Calculation of roce. Financial and mathematical foundations of investment design. Factorial decomposition of profitability

As you know, plants have two ways of feeding: photo-synthesis or air and mineral. Photosynthesis or airstuffy food is provided by leaves. Absorbing from the air spirit, carbon dioxide and a quantum of light, and from the soil water, They synthesize glucose and other organic compounds.It is due to this type of nutrition that the whole hugebiomass of plants on the globe.

The second type is soil or mineral nutrition. Cor-neither plants absorb water and minerals from the soilsociety. Since the plant contains a large amount number of different elements (almost 3/4 of the periodic table va), and they extract them mainly from the soil, then this removalneed to be replenished. The content of elements in the plant is not the same. For this-This indicator can be divided into three groups.

Most of all in the plant are macronutrients. This is nitrogen (N), phosphorus (P), potassium (K), sulfur (S), calcium (Ca), magnesium(Md) and some others.

Much less concentration of trace elements -manganese (Mn), copper (Cu), cobalt (Co), molybdenum (Mo),boron (B), zinc (Zn). However, they play a very importantrole in plant metabolism.

The content of ultra micronutrients in plants is negligible.roelements - gold, silver, radioactive elementsComrade For indoor plants, one of the factors limitingreducing growth and flowering, there may be a lack of ele-cops of mineral nutrition. Amount of soil in potsnot too large, but the root system of many plantssuperficial. Therefore, the florist is faced with a choice: either a corresponding pot with a rather small volume of soil (do not forget also about drainage, which reduces the "useful volume") or a larger pot,but then there is a danger of soil acidification. Besidesmore space is required to accommodate plants. Therefore, one of the main concerns is the creation and support maintaining an optimal regime of mineral nutrition.

Many elements perform special in the plant, onlyto them inherent functions.

Nitrogen

It is part of the molecules that determine the existencethe study of all living organisms - proteins and nucleic acidslot. It is especially important for plants that it participates inthe formation of a green leaf pigment - chlorophyll and special bovine compounds that control the intensity of growth.

When selecting ready-made fertilizer mixtures, one should learnassuming that with an excess of nitrogen, plants will forma large vegetative mass, but their flowering will be delayed. Therefore, for those species that are used as decorative deciduous, it is possible to recommend a convenientrhenium with a high nitrogen content, and for a beautifulblooming, its concentration should be significantly lower.

Phosphorus

Amount of phosphorus in soil compared to nitrogen significantly less. Its compounds are hardly soluble inwater and therefore less accessible to plants, although on the other hand, the risk of washing them out of the soil is reduced when watering. Phosphorus is most easily absorbed in the form of phosphoric acid salts

Phosphorus plays a very special role in the energetics of the cell. The main molecule is the carrier of energy in the cell.ke - ATP, accumulates and transfers energy precisely thanks to phosphorus. It is also part of the nucleic acidlot, some proteins. Entering in the form of an additional grouppy in a lipid molecule (fat-like substances), it will providebakes a stable combination of proteins and fats in thenichnaya layers of the cell - membranes. Phosphorus stimulatesflowering plants.

Potassium

Also one of the main elements of plant nutrition.Its reserves in the soil are an order of magnitude higher than phosphorus and nitrogen.put together. However, the most readily available for plants are readily soluble potassium salts, the content of whichrye in the soil is only about 1% of the total reserves,which is clearly not enough for normal plant nutrition.Potassium, unlike nitrogen and phosphorus, is not included inany noticeable amounts in the organic matter of the cell. Basically, it defines physical and chemicalproperties of the cell, affects the rate of flow of bio-chemical reactions plays crucial role in admissionwater into the cage and its movement through the plant. One of the mainphysiological processes in a plant - photosynthesis.The role of potassium in it can hardly be overestimated. It speeds up educationstarch and its movement, regulates the work of stomata, through which carbon dioxide enters the plant. In the presencethe presence of potassium increases the resistance of plants to damageenvironmental factors: low temperatures, dry air and soil, infection with fungi and viruses. Potassium is especially needed during the flowering period. He has a positive effectthe number of emerging flowers and inflorescences.

Sulfur

It is part of protein molecules. They can carry outto perform their intracellular functions only while being ingo to a certain form. It is amino acids that containcontaining sulfur, determine the required structure of the protein lecules. Sulfur is involved in the construction of many aromatic some substances. Some of them have antimicrobial and antibacterial action. A number of vitamins are also co- hold sulfur atoms. Sulfur in sufficient quantities is found is given as a companion element in other types fertilizers, in particular nitrogen and potash, so there is no need to make it on purpose.

Calcium

It stabilizes many intracellular structures. Co-the neighboring cells are combined into a single whole precisely giving calcium salts. It is required for the root to work systems. Unlike nitrogen, phosphorus and potassium, which are easilymove around the plant and, with a lack of soil, canmove into young shoots and leaves, calcium firmlyfixed in the cage and when it is lacking, they are the first to sufferjust the most important young plant organs. Calciumreduces soil acidity, therefore, for species thatdo not tolerate alkalized soils, it must be introduced with great care.

Magnesium

It is a part of chlorophyll and takes an active part in the process of photosynthesis, ensuring the absorption of lightthat sheet. No less important is its role as an activator of exchangeprocesses in the cell. Along with calcium, it is one of the stabilizers of cell structures. Has a beneficial effect on the formation of generativeorgans, i.e. flowers and inflorescences.

Iron

Chlorophyll molecule does notenters, however, it is necessary for its synthesis. That is whymu, with a lack of iron, yellowing of the leaves is observedev, the so-called "iron chlorosis". A very important rolebelongs to the iron in those processes where there is aenergy loss associated with the movement of an electron -respiration and photosynthesis.

Trace elements

They act as active participants in metabolism.

Boron

Absolutely essential for normal plant growth. There are special groups of cells at the tips of shoots and roots, which divide throughout the life of the plant. These are called growth points. Their work is regulated along withother factors and boron. If there is not enough boron in the soil, it cannot move to growth points from other organs, therefore, plant growth is immediately slowed down.

