treiningis mizani otenciur klienturasTan bankebTan daaxloeba – maTTvis sabanko momsaxurebis moTxovnebis gacnoba; klienturis momzadebis donis amaRleba bankebTan da sxva sakredito dawesebulebebTan urTierTobisas; mcire biznesis ganviTarebis xelSewyoba.
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treiningis mizani
Potenciur klienturasTan bankebTan
daaxloeba – maTTvis sabanko
momsaxurebis moTxovnebis gacnoba;
klienturis momzadebis donis amaRleba
bankebTan da sxva sakredito
dawesebulebebTan urTierTobisas;
mcire biznesis ganviTarebis xelSewyoba.
banksa da klienturas Soris
procesis urTierTsasargeblo
cirkulacia
banki – efeqturad abandebs
resursebs
biznesi – rac ufro metad
finansdeba, miT ufro viTardeba
saxelmwifo ekonomika – miT ufro
ganviTarebulia, rac metadaa
ganviTarebuli biznesi, rac ufro
didia sabiujeto Semosavlebi
kreditis tipebi miznobriobis
mixedviT
komerciuli sesxebisabrunavi saSualebebi
ZiriTadi saSualebebi
uZravi qoneba
samomxmareblo sesxebiipoTekuri sesxebi
samogzauro sesxebi
studenturi sesxebi
overdraftebi
sakredito baraTebi
dokumenturi operaciebigarantiebi
akreditivebi
dokumenturi inkaso
procedurebi
klientis biznesis adgilze gacnoba
finansuri informaciis momzadeba/miwodeba
menejmentis Sefaseba
finansuri analizi da kreditis
struqturireba
uzrunvelyofis Sefaseba
3. proeqtis momzadeba
bazari finansebi
menejmenti
procedurebi
sabuTebis Segroveba da sakredito
dawesebulebaSi wardgena
xelSekrulebis gaformeba
4. dokumentirebis procesi
Tqveni SekiTxvebi?
klienturis likvidobis
yuradsaRebi miznobriobebi
saxsrebis deficitis (gap) dafarva, sanam
debitorebi dafaraven davalianebas;
maragebis mdgomareoba;
kreditorebis mimarT davalianebis
gastumreba;
partnioris wilis Sesyidva.
kompaniis muSaobis xandazmuloba
menejmentis gamocdileba
ganviTarebis tendenciebi
konkurentunarianoba
momwodeblebsa da momxmareblebze
damokidebulebis xarisxi
moTxovnebi kompaniebis
mimarT
kapitalis moTxovna
aralikviduri aqtivebi
fuladi nakadebis stabiluroba
arsebul Semosavlebze gaTvla
valdebulebebis momsaxurebis xarisxi
finansuri stabiluroba
informaciis moZiebis problema
arasrulyofili aRricxvianoba
aRricxvianobis gadamowmebis SeuZlebloba
Seferxebebi
Tqveni SekiTxvebi?
finansuri dokumentebi
finansuri dokumentaciis
warmoebis mniSvneloba
erTaderTi saSualeba msesxeblis gadaxdisunarianobis
Sesafaseblad;
finansur dokumentebSi asaxuli unda iyos sando da
dadasturebadi informacia;
aRniSnul dokumntebze dayrdnobiT xdeba finansuri
analizis gakeTeba da dakreditebis sakiTxis gadawyveta
finansuri analizis
mizani da etapebi
kompaniis istoriuli finansuri uwyisebis Sedgena
finansuri angariSebis formebis gamoyenebiT;
saprognozo finansuri uwyisebis Sedgena – fuladi
nakadebis uwyisis formis gamoyenebiT;
kompaniis finansuri monacemebis Sedareba dargis
normatiul monacemebTan (sakredito dawesebulebaSi
dadgenili politikis Sesabamisad);
koeficienturi analizis Catareba;
kreditis Tanxisa da vadis dadgena (kreditis
struqturireba) msesxeblis biznesis fuladi nakadebis
moZraobis Sesabamisad.
kompaniis ZiriTadi finansuri
dokumentebi
sabalanso uwyisiasaxavs kompaniis xelT arsebul saSualebebs da maTi dafinansebis
wyaroebs drois konkretuli momentisaTvis.
mogeba-zaralis uwyisiCveulebriv moicavs drois garkveul periods ( Tve, kvartali, weli) da
asaxavs kompaniis saqmianobis finansur Sedegebs.
fuladi saxsrebis mimoqcevis uwyisiCveulebriv moicavs drois garkveul periods ( Tve, kvartali, weli) da
asaxavs kompaniaSi fuladi saxsrebis moZraobas.
