sainvesticio saqmianobis menejmenti

investiciebis biujetireba

kompaniis ekonomikuri saqmianobis erT-erT arasaoperacio segments

qmnis sainvesticio saqmianoba, xolo finansuri gadawyvetilebebis erT-
erT sapasuxismgeblo sferos, Tavis mxriv, warmoadgens sainvesticio
gadawyvetilebebi. zogadi midgomiT, investicia aris kapitalis dabandeba
raime tipis saqmianobaSi, aqtivSi Tu instrumentSi, sargeblis miRebis
mizniT. investiciebis definiciasTan mimarTebiT mniSvnelovania
investiciebis sakanonmdeblo, saaRricxvo da statistikuri midgomebis
sinTezuri gamoyeneba, rac asaxavs kerZo (korporaciuli) investiciebis
kompleqsur Sinaarss. kerZod, saqarTveloSi moqmedi sainvesticio
kanonmdeblobis mixedviT, investiciad miiCneva yvela saxis qonebrivi da
inteleqtualuri faseuloba an ufleba, romelic dabanddeba da
gamoiyeneba SesaZlo mogebis miRebis mizniT saqarTvelos teritoriaze
ganxorcielebul samewarmeo saqmianobaSi. aseTi faseuloba an ufleba ki
SeiZleba iyos: a) fuladi saxsrebi, wili, aqciebi da sxva fasiani
qaRaldebi; b) uZravi da moZravi qoneba - miwa, Senoba-nagebobebi,
mowyobilobebi da sxva materialuri faseuloba; g) miwiT an sxva
bunebrivi resursebiT sargeblobis ufleba (maT Soris koncesia, patenti,
licenzia, „nou-hau“, gamocdileba da sxva inteleqtualuri faseuloba);
d) kanoniT aRiarebuli sxva qonebrivi an inteleqtualuri faseuloba an
ufleba. standartuli saaRricxvo midgomiT, investicia warmoadgens
aqtivs, romelsac flobs kompania sakuTari simdidris gazrdis mizniT,
Semosavlebis (dividendi, procenti, saijaro qira, roialti) ganawilebis
saSualebiT, kapitalis an sxva sargeblis gamomuSavebisaTvis
investiciebis ganmaxorcielebeli kompaniisaTvis. rac Seexeba
statistikur midgomas, kerZod, saqarTvelos statistikis erovnuli
samsaxuris (saqstatis) ZiriTad kapitalSi ganxorcielebuli
investiciebis detaluri gamokvlevis meTodologiis mixedviT, investicia
warmoadgens xarjebis gawevis process, romliTac kompania Tavad qmnis an
iZens ZiriTad kapitals, romelic mravaljeradad monawileobs warmoebis
procesSi; investirebis Sesabamisad warmoiqmneba axali an meoradi
kapitali, xolo investiciebSi aisaxeba: xarjebi ZiriTadi kapitalis
SeZenaze; xarjebi axali ZiriTadi kapitalis Seqmnaze; xarjebi gaweuli
ZiriTadi kapitalis remontze da misi cveTa; ZiriTadi kapitalis
sabalanso Rirebuleba. statistikuri miznebisaTvis gamoiyeneba aseve
pirdapiri ucxouri investiciebis (FDI), portfelis investiciebisa da
sxva investiciebis kategoriebi. pirdapiri ucxouri investicia
miekuTvneba saerTaSoriso sainvesticio saqmianobis kategorias, romelic
gulisxmobs erTi qveynis rezidenti kompaniis mier sxva qveynis
teritoriaze ganlagebul kompaniaSi wilis flobas, xolo pirdapiria
investori, romelic flobs kompaniis aqciebis (wilis) aranakleb 10%-s an
aseTi monawileobis eqvivalents. pirdapiri ucxouri investiciis
ZiriTadi komponentebia: saaqcio kapitali, reinvesticia da sxva kapitali.
Teoriuli midgomiT ki arsebobs investiciebis bevri saklasifikacio
sqema, rogoricaa makro- da mikrodoneze ganxorcielebuli investiciebi;
realuri da finansuri investiciebi; Sida da ucxouri investiciebi;
moklevadiani, saSualovadiani da grZelvadiani investiciebi; kerZo,
saxelmwifo da erToblivi investiciebi da a.S., romelTac ufro metad
zogadTeoriuli datvirTva gaaCnia. finansuri menejmentis poziciidan,
ufro mniSvnelovania sainvesticio proeqtebis klasifikacia, Sefaseba da
finansuri analizi.
kompanias, ekonomikuri saqmianobis procesSi droiTi faqtoris
gaTvaliswinebiT, Sexeba aqvs ZiriTadad ori tipis gadawyvetilebasTan -
moklevadiani da grZelvadiani. moklevadiani gadawyvetilebebi
dakavSirebulia kompaniis mimdinare operirebis amocanebis
gadawyvetasTan, rac gulisxmobs sabrunavi kapitalis da misi
dafinansebis nakadebis marTvas (likvidobis marTva), xolo grZelvadiani
gadawyvetilebebi dakavSirebulia kompaniis fiqsirebuli aqtivebis,
sainvesticio saqmianobis, kapitaluri xarjebis, qonebrivi saSualebebis
da Sesabamisi dafinansebis wyaroebis marTvasTan (ukugebis marTva). aseTi
gadawyvetilebebi atarebs ara saoperacio-taqtikur, aramed strategiul
xasiaTs da gulisxmobs fuladi resursebis grZelvadian aqtivebSi
investirebiT Sesabamisi sargeblis miRebas ukugebis saxiT.
 grZelvadian aqtivebSi investiciebis ganxorcieleba kompleqsuri,
Tanmimdevruli da dagegmvadi procesia, rac moiTxovs Sesabamisi
finansuri resursebis moZiebas, kapitaluri xarjebis gawevis
aucileblobis dasabuTebas da sainvesticio proeqtebis ganxorcielebas.
process, romelic dakavSirebulia sainvesticio saqmianobis dagegmvasTan,
sainvesticio proeqtebis analizTan, SefasebasTan, SerCevasTan da
kapitaluri xarjebis gawevasTan, investiciebis biujetireba (Capital
Budgeting) ewodeba. igi gacilebiT farTo cnebaa, vidre sainvesticio
fuladi nakadebis prognozireba an sainvesticio proeqtebis dagegmva da
moicavs RonisZiebaTa kompleqsur nakrebs, ramac unda uzrunvelyos
kompaniis fiqsirebuli aqtivebis da Sesabamisi kapitaluri xarjebis
maqsimaluri efeqtianobiT gamoyeneba. investiciebis biujetireba moicavs
kapitaluri xarjebis gawevis ramdenimewlian cikls iseTi miznobriobiT,
rogoricaa sawarmoo simZlavreebis SenarCuneba, warmoebis gafarToeba,
fiqsirebuli aqtivebis zrda, kvleva-ganviTarebis ganxorcieleba,
sasawyobo infrastruqturis ganviTareba, sainvesticio qonebis Seqmna-
gamoyeneba da sxva.
grZelvadiani sainvesticio gadawyvetilebebi ar moicavs mxolod
kompaniis sainvesticio saqmianobis sferos. ufro zustad, igi pirdapiraa
dakavSirebuli sainvesticio saqmianobasTan, radgan sainvesticio fuladi
nakadebis moZraobasTan asocirdeba, magram iribad aseve dakavSirebulia
kompaniis saoperacio da safinanso saqmianobasTan, vinaidan grZelvadiani
ukugebis misaRebad gamiznuli sainvesticio saqmianoba ar aris
ganyenebuli procesi da dakavSirebuli mxolod grZelvadian aqtivebSi
investirebasTan. farTo Teoriuli gagebiT, da pragmatuli midgomiTac,
fiqsirebul aqtivebSi investicias xSirad axlavs Sesabamisi moTxovna
damatebiT sabrunav kapitalze, rogorc investirebis Tanamdev elementze,
rac aseve sainvesticio fuladi nakadebis konteqstSi unda iqnes
ganxiluli da asaxuli kidevac Sesabamis analitikur instrumentebSi.
garda amisa, kapitalur aqtivebSi investireba irib korelaciaSia
safinanso fulad nakadebTan, radgan aseTi investiciebi moiTxovs
saTanado investiciebis dafinansebis saSualebebis identificirebas,
,,motanas’’ da gamoyenebas.
 grZelvadaiani sainvesticio gadawyvetilebebis gansakuTrebul
strategiul mniSvnelobas kompaniis ekonomikur saqmianobaSi
ganapirobebs ramdenime mniSvnelovani da gverdauvali faqtor-garemoeba,
romelTaganac xazgasasmelia:
 sainvesticio proeqtebSi investireba dakavSirebulia biznesidan
msxvili Tanxebis ,,gawovasTan’’ da, Sesabamisad, maRali xarisxis
finansuri riskebis generirebasTan, rac aiZulebs nebismier
kompanias iyos frTxili aseTi strategiuli gadawyvetilebebis
miRebisas;
 grZelvadian aqtivebSi investirebiT kompania, garkveulwilad,
kargavs saoperacio moqnilobas, radgan finansuri resursebi
miimarTeba aralikvidur aqtivebSi, rac warmoqmnis resursebis
saWiro manevrirebisa da mobilobis problemas;
 kapitaluri xarjebis gaweva moiTxovs dafinansebis
grZelvadiani wyaroebis gamoyenebas, rac, xSir SemTxvevaSi,
gacilebiT ufro Zviri resursia da dakavSirebulia wvdomis
garkveul sirTuleebTan, moklevadiani dafinansebis wyaroebTan
SedarebiT;
 sainvesticio biujetireba, farTo midgomiT, gulisxmobs ara
marto kapitaluri aqtivebis ,,mSral’’ SeZenas, aramed aseve misi
Tanamdevi sabrunavi kapitalis damatebiT inieqciebs, rac
mravalkomponentiani kapitalia da moiTxovs Tanmxlebi
saoperacio nakadebis kompleqsur analizs da marTvas;
 kapitaluri aqtivebSi investirebasTan dakavSirebulia ara
mxolod grZelvadiani aqtivebisa da kapitaluri xarjebis,
aramed samomavlo gayidvebis, saoperacio xarjebis,
gadasaxdeli gadasaxadebis, mogebis da sxva finansuri nakadebis
prognozirebisa da dagegmvis rTuli da rutinuli procesi,
rac riskebis Tavidan acilebis mizniT moiTxovs Sesabamisi
gamarTuli instrumentebis gamoyenebas;
 sainvesticio biujetirebis araefeqturma ganxorcielebam
SeiZleba ganapirobos kompaniis kapitaluri aqtivebis xarisxis
,,gafuWeba’’, ramac Tavis mxriv gamoiwvios saoperacio da sxva
Tanamdevi Seferxebebi. aseve, grZelvadian sainvesticio
 gadawyvetilebebs Tan SeiZleba axldes alternatiuli xarjebi,
romelTa ,,fasi’’ gacilebiT maRalia, radgan aseTi
gadawyvetilebebi yovelTvis kapitaltevadia;
 kapitaluri investireba, Tavisi ganxorcielebis yovel etapze,
moiTxovs winaswar mzadebas, vidre aseTi aqtivebis gamoyeneba
miuaxlovdeba Tavis sasicocxlo ciklis vadebs, radgan
kapitalis biujetireba droSi xangrZlivi procesia da moicavs
adekvatur analitikur-saSemfaseblo procedurebs;
 sawarmoo simZlavreebze moTxovnis arasworma dagegmvam
SeiZleba warmoqmnas kapitaluri aqtivebis siWarbe an nakleboba,
rac Tavis mxriv Sesabamisad gazrdis dautvirTavi da
gamouyenebeli resursebis xarjebs an xelidan gaSvebuli da
dakarguli SesaZleblobebis danakargebs;
 grZelvadiani aqtivebSi dabandeba, xSir SemTxvevaSi,
ukavSirdeba biznesis renovaciuli SesaZleblobebis zrdis
amocanas da, amdenad, axali investiciebis, proeqtebis,
produqtebis, bazrebis, saqmianobebis aTvisebis da gamoyenebis
potencials, rac moiTxovs sabazro koniunqturis mudmiv
dakvirvebas da analizs.
sainvesticio proeqtebis racionaluri Sefaseba, analizi da SerCeva
moiTxovs sainvesticio proeqtebis saTanado ranJireba-klasificirebas
sxvadasxva niSnis mixedviT, radgan sainvesticio proeqtebi SeiZleba
gansxvavebuli iyos TavianTi specifikis mixedviT, rac moiTxovs aseTi
proeqtebis marTvis saTanado instumenetebisa da meqanizmebis gamoyenebas
da maTdami misadagebas.

sainvesticio
proeqtebi

konvenciuri arakonvenciuri

damoukidebeli urTierTgamomricxavi

gafarToebadi Canacvlebadi

arsebuli inovaciuri

regulirebadi araregulirebadi
 naxazi 5.1. sainvesticio proeqtebis saklasifikacio sqema.