Manganese

Takes part in the process of photosynthesis, as infiery carbon dioxide, and the release of oxygen.Plants absorb only certain nitrogen compounds, so a transformation of few useful ones should occur forms into those that the plant assimilates. Manganese, iron and especially ac- molybdenum. Manganese also maintains optimal new ratio of nutrients in the root system.

The role of molybdenum in nitrogen metabolism has already been discussed.zano. It also promotes the accumulation of vitamin C, which plants need no less than humans. Def-a shared role belongs to molybdenum in the regulation of dele- of cells.

Copper

Participates in the transformation of energy in the cell. Indirectly regulates the growth of plants, increases their resistanceto fluctuations in temperature and some diseases.

Zinc

Ensures the normal use of carbon dioxide by plants in the process of photosynthesis, stimulates the formationthe use of substances that enhance the intensity of growth, providehas a significant effect on the assimilation, movement andconversion of phosphorus in plants. In case of lackor the absence of individual elements in the soil, as well as their transition to a state inaccessible to plants, the normal course of life is disrupted, the intensity of growth decreases, development is disrupted, for example, inhibitingflowering increases, quantity decreases and quality decreasesseeds. Visual diagnostics, i.e. determination by externallyThe species of plant, what element it lacks, provides an early correction of the conditions of mineral nutrition.

Signs of failure individual elements

Nitrogen

Leaves and stems turn light green or whethermono-yellow color. The first to lose their normal colorold leaves because nitrogen easily moves through the plant andwith its lack in the soil, there is an outflow from the old organs intoyoung. With a prolonged absence of nitrogen in the soil on thetyah, a dark brown border appears, the edges are wrappedare, i.e. a "burn" pattern appears, after which the leaves fall off. Inhibition of plant growth is observed.

Phosphorus

Leaves and stems become dark green, sometimes withpurple or crimson coloration. The appearance of flowers is delayed and the seeds ripen later. Recognized Ki first appears on the lower (old) leaves. Phosphorus can be present in the soil in sufficient quantityquality, but fixed in the inaccessible to plants form. This phenomenon is observed with an excess of calcium, magnesium, zinc in the soil.

Potassium

On the leaves appears "speckled" - small dark nye spots of dead tissue are scattered over the leaf plateke. The first signs of starvation are noted at the tops and along the edge of old leaves. The growth of the leaf blade is uneven native, the leaf becomes wrinkled and may acquirebowl shape. The edges of the sheet darken and curl, as inburn. Sometimes the leaves become bronze in color. By-increased susceptibility to disease.

Magnesium

Chlorosis is most typical, i.e. clarification of the sheetstinki. Discoloration begins from the edges of the sheet and capturesthe interveinal space is melting. It is formed so calledemitted "marble" chlorosis. Discoloration happens toso strong that the leaves are almost white. Inog-yes on the leaves appear alternating white and lightyellow stripes on a green background. Leaves may fall off.

Calcium

The symptoms of starvation appear first on young people.leaves, since this element is firmly fixed in the cells and poorly moves around the plant. Young leaves acquiremelt dark green, curl and die off. From-young buds, both apical and bo-kovye. The edges of the sheet are wrinkled. The roots are licking.

Iron

The most typical picture of chlorosis is yellowing of young leaves. Unlike other types of chlorosis, "ironny "is more uniform and covers the entire sheet surfacetinku. Chlorosis is not always determined by iron deficiencyin the soil. It can be bound, especially if there is an excess of magnesium or carbon dioxide in the substrate salts of calcium, sodium and potassium.

In the absence of sulfur, the whole plant acquires a lightgreen color, veins turn yellow. Sometimes observeda "burn" is given, but in contrast to the lack of nitrogen, the leaves aremelt on the plant.

With a lack of manganese, chlorosis occurs between veins, and the veins themselves become dark green, the spots cover the entire leaf.

Despite the fact that no organisms were found in plantsnic compounds, which include boron, its non-wealth very seriously disrupts many physiologicalprocesses. Growth is inhibited, young soils die offKi. The leaf lightens at the base. Decreases stabilityplants in relation to fungi, bacteria, viruses.

Mineral fertilizers

Nitrogen fertilizers

The richest in nitrogen, easily soluble in water, bulk fertilizer - ammonium nitrate NH 4 NO 3, containingcontaining 34% nitrogen. Sodium (Chilean) and calcium nitrateNaNO 3 and Ca (NO 3) 2, respectively - 16% and 17% nitrogen.The most nitrogen-rich fertilizer is urea or carbamide. It contains up to 46% nitrogen in ammonia form.

Water is also used as nitrogen fertilizer.ny ammonia or ammonia water.

Phosphate fertilizers

Simple (20%) and double (up to 50%) superphosphate compared dissolve well in water and are the main ny phosphorus fertilizers.

Potash fertilizers

Applied in the form of salts of sulfuric or hydrochloric acids.However, due to the more intense absorption of potassium, inthe soil accumulates anions - chloride and sulfate. Such saltsare called physiologically acidic. It should be noted that indoor plants are especially sensitive to excess chlorine. Therefore, a more suitable fertilizer for them ispotassium sulfate containing up to 50% potassium is used.

V flower shops there are many differentpersonal fertilizer mixtures. "Solution" contains the main nutrients (N, P, K) in various ratios and almost all microelements. "Universal" is madepeat-based. Nitrogen, phosphorus and potassium are present in equalproportions, plus magnesium and all trace elements. "Crystalbosom "is produced for various periods of plant life and contains macro- and microelements in the most accessibleform. Before buying ready-made fertilizers, carefully checkread the recommendations about the time of their introduction. So much for my-it is advisable to use "Solution" for free plants,and during the flowering period, "Phosphate" will be more useful,which is used as a liquid top dressing and containshalf of phosphorus and 1/3 of potassium. "Giant" was created onbased on vermicompost, is a universal fertilizer containing all macronutrients. Brand new principlesWe used to create "Herbalin". This is the only the world's first drug based on medicinal plants. In addition to all the elements of mineral nutrition, it containseasily assimilated by the plant organic compounds, and onetemporarily acts as a growth regulator. For foliarhowling feeding it is used in a concentration of 4-4.5%.

