-303.7:336(075.

8)
-65.053
83

Crede Experto
:
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83

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, . .: , 2008. 344 .
( Crede experto). 500 . ISBN 978-5-91296-004-8.
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-303.7:336(075.8)
-65.053
ISBN 978-5-91296-004-8

, 2008

.......................................................................................................................6
...................................10
..................................................................14
I. ..........................................................15
1. ......................16
1.1. ...........................................................................................................16
1.2. ..18
1.3.
........................................................................24
................................................................................32
...................................................................................32
1 ..............................................................................................32
2.
.......................................33
2.1. ...........................................................................................................33
2.2.
...........................................................................................36
2.3. .....................................40
................................................................................52
...................................................................................52
2 ..............................................................................................52
3. ....................................................................53
3.1. ...........................................................................................................53
3.2. .................................54
3.3. ......................62
................................................................................68
...................................................................................68
....................................................................................................................68
3 ..............................................................................................71
II.
................................................................................................73
4. :
( ) ..........................................74
4.1. ...........................................................................................................74
4.2.
......................................78

....................................................................................86
................................................................................88
....................................................................................................................88
4 ..............................................................................................89
5. :
( ) ...............................................90
5.1. ...........................................................................................................90
5.2. ................................................................94
..................................................................................104
..............................................................................106
.................................................................................106
..................................................................................................................106
5 ............................................................................................110
6. :
( ) ...................111
6.1. .........................................................................................................111
6.2. , ,
............................................116
6.3.
..............................................118
6.4.
...................................................................................................122
6.5.
......................................124
1 ...............................................................................138
2 ...............................................................................139
3 ...............................................................................140
..............................................................................141
.................................................................................141
..................................................................................................................141
6 ............................................................................................146
7. :
( ) ............................147
7.1. .........................................................................................................147
7.2. , , ..................................150
7.3. .....................................154
7.4.
................................................................166
7.5. ..........................................................170
..................................................................................192

..............................................................................193
..................................................................................................................194
7 ............................................................................................198
8.
( ) ...................................................................................199
8.1. .........................................................................................................199
8.2.
........................................................................206
8.3.
.......................208
8.4. ...............210
8.5. () ......224
8.6. ..................................232
8.7. ........................................................242
8.8. ...................................................254
8.9. ................................................................258
8.10. ..................................................266
8.11. .......................................268
1 ...............................................................................274
2 ...............................................................................275
3 ...............................................................................275
..............................................................................276
.................................................................................277
..................................................................................................................277
8 ............................................................................................282
9. .......283
9.1. .........................................................................................................283
9.2. ,
..................................................286
9.3.
..........................................................................290
9.4.
..........................................................................294
9.5. ..................312
..............................................................................316
.................................................................................316
..................................................................................................................316
9 ............................................................................................318
. ..................................................................319
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M.: -, 2004.
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. M.: . , 2006.

.. . , , : .
. M.: , 1996.
., .. : . : . . M.; .; : . , 2000.
. : . . M.: , 1996.

14

- (http://www.finam.ru).
(http://www.micex.ru).
(http://www.lin.ru).

(http://disclosure.fksm.ru).
(http://www.expert.ru/expert/ratings/exp200).
(http://www.rts.ru).
(http:///www.cbr.ru/statistics).
( )
(http://www.gks.ru).

1.

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28

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30

. 1.10

. 1.11

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36

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(qualitative characteristics)

(relevance)

(timeliness)

(predictive value)

(materiality)

. 2.2

I.

,
(reliability)


(full disclosure)

(neutrality)

(verifiability)

, , ,

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 2.

37

38

. 2.3

I.

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 2.

39

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(balance sheet)
(income statement)
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40

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:
(assets)
(liabilities)
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48

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3.2.

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. 3.1

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 3.

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64

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2004 .

2005 .

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220 445

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76
4.1. .

II.

FA

Fixed assets

IA

Intangible assets

PPE

Property, plan and equipment

LTI

Long-term investments

DIT

Deferred income taxes

()

CA

Current assets

Inv

Inventories

AR

Accounts receivable

CEv

Cash equivalents

Ch

Cash

 . 4.1

Equity

Debts

()

CE

Capital employed

APC

Additional paid-in capital

CC

Contributed capital

TS

Treasury stock

LTL

Long-term liabilities

LTD

Long-term debt

()

CL

Short-term (current) liabilities

AP

Accounts payable

STD

Short-term debt

Reserve

RE

Retained earnings

77

4. :
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78

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=

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II.

+ = + +
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 4. :
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81

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1 1
2 2
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(1 + 2) (1 + 2) > 0
(A3 ) > 0

. 4.5

II.

82

A1

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84

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114

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94

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96
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. 5.3

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 5. :
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97


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98

1.

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99

Working capital

Working capital
to current assets

Current ratio

Quick ratio
Acid test ratio

100

Turnover debtors
in days

Turnover
of creditors

. 5.5

II.

Quick assets ratio

PK
A

0,3

TA

1,52,0

+ +
=

0,81

360

K 360

0,20,5

+ K

 5. :
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102

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 5. :
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103


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2006 ., .
2005 .

2006 .

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150

220

100

280

50

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400

II.

104

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105

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106

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360
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5.4. (. . .).

31 2002 .

107

31 2001 .

179 051

163 759

47 336

30 982

335 785

194 969

400

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563 644

389 715

100 000

100 000

62 058

55 701

45 622

48 116

355 964

185 898

563 644

389 715

(. . .).
2002 .

2001 .

503 778

253 460

348 840

111 538

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5.5. 28 .
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28 . .........................................................20 . . .

............................................................................5,0
...............................0,5
........................................................0,8
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...............................................................9,0
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.....................................................0,7
.

108

II.

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.

109

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110

5
.., . . . ( ): . . M.: , 2006. . 9.
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114

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. ,
,
, , ,
, .

.

.
, . , ,
,

() .
,
(
), . ( ),
. , ,
. ,
.
, ,
,
,
( ) .
,
,
.


( 1); ,

 ( 5), , ..
. 6.1 , ,
, .
6.1.

D
E

6.2. .

DFL

Interest rate

Tax rate

ROA

Return on assets

ROE

Return on equity

Degree of financial leverage

Financial leverage

115

6. :
( )

6.2. , ,



,

()

. 6.2

II.

116

. 6.1

(
)

 6. :
( )

117

6.3.


