giorgi kuWuxiZe

finansebi
arafinansisti
top-menejerebisTvis

Tbilisi
2021
evropis biznes skola

seria
biznesis marTva praqtikaSi #topmenejmenti

redaqtori
neli elizbaraSvili

damkabadonebeli
viola tuRuSi

garekanis dizaineri
Teona WaniSvili

ISBN 978-9941-482-59-5????
© giorgi kuWuxiZe, 2021
winasityvaoba
visTvis aris gankuTvnili es wigni? 5
biznesis finansuri anatomia 8
xarjebis diferenciacia 11
faswarmoqmna 18
marJa da fasnamati 18
nulovani mogebis analizi 24
ramdeni unda vivaWroT, rom ar vizaraloT? 24
mogeba-zaralis angariSgeba 32
fuladi saxsrebis moZraobis angariSgeba 37
aqtivebisa da valdebulebebis uwyisi 40
balansi 40
finansuri koeficientebi: ROI,ROE,ROA,IRR. 45
fulis fasi droSi – NPV, IRR/ROI 56
ukugeba investiciebze da Sida ukugebis
koeficienti 56
maragebis kontroli da optimaluri naSTi 68
gayidvebisa da bazris monacemebis analizi 72
Sedegebis analizi 75
komerciuli akupunqtura. 78
strategiuli analizi 80
centraluri problemebi & SesaZleblobebi 80
reziume 85
savarjiSoebi codnis gamyarebisTvis 86
 |5

winasityvaoba

visTvis aris gankuTvnili es wigni?

mkiTxvelo! moxaruli var, rom am wigniT dainteresdi.

es ki niSnavs imas, rom Tqven mudmivad cdilobT saku­
Tari profesiuli unarebis ganviTarebas.
wigni gankuTvnilia yvela menejerisaTvis, romel­
Tac surT, gaiRrmavon codna finansuri marTvis Tval­
sazrisiT. yoveldRiur menejerul saqmianobaSi gamo­
gadgebaT qvemoT moyvanili kompetenciebi,romlebic
eyrdnoba Tanamedrove saerTaSoriso standartebs.misi
codna aucilebelia yvelasaTvis, visac aqvs komerciu­
li saqmianoba, iqneba is gayidvebis menejeri, marketin­
gis menejeri, brendmenejeri, komerciuli direqtori,
damwyebi buRalteri an finansisti, biznesis mflobe­
li Tu aRmasrulebeli direqtori. aRniSnuli wigni
yoveldRiuri praqtikuli gamoyenebisTvis saWiro da
aucilebeli iqneba manamde, vidre ar ganiviTarebT
kompetencias aRniSul dargSi.
finansuri marTvis unari uaRresad saWiro da mni­
Snvelovania Tanamedrove menejerisaTvis. Tuki Tqven
kargad flobT aRniSnul kompetenciebs, merwmuneT,
erTi-aTad gaizrdeba Tqveni konkurentunarianoba ba­
zarze. ara aqvs mniSvneloba imas, daqiravebuli muSaxe­
li xarT Tu Tavad damsaqmebeli.
6 | finansebi arafinansisti topmenejerebisTvis

biznesSi yvelaferi--warmateba Tu marcxi-- gani­

sazRvreba cifrebiT da yvela warmatebuli bizne­
sorganizacia mas iyenebs, radgan mxolod cifrebi
gveubneba simarTles kompaniaSi realurad mimdinare
sakiTxebze. es saqmianoba Tavisi arsidan gamoricxavs
ubralod monayols,sityvierad gadmocemuls, romelic
yovelTvis SeiZleba subieqtur Sefasebebs eyrdnobo­
des. martivad rom vTqvaT, Tu gnebavT, Tqveni organi­
zacia iyos finansurad warmatebuli, maSin unda gaerk­
veT cifrebSi da unda SeZloT maTi „wakiTxva“.
SesaZloa, Tqven im adamianTa ricxvs miekuTvnebiT,
romlebic amboben:“ cifrebi da finansebi Cemi saqme
ar aris, amas verasodes viswavli, es finansistebis sa­
qmea“ da sxva... magram Tqven, rogorc mmarTvels an su­
lac damoukidebel mewarmes, cifrebSi kargad garkveva
gWirdebaT, rom kargad gansazRvroT Tqveni biznesis
efeqturoba da Tqveni, rogorc profesionalis, nebis­
mieri gadawyvetileba iyos Sedegze orientirebuli.
am wignis mizani is ki ar aris, rom finansistad Ca­
moyalibdeT, aramed is, rom Tqven, rogorc menejer­
ma, SeZloT komerciuli monacemebis wakiTxva, analizi,
diagnostika da efeqturi gadawyvetilebebis miReba
yoveldRiur praqtikaSi.
xSirad adamianebi Tavad vuwesebT limits sakuTar
SesaZleblobebs da ar gvsurs aRiareba imisa, rom, Tu
yoveldRiurad vimuSavebT sakuTar Tavze da gveqne­
ba maRali motivacia, SevZlebT nebismieri kompeten­
ciis ganviTarebas, iqneba es finansuri marTvis unari
Tu sxva. wignSi moyvanili magaliTebi da sada,martivi
 winasityvaoba | 7

sasaubro ena amaSi namdvilad dagexmarebaT, Tqven ki

mxolod skolis sabaziso ariTmetikis codna gWirde­
baT, raTa daeufloT Tanamedrove praqtikaSi arsebul
finansuri marTvis kompetenciebs _ danarCeni ki Tqve­
ni motivaciisa da damokidebulebis saqmea.
swavla mudmivi procesia da is arasodes araa
SeuZlebeli! axali codnis SeZena da saWiro garkveu­
li unarebis gamomuSaveba ki mxolod maSin sruldeba,
rodesac amas Tavad gadavwyvetT!
am wignis daxmarebiT Tqven iswavliT xarjebis dife­
renciacias, anu rogor unda SeZloT sxvadasxva tipis
xarjebis gansxvaveba da gaigebT aseve, ra aris biznesis
mTavari gamowveva xarjebis mxriv. ra formulebi arse­
bobs fasnamatisa da marJis daricxvis TvalsazrisiT;
rogor gamoiTvleba nulovani mogeba, anu navaWris is
zRvari, romlis Semdgomac iwyebT mogebaze gasvlas;
rogor unda SeadginoT mogeba-zaralis angariSgeba;
ras niSnavs kompaniis balansi, ra sakvanZo finansuri
koeficientebi arsebobs Tqveni komerciuli efeqtu­
robis gansasazRvrad, rogor unda SeZloT gayidvebis
analizi da sxva.
Tu Tqven namdvilad gsurT komerciuli warmatebis
miRweva da finansuri mdgomareobis gaumjobeseba, es
wigni swored TqvenTvisaa!

gisurvebT warmatebebs!
avtori
8|

biznesis finansuri anatomia

cifrebi _ es is simptomebia, romlebic organizaciis

„daavadebas“ an jansaR mdgomareobas gvauwyebs. ro­
gorc eqimi eyrdnoba sisxlis analizs, pulss, orga­
nizmis wnevasa Tu sxva samedicino kvlevis monacemebs,
aseve Cven, mmarTvelebi, veyrdnobiT finansur uwy­
isebs, romlebic organizaciis „janmrTelobasa“ Tu
„daavadebaze“ miuTiTebs.
nebismier biznesSi analogiuri finansuri struq­
tura moqmedebs,e. w. biznesis komerciuli anatomiuri
sxeuli. rac ufro kargad gaverkveviT am e. w. komer­
ciul, finansur anatomiaSi, miT ufro swrafad Se­
vZlebT efeqturi gadawyvetilebebis miRebas nebismie­
ri tipis komerciul saqmianobaSi, rasac yovelTvis win
uswrebs meTodologiuri analizi da diagnostika.
biznesSi sxvadasxva finansuri operacia sxvadasx­
vagvarad SeiZleba aRiricxos. magaliTad, fuladi saxs­
rebis moZraobis angariSgeba gansxvavdeba mogeba-za­
ralis angariSgebisagan, balansis angariSgeba Tavisi
SinaarsiTa da anlitikuri midgomebiTac gansxvavdeba
winamorbedebisagan da sxva. ubralod, imis xazgasma
minda, rom nebismieri biznesis komerciul-finansuri
struqtura erTia, xolo specifika sxvadasxva:
biznesis finansuri anatomia Sedgeba Semdegisagan:
 biznesis finansuri anatomia | 9

• Semosavlebs-xarjebi=amonagebsa da aqtivebs.
praqtikulad, am ramdenime sityviT SeiZleba ga­
movxatoT nebismieri biznesis mTavari komerciuli
miznebi, davxarjoT gayidvebisa da Semosavlebis miRe­
bis mizniT, davfaroT yvela xarji, dagvrCes mogeba,
romelsac mivmarTavT faseuli aqtivebis Sesaqmnelad
da gavimeoroT igive komerciuli cikli:
• Semosavlebs-xarjebi=mogebas da aqtivebs.
sxvadasxva biznessaqmianobaSi SeiZleba gansxvave­
buli finansur-komerciuli komponentebi daematos,
an sulac gamoakldes, iqneba es ubralod ubnis maRa­
zia, sabanko sfero, saqonlis gamanawilebeli kompania,
sadazRvevo sfero, produqciis mwarmoebeli qarxana
Tu sxva. CamonaTvali moicavs im mniSvnelovan finan­
sur-komerciul aspeqtebs, romlebic saqmianobebis
did nawilSi SeiZleba Segxvdes da isini Sesabamis ga­
dawyvetilebebs moiTxovs.
biznesis ZiriTadi komerciul-finansuri faqtore­
bi, romlebic analizsa da gadawyvetilebebs moiTxovs,
Semdegia:
- fiqsirebuli da cvladi xarjebis analizi;
- dakavSirebuli xarjebis analizi da TviTRire­
buleba;
- safaso politika: fasnamatebi da marJebi;
- nulovani mogebis analizi;
- mogeba-zaralis angariSgeba;
- fuladi saxsrebis moZraobis angariSgeba;
- balansis angariSgeba;
- angariSgebebis komerciuli analizi;
10 | finansebi arafinansisti topmenejerebisTvis

- investiciebis analizi;
- gayidvebis, amonagebisa da sxva monacemebis ana­
lizi;
- dRevandeli fulis Rirebuleba xval.
Semdeg TavebSi detalurad ganvixilavT TiToeul
komponents praqtikuli magaliTebiT.
 | 11

xarjebis diferenciacia

biznesSi ar arsebobs xarjebi, biznesSi yvelaferi

investiciaa.

xarjebi -- es aris investicia da ara ubralod danaxar­

ji. Cven gamovyofT resursebs droisa da fuladi saxs­
rebis saxiT, raTa davaxarisxoT miznobrivi gayidvebi,
Semosavlebi, amonagebi da sxva komerciuli Sedegebi.
xarjebi-- es aris winapiroba da investicia, rom gani­
sazRvros nebismieri Sedegi. ase rom mniSvnelovania
maTi swori aRqma da Sesabamisi diferenciacia.

aucilebelia, vicodeT Semdegi:

biznesis xarjviTi struqtura iyofa or nawilad:
pirdapir da arapirdapir dakavSirebul xarjebad, es
ori maxasiaTebelic SeiZleba danawildes sxvadasxva
xarjTa tipebad, magram komerciuli „filosofia“ aq
uadgiloa da mTavaria,yuradReba gavamaxviloT praq­
tikul nawilze:
pirdapir dakavSirebuli xarjebi pirdapir ukav­
Sirdeba produqciis warmoebis masStabs, Sesyidvebs an
gayidvebs, icvleba warmoebisa da gayidvebis zrdis an
Semcirebis proporciulad da uSualod qmnis erTeuli
produqciis TviTRirebulebas.
12 | finansebi arafinansisti topmenejerebisTvis

arapirdapir dakavSirebuli xarjebi ar ukav­

Sirdeba produqciis warmoebis masStabs, Sesyidvebs an
gayidvebs, ar icvleba warmoebis, Sesyidvebis an gayid­
vebis zrdis an Semcirebis proporciulad.
yovelive zemoTqmulis kargad gaazrebaSi dagvex­
mareba praqtikuli magaliTi. warmoidgineT, rom Tqven
gaqvT saSualo zomis sasursaTo maRazia saxelwodebiT
„ubnis marketi“, romelic sakuTari danazogiT, 10 000
lariT, gaxseniT da ukve sami Tvea,rac aqtiuri biznes­
saqmianoba daiwyeT. ukve gyavT realurimomxmareblebi,
Semosavlebi dastabilurda, daiqiraveT TanamSromle­
bi, farTi naqiravebi gaqvT TqvenTvis xelsayrel fa­
sad, yidulobT saWiro produqcias saWiro raodeno­
biT, romelic adgilze moaqvs distribucias, ixdiT
komunalur gadasaxadebs, magram jerjerobiT saxlSi
arcerTi TeTri ar wagiRiaT, radgan ver mijnavT mT­
liani fulis masidan imas,Tu ramdenia Tqveni mogeba.
amisaTvis saWiroa xarjebis gamijvna erTmaneTisagan
da maTi sworad gansazRvra. aucilebelia ganvasxvaoT,
Tu mTel am biznesoperaciebSi ra tipis xarjebia pir­
dapir dakavSirebuli xarjebi.
Tvis bolos vixdiT Semdeg xarjebs:

• fiqsirebul xelfasebs;
• ijaris fiqsirebul safasurs;
• komunalur gadasaxadebs;
• da sxva.

yvela es xarji unda gavistumroT, miuxedavad imi­

sa, gveqneba warmatebuli gayidvebi Tu ara. CamoTvli­
 xarjebis diferenciacia | 13

li xarjebi ar icvleba Cveni gayidvebis an Sesyidvebis

proporciulad da mainc gvevaleba maTi dafarva.
erTaderTi am operaciebSi:

• distributorebisaTvis gadasaxdeli Tanxebi

SeiZleba pirdapirproporciulad Seicvalos Sesyid­
vebis mixedviT.

pirobiTad Tvis ganmavlobaSi viyidiT 5000 laris

produqcias, gadavixdiT 5000 lars Sesyidvebis mixe­
dviT, rac TavisTavad Cveni gayidvebis moculobis
saWiroebiT iqneba gamowveuli. viyidiT 3000 larisas,
gadavixdiT 3000 lars, anu yovel produqtze, romel­
sac SeviZenT, davxarjavT Sesabamis Tanxas erTeuli
produqciis Sesasyidi fasis mixedviT. aseTi tipis
xarjs pirdapirdakavSirebuli xarji ewodeba, rad­
gan icvleba warmoebis, Sesyidvebis an gayidvebis zr­
dis, an klebis mixedviT da uSualod qmnis produqciis
erTeulis TviTRirebulebas (romelzec mogvianebiT
visaubreb).
axla ganvixiloT Semdegi xarjviTi komponentebi,
romlebic zemoT moviyvaneT:

• pirobiTad TveSi TanamSromelTa xelfasebis

jami Seadgens 3500 lars.
• maRaziis ijara-- 1500 lars.
• komunalurebi saSualod-- 250-dan 350 laramde.

