{"id":6028,"date":"2025-11-10T00:13:41","date_gmt":"2025-11-09T23:13:41","guid":{"rendered":"https:\/\/tulipemedia.com\/?p=6028"},"modified":"2025-11-27T18:30:26","modified_gmt":"2025-11-27T17:30:26","slug":"cours-rentabilite-financiere-economique","status":"publish","type":"post","link":"https:\/\/tulipemedia.com\/ar\/cours-rentabilite-financiere-economique\/","title":{"rendered":"\u062f\u0648\u0631\u0629 \u0643\u0627\u0645\u0644\u0629 \u0639\u0646 \u0646\u0633\u0628 \u0627\u0644\u0631\u0628\u062d\u064a\u0629 (ROE\u060c ROA\u060c ROCE\u060c ROIC\u060c ROS \u0648DuPont)"},"content":{"rendered":"<p>\u0641\u064a \u0647\u0630\u0647 \u0627\u0644\u062f\u0648\u0631\u0629 \u0627\u0644\u062c\u062f\u064a\u062f\u0629 \u0627\u0644\u0645\u0623\u062e\u0648\u0630\u0629 \u0645\u0646 \u062a\u062c\u0631\u0628\u062a\u064a <strong><a href=\"https:\/\/tulipemedia.com\/ar\/cours-gestion-entreprise\/\">\u0627\u0644\u062f\u0644\u064a\u0644 \u0627\u0644\u0643\u0627\u0645\u0644 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\u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631<\/strong> \u0628\u0645\u0642\u0627\u0631\u0646\u0629 \u0627\u0644\u0646\u062a\u064a\u062c\u0629 \u0627\u0644\u0645\u064f\u062a\u062d\u0635\u0644 \u0639\u0644\u064a\u0647\u0627 \u0628\u0627\u0644\u0648\u0633\u0627\u0626\u0644 \u0627\u0644\u0645\u064f\u0633\u062a\u062e\u062f\u0645\u0629 \u0644\u062a\u062d\u0642\u064a\u0642\u0647\u0627. \u0647\u0627\u062a\u0627\u0646 \u0641\u0643\u0631\u062a\u0627\u0646 \u0645\u062a\u0634\u0627\u0628\u0647\u062a\u0627\u0646 \u0638\u0627\u0647\u0631\u064a\u064b\u0627\u060c \u0644\u0643\u0646\u0647\u0645\u0627 \u0645\u062e\u062a\u0644\u0641\u062a\u0627\u0646 \u062a\u0645\u0627\u0645\u064b\u0627.<\/p>\n<h2>\u062a\u0630\u0643\u064a\u0631 \u0628\u0627\u0644\u0645\u064a\u0632\u0627\u0646\u064a\u0629 \u0627\u0644\u0639\u0645\u0648\u0645\u064a\u0629 \u0648\u0642\u0627\u0626\u0645\u0629 \u0627\u0644\u062f\u062e\u0644<\/h2>\n<p>\u0645\u0646 \u0623\u062c\u0644 \u0641\u0647\u0645 \u0645\u0627 <strong>\u0646\u0633\u0628 \u0627\u0644\u0631\u0628\u062d\u064a\u0629<\/strong>, \u0645\u0646 \u0627\u0644\u0645\u0647\u0645 \u0623\u0646 \u0646\u062a\u0630\u0643\u0631 \u0627\u0644\u0623\u0633\u0627\u0633\u064a\u0627\u062a\u060c \u0648\u0647\u064a <a href=\"https:\/\/tulipemedia.com\/ar\/bilan-comptable\/\">\u0627\u0644\u0645\u064a\u0632\u0627\u0646\u064a\u0629 \u0627\u0644\u0639\u0645\u0648\u0645\u064a\u0629<\/a> \u0648 \u0627\u0644 <a href=\"https:\/\/tulipemedia.com\/ar\/compte-de-resultat\/\">\u0628\u064a\u0627\u0646 \u0627\u0644\u062f\u062e\u0644<\/a>. \u0648\u0644\u0630\u0644\u0643 \u0633\u0646\u0642\u0648\u0645 \u0628\u0625\u062c\u0631\u0627\u0621 \u0645\u0631\u0627\u062c\u0639\u0629 \u0644\u062a\u062c\u062f\u064a\u062f \u0630\u0627\u0643\u0631\u062a\u0646\u0627.<\/p>\n<h3>\u0645\u0644\u062e\u0635 \u0627\u0644\u0646\u062a\u0627\u0626\u062c<\/h3>\n<p><strong>\u0627\u0644\u0645\u064a\u0632\u0627\u0646\u064a\u0629 \u0627\u0644\u0639\u0645\u0648\u0645\u064a\u0629 \u0647\u064a\u060c 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\u064a\u0647\u062f\u0641 \u0627\u0644\u0645\u064a\u0632\u0627\u0646\u064a\u0629 \u0627\u0644\u0639\u0645\u0648\u0645\u064a\u0629 \u0625\u0644\u0649 \u0627\u0644\u062a\u0639\u0628\u064a\u0631 \u0639\u0646 \u0627\u0644\u0623\u062f\u0627\u0621 \u0627\u0644\u062a\u0634\u063a\u064a\u0644\u064a \u0623\u0648 \u0627\u0644\u062a\u062c\u0627\u0631\u064a \u0644\u0644\u0634\u0631\u0643\u0629<\/strong>, \u0628\u0644 \u0628\u0627\u0644\u0623\u062d\u0631\u0649 \u0625\u0644\u0649 <strong>\u0625\u0638\u0647\u0627\u0631 \u0645\u0627 \u062a\u0645\u0644\u0643\u0647 \u0627\u0644\u0634\u0631\u0643\u0629 (\u0627\u0644\u0623\u0635\u0648\u0644)<\/strong>\u060c \u0648 \u0627\u0644 <strong>\u0627\u0644\u0645\u0648\u0627\u0631\u062f \u0627\u0644\u062a\u064a \u062a\u0633\u0645\u062d \u0644\u0647\u0627 \u0628\u062a\u0645\u0648\u064a\u0644 \u0647\u0630\u0627 \u0627\u0644\u0623\u0635\u0644<\/strong>, \u0633\u0648\u0627\u0621 \u0643\u0627\u0646 \u0623\u0635\u0644\u064b\u0627 \u062b\u0627\u0628\u062a\u064b\u0627 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\u0645\u062e\u062a\u0644\u0641\u0629\u060c \u0645\u062b\u0644 \u0647\u0627\u0645\u0634 \u0627\u0644\u0631\u0628\u062d \u0627\u0644\u0625\u062c\u0645\u0627\u0644\u064a (\u0647\u0627\u0645\u0634 \u0634\u0631\u0627\u0621 \u0627\u0644\u0633\u0644\u0639)\u060c \u0648\u0627\u0644\u0631\u0628\u062d \u0642\u0628\u0644 \u0627\u0644\u0641\u0648\u0627\u0626\u062f \u0648\u0627\u0644\u0636\u0631\u0627\u0626\u0628 \u0648\u0627\u0644\u0625\u0647\u0644\u0627\u0643 \u0648\u0627\u0644\u0627\u0633\u062a\u0647\u0644\u0627\u0643 (\u0623\u0648 EBE \u0641\u064a \u0627\u0644\u062f\u0648\u0644 \u0627\u0644\u0623\u0646\u062c\u0644\u0648\u0633\u0627\u0643\u0633\u0648\u0646\u064a\u0629\u060c \u0648\u0627\u0644\u0630\u064a \u064a\u064f\u0639\u0628\u0650\u0651\u0631 \u0639\u0646 \u0623\u0631\u0628\u0627\u062d \u0627\u0644\u0634\u0631\u0643\u0629 \u062f\u0648\u0646 \u0645\u0631\u0627\u0639\u0627\u0629 \u062a\u0643\u0627\u0644\u064a\u0641 \u0627\u0644\u0641\u0648\u0627\u0626\u062f 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\u0648\u0627\u0644\u0645\u0648\u0627\u062f \u0648\u0627\u0644\u0645\u0642\u0627\u0648\u0644\u0627\u062a \u0645\u0646 \u0627\u0644\u0628\u0627\u0637\u0646)<br \/>\n\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2013<br \/>\n= \u0647\u0627\u0645\u0634 \u0627\u0644\u0631\u0628\u062d \u0627\u0644\u0625\u062c\u0645\u0627\u0644\u064a<\/p>\n<p style=\"text-align: center;\">- \u0627\u0644\u0645\u0635\u0627\u0631\u064a\u0641 \u0627\u0644\u062a\u0634\u063a\u064a\u0644\u064a\u0629 (\u0627\u0644\u0631\u0648\u0627\u062a\u0628\u060c \u0627\u0644\u0625\u064a\u062c\u0627\u0631\u060c \u0627\u0644\u062e)<br \/>\n+ \u0625\u0639\u0627\u0646\u0627\u062a \u0627\u0644\u062a\u0634\u063a\u064a\u0644<br \/>\n- \u0627\u0644\u0636\u0631\u0627\u0626\u0628 \u0648\u0627\u0644\u0631\u0633\u0648\u0645<br \/>\n\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2013<br \/>\n= \u0641\u0627\u0626\u0636 \u0627\u0644\u062a\u0634\u063a\u064a\u0644 \u0627\u0644\u0625\u062c\u0645\u0627\u0644\u064a (GOS)<\/p>\n<p style=\"text-align: center;\">- \u0627\u0644\u0627\u0633\u062a\u0647\u0644\u0627\u0643 \u0648\u0645\u062e\u0635\u0635\u0627\u062a \u0627\u0644\u062a\u0634\u063a\u064a\u0644<br \/>\n+ \u0639\u0643\u0633 \u0623\u062d\u0643\u0627\u0645 \u0627\u0644\u062a\u0634\u063a\u064a\u0644<br \/>\n+ \u0627\u0644\u062f\u062e\u0644 \u0627\u0644\u062a\u0634\u063a\u064a\u0644\u064a \u0627\u0644\u0622\u062e\u0631<br \/>\n- \u0645\u0635\u0627\u0631\u064a\u0641 \u062a\u0634\u063a\u064a\u0644\u064a\u0629 \u0623\u062e\u0631\u0649<br \/>\n\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2013<br \/>\n= \u0631\u0628\u062d \u0627\u0644\u062a\u0634\u063a\u064a\u0644 (EBIT)<\/p>\n<p style=\"text-align: center;\">+ \u0627\u0644\u0645\u0646\u062a\u062c\u0627\u062a \u0627\u0644\u0645\u0627\u0644\u064a\u0629<br \/>\n- \u0627\u0644\u0631\u0633\u0648\u0645 \u0627\u0644\u0645\u0627\u0644\u064a\u0629<br \/>\n\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2013<br \/>\n= \u0627\u0644\u0631\u0628\u062d \u0627\u0644\u062d\u0627\u0644\u064a \u0642\u0628\u0644 \u0627\u0644\u0636\u0631\u064a\u0628\u0629 (CBT)<\/p>\n<p style=\"text-align: center;\">\u00b1 \u0646\u062a\u064a\u062c\u0629 \u0627\u0633\u062a\u062b\u0646\u0627\u0626\u064a\u0629<br \/>\n- \u0636\u0631\u064a\u0628\u0629 \u0627\u0644\u0623\u0631\u0628\u0627\u062d<br \/>\n\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2013<br \/>\n= \u0627\u0644\u0646\u062a\u064a\u062c\u0629 \u0627\u0644\u0635\u0627\u0641\u064a\u0629<\/p>\n<h4>\ud83c\uddec\ud83c\udde7 \u0627\u0644\u0646\u0645\u0648\u0630\u062c \u0627\u0644\u0623\u0646\u062c\u0644\u0648 \u0633\u0627\u0643\u0633\u0648\u0646\u064a \u0644\u0642\u0627\u0626\u0645\u0629 \u0627\u0644\u062f\u062e\u0644 (\u0627\u0644\u062a\u0642\u0627\u0631\u064a\u0631 \u0627\u0644\u0645\u0627\u0644\u064a\u0629)<\/h4>\n<p style=\"text-align: center;\">\u0627\u0644\u0625\u064a\u0631\u0627\u062f\u0627\u062a (\u0643\u0627\u0644\u064a\u0641\u0648\u0631\u0646\u064a\u0627)<br \/>\n- \u062a\u0643\u0644\u0641\u0629 \u0627\u0644\u0628\u0636\u0627\u0626\u0639 \u0627\u0644\u0645\u0628\u0627\u0639\u0629 (COGS)<br \/>\n\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2013<br \/>\n= \u0647\u0627\u0645\u0634 \u0627\u0644\u0631\u0628\u062d \u0627\u0644\u0625\u062c\u0645\u0627\u0644\u064a<\/p>\n<p style=\"text-align: center;\">- \u0627\u0644\u0645\u0635\u0631\u0648\u0641\u0627\u062a \u0627\u0644\u062a\u0634\u063a\u064a\u0644\u064a\u0629 (OPEX\u060c \u0628\u0627\u0633\u062a\u062b\u0646\u0627\u0621 \u0627\u0644\u0627\u0633\u062a\u0647\u0644\u0627\u0643)<br \/>\n\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2013<br \/>\n= \u0627\u0644\u0623\u0631\u0628\u0627\u062d \u0642\u0628\u0644 \u0627\u0644\u0641\u0648\u0627\u0626\u062f \u0648\u0627\u0644\u0636\u0631\u0627\u0626\u0628 \u0648\u0627\u0644\u0625\u0647\u0644\u0627\u0643 \u0648\u0627\u0644\u0627\u0633\u062a\u0647\u0644\u0627\u0643<\/p>\n<p style=\"text-align: center;\">- \u0627\u0644\u0627\u0633\u062a\u0647\u0644\u0627\u0643 \u0648\u0627\u0644\u0625\u0637\u0641\u0627\u0621<br \/>\n\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2013<br \/>\n= \u0627\u0644\u0623\u0631\u0628\u0627\u062d \u0642\u0628\u0644 \u0627\u0644\u0641\u0648\u0627\u0626\u062f \u0648\u0627\u0644\u0636\u0631\u0627\u0626\u0628<\/p>\n<p style=\"text-align: center;\">- \u0645\u0635\u0627\u0631\u064a\u0641 \u0627\u0644\u0641\u0627\u0626\u062f\u0629<br \/>\n+ \u0627\u0644\u062f\u062e\u0644 \u0627\u0644\u0645\u0627\u0644\u064a<br \/>\n\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2013<br \/>\n= EBT (\u0627\u0644\u0623\u0631\u0628\u0627\u062d \u0642\u0628\u0644 \u0627\u0644\u0636\u0631\u0627\u0626\u0628)<\/p>\n<p style=\"text-align: center;\">\u2013 \u0627\u0644\u0636\u0631\u0627\u0626\u0628<br \/>\n\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2013<br \/>\n= \u0635\u0627\u0641\u064a \u0627\u0644\u062f\u062e\u0644<\/p>\n<p><strong>\u0648\u0647\u0630\u0647 \u0627\u0644\u0646\u062a\u064a\u062c\u0629 \u0627\u0644\u0635\u0627\u0641\u064a\u0629 &quot;\u0627\u0644\u0646\u0647\u0627\u0626\u064a\u0629&quot; \u0647\u064a \u0627\u0644\u062a\u064a \u0633\u064a\u062a\u0645 \u062a\u0633\u062c\u064a\u0644\u0647\u0627 \u0643\u0627\u0644\u062a\u0632\u0627\u0645 \u0641\u064a \u0627\u0644\u0645\u064a\u0632\u0627\u0646\u064a\u0629 \u0627\u0644\u0639\u0645\u0648\u0645\u064a\u0629 \u0644\u0644\u0634\u0631\u0643\u0629.<\/strong>. \u0625\u0630\u0627 \u0643\u0627\u0646\u062a \u0645\u0648\u062c\u0628\u0629\u060c \u0641\u0625\u0646\u0647\u0627 \u062a\u064f\u063a\u0630\u064a \u0645\u0648\u0627\u0631\u062f \u0627\u0644\u0634\u0631\u0643\u0629 \u0628\u0634\u0643\u0644 \u0625\u064a\u062c\u0627\u0628\u064a\u060c \u0648\u064a\u062c\u0628 \u0627\u062a\u062e\u0627\u0630 \u0642\u0631\u0627\u0631 \u0628\u0634\u0623\u0646 \u0643\u064a\u0641\u064a\u0629 \u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u0647\u0630\u0647 \u0627\u0644\u0623\u0645\u0648\u0627\u0644 (\u0645\u064f\u0631\u062d\u064e\u0651\u0644\u0629\u060c \u0627\u062d\u062a\u064a\u0627\u0637\u064a\u0627\u062a\u060c \u0623\u0631\u0628\u0627\u062d\u060c \u0625\u0644\u062e). \u0623\u0645\u0627 \u0625\u0630\u0627 \u0643\u0627\u0646\u062a \u0633\u0627\u0644\u0628\u0629\u060c \u0641\u0625\u0646\u0647\u0627 \u062a\u064f\u0642\u0644\u0644 \u0645\u0646 \u0642\u064a\u0645\u0629 \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629\u060c \u0645\u0639 \u0627\u062d\u062a\u0645\u0627\u0644 \u0623\u0646 \u062a\u0635\u0628\u062d \u0633\u0627\u0644\u0628\u0629 \u0625\u0630\u0627 \u062a\u062c\u0627\u0648\u0632\u062a \u0627\u0644\u062e\u0633\u0627\u0626\u0631 \u0642\u064a\u0645\u0629 \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629 \u0627\u0644\u0645\u062a\u0627\u062d\u0629. \u0648\u064a\u064f\u0645\u062b\u0644 \u0627\u0644\u0645\u0628\u0644\u063a \u0627\u0644\u0633\u0627\u0644\u0628 \u0644\u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629 \u0641\u064a \u0627\u0644\u0645\u064a\u0632\u0627\u0646\u064a\u0629 \u0627\u0644\u0639\u0645\u0648\u0645\u064a\u0629 \u0627\u0644\u062a\u0645\u062b\u064a\u0644 \u0627\u0644\u0645\u0627\u0644\u064a \u0644\u0644\u062e\u0633\u0627\u0626\u0631 \u0627\u0644\u062a\u064a \u062a\u0643\u0628\u062f\u062a\u0647\u0627 \u0627\u0644\u0634\u0631\u0643\u0629.<\/p>\n<h4>\u0645\u0631\u0627\u0633\u0644\u0629 \u0627\u0644\u0645\u0624\u0634\u0631<\/h4>\n<p>\u0641\u064a\u0645\u0627 \u064a\u0644\u064a \u062c\u062f\u0648\u0644 \u0635\u063a\u064a\u0631 \u0644\u0644\u0645\u0639\u0627\u062f\u0644\u0627\u062a \u0627\u0644\u062a\u0642\u0631\u064a\u0628\u064a\u0629 \u0628\u064a\u0646 \u062d\u0633\u0627\u0628\u0627\u062a \u0627\u0644\u0623\u0631\u0628\u0627\u062d \u0648\u0627\u0644\u062e\u0633\u0627\u0626\u0631 \u0627\u0644\u0641\u0631\u0646\u0633\u064a\u0629 \u0648\u0627\u0644\u062a\u0642\u0627\u0631\u064a\u0631 \u0627\u0644\u0623\u0646\u062c\u0644\u0648\u0633\u0627\u0643\u0633\u0648\u0646\u064a\u0629:<\/p>\n<table>\n<thead>\n<tr>\n<th>\u0627\u0644\u0645\u0641\u0647\u0648\u0645 \u0627\u0644\u0641\u0631\u0646\u0633\u064a<\/th>\n<th>\u0627\u0644\u0645\u0639\u0627\u062f\u0644 \u0627\u0644\u0623\u0646\u062c\u0644\u0648 \u0633\u0627\u0643\u0633\u0648\u0646\u064a \u0627\u0644\u062a\u0642\u0631\u064a\u0628\u064a<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>\u0627\u0644\u0623\u0631\u0628\u0627\u062d \u0642\u0628\u0644 \u0627\u0644\u0641\u0648\u0627\u0626\u062f \u0648\u0627\u0644\u0636\u0631\u0627\u0626\u0628 \u0648\u0627\u0644\u0625\u0647\u0644\u0627\u0643 \u0648\u0627\u0644\u0627\u0633\u062a\u0647\u0644\u0627\u0643<\/td>\n<td>\u0627\u0644\u0623\u0631\u0628\u0627\u062d \u0642\u0628\u0644 \u0627\u0644\u0641\u0648\u0627\u0626\u062f \u0648\u0627\u0644\u0636\u0631\u0627\u0626\u0628 \u0648\u0627\u0644\u0625\u0647\u0644\u0627\u0643 \u0648\u0627\u0644\u0627\u0633\u062a\u0647\u0644\u0627\u0643<\/td>\n<\/tr>\n<tr>\n<td>\u0631\u064a\u0643\u0633<\/td>\n<td>\u0627\u0644\u0623\u0631\u0628\u0627\u062d \u0642\u0628\u0644 \u0627\u0644\u0641\u0648\u0627\u0626\u062f \u0648\u0627\u0644\u0636\u0631\u0627\u0626\u0628<\/td>\n<\/tr>\n<tr>\n<td>\u0645\u0631\u0643\u0632 \u0623\u0628\u062d\u0627\u062b \u0627\u0644\u0633\u0631\u0637\u0627\u0646<\/td>\n<td>\u0628\u0631\u0646\u0627\u0645\u062c \u0627\u0644\u0645\u0633\u0627\u0639\u062f\u0629 \u0627\u0644\u063a\u0630\u0627\u0626\u064a\u0629 \u0627\u0644\u0625\u0644\u0643\u062a\u0631\u0648\u0646\u064a\u0629<\/td>\n<\/tr>\n<tr>\n<td>\u0627\u0644\u0646\u062a\u064a\u062c\u0629 \u0627\u0644\u0635\u0627\u0641\u064a\u0629<\/td>\n<td>\u0635\u0627\u0641\u064a \u0627\u0644\u062f\u062e\u0644<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>\u062a\u0630\u0643\u064a\u0631 \u0628\u0634\u0623\u0646 \u0627\u0644\u062a\u0642\u064a\u064a\u0645 \u0627\u0644\u0648\u0638\u064a\u0641\u064a<\/h3>\n<p>\u0645\u0646 \u0627\u0644\u0645\u0647\u0645 \u0623\u0646 \u0646\u0641\u0647\u0645 \u0623\u0646 \u0627\u0644\u0645\u064a\u0632\u0627\u0646\u064a\u0629 \u0627\u0644\u0639\u0645\u0648\u0645\u064a\u0629 \u062a\u062a\u0643\u0648\u0646 \u0645\u0646 \u0639\u062f\u0629 \u0639\u0646\u0627\u0635\u0631 \u0631\u0626\u064a\u0633\u064a\u0629 <strong>\u0643\u062a\u0644 \u0627\u0644\u0645\u064a\u0632\u0627\u0646\u064a\u0629 \u0627\u0644\u0639\u0645\u0648\u0645\u064a\u0629<\/strong>, \u0648\u0627\u0644\u062a\u064a \u062a\u0633\u0645\u062d \u0644\u0646\u0627 \u0628\u0627\u0644\u062a\u0645\u064a\u064a\u0632 \u0628\u064a\u0646:<\/p>\n<ul>\n<li>\u0645\u0646 \u0646\u0627\u062d\u064a\u0629 \u0623\u062e\u0631\u0649\u060c \u0627\u0644\u062c\u0627\u0646\u0628 \u0627\u0644\u0625\u064a\u062c\u0627\u0628\u064a: <strong>\u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u062b\u0627\u0628\u062a\u0629<\/strong> (\u062c\u0645\u064a\u0639 \u0627\u0644\u0623\u0635\u0648\u0644 \u0637\u0648\u064a\u0644\u0629 \u0627\u0644\u0623\u062c\u0644)\u060c, <strong>\u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u0645\u062a\u062f\u0627\u0648\u0644\u0629<\/strong> \u0623\u0643\u062b\u0631 \u0623\u0648 \u0623\u0642\u0644 \u0633\u064a\u0648\u0644\u0629\u060c \u0645\u062b\u0644 \u0627\u0644\u0623\u0633\u0647\u0645\u060c \u0648\u0627\u0644\u062d\u0633\u0627\u0628\u0627\u062a \u0627\u0644\u0645\u062f\u064a\u0646\u0629\u060c \u0648\u0623\u062e\u064a\u0631\u064b\u0627 <strong>\u0627\u0644\u062e\u0632\u0627\u0646\u0629 \u0627\u0644\u0646\u0634\u0637\u0629<\/strong> \u0627\u0644\u0630\u064a \u064a\u062c\u0645\u0639 \u0627\u0644\u0623\u0645\u0648\u0627\u0644 \u0627\u0644\u0645\u062a\u0627\u062d\u0629 (\u0627\u0644\u0646\u0642\u062f \u0648\u0627\u0644\u0623\u0648\u0631\u0627\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0627\u0644\u0642\u0627\u0628\u0644\u0629 \u0644\u0644\u062a\u062f\u0627\u0648\u0644)\u061b ;<\/li>\n<li>\u0645\u0646 \u0646\u0627\u062d\u064a\u0629 \u0623\u062e\u0631\u0649\u060c \u0641\u064a \u0635\u064a\u063a\u0629 \u0627\u0644\u0645\u0628\u0646\u064a \u0644\u0644\u0645\u062c\u0647\u0648\u0644: <strong>\u0631\u0623\u0633 \u0627\u0644\u0645\u0627\u0644 \u0627\u0644\u062f\u0627\u0626\u0645<\/strong>, \u060c \u0648\u0627\u0644\u062a\u064a \u062a\u0634\u0645\u0644 \u0627\u0644\u0623\u0633\u0647\u0645 \u0648\u0627\u0644\u062f\u064a\u0648\u0646 \u0637\u0648\u064a\u0644\u0629 \u0627\u0644\u0623\u062c\u0644\u060c <strong>\u0627\u0644\u0627\u0644\u062a\u0632\u0627\u0645\u0627\u062a \u0627\u0644\u062a\u0634\u063a\u064a\u0644\u064a\u0629 \u0627\u0644\u062d\u0627\u0644\u064a\u0629<\/strong> (\u0648\u0627\u0644\u062a\u064a \u062a\u0634\u0645\u0644 \u0627\u0644\u062f\u064a\u0648\u0646 \u0642\u0635\u064a\u0631\u0629 \u0627\u0644\u0623\u062c\u0644 \u0627\u0644\u0645\u062a\u0639\u0644\u0642\u0629 \u0628\u0627\u0644\u0639\u0645\u0644\u064a\u0627\u062a \u0645\u062b\u0644 \u062f\u064a\u0648\u0646 \u0627\u0644\u0645\u0648\u0631\u062f\u064a\u0646 \u0648\u062f\u064a\u0648\u0646 \u0627\u0644\u0623\u062c\u0648\u0631 \u0648\u0645\u0627 \u0625\u0644\u0649 \u0630\u0644\u0643)\u060c \u0648\u0623\u062e\u064a\u0631\u064b\u0627 <strong>\u0627\u0644\u062e\u0632\u0627\u0646\u0629 \u0627\u0644\u0633\u0644\u0628\u064a\u0629<\/strong> (\u0627\u0644\u062f\u064a\u0648\u0646 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0642\u0635\u064a\u0631\u0629 \u0627\u0644\u0623\u062c\u0644 \u0645\u062b\u0644 \u0627\u0644\u0633\u062d\u0628 \u0639\u0644\u0649 \u0627\u0644\u0645\u0643\u0634\u0648\u0641 \u0645\u0646 \u0627\u0644\u0628\u0646\u0648\u0643).<\/li>\n<\/ul>\n<p>\u062a\u0633\u0645\u062d \u0623\u0631\u0642\u0627\u0645 \u0627\u0644\u0645\u064a\u0632\u0627\u0646\u064a\u0629 \u0627\u0644\u0639\u0645\u0648\u0645\u064a\u0629 \u0647\u0630\u0647 \u0628\u0641\u0647\u0645 \u0648\u062a\u062d\u0644\u064a\u0644 \u0623\u0648\u0636\u062d \u0644\u0644\u0645\u064a\u0632\u0627\u0646\u064a\u0629 \u0627\u0644\u0639\u0645\u0648\u0645\u064a\u0629 \u0644\u0644\u0634\u0631\u0643\u0629 \u0641\u064a \u0634\u0643\u0644 \u0645\u062e\u062a\u0644\u0641 \u0642\u0644\u064a\u0644\u0627\u064b \u0645\u0642\u0627\u0631\u0646\u0629 \u0628\u0627\u0644\u0645\u064a\u0632\u0627\u0646\u064a\u0629 \u0627\u0644\u0639\u0645\u0648\u0645\u064a\u0629 \u0627\u0644\u0645\u062d\u0627\u0633\u0628\u064a\u0629\u060c \u0648\u0627\u0644\u062a\u064a \u062a\u0633\u0645\u0649 <strong>\u0627\u0644\u062a\u0642\u064a\u064a\u0645 \u0627\u0644\u0648\u0638\u064a\u0641\u064a<\/strong>.<\/p>\n<p><!-- BILAN FONCTIONNEL - STRUCTURE TH\u00c9ORIQUE --><\/p>\n<table style=\"width: 100%; max-width: 900px; margin: 2em auto; border-collapse: collapse; font-family: Arial, sans-serif; box-shadow: 0 4px 12px rgba(0,0,0,0.1);\">\n<thead>\n<tr>\n<th style=\"background-color: #1e40af; color: white; padding: 16px; text-align: center; font-size: 1.5em; border-radius: 8px 8px 0 0;\" colspan=\"2\">\u0627\u0644\u062a\u0642\u064a\u064a\u0645 \u0627\u0644\u0648\u0638\u064a\u0641\u064a \u2013 \u0627\u0644\u0628\u0646\u064a\u0629 \u0627\u0644\u0646\u0638\u0631\u064a\u0629<\/th>\n<\/tr>\n<tr>\n<th style=\"background-color: #dbeafe; padding: 14px; text-align: center; font-size: 1.2em; border: 1px solid #93c5fd;\"><strong>\u0627\u0644\u0648\u0638\u0627\u0626\u0641<\/strong><\/th>\n<th style=\"background-color: #dbeafe; padding: 14px; text-align: center; font-size: 1.2em; border: 1px solid #93c5fd;\"><strong>\u0645\u0648\u0627\u0631\u062f<\/strong><\/th>\n<\/tr>\n<\/thead>\n<tbody><!-- === EMPLOIS \/ RESSOURCES STABLES === --><\/p>\n<tr style=\"background-color: #eff6ff;\">\n<td style=\"padding: 16px; border: 1px solid #93c5fd; vertical-align: top;\"><strong style=\"color: #1e40af; font-size: 1.1em;\">\u0648\u0638\u0627\u0626\u0641 \u0645\u0633\u062a\u0642\u0631\u0629<\/strong><\/p>\n<ul style=\"margin: 10px 0; padding-left: 20px;\">\n<li><strong>\u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u062b\u0627\u0628\u062a\u0629<\/strong> (\u0627\u0644\u0645\u0628\u0627\u0646\u064a \u0648\u0627\u0644\u0622\u0644\u0627\u062a \u0648\u0628\u0631\u0627\u0621\u0627\u062a \u0627\u0644\u0627\u062e\u062a\u0631\u0627\u0639 \u0648\u0645\u0627 \u0625\u0644\u0649 \u0630\u0644\u0643)<\/li>\n<\/ul>\n<\/td>\n<td style=\"padding: 16px; border: 1px solid #93c5fd; vertical-align: top;\"><strong style=\"color: #1e40af; font-size: 1.1em;\">\u0627\u0644\u0645\u0648\u0627\u0631\u062f \u0627\u0644\u0645\u0633\u062a\u0642\u0631\u0629<\/strong><\/p>\n<ul style=\"margin: 10px 0; padding-left: 20px;\">\n<li><strong>\u0639\u062f\u0627\u0644\u0629<\/strong> (\u0631\u0623\u0633 \u0627\u0644\u0645\u0627\u0644\u060c \u0627\u0644\u0627\u062d\u062a\u064a\u0627\u0637\u064a\u0627\u062a)<\/li>\n<li><strong>\u0642\u0631\u0648\u0636 \u0637\u0648\u064a\u0644\u0629 \u0627\u0644\u0623\u062c\u0644<\/strong><\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<p><!-- === ACTIF \/ PASSIF D'EXPLOITATION === --><\/p>\n<tr style=\"background-color: #fefce8;\">\n<td style=\"padding: 16px; border: 1px solid #fbbf24; vertical-align: top;\"><strong style=\"color: #d97706; font-size: 1.1em;\">\u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u062a\u0634\u063a\u064a\u0644\u064a\u0629 \u0627\u0644\u062d\u0627\u0644\u064a\u0629<\/strong><\/p>\n<ul style=\"margin: 10px 0; padding-left: 20px;\">\n<li><strong>\u0627\u0644\u0623\u0633\u0647\u0645<\/strong> (\u0627\u0644\u0645\u0648\u0627\u062f \u0627\u0644\u062e\u0627\u0645 \u0648\u0627\u0644\u0645\u0646\u062a\u062c\u0627\u062a \u0627\u0644\u0646\u0647\u0627\u0626\u064a\u0629)<\/li>\n<li><strong>\u0627\u0644\u062d\u0633\u0627\u0628\u0627\u062a \u0627\u0644\u0645\u0633\u062a\u062d\u0642\u0629<\/strong><\/li>\n<\/ul>\n<\/td>\n<td style=\"padding: 16px; border: 1px solid #fbbf24; vertical-align: top;\"><strong style=\"color: #d97706; font-size: 1.1em;\">\u0627\u0644\u0627\u0644\u062a\u0632\u0627\u0645\u0627\u062a \u0627\u0644\u062a\u0634\u063a\u064a\u0644\u064a\u0629 \u0627\u0644\u062d\u0627\u0644\u064a\u0629<\/strong><\/p>\n<ul style=\"margin: 10px 0; padding-left: 20px;\">\n<li><strong>\u062f\u064a\u0648\u0646 \u0627\u0644\u0645\u0648\u0631\u062f\u064a\u0646<\/strong><\/li>\n<li><strong>\u062f\u064a\u0648\u0646 \u0627\u0644\u0636\u0631\u0627\u0626\u0628 \u0648\u0627\u0644\u0636\u0645\u0627\u0646 \u0627\u0644\u0627\u062c\u062a\u0645\u0627\u0639\u064a<\/strong><\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<p><!-- === TR\u00c9SORERIE === --><\/p>\n<tr style=\"background-color: #ecfccb;\">\n<td style=\"padding: 16px; border: 1px solid #84cc16; vertical-align: top;\"><strong style=\"color: #166534; font-size: 1.1em;\">\u0627\u0644\u062e\u0632\u0627\u0646\u0629 \u0627\u0644\u0646\u0634\u0637\u0629<\/strong><\/p>\n<ul style=\"margin: 10px 0; padding-left: 20px;\">\n<li><strong>\u0627\u0644\u062a\u0648\u0641\u0631<\/strong> (\u0627\u0644\u0628\u0646\u0643\u060c \u0633\u062c\u0644 \u0627\u0644\u0646\u0642\u062f\u064a\u0629)<\/li>\n<li><strong>\u0627\u0644\u0623\u0648\u0631\u0627\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631\u064a\u0629 (VMP)<\/strong><\/li>\n<\/ul>\n<\/td>\n<td style=\"padding: 16px; border: 1px solid #84cc16; vertical-align: top;\"><strong style=\"color: #7f1d1d; font-size: 1.1em;\">\u0627\u0644\u062e\u0632\u0627\u0646\u0629 \u0627\u0644\u0633\u0644\u0628\u064a\u0629<\/strong><\/p>\n<ul style=\"margin: 10px 0; padding-left: 20px;\">\n<li><strong>\u0627\u0644\u0633\u062d\u0628 \u0639\u0644\u0649 \u0627\u0644\u0645\u0643\u0634\u0648\u0641 \u0645\u0646 \u0627\u0644\u0628\u0646\u0648\u0643<\/strong><\/li>\n<li><strong>\u0642\u0631\u0648\u0636 \u0642\u0635\u064a\u0631\u0629 \u0627\u0644\u0623\u062c\u0644<\/strong><\/li>\n<li><strong>\u0627\u0644\u0641\u0627\u0626\u062f\u0629 \u0627\u0644\u0645\u0633\u062a\u062d\u0642\u0629<\/strong><\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><!-- L\u00c9GENDE P\u00c9DAGOGIQUE --><\/p>\n<div style=\"max-width: 900px; margin: 1.5em auto; padding: 16px; background-color: #f0fdf4; border-left: 5px solid #22c55e; border-radius: 0 8px 8px 0; font-size: 0.95em;\">\n<p><strong>\u0646\u0642\u0627\u0637 \u0631\u0626\u064a\u0633\u064a\u0629 \u064a\u062c\u0628 \u062a\u0630\u0643\u0631\u0647\u0627:<\/strong><\/p>\n<ul style=\"margin: 8px 0;\">\n<li>\u0627\u0644 <strong>\u0627\u0644\u062a\u0642\u064a\u064a\u0645 \u0627\u0644\u0648\u0638\u064a\u0641\u064a<\/strong> \u062a\u062c\u0645\u064a\u0639 \u0627\u0644\u0645\u0648\u0627\u0642\u0641 \u062d\u0633\u0628 <strong>\u062f\u0648\u0631\u0629<\/strong> : \u0645\u0633\u062a\u0642\u0631\u060c \u062a\u0634\u063a\u064a\u0644\u060c \u062a\u062f\u0641\u0642 \u0646\u0642\u062f\u064a.<\/li>\n<li>\u0627\u0644 <strong>\u0627\u0644\u062f\u064a\u0648\u0646 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0642\u0635\u064a\u0631\u0629 \u0627\u0644\u0623\u062c\u0644<\/strong> \u0646\u0643\u0648\u0646 <strong>\u0628\u0627\u0633\u062a\u062b\u0646\u0627\u0621 \u0631\u0623\u0633 \u0627\u0644\u0645\u0627\u0644 \u0627\u0644\u0639\u0627\u0645\u0644<\/strong> \u2192 \u0641\u064a <strong>\u0627\u0644\u062e\u0632\u0627\u0646\u0629 \u0627\u0644\u0633\u0644\u0628\u064a\u0629<\/strong>.<\/li>\n<li>\u0645\u0644\u0627\u062d\u0638\u0629: \u0628\u0639\u0636 \u0627\u0644\u0623\u0635\u0648\u0644\/\u0627\u0644\u0627\u0644\u062a\u0632\u0627\u0645\u0627\u062a \u0627\u0644\u062d\u0627\u0644\u064a\u0629 (\u0639\u0644\u0649 \u0633\u0628\u064a\u0644 \u0627\u0644\u0645\u062b\u0627\u0644\u060c \u0627\u0644\u0645\u0633\u062a\u062d\u0642\u0627\u062a \u0627\u0644\u0645\u062a\u0646\u0648\u0639\u0629\u060c \u0627\u0644\u0627\u0644\u062a\u0632\u0627\u0645\u0627\u062a \u0639\u0644\u0649 \u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u062b\u0627\u0628\u062a\u0629) \u063a\u064a\u0631 \u062a\u0634\u063a\u064a\u0644\u064a\u0629 \u0648\u0645\u0633\u062a\u0628\u0639\u062f\u0629 \u0645\u0646 \u0645\u062a\u0637\u0644\u0628\u0627\u062a \u0631\u0623\u0633 \u0627\u0644\u0645\u0627\u0644 \u0627\u0644\u0639\u0627\u0645\u0644\u060c \u0648\u0644\u0643\u0646 \u0645\u0646 \u0623\u062c\u0644 \u0627\u0644\u062a\u0628\u0633\u064a\u0637\u060c \u0644\u0645 \u0646\u062f\u0631\u062c\u0647\u0627 \u0641\u064a \u0647\u0630\u0627 \u0627\u0644\u062c\u062f\u0648\u0644.<\/li>\n<\/ul>\n<\/div>\n<h3>\u062a\u0630\u0643\u064a\u0631 \u0628\u0634\u0623\u0646 FR \u0648BFR<\/h3>\n<p>\u0628\u0641\u0636\u0644 \u0627\u0644\u062a\u0642\u064a\u064a\u0645 \u0627\u0644\u0648\u0638\u064a\u0641\u064a\u060c \u064a\u0645\u0643\u0646\u0646\u0627 \u0627\u0644\u062a\u062d\u0642\u0642 \u0645\u0645\u0627 \u0625\u0630\u0627 \u0643\u0627\u0646 <strong>\u064a\u062a\u0645 \u062a\u0645\u0648\u064a\u0644 \u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u062b\u0627\u0628\u062a\u0629 \u0628\u0634\u0643\u0644 \u0645\u0646\u0627\u0633\u0628 \u0645\u0646 \u062e\u0644\u0627\u0644 \u0631\u0623\u0633 \u0627\u0644\u0645\u0627\u0644 \u0627\u0644\u062f\u0627\u0626\u0645 (\u0631\u0623\u0633 \u0627\u0644\u0645\u0627\u0644 \u0627\u0644\u0639\u0627\u0645\u0644).<\/strong>\u00a0\u0645\u062b\u0627\u0644\u064a\u0627 \u0645\u0639 <strong>\u0627\u0644\u0641\u0627\u0626\u0636 \u0644\u062a\u0645\u0648\u064a\u0644 \u062f\u0648\u0631\u0629 \u062a\u0634\u063a\u064a\u0644 \u0627\u0644\u0634\u0631\u0643\u0629<\/strong> (\u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u0645\u062a\u062f\u0627\u0648\u0644\u0629). \u0625\u0630\u0627 \u062a\u0645 \u062a\u062d\u0631\u064a\u0631 \u0627\u0644\u0646\u0642\u062f\u060c \u0641\u0633\u064a\u0643\u0648\u0646 \u0645\u0646 \u0627\u0644\u0645\u0645\u0643\u0646 \u0645\u0639\u0631\u0641\u0629 \u0645\u062f\u0649 \u0625\u062f\u0627\u0631\u062a\u0647 \u0628\u0634\u0643\u0644 \u0635\u062d\u064a\u062d \u0648\u0643\u064a\u0641\u064a\u0629 \u0625\u0639\u0627\u062f\u0629 \u062a\u0648\u0632\u064a\u0639\u0647.<\/p>\n<figure id=\"attachment_6115\" aria-describedby=\"caption-attachment-6115\" style=\"width: 1600px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-6115\" src=\"https:\/\/tulipemedia.com\/wp-content\/uploads\/sites\/3\/2025\/11\/Bilan-fonctionnel-FR-BFR-Tresorerie-schema.png\" alt=\"\" width=\"1600\" height=\"1100\" title=\"\" srcset=\"https:\/\/tulipemedia.com\/wp-content\/uploads\/sites\/3\/2025\/11\/Bilan-fonctionnel-FR-BFR-Tresorerie-schema.png 1600w, https:\/\/tulipemedia.com\/wp-content\/uploads\/sites\/3\/2025\/11\/Bilan-fonctionnel-FR-BFR-Tresorerie-schema-300x206.png 300w, https:\/\/tulipemedia.com\/wp-content\/uploads\/sites\/3\/2025\/11\/Bilan-fonctionnel-FR-BFR-Tresorerie-schema-1024x704.png 1024w, https:\/\/tulipemedia.com\/wp-content\/uploads\/sites\/3\/2025\/11\/Bilan-fonctionnel-FR-BFR-Tresorerie-schema-768x528.png 768w, https:\/\/tulipemedia.com\/wp-content\/uploads\/sites\/3\/2025\/11\/Bilan-fonctionnel-FR-BFR-Tresorerie-schema-1536x1056.png 1536w, https:\/\/tulipemedia.com\/wp-content\/uploads\/sites\/3\/2025\/11\/Bilan-fonctionnel-FR-BFR-Tresorerie-schema-18x12.png 18w, https:\/\/tulipemedia.com\/wp-content\/uploads\/sites\/3\/2025\/11\/Bilan-fonctionnel-FR-BFR-Tresorerie-schema-600x413.png 600w\" sizes=\"auto, (max-width: 1600px) 100vw, 1600px\" \/><figcaption id=\"caption-attachment-6115\" class=\"wp-caption-text\">\u064a\u0639\u0645\u0644 \u0627\u0644\u0645\u064a\u0632\u0627\u0646\u064a\u0629 \u0627\u0644\u0639\u0645\u0648\u0645\u064a\u0629 \u0628\u0631\u0623\u0633 \u0645\u0627\u0644 \u0639\u0627\u0645\u0644 &gt; \u0631\u0623\u0633 \u0645\u0627\u0644 \u0639\u0627\u0645\u0644 \u0635\u0627\u0641\u064a \u0648\u062a\u062f\u0641\u0642 \u0646\u0642\u062f\u064a \u0635\u0627\u0641\u064a \u0625\u064a\u062c\u0627\u0628\u064a.<\/figcaption><\/figure>\n<p>\u0648\u0639\u0644\u0649 \u0627\u0644\u0639\u0643\u0633 \u0645\u0646 \u0630\u0644\u0643\u060c \u0625\u0630\u0627 \u0643\u0627\u0646\u062a \u0627\u0644\u062f\u064a\u0648\u0646 \u0642\u0635\u064a\u0631\u0629 \u0627\u0644\u0623\u062c\u0644 (\u0648\u0627\u0644\u062a\u064a \u0647\u064a \u0641\u064a \u0627\u0644\u0623\u0633\u0627\u0633 \u062f\u064a\u0648\u0646 \u0627\u0644\u0645\u0648\u0631\u062f\u064a\u0646) \u063a\u064a\u0631 \u0643\u0627\u0641\u064a\u0629 \u0644\u062a\u063a\u0637\u064a\u0629 \u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u062d\u0627\u0644\u064a\u0629\u060c \u0648\u0647\u0648 \u0645\u0627 \u064a\u0639\u0643\u0633 \u0633\u062f\u0627\u062f\u064b\u0627 \u0633\u0631\u064a\u0639\u064b\u0627 \u0644\u0644\u063a\u0627\u064a\u0629 \u0644\u0644\u0645\u0648\u0631\u062f\u064a\u0646 \u0645\u0642\u0627\u0631\u0646\u0629 \u0628\u0627\u0644\u0633\u062f\u0627\u062f \u0644\u0644\u0639\u0645\u0644\u0627\u0621 \u0623\u0648 \u0628\u064a\u0639 \u0627\u0644\u0645\u062e\u0632\u0648\u0646\u060c \u0641\u0625\u0646 \u0627\u0644\u0634\u0631\u0643\u0629 \u062a\u062d\u062a\u0627\u062c \u0628\u0639\u062f \u0630\u0644\u0643 \u0625\u0644\u0649 \u0627\u0644\u0646\u0642\u062f \u0644\u062a\u0645\u0648\u064a\u0644 \u0639\u0645\u0644\u064a\u0627\u062a\u0647\u0627\u060c \u0648\u0633\u064a\u0643\u0648\u0646 \u0645\u0646 \u0627\u0644\u0636\u0631\u0648\u0631\u064a \u0627\u0644\u062d\u0635\u0648\u0644 \u0639\u0644\u0649 \u0642\u0631\u0636 \u0642\u0635\u064a\u0631 \u0627\u0644\u0623\u062c\u0644 \u0623\u0648 \u0633\u062d\u0628 \u0639\u0644\u0649 \u0627\u0644\u0645\u0643\u0634\u0648\u0641 \u0645\u0646 \u0627\u0644\u0628\u0646\u0643 (\u0648\u0627\u0644\u0630\u064a \u063a\u0627\u0644\u0628\u064b\u0627 \u0645\u0627 \u064a\u0639\u0627\u062f\u0644 \u0646\u0641\u0633 \u0627\u0644\u0634\u064a\u0621) \u0644\u062a\u063a\u0637\u064a\u0629 \u062a\u0623\u062e\u064a\u0631 \u0627\u0644\u0633\u062f\u0627\u062f \u0644\u0644\u0639\u0645\u0644\u0627\u0621\u060c \u0623\u0648 \u0628\u064a\u0639 \u0627\u0644\u0645\u062e\u0632\u0648\u0646.<\/p>\n<figure id=\"attachment_6116\" aria-describedby=\"caption-attachment-6116\" style=\"width: 1600px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-6116\" src=\"https:\/\/tulipemedia.com\/wp-content\/uploads\/sites\/3\/2025\/11\/bilan-fonctionnel-fr-inferieur-bfr-tresorerie-negative-schema.png\" alt=\"\" width=\"1600\" height=\"1100\" title=\"\" srcset=\"https:\/\/tulipemedia.com\/wp-content\/uploads\/sites\/3\/2025\/11\/bilan-fonctionnel-fr-inferieur-bfr-tresorerie-negative-schema.png 1600w, https:\/\/tulipemedia.com\/wp-content\/uploads\/sites\/3\/2025\/11\/bilan-fonctionnel-fr-inferieur-bfr-tresorerie-negative-schema-300x206.png 300w, https:\/\/tulipemedia.com\/wp-content\/uploads\/sites\/3\/2025\/11\/bilan-fonctionnel-fr-inferieur-bfr-tresorerie-negative-schema-1024x704.png 1024w, https:\/\/tulipemedia.com\/wp-content\/uploads\/sites\/3\/2025\/11\/bilan-fonctionnel-fr-inferieur-bfr-tresorerie-negative-schema-768x528.png 768w, https:\/\/tulipemedia.com\/wp-content\/uploads\/sites\/3\/2025\/11\/bilan-fonctionnel-fr-inferieur-bfr-tresorerie-negative-schema-1536x1056.png 1536w, https:\/\/tulipemedia.com\/wp-content\/uploads\/sites\/3\/2025\/11\/bilan-fonctionnel-fr-inferieur-bfr-tresorerie-negative-schema-18x12.png 18w, https:\/\/tulipemedia.com\/wp-content\/uploads\/sites\/3\/2025\/11\/bilan-fonctionnel-fr-inferieur-bfr-tresorerie-negative-schema-600x413.png 600w\" sizes=\"auto, (max-width: 1600px) 100vw, 1600px\" \/><figcaption id=\"caption-attachment-6116\" class=\"wp-caption-text\">\u0627\u0644\u0645\u064a\u0632\u0627\u0646\u064a\u0629 \u0627\u0644\u0639\u0645\u0648\u0645\u064a\u0629 \u0627\u0644\u0648\u0638\u064a\u0641\u064a\u0629 \u0645\u0639 \u0645\u062a\u0637\u0644\u0628\u0627\u062a \u0631\u0623\u0633 \u0627\u0644\u0645\u0627\u0644 \u0627\u0644\u0639\u0627\u0645\u0644 (WCR) \u0627\u0644\u062a\u064a \u062a\u062a\u062c\u0627\u0648\u0632 \u0631\u0623\u0633 \u0627\u0644\u0645\u0627\u0644 \u0627\u0644\u0639\u0627\u0645\u0644 (WC) \u0648\u0627\u0644\u062a\u062f\u0641\u0642 \u0627\u0644\u0646\u0642\u062f\u064a \u0627\u0644\u0635\u0627\u0641\u064a \u0627\u0644\u0633\u0644\u0628\u064a<\/figcaption><\/figure>\n<p>\u0639\u0645\u0644\u064a\u064b\u0627\u060c \u064a\u0639\u0643\u0633 \u0645\u064f\u062a\u0637\u0644\u0628 \u0631\u0623\u0633 \u0627\u0644\u0645\u0627\u0644 \u0627\u0644\u0639\u0627\u0645\u0644 (WCR) \u0627\u0644\u062d\u0627\u062c\u0629 \u0627\u0644\u062a\u0645\u0648\u064a\u0644\u064a\u0629 \u0639\u0646\u062f\u0645\u0627 \u064a\u0643\u0648\u0646 \u0642\u062f \u062a\u0645 \u0633\u062f\u0627\u062f \u0645\u0633\u062a\u062d\u0642\u0627\u062a \u0627\u0644\u0645\u0648\u0631\u062f\u064a\u0646 \u0644\u0643\u0645\u064a\u0629 \u0645\u064f\u062d\u062f\u062f\u0629 \u0645\u0646 \u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u0645\u062a\u062f\u0627\u0648\u0644\u0629 (\u0627\u0644\u0645\u062e\u0632\u0648\u0646 + \u0627\u0644\u062d\u0633\u0627\u0628\u0627\u062a \u0627\u0644\u0645\u062f\u064a\u0646\u0629)\u060c \u0648\u0644\u0643\u0646 \u0644\u0645 \u064a\u0633\u062f\u062f \u0627\u0644\u0639\u0645\u0644\u0627\u0621 \u0644\u0644\u0634\u0631\u0643\u0629 \u0645\u0633\u062a\u062d\u0642\u0627\u062a\u0647\u0645 \u0628\u0639\u062f\u060c \u0648\/\u0623\u0648 \u0644\u0645 \u064a\u064f\u0628\u0639 \u0627\u0644\u0645\u062e\u0632\u0648\u0646 \u0628\u0639\u062f. \u0648\u0647\u064a \u0627\u0644\u0641\u062a\u0631\u0629 \u0627\u0644\u0641\u0627\u0635\u0644\u0629 \u0628\u064a\u0646 \u0633\u062f\u0627\u062f \u0645\u0633\u062a\u062d\u0642\u0627\u062a \u0627\u0644\u0645\u0648\u0631\u062f\u064a\u0646 \u0648\u0645\u0628\u064a\u0639\u0627\u062a \u0627\u0644\u0634\u0631\u0643\u0629 \u0648\u0633\u062f\u0627\u062f \u0645\u0633\u062a\u062d\u0642\u0627\u062a \u0627\u0644\u0639\u0645\u0644\u0627\u0621.