sainvesticio nakadebis moZraobis mixedviT, sainvesticio proeqti

SeiZleba iyos konvenciuri da arakonvenciuri. konvenciuri sainvesticio
proeqti (Conventional Investment Project) warmoadgens sainvesticio proeqts,
romlis drosac erTjerad gasul fulad nakadebs, anu sainvesticio
kapitaluri Tanxebis gasvlas kompaniidan, Tan axlavs mravaljeradi
Semosuli fuladi nakadebi. misTvis damaxasiaTebelia mxolod sabaziso
investiciis ganxorcieleba, rodesac sainvesticio procesSi ar
warmoiSoba sxva tipis gamavali fuladi nakadebi. arakonvenciuri
sainvesticio proeqti (Non-Conventional Investment Project) aris iseTi
sainvesticio proeqti, romlis drosac sawyis sainvesticio xarjebs
axlavs rogorc Semomavali mravaljeradi dadebiTi fuladi nakadebi,
aseve Semdgomi uaryofiTi nakadebi, anu damatebiTi sainvesticio xarjebi,
rac SeiZleba dakavSirebuli iyos investiciebis ganxorcielebis
procesSi warmoSobili xarjebis anazRaurebasTan (magaliTad, damatebiTi
ZiriTadi saSualebebis SeZenis xarjebi, sainvesticio proeqtis
mimdinareobisas saWiro remontis xarjebi, reinvestirebis xarjebi,
gauTvaliswinebeli xarjebi da a.S.).
sainvesticio proeqtebis Tavsebadobis mixedviT, sainvesticio
proeqtebi SeiZleba iyos damoukidebeli da urTierTgamomricxavi.
damoukidebeli sainvesticio proeqti (Indefendent Investment Project)
warmoadgens iseT proeqts, romlis ganxorcieleba ar aris damokidebuli
sxva sainvesticio proeqtebis Sefasebaze, anu ar gaaCnia ,,sapirwone’’
sainvesticio proeqti. aseTi sainvesticio proeqtebs adgili aqvs,
gansakuTrebiT, sainvesticio alternativebis SezRudulobis pirobebSi.
urTierTgamomricxavi sainvesticio proeqti (Mutually Exclusive Project) ki
iseTi proeqtia, romelic SeirCeva alternatiul sainvesticio proeqtebs
Soris analizis da Sefasebis meTodebze dayrdnobiT da gamoricxavs
sxva danarCeni proeqtebis SerCevis da ganxorcielebis SesaZleblobas
Tavisi upiratesobebidan gamomdinare.
kapitaluri xarjebis miznobriobis mixedviT, sainvesticio
proeqtebi SeiZleba daiyos, rogorc gafarToebadi da Canacvlebadi.
gafarToebadi sainvesticio proeqti (Expansion Investment Project) warmoadgens
iseT proeqts, romelic dakavSirebulia kompaniis saqmianobis romelime
aspeqtis zrdasTan. magaliTad, axali sawarmoo xazis SeZena, saamwyobo
xazze danadgaris damateba, sadistribucio qselis gazrda, sasawyobo
infrastruqturis gafarToeba, axali filialis an sawarmoo
qvedanayofis gaxsna, sxva kompaniis aqtivebis SeZena da sxva.
gafarToebadi sainvesticio proeqti SeiZleba dakavSirebuli iyos
rogorc arsebul, aseve axal produqtebTan da bazrebTan. Canacvlebadi
sainvesticio proeqti (Replacement Investment Project) iseTi proeqtia,
romelic erTi saxeobis aqtivs, saqmianobas an cikls anacvlebs meoreTi.
magaliTad, Zveli kompiuteruli teqnikis axliT Canacvleba, sawarmoo-
saamwyobo xazebis gamocvla, satransporto parkis modernizacia,
amortizebuli Senoba-nagebobebis axliT Secvla da sxva. Canacvlebadi
sainvesticio proeqti SeiZleba dakavSirebuli iyos rogorc fizikurad,
aseve moralurad gacveTili grZelvadiani aqtivebis SecvlasTan.
sainvesticio procesis xasiaTis mixedviT, sainvesticio proeqtebi
orgvaria - arsebuli (moqmedi) da axali (inovaciuri). arsebuli
sainvesticio proeqti (Existing Investment Project) warmoadgens mimdinare,
ganxorcielebis procesSi myof proeqts, romelsac SesaZloa aseve,
realizaciis gansazRvrul etapze, dasWirdes garkveuli sainvesticio
inieqciebi. axali sainvesticio proeqti (New Investment Project) ZiriTadad
dakavSirebulia damatebiTi kapitaluri xarjebis gawevasTan, axali
teqnologiebisa da inovaciebis danergvasTan, warmoebis renovaciur
procesebTan, axali bazrebze gasvlasTan, axali sabazro produqtebis
SemuSavebasTan da a.S. aseTi proeqti, ZiriTadad, strategiuli xasiaTisaa
da saWiroebs Rrma analizs da kompleqsur Sefasebas. igi, Tavisi arsiT,
SeiZleba iyos rogorc gafarToebadi, aseve Canacvlebadi. misTvis
damaxasiaTebelia ganviTarebisa da kvlevis xarjebis (R&D) zrda. aseve,
axali teqnologiebis aTvisebiT SeiZleba kompanias gaezardos
kapitaluri xarjebi, magram Seumcirdes fiqsirebuli aqtivebis movla-
Senaxvis xarjebi. metwilad, aseTi investiciebi grZelvadiani sargeblis
molodinSi myofi finansuri dabandebebia.
ganxorcielebis aucileblobaze damokidebulebis mixedviT,
sainvesticio proeqtebi klasificirdeba, rogorc regulirebadi da
araregulirebadi proeqtebi. regulirebadi sainvesticio proeqti
(Regulatory Investment Project) warmoadgens sainvesticio proeqts, romelic
SeiZleba ganxorcielebuli iyos raime tipis saxelmwifo regulaciis
moTxovnebis Sesrulebis aucileblobiT, magaliTad, usafrTxoebis,
garemosdacviTi da sxva regulaciebis zegavleniT da miekuTvneba
aucileblad gansaxorcielebel proeqtebs, rac gasaTvaliswinebelia
sainvesticio biujetirebis procesSi. kompaniis Sida gadawyvetilebiT
realizebadi proeqtebi ki warmoadgens araregulaciur, ew. Tavisufal
sainvesticio proeqtebs.
sainvesticio proeqtis danawevrebis SesaZleblobis mixedviT,
sainvesticio proeqti SeiZleba iyos gayofadi da gauyofadi. gayofadi
sainvesticio proeqti (Divisible Investments Project) warmoadgens iseT
sainvesticio proeqts, romlis realizaciis farglebSi SesaZlebelia
misi nebismieri nawilis sxva nawilebisgan damoukideblad ganxorcieleba
an mTliani proeqtis nawil-nawil ganxorcieleba. aseTi proeqtebis
mizans warmoadgens kapitalis ganawilebuli marTva imisaTvis, raTa
investirebis procesi iyos maqsimalurad kontrolirebadi da miRebuli
iqnes maqsimaluri ukugeba. gauyofadi sainvesticio proeqti (Indivisible
Investments Project) ki warmoadgens iseT mTlian proeqts, romlis nawilebad
dayofa SeuZlebelia an ar aris mizanSewonili. igi SeiZleba
dakavSirebuli iyos Tanmimdevrul teqnologiur procesTan, sawarmoo-
saoperacio ciklTan an RirebulebaTa erTian jaWvTan.
regularuli sainvesticio aqtiurobisagan gansxvavebiT, rac
dakavSirebulia kompaniis SigniT sainvesticio resursebis
ganawilebasTan, kompaniam aseve SesaZloa ganaxorcielos iseTi
sainvesticio aqtiuroba, rac dakavSirebulia sxva ekonomikur
subieqtebTan. magaliTad, aseT investiciebad ganixileba sxva
kompaniasTan Serwyma, sxva kompaniis mierTeba, sxva ekonomikuri subieqtis
aqtivebis SeZena da sxva. sainvesticio gadawyvetilebebs, farTo gagebiT,
miekuTvneba ara mxolod kompaniis gafarToeba da ganviTareba, aramed is
gadawyvetilebebic, romlebic gavlenas axdenen kompaniis fulad
nakadebze misi Semcirebis mimarTulebiT. magaliTad, kompaniis mier
sawarmoo qvedanayofis daxurva, fiqsirebuli aqtivebis nawilobriv
gayidva, saqmiani aqtiurobis calkeuli segmentebis Sekveca da sxva, rac
warmoadgens investirebis Sebrunebul process, rasac deinvestireba
ewodeba. kompaniis sainvesticio saqmianobis marTvis TvalsazrisiT,
investirebisa da deinvestirebis procesebis da Sesabamisi proeqtebis
Sefaseba unda xdebodes erTmaneTis gaTvaliswinebiT, raTa maTi marTvis
procesSi danaxuli iqnes srulyofili ,,suraTi’’, rasac eqneba erToblivi
gavlena kompaniis grZelvadiani aqtivebis da maTgan warmoSobili
fuladi nakadebis cvlilebis dinamikaze. SesaZloa adgili hqondes
SemTxvevas, rodesac kompania axorcielebdes romelime konkretul
sainvesticio proeqtSi grZelvadian investirebas da misi sasicocxlo
ciklis vadis gasvlisTanave axdendes igive proeqtSi reinvestirebas. Tu
aRniSnuli procesi grZeldeba ramdenimejer, anu adgili aqvs erTsa da
imave proeqtSi ganmeorebad reinvestirebebs, warmoiqmneba e.w.
sainvesticio ,,jaWvi’’ (Chain of Investments).
sainvesticio saqmianobis marTvis procesSi gasaTvaliswinebelia
biznesis sainvesticio proeqtebis seqtoruli Taviseburebani, radgan
sxvadasxva seqtorSi kapitaluri proeqtebi erTmaneTisagan gansxvavdeba
TavianTi struqturiT, SinaarsiT da ganxorcielebis periodiT.
magaliTad, soflis meurneobaSi kapitaluri investicia SeiZleba
dakavSirebuli iyos agraruli inovaciebis gamoyenebasTan, mrewvelobaSi
- maRali warmadobis sawarmoo xazebis ganaxlebasTan, energetikaSi -
resursdamzogi teqnologiebis gamoyenebasTan, sabiTumo vaWrobaSi -
Tanamedrove sasawyobo-samacivre meurneobebis mowyobasTan, transportSi
- satransporto parkis ganaxlebasTan, finansur seqtorSi - finansuri
organizaciis/institutis filialebisa da serviscentrebis mowyobasTan
da sxva saxis kapitalur xarjebTan.
kompaniis sainvesticio saqmianobas da Sesabamis sainvesticio
gadawyvetilebebs yovelTvis axlavs garkveuli sainvesticio SezRudvebi
(Capital Rationing), romlebic imdenad mniSvnelovania kompaniisaTvis,
ramdenadac sworad moaxdinos sainvesticio Tanxebis kapitalur
proeqtebs Soris gadanawileba misi sabazro Rirebulebis gazrdis
miznobriobiT, xolo meore mxriv Tavidan aicilos e.w. sainvesticio
,,gadaxureba’’ (Over-Investing), rac SeiZleba dakavSirebuli iyos zedmetad
mzardi kapitaluri xarjebis biznesidan gadinebasTan SedarebiT
dabalukugebian sainvesticio proeqtebSi, rac uaryofiTad aisaxeba
kompaniis mflobelTa Semosavlebze. sainvesticio SezRudvebi SeiZleba
iyos orgvari: Sida, anu ,,rbili’’ sainvesticio SezRudvebi (Soft Capital
Rationing) da gare, anu ,,mkacri’’ sainvesticio SezRudvebi (Hard Capital
Rationing). ,,rbili’’ sainvesticio SezRudvebi damokidebulia kompaniis
Sida gadawyvetilebebze. magaliTad, kompania SeiZleba SezRuduli iyos
sainvesticio biujetiT, anu im TanxebiT, romlebic gamoiyofa
konkretuli sainvesticio miznebisaTvis an konkretuli kapitaluri
proeqtisaTvis. aseve, nebismieri kompania, romelic axorcilebs
investicias, yovelTvis SezRudulia moTxovnili ukugebis ganakveTiT,
anu im saprocento ganakveTis qveda zRvariT, romelze dabali ukugebac
ar unda iqnes miRebuli investirebidan. ,,mkacri’’ sainvesticio
SezRudvebi ki damokidebulia gare sainvesticio pirobebze. magaliTad,
sainvesticio proeqtis gansaxorcieleblad Sesabamisi kapitalis mozidva
yovelTvis dakavSirebulia garkveul SezRudvebTan (kovenantebTan).
msgavsad amisa, investirebis procesSi kompanias uxdeba arsebuli
sainvesticio garemos yvela arsebuli moTxovnis gaTvaliswineba, iqneba
es dakavSirebuli saxelmwifo regulaciebTan Tu sxva dainteresebul
mxareebTan.
sainvesticio gadawyvetilebis miReba kompleqsuri da, amave dros,
Tanmimdevruli procesia, rac moicavs misi ganxorcielebis winaswar
gansazRvruli fazebis gamovlenas da Sedgeba Semdegi etapebisagan:
 sainvesticio proeqtebis inicireba da Seswavla (Investment
Project Origination and Screening) - investiciebis biujetireba iwyeba
sainvesticio proeqtebis (winadadebebebis) inicirebis faziT,
rac gulisxmobs kompaniis sainvesticio SesaZleblobebis
droul gamovlenas da grZelvadian aqtivebze moTxovnis
prognozirebas. sainvesticio ideebis generireba da SeTavazeba
 SeiZleba xdebodes kompaniaSi rogorc ,,zemodan qvemoT’’, aseve
,,qvemodan zemoT’’, raSic mizanSewonilia CarTuli unda iyos
da monawileobas iRebdes kompaniis yvela ZiriTadi
struqturuli qvedanayofi. sainvesticio proeqtis Seswavla
niSnavs sainvesticio proeqtis analizamde winaswar
momzadebas, saWiro sainformacio nakadebis mobilizebas da
sistematizacias da imis gansazRvras, ramdenad iqneba samizne
sainvesticio proeqti SesabamisobaSi kompaniis strategiul
miznebTan da Sesabamis amocanebTan. aRniSnuli faza unda
pasuxobdes kiTxvebs:
 ramdenad sakmarisi menejeruli gamocdileba aqvs kompanias
msgavsi sainvesticio proeqtis gansaxorcieleblad?
 ramdenad xelmisawvdomi da sakmarisia arsebuli resursebi
investirebisaTvis Tu saWiroebs damatebiT finansur
inieqciebs?
 rogori iqneba proeqtis ganxorcielebis procesSi riskebis
warmoqmnisa da varirebis albaToba?
 rogori iqneba proeqtis droiTi horizonti, anu
sasicocxlo cikli?
 gaTvaliwinebulia Tu ara yvela SesaZlo sainvesticio
alternativa da saTanado alternatiuli xarjebi?
 ra sainvesticio SezRudvebi arsebobs winaswar?
 xom ar warmoiSveba investirebis procesSi damatebiTi
sainvesticio xarjebis gawevis aucilebloba? da a.S.
 sainvesticio proeqtebis analizi da SerCeva (Investmant Project
Analysis and Selection/Acceptance) – sainvesticio gadawyvetilebis
miRebis yvelaze rTuli da sapasuxismgeblo etapia, radgan igi
dakavSirebulia sainvesticio iniciativebis analizTan, rac
kompleqsuri procesia da moicavs proeqtis ara mxolod
finansuri, aramed organizaciuli, sawarmoo, marketinguli,
logistikuri, teqnikuri, saoperacio da sxva aspeqtebis da
riskebis identificirebas, damuSavebas da analizs. am
TvalsazrisiT, mizanSewonilia moxdes potenciuri
sainvesticio proeqtebis mosalodneli xarjebisa da
 sargeblebis matriculi asaxva da analizis mizans
daqvemdebareba, sainvesticio winadadebebis ranJireba
sxvadasxva kriteriumis mixedviT (magaliTad, masStabi,
amogebis periodi, miznobrioba da sxva), saWiro kapitaluri
xarjebis CaSla da detaluri analizi, sainvesticio
proeqtebis Sefasebis meTodebis da Sesabamisi analitikuri
instrumentebis kompleqsuri da misadagebuli gamoyeneba,
finansuri analizis Sedegebis Sedareba miznobriv
maCveneblebTan da a.S., rac moamzadebs myar safuZvels
sainvesticio proeqtebis ,,filtraciis’’ da swori SerCevis
mimarTulebiT, raTa gamoiricxos wamgebiani, araefeqtiani da
kompaniis strategias ,,acdenili’’ sainvesticio proeqtebi.
SesaZloa, aseve adgili hqondes ramdenime gamarTuli da
misaRebi proeqtis arsebobas, magram kompania SezRuduli iyos,
ganviTarebis mocemul etapze, finansuri, materialuri da
SromiTi resursebiT, rac moiTxovs maTgan, Sesabamisi
analitikur-saSemfaseblo instrumentebis gamoyenebiT,
saukeTesos gamovlenas da dafinansebas.
 sainvesticio proeqtebis ganxorcieleba da monitoringi
(Investment Project Implementation and Monitoring) - samizne proeqtis
(proeqtebis) SerCevis Semdeg iwyeba saWiro sainvesticio
resursebis alokacia winaswar gansazRvruli sainvesticio
biujetis mixedviT, risTvisac aucilebelia mimdinare
monitoringi imaze, rom gaweuli xarjebi ar gascdes biujetiT
gansazRvrul maCveneblebs da ar warmoiqmnas sainvesticio
riskebis multiplikacia da aqseleracia, rac proeqtis
potenciur CavardnasTan SeiZleba asocirdebodes. amitom
proeqtis ganxorcielebis procesSi mudmivi da uwyveti
monitoringi xels Seuwyobs msgavsi riskebis prevencias.
sainvesticio proeqtis ganxorcielebis Semdgomi monitoringi,
anu postsainvesticio auditi (Post-Investment Audit) mniSnelovani
meqanizmia kapitaluri biujetiT da prognozirebiT
gansazRvrul maCveneblebTan realurad miRebuli Sedegobrivi
monacemebis relatiuri Sepirispirebis, Sesabamisi gadaxrebis
 raodenobrivi analizisa da proeqtis monetaruli
indikatorebisa da aramonetaruli faqtorebis SefasebisaTvis.

sainvesticio proeqtebis ganxorcieleba da monitoringi

sainvesticio proeqtebis analizi da SerCeva

sainvesticio proeqtebis inicireba da Seswavla

naxazi 5.2. sainvesticio proeqtis implementaciis fazebi.

nebismieri sainvesticio proeqtis ganxorcieleba dakavSirebulia or

urTierTsapirispiro da urTierTSedarebad kategoriasTan, rogoricaa
investicia (Investment) da ukugeba (Return). ukugebis miRebis mizniT
investiciis srulyofilad ganxorcielebisaTvis saWiro drois diapazons
sainvesticio proeqtis sasicocxlo cikli (Investment Project Life Cycle)
ewodeba. aRniSnuli vada yovelTvis metia erT welze, radgan kapitaluri
xarjebis gaweva da Sesabamisi sargebli miReba kompaniisaTvis, rogorc
wesi, grZelvadiani procesia. Tumca proeqtis, saqmianobis da konkretuli
samizne aqtivis specifikidan gamomdinare, sainvesticio proeqtis
sasicocxlo cikli SeiZleba varirebdes sxvadasxva diapazonSi,
magaliTad, 5 weli, 10 weli, 30 weli da ufro meti periodi. simartivisa
da analitikuri miznebisaTvis, mizanSewonilia sainvesticio proeqtis
sasicocxlo ciklis vada da Sesabamisi fuladi nakadebi daiyos iseT
komponentebad, romlebic Tan axlavs nebismier process. esenia:

 sawyisi (sabaziso) fuladi nakadebi (Initial Cash Flow);

 perioduli (wliuri) fuladi nakadebi (Annual Cash Flow);
 saboloo (damamTavrebeli) fuladi nakadebi (Terminal Cash
Flow).