am SemTxvevaSi xarjviTi nawili, ijara da TanamSro­

melTa xelfasebi, ar icvleba da Tvidan Tvemde erTi
da igivea. 1500+3500=5000 lari yovelTviurad fiqsire­
bulad/mudmivad gveqneba gadasaxdeli, miuxedavad
14 | finansebi arafinansisti topmenejerebisTvis

imisa, ramdens SevisyidiT an gavyidiT. amitom aseTi

tipis xarjebs fiqsirebul/mudmiv xarjebs uwodeben,
radgan isini Tvis an nebismieri saoperacio perio­
dis ganmavlobaSi ZiriTadad ar icvleba. es imas ki
ar niSnavs, rom ar SeiZleba Semcirdes an gaizardos
TanamSromelTa raodenoba da, Sesabamisad, xelfasebis­
Tvis gamoyofili Tanxac, an gaizardos ijaris Tanxa,
aramed igi niSnavs imas, rom CvenTvis es cifri mTavari
gamowvevaa da aucileblad unda gadavixadoT is, miuxe­
davad Cveni warmadobisa Tu Tanxobrivi navaWrisa. rac
Seexeba komunalur gadasaxadebs, romlebic aseve au­
cileblad gveqneba gadasaxdeli, Tu, ra Tqma unda, mo­
vixmarT eleqtroenergias an sxva resursebs, cvladi
aradakavSirebuli xarji ewodeba, radgan igi icvleba
Tvidan Tvemde, ar aris fiqsirebuli da ar ukavSirdeba
Sesasyidi produqciis erTeuli Rirebulebis warmoqm­
nas da igi unda gadavixadoT aseve fiqsirebul/mudmiv
danaxarjebTan erTad, xolo am ori tipis xarjebis
jams /fiqsirebul/mudmiv danaxarjebs+ cvladi ara­
pirdapiri xarjebi/jamuri aradakavSirebuli xarje­
bi ewodeba.
anu 1500 lars (xelfasebs) + 3500 lari (ijara) + 350
lari (komunaluri gadasaxadebi) = 5350 lari (jamuri
saoperacio/mudmivi xarji) (komunaluri xarjebis pro­
gnozis maqsimaluri ganakveTiT).
SeamCnevdiT, rom distributorebisTvis gadasax­
deli pirdapir dakavSirebuli xarjebi am kalkula­
ciaSi ar Segvitania, radgan aucilebelia, biznesis
finansur-komerciul nawilSi gavmijnoT dakavSirebu­
 xarjebis diferenciacia | 15

li da aradakavSirebuli xarjebi erTmaneTisagan, anu

fiqsirebuli/mudmivi/ da cvladi, aradakavSirebuli
pirdapir dakavSirebuli xarjebisagan, vimeoreb, fiq­
sirebuli/mudmivi /da /cvladi/ aradakavSirebuli
xarjebi biznesis mTavari gamowvevaa da mxolod
maTi dafarvis Semdgom SegviZlia gavideT mogebaze.

erTeulis TviTRirebuleba

radgan vsaubrobT xarjebze, aqve ganvixiloT sakiTxi,

Tu rogor iqmneba erTeulis TviTRirebuleba, anu ra
gvijdeba erT cali produqtis fuladi Rirebule­
ba? produqciis erTeulis TviTRirebulebis dadgena
gvWirdeba imisaTvis, rom gavigoT, gasayid fassa da
TviTRirebulebas Soris sxvaoba Cveni organizaciisT­
vis ra komerciul gros amonagebs warmoadgens.
erTeuli produqciis TviTRirebuleba iqmneba
mxolod dakavSirebuli xarjebis daricxviT er­
Teul produqciaze, xolo erTeulis RirebulebaSi
SeiZleba iyos ramdenime dakavSirebuli xarji. magali­
Tad, davuSvaT, rom Tqven vaWrobT aRniSul sasursaTo
maRaziaSi mxolod xuTi produqtiT, rac TavisTavad
Zalian cotaa maRaziebis dRevandeli formatebisTvis,
magram martivad gasagebi rom iyos yvelaferi, magali­
TisTvis produqciis raodenoba SevamciroT xuTamde.
pirobiTad, maRaziaSi Tqven yidiT iseTi saxis pro­
duqtebs,rogorebicaa: mineraluri wyali„mTis nakadu­
16 | finansebi arafinansisti topmenejerebisTvis

li“, limonaTi „Zveli gemo“, ludi„xevsuris sityva“,

wveni „freSi“ da saReWi rezini „Jue Jue“.
maTi erTeulis Sesasyidi fasebi ki Semdegia:

dasaxeleba: Sesasyidi fasi (TeTri)

mTis nakaduli 0,4
Zveli gemo 0,7
xevsuris sityva 5,5
freSi 2,5
Jue Jue 0,9

Tu Tqven dakavSirebuli xarjebi mxolod Sesasyi­

di fasi gaqvT TviTRirebulebad, SegiZliaT CaTvaloT
zemoT moyvanili cifrebi, xolo Tu sxva dakavSirebu­
li xarjebi Semodis finansur-komerciul operaciebSi,
maSin unda davajamoT dakavSirebuli xarjebis erTob­
lio­ba.
magaliTad:
Tqven gayidvebis konsultants SeuTanxmdiT, rom
yo­vel erT gayidul produqtze damatebiT gadauxdiT
Sem­deg bonusanazRaurebas:

dasaxeleba: Sesasyidi fasi (TeTri)

mTis nakaduli 0,1
Zveli gemo 0,15
xevsuris sityva 0,2
freSi 0,05
Jue Jue 0,05
 xarjebis diferenciacia | 17

am SemTxvevaSi Tqven unda daumatoT Sesasyid fass

bonusanazRaurebac, romelsac gadaixdiT gayidvebis
proporciulad:

dasaxeleba: erTeulis TviTRirebuleba

mTis nakaduli 0,4+0,1=0,5
Zveli gemo 0,7+0,15=0,85
xevsuris sityva 5,5+0,2=5,7
freSi 2,5+0,05=2,55
Jue Jue 0,9+0,05=0,95

dakavSirebuli xarji, romelic qmnis TviTRire­

bulebas, TavisTavad SeiZleba im mravali komponenti­
sagan Sedgebodes, romelTa gaTvaliswinebac SeiZleba
mogvixdes produqciis erTeulis TviTRirebulebis
dadgenis dros. mTavaria, gvaxsovdes, rom erTeulis
TviTRirebuleba dgindeba mxolod dakavSirebuli
xarjebiT, romlebic SeiZleba iyos Sesasyidi fasi,
transportireba, xelfasi procentSi gayidvebidan,
xelfasi absolutur cifrSi gayiduli saqonlis
raodenobis mixedviT, nedleuli, SefuTva, etike­
tireba, Tavsaxuri, aqcizi da sxva produqciis war­
moebasTan an gayidvasTan uSualod dakavSirebuli
xarjebiT (magaliTad, xelfasi produqciis gayidve­
bis procentuli maCveneblis mixedviT).
18 |

faswarmoqmna

marJa da fasnamati

fasi es aris erTaderTi mTavari instrumenti, romli­

Tac faqtobrivad vasrulebT momxmareblisTvis Sesa­
Tavazebeli faseulobis komunikacias, riTac vambobT,
rom Cven mier Cadebuli droisa da fulis resursi,
SeTavazebuli produqti Tu momsaxureba, misi xarisxi,
daniSnuleba, momxmareblis saWiroebis dakmayofilebis
efeqturoba, Tu sxva-Rirs da cifrebSi gamoixateba
Semdegi fasiT (faseulobiT), romelic SeiZleba po­
zicionirebdes, rogorc dabali segmentis, saSualo
an saSualoze maRali, an Tundac premium segmentze
orientirebuli safaso kategoria.
dRes Zalian mniSvnelovania, faswarmoqmnis dros
gaviTvaliswinoT marketinguli faqtorebi, miznobri­
vi momxmareblebi da maTi moTxovnebi fasebTan dakav­
SirebiT da aseve konkurencia, anu is, Tu ra alter­
natiuli safaso SeTavazebebi arsebobs im miznobriv
bazarze, romelSidac Cven vsaqmianobT.
Tuki Cven zemoT moyvanil sasursaTo maRaziis maga­
liTs daveyrdnobiT, am SemTxvevaSi isev da isev unda ga­
viTvaliswinoT is garemo, romelSic Cven gadavwyviteT
muSaoba, unda gavakeToT momxmareblebis analizi, Tu
 faswarmoqmna | 19

ra segmentze gvinda vimuSaoT (dabali, saSualo Tu ma­

Rali Semosavlis momxmareblebs gvinda movemsaxuroT),
radgan, rac unda ucnaurad JRerdes, maRali Semosa­
vlis mqone momxmarebeli SeiZleba daafrTxos dabalma
fasebma, radgan maRali Semosavlis mqone momxmarebels
seriozuli moTxovnebi aqvs xarisxze da garkveul
eqskluziur momsaxurebaze akeTebs aqcents, rac gamo­
ricxavs imas, rom biznesma yovelive es dabali fasebiT
SeZlos. maRali donis momsaxureba/produqciis maRali
xarisxi/ yovelTvis moiTxovs met danaxarjebs, rac Ta­
visTavad zrdis dakavSirebul xarjebs, anu erTeuli
produqciis TviTRirebulebas. maRal segmentSi mu­
Saobis dros mTavaria fasi da xarisxi iyos harmoniul
TanxvedraSi. mokled rom vTqvaT, fasi unda iyos mom­
saxurebis Sesabamisi. davafasebT Zvirad-- davkargavT
gayidvebs; davadebT sarealizacio fasTan SedarebiT
iafs – davkargavT mogebas.
sarealizacio fasi aris is, Tu ra Tanxis gadax­
da SeuZlia Cvens miznobriv moxmarebels da aseve ra
sarealizacio fasi aqvT dadebuli produqciaze Cvens
pirdapir konkurentebs. ase vadgenT im sarealizacio
fasebs, romlebic agvacilebs momxmarebelTan kon­
fliqts da ar Seaferxebs Cvens gayidvebs. pirobiTad,
Tu Cveni pirdapiri konkurenti imave mineralur wyals
identur momxmarebelze, romelsac Cven vemsaxurebiT,
0,9 TeTrad yidis, Cven misi gayidva gagviWirdeba 1.2
-ad an Tundac 1 larad, radgan momxmareblisTvis ukve
arsebobs ukeTesi SeTavazeba da mas Cven dakargavT, Tu
ar davakmayofilebT mis moTxovnas.
20 | finansebi arafinansisti topmenejerebisTvis

es wigni ar exeba marketingul gadawyvetilebebsa

Tu strategiebs, magram aucilebelia imis xazgasma, rom
„brma“ faswarmoqmna mxolod da mxolod daazaralebs
Tqvens organizacias da dakargavT Semosavlebsa da
amonagebs. ase rom, faswarmoqmnis dros gaiTvaliswi­
neT momxmareblis moTxovnebi,aseve konkurencia da
Tqveni Sida organizaciuli xarjviTi struqtura.
axla ki visaubroT faswarmoqmnis kalkulaciebze,
romlebic dagvexmareba, ganvsazRvroT, Tu ra procen­
tul ganakveTze muSaobs Cveni organizacia produq­
ciis saxeobebis mixedviT an mTlianad.
pirveli gaxlavT aseTi faswarmoqmniTi kalkula­
cia:

fasnamati TviTRirebulebaze: markapi (Mark-Up):

es kalkulacia gviCvenebs imas, Tu TviTRirebule­

basTan mimarTebaSi ra procentuli fasTaSoris sxvao­
bis ganakveTi gvrCeba erTeul produqciaze. magali­
Tad, Tu erTi saxeobis produqts vyidulobT 1 larad
da vyidiT 2,5 larad, sxvaoba 2,5 larsa da 1 lars So­
ris ra procentia TviTRirebulebasTan,, anu larTan
mimarTebaSi. martivad rom vTqvaT, TviTRirebulebaze,
1 larze, damatebuli 1,5 lari ra procentia (larTan)
TviTRirebulebasTan mimarTebaSi.
rom davTvaloT fasnamatis procenti TviTRire­
bulebasTan mimarTebaSi, formula mdgomareobs
SemdgomSi:

gasayid TviTRirebuleba – TviTRirebuleba

⋅100%
TviTRirebulebaze
 faswarmoqmna | 21

(gasayid fass minus TviTRirebuleba da Sefardebu­

li TviTRirebulebaze da gamravlebuli 100%-ze.)
anu:
2,5 – 1
⋅100% = 150% fasnamati
1
rogorc davinaxeT, TviTRirebulebidan fasnamati
am magaliTiT gamogvivida 150%,anu fasTa Soris sxvao­
ba absolutur cifrSi TviTRirebulebasTan mimarTe­
baSi 150%-ia.
modi moviyvanoT magaliTebi dasaxelebebis mixed­
viT:

erT.TviTRi­ gasayidi fasnamatis

dasaxeleba:
rebuleba. fasi %
mTis nakaduli 0,5 0,6 20.00%
Zveli gemo 0,85 1,1 29.41%
xevsuris sityva 5,7 6,95 21.93%
freSi 2,55 2,95 15.69%
Jue Jue 0,95 1 5.26%

kalkulacia
(0,6-0,5):0,5*100%=20%
(1,1-0,85):0,85*100%=29.41%
(6,95-5,7):5,7*100%=21,93%
(2,95-2,55):2,55*100%=15,69%
(1-0,95):0,95*100%=5,26%

meore mniSvnelovani faswarmoqmniTi midgoma kalk­

ulaciis mxriv gaxlavT:
22 | finansebi arafinansisti topmenejerebisTvis

marJis % gasayidi fasidan (Margin % ): Tu fasna­

matis kalkulaciis SemTxvevaSi vadgenT fasTaSoris
sxvaobas, anu ra procenti iyo namati TviTRirebule­
basTan mimarTebaSi, am SemTxvevaSi vigebT, fasTaSoris
sxvaoba, anu namati, ra procentia gasayid fasTan mi­
marTebaSi. imave magaliTis moxmobiT, Tu produqciis
erTeulis Rirebuleba 1 laria da gasayidi fasi 2,5
lari, sxvaoba 1,5 lari ra procentia am SemTxvevaSi
ara erT larTan mimarTebaSi, aramed 2,5 larTan,ga­
sayid fasTan mimarTebaSi. Tu am magaliTze dayrdno­
biT fasnamati gamogvdioda 150%, marJa gamogviva 60%
gasayidi fasidan.

formula mdgomareobas SemdegSi:

gasayid TviTRirebuleba – TviTRirebuleba

gasayid fasze ⋅100%

(gasayid fass minus TviTRirebuleba da Sefardebu­

li gasayid fasTan, gamravlebuli 100%-ze.)
anu:
2,5 – 1
⋅100% = 60% marJa.
2,5

martivad rom vTqvaT, Tu wina SemTxvevaSi fasTa­

Soris sxvaobas vyofdiT TviTRirebulebaze, marJis
procentis kalkulaciis dros fasTaSoris sxvaobas
vyofT gasayid fasze, anu am SemTxvevaSi vigebT, ga­
sayidi fasidan (Tanxobrivi brunvidan) ra procenti
gvrCeba procentis saxiT. pirobiTad, Tu Cven Tvis gan­
mavlobaSi gavyidiT 1000 cali dasaxelebis produqts,
 faswarmoqmna | 23

romelic 2,5 lari Rirs da marJa gvaqvs 60%, gamodis,

rom (1000⋅2,5) 5000 lari navaWridan gvrCeba 3000 lari
fasTaSoris sxvaoba absolutur cifrSi. zustad es
amonagebi unda gamoviyenoT SemdgomSi fiqsirebuli/
mudmivi da aradakavSirebuli xarjebis dasafarad da
Tu is gadaaWarbebs jamur xarjebs, dagvrCeba mogebac;
Tu iqneba naklebi, dagvifiqsirdeba wageba. ufro meti
sicxadisaTvis, fasnamati da marJa rom gansxvavde­
ba erTmaneTisagan, moviyvanoT igive magaliTi orive
kalkulaciis mixedviT:

erT.
marJis %
TviTRi­ gasayidi fasnama­
dasaxeleba: (gasayidi
rebule­ fasi tis %
fasidan)
ba.
mTis nakadu­ 20.00% 16.67%
0,5 0,6
li
Zveli gemo 0,85 1,1 29.41% 22.73%
xevsuris 21.93% 17.99%
5,7 6,95
sityva
freSi 2,55 2,95 15.69% 13.56%
Jue Jue 0,95 1 5.26% 5.00%

marJis %-is kalkulacia

(0,6-0,5):0,6*100%=16,67%
(1,1-0,85):1,1*100%=22,73%
(6,95-5,7):6,95*100%=17,99%
(2,95-2,55):2,95*100%=13,56%
(1-0,95):1*100%=5%
24 |

nulovani mogebis analizi

ramdeni unda vivaWroT, rom ar vizaraloT?