balansi
aqtivebivaldebulebebi
& kapitali
ras gvauwyebs balansi
rogor iyenebs kompania Tavis fondebs
saidan moipovebs igi maT
ramdenad efeqturad marTavs Tavis
finansebs
sabalanso uwyisi
aqtivebi = valdebulebebi + sakuTari kapitali
aqtivi
mimdinare aqtivebi
• fuli
• debitoruli davalianeba
• sawarmoo maragebi
aramaterialuri aqtivebi
• licenzia
• patenti
grZelvadiani aqtivebi
• miwa
• manqana-danadgarebi
• Senoba-nagebobebi
pasivi
moklevadiani valdebulebebi
• kreditoruli davalianeba
• moklevadiani sesxebi
• sxva mimdinare valdebulebebi
grZelvadiani valdebulebebi
• grZelvadiani sesxebi
• sxva grZelvadiani valdebuleba
mflobelTa kapitali
• sawesdebo kapitali
• gaunawilebeli mogeba / zarali
sabalanso uwyisi2005 2006 2005 2006
mimdinare aqtivebi moklevadiani valdebulebebi
•fuli 10,000 12,320 •kreditoruli davalianeba 30,000 32,000
•debitoruli davalianeba 18,000 25,000 •moklevadiani sesxebi 10,800 9,000
•sawarmoo maragebi 40,000 43,000 •sxva mimdinare valdebulebebi 5,000 7,000
sul mimdinare aqtivebi 68,000 80,320 sul moklevadiani
valdebulebebi 45,800 48,000
grZelvadiani aqtivebi grZelvadiani valdebulebebi
•miwa 10,000 10,000 •grZelvadiani sesxebi 20,000 30,000
•Senoba-nagebobebi 34,000 34,000 •sxva grZelvadiani
valdebuleba - -
•manqana-danadgarebi 120,000 150,000 sul grZelvadiani
valdebulebebi 20,000 30,000
•sxva grZelvadiani aqtivebi - - mflobelTa kapitali
grZelvadiani aqtivebis
Rirebuleba 164,000 194,000 •sawesdebo kapitali 100,000 100,000
minus daricxuli cveTa da
amortizacia 24,000 36,000 •gaunawilebeli mogeba /
zarali 42,200 60,320
sul grZelvadiani aqtivebi 140,000 158,000 sul mflobelTa kapitali 142,200 160,320
mTliani aqtivebi 208,000 238,320 valdebulebebi da
kapitali 208,000 238,320
1. mimdinare likvidurobis koeficienti =
mimdinare aqtivebi/mimdinare valdebulebebi
2. swrafi likvidurobis koeficienti = fuli+debitorebi+moklevadiani investiciebi/mimdinare
valdebulebebTan
3. sufTa sabrunavi kapitali = mimdinare
aqtivebs-mimdinare valdebulebebi
leveraJi = mTliani valdebulebebi/mTlian
aqtivebi
koeficienturi analizi
likvidurobis maCveneblebi
likvidurobis maCveneblebi
wlebi
koeficientebi
2005 2006
mimdinare likvidurobis
koeficienti
1.48 1.67
swrafi likvidurobis
koeficienti
0.61 0.78
sufTa sabrunavi kapitali 22,20 32,32
leveraJi 0.32 0.33
koeficienturi analizi
koeficienturi analizi
debitoruli davalianebis brunvadoba = saSualo debitoruli
davalianeba*periodi/gayidvebi am periodSi
*ar unda aRematebodes kreditis gadaxdis vadas
kreditoruli davalianebis brunvadoba = kreditoruli
davalianeba*periodi/Sesyidvebi am periodSi
sabalanso uwyisis
ZiriTadi sakiTxebi
axerxebs Tu ara kompanias sakuTari davalianebebis
amoRebas?
xom ar irRveva debitoruli davalianebis gadaxdis vadebi?
ixdis Tu ara kompania Tavis valdebulebebs?
Seesabameba Tu ara kreditoruli davalianebebis brunva
gadaxdis pirobebs;
kreditoruli davalianeba<maragebi?
akontrolebs Tu ara kompania Tavis maragebs?
sakmarisia maragebi mocemuli operaciisaTvis?
iyo Tu ara kompania warmatebuli?
aris Tu ara gaunawilebeli mogeba dadebiTi?
Tqveni SekiTxvebi
mogeba-zaralis uwyisi
mogeba-zaralis uwyisi2005 2006 10000
realizacia 140,000 161,000 16.1 9.66
cvladi xarjebi 84,000 96,600
saerTo mogeba 56,000 64,400
fiqsirebuli xarjebi 20,000 20,000
amortizacia 12,000 12,000
mogeba gadasaxadebisa da procentis
gadaxdamde 24,000 32,400
saprocento xarji 8,000 6,000
mogeba gadasaxadebis gadaxdamde 16,000 26,400
mogebis gadasaxadi 3,200 5,280
wminda mogeba 12,800 21,120
dividendi 2,000 3,000
gaunawilebuli mogeba 10,800 18,120
procentis gadaxdis koeficienti (Times-interest-earned ratio, TIE) = Semosavlebi procentis da gadasaxadis gadaxdamde (EBIT*)/saprocento xarjebi .
E es koeficienti aRniSnavs kompaniis unars moaxdinos gadaxdebi aRebuli sesxebis
saprocento davalianebis Sesabamisad, magram igi naklebad asaxavs kompaniis mier
aRebuli sesxebis mTliani davalianebis xarisxs da amortizaciis gadaxdebis
maCvenebels, Sesabamisad am koeficientTan erTad gamoiyeneba fiqsirebuli
gadaxdebis dafarvis anu sesxebis momsaxurebis koeficientic (EBITDA coverage ratio).sesxis momsaxurebis koeficienti =
Semosavlebi procentis da gadasaxadis gadaxdamde+amortizacia
+(EBITDA coverage ratio**)/ saprocento xarjebi +gadaxda
sesxebis ZiriTadi Tanxidan
* EBIT - Earnings Before Interest and Tax** EBITDA - Eearnings Before Income Tax, Deprecation and Amortization
koeficienturi analizi
wlebi
koeficientebi
2005 2006
procentis gadaxdis
koeficienti
3.00 5.40
sesxis momsaxurebis
koeficienti
1.84 2.30
koeficienturi analizi
გაყიდვების რენტაბელობა ანუ მოგების მარჟა (ROS) =
წმინდა მოგება/შემოსავალი რეალიზაციიდან
აქტივების რენტაბელობა (ROA) =
წმინდა მოგება/საშუალო აქტივები
კაპიტალის რენტაბელობა (ROE) =
წმინდა მოგება/საშუალო კაპიტალი
koeficienturi analizi
rentabelobis maCveneblebi
wlebi
koeficientebi
2005 2006
გაყიდვების რენტაბელობა(მოგების მარჟა)
(ROS)
9% 13%
აქტივების რენტაბელობა(ROA)
6% 9%
კაპიტალის რენტაბელობა(ROE)
9% 13%
koeficienturi analizi
rentabelobis maCveneblebi
fuladi saxsrebis
mimoqcevis uwyisi
kargi msesxebeli kredits
faravs ara:
Senobeba/nagebobebiT;
satransporto saSualebebiT;
manqana-danadgarebiT;
maragebiT.
