EBITDA - kuyini? Kanjani ukubala ipharamitha kohlaziyo?

Kukhona izinkomba eziningi ezahlukene ukuhlola wokusebenza kwezimali lenkampani. Ezinye zazo yilezi ezivamile, hhayi kuphela ezweni lethu kodwa emhlabeni wonke. Ukuze labo zibalwa EBITDA. Kuyini lokhu sibalo njengoba ibalwa, futhi lokho? Kulesi sihloko sizoxoxa ngokuningiliziwe indlela ukuhlola ukusebenza kwezimali zebhizinisi ngesisekelo EBITDA amagugu, futhi ayesebenzisa lokho nezinjongo.

EBITDA: sokuqonda nencazelo

Kuyadingeka ukuba ngokushesha wenze ukubhuka, ukuthi ipharamitha kohlaziyo akuyona ingxenye ezimali. Futhi injongo yayo yasekuqaleni - kuhlola kwekusebenta kubukwe ukukhanga inkampani ngokuya ukumuncwa yayo nge izimali ezibolekwe. iyona ukuhlaziywa kanjani? Okokuqala ukucacisa EBITDA, ukubala ogxile izitatimende zezimali webhizinisi. Khona-ke, lesi sibalo okuholela uqhathaniswa analogs legatsha, lapho ukuphumelela kwalesi Kutholwe inkampani ethile.

Ukuze uzwisise ukuthi ukuqhathanisa kuyadingeka wokufunda okushiwo EBITDA. Kuyini lokhu sibalo, futhi hlobo luni lwemininingwane ubapha mayelana inkampani? Imele gama kanjengoba Amaholo ngaphambi Isithakazelo, izintela, Ukwehla kwentengo kanye amortization. Uma elihunyushwe ngokoqobo, kuba Amaholo ngaphambi inzalo emalini ebolekwe, izintela, ukwehla kanye amortization. Lokho Kulinganiselwa ikhono yenkampani ukuze uthole, kungakhathaliseki khona izikweletu zakhe ukuba abakweletwayo, isimo kanye indlela ukwehla esetshenziswa. Inzuzo is ngqo kunqunywa umsebenzi oyinhloko elikuvumela ukuba sihlaziye "ngomqondo ovulekile."

Ukubalwa EBITDA ukuba nezindinganiso zamazwe ngamazwe

Njengoba lokhu Inkomba isetshenziswa emhlabeni wonke, futhi isimo sokubala zayo kufanele kube idatha nokubika ngaphansi IFRS. Ngokucacile, amanani alandelayo, kudingeka sithole EBITDA Coefficient:

• engenayo Net (ezisele ngemuva ukukhokhwa kwezintela kanye nezinye izinkokhelo isabelomali);
• izindleko kwentela engenayo;
• inani isinxephezelo yentela ngemali engenayo;
• engenayo ongavamile kanye nezindleko;
• inzalo ekhokhiwe futhi wathola;
• Inani ukwehla (kokubili impahla kanye nempahla angaphatheki);
• revaluation kwempahla.

Izinkomba zokuqala ezinhlanu yakha ebit, noma yokusebenza imali. Lokhu kubizwa ngokusentshenziswa umehluko phakathi inzalo enkulu futhi izindleko imisebenzi ejwayelekile ye ibhizinisi futhi ngesisekelo EBITDA ukubala. Ebit ukubala ifomula simiswe ngalendlela lelandzelako:

• Net inzuzo + imali yentela - kulinganiswe intela + ngokudlulele. izindleko - ngokudlulele. engenayo +% ikhokhwe -% etholwe.

Umphumela ungumuntu Lesisemkhatsini phakathi sina inzuzo inetha. Lona inzuzo ukuthi inkampani angeke asamukelanga usebenzisa imali yokwebolekwa. Kubandakanya yonke imali etholakale yokuthengisa nezinye engenayo kanye nezindleko (kuhlanganise ukwehla).

Ebit futhi EBITDA

, Ebit kufanele okungenani omuhle. Ukwazi kuye, kungenzeka ukubala ukubaluleka EBITDA. Ifomula ukubala simiswe ngalendlela lelandzelako:

• Ebit + ukwehla kwentengo AI futhi IA - revaluation kwempahla.

Ngakho, sithola isilinganiso inzuzo phambi izintela,% -S loans kanye ukwehla ngokuhambisana namazinga omhlaba. Ngokuqeda lezi zindleko non-cash lwezihloko (okungase ngokuthi uhlobo esisemthethweni ezimali amacala) EBITDA ukubaluleka kuba eseduze xaxa ukugeleza Okwenziwayo imali.

