gverdebi 57-69

Tavi 10. finansuri da menejeruli

aRricxva

xSirad mcire firmebi, iseve rogorc umsxvilesi korporaciebi, kotrdebian

mxolod da mxolod imis gamo, rom isini ar iTvaliswineben da ar mihyvebian zust bu-

Raltrul da finansur procedurebs. buRaltruli aRricxva gansxvavdeba marketin-

gisagan, menejmentisagan da adamianuri resursebis (kadrebis) marTvisagan imiT, rom

Cven TiTqmis araferi ar viciT buRalteriis Sesaxeb sakuTari cxovrebiseuli ga-

mocdilebidan. yvela CvenTagani Tvlis, rom gaaCnia garkveuli gamocdileba market-

ingSi. magram buRaltruli aRricxva? ra aris es? ra saqmianobiT arian dakavebulni

buRaltrebi? sainteresoa Tu ara es?

sinamdvileSi, SeiZleba iTqvas, rom adamianTa umravlesoba, maT Soris msxvili

biznesmenebic, saerTod ar interesdebian buRaltruli aRricxviT. maT urCevniaT

Seiswavlon marketingi, menejmenti, an finansebi — erTi sityviT, yvelaferi, buRal-

teriis garda. Sedegad moRvaweobs aTasobiT biznesmeni, rolebsac gaaCniaT udidesi

gamocdileba da Cvevebi saqmiani sferoebis umravlesobaSi, Tumca kvlavindeburad

amJRavneben ucodinarobas, rodesac saqme exeba buRaltrul aRricxvas. da ras

viRebT Sedegad? — bevri pirovneba iwyebs komerciul moRvaweobas da maT hgoniaT,

rom saqme midis kargad, mxolod imitom, rom izrdeba gayidvebis moculoba da

maRalia mogeba. magram likviduroba Zalian dabalia, rac Tavis Tavad niSnavs imas,

rom firmas ubralod ar hyofnis naRdi fuli Tavisi angariSebis (valebis) gadas-

axdelad. Sedegad firma kvdeba.

sinamdvileSi adamianma, romelsac surs erkveodes biznesSi, garkveuli codna

unda SeiZinos buRalteriaSic. amasTanave, buRaltruli aRricxva arc ise Znelia,

rogorc erTi SexedviT SeiZleba mogeCvenoT. Tqven unda SeiswavloT ramdenime ter-

mini, Semdeg CawvdeT angariSsworebis (rogor vangariSobT) princips da gaigoT

rogor iqmneba sabuRaltro angariSebi. principSi esec ar aris rTuli. im cifre-

bidan, romlebsac agroveben da iweren buRaltrebi, isini adgenen dokumentebs,

romlebsac safinanso angariSebi ewodeba. swored es safinanso angariSebi awvdis

biznesmens informacias imis Sesaxeb, Tu ramdenad jansaRia misi firma. TiTqmis

SeuZlebelia efeqtianad marToT saqme, Tu Tqven ar SegwevT Zala waikiTxoT, gaigoT

da saTanadod gaanalizoT buRaltruli dokumentebi da safinanso angariSebi. isini

iseve naTlad miuniSneben saqmis mdgomareobaze firmaSi, rogorc magaliTad pulsi

da arteriuli wneva miuTiTebs adamianis janmrTelobaze. mxolod Tqvenzea da-

mokidebuli is, rom Tqvenma buRaltrebma saWiro informacia mogawodon TqvenTvis

saWiro formiT. es imas niSnavs, rom Tqven TviTon unda erkveodeT buRaltruli aR-

ricxvis niuansebSi.

am Tavis mizania gagacnoT buRaltruli aRricxvis ZiriTadi principebi da fi-

nansuri analizis elementebi. rodesac Tavi damTavrdeba, Tqven unda gqondeT war-

modgena zogadad buRalteriaze, mis muSaobasa da mniSvnelobaze.

4

10.1. buRalteria da misi arsi

biznesis mraval mizanTa Soris erT-erT umTavresia saqmiani organizaciis

mier Tavis finansur mdgomareobaze yuradRebis gamaxvileba. amitom firmebi Tva-

lyurs adevneben fuladi saxsrebis moZraobas da awarmoeben am moZraobis gamomwvevi

operaciebis aRricxvas. aRricxva gamoiyeneba, rogorc informaciuli sistema, sa-

dac xdeba biznesis monacemTa damuSaveba. is dainteresebul mxareebs saSualebas

aZlevs Seafason biznesis avkargianoba. am saqmes emsaxureba sabuRaltro aRricxva —

es aris organizaciis moRvaweobis finansuri maCveneblebis registraciis, sistema-

tizaciisa da ganzogadoebis procesi. sabuRaltro aRricxva ganazogadebs am in-

formacias da aZlevs iseT formas, romelic saSualebas iZleva Sefasdes: warsuli

ganviTarebis Sedegebi, dRevandeli mdgomareoba da samomavlo perspeqtivebi.

biznesis monacemebi warmoadgenen aRricxvis sistemis Sesavals, xolo mis ga-

mosavalze iqneba garkveuli Rirebulebis mqone finansuri informacia.

in

fo

rm

ac

ii

s m

om

xm

ar

eb

le

bi

— menejerebi

— aqcionerebi

— mimwodeblebi

— momxmareblebi

— TanamSromlebi

— mTavroba

— sxvebi

(biznesis (finansuri

gamosavaliaRricxvis

procesi Sesavali

monacemebi) informacia)

nax. 10.1. aRricxvis procesis struqtura

biznesis monacemebis damuSavebis Semdeg gvaqvs garkveuli Rirebulebis mqone

informacia firmis finansur mdgomareobaze, romelic gamoiyeneba sxvadasxva pire-

bis mier garkveuli analizisaTvis da gadawyvetilebaTa miRebisas. magaliTad, mene-

jerebs sWirdebaT informacia, raTa efeqtianad marTon biznesi da mudmivad gaaum-

jobeson miRebuli gadawyvetilebebis xarisxi. aqcionerebs surT Seafason menejer-

Ta moRvaweoba da biznesidan miRebuli an mosalodneli misaRebi Semosavlebis sidi-

de. mimwodeblebs ainteresebT kompaniis SesaZleblobebi valebis gadaxdis Tvalsaz-

risiT, xolo momxmareblebs is, Tu ramdenad saimedoa firmis mier bazarze saqonlis

miwodeba. bankebisa da biznesis damfinansebel nebismier organizaciebs firmis

mokle da grZelvadiani sesxis dafarvis SesaZleblobebi ainteresebT. sagadasaxado

inspeqcias esaWiroeba informacia firmis mogebis Sesaxeb, raTa zusti gadasaxadi

dauwesos mas. firmis TanamSromlebs ufleba aqvT icodnen, Tu rogor mdgomareo-

baSia maTi organizacia. finansur mrCevelebsa da brokerebs klientebisaTvis sa-

Tanado rCevebis misacemad sWirdebaT monacemebi firmis mdgomareobis Sesaxeb.

biznesisaTvis sabuRaltro aRricxva ori mizezis gamo aris mniSvnelovani:

pirvel rigSi is exmareba menejerebs dagegmvaSi da kompaniis marTvaSi. meore mxriv,

is saSualebas aZlevs gare momxmarebels Seafasos firmis mdgomareoba. amitom sabu-

5

Raltro aRricxvis procesi SeiZleba daiyos or ZiriTad funqcionalur sferoebad:

finansuri aRricxva da mmarTvelobiTi (menejeruli) aRricxva.

1. finansuri aRricxva (Financial Accounting). aRricxvis es sfero exeba firmis

moRvaweobis mTel process da gamiznulia gare momxmareblebisaTvis (aqcio-

nerebi, momxmareblebi, kreditorebi, sagadasaxado samsaxuri da a.S.). finansuri

aRricxva aisaxeba ZiriTad finansur angariSebSi. es angariSebi warmodgenas

gviqmnian firmis moRvaweobaze garkveuli periodis ganmavlobaSi. maTi saSuale-

biT, agreTve, SesaZlebelia sxvadasxva maCveneblebis gamoTvla, romlebic war-

moadgenen firmis saqmianobis sakmaod zust indikatorebs. amgvar finansur an-

gariSgebas gaaCnia gansazRvruli standartuli formebi da mzaddeba Sesabamisad

sabuRaltro aRricxvis sayovelTaod miRebuli principebis dacviT, romlebic

SemuSavebuli da SeTanxmebulia buRaltrebis mier mravali wlis ganmavlobaSi.

es finansuri angariSebi esaWiroebaT gare momxmareblebs obieqturi da Tanmim-

devruli informaciis misaRebad.

2. mmarTvelobiTi aRricxva (Managerial Accounting). finansuri aRricxvisagan

gansxvavebiT mmarTvelobiTi aRricxva gamiznulia Sida moxmarebisTvis. kerZod,

is gamiznulia firmis menejerebisaTvis. mmarTvelobiTi aRricxvis ZiriTadi mi-

zania daexmaros menejerebs firmis moRvaweobis Sedegebis SefasebaSi da saSu-

aleba misces miiRon gadawyvetilebebi obieqturi informaciis safuZvelze. fi-

nansuri aRricxva asaxavs warsuls da ganixilavs firmas, rogorc erT mTlians.

mmarTvelobiTi aRricxva ki gancalkevebulad ganixilavs firmis moRvaweobis

sxvadasxva sferos da saSualebas iZleva warimarTos biznesi garkveuli mimar-

TulebiT ise, rom miRweul iqnes misi miznebi.

buRaltrebis mier Sesrulebuli mravali funqciidan erT-erTi yvelaze

mniSvnelovania finansuri dagegmva, romelic Seicavs gayidvebis, danaxarjebisa da

mogebis prognozirebas. es prognozi saSualebas aZlevs xelmZRvanelobas gamoav-

linos problemebi, SesaZleblobebi da gonivrulad gaanawilos resursebi. am

procesis nawils Seadgens biujetis SemuSaveba. biujeti — es aris kompaniis samo-

mavlo moRvaweobis finansuri gegma, sadac mocemulia savaraudo Semosavlebisa da

xarjebis Sefaseba da gaTvaliswinebulia maTi finansirebis wyaroebi. sxva sityvebiT

rom vTqvaT, biujeti warmoadgens finansur programas drois mocemuli periodisT-

vis (Cveulebriv erTi wlisTvis), sadac warmodgenilia konkretuli finansuri geg-

mebi gansazRvruli TanmimdevrobiT, savaraudo Semosavlebis, xarjebisa da fuladi

saxsrebis moZraobis safuZvelze. radgan biujetis SemuSavebisas aucilebelia gani-

sazRvros Semosuli da gasuli fuladi saxsrebis moculobebi, amitom biujetis

Sedgena erTdroulad emsaxureba rogorc dagegmvas, aseve kontrols.

biujetis Sedgenis garda firmis buRaltrebi akeTeben sawarmoo xarjebis

analizs, romelic xelmZRvanelobas aZlevs zust cnobas imaze, Tu ra danaxarjebi

eqneba firmas mocemuli produqtis warmoebisas.

finansur aRricxvasa da mmarTvelobiT aRricxvas Soris arsebuli gansxvaveba

asaxvas povebs TviT buRaltrebis profesiul orientaciaze. isini SeiZleba davyoT

or jgufad: gare da Sida buRaltrebi.

6

gare buRaltrebi damoukideblebi arian im warmoebebisagan, organizaciebisa

da im fizikuri pirebisagan, romlebsac isini emsaxurebian. zogierTi organizacia

maT qiraobs Tavisi finansuri angariSebis Sesadgenad, sagadasaxado sabuTebis mo-

samzadeblad da konsultaciisaTvis. msxvili firmebi iwveven gare buRaltrebs,

raTa maT moamzadon moxseneba firmis finansuri angariSebis Sesrulebis sizusteze.

rogorc wesi, aseTi moxseneba eyrdnoba auditis Sedegebs. auditi — es aris finan-

suri angariSebis zusti da utyuari sabuRaltro Sefaseba.

Sida, anu saStato buRaltrebi, romlebsac korporaciul buRaltrebsac

uwodeben, daqiravebulebi arian samuSaoze firmis mier. gare buRaltrebisgan

gansxvavbiT, Sida buRaltrebi damokidebulni arian organizaciebze, sadac isini

msaxuroben Tundac imitom, rom organizacia maT xelfass uxdis.

10.2. sabuRaltro aRricxvis ZiriTadi principebi

finansur monacemebTan muSaobisas buRaltrebi xelmZRvaneloben ori funda-

mentaluri principiT. es principebia: sabuRaltro balansi da ormagi Caweris sis-

tema, romlebic SemuSavebuli iyo ramdenime saukunis win da dResac centraluri

adgili ukaviaT sabuRaltro aRricxvaSi.

sabuRaltro balansi. firmebi ganuwyvetliv awarmoeben Tavisi aqtivebis

aRricxvas. aqtivebi (Assets) — warmoadgenen firmis mflobelobaSi myof materialur

da aramaterialur resursebs, romelTac gaaCniaT garkveuli Rirebuleba da rom-

lebic SeiZleba gamoyenebuli iqnen produqciis dasamzadeblad an momsaxurebis ga-

sawevad. aseve firmebi Tvalyurs adevneben TavianT valdebulebebs (Liabilities) — es

aris fuladi da sxva saxis davalianeba gareSe pirebisa an organizaciebis mimarT.

Tu firma daakmayofilebs kreditorebis moTxovnebs da dafaravs davaliane-

bebs mis mflobelobaSi arsebuli aqtivebidan, e.i. aqtivebs gamoaklebs valdebule-

bebs, maSin darCenili nawili iqneba sakuTar kapitali (Owners’ Equity) — es aris kom-

paniis aqtivebis nawili, romelic rCeba mflobelebis sakuTrebaSi imis Semdeg, rac

ganaRdebuli iqneba yvela valdebuleba yvela kreditoris winaSe.

sabuRaltro balansi — es aris aqtivebis toloba valdebulebebisa da saku-

Tari kapitalis jamTan.

aqtivebi 10 000 lari

minus

valdebulebebi 3 000 lari

udris

sakuTar kapitals 7 000 lari

sayovelTao mniSvnelobis mqone es principi — sabuRaltro balansi SeiZleba

Semdegi saxiTac CavweroT:

aqtivebi = valdebulebebi + sakuTari kapitali

10000 lari = 3000 lari + 7000 lari

sakuTari kapitalis gamosaTvlelad ki:

aqtivebi — valdebulebebi = sakuTari kapitali

7

10000 lari — 3000 lari = 7000 lari

ra kombinaciac ar unda gamoviyenoT aqtivebis, valdebulebebisa da sakuTar

kapitals Soris damokidebulebis saCveneblad, yovelTvis Sesruldeba balansis pi-

roba — erTi mxare yovelTvis tolia meore mxarisa.

ormagi Caweris sistema. sabuRaltro balansis SesrulebisaTvis firmebi

iyeneben ormagi Caweris sitemas (Double Entry System). igi aRricxavs yovel garigebas,

romelic moqmedebs rogorc aqtivebze, aseve valdebulebebze an sakuTar kapitalze.

ormagi Caweris sistema — es aris finansuri operaciebis aRricxvis wesi, romelic

moiTxovs yoveli garigebis ormag Caweras ise, rom buRaltruli balansis principi

yovelTvis Sesruldes.

ormagi Caweris sistema gulisxmobs, rom aRricxvis sistemaSi arsebuli yoveli

Canaweri asaxavs gacvlis process. es procesi moicavs or mxares, romlebic Cai-

wereba aRricxvis wignebSi. magaliTad, Tu Cven naRd angariSze vyidulobT mowyo-

bilobebs, es niSnavs imas, rom Cven fuli gvakldeba, xolo mowyobilobebi gvemateba.

amitom Cven unda davafiqsiroT rogorc fulis kleba, aseve mowyobilobebis mateba.

mTavar wignebSi yoveli gatarebisas keTdeba ori Canaweri da ormagi Caweris sistema

moiTxovs yoveli operaciis ormxriv — urTierTdakavSirebuli mxareebis, regis-

tracias.

davuSvaT, rom Tqven gadawyviteT biznesis dawyeba da gindaT gaxsnaT video-

kasetebis gaqiravebis punqti, risTvisac Tqven gesaWiroebaT 1000 cali kaseta. Ti-

Toeuli kasetis Rirebulebaa 30 lari, e.i. saWiroa sul 30 000 laris kapitali.

vTqvaT, Tqven gagaCniaT investirebisaTvis 20 000 laris toli sakuTari saxsrebi,

maSin Tqveni buRaltruli balansi Semdegnairad Caiwereba:


20 000 lari = 0 + 20 000 lari

(salaroSi arsebuli)

sxva sityvebiT, 20 000 lari tolia Tqveni sakuTari kapitalis 20 000 larisa.

Tqven sawarmos jerjerobiT ar gaaCnia valdebulebebi. davuSvaT, rom Tqven apirebT

sami qmedebis ganxorcielebas:

a) Tqven isesxebT bankSi TqvenTvis aucilebel 10 000 lars. es 10 000 lari Cai-

wereba fulis angariSze aqtivebis svetSi, aseve bankis sesxis angariSze

valdebulebebis svetSi ise, rom Tqveni buRaltruli balansi SenarCu-

nebuli iqneba.

b) sesxis aRebis Semdeg Tqven geqnebaT Tanxis is raodenoba, romelic saWiroa

aucilebeli raodenobis materialuri maragebis Sesaqmnelad. maSasadame,

Tqven SeiZenT kasetebs da daxarjavT fuls. am SemTxvevaSi, naRdi fuli,

romelic Tqven aqtivebs warmoadgens, gadaiqceva videokasetebad, romelTa

nawili dafinansebulia 10 000 laris odenobis bankis valiT, xolo meore

nawili 20 000 laris odenobis sakuTari kapitaliT. buRaltruli balansis

toloba ar Seicvleba, radgan masze ar moqmedebs tolobis marcxena

mxareSi mdgomi aqtivebis erTi formidan (naRdi fulis) meore formad

(kasetebad) gadaqceva.

8

g) biznesis dawyebis Semdeg, erTi Tvis ganmavlobaSi Tqven gaaqiraveT yvela

kaseta TiTojer or larad da miiReT 2 000 laris toli saerTo Semosavali.

Tqven aRmoaCineT, rom maRaziis marTva gijdebaT 1500 lari, romelSic

Sedis xelfasi, saijaro gadasaxadi da 400 laris kasetebis cveTa.

500 laris toli darCenili namati warmoadgens Tqvens mogebas: Semosavali

(gaqiravebisagan) — xarjebi = mogeba. mogeba rCeba isev saqmeSi, anu

gadaiqceva gaunawilebel mogebad. es aris firmis mier sakuTar zrda-

ganviTarebaze mimarTuli saxsrebi. is warmoadgens aqtivebis nazrds gark-

veuli periodisTvis.

yvela es operacia moviyvanoT cxrilSi da SevniSnoT, rom buRaltruli balan-

sis orive mxare yovelTvis toli unda iyos.

aqtivebi =valde-

bulebebi + sakuTari kapitali

operaciebi

fuli kasetebi bankis

sesxi

sawyisi

dabandeba

mogeba

(gaunawile

beli)

investicia 20000 — = — + 20000 —

a) sesxi +10000 — = +10000 + — —

30000 — = 10000 + 20000 —

b) kasetebis

yidva -30000 +30000 = — + — —

— 30000 = 10000 + 20000 —

Semosavali

gaqiravebidan +2000 — = — + — +2000

g) xarjebi -1100 -400 = — + — -1500

900 29600 = 10000 + 20000 500

30 500 30 500

10.3. sabalanso angariSgeba (Balance Sheet)

sabalanso yovel biznesSi ramdenime TveSi grovdeba operaciebis amsaxveli

imdenad bevri sabuRaltro Canaweri, rom maTi gamoyenebiT firmis xelmZRvanelobas

gauWirdeba situaciis kontroli. Seqmnili suraTis gasamartiveblad buRaltrebi

amzadeben finansur angariSebs, romlebic anzogadeben operaciebis amsaxvel yvela

monacemebs.

arsebobs sami ZiriTadi safinanso angariSi (uwyisi): 1. sabalanso angariSgeba; 2.

mogeba-zaralis angariSgeba; 3. fuladi saxsrebis moZraobis angariSgeba.

angariSgeba aris safinanso angariSi, romelic asaxavs aqtivebis, valdebule-

bebisa da sakuTari kapitalis mdgomareobas garkveuli TariRisaTvis. is war-

moadgens momentalur suraTs imis Sesaxeb, Tu ras flobs firma da ra valdebule-

bebi aqvs mas romelime garkveuli TariRisaTvis, anu igi gviCvenebs biznesis aqtive-

bis, valdebulebebisa da sakuTari kapitalis moculobas.

sabalanso angariSgebaze (isini cnobilia, agreTve, rogorc angariSgeba finan-

suri mdgomareobis Sesaxeb), firma aRbeWdilia drois mocemul momentSi da gamois-

axeba finansur enaze. arc erTi sawarmo ar rCeba ucvleli, sanam xdeba misi finan-

suri mdgomareobis gamokvleva. firmebs SeuZliaT yoveldRiurad ganaxorcielon

sxvadasxvagvari operaciebi, romlebic cvlilebebs moaxdenen maT finansur mdgo-

9

mareobaze. dasvenebis dResac ki, rodesac firmebi TiTqmis aranair operaciebs ar

axorcieleben, mainc icvleba maTi finansuri mdgomareoba. es gamowveulia imiT, rom

droTa ganmavlobaSi saofise mowyobilobebi da sxva manqana-danadgarebi Zveldeba,

ris gamoc maTi Rirebuleba mcirdeba, xolo firmis vadian angariSze arsebuli Semo-

savali procentiT grovdeba. sawarmoebis finansuri mdgomareobis aseTi cvaleba-

dobis miuxedavad, buRaltrebma sabalanso angariSgeba unda Seadginon ise, rom me-

nejerebma da sxva dainteresebulma mxareebma SeZlon Seafason sawarmos finansuri

mdgomareoba. sxvadasxva firmebis mdgomareoba drois gansxvavebul periodSi

gansxvavebulad icvleba.

Sesabamisad yoveli firma sabalanso angariSgebas amzadebs weliwadSi erTxel

mainc, kalendaruli wlis bolos, romelic moicavs 1 ianvridan 31 dekembramde peri-

ods. zogierTi sawarmo da organizacia iyenebs finansur wels, romelic SeiZleba

moicavdes nebismier 12 Tves TanmimdevrobiT. magaliTad, sawarmom SeiZleba airCios

finansuri weli 1 ivnisidan 31 maisamde, radgan misi gayidvebis piki miiRweva maisSi.

zogierTi firmebi sabalanso angariSgebas amzadeben ufro xSirad da ara weliwadSi

erTxel. magaliTad, yoveli Tvis bolos, an kvartlis bolos. amgvarad, sabalanso

angariSgebaSi miTiTebuli unda iyos konkretuli TariRi.

sabalanso angariSgeba moicavs or nawils. erTSi moTavsebulia aqtivebi, xolo

meoreSi — sakuTari kapitali da valdebulebebi.

meore nawilSi warmodgenilia informacia aqtivebis dafinansebis Sesaxeb val-

debulebebiTa da sakuTari kapitaliT. valdebulebebi da sakuTari kapitali war-

moadgens biznesis davalianebas Sesabamisad gareSe pirebisa da biznesis

mflobelebis mimarT. magaliTad, konkretul SemTxvevaSi aqtivebis dafinanseba

SeiZleba ganxorcieldes bankis sesxiT da mflobelis (mflobelebis) sakuTari kapi-

taliT. sabalanso angariSgeba Seicavs sabuRaltro balansis yvela elements da as-

axavs wonasworobas aqtivebisa, erTi mxridan, da valdebulebebisa da sakuTari kapi-

talisa, meore mxridan. balansi ise unda iyos Sedgenili, rom aqtivebis saerTo

raodenoba yovelTvis toli iyos valdebulebebis saerTo raodenobisa da sakuTari

kapitalis jamisa, e.i. aRricxvis procesi uzrunvelyofs orive mxaris jamur Rire-

bulebaTa tolobas da balansSi yovelTvis kmayofildeba Semdegi toloba:


swored aman ganapiroba am finansuri angariSgebis saxelwodebis warmoqmna.

balansSi cal-calke aris warmodgenili moklevadiani da grZelvadiani

aqtivebi, radgan banki da sxva dainteresebuli mxareebi unda xedavdnen, uzrunvely-

ofs Tu ara sakmaris saxsrebs valis gadasaxdelad firmis is aqtivebi, romlebic

wlis ganmavlobaSi SeiZleba gadaiqces fulad.

sabalanso angariSgeba, romelic asaxavs drois mocemul momentSi biznesis fi-

nansur mdgomareobas, icvleba yoveli saqmiani garigebis Catarebis Semdeg. yoveli

garigeba aris gacvla da aisaxeba sabalanso angariSgebis or punqtze mainc. magali-

Tad, rodesac vistumrebT bankis sesxs, maSin sabalanso angariSgebaSi pasivebis

mxareze Cndeba Sesabamisi Canaweri, xolo aqtivebis mxareze — gastumrebuli sesxis

sididiT mcirdeba fulis raodenoba. sabalanso angariSgebaSi tardeba mxolod is

garigebebi, romlebic garkveulwilad dakavSirebulia balansis punqtebTan da

10

romlebsac gaaCniaT garkveuli fuladi gamoxatuleba. magaliTad, saqonlis Sesyid-

vis Taobaze momwodebelTan dadebuli xelSekruleba ar aisaxeba balansSi manam,

sanam garigeba uSualod ar ganxorcieldeba.

biznesis angariSebSi biznesis mflobels (an mflobelebs) yovelTvis ganvixi-

lavT, rogorc biznesisagan gancalkavebul pirs, ris gamoc kapitali, romelsac

mflobeli (an mflobelebi) saqmeSi debs (deben), iTvleba biznesis valad mflobe-

lisadmi (mflobelebisadmi). amitom sabalanso angariSgebaSi naCvenebia mflobelis

(mflobelebis) mimarT valis saboloo sidide. wlis ganmavlobaSi Catarebuli

muSaobis Sedegad mflobelis kapitali izrdeba mogebis sididiT da mcirdeba

mflobelis mier piradi moxmarebisaTvis gamoyenebuli TanxiT, ris gamoc wlis

bolos kapitalis odenoba icvleba.

moviyvanoT saaqcio sazogadoebis sabalanso angariSgebis magaliTi.