C

. 6.3

II.

118

(,
,
,
,

)

(
)
,


,

 6. :
( )

119

( )

,
.

(
, )

(
,
, .,
)

,



( , ,
.)

. 6.5

II.

120

. 6.4

()

,




: , , ,





( ),

.
;
; ,
; .

 6. :
( )

121

6.4.

1.
,

+
= +

2.1. , PK

+
PK = CK +

2.2.
,

+ + + +
+
= + + + + B

1.
< PK
2.
< <
3.
>
4.
> +
,

. 6.7

II.

122

. 6.6

2.

 6. :
( )

123

6.5.

,
( )
,

,

. 6.9

II.

124

. 6.8

 6. :
( )

125

(
)
Equity ratio

Financial risk

Capital yearning
debt-to-assets
ratio

Financial leverage
shoulder
debt-to-equity ratio

. 6.10

II.

126

1 =

2 =

3 =
=

CK
A

CK +

FR =

Equity multiplier

5 =

Equity-to-debt ratio

6 =

E + LTL
TA

A
+
A

A
=

LTL + CL
=
TA

0,80,9
0,6

0,5

D
TA

FLS =

0,1

0,5

TA

4 =

ER =

M=

A
E

1
E
=
FLS
D

0,1

 6. :
( )

127


,

,

. 6.12

II.

128

. 6.11

,
,

- ()

()

 6. :
( )

129


, ,
,
, ..

()

= ( )
Dif = ROA r

= /
FLS = D / E

130

= x x = (1 ) ( ) ( / )
DFL = (1 t) x (ROA r) x (D / E)
:

= /

() .
.
, ( ),
. ,
(P , ROE).

. 6.13

II.

= 1
Kt = (1 t)

 6. :
( )

131




P = + = (1 ) + (1 ) ( ) ( / )
ROE = Kt x (1 t) x ROA + (1 t) x (ROA r) x D / E
:
(..
),
, .
,
, ( ,
)

, , ,



,
.

. 6.15

II.

132

. 6.14

,
.

.

,

.
: ; ;
, ; ;
.

 6. :
( )

133



( )

1
1

,
. . .

930 432

697 413

532 298

237 386

, . . .

3376

2299

, .
. .

304 901

171 824

( )

([4] + [3] (1 )), .
. .

307 467

173 571

(), ([5] / [1] +
+ [2] 100), %

21,0

18,6

,

([6] [2] / 100), . .
.

111 783

44 154

([7] [3] (1 CH) / [1]), %

11,8

6,0

, ([6] + [8]), %

32,8

24,6

. 6.16

II.

134

10 ([4] /
[1] 100), %

32,8

24,6

11
([9] [6]), %

11,8

6,0

(+, )

 6. :
( )

135

136

. 6.17

, ,
, .
(F), , ,
.
, .
, , ,
, .

, , , .

1. F1*
F1 =

ROE
ROA

F1 > 1
F1 = 1
F1 < 1
2. F2
F2 =

. 6.18

II.

(%)

(%)

NI per share
EBIT

* .. (: .. .
, , : . . .: , 1996. . 451).

 6. :
( )

137

 1
, ,
(
).

1.

2005 .

2006 .

179 344

189 870

2.

34 255

41 617

3.

13 081

11 411

162 342

215 277

188 662

124 034

4.
5.
6.
6.1.
6.2.

138

6.3.

94 620

80 606

6.4.

31 549

31 976

II.

25 .

26 .

= +

47 336
(34 255 + 13 081)

53 028
(41 617 + 11 411)

= +

17 002
(162 342 + 0 179 344)

25 407
(215 277 + 0 189 870)

= + + + +
+

297 829
( 17 002 + 0 + 188 662 +
+ 94 620 + 31 549)

262 023
(25 407 + 0 + 124 034 +
+ 80 606 + 31 976)

17 002 < 47 336 < 297 829

PK < <

25 407 < 53 028 < 262 023

< <

 2
(, , ) (2000 . .),
: ,
, .
:
) ;
) .

2000

2000

2000

2000

1000

500

, . e.
, . e.
, . e.

1000

1500

15

18

, %

30

30

30

( )

1/3

1/3

1/3

, %

139

600

600

600

150

270

(EBT),
. e.

600

450

330

(T), . e.

200

150

110

(NI), . e.

400

300

220

(ROE),%

20

30

44

(DFL), %

10
(30 20)

24
(44 20)

( , I), . e.

: DFL = 2 / 3 (30 15) 1 = 10%

: DFL =

6. :
( )

(EBIT), . e.

 3
( ).
1000 . . . , 180 . ..

.

II

III

, . . e.

1000

200

400

, . . e.

800

600

, . . e.

1000

1000

1000

, %

12

10

, %

24

24

24

140

III

180

180

180

96

60

,
. . .

180

84

120

,
. . .

43,2

20,2

28,8

, . . .

II.

, . . .

, . . .
, %

, %

136,8
13,7
(136,8 / 1000) x
x 100
0

63,8
31,9
(63,8/200) x
100
18,2
(31,9 13,7)

91,2
22,8
(91,2/400) x
100
9,1
(22,8 13,7)

(18,2%) ,
(4 1,5 ).


1. ?
2. ?
3. , ,
?
4.
?
5.
?
6.
?
7.
?

6.1. , , .
. .

,
. .

, %

. .

. .

162 342

28,79

215 277

43,5

52 935

132,61

401 586

71,21

279 575

56,5

122 011

69,62

45 622

8,09

45 622

141

6. :
( )

1. , ?
2. ?
3. ,

?

. .

. .

355 964

63,12

279 451

563 928

100

,
. .

, %

56,47

76 513

78,51

124

0,03

124

494 852

100

69 076

142

II.

87,75

6.2. ,
,
. ,
, .

.
) .
) .

31 2xx6 2xx7 ., . . e.
26 .

27 .

248

384

88

96

336

480

256

400

128

192

384

592

720

1072

I.

II.

320

400,0

185

221,2

505

621,2

56

165,4

80

144,0

IV.

47

93,4

32

48,0

215

720

450,8
1072

6. :
( )

III.

143

 31 2xx6 2xx7 .
26 .

27 .

1040

1280,0

264

304,0

152

174,4

112

129,6

39

45,4

73

84,2

144

185,0

32

48,0

185

221,2

, %

II.