EBITDA emlandweni ezomnotho

Njengoba kushiwo ngaphambili, lesi sibalo yayihloselwe ukuba sihlaziye ikhono inkampani sokuyokhonza izikweletu izimali (noma izikweletu). Ababolekisi kungaba ukuhlola EBITDA amagugu izinkampani ezahlukene embonini futhi ngesisekelo sawo ukuba anqume inani lezinkokhelo isithakazelo, okuyinto ngamunye wabo bazokwazi ukuhlinzeka esikhathini esizayo esiseduze. Inkomba kuyinto ethokozisayo kakhulu credit Raiders, ababefuna izinkampani ezifanele inzuzo. Inkampani sasibhekwa njengophawu lokuthi, kunokuba njengoba isihloko umnotho, kanye iqoqo izimpahla ukuthi ungakwazi ukudayisa ngempumelelo. Ukuze wenze lokhu, wonke ama-athikili ngalo engase ziqondiswe isikweletu ukubuyiswa kwemali, abangu wafingqa. Kulokhu, uma yonke inzuzo net waya izinkokhelo izikweletu ibhizinisi baba ezingenanzuzo ngenxa yalokho, engathathwa ngisho izindleko izintela njengesibopho njalo ezengeziwe sokubalwa izikweletu. Ngokwemvelo, inkampani uya uba inkinga zingenakunqobeka - zonke izimali zalo kwadliwa, ngenxa imisebenzi kwakudingeka ayeke. Kodwa abantu abakweletwayo ezazisemizini abamnyama. Lokhu kwenza EBITDA othandwa kakhulu in the 80s, lapho kwakukhona hawu wokuhlengwa / yokufuna Ngaboleka imali.

EBITDA ekwenzeni wezimali izinkampani

Namuhla, lesi sibalo imele yesithathu ochungechungeni amathuluzi ukuhlola imiphumela corporations eMelika ngobukhulu emakhulu asithoba anamihlanu qiniseka ukufaka e wabo wonyaka imibiko yezimali. Ibonisa lemali engenayo ukuthi imisebenzi yenkampani kuzoletha esikhathini samanje. Ngaphezu kwalokho, kulinganiselwa esekelwe EBITDA utshalomali wekhasi.

Wozawoza zimali - imali ikusasa inkampani, lapho uhlela ukutshala futhi, ngakho-ke, kubalulekile usayizi EBITDA. Ukwazi kungenzeka ukunquma Coefficient utshalomali nenzuzo. Ifomula libukeka kanje:

• ukubaluleka EBITDA: engenayo evela yokuthengisa.

Ngesisekelo amagugu etholwe ufaniswa bezikhali izinkampani nge izakhiwo ezahlukene, kodwa usebenza kwimboni efanayo. Zimali, lesi sibalo - i Isikhombisi esibalulekile ukubuya lokutshala izimali zabo.

Izinzuzo Inkomba

Kungani izinkampani eziningi kangaka, ikakhulukazi ezinkulu, banesithakazelo kubalwa nkomba EBITDA? Kuyini saso? Chaza umdlandla ithuluzi inzuzo ukuhlolwa silula. Enterprises nge isamba esikhulu enhlokodolobha izindleko, ithuba ukwethula ibhizinisi lakho ekukhanyeni elihle kunawo, kunokuba ngesisekelo yokubika okwakha. ukunakwa zimali 'eligxile ngokunembile ukubaluleka EBITDA, ezingasetshenziswa kakhulu ngaphezu kwenani imali yangempela, kubalwa ikhumbula izindleko sikubeke sobala. Kodwa abanye isabelo amabhizinisi ukwehla bengase bazikhandlele 30% izindleko zokukhiqiza (steel umkhakha, cable TV, nokunye.).

Naphezu kweqiniso lokuthi sibonga ukusetshenziswa le nkomba ibhizinisi ngokuvamile ubukeka kunamandla kakhulu "kusho" manje real cash flow yayo, abahlaziyi abaningi balalela okuningi kuyona. Nokho, Lokhu, buyafaneleka. Phela, ngesisekelo EBITDA kungenzeka ukulinganisa ikhono inkampani sokuyokhonza nezibopho zayo futhi reinvest ukuthuthukiswa kwamabhizinisi esizayo.

Ukuqhathanisa EBITDA yenkampani

Le nkomba kabanzi ukucacisa indawo yebhizinisi embonini. Ukuze wenze lokhu, wenza nokuhlola ngokuqhathanisa. It siqukethe izingxenye ezimbili saziso:

• ekubalweni ukubaluleka ibhizinisi (ngefomu ukuqhathanisa, okuyiwona amanani aguqulwa ku ngeembuyabuyelelo inzuzo, yokuthengisa ncwadi value) ;
• ukuqhathanisa nezinkampani emadanisekako mkhakha.

Ngakho kwenziwa yokulinganisela inkampani emakethe yezimali. Imane uqhathaniswa nezinye amabhizinisi efanayo, ogama ukwabelana adayiswa e okufanayo umkhakha ingxenye. EBITDA abayifuna iningi izinkampani zomphakathi kanye ngempela ekhona izitatimende enawulungiselelwa abangafaka imali emabhizinisini abo.

isiphetho

Singaphetha ngokuthi sixoxe inkomba ingenye ezibaluleke kakhulu kokubili izinkampani kanye zimali ngokufanayo. Sithole ukuthi kungani bonke babo ezithakazelisayo isilinganiso ngokunembile EBITDA, inikeza uqobo abanikazi bamabhizinisi kanye nentshisekelo sitshala imali ke. Ukuze yangaphambili, kuba ithuba lokwethula inkampani yakho esimweni esihle, ngoba wesibili - indlela ukulinganisa lokwenza imali ukuthi ingatholakala sitshala imali imisebenzi yayo.