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Net Pr ofit M arg in %
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84
 85

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Basic Earning Power Operating Pr ofit M arg Total Asset turnover

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85
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48
D PR 50 %
96

.
.

88
 100

-1 :
.

. :
Book Value Per Share Net Equity
J .D.
BV Number of stock outs tan ding

:
766
BV 13.930 J .D.
55

-2 () :

.
.
).(P/ER
Pr ice / Earning Ratio Close Market Pr ice
Times
PE R Earning per share

) (PE
7006 ( )20 .
20
PE R 11.5 Times
1.746

100
 101

.
.
.

-1 :

. .
.

:
Dividend Yield Dividend Per Share
%
) ( DY Market Pr ice Per share

:
0.873
DY 4.37 %
20

.

-5 () :
.
.
).(MBVR

101
 107

Market to Book Value Market Pr ice Per share

Times
M / BV Book Value Per share

:
MP 20
MBVR 1.436 Times
BV 13.930

: )(Dupont System Analysis

.
.
) (ROE ) .(ROA

. .

) (ROA :

ROE = ROA Leverage Multiplier

ROE
:

ROE = 6.81% 2.32 16%

107
 103

)(Dupont

)(ROA
.

) (ROE
)(ROE

.
.
.
.

.

: .

103
 104

-1
) (Fi FO
)(Li FO
.

-7

. (
).

-3

.

.

.
.

-4

.

104
 105

: :


.

.
.
.

: :

- :
:1
)
.

.
:1
-
-
-
-

105
 106

:2

) ()

( ).

:1 .

)(ROE :5

).(ROA

) :

ROE = ROA ML

. ROA .ROE

ROA

106
 102

:4 :

- .

- .

- .

MIBV -

- .

- .

- .

- .

- .

:2 .

) - .

- .

102
 109

:8 :

) -

- .

- .

-9 :

- .

- .

- .

:10 :

- .

- .

- .

:11 7006/17/31

( . )

109
108

7006/17/31

170 30

75

70

600

-1 ( )1900 .

-7 (.)%75

-3 ( )6.

-4 ( )40.

-5 ( )1.7.

-6 (.)%60

108
 110

360
= -1 =

= 360
= 40
1900

1900 40
= 700 =
360

= -7 =

1900
= 6

1900
= 300 =
6

= -3 =

1900
= 1.7

= 1500 = 1.7/1900

110
111

-4 = +

+ )3000 + 700 + 75 + 30( = 1500

= 555 - 1500
= 845

= -5

= %60
600

360 =

= +

= +

=1500 600 + 360 +

= 540 = 860 1500

-6 = + . +

70 = + 170 . + 540

= 1400 540 .

= 400

-2 .

111
 117

:11 ( )400
%10 .%70 ().

- =

= %10
400
= 40 = 400 %10


= -

40
= %70

40
= 700 =
%70
:12 ) (ROE :
-1 ( )190 .%70
-7 ( ) ( )940 .
-3 ( )360 .
-4 ( )740 .

117
 113

= 36 = %70 190

= 704 = 36 740

=

704
= ROE
()360 + 940
% 12 = ROE

:11 13 %30
.DPS

= % 50 704

=

107
= 0.171 =
940

= 107

113
 114

:15

.7006/17/31

( )

7.85 -1

1.1 -7

%50 -3

0.35 -4

0.90 -5

60 -6

%16 -2

%15 -9

%71 -8

1.5 -10

114
 115

7006/17/31
7006/17/31
345
750 190 ()150
740 185
150 ()%9 660 ()90
50 ()%8 179 115
1709 ()10
500 600 105
229 ()90 ()74

1729 570 91
1279 1279 ()72
54

. .

7006/17/31

7.85 4.9
1.1 7.7
%50 %37
0.35 0.573
0.90 0.664
60 750
%16 %16
%15 %3

115
 116

%71 %4
1.5 0.109

-1 .

-7
.

-3
.

-4
.

-5
.

:1 ( )%10 ( )6 ()190
.

1900 - 1090 - 109 -

116
 112

:1 ( )115 ( )109
( )%10 .

11.5 - 10.9 - 39.3 -

:2 ( )450
( )80 .

20 - 25 - 27 -

:1 ( )7
( )547.5 ..

1095 - 547.5 - 7120 -

:5 ()80
( )9 ( )30
( )500 ).(ROA

%17 - %19 - %10.4 -

:4 ( )3
( )1.75 ( )1.5
( )750 .

325 - 250 - 192.5 -

112
 119

%9 )(ROA :7
( )1.25.

%71.8 - %4.6 - %14 -

:8 ( )%9 ( )7.35
).(ROE

%78.4 - %3.4 - %19.9 -

:9 ( )40 ( )170
( )190 .

4.5 - 6.5 - 6 -

:10 ( )%17 ()1.25

.

%14.6 - %6.9 - %71 -

:11
7006/17/31
.

4 4.5

3.1 7

119
 118

10.4 6

40 31

57 32

:11

) (ROE .

1005 1004

7.19 7.34

1.25 1.95

% 5.9 %4.8

:12 ( )300 ()%10

( )%60

( )%19 ( )%70

. ( )%10 .

( )%50:

- -

- -

:11 :

118
 170

( )4 ( )7.5

( )%70 ( )%10 ( )700

( .)%70 : .

:15 :

( )3 ( )9
( )70 ( )1.9 ( )17
( )30 ( )720 .

: :

:14

. :

170
 171

- ( )7
( )1317500
( )325000 ( )575000.

- .

:17 ( )%5 ( )%9

:

3 -3 0.004 -7 1.6 -1

:18 7006/17/31
( )70 ( )5
( .)%50 ()5
( )5 ( )10 .
:

- .EPS

- .DPS

- .BV

:19 7006/17/31
( )%60 ( )%15 ( )70

171
 177

( )7 ( )30
( )%10 ( )%40 :

- .ROA

- .ROE

:10 :

( )300 ( )10
( )7290 () ()60
( )440 ( )9 .
:

- .

- .

- .

- .

:11 ( )%35
( )195 . ( )70
() ( )760 () ( )170
(.)%50

177
 173

- -

- -

:11 :

( )1.25 ( )%38 ( )135

( )%3 ( )695 .

: .

:12 %70
( )5 ( )700
(.)%70

- ( )%50 ( )%9
.

- .

- (.)%50

173
 174

:11
: ( )300 ( )1
( )9 () ( )10.

:15 :

( )105 ( )560 ( )470 ( )1.5.

: .

:14 :

( )1.75 ( )175
() ( )10 ( )440
( )60 ( )900 .

:17 :

- %45

- %90

- ( )100000.

- .%30

- = .

- .%40

- .%10

174
175

- ( )500000.

- 10.

: .

175


)(Recent Trend of Financial Management

.

.
:
-1 .
-7 .
-3 .
-4 .
-5
.

172
 178

: ):(Economic Value Added-EVA

.
1222
1980 .
).(MVA )(EVA

) (Value Created
.


.. .
)(EVA

)(Stern Stewart
()

( ) ) (EVA
).(MVA

178
 130

1890
.
. )(EVA
) (EVA
(Inofsys 1884 ) (HLL 1886 )Technologies
) (BPL 1882 .7005

- )(EVA Concept

) .

) (Residual Income

( .(WACC I) )

(Stewart Com).

( )Weighted Average cost of capital investment.

130
 131

) (EVA
. :

EVA = NOPAT WACC I

= .Economic Value added EVA

= .Net operating profit after Tax NOPAT

= .Weighted Average Cost of capital WACC

= .Investment I

( )
.

.
)(EVA
) (EVA .
) (EVA .

)(EVA

131
 137

)(Stewart
:

-1
.

.

-1 :
)(Lifo ) .(FiFo )(Lifo
) (Fifo
.

