I-EBITDA - yintoni na? Unokubala njani isalathisi sokuhlaziya?

Kukho izibonakaliso ezininzi ezahlukileyo zokuvavanya ukusebenza kwezimali kwenkampani. Ezinye zazo zamukelwa ngokubanzi, kungekhona kuphela kwilizwe lethu, kodwa kwihlabathi lonke. I-EBITDA ingahlelwa njengolu hlobo. Yintoni esi sibonakaliso, ibalwa kanjani kwaye yintoni? Kule nqaku, siza kujonga ngeenkcukacha malunga nendlela iimali zeenkampani zihlolwa ngayo ngokusekelwe kwixabiso le-EBITDA, kwaye ziziphi iinjongo ezisetyenziswayo.

I-EBITDA: i-decoding and meaning

Kufuneka kuphawulwe ngokukhawuleza ukuba eli lathisi lokuhlalutya alikho inxalenye ye-accounting. Yaye injongo yalo yokuqala kukuhlalutya inkqonkqo yenkampani kwinqanaba lokujonga ukuxhamla kwayo kwiimali ezibolekelelwe. Uhlalutyo lwenziwe njani? Okokuqala, i-EBITDA ichongiwe, ukubalwa kwayo kusekelwe kwiingxelo zemali zoshishino. Emva koko isibonakaliso esifumanekileyo sifaniswa nemifanekiso yesiganeko, ngenxa yoko ukuphumelela komsebenzi wale nkampani ethile kubonakaliswe.

Ukuze uqonde indlela ukuthelekiswa okwenzeka ngayo, kubalulekile ukucacisa inani le-EBITDA. Yintoni esi sibonakaliso, kwaye yintoni ulwazi olunikezayo malunga nenkampani? Eli gama limela imivuzo ngaphambi koNomdla, iintlawulo, ukuhlaziywa kunye neMali. Ukuba uguqulela ngokuchanekileyo, ke oku kuyinzuzo ngaphambi komdla kwimali-mboleko, irhafu kunye nokuhla kwexabiso. Oko kukuthi, ikhono lenkampani lokufumana imali, kungakhathaliseki ukuba linamatyala kubathengi, urhulumente kunye nendlela yokunciphisa ukusetyenziswa, ihlolwe. Ukuzuza ngokuthe ngqo komsebenzi oyintloko kuqinisekiswe ngokuthe ngqo, okwenza kube lula ukuyihlalutya "ukungabi namkhethe".

Ukubalwa kwe-EBITDA ngokwemiqathango yamazwe ngamazwe

Ekubeni eli lathisi lisetyenziselwa lonke ihlabathi, ngoko isiseko sokubala kwayo kufuneka sisebenzise njengedatha yokunika ingxelo, ehambelana ne-IFRS. Ngokukodwa, ezi zintengiso ziza kubakho ukucacisa umlinganiselo we-EBITDA:

• Inzuzo engenayo (esele emva kokuhlawula irhafu kunye nezinye iintlawulo kwibhajethi);
• Iindleko zerhafu yengeniso;
• Isamba sentela yerhafu yokubuyiselwa;
• Imali engaphezulu kunye neendleko;
• Inzala ehlawulwe kwaye ifunyenwe;
• Isixa sokunciphisa ixabiso lokunciphisa (kwizinto zombini ezibonakalayo nezingenakwenzekayo);
• Ukuhlaziywa kweempahla.

Iimpawu zokuqala ezihlanu zifaka i-EBIT, okanye inzuzo yokusebenza. Kuchazwa nje ngokuba umehluko phakathi kwenzuzo eninzi kunye neendleko zemisebenzi eqhelekileyo yeshishini kwaye isiseko sokubala i-EBITDA. Ifom ye-EBIT yokubala ibonakala ngathi:

• Intlawulo yerhafu yenzuzo + yerhafu - ehlawulwa irhafu +. Iindleko - ngokusebenzisa. Ingeniso +% ihlawulwe -% ifunyenwe.

Ngenxa yoko, sifumana isalathisi esiphakathi phakathi kwenzuzo kunye nenzuzo. Le yinzuzo eya kufunyanwa yinkampani engasebenzisi imali ebolekelwe. Iquka yonke ingeniso evela kwiimali kunye neminye ingeniso, kwakunye neendleko (kubandakanywa neendleko zokuhlaziywa).

EBIT ne-EBITDA

I-ID ye-EBIT kufuneka ibe ncinane ifanele. Ukwazi, unokubala ixabiso le-EBITDA. Ifomula yokubala ifom elandelayo:

• I-EBIT + ukwehla kwe-MA ne-NMA - ukuhlaziywa kwempahla.

Ngaloo ndlela, sithola inkcazo yenzuzo yenkampani phambi kwentela, inzala kwimali mboleko kunye neendleko zokunciphisa ngokwemiqathango yehlabathi. Ngokuphelisa izinto ezinjalo ezingekho kwemali (ezinokuthiwa uhlobo oluthile lweemali zokubambisa ngokusemthethweni), i-EBITDA iba malunga nokuhamba kwemali.

