╨д╨╛╤А╨╝╤Г╨╗╨░ ╤А╨╡╨╜╤В╨░╨▒╨╡╨╗╤М╨╜╨╛╤Б╤В╨╕ ╤Б╤А╨╡╨┤╨╜╨╡╨│╨╛ ╨▓╨╗╨╛╨╢╨╡╨╜╨╜╨╛╨│╨╛ ╨║╨░╨┐╨╕╤В╨░╨╗╨░

╨д╨╛╤А╨╝╤Г╨╗╨░ ╨┤╨╗╤П ╤А╨░╤Б╤З╨╡╤В╨░ ╤А╨╡╨╜╤В╨░╨▒╨╡╨╗╤М╨╜╨╛╤Б╤В╨╕ ╤Б╤А╨╡╨┤╨╜╨╡╨│╨╛ ╨▓╨╗╨╛╨╢╨╡╨╜╨╜╨╛╨│╨╛ ╨║╨░╨┐╨╕╤В╨░╨╗╨░ (ROACE)

╨а╨╡╨╜╤В╨░╨▒╨╡╨╗╤М╨╜╨╛╤Б╤В╤М ╤Б╤А╨╡╨┤╨╜╨╡╨│╨╛ ╨╖╨░╨┤╨╡╨╣╤Б╤В╨▓╨╛╨▓╨░╨╜╨╜╨╛╨│╨╛ ╨║╨░╨┐╨╕╤В╨░╨╗╨░ (ROACE) ╤П╨▓╨╗╤П╨╡╤В╤Б╤П ╤А╨░╤Б╤И╨╕╤А╨╡╨╜╨╕╨╡╨╝ ╨║╨╛╤Н╤Д╤Д╨╕╤Ж╨╕╨╡╨╜╤В╨░ ╤А╨╡╨╜╤В╨░╨▒╨╡╨╗╤М╨╜╨╛╤Б╤В╨╕ ╨╖╨░╨┤╨╡╨╣╤Б╤В╨▓╨╛╨▓╨░╨╜╨╜╨╛╨│╨╛ ╨║╨░╨┐╨╕╤В╨░╨╗╨░. ╨Т╨╝╨╡╤Б╤В╨╛ ╨╛╨▒╤Й╨╡╨│╨╛ ╨║╨░╨┐╨╕╤В╨░╨╗╨░ ╨╜╨░ ╨║╨╛╨╜╨╡╤Ж ╨┐╨╡╤А╨╕╨╛╨┤╨░ ╨▒╨╡╤А╨╡╤В╤Б╤П ╤Б╤А╨╡╨┤╨╜╨╡╨╡ ╨╖╨╜╨░╤З╨╡╨╜╨╕╨╡ ╨╜╨░╤З╨░╨╗╤М╨╜╨╛╨│╨╛ ╨╕ ╨║╨╛╨╜╨╡╤З╨╜╨╛╨│╨╛ ╨╛╤Б╤В╨░╤В╨║╨░ ╨║╨░╨┐╨╕╤В╨░╨╗╨░ ╨╖╨░ ╨╜╨╡╨║╨╛╤В╨╛╤А╨╛╨╡ ╨▓╤А╨╡╨╝╤П. ╨Ю╨╜ ╤А╨░╤Б╤Б╤З╨╕╤В╤Л╨▓╨░╨╡╤В╤Б╤П ╨┐╤Г╤В╨╡╨╝ ╨┤╨╡╨╗╨╡╨╜╨╕╤П ╨┐╤А╨╕╨▒╤Л╨╗╨╕ ╨┤╨╛ ╨▓╤Л╤З╨╡╤В╨░ ╨┐╤А╨╛╤Ж╨╡╨╜╤В╨╛╨▓ ╨╕ ╨╜╨░╨╗╨╛╨│╨╛╨▓ (EBIT) ╨╜╨░ ╤Б╤А╨╡╨┤╨╜╨╕╨╡ ╨╛╨▒╤Й╨╕╨╡ ╨░╨║╤В╨╕╨▓╤Л ╨╖╨░ ╨▓╤Л╤З╨╡╤В╨╛╨╝ ╨▓╤Б╨╡╤Е ╨╛╨▒╤П╨╖╨░╤В╨╡╨╗╤М╤Б╤В╨▓.

╨д╨╛╤А╨╝╤Г╨╗╨░ ╤А╨╡╨╜╤В╨░╨▒╨╡╨╗╤М╨╜╨╛╤Б╤В╨╕ ╤Б╤А╨╡╨┤╨╜╨╡╨│╨╛ ╨║╨░╨┐╨╕╤В╨░╨╗╨░

╨Ъ╤А╨╛╨╝╨╡ ╤В╨╛╨│╨╛, ╨╛╨╖╨╜╨░╨║╨╛╨╝╤М╤В╨╡╤Б╤М ╤Б ╤Н╤В╨╛╨╣ ╨┐╨╛╨┤╤А╨╛╨▒╨╜╨╛╨╣ ╤Б╤В╨░╤В╤М╨╡╨╣ ╨╛ ROCEROCEReturn on Capital Employed (ROCE) тАФ ╤Н╤В╨╛ ╨┐╨╛╨║╨░╨╖╨░╤В╨╡╨╗╤М, ╨║╨╛╤В╨╛╤А╤Л╨╣ ╨░╨╜╨░╨╗╨╕╨╖╨╕╤А╤Г╨╡╤В, ╨╜╨░╤Б╨║╨╛╨╗╤М╨║╨╛ ╤Н╤Д╤Д╨╡╨║╤В╨╕╨▓╨╜╨╛ ╨║╨╛╨╝╨┐╨░╨╜╨╕╤П ╨╕╤Б╨┐╨╛╨╗╤М╨╖╤Г╨╡╤В ╤Б╨▓╨╛╨╣ ╨║╨░╨┐╨╕╤В╨░╨╗ ╨╕, ╨║╨░╨║ ╤Б╨╗╨╡╨┤╤Б╤В╨▓╨╕╨╡, ╤Г╨║╨░╨╖╤Л╨▓╨░╨╡╤В ╨╜╨░ ╨┤╨╛╨╗╨│╨╛╤Б╤А╨╛╤З╨╜╤Г╤О ╨┐╤А╨╕╨▒╤Л╨╗╤М╨╜╨╛╤Б╤В╤М. ROCE = EBIT / ╨Ч╨░╨┤╨╡╨╣╤Б╤В╨▓╨╛╨▓╨░╨╜╨╜╤Л╨╣ ╨║╨░╨┐╨╕╤В╨░╨╗.╨Я╨╛╨┤╤А╨╛╨▒╨╜╨╡╨╡

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╨Ю╨│╨╗╨░╨▓╨╗╨╡╨╜╨╕╨╡

╨д╨╛╤А╨╝╤Г╨╗╨░ ╨┤╨╗╤П ╤А╨░╤Б╤З╨╡╤В╨░ ╤А╨╡╨╜╤В╨░╨▒╨╡╨╗╤М╨╜╨╛╤Б╤В╨╕ ╤Б╤А╨╡╨┤╨╜╨╡╨│╨╛ ╨▓╨╗╨╛╨╢╨╡╨╜╨╜╨╛╨│╨╛ ╨║╨░╨┐╨╕╤В╨░╨╗╨░ (ROACE)

