╨Ш╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╛╨╜╨╜╨░╤П ╨╛╤Ж╨╡╨╜╨║╨░
╨з╤В╨╛ ╤В╨░╨║╨╛╨╡ ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╛╨╜╨╜╨░╤П ╨╛╤Ж╨╡╨╜╨║╨░?
╨Ю╤Ж╨╡╨╜╨║╨░ ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╣ ╨╛╤В╨╜╨╛╤Б╨╕╤В╤Б╤П ╨║ ╨╝╨╡╤В╨╛╨┤╨░╨╝, ╨╕╤Б╨┐╨╛╨╗╤М╨╖╤Г╨╡╨╝╤Л╨╝ ╤Д╨╕╤А╨╝╨░╨╝╨╕ ╨╕ ╨╕╨╜╨▓╨╡╤Б╤В╨╛╤А╨░╨╝╨╕ ╨▓ ╨┐╨╡╤А╨▓╤Г╤О ╨╛╤З╨╡╤А╨╡╨┤╤М ╨┤╨╗╤П ╨╛╨┐╤А╨╡╨┤╨╡╨╗╨╡╨╜╨╕╤П ╤В╨╛╨│╨╛, ╤П╨▓╨╗╤П╤О╤В╤Б╤П ╨╗╨╕ ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╕ ╨┐╤А╨╕╨▒╤Л╨╗╤М╨╜╤Л╨╝╨╕ ╨╕╨╗╨╕ ╨╜╨╡╤В. ╨Я╤А╨╕╨╝╨╡╤А╤Л ╨▓╨║╨╗╤О╤З╨░╤О╤В ╨╛╤Ж╨╡╨╜╨║╤Г ╨┐╤А╨╕╨▒╤Л╨╗╤М╨╜╨╛╤Б╤В╨╕ ╨╕ ╨┤╨╛╤Б╤В╤Г╨┐╨╜╨╛╤Б╤В╨╕ ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╣ ╨▓ ╨┤╨╛╨╗╨│╨╛╤Б╤А╨╛╤З╨╜╤Л╨╡ ╨┐╤А╨╛╨╡╨║╤В╤Л, ╨╜╨╛╨▓╤Л╨╡ ╨┐╤А╨╛╨┤╤Г╨║╤В╤Л, ╨╛╨▒╨╛╤А╤Г╨┤╨╛╨▓╨░╨╜╨╕╨╡ ╨╕ ╤В. ╨┤.
╨Ф╨╗╤П ╨╛╤Ж╨╡╨╜╨║╨╕ ╨╕╤Б╨┐╨╛╨╗╤М╨╖╤Г╤О╤В╤Б╤П ╤А╨░╨╖╨╜╤Л╨╡ ╨╝╨╡╤В╨╛╨┤╨╕╨║╨╕. ╨Я╤А╨╛╤Д╨╡╤Б╤Б╨╕╨╛╨╜╨░╨╗╤Л ╨╕╤Б╨┐╨╛╨╗╤М╨╖╤Г╤О╤В ╨┤╨╕╤Б╨║╨╛╨╜╤В╨╕╤А╨╛╨▓╨░╨╜╨╜╤Л╨╣ ╨┤╨╡╨╜╨╡╨╢╨╜╤Л╨╣ ╨┐╨╛╤В╨╛╨║. ╨Ф╨╡╨╜╨╡╨╢╨╜╤Л╨╣ ╨┐╨╛╤В╨╛╨║ ╨Ф╨╡╨╜╨╡╨╢╨╜╤Л╨╣ ╨┐╨╛╤В╨╛╨║ тАФ ╤Н╤В╨╛ ╤Б╤Г╨╝╨╝╨░ ╨┤╨╡╨╜╨╡╨╢╨╜╤Л╤Е ╤Б╤А╨╡╨┤╤Б╤В╨▓ ╨╕╨╗╨╕ ╤Н╨║╨▓╨╕╨▓╨░╨╗╨╡╨╜╤В╨░ ╨┤╨╡╨╜╨╡╨╢╨╜╤Л╤Е ╤Б╤А╨╡╨┤╤Б╤В╨▓, ╤Б╨╛╨╖╨┤╨░╨╜╨╜╨░╤П ╨╕ ╨┐╨╛╤В╤А╨╡╨▒╨╗╨╡╨╜╨╜╨░╤П ╨Ъ╨╛╨╝╨┐╨░╨╜╨╕╨╡╨╣ ╨╖╨░ ╨╛╨┐╤А╨╡╨┤╨╡╨╗╨╡╨╜╨╜╤Л╨╣ ╨┐╨╡╤А╨╕╨╛╨┤. ╨н╤В╨╛ ╨╛╨║╨░╨╖╤Л╨▓╨░╨╡╤В╤Б╤П ╨┐╤А╨╡╨┤╨┐╨╛╤Б╤Л╨╗╨║╨╛╨╣ ╨┤╨╗╤П ╨░╨╜╨░╨╗╨╕╨╖╨░ ╤Б╨╕╨╗╤Л ╨▒╨╕╨╖╨╜╨╡╤Б╨░, ╨┐╤А╨╕╨▒╤Л╨╗╤М╨╜╨╛╤Б╤В╨╕ ╨╕ ╨▓╨╛╨╖╨╝╨╛╨╢╨╜╨╛╤Б╤В╨╡╨╣ ╨┤╨╗╤П ╤Г╨╗╤Г╤З╤И╨╡╨╜╨╕╤П. ╨г╨╖╨╜╨░╨╣╤В╨╡ ╨▒╨╛╨╗╤М╤И╨╡ ╨╛ ╤В╨░╨║╨╕╤Е ╨╝╨╡╤В╨╛╨┤╨░╤Е, ╨║╨░╨║ NPV, ╤Б ╤Г╤З╨╡╤В╨╛╨╝ ╨▓╤А╨╡╨╝╨╡╨╜╨╜╨╛╨╣ ╤Б╤В╨╛╨╕╨╝╨╛╤Б╤В╨╕ ╨┤╨╡╨╜╨╡╨│╨Т╤А╨╡╨╝╨╡╨╜╨╜╨░╤П ╤Б╤В╨╛╨╕╨╝╨╛╤Б╤В╤М ╨┤╨╡╨╜╨╡╨│╨Я╤А╨╕╨╜╤Ж╨╕╨┐ ╨▓╤А╨╡╨╝╨╡╨╜╨╜╨╛╨╣ ╤Б╤В╨╛╨╕╨╝╨╛╤Б╤В╨╕ ╨┤╨╡╨╜╨╡╨│ (TVM) ╤Г╤В╨▓╨╡╤А╨╢╨┤╨░╨╡╤В, ╤З╤В╨╛ ╨┤╨╡╨╜╤М╨│╨╕, ╨┐╨╛╨╗╤Г╤З╨╡╨╜╨╜╤Л╨╡ ╨▓ ╨╜╨░╤Б╤В╨╛╤П╤Й╨╡╨╝, ╨╕╨╝╨╡╤О╤В ╨▒╨╛╨╗╨╡╨╡ ╨▓╤Л╤Б╨╛╨║╤Г╤О ╤Ж╨╡╨╜╨╜╨╛╤Б╤В╤М, ╤З╨╡╨╝ ╨┤╨╡╨╜╤М╨│╨╕, ╨┐╨╛╨╗╤Г╤З╨╡╨╜╨╜╤Л╨╡ ╨▓ ╨▒╤Г╨┤╤Г╤Й╨╡╨╝, ╨┐╨╛╤В╨╛╨╝╤Г ╤З╤В╨╛ ╨┤╨╡╨╜╤М╨│╨╕, ╨┐╨╛╨╗╤Г╤З╨╡╨╜╨╜╤Л╨╡ ╤Б╨╡╨╣╤З╨░╤Б, ╨╝╨╛╨╢╨╜╨╛ ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤А╨╛╨▓╨░╤В╤М ╨╕ ╨╕╤Б╨┐╨╛╨╗╤М╨╖╨╛╨▓╨░╤В╤М ╨┤╨╗╤П ╨│╨╡╨╜╨╡╤А╨╕╤А╨╛╨▓╨░╤В╤М ╨┤╨╡╨╜╨╡╨╢╨╜╤Л╨╡ ╨┐╨╛╤В╨╛╨║╨╕ ╨┐╤А╨╡╨┤╨┐╤А╨╕╤П╤В╨╕╤О ╨▓ ╨▒╤Г╨┤╤Г╤Й╨╡╨╝ ╨▓ ╨▓╨╕╨┤╨╡ ╨┐╤А╨╛╤Ж╨╡╨╜╤В╨╛╨▓ ╨╕╨╗╨╕ ╨╛╤В ╨▒╤Г╨┤╤Г╤Й╨╡╨╣ ╨┐╤А╨╕╤А╨╛╤Б╤В╨░ ╤Б╤В╨╛╨╕╨╝╨╛╤Б╤В╨╕ ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╣ ╨╕ ╤А╨╡╨╕╨╜╨▓╨╡╤Б╤В╨╕╤А╨╛╨▓╨░╨╜╨╕╤П. ╨з╨╕╤В╨░╤В╤М ╨┤╨░╨╗╨╡╨╡, ╨┤╨░╨▓╨░╤П ╨╛╤З╨╡╨╜╤М ╤В╨╛╤З╨╜╤Л╨╡ ╤А╨╡╨╖╤Г╨╗╤М╤В╨░╤В╤Л. ╨Т ╤В╨╛ ╨╢╨╡ ╨▓╤А╨╡╨╝╤П ╨╛╨╜╨╕ ╤В╨░╨║╨╢╨╡ ╨╕╤Б╨┐╨╛╨╗╤М╨╖╤Г╤О╤В ╨╜╨╡╨┤╨╕╤Б╨║╨╛╨╜╤В╨╕╤А╨╛╨▓╨░╨╜╨╜╤Л╨╡ ╨╝╨╡╤В╨╛╨┤╤Л, ╤В╨░╨║╨╕╨╡ ╨║╨░╨║ ╨┐╨╡╤А╨╕╨╛╨┤ ╨╛╨║╤Г╨┐╨░╨╡╨╝╨╛╤Б╤В╨╕, ╨┤╨░╤О╤Й╨╕╨╣ ╨╝╨╡╨╜╨╡╨╡ ╤В╨╛╤З╨╜╤Л╨╡ ╤А╨╡╨╖╤Г╨╗╤М╤В╨░╤В╤Л, ╨┐╨╛╤Б╨║╨╛╨╗╤М╨║╤Г ╨╛╨╜ ╨╜╨╡ ╨▓╨║╨╗╤О╤З╨░╨╡╤В ╨║╨╛╨╜╤Ж╨╡╨┐╤Ж╨╕╤О ╨▓╤А╨╡╨╝╨╡╨╜╨╜╨╛╨╣ ╤Б╤В╨╛╨╕╨╝╨╛╤Б╤В╨╕ ╨┤╨╡╨╜╨╡╨│. ╨Ш╤Б╨┐╨╛╨╗╤М╨╖╨╛╨▓╨░╨╜╨╕╨╡ ╨▒╨╛╨╗╨╡╨╡ ╤З╨╡╨╝ ╨╛╨┤╨╜╨╛╨│╨╛ ╨╝╨╡╤В╨╛╨┤╨░ ╨┤╨░╨╡╤В ╨╗╤Г╤З╤И╨╡╨╡ ╨┐╤А╨╡╨┤╤Б╤В╨░╨▓╨╗╨╡╨╜╨╕╨╡ ╨╛╨▒ ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╛╨╜╨╜╤Л╤Е ╨▓╨╛╨╖╨╝╨╛╨╢╨╜╨╛╤Б╤В╤П╤Е.
