΊΠ°ΠΊ ΡΡΠ΅Π±ΠΎΠ²Π°Π½ΠΈΡ ΠΎΠ΄Π½ΠΈΡ Π²Π»ΠΈΡΡΡ Π½Π° ΠΈΠ½ΡΠ΅ΡΠ΅ΡΡ Π΄ΡΡΠ³ΠΈΡ ΠΈ Π² Π·Π°Π²ΠΈΡΠΈΠΌΠΎΡΡΠΈ ΠΎΡ ΡΡΡΡΠΊΡΡΡΡ ΠΊΠ°ΠΏΠΈΡΠ°Π»Π° Π·Π°Π²ΠΈΡΠΈΡ ΡΡΠ΅ΠΏΠ΅Π½Ρ ΡΠΈΡΠΊΠ° ΠΎΡΠ³Π°Π½ΠΈΠ·Π°ΡΠΈΠΈ, Π° ΡΠΎΠΎΡΠ²Π΅ΡΡΡΠ²Π΅Π½Π½ΠΎ ΠΈ Π΅Π΅ ΠΈΠ½Π²Π΅ΡΡΠΈΡΠΈΠΎΠ½Π½Π°Ρ ΠΏΡΠΈΠ²Π»Π΅ΠΊΠ°ΡΠ΅Π»ΡΠ½ΠΎΡΡΡ. ΠΠΏΠ΅ΡΠ²ΡΠ΅ ΡΡΡ ΡΠ΅ΠΎΡΠΈΡ ΠΏΡΠ΅Π΄Π»ΠΎΠΆΠΈΠ»ΠΈ Π€. ΠΠΎΠ΄ΠΈΠ»ΡΡΠ½ΠΈ ΠΈ Π. ΠΠΈΠ»Π»Π΅Ρ Π² 1958 Π³. Π‘ΡΡΡ WACC Π² ΡΠΎΠΌ, ΡΡΠΎΠ±Ρ ΡΡΠ΅ΡΡΡ ΠΈΠ½ΡΠ΅ΡΠ΅ΡΡ ΠΊΠ°ΠΆΠ΄ΠΎΠ³ΠΎ ΠΈΠ· Π²Π»Π°Π΄Π΅Π»ΡΡΠ΅Π² ΠΊΠ°ΠΏΠΈΡΠ°Π»Π° Π² Π·Π°Π²ΠΈΡΠΈΠΌΠΎΡΡΠΈ ΠΎΡ Π΅Π³ΠΎ Π΄ΠΎΠ»ΠΈ Π² ΠΊΠ°ΠΏΠΈΡΠ°Π»Π΅ ΠΎΡΠ³Π°Π½ΠΈΠ·Π°ΡΠΈΠΈ, Π° ΠΏΠΎΠ»ΡΡΠ΅Π½Π½ΡΠΉ ΡΠ΅Π·ΡΠ»ΡΡΠ°ΡΠ° ΠΈΡΠΏΠΎΠ»ΡΠ·ΠΎΠ²Π°ΡΡ, ΠΊΠ°ΠΊ ΡΠΈΡΠΊ ΡΡΠ°Π²ΠΊΡ ΠΎΡΠ³Π°Π½ΠΈΠ·Π°ΡΠΈΠΈ ΠΏΡΠΈ Π΄ΠΈΡΠΊΠΎΠ½ΡΠΈΡΠΎΠ²Π°Π½ΠΈΠΈ Π΅Π΅ Π΄Π΅Π½Π΅ΠΆΠ½ΠΎΠ³ΠΎ ΠΏΠΎΡΠΎΠΊΠ°, Π° ΡΠ°ΠΊΠΆΠ΅ ΠΏΡΠΈ ΠΈΠ½Π²Π΅ΡΡΠΈΡΠΈΠΎΠ½Π½ΡΡ ΠΏΡΠΎΠ΅ΠΊΡΠ°Ρ ΠΎΡΠ³Π°Π½ΠΈΠ·Π°ΡΠΈΠΈ. Π Π·Π°Π²ΠΈΡΠΈΠΌΠΎΡΡΠΈ ΠΎΡ ΠΈΡΡΠΎΡΠ½ΠΈΠΊΠΎΠ² ΠΊΠ°ΠΏΠΈΡΠ°Π»Π° ΡΠΎΡΠΌΡΠ»Π° WACC ΠΌΠΎΠΆΠ΅Ρ ΠΌΠ΅Π½ΡΡΡΡΡ, Π΅ΡΡΡ Π΄Π°ΠΆΠ΅ ΡΡΡΠΊΠ° Ρ ΡΠΈΠ½Π°Π½ΡΠΈΡΡΠΎΠ²: Β«Π½Π΅Ρ Π΄Π²ΡΡ ΡΠΈΠ½Π°Π½ΡΠΈΡΡΠΎΠ², ΠΊΠΎΡΠΎΡΡΠ΅ ΠΎΠ΄ΠΈΠ½Π°ΠΊΠΎΠ²ΠΎ ΠΏΠΎΡΡΠΈΡΠ°ΡΡ WACCΒ». ΠΠΈΠΆΠ΅ Ρ ΠΏΡΠΈΠ²Π΅Π΄Ρ ΡΠ°ΠΌΡΡ ΠΏΡΠΎΡΡΡΡ ΠΊΠ»Π°ΡΡΠΈΡΠ΅ΡΠΊΡΡ ΡΠΎΡΠΌΡΠ»Ρ Π΄Π»Ρ ΡΠ°ΡΡΠ΅ΡΠ° WACC ΠΎΡΠ³Π°Π½ΠΈΠ·Π°ΡΠΈΠΈ, ΠΊΠΎΡΠΎΡΠ°Ρ ΠΈΠΌΠ΅Π΅Ρ ΡΠΎΠ±ΡΡΠ²Π΅Π½Π½ΡΠΉ ΠΈ Π·Π°Π΅ΠΌΠ½ΡΠΉ ΠΊΠ°ΠΏΠΈΡΠ°Π» Π² Π±Π°Π½ΠΊΠ΅.
Π€ΠΎΡΠΌΡΠ»Π° WACC: WACC=Kd*(1-T)*D/(E+D)+Ke*E/(E+D)
(Kd β ΡΡΠ°Π²ΠΊΠ° ΠΏΠΎ Π·Π°Π΅ΠΌΠ½ΠΎΠΌΡ ΠΊΠ°ΠΏΠΈΡΠ°Π»Ρ %, Ke β ΡΡΠ΅Π±ΡΠ΅ΠΌΠ°Ρ ΡΡΠ°Π²ΠΊΠ° Π΄ΠΎΡ ΠΎΠ΄Π½ΠΎΡΡΠΈ ΡΠΎΠ±ΡΡΠ²Π΅Π½Π½ΠΎΠ³ΠΎ ΠΊΠ°ΠΏΠΈΡΠ°Π»Π°%, Π’ β ΡΡΠ°Π²ΠΊΠ° Π½Π°Π»ΠΎΠ³Π°, D β ΡΡΠΌΠΌΠ° Π·Π°Π΅ΠΌΠ½ΠΎΠ³ΠΎ ΠΊΠ°ΠΏΠΈΡΠ°Π»Π° ΠΊΠΎΠΌΠΏΠ°Π½ΠΈΠΈ, E β ΡΡΠΌΠΌΠ° ΡΠΎΠ±ΡΡΠ²Π΅Π½Π½ΠΎΠ³ΠΎ ΠΊΠ°ΠΏΠΈΡΠ°Π»Π°)
EP
EP (Economic Profit) β ΡΠΊΠΎΠ½ΠΎΠΌΠΈΡΠ΅ΡΠΊΠ°Ρ ΠΏΡΠΈΠ±ΡΠ»Ρ β ΡΡΠΎΡ ΠΏΠΎΠΊΠ°Π·Π°ΡΠ΅Π»Ρ Π΄Π°Π΅Ρ Π½Π°ΠΌ ΠΏΠΎΠ½ΠΈΠΌΠ°Π½ΠΈΠ΅ ΠΎ ΡΠΎΠ·Π΄Π°Π²Π°Π΅ΠΌΠΎΠΉ ΡΡΠΎΠΈΠΌΠΎΡΡΠΈ ΠΊΠΎΠΌΠΏΠ°Π½ΠΈΠΈ Π² ΠΊΠΎΠ½ΠΊΡΠ΅ΡΠ½ΠΎ Π²Π·ΡΡΡΠΉ ΠΏΡΠΎΠΌΠ΅ΠΆΡΡΠΎΠΊ Π²ΡΠ΅ΠΌΠ΅Π½ΠΈ, Π½Π°ΠΏΡΠΈΠΌΠ΅Ρ Π³ΠΎΠ΄. EP β Π²Π°ΠΆΠ½ΡΠΉ ΠΏΠΎΠΊΠ°Π·Π°ΡΠ΅Π»Ρ, ΡΠ°ΠΊ ΠΊΠ°ΠΊ ΠΎΡΡΠ°ΠΆΠ°Π΅Ρ ΡΠ°Π·ΠΌΠ΅Ρ ΠΊΠΎΠΌΠΏΠ°Π½ΠΈΠΈ ΠΈ ΡΠ΅Π½ΡΠ°Π±Π΅Π»ΡΠ½ΠΎΡΡΠΈ ΠΈΠ½Π²Π΅ΡΡΠΈΡΠΈΠΎΠ½Π½ΠΎΠ³ΠΎ ΠΊΠ°ΠΏΠΈΡΠ°Π»Π°. ΠΡΠΎ Π»ΠΎΠ³ΠΈΡΠ½ΠΎΠ΅ ΡΠΏΡΠ΅ΠΆΠ΄Π΅Π½ΠΈΠ΅ Π΄Π»Ρ ΠΏΡΠΎΠ²Π΅Π΄Π΅Π½ΠΈΡ ΠΎΡΠ΅Π½ΠΊΠΈ ΠΏΠΎΡΠ»Π΅ Π²ΡΡΠΈΡΠ»Π΅Π½ΠΈΡ ROIC ΠΈ WACC
Π€ΠΎΡΠΌΡΠ»Π° EP: EP = ΠΠ½Π²Π΅ΡΡΠΈΡΠΈΠΈ*(ROIC-WACC)
FCFF
FCFF (Free Cash Flow Firm) β ΡΠ²ΠΎΠ±ΠΎΠ΄Π½ΡΠΉ Π΄Π΅Π½Π΅ΠΆΠ½ΡΠΉ ΠΏΠΎΡΠΎΠΊ ΡΠΈΡΠΌΡ β ΡΡΠΎ ΡΠ°ΠΊΡΠΈΡΠ΅ΡΠΊΠΈ Π΄Π΅Π½Π΅ΠΆΠ½ΡΡ ΠΏΠΎΡΠΎΠΊ ΠΎΡ ΠΎΡΠ½ΠΎΠ²Π½ΠΎΠΉ Π΄Π΅ΡΡΠ΅Π»ΡΠ½ΠΎΡΡΡ ΠΊΠΎΠΌΠΏΠ°Π½ΠΈΠΈ. ΠΠ°Π½Π½ΡΠΉ ΠΏΠΎΠΊΠ°Π·Π°ΡΠ΅Π»Ρ Π΄Π°Π΅Ρ Π½Π°ΠΌ ΠΏΠΎΠ½ΠΈΠΌΠ°Π½ΠΈΠ΅, ΠΊΠ°ΠΊ ΠΊΠΎΠΌΠΏΠ°Π½ΠΈΡ Π³Π΅Π½Π΅ΡΠΈΡΡΠ΅Ρ ΠΈΠ»ΠΈ ΠΏΠΎΠ³Π»ΠΎΡΠ°Π΅Ρ Π΄Π΅Π½Π΅ΠΆΠ½ΡΠ΅ ΡΡΠ΅Π΄ΡΡΠ²Π°. ΠΡΠ»ΠΈ Π΄Π°Π½Π½ΡΠΉ ΠΏΠΎΠΊΠ°Π·Π°ΡΠ΅Π»Ρ ΠΎΡΡΠΈΡΠ°ΡΠ΅Π»ΡΠ½ΡΠΉ β ΡΡΠΎ Π½Π΅ΠΎΠ±ΡΠ·Π°ΡΠ΅Π»ΡΠ½ΠΎ ΠΏΠ»ΠΎΡ ΠΎ, ΡΠ°ΠΊ ΠΊΠ°ΠΊ ΠΌΠΎΠΆΠ΅Ρ Π±ΡΡΡ ΡΠ²ΡΠ·Π°Π½Π½ΠΎ Ρ ΠΈΠ½Π²Π΅ΡΡΠΈΡΠΈΡΠΌΠΈ Π² Π΄ΠΎΠ»Π³ΠΎΡΡΠΎΡΠ½ΠΎΠΉ ΠΏΡΠΎΠ΅ΠΊΡ, ΠΊΠΎΡΠΎΡΡΠΉ Π² Π³ΠΎΡΠΈΠ·ΠΎΠ½ΡΠ΅ ΠΏΠ»Π°Π½ΠΈΡΠΎΠ²Π°Π½ΠΈΡ ΠΏΡΠΈΠ½Π΅ΡΠ΅Ρ ΠΏΡΠΈΠ±ΡΠ»Ρ, Π° Π²ΠΎΡ Π΅ΡΠ»ΠΈ ΡΡΠΎ Π½Π΅ ΡΠ°ΠΊ, ΡΠΎ Ρ ΠΊΠΎΠΌΠΏΠ°Π½ΠΈΠΈ ΠΏΡΠΎΠ±Π»Π΅ΠΌΡ.
Π€ΠΎΡΠΌΡΠ»Π° FCFF: FCFF = Π§ΠΈΡΡΠ°Ρ ΠΏΡΠΈΠ±ΡΠ»Ρ + Π°ΠΌΠΎΡΡΠΈΠ·Π°ΡΠΈΡ — ΠΈΠ½Π²Π΅ΡΡΠΈΡΠΈΠΈ Π² ΡΡΡΠ°Π²Π½ΠΎΠΌ ΠΊΠ°ΠΏΠΈΡΠ°Π»Π΅ — ΠΈΠ½Π²Π΅ΡΡΠΈΡΠΈΠΈ Π² ΠΎΡΠ½ΠΎΠ²Π½ΠΎΠΉ ΠΊΠ°ΠΏΠΈΡΠ°Π»
ΠΠΎ ΠΏΠΎΠΆΠ°Π»ΡΠΉ ΠΈ Π²ΡΠ΅, ΠΎ ΡΠ΅ΠΌ Ρ Ρ ΠΎΡΠ΅Π» ΡΠ΅Π³ΠΎΠ΄Π½Ρ Π½Π°ΠΏΠΈΡΠ°ΡΡ. ΠΡΠΈΠ½ΠΈΠΌΠ°ΠΉΡΠ΅ ΠΏΡΠ°Π²ΠΈΠ»ΡΠ½ΡΠ΅, ΡΠΊΠΎΠ½ΠΎΠΌΠΈΡΠ΅ΡΠΊΠΈ Π²ΡΠ³ΠΎΠ΄Π½ΡΠ΅ ΡΠ΅ΡΠ΅Π½ΠΈΡ, Π΄Π»Ρ Π²Π°ΡΠ΅ΠΉ ΠΊΠΎΠΌΠΏΠ°Π½ΠΈΠΈ.
ΠΠ΄ΡΠ°Π²ΡΡΠ²ΡΠΉΡΠ΅, ΡΠ²Π°ΠΆΠ°Π΅ΠΌΡΠΉ ΡΠΈΡΠ°ΡΠ΅Π»Ρ!
Π‘Π΅Π³ΠΎΠ΄Π½Ρ ΡΠ΅ΡΡ ΠΏΠΎΠΉΠ΄Π΅Ρ ΠΎ ΡΠΎΠΌ, ΡΡΠΎ Π³ΡΠ°ΠΌΠΎΡΠ½ΠΎΒ ΠΈΠ½Π²Π΅ΡΡΠΈΡΠΎΠ²Π°Π½Π½ΡΠΉ ΠΊΠ°ΠΏΠΈΡΠ°Π»Β Π½Π΅ ΠΏΠΎΠ·Π²ΠΎΠ»ΠΈΡ ΠΈΠ½ΡΠ»ΡΡΠΈΠΈ ΠΎΠ±Π΅ΡΡΠ΅Π½ΠΈΡΡ ΡΠ±Π΅ΡΠ΅ΠΆΠ΅Π½ΠΈΡ, Π·Π°ΡΠΎ ΡΠΎΡ ΡΠ°Π½ΠΈΡ ΠΈ ΠΏΡΠΈΡΠΌΠ½ΠΎΠΆΠΈΡ ΠΈΡ . ΠΠ΄Π΅ΡΡ Π½Π΅Π²Π°ΠΆΠ½ΠΎ, Π³ΠΎΡΠΎΠ² Π»ΠΈ ΠΈΠ½Π²Π΅ΡΡΠΎΡ ΡΠΈΡΠΊΠΎΠ²Π°ΡΡ Π΄Π»Ρ Π±ΡΡΡΡΠΎΠ³ΠΎ ΠΏΠΎΠ»ΡΡΠ΅Π½ΠΈΡ Π΄ΠΈΠ²ΠΈΠ΄Π΅Π½Π΄ΠΎΠ² Π»ΠΈΠ±ΠΎ Π²ΡΠ±ΡΠ°Π» Π½Π΅Π±ΠΎΠ»ΡΡΠΎΠΉ, Π½ΠΎ ΠΏΠΎΡΡΠΎΡΠ½Π½ΡΠΉ Π΄ΠΎΡ ΠΎΠ΄.