Numerous blends are now availablemicrofertilizers. Sometimes they contain, along with trace elementsthere are growth stimulants. These are "Multi - 7","Flower", "Rainbow", "Virtan-micro", "Ideal". All these funds are available in concentrated form and packaged popped in glass or plastic bottles with cap. Since at home it is notyou can always accurately measure the required amount of con-centrate, it is recommended to prepare fertilizer solutionsry, measuring the required volume of concentrate with a cap."Rainbow" is an environmentally friendly drug that increases the resistanceplant sensitivity to pathogens. Dissolving 1 cap concentrate in 1 liter of water, you will get an excellent remedy forsoaking seeds and rooting cuttings, if the solutiondone by two liters, it turns out to be very effectivemeans for foliar feeding - spraying foxes -tyev. "Ideal" is made using naturalorganic vermicompost - a waste productearthworms. By adjusting the concentration of the solution, itcan be used for soaking seeds and rooting cuttings (4-5 ml per 1 liter of water), foliar feeding and convenientirrigation irrigation (6-8 ml per 1 liter of water). "Palm" is usednot only for different types palm trees, but also dracaena,ficuses. For low-growing plants (no more than 0.5m) add 200 ml of solution, for larger (up to 1 m) by300 ml, and for the largest (over 1.0 m) 400 mlonce a month. The required concentration is obtained by dissolving, respectively, 2, 3 or 4 caps of the concentrate in 1 liter of water.

Fertilizer "AVA" is very promising, especially its grains.nullable form. It contains such macronutrients, as P, K, Ca, Md, silicon and micro-boron, manganese, copper, cobalt, molybdenum. It is consumed in the form of a weak aqueousinfusion (1 tbsp.spoon for 1.5-2.0 liters of water). In addition, it fertilizesenvironmentally friendly.

New - fertilizer sticks "Azalea" and "Flo retta -2 ". Azalea contains nitrogen (5%), phosphorus ( 10%) and potassium (10%) and all trace elements. This fertilizershould be applied on acidic soils. "Floretta-2" will give the bestgreat effect during the period of active vegetative growth, sincethe nitrogen content in this fertilizer is higher than phosphorus andpotassium. The advantage of this type of fertilizer is itstheir ease of use: you place the stick at the edge of the pot, and the required amount of nutrients is graduallybut is washed out of it by irrigation water

Earlier, Herbalin was already mentioned, combining hisfertilizer and growth stimulant. However, this is not the only drug of this kind. "Apion", convenientlong-lasting rhenium placed near the roots,gradually releases fertilizers and growth stimulants intoaccording to the needs of plants. For pot crops round "Apion - 50" is suitable. A similar action has the domestic drug "Epin" is also used, before using One ampoule is dissolved in 2 liters of water. Florists- amateurs use different methods of processing epin: you-keep cuttings in solution or water the soil with rootscurling cuttings. This connection also hasprotective action against adverse factors of externalenvironment, protects plants from stress, heals andrejuvenates weak plants.

Very promising "power batteries", notlarge containers that look like flat boxes. Theiryou can choose the diameter of the bottom of the pot. Inside such a container are ion-exchange resins, "filled" with fertilizers, which are gradually released intosubstrate as needed. One such battery worksworks for about a year.

Several years ago, scientists developed a hydro-gel "underground spring". This is a miniature sponge that looks like translucent granules. When watering, swelling, they are able to hold a sufficiently large volume of water, and so they gradually give it to the substrate. Land mixture, in which granules are introduced, does not compact for a long time, water plants can be no more than 1-2 times a month. Pre- saturation of granules with fertilizers guarantees one hundred percenttheir assimilation by plants. They can be mixed with soilhowling before planting plants, or making a small depressionlingering at the edge of the pot, place the granules there.

The latest developments in the field of creating fertilizersniy is a long-acting encapsulated fertilizerof the brands Osmocota and Plantacot.They represent a certain set of necessaryplant substances placed in a special, permeablethe membrane-capsule. By its properties, it resembles the membranes surrounding plant cells, and the elements you, concentrated in it, are released into the ground after foam: for a period from 3-4 to 12-14 months. The capsule shell is readily degraded by soil organisms. From this form, fertilizers are absorbed almost completely (up to 90%).

Provide plants the required amount pita-substances can be done using fertilization in substrate or applying foliar dressing. However, in greenhouses, winter gardens, rooms, this method has a limitation limited application .. The fact is that after a few hours after foliar feeding, the fox should be washedtya from fertilizer residues, otherwise they act in the form of non-beautiful white spots, reducing the decorative effect of plants, andsometimes causing the appearance of signs of non-infectious

diseases.

It should be note that the effectiveness of the applicationfertilizer depends on many factors, includingpH level. For example, phosphorus is practically not absorbed.with increased acidity (pH<5), так как прочно связы- binds with iron, at the same time in alkaline substrates (pH> 8), it precipitates as calcium phosphorus salts. A high pH level reduces the intake of zinc in the roots, copper, boron and manganese. The most important macronutrients - R N, K easily move around the plant and with a lack of their content is primarily reduced in the lower old leaves. This is not only due to the lack of nutrients in the soil, but also because they are activebut are pumped into young leaves. Therefore, if you are for-wait with feeding, the plant can discard old

leaves.

The use of fertilizers is necessary to stimulategrowth and flowering of plants. However, it is important not to overuse.to live. The fact is that after overfeeding your pets,you create unfavorable nutritional conditions for them. A high concentration of ions leads to the phenomenon of "physiological logical dryness "- difficult water absorption roots. In addition, the ions themselves can be toxic something, a poisonous effect on the plant. Physiologicaldryness may be due to low temperatures.Cold floors, draft from unsealed windows are quitecan create such a nuisance. To avoid it,install low stands on the windowsill, large-sized place plants on low tables, in a container rah, on jardinieres. Warmfloors, if, of course, you have enough money to arrange them.

Organic fertilizers

Unlike mineral fertilizers, organic fertilizers are usedused in indoor floriculture not so actively. itdetermined by both the characteristics of the substrate and the needthe plants themselves. However, one of the bestchemical fertilizers - cow dung (mullein) is satisfiedbut they are actively introduced into some substrates. It enriches thechvu with nitrogen, phosphorus, potassium, calcium. Nutrientssubstances are released from it gradually, providingmelting for several months. Most often applied drycrushed mullein together with superphosphate.

