.
, .
, .
:
;
;
.
(accounting profit) , .
.
(taxable income) . , .
(economic profit) , , .
, ( 3.1.)
3.1
| , (earnings before interest, taxes, depreciation and amortization) | EITDA | - | EIT + |
| , (earnings before interest, taxes and amortization) | EITA | - | EIT + |
| (gross profit, gross margin) | GP | - , | |
| (Earnings before Interest and Taxes operating income) | EIT | - - +- | |
| , , (earnings before Taxes) | ( ) | EIT+ - , , |
. 3.1
| - | |||
| , (net income net earning) | NI | - + - +- ( ) | |
| , (basic earnings) | BE | NI | |
| (retained earnings) | RE | - | , |
| (earnings per share) | EPS | BE/ |
|
|
|
, . ( 3.2).
3.2
,
| , | NOPLAT | EIT +- ( EIT , ) |
| EP | NOPLAT | |
| NOPAT | EIT +- + (, , : , ) | |
| (economic value added) | EVA | NOPAT IC* (ROI WACC) |
3.1
, , 1000 , 10%, 8 %. :
= 1000* (10% - 8%) = 20 $
, :
:
= 100 1000*8% = 100 80 = 20 $.
|
. , , - , , , .
4- :
;
;
;
, .
3.2
.
. 20 %, 4. 2% 8%.
:
, :
  , (3.1)
;
- ;
.
, , 5 %.
2% 5% * 0,98 = 4,9%
8% 4*1,08 = 4,32 %
, = 4,9 *4,32 = 21,168%
:
 , (3.2)
;
;
I - () ;
I - () .
= 20%* 0,98*1,08 = 21,168 %
|
|
|
|
3.3.
3.3
| (return on assets) | ROA | ( + )/ / |
| ( ) (return on investment) | ROI ROI | ( + )/ = - |
| (return on equity) | ROE | / |
| (return on common equity) | ROCE | , / |
| EBITDA (EBITDA ratio) | GMr | EBITDA / |
. 3.3
| (gross profit margin) | GPM | / |
| (operating profit margin) | OPM | / |
| (net profit margin) | NPM | / |
, .
() ().
() ) () , .
, .
, .
3.3
10% (50 . . 55 . .).
35 . . 10 . . , .
:
.
:
 , (3.3)
;
.
= , (3.4)
;
.
= 50 35 = 15 . .
= 50 (35+10) = 5 . .
= 15 / 5 =3
, 1 % 3%, 10%, 30%.
, , :
= 5 (1+3*0,1) = 6,5 ..
|
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3.1
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. 70000 10000 . . 25%, 2500 . .
600 . 1000 . . 100%. 5% , , 50 % , 10 % .
3.2
. .
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20 . ., 10 . ., 1 . .
120 . ., - 7 . ., - - 15 . .
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