╨Ю╨│╨╗╨░╨▓╨╗╨╡╨╜╨╕╨╡
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- ╨з╤В╨╛ ╤В╨░╨║╨╛╨╡ ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╛╨╜╨╜╨░╤П ╨╛╤Ж╨╡╨╜╨║╨░?
╨Ъ╨╗╤О╤З╨╡╨▓╤Л╨╡ ╨▓╤Л╨▓╨╛╨┤╤Л
- ╨Ю╨┐╤А╨╡╨┤╨╡╨╗╨╡╨╜╨╕╨╡ ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╛╨╜╨╜╨╛╨╣ ╨╛╤Ж╨╡╨╜╨║╨╕ ╨╕╨╖╨╛╨▒╤А╨░╨╢╨░╨╡╤В ╨╡╨╡ ╨║╨░╨║ ╨╝╨╡╤В╨╛╨┤╤Л, ╨╕╤Б╨┐╨╛╨╗╤М╨╖╤Г╨╡╨╝╤Л╨╡ ╤Д╨╕╤А╨╝╨░╨╝╨╕ ╨╕ ╨╕╨╜╨▓╨╡╤Б╤В╨╛╤А╨░╨╝╨╕ ╨┤╨╗╤П ╨╛╨┐╤А╨╡╨┤╨╡╨╗╨╡╨╜╨╕╤П ╤В╨╛╨│╨╛, ╤П╨▓╨╗╤П╤О╤В╤Б╤П ╨╗╨╕ ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╕ ╨┐╤А╨╕╨▒╤Л╨╗╤М╨╜╤Л╨╝╨╕ ╨╕╨╗╨╕ ╨╜╨╡╤В.
- ╨Я╤А╨╕╨╝╨╡╤А╤Л ╨▓╨║╨╗╤О╤З╨░╤О╤В ╨╛╤Ж╨╡╨╜╨║╤Г ╨┐╤А╨╕╨▒╤Л╨╗╤М╨╜╨╛╤Б╤В╨╕ ╨╕ ╨┤╨╛╤Б╤В╤Г╨┐╨╜╨╛╤Б╤В╨╕ ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╣ ╨▓ ╨┤╨╛╨╗╨│╨╛╤Б╤А╨╛╤З╨╜╤Л╨╡ ╨┐╤А╨╛╨╡╨║╤В╤Л, ╨╜╨╛╨▓╤Л╨╡ ╨┐╤А╨╛╨┤╤Г╨║╤В╤Л, ╨╛╨▒╨╛╤А╤Г╨┤╨╛╨▓╨░╨╜╨╕╨╡ ╨╕ ╤В. ╨┤.
- ╨Х╨│╨╛ ╨╝╨╡╤В╨╛╨┤╤Л ╨┐╨╛╨┤╤А╨░╨╖╨┤╨╡╨╗╤П╤О╤В╤Б╤П ╨╜╨░ ╨┤╨╕╤Б╨║╨╛╨╜╤В╨╕╤А╨╛╨▓╨░╨╜╨╜╤Л╨╡ ╨╕ ╨╜╨╡╨┤╨╕╤Б╨║╨╛╨╜╤В╨╕╤А╨╛╨▓╨░╨╜╨╜╤Л╨╡.
- ╨Я╤А╨╕╨╝╨╡╤А╨░╨╝╨╕ ╤З╨░╤Б╤В╨╛ ╨╕╤Б╨┐╨╛╨╗╤М╨╖╤Г╨╡╨╝╤Л╤Е ╨╝╨╡╤В╨╛╨┤╨╛╨▓ ╨┤╨╕╤Б╨║╨╛╨╜╤В╨╕╤А╨╛╨▓╨░╨╜╨╕╤П ╤П╨▓╨╗╤П╤О╤В╤Б╤П ╤З╨╕╤Б╤В╨░╤П ╨┐╤А╨╕╨▓╨╡╨┤╨╡╨╜╨╜╨░╤П ╤Б╤В╨╛╨╕╨╝╨╛╤Б╤В╤М (NPV), ╨▓╨╜╤Г╤В╤А╨╡╨╜╨╜╤П╤П ╨╜╨╛╤А╨╝╨░ ╨┐╤А╨╕╨▒╤Л╨╗╨╕ (IRR), ╨╕╨╜╨┤╨╡╨║╤Б ╨┐╤А╨╕╨▒╤Л╨╗╤М╨╜╨╛╤Б╤В╨╕ (PI) ╨╕ ╨┤╨╕╤Б╨║╨╛╨╜╤В╨╕╤А╨╛╨▓╨░╨╜╨╜╤Л╨╣ ╨┐╨╡╤А╨╕╨╛╨┤ ╨╛╨║╤Г╨┐╨░╨╡╨╝╨╛╤Б╤В╨╕. ╨Э╨░╨┐╤А╨╛╤В╨╕╨▓, ╨╜╨╡╨┤╨╕╤Б╨║╨╛╨╜╤В╨╕╤А╨╛╨▓╨░╨╜╨╜╤Л╨╡ ╨╝╨╡╤В╨╛╨┤╤Л ╨▓╨║╨╗╤О╤З╨░╤О╤В ╨┐╨╡╤А╨╕╨╛╨┤ ╨╛╨║╤Г╨┐╨░╨╡╨╝╨╛╤Б╤В╨╕ ╨╕ ARR.
╨Ю╨▒╤К╤П╤Б╨╜╨╡╨╜╨╕╨╡ ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╛╨╜╨╜╨╛╨╣ ╨╛╤Ж╨╡╨╜╨║╨╕
╨Я╤А╨╛╤Ж╨╡╤Б╤Б ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╛╨╜╨╜╨╛╨╣ ╨╛╤Ж╨╡╨╜╨║╨╕ ╨╕╤Б╨┐╨╛╨╗╤М╨╖╤Г╨╡╤В╤Б╤П ╨┐╤А╨╛╤Д╨╡╤Б╤Б╨╕╨╛╨╜╨░╨╗╨░╨╝╨╕ ╨┤╨╗╤П ╨┐╤А╨╛╨▓╨╡╤А╨║╨╕ ╤В╨╛╨│╨╛, ╨┐╨╛╨┤╤Е╨╛╨┤╨╕╤В ╨╗╨╕ ╤А╨░╤Б╤Б╨╝╨░╤В╤А╨╕╨▓╨░╨╡╨╝╤Л╨╣ ╨▓╨░╤А╨╕╨░╨╜╤В ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤А╨╛╨▓╨░╨╜╨╕╤П ╨┤╨╗╤П ╤Д╨╕╤А╨╝╤Л ╨╕╨╗╨╕ ╨╜╨╡╤В. ╨Ю╨┤╨╜╨░╨║╨╛ ╨│╨░╤А╨░╨╜╤В╨╕╤А╨╛╨▓╨░╤В╤М, ╤З╤В╨╛ ╨╕╤Б╤Б╨╗╨╡╨┤╨╛╨▓╨░╨╜╨╕╨╡ ╨▒╤Г╨┤╨╡╤В ╨╜╨░ 100% ╤В╨╛╤З╨╜╤Л╨╝, ╨╜╨╡╨┐╤А╨╛╤Б╤В╨╛. ╨Ъ╨░╨╢╨┤╨░╤П ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╤П ╤Б╨╛╨┐╤А╤П╨╢╨╡╨╜╨░ ╤Б ╤А╨╕╤Б╨║╨╛╨╝. ╨Ю╨┤╨╜╨░╨║╨╛ ╨╛╤Ж╨╡╨╜╨║╨╕ ╨┐╨╛╨╝╨╛╨│╨░╤О╤В ╤А╤Г╨║╨╛╨▓╨╛╨┤╤Б╤В╨▓╤Г ╤Б╨┤╨╡╨╗╨░╤В╤М ╤А╨░╤Ж╨╕╨╛╨╜╨░╨╗╤М╨╜╤Л╨╣ ╨▓╤Л╨▒╨╛╤А ╨╜╨░ ╨╛╤Б╨╜╨╛╨▓╨╡ ╨╛╨╢╨╕╨┤╨░╨╡╨╝╤Л╤Е ╤А╨╡╨╖╤Г╨╗╤М╤В╨░╤В╨╛╨▓. ╨Ъ╤А╨╛╨╝╨╡ ╤В╨╛╨│╨╛, ╤А╤Г╨║╨╛╨▓╨╛╨┤╤Б╤В╨▓╨╛ ╨┤╨╛╨╗╨╢╨╜╨╛ ╤Б╨╛╨│╨╗╨░╤Б╨╛╨▓╤Л╨▓╨░╤В╤М ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╛╨╜╨╜╤Л╨╡ ╤А╨╡╤И╨╡╨╜╨╕╤П ╤Б ╤Ж╨╡╨╗╤М╤О ╨╝╨░╨║╤Б╨╕╨╝╨╕╨╖╨░╤Ж╨╕╨╕ ╨░╨║╤Ж╨╕╨╛╨╜╨╡╤А╨╜╨╛╨╣ ╤Б╤В╨╛╨╕╨╝╨╛╤Б╤В╨╕. ╨Р╨║╤Ж╨╕╨╛╨╜╨╡╤А╨╜╨░╤П ╤Б╤В╨╛╨╕╨╝╨╛╤Б╤В╤М ╨Р╨║╤Ж╨╕╨╛╨╜╨╡╤А╨╜╨░╤П ╤Б╤В╨╛╨╕╨╝╨╛╤Б╤В╤М тАФ ╤Н╤В╨╛ ╤Б╤В╨╛╨╕╨╝╨╛╤Б╤В╤М, ╨║╨╛╤В╨╛╤А╤Г╤О ╨░╨║╤Ж╨╕╨╛╨╜╨╡╤А╤Л ╨║╨╛╨╝╨┐╨░╨╜╨╕╨╕ ╨┐╨╛╨╗╤Г╤З╨░╤О╤В ╨▓ ╨▓╨╕╨┤╨╡ ╨┤╨╕╨▓╨╕╨┤╨╡╨╜╨┤╨╛╨▓ ╨╕ ╤А╨╛╤Б╤В╨░ ╤Б╤В╨╛╨╕╨╝╨╛╤Б╤В╨╕ ╨░╨║╤Ж╨╕╨╣ ╨▒╨╗╨░╨│╨╛╨┤╨░╤А╤П ╨▒╨╛╨╗╨╡╨╡ ╤Н╤Д╤Д╨╡╨║╤В╨╕╨▓╨╜╨╛╨╝╤Г ╨┐╤А╨╕╨╜╤П╤В╨╕╤О ╤А╨╡╤И╨╡╨╜╨╕╨╣ ╤А╤Г╨║╨╛╨▓╨╛╨┤╤Б╤В╨▓╨╛╨╝, ╤З╤В╨╛ ╨▓ ╨║╨╛╨╜╨╡╤З╨╜╨╛╨╝ ╨╕╤В╨╛╨│╨╡ ╨┐╤А╨╕╨▓╨╛╨┤╨╕╤В ╨║ ╤А╨╛╤Б╤В╤Г ╨┐╤А╨╛╨┤╨░╨╢ ╨║╨╛╨╝╨┐╨░╨╜╨╕╨╕. ╨╕ ╨┐╤А╨╕╨▒╤Л╨╗╤М.╨Я╨╛╨┤╤А╨╛╨▒╨╜╨╡╨╡. ╨б╨╗╨╡╨┤╨╛╨▓╨░╤В╨╡╨╗╤М╨╜╨╛, ╨┐╤А╨╛╨▓╨╡╨┤╨╡╨╜╨╕╨╡ ╨╝╨╡╤В╨╛╨┤╨░ ╨╛╤Ж╨╡╨╜╨║╨╕ ╨┐╨╛╨╝╨╛╨│╨░╨╡╤В ╨╕╨╝ ╨┐╨╛╨┤╤В╨▓╨╡╤А╨┤╨╕╤В╤М ╨▒╤Г╨┤╤Г╤Й╨╕╨╡ ╨┐╤А╨╕╤В╨╛╨║╨╕ ╨┤╨╡╨╜╨╡╨╢╨╜╤Л╤Е ╤Б╤А╨╡╨┤╤Б╤В╨▓ ╨╛╤В ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╣.