0 1 2 3 4 5 6 7

sawyisi fuladi nakadi saboloo fuladi

nakadi
 perioduli fuladi nakadebi

naxazi 5.3. sainvesticio droiTi horizontis grafiki.

sainvesticio fuladi nakadebis analizisas unda gaviTvaliswinoT

is garemoeba, rom fuladi nakadebis qveS igulisxmeba mxolod wminda
fuladi nakadebi, rac moicavs sxvaobas Sesabamisi periodis Semomaval da
gamaval fulad nakadebs Soris. sainvesticio ciklis sawyis nulovan
wertils ,,aTvlis wertils’’ uwodeben, romelSic warmoiSoba mxolod
sabaziso fuladi nakadi, anu igive sawyisi investicia. saboloo fuladi
nakadi, ZiriTadad, sawyisi investiciis sapirispirod, xasiaTdeba
Semomavali fuladi nakadiT, radgan dakavSirebulia sainvesticio ciklis
dasrulebasTan da Sesabamis saoperacio fulad nakadebTan an aqtivis
gayidviT miRebul SemosavlebTan. rac Seexeba sainvesticio ciklis sxva
danarCen e.w. Sualedur periodebs, am wertilebSi (wlebSi) fuladi
nakadebi SeiZleba iyos rogorc Semomavali, aseve gamavali. analizis da
Sefasebis miznebisaTvis, sainvesticio droiTi horizontis grafikze
Semomaval fulad nakadebs aRniSnaven (+) niSniT, xolo gamaval fulad
nakadebs (_) niSniT. imis mixedviT, Tu rogori specifikis saqmianobasTan
an/da sainvesticio proeqtTan gvaqvs saqme, kompaniis sainvesticio
fuladi nakadebi SeiZleba iyos mravalmxrivi:
 Tanabari, anu anuiteturi (rodesac sawyis investicias axlavs
yvela Semdgomi Tanabari Semomavali fuladi nakadi (magaliTad,
saijaro Semosulobebi));
 mzardi (rodesac sawyis investicias mosdevs yvela Semdgomi
zrdadi Semomavali nakadebi);
 klebadi (rodesac sawyisi investicias axlavs wlebis mixedviT
klebadi fuladi nakadebi);
 mzardi da Semdgom klebadi (rodesac pirvel wlebSi izrdeba
Semosuli fuladi nakadebi, xolo garkveuli periodis Semdgom
ganicxdis Semcirebas);
 klebadi da Semdgom mzardi (piriqiT, ciklis pirvel wlebSi
SedarebiT mcirea Semosuli fuladi saxsrebi, xolo Semdgom
iwyebs TandaTanobiT zrdas);
  Tanabari da bolos mzardi (Tanabrad Semodis fuladi nakadebi
yovel wels, xolo bolo wels emateba aqtivis realizaciiT
miRebuli Semosavali) da a.S.
nebismieri sainvesticio proeqtis Sefasebisa da realizaciis dros
kompaniam unda gaiTvaliswinos e.w. relevanturi fuladi nakadebi (Relevant
Cash Flows), anu iseTi fuladi nakadebi, romlebic warmoiSoba mxolod
kapitaluri proeqtebis ganxorcielebis SemTxvevaSi da romelTac
adgili eqneba momavalSi. aseTi relevanturi nakadebi SeiZleba iyos
rogorc Semomavali, aseve gamavali. proeqtis Semomavali relevanturi
fuladi nakadebi moicavs miRebul sargebels uSualod Semosavlis an
ekonomiis saxiT an/da dakavSirebulia proeqtis ganxorcielebis iseT
pozitiur aramonetarul SedegebTan, rogoricaa urTierTobebis
gaumjobeseba kontragent kompaniebTan, finansur institutebTan, arsebul
da potenciur investorebTan, kompaniis cnobadobis zrda, bazarze
ukeTesi pozicionireba da sxva, romelTa gazomva gacilebiT ufro
rTulia, vidre sainvesticio xarjebis kontroli. proeqtis gamavali
relevanturi fuladi nakadebi is momavali xarjebia, romlebic
dakavSirebulia investiciebis ganxorcielebis pirdapir SedegebTan da
aqvs pirdapiri gavlena fulad nakadebze. magaliTad, aqtivis Sesyidvis
xarjebi, pirdapiri xarjebi, alternatiuli xarjebi da sxva.
ararelevantur sainvesticio fulad nakadebs SeiZleba mivakuTvnoT
daubrunebadi xarjebi, cveTis xarjebi, gadanawilebuli mudmivi
zednadebi xarjebi da sxva. relevanturi fuladi nakadebis Sefasebisas
aseve gasaTvaliswinebelia inflaciis, gadasaxadebis da sabrunav
kapitalSi damatebiTi investirebis da sxva faqtorebi.
sainvesticio ciklis vadis mxedvelobaSi miReba gansakuTrebiT
mniSvnelovania, rodesac warmoiSoba dilema – SeviZinoT Tu ijariT
aviRoT fiqsirebuli aqtivi – e.w. ijara-Sesyidvis dilema (Lease-or-Buy
Decision Dilemma), radgan orive operacia kompaniisaTvis ayalibebs
sxvadasxvagvar finansur pozicias, vinaidan aqtivis SeZena ,,gaiwovs’’
msxvil finansur nakadebs saoperacio saqmianobidan, xolo aqtivis
ijariT an lizingiT miReba dakavSirebulia regularul saoperacio
xarjebTan. amasTan, gasaTvaliswinebelia saamortizacio anaricxebis
daricxvis, aqtivis qonebis gadasaxadiT dabegvris, ZiriTadi
saSualebebis remontis xarjebis gawevis, proeqtis dafinansebis
wyaroebis struqturis identificirebis, marJinaluri analitikuri
instrumentebis gamoyenebis sakiTxebi da a.S. amasTanave, principulad
mniSvnelovania, gansakuTrebiT ijaris an lizingis SemTxvevaSi, proeqtis
gamosyidvis (amogebis) periodis sasicocxlo ciklis vadasTan
mimarTebiT analizi, raTa sainvesticio proeqti iyos ukugebrivad
gamarTlebuli. gadawyvetileba, SeviZinoT Tu ijariT aviRoT, miRebuli
unda iqnes swored Sesabamisi sainvesticio proeqtebis fuladi nakadebis
analizisa da Sefasebis meTodebis gamoyenebis gaTvaliswinebiT.
sainvesticio gadawyvetilebebi yovelTvis dakavSirebulia
grZelvadian periodSi fuladi nakadebis moZraobasTan. kerZod,
investirebisaTvis aucilebel kapitalur xarjebs unda Seupirispirdes
investirebidan miRebuli sargebeli. Tumca investireba da fuladi
nakadebis biznesSi Semodineba droSi dacilebulia erTmaneTs. nebismieri
investiciis efeqtianoba, zogadad, ukugebiT miRebuli sargebliT
izomeba, ukugeba ki sainvesticio proeqtidan miiReba nawil-nawil,
sainvesticio ciklis vadis wlebis mixedviT. imisaTvis, rom gasuli da
Semosuli fuladi nakadebi iyos relevanturi droiTi TvalsazrisiT,
aucilebelia maTi erTi da imave droSi ,gadayvana’’. aRniSnuli midgoma
gamomdinareobs iqedan, rom fuls, iseve rogorc sxva nebismier resurss,
gaaCnia Tavisi droiSi gansazRvruli Rirebuleba. anu dRes miRebul 1
lars aqvs sxva Rirebuleba, vidre 3 Tvis, 5 wlis an sxva periodis
Semdgom, radgan igi dRes SeiZleba iqnes investirebuli da gamoimuSavos
sargebeli, fuladi resursis gamoyenebis gadavadebas SeiZleba axldes
riskebi, maT Soris inflaciis gamo, misi msyidvelobiTunarianobis
Semcirebis gamo da a.S. swored amis gamo fuls gaaCnia droSi
gamoxatuli Rirebuleba, rasac fulis droiTi Rirebuleba (Time Vlue of
Money) ewodeba. sainvesticio gadawyvetilebebi fulis droiTi
Rirebulebis gaTvaliswinebis gareSe arasrulfasovania da misi
Cavardnis maRal riskebs Seicavs, amitom nebismieri sainvesticio
proeqtis analizis da Sefasebis amosaval wertils da safuZvels fulis
droiTi Rirebulebis gamoyeneba warmoadgens.
standartul sainvesticio proeqts Cveulebriv axlavs ori
mimarTulebis fuladi nakdebi – gamavali da Semomavali. yvelaze msxvil
gamaval fulad nakads qmnis proeqtis sawyisi investicia, rasac SeiZleba
aseve Semdgom periodebSi axldes an ar axldes damatebiTi gamavali
fuladi nakadebi, xolo Semomavali fuladi nakadebi generirdeba
sainvesticio proeqtis ganxorcielebis dawyebidan garkveuli periodis
Semdgom, Tanabari an araTanabari, zrdadi am klebadi, an cvalebadi
variaciebiT. vinaidan gamavali da Semomavali nakadebi moZraobs
sxvadasxva drois intervalSi, anu sxvadasxva wels, amitom relevantobis
uzrunvelsayofad, saWiroa fuladi nakadebis Rirebuleba movaqcioT erT
,,sibrtyeze’’, anu ganvsazRvroT an dRevandeli an samomavlo
RirebulebiT. Sesabamisad, fuls da fulad nakadebs gaaCnia dRevandeli,
anu mimdinare da samomavlo Rirebulebebi. mimdinare Rirebuleba (Present
Value - PV) warmoadgens momavalSi gamomuSavebuli fuladi saxsrebis
dRevandel Rirebulebas, gamoTvlils Sesabamisi saprocento ganakveTiT,
romelsac diskontirebis ganakveTi (Discount Rate) ewodeba. rac ufro
maRalia diskontirebis ganakveTi, miT ufro mcirea momavali fuladi
nakadebis mimdinare Rirebuleba, xolo momavali fuladi nakadebis
Rirebulebis dRevandel Rirebulebaze dayvanas diskontireba (Discounting)
ewodeba. diskontirebis sapirispiro procesia kompaundireba (Compounding),
rac mimdinare periodSi gamomuSavebuli fuladi nakadebis momavali
Rirebulebis gansazRvras gulisxmobs. momavali Rirebuleba (Future Value -
FV) aris konkretuli momavali TariRisTvis fuladi nakadebis
Rirebuleba, romelic dafuZnebulia fuladi nakadebis mimdinare
Rirebulebaze. fuladi nakadi momavali Rirebuleba gamoiTvleba
formuliT
FV = PV (1 + r)n

sadac, FV aris momavali Rirebuleba

PV - mimdinare Rirebuleba
r - saprocento ganakveTi
n - periodis ricxvi (wlebi)
aqedan, gamiTvleba mimdinare Rirebuleba
FV 1
PV = = FV
(1 + r)n (1 + r)n
 1
(1 + r)n fardoba warmoadgens diskontirebis faqtors
(Discount Factor), rac mniSvnelovani maCvenebelia finansuri cxrilebis
gamoyenebisas. Tu adgili aqvs fuladi nakadebis Tanmimdevrul
Semodinebas, gamoiyeneba anuiteturi midgoma. anuiteti (Anuity) aris
generirebuli fuladi saxsrebis Tanabarzomieri nakadebi, rac
gamoiTvleba formuliT
(1 + r)n _ 1
A=P
n
sadac, A aris anuitetis Tanxa, P - sawyisi investirebuli Tanxa, n -
periodis ricxvi, r - saprocento ganakveTi.
sainvesticio miznebisaTvis, gamoTvlebis gaangariSebis gamartivebis
mizniT, farTod gamoiyeneba e.w. finansuri cxrilebi (mimdinare
Rirebulebis, momavali Rirebylebis, anuitetis da sxva), sadac
saprocento ganakveTisa da periodis wlis gadakveTaSi mocemuli
monacemebiT SeiZleba martivad vipovoT Sesabamisi sainvesticio
maxasiaTeblebi.

magaliTi: gvinda ganvsazRvroT ra iqneba 10 000 laris 12%-iani

dabandebiT miRebuli Semosavali 3 wlis Semdeg

0 r = 12% 1 2 3 4 5

10 000

FV = PV (1 + r)n = 10 000 (1 + 0.12)3 = 14 050 lari

ufro martivad, fulis momavali Rirebulebis finansur cxrilSi 3

wlisa da 12%-is gadakveTis wertilSi movZebniT kompaundirebis
faqtoris mniSvnelobas, razec gavamravlebT 10 000-s, anu 10 000 x 1.405 =
14 050.
 magaliTi: gvinda ganvsazRvroT ra iqneba 4 wlis Semdeg misaRebi
20 000 laris mimdinare Rirebuleba 8%-iani diskontirebis ganakveTis
pirobebSi

0 r = 8% 1 2 3 4 5

20 000

14 700 = PV = FV / (1 + r)n = 20 000 / (1 + 0.08)4

ufro martivad, mimdinare Rirebulebis finansur cxrilSi 4 wlisa

da 8%-is gadakveTis wertilSi movZebniT diskontirebis faqtoris
mniSvnelobas, razec gavamravlebT 20 000-s, anu 20 000 x 0.735 = 14 700.