╨Я╤А╨╕╨▒╤Л╨╗╤М ╨╜╨░ ╤Б╤А╨╡╨┤╨╜╨╕╨╣ ╨╖╨░╨┤╨╡╨╣╤Б╤В╨▓╨╛╨▓╨░╨╜╨╜╤Л╨╣ ╨║╨░╨┐╨╕╤В╨░╨╗ ╤Г╤З╨╕╤В╤Л╨▓╨░╨╡╤В ╨╕╤В╨╛╨│╨╛╨▓╨╛╨╡ ╨╕ ╨╜╨░╤З╨░╨╗╤М╨╜╨╛╨╡ ╤Б╨░╨╗╤М╨┤╨╛, ╨░ ╨╜╨╡ ╨╛╨▒╤Й╨╕╨╣ ╨╖╨░╨┤╨╡╨╣╤Б╤В╨▓╨╛╨▓╨░╨╜╨╜╤Л╨╣ ╨║╨░╨┐╨╕╤В╨░╨╗.
╨а╨░╤Б╤Б╤З╨╕╤В╨░╨╣╤В╨╡ ╤Н╤В╨╛, ╤А╨░╨╖╨┤╨╡╨╗╨╕╨▓ ╨┐╤А╨╕╨▒╤Л╨╗╤М ╨┤╨╛ ╨╜╨░╨╗╨╛╨│╨╛╨╛╨▒╨╗╨╛╨╢╨╡╨╜╨╕╤П ╨╕ ╨┐╤А╨╛╤Ж╨╡╨╜╤В╨╛╨▓ ╨╜╨░ ╤Б╤А╨╡╨┤╨╜╨╕╨╣ ╨╕╤Б╨┐╨╛╨╗╤М╨╖╤Г╨╡╨╝╤Л╨╣ ╨║╨░╨┐╨╕╤В╨░╨╗. ╨н╤В╨╛ ╨╝╨╡╤В╤А╨╕╨║╨░ ╨┤╨╗╤П ╨╛╤Ж╨╡╨╜╨║╨╕ ╨┐╤А╨╛╨╕╨╖╨▓╨╛╨┤╨╕╤В╨╡╨╗╤М╨╜╨╛╤Б╤В╨╕ ╤Д╨╕╤А╨╝╤Л.
EBIT (╨┐╤А╨╕╨▒╤Л╨╗╤М ╨┤╨╛ ╨▓╤Л╤З╨╡╤В╨░ ╨┐╤А╨╛╤Ж╨╡╨╜╤В╨╛╨▓ ╨╕ ╨╜╨░╨╗╨╛╨│╨╛╨▓) ╨╕ ╤Б╤А╨╡╨┤╨╜╨╕╨╣ ╨╖╨░╨┤╨╡╨╣╤Б╤В╨▓╨╛╨▓╨░╨╜╨╜╤Л╨╣ ╨║╨░╨┐╨╕╤В╨░╨╗ ╨▓╨║╨╗╤О╤З╨╡╨╜╤Л ╨▓ ╨┤╨▓╨╡ ╤З╨░╤Б╤В╨╕ ╨║╨╛╤Н╤Д╤Д╨╕╤Ж╨╕╨╡╨╜╤В╨░.
╨Ъ╨╛╨╝╨┐╨░╨╜╨╕╨╕ ╨╕╤Б╨┐╨╛╨╗╤М╨╖╤Г╤О╤В ╤Н╤В╤Г ╨╝╨╡╤А╤Г ╨┤╨╗╤П ╨╛╤В╤А╨░╤Б╨╗╨╡╨╣, ╨║╨╛╤В╨╛╤А╤Л╨╡ ╤П╨▓╨╗╤П╤О╤В╤Б╤П ╨║╨░╨┐╨╕╤В╨░╨╗╨╛╨╡╨╝╨║╨╕╨╝╨╕ ╨╕ ╤В╤А╨╡╨▒╤Г╤О╤В ╨╖╨╜╨░╤З╨╕╤В╨╡╨╗╤М╨╜╨╛╨│╨╛ ╨╛╨▒╤К╨╡╨╝╨░ ╨╛╤Б╨╜╨╛╨▓╨╜╨╛╨│╨╛ ╨║╨░╨┐╨╕╤В╨░╨╗╨░.

╨Ю╨▒╤К╤П╤Б╨╜╨╡╨╜╨╕╨╡

╨Т ╨┐╤А╨╕╨▓╨╡╨┤╨╡╨╜╨╜╨╛╨╝ ╨▓╤Л╤И╨╡ ╤Б╨╛╨╛╤В╨╜╨╛╤И╨╡╨╜╨╕╨╕ ╤Г ╨╜╨░╤Б ╨╡╤Б╤В╤М ╨┤╨▓╨╡ ╤З╨░╤Б╤В╨╕.