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-6066\" src=\"https:\/\/tulipemedia.com\/wp-content\/uploads\/sites\/3\/2025\/11\/Besoin-en-Fonds-de-Roulement.png\" alt=\"\" width=\"1600\" height=\"1100\" title=\"\" srcset=\"https:\/\/tulipemedia.com\/wp-content\/uploads\/sites\/3\/2025\/11\/Besoin-en-Fonds-de-Roulement.png 1600w, https:\/\/tulipemedia.com\/wp-content\/uploads\/sites\/3\/2025\/11\/Besoin-en-Fonds-de-Roulement-300x206.png 300w, https:\/\/tulipemedia.com\/wp-content\/uploads\/sites\/3\/2025\/11\/Besoin-en-Fonds-de-Roulement-1024x704.png 1024w, https:\/\/tulipemedia.com\/wp-content\/uploads\/sites\/3\/2025\/11\/Besoin-en-Fonds-de-Roulement-768x528.png 768w, https:\/\/tulipemedia.com\/wp-content\/uploads\/sites\/3\/2025\/11\/Besoin-en-Fonds-de-Roulement-1536x1056.png 1536w, https:\/\/tulipemedia.com\/wp-content\/uploads\/sites\/3\/2025\/11\/Besoin-en-Fonds-de-Roulement-18x12.png 18w, https:\/\/tulipemedia.com\/wp-content\/uploads\/sites\/3\/2025\/11\/Besoin-en-Fonds-de-Roulement-600x413.png 600w\" sizes=\"auto, (max-width: 1600px) 100vw, 1600px\" \/><\/p>\n<p>\u0648\u064a\u0635\u0628\u062d \u0627\u0644\u062a\u062f\u0641\u0642 \u0627\u0644\u0646\u0642\u062f\u064a \u0628\u0639\u062f \u0630\u0644\u0643 \u0647\u0648 \u0627\u0644\u0645\u062a\u063a\u064a\u0631 \u0627\u0644\u062a\u0639\u062f\u064a\u0644\u064a \u0628\u064a\u0646 \u0631\u0623\u0633 \u0627\u0644\u0645\u0627\u0644 \u0627\u0644\u0639\u0627\u0645\u0644 \u0648\u0645\u062a\u0637\u0644\u0628\u0627\u062a \u0631\u0623\u0633 \u0627\u0644\u0645\u0627\u0644 \u0627\u0644\u0639\u0627\u0645\u0644:<\/p>\n<p style=\"text-align: center;\"><strong>\u0646\u0642\u062f\u064b\u0627 = FR-BFR<\/strong><\/p>\n<p>\u0639\u0646\u062f\u0645\u0627 \u064a\u0643\u0648\u0646 \u0645\u0648\u062c\u0628\u064b\u0627\u060c \u0641\u0647\u0630\u0627 \u064a\u0639\u0646\u064a \u0623\u0646 \u0631\u0623\u0633 \u0627\u0644\u0645\u0627\u0644 \u0627\u0644\u0639\u0627\u0645\u0644 \u064a\u063a\u0637\u064a \u0645\u062a\u0637\u0644\u0628\u0627\u062a \u0631\u0623\u0633 \u0627\u0644\u0645\u0627\u0644 \u0627\u0644\u0639\u0627\u0645\u0644. \u0623\u0645\u0627 \u0639\u0646\u062f\u0645\u0627 \u064a\u0643\u0648\u0646 \u0633\u0627\u0644\u0628\u064b\u0627\u060c \u0641\u0647\u0630\u0627 \u064a\u0639\u0646\u064a \u0623\u0646 \u0627\u0644\u062d\u0633\u0627\u0628\u0627\u062a \u0627\u0644\u062f\u0627\u0626\u0646\u0629 \u0644\u064a\u0633\u062a \u0643\u0627\u0641\u064a\u0629 \u0644\u062a\u063a\u0637\u064a\u0629 \u0627\u0644\u0645\u062e\u0632\u0648\u0646 \u0648\u0627\u0644\u062d\u0633\u0627\u0628\u0627\u062a \u0627\u0644\u0645\u062f\u064a\u0646\u0629\u060c \u0648\u0641\u064a \u0627\u0644\u0648\u0642\u062a \u0646\u0641\u0633\u0647\u060c \u0631\u0623\u0633 \u0627\u0644\u0645\u0627\u0644 \u0627\u0644\u0639\u0627\u0645\u0644 \u063a\u064a\u0631 \u0643\u0627\u0641\u064d \u0644\u062a\u063a\u0637\u064a\u0629 \u0647\u0630\u0647 \u0627\u0644\u0645\u062a\u0637\u0644\u0628\u0627\u062a. \u0642\u062f \u064a\u0643\u0648\u0646 \u0647\u0630\u0627 \u0628\u0633\u0628\u0628 \u0639\u062f\u0645 \u0633\u0631\u0639\u0629 \u062d\u0631\u0643\u0629 \u0627\u0644\u0645\u062e\u0632\u0648\u0646\u060c \u0623\u0648 \u0639\u062f\u0645 \u0633\u062f\u0627\u062f \u0627\u0644\u0639\u0645\u0644\u0627\u0621 \u0623\u0648 \u0639\u062f\u0645 \u0633\u062f\u0627\u062f\u0647\u0645 \u0641\u064a \u0627\u0644\u0648\u0642\u062a \u0627\u0644\u0645\u062d\u062f\u062f\u060c \u0623\u0648 \u062d\u0635\u0648\u0644 \u0627\u0644\u0645\u0648\u0631\u062f\u064a\u0646 \u0639\u0644\u0649 \u0645\u0633\u062a\u062d\u0642\u0627\u062a\u0647\u0645 \u0628\u0633\u0631\u0639\u0629 \u0643\u0628\u064a\u0631\u0629 \u0645\u0642\u0627\u0631\u0646\u0629\u064b \u0628\u0627\u0644\u0639\u0645\u0644\u0627\u0621. \u0648\u0642\u062f \u064a\u0643\u0648\u0646 \u0623\u064a\u0636\u064b\u0627 \u0645\u0632\u064a\u062c\u064b\u0627 \u0645\u0646 \u0647\u0630\u0647 \u0627\u0644\u0639\u0648\u0627\u0645\u0644 \u0627\u0644\u062b\u0644\u0627\u062b\u0629.<\/p>\n<p>\u0644\u0642\u062f \u0631\u0623\u064a\u0646\u0627 \u0643\u0644 \u0647\u0630\u0627 \u0641\u064a <a href=\"https:\/\/tulipemedia.com\/ar\/fr-bfr-definition-exemples\/\">\u0627\u0644\u0641\u0635\u0644 \u0627\u0644\u0645\u062e\u0635\u0635 \u0644\u0631\u0623\u0633 \u0627\u0644\u0645\u0627\u0644 \u0627\u0644\u0639\u0627\u0645\u0644 \u0648\u0645\u062a\u0637\u0644\u0628\u0627\u062a \u0631\u0623\u0633 \u0627\u0644\u0645\u0627\u0644 \u0627\u0644\u0639\u0627\u0645\u0644<\/a>, \u0648\u0644\u0643\u0646 \u0643\u0627\u0646 \u0645\u0646 \u0627\u0644\u0645\u0641\u064a\u062f \u0625\u062c\u0631\u0627\u0621 \u0647\u0630\u0647 \u0627\u0644\u062a\u0630\u0643\u064a\u0631\u0627\u062a \u0645\u0646 \u0623\u062c\u0644 \u062a\u062c\u062f\u064a\u062f \u0623\u0641\u0643\u0627\u0631\u0646\u0627 \u0642\u0628\u0644 \u0627\u0644\u0645\u0636\u064a \u0642\u062f\u0645\u064b\u0627.<\/p>\n<p>\u0643\u0644 \u0647\u0630\u0627 \u064a\u0642\u0648\u062f\u0646\u0627 \u0625\u0644\u0649 \u0646\u0633\u0628 \u0627\u0644\u0631\u0628\u062d\u064a\u0629. \u0647\u0646\u0627\u0643 \u0646\u0633\u0628\u062a\u0627\u0646 \u0631\u0626\u064a\u0633\u064a\u062a\u0627\u0646 \u0644\u0644\u0631\u0628\u062d\u064a\u0629:<strong>\u00a0\u0627\u0644\u0631\u0628\u062d\u064a\u0629 \u0627\u0644\u0645\u0627\u0644\u064a\u0629<\/strong> \u0648 \u0627\u0644<strong>\u00a0\u0627\u0644\u0631\u0628\u062d\u064a\u0629 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629<\/strong>.<\/p>\n<p>\u062a\u062a\u0639\u0644\u0642 \u0627\u0644\u0631\u0628\u062d\u064a\u0629 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0628\u0640 <strong>\u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629<\/strong>, \u0648\u0628\u0627\u0644\u062a\u0627\u0644\u064a\u060c \u0641\u0625\u0646 \u0627\u0644\u0631\u0628\u062d \u0627\u0644\u0630\u064a \u062a\u062d\u0642\u0642\u0647 \u0627\u0644\u0634\u0631\u0643\u0629 \u0647\u0648 \u0646\u0633\u0628\u0629\u064b \u0625\u0644\u0649 \u0645\u0633\u0627\u0647\u0645\u0629 \u0627\u0644\u0645\u0633\u0627\u0647\u0645\u064a\u0646. \u0623\u0645\u0627 \u0627\u0644\u0631\u0628\u062d\u064a\u0629 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629\u060c \u0645\u0646 \u0646\u0627\u062d\u064a\u0629 \u0623\u062e\u0631\u0649\u060c \u0641\u062a\u0631\u0643\u0632 \u0639\u0644\u0649 <strong>\u0627\u0644\u0631\u0628\u062d\u064a\u0629 \u0627\u0644\u0625\u062c\u0645\u0627\u0644\u064a\u0629 \u0644\u0644\u0634\u0631\u0643\u0629<\/strong>, \u0628\u063a\u0636 \u0627\u0644\u0646\u0638\u0631 \u0639\u0646 \u0637\u0631\u064a\u0642\u0629 \u0627\u0644\u062a\u0645\u0648\u064a\u0644\u060c \u0633\u0648\u0627\u0621 \u0643\u0627\u0646\u062a \u0645\u0646 \u062e\u0644\u0627\u0644 \u0627\u0644\u0623\u0633\u0647\u0645 \u0623\u0648 \u0642\u0631\u0636 \u0628\u0646\u0643\u064a.<\/p>\n<h2>\u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629<\/h2>\n<p>\u0627\u0644 <strong>\u0646\u0633\u0628\u0629 \u0627\u0644\u0631\u0628\u062d\u064a\u0629 \u0627\u0644\u0645\u0627\u0644\u064a\u0629<\/strong> (ROE \u062a\u0639\u0646\u064a \u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629) \u064a\u0642\u064a\u0633 \u0631\u0628\u062d\u064a\u0629 \u0627\u0644\u0634\u0631\u0643\u0629 <strong>\u0645\u0642\u0627\u0631\u0646\u0629 \u0628\u0627\u0644\u0623\u0633\u0647\u0645<\/strong>, \u0648\u0647\u0630\u0627 \u064a\u0639\u0646\u064a \u0641\u064a\u0645\u0627 \u064a\u062a\u0639\u0644\u0642 \u0628\u0640 <strong>\u0625\u0644\u0649 \u0627\u0644\u0623\u0645\u0648\u0627\u0644 \u0627\u0644\u0645\u0642\u062f\u0645\u0629 \u0645\u0646 \u0627\u0644\u0645\u0633\u0627\u0647\u0645\u064a\u0646<\/strong> \u0645\u0646 \u0623\u062c\u0644 \u062a\u0645\u0648\u064a\u0644 \u0623\u0635\u0648\u0644 \u0627\u0644\u0634\u0631\u0643\u0629. \u0641\u0647\u0648 \u064a\u0633\u0645\u062d \u0644\u0646\u0627 \u0628\u0645\u0639\u0631\u0641\u0629 \u0628\u062f\u0642\u0629 <strong>\u0645\u0633\u062a\u0648\u0649 \u0627\u0644\u0631\u0628\u062d<\/strong> \u0627\u0639\u062a\u0645\u0627\u062f\u064b\u0627 \u0639\u0644\u0649 \u0645\u0628\u0644\u063a \u0627\u0644\u0645\u0627\u0644 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631 <strong>\u0645\u0646 \u0642\u0628\u0644 \u0627\u0644\u0645\u0633\u0627\u0647\u0645\u064a\u0646<\/strong>.<\/p>\n<p>\u0627\u0644\u0635\u064a\u063a\u0629 \u0647\u064a \u0643\u0645\u0627 \u064a\u0644\u064a:<\/p>\n<p style=\"text-align: center;\"><strong>\u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0633\u0627\u0647\u0645\u064a\u0646 = \u0635\u0627\u0641\u064a \u0627\u0644\u062f\u062e\u0644 \/ \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0633\u0627\u0647\u0645\u064a\u0646<\/strong><\/p>\n<p>\u0639\u0644\u0649 \u0633\u0628\u064a\u0644 \u0627\u0644\u0645\u062b\u0627\u0644\u060c \u0625\u0630\u0627 \u0643\u0627\u0646 \u0635\u0627\u0641\u064a \u0627\u0644\u0631\u0628\u062d\u060c \u0627\u0644\u0645\u064f\u0633\u062c\u0644 \u0641\u064a \u0646\u0647\u0627\u064a\u0629 \u0628\u064a\u0627\u0646 \u0627\u0644\u062f\u062e\u0644\u060c 50,000 \u064a\u0648\u0631\u0648\u060c \u0648\u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0633\u0627\u0647\u0645\u064a\u0646 400,000 \u064a\u0648\u0631\u0648\u060c \u0641\u0625\u0646 \u0646\u0633\u0628\u0629 \u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0633\u0627\u0647\u0645\u064a\u0646 \u0647\u064a 50,000 \/ 400,000 = 0.125. \u0648\u064a\u0628\u0644\u063a \u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0633\u0627\u0647\u0645\u064a\u0646 \u0641\u064a \u0647\u0630\u0647 \u0627\u0644\u0634\u0631\u0643\u0629 12.5%\u060c \u0645\u0627 \u064a\u0639\u0646\u064a \u0623\u0646 \u0627\u0633\u062a\u062b\u0645\u0627\u0631 100 \u064a\u0648\u0631\u0648 \u0645\u0646 \u0642\u0628\u0644 \u0627\u0644\u0645\u0633\u0627\u0647\u0645\u064a\u0646 \u064a\u064f\u062d\u0642\u0642 \u062f\u062e\u0644\u0627\u064b \u0642\u062f\u0631\u0647 12.50 \u064a\u0648\u0631\u0648.<\/p>\n<h2>\u0646\u0633\u0628 \u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u0631\u0623\u0633 \u0627\u0644\u0645\u0627\u0644 \u0627\u0644\u0645\u064f\u0648\u0638\u0650\u0651\u0641 (ROCE)<\/h2>\n<p>\u0639\u0644\u0649 \u0639\u0643\u0633 \u0646\u0633\u0628\u0629 \u0627\u0644\u0639\u0627\u0626\u062f \u0627\u0644\u0645\u0627\u0644\u064a\u060c \u062a\u0631\u0643\u0632 \u0646\u0633\u0628\u0629 \u0627\u0644\u0639\u0627\u0626\u062f \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a (ROCE \u0644\u0639\u0627\u0626\u062f \u0631\u0623\u0633 \u0627\u0644\u0645\u0627\u0644 \u0627\u0644\u0645\u0633\u062a\u062e\u062f\u0645\u060c \u0623\u0648 ROI \u0644\u0639\u0627\u0626\u062f \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631\u060c \u0648\u0647\u0648 \u0645\u0635\u0637\u0644\u062d \u0623\u0643\u062b\u0631 \u0639\u0645\u0648\u0645\u064a\u0629) \u0639\u0644\u0649 \u0631\u0628\u062d\u064a\u0629 <strong>\u0627\u0644\u0646\u0634\u0627\u0637<\/strong> \u0645\u0646 \u0627\u0644\u0634\u0631\u0643\u0629\u060c, <strong>\u062c\u0645\u064a\u0639 \u0627\u0644\u0645\u0648\u0627\u0631\u062f \u0637\u0648\u064a\u0644\u0629 \u0627\u0644\u0623\u062c\u0644<\/strong> \u0645\u0631\u062a\u0628\u0643\u064b\u0627\u060c \u0645\u0646 \u062e\u0644\u0627\u0644 \u0627\u0644\u0625\u0628\u0644\u0627\u063a \u0639\u0646 <strong>\u0627\u0644\u062f\u062e\u0644 \u0627\u0644\u0646\u0627\u062a\u062c \u0639\u0646 \u0627\u0644\u0646\u0634\u0627\u0637 (\u0648\u0628\u0627\u0644\u062a\u0627\u0644\u064a \u0627\u0644\u0631\u0628\u062d \u0627\u0644\u062a\u0634\u063a\u064a\u0644\u064a \u0648\u0644\u064a\u0633 \u0627\u0644\u062f\u062e\u0644 \u0627\u0644\u0635\u0627\u0641\u064a) \u0639\u0644\u0649 \u062c\u0645\u064a\u0639 \u0627\u0644\u0645\u0648\u0627\u0631\u062f \u0627\u0644\u0645\u0633\u062a\u0642\u0631\u0629 \u0627\u0644\u0645\u0633\u062a\u062e\u062f\u0645\u0629 \u0644\u062a\u0645\u0648\u064a\u0644 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\u0642\u0627\u0631\u0646\u062a:<\/p>\n<ul>\n<li><strong>\u0627\u0644\u0646\u062a\u064a\u062c\u0629 \u0627\u0644\u0635\u0627\u0641\u064a\u0629<\/strong> (\u0648\u0627\u0644\u062a\u064a \u0623\u062e\u0630\u062a \u0641\u064a \u0627\u0644\u0627\u0639\u062a\u0628\u0627\u0631 \u0641\u064a \u0627\u0644\u062d\u0633\u0627\u0628 \u0627\u0644\u0627\u0633\u062a\u0647\u0644\u0627\u0643 \u0627\u0644\u0645\u062a\u0639\u0644\u0642 \u0628\u0627\u0644\u0627\u0646\u062e\u0641\u0627\u0636 \u0641\u064a \u0627\u0644\u0642\u064a\u0645\u0629\u060c \u0648\u0627\u0644\u062a\u0643\u0627\u0644\u064a\u0641 \u0627\u0644\u0645\u0627\u0644\u064a\u0629\u060c \u0648\u0627\u0644\u062a\u0643\u0627\u0644\u064a\u0641 \u0627\u0644\u0627\u0633\u062a\u062b\u0646\u0627\u0626\u064a\u0629)\u061b ;<\/li>\n<li><strong>\u0639\u0644\u0649 \u0627\u0644\u0645\u0633\u0627\u0648\u0627\u0629<\/strong> (\u0648\u0628\u0627\u0644\u062a\u0627\u0644\u064a \u0627\u0633\u062a\u0628\u0639\u0627\u062f \u0627\u0644\u062f\u064a\u0648\u0646 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\u064a\u062a\u0645 \u062e\u0635\u0645 \u0647\u0630\u0647 \u0627\u0644\u0631\u0633\u0648\u0645 \u0645\u0646 \u0623\u0633\u0627\u0633 \u0627\u0644\u062d\u0633\u0627\u0628<\/strong>, \u0648\u0628\u0627\u0644\u062a\u0627\u0644\u064a \u0641\u0625\u0646 \u0627\u0644\u0645\u0624\u0634\u0631 \u064a\u0639\u0643\u0633 \u0627\u0644\u0623\u062f\u0627\u0621 &quot;\u0627\u0644\u062e\u0627\u0645&quot; \u0644\u0644\u0646\u0634\u0627\u0637.<\/li>\n<li><strong>\u0625\u0630\u0627 \u0643\u0627\u0646 \u0627\u0644\u0645\u0624\u0634\u0631 \u064a\u062a\u0636\u0645\u0646 \u062d\u0645\u0644\u0627\u064b (\u0628\u0645\u0639\u0646\u0649 \u0623\u0646\u0647 \u064a\u0624\u062e\u0630 \u0641\u064a \u0627\u0644\u0627\u0639\u062a\u0628\u0627\u0631 \u0641\u064a \u0647\u0630\u0627 \u0627\u0644\u0645\u0624\u0634\u0631)\u060c, <\/strong>\u0648\u0647\u0630\u0627 \u064a\u0639\u0646\u064a \u0623\u0646 <strong>\u062a\u0645 \u062e\u0635\u0645 \u0647\u0630\u0647 \u0627\u0644\u0631\u0633\u0648\u0645<\/strong>, \u0648\u0628\u0627\u0644\u062a\u0627\u0644\u064a\u060c \u064a\u0639\u0643\u0633 \u0627\u0644\u0645\u0624\u0634\u0631 \u0623\u062f\u0627\u0621 &quot;\u0627\u0644\u062a\u0623\u062b\u064a\u0631 \u0627\u0644\u0635\u0627\u0641\u064a&quot; \u0644\u0647\u0630\u0647 \u0627\u0644\u0631\u0633\u0648\u0645.<\/li>\n<\/ul>\n<p>\u0641\u0645\u0646 \u0648\u062c\u0647\u0629 \u0646\u0638\u0631 \u0645\u0646\u0637\u0642\u064a\u0629 \u0628\u062d\u062a\u0629 \u0641\u0625\u0646 \u0627\u0633\u062a\u0628\u0639\u0627\u062f \u0627\u0644\u0634\u062d\u0646\u0629 \u0644\u0627 \u064a\u0639\u0646\u064a \u0637\u0631\u062d\u0647\u0627 \u0628\u0644 \u0627\u0644\u0625\u0628\u0642\u0627\u0621 \u0639\u0644\u064a\u0647\u0627 \u0644\u0623\u0646 \u0630\u0644\u0643 \u064a\u0639\u0646\u064a \u0623\u0646\u0646\u0627 \u0644\u0627 \u0646\u0623\u062e\u0630 \u0647\u0630\u0647 \u0627\u0644\u0634\u062d\u0646\u0629 \u0641\u064a \u0627\u0644\u0627\u0639\u062a\u0628\u0627\u0631 \u0643\u0634\u062d\u0646\u0629 \u064a\u062c\u0628 \u0637\u0631\u062d\u0647\u0627 \u0641\u064a \u0627\u0644\u062d\u0633\u0627\u0628.<\/p>\n<p>\u0639\u0644\u0649 \u0633\u0628\u064a\u0644 \u0627\u0644\u0645\u062b\u0627\u0644\u060c <strong>\u0627\u0644\u0623\u0631\u0628\u0627\u062d \u0642\u0628\u0644 \u0627\u0644\u0641\u0648\u0627\u0626\u062f \u0648\u0627\u0644\u0636\u0631\u0627\u0626\u0628 \u0648\u0627\u0644\u0625\u0647\u0644\u0627\u0643 \u0648\u0627\u0644\u0627\u0633\u062a\u0647\u0644\u0627\u0643 \u0644\u0627 \u062a\u0634\u0645\u0644 \u0627\u0644\u0627\u0633\u062a\u0647\u0644\u0627\u0643 \u0648\u0627\u0644\u0645\u062e\u0635\u0635\u0627\u062a<\/strong>, \u060c \u0645\u0645\u0627 \u064a\u0639\u0646\u064a \u0623\u0646 \u0647\u0630\u0647 \u0627\u0644\u0623\u0645\u0648\u0631 \u0644\u0627 \u062a\u0624\u062e\u0630 \u0641\u064a \u0627\u0644\u0627\u0639\u062a\u0628\u0627\u0631 \u0639\u0646\u062f \u062d\u0633\u0627\u0628 \u0627\u0644\u0623\u0631\u0628\u0627\u062d \u0642\u0628\u0644 \u0627\u0644\u0641\u0648\u0627\u0626\u062f \u0648\u0627\u0644\u0636\u0631\u0627\u0626\u0628 \u0648\u0627\u0644\u0625\u0647\u0644\u0627\u0643 \u0648\u0627\u0644\u0627\u0633\u062a\u0647\u0644\u0627\u0643\u060c \u0648\u0647\u0630\u0627 \u064a\u0633\u0645\u062d \u0644\u0646\u0627 \u0628\u0642\u064a\u0627\u0633 \u0627\u0644\u0631\u0628\u062d\u064a\u0629 \u0627\u0644\u062a\u0634\u063a\u064a\u0644\u064a\u0629 \u0642\u0628\u0644 \u0627\u0633\u062a\u0647\u0644\u0627\u0643 \u0631\u0623\u0633 \u0627\u0644\u0645\u0627\u0644 \u0623\u0648 \u0627\u0644\u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u0645\u0644\u062d\u0648\u0638\u0629\u061b ; <strong>\u0648\u0644\u0630\u0644\u0643 \u0644\u0627 \u064a\u062a\u0645 \u062e\u0635\u0645 \u0647\u0630\u0647 \u0627\u0644\u0631\u0633\u0648\u0645.<\/strong>.<\/p>\n<p><strong>\u0631\u064a\u0643\u0633<\/strong>, \u060c \u0639\u0644\u0649 \u0627\u0644\u062c\u0627\u0646\u0628 \u0627\u0644\u0622\u062e\u0631\u060c, <strong>\u062a\u062a\u0636\u0645\u0646 \u0647\u0630\u0647 \u0627\u0644\u062a\u062e\u0635\u064a\u0635\u0627\u062a<\/strong>, \u0645\u0645\u0627 \u064a\u0639\u0637\u064a \u0646\u062a\u064a\u062c\u0629 \u0623\u0642\u0631\u0628 \u0625\u0644\u0649 \u0627\u0644\u0646\u062a\u064a\u062c\u0629 \u0627\u0644\u0645\u062d\u0627\u0633\u0628\u064a\u0629 \u0627\u0644\u0646\u0647\u0627\u0626\u064a\u0629 \u0644\u0644\u0639\u0645\u0644\u064a\u0629. \u0639\u0646\u062f\u0645\u0627 \u0646\u0642\u0648\u0644 \u0623\u0646\u0647\u0645 <strong>\u0645\u062f\u0645\u062c<\/strong>, \u0648\u0647\u0630\u0627 \u064a\u0639\u0646\u064a \u0623\u0646\u0647\u0645 <strong>\u062a\u0645 \u062e\u0635\u0645\u0647<\/strong> \u0628\u063a\u0631\u0636 <strong>\u0644\u0623\u062e\u0630\u0647\u0627 \u0641\u064a \u0627\u0644\u0627\u0639\u062a\u0628\u0627\u0631<\/strong> \u0641\u064a \u0627\u0644\u062d\u0633\u0627\u0628.<\/p>\n<p>\u0647\u0630\u0627 \u062a\u0630\u0643\u064a\u0631 \u064a\u062a\u0639\u0644\u0642 \u0628\u0627\u0644\u0645\u0641\u0631\u062f\u0627\u062a \u0627\u0644\u0645\u0633\u062a\u062e\u062f\u0645\u0629\u060c \u0648\u0644\u0643\u0646 \u0643\u0627\u0646 \u0645\u0646 \u0627\u0644\u0645\u0647\u0645 \u0627\u0644\u0642\u064a\u0627\u0645 \u0628\u0630\u0644\u0643 \u062d\u062a\u0649 \u0644\u0627 \u064a\u062a\u0645 \u0641\u0647\u0645 \u0627\u0644\u0623\u0645\u0648\u0631 \u0628\u0634\u0643\u0644 \u062e\u0627\u0637\u0626.<\/p>\n<h3>\u0627\u0644\u0635\u064a\u063a\u0629 \u0627\u0644\u062b\u0627\u0646\u064a\u0629 \u0644\u0646\u0633\u0628\u0629 \u0627\u0644\u0631\u0628\u062d\u064a\u0629 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629 (ROCE bis)<\/h3>\n<p>\u064a\u0645\u0643\u0646 \u0623\u064a\u0636\u064b\u0627 \u062d\u0633\u0627\u0628 \u0635\u064a\u063a\u0629 \u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u0631\u0623\u0633 \u0627\u0644\u0645\u0627\u0644 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631 \u0639\u0644\u0649 \u0627\u0644\u0646\u062d\u0648 \u0627\u0644\u062a\u0627\u0644\u064a\u060c \u0648\u0647\u0630\u0627 \u0647\u0648 \u0627\u0644\u062d\u0627\u0644 \u0641\u064a \u0643\u062b\u064a\u0631 \u0645\u0646 \u0627\u0644\u0623\u062d\u064a\u0627\u0646 \u0641\u064a \u0627\u0644\u0645\u0645\u0627\u0631\u0633\u0629 \u0627\u0644\u0639\u0645\u0644\u064a\u0629:<\/p>\n<p style=\"text-align: center;\"><strong>ROCE = REX \u0623\u0648 EBITDA \/ \u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629<\/strong><\/p>\n<p style=\"text-align: center;\">\u0645\u0639 \u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629 = \u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u062b\u0627\u0628\u062a\u0629 + \u0645\u062a\u0637\u0644\u0628\u0627\u062a \u0631\u0623\u0633 \u0627\u0644\u0645\u0627\u0644 \u0627\u0644\u0639\u0627\u0645\u0644 (WCR)<br \/>\n\u0648\u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629 \u2248 \u0627\u0644\u0645\u0648\u0627\u0631\u062f \u0627\u0644\u0645\u0633\u062a\u0642\u0631\u0629 (\u0625\u0630\u0627 \u0643\u0627\u0646 \u0635\u0627\u0641\u064a \u0627\u0644\u0646\u0642\u062f \u0635\u0641\u0631\u064b\u0627)<\/p>\n<p>\u0642\u062f \u062a\u0628\u062f\u0648 \u0647\u0630\u0647 \u0627\u0644\u0635\u064a\u063a\u0629 \u0645\u0631\u0628\u0643\u0629 \u0644\u0644\u0648\u0647\u0644\u0629 \u0627\u0644\u0623\u0648\u0644\u0649\u060c \u0648\u0644\u0643\u0646 \u0625\u0630\u0627 \u0639\u062f\u0646\u0627 \u0625\u0644\u0649 \u0627\u0644\u0623\u0633\u0627\u0633\u064a\u0627\u062a \u0627\u0644\u0645\u0630\u0643\u0648\u0631\u0629 \u0633\u0627\u0628\u0642\u064b\u0627 \u0648\u0627\u0644\u0645\u062a\u0639\u0644\u0642\u0629 \u0628\u0647\u064a\u0643\u0644 \u0627\u0644\u0645\u064a\u0632\u0627\u0646\u064a\u0629 \u0627\u0644\u0639\u0645\u0648\u0645\u064a\u0629\u060c \u0641\u0625\u0646\u0646\u0627 \u0646\u062f\u0631\u0643 \u0623\u0646 \u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629 \u062a\u062a\u0648\u0627\u0641\u0642 \u0639\u0645\u0648\u0645\u064b\u0627 \u0645\u0639 \u0627\u0644\u0645\u0648\u0627\u0631\u062f \u0627\u0644\u0645\u0633\u062a\u0642\u0631\u0629\u060c \u0628\u0634\u0631\u0637 \u0623\u0646 \u064a\u0643\u0648\u0646 \u0635\u0627\u0641\u064a \u0627\u0644\u0646\u0642\u062f \u0635\u0641\u0631\u064b\u0627 (FR = BFR).<\/p>\n<p style=\"text-align: center;\"><strong>\u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629 \u2248 \u0627\u0644\u0645\u0648\u0627\u0631\u062f \u0627\u0644\u0645\u0633\u062a\u0642\u0631\u0629 (\u0625\u0630\u0627 \u0643\u0627\u0646 \u0635\u0627\u0641\u064a \u0627\u0644\u0646\u0642\u062f \u0635\u0641\u0631\u064b\u0627)<\/strong><\/p>\n<p>\u0648\u0647\u0630\u0627 \u064a\u0639\u064a\u062f\u0646\u0627 \u0625\u0644\u0649 \u0635\u064a\u063a\u0629 \u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u0631\u0623\u0633 \u0627\u0644\u0645\u0627\u0644 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631 \u0627\u0644\u0623\u0648\u0644\u0649:<\/p>\n<p style=\"text-align: center;\"><strong>ROCE = REX \u0623\u0648 EBITDA \/ \u0645\u0648\u0627\u0631\u062f \u0645\u0633\u062a\u0642\u0631\u0629<\/strong><\/p>\n<p>\u0648\u0644\u0643\u0646 \u0643\u064a\u0641 \u0646\u0646\u062a\u0642\u0644 \u0645\u0646 \u0627\u0644\u0645\u0648\u0627\u0631\u062f \u0627\u0644\u0645\u0633\u062a\u0642\u0631\u0629 \u0625\u0644\u0649 \u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629\u061f<\/p>\n<h3>\u062a\u0639\u0631\u064a\u0641 \u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629<\/h3>\n<p>\u0641\u064a \u0627\u0644\u0648\u0627\u0642\u0639\u060c <strong>\u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629 \u062a\u062a\u0648\u0627\u0641\u0642 \u0645\u0639 \u0645\u062c\u0645\u0648\u0639 \u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u062b\u0627\u0628\u062a\u0629 \u0648\u0627\u0644\u0645\u062e\u0632\u0648\u0646\u0627\u062a \u0648\u0627\u0644\u062d\u0633\u0627\u0628\u0627\u062a \u0627\u0644\u0645\u062f\u064a\u0646\u0629<\/strong> (\u0644\u062a\u0628\u0633\u064a\u0637 \u0627\u0644\u0623\u0645\u0631 \u0642\u062f\u0631 \u0627\u0644\u0625\u0645\u0643\u0627\u0646)\u060c, <strong>\u062a\u0645 \u0627\u0644\u062e\u0635\u0645<\/strong> \u0645\u0646 \u0627\u0644\u0627\u0644\u062a\u0632\u0627\u0645\u0627\u062a \u0627\u0644\u0645\u062a\u062f\u0627\u0648\u0644\u0629\u060c \u0623\u064a <strong>\u062f\u064a\u0648\u0646 \u0627\u0644\u0645\u0648\u0631\u062f\u064a\u0646<\/strong> :<\/p>\n<p style=\"text-align: center;\"><strong>\u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629 = \u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u062b\u0627\u0628\u062a\u0629 + \u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u0645\u062a\u062f\u0627\u0648\u0644\u0629 \u2013 \u0627\u0644\u0627\u0644\u062a\u0632\u0627\u0645\u0627\u062a \u0627\u0644\u062a\u0634\u063a\u064a\u0644\u064a\u0629<\/strong><\/p>\n<p>\u0641\u064a \u0627\u0644\u0648\u0627\u0642\u0639\u060c \u0648\u0628\u0639\u064a\u062f\u064b\u0627 \u0639\u0646 \u0627\u0644\u0635\u064a\u063a\u0629\u060c \u0645\u0646 \u0648\u062c\u0647\u0629 \u0646\u0638\u0631 \u0645\u0641\u0627\u0647\u064a\u0645\u064a\u0629\u060c, <strong>\u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629 \u0647\u064a \u062c\u0645\u064a\u0639 \u0627\u0644\u0645\u0648\u0627\u0631\u062f \u0627\u0644\u0644\u0627\u0632\u0645\u0629 \u0644\u0627\u0633\u062a\u0645\u0631\u0627\u0631 \u0627\u0644\u0646\u0634\u0627\u0637 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a \u0627\u0644\u0639\u0627\u062f\u064a.<\/strong> \u0648\u0628\u0627\u0644\u062a\u0627\u0644\u064a\u060c \u0641\u0625\u0646 \u0639\u0627\u0626\u062f \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631 \u064a\u0639\u062a\u0645\u062f \u0641\u064a \u0646\u0647\u0627\u064a\u0629 \u0627\u0644\u0645\u0637\u0627\u0641 \u0639\u0644\u0649 \u0623\u0635\u0648\u0644 \u0627\u0644\u0634\u0631\u0643\u0629 \u0627\u0644\u062b\u0627\u0628\u062a\u0629 (\u0627\u0644\u0645\u0635\u0646\u0639\u060c \u0648\u0627\u0644\u0622\u0644\u0627\u062a\u060c \u0648\u0645\u0627 \u0625\u0644\u0649 \u0630\u0644\u0643)\u060c \u0648\u0639\u0644\u0649 \u062f\u0648\u0631\u0629 \u062a\u0634\u063a\u064a\u0644\u0647\u0627 (\u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u062d\u0627\u0644\u064a\u0629 \u0645\u0637\u0631\u0648\u062d\u064b\u0627 \u0645\u0646\u0647\u0627 \u062f\u064a\u0648\u0646 \u0627\u0644\u0645\u0648\u0631\u062f\u064a\u0646\u060c \u0644\u062a\u0628\u0633\u064a\u0637 \u0627\u0644\u0623\u0645\u0631).<\/p>\n<p>\u0641\u064a \u0627\u0644\u062a\u062d\u0644\u064a\u0644 \u0627\u0644\u0645\u0627\u0644\u064a\u060c \u0647\u0646\u0627\u0643 \u0637\u0631\u064a\u0642\u062a\u0627\u0646 \u0644\u0644\u062a\u0639\u0627\u0645\u0644 \u0645\u0639 \u0647\u064a\u0643\u0644 \u0627\u0644\u0645\u064a\u0632\u0627\u0646\u064a\u0629 \u0627\u0644\u0639\u0645\u0648\u0645\u064a\u0629:<\/p>\n<table>\n<thead>\n<tr>\n<th>\u064a\u0642\u062a\u0631\u0628<\/th>\n<th>\u0635\u064a\u063a\u0629<\/th>\n<th>\u062d\u0627\u0633\u0629<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td><strong>\u0646\u0647\u062c \u0627\u0644\u0648\u0638\u064a\u0641\u0629 (\u0639\u0644\u0649 \u064a\u0633\u0627\u0631 \u0627\u0644\u062a\u0642\u064a\u064a\u0645 \u0627\u0644\u0648\u0638\u064a\u0641\u064a)<\/strong><\/td>\n<td><strong>\u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629 = \u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u062b\u0627\u0628\u062a\u0629 + \u0631\u0623\u0633 \u0627\u0644\u0645\u0627\u0644 \u0627\u0644\u0639\u0627\u0645\u0644<\/strong><\/td>\n<td>\u0647\u0630\u0647 \u0647\u064a <strong>\u0648\u0638\u0627\u0626\u0641 \u0645\u0633\u062a\u062f\u0627\u0645\u0629<\/strong> :\u0645\u0627 \u0647\u064a \u0627\u0644\u0634\u0631\u0643\u0629 <strong>\u0645\u0633\u062a\u062b\u0645\u0631<\/strong> \u0641\u064a \u0623\u062f\u0627\u0629 \u0625\u0646\u062a\u0627\u062c\u0647\u0627 \u0648\u062f\u0648\u0631\u0629 \u062a\u0634\u063a\u064a\u0644\u0647\u0627.<\/td>\n<\/tr>\n<tr>\n<td><strong>\u0646\u0647\u062c \u0627\u0644\u0645\u0648\u0627\u0631\u062f (\u0639\u0644\u0649 \u064a\u0645\u064a\u0646 \u0627\u0644\u062a\u0642\u064a\u064a\u0645 \u0627\u0644\u0648\u0638\u064a\u0641\u064a)<\/strong><\/td>\n<td><strong>\u0631\u0623\u0633 \u0627\u0644\u0645\u0627\u0644 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631 = \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629 + \u0635\u0627\u0641\u064a \u0627\u0644\u062f\u064a\u0646 \u0627\u0644\u0645\u0627\u0644\u064a<\/strong><\/td>\n<td>\u0647\u0630\u0647 \u0647\u064a <strong>\u0627\u0644\u0645\u0648\u0627\u0631\u062f \u0627\u0644\u0645\u0633\u062a\u0642\u0631\u0629<\/strong> \u062a\u0645 \u062d\u0634\u062f\u0647\u0627 \u0644\u062a\u0645\u0648\u064a\u0644 \u0647\u0630\u0647 \u0627\u0644\u0648\u0638\u0627\u0626\u0641 \u0627\u0644\u0645\u0633\u062a\u062f\u0627\u0645\u0629.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>\u0625\u0630\u0627 \u0623\u062e\u0630\u0646\u0627 \u0627\u0644\u062a\u0639\u0631\u064a\u0641 \u0627\u0644\u062f\u0642\u064a\u0642 \u0644\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629\u060c \u0641\u0647\u0648 \u0641\u064a \u0627\u0644\u0648\u0627\u0642\u0639 <strong>\u0645\u062c\u0645\u0648\u0639 \u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u062b\u0627\u0628\u062a\u0629 \u0648\u0645\u062a\u0637\u0644\u0628\u0627\u062a \u0631\u0623\u0633 \u0627\u0644\u0645\u0627\u0644 \u0627\u0644\u0639\u0627\u0645\u0644<\/strong> (\u0627\u0644\u0645\u0646\u062a\u062c\u0627\u062a \u0627\u0644\u062a\u0634\u063a\u064a\u0644\u064a\u0629 \u0648\u063a\u064a\u0631 \u0627\u0644\u062a\u0634\u063a\u064a\u0644\u064a\u0629).<\/p>\n<p>\u0648\u0628\u0645\u0627 \u0623\u0646 \u0645\u062a\u0637\u0644\u0628\u0627\u062a \u0631\u0623\u0633 \u0627\u0644\u0645\u0627\u0644 \u0627\u0644\u0639\u0627\u0645\u0644 (WCR) = \u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u062d\u0627\u0644\u064a\u0629 \u2013 \u0627\u0644\u0627\u0644\u062a\u0632\u0627\u0645\u0627\u062a \u0627\u0644\u062a\u0634\u063a\u064a\u0644\u064a\u0629\u060c \u0641\u0625\u0646 \u0643\u0644 \u0634\u064a\u0621 \u064a\u0628\u062f\u0648 \u0645\u0646\u0637\u0642\u064a\u064b\u0627 \u0647\u0646\u0627:<\/p>\n<p style=\"text-align: center;\">\u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629 = \u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u062b\u0627\u0628\u062a\u0629 + \u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u0645\u062a\u062f\u0627\u0648\u0644\u0629 \u2013 \u0627\u0644\u0627\u0644\u062a\u0632\u0627\u0645\u0627\u062a \u0627\u0644\u062a\u0634\u063a\u064a\u0644\u064a\u0629 = <strong>\u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u062b\u0627\u0628\u062a\u0629 + \u0631\u0623\u0633 \u0627\u0644\u0645\u0627\u0644 \u0627\u0644\u0639\u0627\u0645\u0644<\/strong><\/p>\n<p>\u0644\u0630\u0644\u0643\u060c \u0645\u0646 \u0644\u062d\u0638\u0629 \u062e\u0635\u0645 \u0627\u0644\u0627\u0644\u062a\u0632\u0627\u0645\u0627\u062a \u0627\u0644\u062d\u0627\u0644\u064a\u0629 \u0645\u0646 \u0627\u0644\u062d\u0633\u0627\u0628\u060c, <strong>\u0646\u062d\u0646 \u0646\u0623\u062a\u064a \u0648\u0646\u0632\u064a\u0644\u0647 \u0645\u0646 \u0627\u0644\u0627\u0644\u062a\u0632\u0627\u0645\u0627\u062a<\/strong>. \u0644\u0630\u0644\u0643\u060c \u062a\u0628\u0642\u0649 \u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u062b\u0627\u0628\u062a\u0629 \u0648\u0631\u0623\u0633 \u0627\u0644\u0645\u0627\u0644 \u0627\u0644\u0639\u0627\u0645\u0644 \u0641\u0642\u0637 (\u0646\u062a\u064a\u062c\u0629 \u0637\u0631\u062d \u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u0645\u062a\u062f\u0627\u0648\u0644\u0629 \u0645\u0646 \u0627\u0644\u062e\u0635\u0648\u0645 \u0627\u0644\u0645\u062a\u062f\u0627\u0648\u0644\u0629) \u0641\u064a \u062c\u0627\u0646\u0628 \u0627\u0644\u0623\u0635\u0648\u0644\u060c \u0628\u064a\u0646\u0645\u0627 \u062a\u0628\u0642\u0649 \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629 \u0648\u0627\u0644\u062f\u064a\u0648\u0646 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0637\u0648\u064a\u0644\u0629 \u0627\u0644\u0623\u062c\u0644 \u0641\u064a \u062c\u0627\u0646\u0628 \u0627\u0644\u062e\u0635\u0648\u0645. \u0648\u0647\u0630\u0627 \u064a\u064f\u0639\u0637\u064a\u0646\u0627 \u0627\u0644\u0645\u064a\u0632\u0627\u0646\u064a\u0629 \u0627\u0644\u0639\u0645\u0648\u0645\u064a\u0629 \u0627\u0644\u0648\u0638\u064a\u0641\u064a\u0629 \u0627\u0644\u0645\u064f\u0628\u0633\u0651\u0637\u0629 \u0627\u0644\u062a\u0627\u0644\u064a\u0629:<\/p>\n<table>\n<thead>\n<tr>\n<th>\u0646\u0634\u0637 (\u0627\u0644\u0648\u0638\u0627\u0626\u0641)<\/th>\n<th>\u0627\u0644\u0627\u0644\u062a\u0632\u0627\u0645\u0627\u062a (\u0627\u0644\u0645\u0648\u0627\u0631\u062f)<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>\u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u062b\u0627\u0628\u062a\u0629<\/td>\n<td>\u0639\u062f\u0627\u0644\u0629<\/td>\n<\/tr>\n<tr>\n<td>+ \u0645\u062a\u0637\u0644\u0628\u0627\u062a \u0631\u0623\u0633 \u0627\u0644\u0645\u0627\u0644 \u0627\u0644\u0639\u0627\u0645\u0644 (\u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u0645\u062a\u062f\u0627\u0648\u0644\u0629 - \u0627\u0644\u0627\u0644\u062a\u0632\u0627\u0645\u0627\u062a \u0627\u0644\u062a\u0634\u063a\u064a\u0644\u064a\u0629)<\/td>\n<td>+ \u0627\u0644\u062f\u064a\u0648\u0646 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0637\u0648\u064a\u0644\u0629 \u0627\u0644\u0623\u062c\u0644<\/td>\n<\/tr>\n<tr>\n<td>+ \u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u0646\u0642\u062f\u064a\u0629 (\u0627\u0644\u0628\u0646\u0643\u064a\u0629\u060c \u0627\u0644\u0646\u0642\u062f\u064a\u0629)<\/td>\n<td>+ \u0627\u0644\u062e\u0635\u0648\u0645 \u0627\u0644\u0646\u0642\u062f\u064a\u0629 (\u0627\u0644\u0633\u062d\u0628 \u0639\u0644\u0649 \u0627\u0644\u0645\u0643\u0634\u0648\u0641\u060c \u0627\u0644\u0642\u0631\u0648\u0636 \u0642\u0635\u064a\u0631\u0629 \u0627\u0644\u0623\u062c\u0644)<\/td>\n<\/tr>\n<tr>\n<td>= \u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629<\/td>\n<td>= \u0645\u0648\u0627\u0631\u062f \u0645\u0633\u062a\u0642\u0631\u0629<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>\u0641\u064a \u0627\u0644\u0645\u064a\u0632\u0627\u0646\u064a\u0629 \u0627\u0644\u0639\u0645\u0648\u0645\u064a\u0629 \u0627\u0644\u0648\u0638\u064a\u0641\u064a\u0629\u060c \u0627\u0644\u0645\u0648\u0627\u0631\u062f \u0627\u0644\u0645\u0633\u062a\u0642\u0631\u0629 \u0647\u064a \u0631\u0623\u0633 \u0627\u0644\u0645\u0627\u0644 \u0627\u0644\u062f\u0627\u0626\u0645 \u0641\u0642\u0637 (\u0627\u0644\u0623\u0633\u0647\u0645 + \u0627\u0644\u062f\u064a\u0648\u0646 \u0637\u0648\u064a\u0644\u0629 \u0627\u0644\u0623\u062c\u0644).<\/p>\n<p>\u0625\u0646 \u0627\u0644\u0646\u0642\u062f \u0627\u0644\u0633\u0644\u0628\u064a (\u0627\u0644\u0633\u062d\u0628 \u0639\u0644\u0649 \u0627\u0644\u0645\u0643\u0634\u0648\u0641\u060c \u0627\u0644\u062f\u064a\u0648\u0646 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0642\u0635\u064a\u0631\u0629 \u0627\u0644\u0623\u062c\u0644) \u0644\u064a\u0633 \u0645\u0648\u0631\u062f\u064b\u0627 \u0645\u0633\u062a\u0642\u0631\u064b\u0627 - \u0641\u0647\u0648 \u062c\u0632\u0621 \u0645\u0646 \u0627\u0644\u0646\u0642\u062f \u0627\u0644\u0635\u0627\u0641\u064a \u0648\u064a\u0639\u0648\u0636 \u0639\u0646 \u0639\u062c\u0632 \u0631\u0623\u0633 \u0627\u0644\u0645\u0627\u0644 \u0627\u0644\u0639\u0627\u0645\u0644 \u0627\u0644\u0645\u062d\u062a\u0645\u0644.