zogadad, diskontirebis procesSi, praqtikuli gamoyenebis

TvalsazrisiT, yvelaze rTul problemas diskontirebis ganakveTis
sworad SerCeva warmoadgens. Cveulebriv, biznesis praqtikaSi, kompaniis
ekonomikur saqmianobaSi diskontirebis ganakveTis gamoyeneba SeiZleba
daeyrdnos sxvadasxva ekonomikur maCvenebels, romelTaganac SiZleba
gamovyoT Semdegi: moTxovnili ukugebis ganakveTi, kapitalis saSualo
Sewonili Rirebuleba, usafrTxo dabandebis ganakveTi, sasesxo kapitalis
saSualo saprocento ganakveTi, targetirebuli inflaciis maCvenebeli,
sakuTar sainvesticio proeqtebSi gamoyenebuli yvelaze dabali ganakveTi
da sxva. aRniSnul ganakveTebs aseve uwodeben e.w. ,,barierul’’
ganakveTebsac (Hurdle Rate), radgan kompaniam ar unda miiRos, sxva Tanabar
pirobebSi, imaze naklebi sargebeli sainvesticio ukugebis saxiT, vidre
mas uxdeba resursis SeZena mocemul pirobebSi. moTxovnili ukugebis
ganakveTi (Required Rate of Return – RRR) kompaniisaTvis warmoadgens Tavisebur
benCmarks, anu standarts, romelze nakleb ukugebasac ar unda moelodos
kompania investirebis Sedegad. xSirad, sainvesticio proeqtebis SerCevisa
da ganxorcielebisaTvis, kompaniebs winaswar aqvT targetirebuli
saprocento ganakveTi, romelic warmoadgens erTi mxriv mis mier
gamoyenebuli kapitalis Rirebulebas, xolo meore mxriv aseve sxvadasxva
riskebis Sesabamis kumulaciur premias, rogoricaa inflaciuri premia,
likvidobis dakargvis premia, defoltis riskis premia da sxva.
,,barieruli’’ ganakveTis erT-erT yvelaze gavrcelebul variants,
warmoadgens kompaniis kapitalis saSualo Sewonili Rirebuleba (Weighted
Average Cost of Capital – WACC), romelic gviCvenebs SewoniT gasaSualebul
saprocento ganakveTs, rac ujdeba kompanias kapitalis calkeuli
komponentebis kombinirebul gamoyenebaze. sxvagvarad, igi warmoadgens im
minimalur ukugebas, romelic unda iqnes gamomuSavebuli sainvesticio
proeqtis mier. Tu investiciidan mosalodneli sargebeli metia
kapitalis saSualoSewonil Rirebulebaze, maSin kompanias uRirs, aseTi
investireba da, piriqiT, Tuki mosalodneli sainvesticio sargebeli
naklebia kapitalis Rirebulebaze, gamodis, rom kompanias imaze Zviri
ujdeba kapitalze gadaxda, vidre moelis sainvesticio sargebels.
kapitalis saSualo Sewonili Rirebuleba gamoiTvleba kapitalis
calkeuli komponentebis RirebulebaTa gamravlebiT maT Sesabamis
xvedriT wonebze kapitalis struqturaSi da gamoiTvleba formuliT

WACC = Wd x Cd (1 _ t) + Wp x Cp + We x Ce

sadac, WACC aris kapitalis saSualo Sewonili Rirebuleba

Wd – sasesxo kapitalis xvedriTi wona kapitalis RirebulebaSi
Cd – sasesxo kapitalis Rirebuleba (%)
t – mogebis gadasaxadis ganakveTi
Wp – privilegirebuli aqciebis xvedriTi wona kapitalis
RirebulebaSi
Cp – privilegirebuli aqciebis Rirebuleba (%)
We – sakuTari kapitalis xvedriTi wona kapitalis
RirebulebaSi
Ce – sakuTaris kapitalis Rirebuleba (%).

amocana:
ganvsazRvroT kompaniis kapitalis saSualo Sewonili Rirebuleba
Semdegi mocemulobebis pirobebSi

xvedriTi wona Rirebuleba

kapitalSi (finansuri xarji)
 sesxi 10 000 (0.1) 25%
privilegirebuli
30 000 (0.3) 20%
aqcia
Cveulebrivi
60 000 (0.6) 30%
aqcia
sul 100 000 lari

WACC = (0.1 x 25%) x (1 _ 0.15) + (0.3 x 20%) + (0.6 x 30%) = 26.1%

kapitalis saSualo Sewonili Rirebuleba 26.1%-ia, rac niSnavs imas,
rom kompanias kapitali ujdeba 26.1% da investiciidan miRebuli
sargebeli ar unda iyos, Sesabamisad, am saprocento ganakveTze naklebi.

sainvesticio proeqtebis Sefasebis meTodebi

kompaniis sainvesticio gadawyvetilebebis efeqtianoba

damokidebulia imaze, Tu ramdenad mizanmimarTulad da efeqturad
moaxdens kompania grZelvadiani kapitaluri proeqtebis analizs da
Sefasebas. finansuri menejeris mier sainvesticio proeqtebis finansuri
analizis Catareba da adekvaturi Sefaseba iZleva saSualebas, kompaniam
moaxdinos iseTi sainvesticio proeqtebis identificireba da Semdgomi
realizacia, romlebic pirdapir an irib zegavlenas moaxdenen biznesis
mflobelTa keTildReobis zrdaze, anu sxvagvarad kompaniis sabazro
Rirebulebis kapitalizaciaze. sainvesticio proeqtebis Sefasebisas
gasaTvaliswinebelia is garemoeba, rom sainvesticio proeqtebi
erTmaneTisagan mniSvnelovnad gansxvavdebian mravali sainvesticio
winapirobiTa da kriteriumiT, rogoricaa:
 menejeruli damokidebuleba kapitaluri proeqtebis mimarT;
 sainvesticio proeqtebis vadebi;
 kapitaldabandebis riskis doneebi;
 sainveticio proeqtebis kapital-xarjtevadoba (masStaburoba);
 fuladi nakadebis Semodinebis perioduloba;
 kapitaluri aqtivebis postsainvesticio gankargvis
Taviseburebani;
  sainvesticio proeqtSi reinvestirebis SesaZleblobani da sxva.
sainvesticio proeqtebis Sefasebis meTodebi warmoadgenen
grZelvadiani investiciebis da Sesabamisi sainvesticio proeqtebis
Seswavlis analitikur instrumentebs, romlebic gansazRvraven, Tu
ramdenad misaRebi an miuRebelia konkretuli sainvesticio proeqti,
mocemuli sainvesticio pirobebis gaTvaliswinebiT. aqedan gamomdinare,
Sefasebis TiToeul meTods gaaCnia Tavisi gadawyvetilebis kriteriumi –
miRebis da uaryofis kriteriumi (Accept/Reject Criterion), romelTa mixedviTac
miiReba gadawyvetileba imis Sesaxeb, kompaniis menejmentma esa Tu is
sainvesticio proeqti samomavlod ganaxorcielos Tu ukuagdos.
sainvesticio proeqtebis Sefasebisas mxedvelobaSia misaRebi ramdenime
daSveba, romlebic sainvesticio proeqtebis Sefasebis meTodebs gaxdis
ufro martivs da reprezentatuls, kerZod, aseT daSvebebs miekuTvneba
Semdegi:
 sawyisi investicia moicavs ara marto kapitalur xarjebs, aramed
aseve mis Tanamdev sabrunavi kapitalis xarjebsac;
 SesaZlebelia sawyis investirebasTan erTad, adgili hqondes
momaval wlebSi damatebiTi investiciebis gamoyenebas;
 mosalodnel fulad nakadebs kompania Rebulobs yoveli wlis
bolos;
 fuladi nakadebi aris relevanturi;
 finansuri xarjebi aris ignorirebuli (radgan saprocento xarjebi
Sesulia diskontirebis ganakveTis gaangariSebaSi, anu kapitalis
saSualo-Sewonil RirebulebaSi);
 diskontirebis ganakveTi ucvlelia sainvesticio proeqtis
sasicocxlo ciklis ganmavlobaSi;
 sxvadasxva sainvesticio proeqtebs SeiZleba hqondeT
ganasxvavebuli riskis doneebi;
sainvesticio proeqtebis Sefaseba grZelvadiani gadawyvetilebebis
miRebis yvelaze sapasuxismgeblo segmentia, radgan kapitaltevadi
proeqtebis sworad SerCeva da Semdgomi warmatebuli ganxorcieleba
mniSvnelovanwilad swored Sefasebis instrumentebis adekvatur
gamoyenebazea damokidebuli. sainvesticio proeqtebis Sefasebis
meTodebis gamoyenebis mizania, dadgindes, ramdenad misaRebia an
uarsayofia sainvesticio proeqti (proeqtebi) an damatebiTi kapitaluri
xarjebisAgaweva kompaniis ekonomikur saqmianobaSi. grZelvadian
sainvesticio aqtiurobasTan dakavSirebuli gadawyvetilebebis miRebis
dros, aseve, mniSvnelovania imis gansazRvra, Tu ramdenad gamarTulad
aris warmodgenili sainvesticio proeqtebTan dakavSirebuli sabaziso
finansuri maCveneblebi da ramdenad gaaCnia kompanias konkretuli,
winaswar gansazRvruli miznobrivi, anu targetirebuli maCveneblebi
(magaliTad, investiciis amoRebis sasurveli periodi, moTxovnili
ukugebis maCvenebeli, efeqtianobis sasurveli done da a.S.). sainvesticio
proeqtebis analizisa da Sefasebis meTodebi kompaniisaTvis warmoadgens
iseT instrumentTa erTobliobas, romlebic iZleva saSualebas
movaxdinoT biznesis operirebis procesSi gasawevi damatebiTi
kapitaluri xarjebisa da sainvesticio proeqtebis Sefaseba ramdenime
mimarTulebiT, kerZod:
 kompanias gaaCnia konkretuli sainvesticio proeqti da surs gaigos,
ramdenad rentabeluri iqneba misi realizacia kompaniis sabazro
Rirebulebis zrdis TvalsazrisiT;
 kompanias SemuSavebuli aqvs ramdenime alternatiuli sainvesticio
proeqti da surs gaigos, Tu romeli maTgania yvelaze ufro metad
misaRebi da moaxdinos Sesabamisi seleqcia;
 Sefasebis meTodebisa da Sesadarebeli maCvenebelebis Sejerebis
safuZvelze, ganaxorcielos sainvesticio proeqtebis ranJireba
maTi efeqtiani implementaciis mizniT.
kompaniis sainvesticio proeqtebis Sefasebis meTodebis arsenali moicavs
erTmaneTisagan Tvisebrivad gansxvavebuli da, amave dros, erTmaneTTan
mWidrod dakavSirebuli meTodebis instrumentalur nakrebs, romelsac
kompaniebi iyeneben sxvadasxva midgomebiT. kerZod, zogierTi meTodi
SedarebiT iSviaTi gamoyenebisaa, zogierTi ki gamoiyeneba intensiurad;
zogierTi meTodi xasiaTdeba simartiviT, xolo zogierTi meTodi
SedarebiT rTulad aRsaqmelia; zogierTi maTgani iTvaliswinebs fulis
droiT Rirebulebas, zogierTi ki ar iTvaliswinebs diskontirebis
faqtors nakadebis Sefasebisas da a.S. kompaniam sainvesticio nakadebis
Sefaseba SeiZleba moaxdinos rogorc calke aRebuli romelime
konkretuli meTodis, aseve maTi kompleqsuri gamoyenebiT. amasTan,
Sefasebis TiToeul meTods gaaCnia Tavisi gamoyenebis upiratesobebi da
naklovanebebi, rac unda iqnes gaTvaliswinebuli sainvesticio
saqmianobis marTvis procesSi. ufro konkretulad, sainvesticio
proeqtebis Sefasebis meTodebs ganekuTvneba:
1. gamosyidvis periodi (PayBack Period – PB)
2. diskontirebuli gamosyidvis periodi (Discounted PayBack Period – DPB)
3. ukugebis saaRricxvo ganakveTi (Accounting Rate of Return – ARR)1
4. wminda mimdinare Rirebuleba (Net Present Value – NPV)
5. momgebianobis indeqsi (Profitability Index – PI)
6. ukugebis Sida ganakveTi (Internal Rate of Return – IRR)2
7. modificirebuli ukugebis Sida ganakveTi (Modified Internal Rate of Return –
MIRR)

sainvesticio proeqtebis Sefasebis meTodebi

gamosyidvis periodi diskontirebuli gamosyidvis

(PB) periodi (DPB)

wminda mimdinare Rirebuleba momgebianobis indeqsi

(NPV) PI

ukugebis Sida ganakveTi modificirebuli ukugebis

(IRR) Sida gankveTi (MIRR)

ukugebis saaRricxvo ganakveTi

ROCE (ARR)

naxazi 5.4. sainvesticio proeqtebis Sefasebis meTodebi.

_ gamosyidvis periodi (PayBack Period – PB)

1
cnobilia aseve, rogorc ukugeba gamoyenebul kapitalze (Return of Capital Employed –
ROCE).
2
cnobilia aseve, rogorc ukugebis ekonomikuri ganakveTi (Economic Rate of Return – ERR).
 gamosyidvis periodi (igive amogebis, dabrunebis, sawyisi ukugebis
periodi) warmoadgens drois intervals (wlebis raodenobas), romlis
ganmavlobaSic Semosuli wminda fuladi nakdebi faravs sawyisi
investicias. sxvagvarad igi gviCvenebs, Tu sainvesticio proeqtis
sasicocxlo ciklis ganmavlobaSi ra dro sWirdeba proeqtSi
investirebuli sawyisi kapitaluri xarjebis anazRaurebas momavalSi
gamomuSavebuli fuladi nakadebiT. ufro martivad Tu vityviT, igi
asaxavs drois diapazons, romlis Semdegac daiwyeba mogebis pirveli
erTeulis generireba. SesaZloa kompanias gaaCndes aseve targetirebuli
gamosyidvis periodi, rac warmoadgens drois periods, romlis
,,qvemoTac’’ mas aRar uRirs konkretuli sainvesticio proeqtis
ganxorcieleba.
gamosyidvis periodi aris sainvesticio proeqtebis Sefasebis erT-
erTi yvelaze martivi meTodi, radgan igi ar moiTxovs fuladi nakadebis
diskontirebas. gamosyidvis periodiT aseve zomaven sainvesticio
proeqtis likvidobisa da riskis doneebs. kerZod, rac ufro mcirea
gamosyidvis periodi, miT ufro maRalia, sxva Tanabar pirobebSi,
proeqtis likvidobis done. analogiurad, xangrZlivi gamosyidvis
periodi SeiZleba miuTiTebdes proeqtis riskianobis maRal xarisxs.
gamosyidvis periodi, rogorc proeqtis Sefasebis indikatori, SeiZleba
gamoyenebuli iqnes orgvarad: a) konkretuli sainvesticio proeqtis
mimarT da b) alternatiuli sainvesticio proeqtebis mimarT. pirvel
SemTxvevaSi, gaangariSebuli gamosyidvis periodi unda Seudardes
kompaniis winaswar dadgenil gamosyidvis targetirebul maCvenebels da
Tuki gamosyidvis periodi naklebia masze, aseTi proeqti unda iqnes
miRebuli, xolo Tuki aWarbebs mas, proeqti unda iqnes uaryofili. meore
SemTxvevaSi, misaRebad iTvleba is sainvesticio proeqti, romlis
gamosyidvis periodi aris yvelaze naklebi yvela SesaZlo alternativas
Soris.
gamosyidvis periodi SeiZleba gamoiTvalos orgvarad imaze
damokidebulebis mixedviT, Tu sainvesticio proeqtis sasicocxlo
ciklis ganmavlobaSi samomavlod misaRebi wminda fuladi nakadebi
Tanabaria Tu cvalebadi. Tanabari fuladi nakadebi (Equal Cash Flows), rac
anuiteturi ganawilebis principiT SeiZleba Semoedinebodes biznesSi
sainvesticio aqtiurobidan, SeiZleba dakavSirebuli iyos gacilebiT
iSviaT SemTxvevebTan, vidre cvalebadi fuladi nakadebis (Unequal Cash
Flows) moZraoba. ganvixiloT gamosyidvis periodis gamoTvlis
Taviseburebani orive SemTxvevisaTvis:
1. Tanabari fuladi nakadebis Semodinebis SemTxvevaSi, sainvesticio
proeqtis gamosyidvis periodi gamoiTvleba sawyisi investiciebis (Initial
Investments) Tanxis SefardebiT yovelwliur wminda fulad nakadTan

sawyisi investicia
I. PB =
yovelwliuri wminda fuladi nakadi

amocana 1:

kompania afasebs sainvesticio proeqtis realizaciis

mizanSewonilobas gamosyidvis periodis maCvenebelze dayrdnobiT.
cnobilia, rom sawyisi sainvesticio Tanxa Seadgens 1 000 000 lars, xolo
yovelwliurad Semosuli wminda fuladi nakadebi – 150 000 lars.
proeqtis sasicocxlo cikli moicavs 10 wlian periods.