╨Я╨╡╤А╨▓╨░╤П ╤З╨░╤Б╤В╤М тАУ ╤Н╤В╨╛ EBIT (╨┐╤А╨╕╨▒╤Л╨╗╤М ╨┤╨╛ ╨▓╤Л╤З╨╡╤В╨░ ╨┐╤А╨╛╤Ж╨╡╨╜╤В╨╛╨▓ ╨╕ ╨╜╨░╨╗╨╛╨│╨╛╨▓). EBIT тАФ ╤Н╤В╨╛ ╨╛╨┐╨╡╤А╨░╤Ж╨╕╨╛╨╜╨╜╤Л╨╣ ╨┤╨╛╤Е╨╛╨┤ ╨Ю╨┐╨╡╤А╨░╤Ж╨╕╨╛╨╜╨╜╤Л╨╣ ╨┤╨╛╤Е╨╛╨┤ ╨Ю╨┐╨╡╤А╨░╤Ж╨╕╨╛╨╜╨╜╤Л╨╣ ╨┤╨╛╤Е╨╛╨┤, ╤В╨░╨║╨╢╨╡ ╨╕╨╖╨▓╨╡╤Б╤В╨╜╤Л╨╣ ╨║╨░╨║ EBIT ╨╕╨╗╨╕ ╤А╨╡╨│╤Г╨╗╤П╤А╨╜╨░╤П ╨┐╤А╨╕╨▒╤Л╨╗╤М, ╤П╨▓╨╗╤П╨╡╤В╤Б╤П ╨▓╨░╨╢╨╜╤Л╨╝ ╨║╤А╨╕╤В╨╡╤А╨╕╨╡╨╝ ╨╕╨╖╨╝╨╡╤А╨╡╨╜╨╕╤П ╨┐╤А╨╕╨▒╤Л╨╗╨╕ ╨╕ ╨╛╤В╤А╨░╨╢╨░╨╡╤В ╨╛╨┐╨╡╤А╨░╤Ж╨╕╨╛╨╜╨╜╤Г╤О ╤Н╤Д╤Д╨╡╨║╤В╨╕╨▓╨╜╨╛╤Б╤В╤М ╨▒╨╕╨╖╨╜╨╡╤Б╨░. ╨Ю╨╜ ╨╜╨╡ ╨┐╤А╨╕╨╜╨╕╨╝╨░╨╡╤В ╨▓╨╛ ╨▓╨╜╨╕╨╝╨░╨╜╨╕╨╡ ╨▓╨╜╨╡╤А╨╡╨░╨╗╨╕╨╖╨░╤Ж╨╕╨╛╨╜╨╜╤Л╨╡ ╨┐╤А╨╕╨▒╤Л╨╗╨╕ ╨╕╨╗╨╕ ╤Г╨▒╤Л╤В╨║╨╕, ╨┐╨╛╨╜╨╡╤Б╨╡╨╜╨╜╤Л╨╡ ╨┐╤А╨╡╨┤╨┐╤А╨╕╤П╤В╨╕╤П╨╝╨╕, ╨▓╨╗╨╕╤П╨╜╨╕╨╡ ╤Д╨╕╨╜╨░╨╜╤Б╨╛╨▓╨╛╨│╨╛ ╤А╤Л╤З╨░╨│╨░ ╨╕ ╨╜╨░╨╗╨╛╨│╨╛╨▓╤Л╨╡ ╤Д╨░╨║╤В╨╛╤А╤Л. ╨Ю╨╜ ╤А╨░╤Б╤Б╤З╨╕╤В╤Л╨▓╨░╨╡╤В╤Б╤П ╨║╨░╨║ ╤А╨░╨╖╨╜╨╕╤Ж╨░ ╨╝╨╡╨╢╨┤╤Г ╨▓╨░╨╗╨╛╨▓╨╛╨╣ ╨┐╤А╨╕╨▒╤Л╨╗╤М╤О ╨╕ ╨╛╨┐╨╡╤А╨░╤Ж╨╕╨╛╨╜╨╜╤Л╨╝╨╕ ╤А╨░╤Б╤Е╨╛╨┤╨░╨╝╨╕ ╨▒╨╕╨╖╨╜╨╡╤Б╨░. ╨Я╨╛╨┤╤А╨╛╨▒╨╜╨╡╨╡. ╨Х╤Б╨╗╨╕ ╨╝╤Л ╨┐╨╛╤Б╨╝╨╛╤В╤А╨╕╨╝ ╨╜╨░ ╨╛╤В╤З╨╡╤В ╨╛ ╨┐╤А╨╕╨▒╤Л╨╗╤П╤Е ╨╕ ╤Г╨▒╤Л╤В╨║╨░╤Е ╨║╨╛╨╝╨┐╨░╨╜╨╕╨╕, ╨╝╤Л ╤Г╨▓╨╕╨┤╨╕╨╝, ╤З╤В╨╛ ╨┐╨╛╤Б╨╗╨╡ ╨▓╤Л╤З╨╡╤В╨░ ╨╛╨┐╨╡╤А╨░╤Ж╨╕╨╛╨╜╨╜╤Л╤Е ╤А╨░╤Б╤Е╨╛╨┤╨╛╨▓ ╨╕╨╖ ╨▓╨░╨╗╨╛╨▓╨╛╨╣ ╨┐╤А╨╕╨▒╤Л╨╗╨╕╨Т╨░╨╗╨╛╨▓╨░╤П ╨┐╤А╨╕╨▒╤Л╨╗╤М╨Т╨░╨╗╨╛╨▓╨░╤П ╨┐╤А╨╕╨▒╤Л╨╗╤М ╨┐╨╛╨║╨░╨╖╤Л╨▓╨░╨╡╤В ╨┐╤А╨╕╨▒╤Л╨╗╤М ╤Е╨╛╨╖╤П╨╣╤Б╤В╨▓╤Г╤О╤Й╨╡╨│╨╛ ╤Б╤Г╨▒╤К╨╡╨║╤В╨░ ╨╛╤В ╨╡╨│╨╛ ╨╛╤Б╨╜╨╛╨▓╨╜╨╛╨╣ ╨┤╨╡╤П╤В╨╡╨╗╤М╨╜╨╛╤Б╤В╨╕, ╤В.╨╡. ╨┐╤А╨╕╨▒╤Л╨╗╤М ╨║╨╛╨╝╨┐╨░╨╜╨╕╨╕, ╨║╨╛╤В╨╛╤А╨░╤П ╨┐╨╛╨╗╤Г╤З╨╡╨╜╨░ ╨┐╨╛╤Б╨╗╨╡ ╨▓╤Л╤З╨╡╤В╨░ ╨▓╤Б╨╡╤Е ╨┐╤А╤П╨╝╤Л╤Е ╤А╨░╤Б╤Е╨╛╨┤╤Л, ╤В╨░╨║╨╕╨╡ ╨║╨░╨║ ╤Б╤В╨╛╨╕╨╝╨╛╤Б╤В╤М ╤Б╤Л╤А╤М╤П, ╤Б╤В╨╛╨╕╨╝╨╛╤Б╤В╤М ╤А╨░╨▒╨╛╤З╨╡╨╣ ╤Б╨╕╨╗╤Л ╨╕ ╤В. ╨┤. ╨╕╨╖ ╨┐╤А╤П╨╝╨╛╨│╨╛ ╨┤╨╛╤Е╨╛╨┤╨░, ╨┐╨╛╨╗╤Г╤З╨╡╨╜╨╜╨╛╨│╨╛ ╨╛╤В ╨┐╤А╨╛╨┤╨░╨╢╨╕ ╤Б╨▓╨╛╨╕╤Е ╤В╨╛╨▓╨░╤А╨╛╨▓ ╨╕ ╤Г╤Б╨╗╤Г╨│. ╨Я╨╛╨┤╤А╨╛╨▒╨╜╨╡╨╡, ╨╝╤Л ╨┐╨╛╨╗╤Г╤З╨░╨╡╨╝ ╨╛╨┐╨╡╤А╨░╤Ж╨╕╨╛╨╜╨╜╤Л╨╣ ╨┤╨╛╤Е╨╛╨┤ ╨╕╨╗╨╕ EBIT. ╨Т╤Л ╨╝╨╛╨╢╨╡╤В╨╡ ╤Б╨┐╤А╨╛╤Б╨╕╤В╤М, ╨┐╨╛╤З╨╡╨╝╤Г ╨╝╤Л ╤А╨░╤Б╤Б╨╝╨░╤В╤А╨╕╨▓╨░╨╡╨╝ EBIT ╨▓╨╝╨╡╤Б╤В╨╛ ╤З╨╕╤Б╤В╨╛╨╣ ╨┐╤А╨╕╨▒╤Л╨╗╨╕. ╨Ю╨┐╨╡╤А╨░╤Ж╨╕╨╛╨╜╨╜╤Л╨╣ ╨┤╨╛╤Е╨╛╨┤ ╨╜╨░╨┐╤А╤П╨╝╤Г╤О ╨╛╤В╤А╨░╨╢╨░╨╡╤В ╨┤╨╛╤Е╨╛╨┤, ╨┐╨╛╨╗╤Г╤З╨╡╨╜╨╜╤Л╨╣ ╨╛╤В ╨▒╨╕╨╖╨╜╨╡╤Б╨░; ╨║╤А╨╛╨╝╨╡ ╤В╨╛╨│╨╛, ╨╛╨┐╨╡╤А╨░╤Ж╨╕╨╛╨╜╨╜╤Л╨╣ ╨┤╨╛╤Е╨╛╨┤ ╨╜╨╡ ╨▓╨║╨╗╤О╤З╨░╨╡╤В ╨┤╨╛╤Е╨╛╨┤╤Л ╨╕╨╖ ╨┤╤А╤Г╨│╨╕╤Е ╨╕╤Б╤В╨╛╤З╨╜╨╕╨║╨╛╨▓.
╨Т╤В╨╛╤А╨░╤П ╤З╨░╤Б╤В╤М ╨┐╤А╨╡╨┤╤Б╤В╨░╨▓╨╗╤П╨╡╤В ╤Б╨╛╨▒╨╛╨╣ ╤Б╤А╨╡╨┤╨╜╨╕╨╣ ╨╕╤Б╨┐╨╛╨╗╤М╨╖╤Г╨╡╨╝╤Л╨╣ ╨║╨░╨┐╨╕╤В╨░╨╗. ╨з╤В╨╛╨▒╤Л ╤Г╨╖╨╜╨░╤В╤М ╨╕╤Б╨┐╨╛╨╗╤М╨╖╤Г╨╡╨╝╤Л╨╣ ╨║╨░╨┐╨╕╤В╨░╨╗╨Т╤Л╤П╤Б╨╜╨╕╤В╨╡, ╨║╨░╨║╨╛╨╣ ╨║╨░╨┐╨╕╤В╨░╨╗ ╨╕╤Б╨┐╨╛╨╗╤М╨╖╤Г╨╡╤В╤Б╤П╨Ш╤Б╨┐╨╛╨╗╤М╨╖╤Г╨╡╨╝╤Л╨╣ ╨║╨░╨┐╨╕╤В╨░╨╗ ╨┐╨╛╨║╨░╨╖╤Л╨▓╨░╨╡╤В ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╕ ╨║╨╛╨╝╨┐╨░╨╜╨╕╨╕ ╨▓ ╨▒╨╕╨╖╨╜╨╡╤Б, ╤В. ╨╡. ╨╛╨▒╤Й╤Г╤О ╤Б╤Г╨╝╨╝╤Г ╤Б╤А╨╡╨┤╤Б╤В╨▓, ╨╕╤Б╨┐╨╛╨╗╤М╨╖╤Г╨╡╨╝╤Л╤Е ╨┤╨╗╤П ╤А╨░╤Б╤И╨╕╤А╨╡╨╜╨╕╤П ╨╕╨╗╨╕ ╨┐╤А╨╕╨╛╨▒╤А╨╡╤В╨╡╨╜╨╕╤П, ╨╕ ╨▓╤Б╤О ╤Б╤В╨╛╨╕╨╝╨╛╤Б╤В╤М ╨░╨║╤В╨╕╨▓╨╛╨▓, ╨╖╨░╨┤╨╡╨╣╤Б╤В╨▓╨╛╨▓╨░╨╜╨╜╤Л╤Е ╨▓ ╨┤╨╡╨╗╨╛╨▓╤Л╤Е ╨╛╨┐╨╡╤А╨░╤Ж╨╕╤П╤Е. ┬л╨Ч╨░╨┤╨╡╨╣╤Б╤В╨▓╨╛╨▓╨░╨╜╨╜╤Л╨╣ ╨║╨░╨┐╨╕╤В╨░╨╗ = ╨╛╨▒╤Й╨╕╨╡ ╨░╨║╤В╨╕╨▓╤Л — ╤В╨╡╨║╤Г╤Й╨╕╨╡ ╨╛╨▒╤П╨╖╨░╤В╨╡╨╗╤М╤Б╤В╨▓╨░┬╗ ╨╕╨╗╨╕ ┬л╨╖╨░╨┤╨╡╨╣╤Б╤В╨▓╨╛╨▓╨░╨╜╨╜╤Л╨╣ ╨║╨░╨┐╨╕╤В╨░╨╗ = ╨▓╨╜╨╡╨╛╨▒╨╛╤А╨╛╤В╨╜╤Л╨╡ ╨░╨║╤В╨╕╨▓╤Л + ╨╛╨▒╨╛╤А╨╛╤В╨╜╤Л╨╣ ╨║╨░╨┐╨╕╤В╨░╨╗┬╗. ╨Я╨╛╨┤╤А╨╛╨▒╨╜╨╡╨╡, ╨╝╤Л ╨╝╨╛╨╢╨╡╨╝ ╨╕╤Б╨┐╨╛╨╗╤М╨╖╨╛╨▓╨░╤В╤М ╨┤╨▓╨░ ╨┐╨╛╨┤╤Е╨╛╨┤╨░.
- ╨Я╨╡╤А╨▓╤Л╨╣ ╨┐╨╛╨┤╤Е╨╛╨┤ ╨╝╨╛╨╢╨╡╤В ╨┐╤А╨╛╤Б╤В╨╛ ╨┤╨╛╨▒╨░╨▓╨╕╤В╤М ╤Б╨╛╨▒╤Б╤В╨▓╨╡╨╜╨╜╤Л╨╣ ╨║╨░╨┐╨╕╤В╨░╨╗ ╨╕ ╨┤╨╛╨╗╨│╨╛╤Б╤А╨╛╤З╨╜╤Л╨╣ ╨┤╨╛╨╗╨│.
- ╨Э╨╛ ╨╡╤Б╤В╤М ╨▓╤В╨╛╤А╨╛╨╣ ╨┐╨╛╨┤╤Е╨╛╨┤, ╨║╨╛╤В╨╛╤А╤Л╨╣ ╨╗╤Г╤З╤И╨╡ ╨┐╨╡╤А╨▓╨╛╨│╨╛. ╨Я╤А╨╕ ╨▓╤В╨╛╤А╨╛╨╝ ╨┐╨╛╨┤╤Е╨╛╨┤╨╡ ╨╝╤Л ╨▓╤Л╤З╨╕╤В╨░╨╡╨╝ ╤В╨╡╨║╤Г╤Й╨╕╨╡ ╨╛╨▒╤П╨╖╨░╤В╨╡╨╗╤М╤Б╤В╨▓╨░ ╨╕╨╖ ╨╛╨▒╤Й╨╡╨╣ ╤Б╤Г╨╝╨╝╤Л ╨░╨║╤В╨╕╨▓╨╛╨▓ ╨╕╨╗╨╕ ╤Б╤Г╨╝╨╝╨╕╤А╤Г╨╡╨╝ ╤Б╨╛╨▒╤Б╤В╨▓╨╡╨╜╨╜╤Л╨╣ ╨║╨░╨┐╨╕╤В╨░╨╗ ╨╕ ╨┤╨╛╨╗╨│╨╛╤Б╤А╨╛╤З╨╜╤Л╨╡ ╨╛╨▒╤П╨╖╨░╤В╨╡╨╗╤М╤Б╤В╨▓╨░.
- ╨Т╤В╨╛╤А╨╛╨╣ ╨┐╨╛╨┤╤Е╨╛╨┤ ╨╗╤Г╤З╤И╨╡, ╨┐╨╛╤В╨╛╨╝╤Г ╤З╤В╨╛ ╨╛╨╜ ╨┐╤А╤П╨╝╨╛ ╨┐╨╛╨║╨░╨╖╤Л╨▓╨░╨╡╤В, ╤З╤В╨╛ ╨▒╤Л╨╗╨╛ ╨╜╨╡╨┐╨╛╤Б╤А╨╡╨┤╤Б╤В╨▓╨╡╨╜╨╜╨╛ ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤А╨╛╨▓╨░╨╜╨╛ ╨▓ ╨▒╨╕╨╖╨╜╨╡╤Б (╤Н╤В╨╛ ╨╛╨╖╨╜╨░╤З╨░╨╡╤В, ╤З╤В╨╛ ╤Н╤В╨╛╤В ╨┐╨╛╨┤╤Е╨╛╨┤ ╤В╨░╨║╨╢╨╡ ╨▓╨║╨╗╤О╤З╨░╨╡╤В ╨┤╤А╤Г╨│╨╕╨╡ ╨┤╨╛╨╗╨│╨╛╤Б╤А╨╛╤З╨╜╤Л╨╡ ╨╛╨▒╤П╨╖╨░╤В╨╡╨╗╤М╤Б╤В╨▓╨░, ╨║╤А╨╛╨╝╨╡ ╨┤╨╛╨╗╨│╨░).