A firmis sabalanso angariSgebis struqtura.

aqtivebi

moklevadiani aqtivebi (likviduri aqtivebi)

1) fuli

2) fasiani qaRaldebi

3) savaWro moTxovnebi

minus: saeWvo valebi

4) saTamasuqo moTxovnebi

5) sasaqonlo maragebi

6) winaswargadaxdili xarjebi

sul moklevadiani aqtivebi

ZiriTadi saSualebebi (aralikviduri aqtivebi)

danadgarebi da mowyobilobebi

(Senoba, saofise aveji, Carxebi, avtomobilebi da sxv.)

minus: dagrovili cveTa

miwa

sul ZiriTadi saSualebebi

aramaterialuri aqtivebi

savaWro marka

patenti (teqnologiur procesebze an gamogonebaze)

licenzia

saavtoro uflebebi

firmis daarsebis xarjebi

gudvili

sul aramaterialuri aqtivebi

sul aqtivebi

11

valdebulebebi da sakuTari kapitali

valdebulebebi

moklevadiani valdebulebebi

1) savaWro valdebulebebi

2) saTamasuqo valdebulebebi (moklevadiani)

3) bankis (moklevadiani) vali

4) daricxuli valdebulebebi

sul moklevadiani valdebulebebi

grZelvadiani valdebulebebi

saTamasuqo valdebulebebi (grZelvadiani)

bankis vali (grZelvadiani)

obligaciebi

sul grZelvadiani valdebulebebi

sul valdebulebebi

sakuTari kapitali

aqcionerebis sakuTari kapitali

(gamoSvebul aqciaTa raodenoba)

gaunawilebeli mogeba

sul sakuTari kapitali

sul valdebulebebi da

sakuTari kapitali

aqtivebi

umravles SemTxvevaSi sabalanso angariSgebis is nawili, sadac aisaxeba aqtive-

bis mdgomareoba Tavis mxriv iyofa sam nawilad, anu aqtivebis sam tipad:

I. moklevadiani (likviduri) aqtivebi;

II. ZiriTadi saSualebebi;

III. aramaterialuri aqtivebi.

maTi Caweris Tanmimdevroba ganpirobebulia im garemoebiT, Tu ramdenad ad-

vilad gadaiqcevian isini fulad. sabalanso angariSgebaSi jer mocemulia TiToeuli

tipis aqtivebis Sualeduri Sedegi, xolo bolos — mTliani aqtivebis jamuri Sedegi.

moklevadiani aqtivebi (likviduri aqtivebi, sabrunavi saSualebebi) — es iseTi

aqtivebia, romlebic gankuTvnilia fulad gadasaqcevad da SeiZleba gadavaqcioT

12

kidevac naRd fulad erTi wlis ganmavlobaSi. masSi Sedis rogorc fuladi, aseve

arafuladi saxsrebi.

• 1) fuli (fuli salaroSi, fuli mimdinare angariSebze, saxsrebi bankSi) — fuladi

saxsrebi mimdinare da vadian angariSze. aq ar Sedis is saxsrebi, romlebic spe-

cialuri miznebisaTvis inaxeba depozitze an arsebobs nebismieri sxva formiT da

romelTa gamoyeneba ar SeiZleba swrafad.

• 2) bazris fasiani qaRaldebi — obligaciebi, aqciebi da amgvari fuladi investi-

ciebi, romlebic aucileblobis SemTxvevaSi SeiZleba swrafad gadaiqcnen fulad.

Cvens SemTxvevaSi A firmis mier Sesyiduli sxva firmis obligaciebi da aqciebi.

• 3) savaWro moTxovnebi (debitoruli angariSebi) — saxsrebi, romlebic firmam unda

miiRos im klientebisagan, romlebmac firmis saqonliTa da momsaxurebiT isarge-

bles kreditSi. Cvens SemTxvevaSi A firmis mier kreditSi gayiduli saqonelis Ri-

rebuleba.

• 4) saTamasuqo moTxovnebi — sxva firmis valdebuleba Cveni kompaniis mimarT, ro-

melic gaformebulia werilobiT da damowmebulia xelmoweriT, romlis Tanax-

madac gadaxdili unda iyos garkveuli Tanxa procentiT, mkacrad gansazRvrul

drosa da adgilze. rogorc wesi, (gavrcelebuli praqtikis mixedviT), aseTi Tama-

suqebiT fulis amoReba xdeba klientebis bankis meSveobiT. Cvens SemTxvevaSi, A

firmis mier gasesxebuli fuli sxva firmebze an fizikur pirebze.

• 5) sasaqonlo-materialuri maragebi — samrewvelo kompaniebSi sasaqonlo-mate-

rialur maragebs SeiZleba miekuTvnebodes nedleuli, daumTavrebeli warmoeba da

mza produqcia, romelic gankuTvnilia gasayidad.

• 6) winaswargadaxdili xarjebi — winaswar gadaxdili da gamoyenebisTvis xelmisaw-

vdomi, magram jer kidev gamouyenebeli resursebi da momsaxureba. magaliTisTvis

SeiZleba moviyvanoT avansad gadaxdili dazRvevis Rirebuleba, e.i. kompaniis mier

gadaxdili dazRvevis nawili, romlis moqmedebis vada jer ar gasula. aseTi

saxsrebi klasificirdeba rogorc moklevadiani aqtivebi.

ZiriTadi saSualebebi (aralikviduri aqtivebi) — es iseTi aqtivebia, romelic

gankuTvnilia xangrZlivi moxmarebisTvis, magaliTad, miwa, Senoba, manqanebi da

meqanizmebi (danadgarebi, Carxebi, robotebi)... rogorc Cvens mier moyvanili ganmar-

tebidanac Cans, da ufro xSirad asec aris, aralikviduri aqtivebi umTavresad

gaigivebulia uZrav qonebasTan, qarxnebTan, mowyobilobebTan, magram aqtivebis am

kategorias aseve miekuTvneba grZelvadiani kapitaldabandebebi SenobebSi; aveji,

satransporto saSualebebi, saofise mowyobilobebi da yvela sxva materialuri re-

sursi, romlebic gamoiyeneba kompaniis moRvaweobisas. maTi gamoyenebis vada aRe-

mateba erT weliwads da maTi daniSnuleba ar aris fulad gadaqceva.

aqtivebi, romlebic gamoiyeneba xangrZlivi drois ganmavlobaSi, magaliTad,

Carxebi, anda satvirTo avtomobilebi, nel-nela icviTeba anda Zveldeba da gark-

veul etapze gamoyenebisTvis (xmarebisTvis) uvargisi xdeba. sabuRaltro aRricx-

vaSi gamoiyeneba procedura, romelic aqtivebis Rirebulebas sistematurad

anawilebs maTi gamoyenebis mTel periodze, — am proceduras ewodeba cveTa, Tu es

exeba materialur aqtivebs, magaliTad, Senobas; an amortizacia, Tu es exeba arama-

13

terialur aqtivebs, magaliTad, patents. cveTis (an amortizaciis) daricxvis pro-

cedura gulisxmobs xangrZlivi moxmarebisTvis gankuTvnili aqtivebis Rirebulebis

ganawilebas buRaltruli angariSgebis momdevno periodebze, romlis ganmavloba-

Sic aqtivebi gamoiyeneba Semosavlebis misaRebad. sabalanso angariSgebis Sedgenisas

buRalteri cveTis aRricxvas axdens gansazRvruli periodisaTvis. aralikviduri

aqtivebidan cveTas ar ganicdis mxolod miwa.

aramaterialuri aqtivebi — aqtivebis am jgufs miekuTvneba xarjebi, romelic

dakavSirebulia firmis daarsebasTan da mis organizebasTan, patentebis, saavtoro

uflebebis SeZenasTan, savaWro markis registraciasTan. miuxedavad imisa, rom

TiTqos, aqtivebis es saxe ar aris realuri kapitali (rogorc, magaliTad, skamebi an

saweri magida), patentebs, saavtoro uflebebs da savaWro markebs gaaCniaT Rire-

buleba, radgan maTze SeiZleba Tavisuflad warmovadginoT licenzia (uflebebi)

anda mivyidoT isini sxva mflobelebs. magaliTad, simRera `Happy Birthday to You~

(`gisurvebT bednier dabadebis dRes~) aris erT-erTi yvelaze popularuli simRera

inglisur enaze da is 1988 wels gaiyida 25 mln dolarad. aramaterialur aqtivebs

SeiZleba mivceT daaxloebiT aseTi gansazRvreba — aqtivebi, romlebsac ar gaaCniaT

materialuri forma, magram gaaCniaT Rirebuleba da gamagrebulia uflebebiT,

romlebsac isini aniWeben mis mflobelebs.

arsebul aqtivebs Soris `yvelaze ufro aramaterialurs~ warmoadgens kom-

paniis reputacia, prestiJi, avtoriteti bazarze. xSirad aseT aqtivebs moixsenieben

gudvilis saxelwodebiT. gudvili fiqsirdeba kompaniis yidva-gayidvis dros,

radgan is aris kompaniis reputaciis Rirebuleba, romelic gamoiTvleba kompaniaSi

realurad gadaxdil fassa da am kompaniis aqtivebis wminda Rirebulebas (aqtivebi

minus valdebulebebi) Soris sxvaobiT. gudvilis Rirebuleba SeiZleba meryeobdes

simbolurad erTi laridan ramdenime milionamde.

valdebulebebi

sabalanso angariSgebis Semdeg nawilSi moTavsebulia sawarmos valebi. is aCve-

nebs aqtivebis damokidebulebas valebisadmi, e.i. im saxsrebis raodenobas, romelic

firmas marTebs sxva firmebis an kerZo pirebis mimarT. Cvens SemTxvevaSi A firmis

aqtivebis ra nawilze SeiZleba hqondes pretenzia sxva firmebsa da fizikur pirebs?

valdebulebebi SeiZleba iyos moklevadiani an grZelvadiani, aqedan gamomdinare,

valdebulebebi iyofa or did jgufad (tipad):

I. moklevadiani valdebulebebi;

II. grZelvadiani valdebulebebi.

maTi Cawera xdeba valis gastumrebis vadis amowurvis mixedviT. sabalanso an-

gariSgebaSi jer mocemulia moklevadiani da grZelvadiani valdebulebebis Suale-

duri Sedegebi, xolo bolos — yvela valdebulebebis jamuri Sedegi.

moklevadiani valdebulebebi — es iseTi valdebulebebia, romlebic dafaruli

unda iqnes balansis Sedgenis TariRidan erTi wlis ganmavlobaSi.

• 1) savaWro valdebulebebi (kreditoruli davalianeba) — rogorc wesi, kreditore-

bisadmi davalianebis dafarva unda moxdes 30 dRis ganmavlobaSi, amitomac daval-

14

ianebis am formiT iwyeba moklevadiani davalianebis nusxa. aseTi davalianeba

Cndeba maSin, rodesac firma yidulobs saqonels an momsaxurebas kreditSi. Cvens

SemTxvevaSi A firmis mier kreditSi nayidia saqoneli.

• 2) saTamasuqo valdebulebebi — kompaniis valdebuleba, romelic gaformebulia

werilobiT da damowmebulia xelmoweriT, romlis Tanaxmadac gadaxdili unda iyos

garkveuli Tanxa procentiT, mkacrad gansazRvrul drosa da adgilze. Tamasuqis

es saxe — saTamasuqo moTxovnebis sapirispirod — moicavs im Tanxebs, romelic aRe-

bulia valad da ara Tanxebs, romelic unda Semovides mevaleebisgan. e.i. Cvens

SemTxvevaSi, A firmis mier nasesxebi Tanxebi. aqve Sedis bankis moklevadiani

sesxebi. rogorc wesi, saTamasuqo valdebulebebis dafarvis vada ufro xan-

grZlivia, vidre savaWro valdebulebebisa. radgan Tamasuqebi ZiriTadi valis gad-

axdis garda iTvaliswinebs procentebsac, amitom es punqtic gaTvaliswinebulia

balansSi.

• 3) daricxuli valdebulebebi (dagrovili davalianeba) — firmisTvis gardauvali

xarjebi, romelTa gaweva jer ar momxdara. xelfasis davalianeba, sakredito pro-

centebi, sagadasaxado procentebi — warmoadgenen xarjebs, romlebic uaxloes

xanSi aucileblad unda iqnes gadaxdili. im SemTxvevaSi, Tu aseT xarjebs da, aqedan

gamomdinare, Sesabamis valdebulebebs ar davafiqsirebT sabalanso angariSgebaSi,

maSin sawarmos finansurma uwyisebma SeiZleba SecdomaSi Segviyvanon, radganac am

SemTxvevaSi zogierTi vali da xarji, romelic dakavSirebulia Semosavlis miRe-

basTan, ar iqneba masSi asaxuli. dagrovil davalianebaSi Sedis iseTi xarjebi, ro-

melic firmam ukve ganicada, magram mis mier jer ar aris gadaxdili. magaliTad,

Cvens SemTxvevaSi, Tu A firmis ofisSi devs mis mier naxmari eleqtroenergiis Ri-

rebulebis angariSi, da is ar aris gadaxdili, e.i. A firmas gaaCnia dasaricxi da-

valianeba.

grZelvadiani valdebulebebi — iseTi valdebulebebia, romelTa dafarvis vada

dgeba balansis Sedgenis TariRidan erTi wlis Semdeg da ufro gvian. e.i. es iseTi

valdebulebebia, romelic didi xnis manZilze SeiZleba darCes gadauxdeli. magram,

aqve unda aRvniSnoT, rom procenti aseT valdebulebebze mudmivad da droulad

unda iqnes gadaxdili. magaliTad, obligaciis dafarva warmoadgens angariSs, ro-

melzec asaxulia Tanxebi, romelic firmas gadaeca valis saxiT da aucileblad unda

iyos dabrunebuli. Tu firmam gamouSva da gaavrcela obligaciebi, es imas niSnavs,

rom man aiRo valdebuleba im pirovnebisa an organizaciis mimarT, romelic flobs

mis mier gamoSvebul obligaciebs, garkveuli TariRisTvis gadauxados obligaciis

nominaluri Rirebuleba (Sesabamisad procentebic). grZelvadian valdebulebebs

aseve miekuTvneba ijarisa da giraos sxvadasxva saxe. magaliTad, rodesac xangrZlivi

vadiT ijariT aRebuli anda giraoSi Cadebuli qoneba (iseTi, rogoricaa miwa, Senoba,

danadgarebi) gamoiyeneba rogorc aqtivebi.

sakuTari kapitali

sakuTari kapitali — es aris aqtivebs gamoklebuli valdebulebebi. mflobe-

lis (mflobelebis) mier sawarmoSi Cadebuli sakuTari investiciebi sabalanso an-

15

gariSgebaSi warmodgenilia sakuTari kapitalis nawilSi. individualuri kerZo fir-

mis SemTxvevaSi, sakuTari kapitalis nawilSi miTiTebulia mflobelis saxeli da

Tanxa (aqtivebs gamoklebuli valdebulebebi). amxanagobebSi CamoTvlilia Ti-

Toeuli partniori da maTi wili cal-calke. msxvil amxanagobebSi (igulisxmeba fir-

mis partniorebis ricxvi) partniorebis wili iwereba jamuri Sedegis saxiT. korpo-

raciebis sakuTari kapitali (saaqcio kapitalad wodebuli) mocemul nawilSi war-

modgenilia gamoSvebuli aqciebis saxiT (rogorc Cvens SemTxvevaSi), e.i. miTiTebu-

lia gamoSvebuli aqciebis raodenoba, romelic gviCvenebs, Tu ramden aqciazea ga-

nawilebuli sakuTari kapitali. miTiTebuli Tanxa asaxavs investiciebis moculo-

bas, romelic aqcionerebma sazogadoebaSi Cades aqciebis gamoSvebis Sedegad.

balansis am nawilSi, agreTve, miTiTebulia saaqcio sazogadoebis gaunawile-

beli mogeba — mTlianad firmis sufTa mogeba, romelsac gamoklebuli aqvs gad-

axdili dividendebi, anu firmis mogeba, romelic jer ar ganawilebula aqcion-

erebze dividendebis saxiT.

qvemoT moviyvanoT sabalanso angariSgebis ori magaliTi. unda aRvniSnoT, rom

sabalanso angariSgebis swor gaformebas, masSi Canawerebis gatarebas didi

mniSvneloba aqvs. Tqveni survilisamebr SeiZleba sabalanso angariSi gaaformoT

ornairad: 1) egreT wodebuli tesebri balansi (laTinur T asosTan msgavsebis gamo) —

erT mxares iwereba aqtivebi, xolo meore mxares, valdebulebebi da sakuTari kapi-

tali.

aqtivebi valdebulebebi da sakuTari kapitali

— —

— —

— —

— —

sul aqtivebis jami sul valdebulebebis da

sakuTari kapitalis jami

2) meorenairad, SegiZliaT gaaformoT Semdegnairad: jer aqtivebi, Semdeg valde-

bulebebi da sakuTari kapitali.

aqtivebi

—

—

—

sul aqtivebis jami


—

—

—

—

sul valdebulebebis da

sakuTari kapitalis jami

16

A firmis (saaqcio sazogadoebis) sabalanso angariSgeba (larebSi)

31 dekemberi 2005 w.

aqtivebi

valdebulebebi da aqcionerTa

sakuTari kapitali

moklevadiani aqtivebi moklevadiani valdebulebebi

fuli 22 790 savaWro valdebulebebi 23 790

investiciebi fasian qaRaldebSi 4 200 saTamasuqo valdebulebebi 15 115

savaWro moTxovnebi 19 780 gadasaxdeli xelfasebi 7 452

minus: saeWvo valebis koreqtireba 430 19 350 gadasaxdeli gadasaxadebi 6 318

saTamasuqo moTxovnebi 21 500

sasaqonlo maragebi 12 685 sul moklevadiani valdebulebebi 52 675

winaswargadaxdili xarjebi 4 400


sul moklevadiani aqtivebi 84 925 saTamasuqo valdebulebebi, 12% 53 750

ZiriTadi saSualebebi sul valdebulebebi 106 425

sawarmos mowyobilobebi 64 919

minus: cveTa 11 706 53 213 aqcionerTa sakuTari kapitali

avtotransporti 77030 Cveulebrivi aqciebi, 10 000 aqcia 43 000

minus: cveTa 14 308 62 722 gaunawilebeli mogeba 63 260

sul ZiriTadi saSualebebi 115 935 sul aqcionerTa sakuTari kapitali 106 260

aramaterialuri aqtivebi sul valdebulebebi da

savaWro marka 6 825 aqcionerTa sakuTari kapitali 212 685

gudvili 5 000

sul aramaterialuri aqtivebi 11 825

sul aqtivebi 212 685

163

B firmis (saaqcio sazogadoebis) sabalanso angariSgeba (larebSi)

31 dekemberi 2005 w.

aqtivebi

sabrunavi saSualebebi (moklevadiani aqtivebi, likviduri aqtivebi)

fuli 15 000

savaWro moTxovnebi 200 000

saTamasuqo moTxovnebi 50 000

sasaqonlo maragebi 335 000

sul sabrunavi saSualebebi 600 000

ZiriTadi saSualebebi

Senoba da nagebobebi 200 000

mowyobilobebi da avtotransporti 120 000

aveji 26 000

minus: cveTa (180 000)

miwa 40 000

sul ZiriTadi saSualebebi 206 000


gudvili 100 000

sul aramaterialuri aqtivebi 100 000

sul aqtivebi 906 000

valdebulebebi


savaWro valdebulebebi 40 000

saTamasuqo valdebulebebi 8 000

gadasaxadebi 150 000

xelfasebi 15 000

sapensio fondi 75 000

sul moklevadiani valdebulebebi 288 000


saTamasuqo valdebulebebi (grZelvadiani) 35 000

obligaciebi 290 000

sul grZelvadiani valdebulebebi 325 000

sakuTari kapitali

Cveulebrivi aqciebi (5000 aqcia) 100 000

gaunawilebebli mogeba 193 000

sul sakuTari kapitali 293 000

sul valdebulebebi da sakuTari kapitali 906 000

18

10.4. mogeba-zaralis angariSgeba (Income Statement)

mogeba-zaralis angariSgeba asaxavs drois garkveuli periodis (rogorc wesi,

erTi wlis) sxvadasxva finansuri operaciis Sedegebs — ufro zustad, es aris finan-

suri angariSi, sadac mocemuli drois periodisaTvis sawarmos Semosavlebs

vadarebT xarjebs. Tu sabalanso angariSgeba warmoadgens `momentalur fotosu-

raTs~, mogeba-zaralis angariSgeba SeiZleba SevadaroT `kinofilms~. masSi jamdeba

yvela Semosavali (an gayidvebis moculoba), anu saxsrebi, romelic iqna an iqneba

miRebuli myidvelebisagan maTTvis miwodebuli saqonlisa an momsaxurebis yidvis

Sedegad da yvela xarji (xarjebi, romelic gaweul iqna Semosavlis Seqmnis proces-

Si). Semdeg Semosavlebs akldeba xarjebi da viRebT mogebas, an vxedavT, Tu ra

zarali ganicada kompaniam. xSirad mogeba-zaralis angariSgebas meorenairad

uwodeben Semosavlebisa da xarjebis angariSgebas (Profit and Loss Account).

A firmis mogeba-zaralis angariSgebis struqtura

(A firma — savaWro organizaciaa)

Semosavlebi

realizacia

minus: saqonlis ukandabruneba da fasdaklebebi

minus: gayidvis SeRavaTebi

neto realizacia

realizebuli saqonlis TviTRirebuleba

sasaqonlo-materialuri maragebi wlis dasawyisSi

Sesyidvebi wlis ganmavlobaSi

minus: Sesyidvis SeRavaTebi

neto Sesyidvebi

sarealizacio saqonlis TviTRirebuleba

minus: sasaqonlo materialuri maragebi wlis bolos


saerTo mogeba

saoperacio xarjebi

savaWro xarjebi

xelfasi

xarjebi reklamaze

xarjebi maRaziis momaragebaze

xelfasis gadasaxadebi

ijaris gadasaxadi

xarjebi remontze da eqspluataciaze

xarjebi transportze

dazRveva

19

komunaluri momsaxurebis gadasaxadi

cveTa da amortizacia

sxva

sul savaWro xarjebi

administraciuli xarjebi

profesiuli momsaxurebis anazRaureba

saofise xarjebi

sxva

sul administraciuli xarjebi

sul saoperacio xarjebi

mogeba sawarmos ZiriTadi saqmianobidan

sxva Semosavlebi da xarjebi (arasaoperacio)

saprocento xarjebi

saprocento Semosavlebi

yvela sxva Semosavali da xarji

mogeba mogebis gadasaxadis gadaxdamde (daubegravi mogeba)

mogebis gadasaxadi

wminda mogeba

Semosavlebi

rogorc wesi, kompaniam Semosavlebi SeiZleba miiRos saqonlis gayidvis an

klientebis mier mis mier gaweuli momsaxurebis anazRaurebis, an orives erTad

ganxorcielebis Sedegad. Semosavlis sxva wyaroebs ganekuTvneba ijaris gadasaxadi,

sakomisio procentebi, aseve fuladi saxsrebi, romelsac sxva firmebi ixdian kom-

paniis patentebis gamoyenebisaTvis.