aramed fuliT!!!
fuladi saxsrebis
analizi exmareba
sakredito menejers,
darwmundes, rom biznesSi
moZravi fuli sakmarisia
sesxis gawrili grafikis
mixedviT dasafaravad
fuladi saxsrebis
struqtura
fuli periodis dasawyisSi
operaciebidan Semosuli da gadinebuli fuli
dafinansebidan Semosuli da gadinebuli fuli
fuli periodis dasasrulisaTvis
fuladi saxsrebis mimoqcevis uwyisisaoperacio saqmianoba
wminda mogeba 21,120
amortizacia (+) 12,000
debitoruli davalianebis zrda/Semcireba (-/+) (7,000)
maragebis zrda /Semcireba (-/+) (3,000)
kreditoruli davalianebis zrda/Semcireba (+/-) 2,000
sxva mimdinare valdebulebebis zrda/Semcireba (+/-) 2,000
sul saoperacio fulis moZraoba 27,120sainvesticio saqmianoba
grZelvadiani aqtivebis SeZena/realizacia (-/+) (30,000)safinanso saqmianoba
moklevadiani sesxebis zrda/Semcireba (+/-) (1,800)
grZelvadiani sesxebis zrda/Semcireba (+/-) 10,000
gacemuli dividendebi (-) (3,000)
miRebuli dividendebi (+) -
sul fulis moZraoba safinanso saqmianobidan 5,200sul fulis moZraoba periodSi 2,320fuli periodis dasawyisSi 10,000
fuli periodis bolos 12,320
nulovani mogebis
wertili
nulovani mogebis koeficientis yoveldRiur
praqtikaSi gamoiyenebiT SeiZleba
daxasiaTdes:
yovelTviuri / wliuri Tu sxva nebismieri saanalizo periodis gayidvebis is minimaluri Tanxobrivi odenoba, romelic sakmarisi iqneba kompaniis cvladi da fiqsirebuli xarjebis dasafarad, im gaangariSebiT, rom kompanias maTi gastumrebis Semdeg darCeba nulovani mogeba;
yovelTviuri / wliuri Tu sxva nebismieri saanalizo periodis gayidvebis is minimaluri raodenobrivimaCvenebeli, romlisgan miRebuli amonagebiც sakmarisi iqneba kompaniis cvladi da fiqsirebuli xarjebis dasafarad, im gaangariSebiT, rom kompanias maTi gastumrebis Semdeg darCeba nulovani mogeba.
kompaniis mier gaweuli nebismieri danaxarji, romlebic dakavSirebulia erTeulovani produqciis warmoebasTan
SeiZleba iyos mikuTvnebuli xarjebis ორ kategorias, kerZod:
kompaniis cvladi xarjebis kategoria
warmoadgens yvela im xarjs, romlis gawevac kompania uxdeba yoveli erTeuli an momdevno erTeuli produqciis sawarmoeblad. (nedleuli, muSaxelis xelfasi, satransporto danaxarjebi). aRniSnuli xarji utoldeba nuls, rodesac kompania arafers ar awarmoebs.
kompaniis fiqsirebul xarjebis kategoria
warmoadgens yvela is xarjs, romlis gaweva kompanias uxdeba miuxedavad imisa kompania imuSavebs, Tu ara, 1 erTeul produqciasgamouSvebs, Tu 10-s. fiqsirebul xarjebs miekuTvneba menejmentis xelfasi, komunaluri xarjebi.
magaliTi:
kompania TveSi awarmoebs da yidis produqciis 100 erTeuls:
- erTeulovani produqciis sarealizacio Rirebulebaa $10 - kompaniis cvladi xarjebi udris sarealizacio Rirebulebis 60%-s
- kompaniis fiqsirebuli xarjia $ 250
aRniSnuli Tvis martivi mogeba-zaralis uwyisi Semdegnairad gamoiyureba:
mogeba-zaralis uwyisi
realizacia 1,000
cvladi xarjebi 600
jamuri mogeba: 400
fiqsirebuli xarjebi : 250
dasabegri mogeba: 150
nulovani mogebis wertilis gamosaTvlelad tardeba
Semdegi moqmedebebi:
iTvleba kontribucia = 400
(realizacia – cvladi xarji)
iTvleba kontribuciis marJa = 40%
(kontribucia / realizacia)
nulovani mogebis wertili: = 625
(fiqsirebuli xarji/kontribuciis
marJa)
mogeba-zaralis uwyisirealizacia 625
cvladi xarjebi (60%) 375
jamuri mogeba: 250
fiqsirebuli xarjebi :
250
dasabegri mogeba 0
Semajamebeli msjeloba:
nulovani mogebis wertilis daangariSeba iZleva saSualebas gavigoT, rom
- kompanias saangariSo periodSi unda gaeyida minimum 63 erTeuli produqcia, rom daefara yvela cvladi da fiqsirebuli xarji da gasuliyo nulovan mogebaze;
alternativa
- kompanias SeeZlo gaeyida Tavdapirveli 100 erTeuli produqcia, xolo fasi nacvlad 10 dolarisa Seemcirebina 6.25 aSS dolaramde.