ΠΠΎΡΠΊΠΎΠ»ΡΠΊΡ ΠΈΠ·ΡΡΡΡ Π²Π»ΠΎΠΆΠ΅Π½Π½ΡΠ΅ ΡΡΠ΅Π΄ΡΡΠ²Π° ΠΈΠ· ΠΎΠ±ΠΎΡΠΎΡΠ° Π½Π΅Π»Π΅Π³ΠΊΠΎ, Π²Π°ΠΆΠ½ΠΎ ΡΠ°ΡΠΏΠ»Π°Π½ΠΈΡΠΎΠ²Π°ΡΡ ΡΠΏΡΠ°Π²Π»Π΅Π½ΠΈΠ΅ ΠΈΠ½Π²Π΅ΡΡΠΈΡΠΈΡΠΌΠΈ. Π― ΠΏΠΎΠΌΠΎΠ³Ρ ΡΠ°Π·ΠΎΠ±ΡΠ°ΡΡΡΡ Π² Π°ΡΠΏΠ΅ΠΊΡΠ°Ρ Π΄ΠΎΠΏΠΎΠ»Π½ΠΈΡΠ΅Π»ΡΠ½ΡΡ ΠΈΡΡΠΎΡΠ½ΠΈΠΊΠΎΠ² ΡΠΈΠ½Π°Π½ΡΠΈΡΠΎΠ²Π°Π½ΠΈΡ, Π° ΡΠ°ΠΊΠΆΠ΅ ΡΠ°ΠΌΡΡ Π²ΡΠ³ΠΎΠ΄Π½ΡΡ ΡΠΏΠΎΡΠΎΠ±Π°Ρ Π²Π»ΠΎΠΆΠ΅Π½ΠΈΠΉ.
Π§ΡΠΎ ΡΡΠΎ ΡΠ°ΠΊΠΎΠ΅?
ΠΠ±ΡΠ°Ρ ΡΡΠΌΠΌΠ° ΡΠΈΠ½Π°Π½ΡΠΈΡΠΎΠ²Π°Π½ΠΈΡ, Π²Π»ΠΎΠΆΠ΅Π½Π½Π°Ρ Π² ΠΎΡΠ½ΠΎΠ²Π½ΡΡ Π΄Π΅ΡΡΠ΅Π»ΡΠ½ΠΎΡΡΡ ΠΊΠΎΠΌΠΏΠ°Π½ΠΈΠΈ, Π½Π°Π·ΡΠ²Π°Π΅ΡΡΡΒ ΠΈΠ½Π²Π΅ΡΡΠΈΡΠΎΠ²Π°Π½Π½ΡΠΌ ΠΊΠ°ΠΏΠΈΡΠ°Π»ΠΎΠΌ.Β Π§Π°ΡΡΠ½ΡΠ΅ Π»ΠΈΡΠ°, ΠΏΡΠ΅Π΄ΠΏΡΠΈΠ½ΠΈΠΌΠ°ΡΠ΅Π»ΠΈ ΠΈ ΠΏΡΠ΅Π΄ΠΏΡΠΈΡΡΠΈΡ, ΠΈΡΠΏΠΎΠ»ΡΠ·ΡΡΡΠΈΠ΅ ΡΠΎΠ»ΡΠΊΠΎ ΡΠΎΠ±ΡΡΠ²Π΅Π½Π½ΡΠ΅ ΡΡΠ΅Π΄ΡΡΠ²Π°, ΠΎΠ³ΡΠ°Π½ΠΈΡΠΈΠ²Π°ΡΡ ΠΎΠ±ΠΎΡΠΎΡ ΠΏΡΠΈΠΌΠ΅ΡΠ½ΠΎ Π² 2/3 ΡΠ΅Π½ΡΠ°Π±Π΅Π»ΡΠ½ΠΎΡΡΠΈ.
ΠΡΠΈΠ²Π»Π΅ΠΊΠ°Ρ Π²Π½Π΅ΡΠ½ΠΈΠ΅ ΠΈΠ½Π²Π΅ΡΡΠΈΡΠΈΠΈ, ΠΌΠΎΠΆΠ½ΠΎ Π·Π½Π°ΡΠΈΡΠ΅Π»ΡΠ½ΠΎ ΡΠ²Π΅Π»ΠΈΡΠΈΡΡ Π΄ΠΎΡ ΠΎΠ΄Π½ΠΎΡΡΡ ΡΠΎΠ±ΡΡΠ²Π΅Π½Π½ΡΡ . ΠΠ°ΠΊ Π² Π ΠΎΡΡΠΈΠΈ, ΡΠ°ΠΊ ΠΈ Π·Π° ΡΡΠ±Π΅ΠΆΠΎΠΌ Π΄Π»Ρ ΠΏΠΎΠ΄Π΄Π΅ΡΠΆΠ°Π½ΠΈΡ ΠΊΠΎΠΌΠΌΠ΅ΡΡΠ΅ΡΠΊΠΎΠΉ Π΄Π΅ΡΡΠ΅Π»ΡΠ½ΠΎΡΡΠΈ Π»ΠΈΠ±ΠΎ Π½Π°ΡΠ°Π»Π° Π±ΠΈΠ·Π½Π΅ΡΠ° ΡΠΎΠ±ΡΡΠ²Π΅Π½Π½ΠΈΠΊΠΈ ΠΏΡΠΈΠΌΠ΅Π½ΡΡΡ Π·Π°Π΅ΠΌΠ½ΡΠ΅ ΡΡΠ΅Π΄ΡΡΠ²Π°.
ΠΡΠΎ ΠΌΠΎΠ³ΡΡ Π±ΡΡΡ ΠΊΡΠ°ΡΠΊΠΎΡΡΠΎΡΠ½ΡΠ΅ ΠΈΠ»ΠΈ Π΄ΠΎΠ»Π³ΠΎΡΡΠΎΡΠ½ΡΠ΅ Π·Π°ΠΉΠΌΡ ΠΎΡ ΡΠ°ΡΡΠ½ΡΡ Π»ΠΈΡ, ΠΎΡΠ³Π°Π½ΠΈΠ·Π°ΡΠΈΠΉ, ΠΈΠ½ΠΎΡΡΡΠ°Π½Π½ΡΡ ΠΈΠ½Π²Π΅ΡΡΠΎΡΠΎΠ². ΠΠΎΡΡΠ΄ΠΎΠΊ ΡΠΈΠ½Π°Π½ΡΠΈΡΠΎΠ²Π°Π½ΠΈΡ ΡΡΡΠ°Π½Π°Π²Π»ΠΈΠ²Π°Π΅ΡΡΡ Π·Π°ΠΊΠΎΠ½ΠΎΠΌ, Π° Π·Π°ΠΉΠΌΡ Π²ΡΠ΄Π°ΡΡΡΡ Ρ ΡΠΎΠ±Π»ΡΠ΄Π΅Π½ΠΈΠ΅ΠΌ ΡΠ»Π΅Π΄ΡΡΡΠΈΡ ΠΏΡΠΈΠ½ΡΠΈΠΏΠΎΠ² ΠΊΡΠ΅Π΄ΠΈΡΠΎΠ²Π°Π½ΠΈΡ:
- Π²ΠΎΠ·Π²ΡΠ°ΡΠ½ΠΎΡΡΠΈ ΠΈ ΠΏΠ»Π°ΡΠ½ΠΎΡΡΠΈ ΠΈΠ½Π²Π΅ΡΡΠΈΡΠΎΠ²Π°Π½Π½ΠΎΠ³ΠΎ ΠΊΠ°ΠΏΠΈΡΠ°Π»Π°;
- ΡΡΠΎΡΠ½ΠΎΡΡΠΈ ΠΈ ΠΎΠ±Π΅ΡΠΏΠ΅ΡΠ΅Π½Π½ΠΎΡΡΠΈ;
- ΠΈΡΠΏΠΎΠ»ΡΠ·ΠΎΠ²Π°Π½ΠΈΡ ΡΠΎΠ»ΡΠΊΠΎ ΠΏΠΎΠ΄ ΡΠΊΠ°Π·Π°Π½Π½ΡΠ΅ ΡΠ΅Π»ΠΈ.
Π§ΡΠΎΠ±Ρ Π½Π΅ΠΏΠΎΠΌΠ΅ΡΠ½ΠΎ Π²ΡΡΠΎΠΊΠΈΠ΅ Π·Π°ΠΉΠΌΡ Π½Π΅ ΠΏΡΠΈΠ²Π΅Π»ΠΈ ΠΊ ΠΏΠΎΠ³Π»ΠΎΡΠ΅Π½ΠΈΡ Π±ΠΈΠ·Π½Π΅ΡΠ°, Π½Π΅ΠΎΠ±Ρ ΠΎΠ΄ΠΈΠΌΠΎ ΠΎΠΏΡΠ΅Π΄Π΅Π»ΠΈΡΡ ΡΠ°ΡΠΈΠΎΠ½Π°Π»ΡΠ½ΡΠΉ ΠΈΡΡΠΎΡΠ½ΠΈΠΊ Π·Π°ΠΈΠΌΡΡΠ²ΠΎΠ²Π°Π½ΠΈΡ, Π° ΠΎΡ ΠΏΠΎΡΠ΅ΡΠΈ Π²Π»ΠΎΠΆΠ΅Π½ΠΈΠΉ Π·Π°ΡΠΈΡΠΈΡ ΡΠΎΡΠ½ΡΠΉ ΡΠ°ΡΡΠ΅Ρ ΡΠ΅Π½ΡΠ°Π±Π΅Π»ΡΠ½ΠΎΡΡΠΈ ΠΈΠ½Π²Π΅ΡΡΠΈΡΠΈΠΉ.
ΠΡΠΎ ΠΌΠΎΠΆΠ΅Ρ ΠΈΠ½Π²Π΅ΡΡΠΈΡΠΎΠ²Π°ΡΡ ΡΡΠ΅Π΄ΡΡΠ²Π°
ΠΠ°Π΄Π΅ΠΆΠ½ΠΎΡΡΡ ΠΈ Π»ΠΈΠΊΠ²ΠΈΠ΄Π½ΠΎΡΡΡΒ ΠΈΠ½Π²Π΅ΡΡΠΈΡΠΎΠ²Π°Π½Π½ΠΎΠ³ΠΎ ΠΊΠ°ΠΏΠΈΡΠ°Π»Π°Β Ρ Π°ΡΠ°ΠΊΡΠ΅ΡΠΈΠ·ΡΡΡΡΡ Π²ΠΎΠ·Π²ΡΠ°ΡΠ½ΠΎΡΡΡΡ, Π° ΡΠ°ΠΊΠΆΠ΅ ΡΠ²Π΅Π»ΠΈΡΠ΅Π½ΠΈΠ΅ΠΌ Π΅Π³ΠΎ ΡΠ΅Π°Π»ΡΠ½ΠΎΠΉ ΡΡΠΎΠΈΠΌΠΎΡΡΠΈ. ΠΠ½Π²Π΅ΡΡΠΈΡΠΎΠ²Π°ΡΡ ΠΌΠΎΠ³ΡΡ ΠΊΠ°ΠΊ ΠΎΡΠ΅ΡΠ΅ΡΡΠ²Π΅Π½Π½ΡΠ΅, ΡΠ°ΠΊ ΠΈ ΠΈΠ½ΠΎΡΡΡΠ°Π½Π½ΡΠ΅ ΡΠΈΠ·ΠΈΡΠ΅ΡΠΊΠΈΠ΅ Π»ΠΈΡΠ° ΠΈ ΠΎΡΠ³Π°Π½ΠΈΠ·Π°ΡΠΈΠΈ, ΡΡΠ΅Π΄ΠΈ Π½ΠΈΡ :
- Π§Π°ΡΡΠ½ΡΠ΅ ΠΈΠ½Π²Π΅ΡΡΠΎΡΡ. Π‘ΡΠ΅Π΄ΡΡΠ²Π° Π²ΠΊΠ»Π°Π΄ΡΠ²Π°ΡΡΡΡ Π² ΠΏΡΠΎΠΈΠ·Π²ΠΎΠ΄ΡΡΠ²Π΅Π½Π½ΡΡ ΡΡΠ΅ΡΡ Π»ΠΈΠ±ΠΎ Π΄Π»Ρ ΡΠ΅ΡΠ΅Π½ΠΈΡ ΡΠΎΠ±ΡΡΠ²Π΅Π½Π½ΡΡ Π·Π°Π΄Π°Ρ.
- ΠΠΎΡΡΠ΄Π°ΡΡΡΠ²Π΅Π½Π½ΡΠ΅. Π€ΠΈΠ½Π°Π½ΡΠΈΡΡΡΡ ΡΡΠ΅ΡΡ Π½Π°ΡΠΊΠΈ, ΡΠ°Π·Π²ΠΈΡΠΈΠ΅ Π²ΡΡΠΎΠΊΠΈΡ ΡΠ΅Ρ Π½ΠΎΠ»ΠΎΠ³ΠΈΠΉ, Π²ΠΎΠ΅Π½Π½ΠΎ-ΠΏΡΠΎΠΌΡΡΠ»Π΅Π½Π½ΡΠΉ ΠΊΠΎΠΌΠΏΠ»Π΅ΠΊΡ ΠΈ Π΄ΡΡΠ³ΠΈΠ΅ ΡΠ΅Π»ΠΈ ΡΠΎΡΠΈΠ°Π»ΡΠ½ΠΎ-ΡΠΊΠΎΠ½ΠΎΠΌΠΈΡΠ΅ΡΠΊΠΎΠ³ΠΎ Ρ Π°ΡΠ°ΠΊΡΠ΅ΡΠ°.
- ΠΠ½ΡΡΠΈΡΡΡΠΈΠΎΠ½Π°Π»ΡΠ½ΡΠ΅. Π‘ΡΡΠ°Ρ ΠΎΠ²ΡΠ΅ ΠΈ ΠΈΠ½Π²Π΅ΡΡΠΈΡΠΈΠΎΠ½Π½ΡΠ΅ ΠΊΠΎΠΌΠΏΠ°Π½ΠΈΠΈ, ΠΊΠΎΠΌΠΌΠ΅ΡΡΠ΅ΡΠΊΠΈΠ΅ Π±Π°Π½ΠΊΠΈ, Π½Π΅Π³ΠΎΡΡΠ΄Π°ΡΡΡΠ²Π΅Π½Π½ΡΠ΅ ΠΏΠ΅Π½ΡΠΈΠΎΠ½Π½ΡΠ΅ ΡΠΎΠ½Π΄Ρ. ΠΡΠΎ ΠΏΠΎΡΡΠ΅Π΄Π½ΠΈΠΊΠΈ, Π°ΠΊΠΊΡΠΌΡΠ»ΠΈΡΡΡΡΠΈΠ΅ ΡΡΠ΅Π΄ΡΡΠ²Π° ΡΠ°ΡΡΠ½ΡΡ ΠΈΠ½Π²Π΅ΡΡΠΎΡΠΎΠ².