╨Я╤А╨╕╨╝╨╡╤А

╨Ф╨░╨▓╨░╨╣╤В╨╡ ╨▓╨╛╨╖╤М╨╝╨╡╨╝ ╨┐╤А╨╛╤Б╤В╨╛╨╣ ╨┐╤А╨╕╨╝╨╡╤А, ╤З╤В╨╛╨▒╤Л ╨┐╤А╨╛╨╕╨╗╨╗╤О╤Б╤В╤А╨╕╤А╨╛╨▓╨░╤В╤М ╤Д╨╛╤А╨╝╤Г╨╗╤Г ROACE.

╨Я╤А╨╡╨╕╨╝╤Г╤Й╨╡╤Б╤В╨▓╨░ Inc. ╨╕╨╝╨╡╨╡╤В ╤Б╨╗╨╡╨┤╤Г╤О╤Й╤Г╤О ╨╕╨╜╤Д╨╛╤А╨╝╨░╤Ж╨╕╤О —

EBIT ╨╖╨░ ╨│╨╛╨┤ тАУ $30 000
╨Э╨░╤З╨░╨╗╤М╨╜╤Л╨╣ ╨╖╨░╨┤╨╡╨╣╤Б╤В╨▓╨╛╨▓╨░╨╜╨╜╤Л╨╣ ╨║╨░╨┐╨╕╤В╨░╨╗ тАУ 540 000 ╨┤╨╛╨╗╨╗╨░╤А╨╛╨▓ ╨б╨и╨Р.
╨Ъ╨╛╨╜╨╡╤З╨╜╤Л╨╣ ╨╖╨░╨┤╨╡╨╣╤Б╤В╨▓╨╛╨▓╨░╨╜╨╜╤Л╨╣ ╨║╨░╨┐╨╕╤В╨░╨╗ — 450 000 ╨┤╨╛╨╗╨╗╨░╤А╨╛╨▓ ╨б╨и╨Р.

╨г╨╖╨╜╨░╨╣╤В╨╡ ROACE.

╨Т╨╛-╨┐╨╡╤А╨▓╤Л╤Е, ╨╜╨░╨╝ ╨╜╤Г╨╢╨╜╨╛ ╨▓╤Л╤П╤Б╨╜╨╕╤В╤М ╤Б╤А╨╡╨┤╨╜╨╕╨╣ ╨╕╤Б╨┐╨╛╨╗╤М╨╖╤Г╨╡╨╝╤Л╨╣ ╨║╨░╨┐╨╕╤В╨░╨╗.

╨Т╤Б╨╡, ╤З╤В╨╛ ╨╜╨░╨╝ ╨╜╤Г╨╢╨╜╨╛ ╤Б╨┤╨╡╨╗╨░╤В╤М, ╤Н╤В╨╛ ╤Б╨┤╨╡╨╗╨░╤В╤М ╨┐╤А╨╛╤Б╤В╨╛╨╡ ╤Б╤А╨╡╨┤╨╜╨╡╨╡ ╨╖╨╜╨░╤З╨╡╨╜╨╕╨╡.

╨б╤А╨╡╨┤╨╜╨╕╨╣ ╨╖╨░╨┤╨╡╨╣╤Б╤В╨▓╨╛╨▓╨░╨╜╨╜╤Л╨╣ ╨║╨░╨┐╨╕╤В╨░╨╗ = (540 000 ╨┤╨╛╨╗╨╗╨░╤А╨╛╨▓ ╨б╨и╨Р + 450 000 ╨┤╨╛╨╗╨╗╨░╤А╨╛╨▓ ╨б╨и╨Р) / 2 = 990 000 ╨┤╨╛╨╗╨╗╨░╤А╨╛╨▓ ╨б╨и╨Р / 2 = 495 000 ╨┤╨╛╨╗╨╗╨░╤А╨╛╨▓ ╨б╨и╨Р.
╨д╨╛╤А╨╝╤Г╨╗╨░ ROACE = EBIT / ╨б╤А╨╡╨┤╨╜╨╕╨╣ ╨╖╨░╨┤╨╡╨╣╤Б╤В╨▓╨╛╨▓╨░╨╜╨╜╤Л╨╣ ╨║╨░╨┐╨╕╤В╨░╨╗
╨Ш╨╗╨╕ ╤Д╨╛╤А╨╝╤Г╨╗╨░ ROACE = 30 000 ╨┤╨╛╨╗╨╗. ╨б╨и╨Р / 495 000 ╨┤╨╛╨╗╨╗. ╨б╨и╨Р = 6,06%.