<\/p>\n<p><strong>\u062a\u0646\u0637\u0628\u0642 \u0627\u0644\u0645\u0633\u0627\u0648\u0627\u0629 \u0628\u064a\u0646 \u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629 = \u0627\u0644\u0645\u0648\u0627\u0631\u062f \u0627\u0644\u0645\u0633\u062a\u0642\u0631\u0629 \u0641\u0642\u0637 \u0625\u0630\u0627 \u0643\u0627\u0646\u062a FR = BFR (\u0635\u0627\u0641\u064a \u0627\u0644\u0646\u0642\u062f = 0).<\/strong><\/p>\n<p>\u062e\u0644\u0627\u0641 \u0630\u0644\u0643 :<\/p>\n<ul>\n<li>FR &gt; BFR \u2192 \u0627\u0644\u062a\u062f\u0641\u0642 \u0627\u0644\u0646\u0642\u062f\u064a \u0627\u0644\u0635\u0627\u0641\u064a \u0627\u0644\u0625\u064a\u062c\u0627\u0628\u064a \u2192 \u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629 + \u0627\u0644\u0641\u0627\u0626\u0636 = \u0645\u0648\u0627\u0631\u062f \u0645\u0633\u062a\u0642\u0631\u0629<\/li>\n<li>\u0631\u0623\u0633 \u0627\u0644\u0645\u0627\u0644 \u0627\u0644\u0639\u0627\u0645\u0644 &lt; \u0645\u062a\u0637\u0644\u0628\u0627\u062a \u0631\u0623\u0633 \u0627\u0644\u0645\u0627\u0644 \u0627\u0644\u0639\u0627\u0645\u0644 \u2192 \u0627\u0644\u062a\u062f\u0641\u0642 \u0627\u0644\u0646\u0642\u062f\u064a \u0627\u0644\u0635\u0627\u0641\u064a \u0627\u0644\u0633\u0644\u0628\u064a \u2192 \u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629 = \u0627\u0644\u0645\u0648\u0627\u0631\u062f \u0627\u0644\u0645\u0633\u062a\u0642\u0631\u0629 + \u0627\u0644\u0633\u062d\u0628 \u0639\u0644\u0649 \u0627\u0644\u0645\u0643\u0634\u0648\u0641<\/li>\n<\/ul>\n<p>\u0645\u0646 \u0627\u0644\u0646\u0627\u062d\u064a\u0629 \u0627\u0644\u0646\u0638\u0631\u064a\u0629\u060c <strong>\u0627\u0644\u0627\u0644\u062a\u0632\u0627\u0645\u0627\u062a \u0627\u0644\u062d\u0627\u0644\u064a\u0629<\/strong> \u0627\u0644\u0645\u064a\u0632\u0627\u0646\u064a\u0629 \u0627\u0644\u0639\u0645\u0648\u0645\u064a\u0629 \u0627\u0644\u0645\u062d\u0627\u0633\u0628\u064a\u0629 \u062a\u062a\u0636\u0645\u0646 \u062c\u0645\u064a\u0639 <strong>\u0627\u0644\u062f\u064a\u0648\u0646 \u0627\u0644\u0645\u0633\u062a\u062d\u0642\u0629 \u0641\u064a \u0623\u0642\u0644 \u0645\u0646 \u0633\u0646\u0629 \u0648\u0627\u062d\u062f\u0629<\/strong>, \u060c \u0648\u0644\u0643\u0646 \u0641\u064a <strong>\u0627\u0644\u062a\u0642\u064a\u064a\u0645 \u0627\u0644\u0648\u0638\u064a\u0641\u064a<\/strong>, \u060c \u0646\u062d\u0646 \u0646\u0645\u064a\u0632 <strong>\u062f\u064a\u0648\u0646 \u0627\u0644\u062a\u0634\u063a\u064a\u0644<\/strong> (\u0627\u0644\u0645\u0648\u0631\u062f\u064a\u0646\u060c \u0627\u0644\u0636\u0631\u0627\u0626\u0628\u060c \u0627\u0644\u0627\u062c\u062a\u0645\u0627\u0639\u064a\u0629)\u060c \u0648\u0627\u0644\u062a\u064a \u064a\u062a\u0645 \u062e\u0635\u0645\u0647\u0627 \u0645\u0646 \u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u062d\u0627\u0644\u064a\u0629 \u0644\u062d\u0633\u0627\u0628 \u0645\u062a\u0637\u0644\u0628\u0627\u062a \u0631\u0623\u0633 \u0627\u0644\u0645\u0627\u0644 \u0627\u0644\u0639\u0627\u0645\u0644\u060c \u0648\u0627\u0644\u0646\u0642\u062f \u0627\u0644\u0645\u0637\u0644\u0648\u0628 (\u0627\u0644\u0633\u062d\u0628 \u0639\u0644\u0649 \u0627\u0644\u0645\u0643\u0634\u0648\u0641\u060c \u0627\u0644\u0627\u0639\u062a\u0645\u0627\u062f\u0627\u062a \u0627\u0644\u0646\u0642\u062f\u064a\u0629)\u060c \u0648\u0627\u0644\u062a\u064a \u064a\u062a\u0645 \u062a\u0635\u0646\u064a\u0641\u0647\u0627 \u0641\u064a \u0628\u0646\u062f \u0646\u0642\u062f \u0645\u0637\u0644\u0648\u0628 \u0645\u0646\u0641\u0635\u0644\u060c \u0641\u064a \u0623\u0633\u0641\u0644 \u0627\u0644\u0645\u064a\u0632\u0627\u0646\u064a\u0629 \u0627\u0644\u0639\u0645\u0648\u0645\u064a\u0629 \u0627\u0644\u0648\u0638\u064a\u0641\u064a\u0629.<\/p>\n<p>\u0644\u0630\u0644\u0643\u060c \u0644\u0627 \u064a\u0646\u062a\u0645\u064a \u0647\u0630\u0627 \u0627\u0644\u0628\u0646\u062f \u0627\u0644\u0623\u062e\u064a\u0631 \u0625\u0644\u0649 \u0627\u0644\u0627\u0644\u062a\u0632\u0627\u0645\u0627\u062a \u0627\u0644\u062d\u0627\u0644\u064a\u0629 \u0627\u0644\u0648\u0638\u064a\u0641\u064a\u0629 \u0623\u0648 \u0625\u0644\u0649 \u0627\u0644\u0645\u0648\u0627\u0631\u062f \u0627\u0644\u0645\u0633\u062a\u0642\u0631\u0629\u060c \u0644\u0623\u0646\u0647 \u064a\u0634\u0627\u0631\u0643 \u0641\u064a \u0627\u0644\u0631\u0635\u064a\u062f \u0627\u0644\u0625\u062c\u0645\u0627\u0644\u064a FR \u2212 BFR = \u0635\u0627\u0641\u064a \u0627\u0644\u0646\u0642\u062f\u060c \u0648\u0644\u064a\u0633 \u0641\u064a \u062f\u0648\u0631\u0629 \u0627\u0644\u062a\u0634\u063a\u064a\u0644.<\/p>\n<p>\u0644\u0647\u0630\u0627 \u0627\u0644\u0633\u0628\u0628\u060c \u0639\u0646\u062f \u062d\u0633\u0627\u0628 \u0645\u062a\u0637\u0644\u0628\u0627\u062a \u0631\u0623\u0633 \u0627\u0644\u0645\u0627\u0644 \u0627\u0644\u0639\u0627\u0645\u0644 (WCR)\u060c \u0634\u062f\u062f\u0646\u0627 \u0645\u0631\u0627\u0631\u064b\u0627 \u0648\u062a\u0643\u0631\u0627\u0631\u064b\u0627 \u0639\u0644\u0649 \u0627\u0633\u062a\u0628\u0639\u0627\u062f \u0627\u0644\u062f\u064a\u0648\u0646 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0642\u0635\u064a\u0631\u0629 \u0627\u0644\u0623\u062c\u0644. \u0644\u0644\u062a\u0630\u0643\u064a\u0631:<\/p>\n<p style=\"text-align: center;\"><strong>\u0645\u062a\u0637\u0644\u0628\u0627\u062a \u0631\u0623\u0633 \u0627\u0644\u0645\u0627\u0644 \u0627\u0644\u0639\u0627\u0645\u0644 (WCR) = \u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u0645\u062a\u062f\u0627\u0648\u0644\u0629 - \u0627\u0644\u0627\u0644\u062a\u0632\u0627\u0645\u0627\u062a \u0627\u0644\u0645\u062a\u062f\u0627\u0648\u0644\u0629 (\u0628\u0627\u0633\u062a\u062b\u0646\u0627\u0621 \u0627\u0644\u062f\u064a\u0648\u0646 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0642\u0635\u064a\u0631\u0629 \u0627\u0644\u0623\u062c\u0644) = \u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u0645\u062a\u062f\u0627\u0648\u0644\u0629 - \u0627\u0644\u0627\u0644\u062a\u0632\u0627\u0645\u0627\u062a \u0627\u0644\u062a\u0634\u063a\u064a\u0644\u064a\u0629 (\u0627\u0644\u062d\u0633\u0627\u0628\u0627\u062a \u0627\u0644\u062f\u0627\u0626\u0646\u0629\u060c \u0648\u0627\u0644\u0627\u0644\u062a\u0632\u0627\u0645\u0627\u062a \u0627\u0644\u0636\u0631\u064a\u0628\u064a\u0629 \u0648\u0627\u0644\u0636\u0645\u0627\u0646 \u0627\u0644\u0627\u062c\u062a\u0645\u0627\u0639\u064a\u060c \u0648\u0644\u0643\u0646 \u0644\u064a\u0633 \u0627\u0644\u062f\u064a\u0648\u0646 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0642\u0635\u064a\u0631\u0629 \u0627\u0644\u0623\u062c\u0644).<\/strong><\/p>\n<p>\u0641\u064a\u0645\u0627 \u064a\u0644\u064a \u0631\u0633\u0648\u0645 \u0645\u062a\u062d\u0631\u0643\u0629 \u0644\u062c\u0639\u0644 \u0627\u0644\u0623\u0645\u0631 \u0623\u0643\u062b\u0631 \u0648\u0636\u0648\u062d\u064b\u0627:<\/p>\n<div style=\"width: 800px;\" class=\"wp-video\"><video class=\"wp-video-shortcode\" id=\"video-6028-1\" width=\"800\" height=\"450\" preload=\"metadata\" controls=\"controls\"><source type=\"video\/mp4\" src=\"https:\/\/tulipemedia.com\/wp-content\/uploads\/sites\/3\/2025\/11\/Video-Actif-Economique-et-Ressources-Stables-Simulation.mp4?_=1\" \/><a href=\"https:\/\/tulipemedia.com\/wp-content\/uploads\/sites\/3\/2025\/11\/Video-Actif-Economique-et-Ressources-Stables-Simulation.mp4\">https:\/\/tulipemedia.com\/wp-content\/uploads\/sites\/3\/2025\/11\/Video-Actif-Economique-et-Ressources-Stables-Simulation.mp4<\/a><\/video><\/div>\n<p>\u0641\u064a \u0647\u0630\u0627 \u0627\u0644\u0641\u064a\u062f\u064a\u0648\u060c \u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629 + \u0627\u0644\u0641\u0627\u0626\u0636 = \u0645\u0648\u0627\u0631\u062f \u0645\u0633\u062a\u0642\u0631\u0629. \u0623\u0639\u062f\u062f\u062a\u064f \u0647\u0630\u0627 \u0627\u0644\u0641\u064a\u062f\u064a\u0648 \u0644\u062a\u0648\u0636\u064a\u062d \u0643\u064a\u0641\u064a\u0629 \u062a\u0641\u0633\u064a\u0631 \u0627\u0644\u0645\u0633\u0627\u0648\u0627\u0629 \u0628\u064a\u0646 \u0627\u0644\u0645\u0648\u0627\u0631\u062f \u0627\u0644\u0645\u0633\u062a\u0642\u0631\u0629 \u0648\u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629.<\/p>\n<ul>\n<li>\u064a\u064f\u062d\u0633\u0628 \u0648\u064a\u064f\u0633\u062c\u0644 \u0645\u064f\u062a\u0637\u0644\u0628 \u0631\u0623\u0633 \u0627\u0644\u0645\u0627\u0644 \u0627\u0644\u0639\u0627\u0645\u0644 (WCR) \u0643\u0623\u0635\u0644: \u062a\u064f\u0633\u062a\u0628\u0639\u062f \u0627\u0644\u0627\u0644\u062a\u0632\u0627\u0645\u0627\u062a \u0627\u0644\u0645\u062a\u062f\u0627\u0648\u0644\u0629 \u0627\u0644\u062a\u0642\u0644\u064a\u062f\u064a\u0629 \u0645\u0646 \u0627\u0644\u0627\u0644\u062a\u0632\u0627\u0645\u0627\u062a \u0627\u0644\u0648\u0638\u064a\u0641\u064a\u0629\u060c \u0646\u0638\u0631\u064b\u0627 \u0644\u0634\u0645\u0648\u0644\u0647\u0627 \u0641\u064a \u062d\u0633\u0627\u0628 \u0645\u064f\u062a\u0637\u0644\u0628 \u0631\u0623\u0633 \u0627\u0644\u0645\u0627\u0644 \u0627\u0644\u0639\u0627\u0645\u0644. \u0641\u064a \u0627\u0644\u0645\u0642\u0627\u0628\u0644\u060c \u062a\u064f\u0633\u062a\u0628\u0639\u062f \u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u0645\u062a\u062f\u0627\u0648\u0644\u0629 \u0644\u0635\u0627\u0644\u062d \u0645\u064f\u062a\u0637\u0644\u0628 \u0631\u0623\u0633 \u0627\u0644\u0645\u0627\u0644 \u0627\u0644\u0639\u0627\u0645\u0644\u060c \u0627\u0644\u0630\u064a \u064a\u062c\u0645\u0639 \u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u0645\u062a\u062f\u0627\u0648\u0644\u0629 \u0645\u0637\u0631\u0648\u062d\u064b\u0627 \u0645\u0646\u0647\u0627 \u0627\u0644\u0627\u0644\u062a\u0632\u0627\u0645\u0627\u062a \u0627\u0644\u0645\u062a\u062f\u0627\u0648\u0644\u0629.<\/li>\n<li>\u0648\u0628\u0645\u0627 \u0623\u0646 \u0627\u0644\u0645\u064a\u0632\u0627\u0646\u064a\u0629 \u0627\u0644\u0639\u0645\u0648\u0645\u064a\u0629 \u0627\u0644\u0648\u0638\u064a\u0641\u064a\u0629 \u0645\u062a\u0648\u0627\u0632\u0646\u0629\u060c \u0641\u0625\u0646 \u0627\u0644\u0645\u0648\u0627\u0631\u062f \u0627\u0644\u0645\u0633\u062a\u0642\u0631\u0629 (\u0627\u0644\u0645\u062a\u0628\u0642\u064a\u0629 \u0639\u0644\u0649 \u062c\u0627\u0646\u0628 \u0627\u0644\u0627\u0644\u062a\u0632\u0627\u0645\u0627\u062a \u0641\u064a \u0627\u0644\u0645\u064a\u0632\u0627\u0646\u064a\u0629 \u0627\u0644\u0639\u0645\u0648\u0645\u064a\u0629 \u0627\u0644\u0648\u0638\u064a\u0641\u064a\u0629) \u062a\u0633\u0627\u0648\u064a \u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u062b\u0627\u0628\u062a\u0629 \u0648\u0645\u062a\u0637\u0644\u0628\u0627\u062a \u0631\u0623\u0633 \u0627\u0644\u0645\u0627\u0644 \u0627\u0644\u0639\u0627\u0645\u0644 (\u0648\u0627\u0644\u062a\u064a \u062a\u0642\u0639 \u0628\u0627\u0644\u062a\u0627\u0644\u064a \u0639\u0644\u0649 \u062c\u0627\u0646\u0628 \u0627\u0644\u0623\u0635\u0648\u0644 \u0641\u064a \u0627\u0644\u0645\u064a\u0632\u0627\u0646\u064a\u0629 \u0627\u0644\u0639\u0645\u0648\u0645\u064a\u0629)\u060c \u0648\u0627\u0644\u0641\u0627\u0626\u0636 \u0645\u0646 \u0627\u0644\u0646\u0642\u062f \u0627\u0644\u0646\u0634\u0637.<\/li>\n<li>\u062a\u0645\u0648\u0644 \u0647\u0630\u0647 \u0627\u0644\u0645\u0648\u0627\u0631\u062f \u0627\u0644\u0645\u0633\u062a\u0642\u0631\u0629 (\u0627\u0644\u0623\u0633\u0647\u0645 + \u0627\u0644\u062f\u064a\u0648\u0646 \u0637\u0648\u064a\u0644\u0629 \u0627\u0644\u0623\u062c\u0644) \u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u062b\u0627\u0628\u062a\u0629 \u0648\u0645\u062a\u0637\u0644\u0628\u0627\u062a \u0631\u0623\u0633 \u0627\u0644\u0645\u0627\u0644 \u0627\u0644\u0639\u0627\u0645\u0644\u060c \u0648\u0627\u0644\u062a\u064a \u062a\u062a\u0648\u0627\u0641\u0642 \u0645\u0639 \u062c\u0645\u064a\u0639 \u0627\u0644\u0645\u0648\u0627\u0631\u062f \u0627\u0644\u0644\u0627\u0632\u0645\u0629 \u0644\u0627\u0633\u062a\u0645\u0631\u0627\u0631 \u0627\u0644\u0646\u0634\u0627\u0637 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a \u0627\u0644\u0639\u0627\u062f\u064a \u0644\u0644\u0634\u0631\u0643\u0629: \u0648\u0628\u0627\u0644\u062a\u0627\u0644\u064a \u0641\u0647\u064a \u062a\u0634\u0643\u0644 \u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629 \u0644\u0644\u0634\u0631\u0643\u0629.<\/li>\n<\/ul>\n<p>\u0641\u064a \u0627\u0644\u062a\u0642\u064a\u064a\u0645 \u0627\u0644\u0648\u0638\u064a\u0641\u064a\u060c, <strong>\u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629 \u062a\u0642\u0627\u0628\u0644 \u0645\u062c\u0645\u0648\u0639 \u0627\u0644\u0627\u0633\u062a\u062e\u062f\u0627\u0645\u0627\u062a \u0627\u0644\u0636\u0631\u0648\u0631\u064a\u0629 \u0644\u062a\u0634\u063a\u064a\u0644 \u0627\u0644\u0634\u0631\u0643\u0629.<\/strong> (\u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u062b\u0627\u0628\u062a\u0629\u060c \u0627\u0644\u0623\u0633\u0647\u0645\u060c \u0627\u0644\u062d\u0633\u0627\u0628\u0627\u062a \u0627\u0644\u0645\u062f\u064a\u0646\u0629\u060c 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\u0648\u0647\u0648 \u0623\u0633\u0627\u0633 \u062e\u0644\u0642 \u0627\u0644\u0642\u064a\u0645\u0629 (\u0633\u0648\u0641 \u0646\u0646\u0627\u0642\u0634 \u0647\u0630\u0647 \u0627\u0644\u0645\u0641\u0627\u0647\u064a\u0645 \u0641\u064a \u0646\u0647\u0627\u064a\u0629 \u0647\u0630\u0647 \u0627\u0644\u062f\u0648\u0631\u0629).<\/li>\n<\/ul>\n<p>\u0648\u0645\u0639 \u0630\u0644\u0643\u060c \u0641\u064a \u0641\u0631\u0646\u0633\u0627\u060c \u0644\u0627 \u062a\u0632\u0627\u0644 \u0627\u0644\u0635\u064a\u063a\u0629 \u0627\u0644\u0631\u0633\u0645\u064a\u0629 \u0643\u0645\u0627 \u0647\u064a:<\/p>\n<p style=\"text-align: center;\">\u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u0631\u0623\u0633 \u0627\u0644\u0645\u0627\u0644 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631 = \u0627\u0644\u0623\u0631\u0628\u0627\u062d \u0642\u0628\u0644 \u0627\u0644\u0641\u0648\u0627\u0626\u062f \u0648\u0627\u0644\u0636\u0631\u0627\u0626\u0628 \u0648\u0627\u0644\u0625\u0647\u0644\u0627\u0643 \u0648\u0627\u0644\u0627\u0633\u062a\u0647\u0644\u0627\u0643 \/ \u0627\u0644\u0645\u0648\u0627\u0631\u062f \u0627\u0644\u0645\u0633\u062a\u0642\u0631\u0629 (\u0627\u0644\u0623\u0633\u0647\u0645 + \u0627\u0644\u062f\u064a\u0648\u0646 \u0637\u0648\u064a\u0644\u0629 \u0627\u0644\u0623\u062c\u0644)<\/p>\n<p>\u064a\u0639\u062a\u0628\u0631 \u062a\u0642\u0631\u064a\u0628 ROCE \u2248 EBITDA \/ \u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629 \u0635\u0627\u0644\u062d\u064b\u0627 \u0641\u0642\u0637 \u0625\u0630\u0627 \u0643\u0627\u0646 \u0635\u0627\u0641\u064a \u0627\u0644\u0646\u0642\u062f \u2248 0<\/p>\n<p>\u0648\u0644\u062a\u0644\u062e\u064a\u0635 \u0630\u0644\u0643:<\/p>\n<ul>\n<li>\u062a\u0645\u0648\u0644 \u0627\u0644\u0645\u0648\u0627\u0631\u062f \u0627\u0644\u0645\u0633\u062a\u0642\u0631\u0629 \u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629\u060c \u0648\u0627\u0644\u062a\u064a \u062a\u062a\u0643\u0648\u0646 \u0645\u0646 \u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u062b\u0627\u0628\u062a\u0629 \u0648\u0645\u062a\u0637\u0644\u0628\u0627\u062a \u0631\u0623\u0633 \u0627\u0644\u0645\u0627\u0644 \u0627\u0644\u0639\u0627\u0645\u0644\u061b ;<\/li>\n<li>\u0648\u0647\u0630\u0627 \u064a\u0648\u0636\u062d \u0644\u0645\u0627\u0630\u0627 \u064a\u0645\u0643\u0646 \u0623\u0646 \u062a\u0643\u0648\u0646 \u0627\u0644\u0635\u064a\u063a\u062a\u0627\u0646 \u0645\u062a\u0643\u0627\u0641\u0626\u062a\u064a\u0646.<\/li>\n<\/ul>\n<p style=\"text-align: center;\">ROCE = \u0627\u0644\u0623\u0631\u0628\u0627\u062d \u0642\u0628\u0644 \u0627\u0644\u0641\u0648\u0627\u0626\u062f \u0648\u0627\u0644\u0636\u0631\u0627\u0626\u0628 \u0648\u0627\u0644\u0625\u0647\u0644\u0627\u0643 \u0648\u0627\u0644\u0627\u0633\u062a\u0647\u0644\u0627\u0643 \/ \u0627\u0644\u0645\u0648\u0627\u0631\u062f \u0627\u0644\u0645\u0633\u062a\u0642\u0631\u0629<br \/>\nROCE \u2248 EBITDA \/ \u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629 (\u0635\u0627\u0644\u062d \u0641\u0642\u0637 \u0625\u0630\u0627 \u0643\u0627\u0646 \u0635\u0627\u0641\u064a \u0627\u0644\u0646\u0642\u062f \u2248 0)<br \/>\n\u0644\u0623\u0646 \u0627\u0644\u0645\u0648\u0627\u0631\u062f \u0627\u0644\u0645\u0633\u062a\u0642\u0631\u0629 \u2248 \u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629 (\u0625\u0630\u0627 \u0643\u0627\u0646 \u0635\u0627\u0641\u064a \u0627\u0644\u0646\u0642\u062f \u2248 0)<\/p>\n<table>\n<thead>\n<tr>\n<th data-col-size=\"md\">\u064a\u0642\u062a\u0631\u0628<\/th>\n<th data-col-size=\"lg\">\u0635\u064a\u063a\u0629<\/th>\n<th data-col-size=\"xl\">\u0633\u064a\u0627\u0642<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td data-col-size=\"md\">\u0631\u0633\u0645\u064a (\u0628\u0627\u0644\u0641\u0631\u0646\u0633\u064a\u0629)<\/td>\n<td data-col-size=\"lg\">\u0627\u0644\u0623\u0631\u0628\u0627\u062d \u0642\u0628\u0644 \u0627\u0644\u0641\u0648\u0627\u0626\u062f \u0648\u0627\u0644\u0636\u0631\u0627\u0626\u0628 \u0648\u0627\u0644\u0625\u0647\u0644\u0627\u0643 \u0648\u0627\u0644\u0627\u0633\u062a\u0647\u0644\u0627\u0643 \/ \u0627\u0644\u0645\u0648\u0627\u0631\u062f \u0627\u0644\u0645\u0633\u062a\u0642\u0631\u0629<\/td>\n<td data-col-size=\"xl\">\u0627\u0644\u0628\u0646\u0648\u0643\u060c DCG\u060c \u0627\u0644\u0645\u062d\u0627\u0633\u0628\u0629<\/td>\n<\/tr>\n<tr>\n<td data-col-size=\"md\">\u062a\u0642\u0631\u064a\u0628<\/td>\n<td data-col-size=\"lg\">\u0627\u0644\u0623\u0631\u0628\u0627\u062d \u0642\u0628\u0644 \u0627\u0644\u0641\u0648\u0627\u0626\u062f \u0648\u0627\u0644\u0636\u0631\u0627\u0626\u0628 \u0648\u0627\u0644\u0625\u0647\u0644\u0627\u0643 \u0648\u0627\u0644\u0627\u0633\u062a\u0647\u0644\u0627\u0643 \/ \u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629<\/td>\n<td data-col-size=\"xl\">\u0627\u0644\u062a\u062d\u0644\u064a\u0644 \u0627\u0644\u062f\u0627\u062e\u0644\u064a\u060c \u0625\u0630\u0627 \u0643\u0627\u0646 \u0627\u0644\u0646\u0642\u062f \u2248 0<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>\u062a\u0630\u0643\u064a\u0631 \u0628\u0634\u0623\u0646 \u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u0646\u0642\u062f\u064a\u0629 \u0648\u0627\u0644\u0627\u0644\u062a\u0632\u0627\u0645\u0627\u062a \u0627\u0644\u0646\u0642\u062f\u064a\u0629<\/h3>\n<p>\u0645\u0646 \u0627\u0644\u0645\u0647\u0645 \u0645\u0631\u0627\u062c\u0639\u0629 \u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u0645\u062a\u062f\u0627\u0648\u0644\u0629\u060c \u0648\u0627\u0644\u062e\u0635\u0648\u0645 \u0627\u0644\u0645\u062a\u062f\u0627\u0648\u0644\u0629\u060c \u0648\u0627\u0644\u062a\u062f\u0641\u0642 \u0627\u0644\u0646\u0642\u062f\u064a \u0628\u0625\u064a\u062c\u0627\u0632. \u0648\u0642\u062f \u0623\u0648\u0636\u062d\u0646\u0627 \u0630\u0644\u0643:<\/p>\n<p style=\"text-align: center;\"><strong>ROCE = Rex \/ \u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629<\/strong><\/p>\n<p style=\"text-align: center;\">\u0645\u0639 <strong>\u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629 = \u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u062b\u0627\u0628\u062a\u0629 + \u0631\u0623\u0633 \u0627\u0644\u0645\u0627\u0644 \u0627\u0644\u0639\u0627\u0645\u0644<\/strong><\/p>\n<p style=\"text-align: center;\">\u0648 <strong>\u0645\u062a\u0637\u0644\u0628\u0627\u062a \u0631\u0623\u0633 \u0627\u0644\u0645\u0627\u0644 \u0627\u0644\u0639\u0627\u0645\u0644 (WCR) = \u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u0645\u062a\u062f\u0627\u0648\u0644\u0629 \u2013 \u0627\u0644\u0627\u0644\u062a\u0632\u0627\u0645\u0627\u062a \u0627\u0644\u0645\u062a\u062f\u0627\u0648\u0644\u0629<\/strong><\/p>\n<p>\u0639\u0646\u062f\u0645\u0627 \u0646\u0642\u0648\u0644 \u0623\u0646 \u0645\u062a\u0637\u0644\u0628\u0627\u062a \u0631\u0623\u0633 \u0627\u0644\u0645\u0627\u0644 \u0627\u0644\u0639\u0627\u0645\u0644 (WCR) = \u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u0645\u062a\u062f\u0627\u0648\u0644\u0629 - \u0627\u0644\u0627\u0644\u062a\u0632\u0627\u0645\u0627\u062a \u0627\u0644\u0645\u062a\u062f\u0627\u0648\u0644\u0629\u060c \u0641\u0625\u0646\u0646\u0627 \u0646\u0634\u064a\u0631 \u0636\u0645\u0646\u0627\u064b \u0625\u0644\u0649 \u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u0645\u062a\u062f\u0627\u0648\u0644\u0629 \u0627\u0644\u062a\u0634\u063a\u064a\u0644\u064a\u0629 (\u0648\u062e\u0627\u0635\u0629 \u0627\u0644\u0645\u062e\u0632\u0648\u0646 \u0648\u0627\u0644\u062d\u0633\u0627\u0628\u0627\u062a \u0627\u0644\u0645\u062f\u064a\u0646\u0629) \u0648\u0627\u0644\u0627\u0644\u062a\u0632\u0627\u0645\u0627\u062a \u0627\u0644\u0645\u062a\u062f\u0627\u0648\u0644\u0629 \u0627\u0644\u062a\u0634\u063a\u064a\u0644\u064a\u0629 (\u0648\u062e\u0627\u0635\u0629 \u0627\u0644\u062d\u0633\u0627\u0628\u0627\u062a \u0627\u0644\u062f\u0627\u0626\u0646\u0629 \u0648\u0627\u0644\u0627\u0644\u062a\u0632\u0627\u0645\u0627\u062a \u0627\u0644\u0636\u0631\u064a\u0628\u064a\u0629 \u0648\u0627\u0644\u0636\u0645\u0627\u0646 \u0627\u0644\u0627\u062c\u062a\u0645\u0627\u0639\u064a)\u060c \u0648\u0644\u0643\u0646\u0646\u0627 \u0644\u0627 \u0646\u062f\u0631\u062c \u0627\u0644\u0646\u0642\u062f \u0627\u0644\u0625\u064a\u062c\u0627\u0628\u064a \u0641\u064a \u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u0645\u062a\u062f\u0627\u0648\u0644\u0629\u060c \u0648\u0644\u0627 \u0627\u0644\u0627\u0644\u062a\u0632\u0627\u0645\u0627\u062a \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0642\u0635\u064a\u0631\u0629 \u0627\u0644\u0623\u062c\u0644 (\u0627\u0644\u0633\u062d\u0628 \u0639\u0644\u0649 \u0627\u0644\u0645\u0643\u0634\u0648\u0641 \u0645\u0646 \u0627\u0644\u0628\u0646\u0648\u0643\u060c \u0639\u0644\u0649 \u0633\u0628\u064a\u0644 \u0627\u0644\u0645\u062b\u0627\u0644) \u0641\u064a \u0627\u0644\u0627\u0644\u062a\u0632\u0627\u0645\u0627\u062a \u0627\u0644\u0645\u062a\u062f\u0627\u0648\u0644\u0629\u060c \u0644\u0623\u0646\u0647 \u062d\u062a\u0649 \u0644\u0648 \u0643\u0627\u0646\u062a \u062a\u062a\u0639\u0644\u0642 \u0628\u0627\u0644\u0623\u062c\u0644 \u0627\u0644\u0642\u0635\u064a\u0631\u060c \u0641\u064a \u0627\u0644\u0645\u064a\u0632\u0627\u0646\u064a\u0629 \u0627\u0644\u0639\u0645\u0648\u0645\u064a\u0629 \u0627\u0644\u0648\u0638\u064a\u0641\u064a\u0629\u060c, <strong>\u0648\u064a\u062a\u0645 \u0625\u0639\u0627\u062f\u0629 \u062a\u0635\u0646\u064a\u0641\u0647\u0627 \u0625\u0644\u0649 \u0641\u0626\u0627\u062a \u0645\u0646\u0641\u0635\u0644\u0629\u060c \u0648\u0647\u064a \u0627\u0644\u062e\u0632\u0627\u0646\u0629 \u0627\u0644\u0646\u0634\u0637\u0629 \u0648\u0627\u0644\u062e\u0632\u0627\u0646\u0629 \u0627\u0644\u0633\u0644\u0628\u064a\u0629.<\/strong>.<\/p>\n<p>\u0644\u0630\u0644\u0643 :<\/p>\n<p style=\"text-align: center;\">\u0645\u062a\u0637\u0644\u0628\u0627\u062a \u0631\u0623\u0633 \u0627\u0644\u0645\u0627\u0644 \u0627\u0644\u0639\u0627\u0645\u0644 (WCR) = \u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u0645\u062a\u062f\u0627\u0648\u0644\u0629 \u0627\u0644\u062a\u0634\u063a\u064a\u0644\u064a\u0629 (\u0628\u0627\u0633\u062a\u062b\u0646\u0627\u0621 \u0627\u0644\u0646\u0642\u062f) - \u0627\u0644\u0627\u0644\u062a\u0632\u0627\u0645\u0627\u062a \u0627\u0644\u0645\u062a\u062f\u0627\u0648\u0644\u0629 \u0627\u0644\u062a\u0634\u063a\u064a\u0644\u064a\u0629 (\u0628\u0627\u0633\u062a\u062b\u0646\u0627\u0621 \u0627\u0644\u062f\u064a\u0648\u0646 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0642\u0635\u064a\u0631\u0629 \u0627\u0644\u0623\u062c\u0644)<\/p>\n<p>\u0645\u0639 :<\/p>\n<ul>\n<li>\u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u062d\u0627\u0644\u064a\u0629 \u0627\u0644\u062a\u0634\u063a\u064a\u0644\u064a\u0629: \u0627\u0644\u0645\u062e\u0632\u0648\u0646\u0627\u062a\u060c \u0648\u0627\u0644\u062d\u0633\u0627\u0628\u0627\u062a \u0627\u0644\u0645\u062f\u064a\u0646\u0629\u060c \u0648\u0627\u0644\u0645\u0633\u062a\u062d\u0642\u0627\u062a \u0627\u0644\u0623\u062e\u0631\u0649 \u0642\u0635\u064a\u0631\u0629 \u0627\u0644\u0623\u062c\u0644\u060c \u0628\u0627\u0633\u062a\u062b\u0646\u0627\u0621 \u0627\u0644\u0646\u0642\u062f \u0648\u0645\u0627 \u064a\u0639\u0627\u062f\u0644\u0647.<\/li>\n<li>\u0627\u0644\u0645\u0637\u0644\u0648\u0628\u0627\u062a \u0627\u0644\u062a\u0634\u063a\u064a\u0644\u064a\u0629 \u0627\u0644\u062d\u0627\u0644\u064a\u0629: \u0627\u0644\u062d\u0633\u0627\u0628\u0627\u062a \u0627\u0644\u062f\u0627\u0626\u0646\u0629 \u0627\u0644\u062a\u062c\u0627\u0631\u064a\u0629\u060c \u0648\u0627\u0644\u0645\u0637\u0644\u0648\u0628\u0627\u062a \u0627\u0644\u062a\u0634\u063a\u064a\u0644\u064a\u0629 \u0627\u0644\u0623\u062e\u0631\u0649\u060c \u0628\u0627\u0633\u062a\u062b\u0646\u0627\u0621 \u0627\u0644\u0646\u0642\u062f \u0627\u0644\u0633\u0644\u0628\u064a (\u0627\u0644\u0627\u0644\u062a\u0632\u0627\u0645\u0627\u062a \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0642\u0635\u064a\u0631\u0629 \u0627\u0644\u0623\u062c\u0644).<\/li>\n<\/ul>\n<p>\u0628\u0647\u0630\u0647 \u0627\u0644\u0637\u0631\u064a\u0642\u0629\u060c \u062a\u064f\u0645\u0643\u0651\u0646\u0646\u0627 \u0645\u062a\u0637\u0644\u0628\u0627\u062a \u0631\u0623\u0633 \u0627\u0644\u0645\u0627\u0644 \u0627\u0644\u0639\u0627\u0645\u0644 (WCR) \u0645\u0646 \u0642\u064a\u0627\u0633 \u0627\u0644\u0627\u062d\u062a\u064a\u0627\u062c\u0627\u062a \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0627\u0644\u0645\u062a\u0639\u0644\u0642\u0629 \u0628\u0627\u0644\u0639\u0645\u0644\u064a\u0627\u062a. \u0643\u0645\u0627 \u062a\u064f\u0633\u0627\u0639\u062f \u0641\u064a \u062a\u0642\u062f\u064a\u0631 \u0627\u0644\u062a\u0645\u0648\u064a\u0644 \u0627\u0644\u0644\u0627\u0632\u0645 \u0644\u0625\u062f\u0627\u0631\u0629 \u0627\u0644\u0623\u0639\u0645\u0627\u0644: \u0634\u0631\u0627\u0621 \u0627\u0644\u0645\u062e\u0632\u0648\u0646\u060c \u0648\u062a\u0645\u0648\u064a\u0644 \u0627\u0644\u0639\u0645\u0644\u0627\u0621\u060c \u0648\u062f\u0641\u0639 \u0645\u0633\u062a\u062d\u0642\u0627\u062a \u0627\u0644\u0645\u0648\u0631\u062f\u064a\u0646. \u062a\u064f\u0642\u0644\u0644 \u0627\u0644\u0627\u0644\u062a\u0632\u0627\u0645\u0627\u062a \u0627\u0644\u062a\u0634\u063a\u064a\u0644\u064a\u0629 (\u0627\u0644\u0645\u0648\u0631\u062f\u0648\u0646\u060c \u0648\u0645\u0633\u0627\u0647\u0645\u0627\u062a \u0627\u0644\u0636\u0645\u0627\u0646 \u0627\u0644\u0627\u062c\u062a\u0645\u0627\u0639\u064a\u060c \u0648\u0627\u0644\u0636\u0631\u0627\u0626\u0628 \u0627\u0644\u0645\u062d\u0644\u064a\u0629) \u0645\u0646 \u0645\u062a\u0637\u0644\u0628\u0627\u062a \u0627\u0644\u062a\u0645\u0648\u064a\u0644 \u0642\u0635\u064a\u0631 \u0627\u0644\u0623\u062c\u0644 (\u0644\u0623\u0646\u0647\u0627 \u062f\u064a\u0648\u0646 \u062a\u064f\u0633\u062f\u062f \u0628\u0637\u0628\u064a\u0639\u062a\u0647\u0627 \u0628\u0645\u0631\u0648\u0631 \u0627\u0644\u0648\u0642\u062a)\u060c \u0648\u0628\u0627\u0644\u062a\u0627\u0644\u064a \u062a\u064f\u0637\u0631\u062d \u0645\u0646\u0637\u0642\u064a\u064b\u0627 \u0645\u0646 \u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u0645\u062a\u062f\u0627\u0648\u0644\u0629.<\/p>\n<p>\u0648\u0639\u0644\u0649 \u0627\u0644\u0639\u0643\u0633 \u0645\u0646 \u0630\u0644\u0643\u060c, <strong>\u0627\u0644\u062f\u064a\u0648\u0646 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0642\u0635\u064a\u0631\u0629 \u0627\u0644\u0623\u062c\u0644\u060c \u0645\u062b\u0644 \u0627\u0644\u0633\u062d\u0628 \u0639\u0644\u0649 \u0627\u0644\u0645\u0643\u0634\u0648\u0641 \u0623\u0648 \u0627\u0644\u0642\u0631\u0648\u0636 \u0642\u0635\u064a\u0631\u0629 \u0627\u0644\u0623\u062c\u0644\u060c \u0647\u064a \u0645\u0648\u0627\u0631\u062f \u0645\u0627\u0644\u064a\u0629 \u063a\u064a\u0631 \u0645\u0631\u062a\u0628\u0637\u0629 \u0628\u062f\u0648\u0631\u0629 \u0627\u0644\u062a\u0634\u063a\u064a\u0644.<\/strong>. \u0625\u0646 \u0625\u062f\u0631\u0627\u062c\u0647\u0627 \u0645\u0646 \u0634\u0623\u0646\u0647 \u0623\u0646 \u064a\u0634\u0648\u0647 \u0642\u064a\u0627\u0633 \u0627\u0644\u0627\u062d\u062a\u064a\u0627\u062c\u0627\u062a \u0627\u0644\u062a\u0645\u0648\u064a\u0644\u064a\u0629 \u0627\u0644\u0641\u0639\u0644\u064a\u0629 \u0644\u062f\u0648\u0631\u0629 \u0627\u0644\u062a\u0634\u063a\u064a\u0644\u060c \u0644\u0623\u0646 \u0631\u0623\u0633 \u0627\u0644\u0645\u0627\u0644 \u0627\u0644\u0639\u0627\u0645\u0644 \u064a\u062c\u0628 \u0623\u0646 \u064a\u0638\u0647\u0631 \u0631\u0623\u0633 \u0627\u0644\u0645\u0627\u0644 \u0627\u0644\u0645\u0637\u0644\u0648\u0628 \u0644\u0644\u0646\u0634\u0627\u0637 \u0642\u0628\u0644 \u0627\u0644\u062a\u0645\u0648\u064a\u0644 \u0627\u0644\u062e\u0627\u0631\u062c\u064a.<\/p>\n<p><strong>\u0645\u062b\u0627\u0644 \u0645\u0628\u0633\u0637:<\/strong><\/p>\n<table>\n<thead>\n<tr>\n<th>\u0639\u0646\u0635\u0631<\/th>\n<th>\u0643\u0645\u064a\u0629<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>\u0627\u0644\u0623\u0633\u0647\u0645<\/td>\n<td>100<\/td>\n<\/tr>\n<tr>\n<td>\u0627\u0644\u062d\u0633\u0627\u0628\u0627\u062a \u0627\u0644\u0645\u0633\u062a\u062d\u0642\u0629<\/td>\n<td>150<\/td>\n<\/tr>\n<tr>\n<td>\u062f\u064a\u0648\u0646 \u0627\u0644\u0645\u0648\u0631\u062f\u064a\u0646<\/td>\n<td>80<\/td>\n<\/tr>\n<tr>\n<td>\u0627\u0644\u0631\u0633\u0648\u0645 \u0627\u0644\u0645\u0633\u062a\u062d\u0642\u0629<\/td>\n<td>20<\/td>\n<\/tr>\n<tr>\n<td>\u0627\u0644\u0633\u062d\u0628 \u0639\u0644\u0649 \u0627\u0644\u0645\u0643\u0634\u0648\u0641 \u0645\u0646 \u0628\u0646\u0643 CT<\/td>\n<td>50<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p style=\"text-align: center;\">WCR = (100+150) - (80+20) = 150<\/p>\n<p style=\"text-align: center;\">\u0645\u062a\u0637\u0644\u0628\u0627\u062a \u0631\u0623\u0633 \u0627\u0644\u0645\u0627\u0644 \u0627\u0644\u0639\u0627\u0645\u0644 (WCR) = 150 \u2192 \u0627\u0644\u062d\u0627\u062c\u0629 \u0627\u0644\u0641\u0639\u0644\u064a\u0629 \u0644\u062a\u0645\u0648\u064a\u0644 \u0627\u0644\u0639\u0645\u0644\u064a\u0627\u062a.<\/p>\n<p>\u0625\u0630\u0627 \u0642\u0645\u0646\u0627 \u0628\u062a\u0636\u0645\u064a\u0646 \u0627\u0644\u0633\u062d\u0628 \u0639\u0644\u0649 \u0627\u0644\u0645\u0643\u0634\u0648\u0641 \u0627\u0644\u0628\u0646\u0643\u064a \u0627\u0644\u0628\u0627\u0644\u063a 50\u060c \u0641\u0625\u0646 \u0645\u062a\u0637\u0644\u0628\u0627\u062a \u0631\u0623\u0633 \u0627\u0644\u0645\u0627\u0644 \u0627\u0644\u0639\u0627\u0645\u0644 \u0633\u062a\u0643\u0648\u0646 \u0645\u0633\u0627\u0648\u064a\u0629 \u0644\u0640 100., <strong>\u0645\u0645\u0627 \u0642\u062f \u064a\u0639\u0637\u064a \u0627\u0646\u0637\u0628\u0627\u0639\u064b\u0627 \u062e\u0627\u0637\u0626\u064b\u0627 \u0628\u0623\u0646 \u0627\u0644\u062d\u0627\u062c\u0629 \u0623\u0642\u0644<\/strong>, <strong>\u0641\u064a \u062d\u064a\u0646 \u0623\u0646 \u0647\u0630\u0627 \u0627\u0644\u062a\u0645\u0648\u064a\u0644 \u0627\u0644\u0630\u064a \u0623\u0635\u0628\u062d \u0645\u0645\u0643\u0646\u0627\u064b \u0645\u0646 \u062e\u0644\u0627\u0644 \u0627\u0644\u0633\u062d\u0628 \u0639\u0644\u0649 \u0627\u0644\u0645\u0643\u0634\u0648\u0641 \u0647\u0648 \u0641\u064a \u0627\u0644\u0648\u0627\u0642\u0639 \u062e\u0627\u0631\u062c \u0627\u0644\u062f\u0648\u0631\u0629 \u0627\u0644\u062a\u0634\u063a\u064a\u0644\u064a\u0629<\/strong>.<\/p>\n<p>\u0648\u0643\u0627\u0646 \u0627\u0644\u063a\u0631\u0636 \u0645\u0646 \u0647\u0630\u0627 \u0627\u0644\u062a\u0630\u0643\u064a\u0631 \u0647\u0648 \u0632\u064a\u0627\u062f\u0629 \u0627\u0644\u0648\u0639\u064a \u0628\u0623\u0646 <strong>\u0641\u064a \u0627\u0644\u062a\u0642\u064a\u064a\u0645 \u0627\u0644\u0648\u0638\u064a\u0641\u064a<\/strong>, <strong>\u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u062d\u0627\u0644\u064a\u0629\u060c \u0628\u0637\u0628\u064a\u0639\u062a\u0647\u0627\u060c \u0644\u0627 \u062a\u062a\u0636\u0645\u0646 \u0627\u0644\u0646\u0642\u062f.<\/strong> (\u0627\u0644\u0630\u064a \u064a\u0634\u0643\u0644 \u0639\u0646\u0635\u0631\u064b\u0627 \u0645\u0645\u064a\u0632\u064b\u0627 \u0641\u064a \u0623\u0633\u0641\u0644 \u0628\u064a\u0627\u0646 \u0627\u0644\u0623\u0635\u0648\u0644)\u060c \u0648 <strong>\u0627\u0644\u0627\u0644\u062a\u0632\u0627\u0645\u0627\u062a \u0627\u0644\u062d\u0627\u0644\u064a\u0629 \u062a\u0633\u062a\u0628\u0639\u062f \u0627\u0644\u0646\u0642\u062f \u0627\u0644\u0633\u0644\u0628\u064a \u0628\u0637\u0628\u064a\u0639\u062a\u0647<\/strong> (\u0627\u0644\u0630\u064a \u064a\u064f\u0634\u0643\u0651\u0644 \u0628\u0646\u062f\u064b\u0627 \u0645\u064f\u0645\u064a\u0651\u0632\u064b\u0627 \u0641\u064a \u0623\u0633\u0641\u0644 \u0642\u0627\u0626\u0645\u0629 \u0627\u0644\u062e\u0635\u0648\u0645). \u064a\u064f\u0645\u0643\u0646 \u0645\u064f\u0644\u0627\u062d\u0638\u0629 \u0630\u0644\u0643 \u0641\u064a \u062c\u062f\u0648\u0644 \u0627\u0644\u0645\u064a\u0632\u0627\u0646\u064a\u0629 \u0627\u0644\u0639\u0645\u0648\u0645\u064a\u0629 \u0627\u0644\u0648\u0638\u064a\u0641\u064a\u0629 \u0627\u0644\u0646\u0638\u0631\u064a \u0627\u0644\u0645\u064f\u0639\u0631\u0648\u0636 \u0641\u064a \u0628\u062f\u0627\u064a\u0629 \u0647\u0630\u0647 \u0627\u0644\u062f\u0648\u0631\u0629.<\/p>\n<p>\u0648\u0627\u0644\u0622\u0646 \u0628\u0639\u062f \u0623\u0646 \u0642\u0645\u0646\u0627 \u0628\u0647\u0630\u0627 \u0627\u0644\u062a\u0648\u0636\u064a\u062d\u060c \u0633\u0648\u0641 \u0646\u0643\u062a\u0634\u0641 \u0635\u064a\u063a\u0629 \u062b\u0627\u0644\u062b\u0629 \u0644\u0644\u0631\u0628\u062d\u064a\u0629 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629 (ROIC) \u0627\u0644\u0623\u0643\u062b\u0631 \u0627\u0633\u062a\u062e\u062f\u0627\u0645\u0627\u064b \u0639\u0644\u0649 \u0627\u0644\u0645\u0633\u062a\u0648\u0649 \u0627\u0644\u062f\u0648\u0644\u064a\u060c \u0648\u0627\u0644\u062a\u064a \u062a\u062a\u062e\u0630 \u0627\u0644\u0646\u0647\u062c \u0627\u0644\u0645\u0639\u0627\u0643\u0633 \u0644\u0645\u0627 \u0642\u0644\u0646\u0627\u0647 \u0644\u0644\u062a\u0648\u060c \u0648\u0630\u0644\u0643 \u0645\u0646 \u062e\u0644\u0627\u0644 \u0625\u062f\u0631\u0627\u062c \u0627\u0644\u062f\u064a\u0648\u0646 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0642\u0635\u064a\u0631\u0629 \u0627\u0644\u0623\u062c\u0644 \u0641\u064a \u0637\u0631\u064a\u0642\u0629 \u0627\u0644\u062d\u0633\u0627\u0628.<\/p>\n<p>\u0641\u064a \u0627\u0644\u0648\u0627\u0642\u0639\u060c \u0641\u064a \u0645\u0639\u062f\u0644 \u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u0631\u0623\u0633 \u0627\u0644\u0645\u0627\u0644 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u060c \u062a\u0639\u062a\u0628\u0631 \u0647\u0630\u0647 \u0627\u0644\u062f\u064a\u0648\u0646 \u0642\u0635\u064a\u0631\u0629 \u0627\u0644\u0623\u062c\u0644 (\u0627\u0644\u0633\u062d\u0628 \u0639\u0644\u0649 \u0627\u0644\u0645\u0643\u0634\u0648\u0641\u060c \u0627\u0644\u0642\u0631\u0648\u0636 &lt; \u0633\u0646\u0629 \u0648\u0627\u062d\u062f\u0629) \u062c\u0632\u0621\u064b\u0627 \u0645\u0646 \u0631\u0623\u0633 \u0627\u0644\u0645\u0627\u0644 \u0627\u0644\u0645\u0633\u062a\u062e\u062f\u0645 \u0641\u0639\u0644\u064a\u064b\u0627 \u0641\u064a \u0627\u0644\u0639\u0645\u0644 - \u0644\u0623\u0646\u0647\u0627 \u062a\u0643\u0644\u0641 \u0627\u0644\u0641\u0627\u0626\u062f\u0629 \u0648\u062a\u0645\u0648\u0644 \u0627\u0644\u0639\u0645\u0644\u064a\u0627\u062a.