- zemoTaRniSnuli gvaZlevs imis mtkicebis saSualebas, rom yoveli erTeulis fasi 100 erTeuli produqciis realizaciisas 6.25 dolarze qvemoT kompaniisaTvis wamgebiania, an 10 dolaris SemTxvevaSi kompaniam minimum unda gayidos 63 erTeuli produqti.
- aRniSnuli moqmedebebidan gamomdinare kompaniis menejerebma unda SesZlon imis gansazRvra, minimum ramdeni produqti unda gayidos kompaniam (gasaRebis departamenti, marketingis departamenti), ra fasi unda daadon erTeulovan produqcias (finansuri departamenti) an raTanafardobiT unda iyos dabalansebuli kompaniis fiqsirebuli da cvladi xarjebi.
SekiTxvebi ?
sesxis sakredito monitoringis tipebi:
msesxeblis finansuri mdgomareobis
monitoringi;
sesxis uzrunvelyofis saxiT arsebuli qonebis
monitoringi;
sasesxo Tanxis miznobrivi xarjvisa da
proeqtis mimdinareobis monitoringi
msesxeblis finansuri mdgomareobis
monitoringi
sakredito oficerma/eqspertma yovelTviuri monitoringis
bazaze unda:
Seiswavlon klientebis mimdinare finansuri mdgomareoba
finansur dokumentebze dayrdnobiT;
Seiswavlon klientebis sabanko angariSebze Tanxebis
moZraoba;
Seiswavlon organizaciebis biujetis winaSe arsebuli
valdebulebebi, gaanalizon maTi warmoSobis mizezebi da
dafarvis wyaroebi. moaxdinon saangariSgebo periodSi
Semosuli fuladi nakadebis da maTi mimarTulebebis
Semowmeba;
sesxis fiansuri monitoringis maxasiaTeblebi:
sixSire: TveSi erTxel
dro: sesxis grafikiT gansazRvrul dafarvis TariRamde 1 kviriT adre
adgili: msesxeblis ofisi, sawarmo
dokumentacia: yvela qviTari, gadaxdis moTxovna, angariS-faqtura, sxvadasxva saxis angariSgebebi.
forma: monitoringi unda iqnes gadatanili konkretuli sakredito dawesebulebis xelmZRvaneli organoebis mier datkicebul monitoringis eleqtronul formaSi.
waredgineba: ganyofilebis / filialis xelmZRvanels, sakredito riskebis analizis ganyofilebas, sakredito beq-ofiss
gamafrTxilebeli niSnebi
msesxeblis damokidebuleba bankisadmi;
msesxeblis damokidebuleba gareSe pirebisadmi;
msesxeblis finansuri angariSgebebi;
kompaniis SigniT mimdinare cvlilebebi
msesxeblis damokidebuleba bankisadmi
msesxeblis mxridan finansuri informaciis neli da uxalisod warmodgena aris yvelaze adreuli da xSirad ganmeorebadi gamafrTxilebeli faqtori;
grafikiT gaTvaliswinebuli Tanxebis dagvianebiT gadaxda SeiZleba likvidobis problemis maniSnebeli iyos, rac Tavis mxriv SeiZleba miuTiTebdes msesxeblis mier sakuTari saqmeebis araefeqturad marTvaze;
Txovna kreditis dafarvis vadis gaxangrZlivebis Taobaze warmoadgens siZneleebis TvalnaTliv maCvenebels;
sakredito Tanxis aramiznobrivi da aragonivruli xarjva SeiZleba iqces msesxeblis potenciuri problemebis arsebobis maCveneblad;
problemebi klientTan urTierTobaSi: siZneleebi msesxebelTan dakavSirebaSi, dasmul kiTxvebze msesxeblis mxridan bundovani pasuxebis gacema an saerTod Tavis arideba, uari informaciis mowodebaze an cru informaciis miwodeba, bankis mxridan daTqmuli Sexvedrebze dagvianeba da a.S. arapunqtualoba an arasaTanado Tavis marTlebebi (mtkicebebi samuSaoTi gadatvirTulobaze);
aqtivebis gasxviseba an gayidva, romlebic ar Seesabameba biznesis normaluri funqcionirebis interess. aqtivebis gayidva detalurad unda iqnas ganxiluli msesxebelTan erTad, raTa dadgindes qmedebis WeSmariti mizezi da SesaZlebeli Sedegebi. msgavsi gayidvebi SeiZleba aRmoCenil iqnas msesxeblis mier bankSi didi odenobiT depozitis ganTavsebis Sedegad da a.S.