-2 :


.
.

-1 ( )
.
.

.

137
 133

:

+
+
+ Lifo
+
+
-
-
=

) (EVA :

EVA = NOPATA WACC I

NOPATA

-1 .

-7
.

. .

133
 134

-3 :

D E
WACC Kd (1 t ) KE
DE DE

= . D

= . E

= . t

= ( ). Kd

= )(KE
CAPM )KE = Rf + BE (Rm Rf

- :

-1 .

-7 .

Rf Be Rm .
.

134
 135

-3 .

-4 .

-5 .

-6 .

-2
.

-9 .

-8 .

-10 .

)(EVA ()
. :

-1 :
.

)(EVA -1 :
.
.

.

135
 136

-2 : ) (EVA


) (EVA
.

(:)1

.7006

( 7006/17/31 )
( 7006/17/31 )
910

()576 87 700
794 26 150
%9 ()

()28 140 47

()41 94

()9 387 387

()11
145

()6.1 %9
139.8

136
 132

()41.62 %30
82.73

:
. :

%6.5 %19
( ) .1.5

- .

]EVA = OPAT - [WACC I

-1 :

)OPAT = OPBTI x (1 t
= 145 (1 - 0.30) = 101.5

-7 WACC

D E
WACC K d (1 t ) KE
DE DE
D 76
) K d (1 t ) 8% (1 0.30
DE 76 224
1.42%

6.5 1.5 (%18 %6 . 5)

E 224
KE
DE 76 224

132
 139

23.75% 0.746
17.72%

WACC 1.42% 17.72%

19.14%

EVA 101.5 19.14% (392 92)

101.5 57.42 44.88 JD.

)EVA = NOPATA (WACC I

-1

.
)NOPATA 97.23 6.1(1 .30) 8 (1 .30) 11(1 .30) 41(1 .30
97.23 4.27 5.6 7.7 28.7
143.5
EVA 143.5 57.42 86.1 JD

)(Market Value Added -

- :

)(MVA .
) (Stern Stewart .

139
 138

. .

) (MVA
.


(Market ) .(MBV )to- Book Value
) (MVA ) (MBV MVA
) (MBV .

.
.
.

- .

) )MVA :
-1

.

138
 140

-7
.
.
-3 .

- ).)MVA

.
) (MVA
. :

:1 :

. )(MVA

MVA = MVE - BVE

= MVA .

= MVE ( ).

= MVE .

140
 141

) (MVA
) (MVA
.

(:)7

( )600
( )9
( )1200 .

MVA = [8 600] 1700

= 4800 - 1700
= 3100 J.D.

. :

- .


.
-
.

:7

141
 147

.
. .

.
) (EVA

.
) (EVA :
EVA1 EVA2 EVA3
MVA ........
) ( 1 WACC1
) ( 1 WACC2
( 1 WACC )3

) (EVA
)(MVA
:

MVE = BVE + PVEVA

(:)3

147
 143

) (EVA ()6
.
( )500 .%8
( )

6 5 4 3 7 1

17 79 44 60 90 EVA

-1 :

EVA1 EVA2 EVA3

MVA ....
) (1 WACC )1 (1 WACC ) (1 WACC
* 80 60 44 28 12 0
MVA
)(1 0.09 (1 0.09) 2 (1 0.09) 3 (1 0.09) 4 (1 0.09)5 (1 WACC ) 6

) (80 0.9174) (60 0.8417) (44 0.7722) (28 0.7084) (12 0.6499) (0 0.5963
73.4 51 34 20 8 0
186.4 J .D.
MVE BVE PVEVA
500 186.4 686.4 J .D.

: ):(Balanced Scorecard

) (1+WACC
.Yx

143
 144

- ):(BSC

.

.

1880
.
.
.

.
- :

) (Cause and Effect .

.
.

144
 145

) (BSC
.
.
.

.
) (BSC :
-1 .
-7
.
-3
.
-4
.
-5 .


.

- ).(BSC

()1-4

145
 146

)(you get what you Measure

(.) 1-4
:(Customer )Satisfaction -1
.


.
.
-1 :Internal Business Process

146
 142

.
.
-2 ) :(Learning Innovation and Growth

.

.
.
:(Financial )Perspective -1
.

.

.


)(MVA . ) (EVA
( )7-4
. .

142
 149

()7-4

( )5 .
.

.

- :

BSC

:

-1 .

149
 148

-7 .

-3 ) (Benchmarking.

-4 .

-5 .

: :

.





.

148
 150

:1
.

( )
1279 ()
750
700 %8
1729
105
%30

%17
40
6
61
11

:
-1 .

150
 151

EVA OPAT WACC I

) OPAT OPBIT ( 1 t
) 105 ( 1 .30
73.5 J .D.
D E
) WACC K d ( 1 t KE
DE DE
200 1278
) 9% ( 1 .30 12%
200 1278 200 1278
) 6.3(.135 ) 12(.865
.851 10.38
11.231%
EVA 73.5 ( 1728 250 ) .11231
73.5 166
92.5

-7

EVA ]= NOPATA [WACC I

)NOPATA = 61+18(1-.30)+40(1-.30) + 6(1-.30
= 61 + 12.6 + 28 + 4.2
= 105.8
EVA ]= 105.8 [(1728 250) .11231
= 105.8 166
= -60.2 J.D.

:1 ( )1500
.7006/17/31 ( )4
.
( )400 .

151
 157

MAV = MVE BVE

= (4 400) 1500
= 1600 - 1500
= 100 J.D.
:2
.

( )%1.5 ( )600 ()%10.5
( )

6 5 4 3 7 1

70 30 40 95 20 80 EVA

:
EVA EVA 2 EVA3
MVA .....
( 1 WACC ) ( 1 WACC )2 ( 1 WACC )3
WACC K d K E
1.5% 10.5%
12%
90 70 85 40
MVA
) ( 1 .12 ) ( 1 .12 2
( 1 .12 ) ( 1 .12 )4
3

30 20

( 1 .12 ) ( 1 .12 )6
5

) ( 90 .893 ) ( 70 .7971 ) ( 85 .712 ) ( 40 .636

) ( 30 .567 ) ( 20 .507
80.37 55.797 60.52 25.44 17 10.14
249.267 J .D
MVE BVE MVA
600 249.267
849.267 J .D

- :

157
153

:1 ) (EVA

- - -

:1 ) (EVA

- - -

:2 ) (EVA

- - -

:1 ) (EVA

- - -

:5

EVA - ROA - ROI -

:4 MVA

- - -

:7

- - -

:8 BSC

- - -
:9 BSC

153
 154

- - -
:10 BSC

- - MVA - EVA -

- :
:1 )780( 7006
.%6.2
( )30 .%10
760 - 10.52 - 2.52 -
:1 %9.5
%7.5 ( )13.7 .
0.379 - 1.177 - 1.457 -
:2 %6.5
%17 .1.5

%8.25 - %14.25 - %74.5 -

:1 ( )60
( )40 .
( )11
( )40 .%70
170 - 155 - 137.9 -

154
 155

:5 .
.
( )

70%

16

10

30 %10

%50

%40

%10

70

15

2.9

:4 ( )9000
( )5.790 . .
( )71500 .

18895 - 3879 - 70240 -

155
 156

:7
( )55
).%8 (WACC

58.85 - 94.67 - 35.25 -

:8 ( )455
.
( )1500 .7006/17/31

)1045( - 1855 - 1045 -

:9
. .
%6.5 %40
.%60 %4.5
%9 () ( .7.7 )

5 4 3 7 1

90 65 50 35 30 EVA

)(EVA :10
) .(EPS

156
 152

:11

:11 .

:12 .

:11 .MBV

:15 .

:14 .

:17 BSC .