Bird droppings

It is also an excellent nitrogen fertilizer, but with- it must be changed very carefully. In large doses, it is toxic to plants. Therefore, using this fertilizer ny, it must be bred to a much greater extent thanmullein, not in a ratio of 1:10 (for a mullein), but in a ratio at 1:25.

For some plants, sometimes they add to the substratecontain organic fertilizers such as horn shavings, horn, bone meal and blood meal.

Horn shavings

Used as a phosphorus fertilizer. They are honeyslowly decompose in the substrate, gradually releasing nutritionsolid substances. Usually, 1 part shavings are added to 30 parts of the substrate. Less commonly, they are used in liquid form. Forof this, 10 grams of shavings are soaked in 1 liter of hot water, the solution is kept for 2-3 weeks, stirring from time to time. At the end of fermentation, the solution is filtered anduse, diluting in 2 times.

Horny flour

It is a finely ground into powder co-torture and animal horns. Used as phosphoric fertilizers. Acts faster than horn shavings. At pot culture 1 part flour is mixed with 30 parts potting mix. For preparation of liquid top dressing 1 gflour is poured into 1 liter of hot water, allowed to ferment in a flow10-12 days, filter and dilute when watering in twice.

Bone flour

It is used in the same way as a phosphate fertilizer. She co-consists of organic and mineral compounds. homepart of it is calcium phosphate, which slowly decomposes, replenishing the lack of phosphorus in the soil.

For fertilizing watering, 10 g of flour are poured into glasses -nom hot water. Stir 2 times daily andfilter for 7 days. Two teaspoons of this royaldilute the solution with a glass of water and water the plants.Most often it is used for large-sized tubs.tenium - palm trees, ficuses, myrtle.

Blood meal

It is a complete mineral fertilizer, butused mainly as nitrogen. For interior work its value lies in its quick action.

Most often it is introduced in liquid form. One gram floodedadd 1 liter of warm water, stir daily and applynyut after 4-5 days, diluting twice before making.

Vermicompost or vermicompost

It is a free-flowing coarse-grained substratewith particles of about 1 mm in diameter. Microorganismsbiohumus assimilate atmospheric nitrogen, increase its co-holding in the soil. This compound is best used for ornamental deciduous plants, as nitrogen stimulates it inhibits the formation and growth of leaves, but delays floweringnie. Therefore, you should not add more than 10% bio-humus. The disadvantages of this fertilizer include a decrease in looseness of the soil, its compaction. The best results are obtained application of fertilizers: 50-100 g of vermicompost diluted in 2-3 liters of warm water, mixed and watered plants. The mixture can be left to infuse for 2-3 days, during this time the nutrients will go into solution. It is drained, and the remaining sediment is again poured water.

The most commonly used substrate for roomsny plants are land mixtures. But the lasttime, other methods of cult virovanie. In scientific institutions, botanical gardens and in industrial greenhouses, they have been known for a long time, but they are rarely used in indoor floriculture.

Aquatic culture is the cultivation of plants for foodsolid solutions. The advantage of the method is that the plants assimilate almost all the elements contained insolution. However, it also has a number of disadvantages that arestrongly limit its use by flower growers-lovingtel. As you know, acid is very poorly soluble in water. plant roots and plant roots in aqueous solution, need additional aeration. For her, you can useuse a small compressor. Extra effortalso requires the strengthening of plants, because the roots are deprived of strongsupports. Another negative feature is due to the differentnoisy rate of assimilation of nutrients from solution.For example, ions containing nitrogen and potassium are assimilated byvery quickly, phosphates and sulfates are somewhat honeymore slowly, and a number of ions remain in solution for a long timere. Salts containing ions, which are absorbed at different rates, can cause changes in the pH level.the mixture. If they shift the pH to a value> 7,they are called "physiologically alkaline" if< 6 — "Physiologically sour". However, this trouble can be avoided by regularly changing the nutrient solution.ra. In addition, there are compositions that for a longmaintain a constant pH level for a long time.The most versatile blend is Knop's blend. Her co-becoming per 1 liter of water, better distilled: calcium nitrate, anhydrous - 1 g, potassium nitrate ly - 0.25 g, monosubstituted potassium phosphate - 0.25g, anhydrous magnesium sulfate - 0.25 g, potassium chloride - 0.12 g, ferric chloride, 5% solution - one drop. If the solution is prepared with tap water, iron you can not add.

Unfortunately, it alkalizes rather quickly. Pryanishnikov's mixture is devoid of this drawback. She co-consists of the following salts: ammonium nitrate - 0.24 g,calcium phosphate, disubstituted - 0.172 g, calciumtion sulfate - 0.344 g, magnesium sulfate anhydrous- 0.06 g, potassium chloride - 0.16 g, iron chloride - 0.025 g.In the book of A.M. Grodzineky and D.M. Grodzineky "Krat-cue reference book on plant physiology "(Kiev, 1978) canbut find a variety of nutritional mix options.

A vessel for growing plants in aquatic culture usually glass, it is easy to wash and does not release into the solutionimpurities are present. So that on the walls and in the feeder-no bacteria and algae appeared, the vessel on topwrapped in thick dark paper or cloth Special attentionMania must be turned to the lid of the vessel. It should containa removable segment that allows the introduction of the plant withoutdamaging the roots. Two more holes are intended for support, to which the plant is tied, and in the second hole,step, a rubber tube from the compressor is introduced for blowing solution.

Plant care rules

1. The volume of the vessel is selected depending on the size of the plant (for specimens with a height of 20-30 cm, sufficientbut take a vessel with a volume of 1 l, up to 50 cm - 1.5-2.0 l). More
large plants are not recommended to be grown under conditionsyach aquatic culture.

2. There is a fairly large selection of nutritional mixtures, if possible, you need to choose the one thatbest meets the needs of the plant.
Young plants are grown on a mixture, the concentration of co-second reduced by half and gradually bring it to normalthe minimum level. Once a month, the solution must be changed to
fresh. To prepare solutions, usedistilled water, or soft rain snow,spring. If you want to disguise the vessel, put-
put it in a decorative vase or flowerpot.