Π‘ΡΠ΅ΡΡ Π΄Π΅ΡΡΠ΅Π»ΡΠ½ΠΎΡΡΠΈ Π΄Π»Ρ Π²Π»ΠΎΠΆΠ΅Π½ΠΈΡ ΠΊΠ°ΠΏΠΈΡΠ°Π»Π°
Π‘ΡΠ΅ΡΡ Π΄Π΅ΡΡΠ΅Π»ΡΠ½ΠΎΡΡΠΈ Π΄Π»Ρ ΠΈΠ½Π²Π΅ΡΡΠΈΡΠΎΠ²Π°Π½ΠΈΡ ΡΡΠ»ΠΎΠ²Π½ΠΎ ΠΏΠΎΠ΄ΡΠ°Π·Π΄Π΅Π»ΡΡΡΡΡ ΡΠ»Π΅Π΄ΡΡΡΠΈΠΌ ΠΎΠ±ΡΠ°Π·ΠΎΠΌ, Π½Π°ΡΠΈΠ½Π°Ρ Ρ Π½Π°ΠΈΠΌΠ΅Π½Π΅Π΅ ΡΠΈΡΠΊΠΎΠ²Π°Π½Π½ΡΡ :
- Π±Π°Π½ΠΊΠΎΠ²ΡΠΊΠΈΠ΅ Π²ΠΊΠ»Π°Π΄Ρ ΠΈ Π΄ΡΠ°Π³ΠΎΡΠ΅Π½Π½ΡΠ΅ ΠΌΠ΅ΡΠ°Π»Π»Ρ;
- ΠΏΠ°Π΅Π²ΡΠ΅ ΠΈΠ½Π²Π΅ΡΡΠΈΡΠΈΠΎΠ½Π½ΡΠ΅ ΡΠΎΠ½Π΄Ρ, ΡΠ΅Π½Π½ΡΠ΅ Π±ΡΠΌΠ°Π³ΠΈ, Π΄Π΅ΡΠΈΠ²Π°ΡΠΈΠ²Ρ, ΠΊΠΎΡΠΏΠΎΡΠ°ΡΠΈΠ²Π½ΡΠ΅ ΠΏΡΠ°Π²Π° ΠΈ Π΄ΡΡΠ³ΠΈΠ΅ ΡΠΈΠ½Π°Π½ΡΠΎΠ²ΡΠ΅ ΠΈΠ½ΡΡΡΡΠΌΠ΅Π½ΡΡ;
- ΡΠΎΡΠΌΠΈΡΠΎΠ²Π°Π½ΠΈΠ΅ Π½ΠΎΠ²ΡΡ Π½Π°Π²ΡΠΊΠΎΠ² Ρ ΠΏΠ΅ΡΡΠΎΠ½Π°Π»Π° Π»ΠΈΠ±ΠΎ ΡΡΠΊΠΎΠ²ΠΎΠ΄ΡΡΠ²Π°;
- ΠΊΠ°ΠΏΠΈΡΠ°Π», ΠΈΠ½Π²Π΅ΡΡΠΈΡΠΎΠ²Π°Π½Π½ΡΠΉ Π² Π½Π΅Π΄Π²ΠΈΠΆΠΈΠΌΠΎΡΡΡ ΠΈ Π±ΠΈΠ·Π½Π΅Ρ, ΠΈΠ½ΡΠ΅ΡΠ½Π΅Ρ-ΠΏΡΠΎΠ΅ΠΊΡΡ;
- ΠΎΠ±ΠΎΡΡΠ΄ΠΎΠ²Π°Π½ΠΈΠ΅, ΠΌΠ΅Ρ Π°Π½ΠΈΠ·ΠΌΡ, ΠΌΠ°ΡΠΈΠ½Ρ;
- ΡΠ΅Π»ΠΎΡΡΠ½ΡΠ΅ ΠΈΠΌΡΡΠ΅ΡΡΠ²Π΅Π½Π½ΡΠ΅ ΠΊΠΎΠΌΠΏΠ»Π΅ΠΊΡΡ, ΠΏΡΠΎΠΈΠ·Π²ΠΎΠ΄ΡΡΠ²Π΅Π½Π½ΡΠ΅ Π·Π΄Π°Π½ΠΈΡ ΠΈ ΡΠΎΠΎΡΡΠΆΠ΅Π½ΠΈΡ.
Π‘ΡΠ΅ΡΠ° Π²Π»ΠΎΠΆΠ΅Π½ΠΈΠΉ Π²ΡΠ±ΠΈΡΠ°Π΅ΡΡΡ ΠΈΡΡ ΠΎΠ΄Ρ ΠΈΠ· ΡΠ°Π·ΠΌΠ΅ΡΠ° ΠΈΠ½Π²Π΅ΡΡΠΈΡΠΎΠ²Π°Π½Π½ΠΎΠ³ΠΎ ΠΊΠ°ΠΏΠΈΡΠ°Π»Π° ΠΈ ΡΠ΅Π»Π΅ΠΉ ΠΈΠ½Π²Π΅ΡΡΠΎΡΠ°.
Π€ΠΎΡΠΌΡ ΠΈΠ½Π²Π΅ΡΡΠΈΡΠΎΠ²Π°Π½ΠΈΡ
ΠΡΠΎΠΌΠ΅ Π΄Π΅Π»Π΅Π½ΠΈΡ ΠΏΠΎ ΡΠΎΡΠΌΠ΅ ΡΠΎΠ±ΡΡΠ²Π΅Π½Π½ΠΎΡΡΠΈ, ΡΡΠΎΠ²Π½Ρ ΡΠΈΡΠΊΠ° ΠΈ ΡΡΠΎΡΠ½ΠΎΡΡΠΈ, ΠΈΠ½Π²Π΅ΡΡΠΈΡΠΈΠΈ ΡΠ°ΡΠΏΡΠ΅Π΄Π΅Π»ΡΡΡΡΡ ΡΠ»Π΅Π΄ΡΡΡΠΈΠΌ ΠΎΠ±ΡΠ°Π·ΠΎΠΌ:
- ΡΠ΅Π°Π»ΡΠ½ΡΠ΅, ΡΠΈΠ½Π°Π½ΡΠΎΠ²ΡΠ΅ ΠΈ Π½Π΅ΠΌΠ°ΡΠ΅ΡΠΈΠ°Π»ΡΠ½ΡΠ΅;
- ΠΏΡΡΠΌΡΠ΅ ΠΈ ΠΊΠΎΡΠ²Π΅Π½Π½ΡΠ΅;
- ΠΈΠ½Π΄ΠΈΠ²ΠΈΠ΄ΡΠ°Π»ΡΠ½ΡΠ΅, ΠΈΠ½Π²Π΅ΡΡΠΈΡΠΈΠΎΠ½Π½ΡΠ΅ ΠΏΡΠΎΠ΅ΠΊΡΡ ΠΈ ΠΏΠΎΡΡΡΠ΅Π»ΠΈ ΠΈΠ½Π²Π΅ΡΡΠΈΡΠΈΠΉ;
- Π½Π°ΡΠ°Π»ΡΠ½ΡΠ΅, ΡΠΊΡΡΠ΅Π½ΡΠΈΠ²Π½ΡΠ΅, ΡΠ΅ΠΈΠ½Π²Π΅ΡΡΠΈΡΠΈΠΈ ΠΈ Π±ΡΡΡΡΠΎ-ΠΈΠ½Π²Π΅ΡΡΠΈΡΠΈΠΈ.
ΠΠ»Ρ Π½Π°Π΄Π΅ΠΆΠ½ΠΎΡΡΠΈ ΠΈΠ½Π²Π΅ΡΡΠΈΡΠΎΠ²Π°Π½Π½ΠΎΠ³ΠΎ ΠΊΠ°ΠΏΠΈΡΠ°Π»Π° ΠΏΡΠΈ ΡΡΡΠ΅ΡΡΠ²ΡΡΡΠΈΡ ΠΎΠ³ΡΠ°Π½ΠΈΡΠ΅Π½ΠΈΡΡ ΠΈ ΡΠΈΡΠΊΠ°Ρ Π²Π°ΠΆΠ½ΠΎ ΠΏΡΠ°Π²ΠΈΠ»ΡΠ½ΠΎ Π²ΡΠ±ΡΠ°ΡΡ ΡΠΎΡΠΌΡ Π²Π»ΠΎΠΆΠ΅Π½ΠΈΠΉ. Π’ΠΎΠ»ΡΠΊΠΎ Π² ΡΡΠΎΠΌ ΡΠ»ΡΡΠ°Π΅ Π²Π»ΠΎΠΆΠ΅Π½ΠΈΡ ΠΏΡΠΈΠ²Π΅Π΄ΡΡ ΠΊ Π΄ΠΎΡ ΠΎΠ΄Π½ΠΎΡΡΠΈ ΠΏΡΠ΅Π΄ΠΏΡΠΈΡΡΠΈΡ ΠΈ ΡΠΎΡΡΡ ΠΊΠ°ΡΠ΅ΡΡΠ²Π° ΡΠ°ΠΊΠΈΡ Π°ΠΊΡΠΈΠ²ΠΎΠ², ΠΊΠ°ΠΊ ΠΈΠΌΡΡΠ΅ΡΡΠ²ΠΎ, ΡΠ΅ΠΏΡΡΠ°ΡΠΈΡ Π»ΠΈΠ±ΠΎ ΠΊΠ»ΠΈΠ΅Π½ΡΡΠΊΠ°Ρ Π±Π°Π·Π°.
Π ΠΈΡΠΊΠΈ
ΠΠ°ΠΆΠ΄Π°Ρ ΡΠΎΡΠΌΠ° Π²Π»ΠΎΠΆΠ΅Π½ΠΈΠΉ ΡΠΎΠΏΡΡΠΆΠ΅Π½Π° Ρ ΡΠΈΡΠΊΠ°ΠΌΠΈ, ΠΏΠΎΠ»Π½ΠΎΡΡΡΡ ΠΈΠ·Π±Π°Π²ΠΈΡΡΡΡ ΠΎΡ ΠΈΡ Π²Π»ΠΈΡΠ½ΠΈΡ Π½Π΅Π²ΠΎΠ·ΠΌΠΎΠΆΠ½ΠΎ. ΠΠΎ ΠΌΠΎΠΆΠ½ΠΎ ΠΏΡΠΈΠ½ΡΡΡ ΠΌΠ΅ΡΡ ΠΈ ΡΠ½ΠΈΠ·ΠΈΡΡ Π²ΠΎΠ·ΠΌΠΎΠΆΠ½ΡΡ ΠΏΠΎΡΠ΅ΡΡ:
- ΠΠ΄Π½ΠΎΠ²ΡΠ΅ΠΌΠ΅Π½Π½ΠΎΠ΅ ΠΏΡΠΈΠΌΠ΅Π½Π΅Π½ΠΈΠ΅ ΡΠ°Π·Π»ΠΈΡΠ½ΡΡ ΠΊΠ»Π°ΡΡΠΎΠ² Π°ΠΊΡΠΈΠ²ΠΎΠ²: ΡΠ°Π·Π½ΡΡ Π²Π°Π»ΡΡ, Π±Π΅Π·ΡΠΈΡΠΊΠΎΠ²ΡΡ Π»ΠΈΠ±ΠΎ Ρ ΡΠΈΠΊΡΠΈΡΠΎΠ²Π°Π½Π½ΡΠΌ Π΄ΠΎΡ ΠΎΠ΄ΠΎΠΌ ΡΠ½ΠΈΠ·ΠΈΡ ΡΠΈΡΡΠ΅ΠΌΠ½ΡΠ΅ ΡΠΈΡΠΊΠΈ.
- ΠΠ½Π²Π΅ΡΡΠΈΡΠΈΠΈ Π² Π΄ΠΎΠ»Π³ΠΎΡΡΠΎΡΠ½ΡΠ΅ ΠΈ ΡΡΠ΅Π΄Π½Π΅ΡΡΠΎΡΠ½ΡΠ΅ ΠΏΡΠΎΠ΅ΠΊΡΡ, Π° ΡΠ°ΠΊΠΆΠ΅ Π΄ΠΈΠ²Π΅ΡΡΠΈΡΠΈΠΊΠ°ΡΠΈΡ Π²ΠΊΠ»Π°Π΄ΠΎΠ² ΠΌΠΈΠ½ΠΈΠΌΠΈΠ·ΠΈΡΡΠ΅Ρ Π½Π΅ΡΠΈΡΡΠ΅ΠΌΠ½ΡΠ΅ ΡΠΈΡΠΊΠΈ.
- Π‘ΠΏΠ΅ΠΊΡΠ»ΡΡΠΈΠ²Π½ΡΠ΅ ΡΠΈΡΠΊΠΈ Π½Π΅ ΡΡΡΠ°ΡΠ½Ρ Π΄Π»Ρ ΡΡΠ΅Π΄Π½Π΅- ΠΈ Π΄ΠΎΠ»Π³ΠΎΡΡΠΎΡΠ½ΡΡ Π²Π»ΠΎΠΆΠ΅Π½ΠΈΠΉ, Π² ΠΈΠ½ΡΡ ΡΠΈΡΡΠ°ΡΠΈΡΡ ΠΏΡΠΈ ΡΠΏΡΠ°Π²Π»Π΅Π½ΠΈΠΈΒ ΠΈΠ½Π²Π΅ΡΡΠΈΡΠΎΠ²Π°Π½Π½ΡΠΌ ΠΊΠ°ΠΏΠΈΡΠ°Π»ΠΎΠΌΒ Π½Π΅ΠΎΠ±Ρ ΠΎΠ΄ΠΈΠΌΠΎ ΠΏΡΠΈΠΌΠ΅Π½ΠΈΡΡ Π°Π½Π°Π»ΠΈΠ· ΠΈΠ·ΠΌΠ΅Π½Π΅Π½ΠΈΡ ΡΠ΅Π½ Π°ΠΊΡΠΈΠ²ΠΎΠ².
ΠΠΈΠ½ΠΈΠΌΠΈΠ·ΠΈΡΠΎΠ²Π°ΡΡ ΡΠΈΡΠΊΠΈ ΠΏΠΎΠΌΠΎΠ³ΡΡ Π²Π½ΠΈΠΌΠ°ΡΠ΅Π»ΡΠ½ΡΠΉ Π²ΡΠ±ΠΎΡ ΠΎΠ±ΡΠ΅ΠΊΡΠΎΠ², Π°Π½Π°Π»ΠΈΠ· ΠΌΠ½Π΅Π½ΠΈΠΉ ΡΠΊΡΠΏΠ΅ΡΡΠΎΠ² ΠΈ Π°Π½Π°Π»ΠΈΡΠΈΠΊΠΎΠ². Π£ΡΠΈΡΡΠ²Π°Ρ Π½Π°Π΄Π΅ΠΆΠ½ΠΎΡΡΡ ΠΏΠ°ΡΡΠ½Π΅ΡΠΎΠ², Π° ΡΠ°ΠΊΠΆΠ΅ Π²ΡΠ±ΡΠ°Π² Π²Π΅ΡΠ½ΡΡ ΡΡΡΠ°ΡΠ΅Π³ΠΈΡ ΠΈΠ½Π²Π΅ΡΡΠΈΡΠΎΠ²Π°Π½ΠΈΡ, Π²ΠΊΠ»Π°Π΄ΡΠΈΠΊ ΠΎΠ±Π΅ΡΠΏΠ΅ΡΠΈΠ²Π°Π΅Ρ ΡΠ΅Π½ΡΠ°Π±Π΅Π»ΡΠ½ΠΎΡΡΡ ΠΏΡΠΎΠ΅ΠΊΡΠ°.
Π€ΠΎΡΠΌΡΠ»Π°
ΠΠ΅ΡΠ΅Π΄ ΡΠ΅ΠΌ ΠΊΠ°ΠΊ ΡΠ°ΡΡΡΠΈΡΠ°ΡΡ ΠΏΡΠΈΠ±ΡΠ»ΡΠ½ΠΎΡΡΡ ΠΈΠ½Π²Π΅ΡΡΠΈΡΠΎΠ²Π°Π½Π½ΠΎΠ³ΠΎ ΠΊΠ°ΠΏΠΈΡΠ°Π»Π° ΠΈ Π΄ΠΎΡ ΠΎΠ΄Π½ΠΎΡΡΡ ΠΎΠ±ΡΠ΅ΠΊΡΠ° ΠΏΠΎ ΡΠΎΡΠΌΡΠ»Π΅, Π²Π°ΠΆΠ½ΠΎ ΡΡΠ΅ΡΡΡ Π΄Π΅Π½Π΅ΠΆΠ½ΡΠ΅ ΠΏΠΎΡΠΎΠΊΠΈ Π·Π° Π²Π΅ΡΡ ΠΏΠ΅ΡΠΈΠΎΠ΄ β ΡΡΠΎ ΡΠΈΡΡΡΠ΅ Π΄Π΅Π½Π΅ΠΆΠ½ΡΠ΅ ΠΏΠΎΡΡΡΠΏΠ»Π΅Π½ΠΈΡ, Π²Π»ΠΎΠΆΠ΅Π½ΠΈΡ, Π½Π°Π»ΠΎΠ³ΠΈ, ΡΠ΅Π³ΡΠ»ΡΡΠ½ΡΠ΅ ΠΊΡΠ΅Π΄ΠΈΡΠ½ΡΠ΅ Π²ΡΠΏΠ»Π°ΡΡ ΠΈ ΠΏΠΎ Π·Π°ΡΠ°Π±ΠΎΡΠ½ΠΎΠΉ ΠΏΠ»Π°ΡΠ΅.