:18
.

:19 .

:10 .

152


(Fundamental Concepts of Financial
)Planning

.
:

-1 .

-7 .
-3
.
-4 .
-5 .
-6 .
-2 .
-9
.

158
 161

.

.

: :

.



.

161
 167

.
.

()1-5

: :

)(Planning
.

167
 163

.

.
.
:

- :

163
 164

-1

-7 .

-3

. (

).

-4

- :

164
 165

-1

.
-7

.
-3
.

.
-4
.

.
-5

.

165
 166

( )7-5


.

)7- (5

: :

:

: :

166
 162

. .

- :

-1 ) :(Financial Forecasting
.

.

.
-1 ) :(Capital Structure

.
-2 ) :(Capital Structure Decision
.

.
:(Application )of funds -1

162
 169

.
-5 ) :(Strategic Decision making


.

-4 ) :(Financial Controls


.

- :
:
-1 ) :(Simple
.
-1 ) :(Economy

.
-2 ) :(Liquidity

.

169
 168

-1 ) :(Foresight



.
-5 ) :(Long-Tern

.

-4 ) :(Contingencies

-7 ) :(Flexible

-8 ) :(Optimality

: :

168
 120

- :

- :



.

- :

.

- :


.

120
 121

- :


.

- :

.
.

- :

- :

121
 127

: :

.
) (Planning Horizon
.

.
) .(Aggregation
.

.
:

:

127
 123

- ):(A worst Case

(Disaster )Planning .

.

- ):(A normal Case

- ):(A best Case

) :(Examining Interactions

.

123
 124

) :(Exploring Options
()

.
.

:(A )Voiding Surprises

.

.
.

):(Ensuring Feasibility & Internal Consistency

.

. .

124
 125

) :(Conclusion
.

: :

.

.
()
.
( )

( ) .
( )
.



.
:

125
 126

- :

.
( ) .
.

- :



.

- :

( )
.

.

- :

. ()5-3
.

126
 122

( )3-5

: :

()
.


.

- :

122
 129

.


.

.

.

()

.
.

- :

)(Strategic Plans .

129
 128

.
.

.
) (Production Plans
) (Financial Plans
) (Marketing Plans

) (Human Recourse Plans
.

- :

. ) (policy
.

- :

128
 190

).(Standard Operating Procedures

- :

) (Budgets .

.

.

: :

-1

.

190
 191

-7
) (Investment Strategy

) (Financing Strategy
.

-3 ) (Long-Term Financial

(Operational )Planning Budgets
.

-4 :



.

-5 :

.

-6 :
.

191
 197

-2 :

( )

.

-9

.

-8 :
.

-10 :

.

: :

:1
:

- .

- .

- ).(Contingency

197
193

- .

- .

:1 .

- :

- .

- .

- .

- .

- .

- .

- .

- .

- .

-.

-.

193
 194

- .

- :

- .

- .

- .

- .

- .

- .

- .

:2 :

-
............
..........

194
 195

............. -
.

- .

................

- ............
.
..............

- ................
...............
.

:1 :

-
.

195
 196

:5 .

:4 (.)7-5

:7

:8

:9
.

:10 .

196
192

192


)(Cash Flows Planning

:

:
-1
.
-7 :
.
-3
.
-4 .
-5 .
-6
.

198
 181

.
.


( )
( )
.
:

.



.

: :

. :

181
 187

- ):(Working Capital

(Gross Working
) Capital .
:
.
.

- ):(Current Ratio

() .

.
()
..

- ):(Cash Budget

187
 183

)(Cash Inflows
).(Cash Outflows

- ):(Working Capital Policy

.

( )1-6
.

()1-6
( )
7002/17/31 7002/8/30 7006/17/31
22 30 20
198 250 180
297 410 270
517 690 470
418 410 380 ()
935 1100 850
33 90 30
66 100 60
46 129 40
145 319 130
305 305 297
450 624 427

183
 184

156 156 130

329 320 293
485 476 423
935 1100 850

) /31 7006/ ( )420

( 340 =130 - 420 ).

( 3.67 =130 420) .

7002/8/30 ( )680

( )321

( )7.16 .

7002/17/31 :

( )512 ( )327

( )3.52

: :

184
 185

70 30 .

.

.

185
 186

30 .
()
.

- ):(The Inventory Conversion Period

7006 ( )1-6

( )1.770 :

186
 182

= / 360
7006
= 28.2 = 360 1770 / 720
( )90

- ):(The Receivables Collection Period

.
.

( )1500 :

= / 360
7006
= 43.7 = 360 1.500 / 190

( )43 .

- ):(The Payable Deferral Period

182
 189

.
( )1770
:

= / 360
7006
= 9.8 = 360 1770 / 30

( )8

- ):(The Cash Conversion Cycle

= +
7006
= 114 = 9.8 43.7 + 28.2
= 9.8 = 360 1.770 / 30
( )28.2

( )43.7

( )9.8

189
 188

. ()114

. ( ) ( )173

( )90

( )43

( )8

. ( ) 1-6 .

( )1-6

()2.34 ( )7.37

( )112
()93. 2.34 + 7.37 ( )93.


( ) ( )

: :

188
 700

()
.
.


.
) (Cash


.

- ):(Reasons for Holding Cash

:(Transactions )Needs -1

700
 701

:(Precautionary )Needs -1

).(Precautionary Balance

-2 ) :(Speculative Needs

(Speculative )Balance

-1 ) :(Banking Services

701
 707

)(Compensating Balance

. .

- ):(Advantages of Holding Cash

:
:(Trade )Discounts -1



.
-1 ) :(Maintain its Credit Rating

707
 703

.
-2 ) :(Taking of Favorable Opportunities

.
:(Meet )Emergencies -1



.

- ):(Cash Management Techniques

:

.


.
:

703
 704

-1 ) :(Cash Flow Synchronization

.


.
-1 ):(Speed up The Cheek Clearing Process

. :

: .

: .

: .

: .

: .

( )7-6

704
 705

)(Float

( )1

( )2 ( )2 .

( )5 ( )2

( )5 .

705
 706

( )7-6

- :

( )5 -1

( )1

( )4

: :

9 5 4 0

706
 702

-2 ) :(Using Float
.

( )5 ( )6
.
( )30

) .(Disbursement Float
( )10 ( )30
( )70 .

:(Acceleration )of Receipts -1

.
.
. :

: ) :(Lockboxes
.

702
 709

.

. ( )3-6
.

( )3-6

:

( )2 -1

( )1

( )4

9 5 4 0

709
 708

.
.:
(Lockbox )Networks

.
) (Nonbank Lockbox Systems

: ) :(Electronic Collection

.

.

- ):(The Costs of Cash Management

.

.

708
 710

( )1
.
( )%17 ( )1

( )170 .
( )170
( )170 .

.

.

- ):(Determining The Investment in Cash

.
.
.
(

710
 711

) .

(
) .

.

-1 ) :(The Baumol Model

) (Economic Order Quantity EOQ
.
.
.

.
.
:

: :

)Holding Costs = (Average Cash Balance) (Opportunity Cost

CASH
HC (= )) (K
7
= HC : .
= CASH .
= K .

711
 717

:
:

)Transactions Costs = (Number of Transactions) (Cost Per Transactions

TRC (= )T) (O
CASH
=TRC : .
= K ().
=CASH .
= O .

:
:
)Total Costs = (Holding Costs) + (Transactions Costs
CASH )T ) (O
Tc (= ( ) (K) +
2 Cash

:
:

) 2( O ) ( T
= *CASH
k
* = CASH

717
 713

:


.
(.)4-6

( ) 4-6
()

()

= 4/

= 0
10 8 9 2 6 5 4 3 7 1 0

()0
( )300
( )100

( 300 150 = 7) .