rogorc wina TavebSi visaubreT, biznesis mTavari ga­

mowveva fiqsirebuli/mudmivi da aradakavSirebuli
xarjebia, anu is saoperacio xarjebi, romelTac bizne­
si, miuxedavad misi Tanxobrivi navaWrisa, mainc ixdis.
amitom mniSvnelovania Cveni analitikuri prognozi
imasTan dakavSirebiT,Tu ramdeni unda vivaWroT, rom
ar vizaraloT? anu Tanxobrivad Cvenma brunvam ra
niSnuls unda miaRwios, rom Cven saoperacio minusi
(wageba) ar dagvifiqsirdes (Tvis an wlis WrilSi). Tu
wina magaliTidan moviSveliebT cifrs, romelic ukav­
Sirdeboda fiqsirebuli/mudmivi da aradakavSirebuli
xarjebis jams TveSi 5350 lars, (TanamSromelTa xel­
fasebis jami=3500 lari+ 1500 lari ijara + 350 lari
komunalurebi (maqsmaluri prognozi) gamodis, rom es
Tanxa 5350 lari Cven unda gamovimuSaoT gayidvebidan,
momwodebels gadavuxadoT Sesasyidi fasiT produq­
ciis safasuri, gamovakloT erTeul produqciasTan
dakavSirebuli xarjebi, sxvaoba fassa da TviTRire­
bulebas Soris unda movaxmaroT Cvens mudmiv/fiqsire­
bul da aradakavSirebul xarjebs. Tu gamomuSavebuli
Tanxa gadascdeba 5350 lars, am SemTxvevaSi Cven gve­
 nulovani mogebis analizi | 25

qneba mogeba, xolo prognozirebisTvis, ramdeni unda

vivaWroT, rom gamovimuSaoT 5350 lari, gamoiyeneba
nulovani mogebis analizis formula, romelic mxo­
lod marJis procentiT (da ara fasnamatis procentiT)
gamoiTvleba. umjobesia, meti simartivisTvis aviRoT
erTi dasaxelebis produqti da Semdgom ki ganvixi­
loT meti dasaxelebis produqtis arsebobis SemTxve­
vac. magaliTad, Cven vyidiT erTi saxeobis produqts,
romlis gasayidi fasic gaxlavT 2,5 lari, xolo Tvi­
TRirebuleba, rogorc wina SemTxvevaSi, 1 lari, mar­
Jis procentis formulis mixedviT gamodis (2,5-1): 2,5
= 60% marJa gasayidi fasidan, anu brunvidan gvrCeba
60%, rogorc fasTaSoris sxvaoba.
axla Cven gvainteresebs, navaWris ra niSnulze ga­
dis Cveni organizaciis Tundac konkretuli proeq­
tis nulovani mogebis zRvari, is Tanxobrivi Sedegi,
romlis drosac Cven arc mogeba gvaqvs da arc wage­
bulni vrCebiT.
amisaTvis gamoiyeneba Semdegi formula:

nulovani mogebis analizis formula =

jamuri xarji : marJis %-ze (an saSualo %–ze)

anu 5350 : 60% = 8,916 lari (navaWri) (5350 lari ja­

muri xarjebi gayofili marJis %-ze) rogorc zemoT
moyvanili magaliTidan Cans, im SemTxvevaSi, Tu TveSi
vivaWrebT 8916 lars, TveSi davfaravT yvela xarjs da
arc mogeba dagvrCeba, Tu vivaWrebT 8835 larze mets,
ukve dagvifiqsirdeba + mogebac.
26 | finansebi arafinansisti topmenejerebisTvis

navaWri

10000

8916 mogeba= 0%

6000

4000

2000

jamuri xarji= 5350 lari

axla ki ganvixiloT is variantic, rodesac Cven

gvaqvs ara erTi, aramed ramdenime dasaxelebis produ­
qti, raTa gavakeToT navaWris prognozi, rodesac Cven
arc mogeba dagvrCeba da arc wagebulni viqnebiT. viye­
nebT imave princips, oRond am SemTxvevaSi gvWirdeba
asortimentSi arsebuli yvela dasaxelebis produqtis
procentuli marJinalobis daTvla saTiTaod da Sede­
gebidan saSualo marJis gamoyvana imave mTlian arada­
kavSirebul xarjebTan Sefardeba.
 nulovani mogebis analizi | 27

dasaxeleba: erT.TviTRi­ gasayidi marJis %

rebuleba. fasi (gasayidi
fasidan)
mTis nakadu­ 0,5 0,6 16.67%
li
Zveli gemo 0,85 1,1 22.73%
xevsuris 5,7 6,95 17.99%
sityva
freSi 2,55 2,95 13.56%
Jue Jue 0,95 1 5.00%
saS.marJa= 15.19%

(17+23+18+14+5):5=15 saSualo.

formula:

nulovani mogebis analizis formula =

jamuri xarji
saS. marJis procentze

anu 5350 : 15.19% =35 220 lari (miznobrivi navaWri)

(5350 lari jamuri xarjebi gayofili marJis pro­
cent­ze) rogorc zemoT moyvanili magaliTidan Cans,
im SemTxvevaSi, Tu TveSi vivaWrebT 35 220 lars, dav­
faravT yvela xarjs,magram arc mogeba dagvrCeba, Tu
vivaWrebT 35 220 larze mets, ukve dagvifiqsirdeba
mogebac.
rogorc SeamCnieT, marJis klebam gamoiwvia is,
rom gaizarda nulovani mogebis navaWris zRvari. am
28 | finansebi arafinansisti topmenejerebisTvis

SemTxvevaSi organizaciam ufro meti unda ivaWros,

raTa wagebuli ar darCes.

navaWri

50000

35220 mogeba= 0%

20000

15000

5000

jamuri xarji= 5350 lari

SeniSnva:

pesimisturi prognozi-- am SemTxvevaSi unda gamo­

viyenoT asortimentSi yvelaze dabalmarJiani produ­
qtebi da maTi saSualo ariTmetikuli SevwonoT mTlian
xarjebTan, radgan Cven winaswar ar viciT, ra propor­
ciiT gaiyideba asortimentSi arsebuli saxeobebi. ( am
prognozis dros navaWris zRvari aiwevs)
optimisturi prognozi--am SemTxvevaSi unda gamo­
viyenoT asortimentSi yvelaze maRalmarJiani produ­
qtebi da maTi saSualo ariTmetikuli SevwonoT mTlian
xarjebTan, radgan Cven winaswar ar viciT, ra propor­
ciiT gaiyideba asortimentSi arsebuli saxeobebi. (am
prognozis dros navaWris zRvari daiwevs)
 nulovani mogebis analizi | 29

prognozi faqtiT: sanam am kompetencias Sevexebo­

deT manamde unda ganvixiloT Sewonili marJis for­
mula.
Sewonili marJa warmoadgens ukve ganvlili pe­
riodis Semdgom analizs, konkretulad ki produqciis
saxeobebis gayidvebis mixedviT gamomuSavebuli fasTa
Soris sxvaobis jami absolutur cifrSi ra procentia
brunvasTan mimarTebaSi.

magaliTad:
fasTa Soris sxvao­
ba (sxvaoba gasayid

gayidva Tanxa (gas­

ayidi fasi * gayid­

marJa afsolitur
rebulebas Soris)

noba .raod (cali)

idul raodenoba­
cifrSi (fasTaSo­
ul raodenobaze)
gayiduli raode­
TviTRirebuleba

ris sxvaoba * gay­

fassa da TviTRi­

gasayidi fasi
dasaxeleba:

ze)
mTis na­ 0.5 0.1 0,6 1800 1080 180
kaduli
Zveli 0.85 0.25 1,1 4500 4950 1125
gemo
xevsuris 5.7 1.25 6,95 3500 24325 4375
sityva
kvamli 2.55 0.4 2,95 3500 10325 1400
Jue Jue 0.95 0.05 1 7500 7500 375
jami= 48180 7455

Sewonili marJis procentis gamoTvlis formula

Semdegnairia:
gamomuSavebuli marJa
⋅100%
mTlian SemosavalTan
30 | finansebi arafinansisti topmenejerebisTvis

(gamomuSavebuli marJa Sewonili brunvasTan da

gamravlebuli 100%-ze)

navaWri

50000

34583 mogeba= 0%

20000

15000

5000

jamuri xarji= 5350 lari

anu (7455:48180)*100% = 15,47 % ( Sewonili marJis

procenti)
nulovani mogebis analizi Sewonili marJis %–iT
(faqtiT)
am SemTxvevaSi jamuri fiqsirebuli da cvladi xar­
jebi ar icvleba da isev 5350 lars warmoadgens.

SeniSvna: rodesac gvaqvs moqmedi biznesi Cven yo­

velTvis unda gamoviyenoT nulovani mogebis pro­
gnozirebisTvis, mxolod Sewonili marJis %–i,rad­
gan es analizi asortimentis gayidvebis yvela
proporcias moicavs. (wina midgomebi mxolod bizne­
sis gaxsnamde gamogvadgeba prognozirebisTvis)
 nulovani mogebis analizi | 31

SeniSvna: zemoT moyvanili yvela kalkulacia:

fasna­mati, marJa, nulovani mogebis analizi, Sewonili
mar­Ja Tu sxva, yovelTvis xorcieldeba dRg-s gareSe
mo­nacemebidan.
damatebiTi Rirebulebis gadasaxadi (dRg): da­
matebiTi Rirebulebis gadasaxadi warmoadgens ga­
dasaxads, romelic dawesebulia saxelmwifos mier.
sxvadasxva qveyanaSi sxvadasxva ganakveTi arsebobs.
saqarTvelos kanonmdeblobis mixedviT, dRgs ganakve­
Tia 18%, romlis gadaxdac organizacias fasidan, anu
brunvidan uwevs, magram, Tu Tqven yidulobT pirobi­
Tad 1 larad garkveul produqcias, romelic moicavs
dRgs da yidiT 2 larad dRgs CaTvliT, am SemTxvevaSi
gadaixdiT 2 larsa da 1 lars Soris sxvaobis 18%-s (da
ara 2 laridan).
dRgs gadamxdelad daregistrireba savaldebuloa,
Tu organizacia 12 kalendaruli Tvis ganmavlobaSi
vaWrobs 100 000 lars. aseve SegiZliaT nebayoflobiT
daregistrirdeT dRgs gadamxdelad. Tu miaRwevT Se­
sabamis brunvas, gaiTvaliswineT, rom dRg unda iva­
raudoT fasebSi, romlebsac Tavad momxmareblebi ga­
daixdian gaZvirebuli produqciis saxiT.
32 |

mogeba-zaralis angariSgeba

yvela komerciuli, warmatebaze orientirebuli orga­

nizaciis mizani mogebaa. am TavSi ganvixilavT imas, Tu
rogor SevadginoT mogeba-zaralis angariSgeba da ro­
gor gamovTvaloT, kompaniis amonagebi warmatebulia Tu
warumatebeli.
mogeba-zaralis angariSgeba gviCvenebs, Tu ra moxda
realurad Cvens organizaciaSi Tvis, kvartlis an wlis
ganmavlobaSi, Semosavlebis, dakavSirebuli xarjebis,
fiqsirebuli/mudmivi xarjebisa da aradakavSirebuli
xarjebis gaTvaliswinebiT da am yvelafris Semdeg, Tu
darCa mogeba kompaniis damfuZneblebisaTvis.

mogeba zaralis saangariSo periodia, Tvis an wlis

WrilSi

mogeba zaralis angariSgebis modeli

Total in- dajamebuli_ gayidvebi da sxva Semo­
=
come savlebi
Cost of gamoklebuli _ gayidvebTan dakavSire­
-
goods sold buli xarjebi
Gross
udris gros Semosavals, gros marJas =
Icome
Total FC+VC gamoklebuli _ jamuri aradakavSire­
-
Indirect buli fiqs.cvladi xarjebi
 mogeba-zaralis angariSgeba | 33

EBIT udris Semosavals dabegvramde =

Profit Taxes gamoklebuli _ mogebis gadasaxadi 15% -
Dividend gamoklebuli _ dividentis gadasaxadi
-
Tax 5%
Net income udris gasanawilebel mogebas =

mogeba/zaralis Semo­ % wili

angariSgeba savlebi jamur Se­
xarjebi, mosavalTan
mogeba mimarTe­
saoperacio pe­
baSi
riodi 2019 weli
Semosavlebi GEL %
Semosavle­ gayidvebi 1500000 83.33%
bi momsaxureba 100000 5.56%
sxva Semosavali 200000 11.11%

jamuri Semosava­ 1800000 100.00%

li=

dakav­ produqciis 450000 25.00%

Sirebuli TviTRirebule­
xarjebi/ ba=
TviTRire­
buleba

gros Semosava­ 1350000 75.00%

li=

xarjebi GEL %
34 | finansebi arafinansisti topmenejerebisTvis

mudmivi xelfasebi 90000 5.00%

fiqsire­ qira 18000 1.00%
buli/da
cvladi reklama 120000 6.67%
xarjebi sakancelario 4000 0.22%
xarjebi
danaxarjebi ko­ 2200 0.12%
munikaciaze
treningebi, 12000 0.67%
danadgarebis 15000 0.83%
renta
dazRveva 9000 0.50%
sxva 900 0.05%
bankis % 180000 10.00%
jamuri xarjebi= 459100 25.51%
%
gadasaxa­ Semosavali 890900 49.49%
debi da dabegvramde=
mogeba mogebis ga­ 133635 7.42%
dasaxadi 15%
wminda Semosava­ 757265 42.07%
li=
dividendis ga­ 37863 2.10%
dasaxadi -5%
gasanawilebeli 719402 39.97%
mogeba=

rogorc zemoT mocemul cxrilSi SeniSneT, gar­

da imisa, rom davajameT Semosavlebi, dakavSirebuli
xarjebi da TviTRirebuleba, mudmivi fiqsirebuli da
aradakavSirebuli cvladi xarjebi, sxvaobas gamova­
 mogeba-zaralis angariSgeba | 35

keliT gadasaxadebi da amgvarad gamovTvaleT wmin­

da Semosavali da gasanawilebeli mogeba gamoviyeneT
TiToeul analizfaqtorTan mimarTebaSi procentuli
SefardebiT. yovelive gulisxmobs imas, rom TiToeul
analizfaqtors vafardebT gayidvebTan da amgvarad
vigebT, Tu TiToeul faqtors ra wili ukavia uSua­
lod gayidvebTan mimarTebaSi. radgan gayidvebi aris
komerciuli organizaciis mTavari faqtori, romlis
moculobiTac ganisazRvreba kompaniis efeqturoba
bazarze, amitom sxva damatebiTi Semosavlebi da yve­
la sxva danarCeni komponenti farddeba gayidvebTan,
garda wilobrivi maCveneblisa. amgvar midgomas sxva
mizezic aqvs. uSualod is, rom sxvadasxva bizness
dadgenili procentuli normebi aqvs TiToeul kom­
ponentTan dakavSirebiT, igulisxmeba is, rom, magali­
Tad, sacalo biznesSi, uSualod ki sayofacxovrebo ma­
RaziebisTvis, normas warmoadgens winaxazze momuSave
personalis xelfasebis wilobrivi done Seadgendes 5
%-s brunvasTan mimarTebaSi, ijara 4%-s, marJa gasayi­
di fasidan 15%-s, amonagebi dabegvramde 5-7 %-mde,
gasanawilebeli mogeba 3-4%-mde da sxva. sarestorno
sferosTvis ki miznobrivi marJa gasayidi fasidan 60-
70%-ia (150%dan 300% fasnamati), xelfasebis Sewonili
wili ki ar unda aRematebodes pirobiTad brunvis 30%-
s, ijara brunvis 15%-s da sxva. gayidvebTan procentu­
li Sefardeba saSualebas gvaZlevs, SevafasoT, indus­
triaSi arsebul standartebTan mimarTebaSi ramdenad
efeqturebi varT, amonagebis, xarjviTi donis da sxva
parametrebis mixedviT.
36 | finansebi arafinansisti topmenejerebisTvis