Π‘ΡΡΠ΅ΡΡΠ²ΡΠ΅Ρ Π½Π΅ΡΠΊΠΎΠ»ΡΠΊΠΎ ΡΠΎΡΠΌΡΠ» ΠΊΠΎΡΡΡΠΈΡΠΈΠ΅Π½ΡΠ° ΠΈΠ½Π²Π΅ΡΡΠΈΡΠΎΠ²Π°Π½ΠΈΡ (ΠΠ):
ΡΡΡ. 1300 + ΡΡΡ. 1400 / ΡΡΡ. 1200 |
ΡΠΎΠ±ΡΡΠ²Π΅Π½Π½ΡΠΉ ΠΊΠ°ΠΏΠΈΡΠ°Π» + Π΄ΠΎΠ»Π³ΠΎΡΡΠΎΡΠ½ΡΠ΅ ΠΎΠ±ΡΠ·Π°ΡΠ΅Π»ΡΡΡΠ²Π° / Π²Π½Π΅ΠΎΠ±ΠΎΡΠΎΡΠ½ΡΠ΅ Π°ΠΊΡΠΈΠ²Ρ |
ΠΡΠ»ΠΈ ΠΠ Π±ΠΎΠ»Π΅Π΅ 1, ΠΏΡΠ΅Π΄ΠΏΡΠΈΡΡΠΈΠ΅ ΠΏΡΠΈΠ·Π½Π°Π΅ΡΡΡ ΠΏΠ»Π°ΡΠ΅ΠΆΠ΅ΡΠΏΠΎΡΠΎΠ±Π½ΡΠΌ, Π΅ΡΠ»ΠΈ ΠΠ ΠΌΠ΅Π½Π΅Π΅ 1 β ΡΠΎΠ±ΡΡΠ²Π΅Π½Π½ΡΡ ΡΡΠ΅Π΄ΡΡΠ² Π½Π΅Π΄ΠΎΡΡΠ°ΡΠΎΡΠ½ΠΎ.
ΠΠΎΡΡΠ΅ΠΊΡΠΈΡΠΎΠ²ΠΊΠΈ
ΠΡΠΈΡΠΈΠ½Π° ΡΠ°Π·Π»ΠΈΡΠΈΠΉ ΠΌΠ΅ΠΆΠ΄Ρ Π±Π°Π»Π°Π½ΡΠΎΠ²ΠΎΠΉ ΠΈ ΡΡΠ½ΠΎΡΠ½ΠΎΠΉ ΡΡΠΎΠΈΠΌΠΎΡΡΡΡ ΠΊΠΎΠΌΠΏΠ°Π½ΠΈΠΈ β Π½Π΅Π²ΠΎΠ·ΠΌΠΎΠΆΠ½ΠΎΡΡΡ ΠΎΡΠ΅Π½ΠΈΡΡ Π² Π΄Π΅Π½Π΅ΠΆΠ½ΠΎΠΌ ΡΠΊΠ²ΠΈΠ²Π°Π»Π΅Π½ΡΠ΅ ΠΌΠ½ΠΎΠ³ΠΈΠ΅ Π½Π΅ΠΌΠ°ΡΠ΅ΡΠΈΠ°Π»ΡΠ½ΡΠ΅ Π°ΠΊΡΠΈΠ²Ρ:
- Π΄Π΅Π»ΠΎΠ²ΡΠ΅ ΡΠ²ΡΠ·ΠΈ;
- ΡΠ΅ΠΏΡΡΠ°ΡΠΈΡ;
- ΠΎΠΏΡΡ ΠΈ Π½Π°Π²ΡΠΊΠΈ ΡΠΎΡΡΡΠ΄Π½ΠΈΠΊΠΎΠ².
ΠΠΎΡΡΠΎΠΌΡ Π΄Π»Ρ Π°Π½Π°Π»ΠΈΠ·Π° ΠΏΡΠΈΠ±ΡΠ»ΠΈ ΠΎΡ ΠΈΠ½Π²Π΅ΡΡΠΈΡΠΎΠ²Π°Π½Π½ΠΎΠ³ΠΎ ΠΊΠ°ΠΏΠΈΡΠ°Π»Π° ΠΏΡΠΈΠΌΠ΅Π½ΡΡΡΡΡ ΡΠ°Π·Π»ΠΈΡΠ½ΡΠ΅ ΠΌΠ΅ΡΠΎΠ΄Ρ. ΠΡΠΎΠΌΠ΅ ΡΡΠΎΠ³ΠΎ, Π²ΡΠΏΠΎΠ»Π½ΡΡΡΡΡ ΠΊΠΎΡΡΠ΅ΠΊΡΠΈΡΠΎΠ²ΠΊΠΈ:
- Π½Π°ΡΠ°ΡΠ΅Π½Π½ΠΎΠΉ ΡΡΠΎΠΈΠΌΠΎΡΡΠΈ ΡΡΠ΅Π΄ΡΡΠ² Ρ ΡΡΠ΅ΡΠΎΠΌ ΠΈΠ½Π΄Π΅ΠΊΡΠ° ΠΈΠ½ΡΠ»ΡΡΠΈΠΈ;
- ΠΏΡΠΎΠ³Π½ΠΎΠ·ΠΈΡΡΠ΅ΠΌΠΎΠ³ΠΎ ΠΊΡΡΡΠ° Π²Π°Π»ΡΡ;
- ΡΠΎΡΡ ΡΠ΅Π½ Π²ΠΎ Π²ΡΠ΅ΠΌΠ΅Π½ΠΈ, Π° ΡΠ°ΠΊΠΆΠ΅ Π½Π°Π»ΠΎΠ³ΠΎΠ²ΡΡ ΡΡΠ°Π²ΠΎΠΊ, ΡΠ±ΠΎΡΠΎΠ² ΠΈ ΠΏΠΎΡΠ»ΠΈΠ½;
- Ρ ΡΡΠ΅ΡΠΎΠΌ ΡΠΎΠ΄Π΅ΡΠΆΠ°Π½ΠΈΡ Π·Π°Π±Π°Π»Π°Π½ΡΠΎΠ²ΡΡ ΡΡΠ΅ΡΠΎΠ².
ΠΠΎΡΠ»Π΅ ΠΏΠΎΠ»ΡΡΠ΅Π½ΠΈΡ ΠΏΡΠΈΠ±ΡΠ»ΠΈ ΠΎΡ ΠΈΠ½Π²Π΅ΡΡΠΈΡΠΎΠ²Π°Π½Π½ΠΎΠ³ΠΎ ΠΊΠ°ΠΏΠΈΡΠ°Π»Π° ΠΏΠ»Π°ΡΠ΅Π»ΡΡΠΈΠΊΠΈ Π½Π°Π»ΠΎΠ³Π° ΠΊΠΎΡΡΠ΅ΠΊΡΠΈΡΡΡΡ ΠΏΠΎΠΊΠ°Π·Π°ΡΠ΅Π»ΠΈ Π½Π° ΡΠ°Π·Π½ΠΈΡΡ ΠΌΠ΅ΠΆΠ΄Ρ Π΄ΠΎΡ ΠΎΠ΄Π°ΠΌΠΈ ΠΈ ΡΠ°ΡΡ ΠΎΠ΄Π°ΠΌΠΈ. Π‘ΡΠΌΠΌΠ° ΡΠ°ΡΡΡΠΈΡΡΠ²Π°Π΅ΡΡΡ Ρ ΡΡΠ΅ΡΠΎΠΌ ΡΡΠ°ΡΡΠΈΡ Π² Π΄Π΅ΡΡΠ΅Π»ΡΠ½ΠΎΡΡΠΈ ΡΠΈΠ½Π°Π½ΡΠΈΡΡΡΡΠΈΡ ΠΊΠΎΠΌΠΏΠ°Π½ΠΈΠΉ.
Π Π°Π·Π»ΠΈΡΠ½ΡΠ΅ ΠΌΠ΅ΡΠΎΠ΄ΠΈΠΊΠΈ ΡΠ°ΡΡΠ΅ΡΠ° ΡΡΠ°Π½ΠΎΠ²ΡΡΡΡ ΠΏΡΠΈΡΠΈΠ½ΠΎΠΉ ΠΎΡΠΈΠ±ΠΎΠΊ Π² ΠΏΠΎΠΊΠ°Π·Π°ΡΠ΅Π»ΡΡ ΠΎΡΠ³Π°Π½ΠΈΠ·Π°ΡΠΈΠΉ. ΠΠΎΡΡΠΎΠΌΡ ΠΏΡΠ΅Π΄ΠΏΡΠΈΡΡΠΈΡ, Π½Π΅ ΠΏΡΠΈΠΌΠ΅Π½ΡΡΡΠΈΠ΅ ΠΊΠ»Π°ΡΡΠΈΡΠ΅ΡΠΊΡΡ ΡΠΎΡΠΌΡΠ»Ρ, Π΄ΠΎΠ±Π°Π²Π»ΡΡΡ ΠΊ Π½Π°Π·Π²Π°Π½ΠΈΡ ΠΎΠΏΡΠ΅Π΄Π΅Π»Π΅Π½ΠΈΠ΅ Β«ΡΠΊΠΎΡΡΠ΅ΠΊΡΠΈΡΠΎΠ²Π°Π½Π½ΡΠΉΒ», Π½Π°ΠΏΡΠΈΠΌΠ΅Ρ: ΡΠΊΠΎΡΡΠ΅ΠΊΡΠΈΡΠΎΠ²Π°Π½Π½ΡΠΉ EBIT, EBITDA, OIBDA.
ΠΠ°Π±Π°Π»Π°Π½ΡΠΎΠ²ΡΠ΅ ΡΠ΅Π·Π΅ΡΠ²Ρ
Π£ΡΠ΅Ρ Π΄ΠΎΠ»Π³ΠΎΠ² ΠΈ ΡΠ΅Π½Π½ΠΎΡΡΠ΅ΠΉ, Π½Π΅ ΠΏΡΠΈΠ½Π°Π΄Π»Π΅ΠΆΠ°ΡΠΈΡ ΠΊΠΎΠΌΠΏΠ°Π½ΠΈΠΈ, Π²ΡΠΏΠΎΠ»Π½ΡΠ΅ΡΡΡ Π½Π° Π·Π°Π±Π°Π»Π°Π½ΡΠΎΠ²ΡΡ ΡΡΠ΅ΡΠ°Ρ . ΠΠ΄Π΅ΡΡ ΠΎΡΡΠ°ΠΆΠ°ΡΡΡΡ ΡΠ»Π΅Π΄ΡΡΡΠΈΠ΅ ΠΎΠ±ΡΠ΅ΠΊΡΡ:
- Π°ΡΠ΅Π½Π΄ΠΎΠ²Π°Π½Π½ΡΠ΅ ΠΎΡΠ½ΠΎΠ²Π½ΡΠ΅ ΡΡΠ΅Π΄ΡΡΠ²Π°, ΠΎΠ±ΠΎΡΡΠ΄ΠΎΠ²Π°Π½ΠΈΠ΅ Π΄Π»Ρ ΠΌΠΎΠ½ΡΠ°ΠΆΠ°;
- ΠΈΠΌΡΡΠ΅ΡΡΠ²ΠΎ, ΠΏΡΠΈΠ½ΡΡΠΎΠ΅ Π½Π° ΠΎΡΠ²Π΅ΡΡΡΠ²Π΅Π½Π½ΠΎΠ΅ Ρ ΡΠ°Π½Π΅Π½ΠΈΠ΅;
- ΠΌΠ°ΡΠ΅ΡΠΈΠ°Π»Ρ Π² ΠΏΠ΅ΡΠ΅ΡΠ°Π±ΠΎΡΠΊΠ΅ ΠΈ Π½Π° ΠΊΠΎΠΌΠΈΡΡΠΈΠΈ;
- ΡΠΏΠΈΡΠ°Π½Π½Π°Ρ ΠΏΡΠΎΡΡΠΎΡΠ΅Π½Π½Π°Ρ Π·Π°Π΄ΠΎΠ»ΠΆΠ΅Π½Π½ΠΎΡΡΡ;
- ΠΏΠΎΠ»ΡΡΠ΅Π½Π½ΡΠ΅ Π² ΠΏΠΎΠ»ΡΠ·ΠΎΠ²Π°Π½ΠΈΠ΅ ΠΏΠΎ Π΄ΠΎΠ³ΠΎΠ²ΠΎΡΠ°ΠΌ.
ΠΠ½Π²Π΅ΡΡΠΈΡΠΎΠ²Π°Π½Π½ΠΎΠ΅ ΠΈΠΌΡΡΠ΅ΡΡΠ²ΠΎ Π³Π°ΡΠ°Π½ΡΠΈΡΡΠ΅Ρ Π²ΡΠΏΠΎΠ»Π½Π΅Π½ΠΈΠ΅ ΠΎΠ±ΡΠ·Π°ΡΠ΅Π»ΡΡΡΠ² ΠΏΠΎ ΡΠ΄Π΅Π»ΠΊΠ°ΠΌ Ρ ΠΊΠΎΠ½ΡΡΠ°Π³Π΅Π½ΡΠ°ΠΌΠΈ, Π½ΠΎ ΡΡΠΈΡΡΠ²Π°Π΅ΡΡΡ Π·Π° ΠΏΡΠ΅Π΄Π΅Π»Π°ΠΌΠΈ Π±Π°Π»Π°Π½ΡΠ°.
ΠΠ°Π±Π°Π»Π°Π½ΡΠΎΠ²ΡΠ΅ Π°ΠΊΡΠΈΠ²Ρ
ΠΡΠ±ΠΎΠ΅ ΠΈΠΌΡΡΠ΅ΡΡΠ²ΠΎ, ΠΊΠΎΡΠΎΡΠΎΠ΅ Π²ΡΡΡΡΠΏΠ°Π΅Ρ Π² ΠΊΠ°ΡΠ΅ΡΡΠ²Π΅ Π·Π°Π»ΠΎΠ³Π° β ΡΡΠ°Π½ΡΠΏΠΎΡΡ, Π½Π΅Π΄Π²ΠΈΠΆΠΈΠΌΠΎΡΡΡ, ΠΎΠ±ΠΎΡΡΠ΄ΠΎΠ²Π°Π½ΠΈΠ΅ Π»ΠΈΠ±ΠΎ Π±Π°Π½ΠΊΠΎΠ²ΡΠΊΠΈΠ΅ Π³Π°ΡΠ°Π½ΡΠΈΠΈ β ΠΎΡΠ½ΠΎΡΡΡ ΠΊ Π·Π°Π±Π°Π»Π°Π½ΡΠΎΠ²ΡΠΌ Π°ΠΊΡΠΈΠ²Π°ΠΌ. Π ΡΡΡ ΠΊΠ°ΡΠ΅Π³ΠΎΡΠΈΡ Π²Ρ ΠΎΠ΄ΠΈΡ:
- ΠΏΡΠΎΠΈΠ·Π²ΠΎΠ΄ΡΡΠ²Π΅Π½Π½ΠΎΠ΅ ΠΎΠ±ΠΎΡΡΠ΄ΠΎΠ²Π°Π½ΠΈΠ΅, Π²ΡΠ΄Π΅Π»Π΅Π½Π½ΠΎΠ΅ Π·Π°ΠΊΠ°Π·ΡΠΈΠΊΠΎΠΌ Π΄Π»Ρ ΠΈΡΠΏΠΎΠ»ΡΠ·ΠΎΠ²Π°Π½ΠΈΡ ΠΏΠΎΠ΄ΡΡΠ΄ΡΠΈΠΊΠΎΠΌ;
- ΡΡΠ΅Π΄ΡΡΠ²Π°, ΠΏΠΎΠ»ΡΡΠ΅Π½Π½ΡΠ΅ Π±ΡΠΎΠΊΠ΅ΡΠΎΠΌ Π΄Π»Ρ ΠΈΠ½Π²Π΅ΡΡΠΈΡΠΎΠ²Π°Π½ΠΈΡ Π² ΡΠ΅Π½Π½ΡΠ΅ Π±ΡΠΌΠ°Π³ΠΈ Π»ΠΈΠ±ΠΎ Π΄Π΅Π½ΡΠ³ΠΈ, Π²ΡΡΡΡΠ΅Π½Π½ΡΠ΅ ΠΎΡ ΠΈΡ ΠΏΡΠΎΠ΄Π°ΠΆΠΈ;
- Π³Π°ΡΠ°Π½ΡΠΈΠΈ ΠΎΠΏΠ»Π°ΡΡ Π΄ΠΎΠ»Π³ΠΎΠ² Π΄ΡΡΠ³ΠΈΡ ΠΊΠΎΠΌΠΏΠ°Π½ΠΈΠΉ ΠΈΠ»ΠΈ ΡΠ°ΡΡΠ½ΡΡ Π»ΠΈΡ.
ΠΡΡΠΏΠ½ΡΠ΅ ΠΈΠ½Π²Π΅ΡΡΠΎΡΡ ΠΎΡΡΡΠ΅ΡΡΠ²Π»ΡΡΡ ΡΠΈΠ½Π°Π½ΡΠΎΠ²ΡΠΉ ΠΊΠΎΠ½ΡΠ°Π»ΡΠΈΠ½Π³ Π½Π° ΠΎΡΠ½ΠΎΠ²Π΅ ΡΠ°Π·Π»ΠΈΡΠ½ΡΡ ΡΡ Π΅ΠΌ Ρ ΠΏΡΠΈΠΌΠ΅Π½Π΅Π½ΠΈΠ΅ΠΌ Π±Π°Π»Π°Π½ΡΠΎΠ²ΡΡ ΠΈ Π·Π°Π±Π°Π»Π°Π½ΡΠΎΠ²ΡΡ ΡΡΠ΅ΡΠΎΠ².