3. Regularly, at least 3-4 times a day, you need to “producepour the solution, including the compressor. To facilitate thisprocedure, a time relay can be connected to the compressornor and set the required mode of its activation

In the future, the development of aquatic culture was directedaimed at creating the most favorable conditions forgrowing plants. In essence, all other crops: gravel, ionite and aeroponics are optionsaquatic culture.

Gravel culture is a modifiedbath version of the water. She is devoid of many flawsthe latter and more suitable for amateur use-mi-florists. The source of nutrition, as well as for an aquatic culture, is nutritional mixtures. However, the plant is grownsticks on a solid substrate, so the problem is removedmechanical instability.

Substrates in gravel culture are not subject to which requirements: they must be light and mechanic strong, do not release foreign matter into the solution.substances, have high moisture capacity and air permeabilitycapacity. It is good if they can be used several times. Currently, artificial substrates are used as fillers for gravel culture - vermiculite, expanded clay, perlite, gravel, less often coarse grains thin sand and even crushed foam rubber.

Organic fillers are used less frequently because theycan release chemical components into the mixture, moreoverthey are almost impossible to reuse. it.wood bark, sawdust, moss and peat.

The most commonly used inorganic fillersbodies: vermiculite, expanded clay and perlite.

Vermiculite is a material formed during processingke mica. Sufficiently moisture-absorbing and breathable, loose, chemically inert, heat-resistant, not susceptible to mold infestation.

Expanded clay - small, light, rounded granules - proclay firing duct. The smallest ones have excellent drainage.

Perlite is an inert mineral material, small white particles, slightly soapy to the touch, likepassing by coarse sand. However, moisture permeabilitythey are much higher and they contain several times more sha of air.

Quite recently, they began to introduce into practice perfect but a new carrier: the hydro-polymer "eco-soil". Is not- large white granules slightly oily to the touch. They are h-are micrically neutral, absorb and retain nutrients substances and absorb a volume of water 300 times greater than their own. The advantages of this substrate are it also lies in the fact that watering can be carried out 1 time in 3-4 weeks. To prepare the substrate in 3 liters of soft water, use fold 1/2 cap of any complex mineral fertilizer and add 10 g of granules there. After 4-5 hours owls drain excess water and slightly dry the substrate within 5-10 minutes. For growing in this substrate plants with thick, strong roots that can be easily removed from the substrate are most suitable. When transplantingke in the "eco-soil" the roots of plants are thoroughly washed from the tatkov of the former substrate, the damaged roots are removed, a substrate is placed on the bottom of the pot, then straightened the roots of the plants, and, gently turning the pot, pour in the rest of the substrate, so that it is evenly closed the entire root system. The first two weeks growcover with a plastic bag, having done in it a small hole, which within two weeks gradually increase. The sign by which is determined notneed for irrigation - crystallization of "eco-soil",being in its slight subsidence. Most often itnoticeably in a month. For watering, add water to the pot andleave for 4 hours to swell the granules. As a convenientrhenium in water dissolve 1/2 cap of Ideal fertilizer on1 l. The oxygen concentration in the substrate can be increased by gently stirring the top layer of the granules with a stick.

When growing plants in "eco-soil", there may bethere are some problems:

Withering leaves - put on top of the plant plastic bag if after a few days the leaveswill remain wilted, which means that the roots are damaged; live the plant in the substrate and remove the pot in a more not a place. The gravel culture vessel consists of 2 parts: the inner one is smaller, the outer one is larger. InternalThe old container is filled with a substrate and the plant is planted in it. step. The external one contains a nutrient solution.

There are also containers for gravel crops,equipped with a special level indicator of the nutrient solution. It has Min, Max and Opt marks on it. Up to max-at the lowest level, fill the container only in hotand dry summer days... If the solution level has dropped to min-nimum, it is topped up to about half of the optimum.For most plants, this is the most appropriate level, especially in damp and not too bright rooms.

Sometimes as filler in gravel crops use peat or sphagnum moss. They are pre-saturated with a nutrient solution. Then lay out moss on a plastic tape, and place the plant on top nie. Then the edge of the tape is tucked up from below and, together with the plant, the cylinder is carefully rolled out of it. This is verya good way for rooting and growing cuttings.

For small plants, you can make polyethylene high pads. For this, dense, small large size polyethylene bags. They are filled with an organic substrate (moss, sawdust, peat), saturated withwith a mixture. The open edge of the bag is sealed.On top of one of the planes, make cruciform over-cuts in which plants are planted. Such a "pillow" is easydecorate, but it should be remembered that watering should be very careful not to sour the substrate. To do this, darling on the underside in several places piercing with a thick needle. These pads provide an excellent the ability to create table compositions from small-sized plants.

Another variation of aquatic culture is very interesting - aeroponics. It is quite successfully applied in the industrialfloriculture and vegetable growing, but it is quite possibleuse also for amateur flower growers. Aeroponics ina simple version is a container with a filler connectedflexible hose with a container where the nutrient is pouredsolution. Periodically, the container with the solution is raised,flooding a vessel with a filler and a plant. When it becomesvyat in place, the excess solution drains.

True, such an installation will require quite a lotth place, and technically it is inconvenient. A more complex option is a container with two tubes. One metal with holes for spraying nutrientsolution and is located closer to the bottom of the container. The second, the best she is made of soft material, rubber or plastic, needed for fixing the plant. The container is closed with a lid on top, with a hole for the plant. The lower tube connects to a device for injecting the nutrient solution into the container. Cor-no plants are constantly in a humid atmosphere, and nutrients come to them in an easily digestible form.

To more regularly spray the roots of the nutrientsolution, you can install a time relay. As- mixtures are used as nutrient solutions. ny for aquatic crops.