<\/p>\n<h3>\u0627\u0644\u0635\u064a\u063a\u0629 \u0627\u0644\u062b\u0627\u0644\u062b\u0629 \u0644\u0646\u0633\u0628\u0629 \u0627\u0644\u0639\u0627\u0626\u062f \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a \u0639\u0644\u0649 \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631 (ROIC) \u2013 \u0627\u0644\u0646\u0647\u062c \u0627\u0644\u062f\u0648\u0644\u064a<\/h3>\n<p>\u0647\u0646\u0627\u0643 \u0635\u064a\u063a\u0629 \u0623\u062e\u0631\u0649 \u0623\u0643\u062b\u0631 \u062f\u0648\u0644\u064a\u0629 \u0644\u0644\u0631\u0628\u062d\u064a\u0629 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629\u060c \u0648\u064a\u064f\u0634\u0627\u0631 \u0625\u0644\u064a\u0647\u0627 \u0628\u0645\u0635\u0637\u0644\u062d \u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u0631\u0623\u0633 \u0627\u0644\u0645\u0627\u0644 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631 (ROIC):<\/p>\n<p style=\"text-align: center;\"><strong>ROIC = NOPAT \/ \u0631\u0623\u0633 \u0627\u0644\u0645\u0627\u0644 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631<\/strong><\/p>\n<p>\u0645\u0639 <strong>NOPAT = REX \u0628\u0639\u062f \u0627\u0644\u0636\u0631\u064a\u0628\u0629 \u0627\u0644\u0646\u0638\u0631\u064a\u0629<\/strong> (\u0635\u0627\u0641\u064a \u0627\u0644\u0631\u0628\u062d \u0627\u0644\u062a\u0634\u063a\u064a\u0644\u064a \u0628\u0639\u062f \u0627\u0644\u0636\u0631\u064a\u0628\u0629)\u060c \u0648\u0627\u0644\u0630\u064a \u064a\u0634\u064a\u0631 \u0641\u064a \u0627\u0644\u0648\u0627\u0642\u0639 \u0625\u0644\u0649 <strong>\u0631\u0628\u062d \u0627\u0644\u062a\u0634\u063a\u064a\u0644 (EBIT) \u0645\u0637\u0631\u0648\u062d\u064b\u0627 \u0645\u0646\u0647 \u0627\u0644\u0636\u0631\u064a\u0628\u0629 \u0627\u0644\u0646\u0638\u0631\u064a\u0629<\/strong> \u0647\u0630\u0627 \u0647\u0648 \u0635\u0627\u0641\u064a \u0627\u0644\u0631\u0628\u062d &quot;\u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a&quot; \u0627\u0644\u0630\u064a \u0633\u062a\u062d\u0642\u0642\u0647 \u0627\u0644\u0634\u0631\u0643\u0629 \u0641\u064a \u062d\u0627\u0644 \u0639\u062f\u0645 \u0648\u062c\u0648\u062f \u062f\u064a\u0648\u0646 (\u0623\u064a \u0641\u0648\u0627\u0626\u062f)\u060c \u0645\u0639 \u0645\u0631\u0627\u0639\u0627\u0629 \u0627\u0644\u0636\u0631\u0627\u0626\u0628. \u0644\u0627 \u0646\u0631\u064a\u062f \u062a\u0636\u0645\u064a\u0646 \u0627\u0644\u0641\u0648\u0627\u0626\u062f \u0644\u0627\u0631\u062a\u0628\u0627\u0637\u0647\u0627 \u0628\u0627\u0644\u062f\u064a\u0648\u0646\u060c \u0648\u0647\u0648 \u0623\u0645\u0631 \u0644\u0627 \u0646\u0631\u063a\u0628 \u0641\u064a \u0623\u062e\u0630\u0647 \u0641\u064a \u0627\u0644\u0627\u0639\u062a\u0628\u0627\u0631 \u0641\u064a \u0627\u0644\u062a\u062d\u0644\u064a\u0644 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a. \u0645\u0639 \u0630\u0644\u0643\u060c \u064a\u062c\u0628 \u0623\u0646 \u0646\u0623\u062e\u0630 \u0641\u064a \u0627\u0644\u0627\u0639\u062a\u0628\u0627\u0631 \u0627\u0644\u0636\u0631\u0627\u0626\u0628 &quot;\u0627\u0644\u0646\u0638\u0631\u064a\u0629&quot;\u060c \u0648\u0627\u0644\u062a\u064a \u064a\u062c\u0628 \u062d\u0633\u0627\u0628\u0647\u0627 \u0628\u0646\u0627\u0621\u064b \u0639\u0644\u0649 \u0627\u0644\u062f\u062e\u0644 \u0627\u0644\u062a\u0634\u063a\u064a\u0644\u064a (\u0627\u0644\u0623\u0631\u0628\u0627\u062d \u0642\u0628\u0644 \u0627\u0644\u0641\u0648\u0627\u0626\u062f \u0648\u0627\u0644\u0636\u0631\u0627\u0626\u0628) \u0648\u0644\u064a\u0633 \u0635\u0627\u0641\u064a \u0627\u0644\u0631\u0628\u062d\u060c \u0644\u0623\u0646\u0646\u0627 \u0644\u0627 \u0646\u0631\u064a\u062f \u062a\u0636\u0645\u064a\u0646 \u0627\u0644\u062a\u062e\u0641\u064a\u0636\u0627\u062a \u0627\u0644\u0636\u0631\u064a\u0628\u064a\u0629 \u0627\u0644\u0645\u062a\u0639\u0644\u0642\u0629 \u0628\u0645\u0635\u0627\u0631\u064a\u0641 \u0627\u0644\u0641\u0648\u0627\u0626\u062f\u060c \u0648\u0627\u0644\u062a\u064a \u062a\u0631\u062a\u0628\u0637 \u0628\u0627\u0644\u0647\u064a\u0643\u0644 \u0627\u0644\u0645\u0627\u0644\u064a \u0644\u0644\u0634\u0631\u0643\u0629.<\/p>\n<p style=\"text-align: center;\"><strong>NOPAT = \u0635\u0627\u0641\u064a \u0627\u0644\u0631\u0628\u062d \u0627\u0644\u062a\u0634\u063a\u064a\u0644\u064a \u0628\u0639\u062f \u0627\u0644\u0636\u0631\u064a\u0628\u0629 = \u0635\u0627\u0641\u064a \u0627\u0644\u0631\u0628\u062d \u0627\u0644\u062a\u0634\u063a\u064a\u0644\u064a \u2013 (\u0635\u0627\u0641\u064a \u0627\u0644\u0631\u0628\u062d \u0627\u0644\u062a\u0634\u063a\u064a\u0644\u064a \u00d7 \u0627\u0644\u0636\u0631\u064a\u0628\u0629)<\/strong><\/p>\n<p>\u0648\u064a\u0634\u064a\u0631 \u0631\u0623\u0633 \u0627\u0644\u0645\u0627\u0644 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631 \u0625\u0644\u0649 \u0645\u062c\u0645\u0648\u0639 \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629 \u0648\u0625\u062c\u0645\u0627\u0644\u064a \u0627\u0644\u062f\u064a\u0648\u0646 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 (\u0623\u064a \u0627\u0644\u062f\u064a\u0648\u0646 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0642\u0635\u064a\u0631\u0629 \u0627\u0644\u0623\u062c\u0644 \u0648\u0637\u0648\u064a\u0644\u0629 \u0627\u0644\u0623\u062c\u0644)\u060c \u0628\u0639\u062f \u062e\u0635\u0645 \u0627\u0644\u0646\u0642\u062f \u0627\u0644\u0646\u0634\u0637 (\u0648\u0628\u0627\u0644\u062a\u0627\u0644\u064a \u064a\u062a\u0645 \u062e\u0635\u0645 \u0627\u0644\u0646\u0642\u062f \u0627\u0644\u0632\u0627\u0626\u062f\u060c \u0648\u0627\u0644\u0630\u064a \u0644\u0627 \u064a\u0633\u062a\u062e\u062f\u0645 \u0641\u0639\u0644\u064a\u0627 \u0641\u064a \u0627\u0644\u0639\u0645\u0644\u064a\u0627\u062a):<\/p>\n<p style=\"text-align: center;\"><strong>\u0631\u0623\u0633 \u0627\u0644\u0645\u0627\u0644 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631 = \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629 + \u0635\u0627\u0641\u064a \u0627\u0644\u062f\u064a\u0646 \u0627\u0644\u0645\u0627\u0644\u064a = \u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629<\/strong><\/p>\n<p style=\"text-align: center;\">\u0645\u0639 \u0635\u0627\u0641\u064a \u0627\u0644\u062f\u064a\u0646 \u0627\u0644\u0645\u0627\u0644\u064a = \u0625\u062c\u0645\u0627\u0644\u064a \u0627\u0644\u062f\u064a\u0646 \u0627\u0644\u0645\u0627\u0644\u064a (\u0627\u0644\u0642\u0635\u064a\u0631 \u0648\u0627\u0644\u0637\u0648\u064a\u0644) - \u0627\u0644\u0646\u0642\u062f \u0648\u0645\u0627 \u064a\u0639\u0627\u062f\u0644\u0647<\/p>\n<p>\u0627\u0644\u0641\u0631\u0642 \u0627\u0644\u0631\u0626\u064a\u0633\u064a \u0647\u0646\u0627 \u0647\u0648 \u0623\u0646\u0647\u060c \u0639\u0644\u0649 \u0639\u0643\u0633 \u0627\u0644\u0646\u0633\u0628 \u0627\u0644\u0641\u0631\u0646\u0633\u064a\u0629 (\u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u0631\u0623\u0633 \u0627\u0644\u0645\u0627\u0644 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631)\u060c \u064a\u064f\u062f\u0631\u062c \u0627\u0644\u062f\u064a\u0646 \u0627\u0644\u0645\u0627\u0644\u064a \u0642\u0635\u064a\u0631 \u0627\u0644\u0623\u062c\u0644 (\u0648\u0644\u064a\u0633 \u0627\u0644\u0646\u0642\u062f). \u0648\u0630\u0644\u0643 \u0644\u0623\u0646 \u0647\u0630\u0627 \u0627\u0644\u062f\u064a\u0646 \u0627\u0644\u0645\u0627\u0644\u064a \u0642\u0635\u064a\u0631 \u0627\u0644\u0623\u062c\u0644 \u064a\u064f\u0645\u0648\u0651\u0644 \u0627\u0644\u0639\u0645\u0644\u064a\u0627\u062a (\u0645\u062b\u0644 \u0627\u0644\u0633\u062d\u0628 \u0639\u0644\u0649 \u0627\u0644\u0645\u0643\u0634\u0648\u0641 \u0644\u0631\u0623\u0633 \u0627\u0644\u0645\u0627\u0644 \u0627\u0644\u0639\u0627\u0645\u0644) \u0648\u064a\u0633\u062a\u062d\u0642 \u0639\u0644\u064a\u0647 \u0641\u0648\u0627\u0626\u062f: \u0644\u0630\u0644\u0643\u060c \u064a\u064f\u0639\u062a\u0628\u0631... <strong>\u0647\u064a \u062c\u0632\u0621 \u0645\u0646 \u0631\u0623\u0633 \u0627\u0644\u0645\u0627\u0644 \u0627\u0644\u0645\u0633\u062a\u062e\u062f\u0645 \u0641\u0639\u0644\u064a\u0627<\/strong>.<\/p>\n<p>\u0648\u0628\u0627\u0644\u062a\u0627\u0644\u064a\u060c \u0641\u0625\u0646 \u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u0631\u0623\u0633 \u0627\u0644\u0645\u0627\u0644 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631 \u064a\u0633\u0645\u062d \u0644\u0646\u0627 \u0628\u0642\u064a\u0627\u0633 <strong>\u0631\u0628\u062d\u064a\u0629 \u0627\u0644\u0645\u0648\u0627\u0631\u062f \u0627\u0644\u0645\u062e\u0635\u0635\u0629 \u0644\u0644\u0646\u0634\u0627\u0637<\/strong>, <strong>\u0644\u064a\u0633\u062a \u0627\u0633\u062a\u062b\u0645\u0627\u0631\u0627\u062a \u0645\u0627\u0644\u064a\u0629 \u0623\u0648 \u0627\u062d\u062a\u064a\u0627\u0637\u064a\u0627\u062a \u062e\u0627\u0645\u0644\u0629<\/strong>. \u0628\u0639\u0628\u0627\u0631\u0629 \u0623\u062e\u0631\u0649:<\/p>\n<ul>\n<li>\u0646\u062d\u0646 \u0646\u062d\u062a\u0641\u0638 \u0628\u0627\u0644\u0646\u0642\u062f &quot;\u0627\u0644\u062a\u0634\u063a\u064a\u0644\u064a&quot;\u060c \u0648\u0627\u0644\u0630\u064a \u064a\u0645\u0643\u0646 \u0627\u0639\u062a\u0628\u0627\u0631\u0647 \u0645\u0648\u0631\u062f\u064b\u0627\u061b ;<\/li>\n<li>\u0646\u0642\u0648\u0645 \u0628\u0625\u0632\u0627\u0644\u0629 \u0627\u0644\u0641\u0627\u0626\u0636 \u0627\u0644\u0646\u0642\u062f\u064a\u060c \u0627\u0644\u0630\u064a \u0644\u0627 \u064a\u0633\u0627\u0647\u0645 \u0641\u064a \u062e\u0644\u0642 \u0627\u0644\u0642\u064a\u0645\u0629 \u0627\u0644\u062a\u0634\u063a\u064a\u0644\u064a\u0629.<\/li>\n<\/ul>\n<p>\u062a\u0634\u0645\u0644 \u0627\u0644\u0646\u0642\u062f\u064a\u0629 \u0648\u0645\u0627 \u064a\u0639\u0627\u062f\u0644\u0647\u0627 \u0627\u0644\u0646\u0642\u062f \u0627\u0644\u0645\u062a\u0627\u062d\u060c \u0628\u0627\u0644\u0625\u0636\u0627\u0641\u0629 \u0625\u0644\u0649 \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631\u0627\u062a \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0627\u0644\u0633\u0627\u0626\u0644\u0629 \u0627\u0644\u0641\u0627\u0626\u0636\u0629. \u0644\u0630\u0644\u0643\u060c \u0644\u0627 \u064a\u064f\u0624\u062e\u0630 \u0647\u0630\u0627 \u0627\u0644\u0623\u062e\u064a\u0631 \u0641\u064a \u0627\u0644\u0627\u0639\u062a\u0628\u0627\u0631\u060c \u0644\u0623\u0646 <span style=\"font-family: -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, 'Helvetica Neue', Arial, 'Noto Sans', sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol', 'Noto Color Emoji';\">\u0648\u064a\u0631\u0649 \u0628\u0639\u0636 \u0627\u0644\u0645\u0645\u0627\u0631\u0633\u064a\u0646 \u0623\u0646 \u0627\u0644\u0646\u0642\u062f \u0627\u0644\u0641\u0627\u0626\u0636 \u0644\u0627 &quot;\u064a\u0633\u062a\u062e\u062f\u0645&quot; \u0641\u064a \u0627\u0644\u0639\u0645\u0644\u064a\u0627\u062a \u0644\u0623\u0646\u0647 \u0644\u064a\u0633 \u0636\u0631\u0648\u0631\u064a\u0627\u064b \u0644\u062a\u0645\u0648\u064a\u0644 \u062f\u0648\u0631\u0629 \u0627\u0644\u062a\u0634\u063a\u064a\u0644 \u0623\u0648 \u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u062b\u0627\u0628\u062a\u0629\u061b \u0641\u0647\u0648 \u0644\u0627 \u064a\u0633\u0627\u0647\u0645 \u0641\u064a \u062a\u0648\u0644\u064a\u062f \u0627\u0644\u0631\u0628\u062d \u0627\u0644\u062a\u0634\u063a\u064a\u0644\u064a \u0648\u064a\u0645\u0643\u0646 \u0627\u0633\u062a\u062e\u062f\u0627\u0645\u0647 \u0628\u062d\u0631\u064a\u0629 \u0641\u064a \u0627\u0633\u062a\u062b\u0645\u0627\u0631\u0627\u062a \u0623\u0648 \u0639\u0645\u0644\u064a\u0627\u062a \u062a\u0648\u0638\u064a\u0641 \u0623\u062e\u0631\u0649.<\/span><\/p>\n<p><span style=\"font-family: -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, 'Helvetica Neue', Arial, 'Noto Sans', sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol', 'Noto Color Emoji';\">\u0648\u0639\u0644\u0649 \u0627\u0644\u0639\u0643\u0633 \u0645\u0646 \u0630\u0644\u0643\u060c, <strong>\u064a\u062a\u0645 \u0623\u062e\u0630 \u0627\u0644\u062a\u062f\u0641\u0642 \u0627\u0644\u0646\u0642\u062f\u064a \u0627\u0644\u0633\u0644\u0628\u064a \u0641\u064a \u0627\u0644\u0627\u0639\u062a\u0628\u0627\u0631<\/strong>, <strong>\u0648\u0628\u0627\u0644\u062a\u0627\u0644\u064a \u0627\u0644\u062f\u064a\u0648\u0646 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0642\u0635\u064a\u0631\u0629 \u0627\u0644\u0623\u062c\u0644<\/strong>, \u060c \u0641\u064a \u0637\u0631\u064a\u0642\u0629 \u0627\u0644\u062d\u0633\u0627\u0628\u060c \u0639\u0644\u0649 \u0639\u0643\u0633 \u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u0631\u0623\u0633 \u0627\u0644\u0645\u0627\u0644 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631 \u0627\u0644\u0630\u064a \u0623\u062e\u0630 \u0641\u064a \u0627\u0644\u0627\u0639\u062a\u0628\u0627\u0631 \u0627\u0644\u0645\u0648\u0627\u0631\u062f \u0627\u0644\u0645\u0633\u062a\u0642\u0631\u0629 \u0641\u0642\u0637\u060c \u0648\u0628\u0627\u0644\u062a\u0627\u0644\u064a \u0627\u0644\u062f\u064a\u0648\u0646 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0637\u0648\u064a\u0644\u0629 \u0627\u0644\u0623\u062c\u0644 \u062f\u0648\u0646 \u0627\u0644\u062f\u064a\u0648\u0646 \u0642\u0635\u064a\u0631\u0629 \u0627\u0644\u0623\u062c\u0644.<\/span><\/p>\n<p>\u0641\u064a \u0645\u0644\u062e\u0635\u060c, <strong>\u064a\u0642\u064a\u0633 \u0645\u0624\u0634\u0631 \u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u0631\u0623\u0633 \u0627\u0644\u0645\u0627\u0644 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631 \u0627\u0644\u0631\u0628\u062d\u064a\u0629 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629 \u0645\u0646 \u062e\u0644\u0627\u0644 \u0631\u0628\u0637 \u0627\u0644\u0631\u0628\u062d \u0627\u0644\u062a\u0634\u063a\u064a\u0644\u064a \u0628\u0639\u062f \u0627\u0644\u0636\u0631\u064a\u0628\u0629 \u0628\u0631\u0623\u0633 \u0627\u0644\u0645\u0627\u0644 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631.<\/strong> (\u0623\u064a: \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629 + \u0625\u062c\u0645\u0627\u0644\u064a \u0627\u0644\u062f\u064a\u0646 \u0627\u0644\u0645\u0627\u0644\u064a \u0635\u0627\u0641\u064a\u064b\u0627 \u0645\u0646 \u0627\u0644\u0646\u0642\u062f \u0627\u0644\u0641\u0627\u0626\u0636).<\/p>\n<h3>\u0645\u0627 \u0647\u064a \u0627\u0644\u0635\u064a\u063a\u0629 &quot;\u0627\u0644\u062d\u0642\u064a\u0642\u064a\u0629&quot; \u0644\u0644\u0631\u0628\u062d\u064a\u0629 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629\u061f<\/h3>\n<p>\u0644\u0627 \u062a\u0648\u062c\u062f \u0635\u064a\u063a\u0629 \u0635\u062d\u064a\u062d\u0629 \u0623\u0648 \u062e\u0627\u0637\u0626\u0629\u060c \u0641\u0643\u0644\u0627\u0647\u0645\u0627 \u0642\u0631\u064a\u0628\u062a\u0627\u0646 \u062c\u062f\u064b\u0627\u060c \u0648\u0644\u0643\u0646 \u0627\u0639\u062a\u0645\u0627\u062f\u064b\u0627 \u0639\u0644\u0649 \u0627\u0644\u0632\u0627\u0648\u064a\u0629 \u0627\u0644\u062a\u064a \u064a\u0631\u063a\u0628 \u0627\u0644\u0634\u062e\u0635 \u0641\u064a \u0627\u0644\u062a\u0639\u0627\u0645\u0644 \u0645\u0639\u0647\u0627 \u0648\u0627\u0644\u0645\u0645\u0627\u0631\u0633\u0629\u060c \u0641\u0633\u0648\u0641 \u064a\u0641\u0636\u0644 \u0627\u0644\u0635\u064a\u063a\u0629 \u0627\u0644\u0623\u0648\u0644\u0649 \u0623\u0648 \u0627\u0644\u062b\u0627\u0644\u062b\u0629.<\/p>\n<p>\u0641\u064a \u0627\u0644\u0642\u0637\u0627\u0639 \u0627\u0644\u0645\u0635\u0631\u0641\u064a\u060c \u0648\u062e\u0627\u0635\u0629 \u0641\u064a \u0641\u0631\u0646\u0633\u0627\u060c \u064a\u0645\u064a\u0644 \u0627\u0644\u0646\u0627\u0633 \u0625\u0644\u0649 \u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u0627\u0644\u0635\u064a\u063a\u0629 \u0627\u0644\u0623\u0648\u0644\u0649 (ROCE)\u060c \u0628\u064a\u0646\u0645\u0627 \u0641\u064a \u0642\u0637\u0627\u0639 \u0627\u0644\u062f\u0645\u062c \u0648\u0627\u0644\u0627\u0633\u062a\u062d\u0648\u0627\u0630\u060c \u064a\u0645\u064a\u0644 \u0627\u0644\u0646\u0627\u0633 \u0625\u0644\u0649 \u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u0627\u0644\u0635\u064a\u063a\u0629 \u0627\u0644\u062b\u0627\u0644\u062b\u0629 (ROIC).<\/p>\n<table>\n<thead>\n<tr>\n<th><strong>\u0627\u0644\u0633\u064a\u0627\u0642 \/ \u0627\u0644\u0645\u0639\u064a\u0627\u0631<\/strong><\/th>\n<th><strong>\u0635\u064a\u063a\u0629<\/strong><\/th>\n<th><strong>\u0642\u0627\u0639\u062f\u0629 \u0627\u0644\u0645\u0642\u0627\u0645<\/strong><\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td><strong>\u0627\u0644\u062a\u0645\u0648\u064a\u0644 \u0627\u0644\u0645\u0624\u0633\u0633\u064a \/ \u0627\u0644\u062f\u0645\u062c \u0648\u0627\u0644\u0627\u0633\u062a\u062d\u0648\u0627\u0630 \/ \u0627\u0644\u0645\u062d\u0644\u0644 \u0627\u0644\u0645\u0627\u0644\u064a \u0627\u0644\u0645\u0639\u062a\u0645\u062f<br \/>\n<em>(\u0627\u0644\u0645\u0639\u0627\u064a\u064a\u0631 \u0627\u0644\u062f\u0648\u0644\u064a\u0629)<\/em><\/strong><\/td>\n<td><strong>\u0639\u0627\u0626\u062f \u0631\u0623\u0633 \u0627\u0644\u0645\u0627\u0644 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631<\/strong> = \u0635\u0627\u0641\u064a \u0627\u0644\u062f\u062e\u0644 \u0627\u0644\u062a\u0634\u063a\u064a\u0644\u064a \/ <strong>\u0631\u0623\u0633 \u0627\u0644\u0645\u0627\u0644 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631<\/strong><\/td>\n<td>\u0633\u064a \u0628\u064a + <strong>\u0635\u0627\u0641\u064a \u0627\u0644\u062f\u064a\u0646 (\u0637\u0648\u064a\u0644 \u0627\u0644\u0623\u062c\u0644 + \u0642\u0635\u064a\u0631 \u0627\u0644\u0623\u062c\u0644)<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>\u0627\u0644\u0628\u0646\u0648\u0643 \/ \u062e\u0637\u0629 \u0627\u0644\u0639\u0645\u0644<br \/>\n<em>(\u0627\u0644\u0645\u0639\u0627\u064a\u064a\u0631 \u0627\u0644\u0641\u0631\u0646\u0633\u064a\u0629 \u2013 PCG\u060c DCG\/DSCG)<\/em><\/strong><\/td>\n<td><strong>\u0631\u0648\u0633<\/strong> = EBITDA \u0623\u0648 REX \/ <strong>\u0627\u0644\u0645\u0648\u0627\u0631\u062f \u0627\u0644\u0645\u0633\u062a\u0642\u0631\u0629<\/strong><\/td>\n<td>\u0633\u064a \u0628\u064a + <strong>\u0625\u062c\u0645\u0627\u0644\u064a \u0627\u0644\u062f\u064a\u0648\u0646 \u0637\u0648\u064a\u0644\u0629 \u0627\u0644\u0623\u062c\u0644<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>\u0627\u0644\u0643\u062a\u0628 \u0627\u0644\u0645\u062f\u0631\u0633\u064a\u0629 \u0627\u0644\u0641\u0631\u0646\u0633\u064a\u0629<\/strong><\/td>\n<td>\u0627\u0644\u0627\u062b\u0646\u0627\u0646 \u064a\u062a\u0639\u0627\u064a\u0634\u0627\u0646<\/td>\n<td><strong>\u062a\u0642\u0631\u064a\u0628 \u0625\u0630\u0627 \u0643\u0627\u0646 \u0635\u0627\u0641\u064a \u0627\u0644\u0646\u0642\u062f \u2248 0<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>\u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u0631\u0623\u0633 \u0627\u0644\u0645\u0627\u0644 \u0627\u0644\u0646\u0642\u062f\u064a \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631<\/h3>\n<p>\u0646\u0633\u0628\u0629 \u0627\u0644\u0631\u0628\u062d\u064a\u0629 \u0627\u0644\u0623\u062e\u0631\u0649 \u0647\u064a \u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u0631\u0623\u0633 \u0627\u0644\u0645\u0627\u0644 \u0627\u0644\u0646\u0642\u062f\u064a\u060c \u0648\u0627\u0644\u0630\u064a \u064a\u0642\u064a\u0633 <strong>\u0627\u0644\u0631\u0628\u062d\u064a\u0629 \u0627\u0644\u0646\u0642\u062f\u064a\u0629<\/strong> \u0627\u0644\u062a\u0627\u0628\u0639 <strong>\u0631\u0623\u0633 \u0627\u0644\u0645\u0627\u0644 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631 \u0641\u064a \u0627\u0644\u0646\u0634\u0627\u0637 \u0627\u0644\u062a\u0634\u063a\u064a\u0644\u064a<\/strong>. \u062a\u062d\u0638\u0649 \u0628\u062a\u0642\u062f\u064a\u0631 \u0643\u0628\u064a\u0631 \u0645\u0646 \u0642\u0628\u0644 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u064a\u0646 (\u062e\u0627\u0635\u0629 \u0641\u064a \u0645\u062c\u0627\u0644 \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631 \u0627\u0644\u0642\u064a\u0645\u064a).<\/p>\n<p style=\"text-align: center;\"><strong>\u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u0631\u0623\u0633 \u0627\u0644\u0645\u0627\u0644 \u0627\u0644\u0646\u0642\u062f\u064a = \u0627\u0644\u062a\u062f\u0641\u0642 \u0627\u0644\u0646\u0642\u062f\u064a \u0627\u0644\u062d\u0631 (FCF) \/ \u0631\u0623\u0633 \u0627\u0644\u0645\u0627\u0644 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631<\/strong><\/p>\n<p>\u0645\u0639 :<\/p>\n<ul>\n<li>\u0631\u0623\u0633 \u0627\u0644\u0645\u0627\u0644 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631 = \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629 + \u0627\u0644\u062f\u064a\u0646 \u0627\u0644\u0645\u0627\u0644\u064a \u0635\u0627\u0641\u064a \u0627\u0644\u0646\u0642\u062f \u0627\u0644\u0641\u0627\u0626\u0636 (\u0642\u0635\u064a\u0631 \u0627\u0644\u0623\u062c\u0644 + \u0637\u0648\u064a\u0644 \u0627\u0644\u0623\u062c\u0644)\u061b ;<\/li>\n<li>\u0623\u0648 \u0631\u0623\u0633 \u0627\u0644\u0645\u0627\u0644 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631 = \u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629 = (\u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u062b\u0627\u0628\u062a\u0629 + \u0645\u062a\u0637\u0644\u0628\u0627\u062a \u0631\u0623\u0633 \u0627\u0644\u0645\u0627\u0644 \u0627\u0644\u0639\u0627\u0645\u0644)\u061b ;<\/li>\n<li>FCF = \u0627\u0644\u062a\u062f\u0641\u0642 \u0627\u0644\u0646\u0642\u062f\u064a \u0627\u0644\u062a\u0634\u063a\u064a\u0644\u064a \u2013 \u0627\u0633\u062a\u062b\u0645\u0627\u0631\u0627\u062a \u0627\u0644\u0635\u064a\u0627\u0646\u0629 (\u0646\u0641\u0642\u0627\u062a \u0631\u0623\u0633 \u0627\u0644\u0645\u0627\u0644 \u0627\u0644\u0628\u062f\u064a\u0644\u0629)<\/li>\n<\/ul>\n<p>\u0623\u0645\u0627 \u0628\u0627\u0644\u0646\u0633\u0628\u0629 \u0644\u0631\u0623\u0633 \u0627\u0644\u0645\u0627\u0644 \u0627\u0644\u0645\u064f\u0633\u062a\u062b\u0645\u064e\u0631\u060c \u0641\u0644\u0627 \u064a\u0646\u0628\u063a\u064a \u0623\u0646 \u064a\u0643\u0648\u0646 \u0647\u0630\u0627 \u0627\u0644\u0623\u0645\u0631 \u063a\u0627\u0645\u0636\u064b\u0627 \u0628\u0627\u0644\u0646\u0633\u0628\u0629 \u0644\u0643\u060c \u0643\u0645\u0627 \u0646\u0627\u0642\u0634\u0646\u0627\u0647 \u0633\u0627\u0628\u0642\u064b\u0627. \u0625\u0646\u0647 \u0628\u0628\u0633\u0627\u0637\u0629 \u064a\u0634\u064a\u0631 \u0625\u0644\u0649 <strong>\u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629 \u0648\u0625\u062c\u0645\u0627\u0644\u064a \u0627\u0644\u062f\u064a\u0648\u0646 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 (\u0642\u0635\u064a\u0631\u0629 \u0648\u0637\u0648\u064a\u0644\u0629 \u0627\u0644\u0623\u062c\u0644) \u0635\u0627\u0641\u064a \u0627\u0644\u0646\u0642\u062f \u0627\u0644\u0641\u0627\u0626\u0636<\/strong>, \u0648\u0647\u0630\u0627 \u064a\u0639\u0627\u062f\u0644 <strong>\u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u062b\u0627\u0628\u062a\u0629 \u0628\u0627\u0644\u0625\u0636\u0627\u0641\u0629 \u0625\u0644\u0649 \u0645\u062a\u0637\u0644\u0628\u0627\u062a \u0631\u0623\u0633 \u0627\u0644\u0645\u0627\u0644 \u0627\u0644\u0639\u0627\u0645\u0644 (\u0648\u0628\u0627\u0644\u062a\u0627\u0644\u064a\u060c \u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u062a\u0634\u063a\u064a\u0644\u064a\u0629 \u0627\u0644\u062d\u0627\u0644\u064a\u0629 - \u0627\u0644\u0627\u0644\u062a\u0632\u0627\u0645\u0627\u062a \u0627\u0644\u062a\u0634\u063a\u064a\u0644\u064a\u0629 \u0627\u0644\u062d\u0627\u0644\u064a\u0629\u060c \u0628\u0627\u0633\u062a\u062b\u0646\u0627\u0621 \u0627\u0644\u062f\u064a\u0648\u0646 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0642\u0635\u064a\u0631\u0629 \u0627\u0644\u0623\u062c\u0644!)<\/strong>\u00a0\u0648\u0627\u0644\u062a\u064a \u062a\u0634\u0643\u0644 \u0645\u0639\u064b\u0627 \u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629.<\/p>\n<p>\u062a\u062c\u062f\u0631 \u0627\u0644\u0625\u0634\u0627\u0631\u0629 \u0625\u0644\u0649 \u0623\u0646\u0647 \u0641\u064a\u0645\u0627 \u064a\u062a\u0639\u0644\u0642 \u0628\u0631\u0623\u0633 \u0627\u0644\u0645\u0627\u0644 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u060c \u0645\u0646 \u0627\u0644\u0645\u0647\u0645 \u062a\u0636\u0645\u064a\u0646 \u062c\u0645\u064a\u0639 \u0627\u0644\u062f\u064a\u0648\u0646 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0641\u064a \u0646\u0647\u062c &quot;\u0627\u0644\u0645\u0648\u0627\u0631\u062f&quot;\u060c \u0648\u0627\u0633\u062a\u0628\u0639\u0627\u062f \u0627\u0644\u062f\u064a\u0648\u0646 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0642\u0635\u064a\u0631\u0629 \u0627\u0644\u0623\u062c\u0644 \u0641\u064a \u0646\u0647\u062c &quot;\u0627\u0644\u0627\u0633\u062a\u062e\u062f\u0627\u0645\u0627\u062a&quot;.<\/p>\n<table>\n<thead>\n<tr>\n<th>\u0641\u0643\u0631\u0629<\/th>\n<th>\u0627\u0644\u0635\u064a\u063a\u0629 \u0627\u0644\u0635\u062d\u064a\u062d\u0629<\/th>\n<th>\u062a\u0641\u0627\u0635\u064a\u0644<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td><strong>\u0628\u064a \u0625\u0641 \u0622\u0631<\/strong><\/td>\n<td>\u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u0645\u062a\u062f\u0627\u0648\u0644\u0629 \u0627\u0644\u062a\u0634\u063a\u064a\u0644\u064a\u0629 - \u0627\u0644\u0627\u0644\u062a\u0632\u0627\u0645\u0627\u062a \u0627\u0644\u0645\u062a\u062f\u0627\u0648\u0644\u0629 \u0627\u0644\u062a\u0634\u063a\u064a\u0644\u064a\u0629<\/td>\n<td>\u0628\u0627\u0633\u062a\u062b\u0646\u0627\u0621 \u0627\u0644\u062f\u064a\u0648\u0646 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 CT<\/td>\n<\/tr>\n<tr>\n<td><strong>\u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629<\/strong><\/td>\n<td>\u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u062b\u0627\u0628\u062a\u0629 + \u0631\u0623\u0633 \u0627\u0644\u0645\u0627\u0644 \u0627\u0644\u0639\u0627\u0645\u0644<\/td>\n<td>\u064a\u0645\u062b\u0644 \u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u0627\u0644\u0645\u0648\u0627\u0631\u062f \u0627\u0644\u0625\u0646\u062a\u0627\u062c\u064a\u0629<\/td>\n<\/tr>\n<tr>\n<td><strong>\u0631\u0623\u0633 \u0627\u0644\u0645\u0627\u0644 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631<\/strong><\/td>\n<td>\u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629 + \u0635\u0627\u0641\u064a \u0627\u0644\u062f\u064a\u0646 \u0627\u0644\u0645\u0627\u0644\u064a (\u0642\u0635\u064a\u0631 \u0627\u0644\u0623\u062c\u0644 + \u0637\u0648\u064a\u0644 \u0627\u0644\u0623\u062c\u0644 - \u0641\u0627\u0626\u0636 \u0627\u0644\u0646\u0642\u062f \u0641\u064a \u0627\u0644\u0645\u064a\u0632\u0627\u0646\u064a\u0629 \u0627\u0644\u0639\u0645\u0648\u0645\u064a\u0629)<\/td>\n<td>\u064a\u0645\u062b\u0644 \u0627\u0644\u0645\u0648\u0627\u0631\u062f \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0627\u0644\u0645\u0633\u062a\u062f\u0627\u0645\u0629<\/td>\n<\/tr>\n<tr>\n<td><strong>\u0627\u0644\u0645\u0633\u0627\u0648\u0627\u0629 \u0647\u064a \u0627\u0644\u0645\u0641\u062a\u0627\u062d<\/strong><\/td>\n<td>\u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629 = \u0631\u0623\u0633 \u0627\u0644\u0645\u0627\u0644 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631<\/td>\n<td>\u064a\u0642\u064a\u0633 \u0643\u0644\u0627 \u0627\u0644\u062c\u0627\u0646\u0628\u064a\u0646 \u0631\u0623\u0633 \u0627\u0644\u0645\u0627\u0644 \u0627\u0644\u0625\u0646\u062a\u0627\u062c\u064a \u0627\u0644\u0635\u0627\u0641\u064a<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>\u0648\u0628\u0627\u0644\u062a\u0627\u0644\u064a\u060c \u064a\u062a\u0645 \u0627\u0644\u062d\u0641\u0627\u0638 \u0639\u0644\u0649 \u0627\u0644\u0627\u062a\u0633\u0627\u0642 \u0628\u064a\u0646 \u0631\u0623\u0633 \u0627\u0644\u0645\u0627\u0644 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631 \u0648\u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629:<\/p>\n<p style=\"text-align: center;\">\u0631\u0623\u0633 \u0627\u0644\u0645\u0627\u0644 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631 = \u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u062b\u0627\u0628\u062a\u0629 + \u0631\u0623\u0633 \u0627\u0644\u0645\u0627\u0644 \u0627\u0644\u0639\u0627\u0645\u0644<\/p>\n<p>FCF \u0647\u064a \u0641\u064a \u0627\u0644\u0648\u0627\u0642\u0639 <strong>\u0627\u0644\u062a\u062f\u0641\u0642 \u0627\u0644\u0646\u0642\u062f\u064a \u0627\u0644\u0645\u062a\u0627\u062d<\/strong>, \u062a\u0642\u064a\u0633 \u0647\u0630\u0647 \u0627\u0644\u0645\u0642\u0627\u064a\u064a\u0633 \u0642\u062f\u0631\u0629 \u0627\u0644\u0634\u0631\u0643\u0629 \u0639\u0644\u0649 \u062a\u0648\u0644\u064a\u062f \u0627\u0644\u062a\u062f\u0641\u0642 \u0627\u0644\u0646\u0642\u062f\u064a \u0628\u0639\u062f \u062a\u063a\u0637\u064a\u0629 \u0646\u0641\u0642\u0627\u062a \u0627\u0644\u062a\u0634\u063a\u064a\u0644 \u0648\u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631\u0627\u062a. \u0648\u064a\u0643\u0648\u0646 \u0647\u0630\u0627 \u0627\u0644\u0646\u0642\u062f \u0645\u062a\u0627\u062d\u064b\u0627 \u0644\u0644\u062a\u0648\u0632\u064a\u0639 \u0639\u0644\u0649 \u0627\u0644\u0645\u0633\u0627\u0647\u0645\u064a\u0646\u060c \u0623\u0648 \u0644\u0633\u062f\u0627\u062f \u0627\u0644\u062f\u064a\u0648\u0646\u060c \u0623\u0648 \u0644\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631 \u0641\u064a \u0641\u0631\u0635 \u062c\u062f\u064a\u062f\u0629.<\/p>\n<p>\u062a\u064f\u0634\u062a\u0642 \u0627\u0644\u062a\u062f\u0641\u0642\u0627\u062a \u0627\u0644\u0646\u0642\u062f\u064a\u0629 \u0627\u0644\u062d\u0631\u0629 (FCF) \u0645\u0646 \u0628\u064a\u0627\u0646 \u0627\u0644\u062a\u062f\u0641\u0642\u0627\u062a \u0627\u0644\u0646\u0642\u062f\u064a\u0629 (CFS)\u060c \u0627\u0644\u0630\u064a \u064a\u064f\u0641\u0635\u0651\u0644 \u0627\u0644\u062a\u062f\u0641\u0642\u0627\u062a \u0627\u0644\u0645\u062a\u0639\u0644\u0642\u0629 \u0628\u0623\u0646\u0634\u0637\u0629 \u0627\u0644\u062a\u0634\u063a\u064a\u0644 \u0648\u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631 \u0648\u0627\u0644\u062a\u0645\u0648\u064a\u0644. \u0644\u062a\u062c\u0646\u0628 \u0625\u0637\u0627\u0644\u0629 \u0647\u0630\u0647 \u0627\u0644\u062f\u0648\u0631\u0629 \u0648\u062a\u0639\u0642\u064a\u062f\u0647\u0627\u060c \u0633\u0646\u062a\u0646\u0627\u0648\u0644 \u0627\u0644\u062a\u062f\u0641\u0642\u0627\u062a \u0627\u0644\u0646\u0642\u062f\u064a\u0629 \u0627\u0644\u062d\u0631\u0629 \u0648\u0628\u064a\u0627\u0646 \u0627\u0644\u062a\u062f\u0641\u0642\u0627\u062a \u0627\u0644\u0646\u0642\u062f\u064a\u0629 \u0641\u064a \u0642\u0633\u0645 \u0645\u062e\u0635\u0635\u060c \u0648\u0644\u0643\u0646 \u0627\u0644\u0646\u0642\u0637\u0629 \u0627\u0644\u0645\u0647\u0645\u0629 \u0647\u0646\u0627 \u0647\u064a \u0641\u0647\u0645...<strong>\u064a\u0633\u0645\u062d \u0644\u0646\u0627 \u0645\u0639\u062f\u0644 \u0627\u0644\u0639\u0627\u0626\u062f \u0627\u0644\u0646\u0642\u062f\u064a \u0639\u0644\u0649 \u0631\u0623\u0633 \u0627\u0644\u0645\u0627\u0644 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631 \u0628\u0642\u064a\u0627\u0633 \u0627\u0644\u0631\u0628\u062d\u064a\u0629 \u0645\u0646 \u062d\u064a\u062b \u0627\u0644\u062a\u062f\u0641\u0642 \u0627\u0644\u0646\u0642\u062f\u064a \u0639\u0646 \u0637\u0631\u064a\u0642 \u0645\u0642\u0627\u0631\u0646\u0629 \u0627\u0644\u062a\u062f\u0641\u0642\u0627\u062a \u0627\u0644\u0646\u0642\u062f\u064a\u0629 \u0627\u0644\u0645\u062a\u0627\u062d\u0629.<\/strong> (\u0644\u0630\u0627 \u0641\u0625\u0646 \u0627\u0644\u0623\u0645\u0648\u0627\u0644 \u0627\u0644\u0645\u062a\u0628\u0642\u064a\u0629 \u0628\u0639\u062f \u062a\u063a\u0637\u064a\u0629 \u0646\u0641\u0642\u0627\u062a \u0627\u0644\u062a\u0634\u063a\u064a\u0644 \u0648\u0627\u0633\u062a\u062b\u0645\u0627\u0631\u0627\u062a \u0627\u0644\u0635\u064a\u0627\u0646\u0629 \u0645\u062b\u0644 \u0627\u0633\u062a\u0628\u062f\u0627\u0644 \u0622\u0644\u0629\u060c \u0639\u0644\u0649 \u0633\u0628\u064a\u0644 \u0627\u0644\u0645\u062b\u0627\u0644) <strong>\u0639\u0644\u0649 \u0631\u0623\u0633 \u0627\u0644\u0645\u0627\u0644 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631<\/strong> (\u0648\u0628\u0627\u0644\u062a\u0627\u0644\u064a \u0641\u0625\u0646 \u0627\u0644\u0646\u0627\u062a\u062c \u0647\u0648 \u0628\u0628\u0633\u0627\u0637\u0629 \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629 + \u0635\u0627\u0641\u064a \u0627\u0644\u062f\u064a\u0646 \u0627\u0644\u0645\u0627\u0644\u064a\u060c \u0648\u0647\u0648 \u0645\u0627 \u064a\u062a\u0648\u0627\u0641\u0642 \u0645\u0639 \u0643\u0645\u064a\u0629 \u0631\u0623\u0633 \u0627\u0644\u0645\u0627\u0644 &quot;\u0627\u0644\u0645\u062d\u062a\u062c\u0632&quot; \u0641\u0639\u0644\u064a\u0627 \u0641\u064a \u0627\u0644\u0646\u0634\u0627\u0637 \u0627\u0644\u0625\u0646\u062a\u0627\u062c\u064a).<\/p>\n<p>\u0643\u062a\u0630\u0643\u064a\u0631\u060c \u0641\u0625\u0646 \u0627\u0644\u062f\u064a\u0646 \u0627\u0644\u0645\u0627\u0644\u064a \u0627\u0644\u0635\u0627\u0641\u064a \u0647\u0648 \u0643\u0644 \u0627\u0644\u062f\u064a\u0646 \u0627\u0644\u0630\u064a \u064a\u0643\u0644\u0641 \u0641\u0627\u0626\u062f\u0629 (LT + CT) \u0645\u0637\u0631\u0648\u062d\u064b\u0627 \u0645\u0646\u0647 \u0627\u0644\u0646\u0642\u062f \u0627\u0644\u0645\u062a\u0648\u0641\u0631 \u0639\u0644\u0649 \u0627\u0644\u0641\u0648\u0631 (\u0627\u0644\u0646\u0642\u062f + \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631\u0627\u062a \u0642\u0635\u064a\u0631\u0629 \u0627\u0644\u0623\u062c\u0644).<\/p>\n<p>\u0628\u0627\u062e\u062a\u0635\u0627\u0631\u060c \u064a\u0633\u0639\u0649 \u0627\u0644\u0639\u0627\u0626\u062f \u0627\u0644\u0646\u0642\u062f\u064a \u0639\u0644\u0649 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\u0627\u0644\u0625\u064a\u062c\u0627\u0628\u064a. \u0648\u0639\u0644\u0649 \u0627\u0644\u0639\u0643\u0633\u060c \u0625\u0630\u0627 \u0627\u0646\u062e\u0641\u0636 \u0627\u0644\u0639\u0627\u0626\u062f \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a \u0639\u0646 \u062a\u0643\u0644\u0641\u0629 \u0627\u0644\u062f\u064a\u0646\u060c \u064a\u0646\u062e\u0641\u0636 \u0627\u0644\u0639\u0627\u0626\u062f \u0627\u0644\u0645\u0627\u0644\u064a \u0639\u0646 \u0627\u0644\u0639\u0627\u0626\u062f \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u060c \u0645\u0645\u0627 \u064a\u0639\u0643\u0633 \u062a\u0623\u062b\u064a\u0631\u064b\u0627 \u0633\u0644\u0628\u064a\u064b\u0627 \u0644\u0644\u0631\u0641\u0639 \u0627\u0644\u0645\u0627\u0644\u064a.<\/p>\n<p>\u062a\u062c\u062f\u0631 \u0627\u0644\u0625\u0634\u0627\u0631\u0629 \u0625\u0644\u0649 \u0623\u0646 \u0627\u0631\u062a\u0641\u0627\u0639 \u0645\u0639\u062f\u0644 \u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629 (ROE) \u0639\u0646 \u0645\u0639\u062f\u0644 \u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u0631\u0623\u0633 \u0627\u0644\u0645\u0627\u0644 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631 (ROCE) \u0644\u064a\u0633 \u0647\u0648 \u0645\u0627 \u064a\u064f\u0633\u0628\u0628 \u0627\u0644\u0631\u0627\u0641\u0639\u0629 \u0627\u0644\u0645\u0627\u0644\u064a\u0629\u060c \u0628\u0644 \u0625\u0646 \u0627\u0631\u062a\u0641\u0627\u0639 \u0645\u0639\u062f\u0644 \u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u0631\u0623\u0633 \u0627\u0644\u0645\u0627\u0644 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631 (ROCE) \u0639\u0646 \u062a\u0643\u0644\u0641\u0629 \u0627\u0644\u062f\u064a\u0646 (i) \u0647\u0648 \u0645\u0627 \u064a\u064f\u0641\u0633\u0631 \u0627\u0631\u062a\u0641\u0627\u0639 \u0645\u0639\u062f\u0644 \u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u0631\u0623\u0633 \u0627\u0644\u0645\u0627\u0644 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631 (ROCE). \u0627\u0644\u0645\u0642\u0627\u0631\u0646\u0629 \u0628\u064a\u0646 \u0645\u0639\u062f\u0644 \u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u0631\u0623\u0633 \u0627\u0644\u0645\u0627\u0644 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631 (ROE) \u0648\u0639\u0627\u0626\u062f \u0631\u0623\u0633 \u0627\u0644\u0645\u0627\u0644 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631 (ROCE) \u0647\u064a \u0646\u062a\u064a\u062c\u0629 \u0644\u0644\u0631\u0627\u0641\u0639\u0629 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 (\u0648\u0644\u064a\u0633\u062a \u0627\u0644\u0633\u0628\u0628)\u060c \u0628\u064a\u0646\u0645\u0627 \u0627\u0644\u0645\u0642\u0627\u0631\u0646\u0629 \u0628\u064a\u0646 \u0645\u0639\u062f\u0644 \u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u0631\u0623\u0633 \u0627\u0644\u0645\u0627\u0644 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631 (i) \u0647\u064a \u0627\u0644\u0633\u0628\u0628.