144

25,40

23,80

, %

6,40

6,20

3,13

2,97

1,79

1,31

, %

10,80

10,10

6.3. ,
.
, , .

.

3000

3600

, . e.

2000

2000

, . e.

1000

1600

204

260

, %

6,8

7,2

, . e.

100

90

24

24

,
. e.

, %

.
?

?

145

6. :
( )

, . e.

 6
.., . . . ( ): . . M.: , 2006. . 9. . 256
271.
: . / . .. ,
.. . M.: -, 2004. . 3. . 116136; . 6. . 250261.

146

(
)
7
7.1.


, .
()
; , .

.
,
, , (
) (
, ).
, ,
.
.

147

 II.

148

,
, ,
.

()
, .
,
.
,
. ,
,
,
.


,
,
.
, , , (,
..).
,
, .

:
?
? ?
?
,
.

 ,
.

.
7.1. .

CF

NCF

Cash flow
Net ash flow

CI

Cash inflow

CO

Cash outflow

CFO

Cash flow from operation

CFI

Cash flow from investment

CFF

Cash flow financial

149

7. :
( )

7.2. , ,

(net cash flow, NCF)
, C
, CI

, CO

, CK

. 7.2

II.

150

. 7.1

:



,

, :

,

NCF1 = C

NCF2 = CI CO

CI CO > 0
CI CO < 0

NCI ( )
NCO ( )

 7. :
( )

151

 (CF-)
,
()

152

(
, )

. 7.3

II.

CF-

 7. :
( )

153

7.3.

( )

,
,

, .

. 7.4

II.

154

 7. :
( )

155


:
,

. . .

. ()


()
( , CFO)

2000
(1600)
400

() ( , CFI)

156

700
(800)
100

. 7.5

II.

900
(600)

()
( , CFF)

300

600

50

650

 7. :
( )

157

. 7.6

()

II.

158

 7. :
( )

159

NCI =
+ NCI + + NCI + + NCI

NCO =
NCO + NCO + NCO

,
CI, CO (+

)
CI, CO
+

CI, C
+

+ NCI, NCO

,

NCI
+
,
+ NCI

160

NCI
+
+ NCI

NC

NC

NC

NCI
+
+ NCI
NC

NC

+ NCI NC = ( + NCI NC) + ( + NCI NC) + ( + NCI NC),

(
+ NCI NC) + ( + NCI NC) > ( + NCI NC)

. 7.7

II.

NC

,
() ().
,
.

, ,
.

.
,
,
.

 7. :
( )

161

2000 ., . . .

, (+ )

20 000

, (+)

7000

3000

6000

16 000

, ()

6500

1100

5000

12 600

, (+ )

500

1900

1000

3400

, (+ )

0,15

0,56

0,29

, %

44

19

37

100

, %

52

39

100

23 400

* = ( ) / .

,
;

..

. 7.8

II.

162

 7. :
( )

163



(indirect method)

,
:

()

.
, ,
.

( ) ( ).

. 7.9

II.

164

(direct method)

 7. :
( )

165

7.4.


,
, .

Net ash flow

Solvency ratio

( )
Beaver ratio

Burden overage ratio

(
)
Interest coverage ratio

. 7.10

II.

166

 7. :
( )

167

=
=

=

=

, , , .

=
=

.
,

. 7.11

. 7.12

II.

168

(R) =
() ()

R = Xmax Xmin.
; ,

=

=

. ,

 7. :
( )

169

7.5.

. 7.14

II.

170

. 7.13

( )

 7. :
( )

171



, ,
. ,
,

(
)

. 7.16

II.

172

. 7.15

(ROE )
(CF/RS)

1.

(
)

2.

, . .

3.

 7. :
( )

173



=
()

= ()
() =

()

. 7.18

II.

174

. 7.17

= 10 . .
= 80 . .
= 9
= 30

100 80
30

9 = 6000 . .

 7. :
( )

175





, .

1. , ; ;

2. (.. )

()

Qmax

Q
2

. 7.19

II.

176

 7. :
( )

177

Q
V
c
r

( )

178

. 7.20

II.

 7. :
( )

179

200 000 .
10%
20 .

(Q), (Q/2)
(k).

.

( )

. 7.22

II.

180

. 7.21

1. ()
, Qb
2. ,
( )
3. Qh,

 7. :
( )

181





Qb

Qh

( )

182

, :
, ,
, () S = Qb Qh
;
,

(S)

. 7.22 ()

II.

( ) (
)

 7. :
( )

183




15 000 .
12%. 1500 . .
- 150 .

( ).

1.
(x):
(1 + x)365 = 1,12
x = (1,12)1/365 1 = 0,000311 0,03%.

2.
(V):

184

V = 15002 = 2 250 000.

4. , .. (Qb):
Qb = 15 000 + 28 010 = 43 010.

5. (r):

. 7.23

II.

3. (S):

15 000 . . 43 010
. .

24 337 . . ,
54 337,
30 000 . . (54 337 24 337).
, , , 15 000
. ., 9337 .
. (24 337 15 000).

 7. :
( )

185

1. ( )
2.
3.
4.
5.
6.

1.
2.
3.
4.

5.

6.

. 7.25

II.

186

. 7.24

1.
2. (, ..)
3.
4.

1. ,

2.
3.
4.

 7. :
( )

187

. 7.27

II.

188

. 7.26

( )

, .. .
, .

, ,

: . //
. 2004. 12(30). . 28.

 7. :
( )

189

. 7.28

II.

190

 7. :
( )

191


,
.

, . .

, . .

(
)

2000

1000

( , )

1500

1700

( ) ( )

250

1500

200

100

192

50 000

(46 000)

II.

, . .

4000
(390)
(1200)

(200)

(400)

500

2510

(602)

1908

1. .
51 000 . .
(50 000 (1000 2000)).
2. ( )
.
44 950 . . (46 000 + (1700 1500) (1500
250)).

3. .
, .
1000 . . (1200 200).
4.
.
500 . . (400 (100 200)).

( )

, . .

51 000

47 252

44 950
1000

500

802

()

3748

193

1. .
2. ?
3.
?
4. ?
5.
.
6. ,
.

7. :
( )

: .
// . 2004. 6(24). . 51.


7.1. .
.
()

(,
)
,

II.

194

(,
..)