1 000 000 lari

PB1 = = 6.7 weli
150 000 lari

Tu kompania afasebs konkretul sainvesticio proeqts, man unda

gansazRvros subieqturi midgomiT, Tu ramdenad misaRebia misTvis
mocemuli gamosyidvis periodi, anu uRirs Tu ara mas investiciis
ganxorcieleba 6.7 wlis amogebis periodiT, xolo Tu igi afasebs
ramdenime alternatiul proeqts, maSin misaRebad unda CaTvalos yvelaze
minimaluri gamosyidvis periodis mqone sainvesticio proeqti.

2. araTanabari fuladi nakadebis Semodinebis SemTxvevaSi,

sainvesticio proeqtis gamosyidvis periodis gaangariSeba emyareba
kumulaciuri wminda fuladi nakadebis princips da gamoiTvleba
Semdegnairad
 bolo uaryofiTi
nakadi
II. PB = uaryofiTi kumulaciuri nakadis bolo weli +
momdevno wlis
nakadi

amocana 2:

kompania afasebs sainvesticio proeqtis realizaciis

mizanSewonilobas gamosyidvis periodis maCvenebelze dayrdnobiT.
cnobilia, rom sawyisi sainvesticio Tanxa Seadgens 100 000 lars, xolo
yovelwliurad Semosuli wminda fuladi nakadebi araTanabaria da
Seadgens: pirvel wels - 10 000 lars, meore wels - 25 000 lars, mesame
wels - 40 000 lars, meoTxe wels - 55 000 lars, mexuTe wels - 20 000
lars. ganvsazRvroT sainvesticio proeqtis gamosyidvis periodi.

weli wminda fuladi nakadi kumulaciuri wminda fuladi

(lari)
0 _ 100 000
1 10 000
2 25 000
3 40 000
4 55 000
5 20 000
nakadi (lari)
_ 100 000
_ 100 000 + 10 000 = _ 90 000
_ 90 000 + 25 000 = _ 65 000
_ 65 000 + 40 000 = _ 15 000
_ 15 000 + 55 000 = 40 000
40 000 + 20 000 = 60 000

gamosyidvis periodi SeiZleba gamovTvaloT zemoT mocemuli formulisa

da cxrilis safuZvelze Semdegnairad:

15 000
PB2 = 3 + = 3.3 weli
55 000

rogorc vxedavT, fuladi nakadebis araTanabari, anu cvalebadi

Semodinebisas, proeqtis gamosyidvis periodi Seadgens 3 welsa da 3 Tves,
sainvesticio proeqtis 5-wliani sasicocxlo ciklis gaTvaliswinebiT.

gamosyidvis periods, rogorc sainvesticio proeqtebis Sefasebis sxva

meTodebs, gaaCnia Tavisi gamoyenebis upiratesobebi da naklovanebebi,
romlebic ufro meti TvalsaCino ilustrirebisTvis sasurvelia
avsaxoT cxrilis saxiT
 gamosyidvis periodi (PB)
Uupiratesoba
saangariSod martivi da gasagebad
aRqmadia
warmoadgens proeqtis likvidobis da
riskianobis zogad sazoms
gamosayeneblad moqnilia mcire
kompaniisaTvis
kargi indikatoria swrafi
teqnologiuri cvlilebisas
iyenebs fulad da ara saaRricxvo
nakadebs
naklovaneba
ar iTvaliswinebs fulis droiT
Rirebulebas
ar iTvaliswinebs gamosyidvis
Semdgomi periodis movlenebs
ar warmoadgens mkafio
kriteriums proeqtis misaRebobis
an uaryofis TvalsazrisiT
arafers gveubneba ori proeqtis
Tanabari gamosyidvis periodis
SemTxvevaSi
aqcents akeTebs likvidobaze da
ara ukugebis faqtorze

naxazi 5.5. gamosyidvis periodis upiratesobebi da naklovanebebi.

_ diskontirebuli gamosyidvis periodi (Discounted PayBack Period – DPB

sainvesticio proeqtebis Sefasebisas kompaniam SeiZleba gamoiyenos

e.w. diskontirebuli gamosyidvis periodi, romelic warmoadgens
gamosyidvis periodis gaumjobesebul indikators, romelic garkveuwilad
avsebs gamosyidvis periodis mTavar naklovanebas. kerZod, misgan
gansxvavebiT analitikuri Sefasebis miznebisaTvis gamoiyeneba ara
Cveulebrivi (standartuli), aramed diskontirebuli fuladi nakadebi
(Discounted Cash Flows – DCF). Sesabamisad, diskontirebuli gamosyidvis
periodi warmoadgens drois periods, romlis ganmavlobaSic kompaniis
mier ganxorcielebuli sawyisi investiciebi ifareba samomavlod misaRebi
diskontirebuli fuladi nakadebiT. msgavsi monacemebis pirobebSi,
diskontirebuli gamosyidvis periodi, cxadia, meti iqneba gamosyidvis
periodze, radgan diskontirebuli fuladi nakadebi yovelTvis naklebia
Sesabamis samomavlo fulad nakadebze. diskontirebuli gamosyidvis
periodis gamoyenebisas gasaTvaliswinebelia erTi niuansi, kerZod,
diskontirebuli gamosyidvis periodi, gamosyidvis periodisagan
gansxvavebiT, sasurvelia gamoiTvalos araTanabari wminda fuladi
nakadebis arsebobis SemTxvevaSi, radgan aseTi Semodinebis SemTxvevaSi
sxvadasxva wels misaReb fulad nakadebs eqneba gansxvavebuli
diskontirebuli Rirebuleba. aqedan gamomdinare, diskontirebuli
gamosyidvis periodis gamosaTvlelad SeiZleba gamoyenebuli iqnes
gamosyidvis periodis zemoT motanili meore formulis (PB2)
modificirebuli varianti, kerZod:

B
DPB = A +
C
sadac, A aris uaryofiTi diskontirebuli kumulaciuri nakadis bolo weli;

B - bolo uaryofiTi diskontirebuli kumulaciuri nakadi;

C - momdevno wlis diskontirebuli fuladi nakadi.

amocana:

gamovTvaloT kompaniis sainvesticio proeqtis diskontirebuli

gamosyidvis periodi, Tu cnobilia, rom kompaniis mier ganxorcielebuli
sawyisi investicia Seadgens 300 000 lars, xolo yovelwliurad
Semosuli fuladi nakadebi varirebs Semdegnairad: pirvel weli - 130 000
lari, meore weli - 100 000 lari, mesame weli - 80 000 lari, meoTxe weli
- 60 000 lari, mexuTe weli - 30 000 lari, meeqvse weli - 20 000 lari.
amasTan, cnobilia, rom diskontirebis ganakveTi Seadgens 12%-s, xolo
kompaniis targetirebuli diskontirebuli gamosyidvis periodi maqsimum 3
welia.

weli wminda fuladi diskontirebuli kumulaciuri diskontirebuli

nakadi (lari) wminda fuladi wminda fuladi nakadi (lari)
nakadi (lari)
0 _ 300 000 _ 300 000 _ 300 000
1 130 000 116 090 _ 300 000 + 116 090 = _ 183 910
2 100 000 79 700 _ 183 910 + 79 700 = _ 104 210
3 80 000 56 960 _ 104 210 + 56 960 = _ 47 250
4 60 000 38 160 _ 47 250 + 38 160 = _ 9 090
5 30 000 17 010 _ 9 090 + 17 010 = 7 920
6 20 000 10 140 7 920 + 10 140 = 18 060

B 9 090
DPB = A + = 4 + = 4.5 weli
C 17 010
rogorc magaliTidan Cans, diskontirebuli gamosyidvis periodis
gaangariSebis meqanizmi gamosyidvis periodis gamoTvlis analogiuria.
ubralod, unda movaxdinoT Semomavali wminda fuladi nakadebis
diskontireba 12%-iani diskontirebis ganakveTis mixedviT TiToeuli
wlisaTvis, anu sxvagvarad, unda ganvsazRvroT TiToeuli Semomavali
fuladi nakadis mimdinare Rirebuleba. simartivisaTvis, SeiZleba
gamoviyenoT e.w. mimdinare Rirebulebis cxrili. magaliTad, me-3
wlisaTvis wminda fuladi nakadi Seadgens 80 000 lars. mimdinare
Rirebulebis cxrilSi unda movZebnoT Sesabamisi diskontirebis faqtori
3 wlisa da 12%-is gadakveTis arealSi da fuladi nakadis maCvenebeli
gavamravloT am ricxvze, anu 80 000 x 0.712 = 56 960. gasaTvaliswinebelia
is, rom sawyisi investiciis Tanxis diskontireba ar xdeba arasdros,
radgan es fuladi nakadi miekuTvneba nulovan wels, anu ,,aTvlis
wertils’’, romlis mimarTac xdeba yvela Semdgomi fuladi nakadis
diskontireba. magaliTis mixedviT, kompanias gansazRvruli hqonda
misaRebi, igive maqsimalurad dasaSvebi gamosyidvis periodi 3 weli,
Sesabamisad, miRebuli diskontirebuli gamosyidvis periodi 4.5 weli ar
iqneba misTvis misaRebi maCvenebeli.

_ ukugebis saaRricxvo ganakveTi (Accounting Rate of Return – ARR)

ukugebis saaRricxvo ganakveTi gviCvenebs, Tu ra sididis saaRricxvo

mogebis nakadebs gamoimuSavebs sainvesticio proeqtSi investirebuli
Tanxebi proeqtis sasicocxlo ciklis ganmavlobaSi. igi miekuTvneba
sainvesticio proeqtebis Sefasebis martivi meTodebიs jgufs, romelic ar
iyenebs diskontirebis princips. amave dros, igi gansxvavdeba yvela sxva
meTodisagan imiT, rom igi gaangariSebebSi eyrdnoba ara fulad nakadebs,
aramed mogebis maCveneblebs. SesaZlebelia kompanias gaaCndes e.w.
targetirebuli ukugebis saaRricxvo ganakveTi, romelsac Seudarebs
konkretuli sainvesticio proeqtisaTvis gamoTvlil ukugebis ganakveTs
da, Sesabamisad, miiRebs gadawyvetilebas - Tu miRebuli maCvenebeli
aRemateba targetirebul maCvenebels, proeqti CaiTvleba misaRebad, xolo
Tu naklebi aRmoCndeba masze, proeqti SeiZleba uaryofili iqnes.
ukugebis saaRricxvo ganakveTi zomavs ara imdenad sainvesticio proeqtis
ganxorcielebasTan dakavSirebuli fuladi nakadebis moZraobas,
ramdenadac sainvesticio proeqtSi investirebuli Tanxebis, anu
kapitaluri xarjebis gamoyenebis efeqtianobas.
ukugebis saaRricxvo ganakveTs, rogorc sainvesticio proeqtebis
Sefasebis sxva meTodebs, aseve gaaCnia Tavisi gamoyenebis upiratesobebi
da naklovanebebi, romelTa ilustrireba SeiZleba Semdegi saxiT

ukugebis saaRricxvo ganakveTi (ARR / ROCE)

Uupiratesoba naklovaneba
gamosaTvlelad martivia ar iTvaliswinebs diskontirebas
miRebuli procentuli Sedegi eyrdnoba saaRricxvo mogebas da
advilad gasagebia ara fulad nakadebs
gamoTvlaSi monawileobs proeqtis cvalebadia saaRricxvo
mTliani sasicocxlo cikli politikis Sesabamisad
dakavSirebulia martiv saaRricxvo srulyofilad ver zomavs
maCveneblebTan absolutur sainvesticio efeqts
ar warmoadgens investiciebis
Sefasebis obieqtur indikators

naxazi 5.6. ukugebis saaRricxvo ganakveTis upiratesobebi da

naklovanebebi.

ukugebis saaRricxvo ganakveTis gamoTvlas safuZvlad udevs

sainvesticio proeqtSi dabandebuli Tanxebisa da sasicocxlo ciklis
ganmavlobaSi generirebuli mogebis sidideebi. amdenad, igi warmoadgens
fardobiT maCvenebels, romelic zomavs sainvesticio proeqtSi
kapitaluri xarjebis avansirebiT miRebul ekonomikur efeqts. misi
gaangariSeba SesaZlebelia samgvarad imaze damokidebulebis mixedviT,
gamoTvlaSi viyenebT mTlian sainvesticio xarjebs Tu saSualo
investirebul kapitals, aseve viyenebT sainvesticio periodebis mTlian
mogebas Tu saSualo periodul mogebas. maTgan yvelaze ufro
praqtikulad iTvleba gamoyenebul kapitalze ukugebis meore da mesame
maCveneblebi.

mTliani mogeba
I. ARR / ROCE = x 100%
sawyisi investicia
 saSualo wliuri mogeba
II. ARR / ROCE = x 100%
sawyisi investicia

saSualo wliuri mogeba

III. ARR / ROCE = x 100%
saSualo investirebuli kapitali

amocana 1:

kompania gegmavs sawarmoo xazis SeZenas, romlis Rirebulebaa

500 000 lari da romelic moemsaxureba warmoebis process 5 wlis
ganmavlobaSi, romlis Semdegac mas eqneba narCeni Rirebuleba 50 000
lari. simartivisaTvis, davuSvaT, rom kompania iyenebs cveTis daricxvis
wrfiv meTods. wlebis mixedviT dagegmilia sawarmoo xazis gamoyenebiT
mogebis gamomuSaveba Semdegnairad: weli 1 - 150 000 lari, weli 2 - 120 000
lari, weli 3 - 100 000 lari, weli 4 - 80 000 lari, weli 5 - 60 000 lari.
gamovTvaloT ukugebis saaRricxvo ganakveTi meore indikatoris
gamoyenebiT.

pirvel rigSi gamovTvaloT saSualowliuri cveTis Tanxa -

(500 000 _ 50 000) / 5 = 90 000 lari

saSualowliuri mogeba cveTis gaTvaliswinebiT iqneba

(150 000 + 120 000 + 100 000 + 80 000 + 60 000) / 5 _ 90 000 = 32 000
lari

saaRricxvo ukugebis ganakveTis gamosaTvlelad gveqneba

ARR / ROCE2 = 32 000 / 500 000 x 100% = 6.4%

amocana 2:

kompania sainvesticio gegmis farglebSi apirebs SeiZinos axali sawarmoo

danadgari, romlis sasargeblo gamoyenebis vada iqneba 5 weli, romlis
sawarmoo gamoyenebis Sedegad narCeni Rirebuleba gaxdeba 0-is toli.
kompania ganixilavs or SesaZlo variants, risTvisac mocemuli gvaqvs
Semdegi monacemebi:

danadgari I danadgari II

sawyisi investicia 80 000 lari 180 000 lari

mogeba (cveTamde)

I weli 10 000 30 000

II weli 20 000 40 000

III weli 30 000 60 000

IV weli 40 000 80 000

V weli 50 000 90 000

sul 170 000 lari 300 000 lari

gamovTvaloT ukugebis saaRricxvo ganakveTi mesame indikatoris mixedviT.

amasTan cnobilia, rom kompaniis targetirebuli ukugebis saaRricxvo
ganakveTi Seadgens 25%-s.

danadgari I danadgari II

saSualo wliuri cveTa:

(80 000 _ 0) / 5 = 16 000 (180 000 _ 0) / 5 = 36 000

saSualo wliuri mogeba:

170 000 /5 _ 16 000 = 18 000 300 000 / 5 _ 36 000 = 24

000

saSualo investicia:

(80 000 _ 0) / 2 = 40 000 (180 000 _ 0) / 2 = 90 000

ARR / ROCE2 :

18 000 / 40 000 x 100% = 45.0 % 24 000 / 90 000 = 26.7 %

rogorc gaangariSebebidan Cans, orive danadgaris SemTxvevaSi,

kapitalze ukugebis saaRricxvo ganakveTi aRemateba targetirebuli
ukugebis ganakveTs, Tumca meore variantis Sesabamisi maCvenebeli Zalian
axlos aris miznobriv maCvenebelTan. aseve, vinaidan pirveli danadgaris
kapitalze ukugebis maCvenebeli metia meore danadgaris Sesabamis
maCvenebelze, amitom misaReb alternativad unda CaiTvalos pirveli
danadgaris SeZena miuxedavad imisa, rom meore danadgaris SemTxvevaSi
gamomuSavebuli saSualo mogeba TiTqmis orjer aRemateba pirveli
danadgaris Sesabamis maCvenebels.

