6

, .

;
;
,
;
,
/;
;

6.1

, . :

- ( ),
( /),
( ).
. ,
.

2016 ,
2.7.

6.2 - (
)

6.2.1 (gross profit margin)

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

101
 . ,
.
,

.
,

.
,
(
) (
), .

:
=
(- ) / (%)

: :

= (836.000-637.000) / 836.000= 23,80%

6.2.2 (et Profit Margin/PM

Return on Sales/ROS)

, , , .
, ,
.
(%)
.

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

.

:
= / (%)

: :

= 141.000 / 836.000= 16,86%

6.2.3 (mark-up)

.
.

102
 :
=
(- ) / (%)

: :

= (836.000-637.000) / 637.000= 31,24%

6.2.4
(EBIT)
, .
, ,
. ,
, ,
, .

:
= / (%)

: :

= 149.000 / 836.000= 17,82%

6.2.5 (operating ratio)

,
.
, ( ,
).

:
=
( + ) / (%)

: :

= (637.000+50.000) / 836.000= 687.000 /

836.000= 82,18%

6.2.6
.
.

:
=
/ (%)

: :

= (16.000+5.000) / 836.000= 21.000/836.000= 2,51%

= (16.000+5.000+29.000) /836.000= 50.000/836.000= 5,98%

103
6.3 (overall profitability)
-
, .

. , ,
, .
,
:

-
-

, (),
,
( ) .

6.3.1 (return on equity/ROE)

. ,
.
,
. .
,
:

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

, ,
, .
. .
.
,
.
,
.
, . ,
.

:
=
/ %

Y: :

104
 =141.000 / (715.000+130.000)= 16,68%

6.3.2
6.3.1, .

:
= /
.. () %

: :

= 141.000 / (715.000+130.000)=16,686%

6.3.3 ( ) (ROA)

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

:
( ) ROA=
/ (%)

Y: :

( )= 141.000/1.178.000= 11.97 (%)

6.3.4 K ( )
(ROA*)
.
:
( ) ROA*=
+ (1-) / (%)

= (/ ) :

105
 = ( &
)

Y: :

= 36.000/141.000= 0,255

( )= 141.000+8.000 (1-0,255) /
1.178.000= 146.960/1.178.000= 12,48(%)

( )
( ).
.

. ,
, .
Du Pont.
. 8.1.2.

RO*,
ROA,
, .
. 8.1.4.

6.3.5 (return on capital

employed ROCE)
6.3.3, ()
.

:
(ROCE)= /
(%)

Y: :

= 141.000 / (845.000+80.000)= 141.000 /

925.000= 15,24(%)

6.3.4 :

:
(ROCE)= +
(1-) / (%)

6.4. ()

. , ,

106
 ,
. , , ,

. .
,
, :

- :
140,
- 2016
2015:
01/01/2015 1.000 30/05/2015
300 550. ,
01/01/2016 1.300 550.

, 2016 ( 2015
M ) :
(10005) / 12+(13007) /12= 1.175 .

6.4.1 (Earnings per share)

.
, , ,
. , ,
.

:
=
- + /

: :

105.000 / 1.175= 89,36

6.4.2 (Price to Book Value

Ratio -P/BV)

.
.

:
= / -

: :

: / = (715.000+130.000)
/ 1.175= 719,15.
= 140 / 719,15= 19,5%
. 10.2.1 & 10.2.2.

107
6.4.3 (price/earnings ratio
P/E)
,
. P/E
. P/E
.
,
.
P/E
.
(/)
. ,
. , P/

.
/

. , , / ,
, /
/
.

:
= /

: :

= 140 / 89,36= 1,56

. 10.3.

6.4.4
/
.

:
= /

: :

= 25.000 / 1.175= 21,27

6.4.5 (dividends yield)

. , .
, ,
.

108
 :
= / 100

: :

= 21,27 / 140= 0,15, 15%

6.4.6 (dividends payout)

.

:
= /

: :

= 21,27 / 89,36= 23,8 %

6.4.7 (Price to
Sales Ratio / P/S)
P/S (Price to Sales) .
,
. ,
/.

- ( ),

- ( ) ( ).

/ ( /
/ ).

:
=
/

: :

= 1.175140 / 836.000= 164.500 /

836.000= 19,7%

6.4.8 (P/E)
(Price to Earnings-Growth / PEG)

(P/E) . (Growth rate),
(P/E).
:
/, PEG

109
 , : [( / )
[1 / (n-1) ]-1, n .

6.4.9 (Price to Cash Flow ratio

/ P/CF)

.
, .
. 10.5.

110


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.

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111