sesxis naSTis Semcireba da overdraftebis zrda miuTiTebs, rom msesxebeli ganicdis likvidobis problemas;
megobruli urTierTobebis zrda bankTan mimarTebaSi gansakuTrebiT TvalsaCinoa, Tuki msesxebeli banks sTavazobs axal axal finansur proeqtebs. msgavsi gamafrTxilebeli niSani gansakuTrebiT rTulad aris amosacnobi, rameTu banki yovelTvis miesalmeba axal biznesebs. am SemTxvevaSi bankma unda gansazRvros Tu ramdenad gulwrfelia msesxebeli;
msesxeblis Txovnebi bankis mxridan gadawyvetilebis swrafad miRebaze SeiZleba miuTiTebdes, rom msesxebelma dakarga kontroli biznesze, an cdilobs ukuagdos bankis mxridan misi muSaobis analizis mcdeloba;
ararealuri samomavlo gegmebi, miuTiTebs biznesis cud an arakompetentur marTvaze. es niSani sakredito oficerma biznes-gegmis detaluri Seswavlis Sedegad SeiZleba aRmoaCinos;
winadadebebi ucnauri garigebebis an saqmeebis Sesaxeb, romlebic ar eqvemdebareba saR azrs, SeiZleba mianiSnebdes imaze, rom msesxebeli imyofeba uimedo mdgomareobaSi. biznesis axal sferoebSi diversifikacia SeiZleba miuTiTebdes usiamovnebebze, Tuki msesxebels ar gaaCnia muSaobis gamocdileba am sferoSi es SeiZleba miuTiTebdes bolomde gamoukvelevel avantiuraze.
msesxeblis damokidebuleba gareSe pirebisadmi
wina periodTan SedarebiT klientebis mxridan SekveTebis Semcireba,
SeiZleba iyos momavali finansuri problemebis maniSnebeli. es SeiZleba
miuTiTebdes imas, rom msesxebels aRar ZaluZs momxmareblis sxvisgan
gansxvavebuli saqonliT momarageba, gaaCnia cudi xelmZRvaneloba an
aradamakmayofileblad emsaxureba klienturas.
kompaniis Sesaxeb statiis an zepiri formiT gadacemuli uaryofiTi
informacia;
momwodeblebTan dakavSirebuli problemebi: momwodeblebma Sewyvites
msesxeblisaTvis saSeRavaTo pirobebis miniWeba, rac miuTiTebs
msesxeblis mxridan valdebulebebis aradroul momsaxurebas;
insaideris mier aqciaTa gayidva SeiZleba miuTiTebdes, rom aqcionerebi
cdiloben problemuri biznesidan gasvlas.
msesxeblis finansuri angariSgebebi maragebis uzomod zrda miuTiTebs, rom kompania muSaobs an Tavis komerciul SesaZleblobebze dabla an Semcirda
realizaciis moculobebi. sakredito muSaki valdebulia Seamowmos maragebi: a) RirebulebaSi, b) fizikur
erTeulebSi, g) rogorc procentuli SeTanawyoba mTliani aqtivebidan, d) rogorc procentuli SeTanawyoba
realizaciidan;
debitoruli davalianebis brunvadobis Semcireba: debitoruli davalianebis Semosvla gansakuTrebiT
mniSnvelovania. Seswavlil unda iqnas: nelad gadaxdadi, gadauxdeli an uimedo debitoruli davalianebebi.
debitoruli davalianebis zrdis tendenciis Seswavlisas gamokvleuli unda iqnas klientebTan Cekebis gagzavnis
sistema da fuladi nakadebis sistema. maragebis msgavsad debitoruli davalianebac Seswavlil unda iqnas a)
RirebulebaSi, b) fizikur erTeulebSi, g) rogorc procentuli SeTanawyoba mTliani aqtivebidan, d) rogorc
procentuli SeTanawyoba realizaciidan;
kreditoruli davalianebis zrda: rodesac biznesi xdeba naklebad likviduri es iwvevs gadaxdebis gadavadebas.
SeSfoTebulma msesxebelma SeiZleba mimarTos garantiebis gamoyenebis praqtikas, raTa gadaavados gadaxdebis vada.
aRniSnuli aSkara problemis maniSnebelia;
aqtivebis realizacia: finansuri problemebis SemTxvevaSi msesxebelma SeiZleba miiRos aqtivebis ipoTekiT
datvirTvis gadawyvetileba, gadavides ijaris praqtikaze da gadadgas nabijebi aqtivebis realizaciis
mimarTulebiT, raTa gazardos likvidoba. nebismieri aseTi qmedeba bankis mxridan unda aRiqmebodes, rogorc
gamafrTxilebeli niSnebi;
sasesxo davalianebis zrda: Tuki mTliani valdebulebebi an sasesxo valdebulebis kapitalTan Sefardeba iwyebs
zrdas, maSin es potenciuri problemebis maniSnebelia;
likვidobis zrda: gansakuTrebiT problematuri xdeba Tu izrdeba sagadasaxado likvidoba. es SeiZleba aseve
miuTiTebdes imaze, rom kompanias finansuri zrdis pirobebSi gaaCnia Zalian msxvili sasesxo davalianebebi.
saoperacio mogebis Semcireba an saerTod gaqroba: mogebis armqone kompanias momavali ar aqvs. drois mcire
monakveTis ganmavlobaSi kompaniam SeiZleba aCvenos wminda mogebis arseboba rezervebis likvidaciis, fiqsirebuli
aqtivebis realizaciis, saSemosavlo gadasaxadis gadaxdisa da a.S safuZvelze;
wminda zarali an naRdi fulis uaryofiTi nakadebi: msgavs SemTxvevebSi kompanias ar SeuZlia didi xniT
gaagrZelos Tavisi saqmianoba;
axali investiciebis Sewyveta: Cveulebriv kompania unda agrZelebdes investiciebs moZvelebuli mowyobilobebis
modernizaciisaTvis an cvalebad samyarosTan adaptirebisaTvis. rTul periodebSi kompanias SeuZlia mogebis
SenarCuneba (an zaralis Semcireba) msgavsi investiciebis Semcirebis gziT. aRniSnuli warmoadgens moklevadian
strategias, romelsac grZelvadian WrilSi perspeqtiva ar aqvs;
sabuRaltro angariSgebebis safuZvlebis an finansuri angariSgebebis warmodgenis meTodebis Secvla ar iZleva
mimdinare monacemebis istoriul monacemebTan Sedarebis saSualebas. aRniSnuli xSirad warmoadgens nerviulobis
sagans;
auditoris/buRaltris xSiri cvla: SeiZleba miuTiTebdes imaze, rom wina auditorebi ar Tanxmdebodnen msesxeblis
ararealuri finansuri angariSgebebis dadasturebaSi.