╨Я╤А╨╛╤Ж╨╡╤Б╤Б ╨╕╨╝╨╡╨╡╤В ╤А╨╡╤И╨░╤О╤Й╨╡╨╡ ╨╖╨╜╨░╤З╨╡╨╜╨╕╨╡, ╨║╨╛╨│╨┤╨░ ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╕ ╤Б╨▓╤П╨╖╨░╨╜╤Л ╤Б ╨║╤А╤Г╨┐╨╜╨╛╨╣ ╤Б╤Г╨╝╨╝╨╛╨╣ ╨┤╨╡╨╜╨╡╨│, ╨╛╨│╤А╨░╨╜╨╕╤З╨╡╨╜╨╜╤Л╨╝╨╕ ╤А╨╡╤Б╤Г╤А╤Б╨░╨╝╨╕ ╨╕ ╤В. ╨┤. ╨Т ╤В╨░╨║╨╕╤Е ╤Б╨╗╤Г╤З╨░╤П╤Е ╤Б╤Г╨▒╤К╨╡╨║╤В╤Л ╨╜╨╡ ╨╝╨╛╨│╤Г╤В ╨┐╨╛╨╗╨░╨│╨░╤В╤М╤Б╤П ╨╜╨░ ╤Б╤Г╨▒╤К╨╡╨║╤В╨╕╨▓╨╜╤Л╨╡ ╨┤╨░╨╜╨╜╤Л╨╡; ╨╕╨╝ ╨╜╨╡╨╛╨▒╤Е╨╛╨┤╨╕╨╝╨╛ ╤Б╨╛╤З╨╡╤В╨░╨╜╨╕╨╡ ╨║╨╛╨╗╨╕╤З╨╡╤Б╤В╨▓╨╡╨╜╨╜╤Л╤Е ╨╕ ╨║╨░╤З╨╡╤Б╤В╨▓╨╡╨╜╨╜╤Л╤Е ╨░╤Б╨┐╨╡╨║╤В╨╛╨▓ ╨┤╨╗╤П ╨░╨╜╨░╨╗╨╕╨╖╨░ ╨▓╨╛╨╖╨▓╤А╨░╤В╨░ ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╣. ╨Т╨╛╨╖╨▓╤А╨░╤В ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╣. ╨д╨╛╤А╨╝╤Г╨╗╨░ ╨▓╨╛╨╖╨▓╤А╨░╤В╨░ ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╣ ╨╕╨╖╨╝╨╡╤А╤П╨╡╤В ╨┐╤А╨╕╨▒╤Л╨╗╤М ╨╕╨╗╨╕ ╤Г╨▒╤Л╤В╨╛╨║ ╨╛╤В ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╣ ╨┐╨╛ ╨╛╤В╨╜╨╛╤И╨╡╨╜╨╕╤О ╨║ ╨▓╨╗╨╛╨╢╨╡╨╜╨╜╨╛╨╣ ╤Б╤Г╨╝╨╝╨╡. ╨з╨╕╤Б╤В╤Л╨╣ ╨┤╨╛╤Е╨╛╨┤, ╤А╨░╨╖╨┤╨╡╨╗╨╡╨╜╨╜╤Л╨╣ ╨╜╨░ ╨┐╨╡╤А╨▓╨╛╨╜╨░╤З╨░╨╗╤М╨╜╤Г╤О ╨║╨░╨┐╨╕╤В╨░╨╗╤М╨╜╤Г╤О ╤Б╤В╨╛╨╕╨╝╨╛╤Б╤В╤М ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╣. ╨д╨╛╤А╨╝╤Г╨╗╨░ ╤А╨╡╨╜╤В╨░╨▒╨╡╨╗╤М╨╜╨╛╤Б╤В╨╕ ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╣ = (╨з╨╕╤Б╤В╨░╤П ╨┐╤А╨╕╨▒╤Л╨╗╤М / ╨б╤В╨╛╨╕╨╝╨╛╤Б╤В╤М ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╣) * 100 ╤З╨╕╤В╨░╤В╤М ╨┤╨░╨╗╨╡╨╡ ╨╕ ╤А╨╕╤Б╨║. ╨Э╨░╨┐╤А╨╕╨╝╨╡╤А, ╤А╤Г╨║╨╛╨▓╨╛╨┤╤Б╤В╨▓╨╛ ╨╜╨╡ ╨┤╨╛╨╗╨╢╨╜╨╛ ╨┐╤А╨╕╨╜╨╕╨╝╨░╤В╤М ╤А╨╡╤И╨╡╨╜╨╕╨╡ ╨╛ ╤Б╤В╤А╨╛╨╕╤В╨╡╨╗╤М╤Б╤В╨▓╨╡ ╨╜╨╛╨▓╨╛╨│╨╛ ╨╖╨░╨▓╨╛╨┤╨░, ╨┐╨╛╨║╤Г╨┐╨║╨╡ ╨╛╨▒╨╛╤А╤Г╨┤╨╛╨▓╨░╨╜╨╕╤П ╨╕ ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╤П╤Е ╨▓ ╨╕╤Б╤Б╨╗╨╡╨┤╨╛╨▓╨░╨╜╨╕╤П ╨╕ ╤А╨░╨╖╤А╨░╨▒╨╛╤В╨║╨╕. ╨Ш╤Б╤Б╨╗╨╡╨┤╨╛╨▓╨░╨╜╨╕╤П ╨╕ ╤А╨░╨╖╤А╨░╨▒╨╛╤В╨║╨╕ ╨Ш╤Б╤Б╨╗╨╡╨┤╨╛╨▓╨░╨╜╨╕╤П ╨╕ ╤А╨░╨╖╤А╨░╨▒╨╛╤В╨║╨╕ тАФ ╤Н╤В╨╛ ╤Д╨░╨║╤В╨╕╤З╨╡╤Б╨║╨╕ ╨╖╨░╨┐╨╗╨░╨╜╨╕╤А╨╛╨▓╨░╨╜╨╜╤Л╨╡ ╨╕╤Б╤Б╨╗╨╡╨┤╨╛╨▓╨░╨╜╨╕╤П ╤Б ╤Ж╨╡╨╗╤М╤О ╨┐╨╛╨╗╤Г╤З╨╡╨╜╨╕╤П ╨╜╨╛╨▓╤Л╤Е ╨╜╨░╤Г╤З╨╜╤Л╤Е ╨╕╨╗╨╕ ╤В╨╡╤Е╨╜╨╕╤З╨╡╤Б╨║╨╕╤Е ╨╖╨╜╨░╨╜╨╕╨╣, ╨║╨╛╤В╨╛╤А╤Л╨╡ ╨╝╨╛╨│╤Г╤В ╨▒╤Л╤В╤М ╨┐╤А╨╡╨╛╨▒╤А╨░╨╖╨╛╨▓╨░╨╜╤Л ╨▓ ╤Б╤Е╨╡╨╝╤Г ╨╕╨╗╨╕ ╤Д╨╛╤А╨╝╤Г╨╗╨╕╤А╨╛╨▓╨║╤Г ╨┤╨╗╤П ╨┐╤А╨╛╨╕╨╖╨▓╨╛╨┤╤Б╤В╨▓╨╛/╨┐╨╛╤Б╤В╨░╨▓╨║╨░/╤В╨╛╤А╨│╨╛╨▓╨╗╤П, ╤З╤В╨╛ ╨┐╤А╨╕╨▓╨╛╨┤╨╕╤В ╨║ ╨▒╨╕╨╖╨╜╨╡╤Б-╨┐╤А╨╡╨╕╨╝╤Г╤Й╨╡╤Б╤В╨▓╤Г. ╨з╨╕╤В╨░╤В╤М ╨┤╨░╨╗╨╡╨╡ ╨▒╨╡╨╖ ╨┤╨╛╨║╨░╨╖╨░╤В╨╡╨╗╤М╤Б╤В╨▓ ╤В╨╛╨│╨╛, ╤З╤В╨╛ ╨╕╤Е ╨┐╨╡╤А╨▓╨╛╨╜╨░╤З╨░╨╗╤М╨╜╤Л╨╡ ╨╖╨░╤В╤А╨░╤В╤Л ╨╛╨▒╨╡╤Б╨┐╨╡╤З╨╕╨▓╨░╤О╤В ╤Е╨╛╤А╨╛╤И╨╕╨╣ ╨┐╤А╨╕╤В╨╛╨║ ╨┤╨╡╨╜╨╡╨╢╨╜╤Л╤Е ╤Б╤А╨╡╨┤╤Б╤В╨▓ ╨▓ ╨▒╤Г╨┤╤Г╤Й╨╡╨╝.
╨Х╤Й╨╡ ╨╛╨┤╨╜╨╕╨╝ ╨▓╨░╨╢╨╜╤Л╨╝ ╨╜╨░╨▒╨╗╤О╨┤╨╡╨╜╨╕╨╡╨╝ ╤П╨▓╨╗╤П╨╡╤В╤Б╤П ╨▓╨║╨╗╨░╨┤ ╨▓ ╤В╨╡╤Е╨╜╨╕╨║╤Г ╨╛╤Ж╨╡╨╜╨║╨╕. ╨Я╤А╨╛╨│╨╜╨╛╨╖╨╕╤А╤Г╨╡╨╝╤Л╨╡ ╨▒╤Г╨┤╤Г╤Й╨╕╨╡ ╨┤╨╡╨╜╨╡╨╢╨╜╤Л╨╡ ╨┐╨╛╤В╨╛╨║╨╕ ╨╕ ╤Б╤В╨░╨▓╨║╨░ ╨┤╨╕╤Б╨║╨╛╨╜╤В╨╕╤А╨╛╨▓╨░╨╜╨╕╤П ╤П╨▓╨╗╤П╤О╤В╤Б╤П ╨┤╨▓╤Г╨╝╤П ╨║╨╗╤О╤З╨╡╨▓╤Л╨╝╨╕ ╨╕╤Б╤Е╨╛╨┤╨╜╤Л╨╝╨╕ ╨┤╨░╨╜╨╜╤Л╨╝╨╕. ╨Ф╤А╤Г╨│╨╕╨╡ ╨▓╨░╨╢╨╜╤Л╨╡ ╤Д╨░╨║╤В╨╛╤А╤Л, ╨║╨╛╤В╨╛╤А╤Л╨╡ ╨╜╨╡╨╛╨▒╤Е╨╛╨┤╨╕╨╝╨╛ ╤Г╤З╨╕╤В╤Л╨▓╨░╤В╤М, ╨▓╨║╨╗╤О╤З╨░╤О╤В ╨▓╨╛╨╖╨┤╨╡╨╣╤Б╤В╨▓╨╕╨╡ ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╣ ╨╜╨░ ╨╛╨║╤А╤Г╨╢╨░╤О╤Й╤Г╤О ╤Б╤А╨╡╨┤╤Г, ╤Б╨╛╤Ж╨╕╨░╨╗╤М╨╜╤Л╨╡ ╨┐╨╛╤Б╨╗╨╡╨┤╤Б╤В╨▓╨╕╤П, ╤Н╨║╤Б╨┐╨╗╤Г╨░╤В╨░╤Ж╨╕╨╛╨╜╨╜╤Л╨╡ ╨▓╤Л╨│╨╛╨┤╤Л, ╤Н╨╗╨╡╨╝╨╡╨╜╤В╤Л ╤А╨╕╤Б╨║╨░ ╨╕ ╤О╤А╨╕╨┤╨╕╤З╨╡╤Б╨║╨╕╨╡ ╤Б╨╛╨╛╨▒╤А╨░╨╢╨╡╨╜╨╕╤П.