<\/p>\n<h3>\u0645\u062b\u0627\u0644 \u0645\u0644\u0645\u0648\u0633 \u0644\u062d\u0633\u0627\u0628 \u0627\u0644\u0631\u0628\u062d\u064a\u0629 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0648\u0627\u0644\u0631\u0627\u0641\u0639\u0629 \u0627\u0644\u0645\u0627\u0644\u064a\u0629<\/h3>\n<p>\u0644\u0646\u062a\u062e\u064a\u0644 \u0634\u0631\u0643\u0629 \u062a\u062a\u0645\u062a\u0639 \u0628\u0627\u0644\u062e\u0635\u0627\u0626\u0635 \u0627\u0644\u062a\u0627\u0644\u064a\u0629:<\/p>\n<ul>\n<li>\u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629: 400,000 \u064a\u0648\u0631\u0648<\/li>\n<li>\u0627\u0644\u062f\u064a\u0648\u0646 \u0637\u0648\u064a\u0644\u0629 \u0627\u0644\u0623\u062c\u0644: 100.000 \u064a\u0648\u0631\u0648 \u0628\u0645\u0639\u062f\u0644 5\u066a.<\/li>\n<li>\u0635\u0627\u0641\u064a \u0627\u0644\u0631\u0628\u062d \u0627\u0644\u062a\u0634\u063a\u064a\u0644\u064a: 50,000 \u064a\u0648\u0631\u0648<\/li>\n<\/ul>\n<p>\u0647\u0646\u0627\u0643 \u0637\u0631\u064a\u0642\u062a\u0627\u0646 \u0628\u0633\u064a\u0637\u062a\u0627\u0646 \u0644\u0639\u0631\u0636 \u0627\u0644\u0631\u0627\u0641\u0639\u0629 \u0627\u0644\u0645\u0627\u0644\u064a\u0629: \u0627\u0644\u0646\u0633\u062e\u0629 \u0642\u0628\u0644 \u0627\u0644\u0636\u0631\u064a\u0628\u0629 (\u0627\u0644\u062a\u064a \u062a\u0633\u062a\u062e\u062f\u0645 \u063a\u0627\u0644\u0628\u064b\u0627 \u0641\u064a \u0641\u0631\u0646\u0633\u0627)\u060c \u0648\u0627\u0644\u0646\u0633\u062e\u0629 &quot;\u0627\u0644\u0623\u0643\u062b\u0631 \u0635\u0631\u0627\u0645\u0629&quot; \u0628\u0639\u062f \u0627\u0644\u0636\u0631\u064a\u0628\u0629 (\u0627\u0644\u0645\u0639\u064a\u0627\u0631 \u0627\u0644\u062f\u0648\u0644\u064a).<\/p>\n<h4>\u0646\u0633\u062e\u0629 \u0645\u0627 \u0642\u0628\u0644 \u0627\u0644\u0636\u0631\u064a\u0628\u0629<\/h4>\n<p><strong>\u0627\u0644\u062e\u0637\u0648\u0629 1 - \u062d\u0633\u0627\u0628 \u062a\u0643\u0644\u0641\u0629 \u0627\u0644\u062f\u064a\u0646:<\/strong><\/p>\n<p>\u0641\u0627\u0626\u062f\u0629 \u0627\u0644\u062f\u064a\u0646 = i = 100,000 \u00d7 0.05 = 5,000 \u064a\u0648\u0631\u0648<\/p>\n<p><strong>\u0627\u0644\u062e\u0637\u0648\u0629 2 \u2013 \u0627\u0644\u0631\u0628\u062d \u0627\u0644\u062d\u0627\u0644\u064a \u0642\u0628\u0644 \u0627\u0644\u0636\u0631\u064a\u0628\u0629:<\/strong><\/p>\n<p>RN = REX \u2013 i = 50,000 \u2013 5,000 = 45,000 \u064a\u0648\u0631\u0648<\/p>\n<p><strong>\u0627\u0644\u062e\u0637\u0648\u0629 3 \u2013 \u0627\u0644\u0631\u0628\u062d\u064a\u0629 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629<\/strong><\/p>\n<p>\u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u0631\u0623\u0633 \u0627\u0644\u0645\u0627\u0644 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631 = REX \/ \u0627\u0644\u0645\u0648\u0627\u0631\u062f \u0627\u0644\u0645\u0633\u062a\u0642\u0631\u0629 = REX \/ \u0627\u0644\u0623\u0633\u0647\u0645 + \u0627\u0644\u062f\u064a\u0648\u0646 \u0637\u0648\u064a\u0644\u0629 \u0627\u0644\u0623\u062c\u0644 = 50,000 \/ 500,000 = 10%<\/p>\n<p><strong>\u0627\u0644\u062e\u0637\u0648\u0629 4 \u2013 \u0627\u0644\u0631\u0628\u062d\u064a\u0629 \u0627\u0644\u0645\u0627\u0644\u064a\u0629:<\/strong><\/p>\n<p>\u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0633\u0627\u0647\u0645\u064a\u0646 = \u0635\u0627\u0641\u064a \u0627\u0644\u062f\u062e\u0644 \/ \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0633\u0627\u0647\u0645\u064a\u0646 = 45,000 \/ 400,000 = 11.25%<\/p>\n<p>\u0641\u064a \u0647\u0630\u0627 \u0627\u0644\u0645\u062b\u0627\u0644\u060c \u0643\u0627\u0646 \u0627\u0644\u0639\u0627\u0626\u062f \u0627\u0644\u0645\u0627\u0644\u064a (11.25 %) \u0623\u0639\u0644\u0649 \u0645\u0646 \u0627\u0644\u0639\u0627\u0626\u062f \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a \u0627\u0644\u0623\u0648\u0644\u064a \u0639\u0644\u0649 \u0627\u0644\u0623\u0635\u0648\u0644 (10 %)\u060c \u0648\u064a\u0641\u0633\u0631 \u0630\u0644\u0643 \u0628\u0627\u0631\u062a\u0641\u0627\u0639 \u0627\u0644\u0639\u0627\u0626\u062f \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a \u0644\u0640 10% \u0639\u0646 \u062a\u0643\u0644\u0641\u0629 \u0627\u0644\u062f\u064a\u0646 (5 %). \u0648\u0628\u0627\u0644\u062a\u0627\u0644\u064a\u060c \u0643\u0627\u0646 \u0644\u0644\u062f\u064a\u0646 \u062a\u0623\u062b\u064a\u0631 \u0631\u0627\u0641\u0639\u0629 \u0645\u0627\u0644\u064a\u0629 \u0625\u064a\u062c\u0627\u0628\u064a.<\/p>\n<h4>\u0646\u0633\u062e\u0629 \u0628\u0639\u062f \u0627\u0644\u0636\u0631\u064a\u0628\u0629<\/h4>\n<p><strong>\u0627\u0644\u062e\u0637\u0648\u0629 1 - \u062d\u0633\u0627\u0628 \u062a\u0643\u0644\u0641\u0629 \u0627\u0644\u062f\u064a\u0646:<\/strong><\/p>\n<p>\u0641\u0627\u0626\u062f\u0629 \u0627\u0644\u062f\u064a\u0646 = i = 100,000 \u00d7 0.05 = 5,000 \u064a\u0648\u0631\u0648<\/p>\n<p>\u062a\u0643\u0644\u0641\u0629 \u0627\u0644\u062f\u064a\u0646 \u0628\u0639\u062f \u0627\u0644\u0636\u0631\u064a\u0628\u0629 = 5000 \u00d7 (1 \u2212 0.25) = 3750 \u064a\u0648\u0631\u0648<\/p>\n<p>\u0647\u0646\u0627\u060c \u0646\u0638\u0631\u064b\u0627 \u0644\u0623\u0646\u0646\u0627 \u0646\u0639\u0645\u0644 \u0639\u0644\u0649 \u0625\u0635\u062f\u0627\u0631 \u0628\u0639\u062f \u0627\u0644\u0636\u0631\u064a\u0628\u0629\u060c \u0641\u0625\u0646\u0646\u0627 \u0646\u062d\u0633\u0628 \u062a\u0643\u0644\u0641\u0629 \u0627\u0644\u062f\u064a\u0646 \u0645\u0639 \u062e\u0635\u0645 \u0636\u0631\u064a\u0628\u064a \u0642\u062f\u0631\u0647 25%.<\/p>\n<p>\u0641\u064a \u0627\u0644\u0648\u0627\u0642\u0639\u060c \u0628\u0645\u0627 \u0623\u0646 \u0645\u062f\u0641\u0648\u0639\u0627\u062a \u0627\u0644\u0641\u0627\u0626\u062f\u0629 \u0645\u0639\u0641\u0627\u0629 \u0645\u0646 \u0627\u0644\u0636\u0631\u0627\u0626\u0628\u060c \u0641\u0625\u0646 \u0627\u0644\u062a\u0643\u0644\u0641\u0629 \u0627\u0644\u0641\u0639\u0644\u064a\u0629 \u0644\u0644\u062f\u064a\u0646 \u0639\u0644\u0649 \u0627\u0644\u0634\u0631\u0643\u0629 \u0623\u0642\u0644 \u0645\u0646 \u0645\u0639\u062f\u0644 \u0627\u0644\u0641\u0627\u0626\u062f\u0629 \u0627\u0644\u0625\u062c\u0645\u0627\u0644\u064a. \u062a\u064f\u0637\u0628\u0642 \u0627\u0644\u0635\u064a\u063a\u0629 \u0627\u0644\u062a\u0627\u0644\u064a\u0629: \u0627\u0644\u062a\u0643\u0644\u0641\u0629 \u0628\u0639\u062f \u0627\u0644\u0636\u0631\u064a\u0628\u0629 = ix (1 - \u0645\u0639\u062f\u0644 \u0636\u0631\u064a\u0628\u0629 \u0627\u0644\u0634\u0631\u0643\u0627\u062a).<\/p>\n<p>\u0647\u0646\u0627: 5 % \u00d7 (1 \u2212 0.25) = 3.75 % \u2192 \u0647\u0630\u0647 \u0647\u064a \u0627\u0644\u062a\u0643\u0644\u0641\u0629 \u0627\u0644\u062a\u064a \u064a\u062a\u0645 \u062d\u0633\u0627\u0628\u0647\u0627 \u0641\u064a \u062a\u0623\u062b\u064a\u0631 \u0627\u0644\u0631\u0627\u0641\u0639\u0629 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0627\u0644\u062d\u0642\u064a\u0642\u064a.<\/p>\n<p><strong>\u0627\u0644\u062e\u0637\u0648\u0629 2 \u2013 \u0627\u0644\u0646\u062a\u064a\u062c\u0629 \u0628\u0639\u062f \u0627\u0644\u0636\u0631\u064a\u0628\u0629<\/strong><\/p>\n<p>\u0627\u0644\u0631\u0628\u062d \u0627\u0644\u062d\u0627\u0644\u064a \u0642\u0628\u0644 \u0627\u0644\u0636\u0631\u064a\u0628\u0629 = 50,000 \u2212 5,000 = 45,000<br \/>\n\u0636\u0631\u064a\u0628\u0629 \u0627\u0644\u0634\u0631\u0643\u0627\u062a = 45000 \u00d7 25 % = 11250<br \/>\n\u0627\u0644\u0646\u062a\u064a\u062c\u0629 \u0627\u0644\u0635\u0627\u0641\u064a\u0629 = 45,000 \u2212 11,250 = 33,750 \u064a\u0648\u0631\u0648<\/p>\n<p><strong>\u0627\u0644\u062e\u0637\u0648\u0629 3 \u2013 \u0627\u0644\u0631\u0628\u062d\u064a\u0629 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629<\/strong><\/p>\n<p>\u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u0631\u0623\u0633 \u0627\u0644\u0645\u0627\u0644 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631 = \u0635\u0627\u0641\u064a \u0627\u0644\u0623\u0631\u0628\u0627\u062d \u0628\u0639\u062f \u0627\u0644\u0636\u0631\u0627\u0626\u0628 \/ \u0631\u0623\u0633 \u0627\u0644\u0645\u0627\u0644 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631 = (\u0627\u0644\u0631\u0628\u062d \u0627\u0644\u062a\u0634\u063a\u064a\u0644\u064a - (\u0627\u0644\u0631\u0628\u062d \u0627\u0644\u062a\u0634\u063a\u064a\u0644\u064a \u00d7 \u0627\u0644\u0636\u0631\u064a\u0628\u0629)) \/ (\u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629 + \u0635\u0627\u0641\u064a \u0627\u0644\u062f\u064a\u0646 \u0627\u0644\u0645\u0627\u0644\u064a) = (50,000 - (50,000 \u00d7 0.25)) \/ (400,000 + 100,000) = 7.5%<\/p>\n<p>\u0645\u0646 \u0627\u0644\u0645\u0646\u0637\u0642\u064a \u0623\u0646 \u064a\u0643\u0648\u0646 \u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u0631\u0623\u0633 \u0627\u0644\u0645\u0627\u0644 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631 \u0623\u0642\u0644 \u0645\u0646 \u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u0631\u0623\u0633 \u0627\u0644\u0645\u0627\u0644 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631 \u0644\u0623\u0646\u0646\u0627 \u0623\u062e\u0630\u0646\u0627 \u0641\u064a \u0627\u0644\u0627\u0639\u062a\u0628\u0627\u0631 \u0631\u0628\u062d \u0627\u0644\u062a\u0634\u063a\u064a\u0644 \u0628\u0639\u062f \u0627\u0644\u0636\u0631\u064a\u0628\u0629 (NOPAT). \u062a\u062c\u062f\u0631 \u0627\u0644\u0625\u0634\u0627\u0631\u0629 \u0625\u0644\u0649 \u0623\u0646\u0647 \u0641\u064a \u0645\u062b\u0627\u0644\u0646\u0627\u060c \u0644\u0645 \u0646\u064f\u062f\u062e\u0644 \u0623\u064a \u0633\u064a\u0648\u0644\u0629 \u0646\u0642\u062f\u064a\u0629 \u0645\u062a\u0627\u062d\u0629\u060c \u0648\u0644\u0643\u0646 \u0644\u0648 \u0648\u064f\u062c\u062f\u062a\u060c \u0644\u0643\u0627\u0646 \u0645\u0646 \u0627\u0644\u0636\u0631\u0648\u0631\u064a \u062e\u0635\u0645\u0647\u0627 \u0645\u0646 \u0627\u0644\u0645\u0642\u0627\u0645.<\/p>\n<p><strong>\u0627\u0644\u062e\u0637\u0648\u0629 4 \u2013 \u0627\u0644\u0631\u0628\u062d\u064a\u0629 \u0627\u0644\u0645\u0627\u0644\u064a\u0629<\/strong><\/p>\n<p>\u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0633\u0627\u0647\u0645\u064a\u0646 = \u0635\u0627\u0641\u064a \u0627\u0644\u062f\u062e\u0644 \/ \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0633\u0627\u0647\u0645\u064a\u0646 = 33,750 \/ 400,000 = 8.44%<\/p>\n<h4>\u062a\u0641\u0633\u064a\u0631 \u0627\u0644\u0645\u062b\u0627\u0644<\/h4>\n<ul>\n<li>\u0641\u064a \u0627\u0644\u062d\u0627\u0644\u0629 \u0627\u0644\u0623\u0648\u0644\u0649\u060c ROCE = 10 %: \u0648\u0647\u0648 \u0623\u0643\u0628\u0631 \u0645\u0646 \u062a\u0643\u0644\u0641\u0629 \u0627\u0644\u062f\u064a\u0646 \u0642\u0628\u0644 \u0627\u0644\u0636\u0631\u064a\u0628\u0629 (5 %) \u2192 \u062a\u0623\u062b\u064a\u0631 \u0627\u0644\u0631\u0627\u0641\u0639\u0629 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0625\u064a\u062c\u0627\u0628\u064a \u0645\u0646 \u0627\u0644\u0646\u0627\u062d\u064a\u0629 \u0627\u0644\u0646\u0638\u0631\u064a\u0629.<\/li>\n<li>\u0641\u064a \u0627\u0644\u062d\u0627\u0644\u0629 \u0627\u0644\u0623\u0648\u0644\u0649\u060c ROE = 11.25%: \u0627\u0644\u0631\u0628\u062d\u064a\u0629 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0623\u0639\u0644\u0649 \u0642\u0644\u064a\u0644\u0627\u064b \u0645\u0646 ROCE 10% \u2192 \u0644\u0642\u062f \u062e\u0644\u0642 \u0627\u0644\u062f\u064a\u0646 \u0642\u064a\u0645\u0629 \u0644\u0645\u0633\u0627\u0647\u0645\u064a \u0627\u0644\u0634\u0631\u0643\u0629.<\/li>\n<li>\u0641\u064a \u0627\u0644\u062d\u0627\u0644\u0629 \u0627\u0644\u062b\u0627\u0646\u064a\u0629\u060c ROIC = 7.5 %: \u0641\u0647\u0648 \u0644\u0627 \u064a\u0632\u0627\u0644 \u0623\u0639\u0644\u0649 \u0645\u0646 \u062a\u0643\u0644\u0641\u0629 \u0627\u0644\u062f\u064a\u0646 \u062d\u062a\u0649 \u0628\u0639\u062f \u0627\u0644\u0636\u0631\u064a\u0628\u0629 (3.75 %) \u2192 \u062a\u0623\u062b\u064a\u0631 \u0627\u0644\u0631\u0627\u0641\u0639\u0629 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0625\u064a\u062c\u0627\u0628\u064a \u0641\u064a \u0627\u0644\u0648\u0627\u0642\u0639\u060c \u0648\u0644\u0643\u0646 \u0635\u063a\u064a\u0631.<\/li>\n<li>\u0641\u064a \u0627\u0644\u062d\u0627\u0644\u0629 \u0627\u0644\u062b\u0627\u0646\u064a\u0629\u060c ROE = 8.44 %: \u0627\u0644\u0631\u0628\u062d\u064a\u0629 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0623\u0639\u0644\u0649 \u0642\u0644\u064a\u0644\u0627\u064b \u0645\u0646 ROIC \u0648\u0647\u0648 7.5 % \u2192 \u0644\u0642\u062f \u062e\u0644\u0642 \u0627\u0644\u062f\u064a\u0646 \u0628\u0627\u0644\u0641\u0639\u0644 \u0642\u064a\u0645\u0629 \u0644\u0645\u0633\u0627\u0647\u0645\u064a \u0627\u0644\u0634\u0631\u0643\u0629.<\/li>\n<li>\u0627\u0644\u0646\u062a\u064a\u062c\u0629: \u0625\u0646 \u062a\u0623\u062b\u064a\u0631 \u0627\u0644\u0631\u0627\u0641\u0639\u0629 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0625\u064a\u062c\u0627\u0628\u064a \u0648\u0644\u0643\u0646 \u0645\u0639\u062a\u062f\u0644 (\u062f\u064a\u0648\u0646 \u0645\u0646\u062e\u0641\u0636\u0629: D\/CP = 25 %).<\/li>\n<\/ul>\n<p>\u0644\u062a\u062d\u0644\u064a\u0644 \u0645\u0627\u0644\u064a\u0629 \u0627\u0644\u0634\u0631\u0643\u0629 \u0628\u0634\u0643\u0644 \u0623\u0639\u0645\u0642\u060c \u0647\u0646\u0627\u0643 \u0646\u0633\u0628 \u0623\u062e\u0631\u0649 \u0645\u0641\u064a\u062f\u0629 \u0644\u0644\u063a\u0627\u064a\u0629 \u062a\u0633\u0645\u062d \u0644\u0646\u0627 \u0628\u0642\u064a\u0627\u0633 \u0627\u0644\u0631\u0628\u062d\u064a\u0629 \u0639\u0644\u0649 \u0645\u0633\u062a\u0648\u064a\u0627\u062a \u0645\u062e\u062a\u0644\u0641\u0629.<\/p>\n<h2>\u0627\u0644\u0647\u0627\u0645\u0634 \u0627\u0644\u0625\u062c\u0645\u0627\u0644\u064a (\u0623\u0648 \u0647\u0627\u0645\u0634 \u0627\u0644\u062a\u062c\u0627\u0631\u0629)<\/h2>\n<p>\u064a\u0633\u0645\u062d \u0644\u0646\u0627 \u0627\u0644\u0647\u0627\u0645\u0634 \u0627\u0644\u0625\u062c\u0645\u0627\u0644\u064a \u0628\u0642\u064a\u0627\u0633 \u0623\u062f\u0627\u0621 \u0627\u0644\u0634\u0631\u0643\u0629 <strong>\u0642\u0628\u0644 \u0645\u0635\u0627\u0631\u064a\u0641 \u0627\u0644\u062a\u0634\u063a\u064a\u0644<\/strong>. \u0648\u0628\u0627\u0644\u062a\u0627\u0644\u064a\u060c \u0641\u0647\u0648 \u064a\u0642\u064a\u0633 &quot;\u0627\u0644\u0648\u0632\u0646&quot; \u0627\u0644\u0630\u064a \u062a\u0645\u062b\u0644\u0647 \u062a\u0643\u0644\u0641\u0629 \u0634\u0631\u0627\u0621 \u0627\u0644\u0633\u0644\u0639 \u0627\u0644\u0645\u0628\u0627\u0639\u0629 \u0641\u064a \u062d\u062c\u0645 \u0627\u0644\u0645\u0628\u064a\u0639\u0627\u062a.<\/p>\n<p style=\"text-align: center;\">\u0647\u0627\u0645\u0634 \u0627\u0644\u0631\u0628\u062d \u0627\u0644\u0625\u062c\u0645\u0627\u0644\u064a = (\u0627\u0644\u0625\u064a\u0631\u0627\u062f\u0627\u062a - \u062a\u0643\u0644\u0641\u0629 \u0627\u0644\u0628\u0636\u0627\u0626\u0639 \u0627\u0644\u0645\u0628\u0627\u0639\u0629) \/ \u0627\u0644\u0625\u064a\u0631\u0627\u062f\u0627\u062a \u00d7 100<\/p>\n<p>\u0647\u0627\u0645\u0634 \u0627\u0644\u0631\u0628\u062d \u0627\u0644\u0625\u062c\u0645\u0627\u0644\u064a \u0627\u0644\u0645\u0631\u062a\u0641\u0639 \u064a\u0639\u0646\u064a \u062a\u062d\u0643\u0645\u064b\u0627 \u062c\u064a\u062f\u064b\u0627 \u0645\u0646 \u0627\u0644\u0634\u0631\u0643\u0629 \u0641\u064a \u062a\u0643\u0627\u0644\u064a\u0641\u0647\u0627 \u0627\u0644\u0645\u0628\u0627\u0634\u0631\u0629. \u0628\u0627\u0644\u0646\u0633\u0628\u0629 \u0644\u0634\u0631\u0643\u0627\u062a \u0627\u0644\u062e\u062f\u0645\u0627\u062a (\u0627\u0644\u0627\u0633\u062a\u0634\u0627\u0631\u0627\u062a\u060c \u062a\u0643\u0646\u0648\u0644\u0648\u062c\u064a\u0627 \u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a\u060c \u0627\u0644\u062a\u0633\u0648\u064a\u0642\u060c \u0627\u0644\u062a\u062f\u0631\u064a\u0628\u060c \u0625\u0644\u062e)\u060c \u0641\u0625\u0646 \u0647\u0630\u0647 \u0627\u0644\u0635\u064a\u063a\u0629 \u063a\u064a\u0631 \u0630\u0627\u062a \u0645\u0639\u0646\u0649\u060c \u0648\u0644\u062d\u0633\u0627\u0628 \u0647\u0627\u0645\u0634 \u0627\u0644\u0631\u0628\u062d \u0627\u0644\u0625\u062c\u0645\u0627\u0644\u064a \u0641\u064a \u0647\u0630\u0627 \u0627\u0644\u0633\u064a\u0627\u0642 \u062a\u062d\u062f\u064a\u062f\u064b\u0627\u060c \u0646\u0633\u062a\u0628\u062f\u0644 \u062a\u0643\u0644\u0641\u0629 \u0627\u0644\u0633\u0644\u0639 \u0628\u062a\u0643\u0627\u0644\u064a\u0641 \u0627\u0644\u0625\u0646\u062a\u0627\u062c \u0627\u0644\u0645\u0628\u0627\u0634\u0631\u0629 \u0644\u0644\u062e\u062f\u0645\u0629\u060c \u0623\u064a \u0627\u0644\u062a\u0643\u0627\u0644\u064a\u0641 \u0627\u0644\u0645\u062e\u0635\u0635\u0629 \u0645\u0628\u0627\u0634\u0631\u0629\u064b \u0644\u062a\u0642\u062f\u064a\u0645 \u0627\u0644\u062e\u062f\u0645\u0629\u060c \u0648\u0627\u0644\u062a\u064a \u062a\u062a\u0645\u062b\u0644 \u0623\u0633\u0627\u0633\u064b\u0627 \u0641\u064a \u0631\u0648\u0627\u062a\u0628 \u0648\u0645\u0633\u0627\u0647\u0645\u0627\u062a \u0627\u0644\u0636\u0645\u0627\u0646 \u0627\u0644\u0627\u062c\u062a\u0645\u0627\u0639\u064a \u0644\u0644\u0645\u0648\u0638\u0641\u064a\u0646 \u0627\u0644\u0630\u064a\u0646 \u064a\u0642\u062f\u0645\u0648\u0646 \u0627\u0644\u062e\u062f\u0645\u0629 (\u0648\u0627\u0644\u0630\u064a\u0646 \u064a\u064f\u0639\u062a\u0628\u0631\u0648\u0646 \u0628\u0627\u0644\u062a\u0627\u0644\u064a \u0623\u0635\u0648\u0644\u064b\u0627 \u0625\u0646\u062a\u0627\u062c\u064a\u0629). \u0648\u0641\u064a \u0647\u0630\u0647 \u0627\u0644\u062d\u0627\u0644\u0629\u060c \u062a\u0635\u0628\u062d \u0627\u0644\u0635\u064a\u063a\u0629:<\/p>\n<p style=\"text-align: center;\">\u0647\u0627\u0645\u0634 \u0627\u0644\u0631\u0628\u062d \u0627\u0644\u0625\u062c\u0645\u0627\u0644\u064a = (\u0627\u0644\u0625\u064a\u0631\u0627\u062f\u0627\u062a - \u062a\u0643\u0627\u0644\u064a\u0641 \u0627\u0644\u0625\u0646\u062a\u0627\u062c \u0627\u0644\u0645\u0628\u0627\u0634\u0631\u0629) \/ \u0627\u0644\u0625\u064a\u0631\u0627\u062f\u0627\u062a \u00d7 100<\/p>\n<p style=\"text-align: center;\">\u0645\u0639 \u062a\u0643\u0627\u0644\u064a\u0641 \u0627\u0644\u0625\u0646\u062a\u0627\u062c \u0627\u0644\u0645\u0628\u0627\u0634\u0631\u0629 = \u0625\u062c\u0645\u0627\u0644\u064a \u0627\u0644\u0631\u0648\u0627\u062a\u0628 + \u0645\u0633\u0627\u0647\u0645\u0627\u062a \u0627\u0644\u0636\u0645\u0627\u0646 \u0627\u0644\u0627\u062c\u062a\u0645\u0627\u0639\u064a + \u0627\u0644\u0646\u0641\u0642\u0627\u062a \u0627\u0644\u0645\u062e\u062a\u0644\u0641\u0629 \u0644\u0644\u0633\u0641\u0631 \u0648\u0627\u0644\u062a\u0639\u0627\u0642\u062f \u0645\u0646 \u0627\u0644\u0628\u0627\u0637\u0646 \u0648\u0645\u0627 \u0625\u0644\u0649 \u0630\u0644\u0643 ...<\/p>\n<h2>\u0647\u0627\u0645\u0634 \u0635\u0627\u0641\u064a \u0627\u0644\u0631\u0628\u062d<\/h2>\n<p>\u064a\u0642\u0648\u0645 \u0628\u062a\u0631\u062c\u0645\u0629 \u0627\u0644\u0631\u0628\u062d \u0627\u0644\u0646\u0647\u0627\u0626\u064a \u0628\u0639\u062f \u0633\u062f\u0627\u062f \u0643\u0627\u0641\u0629 \u0646\u0641\u0642\u0627\u062a \u0627\u0644\u0634\u0631\u0643\u0629\u060c \u0639\u0646 \u0637\u0631\u064a\u0642 \u062d\u0633\u0627\u0628 \u0646\u0633\u0628\u0629 \u0627\u0644\u062f\u062e\u0644 \u0627\u0644\u0635\u0627\u0641\u064a \u0625\u0644\u0649 \u0627\u0644\u0625\u064a\u0631\u0627\u062f\u0627\u062a.<\/p>\n<p style=\"text-align: center;\">\u0647\u0627\u0645\u0634 \u0627\u0644\u0631\u0628\u062d \u0627\u0644\u0635\u0627\u0641\u064a = \u0635\u0627\u0641\u064a \u0627\u0644\u062f\u062e\u0644 \/ \u0627\u0644\u0625\u064a\u0631\u0627\u062f\u0627\u062a \u00d7 100<\/p>\n<h2>ROA (\u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u0627\u0644\u0623\u0635\u0648\u0644) - \u0631\u0628\u062d\u064a\u0629 \u0627\u0644\u0623\u0635\u0648\u0644<\/h2>\n<p>\u064a\u0642\u064a\u0633 \u0645\u0639\u062f\u0644 \u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u0643\u0641\u0627\u0621\u0629 \u0627\u0644\u0625\u062c\u0645\u0627\u0644\u064a\u0629 \u0644\u0644\u0634\u0631\u0643\u0629 \u0645\u0646 \u062e\u0644\u0627\u0644 <strong>\u062a\u062d\u0642\u064a\u0642 \u0635\u0627\u0641\u064a \u0627\u0644\u0631\u0628\u062d<\/strong> \u0645\u0646 <strong>\u062c\u0645\u064a\u0639 \u0623\u0635\u0648\u0644\u0647\u0627<\/strong> (\u062a\u0645 \u062a\u0645\u0648\u064a\u0644\u0647\u0627 \u0645\u0646 \u062e\u0644\u0627\u0644 \u0627\u0644\u062f\u064a\u0648\u0646 \u0648\u0627\u0644\u0623\u0633\u0647\u0645).<\/p>\n<p style=\"text-align: center;\"><strong>ROA = \u0635\u0627\u0641\u064a \u0627\u0644\u062f\u062e\u0644 \/ \u0625\u062c\u0645\u0627\u0644\u064a \u0627\u0644\u0623\u0635\u0648\u0644<\/strong><\/p>\n<p>\u0647\u0646\u0627\u0643 <strong>\u0627\u0644\u0628\u062f\u064a\u0644 \u0627\u0644\u062a\u0634\u063a\u064a\u0644\u064a<\/strong> \u064a\u0639\u062a\u0628\u0631 \u0641\u064a \u0628\u0639\u0636 \u0627\u0644\u0623\u062d\u064a\u0627\u0646 \u0623\u0643\u062b\u0631 \u0642\u0648\u0629:<\/p>\n<p style=\"text-align: center;\"><strong>\u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u062a\u0634\u063a\u064a\u0644\u064a\u0629 = \u0627\u0644\u0631\u0628\u062d \u0627\u0644\u062a\u0634\u063a\u064a\u0644\u064a (EBIT) \/ \u0625\u062c\u0645\u0627\u0644\u064a \u0627\u0644\u0623\u0635\u0648\u0644<\/strong><\/p>\n<p>ROA \u0647\u0648 \u0645\u0624\u0634\u0631 \u064a\u0633\u0627\u0639\u062f \u0641\u064a \u0627\u0644\u0625\u062c\u0627\u0628\u0629 \u0639\u0644\u0649 \u0627\u0644\u0633\u0624\u0627\u0644 \u0627\u0644\u062a\u0627\u0644\u064a: <strong>\u0645\u0627 \u0647\u0648 \u0645\u0642\u062f\u0627\u0631 \u0627\u0644\u0631\u0628\u062d \u0627\u0644\u0635\u0627\u0641\u064a \u0627\u0644\u0630\u064a \u062a\u062d\u0642\u0642\u0647 \u0627\u0644\u0634\u0631\u0643\u0629 \u0644\u0643\u0644 \u064a\u0648\u0631\u0648 \u0645\u0646 \u0625\u062c\u0645\u0627\u0644\u064a \u0627\u0644\u0623\u0635\u0648\u0644\u061f<\/strong>, <strong>\u0628\u063a\u0636 \u0627\u0644\u0646\u0638\u0631 \u0639\u0646 \u0627\u0644\u0647\u064a\u0643\u0644 \u0627\u0644\u0645\u0627\u0644\u064a<\/strong>, \u0648\u0647\u0630\u0627 \u0645\u062b\u0627\u0644\u064a \u0644\u0645\u0642\u0627\u0631\u0646\u0629 \u0627\u0644\u0634\u0631\u0643\u0627\u062a \u0630\u0627\u062a \u0627\u0644\u0623\u062d\u062c\u0627\u0645 \u0627\u0644\u0645\u062e\u062a\u0644\u0641\u0629\u060c \u0623\u0648 \u0627\u0644\u062a\u064a \u0644\u0627 \u062a\u0646\u062a\u0645\u064a \u0625\u0644\u0649 \u0646\u0641\u0633 \u0627\u0644\u0642\u0637\u0627\u0639\u060c \u0648\u0628\u0627\u0644\u062a\u0627\u0644\u064a \u0644\u062f\u064a\u0647\u0627 \u0647\u064a\u0627\u0643\u0644 \u062a\u0645\u0648\u064a\u0644 \u0645\u062e\u062a\u0644\u0641\u0629 \u0644\u0644\u063a\u0627\u064a\u0629.<\/p>\n<p>\u0641\u064a \u0627\u0644\u0648\u0627\u0642\u0639\u060c \u064a\u0639\u0645\u0644 \u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u0627\u0644\u0623\u0635\u0648\u0644 \u0639\u0644\u0649 \u062a\u062d\u064a\u064a\u062f \u0627\u0644\u062d\u062c\u0645 \u0648\u0627\u0644\u0642\u0637\u0627\u0639 \u0645\u0646 \u062e\u0644\u0627\u0644 \u0642\u064a\u0627\u0633 \u0643\u0641\u0627\u0621\u0629 \u0627\u0644\u0623\u0635\u0648\u0644 \u0643\u0646\u0633\u0628\u0629 \u0645\u0626\u0648\u064a\u0629\u060c \u0628\u063a\u0636 \u0627\u0644\u0646\u0638\u0631 \u0639\u0646 \u062a\u0641\u0627\u0635\u064a\u0644 \u0627\u0644\u062a\u0645\u0648\u064a\u0644 \u0623\u0648 \u0627\u0644\u062a\u0634\u063a\u064a\u0644.<\/p>\n<h3>\u0645\u0644\u0627\u062d\u0638\u0629: \u0627\u0644\u062a\u0645\u064a\u064a\u0632 \u0628\u064a\u0646 \u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u0627\u0644\u0623\u0635\u0648\u0644 \u0648\u0627\u0644\u0631\u0628\u062d\u064a\u0629 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629<\/h3>\n<p>\u064a\u0633\u062a\u062e\u062f\u0645 \u0628\u0639\u0636 \u0627\u0644\u0645\u0624\u0644\u0641\u064a\u0646 \u0645\u0635\u0637\u0644\u062d &quot;\u0627\u0644\u0631\u0628\u062d\u064a\u0629 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629&quot; \u0644\u0644\u0625\u0634\u0627\u0631\u0629 \u0625\u0644\u0649 \u0631\u0628\u062d \u0627\u0644\u062a\u0634\u063a\u064a\u0644 \u0645\u0642\u0633\u0648\u0645\u064b\u0627 \u0639\u0644\u0649 \u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629 (\u0639\u0627\u062f\u0629\u064b \u0645\u0627 \u064a\u0633\u062a\u062b\u0646\u064a \u0627\u0644\u0646\u0642\u062f \u0648\u0627\u0644\u062f\u064a\u0648\u0646 \u0627\u0644\u0645\u0627\u0644\u064a\u0629). \u0623\u0645\u0627 \u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u0627\u0644\u0623\u0635\u0648\u0644\u060c \u0641\u064a\u0623\u062e\u0630 \u0639\u0627\u062f\u0629\u064b \u0635\u0627\u0641\u064a \u0627\u0644\u062f\u062e\u0644 \u0641\u064a \u0627\u0644\u0627\u0639\u062a\u0628\u0627\u0631 \u0648\u064a\u0631\u062a\u0628\u0637 \u0628\u0625\u062c\u0645\u0627\u0644\u064a \u0627\u0644\u0623\u0635\u0648\u0644.<\/p>\n<p>\u0648\u0641\u064a \u0627\u0644\u0645\u0645\u0627\u0631\u0633\u0629 \u0627\u0644\u0639\u0645\u0644\u064a\u0629\u060c \u062a\u0643\u0648\u0646 \u0627\u0644\u0646\u0633\u0628\u062a\u0627\u0646 \u0645\u062a\u0642\u0627\u0631\u0628\u062a\u064a\u0646 \u0644\u0644\u063a\u0627\u064a\u0629\u060c \u0648\u0644\u0643\u0646 \u0645\u0646 \u0627\u0644\u0645\u0647\u0645 \u0623\u0646 \u0646\u0636\u0639 \u0641\u064a \u0627\u0644\u0627\u0639\u062a\u0628\u0627\u0631 \u0623\u0646 \u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u0627\u0644\u0623\u0635\u0648\u0644 \u064a\u0634\u0645\u0644 \u062a\u0623\u062b\u064a\u0631 \u0627\u0644\u0647\u064a\u0643\u0644 \u0627\u0644\u0645\u0627\u0644\u064a \u0648\u0627\u0644\u0636\u0631\u064a\u0628\u064a\u060c \u0641\u064a \u062d\u064a\u0646 \u0623\u0646 \u0627\u0644\u0631\u0628\u062d\u064a\u0629 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629 \u062a\u0642\u062a\u0635\u0631 \u0639\u0644\u0649 \u0627\u0644\u0623\u062f\u0627\u0621 \u0627\u0644\u062a\u0634\u063a\u064a\u0644\u064a \u0644\u0644\u0623\u0635\u0648\u0644.<\/p>\n<h3>\u0627\u0644\u0639\u0644\u0627\u0642\u0629 \u0628\u064a\u0646 \u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u0627\u0644\u0623\u0635\u0648\u0644 \u0648\u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629 \u0648\u0627\u0644\u0631\u0627\u0641\u0639\u0629 \u0627\u0644\u0645\u0627\u0644\u064a\u0629<\/h3>\n<p>\u064a\u0642\u064a\u0633 \u0645\u0624\u0634\u0631 ROE (\u0627\u0644\u0631\u0628\u062d\u064a\u0629 \u0627\u0644\u0645\u0627\u0644\u064a\u0629) \u0627\u0644\u0631\u0628\u062d\u064a\u0629 \u0644\u0644\u0645\u0633\u0627\u0647\u0645\u064a\u0646\u060c \u0628\u064a\u0646\u0645\u0627 \u064a\u0642\u064a\u0633 \u0645\u0624\u0634\u0631 ROA (\u0627\u0644\u0631\u0628\u062d\u064a\u0629 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629) \u0631\u0628\u062d\u064a\u0629 \u062c\u0645\u064a\u0639 \u0623\u0635\u0648\u0644 \u0627\u0644\u0634\u0631\u0643\u0629\u060c \u0628\u063a\u0636 \u0627\u0644\u0646\u0638\u0631 \u0639\u0646 \u0627\u0644\u062a\u0645\u0648\u064a\u0644.<\/p>\n<p>\u064a\u0631\u062a\u0628\u0637 \u0647\u0630\u0627\u0646 \u0627\u0644\u0645\u0624\u0634\u0631\u0627\u0646 \u0628\u062a\u0623\u062b\u064a\u0631 \u0627\u0644\u0631\u0641\u0639 \u0627\u0644\u0645\u0627\u0644\u064a\u060c \u0648\u0627\u0644\u0630\u064a \u064a\u0639\u0643\u0633 \u062a\u0623\u062b\u064a\u0631 \u0627\u0644\u062f\u064a\u0648\u0646 \u0639\u0644\u0649 \u0631\u0628\u062d\u064a\u0629 \u0627\u0644\u0623\u0633\u0647\u0645.<\/p>\n<p>\u0643\u062a\u0630\u0643\u064a\u0631\u060c ROE \u0647\u064a \u0646\u0633\u0628\u0629 \u0627\u0644\u0631\u0628\u062d\u064a\u0629 \u0627\u0644\u0645\u0627\u0644\u064a\u0629\u060c \u0648\u0627\u0644\u0635\u064a\u063a\u0629 \u0627\u0644\u062e\u0627\u0635\u0629 \u0628\u0647\u0627 \u0647\u064a:<\/p>\n<p style=\"text-align: center;\"><strong>\u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0633\u0627\u0647\u0645\u064a\u0646 = \u0635\u0627\u0641\u064a \u0627\u0644\u062f\u062e\u0644 \/ \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0633\u0627\u0647\u0645\u064a\u0646<\/strong><\/p>\n<p>\u064a\u0642\u064a\u0633 \u0647\u0630\u0627 \u0627\u0644\u0645\u0624\u0634\u0631 \u0628\u0627\u0644\u062a\u0627\u0644\u064a \u0639\u0627\u0626\u062f \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629. \u0625\u062d\u062f\u0649 \u0627\u0644\u0637\u0631\u0642 \u0627\u0644\u0631\u064a\u0627\u0636\u064a\u0629 \u0644\u0631\u0628\u0637 \u0639\u062f\u0629 \u0645\u0624\u0634\u0631\u0627\u062a \u0645\u0639\u064b\u0627 \u0647\u064a \u062a\u062d\u0644\u064a\u0644 \u0627\u0644\u0646\u0633\u0628 \u0625\u0644\u0649 \u0639\u0646\u0627\u0635\u0631 \u0641\u0631\u0639\u064a\u0629 \u0642\u0627\u0628\u0644\u0629 \u0644\u0644\u062a\u0641\u0633\u064a\u0631\u060c \u062b\u0645 \u0636\u0631\u0628\u0647\u0627 \u0641\u064a \u0643\u0633\u0631 \u064a\u0633\u0627\u0648\u064a 1.<\/p>\n<p>\u0648\u0647\u0643\u0630\u0627\u060c \u0639\u0646\u062f\u0645\u0627 \u0646\u0631\u063a\u0628 \u0641\u064a &quot;\u0631\u0628\u0637&quot; \u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629 (\u0627\u0644\u0630\u064a \u064a\u0642\u064a\u0633 \u0627\u0644\u0631\u0628\u062d\u064a\u0629 \u0639\u0644\u0649 \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629) \u0628\u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u0627\u0644\u0623\u0635\u0648\u0644 (\u0627\u0644\u0630\u064a \u064a\u0642\u064a\u0633 \u0627\u0644\u0631\u0628\u062d\u064a\u0629 \u0639\u0644\u0649 \u0625\u062c\u0645\u0627\u0644\u064a \u0627\u0644\u0623\u0635\u0648\u0644)\u060c \u064a\u0643\u0641\u064a \u0636\u0631\u0628 \u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629 \u0641\u064a \u0645\u0642\u0627\u0645 \u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u0627\u0644\u0623\u0635\u0648\u0644\u060c \u0648\u0647\u0648 \u0639\u0644\u0649 \u0648\u062c\u0647 \u0627\u0644\u062a\u062d\u062f\u064a\u062f \u0625\u062c\u0645\u0627\u0644\u064a \u0627\u0644\u0623\u0635\u0648\u0644\u060c \u0641\u064a \u0634\u0643\u0644 \u0643\u0633\u0631 \u0645\u062d\u0627\u064a\u062f:<\/p>\n<p style=\"text-align: center;\">\u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629 = (\u0635\u0627\u0641\u064a \u0627\u0644\u062f\u062e\u0644 \/ \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629) \u00d7 (\u0625\u062c\u0645\u0627\u0644\u064a \u0627\u0644\u0623\u0635\u0648\u0644 \/ \u0625\u062c\u0645\u0627\u0644\u064a \u0627\u0644\u0623\u0635\u0648\u0644) = (\u0635\u0627\u0641\u064a \u0627\u0644\u062f\u062e\u0644 \/ \u0625\u062c\u0645\u0627\u0644\u064a \u0627\u0644\u0623\u0635\u0648\u0644) \u00d7 (\u0625\u062c\u0645\u0627\u0644\u064a \u0627\u0644\u0623\u0635\u0648\u0644 \/ \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629) = \u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u0627\u0644\u0623\u0635\u0648\u0644 \u00d7 (\u0625\u062c\u0645\u0627\u0644\u064a \u0627\u0644\u0623\u0635\u0648\u0644 \/ \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629).<\/p>\n<p style=\"text-align: center;\">\u0644\u0630\u0627 <strong>\u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629 = \u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u0627\u0644\u0623\u0635\u0648\u0644 \u00d7 (\u0625\u062c\u0645\u0627\u0644\u064a \u0627\u0644\u0623\u0635\u0648\u0644 \/ \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629)<\/strong><\/p>\n<p>\u0627\u0644\u0622\u0646\u060c \u0645\u0646 \u0648\u062c\u0647\u0629 \u0646\u0638\u0631 \u0645\u0646\u0637\u0642\u064a\u0629 \u0628\u062d\u062a\u0629\u060c \u0645\u0639 \u0627\u0644\u0639\u0644\u0645 \u0623\u0646 \u0625\u062c\u0645\u0627\u0644\u064a \u0627\u0644\u0623\u0635\u0648\u0644 = \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629 + \u0627\u0644\u062f\u064a\u0648\u0646\u060c \u0643\u0644\u0645\u0627 \u0632\u0627\u062f\u062a \u062f\u064a\u0648\u0646 \u0627\u0644\u0634\u0631\u0643\u0629\u060c \u0643\u0644\u0645\u0627 \u0643\u0627\u0646\u062a \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629 \u0627\u0644\u0645\u0648\u062c\u0648\u062f\u0629 \u0648\u062d\u062f\u0647\u0627 \u0641\u064a \u0627\u0644\u0645\u0642\u0627\u0645 &quot;\u0645\u0646\u062e\u0641\u0636\u0629&quot; \u0628\u0627\u0644\u0646\u0633\u0628\u0629\u060c \u0648\u0628\u0627\u0644\u062a\u0627\u0644\u064a \u0641\u0625\u0646 \u0646\u0633\u0628\u0629 \u0625\u062c\u0645\u0627\u0644\u064a \u0627\u0644\u0623\u0635\u0648\u0644 \/ \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629 \u0633\u062a\u0643\u0648\u0646 \u0645\u0631\u062a\u0641\u0639\u0629 (\u0648\u0627\u0644\u0639\u0643\u0633 \u0635\u062d\u064a\u062d).<\/p>\n<p>\u0644\u0630\u0644\u0643\u060c \u0641\u0625\u0646 \u0627\u0644\u0642\u064a\u0645\u0629 \u0627\u0644\u0645\u0633\u062a\u0645\u062f\u0629 \u0645\u0646 \u0627\u0644\u0646\u0633\u0628\u0629 \u0628\u064a\u0646 \u0625\u062c\u0645\u0627\u0644\u064a \u0627\u0644\u0623\u0635\u0648\u0644 \u0648\u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629 \u062a\u0632\u062f\u0627\u062f \u0643\u0644\u0645\u0627 \u062a\u062d\u0645\u0644\u062a \u0627\u0644\u0634\u0631\u0643\u0629 \u0627\u0644\u062f\u064a\u0648\u0646\u060c \u0648\u0628\u0645\u0627 \u0623\u0646 \u0647\u0630\u0647 \u0627\u0644\u0642\u064a\u0645\u0629 \u0645\u0636\u0631\u0648\u0628\u0629 \u0641\u064a \u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u0627\u0644\u0623\u0635\u0648\u0644 (\u0648\u0647\u0648 \u0641\u064a \u0646\u0647\u0627\u064a\u0629 \u0627\u0644\u0645\u0637\u0627\u0641 \u0623\u062d\u062f \u0646\u0633\u0628 \u0627\u0644\u0631\u0628\u062d\u064a\u0629 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629)\u060c \u0641\u0625\u0646 \u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629 (ROE) \u064a\u0632\u062f\u0627\u062f \u0645\u0639 \u0632\u064a\u0627\u062f\u0629 \u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u0627\u0644\u0623\u0635\u0648\u0644 \u0628\u0641\u0636\u0644 \u0646\u0633\u0628\u0629 \u0625\u062c\u0645\u0627\u0644\u064a \u0627\u0644\u0623\u0635\u0648\u0644 \/ \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629\u060c \u0648\u0647\u064a \u0627\u0644\u0646\u0633\u0628\u0629 \u0627\u0644\u062a\u064a \u064a\u0645\u0643\u0646\u0646\u0627 \u0648\u0635\u0641\u0647\u0627 \u0628\u0627\u0644\u0631\u0627\u0641\u0639\u0629 \u0627\u0644\u0645\u0627\u0644\u064a\u0629:<\/p>\n<p style=\"text-align: center;\"><strong>\u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629 (ROE) = ROA \u00d7 \u0627\u0644\u0631\u0627\u0641\u0639\u0629 \u0627\u0644\u0645\u0627\u0644\u064a\u0629<\/strong><\/p>\n<p style=\"text-align: center;\"><strong>\u0645\u0639 \u0627\u0644\u0631\u0627\u0641\u0639\u0629 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 = \u0625\u062c\u0645\u0627\u0644\u064a \u0627\u0644\u0623\u0635\u0648\u0644 \/ \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629<\/strong><\/p>\n<p>\u062a\u0638\u0647\u0631 \u0647\u0630\u0647 \u0627\u0644\u0635\u064a\u063a\u0629 \u0623\u0646 <strong>\u0643\u0644\u0645\u0627 \u0632\u0627\u062f\u062a \u0645\u062f\u064a\u0648\u0646\u064a\u0629 \u0627\u0644\u0634\u0631\u0643\u0629<\/strong> (\u0644\u0630\u0644\u0643\u060c \u0643\u0644\u0645\u0627 \u0627\u0631\u062a\u0641\u0639\u062a \u0646\u0633\u0628\u0629 \u0627\u0644\u0623\u0635\u0648\u0644 \u0625\u0644\u0649 \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629)\u060c, <strong>\u0643\u0644\u0645\u0627 \u062a\u0645 \u062a\u0636\u062e\u064a\u0645 \u0627\u0644\u0631\u0628\u062d\u064a\u0629 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0645\u064a\u0643\u0627\u0646\u064a\u0643\u064a\u064b\u0627<\/strong>, \u0628\u0634\u0631\u0637 \u0623\u0646 \u064a\u062a\u062c\u0627\u0648\u0632 \u0627\u0644\u0639\u0627\u0626\u062f \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a \u0639\u0644\u0649 \u0627\u0644\u0623\u0635\u0648\u0644 \u062a\u0643\u0644\u0641\u0629 \u0627\u0644\u062f\u064a\u0646. \u0648\u0647\u0630\u0627 \u064a\u0634\u064a\u0631 \u0625\u0644\u0649 <strong>\u0627\u0644\u0631\u0627\u0641\u0639\u0629 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0627\u0644\u0647\u064a\u0643\u0644\u064a\u0629<\/strong> :\u064a\u0638\u0647\u0631 \u0643\u064a\u0641 \u064a\u0624\u062b\u0631 \u0647\u064a\u0643\u0644 \u0627\u0644\u062a\u0645\u0648\u064a\u0644 \u0639\u0644\u0649 \u0627\u0644\u0631\u0628\u062d\u064a\u0629.