kompaniis SigniT mimdinare cvlilebebi problemebi xelmZRvanel struqturaSi, rac SeiZleba Semdegnairad gamovlindes:
- menejmentis Semadgenlobis uecari an xSiri cvla;
- gansakuTrebiT dominirebadi xelmZRvaneli;
- menejmentis SemadgenlobaSi Tanamimdevruli marTvis nakleboba;
- gadawyvetilebis miRebisas moqmedebaTa bundovnoba;
- arazomiereba xelmZRvanelobaSi (Zalian bevri buRalteri, warmomadgenlebi an TanaSemweebi).
aSkara uTanxmoebebi kompaniis SigniT, gansakuTrebiT xelmZRvanelebs Soris, rac SeiZleba
mianiSnebdes kompaniaSi arsebul finansur siZneleebze. unda gairkves Tu ra warmoadgens davis
sagans da xom ar aiZuleben vinmes rom gadadges;
menejmentis romelime warmomadgenlis xangrZlivi an uecari Svebuleba avadmyofobis gamo;
kompaniis xelmZRvanelis mZime avadmyofoba an sikvdili;
saqmis warmoebis dadgenili praqtikidan gadaxrebi: fasebis Semcireba, spekulacia, uprecedento
saqmiani moqmedebebi. aseve menejeris mcdari, eqstravagantuli an arasasurveli piradi Cvevebi;
kompaniis swrafi zrda: mravali problemuri krediti warmoiqmneba iseT kompaniebSi, romlebic
Zalian swrafad izrdebian daJinebuli mewarmis liderobis qveS, romelic Tavis mxriv ver
axdens adeqvatur zrdas da ver iZens didi kompaniis samarTavad saWiro profesionalur unar-
Cvevebs;
SesaZleblobebis simravle: SeiZleba miuTiTebdes realizaciis Semcirebaze da gulisxmobs, rom
kompania arakonkurentunariania produqciis Rirebulebis gansazRvraSi. bankma unda gansazRvros
dargi aris problemuri, Tu es moqmedebs mxolod mocemul msesxebelTan mimarTebaSi;
SesaZleblobaTa simcire: Tu kompania muSaobs sakuTar SesaZleblobebze dabla, maSin es
SeiZleba iyos potenciur safinanso siZneleebis maCvenebeli;
cvlilebebi ekonomikaSi, politikaSi, teqnikaSi an konkurentul garemoSi, SeiZleba uaryofiTad
aisaxon kompaniaze Tu ar iqneba gadadgmulni aucilebeli da swrafi nabijebi maTi Sedegebis
gamosasworeblad.
xelmZRvanelobaze an filialebze gacemuli kreditebi;
xelmZRvanelebis anazRaurebis cvlileba.
perioduloba: or TveSi erTxel
mizani: Semowmdes xom ar aris giraos sagani dazianebuli
forma: monitoringi unda iqnes gadatanili konkretuli sakredito dawesebulebis xelmZRvaneli organoebis mier datkicebul monitoringis eleqtronul formaSi
ras eqceva yuradReba?
aris Tu ara giravnobis sagani dazianebuli;
arsebobs Tu ara giravnobis sagnis Rirebulebis Semcirebis safrTxe;
xom ar moxda giravnobis sagnis moraluri cveTa;
xom ar arsebobs giravnobis sagnis ganadgurebis safrTxe misi daucvelobis gamo;
Seesabameba Tu ara uzrunvelyofaSi arsebuli sagnis realuri mdgomareoba (raodenobrivadac) giravnobis xelSekrulebaSi dafiqsirebuls;
Tu moxda sagiravno qonebis Semcireba, Semcirda Tu ara Sesabamisi TanxiT sasesxo davalianeba.
sesxis uzrunvelyofis saxiT arsebuli qonebis monitoringi
sasesxo Tanxis miznobrivi xarjvisa da proeqtis mimdinareobis monitoringi
perioduloba: damokidebulia sakredito dawesebulebis mier gasacem tranSebze
mizani: Semowmdes ramdenad Seesabameba realuri xarjva gancxadebuls
forma: monitoringi unda iqnes gadatanili konkretuli sakredito dawesebulebis xelmZRvaneli organoebis mier datkicebul monitoringis eleqtronul formaSi
monitoringis Catarebisas sakredito oficeri valdebulia
sesxis (morigi tranSis) gacemidan 14 dRis ganmavlobaSi savaldebulo wesiT
moaxdinon sasesxo Tanxis miznobrivi xarjvis Semowmeba;
Seamowmon Seesabameba Tu ara sesxis misaRebad bankSi warmodgenil
dokumentaciaSi dafiqsirebuli miznobrioba realurs;
moiZion sasesxo Tanxis miznobrivad xarjvis damadasturebeli dokumentebi da
Sesabamisi aslebi miznobriobis formasTan erTad moaTavson sakredito
failebSi;
gaagrZelon kontroli sasesxo Tanxis miznobriv xarjvasa da proeqtis
mimdinareobaze, moiZion Sesabamisi dokumentebi proeqtis sruli ciklis
damTavrebamde;
Tu sesxis Tanxa aramiznobrivad iqna gamoyenebuli daafiqsiron arsebul
situacia da TavianT rekomendaciebTan erTad gadascen dakreditebis direqtors
romelic sami dRis vadaSi bankis xelmZRvanelobasTan SeTanxmebiT dasaxavs
RonisZiebebs problemebis gadasawyvetad
proeqtis efeqturobis analizi
wminda sadiskonto Rirebuleba.(Net Present Value) NPV ;momgebianobis indeqsi(Profitability Index) PI ;momgebianobis Sida norma(Internal Reinvesting Ratio). IRR ;investiciebis gamosyidvis periodi(payback
period) DPP
produqciis wminda sadiskonto
Rirebuleba.