╨Ь╨╡╤В╨╛╨┤╤Л ╨╛╤Ж╨╡╨╜╨║╨╕ ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╣
╨Ь╨╡╤В╨╛╨┤╤Л ╨╛╤Ж╨╡╨╜╨║╨╕ ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╣ ╨┐╨╛╨┤╤А╨░╨╖╨┤╨╡╨╗╤П╤О╤В╤Б╤П ╨╜╨░ ╨┤╨╕╤Б╨║╨╛╨╜╤В╨╕╤А╨╛╨▓╨░╨╜╨╜╤Л╨╡ ╨╕ ╨╜╨╡╨┤╨╕╤Б╨║╨╛╨╜╤В╨╕╤А╨╛╨▓╨░╨╜╨╜╤Л╨╡. ╨Я╤А╨╕╨╝╨╡╤А╨░╨╝╨╕ ╤З╨░╤Б╤В╨╛ ╨╕╤Б╨┐╨╛╨╗╤М╨╖╤Г╨╡╨╝╤Л╤Е ╨╝╨╡╤В╨╛╨┤╨╛╨▓ ╨┤╨╕╤Б╨║╨╛╨╜╤В╨╕╤А╨╛╨▓╨░╨╜╨╕╤П ╤П╨▓╨╗╤П╤О╤В╤Б╤П ╤З╨╕╤Б╤В╨░╤П ╨┐╤А╨╕╨▓╨╡╨┤╨╡╨╜╨╜╨░╤П ╤Б╤В╨╛╨╕╨╝╨╛╤Б╤В╤М. ╨з╨╕╤Б╤В╨░╤П ╨┐╤А╨╕╨▓╨╡╨┤╨╡╨╜╨╜╨░╤П ╤Б╤В╨╛╨╕╨╝╨╛╤Б╤В╤М. ╨з╨╕╤Б╤В╨░╤П ╨┐╤А╨╕╨▓╨╡╨┤╨╡╨╜╨╜╨░╤П ╤Б╤В╨╛╨╕╨╝╨╛╤Б╤В╤М (NPV) ╨╛╤Ж╨╡╨╜╨╕╨▓╨░╨╡╤В ╨┐╤А╨╕╨▒╤Л╨╗╤М╨╜╨╛╤Б╤В╤М ╨┐╤А╨╛╨╡╨║╤В╨░ ╨╕ ╨┐╤А╨╡╨┤╤Б╤В╨░╨▓╨╗╤П╨╡╤В ╤Б╨╛╨▒╨╛╨╣ ╤А╨░╨╖╨╜╨╕╤Ж╤Г ╨╝╨╡╨╢╨┤╤Г ╨┐╤А╨╕╨▓╨╡╨┤╨╡╨╜╨╜╨╛╨╣ ╤Б╤В╨╛╨╕╨╝╨╛╤Б╤В╤М╤О ╨┐╤А╨╕╤В╨╛╨║╨░ ╨┤╨╡╨╜╨╡╨╢╨╜╤Л╤Е ╤Б╤А╨╡╨┤╤Б╤В╨▓ ╨╕ ╨┐╤А╨╕╨▓╨╡╨┤╨╡╨╜╨╜╨╛╨╣ ╤Б╤В╨╛╨╕╨╝╨╛╤Б╤В╤М╤О ╨╛╤В╤В╨╛╨║╨░ ╨┤╨╡╨╜╨╡╨╢╨╜╤Л╤Е ╤Б╤А╨╡╨┤╤Б╤В╨▓ ╨╖╨░ ╨┐╨╡╤А╨╕╨╛╨┤ ╨▓╤А╨╡╨╝╨╡╨╜╨╕ ╨┐╤А╨╛╨╡╨║╤В╨░. ╨Х╤Б╨╗╨╕ ╤А╨░╨╖╨╜╨╕╤Ж╨░ ╨┐╨╛╨╗╨╛╨╢╨╕╤В╨╡╨╗╤М╨╜╨░, ╨┐╤А╨╛╨╡╨║╤В ╨┐╤А╨╕╨▒╤Л╨╗╤М╨╜╤Л╨╣; ╨▓ ╨┐╤А╨╛╤В╨╕╨▓╨╜╨╛╨╝ ╤Б╨╗╤Г╤З╨░╨╡ ╤Н╤В╨╛ ╨╜╨╡ ╤В╨░╨║. ╨Я╨╛╨┤╤А╨╛╨▒╨╜╨╡╨╡ (NPV), ╨▓╨╜╤Г╤В╤А╨╡╨╜╨╜╤П╤П ╨╜╨╛╤А╨╝╨░ ╨┤╨╛╤Е╨╛╨┤╨╜╨╛╤Б╤В╨╕╨Т╨╜╤Г╤В╤А╨╡╨╜╨╜╤П╤П ╨╜╨╛╤А╨╝╨░ ╨┤╨╛╤Е╨╛╨┤╨╜╨╛╤Б╤В╨╕╨Т╨╜╤Г╤В╤А╨╡╨╜╨╜╤П╤П ╨╜╨╛╤А╨╝╨░ ╨┤╨╛╤Е╨╛╨┤╨╜╨╛╤Б╤В╨╕ (IRR) тАФ ╤Н╤В╨╛ ╤Б╤В╨░╨▓╨║╨░ ╨┤╨╕╤Б╨║╨╛╨╜╤В╨╕╤А╨╛╨▓╨░╨╜╨╕╤П, ╨║╨╛╤В╨╛╤А╨░╤П ╤Г╤Б╤В╨░╨╜╨░╨▓╨╗╨╕╨▓╨░╨╡╤В ╨╜╤Г╨╗╨╡╨▓╤Г╤О ╤З╨╕╤Б╤В╤Г╤О ╤В╨╡╨║╤Г╤Й╤Г╤О ╤Б╤В╨╛╨╕╨╝╨╛╤Б╤В╤М ╨▓╤Б╨╡╤Е ╨▒╤Г╨┤╤Г╤Й╨╕╤Е ╨┤╨╡╨╜╨╡╨╢╨╜╤Л╤Е ╨┐╨╛╤В╨╛╨║╨╛╨▓ ╨╛╤В ╨┐╤А╨╛╨╡╨║╤В╨░. ╨Ю╨╜ ╤Б╤А╨░╨▓╨╜╨╕╨▓╨░╨╡╤В ╨╕ ╨▓╤Л╨▒╨╕╤А╨░╨╡╤В ╨╗╤Г╤З╤И╨╕╨╣ ╨┐╤А╨╛╨╡╨║╤В, ╨┐╤А╨╕ ╤Н╤В╨╛╨╝ ╨▓╤Л╨▒╨╕╤А╨░╨╡╤В╤Б╤П ╨┐╤А╨╛╨╡╨║╤В ╤Б IRR, ╨┐╤А╨╡╨▓╤Л╤И╨░╤О╤Й╨╕╨╝ ╨╝╨╕╨╜╨╕╨╝╨░╨╗╤М╨╜╨╛ ╨┤╨╛╨┐╤Г╤Б╤В╨╕╨╝╤Г╤О ╨┤╨╛╤Е╨╛╨┤╨╜╨╛╤Б╤В╤М (╨▒╨░╤А╤М╨╡╤А╨╜╤Г╤О ╤Б╤В╨░╨▓╨║╤Г).╨Я╨╛╨┤╤А╨╛╨▒╨╜╨╡╨╡ (IRR), ╨╕╨╜╨┤╨╡╨║╤Б ╨┐╤А╨╕╨▒╤Л╨╗╤М╨╜╨╛╤Б╤В╨╕╨Ш╨╜╨┤╨╡╨║╤Б ╨┐╤А╨╕╨▒╤Л╨╗╤М╨╜╨╛╤Б╤В╨╕╨Ш╨╜╨┤╨╡╨║╤Б ╨┐╤А╨╕╨▒╤Л╨╗╤М╨╜╨╛╤Б╤В╨╕ ╨┐╨╛╨║╨░╨╖╤Л╨▓╨░╨╡╤В ╨▓╨╖╨░╨╕╨╝╨╛╤Б╨▓╤П╨╖╤М ╨╝╨╡╨╢╨┤╤Г ╨┐╤А╨╛╨│╨╜╨╛╨╖╨░╨╝╨╕ ╨║╨╛╨╝╨┐╨░╨╜╨╕╨╕ ╨▒╤Г╨┤╤Г╤Й╨╕╤Е ╨┤╨╡╨╜╨╡╨╢╨╜╤Л╤Е ╨┐╨╛╤В╨╛╨║╨╛╨▓ ╨╕ ╨┐╨╡╤А╨▓╨╛╨╜╨░╤З╨░╨╗╤М╨╜╤Л╨╡ ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╕ ╨┐╤Г╤В╨╡╨╝ ╤А╨░╤Б╤З╨╡╤В╨░ ╨║╨╛╤Н╤Д╤Д╨╕╤Ж╨╕╨╡╨╜╤В╨░ ╨╕ ╨░╨╜╨░╨╗╨╕╨╖╨░ ╨╢╨╕╨╖╨╜╨╡╤Б╨┐╨╛╤Б╨╛╨▒╨╜╨╛╤Б╤В╨╕ ╨┐╤А╨╛╨╡╨║╤В╨░. ╨Ю╤Ж╨╡╨╜╨╕╨▓╨░╨╡╤В╤Б╤П ╨╛╨┤╨╕╨╜ ╨┐╨╗╤О╤Б, ╨┤╨╡╨╗╨╡╨╜╨╜╤Л╨╣ ╨╜╨░ ╨┐╤А╨╕╨▓╨╡╨┤╨╡╨╜╨╜╤Г╤О ╤Б╤В╨╛╨╕╨╝╨╛╤Б╤В╤М ╨┤╨╡╨╜╨╡╨╢╨╜╤Л╤Е ╨┐╨╛╤В╨╛╨║╨╛╨▓ ╨╜╨░ ╨┐╨╡╤А╨▓╨╛╨╜╨░╤З╨░╨╗╤М╨╜╤Л╨╡ ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╕. ╨Ю╨╜ ╤В╨░╨║╨╢╨╡ ╨╕╨╖╨▓╨╡╤Б╤В╨╡╨╜ ╨║╨░╨║ ╨║╨╛╤Н╤Д╤Д╨╕╤Ж╨╕╨╡╨╜╤В ╨┐╤А╨╕╨▒╤Л╨╗╨╕ ╨╕ ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╣, ╨┐╨╛╤Б╨║╨╛╨╗╤М╨║╤Г ╨╛╨╜ ╨░╨╜╨░╨╗╨╕╨╖╨╕╤А╤Г╨╡╤В ╨┐╤А╨╕╨▒╤Л╨╗╤М ╨┐╤А╨╛╨╡╨║╤В╨░. ╨Я╨╛╨┤╤А╨╛╨▒╨╜╨╡╨╡ (PI) ╨╕ ╨┤╨╕╤Б╨║╨╛╨╜╤В╨╕╤А╨╛╨▓╨░╨╜╨╜╤Л╨╣ ╨┐╨╡╤А╨╕╨╛╨┤ ╨╛╨║╤Г╨┐╨░╨╡╨╝╨╛╤Б╤В╨╕ ╨Ф╨╕╤Б╨║╨╛╨╜╤В╨╕╤А╨╛╨▓╨░╨╜╨╜╤Л╨╣ ╨┐╨╡╤А╨╕╨╛╨┤ ╨╛╨║╤Г╨┐╨░╨╡╨╝╨╛╤Б╤В╨╕ ╨Ф╨╕╤Б╨║╨╛╨╜╤В╨╕╤А╨╛╨▓╨░╨╜╨╜╤Л╨╣ ╨┐╨╡╤А╨╕╨╛╨┤ ╨╛╨║╤Г╨┐╨░╨╡╨╝╨╛╤Б╤В╨╕ тАФ ╤Н╤В╨╛ ╨║╨╛╨│╨┤╨░ ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╛╨╜╨╜╤Л╨╣ ╨┤╨╡╨╜╨╡╨╢╨╜╤Л╨╣ ╨┐╨╛╤В╨╛╨║ ╨╛╨║╤Г╨┐╨░╨╡╤В ╨┐╨╡╤А╨▓╨╛╨╜╨░╤З╨░╨╗╤М╨╜╤Л╨╡ ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╕ ╨╜╨░ ╨╛╤Б╨╜╨╛╨▓╨╡ ╨▓╤А╨╡╨╝╨╡╨╜╨╜╨╛╨╣ ╤Б╤В╨╛╨╕╨╝╨╛╤Б╤В╨╕ ╨┤╨╡╨╜╨╡╨│. ╨Ю╨╜ ╨╛╨┐╤А╨╡╨┤╨╡╨╗╤П╨╡╤В ╨╛╨╢╨╕╨┤╨░╨╡╨╝╤Л╨╣ ╨┤╨╛╤Е╨╛╨┤ ╨╛╤В ╨┐╤А╨╡╨┤╨╗╨░╨│╨░╨╡╨╝╨╛╨╣ ╨▓╨╛╨╖╨╝╨╛╨╢╨╜╨╛╤Б╤В╨╕ ╨║╨░╨┐╨╕╤В╨░╨╗╨╛╨▓╨╗╨╛╨╢╨╡╨╜╨╕╨╣. ╨Ю╨╜ ╨┤╨╛╨▒╨░╨▓╨╗╤П╨╡╤В ╨┤╨╕╤Б╨║╨╛╨╜╤В╨╕╤А╨╛╨▓╨░╨╜╨╕╨╡ ╨║ ╨┐╨╡╤А╨▓╨╛╨╜╨░╤З╨░╨╗╤М╨╜╨╛╨╝╤Г ╨╛╨┐╤А╨╡╨┤╨╡╨╗╨╡╨╜╨╕╤О ╨┐╨╡╤А╨╕╨╛╨┤╨░ ╨╛╨║╤Г╨┐╨░╨╡╨╝╨╛╤Б╤В╨╕, ╨╖╨╜╨░╤З╨╕╤В╨╡╨╗╤М╨╜╨╛ ╨┐╨╛╨▓╤Л╤И╨░╤П ╤В╨╛╤З╨╜╨╛╤Б╤В╤М ╤А╨╡╨╖╤Г╨╗╤М╤В╨░╤В╨░.