Semosavlebis registraciis ori meTodi

ganvixiloT magaliTi: nayinis maRaziaSi gamyidveli Semosavals iRebs im mo-

mentSi, rodesac myidveli mas xelSi gadascems fuls nayinis sanacvlod. magram cota

sxvagvarad dgas saqme im kompaniebSi, romlebic vaWroben ufro ZviradRirebuli

produqciiT. magaliTad, kompania, romelic yidis kompiuterebs kreditSi komer-

ciuli organizacisebisaTvis. gamyidvelsa da myidvels Soris xelSekrulebis dade-

bis momentidan saqonlis Rirebulebis gadaxda gadaideba garkveuli droiT. zemoT

moyvanili ori sxvadasxva SemTxvevisaTvis ismis erTi da igive kiTxva — romel mo-

mentSi ganaxorciela sinamdvileSi gamyidvelma gayidvis aqti? Tu kompania Tavisi

gayidvebis registracias axdens daricxvis meTodiT, maSin is Semosavals Tavis bu-

Raltrul wignSi Cawers maSinve, xelSekrulebis dadebisa da saqonlis miwodebis

Semdeg, im SemTxvevaSic ki, Tu myidveli saqonlis Rirebulebas ar gadaixdis momaval

wlamdec. magram, Tu kompania Tavis moRvaweobaSi eyrdnoba sakaso bazis princips,

20

maSin Semosavali registrirdeba mxolod im SemTxvevaSi, rodesac fuli gayidvis

Semdeg realurad iqneba miRebuli kompaniis mier.

kompaniebis umravlesobaSi gamoiyeneba Semosavlebis registraciis daricxvis

meTodi. magram zogierTi patara firma cdilobs ar gamoiyenos es meTodi da upi-

ratesoba mianiWos sakaso bazas, radgan daricxvis meTodis SemTxvevaSi, sagadas-

axado valdebulebebi, rogorc wesi, warmoiqmneba ufro adre, vidre firma realu-

rad miiRebs fuls. amitom im sawarmosTvis, romelsac sesxis aReba uwevs mxolod sa-

gadasaxado valdebulebebis dasafaravad, umjobesia sakaso bazis meTodis, rogorc

buRaltruli aRricxvis safuZvlis, gamoyeneba. Tumca daricxvis meTodi momgebi-

ania mTavrobisaTvis, radgan igi sagadasaxado samsaxurebs aZlevs gadasaxadebis

miRebis swraf saSualebas. dasavleTis qveynebSi sakaso bazis meTods iyeneben fer-

merebi da momsaxurebis sferos zogierTi sawarmo. aqve unda aRvniSnoT, rom am qvey-

nebSi sagadasaxado kanoni sul ufro da ufro amkacrebs (zRudavs) sakaso bazis me-

Todis gamoyenebas.

realizebuli saqonlis Rirebulebis gamoTvla

(FIFO – first-in, first-out; LIFO – Last-in, First-out)

kompanias SeuZlia gazardos an Seamciros Tavisi Semosavlebis maCveneblebi

imisda mixedviT, Tu gayiduli saqonlis TviTRirebulebis daTvlisas romel meTods

iyenebs. davuSvaT, Tqven eweviT motocikletebiT sacalo vaWrobas da maRaziaSi

gaqvT 10 cali motocikli, romelTagan 5 Semotanil iqna maRaziaSi TiTo 2,000 $-ad,

xolo 5 motocikli SemoitaneT ramdenime dRis win, magram ukve gazrdili fasiT,

TiTo 2,200 $-ad. moiuxedavad imisa, rom Tqven gaqvT sxvadasxva fasis motocikli

(igi sxva mxriv, yvelaferSi erTnairia), dagveTanxmebiT, rom sarealizacio fass

aTives daadebT erTi da igives. davuSvaT, gasayidi fasi iyos 3,000 $ da Tqven moaxdi-

neT 5 motociklis realizacia. e.i. Semosavali realizaciidan Seadgens 15,000 $-s.

magram ismis kiTxva, mainc romeli motociklebis realizacia moxda — 2,000 $-ianis

Tu 2,200 $-ianis? ganvixiloT ori varianti:

I. Tqven Tavidan gayideT pirvelad Semotanili motociklebi. elementaruli

daangariSebiT dainaxavT, rom mTliani mogeba Seadgens 5,000 $-s (5 X 3,000 $ — 5 X

2,000 $).

II. Tqven Tavidan gayideT meored Semotanili motociklebi, e.i. mTliani mogeba

Seadgens 4,000 $-s (5 X 3,000 — 5 X 2,200).

gayidvebis Sedegad mTliani mogeba iqneba 5,000 $ Tu 4,000 $ damokidebulia

imaze, Tu materialuri maragebis TviTRirebulebis gansazRvris romel meTods

iyenebT. meTodi FIFO — sasaqonlo materialuri maragebis TviTRirebulebis Sefase-

bis meTodi, romlis drosac igulisxmeba, rom materialuri maragebis gamoyeneba

vaWrobasa Tu warmoebaSi xdeba misi sacalo vaWrobaSi an warmoebaSi Semosvlis Tan-

mimdevrobiT. meTodi LIFO ki piriqiT, es aris sasaqonlo materialuri maragebis Ri-

rebulebis Sefasebis meTodi, romlis drosac igulisxmeba, rom materialuri

maragebis gamoyeneba vaWrobasa Tu warmoebaSi xdeba misi sacalo vaWrobaSi an war-

moebaSi Semosvlis ukuTanmimdevrobiT. e.i. Cvens moyvanil magaliTis I variantSi,

21

rodesac mTlianma mogebam Seadgina 5,000 $, Cven gamoviyeneT FIFO -s meTodi, xolo II

variantSi, rodesac mTlianma mogebam Seadgina 4,000 $, Cven gamoviyeneT LIFO -s me-

Todi.

FIFO LIFO gayidvebis moculoba 15,000 15,000

realizebuli saqonlis TviTRirebuleba 10,000 11,000

mTliani mogeba 5,000 4,000

gadasaxadebi (30%-iani ganakveTi) 1,500 1,200

wminda mogeba 3,500 2,800

FIFO-sa da LIFO-s gamoyenebas umeteswilad mniSvneloba aqvs inflaciis pi-

robebSi. albaT advilad mixvdebiT, rom Tu fasebi stabiluria, maSin es ori meTodi,

Tavisi Sinaarsidan gamomdinare, azrs kargavs.

Tu kargad davakvirdebiT zemoT moyvanil monacemebs, davinaxavT, rom in-

flaciis pirobebSi LIFO-s meTodis gamoyeneba firmas aZlevs saSualebas gazardi-

lad warmoadginos gayiduli saqonlis TviTRirebuleba da Sesabamisad Sencirebu-

lad warmoadginos darCenili sasaqonlo materialuri marageis TviTRirebuleba da,

aqedan gamomdinare, amcirebs mTliani mogebas. rasakvirvelia, mTliani mogebis Sem-

cirebis pirobebSi moxdeba gadaxdili gadasaxadebis moculobis Semcirebac. xolo

FIFO-s meTodi piriqiT, zrdis darCenili materialuri maragebis TviTRirebulebas

da amcirebs gayiduli saqonlis TviTRirebulebas. Sesabamisad izrdeba mTliani

mogeba, vinaidan inflaciis Sedegad gaizarda gasayidi fasi, xolo sasaqonlo

maragebis SeZenis Rirebuleba igive rCeba da ufro mcirea, vidre bolos Semotanili

maragebis Rirebuleba. e.i. Tu izrdeba mTliani mogeba, gaizrdeba firmis mier gad-

axdili gadasaxadebic.

rogorc wesi, inflaciis pirobebSi firmis xelmZRvanelebi iyeneben LIFO-s me-

Tods, romelic maT saSualebas aZlevs Seamciros `saangariSo~ mogeba da Sesabamisad

gadasaxadebis moceuloba. magram calsaxad ar SeiZleba iTqvas, rom xsenebuli ori

meTodidan erT-erTi aucileblad ukeTesia meoreze.

vinaidan sasaqonlo-materialuri maragebis Rirebulebis Sefasebis aRniSnuli

meTodebi aseT did gavlenas axdenen kompaniis wminda mogebaze, aucilebelia, rom

kompaniis mier finansuri angariSgebis axsna-ganmartebiT nawilSi miTiTebuli iyves,

Tu romeli meTodi iqna gamoyenebuli.

sruli realizaciisa da neto realizaciis Sedareba

sruli realizacia aris yvela is Semosavali, romelic miiReba saqonlis gayid-

viTa an momsaxurebis gaweviT. Tumca, gasaTvaliswinebelia, rom gayiduli saqonlis

mTliani fuladi Rirebuleba ar iZleva srul warmodgenas Semosavlebis suraTze.

biznesis normaluri funqcionirebis pirobebSi srul realizacias unda gamovak-

loT Tanxebi, romelTa argaTvaliswineba dauSvebelia, radganac sakamod did gavle-

nas axdens Semosavalze. magaliTad, zogjer myidvelebi ukan abruneben nayid

22

saqonels da maT ukan ubrundebaT saqonlis Rirebuleba. SeRavaTebi, romlebsac ga-

myidvelebi sTavazoben myidvelebs Sesyidvebis sxvadasxva formis dros aseve amci-

rebs realizacias. myidvelebis mier ukandabrunebuli saqonlisa da gamoyenebuli

SeRavaTebis Rirebuleba akldeba srul realizacias, ris Sedegadac gvrCeba Tanxa,

romelsac ewodeba neto realizacia (wminda realizacia).

Semosavals xSirad uwodeben amonagebs. Cveni Txovna iqneba daimaxsovroT ori

termini: amonagebi da realizacia. radgan, albaT, rogorc Tqven ukve dainaxeT, amon-

agebis didi nawili (saxsrebi, romelic Sedis firmaSi), modis realizaciaze

(saqonlis an momsaxurebis gayidvaze). magram Cven viciT, rom arsebobs saxsrebis

modinebis sxva wyaroebic (ijaris gadasaxadi, sxvadasxva saxis Semonatani, procen-

tebi, Tanxebi, romlebic miiReba firmis mier gacemuli patentebis an licenziebis

sanacvlod da sxva). Semosavlebisa da xarjebis (mogeba-zaralis) angariSgebis zeda

nawili asaxavs mxolod gayidvebidan miRebul amonagebs. amitomac SeiZleba da-

vaskvnaT, rom am SemTxvevaSi, amonagebi da realizacia erTmaneTis sinonimebia.

ar unda aurioT iseTi ori termini, rogoricaa amonagebi da mogeba. zogier-

Tebi am or termins xmaroben rogorc sinonimebs. sakmarisia SevxedoT mogeba-

zaralis (Semosavlebisa da xarjebis) angariSgebas da davinaxavT, rom amonagebi dgas

angariSgebis TavSi, xolo mogeba — boloSi: wminda mogeba — es aris Semosavlebs minus

xarjebi.

xarjebi

xarjebi iyofa or tipad: 1) danaxarjebi, romelic pirdapir (uSualod) aris

dakavSirebuli saqonlis warmoebasTan an yidvasTan (realizebuli saqonlis

TviTRirebuleba) da 2) saoperacio xarjebi (xarjebi, romelic dakavSirebulia sa-

warmos funqcionirebasTan, magram ar Sedis realizebuli saqonlis TviTRirebule-

baSi).

realizebuli produqciis TviTRirebuleba (xarjebi, romelic uSualod aris

dakavSirebuli saqonlis warmoebasTan, an gasayidad gankuTvnili saqonlis SeZenas-

Tan).

imisaTvis, rom gamovTvaloT, wlis ganmavlobaSi firmis gayidvebidan miRe-

buli mogeba, saWiroa neto realizacias gamovakloT realizebuli produqciis

TviTRirebuleba.amis mizezi aris is, rom nebismier saqonels, romelsac yidis mwar-

moebeli an savaWro organizacia, gaaCnia garkveuli Rirebuleba (TviTRirebuleba),

romelic firmam aucileblad unda Seitanos angariSgebaSi. mwarmoebelma, magali-

Tad, unda gaiTvaliswinos Tavisi produqciis warmoebis xarjebi, xolo gamyidvelma

— xarjebi, romelic gaweul iqna gasayidi saqonlis Sesyidvaze. realizebuli produ-

qciis TviTRirebuleba gamoiTvleba sxvadasxvanairad sawarmoo da savaWro firme-

bisaTvis.

warmoebisaTvis — pirvel rigSi mewarmem unda Seajamos saqonlis warmoebis

saerTo xarjebi, romelSic Sedis xarjebi samuSao Zalaze, nedleulsa da sawarmoo

simZlavreebis eqspluataciaze. am xarjebs Semdeg emateba im mza saqonlis Rire-

buleba, romelic iyo sawarmoSi wlis dasawyisSi. e.i. darCenili gauyidavi wina wli-

23

dan. Semdeg miRebul Tanxas akldeba im saqonlis Rirebuleba, romelic sawarmoSi

wlis bolos rCeba gauyidavi. miRebuli Tanxa warmoadgens gayiduli saqonlis Rire-

bulebas. e.i. formula SeiZleba CavweroT Semdegi saxiT:

realizebuli produqciis TviTRirebuleba = wlis ganmavlobaSi wrmoebuli

mza produqciis TviTRirebuleba + wlis dasawyisSi arsebuli mza produqciis

TviTRirebuleba — wlis bolos darCenili mza produqciis TviTRirebuleba.

savaWro organizaciisaTvis —pirvel rigSi unda Sefasdes wlis dasawyisSi or-

ganizaciaSi arsebuli sasaqonlo materialuri maragebi. amis Semdeg am Tanxas

emateba wlis ganmavlobaSi ganxorcielebuli Sesyidvebis Rirebuleba, romelsac

aucileblad unda gamovakloT SeRavaTebi, romelTac, rogorc wesi, adgili aqvs Se-

syidvis procesSi. miRebuli Tanxa warmoadgens im saqonlis Rirebulebas, romlis

realizacia SeiZleba moxdes wlis ganmavlobaSi. dabolos, miRebul Tanxas vaklebT

im saqonlis Rirebulebas, romelic rCeba wlis bolosTvis gauyidavi. e.i. formula

SeiZleba CavweroT Semdegi saxiT:

realizebuli saqonlis TviTRirebuleba = wlis dasawyisSi arsebuli saqonlis

TviTRirebuleba + wlis ganmavlobaSi ganxorcielebuli Sesyidvebi — wlis ganmav-

lobaSi Sesyidvis SeRavaTebi — wlis bolos darCenili saqonlis TviTRirebuleba.

realizebuli saqonlis TviTRirebulebaSi Sedis: 1) saqonlis Sesasyidi fasi, 2)

satransporto xarjebi, romelic dakavSirebulia saqonlis sawyobSi mitanasTan, 3)

sawyobSi saqonlis Senaxvis xarji, 4) SefuTvis xarji.

Tu neto realizacias gamovaklebT realizebuli saqonlis TviTRirebulebas,

miviRebT Tanxas, romelsac ewodeba saerTo mogeba. e.i. saerTo mogebis qveS igu-

lisxmeba, Tu ra Tanxa moigo firmam saqonlis yidva-gayidvis Sedegad.

aqve unda aRvniSnoT, rom realizebuli saqonlis TviTRirebulebis gamoTvla

SeuZlebelia im firmebSi, romlebic muSaoben momsaxurebis zogierT sferoSi, ami-

tom am SemTxvevaSi neto realizacia saerTo mogebis tolia.

saoperacio xarjebi

im xarjebTan erTad, romelic uSualod aris dakavSirebuli saqonlis an

momsaxurebis warmoebasTan, kompaniam unda gaiTvaliswinos saoperacio xarjebis

ori tipi:

1. savaWro xarjebi — yvela xarjebi, romelic dakavSirebulia saqonlis an im

momsaxurebis marketingTan, romelic gankuTvnilia gasayidad. magaliTad, aseT

xarjebs ganekuTvneba gamyidvelebis xelfasi, xarjebi reklamaze, momaragebaze,

savaWro operaciebis dazRvevaze, savaWro da sasawyobo mowyobilobebis cveTa

da, saerTod, yvela is xarji, romelic dakavSirebulia gasaRebis (savaWro) gany-

ofilebasTan — komunaluri xarjebi, teqnikuri momsaxureba.

2. administraciuli xarjebi — iseTi xarjebi, romelic dakavSirebulia ofisebis

SenaxvasTan da marTvasTan, e.i. ar aris dakavSirebuli uSualod saqonlisa an

momsaxurebis warmoebasTan da marketingTan. aseT xarjebs ganekuTvneba magali-

Tad, profesiuli momsaxurebis xarjebi (buRaltrebisa da iuristebis xelfasi),

24

ofisis muSakebis xelfasi, saofise mowyobilobebis cveTa, saofise operaciebis

dazRveva, momarageba da a.S.

meorenairad, saoperacio xarjebs uwodeben periodis xarjebs.

sxva (arasaoperacio) SemosavlebSi asaxulia firmis mier saangariSgebo perio-

dis ganmavlobaSi miRebuli is Semosavlebi, romlebic uSualod ar arian dakavSire-

bulni mis ZiriTad sameurneo saqmianobasTan. aseTebia: aqciebsa da obligaciebSi

investirebis Sedegad miRebuli dividendebi da saprocento Semosavlebi, Senobis

saijaro Semosavali, manqana-mowyobilobebis gayidvidan miRebuli sargebeli,

sargebeli savaluto kursis cvlilebidan da sxva.

sxva (arasaoperacio) xarjebi warmoadgenen firmis mier saangariSgebo perio-

dis ganmavlobaSi gaweul im xarjebs, romlebic uSualod ar aisaxebian produqciis

TviTRirebulebasa da periodis xarjebSi. magaliTad, aseTi xarjebia: obligaciebze

gadaxdili procentebi, danakargi savaluto kursis cvlilebidan da sxva.

mogebis gadasaxadi warmoadgens saxelmwifos mier mogebidan garkveuli pro-

centis saxiT sakanonmdeblo wesiT dadgenil gadasaxads.

wminda mogeba warmoadgens firmis Semosavlebisa da xarjebis muxlebis jamur

sidideTa Soris sxvaobas. wminda mogebis gamosaTvlelad gamoiyeneba Semosavlebisa

da xarjebis yvela monacemi.

I etapze neto realizacias vaklebT saqonlis Rirebulebas da vigebT saerTo

mogebas.

II etapze saerTo mogebas vaklebT saoperacio xarjebs da viRebT mogebas sawarmos

ZiriTadi saqmianobidan

III etapze yvela sxva Semosavali (iseTi, rogoricaa saprocento Semosavali) unda

mivumatoT Semosavals ZiriTadi saqmianobidan da gamovakloT yvela sxva

xarji (iseTi, rogoricaa saprocento xarjebi). miviRebT mogebas mogebis

gadasaxadis gadaxdamde. dabolos, miRebul ricxvs unda gamovakloT

mogebis gadasaxadi da miviRebT wminda mogebas.

moviyvanoT mogeba-zaralis angariSis ori magaliTi.

25

A firmis mogeba-zaralis angariSi (larebSi)

(wlis bolosaTvis) 31 dekemberi 2005 w.

Semosavlebi

realizacia 478 293

minus: saqonlis ukandabruneba da fasdaklebebi 3 079

minus: gayidvis SeRavaTebi 1 200

neto realizacia 474 014


1) sasaqonlo materialuri maragebi wlis dasawyisSi 10 473

2) Sesyidvebi wlis ganmavlobaSi 198 267

3) minus: Sesyidvis SeRavaTebi 5 300

4) neto Sesyidvebi (2-3) 192 967

5) sarealizacio saqonlis TviTRirebuleba

(wlis ganmavlobaSi) (1+4) 203 440

6) minus: sasaqonlo materialuri maragebi wlis bolos 12 685

realizebuli saqonlis TviTRirebuleba (5-6) 190 755

saerTo mogeba ( - ) 283 259

saoperacio xarjebi

savaWro xarjebi

xelfasi 101 700

xarjebi reklamaze 18 075

xarjebi maRaziis momaragebaze 24 016

xelfasis gadasaxadebi 10 170

ijaris gadasaxadi 31 142

xarjebi remontze da eqspluataciaze 7 418

xarjebi transportze 11 697

dazRveva 4 068

komunaluri momsaxurebis gadasaxadi 8 700

cveTa da amortizacia 13 245

sxva 400

A) sul savaWro xarjebi 230 631


profesiuli momsaxurebis anazRaureba 3 916

saofise xarjebi 1 354

sxva 300

B) sul administraciuli xarjebi 5 570

sul saoperacio xarjebi (A+B) 236 201

mogeba sawarmos ZiriTadi saqmianobidan ( - ) 47 058

sxva Semosavlebi da xarjebi (arasaoperacio)

C) saprocento xarjebi 4 750

D) saprocento Semosavlebi (986)

yvela sxva Semosavali da xarji (D–C) 3 764

mogeba mogebis gadasaxadis gadaxdamde

(daubegravi mogeba) ( ± ) 43 294

mogebis gadasaxadi 6 494

wminda mogeba ( - ) 36 800

26

B firmis Semosavlebis da xarjebis angariSi (larebSi)

finansuri wlis bolosaTvis. 31 dekemberi 2005 w.

amonagebi

realizacia $ 720 000

minus: saqonlis ukandabruneba da fasdaklebebi $ 12 000

gayidvis SeRavaTebi 8 000 20 000

neto realizacia $ 700 000


sasaqonlo maragebi 1 ianvrisaTvis 200 000

saqonlis Sesyidva wlis ganmavlobaSi 400 000

fraxti 40 000 440 000

sarealizacio saqonlis TviTRirebuleba $ 640 000

minus: sasaqonlo maragebi 31 dekembrisaTvis 230 000

realizebuli saqonlis TviTRirebuleba $ 410 000

saerTo mogeba $ 290 000

periodis xarjebi

gamyidvelebis xelfasi $ 90 000

reklama 15 000

xarjebi masalaze (saxarji masalebi) 2 000

sxva xarjebi realizaciis procesSi 3 000

sul xarjebi realizaciisas (savaWro xarjebi) $ 110 000


ofisis TanamSromlebis xelfasi 67 000

amortizacia 1 500

dazRveva 1 500

ijara 28 000

eleqtroenergia da gaTboba 12 000

sxva xarjebi 2 000

sul administraciuli xarjebi $ 112 000

sul periodis xarjebi $ 222 000

mogeba sawarmos ZiriTadi saqmianobidan 68 000

sxva xarjebi (arasaoperacio) $ 10 000

mogeba mogebis gadasaxadis gadaxdamde 58 000

minus: mogebis gadasaxadi 14 500

wminda mogeba (gadasaxadis gadaxdis Semdeg) $ 44 500

10.5. cveTa, amortizacia

Senoba-nagebobebis, manqana-danadgarebis sicocxlis, anu eqspluataciis peri-

odi ar Semoifargleba erTi saangariSo periodiT, magram isini usasrulod ar fun-

qcionireben da dadgeba dro, roca isini vargisni aRar iqnebian moxmarebisaTvis.

drois ganmavlobaSi maTi Rirebuleba klebulobs. kompaniebis umravlesoba

iTvaliswinebs Tavisi aqtivebis eqspluataciis periods. maT unda uCvenon mocemuli

momentisaTvis aqtivebis WeSmariti Rirebuleba sabalanso angariSgebaSi da CarTon

Rirebulebis kleba mogeba-zaralis angariSgebaSi. amortizacia ganisazRvreba,

rogorc ZiriTadi saSualebebis gacveTis, xmarebis an raime formiT maTi Rire-

bulebis Semcirebis zoma.

buRaltrebs SeuZliaT airCion amortizaciis Sefasebis arsebuli ramdenime

meTodidan nebismieri. magram amortizaciis Sefasebis sxvadasxva meTodi moiTxovs

sxvadasxva procedurebs. yvela meTodi eyrdnoba buRaltrul Sefasebas, romelic

gansazRvravs vargisianobis periods ZiriTadi saSualebebis yvela elementisaTvis.

yvelaze farTod gamoiyeneba wrfivi anu Tanabari Senatanebis meTodi, romlis

27

Tanaxmadac yvela saangariSo periodisaTvis iricxeba amortizaciis Tanabari

raodenoba aqtivis eqspluataciis mTeli periodis ganmavlobaSi.

saamortizacio danaricxi gamoiTvleba Semdegnairad:

periodi iiseqspluatac

)Rirebuleba iosarealizac narCeni _ Rirebuleba (aqtivis

magaliTad, vTqvaT, varaudoben, rom Carxis eqspluataciis vadaa 5 weli, misi

Rirebulebaa 20000 lari, xolo Rirebuleba 5 wlis Semdeg iqneba 5000 lari. maSin

saamortizacio danaricxis sidide toli iqneba:

lari 30005

lari 5000 _ lari 20000 danaricxi ciosaamortiza ==

1-li weli me-2 weli me-3 weli me-4 weli me-5 weli

Rirebuleba 20000 lari 20000 lari 20000 lari 20000 lari 20000 lari

akumulirebuli

amortizacia 3000 lari 6000 lari 9000 lari 12000 lari 15000 lari

narCeni

Rirebuleba 17000 lari 14000 lari 11000 lari 8000 lari 5000 lari

amortizacia iTvleba xarjad da yoveli wlis bolosaTvis aRiricxeba mogeba-

zaralis angariSgebaSi. akumulirebuli amortizacia jamdeba da qmnis amortizaciis

marags, romelic Semdeg akldeba im ZiriTadi saSualebebis Sesyidvis fass, romli-

Tac igi warmodgeba saboloo angariSgebaSi.