rodesac Cven, menejerebi, garkveul komerciul

gadawyvetilebebs viRebT, saWiroa, pirvel rigSi, ga­
davxedoT mogeba-zaralis angariSgebas da TiToeuli
komponentis wilobriv monawileobas brunvasTan mi­
marTebaSi. gadawyvetilebebis miReba da marTva cifre­
bze dayrdnobiT --- es efeqturi biznessaqmianobis um­
Tavresi winapirobaa.
zogadad,mogeba zaralis angariSgebis uwyisi Tavis­
Tavad SesaZloa iyos kompaniis saqmianobis faqtebidan
gamomdinare anu ganvlili periodis analizi da aseve
igive uwyisi romelsac zemoT gavecaniT iyos e.w kompa­
niis samomavlo finansuri gegma da modelireba komer­
ciul finansur WrilSi.
yovelTvis gvaxsovdes, mxolod cifrebi gvauwyebs
simarTles, yvelaferi danarCeni ki komerciuli „li­
rikaa“.
 | 37

fuladi saxsrebis moZraobis angariSgeba

Cash Flow

Tu mogeba-zaralis angariSgeba gvauwyebs, aris Tu ara

kompania warmatebuli da aqvs Tu ara mas mogeba, fu­
ladi saxsrebis moZraobis uwyisi gvauwyebs mxolod
rogorc naRdi, aseve unaRdo tranzaqciebis fulad
moZraobas. fuladi saxsrebis moZraobis uwyisi asaxavs
erTgvar dinamikas Tvis, kvartlis an wlis ganmavlo­
baSi Semosavlebisa da gasavlebis saxiT. fuladi saxs­
rebis angariSgebis Sedgenisas unda ixelmZRvaneloT
martivi formuliT:
arsebul fulad naSTs (periodis dasawyisi) + jamu­
ri Semosavlebi - jamuri gasavlebi = fuladi saxsre­
bis naSTi periodis bolos.
magaliTad: fulad naSTs rac wina Tvis gasavlebis
Semdgom darCa + mimdinare Semosavlebi–mimdinare Tvis
gasavlebi = naSTs periodis bolos.
rogorc qvemoT moyvanili cxrilidan Cans, uwyisSi
ver amovikiTxavT imas, aris Tu ara Cveni biznessaq­
mianoba warmatebuli da aqvs Tu ara kompanias mogeba.
martivad rom vTqvaT, es uwyisi asaxavs mxolod fulis
masis moZraobas sxvadasxva daniSnulebiT.
38 | finansebi arafinansisti topmenejerebisTvis

Cash Flow.

fuladi saxsrebis moZraoba

saoperacio periodi - 2019 weli.

naSTi periodis dasawyisSi= 650000
Semosavlebi lari
gayidvebi 1500000
momsaxureba 100000

sxva Semosavali 200000

Total Income/inflow-jamuri Semosavlebi = 1800000

gasavlebi
xelfasebi 90000
qira 18000
reklama 120000
sakancelario 4000
cveTa 2500
teqnikuri danaxarji 5500
komunikacia 2200
treningi da seminari 12000
danadgarebis renta 15000
dazRveva 9000
sxva 900
bankis % 180000
momwodeblebi 450000
damfuZneblebis mxridan Tanxis gatana 100000

jamuri gasavlebi= 1009100

naSTi periodis bolos= 1440900

 fuladi saxsrebis moZraobis angariSgeba | 39

zemoT moyvanili qeS flous uwyisidan gamomdinare

fuli romelic kompaniis angariSzea periodis bolos
(1,409,900) ver vityviT kargia Tu cudia, kompaniis
komerciuli efeqturobis mxriv,amisaTvis aucileblad
gvWirdeba kompaniis likvidurobis koeficientebis ga­
moyeneba romelic pirdapir kveTaSia balansis uwyis­
Tan.
gamomdinare iqidan rom fuli cveTadi aqtivia anu
igi mudmivad ganicdis inflacias da dRvandeli 100
lari erTi wlis mere inflaciiT aris gaufasurebuli,-
kompaniaSi saWiroa arc Warbi da arc naklebi fulis
naSTis akumulireba, mniSvnelovania fulis optimalu­
ri raodenobis qona organizaciis maRali likviduro­
bisTvis.
rodesac vsaubrob fulze, maxsendeba erTi kom­
pania romelsac fulis naSTis mxriv yovelTviurad
ugrovdeboda misi Warbi raodenoba, daaxloebiT (
oTxi miliardi lari ) 4 000 000 000 romlis investire­
basac da marTvasac ver axerxebda,rac am komaniisTvis
mniSvnelovan problemas warmoadgenda.
aseve maxsendeba mdidari kompaniebi romelTac be­
vri miwa Tu uZravi qoneba aqvT magram arasakmarisi
fulis naSTi kompaniaSi da elementarul mimdinare
valdebulebebs ver asruleben.
isev da isev ra unda iyos kompaniisTvis optimalu­
ri fulis naSTi Semdeg TavebSi aqtiurad SevexebiT.
40 |

aqtivebisa da valdebulebebis uwyisi

balansi

mogeba-zaralis angariSgeba da fuladi saxsrebis

moZraobis uwyisi warmoadgens garkveul saopera­
cio finansur dinamikas, xolo balansis angariSge­
ba asaxavs mocemul momentSi kompaniis suraTs, e. w.
„gaCerebul kadrs“, romelic gvauwyebs im konkretul
momentSi kompaniis sijansaRes an piriqiT, arsebuli
valdebulebebisa da aqtivebis mxriv. balansis anga­
riSgebac, rogorc wina uwyisebi, SegviZlia Sevadgi­
noT rogorc Tvis, kvartlis an wlis WrilSi, kompaniis
Sida ganawesis mixedviT, romelic Sedgeba Semdegi ori
ZiriTadi analizfaqtorisgan: valdebulebebi/pasivebi
da aqtivebi.
valdebulebebis nawili aseve iyofa grZelvadian da
moklevadian valdebulebebad, xolo aqtivebis nawili
iyofa fiqsirebul da mimdinare aqtivebad.
magaliTad, Cven davafuZneT kompania, romlis sawyi­
si kapitalic Seadgenda 400 000 lars, es 400 000 lari,
kompanias, rogorc iuridiul pirs, damfuZneblebis
winaSe rogorc valdebuleba, ise warmoeqmneba. amitom
damfuZneblebis winaSe warmoqmnili 400 000 lari Caiwe­
reba valdebulebebis nawilSi. aseve, aviReT grZelva­
 aqtivebisa da valdebulebebis uwyisi | 41

diani sesxi 150 000 laris odenobiT da ipoTekiT dav­

tvirTeT garkveuli qoneba 134 000 laris odenobiT,
romelic grZelvadian perspeqtivaSi gvaqvs gadasaxde­
li da gulisxmobs erT welze met saangariSo periods,
aseve gvaqvs momwodeblebis winaSe mimdinare dava­
lianeba 349 000 lari, 134 000 larze gvaqvs sakredito
xazi gaxsnili da TanamSromelTa winaSe davalianeba
xelfasebis saxiT 44 000 laria. Cvenma davalianebebma
mocemul momentSi Seadgina 897 900 lari.
mimdinare davalianebebidan akumulirebuli Tanxe­
biT Cven saSualeba mogveca, rom Segveqmna aqtivebi,
riTic SeviZineT manqana-danadgarebi 150 000 larad,
teqnikuri aRWurvilobebi 400 000 larad, Senoba-nage­
bobebi 100 000 larad, kapitaluri aqtivebi, miwa da
sxva 34 000 laris, inventari, romelic 35 000 larisaa,
debitoruli davalianebebi Cven winaSe 34 900 laris da
naRdi fuli salaroSi 144 000 laris.
zemoT CamoTvlili yvela komponentebi iyofa fiq­
sirebul da mimdinare aqtivebad, rac gulisxmobs imas,
rom im tipis aqtivebs, romelnic Znelad likvidire­
badia da maT realizacias da naRd fulad gadaqcevas
garkveuli dro sWirdeba,fiqsirebuli aqtivebi ewo­
deba, xolo advilad likvidirebad aqtivebs, romel­
Ta realizacia da gayidva naklebi drois danaxarjebs
moiTxovs, mimdinare aqtivebi.
rogorc SeamCnieT, valdebulebebi da aqtivebi erT­
maneTis tolia, rac ganpirobebulia imiT, rom aqtive­
bis dafinansebis wyaros pasivebi, anu valdebulebi
warmoadgens..
42 | finansebi arafinansisti topmenejerebisTvis

kompaniis balansi
2018 weli, 31 dekemberi
aqtivebi valdebulebebi/pasivebi
fiqsirebuli aqtivebi: sakuT.kapitali
manqana-danadgarebi – Equity -sak. kapitali –
150 000 400 000
aRWurviloba – 400 000 grZelvadiani valdeb.
Senoba-nagebobebi – 100 000 sesxi – 150 000 ipoTeka –
kap. aqtivebi – 34 000 134 000
mimdinare aqtivebi: moklevadiani valdeb.
inventari – 35 000 davalianeba momwodeb. –
debit. daval – 34 900 349000
naRdi fuli – 144 000 sakredito xazi – 135 000
xelfasebi – 44 000

aqtivebi = 897 900 valdebulebebi = 897 900

balansis ZiriTadi definiciebi:

grZevladiani valdebulebebi kompaniis yvela is
valia, romelTa dafarvis pasuximgeblobac kompanias
aqvs grZelvadian perspeqtivaSi,maT Sorisaa valde­
bulebebi sesxis damfuZneblebis winaSe, grZelvadiani
sesxi, grZelvadiani ipoTeka da sxva.
moklevadiani valdebulebebi yvela is valde­
bulebaa, romelTa dafarvis aucilebloba ar scdeba
erT welze met saangariSo periods. esenia: xelfase­
bi, momwodeblebis winaSe davalianebebi, moklevadiani
sesxebi da sxva.
 aqtivebisa da valdebulebebis uwyisi | 43

fiqsirebuli aqtivebi naklebad likvidirebadi ti­

pis aqtivebia, romelTa realizacia da fulad gadaqce­
va kompaniisTvis SedarebiT did resurss moiTxovs.maT
ricxvs ganekuTvneba Senoba-nagebobebi, danadgarebi,
aRWurviloba, satransporto saSualebebi, miwa, da sxva
kapitaluri aqtivebi.
mimdinare aqtivebi e. w. advilad likvidireba­
di aqtivebia, romelTa naRd fulad gadaqceva drois
mokle monakveTSi SesaZlebelia. magaliTad, kompiu­
teruli inventari, ofisis aRWurviloba, skamebi, ma­
gidebi, SedarebiT dabalfasiani aRWurviloba, debito­
ruli davalianebebi Tqveni kompaniis winaSe, romelTa
moTxovnac SegiZliaT, da, ra Tqma unda, Tavad komer­
ciis mamoZravebeli Zala – fuli.
sakuTari kapitali kompaniis is aqtivia, romelic
kompanias yvela valdebulebis dafarvis Semdgom rCe­
ba, radgan es aqtivi kompaniis damfuZneblebs ekuT­
vnis. kompaniisTvis valdebulebebis nawilSi moiazre­
ba sakuTari kapitali, romelic kompaniis sakuTrebaa,
magram igi aseve damfuZneblebis winaSe valdebulebaa.
araxalSesaxebi aqtivebi im tipis aqtivebs ganeku­
Tvneba, romlebic realurad ar warmoadgens fizikur
aqtivebs da aseTi tipis aqtivebSi SeiZleba moiazrebo­
des saavtoro uflebebi, romlebic kompaniis mflobe­
lobaSia, licenziebi, moTxovna bazarze da sxva iseTi
tipis abstraqtuli aqtivebi, romlebic fizikurad ar
gaaCnia kompanias, rogorc Senoba-nageboba an nivTi, ma­
gram SesaZlebelia misi fulad faseulobaSi konver­
tacia. gudvili iZiriTadad gamoiTvleba kompaniis
44 | finansebi arafinansisti topmenejerebisTvis

gayidvis periodSi da yovelTvis balanss gareTa kalk­

ulaciad iTvleba, rac gulisxmobs imas, rom sruli
aqtivebis Rirebuleba SesaZloa Seadgendes 1 000 000
lars mocemul momentSi, magram araxelSesaxebi aqtive­
bi damatebiT Seadgendes 500 000 lars. sainteresoa
is faqtic, rom kompaniis an brendis reputaciac da
saxelic gudvilSi iTvleba,anu is, rom bazarze arse­
bobs kompaniaze Tu brendze moTxovna, es gazomvadi
komerciuli parametria, rac saboloo jamSi fuli
Rirs. magaliTad, Tu msoflio brendis „koka-kolis“
bazris wili 70%-s Seadgens gaziani sasmelebis katego­
riaSi da mTliani wliuri moxmarebis bazari fulSi 10
000 000 laria, gamodis, rom 7 000 000 lari pirdapiri
moTxovnaa konkretul brendze da dRes rom kompania
gaiyidos, es komerciuli Sedegi mravali wlis gan­
mavlobaSi SeiZleba daageneriros axalma mflobelma.
imis dadgena, zogadad, ra aris kompaniis gudvili da
araxelSesaxebi aqtivebis Rirebuleba, rTuli finan­
suri parametrebiT xdeba, rac umjobesia, profesio­
nal finasistebs mivandoT. zogadi warmodgenisTvis ki
formula Semdegia:

(fizikuri) aqtivebis wminda Rirebulebas-wminda

Rirebuleba bazarze=gudvils

SeniSvna: kompaniisaTvis aqtivad aseve SeiZleba

CaiTvalos iseTi e.w. araxelSesaxebi aqtivebi,rogore­
bicaa: licenziebi, patentebi, saavtoro uflebebi, ba­
zris wili da momxmarebelTa loialuroba.
 | 45

finansuri koeficientebi

kompaniis momgebianoba, gadaxdisunarianoba da

likviduroba.