713
 714

. ()
( )600 ()6
( )3
. ( )150
( )300

.


( )4-6 .

( )5-6 ()

714
 715

()

() (*)
0 +

) * ( .
2

(*)

) * ( .
2

( ).

715
 716

().

. ( ).
( )

)Total Costs = (Holding Costs) + (Transactions Costs

CASH
=) 2 )( (k) + ( T ) (O
Cash

() (*)
. (*) :

) 2( O ) ( T
= *CASH
k

-1 ) :(The Miller Orr Model

.
.
(.)6-6

( )6-6

716
 712

.
. :

:
.

712
 719

:
.

( ).

() .

( 0.25 3 ) ( )
= +

( ) .

719
 718

3
( 0.25 ) ( )] = [ 3 +

)(M-O

= .%0.01

= 70000 .

= 700 .

= 10000 .

= 10.000

700( 0.25 3) ( )70000

= + 10000
0.0001
3000000 3
= 3102 = + 10000
0.0001

718
 770

= 18371 = )3102( 3 + 10000

( )10000 ( )18371
( )18371


.

).(Return Point

: :

) (Cash Budget

.

770
 771

.


.

.
) (Worksheet
.
.
:

- :

-1 -
:

: .

:
.

:
.

771
 777

-7
:

:
.

:
.

: .

- :

-1
. ()6
( 7002 ).

1000 1000 7000 3000 7000 1000

-7
.
()1000

777
 773

: ( )%10 .

: ( )%60 .

: ( )%30
( )60.

( )%10 ( )1000 ()100

.
( )%60
( )%30
.
7006 ( )1000 ( )7000
7002
( )1300 ( ) .
.

7002 7006 7006 7002

1300 600 600 100

773
 774

-3
:

: ( )%50
( )50
( )60
( )%70 ( )%90
.

: :
( )%5
( )%10 .

( )%50 7002 ( )1500)0.50 3000(
( )%70 7002 ( )3001500(
)0.70 ( )%90 7006
7002 ( )900 .)090 050 7000(
7002 ( )50 1000(
)005 ( )100 )010 1000(
( )1750
( ).

774
 775

7002 7002 7006 7002

1750 100 50 900 300

( )7-6
.

7002 ( )50
.

-4


:

.
( )7-6.

( )7-6 ( ) 7002
1

:

100 100 700 300 700 100
600 1700 1900 1700 600 600
600 800 600 300 300 600
1300 7700 7600 1900 1100 1300

775
 776

:

100 100 100 100 700 300
400 400 400 900 1700 900
50 50 100 150 100 50
100 100 700 300 700 100
650 650 900 1350 1200 1750
450 1550 1800 150 400- 50

:
0 0 500 0 0 0
0 0 0 0 3000 0
0 0 0 0 0 0
0 0 500 0 3000 0
:
0 3500 0 0 3000 1000
100 0 0 100 0 0
1000 0 0 0 0 0
0 0 0 0 0 0
10 10 10 10 10 10
53 53 169 721 165 68
1163 3563 129 391 3125 1028
1142- 2542- 211 281- 175- 1079-

1000 7000 1068 1000 1000 1500
513- 7013- 7177 68 225- 1078-
492 13- 3.187 1.068 775 421
513 1.013 0 0 225 578
0 0 1187 0 0 0
1000 1000 7000 1068 1000 1000

776
 772

-5


.

: :

.
.

-1 ) (Working Capital
.
.
-7
.

-3 ) (Cash Conversion Cycle

. :

772
 779

= ( + )

-4 ) (Cash Management Techniques

.
()
( ).

-5
:

: .
)(Cash Budget -6

) (Worksheet
.

: :

- .

779
 778

:1 ( )60
( )36 ( )74 .
:

- .

-
( )36860 .

- .

- ( )9.

- = +
= 27 = 74 36 + 60.

- = ( ) ( )

= (.)36( )360 36860

= ( 386 = )36( )11 .

- =

= 6 = 60 360

- ( )9

778
 730

= 360 9

= 45 = 9 360

= 74 - 36 + 45

= 52 = 74 91.

:1 .
()
( )1.60
. ( )7
.
( )%2 .
( )56500

-
.

= 360 0.02

= %0.0184

730
 731

= 1.49 = 0.17 1.60

- ( )56500 .

= ()0.000184( )56500

= 7.14

- =

= 1.49 7.14

= 0.66

:2 :

731
 737

- : ( )700
( )300 ( )750
( )400 .

- ( )170
( )45
.
.
[ = 0.50 +
].

- :

* ( )
( )%60
( )80
.

* ( )%70
.

* ( )70 .

*
( )100 .

737
 733

:
( )70
( )10 .

- .

175 150 100 170

400 750 300 700

375 725 750 770

700 175 150 100

740 150 190 170 (%60 )

90 50 60 40

70 70 70 70

- - 100 -

340 770 360 190

733
 734

- .

375 725 750 770

340 770 360 190

()15 55 ()110 40

-
.

5 ()50 60 70

()15 55 ()110 40

()10 5 ()50 60

()10 ()10 ()10 ()10

()70 ()5 ()60 50 ()

- :
:1
:
- .
- .
- .
- .
- .

734
 735

:1

:2

:1

:5

:4
( )3 . ( )3506000
( )%6.2
.
( )25.000 .

:7
( )4.900
( )7.000 .
()
( )400 .
( )6.000 .

() ( )140.000.

735
 736

406000 1606000

406000 406000

406000 606000

: .

:8
( 7006 ).

3106000 3406000 7856000

1306000 1506000 1406000

376000 726000 756000

96000 96000 96000

7546000 206000 506000

( )%5 ( )
( )%35
( )%60 .
.
( )725.000.

736
732

: .

725.000

115.000

:9 :

- :

- .

- .

- .

- .

732
 739

- .

- .

- .

- .

- .

- :

- .

- .

- .

- .

- .

- .

- .

- .

739
 738

- .

- .

- .

- .

:10 :

-
.

-
.

-
.

-
.

-
.

738


)(Planning of Financial Requirements

:
-1 .
-7

.
-3 ) (Analysis of Accounts
( ).
)(The Present of- Sales Method -4
.
-5
.
-6 ) (Regression Analysis
.

741
 743

.

.
.

( )

.

:



.
.

: :

.
.

743
 744

( )1-2

.

()1-2

( )

1650
1425
1500 1500
1147

1124 1000
1019

500

0
1007 1004 1005 1001 1002 1001

:

.
(Regression
) Analysis
.

744
 745

.
.

.
.

.



.

: :

.
.

745
 746

.
.
:


:

- ):(Analysis of Accounts Method

7002:

( ) 7000

() 800 +

( )

( ) 1700 -

( ) 1200 =

746
 742

( )1-2

.

()1-2


( )

7000 3700 3900 7600 1200 7000

800 800 1900 7200 1900 800 +

1700 7100 7400 1500 800 1700 -
1200 7000 3700 3900 7600 1200

7000 7000 7500 3500 3500 7500

500 500 500 500 1000 1500 +

50 50 100 150 100 50 +

550 550 1100 1650 1100 550 -
7000 7000 7000 7500 3500 3500

1600 1600 1600 7000 7400 7000

400 400 400 400 900 1.700 +

400 400 400 900 1700 900 -

1600 1600 1600 1600 7000 7400

7175 1113 7304 7304 1578 1000

513 1013 0 0 225 578 +

742
 749

0 0 1187 0 0 0 -

7639 7175 1113 7304 7304 1578

16319 17897 13614 13251 10980 100000

0 3500 0 0 3000 1000 +

0 0 500 0 0 0 -

163 165 131 139 138 110 - ( %1 )

16154 16319 17897 13614 13251 10980

9000 9000 9000 9000 5000 5000

0 0 0 0 3000 0 +

1000 0 0 0 0 0 -

2000 9000 9000 9000 9000 5000

8587 8420 8028 9542 9161 9000

74 173 381 537 396 161

0 0 0 0 0 0

0 0 0 0 0 0

8616 8587 8420 8028 9542 9161

.
( )7-2
.
) (Net Income ()
() .