╨Я╨╛╨┤╤А╨╛╨▒╨╜╨╡╨╡. ╨Э╨░╨┐╤А╨╛╤В╨╕╨▓, ╨╜╨╡╨┤╨╕╤Б╨║╨╛╨╜╤В╨╕╤А╨╛╨▓╨░╨╜╨╜╤Л╨╡ ╨╝╨╡╤В╨╛╨┤╤Л ╨▓╨║╨╗╤О╤З╨░╤О╤В ╨┐╨╡╤А╨╕╨╛╨┤ ╨╛╨║╤Г╨┐╨░╨╡╨╝╨╛╤Б╤В╨╕. ╨Я╨╡╤А╨╕╨╛╨┤ ╨╛╨║╤Г╨┐╨░╨╡╨╝╨╛╤Б╤В╨╕ ╨╛╤В╨╜╨╛╤Б╨╕╤В╤Б╤П ╨║ ╨▓╤А╨╡╨╝╨╡╨╜╨╕, ╨║╨╛╤В╨╛╤А╨╛╨╡ ╤В╤А╨╡╨▒╤Г╨╡╤В╤Б╤П ╨┐╤А╨╛╨╡╨║╤В╤Г ╨╕╨╗╨╕ ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╕, ╤З╤В╨╛╨▒╤Л ╨║╨╛╨╝╨┐╨╡╨╜╤Б╨╕╤А╨╛╨▓╨░╤В╤М ╨╡╨│╨╛ ╨╛╨▒╤Й╤Г╤О ╨┐╨╡╤А╨▓╨╛╨╜╨░╤З╨░╨╗╤М╨╜╤Г╤О ╤Б╤В╨╛╨╕╨╝╨╛╤Б╤В╤М. ╨Ф╤А╤Г╨│╨╕╨╝╨╕ ╤Б╨╗╨╛╨▓╨░╨╝╨╕, ╤Н╤В╨╛ ╨┐╤А╨╛╨┤╨╛╨╗╨╢╨╕╤В╨╡╨╗╤М╨╜╨╛╤Б╤В╤М, ╨╜╨╡╨╛╨▒╤Е╨╛╨┤╨╕╨╝╨░╤П ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╤П╨╝ ╨╕╨╗╨╕ ╨┐╤А╨╛╨╡╨║╤В╤Г ╨┤╨╗╤П ╨┤╨╛╤Б╤В╨╕╨╢╨╡╨╜╨╕╤П ╤В╨╛╤З╨║╨╕ ╨▒╨╡╨╖╤Г╨▒╤Л╤В╨╛╤З╨╜╨╛╤Б╤В╨╕.╨з╨╕╤В╨░╤В╤М ╨┤╨░╨╗╨╡╨╡ ╨╕ ╤Г╤З╨╡╤В╨╜╨░╤П ╨╜╨╛╤А╨╝╨░ ╨┐╤А╨╕╨▒╤Л╨╗╨╕╨г╤З╨╡╤В╨╜╨░╤П ╨╜╨╛╤А╨╝╨░ ╨┐╤А╨╕╨▒╤Л╨╗╨╕╨г╤З╨╡╤В╨╜╨░╤П ╨╜╨╛╤А╨╝╨░ ╨┐╤А╨╕╨▒╤Л╨╗╨╕ ╨╛╤В╨╜╨╛╤Б╨╕╤В╤Б╤П ╨║ ╨╜╨╛╤А╨╝╨╡ ╨┐╤А╨╕╨▒╤Л╨╗╨╕, ╨║╨╛╤В╨╛╤А╨░╤П, ╨║╨░╨║ ╨╛╨╢╨╕╨┤╨░╨╡╤В╤Б╤П, ╨▒╤Г╨┤╨╡╤В ╨┐╨╛╨╗╤Г╤З╨╡╨╜╨░ ╨╛╤В ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╣ ╤Б ╨╛╤В╨╜╨╛╤Б╨╕╤В╨╡╨╗╤М╨╜╨╛ ╨┐╨╡╤А╨▓╨╛╨╜╨░╤З╨░╨╗╤М╨╜╨╛╨╣ ╤Б╤В╨╛╨╕╨╝╨╛╤Б╤В╨╕ ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╣. ╤З╨╕╤В╨░╤В╤М ╨┤╨░╨╗╨╡╨╡ (ARR).
╨Ф╨░╨▓╨░╨╣╤В╨╡ ╨┐╨╛╨┤╤А╨╛╨▒╨╜╨╛ ╨╛╨▒╤Б╤Г╨┤╨╕╨╝ ╨╝╨╡╤В╨╛╨┤╤Л ╨╛╤Ж╨╡╨╜╨║╨╕ ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╣, ╤В╨░╨║╨╕╨╡ ╨║╨░╨║ ╨┐╨╡╤А╨╕╨╛╨┤ ╨╛╨║╤Г╨┐╨░╨╡╨╝╨╛╤Б╤В╨╕, ╤Г╤З╨╡╤В╨╜╨░╤П ╨╜╨╛╤А╨╝╨░ ╨┐╤А╨╕╨▒╤Л╨╗╨╕ ╨╕ ╤З╨╕╤Б╤В╨░╤П ╨┐╤А╨╕╨▓╨╡╨┤╨╡╨╜╨╜╨░╤П ╤Б╤В╨╛╨╕╨╝╨╛╤Б╤В╤М.
╨░. ╨Я╨╡╤А╨╕╨╛╨┤ ╨╛╨║╤Г╨┐╨░╨╡╨╝╨╛╤Б╤В╨╕
╨б╤А╨╛╨║ ╨╛╨║╤Г╨┐╨░╨╡╨╝╨╛╤Б╤В╨╕ ╨╛╤В╨╜╨╛╤Б╨╕╤В╤Б╤П ╨║ ╨┐╨╡╤А╨╕╨╛╨┤╤Г ╨▓╤А╨╡╨╝╨╡╨╜╨╕, ╨╜╨╡╨╛╨▒╤Е╨╛╨┤╨╕╨╝╨╛╨╝╤Г ╨┐╤А╨╛╨╡╨║╤В╤Г ╨┤╨╗╤П ╨▓╨╛╨╖╨╝╨╡╤Й╨╡╨╜╨╕╤П ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╛╨╜╨╜╤Л╤Е ╨╖╨░╤В╤А╨░╤В. ╨н╤В╨╛ ╨╛╨╢╨╕╨┤╨░╨╜╨╕╨╡ ╤В╨╛╨│╨╛, ╨║╨╛╨│╨┤╨░ ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╕ ╨┤╨╛╤Б╤В╨╕╨│╨╜╤Г╤В ╤В╨╛╤З╨║╨╕ ╨▒╨╡╨╖╤Г╨▒╤Л╤В╨╛╤З╨╜╨╛╤Б╤В╨╕. ╨д╨╛╤А╨╝╤Г╨╗╨░ ╤В╨╛╤З╨║╨╕ ╨▒╨╡╨╖╤Г╨▒╤Л╤В╨╛╤З╨╜╨╛╤Б╤В╨╕ (BEP) ╨╛╨▒╨╛╨╖╨╜╨░╤З╨░╨╡╤В ╤В╨╛╤З╨║╤Г, ╨▓ ╨║╨╛╤В╨╛╤А╨╛╨╣ ╨┐╤А╨╛╨╡╨║╤В ╤Б╤В╨░╨╜╨╛╨▓╨╕╤В╤Б╤П ╨┐╤А╨╕╨▒╤Л╨╗╤М╨╜╤Л╨╝. ╨Ю╨╜ ╨╛╨┐╤А╨╡╨┤╨╡╨╗╤П╨╡╤В╤Б╤П ╨┐╤Г╤В╨╡╨╝ ╨┤╨╡╨╗╨╡╨╜╨╕╤П ╨╛╨▒╤Й╨╕╤Е ╨┐╨╛╤Б╤В╨╛╤П╨╜╨╜╤Л╤Е ╨╕╨╖╨┤╨╡╤А╨╢╨╡╨║ ╨┐╤А╨╛╨╕╨╖╨▓╨╛╨┤╤Б╤В╨▓╨░ ╨╜╨░ ╨╝╨░╤А╨╢╨╕╨╜╨░╨╗╤М╨╜╤Г╤О ╨┐╤А╨╕╨▒╤Л╨╗╤М ╨╜╨░ ╨╡╨┤╨╕╨╜╨╕╤Ж╤Г ╨┐╤А╨╛╨╕╨╖╨▓╨╡╨┤╨╡╨╜╨╜╨╛╨╣ ╨┐╤А╨╛╨┤╤Г╨║╤Ж╨╕╨╕. ╨в╨╛╤З╨║╨░ ╨▒╨╡╨╖╤Г╨▒╤Л╤В╨╛╤З╨╜╨╛╤Б╤В╨╕ ╨▓ ╨Х╨┤╨╕╨╜╨╕╤Ж╨░╤Е = ╨д╨╕╨║╤Б╨╕╤А╨╛╨▓╨░╨╜╨╜╤Л╨╡ ╨Ч╨░╤В╤А╨░╤В╤Л/╨Ь╨░╤А╨╢╨░ ╨Т╨║╨╗╨░╨┤╨░ ╨┐╨╛╨┤╤А╨╛╨▒╨╜╨╡╨╡. ╨н╤В╨╛ ╨┐╤А╨╛╨╕╤Б╤Е╨╛╨┤╨╕╤В, ╨║╨╛╨│╨┤╨░ ╤Б╤Г╨╝╨╝╨░, ╤А╨░╨▓╨╜╨░╤П ╨┐╨╡╤А╨▓╨╛╨╜╨░╤З╨░╨╗╤М╨╜╨╛╨╝╤Г ╨▓╨╗╨╛╨╢╨╡╨╜╨╜╨╛╨╝╤Г ╨║╨░╨┐╨╕╤В╨░╨╗╤Г, ╨│╨╡╨╜╨╡╤А╨╕╤А╤Г╨╡╤В╤Б╤П ╨╕╨╖ ╨┐╤А╨╛╨╡╨║╤В╨░, ╨┐╨╛╤Н╤В╨╛╨╝╤Г ╤Н╤В╨╛ ╤В╨╛╤З╨║╨░ ╨╛╤В╤Б╤Г╤В╤Б╤В╨▓╨╕╤П ╨┐╤А╨╕╨▒╤Л╨╗╨╕ ╨╕ ╤Г╨▒╤Л╤В╨║╨╛╨▓.