Tqveni, rogorc kompaniis mflobelisa Tu xelmZR­

vanelis, kompetenciaa, swori qronologiiT mihyveT
biznesgadawyvetilebebis process, risTvisac saWiroa
kompaniis saqmianobis analizi, diagnozi, strategiu­
li gadawyvetileba, samomavlo miznebisa da gegmebis
gansazRvra, rasac permanentulad moiTxovs komer­
ciuli saqmianoba. Tu rogor SevafasoT kompaniis mi­
mdinare jansaRi mdgomareoba sxvadasxva parametriT,
amisaTvis specialurad SemuSavebuli formulebi arse­
bobs,romlebic swrafi Sefasebisa da efeqturi gadawy­
vetilebebis miRebis saSualebas mogvcems, rac gan­
sazRvravs Cvens samomavlo finansur Sedegebs.
axla ganvixiloT kompaniis gadaxdisunarianobis
sami mniSvnelovani formula.
unarianoba niSnavs, rom kompaniis gayidvis moment­
Si, an zogadad analizisas, ramdenad SeuZlia kompanias
dafaros msxvili valdebulebebi kreditorebis winaSe,
amis dasadgenad gamoiyeneba Sefasebis koeficientebi.
46 | finansebi arafinansisti topmenejerebisTvis

gadaxdisunarianobis koeficienti solvensi

(1) norma 50%- igi sakuTari kapitalis grZelvadian
valdebulebebTan mimarTebaSi Sefardebas niSnavs da,
Tu sakuTari kapitali faravs grZelvadiani valde­
bulebebis naxevars, anu 50%-s, karg niSnulad miiCneva.
formula:

sakuTari kapitali: grZelvadian

valdebulebebTan ⋅ 100%

anu Tu kompanias sakuTari kapitali aqvs 50 lari

xolo grZelvadiani sesxebi 100 lars Seadgens es ga­
daxdis kompaniis gadaxdis unarianobis am koeficien­
tiT normad iTvleba.
zemoT moyvanili balansis angariSgebis magaliTidan
solvensi (1) warmoadgens= (400 000: 284 000)*100%=140.85%,
rac miznobriv niSnulze gacilebiT maRali monacemia
da sakuTari kapitalis karg Tanafardobas aCvenebs
grZelvadian valdebulebebTan.
• (sakuTari kapitali= 400 000 )
• (grZelvadiani valdebulebebi=150 000+134000=
284 000)
gadaxdisunarianobis koeficienti solvensi (2)
norma 100% --es koeficienti gviCvenebs mTliani aq­
tivebis (minus sakuTari kapitali) Tanafardobis efeq­
turobas jamur valdebulebebTan da misi normaa 100%
(anu 1). es niSnavs imas, rom, Tu jamuri aqtivebis wili
valdebulebebTan mimarTebaSi udris 100%-s, anu erT
imdens, ramdenic jamuri valdebulebebia, igi srulad
yofnis valdebulebebis dafarvas.
 finansuri koeficientebi | 47

formula:

jamuri aqtivebi: jamur valdebulebebze

(minus.sak.kapitali) ⋅ 100%

zemoT moyvanili balansis angariSgebis magaliTi­

dan solvensi (2)
• (jamuri aqtivebi=897000)
• (valdebulebebi(sakuTari kapitalis gareSe)=
497000)
solvensi (2) _ 897000:497000*100%=180.48%- rac mizno­
brivze maRalia da gadaxdisunarianobis maRal maCvene­
bels warmoadgens.
solvensi (3) norma 25% --es koeficienti gvauwyebs
sakuTari kapitalis wils mTlian kapitalTan mimarTe­
baSi da Tu Cveni kapitalis wili 25%-ia, anu meoTxedi
mTlian kapitalSi, es monacemi miRebul normad iTvle­
ba, radgan mTliani kapitali iqmneba sakuTari kapita­
liT, anu valdebulebebiT damfuZneblebis winaSe da
aseve iqmneba nasesxebi aqtivebiT (banki, momwodeble­
bi da sxva). sainteresoa, mocemul momentSi, rodesac
Cven gvWirdeba monacemi, ra procentuli wili ukavia
sakuTar aqtivebs mTlianobaSi jamur kapitalTan mi­
marTebaSi.
formula:

sakuTari kapitali: jamur kapitalTan ⋅ 100%

e.i. nasesxebi aqtivebiTa da am formuliT cxadi

xdeba, mTlian kapitalSi ra wili ukavia Cvens saku­
Tars.
48 | finansebi arafinansisti topmenejerebisTvis

zemoT moyvanili balansis angariSgebis magaliTi­

dan solvensi (3) amgvaria:
• (jamuri kapitali=897000)
• (sakuTari kapitali=400 000)
solvensi(3)= 400000:897000*100%=44.59% (anu mTlian
kapitalSi sakuTari kapitalis wili 44.59%-ia)

kompaniis likviduroba:

zemoT moyvanili koeficientebiT Cven ganvsazRvreT

kompaniis gadaxdisunarianoba, rac ganpirobebuli iyo
kompaniis balansze arsebuli msxvili aqtivebiT, gr­
Zelvadiani msxvili davalianebebis dafarvis SesaZle­
bloba da aseve kompaniis kapitalis wilis gansazRvra
mocemul momentSi, kompaniis likvidurobis gansazR­
vra ki gvaZlevs analizis saSualebas, Tu ramdenad
likviduria kompania SedarebiT naklebad msxvili aq­
tivebiT mimdinare davalianebebTan mimarTebaSi, anu
ramdenad swrafad SeuZlia mas misi aqtivebis fulad
qceva da davalianebebis dafarva. kompaniis likvidu­
robis dadgenisTvis gamoiyeneba ZiriTadad ori sakvan­
Zo formula:

mimdinare koeficienti (Current ratio) da swrafi

koeficienti (quick ratio)
mimdinare koeficienti (current ratio) norma 200%
an, koeficienti 2 -- am formulis gamoyeneba gviCve­
nebs, Tu ramdenad swrafad SeuZlia jamur mimdinare
aqtivebs mimdinare davalianebebis dafarva da normad
miiCneva monacemi maSin, rodesac mimdinare aqtivebi
mimdinare davalianebebs erTxel aRemateba. Tu zemoT
 finansuri koeficientebi | 49

moyvanili balansis monacemebs gamoviyenebT, Semdegi

saxis koeficients miviRebT:
formula:

mimdinare aqtivebi / mimdinare valdebulebebTan

anu Tu kompanias mimdinare/moklevadiani aqtivebi

200 lari aqvs xolo mimdinare moklevadiani aqtivebi
100 lari es am koeficientisTvis kompaniis likvidu­
robas niSnavs.
mimdinare aqtivebi:
• inventari + 35 000
• debit. daval. - 34 900
• naRdi fuli - 144 000
jami=213000
moklevadiani valdebulebebi:
• davalianeba momwodeb. - 349000
• sakredito xazi - 135 000
• xelfasebi - 44 000
jami=528 000

mimdinare koeficienti: 213 000: 528 000 = 0.4

rogorc vxedavT, miRebuli koeficienti miRe­
bul norma-ze sakmaod dabalia, rac niSnavs imas, rom
kompanias likvidurobis problema aqvs. es SeiZleba
ganpirobebuli iyos imiT, rom fiqsirebul aqtivebSi
sakmaod didi Tanxebia koncetrirebuli da amis ga­
mosasworeblad SesaZlebelia fiqsirebuli aqtivebis
(miwis, nagebobebis, danadgarebis) gayidva iyos mizno­
brivi, raTa kompanias meti likviduri aqtivi Seeqm­
50 | finansebi arafinansisti topmenejerebisTvis

nas,(inventari, sasaqonlo naSTebi, fuli da sxva). an

gamosavlaT SeiZleba CaiTvalos,damatebiTi saxsrebis
moZieba investorebisagan Tu sxva sabanko produqte­
bis saxiT.

Quick Ratio–- swrafi koeficienti norma 100% (1)

– es koeficienti gvauwyebs, Tu ramdenad sakmarisia
fuladi saxsrebi, anu realuri fuli, rogorc aqtivi,
jamuri mimdinare davalianebebis dasafarad, rac gu­
lisxmobs aqtivebze inventaris, saqonlo naSTebisa da
sxva aqtivebis gamoklebas da naRdi fulis Sefardebas
mimdinare davalianebebTan, rac kompaniisTvis moce­
mul momentSi naRdi fulis efeqturobas gansazRvravs
da misi miznobrivi koeficienti 1-ia, anu kompaniisT­
vis mocemul momentSi arsebuli fuli Tu utoldeba
mimdinare davalianebebis jams, es karg monacemad Cai­
Tvleba.
formula:
fuli: mimdinare davalianebebze
(fuli jami Sefardebuli mimdinare davalianebebze)

es niSnavs rom kompanias fuli unda qondes 100 la­

ri xolo mimdinare/moklevadiani davalianebebi unda
qondes 100 lari raTa is likvidurad CaiTvalos.
mimdinare aqtivebi:
• inventari + 35 000
• debit. daval. - 34 900
• naRdi fuli - 144 000
jami=213000
moklevadiani valdebebulebebi:
 finansuri koeficientebi | 51

• davalianeba momwodeb. - 349000

• sakredito xazi - 135 000
• xelfasebi - 44 000
jami=528 000

(2130000-35000-34900=144000 naRdi fuli)

swrafi koeficienti: 144000:528000=0,27
es niSnavs imas, rom kompanias sakmad cudi mdgoma­
re­oba aqvs likvidurobis TvalsazrisiT, radgan miz­
nob­riv koeficientTan sakmaod didi sxvaobaa da mi­
mdinare davalianebebi sakmaod aRemateba mocemul
momentSi kompaniis balansze arsebul naRd fuls.

kompaniis momgebianobis koeficientebi: ROE, ROA

garda kompaniis gadaxdisunarianobisa Tu likvidu­
robis gansazRvrisa, udavod, dameTanxmebiT, rom kom­
paniis momgebianobis analizi sakvanZoa. rodesac mis
komerciul warmatebaze vsaubrobT, amisaTvis gamoiye­
neba Sefasebis koeficientebi, rac pirdapir gvaZlevs
informacias organizaciis momgebianobaze. momgebiano­
ba kompaniis balansisa da mogeba-zaralis angariSge­
bis safuZvelze keTdeba, rac niSnavs imas, rom orga­
nizaciis dagenerirebul mogebas dabegvramde (EBIT)
vafardebT kompaniis balansSi arsebul sxvadasxva
komponents. erT-erTi aseTi analiz-koeficienti ROE
(Return on equity) gvauwyebs, Tu sakuTar kapitalze ra
procentuli ukugeba aqvs kopanias mogebis saxiT, anu
is kapitali, romelic kompanias ekuTvnis, ra Sedegis
momtania saboloo jamSi organizaciisTvis.
52 | finansebi arafinansisti topmenejerebisTvis

formula ROE:

mogeba dabegvramde: sakuTar kapitalze*100%

(mogeba dabegvramde Sefardebuli sakuTar kapi­

talze * 100%)
wina magaliTebis mogeba-zaralisa da balansis an­
gariSgebebs Tu daveyrdnobiT, rogorc qvemoT aris
mocemuli, kompaniis ukugeba sakuTar kapitalze, anu
ROE gamodis: 890900:400000*100%=222.72%
(mogeba zaralis safuZvelze mogeba dabegvramde
890900 (wina balansis sakuTari kapitali 400 000 )

mogeba/zaralis Semo­ % wili

angariSgeba savlebi jamur
xarjebi, Semo­
mogeba savalTan
saoperacio peri­
mimarTe­
odi 2019 weli
baSi
Semosavlebi GEL %
Semosavle­ gayidvebi 1500000 83.33%
bi momsaxureba 100000 5.56%
sxva Semosavali 200000 11.11%

jamuri Semosava­ 1800000 100.00%

li=

dakav­ produqciis TviT­ 450000 25.00%

Sirebuli Rirebuleba=
xarjebi/
TviTRire­
buleba
 finansuri koeficientebi | 53

gros Semosavali= 1350000 75.00%

xarjebi GEL %
mudmivi xelfasebi 90000 5.00%
fiqsire­ qira 18000 1.00%
buli/da
cvladi reklama 120000 6.67%
xarjebi sakancelario xar­ 4000 0.22%
jebi
danaxarjebi komu­ 2200 0.12%
nikaciaze
treningebi, 12000 0.67%
danadgarebis 15000 0.83%
renta
dazRveva 9000 0.50%
sxva 900 0.05%
bankis % 180000 10.00%
jamuri xarjebi= 459100 25.51%
%
gadasaxade­ mogeba/Semosava­ 890900 49.49%
bi da moge­ li dabegvramde=
ba mogebis gadasaxa­ 133635 7.42%
di 15%
wminda Semosava­ 757265 42.07%
li=
dividendis ga­ 37863 2.10%
dasaxadi -5%
gasanawilebeli 719402 39.97%
mogeba=

meore aseTi formula, romelic gvaZlevs saSuale­

bas, miviRoT informacia imasTan dakavSirebiT, Tu ra
54 | finansebi arafinansisti topmenejerebisTvis

procentuli ukugeba aqvs mogebis saxiT kompanias mis

aqtivebTan mimarTebaSi, Semdegia:
ROA (Return on assets) – ukugeba (jamur) aqtivebze
formula:

mogeba dabegvramde: jamur aqtivebze*100%

890 900: 897 900*100%=99.22%

wina balansis monacemiT jamuri aqtivebi= 897 900
mogeba zaralis monacemiT, mogeba dabegvramde= 890
900
moklevadiani samuSao kapitali aris is likvi­
duri aqtivebi, romlebic mimdinare periodSi kompa­
nias ufiqsirdeba, rogorc fulSi yvelaze swrafad
likvidirebadi aqtivebi da TavisTavad aseve uSualod
fuli. samuSao kapitali SeiZleba iyos rogorc kuT­
vnili, aseve valdebulebebisagan Semdgari resursi,
romelic SegviZlia moklevadian periodSi gamoviye­
noT. magaliTad, Tu Cven momwodebels SevuTanxmde­
biT, rom wina Tvis 1-30 ricxvebSi realizebul Tanxas
gadavuxdiT Semdegi Tvis 15 ricxvSi, gamodis, rom
Semdegi Tvis 1-15 ricxvamde Tanxobriv brunvas gamo­
viyenebT, rogorc samuSao kapitals, anu es resursi
Cven dagvigrovdeba, rogorc fuladi aqtivi, romlis
gadaxdac jerjerobiT ar gviwevs. es fuli erTgvari
ufaso sesxia, romelzec procenti ar gvaqvs gadasax­
deli. OPM (other peoples money) sxva adamianebis fuli
da resursebi – es aris amosavali wertili komerciul
saqmianobaSi sakuTari biznesis warmatebuli kapitali­
zaciisTvis. OPM-Si igulisxmeba bankebi,momwodeblebi,
 finansuri koeficientebi | 55

momsaxurebebi da sxva fuladi Tu arafuladi saxsre­

bis momwodeblebi, romelnic uSualod ukavSirdebian
Cvens bizenssaqmianobas.
formula: mimdinare aqtivebs – mimdinare dava­
lianebebi = samuSao kapitals.
56 |

fulis fasi droSi

ukugeba investiciebze da Sida ukugebis

koeficienti

NPV,IRR,ROI. (gadaxede am Tavs kargad logikuri ac­

denebi ar iyos)

investiciis mizani is aris, rom Seqmnas qaTami, rome­

lic oqros kvercxebs dadebs, xolo oqros kvercxe­
bis daniSnuleba ki aseTive mravali qaTmis gamoCekaa.
komercia fermas hgavs, romelic mudmivad urTierT­
dakavSirebuli faqtorebiT ikvebeba. biznesSi vde­
bT investicias im mizniT, rom man Semdeg stabilu­
ri Semosavali mogvitanos da rogorc „mosavali“, ise
dagvibrundes Cven mier investirebuli Tanxa ukve na­
matiT.
rogorc nebismier investors kargad aqvs warmodge­
nili is, Tu rodis moxdeba mis mier investirebuli
Tanxis ukugeba, aseve Cvenc kargad unda ganvsazR­
vroT is dro, rodesac Cven mier proeqtebSi Cadebuli
Tanxebi ukan dagvibrundeba.
magram dRevandeli 100 lari erTi wlis Semdeg ka­
rgad mogexsenebaT rom ver SeZlebs igive raodenobis
produqtis SeZenas.
 fulis fasi droSi | 57

anu Tu me Tqven dRes 100 lari mogeciT rogorc

investorma kompaniis ganviTarebisTvis erTi wlis
Semdeg dabrunebuli 100 lari CemTvis danakargs niS­
navs radgan am fulma ganicada ifnlacia, ultrirebu­
lad rom vTqvaT dakarga fasi am drois ganmavlobaSi
da ganicada „cveTa“
Tavad fuli yvelaze sakvanZo aqtivia biznesSi rad­
gan mTavari instrumentia yidvis dros magram mas aqvs
„fuWebis buneba“ is „cvdeba“ kargavs Zalas da sabo­
lod misi msyidvelobiTi unari nulisken mieqaneba.
uZravi qonebis fasi wlidan wlamde izrdeba,Tu
stabiluri politikuri garemoa konktretul re­
gionSi,aseve oqros fasic,vercxlis fasi da sxva ise­
Ti aqtivebis fasi romelnic drois msvlelobis kval­
dakval maTi fasi wlidan-wlamde xandaxan umniSvneloT
magram izrdeba.
aseTi wina piroba imitom movayole fulze sau­
bars rom kargad davimaxsovroT, investirebis dros
aucilebelia fulis rogorc „cveTadi aqtivis“ ise
Sefaseba da Cveni investiciebis dabrunebis dros (fu­
ladi saxiT) kargad SevZloT gansazRvra imisa Tu ra
msyidvelobiTi unari aqvs guSindel 100 lars dRes,an
dRevandel 100 lars momavalSi.
ilustrirebisTvis modiT vnaxoT ra mouva Cvens
fuls 5 wlis ganmavlobaSi Tu mas ubraloT SevinaxavT
anabarze.
modiT aviRoT iseTi produqti romelsac yovel­
dRiurobaSi viyenebT da es produqti iyos puri,vTqvaT
rodesac Cven investicia ganvaxorcieleT erTi puri
58 | finansebi arafinansisti topmenejerebisTvis