749
 748

()7-2
7002

1000 1000 7000 3000 7000 1000

550 550 1100 1650 1100 550 -

163 165 131 139 138 110 -

792 795 268 1717 261 340 =

100 100 700 300 700 100 -

192 195 568 817 561 740 =

10 10 10 10 10 10 -

122 125 558 807 551 730 =

53 53 169 721 165 68 -

174 173 381 637 396 161 =

100 0 0 100 0 0 -

74 173 381 537 396 161 =

7002

( )3-2

748
 750

)3-2 (
7002

1000 1000 7000 1058 1000 1000

1200 7000 3700 3900 7200 1200 ( )

7000 7000 7000 7500 3500 3500

16154 166319 176897 136614 136251 106900

100851 110218 100181 100982 100851 170090

16600 16600 16600 16600 76000 76400

76639 76175 16113 76304 76304 16578

26000 96000 96000 96000 96000 56000

86616 86587 86420 86028 96542 96161

10851 11218 10181 10982 100851 170090

750
 751

.
.

- ):(Percentage-Of- Sales

:


.
()
( ) .

()


.

-1



.

751
 757

()
.
( )4-2 7006
7002 :

: ( )%10
.7006

:
7002 .

:
.

().

: 7002
7006 ( )%50 45
) .(EPS 7002
( )1.31 . ( )33
[( 75 ) ( 1.31)] .

757
 753

( )4-2 7006 7002

( )
1007 ()2
()1
1004
16650 1.10 16500

()16347 1.10 ()16770

309 790

()88 1.10 ()80

()55 1.10 ()50 ()

154 140
()3
()36 ()36
119 104

()42 ()47 ()%40

21 67

( )1 .
( )2 ( )1.10 7002 ( + 1
) .
( )3 7006 7002.

753
 754

()1
33 78
39 33
1.31 1.12
75 75 ()

7002 ( )4-2
( )39
7002 ( )
.7002


7002.
-1
7006
.7002



.

( )1 .

754
 755

.
.
:
:
).(Account Payables
:
.
.
: ( )

.

.7006
( )5-2 7006
7002
:
: 7002 ( )%10
.7006

755
 756

:
(.)%10
: 7006
7002 (.)%10
: ( )
( )%10 .7002
:
7002
7006 .

()5-2
7006 ( 7002
)
1007
()1
1004
70 1.10 70
189 1.10 190
782 1.10 720
512 420
419 1.10 390
835 950
33 1.10 30
66 1.10 60

( )1.10 ( )1 .

756
 752
()1
40 . 40 ( )
138 130
()2
782 . 782
436 472
()2
130 . 130
331 39 +
()2()4 783
461 473
982 950
()3()3
39

: 7002 7006
.7002

:
7002
:

- =

( )1 .
()2 7002

( )3
.7002

752
 759

-2




. ( )39
( )
()
7002
( .)4-2

.

( ) ( )
.

[ = ].

( )6-2 7002
.
:

759
 758

: ( )%5
( )%2 .

: ( )%70
( )%10 .

: ( )%65
( )73 .

( )40 ( )39
( ) . ( )7


( )7 .

()6-2
7002 ( )

16650 16650

()16347 ()16347

309 309

758
 760

()88 ()88

()55 ()55 (

154 154 )(EBIT

()1 ()32 ()36

112 119 )(EBT

0 ()42 ()42 ()%40

20 21

()1 ()34 ()33

()7 36 39

1.31 1.31

76 75 ()

77 77

189 189

782 782

512 512

419 419

835 835

33 33

760
 761

66 66

6 46 40

145 138

9 305 782

450 436

76 156 130

()7 378 331

495 461

39 835 982

-1 7002
( )




.

( )2-2 7006

7002

( ).

761
 767

)2-2 (

1007 1004

4.1 3.6 3.6

2.4 4.5 4.5

37.1 43.7 43.7

7.1 1.9 1.9

%45.0 %49.1 %50.7

6.5 4.1 3.8

%4.2 %4.3 %4.1

%10.1 %2.5 %2.3

%19.3 %14.5 %14.2

7006

( ) . 7002

.

.
:

767
 763

: .
: .
: .


.
.

.

.

.

- ):(Mathmatics Equation Method

.

:

763
 764

L A
( RR S1 PM ) ( S ) ( S S ) AFN

:
= . AFN
= . A
= . L
= (). S
= [= .]S S1 S
= . PM
= . S1
= . RR

7002
.
:

( LRR S1 PM
A
) AFN
S S
(%53,5 1,650 %4,3 1,500 1,650 90

850
)
1,500 1,500

38 150 0,06 0,567

38 76
= 39

- ):(Regression Analysis Method

)(Regression Analysis

) (x

764
 765

) .(y (Regression

) .Line

) (x ) (y
) (y ).(x

(Dependent )Variable
(Independent )Variable
.



:

Y = + bx

765
 766

= y

.

= ( ) )(y

.
:

N / ( b ) ( x ) ( y )
= b

) (y
:

) N / ( x
2
x 2 / N / ( y ) ( x ) xy )
= x ) .(y
.

766
 762

.
( )11 (
).

29 44 33 125 1886
93 49 39 700 1882
96 53 44 715 1889
28 52 35 195 1888
81 60 43 735 7000
89 66 45 765 7001
106 23 57 300 7007
101 20 42 790 7003
119 29 61 350 7004
135 80 21 470 7005
150 100 95 500 7006

762
 769

-1 ) (b

.

-7 ) (a
.

-3 :

= ( 1615 + 2). )( :

= ( 0616 + 70). )( :

= ( 0673 + 39). )( :

-4
7002
( )250
:

= 11865 . :

= 14060 . :

= 71065 . :

-5
.

769
 768

-6
7006 7002
.

-2 7002

.

: :

( )9-2
()500
.

( ( ) ( ) ()%

1 2 1 1
177 250 750 50
1469 550 50 10
577638 77638 46429

17.0 - 500

39.9 - 450 50 - 10 -

768
 720

:
= .g
( ) = .g x s = s
=.S ( )
= .(g + 1) S = S1
= .AFN
( )7-2

( )%4.429


( ) .

()7-2

( )
300

700

100

% 100 25 50 25 25

720
 721

- ):(g

. ()

.

- ):(S / A

( /) .



.

.

721
 727

- ):(PM

()


( )7-2 .

- ):(RR

.
( )%100 .

.

.

.
( )7-2 .

727
 723

: :

. :

- :

7002
7006 7002
.
7006
7002
) (Excess Capacity .
( )%90 7006
( )16500 ()16925
[ 16500 0690 / ].

( )16925
( )%75 7006

723
 724

()
()=

7006
( )1.925 ( )325
.7002
.



.
.

- :

.(Economic )of Scale

724
 725

.
( )%91.3
( )%90
.

.

- :

.


.

) (Lump Assets
.
( )39 ( )50
( )%10
.

.

725
 726

: :

-1
).(Strategy

-7
)(Investment Strategy

)(Financing Strategy

)(Financial Planning -3

.

-4 ) (Pro Forma Financial Statement

)(Analysis Of Accounts
(The Percent of-
.Sales )Method

).(Regression Analysis

726
 722

)(Additional Funds Needed -5

.

.

-6 ) (Analysis of Accounts
( )

.

(The )Percent of- Sales Method -2

.

-9 ) (Regression Analysis


.

- :

722
 729

- :

:1 ( )9
( .)%60
.
17/31 ( )160976000 .