╨Ш╨╜╨▓╨╡╤Б╤В╨╛╤А╤Л ╤З╨░╤Б╤В╨╛ ╨╢╨╡╨╗╨░╤О╤В ╨▒╨╛╨╗╨╡╨╡ ╨║╨╛╤А╨╛╤В╨║╨╛╨│╨╛ ╨┐╨╡╤А╨╕╨╛╨┤╨░ ╨╛╨║╤Г╨┐╨░╨╡╨╝╨╛╤Б╤В╨╕. ╨н╤В╨╛ ╤Г╨║╨░╨╖╤Л╨▓╨░╨╡╤В ╨╜╨░ ╨▒╨╛╨╗╨╡╨╡ ╨▒╤Л╤Б╤В╤А╤Л╨╣ ╨┐╤А╨╕╤В╨╛╨║ ╨┤╨╡╨╜╨╡╨╢╨╜╤Л╤Е ╤Б╤А╨╡╨┤╤Б╤В╨▓, ╤Г╨║╨░╨╖╤Л╨▓╨░╨╡╤В ╨╜╨░ ╤Г╤Б╤В╨╛╨╣╤З╨╕╨▓╨╛╤Б╤В╤М ╨╕ ╤Б╨┐╨╛╤Б╨╛╨▒╤Б╤В╨▓╤Г╨╡╤В ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╛╨╜╨╜╨╛╨╣ ╨┐╤А╨╕╨▓╨╗╨╡╨║╨░╤В╨╡╨╗╤М╨╜╨╛╤Б╤В╨╕.
╨▒. ╨г╤З╨╡╤В╨╜╨░╤П ╨╜╨╛╤А╨╝╨░ ╨┐╤А╨╕╨▒╤Л╨╗╨╕
╨г╤З╨╡╤В╨╜╨░╤П ╨╜╨╛╤А╨╝╨░ ╨┐╤А╨╕╨▒╤Л╨╗╨╕ ╨▓╤Л╤А╨░╨╢╨░╨╡╤В ╨│╨╛╨┤╨╛╨▓╤Г╤О ╨╛╤В╤З╨╡╤В╨╜╤Г╤О ╨┐╤А╨╕╨▒╤Л╨╗╤М, ╤З╨╕╤Б╤В╤Л╨╣ ╨┤╨╛╤Е╨╛╨┤ ╨з╨╕╤Б╤В╤Л╨╣ ╨┤╨╛╤Е╨╛╨┤ ╨з╨╕╤Б╤В╤Л╨╣ ╨┤╨╛╤Е╨╛╨┤ ╤Д╨╕╨╖╨╕╤З╨╡╤Б╨║╨╕╤Е ╨╕ ╤О╤А╨╕╨┤╨╕╤З╨╡╤Б╨║╨╕╤Е ╨╗╨╕╤Ж ╨╛╤В╨╜╨╛╤Б╨╕╤В╤Б╤П ╨║ ╤Б╤Г╨╝╨╝╨╡ ╨┤╨╡╨╜╨╡╨│, ╨╛╤Б╤В╨░╨▓╤И╨╡╨╣╤Б╤П ╨┐╨╛╤Б╨╗╨╡ ╨▓╤Л╤З╨╡╤В╨░ ╨┐╤А╤П╨╝╤Л╤Е ╨╕ ╨║╨╛╤Б╨▓╨╡╨╜╨╜╤Л╤Е ╤А╨░╤Б╤Е╨╛╨┤╨╛╨▓, ╨╜╨░╨╗╨╛╨│╨╛╨▓ ╨╕ ╨┤╤А╤Г╨│╨╕╤Е ╨▓╤Л╤З╨╡╤В╨╛╨▓ ╨╕╨╖ ╨╕╤Е ╨▓╨░╨╗╨╛╨▓╨╛╨│╨╛ ╨┤╨╛╤Е╨╛╨┤╨░. ╨Т ╨╛╤В╤З╨╡╤В╨╡ ╨╛ ╨┐╤А╨╕╨▒╤Л╨╗╤П╤Е ╨╕ ╤Г╨▒╤Л╤В╨║╨░╤Е ╨╛╨╜ ╨╛╨▒╤Л╤З╨╜╨╛ ╤Г╨┐╨╛╨╝╨╕╨╜╨░╨╡╤В╤Б╤П ╨║╨░╨║ ╨┐╨╛╤Б╨╗╨╡╨┤╨╜╤П╤П ╤Б╤В╨░╤В╤М╤П, ╨╛╤В╤А╨░╨╢╨░╤О╤Й╨░╤П ╨┐╤А╨╕╨▒╤Л╨╗╤М, ╨┐╨╛╨╗╤Г╤З╨╡╨╜╨╜╤Г╤О ╨┐╤А╨╡╨┤╨┐╤А╨╕╤П╤В╨╕╨╡╨╝. ╨з╨╕╤В╨░╤В╤М ╨┤╨░╨╗╨╡╨╡, ╨╕╨╗╨╕ ╤З╨╕╤Б╤В╤Г╤О ╨┐╤А╨╕╨▒╤Л╨╗╤М ╨▓ ╨┐╤А╨╛╤Ж╨╡╨╜╤В╨░╤Е ╨╛╤В ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╣.
╨г╤А╨╛╨▓╨╡╨╜╤М ╤Е╨╛╤А╨╛╤И╨╡╨│╨╛ ARR ╨╖╨░╨▓╨╕╤Б╨╕╤В ╨╛╤В ╨╛╤В╤А╨░╤Б╨╗╨╕ ╨╕╨╗╨╕ ╨▒╨╕╨╖╨╜╨╡╤Б╨░; ╨╕╨╜╨▓╨╡╤Б╤В╨╛╤А╤Л ╨╕╨╗╨╕ ╤А╤Г╨║╨╛╨▓╨╛╨┤╤Б╤В╨▓╨╛ ╨┐╤А╨╕╨╜╨╕╨╝╨░╤О╤В ╨┐╤А╨╛╨╡╨║╤В╤Л, ╨╡╤Б╨╗╨╕ ARR ╨▓╤Л╤И╨╡ ╤В╤А╨╡╨▒╤Г╨╡╨╝╨╛╨│╨╛ ╤Г╤А╨╛╨▓╨╜╤П, ╨╕ ╨╜╨░╨╛╨▒╨╛╤А╨╛╤В. ╨Я╨╛╤Н╤В╨╛╨╝╤Г ╨┐╤А╨╕ ╤Б╤А╨░╨▓╨╜╨╡╨╜╨╕╨╕ ╨┤╨▓╤Г╤Е ╨┐╤А╨╛╨╡╨║╤В╨╛╨▓ ╨╢╨╡╨╗╨░╤В╨╡╨╗╤М╨╜╤Л╨╝ ╨▓╨░╤А╨╕╨░╨╜╤В╨╛╨╝ ╨▒╤Г╨┤╨╡╤В ╤В╨╛╤В, ╤Г ╨║╨╛╤В╨╛╤А╨╛╨│╨╛ ╨▓╤Л╤Б╨╛╨║╨╕╨╣ ARR.
╨▓. ╨з╨╕╤Б╤В╨░╤П ╨┐╤А╨╕╨▓╨╡╨┤╨╡╨╜╨╜╨░╤П ╤Б╤В╨╛╨╕╨╝╨╛╤Б╤В╤М
╨Ь╨╡╤В╨╛╨┤ NPV ╤Г╤З╨╕╤В╤Л╨▓╨░╨╡╤В ╨▓╤А╨╡╨╝╨╡╨╜╨╜╤Г╤О ╤Б╤В╨╛╨╕╨╝╨╛╤Б╤В╤М ╨┤╨╡╨╜╨╡╨│. ╨Ю╨╜ ╨░╨╜╨░╨╗╨╕╨╖╨╕╤А╤Г╨╡╤В ╨┐╤А╨╕╨▒╤Л╨╗╤М╨╜╨╛╤Б╤В╤М. ╨Я╤А╨╕╨▒╤Л╨╗╤М╨╜╨╛╤Б╤В╤М. ╨Я╤А╨╕╨▒╤Л╨╗╤М╨╜╨╛╤Б╤В╤М ╨╛╤В╨╜╨╛╤Б╨╕╤В╤Б╤П ╨║ ╤Б╨┐╨╛╤Б╨╛╨▒╨╜╨╛╤Б╤В╨╕ ╨║╨╛╨╝╨┐╨░╨╜╨╕╨╕ ╨┐╨╛╨╗╤Г╤З╨░╤В╤М ╨┤╨╛╤Е╨╛╨┤ ╨╕ ╨╝╨░╨║╤Б╨╕╨╝╨╕╨╖╨╕╤А╨╛╨▓╨░╤В╤М ╨┐╤А╨╕╨▒╤Л╨╗╤М ╤Б╨▓╨╡╤А╤Е ╤Б╨▓╨╛╨╕╤Е ╤А╨░╤Б╤Е╨╛╨┤╨╛╨▓ ╨╕ ╨╛╨┐╨╡╤А╨░╤Ж╨╕╨╛╨╜╨╜╤Л╤Е ╨╖╨░╤В╤А╨░╤В. ╨Ю╨╜ ╨╕╨╖╨╝╨╡╤А╤П╨╡╤В╤Б╤П ╤Б ╨╕╤Б╨┐╨╛╨╗╤М╨╖╨╛╨▓╨░╨╜╨╕╨╡╨╝ ╨║╨╛╨╜╨║╤А╨╡╤В╨╜╤Л╤Е ╨║╨╛╤Н╤Д╤Д╨╕╤Ж╨╕╨╡╨╜╤В╨╛╨▓, ╤В╨░╨║╨╕╤Е ╨║╨░╨║ ╨╝╨░╤А╨╢╨░ ╨▓╨░╨╗╨╛╨▓╨╛╨╣ ╨┐╤А╨╕╨▒╤Л╨╗╨╕, EBITDA ╨╕ ╨╝╨░╤А╨╢╨░ ╤З╨╕╤Б╤В╨╛╨╣ ╨┐╤А╨╕╨▒╤Л╨╗╨╕. ╨Ю╨╜ ╨┐╨╛╨╝╨╛╨│╨░╨╡╤В ╨╕╨╜╨▓╨╡╤Б╤В╨╛╤А╨░╨╝ ╨░╨╜╨░╨╗╨╕╨╖╨╕╤А╨╛╨▓╨░╤В╤М ╨┤╨╡╤П╤В╨╡╨╗╤М╨╜╨╛╤Б╤В╤М ╨║╨╛╨╝╨┐╨░╨╜╨╕╨╕. ╨з╨╕╤В╨░╤В╤М ╨┤╨░╨╗╨╡╨╡ ╨┐╤А╨╛╨╡╨║╤В╨░, ╨╛╨┐╤А╨╡╨┤╨╡╨╗╤П╤П ╤В╨╡╨║╤Г╤Й╤Г╤О ╤Б╤В╨╛╨╕╨╝╨╛╤Б╤В╤М ╨▒╤Г╨┤╤Г╤Й╨╕╤Е ╨┤╨╡╨╜╨╡╨╢╨╜╤Л╤Е ╨┐╨╛╤В╨╛╨║╨╛╨▓ ╨╖╨░ ╨╛╨┐╤А╨╡╨┤╨╡╨╗╨╡╨╜╨╜╤Л╨╣ ╨┐╨╡╤А╨╕╨╛╨┤ ╨╕ ╨▓╤Л╤З╨╕╤В╨░╤П ╨╡╨╡ ╨╕╨╖ ╨┐╨╡╤А╨▓╨╛╨╜╨░╤З╨░╨╗╤М╨╜╤Л╤Е ╨┤╨╡╨╜╨╡╨╢╨╜╤Л╤Е ╨▓╨╗╨╛╨╢╨╡╨╜╨╕╨╣.