ΠΠΊΡΠΈΠ²Ρ, ΠΏΡΠ΅Π΄Π½Π°Π·Π½Π°ΡΠ΅Π½Π½ΡΠ΅ Π΄Π»Ρ ΠΏΡΠΎΠ΄Π°ΠΆΠΈ
ΠΠ±ΡΠ΅ΠΊΡΡ, ΡΠ΄Π΅ΡΠΆΠΈΠ²Π°Π΅ΠΌΡΠ΅ Π΄Π»Ρ ΠΏΡΠΎΠ΄Π°ΠΆΠΈ, ΠΏΡΠ΅Π΄ΠΏΠΎΠ»Π°Π³Π°ΡΡ ΡΠ΅Π°Π»ΠΈΠ·Π°ΡΠΈΡ Π² Π±Π»ΠΈΠΆΠ°ΠΉΡΠ΅Π΅ Π²ΡΠ΅ΠΌΡ. ΠΠ°Π»Π°Π½ΡΠΎΠ²Π°Ρ ΡΡΠΎΠΈΠΌΠΎΡΡΡ ΡΡΠΎΠ³ΠΎ ΠΈΠΌΡΡΠ΅ΡΡΠ²Π° Π²ΠΎΠ·ΠΌΠ΅ΡΠ°Π΅ΡΡΡ ΠΏΠΎΡΠ»Π΅ ΡΠ΄Π΅Π»ΠΊΠΈ, Π° Π½Π΅ ΠΏΡΠΈ ΡΠΊΡΠΏΠ»ΡΠ°ΡΠ°ΡΠΈΠΈ. ΠΠ΅ΠΆΠ΄ΡΠ½Π°ΡΠΎΠ΄Π½ΡΠ΅ ΡΡΠ°Π½Π΄Π°ΡΡΡ IFRS 5 ΠΏΡΠ΅Π΄ΠΏΠΎΠ»Π°Π³Π°ΡΡ, ΡΡΠΎ ΠΊ Π΄Π°Π½Π½ΠΎΠΉ ΠΊΠ°ΡΠ΅Π³ΠΎΡΠΈΠΈ ΠΌΠΎΠ³ΡΡ Π±ΡΡΡ ΠΎΡΠ½Π΅ΡΠ΅Π½Ρ ΠΈ Π½Π΅ΠΌΠ°ΡΠ΅ΡΠΈΠ°Π»ΡΠ½ΡΠ΅ Π»ΠΈΠ±ΠΎ ΡΠΈΠ½Π°Π½ΡΠΎΠ²ΡΠ΅ Π°ΠΊΡΠΈΠ²Ρ.
Π Π΅Π·ΡΠ»ΡΡΠ°ΡΡ ΠΏΠ΅ΡΠ΅ΠΎΡΠ΅Π½ΠΊΠΈ ΠΈΠΌΡΡΠ΅ΡΡΠ²Π° ΠΈ ΠΏΠ΅ΡΠ΅ΠΌΠ΅ΡΠ΅Π½ΠΈΡ Π΅Π³ΠΎ ΠΈΠ· ΠΎΠ΄Π½ΠΎΠΉ ΠΊΠ°ΡΠ΅Π³ΠΎΡΠΈΠΈ Π² ΠΊΠ°ΡΠ΅Π³ΠΎΡΠΈΡ Β«ΠΡΠ΅Π΄Π½Π°Π·Π½Π°ΡΠ΅Π½Π½ΡΠ΅ Π΄Π»Ρ ΠΏΡΠΎΠ΄Π°ΠΆΠΈΒ» ΠΎΡΡΠ°ΠΆΠ°ΡΡΡΡ Π² ΠΏΡΠΈΠ±ΡΠ»ΠΈ Π»ΠΈΠ±ΠΎ ΡΠ±ΡΡΠΊΠ°Ρ Π΄Π΅ΡΡΠ΅Π»ΡΠ½ΠΎΡΡΠΈ ΡΠ΅ΠΊΡΡΠ΅Π³ΠΎ ΠΏΠ΅ΡΠΈΠΎΠ΄Π°.
Π ΠΎΡΠ½ΠΎΡΠ΅Π½ΠΈΠΈ ΡΡΠΈΡ ΠΎΠ±ΡΠ΅ΠΊΡΠΎΠ² Π΄ΠΎΠ»ΠΆΠ½Ρ Π²ΡΠΏΠΎΠ»Π½ΡΡΡΡΡ ΡΠ°ΠΊΠΈΠ΅ ΡΡΠ»ΠΎΠ²ΠΈΡ:
- Π³ΠΎΡΠΎΠ²Π½ΠΎΡΡΡ ΠΊ Π½Π΅ΠΌΠ΅Π΄Π»Π΅Π½Π½ΠΎΠΉ ΠΏΡΠΎΠ΄Π°ΠΆΠ΅ Π² Π½ΡΠ½Π΅ΡΠ½Π΅ΠΌ ΡΠΎΡΡΠΎΡΠ½ΠΈΠΈ;
- Π²ΡΡΠΎΠΊΠ°Ρ Π²Π΅ΡΠΎΡΡΠ½ΠΎΡΡΡ Π±ΡΡΡΡΠΎΠ³ΠΎ ΡΠΎΠ²Π΅ΡΡΠ΅Π½ΠΈΡ ΡΠ΄Π΅Π»ΠΊΠΈ;
- Π½Π°ΡΠ°Ρ Π°ΠΊΡΠΈΠ²Π½ΡΠΉ ΠΏΠΎΠΈΡΠΊ ΠΏΠΎΠΊΡΠΏΠ°ΡΠ΅Π»Ρ ΠΈ Π²ΡΠΏΠΎΠ»Π½Π΅Π½ΠΈΠ΅ ΠΏΠ»Π°Π½Π° ΠΏΡΠΎΠ΄Π°ΠΆΠΈ.
ΠΡΠ»ΠΈ ΠΊΡΠΈΡΠ΅ΡΠΈΠΈ Π½Π΅ ΡΠΎΠ±Π»ΡΠ΄Π΅Π½Ρ, ΠΈΠΌΡΡΠ΅ΡΡΠ²ΠΎ Π½Π΅ Π²ΠΊΠ»ΡΡΠ°Π΅ΡΡΡ Π² ΠΊΠ°ΡΠ΅Π³ΠΎΡΠΈΡ Β«ΠΠ»Ρ ΠΏΡΠΎΠ΄Π°ΠΆΠΈΒ».
ΠΡΠΎΡΠΈΠΉ ΡΠΎΠ²ΠΎΠΊΡΠΏΠ½ΡΠΉ Π΄ΠΎΡ ΠΎΠ΄ (ΡΠ±ΡΡΠΎΠΊ)
Π‘ΡΠ°ΡΡΠΈ Π΄ΠΎΡ ΠΎΠ΄Π° ΠΈ ΡΠ°ΡΡ ΠΎΠ΄Π°, Π½Π΅ Π²Ρ ΠΎΠ΄ΡΡΠΈΠ΅ Π² ΡΠΎΡΡΠ°Π² ΠΏΡΠΈΠ±ΡΠ»ΠΈ ΠΈΠ»ΠΈ ΡΠ±ΡΡΠΊΠ°, ΠΏΡΠΈΡΠΈΡΠ»ΡΡΡΡΡ ΠΊ ΠΏΡΠΎΡΠΈΠΌ ΡΠΎΠ²ΠΎΠΊΡΠΏΠ½ΡΠΌ Π΄ΠΎΡ ΠΎΠ΄Π°ΠΌ.
Π‘ΠΏΠΈΡΠ°Π½ΠΈΠ΅ Π°ΠΊΡΠΈΠ²ΠΎΠ²
ΠΠ‘Π€Π 10 ΡΠΊΠ°Π·ΡΠ²Π°Π΅Ρ Π½Π° ΡΠΎ, ΡΡΠΎ ΠΈΠ½Π²Π΅ΡΡΠΎΡΠ°ΠΌΠΈ Π΅ΠΆΠ΅Π³ΠΎΠ΄Π½ΠΎ Π΄ΠΎΠ»ΠΆΠ½Ρ ΠΏΠ΅ΡΠ΅ΡΠΌΠ°ΡΡΠΈΠ²Π°ΡΡΡΡ ΠΊΡΠΈΡΠ΅ΡΠΈΠΈ ΠΊΠΎΠ½ΡΡΠΎΠ»Ρ Π² ΠΎΡΠ½ΠΎΡΠ΅Π½ΠΈΠΈ ΠΎΠ±ΡΠ΅ΠΊΡΠΎΠ² ΠΈΠ½Π²Π΅ΡΡΠΈΡΠΈΠΉ. ΠΠΊΡΠΈΠ²Ρ, ΠΊΠΎΡΠΎΡΡΠ΅ Π½Π΅ ΡΠΎΠΎΡΠ²Π΅ΡΡΡΠ²ΡΡΡ ΡΠ°ΠΊΠΈΠΌ ΠΏΠ°ΡΠ°ΠΌΠ΅ΡΡΠ°ΠΌ, ΠΏΠΎΠ΄Π»Π΅ΠΆΠ°Ρ ΡΠΏΠΈΡΠ°Π½ΠΈΡ.
ΠΡΠ»ΠΎΠΆΠ΅Π½Π½ΡΠ΅ ΠΊΠΎΠΌΠΏΠ΅Π½ΡΠ°ΡΠΈΠΎΠ½Π½ΡΠ΅ Π²ΡΠΏΠ»Π°ΡΡ
ΠΠ· ΡΡΠΌΠΌΠ°ΡΠ½ΠΎΠ³ΠΎ Π΄Π΅Π½Π΅ΠΆΠ½ΠΎΠ³ΠΎ ΠΏΠΎΡΠΎΠΊΠ° ΠΏΡΠΈ ΠΏΡΠΎΡΡΠ΅ΡΠ΅ ΠΈΠ½Π²Π΅ΡΡΠΈΡΠΎΠ²Π°Π½Π½ΠΎΠ³ΠΎ ΠΊΠ°ΠΏΠΈΡΠ°Π»Π° ΠΈΡΠΊΠ»ΡΡΠ°ΡΡΡΡ ΡΠ»Π΅Π΄ΡΡΡΠΈΠ΅ ΡΠ°ΡΡ ΠΎΠ΄Ρ:
- Π²ΡΠΏΠ»Π°ΡΡ ΠΊΡΠ΅Π΄ΠΈΡΠΎΠ², Π·Π°ΠΉΠΌΠΎΠ² ΠΈ ΠΏΡΠΎΡΠ΅Π½ΡΡ ΠΏΠΎ Π½ΠΈΠΌ;
- Π²ΡΠΏΠ»Π°ΡΡ Π΄ΠΈΠ²ΠΈΠ΄Π΅Π½Π΄ΠΎΠ²;
- Π΄Π΅Π½Π΅ΠΆΠ½ΡΠ΅ ΠΊΠΎΠΌΠΏΠ΅Π½ΡΠ°ΡΠΈΠΈ, ΡΠ²ΡΠ·Π°Π½Π½ΡΠ΅ Ρ Ρ Π°ΡΠ°ΠΊΡΠ΅ΡΠΎΠΌ Π²ΡΠΏΠΎΠ»Π½ΡΠ΅ΠΌΠΎΠΉ ΡΠ°Π±ΠΎΡΡ.
ΠΡΠΈ Π²ΡΠΏΠ»Π°ΡΡ ΡΡΠΈΡΡΠ²Π°ΡΡΡΡ ΠΏΡΠΈ ΠΎΡΠ΅Π½ΠΊΠ΅ Π΄ΠΎΡ ΠΎΠ΄Π½ΠΎΡΡΠΈ ΠΈΠ½Π²Π΅ΡΡΠΈΡΠΎΠ²Π°Π½Π½ΠΎΠ³ΠΎ ΠΊΠ°ΠΏΠΈΡΠ°Π»Π°.
ΠΡΠ»ΠΎΠΆΠ΅Π½Π½ΡΠ΅ Π½Π°Π»ΠΎΠ³ΠΎΠ²ΡΠ΅ Π°ΠΊΡΠΈΠ²Ρ ΠΈ ΠΎΠ±ΡΠ·Π°ΡΠ΅Π»ΡΡΡΠ²Π°
Π Π°Π·Π½ΡΠ΅ ΠΏΡΠ°Π²ΠΈΠ»Π° ΠΏΡΠΈΠ·Π½Π°Π½ΠΈΡ ΠΎΠ΄ΠΈΠ½Π°ΠΊΠΎΠ²ΡΡ Ρ ΠΎΠ·ΡΠΉΡΡΠ²Π΅Π½Π½ΡΡ ΠΎΠΏΠ΅ΡΠ°ΡΠΈΠΉ Π² Π±ΡΡ Π³Π°Π»ΡΠ΅ΡΡΠΊΠΎΠΌ ΠΈ Π½Π°Π»ΠΎΠ³ΠΎΠ²ΠΎΠΌ ΡΡΠ΅ΡΠ΅ β ΡΡΠΎ ΠΏΡΠΈΡΠΈΠ½Π° ΡΠ°ΡΡ ΠΎΠΆΠ΄Π΅Π½ΠΈΠΉ Π² ΡΠ°ΡΡΠ΅ΡΠ΅ ΠΏΡΠΈΠ±ΡΠ»ΠΈ. ΠΠ½Π° ΠΈ Π½Π°Π·ΡΠ²Π°Π΅ΡΡΡ ΠΎΡΠ»ΠΎΠΆΠ΅Π½Π½ΡΠΌ Π½Π°Π»ΠΎΠ³ΠΎΠ²ΡΠΌ Π°ΠΊΡΠΈΠ²ΠΎΠΌ. ΠΠ»Ρ Π²Π΅ΡΠ½ΡΡ ΡΠ°ΡΡΠ΅ΡΠΎΠ² ΠΎΡΠ»ΠΎΠΆΠ΅Π½Π½ΠΎΠ³ΠΎ Π½Π°Π»ΠΎΠ³Π° ΠΏΡΠΈΠΌΠ΅Π½ΡΠ΅ΡΡΡ Π±ΡΡ Π³Π°Π»ΡΠ΅ΡΡΠΊΠΈΠΉ ΠΌΠ΅ΡΠΎΠ΄.
ΠΡΠΈΠΌΠ΅Ρ ΡΠ°ΡΡΠ΅ΡΠ° ΠΈΠ½Π²Π΅ΡΡΠΈΡΠΎΠ²Π°Π½Π½ΠΎΠ³ΠΎ ΠΊΠ°ΠΏΠΈΡΠ°Π»Π°
ΠΠΏΡΠ΅Π΄Π΅Π»Π΅Π½ΠΈΠ΅ Π²Π΅Π»ΠΈΡΠΈΠ½Ρ ΠΈΠ½Π²Π΅ΡΡΠΈΡΠΈΠΉ Π·Π°Π²ΠΈΡΡΡ ΠΎΡ ΡΡΡΡΠΊΡΡΡΡ Π±ΠΈΠ·Π½Π΅ΡΠ° ΠΈ ΠΎΡΠΎΠ±Π΅Π½Π½ΠΎΡΡΠ΅ΠΉ Π²Π΅Π΄Π΅Π½ΠΈΡ ΡΡΠ΅ΡΠ°. ΠΡΠΈ Π°Π½Π°Π»ΠΈΠ·Π΅ Π΄ΠΎΠ»ΠΆΠ΅Π½ ΡΡΠΈΡΡΠ²Π°ΡΡΡΡ ΡΠΎΠ»ΡΠΊΠΎ ΠΎΠ±ΠΎΡΠΎΡΠ½ΡΠΉ ΠΊΠ°ΠΏΠΈΡΠ°Π», ΠΏΡΠΈΠΌΠ΅Π½ΡΠ΅ΠΌΡΠΉ Π΄Π»Ρ ΠΏΠΎΠ»ΡΡΠ΅Π½ΠΈΡ ΠΏΡΠΈΠ±ΡΠ»ΠΈ.