Nestle ╨а╨╡╨╜╤В╨░╨▒╨╡╨╗╤М╨╜╨╛╤Б╤В╤М ╤Б╤А╨╡╨┤╨╜╨╡╨│╨╛ ╨▓╨╗╨╛╨╢╨╡╨╜╨╜╨╛╨│╨╛ ╨║╨░╨┐╨╕╤В╨░╨╗╨░

╨Э╨╕╨╢╨╡ ╨┐╤А╨╕╨▓╨╡╨┤╨╡╨╜ ╤Б╨╜╨╕╨╝╨╛╨║ ╨╛╤В╤З╨╡╤В╨░ ╨╛ ╨┐╤А╨╕╨▒╤Л╨╗╤П╤Е ╨╕ ╤Г╨▒╤Л╤В╨║╨░╤Е Nestle ╨╕ ╨▒╨░╨╗╨░╨╜╤Б╨╛╨▓╨╛╨│╨╛ ╨╛╤В╤З╨╡╤В╨░. ╨Ф╨╗╤П ╤А╨░╤Б╤З╨╡╤В╨░ ROACE ╨╜╨░╨╝ ╤В╤А╨╡╨▒╤Г╨╡╤В╤Б╤П EBIT ╨╕╨╗╨╕ ╨╛╨┐╨╡╤А╨░╤Ж╨╕╨╛╨╜╨╜╨░╤П ╨┐╤А╨╕╨▒╤Л╨╗╤М.

╨Ъ╨╛╨╜╤Б╨╛╨╗╨╕╨┤╨╕╤А╨╛╨▓╨░╨╜╨╜╤Л╨╣ ╨╛╤В╤З╨╡╤В ╨╛ ╨┐╤А╨╕╨▒╤Л╨╗╤П╤Е ╨╕ ╤Г╨▒╤Л╤В╨║╨░╤Е ╨╖╨░ ╨│╨╛╨┤, ╨╖╨░╨║╨╛╨╜╤З╨╕╨▓╤И╨╕╨╣╤Б╤П 31 ╨┤╨╡╨║╨░╨▒╤А╤П 2014 ╨╕ 2015 ╨│╨│.

Nestle - ROCE - ╨Ю╤В╤З╨╡╤В ╨╛ ╨┐╤А╨╕╨▒╤Л╨╗╤П╤Е ╨╕ ╤Г╨▒╤Л╤В╨║╨░╤Е Nestle - ROCE - ╨С╤Г╤Е╨│╨░╨╗╤В╨╡╤А╤Б╨║╨╕╨╣ ╨▒╨░╨╗╨░╨╜╤Б

╨╕╤Б╤В╨╛╤З╨╜╨╕╨║: ╨У╨╛╨┤╨╛╨▓╨╛╨╣ ╨╛╤В╤З╨╡╤В ╨Э╨╡╤Б╤В╨╗╨╡

╨Ч╨┤╨╡╤Б╤М ╨▓╨░╨╢╨╜╤Л ╤В╤А╨╕ ╤Ж╨╕╤Д╤А╤Л, ╨╕ ╨▓╤Б╨╡ ╨╛╨╜╨╕ ╨▓╤Л╨┤╨╡╨╗╨╡╨╜╤Л. ╨Т╨╛-╨┐╨╡╤А╨▓╤Л╤Е, ╤Н╤В╨╛ ╨╛╨┐╨╡╤А╨░╤Ж╨╕╨╛╨╜╨╜╨░╤П ╨┐╤А╨╕╨▒╤Л╨╗╤М ╨╖╨░ 2014 ╨╕ 2015 ╨│╨╛╨┤╤Л. ╨Ч╨░╤В╨╡╨╝ ╨╜╨╡╨╛╨▒╤Е╨╛╨┤╨╕╨╝╨╛ ╤А╨░╤Б╤Б╨╝╨╛╤В╤А╨╡╤В╤М ╨╛╨▒╤Й╨╕╨╡ ╨░╨║╤В╨╕╨▓╤Л ╨╕ ╨╛╨▒╤Й╨╕╨╡ ╤В╨╡╨║╤Г╤Й╨╕╨╡ ╨╛╨▒╤П╨╖╨░╤В╨╡╨╗╤М╤Б╤В╨▓╨░ ╨╖╨░ 2014 ╨╕ 2015 ╨│╨╛╨┤╤Л.

╨Ю╨┐╨╡╤А╨░╤Ж╨╕╨╛╨╜╨╜╨░╤П ╨┐╤А╨╕╨▒╤Л╨╗╤М 2015 ╨│. = 12 408 ╤И╨▓╨╡╨╣╤Ж╨░╤А╤Б╨║╨╕╤Е ╤Д╤А╨░╨╜╨║╨╛╨▓.
╨Ч╨░╨┤╨╡╨╣╤Б╤В╨▓╨╛╨▓╨░╨╜╨╜╤Л╨╣ ╨║╨░╨┐╨╕╤В╨░╨╗ (2015 ╨│.) = 123 992 тАУ 33 321 = 90 671
╨Ч╨░╨┤╨╡╨╣╤Б╤В╨▓╨╛╨▓╨░╨╜╨╜╤Л╨╣ ╨║╨░╨┐╨╕╤В╨░╨╗ (2014 ╨│.) = 133 450 тАУ 32 895 = 100 555
╨б╤А╨╡╨┤╨╜╨╕╨╣ ╨╖╨░╨┤╨╡╨╣╤Б╤В╨▓╨╛╨▓╨░╨╜╨╜╤Л╨╣ ╨║╨░╨┐╨╕╤В╨░╨╗ = (90 671 + 100 555)/2 = 95 613
ROACE = 12 408 ╤И╨▓╨╡╨╣╤Ж╨░╤А╤Б╨║╨╕╤Е ╤Д╤А╨░╨╜╨║╨╛╨▓ / 95 613 = 12,98%

╨Ш╤Б╨┐╨╛╨╗╤М╨╖╨╛╨▓╨░╨╜╨╕╨╡

╨а╨╡╨╜╤В╨░╨▒╨╡╨╗╤М╨╜╨╛╤Б╤В╤М ╤Б╤А╨╡╨┤╨╜╨╡╨│╨╛ ╨▓╨╗╨╛╨╢╨╡╨╜╨╜╨╛╨│╨╛ ╨║╨░╨┐╨╕╤В╨░╨╗╨░ ╨╗╤Г╤З╤И╨╡ ╨▓╤Б╨╡╨│╨╛ ╨╕╤Б╨┐╨╛╨╗╤М╨╖╨╛╨▓╨░╤В╤М ╨┤╨╗╤П ╨║╨░╨┐╨╕╤В╨░╨╗╨╛╨╡╨╝╨║╨╕╤Е ╨╛╤В╤А╨░╤Б╨╗╨╡╨╣.
╨Ъ╨╛╨╝╨┐╨░╨╜╨╕╨╕, ╨║╨╛╤В╨╛╤А╤Л╨╝ ╤В╤А╨╡╨▒╤Г╨╡╤В╤Б╤П ╨▒╨╛╨╗╤М╤И╨╛╨╣ ╨░╨▓╨░╨╜╤Б╨╛╨▓╤Л╨╣ ╨║╨░╨┐╨╕╤В╨░╨╗ ╨┤╨╗╤П ╨╜╨░╤З╨░╨╗╨░ ╨╕ ╨▓╨╡╨┤╨╡╨╜╨╕╤П ╨▒╨╕╨╖╨╜╨╡╤Б╨░, ╤П╨▓╨╗╤П╤О╤В╤Б╤П ╨║╨░╨┐╨╕╤В╨░╨╗╨╛╨╡╨╝╨║╨╕╨╝╨╕ ╨╛╤В╤А╨░╤Б╨╗╤П╨╝╨╕. ╨Ф╨╗╤П ╨║╨░╨┐╨╕╤В╨░╨╗╨╛╨╡╨╝╨║╨╕╤Е ╨╛╤В╤А╨░╤Б╨╗╨╡╨╣ ROAD ╨▒╤Г╨┤╨╡╤В ╨╜╨╕╨╢╨╡.
╨Т ╨╛╤Б╤В╨░╨╗╤М╨╜╤Л╤Е ╤Б╨╗╤Г╤З╨░╤П╤Е (╨╡╤Б╨╗╨╕ ╨║╨╛╨╝╨┐╨░╨╜╨╕╤П ╨╜╨╡ ╨║╨░╨┐╨╕╤В╨░╨╗╨╛╨╡╨╝╨║╨░╤П) ROACE ╨┤╨╛╨╗╨╢╨╡╨╜ ╨▒╤Л╤В╤М ╨▓╤Л╤И╨╡.
╨Ш╨╜╨▓╨╡╤Б╤В╨╛╤А ╨┤╨╛╨╗╨╢╨╡╨╜ ╨▒╤Л╤В╤М ╨╛╤Б╤В╨╛╤А╨╛╨╢╨╡╨╜ ╨▓ ╨╛╤В╨╜╨╛╤И╨╡╨╜╨╕╨╕ ╨╛╤Б╨╜╨╛╨▓╨╜╤Л╤Е ╤Б╤А╨╡╨┤╤Б╤В╨▓. ╨Ь╨╛╨╢╨╡╤В ╤Б╨╗╤Г╤З╨╕╤В╤М╤Б╤П ╤В╨░╨║, ╤З╤В╨╛ ╤Н╤В╨╕ ╨╛╤Б╨╜╨╛╨▓╨╜╤Л╨╡ ╤Б╤А╨╡╨┤╤Б╤В╨▓╨░ ╨╛╨▒╨╡╤Б╤Ж╨╡╨╜╤П╤В╤Б╤П, ╨╕ ╨▓ ╤А╨╡╨╖╤Г╨╗╤М╤В╨░╤В╨╡ ROACE ╨╛╨║╨░╨╢╨╡╤В╤Б╤П ╨▓╤Л╤И╨╡. ╨Э╨╛ ╤Н╤В╨╛ ╨╜╨╡ ╨┐╨╛╤В╨╛╨╝╤Г, ╤З╤В╨╛ ╨┐╤А╨╕╨▒╤Л╨╗╤М ╨▓╤Л╤И╨╡; ╤Б╨║╨╛╤А╨╡╨╡, ROACE ╨╜╨╕╨╢╨╡.