And finally, the most modern way- ionitoponyka. There are special substances, the so-calledion exchange resins, which, after saturation of their nutritionsolution, gradually release the ions into the solution.These are the resins that are found in the batteries we mentioned earlier. Plants grownwashed on resins, do not need additional applicationfertilizers for 2-3 months. The advantage of this me-the fact that this type of food (exchange ad- sorption) is most typical for plants in natural growing conditions. Commercially available substrates IS-2 and KUAN-2 are simple and reliable in handling, durable- “work” for 3-4 years. The best result is obtained by mixingpowdered ion-exchange resins with an equal volume of vermiculite, expanded clay, sawdust. Several years ago, another type of ion-exchange resins appeared: direct rectangular pieces of various sizes, outwardly resemblingeating a loaf of bread, and internal structure- a sponge.This material is called polyurethane foam. It holds plants perfectly, the roots easily assimilate nutrientssubstances when watering. Plants are planted in incisions, which some are made on the upper side of the "loaf", then put are placed in a tray where excess water is drained.

More recently, a new type of substrate has appeared - cry-thallic polymer soils. They have a variety ofhouse of advantages: keep stable for a long timestructure, do not darken, do not lick, putrefactive bacteria do not develop in them, they retain not only water, but also air, differ in environmental safety, simplethat application. Fertilizers are gradually washed out of the cry-steel, the frequency of watering is 1 time in 2.5-3 months, while in the dry period the plants receive a sufficient amount of water, and in case of waterlogging, excess waterabsorbed by crystals, preventing crust decayher. Soils are produced in two versions: Supersoil and Design soil.

Analysis of the efficiency (profitability) of the company

Traditionally, the performance of a company is assessed using profitability (or profitability) indicators. Depending on the direction of investment, the form of raising capital, as well as the purposes of the calculation, they can be divided into two groups: return on equity (or return on capital) and profitability of financial and economic activities (profitability of business).

The indicators included in this set differ in the calculation methodology, the purposes of their use, which makes it difficult to choose an indicator that corresponds to the task at hand and adequately reflects the success of the business as a whole or its individual areas.

Calculation of indicators of profitability (return on investment) of capital

V general case under profitability is understood as the ratio of profit received for a certain period to the amount of invested capital. The economic meaning of this indicator is that it characterizes the profit received by capital investors from each ruble of funds (own or borrowed) invested in the enterprise.

Profitability is the result of a large number of factors, therefore, being in a way generalizing indicators, the profitability ratios determine the efficiency of the firm as a whole (Table 7.6).

• o return on assets (rate of return on assets);
• o return on equity (rate of return on equity);
• o return on sales (rate of return).

Table 7.6.

Return on Assets (ROA or ROTA):

Shows how much net profit the firm receives from a unit of assets, and serves as an estimate of the profitability of a business in relation to its assets. The higher the return on assets, the more efficiently the enterprise's resources are spent. For analytical purposes, the return on current assets can also be calculated.

For calculations, the average value of assets for the period should be used, not their size at the end of the year. If it is necessary to neutralize the effect of the amount of taxes and interest paid, not the net profit, but the operating profit (profit before taxes and interest) can be taken into account.

The return on all assets (ROI) indicator is recommended for analysis within the same industry, but not for comparing different industries. Most widely used by analysts industrial enterprises and financial institutions.

Return on Equity (ROE) characterizes the return on investments of shareholders, shows the presence of profit per unit of invested equity:

It is of particular importance for the owners of companies, as it serves as the best assessment of the results of its activities from the perspective of shareholders. However, this indicator is largely determined by the structure of capital and the cost of individual elements that make up it.

The calculation is considered to be based on the average amount of equity capital, since a certain part of the profit can be reinvested during the entire reporting period.

In general, on ROE and ROA appeals Special attention, since they are considered indicators of the profitability of a business and, accordingly, its investment attractiveness.

In addition, the coefficient ROE allows the analyst to compare the profitability of the activity of this enterprise with a possible income from alternative investments of funds (in other enterprises or securities).

Return on Capital Employed (ROCE or ROI)

The invested (used capital) is long-term capital, i.e. sources of funding that are not refundable during the financial year. Calculated as the sum of equity and long-term liabilities (or assets minus current liabilities). In some cases, it is not long-term debt that can be taken into account, but all debts that imply the payment of interest (financial debt). This method of calculation is used when assessing activities in the context of individual areas:

Characterizes the efficiency of the operating room and investment activities companies; shows how competently managers work with borrowed and own capital.

It should be noted that profitability indicators are closely related to the structure of business financing. A typical task that company managers solve is finding optimal structure capital, providing the maximum increase in the return on investment own funds taking into account the changing market share.

Consider how it changes ROCE on profit before tax (EBT) in two companies, one of which uses a debt-free business financing scheme, and the other a mixed one.

Example 7.4

Analysis of a typical assignment

Determine the return on invested capital for companies "Y" and "2" with different structure business financing.

Initial data

Solution

Let's analyze the value of the return on equity of the companies "U" and "2" in terms of profit before tax:

Output. Company financing structure "2" provides a higher return on equity on profit before tax.

Now let's assess the sensitivity of companies "Y" and "Z" to the loss of market share.

Suppose the sales volumes in both companies fell and EBIT will shrink equally to 400:

ROCEm = 400/4000 x 100% = 10%; ROEbt (X) = 400/4000 x 100% = 10%;

ROCE (Z) = 10%;

ROEb ((Z) = [(400-2000 - 15%)] / 2000) x 100% = 5%.

• 1. ROCE (Y) and ROEbl (Y) decreased by half: from 20 to 10%.
• 2. ROCE (Z) decreased by half, a ROEbl (Z) decreased five times.

ROCE< Interest rates on loans, therefore, raising borrowed capital reduces ROE.

The negative effect of financial leverage is a high sensitivity to loss of market share.

To assess the efficiency of the company in terms of the dynamics of sales and the resulting revenue, indicators are used that characterize the share of profit in revenue (or total revenue).

Return on Sales (ROS):

As the numerator in the exponent ROS can be used not only net profit, but any financial result, the share of which in the revenue is estimated (gross profit, EBITDA, EB / G, etc.). With the help of the coefficients related to the "Return on sales" group, the profitability of the business as a whole and of individual areas of the company's activities can be estimated. The high value of this indicator (also called the rate of return) indicates that the company may have advantages over competitors (effective management, advanced technology, etc.).

The return on sales value has a serious industry specificity. This is mainly determined by the different rates of turnover of funds of companies in different industries. Accordingly, comparison of actual values ROS A specific company can be conducted with either industry average data or the ROI of a benchmark company in the industry.