ZiriTad saSualebebze saqarTveloSi momqmedi

saamortizacio anaricxebisa da gamoqviTvebis cxrili

jgufis

nomeri ZiriTadi saSualebebi

amortizaciis

norma. %

1

msubuqi avtomobilebi; avtosatraqtoro teqnika gzebze

gamosayeneblad; specialuri instrumentebi, inventari

da mowyobiloba; kompiuterebi, monacemTa damuSavebis

periferiuli mowyobilobebi da aRWurviloba.

20

2

saavtomobilo transportis moZravi Semadgenloba: sat-

virTo avtomobilebi, avtobusebi, specialuri avtomo-

bilebi da avtomisabmelebi; manqanebi da mowyobiloba

mrewvelobis yvela dargisaTvis, samsxmelo warmoebi-

saTvis; samWedlo-sawnexi mowyobiloba; eleqtronuli

mowyobiloba; samSeneblo mowyobiloba; sasoflo-

sameurneo manqanebi da mowyobiloba; aveji ofisisaTvis.

15

3

sarkinigzo, sazRvao da samdinaro-satransporto saSu-

alebebi; Zalovani manqanebi da mowyobiloba; Tboteqni-

kuri mowyobiloba, turbinuli mowyobiloba, eleqtro-

Zravebi da dizel-generatorebi, eleqtrogadacemisa da

kavSirgabmulobis mowyobilobebi; milsadenebi.

8

28

4 Senobebi, nagebobebi 7

5

amortizebadi aqtivebi, romlebic Setanili ar aris sxva

jgufSi 10

10.6. fuladi saxsrebis moZraobis angariSgeba (Cash – Flow Statement)

es aris finansuri dokumenti, romelSic Sejamebulia Semosuli fuli da fu-

ladi danaxarjebi, romlebic moZraoben sami mimarTulebiT: ZiriTadi operaciebi,

investireba, finansireba.

fuladi saxsrebis moZraobis angariSgebis analizi saSualebas gvaZlevs

SevafasoT kompaniis likvidurobis xarisxi, anu misi gadaxdisunarianoba mokle-

vadiani valdebulebebis dafarvis TvalsazrisiT.

fuladi saxsrebis moZraobis angariSgeba firmis finansuri mdgomaroebis erT-

erTi saukeTeso maCvenebelia.

A firmis fuladi saxsrebis moZraobis

angariSebis struqtura

operaciebi

wminda mogeba

cveTa, amortizacia

savaWro valdebulebebi

savaWro moTxovnebi

maragebi

fuladi saxsrebi warmoebidan

investiciebi

ZiriTadi saSualebebis SeZena

ZiriTadi saSualebebis gayidva

sxvadasxva sawarmoebis aqciebis SeZena

fuladi saxsrebi investirebidan

dafinanseba

bankis valis aReba

bankis valis gastumreba

aqciebis, obligaciebisa da Tamasuqebis gamoSveba

fuladi saxsrebi dafinansebidan

mflobelis mier amoRebuli Tanxebi

fuladi saxsrebis zrda

fulis balansi wlis dasawyisSi

fulis balansi wlis bolos

ganvixiloT individualuri mflobelobis fiqtiuri firmis fuladi saxsrebis

moZraobis angariSgeba.

29

firmis saxeli

fuladi saxsrebis moZraobis angariSgeba aTas larebSi 31.12.2000 w.

fulis wyaroebi

operaciebiT:

wminda mogeba 59,7

plius amortizacia 4,0

plius zrda savaWro valdebulebebidan 25,0

sul: fuli operaciebiT 88,7

minus mflobelis mier amoRebuli Tanxa 42,0

biznesis zrdisaTvis investirebuli fuli 46,7

finansirebidan:

gadaxdili bankis vali 30,0

sul: fulis wyaroebi 16,7

fulis gamoyeneba

investiciebi mowyobilobebSi 0

fulis mateba 16,7

plius fuli wlis dasawyisSi 10,0

fuli wlis bolos 26,7

am angariSgebis ganxilvisas Tqven dainaxavT, rom arsebobs naRdi fulis miRe-

bis ori ZiriTadi wyaro: pirveli aris firmis wminda mogeba, anu egreT wodebuli

naRdi fulis Sida wyaro, xolo meore — garedan miRebuli fuladi saxsrebi. cxadia,

firma Sida (pirveli) wyaros gamoyenebisken unda eswrafvodes, vinaidan garedan

miRebuli Tanxa Semdeg `valad edeba~ bizness.

fuladi saxsrebis moZraobis angariSgebaSi wminda mogebas vumatebT amorti-

zacias, romelic Cven manamde xarjebs mivakuTvneT da sxva xarjebTan erTad ga-

movakeliT igi realizacias, raTa migveRo wminda mogeba. fuladi saxsrebis moZrao-

bis angariSgebis Sedgenisas Cven kvlav vumatebT amortizaciis xarjs wminda mogebas.

amis mizezi SemdegSi mdgomareobs: rogorc viciT, muSaobis procesSi manqana-

danadgarebi da sxva ZiriTadi saSualebebi cvdeba da maTi Rirebuleba klebulobs,

rac aRiricxeba saamortizacio anaricxebSi da igi warmoadgens xarjis garkveul

formas. amitom wminda mogebis gamosaTvlel gamosaxulebaSi igi monawileobs

rogorc uaryofiTi sidide. amdenad, amortizacia warmoadgens arafulad xarjs da,

bunebrivia, igi ukan unda daematos wminda mogebas fuladi saxsrebis moZraobis an-

gariSgebaSi.

igive mosazrebis gamo, wminda mogebis misaRebad aRebuli savaWro valdebule-

bebi (am SemTxvevaSi 25 aTasi lari) unda gamovakloT realizacias. magram, radgan

Cven es Tanxa mocemuli momentisaTvis ar gadagvixdia mimwodeblisTvis, amitom es

Tanxa CvenTan aris da is unda davafiqsiroT, rogorc dadebiTi sidide operacie-

bidan miRebuli fulis angariSis dros.

aqedan gamomdinare, operaciebidan miRebuli fuladi Tanxa 88,7 aTasi laris

tolia. biznesma generireba gaukeTa 88,7 aTas lars da SeuZlia gamoiyenos igi mo-

mavali zrdisaTvis. magram mflobelma piradi moxmarebisaTvis amoiRo 42 aTasi

30

lari, rac amcirebs reinvesticiisaTvis arsebuli Tanxis sidides da dahyavs is 46,7

aTas laramde, rac naCvenebia angariSgebaSi. garda amisa, bizness hqonda bankis vali

30 aTasi lari, romelic aRebuli iyo aqtivebis nawilis dasafinanseblad, xolo misi

gadaxdis Semdeg mas darCeba 16,7 aTasi lari. e.i. fulis mateba Seadgens 16,7 aTas

lars.

mowyobilobebSi da sxva msgavs saSualebebSi fulis investirebiT SesaZlebe-

lia biznesis Semdgomi zrda, rac Cvens SemTxvevaSi firmas ar ganuxorcielebia.

fuli wlis dasawyisSi es is fulia, romelic bizness rezervisaTvis (op-

eratiuli danaxarjebisTvis) gaaCnda wlis dasawyisSi naRdi fulis saxiT — Cven

SemTxvevaSi 10 000 lari. mas daemata namati fuli, ris Sedegadac fuli wlis bolos

gaxdeba 26,7 aTasi lari.

10.7. kavSiri sabalanso angariSgebas, mogeba-zaralis

angariSgebasa da fuladi saxsrebis moZraobis

angariSgebas Soris

qvemoT moyvanili magaliTis mizania davinaxoT kavSiri sabalanso angariSge-

bas, mogeba-zaralis angariSgebasa da fuladi saxsrebis moZraobis angariSgebas So-

ris. ganvixiloT magaliTi, sadac gveqneba sami periodi.

periodi I.

1. mflobelebma gaakeTes 10000$ investireba biznesSi.

2. firmam (biznesma) gadaixada 500$ ijaris gadasaxadi periodis ganmavlobaSi

ofisiT sargeblobisaTvis.

3. klientebma periodis ganmavlobaSi firmas gadauxades 6000$

gaweuli momsaxurebisaTvis.

4. firmam gadauxada TanamSromlebs xelfasi 4000$.

5. periodis bolos firmam SeiZina kompiuteri 3000$-ad.

periodi II.

1. firmam aiRo sesxi bankSi 5000$.

2. klientebma periodis ganmavlobaSi firmas gadauxades 3500$

gaweuli momsaxurebisaTvis.

3. firmam ganaxorciela 4500$-is momsaxureba kreditSi.

4. TanamSromlebis mimarT saxelfaso davalianebam periodis ganmavlobaSi

Seadgina 4000$, magram firmam gadaixada mxolod 3000$.

6. periodis bolosTvis kompiuterma ganicada cveTa, romelmac Seadgina

Rirebulebis 1/4.

periodi III.

1. firmam ofisisaTvis SeiZina 600$-is smm, Tanxis gadaxda unda ganxorcieldes

momaval periodSi.

2. firmam gadauxada Tavis TanamSromlebs saxelfaso davalianeba wina

periodidan (1000$).

3. klientebma, romlebsac firmis mimarT hqondaT savaWro davalianeba wina

31

periodidan (4500$) mTlianad dafares.

4. firmam gayida 8000$-is momsaxureba, saidanac 3000$-is gayidul iqna naRdi

angariSsworebiT, danarCeni ki kreditSi.

5. firmam TanamSromlebs gadauxada xelfasi 5000$.

6. ofisSi komunalurma da sxva xarjebma Seadgina 1200$.

7. firmam mflobelebs gadauxada 500$ dividendebis saxiT.

8. periodis bolosTvis kompiuteris cveTam isev Seadgina Rirebulebis 1/4

(750$)

9. periodis ganmavlobaSi kompaniis mier iqna gamoyenebuli SeZenili smm-is 1/3

(600$ × 1/3 = 200$).

SevecadoT zemoT moyvanil informaciaze dayrdnobiT SevadginoT sxvadasxva

saxis finansuri angariSgebebi. sanam daviwyebdeT sxvadasxva gatarebebs, SemoviRoT

ramdenime SemoklebiTi aRniSvna, romlis gamoyenebac gagviadvilebs Seqmnili sura-

Tis ufro TvalnaTliv aRqmas.

(R) – revenue Semosavali, romliTac aRvniSnavT yvelanair Semosavlebs

mogeba-zaralis angariSgebaSi.

(E) – expense xarji, romliTac aRvniSnavT yvela saxis xarjebs mogeba-

zaralis angariSgebaSi.

(O) – operating activities operaciebi, romliTac aRvniSnavT firmis im qmede-

bebs, romelic ganekuTvneba operaciebs da aisaxeba fuladi moZraobis

angariSgebaSi, operaciebis nawilSi. magaliTad, aseTebs ganekuTvneba

gadaxdili xelfasi, gasaRebuli produqcia, SeZenili smm.

(I) – investing activities investiciebi, romliTac aRvniSnavT firmis im qme-

de bebs, romlebic ganekuTvneba investiciebs da aisaxeba fuladi moZ-

raobis angariSgebaSi, investiciebis nawilSi, magaliTad, aseTebs gane-

kuTvneba ZiriTadi saSualebebis yidva — miwis, Senobis, danadgarebis,

sxvadasxva saxis fasiani qaRaldebis yidva.

(F) – financial activities finansireba, romliTac aRvniSnavT firmis im qmede-

bas, romlebic ganekuTvneba finansirebas da aisaxeba fuladi moZrao-

bis angariSgebaSi, finansirebis nawilSi. magaliTad, aseTebs gane-

kuTvneba bankis valis aReba da gastumreba, fasiani qaRaldebis gamoS-

veba, mflobelebis mier sakuTari fulis Cadeba biznesSi.

(D) – dividends dividendebi, romliTac aRvniSnavT Tanxis im nawils, rom-

lis gadaxdac xdeba firmis mier Tavisi mflobelebisaTvis.

dawvrilebiT ganvixiloT Cvens mier moyvanili informacia pirveli periodis

Sesabamisad:

1)mflobelebis mier biznesSi investirebuli fuli Caiwereba sabalanso an-

gariSgebaSi, aqtivebis nawilSi salaroSi (+10000$) da amasTanave, rom Sesruldes

balansirebis piroba, unda ganvaxorcieloT meore Cawerac (ormagi Cawera) —10000$

Caiwereba sakuTar kapitalSi, investirebuli kapitalis nawilSi (+10000$). Tavis

mxriv, biznesSi Cadebuli 10000$ finansuri da fuladi saxsrebis anagriSgebaSi Cai-

32

wereba finansirebis nawilSi, rogorc firmaSi Semosuli Tanxa. iseTi qmedebebi,

rogoricaa biznesSi sakuTari fulis Cadeba, an bankis valis aReba, ar ganekuTvneba

Semosavlebs da piriqiT, firmidan miRebuli dividendebi an gastumrebuli vali ar

ganekuTvneba xarjebs, e.i. Cvens mier moyvanil magaliTSi mflobelebis mier biznesSi

Cadebuli 10000$ ar aris Semosavali da Sesabamisad mogeba-zaralis (Semosavlebisa

da xarjebis) angariSgebaSi ar aisaxeba.

2)firmis mier ofisis ijaris saxiT gadaxdili fuli 500$ sabalanso angariSge-

baSi aisaxeba aqtivebSi, salaroSi fulis klebis saxiT (10000$ — 500$) da araviTar

SemTxvevaSi, calke aqtivis, magaliTad, ofisis saxiT, vinaidan firmam sakuTrebad ki

ar iyida ofisi, aramed aqvs mxolod da mxolod naqiravebi. aseve, dabalansebi

mizniT, 500$ unda Caiweros sakuTar kapitalSi, gaunawilebeli mogebis (an, ufro

zustad, kapitalis cvlilebis) nawilSi (—500$). gadaxdili ijaris Tanxa, rogorc

mimdinare xarjebi, ganekuTvneba operaciebs da e.i. fuladi saxsrebis angariSgebaSi

asaxvas povebs operaciebis nawilSi, rogorc firmidan gasuli Tanxa.

albaT ukve SeamCnieT, rom ramdenjerme vaxseneT sityva xarji. da marTlac,

ijaris gadasaxadi firmisTvis xarjia da Sesabamisad mogeba-zaralis angariSgebaSi

asaxvas povebs xarjviT nawilSi.

3)firmis mier gayiduli 6000$-is momsaxureba aisaxeba aqtivebSi salaroSi

(+6000$) da sakuTar kapitalSi — kapitalis cvlilebis nawilSi (+6000$). amasTanave,

momsaxurebis gayidviT miRebuli 600$ asaxvas povebs rogorc fuladi saxsrebis

moZraobis angariSgebaSi — operaciebis nawilSi, aseve mogeba-zaralis angariSgebaSi

— Semosavlebis nawilSi.

4)firmis mier TanamSromlebisTvis gadaxdili 4000$, gayiduli momsaxurebis

msgavsad, aisaxeba samive — sabalanso, mogeba-zaralisa da fuladi saxsrebis moZrao-

bis angariSgebaSi. gansxvaveba iqneba mxolod imaSi, rom firmaSi Semosuli Tanxa ais-

axeboda yvelgan `+~-iT, xolo xelfasi aris gasavali da Sesabamisad aisaxeba `—~-iT

da asaxvas povebs ara Semosavlebis nawilSi, aramed xarjebis nawilSi.

5)firmis mier SeZenili kompiuteri (3000$) balansSi aisaxeba Semdegnairad:

salaros gamoakldeba (—3000$), xolo paralelurad gagviCndeba axali aqtivi — kom-

piuteri (3000$). fuladi saxsrebis moZraobis angariSgebaSi xsenebuli qmedeba —

kompiuteris yidva aisaxeba investiciebis nawilSi, rogorc firmidan fulis

gasavali, vinaidan, rogorc viciT, ZiriTadi saSualebebis yidva ganekuTvneba inves-

ticiebs, xolo mogeba-zaralis angariSgebaSi araviTar cvlilebas ar eqneba adgili,

vinaidan ZiriTadi saSualebebis yidva xarjviT nawilSi ar aisaxeba. xarjebSi aisaxeba

mxolod ZiriTadi aqtivis is nawili, romliTac moaswro periodis ganmavlobaSi xse-

nebulma aqtivma cveTa. Cvens SemTxvevaSi, I periodSi kompiuteri cveTas ar ganicdis

(cveTas ganicdis II da III periodebSi, rac Sesabamis asaxvas povebs mogeba-zaralsa an

angariSgebaSi).

II da III periodebisTvis mogvyavs mxolod gatarebebi, radganac migvaCnia, rom, I

periodis axsnisa da wina masalis gacnobis Sedegad, Tqven damoukideblad SeZlebT

moyvanili Canawerebis garCevas.

33

SevecadoT sqemis saxiT avsaxoT urTierTkavSiri sabalanso angariSgebas,

mogeba-zaralis angariSgebasa da fuladi saxsrebis moZraobis angariSgebas Soris.

firmis qmedeba safinanso angariSgebebi

operaciebi mogeba-zaralis angariSgeba

Semosavlebi

Semosavlebis cikli xarjebi

wminda mogeba

xarjebis cikli

fuladi saxsrebis moZraobis angariSgeba

operaciebidan fuladi nakadebi

investiciebidan fuladi nakadebi

finansebidan fuladi nakadebi

fuladi nakadebis jami periodis bolos

investiciebi

sabalanso angariSgeba

mimdinare aqtivebi


aqtivebis jami

finansireba

mimdinare valdebulebebi


sakuTari kapitali

valdebulebebisa da sakuTari

kapitalis jami

10.8. biujeti

biujetSi aisaxeba firmis samomavlo Semosavlebisa da xarjebis struqtura.

misi mizania asaxos Semosavlis yvela wyaro da xarjebis yvela gasavali. firmaSi

SeiZleba gakeTdes uamravi biujeti, rogoricaa gayidvebis biujeti, sareklamo biu-

jeti, saxelfaso biujeti, ZiriTadi saSualebebis SeZenis biujeti da sxv. yvela biu-

jetis gaerTianebiT SesaZlebelia konsolidirebuli erTiani biujetis Sedgena.

rogorc CvenTvis cnobilia, fuli yvelaze maRali likvidurobis mqone

aqtivia. igi aucilebelia nedleulisa da masalebis SesaZenad, xelfasisa da gadas-

axadebis gadasaxdelad, fiqsirebuli aqtivebis SesaZenad da a.S. firmis menejmentis

38

umniSvnelovanes amocanas warmoadgens fulis im minimaluri moculobis gan-

sazRvra, romelic saWiroa firmis normaluri, riTmuli muSaobisTvis.

firmis menejmenti am problemis gadaWras e.w. fulis biujetis SeqmniT axdens.

igi gvixasiaTebs kompaniis mosalodnel fulad Semosavlebsa da gasavlebs drois

gansazRvrul periodSi. misi Seqmna SesaZlebelia 1 wlisaTvis, Tveebis, samuSao kvi-

rebis mixedviT da a.S.

fulis biujetis Seqmna garkveuli TanmimdevrobiT xorcieldeba:

1. kompaniis gayidvebis moculobis prognozireba;

2. sxva fuladi Semosavlebis prognozireba;

3. yvela fuladi gasavlis, operatiuli da kapitaluri danaxarjis gansaz-

Rvra;

4. fulis biujetis koreqtireba (saWiroebis SemTxvevaSi, magaliTad, fulis

ukmarisobis SemTxvevaSi prioritetuli fuladi gasavlebis grafikis Seqmna).

qvemoT mogvyavs mimdinare wlis me-4 kvartlisTvis

fulis biujetis martivi nimuSi

oqtomberi noemberi dekemberi

fuli periodis dasawyisSi

fuladi Semosavlebi:

produqciis realizaciidan miRebuli

saxsrebi

sxva Semosavlebi

sul — fuladi Semosavali

fuladi gasavlebi:

nedleuli

ZiriTadi masalebi

damxmare masalebi

xelfasebi

eleqtroenergia

gadasaxadebi:

dRg

mogebis gadasaxadi

qonebis gadasaxadi

sxvadasxva danaxarjebi:

remonti

sawvavi

kavSirgabmuloba

reklama

kreditis ZiriTadi Tanxa

procentebi kreditze

gauTvaliswinebeli xarjebi

sul — fuladi gasavlebi

fuli periodis bolos

39

ganvixiloT firmis gayidvebis biujetis martivi magaliTi:

A firmis sabalanso angariSgeba 2005 wlis 31 dekembris mdgomareobiT

aqtivebi

mimdinare aqtivebi $ 7,050

bazris fasiani qaRaldebi 2,300

savaWro moTxovnebi 26,210

minus: saeWvo valebi (650) 25,560

sasaqonlo maragebi 21,250

winaswari gadaxdebi (avansi) 1,050

mimdinare aqtivebis jami 57,210


miwa 18,000

Senoba 65,000

minus: dagrovili cveTa (22,500) 42,500

danadgarebi 72,195

minus: dagrovili cveTa (24,815) 47,380

ZiriTadi saSualebebis jami 107,880


patenti 7,100

savaWro marka 900

aramaterialuri aqtivebis jami 8,000

aqtivebis jami 173,090


moklevadiani valdebulebebi:

savaWro valdebulebebi 16,315

saxelfaso davalianeba 3,700

sagadasaxado davalianeba 1,920

moklevadiani valdebulebebis jami 21,935

grZelvadiani valdebulebebi:

bankis vali, 8%, gadaxda 2007 wels 10,000

gasanaRdebli obligaciebi, 9%, gadaxda 2010 wels 3,000

grZelevadiani valdebulebebis jami 40,000

valdebulebebis jami 61,935

sakuTari kapitali

investirebuli kapitali 55,000

gaunawilebeli mogeba 56,155

sakuTari kapitalis jami 111,115

valdebulebebisa da sakuTari kapitalis jami 173,090

A firmis gayidvebis biujeti 2006 wlis pirveli kvartlisTvis

ianvari Tebervali marti kvartali

dagegmili gayidvebi (erTeuli) 7,500 6,000 6,500 20,000

dagegmili erTeulis gasayidi

fasi $ 3.50 $ 3.50 $ 3.50 $ 3.50

dagegmili Semosavlebi gayid-

vidan $ 26,250 $ 21,000 $ 22,750 $ 70,000

dagegmili fuladi Semosavlebi

dekembris gayidvebidan $ 26,210 $ 26,210

ianvris gayidvebidan 17,500 $ 8,750 26,250

Tebervlis gayidvebidan 14,000 $ 7,000 21,000

martis gayidvebidan 15,200 15,200

fuladi Semosavlebis jami $ 43,710 $ 22,750 $ 22,200 $ 88,660

40

Tu kargad davakvirdebiT zemoT mocemul monacemebs, rogorc sabalanso an-

gariSgebaSi, aseve biujetSi, SevamCnevT, rom balansi daTariRebulia 2005 wlis 31

dekembriT, xolo biujeti gakeTebulia 2006 wlis pirveli kvartalisaTvis. aqedan

gamomdinare, savaWro moTxovnebi, romlebic Seadgens 26,210 $-s da firmam unda mii-

Ros momaval wels fulis saxiT, realurad Semova 2006 wlis ianvarSi (im pirobiT, Tu

savaWro moTxovna 30 dRiania). da marTlac, Tu davxedavT biujetis monacemebs, fu-

lis Semosavlebi iwyeba im TanxiT (26,210 $), romelic firmam unda miiRos wina wlidan

(kreditSi gayiduli saqonlis sanacvlod). rac Seexeba 2006 wlis ianvris gayidvebs,

sul dagegmilia 7,500 erTeulis gayidva — erTi calis 3.50 $-ad. mTlianma Semo-

savalma unda Seadginos ianvris gayidvebidan 26,250 $, magram gasaTvaliswinebelia

iseTi garemoeba, rogoricaa kreditSi saqonlis gayidva. Cvens mier moyvanil ma-

galiTSi Cven vuSvebT, rom mTliani gayidvebis 26,250 $-is nawili xorcieldeba kred-

itSi, davuSvaT, 8,750 $-is. e.i. ianvris gayidvebidan 26,250 $-dan ianvarSive firmas

Tanxis saxiT realurad Semouva 17,500 $, xolo darCenili Tanxa (kreditSi gayiduli

saqonlis Rirebuleba) 8,750 $ firmaSi realurad Semova Tebervlis TveSi. e.i. kom-

panias dagegmili aqvs 2006 wlis ianvarSi ganaxorcielos 26,250 $-is realizacia, ma-

gram Tanxebis Semodineba imave TveSi iqneba Semdegnairi: 26,210 $-is wina wlidan,

xolo TviTon ianvris gayidvebidan mxolod 17,500 $-is (vinaidan 8,750 $-is saqoneli

gayidulia kreditSi). e.i. sul ianvris TveSi fulis Semosavali gayidvebidan Sead-

gens 43,710 $-s (26,210 $ + 17,500 $).

