1. Tax Rf CRP ERP
10% 3,7% 4,2% 7%
Во 000 Ден.
Фирма Год. Долг
Акционерски
капитал
Упл. Прем. /
Откуп. Акц.
Задржани
добивки
Обичен
капитал
Вкупни
извори
D/Capital E/Capital Cd
2010 392.114 2.206.548 734 2.337.168 4.544.450 4.936.564 7,94% 92,06%
2009 413.151 2.206.548 734 1.924.380 4.131.662 4.544.813 9,09% 90,91%
2008 476.486 2.206.783 906 1.366.473 3.574.162 4.050.648 11,76% 88,24%
2010 942.641 932.367 -10.269 775.240 1.697.338 2.639.979 35,71% 64,29%
2009 779.545 932.367 -10.269 536.617 1.458.715 2.238.260 34,83% 65,17%
2008 728.049 932.367 -10.269 593.520 1.515.618 2.243.667 32,45% 67,55%
2010 1.030.000 3.483.842 210.494 -61.187 3.633.149 4.663.149 22,09% 77,91%
2009 1.124.693 3.483.842 210.494 -16.380 3.677.956 4.802.649 23,42% 76,58%
2008 702.655 3.483.842 210.494 420.244 4.114.580 4.817.235 14,59% 85,41%
2010 3.328.056 3.948.195 0 -2.858.727 1.089.468 4.417.524 75,34% 24,66%
2009 3.149.690 3.948.195 0 -2.901.401 1.046.794 4.196.484 75,06% 24,94%
2008 2.491.053 3.948.195 0 -2.903.018 1.045.177 3.536.230 70,44% 29,56%
2010 195.416 856.057 0 244.832 1.100.889 1.296.305 15,07% 84,93%
2009 111.494 856.057 0 217.386 1.073.443 1.184.937 9,41% 90,59%
2008 278.150 856.057 0 202.503 1.058.560 1.336.710 20,81% 79,19%
2010 874.852 38.612 0 72.574 111.186 986.038 88,72% 11,28%
2009 923.948 53.612 0 62.728 116.340 1.040.288 88,82% 11,18%
2008 1.019.379 59.667 0 52.561 112.228 1.131.607 90,08% 9,92%
2010 120.166 857.671 -76.365 213.601 994.907 1.115.073 10,78% 89,22%
2009 30.546 857.671 -76.365 274.806 1.056.112 1.086.658 2,81% 97,19%
2008 0 857.671 -76.365 298.901 1.080.207 1.080.207 0,00% 100,00%
2010 220.986 1.413.888 -5.473 61.262 1.469.677 1.690.663 13,07% 86,93%
2009 157.189 1.413.888 -5.473 62.225 1.470.640 1.627.829 9,66% 90,34%
2008 168.622 1.408.415 0 61.026 1.469.441 1.638.063 10,29% 89,71%
2010 0 700.453 1.212 502.272 1.203.937 1.203.937 0,00% 100,00%
2009 0 700.453 1.212 385.347 1.087.012 1.087.012 0,00% 100,00%
2008 0 700.453 1.212 353.200 1.054.865 1.054.865 0,00% 100,00%
2010 65.638 738.184 0 864.446 1.602.630 1.668.268 3,93% 96,07%
2009 86.759 738.184 0 994.357 1.732.541 1.819.300 4,77% 95,23%
Макстил
Бетон
Скопски
Пазар
Реплек
Алкалоид
Гранит
Макпетрол
8,00%
8,50%
8,50%
Тетекс
Македонија
Турист
ЗК
Пелагонија
0,00%
8,40%
8,40%
8,40%
8,40%
8,40%
8,40%

2. 2008 88.319 738.184 0 1.230.189 1.968.373 2.056.692 4,29% 95,71%
2010 874.008 842.962 169.135 342.405 1.354.502 2.228.510 39,22% 60,78%
2009 988.601 842.962 169.135 335.127 1.347.224 2.335.825 42,32% 57,68%
2008 1.109.998 842.962 169.135 277.521 1.289.618 2.399.616 46,26% 53,74%
2010 248.040 677.426 -12.746 1.483.799 2.148.479 2.396.519 10,35% 89,65%
2009 287.424 677.426 -12.746 1.379.572 2.044.252 2.331.676 12,33% 87,67%
2008 382.390 820.846 -12.746 1.241.882 2.049.982 2.432.372 15,72% 84,28%
2010 1.482.955 1.394.100 -1.257 143.815 1.536.658 3.019.613 49,11% 50,89%
2009 1.888.911 1.394.100 -1.257 40.114 1.432.957 3.321.868 56,86% 43,14%
2008 1.004.205 1.394.100 -1.257 13.221 1.406.064 2.410.269 41,66% 58,34%
#DIV/0! #DIV/0!
#DIV/0! #DIV/0!
#DIV/0! #DIV/0!
Топлифицка
ција
Тиквеш
Фершпед
ЗК
Пелагонија
8,40%
8,00%
8,40%
8,50%

3. Catd β Ceo WACC
Просек
WACC
7,20% 0,5754 11,96% 11,58%
7,20% 0,5754 11,96% 11,53%
7,20% 0,5754 11,96% 11,40%
7,65% 0,6880 12,75% 10,93%
7,65% 0,6880 12,75% 10,97%
7,65% 0,6880 12,75% 11,09%
7,65% 0,6820 12,70% 11,59%
7,65% 0,6820 12,70% 11,52%
7,65% 0,6820 12,70% 11,97%
7,56% 0,7741 13,35% 8,99%
7,56% 0,7741 13,35% 9,00%
7,56% 0,7741 13,35% 9,27%
7,56% 0,6577 12,53% 11,78%
7,56% 0,6577 12,53% 12,07%
7,56% 0,6577 12,53% 11,50%
7,56% 0,7117 12,91% 8,16%
7,56% 0,7117 12,91% 8,16%
7,56% 0,7117 12,91% 8,09%
7,56% 0,0253 8,11% 8,05%
7,56% 0,0253 8,11% 8,09%
7,56% 0,0253 8,11% 8,11%
7,56% 0,6327 12,36% 11,73%
7,56% 0,6327 12,36% 11,90%
7,56% 0,6327 12,36% 11,87%
0,00% 0,1720 9,13% 9,13%
0,00% 0,1720 9,13% 9,13%
0,00% 0,1720 9,13% 9,13%
7,56% 0,6919 12,77% 12,57%
7,56% 0,6919 12,77% 12,52%
9,13%
12,55%
9,09%
11,78%
8,14%
8,08%
11,50%
11,00%
11,69%
11,83%

4. 7,56% 0,6919 12,77% 12,55%
7,20% 0,1588 9,04% 8,32%
7,20% 0,1588 9,04% 8,26%
7,20% 0,1588 9,04% 8,19%
7,56% 0,6881 12,75% 12,21%
7,56% 0,6881 12,75% 12,11%
7,56% 0,6881 12,75% 11,93%
7,65% 0,7020 12,84% 10,29%
7,65% 0,7020 12,84% 9,89%
7,65% 0,7020 12,84% 10,68%
#REF! #REF! #DIV/0!
#REF! #REF! #DIV/0!
#REF! #REF! #DIV/0!
12,55%
10,29%
8,26%
12,08%