:

= %6 = %13 = %19 =
%76 = %17 = %5 =
.%4

: ( ).

:
(.)%16

: .

3206000

729
 728

761006000

: :

8606000 4906000

4006000 160406000

3206000 164406000

162306000 768606000

761006000 760906000

167106000

560406000 560406000

( )9 .

( )490.000 [.]960006000 0606

728
 790

( )%16 ( )9

( )8.79

161136000 5566000

4646000 167066400

3206000 166206400

168426600 364336600

761006490 764176900

163596490

4406370

569466400 , 400
5946 ,

: :

790
 791

L
( ) ( RR S1 MP ) ( S ) AFN
S
0.40 9.28 0.04 1.28 0.17 0.63
0.148480 0.588
= 0.440320
-7

( )11

( ).

1.7 4.9 1
1.4 5.3 7
1.5 5.8 3
1.9 2.1 4
1.5 6.7 5
1.9 6.8 6
1.8 2.4 2
7.0 9.5 9

: .

:
.

791
 797

: :

0.750 1
0.764 7
0.754 3
0.754 4
0.747 5
0.761 6
0.752 2
0.735 9
7.012

76012
= %7567 = 06757 =
9

= ( 11( )06757 )
= 7622

: :
)(X2 )(Y) (X )(Y )(X )(N
73.04 5.26 1.7 4.9 1
79.08 2.47 1.4 5.3 7
34.91 9.95 1.5 5.8 3
50.41 17.29 1.9 2.1 4
39.44 8.3 1.5 6.7 5
42.61 17.47 1.9 6.8 6
54.26 13.3 1.8 2.4 2
27.75 12.0 7.0 9.5 9
348.41 96.93 13.1 57.1

797
793

) ( y )( x
xy
N b
( x )2 x 2
N
) ( 13.1 )( 52.1
86.83
85.31 86.83 8

339.3 349.41 ( 52.1 )2
349.41
8
1.52
0.15
10.11
N / ( x ) ( b ) y a
8 / ( 52.1 )( 0.15 ) 13.1
0.658 8 / 7.83 13.1
( x ) ( 0.15 ) 0.658 y
( 11 )( 0.15 ) 0.658
2.308 1.65 5.658

- :

:1
:

: .

: .

: ).(AFN

: .

: ).(RR

: .

793
 794

:1
( )
:

: .

: .

: .

: .

: .

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:2
( )+
( )- ( )0 :

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794
795

: .

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-.

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: :
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795
 796

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.

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796
 792

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.

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.

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: ............. .............

:
............. .

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.............

:7

:8

:9 ( )1.7

( )325 ( )7.5

( )%75 .

792
 799

( )475

( )785

( )25 ( )%6 ( )%40

: .

:10 ( )5
( ).

705 985 1
350 16073 7
765 803 3
370 16004 4
366 16075 5

- .

799
 798

- ( )16132
.

:11 ( )16000
( )7.000 . 17/31
( ).
50 100
150 700
50 700
750 500
400 500
100
750
16000 16000

( )%50
.

( )%5
( .)%60
.

798
 780

0.40 = L/S 1.6 = A/S :11 :

.0.45 = DR %10 = MP ( )100 .

780


)(Profitability Planning

:
-1 : .
-7
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-3
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-6
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781
 783

( )


.

.
.

.
.
.

: :

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)(Costs )(Revenues
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783
 784

.
.

:

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784
 785

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()

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785
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786
 782

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782
 789

()

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9000
= 2
6000

4000

7000

0
() 5000 1000

:

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.
( )5 ( )50
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789
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( )56000
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) (Fixed Costs
.

.
.

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FC + TVC = TC
= )FC + (vc Q

788
 300

= . TC

= TVC .

= . FC

= . Q

= . vc

( )3

( )96000

.[8,000 + (vc Q) = TC] :

( )66000

( )766000 .[8,000 (3 6,000)]

( )1-9

TC FC TVC

9.000 9.000 0 0
11.000 9.000 3.000 1.000
73.000 9.000 15.000 5.000
39.000 9.000 30.000 10.000

300
 301

) )Q ) (TC ( )7-9

()7-9


()

40000

39000
TC 30000
=3
VC 73000 70000

11000 10000
FC 9000

0
() 10000 5000 1000

: :

301
 307

- :

( )
) .(Operating Analysis Breakeven
( )


( ).

.


.

307
 303

()
.

(
) ) (NO1
) .(EBIT

. ( )7-9

( )15
( )17.70 ( )%91.3 :

( )7-9 7002

( )

16650 )( S - ()

()16347 )(VC - ()

309 )(GP - ( )

()154 ( ) )(FC -

154 )(NOI-

-1 = 110 .

303
 304

-7 = 15.
-3 = 17.70 (.)110 16437
-4 ( )55 ()88
.

- :

( )110 )(EBIT

. ( )3-9

( )154

( = S)

( )15

( )15.

( )154

304
 305

( )17.70

(Operating )Breakeven Point

305
 306

( )3-9

( )

1400

1700

1000
825=SBE
900

600

400

700
= 154 ()FC 0

170 100 90 60 55 40 70
()

306
 302

- :

( )3-9 ( )55
( ) ( )55
( )975
( )975 ( )154
( )621 55[ 17.70].

:
( )3-9



. (
) (
)

) (Contribution Margin ( )7.9]17.7-15[
.

( )154

302
 309

( )7.9 .
()55

.
.
:

= = +
FC + (vc ) Q = TOC )= (P Q

) (P )Q(
) (v ) (FC
:

FC FC
= = QBE
V - P

) (QBE
( )55 .]7.90 154[

.
( )15 ()16.05
( )154

309
 308

( )17.70
( )40 ( )55 .

) (QBE
( )975 55[
15] ) (SBE

) (Gross Profit Margin :
FC
FC
= Vc = SBE
P -1

() ( )975 .]0.1962 154 = SBE[
( )19.62

( )975 .

308
 310

- :

) .(Cash Operating Breakeven Point

.


:
NCFC - FC
V - P = QBE

NCFC
( )55 ( )35
.]7.9/55-154[
()
.

:

310
 311

NCFC FC
V = SBE
1
P

() ( )530
[.]0.1962/55-154

- :

-1

.

-7
.

.

-3


.

311
 317

()

.


.

: :

.

.

- :

( )

.
)(EBIT

317
 313

.


.

( ) ) (EBIT
.

( )3-9
.

( )3-9

( )

154 )(EBIT

()32 )(I

112 )(EBT

()42 )(T ()%40

20 )(N1

()0

20

313
 314

-1 = 76 .

-7 ) 7.68 = 76 20 = (EPS.

- :

( )4-9 ) (EPS
) .(EBIT )(EPS

).(Financial Breakeven Point

( )4-9

()
3.00

7.00
=32

1.00
0
700 190 160 140 170 100 90 60 40 70
()1.00

( ) ()700

) (EBIT ( )32

314
 315

) (EPS .
) (EPS ) (EBIT ( )32
:

( )1-8

( )

32 )(EBIT

()32 )(I

0 )(EBT

()0 )(T ()%40

0 )(N1

0 )(EAC

= 0 = 76 0

- :

( )4-9

.
)(EBIT

315
 316

.
:

= =

) D ps (T 1) ( I EBIT
O EPS
NCS
) (EBIT (I)
)(DPS )(T
) (NES .
) (EPS

.[O = Dps (T 1) (I EBIT)] :
) (EBIT
:

DPS
I EBITFBEP
) ( T 1

7002 ) (EBIT
.[(0.40 ] 1) O) + 37 [{(O.40-1) O}+ 37 ( )32
(.)4-9

- :

316
 312

(Financial )Breakeven Analysis

) (Financial Structure
.
) (Financial Leverage

) (Operating Leverage
.