10.9. menejeruli aRricxvis elementebi

warmoebis danaxarjebi

nebismier samrewvelo sawarmoSi produqciis warmoebis procesi sxvadasxva

saxis resursebis (materialuri, SromiTi, finansuri da a.S.) xarjvasTanaa dakavSire-

buli. sawarmoTa ekonomikur samsaxurebs danaxarjebis kuTxiT praqtikuli

saqmianobis procesSi ori umTavresi sakiTxis gadaWra uxdebaT:

1) drois garkveul periodSi sawarmoSi mTlianad warmoebuli mza produqciis

TviTRirebulebis gansazRvra;

2) calkeuli saxeobebis produqciis TviTRirebulebis sididis gansazRvra.

danaxarjebis elementebis mravalgvarovnebis gamo upirveles yovlisa au-

cilebelia maTi klasifikacia.

klasifikaciis erT-erTi niSnis mixedviT sawarmoSi gaweuli yvela saxis danax-

arji iyofa sawarmoo danaxarjebad da periodis danaxarjebad.

sawarmoo danaxarjebi, Tavis mxriv, sam ZiriTadi elementisagan Sedgeba: 1)

moxmarebuli nedleuli; 2) pirdapiri SromiTi danaxarjebi; 3) sawarmoo zednadebi

xarjebi.

moxmarebuli nedleulis qveS igulisxmeba drois gansazRvrul periodSi mza

produqciis sawarmoeblad gamoyenebuli nedleulis, masalebisa da sxva materi-

aluri danaxarjebis RirebulebaTa jami. xazi unda gaesvas im garemoebas, rom

nedleuli sawarmoo danaxarjebSi mxolod da mxolod misi moxmarebis Semdeg

41

gadadis. sawyobSi darCenili, jer kidev gamouyenebeli nedleuli sawarmos balansze

aRiricxeba rogorc erT-erTi mimdinare aqtivi — nedleulis maragi.

praqtikuli situacia 1. sawarmoSi moxmarebuli nedleulis TviTRire-

bulebis gansazRvra.

plastmasis nakeTobaTa sawarmo `plastiki~ agvistos TveSi mimdinare sawarmoo

SekveTis Sesasruleblad aucilebel nedleulad polipropilens iyenebs. Tvis

dasawyisSi aRniSnuli nedleulis sawyisi maragebi 15.000 laris Rirebulebisaa. Sek-

veTis sruli moculobiT Sesasruleblad maT damatebiT Seisyides 120.000 laris

Rirebulebis polipropileni. misi sawarmomde transportirebis xarjebma 7.000

lari Seadgina. agvistos Tvis bolos nedleulis saboloo maragebi 30.000 laris Ri-

rebulebis aRmoCnda. ra Rirebulebis nedleuli iqna moxmarebuli agvistos TveSi?

nedleulis sawyisi maragi........................................... 15.000 lari

Sesyiduli nedleuli.................................................... 120.000 lari

transportirebis xarjebi......................................... . 7.000 lari

mosaxmari nedl. TviTRirebuleba _ sul............. 142.000 lari

minus: nedleulis saboloo maragi.......................... 30.000 lari

moxmarebuli nedleulis TviTRirebuleba......... . 112.000 lari

sawarmo `plastikSi~ agvistos TveSi warmoebuli mza produqciis TviTRirebu-

lebaSi swored 112.000 lari CairTveba.

sawarmoo danaxarjebis meore ZiriTadi elementia pirdapiri SromiTi danax-

arjebi. igi uSualod produqciis warmoebaze dasaqmebul muSakTa xelfasebis jams

warmoadgens. am kategorias ganekuTvnebian sawarmos is muSakebi, romlebic xeliT an

manqana-meqanizmebis gamoyenebiT nedleuls uSualod mza produqciad gardaqmnian

(xaratebi, zeinklebi da a.S.). maTi Sromis anazRaureba sanardo sistemis meSveobiT

xorcieldeba.

sawarmos im muSakTa xelfasebi, romlebic uSualod ar arian dakavebuli pro-

duqciis warmoebaze, sawarmos zednadeb xarjebSi aisaxeba. muSakTa am kategorias

ganekuTvnebian: damxmare muSebi, saamqrosa da cvlis ufrosebi, sawarmos dacvis

muSakebi da a.S. maTi Sromis anazRaureba droiTi sistemiT warmoebs.

sawarmoo zednadebi xarjebi is xarjebia, romlebic ara raime erTi konkre-

tuli produqtis, aramed mTlianad warmoebis momsaxurebasTan aris dakavSirebuli.

maT ganekuTvneba: sawarmoo Senobebisa da manqana-mowyobilobebis amortizacia da

remonti, sawarmoo Senobebis komunaluri momsaxurebis xarjebi, arapirdapiri

SromiTi danaxarjebi (damxmare muSebis, saamqrosa da cvlis ufrosebis, sawarmos

dacvis muSakebis xelfasebi) da a.S.

sawarmoo danaxarjebis pirveli ori ZiriTadi elementi — moxmarebuli —

nedleuli da pirdapiri Sroma warmoadgens pirdapir xarjebs anu imgvar xarjebs,

romlebic pirdapir uSualod gadadian warmoebul produqciaze da romelTa gan-

sazRvra, identificireba pirdapir, uSualodaa SesaZlebeli produqciis calkeuli

saxeebisaTvis. yvela sxva sawarmoo danaxarji arapirdapir xarjebs ganekuTvneba.

42

sawarmoo danaxarjebi ar ganekuTvnebian mimdinare periodis danaxarjebs,

isini monawileobas iReben sasaqonlo-materialuri maragebis SeqmnaSi. igi xarjebis

kategoriaSi gadadis mxolod da mxolod maSin, rodesac xdeba maragebis (mag. mza

produqciis) gayidva, rac, bunebrivia, SeiZleba ganxorcieldes rogorc mimdinare

(danaxarjebis gawevis) periodSi, aseve Semdgom periodebSi. gansxvavebiT sawarmoo

danaxarjebisagan, periodis danaxarjebi xarjebis kategoriaSi yovelTvis mimdina-

re (danaxarjebis gawevis) periodSi gadadis, radgan maTi sargeblianoba, Semosavlis

miRebis TvalsazrisiT, mimdinare periodiT amoiwureba. periodis danaxarjebs gane-

kuTvnebian administraciul-mmarTvelobiTi xarjebi, komerciuli xarjebi da a.S.

periodis danaxarjebi

sawarmoo danaxarjebi

mogeba-zaralis uwyisi

realizacia

realiz. prod. TviTRirebuleba

saerTo mogeba

saoperacio xarjebi

wminda mogeba

sabalanso uwyisi

mimdinare aqtivebi:

sasaqonlo-materialuri

maragebi

moviyvanoT magaliTi. nedleulis sawyobis amortizacia sawarmoo danaxarjs

warmoadgens, radgan igi dakavSirebulia sawarmoo procesTan. amitom igi Seva mza

produqciis TviTRirebulebaSi da misi saSualebiT aisaxeba sabalanso uwyisSi. meo-

re mxriv, mza produqciis sawyobis amortizacia ar aris dakavSirebuli sawarmoo

procesebTan (produqti ukve nawarmoebia). amdenad, igi periodis danaxarjs warmo-

adgens da saoperacio xarjis saxiT Seva mimdinare periodis mogeba-zaralis uwyisSi.

warmoebuli mza produqciis TviTRirebulebis gasaangariSeblad damatebiT

unda vicodeT sasaqonlo-materialuri maragebis arsi. is sami ZiriTadi nawilisagan

Sedgeba:

1. nedleulis maragebi, romelic warmoadgens sawarmos kuTvnil, jer kidev

mouxmari nedleulis maragebs drois gansazRvruli momentisaTvis;

2. warmoebis procesSi myofi (daumTavrebeli) produqciis anu naxevarfabri-

katebis maragebi. misi Rirebuleba ganisazRvreba masze gaweuli pirveladi sawarmoo

danaxarjebis jamiT.

3. mza produqciis maragebi — gasayidad mza saqonlis maragebi. misi Rirebuleba

ganisazRvreba mis warmoebaze gaweuli yvela sawarmoo danaxarjebis jamiT.

zemoaRniSnuli informaciis safuZvelze ukve SesaZlebelia mTlianad warmoe-

buli produqciis TviTRirebulebis gaangariSeba.

praqtikuli situacia 2. sawarmoSi mTlianad warmoebuli mza produqciis

TviTRirebulebis gansazRvra.

agvistos TveSi plastmasis nakeTobaTa sawarmo `plastiki~-s sawarmoo danax-

arjebi Semdegi monacemebiT iyo warmodgenili:

43

moxmarebuli nedleuli...................................... 112.000 lari

pirdapiri Sroma.................................................... 85.000 lari

sawarmoo zednadebi xarjebi:

arapirdapiri Sroma............................................. 60.000 lari

Senobis danaxarjebi............................................. 25.000 lari

manqana-mowyobilobebis danaxarjebi............. 32.000 lari

sul: sawarmoo zednadebi.................................... 117.000 lari

sul: saerTo sawarmoo xarjebi......................... 314.000 lari

amave periodis ganmavlobaSi periodis danaxarjebi Semdegi monacemebiT iyo

warmodgenili:

komerciuli xarjebi............................................. 30.000 lari

administraciul-mmarTvelobiTi xarjebi... 85.000 lari

sul: periodis danaxarjebi................................ 115.000 lari

Tvis ganmavlobaSi produqciis realizaciis moculobam Seadgina 480.000 lari.

daumTavrebeli produqciis sawyisi da saboloo maragebi Sesabamisad 30.000 da 55.000

laris Rirebulebis iyo.

mza produqciis sawyisi maragi iyo 120.000 laris, xolo saboloo maragi 160.000

laris Rirebulebis. sawarmos ekonomikurma samsaxurma unda gaiangariSos:

1) agvistos TveSi warmoebuli mza produqciis TviTRirebuleba;

2) amave periodSi realizebuli mza produqciis TviTRirebuleba;

3) Seadginos mimdinare wlis agvistos Tvis mogeba-zaralis uwyisi.

warmoebuli mza produqciis TviTRirebulebis gaangariSeba:

daumTavrebeli produqciis maragebi Tvis dasawyisSi............................30000 lari

plius: saerTo sawarmoo danaxarjebi Tvis ganmavlobaSi.......................314000 lari

daumTavrebeli produqciis saerTo Rirebuleba

periodis ganmavlobaSi...................................................................................... 344000 lari

minus: daumTavrebeli produqciis maragebi Tvis bolos...................... 55000 lari

warmoebuli mza produqciis TviTRirebuleba......................................... 289000 lari

1) realizebuli produqciis TviTRirebulebis gaangariSeba:

mza produqciis sawyisi maragebi......................................................... 120000 lari

plius: warmoebuli mza produqciis TviTRirebuleba................ 289000 lari

sarealizacio produqciis saboloo maragebi............................... 409000 lari

minus: mza produqciis saboloo maragebi.........................................160000 lari

realizebuli produqciis TviTRirebuleba....................................249000 lari

2) agvistos Tvis mogeba-zaralis uwyisi

realizebuli produqciis moculoba................................................480000 lari

realizebuli produqciis TviTRirebuleba...................................249000 lari

saerTo mogeba realizaciidan............................................................. 231000 lari

saoperacio xarjebi:

komerciuli xarjebi................................................................................30000 lari

44

administraciul-mmarTvelobiTi xarjebi....................................... 85000 lari

saoperacio xarjebi sul:.......................................................................115000 lari

saoperacio mogeba....................................................................................116000 lari

mogebidan gadasaxadi................................................................................23200 lari

wminda mogeba................................................................................................92800 lari

kidev erTxel xazgasmiT aRvniSnoT, rom sawarmoo danaxarjebi Tavmoyrilia

realizebuli produqciis TviTRirebulebis muxlSi, xolo periodis danaxarjebi

uSualod CairTvebian mogeba-zaralis uwyisSi anu Camoiwerebian sawarmos mogeba-

zaralis uwyisSi cal-calke.

rogorc ukve aRvniSneT, Tanamedrove pirobebSi sawarmoebSi meore um-

niSvnelovanes problemas warmoadgens calkeuli saxeobebis produqciis TviTRire-

bulebis gaangariSeba. rogorc praqtika cxadyofs, sawarmoebSi moqmed danaxarjTa

aRricxvis sistema xSir SemTxvevaSi calkeuli saxeebis produqciis TviTRire-

bulebis zusti gaangariSebis saSualebas ar iZleva, rac Zalzed arTulebs rogorc

danaxarjebis kontrols, aseve efeqturi safaso politikis warmoebas. aRniSnuli

sakiTxi ganvixiloT Semdegi praqtikuli situaciis magaliTze:

praqtikuli situacia 3. sawarmoSi calkeuli saxeobis produqciis TviT-

Rirebulebis gaangariSeba.

mravali sxva samrewvelo sawarmos msgavsad, samkervalo sawarmo `stilic~ 90-

ian wlebSi umZimes pirobebSi aRmoCnda. maT TandaTanobiT dakarges yvela Zveli

damkveTi, adgilobriv bazarze isini veranair konkurencias ver uwevdnen importul

saqonels, isini veRar awarmoebdnen verc erTi dasaxelebis konkurentunarian pro-

duqcias. yovelive amis Sedegad mkveTrad Semcirda produqciis realizaciis mocu-

loba, sawarmoSi mniSvnelovnad gaizarda kadrebis denadoba. bolo oTxi wlis gan-

mavlobaSi sawarmo mTlianad gaCerebuli iyo.

mdgomareobis gamosworebis mizniT, sawarmos Zveli menejmenti mTlianad

Seicvala axali kadrebiT. sxva radikalur RonisZiebebTan erTad maT Zirfesvianad

gardaqmnes sawarmos marketinguli saqmianoba. bazris analizis Sedegad marketin-

guli informaciis safuZvelze mimdinare wlis agvistos TveSi sawarmoSi daigegma

axali dasaxelebis produqciis mamakacis labadis warmoeba 1200 calis odenobiT.

amave dros miRebul iqna specialuri SekveTa armiis saWiroebebisaTvis samxedro

qurTukebze (2100 cali).

aRniSnuli ori dasaxelebis produqciis warmoeba mTlianad Tavmoyril iqna

erT sawarmoo korpusSi. aqve ganTavsda sawarmos administracia. gamoTavisufle-

buli sawarmoo farTobebi arendiT gadaeca gareSe organizaciebs, ramac sawarmos

damatebiTi Semosavali misca.

sawarmos ekonomikuri samsaxuris winaSe daisva ori ZiriTadi sakiTxi:

1) ra daujdeba TiToeuli am produqciis warmoeba sawarmos?

2) ra fasi unda dawesdes TiToeul am produqtze?

ekonomikuri samsaxuris mier upirveles yovlisa moZiebul iqna informacia

pirdapiri xarjebis Sesaxeb.

45

produqciis dasaxeleba labada samxedro

qurTuki

danaxarjebi erTeul produqciaze (lari)

pirdapiri xarjebi:

nedleuli da masalebi 28,5 16

eleqtroenergia 1,6 0,8

uSualod sawarmoo procesebze dasaqmebuli

muSebis xelfasi 3,5 2,7

soc. dazRvevis anaricxebi 1,08 0,83

sul: 34,68 20,33

garda ZiriTadi muSebisa, axal sawarmoo korpusSi dasaqmebuli iqnebian Sem-

degi kategoriis muSakebi:

saamqros ufrosi — Tviuri xelfasi 200 lari

teqnologi — 150 lari

meqanikosi — 150 lari

ori damxmare muSa — 120-120 lari

damlagebeli — 100 lari

dacvis samsaxuris sami muSaki — 130-130 lari

sul: 1230 lari

soc. dazRvevis anaricxebi — 381 lari

sawarmoo Senobisa da manqana-mowyobilobebis amortizacia TveSi Seadgens 1840

lars, maTi remontisa da Senaxvis xarjebi — 340 lars. sawarmoo Senobis komunaluri

momsaxurebis xarjebi (elmomaragebis, wyalmomaragebis, ganaTebis xarjebi) — 230

lars.

yvela zemoaRniSnuli danaxarji jamSi Seadgens sawarmoo zednadeb xarjebs.

maTi Sejamebis Sedegad gairkva, rom agvistos TveSi zednadebi xarjebi Seadgens 4021

lars. garda amisa, ekonomikuri samsaxuris mier calke iqna gaangariSebuli periodis

danaxarjebi agvistos TveSi:

administraciuli xelfasi — 1600 lari

soc. dazRvevis anaricxebi — 496 lari

komerciuli xarjebi — 2500 lari

sxva danaxarjebi — 1000 lari

sul — 5596 lari.

TiToeuli dasaxelebis produqciis TviTRirebulebis gasaanagriSeblad,

upirveles yovlisa, aucilebeli gaxda sawarmoo zednadebi danaxarjebis

gadanawileba warmoebuli produqciis erTeulebs Soris. amisaTvis ganawilebis ba-

zis mravali variantidan (ZiriTadi xelfasis, produqciis saxeebis raodenobis, man-

qana-mowyobilobebis amortizaciis, daxarjuli masalebis Rirebulebis propor-

ciulad), arCeul iqna bolo, radgan maTi warmoebis tipi aSkarad masalaTtevadi iyo.

am mizniT gaangariSebul iqna e.w. zednadebi danaxarjebis ganawilebis norma (jamuri

zednadebi danaxarjebi gayofil iqna nedleulisa da masalebis jamur danaxarjebze):

nedleulisa da masalis xarji:

46

mamakacis labada: 1200 X 28.5 = 34200 lari

samxedro qurTuki: 2100 X 16 = 33600 lari

sul: 67800 lari

zednadebi danaxarjebis norma = 4021 : 67800 = 0.0593

Sesabamisad zednadebi danaxarjebi labadaze Seadgens 2028 lars (34200 X

0.0593), xolo samxedro qurTukze 1993 lars (33600 X 0.0593).

aRniSnuli informaciis Sejamebis safuZvelze SesaZlebeli gaxda TiToeuli

dasaxelebis produqciis TviTRirebulebis gaangariSeba:

mamakacis labada samxedro qurTuki

pirdapiri xarjebi — sul 41616 lari 42693 lari

zednadebi xarjebi 2028 lari 1993 lari

danaxarjebi — sul 43644 lari 44686 lari

produqciis raodenoba 1200 cali 2100 cali

produqciis erTeulis

TviTRirebuleba 36,37 lari 21,27 lari

amis Semdeg sawarmos ekonomikur samsaxurs unda ganesazRvra fasebi warmoe-

bul produqciaze. aris Tu ara sakmarisi erTeuli produqciis TviTRirebulebis

Sesaxeb miRebuli sidideebi produqciaze fasis dasadgenad? ra Tqma unda — ara.

radgan faswarmoqmnis miznebisaTvis aucilebeli iyo periodis danaxarjebis gaT-

valiswinebac. marTalia, wminda buRaltruli midgomiT periodis danaxarjebi ar

CairTvebian realizebuli produqciis TviTRirebulebaSi da isini calke muxlad

Camoiwerebian sawarmos finansur uwyisSi, magram realurad maTi arseboba yovelT-

vis garkveuli danaxarjebis gawevasTanaa dakavSirebuli da amitom aucilebelia

maTi gaTvaliswinebac (Cvens SemTxvevaSi maTi gadanawileba moxdeba produqciis or

saxeobas Soris) fasis dadgenis dros. winaaRmdeg SemTxvevaSi, advili SesaZlebelia

miviRoT iseTi situacia, rodesac produqciis realizaciis Sedegad miRebulma

amonagebma gadafaros realizebul produqciaze gaweuli xarjebi, magram ver

SeZlos periodis danaxarjebis dafarva da Sedegad sawarmom mogebis nacvlad mii-

Ros zarali.

saangariSo periodSi periodis danaxarjebma Seadgina 5596 lari. zednadebi

danaxarjebis msgavsad, produqciis saxeebs Soris maTi gadanawilebisaTvis SesaZle-

beli iyo gadanawilebis sxvadasxva bazis gamoyeneba. sawarmos ekonomikurma

samsaxurma periodis xarjebi daxarjuli nedleulisa da masalebis Rirebulebis

proporciulad gadaanawila:

periodis danaxarjebis norma 5596 : 67800 = 0,08253

Sesabamisad, periodis xarjebma labadaze Seadgina 2822 lari (34200 X 0.08253),

xolo samxedro qurTukze — 2774 lari (33600 X 0.08253). amgvarad, saboloo jamSi

miRebul iqna Semdegi suraTi:

47


pirdapiri xarjebi — sul 41616 lari 42693 lari

zednadebi xarjebi 2028 lari 1993 lari

periodis danaxarjebi 2822 lari 2774 lari

danaxarjebi — sul 46466 lari 47460 lari

produqciis raodenoba 1200 cali 2100 cali

danaxarjebi erTeul

produqciaze 38,72 lari 22,6 lari

amis Semdgom sawarmos ekonomikur samsaxurs unda aerCia produqciaze faswar-

moqmnis meTodi. maT mier SerCeul iqna yvelaze gavrcelebuli meTodi `danaxarjebi

+ mogebis norma~. mogebis normis misaReb sidided miCneul iqna 25%.


danaxarjebi erTeul

produqciaze — lari 38,72 22,6

mogebis normis gaT-

valiswinebiT — lari 48,4 28,25

dRg-is gaTvaliswi-

nebiT — lari 58,08 33,9

sarealizacio (gasa-

cemi fasi) — lari 58,08 33,9

saboloo jamSi erTi Tvis muSaobis manZilze mosalodneli wminda mogebis gan-

sazRvris mizniT sawarmos ekonomikurma samsaxurma Seadgina aRniSnuli periodis

mogeba-zaralis uwyisi:

produqciis realizaciis Sedegad

amonagebi (dRg-s gareSe) — sul 117405

realizebul produqciaze

gaweuli danaxarjebi (88311)

Sedegi realizaciidan 29094

saoperacio danaxarjebi:

adm-mmarTvelobiTi xarjebi (2096)

komerciuli xarjebi (2500)

saoperacio mogeba 24498

sxva xarjebi (1000)

23498

sxva Semosavali (ijara) 4500

daubegravi mogeba 27998

mogebis gadasaxadi (5599)

wminda mogeba 22399

48

mogeba-zaralis uwyisis Sedgenis Semdeg sabolood dadginda, rom zemoaR-

niSnul pirobebSi mocemuli ori dasaxelebis produqciis warmoeba sawarmosaTvis

momgebiania.

Tanamedrove pirobebSi swored analogiuri TanmimdevrobiT unda Catardes

danaxarjebTan dakavSirebuli samuSaoebi samrewvelo sawarmoebSi. yovelive es ki

sawarmos efeqturi menejmentis ganxorcielebis erT-erT umniSvnelovanes winapi-

robas warmoadgens.

CVP (Cost Volume Profit — danaxarji, moculoba, mogeba) analizi

1. cvladi da fiqsirebuli xarjebi

CvenTvis ukve cnobilia, rom produqciis warmoebisa da realizaciis procesi

sxvadasxva saxis danaxarjebTan aris dakavSirebuli. garda xarjebis funqcionaluri

klasifikaciisa, menejeruli aRricxvis miznebisaTvis, warmoebis saerTo danaxar-

jebs yofen cvlad da fiqsirebul xarjebad.

danaxarjebis TiToeuli elementi sxvadasxvagvarad reagirebs warmoebis

moculobis cvlilebaze.

xarjebs, romlebic warmoebis moculobis pirdapirproporciulad icvleba,

cvladi danaxarjebi ewodeba. maT miekuTvneba: danaxarjebi nedleulze, masalebze,

sawarmoo muSebis xelfasze da a.S.

xarjebs, romlebic ar arian damokidebuli warmoebis moculobis cvlilebaze

da yovelTvis rCeba mudmivi, fiqsirebuli xarjebi ewodeba. isini arseboben im

SemTxvevaSic ki, rodesac sawarmo arafers ar awarmoebs. maT miekuTvneba: amorti-

zacia, momsaxure personalis xelfasi, dazRvevis, qonebis gadasaxadi da a.S.

cvladi xarjebi produqciis erTeulze mudmivia da ar aris damokidebuli

warmoebis moculobis cvlilebaze, xolo fiqsirebuli xarjebi erTeulze mcirdeba

warmoebis moculobis zrdasTan erTad.

praqtikuli situacia 1. miviRoT Tu ara specialuri SekveTa?