_ wminda mimdinare Rirebuleba (Net Present Value – NPV)

wminda mimdinare Rirebuleba sainvesticio proeqtebis Sefasebis

erT-erTi yvelaze srulyofili, efeqturi da gamoyenebadi meTodia,
romlis meSveobiTac fasdeba, ZiriTadad, konvenciuri sainvesticio
proeqtebi. wminda mimdinare Rirebulebis gamoTvlisaTvis saWiroa
movaxdinoT kompaniis sainvesticio fuladi nakadebis diskontireba,
radgan gamavali da Semomavali fuladi nakadebi xasiaTdebian generaciis
sxvadasxva droiT. kerZod, konvenciur sainvesticio proeqtebSi sawyis
sainvesticio kapitalur xarjebs, anu gamaval fulad nakadebs mosdevs
ramdenime Semomavali Tanmimdevruli fuladi nakadi, sainvesticio
proeqtis ciklis wlebis mixedviT. sawyisi investicia warmoiSoba e.w.
sawyis wertilSi anu pirvels wels, rasac axlavs Semdgomi wlebis
fuladi nakadebi. imisaTvis, rom gamavali da Semomavali fuladi
nakadebi iyos Sedarebadi, aucilebelia movaxdinoT samomavlo fuladi
nakadebis diskontireba, anu vipovoT aseTi nakadebis dRevandeli
Rirebuleba diskontirebis ganakveTis gamoyenebiT. sxvagvarad rom
vTqvaT, ,,gadmovitanoT’’ isini sawyisi investiciis drois ,,sibrtyeze’’, rac
SeiZleba ganxorcieldes rogorc kalkulatoris, aseve kompiuteruli
programebis an specialuri finansuri cxrilebis gamoyenebiT.
wminda mimdinare Rirebuleba erTmaneTs apirispirebs ara
sainvesticio proeqtis ubralod Semomaval da gamaval fulad nakadebs,
aramed diskontirebul Semomaval da gamaval fulad nakadebs. vinaidan
sawyis gamaval sainvesticio nakadebs ar sWirdeba diskontireba, is
SeiZleba aRvniSnoT minus (_) niSniT, xolo Semomavali fuladi nakadebi
warmodgenen ,,nedl’’ maCveneblebs, romelTa diskontirebis Semdegac isini
aRvniSnoT plius (+) niSniT. Sesabamisad, wminda mimdinare Rirebuleba
iqneba axlandel Rirebulebaze dayvanil Semomaval fulad nakadebsa da
sawyis gamaval fulad nakadebs Soris sxvaoba. wminda mimdinare
Rirebuleba SeiZleba gamovTvaloT orgvarad
I. NPV1 = Semomavali wminda fuladi nakadebis mimdinare
Rirebuleba _ gamavali wminda fuladi nakadebis mimdinare Rirebuleba

CF1 CF2 CFn

II. NPV2 = _ I + + +…+
1 2
(1 + r) (1 + r) (1 + r)n

sadac, NPV aris wminda mimdinare Rirebuleba

I (Initial Investments) _ sawyisi sainvesticio fuladi nakadebi

CF (Cash Flow) – Semomavali wminda fuladi nakadebi n

welSi

r – diskontirebis ganakveTi

n – proeqtis sasicocxlo cikli (wlebi)

wminda mimdinare Rirebuleba SeiZleba aseve gamoyenebuli iqnes

arakonvenciuri sainvesticio proeqtebis SefasebisTvisac im gansxvavebiT,
rom diskontirebas daeqvemdebareba ara mxolod Semomavali fuladi
nakadebi, aramed aseve sainvesticio proeqtis ganxorcielebis procesSi
(sawyisi periodis Semdgom wlebSi) warmoSobili gamavali fuladi
nakadebic (gamoiyeneba NPV1 formula).
wminda mimdinare Rirebuleba gavlenas axdens kompaniis sabazro
Rirebulebaze da warmoadgens sainvesticio proeqtebis Sefasebis
pirdapir indikators. kerZod:
 Tuki wminda mimdinare Rirebulebis maCvenebeli dadebiTi
sididea (NPV > 0), proeqti iTvleba misaRebad, anu finansurad
momgebiania;
 Tuki wminda mimdinare Rirebulebis maCvenebeli uaryofiTi
sididea (NPV < 0), proeqti iTvleba finansurad wamgebianad da
proeqti uaryofili unda iqnes;
 Tuki wminda mimdinare Rirebulebis maCvenebeli nulis tolia
(NPV = 0), sainvesticio proeqtis miRebis an uaryofis
 gadawyvetileba kompaniis menejmentis subieqtur Sexedulebazea
damokidebuli. kerZod, SesaZlebelia aseTi proeqti iqnes
miRebuli, Tu igi dakavSirebulia garkveul strategiul
gadawyvetilebasTan, bazarze poziciis SenarCunebasTan, aqvs
sxva sainvesticio proeqtis ganmaviTarebeli datvirTva da a.S.
ramdenime alternatiuli sainvesticio proeqtis Sefasebisas
upiratesoba unda mieniWos im proeqts, romlis wminda mimdinare
Rirebuleba yvelaze maRalia. wminda mimdinare Rirebulebas, rogorc
sainvesticio proeqtebis Sefasebis yvela sxva meTods, gaaCnia Tavisi
dadebiTi da uaryofiTi mxareebi, romlebic SeiZleba Semdegnairad iqnes
dajgufebuli

wminda mimdinare Rirebuleba (NPV)

Uupiratesoba naklovaneba
iTvaliswinebs fulis droiT SedarebiT Sromatevadia
Rirebulebas
aris mkafio indikatori, rogorc moiTxovs diskontirebis
absoluturi maCvenebeli ganakveTis sworad SerCevas
iyenebs fulad nakadebs da ara ar asaxavs proeqtis fardobiT
saaRricxvo maCvenebelebs efeqtianobas
ori proeqtis wminda mimdinare
moicavs proeqtis mTlian
Rirebulebis tolobisas ar
sasicocxlo cikls
iZleva Sefasebis safuZvels
saWiroebs kompaniis
axdens riskis koreqtirebas
menejmentisTvis kargad axsnas

naxazi 5.7. wminda mimdinare Rirebulebis upiratesobebi da naklovanebebi.

wminda mimdinare Rirebuleba pirdapir kavSirSia diskontirebis

ganakveTTan da, Sesabamisad, kompaniis sabazro RirebulebasTan, radgan
swored diskontirebis ganakveTi asaxavs kompaniis kapitalis
Rirebulebas, rasac igi gamoiyenebs Tavis ekonomikur saqmianobaSi.
diskontirebis ganakveTi ki gviCvenebs, Tu ramdeni ujdeba kompanias
kapitalis biznesSi CarTva-gamoyeneba. rac ufro maRalia diskontirebis
ganakveTi, miT ufro dabalia kompaniis wminda mimdinare Rirebuleba da
piriqiT, rac kargad ilustrirdeba grafikuli interpretaciiT

wminda
mimdinare
Rirebuleba

0 1 2 3 4 5 6 7 8 9 10 11 12

diskontirebis ganakveTi (%)

rogorc grafikidan Cans, diskontirebis ganakveTis zrdasTan erTad,

mcirdeba wminda mimdinare Rirebuleba, radgan kompanias Zviri ujdeba
kapitalis gamoyeneba. diskontirebis ganakveTis varireba saSualebas
iZleva, moaxdinos kompaniam Sesabamisi riskis koreqtireba. grafikze
diskontirebis ganakveTebi SeiZleba davyoT sam jgufad: a) diskontirebis
ganakveTi, romelsac Seesabameba wminda mimdinare Rirebulebis nulovani
done (mocemul SemTxvevaSi 6%); b) diskontirebis ganakveTebi, romlebsac
Seesabameba wminda mimdinare Rirebulebis dadebiTi mniSvneloba (6%-is
marcxniv), rac niSnavs proeqtis misaRebobas; g) diskontirebis
ganakveTebi, romlebsac Seesabameba wminda mimdinare Rirebulebis
uaryofiTi mniSvneloba (6%-is marjvniv), rac gulisxmobs proeqtis
uaryofas.

amocana:

kompania ganixilavs SeiZinos qarxnisTvis sawarmoo Senoba Tavis

danadgarebianad, rac mas daujdeba 1 mln lari. sainvesticio
proeqtisagan, saprognozo gaTvlebiT, kompania elodeba Semdegi wminda
fuladi nakadebis Semodinebas wlebis mixedviT: weli 1 - 100 000 lari,
weli 2 - 300 000 lari, weli 3 - 500 000 lari, weli 4 - 200 000 lari, weli
5 - 100 000 lari. cnobilia aseve diskontirebis ganakveTi, rac Seadgens
10%-s. gamovTvaloT, ramdenad uRirs kompanias investireba qarxnis
SesaZenad, wminda mimdinare Rirebulebis meTodis mixedviT

0 r = 10% 1 2 3 4 5

_ 1 000 000 100 000 300 000 500 000 200 000 100
000

90 900

247 800

375 500

136 600

62 100

NPV _ 87 100 lari

mocemuli amocanis pirobidan gamomdinare, kompaniam ar unda moaxdinos

investireba qarxnis SesaZenad, radgan mosalodneli fuladi wminda
fuladi nakadebis diskontirebuli Rirebuleba naklebia sawyisi
investiciis Tanxaze, Sedegad wminda mimdinare Rirebuleba uaryofiTi
sididea.

_ momgebianobis indeqsi (Profitability Index – PI)

momgebianobis indeqsi sainvesticio proeqtebis Sefasebis meTodia,

romelic mWidrodaa dakavSirebuli wminda mimdinare Rirebulebis
maCvenebelTan. igi asaxavs sainvesticio proeqtis momgebianobis dones
fuladi nakadebis diskontirebis gaTvaliswinebiT, kerZod, momgebianobis
indeqsi gamoiTvleba, rogorc sainvesticio proeqtis Semomavali wminda
fuladi nakadebis mimdinare Rirebuleba Sefardebuli gamavali wminda
fuladi nakadebis mimdinare RirebulebasTan. sxvagvarad, igi gviCvenebs
sainvesticio proeqtSi dabandebuli erTeulovani xarjiT gamomuSavebul
diskontirebul fulad nakadebs, amitom momgebianobis indeqss sxvanairad
aseve danaxarji-sargeblis diskontirebuli koeficienti (Discounted Cost-
Benefit Ratio) ewodeba. momgebianobis indeqsi pirdapir korelaciaSia
proeqtis wminda mimdinare Rirebulebis sididesTan im gansxvavebiT, rom
es ukanaskneli warmoadgens Semomavali da gamavali wminda
diskontirebuli fuladi nakadebis absolutur, xolo momgebianobis
indeqsi Sesabamisi nakadebis fardobiT maCvenebels, amitom wminda
mimdinare Rirebulebis msgavsad, momgebianobis indeqsic SeiZleba
orgvarad gamoiTvalos:

I. Semomavali wminda fuladi nakadebis mimdinare Rirebuleba

PI =
gamavali wminda fuladi nakadebis mimdinare Rirebuleba

CF1 CF2 CFn

II. PI = + +…+ / I
1 2 n
(1 + r) (1 + r) (1 + r)

sadac, PI aris momgebianobis indeqsi

I (Initial Investments) _ sawyisi sainvesticio fuladi

nakadebi

CF (Cash Flowt) – Semomavali wminda fuladi nakadebi n

welSi

r – diskontirebis ganakveTi

n – proeqtis sasicocxlo cikli (wlebi)

rogorc mocemuli formulebidan naTlad Cans, momgebianobis

indeqsi gamomdinareobs wminda mimdinare Rirebulebis (NPV)
Sinaarsobrivi datvirTvidan, radgan orive maCvenebeli axasiaTebs
sainvesticio proeqtis misaRebobis kriteriums sxvadasxva poziciidan,
kerZod, wminda mimdinare Rirebuleba - absoluturi sididiT, xolo
momgebianobis indeqsi - fardobiTi sididiT. Sesabamisad, proeqtis
Sefasebis Sedegobrivi maCveneblebi iqneba identuri, rac SeiZleba
aisaxos Semdegi urTierTdamokidebulebiiT
NPV > 0 e.i. PI > 1 _ proeqti misaRebia
NPV < 0 e.i. PI < 1 _ proeqti uarsayofia

amdenad, Tu sainvesticio proeqtis momgebianobis indeqsi 1-ze meti

sididea, sxva Tanabar pirobebSi, proeqti upirobod misaRebia kompaniis
mier, rac niSnavs imas, rom proeqti gamoimuSavebs imaze met wminda
fulad nakadebs dRevandeli RirebulebiT, vidre masSi investirebuli
Tanxebis xarjvas xmardeba, rac Tavis mxriv wminda mimdinare
Rirebulebis dadebiT sididesTan asocirdeba da, piriqiT, - Tu
sainvesticio proeqtis momgebianobis indeqsi 1-ze naklebi sididea, misi
wminda mimdinare Rirebuleba iqneba TavisTavad uaryofiTi sidide da
aseTi proeqti unda iqnes ignorirebuli.
momgebianobis indeqss, rogorc sainvesticio proeqtebis Sefasebis
yvela sxva meTods, gaaCnia Tavisi dadebiTi da uaryofiTi mxareebi,
romlebic SeiZleba Semdegnairad iqnes dajgufebuli

momgebianobis indeqsi (PI)

Uupiratesoba
iTvaliswinebs fulis droiT
Rirebulebas
asaxavs danaxarji-sargebli efeqts
SeiZleba gamoyenebuli iqnes,
rogorc wminda mimdinare
Rirebulebis damatebiTi instrumenti
saukeTeso indikatoria proeqtebis
kombinirebuli Sefasebis dros
naklovaneba
ver asaxavs fuladi nakadebis
generirebas absoluturad
ar gamoiyeneba, rogorc proeqtis
Sefasebis ZiriTadi maCvenebeli
ar gviCvenebs kompaniis sabazro
Rirebulebis zrdis tendencias

naxazi 5.8. momgebianobis indeqsis upiratesobebi da naklovanebebi.