ΠΡΠΈ ΡΠΏΡΠΎΡΠ΅Π½Π½ΠΎΠΌ ΠΏΠΎΠ΄Ρ ΠΎΠ΄Π΅ Π½Π΅ Π²ΡΡΠ²Π»ΡΠ΅ΡΡΡ ΠΎΡΠ½ΠΎΠ²Π½Π°Ρ Π΄Π΅ΡΡΠ΅Π»ΡΠ½ΠΎΡΡΡ ΠΊΠΎΠΌΠΏΠ°Π½ΠΈΠΈ, ΠΏΡΠΈ ΡΡΠΎΠΌ Π²ΠΎ Π²Π½ΠΈΠΌΠ°Π½ΠΈΠ΅ ΠΏΡΠΈΠ½ΠΈΠΌΠ°ΡΡΡΡ Π²ΡΠ΅ Π·Π°ΠΉΠΌΡ, ΠΈΠ½Π²Π΅ΡΡΠΈΡΠΎΠ²Π°Π½Π½ΡΠ΅ ΡΡΠ΅Π΄ΡΡΠ²Π° ΠΈ Π΄ΠΎΡ ΠΎΠ΄Ρ. Π’Π°ΠΊΠΈΠΌ ΠΎΠ±ΡΠ°Π·ΠΎΠΌ, Π²ΠΎΠ·ΠΌΠΎΠΆΠ½ΡΠ΅ Π΄ΠΎΠΏΡΡΠ΅Π½ΠΈΡ Π΄ΠΎΡ ΠΎΠ΄Π½ΠΎΡΡΠΈ Π²Π»ΠΎΠΆΠ΅Π½ΠΈΠΉ ΡΠ°ΡΡΡΠΈΡΡΠ²Π°ΡΡΡΡ ΠΏΠΎ ΡΠΎΡΠΌΡΠ»Π΅ ROIC.
Π Π΅Π½ΡΠ°Π±Π΅Π»ΡΠ½ΠΎΡΡΡ ΠΈΠ½Π²Π΅ΡΡΠΈΡΠΎΠ²Π°Π½Π½ΠΎΠ³ΠΎ ΠΊΠ°ΠΏΠΈΡΠ°Π»Π° (ROIC)
ΠΠΎΠΊΠ°Π·Π°ΡΠ΅Π»Ρ ΡΠ΅Π½ΡΠ°Π±Π΅Π»ΡΠ½ΠΎΡΡΠΈ Π²Π»ΠΎΠΆΠ΅Π½ΠΈΠΉ ΠΎΠΏΡΠ΅Π΄Π΅Π»ΡΠ΅ΡΡΡ ΠΏΠΎ ΠΎΠ΄Π½ΠΎΠΉ ΠΈΠ· ΡΠ°ΠΊΠΈΡ ΡΠΎΡΠΌΡΠ»:
(ΡΠΈΡΡΠ°Ρ ΠΏΡΠΈΠ±ΡΠ»Ρ + ΠΏΡΠΎΡΠ΅Π½ΡΡ (1-ΡΡΠ°Π²ΠΊΠ° Π½Π°Π»ΠΎΠ³Π°) / (Π΄ΠΎΠ»Π³ΠΎΡΡΠΎΡΠ½ΡΠ΅ ΠΊΡΠ΅Π΄ΠΈΡΡ + ΡΠΎΠ±ΡΡΠ²Π΅Π½Π½ΡΠΉ ΠΊΠ°ΠΏΠΈΡΠ°Π») Π₯ 100% |
(EBIT(1-ΡΡΠ°Π²ΠΊΠ° Π½Π°Π»ΠΎΠ³Π°) / (Π΄ΠΎΠ»Π³ΠΎΡΡΠΎΡΠ½ΡΠ΅ ΠΊΡΠ΅Π΄ΠΈΡΡ + ΡΠΎΠ±ΡΡΠ²Π΅Π½Π½ΡΠΉ ΠΊΠ°ΠΏΠΈΡΠ°Π») Π₯ 100% |
ΠΡΡΠ³ΠΈΠ΅ ΠΏΠΎΠΊΠ°Π·Π°ΡΠ΅Π»ΠΈ ΡΠ΅Π½ΡΠ°Π±Π΅Π»ΡΠ½ΠΎΡΡΠΈ Π½Π΅ΠΏΠΎΡΡΠ΅Π΄ΡΡΠ²Π΅Π½Π½ΠΎ Π²Π»ΠΈΡΡΡ Π½Π° Π΄ΠΎΡ ΠΎΠ΄Π½ΠΎΡΡΡ ΠΈΠ½Π²Π΅ΡΡΠΈΡΠΈΠΉ.
ΠΠ°ΠΊΠ»ΡΡΠ΅Π½ΠΈΠ΅
ΠΡΠΈΠΌΠ΅Π½Π΅Π½ΠΈΠ΅Β ΠΈΠ½Π²Π΅ΡΡΠΈΡΠΎΠ²Π°Π½Π½ΠΎΠ³ΠΎ ΠΊΠ°ΠΏΠΈΡΠ°Π»Π°Β Π² Π±ΠΈΠ·Π½Π΅ΡΠ΅ ΠΈΠΌΠ΅Π΅Ρ ΠΏΠΎΠ»ΠΎΠΆΠΈΡΠ΅Π»ΡΠ½ΡΠ΅ ΠΈ ΠΎΡΡΠΈΡΠ°ΡΠ΅Π»ΡΠ½ΡΠ΅ ΡΡΠΎΡΠΎΠ½Ρ. Π ΠΎΡΡΠΈΡΠ°ΡΠ΅Π»ΡΠ½ΡΠΌ ΠΎΡΠ½ΠΎΡΡΡ ΠΌΠ΅Π½ΡΡΡΡ ΠΏΡΠΈΠ±ΡΠ»Ρ ΠΎΡ Π°ΠΊΡΠΈΠ²ΠΎΠ² Π·Π° ΡΡΠ΅Ρ Π²ΡΠΏΠ»Π°ΡΠΈΠ²Π°Π΅ΠΌΠΎΠ³ΠΎ ΡΡΡΠ΄Π½ΠΎΠ³ΠΎ ΠΏΡΠΎΡΠ΅Π½ΡΠ° ΠΈ Π²ΠΎΠ·ΡΠ°ΡΡΠ°Π½ΠΈΠ΅ ΡΠΈΡΠΊΠΎΠ² ΠΏΠΎΡΠ΅ΡΠΈ ΠΏΠ»Π°ΡΠ΅ΠΆΠ΅ΡΠΏΠΎΡΠΎΠ±Π½ΠΎΡΡΠΈ.
ΠΠ΄Π½Π°ΠΊΠΎ, Π΅ΡΠ»ΠΈ ΠΏΡΠ΅Π΄ΠΏΡΠΈΡΡΠΈΠ΅ ΠΈΡΠΏΠΎΠ»ΡΠ·ΡΠ΅Ρ ΡΠΎΠ»ΡΠΊΠΎ ΡΠΎΠ±ΡΡΠ²Π΅Π½Π½ΡΠΉ ΠΊΠ°ΠΏΠΈΡΠ°Π», ΡΡΠΎ ΠΎΠ³ΡΠ°Π½ΠΈΡΠΈΠ²Π°Π΅Ρ ΡΠ΅ΠΌΠΏΡ Π΅Π³ΠΎ ΡΠ°Π·Π²ΠΈΡΠΈΡ ΠΈ Π½Π΅ Π΄Π°Π΅Ρ Π²ΠΎΠ·ΠΌΠΎΠΆΠ½ΠΎΡΡΠΈ ΠΏΡΠΈΠΌΠ΅Π½ΠΈΡΡ Π²ΡΠ΅ ΡΠΈΠ½Π°Π½ΡΠΎΠ²ΡΠ΅ Π²ΠΎΠ·ΠΌΠΎΠΆΠ½ΠΎΡΡΠΈ Π΄Π»Ρ ΠΏΡΠΈΡΠΎΡΡΠ° ΠΏΡΠΈΠ±ΡΠ»ΠΈ.
ΠΡΠ»ΠΈ ΡΡΠ°ΡΡΡ Π±ΡΠ»Π° Π²Π°ΠΌ ΠΏΠΎΠ»Π΅Π·Π½ΠΎΠΉ ΠΈ ΠΏΠΎΠΌΠΎΠ³Π»Π° ΡΠ°Π·ΠΎΠ±ΡΠ°ΡΡΡΡ Π² Π²ΠΎΠΏΡΠΎΡΠ°Ρ , ΡΠ²ΡΠ·Π°Π½Π½ΡΡ ΡΒ ΠΈΠ½Π²Π΅ΡΡΠΈΡΠΎΠ²Π°Π½Π½ΡΠΌ ΠΊΠ°ΠΏΠΈΡΠ°Π»ΠΎΠΌ, Π½Π΅ Π·Π°Π±ΡΠ²Π°ΠΉΡΠ΅ Π΄Π΅Π»ΠΈΡΡΡΡ ΠΈΠ½ΡΠΎΡΠΌΠ°ΡΠΈΠ΅ΠΉ Π² ΡΠΎΡΡΠ΅ΡΡΡ , Π° ΡΠ°ΠΊΠΆΠ΅ ΠΏΠΎΠ΄ΠΏΠΈΡΡΠ²Π°ΠΉΡΠ΅ΡΡ Π½Π° Π΄Π°Π»ΡΠ½Π΅ΠΉΡΠΈΠ΅ Π½ΠΎΠ²ΠΎΡΡΠΈ.
ΠΠ²ΡΠΎΡ Administrator ΠΠ° ΡΡΠ΅Π½ΠΈΠ΅ 3 ΠΌΠΈΠ½. ΠΡΠΎΡΠΌΠΎΡΡΠΎΠ² 35 ΠΠΏΡΠ±Π»ΠΈΠΊΠΎΠ²Π°Π½ΠΎ
Π ΡΡΠ°ΡΡΠ΅ Π±ΡΠ΄ΡΡ ΡΠ°ΡΡΠΌΠΎΡΡΠ΅Π½Ρ ΠΎΡΠ½ΠΎΠ²Π½ΡΠ΅ ΠΏΠΎΠΊΠ°Π·Π°ΡΠ΅Π»ΠΈ ΡΠ΅Π½ΡΠ°Π±Π΅Π»ΡΠ½ΠΎΡΡΠΈ ΠΏΡΠ΅Π΄ΠΏΡΠΈΡΡΠΈΡ.
1 ΠΠΎΠΊΠ°Π·Π°ΡΠ΅Π»Ρ ΡΠ΅Π½ΡΠ°Π±Π΅Π»ΡΠ½ΠΎΡΡΠΈ Π°ΠΊΡΠΈΠΎΠ½Π΅ΡΠ½ΠΎΠ³ΠΎ ΠΊΠ°ΠΏΠΈΡΠ°Π»Π° (ROCE) ΠΎΠΏΡΠ΅Π΄Π΅Π»ΡΠ΅ΡΡΡ ΡΠ΅ΡΠ΅Π· ΠΎΡΠ½ΠΎΡΠ΅Π½ΠΈΠ΅ ΡΠΈΡΡΠΎΠΉ ΠΏΡΠΈΠ±ΡΠ»ΠΈ Π·Π° Π²ΡΡΠ΅ΡΠΎΠΌ Π΄ΠΈΠ²ΠΈΠ΄Π΅Π½Π΄ΠΎΠ² ΠΏΠΎ ΠΏΡΠΈΠ²ΠΈΠ»Π΅Π³ΠΈΡΠΎΠ²Π°Π½Π½ΡΠΌ Π°ΠΊΡΠΈΡΠΌ ΠΊ ΡΡΠ΅Π΄Π½Π΅ΠΉ Π·Π° Π³ΠΎΠ΄ Π²Π΅Π»ΠΈΡΠΈΠ½Π΅ ΠΎΠ±ΡΠΊΠ½ΠΎΠ²Π΅Π½Π½ΠΎΠ³ΠΎ Π°ΠΊΡΠΈΠΎΠ½Π΅ΡΠ½ΠΎΠ³ΠΎ ΠΊΠ°ΠΏΠΈΡΠ°Π»Π°. Π€ΠΎΡΠΌΡΠ»Π° ΡΠ°ΡΡΠ΅ΡΠ°:
ROCE = (ΡΠΈΡΡΠ°Ρ ΠΏΡΠΈΠ±ΡΠ»Ρ β Π΄ΠΈΠ²ΠΈΠ΄Π΅Π½Π΄Ρ ΠΏΠΎ ΠΏΡΠΈΠ²ΠΈΠ»Π΅Π³ΠΈΡΠΎΠ²Π°Π½Π½ΡΠΌ Π°ΠΊΡΠΈΡΠΌ) / ΡΡΠ΅Π΄Π½ΡΡ Π·Π° Π³ΠΎΠ΄ Π²Π΅Π»ΠΈΡΠΈΠ½Π° ΠΎΠ±ΡΠΊΠ½ΠΎΠ²Π΅Π½Π½ΠΎΠ³ΠΎ Π°ΠΊΡΠΈΠΎΠ½Π΅ΡΠ½ΠΎΠ³ΠΎ ΠΊΠ°ΠΏΠΈΡΠ°Π»Π° *100%
Π‘ΡΠ΅Π΄Π½Π΅Π³ΠΎΠ΄ΠΎΠ²Π°Ρ Π²Π΅Π»ΠΈΡΠΈΠ½Π° Π°ΠΊΡΠΈΠΎΠ½Π΅ΡΠ½ΠΎΠ³ΠΎ ΠΊΠ°ΠΏΠΈΡΠ°Π»Π° ΡΠ°ΡΡΡΠΈΡΡΠ²Π°Π΅ΡΡΡ ΠΊΠ°ΠΊ ΡΡΠΌΠΌΠ° Π΅Π³ΠΎ Π·Π½Π°ΡΠ΅Π½ΠΈΡ Π½Π° Π½Π°ΡΠ°Π»ΠΎ Π³ΠΎΠ΄Π° ΠΈ Π½Π° ΠΊΠΎΠ½Π΅Ρ Π³ΠΎΠ΄Π° Π΄Π΅Π»Π΅Π½Π½ΠΎΠ΅ Π½Π° 2. ΠΠΎΠΊΠ°Π·Π°ΡΠ΅Π»Ρ ROCE (Return on Capital Employed) ΠΈΡΠΏΠΎΠ»ΡΠ·ΡΠ΅ΡΡΡ ΠΊΠ°ΠΊ ΠΏΠΎΠΊΠ°Π·Π°ΡΠ΅Π»Ρ Π΄ΠΎΡ
ΠΎΠ΄Π½ΠΎΡΡΠΈ, ΠΊΠΎΡΠΎΡΠ°Ρ ΠΏΡΠΈΠ½ΠΎΡΠΈΡ ΠΏΡΠ΅Π΄ΠΏΡΠΈΡΡΠΈΡ Π½Π° Π²Π»ΠΎΠΆΠ΅Π½Π½ΡΠΉ ΠΊΠ°ΠΏΠΈΡΠ°Π». ΠΡΠ»ΠΈ ΠΏΡΠ΅Π΄ΠΏΡΠΈΡΡΠΈΠ΅ Π½Π΅ ΠΈΠΌΠ΅Π΅Ρ ΠΏΡΠΈΠ²ΠΈΠ»Π΅Π³ΠΈΡΠΎΠ²Π°Π½Π½ΡΡ
Π°ΠΊΡΠΈΠΉ ΠΈΠ»ΠΈ Π½Π΅ ΡΠ²ΡΠ·Π°Π½ΠΎ ΠΎΠ±ΡΠ·Π°ΡΠ΅Π»ΡΡΡΠ²ΠΎΠΌ ΠΏΠ»Π°ΡΠΈΡΡ Π΄ΠΈΠ²ΠΈΠ΄Π΅Π½Π΄Ρ, ΡΠΎ Π² Π΄Π°Π½Π½ΠΎΠΌ ΡΠ»ΡΡΠ°Π΅Ρ Π·Π½Π°ΡΠ΅Π½ΠΈΠ΅ ROCE ΡΠΊΠ²ΠΈΠ²Π°Π»Π΅Π½ΡΠ½ΠΎ Π·Π½Π°ΡΠ΅Π½ΠΈΠ΅Β ROE.
2 Π Π΅Π½ΡΠ°Π±Π΅Π»ΡΠ½ΠΎΡΡΡ ΠΈΠ½Π²Π΅ΡΡΠΈΡΠΎΠ²Π°Π½Π½ΠΎΠ³ΠΎ ΠΊΠ°ΠΏΠΈΡΠ°Π»Π° (ROIC). ΠΠΎΠΊΠ°Π·Π°ΡΠ΅Π»Ρ ΡΠ°ΡΡΡΠΈΡΡΠ²Π°Π΅ΡΡΡ ΠΊΠ°ΠΊ ΠΎΡΠ½ΠΎΡΠ΅Π½ΠΈΠ΅ ΡΠΈΡΡΠΎΠΉ ΠΎΠΏΠ΅ΡΠ°ΡΠΈΠΎΠ½Π½ΠΎΠΉ ΠΏΡΠΈΠ±ΡΠ»ΠΈ Π·Π° Π²ΡΡΠ΅ΡΠΎΠΌ ΡΠΊΠΎΡΡΠ΅ΠΊΡΠΈΡΠΎΠ²Π°Π½Π½ΡΡ
Π½Π°Π»ΠΎΠ³ΠΎΠ² (NOPLAT) ΠΊ ΠΈΠ½Π²Π΅ΡΡΠΈΡΠΎΠ²Π°Π½Π½ΠΎΠΌΡ ΠΊΠ°ΠΏΠΈΡΠ°Π»Ρ. Π€ΠΎΡΠΌΡΠ»Π° ΡΠ°ΡΡΠ΅ΡΠ°:
ROIC = NOPLAT / ΠΈΠ½Π²Π΅ΡΡΠΈΡΠΎΠ²Π°Π½Π½ΡΠΉ ΠΊΠ°ΠΏΠΈΡΠ°Π» *100%
ΠΠ½Π²Π΅ΡΡΠΈΡΠΎΠ²Π°Π½Π½ΡΠΉ ΠΊΠ°ΠΏΠΈΡΠ°Π» β ΠΊΠ°ΠΏΠΈΡΠ°Π», ΠΊΠΎΡΠΎΡΡΠΉ ΠΈΠ½Π²Π΅ΡΡΠΈΡΠΎΠ²Π°Π½ Π² ΠΎΡΠ½ΠΎΠ²Π½ΡΡ Π΄Π΅ΡΡΠ΅Π»ΡΠ½ΠΎΡΡΡ ΠΏΡΠ΅Π΄ΠΏΡΠΈΡΡΠΈΡ.