I-EBITDA kwimbali yoqoqosho

Njengoko sele kuthethwe ngaye, kwangaphambili le ncwadana yenzelwe ukuhlaziywa kwamandla ebhanki kwiinkonzo zemboleko (okanye amatyala). Ababolekisi bangavavanya ixabiso le-EBITDA zeenkampani ezahlukeneyo kwishishini kwaye ngokusekelwe kwazo ziqikelela inani lemirhumo enomdla ngamnye enokukubonelela ngokuzayo. Isalathisi sasinomdla kakhulu kubaxhasi beentengo zemboleko, abakhangela iinkampani ezifanelekileyo ukufumana izibonelelo. Olu shishini lucatshangelwa, kunoko, kungekhona njengesifundo soqoqosho, kodwa njengento yezinto ezingathengiswa ngempumelelo. Ukwenza oku, onke amanqaku angenakujoliswa ekuhlawuleleni ityala ahlanganiswe. Ngethuba elifanayo, ukuba yonke inzuzo enetyenziselwe ukuhlawula ityala, kwaye ukuba ishishini libe ngumphumela, ke iindleko zerhafu zingabonwa njengento eyongezelelweyo yokulungisa amatyala. Ngokwemvelo, kwenkampani ngokwayo, le nto yaba yinkinga engenakunqandeka - zonke iimali zayo zaxothwa, kwaye ngenxa yoko, imisebenzi kufuneka imiswe. Kodwa ababolekisi bahlala kwintsimi efanelekileyo. Oku kwenza i-EBITDA ithandwa ngokukhethekileyo kuma-1980, xa kwakukho umkhuhlane wokuthenga / ukuboleka imali ebolekelwe.

I-EBITDA kwimisebenzi yezimali yanamhlanje yeenkampani

Namhlanje, esi sibonakaliso sisithathu kwisichungechunge sezixhobo zokuvavanya ukusebenza kweenkampani ezinamakhulu ama-500 eMelika kwaye zibandakanyiwe kwiingxelo zemali zonyaka. Ibonisa ingeniso yenkcitho eyenziwa yinkampani kwixesha elikhoyo lokunika ingxelo. Ukongeza, i-EBITDA ibalwa ngesiseko sayo.

Inzala ebaluleke kakhulu kumtyalomali ingeniso yengomso yenkampani apho eceba ukutshala imali, oko kuthetha ukuba ubukhulu be-EBITDA bubalulekile kuye. Ukwazi, unokumisela ukubuyiswa kotyalo-mali. Ifom ibonakala kanje:

• I-EBITDA: ingeniso yokuthengisa.

Ngokweziseko zexabiso elifunyenweyo, ubunako beenkampani ezinezakhiwo ezahlukileyo kodwa ukusebenza kwishishini elifanayo lifaniswa. Kubatyalomali, esi sibonakaliso sibonakaliso esibalulekileyo sokubuyiswa kotyalo lwabo.

Izinzuzo ze

Kutheni kukho iinkampani ezininzi, ingakumbi ezinkulu, ezinomdla wokubala isibonakaliso se-EBITDA? Oku kubanika ntoni? Kulula kakhulu ukuchazela umdla kule sixhobo lokuhlola inzuzo. Amashishini anemali eninzi ngokwaneleyo yenkcitho-mali, fumana ithuba lokubonisa ishishini labo ekukhanyeni okuhle kakhulu, kunokuba kusekelwe kwingxelo efanelekileyo. Ukuqwalaselwa kwabatyalomali kugxile kwixabiso le-EBITDA, elinokugqithisa ngokugqithiseleyo ubukhulu benzuzo yangempela, ibalwa ngokuqwalasela iindleko zangaphambili. Kodwa kwamashishini athile isabelo sokunciphisa sinokufikelela kwi-30% yeendleko zemveliso (i-steelmaking, i-TV ye-cable, njl.).

Nangona kunjalo ngenxa yokusetyenziswa kwesi salathisi, ishishini lisoloko libukeka lomelele kunokuba "lwalo" lwangaphakathi lwemali, abahlalutyi abaninzi namhlanje banomdla ngakumbi. Oku kunjalo, kulungile. Emva kwakho konke, ngokusekelwe kwi-EBITDA, kunokwenzeka ukuvavanya ikhono lenkampani lokuncedisa uxanduva lwayo kunye nokubuyisela imali ekuphuculweni kwoshishino elizayo.

Ukuthelekiswa kweenkampani nge-EBITDA

Esi sibonakaliso sisetyenziswe ngokubanzi ukuchonga indawo yeshishini kwishishini. Kule nto, uqikelelo olulinganiswayo lwenziwe. Iquka amacandelo amabini amiselweyo:

• Ukubalwa kwexabiso leshishini (kwifom yoqhathaniso, apho amanani aguqulwa kuba ngabaphindisi beenzuzo, ixabiso lokuthengisa kunye nenani leencwadi) ;
• Ukuthelekiswa kwamashishini afana nezo shishino.

Ngaloo ndlela, inkampani ihlolwe kwiimarike zemali. Ithelekiswa nje nezinye iirhwebo ezifanayo, ezizahlulo zazo ezicatshulwa kwicandelo elinye leshishini. I-EBITDA ifunwa yiinkampani zikarhulumente kwaye zikho nje kwiingxelo ezilungiselelwe abatyala imali.

Isiphelo

Ingagqitywa ukuba isibonakaliso esicatshulwe yinto enye ebaluleke kakhulu kwiinkampani ngokwazo nakwabatyalomali. Sifumene isizathu sokuba umyinge we-EBITDA unomdla kubo bonke, ukuba oku kunika abanini-shishini kunye nabo banomdla wokutshala imali kuwo. Okokuqala, leli thuba lokubonisa inkampani yakho ekukhanyeni okulungileyo, kuba le ndlela yokugqibela iyindlela yokuqikelela ingeniso engenakho ukufumaneka kwi-investing kwimisebenzi yayo.