Списание на ИДЕС - бр. 6/2013 | Page 46

???????????? ? ?????? ????. 5
DR 1 0.349 0.400 0.450 0.500 0.550 0.600 0.650 0.700 0.750 0.800 0.850 0.900 0.950 ROE-RE 2 1.813357 1.670562 1.504189 1.304542 -0.03947 -1.94449 -4.65094 -8.55954 -14.3916 -23.5896 -39.5197 -72.2799 -172.361 WACC 3 12.5767 12.7544 12.9295 13.1045 13.7746 14.5346 15.3846 16.3247 17.3547 18.4747 19.6848 20.9848 22.3748 ROIC1 4 17.6865 17.6865 17.6865 17.6865 17.6865 17.6865 17.6865 17.6865 17.6865 17.6865 17.6865 17.6865 17.6865 ROIC1-WACC 5 5.1098 4.9321 4.7570 4.5820 3.9119 3.1519 2.3019 1.3619 0.3318 -0.7882 -1.9982 -3.2983 -4.6883 ROIC2 6 13.7568 13.7568 13.7568 13.7568 13.7568 13.7568 13.7568 13.7568 13.7568 13.7568 13.7568 13.7568 13.7568

??. 6/2013, ?????? XVI

ROIC2-WACC 7 1.1801 1.0023 0.8273 0.6523 -0.0178 -0.7778 -1.6278 -2.5679 -3.5979 -4.7179 -5.9279 -7.2280 -8.6180

NCSI 8 50000000 46098549 42256997 38415451 34573906 30732361 26890816 23049271 19207726 15366181 11524635 7683090 3841545

EPS 9 0.608 0.637 0.669 0.709 0.717 0.720 0.714 0.696 0.657 0.583 0.439 0.117 -0.913

? ????. 3 ? ????????? ???????? ?? ???????? ???? (IBD – Interest Bearing Debt), ?????? ???? (TL – Total Liabilities) ? ???????? ?? ?????????? ??????? (E - Equity) ??? ???????? ????????? ?? ??????????? ?? ???????? ???? (DR – Debt Ratio) ?????? ???????????? ? ??????? ???????, ?.?. ????? ?? ????????? ??????? ? ?????????? ??????? (IBD+E). ????? ??, ?? ??? ???? ? ??? ?????? ?? ???????????? ??????? ? ????. ???????? (TA), ??????? ?????????????? ?? ???????????? ?? ????? ?? ?????? (????????) ??????????? ??????? (E). ??????????? ????????, ?? ?????????? ?? ?????????? ??????? ?? ???????? ???? ??????? ?????????? ?? ?????????? ?????, ???????? ?????????????? ???????? ? ?????? ???? (NCSI – Number of Common Stock Issued – ?????? 7 ?? ????. 5). ? ?????? 8 (????. 3) ? ????????? ???????? ???? ?? ????? (RD1) ???? ????????? ?? ????????? ?? ????? (i) ? ??????????? ???? (IBD). ??? ?????????? ?? ????? ? ???????????? ????????? ??? 50% ?????? ?? ????? (RD1) ?? ????????? ? ???? ????? ??? ????? ???????? ??????. ???? ? ???????? ??? ??????? ????????????? ?? ??.?. ?? ?????????? ??-??????? ???????? ???? ??? ????????? ?? DR>0,5. ? ?????? 10 (????. 3) ? ????????? ??????? ???? ?? ????? (RD2) ???? ????????? ?? ????????? ?? ????? (i) ? ????? ???? (TL), ?????????? ? ???????? ????? ????? ??????? ??? 10% ???????????? ?????. ? ????. 4 ????????? ????? ????? ? ?????? (EBIT – Earnings Before Interest and Taxes) ? ??????? ?????????? ?? ????????????? ????? ????????? ? ?????????? ???????, ??? ???? ???????????? ??????? ?? ??????? ?? ?????? ?? ??????????? ????????? ?? ?????????????. ? ?????? 3 (????. 4) ??????? ??????? (NI – Net Income) ? ???????? ?? ?????????:
NI ? ? EBIT ? i ? ? ?1? T ?
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