1.

1. .

2012

2011

2012
2011

2012
2011

(
)

()
( )

( 1 )





2012

,

( %
) EBIT

(EBT)

( )

178
0
713

175
0
769

678

740

35
1,329
21
2,241
1,596
(857)
739
65
205
1,009
3,250

29
1,235
17
2,196
1,538
(791)
747
0
205
952
3,148

148
191
36
448
0
0
823
0
631
631
1,454

136
164
127
356
0
0
783
0
627
627
1,410

421
361
1,014
1,796
3,250
1.95

421
361
956
1,738
3,148
2.12

2012
2011
3,992
3,721
(2,680) (2,500)
1,312
1,221
(912)

(841)

400

380

(85)
315
(114)
201
(143)
58
112

(70)
310
(112)
198
(130)
68
114

162

 1.
2.
/
1.
( )
1
/
( )
2
( - ) /
()
3
/
( | )
4
-
2. -

1
/
( )
2
360 /

3
/

4
DSO = 360 /

5
/

6
360 /
3.
-
1
/
-
2
/
-
3
/

4
( + . )/ ( + )

5
(EBIT) / %
-
6
EBIT / (EBIT - %)
4. ()
-
1
/
-
2
/
(ROE)
3
/
- (ROA);
4
/
() (ROCE)
5
BIT/ (. + +)
- ( )
6
/
5.
(EPS)
1
/
" - "
2
/ (EPS)
-
3
(EPS) /

4
( - ) /

5
/

6
/
- (DEL)
7
/

2 - 2.5
1.5 - 2
0.5 -1.5
>1

3.3
111
8.1
45

0.238
0.047
0.14
0.078

163

 1.
3.
CK

( )

0.5
2.5
18
9
10%
1
360
100,000
100,000
100,000

4.
u 2012
()




EBIT


r

..
700,000
(360,000)
340,000
(100,000)
(70,000)
170,000
(60,000)
110,000
(35,000)
75,000

u 31.12.12 , ..


90,000

60,000

80,000
:

40,000

150,000

:
420,000
:

530,000

50,000
:
580,000
:
: 1,000,000
:

80,000
60,000
50,000
190,000
280,000
280000
470,000
200,000
330,000
530,000
1,000,000

:
1. :
) ;
) ;
2. :
) , ;
) ;
3. :
) ;
) ;
4. :
) ;
) ;
5. ROI,
.
365

164

 1.

5.
:
810,000


170,000

33.33%

3

2

6

365
:
1. .
2. .

6:
500,000 10% .
2,000,000 , 30%, 5%.
:
?

7. .
) . 1,000
, 5 . . 20 ,
. 40
, 30 .
)
. 17 1,200 . ,
6 .. ,
(40 ) (30 ),
:
- 1) ?
- 2) , 1,000
.
-3) ,
35 .

8.
1- 2- :

1
1,000
(750)
(100)
150
103
247
62

2
1,500
(1,125)
(150)
225
216
452
185

:
.

165

 1.

9.

1,146,200

2.2
:
1.
2.
:
135,000 .. .
147,000 .. - 33%.
82,600 .. .

10.
. .
( .)
10,000
( $)
500
( $)
1
1,000; 2,000; 5,000; 10,000
:
1. ;
2. ;
3. .
11.
( .):
( $)
( $)
( )
()

25,000
5
1
250
2

:
1. .
2. .
3. ()

12.
:
( .)
( $)
1 ( $)

50,000
100
0.4

:
1) ;
2) 0.02$ , 10,000 .
, .
13.
. .
365 .
:
1/20, 30
2/10, 30
3/10, 30
10/30, 60
:
( )

166

 1.

14.
, .
: 1 - 20 ..; 1 - 14 ..;
1 4 ..
1. 10 . .., .
2. 45 ,
30 . 100,000 .. .
3. , 15% .
4. , 30
, . 50,000 .. , ,
5% . 365 .
:
.
15.

4,000,0000 .. . .
, 60 ,
40 . , 20,000 ..
.
.
, 14% .
,
.
- ,
85% ,
.
- 12% .
, 2% . ,
, ,
26,000 .. . 365 .
:
1. - .
2.
16.
- 12,000 ..; - 16 ..,
- 10 ..;
:
:
1. .
2. , :
) - 15%;
) 2 ..;
) 10%;
) ?
17.
:
- - 50 . ..; - 55 ..; -
- 65 ..
:
) ;
) , 20 . ..

167

 1.
18.
. -
:

(20,000 )

:

:

1,200,000
(900,000)
300,000
(240,000)
60,000

:
1. ;
2. , ,
.
3. 400,000 .., ,
? ;
4. . 90,000 ..
, ?
5. . , ,
6. :
) ;
) 8%, ?
;
) 8%
.
7. ,
, 3 .. ,
,
30,000 .. , 20%.
) . ,
;
) , ,
. ;
) .

