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- 21 -
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0 *# /

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Repose 5
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*# N98
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*# N98
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*# N98

R) 2 @ & @6 %7 6 ! C& : -4 *6 2 @: @
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a " %$ : 42 %$ * % - 2: •
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- 28 -
*# N98

R) 2 @ & @6 %7 6 ! C& : -4 *6 2 @: @
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- 29 -
*# N98
N98
:0/ 2 3 E? 4 5+: $ 0 2 @ & &
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50000 0! < ⇐ 250000 200000 @$ @VVVV
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D: #7 – & : #7 – " R: "+:04 ' D! – ( W

- 30 -
/ 6 H4
"2 1 H5
% H6
*# N98

N98
:( "2 #$
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:(1) ( Q04 ' D! HW H '+ ' D! H( H 04K
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50000 0! < ⇐ 250000 200000 @$ @VVVV
10000 0! ⇐ 90000 100000 @ @VVVV
:" D# # C- / 04K
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2005 2004
20000 + ⇐ 60000 40000 @
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- 37 -
0 N
6 – 1
: 6
: 2 D% @2 .$ @: 1# 34 (& C: 34 E% A./ 2
+ %$ 2 *E c + 1#4 4K
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...@ @ % 0! E? "2 R- 34 "# 0
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- 38 -
% 10 = % 2 + % 8 = 34 - "2 H :
% 9.6 = % 1.2 × % 8 = 34 - "2 – (
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% 17 = % 2 + % 15 = 34 - "2 – :
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= 10000 + 800000
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0 N

(6)
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– W

- 40 -
= 2 #
5000000
1000000 4000000
× ×
%5 % 20
850000 = 50000 + 800000
0% × 2 # :0? 0% H3

' 1# 0! C26 (& 85000 = % 10 × 850000 =
2 # – 0% + $ X4 = 042- X4 H4
3235000 = 850000 – 85000 + 4000000 =
04 ? = 2 "2 H5
042- X4
% 25 = 810000 = 2 "2 ⇐
3235000
0 N

,3- 3 – 5
:0 ( / 9@ 4 C E "$ @ 1# C '. 2 "2 34 % A./
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( - ': ) "2 . % ? 216000
( C7 4 @- " ) C % - 125000
"2 # % 270000
:& % A./ D! CS!
91000 = 125000 – 216000 = Q
1230000 = 270000 – 1500000 ⇐ % – = 0!#

- 41 -
( Q ) ? = 2 "2
( 0!# ) 042- X4
91000 = 2 "2 ⇐

1230000
0 N

8 , ,3-
8 – 6
:0 ( / 9@ 4 C E "$ @ 1# C '. 2 "2 34 % A./
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( - ': ) "2 . % ? 216000
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"2 # % 270000
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91000 = 125000 – 216000 = Q
1230000 = 270000 – 1500000 ⇐ % – = 0!#
( Q ) ? = 2 "2

( 0!# ) 042- X4
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1230000

- 42 -
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#B K9
• Financial Management - Theory & Practice", 11th edition,

Authors : "Eugene F. Brigham - Michael C. Ehrhardt "
Publisher: THOMPSON
• -

‫ت ا<دارة ا‬-‫أﺱﺱ‬
,‫ أﺡ‬U-‫ ﺝ‬.‫ د‬J-%‫ﺕ‬
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- 199 -

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