, , , , , .
( ) 72*35, 3 .
, . . .
, .. , , ., 2011. , , 1 . , - .
-284., 40 3 /. 40*0,6=243.
:
- 0,05 .;
- 37,3 .;
- 61992 /;
- -.
, , 15 . ., 80 , 15% . 10%. , , 2850000 .
1). .
=+=+1/=15+1/80=16,25%,
;
r ;
;
.
2). , , :
=*=15000000*0,1625=2437500,
, ;
.
3). , :
=-=2850000-2437500=412500.,
.
4). , :
=/=412500/0,1=4125000.
, .
|
|
:
,
( ), .;
, .;
, .
S.a=15000000+412500=15412500 .
, , . :
,
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;
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Spd = 19799352 .
, - (). . , , . .
, , , .
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15
() :
, .,
, :
1. () (, 6 6 ).
2. , , , ( ).
( ).
3. , , , , , . , , .
|
|
4. (), , =1, 2, 3, 4, 5, 6; , =6.
(.. =t+1=6+1=7; t.
, .
=27,58%, =7%, =10%,
=15085609.
1 6 2463,8 .. ( 16).
15085609 ..
1508059 ..
16
. 6.
17
(SVA Shareholder Value Added), . .
, SVA:
5 ;
30000 . ;
20%;
55% ;
(WACC Weighted Average Cost of Capital) (), =15%;
3%.
SVA.
, SVA.
13
/ | |||||||
EBIT | |||||||
(.20,55) | |||||||
NCF (.1-.3) | |||||||
, % | |||||||
( RV (.1:.5) | |||||||
1/1,15t | 0,87 | 0,76 | 0,66 | 0,57 | 0,5 | ||
(.4.7) | |||||||
(.6.7) | |||||||
(.90,03) | |||||||
SVA (.8+.10) |
18
.
=2 . .
=16%. =15%. .
= 2106(16-15)=20000 .
. "" , () .
2 . .
=1200 ./.
87,5% .
.
,
=21061200-24000000000,875=300000000 .
19
14.
|
|
14
1.1 .
/ | , (..) | ||||
- | .- . | ||||
I | 83,558 | 0,000 | 83,558 | ||
II | : : | 1261,942 | 25,563 | 569,746 | 1857,251 |
136,885 | 25,563 | 23,074 | 185,522 | ||
: : | 237,443 | 0,000 | 151,808 | 389,251 | |
2.1 | () | 203,157 | 0,000 | 129,887 | 333,044 |
2.2 | 3,611 | 0,000 | 2,309 | 5,920 | |
- : | 30,675 | 0,000 | 19,612 | 50,286 | |
2.3.1 | 3,611 | 0,000 | 2,309 | 5,920 | |
2.3.2 | rpy | 10,881 | 0,000 | 6,957 | 17,839 |
2.3.3 | 16,182 | 0,000 | 10,346 | 26,528 | |
887,614 | 0,000 | 265,132 | 1152,746 | ||
0,000 | 0,000 | 129,732 | 129,732 | ||
III | 1226,279 | 1108,506 | 98,559 | 2430,344 | |
IV | II 700 L=20 | 514,286 | 42,665 | 60,643 | 617,588 |
: | 3086,060 | 1176,733 | 725,947 | 4988,741 | |
: | 555,491 | 211,812 | 130,671 | 897,973 | |
: | 3641,551 | 1388,545 | 856,618 | 5886,714 |
15
1.2 .
/ | , (. .) | ||||
- | .,- . | ||||
I | 83,558 | 0,000 | 83,558 | ||
II | : : | 1261,942 | 25 563 | 569,746 | 1857,251 |
136,885 | 25,563 | 23,074 | 185,522 | ||
: : | 237,443 | 0,000 | 151,808 | 389,251 | |
2.1 | () | 203,157 | 0,000 | 129,887 | 333,044 |
2.2 | 3,611 | 0,000 | 2,309 | 5,920 | |
2.3 | - : | 30,675 | 0,000 | 19,612 | 50,286 |
2.3.1 | 3,611 | 0,000 | 2,309 | 5,920 | |
2.3.2 | 10,881 | 0,000 | 6,957 | 17,839 | |
2.3.3 | 16,182 | 0,000 | 10,346 | 26,528 | |
887,614 | 0,000 | 265,132 | 1152,746 | ||
0,000 | 0,000 | 129,732 | 129,732 | ||
III | 1226,279 | 1108,506 | 95,559 | 2430,344 | |
IV | -- 700 L=52 | 1280,671 | 60,325 | 106,445 | 1447,441 |
: | 3852,450 | 1194,393 | 771,750 | 5818,593 | |
: | 693,441 | 214,991 | 138,915 | 1047,347 | |
: | 4545,891 | 1409,384 | 910,665 | 6865,940 |
1. , , , . 25. .: "89", 2001.
2. . 130, 132.
3. .., .., .. , 0903, 0906. .: , 1998.
|
|
4. .., .. 130403 " ". .: , 2010.
5. .. . , 2- . .: , 1990.
6. 11, 12, 2008.
7. - . .: " ", 2002.
[1] .
[2] .
[3] ,
[4] dirigisme , [7].
[5] () / ().
[6] () / ().
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