<\/p>\n<p>\u0639\u0646\u062f \u0645\u0646\u0627\u0642\u0634\u0629 \u0645\u0627 \u0625\u0630\u0627 \u0643\u0627\u0646\u062a \u0627\u0644\u0631\u0628\u062d\u064a\u0629 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629 \u062a\u062a\u062c\u0627\u0648\u0632 \u062a\u0643\u0644\u0641\u0629 \u0627\u0644\u062f\u064a\u0646\u060c \u0645\u0646 \u0627\u0644\u0645\u0647\u0645 \u062a\u0648\u0636\u064a\u062d \u0623\u0646 \u0647\u0630\u0647 \u0627\u0644\u0635\u064a\u063a\u0629 \u0644\u0627 \u062a\u0648\u0636\u062d \u0645\u0627 \u0625\u0630\u0627 \u0643\u0627\u0646 \u0627\u0644\u0631\u0641\u0639 \u0627\u0644\u0645\u0627\u0644\u064a \u0645\u0641\u064a\u062f\u064b\u0627 \u0623\u0645 \u0645\u062f\u0645\u0631\u064b\u0627. \u0625\u0646\u0647\u0627 \u062a\u064f\u0638\u0647\u0631 \u0641\u0642\u0637 <strong>\u0625\u0645\u0643\u0627\u0646\u064a\u0629 \u0627\u0644\u062a\u0636\u062e\u064a\u0645 \u0627\u0644\u0645\u0631\u062a\u0628\u0637\u0629 \u0628\u0627\u0644\u062f\u064a\u0648\u0646<\/strong>. \u0648\u0644\u0643\u064a \u0646\u0641\u0647\u0645 \u0645\u0627 \u0625\u0630\u0627 \u0643\u0627\u0646 \u0627\u0644\u062f\u064a\u0646 \u064a\u0624\u062f\u064a \u0625\u0644\u0649 \u062a\u062d\u0633\u064a\u0646 \u0627\u0644\u0631\u0628\u062d\u064a\u0629 \u0623\u0648 \u062a\u062f\u0647\u0648\u0631\u0647\u0627\u060c \u064a\u062a\u0639\u064a\u0646 \u0639\u0644\u064a\u0646\u0627 \u0623\u0646 \u0646\u062f\u062e\u0644 \u062a\u0643\u0644\u0641\u0629 \u0627\u0644\u062f\u064a\u0646 (i):<\/p>\n<p style=\"text-align: center;\"><strong>\u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0633\u0627\u0647\u0645\u064a\u0646 = ROA + (ROA - i) * \u0627\u0644\u062f\u064a\u0646 \/ \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629<\/strong><\/p>\n<p>\u062a\u0630\u0643\u0631 \u0623\u0646\u0646\u0627 \u0631\u0623\u064a\u0646\u0627 \u0647\u0630\u0647 \u0627\u0644\u0635\u064a\u063a\u0629 \u0628\u0634\u0643\u0644 \u0645\u062e\u062a\u0644\u0641 \u0642\u0644\u064a\u0644\u0627\u064b \u0641\u064a \u0627\u0644\u0641\u0635\u0644 \u0627\u0644\u062e\u0627\u0635 \u0628\u0640 <a href=\"https:\/\/tulipemedia.com\/ar\/cours-effet-de-levier-definition-explications-exemples\/\" target=\"_blank\" rel=\"noopener\">\u062a\u064e\u0623\u062b\u0650\u064a\u0631<\/a> :<\/p>\n<p style=\"text-align: center;\">\u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629 = \u0627\u0644\u0631\u0628\u062d\u064a\u0629 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629 + (\u0627\u0644\u0631\u0628\u062d\u064a\u0629 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629 - \u062a\u0643\u0644\u0641\u0629 \u0627\u0644\u062f\u064a\u0646) \u00d7 \u0627\u0644\u062f\u064a\u0646 \u0627\u0644\u0645\u0627\u0644\u064a \/ \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629<\/p>\n<ul>\n<li>\u0625\u0630\u0627 \u0643\u0627\u0646 ROA &gt; i\u060c \u0641\u0625\u0646 \u0627\u0644\u0645\u0635\u0637\u0644\u062d (ROA \u2013 i) \u064a\u0643\u0648\u0646 \u0625\u064a\u062c\u0627\u0628\u064a\u0627\u060c \u0648\u064a\u0624\u062f\u064a \u0627\u0644\u062f\u064a\u0646 \u0625\u0644\u0649 \u062a\u0636\u062e\u064a\u0645 \u0627\u0644\u0631\u0628\u062d\u064a\u0629 \u0644\u0644\u0645\u0633\u0627\u0647\u0645\u064a\u0646.<\/li>\n<li>\u0625\u0630\u0627 \u0643\u0627\u0646 ROA &lt; i\u060c \u0641\u0625\u0646 \u0627\u0644\u0645\u0635\u0637\u0644\u062d \u064a\u0643\u0648\u0646 \u0633\u0644\u0628\u064a\u0627\u060c \u0648\u0627\u0644\u062f\u064a\u0646 \u064a\u0642\u0644\u0644 \u0645\u0646 \u0627\u0644\u0631\u0628\u062d\u064a\u0629 \u0627\u0644\u0645\u0627\u0644\u064a\u0629.<\/li>\n<li>\u0625\u0630\u0627 \u0643\u0627\u0646 ROA = i\u060c \u0641\u0625\u0646 \u0627\u0644\u062a\u0623\u062b\u064a\u0631 \u0645\u062d\u0627\u064a\u062f: \u0627\u0644\u062f\u064a\u0646 \u0644\u0627 \u064a\u063a\u064a\u0631 ROE.<\/li>\n<\/ul>\n<p>\u0648\u0644\u0643\u0646 \u0627\u0646\u062a\u0628\u0647\u060c \u0645\u0646 \u0627\u0644\u0645\u0647\u0645 \u062a\u0648\u0636\u064a\u062d \u0623\u0646 \u0645\u0627 \u062a\u0645 \u0627\u0644\u0642\u064a\u0627\u0645 \u0628\u0647 \u0647\u0646\u0627 \u0647\u0648 \u062a\u0628\u0633\u064a\u0637 \u062a\u0631\u0628\u0648\u064a \u0644\u0641\u0647\u0645 \u0627\u0644\u0641\u0643\u0631\u0629 \u0627\u0644\u0645\u064a\u0643\u0627\u0646\u064a\u0643\u064a\u0629 \u0644\u0644\u0631\u0627\u0641\u0639\u0629 \u0627\u0644\u0645\u0627\u0644\u064a\u0629: \u0641\u0643\u0644\u0645\u0627 \u0632\u0627\u062f\u062a \u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u0645\u0645\u0648\u0644\u0629 \u0628\u0627\u0644\u062f\u064a\u0648\u0646\u060c \u0643\u0644\u0645\u0627 \u0632\u0627\u062f &quot;\u062a\u0636\u062e\u064a\u0645&quot; \u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629\u061b \u0648\u0647\u0648 \u0623\u064a\u0636\u064b\u0627 \u062a\u0642\u0631\u064a\u0628 \u0635\u0627\u0644\u062d \u0625\u0630\u0627 \u0627\u0641\u062a\u0631\u0636\u0646\u0627 \u0623\u0646\u0647 \u0644\u0627 \u062a\u0648\u062c\u062f \u0641\u0648\u0627\u0626\u062f \u0623\u0648 \u0636\u0631\u0627\u0626\u0628\u060c \u0648\u0628\u0627\u0644\u062a\u0627\u0644\u064a \u0641\u064a \u0639\u0627\u0644\u0645 &quot;\u0645\u062b\u0627\u0644\u064a&quot; \u0628\u062f\u0648\u0646 \u062a\u0643\u0627\u0644\u064a\u0641 \u062a\u0645\u0648\u064a\u0644.<\/p>\n<p>\u0648\u0644\u0643\u0646 \u0641\u064a \u0627\u0644\u062d\u064a\u0627\u0629 \u0627\u0644\u0648\u0627\u0642\u0639\u064a\u0629\u060c \u0628\u0627\u0644\u0646\u0633\u0628\u0629 \u0644\u0644\u062a\u062d\u0644\u064a\u0644 \u0627\u0644\u0625\u062f\u0627\u0631\u064a \u0623\u0648 \u0627\u0644\u062a\u062c\u0627\u0631\u064a\u060c \u0633\u0648\u0641 \u0646\u0633\u062a\u062e\u062f\u0645 \u062d\u062a\u0645\u0627 \u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u0631\u0623\u0633 \u0627\u0644\u0645\u0627\u0644 \u0627\u0644\u0645\u0633\u062a\u062e\u062f\u0645 (ROCE)\u060c \u0648\u0633\u0648\u0641 \u0646\u0631\u0628\u0637 \u0647\u0630\u0627 \u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631 \u0628\u0639\u0627\u0626\u062f \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629 (ROE). <strong>\u0645\u0646 \u062e\u0644\u0627\u0644 \u0635\u064a\u063a\u0629 \u0627\u0644\u0631\u0627\u0641\u0639\u0629 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0627\u0644\u0643\u0627\u0645\u0644\u0629.<\/strong><\/p>\n<p>\u0641\u064a \u0645\u0644\u062e\u0635:<\/p>\n<table>\n<thead>\n<tr>\n<th>\u0635\u064a\u063a\u0629<\/th>\n<th>\u062c\u062f\u0648\u0649<\/th>\n<th>\u0627\u0641\u062a\u0631\u0627\u0636<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td><strong>\u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629 = \u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u0627\u0644\u0623\u0635\u0648\u0644 \u00d7 (A \/ CP)<\/strong><\/td>\n<td>\u064a\u0642\u062a\u0631\u0628 <strong>\u062a\u0639\u0644\u064a\u0645\u064a\u0629 \u0648\u0645\u0628\u0633\u0637\u0629<\/strong><\/td>\n<td>\u0644\u0627 \u062a\u0648\u062c\u062f \u062f\u064a\u0648\u0646 \u0628\u0627\u0647\u0638\u0629 \u0627\u0644\u062b\u0645\u0646 (\u0623\u0648 i = 0)<\/td>\n<\/tr>\n<tr>\n<td><strong>ROE = ROCE + (ROCE \u2013 i) \u00d7 (D \/ CP)<\/strong><\/td>\n<td>\u064a\u0642\u062a\u0631\u0628 <strong>\u0648\u0627\u0642\u0639\u064a\u0629 \u0648\u0645\u0627\u0644\u064a\u0629<\/strong><\/td>\n<td>\u064a\u0634\u0645\u0644 \u062a\u0643\u0644\u0641\u0629 \u0627\u0644\u062f\u064a\u0648\u0646<\/td>\n<\/tr>\n<tr>\n<td><strong>\u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0633\u0627\u0647\u0645\u064a\u0646 = \u0635\u0627\u0641\u064a \u0627\u0644\u062f\u062e\u0644 \/ \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0633\u0627\u0647\u0645\u064a\u0646<\/strong><\/td>\n<td>\u0646\u0633\u0628\u0629 <strong>\u0627\u0644\u0645\u062d\u0627\u0633\u0628 \u0627\u0644\u0646\u0647\u0627\u0626\u064a<\/strong><\/td>\n<td>\u064a\u0634\u0645\u0644 \u062c\u0645\u064a\u0639 \u0627\u0644\u062a\u0623\u062b\u064a\u0631\u0627\u062a (\u0627\u0644\u062a\u0645\u0648\u064a\u0644 \u0648\u0627\u0644\u0636\u0631\u0627\u0626\u0628 \u0648\u0645\u0627 \u0625\u0644\u0649 \u0630\u0644\u0643)<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>\u0645\u0639\u062f\u0644 \u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u0627\u0644\u0623\u0635\u0648\u0644 \u0648\u062f\u0648\u0631\u0627\u0646 \u0627\u0644\u0623\u0635\u0648\u0644<\/h3>\n<p>\u0648\u0623\u062e\u064a\u0631\u0627\u060c \u064a\u0639\u062a\u0628\u0631 \u0645\u0639\u062f\u0644 \u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u0627\u0644\u0623\u0635\u0648\u0644 \u0645\u0624\u0634\u0631\u0627 \u0639\u0644\u0649 \u0625\u0646\u062a\u0627\u062c\u064a\u0629 \u0627\u0644\u0623\u0635\u0648\u0644: \u0641\u0647\u0648 \u064a\u0633\u0627\u0639\u062f \u0639\u0644\u0649 \u062a\u062d\u062f\u064a\u062f \u0645\u0627 \u0625\u0630\u0627 \u0643\u0627\u0646\u062a \u0627\u0644\u0631\u0628\u062d\u064a\u0629 \u0627\u0644\u0645\u0646\u062e\u0641\u0636\u0629 \u062a\u0646\u0628\u0639 \u0645\u0646 \u0647\u0627\u0645\u0634 \u0645\u0646\u062e\u0641\u0636 \u0623\u0648 \u0636\u0639\u0641 \u0627\u0633\u062a\u063a\u0644\u0627\u0644 \u0627\u0644\u0623\u0635\u0648\u0644\u060c \u0628\u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u0627\u0644\u0635\u064a\u063a\u0629 \u0627\u0644\u062a\u0627\u0644\u064a\u0629:<\/p>\n<p style=\"text-align: center;\"><strong>ROA = \u0647\u0627\u0645\u0634 \u0635\u0627\u0641\u064a \u0627\u0644\u0631\u0628\u062d \u00d7 \u0645\u0639\u062f\u0644 \u062f\u0648\u0631\u0627\u0646 \u0627\u0644\u0623\u0635\u0648\u0644<\/strong><\/p>\n<p style=\"text-align: center;\"><strong>\u0645\u0639 \u062f\u0648\u0631\u0627\u0646 \u0627\u0644\u0623\u0635\u0648\u0644 = \u0627\u0644\u0625\u064a\u0631\u0627\u062f\u0627\u062a \/ \u0625\u062c\u0645\u0627\u0644\u064a \u0627\u0644\u0623\u0635\u0648\u0644<\/strong><\/p>\n<p>\u0642\u0628\u0644 \u0634\u0631\u062d \u0647\u0630\u0647 \u0627\u0644\u0635\u064a\u063a\u0629\u060c \u0645\u0646 \u0627\u0644\u0645\u0647\u0645 \u062a\u0648\u0636\u064a\u062d \u0623\u0646 \u0647\u0630\u0647 \u0627\u0644\u0635\u064a\u063a\u0629 \u062a\u0623\u062a\u064a \u0645\u0646 \u0627\u0644\u0622\u062a\u064a:<\/p>\n<p style=\"text-align: center;\"><strong>\u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u0627\u0644\u0623\u0635\u0648\u0644 = (\u0635\u0627\u0641\u064a \u0627\u0644\u062f\u062e\u0644 \/ \u0627\u0644\u0625\u064a\u0631\u0627\u062f\u0627\u062a) \u00d7 (\u0627\u0644\u0625\u064a\u0631\u0627\u062f\u0627\u062a \/ \u0625\u062c\u0645\u0627\u0644\u064a \u0627\u0644\u0623\u0635\u0648\u0644)<\/strong><\/p>\n<p>\u0648\u0644\u0644\u0648\u0635\u0648\u0644 \u0625\u0644\u0649 \u0647\u0630\u0627\u060c \u0643\u0645\u0627 \u0641\u064a \u0627\u0644\u0646\u0642\u0637\u0629 \u0627\u0644\u0633\u0627\u0628\u0642\u0629\u060c \u0627\u0646\u062a\u0642\u0644\u0646\u0627 \u0645\u0646 \u0635\u064a\u063a\u0629 ROA \u0627\u0644\u0623\u0648\u0644\u064a\u0629 \u0625\u0644\u0649 \u0647\u0630\u0647 \u0627\u0644\u0635\u064a\u063a\u0629\u060c \u0639\u0646 \u0637\u0631\u064a\u0642 \u0636\u0631\u0628 \u0635\u064a\u063a\u0629 ROA \u0627\u0644\u0623\u0648\u0644\u064a\u0629 \u0641\u064a CA \u0639\u0628\u0631 \u0643\u0633\u0631 \u0645\u062d\u0627\u064a\u062f\u060c \u0648\u0628\u0627\u0644\u062a\u0627\u0644\u064a:<\/p>\n<p style=\"text-align: center;\">ROA = \u0635\u0627\u0641\u064a \u0627\u0644\u062f\u062e\u0644 \/ \u0625\u062c\u0645\u0627\u0644\u064a \u0627\u0644\u0623\u0635\u0648\u0644 = (\u0635\u0627\u0641\u064a \u0627\u0644\u062f\u062e\u0644 \/ \u0625\u062c\u0645\u0627\u0644\u064a \u0627\u0644\u0623\u0635\u0648\u0644) \u00d7 (\u0627\u0644\u0625\u064a\u0631\u0627\u062f\u0627\u062a \/ \u0627\u0644\u0625\u064a\u0631\u0627\u062f\u0627\u062a) = (\u0635\u0627\u0641\u064a \u0627\u0644\u062f\u062e\u0644 \/ \u0627\u0644\u0625\u064a\u0631\u0627\u062f\u0627\u062a) \u00d7 (\u0627\u0644\u0625\u064a\u0631\u0627\u062f\u0627\u062a \/ \u0625\u062c\u0645\u0627\u0644\u064a \u0627\u0644\u0623\u0635\u0648\u0644)<\/p>\n<p>\u0648\u0647\u0648 \u0645\u0627 \u064a\u0639\u0637\u064a\u0646\u0627:<\/p>\n<p style=\"text-align: center;\"><strong>\u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u0627\u0644\u0623\u0635\u0648\u0644 = (\u0635\u0627\u0641\u064a \u0627\u0644\u062f\u062e\u0644 \/ \u0627\u0644\u0625\u064a\u0631\u0627\u062f\u0627\u062a) \u00d7 (\u0627\u0644\u0625\u064a\u0631\u0627\u062f\u0627\u062a \/ \u0625\u062c\u0645\u0627\u0644\u064a \u0627\u0644\u0623\u0635\u0648\u0644)<\/strong><\/p>\n<p>\u0648\u0644\u0643\u0646 \u0645\u0627 \u0639\u0644\u0627\u0642\u0629 \u0647\u0630\u0647 \u0627\u0644\u0635\u064a\u063a\u0629 \u0628\u0639\u0627\u0626\u062f \u0627\u0644\u0623\u0635\u0648\u0644 (\u0623\u0648 \u0627\u0644\u0625\u0646\u062a\u0627\u062c\u064a\u0629)\u061f \u0644\u0645\u0627\u0630\u0627 \u0623\u064f\u062f\u0631\u062c\u062a \u0627\u0644\u0625\u064a\u0631\u0627\u062f\u0627\u062a \u0641\u064a \u0627\u0644\u062d\u0633\u0627\u0628\u060c \u0648\u0645\u0627 \u0627\u0644\u0630\u064a \u064a\u0642\u064a\u0633\u0647 \u0639\u0627\u0626\u062f \u0627\u0644\u0623\u0635\u0648\u0644\u061f \u0644\u0645\u0627\u0630\u0627 \u064a\u064f\u0633\u0627\u0648\u064a \u0627\u0644\u0625\u064a\u0631\u0627\u062f\u0627\u062a\/\u0625\u062c\u0645\u0627\u0644\u064a \u0627\u0644\u0623\u0635\u0648\u0644\u061f<\/p>\n<p>\u0641\u064a \u0627\u0644\u062d\u0642\u064a\u0642\u0629 :<\/p>\n<ul>\n<li>\u0627\u0644\u0646\u062a\u064a\u062c\u0629 \u0627\u0644\u0635\u0627\u0641\u064a\u0629 \/ \u0627\u0644\u0625\u064a\u0631\u0627\u062f\u0627\u062a = \u0627\u0644\u0647\u0627\u0645\u0634 \u0627\u0644\u0635\u0627\u0641\u064a (\u0627\u0644\u0645\u0628\u0644\u063a \u0627\u0644\u0630\u064a \u062a\u062d\u062a\u0641\u0638 \u0628\u0647 \u0627\u0644\u0634\u0631\u0643\u0629 \u0643\u0631\u0628\u062d \u0645\u0642\u0627\u0628\u0644 1 \u064a\u0648\u0631\u0648 \u0645\u0646 \u0627\u0644\u0625\u064a\u0631\u0627\u062f\u0627\u062a).<\/li>\n<li>\u0627\u0644\u0625\u064a\u0631\u0627\u062f\u0627\u062a \/ \u0625\u062c\u0645\u0627\u0644\u064a \u0627\u0644\u0623\u0635\u0648\u0644 = \u0645\u0639\u062f\u0644 \u062f\u0648\u0631\u0627\u0646 \u0627\u0644\u0623\u0635\u0648\u0644 (\u0645\u0642\u062f\u0627\u0631 \u0627\u0644\u0625\u064a\u0631\u0627\u062f\u0627\u062a \u0627\u0644\u062a\u064a \u064a\u062a\u0645 \u0625\u0646\u0634\u0627\u0624\u0647\u0627 \u0644\u0643\u0644 1 \u064a\u0648\u0631\u0648 \u0645\u0646 \u0627\u0644\u0623\u0635\u0648\u0644).<\/li>\n<\/ul>\n<p>\u0644\u0630\u0627\u060c, <strong>\u064a\u0639\u062a\u0645\u062f \u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u0627\u0644\u0623\u0635\u0648\u0644 \u0639\u0644\u0649 \u0643\u0644 \u0645\u0646 \u0627\u0644\u0631\u0628\u062d\u064a\u0629 \u0627\u0644\u062a\u062c\u0627\u0631\u064a\u0629 (\u0627\u0644\u0647\u0627\u0645\u0634) \u0648\u0627\u0644\u0643\u0641\u0627\u0621\u0629 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629 (\u062f\u0648\u0631\u0627\u0646 \u0627\u0644\u0623\u0635\u0648\u0644).<\/strong>. \u0648\u0644\u0647\u0630\u0627 \u0646\u0642\u0648\u0644:<\/p>\n<p style=\"text-align: center;\"><strong>ROA = \u0647\u0627\u0645\u0634 \u0635\u0627\u0641\u064a \u0627\u0644\u0631\u0628\u062d \u00d7 \u0645\u0639\u062f\u0644 \u062f\u0648\u0631\u0627\u0646 \u0627\u0644\u0623\u0635\u0648\u0644<\/strong><\/p>\n<p>\u0648\u0647\u0646\u0627 \u064a\u064f\u0645\u0643\u0651\u0646\u0646\u0627 \u0645\u0639\u062f\u0644 \u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u0627\u0644\u0623\u0635\u0648\u0644 \u0645\u0646 \u062a\u062d\u062f\u064a\u062f \u0645\u0635\u062f\u0631 \u0631\u0628\u062d\u064a\u0629 \u0627\u0644\u0623\u0635\u0644\u060c \u0628\u064a\u0646 \u0647\u0627\u0645\u0634 \u0625\u064a\u0631\u0627\u062f\u0627\u062a \u0627\u0644\u0645\u0628\u064a\u0639\u0627\u062a \u0648\u062d\u0635\u0629 \u0627\u0644\u0625\u064a\u0631\u0627\u062f\u0627\u062a \u0645\u0646 \u0625\u062c\u0645\u0627\u0644\u064a \u0627\u0644\u0623\u0635\u0648\u0644 - \u0623\u064a \u0625\u0646\u062a\u0627\u062c\u064a\u0629 \u0627\u0644\u0623\u0635\u0648\u0644\u060c \u0623\u0648 \u0628\u0628\u0633\u0627\u0637\u0629\u060c \u0631\u0628\u062d\u064a\u062a\u0647\u0627. \u0645\u0639 \u0623\u0646\u0646\u0627 \u0646\u062a\u062d\u062f\u062b \u0647\u0646\u0627 \u0639\u0646 \u0645\u0639\u062f\u0644 \u062f\u0648\u0631\u0627\u0646 \u0627\u0644\u0623\u0635\u0648\u0644\u060c \u0625\u0630 \u064a\u0639\u0643\u0633 \u0633\u0631\u0639\u0629 \u0639\u0645\u0644 \u0627\u0644\u0623\u0635\u0648\u0644 \u0644\u062a\u0648\u0644\u064a\u062f \u0627\u0644\u0625\u064a\u0631\u0627\u062f\u0627\u062a. \u064a\u0639\u0646\u064a \u0645\u0639\u062f\u0644 \u0627\u0644\u062f\u0648\u0631\u0627\u0646 \u0627\u0644\u0645\u0631\u062a\u0641\u0639 \u0623\u0646 \u0627\u0644\u0634\u0631\u0643\u0629 \u062a\u0633\u062a\u063a\u0644 \u0645\u0648\u0627\u0631\u062f\u0647\u0627 \u0628\u0643\u0641\u0627\u0621\u0629\u061b \u0628\u064a\u0646\u0645\u0627 \u064a\u0634\u064a\u0631 \u0645\u0639\u062f\u0644 \u0627\u0644\u062f\u0648\u0631\u0627\u0646 \u0627\u0644\u0645\u0646\u062e\u0641\u0636 \u0625\u0644\u0649 \u0623\u0635\u0648\u0644 \u063a\u064a\u0631 \u0645\u0633\u062a\u063a\u0644\u0629 \u0628\u0627\u0644\u0643\u0627\u0645\u0644.<\/p>\n<h3>\u0645\u062b\u0627\u0644 \u0639\u0644\u0649 \u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u0627\u0644\u0623\u0635\u0648\u0644 \u0648\u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629 \u0648\u0627\u0644\u0631\u0627\u0641\u0639\u0629 \u0627\u0644\u0645\u0627\u0644\u064a\u0629<\/h3>\n<h4>\u0627\u0644\u0645\u062b\u0627\u0644 1: \u062a\u0623\u062b\u064a\u0631 \u0627\u0644\u0631\u0641\u0639 \u0627\u0644\u0645\u0627\u0644\u064a \u0627\u0644\u0647\u064a\u0643\u0644\u064a (\u0628\u062f\u0648\u0646 \u062a\u0643\u0644\u0641\u0629 \u0627\u0644\u062f\u064a\u0646)<\/h4>\n<p>\u062f\u0639\u0648\u0646\u0627 \u0646\u0623\u062e\u0630 \u0627\u0644\u0635\u064a\u063a\u0629 ROE = ROA \u00d7 (\u0625\u062c\u0645\u0627\u0644\u064a \u0627\u0644\u0623\u0635\u0648\u0644 \/ \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629) \u0648\u0627\u0644\u062a\u064a \u0644\u0627 \u062a\u0623\u062e\u0630 \u0641\u064a \u0627\u0644\u0627\u0639\u062a\u0628\u0627\u0631 \u062a\u0643\u0644\u0641\u0629 \u0627\u0644\u062f\u064a\u0648\u0646\u060c \u0648\u0627\u0644\u062a\u064a \u062a\u0638\u0647\u0631 \u0628\u0628\u0633\u0627\u0637\u0629 \u0627\u0644\u062a\u0623\u062b\u064a\u0631 \u0627\u0644\u0645\u064a\u0643\u0627\u0646\u064a\u0643\u064a \u0644\u0644\u062f\u064a\u0648\u0646: \u0643\u0644\u0645\u0627 \u0627\u0646\u062e\u0641\u0636\u062a \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629 \u0645\u0642\u0627\u0631\u0646\u0629 \u0628\u0625\u062c\u0645\u0627\u0644\u064a \u0627\u0644\u0623\u0635\u0648\u0644\u060c \u0643\u0644\u0645\u0627 \u062a\u0645 \u062a\u0636\u062e\u064a\u0645 \u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u0647\u0630\u0647 \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629.<\/p>\n<p>\u0645\u062b\u0627\u0644 :<\/p>\n<ul>\n<li>\u0627\u0644\u0646\u062a\u064a\u062c\u0629 \u0627\u0644\u0635\u0627\u0641\u064a\u0629 = 100,000 \u064a\u0648\u0631\u0648<\/li>\n<li>\u0625\u062c\u0645\u0627\u0644\u064a \u0627\u0644\u0623\u0635\u0648\u0644 = 1,000,000 \u064a\u0648\u0631\u0648<\/li>\n<li>\u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629 = 500,000 \u064a\u0648\u0631\u0648<\/li>\n<\/ul>\n<p>\u0641\u064a\u0645\u0627 \u064a\u0644\u064a \u0643\u064a\u0641\u064a\u0629 \u062d\u0633\u0627\u0628 \u0627\u0644\u062f\u064a\u0646 \u0627\u0644\u0645\u0627\u0644\u064a\u060c \u0648\u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u0627\u0644\u0623\u0635\u0648\u0644\u060c \u0648\u0627\u0644\u0631\u0627\u0641\u0639\u0629 \u0627\u0644\u0645\u0627\u0644\u064a\u0629\u060c \u0648\u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629:<\/p>\n<ul>\n<li>\u0627\u0644\u062f\u064a\u0646 \u0627\u0644\u0645\u0627\u0644\u064a = \u0625\u062c\u0645\u0627\u0644\u064a \u0627\u0644\u0627\u0644\u062a\u0632\u0627\u0645\u0627\u062a \u2013 \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629 = 1,000,000 \u2013 500,000 = 500,000 \u064a\u0648\u0631\u0648<\/li>\n<li>\u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u0627\u0644\u0623\u0635\u0648\u0644 = \u0635\u0627\u0641\u064a \u0627\u0644\u062f\u062e\u0644 \/ \u0625\u062c\u0645\u0627\u0644\u064a \u0627\u0644\u0623\u0635\u0648\u0644 = 100,000 \/ 1,000,000 = 10 %<\/li>\n<li>\u0627\u0644\u0631\u0627\u0641\u0639\u0629 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 = \u0625\u062c\u0645\u0627\u0644\u064a \u0627\u0644\u0623\u0635\u0648\u0644 \/ \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0633\u0627\u0647\u0645\u064a\u0646 = 1,000,000 \/ 500,000 = 2<\/li>\n<li>\u0644\u0630\u0644\u0643\u060c ROE = ROA x Financial Leverage = 10 % \u00d7 2 = 20 %<\/li>\n<\/ul>\n<p>\u0647\u0646\u0627\u060c \u0646\u0641\u062a\u0631\u0636 \u0623\u0646 \u062a\u0643\u0644\u0641\u0629 \u0627\u0644\u062f\u064a\u0646 \u0635\u0641\u0631 (\u0623\u0648 \u0645\u064f\u062f\u0631\u062c\u0629 \u0628\u0627\u0644\u0641\u0639\u0644 \u062f\u0648\u0646 \u0623\u064a \u062a\u0623\u062b\u064a\u0631)\u060c \u0648\u0630\u0644\u0643 \u0628\u0628\u0633\u0627\u0637\u0629 \u0644\u062a\u0648\u0636\u064a\u062d \u0627\u0644\u0623\u062b\u0631 \u0627\u0644\u0645\u0636\u0627\u0639\u0641 \u0644\u0644\u0631\u0627\u0641\u0639\u0629 \u0627\u0644\u0645\u0627\u0644\u064a\u0629. \u062a\u064f\u0636\u0627\u0639\u0641 \u0627\u0644\u0634\u0631\u0643\u0629 \u0631\u0628\u062d\u064a\u062a\u0647\u0627 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0628\u0641\u0636\u0644 \u0627\u0644\u062f\u064a\u0646: \u0625\u0630 \u062a\u0643\u0633\u0628 20 % \u0639\u0644\u0649 \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629 \u0628\u062f\u0644\u0627\u064b \u0645\u0646 10 % \u0644\u0648 \u0644\u0645 \u062a\u0643\u0646 \u0645\u062f\u064a\u0646\u064b\u0627.<\/p>\n<p>\u064a\u0642\u062f\u0645 \u0647\u0630\u0627 \u0627\u0644\u0645\u062b\u0627\u0644 \u062a\u0648\u0636\u064a\u062d\u064b\u0627 \u0646\u0638\u0631\u064a\u064b\u0627 \u0644\u062a\u0623\u062b\u064a\u0631 \u0627\u0644\u062f\u064a\u0646 \u0639\u0644\u0649 \u0631\u0628\u062d\u064a\u0629 \u0627\u0644\u0645\u0633\u0627\u0647\u0645\u064a\u0646\u060c \u0643\u0645\u0627 \u0634\u0631\u062d\u0646\u0627 \u0633\u0627\u0628\u0642\u064b\u0627 \u0641\u064a \u0627\u0644\u0642\u0633\u0645 \u0627\u0644\u0646\u0638\u0631\u064a. \u0644\u0643\u0646 \u0639\u0645\u0644\u064a\u064b\u0627\u060c \u0644\u0644\u062f\u064a\u0646 \u062b\u0645\u0646: \u0633\u0639\u0631 \u0627\u0644\u0641\u0627\u0626\u062f\u0629. \u0648\u0647\u0630\u0627 \u064a\u0642\u0648\u062f\u0646\u0627 \u0625\u0644\u0649 \u0627\u0644\u0645\u062b\u0627\u0644\u064a\u0646 \u0627\u0644\u062a\u0627\u0644\u064a\u064a\u0646.<\/p>\n<h4>\u0627\u0644\u0645\u062b\u0627\u0644 2 - \u062a\u0623\u062b\u064a\u0631 \u0627\u0644\u0631\u0627\u0641\u0639\u0629 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0627\u0644\u0625\u064a\u062c\u0627\u0628\u064a (\u0627\u0644\u0639\u0627\u0626\u062f \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a &gt; \u062a\u0643\u0644\u0641\u0629 \u0627\u0644\u062f\u064a\u0646)<\/h4>\n<p>\u0628\u064a\u0627\u0646\u0627\u062a :<\/p>\n<ul>\n<li>\u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629: 1,000,000 \u064a\u0648\u0631\u0648<\/li>\n<li>\u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629: 500,000 \u064a\u0648\u0631\u0648<\/li>\n<li>\u0627\u0644\u062f\u064a\u0648\u0646 \u0627\u0644\u0645\u0627\u0644\u064a\u0629: 500,000 \u064a\u0648\u0631\u0648<\/li>\n<li>\u0635\u0627\u0641\u064a \u0627\u0644\u0631\u0628\u062d \u0627\u0644\u062a\u0634\u063a\u064a\u0644\u064a: 100,000 \u064a\u0648\u0631\u0648<\/li>\n<li>\u0645\u0639\u062f\u0644 \u0641\u0627\u0626\u062f\u0629 \u0627\u0644\u062f\u064a\u0646: 5.%<\/li>\n<\/ul>\n<p>\u0627\u0644\u062d\u0633\u0627\u0628\u0627\u062a:<\/p>\n<ul>\n<li>\u0627\u0644\u0646\u062a\u064a\u062c\u0629 \u0627\u0644\u0635\u0627\u0641\u064a\u0629 = 100,000 \u2013 (5 % \u00d7 500,000) = 100,000 \u2013 25,000 = 75,000 \u064a\u0648\u0631\u0648<\/li>\n<li>ROCE = 100,000 \/ 1,000,000 = 10 %<\/li>\n<li>\u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629 = 75,000 \/ 500,000 = 15 %<\/li>\n<\/ul>\n<p>\u062a\u0648\u0636\u064a\u062d :<\/p>\n<p>\u0627\u0644\u0639\u0627\u0626\u062f \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a (10 %) \u0623\u0643\u0628\u0631 \u0645\u0646 \u062a\u0643\u0644\u0641\u0629 \u0627\u0644\u062f\u064a\u0646 (5 %)\u060c \u0644\u0630\u0627 \u0641\u0625\u0646 \u0644\u0644\u0631\u0627\u0641\u0639\u0629 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u062a\u0623\u062b\u064a\u0631 \u0625\u064a\u062c\u0627\u0628\u064a. \u062a\u064f\u062d\u0633\u0651\u0646 \u0627\u0644\u0634\u0631\u0643\u0629 \u0639\u0627\u0626\u062f\u0647\u0627 \u0644\u0644\u0645\u0633\u0627\u0647\u0645\u064a\u0646: 15 % \u0628\u062f\u0644\u0627\u064b \u0645\u0646 10 % \u0628\u062f\u0648\u0646 \u062f\u064a\u0648\u0646. \u0641\u064a \u0647\u0630\u0647 \u0627\u0644\u062d\u0627\u0644\u0629\u060c \u0627\u0633\u062a\u062e\u062f\u0645\u0646\u0627 \u0645\u0639\u0627\u062f\u0644\u0629 \u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u0631\u0623\u0633 \u0627\u0644\u0645\u0627\u0644 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631 (ROCE) \u0628\u0627\u0644\u0625\u0636\u0627\u0641\u0629 \u0625\u0644\u0649 \u0645\u0639\u0627\u062f\u0644\u0629 \u0627\u0644\u0631\u0627\u0641\u0639\u0629 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0627\u0644\u0643\u0627\u0645\u0644\u0629\u060c \u0625\u0630 \u0627\u0636\u0637\u0631\u0631\u0646\u0627 \u0625\u0644\u0649 \u062a\u0636\u0645\u064a\u0646 \u062a\u0643\u0644\u0641\u0629 \u0627\u0644\u062f\u064a\u0646 \u0641\u064a \u0627\u0644\u062d\u0633\u0627\u0628. \u0644\u0645 \u0646\u0623\u062e\u0630 \u0636\u0631\u064a\u0628\u0629 \u0627\u0644\u062f\u062e\u0644 \u0641\u064a \u0627\u0644\u0627\u0639\u062a\u0628\u0627\u0631 \u0644\u062a\u0628\u0633\u064a\u0637 \u0627\u0644\u0645\u062b\u0627\u0644 \u0642\u062f\u0631 \u0627\u0644\u0625\u0645\u0643\u0627\u0646.<\/p>\n<h4>\u0627\u0644\u0645\u062b\u0627\u0644 3 - \u062a\u0623\u062b\u064a\u0631 \u0627\u0644\u0631\u0627\u0641\u0639\u0629 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0627\u0644\u0633\u0644\u0628\u064a\u0629 (\u0627\u0644\u0639\u0627\u0626\u062f \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a &lt; \u062a\u0643\u0644\u0641\u0629 \u0627\u0644\u062f\u064a\u0646)<\/h4>\n<p>\u0628\u064a\u0627\u0646\u0627\u062a :<\/p>\n<ul>\n<li>\u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629: 1,000,000 \u064a\u0648\u0631\u0648<\/li>\n<li>\u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629: 500,000 \u064a\u0648\u0631\u0648<\/li>\n<li>\u0627\u0644\u062f\u064a\u0648\u0646 \u0627\u0644\u0645\u0627\u0644\u064a\u0629: 500,000 \u064a\u0648\u0631\u0648<\/li>\n<li>\u0635\u0627\u0641\u064a \u0627\u0644\u0631\u0628\u062d \u0627\u0644\u062a\u0634\u063a\u064a\u0644\u064a: 30,000 \u064a\u0648\u0631\u0648<\/li>\n<li>\u0645\u0639\u062f\u0644 \u0641\u0627\u0626\u062f\u0629 \u0627\u0644\u062f\u064a\u0646: 5.%<\/li>\n<\/ul>\n<p>\u0627\u0644\u062d\u0633\u0627\u0628\u0627\u062a:<\/p>\n<ul>\n<li>\u0627\u0644\u0646\u062a\u064a\u062c\u0629 \u0627\u0644\u0635\u0627\u0641\u064a\u0629 = 30,000 \u2013 (5 % \u00d7 500,000) = 30,000 \u2013 25,000 = 5,000 \u064a\u0648\u0631\u0648<\/li>\n<li>\u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u0627\u0644\u0623\u0635\u0648\u0644 = 30,000 \/ 1,000,000 = 3 %<\/li>\n<li>\u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629 = 5000 \/ 500000 = 1 %<\/li>\n<\/ul>\n<p>\u0627\u0644\u0639\u0627\u0626\u062f \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a (3 %) \u0623\u0642\u0644 \u0645\u0646 \u062a\u0643\u0644\u0641\u0629 \u0627\u0644\u062f\u064a\u0646 (5 %)\u060c \u0648\u0628\u0627\u0644\u062a\u0627\u0644\u064a\u060c \u0641\u0625\u0646 \u0627\u0644\u0631\u0627\u0641\u0639\u0629 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0644\u0647\u0627 \u062a\u0623\u062b\u064a\u0631 \u0633\u0644\u0628\u064a. \u0627\u0644\u062f\u064a\u0646 \u064a\u0642\u0644\u0644 \u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629.<\/p>\n<p>\u0641\u064a \u0645\u0644\u062e\u0635:<\/p>\n<table>\n<thead>\n<tr>\n<th>\u0627\u0644\u0645\u0648\u0642\u0641<\/th>\n<th>\u0639\u0627\u0626\u062f \u0627\u0644\u0623\u0635\u0648\u0644<\/th>\n<th>\u062a\u0643\u0644\u0641\u0629 \u0627\u0644\u062f\u064a\u0648\u0646<\/th>\n<th>\u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629<\/th>\n<th>\u062a\u0623\u062b\u064a\u0631 \u0627\u0644\u0631\u0627\u0641\u0639\u0629 \u0627\u0644\u0645\u0627\u0644\u064a\u0629<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>\u0627\u0644\u0645\u062b\u0627\u0644 1<\/td>\n<td>10 %<\/td>\n<td>0 %<\/td>\n<td>20 %<\/td>\n<td>\u0645\u064a\u0643\u0627\u0646\u064a\u0643\u0627 \u0627\u0644\u0631\u0627\u0641\u0639\u0629 \u0627\u0644\u0628\u062d\u062a\u0629<\/td>\n<\/tr>\n<tr>\n<td>\u0627\u0644\u0645\u062b\u0627\u0644 \u0627\u0644\u062b\u0627\u0646\u064a<\/td>\n<td>10 %<\/td>\n<td>5 %<\/td>\n<td>15 %<\/td>\n<td>\u0631\u0627\u0641\u0639\u0629 <strong>\u0625\u064a\u062c\u0627\u0628\u064a<\/strong><\/td>\n<\/tr>\n<tr>\n<td>\u0627\u0644\u0645\u062b\u0627\u0644 3<\/td>\n<td>3 %<\/td>\n<td>5 %<\/td>\n<td>1 %<\/td>\n<td>\u0631\u0627\u0641\u0639\u0629 <strong>\u0633\u0644\u0628\u064a<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2>\u0647\u0627\u0645\u0634 \u0627\u0644\u062a\u0634\u063a\u064a\u0644<\/h2>\n<p>\u0647\u0627\u0645\u0634 \u0627\u0644\u062a\u0634\u063a\u064a\u0644 (ROS \u0644\u0640 Return on Sales) \u064a\u0638\u0647\u0631 \u0627\u0644\u0631\u0628\u062d\u064a\u0629 \u0627\u0644\u0646\u0627\u062a\u062c\u0629 \u0641\u0642\u0637 \u0639\u0646 \u0646\u0634\u0627\u0637 \u0627\u0644\u0634\u0631\u0643\u0629\u060c \u062f\u0648\u0646 \u0627\u0644\u0623\u062e\u0630 \u0628\u0639\u064a\u0646 \u0627\u0644\u0627\u0639\u062a\u0628\u0627\u0631 \u0627\u0644\u062a\u0645\u0648\u064a\u0644 \u0623\u0648 \u0627\u0644\u0639\u0646\u0627\u0635\u0631 \u0627\u0644\u0627\u0633\u062a\u062b\u0646\u0627\u0626\u064a\u0629.<\/p>\n<p>\u062a\u0642\u064a\u0633 \u0647\u0630\u0647 \u0627\u0644\u0646\u0633\u0628\u0629 \u0642\u062f\u0631\u0629 \u0627\u0644\u0634\u0631\u0643\u0629 \u0639\u0644\u0649 \u062a\u062d\u0642\u064a\u0642 \u0631\u0628\u062d \u062a\u0634\u063a\u064a\u0644\u064a \u0645\u0646 \u0625\u064a\u0631\u0627\u062f\u0627\u062a\u0647\u0627. \u0648\u0647\u064a \u0645\u0624\u0634\u0631 \u0644\u0647\u0627\u0645\u0634 \u0627\u0644\u0631\u0628\u062d \u0627\u0644\u062a\u0634\u063a\u064a\u0644\u064a. \u0628\u0628\u0633\u0627\u0637\u0629\u060c \u0647\u064a \u062d\u0627\u0635\u0644 \u0642\u0633\u0645\u0629 \u0627\u0644\u0631\u0628\u062d \u0627\u0644\u062a\u0634\u063a\u064a\u0644\u064a \u0639\u0644\u0649 \u0627\u0644\u0625\u064a\u0631\u0627\u062f\u0627\u062a.<\/p>\n<p style=\"text-align: center;\">\u0647\u0627\u0645\u0634 \u0627\u0644\u062a\u0634\u063a\u064a\u0644 (ROS) = REX \/ CA<\/p>\n<p>\u0627\u0644\u0627\u0631\u062a\u0628\u0627\u0637 \u0645\u0639 ROA:<\/p>\n<p>\u0644\u0642\u062f \u0630\u0643\u0631\u0646\u0627 \u0633\u0627\u0628\u0642\u064b\u0627 \u0623\u0646 ROA = \u0627\u0644\u0647\u0627\u0645\u0634 \u0627\u0644\u0635\u0627\u0641\u064a x \u0645\u0639\u062f\u0644 \u062f\u0648\u0631\u0627\u0646 \u0627\u0644\u0623\u0635\u0648\u0644\u060c \u0648\u0628\u0627\u0644\u062a\u0627\u0644\u064a \u0641\u0625\u0646 ROA \u064a\u0642\u064a\u0633 \u0631\u0628\u062d\u064a\u0629 \u0627\u0644\u0623\u0635\u0648\u0644\u060c \u0627\u0633\u062a\u0646\u0627\u062f\u064b\u0627 \u0625\u0644\u0649 \u0627\u0644\u0631\u0628\u062d\u064a\u0629 \u0627\u0644\u0625\u062c\u0645\u0627\u0644\u064a\u0629 (\u0647\u0646\u0627 \u0627\u0644\u0647\u0627\u0645\u0634 \u0627\u0644\u0635\u0627\u0641\u064a) \u0648&quot;\u0627\u0644\u0633\u0631\u0639\u0629 \u0627\u0644\u062a\u064a \u064a\u0635\u0628\u062d \u0628\u0647\u0627 \u0627\u0644\u0623\u0635\u0644 \u0645\u0631\u0628\u062d\u064b\u0627&quot;\u060c \u0647\u0646\u0627 \u0645\u0639\u062f\u0644 \u062f\u0648\u0631\u0627\u0646 \u0627\u0644\u0623\u0635\u0648\u0644\u060c \u0648\u0627\u0644\u0635\u064a\u063a\u0629 \u0627\u0644\u062a\u064a \u064a\u062a\u0645 \u0628\u0647\u0627 \u0630\u0644\u0643 \u0647\u064a \u0627\u0644\u0625\u064a\u0631\u0627\u062f\u0627\u062a \u0639\u0644\u0649 \u0625\u062c\u0645\u0627\u0644\u064a \u0627\u0644\u0623\u0635\u0648\u0644.