možda malo jenostavnije:

dakle, ako zanemarimo amortizaciju, kupovina neke opreme je samo pretvaranje novčane imovine (keš na računu) u drugu vrstu imovine (broda – materijalne, ili dionica neke firme – financijske) i nema veze sa prihodima i rashodima odnosno dobiti.

Dry Bulk
Another strong year tipped for panamax operators

Jamie Dale – Monday 24 December 2007

THE panamax market should remain well balanced next year with rates holding strong despite an increase in competition expected from larger ships, predicts DVB Bank.

The dry cargo market has witnessed a spectacular year for freight rates, which at times saw the Baltic Panamax Index increase more than 180% compared with a year earlier.

The index rose from around 4,000 points in November, 2006, to above 11,000 in November this year.

In the same period the average earnings for the four time charter routes nearly tripled, from $32,900 to $91,400 per day, DVB data revealed.

“The outlook for dry bulk cargoes looks undoubtedly bullish, and unsurprisingly China spearheads the bull run as the main demand,” said DVB Group’s research and strategic planning team.

DVB added that the Chinese appetite for raw materials had also “generated significant increase in new and emerging trade lanes,” which it says has effectively increased the tonne-mile demand.

The German bank said in its panamax bulk carrier outlook report that it expected the total supply and demand to remain in reasonable balance next year, even though fleet productivity was expected to improve as a result of infrastructure upgrades reducing port congestion.

It added that total dry bulk cargo volumes were expected to increase by about 23% from 2.5bn to 2.9bn tonnes over the next four years, with annual year-on-year growth slowing in 2010 and 2011.

Total seaborne trade is expected to increase by about 411m tonnes between 2007 and 2011, of which panamaxes will account for more than 20% of the total seaborne trade. Based on cargo liftings at the main panamax ports, DVB expects the incremental demand for the panamax market to grow by about 16m dwt by 2011, while panamax newbuildings will grow by 29m dwt in the same period.

Next year DVB expects the market to remain strong and that any delays in newbuilding deliveries may even strengthen the market, “but in 2010-2011 onwards, allowing for slippage in newbuilding deliveries, the picture will change.

“The biggest risk will be a slowdown in Chinese housing and infrastructure demand after the Olympics in 2008.

“But it is felt that the infrastructure development that China has will continue even if slightly curbed by the central government.”

Fleet utilisation will also be reduced next year as 199 vessels go through special surveys. This will remove them from the market for about 32 days each in the year.

“For the overall panamax fleet the total supply will reduce by 18 vessels,” said DVB.

But the report warned that it expected increased competition for market share from slightly larger vessels such as kamsarmaxes.

DVB noted that so far this year a record 199 newbuilding panamaxes had been contracted, or 15m dwt. This is approximately 5m dwt more than the previous record of 131 vessels in 2004.

The report estimates that the panamax order book stands at 376 vessels, which is 29% of the existing fleet and 15% of the total dry bulk order book.

“Breaking up the panamax fleet into popular sizes shows a clear trend towards upsizing,” the report said.

It added that more than 16m dwt, or 55% of the order book, was in the 80,000-83,500 dwt size range, or kamsarmax design, while 31% was between 75,000 dwt and 80,000 dwt.

“These vessels, although designed keeping port Kamsar in mind, are not just restricted to that port,” said DVB.

“Most of these vessels on order within this group also meet the length and breadth allowance for ports far up into the River Plate in Argentina.”

The kamasarmax design is defined as a panamax type vessel with an increased overall length of 229 m and about 82,000 dwt. It is the largest size ship able to load at the world’s biggest bauxite port, Kamsar in Equatorial Guinea, and also transit the Panama Canal.

The panamax delivery schedule at present extends

Niti slučajno, to su rashodi i smanjuju dobit, jedino je istina za amortizaciju, ne do bog da mi ti računaš porez za firmu
[proud]

Mudro zboris, bez obzira sto kolega zmrklic kaze…

Nedo bog da tebi porezna dodje u firmu… [bye]

Uostalom, svejedno, kao što vandredni prihod ne utječe jako na cijenu dionice, tako dobra akvizivija samo pozitivno utječe na cijenu dionice, taman da se smanji dobit, dakle bolje da se dobit dobro ulaže u nešto što će u budućnosti donijeti profit, nego da stoji na računu.

RDiG: Knjiži se samo trošak (rashod) koji naravno smanjuje (knjigovodstvenu) dobit, a što se porezne tiče, ovisi o vrsti robe, tj. rashoda, da li je porezno priznat, što djelomično, što potpuno.

IONT: Mislim da je jasno da je odljev[huh]

Amortizacija iako se koristi kako bi se smanjila (knjigovodstvena) dobit, zamišljena je kako bi se prikazalo smanjenje vrijednosti, tj. trošenje materijalne imovine.

Ne razumijem kako Tuna misliš da ne smanjuje dobit, ako uzmemo u obzir da firma kupuje stvari koje su joj potrebne za poslovanje… kako ne smanjuje?!

tAKO JE I OPET IMAMO PROBLEM ZAŠTO SAMO 43 MILIONA DOBITI

A za odgovor ćemo ipak trebati pričekati da vidimo završni.

Svakako je najlošija varijanta za male dioničare upotreba dobiti za isplatu simboličnih dividendi, jer ako isplate dividendu od 20 kn, za one koji imaju 50-100 dionica bilo bi puno bolje da su ti milioni kuna ulozeni u poslovanje, ali Lonzi milja kuna dobro dođe. Jedino mi recite da li je kupovina hotela Lapad dobra akvizicija?

Vrlo je bitno radi same sigurnosti firme ulaganje zarade npr. u nekretnine…
Neka investicija i radi u pozitivnoj nuli, održavat će se sama pokrivajući kreditne rate i troškove, a njena vrijednost samo raste i sigurna je…
Brodovi ne moraju uvijek biti …