Rirda 1 lari (an produqtebis saSualo fasi iyo

garkveul niSnulze)

iT wlebis mixedviT
ramden purs viyid­
wlis bolos . +10%
puris sawyisi fasi
2021 wlis dasawyi­

puris fasis zrda

inflacia yoveli

fuli anabarze
yovelwliuri

wlis bolos

formula
periodi

sSi

100 /
2021 1 10% 1,100 100 90,9090909
1,1
100/
2022 1 10% 1,210 100 82,6446281
1,21
100 /
2023 1 10% 1,331 100 75,1314801
1,311
100 /
2024 1 10% 1,464 100 68,3013455
1,464
100 /
2025 1 10% 1,611 100 62,0921323
1,611

gamodis rom 10%–iani inflaciis kvalobaze dRe­

vandeli 100 lariT Tu Cven vyidulobdiT 100 purs
2021 wels, 5 wlis Semdeg 2025 wels TiTqmis -38%–iT
naklebs anu 62 purs viyiddiT,es SemTxveva SegviZlia
ganvazogadoT Cveni mxridan sainvesticiod Cadebul
Tanxebzec, anu Tu me Tqven 100 lars mogcemT da Tqven
an nawilobriv an erTianad 5 welSi srulad damibrune­
bT Cems mier ganxorcielebul investicias 100 lars
gamodis rom mas eqneba daaxloebiT -38%–iT naklebi
Zala vidre mas hqonda 2021 wels roca me Tqven fuli
 fulis fasi droSi | 59

mogeciT. Tqven metyviT ras iTxov Cemgan?! me xom igive

Tanxa dagibrune rac momeci wlebis win,magram me viqne­
bi srulad argumentirebuli da logikuri Cems msje­
lobaSi Tu agixsniT rom Tqven fulis masa damibruneT
igive rac wlebis win me Tqven mogeciT magram msyid­
velobiTi unariT damibruneT 62 lari.
eseigi dRevandeli 100 laris Rirebuleba romelsac
Tqven me damibruneT 5 wlis Tavze (e.w Net present value
– NPV) 10%–iani inflaciis pirobebSi xval 62 laria.
es 10%–i koeficientis saxiT TavisTavad pirobi­
Tia da koeficienti romelic SeiZleba gamoyenebul
iqnes fulis dRevandeli Rirebulebis gansazRvris­
Tvis SeiZleba iyos ganpirobebuli sxva kriteriume­
biT,magaliTad kapitalis Rirebuleba (rac gvijdeba
konkretuli fuli (bankis sesxi,an investorebisTvis
dasabrunebeli minimaluri %–li zRvari da sxva)
aseve es am kompetenciis gamoyeneba saSualebas
gvaZlevs davfiqrdeT romel proeqtSi ganvaxorcie­
loT investiciebi, Tu magaliTad proeqti romelsac
gvTavazoben sainvesticoT 10%–ian ukugebas ver sc­
deba TavisTavad TavSive wamgebiani iqneba,amisaTvis
qvemoT ufro detalurad SevexebiT e.w Sida ukugebis
koeficients anu miznoriv ukugebas Cvens investicie­
bze.
es ilustracia ar niSnavs imas rom Cven ar unda
SevinaxoT Tanxa anabarze ubralod kargad gvaCvenebs
dRevandeli fulis xvalindel fass(Rirebulebas) da
msyidvelobiT Zalas. TavisTavad anabarze optimalu­
ri (e.w usafrTxoebis biujeti) mudmivad unda iyos
60 | finansebi arafinansisti topmenejerebisTvis

gansazRvruli rogorc organizaciisTvis aseve piradi

miznebisTvisac.
SeniSvna: zomieri inflacia normaluri ekonomiku­
ri faqtoria da niSnavs rom qveynis ekonomika izrde­
ba, anu fasebis zomieri zrda wlidan wlamde es eko­
nomikuri progresis mTavari maCvenebelia (idealur
indikatorad 2%-mde inflacias moiazreben evropul
bazrebze) xolo deflacia anu fasebis saSualo Sem­
cireba mTlian samomxmareblo kalaTaze ekonomikis
Seferxebis maCvenebelia.
IRR -Sida ukugebis koeficienti:
mokled zemoT moyvanili magaliTidan naTlad
Cans rom CemTvis rogorc investorisTvis sakvanZoa
ganvsazRvro is Tu ramdeni lari unda damibrunoT 5
wlis Semdeg raTa dRes TqvenTvis mocemuli 100 laris
msyidvelobiTi unari igive iyos 5 wlis Semdeg (an ne­
bismieri periodi) rogorc dRes aris.
TavisTavad CemTvis miuRebeli iqneba Tu 5 wlis
mere damubrunebT mxolod 100 lars radgan mas rea­
lurad 62 laris Zala eqneba.
imisaTvis rom ganvsazRvroT ramdeni lari unda
damibrunoT jamSi raTa dabrunebuli fulis masa
udrides dRevandeli 100 laris msyidvelobiT unars
saWiroa e. w. Sida ukugebis koeficientis gansazRvra
(internal rate of return)-IRR.
modi cota gavSaloT frTebi da visaubroT mi­
lionebze. warmoidgineT rom me Tqven mogeciT 1 000.000
lari investicia garkveuli biznes proeqtisTvis,Tqven
ki meubnebiT da garantias maZlevT rom yovel wels am
 fulis fasi droSi | 61

fulis 20 % – s damibrunebT rogorc investors da 5

wlis Semdeg me SemeZleba miviRo sarfiani dividentebi.
anu Tqvens mier dapirebuli yovelwliuri EBIT
(Se­mo­savali dabegvramde/mogeba dabegvramde = 200.000
lars.
faqtiuri ukugeba Cems mier Cadebul investiciebze
= 20 % -ia
200.000 : 1000.000*100% = 20%
(orasi aTasi lari gayofili erT milion larze
*100% )
Tqveni SemoTavazebiT Cemi fulis ukugebis dinamika
5 welzea gaTvlili an 20%*5 =100%–s (1 000.000 lars)

formula ROI -Return on investment = EBIT:investment

*100% - mogeba dabegvramde : investiciaze *100%

magram, aq aris mniSvnelovani magram... Tqven ukve

kargad iciT rom xuTi wlis Semdeg dabrunebuli fu­
lis masa ukve aRar iqneba igive msyidvelobiTi Zalis
da amitom me mWirdeba ganvsazRvro miznobrivi %–li
ukugeba romelic msiydvelobiTi unariT damibrune­
bs imden fuls ramdenic iqneba dRevandeli milionis
toli xuTi wlis Semdeg.
gamodis rom me Tqvens mier mocemuli Tanxa unda
davadiskontiro,anu gamovaklo inflacia (an sxva ka­
pitalis xarji) eseigi dRes Tu 100 larad 100 cal
purs vyidulobdiT 1 wlis Semdeg +10%–iani inflaciis
SemxvevaSi me damWirdeba 110 lari (100+10%) raTa igive
raodenobis produqti viyido da ori wlis Semdeg Tu
10%–ian inflaciiT gagrZelda fulis gaufasureba ga­
62 | finansebi arafinansisti topmenejerebisTvis

modis rom (110 lars +10% )121 lari damWirdeba fulis

masis mxriv raTa ori wlis winandeli raodenobis pro­
duqti viyido,mesame wels (121+10% )133 lari damWirde­
ba igive raodenobis produqtis yidvisTvis da a.S.
eseigi Tu Cven vTanxmdebiT rom Tqven damibrunebT
5 wlis Semdeg Cems mier Cadebul investicias me unda
ganvsazRvor Tu ra fulis masa unda damibrunoT raTa
dRes Cadebuli fulis msyidvelobiT Zala(Rirebule­
ba) udrides samomavlod dabrunebuli Tanxis msyidve­
lobiT Zalas (Rirebulebas)
zustad amitom gvWirdeba konkretuli % –li ukuge­
bis gansazRvra raTa 5 wlis Semdeg dabrunebuli Tanxa
udrides dRevandel Rirebulebas.
amisaTvis gamoiyeneba midgoma +- %–li meTodi,maga­
liTad Tu dRevandeli inflaciis done 10%–ia Cvenc
vakeTebT daSvebas an veyrdnobiT saerTaSoriso pro­
gnozebs rom momavali wlebis daaxloebiT 10%–iani
inflacia iqneba da yovelwels dabrunebul Tanxas va­
diskontirebT, vsazRvravT fulis realur Rirebule­
bas.
qvemoT mocemuli cxrilidan pirobiTad aRebulia
100.000 milioni lari rogorc sawyisi investicia xolo
10%–iani yovelwliuri inflacia,Tqvengan marcxniv
cxrilSi Cans Tu ra mosdis fuls drosTan mimarTe­
baSi,20%–iani ukugebis gaTvaliswinebiT, anu pirobi­
Tad yovelwels Tu 20%–s damibrunebT 5 wlis Semdeg
am fuls ra msyidvelobiTi Zala eqneba,xolo Tqvengan
marjvniv Cans saWiro %–li ukugeba raTa 5 wlis Semdeg
dRevnadeli fuli samomavlod udrides 100%–s Tavisi
 NPV -სამომავლოდ მიღებული ფულის დღევანდელი ღირებულება და შიდა უკუგების კოეფიციენტი - IRR

დისკონტირე
უკუგება ინფლაცის ბული უკუგება
საწყისი IRR- საჭირო IRR- საჭირო
ინვესტიცი დონე=10% ქეშფლოუ დისკონტ
ინვესტიცია EBIT-მოგება დაბეგვრამდე უკუგების % ყოველწლიუ
აზე-ROI % ყოველწლიურ –NPV ირების
ROI=EBIT/Investment*100% (მიზნობრივი რი უკუგება
(ფულის ი პროგნოზი + (სამომავლო შემდეგ
2021 წელი % ROI) თანხაში
მასით) 10% მსყიდველობ Pay Back
ითი უნარით)

1000000 2021 წლის ბოლო 200000 20% 1.100 181818 26.5% 265000 240909.0909

1000000 2022 წლის ბოლო 200000 20% 1.210 165289 26.5% 265000 219008.2645

1000000 2023 წლის ბოლო 200000 20% 1.331 150263 26.5% 265000 199098.4222

1000000 2024 წლის ბოლო 200000 20% 1.464 136603 26.5% 265000 180998.5657

1000000 2025 წლის ბოლო 200000 20% 1.611 124184 26.5% 265000 164544.1506
1000000 100% 758157 1325000 1004558.494

მსყ ი დვე ლო ბი თი
მსყ ი დვე ლო ბი თი
უნარ ი თ
უნარ ი თ
75.82% დაბრ უნე ბული 100.46%
დაბრ უნე ბული
თანხა სრ ული
თანხა
უკუგე ბა–Payback
fulis fasi droSi | 63
64 | finansebi arafinansisti topmenejerebisTvis

msyidvelobiTi unariT. saidan ganvsazRverT miznobri­

vi %–li ukugeba anu IRR-i ? ubralod vcadeT ramode­
nime varianti %–li ukugebebisa da 26,5%–i yovelwliu­
ri ukugeba aRmoCnda yvelaze optimaluri varianti
romelic CvenTvis sasurvel niSnulamde gagviynavs 5
wlis Semdeg.
zemoT moyvanili cxrilidan naTlad Cans rom Tqven­
Tvis ara 20%–iani ukugeba aramed 26,5% iani ukugeba
iqneboda misaRebi 10%–aini inflaciis dros,raTa 5
wlis Semdeg kompaniaSi,Tu proeqtSi Cadebuli fuli
igive msyidvelobiTi unariT migeRoT.
zogadad procentuli yovelwliuri ukugeba wmin­
da mogebis saxiT, romelic gvinda, rom davageneri­
roT, unda eyrdnobodes Cvens industriaSi miRebuli
amonagebis procentulad dadgenil normebs. rogorc
zemoT visaubreT, garkveul industriebSi gansazRvru­
lia procentuli amonagebis done. magaliTad, samSene­
blo biznesSi wminda mogeba minimum unda Seadgendes
50-60%-s gayidvebTan (SemosavlebTan) mimarTebaSi, sa­
calo biznesSi miRebulia 4-dan 7 %-mde, sarestor­
no biznesSi minimum 35% da sxva. amitom mniSvnelova­
nia gansazRvroT Tqveni Sida ukugebis koeficientis
procentuli zRvari, romelic Tqvenma biznesma unda
daageneriros, rogorc yovelwliuri amonagebi,ro­
gorc investiciebze ukugebis mxriv aseve zogadad
saWiroa kargad gvesmodes Cvens indusitriaSi miRebu­
li %–li normebi amonagebis saxiT.
Tu pirobiTad Cveni miznobrivi Sida ukugebis yo­
velwliuri procentuli amonagebi Seadgens 35%-s,
 fulis fasi droSi | 65

qvemoT moyvanili magaliTidan Cans, rom amonageb­

ma Seadgina 48% (gasanawilebeli mogeba Sefardebuli
gayidvebTan), rac TavisTavad sakmao warmatebad unda
CaiTvalos. Tu iqneboda dadgenil normaze dabali, pi­
robiTad 25%, es TavisTavad niSnavs imas, rom dageg­
marebisa da aRsrulebis procesSi Secdomebia daSvebu­
li, rac Tqvens myisier reagirebas moiTxovs.