At first glance, business ratios are easy to analyze. However, these rather "insidious" indicators can lead to incorrect conclusions and direct errors for the following reasons:

• o formulas use data from reporting forms, in which the order of data presentation is different: for example, in the balance sheet, data is presented as of the reporting date, and in the profit and loss statement - on an accrual basis for the entire reporting period, i.e. strictly speaking, it is incorrect to compare the indicators of these two forms;
• o when comparing some data of the specified reporting forms, one should take into account the peculiarities of taxation, the possibility of using different prices, etc .;
• o the principle of calculating average values ​​proposed in the formulas can significantly overestimate or underestimate the result due to seasonal fluctuations, shortage of funds and material resources, inflation, as well as as a result of manipulation of data presented in financial statements.

Thus, for the analysis of business activity and efficiency using the coefficient method, it is necessary to bring the reporting data into a comparable form. However, even these operations do not eliminate all the shortcomings of the methodology, and therefore conclusions based on the results of the analysis should be formulated correctly, with a great deal of caution.

All of these indicators can be turned into a time series in order to identify the most significant factors affecting the results of the company's financial and economic activities, as well as to determine the effectiveness of operational management.

Return on Equity (ROCE) is financial ratio which measures the profitability of the company and the efficiency of its use. ROCE is calculated as:

ROCE = earnings before interest and taxes (EBIT) / capital raised

“Equity Used”, as shown in the denominator, is the amount of equity and debt of shareholders; it can be simplified as ( total assets- Current responsibility). Rather than using capital used at an arbitrary point in time, analysts and investors often calculate ROCE based on “Average Capital Occupied,” which is the average of the open and close capital used over a period of time.

Higher ROCE indicates more efficient use capital. ROCE must be higher than the company's capital expenditure; otherwise, it indicates that the company is not using its capital efficiently and is not generating shareholder value.

BREAKING DOWN "Return on Capital Employed (ROCE)"

ROCE is a useful metric for comparing profitability between companies based on the amount of capital they use. Consider two companies, Alpha and Beta, that operate in the same industry sector. Alpha has an EBIT of $ 5 million. US on sales of $ 100 million. USD for a specific year, while Beta has an EBIT of USD 7. 5 million on sales of $ 100 million in the same year. At first glance, it might seem that Beta should be an excellent investment, as it has an EBIT margin of 7.5% compared to 5% for Alpha. But before making an investment decision, look at the capital hired by both companies. Suppose Alpha has a total capital of $ 25 million and Beta has a total capital of $ 50 million. In this case, ROCE Alpha 20% outperforms ROCE Beta 15%, which means Alpha is better at deploying its capital than Beta.

ROCE is especially useful when comparing the performance of companies in capital-intensive sectors such as utilities and telecommunications. This is because, unlike return on equity (ROE), which only analyzes the return associated with total income company, ROCE is reviewing debt and other liabilities. This provides a better understanding of financial indicators for companies with significant debt.

Sometimes adjustments may be required to get a more accurate ROCE image. A company may sometimes have an excessive amount of cash, but since such cash is not actively used in business, it may need to be subtracted from the Capital metric in order to obtain a more accurate ROCE estimate.

For the company, the ROCE trend over the years has also been important indicator In general, investors tend to prefer companies with stable and growing ROCE numbers over companies where ROCE is volatile and bounces from one year to the next.

More on how ROCE can be effective tool analysis - determining profitability using ROCE.

Return on capital employed (ROCE) is ...

Return on capital employed is a financial ratio that determines the profitability and efficiency of a company in relation to the company's capital employed. ROCE is calculated using the formula:

The “capital employed” in the denominator is the sum share capital and debt liabilities: this can also be simplified to (total assets - current liabilities). Instead of using moment-in-time capital employed, analysts and investors generally calculate ROCE based on the average capital involved. The average value can be calculated by finding the arithmetic average of two numbers: the value of the capital involved at the opening of the period and the value of the capital involved at the end of the period.

High rate ROCE assumes the efficient use of capital by the company. ROCE must be higher than the company's cost of capital (you can use the weighted average cost of capital - WACC), otherwise the fact of inefficient use of capital and, as a consequence, the lack of generation of additional value for shareholders will become obvious.

Investocks Explains "Return On Capital Employed (ROCE)"

ROCE is a useful metric for comparing the profitability of companies based on capital used. Imagine that there are two companies, OOO TD Russkoe Pole and OOO TH Angliysky Lug, which operate in the same sector of the industry. Russkoye Field has an EBIT of $ 10 million with revenues of $ 100 million per year, while English Meadow has EBIT of $ 7.5 million with the same revenue. At first glance, it may seem that the English meadow is the best investment compared to the Russian field, since the English meadow has a profitability of 7.5%, and the Russian field is 5%. But before making a decision, an experienced investor should check the capital involved in both companies. Suppose that the Russian field has a total capital of $ 25 million, and the English meadow is $ 50 million. In this case, the Russian field has a ROCE of 40%, and the English meadow at 15%. This means that OOO TD Russkoe Pole is much more efficient in using its capital than English Meadow.

ROCE is especially useful when comparing company performance in sectors with high capital intensity, such as telecommunications, because, unlike ROE, which only analyzes profitability in relation to own capital ROCE also accounts for debt and other liabilities. When using ROCE, you can make a more accurate conclusion about financial results companies with significant debt obligations.

In some cases, additional adjustments are required in order to obtain a more accurate indicator of the return on capital involved. Sometimes the company may have a lot of non-standard funds, but since these cash are not used to conduct business, they can be deducted from the capital involved to obtain a more accurate indicator.

The return on total equity is calculated using the following formula:

This indicator is the most interesting for investors.

To calculate the return on equity, I use the formula:

This ratio demonstrates the profit from each monetary unit invested by the capital owners. It is the basic coefficient that characterizes the effectiveness of investments in any activity.

2. Return on sales

If it is necessary to analyze the profitability of sales on the basis of sales proceeds and profit indicators, the profitability is calculated for individual types of product or for all its types in general.

gross profitability of the sold product;

operating profitability of the sold product;

net profitability of the sold product.