╨Ъ╨░╨╗╤М╨║╤Г╨╗╤П╤В╨╛╤А ╤А╨╡╨╜╤В╨░╨▒╨╡╨╗╤М╨╜╨╛╤Б╤В╨╕ ╤Б╤А╨╡╨┤╨╜╨╡╨│╨╛ ╨▓╨╗╨╛╨╢╨╡╨╜╨╜╨╛╨│╨╛ ╨║╨░╨┐╨╕╤В╨░╨╗╨░

╨Т╤Л ╨╝╨╛╨╢╨╡╤В╨╡ ╨╕╤Б╨┐╨╛╨╗╤М╨╖╨╛╨▓╨░╤В╤М ╤Б╨╗╨╡╨┤╤Г╤О╤Й╨╕╨╣ ╨║╨░╨╗╤М╨║╤Г╨╗╤П╤В╨╛╤А.

.cal-tbl td{ ╨▓╨╡╤А╤Е╨╜╤П╤П ╨│╤А╨░╨╜╨╕╤Ж╨░: 0 !╨▓╨░╨╢╨╜╨╛; }.cal-tbl tr{ ╨▓╤Л╤Б╨╛╤В╨░ ╤Б╤В╤А╨╛╨║╨╕: 0.5em; } ╨в╨╛╨╗╤М╨║╨╛ ╤Н╨║╤А╨░╨╜ @media ╨╕ (╨╝╨╕╨╜╨╕╨╝╨░╨╗╤М╨╜╨░╤П ╤И╨╕╤А╨╕╨╜╨░ ╤Г╤Б╤В╤А╨╛╨╣╤Б╤В╨▓╨░: 320 ╨┐╨╕╨║╤Б╨╡╨╗╨╡╨╣) ╨╕ (╨╝╨░╨║╤Б╨╕╨╝╨░╨╗╤М╨╜╨░╤П ╤И╨╕╤А╨╕╨╜╨░ ╤Г╤Б╤В╤А╨╛╨╣╤Б╤В╨▓╨░: 480 ╨┐╨╕╨║╤Б╨╡╨╗╨╡╨╣) { .cal-tbl tr{ line-height: 1em !important; } } EBIT╨б╤А╨╡╨┤╨╜╨╕╨╣ ╨╜╨░╨╡╨╝╨╜╤Л╨╣ ╨║╨░╨┐╨╕╤В╨░╨╗ ╨д╨╛╤А╨╝╤Г╨╗╨░ ROACE

╨д╨╛╤А╨╝╤Г╨╗╨░ ROACE = EBIT = ╤Б╤А╨╡╨┤╨╜╨╕╨╣ ╨╖╨░╨┤╨╡╨╣╤Б╤В╨▓╨╛╨▓╨░╨╜╨╜╤Л╨╣ ╨║╨░╨┐╨╕╤В╨░╨╗ 0 = 00

╨а╨╡╨╜╤В╨░╨▒╨╡╨╗╤М╨╜╨╛╤Б╤В╤М ╤Б╤А╨╡╨┤╨╜╨╡╨│╨╛ ╨║╨░╨┐╨╕╤В╨░╨╗╨░, ╨╕╤Б╨┐╨╛╨╗╤М╨╖╤Г╨╡╨╝╨╛╨│╨╛ ╨▓ Excel (╤Б ╤И╨░╨▒╨╗╨╛╨╜╨╛╨╝ Excel)

╨Ф╨░╨▓╨░╨╣╤В╨╡ ╤В╨╡╨┐╨╡╤А╤М ╤Б╨┤╨╡╨╗╨░╨╡╨╝ ╤В╨╛╤В ╨╢╨╡ ╨┐╤А╨╕╨╝╨╡╤А ╨▓╤Л╤И╨╡ ╨▓ Excel. ╨н╤В╨╛ ╨╛╤З╨╡╨╜╤М ╨┐╤А╨╛╤Б╤В╨╛. ╨Т╨╛-╨┐╨╡╤А╨▓╤Л╤Е, ╨▓╨░╨╝ ╨╜╤Г╨╢╨╜╨╛ ╤Г╨╖╨╜╨░╤В╤М ╤Б╤А╨╡╨┤╨╜╨╕╨╣ ╨╖╨░╨┤╨╡╨╣╤Б╤В╨▓╨╛╨▓╨░╨╜╨╜╤Л╨╣ ╨║╨░╨┐╨╕╤В╨░╨╗ ╨╕ ╨┐╤А╨╡╨┤╨╛╤Б╤В╨░╨▓╨╕╤В╤М ╨┤╨▓╨░ ╨▓╤Е╨╛╨┤╨░ Ebit ╨╕ Average Capital Employed.

╨Т╤Л ╨╝╨╛╨╢╨╡╤В╨╡ ╨╗╨╡╨│╨║╨╛ ╤А╨░╤Б╤Б╤З╨╕╤В╨░╤В╤М ╤Б╨╛╨╛╤В╨╜╨╛╤И╨╡╨╜╨╕╨╡ ╨▓ ╨┐╤А╨╡╨┤╨╛╤Б╤В╨░╨▓╨╗╨╡╨╜╨╜╨╛╨╝ ╤И╨░╨▒╨╗╨╛╨╜╨╡.

╨а╨╡╨╜╤В╨░╨▒╨╡╨╗╤М╨╜╨╛╤Б╤В╤М ╤Б╤А╨╡╨┤╨╜╨╡╨│╨╛ ╨║╨░╨┐╨╕╤В╨░╨╗╨░, ╨╕╤Б╨┐╨╛╨╗╤М╨╖╤Г╨╡╨╝╨╛╨│╨╛ ╨▓ Excel

╨Т╤Л ╨╝╨╛╨╢╨╡╤В╨╡ ╤Б╨║╨░╤З╨░╤В╤М ╤Н╤В╨╛╤В ╤И╨░╨▒╨╗╨╛╨╜ ╨╖╨┤╨╡╤Б╤М — ╨и╨░╨▒╨╗╨╛╨╜ Excel ╤Б ╤А╨╡╨╜╤В╨░╨▒╨╡╨╗╤М╨╜╨╛╤Б╤В╤М╤О ╤Б╤А╨╡╨┤╨╜╨╡╨│╨╛ ╨║╨░╨┐╨╕╤В╨░╨╗╨░.

╨Т╨╕╨┤╨╡╨╛ ╨╛ ╤Д╨╛╤А╨╝╤Г╨╗╨╡ ╤А╨╡╨╜╤В╨░╨▒╨╡╨╗╤М╨╜╨╛╤Б╤В╨╕ ╤Б╤А╨╡╨┤╨╜╨╡╨│╨╛ ╨║╨░╨┐╨╕╤В╨░╨╗╨░

╨з╨░╤Б╤В╨╛ ╨╖╨░╨┤╨░╨▓╨░╨╡╨╝╤Л╨╡ ╨▓╨╛╨┐╤А╨╛╤Б╤Л (FAQ)

╨Т ╤З╨╡╨╝ ╤А╨░╨╖╨╜╨╕╤Ж╨░ ╨╝╨╡╨╢╨┤╤Г ╨┤╨╛╤Е╨╛╨┤╨╛╨╝ ╨╜╨░ ╨▓╨╗╨╛╨╢╨╡╨╜╨╜╤Л╨╣ ╨║╨░╨┐╨╕╤В╨░╨╗ ╨╕ ╨┤╨╛╤Е╨╛╨┤╨╛╨╝ ╨╜╨░ ╤Б╤А╨╡╨┤╨╜╨╕╨╣ ╨▓╨╗╨╛╨╢╨╡╨╜╨╜╤Л╨╣ ╨║╨░╨┐╨╕╤В╨░╨╗?