ΠΠ½Π²Π΅ΡΡΠΈΡΠΎΠ²Π°Π½Π½ΡΠΉ ΠΊΠ°ΠΏΠΈΡΠ°Π» Β = ΠΎΠ±ΠΎΡΠΎΡΠ½ΡΠ΅ Π°ΠΊΡΠΈΠ²Ρ + ΡΠΈΡΡΡΠ΅ ΠΎΡΠ½ΠΎΠ²Π½ΡΠ΅ ΡΡΠ΅Π΄ΡΡΠ²Π° + ΡΠΈΡΡΡΠ΅ ΠΏΡΠΎΡΠΈΠ΅ Π°ΠΊΡΠΈΠ²Ρ
ΠΈΠ»ΠΈ Π΄ΡΡΠ³ΠΎΠΉ ΡΠΏΠΎΡΠΎΠ± ΠΎΠΏΡΠ΅Π΄Π΅Π»Π΅Π½ΠΈΡ Π΄Π°Π½Π½ΠΎΠ³ΠΎ ΠΏΠΎΠΊΠ°Π·Π°ΡΠ΅Π»Ρ:
ΠΠ½Π²Π΅ΡΡΠΈΡΠΎΠ²Π°Π½Π½ΡΠΉ ΠΊΠ°ΠΏΠΈΡΠ°Π» = ΡΠΎΠ±ΡΡΠ²Π΅Π½Π½ΡΠΉ ΠΊΠ°ΠΏΠΈΡΠ°Π» + Π΄ΠΎΠ»Π³ΠΎΡΡΠΎΡΠ½ΡΠ΅ ΠΎΠ±ΡΠ·Π°ΡΠ΅Π»ΡΡΡΠ²Π°.
3 Π Π΅Π½ΡΠ°Π±Π΅Π»ΡΠ½ΠΎΡΡΡ ΡΡΠΌΠΌΠ°ΡΠ½ΡΡ Π°ΠΊΡΠΈΠ²ΠΎΠ² (ROTA). ΠΠΎΠΊΠ°Π·Π°ΡΠ΅Π»Ρ ΡΠ°ΡΡΡΠΈΡΡΠ²Π°Π΅ΡΡΡ ΠΊΠ°ΠΊ ΠΎΡΠ½ΠΎΡΠ΅Π½ΠΈΠ΅ ΠΎΠΏΠ΅ΡΠ°ΡΠΈΠΎΠ½Π½Π°Ρ ΠΏΡΠΈΠ±ΡΠ»Ρ Ρ Π°ΠΊΡΠΈΠ²Π°ΠΌ ΠΏΡΠ΅Π΄ΠΏΡΠΈΡΡΠΈΡ. ΠΠΎΠΊΠ°Π·Π°ΡΠ΅Π»Ρ ΠΈΡΠΏΠΎΠ»ΡΠ·ΡΠ΅ΡΡΡ Π² ΡΠ΅Π»ΡΡ ΡΠ²Π΅Π»ΠΈΡΠ΅Π½ΠΈΡ Π²ΡΡΡΡΠΊΠΈ ΠΈ ΡΠ½ΠΈΠΆΠ΅Π½ΠΈΡ ΡΠ΅Π±Π΅ΡΡΠΎΠΈΠΌΠΎΡΡΠΈ ΠΈ Π½Π΅ΠΏΡΠΎΠΈΠ·Π²ΠΎΠ΄ΡΡΠ²Π΅Π½Π½ΡΡ ΡΠ°ΡΡ ΠΎΠ΄ΠΎΠ². Π€ΠΎΡΠΌΡΠ»Π° ΡΠ°ΡΡΠ΅ΡΠ°:
ROTA = EBIT / ΡΡΠ΅Π΄Π½ΠΈΠ΅ Π°ΠΊΡΠΈΠ²Ρ ΠΏΡΠ΅Π΄ΠΏΡΠΈΡΡΠΈΡ * 100%
ROTA ΠΎΡΠ΅Π½Ρ ΠΏΠΎΡ
ΠΎΠΆ Π½Π° ΠΏΠΎΠΊΠ°Π·Π°ΡΠ΅Π»Ρ ROA. ΠΡΠ»ΠΈΡΠΈΠ΅ Π·Π°ΠΊΠ»ΡΡΠ°Π΅ΡΡΡ Π² ΡΠΎΠΌ, ΡΡΠΎ ΠΏΡΠΈ ΠΎΠΏΡΠ΅Π΄Π΅Π»Π΅Π½ΠΈΠΈ ROATA ΠΈΡΠΏΠΎΠ»ΡΠ·ΡΠ΅ΡΡΡ ΠΎΠΏΠ΅ΡΠ°ΡΠΈΠΎΠ½Π½Π°Ρ ΠΏΡΠΈΠ±ΡΠ»Ρ, Π° Π½Π΅ ΡΠΈΡΡΠ°Ρ ΠΊΠ°ΠΊ Π² ROA. ΠΠ΄ΠΈΠ½ ΠΈΠ· ΡΡΡΠ΅ΡΡΠ²Π΅Π½Π½ΡΡ
Π½Π΅Π΄ΠΎΡΡΠ°ΡΠΊΠΎΠ² ΠΏΠΎΠΊΠ°Π·Π°ΡΠ΅Π»Ρ Π·Π°ΠΊΠ»ΡΡΠ°Π΅ΡΡΡ Π² Π΅Π³ΠΎ Π·Π°ΠΌΠ΅ΡΠ½ΠΎΠΌ ΡΡ
ΡΠ΄ΡΠ΅Π½ΠΈΠΈ ΠΏΡΠΈ ΠΏΡΠΈΠ²Π»Π΅ΡΠ΅Π½ΠΈΠΈ Π·Π°Π΅ΠΌΠ½ΠΎΠ³ΠΎ ΠΊΠ°ΠΏΠΈΡΠ°Π»Π°, ΠΊΡΠΎΠΌΠ΅ ΡΠΎΠ³ΠΎ Π² Π½Π΅ΠΌ Π½Π΅ ΡΡΠΈΡΡΠ²Π°Π΅ΡΡΡ ΡΠ΅Π·ΠΎΠ½Π½Π°Ρ ΡΠΏΠ΅ΡΠΈΡΠΈΠΊΠ° ΠΈ Π²ΠΈΠ΄ Π΄Π΅ΡΡΠ΅Π»ΡΠ½ΠΎΡΡΠΈ. ΠΠ³ΠΎ Ρ
ΠΎΡΠΎΡΠΎ ΠΏΡΠΈΠΌΠ΅Π½ΡΡΡ Π² ΠΊΠ°ΡΠ΅ΡΡΠ²Π΅ Β«Π΄ΠΎΠΏΠΎΠ»Π½ΠΈΡΠ΅Π»ΡΠ½ΠΎΠ³ΠΎΒ».
4 Π Π΅Π½ΡΠ°Π±Π΅Π»ΡΠ½ΠΎΡΡΡ ΡΠΎΠ±ΡΡΠ²Π΅Π½Π½ΠΎΠ³ΠΎ ΠΊΠ°ΠΏΠΈΡΠ°Π»Π° (ROE). ΠΠΎΠΊΠ°Π·Π°ΡΠ΅Π»Ρ ΡΠ²Π»ΡΠ΅ΡΡΡ ΠΎΠ΄Π½ΠΈΠΌ ΠΈΠ· Π²Π°ΠΆΠ½ΡΡ Π΄Π»Ρ ΠΎΡΠ΅Π½ΠΊΠΈ ΠΈΠ½Π²Π΅ΡΡΠΈΡΠΈΠΎΠ½Π½ΠΎΠΉ ΠΏΡΠΈΠ²Π»Π΅ΠΊΠ°ΡΠ΅Π»ΡΠ½ΠΎΡΡΠΈ ΠΏΡΠ΅Π΄ΠΏΡΠΈΡΡΠΈΡ. ΠΠ½ ΠΎΠΏΡΠ΅Π΄Π΅Π»ΡΠ΅Ρ ΠΏΡΠΈΠ±ΡΠ»Ρ Π² ΡΠ°ΡΡΠ΅ΡΠ΅ Π½Π° Π²Π»ΠΎΠΆΠ΅Π½Π½ΡΠΉ Π² ΠΏΡΠ΅Π΄ΠΏΡΠΈΡΡΠΈΠ΅ ΡΡΠ±Π»Ρ. Π€ΠΎΡΠΌΡΠ»Π° ΡΠ°ΡΡΠ΅ΡΠ°:
ROE = ΡΠΈΡΡΠ°Ρ ΠΏΡΠΈΠ±ΡΠ»Ρ / ΡΠΎΠ±ΡΡΠ²Π΅Π½Π½ΡΠΉ ΠΊΠ°ΠΏΠΈΡΠ°Π» * 100%
Π’Π°ΠΊΠΆΠ΅ ROE ΠΌΠΎΠΆΠ½ΠΎ ΠΎΠΏΡΠ΅Π΄Π΅Π»ΠΈΡΡ ΠΏΠΎ ΡΠ»Π΅Π΄ΡΡΡΠ΅ΠΉ ΡΠΎΡΠΌΡΠ»Π΅:
ROE = ROA * ΠΊΠΎΡΡΡΠΈΡΠΈΠ΅Π½Ρ ΡΠΈΠ½Π°Π½ΡΠΎΠ²ΠΎΠ³ΠΎ ΡΡΡΠ°Π³Π°
5 Π Π΅Π½ΡΠ°Π±Π΅Π»ΡΠ½ΠΎΡΡΡ Π°ΠΊΡΠΈΠ²ΠΎΠ² ΠΏΡΠ΅Π΄ΠΏΡΠΈΡΡΠΈΡ ROA. ΠΠΎΠΊΠ°Π·Π°ΡΠ΅Π»Ρ ΠΎΠΏΡΠ΅Π΄Π΅Π»ΡΡΡ ΠΊΠΎΠ»ΠΈΡΠ΅ΡΡΠ²ΠΎ ΡΠΈΡΡΠΎΠΉ ΠΏΡΠΈΠ±ΡΠ»ΠΈ, ΠΊΠΎΡΠΎΡΠΎΠ΅ ΠΏΡΠΈΠ½ΠΎΡΠΈΡ Π΅Π΄ΠΈΠ½ΠΈΡΠ° Π°ΠΊΡΠΈΠ²ΠΎΠ² ΠΏΡΠ΅Π΄ΠΏΡΠΈΡΡΠΈΡ. ΠΠΎΠΊΠ°Π·Π°ΡΠ΅Π»Ρ ΠΏΠΎΠ·Π²ΠΎΠ»ΡΠ΅Ρ ΠΎΡΠ΅Π½ΠΈΡΡ ΠΊΠ°ΡΠ΅ΡΡΠ²ΠΎ ΡΠ°Π±ΠΎΡΡ ΠΌΠ΅Π½Π΅Π΄ΠΆΠ΅ΡΠΎΠ².
ROA = (ΡΠΈΡΡΠ°Ρ ΠΏΡΠΈΠ±ΡΠ»Ρ + ΠΏΡΠΎΡΠ΅Π½ΡΠ½ΡΠ΅ ΠΏΠ»Π°ΡΠ΅ΠΆΠΈ)* (1 β Π½Π°Π»ΠΎΠ³ΠΎΠ²Π°Ρ ΡΡΠ°Π²ΠΊΠ°) / Π°ΠΊΡΠΈΠ²Ρ ΠΏΡΠ΅Π΄ΠΏΡΠΈΡΡΠΈΡ * 100%
Π§ΠΈΡΡΠ°Ρ ΠΏΡΠΈΠ±ΡΠ»Ρ = Π²ΡΡΡΡΠΊΠ° β Π·Π°ΡΡΠ°ΡΡ ΠΏΡΠ΅Π΄ΠΏΡΠΈΡΡΠΈΡ.
ΠΠΊΡΠΈΠ²Ρ ΠΏΡΠ΅Π΄ΠΏΡΠΈΡΡΠΈΡ β ΡΡΠΌΠΌΠ° ΠΈΠΌΡΡΠ΅ΡΡΠ²Π° ΠΈ Π΄Π΅Π½Π΅ΠΆΠ½ΡΡ
ΡΡΠ΅Π΄ΡΡΠ² ΠΏΡΠΈΠ½Π°Π΄Π»Π΅ΠΆΠ°ΡΠΈΡ
ΠΏΡΠ΅Π΄ΠΏΡΠΈΡΡΠΈΡ.
6 Π Π΅Π½ΡΠ°Π±Π΅Π»ΡΠ½ΠΎΡΡΡ Π²Π°Π»ΠΎΠ²ΠΎΠΉ ΠΏΡΠΈΠ±ΡΠ»ΠΈ (GPM). ΠΠΏΡΠ΅Π΄Π΅Π»ΡΠ΅Ρ Π΄ΠΎΠ»Ρ Π²Π°Π»ΠΎΠ²ΠΎΠΉ ΠΏΡΠΈΠ±ΡΠ»ΠΈ Π² ΠΎΠ±ΡΠ΅ΠΌΠ΅ ΠΏΡΠΎΠ΄Π°ΠΆ. Π€ΠΎΡΠΌΡΠ»Π° ΡΠ°ΡΡΠ΅ΡΠ°:
GPM = GP / NS = ΠΠ°Π»ΠΎΠ²Π°Ρ ΠΏΡΠΈΠ±ΡΠ»Ρ / ΡΡΠΌΠΌΠ°ΡΠ½Π°Ρ Π²ΡΡΡΡΠΊΠ°
7 Π Π΅Π½ΡΠ°Π±Π΅Π»ΡΠ½ΠΎΡΡΡ ΠΎΠΏΠ΅ΡΠ°ΡΠΈΠΎΠ½Π½ΠΎΠΉ ΠΏΡΠΈΠ±ΡΠ»ΠΈ (OPM). ΠΠΎΠ»Ρ ΠΎΠΏΠ΅ΡΠ°ΡΠΈΠΎΠ½Π½ΠΎΠΉ ΠΏΡΠΈΠ±ΡΠ»ΠΈ Π² ΠΎΠ±ΡΠ΅ΠΌΠ΅ ΠΏΡΠΎΠ΄Π°ΠΆ. Π€ΠΎΡΠΌΡΠ»Π° ΡΠ°ΡΡΠ΅ΡΠ°:
OPM = OP / NS = ΠΎΠΏΠ΅ΡΠ°ΡΠΈΠΎΠ½Π½Π°Ρ ΠΏΡΠΈΠ±ΡΠ»Ρ / ΡΡΠΌΠΌΠ°ΡΠ½Π°Ρ Π²ΡΡΡΡΠΊΠ°
8 Π Π΅Π½ΡΠ°Π±Π΅Π»ΡΠ½ΠΎΡΡΡ ΡΠΈΡΡΠΎΠΉ ΠΏΡΠΈΠ±ΡΠ»ΠΈ (NPM). ΠΠΎΠ»Ρ ΡΠΈΡΡΠΎΠΉ ΠΏΡΠΈΠ±ΡΠ»ΠΈ Π² ΠΎΠ±ΡΠ΅ΠΌΠ΅ ΠΏΡΠΎΠ΄Π°ΠΆ. Π€ΠΎΡΠΌΡΠ»Π° ΡΠ°ΡΡΠ΅ΡΠ°:
NPM = NI / NS = ΡΠΈΡΡΠ°Ρ ΠΏΡΠΈΠ±ΡΠ»Ρ / ΡΡΠΌΠΌΠ°ΡΠ½Π°Ρ Π²ΡΡΡΡΠΊΠ°
9 Π Π΅Π½ΡΠ°Π±Π΅Π»ΡΠ½ΠΎΡΡΡ ΠΎΠ±ΠΎΡΠΎΡΠ½ΡΡ Π°ΠΊΡΠΈΠ²ΠΎΠ² (RCA). Π€ΠΎΡΠΌΡΠ»Π° ΡΠ°ΡΡΠ΅ΡΠ°:
RCA = NI / CA = ΡΠΈΡΡΠ°Ρ ΠΏΡΠΈΠ±ΡΠ»Ρ / ΠΎΠ±ΠΎΡΠΎΡΠ½ΡΠ΅ ΡΡΠ΅Π΄ΡΡΠ²Π°
10 Π Π΅Π½ΡΠ°Π±Π΅Π»ΡΠ½ΠΎΡΡΡ Π²Π½Π΅ΠΎΠ±ΠΎΡΠΎΡΠ½ΡΡ Π°ΠΊΡΠΈΠ²ΠΎΠ² (RFA). Π€ΠΎΡΠΌΡΠ»Π° ΡΠ°ΡΡΠ΅ΡΠ°:
RFA = NI / FA = ΡΠΈΡΡΠ°Ρ ΠΏΡΠΈΠ±ΡΠ»Ρ / ΠΎΠ±ΠΎΡΠΎΡΠ½ΡΠ΅ ΡΡΠ΅Π΄ΡΡΠ²Π°
ΠΠ²ΡΠΎΡ: ΠΠ΄Π°Π½ΠΎΠ² ΠΠ°ΡΠΈΠ»ΠΈΠΉ, ΠΊ.Ρ.Π½.