NPV = ╨┐╤А╨╕╨▓╨╡╨┤╨╡╨╜╨╜╨░╤П ╤Б╤В╨╛╨╕╨╝╨╛╤Б╤В╤М ╨▒╤Г╨┤╤Г╤Й╨╕╤Е ╨┤╨╡╨╜╨╡╨╢╨╜╤Л╤Е ╨┐╨╛╤В╨╛╨║╨╛╨▓ тАУ ╨┐╨╡╤А╨▓╨╛╨╜╨░╤З╨░╨╗╤М╨╜╤Л╨╡ ╨┤╨╡╨╜╨╡╨╢╨╜╤Л╨╡ ╨▓╨╗╨╛╨╢╨╡╨╜╨╕╤П.
╨Я╨╛╨╗╨╛╨╢╨╕╤В╨╡╨╗╤М╨╜╤Л╨╣ NPV ╤Г╨║╨░╨╖╤Л╨▓╨░╨╡╤В ╨╜╨░ ╤В╨╛, ╤З╤В╨╛ ╨┐╤А╨╛╨╡╨║╤В ╨┐╤А╨╕╨╜╨╛╤Б╨╕╤В ╨┐╤А╨╕╨▒╤Л╨╗╤М. ╨Т ╤В╨╛ ╨╢╨╡ ╨▓╤А╨╡╨╝╤П ╨╛╤В╤А╨╕╤Ж╨░╤В╨╡╨╗╤М╨╜╨╛╨╡ ╨╖╨╜╨░╤З╨╡╨╜╨╕╨╡ NPV ╨╛╨╖╨╜╨░╤З╨░╨╡╤В ╨╛╨▒╤А╨░╤В╨╜╤Л╨╣ ╤Б╤Ж╨╡╨╜╨░╤А╨╕╨╣, ╨╕ ╨▒╨╡╨╖╨╛╨┐╨░╤Б╨╜╨╛ ╨╛╤В╨║╨░╨╖╨░╤В╤М╤Б╤П ╨╛╤В ╤А╨╡╨░╨╗╨╕╨╖╨░╤Ж╨╕╨╕ ╨┐╤А╨╛╨╡╨║╤В╨░ ╨╕╨╗╨╕ ╨▓╨░╤А╨╕╨░╨╜╤В╨░ ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤А╨╛╨▓╨░╨╜╨╕╤П.
╨Я╤А╨╕╨╝╨╡╤А ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╛╨╜╨╜╨╛╨╣ ╨╛╤Ж╨╡╨╜╨║╨╕
╨а╨░╤Б╤Б╨╝╨╛╤В╤А╨╕╨╝ ╨┐╤А╨╕╨╝╨╡╤А ╨╛╤Ж╨╡╨╜╨║╨╕ ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╣ ╨▓ ╨╜╨╡╨┤╨▓╨╕╨╢╨╕╨╝╨╛╤Б╤В╤М, ╤З╤В╨╛╨▒╤Л ╨╗╤Г╤З╤И╨╡ ╨┐╨╛╨╜╤П╤В╤М ╨┐╤А╨░╨║╤В╨╕╤З╨╡╤Б╨║╨╛╨╡ ╨┐╤А╨╕╨╝╨╡╨╜╨╡╨╜╨╕╨╡ ╨╝╨╡╤В╨╛╨┤╨╛╨▓ ╨╛╤Ж╨╡╨╜╨║╨╕.
╨б╨┐╨╡╤Ж╨╕╨░╨╗╨╕╤Б╤В╤Л ╨╕╨╗╨╕ ╨╛╤Ж╨╡╨╜╤Й╨╕╨║╨╕ ╨╕╤Б╨┐╨╛╨╗╤М╨╖╤Г╤О╤В ╨╝╨╡╤В╨╛╨┤╨╛╨╗╨╛╨│╨╕╤О ╨┤╨╕╤Б╨║╨╛╨╜╤В╨╕╤А╨╛╨▓╨░╨╜╨╜╤Л╤Е ╨┤╨╡╨╜╨╡╨╢╨╜╤Л╤Е ╨┐╨╛╤В╨╛╨║╨╛╨▓ ╨┤╨╗╤П ╨╛╤Ж╨╡╨╜╨║╨╕ ╤Б╤В╨╛╨╕╨╝╨╛╤Б╤В╨╕ ╨╕╨╝╤Г╤Й╨╡╤Б╤В╨▓╨░. ╨Ю╨╜ ╨▓╨║╨╗╤О╤З╨░╨╡╤В ╨┤╨╕╤Б╨║╨╛╨╜╤В╨╕╤А╨╛╨▓╨░╨╜╨╕╨╡ ╨▒╤Г╨┤╤Г╤Й╨╕╤Е ╤Н╨╗╨╡╨╝╨╡╨╜╤В╨╛╨▓, ╤В╨░╨║╨╕╤Е ╨║╨░╨║ ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╛╨╜╨╜╤Л╨╣ ╨┤╨╛╤Е╨╛╨┤. ╨Ш╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╛╨╜╨╜╤Л╨╣ ╨┤╨╛╤Е╨╛╨┤. ╨Ш╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╛╨╜╨╜╤Л╨╣ ╨┤╨╛╤Е╨╛╨┤ тАФ ╤Н╤В╨╛ ╨┐╤А╨╕╨▒╤Л╨╗╤М, ╨┐╨╛╨╗╤Г╤З╨╡╨╜╨╜╨░╤П ╨╛╤В ╤А╨░╨╖╨╝╨╡╤Й╨╡╨╜╨╕╤П ╤Б╤А╨╡╨┤╤Б╤В╨▓ ╨▓ ╤Д╨╕╨╜╨░╨╜╤Б╨╛╨▓╤Л╤Е ╨╕╨╜╤Б╤В╤А╤Г╨╝╨╡╨╜╤В╨░╤Е ╨╕╨╗╨╕ ╨░╨║╤В╨╕╨▓╨░╤Е, ╤В╨░╨║╨╕╤Е ╨║╨░╨║ ╤Ж╨╡╨╜╨╜╤Л╨╡ ╨▒╤Г╨╝╨░╨│╨╕, ╨▓╨╖╨░╨╕╨╝╨╜╤Л╨╡ ╤Д╨╛╨╜╨┤╤Л, ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╨╕, ╨╕╨╝╤Г╤Й╨╡╤Б╤В╨▓╨╛ ╨╕ ╤В. ╨┤. ╨Ю╨╜ ╨▓╨║╨╗╤О╤З╨░╨╡╤В ╨┤╨╕╨▓╨╕╨┤╨╡╨╜╨┤╤Л ╨┐╨╛ ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╤П╨╝ ╨╕ ╨┐╤А╨╛╤Ж╨╡╨╜╤В╤Л, ╨┐╨╛╨╗╤Г╤З╨╡╨╜╨╜╤Л╨╡ ╨┐╨╛ ╨▒╨░╨╜╨║╨╛╨▓╤Б╨║╨╕╨╝ ╨┤╨╡╨┐╨╛╨╖╨╕╤В╨░╨╝, ╨┐╤А╨╕╨▒╤Л╨╗╤М ╨╕ ╨║╨░╨┐╨╕╤В╨░╨╗. ╨┐╤А╨╕╨▒╤Л╨╗╤М ╨╛╤В ╨┐╤А╨╛╨┤╨░╨╢╨╕ ╨╜╨╡╨┤╨▓╨╕╨╢╨╕╨╝╨╛╤Б╤В╨╕ ╨╕ ╤Ж╨╡╨╜╨╜╤Л╤Е ╨▒╤Г╨╝╨░╨│. ╤З╨╕╤В╨░╤В╤М ╨┤╨░╨╗╨╡╨╡ ╨╕ ╨╖╨░╤В╤А╨░╤В╤Л ╨╜╨░ ╤Г╤З╨╡╤В ╨▓╤А╨╡╨╝╨╡╨╜╨╜╨╛╨╣ ╤Б╤В╨╛╨╕╨╝╨╛╤Б╤В╨╕ ╨┤╨╡╨╜╨╡╨│. ╨б╨╗╨╡╨┤╨╛╨▓╨░╤В╨╡╨╗╤М╨╜╨╛, ╤Н╤В╨░ ╨┐╤А╨╛╤Ж╨╡╨┤╤Г╤А╨░ ╨╛╤Ж╨╡╨╜╨║╨╕ ╨┐╨╛╨╝╨╛╨│╨░╨╡╤В ╨╛╤Ж╨╡╨╜╨╕╤В╤М ╤В╨░╨║╨╕╨╡ ╤Д╨░╨║╤В╨╛╤А╤Л, ╨║╨░╨║ ╤Ж╨╡╨╜╨░ ╨┐╤А╨╛╨┤╨░╨╢╨╕, ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╛╨╜╨╜╨░╤П ╤Б╤В╨╛╨╕╨╝╨╛╤Б╤В╤М ╨╕ ╤Ж╨╡╨╜╨░ ╨┐╨╛╨║╤Г╨┐╨║╨╕ ╨╜╨╡╨┤╨▓╨╕╨╢╨╕╨╝╨╛╤Б╤В╨╕. ╨н╤В╨╛╤В ╤А╨╡╨╖╤Г╨╗╤М╤В╨░╤В ╨╝╨╛╨╢╨╜╨╛ ╨╕╤Б╨┐╨╛╨╗╤М╨╖╨╛╨▓╨░╤В╤М ╨┤╨╗╤П ╨╛╨┐╤А╨╡╨┤╨╡╨╗╨╡╨╜╨╕╤П ╤В╨╛╨│╨╛, ╤П╨▓╨╗╤П╨╡╤В╤Б╤П ╨╗╨╕ ╤А╤Л╨╜╨╛╨║ ╨╜╨╡╨┤╨╛╨╛╤Ж╨╡╨╜╨╡╨╜╨╜╤Л╨╝ ╨╕╨╗╨╕ ╨╖╨░╨▓╤Л╤И╨╡╨╜╨╜╤Л╨╝, ╨╕ ╨▓╨╗╨╕╤П╤В╤М ╨╜╨░ ╨╕╨╜╨▓╨╡╤Б╤В╨╛╤А╨╛╨▓ ╨╕ ╨┤╤А╤Г╨│╨╕╤Е ╤Г╤З╨░╤Б╤В╨╜╨╕╨║╨╛╨▓ ╤А╤Л╨╜╨║╨░, ╨║╨╛╨│╨┤╨░ ╨┐╨╛╨║╤Г╨┐╨║╨░ ╨╕ ╨┐╤А╨╛╨┤╨░╨╢╨░ ╨╜╨╡╨┤╨▓╨╕╨╢╨╕╨╝╨╛╤Б╤В╨╕.