proeqtis wminda sadiskonto Rirebuleba proeqtis realizaciis mTeli periodis
ganmavlobaSi yvela saxis fuladi nakadebis Rirebulebas, miRebuli da gadaxdili
Tanxebis mixedviT. anu Net Present Value= - ID+ (discount Cash Inflows -discount Cash outflows); wminda sadiskonto Rirebuleba iangariSeba Semdegi formuliT:
1 2 t t
NPV = - CF0 +CF /(1+r) + CF /(1+r) + ….+ CF /(1+r) = - CF0+SUM( CF /(1+r) )
sadac, CF /(1+r) aris mimdinare Rirebuleba (PV) fulis nakadisa 1 wlis bolos,
CF0 – aris sawyisi investicia da minus niSniT aris warmodgenili, NPV(Net Present Value)-aris wminda sadiskonto Rirebuleba, proeqtis t periodSi Cadebuli
investiciebisa da mogebis mixedviT, t -aris proeqtis periodebi 1, 2, 3, ... .i, periodebze gaTvliT
produqciis wminda sadiskonto
Rirebuleba.
an meorenairad wminda sadiskonto Rirebuleba iqneba:
1 2 t
NPV = - CF0 +CF1/(1+r) +Cf2(1+r) + ...+ Cft(1+r), sadac,
CFt- aris t weliwadSi miRebuli mogeba,
r-diskontirebis ganakveTia.
investiciebis ukugebis periodi (Discaunt payback period) DPPmagaliTi: sawarmom sastumros mSeneblobaSi Cado 40 mln. lari, xolo yovelwliuri
gegmiuri Semosavlebi sastumros eqsploataciis Sedegad Seadgens Sesabamisad – 35, 60,
80 da 1000 mln. lars. diskontirebis ganakveTi iyos 100 %. rogori iqneba
TviTgamosyidvis periodi?
drois periodi - 1 2 3 4
fuladi
Semosavlebi, mln
lari.- 35 60 80 100
fuladi
Semosavlebi, mln
lari.
diskontirebiT,
100%.
- 17,5 15 10 6,25
gadaxdebi
(xarjebi), mln
lari.40 - - - -
TviTgamosyidvis
periodi(statikuri
meTodiT), weli- - 1,08 - -
TviTgamosyidvis
periodi(diskontir
ebis meTodiT),
weli
- - - 2,75 -
investiciebis ukugebis periodi (Discaunt
payback period) DPPCadebuli investiciebis ukugebis kriteriumad iTvleba periodi, rodesac
Tavdapirveli kapitaldabandebebisa da sxva xarjebis anu pirveladi investiciis
gadafarva xdeba proeqtis realizaciis Sedegad miRebuli SemosavlebiT anu
ukugebis periodi aris sawyisi investiciis dafarvis wlebis raodenoba. sxvanairad
igi tolia kumulaciuri wlebis periods, romlis drosac diskontirebuli
fuladi SemosavlebiT investiciis amoReba jer ar momxdara, damatebuli
investiciebis narCeni Rirebulebis Sefardeba bolo wlis investiciis
amoRebis(fuladi Semosavlis) maCvenebelze.
magaliTad wina grafikis mixedviT, sastumros mSeneblobaSi investirebuli 40 mln
dolaris amoRebis TvalsazrisiT investiciis ukugebis periodi iqneba :
DPP = 2 weli + 7,5 mln /10 mln= 2 weli da 7, 5 Tve
diskontirebisas fuladi nakadebi pirvel periodSi(romelzec modis ZiriTadi
sainvesticio xarjebi) icvleba mcired, xolo Semdgom periodebSi ki piriqiT
xdeba maqsimalur maCveneblebze gasvla proeqtis sawarmoo simZlavreebis
amoqmedebasTan erTad. aqedan gamomdinare, proeqtis investiciebis
ukugebis(gamosyidvis) periodi aRemateba aradiskontirebul periods. rac ufro
moklea ukugebis periodi, miT ufro ukeTesia firmisaTvis.
proeqtis momgebianobis indeqsi(Profitability Index)magaliTi: sawarmom sastumros mSeneblobaSi Cado 40 mln. lari, xolo
yovelwliuri gegmiuri Semosavlebi sastumros eqsploataciis
SedegadSeadgens Sesabamisad – 35, 60, 80 da 1000 mln. lars. diskontirebis
ganakveTi iyos 100 %. rogori iqneba TviTgamosyidvis periodi?
drois periodi - 1 2 3 4
fuladi
Semosavlebi, mln
lari.- 35 60 80 100
fuladi
Semosavlebi, mln
lari.
diskontirebiT,
100%.