()

.
.
, .

a) , , :
...........................................................................................................................................200
01 2006 . .......................................................... 55
31 2006 . ....................................................... 72
) , , :
........................................................................100
01 2006 . .................................................................................................... 48
31 2006 . .................................................................................................. 55
01 2006 . ....................................................... 62
31 2006 . ..................................................... 60
7.2. 900 . . .

. .

1-

2-

3-

1600

1700

1300

( )

(
)

([2] x [3])

()

+ 700

()

850

([4] + [5] [6])

195

7.3. ,
:
................................................... 10 000 . .
............................................................25 . .
.....................................................................................................11,5%
.............................................2000 . .
, .

7. :
( )

7.4. ,
I 2005 ., ,
.

.

I 2005 .

II.

196

1.

1.1.

1.1.1.

1.1.2.

1.1.3.

()

1.1.4.

36 000

15 600

18 100

1100

1100

12 000

1500

1000

4000

1000

1000

1.1.5.

20 000

12 000

15 000

1.2.

6100

5000

3000

1.2.1.

()

1100

1.2.2.

1000

4000

3000

1.2.3.

()

4000

1000

1.2.4.

1.2.5.

1.3.

2.

2.1.
2.1.1.

29 900

10 600

15 100

79 500

73 500

70 600

, ,

78 000

73 000

70 000

40 000

30 000

28 000

8000

11 000

7000

25 000

25 000

30 000

5000

7000

5000

1500

500

400

200

85 250

82 400

84 500

2.1.2.

2.1.3.

2.2.

31 500

36 000

34 000

22 000

26 000

26 000

4500

4000

4000

5000

6000

4000

2.2.2.

19 000

12 000

16 000

2.2.3.

( )

27 000

27 000

27 000

2.2.4.

500

6000

2.2.5.

2.2.6.

700

600

600

6850

6300

6300

1000

1100

1100

3000

2500

3000

300

400

400

1100

1500

1400

350

1100

800

400

2.2.7.

200

2.3.

5750

8900

3.

3.1.

4500

5000

7400

3.1.1.

500

1500

400

3.1.2.

3.1.3.

4000

3500

7000

3.2.

6200

3000

2200

3.2.1.

5000

3000

1000

3.2.2.

3.2.3.

3.3.

13 900

1200

1200

1700

2000

5200

197

7. :
( )

2.2.1.

4.

16 000

38 450

42 150

5.

38 450

42 150

48 550

72 000

60 000

63 000

10 810

5620

840

12 900

380

5460

200

200

220

198

7
: . / . .. ,
.. . M.: -, 2004. . 4.

(
)

8.1.
- ,
:
;
;
() .

, ..
, ,
.

,
.
,
, ,
, .
,

.

199

 II.

200

. ,
, , ;
, -,
, .
(,
, )
, .
,
,
.
. ,
( , .),
() .
, , ,
, ,
,
. ,
.
,

(, ),
..
,
:
;
( );
( );
;
;
;
;
.

201
8. (
)

,
, ,
,
, . , ,
, , .
( )
.
,

( ).
,
(IAS, IFRS).
,
. ,
,
.. , . ( )
(
).
,
, . , ,
,
, .
:
;
;

.
. ,
,

, , .

 II.

202

.
,
.

.
, ,
.
,
, .
, ,
. , , ,
, .
.
, , -
- . ,

.
, .
.

: ,
, .

.
. 8.18.4 , ,
, ,
,
.

 8.1.

( , )

( , )

()

CVP-

8.2. .

TR

Total revenues

RS

Revenues from sales

GM

Gross margin (Gross profit on

sales)

CM

Contribution margin

EBITDA

(

)

EBIT

NOPAT

EBT
NI
EPS

Earnings before interest, taxes,

depreciation and amortization
Earnings before interest and
taxes

Net operating profit after taxes

( Earnings before interest
after taxes, EBIAT)
Earnings before taxes
Net Income ( Net profit, NP)
Earnings per common share

203
8. (
)

 . 8.2

Retained earnings

VC

Variable cost

FC

Fixed cost

8.3. .
ROA
ROTA

()

ROS

Return on sales

ROI

Return on investment

ROE
ROCE

Return on assets
Return on total assets
Return on equity
Return on capital employed

8.4. .

204

II.

V
VCP
p

Volume of output
Variable cost per unit
Price

BEP

Break-even point

CM

Contribution margin ratio

RSmin
MS
S (DOL)

Revenues from sales minimum

Margin of safety
Degree of operating leverage

 8. (
)

205

8.2.


(operations) , , ..

206

. 8.1

(
)

. 8.2

II.

()
()

: ,
..

, .

 8. (
)

207

8.3.

( )
()

+ ()

208

()

()

.
()
()
, ,
.

(, .).

. 8.3

II.

 8. (
)

209

 ( )

8.4.

. 8.5

II.

210

. 8.4

,
, ,
-
,
, , , ,

,
,

,

 8. (
)

211

II.

212

. 8.6

:

,


,

 8. (
)

213

GM = RS Cost of
goods sold

Contribution margin

= P

CM = RS VC

,

Earnings before interest,
taxes, depreciation and
amortization

A =
+
+ +

EBITDA = EBIT + DA =
= NI + T + I + DA

( )
Earnings before interest
and taxes

= A = + +
+

EBIT = EBITDA DA =
NI + I + Tax

Net operaiting profit after

taxes

( ,

NOPAT = EBIT Tax

of EBIT

Gross margin

, ,
)

Earnings before taxes

EBT = EBIT I

(
)
Net income

=
( )

NI = EBT T

RE = NI Dividends
paid

Retained earnings

. 8.7

II.

214

 8. (
)

215


EPS ,

EPS

, ,

EPS =

.
,
.

,
.
, , , ,
.

216

(diluted EPS) , ,
, ,
, . ,
, , ,
, .
,
EPS, .

. 8.8

II.

,
,
,
.

 8. (
)

217

1-

2-

. .

1.
1.1.
( .)
1.2. (,
, .)

2.
2.1.

2.2.

218

4. =

()
( ,
), .
,
,
( ).

:

. 8.9

II.

3. =

;
;
;
.

 8. (
)

219

1,6%.
,

, ,

.


,

Opportunities

Threats

SWOT- Simens

. 8.10

II.

Strengthes

220

. ,
,
,
Siemens

6,5%.

11,6%

.

,

.


,

Threats

,

.