╨а╨╡╨╜╤В╨░╨▒╨╡╨╗╤М╨╜╨╛╤Б╤В╤М ╨╕╤Б╨┐╨╛╨╗╤М╨╖╤Г╨╡╨╝╨╛╨│╨╛ ╨║╨░╨┐╨╕╤В╨░╨╗╨░ тАФ ╤Н╤В╨╛ ╨╛╨▒╤Й╨░╤П ╤Б╤Г╨╝╨╝╨░ ╨░╨║╤В╨╕╨▓╨╛╨▓, ╨║╨╛╤В╨╛╤А╤Л╨╡ ╨▒╨╕╨╖╨╜╨╡╤Б ╨╕╤Б╨┐╨╛╨╗╤М╨╖╤Г╨╡╤В ╨▓╨╝╨╡╤Б╤В╨╛ ╤Б╨▓╨╛╨╕╤Е ╨╛╨▒╤П╨╖╨░╤В╨╡╨╗╤М╤Б╤В╨▓. ╨н╤В╨╛ ╨┐╨╛╨╝╨╛╨│╨░╨╡╤В ╨╕╨╜╨▓╨╡╤Б╤В╨╛╤А╨░╨╝ ╨┐╨╛╨╜╤П╤В╤М, ╨╜╨░╤Б╨║╨╛╨╗╤М╨║╨╛ ╤Е╨╛╤А╨╛╤И╨╛ ╨▒╨╕╨╖╨╜╨╡╤Б ╨╕╤Б╨┐╨╛╨╗╤М╨╖╤Г╨╡╤В ╤Б╨▓╨╛╨╕ ╨░╨║╤В╨╕╨▓╤Л. ╨в╨╡╨╝ ╨╜╨╡ ╨╝╨╡╨╜╨╡╨╡, ╨┤╨╛╤Е╨╛╨┤ ╨╜╨░ ╤Б╤А╨╡╨┤╨╜╨╕╨╣ ╨╕╤Б╨┐╨╛╨╗╤М╨╖╤Г╨╡╨╝╤Л╨╣ ╨║╨░╨┐╨╕╤В╨░╨╗ ╨╕╤Б╤В╨╛╨╗╨║╨╛╨▓╤Л╨▓╨░╨╡╤В ╤Б╤А╨╡╨┤╨╜╨╕╨╡ ╨╛╨▒╤П╨╖╨░╤В╨╡╨╗╤М╤Б╤В╨▓╨░ ╨╕ ╨░╨║╤В╨╕╨▓╤Л, ╨║╨╛╨╜╨╡╤З╨╜╨╛╨╡ ╨╕ ╨╜╨░╤З╨░╨╗╤М╨╜╨╛╨╡ ╤Б╨░╨╗╤М╨┤╨╛.

╨Ъ╨░╨║╨╛╨▓╨░ ╤Е╨╛╤А╨╛╤И╨░╤П ╤Ж╨╕╤Д╤А╨░ ╤А╨╡╨╜╤В╨░╨▒╨╡╨╗╤М╨╜╨╛╤Б╤В╨╕ ╤Б╤А╨╡╨┤╨╜╨╡╨│╨╛ ╨▓╨╗╨╛╨╢╨╡╨╜╨╜╨╛╨│╨╛ ╨║╨░╨┐╨╕╤В╨░╨╗╨░?

╨Ф╨╛╤Б╤В╨╛╨╣╨╜╨░╤П ╤Ж╨╕╤Д╤А╨░ ╨┤╨╗╤П ╤Н╤В╨╛╨│╨╛ ╨╖╨░╨▓╨╕╤Б╨╕╤В ╨╛╤В ╨╛╤В╤А╨░╤Б╨╗╨╡╨▓╨╛╨│╨╛ ╤Н╤В╨░╨╗╨╛╨╜╨░. ╨Т ╨╜╨░╤Б╤В╨╛╤П╤Й╨╡╨╡ ╨▓╤А╨╡╨╝╤П ╨┐╤А╨╡╨╛╨▒╨╗╨░╨┤╨░╤О╤Й╨╕╨╝ ╨▒╤Г╨┤╨╡╤В ╨║╨╛╨╜╤В╤А╨╛╨╗╤М╨╜╤Л╨╣ ╨┐╨╛╨║╨░╨╖╨░╤В╨╡╨╗╤М ╨▓ 35%. ╨в╨░╨║╨╕╨╝ ╨╛╨▒╤А╨░╨╖╨╛╨╝, ╨╗╤О╨▒╨░╤П ╨║╨╛╨╝╨┐╨░╨╜╨╕╤П ╤Б ROACE 20% ╨▒╤Г╨┤╨╡╤В ╨▓╤Л╨│╨╗╤П╨┤╨╡╤В╤М ╤Е╨╛╤А╨╛╤И╨╛.

╨Ъ╨░╨║╨╕╨╡ ╤Д╨░╨║╤В╨╛╤А╤Л ╨▓╨╗╨╕╤П╤О╤В ╨╜╨░ ╨┤╨╛╤Е╨╛╨┤╨╜╨╛╤Б╤В╤М ╤Б╤А╨╡╨┤╨╜╨╡╨│╨╛ ╨▓╨╗╨╛╨╢╨╡╨╜╨╜╨╛╨│╨╛ ╨║╨░╨┐╨╕╤В╨░╨╗╨░?

╨з╤В╨╛╨▒╤Л ╨┐╨╛╨▓╤Л╤Б╨╕╤В╤М ╤А╨╡╨╜╤В╨░╨▒╨╡╨╗╤М╨╜╨╛╤Б╤В╤М ╤Б╤А╨╡╨┤╨╜╨╡╨│╨╛ ╨▓╨╗╨╛╨╢╨╡╨╜╨╜╨╛╨│╨╛ ╨║╨░╨┐╨╕╤В╨░╨╗╨░, ╤Д╨╕╤А╨╝╨░ ╨╝╨╛╨╢╨╡╤В ╨╜╨░╤З╨░╤В╤М ╤Б ╨┐╨╛╨│╨░╤И╨╡╨╜╨╕╤П ╨╛╨▒╤П╨╖╨░╤В╨╡╨╗╤М╤Б╤В╨▓ ╨╕ ╤Г╨▓╨╡╨╗╨╕╤З╨╡╨╜╨╕╤П ╨┐╤А╨╛╨┤╨░╨╢, ╤З╤В╨╛╨▒╤Л ╨┐╨╛╨╗╤Г╤З╨╕╤В╤М ╨┤╨╛╤Б╤В╨░╤В╨╛╤З╨╜╤Л╨╣ ╨┤╨╛╤Е╨╛╨┤ ╨┤╨╗╤П ╨┐╤А╨╕╨╛╨▒╤А╨╡╤В╨╡╨╜╨╕╤П ╨▒╨╛╨╗╤М╤И╨╡╨│╨╛ ╨║╨╛╨╗╨╕╤З╨╡╤Б╤В╨▓╨░ ╨░╨║╤В╨╕╨▓╨╛╨▓; ╨╛╨▒╤Й╨╕╨╣ ╨▒╨░╨╗╨░╨╜╤Б ╨▓╤Л╨│╨╗╤П╨┤╨╡╨╗ ╨▒╤Л ╨╢╨╡╨╗╨░╤В╨╡╨╗╤М╨╜╤Л╨╝.

╨а╨╡╨║╨╛╨╝╨╡╨╜╨┤╤Г╨╡╨╝╤Л╨╡ ╤Б╤В╨░╤В╤М╨╕

╨н╤В╨╛ ╤А╤Г╨║╨╛╨▓╨╛╨┤╤Б╤В╨▓╨╛ ╨┐╨╛ ╤Д╨╛╤А╨╝╤Г╨╗╨╡ ╤А╨╡╨╜╤В╨░╨▒╨╡╨╗╤М╨╜╨╛╤Б╤В╨╕ ╤Б╤А╨╡╨┤╨╜╨╡╨│╨╛ ╨▓╨╗╨╛╨╢╨╡╨╜╨╜╨╛╨│╨╛ ╨║╨░╨┐╨╕╤В╨░╨╗╨░, ╨╡╨╡ ╨╕╤Б╨┐╨╛╨╗╤М╨╖╨╛╨▓╨░╨╜╨╕╤О ╨╕ ╨┐╤А╨░╨║╤В╨╕╤З╨╡╤Б╨║╨╕╨╝ ╨┐╤А╨╕╨╝╨╡╤А╨░╨╝. ╨Ч╨┤╨╡╤Б╤М ╨╝╤Л ╤В╨░╨║╨╢╨╡ ╨┐╤А╨╡╨┤╨╛╤Б╤В╨░╨▓╨╗╤П╨╡╨╝ ╨▓╨░╨╝ ╨║╨░╨╗╤М╨║╤Г╨╗╤П╤В╨╛╤А ROACE ╤Б ╨╖╨░╨│╤А╤Г╨╢╨░╨╡╨╝╤Л╨╝ ╤И╨░╨▒╨╗╨╛╨╜╨╛╨╝ Excel. ╨г╨╖╨╜╨░╨╣╤В╨╡ ╨▒╨╛╨╗╤М╤И╨╡ ╨╕╨╖ ╤Б╨╗╨╡╨┤╤Г╤О╤Й╨╕╤Е ╤Б╤В╨░╤В╨╡╨╣ тАУ