amocana 1:
zemoT mocemuli wminda mimdinare Rirebulebis gamoTvlis amocanis
pirobebis mixedviT, gamoviangariSoT proeqtis momgebianobis indeqsi da
gavakeToT Sesabamisi daskva.
 gamavali wminda
Semomavali Semomavali
fuladi nakadi -
wminda fuladi diskontirebuli kombinirebuli
weli sawyisi
nakadebi wminda fuladi fuladi nakadebi
investicia
(lari) nakadebi (lari)
(lari)
0 _ 1 000 000 - - _ 1 000 000
1 - 100 000 90 900
2 - 300 000 247 800
3 - 500 000 375 500
4 - 200 000 136 600
5 - 100 000 62 100
912 900 912 900
_ 1 000 000 +
NNPV
912 900 = _ 87 100
912 900 / 1 000 000 =
PPI
0.9

rogorc martivi gaangariSebebi gviCvenebs, uaryofiT wminda

mimdinare Rirebulebas Seesabameba 1-ze naklebi mniSvnelobis mqone
momgebianobis indeqsi, rac adasturebas Tezas imis Sesaxeb, rom msgavsi
fuladi nakadebis mqone sainvesticio proeqtis ganxorcieleba Tavidanve
unda gamoiricxos.

wminda mimdinare Rirebulebisa da momgebianobis indeqsis

indikaciuri maCveneblebis gamoyeneba praqtikulad sasargebloa
gansakuTrebiT maSin, rodesac kompanias gaaCnia sainvesticio
alternativebi, amave dros sainvesticio resursebi (kapitaluri xarjebi)
SezRudulia da SerCeuli unda iqnes erTi an ramdenime saukeTeso
alternativa gansaxorcieleblad. momgebianobis indeqsi SeiZleba
gamoyenebuli iqnes, rogorc wminda mimdinare Rirebulebis damxmare da
Semavsebeli meTodi. kidev erTxel SevniSnoT, rom wminda mimdinare
Rirebuleba kompanias uCvenebs absolutur sargeblianobas gaweul
danaxarjTan mimarTebiT diskontirebis gaTvaliswinebiT, xolo
momgebianobis indeqsi - fardobiT sargeblianobas, amitom ramdenime
proeqtis Sefasebisas kompaniam SeiZleba primati mianiWos erT an meore
indikators an, saukeTeso SemTxvevaSi, analitikuri midgomiT
gansazRvros, Tu romeli proeqtis (proeqtebis) ganxorcieleba aris
misTvis misaRebi SezRudulad mocemuli sainvesticio resursis
pirobebSi. aseT kombinirebul gamoTvlebSi ki momgebianobis indeqsis
gamoyenebis pragmatuloba gacilebiT izrdeba, risi ilustrirebac
SeiZleba movaxdinoT Semdegi magaliTis safuZvelze

amocana 2:

kompanias gaaCnia xuTi sainvesticio alternativa SezRuduli

sainvesticio resursis pirobebSi. amocana mdgomareobs imaSi, rom wminda
mimdinare Rirebulebisa da momgebianobis indeqsebis gamoyenebis
safuZvelze ganvsazRvroT yvelaze misaRebi alternativebi

(_) sawyisi (+)diskontirebuli

sainvesticio
investicia wminda fuladi NPV (lari) PPI
alternativa
(lari) nakadi (lari)
I 50 000 55 000 + 5 000 1.1
II 10 000 9 000 _ 1 000 0.9
III 100 000 106 000 + 6 000 1.06
IV 2 000 4 000 + 2 000 2.0
V 30 000 30 000 0 1

sainvesticio alternativebis SerCeva SeiZleba movaxdinoT

gamoricxvis gziT. kerZod, pirvel rigSi unda gamovricxoT II
sainvesticio alternativa, rogorc yvelaze uaresi maTgani, radgan mis
NPV uaryofiTi sididea, xolo PI Sesabamisad 1-ze naklebi. analogiurad,
uarsayofia V alternativa, radgan mas gaaCnia nulovani NPV da
Sesabamisad 1-is toli PI. arCevani unda gakeTdes sam darCenil
alternativas Soris. Tu proeqtebs mivudgebiT momgebianobis indeqsiT,
davinaxavT, rom saukeTeso alternativas warmoadgens IV, Semdeg modis I
da bolos III alternativa. Tumca wminda mimdinare Rirebulebis mixedviT
saukeTeso alternativas warmoadgens swored III alternativa, romelic
amave dros yvelaze kapitaltevadia. gadawyvetilebis misaRebad
aucilebelia kompleqsuri midgoma, kerZod, Tu gaviTvaliswinebT imas,
rom kompania SezRudulia sainvesticio resursiT, xolo yvelaze
xarjtevadi alternativa aris III, yuradReba unda mivaqcioT
momgebianobis indeqss da aseve kombinirebul wminda mimdinare
Rirebulebas. saxeldobr, I da IV alternativebi kompaniisaTvis iqneba
saukeTeso kombinirebuli varianti, radgan: a) maT gaaCniaT ufro maRali
momgebianobis indeqsi; b) isini naklebad xarjtevadia; g) maTi
kombinirebuli NPV (5 000 + 2 000) metia, vidre III alternativis Sesabamisi
NPV. amdenad, I da IV alternativebis jamuri investireba (52 000 lari)
uzrunvelyofs gacilebiT maRal momgebianobas da gamoimuSavebs ufro
met wminda mimdinare Rirebulebas, vidre III alternativis Sesabamisi
investicia (100 000 lari).

_ ukugebis Sida ganakveTi (Internal Rate of Return – IRR)

ukugebis Sida ganakveTi, Tavisi SinaarsiT, axlos dgas wminda

mimdinare RirebulebasTan da warmoadgens aseve sainvesticio proeqtebis
Sefasebis erT-erT gavrcelebul da gamoyenebad meTods. Tuki wminda
mimdinare Rirebuleba asaxavs wminda diskontirebuli fuladi nakadebis
moZraobas, ukugebis Sida ganakveTi gviCvenebs diskontirebis saprocento
ganakveTis im mniSvnelobas, romlis drosac kompaniis wminda mimdinare
Rirebuleba 0-is tolia. rogorc viciT, wminda mimdinare Rirebuleba
nulvani mniSvnelobisaa, rodesac Semomavali mimdinare wminda fuladi
nakadebi utoldeba gamaval mimdinare wminda fulad nakadebs.
Sesabamisad, wminda mimdinare Rirebulebas Tu gavutolebT 0-s, SeiZleba
formulis meSveobiT ganisazRvros ukugebis Sida ganakveTi

CF1 CF2 CFn

NPV = _ Ii + + +…+ =0
1 2 n
(1 + r) (1 + r) (1 + r)

ukugebis Sida ganakveTi gviCvenebs diskontirebis im saprocento

ganakveTs, romlis drosac sainvesticio proeqti arc zaraliania da arc
momgebiani. ukugebis Sida ganakveTis safuZvelze sainvesticio
gadawyvetilebis miReba SeiZleba dakavSirebuli iyos ramdenime
kriteriumTan. kerZod, Tu proeqtis wminda mimdinare Rirebuleba
dadebiTia, maSin ukugebis Sida ganakveTi metia diskontirebis ganakveTze
(martivad, kapitalis Rirebulebaze) da Sesabamisad proeqti misaRebia.
piriqiT, rodesac wminda mimdinare Rirebuleba uaryofiTia, maSin
ukugebis Sida ganakveTi naklebia diskontirebis ganakveTze da proeqti
unda iqnes uaryofili. amdenad, wminda mimdinare RirebulebiT da
ukugebis Sida ganakveTiT proeqtis Sefasebis Sedegobrivi maCveneblebi
identuria, rac SeiZleba aisaxos Semdegi urTierTdamokidebulebiiT

NPV > 0 e.i. IRR > r _ proeqti misaRebia

NPV < 0 e.i. IRR < r _ proeqti uarsayofia

ukugebis Sida ganakveTis gamoyenebis dros, Tuki kompanias aqvs

gansazRvruli e.w. targetirebuli ukugebis Sida ganakveTi, magaliTad,
Tuki kompania ar ,,Sedis’’ iseT sainvesticio proeqtebSi, romlis ukugeba
15%-ze naklebia da gamoTvlilma ukugebis Sida ganakveTma Seadgina,
davuSvaT, 12%, kompania miiRebs gadawyvetilebas aseTi proeqtis
ganxorcielebis uaryofis Sesaxeb, sxva Tanabar pirobebSi. aseve,
ramdenime alternatiuli proeqtis SerCevisas SeiZleba gamoyenebuli
iqnes ukugebis Sida ganakveTi da upiratesoba mieniWos yvelaze maRali
ukugebis mqone proeqtebs. analogiurad, Tuki arsebobs Sida ukugebis
saSualoseqtoruli maCvenebeli, kompaniis Sesabamisi maCveneblis
SedarebiT SeiZleba benCmarkinguli Sefasebebis gakeTeba da a.S.
yvela sxva meTodisagan gansxvavebiT, ukugebis Sida ganakveTi
iTvleba yvelaze rTulad gasaangariSebel indikatorad. kerZod,
arsebobs misi gaangariSebisadmi iteraciuli midgomis (Trial ann Error) ori
ZiriTadi gza: 1. interpolaciuri da 2. programuli, romlebic
dafuZnebulia cvladi maCveneblebis (anu diskontirebis ganakveTis)
TandaTanobiT cvlilebaze manam, sanam ar mivaRwevT samizne maCveneblis
(Cvens SemTxvevaSi wminda mimdinare Rirebulebis) sasurvel mniSvnelobas.
kerZod, ukugebis Sida ganakveTTan mimarTebiT, interpolaciuri midgoma
gulisxmobs diskontirebis or mocemul saprocento ganakveTs Soris
mdebare ucnobi ganakveTis miaxloebiT Sefasebas, risTvisac pirvel
rigSi gamoiTvleba wminda mimdinare Rirebuleba kapitalis saSualo
Sewonili Rirebulebis gamoyenebiT, Semdeg etapze ki gamoiangariSeba
wminda mimdinare Rirebuleba diskontirebis sxva iseTi ganakveTis
gamoyenebiT, romlis drosac miRebuli Sedegi iqneba pirveli Sedegis
sawinaaRmdego niSnis mqone, dabolos miRebuli Sedegebi Caismeba
formulaSi
NPNPVL
 IRR = L + x (H _ L)
NPVL _ NPVH

sadac, L aris or saprocento ganakveTs Soris dabali

H - or saprocento ganakveTs Soris maRali

NPVL - wminda mimdinare Rirebuleba dabali ganakveTisaTvis

NPVH - wminda mimdinare Rirebuleba maRali ganakveTisaTvis

rac Seexeba programul midgomas, Sesabamisi kompiuteruli

programebi da am programebSi CaSenebuli funqciebi gacilebiT ufro
mosaxexebelia da aadvilebs ukugebis Sida ganakveTis gaangariSebas, rac
dakavSirebulia SedarebiT simartivesTan da drois gamoyenebis
efeqturobasTan. kompaniebi, romlebic axdenen sainvesticio proeqtebis
analizs da Sefasebas, pragmatuli miznebidan gamomdinare, ukugebis Sida
ganakveTis gamoTvlisaTvis iyeneben swored programul midgomas, ris
SesaZleblobasac iZleva iseTi farTod gavrcelebuli monacemebis
damuSavebis programa, rogoricaa Excell-i da masSi CaSenebuli ukugebis
Sida ganakveTis specialuri funqcia IRR(values; [guess]). aseve, am mizniT
SeiZleba gamoyenebuli iqnes optimizaciis amocanebis amomxsneli iseTi
funqciebi, rogoricaa SOLVER, GOAL SEEK Dan sxva Sesabamisi specialuri
programebi.

amocana 1:

kompania axorcielebs sainvesticio proeqts saamwyobo xazis SeZenasTan

dakavSirebiT, risTvisac saWiro sawyisi investicia Seadgens 100 000
lars. savaraudo Semomavali fuladi nakadebi wlebis mixedviT
Semdegnairia: weli 1 - 30 000 lari, weli 2 - 50 000 lari, weli 3 - 40 000
lari. kompanias aseve gansazRvruli aqvs targetirebuli ukugebis Sida
ganakveTi 12%-is doneze. gamovTvaloT wminda mimdinare Rirebuleba 10%-
iani da 15%-iani diskontirebis ganakveTebis SemTxvevaSi. wminda mimdinare
Rirebulebis safuZvelze, gaviangariSoT ukugebis Sida ganakveTi da
ganvsazRvroT, Tu ramdenad uRirs kompanias aRniSnuli investireba

diskontireb mimdinare diskontireb mimdinare

fuladi
weli is faqtori Rirebuleba - is faqtori Rirebuleba -
nakadi
10% 1 15% 2
0 _100 000 1.000 _100 000 1.000 _100 000
1 30 000 0.909 27 270 0.870 26 100
2 50 000 0.826 41 300 0.756 37 800
3 45 000 0.751 33 795 0.658 29 610
2 365 _6 490

interpolirebuli wminda mimdinare Rirebuleba 10%-iani

ganakveTisaTvis Seadgens 2 365 lars, xolo 15%-iani ganakveTisaTvis aris
uaryofiTi sidide _6 690. diskontirebis ganakveTis am wertilebSi
gamoTvlili wminda mimdinare Rirebulebis maCvenebelebi SeiZleba
gamoviyenoT ukugebis Sida ganakveTis gamosaTvlelad formulaSi
CasmisaTvis, miviRebT
NP 2 365
IRR = 10% + x (15% _ 10%) = 11.3%
2 365 _ (_ 6 690)

iqedan gamomdinare, rom gamoTvlili ukugebis Sida ganakveTi

naklebia Sesabamis targetirebuli ukugebis Sida ganakveTze (12%),
proeqti unda iqnes uaryofili.

standartuli sainvesticio proeqtebis garda, SeiZleba adgili

hqondes urTierTgamomricxavi sainvesticio proeqtebis ganxorcilebas,
romelTa drosac or alternatiul proeqts SeiZleba gaaCndes
gansxvavebuli wminda mimdinare Rirebuleba da ukugebis Sida ganakveTi.
kerZod, erTi proeqtis wminda mimdinare Rirebuleba meti iyos meore
proeqtis wminda mimdinare Rirebulebaze, xolo meore proeqtis ukugebis
Sida ganakveTi sWarbobdes pirveli proeqtis ukugebis Sida ganakveTs.
romel sainvesticio proeqts unda mieniWos upiratesoba am SemTxvevaSi –
pirvel proeqts, romelic sjobia meore proeqts wminda mimdinare
RirebulebiT, Tu meore proeqts, romelsac aqvs ukeTesi Sida ukugebis
ganakveTi? amisaTvis unda gavixsenoT, rom wminda mimdinare Rirebuleba
warmoadgens kapitalur xarjebTan mimarTebiT absolutur, xolo
ukugebis Sida ganakveTi - fardobiT maCvenebels.

amocana 2:

mocemuli gvaqvs ori alternatiuli proeqti da maTi Sesabamisi

sainvesticio nakadebi, gansxvavebuli wminda mimdinare RirebulebiTa da
ukugebis Sida ganakveTiT. diskontirebis ganakveTi Seadgens 7%-s.
ganvsazRvroT, Tu romel proeqts mivaniWebT upiratesobas da ratom

weli proeqti 1 proeqti 2

0 _ 10 000 _ 20 000
1 12 500 (11 688) 24 000 (22 420)
NPV 1 688 2 420
IRR 25% 20%

rogorc cxrili gviCvenebs, I proeqts gaaCnia maRali ukugeba 25%, magram

SedarebiT dabali wminda mimdinare Rirebuleba 1 688 lari, xolo II
proeqts piriqiT, dabali aqvs ukugebis ganakveTi - 20%, magram SedarebiT
maRali aqvs wminda mimdinare Rirebuleba - 2 420 lari. msgavs
SemTxvevebSi, upiratesoba unda mieniWos proeqts, romlis wminda
mimdinare Rirebuleba maRalia, anu II proeqts, radgan wminda mimdinare
Rirebuleba warmoadgens gamomuSavebuli fuladi nakadebis absolutur
sidides da aRniSnuli TanxiT zrdis kompaniis Rirebulebas, xolo
ukugebis Sida ganakveTi fardobiTi maCvenebelia da ar gviCvenebs
pirdapir Sedegs. Tu davakvirdebiT, vnaxavT, rom I proeqtis SemTxvevaSi
Rirebuleba gaizarda 1 688 lariT, xolo II proeqtis SemTxvevaSi 2 420
lariT, Tumca, raodenobriv gamoTvlebTan erTad, sainvesticio
proeqtebis seleqciisas didi yuradReba unda mieqces aseve aramonatarul
faqtorebsac.
wminda
mimdinare
Rirebuleba
2 000 I