,

Opportunities

8. (
)

Weaknesses

Strengthes

. 8.10 ()

221

Opportunities

Threats

: ., . - //
. . . . ., 2005.

. 8.10 ()

II.

Weaknesses

222

 8. (
)

223

8.5. ()

. 8.11

II.

224

Return on (total) assets

Return on equity

Return on capital
employed

Return on investment

Return on sales
Margin profit

(

)

 8. (
)

225

:
ROS

ROS1 = GM / Income

ROS2 = GM / RS

ROS3 = EBIT / RS

ROS

ROS ,

. 8.13

II.

226

. 8.12

:
ROA, ROE, ROCE, ROT

 8. (
)

227



,
,
, ..

A0 A1

ROE2 =

. 8.15

II.

228

. 8.14

ROA ,

NP Dividends paid
Total shareholders equity

ROE ( ,
, ..)
ROE
( ,
)

 8. (
)

229

ROCE > r
ROCE < r

+ DFL
DFL

230

. 8.16

r

D

ROEbt
(ROE before tax)

1 = +
1 = + LTL
1 , .. ,

2 = +
2 = E + FD
FD ,

. 8.17

II.

()

 8. (
)

231



ROCE1 = NI / (E + LTL)

,
,

ROCE2 = EBIT / E + FD

232

. 8.18

ROCE2 = RONA (return on net assets)

ROCE = ROIC (return on invested capital) = ROI

. 8.19

II.

8.6.

,
, , :
( ) ,
( ..),

,

 8. (
)

233

() ,
() , , ..
,

urnover ratio

Turnover in days

ssets turnover ratio

arrent assets turnover

rati

Receivable turnover

. 8.21

II.

234

. 8.20

 8. (
)

235

Turnover debtors in day

Payable turnover

Inventories turnover

Equity turnover

360

. ,
, ,

. 8.22

II.

236

. 8.21 ()

. ,
,
. , .


.

 8. (
)

237

,

, () ,
,

( : )

238

= +

. 8.23

II.

 8. (
)

239

,
,

240

. 8.24

II.

( )
;
,

( )

 8. (
)

241

8.7.

= /

= /

,
. ,
, .
, .

,
- ,
.

(The Du Pont system of analysis)
, ,
, ,
:

. 8.26

II.

242

. 8.25

= /

 8. (
)

243



= /
,
, 1.
=

=
=

ROA = ROS x AT

( ) . ,

. , .. .

=
=

( )

=
=

= +
=

(leverage ratio)

. 8.28

II.

244

. 8.27

ROS

() ,
,
.

 8. (
)

245

EBIT

=
=
=

(ROD)

. 8.30

II.

246

(tax burden)
(interest burden)
(return on sales)
(assets turnover)
(equity multyplier)

. 8.29

TB
IB
ROS
AT
M

 8. (
)

247



. ,

, ROA ROS AT (x y ) .
, ROA :

1
0

( ) =

,
=

.
1.
() =

1 C0 0 0

0
1

2.
() =
. 8.32

II.

248

. 8.31

f(x) = x y0
f(y) = y x1
f = f(x) + f(y)

1 C1 1 0

1
1

 8. (
)

249


( )

(0)

,
,

(1)

(+, )

100

130

+ 30

80

75

5
+ 0,22

() =

() =

( )

. 8.34

II.

250

. 8.33

() =

(+, )
[. 1]
[. 2]

, %
[. 1] /
/ [. 2]

(TR), . .

36 301

27 899

+ 8402

130,12

(Exp), .
.

31 389

24 410

+ 6979

128,59

4912

3489

+ 1423

140,78

( ), .
.

21 103

17 918

+ 3185

117,77

(RS), . .

36 099

27 756

+ 8343

130,06

23,27

19,47

+ 3,80

119,52

1
2
3

()
([1] [2]), ( ) . .

([3] / [4]), (

), %

 8. (
)

251


( )

(+, )
[. 1]
[. 2]

, %
[. 1] /
/ [. 2]

13,60

12,57

+ 1,03

108,19

([3] / [5]), (
),
%

1 . ([5] /
[1]), (y = RS / TR) ,
. .

0,9944

0,9949

0,0005

99,95

1 .
([1] / [4]), (z =
TR / )

1,7202

1,5570

+ 0,1632

110,48

10

1 . -

1,1565

1,1429

+ 0,0136

101,19

[1] / [2], (

()

,
1 . :
f = xyz.

. 8.34 ()

II.

252

. ,
:
f(x) = xy0z0; f(y) = yx1z0;
f(z) = zx1y1; f = f (x) + f (y) + f (z);
f(x) = 1,03 x 0,9949 x 1,56 = + 1,6%;
f(y) = 0,0005 x 13,6 x 1,56 = 0,01%;
f(z) = 0,16 x 13,6 x 0,9944 = 2,16%;
f = 1,6% + ( 0,01%) + 2,16% = 3,75%.
, 3,75%,
1 . (+2,16%),
(+1,6%).
: .. // . . . . 2005. 3.

 8. (
)

253

8.8.
CVP-

CVP-
(cost volume profit)

. 8.35

()

U
. .

( )

. 8.36

II.

254

CVP-

 8. (
)

255



(RSmin)
,
( )

(MS)

RS
RSmin

( )
RS = 20 000 . .
VC = 17 000 . .
FC = 2000 . .

= 20 000 17 000 = 3000

MS ?

: RS 33%,

. 8.38

II.

256

. 8.37

 8. (
)

257

8.9.

(degree of operating leverage, DOL)
:




( )

( )
2-

1-

, %

RS

12 000

112,0

13 440

9500

112,0

10 640

1500

1000

(1300 / 1000)
= 130%

(EBIT)

1500,0
x

100% =

. 8.40

II.

258

. 8.39

,
1%,
..

1300

 8. (
)

259


( )
, RS

, RS

, FC + VC

, VC

, Q

FC VC

( )
, RS

, RS

, FC + VC

, VC

, FC

. 8.42

II.

260

. 8.41

, FC

, Q

FC VC

 8. (
)

261



:
, .

(Q) (RS).

(operating leverage, OL), S1

S1 =

S1 , EBIT
RS 1%.
(, )

262

, S2

S (FC / VC) Q
FC, S
Q, S

: ,
Pricewaterhouse Coopers 2006 .

. 8.43

II.