<\/p>\n<p>\u064a\u0645\u0643\u0646\u0646\u0627 \u0631\u0628\u0637 \u0647\u0627\u0645\u0634 \u0627\u0644\u062a\u0634\u063a\u064a\u0644 (ROS) \u0628\u0639\u0627\u0626\u062f \u0627\u0644\u0623\u0635\u0648\u0644 \u0639\u0646 \u0637\u0631\u064a\u0642 \u062d\u0633\u0627\u0628 \u0639\u0627\u0626\u062f \u0627\u0644\u0623\u0635\u0648\u0644 &quot;\u0627\u0644\u062a\u0634\u063a\u064a\u0644\u064a&quot;\u060c \u0644\u0623\u0646\u0647 \u0645\u0631\u062a\u0628\u0637 \u0628\u0647\u0627\u0645\u0634 \u0627\u0644\u062a\u0634\u063a\u064a\u0644\u060c \u0648\u0630\u0644\u0643 \u0628\u0628\u0633\u0627\u0637\u0629 \u0639\u0646 \u0637\u0631\u064a\u0642 \u0627\u0633\u062a\u0628\u062f\u0627\u0644 \u0627\u0644\u0647\u0627\u0645\u0634 \u0627\u0644\u0635\u0627\u0641\u064a \u0628\u0647\u0627\u0645\u0634 \u0627\u0644\u062a\u0634\u063a\u064a\u0644 \u0641\u064a \u0635\u064a\u063a\u0629 \u0627\u0644\u062d\u0633\u0627\u0628:<\/p>\n<p style=\"text-align: center;\"><strong>\u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u062a\u0634\u063a\u064a\u0644\u064a\u0629 = \u0647\u0627\u0645\u0634 \u0627\u0644\u062a\u0634\u063a\u064a\u0644 \u00d7 \u0645\u0639\u062f\u0644 \u062f\u0648\u0631\u0627\u0646 \u0627\u0644\u0623\u0635\u0648\u0644 = (\u0627\u0644\u0623\u0631\u0628\u0627\u062d \u0642\u0628\u0644 \u0627\u0644\u0641\u0648\u0627\u0626\u062f \u0648\u0627\u0644\u0636\u0631\u0627\u0626\u0628 \/ \u0627\u0644\u0625\u064a\u0631\u0627\u062f\u0627\u062a) \u00d7 (\u0627\u0644\u0625\u064a\u0631\u0627\u062f\u0627\u062a \/ \u0625\u062c\u0645\u0627\u0644\u064a \u0627\u0644\u0623\u0635\u0648\u0644) = \u0627\u0644\u0623\u0631\u0628\u0627\u062d \u0642\u0628\u0644 \u0627\u0644\u0641\u0648\u0627\u0626\u062f \u0648\u0627\u0644\u0636\u0631\u0627\u0626\u0628 \/ \u0625\u062c\u0645\u0627\u0644\u064a \u0627\u0644\u0623\u0635\u0648\u0644<\/strong><\/p>\n<p style=\"text-align: center;\"><em>\u0647\u0646\u0627\u060c \u0642\u0645\u0646\u0627 \u0628\u0628\u0633\u0627\u0637\u0629 \u0628\u0627\u0633\u062a\u0628\u062f\u0627\u0644 \u0627\u0644\u0647\u0627\u0645\u0634 \u0627\u0644\u0635\u0627\u0641\u064a \u0628\u0647\u0627\u0645\u0634 \u0627\u0644\u062a\u0634\u063a\u064a\u0644 (ROS) \u0644\u0644\u062d\u0635\u0648\u0644 \u0639\u0644\u0649 \u0639\u0627\u0626\u062f \u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u062a\u0634\u063a\u064a\u0644\u064a\u0629.<\/em><\/p>\n<p>\u0644\u0630\u0627\u060c \u0628\u062f\u0644\u0627\u064b \u0645\u0646 \u0623\u0646 \u064a\u0643\u0648\u0646 \u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u0627\u0644\u0623\u0635\u0648\u0644 = \u0635\u0627\u0641\u064a \u0627\u0644\u062f\u062e\u0644 \/ \u0625\u062c\u0645\u0627\u0644\u064a \u0627\u0644\u0623\u0635\u0648\u0644\u060c \u0644\u062f\u064a\u0646\u0627 \u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u062a\u0634\u063a\u064a\u0644\u064a\u0629 = \u0627\u0644\u062f\u062e\u0644 \u0627\u0644\u062a\u0634\u063a\u064a\u0644\u064a \/ \u0625\u062c\u0645\u0627\u0644\u064a \u0627\u0644\u0623\u0635\u0648\u0644. \u0647\u0630\u0627 \u064a\u064f\u0639\u0637\u064a\u0646\u0627 \u0639\u0627\u0626\u062f\u064b\u0627 \u0639\u0644\u0649 \u0627\u0644\u0623\u0635\u0648\u0644 &quot;\u062a\u0634\u063a\u064a\u0644\u064a\u064b\u0627&quot; \u0623\u0643\u062b\u0631\u060c \u064a\u0633\u062a\u062b\u0646\u064a \u0645\u0635\u0627\u0631\u064a\u0641 \u0627\u0644\u0641\u0648\u0627\u0626\u062f \u0648\u0627\u0644\u0636\u0631\u0627\u0626\u0628 \u0645\u0646 \u0627\u0644\u0647\u0627\u0645\u0634\u060c \u0648\u064a\u0642\u064a\u0633 \u0627\u0644\u0623\u062f\u0627\u0621 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a \u0644\u0644\u0623\u0635\u0648\u0644\u060c \u062f\u0627\u0626\u0645\u064b\u0627 \u0628\u0634\u0643\u0644 \u0645\u0633\u062a\u0642\u0644 \u0639\u0646 \u0637\u0631\u064a\u0642\u0629 \u0627\u0644\u062a\u0645\u0648\u064a\u0644.<\/p>\n<h2>\u0635\u064a\u063a\u0629 \u062f\u0648\u0628\u0648\u0646\u062a - \u062a\u062d\u0644\u064a\u0644 \u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629<\/h2>\n<p>\u0635\u064a\u063a\u0629 \u062f\u0648\u0628\u0648\u0646\u062a (\u0623\u0648 \u062a\u062d\u0644\u064a\u0644 \u062f\u0648\u0628\u0648\u0646\u062a \u062f\u064a \u0646\u064a\u0645\u0648\u0631) \u0647\u064a \u0623\u062f\u0627\u0629 \u062a\u062d\u0644\u064a\u0644 \u0645\u0627\u0644\u064a \u0643\u0644\u0627\u0633\u064a\u0643\u064a\u0629 \u062a\u0633\u0645\u062d \u0628\u062a\u0642\u0633\u064a\u0645 \u0627\u0644\u0631\u0628\u062d\u064a\u0629 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 (ROE) \u0625\u0644\u0649 \u0639\u062f\u0629 \u0631\u0648\u0627\u0641\u0639 \u062a\u0648\u0636\u064a\u062d\u064a\u0629.<\/p>\n<p>\u0648\u064a\u064f\u0638\u0647\u0650\u0631 \u0647\u0630\u0627 \u0627\u0644\u062a\u0642\u0631\u064a\u0631 \u0645\u0646 \u0623\u064a\u0646 \u064a\u0623\u062a\u064a \u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629\u060c \u0648\u0645\u0627 \u0647\u064a \u0627\u0644\u0631\u0648\u0627\u0641\u0639 \u0627\u0644\u062a\u064a \u064a\u0645\u0643\u0646 \u0644\u0644\u0634\u0631\u0643\u0629 \u0627\u0633\u062a\u062e\u062f\u0627\u0645\u0647\u0627 \u0644\u062a\u062d\u0633\u064a\u0646\u0647.<\/p>\n<p>\u062a\u0639\u062a\u0645\u062f \u0647\u0630\u0647 \u0627\u0644\u0635\u064a\u063a\u0629 \u0639\u0644\u0649 \u0627\u0644\u0631\u0628\u062d\u064a\u0629 \u0627\u0644\u0645\u0627\u0644\u064a\u0629\u060c \u0643\u062a\u0630\u0643\u064a\u0631:<\/p>\n<p style=\"text-align: center;\">\u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0633\u0627\u0647\u0645\u064a\u0646 = \u0635\u0627\u0641\u064a \u0627\u0644\u062f\u062e\u0644 \/ \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0633\u0627\u0647\u0645\u064a\u0646<\/p>\n<p>\u062a\u0634\u064a\u0631 \u0647\u0630\u0647 \u0627\u0644\u0646\u0633\u0628\u0629\u060c \u0628\u0645\u0639\u0632\u0644 \u0639\u0646 \u063a\u064a\u0631\u0647\u0627\u060c \u0625\u0644\u0649 \u0645\u0642\u062f\u0627\u0631 \u0631\u0628\u062d \u0627\u0644\u0634\u0631\u0643\u0629 \u0645\u0642\u0627\u0628\u0644 \u0643\u0644 \u064a\u0648\u0631\u0648 \u0627\u0633\u062a\u062b\u0645\u0631\u0647 \u0627\u0644\u0645\u0633\u0627\u0647\u0645\u0648\u0646. \u0644\u0643\u0646\u0647\u0627 \u0644\u0627 \u062a\u0648\u0636\u062d \u0645\u0635\u062f\u0631 \u0647\u0630\u0647 \u0627\u0644\u0631\u0628\u062d\u064a\u0629: \u0647\u0644 \u062a\u0646\u0628\u0639 \u0645\u0646 \u0647\u0627\u0645\u0634 \u0631\u0628\u062d \u062c\u064a\u062f\u060c \u0623\u0645 \u0645\u0646 \u0645\u0639\u062f\u0644 \u062f\u0648\u0631\u0627\u0646 \u0645\u0631\u062a\u0641\u0639 \u0644\u0623\u0635\u0648\u0644\u0647\u0627\u060c \u0623\u0645 \u0628\u0628\u0633\u0627\u0637\u0629 \u0645\u0646 \u062a\u0623\u062b\u064a\u0631 \u0627\u0644\u0631\u0641\u0639 \u0627\u0644\u0645\u0627\u0644\u064a \u0627\u0644\u0645\u0631\u062a\u0628\u0637 \u0628\u0627\u0644\u062f\u064a\u0648\u0646\u061f<\/p>\n<p>\u0648\u0647\u0646\u0627 \u064a\u0623\u062a\u064a \u062f\u0648\u0631 \u0637\u0631\u064a\u0642\u0629 \u062f\u0648\u0628\u0648\u0646\u062a. \u0641\u0645\u0646 \u0648\u062c\u0647\u0629 \u0646\u0638\u0631 \u062a\u0631\u0628\u0648\u064a\u0629\u060c \u064a\u0645\u0643\u0646 \u0635\u064a\u0627\u063a\u062a\u0647\u0627 \u0628\u0637\u0631\u064a\u0642\u062a\u064a\u0646: \u0645\u0641\u0627\u0647\u064a\u0645\u064a\u064b\u0627 (\u0645\u0646 \u0623\u062c\u0644 \u0641\u0647\u0645 \u0641\u0627\u0626\u062f\u0629 \u0627\u0644\u0635\u064a\u063a\u0629 \u0628\u0634\u0643\u0644 \u062d\u062f\u0633\u064a) \u0648\u0631\u064a\u0627\u0636\u064a\u064b\u0627 \u0628\u062d\u062a\u064b\u0627.<\/p>\n<h3>\u0627\u0644\u062a\u062d\u0644\u0644 \u0627\u0644\u0645\u0641\u0627\u0647\u064a\u0645\u064a<\/h3>\n<h4>\u0627\u0644\u062e\u0637\u0648\u0629 1: \u0631\u0628\u0637 \u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629 \u0628\u0627\u0644\u0631\u0628\u062d\u064a\u0629 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629 \u0648\u0627\u0644\u0631\u0627\u0641\u0639\u0629 \u0627\u0644\u0645\u0627\u0644\u064a\u0629<\/h4>\n<p>\u0648\u0644\u0644\u0642\u064a\u0627\u0645 \u0628\u0630\u0644\u0643\u060c \u0646\u0639\u0648\u062f \u0625\u0644\u0649 \u0627\u0644\u0635\u064a\u063a\u0629 \u0627\u0644\u062a\u064a \u0627\u0643\u062a\u0634\u0641\u0646\u0627\u0647\u0627 \u0633\u0627\u0628\u0642\u064b\u0627\u060c \u0648\u0627\u0644\u062a\u064a \u062a\u0631\u0628\u0637 \u0628\u064a\u0646 \u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629 \u0648\u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u0627\u0644\u0623\u0635\u0648\u0644 \u0648\u0627\u0644\u0631\u0627\u0641\u0639\u0629 \u0627\u0644\u0645\u0627\u0644\u064a\u0629:<\/p>\n<p><strong>\u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629<\/strong> = (\u0635\u0627\u0641\u064a \u0627\u0644\u062f\u062e\u0644 \/ \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629) \u00d7 (\u0625\u062c\u0645\u0627\u0644\u064a \u0627\u0644\u0623\u0635\u0648\u0644 \/ \u0625\u062c\u0645\u0627\u0644\u064a \u0627\u0644\u0623\u0635\u0648\u0644) = (\u0635\u0627\u0641\u064a \u0627\u0644\u062f\u062e\u0644 \/ \u0625\u062c\u0645\u0627\u0644\u064a \u0627\u0644\u0623\u0635\u0648\u0644) \u00d7 (\u0625\u062c\u0645\u0627\u0644\u064a \u0627\u0644\u0623\u0635\u0648\u0644 \/ \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629) = <strong>ROA x (\u0625\u062c\u0645\u0627\u0644\u064a \u0627\u0644\u0623\u0635\u0648\u0644 \/ \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629)<\/strong><\/p>\n<p>\u0647\u0646\u0627\u0643 \u0646\u0633\u0628\u062a\u0627\u0646 \u0648\u0627\u0636\u062d\u062a\u0627\u0646 \u0647\u0646\u0627:<\/p>\n<ul>\n<li>\u0635\u0627\u0641\u064a \u0627\u0644\u062f\u062e\u0644 \/ \u0625\u062c\u0645\u0627\u0644\u064a \u0627\u0644\u0623\u0635\u0648\u0644 = \u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u0627\u0644\u0623\u0635\u0648\u0644 \u2192 \u0627\u0644\u0631\u0628\u062d\u064a\u0629 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629 (\u0623\u0648 \u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u0627\u0644\u0623\u0635\u0648\u0644)<\/li>\n<li>\u0625\u062c\u0645\u0627\u0644\u064a \u0627\u0644\u0623\u0635\u0648\u0644 \/ \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629 \u2192 \u0627\u0644\u0631\u0627\u0641\u0639\u0629 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 (\u0645\u0642\u064a\u0627\u0633 \u0627\u0644\u062f\u064a\u0646)<\/li>\n<\/ul>\n<p style=\"text-align: center;\">\u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629 = \u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u0627\u0644\u0623\u0635\u0648\u0644 \u00d7 \u0627\u0644\u0631\u0627\u0641\u0639\u0629 \u0627\u0644\u0645\u0627\u0644\u064a\u0629<\/p>\n<p>\u0648\u0647\u0630\u0627 \u064a\u0639\u0646\u064a: \u0623\u0646 \u0627\u0644\u0631\u0628\u062d\u064a\u0629 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u062a\u0639\u062a\u0645\u062f \u0639\u0644\u0649 \u0627\u0644\u0631\u0628\u062d\u064a\u0629 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629 \u0648\u0647\u064a\u0643\u0644 \u0627\u0644\u062a\u0645\u0648\u064a\u0644 (\u0627\u0644\u0631\u0627\u0641\u0639\u0629 \u0627\u0644\u0645\u0627\u0644\u064a\u0629).<\/p>\n<h4>\u0627\u0644\u062e\u0637\u0648\u0629 2: \u062a\u062d\u0644\u064a\u0644 \u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u0627\u0644\u0623\u0635\u0648\u0644 \u0625\u0644\u0649 \u0645\u0643\u0648\u0646\u064a\u0646: \u0627\u0644\u0647\u0627\u0645\u0634 \u0627\u0644\u0635\u0627\u0641\u064a \u0648\u062f\u0648\u0631\u0627\u0646 \u0627\u0644\u0623\u0635\u0648\u0644<\/h4>\n<p>\u064a\u0645\u0643\u0646 \u062a\u0642\u0633\u064a\u0645 ROA (\u0635\u0627\u0641\u064a \u0627\u0644\u062f\u062e\u0644 \/ \u0625\u062c\u0645\u0627\u0644\u064a \u0627\u0644\u0623\u0635\u0648\u0644) \u0625\u0644\u0649:<\/p>\n<p style=\"text-align: center;\">ROA = \u0635\u0627\u0641\u064a \u0627\u0644\u062f\u062e\u0644 \/ \u0625\u062c\u0645\u0627\u0644\u064a \u0627\u0644\u0623\u0635\u0648\u0644 = (\u0635\u0627\u0641\u064a \u0627\u0644\u062f\u062e\u0644 \/ \u0627\u0644\u0625\u064a\u0631\u0627\u062f\u0627\u062a) \u00d7 (\u0627\u0644\u0625\u064a\u0631\u0627\u062f\u0627\u062a \/ \u0625\u062c\u0645\u0627\u0644\u064a \u0627\u0644\u0623\u0635\u0648\u0644)<\/p>\n<p>\u0641\u064a \u0647\u0630\u0647 \u0627\u0644\u0635\u064a\u063a\u0629:<\/p>\n<ul>\n<li>\u0635\u0627\u0641\u064a \u0627\u0644\u062f\u062e\u0644 \/ \u0627\u0644\u0625\u064a\u0631\u0627\u062f\u0627\u062a = \u0647\u0627\u0645\u0634 \u0627\u0644\u0631\u0628\u062d \u0627\u0644\u0635\u0627\u0641\u064a<\/li>\n<li>\u0627\u0644\u0625\u064a\u0631\u0627\u062f\u0627\u062a \/ \u0625\u062c\u0645\u0627\u0644\u064a \u0627\u0644\u0623\u0635\u0648\u0644 = \u0645\u0639\u062f\u0644 \u062f\u0648\u0631\u0627\u0646 \u0627\u0644\u0623\u0635\u0648\u0644<\/li>\n<\/ul>\n<p style=\"text-align: center;\"><strong>\u0644\u0630\u0644\u0643\u060c ROA = \u0647\u0627\u0645\u0634 \u0635\u0627\u0641\u064a \u0627\u0644\u0631\u0628\u062d \u00d7 \u0645\u0639\u062f\u0644 \u062f\u0648\u0631\u0627\u0646 \u0627\u0644\u0623\u0635\u0648\u0644<\/strong><\/p>\n<p>\u0648\u0647\u0630\u0627 \u064a\u0639\u0646\u064a: \u0623\u0646 \u0627\u0644\u0631\u0628\u062d\u064a\u0629 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629 \u062a\u0623\u062a\u064a \u0645\u0646 \u0627\u0644\u0642\u062f\u0631\u0629 \u0639\u0644\u0649 \u062a\u062d\u0642\u064a\u0642 \u0627\u0644\u0647\u0648\u0627\u0645\u0634 \u0648\u0627\u0644\u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u0627\u0644\u062c\u064a\u062f \u0644\u0644\u0623\u0635\u0648\u0644.<\/p>\n<h4>\u0627\u0644\u062e\u0637\u0648\u0629 3: \u0631\u0628\u0637 \u0627\u0644\u0627\u062b\u0646\u064a\u0646 \u0648\u062a\u0634\u0643\u064a\u0644 \u0635\u064a\u063a\u0629 \u062f\u0648\u0628\u0648\u0646\u062a \u0627\u0644\u0646\u0647\u0627\u0626\u064a\u0629<\/h4>\n<p>\u0644\u0644\u0648\u0635\u0648\u0644 \u0625\u0644\u0649 \u0627\u0644\u0635\u064a\u063a\u0629 \u0627\u0644\u0646\u0647\u0627\u0626\u064a\u0629 \u0644\u062f\u0648\u0628\u0648\u0646\u062a\u060c \u064a\u0643\u0641\u064a \u0627\u0633\u062a\u0628\u062f\u0627\u0644 ROA \u0645\u0646 \u0627\u0644\u062e\u0637\u0648\u0629 1 \u0628\u062a\u062d\u0644\u064a\u0644\u0647\u0627 \u0643\u0645\u0627 \u0631\u0623\u064a\u0646\u0627 \u0641\u064a \u0627\u0644\u062e\u0637\u0648\u0629 2:<\/p>\n<p>\u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629 = \u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u0627\u0644\u0623\u0635\u0648\u0644 \u00d7 (\u0625\u062c\u0645\u0627\u0644\u064a \u0627\u0644\u0623\u0635\u0648\u0644 \/ \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629) = (\u0635\u0627\u0641\u064a \u0627\u0644\u062f\u062e\u0644 \/ \u0627\u0644\u0625\u064a\u0631\u0627\u062f\u0627\u062a) \u00d7 (\u0627\u0644\u0625\u064a\u0631\u0627\u062f\u0627\u062a \/ \u0625\u062c\u0645\u0627\u0644\u064a \u0627\u0644\u0623\u0635\u0648\u0644) \u00d7 (\u0625\u062c\u0645\u0627\u0644\u064a \u0627\u0644\u0623\u0635\u0648\u0644 \/ \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629)<\/p>\n<p>\u0644\u0630\u0644\u0643\u060c \u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629 = \u0647\u0627\u0645\u0634 \u0635\u0627\u0641\u064a \u0627\u0644\u0631\u0628\u062d \u00d7 \u0645\u0639\u062f\u0644 \u062f\u0648\u0631\u0627\u0646 \u0627\u0644\u0623\u0635\u0648\u0644 \u00d7 \u0627\u0644\u0631\u0627\u0641\u0639\u0629 \u0627\u0644\u0645\u0627\u0644\u064a\u0629<\/p>\n<p>\u0641\u064a \u0645\u0644\u062e\u0635:<\/p>\n<ul>\n<li>\u064a\u0639\u062a\u0645\u062f \u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629 \u0639\u0644\u0649 \u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u0627\u0644\u0623\u0635\u0648\u0644 \u0648\u0627\u0644\u0631\u0627\u0641\u0639\u0629 \u0627\u0644\u0645\u0627\u0644\u064a\u0629: \u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629 = \u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u0627\u0644\u0623\u0635\u0648\u0644 \u00d7 \u0627\u0644\u0631\u0627\u0641\u0639\u0629 \u0627\u0644\u0645\u0627\u0644\u064a\u0629<\/li>\n<li>\u064a\u0639\u062a\u0645\u062f \u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u0627\u0644\u0623\u0635\u0648\u0644 \u0639\u0644\u0649 \u0627\u0644\u0647\u0627\u0645\u0634 \u0627\u0644\u0635\u0627\u0641\u064a \u0648\u062f\u0648\u0631\u0627\u0646 \u0627\u0644\u0623\u0635\u0648\u0644: \u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u0627\u0644\u0623\u0635\u0648\u0644 = \u0627\u0644\u0647\u0627\u0645\u0634 \u00d7 \u062f\u0648\u0631\u0627\u0646 \u0627\u0644\u0623\u0635\u0648\u0644<\/li>\n<li>\u062f\u0645\u062c \u0627\u0644\u0627\u062b\u0646\u064a\u0646: \u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629 = \u0627\u0644\u0647\u0627\u0645\u0634 \u00d7 \u0645\u0639\u062f\u0644 \u062f\u0648\u0631\u0627\u0646 \u0627\u0644\u0623\u0635\u0648\u0644 \u00d7 \u0627\u0644\u0631\u0627\u0641\u0639\u0629 \u0627\u0644\u0645\u0627\u0644\u064a\u0629.<\/li>\n<\/ul>\n<p>\u0628\u0627\u062e\u062a\u0635\u0627\u0631\u060c \u062a\u0633\u0644\u0637 \u0634\u0631\u0643\u0629 \u062f\u0648\u0628\u0648\u0646\u062a \u0627\u0644\u0636\u0648\u0621 \u0639\u0644\u0649 \u062b\u0644\u0627\u062b\u0629 \u0631\u0648\u0627\u0641\u0639 \u0644\u0644\u0631\u0628\u062d\u064a\u0629 \u0627\u0644\u0645\u0627\u0644\u064a\u0629:<\/p>\n<table>\n<thead>\n<tr>\n<th>\u0639\u0646\u0635\u0631<\/th>\n<th>\u0635\u064a\u063a\u0629<\/th>\n<th>\u062a\u0641\u0633\u064a\u0631<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td><strong>\u0647\u0627\u0645\u0634 \u0635\u0627\u0641\u064a \u0627\u0644\u0631\u0628\u062d<\/strong><\/td>\n<td>\u0635\u0627\u0641\u064a \u0627\u0644\u062f\u062e\u0644 \/ \u0627\u0644\u0625\u064a\u0631\u0627\u062f\u0627\u062a<\/td>\n<td>\u0627\u0644\u0642\u062f\u0631\u0629 \u0639\u0644\u0649 \u062a\u0648\u0644\u064a\u062f \u0627\u0644\u0631\u0628\u062d \u0645\u0646 \u0627\u0644\u0625\u064a\u0631\u0627\u062f\u0627\u062a<\/td>\n<\/tr>\n<tr>\n<td><strong>\u062a\u062f\u0648\u064a\u0631 \u0627\u0644\u0623\u0635\u0648\u0644<\/strong><\/td>\n<td>\u0627\u0644\u0625\u064a\u0631\u0627\u062f\u0627\u062a \/ \u0625\u062c\u0645\u0627\u0644\u064a \u0627\u0644\u0623\u0635\u0648\u0644<\/td>\n<td>\u0627\u0644\u0643\u0641\u0627\u0621\u0629 \u0641\u064a \u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u0627\u0644\u0645\u0648\u0627\u0631\u062f<\/td>\n<\/tr>\n<tr>\n<td><strong>\u0627\u0644\u0631\u0627\u0641\u0639\u0629 \u0627\u0644\u0645\u0627\u0644\u064a\u0629<\/strong><\/td>\n<td>\u0625\u062c\u0645\u0627\u0644\u064a \u0627\u0644\u0623\u0635\u0648\u0644 \/ \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629<\/td>\n<td>\u062a\u0623\u062b\u064a\u0631 \u0627\u0644\u062f\u064a\u0648\u0646 \u0639\u0644\u0649 \u0627\u0644\u0631\u0628\u062d\u064a\u0629<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>\u0648\u0628\u0627\u0644\u062a\u0627\u0644\u064a\u060c \u064a\u0645\u0643\u0646 \u0644\u0644\u0634\u0631\u0643\u0629 \u062a\u062d\u0633\u064a\u0646 \u0639\u0627\u0626\u062f\u0647\u0627 \u0639\u0644\u0649 \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629:<\/p>\n<ul>\n<li>\u0625\u0645\u0627 \u0639\u0646 \u0637\u0631\u064a\u0642 \u0632\u064a\u0627\u062f\u0629 \u0647\u0627\u0645\u0634 \u0627\u0644\u0631\u0628\u062d (\u0631\u0628\u062d\u064a\u0629 \u062a\u062c\u0627\u0631\u064a\u0629 \u0623\u0641\u0636\u0644)\u060c,<\/li>\n<li>\u0625\u0645\u0627 \u0639\u0646 \u0637\u0631\u064a\u0642 \u062a\u0633\u0631\u064a\u0639 \u062f\u0648\u0631\u0627\u0646 \u0623\u0635\u0648\u0644\u0647\u0627 (\u0645\u0632\u064a\u062f \u0645\u0646 \u0627\u0644\u0625\u064a\u0631\u0627\u062f\u0627\u062a \u0644\u0646\u0641\u0633 \u0631\u0623\u0633 \u0627\u0644\u0645\u0627\u0644)\u060c,<\/li>\n<li>\u0625\u0645\u0627 \u0639\u0646 \u0637\u0631\u064a\u0642 \u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u0627\u0644\u0631\u0627\u0641\u0639\u0629 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 (\u062a\u0645\u0648\u064a\u0644 \u0627\u0644\u0645\u0632\u064a\u062f \u0645\u0646 \u062e\u0644\u0627\u0644 \u0627\u0644\u062f\u064a\u0648\u0646).<\/li>\n<\/ul>\n<h3>\u0627\u0644\u062a\u062d\u0644\u0644 \u0627\u0644\u0631\u064a\u0627\u0636\u064a<\/h3>\n<p>\u0648\u0647\u0646\u0627 \u0643\u064a\u0641\u064a\u0629 \u0627\u0644\u0642\u064a\u0627\u0645 \u0628\u0630\u0644\u0643.<\/p>\n<h4>\u0623) \u0623\u0648\u0644\u0627\u064b\u060c \u0646\u0642\u062f\u0645 \u0627\u0644\u0643\u0633\u0631 \u0627\u0644\u0645\u062d\u0627\u064a\u062f CA \/ CA:<\/h4>\n<p>\u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0633\u0627\u0647\u0645\u064a\u0646 = (\u0635\u0627\u0641\u064a \u0627\u0644\u062f\u062e\u0644 \/ \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0633\u0627\u0647\u0645\u064a\u0646) \u00d7 (\u0627\u0644\u0625\u064a\u0631\u0627\u062f\u0627\u062a \/ \u0627\u0644\u0625\u064a\u0631\u0627\u062f\u0627\u062a) = (\u0635\u0627\u0641\u064a \u0627\u0644\u062f\u062e\u0644 \/ \u0627\u0644\u0625\u064a\u0631\u0627\u062f\u0627\u062a) \u00d7 (\u0627\u0644\u0625\u064a\u0631\u0627\u062f\u0627\u062a \/ \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0633\u0627\u0647\u0645\u064a\u0646)<\/p>\n<h4>\u0628) \u0628\u0639\u062f \u0630\u0644\u0643\u060c \u0646\u0642\u062f\u0645 \u0627\u0644\u062c\u0632\u0621 \u0627\u0644\u0645\u062d\u0627\u064a\u062f \u0645\u0646 \u0625\u062c\u0645\u0627\u0644\u064a \u0627\u0644\u0623\u0635\u0648\u0644:<\/h4>\n<p>\u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629 = (\u0635\u0627\u0641\u064a \u0627\u0644\u062f\u062e\u0644 \/ \u0627\u0644\u0625\u064a\u0631\u0627\u062f\u0627\u062a) \u00d7 (\u0627\u0644\u0625\u064a\u0631\u0627\u062f\u0627\u062a \/ \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629) \u00d7 (\u0625\u062c\u0645\u0627\u0644\u064a \u0627\u0644\u0623\u0635\u0648\u0644 \/ \u0625\u062c\u0645\u0627\u0644\u064a \u0627\u0644\u0623\u0635\u0648\u0644) = (\u0635\u0627\u0641\u064a \u0627\u0644\u062f\u062e\u0644 \/ \u0627\u0644\u0625\u064a\u0631\u0627\u062f\u0627\u062a) \u00d7 (\u0627\u0644\u0625\u064a\u0631\u0627\u062f\u0627\u062a \/ \u0625\u062c\u0645\u0627\u0644\u064a \u0627\u0644\u0623\u0635\u0648\u0644) \u00d7 (\u0625\u062c\u0645\u0627\u0644\u064a \u0627\u0644\u0623\u0635\u0648\u0644 \/ \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629)<\/p>\n<p style=\"text-align: center;\"><strong>\u0644\u0630\u0644\u0643\u060c \u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629 = (\u0635\u0627\u0641\u064a \u0627\u0644\u062f\u062e\u0644 \/ \u0627\u0644\u0625\u064a\u0631\u0627\u062f\u0627\u062a) \u00d7 (\u0627\u0644\u0625\u064a\u0631\u0627\u062f\u0627\u062a \/ \u0625\u062c\u0645\u0627\u0644\u064a \u0627\u0644\u0623\u0635\u0648\u0644) \u00d7 (\u0625\u062c\u0645\u0627\u0644\u064a \u0627\u0644\u0623\u0635\u0648\u0644 \/ \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629)<\/strong><\/p>\n<p>\u0648\u0645\u0627\u0630\u0627 \u0646\u0644\u0627\u062d\u0638\u061f \u0623\u0646 \u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629 \u064a\u0633\u0627\u0648\u064a \u0647\u0627\u0645\u0634 \u0627\u0644\u0631\u0628\u062d \u0627\u0644\u0635\u0627\u0641\u064a \u00d7 \u0645\u0639\u062f\u0644 \u062f\u0648\u0631\u0627\u0646 \u0627\u0644\u0623\u0635\u0648\u0644 \u00d7 \u0627\u0644\u0631\u0627\u0641\u0639\u0629 \u0627\u0644\u0645\u0627\u0644\u064a\u0629.<\/p>\n<p style=\"text-align: center;\"><strong>\u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629 = \u0647\u0627\u0645\u0634 \u0635\u0627\u0641\u064a \u0627\u0644\u0631\u0628\u062d \u00d7 \u0645\u0639\u062f\u0644 \u062f\u0648\u0631\u0627\u0646 \u0627\u0644\u0623\u0635\u0648\u0644 \u00d7 \u0627\u0644\u0631\u0627\u0641\u0639\u0629 \u0627\u0644\u0645\u0627\u0644\u064a\u0629<\/strong><\/p>\n<p>\u064a\u062a\u0648\u0627\u0641\u0642 \u0643\u0644 \u0645\u0635\u0637\u0644\u062d \u0645\u0639 \u0631\u0627\u0641\u0639\u0629 \u0623\u062f\u0627\u0621 \u0645\u0645\u064a\u0632\u0629:<\/p>\n<table>\n<thead>\n<tr>\n<th>\u0639\u0646\u0635\u0631<\/th>\n<th>\u0635\u064a\u063a\u0629<\/th>\n<th>\u062a\u0641\u0633\u064a\u0631<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td><strong>\u0647\u0627\u0645\u0634 \u0635\u0627\u0641\u064a \u0627\u0644\u0631\u0628\u062d<\/strong><\/td>\n<td>\u0635\u0627\u0641\u064a \u0627\u0644\u062f\u062e\u0644 \/ \u0627\u0644\u0625\u064a\u0631\u0627\u062f\u0627\u062a<\/td>\n<td>\u0642\u064a\u0627\u0633 \u0627\u0644\u0631\u0628\u062d\u064a\u0629 \u0627\u0644\u062a\u062c\u0627\u0631\u064a\u0629 (\u0631\u0628\u062d\u064a\u0629 \u0627\u0644\u0645\u0628\u064a\u0639\u0627\u062a)<\/td>\n<\/tr>\n<tr>\n<td><strong>\u062a\u062f\u0648\u064a\u0631 \u0627\u0644\u0623\u0635\u0648\u0644<\/strong><\/td>\n<td>\u0627\u0644\u0625\u064a\u0631\u0627\u062f\u0627\u062a \/ \u0625\u062c\u0645\u0627\u0644\u064a \u0627\u0644\u0623\u0635\u0648\u0644<\/td>\n<td>\u0642\u064a\u0627\u0633 \u0627\u0644\u0643\u0641\u0627\u0621\u0629 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629 (\u0627\u0633\u062a\u063a\u0644\u0627\u0644 \u0627\u0644\u0645\u0648\u0627\u0631\u062f)<\/td>\n<\/tr>\n<tr>\n<td><strong>\u0627\u0644\u0631\u0627\u0641\u0639\u0629 \u0627\u0644\u0645\u0627\u0644\u064a\u0629<\/strong><\/td>\n<td>\u0625\u062c\u0645\u0627\u0644\u064a \u0627\u0644\u0623\u0635\u0648\u0644 \/ \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629<\/td>\n<td>\u064a\u0642\u064a\u0633 \u0634\u062f\u0629 \u0627\u0644\u0645\u062f\u064a\u0648\u0646\u064a\u0629 (\u0627\u0644\u0647\u064a\u0643\u0644 \u0627\u0644\u0645\u0627\u0644\u064a)<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>\u0648\u0628\u0639\u0628\u0627\u0631\u0629 \u0623\u062e\u0631\u0649: \u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629 = \u0627\u0644\u0631\u0628\u062d\u064a\u0629 \u0627\u0644\u062a\u062c\u0627\u0631\u064a\u0629 \u00d7 \u0627\u0644\u0643\u0641\u0627\u0621\u0629 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629 \u00d7 \u0627\u0644\u0647\u064a\u0643\u0644 \u0627\u0644\u0645\u0627\u0644\u064a.<\/p>\n<p>\u062a\u0643\u0645\u0646 \u0642\u0648\u0629 \u0637\u0631\u064a\u0642\u0629 \u062f\u0648\u0628\u0648\u0646\u062a \u0641\u064a \u062a\u062c\u0627\u0648\u0632\u0647\u0627 \u0644\u0644\u0631\u0642\u0645 \u0627\u0644\u0628\u0633\u064a\u0637\u060c \u0641\u0647\u064a \u062a\u062a\u064a\u062d \u062a\u062d\u062f\u064a\u062f \u0645\u0635\u062f\u0631 \u0627\u0644\u062a\u0628\u0627\u064a\u0646 \u0641\u064a \u0639\u0627\u0626\u062f \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629 \u0628\u062f\u0642\u0629.<\/p>\n<ul>\n<li>\u0625\u0630\u0627 \u0643\u0627\u0646 \u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629 \u064a\u062a\u0646\u0627\u0642\u0635\u060c \u0641\u0647\u0644 \u064a\u0631\u062c\u0639 \u0630\u0644\u0643 \u0625\u0644\u0649 \u0627\u0646\u062e\u0641\u0627\u0636 \u0627\u0644\u0647\u0627\u0645\u0634\u061f<\/li>\n<li>\u0623\u0645 \u0623\u0646 \u0645\u0639\u062f\u0644 \u062f\u0648\u0631\u0627\u0646 \u0627\u0644\u0623\u0635\u0648\u0644 \u0623\u0628\u0637\u0623\u061f<\/li>\n<li>\u0623\u0648 \u0631\u0628\u0645\u0627 \u062a\u062e\u0641\u064a\u0636 \u0627\u0644\u062f\u064a\u0648\u0646\u061f<\/li>\n<\/ul>\n<p>\ud83d\udc49 \u0628\u0645\u0639\u0646\u0649 \u0622\u062e\u0631\u060c \u064a\u0642\u0648\u0645 \u0628\u062a\u062d\u0648\u064a\u0644 \u0627\u0644\u0646\u0633\u0628\u0629 \u0627\u0644\u0625\u062c\u0645\u0627\u0644\u064a\u0629 \u0625\u0644\u0649 \u0623\u062f\u0627\u0629 \u062a\u0634\u062e\u064a\u0635\u064a\u0629 \u0648\u0625\u062f\u0627\u0631\u064a\u0629.<\/p>\n<h3>\u0645\u062b\u0627\u0644 \u0645\u0628\u0633\u0637 \u0644\u0637\u0631\u064a\u0642\u0629 \u062f\u0648\u0628\u0648\u0646\u062a<\/h3>\n<p>\u0644\u0646\u0623\u062e\u0630 \u0634\u0631\u0643\u0629 \u0628\u0627\u0644\u0628\u064a\u0627\u0646\u0627\u062a \u0627\u0644\u062a\u0627\u0644\u064a\u0629:<\/p>\n<ul>\n<li>\u0627\u0644\u0646\u062a\u064a\u062c\u0629 \u0627\u0644\u0635\u0627\u0641\u064a\u0629: 50,000 \u064a\u0648\u0631\u0648<\/li>\n<li>\u0627\u0644\u0625\u064a\u0631\u0627\u062f\u0627\u062a: 1,000,000 \u064a\u0648\u0631\u0648<\/li>\n<li>\u0625\u062c\u0645\u0627\u0644\u064a \u0627\u0644\u0623\u0635\u0648\u0644: 500,000 \u064a\u0648\u0631\u0648<\/li>\n<li>\u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629: 250,000 \u064a\u0648\u0631\u0648<\/li>\n<\/ul>\n<p>\u0627\u0644\u062d\u0633\u0627\u0628\u0627\u062a:<\/p>\n<ul>\n<li>\u0635\u0627\u0641\u064a \u0627\u0644\u0647\u0627\u0645\u0634 = 50,000 \/ 1,000,000 = 5 %<\/li>\n<li>\u0645\u0639\u062f\u0644 \u062f\u0648\u0631\u0627\u0646 \u0627\u0644\u0623\u0635\u0648\u0644 = 1,000,000 \/ 500,000 = 2<\/li>\n<li>\u0627\u0644\u0631\u0627\u0641\u0639\u0629 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 = 500,000 \/ 250,000 = 2<\/li>\n<li>\u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629 = 5% \u00d7 2 \u00d7 2 = 20%<\/li>\n<\/ul>\n<p>\u27a1\ufe0f \u0648\u0628\u0627\u0644\u062a\u0627\u0644\u064a\u060c \u062a\u062d\u0642\u0642 \u0627\u0644\u0634\u0631\u0643\u0629 \u0639\u0627\u0626\u062f\u064b\u0627 \u0642\u062f\u0631\u0647 20 % \u0639\u0644\u0649 \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629 \u0627\u0644\u062e\u0627\u0635\u0629 \u0628\u0647\u0627\u060c \u0648\u0630\u0644\u0643 \u0628\u0641\u0636\u0644:<\/p>\n<ul>\n<li>\u0647\u0627\u0645\u0634 \u0631\u0628\u062d \u0645\u0639\u0642\u0648\u0644 (5 %)\u060c,<\/li>\n<li>\u0627\u0644\u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u0627\u0644\u0641\u0639\u0627\u0644 \u0644\u0623\u0635\u0648\u0644\u0647\u0627 (\u0627\u0644\u062f\u0648\u0631\u0627\u0646 = 2)\u060c,<\/li>\n<li>\u0648\u0631\u0627\u0641\u0639\u0629 \u0645\u0627\u0644\u064a\u0629 \u0625\u064a\u062c\u0627\u0628\u064a\u0629 (2).<\/li>\n<\/ul>\n<h3>\u0627\u0644\u0642\u0631\u0627\u0621\u0629 \u0627\u0644\u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a\u0629<\/h3>\n<table>\n<thead>\n<tr>\n<th>\u0644\u0648\u2026<\/th>\n<th>\u0644\u0630\u0627\u2026<\/th>\n<th>\u062a\u0641\u0633\u064a\u0631<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>\u064a\u0632\u062f\u0627\u062f \u0627\u0644\u0647\u0627\u0645\u0634 \u0627\u0644\u0635\u0627\u0641\u064a<\/td>\n<td>\u2191 ROE<\/td>\n<td>\u062a\u062d\u0633\u064a\u0646 \u0631\u0628\u062d\u064a\u0629 \u0627\u0644\u0623\u0639\u0645\u0627\u0644<\/td>\n<\/tr>\n<tr>\n<td>\u0632\u064a\u0627\u062f\u0629 \u0645\u0639\u062f\u0644 \u062f\u0648\u0631\u0627\u0646 \u0627\u0644\u0623\u0635\u0648\u0644<\/td>\n<td>\u2191 ROE<\/td>\n<td>\u0627\u0644\u0623\u0635\u0648\u0644 \u064a\u062a\u0645 \u0627\u0633\u062a\u063a\u0644\u0627\u0644\u0647\u0627 \u0628\u0634\u0643\u0644 \u0623\u0641\u0636\u0644<\/td>\n<\/tr>\n<tr>\n<td>\u0632\u064a\u0627\u062f\u0629 \u0627\u0644\u0631\u0627\u0641\u0639\u0629 \u0627\u0644\u0645\u0627\u0644\u064a\u0629<\/td>\n<td>ROE \u2191 (\u0625\u0630\u0627 \u0643\u0627\u0646 ROA &gt; \u062a\u0643\u0644\u0641\u0629 \u0627\u0644\u062f\u064a\u0646)<\/td>\n<td>\u0627\u0644\u0631\u0627\u0641\u0639\u0629 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0627\u0644\u0625\u064a\u062c\u0627\u0628\u064a\u0629<\/td>\n<\/tr>\n<tr>\n<td>\u0632\u064a\u0627\u062f\u0629 \u0627\u0644\u0631\u0627\u0641\u0639\u0629 \u0627\u0644\u0645\u0627\u0644\u064a\u0629<\/td>\n<td>\u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629 \u2193 (\u0625\u0630\u0627 \u0643\u0627\u0646 \u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u0627\u0644\u0623\u0635\u0648\u0644 &lt; \u062a\u0643\u0644\u0641\u0629 \u0627\u0644\u062f\u064a\u0646)<\/td>\n<td>\u0627\u0644\u0631\u0627\u0641\u0639\u0629 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0627\u0644\u0645\u062f\u0645\u0631\u0629<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>\u0628\u0627\u062e\u062a\u0635\u0627\u0631\u060c \u062a\u0638\u0647\u0631 \u0637\u0631\u064a\u0642\u0629 \u062f\u0648\u0628\u0648\u0646\u062a \u0623\u0646 \u0627\u0644\u0631\u0628\u062d\u064a\u0629 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0647\u064a \u0646\u062a\u064a\u062c\u0629 \u0644\u062b\u0644\u0627\u062b\u0629 \u0623\u0628\u0639\u0627\u062f \u0631\u0626\u064a\u0633\u064a\u0629:<\/p>\n<ul>\n<li>\u0627\u0644\u0623\u062f\u0627\u0621 \u0627\u0644\u062a\u062c\u0627\u0631\u064a\u060c,<\/li>\n<li>\u0627\u0644\u0623\u062f\u0627\u0621 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u060c,<\/li>\n<li>\u0648\u0647\u064a\u0643\u0644 \u0627\u0644\u062a\u0645\u0648\u064a\u0644.<\/li>\n<\/ul>\n<p>\u0648\u0647\u0630\u0647 \u0635\u064a\u063a\u0629 \u0623\u0633\u0627\u0633\u064a\u0629 \u0641\u064a \u0627\u0644\u062a\u062d\u0644\u064a\u0644 \u0627\u0644\u0645\u0627\u0644\u064a\u060c \u0644\u0623\u0646\u0647\u0627 \u062a\u0631\u0628\u0637 \u0628\u064a\u0646 \u0627\u0644\u0623\u062f\u0627\u0621 \u0627\u0644\u062a\u0634\u063a\u064a\u0644\u064a \u0648\u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a \u0648\u0627\u0644\u0645\u0627\u0644\u064a \u0641\u064a \u0642\u0631\u0627\u0621\u0629 \u0648\u0627\u062d\u062f\u0629 \u0645\u062a\u0645\u0627\u0633\u0643\u0629 \u0648\u0628\u062f\u064a\u0647\u064a\u0629.<\/p>\n<h2>\u0645\u0627 \u0647\u0648 \u0627\u0644\u0641\u0631\u0642 \u0628\u064a\u0646 ROCE \u0648 ROA\u061f<\/h2>\n<p>\u0641\u064a \u0627\u0644\u0648\u0627\u0642\u0639\u060c \u064a\u064f\u0645\u0643\u0651\u0646\u0646\u0627 \u0645\u0639\u062f\u0644 \u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u0631\u0623\u0633 \u0627\u0644\u0645\u0627\u0644 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631 \u0645\u0646 \u062a\u062d\u062f\u064a\u062f \u0645\u0627 \u0625\u0630\u0627 \u0643\u0627\u0646\u062a \u0627\u0644\u0634\u0631\u0643\u0629 \u0645\u0631\u0628\u062d\u0629 (\u0628\u063a\u0636 \u0627\u0644\u0646\u0638\u0631 \u0639\u0646 \u0645\u0635\u0627\u062f\u0631 \u062a\u0645\u0648\u064a\u0644\u0647\u0627) \u0639\u0644\u0649 \u0627\u0644\u0645\u0633\u062a\u0648\u0649 \u0627\u0644\u062a\u0634\u063a\u064a\u0644\u064a\u060c \u0645\u0646 \u062e\u0644\u0627\u0644 \u0627\u0644\u0623\u0631\u0628\u0627\u062d \u0642\u0628\u0644 \u0627\u0644\u0641\u0648\u0627\u0626\u062f \u0648\u0627\u0644\u0636\u0631\u0627\u0626\u0628 \u0648\u0627\u0644\u0625\u0647\u0644\u0627\u0643 \u0648\u0627\u0644\u0627\u0633\u062a\u0647\u0644\u0627\u0643 (EBITDA) \u0623\u0648 \u0627\u0644\u0623\u0631\u0628\u0627\u062d \u0627\u0644\u062a\u0634\u063a\u064a\u0644\u064a\u0629\u060c \u0645\u0642\u0627\u0631\u0646\u0629\u064b \u0628\u0627\u0644\u0645\u0648\u0627\u0631\u062f \u0627\u0644\u0645\u0633\u062a\u0642\u0631\u0629. \u0625\u0646\u0647 \u0627\u0644\u062e\u0637 \u0627\u0644\u0623\u0648\u0644 \u0641\u064a \u0627\u0644\u062a\u062d\u0644\u064a\u0644 \u0627\u0644\u062a\u0634\u063a\u064a\u0644\u064a.<\/p>\n<p>\u064a\u064f\u0643\u0645\u0650\u0651\u0644 \u0645\u0639\u062f\u0644 \u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u0627\u0644\u0623\u0635\u0648\u0644 (ROA) \u0627\u0644\u062a\u062d\u0644\u064a\u0644\u064e \u0628\u062a\u0642\u062f\u064a\u0631 \u0627\u0644\u0631\u0628\u062d\u064a\u0629 \u0627\u0644\u0625\u062c\u0645\u0627\u0644\u064a\u0629 (\u0623\u064a \u0635\u0627\u0641\u064a \u0627\u0644\u062f\u062e\u0644) \u0644\u062c\u0645\u064a\u0639 \u0627\u0644\u0623\u0635\u0648\u0644 (\u0628\u0645\u0627 \u0641\u064a \u0630\u0644\u0643 \u062c\u0645\u064a\u0639 \u0646\u0641\u0642\u0627\u062a \u0627\u0644\u0634\u0631\u0643\u0629\u060c \u0648\u0644\u064a\u0633 \u0641\u0642\u0637 \u062a\u0643\u0627\u0644\u064a\u0641 \u0627\u0644\u062a\u0634\u063a\u064a\u0644). \u064a\u064f\u0648\u0641\u0631 \u0647\u0630\u0627 \u0625\u0637\u0627\u0631\u064b\u0627 \u0623\u0634\u0645\u0644\u060c \u0648\u0627\u0644\u0623\u0647\u0645 \u0645\u0646 \u0630\u0644\u0643\u060c \u0623\u0646 \u0645\u0642\u0627\u0631\u0646\u0629 \u0627\u0644\u0645\u0624\u0634\u0631\u064a\u0646 \u062a\u064f\u062a\u064a\u062d \u0644\u0646\u0627 \u0627\u0633\u062a\u062e\u0644\u0627\u0635 \u0627\u0633\u062a\u0646\u062a\u0627\u062c\u0627\u062a \u062d\u0648\u0644 \u062a\u0623\u062b\u064a\u0631 \u0627\u0644\u062f\u064a\u0646 \u0639\u0644\u0649 \u0631\u0628\u062d\u064a\u0629 \u0627\u0644\u0645\u0634\u0631\u0648\u0639.