080105
[]: / . . . .; . . . , . . , , 2006. 24 .
- 080105 . , . .
.. ,
. ..
..
..
-
..,
.., 2006
, 2006
- , () .
1.
.
: (operating assets) , , , (operating current liabilities), , () , EBITDA - , , EBIT- ( ), NOPAT(Net Operating Profit After Tax) - , ROIC(return on investing capital - .
.
1. 2 : (operating assets)
(nonoperating assets). , , , , , , , .
|
|
2. :
() (operating current assets) - - , () (long-term operating assets) , .
3. (net operating working capital)- , , , (operating current liabilities).
=
- =
[ + +- ]-
,
4. () (operating assets ), :
() = + .
5.:
EBITDA - , ;
EBIT - ;
NOPAT (Net Operating Profit After Taxes) . NOPAT - , , . .
NOPAT =EBIT - (1- )
5. ROIC(return on investing capital):
ROIC NOPAT
ROIC , . , , , , , .
1. . , 2.
,( ) | - , % | ||
1 ( ),..(010+090) | 119,1 | ||
2 , ,. (020+030+040+100) | 116,4 | ||
2.1 ,. | 117,2 | ||
2.2 , . (740*) | 72,3 | ||
3. EBITDA , , . | 169,3 | ||
4. EBIT - , ( ), . | 233,4 | ||
5. % | 24% | 24% | |
6. NOPAT - ,. | 1 953 | 4 561 | 233,4 |
7. : | 33 162 | 48 241 | 145,5 |
7.1 , .. (290-250)-621-622-623-624-625** | 13 819 | 32 710 | |
7.2 ,. (190-130)** | 19 343 | 15 531 | 80,3 |
8. ROIC - , % | 5,8 | 9,5 |
|
|
( 1)
1.1-
**- 1
1.2-
1. % (119,1) (237) 2. % (119,1) (145,5) 4.ROIC< | 1.NOPAT , 2. ROIC , |
.
.
, .. , .
2. (EBT) 5410 .., (EBIT) 7643 .. 24%. .
3. 3. . , , 60% . , .
1.3 , ..
% | |||
1. | |||
2. | (61390+59390):0.4= | ||
3. | 100% | ||
4. , | |||
5. (BIT) | |||
6. | 100% | ||
7. | |||
8. (24%) | |||
9. (EBT) | 200% |
2.
: Du Pont, Du Pont, ,
4. ( 1), , ; Du Pont . .1. .
Du Pont(.1)
( , ). . . . - Du Pont.
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|
=
.
/ , , , , . ( 490 .1 ) = 29 914 .., 48 241 ..
= 48 241/29 914= 1,6
:
|
1- Du Pont
=
* =7,41*1,6 =11,9(%)
Du Pont.
10% 11,9% . , .
1 . . , / , 1( ) 16,1% . Du Pont .