The calculation of the gross profitability of the sold product is carried out as follows:

The gross profit indicator reflects the efficiency of production activities and the effectiveness of the company's pricing policy.

To calculate the operating profitability of a sold product, use the following formula:

Operating profit is the profit that remains after administrative expenses, distribution costs and other operating expenses are deducted from gross profit.

Net profitability of the sold product:

If over any period of time the operating profitability indicator remains unchanged with a simultaneous decrease in the net profitability indicator, then this may indicate an increase in expenses and losses from participation in the capital of other enterprises, or an increase in the amount of tax payments. This ratio demonstrates the full impact of enterprise financing and capital structure on its profitability.

3. Production profitability

gross profitability of production.

net profitability of production;

These indicators reflect the profit of the enterprise from each ruble spent on the production of the product.

To calculate the gross profitability of production, use the following formula:

Shows how many rubles of gross profit falls on the ruble of costs that form the cost of the sold product.

Net profitability of production:

Reflects how many rubles of net profit are accounted for by the ruble of the product sold.

With regard to all of the above indicators, positive dynamics is desirable.

In the process of analyzing the profitability of an enterprise, one should study the dynamics of all considered indicators, as well as compare them with the values ​​of similar indicators of competitors and for the industry as a whole.

52. Depreciation policy of the enterprise

The depreciation policy of the enterprise is a strategic and tactical complex of interrelated measures to manage the reproduction of fixed capital in order to timely update the material and technical base of production on a new technological basis

The depreciation policy of the enterprise is determined from the economic strategy, the composition of fixed assets, methods for assessing the value of depreciating objects, the level of inflation, etc. The depreciable property of the enterprise is most types of fixed assets (except for land), as well as intangible assets. Fixed assets are accepted on the balance sheet of the enterprise at their initial cost, which also includes the cost of transportation and installation works, after which depreciation is deducted from them, i.e. the residual value is obtained. Depreciation deductions (depreciation fund) is the main component of the financial support for the reproduction of fixed assets.

In the process of forming the depreciation policy of the enterprise, the following factors are taken into account:

a) the volume of used fixed assets and intangible assets subject to amortization;

b) methods for assessing the value of used fixed assets and intangible assets subject to amortization;

c) the actual period of the intended use of the depreciable assets at the enterprise;

d) methods of depreciation of fixed assets and intangible assets permitted by law;

e) the composition and structure of the fixed assets used;

f) the rate of inflation in the country;

g) investment activity of the enterprise in the coming period.

The choice of depreciation methods is based on the current legislative framework in this area, the expected period of use of depreciation assets and the tasks of forming the investment resources of the enterprise in the context of individual sources. The decision to apply the method of straight-line (linear) or accelerated depreciation of fixed assets is made by the company independently.

The funds of the depreciation fund, which is formed at the expense of accumulated depreciation deductions, are of a targeted nature and should be used for the following purposes:

a) overhaul of fixed assets;

b) implementation of reconstruction, modernization, technical re-equipment and other types of improvement of fixed assets;

c) the acquisition of new types of intangible assets (primarily related to innovation)

53. Settlement and cash services of enterprises in banks

54. The relationship of financial indicators. Formula Dupont

Financial indicators reflect the size, composite dynamics and interconnection of social phenomena and processes occurring in the field of finance, in their quantitative and qualitative state. The diversity of financial relations determines the diversity of financial indicators.

Factor analysis is the process of studying the influence of individual factors (causes) on an effective indicator using deterministic and statistical research techniques. In this case, factor analysis can be both direct (analysis itself) and reverse (synthesis). With the direct method of analysis, the effective indicator is divided into its component parts, and with the opposite, the individual elements are combined into a common effective indicator. To achieve a higher accuracy of the results, it is necessary to constantly adjust the set of indicators and the values ​​of the coefficients of the weighting effect of each indicator, taking into account the type of economic activity and other listed conditions.

The method of financial ratios is the calculation of relationships between accounting data and the determination of the relationship of indicators. When carrying out analytical work, the following factors should be taken into account: 1) the effectiveness of the applied planning methods; 2) the reliability of the financial statements; 3) the use of various accounting methods (accounting policies); 4) the level of diversification of the activities of other enterprises; 5) the static nature of the applied coefficients.

In the practice of Western corporations (USA, Canada, UK), the following three coefficients are most widespread: ROA, ROE, ROIC.

The DuPont model allows you to determine the factors due to the change in profitability, i.e. make a factor analysis of profitability.

The DuPont method (the DuPont formula or the DuPont equation) is usually understood as an algorithm for financial analysis of the return on assets of a company, according to which the return on assets ratio is the product of the return on sales ratio and the turnover ratio of the assets used.

Currently, there are three main Dupont formulas in the educational and methodological literature, which depend on the number of factors used in the analysis of ROE (return on equity).

The first model has a rather simple form, with the help of it it is easy to find the value of the return on capital, the formula is as follows:

where PE is the net profit, CK is the share capital of the enterprise.

It should be noted that this formula has its drawbacks, the main one being the impossibility of determining the factors that influenced the return on equity.

The following DuPont model is more informative and looks like:

where ROA is the return on assets ratio, defined as the ratio of the company's net profit, excluding interest on loans, to its total assets; DFL - financial leverage ratio.

If we expand this formula, supplementing it with an indicator of implementation, then the model takes the form:

ROE = (CP / OR) * (OR / A) * (A / CK)

where Ор - sales of goods, works and services, excluding excise taxes and VAT; A - total assets of the company.

The DuPont equation, which already consists of five factors, takes into account the factors influencing the return on equity most fully:

ROE = (NP / EBT) * (EBT / EBIT) * (EBIT / OP) * (OP / A) * (A / CK)

This formula additionally includes two indicators: EBT - profit before taxes; EBIT is earnings before interest and taxes.

Using financial leverage (or leverage), you can transform the specified equation, in this case, the Dupont formula will take the form:

ROE = (NP / EBT) * (EBT / EBIT) * (EBIT / OP) * (OP / A) * DFL

PE / EBT - tax burden;

EBT / EBIT - Interest Burden;

EBIT / Ор - operating profitability (ROS);

Ор / А - asset turnover (resource productivity);

DFL - Financial Leverage Effect.

 

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