19.
:

12,500

(5,000)

7,500

(6,000)

1,500
%
(1,000)

500
:
1. 10%
2.

CVP

168

 1.
20.
( ...):

3,000

(2,100)

900

(600)
EBIT
300
:
1. .
2. 25% (
).
3. , , 25%.
4. , .
21.
, 2.5 . .. - 15.01.12, - 15.03.12.
1 . 30% .
:
.
.
.
22.
180 2.5 . .. .
30% ( 360 ).
:
.
23.
2 , 30% .
:

24.
2 , 30% .
:

25.
5,000 .. 39 20%
.
:
:

) ;
) .
26.
1,000 .. 16% ?
:
?
27.
4 2.5 . .. 30%
.
:

28.
4 2.5 . .., 2
30%.
:
.

169

 1.
29
. 40,000 ,
10%, 15%?
30
700,000 .. .
, 20
15% . ?
31
6 1,000 .. .
10% . ?
32
50,000. .
50,000
8%. ?
33
10% .
, .
20 , 30,000 ?
34
1,000 , 15%- .
?
35
200,000 20 .
,
.
8% .
36
e , 6
8,000 . ,
5%. ,
8,000 ?
37
10,000 , 5- .
13,400 ?
38
1,409,870 .
800,000. 800,000
1,409,870 5 ?
39
, 14,000 5 .
8%, . ?
40
18,000 .
10% , . ,
, , 4- ?
41
10,000,000. 2 :
1) 1,000,000 10 ;
2) , 6,000,000.
10%. ?

170

 1.
42.
100,000 ..
1) 20,000 ..,
2) 1 - 40,000 ..; 2 - 30,000 ..; 3 -20,000 ..; 4 - 35,000 ..
:
1. .
43. ()
- 100,000 ..;
- 75,000 ..;
:
ARR:
44.

(Inv 0 )
(n)

(R)

379,100
5
100,000
8%

:
(NPV )
45.

(Inv 0 )
(n)

(R)

379,100
5
100,000
8%

:
IRR
46.
(Inv 0 )
(n)
(R)

5,000
4
8%

1
2
3
4

1,000
2,000
2,000
1,500

:
IRR

47.

35,000 .. ,
4 : - 11,500; - 13,500 .;
- 18,700; - 18,200 4 2,000 .. ,
: 1 2 - 3,500 .; 3 - 3,700 .; 4 4,200 . - 9%.
:
1. ;
2. ;
3. ;
4. .

171

 1.
48

10- 1,000 ..
12%. ?
49

,
50 .. 12%.
?
50

, 1,000 .. 10%, .
100 .. - 12%.
51

1 2010 100,000 .. 2 .
10%.
.
52

1 2010 9% 100,000 .., 5 .

10%. . .
53

1 2010 9% 100,000 .., 5 .

8%. . .
54

1 2010 4% 10,000 3 .
2 - 1 1 .
6%. .
55

20,000 .. 20
500,000 .. 20- .
, 10%
.

172

 1.
56

1.4

5%
12%
:

57.

40%
1.2

30%
1.4

30%
1.6
:

58.

6,000
14%

11,000
16%

9,000
17%

7,000
13%

5,000
20%

13,000
15%

9,000
18%

:
1. ;
2. 4 ,
.
59.
(..)

:

2.5
10%

60.
(..) 26
(..)
1.5

7%

4%
:

61.
(..)
3

10%

12%
:

62.
(..)
8%
100
(..)
(..) 85
:

63.
(..)
4

16%
:

173

 1.
64.

6.6%, 10.2%;
14%.
0,000 ..

30

10

60
100
:

65.

100,000 10 .. ,
8 .. 12.5%.
500,000 .. 12%; - 25%.
:

66.

700,000 .. :
- 250,000 ..; 7%; - 11%;
- 50,000 ..; 6%; 9%;
- 400,000 ..; 10,000 ;
- 50 . .; .
- 1.2. 7.5%,
13.5%. 46%.
:
1. :
) ;
) ;
2. :
) ;
) ;
3. WACC, :
) ;
) .
4. WACC, :
) ;
) .

174

 1.
68.

, , - 400 . .
.
, ,
.
.

:

, %

,
%

, %

0
0
14
25
5
15*
40
7
16*
* ,
.
:
1. ?
:
- , 2.
;
- ;
;
69.

1 . .
, ,
:

, %
, %
, %
0
10

0
6

10
14

20
30

9
11

14
18

:
?
70.

( .):
:

500
(100,000 20 ..)
2,000

750

680

3,930
32.8 ..
:
; . .
. ,
:
) 5%; ) 15%; ) 20%?

175