- 17,5 15 10 6,25
gadaxdebi
(xarjebi), mln
lari.40 - - - -
TviTgamosyidvis
periodi(statikuri
meTodiT), weli- - 1,08 - -
TviTgamosyidvis
periodi(diskontir
ebis meTodiT),
weli
- - - 2,75 -
proeqtis momgebianobis indeqsi(Profitability Index)
es indeqsi gamoxatavs proeqtis mTel periodSi mis fardobiTi momgebianobis maCvenebels,
Tavdapirvelad investirebul TanxasTan mimarTebaSi. sxvanairad igi warmoadgens proeqtis
wminda sadiskonto Rirebulebis fardobas erTeul kapitaldabandebasTan mimarTebaSi:
NPVPI=----------------------
IDsadac, ID– Tavdapirveli xarjebia anu investirebis sadiskonto Rirebulebaa. rogorc an
formulidan Cans sasurvelia Tu PI > 0, magram NPV-sagan gansxvavebiT igi kapitaldabandebis
efeqturobis maCvenebelia da danaxarjebis zrdisas garkveuli zRvris zeviT wamgebianic
SeiZleba gaxdes. ase magaliTad, warmodgenili maCveneblebis mixedviT NPV orive proeqtis
SemTxvevaSi SeiZleba $100 –s toli iyos, magram investiciebis sididiT gansxvavebuli –
$100 da $10, maSin PI gansxvavebulia. pirveli proeqtis SemTxvevaSi 1% , xolo meore
proeqtisas - 10%. rogorc vxedavT pirveli proeqti nakleb mimzidvelia, upirvelesad
momgebianobis indeqsis TvalsazrisiT. sakmarisia xarjebis 5% -iT zrda, pirveli proeqti
ukve wamgebiani gaxdeba, maSin roca meore kvlav inarCunebs mimzidvelobas.
proeqtis Sida ukugebis norma(Internal Rate of Return ) IRR
efeqturobis indeqsi gamoxatavs diskontirebis im maCvenebels, romlis drosac proeqtis wminda
sadiskonto Rirebuleba nulis tolia anu igi ganimarteba rogorc diskontirebis norma,
romelic utolebs proeqtis mosalodneli fulis Semodinebi dRevandel Rirebulebas sawyis
investiciis Rirebulebas. Sesabamisad, igi asaxavs sadiskonto ganakveTis im maqsimalur normas,
romlis drosac proeqti jer kidev rCeba rentabelurad. rogorc proeqtis wminda sadiskonto
Rirebulebis Sefasebisas zeviT ukve avRniSneT, d – sadiskonto ganakveTis raRac zRvris zeviT
proeqti SeiZleba ararentabeluri gaxdes.
magaliTi: investorma Cado avialainerebis warmoebis sawarmoSi 12 mln dolari. dagegmili
yovelwliuri Semosavlebi Seadgenen:
1 weli - 4 mln dolari; 2 weli - 6 mln dolari; 3 weli - 8 mln dolari; 4 weli – 3
mln dolari
ganvsazRvroT momgebianobis Sida norma.
garda am empiriuli gaangariSebisa, IRR –is gamoTvla SesaZlebelia Semdegi formuliTac:
1 2 3 4 1 2
0 = - CF0 + CF /(1+r) + CF2/(1+r) + CF /(1+r) + CF /(1+r), saidnac, - CF0 = CF /(1+r) + CF /(1+r)4 1 2
+ ….+ CF /(1+r), ris mixedviTac miviRebT : 12 000 000 = 4 000 000 /(1+r) + 6 000 000 /(1+r) + 3 4
8 000 000/(1+r)+ 3 000 000 /(1+r);saidanac IRR = 26,98%
NPV, IRR da PI, SedarebiTi analizi
amdenad, im SemTxvevaSi roca momgebianobis Sida rentabelobis norma aRemateba dabandebuli
kapitalis saSualo Rirebulebas(grZelvadiani sabanko aqtivebis ganakveTi), sainvesticio
riskis gaTvaliswinebiT, maSin nebismieri proeqti iqneba mimzidveli. proeqtis Sefasebis
warmodgenili kriteriumebi - NPV, IRR da PI, faqtiurad warmoadgens erTi da igeve
koncefciis sxvadasxva versiebs, da aqedan gamomdinare maTi maCveneblebi
urTierTdakavSirebulia erTmaneTTan.
im SemTxvevaSi Tu NPV>0, maSin PI>1 da IRR>r Tu NPV<0, maSin PI<1 da IRR<r Tu NPV=0, maSin PI=1 da IRR=r sadac r — momgebianobis normaa (kapitalis alternatiuli Rirebuleba).
sakredito oficrebi valdebulni arian ganaxorcielon monitoringisyvela zemoT CamoTvlili saxe Sesabamisi formebi warmoadginondakreditebis direqtoratis administrireba-zedamxedvelobissamsaxurSi (filialebis sakredito oficrebma aqtebTan erTad undawarmoadginon sakredito ipoTekis da giravnobis xelSekrulebebi).
aqtebis warmodgenis Semdgom aRniSnuli samsaxuri Sesabamis sakreditooficerTan erTad axdens sesxis Sefasebas. sesxis Sefasebisasaucileblobis SemTxvevaSi adgilebze gasvliT moxdeba aqtebSidafiqsirebuli informaciis siswore.
warmodgenili formebis da Sefasebis mixedviT moxdeba sesxebismimdinareobis realuri mdgomareobis gansazRvra. am mdgomareobidangamomdinare moxdeba bankis sakredito porTfelis Sefaseba da detaluri analizi da misi Sedegebi moxsendeba bankisxelmZRvanelobas.
Semajamebeli msjeloba
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