 8. (
)

263


( )

RS

200

200

VC

60

140

CM

140

60

FC

120

40

EBIT

20

20

S = CM / EBIT

140 / 20 = 7

60/20 = 3

,
TR 30%?
: EBIT =
: EBIT =

FC , (ROS)
, S:

FC

VCPU

p
. 8.45

II.

264

. 8.44

 8. (
)

265

8.10.


(degree of
combinet leverage, DCL)

=>

(FC VC )

,
, =>

,
:

. 8.47

II.

266

. 8.46

,
(, )

S,
(, ).
F,
.
F S
. .

 8. (
)

267

,
DCL DCL ,

Q ,
DCL

268

. 8.48

NI Q
: ,
Pricewaterhouse Coopers 2006 .

, ,
.

. 8.49

II.

8.11.

: ,
,

,
,

 8. (
)

269

. 8.50

270

,
Dividend payout ratio, DP

DP =

Dividends per share

Earnings per share

DPS
EPS

Earnings per share, EPS

Net profit after preference

dividends
EPS =
=
Weighted average

number of ordinary shares

outstnding in the year

,
Earnings multiplier
rice-to-earnings ratio

. 8.51

II.

Dividend yield, DY

P / E ratio =

DY =

Market price per

share
EPS

Dividends per share

Book price per share

 8. (
)

271

( )
,

,

(CF per share CF
multiple)

,

, ,
, ()

. 8.52

II.

272

 8. (
)

273

 1
Y
Z, .

A(Y ) = 4000
E = 4000
CE = E = 4000
EBIT = 800

A(Z ) = 4000
E = 2000
D = 2000 (r = 15%)
CE = E + D = 4000
EBIT = 800

ROCE = EBIT / CE
ROCE (Y ) = (800 / 4000) x 100% = 20%

II.

274

Y Z .
ROEbt (ROE before tax)
ROEbt = EBIT / E
1. ROEbt (Y ) = [(800 0)/ 4000] x 100% = 20%.
2. ROEbt (Z ) = [(800 2000 x 15%) / 2000] x 100% = 25%.
: Z
.
Y Z .
, EBIT 400.
ROCE (Y)= 400 / 4000 x 100% = 10%
ROEbt (Y) = 400 / 4000 x 100% = 10%
ROCE (Z) = 10%
ROCEbt(Z) = [(400 2000 x 15%)] / 2000) x 100% = 5%
1. ROCE (Y) ROEbt (Y) 2 : 20 10%.
2. ROCE (Z ) 2 , ROEbt(Z ) 5 .
ROCE < , ,
ROE.
.

 2

2004 . :
.................................................................................360 000 . .
......................................................................... 40 000 . .
...................................................................................................................... 50 000 . .
...................................................................... 20 000 . .

1.

40 000 360
=
= 40 ().

360 000

2. = = 50 000 360 = 50 ().

360 000

3. = + = 40+50 = 90 ().
4. = 20 000 360 = 20 ().
360 000

5. = = 90

275

20 = 70 ().

.
(, ).

3
.

1-

2-

,
%

DOL (S )
40

44

10,0

(RS), . .

120

132

10,0

(VC ), . .

(80)

(88)

10,0

(FC ), . .

(15)

(15)

0,0

25

29

16,0

10

10

0,0

(Q), . .

(EBIT ), . .

DFL (F )
(I ), . .

8. (
)

1-

2-

,
%

(EBT ),
. .

15

19

26,7

(Tax), . .

3,6

4,56

26,7

11,4

14,44

26,7

(NI ), . .

276

II.

1.
?
2.
(, , -).
3. , ()
.
4. ?
5. ?
6.
?
7.
?
8. ? ?


1. , .
2.
, .

8.1. ,
( . .).

25 811

27 300

28 674

675

670

680

25 136

26 630

27 994

451

3500

4923

4369

4100

3011

21 218

26 030

29 906

8.2. ,
13 564 . .,
6767 . ., 2,004,
140 .
360 .

277
8. (
)

8.3.
, .

,
%

()

6464

5208

1256

124,1

3680

3260

420

112,9

2784

1948

836

142,9

1368

920

448

148,7

()

1416

1028

388

137,7

16

1410

1048

362

134,5

423

314,4

108,6

134,5

()

987

733,6

253,4

134,5

20

987

713,6

273,4

138,3

()

278

II.

8.4. 20 000 . ., 16 000 . .,

2000 . .
.
) ,
10% 10%
?
) , 2%?
8.5.
(, , ), ,
.

- , , , .

3,029

1,556

206

45

67

43

257

1094

236

241

241

201

1347

66

286

413

568

1822

1766

320

1200

410

64

321

578

184

301

778

5685

1822

1766

, , , .
:
; ; ( ); ; .

, .
.
8.6. ( ,
.).

279
8. (
)

8.7. ,
(ROA), , :
.....................................................60 000 . .
...........................................................65 000 . .
............................................................................................... 4000 . .
,
70 000 . . 5000 .
., 4000 . .

II.

280

8.8. ,
.

10%

10%

1200

(p),
. .

60

(VCPU),
. .

30

(FC ), .
.

500

(BEP ), . .

1000

(MS ), %

16,67

(NI ),
. .

10%

281

100

8.9. :
, ..........................................................................20
, FC ......................................................................................................... 600
, DVC ........................................................ 5
(I) ......................................................................................................... 100
(Tax) .........................................................................................24%
80 100 .
, .

1-

2-

80

100

RS

20 x 80 = 1600

20 x 100 = 2000

80 = 400

5 x 100 = 500

1200

1500

FC

600

600

1200 600 = 600

1500 600 = 900

100

100

VCPU

EBIT
I

8. (
)

(V ), . .

10%

1-

2-

EBT

500

800

Tax

500 x 0,24 = 120

800 x 0,24=192

NI

380

608

Q ?
NI ?

II.

282

8
.., . . . ( ): . . M.: , 2006. . 10.
: . / . .. , .. . M.: -, 2004. . 5; . 6. . 242250, 261290.

9.1.
,
. ,
,
,
,
.
,

.


:
, .. , ?

, .
.
, .

283

 II.

284

,
, .e.
.
, , , ,
.
60- . XX .

. , .e.
- .
.
183 , 1921
1930 ., . . 1 ,

.
20 1920 1929 .
19 , , . 2, ,
.
. 3 1900
1943 . , (
5 )
.