S.p.s. awarmoebs avtomobilis specialur aqsesuars, romelsac SemdgomSi yidis

Tavis distributorebze $16-ad. mas gaaCnia stabiluri bazari aRniSnuli produqtis

realizaciisaTvis. noembris TveSi kompaniam miiRo specialuri SekveTa axali

damkveTisagan. damkveTi mzadaa iyidos aRniSnuli aqsesuari $14-ad. amasTan, aqse-

suarze aRniSnuli unda iyos damkveTis safirmo savaWro niSani, rac moiTxovs $1500

damatebiT xarjebs specialuri aRWurvilobis saxiT. amasTan, kompanias gaaCnia ga-

mouyenebeli sawarmoo simZlavreebi da specialuri SekveTis miReba ar gazrdis

fiqsirebul xarjebs. produqtis standartuli saxiT warmoebis SemTxvevaSi

erTeulis damzadeba Semdeg danaxarjebs moiTxovs:

nedleuli da masalebi................................. $ 5

pirdapiri Sroma............................................ 4

cvladi zednadebi xarjebi........................ 2

fiqsirebuli zednadebi xarjebi............. 3

49

saerTo xarjebi produqciis

erTeulze......................................................... $ 14

unda miiRos Tu ara sawarmom aRniSnuli specialuri SekveTa?

erTi SexedviT Cans, rom es SekveTa aramomgebiania sawarmosaTvis, radgan

erTeulze gasawevi xarjebi SeTavazebuli fasis tolia, amasTan, igi $1500-is

damatebiT xarjebs moiTxovs.

aq, upirveles yovlisa, unda gavixsenoT fiqsirebuli xarjebis buneba. saerTo

xarjebSi CarTulia $3 odenobiT fiqsirebuli xarjebi. gadawyvetilebis miRebisas

is ar unda iqnes mxedvelobaSi miRebuli, radgan es xarji mainc iarsebebs imaze da-

moukideblad, miiRebs Tu ara sawarmo am specialur SekveTas. analizi gviCvenebs,

rom SekveTa miRebul unda iqnes:

Semosavlis zrda (2000 X $14) $28000

xarjebis zrda erTeulze:

nedleuli da masalebi $ 5

pirdapiri Sroma 4

sawarmoo zednadebi xarjebi 2

$ 11 X 2000 $22000

xarjebi specialur aRWurvilobaze $1500

saerTo diferencirebuli xarji $23500

SekveTis Sesrulebisagan miRebuli

wminda sargebeli $ 4500

amgvarad, sawarmo nebismier SemTxvevaSi miiRebs mogebas am SekveTisagan, Tu

aqsesuaris fasi iqneba $11.75-ze meti ($23500 : 2000).

specialuri SekveTis miRebaze mxolod da mxolod aseTi analizis Sedegadaa

SesaZlebeli dadebiTi an uaryofiTi pasuxis gacema. umravles SemTxvevaSi swored

fiqsirebuli xarjebis dinamika iZens gadamwyvet mniSvnelobas.

2. nulovani mogebis koncefcia

mas Semdeg, rac sawarmos yvela danaxarji dayofilia cvlad da fiqsirebul

xarjebad, sawarmos moklevadiani saqmianobis dagegmvisaTvis Zalze efeqturia CVP

analizis gamoyeneba. CVP analizi saSualebas gvaZlevs ganvsazRvroT, Tu rogor mo-

qmedebs biznesis aqtiurobis cvlileba (zrda an Semcireba) sawarmos saerTo danax-

arjebze. CVP analizis gamoyenebiT SesaZlebelia nebismier sawarmoSi pasuxi gaeces

Semdegi saxis umniSvnelovanes SekiTxvebs:

— gayidvebis ra done unda iqnes miRweuli imisaTvis, rom daifaros sawarmos

yvela danaxarji (BEP – nulovani mogebis koncefcia)?

— produqciis ramdeni erTeuli unda gayidos sawarmom dasaxuli miznis

(sasurveli mogebis) misaRebad?

— rogor imoqmedebs biznesis aqtiurobis gazrda mis Semosavlebze, xarjebsa

da mogebaze?

50

CVP analizis Seswavla daviwyoT Semdegi praqtikuli situaciis magaliTze:

praqtikuli situacia 2

wlis ganmavlobaSi kompania àlioni~ awarmoebs mxolod erTi dasaxelebis

produqcias — sawer magidebs. wlis ganmavlobaSi saqmianobis dagegmvisaTvis kom-

paniis menejers ainteresebs, Tu ramdeni magida unda gayidos kompaniam wlis ganmav-

lobaSi, rom sawarmos ar hqondes zarali, anu mas ainteresebs kompaniis nulovani

mogebis wertili. am sakiTxis gadaWra menejerma sawarmos erT-erT TanamSromels

daavala.

man, upirveles yovlisa, gamijna erTmaneTisgan da gaiangariSa sawarmos

cvladi da fiqsirebuli xarjebi. gairkva, rom cvladi xarjebi* produqciis

erTeulze (nedleuli, pirdapiri Sroma, sawarmoo zednadebi xarjebi Seadgens $25-s,

saerTo fiqsirebuli xarjebi (amortizacia, sawarmos administraciis xelfasebi,

qonebis gadasaxadi da a.S.) wlis ganmavlobaSi Seadgens $13494.

nulovani mogebis wertilis gasaangariSeblad finansistma gamoiyena cnobili

toloba:

TS** (gayidvebis moculoba) — TC (saerTo xarjebi) = kompaniis mogeba

radganac saerTo xarjebi Sedgeba cvladi (VC) da fiqsirebuli (FC) xarjebisagan da

kompaniis mogeba nuls udris, finansistma es toloba Semdegnairad Cawera:

TS — VC – FC = 0

anu

(P x SU) – (VCU x SU) – FC = 0

sadac, P – erTi magidis gasayidi fasi;

SU – gayiduli magidebis raodenoba;

VCU – cvladi danaxarjebi erTeulze.

sawarmos finansists hqonda Semdegi monacemebi: P = $38, VCU = $25; FC = 13494.

gasayidi magidebis erTeulebis (x) gasagebad man Seadgina Semdegi toloba:

38x – 25x – 13494 = 0

13x = 13494

x = 13494 : 13 = 1038 kompania àlionma~ swored 1038 erTeuli magida unda gayidos, cali $38-ad,

rom dafaros yvela xarji da miiRos nulovani mogeba.

im sidides, romliTac aRemateba kompania Tavis nulovani mogebis sidides,

ewodeba usafrTxoebis zona. is SeiZleba viangariSoT rogorc Tanxobrivad, aseve

gamoSvebuli produqciis raodenobis saxiT.

imisaTvis, rom sabolood darwmunebuliyo gaangariSebebis sisworeSi, finan-

sistma Seadgina kontribuciuli formatis mogeba-zaralis uwyisi:

,* sawarmoo zednadebi xarjebi — SeiZleba zogi cvladi iyos da zogi fiqsirebuli

situaciidan gamomdinare. ** TS – Total Sale; TC – Total Cost; SU – Sold Units; VC – Variable Cost; FC – Fixed Cost; VCU – Vari-

able Cost Units.

51

saerTo gayidvebi.......................................... 39444

minus saerTo cvladi xarjebi.................. 25950

udris saerTo kontribucia...................... 13494

minus saerTo fiqsirebuli xarjebi........13494

udris: mogebas................................................. 0

sazogadod, kontribucias didi mniSvneloba aqvs menejeruli gadawyvetile-

bebis miRebisas. rogorc magaliTidan Cans, faqtiurad kontribucia aris Semosavlis

moculoba, romelic rCeba sawarmos gankargulebaSi cvladi xarjebis dafarvis Sem-

deg. Semosavlis darCenili nawili xmardeba fiqsirebuli xarjebis dafarvas, amis

Semdeg darCenili Semosavali ki ukve sawarmos mogebas warmoadgens. kontribuciis

sidide axasiaTebs ama Tu im produqtis momgebianobis dones (rac ufro maRalia

produqtis kontribuciis sidide, fiqsirebuli xarjebis miT ufro met nawils

faravs igi anu sawarmos saboloo jamSi rCeba meti mogeba).

amocana

Sps `progresi~ awarmoebs mxolod erTi dasaxelebis produqcias — liTonis

karebs. igi mas yidis 245 larad. oqtombris TveSi cvladi xarjebi erTeulze

Seadgens 120 lars. amave periodis ganmavlobaSi fiqsirebuli xarjebi 2500 laris

tolia.

1. ramdeni liTonis kari unda daamzados sawarmom BEP-is misaRwevad?

2. ramdeni liTonis kari unda daamzados sawarmom imisTvis, rom oqtombris

TveSi miiRos 7500 lari mogeba?

3. ra moculobis mogebas miiRebs sawarmo, Tu igi TveSi gayidis 60 cal liTonis

kars, TiToeuls 245 larad?

4. ramdeni liTonis kari unda daamzados sawarmom imisaTvis, rom usafrTxoe-

bis zonam Seadginos 10000 lari?

5. ra moculobis mogebas miiRebs sawarmo, Tu kompaniis usafrTxoebis zona

Seadgens 30 liTonis kars?

grafikuli midgoma CVP analizTan

Semosavlebi da

danaxarjebi

fiqsirebuli

xarjebi

mogebis zona saerTo Semosavlebi

saerTo xarjebi

nulovani mogebis wertili

gayidvebi

52

Cvens mier ganxilul praqtikul situaciaSi kompania awarmoebda mxolod erTi

dasaxelebis produqts. bunebrivia ismis kiTxva: rogor unda gaviangariSoT nu-

lovani mogebis wertili, rodesac kompania awarmoebs ara erTi, aramed ramdenime

dasaxelebis produqts? (Sereuli gayidvebi). ganvixiloT es SemTxveva Semdegi

praqtikuli situaciis magaliTze:

praqtikuli situacia 3

mimdinare wlisaTvis kompania àlionis~ menejmentma gadawyvita sawer magi-

debTan erTad ewarmoebina axali produqti — saJurnalo magida. axali monacemebi

produqciis Sesaxeb mocemulia Semdeg cxrilSi:

saweri magida saJurnalo magida

gasayidi fasi P $38 $45

cvladi xarjebi erTeulze VCU $25 $35

kontribucia erTeulze CMU* $13 $10

marketingis samsaxuris informaciiT, sawarmo gayidis 1200 cal sawer magidas

da 1000 cal saJurnalo magidas. radgan saJurnalo magidis warmoeba ar moiTxovs

damatebiT simZlavreebs, amitom fiqsirebuli xarjebi isev 13494 dolars udris.

am pirobebSi kompaniis kontribuciuli formatis mogeba-zaralis uwyisi

miiRebs Semdeg saxes:

sul saweri magida saJurnalo magida

saerTo gayidvebi 90600 45600 45000

saerTo cvladi xarjebi 65000 30000 35000

saerTo kontribucia 25600 15600 10000

fiqsirebuli xarjebi

(ganawilebulia Tanabrad) 13494 6747 6747

mogeba 12106 8853 3253

rogorc Cans, 2200 cali magidis warmoebis SemTxvevaSi kompania miiRebs 12106

dolaris mogebas. menejments ainteresebs, ramdeni magidis gayidva dasWirdeba kom-

panias nulovani mogebis wertilis misaRwevad.

Sereuli gayidvebis SemTxvevaSi, nulovani mogebis wertilis gasaangariSeblad

CVP modelSi garkveuli cvlilebebis Setanaa saWiro. amitomac am SemTxvevaSi sa-

warmos finansistma igi Semdegi TanmimdevrobiT gaiangariSa:

1. upirveles yovlisa, man gaiangariSa e.w. Sereuli gayidvebis procenti (SM%),

anu TiToeuli produqtis xvedriTi wili saerTo gayidvebSi:

[ ]gayidvebi saerTo

moceuloba gayidvebis produqtis calkeuli =%mixedSalesSM

* CMU – Contribution Marjin Unit.

53

produqti gayidvebi SM%

saweri magida 45600 50,3

saJurnalo magida 45000 49,7

90600 100

2. Semdeg man gaiangariSa saSualo Sewonili kontribucia Semdegi Tanmimdev-

robiT:

saweri magida — 13 X 0.503 = 6.539

saJurnalo magida — 10 X 0.497 = 4.97

saSualo Sewonili kontribucia = 11.509

3. mesame etapze finansistma gamoiyena BEP-is formula:

erTeuli. 117250911

13494===

−=

.CMUFC

VCUPFCX

amgvarad, BEP-is misaRwevad kompaniam unda gayidos 1172 erTeuli.

4. BEP-is misaRwevad, TiToeuli produqtis gayidvebis moculobis dasad-

genad, finansistma saerTo gayidvebi gaamravla calkeuli produqtis SM-ze.

produqti

saweri magida 1172 X 50.3% = 589 erTeuli

saJurnalo magida 1172 X 49.7% = 583 erTeuli

nulovani mogebis misaRebad, kompaniam unda gayidos 589 erTeuli saweri

magida cali $38-ad da 583 erTeuli saJurnalo magida cali $45-ad.

aucilebelia imis aRniSvna, rom CVP analizi swor Sedegs mogvcems mxolod im

SemTxvevaSi, Tu daculia 4 ZiriTadi piroba:

1) produqciis erTeulis gasayidi fasis ucvleloba;

2) saSualo cvladi xarjebi erTeulze mudmivia (cvladi xarjebi erTeulze ar

unda icvlebodes drois im periodSi, romlisTvisac sruldeba analizi);

3) saerTo fiqsirebuli xajebis ucvleloba;

4) Sereuli gayidvebisas saerTo gayidvebSi calkeuli saxis produqciis ga-

yidvebis wilis mudmivoba.

praqtikuli situacia 4. viyidoT Tu vawarmooT?

mravali sawarmo saqmianobis procesSi awydeba Semdeg problemas: SeiZinos sxva

sawarmoebisagan Tu TviTon awarmoos erT-erTi komponenti, romelic saWiroa gark-

veuli mza produqciis dasasruleblad. ra informaciaze dayrdnobiT unda miiRos

menejerma gadawyvetileba aRniSnul situaciaSi? ganvixiloT Semdegi praqtikuli

situacia:

kompania ìmeds~ mza produqciis dasasruleblad esaWiroeba 10000 cali au-

cilebeli komponenti. danaxarjebi Semdegi monacemebiT xasiaTdeba:

54

nedleuli da masalebi $ 9.000

pirdapiri Sroma 12.000

cvladi sawarmoo zednadebi

xarjebi 5.000

fiqsirebuli xarjebi 24.000

saerTo xarjebi $ 50.000

xarjebi erTeulze $ 5

sawarmos gaaCnia alternativa — igive komponenti SeiZinos saWiro raodenobiT

sxva sawarmosagan $4.5-ad. erTi SexedviT, sawarmosaTvis ufro momgebiania misi

SeZena da ara warmoeba. magram menejmentis mier Catarebulma analizma sruliad saw-

inaaRmdego aCvena.

analizis Sedegad gairkva, rom komponentis yidvis SemTxvevaSi sawarmo Tavidan

aicilebs mis warmoebasTan dakavSirebuli cvladi zednadebi xarjebis mxolod 80%-

s da fiqsirebuli xarjebis 75%-s. am SemTxvevaSi analizi Semdeg situacias gviCve-

nebs:

xarjebi 10000 erTeulze: $ 9.000 —

nedleuli da masalebi

pirdapiri Sroma 12.000 —

cvladi sawarmoo zednadebi

xarjebi 5.000 $ 1.000

fiqsirebuli xarjebi 24.000 6.000

xarjebi komponentebis

yidvaze 45.000

$ 50.000 $ 52.000

amgvarad, radganac komponentis yidvis SemTxvevaSi sawarmo mTlianad ver

icilebs Tavidan komponentis warmoebasTan dakavSirebul yvela cvlad da fiqsire-

bul xarjs, saboloo jamSi misTvis ufro momgebiania komponentis warmoeba. analo-

giuri diferencirebuli analizis Catareba aucilebelia yovel amgvar situaciaSi.

gamoyenebuli ZiriTadi terminebis CamonaTvali

da maTi Sesatyvisi inglisuri saxelwodebebi:

1 administraciuli xarjebi General expenses

2 amortizaciis daricxva Amortization

3 aramaterialuri aqtivebi Intangible assets

4 aqtivebi Assets

5 gaunawilebeli mogeba Retained earnings

6 grZelvadiani valdebulebebi Long-term liabilities

7 gudvili Goodwill

55

8 daricxvis meTodi Accrual basis

9 valdebulebebi Liabilities

10 kalendaruli weli Calendar year

11 kapitaluri (aralikviduri) aqtivebi Fixed assets

12 likviduroba Liquidity

13 mimdinare (likviduri) aqtivebi Current assets

14 mogeba Profit

15 mogeba-zaralis angariSgeba Income statement

16 moklevadiani valdebulebebi Current liabilities

17 neto realizacia (gayidvis sufTa moculoba) Net sales

18 ormagi Caweris sistema Double-entry bookkeeping

19 realizacia (gayidvis mTliani moculoba) Gross sales

20 realizebuli saqonlis TviTRirebuleba Cost of goods sold

21 sabalanso angariSgeba Balance sheet

22 sabuRaltro balansi Accounting equation

23 saerTo mogeba (mTliani mogeba) Gross profit

24 savaWro xarjebi Selling expenses

25 sakuTari kapitali Owner’s equity

26 sakaso baza Cash basis

27 saoperacio xarjebi Operating expenses

28 finansuri weli Fiscal year

29 fuladi saxsrebis moZraobis angariSgeba Statement of cash flow

30 Semosavali ZiriTadi saqmianobidan Operating income

31 Semosavlebi Revenues

32 cveTis daricxva Depreciation

33 wminda mogeba Net income

34 xarjebi Expenses

56

amocanebi da praqtikuli situaciebis analizi

amocana 1.

qvemoT moyvanili monacemebis gamoyenebiT SeadgineT A firmis sabalanso an-

gariSgeba da kiTxvis niSnebis adgilas CasviT saTanado ricxvebi.

1. savaWro moTxovnebi 14,0 aT. lari

2. bankis vali (dafarvis vada 5 weli) 50,0 aT. lari

3. savaWro valdebulebebi ? aT. lari

4. saprocento xarjebi (gadaxdili) 10,0 aT. lari

5. sasaqonlo-materialuri maragebi 24,0 aT. lari

6. patentebi 16,0 aT. lari

7. mivlinebis xarjebi (gadaxdili) 6,0 aT. lari

8. Senoba-nagebobebi 40,0 aT. lari

9. ofisis aveji da mowyobilobebi 12,0 aT. lari

10. mflobelis kapitali 70,0 aT. lari

11. A firmis mier B firmisaTvis nasesxebi

fuli (sesxis ganaRdebis vada 3 weli) 16,0 aT. lari

12. fuli ? aT. lari

13. likviduri aqtivebi 70,0 aT. lari

amocana 2.

qvemoT moyvanili monacemebis mixedviT SeadgineT firma `ganTiadis~ sa-

balanso angariSgeba (monacemebi mocemulia aTas larebSi) da kiTxvis niSnebis

adgilas CasviT saTanado ricxvebi.

1. avtotransporti 33

2. nedleulis maragebi 25

3. bankis vali (dafarvis vada 2 weli) 48

4. Senoba-nagebobebi 60

5. mflobelis kapitali ?

6. fasiani qaRaldebi (firma `ganTiadis~ mier SeZenili) 6

7. fuli 20

8. savaWro valdebulebebi 7

9. gudvili 4

10. bankis vali (dafarvis vada 6 Tve) 32

11. miwa 44

12. savaWro moTxovnebi 16

13. valdebulebebi firma `ganTiadis~ mier

gamoSvebul obligaciebze 20

14. sul aqtivebi ?

15. sul valdebulebebi da sakuTari kapitali ?

57

amocana 3.

SeasworeT qvemoT warmodgenili sabalanso angariSgeba da kiTxvis niSnebis

nacvlad CasviT saTanado ricxvebi.

A firmis sabalanso angariSgeba 31.12.00 (aTas larebSi)

moklevadiani aqtivebi moklevadiani valdebulebebi

davalianeba sagadasaxado

organoebis mimarT 17,0 satransporto saSualebebi 15,0

mza produqcia 43,0 winaswar gadaxdili Tanxebi 10,0

obligaciebi (A firmis

mier gamoSvebuli) 15,0 bankis sesxi (2 weli) ?

aqcionerTa kapitali 140,0

sul moklevadiani aqtivebi ? sul moklevadiani valdebulebebi ?

ZiriTadi saSualebebi grZelvadiani valdebulebebi

fuli 25,0 nedleulis maragi 40,0

savaWro valdebulebebi 18,0 gudvili 8,0

Senoba-nagebobebi 30,0 miwa 50,0

manqana-danadgarebi 19,0

sul ZiriTadi saSualebebi ? sul grZelvadiani valdebulebebi ?

fasiani qaRaldebi (A firmis mier

SeZenili) 15,0

sul aqtivebi ?sul valdebulebebi da

sakuTari kapitali ?

amocana 4.

moaxdineT Semdegi operaciebis gatareba sabalanso angariSgebaSi.

seqtemberi. biznesis dawyeba $120 aTasi sakuTari kapitaliTa da $80 aTasi

moklevadiani valiT. SeZenil iqna miwa $50 aTasad da aSenda Senoba-nagebobebi $60

aTasad.

oqtomberi. SeZenil iqna: manqana-danadgarebi $20 aTasad, B firmis obliga-

ciebi $5 aTasad, sasaqonlo materialuri maragebi $30 aTasad. aRebul iqna bankis

moklevadiani sesxi $40 aTasi, $15 aTasis saqoneli gaiyida kreditSi $20 aTasad,

gaica xelfasi $20 aTasad.

noemberi. debitorebma mTlianad gaanaRdes angariSebi, $25 aTasad kreditSi

SeZenil iqna saqoneli, $25 aTasis saqoneli gaiyida $30 aTasad, $5000-is fasiani qaR-

aldebi gaiyida $7000-ad. gadaxdil iqna $5000-is toli komunaluri momsaxurebis

xarjebi da $2000-is toli moklevadiani sesxis procenti.

dekemberi. moxda Senoba-nagebobebis 10%-iT da manqana-danadgarebis 20%-iT

amortizireba, gaica $20 aTasis xelfasi, gastumrebul iqna savaWro valdebulebebi

da moklevadiani valis naxevari.

58

amocana 5.

moaxdineT Semdegi operaciebis gatareba sabalanso angariSgebaSi da Sead-

gineT saboloo sabalanso angariSgeba.

ianvari. biznesis dawyeba 60 aTasi laris toli sakuTari fuliTa da 20 aTasi

laris toli bankis grZelvadiani valiT.

Tebervali. SeZenil iqna: Senoba 15 aTas larad. mowyobilobebi 5 aTas larad da

sasaqonlo-materialuri maragebi 20 aTas larad (15 aTasis naRd fulze, 5 aTasis —

30-dRian kreditSi).

marti. 12 aTasi laris saqoneli 15 aTas larad gaiyida, mTlianad ganaRdebuli

iqna savaWro valdebulebebi, SeZenili iqna 10 aTasi laris saqoneli da 6 aTasi laris

fasiani qaRaldebi, aRebuli iqna 8 aTasi laris bankis moklevadiani sesxi.

praqtikuli situaciis analizi (Case Study) – 1

mogeba-zaralis angariSgebis Sedgena da sabalanso angariSgebis momzadeba.

firma `dizain servisis~, romelic jer kidev skolaSi swavlisas daaarsa lon-

donSi deil tomsonma, specializaciaa sacxovrebeli nakveTebis keTilmowyoba.

droTa ganmavlobaSi, rodesac firmam daiwyo zrda, deilma samuSaod aiyvana ramden-

ime megobari. misi biznesi iTvleba warmatebulad, radganac saqmeebi midis sakmaod

kargad. mas ukve Seswevs Zala awarmoos Tavisi saqmianobis aRricxva. man Cawera ram-

denime ricxvi, magram ar icis rogori interpretacia gaukeTos maT. deils unda

sesxis aReba da sabalanso angariSgebis momzadeba, raTa warmodgena hqondes Tavis

finansur mdgomareobaze. ai, misi ricxvebi:

aqtivebi valdebulebebi

fuli ₤ 5 350 bankis fuli (vali) ₤ 7 500

satvirTo manqana 13 500 momwodeblebis vali 545

savaWro moTxovnebi 2 400 mowyobilobebis vali

mowyobiloba (danadgarebi) 4 520 (danadgarebis) 500

aveji 945 sul valdebulebebi ₤ 8 545

saxarjo masalebi 550

misabmeli 500

sul aqtivebi ₤ 27 765

ai, kidev ramdenime ricxvi, romelic tomsonma Camowera erTad, ar icavda ra

garkveul Tanmimdevrobas:

Semosavali Sesrulebeli samuSaodan 74 000

xarjebi xeebze, buCqebze da a.S. 22 000

damxmareebis xelfasi (2) 16 000

reklama 1 360

dazRveva 2 000

saofise xarjebi (telefoni, gaTboba, ijara da sxva) 8 000

satvirTo manqanis ijara 400

59

deilma Cawera kidev ₤1800 bilikebisa da trotuarebisaTvis SeZenili xreSis,

qviSis da RorRis Rirebuleba.

kiTxvebi gadawyvetilebis misaRebad

1. ra damatebiT informacias, Tu es aucilebelia, moiTxovT Tqven sabalanso

angariSgebis SedgenisaTvis? rogoria deilis finansuri mdgomareoba —

Zlieri Tu susti?