: :

.
:

)(Breakeven Analysis -1

) (Volume ) (Cost
) (Profit :
.

-7 ) (Operating Breakeven Analysis

312
 319

(Operating )Breakeven Point -3

) (EBIT .
:
FC FC
= V - P
= QBE

(Cash )Operating Breakeven -4

.

-5
:

.

-6 ) (Financial Breakeven Analysis

) (EBIT

319
 318

) (EPS ) (EBIT
.

-2 ) (Financial Breakeven Point

) (EBIT .
:

DPS
I EBITFBEP
) ( T 1

-9
) (Financial Structure

.

: :

- :

:1 () ()
7006/17/31 ( ).

() ()

1506000 1506000

1006000 1706000 :

356000 156000

318
 370

156000 156000

: .

: :

. .

: :

():

15,000 15,000 FC
S BEP
0.20 120,000 1 TVC 1
150,000 TS
75,000

():

35,000 35,000
S BEP
0,3333 100,000 1
150,000
150,000

: :
()
) (V / P ().

370
 371

()
().

-7 ( ).

1006000 ( 46000 75)

406000

706000

106000

()206000

()196000

17.000

: .

: ( )%70 .

:
( )%70 (.)%75

: ()600
.

371
 377

=

18,000 FC
QBE
17.5 25 CM
18,000
2,400
7.5

: = +
= EBIT + TC SR
= ][(SR) EBIT + (SR) VC + FC SR
%20 = EBIT , %80 = TC , %100 = SR

:
(SR) (0.20) + (SR) (0.7) + (18,000) = SR %100
18,000 = SR 0.1
180,000 = 0.10 / 18,000 = SR

.
1906000
1766000 ()%20
196000
366000
%70

377
 373

( )17.000.

%75 %70

19.25 70.00

12.50 12.50 : ()750.2

1.75 7.50

1.75/30.000 7.5/30.000 )Cm(EBT+FC

74.000 17.000

4.000 4.000 :

70.000 9.000

: = /

MC / FC = QBE
QBE/ FC = MC
30 = 600 / 18000

= CM +

= 42.50 = 12.50 + 30

373
 374

:2 ( )16700
( )900
( )16500 ( )7006000 :

: :
400 900

:
( )400

- :
900 400 ()Q

960,000 480,000 )(PQ = TR

640,000 320,000 )(VQ = VC

320,000 160,000 )(VC = TR = CM

000,700 000,700 )(FC

120,000 40,000 )(FC CM = EBIT

374
375

FC FC
QBE
Vc P CM
200,000
500
400

200,000 FC
QBE
0.3333 Vc
1
P
600,000

P QBE S BE
600,000 1.200 500

:
FC
QBE
Vc P

200,000
400
800 P

200,000 320,000 P 400

320,000 200,000 P 400

520,000
1,300 P
400

375
 376

:1 7006 ( ):
46500 )(EBIT

()2,000 )(I

2,500 )(EBT

()16000 )(T ()%40

1,500 )(NI

16000

: .

( )600.

-1 :

D ps
I EBIRFBE
T 1
0
2,000
0.40 1

2,000 0 2.000

376
 372

-7

D ps
I EBIR FBE
T 1
600
2,000
0.40 1
600
2,000
0.60
3,000 1,000 2,000

- :

:1
:

: .

: .

: .

: .

: .

:1

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.

:1
.

372
 379

:5

( )+ ( )- ( )0

.

:4 :

: :

- .

- .

- .

- .

379
378

: :

- .

- .

- .

- .

: :

- .

- .

- .

- .

: :

- .

- .

- .

- .

378
 330

: :

- .

- .

- .

- .

:7 .

:
.

:
.

:

.

)(EBIT :

.

:
.

330
 331

:8 :

:
.............

: ............. 0 = EPS

: .............
) (EBIT .

: .............

:
.............

:9
.

:10

:11
.

:11

:12

331
 337

:11

:15 ( )75
( )140 ( )30
( )15 :

: ( )9 .

: ( )19 .

: .

: ( )31
.

: ( )31 .
( )73.

:14 :7006
5.00
%25
50.000
10.000
0.00
%40
70.000

337
 333

: 7006
.

: 7006
.

:17 ( )3 7 1
:

5 9 590 1

6 17 950 7

10 15 765 3

:18
( )100 ( )5
( )50
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.

333
 334

( )400
( )50 :
( )5 ( )10
( )7 .
()%10

:19
.7006

740.000 4.0 9.0

170.000 4.9 9.0

-1 .

-7
.

:10 ( )106500
( )3 ( )7.350

334


)(Planning of Cash Flows Risk

( ) :
:
-1 .
-7 .
-3
).(DOL
-4 .
-5
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-6 .
)(DTL -2
.
-9 .
.

335
 332

.

.

( )
.
.

: :

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332
 339

)(Uncertainty ) (Risk


.


.

: :

.
:

- :

. ) (Business Eisk
. :
)(Revenues Risk -1

.
).(Sales Risk

339
 338

)(Expenditures Risk -1
:
.

.

.
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.



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338
 340

.


.(Degree )of Operating Leverage
) (DOL
.

- :

.

.

) (Financial Risk
.
.
( )
.
( )

340
 341

.
() .



)(Degree of Financial Leverage DFL
.

( )
.

- ):(Operating and Financial Leverage

)(DOL
( )
) (DFL
.

.

341
 347

( ) (
) .

.

.

: ( ):

) (Leverage
.


.
) (Operating Leverage
()
).(EBIT

347
 343

( )154
( )110
( )55
. :
) (EBIT
)(Degree of Operating Leverage DOL
.

()

) (EBIT

=

NO10 / NO1
DOL
S0 / S
EBIT / EBIT DBIT / EBIT

Q0 / Q S0 / S

343
 344

) .(EBIT
( )1-8 ( )154
( )110
( )171 .

( )1-8

()% 1007

10+ 11 171 110 ( ) )(Q

10+ 165 16915 16650 ( ) )(S

10+ ()134 ()16426 ()16347 ( ) )(VC

10+ 31 338 309 ( ) )(GP

0+ ()0 ()154 ()154 ( ) )(FC

70+ 31 195 154 ( ) )(EBIT

( %70[ )7 %10 /
] .

.
( )7 ( )%10

344
 345

( 7[ )%70 %10
].

( )31 ( )%10 ( .)%10
( )154
. ) (EBIT
( )31 ( )%10
( .)%70
( )%10 ( )%10

) (DOL ( )7 ( )%1
( )%7 . :

- :

:
( Vc P ) Q
DOL Q
FC ( Vc p ) Q

345
 346

- :

.

:
EBIT EBIT

EBIT0 EBIT0
Dol
Q S
Q0 S0

.

) (EBIT .
( )30
( )7 ( )5
( )1000 ( )1500 ( )%50
:
( )1500 ( )1000
456000 306000

346
 342

()306000 ()706000
()56000 ()56000
106000 56000

( )
( .)%50
( )%75 ( )250 ()1000

( )750 ( )1000

776000 306000

156000 706000

56000 56000

76500 56000

( )%50

( )%1

( )%15 ( )%70 .

: :

342
 349

( )1-8

349
 348

( )1-8
--
= 0..11

= 02.21 ()
( )
= 0.1

= ..
1600

1700
900

DOL
400

0
()20 570 450 30
17.0 14 996 800 60 55
100 90 60 40 20 0
7.0 154 1.486 1.650 110 ()
1.6 766 1.894 7.750 150
--

()
DOL ( )


()48 570 450 30
3.9 56 944 800 60 1600
1.2 731 1.418 1.650 110
1.4 321 1.928 7.750 150 1700
900

400

0
44
100 90 60 40 20 0
()

--

()
DOL ( )


()56 506 450 30
1600
6.0 79 927 800 60
1.9 169 1.497 1.650 110
1.5 790 1.820 7.750 150 1700
900

400

0
50
100 90 60 40 20 0
()

348
 350

()
.