, .
, , , ,
,
. , 1
Winakor A., Smith R.F. Changes in Financial Structure of Unsuccessful Industrial
Companies. Urbana: University of Illinois, 1935. (Bureau of Business Research. Bulletin No. 51).
2
Fitzpatrick P. A Comparison of Ratios of Successful Industrial Enterprises with Those of
Failed Firms // Certified Public Accountant. 1932. October. P. 598605; November. P. 656662;
December. P. 727731.
3
Hickman W.B. Corporate Bond Quality and Investor Experience. Princeton: Princeton
University Press, 1958.


.
,
. ,
,
,
.
,
,
.

9.

285

9.2. ,

()

()

,
()

. , ,
()
,
,

(
)

, ,

()

. 9.2

II.

286

. 9.1

 9.

287

1. , ( )
2.

3. ,
4. ,

. 9.4

II.

288

. 9.3

 9.

289

-
:
(
)
- ( )
()
:

9.3.

, , ,
.,
,
,

. 9.6

II.

. 9.5

290

 9.

291

. 9.7

II.

292

RE RI, RS

( )

,
,

 9.

293

9.4.




,

2,0

,
.e.

()
= /

0,1

, .e.

()

(y) 1,0

()
, .e.

= /

() =

,


,
25%,

. 9.8

II.

294

 9.

295

1) < 2,0
2) KCOC < 0,1

()

+ 6 ( )

296

1

< 1,

. 9.9

II.

2,0

 9.

297

1) > 2,0
2) KCOC > 0,1

()
+ 3 ( )

298

()

() 12 1994 . 31- 25 2003 . 367
.

. 9.10

II.

< 1,

 9.

299

CC =

1
=

=1

, ,

. 9.12

II.

300

()

. 9.11

: .. . .
.: , 1997.

 9.

301

3
1

0,17

0,15

+
=
1

0,40,5

=
2

2 3,2

12

100%
3 =

68

100%
=
4

37

50

80

5 =

0,4

0,3

0,08

. 9.13

II.

302

2
5

22

 9.

303

(, )

, , , Z
;
, Z,
()

B=

+ EBT + Financial cost

=

Total assets

C=

Sales
=

Total assets

Shareholders equity + Net debt owing to directors

Total assets

SA Score = 0,3
83%

. 9.15

II.

304

. 9.14

.
,
,
.

 9.

305


1 = /
= Working capital / otal assets
2 = /
= Retained earnings / Total assets
3 = /
= EBIT / otal assets
4 = /

= Market value of equity / Book value of total debt
5 = /
= Sales / otal assets
Z = 1,2 X1 + 1,4 X2 + 3,3 X3 + 0,6 X4 + 1,0 X5
Z-

1,80

1,812,79

2,802,99

3,00

306

95%

,
Z = 0,717 X1 + 0,847X2 + 3,107X3 + 0,42X4 + 0,995X5
X4
()
Z < 1,23
Z>3

,
Z = 6,56X1 + 3,26X2 + 6,72X3 + 1,05X4
X4
()
Z < 1,1
Z > 2,6

(multiple-discriminate analysis, MDA)

. 9.16

II.

 9.

307

. 9.18

II.

308

. 9.17

, , ,

, ,

Z < 0,862,

 9.

309

< 0,

. 9.19

II.

310

( )
,

 9.

311

9.5.

,
,
. ,
,

. 9.20

II.

312

( ), %

, %

>

70

[6069,999]

[5059,999]

< 50

1,1

[1,01,1]

[0,80,999]

< 0,8

60

[6290]

[91180]

> 180

, *

[130]

> 30;
[0(10)]

[(11)
(30)]

< (30)

()
(

* .

 9.

313



( )
I
(2125 )

, .
. .

II
(1120 )

, .

.

III
(410 )

, .
, ,
.
-
.

IV
( 4 )

.
,
. .
.
,

314

: .. - // . 1999. 16.

. 9.21

II.

 9.

315


1. ?
2. ?
3. ?
4. ?
5. , .
6. ?
7.
?
8. ?
9.
?

II.

316

1.
?
2. ?

9.1. , , (. ). .

0,2

9.

0,15

0,25

0,1

01
200 .

317

31
200 .

1,36

1,21,35

0,841,11

0,590,83

0,58

9.2. , .

II.

318

()

3,3

0,6

1,4

1,0

1,2

01
200 .

31
200 .

(Z)

( > 3, < 2)
Z = 3,3 K1 + 0,6 K2 + 1,4 K3 + 1,0 K4 + 1,2 K5 ,
:
K1 = / ;
K2 = / ;
K3 = / ;
K4 = / ;
K5 = / .

9
.. . .:
-, 2003. . 2, 3.

 .

.
, .

; ,
, . , 19 .

, ,
.

,
.

, ,
.

319


,
.

, .
, .

.

.
.
.

320

.
, .

.
. , .

, , , .
,
, .

,
.
,
().
, ,

.
:

1) , ( );
2) ;
3) ,
;
4) ,
, ,
;
5) .

321

211
212
213
214

6164

1848

427

12 729

23 279

426 319

63

8576

904

289

15 877

26 145

443 178

54

22 235

IV

IV.

III

190

210

150

12 675

81 662

145

80 447

( )

140

II.

130
135

338 437

120

332 587

III.
790

547

24 .

110

23 .

I.

322
590

520

515

510

490

470

440

432

431

430

420

411

410

16 009

20

15 989

445 215

24 541

40 552

36

39

379 846

237

2003 .

45 334

45 334

444 834

22 830

32 491

23

36

59

389 217

237

2004 .

260
270

290
300

II

250

241

581 991

155 672

175

6354

2634

81 572

647 923

204 745

57

8983

4460

104 700

141 528

104 266

240

2492

2147

1187

21 080

345

153

24 .

231

(
12

230

(
12
)

17 777

217
220

233

216

1877

215

23 .

620

32 544

623

624
628
629

660
690
700

581 991

120 767

34

1092

343

640
650

62

36

4282

630

()

16 272

622

2040

621

25 042

115 158

4078

2003 .

610

V.

323

647 923

157 755

1278

455

246

49 331

16 443

18

5997

2001

27 066

150 571

5205

2004 .

23 .

24 .