╨д╨╛╤А╨╝╤Г╨╗╨░ ╨║╨╛╤Н╤Д╤Д╨╕╤Ж╨╕╨╡╨╜╤В╨░ ╨╛╨▒╤Й╨╕╤Е ╤А╨░╤Б╤Е╨╛╨┤╨╛╨▓╨д╨╛╤А╨╝╤Г╨╗╨░ ╨║╨╛╤Н╤Д╤Д╨╕╤Ж╨╕╨╡╨╜╤В╨░ ╨╛╨▒╤Й╨╕╤Е ╤А╨░╤Б╤Е╨╛╨┤╨╛╨▓╨Ъ╨╛╤Н╤Д╤Д╨╕╤Ж╨╕╨╡╨╜╤В ╨╛╨▒╤Й╨╕╤Е ╤А╨░╤Б╤Е╨╛╨┤╨╛╨▓ ╨┐╤А╨╡╨┤╤Б╤В╨░╨▓╨╗╤П╨╡╤В ╤Б╨╛╨▒╨╛╨╣ ╨╛╨▒╤Й╤Г╤О ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╛╨╜╨╜╤Г╤О ╤Б╤В╨╛╨╕╨╝╨╛╤Б╤В╤М ╨┤╨╗╤П ╨╕╨╜╨▓╨╡╤Б╤В╨╛╤А╨░, ╨║╨╛╤В╨╛╤А╤Л╨╣ ╨▓╨║╨╗╨░╨┤╤Л╨▓╨░╨╡╤В ╤Б╤А╨╡╨┤╤Б╤В╨▓╨░ ╨▓╨╛ ╨▓╨╖╨░╨╕╨╝╨╜╤Л╨╣ ╤Д╨╛╨╜╨┤, ╤Д╨╛╨╜╨┤ ╨░╨║╤Ж╨╕╨╣ ╨╕╨╗╨╕ ╨▒╨╕╤А╨╢╨╡╨▓╨╛╨╣ ╤Д╨╛╨╜╨┤. ╨б╤О╨┤╨░ ╨▓╤Е╨╛╨┤╤П╤В ╤В╤А╨░╨╜╨╖╨░╨║╤Ж╨╕╨╛╨╜╨╜╤Л╨╡ ╤А╨░╤Б╤Е╨╛╨┤╤Л ╨╜╨░ ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╕, ╤О╤А╨╕╨┤╨╕╤З╨╡╤Б╨║╨╕╨╡, ╤Г╨┐╤А╨░╨▓╨╗╨╡╨╜╤З╨╡╤Б╨║╨╕╨╡, ╨░╤Г╨┤╨╕╤В╨╛╤А╤Б╨║╨╕╨╡ ╨╕ ╨╝╨╜╨╛╨│╨╕╨╡ ╨┤╤А╤Г╨│╨╕╨╡ ╨╛╨┐╨╡╤А╨░╤Ж╨╕╨╛╨╜╨╜╤Л╨╡ ╤А╨░╤Б╤Е╨╛╨┤╤Л, ╨╛╨┐╤А╨╡╨┤╨╡╨╗╤П╤О╤Й╨╕╨╡ ╨║╨╛╨╜╨╡╤З╨╜╤Г╤О ╨┐╤А╨╕╨▒╤Л╨╗╤М ╨╛╤В ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╣.╨Я╨╛╨┤╤А╨╛╨▒╨╜╨╡╨╡
╨а╨╡╨╜╤В╨░╨▒╨╡╨╗╤М╨╜╨╛╤Б╤В╤М ╤З╨╕╤Б╤В╤Л╤Е ╨░╨║╤В╨╕╨▓╨╛╨▓ ╨Я╤А╨╕╨╝╨╡╤А╤Л╨а╨╡╨╜╤В╨░╨▒╨╡╨╗╤М╨╜╨╛╤Б╤В╤М ╤З╨╕╤Б╤В╤Л╤Е ╨░╨║╤В╨╕╨▓╨╛╨▓ ╨Я╤А╨╕╨╝╨╡╤А╤Л╨а╨╡╨╜╤В╨░╨▒╨╡╨╗╤М╨╜╨╛╤Б╤В╤М ╤З╨╕╤Б╤В╤Л╤Е ╨░╨║╤В╨╕╨▓╨╛╨▓ ╨╛╨┐╤А╨╡╨┤╨╡╨╗╤П╨╡╤В ╤Н╤Д╤Д╨╡╨║╤В╨╕╨▓╨╜╨╛╤Б╤В╤М ╨╕╤Б╨┐╨╛╨╗╤М╨╖╨╛╨▓╨░╨╜╨╕╤П ╤З╨╕╤Б╤В╤Л╤Е ╨░╨║╤В╨╕╨▓╨╛╨▓ ╨║╨╛╨╝╨┐╨░╨╜╨╕╨╕ ╨┤╨╗╤П ╨┐╨╛╨╗╤Г╤З╨╡╨╜╨╕╤П ╨┐╤А╨╕╨▒╤Л╨╗╨╕. ╨Ю╨╜ ╨░╨╜╨░╨╗╨╕╨╖╨╕╤А╤Г╨╡╤В ╤Б╨┐╨╛╤Б╨╛╨▒╨╜╨╛╤Б╤В╤М ╤З╨╕╤Б╤В╨╛╨│╨╛ ╨╛╨▒╨╛╤А╨╛╤В╨╜╨╛╨│╨╛ ╨║╨░╨┐╨╕╤В╨░╨╗╨░ ╨╕ ╨╛╤Б╨╜╨╛╨▓╨╜╤Л╤Е ╤Б╤А╨╡╨┤╤Б╤В╨▓, ╨╕╤Б╨┐╨╛╨╗╤М╨╖╤Г╨╡╨╝╤Л╤Е ╨▓ ╨▒╨╕╨╖╨╜╨╡╤Б╨╡, ╨┐╤А╨╕╨╜╨╛╤Б╨╕╤В╤М ╨┤╨╛╤Е╨╛╨┤.╨Я╨╛╨┤╤А╨╛╨▒╨╜╨╡╨╡
╨а╨░╤Б╤Б╤З╨╕╤В╨░╤В╤М ╤А╨╡╨╜╤В╨░╨▒╨╡╨╗╤М╨╜╨╛╤Б╤В╤М ╨┐╤А╨╛╨┤╨░╨╢
╨Ъ╨░╨║ ╤А╨░╤Б╤Б╤З╨╕╤В╨░╤В╤М ╨┐╨╡╤А╨╡╨╜╨╛╤Б ╤Г╨▒╤Л╤В╨║╨╛╨▓ ╨║╨░╨┐╨╕╤В╨░╨╗╨░? ╨Э╨░╨╗╨╛╨│╨╛╨▓╨╛╨╡ ╨╖╨░╨║╨╛╨╜╨╛╨┤╨░╤В╨╡╨╗╤М╤Б╤В╨▓╨╛ ╨б╨и╨Р ╨┤╨╛╨┐╤Г╤Б╨║╨░╨╡╤В ╨╝╨░╨║╤Б╨╕╨╝╨░╨╗╤М╨╜╤Л╨╣ ╨▓╤Л╤З╨╡╤В ╨▓ ╤А╨░╨╖╨╝╨╡╤А╨╡ 3000 ╨┤╨╛╨╗╨╗╨░╤А╨╛╨▓ ╨б╨и╨Р ╨▓ ╨│╨╛╨┤ ╨┤╨╗╤П ╤Д╨╕╨╖╨╕╤З╨╡╤Б╨║╨╕╤Е ╨╗╨╕╤Ж.╨Я╨╛╨┤╤А╨╛╨▒╨╜╨╡╨╡

╨д╨╛╤А╨╝╤Г╨╗╨░ ╤А╨╡╨╜╤В╨░╨▒╨╡╨╗╤М╨╜╨╛╤Б╤В╨╕ ╤Б╤А╨╡╨┤╨╜╨╡╨│╨╛ ╨▓╨╗╨╛╨╢╨╡╨╜╨╜╨╛╨│╨╛ ╨║╨░╨┐╨╕╤В╨░╨╗╨░