2. ra Tanxebi gamoimuSava man mogebis gadasaxadis gadaxdamde, anu ramdeni iyo

daubegravi mogeba? SeadgineT deilisaTvis mogeba-zaralis angariSgeba,

raTa mas warmodgena hqondes, Tu rogor gamoiyureba aseTi dokumenti.

3. sabuRaltro terminologiaSi tomsoni ar aris Zlieri. ganixileT misi Ca-

monaTvali da naxeT, Tu aqvs gamoyenebuli romelime terminis dasaxeleba

arasworad.


sad SeeSala qeTrins?

qeTrin okonors yovelTvis SeeZlo gaerCia kargi nivTi cudisgan. yovel

SemTxvevaSi Tavidan es ase Canda. is xSirad mogzaurobda msoflios sxvadasxva qvey-

anaSi. erT-erTi aseTi mogzaurobis dros man italiaSi aRmoaCina patara maRaziebi,

romlebic vaWrobdnen Tixisa da faifuris nawarmiT, dawyebuli saferfleebiT da

damTavrebuli WurWliT. zogierTi nawarmi marTlac umaRlesi xarisxis iyo Ses-

rulebis mxriv.

qeTrinma daiwyo am nawarmis importireba aSS-Si. myidvelebma umal Seafases

saqonlis xarisxi da mzad iyvnen gadaexadaT masSi sakmaod maRali fasi. qeTrinma

gadawyvita fasebi daetovebina saSualo doneze, raTa bizness swrafi zrdis saSu-

aleba miscemoda. pirvel or TvesTan SedarebiT, Semdgom sam TveSi realizacia or-

jer gaizarda. pirvel welTan SedarebiT, meore wels realizacia gaormagda.

ramdenime TveSi erTxel qeTrins uxdeboda bankSi sesxis aReba. mas araviTari

problema ar hqonda rom ufro soliduri Tanxa aeRo kreditSi, radgan is yovelTvis

Tavis droze abrunebda mas. saqonlis SesaZeni Tanxebis raodenobis Sesamcireblad

qeTrini yovelTvis iyenebda savaWro SeRavaTebs, rac imaSi gamoxateboda, rom is Ta-

vis savaWro valdebulebebs faravda ara ugvianes aTi dRisa. amiT is inarCunebda Ta-

visTvis 20% fasdaklebas, romelsac sTavazobdnen momwodeblebi swrafi gadaxdis

SemTxvevaSi.

Tavis mxriv, myidvelebis umravlesoba saqonels qeTrinTan yidulobda kre-

ditSi. magaliTad, isini yidulobdnen wyvil langarsa da qoTans, xolo qeTrini

saSualebas aZlevda maT fuli gadaexadaT garkveuli drois Semdeg. zogierTi myid-

veli ar Cqarobda fulis gadaxdas da welavda am process naxevari wliTa da metiT.

sami wlis Semdeg qeTrinma SeamCnia, rom misi firmis saqmeebi wavida ufro cu-

daT. amas xeli Seuwyo im garemoebamac, rom adgilobrivi ekonomikac ganicdida

kriziss, ris gamoc bevri adamiani darCa umuSevari. miuxedavad amisa, qeTrinis

60

biznesi, SeiZleba iTqvas, mainc rCeboda damakmayofilebel, Rirseul doneze. erT

mSvenier dRes, mas daurekes bankidan da Seaxsenes, rom is igvianebda sesxis dabrune-

bas. qeTrini imdenad iyo dakavebuli, rom ar miaqcia yuradReba angariSebs da aR-

moaCina Semdegi problema — mas, ubralod, ar hqonda naRdi fuli, raTa gadaexada

vali bankisaTvis. man daiwyo rekva Tavis myidvelebTan moTxovniT gadaexadaT fuli,

magram isinic im periodSi gadaxdis uunaroni aRmoCndnen. qeTrini aRmoCnda kapi-

talis moZraobis klasikur Sekrul wreSi. man gadawyvita saswrafod gaezarda fasebi

da uari ganacxada kreditSi vaWrobaze. qeTrinma daiwyo momwodeblebis angariSebis

ganaRdebis gadavadeba, ramac avtomaturad gamoiwvia saqonlis SeZenis Rirebulebis

zrda. amis Semdeg, man mimarTa banks TxovniT, raTa mis specialistebs masTan erTad

gaekeTebinaT misi firmis finansuri mdgomareobis analizi. bankis specialistma ga-

akeTa qeTrinis yvela valdebulebisa da aqtivebis analizi. amis Semdeg man Seadgina

salaros nusxa da banki daTanxmda qeTrinisaTvis mieca patara sesxi. yvelaferi amis

Semdeg qeTrinis firmis saimporto moRvaweoba viTardeboda winandelTan SedarebiT

gacilebiT nela, magram amis sapirispirod misi finansuri mdgomareoba sagrZnoblad

gaumjobesda. SeiZleba iTqvas, rom qeTrini TiTqmis gakotrda da gadarCa mxolod

bolo momentSi.

kiTxvebi gadawyvetilebis misaRebad

1. riT SeiZleba avxsnaT, rom firmas SeiZleba hqondes maRali amonagebi gay-

idvidan da maRali mogeba da, miuxedavad amisa, ar gaaCndes naRdi fuli

(fuli angariSze)?

2. ratom wavida qeTrinis saqmeebi ufro kargad, rodesac man awia fasebi da

uari ganacxada kreditSi vaWrobaze?

3. raSi mdgomareobda qeTrinis problemebis arsi? swored moiqca Tu ara is,

rodesac man mimarTa banks daxmarebisaTvis, Tu gaviTvaliswinebT im gare-

moebas, rom mas am bankis fuli marTebda?

61


`mtevani-97~: qarTuli Rvino

Sps `mtevani-97~ daarsda 1997 wels q. TbilisSi. kompaniis mTavar produqts

boTlebSi Camosxmuli TeTri mSrali sufris Rvino warmoadgenda da ZiriTadad

Tbilissa da mis SemogarenSi iyideboda. `mtevani-97~-is Rvinis fasi miaxloebiT

konkurenti kompaniebis fass udrida.

2000 wels kompaniam daaxloebiT 700 000 litri Rvino gayida (es 873 200 boTls

Seadgens). ukanasknel wlebSi moTxovna izrdeboda da kompaniam TiTqmis Tavis sawar-

moo SesaZleblobis zRvars (weliwadSi 900 000 boTli) miaRwia.

sawarmoo procesi SedarebiT martivi iyo. `mtevani-97~ ZiriTadad Rvinis

Camosxmaze muSaobda. is yidulobda ukve mza Camosxmul Rvinos (an yurZnis wvens, ro-

melsac ramdenime Tvis ganmavlobaSi àRvinebda~) ZiriTadad sawarmoo operacias

Rvinis boTlebSi Camosxma da misi gasaReba warmoadgenda. aseT sawarmoo process se-

riozuli uaryofiTi mxarec hqonda — kompania ver akontrolebda Tavisi Rvinis

xarisxs da uWirda mdgradi (standartuli) xarisxis produqciis gamoSveba. kom-

paniis finansurma menejerma moamzada sainvesticio gegma, romlis mixedviTac 550000

laris investicia saSualebas miscemda komapnias, yurZeni gadaemuSavebina da Tavisi

Rvino ewarmoebina. aseT SemTxvevaSi nedleulis xarji mcirdeboda 0.11 lariT erT

boTlze; Sromis anazRaurebis xarjebis gazrda am SemTxvevaSi ar iyo mosalodneli.

sawarmoo ganyofilebaSi dakavebuli iyo 40 TanamSromeli. am ganyofilebis me-

nejers miaCnda, rom aRniSnuli xarjebis 40% fiqsirebuli iyo, xolo 60 % — cvladi,

anu icvleboda warmoebis moculobasTan erTad.

2000 wels 700 000 litri Rvino `mtevani-97~-ma 602 272 larad SeiZina. danarCeni

xarjebi (boTli, korpi, CaCi, etiketi) Seadgenda erT boTlze 0.45 lars. qvemoT mogv-

yavs 2000 wlis mogeba-zaralis uwyisi (aTas larebSi):

gayidvebi 1 921

sawarmoo xarjebi (cvladi) 1 210

muSa-xeli 214

Rvino masala 602

boTli, korpi, etiketi 394

kontribucia 711

fiqsirebuli xarjebi 666

zogadi administraciuli 184

fiqsirebuli muSa-xeli 143

xarisxis kontroli 53

amortizacia 116

reklama 87

kreditis procenti 83

mogeba 45

mflobelebi ar iyvnen ukmayofilo 2000 wlis SedegebiT da kompaniis menejers

mogebis gazrda daavales (maTi mosazrebiT, kompaniis mogebas gayidvebis 8-9% unda

62

Seedgina). am amocanis gadasawyvetad menejerma Semdegi gamoTvlebi moamzada: misi

SefasebiT, kompania SeZlebda weliwadSi 900 000 boTlis gayidvas. mimdinare fasebSi

es wliur 1 980 000 lar Semosavals Seadgens. Semosavlebisa da xarjebis arsebuli

struqturis pirobebSi 900 000 boTlis gayidviT miRebuli mogeba ar daakmayofileb-

da kompaniis mflobelebs. amitom menejerma gadawyvita moeZebna saSualebebi, rom

2001 wels 176 000 laris mogeba mieRo, rac 1 980 000 laris gayidvebis TiTqmis 9%-s

Seadgenda.

kiTxvebi:

1. gamarTlebulia Tu ara `mtevani-97~-Tvis 550 000 laris investireba yurZ-

nis gadamamuSavebel danadgarebSi?

2. SesaZebelia Tu ara kompaniis mogebis gazrda ise, rom man gayidvebis 8-9%

Seadginos?

63

danarTi

finansuri analizi (kavSiri buRaltrul angariSgebasa

da finansebs Soris)

yvelas visac ki ainteresebs an daainteresebs finansebi (finansuri analizis

Catareba), dasWirdeba buRaltruli angariSgebis safuZvlebis Seswavla, romelsac

imedia albaT ukve warmatebiT gaarTmevdiT Tavs. finansuri analizis Casatareblad

gansakuTrebiT mosaxerxebelia koeficientebis gamoyeneba, romelTa daniSnulebaa

firmis finansuri janmrTelobis Sefaseba. amgvar koeficientebs Tqven xSirad

xvdebiT cxovrebaSi. magaliTad, sportSi — Tu natyorcni jarimebis ramdeni pro-

centi Caagdo kalaTburTelma mizanSi. miRebul monacemebze dayrdnobiT Cven Seg-

viZlia vTqvaT, Tu ramdenad kargad isvris sajarimo tyorcnebs esa Tu is kalaT-

burTeli. magaliTad, Cagdebuli sajarimo tyorcnebis 80% da meti SeiZleba CaiT-

valos karg Sedegad, xolo Cagdebuli sajarimo tyorcnebis 65% da naklebi —

aradamakmayofilebel Sedegad.

koeficientebis gamoTvla did sirTules ar warmoadgens. miuxedavad maTi ga-

moTvlis elementarulobisa, koeficientebi Cven gvaZleven sakmao informacias ada-

mianTa SesaZleblobebis SedarebiTi efeqturobis Sesaxeb.

finansuri analizis dros organizaciebi da kerZo pirebi iyeneben sabalanso

angariSgebas, mogeba-zaralis angariSgebas, fuladi saxsrebis moZraobis anga-

riSgebas — TavianTi problemebis da SesaZleblobebis gamosavlenad. imis gaTvalis-

winebiT, Tu buRaltruli aRricxvis romeli meTodia gamoyenebuli finansuri an-

gariSgebebis Sedgenisas, maTi analizisas menejerebi da sxva dainteresebuli pirebi

(aqcionerebi, bankebi, investorebi...) cdiloben Seafason kompaniis moRvaweoba —

rogorc ekonomikis saerTo mdgomareobis, aseve konkurenti kompaniebis fonze

calcalke. amgvari analizis Catarebisas dainteresebul pirTa (momxmarebelTa) um-

ravlesoba ikvlevs im istoriul tendenciebs da ZiriTad maCveneblebs, romelic as-

axavs kompaniis mdgomareobas bazarze.

ekonomikuri da konkurentuli garemos analizi

ekonomikis mdgomareoba mTlianobaSi arsebiT gavlenas axdens rogorc eko-

nomikis calkeul dargebze aseve calkeul kompaniebze. magaliTisaTvis ganvixiloT

sabinao mSenebloba — ekonomikuri dacemis periodSi, rogorc wesi adamianebi axali

binis yidvas ukeTesi droisaTvis gadadeben xolme, aqedan gamomdinare samSeneblo

firmebis gayidvebis moculoba avtomaturad mkveTrad klebulobs. mZime ekonomi-

kurma periodma SeiZleba ganapirobos yvelaze warmatebuli kompaniis dasustebac

ki. wakiTxulidan gamomdinare albaT advilad xvdebiT, rom sawinaaRmdegoc marTe-

bulia — xelsayreli ekonomikuri periodi piriqiT, xels uwyobs SedarebiT CamorCe-

nili (warumatebeli) kompaniebis Semosavlebis zrdas. kompaniis muSaobis xarisxis

Sefasebisas Zalze mniSvnelovania mxedvelobaSi miviRoT msgavsi movlenebi — eko-

nomikuri Zalebi, romlebic ar eqvemdebareba kontrols da gamovikvlioT Tu rogor

reagirebs maTze kompania konkurentebTan SedarebiT. magaliTad, ekonomikuri dace-

64

mis periodSi gayidvebis moculobis zrda SeiZleba Seferxdes romelime dargis

yvela kompaniaSi. aseT pirobebSi — rodesac gamZafrebulia konkurentuli brZola

gadarCenisaTvis, kompania romelic mainc SeZlebs SeinarCunos mogebis maRali done

SeiZleba CaiTvalos warmatebulad.

sxvadasxava midgoma buRalteruli aRricxvisadmi

daimaxsovreT! rodesac aTvalierebT kompaniis sxvadasxva safinanso angariS-

gebas, unda gaiTvaliswinoT, Tu sazogadod daSvebuli buRalteruli aRricxvis

romeli meTodebi gamoiyena safinanso angariSgebis Semdgenelma.

Tqven yovelTvis unda gainteresebdeT pasuxi ramdenime kiTxvaze:

♦ rodis registrirdeba Semosavali?

♦ cveTis daricxvis romeli meTodi gamoiyeneba?

♦ rogor iangariSeba gayiduli saqonlis Rirebuleba?

♦ gaTvaliswinebulia Tu ara gardauvali danakargebi (saeWvo valebi)?

♦ xom ar xdeba Semosavlebis miReba ZiriTadi saSualebebis gayidvis xarjze?

tendenciis Sefaseba da SedarebiTi analizi

kompaniis yvela finansuri operaciis ganzogadebis garda finansuri (buRal-

truli) angariSgebebi uzrunvelyofen dainteresebul pirebs im informaciiT, ro-

melic SeiZleba iqnes gamoyenebuli kompaniis dRevandeli mdgomareobis da samo-

mavlo perspeqtivebis ZiriTadi faqtorebis (maCveneblebis) analizisaTvis. wesi-

samebr safinanso angariSgebebis informaciis analizi xdeba rogorc tendenciis

aseve Sedarebis (fardobis) TvalsazrisiT.

tendenciis analizi (Trend Analysis)

tendenciis analizi — es aris kompaniis sxvadasxva wlebis erTi da igive finan-

suri maCveneblebis erTmaneTTan Sedareba, raTa saSualeba mogveces davakvirdeT

wlidan wlamde kompaniis ganviTarebis tendencias. tendenciis analizis saSualebiT

Cven SegviZlia gavigoT ara marto is, Tu ra cvlilebebi ganicada drois ganmavlo-

baSi kompaniis ZiriTadma maxasiaTeblebma, aramed Cven SegviZlia sxvadasxva kompa-

niebis erTi da igive maCveneblebis erTmaneTTan Sedareba da saerTod mTlianobaSi —

ekonomikis mdgomareobaze saTanado daskvnis gakeTeba.

rogorc wesi kompaniebi Tavis wliur safinanso angariSgebebs Tan urTaven

bolo sami an xuTi wlis informacias ZiriTadi maCveneblebis Sesaxeb, rac saSualebas

iZleva CavataroT tendenciis analizi. xolo gansakuTrebiT mniSvnelovani —

`strategiuli~ maCveneblebi, rogoricaa — Semosavali, mogeba, Semosavali aqciaze,

dividendi aqciaze da sxva mocemulia grafikebis da cxrilebis saxiT.

gaxsovdeT! rodesac atarebT tendenciis analizs, dasviT kiTxva, dainteres-

diT:

65

♦ monacemebis cvlileba xom ar gamoiwvia valutis gaufasurebam, qveyanaSi infli-

aciurma procesebma?

Tu qveyanaSi infliaciis maRali tempebia, rac Zireulad cvlis sxvadasxva pa-

rametris moculobas, saerTaSoriso standartebis mixedviT saWiroa Sesabamisi sa-

finanso angariSgebebze miTiTebuli iyos infliaciis koeficienti (maCvenebeli).

SedarebiTi analizi (Ratio Analysis)

SedarebiTi analizi — es aris kompaniis erTi da imave wlis ori sxvadasxva fi-

nansuri maCveneblis erTmaneTTan Sefardeba, romelic gamoixateba procentuli wi-

lis an koefcientis saSualebiT. magaliTad, gayidvebis moculoba SeiZleba

SevadaroT aqtivebis anda mogebis moculobas da a.S. aseTi SedarebebiT miRebuli

monacemebi SeiZleba SevadaroT kompaniis wina wlebis analogiur maCveneblebs, anda

konkurentebis maCveneblebs e.i. CavataroT tendenciis analizi.

rogorc tendenciis analizi, SedarebiTi analizic aCvenebs Tu rogor vi-

Tardeba CvenTvis saintereso firma dargis analogiur firmebTan SedarebiT. magram

SedarebiTi analizi koncentrirdeba ganviTarebis calkeul — ZiriTad parame-

trebze da ara ganviTarebis yvela maCveneblis droSi cvlilebis Sedarebaze.

daimaxsovreT! kanoni an debuleba, Tu ramdeni unda iyos esa Tu is koefi-

cienti — ar arsebobs. yvela dargi rogorc wesi awesebs Tavis `normatiul~ koefi-

cientebs, romlebic Semdgom gamoiyeneba calkeuli kompaniebis moRvaweobis krite-

riumebad.

qvemoT mogvyavs ZiriTadi koeficientebi, romlebic dajgufebulia oTx qve-

jgufad.

A. rentabelurobis koeficientebi (Profitability Ratios)

erT-erTi xerxi, romelic saSualebas gvaZlevs davinaxoT, Tu ramdenad war-

matebulad axorcielebs kompania Tavis mimdinare operaciebs, aris rentabelurobis

(momgebianobis) koeficientebis gamoTvla.

rentabelurobis koeficientebi — es aris finansuri koeficientebi, romlebic

aCvenebs kompaniis momgebianobis xarisxs. gansakuTrebiT farTod gamoiyeneba ren-

tabelurobis sami koeficienti — mogeba investiciaze, mogeba gayidvebidan, (reali-

zaciidan) da mogeba (Semosavali) aqciaze.

1. mogeba investiciaze (ROI - Return On Investment). meorenairad uwodeben

mogebas kapitalze — aCvenebs damokidebulebas kompaniis mogebasa da sakuTar kapi-

tals Soris, Tu ra mogebas Rebulobs an SeuZlia miiRos kompaniam yovel investire-

bul erTeulze — dolarze, funtze, larze da a.S.

66

Cven am koeficientis da Semdgomi koeficientebis gamoTvlisaTvis gamovi-

yenebT monacemebs, romlebic moyvanilia A firmis sabalanso da mogeba-zaralis an-

gariSgebebSi Sesabamisad 17 gv-ze da 26 gv-ze. davuSvaT, rom monacemebi moyvanilia

dolarebSi.

40.74%106260$

43294$

kapitali sakuTari

mogeba daubegravi ikoeficient mogebis zeinvesticia* == =

sxva sityvebiT rom vTqvaT, 2005 wels A firmis mier yovel investirebul 1$-ze

miRebulma mogebam — begaris gamoklebamde Seadgina 40 centze meti.

34.63%106260$

36800$

kapitali sakuTari

mogeba wminda ikoeficient mogebis zeinvesticia* == =

e.i A firmis mier yovel investirebul 1$-ze miRebulma wminda mogebam Seadgina

34 centze meti.

2. mogeba gayidvebidan (Return on Sales). meorenairad uwodeben sufTa moge-

bis normas — aCvenebs damokidebulebas kompaniis mogebasa da gayidvebis (reali-

zaciis) sufTa moculobas Soris, Tu ra mogebas Rebulobs an SeuZlia miiRos kom-

paniam erTeul gayidvaze.

9.13%474014$

43294$

moculoba sufTa gayidvebis

mogeba daubegravi

ikoeficient mogebis miRebuli angayidvebid *

==

=

e.i A firmis mier 2005 wels gayidvebidan miRebul yovel 1$-ze modis 9 centze

meti mogeba (begaris gamoklebamde).

7.76%474014$

36800$

moculoba sufTa gayidvebis

mogeba wminda

ikoeficient mogebis miRebuli angayidvebid *

==

=

e.i A firmis mier 2005 wels gayidvebidan miRebul 1$-ze wminda mogebam Seadgina

7 centze meti.

3. mogeba aqciaze (Earning Per Share). aCvenebs damokidebulebas kompaniis

mogebasa da gamoSvebuli aqciebis raodenobas Soris, Tu ramdens Seadgens mogeba

(Semosavali) erT aqciaze gaangariSebiT.

3.68%cali 10000

36800$

raodenoba aqciebis igamoSvebul

mogeba wminda

ikoeficient mogebis aqciaze *

==

=

e.i. A firmis mier 2005 wels miRebuli mogeba mTlianad rom ganawilebuliyo

aqcionerebs Soris, yoveli aqcioneri TiTo aqciaze miiRebda dividendis saxiT 3.68

dolars.

P.S. ori sxvadasxva kompaniis aqciaze mogebis koeficientis maCveneblebis

erTmaneTTan Sedareba Znelia, radganac maTi sidide damokidebulia rogorc wminda

67

mogebaze, aseve gamoSvebuli aqciebis raodenobaze. amitom SedarebisTvis yvelaze

kargi, miRebuli gzaa — orive kompaniis ukanaskneli wlebis, sul cota 5 wlis mainc,

manZilze aqciaze mogebis (Semosavlis) koeficientebis cvlilebis tendenciis erT-

maneTTan Sedareba. magaliTad, Tu A kompaniaSi erT aqciaze gaangariSebiT mogebis

zrdis wliuri tempi Seadgens 10%-s, xolo B kompaniaSi mxolod 6%-s, Tqven

SegiZliaT daaskvnaT, rom A kompaniaSi mogeba izrdeba ufro swrafad, vidre B kom-

paniaSi. im SemTxvevaSic ki Tu B kompaniaSi erT aqciaze gaangariSebiT mogebis abso-

luturi maCvenebeli aRemateba analogiur maCveneblebs A kompaniaSi.

B. likvidurobis koeficientebi (Liquidity Ratios)

es aris koeficientebi romlebic aCveneben, Tu ramdenad swrafad ZaluZs kom-

panias dafaros Tavisi moklevadiani valdebulebebi likviduri aqtivebis saSuale-

biT. likvidurobis Sefasebis safuZvlad SeiZleba iqnes gamoyenebuli iseTi maCvene-

blebi, rogoricaa sabrunavi kapitalis sidide, sabrunavi kapitalis koeficienti da

likvidurobis norma.

1. sabrunavi kapitali (Working Capital)

* sabrunavi kapitalis sidide = likviduri aqtivebi — moklevadiani valde-

bulebebi = 84925$ – 52675$ = 32250 $

sabrunavi kapitalis sidide imitom warmoadgens likvidurobis indikators,

rom is asaxavs im likviduri aqtivebis sidides (Rirebulebas) romelic rCeba kom-

paniis gankargulebaSi mis mier yvela moklevadiani valdebulebis dafarvis (gas-

tumrebis) Semdeg.

gaxsovdeT! yovelTvis unda miaqcioT yuradReba erT garemoebas. kerZod imas,

rom sabrunavi kapitalis RirebulebiTma moculobam romelic gamoxatulia fulad

erTeulebSi, TavisTavad SeiZleba SegiyvanoT SecdomaSi. es Tanxa SeiZleba Sei-

cavdes iseT sasaqonlo-materialuri maragebis Rirebulebas, romlebisTvisac

damaxasiaTebelia fulad gadaqcevis neli dinamika, ramac TavisTavad SeiZleba ga-

napirobos is garemoeba, rom saWiroebis SemTxvevaSi kompania ver gamoiyenebs aR-

niSnul sasaqonlo-materialur maragebs uSualod moklevadiani valebis dasafarad.