mogeba/zaralis Semosavle­ % wili jamur

angariSgeba bi xarjebi, SemosavalTan
mogeba mimarTebaSi
saoperacio perio­
di 2019 weli
Semosavlebi GEL %
Semosav­ gayidvebi 1500000 83.33%
lebi
momsaxureba 100000 5.56%
sxva Semosavali 200000 11.11%

jamuri Semosava­ 1800000 100.00%

li=

dakav­ produqciis TviT­ 450000 25.00%

Sirebuli Rirebuleba=
xarjebi/
TviTRi­
rebuleba

gros Semosavali= 1350000 75.00%

xarjebi GEL %
66 | finansebi arafinansisti topmenejerebisTvis

mudmivi xelfasebi 90000 5.00%

fiqsire­
qira 18000 1.00%
buli/da
cvladi reklama 120000 6.67%
xarjebi
sakancelario xar­ 4000 0.22%
jebi
danaxarjebi komu­ 2200 0.12%
nikaciaze
treningebi, 12000 0.67%
danadgarebis renta 15000 0.83%
dazRveva 9000 0.50%
sxva 900 0.05%
bankis % 180000 10.00%
jamuri xarjebi= 459100 25.51%
%
gadasaxa­ Semosavali 890900 49.49%
debi da dabegvramde=
mogeba mogebis gadasaxadi 133635 7.42%
15%
sxvaoba - EBIT-TAX 757265 42.07%
dividendis ga­ 37863 2.10%
dasaxadi -5%
wminda Semosavali/ 719402 39.97%
gasanawilebeli
mogeba=

axla ki isev aRniSnuli magaliTis daxmarebiT ganv­

sazRvroT, ramden xanSi moxdeba Cveni investiciebis
ukugeba, Tu pirobiTad Cveni Tavdapirveli investire­
buli Tanxa Seadgenda 2 500 000 lars sawyis etapze(Ta­
visTavad mniSvnelovania isic, Tu imave Semosavlebisa
da amonagebis igive dinamika gagrZeldeba da amas ba­
zris tendeciebic Seuwyobs xels).
 fulis fasi droSi | 67

amisaTvis saWiroa, gamoviyenoT formula ukugeba

investiciebze (Return on investments)-ROI
veyrdnobiT isev zemoT moyvanil mogeba-zaralis
angariSgebis magaliTs.
formula:
mogeba dabegvramde (EBIT): sawyis investiciaze ⋅ 100 %
anu (719402: 2 500 000)*100%= 28,8% ROI

SeniSvna: ratom gamoiyeneba am formulaSi mogeba

dabegvramde da ara wminida anu gasanawilebeli moge­
ba? es ganpirobebulia imiT rom rodesac Cven rogorc
kompaniis damfuZneblebis vanxorcielebT investicias
organizaciaSi,es fuli organizaciisTvis aris e.w da­
valaineba Cvens winaSe da sanam am fuls ar davibrune­
bT srulad, manamde ar vibegrebiT mogebis da divden­
dis gadasaxadiT.
gamodis, rom wliurad Cven ukugebas Tavdapir­
vel investirebul Tanxaze viRebT 28,8%-is saxiT, ma­
gram rom gavigoT, Tu ramden welSi miviRebT Tanxas
srulad, unda gamoviyenoT Semdegi formula 100:28,8=
3,5 (anu saSualod sam weliwad-naxevarSi davibrunebT
Cadebul Tanxas).
TqvenTvis, rogorc menejerisTvis, zemoT moyvani­
li koeficientebi imiT aris mniSvnelovani, rom gqon­
deT is sazomi parametrebi, romelTa saSualebiTac
SeZlebT Tqveni organizaciisa Tu proeqtis efeqtu­
robis Sefasebas, aseve aucilebelia, gaiTvaliswinoT
da mudmivad gaxsovdeT is faqti, rom dro fulia
maSin, rodesac Cven investiciebi ganvaxorcieleT da
maTgan miznobriv ukugebas velodebiT mogebis saxiT.
68 |

maragebis kontroli da optimaluri

naSTi

Cems biznes sakonsultacio praqtikaSi Zalian xSiria

rodesac kompanias ararelevanturi produqciis naSTe­
bi aqvs,rac kompaniisTvsi garda finansuri probleme­
bisa mraval saoperacio problemebs qmnis.
kompaniisTvis didi naSTi damatebiT saoperacio
Zalisxmevas moiTxovs rom araferi vTqvaT gaCerebul
Tanxebze maragebis saxiT rac dabal efeqtianobas
iwvevs kompaniisTvis,xolo ara sakmarisi naSTi pirda­
pir akargvinebs kompanias Semosavlebsa da gayidvebs.
roca sakiTxi naSTebs exeba aq yvelaze sakvanZoa
sityva – „ optimaluri“ anu arc bevri da arc cota,
aramed is optimumi romelic CvenTvis meti Semosavli­
sa da mogebis momtani iqneba.
warmoidgineT praqtikaSi bevrjer mqonia rodesac
kompanias garkveuli pozicia 70–80 wlis naSTi qonia,
sasaciloa magram aseTi praqtikebi bevria anu, we­
liwadSi am poziciis gayidvis brunva 1 calia da kompa­
nias sawyobSi udevs 70–80 cali, an TveSi yidis 2 cals
da sawyobSi raRac produqti udevs 24 cali,miuxeda­
vad imisa rom momwodeblebis mxridan am produqtebis
 maragebis kontroli da optimaluri naSTi | 69

mowodebis aranairi problema araa drois mokle mo­

nakveTSi.
rodesac maragebze vsaubrobT, aucileblad unda
gvaxsovdes rom Cvens biznesSi miRebul normebTan
axlos unda viyoT da produqciis yoveli SekveTa
mkacrad unda kontroldebodes raTa ar gamoviwvioT
–„roca gayidvebis gvaqvs maragi ar gvyofnis da roca
gayidvebi ar gvaqvs maragi bevri bevri gvaqvs“ mdgo­
mareoba.
e.w komerciuli algoriTmi romelic Cvens biznes
specifikas iTvaliswinebs TavisTavad individualuria
da mTavria maragebis marTvis Cveneuli logika swor
finansur–komerciul kriteriumebs eyrdnobodes.
amas winaT mqonda aseTi SemTxveva, rodesac erTeT
kompanias intensiuri finansuri problemebi qonda da
me mommarTa biznes konsultaciisaTvis,rodesac ga­
davxedeT kompaniis balanss,aRmoCnda rom kompania
mdidaria da momgebiani, magram ara likviduri, anu
mimdinare davalianebebis dafarva ar SeeZlo radgan
sakmarisi fuli ar yofnida miuxedavad misi msxvili
aqtivebisa (miwa,uZravi qoneba da sxva) sad iyo pro­
blema? – problema mdgomareobda imaSi rom komerciu­
li jgufi arasworad akeTebda asortimentis SekveTe­
bs, maragebis SekveTebi xdeboda ara gayidvebisa da
mowodebis ciklis gaTvaliswinebiT aramed es mniSvne­
lovani biznes procesi, ar sWirdebodaT magram mainc
ukveTavdnen. ramac gamoiwvia kompaniiis e.w gadanaSTva
da daaxloebiT 24 jer meti naSTi daugrovda kompanias
vidre mas sWirdeboda.
70 | finansebi arafinansisti topmenejerebisTvis

es SemTxveva rom ganvmartoT, momwodebels mohqon­

da vTqvaT 1 cali produqti, kompania miiRebda mas, jer
gayiduli ar hqonda es 1 cali produqti da momwode­
beli ukve Txovda am produqtSi fulis gadaxdas da
damatebiT umatebda axal naSTs ramac gamoiwvia fulis
mudmivi deficiti.
es rom ar moxdes aucilebelia cota gvian gadavixa­
doT fuli vidre gavyideT da viqonioT imdeni cali
dasaxelebis produqti ramdensac vyidiT garkveu­
li periodis ganavlobaSi,rac TavisTavad unda iTva­
liswinebdes mowodebis ciklsa da vadebs.
pirobiTad Tu vyidiT TveSi 5 cals, da momwode­
belsac TveSi erTxel moaqvs produqcia maSin SesaZle­
belia +20– 30 % iT meti raodenoba gvqondes da Se­
vukveToT 6–7 cali da ara 15 cali. Tu momwodebels
SeuZlia or kviraSi erTxel mogvawodos aRniSnuli
dasaxeleba maSin 2–3 calic sakmarisi iqneba yoveli
SevkeTis dros radgan meore SekveTamde maragi Tavi­
suflad geyofad.
TavisTavad Tu Cven arastabilur,araprognozire­
bad biznesSi varT da TveSi xan 5, xan 15,xan 25 calis
gayidva gvaqvs maSin Cvens sawyobSi maragebiT gadavse­
bas da „gadanaSTvas“ jobs gamoviyenoT midgoma Just
in time – „roca mWirdeba „ anu momwodebelTan unda
gqondeT gaTvaliswinebuli aRniSnuli piroba da roca
aseTi gauTvaliswinebeli SekveTebi geqnebaT droulad
mogawvdiT TqvenTvis sasurvel naSTs.
jamuri naSTi dReebSi : es aris martivi formu­
lireba imisa Tu ramdeni dRis naSTi unda gvqondes
 maragebis kontroli da optimaluri naSTi | 71

TviRirebulebiT Cvens sawyobSi,Tu qselSi, magali­

Tad miRebuli normaa rom sayofacxovrebo sakvebiT
movaWre supermarketis SemTxvevaSi naSTi dReebSi
14–15 dRea, didi hipermarketebis SemTxvevaSi 28 dRe,
importze damokidebuli sadistribucio kompaniis
SemTxvevaSi 45 dan 60 Tvemde da ase Semdeg.
naSTi dReebSi – formula Semdegia: jamuri naSTi :
jamur gayidvebze
anu Tu Tqven supermarketi gaqvT da Tqveni biznes
specifikidan gamomdinare Tqveni miznobrivi naSTi
dReebSi 15 dRea xolo saSualod 30 dReSi vaWrobT 1
000 000 lars naSTi unda gqondeT 500 000 lari.
anu 500.000 : 1000. 000 = 0,5 (anu naxevar Tves)
SeniSvna: naSTi unda iyos TviTRiebulebiT, dRg–s
gareSe,xolo Semosavalic dRg–s gareSe da gamoklebu­
li saSualo marJa. (raTa naSTis brunvadoba ganvsazR­
vroT)
Tu miRebuli koeficienti ar gakmayofilebT da ma­
ragebis mxriv gadaWarbeba gaqvT aq TavisTavad gamosa­
vali, momwodeblisTvis mibrunebaa aRniSnuli produq­
ciis an sulac minimaluri marJebiT misi amoyidva.
72 |

gayidvebisa da bazris monacemebis

analizi

XXI saukunis umTavresi Tavsatexi komersantebisTvis

gayidvebis generirebaa. dRes bazarma miaRwia hiper­
konkurencias da TiToeuli momxareblis mozidvisT­
vis organizaciebs udidesi Zalisxmeva sWirdebaT. Tu
wina saukuneebSi sakmarisi iyo warmoeba, rom produq­
cia gayiduliyo, radgan moTxovna gacilebiT meti iyo
miwodebaze, dRes miwodebis gadaWarbebam gamoiwvia is,
rom produqciis warmoebamde da mis bazarze gatanamde
(lonCigi), gadawyvetilebebi nebismieri momsaxurebi­
sa Tu produqiis warmoebamde,seriozul kompleqsur
komerciul analizs saWiroebs. sanam produqts gasayi­
dad gavitanT bazarze, mas aucileblad unda uswreb­
des win marketinguli kvlevebi, romlebic moicavs
bazrisa da momxmareblis moTxovnebis Rrma analizs,
konkurentebis gayidvebsa da zogadad poziciebze in­
formacias, mTliani bazris raodenobrivi potencia­
lis Sesaxeb monacemebsa da sxva mniSvnelovan finan­
sur-komerciul faqtebs.
 gayidvebisa da bazris monacemebis analizi | 73

biznesi „Semoqmedebaa“, romlis efeqturobac gani­

sazRvreba mxolod cifrebiT, romlebic eyrdnoba sta­
tistikasa da gazomvad komerciul parametrebs.
aqve msurs, gagacnoT iseTi mniSvnelovani kanon­
zomiereba, rogoricaa paretos principi. warmoSo­
biT italielma da safrangeTSi moRvawe mecnierma al­
fredo paretom miagno princips, romelsac 80/20-ze
20/80-ze ewodeba, rac gulisxmobs imas, rom nebismieri
80%-iani Sedegi generirdeba 20%-iani ZalisxmeviT da,
piriqiT, 20%-iani Sedegi 80%-iani ZalisxmeviT. piro­
biTad, Tu romelime qveynis mosaxleoba Seadgens 10
000 000 adamians da maT mier erTianad gamomuSavebu­
li Semosavlebi weliwadSi 100 000 000 laria, paretos
principis mixedviT, SevxvdebiT erT kanonzomierebas,
rom aqedan 20% mosaxleobisa, 2 000 000 adamiani, ga­
moimuSavebs mTeli fulis 80%-s, 80 000 000 lars, xolo
mosaxleobis 80%, 8 000 000 adamiani, gamoimuSavebs mTe­
li Semosavlebis mxolod 20%-s, 2 000 000 lars. igive
principi SegviZlia gamoviyenoT nebismieri parametre­
bis analizis dros. magaliTad, gayidvebis analizis
dros aRmovaCenT, rom 10 dasaxelebis produqtidan
mxolod ors an maqsimum sam saxeobas moaqvs 80%-iani
gayidvebi, danarCen 7-8 saxeobas ki ---mxolod 20%-30%
gayidvebisa. 100 momxmareblidan 20 momxmarebels (20%-
s) moaqvs 70-80%-iani mogeba, xolo danarCeni 70-80 (70-
80%) momxarebeli mogvcems mxolod 20 %-ian mogebas.
momxmareblebi, produqtebi, asortimenti,aseve sxva
faqtorebi, romlebic strategiul 20%-Si Sedis da
romelsac 80% Sedegebis generireba SeuZlia, Tqven­
74 | finansebi arafinansisti topmenejerebisTvis

Tvis sakvanZoa prioritetulobis TvalsazrisiT da

gadawyvetilebebis miRebis procesSi,amitom, pirvel
rigSi, isini unda gaiTvaliswinoT.
paretos principis gamoyeneba saSualebas mogcemT,
swrafad gaakeToT gayidvebis, amonagebis, momxmarebli­
sa Tu bazris generaluri analizi da isini strategiu­
li mniSvnelobiTa da TanmimdevrobiT daalagoT, rac
sworad da efeqturad marTvis SesaZleblobis umTa­
vresi winapirobaa.
 | 75

Sedegebis analizi:

indeqsi

rom gavigoT, nebismieri Sedegi gaumjobesda Tu gaua­

resda, amisaTvis gvWirdeba Sesadarebeli periodi,
anu is Sesadarebeli monacemi, romlis sapirwonedac
SevZlebT Cveni Sedegebis Sedarebasa da gansazRvras.
magaliTad, Tu Tqven organizacia daafuZneT 2015 wels
da gindaT SeafasoT 2015 welTan SedarebiT dRevande­
li mimdinare 2018 wlis Sedegebi gayidvebis, amonagebis,
bazris wilis, Tu sxva im raodenobrivi monacemebis
mixedviT, romlebic gainteresebT, amisaTvis gamoiye­
neba ori midgoma-- indeqsisa da reiTis formula. pir­
vel rigSi, ganvixiloT indeqsis formula.

formula(Index) = mimdinare monacemi/Sesadarebel

periodze ⋅ 100%

(mimdinare monacemi Sefardebuli Sesadarebel pe­

riods da gamravlebuli 100%-ze)
76 | finansebi arafinansisti topmenejerebisTvis

magaliTad, 2015 wels pirobiTad Tqveni organiza­

ciis gayidvebi wlis ganmavlobaSi iyo 1 500 000 lari,
xolo 2018 wels 2 250 000 lari,
2 250 000:1 500 000 ⋅  100%=150% indeqsi
Cven SegviZlia 2015 wels, anu Sesadarebel periods,
SevadaroT gayidvebis monacemebis TvalsazrisiT 2016,
2017, 2018 wlebi.amiT ki ganvsazRvravT, Cvenma gayid­
vebma ramdeni procentiT moimata. aq unda gaviTva­
liswinoT is, rom indeqsis analizis dros monacemi
yovelTvis moicavs Sesadarebel periods, anu 100%-s
da Sesabamisad 2016 wels gayidvebi gaizarda +13%-iT
(100-113), xolo 2017 wels daiklo 20%-iT da 2018 wels
moimata +33-iT Sesadarebel periodTan mimarTebaSi.

reiTi

meore formulaa da principulad imave midgomas gu­

lisxmobs analizis TvalsazrisiT. ubralod, indeqs­
 Sedegebis analizi: | 77

Tan SedarebiT reiTis formula ar moicavs Sesadare­

bel periods (100%-s) da pirdapir gviCvenebs klebas an
matebas Sesadarebel periodTan mimarTebaSi.
formula-- mimdinare monacems-Sesadarebeli perio­
di: Sesadarebel periodze x100%
(mimdinare monacems gamoklebuli Sesadarebeli mo­
nacemi, gayofili Sesadarebel periodze da gamravle­
buli 100%-ze).
imave magaliTis mixedviT, reiTis dinamika amgvarad
gamoiyureba:

meti TvalsaCinoebisTvis SegiZliaT daakvirdeT am

cxrils, uTuod SeamCnevT, rom reiTi wminda monacems
giCvenebT gansxvavebiT indeqsisagan, romelic monacem­
Si moicavs Sesadarebel periods (100%-).
78 | finansebi arafinansisti topmenejerebisTvis

indeqsi da reiTi
produqti.