.
. ()
.

.


.

: ( ):

) .(EBIT
) (Financial Leverage
) (EPS
.
.

.

350
 351

.
(Degree of .
)Financial Leverage DFL

) (EPS ).(EBIT
:

EPS / EPS
DFL
EBIT / EBIT

.

:

=
-

EBIT
DFL
I EBIT

) (DFL
) (EBIT ( )154
( )110 ( .]112 154[ )1.3

351
 357

) (EPS .

( )1.3 ( )%1
) (EPS (.)%1.3
)(EPS ) (EBIT ( )%70
( )%76 [ .]1.3 % 70
( )%70 ) (EPS ( .)%76
( )7-8 :

( )7-8 )(EPS

()% () 1007

171 110 ( ) )(Q

70+ 31 195 154 )(EBIT

0+ 0 ()32 ()32 )(I

76+ 31 149 112 )(EBT

76+ ()17 ()58 ()42 ((T) )%40

77+ 18 98 20 )(NI

76+ 0.21 3.40 7.68 EPS

357
 353

) (DFL
) (EPS
.


:

( )5000 ()6000
( )1000
.


( )4000 ( )5000

66000 56000

16000 16000

56000 46000

( )56000 ( )66000
( )%70 ()16000
( )%75
( )36000 ( )%70
( )%50 .

353
 354

.


( )4000 ( )5000

6.000 5.000

3.000 3.000

3.000 7.000

: ( ):

-
)(EBIT
.

-

)(EPS

).(EBIT

) .(ESP

354
 355

( )%10
( )%70
()%70
( .)%76
( )%10
( .)%76
) (Total Leverage .

(Degree )of Total Leverage DTL

) (EPS
:

=
OFL DOL = DTL
EPS 0 / EPS

S0 / S

) (EPS () .


.

355
 356

EBIT GP

EBT EBIT
( Vc P ) Q VC S

I F ( Vc P ) Q I EBIT

( )110 ) (DTL ( .]112 309[ )7.6

( .)1.3 7 ( )7.6 ( )%1
( )%7.6
) .(EPS ) (DTL
()
( )%10 ( )%50
) (EPS
( )%10
) (EPS ( )%15 .
:

()5000
( )1000

356
 352

. ( )%50
()


( )%50 ( )%100 .
( )%50
( .)%100
.
( )16000.
( )500 ( )1500 ( )1000

156000 456000 306000

()106000 ()306000 ()706000

()56000 ()56000 ()56000

0 106000 56000

()16000 ()16000 ()16000 -

()16000 86000 46000

( )%50 ()16000
( )16500 ( )%100
( .)%175
( )%50 ( )16000 ( )500

352
 359

( )%100
( .)%175
(Degree )of Total Leverage DTL
.

: :

.

) (EPS
.(2.6 )= DTL

.
:

-

.
-
.

.

359
 358

-
.

-
.

: :

( ) :

-1 ) (Financial Planning

.

-7 ) (Financial Control
: : :
.

)(Operating Leverage -3
.
.

358
 360

-4 ) (Degree of Operating Leverage DOL

) .(EBIT


) (DOL :
(V P ) Q
DOL Q
FC ( V p ) Q

-5 ) (Financial Leverage
( ) .
.

-6 ) (Degree of Financial Leverage DFL

) (EBIT
) (EPS ) (EPS ) (EBIT
:
EBIT EBIT
DFL
( Financial BEP ) EBIT I EBIT

-2 ) (Total Leverage
( )

.

360
 361

:8 ) (Degree of Total Leverage DTL

) (EPS
) (EPS :
( Vc P ) Q VC S
DFL DOL DOL
1 FC ( Vc p ) Q I EBIT

: :

- :

:1 ( )
.
() ()
170 170 )(S ( )
()30 ()60 )(VC ( )
80 60 )(MC
()60 ()30 )(FC
30 30 )(EBIT
()9 ()9 )(I
77 77 )(EBT
()8 ()8 )(T ()%40
13 13 )(NI ( )
17 17 )(P ()
3 6 () )(V
100 100 )(D ( )
50 50 )(CS ( )

361
 367

- ().

60 120 VC S
DOL
30 EBIT
60
2
30

- ().

30 120 VC S
DOL
30 EBIT
90
3
30

:1
:

: ( )190
.

: ()60
.

367
 363

: :

() ()

190 190

()45 ()80

135 80

()60 ()30

25 60

()9 ()9

62 57

()72 ()71 ()%40

40 31

3 7 DOL
%50 %50

%150 %100 EBIT

()

().

363
 364

: :

() ()

60 60

()15 ()30

45 30

()60 ()30

()15

()9 ()9

()73 ()9

()73 ()9

3 7 DOL
()%50 ()%50

()%150 ()%100 EBIT

()
()
.

364
 365

:2 ()
:

() ()

170 170 ( )

()60 ()60

60 60

()30 ()30

30 30

()9 0

77 30

()8 ()17 ()%40

13 19

17 17

6 6

100 ()%9

50 150

()EPS

: :

365
 366

()
30 EBIT
1 DFL
30 1 EBIT

()
30 EBIT
1.36 DFL
22 1 EBIT

: :

()
18 NI
0.12 EPS
150 Number of common stock

()
13 NI
0.264 EPS
50 Number of common stock

()
() ) (EPS
.

:1 ( )4
( )9 .

4.500 EBIT
DFL
2.500 1 EBIT
1.8

366
 362

- ( )1.9 ( )%1
( )%1.9 )(EBIT
).(EPS

- :

:1
:

: .

: .

: .

: .

: .

: .

:1 ()
().

:2
().

:1

:5

362
 369

:4
:

: ).(DFL

: ).(DTL

: ).(DOL

:7 : = 50
= 30 = 1006000
= 506000
:

: ( )10 .

: ( )10 .

: ( )10 .

: ( )%1

: ( )%3

:8 :
() ()
50 50
75 70
3006000 4006000
506000 1006000

369
 368

: ) (DOL ( )70

: ) (DFL ( )70
: ) (DTL ( )70

:
:9 ()
( )100 ()600
( )20
( )150
:

: ( )300 .

: ( )300 ()310

: ( )300 ( )310
.

( )1.5 )(DOL :10

) (DFL ( )7
( .)%70
:

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: ).(EPS

368
 320

:11 :

- :

- .

- .

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- .

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- .

- .

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- .

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320
 321

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= - .

= - .

= - .

= - .

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= - .

= - .

= - .

- .

:11 .

-
.

-
.

-
.

321
 327

-

.

-
:
.

327
 323

References

-
-
- 1 ( )1886 .

- 7 )1889(
.

- 3 . ( )1895
/.

- 4 )7000( .

- 5 )7001( .

- 6 )7000(
.

- 2 )7004(
.

- 9 )1885(
.

- 8 )1887( .

323
 324

- 10 ( )7005
.

- 11 )7006(
.

- 17 )1886( .

- 13 ( )7004 .

- 14 )7004( -
.

- 15 ( )1882
.

- 16 )7001(
.

- 12 )7000(
.

- 19 )1898( .

- 18 )1882( .

- 70 )1891( /
.

- 71 )7006(
.

324
 325

- 77 )1898(
.

- 73 )1888( .

- 74 )7000(
.

- 75 ( )1883 :
.

- 76

- 72 )1885(
.

- 79 ( )1888 .

- 78 ( )7003 .
.

- 30 ( )7004
-.

- 31 )7001( .

- 37 )7005(
7 -.

325
 326

- 33 )1898(
.

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