() , , , (
, )

010

12 1240

138 820

, , ,

020

69 617

81 313

029

51 623

57 507

030

1349

1519

040

()

050

50 274

55 988

060

763

627

070

255

324

080

207

310

090

64 750

96 561

100

66 636

100 750

()

140

49 353

52 481

141

142

150

24 812

29 651

()

190

24 541

22 830

()

200

()

201

()

202



1
23 .

24 .

. .

. .

, .
.
([4] [2])

, %
([4]:[2] x
x 100)

1.
,
1.1.

1.2.
1.3.

()

325

1.4.
1.5.
2. () ,
2.1.

2.3.
2.4.

2.5.
2.6.

()

2.2. ,


2
23 .

24 .

. .

. .

, .
.
([4] [2])

, %
([4]:[2] x
100)

1.

2.
2.1.
2.2.

326

=
>
() > T ()
() > (, )
() > < ()
() (); 0 () < 0 ()

()

1.1

( )

([1] [1.1])

()

3.1

3.2

( )

([3] [3.1] [3.2])

327

6.1

,
([5] + [6] [6.1])

([2] + [4] [7])

()

()

( )

328

= TA / TO

1,52,0

= ( ) / TO

0,81,0

= (+) /

0,20,5

=
=

> 0,1

1-

2-

,
. .

,
%


, . . .
5

( )

([1] + [2] + [3])

([4] + [5] + [6] + [7])

1-

2-

, %

329

, . . .
6

1-

2-

, %

(),
. .

= +

(),
. .

= +

(), . .

= +
+ + + +

1-

2-

,%

330

<

< <

>

>>

1-

2-

, %

( = / )

( = (+ ) / )

( = / )

2.

2.1.

2.2.

3.

4.

5.

6.

1-
,
. .

1.

2-
,
. .
1-

2-

, %

331

,
. .

, %

[1] + [2]

2.

3.

7.

11.

9.

10.

[4] + [5]

6.

5.

8.

4.

()

1.

1-

2-

1-

2-

(), %

332
,
. .

10


11

23 .

24 .

, %

( = / ), %

7%

333

( = / ), %

( = / ), %

48%

= / ,

= / ,

= 360 / ,

= 360 /

6190

. .

( = / ( + )), %


12

1.
( )
2. ()
( / )
3.
(( ) /
)

334

4.
( + ) / )
5.
( / )
6.
(
/ )

7.

( / )
8.

( +
+ )
/ )
9.

( / )
10.

, %

1-

2-

(+, )

 . 12

1-

2-

(+, )

11. , .
p.
12. , .
p.
13. (), . p.
14. , . p.

15. ,
(ROA), %
( / )
16.
(ROE), %
( /
)

335

17.
(ROCE), %
( (EBIT) /
)

19. , %
( (EBIT) /
)
20.
(ROS), %
(
(EBIT ) / )

21.
( / )

18.
(ROI ), %
( (EBITDA
NOPAT) / )

 . 12

22. ,
(
360) /
23. ,
((
360) / ( ))

24. (EPS)
((
) /

336

25.
( /
)

26.
( /
)

1-

2-

(+, )


-
13

(ROE = / ), %

>

70

[60
69,999]

[50
59,999]

< 50

( = / )

1,1

[1,01,1]

[0,80,999]

< 0,8

60

[6090]

[91180]

> 180

[130]

> 30;
[0(10)]

[(11)
(30)]

< (30)

( = / A), %

360

,
*

() =

360

() (
)

*
.

I :
II :
III :
IV :

2125
1120
410 ( )
< 4

() =

337

 -
,

338

total assets

depreciation and amortization

business analysis

operations

financial analysis

ratio analysis

( )

trend analysis

balance sheet

book value of total debt

interest burden

gross margin

()

vertical analysis

()

capital employed

fixed assets

treasure stock

dividends paid

revenues from sales

()

horizontal analysis

accounts receivable

cash

cash outflow

cash inflow

dividends per share

turnover debtors in days

turnover of creditors

additional paid-in capital

long-term debt

long-term liabilities

long-term investment

revenues

debts

margin of safety

inventories

cash flow from investment

total liabilities and shareholder equity

quick assets ratio

(
)

Beaver ratio

quick ratio acid test ratio

divident payout ratio

capital yearning debt-to-assets ratio

contribution margin ratio

working capital to current assets

assets turnover ratio

receivable turnover

inventories turnover

payable turnover

339

- ,

340

current assets turnover ratio

equity turnover

solvency ratio

burden coverage ratio

( )

interest coverage ratio

current ratio

equity-to-debt ratio

(= )

financial leverage shoulder debt-to-equity

ratio

(= )

equity ratio

financial risk

short-term debt

. ()

cash equivalents

accounts payable

- ,

liquidity
contribution margin

multiple discriminate analysis

earnings multiplier price-to-earnings ratio

equity multiplier

tax burden

taxes

intangible assets

retained earnings

current assets

total revenues

volume of output

liabilities

operating profit

cash flow from operation

operating leverage

property, plan and equipment

deferred income taxes

capital structure ratio

statement of cash flows

income statement

statement of owners equity

efficiency

assets analysis

liquidity analysis

solvency analysis

profitability analysis

activity market analysis

capital structure and financial risk analysis

activity analysis
variable cost

341

revenues from sales minimum

fixed cost

cash flow

profit

()

earnings (or loss) per (common) share

(= ) .

earnings before interest and taxes

earnings before interest, taxes, depreciation,

and amortization

earnings before taxes income before tax

and extraordinary items

.

.
( )

interest

working capital

()

diluted earnings (or loss) per share

expenses

- ,

reserve

return on assets

()

return on capital employed

return on investment

return on sales margin profit

return on equity

market value of equity

market price per share

balanced scorecard

cost of goods sold

.

.

- ,

342

classified financial statements

(owners) equity

degree of combined leverage

average debtors average account

receivable

tax rate

interest rate

dividend yield

.
()

current (short-term) liabilities

break-even point

variable cost per unit

earnings management

management of resource

management of current assets

contributed capital

financial debt

financial costs

cash flow financial

financial leverage

book price per share

price

net operating profit after taxes earnings

before interest after taxes

net income net profit

()

net income (or loss) retained profit

net assets

net cash flow

degree of operating leverage

degree of financial leverage

343


Crede experto

- -

..
..
..
..
18.04.2008 . 7090 1/16.
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.-. . 6,27. . . . 25,08. 500 .
. . 008
. 105064, , . , . 1/4, . 2
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