<\/p>\n<table>\n<thead>\n<tr>\n<th data-col-size=\"sm\">\u0645\u0639\u0627\u064a\u064a\u0631<\/th>\n<th data-col-size=\"lg\">\u0631\u0648\u0633<\/th>\n<th data-col-size=\"lg\">\u0639\u0627\u0626\u062f \u0627\u0644\u0623\u0635\u0648\u0644<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td data-col-size=\"sm\">\u0627\u0644\u0628\u0633\u0637<\/td>\n<td data-col-size=\"lg\">EBITDA \u0623\u0648 EBIT (\u0642\u0628\u0644 \u0627\u0644\u0641\u0648\u0627\u0626\u062f\/\u0627\u0644\u0636\u0631\u0627\u0626\u0628)<\/td>\n<td data-col-size=\"lg\">\u0627\u0644\u0646\u062a\u064a\u062c\u0629 \u0627\u0644\u0635\u0627\u0641\u064a\u0629 (\u0628\u0639\u062f \u0643\u0644 \u0634\u064a\u0621)<\/td>\n<\/tr>\n<tr>\n<td data-col-size=\"sm\">\u0627\u0644\u0645\u0642\u0627\u0645<\/td>\n<td data-col-size=\"lg\">\u0627\u0644\u0645\u0648\u0627\u0631\u062f \u0627\u0644\u0645\u0633\u062a\u0642\u0631\u0629 (\u0627\u0644\u0623\u0633\u0647\u0645 + \u0627\u0644\u062f\u064a\u0648\u0646 \u0637\u0648\u064a\u0644\u0629 \u0627\u0644\u0623\u062c\u0644)<\/td>\n<td data-col-size=\"lg\">\u0625\u062c\u0645\u0627\u0644\u064a \u0627\u0644\u0623\u0635\u0648\u0644<\/td>\n<\/tr>\n<tr>\n<td data-col-size=\"sm\">\u0631\u0624\u064a\u0629<\/td>\n<td data-col-size=\"lg\">\u0627\u0644\u062a\u0634\u063a\u064a\u0644\u064a (\u0627\u0644\u0646\u0634\u0627\u0637 \u0627\u0644\u062e\u0627\u0644\u0635)<\/td>\n<td data-col-size=\"lg\">\u0627\u0644\u0625\u062c\u0645\u0627\u0644\u064a (\u064a\u0634\u0645\u0644 \u0627\u0644\u062a\u0645\u0648\u064a\u0644 + \u0627\u0644\u0636\u0631\u0627\u0626\u0628)<\/td>\n<\/tr>\n<tr>\n<td data-col-size=\"sm\">\u062c\u062f\u0648\u0649<\/td>\n<td data-col-size=\"lg\">\u062a\u0642\u064a\u064a\u0645 \u0631\u0628\u062d\u064a\u0629 \u0627\u0644\u0646\u0634\u0627\u0637<\/td>\n<td data-col-size=\"lg\">\u064a\u0642\u064a\u0633 \u0625\u0646\u062a\u0627\u062c\u064a\u0629 \u0627\u0644\u0623\u0635\u0648\u0644<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>\u0639\u0644\u0649 \u0633\u0628\u064a\u0644 \u0627\u0644\u0645\u062b\u0627\u0644\u060c \u064a\u0634\u064a\u0631 \u0627\u0631\u062a\u0641\u0627\u0639 \u0639\u0627\u0626\u062f \u0631\u0623\u0633 \u0627\u0644\u0645\u0627\u0644 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631 (10%) \u0628\u0634\u0643\u0644 \u0645\u0644\u062d\u0648\u0638 \u0645\u0642\u0627\u0631\u0646\u0629\u064b \u0628\u0639\u0627\u0626\u062f \u0627\u0644\u0623\u0635\u0648\u0644 (4%) \u0625\u0644\u0649 \u0623\u0646 \u0627\u0644\u0646\u0634\u0627\u0637 \u0627\u0644\u062a\u0634\u063a\u064a\u0644\u064a \u0645\u0631\u0628\u062d \u0645\u0642\u0627\u0631\u0646\u0629\u064b \u0628\u0627\u0644\u062a\u0645\u0648\u064a\u0644\u060c \u0625\u0644\u0627 \u0623\u0646 \u0627\u0644\u0646\u0641\u0642\u0627\u062a \u0627\u0644\u0645\u0627\u0644\u064a\u0629 (\u0627\u0644\u0641\u0648\u0627\u0626\u062f) \u0648\u0627\u0644\u0636\u0631\u0627\u0626\u0628 \u062a\u064f\u0642\u0644\u0644 \u0628\u0634\u0643\u0644 \u0643\u0628\u064a\u0631 \u0645\u0646 \u0635\u0627\u0641\u064a \u0627\u0644\u062f\u062e\u0644\u060c \u0645\u0645\u0627 \u064a\u064f\u0634\u064a\u0631 \u0625\u0644\u0649 \u0648\u062c\u0648\u062f \u062f\u064a\u0648\u0646 \u062a\u064f\u062b\u0642\u0644 \u0643\u0627\u0647\u0644 \u0635\u0627\u0641\u064a \u0627\u0644\u0631\u0628\u062d\u064a\u0629. \u0648\u0628\u0627\u0644\u062a\u0627\u0644\u064a\u060c \u064a\u0628\u062f\u0648 \u0623\u0646 \u0627\u0644\u0646\u0634\u0627\u0637 \u0627\u0644\u0631\u0626\u064a\u0633\u064a \u0633\u0644\u064a\u0645\u060c \u0648\u0644\u0643\u0646 \u0641\u064a \u0647\u0630\u0647 \u0627\u0644\u062d\u0627\u0644\u0629\u060c \u0645\u0646 \u0627\u0644\u0645\u0647\u0645 \u0645\u0639\u0631\u0641\u0629 \u0645\u0627 \u064a\u064f\u0628\u0631\u0631 \u0647\u0630\u0627 \u0627\u0644\u062f\u064a\u0646 \u0648\u0645\u062f\u0629 \u0627\u0633\u062a\u0645\u0631\u0627\u0631\u0647.<\/p>\n<h2>\u0645\u0644\u062e\u0635 \u0645\u0631\u0626\u064a \u2013 \u062a\u0633\u0644\u0633\u0644 \u0627\u0644\u0646\u0633\u0628<\/h2>\n<table>\n<thead>\n<tr>\n<th data-col-size=\"sm\">\u0645\u0633\u062a\u0648\u0649<\/th>\n<th data-col-size=\"sm\">\u0646\u0633\u0628\u0629<\/th>\n<th data-col-size=\"lg\">\u0635\u064a\u063a\u0629<\/th>\n<th data-col-size=\"lg\">\u064a\u0642\u064a\u0633<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td data-col-size=\"sm\">\u0645\u0628\u064a\u0639\u0627\u062a<\/td>\n<td data-col-size=\"sm\">\u0631\u0648\u0633<\/td>\n<td data-col-size=\"lg\">\u0631\u064a\u0643\u0633 \/ \u0643\u0627\u0644\u064a\u0641\u0648\u0631\u0646\u064a\u0627<\/td>\n<td data-col-size=\"lg\">\u0647\u0627\u0645\u0634 \u0627\u0644\u062a\u0634\u063a\u064a\u0644<\/td>\n<\/tr>\n<tr>\n<td data-col-size=\"sm\">\u0623\u0635\u0648\u0644<\/td>\n<td data-col-size=\"sm\">\u0639\u0627\u0626\u062f \u0627\u0644\u0623\u0635\u0648\u0644<\/td>\n<td data-col-size=\"lg\">\u0635\u0627\u0641\u064a \u0627\u0644\u062f\u062e\u0644 \/ \u0625\u062c\u0645\u0627\u0644\u064a \u0627\u0644\u0623\u0635\u0648\u0644<\/td>\n<td data-col-size=\"lg\">\u0627\u0644\u0625\u0646\u062a\u0627\u062c\u064a\u0629 \u0627\u0644\u0625\u062c\u0645\u0627\u0644\u064a\u0629<\/td>\n<\/tr>\n<tr>\n<td data-col-size=\"sm\">\u0639\u0627\u0635\u0645\u0629<\/td>\n<td data-col-size=\"sm\">\u0639\u0627\u0626\u062f \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631 \u0627\u0644\u0623\u062c\u0646\u0628\u064a \u0627\u0644\u0645\u0628\u0627\u0634\u0631 \/ \u0639\u0627\u0626\u062f \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631 \u0627\u0644\u0623\u062c\u0646\u0628\u064a \u0627\u0644\u0645\u0628\u0627\u0634\u0631<\/td>\n<td data-col-size=\"lg\">EBE \u0623\u0648 NOPAT \/ \u0627\u0644\u0645\u0648\u0627\u0631\u062f<\/td>\n<td data-col-size=\"lg\">\u0627\u0644\u0631\u0628\u062d\u064a\u0629 \u0627\u0644\u062a\u0634\u063a\u064a\u0644\u064a\u0629<\/td>\n<\/tr>\n<tr>\n<td data-col-size=\"sm\">\u0627\u0644\u0645\u0633\u0627\u0647\u0645\u064a\u0646<\/td>\n<td data-col-size=\"sm\">\u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629<\/td>\n<td data-col-size=\"lg\">\u0645\u0645\u0631\u0636\u0629 \u0645\u0633\u062c\u0644\u0629 \/ \u0637\u0628\u064a\u0628\u0629<\/td>\n<td data-col-size=\"lg\">\u0627\u0644\u0631\u0628\u062d\u064a\u0629 \u0627\u0644\u0646\u0647\u0627\u0626\u064a\u0629<\/td>\n<\/tr>\n<tr>\n<td data-col-size=\"sm\">\u0646\u0642\u062f\u064a<\/td>\n<td data-col-size=\"sm\">\u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u0631\u0623\u0633 \u0627\u0644\u0645\u0627\u0644 \u0627\u0644\u0646\u0642\u062f\u064a \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631<\/td>\n<td data-col-size=\"lg\">FCF \/ \u0631\u0623\u0633 \u0627\u0644\u0645\u0627\u0644 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631<\/td>\n<td data-col-size=\"lg\">\u0625\u0646\u0634\u0627\u0621 \u0627\u0644\u0646\u0642\u062f<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2>\u0646\u0642\u0627\u0637 \u0631\u0626\u064a\u0633\u064a\u0629 \u064a\u062c\u0628 \u062a\u0630\u0643\u0631\u0647\u0627 \u0641\u064a\u0645\u0627 \u064a\u062a\u0639\u0644\u0642 \u0628\u0627\u0644\u0646\u0633\u0628 \u0627\u0644\u0645\u062e\u062a\u0644\u0641\u0629<\/h2>\n<ul>\n<li>ROS = \u0643\u064a\u0641 \u0646\u0641\u0648\u0632<\/li>\n<li>ROA = \u0645\u0627 \u0646\u0631\u0628\u062d \u0628\u0647<\/li>\n<li>ROCE\/ROIC = \u0643\u0645 \u064a\u0643\u0644\u0641<\/li>\n<li>ROE = \u0645\u0646 \u0627\u0644\u0645\u0633\u062a\u0641\u064a\u062f<\/li>\n<li>\u062f\u0648\u0628\u0648\u0646\u062a = \u0644\u0645\u0627\u0630\u0627<\/li>\n<\/ul>\n<h2>\u0643\u064a\u0641\u064a\u0629 \u062a\u0641\u0633\u064a\u0631 \u0646\u0633\u0628 \u0627\u0644\u0631\u0628\u062d\u064a\u0629 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629 \u0648\u0627\u0644\u0645\u0627\u0644\u064a\u0629\u061f<\/h2>\n<p>\u0647\u0646\u0627\u0643 \u0639\u062f\u0629 \u0637\u0631\u0642 \u0644\u062a\u0641\u0633\u064a\u0631 \u0646\u0633\u0628 \u0627\u0644\u0631\u0628\u062d\u064a\u0629. \u0639\u0644\u0649 \u0633\u0628\u064a\u0644 \u0627\u0644\u0645\u062b\u0627\u0644:<\/p>\n<ul>\n<li>\u0644\u0645\u0642\u0627\u0631\u0646\u0629 \u0627\u0644\u0631\u0628\u062d\u064a\u0629 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629 (ROCE) \u0648\u0627\u0644\u0631\u0628\u062d\u064a\u0629 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 (ROE) \u0645\u0646 \u0623\u062c\u0644 \u062a\u062d\u062f\u064a\u062f \u0645\u0627 \u0625\u0630\u0627 \u0643\u0627\u0646\u062a \u0627\u0644\u0634\u0631\u0643\u0629 \u062a\u0633\u062a\u0641\u064a\u062f \u0645\u0646 \u062a\u0623\u062b\u064a\u0631 \u0627\u0644\u0631\u0641\u0639 \u0627\u0644\u0645\u0627\u0644\u064a \u0627\u0644\u0625\u064a\u062c\u0627\u0628\u064a \u0623\u0645 \u0644\u0627\u061b ;<\/li>\n<li>\u0644\u062a\u062d\u0644\u064a\u0644 \u062a\u0637\u0648\u0631 \u0647\u0630\u0647 \u0627\u0644\u0646\u0633\u0628 \u0645\u0646 \u0633\u0646\u0629 \u0625\u0644\u0649 \u0623\u062e\u0631\u0649\u061b ;<\/li>\n<li>\u0644\u0645\u0642\u0627\u0631\u0646\u0629 \u0645\u0639\u062f\u0644\u0627\u062a \u0627\u0644\u0631\u0628\u062d\u064a\u0629 \u0644\u0644\u0634\u0631\u0643\u0629 \u0645\u0639 \u062a\u0644\u0643 \u0627\u0644\u062e\u0627\u0635\u0629 \u0628\u0642\u0637\u0627\u0639 \u0627\u0644\u0635\u0646\u0627\u0639\u0629.<\/li>\n<\/ul>\n<p>\u062a\u062e\u062a\u0644\u0641 \u0645\u0633\u062a\u0648\u064a\u0627\u062a \u0627\u0644\u0631\u0628\u062d\u064a\u0629 \u0627\u062e\u062a\u0644\u0627\u0641\u064b\u0627 \u0643\u0628\u064a\u0631\u064b\u0627 \u0628\u064a\u0646 \u0627\u0644\u0642\u0637\u0627\u0639\u0627\u062a. \u0648\u0643\u0645\u0624\u0634\u0631\u060c \u062a\u062a\u0631\u0627\u0648\u062d \u0627\u0644\u0631\u0628\u062d\u064a\u0629 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629 \u0639\u0645\u0648\u0645\u064b\u0627 \u0628\u064a\u0646 8 \u064815 \u0641\u064a \u0642\u0637\u0627\u0639 \u0627\u0644\u062e\u062f\u0645\u0627\u062a\u060c \u0648\u0628\u064a\u0646 4 \u06488 \u0641\u064a \u0642\u0637\u0627\u0639 \u0627\u0644\u0635\u0646\u0627\u0639\u0629\u060c \u0648\u0628\u064a\u0646 3 \u06488 \u0641\u064a \u0642\u0637\u0627\u0639 \u0627\u0644\u062a\u062c\u0632\u0626\u0629\u060c \u0648\u0628\u064a\u0646 4 \u06486 \u0641\u064a \u0642\u0637\u0627\u0639 \u0627\u0644\u0625\u0646\u0634\u0627\u0621\u0627\u062a.<\/p>\n<p>\u0648\u0645\u0646 \u0627\u0644\u0645\u0645\u0643\u0646 \u062a\u062d\u0633\u064a\u0646 \u0627\u0644\u0631\u0628\u062d\u064a\u0629 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629\u060c \u0643\u0645\u0627 \u0631\u0623\u064a\u0646\u0627 \u0641\u064a \u0635\u064a\u063a\u0629 \u062f\u0648\u0628\u0648\u0646\u062a\u060c \u0645\u0646 \u062e\u0644\u0627\u0644 \u0639\u062f\u0629 \u0637\u0631\u0642.<\/p>\n<h3>\u062a\u062d\u0633\u064a\u0646 \u0647\u0627\u0645\u0634 \u0627\u0644\u062a\u0634\u063a\u064a\u0644 (\u0627\u0644\u0628\u0633\u0637 \u2191)<\/h3>\n<ul>\n<li>\u0632\u064a\u0627\u062f\u0629 \u0641\u064a \u0627\u0644\u0625\u064a\u0631\u0627\u062f\u0627\u062a:\n<ul>\n<li>\u0633\u064a\u0627\u0633\u0629 \u062a\u062c\u0627\u0631\u064a\u0629 \u0648\u062a\u0633\u0648\u064a\u0642\u064a\u0629 \u0623\u0641\u0636\u0644\u061b ;<\/li>\n<li>\u062a\u0646\u0648\u064a\u0639 \u0627\u0644\u0645\u0646\u062a\u062c\u0627\u062a\/\u0627\u0644\u062e\u062f\u0645\u0627\u062a \u0630\u0627\u062a \u0627\u0644\u0647\u0627\u0645\u0634 \u0627\u0644\u0623\u0639\u0644\u0649\u061b ;<\/li>\n<li>\u062a\u0637\u0648\u064a\u0631 \u0623\u0633\u0648\u0627\u0642 \u062c\u062f\u064a\u062f\u0629 (\u0627\u0644\u062a\u0635\u062f\u064a\u0631\u060c \u0627\u0644\u0631\u0642\u0645\u064a\u0629\u060c B2B\u060c \u0627\u0644\u062e).<\/li>\n<\/ul>\n<\/li>\n<li>\u062e\u0641\u0636 \u062a\u0643\u0627\u0644\u064a\u0641 \u0627\u0644\u062a\u0634\u063a\u064a\u0644:\n<ul>\n<li>\u0645\u0643\u0627\u0633\u0628 \u0627\u0644\u0625\u0646\u062a\u0627\u062c\u064a\u0629\u061b ;<\/li>\n<li>\u0623\u062a\u0645\u062a\u0629 \u0623\u0648 \u0631\u0642\u0645\u0646\u0629 \u0627\u0644\u0639\u0645\u0644\u064a\u0627\u062a\u061b ;<\/li>\n<li>\u062a\u062e\u0641\u064a\u0636 \u0627\u0644\u062a\u0643\u0627\u0644\u064a\u0641 \u0627\u0644\u062b\u0627\u0628\u062a\u0629 (\u0627\u0644\u062a\u0639\u0627\u0642\u062f \u0645\u0646 \u0627\u0644\u0628\u0627\u0637\u0646\u060c \u0627\u0644\u0627\u0633\u062a\u0639\u0627\u0646\u0629 \u0628\u0645\u0635\u0627\u062f\u0631 \u062e\u0627\u0631\u062c\u064a\u0629\u060c \u0625\u0639\u0627\u062f\u0629 \u0627\u0644\u062a\u0641\u0627\u0648\u0636 \u0639\u0644\u0649 \u0627\u0644\u0639\u0642\u0648\u062f)\u061b ;<\/li>\n<li>\u062a\u062d\u0633\u064a\u0646 \u0627\u0644\u0633\u064a\u0637\u0631\u0629 \u0639\u0644\u0649 \u062a\u0643\u0627\u0644\u064a\u0641 \u0627\u0644\u0645\u0648\u0638\u0641\u064a\u0646 \u0648\u0627\u0644\u0645\u0634\u062a\u0631\u064a\u0627\u062a.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h3>\u062a\u062d\u0633\u064a\u0646 \u0645\u0639\u062f\u0644 \u062f\u0648\u0631\u0627\u0646 \u0627\u0644\u0623\u0635\u0648\u0644 (\u0627\u0644\u0645\u0642\u0627\u0645 \u2193)<\/h3>\n<ul>\n<li>\u062a\u062e\u0641\u064a\u0636 \u0645\u062a\u0637\u0644\u0628\u0627\u062a \u0631\u0623\u0633 \u0627\u0644\u0645\u0627\u0644 \u0627\u0644\u0639\u0627\u0645\u0644 (WCR):\n<ul>\n<li>\u062a\u0642\u0635\u064a\u0631 \u0623\u0648\u0642\u0627\u062a \u0627\u0644\u062f\u0641\u0639 \u0644\u0644\u0639\u0645\u0644\u0627\u0621\u061b ;<\/li>\n<li>\u062a\u0645\u062f\u064a\u062f \u0623\u0648\u0642\u0627\u062a \u0627\u0644\u062a\u0633\u0644\u064a\u0645 \u0644\u0644\u0645\u0648\u0631\u062f\u064a\u0646 (\u062f\u0648\u0646 \u0627\u0644\u0625\u0636\u0631\u0627\u0631 \u0628\u0627\u0644\u0639\u0644\u0627\u0642\u0627\u062a)\u061b ;<\/li>\n<li>\u062a\u0642\u0644\u064a\u0644 \u0627\u0644\u0645\u062e\u0632\u0648\u0646\u0627\u062a (\u0641\u064a \u0627\u0644\u0648\u0642\u062a \u0627\u0644\u0645\u0646\u0627\u0633\u0628\u060c \u0648\u0627\u0644\u062a\u0646\u0628\u0624 \u0628\u0627\u0644\u0637\u0644\u0628 \u0628\u0634\u0643\u0644 \u0623\u0641\u0636\u0644).<\/li>\n<\/ul>\n<\/li>\n<li>\u062a\u062d\u0633\u064a\u0646 \u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u062b\u0627\u0628\u062a\u0629:\n<ul>\n<li>\u062a\u062d\u0633\u064a\u0646 \u0627\u0644\u0635\u064a\u0627\u0646\u0629 \u0627\u0644\u0648\u0642\u0627\u0626\u064a\u0629 \u0648\u0625\u062f\u0627\u0631\u0629 \u0627\u0644\u0645\u0639\u062f\u0627\u062a\u061b ;<\/li>\n<li>\u0628\u064a\u0639 \u0623\u0648 \u062a\u0623\u062c\u064a\u0631 \u0627\u0644\u0623\u0635\u0648\u0644 \u063a\u064a\u0631 \u0627\u0644\u0645\u0633\u062a\u063a\u0644\u0629 \u0628\u0627\u0644\u0643\u0627\u0645\u0644\u061b ;<\/li>\n<li>\u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u0627\u0644\u0625\u064a\u062c\u0627\u0631 \u0623\u0648 \u0627\u0644\u062a\u0623\u062c\u064a\u0631 \u0644\u062a\u062c\u0646\u0628 \u0631\u0628\u0637 \u0631\u0623\u0633 \u0627\u0644\u0645\u0627\u0644.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h3>\u0627\u0644\u0645\u0642\u0627\u064a\u0636\u0627\u062a \u0627\u0644\u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a\u0629<\/h3>\n<ul>\n<li>\u0625\u0639\u0627\u062f\u0629 \u062a\u0631\u0643\u064a\u0632 \u0627\u0644\u0646\u0634\u0627\u0637 \u0639\u0644\u0649 \u0627\u0644\u0623\u0639\u0645\u0627\u0644 \u0623\u0648 \u0627\u0644\u0645\u0646\u062a\u062c\u0627\u062a \u0627\u0644\u0623\u0643\u062b\u0631 \u0631\u0628\u062d\u064a\u0629\u061b ;<\/li>\n<li>\u0625\u063a\u0644\u0627\u0642 \u0623\u0648 \u0628\u064a\u0639 \u0627\u0644\u0623\u0646\u0634\u0637\u0629 \u0630\u0627\u062a \u0627\u0644\u0631\u0628\u062d\u064a\u0629 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629 \u0627\u0644\u0645\u0646\u062e\u0641\u0636\u0629\u061b ;<\/li>\n<li>\u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631 \u0641\u064a \u0627\u0644\u062a\u0642\u0646\u064a\u0627\u062a \u0623\u0648 \u0627\u0644\u0645\u0639\u062f\u0627\u062a \u0627\u0644\u0623\u0643\u062b\u0631 \u0643\u0641\u0627\u0621\u0629 \u0641\u064a \u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u0627\u0644\u0637\u0627\u0642\u0629 \u0623\u0648 \u0625\u0646\u062a\u0627\u062c\u064a\u0629\u061b ;<\/li>\n<li>\u0645\u0631\u0627\u062c\u0639\u0629 \u0627\u0644\u0647\u064a\u0643\u0644 \u0627\u0644\u062a\u0646\u0638\u064a\u0645\u064a \u0644\u062a\u0642\u0644\u064a\u0644 \u0627\u0644\u062a\u0643\u0627\u0644\u064a\u0641 \u0648\u062a\u0628\u0633\u064a\u0637 \u0639\u0645\u0644\u064a\u0629 \u0627\u062a\u062e\u0627\u0630 \u0627\u0644\u0642\u0631\u0627\u0631.<\/li>\n<\/ul>\n<p>\u0648\u0645\u0646 \u0627\u0644\u0645\u0645\u0643\u0646 \u0628\u0627\u0644\u062a\u0627\u0644\u064a \u062a\u062d\u0633\u064a\u0646 \u0627\u0644\u0631\u0628\u062d\u064a\u0629 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629 \u0645\u0646 \u062e\u0644\u0627\u0644 \u0632\u064a\u0627\u062f\u0629 \u0647\u0627\u0645\u0634 \u0627\u0644\u062a\u0634\u063a\u064a\u0644 (\u0632\u064a\u0627\u062f\u0629 \u062d\u062c\u0645 \u0627\u0644\u0623\u0639\u0645\u0627\u0644\u060c \u0648\u0645\u0631\u0627\u0642\u0628\u0629 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\u062e\u0644\u0627\u0644 \u0625\u062c\u0631\u0627\u0621 \u0645\u0642\u0627\u064a\u0636\u0627\u062a \u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a\u0629 \u0644\u062a\u0631\u0643\u064a\u0632 \u0627\u0644\u0645\u0648\u0627\u0631\u062f \u0639\u0644\u0649 \u0627\u0644\u0623\u0646\u0634\u0637\u0629 \u0627\u0644\u0623\u0643\u062b\u0631 \u0631\u0628\u062d\u064a\u0629.<\/p>\n<p>\u0648\u0623\u062e\u064a\u0631\u0627\u060c \u064a\u0645\u0643\u0646 \u0632\u064a\u0627\u062f\u0629 \u0627\u0644\u0631\u0628\u062d\u064a\u0629 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0625\u0630\u0627 \u0627\u0633\u062a\u0641\u0627\u062f\u062a \u0627\u0644\u0634\u0631\u0643\u0629 \u0645\u0646 \u0627\u0644\u062f\u064a\u0648\u0646 \u0627\u0644\u062a\u064a \u062a\u0648\u0644\u062f \u062a\u0623\u062b\u064a\u0631 \u0631\u0627\u0641\u0639\u0629 \u0645\u0627\u0644\u064a\u0629 \u0625\u064a\u062c\u0627\u0628\u064a\u060c \u0623\u064a \u0639\u0646\u062f\u0645\u0627 \u062a\u0643\u0648\u0646 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<strong>\u0645\u0627 \u0647\u064a \u062a\u0643\u0644\u0641\u0629 \u0631\u0623\u0633 \u0627\u0644\u0645\u0627\u0644 \u0641\u064a \u0646\u0647\u0627\u064a\u0629 \u0627\u0644\u0645\u0637\u0627\u0641<\/strong>. \u0625\u0630\u0627 \u0643\u0627\u0646 \u0623\u0642\u0644\u060c \u0641\u0625\u0646 \u0627\u0644\u0634\u0631\u0643\u0629 \u062a\u062f\u0645\u0631 \u0642\u064a\u0645\u062a\u0647\u0627.<\/p>\n<p>\u0639\u0646\u062f\u0645\u0627 \u062a\u0633\u062a\u062b\u0645\u0631 \u0627\u0644\u0634\u0631\u0643\u0629\u060c \u0641\u0625\u0646\u0647\u0627 <strong>\u064a\u062d\u0634\u062f \u0627\u0644\u0645\u0648\u0627\u0631\u062f \u0627\u0644\u0645\u0627\u0644\u064a\u0629<\/strong> \u0642\u0627\u062f\u0645\u0629 \u0645\u0646 <strong>\u0627\u0644\u0645\u0633\u0627\u0647\u0645\u064a\u0646<\/strong> (\u0627\u0644\u0625\u0646\u0635\u0627\u0641) \u0648 <strong>\u0627\u0644\u0645\u0642\u0631\u0636\u064a\u0646<\/strong> (\u0627\u0644\u062f\u064a\u0648\u0646). <strong>\u0647\u0630\u0647 \u0627\u0644\u0645\u0648\u0627\u0631\u062f \u0644\u0647\u0627 \u062a\u0643\u0644\u0641\u0629<\/strong> : \u0627\u0644 <strong>\u064a\u062a\u0648\u0642\u0639 \u0627\u0644\u0645\u0633\u0627\u0647\u0645\u0648\u0646 \u0639\u0627\u0626\u062f\u064b\u0627<\/strong> \u0641\u064a \u0634\u0643\u0644 \u0623\u0631\u0628\u0627\u062d \u0623\u0648 \u0645\u0643\u0627\u0633\u0628 \u0631\u0623\u0633\u0645\u0627\u0644\u064a\u0629\u060c \u0648 <strong>\u0627\u0644\u0645\u0642\u0631\u0636\u0648\u0646 \u064a\u062c\u0645\u0639\u0648\u0646 \u0627\u0644\u0641\u0627\u0626\u062f\u0629<\/strong>.<\/p>\n<p>\u0627\u0644 <strong>\u0645\u062a\u0648\u0633\u0637 \u0627\u0644\u062a\u0643\u0644\u0641\u0629 \u0627\u0644\u0645\u0631\u062c\u062d\u0629 \u0644\u0631\u0623\u0633 \u0627\u0644\u0645\u0627\u0644 (WACC)<\/strong> \u0644\u0630\u0644\u0643 \u064a\u0645\u062b\u0644 <strong>\u0627\u0644\u062a\u0643\u0644\u0641\u0629 \u0627\u0644\u0625\u062c\u0645\u0627\u0644\u064a\u0629 \u0644\u0631\u0623\u0633 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\u0628\u0645\u0639\u0646\u0649 \u0622\u062e\u0631\u060c \u062a\u064f\u0646\u0634\u0626 \u0627\u0644\u0634\u0631\u0643\u0629 \u062b\u0631\u0648\u0629\u064b \u0625\u0630\u0627 \u062d\u0642\u0642 \u0643\u0644 \u064a\u0648\u0631\u0648 \u0645\u064f\u0633\u062a\u062b\u0645\u064e\u0631 \u0625\u064a\u0631\u0627\u062f\u0627\u062a\u064d \u062a\u0641\u0648\u0642 \u062a\u0643\u0644\u0641\u0629 \u062a\u0645\u0648\u064a\u0644\u0647\u0627. \u0648\u0625\u0644\u0627\u060c \u0641\u0625\u0646\u0647\u0627 \u062a\u064f\u062f\u0645\u0651\u0631 \u0642\u064a\u0645\u062a\u0647\u0627\u060c \u062d\u062a\u0649 \u0644\u0648 \u0638\u0644\u062a \u0645\u064f\u0631\u0628\u062d\u0629\u064b \u0638\u0627\u0647\u0631\u064a\u064b\u0627.<\/p>\n<p>\u0647\u0630\u0627 \u0627\u0644\u0645\u0646\u0637\u0642\u060c \u0627\u0644\u0630\u064a \u064a\u064f\u0639\u062f\u0651 \u062c\u0648\u0647\u0631 \u0627\u0644\u062a\u0645\u0648\u064a\u0644 \u0627\u0644\u0645\u0624\u0633\u0633\u064a \u0627\u0644\u062d\u062f\u064a\u062b\u060c 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\u0627\u0644\u062f\u0648\u0631\u0629 \u0627\u0644\u062a\u062f\u0631\u064a\u0628\u064a\u0629 \u0627\u0644\u0645\u062e\u0635\u0635\u0629 \u0644\u0644\u062a\u0645\u0648\u064a\u0644 \u0627\u0644\u0645\u0624\u0633\u0633\u064a \u0639\u0644\u0649 \u062c\u062f\u0648\u0644 \u0645\u062d\u062a\u0648\u064a\u0627\u062a \u064a\u0645\u0643\u0646\u0643 \u0627\u0644\u0639\u062b\u0648\u0631 \u0639\u0644\u064a\u0647 \u0647\u0646\u0627.<\/a> !<\/p>\n<h2>\u062a\u0645\u0627\u0631\u064a\u0646 \u0645\u062d\u0644\u0648\u0644\u0629<\/h2>\n<h3>\u0627\u0644\u062a\u0645\u0631\u064a\u0646 1 - \u0627\u0644\u0631\u0628\u062d\u064a\u0629 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629 \u0644\u0644\u0645\u0624\u0633\u0633\u0627\u062a \u0627\u0644\u0635\u0646\u0627\u0639\u064a\u0629 \u0627\u0644\u0635\u063a\u064a\u0631\u0629 \u0648\u0627\u0644\u0645\u062a\u0648\u0633\u0637\u0629<\/h3>\n<p>\u0627\u0644\u0634\u0631\u0643\u0629 <strong>\u0645\u064a\u0643\u0627 \u0628\u0644\u0633<\/strong>, \u060c \u0627\u0644\u0645\u062a\u062e\u0635\u0635\u0629 \u0641\u064a \u062a\u0635\u0646\u064a\u0639 \u0627\u0644\u0623\u062c\u0632\u0627\u0621 \u0627\u0644\u0645\u0639\u062f\u0646\u064a\u0629\u060c \u062a\u0631\u063a\u0628 \u0641\u064a \u062a\u062d\u0644\u064a\u0644 \u0623\u062f\u0627\u0626\u0647\u0627 \u0627\u0644\u062a\u0634\u063a\u064a\u0644\u064a \u0644\u0644\u0633\u0646\u0629 N.<\/p>\n<p>\u0648\u0641\u064a\u0645\u0627 \u064a\u0644\u064a \u0627\u0644\u062a\u0641\u0627\u0635\u064a\u0644 \u0627\u0644\u0645\u0627\u0644\u064a\u0629: <\/p>\n<table border=\"1\" cellpadding=\"6\" cellspacing=\"0\">\n<tr>\n<th>\u0639\u0646\u0627\u0635\u0631<\/th>\n<th>\u0627\u0644\u0645\u0628\u0627\u0644\u063a (\u0628\u0627\u0644\u064a\u0648\u0631\u0648)<\/th>\n<\/tr>\n<tr>\n<td>\u062d\u062c\u0645 \u0627\u0644\u0623\u0639\u0645\u0627\u0644<\/td>\n<td>4 800 000<\/td>\n<\/tr>\n<tr>\n<td>\u0646\u062a\u064a\u062c\u0629 \u0627\u0644\u062a\u0634\u063a\u064a\u0644<\/td>\n<td>420 000<\/td>\n<\/tr>\n<tr>\n<td>\u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629 (\u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u062b\u0627\u0628\u062a\u0629 + \u0631\u0623\u0633 \u0627\u0644\u0645\u0627\u0644 \u0627\u0644\u0639\u0627\u0645\u0644)<\/td>\n<td>3 200 000<\/td>\n<\/tr>\n<\/table>\n<h4>\u0623\u0633\u0626\u0644\u0629<\/h4>\n<p><strong>1.<\/strong> \u0627\u062d\u0633\u0628 \u0627\u0644\u0631\u0628\u062d\u064a\u0629 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629 (EP) \u0644\u0640MecaPlus.<br \/>\n<input type=\"text\" style=\"width: 300px;\"> %<\/p>\n<p style=\"color: green;\">\u0627\u0644\u062a\u0635\u062d\u064a\u062d: RE = 420,000 \/ 3,200,000 = <strong>13,1 %<\/strong><\/p>\n<p><strong>2.<\/strong> \u0641\u0633\u0631 \u0647\u0630\u0647 \u0627\u0644\u0646\u062a\u064a\u062c\u0629: \u0647\u0644 \u064a\u0628\u062f\u0648 \u0644\u0643 \u0627\u0644\u0623\u062f\u0627\u0621 \u0627\u0644\u062a\u0634\u063a\u064a\u0644\u064a \u0645\u0631\u0636\u064a\u0627 \u0641\u064a\u0645\u0627 \u064a\u062a\u0639\u0644\u0642 \u0628\u0642\u0637\u0627\u0639 \u064a\u0628\u0644\u063a \u0645\u062a\u0648\u0633\u0637\u0647 10 %\u061f<br \/>\n<input type=\"text\" style=\"width: 450px;\"><\/p>\n<p style=\"color: green;\">\u0627\u0644\u062a\u0635\u062d\u064a\u062d: \u0627\u0644\u0631\u0628\u062d\u064a\u0629 \u0623\u0639\u0644\u0649 \u0645\u0646 \u0631\u0628\u062d\u064a\u0629 \u0627\u0644\u0642\u0637\u0627\u0639\u060c \u0648\u0628\u0627\u0644\u062a\u0627\u0644\u064a \u062a\u062d\u0642\u0642 \u0627\u0644\u0634\u0631\u0643\u0629 \u0623\u062f\u0627\u0621 \u062a\u0634\u063a\u064a\u0644\u064a\u0627 \u0623\u0639\u0644\u0649 \u0645\u0646 \u0627\u0644\u0645\u062a\u0648\u0633\u0637.<\/p>\n<h4>\u0644\u0644\u0630\u0647\u0627\u0628 \u0623\u0628\u0639\u062f \u0645\u0646 \u0630\u0644\u0643<\/h4>\n<p><strong>3.<\/strong> \u0645\u0627 \u0647\u064a \u0627\u0644\u0631\u0627\u0641\u0639\u0629 \u0627\u0644\u062a\u0634\u063a\u064a\u0644\u064a\u0629 \u0627\u0644\u062a\u064a \u064a\u0645\u0643\u0646\u0647\u0627 \u062a\u062d\u0633\u064a\u0646 \u0627\u0644\u0631\u0628\u062d\u064a\u0629 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629 \u0628\u0634\u0643\u0644 \u0623\u0643\u0628\u0631 (\u0627\u0644\u0625\u0646\u062a\u0627\u062c\u064a\u0629\u060c \u0627\u0644\u0633\u0639\u0631\u060c \u0628\u0646\u064a\u0629 \u0627\u0644\u062a\u0643\u0644\u0641\u0629...)\u061f<br \/>\n<input type=\"text\" style=\"width: 450px;\"><\/p>\n<p style=\"color: green;\">\u0627\u0644\u062a\u0635\u062d\u064a\u062d: \u0625\u0646 \u062a\u062d\u0633\u064a\u0646 \u0627\u0644\u0625\u0646\u062a\u0627\u062c\u064a\u0629\u060c \u0623\u0648 \u0631\u0641\u0639 \u0627\u0644\u0623\u0633\u0639\u0627\u0631\u060c \u0623\u0648 \u062e\u0641\u0636 \u0627\u0644\u062a\u0643\u0627\u0644\u064a\u0641 \u0627\u0644\u062b\u0627\u0628\u062a\u0629\/\u0627\u0644\u0645\u062a\u063a\u064a\u0631\u0629 \u0647\u064a \u0637\u0631\u0642 \u0630\u0627\u062a \u0635\u0644\u0629 \u062a\u0633\u062a\u062d\u0642 \u0627\u0644\u0627\u0633\u062a\u0643\u0634\u0627\u0641.<\/p>\n<h3>\u0627\u0644\u062a\u0645\u0631\u064a\u0646 2 - \u0627\u0644\u0631\u0627\u0641\u0639\u0629 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0648\u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629<\/h3>\n<p>\u0627\u0644\u0634\u0631\u0643\u0629 <strong>\u0627\u0633\u062a\u0634\u0627\u0631\u0629<\/strong>, \u062a\u0631\u064a\u062f \u0634\u0631\u0643\u0629 \u0627\u0633\u062a\u0634\u0627\u0631\u0627\u062a \u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a\u0629 \u0645\u0642\u0627\u0631\u0646\u0629 \u0631\u0628\u062d\u064a\u062a\u0647\u0627 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0628\u0631\u0628\u062d\u064a\u062a\u0647\u0627 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629.<\/p>\n<table border=\"1\" cellpadding=\"6\" cellspacing=\"0\">\n<tr>\n<th>\u0639\u0646\u0627\u0635\u0631<\/th>\n<th>\u0627\u0644\u0645\u0628\u0627\u0644\u063a (\u0628\u0627\u0644\u064a\u0648\u0631\u0648)<\/th>\n<\/tr>\n<tr>\n<td>\u0627\u0644\u0646\u062a\u064a\u062c\u0629 \u0627\u0644\u0635\u0627\u0641\u064a\u0629<\/td>\n<td>300 000<\/td>\n<\/tr>\n<tr>\n<td>\u0639\u062f\u0627\u0644\u0629<\/td>\n<td>1 500 000<\/td>\n<\/tr>\n<tr>\n<td>\u0627\u0644\u0631\u0628\u062d\u064a\u0629 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629 (EV)<\/td>\n<td>12 %<\/td>\n<\/tr>\n<tr>\n<td>\u0645\u062a\u0648\u0633\u0637 \u062a\u0643\u0644\u0641\u0629 \u0627\u0644\u062f\u064a\u0646 (\u0628\u0639\u062f \u0627\u0644\u0636\u0631\u0627\u0626\u0628)<\/td>\n<td>4 %<\/td>\n<\/tr>\n<tr>\n<td>\u0627\u0644\u062f\u064a\u0648\u0646 \u0627\u0644\u0645\u0627\u0644\u064a\u0629<\/td>\n<td>800 000<\/td>\n<\/tr>\n<\/table>\n<h4>\u0623\u0633\u0626\u0644\u0629<\/h4>\n<p><strong>1.<\/strong> \u062d\u0633\u0627\u0628 \u0627\u0644\u0639\u0627\u0626\u062f \u0627\u0644\u0645\u0627\u0644\u064a (FR) \u0644\u0644\u0645\u0633\u0627\u0647\u0645\u064a\u0646.<br \/>\n<input type=\"text\" style=\"width: 300px;\"> %<\/p>\n<p style=\"color: green;\">\u0627\u0644\u062a\u0635\u062d\u064a\u062d: RF = 300,000 \/ 1,500,000 = <strong>20 %<\/strong>.<\/p>\n<p><strong>2.<\/strong> \u0645\u0642\u0627\u0631\u0646\u0629 \u0628\u064a\u0646 RF \u0648RE: \u0647\u0644 \u062a\u0623\u062b\u064a\u0631 \u0627\u0644\u0631\u0627\u0641\u0639\u0629 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0625\u064a\u062c\u0627\u0628\u064a \u0623\u0645 \u0633\u0644\u0628\u064a\u061f<br \/>\n<input type=\"text\" style=\"width: 450px;\"><\/p>\n<p style=\"color: green;\">\u062a\u0635\u062d\u064a\u062d: RF (20 %) \u0623\u0643\u0628\u0631 \u0645\u0646 RE (12 %)\u060c \u0628\u064a\u0646\u0645\u0627 \u062a\u0628\u0644\u063a \u062a\u0643\u0644\u0641\u0629 \u0627\u0644\u062f\u064a\u0646 4 % \u0641\u0642\u0637. \u0648\u0628\u0627\u0644\u062a\u0627\u0644\u064a\u060c \u064a\u0643\u0648\u0646 \u062a\u0623\u062b\u064a\u0631 \u0627\u0644\u0631\u0627\u0641\u0639\u0629 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0625\u064a\u062c\u0627\u0628\u064a\u064b\u0627.<\/p>\n<h4>\u0644\u0644\u0630\u0647\u0627\u0628 \u0623\u0628\u0639\u062f \u0645\u0646 \u0630\u0644\u0643<\/h4>\n<p><strong>3.<\/strong> \u0641\u064a \u0623\u064a \u0627\u0644\u0638\u0631\u0648\u0641 \u064a\u0635\u0628\u062d \u0627\u0644\u0631\u0641\u0639 \u0627\u0644\u0645\u0627\u0644\u064a \u063a\u064a\u0631 \u0645\u0644\u0627\u0626\u0645\u061f<br \/>\n<input type=\"text\" style=\"width: 450px;\"><\/p>\n<p style=\"color: green;\">\u0627\u0644\u062a\u0635\u062d\u064a\u062d: \u0633\u0648\u0641 \u064a\u0646\u0639\u0643\u0633 \u062a\u0623\u062b\u064a\u0631 \u0627\u0644\u0631\u0641\u0639 \u0627\u0644\u0645\u0627\u0644\u064a \u0625\u0630\u0627 \u0627\u0646\u062e\u0641\u0636\u062a \u0627\u0644\u0631\u0628\u062d\u064a\u0629 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629 \u0625\u0644\u0649 \u0645\u0627 \u062f\u0648\u0646 \u062a\u0643\u0644\u0641\u0629 \u0627\u0644\u062f\u064a\u0648\u0646.<\/p>\n<h3>\u0627\u0644\u062a\u0645\u0631\u064a\u0646 3 - \u0645\u0642\u0627\u0631\u0646\u0629 \u0631\u0628\u062d\u064a\u0629 \u0646\u0634\u0627\u0637\u064a\u0646<\/h3>\n<p>\u0627\u0644\u0634\u0631\u0643\u0629 <strong>\u0633\u062c\u0644 \u0627\u0644\u0637\u0639\u0627\u0645<\/strong>, \u060c \u0648\u0647\u064a \u0634\u0631\u0643\u0629 \u0645\u062a\u062e\u0635\u0635\u0629 \u0641\u064a \u0644\u0648\u062c\u0633\u062a\u064a\u0627\u062a \u0627\u0644\u0623\u063a\u0630\u064a\u0629\u060c \u062a\u0639\u0645\u0644 \u0639\u0644\u0649 \u062a\u0637\u0648\u064a\u0631 \u0646\u0634\u0627\u0637\u064a\u0646:<\/p>\n<ul>\n<li><strong>\u0627\u0644\u0646\u0634\u0627\u0637 \u0623<\/strong> \u0627\u0644\u062a\u062e\u0632\u064a\u0646 \u0627\u0644\u0628\u0627\u0631\u062f<\/li>\n<li><strong>\u0627\u0644\u0646\u0634\u0627\u0637 \u0628<\/strong> \u0627\u0644\u062a\u0648\u0635\u064a\u0644 \u0627\u0644\u062d\u0636\u0631\u064a<\/li>\n<\/ul>\n<p>\u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a \u0627\u0644\u062a\u0627\u0644\u064a\u0629 \u0645\u062a\u0627\u062d\u0629 \u0644\u0644\u0633\u0646\u0629 N:<\/p>\n<table border=\"1\" cellpadding=\"6\" cellspacing=\"0\">\n<tr>\n<th>\u0639\u0646\u0627\u0635\u0631<\/th>\n<th>\u0627\u0644\u0646\u0634\u0627\u0637 \u0623<\/th>\n<th>\u0627\u0644\u0646\u0634\u0627\u0637 \u0628<\/th>\n<\/tr>\n<tr>\n<td>\u062d\u062c\u0645 \u0627\u0644\u0623\u0639\u0645\u0627\u0644<\/td>\n<td>6 000 000 \u20ac<\/td>\n<td>3 200 000 \u20ac<\/td>\n<\/tr>\n<tr>\n<td>\u0646\u062a\u064a\u062c\u0629 \u0627\u0644\u062a\u0634\u063a\u064a\u0644<\/td>\n<td>480 000 \u20ac<\/td>\n<td>250 000 \u20ac<\/td>\n<\/tr>\n<tr>\n<td>\u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629<\/td>\n<td>4 800 000 \u20ac<\/td>\n<td>1 600 000 \u20ac<\/td>\n<\/tr>\n<\/table>\n<h4>\u0623\u0633\u0626\u0644\u0629<\/h4>\n<p><strong>1.<\/strong> \u0627\u062d\u0633\u0628 \u0627\u0644\u0631\u0628\u062d\u064a\u0629 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629 \u0644\u0644\u0646\u0634\u0627\u0637 \u0623.<br \/>\n<input type=\"text\" style=\"width: 300px;\"> %<\/p>\n<p style=\"color: green;\">\u0627\u0644\u062a\u0635\u062d\u064a\u062d: RE(A) = 480,000 \/ 4,800,000 = <strong>10 %<\/strong>.<\/p>\n<p><strong>2.<\/strong> \u0627\u062d\u0633\u0628 \u0627\u0644\u0631\u0628\u062d\u064a\u0629 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629 \u0644\u0644\u0646\u0634\u0627\u0637 \u0628.<br \/>\n<input type=\"text\" style=\"width: 300px;\"> %<\/p>\n<p style=\"color: green;\">\u0627\u0644\u062a\u0635\u062d\u064a\u062d: RE(B) = 250,000 \/ 1,600,000 = <strong>15,6 %<\/strong>.<\/p>\n<p><strong>3.<\/strong> \u0645\u0627 \u0647\u0648 \u0627\u0644\u0646\u0634\u0627\u0637 \u0627\u0644\u0623\u0643\u062b\u0631 \u0643\u0641\u0627\u0621\u0629\u064b \u0645\u0646 \u0627\u0644\u0646\u0627\u062d\u064a\u0629 \u0627\u0644\u062a\u0634\u063a\u064a\u0644\u064a\u0629\u061f \u0628\u0631\u0631 \u0625\u062c\u0627\u0628\u062a\u0643.<br \/>\n<input type=\"text\" style=\"width: 450px;\"><\/p>\n<p style=\"color: green;\">\u0627\u0644\u062a\u0635\u062d\u064a\u062d: \u064a\u062a\u0645\u062a\u0639 \u0627\u0644\u0646\u0634\u0627\u0637 (\u0628) \u0628\u0631\u0628\u062d\u064a\u0629 \u0623\u0639\u0644\u0649\u061b \u0641\u0647\u0648 \u064a\u0648\u0644\u062f \u0627\u0644\u0645\u0632\u064a\u062f \u0645\u0646 \u0627\u0644\u0623\u0631\u0628\u0627\u062d \u0644\u0643\u0644 \u064a\u0648\u0631\u0648 \u064a\u062a\u0645 \u0627\u0633\u062a\u062b\u0645\u0627\u0631\u0647.<\/p>\n<h4>\u0644\u0644\u0630\u0647\u0627\u0628 \u0623\u0628\u0639\u062f \u0645\u0646 \u0630\u0644\u0643<\/h4>\n<p><strong>4.<\/strong> \u0644\u0648 \u0623\u0631\u0627\u062f\u062a \u0627\u0644\u0634\u0631\u0643\u0629 \u062a\u062d\u062f\u064a\u062f \u0623\u0648\u0644\u0648\u064a\u0627\u062a \u0627\u0633\u062a\u062b\u0645\u0627\u0631\u0627\u062a\u0647\u0627\u060c \u0645\u0627 \u0627\u0644\u0630\u064a \u062a\u0642\u062a\u0631\u062d\u0647 \u0641\u064a \u0636\u0648\u0621 \u0627\u0644\u0639\u0648\u0627\u0626\u062f \u0627\u0644\u062a\u064a \u062d\u0642\u0642\u062a\u0647\u0627\u061f<br \/>\n<input type=\"text\" style=\"width: 450px;\"><\/p>\n<p style=\"color: green;\">\u0627\u0644\u062a\u0635\u062d\u064a\u062d: \u064a\u0646\u0628\u063a\u064a \u0623\u0646 \u062a\u0633\u062a\u0647\u062f\u0641 \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631\u0627\u062a \u0641\u064a \u0627\u0644\u0645\u0642\u0627\u0645 \u0627\u0644\u0623\u0648\u0644 \u0627\u0644\u0646\u0634\u0627\u0637 &quot;\u0628&quot;\u060c \u0627\u0644\u0630\u064a \u064a\u0639\u0645\u0644 \u0639\u0644\u0649 \u062a\u062d\u0633\u064a\u0646 \u0631\u0623\u0633 \u0627\u0644\u0645\u0627\u0644 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631 \u0628\u0634\u0643\u0644 \u0623\u0643\u062b\u0631 \u0641\u0639\u0627\u0644\u064a\u0629.<\/p>\n<p>\ud83d\udc49 \u0627\u0644\u0641\u0635\u0644 \u0627\u0644\u062a\u0627\u0644\u064a: \u0642\u0631\u064a\u0628\u064b\u0627.<br \/>\n\ud83d\udcd6\u00a0<a href=\"https:\/\/tulipemedia.com\/ar\/cours-gestion-entreprise\/\">\u0627\u0644\u0639\u0648\u062f\u0629 \u0625\u0644\u0649 \u062c\u062f\u0648\u0644 \u0627\u0644\u0645\u062d\u062a\u0648\u064a\u0627\u062a<\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>\u0641\u064a \u0647\u0630\u0647 \u0627\u0644\u062f\u0648\u0631\u0629 \u0627\u0644\u062c\u062f\u064a\u062f\u0629 \u0627\u0644\u0645\u0623\u062e\u0648\u0630\u0629 \u0645\u0646 \u062f\u0644\u064a\u0644\u064a \u0627\u0644\u0643\u0627\u0645\u0644 \u0644\u0625\u062f\u0627\u0631\u0629 \u0627\u0644\u0623\u0639\u0645\u0627\u0644\u060c \u0633\u0646\u0643\u062a\u0634\u0641 \u0645\u0639\u064b\u0627 \u0646\u0633\u0628 \u0627\u0644\u0631\u0628\u062d\u064a\u0629\u060c \u062f\u0627\u0626\u0645\u064b\u0627 \u0628\u0647\u062f\u0641 \u0623\u0646 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