1 000 II

0 5 10 15 20 25 30 40 50

diskontirebis ganakveTi (%)

naxazi 5.9. wminda mimdinare Rirebulebis grafiki urTierTgamomricxavi

proeqtebisaTvis.

rogorc grafikidan Cans, diskontirebis ganakveTis zrdasTan erTad,

mcirdeba orive proeqtis Sesabamisi wminda mimdinare Rirebuleba. x
RerZTan gadakveTis wertilebSi warmoiqmneba Sesabamisi ukugebis Sida
ganakveTis mniSvnelobebi: I proeqtisaTvis - 20%, xolo II proeqtisaTvis -
25%. Tumca I proeqtis wminda mimdinare Rirebuleba metia II proeqtis
analogiur maCvenebelze. amave dros, orive proeqtis Sesabamisi grafikebi
kveTs erTmaneTs wertilSi, romelsac Seesabameba ukugebis Sida
ganakveTis garkveuli procenti da romelsac ,,fiSeris wertils’’
uwodeben. aRniSnul wertilSi orive proeqts aqvs wminda mimdinare
Rirebulebis erTnairi done. masze dabali diskontirebis ganakveTisas
winaaRmdegobaSi mova wminda mimdinare Rirebulebisa da ukugebis Sida
ganakveTis mniSvnelobebi.
ukugebis Sida ganakveTs, rogorc sainvesticio proeqtebis Sefasebis
yvela sxva meTods, gaaCnia Tavisi dadebiTi da uaryofiTi mxareebi,
romlebic SeiZleba Semdegnairad iqnes dajgufebuli

ukugebis Sida ganakveTi (IRR)

Uupiratesoba naklovaneba
iTvaliswinebs fulis droiT aris rTulad gamosaTvleli
Rirebulebas
ver asaxavs kapitalis
eyrdnoba fulad nakadebs
Rirebulebis absolutur namats
arakonvenciuri proeqtebis dros
martivia interpretirebisaTvis SeiZleba warmoiSvas ramdenime
ukugebis Sida ganakveTi
 ignorirebas ukeTebs proeqtebis
moicavs mTlian sainvesticio cikls
masStabebSi arsebul gansxvavebas

naxazi 5.10. ukugebis Sida ganakveTis upiratesobebi da naklovanebebi.

_ modificirebuli ukugebis Sida ganakveTi (Modified Internal Rate of Return –

MIRR)

ukugebis Sida ganakveTis gamoyenebis erT-erT naklovanebas warmoadgens

is, rom arakonvenciuri sainvesticio proeqtebis ganxorcielebis dros
adgili aqvs gasuli fuladi nakadebis warmoqmnas ara mxolod sawyisi
investiciebis saxiT, aramed SeiZleba investirebis procesSi warmoiqmnas
garkveuli damatebiTi kapitaluri xarjebis gawevis aucilebloba, rac
arTulebs ukugebis ganakveTis gamoTvlas, ris Sedegadac SeiZleba
warmoiqmnas ramdenime ukugebis Sida ganakveTi. aRniSnuli naklovanebis
aRmosafxvrelad gamoiyeneba e.w. modificirebuli ukugebis Sida
ganakveTi, romelic cal-calke axdens gasuli da Semosuli fuladi
nakadebis ,,daxarisxebas’’ da gasuli nakadebis mimarT iyenebs
diskontirebis, xolo Semosuli nakadebis mimarT - kompaundirebis
princips. ufro konkretulad, modificirebuli ukugebis Sida ganakveTis
gamoTvla warmoadgens garkveul etapebad ganxorcielebuli gamoTvliTi
operaciebis erTobliobas, wminda fuladi nakadebis gardaqmnebis Semdegi
safexurebis gaTvaliswinebiT:
I. pirvel etapze vaxdenT gamavali wminda fuladi nakadebis
diskontirebas, anu maTi mimdinare Rirebulebis gamoTvlas.
gaviTvaliswinoT, rom uaryofiTi niSniT arsebuli gamavali nakadebi
arakonvenciur sainvesticio proeqtebSi moicavs sawyis investicias da
Semdgom romelime wels (wlebSi) ganxorcielebul damatebiT
sainvesticio xarjebs. cxadia, sawyis investicias ar dasWirdeba
diskontireba, radgan misi Sesabamisi sainvesticio xarji gaiweva nulovan
wels, xolo sxva uaryofiTi niSnis mqone gamavali wminda fulad
nakadebi daeqvemdebareba Sesabamisi ganakveTiT diskontirebas (sxvagvarad,
yvela uaryofiTi fuladi nakadi diskontirebis meSveobiT ,,gadavalagoT’’
sainvesticio proeqtis sasicocxlo ciklis RerZze marcxniv nulovan
niSnulze);
II. meore etapze gamovTvaloT yvela Semomavali wminda fuladi nakadis
momavali Rirebuleba, anu movaxdinoT dadebiTniSniani nakadebis
kompaundireba. aqac, analogiurad, gasaTvaliswinebelia is, rom
sasicocxlo ciklis bolo wels gasul fulad nakads ar dasWirdeba
kompaundireba, radgan yvela nakadis momavali Rirebuleba xdeba swored
bolo welTan mimarTebiT, anu kompaundirebis miznebisaTvis is
warmoadgens ,,nulovan wels’’. yvela Semomavali fuladi nakadis momaval
Rirebulebas uwodeben e.w. terminalur Rirebulebas (Terminal Value). e,i.
vaxdenT dadebiTniSniani wminda fuladi nakadebis terminaluri
Rirebulebis gamoTvlas (sxvagvarad, yvela dadebiTi fuladi nakadi
kompaundirebis meSveobiT ,,gadavalagoT’’ sainvesticio proeqtis
sasicocxlo ciklis RerZze marjvniv terminalur, anu saboloo
niSnulze);
III mesame etapze diskontirebuli gasuli wminda fuladi nakadebi
SevafardoT kompaundirebul Semosul wminda fulad nakadebTan, riTac
miviRebT konkretul raodenobriv maCvenebels, Sinaarsobrivad
diskontirebis faqtoris (Discount Factor) analogs, riTac SegviZlia
martivad vipovoT modificirebuli ukugebis Sida ganakveTi. kerZod,
mimdinare Rirebulebis finansur cxrilSi movZebniT am ricxvis Sesabamis
diskontirebis ganakveTs cxrilis im striqonis gayolebaze, ramden
welsac Seadgens mocemuli sainvesticio proeqtis sasicocxlo cikli da
gadakveTis Sesabamisi ganakveTi iqneba swored ukugebis Sida ganakveTi.

amocana:

kompania apirebs sainvesticio proeqtis realizacias, kerZod danadgaris

SeZenas, romlis Rirebuleba Seadgens 700 000 lars, xolo proeqtis
mosalodneli sasicocxlo ciklis vada 5 wels. sainvesticio proeqti
warmoadgens arakonvenciurs, anu sawyis investiciasTan erTad
varaudoben, rom SeZenil danadgars me-3 wels dasWirdeba damatebiTi
xarjis gaReba kapitaluri remontis saxiT. cnobilia wminda fuladi
nakadebi wlebis mixedviT, kerZod, weli 1 - 200 000 lari, weli 2 - 300 000
lari, weli 3 - _ 150 000 lari, weli 4 - 250 000 lari, weli 5 - 400 000
lari. diskontirebis/kompaundirebis ganakveTi Seadgens 8%-s.
gamovTvaloT modificirebuli ukugebis Sida ganakveTi

0 r = 8% 1 2 3 4 5

_ 700 000 200 000 300 000 _ 150 000 250 000 400 000

272 000

378 000

_ 119 100 270 000

PV 819 100 FV 1 320

000

mivyveT msjelobaTa Tanmimdevrobas etapobrivad:

_ pirvel rigSi, movaxdinoT gasuli wminda fuladi nakadebis

diskontireba. vinaidan sawyisi investicia logikurad ar saWiroebs
diskontirebas (radgan nulovan wertilSi diskontirebis faqtori
yovelTvis 1.000-ia), amitom diskontireba gavukeToT mxolod erTaderT
uaryofiT fulad nakads, romelic warmoiSva mesame wlis bolos (_
150 000 lari), 3 wliT 8%-iani ganakveTis pirobebSi misi mimdinare
Rirebuleba aris 119 100 lari;
_ analogiurad, oRond kompaundirebis gziT, vipovoT yvela
Semosuli wminda fuladi nakadis momavali Rirebuleba, anu martivad
dadebiTi fuladi nakadebi ,,gadavyaroT’’ proeqtis sasicocxlo ciklis
vadis horizontalze marjvniv da me-5 weli miviCnioT ,,Sebrunebul’’
nulovan wlad, romlis mimarTac gamovTvaloT Sesabamisi nakadebis
momavali Rirebulebebi. kerZod, 1 wlidan 5 wlamde darCenilia 4 weli,
amitom 200 000 larisTvis gamovTvaloT 4 wliT 8%-iani ganakveTis
pirobebSi misi momavali Rirebuleba, rac Seadgens 272 000 lars.
analogiurad, 300 000 larisTvis 3 wliT 8%-iani ganakveTis pirobebSi
momavali Rirebuleba Sedgens 378 000 lars, 250 000 larisTvis 1 wliT
8%-iani ganakveTis pirobebSi momavali Rirebuleba Sedgens 270 000 lars.
_ saboloo etapze, marcxniv vajamebT uaryofiTi, anu gasuli wminda
fuladi nakadebis mimdinare (diskontirebul) Rirebulebebis (Present Value
- PV) Sesabamis absolutur mniSvnelobebs (700 000 + 119 100 = 819 100
lari), xolo marjvniv vajamebT dadebiTi, anu Semomavali wminda fuladi
nakadebis momaval (kompaundirebul) Rirebulebebs (Future Value - FV),
Sedegad vRebulobT terminalur Rirebulebas (400 000 + 272 000 + 378 000
+ 270 000 = 1 320 000 lari). sabolood, mimdinare RirebulebaTa jamur
mniSvnelobas (819 100 lari) vyofT momaval RirebulebaTa jamur
mniSvnelobaze (1 320 000 lari).
PV 819 100
= = 0.625.
FV 1 320 000

raSi mdgomareobs miRebuli Sedegis finansuri Sinaarsi? rogorc

viciT, nebismieri fuladi nakadis mimdinare Rirebuleba misi momavali
Rirebulebis diskontirebis faqtorze gamravlebiT miiReba. Sesabamisad,
diskontirebis faqtori warmoadgens momavali Rirebulebis mimdinare
Rirebulebaze fardobas

FV 1 1 PV
PV = = FV ; =
n n n
(1 + r) (1 + r) (1 + r) FV

swored miRebuli 0.625 warmoadgens diskontirebis faqtors.

imisaTvis, rom vipovoT ukugebis Sida ganakveTi, saWiroa 0.625 movZebnoT
mimdinare Rirebulebis finansur cxrilSi 5 wlis periodis striqonis
gaswvriv (radgan proeqtis sasicocxlo ciklis vada iyo 5 weli) da
romeli saprocento ganakveTis gadakveTaSic iqneba 0.625 moTavsebuli 5
wlis periodTan mimarTebiT, is iqneba Sesabamisi ukugebis ganakveTi.
Sesabamisi finansuri cxrilis mixedviT, es aris 10%, rac warmoadgens
swored modificirebul ukugebis Sida ganakveTs.
 sainvesticio proeqtebis Sefasebis dros xSirad SeiZleba
warmoiSvas problema, rodesac vaxdenT sxvadasxva sainvesticio
sasicocxlo ciklis vadis mqone sainvesticio proeqtebis Sefaseba-
Sedarebas. magaliTad, erTi proeqtis ganxorcielebis vadaa 3 weli,
xolo meore proeqtis 5 weli. Tu gvinda gavaanalizoT sxvadasxva
vadianobis sainvesticio proeqtebi, unda movaxdinoT droiTi horizontis
,,gawelva’’ im minimalur periodamde, romelic unaSTod gaiyofa orive
vadaze (magaliTad, 2 wliani da 3 wliani proeqtebisaTvis unificirebuli
drois cikli iqneba 6 weli; 3 wliani da 5 wliani proeqtebisaTvis - 15
weli; 6 wliani da 8 wliani proeqtebisaTvis - 24 weli da a.S.) da
vipovoT am periodze gaTvlili wminda mimdinare Rirebuleba orive
proeqtisaTvis specialuri modificirebuli NPV-is formulis meSveobiT
da SevadaroT erTmaneTs. Sesabamisad, ukeTesi iqneba is proeqti, romlis
modificirebuli wminda mimdinare Rirebulebis maCvenebeli meti
aRmoCndeba. sxvadasxva vadianobis sainvesticio proeqtebis
modificirebuli wminda mimdinare Rirebulebis gasangariSebel
formulas aqvs Semdegi saxe

1 1
NPV = NPV (n) 1+ +
(1 + r)n (1 + r)m-n

sadac, NPV (n) aris Sesabamisi vadianobis proeqtis wminda mimdinare

Rirebuleba;
n _ proeqtis sasicocxlo ciklis vada
r _ diskontirebis ganakveTi
m _ proeqtebis umciresi saerTo vada

amocana:

mocemulia ori sainvesticio alternativa, romelTa sasicocxlo

ciklis vadebi gansxvavebulia, kerZod, pirveli proeqti iTvaliswinebs
or wels, xolo meore proeqti 3 wels. aseve cnobilia Sesabamisi
fuladi nakadebi, I proeqtisaTvis: 0 weli - _100 000 lari, weli 1 - 50 000
lari, weli 2 - 70 000 lari. II proeqtisaTvi: 0 weli - _100 000 lari, weli
1 - 30 000 lari, weli 2 - 40 000 lari, weli 3 - 60 000 lari.
diskontirebis ganakveTi Seadgens 10%-s. ganvsazRvroT, sxvadasxva
vadianobis romel sainvesticio proeqts unda mianiWos kompaniam
upiratesoba.

pirvel rigSi, orive proeqtisaTvis cal-calke gamovTvaloT maTi

Sesabamisi wminda mimdinare Rirebulebebi:

NPVI = _100 000 + 45 450 + 57 820 = 3 270 lari

NPVII = _100 000 + 27 220 + 33 040 + 45 060 = 5 320 lari

rogorc sabaziso gaTvlebi gviCvenebs, II proeqtis wminda mimdinare

Rirebuleba aRemateba I proeqtis analogiur maCvenebels. vinaidan
proeqtebs gaaCniaT sxvadasxva vadianoba, unda moxdes vadebis
unificireba umciresi saerToTi da modificirebuli wminda mimdinare
Rirebulebis maCvenebelTa gadamowmeba, gveqneba

1 1
NPVI = 3 270 1+ + = 8 206 lari;
(1 + 0.10)2 (1 + 0.10)4

1 1
NPVII = 5 320 1+ + = 13 314 lari
(1 + 0.10)3 (1 + 0.10)3

rogorc gaangariSebebi gviCvenebs, II sainvesticio proeqtis

modificirebuli wminda mimdinare Rirebuleba metia I proeqtis Sesabamis
maCvenebelze da amitom warmoadgens ufro metad misaReb proeqts.