Rate-reiTi
gayidvebi.

Index-ind­
weli.

eqsi
monacemebis
dasax. 2014 180000 100% +100% analizi isto­
dasax. 2015 225000 125% +25% riasTan.
dasax. 2016 94737 52.63% -47,36%
dasax. 2017 198000 110% +110%
dasax. 2018 247500 137.5% +37,5%

minda avRniSno rom indeqsic da reiTic Sinaarso­

brivad erTidaigive informacias gveubnebian instori­
saTan mimarTebaSi xolo analiz faqtori SesaZlebelia
iyos nebismieri ram risi gaanalizebas Cven gvsurs,
magaliTad: gaidvebi,momsaxurebis xarisxis zrda,mo­
gebis analizi,cnobadobis analizi Tu sxva nebismieri
komerciul–finansuri faqtoris.

komerciuli akupunqtura.

fexis TiTSi CarWobili nemsi, yurs kurnavs.

CemTvis gasaocaria Cinuri medicinis miRwevebi,
maTi siRrmiseuli codna da mignebebi adamianis orga­
nizmis gankurnebisa da gajansaRebis Sesaxeb.
Cinuri medicina ar ganixilavs organizmis gajansa­
Re­bisa Tu gankurnebis gzaze garkveul organos cal­ke­
 Sedegebis analizi: | 79

ulad aramed organizms ganixilavs rogorc erT mTlian

sistemas,sadac yvelaferi dakavSirebulia erT­maneTTan.
amis brwyinvale magaliTia Cinuri medicinis er­
TeTi Zalian saintereso mimarTleba „akupunqtura“
(organizmis wertilovan centrebze nemsis moTavsebiT
mkurnaloba)
anu SesaZlebelia am mimarTulebis specialistma
Tqven fexis TiTSi arsebul nervul dabolebebze moa­
Tavsos samkurnalo nemsebi da am manipulaciis Sede­
gad Tqven yuris tkivilma gagiaroT.
biznesic Zalian hgavs adaminis organizms – mas aqvs
Tavi gadawyvetilebebisTvis,suli rogorc misi ideuri
nawili, xelebi anu aRsruleba da sxva.
da rogorc kargma eqimebma Cven top-menejerebs
unda SegveZlos komerciuli faqtorebis kargad waki­
Txva, analizi, xarisxiani gadawyvetilebebi, strate­
giis gansazRvra da aRsrulebis kontroli
TiToeul faqtors gansakuTrebiT finansur nawil­
Si sakvanZo da ganmsazRvreli roli aqvs Tqvens sabo­
loo efeqtianobaze. ar geqnebaT produqciis marTe­
buli TviTRirebuleba, ver daagenerirebT miznobriv
marJas, ar geqnebaT swori saxelfaso politika ganm­
sazRvreli es aisaxeba saboloo mogebaze, ar SukveTavs
maragebs sworad es SegiqmniT saopercio problemebs,
ar geqnebaT swori algoriTmi momwodeblebTan Tanxis
gadaxdis mxriv es SegiqmniT fulis deficits, drou­
lad ar moaxdenT Warbi fulis investicias mas infla­
cia SegiWamT, ar geqnebaT swora marJebi gansazRvruli
es mogcemT uaryofiT Sedegs da SesaZlebelia ver ga­
80 | finansebi arafinansisti topmenejerebisTvis

moyoT kompaniisa Tu brendis reklamirebisTvis sakma­

risi Tanxebi rac dagakarvinebT Semosavlebs.
yvelaferi kavSirSia,afsoliturad yvelaferi, war­
mateba ki xarisxiani gadawyvetilebebiT iwyeba.
xarisxiani da efeqtiani gadawyvetilebisaTvis ki
dameTanxmebiT pirvelrigSi saWiroa guliTadi analizi
da sakvanZo sakiTxebis gamokveTa romlis mogvarebis
Sedegadac kompania miiRebs met Semosavals,mogebas da
aqtivebs zrdas.

strategiuli analizi

centraluri problemebi & SesaZleblobebi

am wignma rom Sedegi mogitanoT da erTad gatarebu­

li dro fuWad daxarjuli ar iyos, sakvanZoa am TavSi
ganxiluli instrumentis gamoyeneba da yoveldRiuro­
baSi danergva Tqvens organizaciaSi.
Tu Tqvens saxlSi saxuravis gafuWebis gamo wvimis
dros wyali Camodis aramgonia rom Tqven jer Tqveni
saxlis remontiT daiwyoT da kedlebis mopirkeTebiT,
an fasaduri samuSaoebis CatarebiT, albaT yvela lo­
gikurad moazrovne adamiani jer saxuravs SeakeTebda
da Semdeg sxva danarCen sakiTxebs moagvarebda, magram
rogorc realur cxovrebaSi viqceviT da moviqceo­
diT xSirad ase ar viqceviT biznesSi. ratom xdeba
ase? es imitom xdeba rom biznesSi bevri ram uxila­
 Sedegebis analizi: | 81

via,afstraqtulia, dinamiuria da CvenTvis rTulia ga­

varCioT strategiuli gadawyvetilbebi da maTi mniSv­
neloba yovelidRiuri saoperacio gadawyvetilebebisa
Tu biznes rutinisagan.
xSirad Cemi rogorc biznes konsultantis mTavari
Rirebulebaa kompaniisTvis rodesac maT damfuZneble­
bsa Tu top–menjerebs ubralod „vaCereb“ da xandaxan
vaiZuleb dro dauTmon analizss, imas Tu ras akeTe­
ben,rogor akeTeben, ramdenad strategiuli sakiTxebis
gadaWriT arian dakavebulni, xom ar trialebs kompania
erTi daigive wreze? ramdenad viTardeba kompania misi
xedvis aRsrulebis kvaldakval da ramdenad gacno­
bierebuli aqvs kompanias misi biznes strategegia da
Tu aqvs midis Tu ara am arCeuli gziT? racarunda
gasakviri iyos umravles SemTxvevaSi top–menejmenti
dakavebulia bevri arastrategiuli sakiTxiT da ukan
morCebaT xolme biznesis mTavari sayrdeni RerZi –
mudmivi analizi, efeqturi gadawyvetilebebi,strate­
giuli miznebi,aRsruleba.
aq aseve minda Sevexo aRsrulebis qronologiis
mniSnvelobas, magram amas ver SevexebiT sanam ar gan­
vixilavT centraluri problemis gansazRvris mniSnve­
lobas kompaniaSi.
centraluri problema: es aris kompaniisTvis,or­
ganizaciisTvis,brendisTvis, mocemul momentSi is
sakvanZo da strateguliad yvelaze prioritetuli
sakiTxi romlis mogvarebis Sedegadac kompanias bevri
problema mougvardeba, es aris e.w „dominos principia“
rodesac magidaze mwkrivad dalagebuli dominos qve­
82 | finansebi arafinansisti topmenejerebisTvis

bis TavSi erT qvas wavaqcevT da es gamoiwvevs imas rom

bolomde yvela qva waiqceva da talRa gava boloSi.
rogorc mkurnalobas ar eqneba azri zusti da
maRal profesionaluri dianostirebis gareSe da pi­
riqiT analizs da diagnostirebas moklebuli mkur­
naloba ufro met zians mogvitans vidre sargebels,
asevea biznesis SemTxvevaSic analizs da strategiul
fundaments moklebuli garkveuli qmedebebi didi zia­
nis momtani SesaZloa iyos organizaciisTvis.
organizaciaSi SesaZlebelia pirobiTad 100 pro­
blema iyos mimdinared magram centraluri problema
am 100 problemidan SeiZleba gamoikveTos maqsimum 3-5
mde, an sulac 1.
kompaniis centraluri problemis gamosavlenad
bevr faqtors ukeTdeba analizi rogorciaa: gare da
Sida marketinguli faqtorebi, Sida menejment faq­
torebi, saoperacio menejmneti, da finansuri faq­
torebi,magram radgan Cven am wignSi finansebs vexebiT
gTavazobT egreT wodebul finansur Ceq-lists riTic
SegiZliaT gaakeToT Tqveni kompaniis analizi
mogiwodebT gamoiwyenoT zemoT moyvanili strate­
giuli analizis cxrili Tundac axlave, dafiqrdiT
finansur–komerciul nawilSi Tqvens mimidnare sust
mxareebze da gansaRvreT ra safrTxeebi geliT momaval­
Si Tu am susti mxareebis gamosworebas ar daiwyebT
axlave, aseve yvelaze mniSnvelovania am sust mxareeb­
sa da safrTxeebs Soris gansazRvorT yvelaze sakvanZo
e.w arteriuli problema da ara kapiraluri proble­
mebi,rogorc vTqviT susti mxarebi SesaZlebelia iyos
 Sedegebis analizi: | 83

asi magram centraluri da arteriuli problema Tqve­

ni organizaciisTvis mocemul momentSi iqneba maqsimum
3-5 magram aqedan erTi iqneba strategiulad yvelaze
mniSvnelovani da danarCenebi maRal prioritetuli
sakiTxebi, romelTa mogvarebis Sedegad bevri „kapi­
laruli“ problemebi avtomaturad gvardeba.
aseve gansazRvreT Tqveni Zlieri mxareebi raTa ar
gamogrCeT SesaZleblobebi romelic SegiZliaT aiTvi­
soT bazarze da strategiulad gamoiyenoT isini me­
84 | finansebi arafinansisti topmenejerebisTvis

degi warmatebisTvis, Zlieri mxareebisa da bazarze

ganviTarebis SesaZleblobebs Soris aris yvelaze
mniSvnelovani centraluri SesaZleblobebi romel­
Ta aTvisebac strategiulad da top–prioritetulad
unda moaxdinoT.
analizi rom Taroze ar darCes da mas warmatebis
momtani Sedegi moyves,aucilebelia analizze dayrdno­
biT strategiuli miznebis gansazRvra, miznebis erTi
kategoria unda emsaxurebodes centraluri probleme­
bis mogvarebas da gadaWras,xolo meore SesaZeblobe­
bis aTvisebas Sida organizaciuli Zlieri mxareebi
asaTviseblad.
miznebi ki TavisTavad unda iyos Zalian konkretu­
li,gazomvadi(TanxaSi,procentSi raodenobaSi), miRwe­
vadi garkveuli drois monakveTSi, Sedegze orientire­
buli da aucileblad droSi gawerili.
Cemi Txovnaa wignis es nawili aqtiurad danergoT
Tqvens yoveldRiur praqtikaSi,radgan mravalmxrivi
dakvirebis Sedegad aseT xarisxobriv analizs pirda­
pir SeuZlia mogvitanos finansuri efeqti uaxloes
momavalSi,radgan es midmoga gZenT mTavar adamianur
Rirebulebas da konkurentul upiratesobas yvelanair
mowinave Tanamedrove teqnologiebTan mimarTebaSi, Se­
moqmedebiT azrovneba, xarisxiani gadawyvetilebebi da
momavlis ganWvretis unari es yvelaze didi adamianu­
ri kapitalia romelic Cven SeiZleba SevqmnaT.
ifiqreT, gaanalizeT,gadawyviteT da imoqmedeT.
dro fulia – fiqri da drouli moqmedeba ki fi­
nansuri progresis mTavari RerZi.
 reziume | 85

reziume
dasasruls, aucilebelia xazgasma imisa, rom aRniSnu­
li kompetenciebi, romlebic ganvixileT am wignSi, war­
moadgens Tanamedrove menejerisTvis yvelaze mniSv­
nelovan da yoveldRiurad gamosayenebel praqtikul
midgomebs efeqturi biznessaqmianobisTvis.
Tu TqvenTvis siaxlea cifrebTan amgvari intensiu­
ri muSaoba, msurs, gagamxnevoT, rom, rac ufro xSirad
gamoiyenebT Tqvens komerciul saqmianobaSi zemoT
moyvanil midgomebs, miT ufro swrafad Camigiyalib­
debaT wignSi aRniSnuli sakiTxebi sakuTar unarebad.
amis Semdeg ki merwmuneT, yovelTvis SeZlebT maTs
efeqturad gamoyenebas.
mniSvnelovania, gaxsovdeT, rom biznesi „ xelovne­
baa“, romelic mxolod cifrebiT ganisazRvreba!
gisurvebT warmatebebs Tqvens komerciul saqmiano­
baSi!
avtori
86 |

savarjiSoebi codnis gamyarebisTvis

pasuxebiT da pasuxebis gareSe codnis
gamyarebisTvis

wignis es moduli dagexmarebaT codnis gamyarebaSi,gTava­

zobT savarjiSoebs pasuxebiT da maT gareSe.

pirvel nawilSi SegiZliaT ixiloT qeisebi pasuxebis gareSe

xolo meore nawilSi igive qeisi pasuxiebiT,gisurvebT
warmatebebs.

safaso kalkulaciebi
marJa & fasnamati da nulovani mogebis analizi
Case # 1

davaleba: qeisi # 1

1. gamoTvaleT fasnamatis %
2. gamoTvaleT marJis %
3. gamoTvaleT saS. marJis %
4. gamoTvaleT gros marJ
5. gamoTvaleT Sewonili marJis %
6. gamoTvaleT nulovani mogebis zRvari (saSua­
lo marJiT)
7. gamoTvaleT nulovani mogebis zRvari

8. (Sewonili marJiT)
savarjiSoebi codnis gamyarebisTvis | 87
88 | finansebi arafinansisti topmenejerebisTvis
 savarjiSoebi codnis gamyarebisTvis | 89

qeisi # 2
davaleba:
1. gamoTvaleT kompaniis mogeba dabegvramde (EBIT)
90 | finansebi arafinansisti topmenejerebisTvis
 savarjiSoebi codnis gamyarebisTvis | 91

qeisi # 3
davaleba: SeafaseT kompania
• momgebianobaze
• gadaxdis unarianobaze
• likvidurobaze
pasuxebis gareSe:
92 | finansebi arafinansisti topmenejerebisTvis

pasuxebiT:
 savarjiSoebi codnis gamyarebisTvis | 93

qeisi #4
davaleba:
gamoTvaleT monacemebi istoriasTan SedarebiT

pasuxebis gareSe:

pasuxebiT:
94 | finansebi arafinansisti topmenejerebisTvis

qeisi # 5
NPV –Net Present value
fulis fasi droSi
moaxineT fulis diskontireba
pasuxebis gareSe:

pasuxebiT:
 savarjiSoebi codnis gamyarebisTvis | 95

qeisi # 6 IRR -Internal Rate of Return

Sida ukugebis koeficienti
davaleba:
1. ipoveT saWiro yovelwiluri %–li ukugeba Tqvens
investiciaze gasazRvreT miznobrivi ROI.
pasuxebis gareSe:
96 | finansebi arafinansisti topmenejerebisTvis

qeisi # 6 pasuxebiT:

gisurvebT warmatebebs !