90000 A long-term look at ROIC 90001 90002 90003 Savvy executives 90004 know that the decision to invest in a project often hangs on reasonable expectations of its return on invested capital. But what constitutes «reasonable»? Companies that rely on the wrong benchmark can overlook good investments or pursue bad ones. We find that empirical analyses of ROICs-particularly those illustrating industry-specific patterns over time-can help executives ground their expectations in the collective long-term experience of other companies.90005 90002 Audio 90005 A long-term look at ROIC 90002 We analyzed the ROIC histories of about 7,000 publicly listed nonfinancial US companies from 1963 to 2004. These companies had revenues of more than $ 200 million in 2003 dollars, adjusted for inflation. Our sample included active companies as well as companies that were acquired or dissolved, and we looked at patterns that both included and excluded goodwill. The revenues of the companies we studied account for 99 percent of those of all nonfinancial US publicly traded companies in 2004, or some 82 percent if financial ones are included.Our work had several key findings. 90005 90002 First, the average US company has returned its cost of capital over time. From 1963 to 2004, the US market’s median ROIC, excluding goodwill, averaged nearly 10 percent. That level of performance was relatively constant and in line with the long-term cost of capital (Exhibit 1). The stable median ROIC may reflect a balance between investment and consumption. Companies that drive innovations in technology or business systems may earn above-average returns initially, but competition eventually compels most businesses to pass the savings along to consumers.90005 90002 Exhibit 1 90005 90014 ROIC is fairly stable. 90015 We strive to provide individuals with disabilities equal access to our website. If you would like information about this content we will be happy to work with you. Please email us at: McKinsey_Website_Accessibility @ mckinsey.com 90002 Second, historical ROICs can vary widely by industry. In the United States, the pharmaceutical and consumer packaged-goods industries, among others, have sustainable barriers, such as patents and brands, that reduce competitive pressure and contribute to consistently high ROICs. Conversely, capital-intensive sectors (such as basic materials) and highly competitive sectors (including retailing) tend to generate low ROICs. 90005 90002 These differences in the way industries perform have not changed substantially over time.In Exhibit 2, the ROIC ranking, based on the ranking for ΡΠΈΡΡΡΠ° Π΄Π΅Π²’ΡΡΡΠΎΡ ΡΡΡΡΡΠ΄Π΅ΡΡΡ ΡΡΠΈ to 2004 as a whole, largely mirrors the average for the period from 1995 to 2004. In general, the persistence of differences in ROIC across sectors suggests that individual companies should be benchmarked against comparable ones operating in similar or adjacent industries. 90005 90002 Exhibit 2 90005 90014 Industry variation in ROIC 90015 We strive to provide individuals with disabilities equal access to our website.If you would like information about this content we will be happy to work with you. Please email us at: [email protected] 90002 Finally, we found that the median or mean returns of general, broadly defined industry groups can be downright misleading. Executives who look at the mean or median ROIC of an industry without understanding the distribution of ROIC performance within it may not have sufficient information to assess a company or to project its ROIC accurately.90005 90002 Indeed, intra-industry differences are sometimes far more dramatic than those among sectors (Exhibit 3). Take the software and services industry. Its median ROIC from 1963 to 2004 was 18 percent, but the spread between the top and bottom quartile of companies averaged 31 percent. In fact, the industry’s performance was so uneven as to render this metric meaningless. These wide variations suggest that the industry comprises many distinct subgroups that have very different structures and are subject to very different competitive forces.To form reasonable expectations, it is often necessary to dig down to more refined subindustry groupings. By contrast, the utility industry’s median ROIC is only 7 percent, but the spread from the best to the worst companies is a slim 2 percent. Any executive encountering projected returns outside those of this relevant benchmark industry range would do well to look on those forecasts with a gimlet eye. 90005 90002 Exhibit 3 90005 90014 Intra-industry variations in ROIC 90015 We strive to provide individuals with disabilities equal access to our website.If you would like information about this content we will be happy to work with you. Please email us at: [email protected] 90032 About the author (s) 90033 90002 90003 Bin Jiang 90004 is a consultant in McKinsey’s New York office, where 90003 Tim Koller 90004 is a principal. 90005 .90000 Return on Invested Capital (ROIC) 90001 90002 Return on Invested Capital (ROIC) is another popular metric that is used widely in financial analysis. The reason for its popularity is that like ROA, ROIC can be used by both equity and debt holders. Also, like ROA, it provides data about return to the company as a whole and is not affected by leverage. Here is more about Return on Invested Capital; 90003 90004 Formula 90005 90002 The formula for calculating ROIC is as follows: 90003 90002 90009 Return on Invested Capital = EBIT / Invested Capital 90010 90003 90012 90013 90009 Deriving Invested Capital: 90010 Note that Invested Capital is not the same as Capital listed on the balance sheet.Neither is it the balance sheet total. Invested Capital is a term analysts have coined in the recent past to denote capital that has been listed for the long term in the company s operations. Invested capital is derived by starting from the Balance Sheet Liabilities total and then subtracting the current liabilities from it. This is because current liabilities are not sustainable sources of long term financing and therefore can not qualify as capital. 90016 90017 90004 Meaning 90005 90002 The Return on Invested Capital (ROIC) metric measures the company s efficiency at allocating its resources to generate the maximum return.Thus ROIC shows the relationship between invested capital and return. It must be thought about as having Rs X in earnings for every rupee in invested capital. 90003 90004 Assumptions 90005 90012 90013 90009 Tax Planning not Considered: 90010 The Return on Invested Capital (ROIC) used EBIT which is a pre-tax figure. This ratio does not consider that companies can make significant differences to their profitability with the help of tax planning strategies. Some analysts use both pre-tax and post-tax ROIC numbers to get a better picture of the company s operations.90016 90013 90009 Accurate Book Values: 90010 The Return on Invested Capital (ROIC) assumes that the book values ββstated are accurate. In many cases, the book values ββand the market values ββof assets are very different. One such example is land. Thus, ROIC becomes a misleading figure. This is because many times analysts consider the opportunity cost based on market value and the ROIC drops drastically. 90016 90017 90004 Interpretation 90005 90012 90002 90009 No Break-Up Provided: 90010 ROIC does not provide break up about whether income has been earned from regular operations or from one time activities.90003 90002 90009 Used to Evaluate Acquisitions: 90010 Return on Invested Capital (ROIC) is useful in case of companies that have done many acquisitions. Since it is difficult to segregate the cash flows of the two merged companies, ROIC with and without the acquisition serves as a measure of gauging success. 90003 90017 90046 90046 90046 90004 90009 90010 Authorship / Referencing — About the Author (s) 90005 90053 90054 90055 The article is Written By Prachi Juneja and Reviewed By 90009 Management Study Guide Content Team 90010.MSG Content Team comprises experienced Faculty Member, Professionals and Subject Matter Experts. We are a 90009 ISO 2001 Π΄ΡΡ Π΄ΠΎ: 2015 Certified Education Provider 90010. To Know more, click on About Us. The use of this material is free for learning and education purpose. Please reference authorship of content used, including link (s) to ManagementStudyGuide.com and the content page url. 90060 90061 90046 90046 .90000 ROIC — Efficiency & performance 90001 90002 Return on invested capital (ROIC) is closely related to ROCE. Like ROCE it looks at returns (usually EBITA) free of the effects of capital structure. There are a number of definitions of ROIC in use which incorporate various refinements: 90003 90004 90005 Stripping out assets not used in the business (such as cash and financial investments) 90006 90005 Stripping out free funding (most often trade creditors) 90006 90005 Adding back the cost of assets that have been written off (most often goodwill impairment) 90006 90005 Adjusting for the effect of financial structure on tax paid.90006 90013 90002 The point of all these is the same: to give investors a better idea of ββthe return the company makes on the money it has invested in the past. ROCE is flattered by writing off assets, ROIC is not. There are a number of definitions of ROIC. A good starting point is: 90003 90016 90017 ROIC = EBITA Γ· (A — C — X + W) 90018 90019 90002 where 90017 A 90018 is total assets (equivalent to debt plus equity), 90023 90017 C 90018 is cash holdings, 90023 90017 X 90018 is non-interest bearing current liabilities, and 90023 90017 W 90018 is the cost of assets that have been written off.90003 90002 It can sometimes be useful to refine this further by replacing EBITA with 90017 EBITA Γ (1 — tax rate) 90018. This shows what the total return would be if the company was purely equity funded. This variant is preferable if comparing companies with permanently different tax rates (e.g., operations in different countries). Total assets includes all fixed assets and current assets. 90003 90002 NOPAT can be used instead of EBITA. 90003 90002 Although some references suggest excluding goodwill from ROIC, there is a very strong case of including it.It is an investment that has been made and that requires a return. The cash balance is excluded as it is not invested in the business, the same reason cash is not included when calculating EV. 90003 90002 Non-interest bearing current liabilities are excluded as they are free sources of funds for the company. If a company is funding a part of its assets by borrowing at no cost (often from trade creditors). By obtaining free funding a company is boosting returns to shareholders and this should be reflected in the ROIC.90003 90002 The most difficult adjustment is the addition of assets that have been written off. How far into the past should once go? Should we add back an appropriately amortised value rather than the full value? Should amortisation of long lived intangibles in reversed? 90003 90002 ROIC is used to compare the efficiency of companies within a sector. Cross sector comparisons will not be meaningful: an aircraft manufacturer needs more assets than a software company. However, whatever industry the company is in, ROIC must be more than the WACC — otherwise the company is destroying rather than creating wealth.90003 90002 ROIC is not perfect. As described above, it is still subject to the vagaries of asset values ββshown on the balance sheet. These depend on depreciation policies and the age of a company’s assets. ROIC does nonetheless give investors a useful way of assessing how well run a company has been. 90003 90002 CROIC is similar to ROIC but measures cash returns. 90003 .90000 ROIC vs Growth: What drives PE Ratios? | Intrinsic Investing 90001 90002 Most investors are familiar with PE ratios as a basic approach to valuing stocks. But what drives PE ratios? Why do some stocks trade at high PEs while others trade at low PEs? 90003 90002 Conventional wisdom holds that PE ratios are a function of potential growth. High growth companies should have high PEs and low growth companies should have low PEs. In his book, 90005 One Up On Wall Street 90006, legendary mutual fund manager Peter Lynch popularized a way to codify this relationship using the PEG Ratio (PE ratio divided by earnings growth rate).Lynch argued that a stock is fairly valued when its PE ratio is equal to its growth rate (ie. The PEG Ratio is equal to 1.0). 90003 90002 Lynch had a brilliant track record, but it seems hard to believe that he followed his own advice on the PEG Ratio closely. If a 1.0 PEG ratio is fair value, the US stock market, with its long-term average earnings growth rate of around 5% should command a PE ratio of 5x, about a third of the actually observed average valuation. On the other hand, very few companies have ever grown earnings by 20% + for more than a decade, yet many companies trade at PE ratios of over 20x and sustain this valuation level over long periods of time.90003 90002 So while growth potential clearly influences PE ratios (you do not need an Excel spreadsheet to tell you a quickly growing company is worth more than a slow-growing company, 90005 all else equal 90006), something else is a meaningful driver of PE ratios. 90003 90002 At Ensemble Capital, we believe that a company’s long-term sustainable return on invested capital is a much larger driver of valuation ratios (such as the PE ratio) than growth rates, despite most investors (and particularly Wall Street research) focusing their attention on growth potential and rarely discussing returns on capital.90003 90002 The most simplified valuation model is the Gordon Growth model, which can be used to accurately value any steady, predictable stream of cash flows. 90003 90002 90019 90003 90002 P = price, D1 = distributable cash *, r = required rate of return, g = growth 90003 90002 The model says that a company generating $ 1.00 of distributable cash and growing at 5% a year will be worth $ 25.00 if investors demand a 9% ** rate of return to own the stock (1.00 / (. 09-.05) = 25.00 ). A company growing at just 3% a year would be worth $ 16.67 (1.00 / (. 09-.03) = $ 16.67). In other words, the company growing 5% a year is worth 25x distributable cash flow while the one growing 3% a year is worth 16.7x distributable cash flow. 90003 90002 But note that these multiples are not price to earnings ratios, but price to distributable cash flow ratios. This is where return on invested capital comes in. See this post on the details of ROIC, but the basic message is that the higher a company’s ROIC, the less cash flow they need to reinvest to achieve a given level of growth.90003 90002 Historically, the average US company has generated ROIC of about 10%. In order to grow 5%, a company with a 10% ROIC needs to reinvest 50% of their earnings (0.10 * .50 = 5.0%) and therefore only the other half of their earnings is available to distribute to shareholders. A company that generates 25% ROIC, on the other hand, only needs to reinvest 20% of their earnings to achieve 5% growth (0.25 * 0.2 = 5%) allowing them to distribute 80% of their earnings to shareholders. 90003 90002 Therefore the 10% ROIC company that earns $ 1.00 can distribute $ 0.50 to shareholders while growing 5%, while the 25% ROIC company earning $ 1.00 can distribute $ 0.80 to shareholders while growing 5%. Clearly, the higher ROIC business is more valuable. In fact, it is 90005 60% more valuable 90006 than the 10% ROIC business (10% ROIC = 0.50 / (. 09-0.5) = $ 12.50 | 25% ROIC = 0.80 / (. 09-.05) = $ 20.00). 90003 90002 This dynamic is what leads to high ROIC businesses trading at high PE multiples, even when they do not offer a lot of growth potential.Investors do not get a share of earnings, they get a share of distributable cash. Since high ROIC businesses generate more distributable cash per dollar of earnings, their earnings are worth more to investors and thus their stocks are assigned higher PE ratios. 90003 90002 So we see that PE ratios are driven by both growth and return on invested capital. In our next post on this topic, we plan to show how high returns on capital persist for much longer periods of time than high growth rates, meaning that while both ROIC and growth generate value, high ROIC has a much more lasting impact.90003 90002 * Readers familiar with the Gordon Growth model will notice we’ve redefined D1 as distributable cash rather than the dividend. The Gordon model assumes that distributable cash is paid as a dividend, but by redefining D1 to distributable cash directly, we allow the model to generate consistent valuations whether a company uses excess cash generation to pay dividends, buy back stock, pay down debt or buy other companies. 90003 90002 ** A 9% required rate of return implies a 100% equity financed business.This example ignores the impact of financial leverage. Close readers will note that the example of a 10% ROIC business yields a PE of 12.5x. While this is below the market’s historical average PE, it is in line with the unlevered multiple. The average company’s ability to take on debt at a lower cost than equity reduces their cost of capital (r in the Gordon model) and increases their PE ratio. 90003 90002 90005 While we do not accept public comments on this blog for compliance reasons, we encourage readers to contact us with their thoughts.90006 90003 90002 90005 Past performance is no guarantee of future results. All investments in securities carry risks, including the risk of losing one’s entire investment. The opinions expressed within this blog post are as of the date of publication and are provided for informational purposes only. Content will not be updated after publication and should not be considered current after the publication date. All opinions are subject to change without notice and due to changes in the market or economic conditions may not necessarily come to pass.Nothing contained herein should be construed as a comprehensive statement of the matters discussed, considered investment, financial, legal, or tax advice, or a recommendation to buy or sell any securities, and no investment decision should be made based solely on any information provided herein . Links to third party content are included for convenience only, we do not endorse, sponsor, or recommend any of the third parties or their websites and do not guarantee the adequacy of information contained within their websites.Please follow the link above for additional disclosure information. 90006 90003 .ΠΠΎΡ ΠΎΠΆΠΈΠ΅ Π·Π°ΠΏΠΈΡΠΈ
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