2. sabrunavi kapitalis koeficienti (Current Ratio) – aCvenebs damokide-

bulebas likviduri aqtivebis jamsa da moklevadiani valdebulebebis jams Soris,

Tu yovel erTeul moklevadian valze kompanias ramdeni erTeuli likviduri aq-

tivebi gaaCnia.

an meorenairad rom vTqvaT, — Tavisi moklevediani valdebulebebis dasafarad

kompanias likviduri aqtivebis ra fasad gayidva mouwevs mis (likviduri aqtivebis)

sabalanso RirebulebasTan mimarTebaSi.

1.6152675$

84925$=

ebivaldebuleb nimoklevadia

aqtivebi likviduri

ikoeficient kapitalis sabrunavi *

==

=

68

e.i. A firmas yoveli 1$-ze moklevadiani valdebulebebis dasafaravad gaaCnia

1.61 $ sabrunavi kapitali.

ramdenad saimedoa aseTi (1.61) koeficienti?

am kiTxvaze rom gascen pasuxi, analitikosebi adareben sabrunavi kapitalis

konkretul koeficients am tipis biznesSi arsebul saSualo koeficients. saerTod

rac ufro maRalia sabrunavi kapitalis koeficienti iTvleba, rom firmas ufro ad-

vilad SeuZlia dafaros Tavisi mimdinare valdebulebebi.

ganvixiloT meore midgoma. magaliTad Cvens SemTxvevaSi radesac A firmis sa-

brunavi kapitalis koeficienti Seadgens 1.61 mas SeuZlia Tavisi likviduri aq-

tivebis likvidacia moaxdinos (gayidos) sabalanso Rirebulebis mxolod 62%-Si. da

mainc SeZlos mimdinare valdebulebebis dafarva (gastumreba).

likviduri aqtivebi — 84925 $

moklevadiani valdebulebebi — 52675 $

likviduri aqtivebi — 100%

moklevadiani valdebulebebi — X

aqtivebi likviduri

100 X ebivaldebuleb nimoklevadia X =

%6284925$

100 X 52675 X ==

e.i. X-iT vigebT moklevadiani valdebulebebi likviduri aqtivebis ramden

procents Seadgens. magaliTad, Tu firmaSi sabrunavi kapitalis koeficienti gaiz-

rdeba 2.0-mde, maSin Sesabamisad firmas SeuZlia moaxdinos likviduri aqtivebis

likvidacia Rirebulebis 50%-Si da mainc dafaros moklevadiani valdebulebebi.

rogorc wesi, kompania, romlis sabrunavi kapitalis koeficienti aRwevs sul

mcire 2.0-s iTvleba moklevadiani dakreditebisaTvis (kreditis gamosayofad) usa-

frTxo obieqtad. xolo Tu kompaniis analogiuri koeficienti 1.5-ze naklebia, maSin

mis mier moklevadiani valdebulebebis dafarva droSi — vadebSi SeiZleba sakmaod

gaiwelos. xolo TviTon kompania dgeba safrTxis winaSe darCes reinvestirebisaTvis

saWiro Tanxebis gareSe.

3. likvidurobis norma (Quick Ratio). meorenairad uwodeben `kritikuli~

Sefasebis koeficients — aCvenebs damokidebulebas likvidur aqtivebs romelsac

gamoklebuli aqvs sasaqonlo-materialuri maragebis Rirebuleba (an sxvanairad

fulis, fasiani qaRaldebis, savaWro moTxovnebis da saTamasuqo moTxovnebis jamsa)

da moklevadian valdebulebebis jams Soris.

ramdenad sandoa kompania moklevadian valdebulebebis gastumrebis Tval-

sazrisiT SeiZleba gavigoT likvidurobis normis koeficientis saSualebiT, ro-

melic analitikosebis mier ufro saimedo koeficientad iTvleba, vidre sabrunavi

kapitalis koeficienti. erTi SexedviT, TiTqos am or koeficients Soris didi

gansxvaveba ar aris da azrobrivad erTi da igivea.

69

maSin ram ganapiroba likvidurobis normis koeficientis ufro saimedooba? —

saqme imaSia, rom am koeficientis gamoTvlisas likviduri aqtivebis RirebulebaSi

ar viTvaliswinebT sasaqonlo-materialuri maragebis Rirebulebas. xolo, rogorc

viciT, sasaqonlo-materialuri maragebi sxva likvidur aqtivebTan SedarebiT ufro

dabali likvidurobis dinamikiT gamoirCeva. e.i. likvidurobis normis koeficientSi

Cven viTvaliswinebT — veyrdnobiT ufro `saimedo~ likvidur aqtivebs: fuls, fasian

qaRaldebs, savaWro moTxovnebs da saTamasuqo moTxovnebs.

* likvidurobis normis koeficienti =

= =+++

ebivaldebuleb nimoklevadia

moTxovnebi saTamasuqo moTxovnebi savaWro qaRaldebi fasiani fuli

1.2952675$

67840$

52675$

21500$19350$4200$22790$==

+++=

e.i. im SemTxvevaSic ki, Tu kompanias Seeqmneba problemebi sasaqonlo-mate-

rialuri maragebis gasaRebasTan (fulad gadaqcevasTan) dakavSirebiT, kompanias

mainc rCeba 1.29$-is Rirebulebis likviduri aqtivebi yoveli 1$ moklevadiani val-

debulebebis dasafarad.

iTvleba, rom im SemTxvevaSic ki, Tu kompaniis likvidurobis normis koefi-

cienti 1.0-is tolia — misaRebi maCvenebelia. e.i. Cveni kompania (1.29 — maCvenebliT)

imyofeba karg mdgomareobaSi.

C. aqtiurobis koeficientebi (Activity Ratios)

es aris finansuri koeficientebi, romlebic asaxaven kompaniis komerciuli

moRvaweobis moculobas, da gamoiyeneba kompaniis aqtivebis menejmentis efeq-

turobis analizisaTvis.

gamoyenebis TvalsazrisiT yvelaze ufro gavrcelebuli aqtiurobis koefi-

cientia — sasaqonlo maragebis brunvis (mimoqcevis) koeficienti (Inventory Turnover

Ratio). mas meorenairad uwodeben saqonelbrunvis koeficients — aCvenebs damokide-

bulebas drois garkveul periodSi realizebuli saqonlis TviTRirebulebasa da

amave periodSi kompaniaSi arsebuli sasaqonlo-materialuri maragebis Rirebulebas

Soris, Tu saangariSo periodSi ramdenjer da drois ra monakveTSi xdeba kompaniis

mier Tavisi sasaqonlo-materialuri maragebis daxarjva e.i. fulad gadaqceva.

16.4711579$

190755$

2:12685$)(10473$

190755$

=2:bolos) wlis Rirebuleba maragebis imaterialur-sasaqonlo+

dasawyisSi wlis Rirebuleba maragebis imaterialur-(sasaqonlo

lebaTviTRirebu saqonlis irealizebul

ikoeficient nvissaqonelbru *

==+

=

+=

=

e.i. A firmaSi arsebuli sasaqonlo maragebi saSualod aRwevs sawyobidan — gay-

idvamde (brunavs) weliwadSi16.47 —jer, an rac igivea 22 dReSi erTxel.

70

dRe 22=16.47

dRe 365

ikoeficient nvissaqonelbru

raodenoba dReebis weliwadis * =

daimaxsovreT! Tu sasaqonlo-materialuri maragebis Rirebuleba wlis gan-

mavlobaSi sxvadasxva mizezebis gamo mkveTrad meryeobs, maSin aucilebelia sa-

saqonlo-materialuri maragebis Sefaseba moxdes yoveli Tvis bolosaTvis.

e.i. (smm wlis dasawyisSi + smm ianvris bolos + smm Tebervlis bolos + . . . + smm

dekembris bolos (wlis bolos)) : 13

P.S. unda gaviTvaliswinoT, rom kompania SeiZleba saqonels yiddes kreditSi.

aqedan gamomdinare saqonelbrunvis koeficienti SeiZleba aCvenebdes (Seicavdes)

rogorc realizaciis Sedegad ukve Semosul Tanxebs, aseve kompaniis mimarT debi-

torul davalianebebs. e.i. im sasaqonlo maragebis Rirebulebas, romelic gayidulia

kreditSi, magram misi Rirebuleba ar aris gadaxdili. e.i. romelTa fasi asaxulia

savaWro moTxovnebSi, magram jer ar momxdara kompaniisTvis misi gadaxda.

es informacia debitoruli davalianebis brunvadobis (moTxovnebis Segrove-

bis) koeficientTan erTad TvalnaTliv aCvenebs kompaniaSi fuladi saxsrebis moZ-

raobis (likvidurobis) xarisxs da aqedan gamomdinare am aqtivebis marTvis (menej-

mentis) efeqturobas.

miRebulia zogadi wesi — rac ufro maRalia saqonelbrunvis koeficienti, e.i.

rac ufro swrafad gadaiqceva saqoneli fulad, miT ufro kargia.

magram, unda gaiTvaliswinoT, rom amis Tqmac ar SeiZleba calsaxad, radganac

am dros mTavar faqtorad mainc rCeba is, Tu ras udris analogiuri koeficientis

saSualo maCvenebeli Sesabamis dargSi.

vinaidan, Tu kompaniis koeficienti saSualo dargobrivze dabalia es imas

mianiSnebs, rom kompaniis sawyobebSi inaxeba moZvelebuli saqoneli, romelzec mo-

Txovna dabalia. anda sasaqonlo maragebis Sesyidvis dagegmva (radganac sawyobSi sa-

saqonlo maragebi saWiroze bevri grovdeba) saWiroebs reorganizebas — gadaxedvas.

xolo, Tu kompaniis saqonelbrunvis koeficienti saSualo dargobrivze maRalia, es

SeiZleba miuTiTebdes ara marto warmatebul menejmentze, aramed imazec, rom

sawyobSi ara sakmarisi sasaqonlo maragebia (misi deficitia) da bazarze potenciuri

gayidvebis saSualeba ikargeba — sawyobSi Sesyidvebis arasworad dagegmvis gamo.

D. davalianebis koeficientebi (Debt Ratios)

meorenairad uwodeben `dafarvis koeficientebs~ — es aris finansuri koefi-

cientebi romlebic aCveneben kompaniis davalianebis simZimis xarisxs, da gvaZlevs

saSualebas gavaanalizoT, Tu ramdenad ZaluZs kompanias Tavisi valebis dafarva.

1. davalianebis damokidebuleba sakuTari kapitalisadmi (Debt – to-

Equity Ratio) – aCvenebs damokidebulebas valdebulebebis saerTo jamsa da sakuTar

kapitals Soris, Tu ra masStabebiT finansirdeba kompania valis xarjze da ramdenad

— investirebuli (sakuTari) kapitalis xarjze.

* sakuTari kapitalis mimarT davalianebis damokidebulebis koeficienti =

71

1.0106260$

106425$=

kapitali sakuTari

jami saerTo ebisvaldebuleb==

e.i. kompanias yovel 1$ valze gaaCnia 1$ sakuTari kapitali. Tu davalianebis

damokidebuleba sakuTari kapitalis mimarT 1.0-s aWarbebs, es imis mimaniSnebelia,

rom valebi aWarbebs sakuTar kapitals, rac TavisTavad niSnavs, rom kompania sak-

maod damZimebulia valebiT. kompaniis dakreditebis TvalsazrisiT, rac ufro da-

balia xsenebuli koeficienti, miT ufro maRalia kompaniis saimedoobis xarisxi

valebis aRebis TvalsazrisiT.

unda gaxsovdeT! rom aucilebelia kompaniis zemoTxsenebuli koeficientis

saSualo dargobrivTan Sedareba da rac mTavaria — koeficientis dabali maCvene-

beli yovelTvis ar miuTiTebs swor menejmentze. kerZod dabali maCvenebeli

SeiZleba ganpirobebuli iyos kompaniis ganviTarebis neli tempebiT.

2. davalianebis damokidebuleba aqtivebis saerTo Rirebulebisadmi

(Debt – to-Total-Assets Ratio) — aCvenebs damokidebulebas valdebulebebis saerTo

jamsa da aqtivebis saerTo Rirebulebas Soris, Tu ramdenad ZaluZs kompanias

dafaros Tavisi valdebulebebi.

aqtivebis saerTo Rirebulebis mimarT davalianebis damokidebulebis

koeficienti 0.50212685$

106425$=

Rirebuleba saerTo aqtivebis

jami saerTo ebis valdebuleb==

e.i. kompanias yovel 1 $ aqtivze gaaCnia mxolod 50centi vali (aqtivebis Rire-

bulebaSi 1 $-Si 50 centi valia)

P.S. empiriuli SefasebiT, valdebulebebis jami ar unda aRematebodes aqtive-

bis saerTo Rirebulebis 50%-s.

Cvens mier zemoT ganxiluli koeficientebis garda, SedarebiT dawvrilebiT,

SevCerdebiT kidev or koeficientze.

kompaniisTvis umniSvnelovanesi maCvenebelia, Tu ra droSi — ramden dReSi

xdeba mis mier debitoruli (savaWro moTxovnebis da Tamasuqi miRebisaTvis) Tanxe-

bis amoReba da piriqiT kreditoruli (savaWro valdebulebebis da Tamasuqi gad-

axdisaTvis) Tanxebis ganaRdeba-gadaxda.

1. moTxovnebis (debitorebis, Tamasuqebis) Segrovebis (amoRebis) sa-

Sualo vadis — (dReebis) maCveneblis koeficienti (Days Receivables Outstan-

ding), romelsac meorenairad uwodeben debitoruli davalianebis brunvadobis koe-

ficients.

savaWro moTxovnebis Segrovebis saSualo vadis maCveneblis koeficienti rom

gamoviangariSoT, pirvel rigSi saWiroa firmis mier kreditSi ganxorcielebuli

gayidvebis saerTo jami gavyoT weliwadis 365 dReze, raTa gavigoT dReSi kreditSi

ganxorcielebuli gayidvebis saSualo maCvenebeli.

72

I etapi

* kreditSi ganxorcielebuli gayidvebis saSualo maCvenebeli dReSi =

365

weliwadSi imaCvenebel gayidvebis ebuliganxorciel kreditSi=

meore etapze firmis angariSze arsebuli debitoruli davalianebebis da Tama-

suqi miRebisaTvis jami unda gavyoT kreditSi ganxorcielebuli gayidvebis saSualo

maCvenebelze dReSi (I etapis Sedegi), raTa miviRoT savaWro moTxovnebis amoRebis

saSualo vadis maCvenebeli — dReebSi.

II etapi

* savaWro moTxovnebis amoRebis saSualo maCvenebeli (dReebSi) =

(dReSi) imaCvenebel saSualo gayidvebis ebuliganxorciel kreditSi

*)moTxovnebi saTamasuqoadavalianeb i(debitorul +=

* firmis angariSze darCenili, wlis bolos.

magaliTad, weliwadSi firma kreditSi mTlianad yidis 365 000 $-is saqonels.

e.i.

* kreditSi ganxorcielebuli gayidvebis saSualo maCvenebeli (dReSi) =

= 365000 $ / 365 dRe = 1000 $,

xolo wlis bolos darCenili debitoruli davalianebis da Tamasuqi miRebisT-

vis jami Seadgens 60 000 $-s.

e.i.

* savaWro moTxovnebis amoRebis saSualo maCvenebeli (dReebSi) =

= 60000 $ / 1000 $ = 60

e.i kompania Tavisi valebis amoRebas (debitoruli davalianebis fulad gadaqcevas)

saSualod andomebs 60 dRes.

2. sapirispirod gamoiangariSeba kompaniis mier davalianebis (kre-

ditoruli, Tamasuqebis) gadaxdis (ganaRdebis) saSualo vadis (dReebis)

maCveneblis koeficienti.

I etapi

* kreditSi ganxorcielebuli Sesyidvebis saSualo maCvenebeli (dReSi) =

365

weliwadSi imaCvenebel sSesyidvebi ebuli ganxorciel kreditSi=

73

II etapi

* savaWro valdebulebebis ganaRdebis saSualo maCvenebeli (dReebSi) =

dReSi imaCvenebel saSualo Sesyidvis ebuliganxorciel kreditSi

ebivaldebuleb saTamasuqoadavalianeb ikreditorul +=

magaliTad Tu kompaniis mier debitoruli Tanxebis amoReba xdeba 60 dReSi,

xolo TviTon kompania kreditorul davalianebas anaRdebs 10 dReSi, adre Tu gvian

mas aucileblad Seeqmneba fulis (likvidurobis) problema.

ra xerxi arsebobs rom davaCqaroT debitoruli davalianebebis ganaRdeba

(amoReba)?

yvelaze ufro gavrcelebuli formaa, rodesac kompaniebi iyeneben sxvadasxva

sakredito pirobebs. magaliTad, `2/10 neto 30”, rac TavisTavad niSnavs, rom Tu my-

idveli Tavis valdebulebas gaanaRdebs 10 dReSi, gaTvaliswinebuli 30 dRis

magivrad, masze gavrceldeba SeRavaTi — mTliani Rirebulebis 2%. xolo Tu gamyid-

veli analogiur SeRavaTs ar SesTavazebs myidvels, maSin mTliani Tanxa myidvelis

mier unda iqnes dafaruli 30 dReSi.

Tu kompania, romelic kreditSi Sesyidvebs axorcielebs, sistematurad isar-

geblebs analogiuri SeRavaTiT mTeli wlis manZilze, mas SeuZlia dazogos gadasax-

deli Tanxa, romelic udris wliur saprocento ganakveTs 36%.

I etapi

vada ganaRdebis kreditis baxangrZlivo kreditis

raodenoba dReebis weliwadisbaxangrZlivo kreditis

−

+∗ =

= ganxorcielebuli garigebebis raodenoba

Cvens SemTxvevaSi, 181030

36030=

−

+.

II etapi

* 18 X 2% = 36%.

sadac, 18 — ganxorcielebuli garigebebis raodenobaa;

2% — winaswar dagegmili SeRavaTi;

36% — wliuri saprocento ganakveTi.

an, igive gamoTvla SeiZleba Semdegnairad vawarmooT:

weliwadSi dReebis raodenoba (360 an 365)* / (invoice period – Discount period) ×

× Discount % / (100% – Discount %). Cvens magaliTSi:

360 / (30 — 10) × 0,02 / (1,00 — 0,02) = 18 × 0,02 = 0,36 (36%).

* weliwadSi dReebis raodenobas CavTvliT 360 Tu 365 dRes, damokidebulia imaze, Tu qvey-

anaSi dasaricxi procentebis angariSisas romel meTods (sabanko wels — inglisurs, ger-

manuls Tu franguls) iyeneben.

74

bolos, daskvnis saxiT davZenT, rom finansuri angariSgebis analizi SeiZleba

gamoyenebul iqnas rogorc firmis menejmentis, aseve gareSe investorebis, bankebis

da saxelmwifo moxeleebis mier:

1. firmis menejerebs SeuZliaT Seafason firmis axlandeli mdgomareoba anu war-

matebulad muSaobs Tu ara firma, Seafason momgebianoba, riskis done, Zlieri da

susti mxareebi, moaxdinon momavali mogeba/zaralis winaswarmetyveleba da

saWiro moqmedebebis dagegmva.

2. bankebs SeuZliaT Seafason klienti firmis kreditunarianoba (anu SeZlebs Tu

ara firma nasesxebi fuladi saxsrebis dabrunebas), rodesac isini apireben fir-

misaTvis kreditis gamoyofas an arsebuli kreditis gagrZelebas.

3. gareSe investorebs SeuZliaT Seafason firmis mdgomareoba da momavali momge-

bianoba, rodesac isini apireben firmis fasiani qaRaldebis yidvas an gayidvas.

4. SeiZleba Semowmdes konkurentis, klientis an momwodeblis mdgomareoba

5. SeiZleba ganisazRvros firmis Rirebuleba a) axlad gamoSvebuli aqciebis fasis

dasadgenad, b) rodesac firma yidulobs sxva firmas an Tavad aris Sesyidvis kan-

didati, g) rodesac firma emzadeba bankrotobis an aqtivebis likvidaciisTvis.

75

Cvens mier naxsenebi koeficientebis da zogierTi sxva koeficientebis, rom-

lebzedac dawvrilebiT ar SevCerebulvarT, CamonaTvali mocemulia kompaniis fi-

nansuri saqmianobis (moRvaweobis) maCveneblebis cxrilis saxiT.

koeficientis dasaxeleba formula

1. mogeba investiciaze (ROI) (%) mogeba (daubegravi, wminda) / sakuTari kapi-

tali X 100

2. mogeba gayidvebidan(%) mogeba (daubegravi, wminda) / gayidvebis sufTa

moculoba X 100

3. mogeba aqciaze wminda mogeba / gamoSvebuli aqciebis

raodenoba

4. sabrunavi kapitalis sidide likviduri aqtivebi — moklevadiani valde-

bulebebi

5. sabrunavi kapitalis

koeficienti

likviduri aqtivebi / moklevadiani valde-

bulebebi

6. likvidurobis norma likviduri aqtivebi-sasaqonlo maragebi /


7. saqonelbrunvis koeficienti

bolos wlis dasawyisSi wlis

2 : smm) (smm

lebaTviTRirebu saqonlis irealizebul

+

8. saqonelbrunva (dReebi) 365 / saqonelbrunvis koeficienti

9. davalianebis damokidebule-

ba aqtivebis saerTo Rirebule-

bisadmi

valdebulebebis saerTo jami / aqtivebis

saerTo Rirebuleba

10. davalianebis damokidebu-

leba sakuTari kapitalisadmi

valdebulebebis saerTo jami / sakuTari kapi-

tali

11. moTxovnebis amoRebis

koeficienti (dReebi)

moTxovnebi (debitoruli) / wlis manZilze

kreditSi gayidvebi : 365

12. valdebulebebis ganaR-

debis koeficienti (dReebi)

valdebulebebi (kreditoruli) / wlis man-

Zilze kreditSi Sesyidvebi : 365

13. ZiriTadi saSualebebis mi-

moqceva (Fixed Assets Turnover) gayidvebis sufTa moculoba / ZiriTadi saSu-

alebebi

14. jamuri aqtivebis mimoqceva

(Total Assets Turnover) gayidvebis sufTa moculoba / aqtivebis

saerTo Rirebuleba

15. ukugeba aqtivebze (ROA) (%) (Return On Assets)

mogeba (daubegravi, wminda) / aqtivebis saerTo

Rirebuleba X 100

16. `fasi-mogeba~

(Price-earning ratio) erTi aqciis sabazro fasi / mogeba erT aqciaze

17. `sabazro-sabalanso~

(Market to book ratio) sabazro Rirebuleba / sabalanso Rirebuleba

18. gayidvebis zrda (%) gayidvebis namati / wminda gayidvebi X 100

19. mogebis zrda (%) mogebis (daubegravi; wminda) namati / wina

mogeba (daubegravi; wminda) X 100

20. aqtivebis Rirebulebis

zrda (%)

aqtivebis Rirebulebis namati / wina aqtivebi X

100

21. mudmivi (fiqsirebuli)

xarjebis wili (%) mudmivi xarjebi / saerTo xarjebi X 100

22. cvladi xarjebis wili (%) cvladi xarjebi / saerTo xarjebi X100

76

sakontrolo kiTxvebi da davalebebi:

1. daaxasiaTeT aRricxvis procesis struqtura da CamoTvaleT adamianTa is

jgufebi, romlebic dainteresebulni arian safinanso informaciaSi.

2. CamoTvaleT gansxvaveba finansursa da mmarTvelobiT aRricxvas Soris.

3. aRwereT ormagi Caweris procesi buRaltrul aRricxvaSi.

4. ra aris sabalanso angariSgeba? romeli punqtebisagan Sedgeba igi? romeli

piroba unda iqnes daculi misi Sedgenisas?

5. ra aris firmis aqtivebi, valdebulebebi da sakuTari kapitali? moaxdineT

maTi klasifikacia.

6. ra aris mogeba-zaralis angariSgeba da ra mizans emsaxureba misi Sedgena?

7. daaxasiaTeT mogeba-zaralis angariSgebis Sedgenisas gamoyenebuli for-

mulis calkeuli elementebi.

8. ra aris aqtivis narCeni sarealizacio Rirebuleba?

9. daaxasiaTeT amortizaciis wrfivi meTodi.

10. ra aris fuladi saxsrebis moZraobis angariSgeba?

11. ris saSualebas gvaZlevs fuladi saxsrebis moZraobis angariSgebis anal-

izi?

77

Documents

gverdebi 57-69