╨з╨░╤Б╤В╨╛ ╨╖╨░╨┤╨░╨▓╨░╨╡╨╝╤Л╨╡ ╨▓╨╛╨┐╤А╨╛╤Б╤Л (FAQ)
╨Ю╨┐╤А╨╡╨┤╨╡╨╗╨╕╤В╤М ╨╖╨╜╨░╤З╨╡╨╜╨╕╨╡ ╨╛╤Ж╨╡╨╜╨║╨╕ ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╣?
╨н╤В╨╛ ╨┐╤А╨╛╤Ж╨╡╤Б╤Б ╨╛╤Ж╨╡╨╜╨║╨╕ ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╛╨╜╨╜╨╛╨╣ ╨▓╨╛╨╖╨╝╨╛╨╢╨╜╨╛╤Б╤В╨╕, ╤З╤В╨╛╨▒╤Л ╨┐╨╛╨╜╤П╤В╤М, ╨▓╤Л╨│╨╛╨┤╨╜╨╛ ╨╗╨╕ ╤Н╤В╨╛ ╨┤╨╗╤П ╨╛╤А╨│╨░╨╜╨╕╨╖╨░╤Ж╨╕╨╕ ╨╕╨╗╨╕ ╨╜╨╡╤В. ╨н╤В╨╛╤В ╨┐╤А╨╛╤Ж╨╡╤Б╤Б ╨▓ ╨┐╨╡╤А╨▓╤Г╤О ╨╛╤З╨╡╤А╨╡╨┤╤М ╨╜╨░╨┐╤А╨░╨▓╨╗╨╡╨╜ ╨╜╨░ ╨╛╤Ж╨╡╨╜╨║╤Г ╤Н╨║╨╛╨╜╨╛╨╝╨╕╤З╨╡╤Б╨║╨╛╨╣ ╤Ж╨╡╨╗╨╡╤Б╨╛╨╛╨▒╤А╨░╨╖╨╜╨╛╤Б╤В╨╕ ╨┐╤А╨╡╨┤╨╗╨░╨│╨░╨╡╨╝╤Л╤Е ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╣ ╨╕╨╗╨╕ ╨┐╤А╨╛╨╡╨║╤В╨░.
╨Я╨╛╤З╨╡╨╝╤Г ╨▓╨░╨╢╨╜╨░ ╨╛╤Ж╨╡╨╜╨║╨░ ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╣?
╨Ю╨╜ ╤П╨▓╨╗╤П╨╡╤В╤Б╤П ╨▓╨░╨╢╨╜╤Л╨╝ ╤Н╨╗╨╡╨╝╨╡╨╜╤В╨╛╨╝ ╤Д╤Г╨╜╨┤╨░╨╝╨╡╨╜╤В╨░╨╗╤М╨╜╨╛╨│╨╛ ╨░╨╜╨░╨╗╨╕╨╖╨░ ╨┤╨╗╤П ╨╝╨╜╨╛╨│╨╕╤Е ╨┐╤А╨╡╨┤╨┐╤А╨╕╤П╤В╨╕╨╣ ╨╕ ╨╕╨╜╨▓╨╡╤Б╤В╨╛╤А╨╛╨▓. ╨Э╨░╨┐╤А╨╕╨╝╨╡╤А, ╤Н╤В╨╛╤В ╨╝╨╡╤В╨╛╨┤ ╨╛╨┐╤А╨╡╨┤╨╡╨╗╤П╨╡╤В, ╨┐╤А╨╕╨╜╨╡╤Б╨╡╤В ╨╗╨╕ ╨┐╤А╨╛╨╡╨║╤В ╨▓ ╨┐╤А╨╛╤Ж╨╡╤Б╤Б╨╡ ╨╛╤Ж╨╡╨╜╨║╨╕ ╨┐╤А╨╕╨▒╤Л╨╗╤М ╨╕╨╗╨╕ ╤Г╨▒╤Л╤В╨╛╨║ ╨▓ ╨▒╤Г╨┤╤Г╤Й╨╡╨╝, ╨▓╤А╨╡╨╝╤П, ╨╜╨╡╨╛╨▒╤Е╨╛╨┤╨╕╨╝╨╛╨╡ ╨┤╨╗╤П ╨▓╨╛╨╖╨╝╨╡╤Й╨╡╨╜╨╕╤П ╤Б╨▓╤П╨╖╨░╨╜╨╜╤Л╤Е ╤Б ╨╜╨╕╨╝ ╨▓╤Л╨│╨╛╨┤ ╨╕ ╤А╨╕╤Б╨║╨╛╨▓ ╨╕ ╤В. ╨┤. ╨а╨░╨╖╨╗╨╕╤З╨╜╤Л╨╡ ╨╝╨╡╤В╨╛╨┤╤Л ╨╛╤Ж╨╡╨╜╨║╨╕ ╨┤╨░╤О╤В ╤А╨╡╨╖╤Г╨╗╤М╤В╨░╤В╤Л ╨▓ ╤З╨╕╤Б╨╗╨╛╨▓╨╛╨╝ ╨▓╤Л╤А╨░╨╢╨╡╨╜╨╕╨╕, ╨░ ╨╜╨░╨╗╨╕╤З╨╕╨╡ ╨║╨╛╨╗╨╕╤З╨╡╤Б╤В╨▓╨╡╨╜╨╜╤Л╤Е ╤А╨╡╨╖╤Г╨╗╤М╤В╨░╤В╨╛╨▓ ╤Б╨╜╨╕╨╢╨░╨╡╤В ╤Б╨╗╨╛╨╢╨╜╨╛╤Б╤В╤М ╨┐╤А╨╕╨╜╤П╤В╨╕╤П ╤Г╨┐╤А╨░╨▓╨╗╨╡╨╜╤З╨╡╤Б╨║╨╕╤Е ╤А╨╡╤И╨╡╨╜╨╕╨╣.
╨Ъ╨░╨║╨╛╨▓╨░ ╤Д╨╛╤А╨╝╤Г╨╗╨░ ╨╛╤Ж╨╡╨╜╨║╨╕ ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╣?
╨д╨╛╤А╨╝╤Г╨╗╨░ ╨╖╨░╨▓╨╕╤Б╨╕╤В ╨╛╤В ╨╝╨╡╤В╨╛╨┤╨░, ╨╕╤Б╨┐╨╛╨╗╤М╨╖╤Г╨╡╨╝╨╛╨│╨╛ ╨┤╨╗╤П ╨╛╤Ж╨╡╨╜╨║╨╕. ╨Э╨░╨┐╤А╨╕╨╝╨╡╤А, ╨╡╤Б╨╗╨╕ ╨╕╤Б╨┐╨╛╨╗╤М╨╖╤Г╨╡╤В╤Б╤П ╨╝╨╡╤В╨╛╨┤ ╨╕╨╜╨┤╨╡╨║╤Б╨░ ╨┐╤А╨╕╨▒╤Л╨╗╤М╨╜╨╛╤Б╤В╨╕, ╤Д╨╛╤А╨╝╤Г╨╗╨░ ╨▒╤Г╨┤╨╡╤В ╤Б╨╗╨╡╨┤╤Г╤О╤Й╨╡╨╣: ┬л╤В╨╡╨║╤Г╤Й╨░╤П ╤Б╤В╨╛╨╕╨╝╨╛╤Б╤В╤М ╨▒╤Г╨┤╤Г╤Й╨╕╤Е ╨┤╨╡╨╜╨╡╨╢╨╜╤Л╤Е ╨┐╨╛╤В╨╛╨║╨╛╨▓, ╨┤╨╡╨╗╨╡╨╜╨╜╨░╤П ╨╜╨░ ╨┐╨╡╤А╨▓╨╛╨╜╨░╤З╨░╨╗╤М╨╜╤Л╨╡ ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╕┬╗. ╨Я╤А╨╕╨╜╨╕╨╝╨░╤П ╨▓╨╛ ╨▓╨╜╨╕╨╝╨░╨╜╨╕╨╡, ╤З╤В╨╛ ╨╡╤Б╨╗╨╕ ╨╕╤Б╨┐╨╛╨╗╤М╨╖╤Г╨╡╤В╤Б╤П ╨╝╨╡╤В╨╛╨┤ ╨┐╨╡╤А╨╕╨╛╨┤╨░ ╨╛╨║╤Г╨┐╨░╨╡╨╝╨╛╤Б╤В╨╕, ╤Д╨╛╤А╨╝╤Г╨╗╨░ ╨┐╤А╨╡╨┤╤Б╤В╨░╨▓╨╗╤П╨╡╤В ╤Б╨╛╨▒╨╛╨╣ ┬л╨┐╨╡╤А╨▓╨╛╨╜╨░╤З╨░╨╗╤М╨╜╤Л╨╡ ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╕, ╤А╨░╨╖╨┤╨╡╨╗╨╡╨╜╨╜╤Л╨╡ ╨╜╨░ ╨┤╨╡╨╜╨╡╨╢╨╜╤Л╨╣ ╨┐╨╛╤В╨╛╨║ ╨▓ ╨│╨╛╨┤┬╗.
╨а╨╡╨║╨╛╨╝╨╡╨╜╨┤╤Г╨╡╨╝╤Л╨╡ ╤Б╤В╨░╤В╤М╨╕
╨н╤В╨╛ ╨▒╤Л╨╗╨╛ ╤А╤Г╨║╨╛╨▓╨╛╨┤╤Б╤В╨▓╨╛ ╨┐╨╛ ╨╛╤Ж╨╡╨╜╨║╨╡ ╨╕ ╨╛╨┐╤А╨╡╨┤╨╡╨╗╨╡╨╜╨╕╤О ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╣. ╨Ь╤Л ╨╛╨▒╤К╤П╤Б╨╜╤П╨╡╨╝ ╨╖╨╜╨░╤З╨╡╨╜╨╕╨╡ ╨╛╤Ж╨╡╨╜╨║╨╕ ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╣, ╨┐╤А╨╕╨╡╨╝╤Л/╨╝╨╡╤В╨╛╨┤╤Л, ╤Д╨╛╤А╨╝╤Г╨╗╤Л ╨╕ ╨┐╤А╨╕╨╝╨╡╤А╤Л ╨╖╨┤╨╡╤Б╤М. ╨Т╤Л ╤В╨░╨║╨╢╨╡ ╨╝╨╛╨╢╨╡╤В╨╡ ╨╛╨╖╨╜╨░╨║╨╛╨╝╨╕╤В╤М╤Б╤П ╤Б╨╛ ╤Б╨╗╨╡╨┤╤Г╤О╤Й╨╕╨╝╨╕ ╤Б╤В╨░╤В╤М╤П╨╝╨╕ ╨┐╨╛ ╤Н╨║╨╛╨╜╨╛╨╝╨╕╨║╨╡, ╤З╤В╨╛╨▒╤Л ╤Г╨╖╨╜╨░╤В╤М ╨▒╨╛╨╗╤М╤И╨╡:
- ╨Ш╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╛╨╜╨╜╤Л╨╣ ╤Ж╨╡╨╜╤В╤А
- ╨Ш╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╛╨╜╨╜╨░╤П ╨║╨╛╨╝╨┐╨░╨╜╨╕╤П
- ╨Ш╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╛╨╜╨╜╤Л╨╣ ╨░╨╜╨░╨╗╨╕╨╖
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